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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.
' O1 Z$ a n( m1 ACDs could have different ratings, AAA -> F,
% n" R7 e" I0 N/ b6 i( K$ \& Dmore risky ones would have higher premium (interest rate) as a compensation for an investment.( X6 b8 @% y* V- L8 E4 Z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,* M% F6 y" j: ]" z; ]& g$ J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: } S; g8 L* ]6 t: x
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
2 H7 {. z# S3 {, S0 J# T& s6 s9 lsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 ?4 ^6 S+ X6 [+ {2 P: \, F @/ qnormally the value is calculated by adding it's principle and interest. 9 c6 L- A6 U2 P4 m
eg. the value of the mortgage+the interests to be recieved in the future. 6 u! x1 H# c2 ~
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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im not quite sure if the multiplier effect does really matter in this case.
8 e% t8 o% D z+ Z {in stock market, it's the demand and supply pushing the price up/downwards.
4 n6 i9 f& }3 c8 YFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 V9 W5 |" h4 j/ ~1 t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 P+ }: V4 `' g T) G% S1 @8 n
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 U2 C0 F! ] E/ ~% v. Jbut the value of their assets did really drop significantly.8 c, }, N9 b9 Y: s6 i! I' l) C
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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