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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.
2 G" {7 q! u6 v+ Q- tCDs could have different ratings, AAA -> F,0 V+ W; L+ b$ |0 S7 M# z; c3 T
more risky ones would have higher premium (interest rate) as a compensation for an investment.
1 q" Q S, U' m: u" h( t4 [. ~main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ V$ ` @# U" K9 N/ l/ Z% rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.( l/ S. S P+ H# N. h
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* C/ {- M" D+ ~. \, X
similar to bonds, CDs trading in the secondary market have different value at different times,3 o# z/ u$ x' s0 t( e: C
normally the value is calculated by adding it's principle and interest. , U9 M- _5 R' q$ o( Y/ z2 a
eg. the value of the mortgage+the interests to be recieved in the future.
+ g1 P: V6 ^) ], O) K( | C. {1 Obanks 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.% s- ~5 I9 N$ \
" h1 C! v( ]! l3 H) Zim not quite sure if the multiplier effect does really matter in this case.8 U/ y% E: L8 W: A, W
in stock market, it's the demand and supply pushing the price up/downwards.
p2 @ |/ d* g; rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 e" P) x. i9 z6 e4 z, @A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- I9 |4 o& O( S* V) ~# w8 yThe 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 y; c& ~' l0 d t4 z( } s9 b
but the value of their assets did really drop significantly. r i) U' h' F, e" l: x+ b
" ]1 T$ h3 U; q, J) z[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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