55 Panel B: EU Market Only Large, Top 10% Small, Non-Top 10% Frequent, Top 10% Infrequent, Non-Top 10% (1) (2) (3) (4) (5) (6) (7) (8) Credit Rating 14.33*** 14.54*** 24.00*** 25.67*** 17.09*** 16.54*** 20.34*** 22.91*** (13.51) (12.40) (25.13) (26.82) (15.32) (14.47) (19.47) (19.24) Tranche Count 1.74 6.41* * 2.55 0.152 (0.81) (2.31) (1.268) (0.036) Capital Allocation 25.79* 24.48 –2.59 15.86 (1.80) (1.57) (–0.19) (0.86) Log Tranche Size –7.76* * 4.44* * –3.79 4.58 * (–2.46) (2.31) (–1.6) (1.83) Log Transaction Value –7.22 –8.95 –1.43 –14.41 (–0.96) (–1.07) (–0.23) (–1.48) Rating Discrepancy –13.59 11.46 5.65 –10.31 (–1.49) (1.079) (0.66) (–0.89) Year dummy N Y N Y N Y N Y Issuer dummy N Y N Y N Y N Y Observations 771 771 885 885 811 811 845 845 Adjusted R-squared 0.331 0.642 0.531 0.759 0.405 0.686 0.424 0.680 Chapter 2 - How much do Investors Rely on Credit Ratings
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