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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.; n4 [5 L" b; ]' I$ S- E
CDs could have different ratings, AAA -> F,9 ]+ ^" v8 |9 }' z, r* q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
m; d% ~9 B0 F& v7 n: jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,( L T4 E$ ^% l, |
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.7 y- c- P) n2 R. @. o
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.9 z& L# N+ ~) U; w6 q J: F: [1 L0 \# O
similar to bonds, CDs trading in the secondary market have different value at different times,
) t* c7 J, B" k4 u* q% wnormally the value is calculated by adding it's principle and interest.
" s: {$ R- N6 |: h! t4 beg. the value of the mortgage+the interests to be recieved in the future.
5 R5 _, L. [8 n/ Q' r% cbanks 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.& l/ I' Z& I3 k+ f$ b
$ f9 y& v" _6 n0 r' C/ Xim not quite sure if the multiplier effect does really matter in this case.' `$ d* L: s5 C- B y2 a
in stock market, it's the demand and supply pushing the price up/downwards.
* B: \) l. Z6 s7 g4 z: a0 QFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,3 ]" K2 @5 E7 x( v, F; _9 L. v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
* g# g/ `% e- R( S0 B8 s! ~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. + z9 ] o8 C. ~4 H
but the value of their assets did really drop significantly.
H* @4 r5 o, q% x6 W3 `0 C' I6 y4 v5 C5 ^8 i" T4 `% Y8 J7 \2 P: K
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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