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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.$ V0 V7 l) W2 d( c! ?
CDs could have different ratings, AAA -> F,- X% ?$ L* j7 S6 M7 R% i
more risky ones would have higher premium (interest rate) as a compensation for an investment.5 ?9 S$ \# v, S
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& ?2 l, V# F3 {# w' L
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
6 [& L$ p2 f, q7 e( |" Z) u0 LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
$ P/ K* x, F8 V0 m/ J. r( Hsimilar to bonds, CDs trading in the secondary market have different value at different times,
- m: `; j0 J! J* j4 y/ G2 Hnormally the value is calculated by adding it's principle and interest. # A! o# b# v6 P8 O! N. K G/ j6 Q0 Z
eg. the value of the mortgage+the interests to be recieved in the future.
/ o5 H' B D: [8 ?. ]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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* C( `& l% D2 ?( Fim not quite sure if the multiplier effect does really matter in this case.. a% z" k" q- ]
in stock market, it's the demand and supply pushing the price up/downwards.3 x3 Y6 l" r6 `4 t
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,/ _9 L1 R, ]- U; M
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
' S7 W$ n$ m5 N9 e+ eThe 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.
, Y: ~# O( U* O* G6 ibut the value of their assets did really drop significantly.
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* g& P' q. S% c$ c[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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