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   "estimand": "Incremental share of variation in corporate bond yield spread changes, and in their common unexplained component, accounted for by systematic OTC friction proxies",
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    "claim": "Systematic inventory, search and bargaining frictions explain 23.4% of the variation in the common component of yield spread changes",
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    "claim": "The CDGM model on transaction prices leaves a large common unexplained factor",
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    "claim": "Higher interdealer network connectivity and longer intermediation chains are associated with narrower yield spreads",
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