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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.
# h5 k" o( {4 L- j1 k% A/ Z* b, c0 iCDs could have different ratings, AAA -> F,+ r+ k# v; `& ]) y( b
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 h2 @! P. e" e; i5 N# E6 B, |& {% t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) {( R9 r7 t1 K9 R3 v# H$ b6 B! Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. Z2 D6 @6 J9 J) I' j% V, d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% c& j3 G7 ?( u( Y, q |& @/ P
similar to bonds, CDs trading in the secondary market have different value at different times,+ s+ S9 `* Y+ _. e3 w
normally the value is calculated by adding it's principle and interest.
$ w" U- t! b; x& i+ D8 G+ j* K9 L- Neg. the value of the mortgage+the interests to be recieved in the future. 7 r+ h! g7 n7 K1 P( J$ O; J) r( r
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.
5 L/ h; n$ x$ G; {) \4 z+ G0 |
' r8 G: {5 O4 X$ [" G m, ?im not quite sure if the multiplier effect does really matter in this case./ Q; X/ s- |% { ]- |
in stock market, it's the demand and supply pushing the price up/downwards.
. L; p% k6 R* n2 NFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* n, A8 ?4 U( w7 h+ z) C
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# O8 C/ z; Q6 ~6 N; D$ j$ jThe 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.
) I2 m, h% h4 t: N9 O- jbut the value of their assets did really drop significantly.
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4 Z# {! k+ f( M5 N. ~, ^3 ]; D+ _[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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