Institutional ownership and credit spreads: An information asymmetry perspective (original) (raw)

Journal of Empirical Finance, 2009

Abstract

... Duration, which represents the effective maturity of a bond, taking into consideration the timing of all promised cash flows, is constructed as: where CF t is the security cash flows at time t, t is the number of periods until the cash flow, P is the security price, y is the yield to maturity ...

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