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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.
, j9 x) ~2 I( U! H$ @' n2 O( E. vCDs could have different ratings, AAA -> F,
5 K9 S: E3 O" r2 o0 R& l: E& mmore risky ones would have higher premium (interest rate) as a compensation for an investment.) n+ n% o; e7 u. J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* {6 w6 ?& K/ D/ F$ D6 Gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 B( J3 r0 Z oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" f" F4 L2 T9 z' A! d" Z* ksimilar to bonds, CDs trading in the secondary market have different value at different times,3 [) _3 Q0 c" Q0 s0 `" l& X! {
normally the value is calculated by adding it's principle and interest.
$ Z9 y* h. f9 _- Beg. the value of the mortgage+the interests to be recieved in the future. 9 Q7 G! P' \6 c6 W' e% C% ~
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.
5 K0 T+ l* k; n) C6 q: h; s8 d4 s, o/ k5 e* J( c
im not quite sure if the multiplier effect does really matter in this case.
1 F# T) T0 X- b& R+ min stock market, it's the demand and supply pushing the price up/downwards.: ?" u, z/ g+ F! C9 ?$ i8 y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 W8 D8 |9 m. q, m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 K* Z. Q% Z% X- i! B- J% F5 Z6 @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.
G, |1 i+ i$ J& abut the value of their assets did really drop significantly.: T) J" d% Z& |1 G& R" i, x
6 [- U0 ^- \# X, s4 G4 |+ e[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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