 $r_{t-1}^{HY corporate} - r_{t-1}^{Treas.(7yr)}$  &  \bf 0.28 &  \bf 0.19 &  \bf -0.67 &  \bf -0.51 & 0.06 \\  &  &  & (0.10) & (0.14) &  \\  $r_{t-2}^{HY corporate} - r_{t-2}^{Treas.(7yr)}$  &  \bf 0.20 &  \bf 0.11 &  \bf -0.57 &  \bf -0.41 & 0.02 \\  &  &  & (0.13) & (0.13) &  \\  $r_{t-3}^{HY corporate} - r_{t-3}^{Treas.(7yr)}$  &  \bf 0.18 &  \bf 0.06 &  \bf -0.54 &  \bf -0.30 & 0.00 \\  &  &  & (0.16) & (0.15) &  \\ 
