Vivian van Breemen

60 Panel B: EU market only Full sample AAA sample (1) (2) (3) (4) Rating Standards -11.65*** -9.58*** -10.06*** -8.65*** (-3.34) (-2.71) (-3.39) (-2.92) Tranche Count -1.56 -3.66*** (-1.14) (-4.47) Capital Allocation 7.81 -1.61 (0.71) (-0.28) Log Tranche Size -6.04 1.59 (-1.05) (0.54) Log Transaction Value -3.61* -1.94 (-1.77) (-1.65) Rating Discrepancy 9.79 3.59 (1.58) (0.85) Issuer dummy Y Y Y Y Credit rating dummy Y Y N N Observations 1,602 1,602 551 551 Adjusted R-squared 0.735 0.737 0.678 0.695

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