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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.
6 J2 P0 T( t+ WCDs could have different ratings, AAA -> F,
( y6 ^/ U- J2 t/ G/ K% X! Tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
, M# j( N8 s0 B# f/ Umain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 V- T* ]4 i+ w% z. c- Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( V4 O" l8 k1 O$ w7 \8 e) rAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." z9 J9 R* e! `4 s
similar to bonds, CDs trading in the secondary market have different value at different times,1 j9 m: z0 O& k0 }1 s6 i/ S
normally the value is calculated by adding it's principle and interest. " D# h, b* G& H
eg. the value of the mortgage+the interests to be recieved in the future. " Z; j+ K x7 V: W
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.# x. K: o* |1 |/ Q
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im not quite sure if the multiplier effect does really matter in this case.
# Q) \1 V& [1 H( xin stock market, it's the demand and supply pushing the price up/downwards.
& a- u! a- i: V# u9 qFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,# [4 X6 C+ M% t/ B2 g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) W" | A V1 {( X6 YThe 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.
$ Y {; q; t1 Wbut the value of their assets did really drop significantly.
8 T: a9 a. ]+ ^, _8 D9 V6 g7 |2 V$ Q1 x) C2 G C1 E0 A& s, M3 n3 N
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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