Robustness: 1 : 1 vs 1 : 2 vs 1 : 3 Matching
Event-study coefficients at two and three years after issuance
	βt+2 (1 : 1)	βt+2 (1 : 2)	βt+2 (1 : 3)	SEt+2 (1 : 1)	SEt+2 (1 : 2)	SEt+2 (1 : 3)	p (1 : 1)	p (1 : 2)	p (1 : 3)
Post t+2	−168.53	−178.08	−180.55	76.39	95.16	148.04	0.030	0.064	0.226
Post t+3	−191.10	−198.24	−214.46	76.33	94.28	143.98	0.014	0.038	0.140
‡ Standard errors clustered by firm_id. All samples use matched pairs.