Which of the following is INCORRECT? Duration is the weighted average of the time it takes to receive each of the bond's cash flows. If a bond's price increases, its YTM decreases. All else equal, secured debt is less risky than unsecured debt. All else equal, bonds with higher coupons have less price risk than bonds with smaller coupons. The duration of a 20-year 5% coupon bond is smaller than that of a 20-year 10% coupon bond