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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.3 f3 K2 V9 }+ \
CDs could have different ratings, AAA -> F,9 H0 @% u- g, b) b: j! @* ?
more risky ones would have higher premium (interest rate) as a compensation for an investment.
9 w1 y. D6 `; b- E% g. t# h4 Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,! N3 K8 ^4 ?1 |# ?9 o' ]
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 a3 }' ~' _3 _1 `6 c( L! [" `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
7 f1 a) _, O. h, K" u' Q+ \" \2 D2 ~similar to bonds, CDs trading in the secondary market have different value at different times,8 o2 Y, w3 W, i1 n' Q
normally the value is calculated by adding it's principle and interest. : b% q- a8 X: e4 z4 E
eg. the value of the mortgage+the interests to be recieved in the future.
% i. {" {0 M+ _; ubanks 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.* x* j! c& M5 x! \$ }7 _& X% P
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im not quite sure if the multiplier effect does really matter in this case.& H" ^" V- }. j( b% ~
in stock market, it's the demand and supply pushing the price up/downwards.0 Y- r$ }+ T/ n- r$ Q3 U3 k/ F: _
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
, c/ U8 Z2 J! d2 \# PA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 O$ K9 ~7 f( kThe 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 r. ^( |7 Q* e- X" w% |
but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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