The article examines how to measure the liquidity of corporate bonds in emerging markets. They looked at different ways to measure liquidity and found that quantity-based measures are better at showing differences in bond liquidity than price-based measures. The study focused on corporate bonds in Malaysia from 1997 to 2017 and found that these bonds are generally not very liquid. The research suggests that quantity-based measures are more suitable for understanding bond liquidity in emerging markets, and highlights the importance of accurately measuring liquidity for traders and policymakers.