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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./ H' m: S* {7 A1 a9 Z
CDs could have different ratings, AAA -> F,
N4 B( Y, E1 ^ d+ Nmore risky ones would have higher premium (interest rate) as a compensation for an investment.! w. P6 l5 ^3 a1 K; G3 a; W7 Y
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,) M3 Z' S% B- O' C7 X# C8 ^
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.! V7 { M, F5 R
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
1 Z' r6 K7 n5 S# lsimilar to bonds, CDs trading in the secondary market have different value at different times,
0 C8 E1 y0 B6 @7 ?: p7 t& z* qnormally the value is calculated by adding it's principle and interest. 8 b0 {' `! Y1 I. L3 Q
eg. the value of the mortgage+the interests to be recieved in the future. # P3 O2 e0 y2 U+ ?) X/ d9 C
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.
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im not quite sure if the multiplier effect does really matter in this case.
. g7 |9 \1 t b, k' V2 ^/ G! Sin stock market, it's the demand and supply pushing the price up/downwards.
8 j- b# h5 W8 }& |1 p6 t/ xFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! A9 ?2 }2 K+ P2 I2 v
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
- J6 u* }3 Z ~6 |7 `" p& 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. # p0 h8 h) G" h+ R" N" f
but the value of their assets did really drop significantly.
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8 f: V7 [, p( ?2 p2 {# g, r1 ?9 [[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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