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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.! r7 n. Z5 e p1 s1 g9 ^8 t% D
CDs could have different ratings, AAA -> F,' A9 F5 G" H& _7 K7 M; P
more risky ones would have higher premium (interest rate) as a compensation for an investment.
H* k8 w$ c8 ]/ T& rmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,+ P* u* {' V" H. s8 I/ M
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.: E$ |1 w: C. l( W
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
% r7 W5 ?) p/ n U* i+ ~similar to bonds, CDs trading in the secondary market have different value at different times,9 V, e j" K6 b/ _8 t! ~( c
normally the value is calculated by adding it's principle and interest.
L1 |6 w7 w5 k$ z/ i; V) {' Veg. the value of the mortgage+the interests to be recieved in the future.
& a' m/ P6 [8 ]. {# ?8 ybanks 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.
1 o1 M2 | ^. V) C) p N2 ]4 x' Q/ G4 j4 h- H; R% z) h$ _3 L
im not quite sure if the multiplier effect does really matter in this case.1 }- G9 z- R% L8 w7 x3 v4 J
in stock market, it's the demand and supply pushing the price up/downwards.
a& f* J! O: F) W6 M$ Y1 z9 RFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,( Q, @ a2 j4 G" j+ f- y' V' t# o% _
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 E& F7 ?# f1 {( V3 SThe 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.
+ s Q6 `9 J T. qbut the value of their assets did really drop significantly.+ o8 P1 ]2 W3 s7 L
A. u. q' p" _
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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