What is meant by the empirical duration of a corporate bond?

What will be an ideal response?

Duration is the percentage change in a bond's price with a 100-basis-point change in yield. Empirical duration of a corporate bond refers to calculation of a bond's duration based on historical data. The calculation of empirical duration has some advantages and disadvantages over other duration calculations, such as effective duration or modified duration. The advantages of using empirical duration consist of the following. First, the estimate does not rely on theoretical formulas and analytic assumptions. Second, the only inputs needed are a reliable series of bond prices and a reliable series of Treasury yields. Some disadvantages consist of the following. First, a dependable series of a bond's price may not be available. Second, the series of prices that is obtainable might not be market based, but rather modeled or based on an analogous security.