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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. d( A% @. h* h( J! o! R
CDs could have different ratings, AAA -> F,5 }0 X- C" E o2 R" E) j( B
more risky ones would have higher premium (interest rate) as a compensation for an investment.
B. B" B+ u+ }+ E5 {* U N- m6 c Rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,6 t8 X" w4 C4 U3 |" n1 ~' d
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: f9 _/ h, c _: M* H
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 f, T/ O8 T5 ssimilar to bonds, CDs trading in the secondary market have different value at different times,
7 d1 S ?% P5 cnormally the value is calculated by adding it's principle and interest.
; X* z9 Y5 ?+ seg. the value of the mortgage+the interests to be recieved in the future. 9 @6 `" `3 K6 {% {
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.- `! N$ x0 {- ^# {7 Y# h7 ?
& H2 U" ]) u Q% p, F2 nim not quite sure if the multiplier effect does really matter in this case.
* e9 Q' w, o& A: S+ o/ _in stock market, it's the demand and supply pushing the price up/downwards.7 E u5 g- ^6 w0 h
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
3 ~: h% W% W) ~- qA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.$ O) j5 `9 h4 t/ W" z
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. 5 R' f: Y1 o% _) u8 K( }
but the value of their assets did really drop significantly.
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: O1 [; d: u5 k" }! k+ H, x0 }[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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