104 Panel C: Non-AAA Tranches Only Sample (1) (2) (3) (4) (5) (6) (7) (8) Complexity Indicators Tranche Count 0.01 -0.04*** 0.05* ** -0.01 0.00 0.01 0.01 (0.93) (-3.35) (3.71) (-0.69) (0.12) (0.82) (0.45) Tranche Count*Post (50.3.204)*** Log Tranche Size 0.40* ** 0.38* ** 0.49* ** 0.45* ** 0.64* ** 0.39* ** 0.41* ** (6.97) (7.66) (8.69) (7.53) (9.74) (6.66) (7.08) Log Tranche Size*Post (-9-1.2.331)*** Capital Allocation 2.98* ** 3.08* ** 3.43* ** 2.83* ** 3.02* ** 3.41* ** 3.03* ** (6.40) (7.03) (7.25) (6.08) (6.21) (6.18) (6.34) Capital Allocation*Post (-2-2.2.162)** Control Variables Euro Market -1.72*** -1.71*** -1.65*** -1.62*** -1.67*** -1.68*** -1.74*** -1.64*** (-19.8) (-20.0) (-19.1) (-19.0) (-19.1) (-18.9) (-20.0) (-18.8) Euro Market*Post (-2-0.3.943)** Top Ten Issuer -0.22* * -0.22* * -0.23*** -0.26*** -0.24*** -0.27*** -0.23*** -0.23*** (-2.58) (-2.58) (-2.72) (-3.08) (-2.86) (-3.21) (-2.69) (-2.73) Log Transaction Value 0.18* * 0.21* ** 0.4* ** 0.02 0.18* * 0.27* ** 0.20* * 0.21* ** (2.43) (3.06) (6.12) (0.26) (2.35) (3.46) (2.56) (2.71) Year effects Y Y Y Y Y Y Y Y Credit rating effects Y Y Y Y Y Y Y Y Observations 5,723 5,723 5,723 5,723 5,723 5,723 5,723 5,723 R2 0.415 0.415 0.405 0.404 0.420 0.433 0.416 0.416
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