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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.$ f; W% c( ~- _0 `1 b7 \
CDs could have different ratings, AAA -> F,
! V5 @: R9 r; m# s( {- wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
: ~2 R# C! Z, Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 D2 Y4 Y8 K0 }0 |: p$ B: v
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' z: |- X9 ^% h$ a, z. D
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
; r0 d8 e9 Q! H6 D3 fsimilar to bonds, CDs trading in the secondary market have different value at different times,
" @4 Y% u: W/ s2 }normally the value is calculated by adding it's principle and interest. ' s8 H5 h& o6 ~ C* R
eg. the value of the mortgage+the interests to be recieved in the future. 4 q% R8 D$ b S5 c/ 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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, r( M3 Y! p+ Q) {/ r- fim not quite sure if the multiplier effect does really matter in this case.% A3 O: `# j' ~" R
in stock market, it's the demand and supply pushing the price up/downwards.7 C/ K# E- L8 e- v& x$ G2 l; P/ Z8 K1 a$ Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,9 j& h2 t/ `8 s O
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 Z7 r5 h) p# d% k; a
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. * g/ B; r: D: G9 b
but the value of their assets did really drop significantly. O; {1 s. g4 l6 ], ]' J2 |
* w6 s/ k0 z1 F; J: b& a) ^8 [[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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