{"id":"https://openalex.org/W4412985444","doi":"https://doi.org/10.1287/mnsc.2021.02994","title":"Rainy Day Liquidity","display_name":"Rainy Day Liquidity","publication_year":2025,"publication_date":"2025-08-05","ids":{"openalex":"https://openalex.org/W4412985444","doi":"https://doi.org/10.1287/mnsc.2021.02994"},"language":"en","primary_location":{"id":"doi:10.1287/mnsc.2021.02994","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2021.02994","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5091776849","display_name":"Jing-Zhi Huang","orcid":null},"institutions":[{"id":"https://openalex.org/I130769515","display_name":"Pennsylvania State University","ror":"https://ror.org/04p491231","country_code":"US","type":"education","lineage":["https://openalex.org/I130769515"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jing-Zhi Huang","raw_affiliation_strings":["Smeal College of Business, Pennsylvania State University, University Park, Pennsylvania 16802"],"raw_orcid":"https://orcid.org/0000-0002-6453-5827","affiliations":[{"raw_affiliation_string":"Smeal College of Business, Pennsylvania State University, University Park, Pennsylvania 16802","institution_ids":["https://openalex.org/I130769515"]}]},{"author_position":"middle","author":{"id":null,"display_name":"Xin Li","orcid":"https://orcid.org/0000-0002-4580-3419"},"institutions":[{"id":"https://openalex.org/I11957088","display_name":"Michigan Technological University","ror":"https://ror.org/0036rpn28","country_code":"US","type":"education","lineage":["https://openalex.org/I11957088"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Xin Li","raw_affiliation_strings":["College of Business, Michigan Technological University, Houghton, Michigan 49931"],"raw_orcid":"https://orcid.org/0000-0002-4580-3419","affiliations":[{"raw_affiliation_string":"College of Business, Michigan Technological University, Houghton, Michigan 49931","institution_ids":["https://openalex.org/I11957088"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5033283954","display_name":"Mehmet Sa\u011flam","orcid":"https://orcid.org/0000-0002-7711-6496"},"institutions":[{"id":"https://openalex.org/I63135867","display_name":"University of Cincinnati","ror":"https://ror.org/01e3m7079","country_code":"US","type":"education","lineage":["https://openalex.org/I63135867"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Mehmet Sa\u011flam","raw_affiliation_strings":["Carl H. Lindner College of Business, University of Cincinnati, Cincinnati, Ohio 45221"],"raw_orcid":"https://orcid.org/0000-0002-7711-6496","affiliations":[{"raw_affiliation_string":"Carl H. Lindner College of Business, University of Cincinnati, Cincinnati, Ohio 45221","institution_ids":["https://openalex.org/I63135867"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5021847789","display_name":"Tong Yu","orcid":"https://orcid.org/0000-0001-7753-5706"},"institutions":[{"id":"https://openalex.org/I63135867","display_name":"University of Cincinnati","ror":"https://ror.org/01e3m7079","country_code":"US","type":"education","lineage":["https://openalex.org/I63135867"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Tong Yu","raw_affiliation_strings":["Carl H. Lindner College of Business, University of Cincinnati, Cincinnati, Ohio 45221"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Carl H. Lindner College of Business, University of Cincinnati, Cincinnati, Ohio 45221","institution_ids":["https://openalex.org/I63135867"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5033283954"],"corresponding_institution_ids":["https://openalex.org/I63135867"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.20050315,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"72","issue":"3","first_page":"2634","last_page":"2655"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12394","display_name":"Insurance and Financial Risk Management","score":0.9997000098228455,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12394","display_name":"Insurance and Financial Risk Management","score":0.9997000098228455,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.9968000054359436,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/market-liquidity","display_name":"Market liquidity","score":0.6364102363586426},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.44452404975891113},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.3502488136291504},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.32619011402130127},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.23109495639801025}],"concepts":[{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.6364102363586426},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.44452404975891113},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3502488136291504},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.32619011402130127},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.23109495639801025}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1287/mnsc.2021.02994","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2021.02994","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},{"id":"pmh:oai:digitalcommons.mtu.edu:michigantech-p2-3739","is_oa":false,"landing_page_url":"https://digitalcommons.mtu.edu/michigantech-p2/2676","pdf_url":null,"source":{"id":"https://openalex.org/S4377196391","display_name":"Digital Commons - Michigan Tech (Michigan Technological University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I11957088","host_organization_name":"Michigan Technological University","host_organization_lineage":["https://openalex.org/I11957088"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Michigan Tech Publications","raw_type":"text"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":35,"referenced_works":["https://openalex.org/W1980661334","https://openalex.org/W2069666581","https://openalex.org/W2073552074","https://openalex.org/W2131243673","https://openalex.org/W2158120228","https://openalex.org/W2234965481","https://openalex.org/W2257048727","https://openalex.org/W2567815305","https://openalex.org/W2674433716","https://openalex.org/W2808714155","https://openalex.org/W2927738715","https://openalex.org/W2945613754","https://openalex.org/W3002631729","https://openalex.org/W3121401171","https://openalex.org/W3121630491","https://openalex.org/W3122003331","https://openalex.org/W3122129428","https://openalex.org/W3122448887","https://openalex.org/W3122697398","https://openalex.org/W3122757052","https://openalex.org/W3122846200","https://openalex.org/W3123129688","https://openalex.org/W3123303156","https://openalex.org/W3123462753","https://openalex.org/W3123669469","https://openalex.org/W3124296889","https://openalex.org/W3124384085","https://openalex.org/W3124623883","https://openalex.org/W3125355861","https://openalex.org/W3125801986","https://openalex.org/W3211950071","https://openalex.org/W4237658281","https://openalex.org/W4246453767","https://openalex.org/W4254316647","https://openalex.org/W4312219241"],"related_works":["https://openalex.org/W4391375266","https://openalex.org/W2486784793","https://openalex.org/W1997199157","https://openalex.org/W4388132497","https://openalex.org/W3013597983","https://openalex.org/W4205692705","https://openalex.org/W3098610666","https://openalex.org/W3123074800","https://openalex.org/W3125641632","https://openalex.org/W1484546880"],"abstract_inverted_index":{"We":[0,34],"investigate":[1],"the":[2,10,19,31,46,49,64,81],"role":[3],"of":[4,30,66],"insurers":[5,40,99],"in":[6,9,45,80,103],"providing":[7],"liquidity":[8,43,65,102],"corporate":[11,60,94],"bond":[12,61],"market,":[13],"especially":[14],"during":[15],"\u201crainy":[16],"days\u201d":[17],"when":[18],"aggregate":[20],"dealer":[21],"inventory":[22],"is":[23],"positive":[24,42],"for":[25],"a":[26],"relatively":[27],"large":[28],"fraction":[29],"outstanding":[32],"bonds.":[33],"find":[35],"that,":[36],"on":[37,72],"average,":[38],"life":[39],"have":[41,100],"supply":[44],"years":[47],"following":[48],"2007\u20132009":[50],"financial":[51],"crisis,":[52],"primarily":[53],"driven":[54],"by":[55,98,110],"their":[56],"buy-side":[57],"transactions.":[58],"Insurers\u2019":[59],"purchases":[62],"improve":[63],"transacted":[67],"bonds":[68,71,95],"and":[69,84,119],"comparable":[70],"rainy":[73],"days.":[74],"Using":[75],"unusual":[76],"weather-related":[77],"losses":[78],"realized":[79],"affiliated":[82],"property":[83],"casualty":[85],"division":[86],"as":[87],"an":[88],"instrumental":[89],"variable,":[90],"we":[91],"show":[92],"that":[93],"purchased":[96],"more":[97],"higher":[101],"subsequent":[104],"periods.":[105],"This":[106],"paper":[107],"was":[108],"accepted":[109],"Agostino":[111],"Capponi,":[112],"finance.":[113],"Supplemental":[114],"Material:":[115],"The":[116],"internet":[117],"appendix":[118],"data":[120],"files":[121],"are":[122],"available":[123],"at":[124],"https://doi.org/10.1287/mnsc.2021.02994":[125],".":[126]},"counts_by_year":[],"updated_date":"2026-07-31T08:31:51.225901","created_date":"2025-10-10T00:00:00"}