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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.
8 e* {% ?9 e$ C2 n/ E# t/ SCDs could have different ratings, AAA -> F,* j$ A* k% ^6 i2 K% n( O
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! P5 c+ n$ s9 G; L+ N1 Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; D( d! {0 Y: r( K }3 L. [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. {- m9 j* ^* x! e& S8 S( bAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; Y; R3 h6 ^ ^' @. }similar to bonds, CDs trading in the secondary market have different value at different times,
, |8 o7 | s0 _' g4 C- Z: hnormally the value is calculated by adding it's principle and interest.
6 f- w1 m9 Y* E8 aeg. the value of the mortgage+the interests to be recieved in the future.
" ^: }2 P6 }0 j$ x; V# o8 ^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.
/ Y1 O7 [# ~- a7 F1 y* Q1 |& N8 E/ B* f
im not quite sure if the multiplier effect does really matter in this case.
5 d6 ]+ X8 ~# t/ C% }2 Cin stock market, it's the demand and supply pushing the price up/downwards. G% x0 H |8 g, M- M% N; u; i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# [+ m Z" F/ D% OA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction." e- s9 C5 ]) r% i$ a( K( U5 V
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.
& I% W" O0 m: e5 X, q) Bbut the value of their assets did really drop significantly.
- J. F k7 X5 M" K' Z8 |3 i# h) u8 L" [/ w+ W) \: H
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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