Table 4 Univariate correlations (1) (2)...

Table 4

Univariate correlations

		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1)	IssueSpread	1
(2)	Post	−0.162***	1
(3)	Bondsize	−0.194***	0.238***	1
(4)	Bondterm	−0.179***	−0.184***	−0.086***	1
(5)	Bondrate	−0.352***	0.297***	0.461***	−0.064***	1
(6)	Bondput	−0.096***	−0.061***	−0.078***	0.346***	−0.133***	1
(7)	Bondcall	0.475***	0.200***	0.161***	−0.306***	0.221***	−0.202***	1
(8)	Bondsecu	0.113***	−0.112***	−0.205***	0.204***	0.083***	−0.007	−0.070***	1
(9)	Firmsize	−0.220***	0.359***	0.579***	−0.127***	0.583***	−0.126***	0.261***	−0.369***	1
(10)	Lev	0.129***	0.200***	0.174***	−0.210***	0.215***	−0.056***	0.301***	−0.129***	0.449***	1
(11)	Growth	0.022	−0.049***	−0.048***	0.006	−0.048***	0.095***	−0.024*	0	−0.045***	0.013
(12)	ROA	−0.073***	0.074***	0.032**	−0.133***	0.128***	0.081***	−0.036***	−0.033**	−0.024*	−0.149***
(13)	Cover	−0.031**	0.040***	0.049***	−0.070***	0.075***	−0.01	0.021	−0.055***	0.089***	0.014
(14)	Tangibility	−0.045***	−0.243***	−0.217***	0.258***	−0.346***	0.105***	−0.304***	0.195***	−0.506***	−0.755***
(15)	Current	0.119***	−0.268***	−0.236***	0.298***	−0.400***	0.067***	−0.207***	0.227***	−0.432***	−0.424***
(16)	Big4	−0.063***	0.173***	0.214***	−0.083***	0.220***	0.005	0.097***	−0.091***	0.234***	0.174***
(17)	SOE	−0.225***	−0.001	0.088***	0.116***	0.048***	−0.271***	0.132***	−0.003	0.022	−0.073***
(18)	Top1	−0.070***	−0.043***	−0.011	0.169***	−0.092***	−0.072***	−0.039***	0.004	−0.003	−0.133***
(19)	Issuenum	−0.096***	0.378***	0.197***	0.051***	0.264***	−0.095***	0.185***	−0.043***	0.354***	0.145***
(20)	GDPg	0.117***	−0.042***	0.062***	−0.016	−0.013	−0.082***	0.157***	−0.01	0.024*	0.076***

		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1)	IssueSpread	1
(2)	Post	−0.162***	1
(3)	Bondsize	−0.194***	0.238***	1
(4)	Bondterm	−0.179***	−0.184***	−0.086***	1
(5)	Bondrate	−0.352***	0.297***	0.461***	−0.064***	1
(6)	Bondput	−0.096***	−0.061***	−0.078***	0.346***	−0.133***	1
(7)	Bondcall	0.475***	0.200***	0.161***	−0.306***	0.221***	−0.202***	1
(8)	Bondsecu	0.113***	−0.112***	−0.205***	0.204***	0.083***	−0.007	−0.070***	1
(9)	Firmsize	−0.220***	0.359***	0.579***	−0.127***	0.583***	−0.126***	0.261***	−0.369***	1
(10)	Lev	0.129***	0.200***	0.174***	−0.210***	0.215***	−0.056***	0.301***	−0.129***	0.449***	1
(11)	Growth	0.022	−0.049***	−0.048***	0.006	−0.048***	0.095***	−0.024*	0	−0.045***	0.013
(12)	ROA	−0.073***	0.074***	0.032**	−0.133***	0.128***	0.081***	−0.036***	−0.033**	−0.024*	−0.149***
(13)	Cover	−0.031**	0.040***	0.049***	−0.070***	0.075***	−0.01	0.021	−0.055***	0.089***	0.014
(14)	Tangibility	−0.045***	−0.243***	−0.217***	0.258***	−0.346***	0.105***	−0.304***	0.195***	−0.506***	−0.755***
(15)	Current	0.119***	−0.268***	−0.236***	0.298***	−0.400***	0.067***	−0.207***	0.227***	−0.432***	−0.424***
(16)	Big4	−0.063***	0.173***	0.214***	−0.083***	0.220***	0.005	0.097***	−0.091***	0.234***	0.174***
(17)	SOE	−0.225***	−0.001	0.088***	0.116***	0.048***	−0.271***	0.132***	−0.003	0.022	−0.073***
(18)	Top1	−0.070***	−0.043***	−0.011	0.169***	−0.092***	−0.072***	−0.039***	0.004	−0.003	−0.133***
(19)	Issuenum	−0.096***	0.378***	0.197***	0.051***	0.264***	−0.095***	0.185***	−0.043***	0.354***	0.145***
(20)	GDPg	0.117***	−0.042***	0.062***	−0.016	−0.013	−0.082***	0.157***	−0.01	0.024*	0.076***

		(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
(11)	Growth	1
(12)	ROA	0.083***	1
(13)	Cover	−0.028**	0.102***	1
(14)	Tangibility	0.011	−0.016	−0.093***	1
(15)	Current	−0.002	−0.188***	−0.179***	0.551***	1
(16)	Big4	−0.044***	0.191***	0.014	−0.128***	−0.204***	1
(17)	SOE	−0.085***	−0.399***	−0.070***	0.076***	0.130***	−0.158***	1
(18)	Top1	0.017	−0.312***	−0.037***	0.135***	0.210***	−0.314***	0.350***	1
(19)	Issuenum	−0.082***	−0.034**	0.005	−0.196***	−0.173***	0.101***	0.102***	0.023*	1
(20)	GDPg	−0.069***	0.011	−0.023*	−0.131***	−0.032**	0.016	0.077***	0.001	0.246***	1

		(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
(11)	Growth	1
(12)	ROA	0.083***	1
(13)	Cover	−0.028**	0.102***	1
(14)	Tangibility	0.011	−0.016	−0.093***	1
(15)	Current	−0.002	−0.188***	−0.179***	0.551***	1
(16)	Big4	−0.044***	0.191***	0.014	−0.128***	−0.204***	1
(17)	SOE	−0.085***	−0.399***	−0.070***	0.076***	0.130***	−0.158***	1
(18)	Top1	0.017	−0.312***	−0.037***	0.135***	0.210***	−0.314***	0.350***	1
(19)	Issuenum	−0.082***	−0.034**	0.005	−0.196***	−0.173***	0.101***	0.102***	0.023*	1
(20)	GDPg	−0.069***	0.011	−0.023*	−0.131***	−0.032**	0.016	0.077***	0.001	0.246***	1

Note(s): This table reports correlation matrix for main variables. The sample consists of 5,451 bonds issued between 2018 and 2020. Variable definitions are reported in Table 2. *, ** and *** represent statistical significance at the 10, 5 and 1% level, respectively

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