{"id":"https://openalex.org/W2906889309","doi":"https://doi.org/10.1016/j.jfineco.2020.02.009","title":"Is the Credit Spread Puzzle a Myth?","display_name":"Is the Credit Spread Puzzle a Myth?","publication_year":2018,"publication_date":"2018-01-01","ids":{"openalex":"https://openalex.org/W2906889309","doi":"https://doi.org/10.1016/j.jfineco.2020.02.009","mag":"2906889309"},"language":"en","primary_location":{"id":"doi:10.1016/j.jfineco.2020.02.009","doi":"https://doi.org/10.1016/j.jfineco.2020.02.009","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.jfineco.2020.02.009","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.3262310","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5081143712","display_name":"Jennie Bai","orcid":"https://orcid.org/0000-0002-8640-6831","observed_orcids":["https://orcid.org/0000-0002-8640-6831"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jennie Bai","raw_affiliation_strings":["McDonough School of Business, Georgetown University, and NBER, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"McDonough School of Business, Georgetown University, and NBER, United States","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I184565670"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5109965374","display_name":"Robert S. Goldstein","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I130238516","display_name":"University of Minnesota","ror":"https://ror.org/017zqws13","country_code":"US","type":"education","lineage":["https://openalex.org/I130238516"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Robert S. Goldstein","raw_affiliation_strings":["C. Arthur Williams Jr/ Minnesota Insurance Industry Chair Professor of Finance, Carlson School of Management, University of Minnesota and NBER, 321 19th Ave S, Minneapolis, MN 55455, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"C. Arthur Williams Jr/ Minnesota Insurance Industry Chair Professor of Finance, Carlson School of Management, University of Minnesota and NBER, 321 19th Ave S, Minneapolis, MN 55455, United States","institution_ids":["https://openalex.org/I130238516"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5039385762","display_name":"Fan Yang","orcid":"https://orcid.org/0000-0003-3107-8479","observed_orcids":["https://orcid.org/0000-0003-3107-8479"]},"institutions":[{"id":"https://openalex.org/I140172145","display_name":"University of Connecticut","ror":"https://ror.org/02der9h97","country_code":"US","type":"education","lineage":["https://openalex.org/I140172145"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Fan Yang","raw_affiliation_strings":["School of Business, University of Connecticut, 2100 Hillside Rd, Storrs, CT 06269, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Business, University of Connecticut, 2100 Hillside Rd, Storrs, CT 06269, United States","institution_ids":["https://openalex.org/I140172145"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5109965374"],"corresponding_institution_ids":["https://openalex.org/I130238516"],"apc_list":{"value":4740,"currency":"USD","value_usd":4740},"apc_paid":null,"fwci":7.1226,"has_fulltext":false,"cited_by_count":59,"citation_normalized_percentile":{"value":0.97202092,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"137","issue":"2","first_page":"297","last_page":"319"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.951200008392334,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.951200008392334,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.03970000147819519,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.0012000000569969416,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-spread-puzzle","display_name":"credit spread puzzle","score":0.996999979019165},{"id":"https://openalex.org/keywords/credit-spreads","display_name":"credit spreads","score":0.9409999847412109},{"id":"https://openalex.org/keywords/high-yield-bonds","display_name":"high-yield bonds","score":0.8840000033378601},{"id":"https://openalex.org/keywords/investment-grade-bonds","display_name":"investment grade bonds","score":0.9980000257492065},{"id":"https://openalex.org/keywords/jump-risk","display_name":"jump risk","score":0.6240000128746033},{"id":"https://openalex.org/keywords/geometric-brownian-motion","display_name":"geometric Brownian motion","score":0.7739999890327454},{"id":"https://openalex.org/keywords/model-calibration","display_name":"model calibration","score":0.6600000262260437},{"id":"https://openalex.org/keywords/market-value-of-debt","display_name":"market value of debt","score":0.7720000147819519}],"concepts":[{"id":"https://openalex.org/C519517224","wikidata":"https://www.wikidata.org/wiki/Q12827256","display_name":"Mythology","level":2,"score":0.5241727828979492},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.47559866309165955},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4131820797920227},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.4115893542766571},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3622508645057678},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3345280885696411},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.24505186080932617},{"id":"https://openalex.org/C74916050","wikidata":"https://www.wikidata.org/wiki/Q841090","display_name":"Classics","level":1,"score":0.06166791915893555}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1016/j.jfineco.2020.02.009","doi":"https://doi.org/10.1016/j.jfineco.2020.02.009","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.jfineco.2020.02.009","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.3262310","doi":"https://doi.org/10.2139/ssrn.3262310","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.3262310","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SSRN Electronic Journal","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:eee:jfinec:v:137:y:2020:i:2:p:297-319","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S0304405X20300428","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.2139/ssrn.3262310","doi":"https://doi.org/10.2139/ssrn.3262310","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.3262310","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SSRN Electronic Journal","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.46000000834465027,"display_name":"Partnerships for the goals","id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":80,"referenced_works":["https://openalex.org/W1600628744","https://openalex.org/W1790451896","https://openalex.org/W1827621183","https://openalex.org/W1934944118","https://openalex.org/W2002471006","https://openalex.org/W2006804758","https://openalex.org/W2017759645","https://openalex.org/W2027063727","https://openalex.org/W2027071795","https://openalex.org/W2076011286","https://openalex.org/W2104723218","https://openalex.org/W2105973145","https://openalex.org/W2110269823","https://openalex.org/W2114859981","https://openalex.org/W2129793942","https://openalex.org/W2131802419","https://openalex.org/W2137363648","https://openalex.org/W2141185104","https://openalex.org/W2145280690","https://openalex.org/W2145888783","https://openalex.org/W2151065060","https://openalex.org/W2154044885","https://openalex.org/W2155797117","https://openalex.org/W2158512712","https://openalex.org/W2162009965","https://openalex.org/W2162993787","https://openalex.org/W2163191305","https://openalex.org/W2164380597","https://openalex.org/W2166077680","https://openalex.org/W2166536772","https://openalex.org/W2167429103","https://openalex.org/W2169476066","https://openalex.org/W2178691748","https://openalex.org/W2240968826","https://openalex.org/W2560471421","https://openalex.org/W2606846042","https://openalex.org/W2606985126","https://openalex.org/W2674433716","https://openalex.org/W2777720335","https://openalex.org/W2808714155","https://openalex.org/W2889116632","https://openalex.org/W2891585730","https://openalex.org/W2897829530","https://openalex.org/W2927738715","https://openalex.org/W3023112487","https://openalex.org/W3023145917","https://openalex.org/W3023591372","https://openalex.org/W3121151953","https://openalex.org/W3121174563","https://openalex.org/W3121201932","https://openalex.org/W3121302379","https://openalex.org/W3121810651","https://openalex.org/W3121877964","https://openalex.org/W3122458556","https://openalex.org/W3122586954","https://openalex.org/W3122987172","https://openalex.org/W3123415522","https://openalex.org/W3123443645","https://openalex.org/W3123608615","https://openalex.org/W3123692566","https://openalex.org/W3123699647","https://openalex.org/W3124020533","https://openalex.org/W3124039898","https://openalex.org/W3124246867","https://openalex.org/W3124502480","https://openalex.org/W3124505455","https://openalex.org/W3124789532","https://openalex.org/W3124800418","https://openalex.org/W3124842158","https://openalex.org/W3124843836","https://openalex.org/W3125561370","https://openalex.org/W3126074134","https://openalex.org/W4403998421","https://openalex.org/W6605198863","https://openalex.org/W6635891169","https://openalex.org/W6638325309","https://openalex.org/W6638438957","https://openalex.org/W6640602179","https://openalex.org/W6675975338","https://openalex.org/W6774656854"],"related_works":["https://openalex.org/W1514754916","https://openalex.org/W4200324802","https://openalex.org/W1502847316","https://openalex.org/W583274106","https://openalex.org/W3178177312","https://openalex.org/W2501171862","https://openalex.org/W2262537103","https://openalex.org/W2493641845","https://openalex.org/W254568615","https://openalex.org/W2108954098"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":10},{"year":2024,"cited_by_count":10},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":9},{"year":2021,"cited_by_count":8},{"year":2020,"cited_by_count":10},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2025-10-10T00:00:00"}
