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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.
/ _2 V6 L; _% ^1 P, `% WCDs could have different ratings, AAA -> F,5 K- y# T/ E" c8 y! Q4 T
more risky ones would have higher premium (interest rate) as a compensation for an investment.! |" v: |0 o* K2 V( e3 D
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 C) ^/ M2 l- P7 E9 j7 I- |" iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ ?3 b9 q! T) G$ P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ A Y: E2 K' \. R1 |5 dsimilar to bonds, CDs trading in the secondary market have different value at different times,0 |& j- x0 U, N1 e) l- h8 o9 d
normally the value is calculated by adding it's principle and interest.
6 `8 x; ?, ~. f! e2 F1 Heg. the value of the mortgage+the interests to be recieved in the future.
8 V: B+ Y) y1 Z7 L8 Dbanks 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.! A. X2 D# N3 s. [* I0 s9 k0 c) A
5 a1 a& x) X$ Q/ b
im not quite sure if the multiplier effect does really matter in this case.: ]9 E* p8 ~0 q+ A
in stock market, it's the demand and supply pushing the price up/downwards.
* a( [, q4 }/ d* F" M. cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! P) ~: t% s; L+ e# P6 H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 U3 v% \" h! r* Z# _1 _3 UThe 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+ Z+ K% I* W D2 p, Ubut the value of their assets did really drop significantly.; `, R5 I1 i+ b9 o
- Y$ V$ f2 W7 k/ J2 f* n# ?
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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