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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 S! ^3 E2 a3 p1 v% x" ^- a) p2 {3 WCDs could have different ratings, AAA -> F,( Q2 b% Q" m5 h" X2 R( I3 q& s( }
more risky ones would have higher premium (interest rate) as a compensation for an investment.; ~2 `( Q3 y: Y, U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) k% u- ?" N3 g" x5 O* Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- E! X& a! B) i0 z# [7 Z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 S% ^( t g b. C) n
similar to bonds, CDs trading in the secondary market have different value at different times,2 }& ?0 P( o) S! p& y
normally the value is calculated by adding it's principle and interest. ' m) n; W% f( b v- l% s
eg. the value of the mortgage+the interests to be recieved in the future.
3 M1 U @9 C- W7 q1 }+ Y: F( i; Ebanks 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.
9 T5 W3 g7 u3 D$ G0 N5 x( {/ k7 B
im not quite sure if the multiplier effect does really matter in this case.
; I+ e7 b6 b7 n; o n: V3 L4 win stock market, it's the demand and supply pushing the price up/downwards.
1 P7 Q$ A$ }) \9 a5 zFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,; I' D# ?% I+ `4 m6 C5 x
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction., m9 E8 ~$ v3 Q5 `1 E; M* T" W
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.
; X8 g9 B3 A5 U: S; N, ]) c$ dbut the value of their assets did really drop significantly.1 \- t# ]5 E. m. f
H6 B& _+ |* B- H[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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