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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.' u7 y, D0 C6 {; v5 \: M8 ^& H
CDs could have different ratings, AAA -> F,/ l. ^5 Y& c) G, v- _5 S1 f
more risky ones would have higher premium (interest rate) as a compensation for an investment.3 [1 \0 a/ B2 M% \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
% u0 `, \8 s3 x G; ein other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.3 r& h* u: c* g& t% S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
+ p4 Q% E7 L7 J q" Isimilar to bonds, CDs trading in the secondary market have different value at different times,+ M3 t& J9 h2 ]; D# p0 H
normally the value is calculated by adding it's principle and interest.
& e% Q- K+ @0 B& z3 p1 `+ O1 C( Heg. the value of the mortgage+the interests to be recieved in the future. , p( `/ Z/ u( \: k! z A( {2 r
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.# D5 \ b6 E+ _! ~
x$ i+ e% F0 P; H0 vim not quite sure if the multiplier effect does really matter in this case.9 h( p' H/ {: c
in stock market, it's the demand and supply pushing the price up/downwards.
1 V9 c) h6 Q. ` k5 s2 M6 L, [For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, n9 o; c+ x3 H0 H' Q) U
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ t6 w2 M* ~/ c2 c
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.
v! K: E" A) a6 m: o3 Y* zbut the value of their assets did really drop significantly.& C, K# T, l- \* |
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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