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Journal articles on the topic 'Government bond yield spreads'

Author: Grafiati

Published: 4 June 2021

Last updated: 2 February 2022

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1

Priyo Adiwibowo and Pardomuan Sihombing. "DETERMINANT OF GOVERNMENT BOND YIELDS." Dinasti International Journal of Digital Business Management 1, no. 1 (2020): 86–99. http://dx.doi.org/10.31933/dijdbm.v1i1.85.

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This study aims to analyze the influence of determinant factors: (i) exchange rates, (ii) inflation, (iii) CDS spreads, (iv) bid-ask spreads, (v) overnight rate, (vi) CB’s rate (Central Bank Rate), and (vii) oil prices on Government bond yields. The data used are monthly data in the period 2012 - 2018. The research method used is the Vector Auto Regression (VAR) approach. Our analysis indicated that the determinant factors have impact on government bond yields. Based on the analysis of the impulse response function (IRF), the yield is to respond to any shocks given by the long term. While thro

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2

Lukić, Velimir. "Integration of Government Bond Market in the Euro Area and Monetary Policy." Journal of Central Banking Theory and Practice 5, no. 1 (2016): 71–97. http://dx.doi.org/10.1515/jcbtp-2016-0004.

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Abstract This paper combines analysis of evolution in euro area government bond market integration and interference of European Central Bank with functioning of respective market recently. Since the introduction of euro, government bond yields converged in the euro area, bonds of different countries have become close substitutes in the perception of investors, and overall integration of the market was rather high. At the end of 2008, dramatic shift occurred and ever since disintegrative forces were set in motion. The paper presents the following measures of integration of the government bond m

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3

Codogno, L., C. Favero, and A. Missale. "Yield spreads on EMU government bonds." Economic Policy 18, no. 37 (2003): 503–32. http://dx.doi.org/10.1111/1468-0327.00114_1.

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4

Heryan, Tomas, and Jan Ziegelbauer. "Volatility of yields of government bonds among GIIPS countries during the sovereign debt crisis in the euro area." Equilibrium 11, no. 1 (2016): 61. http://dx.doi.org/10.12775/equil.2016.003.

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The aim of the paper is to estimate, how the volatility of yields of the Greek bonds affects yields’ volatilities of bonds in selected European countries during the period of the sovereign debt crisis in the euro area. We obtained data for 10-year bonds in a weekly frequency from January 2006 till the end of December 2014. To make a comparison of pre-crisis period, we firstly investigate a bond yields’ volatility before 15th September 2008, when U.S. Leman Brothers bankrupted and the global financial crisis had been reflected in full. However, the period of the global financial crisis could al

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5

Wagner, Niklas. "Autoregressive conditional tail behavior and results on Government bond yield spreads." International Review of Financial Analysis 14, no. 2 (2005): 247–61. http://dx.doi.org/10.1016/j.irfa.2004.06.013.

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6

Craig, Karen Ann, and Brandy Hadley. "Political sensitivity and government oversight in the US corporate bond market: evidence from federal contractors." Corporate Governance: The International Journal of Business in Society 20, no. 7 (2020): 1173–89. http://dx.doi.org/10.1108/cg-07-2019-0217.

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Purpose This paper aims to investigate the political cost hypothesis and the effects of political sensitivity-induced governance in the US bond market by using yield spreads from bonds issued by a diverse sample of US government contractors. Design/methodology/approach Fixed effects regression analysis is used to test the relation between the political sensitivity of government contractor firms and their cost of debt. Findings Results illustrated that government contractors with greater political sensitivity are associated with larger yield spreads, indicating that bondholders require a premiu

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7

Saar, Dan, and Yossi Yagil. "Predicting Growth Components – Unemployment, Housing Prices and Consumption Using Both Government and Corporate Yield Curves." International Journal of Economics and Finance 10, no. 6 (2018): 180. http://dx.doi.org/10.5539/ijef.v10n6p180.

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In this study, we predict changes in specific segments of economic growth including the unemployment rate, the housing prices and changes in personal consumption by employing corporate and government bonds. Our hypothesis is that the use of yield curves of corporate bonds will improve the predictions over previous models that used only the yield curves of government bonds. Our results support that contention. We find that corporate bonds’ spreads actually help predicting the changes in both the unemployment rate and housing prices. We also find a significant positive relationship between bond

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8

Na, HyunJun. "Customer concentration types and public debt contracts." Review of Accounting and Finance 19, no. 2 (2020): 247–69. http://dx.doi.org/10.1108/raf-05-2019-0107.

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Purpose This paper aims to examine how a firm’s customer concentration, which is the amount of sales between a supplier firm and the major customers, affects corporate bond contracts. This study also investigates how the types of customer concentration have a significant impact on bond contracts. Design/methodology/approach The research uses the Compustat’s segment customer database and the Mergent fixed income securities database, which provides details about publicly offered US bond issues and issuers. The sample also includes the US Congressional committees’ data from the 96th to 115th cong

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9

Basci, Esref Savas. "Yield Spreads on Government Benchmark Bonds: Cross Country Evidence." Procedia Economics and Finance 30 (2015): 57–67. http://dx.doi.org/10.1016/s2212-5671(15)01255-1.

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10

Mitkova, Veronika, and Vladimír Mlynarovič. "Investment Opportunities Identification Based on Macroeconomic Development, the Multiple Criteria Decision Approach." Symmetry 11, no. 6 (2019): 827. http://dx.doi.org/10.3390/sym11060827.

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The aim of this work is to develop a “learning model” which outranks countries according to their confrontation of historical macroeconomic indicators for a given period of time with the spreads at the end of that time and to formulate a forward-looking investment strategy regarding government bonds for the following time period. The mechanism of identifying investment opportunities among government bonds is based on the multiple criteria decision making technique, and we look to the Promethee II method as a symmetry approach to country ordering. The spread is defined as the difference between

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11

Randl, Otto, and Josef Zechner. "Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation." German Economic Review 19, no. 3 (2018): 260–79. http://dx.doi.org/10.1111/geer.12128.

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Abstract This paper uses recent legislation in Austria to establish a link between sovereign reputation and yield spreads. In 2009, Hypo Alpe Adria International, a bank previously co-owned by the regional government of Carinthia, had been nationalized by Austria’s central government in order to avoid a default triggering multi-billion Euro local government guarantees. In 2015, special legislation retroactively introduced collective action clauses allowing a haircut on both the bonds and the guarantees while avoiding formal default. We document that legislative and administrative action design

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12

Tholl, Johannes, Tobias Basse, Samira Meier, and Miguel Rodriguez Gonzalez. "Risk premia and the European government bond market: new empirical evidence and some thoughts from the perspective of the life insurance industry." Zeitschrift für die gesamte Versicherungswissenschaft 110, no. 1 (2021): 49–78. http://dx.doi.org/10.1007/s12297-021-00503-2.

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AbstractWe study yield spreads between government bonds in the European Monetary Union. This segment of the global fixed income market is of particular importance for insurance companies in Europe. Our empirical research strategy is inspired by Gunay (2020) who has analyzed the relationship between credit and liquidity risk in the United States using Granger causality tests. More specifically, we employ the procedure developed by Toda and Yamamoto (1995) to test for Granger causality among yield spreads in five different member countries of the European Monetary Union (namely Austria, Belgium,

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13

Spyrou, Spyros. "Investor sentiment and yield spread determinants: evidence from European markets." Journal of Economic Studies 40, no. 6 (2013): 739–62. http://dx.doi.org/10.1108/jes-01-2012-0008.

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Purpose – This paper aims to investigate the yield spread determinants for a sample of European markets in the light of the recent financial crisis. It utilises findings from two different strands in the literature: findings on bond spread determinants and findings on the effect of investor sentiment on equity returns. Design/methodology/approach – The explanatory variables in the regression models proxy not only for economic fundamentals (e.g. economic activity, default risk, liquidity risk, general market conditions) but also for investor sentiment. A vector autoregressive approach is employ

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14

Jiang, Xiao Wan. "The Impact of Government Intervention on Municipal Bond Liquidity Premium: Evidence from China." Applied Economics and Finance 6, no. 3 (2019): 79. http://dx.doi.org/10.11114/aef.v6i3.4217.

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Government intervention is an important factor which restricts the development of municipal bond market in China. Based on the revenue bond innovation pilot policy implemented by the Ministry of Finance in 2017, this paper uses municipal bond trading data of Chinese inter-bank bond market from May 2017 to June 2018 and the two-stage least squares method to study the impact of government intervention on the liquidity premium of municipal bonds. The results of the empirical research show: (1) The liquidity risk of municipal bonds is a factor that affects the yield spread, and the marginal impact

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15

Mohapi, Tjhaka Alphons, and I. Botha. "The Explanatory Power Of The Yield Curve In Predicting Recessions In South Africa." International Business & Economics Research Journal (IBER) 12, no. 6 (2013): 613. http://dx.doi.org/10.19030/iber.v12i6.7868.

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The term structure of interest rates, particularly the term spreaddetermined from the difference between ten-year government bond yields andthree-month Treasury bill yields, has received increased attention as avaluable forecasting tool for the purposes of monetary policy and recessionforecasting. This is on the back of the observed positive relationship betweenterm spread and economic activity. Moreover, the term spread has been observedto invert prior to the occurrence of economic recessions both in developed anddeveloping countries.This study investigated the forecasting ability of the Sout

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16

Ngo, Thanh, and Jurica Susnjara. "Government contracts and US bond yield spreads: A study on costs and benefits of materialized political connections." Journal of Business Finance & Accounting 47, no. 7-8 (2020): 1059–85. http://dx.doi.org/10.1111/jbfa.12440.

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17

Kurihara, Yutaka. "Does High Yield Spread Dampen Economic Growth?" International Journal of Finance & Banking Studies (2147-4486) 3, no. 2 (2014): 01–09. http://dx.doi.org/10.20525/ijfbs.v3i2.180.

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This article focuses on the empirical relationship between the United States’ and Japan’s yield spread of interest rates and economic growth in Japan. The yield spread is defined in this article as the difference between the Japanese government bond yield minus the US government bond yield. Some studies have tackled this issue and found a negative relationship between the yield spread and economic growth; however, recent studies have shown no or a weak relationship. This problem has not yet reached consensus in spite of its importance. As the Japanese interest rate has been quite low since the

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18

Zhou, Sheunesu. "EXAMINING THE SOURCES OF SOVEREIGN RISK FOR SOUTH AFRICA: A TIME VARYING FLEXIBLE LEAST SQUARES APPROACH." Eurasian Journal of Economics and Finance 9, no. 1 (2021): 29–45. http://dx.doi.org/10.15604/ejef.2021.09.01.003.

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This paper analyzes the determinants of the South African long-term sovereign bond yield spread using 10-year bond yield spread. We employ the Auto-Regressive Distributed Lag and Flexible Least Squares techniques to demonstrate the impact of macroeconomic and financial variables on the yield spread. Our results show that the short-term interest rate is positively related to the bond yield spread both in the short and long run. We also establish a long-run positive influence of government debt on the bond yield spread whilst on the other hand, economic growth, the nominal effective exchange rat

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19

Vas. Seremetis, Dimitris, and Anastasios P. Pappas. "Government bond yield spreads determination: a matter of fundamentals or market overreaction? Evidence from over-borrowed European countries." European Journal of Economics and Economic Policies: Intervention 10, no. 3 (2013): 342–58. http://dx.doi.org/10.4337/ejeep.2013.03.08.

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20

Özdemir-Dilidüzgün, Menevşe, Ayşe Altıok-Yılmaz, and Elif Akben-Selçuk. "Spread determinants in corporate bond pricing: The effect of market and liquidity risks." Panoeconomicus, no. 00 (2020): 2. http://dx.doi.org/10.2298/pan171024002o.

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This paper investigates the effect of market and liquidity risks on corporate bond pricing in Turkey, an emerging market, and in Europe. Results show that corporate bond returns have exposure to liquidity factors and not to market factors in both settings. Corporate bonds issued in Turkey have significant exposure to fluctuations in benchmark treasury bond liquidity and corporate bond market liquidity; while corporate bonds issued in Eurozone have exposure to equity market liquidity and are sensitive to fluctuations in a 10-year generic government bond liquidity. The total estimated liquidity

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21

Y. Uppal, Jamshed. "External Debt Management in Pakistan: A Market-Based Assessment." LAHORE JOURNAL OF ECONOMICS 22, Special Edition (2017): 25–51. http://dx.doi.org/10.35536/lje.2017.v22.isp.a2.

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Economists typically use multiple indicators to assess the burden of external debt, such as the ratios of the stock of debt to exports and to gross national product, and the ratios of debt service to exports and to government revenue. As opposed to those methodologies, this article examines the Pakistan’s external debt position using a market based approach which analyzes the marginal costs of external debt as indicated by the yields on the country’s Eurobonds and the spreads on the Credit Default Swaps (CDS) traded in the international markets. The results show a sharp decline in the yields o

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22

Fendel, Ralf, and Frederik Neugebauer. "Country-specific euro area government bond yield reactions to ECB’s non-standard monetary policy program announcements." German Economic Review 21, no. 4 (2020): 417–74. http://dx.doi.org/10.1515/ger-2018-0094.

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AbstractThis paper employs event study methods to evaluate the effects of ECB’s non-standard monetary policy program announcements on 10-year government bond yields of 11 euro area member states. Measurable effects of announcements arise with a one-day delay meaning that government bond markets take some time to react to ECB announcements. The country-specific extent of yield reduction seems inversely related to the solvency rating of the corresponding countries. The spread between core and periphery countries reduces because of a stronger decrease in the latter. This result is confirmed by le

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23

Sibbertsen, Philipp, Christoph Wegener, and Tobias Basse. "Testing for a break in the persistence in yield spreads of EMU government bonds." Journal of Banking & Finance 41 (April 2014): 109–18. http://dx.doi.org/10.1016/j.jbankfin.2014.01.003.

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24

Kurihara, Yutaka. "Does High Yield Spread Dampen Economic Growth? The Case of US-Japan." International Journal of Finance & Banking Studies (2147-4486) 3, no. 2 (2016): 1. http://dx.doi.org/10.20525/.v3i2.180.

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<p><em>This article focuses on the empirical relationship between the United States’ and Japan’s yield spread of interest rates and economic growth in Japan. The yield spread is defined in this article as the difference between the Japanese government bond yield minus the US government bond yield. Some studies have tackled this issue and found a negative relationship between the yield spread and economic growth; however, recent studies have shown no or a weak relationship. This problem has not yet reached consensus in spite of its importance. As the Japanese interest rate has been

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25

Rodriguez Gonzalez, Miguel, Frederik Kunze, Christoph Schwarzbach, and Christoph Dieng. "Asset liability management and the euro crisis." Journal of Risk Finance 18, no. 4 (2017): 466–83. http://dx.doi.org/10.1108/jrf-01-2017-0016.

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Purpose This paper aims to investigate the long-term relationships of long-term European Monetary Union (EMU) government bond yields. From an asset managers’ or risk managers’ perspective during the euro crisis, the relevance of sovereign credit and redenomination risk became a major issue. Furthermore, it has to be differentiated between core and non-core EMU member countries. Design/methodology/approach Methods of applied time series analysis are used to investigate EMU government bond yields and EMU government bond yield spreads for Spain, Italy, The Netherlands, Austria and Germany. Both s

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26

Klepsch, Catharina, and Timo Wollmershäuser. "Yield spreads on EMU government bonds — How the financial crisis has helped investors to rediscover risk." Intereconomics 46, no. 3 (2011): 169–76. http://dx.doi.org/10.1007/s10272-011-0379-2.

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27

Kregzde, Arvydas, and Gediminas Murauskas. "ANALYSIS OF LITHUANIAN CREDIT DEFAULT SWAPS." Journal of Business Economics and Management 16, no. 5 (2015): 916–30. http://dx.doi.org/10.3846/16111699.2014.890130.

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This paper studies international sovereign Credit Default Swaps (CDS) market focusing attention to the CDS of Central and East Europe. The main purpose of the study was to perform detail analysis of Lithuanian CDS in the global capital market. We compared the CDS markets of other countries and found some commonalities between them. We study the credit curve produced by CDS and volatility of CDS. A great attention is paid to investigate the relationship of CDS and the government bond market. Analysis of finding a leading role of CDS and the bond markets in the price discovering process is made.

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28

Jankovic, Irena, and Bosko Zivkovic. "An analysis of the effect of currency mismatch on a country’s default risk." Ekonomski anali 59, no. 201 (2014): 85–121. http://dx.doi.org/10.2298/eka1401085j.

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The aim of this paper is the measurement of currency mismatch for a selected group of developing and frontier markets in the Central and Eastern Europe and Western Balkan regions and the analysis of the effects of aggregate currency misbalances on particular countries? risk of default. The empirical tests provided confirm the positive effect of currency mismatch on default risk, which is reflected in the behaviour of yield spreads on the government bonds of the countries under consideration. The higher the negative currency misbalances are, the higher the EMBI spreads appear to be, and vice ve

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29

Lee, Chang Hoon, and Kyu Ho Kang. "The Role of Credit Spreads and Structural Breaks in Forecasting the Term Structure of Korean Government Bond Yields." Asia-Pacific Journal of Financial Studies 44, no. 3 (2015): 353–86. http://dx.doi.org/10.1111/ajfs.12093.

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30

Jang, Woon Wook, and Jaehoon Hahn. "Understanding the Impact of Monetary Policy in Korea using a Macro-Finance Term Structure Model with." Journal of Derivatives and Quantitative Studies 22, no. 2 (2014): 161–92. http://dx.doi.org/10.1108/jdqs-02-2014-b0001.

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This paper examines the interaction between monetary policy and the macroeconomy using a macro-finance term structure model of Joslin, Priebsch, and Singleton (2012), in which macroeconomic risks are not assumed to be spanned by information about the shape of the yield curve. For model estimation, we apply the Kalman filter to a large number of macroeconomic time series data grouped into output, inflation, and market stress categories and extract three common factors. For the factors determining the shape of the yield curve, we use the call rate, the spread between 10-year government bond yiel

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31

Gubareva, Mariya, and Maria Rosa Borges. "Interest rate, liquidity, and sovereign risk: derivative-based VaR." Journal of Risk Finance 18, no. 4 (2017): 443–65. http://dx.doi.org/10.1108/jrf-01-2017-0018.

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Purpose The purpose of this paper is to study connections between interest rate risk and credit risk and investigate the inter-risk diversification benefit due to the joint consideration of these risks in the banking book containing sovereign debt. Design/methodology/approach The paper develops the historical derivative-based value at risk (VaR) for assessing the downside risk of a sovereign debt portfolio through the integrated treatment of interest rate and credit risks. The credit default swaps spreads and the fixed-leg rates of interest rate swap are used as proxies for credit risk and int

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32

Dialynas, Chris P., and David H. Edington. "Bond Yield Spreads." Journal of Portfolio Management 19, no. 1 (1992): 68–75. http://dx.doi.org/10.3905/jpm.1992.409424.

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33

Dialynas, Chris P. "Bond yield spreads revisited." Journal of Portfolio Management 14, no. 2 (1988): 57–62. http://dx.doi.org/10.3905/jpm.1988.409147.

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34

Vatamanyuk-Zelinska, Uliana, and Olena Ohirko. "The role of public credit in the economic development of Ukraine." INNOVATIVE ECONOMY, no. 1-2 (2021): 28–33. http://dx.doi.org/10.37332/2309-1533.2021.1-2.4.

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Purpose. The main aim of the article is defining the essence of public credit, as well as analysis of the role of public credit in the economic development of Ukraine. Methodology of research. A set of general scientific research methods is used to achieve the defined goal and objectives, thanks to which the scientific literature on the topic of scientific research is generalized. Thus, generalization methods are used to substantiate the concept of “public credit”. The system approach allowed to investigate the essence of the concept of the sign and features of the concept of “public credit”.

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35

Hanafi, Norshafizah, Amirul Hamiza Abdul Hamid, and Jasmani Mohd Yunus. "The Empirical Study on Market Liquidity and Determinants of Sukuk in Malaysia." Indian-Pacific Journal of Accounting and Finance 2, no. 3 (2018): 4–15. http://dx.doi.org/10.52962/ipjaf.2018.2.3.56.

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The purpose of this study is to examine the relationship between market liquidity and the determinants of Sukuk in Malaysia’s perspective. This study is also to determine whether the Sukuk market is also reacting as similar to the bond market regarding market liquidity. A sample of 933 issued Sukuk in Malaysia is collected from secondary data of Bond Pricing of Agency Malaysia (BPAM) and Bond Info hub of Bank Negara Malaysia from the period of 2005 to 2015. The sample of issued Sukuk is based on Malaysian Ringgit denominated currency and these Sukuk are actively traded in the secondary market

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36

Sullivan, Edgar J. "Corporate Yield Spreads and Bond Liquidity." CFA Digest 37, no. 3 (2007): 18–19. http://dx.doi.org/10.2469/dig.v37.n3.4778.

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CHEN, LONG, DAVID A. LESMOND, and JASON WEI. "Corporate Yield Spreads and Bond Liquidity." Journal of Finance 62, no. 1 (2007): 119–49. http://dx.doi.org/10.1111/j.1540-6261.2007.01203.x.

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Proksová, Denisa, and Mária Bohdalová. "Bond Yield Spreads in the Eurozone." Annals of the Alexandru Ioan Cuza University - Economics 62, no. 2 (2015): 222–40. http://dx.doi.org/10.1515/aicue-2015-0015.

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Abstract Euro Area sovereign bond yield spreads fell significantly after the creation of the monetary union and moved in unison until the recession of 2008, when investors’ risk pricing changed considerably. Rising bond yield spreads caught the attention of economists who tried to find the factors influencing their size. Evolution of bond spreads was mostly related to various macroeconomic factors as well as the soundness of the countries’ banking sectors and a general level of risk aversion in the financial markets. Analysis presented in this paper compares bond yield spreads of Euro Area mem

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39

Oh, Seung Hyun. "The Relation between Two Kinds of Par Yield Curves: Benchmark Par Yield Curve and Company Par Yield Curve." Journal of Derivatives and Quantitative Studies 20, no. 3 (2012): 325–46. http://dx.doi.org/10.1108/jdqs-03-2012-b0003.

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This study investigates the relation between two kinds of par yield curves estimated in Korean bond market: benchmark par yield curve and company par yield curve. The former is published as a benchmark for corporate bonds with a given credit rating and the latter is utilized for valuing a specific corporate bond. Spot rate curves are extracted from the par yield curves by applying bootstrapping method. The spreads between the two spot rate curves are analyzed for 7 years (2005~2012) of corporate bond transaction data. Six results are obtained from various sub-samples classified by credit ratin

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40

Turkmen Muldur, Gozde, Serkan Yılmaz Kandir, and Yıldırım Beyazıt Onal. "Investor Sentiment and Speculative Bond Yield Spreads." Foundations of Management 11, no. 1 (2019): 177–86. http://dx.doi.org/10.2478/fman-2019-0015.

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AbstractThe valuation of risky debt is central to theoretical and empirical work in corporate finance. Although much is known on the returns and valuation of bonds, there is hardly a consensus on the risk components of the yield spreads. This article aims to investigate the effect of investor sentiment as a systematic risk factor on speculative bond yield spreads. After applying correlation analysis to determine the strength of linear association between these two variables, a vector autoregressive (VAR) analysis and impulse response tests are used to examine the relationship between these two

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41

박희진, 경규진, and Shin ho Young. "Financial Statement Comparability and Bond Yield Spreads." Global Business Administration Review 12, no. 1 (2015): 317–33. http://dx.doi.org/10.17092/jibr.2015.12.1.317.

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42

Samet, Anis, and Lamia Obay. "Call feature and corporate bond yield spreads." Journal of Multinational Financial Management 25-26 (July 2014): 1–20. http://dx.doi.org/10.1016/j.mulfin.2014.06.004.

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43

Nayak, Subhankar. "Investor Sentiment and Corporate Bond Yield Spreads." Review of Behavioural Finance 2, no. 2 (2010): 59–80. http://dx.doi.org/10.1108/19405979201000004.

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44

Beckworth, David, Kenneth P. Moon, and J. Holland Toles. "Monetary policy and corporate bond yield spreads." Applied Economics Letters 17, no. 12 (2010): 1139–44. http://dx.doi.org/10.1080/00036840902845368.

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45

Jubinski, Daniel, and Amy F. Lipton. "Equity volatility, bond yields, and yield spreads." Journal of Futures Markets 32, no. 5 (2011): 480–503. http://dx.doi.org/10.1002/fut.20521.

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46

Leschinski, Christian, and Philip Bertram. "Time varying contagion in EMU government bond spreads." Journal of Financial Stability 29 (April 2017): 72–91. http://dx.doi.org/10.1016/j.jfs.2017.01.007.

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47

Lin, Chen-Miao, and Charles Hodges. "FINANCIAL REPORTING RELEASE 48 AND BOND YIELD SPREADS." Journal of International Finance and Economics 17, no. 2 (2017): 77–88. http://dx.doi.org/10.18374/jife-17-2.7.

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48

Douglas, Alan V. S., Alan G. Huang, and Kenneth R. Vetzal. "Cash flow volatility and corporate bond yield spreads." Review of Quantitative Finance and Accounting 46, no. 2 (2014): 417–58. http://dx.doi.org/10.1007/s11156-014-0474-0.

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49

Eichler, Stefan. "The political determinants of sovereign bond yield spreads." Journal of International Money and Finance 46 (September 2014): 82–103. http://dx.doi.org/10.1016/j.jimonfin.2014.04.003.

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Chen, Tsung-Kang, Hsien-Hsing Liao, and Pei-Ling Tsai. "Internal liquidity risk in corporate bond yield spreads." Journal of Banking & Finance 35, no. 4 (2011): 978–87. http://dx.doi.org/10.1016/j.jbankfin.2010.09.013.

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