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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.
4 Q8 R6 {& m7 p6 GCDs could have different ratings, AAA -> F,$ g! d' d# L \6 t- n/ z) P! d
more risky ones would have higher premium (interest rate) as a compensation for an investment.7 O% {4 Q( m3 ?3 A: s5 W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; C2 ?# Z, z8 F x1 K, win other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 v' U4 \2 [; l, T$ h9 oAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% y% X, y6 R9 U! J. E' x( h4 C, G
similar to bonds, CDs trading in the secondary market have different value at different times,3 i" h. I, k0 t. S" L B/ c
normally the value is calculated by adding it's principle and interest.
$ K% K0 F9 m( p. Veg. the value of the mortgage+the interests to be recieved in the future.
1 D" S% ?5 q0 @9 v5 \" i. o+ ]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.- f1 H9 U* y7 j+ X1 ~/ i
' o/ |& P: Y" U& c- Vim not quite sure if the multiplier effect does really matter in this case.
4 K9 M$ U$ u5 tin stock market, it's the demand and supply pushing the price up/downwards.
5 I0 _" W( ? GFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," g4 I2 r, i1 k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- ]8 b% P1 o0 k0 I6 nThe 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.
0 S! [* D5 G' u" G9 F' Ubut the value of their assets did really drop significantly.0 i2 C' J( M3 o, b7 {0 r9 T
, H" S W" }2 `$ g1 g1 Y9 c[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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