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We can also express Modified duration as follows:
...Eq. (3)
The expression in the brackets of the modified duration formula is given by equation (3) and is a measure created by Frederick Macaulay in 1938. This measure is known as Macaulay duration. Actually Macaulay duration is nothing but the weighted-average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price. Rewriting the formula of modified duration, we get:
Cash flow duration, like effective duration, considers the change in the cash flow due to prepayment with the change in the interest rate. In effective duration,
What is the basic goal of a business? The primary financial goal of the business organizations is to maximize the wealth of the firm's owners. In turn Wealth refers to value.
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