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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
; c9 g0 F" x1 d& u7 Q8 o" DCDs could have different ratings, AAA -> F,- G( d9 A8 W! ~5 _) v
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 t; a: a, ]% H+ O) k- ]. G: _
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,: B; n4 F$ Q/ r
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 m: |- @6 N# r8 d6 tAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* c( r3 H) f# G+ P/ |. R% jsimilar to bonds, CDs trading in the secondary market have different value at different times, J+ I: r! ~2 c
normally the value is calculated by adding it's principle and interest.
, _2 O% q4 u- c: N% T! veg. the value of the mortgage+the interests to be recieved in the future. ' b4 s$ l% u! Y
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.! O4 h: j- Z# _- }" P$ {7 _ C3 \, m6 D
. @) _- G, S$ w1 M
im not quite sure if the multiplier effect does really matter in this case.
4 L0 T4 a' X5 s1 V( ^$ Z8 \1 V6 O* Xin stock market, it's the demand and supply pushing the price up/downwards.! Y- K2 D& |5 y# Q$ s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ C6 @3 _# I7 P' N2 }- l* D' l
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 D4 J$ E; w+ k; [7 a7 c" n$ pThe 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. 9 F1 e- U" z8 g8 I! ~, S7 q, t" \
but the value of their assets did really drop significantly.% r, q5 g& q" n, ^7 t% S
- c% ^) T {5 ?[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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