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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:
Eurobond A corporate bond denominated in U.S. dollars or other hard currencies and sold to investors outside the country whose currency is used. Eurobonds have become an impor
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undertake a critical review of the current academic literature to determine the reasons for benefits of and the costs to companies of cross listing.
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Typically in a bond, we find an inverse relation between the price and the required yield. We know that the price of the bond is the present val
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