53 Panel B: EU Market Only 1997 – 2003 2004 – 2007 2008 – 2011 2012 – 2015 (1) (2) (3) (4) (5) (6) (7) (8) Credit Rating 26.32*** 29.35*** 20.73*** 22.93*** 6.76* ** 8.10 *** 18.01*** 25.12*** (15.85) (14.98) (24.34) (21.85) (6.18) (5.26) (6.05) (11.74) º 5.75 0.61 12.86 ** –0.46 (1.09) (0.23) (1.99) (–0.09) Capital Allocation 50.91* * 36.65*** –64.95*** –12.16 (2.40) (2.69) (–3.15) (–0.22) Log Tranche Size 8.56* ** 8.42* ** –2.16 –3.67 (3.17) (3.86) (–0.36) (–0.48) Log Transaction Value –2.30 –7.81 0.514 –10.13 (–0.21) (–0.96) (0.05) (–0.33) Rating Discrepancy –9.38 5.02 –12.97 30.29 ** (–0.68) (0.58) (–0.51) (2.33) Year dummy N Y N Y N Y N Y Issuer dummy N Y N Y N Y N Y Observations 297 297 761 761 358 358 240 240 Adjusted R-squared 0.614 0.727 0.635 0.685 0.128 0.547 0.292 0.818 Chapter 2 - How much do Investors Rely on Credit Ratings
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