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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.) ^ _; t* K) G4 e
CDs could have different ratings, AAA -> F,
/ ~$ z" J1 H8 Cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
/ v' n, i9 L- X3 O# vmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,/ f& y/ H3 p! }+ E; [
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
" @ ?+ _/ {- T1 iAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
- w; i1 ~5 d Q% A- @similar to bonds, CDs trading in the secondary market have different value at different times,
( q8 p1 v |" y" V, V/ H$ v6 Bnormally the value is calculated by adding it's principle and interest.
4 f& A% q, C+ p! _$ T9 U/ \eg. the value of the mortgage+the interests to be recieved in the future.
: U F0 `. E* D4 a7 R- p8 Fbanks 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.+ i4 } r- s! O. _, U5 j
' P9 A c* ^, ?4 K( l$ K* O% \im not quite sure if the multiplier effect does really matter in this case.
3 X2 s4 ~* P& M# z0 Kin stock market, it's the demand and supply pushing the price up/downwards.
9 \# }6 i' i! l8 OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. J3 C- ]. G7 A8 f& Z+ }
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.. }+ h- X# D; J7 {: r2 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. 8 n( \1 j& v r. e: u; W% u% F& ?
but the value of their assets did really drop significantly.5 n8 G# D4 a/ t
7 ^) r+ p: Y& i% m[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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