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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.: [) R8 b5 z1 ^4 |3 z, T5 P
CDs could have different ratings, AAA -> F,
- H3 ~4 ~1 \2 O `0 q9 x- c( nmore risky ones would have higher premium (interest rate) as a compensation for an investment.
4 E5 I3 ~; O4 r" Wmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( L+ }- u* T/ C6 Z3 s: ] [
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." T$ `8 X/ ]" f. d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' {+ c+ h* e/ V. [similar to bonds, CDs trading in the secondary market have different value at different times,- X, O* l( e" O o4 c& j# S
normally the value is calculated by adding it's principle and interest.
* W# w1 d, _0 Z& Eeg. the value of the mortgage+the interests to be recieved in the future. * X+ @% A2 \9 i1 z# y" ]
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. f0 o# ]1 c) G m8 b0 o. |: ?; V2 N, Q
6 w4 P v1 y, m3 D6 C4 Zim not quite sure if the multiplier effect does really matter in this case.* `6 i/ b& z9 M# E6 H$ P9 Y% }
in stock market, it's the demand and supply pushing the price up/downwards.
9 k+ ]4 l+ {! b6 [; CFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,0 D( Z' H" i M9 e
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 G! B8 x" b, x& k8 h% x. o$ l% hThe 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.
P3 f8 c% `4 |' J+ r* M' pbut the value of their assets did really drop significantly.
2 e) Z0 [+ e" n0 U+ j ?7 l: t- Y( k
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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