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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.& W o# I+ s) p M, Z3 t
CDs could have different ratings, AAA -> F,
# t* `4 O2 s! l6 b, ^: amore risky ones would have higher premium (interest rate) as a compensation for an investment.! V$ _7 d3 O4 |6 t- g1 }
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,. z+ K- c8 g+ n
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* |7 Y, X% p7 i8 [, Y4 O
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
8 W9 K; x7 a! Isimilar to bonds, CDs trading in the secondary market have different value at different times,4 P- ~, {: D7 X ?/ X; ~) T
normally the value is calculated by adding it's principle and interest.
, b& `) O: g. d$ t* \6 g% p* e1 w heg. the value of the mortgage+the interests to be recieved in the future.
. D8 y9 h+ k1 e6 [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) s4 o6 F) |2 w" X
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im not quite sure if the multiplier effect does really matter in this case.) J/ p0 j+ G# d( O) e( e
in stock market, it's the demand and supply pushing the price up/downwards.. v4 s* X; d1 ]' w% n: A# T
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,$ I5 R& `) x' a! a
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.% O3 @+ g8 X" K& ?
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. 0 H N, T0 }# M9 i
but the value of their assets did really drop significantly.
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' }8 P! a% l, j5 c9 l9 `[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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