了解了 谢谢 呵呵

求助奥，看看这道题，我不大懂这个duration的意义
关于Duartion
Definition of 'Modified Duration'
A formula that expresses the measurable change in the value of a security in response to a change in interest rates. Calculated as:

Modified Duration
modified duration.gif
2012-2-3 19:08 上传
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Where:
n = number of coupon periods per year
YTM = the bond's yield to maturity
Modified duration follows the concept that interest rates and bond prices move in opposite directions. This formula is used to determine the effect that a 100-basis-point (1%) change in interest rates will have on the price of a bond.      

Definition of 'Effective Duration'        A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change.
              Definition of 'Macaulay Duration'        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, and is a measure of bond price volatility with respect to interest rates.

Macaulay duration can be calculated by:




Macaulay duration is frequently used by portfolio managers who use an immunization strategy. Macaulay duration is also used to measure how sensitive a bond or a bond portfolio's price is to changes in interest rates.      

附件看不清楚，楼主可以去看连接的源文件地址