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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.
9 b9 c, W- e4 H8 L0 x; O# Y9 k' CCDs could have different ratings, AAA -> F,
3 S2 T! R$ Y' D7 f# {! Umore risky ones would have higher premium (interest rate) as a compensation for an investment.
, v! \! [# |* x) C( K' W7 qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," Z; T2 \" ?: n5 Z$ ^4 J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 L* \8 D. q; o; HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! t9 _9 F. N6 v' S, H: e6 {+ A Zsimilar to bonds, CDs trading in the secondary market have different value at different times,0 l" I7 I( N% y! U; {. _/ ^5 j
normally the value is calculated by adding it's principle and interest. : L4 k$ Z& ?& [0 l
eg. the value of the mortgage+the interests to be recieved in the future. $ z# h1 K) Z. H' j
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.
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im not quite sure if the multiplier effect does really matter in this case.% I8 {# q6 y8 p1 K3 ?5 i1 w) }
in stock market, it's the demand and supply pushing the price up/downwards.
8 e- q$ D' L$ K% fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" p, W- l* n, SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ d( L4 p; l6 E! \% MThe 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. - ]+ D$ ^# }% q$ O" S
but the value of their assets did really drop significantly.4 Q" p- J2 I1 ^. y3 a
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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