{ "schema_version": "core-reviewed-term-ai-handoff-v1", "version": "core-reviewed-term-ai-handoff-v1", "contract_status": "preview", "distribution": "per_term_read_only_ai_handoff", "no_write_operations": true, "canonical": { "url": "https://core.yogoq.com/en-US/core/finance-concept-0220", "slug": "finance-concept-0220", "locale": "en-US" }, "summary": { "schema_version": "core-reviewed-term-summary-v1", "term_id": "9a2304a7-f057-5176-989b-6463817415c7", "canonical_slug": "finance-concept-0220", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0220", "locale": "en-US", "display_name": "Bond Duration", "english_name": null, "abbreviation": null, "short_definition": "Bond duration helps manage interest rate risk by clarifying price sensitivity and the trade-offs between yield and volatility. It keeps scope and assumptions aligned.", "quality": "reviewed", "publication_status": "published_reviewed", "version": "core-reviewed-term-summary-v1", "last_reviewed_at": "2026-05-14T00:00:00.000Z", "sources_count": 3, "limitations_key": "core-trust-policy-v1-2026-06-22" }, "content": { "definition": { "key": "definition", "title": "一言でいうと", "text": "Bond duration helps manage interest rate risk by clarifying price sensitivity and the trade-offs between yield and volatility. It keeps scope and assumptions aligned.", "items": [] }, "formula": { "key": "formula", "title": "計算の考え方", "text": "Bond Duration should be calculated with a stable numerator, denominator, and time window. Formula | Bond Duration = Weighted average present-value timing of bond cash flows | Use it to estimate bond price sensitivity to interest-rate changes. Time window | Use the same period for every comparison | Prevents artificial movement Segment | Calculate by plan, market, cohort, or owner when useful | Reveals where the change came from", "items": [ "Formula | Bond Duration = Weighted average present-value timing of bond cash flows | Use it to estimate bond price sensitivity to interest-rate changes.", "Time window | Use the same period for every comparison | Prevents artificial movement", "Segment | Calculate by plan, market, cohort, or owner when useful | Reveals where the change came from" ] }, "boundary": { "key": "boundary", "title": "含めるもの / 含めないもの", "text": "The boundary of Bond Duration must be written before it is used as a KPI. Include | Recurring and comparable inputs that match the definition | Keeps trend analysis reliable Exclude | One-off, unmatched, or non-comparable items | Avoids inflated or misleading movement Document | Data source, owner, refresh timing, and exception rules | Makes reviews reproducible", "items": [ "Include | Recurring and comparable inputs that match the definition | Keeps trend analysis reliable", "Exclude | One-off, unmatched, or non-comparable items | Avoids inflated or misleading movement", "Document | Data source, owner, refresh timing, and exception rules | Makes reviews reproducible" ] }, "usage": [ { "key": "meaning", "title": "意味", "text": "Duration measures a bond's sensitivity to changes in interest rates based on the timing of cash flows. It specifies the unit of analysis and the assumptions behind rate sensitivity, including yield curve shifts and cash-flow timing. The concept separates what is in scope (coupon timing and maturity) from what is out of scope (credit risk changes), so comparisons stay consistent. Applied well, it turns a vague debate into a measurable choice and makes the drivers of results explicit.", "items": [] }, { "key": "usage", "title": "役立つ場面", "text": "Use Bond Duration to decide portfolio interest rate exposure, because it exposes price sensitivity and the trade-off with yield versus volatility. It changes budgeting and prioritization by making yield curve shifts and cash-flow timing explicit and reviewable. It informs adjustments when rate expectations change, so the decision stays grounded in current conditions.", "items": [ "Use Bond Duration to decide portfolio interest rate exposure, because it exposes price sensitivity and the trade-off with yield versus volatility.", "It changes budgeting and prioritization by making yield curve shifts and cash-flow timing explicit and reviewable.", "It informs adjustments when rate expectations change, so the decision stays grounded in current conditions." ] }, { "key": "usage", "title": "使い方のポイント", "text": null, "items": [ "Define the unit and time horizon before comparing duration across options.", "Track the primary driver (duration in years) separately from secondary noise.", "Run sensitivity checks on yield changes and convexity to avoid false precision.", "Document data sources and calculation steps so results are auditable.", "Revisit duration targets when the business model or market context changes." ] }, { "key": "drivers", "title": "何が数字を動かすか", "text": "Bond Duration changes because the underlying operating drivers change. Volume | More or fewer units, users, customers, or transactions | Explains scale effects Mix | Change in segment, plan, product, or channel composition | Explains quality of growth or decline Efficiency | Better conversion, retention, cost control, or process discipline | Explains operating improvement", "items": [ "Volume | More or fewer units, users, customers, or transactions | Explains scale effects", "Mix | Change in segment, plan, product, or channel composition | Explains quality of growth or decline", "Efficiency | Better conversion, retention, cost control, or process discipline | Explains operating improvement" ] } ], "misunderstandings": [ { "key": "misunderstandings", "title": "判断するときの注意点", "text": "Do not read Bond Duration alone. Compare with companion metrics before changing budget or targets. Check whether the movement came from real performance or definition drift. Avoid optimizing the metric in a way that harms customer quality or long-term value.", "items": [ "Compare with companion metrics before changing budget or targets.", "Check whether the movement came from real performance or definition drift.", "Avoid optimizing the metric in a way that harms customer quality or long-term value." ] }, { "key": "misunderstandings", "title": "よくある誤解 / 落とし穴", "text": null, "items": [ "Duration is not the same as maturity; coupons affect sensitivity.", "Higher yield does not always compensate for higher duration risk.", "Duration does not capture credit risk or liquidity risk." ] } ], "examples": [ { "key": "examples", "title": "最小例", "text": "A pension fund expects rate hikes and shortens portfolio duration from seven to three years. It models price sensitivity under parallel rate shifts and checks yield impact. The analysis shows acceptable income with lower volatility, so the shift is executed. After implementation, the fund monitors duration as the curve changes.", "items": [] } ], "comparisons": [ { "key": "comparisons", "title": "似ている言葉との違い", "text": "Compare Bond Duration with adjacent concepts before deciding. Bond Duration | Current concept | Use when the team needs the primary decision lens Adjacent metric or framework | Supporting lens | Use when the team needs evidence or process detail General vocabulary | Broad explanation | Use only for orientation, not final decision-making", "items": [ "Bond Duration | Current concept | Use when the team needs the primary decision lens", "Adjacent metric or framework | Supporting lens | Use when the team needs evidence or process detail", "General vocabulary | Broad explanation | Use only for orientation, not final decision-making" ] }, { "key": "related_metrics", "title": "一緒に見る指標", "text": "Read Bond Duration together with metrics that explain quality, scale, and risk. Growth metric | Shows direction | Explains whether the trend is improving Efficiency metric | Shows cost or effort | Explains whether the result is economical Risk metric | Shows volatility or concentration | Explains whether the result is durable", "items": [ "Growth metric | Shows direction | Explains whether the trend is improving", "Efficiency metric | Shows cost or effort | Explains whether the result is economical", "Risk metric | Shows volatility or concentration | Explains whether the result is durable" ] } ], "faq": [ { "question": "When should I use Bond Duration?", "answer": "Use it when the team needs to decide scope, priority, owner, or trade-off, not when it only needs a short definition." }, { "question": "What makes Bond Duration useful in practice?", "answer": "It becomes useful when it is tied to evidence, a decision owner, and a concrete next operating choice." }, { "question": "What should I avoid?", "answer": "Avoid using the term as a label without clarifying assumptions, boundaries, and how success will be judged." } ] }, "sources": { "source_refs": [ "concept:finance-concept-0220:en-US", "concept:finance-concept-0220:ja-JP", "core-term-page-500:concept:finance-concept-0220" ], "visible_sources": [ { "label": "Principles of Finance (OpenStax)", "url": "https://openstax.org/details/books/principles-finance", "kind": null }, { "label": "Principles of Marketing (Open Textbook Library)", "url": "https://open.umn.edu/opentextbooks/textbooks/principles-of-marketing", "kind": "tier_s" }, { "label": "Principles of Management (OpenStax)", "url": "https://openstax.org/details/books/principles-management", "kind": "tier_s" } ] }, "related_terms": [ { "topic_id": "091f4fdf-6bce-545d-8ca9-df0772d9b04f", "canonical_slug": "finance-concept-0223", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0223", "title": "Yield Curve", "relation_type": "next" }, { "topic_id": "10f1f2e8-43f5-588a-a0d9-9b2c22db5e3e", "canonical_slug": "finance-concept-0163", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0163", "title": "Cash Flow Forecast Accuracy", "relation_type": "used_together" }, { "topic_id": "1988e00e-d607-5a37-9175-53560c09b3a7", "canonical_slug": "finance-concept-0196", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0196", "title": "Return on Capital Focus", "relation_type": "used_together" }, { "topic_id": "bf6a4f54-a163-57a7-ae7a-3099f51c1ebd", "canonical_slug": "finance-concept-0217", "canonical_url": "https://core.yogoq.com/en-US/core/finance-concept-0217", "title": "Dividend Policy", "relation_type": "related" } ], "quality": { "quality": "reviewed", "publication_status": "published_reviewed", "source_count": 3, "last_reviewed_at": "2026-05-14T00:00:00.000Z", "trust_policy_version": "core-trust-policy-v1-2026-06-22" }, "limitations": { "policy_version": "core-trust-policy-v1-2026-06-22", "professional_advice_boundary": "reference_only_not_professional_advice", "text": "This page is reference information for research and learning. For accounting, legal, finance, health, security, or other individual decisions, confirm against primary sources or qualified professionals.", "items": [ "Public pages support general understanding and practical context; they are not professional advice for individual cases.", "Fast-changing information such as regulations, accounting standards, prices, product specs, and legal requirements should be checked against primary sources before final decisions.", "Even when AI-assisted drafting or audit is used, publication relies on quality gates and human-readable evidence." ] } }