264 275 Panel B - Sorted by CRAs Moody's S&P DBRS Fitch (1) (2) (3) (4) VES 0.53*** 1.27*** 0.38*** 0.30 -3.40 -6.54 -2.83 (1.37) OBS -0.11 -0.02 -0.15 -0.45** (-0.71) (-0.07) (-0.91) (-2.12) FLE 1.17** 1.46*** 0.02 -0.03 -2.26 -3.48 -0.09 (-0.07) Subordination Level -0.39* 0.21 -0.84*** -0.17 (-1.93) -0.84 (-4.39) (-0.65) No. of Tranches -0.05* -0.04 -0.13*** 0.00 (-1.90) (-1.12) (-5.18) (0.01) Log Tranche Value -0.89*** -1.09*** -0.92*** -0.96*** (-19.27) (-17.36) (-20.00) (-14.58) Log Transaction Value 0.78*** 0.61*** 0.73*** 0.75*** -9.33 -6.61 -9.99 (6.72) Frequent Originator -0.49*** -0.38*** -0.25** -0.417** (-4.20) (-2.61) (-2.42) (-2.49) Rating Discrepancy 0.29*** 0.27*** 0.24*** 0.51*** -7.41 -5.32 -5.57 (9.55) Year Y Y Y Y Security Type Y Y Y Y Observations 1,183 856 1,385 744 Pseudo R2 0.124 0.179 0.100 0.178 Table 6.5 continued
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