{"id":"https://openalex.org/W2989896041","doi":"https://doi.org/10.3386/w26494","title":"Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress","display_name":"Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress","publication_year":2019,"publication_date":"2019-11-01","ids":{"openalex":"https://openalex.org/W2989896041","doi":"https://doi.org/10.3386/w26494","mag":"2989896041"},"language":"en","primary_location":{"id":"doi:10.3386/w26494","doi":"https://doi.org/10.3386/w26494","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w26494","pdf_url":"https://doi.org/10.3386/w26494","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","is_traditional":false,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w26494","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5089595588","display_name":"Zhiguo He","orcid":"https://orcid.org/0009-0003-3762-5119","observed_orcids":["https://orcid.org/0009-0003-3762-5119","https://orcid.org/0009-0005-0076-1488"]},"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/I145311948","display_name":"Johns Hopkins University","ror":"https://ror.org/00za53h95","country_code":"US","type":"education","lineage":["https://openalex.org/I145311948"]},{"id":"https://openalex.org/I149704539","display_name":"Deakin University","ror":"https://ror.org/02czsnj07","country_code":"AU","type":"education","lineage":["https://openalex.org/I149704539"]},{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]},{"id":"https://openalex.org/I164389053","display_name":"Fordham University","ror":"https://ror.org/03qnxaf80","country_code":"US","type":"education","lineage":["https://openalex.org/I164389053"]},{"id":"https://openalex.org/I165779595","display_name":"The University of Melbourne","ror":"https://ror.org/01ej9dk98","country_code":"AU","type":"education","lineage":["https://openalex.org/I165779595"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I40347166","display_name":"University of Chicago","ror":"https://ror.org/024mw5h28","country_code":"US","type":"education","lineage":["https://openalex.org/I40347166"]},{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]},{"id":"https://openalex.org/I56590836","display_name":"Monash University","ror":"https://ror.org/02bfwt286","country_code":"AU","type":"education","lineage":["https://openalex.org/I56590836"]}],"countries":["AU","GB","US"],"is_corresponding":false,"raw_author_name":"Zhiguo He","raw_affiliation_strings":["University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 and","Imperial College Business School South Kensington Campus London, SW7 2AZ, UK","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","Zhaogang Song The Johns Hopkins Carey Business School 100 International Drive Baltimore, MD 21202","seminar participants at Deakin University, Fordham University, Georgetown University, Johns Hopkins University, Monash University, University of Maryland, University of Illinois Urbana-Champaign, and University of Melbourne for helpful discussions"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 and","institution_ids":["https://openalex.org/I40347166"]},{"raw_affiliation_string":"Imperial College Business School South Kensington Campus London, SW7 2AZ, UK","institution_ids":["https://openalex.org/I47508984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Zhaogang Song The Johns Hopkins Carey Business School 100 International Drive Baltimore, MD 21202","institution_ids":["https://openalex.org/I145311948"]},{"raw_affiliation_string":"seminar participants at Deakin University, Fordham University, Georgetown University, Johns Hopkins University, Monash University, University of Maryland, University of Illinois Urbana-Champaign, and University of Melbourne for helpful discussions","institution_ids":["https://openalex.org/I145311948","https://openalex.org/I149704539","https://openalex.org/I157725225","https://openalex.org/I164389053","https://openalex.org/I165779595","https://openalex.org/I184565670","https://openalex.org/I56590836"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5006784685","display_name":"Paymon Khorrami","orcid":"https://orcid.org/0000-0002-0968-6390","observed_orcids":["https://orcid.org/0000-0002-0968-6390"]},"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/I145311948","display_name":"Johns Hopkins University","ror":"https://ror.org/00za53h95","country_code":"US","type":"education","lineage":["https://openalex.org/I145311948"]},{"id":"https://openalex.org/I149704539","display_name":"Deakin University","ror":"https://ror.org/02czsnj07","country_code":"AU","type":"education","lineage":["https://openalex.org/I149704539"]},{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]},{"id":"https://openalex.org/I164389053","display_name":"Fordham University","ror":"https://ror.org/03qnxaf80","country_code":"US","type":"education","lineage":["https://openalex.org/I164389053"]},{"id":"https://openalex.org/I165779595","display_name":"The University of Melbourne","ror":"https://ror.org/01ej9dk98","country_code":"AU","type":"education","lineage":["https://openalex.org/I165779595"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I40347166","display_name":"University of Chicago","ror":"https://ror.org/024mw5h28","country_code":"US","type":"education","lineage":["https://openalex.org/I40347166"]},{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]},{"id":"https://openalex.org/I56590836","display_name":"Monash University","ror":"https://ror.org/02bfwt286","country_code":"AU","type":"education","lineage":["https://openalex.org/I56590836"]}],"countries":["AU","GB","US"],"is_corresponding":false,"raw_author_name":"Paymon Khorrami","raw_affiliation_strings":["Imperial College Business School South Kensington Campus London, SW7 2AZ, UK","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 and","Zhaogang Song The Johns Hopkins Carey Business School 100 International Drive Baltimore, MD 21202","seminar participants at Deakin University, Fordham University, Georgetown University, Johns Hopkins University, Monash University, University of Maryland, University of Illinois Urbana-Champaign, and University of Melbourne for helpful discussions"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Imperial College Business School South Kensington Campus London, SW7 2AZ, UK","institution_ids":["https://openalex.org/I47508984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 and","institution_ids":["https://openalex.org/I40347166"]},{"raw_affiliation_string":"Zhaogang Song The Johns Hopkins Carey Business School 100 International Drive Baltimore, MD 21202","institution_ids":["https://openalex.org/I145311948"]},{"raw_affiliation_string":"seminar participants at Deakin University, Fordham University, Georgetown University, Johns Hopkins University, Monash University, University of Maryland, University of Illinois Urbana-Champaign, and University of Melbourne for helpful discussions","institution_ids":["https://openalex.org/I145311948","https://openalex.org/I149704539","https://openalex.org/I157725225","https://openalex.org/I164389053","https://openalex.org/I165779595","https://openalex.org/I184565670","https://openalex.org/I56590836"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5050039027","display_name":"Zhaogang Song","orcid":"https://orcid.org/0000-0002-4556-2061","observed_orcids":["https://orcid.org/0000-0002-4556-2061"]},"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/I145311948","display_name":"Johns Hopkins University","ror":"https://ror.org/00za53h95","country_code":"US","type":"education","lineage":["https://openalex.org/I145311948"]},{"id":"https://openalex.org/I149704539","display_name":"Deakin University","ror":"https://ror.org/02czsnj07","country_code":"AU","type":"education","lineage":["https://openalex.org/I149704539"]},{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]},{"id":"https://openalex.org/I164389053","display_name":"Fordham University","ror":"https://ror.org/03qnxaf80","country_code":"US","type":"education","lineage":["https://openalex.org/I164389053"]},{"id":"https://openalex.org/I165779595","display_name":"The University of Melbourne","ror":"https://ror.org/01ej9dk98","country_code":"AU","type":"education","lineage":["https://openalex.org/I165779595"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I40347166","display_name":"University of Chicago","ror":"https://ror.org/024mw5h28","country_code":"US","type":"education","lineage":["https://openalex.org/I40347166"]},{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]},{"id":"https://openalex.org/I56590836","display_name":"Monash University","ror":"https://ror.org/02bfwt286","country_code":"AU","type":"education","lineage":["https://openalex.org/I56590836"]}],"countries":["AU","GB","US"],"is_corresponding":false,"raw_author_name":"Zhaogang Song","raw_affiliation_strings":["OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","The Johns Hopkins Carey Business School 100 International Drive Baltimore , MD 21202","Imperial College Business School South Kensington Campus London, SW7 2AZ, UK","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 and","Zhaogang Song The Johns Hopkins Carey Business School 100 International Drive Baltimore, MD 21202","seminar participants at Deakin University, Fordham University, Georgetown University, Johns Hopkins University, Monash University, University of Maryland, University of Illinois Urbana-Champaign, and University of Melbourne for helpful discussions"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"The Johns Hopkins Carey Business School 100 International Drive Baltimore , MD 21202","institution_ids":["https://openalex.org/I145311948"]},{"raw_affiliation_string":"Imperial College Business School South Kensington Campus London, SW7 2AZ, UK","institution_ids":["https://openalex.org/I47508984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 and","institution_ids":["https://openalex.org/I40347166"]},{"raw_affiliation_string":"Zhaogang Song The Johns Hopkins Carey Business School 100 International Drive Baltimore, MD 21202","institution_ids":["https://openalex.org/I145311948"]},{"raw_affiliation_string":"seminar participants at Deakin University, Fordham University, Georgetown University, Johns Hopkins University, Monash University, University of Maryland, University of Illinois Urbana-Champaign, and University of Melbourne for helpful discussions","institution_ids":["https://openalex.org/I145311948","https://openalex.org/I149704539","https://openalex.org/I157725225","https://openalex.org/I164389053","https://openalex.org/I165779595","https://openalex.org/I184565670","https://openalex.org/I56590836"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":10,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":16,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9980000257492065,"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":0.9980000257492065,"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/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0007999999797903001,"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/T10019","display_name":"Corporate Finance and Governance","score":0.00019999999494757503,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-spreads","display_name":"credit spreads","score":0.8980000019073486},{"id":"https://openalex.org/keywords/dealer-inventory","display_name":"dealer inventory","score":0.8080000281333923},{"id":"https://openalex.org/keywords/corporate-bonds","display_name":"corporate bonds","score":0.6209999918937683},{"id":"https://openalex.org/keywords/margin-constraints","display_name":"margin constraints","score":0.8999999761581421},{"id":"https://openalex.org/keywords/fallen-angels","display_name":"fallen angels","score":0.7419999837875366},{"id":"https://openalex.org/keywords/credit-rating-downgrades","display_name":"rating downgrades","score":0.7400000095367432},{"id":"https://openalex.org/keywords/insurance-losses","display_name":"insurance losses","score":0.6439999938011169},{"id":"https://openalex.org/keywords/institutional-investors","display_name":"institutional investors","score":0.44200000166893005},{"id":"https://openalex.org/keywords/bond-sales","display_name":"bond sales","score":0.5230000019073486},{"id":"https://openalex.org/keywords/asset-pricing-anomalies","display_name":"asset pricing anomalies","score":0.33799999952316284}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6543207168579102},{"id":"https://openalex.org/C139265228","wikidata":"https://www.wikidata.org/wiki/Q5283089","display_name":"Distress","level":2,"score":0.6104691028594971},{"id":"https://openalex.org/C2984760201","wikidata":"https://www.wikidata.org/wiki/Q1785212","display_name":"Financial distress","level":2,"score":0.4330020546913147},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.2428763210773468},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.1596185564994812},{"id":"https://openalex.org/C70410870","wikidata":"https://www.wikidata.org/wiki/Q199906","display_name":"Clinical psychology","level":1,"score":0.11173832416534424}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3386/w26494","doi":"https://doi.org/10.3386/w26494","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w26494","pdf_url":"https://doi.org/10.3386/w26494","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:26494","doi":null,"is_oa":true,"landing_page_url":"http://www.nber.org/papers/w26494.pdf","pdf_url":"http://www.nber.org/papers/w26494.pdf","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":"preprint"}],"best_oa_location":{"id":"doi:10.3386/w26494","doi":"https://doi.org/10.3386/w26494","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w26494","pdf_url":"https://doi.org/10.3386/w26494","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320309626","display_name":"University of Chicago","ror":"https://ror.org/024mw5h28"},{"id":"https://openalex.org/F4320310145","display_name":"Johns Hopkins University","ror":"https://ror.org/00za53h95"},{"id":"https://openalex.org/F4320334232","display_name":"Carey Business School, Johns Hopkins University","ror":null}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2989896041.pdf","grobid_xml":"https://content.openalex.org/works/W2989896041.grobid-xml"},"referenced_works_count":94,"referenced_works":["https://openalex.org/W1526956769","https://openalex.org/W1564383129","https://openalex.org/W1576952511","https://openalex.org/W1980661334","https://openalex.org/W2020710668","https://openalex.org/W2025268472","https://openalex.org/W2077252204","https://openalex.org/W2082154278","https://openalex.org/W2094460937","https://openalex.org/W2104723218","https://openalex.org/W2105414487","https://openalex.org/W2105973145","https://openalex.org/W2108446661","https://openalex.org/W2109718988","https://openalex.org/W2117178635","https://openalex.org/W2143139512","https://openalex.org/W2143856073","https://openalex.org/W2144014842","https://openalex.org/W2147146578","https://openalex.org/W2150751859","https://openalex.org/W2154044885","https://openalex.org/W2155797117","https://openalex.org/W2156638416","https://openalex.org/W2158179451","https://openalex.org/W2158527487","https://openalex.org/W2162009965","https://openalex.org/W2163369381","https://openalex.org/W2164898791","https://openalex.org/W2212319921","https://openalex.org/W2257048727","https://openalex.org/W2318818482","https://openalex.org/W2318901323","https://openalex.org/W2320331829","https://openalex.org/W2331016258","https://openalex.org/W2334058874","https://openalex.org/W2339258799","https://openalex.org/W2524284053","https://openalex.org/W2605417782","https://openalex.org/W2613620607","https://openalex.org/W2674433716","https://openalex.org/W2749579168","https://openalex.org/W2762106163","https://openalex.org/W2777720335","https://openalex.org/W2792645502","https://openalex.org/W2808714155","https://openalex.org/W2888196543","https://openalex.org/W2888813708","https://openalex.org/W2890007411","https://openalex.org/W2905566696","https://openalex.org/W2908235224","https://openalex.org/W2914387257","https://openalex.org/W2927738715","https://openalex.org/W2949580488","https://openalex.org/W3003316627","https://openalex.org/W3012235128","https://openalex.org/W3021190191","https://openalex.org/W3022498064","https://openalex.org/W3023906401","https://openalex.org/W3036413629","https://openalex.org/W3121268343","https://openalex.org/W3121401171","https://openalex.org/W3121630456","https://openalex.org/W3121630491","https://openalex.org/W3121703571","https://openalex.org/W3121810651","https://openalex.org/W3122242170","https://openalex.org/W3122403692","https://openalex.org/W3122458556","https://openalex.org/W3123095288","https://openalex.org/W3123115626","https://openalex.org/W3123133978","https://openalex.org/W3123892291","https://openalex.org/W3124037384","https://openalex.org/W3124112311","https://openalex.org/W3124246867","https://openalex.org/W3124550790","https://openalex.org/W3124696235","https://openalex.org/W3125007939","https://openalex.org/W3125239784","https://openalex.org/W3125325651","https://openalex.org/W3125433702","https://openalex.org/W3125576091","https://openalex.org/W3125813470","https://openalex.org/W3125868889","https://openalex.org/W3126074134","https://openalex.org/W3201873615","https://openalex.org/W4230139249","https://openalex.org/W4241718005","https://openalex.org/W4244826851","https://openalex.org/W4288532870","https://openalex.org/W6678609511","https://openalex.org/W6682764683","https://openalex.org/W6753973281","https://openalex.org/W6834903092"],"related_works":["https://openalex.org/W3122403692","https://openalex.org/W4402970676","https://openalex.org/W7020025205","https://openalex.org/W3124223525","https://openalex.org/W7135932672","https://openalex.org/W1990691839","https://openalex.org/W2603064854","https://openalex.org/W4312668248","https://openalex.org/W4415256154","https://openalex.org/W2184036414"],"abstract_inverted_index":{"Two":[0],"intermediary-based":[1],"factors":[2],"-a":[3],"broad":[4],"financial":[5],"distress":[6,90],"measure":[7,14],"and":[8,51,66,99,117],"a":[9],"dealer":[10,81],"corporate":[11],"bond":[12,59,100,107],"inventory":[13,82,97],"-explain":[15],"about":[16],"50%":[17],"of":[18,23,41],"the":[19,47],"puzzling":[20],"common":[21],"variation":[22],"credit":[24],"spread":[25],"changes":[26],"beyond":[27],"canonical":[28],"structural":[29],"factors.A":[30],"simple":[31],"model,":[32],"in":[33,71,103],"which":[34],"intermediaries":[35],"facing":[36],"margin":[37],"constraints":[38],"absorb":[39],"supply":[40],"assets":[42,86],"from":[43],"customers,":[44],"accounts":[45],"for":[46],"documented":[48],"explanatory":[49],"power":[50],"delivers":[52],"further":[53],"implications":[54],"with":[55,84,93],"empirical":[56],"support.First,":[57],"whereas":[58,88],"sorts":[60,77],"on":[61,73],"margin-related":[62],"variables":[63],"(credit":[64],"rating":[65],"leverage)":[67],"produce":[68,78],"monotonic":[69],"patterns":[70],"loadings":[72],"intermediary":[74,89],"factors,":[75],"non-margin-related":[76],"no":[79],"pattern.Second,":[80],"co-moves":[83,91],"corporate-credit":[85],"only,":[87],"even":[92],"non-corporate-credit":[94],"assets.Third,":[95],"dealers'":[96],"increases,":[98],"prices":[101],"decline,":[102],"response":[104],"to":[105],"instrumented":[106],"sales":[108],"by":[109],"institutional":[110],"investors,":[111],"using":[112],"severe":[113],"downgrades":[114],"(\"fallen":[115],"angels'')":[116],"disaster-related":[118],"insurance":[119],"losses":[120],"as":[121],"IVs.":[122]},"counts_by_year":[{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":1},{"year":2017,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2019-12-05T00:00:00"}
