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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.
6 x" z8 i$ ?* W" h+ TCDs could have different ratings, AAA -> F,
. ?5 T. |2 ^# M- D# v& Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% n0 M: W# L Ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, J+ Y- k( U$ g1 d& i: y1 g7 x4 e" K
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 a/ I" f1 w0 m/ b; g5 S5 u
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
: \% |" K( c/ a, k1 rsimilar to bonds, CDs trading in the secondary market have different value at different times,% B1 `2 C+ _9 p: S- p, w# e
normally the value is calculated by adding it's principle and interest. 2 [) |& n* S5 b) f' _; e5 c/ D
eg. the value of the mortgage+the interests to be recieved in the future.
5 d5 U. J9 K' Z% ]8 Nbanks 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.
) P# _4 [& b8 }5 S8 P* |. Q% u( V+ i2 i4 W! J0 r* \
im not quite sure if the multiplier effect does really matter in this case.9 M, J* |. Q/ U6 {6 [8 V
in stock market, it's the demand and supply pushing the price up/downwards./ J. O, N3 e' R. f# U
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* c% J+ ?5 j* P; \) F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 F% z+ }! X+ [# y# a, i" |
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.
# `" w, P$ l _8 `6 ^+ n; lbut the value of their assets did really drop significantly.
2 |4 y o+ C) q" Y u9 b# s5 [: m8 `3 g1 e& d
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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