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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.
- b5 v* N( {4 R8 F4 W( DCDs could have different ratings, AAA -> F,
4 \( x+ @& i: G/ X$ h# `2 E7 i/ nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 Z5 M$ ?. p7 g2 l* A5 nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: v6 o4 Y- u9 B) u) ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; e' `8 {" X, H4 ]7 f: N
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& } T4 u8 Z M5 G2 o# g( [similar to bonds, CDs trading in the secondary market have different value at different times,
* h% C. Q6 d1 L1 i+ r, [8 Anormally the value is calculated by adding it's principle and interest.
) v$ D& J7 K8 A+ jeg. the value of the mortgage+the interests to be recieved in the future.
/ n" c$ _- O1 a; v3 O; b+ _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.( K/ q2 v, ^0 U2 {& t* d
+ u- ]/ I- }$ u1 O- t; }im not quite sure if the multiplier effect does really matter in this case.; f) h. q* Z' u7 F
in stock market, it's the demand and supply pushing the price up/downwards.
! m* @8 M3 c& p" cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; U5 s J- O/ h9 i3 C( A* D9 i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- O0 D4 r) N4 S# K
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.
6 f5 F* T. U2 K6 V/ `but the value of their assets did really drop significantly. W; s! k# n+ h" o+ Y, x2 k
. o& O2 J! w% u3 c( \[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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