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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.
& F3 A+ P" _7 s, H4 x& s4 n. lCDs could have different ratings, AAA -> F,* j( s) ?1 ~& W, d4 ]
more risky ones would have higher premium (interest rate) as a compensation for an investment., n6 b% K$ t, f
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,' L: ]0 f. R3 x5 |( T! g2 O
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.2 L' _. o+ [8 [9 ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& D1 F+ n2 ]3 I
similar to bonds, CDs trading in the secondary market have different value at different times,) |5 Y" q% t0 H, L2 |0 R# y" L
normally the value is calculated by adding it's principle and interest.
! x& V! f* i3 N. v4 ]eg. the value of the mortgage+the interests to be recieved in the future.
6 H4 A T3 v% cbanks 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.+ ?( c1 D. B6 s
' c# j! e# u' B3 ~' J }im not quite sure if the multiplier effect does really matter in this case.
$ `/ `2 s+ s2 y' U# w5 R% A( Nin stock market, it's the demand and supply pushing the price up/downwards.( P1 U' ~0 l% L3 A$ F/ }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 ^; z$ {8 a, e4 ?0 {9 W
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# x/ ]/ Z0 I5 L% {
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.
( }0 s9 a0 X; pbut the value of their assets did really drop significantly.- k1 F9 }/ q y" ?
0 ]5 ~) B2 M- p8 J, m" [" s+ f2 Q5 ]2 G
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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