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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.) X W5 X9 J6 U7 C
CDs could have different ratings, AAA -> F,7 f0 h4 E C# K- I; ^$ ]( H2 s
more risky ones would have higher premium (interest rate) as a compensation for an investment.
+ A' k: Z5 ?8 h+ w/ l7 @8 G7 nmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,, W1 _1 ]+ b6 A+ W2 q+ j
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& b3 S4 h+ X! ]+ R* F3 X. {Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ a+ S+ b6 N% ^3 U9 C0 Wsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ F6 V8 Y+ K/ \normally the value is calculated by adding it's principle and interest. 6 ~! @+ p/ Z$ g7 N7 y/ S& w0 k
eg. the value of the mortgage+the interests to be recieved in the future.
1 B7 N7 {- F8 ^3 ybanks 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.4 ]% ^6 \' }8 c& Z3 }6 _8 T
) i" o2 b8 I q7 w4 T) t& s
im not quite sure if the multiplier effect does really matter in this case.
0 M( a8 S" }& k- L- }+ din stock market, it's the demand and supply pushing the price up/downwards.8 V( J/ C2 x$ s% }7 U' }! C `3 f
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
* k: q% p7 S, F9 q% x/ ^! DA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.0 S: S% X5 w. {- ~
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.
- X+ J# k/ L8 R3 B- Ybut 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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