TOSYOU CODE: 9999      1
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.100)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 1.95745) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37140)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 42.1272 0.20331   0.18382 0.06561  0.07192  0.05328    1.2118  21.4971  22.7089
 dbratio     ROA    ROA1 debtcf1
 0.94664 0.08620 0.08213 1.52442

TOSYOU CODE: 9999      2
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.200)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 1.97336) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37442)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 35.4383 0.06240   0.12708 0.06286  0.07266  0.05668    3.4183  18.9718  22.3901
 dbratio     ROA    ROA1 debtcf1
 0.84733 0.08814 0.08366 1.23262

TOSYOU CODE: 9999      3
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 1.98124) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37591)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 32.7527 0.03453   0.11491 0.06225  0.07298  0.05811    4.5297  17.7086  22.2383
 dbratio     ROA    ROA1 debtcf1
 0.79631 0.08909 0.08439 1.12936

TOSYOU CODE: 9999      4
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.500)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 1.99046) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37766)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 29.9881 0.01745   0.10567 0.06187  0.07329  0.05957    5.7536  16.3138  22.0674
 dbratio     ROA    ROA1 debtcf1
 0.73927 0.09020 0.08523 1.02835

TOSYOU CODE: 9999      5
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.600)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 1.99361) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37826)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 29.1104 0.01383   0.10327 0.06180  0.07339  0.06003    6.1536  15.8568  22.0104
 dbratio     ROA    ROA1 debtcf1
 0.72042 0.09058 0.08551 0.99708

TOSYOU CODE: 9999      6
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.700)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 1.99623) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37876)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 28.4021 0.01140   0.10147 0.06174  0.07346  0.06041    6.4793  15.4844  21.9638
 dbratio     ROA    ROA1 debtcf1
 0.70500 0.09089 0.08574 0.97204

TOSYOU CODE: 9999      7
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.800)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 1.99844) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 27.8103 0.00967   0.10007 0.06171  0.07352  0.06071    6.7531  15.1717  21.9248
 dbratio     ROA    ROA1 debtcf1
 0.69199 0.09115 0.08593 0.95121

TOSYOU CODE: 9999      8
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.900)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 2.00033) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37954)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 27.3033 0.00837   0.09894 0.06167  0.07357  0.06097    6.9888  14.9037  21.8925
 dbratio     ROA    ROA1 debtcf1
 0.68077 0.09137 0.08609 0.93338

TOSYOU CODE: 9999      9
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 1.98651) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37691)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 31.1324 0.02336   0.10917 0.06200  0.07316  0.05897    5.2394  16.9004  22.1398
 dbratio     ROA    ROA1 debtcf1
 0.76335 0.08973 0.08487 1.06964

TOSYOU CODE: 9999     10
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  30.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  30.000000 ( 1.26442) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.39984)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.4069 0.06199   0.12691 0.06660  0.08500  0.07112    3.4307   7.8111  11.2418
 dbratio     ROA    ROA1 debtcf1
 0.69482 0.11247 0.10313 0.55867

TOSYOU CODE: 9999     11
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  35.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  35.000000 ( 1.45072) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.39322)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 18.8928 0.04477   0.11962 0.06449  0.08050  0.06677    4.0465   9.8876  13.9342
 dbratio     ROA    ROA1 debtcf1
 0.70960 0.10411 0.09647 0.66894

TOSYOU CODE: 9999     12
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  40.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  40.000000 ( 1.63213) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.38709)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 22.7610 0.03460   0.11495 0.06326  0.07731  0.06349    4.5261  12.1300  16.6561
 dbratio     ROA    ROA1 debtcf1
 0.72826 0.09799 0.09156 0.79427

TOSYOU CODE: 9999     13
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  45.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  45.000000 ( 1.81039) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.38166)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 26.8668 0.02798   0.11165 0.06250  0.07496  0.06096    4.9148  14.4786  19.3933
 dbratio     ROA    ROA1 debtcf1
 0.74657 0.09335 0.08782 0.92887

TOSYOU CODE: 9999     14
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  55.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  55.000000 ( 2.16112) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.37277)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 35.5118 0.01998   0.10722 0.06165  0.07175  0.05736    5.5171  19.3756  24.8927
 dbratio     ROA    ROA1 debtcf1
 0.77836 0.08682 0.08250 1.21476

TOSYOU CODE: 9999     15
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  60.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  60.000000 ( 2.33462) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.36914)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 39.9760 0.01740   0.10564 0.06140  0.07061  0.05603    5.7591  21.8914  27.6505
 dbratio     ROA    ROA1 debtcf1
 0.79172 0.08443 0.08055 1.36307

TOSYOU CODE: 9999     16
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  65.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  65.000000 ( 2.50726) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.36594)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 44.5057 0.01538   0.10432 0.06121  0.06967  0.05492    5.9729  24.4390  30.4119
 dbratio     ROA    ROA1 debtcf1
 0.80360 0.08244 0.07891 1.51382

TOSYOU CODE: 9999     17
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  70.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  70.000000 ( 2.67923) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.486833 ( 0.36311)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 49.0873 0.01375   0.10321 0.06106  0.06889  0.05397    6.1642  27.0123  33.1765
 dbratio     ROA    ROA1 debtcf1
 0.81420 0.08076 0.07752 1.66650

TOSYOU CODE: 9999     18
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  50.000000 ( 2.08223) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =  14.127274 ( 0.58832)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 26.5846 0.04871   0.12135 0.06497  0.08162  0.06789    5.7893  13.8131  19.6025
 dbratio     ROA    ROA1 debtcf1
 0.70466 0.10622 0.09816 0.94656

TOSYOU CODE: 9999     19
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  30.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  30.000000 ( 1.24942) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   8.481450 ( 0.35323)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.9474 0.04877   0.12137 0.06498  0.08164  0.06790    3.4736   8.2852  11.7588
 dbratio     ROA    ROA1 debtcf1
 0.70460 0.10625 0.09819 0.56786

TOSYOU CODE: 9999     20
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  35.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  35.000000 ( 1.45754) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =   9.887724 ( 0.41176)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 18.6102 0.04870   0.12134 0.06497  0.08162  0.06788    4.0525   9.6699  13.7225
 dbratio     ROA    ROA1 debtcf1
 0.70468 0.10622 0.09815 0.66261

TOSYOU CODE: 9999     21
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  40.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  40.000000 ( 1.66585) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =  11.306256 ( 0.47086)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 21.2648 0.04875   0.12137 0.06498  0.08163  0.06790    4.6315  11.0482  15.6797
 dbratio     ROA    ROA1 debtcf1
 0.70462 0.10624 0.09818 0.75718

TOSYOU CODE: 9999     22
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  45.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  45.000000 ( 1.87401) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =  12.714871 ( 0.52951)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 23.9260 0.04872   0.12135 0.06497  0.08162  0.06789    5.2104  12.4317  17.6421
 dbratio     ROA    ROA1 debtcf1
 0.70466 0.10622 0.09816 0.85190

TOSYOU CODE: 9999     23
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  55.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  55.000000 ( 2.29054) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =  15.545805 ( 0.64742)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 29.2393 0.04875   0.12136 0.06498  0.08163  0.06790    6.3683  15.1914  21.5597
 dbratio     ROA    ROA1 debtcf1
 0.70462 0.10624 0.09818 1.04113

TOSYOU CODE: 9999     24
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  60.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  60.000000 ( 2.49870) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =  16.954420 ( 0.70607)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 31.9005 0.04872   0.12135 0.06497  0.08162  0.06789    6.9472  16.5749  23.5221
 dbratio     ROA    ROA1 debtcf1
 0.70465 0.10623 0.09816 1.13585

TOSYOU CODE: 9999     25
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  65.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  65.000000 ( 2.70707) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =  18.376016 ( 0.76531)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 34.5530 0.04877   0.12137 0.06498  0.08164  0.06790    7.5261  17.9515  25.4777
 dbratio     ROA    ROA1 debtcf1
 0.70460 0.10625 0.09818 1.23038

TOSYOU CODE: 9999     26
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  70.000000, k:agcpara = 0.00000000)
liq.cash: 10Y average (1Y) =  70.000000 ( 2.91529) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =  19.788434 ( 0.82413)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 37.2117 0.04877   0.12137 0.06498  0.08164  0.06790    8.1051  19.3330  27.4381
 dbratio     ROA    ROA1 debtcf1
 0.70460 0.10625 0.09818 1.32504

TOSYOU CODE: 9999     27
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.01000000)
liq.cash: 10Y average (1Y) =  49.748141 ( 2.08349) : loss rate  0.0050
liq.cash: 10Y std.dev. (1Y) =  14.753099 ( 0.61787)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 25.1859 0.04797   0.12103 0.06518  0.08296  0.06962    6.0910  13.0476  19.1386
 dbratio     ROA    ROA1 debtcf1
 0.68174 0.10886 0.10079 0.89873

TOSYOU CODE: 9999     28
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.03000000)
liq.cash: 10Y average (1Y) =  49.335061 ( 2.08871) : loss rate  0.0133
liq.cash: 10Y std.dev. (1Y) =  16.115490 ( 0.68229)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 22.1646 0.04590   0.12012 0.06562  0.08596  0.07362    6.7943  11.4126  18.2070
 dbratio     ROA    ROA1 debtcf1
 0.62683 0.11472 0.10630 0.79445

TOSYOU CODE: 9999     29
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.05000000)
liq.cash: 10Y average (1Y) =  49.059802 ( 2.09711) : loss rate  0.0188
liq.cash: 10Y std.dev. (1Y) =  17.606945 ( 0.75263)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 18.8040 0.04286   0.11877 0.06602  0.08940  0.07837    7.6615   9.6289  17.2904
 dbratio     ROA    ROA1 debtcf1
 0.55689 0.12129 0.11203 0.67666

TOSYOU CODE: 9999     30
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.07000000)
liq.cash: 10Y average (1Y) =  48.945857 ( 2.10842) : loss rate  0.0211
liq.cash: 10Y std.dev. (1Y) =  19.183581 ( 0.82636)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.0592 0.03866   0.11686 0.06628  0.09319  0.08389    8.7366   7.6845  16.4210
 dbratio     ROA    ROA1 debtcf1
 0.46796 0.12840 0.11778 0.54322

TOSYOU CODE: 9999     31
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.023145 ( 2.12329) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  20.823224 ( 0.90190)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8539 0.03340   0.11437 0.06628  0.09731  0.09026   10.0770   5.5397  15.6168
 dbratio     ROA    ROA1 debtcf1
 0.35473 0.13596 0.12341 0.39144

TOSYOU CODE: 9999     32
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.11000000)
liq.cash: 10Y average (1Y) =  49.329610 ( 2.14308) : loss rate  0.0134
liq.cash: 10Y std.dev. (1Y) =  22.474717 ( 0.97639)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.0945 0.02719   0.11124 0.06571  0.10165  0.09750   11.7650   3.1374  14.9024
 dbratio     ROA    ROA1 debtcf1
 0.21053 0.14381 0.12868 0.21840

TOSYOU CODE: 9999     33
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.13000000)
liq.cash: 10Y average (1Y) =  49.197738 ( 2.13319) : loss rate  0.0160
liq.cash: 10Y std.dev. (1Y) =  18.747933 ( 0.81290)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.1712 0.01087   0.10105 0.06252  0.09318  0.08935   12.9636   3.3284  16.2920
 dbratio     ROA    ROA1 debtcf1
 0.20430 0.13093 0.11866 0.21314

TOSYOU CODE: 9999     34
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.15000000)
liq.cash: 10Y average (1Y) =  49.395235 ( 2.14553) : loss rate  0.0121
liq.cash: 10Y std.dev. (1Y) =  18.436959 ( 0.80083)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0318 0.00694   0.09757 0.06169  0.09275  0.09026   14.1673   2.2004  16.3677
 dbratio     ROA    ROA1 debtcf1
 0.13443 0.13108 0.11815 0.13785

TOSYOU CODE: 9999     35
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.17000000)
liq.cash: 10Y average (1Y) =  49.950918 ( 2.17721) : loss rate  0.0010
liq.cash: 10Y std.dev. (1Y) =  17.765049 ( 0.77432)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2887 0.00259   0.09195 0.06069  0.09165  0.09147   16.4519   0.1598  16.6116
 dbratio     ROA    ROA1 debtcf1
 0.00962 0.13107 0.11649 0.00975

TOSYOU CODE: 9999     36
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.18000000)
liq.cash: 10Y average (1Y) =  49.999997 ( 2.16447) : loss rate  0.0000
liq.cash: 10Y std.dev. (1Y) =  14.055024 ( 0.60843)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0000 0.00019   0.08371 0.06006  0.08371  0.08371   18.0858   0.0000  18.0858
 dbratio     ROA    ROA1 debtcf1
 0.00000 0.11968 0.10704 0.00000

TOSYOU CODE: 9999     37
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.100)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  47.341217 ( 1.92169) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =  11.620871 ( 0.47172)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 29.5420 0.06280   0.12724 0.06293  0.07636  0.06142    4.1722  15.8071  19.9793
 dbratio     ROA    ROA1 debtcf1
 0.79117 0.09618 0.09607 1.02780

TOSYOU CODE: 9999     38
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.200)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.130230 ( 2.04137) : loss rate  0.0374
liq.cash: 10Y std.dev. (1Y) =  16.296727 ( 0.69120)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 20.7752 0.04662   0.12044 0.06457  0.08612  0.07422    6.8205  10.8644  17.6849
 dbratio     ROA    ROA1 debtcf1
 0.61433 0.11543 0.10952 0.73593

TOSYOU CODE: 9999     39
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.638965 ( 2.09359) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =  18.890716 ( 0.81312)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.1226 0.03801   0.11656 0.06560  0.09243  0.08311    8.6657   7.7943  16.4600
 dbratio     ROA    ROA1 debtcf1
 0.47353 0.12719 0.11752 0.54153

TOSYOU CODE: 9999     40
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.500)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.321169 ( 2.14130) : loss rate  0.0136
liq.cash: 10Y std.dev. (1Y) =  22.156298 ( 0.96193)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.5426 0.02967   0.11252 0.06617  0.10067  0.09559   11.2284   3.8563  15.0847
 dbratio     ROA    ROA1 debtcf1
 0.25565 0.14195 0.12731 0.27167

TOSYOU CODE: 9999     41
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.600)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.163848 ( 2.12604) : loss rate  0.0167
liq.cash: 10Y std.dev. (1Y) =  18.934338 ( 0.81880)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.2906 0.01761   0.10577 0.06388  0.09320  0.08744   11.4527   4.9136  16.3663
 dbratio     ROA    ROA1 debtcf1
 0.30023 0.12990 0.11815 0.32607

TOSYOU CODE: 9999     42
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.700)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.163837 ( 2.12604) : loss rate  0.0167
liq.cash: 10Y std.dev. (1Y) =  18.934168 ( 0.81879)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.2907 0.01761   0.10577 0.06388  0.09319  0.08744   11.4527   4.9137  16.3664
 dbratio     ROA    ROA1 debtcf1
 0.30023 0.12990 0.11815 0.32607

TOSYOU CODE: 9999     43
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  35.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  34.316250 ( 1.48631) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  14.577072 ( 0.63136)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.5972 0.03341   0.11437 0.06628  0.09731  0.09026    7.0539   3.8775  10.9314
 dbratio     ROA    ROA1 debtcf1
 0.35471 0.13597 0.12341 0.27399

TOSYOU CODE: 9999     44
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  40.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  39.218632 ( 1.69865) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  16.660556 ( 0.72161)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.6819 0.03341   0.11437 0.06628  0.09732  0.09026    8.0616   4.4310  12.4926
 dbratio     ROA    ROA1 debtcf1
 0.35469 0.13597 0.12342 0.31311

TOSYOU CODE: 9999     45
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  45.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  44.121107 ( 1.91099) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  18.745592 ( 0.81192)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.7655 0.03342   0.11438 0.06628  0.09732  0.09027    9.0693   4.9839  14.0532
 dbratio     ROA    ROA1 debtcf1
 0.35464 0.13598 0.12342 0.35220

TOSYOU CODE: 9999     46
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  55.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  53.925935 ( 2.33565) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  22.906773 ( 0.99214)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.9341 0.03339   0.11436 0.06628  0.09731  0.09026   11.0868   6.0911  17.1779
 dbratio     ROA    ROA1 debtcf1
 0.35459 0.13597 0.12341 0.43039

TOSYOU CODE: 9999     47
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  60.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  58.827891 ( 2.54796) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  24.989850 ( 1.08236)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.0234 0.03341   0.11437 0.06628  0.09731  0.09026   12.0924   6.6469  18.7393
 dbratio     ROA    ROA1 debtcf1
 0.35470 0.13597 0.12341 0.46969

TOSYOU CODE: 9999     48
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  65.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  63.730315 ( 2.76030) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  27.074032 ( 1.17264)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.1076 0.03341   0.11437 0.06628  0.09732  0.09026   13.1001   7.2001  20.3003
 dbratio     ROA    ROA1 debtcf1
 0.35468 0.13597 0.12342 0.50879

TOSYOU CODE: 9999     49
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  70.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  68.632053 ( 2.97258) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  29.146559 ( 1.26239)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.1994 0.03338   0.11436 0.06628  0.09730  0.09025   14.1078   7.7580  21.8658
 dbratio     ROA    ROA1 debtcf1
 0.35480 0.13595 0.12340 0.54814

TOSYOU CODE: 9999     50
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.20  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.731845 ( 2.06956) : loss rate  0.0054
liq.cash: 10Y std.dev. (1Y) =  17.839867 ( 0.74239)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9795 0.00439   0.09644 0.06112  0.09319  0.09206   16.1682   1.6391  17.8072
 dbratio     ROA    ROA1 debtcf1
 0.09204 0.11622 0.10876 0.10116

TOSYOU CODE: 9999     51
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.25  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.394914 ( 2.09775) : loss rate  0.0121
liq.cash: 10Y std.dev. (1Y) =  18.845647 ( 0.80036)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.7232 0.01178   0.10273 0.06271  0.09416  0.09080   13.2684   3.6163  16.8847
 dbratio     ROA    ROA1 debtcf1
 0.21418 0.12424 0.11467 0.23272

TOSYOU CODE: 9999     52
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.35  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.404867 ( 2.10647) : loss rate  0.0319
liq.cash: 10Y std.dev. (1Y) =  17.645138 ( 0.76788)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.7237 0.04104   0.11687 0.06592  0.08892  0.07626    7.4766   9.0900  16.5666
 dbratio     ROA    ROA1 debtcf1
 0.54869 0.12715 0.11680 0.63703

TOSYOU CODE: 9999     53
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.40  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  47.958658 ( 2.08057) : loss rate  0.0408
liq.cash: 10Y std.dev. (1Y) =  15.087960 ( 0.65456)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 22.6816 0.04694   0.11838 0.06537  0.08273  0.06514    5.7054  11.7195  17.4249
 dbratio     ROA    ROA1 debtcf1
 0.67257 0.11940 0.11117 0.81091

TOSYOU CODE: 9999     54
debtcashflow initial values:   0.000010  75.000000
stddev initial values:   0.000010  75.000000
ecfconst solution interval:   0.000000   0.000000
agcparam solution interval: 0.00000000 0.00000000
tax rate = 0.45  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  47.620801 ( 2.05017) : loss rate  0.0476
liq.cash: 10Y std.dev. (1Y) =  12.962666 ( 0.55807)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 26.4355 0.05109   0.11902 0.06484  0.07804  0.05598    4.4356  13.7599  18.1955
 dbratio     ROA    ROA1 debtcf1
 0.75623 0.11267 0.10637 0.94005

