Liquidity Supply in the Corporate Bond Market
研究交易商库存容量（流动性供给）如何驱动公司债券市场的流动性和预期收益，发现流动性供给冲击对市场流动性和预期收益有显著解释力。
ABSTRACT This paper examines dealer inventory capacity, or liquidity supply, as a driver of liquidity and expected returns in the corporate bond market. We identify shocks to aggregate liquidity supply using data on corporate bond yields and dealer positions. Liquidity supply shocks lead to persistent changes in market liquidity, are correlated with proxies for dealer financial constraints, and have significant explanatory power for cross‐sectional and time‐series variation in expected returns, beyond standard risk factors. Our findings point to liquidity supply by financially constrained intermediaries as a main driver of market liquidity and asset prices.