	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
	dVarPrem	dVarPrem dCondVar	dVarPrem	dVarPremdCondVar	dVarPrem	dVarPremdCondVar	dVarPrem	dVarPremdCondVar	dCDS	dCDS	dCDS	dCDS
	Full sample	Full sample	Full sample	Full sample	Post Crisis	Post Crisis	Post Crisis	Post Crisis	Full sample	Full sample	Post Crisis	Post Crisis
VARIABLES	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	1/2010-12/2019	1/2010-12/2019	1/2010-12/2019	1/2010-12/2019	4/2002-12/2019	4/2002-12/2019	1/2010-12/2019	1/2010-12/2019
												
dVarPrem	-0.66**	-0.65***	-0.70**	-0.72***	-0.58*	-0.61**	-0.55*	-0.59**				
	(0.25)	(0.21)	(0.25)	(0.20)	(0.29)	(0.23)	(0.30)	(0.22)				
c.dVarPrem#cL.ntotdebt	0.75***	0.92***			1.32***	1.28***						
	(0.26)	(0.26)			(0.24)	(0.26)						
L.ntotdebt	1.60	1.51										
	(1.03)	(1.06)										
c.dVarPrem#cL.ntotequity	-0.34	-0.26			-0.45	-0.41						
	(0.25)	(0.31)			(0.29)	(0.32)						
L.ntotequity	0.22	0.18										
	(0.73)	(0.72)										
dCondVar		-1.35***		-1.50***		-1.23***		-1.30***				
		(0.34)		(0.34)		(0.40)		(0.37)				
c.dCondVar#cL.ntotdebt		0.92**				1.34*						
		(0.36)				(0.70)						
c.dCondVar#cL.ntotequity		0.23				-0.07						
		(0.41)				(0.35)						
L.ntotdebt_priv			0.65									
			(0.65)									
c.dVarPrem#cL.ntotdebt_priv			1.04**	1.35***			2.02***	1.98***				
			(0.39)	(0.40)			(0.34)	(0.35)				
c.dVarPrem#cL.ntotdebt_govt			0.28	0.18			0.46	0.42				
			(0.43)	(0.52)			(0.29)	(0.36)				
L.ntotdebt_govt			2.93									
			(1.86)									
c.dCondVar#cL.ntotdebt_priv				1.27**				1.57				
				(0.51)				(1.08)				
c.dCondVar#cL.ntotdebt_govt				0.35				0.60				
				(0.77)				(0.86)				
dCDS									-3.05***	-3.51***	-6.37***	-6.73***
									(0.80)	(0.88)	(1.23)	(1.11)
c.dCDS#cL.ntotdebt									4.26***		7.74***	
									(1.03)		(1.87)	
c.dCDS#cL.ntotequity									-1.14		-1.38	
									(1.72)		(1.90)	
c.dCDS#cL.ntotdebt_priv										5.48***		11.15***
										(1.44)		(2.66)
c.dCDS#cL.ntotdebt_govt										1.64		4.03**
										(4.42)		(1.68)
												
Observations	4,061	4,061	3,218	3,218	1,956	1,956	1,548	1,548	4,888	3,853	2,781	2,182
R-squared	0.16	0.22	0.17	0.23	0.14	0.20	0.16	0.21	0.21	0.22	0.25	0.26
Controls	Yes	Yes			Yes	Yes			Yes		Yes	
Robust standard errors in parentheses												
*** p<0.01, ** p<0.05, * p<0.1												
