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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.( t' M$ s$ i; b
CDs could have different ratings, AAA -> F,- D4 Z2 \' F/ M; E: i& U
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 C/ p: K- v: K" c- \, Q( u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 o: c' m; w* s* K3 f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
9 u8 \2 T# Q' U, B- p- EAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.% L ^: b# k' {, Y% j8 z1 E
similar to bonds, CDs trading in the secondary market have different value at different times,
+ j6 t) z9 Y9 `' _! Anormally the value is calculated by adding it's principle and interest.
' ]: J! v& b) {! beg. the value of the mortgage+the interests to be recieved in the future.
3 ]) j, j) z# @1 K, A" Rbanks 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.
0 k- ~! i7 v3 P; J* a/ b' t4 q: R# r7 s9 ~, g
im not quite sure if the multiplier effect does really matter in this case.
% V+ C2 R6 b/ y. kin stock market, it's the demand and supply pushing the price up/downwards.
& U$ Z6 h( O( e* w1 L- T9 YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 D2 O6 \) Y3 E' U; G' Y4 w
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 T+ F# q: y d qThe 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. 0 l( ?+ m- {- q8 Z8 Y, u0 w5 x2 r
but the value of their assets did really drop significantly.9 g0 O; H, U" p, O; j
6 Y1 k* c0 a: H& ?1 P[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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