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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.
4 d5 _" h0 N" p; k0 c- OCDs could have different ratings, AAA -> F,( ^8 I( X7 d0 x. `! l5 j9 H
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 N8 @0 o, d0 [: z1 }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) x. S! Y& z/ c' Q( ]9 J4 b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 E- e+ {" r4 c* _! w0 @
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 p/ v3 Z `& B* C0 a1 E( l) f
similar to bonds, CDs trading in the secondary market have different value at different times,
; p* b+ y+ b# u1 _9 O+ ]normally the value is calculated by adding it's principle and interest. + h* _5 g- C9 d/ g; n& E; t
eg. the value of the mortgage+the interests to be recieved in the future.
! [* m8 k1 z k* {3 D" `4 ~. a* T1 pbanks 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.
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im not quite sure if the multiplier effect does really matter in this case.; ^7 S/ r6 u& I% `4 k/ {
in stock market, it's the demand and supply pushing the price up/downwards.3 d9 q( v4 C+ D8 U, P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ @- A K2 K' k5 i1 C: i7 Y' t4 O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( {& n F1 m y, c2 hThe 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.
1 X3 c" P) w) `4 Abut the value of their assets did really drop significantly.
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" P' e$ n: r' [" M, }) y: j- w[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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