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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 U& Y5 _$ t% k' ? F2 i: y6 y1 nCDs could have different ratings, AAA -> F,
4 n. J: p4 o9 u; M% e) Y# F8 tmore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 o7 {$ N o8 G2 T. o% ]main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ j& T; h& ]: Y& N
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities., y) c& O# G; k ^7 T) T9 q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
0 h0 L( R e# U: Fsimilar to bonds, CDs trading in the secondary market have different value at different times,% j2 P) G3 K, h! R* Z% v1 Q
normally the value is calculated by adding it's principle and interest. 0 H* z, y3 D; E
eg. the value of the mortgage+the interests to be recieved in the future. 2 ^8 H# Q; V M" x
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.
, q$ _1 Y7 U2 F }: G; P9 }( I2 `3 T+ |" @# r x) M0 f# l
im not quite sure if the multiplier effect does really matter in this case.
$ O9 F( E8 P" ain stock market, it's the demand and supply pushing the price up/downwards.
- `$ h2 l* C& q% v! R" U1 K8 QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,6 e" C0 j' |, n, q( ]3 I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 G9 Q9 @9 l0 l8 WThe 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.
4 p4 Y* D5 y1 t k# @2 Rbut the value of their assets did really drop significantly.
4 E! R( s ?$ C, l5 B- A9 H
# P; a2 ?$ `# E[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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