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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return. q) k. [5 X- ~7 \* Z4 V
CDs could have different ratings, AAA -> F,3 X: [- @1 B1 W, n2 H/ q$ {
more risky ones would have higher premium (interest rate) as a compensation for an investment." s- @- j5 h3 S" E# g+ _0 @
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
8 F: ^ b; L& gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ u( N, m5 d- a. {6 Z3 |+ e0 o0 o1 C
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 L: D: V8 D `+ wsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 \( E2 r8 e8 _& O) C& k3 Hnormally the value is calculated by adding it's principle and interest. C/ Z9 K+ L x5 W9 y, ]7 ?4 t- v4 m
eg. the value of the mortgage+the interests to be recieved in the future. ( Q; Y+ @2 [7 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.; ~7 O: X& ?+ E
% A$ W9 T+ b* r) R8 l7 p, D
im not quite sure if the multiplier effect does really matter in this case.1 o6 K* A$ p! s7 g# B2 c
in stock market, it's the demand and supply pushing the price up/downwards.1 Y" p4 k% e: C a: P
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
/ Q7 x0 u2 G# m8 `$ M% f0 FA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.- L; r. V& i! P3 c! X
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. % Z; |5 t6 @6 A( z
but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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