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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./ { G G+ j6 z+ A# Y
CDs could have different ratings, AAA -> F,, ]1 l0 ~* \( t( ] B( j0 ?# p: e
more risky ones would have higher premium (interest rate) as a compensation for an investment.
# c& [* g6 t' s1 W2 l. Y. z! Bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 p2 l' j, @9 k% w( o% U9 E* ?in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
5 F; h' S" i3 g' F9 z& _Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
! k$ L( u1 X3 Q+ A7 I0 ]similar to bonds, CDs trading in the secondary market have different value at different times,1 [1 E7 I$ {- W( b
normally the value is calculated by adding it's principle and interest. 7 Y, H+ x1 W6 c2 ^
eg. the value of the mortgage+the interests to be recieved in the future.
% A& y$ L2 h, `: E: _. Fbanks 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.
1 Q5 ~' ]3 `2 }& [' m2 f# }: g) m0 S: h7 d9 ~ A$ C k _+ Q
im not quite sure if the multiplier effect does really matter in this case.+ n, S0 E/ ]: T) a$ k4 R
in stock market, it's the demand and supply pushing the price up/downwards.- Q0 m1 E$ D7 z3 C& L/ l* v
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 b9 _! X; O- F3 E; nA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ e L' D, m! b& t/ l MThe 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.
" s$ o! z+ I1 J1 w) P2 Z1 obut the value of their assets did really drop significantly.0 V3 z1 `6 |+ [8 A/ _- C% `- t
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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