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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.
! {: n- {0 s d4 ]2 _: d. N5 mCDs could have different ratings, AAA -> F,
2 u- A6 C. ~) R1 v4 @/ Rmore risky ones would have higher premium (interest rate) as a compensation for an investment.& ^; p2 Z8 G1 O, U
main reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,& f- W0 x2 i+ D$ e" J' z2 f3 F
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities./ m2 _5 d1 ~1 u. W. W6 z
Also, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 ^7 Y6 v c% ~+ V
similar to bonds, CDs trading in the secondary market have different value at different times, X1 k9 o; O0 \/ R! |! Q: w
normally the value is calculated by adding it's principle and interest. % X4 w4 h+ `' Y& V: h7 j
eg. the value of the mortgage+the interests to be recieved in the future.
; q$ ?( F7 g% B* sbanks 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.
8 G- r! ?( {' S* ^8 c# }& x7 I8 y7 I
im not quite sure if the multiplier effect does really matter in this case.; V3 W" { j# k* L/ z! S& H
in stock market, it's the demand and supply pushing the price up/downwards.# V" Y) O; `. l( i
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,
. B3 c, P+ g$ JA's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
5 }9 ], K7 ^' V; `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.
6 c: e5 }2 |9 @but the value of their assets did really drop significantly.
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[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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