Bankruptcy courts and bond issuance spreads
| Dependent: IssueSpread | (1) | (2) | (3) |
|---|---|---|---|
| Post | 0.320*** (4.943) | 0.132*** (3.021) | 0.084** (2.047) |
| Bondsize | −0.032 (−1.400) | 0.053** (2.533) | |
| Bondterm | −0.237*** (−6.034) | −0.046 (−1.250) | |
| Bondrate | −0.774*** (−21.992) | −0.698*** (−18.357) | |
| Bondput | −0.154*** (−4.263) | −0.352*** (−10.843) | |
| Bondcall | 2.041*** (50.998) | 2.048*** (51.869) | |
| Bondsecu | 0.632*** (12.281) | 0.430*** (7.393) | |
| Firmsize | −0.103*** (−6.136) | ||
| Lev | 0.620*** (3.935) | ||
| Growth | −0.018 (−0.515) | ||
| ROA | −5.836*** (−7.307) | ||
| Cover | −0.0001 (−1.004) | ||
| Tangibility | −0.410*** (−3.834) | ||
| Current | 0.033*** (3.414) | ||
| Big4 | −0.050 (−1.279) | ||
| SOE | −1.363*** (−22.865) | ||
| Top1 | −0.001 (−1.387) | ||
| Issuenum | 0.017* (1.669) | ||
| GDPg | 12.512*** (3.730) | ||
| _cons | 2.042*** (71.785) | 6.176*** (14.144) | 6.745*** (13.323) |
| Date | Yes | Yes | Yes |
| City | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes |
| N | 5,451 | 5,451 | 5,451 |
| r2_a | 0.261 | 0.659 | 0.729 |
| Dependent: | (1) | (2) | (3) |
|---|---|---|---|
| 0.320*** (4.943) | 0.132*** (3.021) | 0.084** (2.047) | |
| −0.032 (−1.400) | 0.053** (2.533) | ||
| −0.237*** (−6.034) | −0.046 (−1.250) | ||
| −0.774*** (−21.992) | −0.698*** (−18.357) | ||
| −0.154*** (−4.263) | −0.352*** (−10.843) | ||
| 2.041*** (50.998) | 2.048*** (51.869) | ||
| 0.632*** (12.281) | 0.430*** (7.393) | ||
| −0.103*** (−6.136) | |||
| 0.620*** (3.935) | |||
| −0.018 (−0.515) | |||
| −5.836*** (−7.307) | |||
| −0.0001 (−1.004) | |||
| −0.410*** (−3.834) | |||
| 0.033*** (3.414) | |||
| −0.050 (−1.279) | |||
| −1.363*** (−22.865) | |||
| −0.001 (−1.387) | |||
| 0.017* (1.669) | |||
| 12.512*** (3.730) | |||
| 2.042*** (71.785) | 6.176*** (14.144) | 6.745*** (13.323) | |
| Yes | Yes | Yes | |
| Yes | Yes | Yes | |
| Yes | Yes | Yes | |
| 5,451 | 5,451 | 5,451 | |
| r2_a | 0.261 | 0.659 | 0.729 |
Note(s): The table shows regressions of bond issuance spreads on the introduction of bankruptcy courts. The dependent variable is the bond issuance spreads (IssueSpread). In column (1), only date, city and industry dummies are included. In column (2), bond-level characteristics are included. In column (3), firm-level controls and regional characteristics are included. Variable definitions are reported in Table 2. Robust t-statistics are reported in parentheses. *, ** and *** represent statistical significance at the 10, 5 and 1% level, respectively
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