{"id":29895,"date":"2023-12-07T08:46:27","date_gmt":"2023-12-07T08:46:27","guid":{"rendered":"https:\/\/masterskills.org\/blog\/thoi-gian-dao-han-binh-quan-thuc-nghiem-empirical-duration-la-gi-dac-diem.html"},"modified":"2023-12-23T06:10:59","modified_gmt":"2023-12-22T23:10:59","slug":"thoi-gian-dao-han-binh-quan-thuc-nghiem-empirical-duration-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/thoi-gian-dao-han-binh-quan-thuc-nghiem-empirical-duration-la-gi-dac-diem.html","title":{"rendered":"Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m (Empirical Duration) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Investopedia<\/p>\n<\/figcaption><\/figure>\n<\/h2>\n

Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m<\/font><\/h2>\n

Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n

Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m <\/b>trong ti\u00ea\u0301ng Anh la\u0300 Empirical Duration.<\/b><\/p>\n

Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m<\/b> l\u00e0 kh\u00e1i ni\u1ec7m \u0111o l\u01b0\u1eddng\u00a0th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n\u00a0c\u1ee7a tr\u00e1i phi\u1ebfu d\u1ef1a tr\u00ean c\u00e1c d\u1eef li\u1ec7u l\u1ecbch s\u1eed thay v\u00ec s\u1eed d\u1ee5ng m\u1ed9t c\u00f4ng th\u1ee9c n\u00e0o \u0111\u00f3. \u00a0 \u00a0\u00a0 <\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m\u00a0<\/font><\/h3>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u01b0\u1edbc t\u00ednh th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m<\/b> th\u00f4ng qua th\u1ed1ng k\u00ea, b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng gi\u00e1 tr\u00e1i phi\u1ebfu ghi nh\u1eadn \u0111\u01b0\u1ee3c tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u00e0 l\u1ee3i su\u1ea5t\u00a0tr\u00e1i phi\u1ebfu Kho b\u1ea1c trong qu\u00e1 kh\u1ee9.\u00a0<\/p>\n

Khi l\u1ee3i su\u1ea5t trong qu\u00e1 kh\u1ee9 t\u0103ng ho\u1eb7c gi\u1ea3m, gi\u00e1 tr\u00e1i phi\u1ebfu trong qu\u00e1 kh\u1ee9 s\u1ebd t\u0103ng ho\u1eb7c gi\u1ea3m t\u01b0\u01a1ng \u1ee9ng, t\u1ea1o c\u01a1 s\u1edf \u0111\u1ec3 t\u00ednh th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m.\u00a0<\/p>\n

Ph\u00e2n t\u00edch h\u1ed3i qui\u00a0l\u00e0 ph\u01b0\u01a1ng ph\u00e1p th\u1ed1ng k\u00ea m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u01b0\u1edbc t\u00ednh th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m. \u00a0\u00a0<\/p>\n

Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m th\u1ec3 hi\u1ec7n m\u1ed1i quan h\u1ec7 ngh\u1ecbch \u0111\u1ea3o c\u1ee7a l\u00e3i su\u1ea5t v\u00e0 gi\u00e1 tr\u00e1i phi\u1ebfu.\u00a0<\/i><\/p>\n

Gi\u1ea3 s\u1eed khi l\u00e3i su\u1ea5t trong c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu m\u1edbi t\u0103ng, gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i s\u1ebd gi\u1ea3m khi ch\u00fang tr\u1edf n\u00ean k\u00e9m h\u1ea5p d\u1eabn h\u01a1n \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. V\u1edbi th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u01b0\u1edbc t\u00ednh t\u01b0\u01a1ng \u0111\u1ed1i gi\u00e1 tr\u00e1i phi\u1ebfu c\u1ee7a h\u1ecd s\u1ebd gi\u1ea3m bao nhi\u00eau trong tr\u01b0\u1eddng h\u1ee3p l\u00e3i su\u1ea5t t\u0103ng.\u00a0<\/p>\n

N\u00f3i chung, b\u1ea5t c\u1ee9 khi n\u00e0o t\u1ec9 l\u1ec7 tr\u00e1i phi\u1ebfu m\u1edbi t\u0103ng th\u00eam m\u1ed9t \u0111i\u1ec3m ph\u1ea7n tr\u0103m, gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i s\u1ebd gi\u1ea3m theo gi\u00e1 tr\u1ecb th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n, \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb b\u1eb1ng %.\u00a0<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m<\/font><\/h3>\n

Gi\u1ea3 s\u1eed nh\u00e0 \u0111\u1ea7u t\u01b0 A so s\u00e1nh hai tr\u00e1i phi\u1ebfu c\u00f3 c\u00f9ng l\u00e3i su\u1ea5t coupon l\u00e0 5%. Khi xem x\u00e9t k\u0129 h\u01a1n t\u1eebng lo\u1ea1i, nh\u00e0 \u0111\u1ea7u t\u01b0 A nh\u1eadn th\u1ea5y tr\u00e1i phi\u1ebfu \u0111\u1ea7u ti\u00ean c\u00f3 th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m<\/b> 4,8 n\u0103m.\u00a0<\/p>\n

Trong khi tr\u00e1i phi\u1ebfu th\u1ee9 hai c\u00f3 th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m 9,2 n\u0103m. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 n\u1ebfu l\u00e3i su\u1ea5t t\u0103ng l\u00ean 6%, gi\u00e1 tr\u00e1i phi\u1ebfu \u0111\u1ea7u ti\u00ean s\u1ebd gi\u1ea3m ch\u1ec9 kho\u1ea3ng 4,8%, trong khi gi\u00e1 tr\u00e1i phi\u1ebfu th\u1ee9 hai s\u1ebd gi\u1ea3m g\u1ea7n g\u1ea5p \u0111\u00f4i, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 9,2%.\u00a0<\/p>\n

C\u00f3 th\u1ec3 th\u1ea5y, th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ed9t th\u01b0\u1edbc \u0111o v\u1ec1 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng khi so s\u00e1nh nhi\u1ec1u kho\u1ea3n \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu v\u1edbi nhau.\u00a0<\/p>\n

N\u1ebfu ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c, c\u00e1c tr\u00e1i phi\u1ebfu c\u00f3 th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m ng\u1eafn h\u01a1n s\u1ebd ch\u1ecbu \u00edt bi\u1ebfn \u0111\u1ed9ng h\u01a1n so v\u1edbi tr\u00e1i phi\u1ebfu c\u00f3 th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m d\u00e0i h\u01a1n. \u00a0 \u00a0<\/p>\n

\u01afu v\u00e0 nh\u01b0\u1ee3c c\u1ee7a Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m\u00a0<\/font><\/h3>\n

Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m<\/b> c\u00f3 m\u1ed9t s\u1ed1 \u01b0u \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m khi so v\u1edbi\u00a0th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n \u0111i\u1ec1u ch\u1ec9nh. \u00a0\u00a0<\/p>\n

– L\u1ee3i th\u1ebf c\u1ee7a th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m l\u00e0 n\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh m\u00e0 kh\u00f4ng d\u1ef1a tr\u00ean c\u00e1c c\u00f4ng th\u1ee9c, l\u00ed thuy\u1ebft v\u00e0 c\u00e1c gi\u1ea3 \u0111\u1ecbnh ph\u00e2n t\u00edch.\u00a0<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ec9 c\u1ea7n m\u1ed9t lo\u1ea1t gi\u00e1 tr\u00e1i phi\u1ebfu \u0111\u00e1ng tin c\u1eady v\u00e0 m\u1ed9t lo\u1ea1t\u00a0l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu Kho b\u1ea1c\u00a0\u0111\u00e1ng tin c\u1eady l\u00e0 c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m.\u00a0<\/p>\n

– Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a n\u00f3 l\u00e0 t\u1eadp h\u1ee3p d\u1eef li\u1ec7u gi\u00e1 tr\u00e1i phi\u1ebfu \u0111\u00e1ng tin c\u1eady c\u00f3 th\u1ec3 s\u1ebd kh\u00f4ng c\u00f3 s\u1eb5n, v\u00e0 n\u1ebfu c\u00f3 s\u1eb5n c\u00f3 th\u1ec3 gi\u00e1 s\u1ebd kh\u00f4ng d\u1ef1a tr\u00ean c\u00e1c\u00a0h\u00e0nh \u0111\u1ed9ng gi\u00e1\u00a0tr\u00ean th\u1ecb tr\u01b0\u1eddng, m\u00e0 t\u1eeb c\u00e1c m\u00f4 h\u00ecnh ho\u1eb7c ma tr\u1eadn gi\u00e1 (d\u1ef1a tr\u00ean c\u00e1c ch\u1ee9ng kho\u00e1n t\u01b0\u01a1ng t\u1ef1).\u00a0 \u00a0<\/p>\n

(Theo Investopedia)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n th\u1ef1c nghi\u1ec7m (ti\u1ebfng Anh: Empirical Duration) l\u00e0 kh\u00e1i ni\u1ec7m \u0111o l\u01b0\u1eddng th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n c\u1ee7a tr\u00e1i phi\u1ebfu d\u1ef1a tr\u00ean c\u00e1c d\u1eef li\u1ec7u l\u1ecbch s\u1eed thay v\u00ec s\u1eed d\u1ee5ng m\u1ed9t c\u00f4ng th\u1ee9c n\u00e0o \u0111\u00f3.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29895"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=29895"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29895\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=29895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=29895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=29895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}