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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.
% c, k2 n9 A3 k& z c' w: `7 VCDs could have different ratings, AAA -> F,, ?; N& o3 U+ Q/ Q
more risky ones would have higher premium (interest rate) as a compensation for an investment.+ V" l8 k' Q: g& k- O, B- u) Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' j* @- b. @$ o8 i2 L* a- }3 ^
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 p6 A' p; p! o, P5 P& o$ v* @8 qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency./ c4 o8 U, o& t4 |5 @' {6 p8 m
similar to bonds, CDs trading in the secondary market have different value at different times,* j% J& r0 l" `$ t' d. c5 a
normally the value is calculated by adding it's principle and interest. - Y6 F9 S o' H. V" F' h" R8 j; ^" c
eg. the value of the mortgage+the interests to be recieved in the future. 7 @" C# z. e8 l8 q# T
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.$ F( `5 p# | h! `
' S4 @" x# Z p" @! o
im not quite sure if the multiplier effect does really matter in this case.8 o7 b$ U$ Y7 H- G# k1 q4 p, t
in stock market, it's the demand and supply pushing the price up/downwards.
; O; t5 N4 f. j% G# @For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 t( }! L( h9 P, O, C$ v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 s: o3 t- c( e( U- N" J% W- ]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.
9 v+ p. b# B4 i) U* vbut the value of their assets did really drop significantly.
7 M9 u G0 x/ x3 g' X% Z* W) [- a& P9 t3 ^$ M# P
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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