Table 6.

Changes in Credit Spreads and Bid-Ask Spreads on April 9 Announcement.

	Credit Spreads (bps)				Liquidity
	Pre	Post	$\Delta s$		$\Delta BAS$ (bps)	$\Delta VOL$ (mil)
Apache Corp	1,604	1,117	−488		13	−2
Control	775	654	−121		197	0
Continental Resources	1,295	951	−344		−29	−6
Control	775	654	−121		197	0
Delta Airlines	1,002	721	−281		36	−3
Control	1,181	990	−191		24	1
Hospitality Properties	1,440	1,188	−252		210	−2
Control	539	477	−62		−17	−1
Macy's Retail Holdings	1,774	1,226	−548		−34	−1
Ford Motor Co	809	511	−298		−20	3

For each firm, we take the average of credit spreads, bid-ask spreads and transaction volume for bonds issued by the firm to compute the firm-level values on April 8 and April 13. $\Delta s$ is the change in firm-level credit spreads over the period. $\Delta BAS$ and $\Delta VOL$ are the changes in firm-level bid-ask spreads and trading volume, respectively. Control is the average of the firm-level credit spreads, bid-ask spreads and transaction volume in the control group, which is defined in Table 5. We only include bonds with remaining maturity of five years or less for the treatment group.