The article explores what factors affect the cost of borrowing for Australian companies. By looking at data from credit derivatives, the researchers found that both the risk of default and how easy it is to buy or sell a bond influence the cost of borrowing. They also discovered that things like a company's debt level, market value, and how volatile the market is can impact borrowing costs. Additionally, factors like interest rates and how long until a bond matures play a role in determining borrowing costs.