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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
( |" o5 Y) E0 I* f" v# DCDs could have different ratings, AAA -> F,9 g0 Q( r/ |, v
more risky ones would have higher premium (interest rate) as a compensation for an investment.$ ~) n; E1 I) S: e. S8 r& o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
7 c8 A2 ]: V! k" z3 I9 iin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 ]( T( N" z; U# ?4 C4 R B, I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' o) h) L6 X; q: {, J2 @
similar to bonds, CDs trading in the secondary market have different value at different times,
; O- E- {' d: }. p* U* e- Tnormally the value is calculated by adding it's principle and interest. / Q' k O1 _% O7 l# |
eg. the value of the mortgage+the interests to be recieved in the future. . {1 ]) `; f4 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.
9 N: J* _4 |0 J. L. A0 a+ J0 [# I: Q
) c! |$ h& Q) T9 l! Nim not quite sure if the multiplier effect does really matter in this case.# ]; u } z$ c. _& a! j( @7 U, Q
in stock market, it's the demand and supply pushing the price up/downwards.
0 f: ?0 @$ x! f; y6 [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,& x3 R' h$ N4 ~2 \6 N$ m/ W( E
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: Y7 V# d7 h9 Q% p2 x
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.
% e" S+ {7 Z. A1 a7 B. t' t: p& xbut the value of their assets did really drop significantly.; o% u( [5 {1 l
7 e% |8 y6 N# r; `[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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