SAS Syntax

[lloraine]

What does 'act/act' mean in  the following:

DatDif(t1.shipped,t1.Returned,'act/act')

The terminology and the syntax is the hardest for me.

[DBailey]

basis

specifies a character string that represents the day count basis. The following values for basis are valid:

'30/360'

specifies a 30-day month and a 360-day year, regardless of the actual number of calendar days in a month or year.

A security that pays interest on the last day of a month will either always make its interest payments on the last day of the month, or it will always make its payments on the numerically same day of a month, unless that day is not a valid day of the month, such as February 30. For more information, see Method of Calculation for Day Count Basis (30/360).

Alias:

'360'

'ACT/ACT'

uses the actual number of days between dates. Each month is considered to have the actual number of calendar days in that month, and each year is considered to have the actual number of calendar days in that year.

Alias:

'Actual'

'ACT/360'

uses the actual number of calendar days in a particular month, and 360 days as the number of days in a year, regardless of the actual number of days in a year.

Tip:	ACT/360 is used for short-term securities.

'ACT/365'

uses the actual number of calendar days in a particular month, and 365 days as the number of days in a year, regardless of the actual number of days in a year.

Tip:	ACT/365 is used for short-term securities.

[lloraine]

Thank you for the explanation.