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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.
1 A6 H2 T8 ~; P o. \" F( WCDs could have different ratings, AAA -> F,
5 Q! {: e, w0 q( Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.
. Z7 M+ n. ~ [2 P5 H0 E, z9 rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 @- i3 k; A' P- s7 x2 c p/ sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 h) K, Z: \" ?5 n2 GAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& g4 ^, q$ }% S7 A8 Zsimilar to bonds, CDs trading in the secondary market have different value at different times, n3 ?% ^$ I9 f; A) P2 b
normally the value is calculated by adding it's principle and interest. / N. L' X( ], B: m/ @* M; w
eg. the value of the mortgage+the interests to be recieved in the future.
2 K( l0 m6 n& [. F0 xbanks 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 Q9 a- b( I4 p" j8 C# O& V' O' z
' H& E+ J# n# g! E4 E7 }& Q
im not quite sure if the multiplier effect does really matter in this case.: }9 F1 u- `% K- `% O6 N A8 V
in stock market, it's the demand and supply pushing the price up/downwards./ M+ A: J+ g6 ]2 F4 Z' W7 s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ @; \4 j5 v+ l: k0 ]2 \$ Q: BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# a8 a* s4 @: ` t' n3 E
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.
- Y# i7 y' G' o( |but the value of their assets did really drop significantly.3 y+ J- O. e( k
6 c5 i* P3 a7 n) R" g
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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