MACAULAY DURATION
\mˈakəlˌe͡ɪ djʊ͡əɹˈe͡ɪʃən], \mˈakəlˌeɪ djʊəɹˈeɪʃən], \m_ˈa_k_ə_l_ˌeɪ d_j_ʊə_ɹ_ˈeɪ_ʃ_ə_n]\
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In 1938 US academic Frederick Macaulay defined this tool. A fixed-income financial instrument's approximate measure of its price volatility and interest rate-sensitivity. An interest bearing bond is an instrument example. Calculated as weighted average time left until a series of cash flows from the instrument are received. The weights are the present cash flow value divided by the instrument's price. Also refer to modified duration.
By Henry Campbell Black
Word of the day
Dopamine Acetyltransferase
- An enzyme that catalyzes the of groups from acetyl-CoA to arylamines. They have wide specificity for aromatic amines, particularly serotonin, and can also catalyze acetyl transfer between arylamines without CoA. EC 2.3.1.5.
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