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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.* I" B; u9 U2 {4 ~9 d
CDs could have different ratings, AAA -> F,
}$ G# {: b* kmore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 Z% G0 Q% n Lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 B Y+ }4 r) U" N7 s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 o) r3 Y; c' i4 u1 q+ S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 [: p; g2 e; ?# s4 m) xsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ s# g: V% r% `normally the value is calculated by adding it's principle and interest.
# A8 W% r; B+ n4 d: g9 ieg. the value of the mortgage+the interests to be recieved in the future. 4 X' s% K# S' Q# Z2 j+ t+ Q
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 o' Y) q* Y3 r0 R8 M( `4 }' C$ i7 D, k, M+ @; {4 a" F. U0 g
im not quite sure if the multiplier effect does really matter in this case.$ c* G, B& R8 |, b+ N
in stock market, it's the demand and supply pushing the price up/downwards.
) k! @0 x8 v" T+ f: _5 W/ bFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! [9 I% i, B, T8 O) _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% W# d' `( Z% I" {: O7 \
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. " Q+ r( l3 R2 [/ P3 U( g/ P' g
but the value of their assets did really drop significantly.# u$ m b% X3 L
! \! S1 X* v1 T: x- s& B[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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