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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 t; g* b* F8 v. u/ A# e: k
CDs could have different ratings, AAA -> F,
5 p5 y& P# p* e2 Z8 z7 qmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; H1 ?) E! [7 I5 i% d$ _* A( }' \main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ l5 G4 ]; p- M6 x4 _0 c5 a/ vin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.4 g7 m. M9 H0 t, x# n
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, V2 f/ Q" m Bsimilar to bonds, CDs trading in the secondary market have different value at different times,/ c) Q) A8 G$ F
normally the value is calculated by adding it's principle and interest. - z7 W) u7 D/ k6 w4 _
eg. the value of the mortgage+the interests to be recieved in the future. ! }9 x1 i, g. O3 ]; Y
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.0 w1 [. G0 U b1 G l& Y% X& }
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im not quite sure if the multiplier effect does really matter in this case.; `6 }. F: B; E
in stock market, it's the demand and supply pushing the price up/downwards.
. n( u `& ?, j0 E; pFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 L2 J7 W8 `+ Z; _2 g, B y
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% d Y) e, k) H6 G
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. , u6 F" X, l) b _2 u
but the value of their assets did really drop significantly.
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# J3 |! u% w7 R[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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