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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.2 c$ b2 A4 z7 N
CDs could have different ratings, AAA -> F,
9 |- L( h6 `: M5 j4 ?more risky ones would have higher premium (interest rate) as a compensation for an investment.# ~8 [* V, j" L8 I* ]6 m5 f2 [; ~% e; R
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( S. p6 w) E' p* |' M4 T( ?
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& i& A& h4 \- ^- v$ o
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 _$ }/ Z. Q M2 Q' Ysimilar to bonds, CDs trading in the secondary market have different value at different times,) }7 @. ]7 U* H% }6 ]
normally the value is calculated by adding it's principle and interest.
' [: y! f8 h: P/ Q# r/ P; G$ h6 Peg. the value of the mortgage+the interests to be recieved in the future. , g" I4 N; Z. J
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.
8 d D, i" R2 F! \0 e6 @' b. X5 I- m6 e: r" {
im not quite sure if the multiplier effect does really matter in this case.
, Q _: J$ h- W" h! Win stock market, it's the demand and supply pushing the price up/downwards.
+ B& H/ T& a7 Z. L/ z) |For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! L4 r$ ^' G, b
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- @- Z: Q# E' `- N, w ^9 b
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 G6 v1 \) c0 e1 s. _# R5 R+ R- t/ j
but the value of their assets did really drop significantly., U3 F4 |8 s, W$ f2 G3 A1 v* B2 V8 G/ C
, [, N/ ?+ @+ a0 x6 E
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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