Instruct: Identify the main and secondary category of Arxiv papers based on the titles and abstracts
Query: Interest Rate Risk of Bond Prices on Macedonian Stock Exchange -
  Empirical Test of the Duration, Modified Duration and Convexity and Bonds
  Valuation   This article presents valuation of Treasury Bonds (T-Bonds) on Macedonian
Stock Exchange (MSE) and empirical test of duration, modified duration and
convexity of the T-bonds at MSE in order to determine sensitivity of bonds
prices on interest rate changes. The main goal of this study is to determine
how standard valuation models fit in case of T- Bonds that are traded on MSE
and to verify whether they offer reliable results compared with average bonds
prices on MSE. We test the sensitivity of T- Bonds on MSE on interest rate
changes and determine that convexity is more accurate measure as approximation
of bond prices changes than duration. Final conclusion is that T-Bonds traded
at MSE are not sensitive on interest rate changes due to institutional
investors' permanent higher demand and at the same time market limited offer of
risk-free instruments.

23
The categories of this paper are: solv-int
36
The categories of this paper are: cmp-lg
35
The categories of this paper are: mtrl-th
22
The categories of this paper are: chao-dyn
5
The categories of this paper are: gr-qc
37
The categories of this paper are: supr-con
18
The categories of this paper are: econ
33
The categories of this paper are: plasm-ph
27
The categories of this paper are: comp-gas
24
The categories of this paper are: dg-ga
2
The categories of this paper are: math
8
The categories of this paper are: hep-ex
31
The categories of this paper are: ao-sci
25
The categories of this paper are: patt-sol
13
The categories of this paper are: quant-ph
14
The categories of this paper are: math-ph