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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.
: G; g! n' X; d Y8 p2 BCDs could have different ratings, AAA -> F,
: E6 c" ^! v" L9 i w' rmore risky ones would have higher premium (interest rate) as a compensation for an investment.0 e9 R7 c& ^1 v( L7 I2 B& L7 }
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 E+ V- j& b A" C7 u2 `2 min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 b# O+ }9 @/ ?- JAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., r8 |1 I- v: ^* D2 _1 N8 t! g
similar to bonds, CDs trading in the secondary market have different value at different times,
9 [. G) M. r+ W( u/ \normally the value is calculated by adding it's principle and interest.
4 l9 Y9 f8 w: [( J: k) }& a& Weg. the value of the mortgage+the interests to be recieved in the future. ; r3 j$ j( W9 d7 m
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.
6 J( j" p( Z0 p, ?# q% x: S4 J0 b" F/ Z5 s
im not quite sure if the multiplier effect does really matter in this case.
" X: P4 ], P' K! s4 _4 Fin stock market, it's the demand and supply pushing the price up/downwards.) C. J% |* W6 _, u7 V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ t4 C* ~4 K' ?, `# @' U7 W* ~; F8 vA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ }1 v; s( w) I' m' j: K6 J
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.
) L8 r& a! \7 g9 f$ qbut the value of their assets did really drop significantly.% z& B+ L( I! _* \
5 i; @* A+ `( e4 f3 G' Z" ]3 L/ v0 L% l
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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