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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 c" P& W3 K; H* {% M; H/ Y
CDs could have different ratings, AAA -> F,
' F& g/ a; f m7 R! p% _2 \more risky ones would have higher premium (interest rate) as a compensation for an investment.: V6 E; D* X% A% _& T* J
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ n! M" z4 m1 J9 ^" p$ x" hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.# V. o* `2 Y/ t' n$ g9 C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
5 }* ^4 J: V& ^6 a+ T- zsimilar to bonds, CDs trading in the secondary market have different value at different times,% f% l' H% ~: A% v/ K1 o
normally the value is calculated by adding it's principle and interest. 7 X+ `6 v& x# d6 |; I; p: Y. s$ j8 F
eg. the value of the mortgage+the interests to be recieved in the future.
8 C( k. k0 Z* b7 Dbanks 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.0 {3 i/ T1 ~' V' D
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im not quite sure if the multiplier effect does really matter in this case.
& R$ H l( H. W6 `1 ~' C* M5 din stock market, it's the demand and supply pushing the price up/downwards.) m, M. z' }! A" U T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
7 ^- S( k. u, X/ u$ Q8 UA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& I7 o4 g0 Q7 W) K
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. # ]# M: F. N. V
but the value of their assets did really drop significantly.
% ^5 |, G( a$ l5 I: @8 V2 o1 O1 |$ N5 S' N6 `
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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