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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.
* B( v1 J8 [6 U! ^0 UCDs could have different ratings, AAA -> F,. A) W# a) t! Z0 W
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 k( _5 Z& ~, K/ Z* P5 M, E
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 L8 y; n! w6 s0 f, d8 o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 v! I3 i( `" k/ w4 T2 X. b) u; n. ^+ HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% |" M# N7 @( Y) o) asimilar to bonds, CDs trading in the secondary market have different value at different times,( Q4 j1 h3 f( i) E
normally the value is calculated by adding it's principle and interest. - `6 E u- u x* w- a8 [* R6 E1 l
eg. the value of the mortgage+the interests to be recieved in the future. - M) f% Z- k" C" }
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.& v. S% a" K+ B) N
. {3 w9 i, a$ X
im not quite sure if the multiplier effect does really matter in this case.0 C# a& I5 z% F" e, `
in stock market, it's the demand and supply pushing the price up/downwards.% |) Q% G$ x/ c" j$ ~3 v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 Q6 i. C* `* p& W" M1 e$ U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) }- b* Q, D& B: }5 h! _2 X' |& K9 oThe 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. - i) i2 Z5 d" l; r6 v
but the value of their assets did really drop significantly.
; g7 c$ c7 l) f& Z7 D
9 u' b) }, V1 C: W[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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