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We alsouseourmeasuretoprovidesuggestiveevidence ofthemechanismsbywhichbondliquiditywasaffected.If leadunderwritersareprovidersofliquidityofabondin secondary markettrading,itis conceivablethatfinancial distress ofaleadunderwritercausestheliquidityofthe bondtodecreaserelativetootherbonds.Wefindthatbonds whichhadBearStearnsasleadunderwriterhadlower liquidityduringthetake-overofBearStearnsandbonds with Lehmanasleadunderwriterhadlowerliquidity around thebankruptcyofLehman.Furthermore,weinves- tigatewhetherthetime-seriesvariationofliquidityof corporatebondsissuedbyfinancialfirmsisdifferentfrom the variationforbondsissuedbyindustrialfirms.Ourtime- seriesstudyrevealsthatbondsissuedbyfinancialfirmshad similarliquidityasbondsissuedbyindustrialfirms,except in extremestressperiods,wherebondsoffinancialfirms becameveryilliquid,overallandwhencomparedtobonds issued byindustrialfirms.Apotentialexplanationisthe heightened informationasymmetryregardingthestateof financialfirms | 1 Department of Conservation Division of Oil Gas and Geothermal Resources Bond Log Month Year Operator Security Type Cash or Surety Bond Amount January-04 Cather-Herley Oil Company Cash 15 000 January-04 Northwest Petroleum Inc. Cash 20 000 January-04 Marquez Energy LLC American Contractors Indemnity Company 100 000 January-04 Magness Petroleum Co. Cash 250 000 January-04 KC Resources Inc. Cash 15 000 January-04 Western States International Inc. Cash 100 000 February-04 R. J. Bellevue Inc. Great American Insurance Company 100 000 February-04 Virsal Oil Co. Cash 15 000 February-04 Tidelands Oil Production Co. Cash 250 000 March-04 KC Resources Inc. Cash 30 000 March-04 Case Oil Co. Cash 15 000 March-04 ABA Energy Corporation Cash 20 000 March-04 Pacific Coast Exploration Cash 20 000 March-04 Emerald Trail LLC Gulf Insurance Company 30 000 April-04 ABA Energy Corporation Cash 20 000 April-04 Kelpetro Operating Inc. RLI Insurance Company 20 000 April-04 Hunter Oil Gas Inc. Cash 100 000 April-04 Pyramid Oil Company Cash 250 000 April-04 ABA Energy Corporation Cash 20 000 April-04 ABA Energy Corporation Cash 20 000 April-04 ABA Energy Corporation Cash 20 000 April-04 Site Resources One LLC Cash 20 000 April-04 Gitte-Ten Inc. Cash 55 000 May-04 Princeton Natural Gas LLC Cash 30 000 May-04 Site Resources One LLC Cash 20 000 May-04 Carneros Energy Inc. Cash 250 000 May-04 Alexander Petroleum Cash 15 000 2 Month Year Operator Security Type Cash or Surety Bond Amount May-04 TS Leasing Operations Inc. Cash 20 000 May-04 TS Leasing Operations Inc. Cash 20 000 May-04 TS Leasing Operations Inc. Cash 20 000 May-04 Hellman Properties LLC Cash 20 000 May-04 Edward Mike Davis LLC Cash 20 000 May-04 Petrobeagle Production Co. LLC Cash 20 000 June-04 Edward Mike Davis LLC Cash 20 000 June-04 Sacramento Energy Inc. Cash 15 000 July-04 Cimarron Oil LLC Cash 15 000 July-04 Patriot Resources LLC Cash 15 000 July-04 Capco Resource Corporation Platte River Insurance Company 100 000 July-04
