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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.
' q4 v; q2 {8 B( R4 cCDs could have different ratings, AAA -> F,1 I; }' P) u& n% S) p# N
more risky ones would have higher premium (interest rate) as a compensation for an investment.1 E7 l; s7 O# R6 b0 V
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,7 o1 T+ P. L& f1 u5 d( e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. h7 J7 o& F, x( ~
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.$ C7 v# T& K/ _/ j( {
similar to bonds, CDs trading in the secondary market have different value at different times,
3 k* E) Q Z- n* g; L8 tnormally the value is calculated by adding it's principle and interest.
* ^0 \3 J& T$ ?$ k# Ceg. the value of the mortgage+the interests to be recieved in the future.
- b# O. I9 y& Gbanks 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.- @- [7 x1 v7 O0 C, M
/ n0 i6 x# r4 ~9 [5 O) D4 k
im not quite sure if the multiplier effect does really matter in this case.( M- t$ d; e( ?
in stock market, it's the demand and supply pushing the price up/downwards.
6 D- L1 _: {: t8 pFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
9 D1 T4 C" q1 H( W) G! s& FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ e E' ^6 O* E4 p5 d8 B5 O8 x
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.
7 X) Y; D* ^; s5 d: x7 x4 O! \but the value of their assets did really drop significantly.3 s* T; S) Z: o% @' `" s
% h6 z2 G( g2 t4 u[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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