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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.
' k1 v. j5 C! Y3 N! h5 ZCDs could have different ratings, AAA -> F,
! l: |% g0 Z$ g5 Omore risky ones would have higher premium (interest rate) as a compensation for an investment.& J6 j. S- N1 U9 x3 o; O! U: m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
9 q: K: u# t, \) h0 i% nin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. b% T* d! k3 n! x5 l' k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., C6 `2 p: {* k- A* Z
similar to bonds, CDs trading in the secondary market have different value at different times,
2 h! k0 O3 r: O% P# N6 p& Y5 t: Ynormally the value is calculated by adding it's principle and interest. 7 k5 G: n* k, C
eg. the value of the mortgage+the interests to be recieved in the future. / W% q9 v6 F$ n# R5 y# B; Z* a
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.* n l- Y! V( Q
) `/ y2 T, }) n! l7 f$ d8 p
im not quite sure if the multiplier effect does really matter in this case.
. W1 Z4 W) C; w$ K( {; ^% Kin stock market, it's the demand and supply pushing the price up/downwards.
$ w, T. q2 f9 f! gFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) b/ E% i, q- t2 }- o
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 `/ G" B- s PThe 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 a. N9 j2 y% L h- n
but the value of their assets did really drop significantly.' ?1 Y$ V# m& [- i
, Z+ G* g0 [* n- J" a2 ?[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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