This table reports the results of the regression analysis relating credit spreads and dividend yields. The sample only includes non – financial firms ( SIC 6000 – 6999 are excluded ) that issued a non – convertible, public bond during the period 1970 – 2005 from SDC database for which corresponding accounting information from COMPUSTAT can be found. The interest rates are from Federal Reserve Board of Governors’ database, The results for panel (with year and industry dummies), and cross – sectional regressions are reported.