We derive a simple expression for the sensitivity of duration, convexity, and higher-order bond risk measures to changes in term structure shape parameters. Our analysis enables fixed income portfolio managers to capture the combined effects of term structure level, slope, and curvature shifts...

These notes are suitable for university-level students. They provide information on New Zealand taxes for individuals and couples on domestic and foreign bank interest, stocks and bonds, dividends, investment funds, and PIEs. Domestic taxes due on direct and indirect ownership, respectively, of...

Pricing bonds is generally one of the earliest applications of time value of money in a finance curriculum. A bond price incorporates the use of an annuity and an individual discounted cash flow while also being a “fundamental” financial security. This paper works through the pedagogy of...