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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.
+ p j" N" y, A2 |7 P5 k* yCDs could have different ratings, AAA -> F,8 ^4 Y7 P5 V' D$ D" G+ T
more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 C9 w; t, c% H+ F) q& j* Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# t8 w$ t) r5 o' C9 D, l
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
/ @3 `) k V+ \: @; g0 XAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 X3 E0 p) P0 ^similar to bonds, CDs trading in the secondary market have different value at different times,
6 B9 y& K$ e7 p; t; k2 u3 fnormally the value is calculated by adding it's principle and interest. , V* `0 m' ~0 n8 o* B
eg. the value of the mortgage+the interests to be recieved in the future. : R# H6 j* x" R+ W1 o
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.% {% G; h; p% e) k" |: `( p& t
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im not quite sure if the multiplier effect does really matter in this case.
: a; D+ r: M' D# b6 y& v, tin stock market, it's the demand and supply pushing the price up/downwards.
; _" i7 i/ z+ OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,+ \' D( Z8 H, r5 M2 w. q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' F2 V7 j3 b- F: u+ E# z |& |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.
l; u. a+ R# u Bbut the value of their assets did really drop significantly.: X# j" r; G3 o! D; r0 G
' r) i" h, c0 `
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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