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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.+ T! o& F* N; ?& \
CDs could have different ratings, AAA -> F,6 t& G, J9 Q& F. y# J
more risky ones would have higher premium (interest rate) as a compensation for an investment.& ^, }# O( ?6 K; n- l$ i( ?' K
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
# b* Z* m0 W% \: h& z2 v: m$ Yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 q3 d" Q- \6 X
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ B0 e: r" A5 L$ Z& psimilar to bonds, CDs trading in the secondary market have different value at different times,- S& D; |' u( {' h$ X! }
normally the value is calculated by adding it's principle and interest. % `& H* K8 `4 G: W* v1 a. a3 |! I
eg. the value of the mortgage+the interests to be recieved in the future. ) a9 x) A1 A: l
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 J% O7 Z3 a( y6 M7 N u% W* K$ q$ Q+ b
im not quite sure if the multiplier effect does really matter in this case. B' K) W7 V8 c8 Y" c& E
in stock market, it's the demand and supply pushing the price up/downwards." B# k* Z' W6 l; q3 e0 W" h' c
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( ?4 W% t" V# L, r) [0 R" SA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
, s$ C; R- c( L6 v; {: d* lThe 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.
, k2 L" q' S: T8 l, k9 Ibut the value of their assets did really drop significantly.
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4 J: k+ Z# {; R- R& `[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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