| First term | Second term | |
| lagged | lagged | 1.0000 |
| lagged | exogenous | 0.3243 |
| lagged | payer | 0.3077 |
| lagged | bilateral | 0.2500 |
| lagged | unpaid | 0.2353 |
| lagged | current stock price | 0.1786 |
| lagged | autoregressive | 0.1639 |
| lagged | antithesis | 0.1618 |
| lagged | decomposition | 0.1556 |
| lagged | amortization | 0.1538 |
| lagged | dividend policy | 0.1538 |
| lagged | prepayment | 0.1538 |
| lagged | tender | 0.1429 |
| lagged | preference | 0.1373 |
| lagged | accumulated | 0.1370 |
| lagged | listed equity | 0.1333 |
| lagged | listed equity securities | 0.1333 |
| lagged | trustee | 0.1333 |
| lagged | acquired | 0.1286 |
| lagged | stockholders | 0.1286 |
| lagged | profit and loss | 0.1250 |
| lagged | sinking | 0.1250 |
| lagged | statistically | 0.1207 |
| lagged | capital structure | 0.1176 |
| lagged | current market price | 0.1163 |
| lagged | earnings per share | 0.1154 |
| lagged | asymmetry | 0.1143 |
| lagged | risk arbitrage | 0.1143 |