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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.
6 ?1 ^( }& X1 Y7 V( Y' ?3 E$ QCDs could have different ratings, AAA -> F,
) |9 x: N5 {) J7 J+ |4 J" S" ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
' {/ K% M. N7 Z; g5 s; emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,# i) g& D7 n9 u8 V9 `
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.9 B9 v* |$ b) H" `0 [/ Z! O# z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
, ?& v1 S/ t& J, jsimilar to bonds, CDs trading in the secondary market have different value at different times,- w$ X$ K# T! }0 Y8 s1 O
normally the value is calculated by adding it's principle and interest. 6 h) h: n$ ]6 q+ V
eg. the value of the mortgage+the interests to be recieved in the future. " t" }$ @" O1 |. G1 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.
% P& m6 J6 ]$ A( f y$ y
. B w$ V: ^% U) Z! eim not quite sure if the multiplier effect does really matter in this case.& f& R! o0 Y% l% E4 S l' W( F
in stock market, it's the demand and supply pushing the price up/downwards.
2 X" ?; L' F5 Y$ e! WFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. C4 B: v; j$ ^6 p5 |A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
7 P8 d( ?* I1 F/ w. TThe 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. # w1 @/ N% A; O6 N' Q
but the value of their assets did really drop significantly.6 C( B; H3 j( M- W- m
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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