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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." {( G+ A: A# o. b
CDs could have different ratings, AAA -> F,
4 Y% t, L" t$ \: Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.
% i `" r+ H! g, {, W+ q6 x7 {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ B' _- x p m+ f. D$ m5 `
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ |: u* q7 \/ Y+ ?# _. Z% dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 j/ R4 T! L8 d+ @$ [similar to bonds, CDs trading in the secondary market have different value at different times,
3 t4 W/ R8 A+ l9 a% u3 cnormally the value is calculated by adding it's principle and interest. # z, q# t6 I# D$ q2 d! t
eg. the value of the mortgage+the interests to be recieved in the future.
" c" J1 U3 V) @; Y5 e' H, tbanks 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.
/ S/ N( a5 v" N- i4 w* r7 `8 t ]- F& Q* H9 \8 ~
im not quite sure if the multiplier effect does really matter in this case. G" D) q+ H) N7 ~" y+ l
in stock market, it's the demand and supply pushing the price up/downwards.* o- u! X: T f; h* ~
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 V$ w* x% o1 h
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! t* V' ]% o0 m' V# `( B6 f$ EThe 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.
$ \1 H. t) ~" y- p" W; h! }! {but the value of their assets did really drop significantly.
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5 X, j+ o: {: C" D[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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