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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./ f+ {5 M/ f/ u8 f: e7 I) y
CDs could have different ratings, AAA -> F,( y* W$ A6 [; e/ y. w
more risky ones would have higher premium (interest rate) as a compensation for an investment.2 c" n/ X ?) B6 c' { u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# h- j k" J% J; h4 X8 Y; L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& i% b0 D/ G% ?- X7 }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.. D/ P% H8 X4 H% M
similar to bonds, CDs trading in the secondary market have different value at different times,
/ B) {# [, z/ T9 knormally the value is calculated by adding it's principle and interest. 7 \3 t ?7 ?) e* y( W: w
eg. the value of the mortgage+the interests to be recieved in the future. : P6 x2 C9 S# |) s
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.
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" n: F: @; K* e2 l) I( |im not quite sure if the multiplier effect does really matter in this case.6 I% x& P9 a4 ]1 }0 p1 \3 K8 D
in stock market, it's the demand and supply pushing the price up/downwards.
( d1 u4 W6 R1 N( s5 m. Q HFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( O, m$ t% M: n0 jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ z9 a6 S( P5 [! J- f; `" k
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. . x& l! J6 T* p. Y+ m% e
but the value of their assets did really drop significantly.
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+ V3 I# z7 Q! C; M$ ], m[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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