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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.
+ T6 n' l$ }2 {& l4 O' CCDs could have different ratings, AAA -> F,
/ w% e5 B6 j: e ]& M$ w* A8 Omore risky ones would have higher premium (interest rate) as a compensation for an investment.4 ?* C1 n7 T! b6 C& d/ Q2 B# s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 h' s5 w4 k! T. e9 _0 Z) [in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 [. D V2 [, L/ @& |% CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency. C* `% Z+ [8 Z. P( b
similar to bonds, CDs trading in the secondary market have different value at different times,
5 l" z% n- P3 B- j3 H- vnormally the value is calculated by adding it's principle and interest. 9 I' {" U+ m2 \% m
eg. the value of the mortgage+the interests to be recieved in the future.
4 N, `) Z; B* }1 b. \, g7 m ibanks 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.
2 Z4 a& W2 V L: G) ~7 `9 c
/ V6 T+ F# G- k5 m8 t' _, f5 ]im not quite sure if the multiplier effect does really matter in this case.: i/ }! K1 R" l0 e
in stock market, it's the demand and supply pushing the price up/downwards.
5 Z6 P' \- D( z) `9 bFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% [0 g/ I7 ^' F5 R5 g2 k7 \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 f/ M8 C9 _% R& {: e- v- s2 D
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.
0 r+ H# r8 \! Q6 j- ]9 xbut the value of their assets did really drop significantly.
' t+ C5 }0 y0 A, \1 A* X( x; T; g' u$ m* Q" m
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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