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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.2 ?2 k7 g# N+ k; M" X$ `2 R
CDs could have different ratings, AAA -> F,5 x+ T: o- ]2 F/ p" l; j/ `
more risky ones would have higher premium (interest rate) as a compensation for an investment.
) r. T6 v. l: p, qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
* x* r+ Q7 d4 F. ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
) z" R7 D, u! j6 z2 W, h( `7 MAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.5 F J4 {; Q A# B
similar to bonds, CDs trading in the secondary market have different value at different times,
`0 r( U. Q1 C3 x3 Mnormally the value is calculated by adding it's principle and interest. # j* w9 W) t+ _' C
eg. the value of the mortgage+the interests to be recieved in the future.
" {4 W! a5 K0 q# H* H6 U: B: R$ Lbanks 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.
, ^7 w& C3 v, N: `- min stock market, it's the demand and supply pushing the price up/downwards.
) s0 A' H5 ]" H0 U5 fFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
" X. K/ \! X+ w9 j& D" q& YA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 i0 |4 N! [! {: ZThe 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. 0 ~5 U7 N4 q5 |4 ]% k* t1 P' D5 Z9 j
but the value of their assets did really drop significantly.) ?! N+ [+ m# w. v
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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