R
rhkohl
Users should note that the Help topics on the ODDF... and
ODDL... bond functions in Excel (2000, but I bet 2003 is
the same) need to be improved. (1) To the initial one
sentence description of ODDFYIELD/ODDFPRICE should be added
the words between < >, "Returns the
yield/price-per-$100-face-value of a security that has an
odd (short or long) first period <when the settlement date
occurs in that period and all other periods are regular>".
This will prevent misunderstandings such as those of pages
433 through 437 of the book "Formulas and Functions with
Microsoft Excel 2003" by Paul McFredries. In addition, a
helpful sentence could be added to the above, a sentence
such as, "When the settlement date in such a security
occurs after the odd first period, the YIELD/PRICE function
should be used." This would also help prevent the errors
cited above. (2) Similarly, and for the same reason, to
the initial one sentence description of ODDLYIELD/ODDLPRICE
should be added the words between < >, "Returns the
yield/price-per-$100-face-value of a security that has an
odd (short or long) last period <when the settlement date
occurs in that period>". In addition, a helpful sentence
could be added there also, "Excel contains no functions to
calculate yield or price when the settlement date in such a
security occurs before the odd last period". These would
also help prevent some of the errors in the above-cited
pages. (3) In these same help topics, a few definitions of
parameters in the explanatory formulas have been left out
altogether, and in some places the text is insufficient to
remove ambiguity in the definitions of the concepts and
parameters being discussed.
ODDL... bond functions in Excel (2000, but I bet 2003 is
the same) need to be improved. (1) To the initial one
sentence description of ODDFYIELD/ODDFPRICE should be added
the words between < >, "Returns the
yield/price-per-$100-face-value of a security that has an
odd (short or long) first period <when the settlement date
occurs in that period and all other periods are regular>".
This will prevent misunderstandings such as those of pages
433 through 437 of the book "Formulas and Functions with
Microsoft Excel 2003" by Paul McFredries. In addition, a
helpful sentence could be added to the above, a sentence
such as, "When the settlement date in such a security
occurs after the odd first period, the YIELD/PRICE function
should be used." This would also help prevent the errors
cited above. (2) Similarly, and for the same reason, to
the initial one sentence description of ODDLYIELD/ODDLPRICE
should be added the words between < >, "Returns the
yield/price-per-$100-face-value of a security that has an
odd (short or long) last period <when the settlement date
occurs in that period>". In addition, a helpful sentence
could be added there also, "Excel contains no functions to
calculate yield or price when the settlement date in such a
security occurs before the odd last period". These would
also help prevent some of the errors in the above-cited
pages. (3) In these same help topics, a few definitions of
parameters in the explanatory formulas have been left out
altogether, and in some places the text is insufficient to
remove ambiguity in the definitions of the concepts and
parameters being discussed.