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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.3 g# @8 y! Y# S2 b& k" k, l
CDs could have different ratings, AAA -> F,2 R4 T. n$ E2 P% J+ d% q3 J' P
more risky ones would have higher premium (interest rate) as a compensation for an investment.
- k! y" |% Y! ^. S: Imain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; o8 v7 i$ \- o- n5 E1 |" w
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.+ N# E: b8 k# w" T/ z3 W) J
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency. p9 v9 j, Z: J* M$ w2 t( l- W8 A
similar to bonds, CDs trading in the secondary market have different value at different times,
- e* c i. }# @normally the value is calculated by adding it's principle and interest. / a4 j7 S b1 D' h p
eg. the value of the mortgage+the interests to be recieved in the future.
; o4 L) `' y: v' C: d, n; ?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 s7 V. {& @. E) P
3 G& p" n/ W& c* P3 a, uim not quite sure if the multiplier effect does really matter in this case.1 m" L4 i+ O' g0 ^% X0 A
in stock market, it's the demand and supply pushing the price up/downwards.- Y9 e5 b9 \2 G7 t% z
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. X: s& ~3 w: b, _A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.6 t' B7 M! s2 P$ b4 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.
2 e: _- d' ]) L2 X; n9 cbut the value of their assets did really drop significantly.
! n0 K+ X# ?! @+ a( g7 U" I$ b' }+ b
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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