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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.
0 a+ p8 ^; h' e: u6 b' N$ GCDs could have different ratings, AAA -> F,
+ k; S' P( o9 s$ E7 R5 n4 [) F$ imore risky ones would have higher premium (interest rate) as a compensation for an investment.
$ l2 V) x: U, _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 f1 }. Z' A" q) D5 U4 M( Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 d5 ~2 ]# j) m- e- o2 I9 KAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 Y( {! {" C6 H9 x# U( D J
similar to bonds, CDs trading in the secondary market have different value at different times,- w/ p$ W5 u6 g
normally the value is calculated by adding it's principle and interest.
" V( b9 R+ R4 Zeg. the value of the mortgage+the interests to be recieved in the future.
4 H# V$ J; L7 k7 o: J' z0 zbanks 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.
! g8 B0 H( u& Q5 j2 X: r3 Y3 K ?
! d! d7 T i( b, Cim not quite sure if the multiplier effect does really matter in this case.
( N8 y! q; ?* O& l$ ]in stock market, it's the demand and supply pushing the price up/downwards.* b; C' ^9 f8 X+ g9 E7 z& ?( |
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
|' H4 O* Y: T# [" dA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# b7 K" Z5 _, \# X, R$ C
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 [$ f# {- t. r7 Rbut the value of their assets did really drop significantly.4 |+ X* X4 C h5 e
: \) }, }% i+ l B# d4 `& j( b6 N
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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