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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.
4 {( t5 u3 y* u5 t, oCDs could have different ratings, AAA -> F,
. I; J7 j( P* \0 ~more risky ones would have higher premium (interest rate) as a compensation for an investment.
7 P$ K2 ~: N0 E7 u( E$ Q3 qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
) {5 i& L I, D) u7 m) Y+ Y9 |in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.. c" o, |0 e/ V. t& k
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.4 D$ b# f2 L7 w- f: T; U% v: K4 a
similar to bonds, CDs trading in the secondary market have different value at different times,/ u' p+ q3 f i
normally the value is calculated by adding it's principle and interest.
# ~5 |& l0 s, m) @# P& D' Ceg. the value of the mortgage+the interests to be recieved in the future. ' }$ |, \5 S7 W. B
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.
6 K/ J" a3 G& c) }5 s: N
) k5 N5 b1 f% P, iim not quite sure if the multiplier effect does really matter in this case.& I( V9 w$ f8 R7 [8 D( V7 l9 E& L' ` X, W
in stock market, it's the demand and supply pushing the price up/downwards.8 c+ z& M' {2 g9 a8 s" s, j# f5 [3 }
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,1 `* @: ]8 Y' j( ]
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.& o' }: ]8 e. \; W2 c* n. t5 Q
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. 2 t* k7 |! @/ o/ c
but the value of their assets did really drop significantly.$ f. D! c2 w5 i7 h
8 `0 v' w& P3 @$ U* y[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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