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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.
: _& v. j& g9 n l$ RCDs could have different ratings, AAA -> F,$ g0 U8 e) d# b+ v7 L/ J, I
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ ]% {$ P) g2 ?. Gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, ^% j, T7 _( D! V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 i) J( z1 I' S4 ^7 U
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, W6 ^* _: |6 B" Bsimilar to bonds, CDs trading in the secondary market have different value at different times,. ~- I: }8 A" Q6 y* \4 D/ a! C
normally the value is calculated by adding it's principle and interest. 5 f6 q/ `2 C: r/ S6 D2 f
eg. the value of the mortgage+the interests to be recieved in the future. & z3 m+ w; v5 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.' k" H+ l8 b. T0 b! t% g2 c" y. A* k
$ E. `0 G, j; N1 G5 E1 f, f2 n1 }im not quite sure if the multiplier effect does really matter in this case.
4 I! A! P. e5 X/ t6 Lin stock market, it's the demand and supply pushing the price up/downwards.
7 e' Z) o5 u2 I. C8 `2 z( }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 m" W" E1 G: d8 aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 k% O! |7 ]4 ~& kThe 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.
- A/ c! \- g1 p/ Q' s8 u3 i4 \but the value of their assets did really drop significantly." }" s+ K0 J: J; D! d# U1 l# n& P
% F/ }* t: l9 W. h& P# |[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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