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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 R1 i2 y) k- h' ^# zCDs could have different ratings, AAA -> F,
- u, g$ M) y' Q. I: U( \* bmore risky ones would have higher premium (interest rate) as a compensation for an investment.4 q2 N' h6 v9 G- o
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) x( k7 o" h( D$ o% ~; Rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities. j& Q# w* z+ G S, d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( L, [+ n+ p' q3 S0 w
similar to bonds, CDs trading in the secondary market have different value at different times,+ @% B8 O/ T" t( K: w+ P+ d
normally the value is calculated by adding it's principle and interest. , v# B* b. O8 e4 d6 d
eg. the value of the mortgage+the interests to be recieved in the future.
" B; m( M1 {2 F, z( Jbanks 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.& ^" \( m: W4 T. B6 i }9 U, V( ]/ a/ i
) O m& O' b- W3 J
im not quite sure if the multiplier effect does really matter in this case.- V. Q' }5 w$ a, s: \
in stock market, it's the demand and supply pushing the price up/downwards.; ]" s7 I! _( M6 }/ l* }& G
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
: W* t% k) t# ]/ Y! BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
0 S% X9 w5 X; Y1 c0 a% nThe 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.
% g& V. r* g/ l( dbut the value of their assets did really drop significantly.. U: T% X! `/ ]" O3 }
5 h; A# N% _: o[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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