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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.
# C# j1 g0 i4 K; e! x7 B" ZCDs could have different ratings, AAA -> F,7 P4 r, l, W4 M0 u
more risky ones would have higher premium (interest rate) as a compensation for an investment.% N( o. d$ }; ~. F. v- O
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 l7 M' d4 z. K3 t' Q* N
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
' C1 N8 l9 P+ ]9 E. {. q) M4 dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ N; `+ X, F" {4 C: b% R* usimilar to bonds, CDs trading in the secondary market have different value at different times, N; Y3 l" B& w9 v; r
normally the value is calculated by adding it's principle and interest. 6 [; e5 n' r, g2 x1 l8 Z7 l, b
eg. the value of the mortgage+the interests to be recieved in the future. 1 [, f4 d4 n# H2 g
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.
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9 j5 F2 N8 ]: K. `1 S& J, S% Tim not quite sure if the multiplier effect does really matter in this case.
0 y" r" A4 a3 D; J% y Cin stock market, it's the demand and supply pushing the price up/downwards.$ f/ f$ g. w7 W2 J* C0 V
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
$ u4 X7 o# \. e" `" BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.; S/ ~0 N0 a' M5 C5 f* k+ v" Y% @
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. 6 R% Y4 S" ~/ U" ?9 H3 d* ]# C
but the value of their assets did really drop significantly.
7 @" a# y6 Y# O0 o$ ~ d3 u/ `& p: y
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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