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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.
' E7 M/ d( V B7 u* z. RCDs could have different ratings, AAA -> F,6 v" }& G* |4 e$ G" e( b7 h
more risky ones would have higher premium (interest rate) as a compensation for an investment.
O* a4 ~; x6 g# o! O$ jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 O. r! z/ B& o/ C1 I, ^" J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) o/ s' n7 }* p8 F4 k' _$ lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
6 X9 ~" }9 x/ C# w/ n0 |( ~% X' ~similar to bonds, CDs trading in the secondary market have different value at different times,
! |5 s* Y9 @& ?" t0 bnormally the value is calculated by adding it's principle and interest. 6 A% l, I1 ?2 `8 q
eg. the value of the mortgage+the interests to be recieved in the future. * D* V: v7 _* z$ f' N4 w
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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im not quite sure if the multiplier effect does really matter in this case.1 |" A$ E" T: u: i; T1 o, g
in stock market, it's the demand and supply pushing the price up/downwards.8 j, p {9 g$ g$ S
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 d: h9 w+ o0 D, K2 u- P0 s! c5 iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 {* \) z @* `1 t/ ]( ~# A" v, O* @3 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. / F# v. w3 z+ ]
but the value of their assets did really drop significantly.
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# s3 {0 s) T- g+ _! b4 K[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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