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. 2021 Apr 21;133:106153. doi: 10.1016/j.jbankfin.2021.106153

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Fig. 4 — Credit Spread Changes from March 20. The figures show coefficient $b_{1}$ from the regression, $Δ s_{i, d + h} = b_{0} + b_{1} E v t D a t e_{d + h} + γ C t r l_{i, d + h} + ε_{i, d + h},$ run separately for IG and HY bonds with 2-standard error bars. $h$ is from 2 (corresponding to March 24) to 12 (April 3). Standard errors are clustered by time and firm.