98 Looking at the results in Panel A, we find highly significant and positive coefficients for all our complexity measures (Tranche Count, Log Tranche Size, and Capital Allocation). This means that when using data across the entire sample time praetrhioerd,tihsasnuearssionfgcleomMpoloedxyC’sLOrastianrge. oWneaivnecrlaugdeemthoere likely to disclose dual ratings Post crisis dummy in columns (5) to (8) and observe similar variations as displayed in Panel A of Table 3.2. Ionb sTearbvlee s3u.b3s tPaannt ei al l Bd,i fof eurre nr cees su lbt se tfwo el leonw Ptahnee ls Aa ma en dp Pa tatneer ln Ba ws hi ne nP wa nee il nAt e. rWa cet our capital allocation characteristic with Post. In Panel B, we find that the relative lai lkoenl iehionocdr eoa fs eas CwLiOt h bs euibnogr dr ai nt eadt i obny l ebvoet hl i nc rtehdei tp or as tt i-nc rgi sai gs epnecriieosd ,i na srteesaudl totfh aS t&iPs significant at the 5% level (Ɀ-stat=2.44). In Panel A, we find the opposite is the ct oa sree pf oorr tMtowoodcyr’ se,di int trhaat itnCgLs Obsu wt riat ht hheirg ha esri ncgalpei traalt ianl lgoicnastti eoandl e(v e l s a r e l e s s l i k e l y Ɀ-stat=-3.75). So, oc autre rr et shue litrs cdr eod ni tort a pt irnogvsi dt oe me vai tdcehn ec ea cthh aott hf eo rr ’ sc or amt ipnl ge x( HC2L)O. sWMe os oe de yt ’hs a at ni sds uS e&rPs ab rye Sm&oPr ee sl ipkeecl yi atl ol ys fhoorpCf Lo Or as swi ni tghl ehci rgehdeirt rcaatpi ni tga lp ar ol lvoicdaet di obny l Me voeol sd. yT’ shri sa t shuegr gtehsatns tphraotv ii nd et ht he ep be reitot edr arfat et irntgh ae t car ihs ii sg,hoenr l cyaMp iot ao ldayl’ lso(cnaot itoSn&l Pe v) ewl . oI ut lmd abye wp er el lpbaer et dh at to, cMoonos di syt ’esnwt owui lt dh br aet it nh ge sohnol yp pCiRnAg , wi sisl ul i en rgs t soe el encgt iende eo rn ltyh ea dMeoaol dwyi’tshr ha ti gi nhge rb ec ac apui tsael lceovme lps l et ox i ot yb tma iena sAuArAe ss tt ha truo su. gIhn tSheecitri oc no r3r .e5l ,a wt i oe nf uwr ti thhe rt hi ne vbeus st ii gnaetses tchyec lien df oi vr i sdpulai tl ratings between S&P and Moody’s.
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