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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.
: c4 D _4 w2 [0 @) O& ZCDs could have different ratings, AAA -> F,. _9 x: K2 F+ S, b/ c% i- a* F
more risky ones would have higher premium (interest rate) as a compensation for an investment.
6 n& C" d- u) K- Bmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
5 z) @$ k( Y- q: F, `$ b, h% T3 x% din other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
0 g8 j' q8 A; c0 e+ N; z9 |- k- SAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.3 ^& q6 W# v$ u* B' F, z7 ^
similar to bonds, CDs trading in the secondary market have different value at different times,7 V' @5 j, D0 `
normally the value is calculated by adding it's principle and interest.
$ H5 y5 W* P4 [" y5 `eg. the value of the mortgage+the interests to be recieved in the future. 4 A! D' K+ } Z/ Z# V
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.5 Y0 T5 T# m5 a9 ^$ N3 X9 `) D: |
' {# o* d, m: e# E L& @5 rim not quite sure if the multiplier effect does really matter in this case.! W' @% j" m1 j E7 |
in stock market, it's the demand and supply pushing the price up/downwards.8 O% s5 X, t+ D; b
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,* t1 T5 z, }; H4 A
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
y: e ?7 o. Q* v' gThe 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.
h2 g0 S" W$ l" z Lbut the value of their assets did really drop significantly.# @, u Q) G8 l& j. y0 I6 ]% J. H/ l
9 P* m7 ]* E# v1 k[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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