The study looked at how credit default swaps (CDS) and bond prices relate to each other for different companies. They found that CDS prices and bond spreads usually move together, but sometimes they don't. When they don't, CDS prices tend to be higher than bond spreads. The researchers also discovered that the CDS market is better at quickly reflecting changes in a company's specific situation, while both markets are equally good at this in the long run. Overall, adjustments in the bond market play a big role in bringing the two markets in line with each other.