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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.
4 c' Q) O; A; R" RCDs could have different ratings, AAA -> F,
8 h( d! G0 ?# J. g1 P0 N. p5 Ymore risky ones would have higher premium (interest rate) as a compensation for an investment.
# z. b1 }3 @$ J: D: H: [main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
$ ?0 e: {: [: ~/ \* U& Hin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
7 |+ L8 x$ u( g' lAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency., m) U- [! n8 I6 r7 [: U7 X
similar to bonds, CDs trading in the secondary market have different value at different times,1 }2 S# w. n5 I0 x2 q8 g
normally the value is calculated by adding it's principle and interest. ) T, A v& M0 m) F) ~- {/ m8 x
eg. the value of the mortgage+the interests to be recieved in the future. 2 _7 j+ o- A$ X' d9 N; Y
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.
* Z8 m" r$ T t+ c* A: p
1 `. c$ g, |7 A) e5 h4 o3 w7 Uim not quite sure if the multiplier effect does really matter in this case.+ W% n* C G* x
in stock market, it's the demand and supply pushing the price up/downwards.
/ Q# [; \' U9 {7 h) D$ n; c; G- PFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,) d( z8 ?3 K; p: e! ~ y% B
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
4 \- D) N6 R5 v* z2 V3 EThe 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. # N2 n) O' D0 m# g* i# O
but the value of their assets did really drop significantly.9 q( Z4 w7 ~1 _% C
1 M! t. _0 y% ]& J& d) Q& h: I' E( z[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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