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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.
' Q# }) U; l5 k7 @6 S7 NCDs could have different ratings, AAA -> F,
: D- q$ _) I1 l( F. tmore risky ones would have higher premium (interest rate) as a compensation for an investment.' I* F& ?- u3 J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# n) Z% `2 H# e* z. W9 r, ?& V
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 U6 Z o) [- ?2 j$ |! w3 j+ E+ y0 uAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! w5 W# h5 j' Z6 a+ Zsimilar to bonds, CDs trading in the secondary market have different value at different times,
8 Y' h$ {) S: m1 I8 w$ Onormally the value is calculated by adding it's principle and interest.
. R/ I8 @' T B* f: ueg. the value of the mortgage+the interests to be recieved in the future.
$ C5 y% \, j' t+ Z8 jbanks 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.
) l/ w$ G2 D+ I; Q
' d G0 ^: o7 m! ~# |& @: F4 Rim not quite sure if the multiplier effect does really matter in this case." P8 H7 H6 O5 ?! @
in stock market, it's the demand and supply pushing the price up/downwards.
. u" l" ]4 U) O5 c2 ?( a: TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ u. C& q# I4 r" L' m7 E: t h. n+ XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
B! ]" B4 U- s2 T% tThe 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 E$ D9 X3 n. F& e: f$ \but the value of their assets did really drop significantly.- t# Z, j8 [/ |! O! Q; L: B2 i
) _' L7 X% I# s9 A. h$ G' G[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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