Note(s): The table presents univariate analysis of bond issuance spreads (IssueSpread). Bonds are classified into Group1(Group2) if their issuers are located in cities with (without) bankruptcy courts. Mean values of IssueSpread are reported for periods before and after the introduction of the bankruptcy courts and for the two groups. We conduct t-test for differences in mean. *, ** and *** represent statistical significance at the 10, 5 and 1% level, respectively