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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.4 [' D. \/ f' H
CDs could have different ratings, AAA -> F,
0 [4 |4 \0 E6 `% cmore risky ones would have higher premium (interest rate) as a compensation for an investment.- U: W2 P2 p3 R# U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
, }- L8 w) C! m) }: i! F. _in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities." P( T% m0 }. v& m; ~* a; P
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
" I* t A6 B0 n. lsimilar to bonds, CDs trading in the secondary market have different value at different times,9 n' x3 k3 I$ c! M9 E! @7 |, \
normally the value is calculated by adding it's principle and interest.
+ l+ X3 x$ ~2 L/ M p7 D7 ^eg. the value of the mortgage+the interests to be recieved in the future. B7 E1 @2 Q4 R8 L' x% c/ i
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.
) x: w! D T( F- d3 z( b
, d: c/ L6 W k/ i7 f8 [im not quite sure if the multiplier effect does really matter in this case.: l+ C/ L/ K" L& i0 f4 u
in stock market, it's the demand and supply pushing the price up/downwards.
/ w3 @2 C( O1 m8 {3 A+ @/ NFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
( Y! J" v* b3 wA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
+ K+ o# w! l; }1 m+ Y7 h& i. ^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. % t: `: t/ ~8 M7 _, Z6 U, _1 l
but the value of their assets did really drop significantly.3 v/ ?; F& i6 Y8 r3 E0 G
Q& v* p A) i5 Q3 G; N+ ?[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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