58 Panel B: EU market only Coefficient z-stat ∗ . ℎ ℎ ℎ ℎ Tranche Count 0.01 0.61 0.065 Capital Allocation -3.15*** -10.51 -1.198 Log Tranche Size 0.40 *** 4.60 0.627 Log Transaction Value -0.74*** -10.66 0.493 Rating Discrepancy 0.35*** 18.31 0.070 2000 0.12 0.23 0.197 2001 -0.15 -0.36 -0.232 2002 0.12 0.29 0.183 2003 -0.07 ** -1.96 -0.113 2004 -0.47 -1.28 -0.751 2005 -0.58 * 1.71 -0.914 2006 0.44 1.32 0.705 2007 0.31 0.89 0.484 2008 -0.47 -1.45 -0.746 2009 -0.07 -0.19 -0.110 2010 -1.00 ** -2.57 -1.583 2011 0.47 1.15 0.749 2012 1.44 *** 3.45 2.292 2013 -0.10 -0.27 -0.165 2014 -0.11 -0.32 -0.168 2015 -0.81 ** -2.06 -1.290 Observations 1.656 R-squared 0.231
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