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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.4 r# l. b9 J- g5 ~$ ~" B
CDs could have different ratings, AAA -> F,# g& z1 U# U% z. V& a( f, q! K( ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ \% x. ~3 b1 q5 F* V1 ]
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) X$ O4 e3 u9 b1 gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 r6 K6 a0 A0 p& aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% \/ K7 ]; q/ V, bsimilar to bonds, CDs trading in the secondary market have different value at different times,) I, C6 Q( M+ {$ A5 X
normally the value is calculated by adding it's principle and interest.
1 h ]- ^1 Z) o, ?eg. the value of the mortgage+the interests to be recieved in the future. ) W2 [9 _: ~! N0 I) f$ x
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.
/ m( |5 {$ G7 J" F/ L: ~& P; j$ y1 r. L9 A% Q
im not quite sure if the multiplier effect does really matter in this case.( K0 A: W2 e4 F \( I( w' `( [
in stock market, it's the demand and supply pushing the price up/downwards.1 e O$ g% r X7 F: T5 t+ |/ C0 `# V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 _7 L6 o" g# }! G% w' p' K$ W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; Q# I" i+ ]- o/ z* HThe 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.
1 L6 `% p A0 F& o1 ebut the value of their assets did really drop significantly.
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- ^# l' X8 i* z7 T. W[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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