210 friendly state. The results of the OLS regressions of the Creditor Friendliness Score on the RMBS transaction size are reported in Table 5.6. When we look at the results for Log Transaction Value, we find a significant positive Creditor Friendliness Score coefficient of 0.45 (t-stat= 7.21) in column (1). This means that it fh (atnh et hme at rj oa rnist ya cot if o) nt hvea ltur ea nocfhteh’ es cRoMl l Ba tSe irsa lo ins al ov cear at egde il na rag ec rr. eTdhi tios rr-ef rsiuelnt dr leymsat ai nt es consistent when we include the controls in columns (2) to (4). We show our full manoddheli,gihnlcylusidginnigfiacallnctornetsruolltsvafroirables, in column (4). We find consistent positive Creditor friendliness Score, with a coefficient of 0.54 (t-stat= 3.88). Hence, the RMBS transaction value (balance amount of all tcrraendci thoers- fcr oi emn bd il ny esdt aot fe .oTn he i sd ei na ld) i ci na ct er es at sheast wi s hs ue ne rtsh ceotnr sa tnrcuhcet ai s l iasrsgueerd di ena al wmhoer ne tohf et hset aht ee t iesr omgoernee ci trye di ni t corre fdr ii teonrdpl yr.oOt encet i mo ni gbhet t awregeune st thaat te si s isnu ce or sn st at rkuec at idnvga dn et aa gl se. Tp rhoi st eicst iionn l, iins es uwe ri tsht eHn3d, tion cwo nhsi ct rhu wc tel aprog es irt Rt hMaBt Si nt r aa nsstaacttei ownist.h h i g h e r c r e d i t o r 5.6.4 Robustness analyses Wv aer i pa be rl ef obrima s .s Te ov erreadl urcoebpuos tt en ne tsisa la snaaml yps el es bt ioa sa,vwo iedr pa no dt eonmt ilayl rseadmu pc el et ha en ds aommpi ltet eodf tWr aendc oh esso wa hs et rhee (mt haej omr iat jyo roift yt r oa fn)c thhees ti rna no cuhr es’ as mc opl ll ea the ar av le i es xl po coas tuerde itno CCaal li if foorrnni iaa. (( 9E 2q .u4a7t%i o n) . 5T. 2h )e,raenf odr5e ., 6w( Ee qrueaptei ao tn o5u. 3r) abnuat l ny soews oi nn l yTai nb cl el us d5e. 31 5( %E qoufatthi oenC a5l. i1f o) ,r n5 i. 5a sample.65 The results are reported in Table 5.7, where column (1) provides the ruessi nu gl t sE quus ai nt igo nE q( u5 a. 3t )i o. Wn e( 5s. h1 o) ,wc ot hl uamt onu (r3r)e suus li tnsgr eEmq uaai nt i or onb(u5s. t2 w) , haennd ucsoi lnugmonn l(y5a) (randomly selected) subset of our California sample. 65 Similar results are obtained when we use a different randomly selected portion of the California sample.
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