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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.% ]/ |: ^; r6 _7 f* L7 j0 l- u* x
CDs could have different ratings, AAA -> F,% c# O$ c% F7 U/ I- k9 i, ^7 U
more risky ones would have higher premium (interest rate) as a compensation for an investment.- ?8 Y+ B! I$ V7 O) v# ?) w; `
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ f# d, {4 P: N4 b) f# e; Zin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% [/ O8 C: P5 ~( P6 q4 B, X3 T3 ^( b
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.' z( S. q3 [. H4 l. c+ I: N: I8 e+ F
similar to bonds, CDs trading in the secondary market have different value at different times,
% V& ^! B9 `# _4 f% X8 l3 S% lnormally the value is calculated by adding it's principle and interest.
9 f6 P' f2 @+ v! ^# V! Meg. the value of the mortgage+the interests to be recieved in the future.
- F R t4 a) M7 Y8 v4 C) Vbanks 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.1 X9 Z' F* J# p& w! g
2 R& {0 ]8 `! P& b$ q/ W" }! S7 `im not quite sure if the multiplier effect does really matter in this case.: K7 \4 T7 O9 j$ [
in stock market, it's the demand and supply pushing the price up/downwards.2 F( t6 f0 @, ~ G) X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ d1 n( Q4 L$ jA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 @, K% Z8 M2 z/ y* LThe 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. + V, u, N* g n9 c* I% _
but the value of their assets did really drop significantly.: T1 S$ q' i& _+ Z* b
& k2 i) [" S0 @; U. r[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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