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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.
* P$ }5 V- e& c: u8 r9 @: h1 XCDs could have different ratings, AAA -> F,
$ t) x2 S' |; q( hmore risky ones would have higher premium (interest rate) as a compensation for an investment.+ P( g' R3 c, a7 q% h6 B
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 Y3 x# p" u; O" U6 D
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. Y; q. {( E4 y( SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
) p2 @3 S* u4 x" l+ fsimilar to bonds, CDs trading in the secondary market have different value at different times,7 W3 ]( K! J) V8 k7 G, W, J
normally the value is calculated by adding it's principle and interest.
/ a8 D: _( T7 reg. the value of the mortgage+the interests to be recieved in the future.
3 x! A* D( D B- ibanks 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.
8 I. k/ P2 V; C2 M
6 u9 ~/ X, r8 x# w- Z/ J8 Lim not quite sure if the multiplier effect does really matter in this case.
7 x$ X) r" c' D/ N d; W5 Y; bin stock market, it's the demand and supply pushing the price up/downwards.
, U- g/ N: O @2 Z1 lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) I t% J! J( u8 i9 ?/ @8 KA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- j# \- Z1 C, z0 G0 }6 s, E0 a0 g5 w! TThe 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.
) H' s) ~1 L2 `8 F: z' Ebut the value of their assets did really drop significantly.5 V h. M1 W& F; c$ i2 B9 k7 T
( Z! h& {) s3 j x }- V, f[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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