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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.+ _2 e% V* {% O5 m6 a; x
CDs could have different ratings, AAA -> F,
% [" a6 H" t6 nmore risky ones would have higher premium (interest rate) as a compensation for an investment.' }$ J# P+ u5 ~- d
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 r& }8 \2 ]- ?& o' V @in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
8 ?2 }1 x( C6 q5 sAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
' a% Q: h+ ^" }# D6 z, I6 b+ b% \similar to bonds, CDs trading in the secondary market have different value at different times,7 f2 ?' W1 f8 a0 ~) _
normally the value is calculated by adding it's principle and interest.
0 J7 V1 Y2 I& teg. the value of the mortgage+the interests to be recieved in the future.
( d8 `+ o) E8 ~( b. C; 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.
. X ]1 j( X3 n4 F. p/ O u/ F; E6 e- H3 Z" G5 R+ C
im not quite sure if the multiplier effect does really matter in this case. S7 L, f" u4 U2 L8 k, ?9 p! ~
in stock market, it's the demand and supply pushing the price up/downwards.; o- Y" V. U* }1 c7 [9 q4 r
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
; \; F9 |. [$ M+ u' ]& l3 b$ xA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.8 {/ n+ G8 ]/ R/ 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.
`. x2 C% h6 u3 T* Fbut the value of their assets did really drop significantly.) e& J. c% `; |
7 t+ [: h% B2 h# T M$ }[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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