During the entire period of the asset’s operation, the closer the weight of the cash flows is in time, the smaller the Duration, and the less sensitive the asset\u2019s price is to changes in market interest rates. Conversely, the later the money comes in, the higher the risk. (Excel has the formula – Duration).<\/p>\n\n\n\n
Modified Duration<\/strong> – This is a modified version of the previous measure, more practical for use. It shows the percentage change in the market price of an asset for a 1% change in market interest rates.<\/p>\n\n\n\n Dollar Duration<\/strong> – This is an even more practical version, showing how many “dollars” the market price of an asset will change for a one-percentage-point change in the interest rate. The formula is: DD = MD * Asset Price * 0.01.<\/p>\n\n\n\n Convexity<\/strong> – This term describes the variability of an asset\u2019s price sensitivity to market interest rates. (See graph). In the case of Duration, we assumed that the elasticity function of the asset\u2019s price to the interest rate is linear – and this works well in practice if interest rates change within the range of 1%-2%. However, for larger changes, Duration itself changes, and this must be taken into account.<\/p>\n\n\n\n For example, in the case of positive convexity, the higher the interest rate rises, the less sensitive the asset’s price becomes (the right side of the curve), and conversely, as interest rates decrease, the degree of elasticity increases. Convexity can also be negative if additional conditions are attached to the asset (e.g., Mortgage Bonds).<\/p>\n\n\n\n Effective Duration<\/strong> – This is the same as Convexity. This term is used in relation to callable or puttable options-bearing assets. In this case, the convexity is not one-sided (positive or negative) and can change direction. For example, when interest rates fall, the prices of callable bonds do not immediately rise as the likelihood of the call increases. https:\/\/www.educba.com\/effective-duration\/<\/a><\/p>\n\n\n\n Portfolio Duration<\/strong> – Interestingly, Duration is subject to the fundamental principle of additivity, meaning that the Durations of individual assets can be aggregated and averaged to derive the Duration of the portfolio.<\/p>\n\n\n\n For more details, you can see here:<\/p>\n\n\n\n https:\/\/corporatefinanceinstitute.com\/resources\/fixed-income\/duration\/<\/a><\/p>\n\n\n\n Financial Markets and Institutions – by A. Saunders, M. Cornett & O. Erhemjamts<\/p>\n\n\n\n ————————————————————————————————————<\/p>\n\n\n\n \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d4\u10d1\u10e1\u10d0 \u10d3\u10d0 \u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10d0\u10dc \u10e1\u10ee\u10d5\u10d0 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d6\u10d4 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10e4\u10d0\u10e1\u10d4\u10d1\u10da\u10d0\u10d3 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc \u10d8\u10e1\u10d4\u10d7 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0\u10d8\u10ea \u10d0\u10e0\u10d8\u10e1 Duration, Modified Duration, Dollar Duration, Effective Duration, Convexity \u10d3\u10d0 Portfolio Duration. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, \u10d4\u10da\u10d0\u10e1\u10e2\u10d8\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10db\u10e0\u10e3\u10d3\u10d8\u10e1 \u10d3\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7\u10d8 \u10e9\u10d0\u10e6\u10e0\u10db\u10d0\u10d5\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8, \u10e0\u10d0\u10ea \u10e3\u10e4\u10e0\u10dd \u10db\u10d4\u10e2\u10d0\u10d3 \u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0 \u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10d8, \u10db\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8\u10d0 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d8\u10e1 \u10db\u10d2\u10e0\u10eb\u10dc\u10dd\u10d1\u10d4\u10da\u10dd\u10d1\u10d0 (\u10db\u10e0\u10e3\u10d3\u10d8\u10e1 \u10db\u10d0\u10e0\u10ef\u10d5\u10d4\u10dc\u10d0 \u10db\u10ee\u10d0\u10e0\u10d4) \u10d3\u10d0 \u10de\u10d8\u10e0\u10d8\u10e5\u10d8\u10d7 – \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1\u10d7\u10d0\u10dc \u10d4\u10e0\u10d7\u10d0\u10d3 \u10d4\u10da\u10d0\u10e1\u10e2\u10d8\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10ee\u10d0\u10e0\u10d8\u10e1\u10ee\u10d8 \u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0. \u10d2\u10d0\u10db\u10e0\u10e3\u10d3\u10d4\u10d1\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10dd\u10d0 \u10dc\u10d4\u10d2\u10d0\u10e2\u10d8\u10e3\u10e0\u10d8\u10ea \u10d8\u10e7\u10dd\u10e1, \u10d7\u10e3 \u10d0\u10e5\u10e2\u10d5\u10d6\u10d4 \u10db\u10d8\u10d1\u10db\u10e3\u10da\u10d8\u10d0 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 \u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10d8 (\u10db\u10d0\u10d2: Mortgage Bonds). Financial Markets and Institutions – by A. Saunders, M. Cornett & O. Erhemjamts<\/p>\n","protected":false},"excerpt":{"rendered":" To assess the impact of interest rate risk on bonds and other fixed income assets, measures such as Duration, Modified Duration, Dollar Duration, Effective Duration, Convexity, and Portfolio Duration are used. (Macauley) Duration – Calculated by weighting the payment periods (in years) with the present values (PVs) of each expected tranche in the future. Ultimately, […]<\/p>\n","protected":false},"author":12998525,"featured_media":1469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675918,37048],"tags":[6164885,777808651,135592,153190789,65407260,30045655],"class_list":{"0":"post-1468","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-financial-markets-and-institutions-by-a-saunders-m-cornett-o-erhemjamts","8":"category-interest-rates","9":"tag-convexity","10":"tag-dollar-duration","11":"tag-duration","12":"tag-effective-duration","13":"tag-macauley-duration","14":"tag-modified-duration","16":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1704489755790.jpeg?fit=800%2C469&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-nG","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1468"}],"version-history":[{"count":8,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1468\/revisions"}],"predecessor-version":[{"id":5872,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1468\/revisions\/5872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1469"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
(Macauley) Duration – \u10d8\u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10d4\u10d1\u10d0 \u10db\u10dd\u10db\u10d0\u10d5\u10d0\u10da\u10e8\u10d8 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d7\u10d8\u10d7\u10dd\u10d4\u10e3\u10da\u10d8 \u10e2\u10e0\u10d0\u10dc\u10e8\u10d8\u10e1 PV-\u10d4\u10d1\u10d6\u10d4 \u10d2\u10d0\u10d3\u10d0\u10ee\u10d3\u10d8\u10e1 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 (\u10ec\u10da\u10d4\u10d1\u10d8\u10e1) \u10e8\u10d4\u10ec\u10dd\u10dc\u10d5\u10d8\u10d7. \u10e1\u10d0\u10d1\u10dd\u10da\u10dd\u10dd \u10ef\u10d0\u10db\u10e8\u10d8 \u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10e8\u10d4\u10ec\u10dd\u10dc\u10d8\u10da \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e1 (\u10ec\u10da\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d0\u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d0\u10e1), \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d2\u10d0\u10dc\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0\u10d5\u10e1 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d8\u10e1 \u10db\u10d2\u10e0\u10eb\u10dc\u10dd\u10d1\u10d4\u10da\u10dd\u10d1\u10d0\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d6\u10d4.
\u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d4\u10d1\u10d8\u10e1 \u10db\u10d7\u10d4\u10da\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8, \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10ec\u10dd\u10dc\u10d0 \u10e0\u10d0\u10ea \u10e3\u10e4\u10e0\u10dd \u10d0\u10ee\u10da\u10dd\u10e1\u10d0\u10d0 \u10d3\u10e0\u10dd\u10e8\u10d8, \u10db\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10db\u10ea\u10d8\u10e0\u10d4\u10d0 Duration-\u10d8, \u10d3\u10d0 \u10db\u10d8\u10d7 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d8\u10e1 \u10db\u10d2\u10e0\u10eb\u10dc\u10dd\u10d1\u10d4\u10da\u10dd\u10d1\u10d0 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d0\u10d6\u10d4. \u10d3\u10d0 \u10de\u10d8\u10e0\u10d8\u10e5\u10d8\u10d7, \u10e0\u10d0\u10ea \u10e3\u10e4\u10e0\u10dd \u10d0\u10d2\u10d5\u10d8\u10d0\u10dc\u10d4\u10d1\u10e1 \u10e4\u10e3\u10da\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d5\u10da\u10d0\u10e1, \u10db\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10db\u10d0\u10e6\u10d0\u10da\u10d8\u10d0 \u10e0\u10d8\u10e1\u10d9\u10d8. (\u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10d4\u10e5\u10e1\u10d4\u10da\u10e1 \u10d0\u10e5\u10d5\u10e1 – Duration).
Modified Duration – \u10d4\u10e1 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d0, \u10ec\u10d8\u10dc\u10d0\u10e1 \u10db\u10dd\u10d3\u10d8\u10e4\u10d8\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d5\u10d0\u10e0\u10d8\u10d0\u10dc\u10e2\u10d8\u10d0 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10e3\u10e4\u10e0\u10dd \u10d2\u10d0\u10db\u10dd\u10e1\u10d0\u10e7\u10d4\u10dc\u10d4\u10d1\u10da\u10d0\u10d3. \u10d8\u10e1 \u10d2\u10d5\u10d8\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10e1, \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 1%-\u10e3\u10da\u10d8 \u10de\u10e3\u10dc\u10e5\u10e2\u10d8\u10d7 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d0, \u10e0\u10d0\u10db\u10d3\u10d4\u10dc \u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10d8\u10d0\u10dc \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d0\u10e1 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10e4\u10d0\u10e1\u10e8\u10d8.
– \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8\u10d0 MD = D \/(1 \u2013 r\/f) \u00a0(\u10d4\u10e5\u10e1\u10d4\u10da\u10e1\u10d0\u10ea \u10d0\u10e5\u10d5\u10e1 \u201emduration\u201d).
– r = Yield to Maturity – \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0;
– f – \u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10d8\u10e1 \u10d3\u10d0\u10e0\u10d8\u10ea\u10ee\u10d5\u10d8\u10e1 \u10e1\u10d8\u10ee\u10e8\u10d8\u10e0\u10d4
Dollar Duration – \u10d4\u10e1 \u10d9\u10d8\u10d3\u10d4\u10d5 \u10e3\u10e4\u10e0\u10dd \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10e3\u10da\u10d8 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d0\u10d0, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1 \u10d4\u10e0\u10d7\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10e3\u10da\u10d8 \u10de\u10e3\u10dc\u10e5\u10e2\u10d8\u10d7 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d0, \u10e0\u10d0\u10db\u10d3\u10d4\u10dc\u10d8 \u201e\u10d3\u10dd\u10da\u10d0\u10e0\u10d8\u10d7\u201c \u10e8\u10d4\u10ea\u10d5\u10da\u10d8\u10e1 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10e4\u10d0\u10e1\u10e1. \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8\u10d0: DD = MD * Active Price * 0.01
Convexity (\u10d2\u10d0\u10db\u10e0\u10e3\u10d3\u10d4\u10d1\u10d0) – \u10d4\u10e1 \u10e2\u10d4\u10e0\u10db\u10d8\u10dc\u10d8 \u10d0\u10e6\u10ec\u10d4\u10e0\u10e1 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d8\u10e1 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d6\u10d4 \u10db\u10d2\u10e0\u10eb\u10dc\u10dd\u10d1\u10d4\u10da\u10dd\u10d1\u10d8\u10e1 \u10ea\u10d5\u10d0\u10da\u10d4\u10d1\u10d0\u10d3\u10dd\u10d1\u10d0\u10e1. (\u10d8\u10ee\u10d8\u10da\u10d4\u10d7 \u10d2\u10e0\u10d0\u10e4\u10d8\u10d9\u10d8). Duration-\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10e9\u10d5\u10d4\u10dc \u10d3\u10d0\u10d5\u10e3\u10e8\u10d5\u10d8\u10d7 \u10e0\u10dd\u10db \u10d0\u10e5\u10e2\u10d8\u10d5\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d8\u10e1 \u10d4\u10da\u10d0\u10e1\u10e2\u10d8\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d0 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d6\u10d4 \u10ec\u10e0\u10e4\u10d8\u10d5\u10d8\u10d0 – \u10d3\u10d0 \u10d4\u10e1 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10d9\u10d0\u10e0\u10d2\u10d0\u10d3 \u10db\u10e3\u10e8\u10d0\u10dd\u10d1\u10e1, \u10d7\u10e3 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 1%-2%-\u10d8\u10e1 \u10e4\u10d0\u10e0\u10d2\u10da\u10d4\u10d1\u10e8\u10d8 \u10d8\u10ea\u10d5\u10da\u10d4\u10d1\u10d0, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e3\u10e4\u10e0\u10dd \u10d3\u10d8\u10d3\u10d8 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d7\u10d5\u10d8\u10d7\u10dd\u10dc Duration-\u10d8\u10ea \u10d8\u10ea\u10d5\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10d0\u10db \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d0 \u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0.<\/p>\n\n\n\n![\"\"](\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-53.png?resize=616%2C361&ssl=1\")
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Effective Duration – \u10d4\u10e1 \u10d8\u10d2\u10d8\u10d5\u10d4 Convexity-\u10d8\u10d0. \u10d0\u10db \u10e2\u10d4\u10e0\u10db\u10d8\u10dc\u10e1 \u10d2\u10d0\u10db\u10dd\u10ee\u10db\u10dd\u10d1\u10d0\u10d3\u10d8 (Call) \u10d0\u10dc \u10db\u10d8\u10e7\u10d8\u10d3\u10d5\u10d0\u10d3\u10d8 (PUT) \u10dd\u10e4\u10ea\u10d8\u10d8\u10e1 \u10db\u10d0\u10e2\u10d0\u10e0\u10d4\u10d1\u10d4\u10da \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d7\u10d0\u10dc \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10d4\u10d1\u10d0\u10e8\u10d8 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc. \u10d0\u10db \u10d3\u10e0\u10dd\u10e1 \u10d2\u10d0\u10db\u10e0\u10e3\u10d3\u10d4\u10d1\u10d0 \u10ea\u10d0\u10da\u10db\u10ee\u10e0\u10d8\u10d5\u10d8 (\u10d3\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7\u10d8 \u10d0\u10dc \u10e3\u10d0\u10e0\u10e7\u10dd\u10e4\u10d8\u10d7\u10d8) \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10d3\u10d0 \u10db\u10d0\u10dc \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10db\u10e0\u10e3\u10d3\u10d4\u10d1\u10d8\u10e1 \u10db\u10ee\u10d0\u10e0\u10d4 \u10e8\u10d4\u10d8\u10ea\u10d5\u10d0\u10da\u10dd\u10e1. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10e2\u10d0\u10d3, \u10e0\u10dd\u10ea\u10d0 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 \u10db\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0, \u10d2\u10d0\u10db\u10dd\u10ee\u10db\u10dd\u10d1\u10d0\u10d3\u10d8 \u10d1\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8 \u10db\u10d0\u10e8\u10d8\u10dc\u10d5\u10d4 \u10d0\u10e0 \u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0 \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d0 \u10d2\u10d0\u10db\u10dd\u10ee\u10db\u10dd\u10d1\u10d8\u10e1 \u10d0\u10da\u10d1\u10d0\u10d7\u10dd\u10d1\u10d0… https:\/\/www.educba.com\/effective-duration\/<\/a>
\u10d3\u10d0 \u10d1\u10dd\u10da\u10dd\u10e1:
Portfolio Duration – \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd\u10d0 \u10d8\u10e1 \u10e0\u10dd\u10db Duration-\u10d8 \u10d4\u10e5\u10d5\u10d4\u10db\u10d3\u10d4\u10d1\u10d0\u10e0\u10d4\u10d1\u10d0 \u10e8\u10d4\u10d9\u10e0\u10d4\u10d1\u10d8\u10d7\u10dd\u10d1\u10d8\u10e1 \u10e4\u10e3\u10dc\u10d3\u10d0\u10db\u10d4\u10dc\u10e2\u10e3\u10e0 \u10de\u10e0\u10d8\u10dc\u10ea\u10d8\u10de\u10e1, \u10d0\u10dc\u10e3 \u10ea\u10d0\u10da\u10d9\u10d4\u10e3\u10da\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 Duration-\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10d9\u10e0\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10d2\u10d0\u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd\u10d4\u10d1\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0, \u10e0\u10dd\u10db \u10de\u10dd\u10e0\u10d7\u10e4\u10d4\u10da\u10d8\u10e1 Duraton-\u10d8 \u10d2\u10d0\u10db\u10dd\u10d5\u10da\u10d8\u10dc\u10d3\u10d4\u10e1.
\u10e3\u10e4\u10e0\u10dd \u10d3\u10d4\u10e2\u10d0\u10da\u10e3\u10e0\u10d0\u10d3 \u10e8\u10d4\u10d2\u10d8\u10eb\u10da\u10d8\u10d0\u10d7 \u10dc\u10d0\u10ee\u10dd\u10d7 \u10d0\u10e5:
https:\/\/corporatefinanceinstitute.com\/resources\/fixed-income\/duration\/<\/a><\/p>\n\n\n\n