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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 [' P+ \3 s. |8 DCDs could have different ratings, AAA -> F,9 V+ T- o( w5 p3 I$ Q: K7 k' J
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 L9 b5 W& P5 }' u, O$ tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 J9 O% e/ C. z" ]6 d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; e$ L/ ]9 i1 S9 V0 {9 B! P8 o3 lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* m& l% Y2 i5 ~7 y9 v6 E* `similar to bonds, CDs trading in the secondary market have different value at different times,2 Z' X8 ^6 K; p8 Y' t
normally the value is calculated by adding it's principle and interest.
, S6 g' K& h1 ueg. the value of the mortgage+the interests to be recieved in the future.
2 O. |6 V/ ^2 l, F+ u' tbanks 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.9 C1 T# q+ J7 i/ J9 x
5 A Y' Z/ ?* `( V( n! v
im not quite sure if the multiplier effect does really matter in this case.; ^- h8 r; w7 q
in stock market, it's the demand and supply pushing the price up/downwards.
- d* ^% L- Y9 z) {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ ?4 S; N9 X; s8 d
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 H! g1 c6 ?" \" `; `
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.
; C. h9 A% v( Y- A+ qbut the value of their assets did really drop significantly. |5 H' C6 w! R2 R( I2 g
' x4 y% H6 _8 o3 Z[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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