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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.
. M+ ]6 E1 i& J: N% g! XCDs could have different ratings, AAA -> F,
0 A& e" N& i1 c) emore risky ones would have higher premium (interest rate) as a compensation for an investment.
2 y8 g6 S& {5 o$ E( O0 a, c# [1 \main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,2 j- V8 q! f. I
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 G4 p& ?6 {- s2 P( Y4 m3 p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 ]: U' f& W# }; b K; Asimilar to bonds, CDs trading in the secondary market have different value at different times,
: V' a5 \$ f3 o& O4 s' o% L* inormally the value is calculated by adding it's principle and interest. w2 Z" x# C# X1 U. w0 j
eg. the value of the mortgage+the interests to be recieved in the future.
( U4 I# r- m) I# o6 o4 qbanks 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.
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im not quite sure if the multiplier effect does really matter in this case.
% g# x! E. I9 u) o+ qin stock market, it's the demand and supply pushing the price up/downwards.
6 }9 y1 B$ y' J6 cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- f, i/ Z2 E8 o* E4 m3 s) M7 pA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 b' }( \' e& h; o7 i
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.
: K9 g, R2 C8 a3 ~7 C9 bbut 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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