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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.; C! S0 o0 }- ]2 }
CDs could have different ratings, AAA -> F,
& b* g' t/ T8 l% Tmore risky ones would have higher premium (interest rate) as a compensation for an investment. R( q& a2 _! T
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
! W( C* b- O+ c% s/ s, z o4 Jin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.8 N8 \7 u6 ^+ y$ J+ O" ^
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
& r& H( E& d: m) O4 g- gsimilar to bonds, CDs trading in the secondary market have different value at different times,
$ _; m/ @5 N% n1 K$ Y, c l" n; snormally the value is calculated by adding it's principle and interest.
2 t6 U# h% {: B; {% meg. the value of the mortgage+the interests to be recieved in the future.
" i: @ b1 v9 b+ Lbanks 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 M$ ?# C \3 t) Q" A( f- V- R4 S0 l) X2 |: y
im not quite sure if the multiplier effect does really matter in this case.# x0 l3 T n, F$ P( k) N
in stock market, it's the demand and supply pushing the price up/downwards.
+ q2 }' }, R$ X3 Z- MFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. e8 j. d2 j& N
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- d$ |; ~( c5 BThe 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.
) K8 X- J0 t& z& w: Nbut the value of their assets did really drop significantly.
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3 U/ ]; ^! ?; w, i[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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