|
  
- 帖子
- 706
- 精華
- 0
- 威望
- 316
- 魅力
- 150
- 讚好
- 0
- 性別
- 男
|
12#
發表於 2008-10-8 07:03 PM
| 只看該作者
i thought it is the reason of rate of return.
# ~0 u3 x1 M9 d9 d/ r0 nCDs could have different ratings, AAA -> F,
2 w0 F" [- }9 Z) X& Vmore risky ones would have higher premium (interest rate) as a compensation for an investment.! ^- f+ P; @# P I+ R( f% _# u3 U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
_0 D( d2 O2 g' y4 G) l. Fin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.6 o0 U3 f6 |0 ~* j
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& G) a. Y; K9 Q# F% V+ Isimilar to bonds, CDs trading in the secondary market have different value at different times,
. ~$ d8 K0 S$ a$ W' e* ]normally the value is calculated by adding it's principle and interest.
! Z [" E8 x, Qeg. the value of the mortgage+the interests to be recieved in the future.
9 O0 j7 q/ g# ]- ~0 t9 Y7 f8 S1 Xbanks 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.
o7 j3 D+ d# b: @9 j# O
9 j7 [ O3 Y0 D D3 F8 e* q5 [+ p! [im not quite sure if the multiplier effect does really matter in this case.% c( C; ]/ y9 O, D. q7 U/ w7 i
in stock market, it's the demand and supply pushing the price up/downwards.9 o; L) b" ]: e8 n! ?, W9 z& i3 k
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' o$ C. Y4 v4 o: T- E! B0 ~& ?8 a
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
" }1 K! N' n1 j2 D8 r. P7 o8 aThe 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.
/ ?- J& x% F6 g/ Q$ v5 \but the value of their assets did really drop significantly.
% }2 Z* I6 Q" U1 C: C, s5 K; N- H V9 @2 Y; @& A' l( k4 {
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
|