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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." l7 K- i) L7 i% H# f. w; V: J
CDs could have different ratings, AAA -> F,' g' Q; D& F: A$ s4 }- I7 {: n+ Z
more risky ones would have higher premium (interest rate) as a compensation for an investment.: t& z5 k9 b" P
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% c1 q; ]( a d8 P3 v& b( Xin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' I+ C0 \1 [( w# }' h( A; d7 QAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 o. b; `) z/ G+ w. N* o- {
similar to bonds, CDs trading in the secondary market have different value at different times,
6 w& l: V3 \3 G6 S5 F# j* }) [normally the value is calculated by adding it's principle and interest. . F0 L" O X( u, g- u" r( ^& }9 b
eg. the value of the mortgage+the interests to be recieved in the future.
2 z/ i. E1 b$ m0 u" ebanks 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." k! e9 d8 i5 {
' M [6 \# C jim not quite sure if the multiplier effect does really matter in this case.
) K; _' E( C: Q( ]. X4 ]in stock market, it's the demand and supply pushing the price up/downwards." z- g5 I7 j3 y& S4 Z4 M. L
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% a* P F, G% K' x, N6 m
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ l$ N% a" n7 U0 \; f% vThe 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.
% A% x+ s2 s2 h. s* Qbut the value of their assets did really drop significantly.
7 [, \: z+ e: i& ]+ l9 |% H6 C/ n" h* {' a' C
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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