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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.
4 c4 w( O0 w$ `4 u) T, y+ X F: dCDs could have different ratings, AAA -> F,
. e/ u$ `6 j4 M- k1 X; K0 Xmore risky ones would have higher premium (interest rate) as a compensation for an investment.
* o' M) | c8 e/ J& [main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' d5 Z; ]% G2 W2 L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 H* U8 ?( y# p) V+ `$ y
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 ]- O8 M& E2 K/ ?0 Msimilar to bonds, CDs trading in the secondary market have different value at different times,
: o ^* z% A/ a) `- U3 Vnormally the value is calculated by adding it's principle and interest.
: z% S0 r6 P, {: p7 Peg. the value of the mortgage+the interests to be recieved in the future. . J, g: ]8 ]6 ?6 S( {( `3 z
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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6 U9 s" M! G3 Y' a$ ^2 ~3 X$ j, {im not quite sure if the multiplier effect does really matter in this case.1 s* ~- o$ e, F4 I3 g- `4 J
in stock market, it's the demand and supply pushing the price up/downwards.
& i; i2 e$ a6 v$ c9 P, K, A+ _For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,5 l4 e: l+ c0 p% ]8 Q2 ]/ a4 Y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
# \0 A7 x4 W4 _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. / `7 x% J; ]; I% O- J
but the value of their assets did really drop significantly.
: ~8 i# t6 I5 C2 P' K; G8 j0 l$ c: ~. B7 }
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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