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All of the following factors affect corporate bond yield spreads except for the following: a) The composition of the Board of Directors of the Corporation.

All of the following factors affect corporate bond yield spreads except for the following:

a) The composition of the Board of Directors of the Corporation.

b) Credit Cycle

c) Economic Conditions

d) Market Supply and Demand

e) Broker-Dealer willingness to provide sufficient capital for market making.

f) Financial Market performance.

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