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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.
8 R& Y/ F# j" O5 l8 cCDs could have different ratings, AAA -> F,
! S+ l8 w R8 g5 hmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; j+ }* u; C& V. Q" n8 t/ Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( Z. ~# u' }0 M8 g3 E& F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 L. T5 D, F# E7 D& a7 W. P9 ZAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 e# ~" |8 B3 q( C, X' {6 n2 Fsimilar to bonds, CDs trading in the secondary market have different value at different times,9 H" S+ r! L' P+ D1 N1 y' h
normally the value is calculated by adding it's principle and interest.
/ S0 H% I* C& N ~2 ceg. the value of the mortgage+the interests to be recieved in the future.
/ @ i7 ]& `. U" `9 Fbanks 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.
, B t' d0 a! t
; l7 |1 `8 ?" k Cim not quite sure if the multiplier effect does really matter in this case.
1 P2 `# h+ F9 pin stock market, it's the demand and supply pushing the price up/downwards.
7 u' N, `7 x& X7 ZFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. ]& j- ~: a" H3 c' aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 O* u# M9 j) i5 q& {
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.
1 B+ c# J6 Z, L. I) v- Rbut the value of their assets did really drop significantly., M6 u4 B( I* @; R; Y- S1 c- N
: G' M% B' P5 `: R[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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