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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 i# l+ O, u4 E4 B/ Z, _
CDs could have different ratings, AAA -> F,
9 ^4 L6 L9 _& H/ F! D% Gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
# V& {7 f4 m$ r* R( r) d B. W3 \main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,3 z; ]# Z5 q$ o/ y/ n5 I- e
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 c& z @& q1 `' A6 m# B7 S
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.7 D) K0 \2 K* F0 J' L3 x. Z/ u
similar to bonds, CDs trading in the secondary market have different value at different times,
' K7 q+ k* W nnormally the value is calculated by adding it's principle and interest. 9 q, ^, F7 `6 f3 N3 R
eg. the value of the mortgage+the interests to be recieved in the future.
' p+ n' J9 Z4 g% k, }. ibanks 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., N5 ^5 U2 U* Y) ~
9 T# x# a8 R7 o& B% x- ~im not quite sure if the multiplier effect does really matter in this case.2 u* N' ^4 L8 u# n- g6 Y$ J
in stock market, it's the demand and supply pushing the price up/downwards.
* S9 I3 E0 b5 k3 S( i& g. o6 lFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 F8 u3 J+ \& e; T9 QA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
. N5 [$ i- S, j. G4 KThe 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. 5 g* D8 K e3 D5 y! k$ j
but the value of their assets did really drop significantly.
- U% c& \. n( \. X
2 o7 E8 ^4 @& U6 ~4 X* K9 Q[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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