Figure/Table detail

Regulatory Shock and the Effect of Credit Ratings on Bond Financing Cost: Empirical Evidence from the Perspective of Dagong Event’s Industry Effect
Ling-min XIE
Journal of Central University of Finance & Economics, 2024, 0(1): 87-101.  

变量 (1) (2) (3) (4) 变量 (5) (6)
Spread1 Spread2 Spread1 Spread2 Spread1 Spread2
Rating×Post -0.111
(-0.978)		 -0.165
(-1.503)		 -0.046
(-0.332)		 -0.044
(-0.315)		 Rating×Pre3 0.120**
(2.028)		 0.116*
(1.922)
Rating -0.694***
(-9.706)		 -0.671***
(-8.066)		 -0.931***
(-10.780)		 -0.967*** Rating×Pre2 0.316***
(4.869)		 0.322***
(4.848)
Post 1.666
(0.821)		 2.613
(1.326)		 -0.085
(-0.032)		 -0.106
(-0.040)		 Rating×Pre1 -0.029
(-0.455)		 -0.034
(-0.517)
Rating×Post2 -0.232***
(-4.827)		 -0.211***
(-4.297)
Rating -0.634***
(-13.619)		 -0.653***
(-13.700)
Pre3 -1.595
(-1.492)		 -1.609
(-1.471)
Pre2 -4.898***
(-4.151)		 -5.181***
(-4.289)
Pre1 0.974
(0.830)		 0.866
(0.721)
Post2 3.957***
(4.539)		 3.391***
(3.801)
Baseline controls Yes Yes Yes Yes Yes Yes
Observations 696 696 919 919 4 468 4 468
R-squared 0.673 0.705 0.596 0.600 0.639 0.641
CRA FE YES YES YES YES YES YES
Industry FE YES YES YES YES YES YES
Year-Month FE YES YES YES YES YES YES
表5 时间趋势检验
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