baseline				
	(1)	(2)	(3)	(4)
VARIABLES	guarantee	guarantee	guarantee	guarantee
				
ississuerrating_value	-0.1247***	-0.1565***	-0.1554***	-0.1621***
	(0.0072)	(0.0104)	(0.0141)	(0.0146)
Constant	0.5381***	0.7568***	0.8202***	0.9542***
	(0.0211)	(0.0907)	(0.2523)	(0.2786)
				
Observations	6,797	6,797	6,797	6,797
R-squared	0.0790	0.1364	0.1286	0.1731
Controls	No	No	Yes	Yes
Province FE	No	Yes	No	Yes
Industry FE	No	Yes	No	Yes
Year FE	No	Yes	No	Yes
RatingAgency	No	Yes	No	Yes
Adjusted R-Squared	0.0788	0.129	0.127	0.164
Robust standard errors in parentheses				
*** p<0.01, ** p<0.05, * p<0.1				
