Hi All
Could someone please help with Equation 5 & 6 in reading 33 Portfolio management for institutional investors , specifically when finding the % change in equity capital for a change in reference yield on the asset holdings we divide equation 4 by Delta Y (equation 5) but in equation 6 which additionally helps to find the impact on equity for a change in effective yield on liabilities (Delta i) is used only on liabilities, would someone know why ? Thanks