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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.5 V; g6 E$ ^ `# k6 Q6 k7 c
CDs could have different ratings, AAA -> F,
: o' r+ X$ X- Q' emore risky ones would have higher premium (interest rate) as a compensation for an investment.
3 W' M6 s4 M2 I/ F4 s$ Smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 ?& R! k5 q: h; P+ `; Y+ K" Pin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* ]" m I% N# Y" e( p, I
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.# S2 D, a7 K8 X
similar to bonds, CDs trading in the secondary market have different value at different times,
; C b1 y: y# } S y- ~normally the value is calculated by adding it's principle and interest. ; W9 a% a* Q% Q7 e9 g$ T
eg. the value of the mortgage+the interests to be recieved in the future. * J9 T8 ?& p3 Q6 h3 h6 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.
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2 Y+ C* _+ c. _. eim not quite sure if the multiplier effect does really matter in this case.
" @& E. P+ c/ p1 ~8 L9 Bin stock market, it's the demand and supply pushing the price up/downwards.
$ O/ a9 o0 A% s4 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ |' E+ t+ n, F6 u" I) X
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ h, X, l! D( l% O* F1 o0 f( i/ FThe 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. # C q/ G( n$ e' V; s& @; G( C
but the value of their assets did really drop significantly.6 j0 \- r0 | z, r# L0 B6 F% S
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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