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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.
6 Y5 G! m7 a$ q+ Y# [CDs could have different ratings, AAA -> F,8 f& n, Z% S& L; z" g: b }
more risky ones would have higher premium (interest rate) as a compensation for an investment.
2 n; u7 S7 S" S+ L2 Z6 Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 x, }9 ^1 K( n8 n& D* `
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.- e* \, D' y/ b. U, D. W/ ^7 q3 ~' p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 s4 t5 a6 V7 e0 F. b/ i" t' p* H2 g
similar to bonds, CDs trading in the secondary market have different value at different times,
N7 o) }4 M+ G Bnormally the value is calculated by adding it's principle and interest.
) O- \8 J' `! c" neg. the value of the mortgage+the interests to be recieved in the future.
* P) |6 k# d* N# C& ^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 R! f3 w+ k7 S" H& `4 ?
: m) h$ C) v5 t f, d4 h0 \
im not quite sure if the multiplier effect does really matter in this case.* G2 i5 }* X5 _8 ]* C2 \1 T
in stock market, it's the demand and supply pushing the price up/downwards.3 W" t& H; m! J5 S# B# `4 Q
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,: o6 F: |. U( c
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 D) T" X8 O; c* PThe 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.
) I- c# p5 d& o/ G0 {! v$ m: vbut the value of their assets did really drop significantly.* X, a- A* A5 e& ?( U* \2 R2 C
4 @ o6 L0 N5 ^[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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