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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.
& v) F) }' `# }" P8 D$ rCDs could have different ratings, AAA -> F,
, z2 |( ]' I( W' C' d) ymore risky ones would have higher premium (interest rate) as a compensation for an investment.* [/ a3 i/ V- O- Z+ A y/ s6 f+ @; m
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ y6 T; ?7 ~3 Qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; k9 t6 K6 _9 `# K# j; i
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 }: k( d7 R8 M5 I K
similar to bonds, CDs trading in the secondary market have different value at different times,
0 z# K$ o# @2 N2 m- pnormally the value is calculated by adding it's principle and interest. * B7 O$ N2 P. I7 R
eg. the value of the mortgage+the interests to be recieved in the future. 7 o/ e2 e2 |! 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.0 E! D0 T: l6 _3 o$ f: Q
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im not quite sure if the multiplier effect does really matter in this case.
! x' y2 T7 K* e1 I# n$ ?in stock market, it's the demand and supply pushing the price up/downwards.
, k- p: O2 D7 D- q2 S8 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
! }3 i: k+ K' l* o. ]5 K1 XA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
8 h* o( H* c6 \- ?! Y1 F/ Y$ H @, rThe 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* F! a7 N9 u( O! K$ U; Q3 Kbut the value of their assets did really drop significantly.
, |7 q# u& E; V- [, U0 O+ ^8 ~9 [* d2 I# k- B6 i. j
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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