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12#
發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
; l7 X; ]1 L# \7 k% ICDs could have different ratings, AAA -> F,
: U) e! k+ t9 g/ r# A( Z/ C! y" ymore risky ones would have higher premium (interest rate) as a compensation for an investment.& X. L; B( b# a( Z- D! Y+ D) D$ `
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* B, s0 g+ h2 @1 Q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% m T4 J6 Z* E& c0 s% }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 w! e4 h7 g' p, C4 }similar to bonds, CDs trading in the secondary market have different value at different times,
( U: p; E. |/ e; g% y% ]normally the value is calculated by adding it's principle and interest.
2 M, r0 J: T; {: g) F' u& Heg. the value of the mortgage+the interests to be recieved in the future. : w+ C; l$ R/ x
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 F7 V- j+ v) |9 |# b
; ^0 e2 d0 u2 r+ N t1 c: Dim not quite sure if the multiplier effect does really matter in this case.
, M' U5 z' y9 v) Z L+ Din stock market, it's the demand and supply pushing the price up/downwards. `" t; |5 P6 V+ m* N3 M, B
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! x- m0 E9 s. ~, n$ kA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., T& ~6 N% t( x
The 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. " e; L& K1 }- O7 @
but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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