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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.
; v9 v4 ~+ D" R% XCDs could have different ratings, AAA -> F,' j {5 |" ?5 M4 b) q
more risky ones would have higher premium (interest rate) as a compensation for an investment.
- L9 v6 k: b6 D2 B2 Qmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
L9 Q! o% U6 gin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.' W# B1 y; g2 _; }2 w
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.& D- X4 B' R3 z. L8 Z+ {5 o
similar to bonds, CDs trading in the secondary market have different value at different times,3 t; e+ f$ E) W4 r( W/ U5 Z
normally the value is calculated by adding it's principle and interest. 8 Y( \) z5 V( `
eg. the value of the mortgage+the interests to be recieved in the future.
8 |4 N1 s; o4 _# Rbanks 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.( H: D# d" \- c% A7 t
+ N6 Y1 d8 ~$ y, O# Uim not quite sure if the multiplier effect does really matter in this case.
) ]3 X6 F) y: S6 rin stock market, it's the demand and supply pushing the price up/downwards.2 j( K, g0 l: T4 I* F, _8 p
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,2 ` M, x' i F& w* a+ I
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.9 s2 V6 X, b2 S. N
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.
* d* ~0 c$ j( g5 ebut the value of their assets did really drop significantly.+ v( u. I" m7 d4 ]$ s1 a: F( c8 _" a+ ~) _
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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