We alsouseourmeasuretoprovidesuggestiveevidence leadunderwritersareprovidersofliquidityofabondin secondary markettrading,itis conceivablethatfinancial distress ofaleadunderwritercausestheliquidityofthe whichhadBearStearnsasleadunderwriterhadlower liquidityduringthetake-overofBearStearnsandbonds with Lehmanasleadunderwriterhadlowerliquidity around tigatewhetherthetime-seriesvariationofliquidityof corporatebondsissuedbyfinancialfirmsisdifferentfrom the seriesstudyrevealsthatbondsissuedbyfinancialfirmshad similarliquidityasbondsissuedbyindustrialfirms,except in extremestressperiods,wherebondsoffinancialfirms becameveryilliquid,overallandwhencomparedtobonds issued heightened informationasymmetryregardingthestateof financialfirms
