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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.
- A- G# Z' Y! n, q) e4 HCDs could have different ratings, AAA -> F,
, E- m2 N2 b; r& }more risky ones would have higher premium (interest rate) as a compensation for an investment.0 K( ?+ L. u4 [- a0 |
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 \1 x4 {1 ]" n6 x, ~in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ I: X7 f3 Z. `( ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 r; `1 k! o! z( L2 @% R6 Nsimilar to bonds, CDs trading in the secondary market have different value at different times,, l3 ~0 i, o, Q( M2 g
normally the value is calculated by adding it's principle and interest. 5 o7 g: X2 m% M; U1 o/ t
eg. the value of the mortgage+the interests to be recieved in the future. " z" s0 O" n* g1 x7 Z
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.
' d& A( ^9 `9 N0 {, o1 @- F8 Y
- B; C/ I9 O5 z! P) _0 W _. ]im not quite sure if the multiplier effect does really matter in this case.
9 @3 X+ c* x" D# rin stock market, it's the demand and supply pushing the price up/downwards.- c5 A- @: a4 _6 h. X6 a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& y" [; X) ~% L, _/ _8 s
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.* `+ o% C) P, O1 P6 {9 Y' H2 ~% d
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. 5 {6 q+ H2 \! B }1 G/ x/ {
but the value of their assets did really drop significantly.( S$ T* W1 K y- i) n
, S- U- ?- i- g% [- g/ B
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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