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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.# ~% k8 I( x: R. Y. P% X
CDs could have different ratings, AAA -> F,9 p' l! E, X: Q7 I
more risky ones would have higher premium (interest rate) as a compensation for an investment.8 W& X( [" n' \$ _ N+ z# D$ C- Q
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,9 `8 L( V! y; J2 d u, Z0 J
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
- u0 r' w. I& V4 nAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 l; I8 y1 m7 i3 K: s
similar to bonds, CDs trading in the secondary market have different value at different times,
2 v0 _" A. o1 T, Lnormally the value is calculated by adding it's principle and interest. ' [) Y+ Q% e: m% Z& {4 R, s* _
eg. the value of the mortgage+the interests to be recieved in the future. # o* ^. J. ^* M" U& x) v
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.6 I0 s) f( u' T2 K% p/ T( s9 U
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im not quite sure if the multiplier effect does really matter in this case.2 R8 w3 Q! R4 q6 z
in stock market, it's the demand and supply pushing the price up/downwards.
' y0 F6 f/ u8 ~For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 t6 d/ i8 Z& S. V) d' `- CA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
$ U# o9 G3 P* V- ^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. ) Y% b6 ?! o( i7 Q0 ~6 k1 J
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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