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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.
5 z3 r! A5 R) Y) G; wCDs could have different ratings, AAA -> F,& [8 N5 F( S' h8 X/ ]+ ?$ r7 ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 Q3 _& P: c: I% V: C8 ^& ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. M- q C7 }# X2 j4 B8 b2 Cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 h9 S' E0 p$ V
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' O$ L( z1 B$ z j( N( C# j, b) u
similar to bonds, CDs trading in the secondary market have different value at different times,
! m/ v- T, y: P; S8 O; }8 fnormally the value is calculated by adding it's principle and interest.
C: H( D% A( Leg. the value of the mortgage+the interests to be recieved in the future. 6 ?9 h. z" Z0 G6 T- {2 H: C
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.1 D1 c [/ B; V( Z7 z, Y6 s
- J1 ~1 x$ Q- _7 F0 S/ w& Tim not quite sure if the multiplier effect does really matter in this case.6 I) I2 `3 T; w5 D8 l2 w
in stock market, it's the demand and supply pushing the price up/downwards.
; v; v' B) x6 N" J6 \( w3 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 i5 y; w: r2 y, O3 b8 K3 Q1 |, S
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' g+ A# r4 x+ g; r- O; qThe 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.
% _- E* Y& C* G2 O. g! @3 T& gbut the value of their assets did really drop significantly.
, Q+ i, M( q- T8 f" T; W& T& \7 |2 T9 a# q
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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