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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.
; [7 k8 M8 U1 j: K9 C' X5 wCDs could have different ratings, AAA -> F,
3 E3 Q! R8 _9 o+ U3 K. n4 ~more risky ones would have higher premium (interest rate) as a compensation for an investment." S% K* M. i5 X" V6 z- g; |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* D" p$ l" q. p N2 k# u, P8 J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# G& t1 C- f% N! a9 R# g
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* A4 z w6 ~0 i; J* H' |/ X
similar to bonds, CDs trading in the secondary market have different value at different times,9 c) A# P. A N* U0 m( {- `! l, T
normally the value is calculated by adding it's principle and interest. ; ]7 S/ e7 E% x" D/ m% d3 }
eg. the value of the mortgage+the interests to be recieved in the future.
$ g2 Z/ A/ _8 j+ dbanks 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.
7 }9 V. H, z! @
5 a9 M3 E" g$ M% Q) d1 lim not quite sure if the multiplier effect does really matter in this case.
8 x. M; ^, f# E/ b" qin stock market, it's the demand and supply pushing the price up/downwards./ z0 H% {6 J' I! _9 g ?
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 Q. F/ |2 p: t$ G$ @
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( Z9 P% e- R+ a' CThe 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. p/ l' C! _; i' ~
but the value of their assets did really drop significantly.
3 l. t+ [1 _: m ?
: o* ?+ i" ~+ w5 F4 e! @% L* w' `[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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