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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.
7 ?( z5 Z" e+ z i1 SCDs could have different ratings, AAA -> F, g( T4 x- N; n6 A/ Y* y) m o
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 E: X$ [! c8 B1 Q* l0 K; h' p5 I3 Y* H
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
: r1 R- ?( b Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
* @1 E2 B& \" l% i1 M/ n3 MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 q# p- M; C9 {
similar to bonds, CDs trading in the secondary market have different value at different times,
# g2 {) w3 a8 I' Q! y, r% ynormally the value is calculated by adding it's principle and interest.
g- j; D2 R" W! E" r/ Jeg. the value of the mortgage+the interests to be recieved in the future. * p- F5 o8 O% p5 K) c7 Y# k7 a
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.
7 P! l7 |, O1 ?5 g7 P. M2 W3 h9 M: e9 h7 @2 n* n1 h: W
im not quite sure if the multiplier effect does really matter in this case.
* U3 U4 G; o9 `$ ~/ Y! uin stock market, it's the demand and supply pushing the price up/downwards.
5 a1 z1 a: { D1 M$ [5 H" yFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ R; p, A' r5 D/ `/ a( l
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 k, {3 l. Y' G9 A# ?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.
, U/ h" ^: i- I2 x/ `* Gbut the value of their assets did really drop significantly.
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' o7 y( a, P( {[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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