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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.
. f& A6 `* V, ZCDs could have different ratings, AAA -> F,; w: l4 v3 A8 x+ i y* k7 |2 F
more risky ones would have higher premium (interest rate) as a compensation for an investment.
3 h" A; B8 _ k5 |9 N' e# }main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 B0 S' S# `% h- C' A8 ain other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 P" n, f% {. z9 T$ N. N2 _1 x( |Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 [- b5 }2 O5 w: R$ g) Asimilar to bonds, CDs trading in the secondary market have different value at different times, \7 i/ B4 z8 Q8 w- ?$ K
normally the value is calculated by adding it's principle and interest.
# a( s. m1 q; T# K5 Aeg. the value of the mortgage+the interests to be recieved in the future.
9 N3 a" s& j8 K- Z4 P" Pbanks 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.1 h" o! `0 [( ]) f7 M$ E" i( K
+ S. n8 j" S. J5 N& J" ^# v- Cim not quite sure if the multiplier effect does really matter in this case.
" b; ]' y/ w+ ]+ _in stock market, it's the demand and supply pushing the price up/downwards.& R. Z8 t4 l- f3 q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, t8 d' Q2 I2 H4 t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( [. s# q. n5 }: Y
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.
" _7 K! S2 }( h3 ]) t/ Q3 t: b- B9 fbut the value of their assets did really drop significantly.
5 Z2 D. x. e7 w8 P9 l, F$ M2 S' f) N6 z: j
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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