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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.1 \+ n2 X) z4 t! u1 }. W
CDs could have different ratings, AAA -> F,! I$ Y, ^$ S# V; |2 B7 |
more risky ones would have higher premium (interest rate) as a compensation for an investment.* B* ]$ q4 I+ ?5 U `6 ~0 g/ }
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
6 K- m( ^: ?% I/ f6 a+ M) ^0 T8 Bin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 a, d7 H1 s9 Q5 b \6 {4 W- O3 dAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' q/ P+ B9 F6 J4 Dsimilar to bonds, CDs trading in the secondary market have different value at different times,, u* m' o+ i" @6 G5 {" R
normally the value is calculated by adding it's principle and interest.
/ M& b& y! A0 j4 A3 ?+ V* Xeg. the value of the mortgage+the interests to be recieved in the future. / E; n, c) F1 N' f* p' f& 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.) M* }/ `3 Q6 i8 e9 x6 a6 c
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im not quite sure if the multiplier effect does really matter in this case.) |' {: D4 S- g1 u- l# T
in stock market, it's the demand and supply pushing the price up/downwards." K0 h; K8 T) ]9 a
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! ]0 Y; F% Y) r7 k
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction./ g: a% d% A+ B8 U5 ]
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. 6 E+ m- i* M9 X* a
but the value of their assets did really drop significantly.: e ]: C+ C; f6 T
+ E. A) V/ s; u" {) S; C
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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