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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.3 s( f7 _! k" _3 \& `
CDs could have different ratings, AAA -> F,
' @% s2 y/ S3 \* K7 Imore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 D2 W; y* Z& r1 ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ y3 k5 m. H3 v8 cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- f; B, w3 \" _
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, n5 T' b: @% R U' {; a3 msimilar to bonds, CDs trading in the secondary market have different value at different times,
% \) [) x& n6 r& D( m9 C' v; jnormally the value is calculated by adding it's principle and interest. & D) }5 F" a2 v% D' v' F
eg. the value of the mortgage+the interests to be recieved in the future. & H" `) i8 ~2 z* O7 h5 J6 M$ G
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.) H$ }! _7 S5 Q& [
7 n6 Z1 y6 F; [; u: ^im not quite sure if the multiplier effect does really matter in this case.
! Z3 @7 v/ M$ E! A5 j/ x9 Cin stock market, it's the demand and supply pushing the price up/downwards.6 _$ Q: `0 d1 Y# Q' T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' Y4 ^6 Z2 { K* S
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 s8 A% P2 I: b6 `2 w4 B9 r
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 B" q- V1 v% V9 B, o
but the value of their assets did really drop significantly.
1 N; a* x* D& P: T7 k0 }# i# D5 J' Y9 u: _) E6 i9 Z6 i, i- z7 v
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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