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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.
+ G" z0 I, V% q( l5 X7 {/ YCDs could have different ratings, AAA -> F,
+ ^1 ^' n" p6 D0 f8 ~1 K a" umore risky ones would have higher premium (interest rate) as a compensation for an investment.
5 F9 z* o$ {$ b/ d0 _main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. C; b, R- X; D' I3 l3 X, `' v
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
4 l: S0 ~* ~9 P( h$ f5 R! gAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.+ u8 B; ]" S: s
similar to bonds, CDs trading in the secondary market have different value at different times,
) R, ~3 \5 I: b; Jnormally the value is calculated by adding it's principle and interest. ' J* o* \) L1 H
eg. the value of the mortgage+the interests to be recieved in the future. 9 I* Q0 G3 K. [# w# w6 P3 N
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.% U: r. N" \" C4 g. j* B- K
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im not quite sure if the multiplier effect does really matter in this case.2 W( n! E. R! q/ g7 X
in stock market, it's the demand and supply pushing the price up/downwards.; J$ d3 x7 @% x
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ X* R* k1 X0 v( b" K3 H$ s% lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 ?; O1 p# f w) Q
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.
! x$ u* D3 `9 A+ r/ q; p0 o; abut the value of their assets did really drop significantly.
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8 ?1 ?! q2 z" d e[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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