Which of the following statements relating to the duration measure is TRUE?

a.The value for duration describes the percentage increase in the price of an asset for a given increase in the required yield or interest rate.

b.When the required yield on coupon bonds decreases, there will be a relatively small capital loss if the bond has a short duration.

c.Perfect matching of the assets and liabilities maturities will not always achieve perfect immunization for the equity holders of an FI against interest rate risk.

d.Buying a fixed-rate asset whose duration is more than the desired investment horizon immunizes against interest rate risk.

e.Using a fixed-rate bond to immunize the desired investment horizon means that the reinvested coupon payments are not affected by changes in market interest rates.