116 Panel B: Pre-crisis versus Post-crisis Sample Moody's exclusively S&P exclusively Dual Rating Sample Pre-crisis Post-crisis Pre-crisis Post-crisis Pre-crisis Post-crisis (1) (2) (3) (4) (5) (6) Credit Rating 24.32*** 11.62*** 30.21*** 32.18*** 34.72*** 41.95*** (13.46) (7.68) (13.40) (34.68) (56.40) (16.51) Complexity Indicators Tranche Count 1.37 2.89 -6.63 ** -0.17 -1.17 0.63 (0.35) (0.54) (-2.04) (-0.07) (-1.32) (0.38) Log Tranche Size 5.34 0.24 5.60 -9.03 * 8.37* ** -6.78 (1.23) (0.04) (0.88) (-1.84) (6.83) (-1.64) Capital Allocation 30.05 -87.00*** 114.3*** 52.80 68.41*** 34.46 (1.12) (-2.12) (2.65) (1.31) (8.35) (0.90) Control Variables Euro Market 160.8 -1.26 -166.2** 1.57 -5.16 -3.81 (0.83) (-0.13) (-1.97) (0.12) (-0.78) (-0.12) Top Ten Issuer -17.64 -96.87 -128.8 32.73 49.75* -232.8*** (-0.52) (-1.42) (-1.34) (1.36) (1.91) (-3.97) Log Transaction Value -11.69 3.25 5.74 -22.82 -10.09 -8.61 (-0.76) (0.27) (0.35) (-1.49) (-1.49) (-0.46) Year Effects Y Y Y Y Y Y Issuer Fixed Effects Y Y Y Y Y Y Observations 566 468 333 1,154 4,563 622 Adjusted R2 0.636 0.712 0.689 0.859 0.728 0.808
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