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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.1 C7 ]/ [) f$ g/ C# a$ V
CDs could have different ratings, AAA -> F,; S/ S3 j3 |9 I; E4 _
more risky ones would have higher premium (interest rate) as a compensation for an investment.9 Q9 m# u4 s! M7 S: V: a& C9 F
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ K' X% b* B( ^3 K5 min other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% ~& }- e1 R/ B# k7 }
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) \7 W" R1 ?! B9 d: g2 Tsimilar to bonds, CDs trading in the secondary market have different value at different times,( k5 L9 B( Z+ L6 |
normally the value is calculated by adding it's principle and interest. ( f4 h/ R; \# v6 _5 u+ l
eg. the value of the mortgage+the interests to be recieved in the future.
4 e' T, m& c7 D# 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.
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im not quite sure if the multiplier effect does really matter in this case., ~! b# M1 C- [9 m$ f7 x
in stock market, it's the demand and supply pushing the price up/downwards.
L! }; g& H# \) s1 Y" TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! ^3 ?9 P4 q+ k) `1 L9 ?
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ A$ k2 U1 c( y9 l8 y
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. & k/ a8 X5 V% b" G9 H0 ]
but the value of their assets did really drop significantly.& c2 ~# \9 L1 r, _
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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