Note(s): The table shows regressions of bond issuance spreads on firm level risk factors. In columns (1)–(3), the dependent variable is bond issuance spreads (IssueSpread). HFirmsize is a dummy variable that equals 1 for firms with firm size above the industry-year median, and 0 otherwise. HROA is a dummy variable that equals 1 for firms with ROA above the industry-year median and 0 otherwise. HRER is a dummy variable that equals 1 for firms whose downside risk is greater than the industry-year median, and 0 otherwise. Control variables are the same as in Table 6. Other variables are defined as in Table 2. Robust t-statistics are reported in parentheses. *, ** and *** represents statistical significance at the 10, 5 and 1% level, respectively