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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) h% J+ ?( _CDs could have different ratings, AAA -> F,
* e' O0 T' E( E, U2 q/ ]more risky ones would have higher premium (interest rate) as a compensation for an investment.& h, p' @: `, w, W
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. N4 i1 V- n+ z! Z
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
+ b/ `& O5 f3 G* Y5 c$ PAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' L l7 B7 o4 t A; Fsimilar to bonds, CDs trading in the secondary market have different value at different times,' }: O' T, |) l: z& c
normally the value is calculated by adding it's principle and interest. 0 R7 [8 f: P8 r0 z$ ^
eg. the value of the mortgage+the interests to be recieved in the future. ( P3 D- r5 b5 b8 R# t
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.
# {( y* r6 [# M# b( |$ |
& v k( X! l" q; S$ Gim not quite sure if the multiplier effect does really matter in this case.
$ T, g/ t/ \% Iin stock market, it's the demand and supply pushing the price up/downwards.
) m" K) X% s2 I9 R+ A1 d/ {For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ P9 ~2 |$ r9 D. a: A3 T
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 f* _0 r1 h8 N
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. 5 h& j; @4 q/ y2 M7 g
but the value of their assets did really drop significantly.
8 @7 c: F; E5 ^& P8 }
. a* T2 n# u6 O8 k0 t[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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