Note(s): The table reports estimated coefficients from Equation (2). The dependent variable is bond issuance spreads (IssueSpread). D^t is a set of time dummies representing different time periods before and after the establishment of bankruptcy courts (t = −2, −1, 1, 2, 3, 4, 5, 6). The corresponding time periods are listed in Table 13. In column (1), only date, city and industry fixed effects are included. In column (2), bond-level and firm-level controls are included. Controls are the same as in Table 6. Other variables are defined as in Table 2. Robust t-statistics are reported in parentheses. *, ** and *** represent statistical significance at the 10, 5 and 1% level, respectively