26A generalized proof of this is contained in Michael H. Hopewell and George Kaufman, "Bond Price Volatility and Term to Maturity: A Generalized Respecification," American Economic Review 63, no. 4 (September 1973): 749-753. The importance of the specification "for small changes in yields" will become clear when we discuss convexity in the next section. Because modified duration is an approximate measure of interest rate sensitivity, the "years" label is not appropriate.
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