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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.
" V- ~" ^5 I5 `0 o8 j4 b! y5 _CDs could have different ratings, AAA -> F,0 z. C r. y' a* S2 }) L% P$ J
more risky ones would have higher premium (interest rate) as a compensation for an investment.
" r" Y- K4 z. {4 l$ W1 c; Vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# z, O3 ^* I& F5 O7 A! u$ X
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; v# @- I. T( _7 z9 s
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# p }& Y- q. x
similar to bonds, CDs trading in the secondary market have different value at different times,2 u2 }6 s9 `9 @) g$ d. F
normally the value is calculated by adding it's principle and interest.
6 @" B6 l( o( E3 Qeg. the value of the mortgage+the interests to be recieved in the future.
5 [6 k* S, \% b* 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.- \- M; n% @! e- `! K
+ }0 L% {/ W6 E! w' t7 N9 Y' Zim not quite sure if the multiplier effect does really matter in this case.
5 z# q0 v& \6 c1 d( Lin stock market, it's the demand and supply pushing the price up/downwards.
. X+ A: }, v0 }; p& y' n. \, v" r" eFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# G; p; d9 [8 S6 f8 T6 ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 ?) X0 H& J2 P4 ?+ P2 G( @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. ( Q6 F; o+ x# s T d' @
but the value of their assets did really drop significantly.
' O6 o) G' c- r) b
( V- ^$ J$ ]8 n! Y6 D[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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