Indicate whether each of the following actions will increase or decrease a bond`s yield to maturity:

a. The bond`s price increases.

b. The bond is downgraded by the rating agencies.

c. A change in the bankruptcy code makes it more difficult for bondholders to receive payments in the event the firm declares bankruptcy.

d. The economy seems to be shifting from a boom to a recession. Discuss the effects of the firm`s credit strength in your answer.

e. Investors learn that the bonds are subordinated to another debt issue.