market segments which differ only with respect to their liquidity. We analyze the interaction between different parts of the … mainly driven by asset market volatilities which suggests a fight-to-liquidity effect. In contrast, the long end depends on … different investor clienteles with different liquidity needs. (iii) There is a smooth transition from short-term to long …

basis size is closely related to measures of company-specific credit risk and liquidity, and to market conditions. In … risk, liquidity, and market measures even more strongly than the basis itself, and we show which conditions make long and … basis trades. -- bond asset swap spreads ; CDS premia ; basis trading profits ; credit risk ; liquidity ; fixed …