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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.- ?- V U1 p9 x5 u1 T8 i
CDs could have different ratings, AAA -> F,5 D* L% [) K% x
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 E8 Q$ n6 M2 G8 A2 c( X+ A0 Omain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
" o7 d' c3 F: Q9 ]( |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.& L, } S& I9 n( {
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
/ F& P7 \6 a4 R9 m& d+ ^similar to bonds, CDs trading in the secondary market have different value at different times,1 B: D e# `4 n. b+ g4 b9 z
normally the value is calculated by adding it's principle and interest. w$ k1 l/ b0 U
eg. the value of the mortgage+the interests to be recieved in the future. 9 n3 v3 P- i: D8 B" ~, x" P. T7 F
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.
! w! B6 T4 ?' e
1 ~- {+ b- Z0 ?( B2 T$ f( dim not quite sure if the multiplier effect does really matter in this case.. V2 s) n7 ~1 P7 c/ k6 S A2 F2 T
in stock market, it's the demand and supply pushing the price up/downwards.
6 k: q9 v2 J L, G* {8 oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* R* T% B$ m3 u& u0 Q7 R4 K$ O: p! G
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
v/ H8 x+ K' h9 K/ N3 _- KThe 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. - f" U7 _' T" O& z9 U
but the value of their assets did really drop significantly.- X' s9 q5 I! X+ X5 ]% t; M1 V
: v5 l& A7 u8 D" f' A! q+ |[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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