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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.
2 c* L ?9 j8 j/ _( V& F9 mCDs could have different ratings, AAA -> F,
) @) P" L+ A9 Wmore risky ones would have higher premium (interest rate) as a compensation for an investment.
/ r8 v4 w# k$ U" s pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 Z0 D5 A3 S0 \; q, ?8 f
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. _ F5 Y1 @% X1 t, LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! Z+ ?) D8 n: f4 T# F. F) t) ^
similar to bonds, CDs trading in the secondary market have different value at different times,
- c5 i0 t' t6 A) a' U- _1 W+ wnormally the value is calculated by adding it's principle and interest. 3 L2 C, m. y0 s2 P
eg. the value of the mortgage+the interests to be recieved in the future.
1 `0 r; V! [6 B0 q1 ]- Abanks 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." e' I, f3 w ~
* k; ?% \ n2 t
im not quite sure if the multiplier effect does really matter in this case.
& z3 U3 t- }" ^3 Q3 Gin stock market, it's the demand and supply pushing the price up/downwards.
" s- f3 T' o Q. B* QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,% d( i! o7 |4 b U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; [$ l. ?: y6 ?' b
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. 7 L: m" P" K n; l9 J6 Z
but the value of their assets did really drop significantly.! J, e+ _" D- ?+ I) z
: M/ J- D' C; L: l. {! l[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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