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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.
8 X* P! J) c/ s/ tCDs could have different ratings, AAA -> F,; \5 K @: ~( l( s
more risky ones would have higher premium (interest rate) as a compensation for an investment.0 N7 K4 y8 ?% V d1 ^0 A
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ j3 A+ t) G9 x6 c3 F( n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ m+ y4 i) C: @1 }Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 G7 @* _. z* Asimilar to bonds, CDs trading in the secondary market have different value at different times,
; j, ^0 Q. c0 `; {0 Pnormally the value is calculated by adding it's principle and interest.
( K+ b) U `3 D6 v y0 s* [eg. the value of the mortgage+the interests to be recieved in the future. * u4 A# m( j4 C$ J+ {2 U3 T H9 j
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.
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. q* n4 t, O' j; Oim not quite sure if the multiplier effect does really matter in this case.% i. |+ D) i, ~1 ?4 {
in stock market, it's the demand and supply pushing the price up/downwards.
8 T6 V/ a0 Y1 N$ QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 Q( A' w0 m4 S1 s+ b" l, F- N1 s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: ?6 P3 K- l ~* s4 _
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. / a9 P. Q0 {3 T) e
but the value of their assets did really drop significantly.
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0 E, u: r/ K- |% u3 Z* b[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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