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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.# p" ~% H+ L3 ~$ m3 u
CDs could have different ratings, AAA -> F,
% o6 Y/ E( x2 i6 A5 G+ S! v3 Kmore risky ones would have higher premium (interest rate) as a compensation for an investment.$ J! q' j: v2 G( j, S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,- C/ Q) V, ]( N; [4 b
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.1 z6 r7 O1 u8 F& L
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 }/ j4 | H9 K& D
similar to bonds, CDs trading in the secondary market have different value at different times," d; e5 {) A4 L9 M( g. z
normally the value is calculated by adding it's principle and interest.
l; g1 Z, N) m9 H; i( deg. the value of the mortgage+the interests to be recieved in the future.
) F- b! X6 g, N2 ]& b$ dbanks 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.5 R5 C" }" A& \. b
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im not quite sure if the multiplier effect does really matter in this case.
) @* q2 ^9 z2 iin stock market, it's the demand and supply pushing the price up/downwards.
; Q) K9 Y c" N5 C9 q9 } V3 y. oFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
5 e9 o9 I# n$ Q0 [- lA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. t; W6 x0 i1 M1 B+ K% 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.
7 b g4 r+ `6 \# {9 B& j8 h$ F# L/ @but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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