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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.+ [# h ^$ E/ ~
CDs could have different ratings, AAA -> F,
- a8 x0 f7 o; P) jmore risky ones would have higher premium (interest rate) as a compensation for an investment.6 p/ p) e% S9 F" A7 Y+ s
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
- F; F) f# b7 m; t8 |4 kin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 j( d4 f- ?! r Z3 o- [
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." ^; q5 U3 E1 U0 F4 C
similar to bonds, CDs trading in the secondary market have different value at different times,1 {9 H) N) {* @1 e5 s- |) E0 V7 W+ A3 E
normally the value is calculated by adding it's principle and interest. 7 R' O6 J4 V0 n0 ?3 r
eg. the value of the mortgage+the interests to be recieved in the future. 7 c, b+ z5 {4 e% m6 g* O* A% H
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.
7 S9 d# z" R) Z. o1 p6 J2 tin stock market, it's the demand and supply pushing the price up/downwards.2 J1 _, X U; d: K& U" i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
1 ` s" z( U1 jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ Q" D$ I# }5 m3 U
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.
2 y6 e( m' ^ z) s9 Z' Gbut the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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