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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
' d0 }7 Y9 ]" d. r5 j, VCDs could have different ratings, AAA -> F,
+ E) |# p. r7 U6 q" e$ {more risky ones would have higher premium (interest rate) as a compensation for an investment.
; B/ |/ W0 f; f9 K" [ rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 f% y# j( }6 Q5 a$ hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ R+ z# Y$ L; |7 W# T% XAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 R! Q' G/ C2 _" f, w' p" Csimilar to bonds, CDs trading in the secondary market have different value at different times,
& { X5 E& @( o2 Unormally the value is calculated by adding it's principle and interest.
5 y, G: V* p+ I1 a( b1 s3 H' z6 _8 R; Zeg. the value of the mortgage+the interests to be recieved in the future.
4 b' q- ?$ E) m/ J0 m' k* Mbanks 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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/ X' i, X' y+ y+ k# _8 Xim not quite sure if the multiplier effect does really matter in this case.' M! o5 b$ ~9 z- U6 r i
in stock market, it's the demand and supply pushing the price up/downwards.
5 D$ l+ A6 ~6 \4 y* |2 d: CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" _1 R& y4 J6 r: AA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 O3 x( r8 Y/ A$ b: pThe 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.
3 \9 @9 m0 O0 Wbut the value of their assets did really drop significantly.
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) W6 b9 Z! W+ H- I[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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