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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./ ~: b3 e" h9 q- k5 S
CDs could have different ratings, AAA -> F,
8 Y; d% V( Z @5 G% _$ q3 [5 \) D6 Umore risky ones would have higher premium (interest rate) as a compensation for an investment.
# U+ q3 l; T g* u5 jmain reason why ppl buy those risky CDs is because the rate of return exceeds their internal rate of return,$ K( F: R" C, {0 C3 I* d1 Q. K) q
in other words, the interest rate of that investment > their required interest rate, therefore they invest in those securities.
% o9 S4 h& L, l4 [! d4 AAlso, fund managers would include risky assets in their portfolio for different purposes, eg efficiency.6 I+ Q+ [$ C1 n$ p' z
similar to bonds, CDs trading in the secondary market have different value at different times,* I% Z' P7 P) t/ [# u7 P
normally the value is calculated by adding it's principle and interest. 9 l/ ?) R' g( p
eg. the value of the mortgage+the interests to be recieved in the future. ( w5 l/ @ F y H
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.
2 v2 ?6 b( {; G. L9 C0 ]$ M/ }# w) `; O0 v
im not quite sure if the multiplier effect does really matter in this case.6 v8 v. `9 f+ f, K) Y, U
in stock market, it's the demand and supply pushing the price up/downwards.: i7 L7 G3 D( o& o3 h% u% Z0 X
For eg, A bought 10000 shares @10$ ; B sells 20000 shares to C @ $12,! K/ [! Y+ G) w* d5 L
A's shares would suddenly increase to $120000 from $100000 which does not invlove any $ transaction.
; t, D* T' N$ {4 Z) h- mThe 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. % Z* W) Q/ W( |* M
but the value of their assets did really drop significantly.( N, G& G& G9 @. i; K# S) Z
3 d2 D& I, [7 F9 S% e1 K[ 本帖最後由 Kev 於 2008-10-8 07:26 PM 編輯 ] |
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