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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.
5 |) z, M4 j, r& k/ S. {! Z" DCDs could have different ratings, AAA -> F,
# ^5 D$ W* c; p4 Y; kmore risky ones would have higher premium (interest rate) as a compensation for an investment.
- f* n9 A- `4 x3 J, K, Bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return," k3 J& X4 z, c+ C. q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 b2 s; b ], o% rAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 ]7 l1 @; f& w) T% r+ M' [8 Wsimilar to bonds, CDs trading in the secondary market have different value at different times,2 M7 {- V$ j7 g% }3 X
normally the value is calculated by adding it's principle and interest.
+ S/ k6 ?& T$ F5 L# [; b4 R5 N Ieg. the value of the mortgage+the interests to be recieved in the future.
6 Y" V% I0 w( kbanks 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 t% F+ P1 J# x% q! r0 f" E4 E
* |1 r! x1 n1 o% A/ P1 R9 K: t6 [6 L- yim not quite sure if the multiplier effect does really matter in this case.
) ^& \# M3 m3 A, kin stock market, it's the demand and supply pushing the price up/downwards.
) \& P% q1 ?) L* OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* M- \, t# a# q7 l, I; XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.( Z6 a- e- c# F. Q- n4 x0 Q
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. # E4 A, H5 w; G+ t
but the value of their assets did really drop significantly.
6 o$ W+ _) D. s- i1 v: W2 g7 F! V
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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