{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,6]],"date-time":"2026-03-06T11:31:32Z","timestamp":1772796692044,"version":"3.50.1"},"reference-count":41,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2026,3]]},"abstract":"<jats:p>We investigate the role of insurers in providing liquidity in the corporate bond market, especially during \u201crainy days\u201d when the aggregate dealer inventory is positive for a relatively large fraction of the outstanding bonds. We find that, on average, life insurers have positive liquidity supply in the years following the 2007\u20132009 financial crisis, primarily driven by their buy-side transactions. Insurers\u2019 corporate bond purchases improve the liquidity of transacted bonds and comparable bonds on rainy days. Using unusual weather-related losses realized in the affiliated property and casualty division as an instrumental variable, we show that corporate bonds purchased more by insurers have higher liquidity in subsequent periods.<\/jats:p>\n                  <jats:p>This paper was accepted by Agostino Capponi, finance.<\/jats:p>\n                  <jats:p>Supplemental Material: The internet appendix and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2021.02994 .<\/jats:p>","DOI":"10.1287\/mnsc.2021.02994","type":"journal-article","created":{"date-parts":[[2025,8,5]],"date-time":"2025-08-05T18:12:47Z","timestamp":1754417567000},"page":"2634-2655","source":"Crossref","is-referenced-by-count":0,"title":["Rainy Day Liquidity"],"prefix":"10.1287","volume":"72","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-6453-5827","authenticated-orcid":false,"given":"Jing-Zhi","family":"Huang","sequence":"first","affiliation":[{"name":"Smeal College of Business, Pennsylvania State University, University Park, Pennsylvania 16802"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4580-3419","authenticated-orcid":false,"given":"Xin","family":"Li","sequence":"additional","affiliation":[{"name":"College of Business, Michigan Technological University, Houghton, Michigan 49931"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7711-6496","authenticated-orcid":false,"given":"Mehmet","family":"Sa\u011flam","sequence":"additional","affiliation":[{"name":"Carl H. 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