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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.
E8 p" R6 r1 OCDs could have different ratings, AAA -> F,
& g: T# q* }* [3 O4 Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.9 y) V9 Y ^" _* |: A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 C$ w( f; D' U( {, c* A' ^6 {, |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 G4 |6 j6 ~3 s, s7 @" LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- X/ l- k2 c/ s/ [+ T: t8 s3 _( ~similar to bonds, CDs trading in the secondary market have different value at different times,& s( F5 I. ` x( h) A8 D# H
normally the value is calculated by adding it's principle and interest.
3 H+ H/ V$ j" Y5 F1 seg. the value of the mortgage+the interests to be recieved in the future. 9 h7 ]0 J/ p# J7 I
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.
. U- o, @8 c# ]1 R1 X( C' P. o5 {" L; ~" a+ h" I7 q8 V0 x5 `% k
im not quite sure if the multiplier effect does really matter in this case.
- A9 B F# s5 Din stock market, it's the demand and supply pushing the price up/downwards.+ ^ p' r, C! _) T: L. V0 P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
m1 N" C* @ E- [" U! w! B; RA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., _) l' o k$ I
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. ; j0 Y/ U1 i; T+ }) e% E
but the value of their assets did really drop significantly.
" M; k, c* ]+ Q0 N+ \3 {; E9 D$ h2 n
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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