Duration

I've been reading these forums for a while, time to get active.

Does anyone know much about duration and how it works?

I'm under the impression that duration hedging is dependant on assuming that only parallel shifts of the term structure take place. Does this mean that the yield on coupon payments are all affected by the same amount? I read something that said that the effect of parallel shifts on bonds with different maturities is what we are paying attention to and am confused as to why I haven't seen anything about the coupons being mentioned!??

 

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