问题如下：
Wang, a fixed-income analyst in a securities firm, wants to know the effects of 3 different factors on the liquidity of high-yield bond secondary market.
The first factor: the trading volume reduces subsequent to the 2008-2009 global financial crisis.
The second factor: the spread sensitivity to fund outflows decreases.
The third factor: the decreased holdings of dealers
According to the information above, which factor could increase the liquidity?
选项：
A. The first factor
B. The second factor
C. The third factor
解释：
B is correct.
考点：考察影响high-yield bond二级市场流动性的因素
解析：三个因素中，第一个因素会降低流动性，因为trading volume在危机之后减少；第二个因素会增加流动性，因为spread sensitivity to fund outflows衡量的是基金赎回卖出债券时，对spread的影响，如果这个spread sensitivity低，说明市场的流动性更好。对于C选项，Dealer的持仓减少，则流动性降低。
second factor能讲讲吗
