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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.
7 n: I4 M5 g) [1 o$ P) SCDs could have different ratings, AAA -> F,7 U/ U4 v6 M! P* y: L8 L
more risky ones would have higher premium (interest rate) as a compensation for an investment./ M- a& d- _- L$ D% X, Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, F% b( R' f# |: uin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& q' y# X) {+ q- zAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency. {7 A0 o" T4 w. Q0 [3 A
similar to bonds, CDs trading in the secondary market have different value at different times,. {4 [. }' W% r9 o1 g& |' R
normally the value is calculated by adding it's principle and interest. 7 U" o7 D/ g# b* z3 t \( m
eg. the value of the mortgage+the interests to be recieved in the future.
) \2 p1 t1 b- e! fbanks 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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; Y0 X }, J) Lim not quite sure if the multiplier effect does really matter in this case.+ {5 [5 Q; \. [1 F
in stock market, it's the demand and supply pushing the price up/downwards.( ]4 @+ [' t. m" u: A4 h
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% [8 G+ T1 n1 m$ h) ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction. y( q& T; Z. }+ F
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. 4 N/ g5 s# K# y9 p8 m
but the value of their assets did really drop significantly.
z5 [- g5 N0 x' m" g' W; f, Z6 J1 w: Q( j, W
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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