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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.
/ g, W7 N* ~4 p; YCDs could have different ratings, AAA -> F,: V4 Q; Z; h) V6 N
more risky ones would have higher premium (interest rate) as a compensation for an investment.. H) K3 A: |5 x5 k
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. s' S& T: F! U W9 K5 sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) S# Z0 a7 H" M& d2 `2 Q3 [Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) D/ c& L7 o, esimilar to bonds, CDs trading in the secondary market have different value at different times,
/ ~4 \1 D9 W- s4 g8 | {2 U. n& vnormally the value is calculated by adding it's principle and interest. * @4 w4 r7 S7 ^4 W, S5 j
eg. the value of the mortgage+the interests to be recieved in the future. " q' [/ R6 C* i4 t* y
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.9 x+ \* }, p% F3 c3 H9 {
$ }, S7 G" j* ]! W( R, e1 Z8 }2 {1 xim not quite sure if the multiplier effect does really matter in this case.$ u" `* ` k0 C+ e
in stock market, it's the demand and supply pushing the price up/downwards.
# ]" \ L N2 {" ]0 v. L: ?& K5 Z6 rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: f* y) [; M$ W; vA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 o6 d4 O! \7 Q6 J H3 y& KThe 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. - w4 O' i" y' D, F+ s9 y
but the value of their assets did really drop significantly.& N( ] h& D' y2 m' o
5 Y4 x, A& q9 [& b" Y! ]0 k[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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