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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.% C" R2 z# i* v
CDs could have different ratings, AAA -> F,
, h# R+ s' k Mmore risky ones would have higher premium (interest rate) as a compensation for an investment." @* ]8 F# G' i. L: a4 p
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,5 H! I3 w7 ^" Y" n1 _# x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& n; d! p8 L: u* |" b O* XAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# _% I7 \+ @( k' B/ D& E' F( Q& ~similar to bonds, CDs trading in the secondary market have different value at different times,
8 m2 D+ w* L5 q$ Jnormally the value is calculated by adding it's principle and interest.
# d& X7 @+ M+ M% Keg. the value of the mortgage+the interests to be recieved in the future. 0 ^5 ~9 G) Z! b
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.
5 K" n0 S3 G7 c1 p$ u; H7 ` Q: a n4 C
im not quite sure if the multiplier effect does really matter in this case. }0 a: T: N8 O8 o
in stock market, it's the demand and supply pushing the price up/downwards.
; j9 X* ~& T: `9 P1 b. o' WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 n* q" d2 R' L+ C7 j4 p0 iA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 r0 N# W1 q. v) \- f
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. & K, _. W$ ~$ {
but the value of their assets did really drop significantly.4 F8 h) Z: d$ c, w9 Q w) G: F' x
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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