215 This table reports robustness analyses of the creditor-friendliness score on our three key independent variables: Credit Rating (columns 1 and 2), Higher by New (columns 3 and 4) and Transaction Value (columns 5 and 6). Columns (1) and (2) report ordered logit regressions of the creditor-friendliness score on the credit rating at issuance (similar to Table 5.3). Columns (3) and (4) report logit regressions of the creditor-friendliness score on the rating differences between new and incumbent CRAs (similar to Table 5.5). Columns (5) and (6) report ordinary least squares regressions of the creditor-friendliness score on the size of RMBS transactions (similar to Table 5.6). Columns (1), (3) and (5) represent the results of our randomly reduced sample (15% of California only). The following additional controls are included for robustness purposes in columns (2), (4) and (6): ‘House Price’, ‘GDP’, ‘Issuer’, and ‘State’. ‘Issuer’ represents the issuer of the securitization tranche and ‘State’ represents the state in which the (majority of the) transaction’s collateral is located. The remaining variables are defined in Table 5.3. (*), (**), (***) denote significance levels of 10%, 5% and 1%, respectively. Table 5.7: Robustness analyses. Chapter 5 - The Impact of Creditor Protection
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