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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.
, {8 l4 U' @+ v/ d9 R0 D1 }/ ?CDs could have different ratings, AAA -> F,' X5 D6 }9 s) K/ h2 W
more risky ones would have higher premium (interest rate) as a compensation for an investment., F3 A0 c+ N' M9 m! f4 M2 U2 p% `% \
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
0 q0 i: r2 d+ m0 H3 rin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.5 {( m) U& A+ L6 [
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& k, r6 f1 n$ {; nsimilar to bonds, CDs trading in the secondary market have different value at different times,1 J* i5 A1 u/ `
normally the value is calculated by adding it's principle and interest.
1 C: T- R$ y' r, |: a& u5 J; ~: seg. the value of the mortgage+the interests to be recieved in the future.
, A- ?2 ^2 X3 ?$ Q; j- I- r g( pbanks 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.- I3 f% T2 j$ _- e/ a
0 V( l7 k5 K. y, him not quite sure if the multiplier effect does really matter in this case.
8 `8 w4 ~, k) \0 U$ ain stock market, it's the demand and supply pushing the price up/downwards.
, m( i, D7 n8 M. B, i, [+ y8 q5 U7 wFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
+ }8 v& f+ M8 r" T4 O% BA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.1 I9 w8 z! W! h7 v+ @: ^+ y1 \" u
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. & @$ b# v5 O3 p7 c+ t
but the value of their assets did really drop significantly.
( O# Q5 k- A, q: F1 k3 F$ L+ V& t$ k* H- `; f; y9 y
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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