because expected future cash-flow growth varies with the discount rates. The traditional Macaulay duration captures the effect … from the discount-rate channel. I propose a novel duration measure, the effective equity duration, to capture the effects … is hump-shaped because expected future cash flow growth increases with the discount rates. The effective equity duration …

This study examines how a stock security’s cash flow duration impacts stock price reactions at earnings announcements …. We find that stock price reactions are positively associated with cash flow duration, especially when earnings surprises … are negative. Our results imply that long duration creates a leverage effect that magnifies the price reaction around …

at a faster speed than subsequent (follow-on) SEOs. Duration analysis shows that recent stock returns and future growth …