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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- }$ c# J/ P7 m4 u K, A$ C; A$ b
CDs could have different ratings, AAA -> F,
- ]" D7 n+ F' H# ?, l3 Pmore risky ones would have higher premium (interest rate) as a compensation for an investment.
O2 F( k& v& |8 zmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 ^6 a' O* h, P+ gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ W' l4 o! F1 kAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.2 q' I, z; B1 V% ]
similar to bonds, CDs trading in the secondary market have different value at different times,
: @' Z& _7 K: @ J9 S$ Hnormally the value is calculated by adding it's principle and interest. 6 v( u9 K) `- |8 S) [- Y
eg. the value of the mortgage+the interests to be recieved in the future. - s+ `0 x& H* k$ X% _& a
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.
3 ^" g( ?9 U4 R* J' I+ w6 g ]+ s! S9 u* z5 x) l2 r
im not quite sure if the multiplier effect does really matter in this case.$ b, }$ ], H+ \. @0 k
in stock market, it's the demand and supply pushing the price up/downwards.
3 Y* y$ ~& _- \! a7 r" S0 {# P, hFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
' r% v D& i. ?$ b$ X. ?A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: B0 C) ]8 G3 ]1 F/ J( Q0 }
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.
6 U7 T% b5 l9 Obut the value of their assets did really drop significantly.
6 m& w% a7 ^: b* T5 n5 S
; M& }. @- ?3 ^[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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