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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
! d& z: H9 t) l$ k6 ]8 n7 jCDs could have different ratings, AAA -> F,& g; m7 K6 J4 k& S5 b
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 X) T) Q6 Z" r. W9 C2 s1 N) a
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,; F2 H& O, h; D2 T5 H8 s
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.% ^- a/ f0 J6 |. V. b
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 e0 c, E- S; b1 ~
similar to bonds, CDs trading in the secondary market have different value at different times,+ ]: T1 S7 {) j0 R* e# `& \
normally the value is calculated by adding it's principle and interest.
9 X( ~3 b/ a9 J2 z @$ Leg. the value of the mortgage+the interests to be recieved in the future. 2 [5 d) j- T3 E( ~! b
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.3 I5 @/ e# b# M U+ H
1 Q! @- K1 e- l! Eim not quite sure if the multiplier effect does really matter in this case., ^- S; ^7 u" x
in stock market, it's the demand and supply pushing the price up/downwards.1 \' ?2 S) J/ w+ u8 @, e: d! ] p
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,4 t3 K& H$ f! {7 @/ i
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.+ P' x& }" u* w: I3 J
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. ' h; H6 m2 W' A# h# d
but the value of their assets did really drop significantly. d* B/ t+ R: C2 b
* J/ ]( |5 y) r* M* U! b[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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