{"id":"https://openalex.org/W3081396383","doi":"https://doi.org/10.1155/2020/4159053","title":"Capital Gains Sensitivity of US BBB-Rated Debt to US Treasury Market: Markov-Switching Analyses","display_name":"Capital Gains Sensitivity of US BBB-Rated Debt to US Treasury Market: Markov-Switching Analyses","publication_year":2020,"publication_date":"2020-08-26","ids":{"openalex":"https://openalex.org/W3081396383","doi":"https://doi.org/10.1155/2020/4159053","mag":"3081396383"},"language":"en","primary_location":{"id":"doi:10.1155/2020/4159053","is_oa":true,"landing_page_url":"http://doi.org/10.1155/2020/4159053","pdf_url":null,"source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"http://doi.org/10.1155/2020/4159053","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5036032433","display_name":"Mariya Gubareva","orcid":"https://orcid.org/0000-0001-6829-7021"},"institutions":[{"id":"https://openalex.org/I203847022","display_name":"Instituto Polit\u00e9cnico de Lisboa","ror":"https://ror.org/04ea70f07","country_code":"PT","type":"education","lineage":["https://openalex.org/I203847022"]},{"id":"https://openalex.org/I4210120006","display_name":"SGS (Portugal)","ror":"https://ror.org/02phrtc32","country_code":"PT","type":"company","lineage":["https://openalex.org/I4210120006","https://openalex.org/I4210158066"]}],"countries":["PT"],"is_corresponding":true,"raw_author_name":"Mariya Gubareva","raw_affiliation_strings":["ISCAL \u2013 Lisbon Accounting and Business School, Instituto Polit\u00e9cnico de Lisboa, Av. Miguel Bombarda, 20, 1069-035 Lisbon, Portugal","SOCIUS/CSG-Research in Social Sciences and Management, Rua Miguel Lupi, 20, 1249-078 Lisbon, Portugal"],"affiliations":[{"raw_affiliation_string":"ISCAL \u2013 Lisbon Accounting and Business School, Instituto Polit\u00e9cnico de Lisboa, Av. Miguel Bombarda, 20, 1069-035 Lisbon, Portugal","institution_ids":["https://openalex.org/I203847022"]},{"raw_affiliation_string":"SOCIUS/CSG-Research in Social Sciences and Management, Rua Miguel Lupi, 20, 1249-078 Lisbon, Portugal","institution_ids":["https://openalex.org/I4210120006"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5026193241","display_name":"Ilias Chondrogiannis","orcid":"https://orcid.org/0000-0003-3637-6248"},"institutions":[{"id":"https://openalex.org/I45129253","display_name":"University College London","ror":"https://ror.org/02jx3x895","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I45129253"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Ilias Chondrogiannis","raw_affiliation_strings":["School of Slavonic and East European Studies, UCL-University College London, 16 Taviton Street, London WC1H 0BW, UK"],"affiliations":[{"raw_affiliation_string":"School of Slavonic and East European Studies, UCL-University College London, 16 Taviton Street, London WC1H 0BW, UK","institution_ids":["https://openalex.org/I45129253"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5036032433"],"corresponding_institution_ids":["https://openalex.org/I203847022","https://openalex.org/I4210120006"],"apc_list":{"value":2300,"currency":"USD","value_usd":2300},"apc_paid":{"value":2300,"currency":"USD","value_usd":2300},"fwci":0.4773,"has_fulltext":false,"cited_by_count":2,"citation_normalized_percentile":{"value":0.70003444,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":94},"biblio":{"volume":"2020","issue":null,"first_page":"1","last_page":"13"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9995999932289124,"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":0.9995999932289124,"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":0.9965000152587891,"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/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9915000200271606,"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/treasury","display_name":"Treasury","score":0.8809531927108765},{"id":"https://openalex.org/keywords/bond","display_name":"Bond","score":0.7993637323379517},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.6406922340393066},{"id":"https://openalex.org/keywords/bond-market","display_name":"Bond market","score":0.6099621057510376},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.6092658042907715},{"id":"https://openalex.org/keywords/debt","display_name":"Debt","score":0.5961750745773315},{"id":"https://openalex.org/keywords/interest-rate","display_name":"Interest rate","score":0.5692700147628784},{"id":"https://openalex.org/keywords/portfolio","display_name":"Portfolio","score":0.5676360726356506},{"id":"https://openalex.org/keywords/recession","display_name":"Recession","score":0.5560490489006042},{"id":"https://openalex.org/keywords/capital","display_name":"Capital (architecture)","score":0.41818472743034363},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.31713810563087463},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.17687076330184937},{"id":"https://openalex.org/keywords/keynesian-economics","display_name":"Keynesian economics","score":0.10528263449668884}],"concepts":[{"id":"https://openalex.org/C2780889827","wikidata":"https://www.wikidata.org/wiki/Q10756188","display_name":"Treasury","level":2,"score":0.8809531927108765},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.7993637323379517},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6406922340393066},{"id":"https://openalex.org/C197142791","wikidata":"https://www.wikidata.org/wiki/Q540626","display_name":"Bond market","level":2,"score":0.6099621057510376},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6092658042907715},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5961750745773315},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.5692700147628784},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.5676360726356506},{"id":"https://openalex.org/C195742910","wikidata":"https://www.wikidata.org/wiki/Q176494","display_name":"Recession","level":2,"score":0.5560490489006042},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.41818472743034363},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.31713810563087463},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.17687076330184937},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.10528263449668884},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1155/2020/4159053","is_oa":true,"landing_page_url":"http://doi.org/10.1155/2020/4159053","pdf_url":null,"source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:hin:complx:4159053","is_oa":false,"landing_page_url":"http://downloads.hindawi.com/journals/8503/2020/4159053.xml","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,"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"},{"id":"pmh:oai:doaj.org/article:930c5a483cbd46769c6be24524de4120","is_oa":true,"landing_page_url":"https://doaj.org/article/930c5a483cbd46769c6be24524de4120","pdf_url":null,"source":{"id":"https://openalex.org/S112646816","display_name":"SHILAP Revista de lepidopterolog\u00eda","issn_l":"0300-5267","issn":["0300-5267","2340-4078"],"is_oa":true,"is_in_doaj":true,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Complexity, Vol 2020 (2020)","raw_type":"article"},{"id":"pmh:oai:eprints.ucl.ac.uk.OAI2:10108944","is_oa":false,"landing_page_url":"https://discovery.ucl.ac.uk/id/eprint/10108944/","pdf_url":null,"source":{"id":"https://openalex.org/S4306400024","display_name":"UCL Discovery (University College London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I45129253","host_organization_name":"University College London","host_organization_lineage":["https://openalex.org/I45129253"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"   Complexity , 2020     , Article 4159053. (2020)      ","raw_type":"Article"},{"id":"pmh:oai:hindawi.com:10.1155/2020/4159053","is_oa":true,"landing_page_url":"https://doi.org/10.1155/2020/4159053","pdf_url":null,"source":{"id":"https://openalex.org/S4306400340","display_name":"Hindawi Journal of Chemistry (Hindawi)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210126990","host_organization_name":"Hindawi (United Kingdom)","host_organization_lineage":["https://openalex.org/I4210126990"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Research Article"}],"best_oa_location":{"id":"doi:10.1155/2020/4159053","is_oa":true,"landing_page_url":"http://doi.org/10.1155/2020/4159053","pdf_url":null,"source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[{"id":"https://openalex.org/G3272457656","display_name":null,"funder_award_id":"UIDB/","funder_id":"https://openalex.org/F4320334779","funder_display_name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia"},{"id":"https://openalex.org/G4967691139","display_name":null,"funder_award_id":"UIDB/04521/2020","funder_id":"https://openalex.org/F4320334779","funder_display_name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia"}],"funders":[{"id":"https://openalex.org/F4320331683","display_name":"Instituto Polit\u00e9cnico de Lisboa","ror":"https://ror.org/04ea70f07"},{"id":"https://openalex.org/F4320334779","display_name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia","ror":"https://ror.org/00snfqn58"}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":12,"referenced_works":["https://openalex.org/W1987396383","https://openalex.org/W1990691839","https://openalex.org/W2251623185","https://openalex.org/W2589704183","https://openalex.org/W2768553949","https://openalex.org/W2902302294","https://openalex.org/W2932052563","https://openalex.org/W3121714092","https://openalex.org/W3122420083","https://openalex.org/W3123522733","https://openalex.org/W3124453937","https://openalex.org/W3125744792"],"related_works":["https://openalex.org/W2370750334","https://openalex.org/W3121170756","https://openalex.org/W3122902554","https://openalex.org/W2595814987","https://openalex.org/W2379114542","https://openalex.org/W2383276925","https://openalex.org/W1508180289","https://openalex.org/W653340811","https://openalex.org/W2384781620","https://openalex.org/W1986918211"],"abstract_inverted_index":{"We":[0,87],"reexamine":[1],"the":[2,42,56,64,85,90],"relationship":[3],"between":[4,21,76],"credit":[5],"spreads":[6,60,69],"and":[7,25,30,37,68,100],"interest":[8,50],"rates":[9,51,67],"from":[10],"a":[11,81,97],"capital":[12],"gain":[13,19],"perspective":[14],"of":[15,45,92],"bond":[16,57],"portfolio.":[17],"Capital":[18],"sensitivity":[20],"US":[22],"BBB-rated":[23],"bonds":[24,27,95],"Treasury":[26,94],"is":[28],"weak":[29],"positive":[31],"in":[32,49,55,63,71,84],"normal":[33],"periods,":[34],"but":[35],"strong":[36],"negative":[38],"during":[39],"recessions.":[40],"In":[41],"upward":[43],"phase":[44],"business":[46],"cycles,":[47],"changes":[48],"are":[52],"fully":[53],"reflected":[54],"yields,":[58],"leaving":[59],"unchanged,":[61],"while":[62],"downward":[65],"phase,":[66],"move":[70],"opposite":[72],"directions.":[73],"This":[74],"alternation":[75],"two":[77],"distinct":[78],"regimes":[79],"reconciles":[80],"long-standing":[82],"division":[83],"literature.":[86],"then":[88],"discuss":[89],"efficiency":[91],"shorting":[93],"as":[96],"hedging":[98],"strategy":[99],"policy":[101],"suggestions.":[102]},"counts_by_year":[{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1}],"updated_date":"2026-04-10T15:06:20.359241","created_date":"2025-10-10T00:00:00"}
