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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.
' S8 ]7 r- X6 F3 x3 ECDs could have different ratings, AAA -> F,1 Y& i; q! z& h% E: |
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 F7 a( _1 A2 c8 r" B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" I: f: E, B8 j# j( T s/ A1 Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
3 P- d+ K; x9 L3 }Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, l+ H1 @# a+ X. e& S) Asimilar to bonds, CDs trading in the secondary market have different value at different times,4 L# I3 J( C( r4 _
normally the value is calculated by adding it's principle and interest.
+ q3 Q J) h `- `eg. the value of the mortgage+the interests to be recieved in the future.
% ^# O4 V$ l& r, |7 i X$ |3 F, E- \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 v4 a) t& u6 F" E$ t0 \
9 U; Y" Z# t" {im not quite sure if the multiplier effect does really matter in this case.* C U. ?, _. b% p
in stock market, it's the demand and supply pushing the price up/downwards.: N, x9 O# c/ g! v: h; r3 a* Y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,7 z. @! T3 c2 ^
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 o% b+ t" l* \2 v0 k# a
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.
1 C6 L, m" i0 u. y! Gbut the value of their assets did really drop significantly.
8 o' W4 @7 b. ~
7 j7 I1 b; X( g4 y. M) n7 @) \[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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