|
  
- 帖子
- 706
- 精華
- 0
- 威望
- 316
- 魅力
- 150
- 讚好
- 0
- 性別
- 男
|
12#
發表於 2008-10-8 07:03 PM
| 只看該作者
i thought it is the reason of rate of return.
5 t3 @" v6 p' o8 L2 L" L9 x" |( G/ qCDs could have different ratings, AAA -> F,
/ g: Y/ n' Q: |% a; ^more risky ones would have higher premium (interest rate) as a compensation for an investment.' n8 r: `/ h9 U$ N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 W/ K3 u# C1 I0 {. d# c
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
1 g) W5 k$ R7 a; w- W5 H& xAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 A9 {2 M4 B+ \+ L3 Zsimilar to bonds, CDs trading in the secondary market have different value at different times,
/ [8 ]4 p9 k* A( Nnormally the value is calculated by adding it's principle and interest. . s1 Z" {/ b# b( R; j
eg. the value of the mortgage+the interests to be recieved in the future. & l+ r" k) k4 |5 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.
3 k1 O8 T0 K, E/ P+ F, Q% }
L) e* t$ I% \- J9 w3 X7 ]( e. Eim not quite sure if the multiplier effect does really matter in this case.$ l, l6 Z, ?. k% N( W. G
in stock market, it's the demand and supply pushing the price up/downwards.5 g# g9 A( L5 _ A, c
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
# q9 T# b" S A! [( W; ]0 I1 lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
2 r' g C! |% Y# H0 V. @& HThe 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. / ?8 x6 V* Z6 I. X* m- \: n. d: c) ^
but the value of their assets did really drop significantly.
0 C+ `) Q* n6 \: d* y$ ^' q0 i- t. M; I" Z
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
|