We examine impediments to liquidity provision by mutual funds to insurance companies during corporate bond fire sales … significant returns from liquidity provision and demonstrate superior overall skills in corporate bond investments …. We find that financial regulation and limited capital capacity significantly affect liquidity provision. Mutual funds …

issuance are significantly associated with periods of high aggregate liquidity in the corporate bond market. The result is …This paper investigates whether firm managers time debt issuances according to market liquidity conditions. Using … especially strong when liquidity is aggregated across bonds in the same risk class. Splitting the sample into timers and …

for riskier and less actively traded bonds. Dealers' holding periods do not decline with a bond's prior trading activity … in equilibrium such that observed spreads can appear invariant to expected liquidity …