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發表於 2008-10-8 07:03 PM
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i thought it is the reason of rate of return.
8 h5 A6 ?" U1 {8 hCDs could have different ratings, AAA -> F,
! T& f9 b4 P$ N" R8 A( r. zmore risky ones would have higher premium (interest rate) as a compensation for an investment.
& m8 [% |5 I& w1 tmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,
4 P* U9 {* ]; a& {; U. cin other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! C. }( c1 Y) s4 a' q
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.! H1 _5 t) U* ^/ D" v. J! r( A. }
similar to bonds, CDs trading in the secondary market have different value at different times,
3 P3 L; q( h- S3 H, G0 Q- Enormally the value is calculated by adding it's principle and interest.
1 F/ K/ |+ Z) E6 {5 d7 O% zeg. the value of the mortgage+the interests to be recieved in the future. " w n! b2 p: O. m W, B) _
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. l% F$ u4 d+ W) E1 J
! s' }5 W0 v. \9 T6 G3 p0 fim not quite sure if the multiplier effect does really matter in this case. i9 E3 m1 R5 T0 S* \: ]
in stock market, it's the demand and supply pushing the price up/downwards.2 Q, k" R$ x% ~8 O3 e: m3 p5 j
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
2 b" M" G2 d B: O/ bA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
/ Q! N% |0 z8 T# f' [, d$ HThe 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.
+ ]! ^( c- p6 T6 dbut the value of their assets did really drop significantly.
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+ G6 B. i: ?+ j q8 x& R3 |[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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