Macaulay’s theory of duration: 80-year thematic bibliometric review of the literature
Purpose The purpose of this research is to propose a framework for research on Macaulay duration and establish future research directions. Design/methodology/approach Thematic, bibliometric and content analyses have been used to review 168 research papers published between 1938 and 2019 taken f...
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| Main Authors: | , , |
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| Format: | Article PeerReviewed |
| Language: | English Indonesian English Indonesian |
| Published: |
Emerald Group Publishing Ltd.
2021
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| Subjects: | |
| Online Access: | https://repository.unair.ac.id/116318/1/BayuArieF_Karil109_Macaulays-theory.pdf https://repository.unair.ac.id/116318/2/BayuArieF_PeerReview109.pdf https://repository.unair.ac.id/116318/3/BayuArieF_Similarity109_Macaulays-theory.pdf https://repository.unair.ac.id/116318/6/BayuArieF_Kesesuaian-Bid-Ilmu109.pdf https://repository.unair.ac.id/116318/ https://www.emerald.com/insight/content/doi/10.1108/JES-11-2019-0540/full/html https://doi.org/10.1108/JES-11-2019-0540 |
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| Institution: | Universitas Airlangga |
| Language: | English Indonesian English Indonesian |
| Summary: | Purpose
The purpose of this research is to propose a framework for research on Macaulay duration and establish future research directions.
Design/methodology/approach
Thematic, bibliometric and content analyses have been used to review 168 research papers published between 1938 and 2019 taken from ISI Web of Science and Scopus contributed by leading authors, journals and regulatory bodies.
Findings
Identification and integration of themes of duration theory, duration model development and duration model implementation leading to unattended research gaps, and framework for research on Macaulay duration.
Research limitations/implications
The study is based on an extensive review of the literature to extract important themes, research gaps and frameworks. It does not empirically investigate significance of Macaulay duration and various sectors.
Practical implications
This research has several aspects that are helpful for practitioners. Macaulay duration has been the subject of empirical research only without any guiding framework. This research provides a platform to initiate profound researches in various areas of finance. Various proposed models are required to be tested under holistic approach in conventional and emerging fields, especially in Islamic settings.
Originality/value
This research highlights, research themes leading to framework, research gaps and factors that are crucial in developing, extending and testing duration models leading to enhancement of theoretical base of Macaulay duration. |
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