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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.
0 Q- D; D# b" n3 ~. D! c D, u! CCDs could have different ratings, AAA -> F,
! o4 B6 W. q" |2 X2 ^1 z8 Wmore risky ones would have higher premium (interest rate) as a compensation for an investment./ P1 }* v, V; E* D) C4 S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, Q Q1 w+ z/ ?, b, n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.0 V6 s2 X) `7 l2 M
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* n. c' l7 Q- ~' b+ C, {/ C7 C
similar to bonds, CDs trading in the secondary market have different value at different times,3 H; X" ^' @; U% ?3 O
normally the value is calculated by adding it's principle and interest. : c+ V3 |7 G7 J
eg. the value of the mortgage+the interests to be recieved in the future. . [/ u, _: s% {5 e5 g. I
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.2 o- `! B. t: z; N' Q. Q
7 c3 ~+ `' z6 g! j) X4 u% b/ }
im not quite sure if the multiplier effect does really matter in this case.5 P! X7 f+ d$ i/ B5 Z& R9 C, ?* Y
in stock market, it's the demand and supply pushing the price up/downwards.
1 y+ F, n, N% v0 i) @7 M3 }For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 }6 a. p1 X3 [. ]/ X, |1 C$ F
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: Y6 `. B: I0 p. o
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. ! c5 c: ^1 s0 F& x' p9 m5 `* s
but the value of their assets did really drop significantly.
1 m( Y, f0 D* b4 o. `
. T. _3 }" s& \7 O+ |[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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