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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
4 W$ A* ?) g4 I; J/ v2 O# L eCDs could have different ratings, AAA -> F,
, T7 g) }, d+ smore risky ones would have higher premium (interest rate) as a compensation for an investment.9 j! Y& n$ `2 I$ R, i' H$ ~
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) M' A& H3 B6 F: Z7 a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. J o F# g. j% _- q; d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.) b: r. i+ m, H4 h' K
similar to bonds, CDs trading in the secondary market have different value at different times,* V( U$ G; m+ H3 ^& r, ]/ F$ g
normally the value is calculated by adding it's principle and interest.
+ h) t# {* c" n) ]: Geg. the value of the mortgage+the interests to be recieved in the future.
2 u3 w4 @) E3 _0 Q$ S$ Y# ?3 sbanks 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/ w( r: e7 Y( e. S4 a* F
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im not quite sure if the multiplier effect does really matter in this case. d, V1 @! X% S1 a/ H: Y
in stock market, it's the demand and supply pushing the price up/downwards. d& s% i$ @, r8 r6 Z- c& u8 r9 }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 I _0 g" h+ Y8 Z2 I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ w5 S3 a1 G6 j3 p
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. 3 u4 g# B5 O: s+ w# {; D- ~
but the value of their assets did really drop significantly.: {" [" ^5 g |2 f( C7 A
* k. D. ^$ Q& T* t
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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