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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.0 j( M+ g2 }! z: P, s+ B, y; U
CDs could have different ratings, AAA -> F,
4 `& O& Z6 B1 g0 B0 P$ ?more risky ones would have higher premium (interest rate) as a compensation for an investment.
" X& P, Q+ V. @$ c# Z2 C/ Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 x2 p! W" v! ]8 Z7 yin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 V& k0 o- E5 R( X5 `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 y! ^3 b% @% B$ Z7 _
similar to bonds, CDs trading in the secondary market have different value at different times,8 ^) j6 A* ^8 U6 g1 e$ i
normally the value is calculated by adding it's principle and interest.
: |7 q6 U* O9 m+ ^4 j: ]( {' `1 s: W! ^0 Jeg. the value of the mortgage+the interests to be recieved in the future.
1 k O. W5 A! H& M, {1 f1 qbanks 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.
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* N6 d# Z8 V& S: _- Qim not quite sure if the multiplier effect does really matter in this case.# U* x, T: I0 k2 m
in stock market, it's the demand and supply pushing the price up/downwards.& _8 ^0 I( X* s
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" r# l' P8 L8 p) f9 aA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ @$ z0 R7 C% TThe 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. , n- \( N. G: F. w
but 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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