---
title: Corporate bond multipliers: substitutes matter
url: https://www.ml-quant.com/papers/repec/ehl-lserod-138916/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-16
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:ehl:lserod:138916
source_url: https://econpapers.repec.org/RePEc:ehl:lserod:138916
featured: 2026-10-16
citations: unknown
topic: Trading, Microstructure & Execution
---


# Corporate bond multipliers: substitutes matter

Heterogeneous substitutability between corporate bonds implies security-level multipliers are much smaller than previous estimates, though portfolio multipliers remain substantial.

- Source: https://econpapers.repec.org/RePEc:ehl:lserod:138916
- Identifier: RePEc:ehl:lserod:138916
- Released: 2026-10-12
- First featured: Quant Letter No. 135 (2026-10-16): https://www.ml-quant.com/issues/2026-10-16/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Trading, Microstructure & Execution
- Authors: Chaudhary, Manav, Zhiyu Fu, Julie, Li, Jian

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