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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.: S/ y$ X; L/ ]6 f; P. W8 L. X- p. g
CDs could have different ratings, AAA -> F,
" _5 ~! i; H, {6 ~. }8 m1 u+ bmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 C7 d1 e6 n, g
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
J& R, F: q, a+ H, gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
2 u# Y4 c0 W2 Q' E3 z' f/ nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# d: J9 S9 _1 e& S6 D" l
similar to bonds, CDs trading in the secondary market have different value at different times,
+ \( h! @5 E1 ~, Q; Dnormally the value is calculated by adding it's principle and interest. 6 n+ p1 t5 Z, s8 K1 {7 t$ G
eg. the value of the mortgage+the interests to be recieved in the future. 2 h# @3 v( p5 J& O' W- |
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. h/ R& g/ c0 T# y3 W( B. c
0 \( i Q# K0 t S& ?' Wim not quite sure if the multiplier effect does really matter in this case.3 j# m( S/ W" I. G
in stock market, it's the demand and supply pushing the price up/downwards.
) V6 z$ _% R- q1 x8 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( g9 B0 V) c1 X$ _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
( c* U8 p8 M% X( p+ ?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; j/ R& y5 b" P V% U; ]
but the value of their assets did really drop significantly.
! |9 f% x* k" J' c, Z5 H' e( s9 s: K, M' R
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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