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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 E0 b' k: z6 MCDs could have different ratings, AAA -> F,
: ^' K0 o7 \3 Q7 ^/ S' Q2 [more risky ones would have higher premium (interest rate) as a compensation for an investment.
" u8 s; r/ h N5 L: n& B+ Pmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
+ v6 e$ C7 ~9 Z$ ?1 s0 X# L* U tin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.) \7 Q% ~3 ]) u& Y6 H6 d
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
3 }) V; a" ]' q' E$ p: Lsimilar to bonds, CDs trading in the secondary market have different value at different times,
1 V4 h2 p x% ~3 rnormally the value is calculated by adding it's principle and interest.
# G/ ]0 \- J3 P( u: `eg. the value of the mortgage+the interests to be recieved in the future.
1 n; U; a+ g, [* nbanks 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.
) L) v; a2 C5 t; _$ Y7 q2 f; d; d3 g* B0 q' L4 p7 j: i2 ~
im not quite sure if the multiplier effect does really matter in this case.
# y: P% l5 g: z' k9 i6 D: W# }2 xin stock market, it's the demand and supply pushing the price up/downwards.. A3 ^: b' a- ?; Z) @5 [/ r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,' |) S; x, V: N4 h. z
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
6 ?( R: Z% y% g9 C; G" mThe 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.
7 N } ]# u8 Q+ h7 B2 \but the value of their assets did really drop significantly.# W; a" }) O2 Q, w9 p2 N5 [* V
$ ` F" q4 Y4 M( o6 K& g# F
[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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