Which of the following statements is CORRECT ?

The leverage adjusted duration gap of a typical depository institution is negative.

The duration of a portfolio of assets can be found by calculating the book value weighted average of the durations of the individual assets.

A financial institution can immunise its equity against interest rate risk by matching the the repricing gap.

Duration is the weighted-average present value of the cash flows using the timing of the cash flows as weights.

The fact that the capital gain effect for rate decreases is greater than the capital loss effect for rate increases is caused by convexity in the yield (market interest rate)-price relationship.