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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.1 L# b2 \- ]% ~+ x3 N T/ z- H
CDs could have different ratings, AAA -> F,( l* y% L* @0 K- X
more risky ones would have higher premium (interest rate) as a compensation for an investment.# u$ h- k9 g" C
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; G, m2 T- _- |5 a {
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ I$ K- \! J: w" ?Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.8 i4 X8 T4 O( [4 S+ v" N
similar to bonds, CDs trading in the secondary market have different value at different times,
: u! s" |0 ^/ W0 y3 n1 Tnormally the value is calculated by adding it's principle and interest.
4 O' Q: p. ^' Veg. the value of the mortgage+the interests to be recieved in the future. ; w+ F8 C2 Y$ F6 i
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.
' b; r. U, p* K
' R/ d7 l' R' @* |: h* A% Yim not quite sure if the multiplier effect does really matter in this case.
3 Z# o$ C: {$ L: xin stock market, it's the demand and supply pushing the price up/downwards.
`% t$ K4 f% k6 C3 I h( qFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; n. X1 n9 {# w' U6 FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.! ?2 w3 R T' T: c U. _* y
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. * o" O; ?4 u& m8 O- _/ M& h
but the value of their assets did really drop significantly.2 t$ y( O9 U( N& C
; D6 v6 [5 \9 q, ^4 ?& m0 v6 l[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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