Table 7 Univariate analysis on bond...

Table 7

Univariate analysis on bond issuance and issuer's rating

	Before		After
	N1	Mean1	N2	Mean2	MeanDiff
Panel A: Number of bonds issued (Issuenum)
Group1	1,613	2.003	2047	2.906	−0.903***
Group2	1,228	1.352	563	1.352	0.000
		0.651***	2610	1.554***	−0.903***
Panel B: Issuer credit ratings (CorpRate)
Group1	1,613	9.234	2,047	9.510	−0.276***
Group2	1,228	7.981	563	8.393	−0.411***
		1.252***	2610	1.117***	0.135**

	Before		After
	N1	Mean1	N2	Mean2	MeanDiff
Panel A: Number of bonds issued (Issuenum)
Group1	1,613	2.003	2047	2.906	−0.903***
Group2	1,228	1.352	563	1.352	0.000
		0.651***	2610	1.554***	−0.903***
Panel B: Issuer credit ratings (CorpRate)
Group1	1,613	9.234	2,047	9.510	−0.276***
Group2	1,228	7.981	563	8.393	−0.411***
		1.252***	2610	1.117***	0.135**

Note(s): The table presents univariate analysis of the number of bonds issued (Issuenum)and credit ratings for issuers (CorpRate). Bonds are classified into Group1(Group2) if their issuers are located in cities with (without) bankruptcy courts. We apply t-test for differences in means. *, ** and *** represent statistical significance at the 10, 5 and 1% level, respectively

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