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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.
- g) ~5 C; f; z' HCDs could have different ratings, AAA -> F,+ z+ H% }0 ?/ J3 _7 [$ ^
more risky ones would have higher premium (interest rate) as a compensation for an investment.
! Q- e! W3 @; _) Fmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 q( \) j& Y' A$ Z* M4 Bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
! A4 @, g1 E! }" i- G7 c# TAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- j9 E/ G9 R4 ^similar to bonds, CDs trading in the secondary market have different value at different times,
9 S, o/ ?* D, e1 a" _- }- T) R4 qnormally the value is calculated by adding it's principle and interest.
$ N/ x& q5 d, h2 P0 ?eg. the value of the mortgage+the interests to be recieved in the future. 8 Z6 ]( v0 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.) }/ |5 v6 r {) s4 i; O
$ n6 |8 U& x. _4 q# E# Uim not quite sure if the multiplier effect does really matter in this case.
) E: @$ w6 S6 \& m5 V; Pin stock market, it's the demand and supply pushing the price up/downwards.7 e6 c. e# ]! V8 U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% c# X' h* d' A! r* {2 mA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 Z6 Y4 ?. p% R/ I$ G5 `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. & C" L+ B C8 F, t2 t
but the value of their assets did really drop significantly.
* g- u# r3 n" E
, T4 h, ?+ Y: O3 J; ]' u[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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