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Where: 0 Y is Yield, a o is the risk-free rate, B1: B2 and l33>0: 0 X1 is the coverage ratio pertaining to interest

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Where: 0 Y is Yield, a o is the risk-free rate, " B1: B2 and l33>0: 0 X1 is the coverage ratio pertaining to interest on senior securities above 15%, 0 X2 is the marginal coverage ratio pertaining to interest on similar securities, and 0 X3 is a dummy variable indicating bonds issued by railroads in the capital-poor regions of the country

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