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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.; q* Q6 }* x# r2 T- x
CDs could have different ratings, AAA -> F,
! M3 i0 s1 @2 U* p2 Imore risky ones would have higher premium (interest rate) as a compensation for an investment.7 X2 E# K( g8 X% N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 ^! V% i2 |9 F9 O% oin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 G4 f+ H' y0 H" F# E5 bAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 N E; P8 `; p- i) W4 W! ]similar to bonds, CDs trading in the secondary market have different value at different times,
0 s) C$ K: R1 i( e1 i5 y1 R9 ynormally the value is calculated by adding it's principle and interest.
2 j0 ]( z, Y( v% feg. the value of the mortgage+the interests to be recieved in the future.
9 r! q2 c+ w0 f- u5 v+ V1 b- m: Jbanks 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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0 O3 w1 W1 ^, p! q. Jim not quite sure if the multiplier effect does really matter in this case.) s- x7 d: A( [( G. V3 ]
in stock market, it's the demand and supply pushing the price up/downwards.6 m) {8 p1 X0 h) `" q2 }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,8 F0 p+ Z0 k2 ]. h/ H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. M @! o5 i% K) n
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.
5 g; ^9 @! ]2 _) @; ~' d: Tbut the value of their assets did really drop significantly.% Y; y, X9 O3 r# ^" U
( w# b- G" e/ W) H, [% Z) @[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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