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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.
7 f5 M; B5 I/ I0 r; m& g1 ?CDs could have different ratings, AAA -> F,' J. O9 y# E) F! W) Z6 e1 d
more risky ones would have higher premium (interest rate) as a compensation for an investment.. h$ m+ M3 a, W$ P* r! p/ O
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ W7 t3 A) H$ V6 k- o
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 j, S+ o+ W0 ?7 HAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! N( l8 z e' ksimilar to bonds, CDs trading in the secondary market have different value at different times,
- E9 B1 L2 i7 Tnormally the value is calculated by adding it's principle and interest. / i( }. y; n4 Q4 h; E3 n# u6 |
eg. the value of the mortgage+the interests to be recieved in the future.
: \' a7 ^. i7 [- `* {# zbanks 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.
7 B: u8 S/ [: U) ^4 w; M6 ]0 B* G4 }
im not quite sure if the multiplier effect does really matter in this case.9 |9 Y4 ~1 A) ?% q: g- t* x( B6 S
in stock market, it's the demand and supply pushing the price up/downwards.. v1 _9 q* u$ x3 Z% x* k0 B0 l
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% v* i3 n" u$ G% s: j2 U$ t) nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
) S4 q# }* |. K; V6 V' G; VThe 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. k& Z6 c5 E, d- L! ]' p
but the value of their assets did really drop significantly.
3 G) F' C4 d$ t. v$ d
+ d v6 l3 I) n0 C" d$ Q[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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