Before revision:  The second step is to use the non-parametric approach to estimate the amplitude and decay pattern of price impact .
After revision:  The second step is to estimate the expected average cost on a weekly basis via regularized regression analysis. The final step is to investigate each trade for the amplitude of its price impact and the price decay after the transaction for liquid corporate bonds. Here we apply a transient impact model (TIM) to estimate the price impact kernel via a non-parametric approach to estimate the amplitude and decay pattern of price impact .