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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.
/ D; k2 F- ^' DCDs could have different ratings, AAA -> F,1 _! A. `+ }7 B. P4 @0 ^0 s
more risky ones would have higher premium (interest rate) as a compensation for an investment. C5 Q H- Z( t7 d; C7 |" N
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return, s: l8 e q& j% T
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' V6 o$ L6 R6 w2 c
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.: p! U2 i) P1 p3 E9 r3 P, Z
similar to bonds, CDs trading in the secondary market have different value at different times,% w; }' P8 a2 h6 [
normally the value is calculated by adding it's principle and interest. 3 m- ~' P* e4 L
eg. the value of the mortgage+the interests to be recieved in the future. " k3 o1 f: [: o$ Q& S
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.
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im not quite sure if the multiplier effect does really matter in this case.1 ^* A2 k0 b/ u8 h4 n7 d( _
in stock market, it's the demand and supply pushing the price up/downwards.
. n+ W3 Y+ g7 WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
0 h6 y1 F) Y" v" ZA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
1 y0 G2 a9 t" S. w5 Y0 T8 b: LThe 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. ; ^$ H: i$ u# f- ] R5 O
but the value of their assets did really drop significantly.
: c; A9 S2 j( G$ Q7 \! o! d, r, L4 Y( J/ R! r) c. o; V0 B
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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