关于“without revaluation”

问题如下：

How can yield-based duration be calculated for a bond without revaluation?

解释：

Macaulay’s yield-based duration is the weighted average of the times when cash flows are received with the weight applied to time t being proportional to the present value of the cash flow at time t. This is a correct yield-based duration measure when rates are expressed with continuous compounding. It must be divided by (1 + y/2) where y is the yield when rates are expressed with semiannual compounding.

题目问：如何在不重新估计的情况下计算收益率的久期？

麦考林久期的基本计算方法是以现金流现值为权重的时间加权平均。需注意每一期现金流除以的是这一期对应的折现率，半年付息一次的时候，要除以 (1+y/2)^t，这个t表示的是第几期（例如第一年就是第二期，则t=2）