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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.
3 m) _& X# @3 Z8 l. {! nCDs could have different ratings, AAA -> F,
/ C3 f9 ?+ f! P X- ~. L: N9 Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
' J/ ]- }" w; Q1 w% n3 bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
; m9 r- @- l% |$ C3 ^in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.$ e' W3 G1 s2 H+ i* I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% g* d2 z, R5 Asimilar to bonds, CDs trading in the secondary market have different value at different times,
" q- o) l: R, Z+ n# o* L9 k) snormally the value is calculated by adding it's principle and interest.
) [8 p7 E y$ ueg. the value of the mortgage+the interests to be recieved in the future.
" V6 [4 M4 w3 L2 P, H" m8 Z1 B' tbanks 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 W/ U9 u0 G) L5 S( Q
" C3 n) I) `5 ^6 @& z, r5 Lim not quite sure if the multiplier effect does really matter in this case.( Q7 ?8 n2 T% p5 X* d
in stock market, it's the demand and supply pushing the price up/downwards.
" z |) X) |' {, U8 b4 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12," J% a: U6 ^* e$ t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 n- A6 p' Z2 j8 NThe 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; Y! \8 S9 d$ z. x3 ]: Rbut 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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