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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.1 f/ C3 d9 [- f$ a
CDs could have different ratings, AAA -> F,: G T3 T1 t# A6 B
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ Y/ h7 b9 r, h, L- _* S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ h$ w8 Y! w8 E) P8 o1 K* ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 }% ^4 u2 m( [8 y7 S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
9 J% @* {' t, N, q! E4 ~9 @similar to bonds, CDs trading in the secondary market have different value at different times,
- ~: q$ v$ @0 ~4 V! nnormally the value is calculated by adding it's principle and interest.
H! m& U- r' e4 H. t3 Y- `, [eg. the value of the mortgage+the interests to be recieved in the future. % f5 a! w% ?$ A
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.7 {+ l2 [' t5 e8 I# e/ |# M) b
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im not quite sure if the multiplier effect does really matter in this case.; e8 n2 M) A% X- e
in stock market, it's the demand and supply pushing the price up/downwards.
: t( \/ O6 B7 bFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 l, C. \4 i7 [: j
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.5 S# n7 P& A+ ^7 [6 o+ B7 [/ t
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.
: Z! v* b! w" }, s. T' Ubut the value of their assets did really drop significantly.9 j$ V0 R+ f- T6 r6 _
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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