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| Author: | Ambrose, B. Warga, A. |
| Title: | Yield bogeys |
| Journal: | Financial Analysts' Journal
1996 : SEP/OCT, VOL. 52:5, p. 63-68 |
| Index terms: | PORTFOLIO MANAGEMENT FINANCE ECONOMICS |
| Language: | eng |
| Abstract: | The term "bogey" refers to a target portfolio. In the fixed-income world, it is usually a published index based on some comprehensive list of traded securities. Bogey yields are almost always calculated as the market-value- weighted average of individual component bond yields, but such averages often do a poor job of approximating the actual portfolio yield. Commonly published bogey features such as duration and convexity also are calculated using value-weighted averages, and these measures more nearly approximate the corresponding portfolio values. |
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