Our sample consists of 535 firm-year observations for the 1997-2003 period,
generated by 103 firms, with a complete panel of data available for 41 firms. To be
included, the firm had to be a listed company with data on COMPUSTAT and CRSP,
and the firm had to disclose sufficient securitization information in order for us to
calculate implicit and contractual recourse. ^0 We use the maximum number of
observations available for each test, and the number of observations thus varies
across tests.