Note(s): The table shows regressions of the number of bonds issued and issuer credit ratings on the introduction of the bankruptcy courts. In column (1), the dependent variable is the city-level measure: the number of bonds issued (Issuenum). In column (2), the dependent variable is the issuers' credit ratings (CorpRate). In both regressions, bond-level and 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