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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) R( }1 @ U. [; JCDs could have different ratings, AAA -> F,
- g4 f5 P, S2 S$ Q7 X# x: Imore risky ones would have higher premium (interest rate) as a compensation for an investment.
% |; }; G# y; M( ymain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 l' H" F ]1 a
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
( V' `; b7 S# q6 j l2 B. |) mAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 T, j5 a7 R. Bsimilar to bonds, CDs trading in the secondary market have different value at different times,0 G8 x0 m" Z7 S. D! ^! o
normally the value is calculated by adding it's principle and interest.
3 N1 {; c( g1 U+ q0 `' e6 \eg. the value of the mortgage+the interests to be recieved in the future.
- f. B/ j o9 Z5 l6 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.. S5 k2 J, d K& I; Q2 @
& E! P* L0 h7 N ~# S
im not quite sure if the multiplier effect does really matter in this case.4 T/ Z/ x$ B& y
in stock market, it's the demand and supply pushing the price up/downwards.
+ S% v/ K/ G7 n8 |% VFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 @& ? V% t( k" tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ p3 H* Z. u' ]8 LThe 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. - W% g: i) s, X! o8 ^! [0 w3 P7 `
but the value of their assets did really drop significantly.0 I% u6 T5 O1 w8 b6 Y
$ L5 n" h I. h2 P" H
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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