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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.
" O& N1 C# O g) }" d! W% Q) M8 NCDs could have different ratings, AAA -> F,
/ m6 h! F/ Y) |+ Mmore risky ones would have higher premium (interest rate) as a compensation for an investment.
" R# Y, [8 x3 o7 F4 a: }5 lmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,8 }. ? x3 g0 C, [4 N5 P
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.* j, d% {) s2 C$ }3 p; `
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.
( d9 e6 \6 X- @" N) A5 `0 jsimilar to bonds, CDs trading in the secondary market have different value at different times,
# l/ M8 G: t. e% Lnormally the value is calculated by adding it's principle and interest.
- n% e7 K! U7 R2 m7 b% Eeg. the value of the mortgage+the interests to be recieved in the future.
2 Y* ? l$ T5 j2 V& e* l/ c' Gbanks 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.& b o$ P- `( R+ I4 _
2 Z9 }* |. V0 `4 T1 t4 O& Nim not quite sure if the multiplier effect does really matter in this case.1 N) h1 e: j, H; W: Z
in stock market, it's the demand and supply pushing the price up/downwards.
4 Y' p: K8 \/ l- D2 OFor eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
) t, k+ m. a9 KA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.: \- v% u' p: ?6 S$ L4 |$ o( W: u
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. 8 O9 ~3 H. H: g% O% h# B
but the value of their assets did really drop significantly.
, g* A. s2 D2 ?' N
* _6 X# }) C, ~3 T9 ^' s[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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