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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.
% s6 ~1 s7 t! H0 t2 U& L) WCDs could have different ratings, AAA -> F,
* m0 @: H; ~! qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
8 K, `( r1 t3 y& ]: f' omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 R Q5 X) F" j% x p1 Q1 pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; X0 N; C& x1 Y2 P9 h L5 xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 i2 _$ P: H! W2 I' [9 i' n/ {( E- e
similar to bonds, CDs trading in the secondary market have different value at different times,$ M* r6 J! v0 E4 H: z O
normally the value is calculated by adding it's principle and interest. , O7 c& V9 R; P% s, X& n) A
eg. the value of the mortgage+the interests to be recieved in the future. ' {* o# r3 B& \
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.
5 v: L5 f6 S3 V* ?2 x6 ^8 g, D/ _$ X9 y5 a* p, k8 |- o- ^( h
im not quite sure if the multiplier effect does really matter in this case.% w. s/ n$ \% G
in stock market, it's the demand and supply pushing the price up/downwards.. ^2 V- \6 c$ w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; J* d" P4 J& P( M+ s: B% lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. r1 U5 q/ P: y6 Z! @' ^
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.
. h- Z2 j% h) ?0 K+ p9 a5 h/ {/ Jbut the value of their assets did really drop significantly. e" H3 T) I: w! b9 g, O( D
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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