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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.
3 v# @8 v8 P( SCDs could have different ratings, AAA -> F,- @& k+ C4 K% d9 s) d7 B, }
more risky ones would have higher premium (interest rate) as a compensation for an investment.4 @5 G# K0 B: I5 n
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
/ i) R# f0 U8 ?in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 L& d @, B2 `% _- o" m: q! ^& DAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.* Q" k( G2 ]* v& W& B0 i
similar to bonds, CDs trading in the secondary market have different value at different times,: N2 X) {9 q# A4 X. {% M
normally the value is calculated by adding it's principle and interest.
" c4 N6 Y" L' s$ ]& Aeg. the value of the mortgage+the interests to be recieved in the future. & ~2 o# \# h- x- [( R) q
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.
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" b9 W6 K' c) L8 u: P/ Rim not quite sure if the multiplier effect does really matter in this case./ G1 ^# b1 X& Q; }7 k
in stock market, it's the demand and supply pushing the price up/downwards.
/ _9 u1 x+ }1 l, d( E0 sFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
% U: {. ~ r4 h) i0 D: m4 bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
! E! R8 s* `& K, F9 VThe 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.
* i9 o! V$ U, u" X, u$ P$ m/ gbut the value of their assets did really drop significantly.0 [" G, Y6 V3 L, }8 _
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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