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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.# U8 X# ` Y5 E' [5 C3 ~
CDs could have different ratings, AAA -> F,
6 \" q& h8 {. n" g+ @4 \& Amore risky ones would have higher premium (interest rate) as a compensation for an investment.+ J. _ v# W6 {2 J6 T% ]0 }" U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 ]; g6 u& E: C- k7 ]+ Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 f+ O3 Q( \$ H+ ?) F
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 c5 L6 e3 |" \ \, P7 ~similar to bonds, CDs trading in the secondary market have different value at different times,4 r( i; o+ I5 J: s
normally the value is calculated by adding it's principle and interest.
6 ]/ ]$ }( K8 g( z& _eg. the value of the mortgage+the interests to be recieved in the future.
: M: G* h+ L, S ^ C; e2 B; Wbanks 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.
! S, j: c6 K3 Q) z" O2 v: h9 `- P8 x# Y: {) P& X9 c
im not quite sure if the multiplier effect does really matter in this case.1 c# Y! K! A$ }& x
in stock market, it's the demand and supply pushing the price up/downwards.( E5 H9 n+ r% Q- ]1 Z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' O6 E' l* \0 w) z- r0 F7 ^A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. s: f; B& @% M( D; n6 Y: n& 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.
4 K/ A* L6 j( f1 N3 ybut the value of their assets did really drop significantly.* E. G- \/ R* `6 t
+ `: }3 F( A, l U; r[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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