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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.# f. {+ Z, D) q2 h7 A6 ?- h
CDs could have different ratings, AAA -> F,
y# l9 _. Q6 Z' w0 J+ }, cmore risky ones would have higher premium (interest rate) as a compensation for an investment.
; y* |9 q" z- f$ m2 W/ w1 `main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,1 S" `7 e% i9 W4 P, x
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
$ A+ _/ Q9 y j% S$ w+ VAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
# [. |. p$ \4 Z# p; L+ o& C- Jsimilar to bonds, CDs trading in the secondary market have different value at different times,4 d, b; }% e M: R- D
normally the value is calculated by adding it's principle and interest. * V0 b) c6 u \# F! i
eg. the value of the mortgage+the interests to be recieved in the future.
6 x& w1 }% C, 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.
% W0 Z/ I, W' _0 Q$ ]( n& \& |7 [, ^- X$ B! @+ }3 }
im not quite sure if the multiplier effect does really matter in this case.& F/ I1 }6 d- i& I5 e) r& M
in stock market, it's the demand and supply pushing the price up/downwards.
6 M6 o2 e5 f6 w" Z4 c6 [8 b0 pFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
8 A" ]8 ^( |/ \A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.# i! Y2 o' _, E8 K3 `
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.
P2 C ]% o4 ^2 n- Xbut the value of their assets did really drop significantly.
% d$ K; j( o( o9 X7 [% u6 t$ I2 b! L5 s: |" _
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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