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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.
" I: ?& z' a" a/ m0 z; e4 T: R( ~CDs could have different ratings, AAA -> F,
; B# a5 q/ Q$ n. \: o) v$ e: j/ _. ^more risky ones would have higher premium (interest rate) as a compensation for an investment.
) |' p' b2 f Z- |main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* \9 D4 E* u, { p+ s1 Y/ r" ~" C% g
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ W7 o5 N1 z+ aAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
4 U, n9 R( T! jsimilar to bonds, CDs trading in the secondary market have different value at different times,5 C; {9 s( \3 ?4 r' J" S
normally the value is calculated by adding it's principle and interest. - ], s }8 V) \3 y+ r5 s
eg. the value of the mortgage+the interests to be recieved in the future. 7 Q4 q4 O6 N. L: c% A
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.! A( g# @; W7 J$ }: [5 j# J! r
4 @: e3 p# O+ P- e; ?im not quite sure if the multiplier effect does really matter in this case.
0 R1 J0 m1 c/ [7 x! `; _in stock market, it's the demand and supply pushing the price up/downwards.5 ^, }- T! j' K1 |, t
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 S$ }. ^" m% Y, L+ q% e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& o* W0 S& F, O. s2 X
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.
, d/ a5 P; s( H) q" Zbut the value of their assets did really drop significantly.
1 D4 k5 Y1 U8 m; @" P2 W' r9 e' ^, z$ M6 ^& ]5 \
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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