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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.( W2 F! }, h6 y# Q) d3 Y9 e
CDs could have different ratings, AAA -> F,) q# Q1 J( N, Y3 Q6 m" w k R7 f
more risky ones would have higher premium (interest rate) as a compensation for an investment.8 V) h( m1 y8 Y2 t; F' z) T; h( z
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 |9 V0 N9 J# u& h* C( L; ~in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- ^4 O# S: H+ M! g: u4 l9 wAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* }( x+ \( Z6 e- }/ g0 b
similar to bonds, CDs trading in the secondary market have different value at different times," J* U) m: ~! w# M. x, k2 z
normally the value is calculated by adding it's principle and interest. p! S u' I2 s0 }2 K
eg. the value of the mortgage+the interests to be recieved in the future. * M5 I9 C4 w; _* k3 @
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.
6 x( {9 K8 g; H) r5 @/ m9 D
7 E9 A3 {& l5 ~im not quite sure if the multiplier effect does really matter in this case.1 \4 O; y2 K5 B/ z1 ^
in stock market, it's the demand and supply pushing the price up/downwards.
% O1 I% Z& `6 ?. TFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12, g! w- N' O: E1 n2 H
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% m8 S; E' H2 R! p& U: B. B# T% k9 C
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. 9 U6 o, X% _+ v' x
but the value of their assets did really drop significantly.
8 B9 s% e4 X- v6 V& v C8 X6 J# ^ C# f5 t' R8 O' |
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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