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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.! m5 ]+ ?( ~) b8 ?0 u
CDs could have different ratings, AAA -> F,; l4 K) z( E7 R! O
more risky ones would have higher premium (interest rate) as a compensation for an investment.
5 W3 `' U! i+ z' C! X5 ?" Q, X% gmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
3 R/ `& d9 u- w/ {in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.; a; {& e$ F- L4 p
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.( T: L2 y- F# R
similar to bonds, CDs trading in the secondary market have different value at different times,
3 x k* x. W5 o/ Anormally the value is calculated by adding it's principle and interest. & r/ T6 F3 Z+ @' a* O5 @7 M
eg. the value of the mortgage+the interests to be recieved in the future.
' a* a1 X5 g1 d- Ibanks 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./ K; Q" ^+ @& v% \ [) f9 ^: x: t5 U& L
in stock market, it's the demand and supply pushing the price up/downwards.+ q7 O6 l Q: [0 N# \8 f8 y
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' X/ V1 O2 G- p% t
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.3 h; {4 C6 W5 M- h4 p3 C4 x* c Y
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.
0 y7 }6 {: p# ^# @3 gbut the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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