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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.& m- Q6 P" P, y* h5 V: A9 W& T, q
CDs could have different ratings, AAA -> F,) b6 E5 z7 ]6 m$ _ p
more risky ones would have higher premium (interest rate) as a compensation for an investment.! p7 b& @0 y9 \6 \3 }. r; Y( }6 H
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 W& b* h k6 l7 I" Sin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 r" _& r( P& u
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, e2 R7 c6 O7 S7 x- V: r4 esimilar to bonds, CDs trading in the secondary market have different value at different times,
/ Z4 B+ `1 x: |. h1 S* tnormally the value is calculated by adding it's principle and interest. , n, S+ e" v9 @3 F3 g j8 ~( C, f
eg. the value of the mortgage+the interests to be recieved in the future. 5 [; T5 q3 a& n+ x/ Z
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.
$ F" L! [' }- ]5 v/ x: L+ T" C. _- Q' X, N4 A1 K$ q, q/ ~' {
im not quite sure if the multiplier effect does really matter in this case.+ Q: ` Y5 ~* a% @ a: i7 N
in stock market, it's the demand and supply pushing the price up/downwards.+ a/ L/ q$ E$ v! ^" X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
6 f& [/ l+ {, T5 eA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.) [* N; w$ B# j0 K
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.
E8 N8 O8 u$ x% N( A; Z; [) Qbut 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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