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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.
* ^7 T" e, o! [% L0 j) g/ ZCDs could have different ratings, AAA -> F,
7 R0 c1 B/ |8 L- D9 f. `more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 O7 J2 E6 U- f7 t. y+ Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! Z- ?, y% f/ D% }1 f2 m+ K% I* L u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 l* R9 y1 W7 ]
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.0 d1 b+ C7 ?; W0 k4 r/ f
similar to bonds, CDs trading in the secondary market have different value at different times,
5 z& T( e }% M: mnormally the value is calculated by adding it's principle and interest. 3 i7 r1 m( Z9 T( f# X
eg. the value of the mortgage+the interests to be recieved in the future. 4 G. L5 S) t0 Y! U' R5 t
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.
7 l4 o# k' Q0 i; I$ i0 @5 H& T* V; ]8 n; V/ m
im not quite sure if the multiplier effect does really matter in this case. }) o+ a$ Y/ j! A, @+ K
in stock market, it's the demand and supply pushing the price up/downwards.: k( [. u/ H) c* r7 w
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ r7 ~, s) A/ g$ E; s0 M# g
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* ]8 @- C0 W- U" yThe 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. ! Y% R: `6 V' P$ p" f, T7 [
but the value of their assets did really drop significantly.
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% c: P4 b% f6 R8 Q3 }4 P[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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