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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.
0 z0 z5 c3 e' n2 A' h f, [CDs could have different ratings, AAA -> F,
/ v( q) G+ u6 [/ o0 xmore risky ones would have higher premium (interest rate) as a compensation for an investment.- L/ f; S: y% q& s0 p+ t
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ }7 n6 C/ W. z, @2 W; D5 N' n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* p# K2 k) e( q1 C1 R! R- w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 y" M& M% O, J8 k$ @$ @similar to bonds, CDs trading in the secondary market have different value at different times,
: Z' c' |2 E4 F2 q' e% h; znormally the value is calculated by adding it's principle and interest.
D) b2 S) i. Y V* g2 F9 z3 t/ ^eg. the value of the mortgage+the interests to be recieved in the future.
) ]0 |; d5 H* ^& g; ]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.4 N/ g; ? n5 M
: `) H: g( v4 u1 m# I
im not quite sure if the multiplier effect does really matter in this case.3 u0 G/ F4 f: {9 ?5 _
in stock market, it's the demand and supply pushing the price up/downwards.8 Y" M- ?8 [8 c2 c" y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
& }% s$ P1 ]' ~1 u0 m: {A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
: U1 V1 y- ~9 v9 S& h5 U) q7 GThe 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.
# S+ b6 U2 j6 U" q* W1 Kbut the value of their assets did really drop significantly.7 ]; W; U/ J- g3 Q' I3 g# _
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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