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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.
4 H+ a! Y. R8 t' Z. s: L" ]3 HCDs could have different ratings, AAA -> F,
5 B5 G$ ]- L- v x; imore risky ones would have higher premium (interest rate) as a compensation for an investment.
9 I5 {; e) H6 s' n5 smain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. ~# a0 v8 O1 Y3 j: [) @4 r4 ^2 u
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
; J6 i4 z- [" T6 B1 u* o5 C+ ^/ CAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
* a1 x0 s( a# R" e0 Gsimilar to bonds, CDs trading in the secondary market have different value at different times,, g7 c, Y: C: n( {3 |/ A0 f
normally the value is calculated by adding it's principle and interest.
1 ^# h3 j1 g9 L6 t3 N/ Q2 u4 x7 Peg. the value of the mortgage+the interests to be recieved in the future. 1 S- ?2 a/ N% v: s( E( r
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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( S% \$ v0 ?* l7 _& H/ r1 xim not quite sure if the multiplier effect does really matter in this case.7 s; _- l8 K5 q; W5 `, i! [
in stock market, it's the demand and supply pushing the price up/downwards.4 B% Y9 F, D" }5 E
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 V/ e3 ^ \ s/ Y/ I8 e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
9 K1 W( l& j9 sThe 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. 4 D' L4 C/ u8 T. u
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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