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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.
" c& A7 [5 L1 N1 ~* m0 t4 YCDs could have different ratings, AAA -> F,- h; V& {4 Q: p
more risky ones would have higher premium (interest rate) as a compensation for an investment.
, o: u ~1 ]8 r B6 B1 u2 ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" r0 ~# N' @# O4 _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* G, R" w# f; ]; T6 o4 U6 D" A; H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( y: s% d* \. d1 Z7 ~
similar to bonds, CDs trading in the secondary market have different value at different times, m/ ~7 M# ~+ p5 U6 X8 ?
normally the value is calculated by adding it's principle and interest.
# H' U- P* e( s4 O1 c& Seg. the value of the mortgage+the interests to be recieved in the future. 6 e7 O7 ]. P1 C3 c* k `* V1 q
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.8 g3 i, c: O. }9 J5 q0 D
/ v8 c- f8 Q! u( L) R: r
im not quite sure if the multiplier effect does really matter in this case.
$ m/ i% e" {3 i( p+ B- Yin stock market, it's the demand and supply pushing the price up/downwards.9 S( g. I% A8 a3 X q6 ?8 W
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," Z7 p3 E6 l8 X% }7 r
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! s6 e. K8 X5 n8 B* T( p/ o
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.
# c% U: ^4 ?+ t j' b5 s2 Zbut the value of their assets did really drop significantly.3 z. t) q2 Y; t, ]; I1 h4 h6 d' E
7 i% O+ A6 k6 H, S; z) Q7 V" t/ ~[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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