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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.
9 _$ o& \6 A. O# _- HCDs could have different ratings, AAA -> F,
, h3 X ~2 W- x( _& E* c9 gmore risky ones would have higher premium (interest rate) as a compensation for an investment.
0 H3 M4 u3 t$ `% N+ N( m2 {main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
2 d0 e+ K3 D! e6 e" k+ r* n2 ]in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
. o& V8 {( o& VAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 `+ }; ?$ A7 n i
similar to bonds, CDs trading in the secondary market have different value at different times,
7 j& \$ t+ j% V' Q4 E# N! n) xnormally the value is calculated by adding it's principle and interest. 5 D* ~6 Q& J4 g+ o1 ^
eg. the value of the mortgage+the interests to be recieved in the future. ! R$ q5 }2 @$ z+ Q; J
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.
9 ? m& r/ {/ V7 f, i: y! e* K6 E& @% w& z: y1 |
im not quite sure if the multiplier effect does really matter in this case.2 l: Y y* h$ \& E8 E
in stock market, it's the demand and supply pushing the price up/downwards.
6 T( l' x J* o; F8 G RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ r+ L% M- F' I& D# b
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 _3 K$ h# J* M2 r8 X* JThe 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. % L, e; B( V2 \* ^8 [0 K$ B
but the value of their assets did really drop significantly.! q; l' j/ i1 B3 i3 h1 ^! q" j
( d" O' ?, i* {5 F5 H0 q[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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