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The duration of an equity is a noisy analogue of the Macaulay duration of a bond, due to the variability and unpredictability of dividend payments. The duration of a stock or the stock market is implied rather than deterministic. Duration of the U.S. stock market as a whole, and most individual stocks within it, is many years to a few decades.
This will give modified duration a numerical value close to the Macaulay duration (and equal when rates are continuously compounded). Formally, modified duration is a semi- elasticity , the percent change in price for a unit change in yield, rather than an elasticity , which is a percentage change in output for a percentage change in input.
The modified Dietz method [1] [2] [3] is a measure of the ex post (i.e. historical) performance of an investment portfolio in the presence of external flows. (External flows are movements of value such as transfers of cash, securities or other instruments in or out of the portfolio, with no equal simultaneous movement of value in the opposite direction, and which are not income from the ...
The time-weighted return (TWR) [1] [2] is a method of calculating investment return, where returns over sub-periods are compounded together, with each sub-period weighted according to its duration. The time-weighted method differs from other methods of calculating investment return, in the particular way it compensates for external flows.
The modified duration of a bond assumes that cash flows do not change in response to movements in the term structure, which is not the case for an MBS. For instance, when rates fall, the rate of prepayments will probably rise and the duration of the MBS will also fall, which is entirely the opposite behavior to a vanilla bond.
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Jessica Leeds . Her account: More than 30 years ago, Leeds was traveling for work when she sat next to Trump on a flight to New York. Leeds, who is now 74, told The New York Times that she and Trump spoke for a bit, then about 45 minutes into the flight he lifted the armrest between them and began to grab her breasts and put his hand up her skirt.
Formulas in the B column multiply values from the A column using relative references, and the formula in B4 uses the SUM() function to find the sum of values in the B1:B3 range. A formula identifies the calculation needed to place the result in the cell it is contained within. A cell containing a formula, therefore, has two display components ...