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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.
; r7 w' y, G" X6 CCDs could have different ratings, AAA -> F,7 E* D1 l U6 Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.: @/ ~) J. P& L6 d8 B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,4 h- U" z/ K5 G# u- {. ]/ c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 `( s- P. ]) |. s9 nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( ^4 k: G! t, u; }
similar to bonds, CDs trading in the secondary market have different value at different times,/ R- V$ ~( F2 W
normally the value is calculated by adding it's principle and interest. . ~; Z& g; }* K% J! W% b+ s4 h
eg. the value of the mortgage+the interests to be recieved in the future. * e! N) J7 F1 f m* a/ Q N
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.* \1 K8 m3 x% J) i" D8 y7 \3 n: I
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im not quite sure if the multiplier effect does really matter in this case.+ N0 G$ B0 ]2 f- P! A
in stock market, it's the demand and supply pushing the price up/downwards.
, [9 J6 M- z7 R* cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 I G2 }" ]: b2 J
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! g- {& r" N! g( q
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.
& }' I2 X* P) W0 C, `+ Nbut the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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