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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.
0 m$ J$ Z5 j ?CDs could have different ratings, AAA -> F,+ z" ]+ S* c" y& @' ]0 r
more risky ones would have higher premium (interest rate) as a compensation for an investment.
$ u# t+ S0 M& S# v- _2 Emain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
. W% j/ h* F! w K& P; g: M W0 e( qin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
& ?7 U3 b/ E8 }0 A% LAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency." D1 Z6 j7 V0 L6 k" r3 s& r7 U8 f) E
similar to bonds, CDs trading in the secondary market have different value at different times,' b7 B) i+ X! l z: l! ?; H
normally the value is calculated by adding it's principle and interest.
2 h/ i) f' K% |# eeg. the value of the mortgage+the interests to be recieved in the future. ) [4 S- K1 g- l% G
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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im not quite sure if the multiplier effect does really matter in this case., D% R+ ?) ]7 L% z, T
in stock market, it's the demand and supply pushing the price up/downwards.
% g/ O* F4 L# L! E7 cFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,. G) \) L" G# G& q
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
3 K# K2 j4 Y2 [, IThe 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. # d9 x& S0 P- o2 f- o9 d+ o
but the value of their assets did really drop significantly.
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3 `% _7 C# B) S3 q S, H. ^7 m" X% k1 c[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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