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 credit spreads usually move together, but sometimes they don't. When they don't, CDS prices can show the highest possible credit risk price, while spreads show the lowest. The CDS market is where credit risk prices are mainly figured out, and in the short term, CDS prices are more connected to specific company factors. In the long term, both CDS and bond markets reflect these factors equally, mostly because of changes in the bond market.