The study looked at how the price of liquidity risk is determined in the Korean corporate bond market. They used three different factors to measure liquidity and found that there is a premium for liquidity when looking at market liquidity, but a discount when looking at predicted liquidity. The study suggests that bonds with high sensitivity to unexpected liquidity shocks may have lower returns due to infrequent trading of certain bonds in the Korean market. Overall, investors are rewarded for liquidity risk in general, but penalized for taking predicted liquidity risks in the Korean corporate bond market.