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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.
- t' Y7 T% _6 A' D2 k" p& \) q4 ZCDs could have different ratings, AAA -> F,) i: U$ `4 ?' }9 H
more risky ones would have higher premium (interest rate) as a compensation for an investment.6 H/ ]- {5 ^7 c( S5 u
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ y$ ]% b# k* \* i
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% K8 H, Y) f4 `% _% \4 qAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( c. i$ U7 @# u$ {% w1 L h4 Jsimilar to bonds, CDs trading in the secondary market have different value at different times,
# J# f* Y+ C* e0 Tnormally the value is calculated by adding it's principle and interest.
: U2 S* r2 y: A. H/ Z( leg. the value of the mortgage+the interests to be recieved in the future.
, | Q: j, H1 s8 r% g! 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.& r. Y$ t v! X, W" s3 `3 Y9 d, W# L
+ q6 t4 e4 b% t& Q
im not quite sure if the multiplier effect does really matter in this case.3 X$ t5 }9 H2 B
in stock market, it's the demand and supply pushing the price up/downwards.
) Q! E w8 |% rFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
- a* p+ V/ [2 M/ d, R7 B0 tA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.2 h ^1 a3 E, t& [: A% H
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. 7 Q5 J5 B1 d' K8 i' J' e
but the value of their assets did really drop significantly.6 @5 u2 V7 ]5 s
2 M/ F! d5 E# t/ e* Y4 F2 t3 A3 C
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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