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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
, h2 I7 h) N! ?& wCDs could have different ratings, AAA -> F,
0 b% j# ^& b0 `1 Y, k# emore risky ones would have higher premium (interest rate) as a compensation for an investment.' x0 S2 n, F; k% E, m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, M+ g% h# a. [* i* Oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% N0 ^6 U1 F1 [4 ?; G: jAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ r* _; n" m+ z3 e- _5 O" y4 l
similar to bonds, CDs trading in the secondary market have different value at different times,) F% j% @ w$ }+ W
normally the value is calculated by adding it's principle and interest.
: y) S, v$ [1 M1 `3 T$ A7 u- y. X9 meg. the value of the mortgage+the interests to be recieved in the future. 4 K9 Q3 }% B! t) q
banks who sell the CDs, could enjoy a few benefits like, the present value of cash and passing the risk of holding a debt to another party.1 }' \6 c" X/ b, s; U
5 I( m, b* b. ]$ S, b' f( a2 Y: }3 aim not quite sure if the multiplier effect does really matter in this case. ~8 [; R7 M. U- j" Z6 x; G
in stock market, it's the demand and supply pushing the price up/downwards.
2 s# D7 L1 t0 [/ `0 a0 {1 TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' X7 W8 k% |/ D! ?. F: M5 PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 w8 U9 P& L3 y2 cThe capital loss that ppl suffer nowadays, i believe, most of them does not really suffer a real $ lost yet as long as they dont sell their securities. ; J& K3 b3 H8 L5 g& H7 e# f% C
but the value of their assets did really drop significantly.3 w! B9 `2 y n0 Q3 X6 `
8 \7 h7 c9 E% f* ~$ N
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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