TOSYOU CODE: 5401      1
debtcashflow initial values:   0.000010  79.933325
stddev initial values:   0.000010  79.933325
ecfconst solution interval: 119.590909 124.472171
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.45934
data: equity =   9.026026  debt =  17.618416  firm =  26.644442

agency cost: EZC - k L (EZC:ecfconst = 122.047108, k:agcpara = 0.28536095)
liq.cash: 10Y average (1Y) = 110.219855 ( 4.90049) : loss rate  0.0969
liq.cash: 10Y std.dev. (1Y) =  37.454941 ( 1.66529)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 41.4466 0.03317   0.16615 0.08741  0.11409  0.08807    9.0260  17.6183  26.6443
 dbratio     ROA    ROA1 debtcf1
 0.66124 0.18392 0.16437 1.58785

TOSYOU CODE: 5404      2
debtcashflow initial values:   0.000010  49.735558
stddev initial values:   0.000010  49.735558
ecfconst solution interval:  63.038161  65.611147
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.42194
data: equity =   3.706693  debt =  12.871826  firm =  16.578519

agency cost: EZC - k L (EZC:ecfconst =  65.410602, k:agcpara = 0.21916102)
liq.cash: 10Y average (1Y) =  58.759213 ( 2.58123) : loss rate  0.1017
liq.cash: 10Y std.dev. (1Y) =  17.249883 ( 0.75777)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 30.3493 0.04978   0.16714 0.08738  0.10521  0.07468    3.7067  12.8718  16.5784
 dbratio     ROA    ROA1 debtcf1
 0.77642 0.15570 0.14712 1.16484

TOSYOU CODE: 7203      3
debtcashflow initial values:   0.000010  48.199533
stddev initial values:   0.000010  48.199533
ecfconst solution interval:  54.478327  56.701932
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08822  std.dev = 0.09955  lambda =   1.09293
riskless rate of interest = 0.08305  correlation =  0.45194
data: equity =  15.445542  debt =   0.620969  firm =  16.066511

agency cost: EZC - k L (EZC:ecfconst =  57.155143, k:agcpara = 0.39195988)
liq.cash: 10Y average (1Y) =  56.581800 ( 2.65084) : loss rate  0.0100
liq.cash: 10Y std.dev. (1Y) =  32.144624 ( 1.50597)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4628 0.04320   0.09152 0.08468  0.09125  0.08978   15.4455   0.6209  16.0664
 dbratio     ROA    ROA1 debtcf1
 0.03864 0.16499 0.13531 0.05684

TOSYOU CODE: 6501      4
debtcashflow initial values:   0.000010  47.825509
stddev initial values:   0.000010  47.825509
ecfconst solution interval:  91.238313  94.962325
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.58180
data: equity =  11.026920  debt =   4.914916  firm =  15.941836

agency cost: EZC - k L (EZC:ecfconst =  95.460957, k:agcpara = 0.39223232)
liq.cash: 10Y average (1Y) =  91.081727 ( 3.93794) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =  32.395169 ( 1.40061)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.1649 0.00681   0.16061 0.08487  0.13726  0.12548   11.0269   4.9148  15.9418
 dbratio     ROA    ROA1 debtcf1
 0.30830 0.24702 0.19599 0.42156

TOSYOU CODE: 7011      5
debtcashflow initial values:   0.000010  43.074706
stddev initial values:   0.000010  43.074706
ecfconst solution interval:  60.505602  62.975218
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41905
data: equity =   4.184272  debt =  10.173963  firm =  14.358235

agency cost: EZC - k L (EZC:ecfconst =  61.113266, k:agcpara = 0.25257502)
liq.cash: 10Y average (1Y) =  55.017190 ( 2.43420) : loss rate  0.0998
liq.cash: 10Y std.dev. (1Y) =  18.232614 ( 0.80669)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 24.1357 0.04516   0.16302 0.08786  0.10977  0.08175    4.1843  10.1739  14.3582
 dbratio     ROA    ROA1 debtcf1
 0.70858 0.16953 0.15586 0.92838

TOSYOU CODE: 5405      6
debtcashflow initial values:   0.000010  42.380744
stddev initial values:   0.000010  42.380744
ecfconst solution interval:  57.592612  59.943330
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.44939
data: equity =   3.499595  debt =  10.627319  firm =  14.126915

agency cost: EZC - k L (EZC:ecfconst =  58.792704, k:agcpara = 0.24296779)
liq.cash: 10Y average (1Y) =  52.721632 ( 2.33135) : loss rate  0.1033
liq.cash: 10Y std.dev. (1Y) =  16.043453 ( 0.70944)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 24.9871 0.04193   0.17051 0.08730  0.10791  0.07836    3.4996  10.6274  14.1270
 dbratio     ROA    ROA1 debtcf1
 0.75228 0.16503 0.15326 0.95743

TOSYOU CODE: 7201      7
debtcashflow initial values:   0.000010  42.231397
stddev initial values:   0.000010  42.231397
ecfconst solution interval:  70.909331  73.803590
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40834
data: equity =   9.722056  debt =   4.355076  firm =  14.077132

agency cost: EZC - k L (EZC:ecfconst =  71.896761, k:agcpara = 0.35871859)
liq.cash: 10Y average (1Y) =  68.247894 ( 3.02660) : loss rate  0.0508
liq.cash: 10Y std.dev. (1Y) =  27.924781 ( 1.23838)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.1719 0.01878   0.14080 0.08674  0.12408  0.11200    9.7221   4.3550  14.0771
 dbratio     ROA    ROA1 debtcf1
 0.30937 0.21500 0.17712 0.38886

TOSYOU CODE: 5403      8
debtcashflow initial values:   0.000010  41.447501
stddev initial values:   0.000010  41.447501
ecfconst solution interval:  52.533322  54.677539
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37330
data: equity =   3.496600  debt =  10.319233  firm =  13.815834

agency cost: EZC - k L (EZC:ecfconst =  54.453349, k:agcpara = 0.21821683)
liq.cash: 10Y average (1Y) =  49.069964 ( 2.15223) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =  15.744969 ( 0.69058)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 24.6699 0.06061   0.15754 0.08815  0.10571  0.07608    3.4966  10.3193  13.8159
 dbratio     ROA    ROA1 debtcf1
 0.74691 0.15578 0.14700 0.95295

TOSYOU CODE: 6752      9
debtcashflow initial values:   0.000010  36.682970
stddev initial values:   0.000010  36.682970
ecfconst solution interval:  46.494444  48.392176
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.49132
data: equity =  11.565037  debt =   0.662620  firm =  12.227657

agency cost: EZC - k L (EZC:ecfconst =  46.313368, k:agcpara = 0.38948687)
liq.cash: 10Y average (1Y) =  45.713471 ( 2.13144) : loss rate  0.0130
liq.cash: 10Y std.dev. (1Y) =  23.148491 ( 1.07932)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5402 0.02818   0.09770 0.08491  0.09701  0.09494   11.5650   0.6625  12.2276
 dbratio     ROA    ROA1 debtcf1
 0.05418 0.17431 0.14245 0.05919

TOSYOU CODE: 5406     10
debtcashflow initial values:   0.000010  34.015311
stddev initial values:   0.000010  34.015311
ecfconst solution interval:  43.113278  44.873004
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34370
data: equity =   2.666148  debt =   8.672289  firm =  11.338437

agency cost: EZC - k L (EZC:ecfconst =  42.711103, k:agcpara = 0.19852389)
liq.cash: 10Y average (1Y) =  38.578797 ( 1.68114) : loss rate  0.0968
liq.cash: 10Y std.dev. (1Y) =  12.122652 ( 0.52827)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 20.8152 0.07142   0.15305 0.08820  0.10345  0.07309    2.6661   8.6723  11.3385
 dbratio     ROA    ROA1 debtcf1
 0.76486 0.14827 0.14182 0.80613

TOSYOU CODE: 6502     11
debtcashflow initial values:   0.000010  28.943618
stddev initial values:   0.000010  28.943618
ecfconst solution interval:  48.598267  50.581870
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.45793
data: equity =   5.130496  debt =   4.517377  firm =   9.647873

agency cost: EZC - k L (EZC:ecfconst =  49.080062, k:agcpara = 0.33872459)
liq.cash: 10Y average (1Y) =  45.505366 ( 2.01659) : loss rate  0.0728
liq.cash: 10Y std.dev. (1Y) =  17.211521 ( 0.76274)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.5534 0.02114   0.15425 0.08691  0.12272  0.10441    5.1305   4.5174   9.6479
 dbratio     ROA    ROA1 debtcf1
 0.46823 0.20902 0.17665 0.40319

TOSYOU CODE: 6701     12
debtcashflow initial values:   0.000010  26.886184
stddev initial values:   0.000010  26.886184
ecfconst solution interval:  46.373286  48.266073
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.48360
data: equity =   5.584283  debt =   3.377778  firm =   8.962061

agency cost: EZC - k L (EZC:ecfconst =  48.166498, k:agcpara = 0.36260532)
liq.cash: 10Y average (1Y) =  45.333421 ( 1.99691) : loss rate  0.0588
liq.cash: 10Y std.dev. (1Y) =  17.196414 ( 0.75749)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.8131 0.01456   0.15277 0.08620  0.12768  0.11306    5.5843   3.3778   8.9621
 dbratio     ROA    ROA1 debtcf1
 0.37690 0.22282 0.18313 0.29727

TOSYOU CODE: 7013     13
debtcashflow initial values:   0.000010  25.522711
stddev initial values:   0.000010  25.522711
ecfconst solution interval:  31.181944  32.454676
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34135
data: equity =   1.792592  debt =   6.714978  firm =   8.507570

agency cost: EZC - k L (EZC:ecfconst =  30.927054, k:agcpara = 0.18250945)
liq.cash: 10Y average (1Y) =  27.998976 ( 1.21349) : loss rate  0.0947
liq.cash: 10Y std.dev. (1Y) =   8.252679 ( 0.35768)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 16.0434 0.07371   0.15323 0.08785  0.10163  0.07042    1.7926   6.7150   8.5076
 dbratio     ROA    ROA1 debtcf1
 0.78930 0.14264 0.13777 0.62033

TOSYOU CODE: 5001     14
debtcashflow initial values:   0.000010  23.313839
stddev initial values:   0.000010  23.313839
ecfconst solution interval:  28.483299  29.645882
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.11979
data: equity =   6.235425  debt =   1.535855  firm =   7.771280

agency cost: EZC - k L (EZC:ecfconst =  29.678562, k:agcpara = 0.34028818)
liq.cash: 10Y average (1Y) =  28.385169 ( 1.30397) : loss rate  0.0436
liq.cash: 10Y std.dev. (1Y) =  16.875461 ( 0.77523)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.8009 0.07258   0.10112 0.08688  0.09831  0.09058    6.2354   1.5359   7.7714
 dbratio     ROA    ROA1 debtcf1
 0.19764 0.16779 0.14339 0.15131

TOSYOU CODE: 6702     15
debtcashflow initial values:   0.000010  21.436416
stddev initial values:   0.000010  21.436416
ecfconst solution interval:  38.934244  40.523397
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.50589
data: equity =   5.150130  debt =   1.995342  firm =   7.145472

agency cost: EZC - k L (EZC:ecfconst =  40.264660, k:agcpara = 0.38216383)
liq.cash: 10Y average (1Y) =  38.516720 ( 1.68216) : loss rate  0.0434
liq.cash: 10Y std.dev. (1Y) =  14.570330 ( 0.63634)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.5738 0.00991   0.15077 0.08552  0.13255  0.12180    5.1501   1.9954   7.1455
 dbratio     ROA    ROA1 debtcf1
 0.27925 0.23542 0.18875 0.17338

TOSYOU CODE: 4010     16
debtcashflow initial values:   0.000010  20.962719
stddev initial values:   0.000010  20.962719
ecfconst solution interval:  28.486934  29.649666
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.37254
data: equity =   2.059316  debt =   4.928257  firm =   6.987573

agency cost: EZC - k L (EZC:ecfconst =  29.118006, k:agcpara = 0.24341424)
liq.cash: 10Y average (1Y) =  26.242866 ( 1.15746) : loss rate  0.0987
liq.cash: 10Y std.dev. (1Y) =   8.937539 ( 0.39420)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.8117 0.05319   0.15778 0.08851  0.10893  0.08083    2.0593   4.9283   6.9876
 dbratio     ROA    ROA1 debtcf1
 0.70529 0.16564 0.15341 0.45629

TOSYOU CODE: 6503     17
debtcashflow initial values:   0.000010  20.807075
stddev initial values:   0.000010  20.807075
ecfconst solution interval:  34.936459  36.362437
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.51428
data: equity =   3.344105  debt =   3.591587  firm =   6.935692

agency cost: EZC - k L (EZC:ecfconst =  36.274371, k:agcpara = 0.34267654)
liq.cash: 10Y average (1Y) =  33.423324 ( 1.48062) : loss rate  0.0786
liq.cash: 10Y std.dev. (1Y) =  11.903029 ( 0.52729)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.3199 0.01747   0.16435 0.08638  0.12397  0.10385    3.3441   3.5916   6.9357
 dbratio     ROA    ROA1 debtcf1
 0.51784 0.21348 0.17992 0.31664

TOSYOU CODE: 6758     18
debtcashflow initial values:   0.000010  18.823701
stddev initial values:   0.000010  18.823701
ecfconst solution interval:  21.275799  22.144199
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.32326
data: equity =   5.666137  debt =   0.608430  firm =   6.274567

agency cost: EZC - k L (EZC:ecfconst =  22.143021, k:agcpara = 0.36628137)
liq.cash: 10Y average (1Y) =  21.596828 ( 1.00462) : loss rate  0.0247
liq.cash: 10Y std.dev. (1Y) =  14.051786 ( 0.65365)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4912 0.07624   0.09142 0.08516  0.09081  0.08710    5.6661   0.6084   6.2745
 dbratio     ROA    ROA1 debtcf1
 0.09696 0.16011 0.13440 0.05946

TOSYOU CODE: 7267     19
debtcashflow initial values:   0.000010  18.617536
stddev initial values:   0.000010  18.617536
ecfconst solution interval:  29.557202  30.763618
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.35999
data: equity =   4.419356  debt =   1.786489  firm =   6.205845

agency cost: EZC - k L (EZC:ecfconst =  30.358668, k:agcpara = 0.35317557)
liq.cash: 10Y average (1Y) =  28.869704 ( 1.28811) : loss rate  0.0490
liq.cash: 10Y std.dev. (1Y) =  12.450240 ( 0.55551)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.2159 0.02384   0.13397 0.08732  0.12054  0.10923    4.4194   1.7865   6.2058
 dbratio     ROA    ROA1 debtcf1
 0.28787 0.20756 0.17206 0.16196

TOSYOU CODE: 7012     20
debtcashflow initial values:   0.000010  17.875526
stddev initial values:   0.000010  17.875526
ecfconst solution interval:  22.656631  23.581391
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26376
data: equity =   1.805014  debt =   4.153495  firm =   5.958509

agency cost: EZC - k L (EZC:ecfconst =  22.524491, k:agcpara = 0.21262124)
liq.cash: 10Y average (1Y) =  20.347927 ( 0.88843) : loss rate  0.0966
liq.cash: 10Y std.dev. (1Y) =   7.650556 ( 0.33404)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.2368 0.09315   0.13604 0.08916  0.10336  0.07539    1.8050   4.1535   5.9585
 dbratio     ROA    ROA1 debtcf1
 0.69707 0.14910 0.14223 0.40202

TOSYOU CODE: 3407     21
debtcashflow initial values:   0.000010  17.187862
stddev initial values:   0.000010  17.187862
ecfconst solution interval:  26.501395  27.583085
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.43209
data: equity =   2.228577  debt =   3.500710  firm =   5.729287

agency cost: EZC - k L (EZC:ecfconst =  26.560818, k:agcpara = 0.29354180)
liq.cash: 10Y average (1Y) =  24.130967 ( 1.07208) : loss rate  0.0915
liq.cash: 10Y std.dev. (1Y) =   8.698070 ( 0.38643)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.2777 0.03418   0.15893 0.08772  0.11542  0.09130    2.2286   3.5007   5.7293
 dbratio     ROA    ROA1 debtcf1
 0.61102 0.18712 0.16577 0.31787

TOSYOU CODE: 6326 error: solution not found

TOSYOU CODE: 4208     22
debtcashflow initial values:   0.000010  16.231730
stddev initial values:   0.000010  16.231730
ecfconst solution interval:  17.603848  18.322372
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20016
data: equity =   1.252080  debt =   4.158497  firm =   5.410577

agency cost: EZC - k L (EZC:ecfconst =  18.124186, k:agcpara = 0.16230217)
liq.cash: 10Y average (1Y) =  16.458271 ( 0.70383) : loss rate  0.0919
liq.cash: 10Y std.dev. (1Y) =   5.574070 ( 0.23837)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.2643 0.13324   0.12556 0.08817  0.09682  0.06633    1.2521   4.1585   5.4106
 dbratio     ROA    ROA1 debtcf1
 0.76859 0.13008 0.12850 0.40541

TOSYOU CODE: 5201     23
debtcashflow initial values:   0.000010  16.186037
stddev initial values:   0.000010  16.186037
ecfconst solution interval:  21.995746  22.893532
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.43988
data: equity =   3.747817  debt =   1.647529  firm =   5.395346

agency cost: EZC - k L (EZC:ecfconst =  22.356350, k:agcpara = 0.32592956)
liq.cash: 10Y average (1Y) =  21.034415 ( 0.95234) : loss rate  0.0591
liq.cash: 10Y std.dev. (1Y) =  10.841648 ( 0.49086)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0559 0.05867   0.11404 0.08848  0.10623  0.09407    3.7478   1.6476   5.3954
 dbratio     ROA    ROA1 debtcf1
 0.30537 0.17651 0.15276 0.15967

TOSYOU CODE: 3402     24
debtcashflow initial values:   0.000010  16.050337
stddev initial values:   0.000010  16.050337
ecfconst solution interval:  26.215550  27.285572
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.44607
data: equity =   2.743755  debt =   2.606357  firm =   5.350112

agency cost: EZC - k L (EZC:ecfconst =  26.724441, k:agcpara = 0.33141296)
liq.cash: 10Y average (1Y) =  24.699588 ( 1.09583) : loss rate  0.0758
liq.cash: 10Y std.dev. (1Y) =   9.368977 ( 0.41567)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.1098 0.02362   0.15371 0.08713  0.12128  0.10218    2.7438   2.6063   5.3501
 dbratio     ROA    ROA1 debtcf1
 0.48716 0.20482 0.17451 0.23377

TOSYOU CODE: 4005     25
debtcashflow initial values:   0.000010  15.944540
stddev initial values:   0.000010  15.944540
ecfconst solution interval:  18.021583  18.757157
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.30477
data: equity =   1.925991  debt =   3.388856  firm =   5.314847

agency cost: EZC - k L (EZC:ecfconst =  18.743595, k:agcpara = 0.22022843)
liq.cash: 10Y average (1Y) =  16.830162 ( 0.73370) : loss rate  0.1021
liq.cash: 10Y std.dev. (1Y) =   7.798935 ( 0.33999)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.6884 0.14825   0.11099 0.08873  0.09680  0.07134    1.9260   3.3888   5.3148
 dbratio     ROA    ROA1 debtcf1
 0.63762 0.13805 0.13432 0.35093

TOSYOU CODE: 7004     26
debtcashflow initial values:   0.000010  15.851492
stddev initial values:   0.000010  15.851492
ecfconst solution interval:  15.741594  16.384108
agcparam solution interval: 0.11799200 0.12280800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15983
data: equity =   0.992789  debt =   4.291042  firm =   5.283831

agency cost: EZC - k L (EZC:ecfconst =  16.221713, k:agcpara = 0.12670139)
liq.cash: 10Y average (1Y) =  14.897449 ( 0.62544) : loss rate  0.0816
liq.cash: 10Y std.dev. (1Y) =   4.357845 ( 0.18295)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.4518 0.15383   0.11702 0.08675  0.09244  0.06074    0.9928   4.2911   5.2839
 dbratio     ROA    ROA1 debtcf1
 0.81211 0.11837 0.11870 0.41183

TOSYOU CODE: 6301     27
debtcashflow initial values:   0.000010  15.751177
stddev initial values:   0.000010  15.751177
ecfconst solution interval:  19.243741  20.029200
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.32181
data: equity =   2.811068  debt =   2.439324  firm =   5.250392

agency cost: EZC - k L (EZC:ecfconst =  19.847363, k:agcpara = 0.28029100)
liq.cash: 10Y average (1Y) =  18.112607 ( 0.80865) : loss rate  0.0874
liq.cash: 10Y std.dev. (1Y) =   9.511189 ( 0.42464)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.1891 0.10499   0.10906 0.08867  0.09959  0.08105    2.8111   2.4393   5.2503
 dbratio     ROA    ROA1 debtcf1
 0.46459 0.15402 0.14222 0.24839

TOSYOU CODE: 5014     28
debtcashflow initial values:   0.000010  15.551045
stddev initial values:   0.000010  15.551045
ecfconst solution interval:  16.865623  17.554016
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16779
data: equity =   1.386167  debt =   3.797515  firm =   5.183682

agency cost: EZC - k L (EZC:ecfconst =  17.556489, k:agcpara = 0.17846971)
liq.cash: 10Y average (1Y) =  15.856214 ( 0.68128) : loss rate  0.0968
liq.cash: 10Y std.dev. (1Y) =   6.052703 ( 0.26006)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.5270 0.14785   0.11853 0.08833  0.09641  0.06729    1.3862   3.7975   5.1837
 dbratio     ROA    ROA1 debtcf1
 0.73259 0.13143 0.12974 0.38012

TOSYOU CODE: 7261     29
debtcashflow initial values:   0.000010  15.388737
stddev initial values:   0.000010  15.388737
ecfconst solution interval:  16.689595  17.370803
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.35203
data: equity =   2.185182  debt =   2.944397  firm =   5.129579

agency cost: EZC - k L (EZC:ecfconst =  17.238833, k:agcpara = 0.24063825)
liq.cash: 10Y average (1Y) =  15.377223 ( 0.67283) : loss rate  0.1080
liq.cash: 10Y std.dev. (1Y) =   8.622005 ( 0.37726)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.7361 0.18775   0.09577 0.08662  0.09052  0.06814    2.1852   2.9444   5.1296
 dbratio     ROA    ROA1 debtcf1
 0.57400 0.13117 0.12887 0.32052

TOSYOU CODE: 5005     30
debtcashflow initial values:   0.000010  14.749825
stddev initial values:   0.000010  14.749825
ecfconst solution interval:  17.345793  18.053785
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23681
data: equity =   2.792115  debt =   2.124493  firm =   4.916608

agency cost: EZC - k L (EZC:ecfconst =  17.941922, k:agcpara = 0.28670458)
liq.cash: 10Y average (1Y) =  16.383430 ( 0.73359) : loss rate  0.0869
liq.cash: 10Y std.dev. (1Y) =   9.294983 ( 0.41620)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.4359 0.11944   0.10216 0.08778  0.09595  0.07888    2.7921   2.1245   4.9166
 dbratio     ROA    ROA1 debtcf1
 0.43210 0.14921 0.13820 0.22027

TOSYOU CODE: 4004     31
debtcashflow initial values:   0.000010  12.853529
stddev initial values:   0.000010  12.853529
ecfconst solution interval:  13.352245  13.897234
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.24360
data: equity =   1.105675  debt =   3.178835  firm =   4.284510

agency cost: EZC - k L (EZC:ecfconst =  13.793063, k:agcpara = 0.16906201)
liq.cash: 10Y average (1Y) =  12.425038 ( 0.52947) : loss rate  0.0992
liq.cash: 10Y std.dev. (1Y) =   4.933366 ( 0.21023)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.0919 0.18988   0.10693 0.08747  0.09249  0.06329    1.1057   3.1788   4.2845
 dbratio     ROA    ROA1 debtcf1
 0.74194 0.12358 0.12403 0.32730

TOSYOU CODE: 7202     32
debtcashflow initial values:   0.000010  12.743609
stddev initial values:   0.000010  12.743609
ecfconst solution interval:  14.403677  14.991583
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.36172
data: equity =   2.128839  debt =   2.119031  firm =   4.247870

agency cost: EZC - k L (EZC:ecfconst =  14.577152, k:agcpara = 0.26576658)
liq.cash: 10Y average (1Y) =  13.104357 ( 0.57993) : loss rate  0.1010
liq.cash: 10Y std.dev. (1Y) =   7.782038 ( 0.34439)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5417 0.16557   0.09549 0.08665  0.09108  0.07163    2.1288   2.1191   4.2479
 dbratio     ROA    ROA1 debtcf1
 0.49885 0.13652 0.13123 0.22890

TOSYOU CODE: 5004     33
debtcashflow initial values:   0.000010  12.628896
stddev initial values:   0.000010  12.628896
ecfconst solution interval:  12.541335  13.053226
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13617
data: equity =   0.823800  debt =   3.385832  firm =   4.209632

agency cost: EZC - k L (EZC:ecfconst =  12.859393, k:agcpara = 0.13052305)
liq.cash: 10Y average (1Y) =  11.775227 ( 0.49423) : loss rate  0.0843
liq.cash: 10Y std.dev. (1Y) =   3.623910 ( 0.15210)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.3063 0.16923   0.11214 0.08658  0.09158  0.06024    0.8238   3.3858   4.2096
 dbratio     ROA    ROA1 debtcf1
 0.80430 0.11741 0.11814 0.32920

TOSYOU CODE: 6902     34
debtcashflow initial values:   0.000010  12.202548
stddev initial values:   0.000010  12.202548
ecfconst solution interval:  15.466320  16.097599
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.28315
data: equity =   3.661351  debt =   0.406165  firm =   4.067516

agency cost: EZC - k L (EZC:ecfconst =  15.520716, k:agcpara = 0.37185251)
liq.cash: 10Y average (1Y) =  15.164873 ( 0.70370) : loss rate  0.0229
liq.cash: 10Y std.dev. (1Y) =   7.927392 ( 0.36786)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9569 0.03655   0.09917 0.08543  0.09780  0.09396    3.6613   0.4062   4.0675
 dbratio     ROA    ROA1 debtcf1
 0.09985 0.17300 0.14330 0.03705

TOSYOU CODE: 6753     35
debtcashflow initial values:   0.000010  12.179298
stddev initial values:   0.000010  12.179298
ecfconst solution interval:  18.221856  18.965606
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32289
data: equity =   3.625847  debt =   0.433919  firm =   4.059766

agency cost: EZC - k L (EZC:ecfconst =  18.552162, k:agcpara = 0.39316962)
liq.cash: 10Y average (1Y) =  18.165459 ( 0.82574) : loss rate  0.0208
liq.cash: 10Y std.dev. (1Y) =   7.226738 ( 0.32850)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9836 0.00871   0.11803 0.08432  0.11442  0.11037    3.6258   0.4339   4.0598
 dbratio     ROA    ROA1 debtcf1
 0.10688 0.20340 0.16410 0.03717

TOSYOU CODE: 4001     36
debtcashflow initial values:   0.000010  11.656669
stddev initial values:   0.000010  11.656669
ecfconst solution interval:  12.108948  12.603191
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.11914
data: equity =   0.843615  debt =   3.041941  firm =   3.885556

agency cost: EZC - k L (EZC:ecfconst =  12.048981, k:agcpara = 0.14430388)
liq.cash: 10Y average (1Y) =  10.956843 ( 0.46216) : loss rate  0.0906
liq.cash: 10Y std.dev. (1Y) =   3.749089 ( 0.15814)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.5683 0.18304   0.10870 0.08670  0.09148  0.06093    0.8436   3.0419   3.8855
 dbratio     ROA    ROA1 debtcf1
 0.78288 0.11894 0.11982 0.30265

TOSYOU CODE: 3401     37
debtcashflow initial values:   0.000010  11.654043
stddev initial values:   0.000010  11.654043
ecfconst solution interval:  16.903021  17.592940
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40208
data: equity =   1.396051  debt =   2.488630  firm =   3.884681

agency cost: EZC - k L (EZC:ecfconst =  17.220482, k:agcpara = 0.27411137)
liq.cash: 10Y average (1Y) =  15.594994 ( 0.69152) : loss rate  0.0944
liq.cash: 10Y std.dev. (1Y) =   5.618105 ( 0.24912)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.9300 0.04269   0.15626 0.08814  0.11262  0.08721    1.3961   2.4886   3.8847
 dbratio     ROA    ROA1 debtcf1
 0.64063 0.17801 0.16056 0.22853

TOSYOU CODE: 4502     38
debtcashflow initial values:   0.000010  10.878564
stddev initial values:   0.000010  10.878564
ecfconst solution interval:  16.275782  16.940099
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31406
data: equity =   3.153220  debt =   0.472968  firm =   3.626188

agency cost: EZC - k L (EZC:ecfconst =  17.445301, k:agcpara = 0.37216636)
liq.cash: 10Y average (1Y) =  17.033180 ( 0.76678) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =   7.809469 ( 0.35156)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1074 0.02071   0.12415 0.08652  0.11924  0.11417    3.1532   0.4730   3.6262
 dbratio     ROA    ROA1 debtcf1
 0.13043 0.21146 0.17010 0.04245

TOSYOU CODE: 5407     39
debtcashflow initial values:   0.000010  10.331499
stddev initial values:   0.000010  10.331499
ecfconst solution interval:  14.984807  15.596432
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41924
data: equity =   1.129272  debt =   2.314561  firm =   3.443833

agency cost: EZC - k L (EZC:ecfconst =  15.131557, k:agcpara = 0.26779565)
liq.cash: 10Y average (1Y) =  13.660241 ( 0.60561) : loss rate  0.0972
liq.cash: 10Y std.dev. (1Y) =   4.721447 ( 0.20932)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.4942 0.04185   0.16080 0.08793  0.11182  0.08523    1.1293   2.3145   3.4438
 dbratio     ROA    ROA1 debtcf1
 0.67209 0.17586 0.15954 0.21136

TOSYOU CODE: 5711     40
debtcashflow initial values:   0.000010  10.315793
stddev initial values:   0.000010  10.315793
ecfconst solution interval:  13.074924  13.608595
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24803
data: equity =   1.181405  debt =   2.257193  firm =   3.438598

agency cost: EZC - k L (EZC:ecfconst =  13.208569, k:agcpara = 0.22735227)
liq.cash: 10Y average (1Y) =  11.936379 ( 0.52334) : loss rate  0.0963
liq.cash: 10Y std.dev. (1Y) =   4.797040 ( 0.21032)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5957 0.09312   0.13173 0.08931  0.10389  0.07750    1.1814   2.2572   3.4386
 dbratio     ROA    ROA1 debtcf1
 0.65643 0.15220 0.14406 0.22046

TOSYOU CODE: 6764     41
debtcashflow initial values:   0.000010  10.150276
stddev initial values:   0.000010  10.150276
ecfconst solution interval:  12.400930  12.907090
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.47738
data: equity =   2.611023  debt =   0.772402  firm =   3.383425

agency cost: EZC - k L (EZC:ecfconst =  12.943223, k:agcpara = 0.33590629)
liq.cash: 10Y average (1Y) =  12.295646 ( 0.56296) : loss rate  0.0500
liq.cash: 10Y std.dev. (1Y) =   7.280189 ( 0.33332)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9278 0.07721   0.10189 0.08749  0.09860  0.08962    2.6110   0.7724   3.3834
 dbratio     ROA    ROA1 debtcf1
 0.22828 0.16639 0.14359 0.07697

TOSYOU CODE: 5701     42
debtcashflow initial values:   0.000010   9.978969
stddev initial values:   0.000010   9.978969
ecfconst solution interval:  10.366156  10.789264
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18465
data: equity =   0.643624  debt =   2.682699  firm =   3.326323

agency cost: EZC - k L (EZC:ecfconst =  10.476421, k:agcpara = 0.13412855)
liq.cash: 10Y average (1Y) =   9.600069 ( 0.40516) : loss rate  0.0836
liq.cash: 10Y std.dev. (1Y) =   2.848776 ( 0.12023)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.5337 0.14088   0.12228 0.08719  0.09398  0.06234    0.6436   2.6827   3.3263
 dbratio     ROA    ROA1 debtcf1
 0.80651 0.12180 0.12157 0.25689

TOSYOU CODE: 5802     43
debtcashflow initial values:   0.000010   9.954448
stddev initial values:   0.000010   9.954448
ecfconst solution interval:  16.714184  17.396396
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.47245
data: equity =   1.856528  debt =   1.461621  firm =   3.318149

agency cost: EZC - k L (EZC:ecfconst =  17.279544, k:agcpara = 0.34816451)
liq.cash: 10Y average (1Y) =  16.095891 ( 0.71188) : loss rate  0.0685
liq.cash: 10Y std.dev. (1Y) =   6.067810 ( 0.26836)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.3997 0.01820   0.15462 0.08661  0.12466  0.10750    1.8565   1.4616   3.3182
 dbratio     ROA    ROA1 debtcf1
 0.44050 0.21454 0.17941 0.12964

TOSYOU CODE: 2503     44
debtcashflow initial values:   0.000010   9.836762
stddev initial values:   0.000010   9.836762
ecfconst solution interval:  17.416315  18.127184
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.43570
data: equity =   2.886771  debt =   0.392150  firm =   3.278921

agency cost: EZC - k L (EZC:ecfconst =  16.758915, k:agcpara = 0.40811053)
liq.cash: 10Y average (1Y) =  16.399242 ( 0.73060) : loss rate  0.0215
liq.cash: 10Y std.dev. (1Y) =   5.834544 ( 0.25993)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8813 0.00391   0.13032 0.08393  0.12477  0.12025    2.8868   0.3921   3.2789
 dbratio     ROA    ROA1 debtcf1
 0.11959 0.22282 0.17720 0.03314

TOSYOU CODE: 4901     45
debtcashflow initial values:   0.000010   9.661707
stddev initial values:   0.000010   9.661707
ecfconst solution interval:  11.362169  11.825931
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.36697
data: equity =   2.818240  debt =   0.402329  firm =   3.220569

agency cost: EZC - k L (EZC:ecfconst =  11.518423, k:agcpara = 0.35351433)
liq.cash: 10Y average (1Y) =  11.162372 ( 0.51715) : loss rate  0.0309
liq.cash: 10Y std.dev. (1Y) =   7.561940 ( 0.35034)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0072 0.08965   0.09316 0.08586  0.09225  0.08742    2.8182   0.4023   3.2206
 dbratio     ROA    ROA1 debtcf1
 0.12493 0.16058 0.13591 0.04060

TOSYOU CODE: 6302     46
debtcashflow initial values:   0.000010   9.533239
stddev initial values:   0.000010   9.533239
ecfconst solution interval:  11.647075  12.122466
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26650
data: equity =   0.903248  debt =   2.274498  firm =   3.177746

agency cost: EZC - k L (EZC:ecfconst =  11.849257, k:agcpara = 0.20420457)
liq.cash: 10Y average (1Y) =  10.707234 ( 0.46630) : loss rate  0.0964
liq.cash: 10Y std.dev. (1Y) =   3.898810 ( 0.16979)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5925 0.09478   0.13721 0.08903  0.10273  0.07405    0.9032   2.2745   3.1777
 dbratio     ROA    ROA1 debtcf1
 0.71576 0.14674 0.14066 0.21941

TOSYOU CODE: 5713     47
debtcashflow initial values:   0.000010   9.395992
stddev initial values:   0.000010   9.395992
ecfconst solution interval:   9.760555  10.158945
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.00947
data: equity =   1.769382  debt =   1.362615  firm =   3.131997

agency cost: EZC - k L (EZC:ecfconst =  10.035794, k:agcpara = 0.28209345)
liq.cash: 10Y average (1Y) =   9.016455 ( 0.39910) : loss rate  0.1016
liq.cash: 10Y std.dev. (1Y) =   6.438873 ( 0.28501)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6135 0.20070   0.08423 0.08304  0.08371  0.06745    1.7694   1.3626   3.1320
 dbratio     ROA    ROA1 debtcf1
 0.43506 0.12743 0.12350 0.15315

TOSYOU CODE: 3861     48
debtcashflow initial values:   0.000010   9.185457
stddev initial values:   0.000010   9.185457
ecfconst solution interval:  12.902504  13.429137
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32620
data: equity =   1.287791  debt =   1.774028  firm =   3.061819

agency cost: EZC - k L (EZC:ecfconst =  13.175993, k:agcpara = 0.27409796)
liq.cash: 10Y average (1Y) =  11.997319 ( 0.53192) : loss rate  0.0895
liq.cash: 10Y std.dev. (1Y) =   4.808272 ( 0.21318)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.3002 0.05471   0.14139 0.08885  0.11095  0.08778    1.2878   1.7740   3.0618
 dbratio     ROA    ROA1 debtcf1
 0.57940 0.17373 0.15713 0.16718

TOSYOU CODE: 7003     49
debtcashflow initial values:   0.000010   9.072946
stddev initial values:   0.000010   9.072946
ecfconst solution interval:  10.254848  10.673413
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15825
data: equity =   0.990375  debt =   2.033940  firm =   3.024315

agency cost: EZC - k L (EZC:ecfconst =  10.621216, k:agcpara = 0.20652614)
liq.cash: 10Y average (1Y) =   9.556345 ( 0.41496) : loss rate  0.1003
liq.cash: 10Y std.dev. (1Y) =   4.108917 ( 0.17842)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.1561 0.14211   0.11546 0.08863  0.09742  0.07059    0.9904   2.0339   3.0243
 dbratio     ROA    ROA1 debtcf1
 0.67253 0.13721 0.13385 0.20685

TOSYOU CODE: 3102     50
debtcashflow initial values:   0.000010   8.948571
stddev initial values:   0.000010   8.948571
ecfconst solution interval:   7.658788   7.971392
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.28309
data: equity =   0.633459  debt =   2.349398  firm =   2.982857

agency cost: EZC - k L (EZC:ecfconst =   7.842490, k:agcpara = 0.13764376)
liq.cash: 10Y average (1Y) =   6.986129 ( 0.28624) : loss rate  0.1092
liq.cash: 10Y std.dev. (1Y) =   3.476961 ( 0.14246)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.2216 0.41298   0.06132 0.07561  0.07258  0.04578    0.6335   2.3494   2.9829
 dbratio     ROA    ROA1 debtcf1
 0.78763 0.09596 0.10149 0.27292

TOSYOU CODE: 7751     51
debtcashflow initial values:   0.000010   8.756875
stddev initial values:   0.000010   8.756875
ecfconst solution interval:  11.900013  12.385727
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.40220
data: equity =   2.305657  debt =   0.613301  firm =   2.918958

agency cost: EZC - k L (EZC:ecfconst =  12.036328, k:agcpara = 0.34372496)
liq.cash: 10Y average (1Y) =  11.520627 ( 0.52609) : loss rate  0.0428
liq.cash: 10Y std.dev. (1Y) =   6.195100 ( 0.28290)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5003 0.05289   0.10996 0.08790  0.10533  0.09702    2.3057   0.6133   2.9189
 dbratio     ROA    ROA1 debtcf1
 0.21011 0.18023 0.15220 0.05897

TOSYOU CODE: 3101 error: solution not found

TOSYOU CODE: 5002 error: solution not found

TOSYOU CODE: 7912 error: convergent problem

TOSYOU CODE: 6792     52
debtcashflow initial values:   0.000010   8.412049
stddev initial values:   0.000010   8.412049
ecfconst solution interval:  12.200833  12.698827
agcparam solution interval: 0.40199600 0.41840400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33045
data: equity =   2.638689  debt =   0.165327  firm =   2.804016

agency cost: EZC - k L (EZC:ecfconst =  12.878762, k:agcpara = 0.40603505)
liq.cash: 10Y average (1Y) =  12.727599 ( 0.57942) : loss rate  0.0117
liq.cash: 10Y std.dev. (1Y) =   4.954736 ( 0.22556)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3723 0.00632   0.11691 0.08386  0.11496  0.11273    2.6387   0.1653   2.8040
 dbratio     ROA    ROA1 debtcf1
 0.05897 0.20664 0.16469 0.01403

TOSYOU CODE: 5706     53
debtcashflow initial values:   0.000010   8.397375
stddev initial values:   0.000010   8.397375
ecfconst solution interval:   9.491271   9.878669
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.09339
data: equity =   1.076976  debt =   1.722149  firm =   2.799125

agency cost: EZC - k L (EZC:ecfconst =   9.522210, k:agcpara = 0.22512126)
liq.cash: 10Y average (1Y) =   8.519585 ( 0.37144) : loss rate  0.1053
liq.cash: 10Y std.dev. (1Y) =   4.302892 ( 0.18760)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.4537 0.17235   0.10180 0.08724  0.09284  0.06869    1.0770   1.7222   2.7991
 dbratio     ROA    ROA1 debtcf1
 0.61525 0.13270 0.13024 0.18217

TOSYOU CODE: 5108     54
debtcashflow initial values:   0.000010   8.320013
stddev initial values:   0.000010   8.320013
ecfconst solution interval:  11.306348  11.767832
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.40272
data: equity =   2.134195  debt =   0.639143  firm =   2.773338

agency cost: EZC - k L (EZC:ecfconst =  11.409336, k:agcpara = 0.33977074)
liq.cash: 10Y average (1Y) =  10.876752 ( 0.49591) : loss rate  0.0467
liq.cash: 10Y std.dev. (1Y) =   5.828392 ( 0.26574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5675 0.05511   0.11035 0.08802  0.10520  0.09607    2.1342   0.6392   2.7734
 dbratio     ROA    ROA1 debtcf1
 0.23047 0.17881 0.15193 0.06168

TOSYOU CODE: 6991     55
debtcashflow initial values:   0.000010   8.144431
stddev initial values:   0.000010   8.144431
ecfconst solution interval:  10.322790  10.744129
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.42824
data: equity =   2.239671  debt =   0.475139  firm =   2.714810

agency cost: EZC - k L (EZC:ecfconst =  10.271539, k:agcpara = 0.34561265)
liq.cash: 10Y average (1Y) =   9.863005 ( 0.45417) : loss rate  0.0398
liq.cash: 10Y std.dev. (1Y) =   6.038937 ( 0.27808)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1821 0.07529   0.09958 0.08704  0.09739  0.09053    2.2397   0.4751   2.7148
 dbratio     ROA    ROA1 debtcf1
 0.17501 0.16730 0.14233 0.04719

TOSYOU CODE: 3871     56
debtcashflow initial values:   0.000010   8.089299
stddev initial values:   0.000010   8.089299
ecfconst solution interval:   8.033217   8.361103
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13338
data: equity =   0.536300  debt =   2.160133  firm =   2.696433

agency cost: EZC - k L (EZC:ecfconst =   8.256929, k:agcpara = 0.13268176)
liq.cash: 10Y average (1Y) =   7.552267 ( 0.31722) : loss rate  0.0853
liq.cash: 10Y std.dev. (1Y) =   2.363586 ( 0.09928)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.3109 0.17149   0.11158 0.08660  0.09157  0.06035    0.5363   2.1602   2.6965
 dbratio     ROA    ROA1 debtcf1
 0.80111 0.11765 0.11841 0.21077

TOSYOU CODE: 5007 error: solution not found

TOSYOU CODE: 3863     57
debtcashflow initial values:   0.000010   7.814592
stddev initial values:   0.000010   7.814592
ecfconst solution interval:   9.189960   9.565060
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29242
data: equity =   0.563880  debt =   2.040984  firm =   2.604864

agency cost: EZC - k L (EZC:ecfconst =   9.191831, k:agcpara = 0.17204628)
liq.cash: 10Y average (1Y) =   8.343840 ( 0.35972) : loss rate  0.0923
liq.cash: 10Y std.dev. (1Y) =   2.561566 ( 0.11043)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.9289 0.09124   0.14393 0.08814  0.10022  0.06914    0.5639   2.0410   2.6049
 dbratio     ROA    ROA1 debtcf1
 0.78353 0.13809 0.13439 0.19177

TOSYOU CODE: 5801     58
debtcashflow initial values:   0.000010   7.764424
stddev initial values:   0.000010   7.764424
ecfconst solution interval:  11.616616  12.090764
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40538
data: equity =   0.968137  debt =   1.620004  firm =   2.588141

agency cost: EZC - k L (EZC:ecfconst =  11.614675, k:agcpara = 0.28039149)
liq.cash: 10Y average (1Y) =  10.533656 ( 0.46739) : loss rate  0.0931
liq.cash: 10Y std.dev. (1Y) =   3.828456 ( 0.16987)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.8554 0.04055   0.15584 0.08807  0.11342  0.08861    0.9681   1.6200   2.5881
 dbratio     ROA    ROA1 debtcf1
 0.62593 0.18059 0.16199 0.14850

TOSYOU CODE: 6762     59
debtcashflow initial values:   0.000010   7.736673
stddev initial values:   0.000010   7.736673
ecfconst solution interval:   9.452149   9.837951
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.42538
data: equity =   2.490479  debt =   0.088412  firm =   2.578891

agency cost: EZC - k L (EZC:ecfconst =   9.576997, k:agcpara = 0.39488651)
liq.cash: 10Y average (1Y) =   9.496019 ( 0.44418) : loss rate  0.0085
liq.cash: 10Y std.dev. (1Y) =   4.871967 ( 0.22789)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2051 0.02826   0.09554 0.08463  0.09517  0.09386    2.4905   0.0884   2.5789
 dbratio     ROA    ROA1 debtcf1
 0.03429 0.17224 0.14020 0.00788

TOSYOU CODE: 5006     60
debtcashflow initial values:   0.000010   7.699755
stddev initial values:   0.000010   7.699755
ecfconst solution interval:   7.998505   8.324975
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20727
data: equity =   0.476448  debt =   2.090137  firm =   2.566585

agency cost: EZC - k L (EZC:ecfconst =   8.113284, k:agcpara = 0.13131281)
liq.cash: 10Y average (1Y) =   7.449432 ( 0.31448) : loss rate  0.0818
liq.cash: 10Y std.dev. (1Y) =   2.109949 ( 0.08907)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.0555 0.12827   0.12682 0.08719  0.09455  0.06259    0.4764   2.0902   2.5666
 dbratio     ROA    ROA1 debtcf1
 0.81437 0.12253 0.12198 0.19781

TOSYOU CODE: 4631     61
debtcashflow initial values:   0.000010   7.684909
stddev initial values:   0.000010   7.684909
ecfconst solution interval:  10.794740  11.235341
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33453
data: equity =   1.023695  debt =   1.537941  firm =   2.561636

agency cost: EZC - k L (EZC:ecfconst =  10.981629, k:agcpara = 0.26908441)
liq.cash: 10Y average (1Y) =   9.979838 ( 0.44204) : loss rate  0.0912
liq.cash: 10Y std.dev. (1Y) =   3.913394 ( 0.17334)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7230 0.05493   0.14367 0.08882  0.11074  0.08674    1.0237   1.5380   2.5617
 dbratio     ROA    ROA1 debtcf1
 0.60038 0.17256 0.15668 0.14463

TOSYOU CODE: 3862     62
debtcashflow initial values:   0.000010   7.550722
stddev initial values:   0.000010   7.550722
ecfconst solution interval:   6.807727   7.085593
agcparam solution interval: 0.05037200 0.05242800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26272
data: equity =   0.302068  debt =   2.214839  firm =   2.516907

agency cost: EZC - k L (EZC:ecfconst =   7.214650, k:agcpara = 0.06689861)
liq.cash: 10Y average (1Y) =   6.868564 ( 0.28394) : loss rate  0.0480
liq.cash: 10Y std.dev. (1Y) =   1.297435 ( 0.05363)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.1733 0.09567   0.13634 0.08576  0.09183  0.05787    0.3021   2.2148   2.5169
 dbratio     ROA    ROA1 debtcf1
 0.87998 0.11281 0.11105 0.19870

TOSYOU CODE: 6971 error: solution not found

TOSYOU CODE: 4183     63
debtcashflow initial values:   0.000010   7.462262
stddev initial values:   0.000010   7.462262
ecfconst solution interval:   8.434341   8.778600
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27580
data: equity =   0.525892  debt =   1.961528  firm =   2.487421

agency cost: EZC - k L (EZC:ecfconst =   8.604518, k:agcpara = 0.16442187)
liq.cash: 10Y average (1Y) =   7.824368 ( 0.33613) : loss rate  0.0907
liq.cash: 10Y std.dev. (1Y) =   2.384139 ( 0.10242)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7448 0.09823   0.14078 0.08807  0.09921  0.06796    0.5259   1.9615   2.4874
 dbratio     ROA    ROA1 debtcf1
 0.78858 0.13513 0.13213 0.18489

TOSYOU CODE: 2802     64
debtcashflow initial values:   0.000010   7.373677
stddev initial values:   0.000010   7.373677
ecfconst solution interval:  11.032007  11.482293
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30604
data: equity =   2.186643  debt =   0.271249  firm =   2.457892

agency cost: EZC - k L (EZC:ecfconst =  11.068527, k:agcpara = 0.38982252)
liq.cash: 10Y average (1Y) =  10.828226 ( 0.49321) : loss rate  0.0217
liq.cash: 10Y std.dev. (1Y) =   4.388442 ( 0.19989)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6164 0.00998   0.11662 0.08446  0.11307  0.10887    2.1866   0.2713   2.4579
 dbratio     ROA    ROA1 debtcf1
 0.11036 0.20066 0.16239 0.02333

TOSYOU CODE: 3103     65
debtcashflow initial values:   0.000010   7.040748
stddev initial values:   0.000010   7.040748
ecfconst solution interval:   8.279922   8.617878
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30283
data: equity =   0.496875  debt =   1.850041  firm =   2.346916

agency cost: EZC - k L (EZC:ecfconst =   8.293008, k:agcpara = 0.17167572)
liq.cash: 10Y average (1Y) =   7.528449 ( 0.32464) : loss rate  0.0922
liq.cash: 10Y std.dev. (1Y) =   2.266732 ( 0.09775)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.4535 0.08746   0.14600 0.08803  0.10031  0.06908    0.4969   1.8500   2.3469
 dbratio     ROA    ROA1 debtcf1
 0.78828 0.13833 0.13454 0.17298

TOSYOU CODE: 5233     66
debtcashflow initial values:   0.000010   7.021014
stddev initial values:   0.000010   7.021014
ecfconst solution interval:   8.256715   8.593724
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24456
data: equity =   0.613164  debt =   1.727174  firm =   2.340338

agency cost: EZC - k L (EZC:ecfconst =   8.393956, k:agcpara = 0.18788887)
liq.cash: 10Y average (1Y) =   7.594220 ( 0.32868) : loss rate  0.0953
liq.cash: 10Y std.dev. (1Y) =   2.695735 ( 0.11667)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.2564 0.10783   0.13380 0.08884  0.10062  0.07111    0.6132   1.7272   2.3403
 dbratio     ROA    ROA1 debtcf1
 0.73800 0.14044 0.13624 0.16740

TOSYOU CODE: 4061     67
debtcashflow initial values:   0.000010   6.809193
stddev initial values:   0.000010   6.809193
ecfconst solution interval:   8.630428   8.982691
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27707
data: equity =   0.693583  debt =   1.576148  firm =   2.269731

agency cost: EZC - k L (EZC:ecfconst =   8.696576, k:agcpara = 0.21686400)
liq.cash: 10Y average (1Y) =   7.856712 ( 0.34359) : loss rate  0.0966
liq.cash: 10Y std.dev. (1Y) =   2.935142 ( 0.12836)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.8728 0.08734   0.13836 0.08914  0.10418  0.07633    0.6936   1.5762   2.2698
 dbratio     ROA    ROA1 debtcf1
 0.69442 0.15138 0.14377 0.15178

TOSYOU CODE: 4042     68
debtcashflow initial values:   0.000010   6.735250
stddev initial values:   0.000010   6.735250
ecfconst solution interval:   7.920654   8.243946
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26134
data: equity =   0.521371  debt =   1.723712  firm =   2.245083

agency cost: EZC - k L (EZC:ecfconst =   7.893757, k:agcpara = 0.17443418)
liq.cash: 10Y average (1Y) =   7.160225 ( 0.30859) : loss rate  0.0929
liq.cash: 10Y std.dev. (1Y) =   2.338782 ( 0.10080)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.2052 0.10321   0.13767 0.08844  0.09987  0.06932    0.5214   1.7237   2.2451
 dbratio     ROA    ROA1 debtcf1
 0.76777 0.13745 0.13398 0.16455

TOSYOU CODE: 6703     69
debtcashflow initial values:   0.000010   6.527845
stddev initial values:   0.000010   6.527845
ecfconst solution interval:  10.065071  10.475890
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35571
data: equity =   1.236291  debt =   0.939658  firm =   2.175948

agency cost: EZC - k L (EZC:ecfconst =  10.215977, k:agcpara = 0.32256253)
liq.cash: 10Y average (1Y) =   9.493444 ( 0.42301) : loss rate  0.0707
liq.cash: 10Y std.dev. (1Y) =   3.964044 ( 0.17663)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2400 0.03364   0.13912 0.08796  0.11703  0.09994    1.2363   0.9397   2.1759
 dbratio     ROA    ROA1 debtcf1
 0.43184 0.19440 0.16725 0.08642

TOSYOU CODE: 6504     70
debtcashflow initial values:   0.000010   6.398921
stddev initial values:   0.000010   6.398921
ecfconst solution interval:   9.573640   9.964400
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40348
data: equity =   0.834800  debt =   1.298174  firm =   2.132974

agency cost: EZC - k L (EZC:ecfconst =   9.663190, k:agcpara = 0.28563430)
liq.cash: 10Y average (1Y) =   8.780626 ( 0.38975) : loss rate  0.0913
liq.cash: 10Y std.dev. (1Y) =   3.238657 ( 0.14376)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.0898 0.03945   0.15458 0.08807  0.11410  0.08998    0.8348   1.2982   2.1330
 dbratio     ROA    ROA1 debtcf1
 0.60862 0.18273 0.16309 0.11902

TOSYOU CODE: 7752     71
debtcashflow initial values:   0.000010   6.142943
stddev initial values:   0.000010   6.142943
ecfconst solution interval:  10.033475  10.443005
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37472
data: equity =   1.605211  debt =   0.442437  firm =   2.047648

agency cost: EZC - k L (EZC:ecfconst =  10.332542, k:agcpara = 0.36812081)
liq.cash: 10Y average (1Y) =   9.952326 ( 0.44309) : loss rate  0.0368
liq.cash: 10Y std.dev. (1Y) =   4.255906 ( 0.18948)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0329 0.01805   0.13355 0.08658  0.12340  0.11498    1.6052   0.4424   2.0477
 dbratio     ROA    ROA1 debtcf1
 0.21607 0.21639 0.17570 0.03950

TOSYOU CODE: 6781     72
debtcashflow initial values:   0.000010   6.035955
stddev initial values:   0.000010   6.035955
ecfconst solution interval:   7.374323   7.675316
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.44090
data: equity =   1.963273  debt =   0.048712  firm =   2.011985

agency cost: EZC - k L (EZC:ecfconst =   7.495416, k:agcpara = 0.39818772)
liq.cash: 10Y average (1Y) =   7.450605 ( 0.34877) : loss rate  0.0060
liq.cash: 10Y std.dev. (1Y) =   3.757380 ( 0.17588)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1125 0.02541   0.09572 0.08453  0.09545  0.09453    1.9633   0.0487   2.0120
 dbratio     ROA    ROA1 debtcf1
 0.02421 0.17334 0.14056 0.00431

TOSYOU CODE: 4204     73
debtcashflow initial values:   0.000010   6.001511
stddev initial values:   0.000010   6.001511
ecfconst solution interval:   7.332243   7.631518
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21291
data: equity =   0.741989  debt =   1.258515  firm =   2.000504

agency cost: EZC - k L (EZC:ecfconst =   7.570210, k:agcpara = 0.23216865)
liq.cash: 10Y average (1Y) =   6.838974 ( 0.30018) : loss rate  0.0966
liq.cash: 10Y std.dev. (1Y) =   2.928162 ( 0.12852)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1496 0.10384   0.12454 0.08928  0.10236  0.07708    0.7420   1.2585   2.0005
 dbratio     ROA    ROA1 debtcf1
 0.62910 0.15005 0.14234 0.12490

TOSYOU CODE: 3404     74
debtcashflow initial values:   0.000010   5.993392
stddev initial values:   0.000010   5.993392
ecfconst solution interval:   8.418720   8.762341
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40187
data: equity =   0.646643  debt =   1.351155  firm =   1.997797

agency cost: EZC - k L (EZC:ecfconst =   8.622517, k:agcpara = 0.26041229)
liq.cash: 10Y average (1Y) =   7.783955 ( 0.34459) : loss rate  0.0973
liq.cash: 10Y std.dev. (1Y) =   2.710659 ( 0.12000)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.2201 0.04612   0.15835 0.08813  0.11086  0.08404    0.6466   1.3511   1.9978
 dbratio     ROA    ROA1 debtcf1
 0.67632 0.17249 0.15747 0.12412

TOSYOU CODE: 4182     75
debtcashflow initial values:   0.000010   5.946524
stddev initial values:   0.000010   5.946524
ecfconst solution interval:   7.808973   8.127707
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.23799
data: equity =   0.878067  debt =   1.104108  firm =   1.982175

agency cost: EZC - k L (EZC:ecfconst =   7.948191, k:agcpara = 0.26272421)
liq.cash: 10Y average (1Y) =   7.229066 ( 0.32029) : loss rate  0.0905
liq.cash: 10Y std.dev. (1Y) =   3.198631 ( 0.14172)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7372 0.08011   0.12647 0.08924  0.10573  0.08336    0.8781   1.1041   1.9822
 dbratio     ROA    ROA1 debtcf1
 0.55702 0.16158 0.14898 0.10788

TOSYOU CODE: 7911 error: convergent problem

TOSYOU CODE: 5231     76
debtcashflow initial values:   0.000010   5.726965
stddev initial values:   0.000010   5.726965
ecfconst solution interval:   5.163434   5.374186
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.20106
data: equity =   0.429353  debt =   1.479635  firm =   1.908988

agency cost: EZC - k L (EZC:ecfconst =   5.189735, k:agcpara = 0.14621415)
liq.cash: 10Y average (1Y) =   4.616581 ( 0.19078) : loss rate  0.1104
liq.cash: 10Y std.dev. (1Y) =   2.275305 ( 0.09403)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.9200 0.37974   0.06773 0.07798  0.07568  0.04848    0.4294   1.4796   1.9090
 dbratio     ROA    ROA1 debtcf1
 0.77509 0.09994 0.10518 0.17008

TOSYOU CODE: 5471     77
debtcashflow initial values:   0.000010   5.709884
stddev initial values:   0.000010   5.709884
ecfconst solution interval:   5.409159   5.629941
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08141  std.dev = 0.10067  lambda =  -0.31337
riskless rate of interest = 0.08297  correlation =  0.38347
data: equity =   0.660107  debt =   1.243188  firm =   1.903295

agency cost: EZC - k L (EZC:ecfconst =   5.710964, k:agcpara = 0.20879766)
liq.cash: 10Y average (1Y) =   5.003956 ( 0.21324) : loss rate  0.1238
liq.cash: 10Y std.dev. (1Y) =   3.116257 ( 0.13280)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.3861 0.30182   0.07922 0.08161  0.08078  0.05679    0.6601   1.2432   1.9033
 dbratio     ROA    ROA1 debtcf1
 0.65318 0.11204 0.11614 0.14679

TOSYOU CODE: 4151     78
debtcashflow initial values:   0.000010   5.687126
stddev initial values:   0.000010   5.687126
ecfconst solution interval:   6.948151   7.231749
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23342
data: equity =   1.178301  debt =   0.717408  firm =   1.895709

agency cost: EZC - k L (EZC:ecfconst =   6.973108, k:agcpara = 0.30079071)
liq.cash: 10Y average (1Y) =   6.423568 ( 0.28948) : loss rate  0.0788
liq.cash: 10Y std.dev. (1Y) =   3.740275 ( 0.16856)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8270 0.10955   0.10126 0.08760  0.09609  0.08117    1.1783   0.7174   1.8957
 dbratio     ROA    ROA1 debtcf1
 0.37843 0.15270 0.13911 0.07387

TOSYOU CODE: 3405     79
debtcashflow initial values:   0.000010   5.613427
stddev initial values:   0.000010   5.613427
ecfconst solution interval:   6.858108   7.138031
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36238
data: equity =   0.385982  debt =   1.485160  firm =   1.871142

agency cost: EZC - k L (EZC:ecfconst =   6.868772, k:agcpara = 0.18646626)
liq.cash: 10Y average (1Y) =   6.210362 ( 0.26967) : loss rate  0.0959
liq.cash: 10Y std.dev. (1Y) =   1.789790 ( 0.07772)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.5310 0.06719   0.15720 0.08765  0.10200  0.07069    0.3860   1.4852   1.8712
 dbratio     ROA    ROA1 debtcf1
 0.79372 0.14412 0.13888 0.13617

TOSYOU CODE: 5008 error: initial value inappropriate

TOSYOU CODE: 6773 error: solution not found

TOSYOU CODE: 6471 error: solution not found

TOSYOU CODE: 7205     80
debtcashflow initial values:   0.000010   5.351560
stddev initial values:   0.000010   5.351560
ecfconst solution interval:   8.496139   8.842921
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.44719
data: equity =   0.809298  debt =   0.974555  firm =   1.783853

agency cost: EZC - k L (EZC:ecfconst =   8.683420, k:agcpara = 0.31697841)
liq.cash: 10Y average (1Y) =   7.957282 ( 0.35346) : loss rate  0.0836
liq.cash: 10Y std.dev. (1Y) =   2.942739 ( 0.13072)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2908 0.02708   0.15717 0.08734  0.11902  0.09755    0.8093   0.9745   1.7838
 dbratio     ROA    ROA1 debtcf1
 0.54632 0.19815 0.17148 0.08774

TOSYOU CODE: 4911 error: solution not found

TOSYOU CODE: 5486     81
debtcashflow initial values:   0.000010   5.323947
stddev initial values:   0.000010   5.323947
ecfconst solution interval:   8.939266   9.304134
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41485
data: equity =   1.169431  debt =   0.605218  firm =   1.774649

agency cost: EZC - k L (EZC:ecfconst =   9.045734, k:agcpara = 0.35434229)
liq.cash: 10Y average (1Y) =   8.544372 ( 0.37882) : loss rate  0.0554
liq.cash: 10Y std.dev. (1Y) =   3.456864 ( 0.15326)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4149 0.01958   0.14286 0.08684  0.12376  0.11043    1.1694   0.6052   1.7746
 dbratio     ROA    ROA1 debtcf1
 0.34103 0.21346 0.17688 0.05410

TOSYOU CODE: 4511     82
debtcashflow initial values:   0.000010   5.307561
stddev initial values:   0.000010   5.307561
ecfconst solution interval:   6.969888   7.254373
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16740
data: equity =   1.570108  debt =   0.199079  firm =   1.769187

agency cost: EZC - k L (EZC:ecfconst =   7.009717, k:agcpara = 0.37016109)
liq.cash: 10Y average (1Y) =   6.838004 ( 0.31607) : loss rate  0.0245
liq.cash: 10Y std.dev. (1Y) =   3.333381 ( 0.15408)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4639 0.02792   0.10334 0.08520  0.10130  0.09698    1.5701   0.1991   1.7692
 dbratio     ROA    ROA1 debtcf1
 0.11252 0.17865 0.14761 0.01783

TOSYOU CODE: 5738     83
debtcashflow initial values:   0.000010   5.274972
stddev initial values:   0.000010   5.274972
ecfconst solution interval:   5.720887   5.954393
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22582
data: equity =   0.360204  debt =   1.398120  firm =   1.758324

agency cost: EZC - k L (EZC:ecfconst =   5.800204, k:agcpara = 0.14916657)
liq.cash: 10Y average (1Y) =   5.292796 ( 0.22542) : loss rate  0.0875
liq.cash: 10Y std.dev. (1Y) =   1.612403 ( 0.06867)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.4016 0.12042   0.13079 0.08779  0.09660  0.06518    0.3602   1.3981   1.7583
 dbratio     ROA    ROA1 debtcf1
 0.79514 0.12820 0.12677 0.13327

TOSYOU CODE: 5631     84
debtcashflow initial values:   0.000010   5.204716
stddev initial values:   0.000010   5.204716
ecfconst solution interval:   6.596801   6.866059
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27437
data: equity =   0.544451  debt =   1.190454  firm =   1.734905

agency cost: EZC - k L (EZC:ecfconst =   6.675636, k:agcpara = 0.22001288)
liq.cash: 10Y average (1Y) =   6.031339 ( 0.26399) : loss rate  0.0965
liq.cash: 10Y std.dev. (1Y) =   2.284253 ( 0.09998)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9285 0.08717   0.13756 0.08919  0.10437  0.07683    0.5445   1.1905   1.7349
 dbratio     ROA    ROA1 debtcf1
 0.68618 0.15216 0.14425 0.11484

TOSYOU CODE: 7270     85
debtcashflow initial values:   0.000010   5.132730
stddev initial values:   0.000010   5.132730
ecfconst solution interval:   7.444511   7.748369
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30646
data: equity =   0.939732  debt =   0.771178  firm =   1.710910

agency cost: EZC - k L (EZC:ecfconst =   7.619205, k:agcpara = 0.30735321)
liq.cash: 10Y average (1Y) =   7.046453 ( 0.31449) : loss rate  0.0752
liq.cash: 10Y std.dev. (1Y) =   3.065275 ( 0.13680)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8635 0.04543   0.13310 0.08852  0.11300  0.09505    0.9397   0.7712   1.7109
 dbratio     ROA    ROA1 debtcf1
 0.45074 0.18381 0.16110 0.07241

TOSYOU CODE: 5812     86
debtcashflow initial values:   0.000010   4.953167
stddev initial values:   0.000010   4.953167
ecfconst solution interval:   8.090174   8.420385
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41944
data: equity =   1.008932  debt =   0.642124  firm =   1.651056

agency cost: EZC - k L (EZC:ecfconst =   8.337592, k:agcpara = 0.34614507)
liq.cash: 10Y average (1Y) =   7.816751 ( 0.34669) : loss rate  0.0625
liq.cash: 10Y std.dev. (1Y) =   3.119128 ( 0.13834)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5047 0.02150   0.14550 0.08702  0.12276  0.10753    1.0089   0.6421   1.6510
 dbratio     ROA    ROA1 debtcf1
 0.38891 0.20998 0.17579 0.05759

TOSYOU CODE: 5901     87
debtcashflow initial values:   0.000010   4.910643
stddev initial values:   0.000010   4.910643
ecfconst solution interval:   7.346982   7.646859
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35695
data: equity =   0.830904  debt =   0.805977  firm =   1.636881

agency cost: EZC - k L (EZC:ecfconst =   7.529341, k:agcpara = 0.30762325)
liq.cash: 10Y average (1Y) =   6.936010 ( 0.30864) : loss rate  0.0788
liq.cash: 10Y std.dev. (1Y) =   2.830541 ( 0.12595)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9288 0.03845   0.14190 0.08823  0.11547  0.09592    0.8309   0.8060   1.6369
 dbratio     ROA    ROA1 debtcf1
 0.49239 0.18855 0.16486 0.07453

TOSYOU CODE: 6011     88
debtcashflow initial values:   0.000010   4.905375
stddev initial values:   0.000010   4.905375
ecfconst solution interval:   5.320038   5.537182
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.06774
data: equity =   0.729029  debt =   0.906096  firm =   1.635125

agency cost: EZC - k L (EZC:ecfconst =   5.525991, k:agcpara = 0.24630340)
liq.cash: 10Y average (1Y) =   4.944874 ( 0.21714) : loss rate  0.1052
liq.cash: 10Y std.dev. (1Y) =   2.778537 ( 0.12201)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3594 0.17605   0.09613 0.08630  0.09068  0.06916    0.7290   0.9061   1.6351
 dbratio     ROA    ROA1 debtcf1
 0.55414 0.13280 0.12950 0.09736

TOSYOU CODE: 4023     89
debtcashflow initial values:   0.000010   4.877713
stddev initial values:   0.000010   4.877713
ecfconst solution interval:   6.182340   6.434680
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14822
data: equity =   1.109247  debt =   0.516657  firm =   1.625904

agency cost: EZC - k L (EZC:ecfconst =   6.332523, k:agcpara = 0.31714299)
liq.cash: 10Y average (1Y) =   5.924690 ( 0.26874) : loss rate  0.0644
liq.cash: 10Y std.dev. (1Y) =   3.264288 ( 0.14806)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2860 0.07765   0.10680 0.08780  0.10077  0.08821    1.1092   0.5167   1.6259
 dbratio     ROA    ROA1 debtcf1
 0.31777 0.16528 0.14564 0.05117

TOSYOU CODE: 5232     90
debtcashflow initial values:   0.000010   4.852032
stddev initial values:   0.000010   4.852032
ecfconst solution interval:   5.040287   5.246013
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15538
data: equity =   0.352508  debt =   1.264836  firm =   1.617344

agency cost: EZC - k L (EZC:ecfconst =   5.154381, k:agcpara = 0.14799129)
liq.cash: 10Y average (1Y) =   4.691222 ( 0.19879) : loss rate  0.0899
liq.cash: 10Y std.dev. (1Y) =   1.565336 ( 0.06633)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1296 0.15924   0.11635 0.08738  0.09369  0.06294    0.3525   1.2648   1.6173
 dbratio     ROA    ROA1 debtcf1
 0.78205 0.12291 0.12289 0.12429

TOSYOU CODE: 5009 error: solution not found

TOSYOU CODE: 2202     91
debtcashflow initial values:   0.000010   4.758193
stddev initial values:   0.000010   4.758193
ecfconst solution interval:   6.030852   6.277009
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14258
data: equity =   1.098283  debt =   0.487781  firm =   1.586064

agency cost: EZC - k L (EZC:ecfconst =   6.146389, k:agcpara = 0.31900220)
liq.cash: 10Y average (1Y) =   5.758912 ( 0.26153) : loss rate  0.0630
liq.cash: 10Y std.dev. (1Y) =   3.210640 ( 0.14580)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2147 0.07848   0.10581 0.08769  0.10024  0.08810    1.0983   0.4878   1.5861
 dbratio     ROA    ROA1 debtcf1
 0.30754 0.16489 0.14506 0.04837

TOSYOU CODE: 7210     92
debtcashflow initial values:   0.000010   4.731545
stddev initial values:   0.000010   4.731545
ecfconst solution interval:   6.213465   6.467075
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31035
data: equity =   0.500743  debt =   1.076439  firm =   1.577182

agency cost: EZC - k L (EZC:ecfconst =   6.274783, k:agcpara = 0.23053319)
liq.cash: 10Y average (1Y) =   5.669812 ( 0.24905) : loss rate  0.0964
liq.cash: 10Y std.dev. (1Y) =   2.097281 ( 0.09212)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6242 0.07323   0.14369 0.08902  0.10638  0.07904    0.5007   1.0764   1.5772
 dbratio     ROA    ROA1 debtcf1
 0.68251 0.15790 0.14808 0.10235

TOSYOU CODE: 5714     93
debtcashflow initial values:   0.000010   4.719558
stddev initial values:   0.000010   4.719558
ecfconst solution interval:   5.981881   6.226039
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21538
data: equity =   0.690249  debt =   0.882937  firm =   1.573186

agency cost: EZC - k L (EZC:ecfconst =   6.162734, k:agcpara = 0.25753201)
liq.cash: 10Y average (1Y) =   5.595433 ( 0.24762) : loss rate  0.0921
liq.cash: 10Y std.dev. (1Y) =   2.528844 ( 0.11191)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2028 0.08987   0.12284 0.08921  0.10396  0.08143    0.6902   0.8830   1.5732
 dbratio     ROA    ROA1 debtcf1
 0.56125 0.15740 0.14630 0.08720

TOSYOU CODE: 6645     94
debtcashflow initial values:   0.000010   4.646486
stddev initial values:   0.000010   4.646486
ecfconst solution interval:   7.801760   8.120200
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40078
data: equity =   1.178384  debt =   0.370445  firm =   1.548829

agency cost: EZC - k L (EZC:ecfconst =   7.979427, k:agcpara = 0.36896471)
liq.cash: 10Y average (1Y) =   7.661360 ( 0.33976) : loss rate  0.0399
liq.cash: 10Y std.dev. (1Y) =   3.187546 ( 0.14136)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8621 0.01646   0.13730 0.08645  0.12514  0.11584    1.1784   0.3704   1.5488
 dbratio     ROA    ROA1 debtcf1
 0.23917 0.21937 0.17814 0.03291

TOSYOU CODE: 6783 error: solution not found

TOSYOU CODE: 6770     95
debtcashflow initial values:   0.000010   4.600013
stddev initial values:   0.000010   4.600013
ecfconst solution interval:   7.302980   7.601061
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33420
data: equity =   1.263488  debt =   0.269850  firm =   1.533338

agency cost: EZC - k L (EZC:ecfconst =   7.480136, k:agcpara = 0.36803093)
liq.cash: 10Y average (1Y) =   7.247332 ( 0.32489) : loss rate  0.0311
liq.cash: 10Y std.dev. (1Y) =   3.239904 ( 0.14524)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6326 0.02059   0.12767 0.08670  0.12046  0.11359    1.2635   0.2698   1.5333
 dbratio     ROA    ROA1 debtcf1
 0.17599 0.21188 0.17173 0.02425

TOSYOU CODE: 4522     96
debtcashflow initial values:   0.000010   4.593159
stddev initial values:   0.000010   4.593159
ecfconst solution interval:   5.611617   5.840663
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.22847
data: equity =   1.423945  debt =   0.107108  firm =   1.531053

agency cost: EZC - k L (EZC:ecfconst =   5.675139, k:agcpara = 0.38167694)
liq.cash: 10Y average (1Y) =   5.579141 ( 0.26009) : loss rate  0.0169
liq.cash: 10Y std.dev. (1Y) =   2.994776 ( 0.13961)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2515 0.03762   0.09581 0.08495  0.09505  0.09238    1.4239   0.1071   1.5310
 dbratio     ROA    ROA1 debtcf1
 0.06995 0.16988 0.13998 0.00974

TOSYOU CODE: 6366     97
debtcashflow initial values:   0.000010   4.554172
stddev initial values:   0.000010   4.554172
ecfconst solution interval:   4.730872   4.923969
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.16887
data: equity =   0.743742  debt =   0.774315  firm =   1.518057

agency cost: EZC - k L (EZC:ecfconst =   4.813185, k:agcpara = 0.26141535)
liq.cash: 10Y average (1Y) =   4.267830 ( 0.18670) : loss rate  0.1133
liq.cash: 10Y std.dev. (1Y) =   2.960686 ( 0.12952)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0862 0.23060   0.08375 0.08322  0.08348  0.06438    0.7437   0.7743   1.5181
 dbratio     ROA    ROA1 debtcf1
 0.51007 0.12298 0.12231 0.08918

TOSYOU CODE: 4507     98
debtcashflow initial values:   0.000010   4.516107
stddev initial values:   0.000010   4.516107
ecfconst solution interval:   6.343628   6.602552
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22298
data: equity =   1.266674  debt =   0.238695  firm =   1.505369

agency cost: EZC - k L (EZC:ecfconst =   6.535443, k:agcpara = 0.35617141)
liq.cash: 10Y average (1Y) =   6.331669 ( 0.28885) : loss rate  0.0312
liq.cash: 10Y std.dev. (1Y) =   3.229687 ( 0.14734)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5721 0.03727   0.11409 0.08724  0.10984  0.10361    1.2667   0.2387   1.5054
 dbratio     ROA    ROA1 debtcf1
 0.15857 0.19188 0.15814 0.02224

TOSYOU CODE: 6041     99
debtcashflow initial values:   0.000010   4.418088
stddev initial values:   0.000010   4.418088
ecfconst solution interval:   4.993619   5.197441
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.21604
data: equity =   1.028015  debt =   0.444681  firm =   1.472696

agency cost: EZC - k L (EZC:ecfconst =   5.012220, k:agcpara = 0.31753597)
liq.cash: 10Y average (1Y) =   4.645977 ( 0.21049) : loss rate  0.0731
liq.cash: 10Y std.dev. (1Y) =   3.240680 ( 0.14682)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1534 0.14058   0.08975 0.08521  0.08838  0.07680    1.0280   0.4447   1.4727
 dbratio     ROA    ROA1 debtcf1
 0.30195 0.14293 0.13029 0.04773

TOSYOU CODE: 7269    100
debtcashflow initial values:   0.000010   4.351168
stddev initial values:   0.000010   4.351168
ecfconst solution interval:   5.912947   6.154292
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22142
data: equity =   0.817914  debt =   0.632475  firm =   1.450389

agency cost: EZC - k L (EZC:ecfconst =   5.964446, k:agcpara = 0.29622504)
liq.cash: 10Y average (1Y) =   5.502040 ( 0.24640) : loss rate  0.0775
liq.cash: 10Y std.dev. (1Y) =   2.638880 ( 0.11818)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5610 0.06766   0.12022 0.08879  0.10651  0.08909    0.8179   0.6325   1.4504
 dbratio     ROA    ROA1 debtcf1
 0.43608 0.16988 0.15188 0.06147

TOSYOU CODE: 6473    101
debtcashflow initial values:   0.000010   4.337962
stddev initial values:   0.000010   4.337962
ecfconst solution interval:   5.895004   6.135616
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34303
data: equity =   0.529532  debt =   0.916455  firm =   1.445987

agency cost: EZC - k L (EZC:ecfconst =   6.123412, k:agcpara = 0.25922039)
liq.cash: 10Y average (1Y) =   5.548966 ( 0.24535) : loss rate  0.0938
liq.cash: 10Y std.dev. (1Y) =   2.105182 ( 0.09308)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2161 0.05669   0.14672 0.08880  0.11001  0.08469    0.5295   0.9164   1.4460
 dbratio     ROA    ROA1 debtcf1
 0.63379 0.16968 0.15527 0.08603

TOSYOU CODE: 4118    102
debtcashflow initial values:   0.000010   4.277988
stddev initial values:   0.000010   4.277988
ecfconst solution interval:   5.813497   6.050783
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28861
data: equity =   0.612146  debt =   0.813850  firm =   1.425996

agency cost: EZC - k L (EZC:ecfconst =   5.956683, k:agcpara = 0.26818114)
liq.cash: 10Y average (1Y) =   5.422564 ( 0.24031) : loss rate  0.0897
liq.cash: 10Y std.dev. (1Y) =   2.261327 ( 0.10021)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9916 0.06461   0.13513 0.08911  0.10887  0.08598    0.6121   0.8139   1.4260
 dbratio     ROA    ROA1 debtcf1
 0.57073 0.16852 0.15369 0.07785

TOSYOU CODE: 6472    103
debtcashflow initial values:   0.000010   4.251847
stddev initial values:   0.000010   4.251847
ecfconst solution interval:   6.944682   7.228138
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.44818
data: equity =   0.737822  debt =   0.679460  firm =   1.417282

agency cost: EZC - k L (EZC:ecfconst =   7.114076, k:agcpara = 0.33377087)
liq.cash: 10Y average (1Y) =   6.582950 ( 0.29198) : loss rate  0.0747
liq.cash: 10Y std.dev. (1Y) =   2.498984 ( 0.11084)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5913 0.02289   0.15355 0.08707  0.12168  0.10290    0.7378   0.6794   1.4173
 dbratio     ROA    ROA1 debtcf1
 0.47941 0.20602 0.17508 0.06086

TOSYOU CODE: 7262    104
debtcashflow initial values:   0.000010   4.212633
stddev initial values:   0.000010   4.212633
ecfconst solution interval:   4.568741   4.755220
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08514  std.dev = 0.09959  lambda =   0.43791
riskless rate of interest = 0.08304  correlation =  0.35401
data: equity =   0.948771  debt =   0.455440  firm =   1.404211

agency cost: EZC - k L (EZC:ecfconst =   4.653922, k:agcpara = 0.31285037)
liq.cash: 10Y average (1Y) =   4.279510 ( 0.19280) : loss rate  0.0805
liq.cash: 10Y std.dev. (1Y) =   3.126588 ( 0.14086)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1968 0.16207   0.08690 0.08445  0.08610  0.07378    0.9488   0.4554   1.4042
 dbratio     ROA    ROA1 debtcf1
 0.32434 0.13730 0.12730 0.05010

TOSYOU CODE: 4501    105
debtcashflow initial values:   0.000010   4.205009
stddev initial values:   0.000010   4.205009
ecfconst solution interval:   5.906637   6.147724
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24839
data: equity =   0.995970  debt =   0.405700  firm =   1.401670

agency cost: EZC - k L (EZC:ecfconst =   6.130597, k:agcpara = 0.33463374)
liq.cash: 10Y average (1Y) =   5.802446 ( 0.26205) : loss rate  0.0535
liq.cash: 10Y std.dev. (1Y) =   2.809709 ( 0.12689)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9806 0.04307   0.12021 0.08800  0.11089  0.09943    0.9960   0.4057   1.4017
 dbratio     ROA    ROA1 debtcf1
 0.28944 0.18696 0.15901 0.03820

TOSYOU CODE: 4044    106
debtcashflow initial values:   0.000010   4.203102
stddev initial values:   0.000010   4.203102
ecfconst solution interval:   5.327290   5.544730
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34234
data: equity =   0.334946  debt =   1.066088  firm =   1.401034

agency cost: EZC - k L (EZC:ecfconst =   5.297032, k:agcpara = 0.20041947)
liq.cash: 10Y average (1Y) =   4.783774 ( 0.20857) : loss rate  0.0969
liq.cash: 10Y std.dev. (1Y) =   1.517329 ( 0.06615)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5609 0.07146   0.15264 0.08825  0.10365  0.07343    0.3349   1.0661   1.4010
 dbratio     ROA    ROA1 debtcf1
 0.76093 0.14887 0.14224 0.09921

TOSYOU CODE: 5202    107
debtcashflow initial values:   0.000010   4.110398
stddev initial values:   0.000010   4.110398
ecfconst solution interval:   6.149706   6.400714
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33881
data: equity =   0.759686  debt =   0.610447  firm =   1.370133

agency cost: EZC - k L (EZC:ecfconst =   6.302264, k:agcpara = 0.31553580)
liq.cash: 10Y average (1Y) =   5.840782 ( 0.26039) : loss rate  0.0732
liq.cash: 10Y std.dev. (1Y) =   2.466355 ( 0.10995)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4625 0.03793   0.13738 0.08820  0.11547  0.09779    0.7597   0.6104   1.3701
 dbratio     ROA    ROA1 debtcf1
 0.44554 0.19005 0.16486 0.05657

TOSYOU CODE: 5408    108
debtcashflow initial values:   0.000010   4.108375
stddev initial values:   0.000010   4.108375
ecfconst solution interval:   3.704116   3.855304
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation = -0.07546
data: equity =   0.367523  debt =   1.001935  firm =   1.369458

agency cost: EZC - k L (EZC:ecfconst =   3.691320, k:agcpara = 0.16972514)
liq.cash: 10Y average (1Y) =   3.224680 ( 0.13308) : loss rate  0.1264
liq.cash: 10Y std.dev. (1Y) =   2.031874 ( 0.08385)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7494 0.40752   0.06359 0.07494  0.07190  0.04722    0.3675   1.0019   1.3695
 dbratio     ROA    ROA1 debtcf1
 0.73163 0.09718 0.10424 0.12355

TOSYOU CODE: 4902    109
debtcashflow initial values:   0.000010   3.971557
stddev initial values:   0.000010   3.971557
ecfconst solution interval:   6.123608   6.373552
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10469  std.dev = 0.07938  lambda =   8.17224
riskless rate of interest = 0.08162  correlation =  0.36209
data: equity =   1.027354  debt =   0.296499  firm =   1.323852

agency cost: EZC - k L (EZC:ecfconst =   6.221634, k:agcpara = 0.35431278)
liq.cash: 10Y average (1Y) =   5.974778 ( 0.26886) : loss rate  0.0397
liq.cash: 10Y std.dev. (1Y) =   2.713926 ( 0.12213)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6967 0.02590   0.12584 0.08648  0.11703  0.10831    1.0274   0.2965   1.3239
 dbratio     ROA    ROA1 debtcf1
 0.22397 0.20309 0.16736 0.02679

TOSYOU CODE: 7272    110
debtcashflow initial values:   0.000010   3.898452
stddev initial values:   0.000010   3.898452
ecfconst solution interval:   3.693130   3.843870
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.12804
data: equity =   0.788656  debt =   0.510828  firm =   1.299484

agency cost: EZC - k L (EZC:ecfconst =   3.812773, k:agcpara = 0.29726199)
liq.cash: 10Y average (1Y) =   3.388200 ( 0.14682) : loss rate  0.1114
liq.cash: 10Y std.dev. (1Y) =   3.222161 ( 0.13962)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4283 0.27151   0.07440 0.07894  0.07618  0.06222    0.7887   0.5108   1.2995
 dbratio     ROA    ROA1 debtcf1
 0.39310 0.11298 0.11365 0.06365

TOSYOU CODE: 4063    111
debtcashflow initial values:   0.000010   3.806597
stddev initial values:   0.000010   3.806597
ecfconst solution interval:   3.606116   3.753304
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.42656
data: equity =   0.614550  debt =   0.654316  firm =   1.268866

agency cost: EZC - k L (EZC:ecfconst =   3.595462, k:agcpara = 0.26243565)
liq.cash: 10Y average (1Y) =   3.096399 ( 0.12995) : loss rate  0.1388
liq.cash: 10Y std.dev. (1Y) =   3.024632 ( 0.12694)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9017 0.34642   0.07040 0.07690  0.07375  0.05591    0.6146   0.6543   1.2689
 dbratio     ROA    ROA1 debtcf1
 0.51567 0.10241 0.10977 0.08738

TOSYOU CODE: 5332    112
debtcashflow initial values:   0.000010   3.797305
stddev initial values:   0.000010   3.797305
ecfconst solution interval:   4.465634   4.647905
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.26272
data: equity =   1.112142  debt =   0.153626  firm =   1.265768

agency cost: EZC - k L (EZC:ecfconst =   4.530846, k:agcpara = 0.35394174)
liq.cash: 10Y average (1Y) =   4.394951 ( 0.20370) : loss rate  0.0300
liq.cash: 10Y std.dev. (1Y) =   2.971635 ( 0.13773)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3839 0.08855   0.09321 0.08581  0.09231  0.08762    1.1121   0.1536   1.2658
 dbratio     ROA    ROA1 debtcf1
 0.12137 0.16093 0.13601 0.01547

TOSYOU CODE: 5101    113
debtcashflow initial values:   0.000010   3.736975
stddev initial values:   0.000010   3.736975
ecfconst solution interval:   3.881966   4.040414
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.06443
data: equity =   0.367312  debt =   0.878346  firm =   1.245658

agency cost: EZC - k L (EZC:ecfconst =   3.835880, k:agcpara = 0.18497400)
liq.cash: 10Y average (1Y) =   3.408492 ( 0.14513) : loss rate  0.1114
liq.cash: 10Y std.dev. (1Y) =   1.683221 ( 0.07167)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3105 0.25710   0.08929 0.08455  0.08595  0.05912    0.3673   0.8783   1.2457
 dbratio     ROA    ROA1 debtcf1
 0.70513 0.11651 0.11904 0.09675

TOSYOU CODE: 4508 error: convergent problem

TOSYOU CODE: 7951 error: solution not found

TOSYOU CODE: 5333    114
debtcashflow initial values:   0.000010   3.594572
stddev initial values:   0.000010   3.594572
ecfconst solution interval:   5.049175   5.255264
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24493
data: equity =   1.033597  debt =   0.164594  firm =   1.198191

agency cost: EZC - k L (EZC:ecfconst =   5.346031, k:agcpara = 0.36222578)
liq.cash: 10Y average (1Y) =   5.204258 ( 0.23692) : loss rate  0.0265
liq.cash: 10Y std.dev. (1Y) =   2.586592 ( 0.11775)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3914 0.03139   0.11633 0.08701  0.11230  0.10693    1.0336   0.1646   1.1982
 dbratio     ROA    ROA1 debtcf1
 0.13737 0.19773 0.16132 0.01514

TOSYOU CODE: 4043    115
debtcashflow initial values:   0.000010   3.575411
stddev initial values:   0.000010   3.575411
ecfconst solution interval:   3.877654   4.035926
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.09422
data: equity =   0.376982  debt =   0.814822  firm =   1.191804

agency cost: EZC - k L (EZC:ecfconst =   3.926512, k:agcpara = 0.19636252)
liq.cash: 10Y average (1Y) =   3.514519 ( 0.15139) : loss rate  0.1049
liq.cash: 10Y std.dev. (1Y) =   1.608799 ( 0.06930)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0981 0.18932   0.10279 0.08709  0.09206  0.06526    0.3770   0.8148   1.1918
 dbratio     ROA    ROA1 debtcf1
 0.68369 0.12702 0.12663 0.08565

TOSYOU CODE: 4452    116
debtcashflow initial values:   0.000010   3.520678
stddev initial values:   0.000010   3.520678
ecfconst solution interval:   4.784370   4.979650
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20736
data: equity =   0.841153  debt =   0.332406  firm =   1.173559

agency cost: EZC - k L (EZC:ecfconst =   4.915986, k:agcpara = 0.33060057)
liq.cash: 10Y average (1Y) =   4.647742 ( 0.21072) : loss rate  0.0546
liq.cash: 10Y std.dev. (1Y) =   2.373178 ( 0.10760)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8114 0.05299   0.11458 0.08802  0.10706  0.09584    0.8412   0.3324   1.1735
 dbratio     ROA    ROA1 debtcf1
 0.28324 0.17956 0.15401 0.03183

TOSYOU CODE: 7731    117
debtcashflow initial values:   0.000010   3.510084
stddev initial values:   0.000010   3.510084
ecfconst solution interval:   5.412079   5.632981
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31859
data: equity =   0.814418  debt =   0.355610  firm =   1.170028

agency cost: EZC - k L (EZC:ecfconst =   5.484498, k:agcpara = 0.34286524)
liq.cash: 10Y average (1Y) =   5.194298 ( 0.23280) : loss rate  0.0529
liq.cash: 10Y std.dev. (1Y) =   2.320399 ( 0.10399)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8464 0.03048   0.12966 0.08764  0.11689  0.10490    0.8144   0.3556   1.1700
 dbratio     ROA    ROA1 debtcf1
 0.30393 0.19897 0.16706 0.03267

TOSYOU CODE: 5012    118
debtcashflow initial values:   0.000010   3.481318
stddev initial values:   0.000010   3.481318
ecfconst solution interval:   4.094028   4.261131
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13491
data: equity =   0.444372  debt =   0.716067  firm =   1.160439

agency cost: EZC - k L (EZC:ecfconst =   4.107608, k:agcpara = 0.22730089)
liq.cash: 10Y average (1Y) =   3.691722 ( 0.16146) : loss rate  0.1012
liq.cash: 10Y std.dev. (1Y) =   1.750517 ( 0.07656)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8297 0.14373   0.10985 0.08834  0.09657  0.07204    0.4444   0.7161   1.1604
 dbratio     ROA    ROA1 debtcf1
 0.61707 0.13913 0.13474 0.07388

TOSYOU CODE: 6201    119
debtcashflow initial values:   0.000010   3.455775
stddev initial values:   0.000010   3.455775
ecfconst solution interval:   5.486393   5.710327
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34005
data: equity =   0.945765  debt =   0.206160  firm =   1.151925

agency cost: EZC - k L (EZC:ecfconst =   5.650957, k:agcpara = 0.36843302)
liq.cash: 10Y average (1Y) =   5.473050 ( 0.24509) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   2.431738 ( 0.10890)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4829 0.02008   0.12843 0.08667  0.12096  0.11398    0.9458   0.2062   1.1519
 dbratio     ROA    ROA1 debtcf1
 0.17897 0.21277 0.17238 0.01850

TOSYOU CODE: 4185    120
debtcashflow initial values:   0.000010   3.381898
stddev initial values:   0.000010   3.381898
ecfconst solution interval:   3.977114   4.139446
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.12971
data: equity =   0.446448  debt =   0.680851  firm =   1.127299

agency cost: EZC - k L (EZC:ecfconst =   3.993006, k:agcpara = 0.23189586)
liq.cash: 10Y average (1Y) =   3.589046 ( 0.15722) : loss rate  0.1012
liq.cash: 10Y std.dev. (1Y) =   1.737254 ( 0.07610)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7420 0.14384   0.10862 0.08823  0.09631  0.07233    0.4464   0.6809   1.1273
 dbratio     ROA    ROA1 debtcf1
 0.60397 0.13947 0.13482 0.07044

TOSYOU CODE: 7701    121
debtcashflow initial values:   0.000010   3.361242
stddev initial values:   0.000010   3.361242
ecfconst solution interval:   5.336306   5.554114
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37074
data: equity =   0.719897  debt =   0.400517  firm =   1.120414

agency cost: EZC - k L (EZC:ecfconst =   5.454235, k:agcpara = 0.34206605)
liq.cash: 10Y average (1Y) =   5.130558 ( 0.22854) : loss rate  0.0593
liq.cash: 10Y std.dev. (1Y) =   2.153842 ( 0.09594)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9462 0.02603   0.13809 0.08742  0.11998  0.10592    0.7199   0.4005   1.1204
 dbratio     ROA    ROA1 debtcf1
 0.35747 0.20397 0.17148 0.03636

TOSYOU CODE: 4205    122
debtcashflow initial values:   0.000010   3.327913
stddev initial values:   0.000010   3.327913
ecfconst solution interval:   4.218018   4.390182
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29954
data: equity =   0.379141  debt =   0.730163  firm =   1.109304

agency cost: EZC - k L (EZC:ecfconst =   4.451509, k:agcpara = 0.23814382)
liq.cash: 10Y average (1Y) =   4.026209 ( 0.17716) : loss rate  0.0955
liq.cash: 10Y std.dev. (1Y) =   1.545314 ( 0.06800)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7859 0.07356   0.14075 0.08914  0.10678  0.08038    0.3791   0.7302   1.1093
 dbratio     ROA    ROA1 debtcf1
 0.65822 0.15970 0.14907 0.06977

TOSYOU CODE: 4202    123
debtcashflow initial values:   0.000010   3.293847
stddev initial values:   0.000010   3.293847
ecfconst solution interval:   4.476121   4.658819
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25931
data: equity =   0.508181  debt =   0.589768  firm =   1.097949

agency cost: EZC - k L (EZC:ecfconst =   4.529677, k:agcpara = 0.27312731)
liq.cash: 10Y average (1Y) =   4.133108 ( 0.18354) : loss rate  0.0875
liq.cash: 10Y std.dev. (1Y) =   1.811185 ( 0.08043)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4520 0.06939   0.12921 0.08914  0.10769  0.08614    0.5082   0.5898   1.0980
 dbratio     ROA    ROA1 debtcf1
 0.53716 0.16716 0.15225 0.05698

TOSYOU CODE: 4021    124
debtcashflow initial values:   0.000010   3.231464
stddev initial values:   0.000010   3.231464
ecfconst solution interval:   2.913491   3.032409
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.10808
data: equity =   0.216009  debt =   0.861146  firm =   1.077155

agency cost: EZC - k L (EZC:ecfconst =   2.960980, k:agcpara = 0.13025370)
liq.cash: 10Y average (1Y) =   2.673637 ( 0.11036) : loss rate  0.0970
liq.cash: 10Y std.dev. (1Y) =   1.061573 ( 0.04382)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2060 0.32979   0.07501 0.08088  0.07970  0.05060    0.2160   0.8611   1.0772
 dbratio     ROA    ROA1 debtcf1
 0.79946 0.10246 0.10641 0.09245

TOSYOU CODE: 2284    125
debtcashflow initial values:   0.000010   3.213376
stddev initial values:   0.000010   3.213376
ecfconst solution interval:   4.807635   5.003865
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.27723
data: equity =   0.795976  debt =   0.275149  firm =   1.071125

agency cost: EZC - k L (EZC:ecfconst =   4.852893, k:agcpara = 0.34536472)
liq.cash: 10Y average (1Y) =   4.625087 ( 0.20858) : loss rate  0.0469
liq.cash: 10Y std.dev. (1Y) =   2.185569 ( 0.09857)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6596 0.03481   0.12290 0.08782  0.11389  0.10374    0.7960   0.2752   1.0711
 dbratio     ROA    ROA1 debtcf1
 0.25689 0.19473 0.16310 0.02557

TOSYOU CODE: 4634    126
debtcashflow initial values:   0.000010   3.197512
stddev initial values:   0.000010   3.197512
ecfconst solution interval:   4.930135   5.131365
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31674
data: equity =   0.815073  debt =   0.250764  firm =   1.065837

agency cost: EZC - k L (EZC:ecfconst =   5.055781, k:agcpara = 0.35540156)
liq.cash: 10Y average (1Y) =   4.844881 ( 0.21754) : loss rate  0.0417
liq.cash: 10Y std.dev. (1Y) =   2.191742 ( 0.09841)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5934 0.02620   0.12733 0.08724  0.11790  0.10866    0.8151   0.2508   1.0658
 dbratio     ROA    ROA1 debtcf1
 0.23528 0.20410 0.16845 0.02285

TOSYOU CODE: 5803    127
debtcashflow initial values:   0.000010   3.173408
stddev initial values:   0.000010   3.173408
ecfconst solution interval:   4.747845   4.941635
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41900
data: equity =   0.409262  debt =   0.648541  firm =   1.057803

agency cost: EZC - k L (EZC:ecfconst =   4.842847, k:agcpara = 0.28885426)
liq.cash: 10Y average (1Y) =   4.398533 ( 0.19533) : loss rate  0.0917
liq.cash: 10Y std.dev. (1Y) =   1.598277 ( 0.07098)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5382 0.03676   0.15713 0.08788  0.11468  0.09043    0.4093   0.6486   1.0578
 dbratio     ROA    ROA1 debtcf1
 0.61311 0.18465 0.16431 0.05915

TOSYOU CODE: 3864    128
debtcashflow initial values:   0.000010   3.161721
stddev initial values:   0.000010   3.161721
ecfconst solution interval:   4.151976   4.321444
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27850
data: equity =   0.341642  debt =   0.712265  firm =   1.053907

agency cost: EZC - k L (EZC:ecfconst =   4.101177, k:agcpara = 0.22559324)
liq.cash: 10Y average (1Y) =   3.706184 ( 0.16249) : loss rate  0.0963
liq.cash: 10Y std.dev. (1Y) =   1.417616 ( 0.06215)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7509 0.08391   0.13786 0.08921  0.10498  0.07785    0.3416   0.7123   1.0539
 dbratio     ROA    ROA1 debtcf1
 0.67583 0.15418 0.14554 0.06862

TOSYOU CODE: 5562    129
debtcashflow initial values:   0.000010   3.108036
stddev initial values:   0.000010   3.108036
ecfconst solution interval:   2.944341   3.064519
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.04437
data: equity =   0.268520  debt =   0.767492  firm =   1.036012

agency cost: EZC - k L (EZC:ecfconst =   3.099687, k:agcpara = 0.16652325)
liq.cash: 10Y average (1Y) =   2.766295 ( 0.11674) : loss rate  0.1076
liq.cash: 10Y std.dev. (1Y) =   1.263851 ( 0.05334)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0021 0.27270   0.08730 0.08393  0.08480  0.05682    0.2685   0.7675   1.0360
 dbratio     ROA    ROA1 debtcf1
 0.74081 0.11268 0.11582 0.08365

TOSYOU CODE: 6988    130
debtcashflow initial values:   0.000010   3.096353
stddev initial values:   0.000010   3.096353
ecfconst solution interval:   4.915768   5.116412
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.39664
data: equity =   0.897673  debt =   0.134445  firm =   1.032118

agency cost: EZC - k L (EZC:ecfconst =   5.376501, k:agcpara = 0.38468464)
liq.cash: 10Y average (1Y) =   5.257390 ( 0.23320) : loss rate  0.0222
liq.cash: 10Y std.dev. (1Y) =   2.200099 ( 0.09759)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3096 0.01226   0.13274 0.08566  0.12660  0.12158    0.8977   0.1344   1.0321
 dbratio     ROA    ROA1 debtcf1
 0.13026 0.22594 0.17944 0.01177

TOSYOU CODE: 6361 error: solution not found

TOSYOU CODE: 5479    131
debtcashflow initial values:   0.000010   3.057039
stddev initial values:   0.000010   3.057039
ecfconst solution interval:   3.734888   3.887332
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30693
data: equity =   0.257751  debt =   0.761262  firm =   1.019013

agency cost: EZC - k L (EZC:ecfconst =   3.806422, k:agcpara = 0.19788267)
liq.cash: 10Y average (1Y) =   3.440950 ( 0.14975) : loss rate  0.0960
liq.cash: 10Y std.dev. (1Y) =   1.148780 ( 0.04999)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8469 0.08263   0.14574 0.08862  0.10307  0.07328    0.2578   0.7613   1.0190
 dbratio     ROA    ROA1 debtcf1
 0.74706 0.14695 0.14086 0.07193

TOSYOU CODE: 2262    132
debtcashflow initial values:   0.000010   3.039681
stddev initial values:   0.000010   3.039681
ecfconst solution interval:   3.852694   4.009946
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15362
data: equity =   0.579997  debt =   0.433230  firm =   1.013227

agency cost: EZC - k L (EZC:ecfconst =   3.886863, k:agcpara = 0.29040913)
liq.cash: 10Y average (1Y) =   3.570801 ( 0.16015) : loss rate  0.0813
liq.cash: 10Y std.dev. (1Y) =   1.877253 ( 0.08419)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0883 0.09302   0.10949 0.08829  0.10042  0.08344    0.5800   0.4332   1.0132
 dbratio     ROA    ROA1 debtcf1
 0.42758 0.15806 0.14390 0.04347

TOSYOU CODE: 7733    133
debtcashflow initial values:   0.000010   3.018379
stddev initial values:   0.000010   3.018379
ecfconst solution interval:   3.273533   3.407147
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.23408
data: equity =   0.871159  debt =   0.134967  firm =   1.006126

agency cost: EZC - k L (EZC:ecfconst =   3.466732, k:agcpara = 0.35153533)
liq.cash: 10Y average (1Y) =   3.346640 ( 0.15476) : loss rate  0.0346
liq.cash: 10Y std.dev. (1Y) =   2.412461 ( 0.11156)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3416 0.10645   0.08965 0.08506  0.08904  0.08390    0.8712   0.1350   1.0061
 dbratio     ROA    ROA1 debtcf1
 0.13414 0.15382 0.13169 0.01393

TOSYOU CODE: 7259    134
debtcashflow initial values:   0.000010   3.004130
stddev initial values:   0.000010   3.004130
ecfconst solution interval:   4.494574   4.678026
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25189
data: equity =   0.831624  debt =   0.169753  firm =   1.001377

agency cost: EZC - k L (EZC:ecfconst =   4.482346, k:agcpara = 0.35768949)
liq.cash: 10Y average (1Y) =   4.337607 ( 0.19699) : loss rate  0.0323
liq.cash: 10Y std.dev. (1Y) =   2.129204 ( 0.09669)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4047 0.03236   0.11783 0.08723  0.11264  0.10599    0.8316   0.1697   1.0014
 dbratio     ROA    ROA1 debtcf1
 0.16951 0.19672 0.16169 0.01567

TOSYOU CODE: 4503    135
debtcashflow initial values:   0.000010   2.983670
stddev initial values:   0.000010   2.983670
ecfconst solution interval:   3.781702   3.936058
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.26293
data: equity =   0.873943  debt =   0.120614  firm =   0.994557

agency cost: EZC - k L (EZC:ecfconst =   3.765474, k:agcpara = 0.36094863)
liq.cash: 10Y average (1Y) =   3.661683 ( 0.16963) : loss rate  0.0276
liq.cash: 10Y std.dev. (1Y) =   1.992271 ( 0.09229)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2876 0.04517   0.09875 0.08575  0.09717  0.09249    0.8739   0.1206   0.9945
 dbratio     ROA    ROA1 debtcf1
 0.12127 0.17056 0.14240 0.01121

TOSYOU CODE: 4041    136
debtcashflow initial values:   0.000010   2.971944
stddev initial values:   0.000010   2.971944
ecfconst solution interval:   3.359087   3.496193
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17349
data: equity =   0.246876  debt =   0.743772  firm =   0.990648

agency cost: EZC - k L (EZC:ecfconst =   3.313060, k:agcpara = 0.16915462)
liq.cash: 10Y average (1Y) =   2.999272 ( 0.12842) : loss rate  0.0947
liq.cash: 10Y std.dev. (1Y) =   1.088993 ( 0.04663)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8550 0.14669   0.11993 0.08817  0.09609  0.06630    0.2469   0.7438   0.9906
 dbratio     ROA    ROA1 debtcf1
 0.75079 0.12963 0.12832 0.07378

TOSYOU CODE: 6479    137
debtcashflow initial values:   0.000010   2.961225
stddev initial values:   0.000010   2.961225
ecfconst solution interval:   3.211548   3.342632
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.32417
data: equity =   0.687347  debt =   0.299728  firm =   0.987075

agency cost: EZC - k L (EZC:ecfconst =   3.199802, k:agcpara = 0.31729579)
liq.cash: 10Y average (1Y) =   2.948941 ( 0.13282) : loss rate  0.0784
liq.cash: 10Y std.dev. (1Y) =   2.271391 ( 0.10231)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7906 0.17100   0.08435 0.08346  0.08408  0.07268    0.6873   0.2997   0.9871
 dbratio     ROA    ROA1 debtcf1
 0.30366 0.13456 0.12480 0.03333

TOSYOU CODE: 4217    138
debtcashflow initial values:   0.000010   2.957312
stddev initial values:   0.000010   2.957312
ecfconst solution interval:   4.289284   4.464356
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31775
data: equity =   0.535588  debt =   0.450183  firm =   0.985771

agency cost: EZC - k L (EZC:ecfconst =   4.428304, k:agcpara = 0.30817807)
liq.cash: 10Y average (1Y) =   4.093886 ( 0.18260) : loss rate  0.0755
liq.cash: 10Y std.dev. (1Y) =   1.756986 ( 0.07837)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0851 0.04341   0.13490 0.08845  0.11369  0.09551    0.5356   0.4502   0.9858
 dbratio     ROA    ROA1 debtcf1
 0.45668 0.18523 0.16211 0.04210

TOSYOU CODE: 6953 error: solution not found

TOSYOU CODE: 3591    139
debtcashflow initial values:   0.000010   2.926596
stddev initial values:   0.000010   2.926596
ecfconst solution interval:   2.906308   3.024932
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08059  std.dev = 0.09989  lambda =  -0.47983
riskless rate of interest = 0.08295  correlation =  0.29398
data: equity =   0.854690  debt =   0.120842  firm =   0.975532

agency cost: EZC - k L (EZC:ecfconst =   2.986475, k:agcpara = 0.35494883)
liq.cash: 10Y average (1Y) =   2.873909 ( 0.13117) : loss rate  0.0377
liq.cash: 10Y std.dev. (1Y) =   2.633800 ( 0.12022)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3171 0.16584   0.07955 0.08152  0.07979  0.07525    0.8547   0.1208   0.9755
 dbratio     ROA    ROA1 debtcf1
 0.12387 0.13447 0.11839 0.01345

TOSYOU CODE: 6367    140
debtcashflow initial values:   0.000010   2.894295
stddev initial values:   0.000010   2.894295
ecfconst solution interval:   3.271328   3.404852
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.40266
data: equity =   0.365399  debt =   0.599366  firm =   0.964765

agency cost: EZC - k L (EZC:ecfconst =   3.315876, k:agcpara = 0.22447695)
liq.cash: 10Y average (1Y) =   2.966940 ( 0.12931) : loss rate  0.1052
liq.cash: 10Y std.dev. (1Y) =   1.475179 ( 0.06429)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5544 0.16915   0.10382 0.08796  0.09397  0.06938    0.3654   0.5994   0.9648
 dbratio     ROA    ROA1 debtcf1
 0.62126 0.13403 0.13140 0.06348

TOSYOU CODE: 2501    141
debtcashflow initial values:   0.000010   2.877129
stddev initial values:   0.000010   2.877129
ecfconst solution interval:   3.515083   3.658556
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.25140
data: equity =   0.615173  debt =   0.343870  firm =   0.959043

agency cost: EZC - k L (EZC:ecfconst =   3.573223, k:agcpara = 0.30621433)
liq.cash: 10Y average (1Y) =   3.306326 ( 0.14936) : loss rate  0.0747
liq.cash: 10Y std.dev. (1Y) =   1.910114 ( 0.08629)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8716 0.10122   0.10231 0.08772  0.09708  0.08292    0.6152   0.3439   0.9590
 dbratio     ROA    ROA1 debtcf1
 0.35856 0.15574 0.14057 0.03511

TOSYOU CODE: 6981    142
debtcashflow initial values:   0.000010   2.871694
stddev initial values:   0.000010   2.871694
ecfconst solution interval:   4.296438   4.471802
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28869
data: equity =   0.754302  debt =   0.202929  firm =   0.957231

agency cost: EZC - k L (EZC:ecfconst =   4.428733, k:agcpara = 0.35524222)
liq.cash: 10Y average (1Y) =   4.257481 ( 0.19203) : loss rate  0.0387
liq.cash: 10Y std.dev. (1Y) =   1.991903 ( 0.08984)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4821 0.02902   0.12331 0.08731  0.11568  0.10735    0.7543   0.2029   0.9572
 dbratio     ROA    ROA1 debtcf1
 0.21199 0.20061 0.16554 0.01861

TOSYOU CODE: 2002    143
debtcashflow initial values:   0.000010   2.838257
stddev initial values:   0.000010   2.838257
ecfconst solution interval:   4.376210   4.554830
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35989
data: equity =   0.581166  debt =   0.364920  firm =   0.946086

agency cost: EZC - k L (EZC:ecfconst =   4.521959, k:agcpara = 0.33393351)
liq.cash: 10Y average (1Y) =   4.232767 ( 0.18868) : loss rate  0.0640
liq.cash: 10Y std.dev. (1Y) =   1.782855 ( 0.07947)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8660 0.02949   0.13779 0.08768  0.11846  0.10325    0.5812   0.3649   0.9461
 dbratio     ROA    ROA1 debtcf1
 0.38572 0.19944 0.16934 0.03335

TOSYOU CODE: 5715    144
debtcashflow initial values:   0.000010   2.810557
stddev initial values:   0.000010   2.810557
ecfconst solution interval:   3.690827   3.841473
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24585
data: equity =   0.352076  debt =   0.584776  firm =   0.936852

agency cost: EZC - k L (EZC:ecfconst =   3.661771, k:agcpara = 0.23997660)
liq.cash: 10Y average (1Y) =   3.313742 ( 0.14583) : loss rate  0.0950
liq.cash: 10Y std.dev. (1Y) =   1.379341 ( 0.06070)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4503 0.08835   0.13015 0.08933  0.10467  0.07958    0.3521   0.5848   0.9368
 dbratio     ROA    ROA1 debtcf1
 0.62419 0.15566 0.14605 0.05715

TOSYOU CODE: 4519    145
debtcashflow initial values:   0.000010   2.792889
stddev initial values:   0.000010   2.792889
ecfconst solution interval:   3.028984   3.152616
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08499  std.dev = 0.09892  lambda =   0.47886
riskless rate of interest = 0.08272  correlation =  0.19210
data: equity =   0.694180  debt =   0.236783  firm =   0.930963

agency cost: EZC - k L (EZC:ecfconst =   3.039743, k:agcpara = 0.32750798)
liq.cash: 10Y average (1Y) =   2.837401 ( 0.12876) : loss rate  0.0666
liq.cash: 10Y std.dev. (1Y) =   2.181825 ( 0.09901)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6178 0.15450   0.08493 0.08355  0.08458  0.07502    0.6942   0.2368   0.9310
 dbratio     ROA    ROA1 debtcf1
 0.25435 0.13831 0.12562 0.02586

TOSYOU CODE: 7905    146
debtcashflow initial values:   0.000010   2.787252
stddev initial values:   0.000010   2.787252
ecfconst solution interval:   3.532753   3.676947
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28406
data: equity =   0.317466  debt =   0.611618  firm =   0.929084

agency cost: EZC - k L (EZC:ecfconst =   3.678061, k:agcpara = 0.23439589)
liq.cash: 10Y average (1Y) =   3.326027 ( 0.14618) : loss rate  0.0957
liq.cash: 10Y std.dev. (1Y) =   1.292545 ( 0.05681)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5019 0.07908   0.13809 0.08922  0.10592  0.07949    0.3175   0.6116   0.9291
 dbratio     ROA    ROA1 debtcf1
 0.65830 0.15734 0.14751 0.05882

TOSYOU CODE: 6952    147
debtcashflow initial values:   0.000010   2.781580
stddev initial values:   0.000010   2.781580
ecfconst solution interval:   4.288823   4.463877
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31948
data: equity =   0.765805  debt =   0.161388  firm =   0.927193

agency cost: EZC - k L (EZC:ecfconst =   4.458101, k:agcpara = 0.36609436)
liq.cash: 10Y average (1Y) =   4.319195 ( 0.19409) : loss rate  0.0312
liq.cash: 10Y std.dev. (1Y) =   1.962848 ( 0.08820)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3794 0.02237   0.12596 0.08683  0.11915  0.11235    0.7658   0.1614   0.9272
 dbratio     ROA    ROA1 debtcf1
 0.17406 0.20933 0.17003 0.01457

TOSYOU CODE: 5480    148
debtcashflow initial values:   0.000010   2.756562
stddev initial values:   0.000010   2.756562
ecfconst solution interval:   2.863521   2.980399
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17794
data: equity =   0.198327  debt =   0.720527  firm =   0.918854

agency cost: EZC - k L (EZC:ecfconst =   2.969693, k:agcpara = 0.14921112)
liq.cash: 10Y average (1Y) =   2.704878 ( 0.11486) : loss rate  0.0892
liq.cash: 10Y std.dev. (1Y) =   0.882180 ( 0.03746)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7748 0.14587   0.12104 0.08764  0.09485  0.06392    0.1983   0.7205   0.9189
 dbratio     ROA    ROA1 debtcf1
 0.78416 0.12501 0.12447 0.07018

TOSYOU CODE: 6506    149
debtcashflow initial values:   0.000010   2.754176
stddev initial values:   0.000010   2.754176
ecfconst solution interval:   4.120616   4.288804
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32387
data: equity =   0.504760  debt =   0.413299  firm =   0.918059

agency cost: EZC - k L (EZC:ecfconst =   4.156882, k:agcpara = 0.31115618)
liq.cash: 10Y average (1Y) =   3.847536 ( 0.17161) : loss rate  0.0744
liq.cash: 10Y std.dev. (1Y) =   1.645105 ( 0.07338)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9942 0.04142   0.13549 0.08836  0.11428  0.09637    0.5048   0.4133   0.9181
 dbratio     ROA    ROA1 debtcf1
 0.45019 0.18693 0.16303 0.03853

TOSYOU CODE: 3002    150
debtcashflow initial values:   0.000010   2.753405
stddev initial values:   0.000010   2.753405
ecfconst solution interval:   3.238008   3.370172
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.45356
data: equity =   0.500270  debt =   0.417532  firm =   0.917802

agency cost: EZC - k L (EZC:ecfconst =   3.365116, k:agcpara = 0.28107067)
liq.cash: 10Y average (1Y) =   3.064542 ( 0.13686) : loss rate  0.0893
liq.cash: 10Y std.dev. (1Y) =   1.698722 ( 0.07586)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0694 0.12010   0.10381 0.08814  0.09668  0.07864    0.5003   0.4175   0.9178
 dbratio     ROA    ROA1 debtcf1
 0.45492 0.14912 0.13874 0.04329

TOSYOU CODE: 4028    151
debtcashflow initial values:   0.000010   2.700632
stddev initial values:   0.000010   2.700632
ecfconst solution interval:   4.287520   4.462520
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41335
data: equity =   0.471245  debt =   0.428966  firm =   0.900211

agency cost: EZC - k L (EZC:ecfconst =   4.386000, k:agcpara = 0.32554550)
liq.cash: 10Y average (1Y) =   4.056514 ( 0.18019) : loss rate  0.0751
liq.cash: 10Y std.dev. (1Y) =   1.586439 ( 0.07047)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0121 0.02749   0.14885 0.08750  0.11962  0.10085    0.4712   0.4290   0.9002
 dbratio     ROA    ROA1 debtcf1
 0.47651 0.20017 0.17158 0.03884

TOSYOU CODE: 7753    152
debtcashflow initial values:   0.000010   2.698173
stddev initial values:   0.000010   2.698173
ecfconst solution interval:   4.407011   4.586889
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41955
data: equity =   0.629532  debt =   0.269859  firm =   0.899391

agency cost: EZC - k L (EZC:ecfconst =   4.653912, k:agcpara = 0.36249221)
liq.cash: 10Y average (1Y) =   4.426059 ( 0.19596) : loss rate  0.0490
liq.cash: 10Y std.dev. (1Y) =   1.796034 ( 0.07952)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6286 0.01724   0.14178 0.08658  0.12521  0.11352    0.6295   0.2699   0.8994
 dbratio     ROA    ROA1 debtcf1
 0.30005 0.21788 0.17866 0.02400

TOSYOU CODE: 5541    153
debtcashflow initial values:   0.000010   2.678033
stddev initial values:   0.000010   2.678033
ecfconst solution interval:   2.659465   2.768015
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.24645
data: equity =   0.188908  debt =   0.703770  firm =   0.892678

agency cost: EZC - k L (EZC:ecfconst =   2.746489, k:agcpara = 0.14097924)
liq.cash: 10Y average (1Y) =   2.498910 ( 0.10515) : loss rate  0.0901
liq.cash: 10Y std.dev. (1Y) =   0.846290 ( 0.03561)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7561 0.19006   0.10727 0.08680  0.09113  0.06034    0.1889   0.7038   0.8927
 dbratio     ROA    ROA1 debtcf1
 0.78838 0.11779 0.11894 0.07033

TOSYOU CODE: 2871    154
debtcashflow initial values:   0.000010   2.676801
stddev initial values:   0.000010   2.676801
ecfconst solution interval:   3.882437   4.040903
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.30642
data: equity =   0.461750  debt =   0.430517  firm =   0.892267

agency cost: EZC - k L (EZC:ecfconst =   3.980961, k:agcpara = 0.30198851)
liq.cash: 10Y average (1Y) =   3.666236 ( 0.16328) : loss rate  0.0791
liq.cash: 10Y std.dev. (1Y) =   1.558989 ( 0.06943)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0422 0.04617   0.13611 0.08882  0.11329  0.09401    0.4617   0.4305   0.8923
 dbratio     ROA    ROA1 debtcf1
 0.48250 0.18299 0.16131 0.04049

TOSYOU CODE: 3106 error: solution not found

TOSYOU CODE: 6782    155
debtcashflow initial values:   0.000010   2.635496
stddev initial values:   0.000010   2.635496
ecfconst solution interval:   3.219868   3.351292
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.40661
data: equity =   0.857447  debt =   0.021052  firm =   0.878499

agency cost: EZC - k L (EZC:ecfconst =   3.242354, k:agcpara = 0.39777017)
liq.cash: 10Y average (1Y) =   3.222981 ( 0.15096) : loss rate  0.0060
liq.cash: 10Y std.dev. (1Y) =   1.652190 ( 0.07739)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0487 0.02735   0.09484 0.08450  0.09459  0.09368    0.8574   0.0210   0.8785
 dbratio     ROA    ROA1 debtcf1
 0.02396 0.17185 0.13949 0.00187

TOSYOU CODE: 7984    156
debtcashflow initial values:   0.000010   2.625960
stddev initial values:   0.000010   2.625960
ecfconst solution interval:   2.847939   2.964181
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.41546
data: equity =   0.719520  debt =   0.155800  firm =   0.875320

agency cost: EZC - k L (EZC:ecfconst =   2.854043, k:agcpara = 0.34367376)
liq.cash: 10Y average (1Y) =   2.715265 ( 0.12435) : loss rate  0.0486
liq.cash: 10Y std.dev. (1Y) =   2.154322 ( 0.09866)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4038 0.14165   0.08464 0.08356  0.08445  0.07775    0.7195   0.1558   0.8753
 dbratio     ROA    ROA1 debtcf1
 0.17800 0.14207 0.12546 0.01683

TOSYOU CODE: 4518    157
debtcashflow initial values:   0.000010   2.624392
stddev initial values:   0.000010   2.624392
ecfconst solution interval:   2.966264   3.087336
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.20189
data: equity =   0.475591  debt =   0.399206  firm =   0.874797

agency cost: EZC - k L (EZC:ecfconst =   2.974728, k:agcpara = 0.27795712)
liq.cash: 10Y average (1Y) =   2.684134 ( 0.11933) : loss rate  0.0977
liq.cash: 10Y std.dev. (1Y) =   1.689095 ( 0.07509)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0455 0.16599   0.09264 0.08594  0.08958  0.07194    0.4756   0.3992   0.8748
 dbratio     ROA    ROA1 debtcf1
 0.45634 0.13641 0.13020 0.04337

TOSYOU CODE: 6448    158
debtcashflow initial values:   0.000010   2.612023
stddev initial values:   0.000010   2.612023
ecfconst solution interval:   3.191194   3.321446
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.38968
data: equity =   0.823509  debt =   0.047165  firm =   0.870674

agency cost: EZC - k L (EZC:ecfconst =   3.208418, k:agcpara = 0.38757923)
liq.cash: 10Y average (1Y) =   3.165643 ( 0.14785) : loss rate  0.0133
liq.cash: 10Y std.dev. (1Y) =   1.690411 ( 0.07895)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1104 0.03535   0.09504 0.08484  0.09448  0.09242    0.8235   0.0472   0.8707
 dbratio     ROA    ROA1 debtcf1
 0.05416 0.16982 0.13932 0.00426

TOSYOU CODE: 2502    159
debtcashflow initial values:   0.000010   2.585185
stddev initial values:   0.000010   2.585185
ecfconst solution interval:   3.158403   3.287317
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.29067
data: equity =   0.517300  debt =   0.344428  firm =   0.861728

agency cost: EZC - k L (EZC:ecfconst =   3.254029, k:agcpara = 0.29699558)
liq.cash: 10Y average (1Y) =   2.995013 ( 0.13469) : loss rate  0.0796
liq.cash: 10Y std.dev. (1Y) =   1.654147 ( 0.07439)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8721 0.09968   0.10569 0.08822  0.09871  0.08284    0.5173   0.3444   0.8617
 dbratio     ROA    ROA1 debtcf1
 0.39969 0.15630 0.14210 0.03503

TOSYOU CODE: 7762    160
debtcashflow initial values:   0.000010   2.556651
stddev initial values:   0.000010   2.556651
ecfconst solution interval:   4.058934   4.224605
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34966
data: equity =   0.614448  debt =   0.237769  firm =   0.852217

agency cost: EZC - k L (EZC:ecfconst =   4.142715, k:agcpara = 0.35308094)
liq.cash: 10Y average (1Y) =   3.944686 ( 0.17622) : loss rate  0.0478
liq.cash: 10Y std.dev. (1Y) =   1.715055 ( 0.07662)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5609 0.02425   0.13269 0.08721  0.12000  0.10905    0.6144   0.2378   0.8522
 dbratio     ROA    ROA1 debtcf1
 0.27900 0.20678 0.17131 0.02155

TOSYOU CODE: 2212    161
debtcashflow initial values:   0.000010   2.552128
stddev initial values:   0.000010   2.552128
ecfconst solution interval:   2.767863   2.880837
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08680  std.dev = 0.09884  lambda =   0.87906
riskless rate of interest = 0.08267  correlation =  0.25791
data: equity =   0.672499  debt =   0.178210  firm =   0.850709

agency cost: EZC - k L (EZC:ecfconst =   2.864982, k:agcpara = 0.33652682)
liq.cash: 10Y average (1Y) =   2.710908 ( 0.12411) : loss rate  0.0538
liq.cash: 10Y std.dev. (1Y) =   1.989284 ( 0.09107)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4578 0.12869   0.08786 0.08448  0.08715  0.07919    0.6725   0.1782   0.8507
 dbratio     ROA    ROA1 debtcf1
 0.20948 0.14589 0.12910 0.01890

TOSYOU CODE: 2282    162
debtcashflow initial values:   0.000010   2.547855
stddev initial values:   0.000010   2.547855
ecfconst solution interval:   2.763237   2.876023
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08431  std.dev = 0.10085  lambda =   0.27147
riskless rate of interest = 0.08297  correlation =  0.29472
data: equity =   0.646732  debt =   0.202553  firm =   0.849285

agency cost: EZC - k L (EZC:ecfconst =   2.774509, k:agcpara = 0.33174771)
liq.cash: 10Y average (1Y) =   2.598825 ( 0.11814) : loss rate  0.0633
liq.cash: 10Y std.dev. (1Y) =   2.024364 ( 0.09202)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5296 0.15335   0.08492 0.08371  0.08463  0.07565    0.6467   0.2026   0.8493
 dbratio     ROA    ROA1 debtcf1
 0.23850 0.13910 0.12567 0.02218

TOSYOU CODE: 6841    163
debtcashflow initial values:   0.000010   2.535288
stddev initial values:   0.000010   2.535288
ecfconst solution interval:   4.256914   4.430666
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.39717
data: equity =   0.650409  debt =   0.194687  firm =   0.845096

agency cost: EZC - k L (EZC:ecfconst =   4.345761, k:agcpara = 0.36973695)
liq.cash: 10Y average (1Y) =   4.178263 ( 0.18538) : loss rate  0.0385
liq.cash: 10Y std.dev. (1Y) =   1.745526 ( 0.07745)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4530 0.01641   0.13656 0.08643  0.12501  0.11605    0.6504   0.1947   0.8451
 dbratio     ROA    ROA1 debtcf1
 0.23037 0.21937 0.17792 0.01730

TOSYOU CODE: 6113    164
debtcashflow initial values:   0.000010   2.529273
stddev initial values:   0.000010   2.529273
ecfconst solution interval:   4.246820   4.420160
agcparam solution interval: 0.40199600 0.41840400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.45621
data: equity =   0.762191  debt =   0.080900  firm =   0.843091

agency cost: EZC - k L (EZC:ecfconst =   4.317400, k:agcpara = 0.41244558)
liq.cash: 10Y average (1Y) =   4.242743 ( 0.18904) : loss rate  0.0173
liq.cash: 10Y std.dev. (1Y) =   1.496776 ( 0.06669)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1810 0.00333   0.12947 0.08352  0.12506  0.12146    0.7622   0.0809   0.8431
 dbratio     ROA    ROA1 debtcf1
 0.09595 0.22422 0.17743 0.00680

TOSYOU CODE: 6587 error: solution not found

TOSYOU CODE: 6104    165
debtcashflow initial values:   0.000010   2.496932
stddev initial values:   0.000010   2.496932
ecfconst solution interval:   3.621551   3.769369
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33298
data: equity =   0.433925  debt =   0.398386  firm =   0.832311

agency cost: EZC - k L (EZC:ecfconst =   3.763433, k:agcpara = 0.30574402)
liq.cash: 10Y average (1Y) =   3.470508 ( 0.15459) : loss rate  0.0778
liq.cash: 10Y std.dev. (1Y) =   1.455364 ( 0.06483)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9581 0.04214   0.13792 0.08841  0.11422  0.09518    0.4339   0.3984   0.8323
 dbratio     ROA    ROA1 debtcf1
 0.47865 0.18574 0.16287 0.03712

TOSYOU CODE: 4505    166
debtcashflow initial values:   0.000010   2.492536
stddev initial values:   0.000010   2.492536
ecfconst solution interval:   3.045213   3.169507
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.08675
data: equity =   0.735972  debt =   0.094873  firm =   0.830845

agency cost: EZC - k L (EZC:ecfconst =   3.025604, k:agcpara = 0.35927641)
liq.cash: 10Y average (1Y) =   2.943603 ( 0.13668) : loss rate  0.0271
liq.cash: 10Y std.dev. (1Y) =   1.736142 ( 0.08061)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2282 0.05891   0.09471 0.08514  0.09362  0.08924    0.7360   0.0949   0.8308
 dbratio     ROA    ROA1 debtcf1
 0.11419 0.16451 0.13797 0.00898

TOSYOU CODE: 4523    167
debtcashflow initial values:   0.000010   2.459913
stddev initial values:   0.000010   2.459913
ecfconst solution interval:   3.117860   3.245120
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.12499
data: equity =   0.683744  debt =   0.136227  firm =   0.819971

agency cost: EZC - k L (EZC:ecfconst =   3.161413, k:agcpara = 0.34651531)
liq.cash: 10Y average (1Y) =   3.045286 ( 0.14027) : loss rate  0.0367
liq.cash: 10Y std.dev. (1Y) =   1.802551 ( 0.08303)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3351 0.06635   0.10149 0.08680  0.09905  0.09256    0.6837   0.1362   0.8200
 dbratio     ROA    ROA1 debtcf1
 0.16614 0.17106 0.14448 0.01329

TOSYOU CODE: 7231    168
debtcashflow initial values:   0.000010   2.458304
stddev initial values:   0.000010   2.458304
ecfconst solution interval:   2.890971   3.008969
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25484
data: equity =   0.212477  debt =   0.606958  firm =   0.819435

agency cost: EZC - k L (EZC:ecfconst =   2.955272, k:agcpara = 0.18859165)
liq.cash: 10Y average (1Y) =   2.673979 ( 0.11580) : loss rate  0.0952
liq.cash: 10Y std.dev. (1Y) =   0.936667 ( 0.04057)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4915 0.10341   0.13582 0.08881  0.10100  0.07140    0.2125   0.6070   0.8194
 dbratio     ROA    ROA1 debtcf1
 0.74071 0.14132 0.13686 0.05855

TOSYOU CODE: 3107    169
debtcashflow initial values:   0.000010   2.421476
stddev initial values:   0.000010   2.421476
ecfconst solution interval:   2.072465   2.157055
agcparam solution interval: 0.11799200 0.12280800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.19982
data: equity =   0.157842  debt =   0.649317  firm =   0.807159

agency cost: EZC - k L (EZC:ecfconst =   2.157740, k:agcpara = 0.12622657)
liq.cash: 10Y average (1Y) =   1.947072 ( 0.07993) : loss rate  0.0976
liq.cash: 10Y std.dev. (1Y) =   0.800377 ( 0.03286)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6690 0.36412   0.06812 0.07879  0.07670  0.04818    0.1578   0.6493   0.8072
 dbratio     ROA    ROA1 debtcf1
 0.80445 0.09902 0.10333 0.07079

TOSYOU CODE: 5804    170
debtcashflow initial values:   0.000010   2.417696
stddev initial values:   0.000010   2.417696
ecfconst solution interval:   3.064352   3.189428
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27693
data: equity =   0.247095  debt =   0.558804  firm =   0.805899

agency cost: EZC - k L (EZC:ecfconst =   3.089835, k:agcpara = 0.21731931)
liq.cash: 10Y average (1Y) =   2.791436 ( 0.12209) : loss rate  0.0966
liq.cash: 10Y std.dev. (1Y) =   1.044305 ( 0.04568)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3731 0.08720   0.13828 0.08914  0.10421  0.07640    0.2471   0.5588   0.8059
 dbratio     ROA    ROA1 debtcf1
 0.69339 0.15150 0.14384 0.05382

TOSYOU CODE: 6588    171
debtcashflow initial values:   0.000010   2.392973
stddev initial values:   0.000010   2.392973
ecfconst solution interval:   3.799088   3.954152
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34701
data: equity =   0.636634  debt =   0.161024  firm =   0.797658

agency cost: EZC - k L (EZC:ecfconst =   3.925112, k:agcpara = 0.36588035)
liq.cash: 10Y average (1Y) =   3.787008 ( 0.16936) : loss rate  0.0352
liq.cash: 10Y std.dev. (1Y) =   1.666745 ( 0.07454)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3775 0.02040   0.12990 0.08676  0.12120  0.11331    0.6366   0.1610   0.7977
 dbratio     ROA    ROA1 debtcf1
 0.20187 0.21233 0.17275 0.01447

TOSYOU CODE: 3941    172
debtcashflow initial values:   0.000010   2.356685
stddev initial values:   0.000010   2.356685
ecfconst solution interval:   2.879240   2.996760
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16580
data: equity =   0.338304  debt =   0.447258  firm =   0.785562

agency cost: EZC - k L (EZC:ecfconst =   2.923392, k:agcpara = 0.24803884)
liq.cash: 10Y average (1Y) =   2.642722 ( 0.11659) : loss rate  0.0960
liq.cash: 10Y std.dev. (1Y) =   1.257992 ( 0.05550)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1316 0.11483   0.11450 0.08883  0.09988  0.07712    0.3383   0.4473   0.7856
 dbratio     ROA    ROA1 debtcf1
 0.56935 0.14842 0.14044 0.04529

TOSYOU CODE: 4528    173
debtcashflow initial values:   0.000010   2.338601
stddev initial values:   0.000010   2.338601
ecfconst solution interval:   2.643246   2.751134
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.18517
data: equity =   0.672737  debt =   0.106797  firm =   0.779534

agency cost: EZC - k L (EZC:ecfconst =   2.705785, k:agcpara = 0.35084667)
liq.cash: 10Y average (1Y) =   2.611167 ( 0.12075) : loss rate  0.0350
liq.cash: 10Y std.dev. (1Y) =   1.853618 ( 0.08572)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2697 0.10326   0.09037 0.08520  0.08966  0.08441    0.6727   0.1068   0.7795
 dbratio     ROA    ROA1 debtcf1
 0.13699 0.15491 0.13252 0.01097

TOSYOU CODE: 3105 error: solution not found

TOSYOU CODE: 5734    174
debtcashflow initial values:   0.000010   2.334796
stddev initial values:   0.000010   2.334796
ecfconst solution interval:   2.318611   2.413249
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.16810
data: equity =   0.220839  debt =   0.557426  firm =   0.778265

agency cost: EZC - k L (EZC:ecfconst =   2.414315, k:agcpara = 0.18004114)
liq.cash: 10Y average (1Y) =   2.151920 ( 0.09158) : loss rate  0.1087
liq.cash: 10Y std.dev. (1Y) =   1.009164 ( 0.04295)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4574 0.24566   0.09236 0.08532  0.08732  0.05982    0.2208   0.5574   0.7783
 dbratio     ROA    ROA1 debtcf1
 0.71624 0.11767 0.11987 0.06057

TOSYOU CODE: 2261    175
debtcashflow initial values:   0.000010   2.329736
stddev initial values:   0.000010   2.329736
ecfconst solution interval:   3.379050   3.516970
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29618
data: equity =   0.466624  debt =   0.309955  firm =   0.776579

agency cost: EZC - k L (EZC:ecfconst =   3.477325, k:agcpara = 0.31816316)
liq.cash: 10Y average (1Y) =   3.239405 ( 0.14498) : loss rate  0.0684
liq.cash: 10Y std.dev. (1Y) =   1.448092 ( 0.06481)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7478 0.04266   0.12983 0.08834  0.11327  0.09740    0.4666   0.3100   0.7766
 dbratio     ROA    ROA1 debtcf1
 0.39913 0.18669 0.16173 0.02905

TOSYOU CODE: 2288    176
debtcashflow initial values:   0.000010   2.319663
stddev initial values:   0.000010   2.319663
ecfconst solution interval:   3.364438   3.501762
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.27136
data: equity =   0.656968  debt =   0.116253  firm =   0.773221

agency cost: EZC - k L (EZC:ecfconst =   3.540934, k:agcpara = 0.36346721)
liq.cash: 10Y average (1Y) =   3.440677 ( 0.15594) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   1.659308 ( 0.07520)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2758 0.02824   0.11959 0.08714  0.11471  0.10881    0.6570   0.1163   0.7732
 dbratio     ROA    ROA1 debtcf1
 0.15036 0.20167 0.16434 0.01065

TOSYOU CODE: 4091    177
debtcashflow initial values:   0.000010   2.302906
stddev initial values:   0.000010   2.302906
ecfconst solution interval:   2.497579   2.599521
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08514  std.dev = 0.09959  lambda =   0.43791
riskless rate of interest = 0.08304  correlation =  0.26649
data: equity =   0.441336  debt =   0.326299  firm =   0.767635

agency cost: EZC - k L (EZC:ecfconst =   2.504501, k:agcpara = 0.28709407)
liq.cash: 10Y average (1Y) =   2.254984 ( 0.10012) : loss rate  0.0996
liq.cash: 10Y std.dev. (1Y) =   1.599403 ( 0.07101)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8691 0.19311   0.08613 0.08418  0.08530  0.06920    0.4413   0.3263   0.7676
 dbratio     ROA    ROA1 debtcf1
 0.42507 0.13042 0.12553 0.03673

TOSYOU CODE: 6751    178
debtcashflow initial values:   0.000010   2.293447
stddev initial values:   0.000010   2.293447
ecfconst solution interval:   3.221525   3.353015
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26639
data: equity =   0.533817  debt =   0.230665  firm =   0.764482

agency cost: EZC - k L (EZC:ecfconst =   3.399214, k:agcpara = 0.33474021)
liq.cash: 10Y average (1Y) =   3.213191 ( 0.14478) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =   1.519717 ( 0.06848)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5557 0.04018   0.12289 0.08799  0.11236  0.10041    0.5338   0.2307   0.7645
 dbratio     ROA    ROA1 debtcf1
 0.30172 0.18938 0.16092 0.02160

TOSYOU CODE: 5932    179
debtcashflow initial values:   0.000010   2.286957
stddev initial values:   0.000010   2.286957
ecfconst solution interval:   2.166515   2.254945
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.26768
data: equity =   0.218655  debt =   0.543664  firm =   0.762319

agency cost: EZC - k L (EZC:ecfconst =   2.197625, k:agcpara = 0.18102498)
liq.cash: 10Y average (1Y) =   1.930584 ( 0.08116) : loss rate  0.1215
liq.cash: 10Y std.dev. (1Y) =   1.110882 ( 0.04670)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4752 0.34092   0.07494 0.08014  0.07865  0.05293    0.2187   0.5437   0.7623
 dbratio     ROA    ROA1 debtcf1
 0.71317 0.10647 0.11169 0.06426

TOSYOU CODE: 3883    180
debtcashflow initial values:   0.000010   2.266507
stddev initial values:   0.000010   2.266507
ecfconst solution interval:   2.354450   2.450550
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation = -0.00812
data: equity =   0.413962  debt =   0.341540  firm =   0.755502

agency cost: EZC - k L (EZC:ecfconst =   2.350410, k:agcpara = 0.27736710)
liq.cash: 10Y average (1Y) =   2.095858 ( 0.09204) : loss rate  0.1083
liq.cash: 10Y std.dev. (1Y) =   1.582052 ( 0.06948)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9177 0.22823   0.08065 0.08166  0.08111  0.06449    0.4140   0.3415   0.7555
 dbratio     ROA    ROA1 debtcf1
 0.45207 0.12183 0.12019 0.03946

TOSYOU CODE: 2264    181
debtcashflow initial values:   0.000010   2.266215
stddev initial values:   0.000010   2.266215
ecfconst solution interval:   2.665071   2.773849
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.12818
data: equity =   0.370998  debt =   0.384407  firm =   0.755405

agency cost: EZC - k L (EZC:ecfconst =   2.761368, k:agcpara = 0.26451506)
liq.cash: 10Y average (1Y) =   2.502261 ( 0.11108) : loss rate  0.0938
liq.cash: 10Y std.dev. (1Y) =   1.310131 ( 0.05816)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9796 0.12257   0.10668 0.08810  0.09722  0.07705    0.3710   0.3844   0.7554
 dbratio     ROA    ROA1 debtcf1
 0.50887 0.14704 0.13840 0.03953

TOSYOU CODE: 2051    182
debtcashflow initial values:   0.000010   2.263924
stddev initial values:   0.000010   2.263924
ecfconst solution interval:   2.144691   2.232229
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.28330
data: equity =   0.182248  debt =   0.572393  firm =   0.754641

agency cost: EZC - k L (EZC:ecfconst =   2.128318, k:agcpara = 0.15663321)
liq.cash: 10Y average (1Y) =   1.890634 ( 0.07883) : loss rate  0.1117
liq.cash: 10Y std.dev. (1Y) =   0.930315 ( 0.03879)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5175 0.34416   0.07445 0.08030  0.07889  0.05148    0.1822   0.5724   0.7546
 dbratio     ROA    ROA1 debtcf1
 0.75850 0.10446 0.10925 0.06514

TOSYOU CODE: 2531    183
debtcashflow initial values:   0.000010   2.254747
stddev initial values:   0.000010   2.254747
ecfconst solution interval:   2.651586   2.759814
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.07033
data: equity =   0.532334  debt =   0.219248  firm =   0.751582

agency cost: EZC - k L (EZC:ecfconst =   2.664482, k:agcpara = 0.31869730)
liq.cash: 10Y average (1Y) =   2.486812 ( 0.11312) : loss rate  0.0667
liq.cash: 10Y std.dev. (1Y) =   1.597901 ( 0.07268)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5575 0.11364   0.09450 0.08598  0.09202  0.08073    0.5323   0.2193   0.7516
 dbratio     ROA    ROA1 debtcf1
 0.29172 0.15050 0.13492 0.02269

TOSYOU CODE: 6583    184
debtcashflow initial values:   0.000010   2.238263
stddev initial values:   0.000010   2.238263
ecfconst solution interval:   2.427470   2.526550
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.41363
data: equity =   0.738788  debt =   0.007300  firm =   0.746088

agency cost: EZC - k L (EZC:ecfconst =   2.451536, k:agcpara = 0.39943218)
liq.cash: 10Y average (1Y) =   2.444583 ( 0.11490) : loss rate  0.0028
liq.cash: 10Y std.dev. (1Y) =   1.623110 ( 0.07629)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0174 0.06741   0.08427 0.08326  0.08426  0.08389    0.7388   0.0073   0.7461
 dbratio     ROA    ROA1 debtcf1
 0.00978 0.15400 0.12633 0.00069

TOSYOU CODE: 4515    185
debtcashflow initial values:   0.000010   2.232088
stddev initial values:   0.000010   2.232088
ecfconst solution interval:   2.829093   2.944567
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.12667
data: equity =   0.669259  debt =   0.074770  firm =   0.744029

agency cost: EZC - k L (EZC:ecfconst =   2.826255, k:agcpara = 0.37034909)
liq.cash: 10Y average (1Y) =   2.761235 ( 0.12817) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   1.442853 ( 0.06697)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1756 0.03656   0.09876 0.08507  0.09739  0.09354    0.6693   0.0748   0.7440
 dbratio     ROA    ROA1 debtcf1
 0.10049 0.17226 0.14278 0.00679

TOSYOU CODE: 4272    186
debtcashflow initial values:   0.000010   2.230485
stddev initial values:   0.000010   2.230485
ecfconst solution interval:   2.215025   2.305435
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.25302
data: equity =   0.429082  debt =   0.314413  firm =   0.743495

agency cost: EZC - k L (EZC:ecfconst =   2.228481, k:agcpara = 0.28842667)
liq.cash: 10Y average (1Y) =   1.977504 ( 0.08608) : loss rate  0.1126
liq.cash: 10Y std.dev. (1Y) =   1.733907 ( 0.07547)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8702 0.26153   0.07622 0.07996  0.07780  0.06259    0.4291   0.3144   0.7435
 dbratio     ROA    ROA1 debtcf1
 0.42289 0.11577 0.11602 0.03837

TOSYOU CODE: 6474    187
debtcashflow initial values:   0.000010   2.219628
stddev initial values:   0.000010   2.219628
ecfconst solution interval:   2.610279   2.716821
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.42124
data: equity =   0.384281  debt =   0.355595  firm =   0.739876

agency cost: EZC - k L (EZC:ecfconst =   2.672028, k:agcpara = 0.27305795)
liq.cash: 10Y average (1Y) =   2.422235 ( 0.10778) : loss rate  0.0935
liq.cash: 10Y std.dev. (1Y) =   1.341442 ( 0.05969)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9148 0.13056   0.10275 0.08798  0.09565  0.07662    0.3843   0.3556   0.7399
 dbratio     ROA    ROA1 debtcf1
 0.48061 0.14568 0.13702 0.03716

TOSYOU CODE: 7102    188
debtcashflow initial values:   0.000010   2.214392
stddev initial values:   0.000010   2.214392
ecfconst solution interval:   2.502851   2.605009
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17617
data: equity =   0.243722  debt =   0.494409  firm =   0.738131

agency cost: EZC - k L (EZC:ecfconst =   2.638498, k:agcpara = 0.20982892)
liq.cash: 10Y average (1Y) =   2.376624 ( 0.10341) : loss rate  0.0993
liq.cash: 10Y std.dev. (1Y) =   1.006619 ( 0.04380)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2480 0.13111   0.11887 0.08889  0.09879  0.07200    0.2437   0.4944   0.7381
 dbratio     ROA    ROA1 debtcf1
 0.66981 0.14009 0.13585 0.04987

TOSYOU CODE: 3110 error: solution not found

TOSYOU CODE: 7007    189
debtcashflow initial values:   0.000010   2.168844
stddev initial values:   0.000010   2.168844
ecfconst solution interval:   2.748939   2.861141
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27905
data: equity =   0.221114  debt =   0.501834  firm =   0.722948

agency cost: EZC - k L (EZC:ecfconst =   2.774870, k:agcpara = 0.21748025)
liq.cash: 10Y average (1Y) =   2.506867 ( 0.10965) : loss rate  0.0966
liq.cash: 10Y std.dev. (1Y) =   0.935077 ( 0.04090)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2323 0.08643   0.13868 0.08913  0.10429  0.07644    0.2211   0.5018   0.7229
 dbratio     ROA    ROA1 debtcf1
 0.69415 0.15168 0.14397 0.04828

TOSYOU CODE: 7222    190
debtcashflow initial values:   0.000010   2.159572
stddev initial values:   0.000010   2.159572
ecfconst solution interval:   3.329776   3.465685
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38735
data: equity =   0.377837  debt =   0.342020  firm =   0.719857

agency cost: EZC - k L (EZC:ecfconst =   3.427336, k:agcpara = 0.31943886)
liq.cash: 10Y average (1Y) =   3.168064 ( 0.14088) : loss rate  0.0756
liq.cash: 10Y std.dev. (1Y) =   1.267226 ( 0.05635)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8116 0.03148   0.14529 0.08781  0.11798  0.09921    0.3778   0.3420   0.7199
 dbratio     ROA    ROA1 debtcf1
 0.47512 0.19570 0.16888 0.03124

TOSYOU CODE: 6508    191
debtcashflow initial values:   0.000010   2.132448
stddev initial values:   0.000010   2.132448
ecfconst solution interval:   2.995380   3.117640
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34537
data: equity =   0.279782  debt =   0.431034  firm =   0.710816

agency cost: EZC - k L (EZC:ecfconst =   3.066305, k:agcpara = 0.26983082)
liq.cash: 10Y average (1Y) =   2.785465 ( 0.12338) : loss rate  0.0916
liq.cash: 10Y std.dev. (1Y) =   1.077867 ( 0.04775)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0408 0.05276   0.14567 0.08873  0.11114  0.08693    0.2798   0.4310   0.7108
 dbratio     ROA    ROA1 debtcf1
 0.60640 0.17358 0.15741 0.04038

TOSYOU CODE: 4045    192
debtcashflow initial values:   0.000010   2.104453
stddev initial values:   0.000010   2.104453
ecfconst solution interval:   2.282351   2.375508
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.18730
data: equity =   0.226704  debt =   0.474780  firm =   0.701484

agency cost: EZC - k L (EZC:ecfconst =   2.308611, k:agcpara = 0.19988657)
liq.cash: 10Y average (1Y) =   2.062234 ( 0.08887) : loss rate  0.1067
liq.cash: 10Y std.dev. (1Y) =   0.973986 ( 0.04197)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2326 0.19716   0.10101 0.08716  0.09164  0.06509    0.2267   0.4748   0.7015
 dbratio     ROA    ROA1 debtcf1
 0.67682 0.12669 0.12651 0.05056

TOSYOU CODE: 5105    193
debtcashflow initial values:   0.000010   2.098885
stddev initial values:   0.000010   2.098885
ecfconst solution interval:   2.468287   2.569033
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16228
data: equity =   0.236398  debt =   0.463230  firm =   0.699628

agency cost: EZC - k L (EZC:ecfconst =   2.481583, k:agcpara = 0.21153996)
liq.cash: 10Y average (1Y) =   2.233261 ( 0.09718) : loss rate  0.1001
liq.cash: 10Y std.dev. (1Y) =   0.970233 ( 0.04222)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1739 0.13744   0.11602 0.08873  0.09795  0.07151    0.2364   0.4632   0.6996
 dbratio     ROA    ROA1 debtcf1
 0.66211 0.13890 0.13498 0.04706

TOSYOU CODE: 4203    194
debtcashflow initial values:   0.000010   2.044491
stddev initial values:   0.000010   2.044491
ecfconst solution interval:   2.591326   2.697094
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.38377
data: equity =   0.359574  debt =   0.321923  firm =   0.681497

agency cost: EZC - k L (EZC:ecfconst =   2.647577, k:agcpara = 0.28081955)
liq.cash: 10Y average (1Y) =   2.419887 ( 0.10798) : loss rate  0.0860
liq.cash: 10Y std.dev. (1Y) =   1.216832 ( 0.05430)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8108 0.09303   0.11378 0.08905  0.10210  0.08317    0.3596   0.3219   0.6815
 dbratio     ROA    ROA1 debtcf1
 0.47237 0.15845 0.14535 0.03233

TOSYOU CODE: 6507    195
debtcashflow initial values:   0.000010   2.036826
stddev initial values:   0.000010   2.036826
ecfconst solution interval:   2.302157   2.396123
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19077
data: equity =   0.184920  debt =   0.494022  firm =   0.678942

agency cost: EZC - k L (EZC:ecfconst =   2.353603, k:agcpara = 0.18407656)
liq.cash: 10Y average (1Y) =   2.126357 ( 0.09168) : loss rate  0.0966
liq.cash: 10Y std.dev. (1Y) =   0.804582 ( 0.03469)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2345 0.13383   0.12306 0.08866  0.09803  0.06900    0.1849   0.4940   0.6789
 dbratio     ROA    ROA1 debtcf1
 0.72764 0.13503 0.13237 0.04905

TOSYOU CODE: 7240    196
debtcashflow initial values:   0.000010   2.032960
stddev initial values:   0.000010   2.032960
ecfconst solution interval:   2.576704   2.681876
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14384
data: equity =   0.486444  debt =   0.191209  firm =   0.677653

agency cost: EZC - k L (EZC:ecfconst =   2.639801, k:agcpara = 0.32467471)
liq.cash: 10Y average (1Y) =   2.485689 ( 0.11315) : loss rate  0.0584
liq.cash: 10Y std.dev. (1Y) =   1.392225 ( 0.06338)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4747 0.07430   0.10563 0.08760  0.10054  0.08942    0.4864   0.1912   0.6777
 dbratio     ROA    ROA1 debtcf1
 0.28216 0.16698 0.14566 0.01887

TOSYOU CODE: 5805 error: solution not found

TOSYOU CODE: 4114    197
debtcashflow initial values:   0.000010   1.998363
stddev initial values:   0.000010   1.998363
ecfconst solution interval:   2.258684   2.350876
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.28026
data: equity =   0.344024  debt =   0.322097  firm =   0.666121

agency cost: EZC - k L (EZC:ecfconst =   2.308730, k:agcpara = 0.27048951)
liq.cash: 10Y average (1Y) =   2.081801 ( 0.09238) : loss rate  0.0983
liq.cash: 10Y std.dev. (1Y) =   1.232131 ( 0.05468)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8390 0.15656   0.09646 0.08683  0.09180  0.07291    0.3440   0.3221   0.6661
 dbratio     ROA    ROA1 debtcf1
 0.48354 0.13869 0.13235 0.03454

TOSYOU CODE: 2206    198
debtcashflow initial values:   0.000010   1.974220
stddev initial values:   0.000010   1.974220
ecfconst solution interval:   2.502254   2.604386
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14359
data: equity =   0.640859  debt =   0.017214  firm =   0.658073

agency cost: EZC - k L (EZC:ecfconst =   2.526284, k:agcpara = 0.39793774)
liq.cash: 10Y average (1Y) =   2.510612 ( 0.11723) : loss rate  0.0062
liq.cash: 10Y std.dev. (1Y) =   1.197868 ( 0.05593)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0394 0.01956   0.09861 0.08413  0.09823  0.09724    0.6409   0.0172   0.6581
 dbratio     ROA    ROA1 debtcf1
 0.02616 0.17814 0.14399 0.00150

TOSYOU CODE: 5331    199
debtcashflow initial values:   0.000010   1.961383
stddev initial values:   0.000010   1.961383
ecfconst solution interval:   2.306587   2.400733
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.34452
data: equity =   0.342023  debt =   0.311771  firm =   0.653794

agency cost: EZC - k L (EZC:ecfconst =   2.312368, k:agcpara = 0.27315308)
liq.cash: 10Y average (1Y) =   2.091924 ( 0.09303) : loss rate  0.0953
liq.cash: 10Y std.dev. (1Y) =   1.203423 ( 0.05352)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8070 0.14283   0.09931 0.08740  0.09363  0.07488    0.3420   0.3118   0.6538
 dbratio     ROA    ROA1 debtcf1
 0.47686 0.14229 0.13465 0.03300

TOSYOU CODE: 2201    200
debtcashflow initial values:   0.000010   1.904157
stddev initial values:   0.000010   1.904157
ecfconst solution interval:   2.152207   2.240053
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.07266
data: equity =   0.389400  debt =   0.245319  firm =   0.634719

agency cost: EZC - k L (EZC:ecfconst =   2.231944, k:agcpara = 0.29615570)
liq.cash: 10Y average (1Y) =   2.045526 ( 0.09198) : loss rate  0.0835
liq.cash: 10Y std.dev. (1Y) =   1.262426 ( 0.05677)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6295 0.13099   0.09560 0.08627  0.09199  0.07699    0.3894   0.2453   0.6347
 dbratio     ROA    ROA1 debtcf1
 0.38650 0.14491 0.13399 0.02574

TOSYOU CODE: 6586 error: solution not found

TOSYOU CODE: 2801    201
debtcashflow initial values:   0.000010   1.892433
stddev initial values:   0.000010   1.892433
ecfconst solution interval:   2.312045   2.406415
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23639
data: equity =   0.547897  debt =   0.082914  firm =   0.630811

agency cost: EZC - k L (EZC:ecfconst =   2.387743, k:agcpara = 0.35311266)
liq.cash: 10Y average (1Y) =   2.315468 ( 0.10709) : loss rate  0.0303
liq.cash: 10Y std.dev. (1Y) =   1.428995 ( 0.06609)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2047 0.06982   0.09890 0.08668  0.09729  0.09216    0.5479   0.0829   0.6308
 dbratio     ROA    ROA1 debtcf1
 0.13145 0.16976 0.14237 0.00814

TOSYOU CODE: 5453    202
debtcashflow initial values:   0.000010   1.890723
stddev initial values:   0.000010   1.890723
ecfconst solution interval:   2.223493   2.314248
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24207
data: equity =   0.189000  debt =   0.441241  firm =   0.630241

agency cost: EZC - k L (EZC:ecfconst =   2.333717, k:agcpara = 0.20661539)
liq.cash: 10Y average (1Y) =   2.107840 ( 0.09180) : loss rate  0.0968
liq.cash: 10Y std.dev. (1Y) =   0.803143 ( 0.03498)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0932 0.10324   0.13218 0.08915  0.10205  0.07397    0.1890   0.4412   0.6302
 dbratio     ROA    ROA1 debtcf1
 0.70011 0.14567 0.13987 0.04309

TOSYOU CODE: 3104    203
debtcashflow initial values:   0.000010   1.883055
stddev initial values:   0.000010   1.883055
ecfconst solution interval:   1.611639   1.677421
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.34408
data: equity =   0.135648  debt =   0.492037  firm =   0.627685

agency cost: EZC - k L (EZC:ecfconst =   1.614341, k:agcpara = 0.13980147)
liq.cash: 10Y average (1Y) =   1.429375 ( 0.05819) : loss rate  0.1146
liq.cash: 10Y std.dev. (1Y) =   0.783729 ( 0.03190)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3231 0.44605   0.05626 0.07303  0.06940  0.04364    0.1356   0.4920   0.6277
 dbratio     ROA    ROA1 debtcf1
 0.78389 0.09270 0.09907 0.05929

TOSYOU CODE: 6310    204
debtcashflow initial values:   0.000010   1.879568
stddev initial values:   0.000010   1.879568
ecfconst solution interval:   2.038459   2.121661
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.08631
data: equity =   0.358019  debt =   0.268504  firm =   0.626523

agency cost: EZC - k L (EZC:ecfconst =   2.056205, k:agcpara = 0.28540274)
liq.cash: 10Y average (1Y) =   1.853346 ( 0.08235) : loss rate  0.0987
liq.cash: 10Y std.dev. (1Y) =   1.282520 ( 0.05698)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7108 0.18650   0.08706 0.08433  0.08589  0.06963    0.3580   0.2685   0.6265
 dbratio     ROA    ROA1 debtcf1
 0.42857 0.13144 0.12619 0.02991

TOSYOU CODE: 6371    205
debtcashflow initial values:   0.000010   1.875940
stddev initial values:   0.000010   1.875940
ecfconst solution interval:   2.892450   3.010510
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37732
data: equity =   0.317523  debt =   0.307790  firm =   0.625313

agency cost: EZC - k L (EZC:ecfconst =   2.930317, k:agcpara = 0.31264046)
liq.cash: 10Y average (1Y) =   2.701179 ( 0.12014) : loss rate  0.0782
liq.cash: 10Y std.dev. (1Y) =   1.082611 ( 0.04815)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7329 0.03453   0.14471 0.08800  0.11680  0.09731    0.3175   0.3078   0.6253
 dbratio     ROA    ROA1 debtcf1
 0.49222 0.19212 0.16703 0.02825

TOSYOU CODE: 5707    206
debtcashflow initial values:   0.000010   1.872450
stddev initial values:   0.000010   1.872450
ecfconst solution interval:   2.030736   2.113624
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24347
data: equity =   0.141500  debt =   0.482650  firm =   0.624150

agency cost: EZC - k L (EZC:ecfconst =   2.149422, k:agcpara = 0.16715294)
liq.cash: 10Y average (1Y) =   1.952207 ( 0.08384) : loss rate  0.0918
liq.cash: 10Y std.dev. (1Y) =   0.634455 ( 0.02725)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1798 0.11173   0.13427 0.08832  0.09874  0.06800    0.1415   0.4826   0.6241
 dbratio     ROA    ROA1 debtcf1
 0.77329 0.13432 0.13163 0.04626

TOSYOU CODE: 4612 error: solution not found

TOSYOU CODE: 2810    207
debtcashflow initial values:   0.000010   1.863002
stddev initial values:   0.000010   1.863002
ecfconst solution interval:   2.190888   2.280312
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.31823
data: equity =   0.545097  debt =   0.075904  firm =   0.621001

agency cost: EZC - k L (EZC:ecfconst =   2.256272, k:agcpara = 0.35574542)
liq.cash: 10Y average (1Y) =   2.190334 ( 0.10159) : loss rate  0.0292
liq.cash: 10Y std.dev. (1Y) =   1.344437 ( 0.06236)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1854 0.06794   0.09457 0.08571  0.09348  0.08877    0.5451   0.0759   0.6210
 dbratio     ROA    ROA1 debtcf1
 0.12223 0.16359 0.13770 0.00735

TOSYOU CODE: 4213    208
debtcashflow initial values:   0.000010   1.857435
stddev initial values:   0.000010   1.857435
ecfconst solution interval:   1.929502   2.008258
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08499  std.dev = 0.09892  lambda =   0.47886
riskless rate of interest = 0.08272  correlation =  0.35262
data: equity =   0.242166  debt =   0.376979  firm =   0.619145

agency cost: EZC - k L (EZC:ecfconst =   1.965726, k:agcpara = 0.22640410)
liq.cash: 10Y average (1Y) =   1.738067 ( 0.07521) : loss rate  0.1158
liq.cash: 10Y std.dev. (1Y) =   1.027987 ( 0.04448)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0055 0.23805   0.08760 0.08432  0.08560  0.06250    0.2422   0.3770   0.6191
 dbratio     ROA    ROA1 debtcf1
 0.60887 0.12147 0.12247 0.04251

TOSYOU CODE: 4403    209
debtcashflow initial values:   0.000010   1.855628
stddev initial values:   0.000010   1.855628
ecfconst solution interval:   2.012489   2.094631
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.26540
data: equity =   0.245873  debt =   0.372670  firm =   0.618543

agency cost: EZC - k L (EZC:ecfconst =   2.068120, k:agcpara = 0.23009585)
liq.cash: 10Y average (1Y) =   1.843124 ( 0.08032) : loss rate  0.1088
liq.cash: 10Y std.dev. (1Y) =   0.995452 ( 0.04338)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9778 0.19236   0.09680 0.08674  0.09074  0.06722    0.2459   0.3727   0.6185
 dbratio     ROA    ROA1 debtcf1
 0.60250 0.12985 0.12829 0.04046

TOSYOU CODE: 4611    210
debtcashflow initial values:   0.000010   1.842863
stddev initial values:   0.000010   1.842863
ecfconst solution interval:   2.251491   2.343389
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20025
data: equity =   0.237011  debt =   0.377277  firm =   0.614288

agency cost: EZC - k L (EZC:ecfconst =   2.315606, k:agcpara = 0.23605329)
liq.cash: 10Y average (1Y) =   2.092037 ( 0.09193) : loss rate  0.0965
liq.cash: 10Y std.dev. (1Y) =   0.920761 ( 0.04046)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9471 0.10685   0.12181 0.08920  0.10179  0.07713    0.2370   0.3773   0.6143
 dbratio     ROA    ROA1 debtcf1
 0.61417 0.14966 0.14190 0.03765

TOSYOU CODE: 4613    211
debtcashflow initial values:   0.000010   1.838320
stddev initial values:   0.000010   1.838320
ecfconst solution interval:   2.414083   2.512617
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20048
data: equity =   0.325295  debt =   0.287478  firm =   0.612773

agency cost: EZC - k L (EZC:ecfconst =   2.443448, k:agcpara = 0.28411606)
liq.cash: 10Y average (1Y) =   2.240134 ( 0.10005) : loss rate  0.0832
liq.cash: 10Y std.dev. (1Y) =   1.086529 ( 0.04852)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7156 0.08029   0.11786 0.08887  0.10426  0.08549    0.3253   0.2875   0.6128
 dbratio     ROA    ROA1 debtcf1
 0.46914 0.16327 0.14834 0.02833

TOSYOU CODE: 6796    212
debtcashflow initial values:   0.000010   1.836045
stddev initial values:   0.000010   1.836045
ecfconst solution interval:   1.991252   2.072528
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.34978
data: equity =   0.457834  debt =   0.154181  firm =   0.612015

agency cost: EZC - k L (EZC:ecfconst =   1.988669, k:agcpara = 0.32872991)
liq.cash: 10Y average (1Y) =   1.855876 ( 0.08417) : loss rate  0.0668
liq.cash: 10Y std.dev. (1Y) =   1.451024 ( 0.06581)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4040 0.15851   0.08442 0.08349  0.08419  0.07472    0.4578   0.1542   0.6120
 dbratio     ROA    ROA1 debtcf1
 0.25192 0.13753 0.12507 0.01696

TOSYOU CODE: 2004    213
debtcashflow initial values:   0.000010   1.833644
stddev initial values:   0.000010   1.833644
ecfconst solution interval:   1.737070   1.807970
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.27548
data: equity =   0.267563  debt =   0.343652  firm =   0.611215

agency cost: EZC - k L (EZC:ecfconst =   1.812154, k:agcpara = 0.24438353)
liq.cash: 10Y average (1Y) =   1.578002 ( 0.06748) : loss rate  0.1292
liq.cash: 10Y std.dev. (1Y) =   1.227003 ( 0.05247)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9581 0.30671   0.07511 0.07964  0.07766  0.05751    0.2676   0.3437   0.6112
 dbratio     ROA    ROA1 debtcf1
 0.56224 0.11041 0.11481 0.04249

TOSYOU CODE: 7242    214
debtcashflow initial values:   0.000010   1.824827
stddev initial values:   0.000010   1.824827
ecfconst solution interval:   2.730182   2.841618
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33892
data: equity =   0.321926  debt =   0.286350  firm =   0.608276

agency cost: EZC - k L (EZC:ecfconst =   2.774041, k:agcpara = 0.30913746)
liq.cash: 10Y average (1Y) =   2.561574 ( 0.11411) : loss rate  0.0766
liq.cash: 10Y std.dev. (1Y) =   1.071889 ( 0.04775)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6873 0.04018   0.13844 0.08832  0.11485  0.09614    0.3219   0.2863   0.6083
 dbratio     ROA    ROA1 debtcf1
 0.47075 0.18760 0.16386 0.02660

TOSYOU CODE: 3201    215
debtcashflow initial values:   0.000010   1.790910
stddev initial values:   0.000010   1.790910
ecfconst solution interval:   1.942301   2.021579
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.15060
data: equity =   0.273342  debt =   0.323628  firm =   0.596970

agency cost: EZC - k L (EZC:ecfconst =   1.965009, k:agcpara = 0.25091300)
liq.cash: 10Y average (1Y) =   1.749948 ( 0.07671) : loss rate  0.1094
liq.cash: 10Y std.dev. (1Y) =   1.068197 ( 0.04682)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8571 0.20162   0.09062 0.08533  0.08775  0.06694    0.2733   0.3236   0.5970
 dbratio     ROA    ROA1 debtcf1
 0.54212 0.12849 0.12653 0.03590

TOSYOU CODE: 6704    216
debtcashflow initial values:   0.000010   1.777771
stddev initial values:   0.000010   1.777771
ecfconst solution interval:   2.659779   2.768341
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26793
data: equity =   0.488204  debt =   0.104386  firm =   0.592590

agency cost: EZC - k L (EZC:ecfconst =   2.696877, k:agcpara = 0.35858702)
liq.cash: 10Y average (1Y) =   2.607894 ( 0.11813) : loss rate  0.0330
liq.cash: 10Y std.dev. (1Y) =   1.254999 ( 0.05685)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2482 0.03004   0.11992 0.08720  0.11416  0.10725    0.4882   0.1044   0.5926
 dbratio     ROA    ROA1 debtcf1
 0.17615 0.19934 0.16362 0.00959

TOSYOU CODE: 4521    217
debtcashflow initial values:   0.000010   1.769097
stddev initial values:   0.000010   1.769097
ecfconst solution interval:   2.484996   2.586424
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.23402
data: equity =   0.418327  debt =   0.171372  firm =   0.589699

agency cost: EZC - k L (EZC:ecfconst =   2.539346, k:agcpara = 0.33242108)
liq.cash: 10Y average (1Y) =   2.401141 ( 0.10857) : loss rate  0.0544
liq.cash: 10Y std.dev. (1Y) =   1.182775 ( 0.05348)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4158 0.04662   0.11833 0.08804  0.10953  0.09801    0.4183   0.1714   0.5897
 dbratio     ROA    ROA1 debtcf1
 0.29061 0.18412 0.15720 0.01624

TOSYOU CODE: 3865    218
debtcashflow initial values:   0.000010   1.757251
stddev initial values:   0.000010   1.757251
ecfconst solution interval:   1.503977   1.565363
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.26211
data: equity =   0.155284  debt =   0.430466  firm =   0.585750

agency cost: EZC - k L (EZC:ecfconst =   1.573297, k:agcpara = 0.16953092)
liq.cash: 10Y average (1Y) =   1.370159 ( 0.05639) : loss rate  0.1291
liq.cash: 10Y std.dev. (1Y) =   0.892977 ( 0.03675)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1982 0.42367   0.06250 0.07466  0.07144  0.04675    0.1553   0.4305   0.5857
 dbratio     ROA    ROA1 debtcf1
 0.73490 0.09627 0.10385 0.05436

TOSYOU CODE: 2281    219
debtcashflow initial values:   0.000010   1.740983
stddev initial values:   0.000010   1.740983
ecfconst solution interval:   2.604742   2.711058
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34396
data: equity =   0.279267  debt =   0.301061  firm =   0.580328

agency cost: EZC - k L (EZC:ecfconst =   2.609587, k:agcpara = 0.29721164)
liq.cash: 10Y average (1Y) =   2.394412 ( 0.10648) : loss rate  0.0825
liq.cash: 10Y std.dev. (1Y) =   0.976950 ( 0.04345)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7240 0.04365   0.14123 0.08847  0.11386  0.09321    0.2793   0.3011   0.5803
 dbratio     ROA    ROA1 debtcf1
 0.51878 0.18349 0.16222 0.02804

TOSYOU CODE: 6754    220
debtcashflow initial values:   0.000010   1.737027
stddev initial values:   0.000010   1.737027
ecfconst solution interval:   2.598823   2.704897
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26466
data: equity =   0.479675  debt =   0.099334  firm =   0.579009

agency cost: EZC - k L (EZC:ecfconst =   2.627588, k:agcpara = 0.35893963)
liq.cash: 10Y average (1Y) =   2.542804 ( 0.11525) : loss rate  0.0323
liq.cash: 10Y std.dev. (1Y) =   1.229085 ( 0.05571)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2362 0.03028   0.11943 0.08718  0.11389  0.10716    0.4797   0.0993   0.5790
 dbratio     ROA    ROA1 debtcf1
 0.17157 0.19905 0.16329 0.00913

TOSYOU CODE: 5410    221
debtcashflow initial values:   0.000010   1.735176
stddev initial values:   0.000010   1.735176
ecfconst solution interval:   1.881855   1.958665
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25798
data: equity =   0.115749  debt =   0.462643  firm =   0.578392

agency cost: EZC - k L (EZC:ecfconst =   1.940876, k:agcpara = 0.15231559)
liq.cash: 10Y average (1Y) =   1.770589 ( 0.07563) : loss rate  0.0877
liq.cash: 10Y std.dev. (1Y) =   0.522366 ( 0.02231)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1180 0.10578   0.13726 0.08780  0.09770  0.06610    0.1157   0.4626   0.5784
 dbratio     ROA    ROA1 debtcf1
 0.79988 0.13077 0.12870 0.04359

TOSYOU CODE: 6931    222
debtcashflow initial values:   0.000010   1.713723
stddev initial values:   0.000010   1.713723
ecfconst solution interval:   1.701839   1.771301
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.20380
data: equity =   0.341210  debt =   0.230031  firm =   0.571241

agency cost: EZC - k L (EZC:ecfconst =   1.735587, k:agcpara = 0.29365339)
liq.cash: 10Y average (1Y) =   1.550393 ( 0.06796) : loss rate  0.1067
liq.cash: 10Y std.dev. (1Y) =   1.326393 ( 0.05814)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6307 0.24403   0.07765 0.08065  0.07886  0.06424    0.3412   0.2300   0.5712
 dbratio     ROA    ROA1 debtcf1
 0.40269 0.11896 0.11754 0.02757

TOSYOU CODE: 6444    223
debtcashflow initial values:   0.000010   1.691453
stddev initial values:   0.000010   1.691453
ecfconst solution interval:   2.530634   2.633926
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32810
data: equity =   0.308477  debt =   0.255341  firm =   0.563818

agency cost: EZC - k L (EZC:ecfconst =   2.560925, k:agcpara = 0.31137292)
liq.cash: 10Y average (1Y) =   2.369838 ( 0.10567) : loss rate  0.0746
liq.cash: 10Y std.dev. (1Y) =   1.008283 ( 0.04496)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6137 0.04078   0.13619 0.08834  0.11452  0.09652    0.3085   0.2553   0.5638
 dbratio     ROA    ROA1 debtcf1
 0.45288 0.18743 0.16339 0.02377

TOSYOU CODE: 6933    224
debtcashflow initial values:   0.000010   1.686423
stddev initial values:   0.000010   1.686423
ecfconst solution interval:   1.906110   1.983910
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.24542
data: equity =   0.285526  debt =   0.276615  firm =   0.562141

agency cost: EZC - k L (EZC:ecfconst =   1.924753, k:agcpara = 0.26760013)
liq.cash: 10Y average (1Y) =   1.731199 ( 0.07667) : loss rate  0.1006
liq.cash: 10Y std.dev. (1Y) =   1.038298 ( 0.04598)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7233 0.16584   0.09491 0.08648  0.09076  0.07161    0.2855   0.2766   0.5621
 dbratio     ROA    ROA1 debtcf1
 0.49207 0.13639 0.13098 0.02990

TOSYOU CODE: 5334    225
debtcashflow initial values:   0.000010   1.684402
stddev initial values:   0.000010   1.684402
ecfconst solution interval:   2.288986   2.382414
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22217
data: equity =   0.534642  debt =   0.026825  firm =   0.561467

agency cost: EZC - k L (EZC:ecfconst =   2.333403, k:agcpara = 0.39817482)
liq.cash: 10Y average (1Y) =   2.309129 ( 0.10674) : loss rate  0.0104
liq.cash: 10Y std.dev. (1Y) =   1.002878 ( 0.04636)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0610 0.01249   0.10669 0.08421  0.10561  0.10380    0.5346   0.0268   0.5615
 dbratio     ROA    ROA1 debtcf1
 0.04777 0.19012 0.15310 0.00231

TOSYOU CODE: 5602    226
debtcashflow initial values:   0.000010   1.682168
stddev initial values:   0.000010   1.682168
ecfconst solution interval:   1.978228   2.058972
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14709
data: equity =   0.211736  debt =   0.348987  firm =   0.560723

agency cost: EZC - k L (EZC:ecfconst =   2.003074, k:agcpara = 0.22633014)
liq.cash: 10Y average (1Y) =   1.801908 ( 0.07881) : loss rate  0.1004
liq.cash: 10Y std.dev. (1Y) =   0.836453 ( 0.03658)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8888 0.13750   0.11226 0.08857  0.09752  0.07271    0.2117   0.3490   0.5607
 dbratio     ROA    ROA1 debtcf1
 0.62239 0.14055 0.13578 0.03578

TOSYOU CODE: 5336    227
debtcashflow initial values:   0.000010   1.680150
stddev initial values:   0.000010   1.680150
ecfconst solution interval:   1.975856   2.056504
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.37424
data: equity =   0.447597  debt =   0.112453  firm =   0.560050

agency cost: EZC - k L (EZC:ecfconst =   1.999342, k:agcpara = 0.33940860)
liq.cash: 10Y average (1Y) =   1.902700 ( 0.08743) : loss rate  0.0483
liq.cash: 10Y std.dev. (1Y) =   1.266908 ( 0.05821)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2847 0.10078   0.09379 0.08615  0.09225  0.08447    0.4476   0.1125   0.5600
 dbratio     ROA    ROA1 debtcf1
 0.20079 0.15611 0.13571 0.01155

TOSYOU CODE: 6374    228
debtcashflow initial values:   0.000010   1.652904
stddev initial values:   0.000010   1.652904
ecfconst solution interval:   1.943810   2.023150
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17561
data: equity =   0.168860  debt =   0.382108  firm =   0.550968

agency cost: EZC - k L (EZC:ecfconst =   1.937750, k:agcpara = 0.19893280)
liq.cash: 10Y average (1Y) =   1.746172 ( 0.07566) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =   0.714239 ( 0.03095)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9630 0.13644   0.11934 0.08877  0.09814  0.07044    0.1689   0.3821   0.5510
 dbratio     ROA    ROA1 debtcf1
 0.69352 0.13733 0.13401 0.03846

TOSYOU CODE: 6705    229
debtcashflow initial values:   0.000010   1.637231
stddev initial values:   0.000010   1.637231
ecfconst solution interval:   2.599264   2.705356
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38265
data: equity =   0.490570  debt =   0.055174  firm =   0.545744

agency cost: EZC - k L (EZC:ecfconst =   2.626800, k:agcpara = 0.40247231)
liq.cash: 10Y average (1Y) =   2.576804 ( 0.11616) : loss rate  0.0190
liq.cash: 10Y std.dev. (1Y) =   0.967963 ( 0.04364)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1242 0.00564   0.12322 0.08393  0.11925  0.11543    0.4906   0.0552   0.5457
 dbratio     ROA    ROA1 debtcf1
 0.10110 0.21285 0.17016 0.00468

TOSYOU CODE: 7735    230
debtcashflow initial values:   0.000010   1.634626
stddev initial values:   0.000010   1.634626
ecfconst solution interval:   2.445619   2.545440
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27499
data: equity =   0.400166  debt =   0.144709  firm =   0.544875

agency cost: EZC - k L (EZC:ecfconst =   2.462152, k:agcpara = 0.34326990)
liq.cash: 10Y average (1Y) =   2.343121 ( 0.10565) : loss rate  0.0483
liq.cash: 10Y std.dev. (1Y) =   1.105122 ( 0.04983)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3468 0.03542   0.12305 0.08774  0.11367  0.10318    0.4002   0.1447   0.5449
 dbratio     ROA    ROA1 debtcf1
 0.26559 0.19390 0.16279 0.01344

TOSYOU CODE: 6845    231
debtcashflow initial values:   0.000010   1.627986
stddev initial values:   0.000010   1.627986
ecfconst solution interval:   1.691157   1.760183
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.30051
data: equity =   0.393414  debt =   0.149248  firm =   0.542662

agency cost: EZC - k L (EZC:ecfconst =   1.758793, k:agcpara = 0.32374088)
liq.cash: 10Y average (1Y) =   1.631719 ( 0.07376) : loss rate  0.0723
liq.cash: 10Y std.dev. (1Y) =   1.272599 ( 0.05753)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3925 0.16509   0.08423 0.08342  0.08400  0.07368    0.3934   0.1493   0.5427
 dbratio     ROA    ROA1 debtcf1
 0.27503 0.13592 0.12478 0.01652

TOSYOU CODE: 5991    232
debtcashflow initial values:   0.000010   1.622093
stddev initial values:   0.000010   1.622093
ecfconst solution interval:   2.426872   2.525928
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33305
data: equity =   0.318333  debt =   0.222365  firm =   0.540698

agency cost: EZC - k L (EZC:ecfconst =   2.500676, k:agcpara = 0.32255882)
liq.cash: 10Y average (1Y) =   2.329025 ( 0.10396) : loss rate  0.0686
liq.cash: 10Y std.dev. (1Y) =   0.999869 ( 0.04463)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5322 0.03616   0.13527 0.08809  0.11587  0.09956    0.3183   0.2224   0.5407
 dbratio     ROA    ROA1 debtcf1
 0.41126 0.19227 0.16549 0.02058

TOSYOU CODE: 5451    233
debtcashflow initial values:   0.000010   1.611481
stddev initial values:   0.000010   1.611481
ecfconst solution interval:   2.484692   2.586108
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36715
data: equity =   0.298197  debt =   0.238963  firm =   0.537160

agency cost: EZC - k L (EZC:ecfconst =   2.537995, k:agcpara = 0.32203165)
liq.cash: 10Y average (1Y) =   2.354879 ( 0.10484) : loss rate  0.0722
liq.cash: 10Y std.dev. (1Y) =   0.969022 ( 0.04314)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5686 0.03264   0.14121 0.08790  0.11749  0.09990    0.2982   0.2390   0.5372
 dbratio     ROA    ROA1 debtcf1
 0.44486 0.19518 0.16799 0.02192

TOSYOU CODE: 5632    234
debtcashflow initial values:   0.000010   1.607607
stddev initial values:   0.000010   1.607607
ecfconst solution interval:   2.331675   2.426845
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36372
data: equity =   0.219744  debt =   0.316125  firm =   0.535869

agency cost: EZC - k L (EZC:ecfconst =   2.370548, k:agcpara = 0.28043647)
liq.cash: 10Y average (1Y) =   2.157630 ( 0.09571) : loss rate  0.0898
liq.cash: 10Y std.dev. (1Y) =   0.831718 ( 0.03689)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7592 0.04635   0.14761 0.08850  0.11274  0.08925    0.2197   0.3161   0.5359
 dbratio     ROA    ROA1 debtcf1
 0.58993 0.17861 0.16032 0.02938

TOSYOU CODE: 2001    235
debtcashflow initial values:   0.000010   1.605512
stddev initial values:   0.000010   1.605512
ecfconst solution interval:   2.328637   2.423683
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30038
data: equity =   0.301934  debt =   0.233237  firm =   0.535171

agency cost: EZC - k L (EZC:ecfconst =   2.380180, k:agcpara = 0.30998807)
liq.cash: 10Y average (1Y) =   2.205431 ( 0.09852) : loss rate  0.0734
liq.cash: 10Y std.dev. (1Y) =   0.969967 ( 0.04333)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5637 0.04527   0.13167 0.08849  0.11285  0.09550    0.3019   0.2332   0.5352
 dbratio     ROA    ROA1 debtcf1
 0.43581 0.18409 0.16095 0.02191

TOSYOU CODE: 5301    236
debtcashflow initial values:   0.000010   1.596472
stddev initial values:   0.000010   1.596472
ecfconst solution interval:   1.804435   1.878085
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09349  std.dev = 0.09764  lambda =   2.41401
riskless rate of interest = 0.08273  correlation =  0.19416
data: equity =   0.321453  debt =   0.210704  firm =   0.532157

agency cost: EZC - k L (EZC:ecfconst =   1.849852, k:agcpara = 0.29463050)
liq.cash: 10Y average (1Y) =   1.689023 ( 0.07578) : loss rate  0.0869
liq.cash: 10Y std.dev. (1Y) =   1.068110 ( 0.04792)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5459 0.14225   0.09410 0.08626  0.09100  0.07563    0.3215   0.2107   0.5322
 dbratio     ROA    ROA1 debtcf1
 0.39594 0.14241 0.13269 0.02246

TOSYOU CODE: 3111 error: solution not found

TOSYOU CODE: 6103    237
debtcashflow initial values:   0.000010   1.592819
stddev initial values:   0.000010   1.592819
ecfconst solution interval:   2.455909   2.556151
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32251
data: equity =   0.440587  debt =   0.090353  firm =   0.530940

agency cost: EZC - k L (EZC:ecfconst =   2.561743, k:agcpara = 0.36720000)
liq.cash: 10Y average (1Y) =   2.483835 ( 0.11157) : loss rate  0.0304
liq.cash: 10Y std.dev. (1Y) =   1.124936 ( 0.05053)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2122 0.02172   0.12617 0.08676  0.11947  0.11282    0.4406   0.0903   0.5309
 dbratio     ROA    ROA1 debtcf1
 0.17017 0.21014 0.17044 0.00814

TOSYOU CODE: 7741    238
debtcashflow initial values:   0.000010   1.564320
stddev initial values:   0.000010   1.564320
ecfconst solution interval:   1.696556   1.765804
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.44635
data: equity =   0.462278  debt =   0.059162  firm =   0.521440

agency cost: EZC - k L (EZC:ecfconst =   1.688076, k:agcpara = 0.35747423)
liq.cash: 10Y average (1Y) =   1.632156 ( 0.07498) : loss rate  0.0331
liq.cash: 10Y std.dev. (1Y) =   1.455220 ( 0.06685)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1564 0.15527   0.08483 0.08368  0.08470  0.08043    0.4623   0.0592   0.5214
 dbratio     ROA    ROA1 debtcf1
 0.11346 0.14379 0.12465 0.00660

TOSYOU CODE: 4506    239
debtcashflow initial values:   0.000010   1.535285
stddev initial values:   0.000010   1.535285
ecfconst solution interval:   1.454428   1.513792
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.18916
data: equity =   0.431397  debt =   0.080365  firm =   0.511762

agency cost: EZC - k L (EZC:ecfconst =   1.550548, k:agcpara = 0.34919631)
liq.cash: 10Y average (1Y) =   1.476064 ( 0.06689) : loss rate  0.0480
liq.cash: 10Y std.dev. (1Y) =   1.380724 ( 0.06257)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2133 0.18021   0.07858 0.08106  0.07897  0.07324    0.4314   0.0804   0.5118
 dbratio     ROA    ROA1 debtcf1
 0.15703 0.13071 0.11723 0.00913

TOSYOU CODE: 5482    240
debtcashflow initial values:   0.000010   1.534073
stddev initial values:   0.000010   1.534073
ecfconst solution interval:   2.084705   2.169795
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.46659
data: equity =   0.374755  debt =   0.136603  firm =   0.511358

agency cost: EZC - k L (EZC:ecfconst =   2.161108, k:agcpara = 0.33542465)
liq.cash: 10Y average (1Y) =   2.049117 ( 0.09295) : loss rate  0.0518
liq.cash: 10Y std.dev. (1Y) =   1.047819 ( 0.04753)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3339 0.05082   0.11489 0.08830  0.10779  0.09717    0.3748   0.1366   0.5114
 dbratio     ROA    ROA1 debtcf1
 0.26714 0.18176 0.15503 0.01309

TOSYOU CODE: 3109    241
debtcashflow initial values:   0.000010   1.529624
stddev initial values:   0.000010   1.529624
ecfconst solution interval:   1.309153   1.362587
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.30878
data: equity =   0.115383  debt =   0.394492  firm =   0.509875

agency cost: EZC - k L (EZC:ecfconst =   1.333066, k:agcpara = 0.14661752)
liq.cash: 10Y average (1Y) =   1.176568 ( 0.04812) : loss rate  0.1174
liq.cash: 10Y std.dev. (1Y) =   0.661336 ( 0.02705)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0674 0.43444   0.05899 0.07399  0.07060  0.04484    0.1154   0.3945   0.5099
 dbratio     ROA    ROA1 debtcf1
 0.77370 0.09437 0.10088 0.04779

TOSYOU CODE: 7276    242
debtcashflow initial values:   0.000010   1.526174
stddev initial values:   0.000010   1.526174
ecfconst solution interval:   2.143770   2.231270
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21112
data: equity =   0.435007  debt =   0.073718  firm =   0.508725

agency cost: EZC - k L (EZC:ecfconst =   2.182579, k:agcpara = 0.35725772)
liq.cash: 10Y average (1Y) =   2.119395 ( 0.09691) : loss rate  0.0289
liq.cash: 10Y std.dev. (1Y) =   1.100178 ( 0.05031)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1769 0.03873   0.11238 0.08716  0.10872  0.10304    0.4350   0.0737   0.5087
 dbratio     ROA    ROA1 debtcf1
 0.14492 0.19050 0.15677 0.00688

TOSYOU CODE: 3706    243
debtcashflow initial values:   0.000010   1.516239
stddev initial values:   0.000010   1.516239
ecfconst solution interval:   1.575066   1.639354
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17258
data: equity =   0.110606  debt =   0.394807  firm =   0.505413

agency cost: EZC - k L (EZC:ecfconst =   1.632950, k:agcpara = 0.15054047)
liq.cash: 10Y average (1Y) =   1.486260 ( 0.06313) : loss rate  0.0898
liq.cash: 10Y std.dev. (1Y) =   0.491489 ( 0.02088)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9744 0.14884   0.11992 0.08763  0.09470  0.06389    0.1106   0.3948   0.5054
 dbratio     ROA    ROA1 debtcf1
 0.78116 0.12490 0.12443 0.03858

TOSYOU CODE: 2536    244
debtcashflow initial values:   0.000010   1.507002
stddev initial values:   0.000010   1.507002
ecfconst solution interval:   1.565472   1.629368
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.00242
data: equity =   0.286279  debt =   0.216055  firm =   0.502334

agency cost: EZC - k L (EZC:ecfconst =   1.595560, k:agcpara = 0.28463814)
liq.cash: 10Y average (1Y) =   1.430942 ( 0.06324) : loss rate  0.1032
liq.cash: 10Y std.dev. (1Y) =   1.060838 ( 0.04688)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5783 0.21078   0.08291 0.08278  0.08285  0.06683    0.2863   0.2161   0.5023
 dbratio     ROA    ROA1 debtcf1
 0.43010 0.12589 0.12251 0.02468

TOSYOU CODE: 5444    245
debtcashflow initial values:   0.000010   1.504944
stddev initial values:   0.000010   1.504944
ecfconst solution interval:   1.632161   1.698779
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.21414
data: equity =   0.399608  debt =   0.102040  firm =   0.501648

agency cost: EZC - k L (EZC:ecfconst =   1.715162, k:agcpara = 0.33844200)
liq.cash: 10Y average (1Y) =   1.626672 ( 0.07460) : loss rate  0.0516
liq.cash: 10Y std.dev. (1Y) =   1.167690 ( 0.05355)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2615 0.12117   0.08933 0.08504  0.08846  0.08067    0.3996   0.1020   0.5016
 dbratio     ROA    ROA1 debtcf1
 0.20341 0.14870 0.13081 0.01074

TOSYOU CODE: 4116    246
debtcashflow initial values:   0.000010   1.477718
stddev initial values:   0.000010   1.477718
ecfconst solution interval:   2.210860   2.301100
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36203
data: equity =   0.234778  debt =   0.257795  firm =   0.492573

agency cost: EZC - k L (EZC:ecfconst =   2.247044, k:agcpara = 0.30037500)
liq.cash: 10Y average (1Y) =   2.061630 ( 0.09166) : loss rate  0.0825
liq.cash: 10Y std.dev. (1Y) =   0.825917 ( 0.03672)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6173 0.04016   0.14403 0.08830  0.11486  0.09407    0.2348   0.2578   0.4926
 dbratio     ROA    ROA1 debtcf1
 0.52337 0.18608 0.16390 0.02385

TOSYOU CODE: 6923    247
debtcashflow initial values:   0.000010   1.477482
stddev initial values:   0.000010   1.477482
ecfconst solution interval:   2.210508   2.300732
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28716
data: equity =   0.391236  debt =   0.101258  firm =   0.492494

agency cost: EZC - k L (EZC:ecfconst =   2.277788, k:agcpara = 0.35611002)
liq.cash: 10Y average (1Y) =   2.192143 ( 0.09891) : loss rate  0.0376
liq.cash: 10Y std.dev. (1Y) =   1.028686 ( 0.04642)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2405 0.02890   0.12298 0.08729  0.11564  0.10757    0.3912   0.1013   0.4925
 dbratio     ROA    ROA1 debtcf1
 0.20560 0.20084 0.16550 0.00928

TOSYOU CODE: 3877    248
debtcashflow initial values:   0.000010   1.472109
stddev initial values:   0.000010   1.472109
ecfconst solution interval:   1.461905   1.521575
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.18200
data: equity =   0.099152  debt =   0.391551  firm =   0.490703

agency cost: EZC - k L (EZC:ecfconst =   1.463379, k:agcpara = 0.13280633)
liq.cash: 10Y average (1Y) =   1.333702 ( 0.05577) : loss rate  0.0886
liq.cash: 10Y std.dev. (1Y) =   0.445024 ( 0.01861)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9764 0.21104   0.10097 0.08590  0.08894  0.05810    0.0992   0.3916   0.4907
 dbratio     ROA    ROA1 debtcf1
 0.79794 0.11364 0.11546 0.03926

TOSYOU CODE: 5563    249
debtcashflow initial values:   0.000010   1.458945
stddev initial values:   0.000010   1.458945
ecfconst solution interval:   1.515550   1.577410
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09349  std.dev = 0.09764  lambda =   2.41401
riskless rate of interest = 0.08273  correlation =  0.19790
data: equity =   0.136926  debt =   0.349389  firm =   0.486315

agency cost: EZC - k L (EZC:ecfconst =   1.532631, k:agcpara = 0.17932431)
liq.cash: 10Y average (1Y) =   1.370099 ( 0.05841) : loss rate  0.1060
liq.cash: 10Y std.dev. (1Y) =   0.615923 ( 0.02626)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9064 0.22575   0.09675 0.08616  0.08914  0.06129    0.1369   0.3494   0.4863
 dbratio     ROA    ROA1 debtcf1
 0.71844 0.12011 0.12164 0.03734

TOSYOU CODE: 7750    250
debtcashflow initial values:   0.000010   1.451721
stddev initial values:   0.000010   1.451721
ecfconst solution interval:   1.972789   2.053311
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20019
data: equity =   0.365735  debt =   0.118172  firm =   0.483907

agency cost: EZC - k L (EZC:ecfconst =   2.023511, k:agcpara = 0.33777514)
liq.cash: 10Y average (1Y) =   1.926309 ( 0.08763) : loss rate  0.0480
liq.cash: 10Y std.dev. (1Y) =   1.000733 ( 0.04552)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2878 0.05078   0.11283 0.08779  0.10672  0.09707    0.3657   0.1182   0.4839
 dbratio     ROA    ROA1 debtcf1
 0.24420 0.18109 0.15381 0.01128

TOSYOU CODE: 4047    251
debtcashflow initial values:   0.000010   1.449868
stddev initial values:   0.000010   1.449868
ecfconst solution interval:   1.970270   2.050690
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21671
data: equity =   0.296194  debt =   0.187095  firm =   0.483289

agency cost: EZC - k L (EZC:ecfconst =   2.002237, k:agcpara = 0.30817230)
liq.cash: 10Y average (1Y) =   1.860417 ( 0.08366) : loss rate  0.0708
liq.cash: 10Y std.dev. (1Y) =   0.912685 ( 0.04104)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4602 0.06249   0.11824 0.08855  0.10674  0.09132    0.2962   0.1871   0.4833
 dbratio     ROA    ROA1 debtcf1
 0.38713 0.17310 0.15274 0.01810

TOSYOU CODE: 2211    252
debtcashflow initial values:   0.000010   1.444876
stddev initial values:   0.000010   1.444876
ecfconst solution interval:   1.500939   1.562201
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation = -0.00399
data: equity =   0.404148  debt =   0.077477  firm =   0.481625

agency cost: EZC - k L (EZC:ecfconst =   1.518165, k:agcpara = 0.34513219)
liq.cash: 10Y average (1Y) =   1.448874 ( 0.06623) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   1.216369 ( 0.05561)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2008 0.15242   0.08162 0.08205  0.08169  0.07575    0.4041   0.0775   0.4816
 dbratio     ROA    ROA1 debtcf1
 0.16087 0.13752 0.12166 0.00843

TOSYOU CODE: 7910    253
debtcashflow initial values:   0.000010   1.442184
stddev initial values:   0.000010   1.442184
ecfconst solution interval:   1.498136   1.559284
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11870  std.dev = 0.07526  lambda =  15.86554
riskless rate of interest = 0.08062  correlation =  0.13434
data: equity =   0.096312  debt =   0.384416  firm =   0.480728

agency cost: EZC - k L (EZC:ecfconst =   1.527540, k:agcpara = 0.13908480)
liq.cash: 10Y average (1Y) =   1.399859 ( 0.05940) : loss rate  0.0836
liq.cash: 10Y std.dev. (1Y) =   0.415140 ( 0.01762)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9180 0.12288   0.12609 0.08575  0.09383  0.06298    0.0963   0.3844   0.4807
 dbratio     ROA    ROA1 debtcf1
 0.79965 0.12356 0.12256 0.03584

TOSYOU CODE: 5393    254
debtcashflow initial values:   0.000010   1.438445
stddev initial values:   0.000010   1.438445
ecfconst solution interval:   2.086322   2.171478
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30528
data: equity =   0.265816  debt =   0.213666  firm =   0.479482

agency cost: EZC - k L (EZC:ecfconst =   2.136146, k:agcpara = 0.30845525)
liq.cash: 10Y average (1Y) =   1.976918 ( 0.08826) : loss rate  0.0745
liq.cash: 10Y std.dev. (1Y) =   0.862362 ( 0.03850)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5162 0.04515   0.13273 0.08850  0.11302  0.09527    0.2658   0.2137   0.4795
 dbratio     ROA    ROA1 debtcf1
 0.44562 0.18407 0.16114 0.02006

TOSYOU CODE: 4912    255
debtcashflow initial values:   0.000010   1.438062
stddev initial values:   0.000010   1.438062
ecfconst solution interval:   1.691157   1.760183
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09349  std.dev = 0.09764  lambda =   2.41401
riskless rate of interest = 0.08273  correlation =  0.22080
data: equity =   0.439862  debt =   0.039492  firm =   0.479354

agency cost: EZC - k L (EZC:ecfconst =   1.713798, k:agcpara = 0.37381358)
liq.cash: 10Y average (1Y) =   1.678390 ( 0.07823) : loss rate  0.0207
liq.cash: 10Y std.dev. (1Y) =   1.006099 ( 0.04690)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0947 0.05774   0.09245 0.08494  0.09183  0.08868    0.4399   0.0395   0.4794
 dbratio     ROA    ROA1 debtcf1
 0.08239 0.16321 0.13587 0.00372

TOSYOU CODE: 5213    256
debtcashflow initial values:   0.000010   1.425791
stddev initial values:   0.000010   1.425791
ecfconst solution interval:   1.807140   1.880900
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17227
data: equity =   0.299807  debt =   0.175457  firm =   0.475264

agency cost: EZC - k L (EZC:ecfconst =   1.884681, k:agcpara = 0.30724533)
liq.cash: 10Y average (1Y) =   1.750695 ( 0.07896) : loss rate  0.0711
liq.cash: 10Y std.dev. (1Y) =   0.916368 ( 0.04133)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4361 0.07570   0.11129 0.08827  0.10279  0.08812    0.2998   0.1755   0.4753
 dbratio     ROA    ROA1 debtcf1
 0.36917 0.16615 0.14771 0.01730

TOSYOU CODE: 4401    257
debtcashflow initial values:   0.000010   1.420458
stddev initial values:   0.000010   1.420458
ecfconst solution interval:   1.735423   1.806257
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30358
data: equity =   0.109755  debt =   0.363731  firm =   0.473486

agency cost: EZC - k L (EZC:ecfconst =   1.720099, k:agcpara = 0.18474528)
liq.cash: 10Y average (1Y) =   1.557584 ( 0.06748) : loss rate  0.0945
liq.cash: 10Y std.dev. (1Y) =   0.496037 ( 0.02149)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8797 0.08586   0.14573 0.08836  0.10166  0.07112    0.1098   0.3637   0.4735
 dbratio     ROA    ROA1 debtcf1
 0.76820 0.14252 0.13769 0.03423

TOSYOU CODE: 7123    258
debtcashflow initial values:   0.000010   1.419879
stddev initial values:   0.000010   1.419879
ecfconst solution interval:   1.410034   1.467586
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation = -0.00625
data: equity =   0.235115  debt =   0.238178  firm =   0.473293

agency cost: EZC - k L (EZC:ecfconst =   1.469671, k:agcpara = 0.26189799)
liq.cash: 10Y average (1Y) =   1.301752 ( 0.05681) : loss rate  0.1143
liq.cash: 10Y std.dev. (1Y) =   0.936944 ( 0.04089)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6412 0.24039   0.08100 0.08182  0.08141  0.06288    0.2351   0.2382   0.4733
 dbratio     ROA    ROA1 debtcf1
 0.50323 0.12002 0.11998 0.02758

TOSYOU CODE: 4078    259
debtcashflow initial values:   0.000010   1.418647
stddev initial values:   0.000010   1.418647
ecfconst solution interval:   1.798084   1.871476
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22562
data: equity =   0.208552  debt =   0.264331  firm =   0.472882

agency cost: EZC - k L (EZC:ecfconst =   1.872190, k:agcpara = 0.25997626)
liq.cash: 10Y average (1Y) =   1.701264 ( 0.07533) : loss rate  0.0913
liq.cash: 10Y std.dev. (1Y) =   0.761302 ( 0.03371)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6575 0.08518   0.12447 0.08922  0.10477  0.08232    0.2086   0.2643   0.4729
 dbratio     ROA    ROA1 debtcf1
 0.55898 0.15930 0.14752 0.02597

TOSYOU CODE: 6369    260
debtcashflow initial values:   0.000010   1.412047
stddev initial values:   0.000010   1.412047
ecfconst solution interval:   1.595989   1.661131
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.09047
data: equity =   0.236100  debt =   0.234582  firm =   0.470682

agency cost: EZC - k L (EZC:ecfconst =   1.655710, k:agcpara = 0.26539545)
liq.cash: 10Y average (1Y) =   1.495316 ( 0.06633) : loss rate  0.0969
liq.cash: 10Y std.dev. (1Y) =   0.839838 ( 0.03725)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6044 0.14438   0.09983 0.08709  0.09348  0.07395    0.2361   0.2346   0.4707
 dbratio     ROA    ROA1 debtcf1
 0.49838 0.14092 0.13403 0.02468

TOSYOU CODE: 7936    261
debtcashflow initial values:   0.000010   1.396303
stddev initial values:   0.000010   1.396303
ecfconst solution interval:   1.897486   1.974934
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.20882
data: equity =   0.285519  debt =   0.179915  firm =   0.465434

agency cost: EZC - k L (EZC:ecfconst =   1.933126, k:agcpara = 0.30900969)
liq.cash: 10Y average (1Y) =   1.796022 ( 0.08074) : loss rate  0.0709
liq.cash: 10Y std.dev. (1Y) =   0.882821 ( 0.03969)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4437 0.06278   0.11843 0.08880  0.10698  0.09153    0.2855   0.1799   0.4654
 dbratio     ROA    ROA1 debtcf1
 0.38655 0.17347 0.15303 0.01746

TOSYOU CODE: 5122    262
debtcashflow initial values:   0.000010   1.386653
stddev initial values:   0.000010   1.386653
ecfconst solution interval:   1.884364   1.961276
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19617
data: equity =   0.348162  debt =   0.114056  firm =   0.462218

agency cost: EZC - k L (EZC:ecfconst =   1.923234, k:agcpara = 0.33684127)
liq.cash: 10Y average (1Y) =   1.829556 ( 0.08324) : loss rate  0.0487
liq.cash: 10Y std.dev. (1Y) =   0.955124 ( 0.04346)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2781 0.05215   0.11234 0.08780  0.10628  0.09653    0.3482   0.1141   0.4622
 dbratio     ROA    ROA1 debtcf1
 0.24676 0.18010 0.15324 0.01091

TOSYOU CODE: 7224    263
debtcashflow initial values:   0.000010   1.373381
stddev initial values:   0.000010   1.373381
ecfconst solution interval:   2.180382   2.269378
agcparam solution interval: 0.40199600 0.41840400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36127
data: equity =   0.441857  debt =   0.015937  firm =   0.457794

agency cost: EZC - k L (EZC:ecfconst =   2.158370, k:agcpara = 0.41374583)
liq.cash: 10Y average (1Y) =   2.143594 ( 0.09723) : loss rate  0.0068
liq.cash: 10Y std.dev. (1Y) =   0.805763 ( 0.03655)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0357 0.00445   0.11872 0.08355  0.11749  0.11619    0.4419   0.0159   0.4578
 dbratio     ROA    ROA1 debtcf1
 0.03481 0.21240 0.16774 0.00134

TOSYOU CODE: 5351    264
debtcashflow initial values:   0.000010   1.355517
stddev initial values:   0.000010   1.355517
ecfconst solution interval:   1.904052   1.981768
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34533
data: equity =   0.189498  debt =   0.262341  firm =   0.451839

agency cost: EZC - k L (EZC:ecfconst =   1.976730, k:agcpara = 0.27856581)
liq.cash: 10Y average (1Y) =   1.800448 ( 0.07986) : loss rate  0.0892
liq.cash: 10Y std.dev. (1Y) =   0.709302 ( 0.03146)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6328 0.04986   0.14438 0.08868  0.11204  0.08887    0.1895   0.2623   0.4518
 dbratio     ROA    ROA1 debtcf1
 0.58060 0.17675 0.15904 0.02454

TOSYOU CODE: 4509    265
debtcashflow initial values:   0.000010   1.341103
stddev initial values:   0.000010   1.341103
ecfconst solution interval:   1.699800   1.769180
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15020
data: equity =   0.323975  debt =   0.123059  firm =   0.447034

agency cost: EZC - k L (EZC:ecfconst =   1.756434, k:agcpara = 0.32663859)
liq.cash: 10Y average (1Y) =   1.656893 ( 0.07545) : loss rate  0.0567
liq.cash: 10Y std.dev. (1Y) =   0.920370 ( 0.04191)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3047 0.07090   0.10645 0.08765  0.10128  0.09042    0.3240   0.1231   0.4470
 dbratio     ROA    ROA1 debtcf1
 0.27528 0.16878 0.14664 0.01209

TOSYOU CODE: 6390    266
debtcashflow initial values:   0.000010   1.332709
stddev initial values:   0.000010   1.332709
ecfconst solution interval:   1.445363   1.504357
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.24874
data: equity =   0.170311  debt =   0.273925  firm =   0.444236

agency cost: EZC - k L (EZC:ecfconst =   1.443960, k:agcpara = 0.22418178)
liq.cash: 10Y average (1Y) =   1.281455 ( 0.05557) : loss rate  0.1125
liq.cash: 10Y std.dev. (1Y) =   0.712749 ( 0.03091)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7249 0.21744   0.09235 0.08572  0.08826  0.06448    0.1703   0.2739   0.4442
 dbratio     ROA    ROA1 debtcf1
 0.61662 0.12508 0.12511 0.03029

TOSYOU CODE: 6756    267
debtcashflow initial values:   0.000010   1.324713
stddev initial values:   0.000010   1.324713
ecfconst solution interval:   2.103119   2.188961
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37030
data: equity =   0.367162  debt =   0.074409  firm =   0.441571

agency cost: EZC - k L (EZC:ecfconst =   2.237146, k:agcpara = 0.37469093)
liq.cash: 10Y average (1Y) =   2.172287 ( 0.09677) : loss rate  0.0290
liq.cash: 10Y std.dev. (1Y) =   0.936965 ( 0.04174)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1731 0.01643   0.13153 0.08632  0.12391  0.11737    0.3672   0.0744   0.4416
 dbratio     ROA    ROA1 debtcf1
 0.16851 0.21916 0.17617 0.00661

TOSYOU CODE: 6976    268
debtcashflow initial values:   0.000010   1.317854
stddev initial values:   0.000010   1.317854
ecfconst solution interval:   2.092221   2.177618
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.33113
data: equity =   0.340341  debt =   0.098944  firm =   0.439285

agency cost: EZC - k L (EZC:ecfconst =   2.114812, k:agcpara = 0.35941437)
liq.cash: 10Y average (1Y) =   2.030839 ( 0.09103) : loss rate  0.0397
liq.cash: 10Y std.dev. (1Y) =   0.909268 ( 0.04076)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2336 0.02405   0.12853 0.08722  0.11923  0.11039    0.3403   0.0989   0.4393
 dbratio     ROA    ROA1 debtcf1
 0.22524 0.20723 0.17018 0.00898

TOSYOU CODE: 6581    269
debtcashflow initial values:   0.000010   1.293843
stddev initial values:   0.000010   1.293843
ecfconst solution interval:   2.113272   2.199528
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41520
data: equity =   0.376992  debt =   0.054289  firm =   0.431281

agency cost: EZC - k L (EZC:ecfconst =   2.133405, k:agcpara = 0.40101618)
liq.cash: 10Y average (1Y) =   2.084414 ( 0.09343) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   0.764790 ( 0.03428)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1222 0.00515   0.12714 0.08393  0.12170  0.11695    0.3770   0.0543   0.4313
 dbratio     ROA    ROA1 debtcf1
 0.12588 0.21663 0.17336 0.00460

TOSYOU CODE: 5851    270
debtcashflow initial values:   0.000010   1.284931
stddev initial values:   0.000010   1.284931
ecfconst solution interval:   1.511082   1.572758
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.36581
data: equity =   0.277649  debt =   0.150661  firm =   0.428310

agency cost: EZC - k L (EZC:ecfconst =   1.558523, k:agcpara = 0.30709133)
liq.cash: 10Y average (1Y) =   1.440358 ( 0.06509) : loss rate  0.0758
liq.cash: 10Y std.dev. (1Y) =   0.869783 ( 0.03931)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3848 0.11245   0.09894 0.08729  0.09484  0.08103    0.2776   0.1507   0.4283
 dbratio     ROA    ROA1 debtcf1
 0.35175 0.15197 0.13788 0.01561

TOSYOU CODE: 7757    271
debtcashflow initial values:   0.000010   1.268267
stddev initial values:   0.000010   1.268267
ecfconst solution interval:   2.013498   2.095682
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40845
data: equity =   0.226286  debt =   0.196470  firm =   0.422756

agency cost: EZC - k L (EZC:ecfconst =   2.060062, k:agcpara = 0.32711618)
liq.cash: 10Y average (1Y) =   1.908362 ( 0.08478) : loss rate  0.0736
liq.cash: 10Y std.dev. (1Y) =   0.752544 ( 0.03343)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4638 0.02745   0.14763 0.08751  0.11969  0.10139    0.2263   0.1965   0.4228
 dbratio     ROA    ROA1 debtcf1
 0.46474 0.20055 0.17160 0.01780

TOSYOU CODE: 6331    272
debtcashflow initial values:   0.000010   1.267418
stddev initial values:   0.000010   1.267418
ecfconst solution interval:   1.664373   1.732307
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19020
data: equity =   0.233848  debt =   0.188625  firm =   0.422473

agency cost: EZC - k L (EZC:ecfconst =   1.677464, k:agcpara = 0.28917631)
liq.cash: 10Y average (1Y) =   1.541569 ( 0.06900) : loss rate  0.0810
liq.cash: 10Y std.dev. (1Y) =   0.765166 ( 0.03425)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4699 0.08068   0.11568 0.08872  0.10365  0.08582    0.2338   0.1886   0.4225
 dbratio     ROA    ROA1 debtcf1
 0.44648 0.16333 0.14785 0.01863

TOSYOU CODE: 6802    273
debtcashflow initial values:   0.000010   1.265198
stddev initial values:   0.000010   1.265198
ecfconst solution interval:   1.430016   1.488384
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.30667
data: equity =   0.239591  debt =   0.182142  firm =   0.421733

agency cost: EZC - k L (EZC:ecfconst =   1.487921, k:agcpara = 0.28568515)
liq.cash: 10Y average (1Y) =   1.353310 ( 0.06051) : loss rate  0.0905
liq.cash: 10Y std.dev. (1Y) =   0.813322 ( 0.03636)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4712 0.13905   0.09719 0.08699  0.09279  0.07588    0.2396   0.1821   0.4217
 dbratio     ROA    ROA1 debtcf1
 0.43189 0.14347 0.13437 0.01930

TOSYOU CODE: 5142    274
debtcashflow initial values:   0.000010   1.265110
stddev initial values:   0.000010   1.265110
ecfconst solution interval:   1.372059   1.428061
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.25850
data: equity =   0.230939  debt =   0.190764  firm =   0.421703

agency cost: EZC - k L (EZC:ecfconst =   1.426904, k:agcpara = 0.27918645)
liq.cash: 10Y average (1Y) =   1.287116 ( 0.05722) : loss rate  0.0980
liq.cash: 10Y std.dev. (1Y) =   0.821748 ( 0.03653)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5007 0.16928   0.09178 0.08576  0.08905  0.07160    0.2309   0.1908   0.4217
 dbratio     ROA    ROA1 debtcf1
 0.45237 0.13569 0.12964 0.02082

TOSYOU CODE: 6445    275
debtcashflow initial values:   0.000010   1.264238
stddev initial values:   0.000010   1.264238
ecfconst solution interval:   1.428928   1.487252
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.05274
data: equity =   0.414920  debt =   0.006493  firm =   0.421413

agency cost: EZC - k L (EZC:ecfconst =   1.460495, k:agcpara = 0.39636332)
liq.cash: 10Y average (1Y) =   1.454506 ( 0.06837) : loss rate  0.0041
liq.cash: 10Y std.dev. (1Y) =   0.825783 ( 0.03882)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0151 0.04066   0.08894 0.08357  0.08886  0.08828    0.4149   0.0065   0.4214
 dbratio     ROA    ROA1 debtcf1
 0.01542 0.16223 0.13235 0.00058

TOSYOU CODE: 3203    276
debtcashflow initial values:   0.000010   1.257506
stddev initial values:   0.000010   1.257506
ecfconst solution interval:   1.306301   1.359619
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.26117
data: equity =   0.099089  debt =   0.320080  firm =   0.419169

agency cost: EZC - k L (EZC:ecfconst =   1.331067, k:agcpara = 0.15717601)
liq.cash: 10Y average (1Y) =   1.204200 ( 0.05108) : loss rate  0.0953
liq.cash: 10Y std.dev. (1Y) =   0.444481 ( 0.01885)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8072 0.18586   0.10871 0.08738  0.09242  0.06240    0.0991   0.3201   0.4192
 dbratio     ROA    ROA1 debtcf1
 0.76360 0.12185 0.12249 0.03246

TOSYOU CODE: 7263    277
debtcashflow initial values:   0.000010   1.250472
stddev initial values:   0.000010   1.250472
ecfconst solution interval:   1.813686   1.887714
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33316
data: equity =   0.188489  debt =   0.228335  firm =   0.416824

agency cost: EZC - k L (EZC:ecfconst =   1.832667, k:agcpara = 0.28595525)
liq.cash: 10Y average (1Y) =   1.674946 ( 0.07440) : loss rate  0.0861
liq.cash: 10Y std.dev. (1Y) =   0.679941 ( 0.03020)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5516 0.04925   0.14098 0.08869  0.11234  0.09047    0.1885   0.2283   0.4168
 dbratio     ROA    ROA1 debtcf1
 0.54779 0.17848 0.15961 0.02141

TOSYOU CODE: 5302    278
debtcashflow initial values:   0.000010   1.247722
stddev initial values:   0.000010   1.247722
ecfconst solution interval:   2.209136   2.299304
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.12664  std.dev = 0.08260  lambda =  16.13138
riskless rate of interest = 0.08176  correlation =  0.30570
data: equity =   0.215973  debt =   0.199934  firm =   0.415907

agency cost: EZC - k L (EZC:ecfconst =   2.253351, k:agcpara = 0.35612657)
liq.cash: 10Y average (1Y) =   2.090397 ( 0.09236) : loss rate  0.0723
liq.cash: 10Y std.dev. (1Y) =   0.737313 ( 0.03258)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4576 0.01340   0.16507 0.08531  0.12673  0.10827    0.2160   0.1999   0.4159
 dbratio     ROA    ROA1 debtcf1
 0.48072 0.22208 0.18409 0.01734

TOSYOU CODE: 7981    279
debtcashflow initial values:   0.000010   1.243195
stddev initial values:   0.000010   1.243195
ecfconst solution interval:   1.746272   1.817548
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25623
data: equity =   0.263569  debt =   0.150829  firm =   0.414398

agency cost: EZC - k L (EZC:ecfconst =   1.798968, k:agcpara = 0.31949846)
liq.cash: 10Y average (1Y) =   1.681873 ( 0.07559) : loss rate  0.0651
liq.cash: 10Y std.dev. (1Y) =   0.793328 ( 0.03566)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3665 0.04865   0.12326 0.08838  0.11057  0.09609    0.2636   0.1508   0.4144
 dbratio     ROA    ROA1 debtcf1
 0.36398 0.18241 0.15814 0.01430

TOSYOU CODE: 7977    280
debtcashflow initial values:   0.000010   1.242203
stddev initial values:   0.000010   1.242203
ecfconst solution interval:   1.744880   1.816100
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24022
data: equity =   0.270147  debt =   0.143921  firm =   0.414068

agency cost: EZC - k L (EZC:ecfconst =   1.774423, k:agcpara = 0.32084678)
liq.cash: 10Y average (1Y) =   1.661939 ( 0.07485) : loss rate  0.0634
liq.cash: 10Y std.dev. (1Y) =   0.801967 ( 0.03612)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3506 0.05101   0.12059 0.08834  0.10938  0.09556    0.2701   0.1439   0.4141
 dbratio     ROA    ROA1 debtcf1
 0.34758 0.18076 0.15664 0.01371

TOSYOU CODE: 6135    281
debtcashflow initial values:   0.000010   1.239075
stddev initial values:   0.000010   1.239075
ecfconst solution interval:   2.023818   2.106422
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40674
data: equity =   0.367280  debt =   0.045745  firm =   0.413025

agency cost: EZC - k L (EZC:ecfconst =   2.029264, k:agcpara = 0.40335076)
liq.cash: 10Y average (1Y) =   1.987766 ( 0.08925) : loss rate  0.0204
liq.cash: 10Y std.dev. (1Y) =   0.732712 ( 0.03290)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1029 0.00505   0.12577 0.08387  0.12113  0.11695    0.3673   0.0457   0.4130
 dbratio     ROA    ROA1 debtcf1
 0.11076 0.21608 0.17256 0.00387

TOSYOU CODE: 7721    282
debtcashflow initial values:   0.000010   1.232239
stddev initial values:   0.000010   1.232239
ecfconst solution interval:   1.843596   1.918844
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32835
data: equity =   0.247153  debt =   0.163593  firm =   0.410746

agency cost: EZC - k L (EZC:ecfconst =   1.898470, k:agcpara = 0.32459517)
liq.cash: 10Y average (1Y) =   1.771369 ( 0.07912) : loss rate  0.0669
liq.cash: 10Y std.dev. (1Y) =   0.766939 ( 0.03426)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3916 0.03600   0.13417 0.08807  0.11581  0.10002    0.2472   0.1636   0.4107
 dbratio     ROA    ROA1 debtcf1
 0.39828 0.19263 0.16542 0.01514

TOSYOU CODE: 3584    283
debtcashflow initial values:   0.000010   1.226708
stddev initial values:   0.000010   1.226708
ecfconst solution interval:   1.218199   1.267921
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08702  std.dev = 0.09992  lambda =   0.82067
riskless rate of interest = 0.08309  correlation =  0.21427
data: equity =   0.121004  debt =   0.287899  firm =   0.408903

agency cost: EZC - k L (EZC:ecfconst =   1.259106, k:agcpara = 0.18642129)
liq.cash: 10Y average (1Y) =   1.116961 ( 0.04755) : loss rate  0.1129
liq.cash: 10Y std.dev. (1Y) =   0.561242 ( 0.02389)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7625 0.26383   0.08848 0.08465  0.08578  0.05896    0.1210   0.2879   0.4089
 dbratio     ROA    ROA1 debtcf1
 0.70408 0.11629 0.11904 0.03204

TOSYOU CODE: 2286    284
debtcashflow initial values:   0.000010   1.211915
stddev initial values:   0.000010   1.211915
ecfconst solution interval:   1.536062   1.598758
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.12637  std.dev = 0.09073  lambda =  13.23467
riskless rate of interest = 0.08192  correlation =  0.13572
data: equity =   0.177206  debt =   0.226766  firm =   0.403972

agency cost: EZC - k L (EZC:ecfconst =   1.577885, k:agcpara = 0.25664155)
liq.cash: 10Y average (1Y) =   1.433393 ( 0.06346) : loss rate  0.0916
liq.cash: 10Y std.dev. (1Y) =   0.644982 ( 0.02856)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5630 0.08859   0.12273 0.08878  0.10367  0.08124    0.1772   0.2268   0.4040
 dbratio     ROA    ROA1 debtcf1
 0.56134 0.15710 0.14597 0.02226

TOSYOU CODE: 2108    285
debtcashflow initial values:   0.000010   1.207373
stddev initial values:   0.000010   1.207373
ecfconst solution interval:   1.254214   1.305406
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.01408
data: equity =   0.202488  debt =   0.199969  firm =   0.402458

agency cost: EZC - k L (EZC:ecfconst =   1.271335, k:agcpara = 0.26559487)
liq.cash: 10Y average (1Y) =   1.128030 ( 0.04939) : loss rate  0.1127
liq.cash: 10Y std.dev. (1Y) =   0.801351 ( 0.03508)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5396 0.23137   0.08298 0.08294  0.08296  0.06441    0.2025   0.2000   0.4025
 dbratio     ROA    ROA1 debtcf1
 0.49687 0.12271 0.12190 0.02312

TOSYOU CODE: 6791    286
debtcashflow initial values:   0.000010   1.204387
stddev initial values:   0.000010   1.204387
ecfconst solution interval:   1.801926   1.875474
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29492
data: equity =   0.375037  debt =   0.026425  firm =   0.401462

agency cost: EZC - k L (EZC:ecfconst =   1.786570, k:agcpara = 0.40072782)
liq.cash: 10Y average (1Y) =   1.762627 ( 0.08062) : loss rate  0.0134
liq.cash: 10Y std.dev. (1Y) =   0.711772 ( 0.03256)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0597 0.00837   0.11396 0.08408  0.11199  0.10950    0.3750   0.0264   0.4015
 dbratio     ROA    ROA1 debtcf1
 0.06583 0.20082 0.16101 0.00226

TOSYOU CODE: 6951    287
debtcashflow initial values:   0.000010   1.198745
stddev initial values:   0.000010   1.198745
ecfconst solution interval:   1.683836   1.752564
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19382
data: equity =   0.318557  debt =   0.081025  firm =   0.399582

agency cost: EZC - k L (EZC:ecfconst =   1.668464, k:agcpara = 0.34512234)
liq.cash: 10Y average (1Y) =   1.600582 ( 0.07307) : loss rate  0.0407
liq.cash: 10Y std.dev. (1Y) =   0.844693 ( 0.03856)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1967 0.04825   0.11123 0.08754  0.10642  0.09844    0.3186   0.0810   0.3996
 dbratio     ROA    ROA1 debtcf1
 0.20278 0.18286 0.15364 0.00770

TOSYOU CODE: 4007    288
debtcashflow initial values:   0.000010   1.197051
stddev initial values:   0.000010   1.197051
ecfconst solution interval:   1.407731   1.465189
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26643
data: equity =   0.106106  debt =   0.292911  firm =   0.399017

agency cost: EZC - k L (EZC:ecfconst =   1.462391, k:agcpara = 0.19473741)
liq.cash: 10Y average (1Y) =   1.322442 ( 0.05742) : loss rate  0.0957
liq.cash: 10Y std.dev. (1Y) =   0.465778 ( 0.02022)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7187 0.09744   0.13782 0.08888  0.10189  0.07253    0.1061   0.2929   0.3990
 dbratio     ROA    ROA1 debtcf1
 0.73408 0.14389 0.13869 0.02817

TOSYOU CODE: 3001    289
debtcashflow initial values:   0.000010   1.189614
stddev initial values:   0.000010   1.189614
ecfconst solution interval:   1.235770   1.286210
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.07403
data: equity =   0.142905  debt =   0.253633  firm =   0.396538

agency cost: EZC - k L (EZC:ecfconst =   1.261467, k:agcpara = 0.21427499)
liq.cash: 10Y average (1Y) =   1.117457 ( 0.04819) : loss rate  0.1142
liq.cash: 10Y std.dev. (1Y) =   0.616307 ( 0.02658)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6721 0.23495   0.09001 0.08493  0.08676  0.06231    0.1429   0.2536   0.3965
 dbratio     ROA    ROA1 debtcf1
 0.63962 0.12153 0.12269 0.02822

TOSYOU CODE: 5981 error: convergent problem

TOSYOU CODE: 6462    290
debtcashflow initial values:   0.000010   1.188347
stddev initial values:   0.000010   1.188347
ecfconst solution interval:   1.723575   1.793925
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29539
data: equity =   0.210933  debt =   0.185183  firm =   0.396116

agency cost: EZC - k L (EZC:ecfconst =   1.735675, k:agcpara = 0.30067807)
liq.cash: 10Y average (1Y) =   1.600574 ( 0.07140) : loss rate  0.0778
liq.cash: 10Y std.dev. (1Y) =   0.699485 ( 0.03120)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4493 0.04990   0.13213 0.08868  0.11182  0.09316    0.2109   0.1852   0.3961
 dbratio     ROA    ROA1 debtcf1
 0.46749 0.18025 0.15922 0.01750

TOSYOU CODE: 6975    291
debtcashflow initial values:   0.000010   1.185803
stddev initial values:   0.000010   1.185803
ecfconst solution interval:   1.719890   1.790090
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31636
data: equity =   0.201807  debt =   0.193461  firm =   0.395268

agency cost: EZC - k L (EZC:ecfconst =   1.753062, k:agcpara = 0.29908594)
liq.cash: 10Y average (1Y) =   1.613198 ( 0.07185) : loss rate  0.0798
liq.cash: 10Y std.dev. (1Y) =   0.684459 ( 0.03049)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4676 0.04710   0.13601 0.08862  0.11282  0.09330    0.2018   0.1935   0.3953
 dbratio     ROA    ROA1 debtcf1
 0.48944 0.18178 0.16062 0.01817

TOSYOU CODE: 6206    292
debtcashflow initial values:   0.000010   1.181234
stddev initial values:   0.000010   1.181234
ecfconst solution interval:   1.821310   1.895650
agcparam solution interval: 0.40199600 0.41840400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38152
data: equity =   0.361811  debt =   0.031934  firm =   0.393745

agency cost: EZC - k L (EZC:ecfconst =   1.892920, k:agcpara = 0.40677310)
liq.cash: 10Y average (1Y) =   1.863731 ( 0.08409) : loss rate  0.0154
liq.cash: 10Y std.dev. (1Y) =   0.697536 ( 0.03147)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0718 0.00510   0.12232 0.08379  0.11919  0.11614    0.3618   0.0319   0.3937
 dbratio     ROA    ROA1 debtcf1
 0.08110 0.21358 0.17002 0.00270

TOSYOU CODE: 7232 error: solution not found

TOSYOU CODE: 2602    293
debtcashflow initial values:   0.000010   1.178374
stddev initial values:   0.000010   1.178374
ecfconst solution interval:   1.978571   2.059329
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37564
data: equity =   0.318942  debt =   0.073849  firm =   0.392791

agency cost: EZC - k L (EZC:ecfconst =   1.993888, k:agcpara = 0.37262233)
liq.cash: 10Y average (1Y) =   1.929821 ( 0.08590) : loss rate  0.0321
liq.cash: 10Y std.dev. (1Y) =   0.826661 ( 0.03680)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1719 0.01673   0.13274 0.08640  0.12402  0.11671    0.3189   0.0738   0.3928
 dbratio     ROA    ROA1 debtcf1
 0.18801 0.21869 0.17640 0.00657

TOSYOU CODE: 2875    294
debtcashflow initial values:   0.000010   1.177821
stddev initial values:   0.000010   1.177821
ecfconst solution interval:   1.654446   1.721974
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27475
data: equity =   0.207074  debt =   0.185533  firm =   0.392607

agency cost: EZC - k L (EZC:ecfconst =   1.683449, k:agcpara = 0.29525968)
liq.cash: 10Y average (1Y) =   1.549764 ( 0.06914) : loss rate  0.0794
liq.cash: 10Y std.dev. (1Y) =   0.690129 ( 0.03079)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4528 0.05597   0.12929 0.08883  0.11017  0.09128    0.2071   0.1855   0.3926
 dbratio     ROA    ROA1 debtcf1
 0.47257 0.17611 0.15671 0.01769

TOSYOU CODE: 4112    295
debtcashflow initial values:   0.000010   1.177178
stddev initial values:   0.000010   1.177178
ecfconst solution interval:   1.330526   1.384834
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25546
data: equity =   0.094075  debt =   0.298318  firm =   0.392393

agency cost: EZC - k L (EZC:ecfconst =   1.385747, k:agcpara = 0.17764241)
liq.cash: 10Y average (1Y) =   1.256065 ( 0.05418) : loss rate  0.0936
liq.cash: 10Y std.dev. (1Y) =   0.420024 ( 0.01812)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7300 0.10521   0.13640 0.08855  0.10002  0.06973    0.0941   0.2983   0.3924
 dbratio     ROA    ROA1 debtcf1
 0.76026 0.13809 0.13448 0.02861

TOSYOU CODE: 2809    296
debtcashflow initial values:   0.000010   1.176766
stddev initial values:   0.000010   1.176766
ecfconst solution interval:   1.330056   1.384344
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.18834
data: equity =   0.277419  debt =   0.114836  firm =   0.392255

agency cost: EZC - k L (EZC:ecfconst =   1.352821, k:agcpara = 0.31953148)
liq.cash: 10Y average (1Y) =   1.258195 ( 0.05713) : loss rate  0.0699
liq.cash: 10Y std.dev. (1Y) =   0.858114 ( 0.03896)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2961 0.13112   0.09117 0.08555  0.08953  0.07826    0.2774   0.1148   0.3923
 dbratio     ROA    ROA1 debtcf1
 0.29275 0.14564 0.13179 0.01219

TOSYOU CODE: 4914    297
debtcashflow initial values:   0.000010   1.165790
stddev initial values:   0.000010   1.165790
ecfconst solution interval:   1.530917   1.593403
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24986
data: equity =   0.183895  debt =   0.204702  firm =   0.388597

agency cost: EZC - k L (EZC:ecfconst =   1.595608, k:agcpara = 0.27462028)
liq.cash: 10Y average (1Y) =   1.456935 ( 0.06474) : loss rate  0.0869
liq.cash: 10Y std.dev. (1Y) =   0.648818 ( 0.02883)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5050 0.07116   0.12737 0.08914  0.10723  0.08610    0.1839   0.2047   0.3886
 dbratio     ROA    ROA1 debtcf1
 0.52677 0.16661 0.15171 0.01984

TOSYOU CODE: 6383    298
debtcashflow initial values:   0.000010   1.160777
stddev initial values:   0.000010   1.160777
ecfconst solution interval:   1.683591   1.752309
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26807
data: equity =   0.275821  debt =   0.111105  firm =   0.386926

agency cost: EZC - k L (EZC:ecfconst =   1.728604, k:agcpara = 0.33796466)
liq.cash: 10Y average (1Y) =   1.638294 ( 0.07386) : loss rate  0.0522
liq.cash: 10Y std.dev. (1Y) =   0.775729 ( 0.03497)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2672 0.03858   0.12273 0.08790  0.11273  0.10137    0.2758   0.1111   0.3869
 dbratio     ROA    ROA1 debtcf1
 0.28715 0.19088 0.16147 0.01038

TOSYOU CODE: 3403    299
debtcashflow initial values:   0.000010   1.154247
stddev initial values:   0.000010   1.154247
ecfconst solution interval:   1.674124   1.742456
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37145
data: equity =   0.142380  debt =   0.242369  firm =   0.384749

agency cost: EZC - k L (EZC:ecfconst =   1.673438, k:agcpara = 0.26875539)
liq.cash: 10Y average (1Y) =   1.517093 ( 0.06720) : loss rate  0.0934
liq.cash: 10Y std.dev. (1Y) =   0.564335 ( 0.02500)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5817 0.04872   0.15094 0.08849  0.11160  0.08652    0.1424   0.2424   0.3848
 dbratio     ROA    ROA1 debtcf1
 0.62994 0.17465 0.15836 0.02250

TOSYOU CODE: 6370    300
debtcashflow initial values:   0.000010   1.137712
stddev initial values:   0.000010   1.137712
ecfconst solution interval:   1.337945   1.392555
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.10617
data: equity =   0.229520  debt =   0.149718  firm =   0.379237

agency cost: EZC - k L (EZC:ecfconst =   1.387764, k:agcpara = 0.29553247)
liq.cash: 10Y average (1Y) =   1.275382 ( 0.05738) : loss rate  0.0810
liq.cash: 10Y std.dev. (1Y) =   0.734356 ( 0.03304)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3803 0.11144   0.10131 0.08731  0.09578  0.08027    0.2295   0.1497   0.3792
 dbratio     ROA    ROA1 debtcf1
 0.39479 0.15130 0.13852 0.01537

TOSYOU CODE: 7769    301
debtcashflow initial values:   0.000010   1.137510
stddev initial values:   0.000010   1.137510
ecfconst solution interval:   1.649850   1.717190
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26994
data: equity =   0.268915  debt =   0.110255  firm =   0.379170

agency cost: EZC - k L (EZC:ecfconst =   1.696169, k:agcpara = 0.33750034)
liq.cash: 10Y average (1Y) =   1.606680 ( 0.07240) : loss rate  0.0528
liq.cash: 10Y std.dev. (1Y) =   0.758756 ( 0.03419)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2652 0.03853   0.12308 0.08792  0.11285  0.10135    0.2689   0.1103   0.3792
 dbratio     ROA    ROA1 debtcf1
 0.29077 0.19096 0.16162 0.01030

TOSYOU CODE: 6406    302
debtcashflow initial values:   0.000010   1.129623
stddev initial values:   0.000010   1.129623
ecfconst solution interval:   1.173452   1.221348
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.12502
data: equity =   0.332108  debt =   0.044433  firm =   0.376541

agency cost: EZC - k L (EZC:ecfconst =   1.210354, k:agcpara = 0.35491106)
liq.cash: 10Y average (1Y) =   1.169737 ( 0.05388) : loss rate  0.0336
liq.cash: 10Y std.dev. (1Y) =   0.966471 ( 0.04452)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1144 0.13744   0.08342 0.08310  0.08338  0.07897    0.3321   0.0444   0.3765
 dbratio     ROA    ROA1 debtcf1
 0.11800 0.14309 0.12386 0.00476

TOSYOU CODE: 6395    303
debtcashflow initial values:   0.000010   1.125804
stddev initial values:   0.000010   1.125804
ecfconst solution interval:   1.118004   1.163636
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08059  std.dev = 0.09989  lambda =  -0.47983
riskless rate of interest = 0.08295  correlation =  0.35074
data: equity =   0.181287  debt =   0.193981  firm =   0.375268

agency cost: EZC - k L (EZC:ecfconst =   1.140698, k:agcpara = 0.25955640)
liq.cash: 10Y average (1Y) =   1.002112 ( 0.04337) : loss rate  0.1215
liq.cash: 10Y std.dev. (1Y) =   0.770982 ( 0.03337)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5339 0.27184   0.07802 0.08091  0.07951  0.06069    0.1813   0.1940   0.3753
 dbratio     ROA    ROA1 debtcf1
 0.51691 0.11557 0.11759 0.02337

TOSYOU CODE: 6203    304
debtcashflow initial values:   0.000010   1.118205
stddev initial values:   0.000010   1.118205
ecfconst solution interval:   1.621841   1.688039
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30429
data: equity =   0.200048  debt =   0.172687  firm =   0.372735

agency cost: EZC - k L (EZC:ecfconst =   1.649319, k:agcpara = 0.30364055)
liq.cash: 10Y average (1Y) =   1.522437 ( 0.06791) : loss rate  0.0769
liq.cash: 10Y std.dev. (1Y) =   0.660356 ( 0.02946)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4179 0.04719   0.13324 0.08859  0.11255  0.09408    0.2000   0.1727   0.3727
 dbratio     ROA    ROA1 debtcf1
 0.46329 0.18220 0.16035 0.01625

TOSYOU CODE: 5491    305
debtcashflow initial values:   0.000010   1.102617
stddev initial values:   0.000010   1.102617
ecfconst solution interval:   1.347108   1.402092
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17062
data: equity =   0.148920  debt =   0.218619  firm =   0.367539

agency cost: EZC - k L (EZC:ecfconst =   1.359685, k:agcpara = 0.23941196)
liq.cash: 10Y average (1Y) =   1.227303 ( 0.05398) : loss rate  0.0974
liq.cash: 10Y std.dev. (1Y) =   0.568603 ( 0.02501)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5529 0.11781   0.11597 0.08892  0.09988  0.07608    0.1489   0.2186   0.3675
 dbratio     ROA    ROA1 debtcf1
 0.59482 0.14686 0.13976 0.02212

TOSYOU CODE: 7246    306
debtcashflow initial values:   0.000010   1.102230
stddev initial values:   0.000010   1.102230
ecfconst solution interval:   1.548263   1.611457
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34814
data: equity =   0.149200  debt =   0.218210  firm =   0.367410

agency cost: EZC - k L (EZC:ecfconst =   1.599879, k:agcpara = 0.27487587)
liq.cash: 10Y average (1Y) =   1.455221 ( 0.06451) : loss rate  0.0904
liq.cash: 10Y std.dev. (1Y) =   0.566826 ( 0.02513)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5263 0.05062   0.14547 0.08868  0.11174  0.08804    0.1492   0.2182   0.3674
 dbratio     ROA    ROA1 debtcf1
 0.59391 0.17558 0.15849 0.02040

TOSYOU CODE: 4201    307
debtcashflow initial values:   0.000010   1.084372
stddev initial values:   0.000010   1.084372
ecfconst solution interval:   1.126441   1.172419
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09205  std.dev = 0.09822  lambda =   2.02421
riskless rate of interest = 0.08287  correlation =  0.32528
data: equity =   0.089952  debt =   0.271506  firm =   0.361457

agency cost: EZC - k L (EZC:ecfconst =   1.136434, k:agcpara = 0.16313109)
liq.cash: 10Y average (1Y) =   1.023207 ( 0.04340) : loss rate  0.0996
liq.cash: 10Y std.dev. (1Y) =   0.407581 ( 0.01729)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6941 0.20969   0.10230 0.08691  0.09074  0.06136    0.0900   0.2715   0.3615
 dbratio     ROA    ROA1 debtcf1
 0.75114 0.12008 0.12137 0.02823

TOSYOU CODE: 6440    308
debtcashflow initial values:   0.000010   1.081438
stddev initial values:   0.000010   1.081438
ecfconst solution interval:   1.370687   1.426633
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17666
data: equity =   0.175264  debt =   0.185215  firm =   0.360479

agency cost: EZC - k L (EZC:ecfconst =   1.383479, k:agcpara = 0.26772273)
liq.cash: 10Y average (1Y) =   1.258818 ( 0.05594) : loss rate  0.0901
liq.cash: 10Y std.dev. (1Y) =   0.614072 ( 0.02729)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4656 0.09823   0.11506 0.08884  0.10159  0.08105    0.1753   0.1852   0.3605
 dbratio     ROA    ROA1 debtcf1
 0.51380 0.15518 0.14396 0.01856

TOSYOU CODE: 5902    309
debtcashflow initial values:   0.000010   1.078779
stddev initial values:   0.000010   1.078779
ecfconst solution interval:   1.071297   1.115023
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.25200
data: equity =   0.076458  debt =   0.283135  firm =   0.359593

agency cost: EZC - k L (EZC:ecfconst =   1.109704, k:agcpara = 0.14180192)
liq.cash: 10Y average (1Y) =   1.009491 ( 0.04251) : loss rate  0.0903
liq.cash: 10Y std.dev. (1Y) =   0.342757 ( 0.01443)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7067 0.18852   0.10782 0.08688  0.09133  0.06055    0.0765   0.2831   0.3596
 dbratio     ROA    ROA1 debtcf1
 0.78738 0.11820 0.11928 0.02830

TOSYOU CODE: 4516    310
debtcashflow initial values:   0.000010   1.076253
stddev initial values:   0.000010   1.076253
ecfconst solution interval:   1.265670   1.317330
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.06182
data: equity =   0.277194  debt =   0.081557  firm =   0.358751

agency cost: EZC - k L (EZC:ecfconst =   1.263169, k:agcpara = 0.33214032)
liq.cash: 10Y average (1Y) =   1.194607 ( 0.05473) : loss rate  0.0543
liq.cash: 10Y std.dev. (1Y) =   0.797213 ( 0.03652)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2064 0.10757   0.09274 0.08553  0.09110  0.08235    0.2772   0.0816   0.3587
 dbratio     ROA    ROA1 debtcf1
 0.22733 0.15255 0.13414 0.00840

TOSYOU CODE: 3868    311
debtcashflow initial values:   0.000010   1.067463
stddev initial values:   0.000010   1.067463
ecfconst solution interval:   1.011242   1.052518
agcparam solution interval: 0.09094400 0.09465600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15010
data: equity =   0.056720  debt =   0.299101  firm =   0.355821

agency cost: EZC - k L (EZC:ecfconst =   1.036139, k:agcpara = 0.09967015)
liq.cash: 10Y average (1Y) =   0.964653 ( 0.03999) : loss rate  0.0690
liq.cash: 10Y std.dev. (1Y) =   0.241260 ( 0.01000)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7172 0.15254   0.11435 0.08589  0.09042  0.05794    0.0567   0.2991   0.3558
 dbratio     ROA    ROA1 debtcf1
 0.84059 0.11240 0.11280 0.02807

TOSYOU CODE: 7952    312
debtcashflow initial values:   0.000010   1.066674
stddev initial values:   0.000010   1.066674
ecfconst solution interval:   1.059282   1.102518
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.16745
data: equity =   0.303840  debt =   0.051718  firm =   0.355558

agency cost: EZC - k L (EZC:ecfconst =   1.084220, k:agcpara = 0.35116507)
liq.cash: 10Y average (1Y) =   1.036252 ( 0.04711) : loss rate  0.0442
liq.cash: 10Y std.dev. (1Y) =   0.956277 ( 0.04348)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1366 0.17341   0.07913 0.08132  0.07945  0.07413    0.3038   0.0517   0.3556
 dbratio     ROA    ROA1 debtcf1
 0.14545 0.13250 0.11795 0.00582

TOSYOU CODE: 3870    313
debtcashflow initial values:   0.000010   1.063785
stddev initial values:   0.000010   1.063785
ecfconst solution interval:   1.105058   1.150162
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.33024
data: equity =   0.105264  debt =   0.249331  firm =   0.354595

agency cost: EZC - k L (EZC:ecfconst =   1.125690, k:agcpara = 0.18707511)
liq.cash: 10Y average (1Y) =   1.003909 ( 0.04292) : loss rate  0.1082
liq.cash: 10Y std.dev. (1Y) =   0.471262 ( 0.02015)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6510 0.22695   0.09594 0.08621  0.08910  0.06182    0.1053   0.2493   0.3546
 dbratio     ROA    ROA1 debtcf1
 0.70315 0.12104 0.12245 0.02692

TOSYOU CODE: 4092    314
debtcashflow initial values:   0.000010   1.059732
stddev initial values:   0.000010   1.059732
ecfconst solution interval:   0.906990   0.944010
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.26581
data: equity =   0.108150  debt =   0.245094  firm =   0.353244

agency cost: EZC - k L (EZC:ecfconst =   0.944489, k:agcpara = 0.19147541)
liq.cash: 10Y average (1Y) =   0.807879 ( 0.03294) : loss rate  0.1446
liq.cash: 10Y std.dev. (1Y) =   0.656028 ( 0.02675)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7135 0.44278   0.06176 0.07327  0.06975  0.04687    0.1082   0.2451   0.3532
 dbratio     ROA    ROA1 debtcf1
 0.69384 0.09326 0.10335 0.03338

TOSYOU CODE: 6106    315
debtcashflow initial values:   0.000010   1.058893
stddev initial values:   0.000010   1.058893
ecfconst solution interval:   1.584248   1.648912
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28198
data: equity =   0.263702  debt =   0.089262  firm =   0.352964

agency cost: EZC - k L (EZC:ecfconst =   1.610257, k:agcpara = 0.34676637)
liq.cash: 10Y average (1Y) =   1.536304 ( 0.06925) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =   0.720206 ( 0.03247)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2133 0.03310   0.12358 0.08762  0.11448  0.10451    0.2637   0.0893   0.3530
 dbratio     ROA    ROA1 debtcf1
 0.25290 0.19620 0.16390 0.00826

TOSYOU CODE: 4532    316
debtcashflow initial values:   0.000010   1.041087
stddev initial values:   0.000010   1.041087
ecfconst solution interval:   1.367159   1.422961
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21790
data: equity =   0.180383  debt =   0.166646  firm =   0.347029

agency cost: EZC - k L (EZC:ecfconst =   1.403740, k:agcpara = 0.28337894)
liq.cash: 10Y average (1Y) =   1.286632 ( 0.05740) : loss rate  0.0834
liq.cash: 10Y std.dev. (1Y) =   0.608090 ( 0.02713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4133 0.07546   0.12090 0.08897  0.10557  0.08634    0.1804   0.1666   0.3470
 dbratio     ROA    ROA1 debtcf1
 0.48021 0.16541 0.14998 0.01631

TOSYOU CODE: 4022    317
debtcashflow initial values:   0.000010   1.039684
stddev initial values:   0.000010   1.039684
ecfconst solution interval:   1.222668   1.272572
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17509
data: equity =   0.125347  debt =   0.221214  firm =   0.346561

agency cost: EZC - k L (EZC:ecfconst =   1.260566, k:agcpara = 0.22304592)
liq.cash: 10Y average (1Y) =   1.135841 ( 0.04966) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =   0.501231 ( 0.02191)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5592 0.12497   0.11789 0.08896  0.09942  0.07387    0.1253   0.2212   0.3466
 dbratio     ROA    ROA1 debtcf1
 0.63831 0.14329 0.13783 0.02236

TOSYOU CODE: 4002    318
debtcashflow initial values:   0.000010   1.032919
stddev initial values:   0.000010   1.032919
ecfconst solution interval:   1.072992   1.116788
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.06708
data: equity =   0.097806  debt =   0.246500  firm =   0.344306

agency cost: EZC - k L (EZC:ecfconst =   1.086107, k:agcpara = 0.17971810)
liq.cash: 10Y average (1Y) =   0.971804 ( 0.04146) : loss rate  0.1052
liq.cash: 10Y std.dev. (1Y) =   0.434539 ( 0.01854)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6360 0.21983   0.09734 0.08595  0.08918  0.06149    0.0978   0.2465   0.3443
 dbratio     ROA    ROA1 debtcf1
 0.71593 0.12043 0.12174 0.02614

TOSYOU CODE: 7248    319
debtcashflow initial values:   0.000010   1.016350
stddev initial values:   0.000010   1.016350
ecfconst solution interval:   1.613560   1.679420
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34994
data: equity =   0.230918  debt =   0.107865  firm =   0.338783

agency cost: EZC - k L (EZC:ecfconst =   1.632450, k:agcpara = 0.34574614)
liq.cash: 10Y average (1Y) =   1.544206 ( 0.06895) : loss rate  0.0541
liq.cash: 10Y std.dev. (1Y) =   0.666482 ( 0.02976)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2552 0.02656   0.13405 0.08742  0.11920  0.10668    0.2309   0.1079   0.3388
 dbratio     ROA    ROA1 debtcf1
 0.31839 0.20354 0.17028 0.00982

TOSYOU CODE: 4062    320
debtcashflow initial values:   0.000010   1.009900
stddev initial values:   0.000010   1.009900
ecfconst solution interval:   1.233830   1.284190
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15447
data: equity =   0.172258  debt =   0.164375  firm =   0.336633

agency cost: EZC - k L (EZC:ecfconst =   1.272544, k:agcpara = 0.27317082)
liq.cash: 10Y average (1Y) =   1.159184 ( 0.05163) : loss rate  0.0891
liq.cash: 10Y std.dev. (1Y) =   0.590927 ( 0.02632)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4150 0.10395   0.11079 0.08850  0.09990  0.08046    0.1723   0.1644   0.3366
 dbratio     ROA    ROA1 debtcf1
 0.48829 0.15339 0.14223 0.01661

TOSYOU CODE: 4216 error: solution not found

TOSYOU CODE: 6641    321
debtcashflow initial values:   0.000010   1.008908
stddev initial values:   0.000010   1.008908
ecfconst solution interval:   1.463316   1.523044
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30201
data: equity =   0.201237  debt =   0.135066  firm =   0.336303

agency cost: EZC - k L (EZC:ecfconst =   1.513326, k:agcpara = 0.31868705)
liq.cash: 10Y average (1Y) =   1.409617 ( 0.06306) : loss rate  0.0685
liq.cash: 10Y std.dev. (1Y) =   0.625762 ( 0.02799)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3254 0.04158   0.13070 0.08830  0.11367  0.09771    0.2012   0.1351   0.3363
 dbratio     ROA    ROA1 debtcf1
 0.40162 0.18751 0.16231 0.01263

TOSYOU CODE: 3529    322
debtcashflow initial values:   0.000010   1.007556
stddev initial values:   0.000010   1.007556
ecfconst solution interval:   1.138809   1.185291
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.22754
data: equity =   0.170678  debt =   0.165174  firm =   0.335852

agency cost: EZC - k L (EZC:ecfconst =   1.143771, k:agcpara = 0.26755711)
liq.cash: 10Y average (1Y) =   1.028029 ( 0.04551) : loss rate  0.1012
liq.cash: 10Y std.dev. (1Y) =   0.622712 ( 0.02757)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4326 0.16948   0.09407 0.08627  0.09023  0.07114    0.1707   0.1652   0.3359
 dbratio     ROA    ROA1 debtcf1
 0.49180 0.13550 0.13037 0.01792

TOSYOU CODE: 3869    323
debtcashflow initial values:   0.000010   1.006674
stddev initial values:   0.000010   1.006674
ecfconst solution interval:   1.045729   1.088411
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.33716
data: equity =   0.071438  debt =   0.264120  firm =   0.335558

agency cost: EZC - k L (EZC:ecfconst =   1.064624, k:agcpara = 0.14509698)
liq.cash: 10Y average (1Y) =   0.969542 ( 0.04101) : loss rate  0.0893
liq.cash: 10Y std.dev. (1Y) =   0.319739 ( 0.01352)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6553 0.16285   0.11592 0.08761  0.09364  0.06261    0.0714   0.2641   0.3356
 dbratio     ROA    ROA1 debtcf1
 0.78711 0.12221 0.12239 0.02604

TOSYOU CODE: 7914    324
debtcashflow initial values:   0.000010   0.989471
stddev initial values:   0.000010   0.989471
ecfconst solution interval:   0.982607   1.022713
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.13982
data: equity =   0.173977  debt =   0.155847  firm =   0.329824

agency cost: EZC - k L (EZC:ecfconst =   1.015061, k:agcpara = 0.27342028)
liq.cash: 10Y average (1Y) =   0.898581 ( 0.03921) : loss rate  0.1148
liq.cash: 10Y std.dev. (1Y) =   0.701477 ( 0.03061)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4260 0.25026   0.07925 0.08143  0.08028  0.06296    0.1740   0.1558   0.3298
 dbratio     ROA    ROA1 debtcf1
 0.47251 0.11888 0.11898 0.01852

TOSYOU CODE: 5210    325
debtcashflow initial values:   0.000010   0.986592
stddev initial values:   0.000010   0.986592
ecfconst solution interval:   0.979755   1.019745
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08141  std.dev = 0.10067  lambda =  -0.31337
riskless rate of interest = 0.08297  correlation =  0.24205
data: equity =   0.106256  debt =   0.222608  firm =   0.328864

agency cost: EZC - k L (EZC:ecfconst =   0.986867, k:agcpara = 0.19841203)
liq.cash: 10Y average (1Y) =   0.867477 ( 0.03689) : loss rate  0.1210
liq.cash: 10Y std.dev. (1Y) =   0.505465 ( 0.02150)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6017 0.29953   0.08059 0.08216  0.08165  0.05663    0.1063   0.2226   0.3289
 dbratio     ROA    ROA1 debtcf1
 0.67690 0.11217 0.11615 0.02590

TOSYOU CODE: 6436 error: solution not found

TOSYOU CODE: 7309 error: solution not found

TOSYOU CODE: 6461    326
debtcashflow initial values:   0.000010   0.967740
stddev initial values:   0.000010   0.967740
ecfconst solution interval:   1.049551   1.092389
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.32010
data: equity =   0.129168  debt =   0.193412  firm =   0.322580

agency cost: EZC - k L (EZC:ecfconst =   1.095027, k:agcpara = 0.23177376)
liq.cash: 10Y average (1Y) =   0.978014 ( 0.04270) : loss rate  0.1069
liq.cash: 10Y std.dev. (1Y) =   0.515704 ( 0.02251)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5049 0.17944   0.09949 0.08728  0.09217  0.06862    0.1292   0.1934   0.3226
 dbratio     ROA    ROA1 debtcf1
 0.59958 0.13236 0.13000 0.02077

TOSYOU CODE: 6844    327
debtcashflow initial values:   0.000010   0.967072
stddev initial values:   0.000010   0.967072
ecfconst solution interval:   1.225735   1.275765
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23628
data: equity =   0.246981  debt =   0.075376  firm =   0.322357

agency cost: EZC - k L (EZC:ecfconst =   1.209975, k:agcpara = 0.33367025)
liq.cash: 10Y average (1Y) =   1.146964 ( 0.05251) : loss rate  0.0521
liq.cash: 10Y std.dev. (1Y) =   0.695482 ( 0.03184)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1888 0.08416   0.09988 0.08715  0.09690  0.08773    0.2470   0.0754   0.3224
 dbratio     ROA    ROA1 debtcf1
 0.23383 0.16290 0.14141 0.00757

TOSYOU CODE: 6212    328
debtcashflow initial values:   0.000010   0.953743
stddev initial values:   0.000010   0.953743
ecfconst solution interval:   1.208840   1.258180
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18379
data: equity =   0.138498  debt =   0.179416  firm =   0.317914

agency cost: EZC - k L (EZC:ecfconst =   1.206657, k:agcpara = 0.25192009)
liq.cash: 10Y average (1Y) =   1.092871 ( 0.04829) : loss rate  0.0943
liq.cash: 10Y std.dev. (1Y) =   0.511206 ( 0.02259)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4517 0.10487   0.11755 0.08903  0.10145  0.07884    0.1385   0.1794   0.3179
 dbratio     ROA    ROA1 debtcf1
 0.56436 0.15189 0.14269 0.01800

TOSYOU CODE: 5192    329
debtcashflow initial values:   0.000010   0.953132
stddev initial values:   0.000010   0.953132
ecfconst solution interval:   1.251656   1.302744
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18416
data: equity =   0.180771  debt =   0.136940  firm =   0.317711

agency cost: EZC - k L (EZC:ecfconst =   1.258483, k:agcpara = 0.29268164)
liq.cash: 10Y average (1Y) =   1.158608 ( 0.05194) : loss rate  0.0794
liq.cash: 10Y std.dev. (1Y) =   0.583254 ( 0.02615)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3412 0.08055   0.11438 0.08862  0.10328  0.08609    0.1808   0.1369   0.3177
 dbratio     ROA    ROA1 debtcf1
 0.43102 0.16348 0.14758 0.01354

TOSYOU CODE: 2052    330
debtcashflow initial values:   0.000010   0.951675
stddev initial values:   0.000010   0.951675
ecfconst solution interval:   1.336789   1.391351
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32808
data: equity =   0.135637  debt =   0.181588  firm =   0.317225

agency cost: EZC - k L (EZC:ecfconst =   1.371987, k:agcpara = 0.27690192)
liq.cash: 10Y average (1Y) =   1.250219 ( 0.05546) : loss rate  0.0888
liq.cash: 10Y std.dev. (1Y) =   0.502282 ( 0.02228)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4398 0.05331   0.14133 0.08881  0.11126  0.08839    0.1356   0.1816   0.3172
 dbratio     ROA    ROA1 debtcf1
 0.57243 0.17481 0.15771 0.01709

TOSYOU CODE: 5391    331
debtcashflow initial values:   0.000010   0.950773
stddev initial values:   0.000010   0.950773
ecfconst solution interval:   1.031146   1.073234
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14592
data: equity =   0.097016  debt =   0.219908  firm =   0.316924

agency cost: EZC - k L (EZC:ecfconst =   1.086078, k:agcpara = 0.19545231)
liq.cash: 10Y average (1Y) =   0.976977 ( 0.04221) : loss rate  0.1005
liq.cash: 10Y std.dev. (1Y) =   0.411907 ( 0.01780)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5582 0.15465   0.11347 0.08832  0.09602  0.06844    0.0970   0.2199   0.3169
 dbratio     ROA    ROA1 debtcf1
 0.69388 0.13320 0.13107 0.02245

TOSYOU CODE: 6013    332
debtcashflow initial values:   0.000010   0.944534
stddev initial values:   0.000010   0.944534
ecfconst solution interval:   1.240366   1.290994
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20283
data: equity =   0.178832  debt =   0.136013  firm =   0.314845

agency cost: EZC - k L (EZC:ecfconst =   1.271507, k:agcpara = 0.29473871)
liq.cash: 10Y average (1Y) =   1.172107 ( 0.05253) : loss rate  0.0782
liq.cash: 10Y std.dev. (1Y) =   0.575915 ( 0.02581)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3372 0.07358   0.11729 0.08872  0.10495  0.08770    0.1788   0.1360   0.3148
 dbratio     ROA    ROA1 debtcf1
 0.43200 0.16683 0.14980 0.01333

TOSYOU CODE: 6759    333
debtcashflow initial values:   0.000010   0.942207
stddev initial values:   0.000010   0.942207
ecfconst solution interval:   1.366581   1.422359
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28570
data: equity =   0.182742  debt =   0.131327  firm =   0.314069

agency cost: EZC - k L (EZC:ecfconst =   1.384552, k:agcpara = 0.31157463)
liq.cash: 10Y average (1Y) =   1.285408 ( 0.05751) : loss rate  0.0716
liq.cash: 10Y std.dev. (1Y) =   0.577624 ( 0.02584)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3182 0.04702   0.12902 0.08851  0.11208  0.09543    0.1827   0.1313   0.3141
 dbratio     ROA    ROA1 debtcf1
 0.41815 0.18310 0.15992 0.01239

TOSYOU CODE: 5352    334
debtcashflow initial values:   0.000010   0.938625
stddev initial values:   0.000010   0.938625
ecfconst solution interval:   1.146747   1.193553
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19559
data: equity =   0.103248  debt =   0.209627  firm =   0.312875

agency cost: EZC - k L (EZC:ecfconst =   1.137490, k:agcpara = 0.21242165)
liq.cash: 10Y average (1Y) =   1.025654 ( 0.04470) : loss rate  0.0983
liq.cash: 10Y std.dev. (1Y) =   0.425668 ( 0.01855)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5265 0.12046   0.12255 0.08908  0.10012  0.07327    0.1032   0.2096   0.3129
 dbratio     ROA    ROA1 debtcf1
 0.67000 0.14286 0.13778 0.02095

TOSYOU CODE: 7225    335
debtcashflow initial values:   0.000010   0.937785
stddev initial values:   0.000010   0.937785
ecfconst solution interval:   1.831934   1.906706
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13047  std.dev = 0.08146  lambda =  18.47090
riskless rate of interest = 0.08120  correlation =  0.27876
data: equity =   0.252478  debt =   0.060117  firm =   0.312595

agency cost: EZC - k L (EZC:ecfconst =   1.862710, k:agcpara = 0.39741868)
liq.cash: 10Y average (1Y) =   1.809150 ( 0.07802) : loss rate  0.0288
liq.cash: 10Y std.dev. (1Y) =   0.660221 ( 0.02847)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1348 0.00560   0.15141 0.08348  0.13835  0.13113    0.2525   0.0601   0.3126
 dbratio     ROA    ROA1 debtcf1
 0.19232 0.24958 0.19541 0.00507

TOSYOU CODE: 6767    336
debtcashflow initial values:   0.000010   0.934481
stddev initial values:   0.000010   0.934481
ecfconst solution interval:   1.355369   1.410691
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.28303
data: equity =   0.192645  debt =   0.118849  firm =   0.311494

agency cost: EZC - k L (EZC:ecfconst =   1.401040, k:agcpara = 0.32249353)
liq.cash: 10Y average (1Y) =   1.308416 ( 0.05859) : loss rate  0.0661
liq.cash: 10Y std.dev. (1Y) =   0.590200 ( 0.02643)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2872 0.04179   0.12909 0.08852  0.11361  0.09841    0.1926   0.1188   0.3115
 dbratio     ROA    ROA1 debtcf1
 0.38155 0.18809 0.16225 0.01116

TOSYOU CODE: 6622 error: solution not found

TOSYOU CODE: 3115    337
debtcashflow initial values:   0.000010   0.925941
stddev initial values:   0.000010   0.925941
ecfconst solution interval:   1.131253   1.177427
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20270
data: equity =   0.119470  debt =   0.189177  firm =   0.308647

agency cost: EZC - k L (EZC:ecfconst =   1.166938, k:agcpara = 0.23688237)
liq.cash: 10Y average (1Y) =   1.054506 ( 0.04635) : loss rate  0.0963
liq.cash: 10Y std.dev. (1Y) =   0.463578 ( 0.02038)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4746 0.10549   0.12223 0.08922  0.10200  0.07739    0.1195   0.1892   0.3086
 dbratio     ROA    ROA1 debtcf1
 0.61292 0.15018 0.14224 0.01886

TOSYOU CODE: 7221    338
debtcashflow initial values:   0.000010   0.917936
stddev initial values:   0.000010   0.917936
ecfconst solution interval:   1.583259   1.647881
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40992
data: equity =   0.236622  debt =   0.069357  firm =   0.305979

agency cost: EZC - k L (EZC:ecfconst =   1.594380, k:agcpara = 0.37249705)
liq.cash: 10Y average (1Y) =   1.534416 ( 0.06793) : loss rate  0.0376
liq.cash: 10Y std.dev. (1Y) =   0.633877 ( 0.02806)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1610 0.01513   0.13789 0.08628  0.12619  0.11739    0.2366   0.0694   0.3060
 dbratio     ROA    ROA1 debtcf1
 0.22668 0.22202 0.17948 0.00614

TOSYOU CODE: 5929    339
debtcashflow initial values:   0.000010   0.917269
stddev initial values:   0.000010   0.917269
ecfconst solution interval:   1.246511   1.297389
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.17722
data: equity =   0.223300  debt =   0.082456  firm =   0.305756

agency cost: EZC - k L (EZC:ecfconst =   1.240299, k:agcpara = 0.33050417)
liq.cash: 10Y average (1Y) =   1.173232 ( 0.05336) : loss rate  0.0541
liq.cash: 10Y std.dev. (1Y) =   0.628172 ( 0.02857)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2029 0.06122   0.11009 0.08797  0.10412  0.09345    0.2233   0.0825   0.3058
 dbratio     ROA    ROA1 debtcf1
 0.26967 0.17453 0.15031 0.00801

TOSYOU CODE: 6996    340
debtcashflow initial values:   0.000010   0.914266
stddev initial values:   0.000010   0.914266
ecfconst solution interval:   1.535111   1.597769
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.42808
data: equity =   0.200471  debt =   0.104284  firm =   0.304755

agency cost: EZC - k L (EZC:ecfconst =   1.572439, k:agcpara = 0.35685512)
liq.cash: 10Y average (1Y) =   1.485652 ( 0.06577) : loss rate  0.0552
liq.cash: 10Y std.dev. (1Y) =   0.594138 ( 0.02630)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2432 0.01826   0.14452 0.08669  0.12473  0.11138    0.2005   0.1043   0.3048
 dbratio     ROA    ROA1 debtcf1
 0.34219 0.21581 0.17832 0.00929

TOSYOU CODE: 3878    341
debtcashflow initial values:   0.000010   0.884372
stddev initial values:   0.000010   0.884372
ecfconst solution interval:   0.918681   0.956179
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.20795
data: equity =   0.119077  debt =   0.175714  firm =   0.294791

agency cost: EZC - k L (EZC:ecfconst =   0.956675, k:agcpara = 0.23189180)
liq.cash: 10Y average (1Y) =   0.848488 ( 0.03688) : loss rate  0.1131
liq.cash: 10Y std.dev. (1Y) =   0.492141 ( 0.02139)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4665 0.21885   0.09075 0.08534  0.08752  0.06463    0.1191   0.1757   0.2948
 dbratio     ROA    ROA1 debtcf1
 0.59606 0.12510 0.12493 0.01957

TOSYOU CODE: 5809    342
debtcashflow initial values:   0.000010   0.882001
stddev initial values:   0.000010   0.882001
ecfconst solution interval:   1.117906   1.163534
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26552
data: equity =   0.105759  debt =   0.188241  firm =   0.294000

agency cost: EZC - k L (EZC:ecfconst =   1.158417, k:agcpara = 0.23764158)
liq.cash: 10Y average (1Y) =   1.048041 ( 0.04610) : loss rate  0.0953
liq.cash: 10Y std.dev. (1Y) =   0.421661 ( 0.01855)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4645 0.08318   0.13414 0.08930  0.10543  0.07970    0.1058   0.1882   0.2940
 dbratio     ROA    ROA1 debtcf1
 0.64028 0.15679 0.14697 0.01824

TOSYOU CODE: 6801    343
debtcashflow initial values:   0.000010   0.881006
stddev initial values:   0.000010   0.881006
ecfconst solution interval:   0.915193   0.952547
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08431  std.dev = 0.10085  lambda =   0.27147
riskless rate of interest = 0.08297  correlation =  0.29692
data: equity =   0.158491  debt =   0.135178  firm =   0.293669

agency cost: EZC - k L (EZC:ecfconst =   0.947149, k:agcpara = 0.27683655)
liq.cash: 10Y average (1Y) =   0.847009 ( 0.03738) : loss rate  0.1057
liq.cash: 10Y std.dev. (1Y) =   0.596198 ( 0.02631)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3617 0.20784   0.08518 0.08379  0.08454  0.06719    0.1585   0.1352   0.2937
 dbratio     ROA    ROA1 debtcf1
 0.46031 0.12729 0.12423 0.01536

TOSYOU CODE: 6205    344
debtcashflow initial values:   0.000010   0.868416
stddev initial values:   0.000010   0.868416
ecfconst solution interval:   0.862390   0.897590
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.27967
data: equity =   0.133020  debt =   0.156452  firm =   0.289472

agency cost: EZC - k L (EZC:ecfconst =   0.858823, k:agcpara = 0.25202986)
liq.cash: 10Y average (1Y) =   0.748779 ( 0.03208) : loss rate  0.1281
liq.cash: 10Y std.dev. (1Y) =   0.599897 ( 0.02571)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4366 0.30142   0.07506 0.07956  0.07749  0.05814    0.1330   0.1565   0.2895
 dbratio     ROA    ROA1 debtcf1
 0.54048 0.11084 0.11488 0.01938

TOSYOU CODE: 7244    345
debtcashflow initial values:   0.000010   0.866908
stddev initial values:   0.000010   0.866908
ecfconst solution interval:   1.336651   1.391209
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38170
data: equity =   0.143092  debt =   0.145877  firm =   0.288969

agency cost: EZC - k L (EZC:ecfconst =   1.352765, k:agcpara = 0.31039762)
liq.cash: 10Y average (1Y) =   1.244966 ( 0.05535) : loss rate  0.0797
liq.cash: 10Y std.dev. (1Y) =   0.494637 ( 0.02199)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3473 0.03478   0.14594 0.08801  0.11669  0.09670    0.1431   0.1459   0.2890
 dbratio     ROA    ROA1 debtcf1
 0.50482 0.19156 0.16691 0.01338

TOSYOU CODE: 6118    346
debtcashflow initial values:   0.000010   0.861022
stddev initial values:   0.000010   0.861022
ecfconst solution interval:   1.288200   1.340780
agcparam solution interval: 0.40199600 0.41840400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33660
data: equity =   0.272564  debt =   0.014443  firm =   0.287007

agency cost: EZC - k L (EZC:ecfconst =   1.325054, k:agcpara = 0.40846229)
liq.cash: 10Y average (1Y) =   1.311789 ( 0.05969) : loss rate  0.0100
liq.cash: 10Y std.dev. (1Y) =   0.506518 ( 0.02305)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0325 0.00577   0.11715 0.08377  0.11547  0.11357    0.2726   0.0144   0.2870
 dbratio     ROA    ROA1 debtcf1
 0.05032 0.20797 0.16529 0.00122

TOSYOU CODE: 6355    347
debtcashflow initial values:   0.000010   0.860050
stddev initial values:   0.000010   0.860050
ecfconst solution interval:   1.247413   1.298327
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27392
data: equity =   0.178380  debt =   0.108303  firm =   0.286683

agency cost: EZC - k L (EZC:ecfconst =   1.262573, k:agcpara = 0.31923182)
liq.cash: 10Y average (1Y) =   1.178853 ( 0.05288) : loss rate  0.0663
liq.cash: 10Y std.dev. (1Y) =   0.542837 ( 0.02435)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2623 0.04565   0.12608 0.08836  0.11183  0.09681    0.1784   0.1083   0.2867
 dbratio     ROA    ROA1 debtcf1
 0.37777 0.18447 0.15981 0.01021

TOSYOU CODE: 3887    348
debtcashflow initial values:   0.000010   0.858282
stddev initial values:   0.000010   0.858282
ecfconst solution interval:   1.009341   1.050539
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16303
data: equity =   0.096898  debt =   0.189196  firm =   0.286094

agency cost: EZC - k L (EZC:ecfconst =   1.015798, k:agcpara = 0.21199700)
liq.cash: 10Y average (1Y) =   0.914194 ( 0.03979) : loss rate  0.1000
liq.cash: 10Y std.dev. (1Y) =   0.397016 ( 0.01728)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4793 0.13665   0.11613 0.08873  0.09801  0.07161    0.0969   0.1892   0.2861
 dbratio     ROA    ROA1 debtcf1
 0.66131 0.13907 0.13509 0.01921

TOSYOU CODE: 4221    349
debtcashflow initial values:   0.000010   0.855719
stddev initial values:   0.000010   0.855719
ecfconst solution interval:   1.006323   1.047397
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.31381
data: equity =   0.119928  debt =   0.165312  firm =   0.285240

agency cost: EZC - k L (EZC:ecfconst =   1.036059, k:agcpara = 0.24285826)
liq.cash: 10Y average (1Y) =   0.933307 ( 0.04106) : loss rate  0.0992
liq.cash: 10Y std.dev. (1Y) =   0.456473 ( 0.02008)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4231 0.13184   0.11062 0.08884  0.09800  0.07483    0.1199   0.1653   0.2852
 dbratio     ROA    ROA1 debtcf1
 0.57956 0.14393 0.13767 0.01706

TOSYOU CODE: 5195    350
debtcashflow initial values:   0.000010   0.853586
stddev initial values:   0.000010   0.853586
ecfconst solution interval:   1.120934   1.166686
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24562
data: equity =   0.123072  debt =   0.161457  firm =   0.284529

agency cost: EZC - k L (EZC:ecfconst =   1.143917, k:agcpara = 0.26057336)
liq.cash: 10Y average (1Y) =   1.039777 ( 0.04603) : loss rate  0.0910
liq.cash: 10Y std.dev. (1Y) =   0.453233 ( 0.02007)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3997 0.07892   0.12808 0.08926  0.10605  0.08326    0.1231   0.1615   0.2845
 dbratio     ROA    ROA1 debtcf1
 0.56745 0.16178 0.14928 0.01573

TOSYOU CODE: 2109    351
debtcashflow initial values:   0.000010   0.851086
stddev initial values:   0.000010   0.851086
ecfconst solution interval:   0.845181   0.879679
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.03937
data: equity =   0.107375  debt =   0.176320  firm =   0.283695

agency cost: EZC - k L (EZC:ecfconst =   0.876635, k:agcpara = 0.22175472)
liq.cash: 10Y average (1Y) =   0.770952 ( 0.03315) : loss rate  0.1206
liq.cash: 10Y std.dev. (1Y) =   0.478155 ( 0.02056)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4766 0.26906   0.08312 0.08298  0.08303  0.05983    0.1074   0.1763   0.2837
 dbratio     ROA    ROA1 debtcf1
 0.62151 0.11686 0.11943 0.02043

TOSYOU CODE: 6102    352
debtcashflow initial values:   0.000010   0.846981
stddev initial values:   0.000010   0.846981
ecfconst solution interval:   0.841105   0.875435
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.23195
data: equity =   0.093835  debt =   0.188492  firm =   0.282327

agency cost: EZC - k L (EZC:ecfconst =   0.864773, k:agcpara = 0.20252453)
liq.cash: 10Y average (1Y) =   0.762354 ( 0.03257) : loss rate  0.1184
liq.cash: 10Y std.dev. (1Y) =   0.431697 ( 0.01845)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5057 0.27609   0.08417 0.08332  0.08360  0.05857    0.0938   0.1885   0.2823
 dbratio     ROA    ROA1 debtcf1
 0.66764 0.11537 0.11845 0.02155

TOSYOU CODE: 2056    353
debtcashflow initial values:   0.000010   0.843465
stddev initial values:   0.000010   0.843465
ecfconst solution interval:   0.991917   1.032403
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25787
data: equity =   0.070734  debt =   0.210421  firm =   0.281155

agency cost: EZC - k L (EZC:ecfconst =   1.008227, k:agcpara = 0.18497651)
liq.cash: 10Y average (1Y) =   0.912776 ( 0.03948) : loss rate  0.0947
liq.cash: 10Y std.dev. (1Y) =   0.313704 ( 0.01357)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5160 0.10298   0.13661 0.08872  0.10077  0.07089    0.0707   0.2104   0.2812
 dbratio     ROA    ROA1 debtcf1
 0.74842 0.14044 0.13622 0.02024

TOSYOU CODE: 4008    354
debtcashflow initial values:   0.000010   0.825660
stddev initial values:   0.000010   0.825660
ecfconst solution interval:   1.008734   1.049906
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19730
data: equity =   0.090000  debt =   0.185220  firm =   0.275220

agency cost: EZC - k L (EZC:ecfconst =   1.000220, k:agcpara = 0.21133776)
liq.cash: 10Y average (1Y) =   0.901957 ( 0.03929) : loss rate  0.0982
liq.cash: 10Y std.dev. (1Y) =   0.372275 ( 0.01622)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4650 0.12023   0.12297 0.08908  0.10016  0.07319    0.0900   0.1852   0.2752
 dbratio     ROA    ROA1 debtcf1
 0.67299 0.14277 0.13774 0.01849

TOSYOU CODE: 7756    355
debtcashflow initial values:   0.000010   0.821340
stddev initial values:   0.000010   0.821340
ecfconst solution interval:   1.191268   1.239892
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29496
data: equity =   0.153826  debt =   0.119954  firm =   0.273780

agency cost: EZC - k L (EZC:ecfconst =   1.210530, k:agcpara = 0.30831448)
liq.cash: 10Y average (1Y) =   1.120993 ( 0.05008) : loss rate  0.0740
liq.cash: 10Y std.dev. (1Y) =   0.495468 ( 0.02214)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2904 0.04683   0.13100 0.08854  0.11240  0.09494    0.1538   0.1200   0.2738
 dbratio     ROA    ROA1 debtcf1
 0.43814 0.18293 0.16027 0.01130

TOSYOU CODE: 2102    356
debtcashflow initial values:   0.000010   0.817252
stddev initial values:   0.000010   0.817252
ecfconst solution interval:   0.848964   0.883616
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.00040
data: equity =   0.147818  debt =   0.124599  firm =   0.272417

agency cost: EZC - k L (EZC:ecfconst =   0.858879, k:agcpara = 0.27575096)
liq.cash: 10Y average (1Y) =   0.767067 ( 0.03376) : loss rate  0.1069
liq.cash: 10Y std.dev. (1Y) =   0.557925 ( 0.02456)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3330 0.21826   0.08241 0.08236  0.08239  0.06544    0.1478   0.1246   0.2724
 dbratio     ROA    ROA1 debtcf1
 0.45738 0.12393 0.12168 0.01422

TOSYOU CODE: 7994    357
debtcashflow initial values:   0.000010   0.809570
stddev initial values:   0.000010   0.809570
ecfconst solution interval:   0.989075   1.029445
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09562  std.dev = 0.09732  lambda =   2.93056
riskless rate of interest = 0.08276  correlation =  0.33715
data: equity =   0.150600  debt =   0.119257  firm =   0.269857

agency cost: EZC - k L (EZC:ecfconst =   1.008740, k:agcpara = 0.28568481)
liq.cash: 10Y average (1Y) =   0.922019 ( 0.04126) : loss rate  0.0860
liq.cash: 10Y std.dev. (1Y) =   0.501532 ( 0.02244)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3036 0.10876   0.10611 0.08838  0.09828  0.08070    0.1506   0.1193   0.2699
 dbratio     ROA    ROA1 debtcf1
 0.44193 0.15289 0.14094 0.01222

TOSYOU CODE: 3004    358
debtcashflow initial values:   0.000010   0.801955
stddev initial values:   0.000010   0.801955
ecfconst solution interval:   0.796397   0.828903
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.22956
data: equity =   0.064112  debt =   0.203206  firm =   0.267318

agency cost: EZC - k L (EZC:ecfconst =   0.804280, k:agcpara = 0.15640993)
liq.cash: 10Y average (1Y) =   0.722431 ( 0.03042) : loss rate  0.1018
liq.cash: 10Y std.dev. (1Y) =   0.298405 ( 0.01257)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5233 0.25229   0.09218 0.08506  0.08676  0.05767    0.0641   0.2032   0.2673
 dbratio     ROA    ROA1 debtcf1
 0.76017 0.11380 0.11645 0.02157

TOSYOU CODE: 6765    359
debtcashflow initial values:   0.000010   0.798430
stddev initial values:   0.000010   0.798430
ecfconst solution interval:   0.756384   0.787256
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.28084
data: equity =   0.187057  debt =   0.079086  firm =   0.266143

agency cost: EZC - k L (EZC:ecfconst =   0.787643, k:agcpara = 0.32089751)
liq.cash: 10Y average (1Y) =   0.717892 ( 0.03164) : loss rate  0.0886
liq.cash: 10Y std.dev. (1Y) =   0.693841 ( 0.03058)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2174 0.23533   0.07583 0.07966  0.07697  0.06632    0.1871   0.0791   0.2661
 dbratio     ROA    ROA1 debtcf1
 0.29715 0.11887 0.11461 0.00956

TOSYOU CODE: 6621    360
debtcashflow initial values:   0.000010   0.797902
stddev initial values:   0.000010   0.797902
ecfconst solution interval:   1.193767   1.242493
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30388
data: equity =   0.201636  debt =   0.064331  firm =   0.265967

agency cost: EZC - k L (EZC:ecfconst =   1.243774, k:agcpara = 0.35216404)
liq.cash: 10Y average (1Y) =   1.189973 ( 0.05351) : loss rate  0.0433
liq.cash: 10Y std.dev. (1Y) =   0.545480 ( 0.02453)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1528 0.02862   0.12598 0.08739  0.11665  0.10714    0.2016   0.0643   0.2660
 dbratio     ROA    ROA1 debtcf1
 0.24188 0.20120 0.16679 0.00589

TOSYOU CODE: 4089 error: solution not found

TOSYOU CODE: 5476    361
debtcashflow initial values:   0.000010   0.793950
stddev initial values:   0.000010   0.793950
ecfconst solution interval:   0.933685   0.971795
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28650
data: equity =   0.064200  debt =   0.200450  firm =   0.264650

agency cost: EZC - k L (EZC:ecfconst =   0.961181, k:agcpara = 0.18661586)
liq.cash: 10Y average (1Y) =   0.870176 ( 0.03770) : loss rate  0.0947
liq.cash: 10Y std.dev. (1Y) =   0.287552 ( 0.01246)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4877 0.09172   0.14227 0.08857  0.10160  0.07141    0.0642   0.2004   0.2646
 dbratio     ROA    ROA1 debtcf1
 0.75741 0.14247 0.13766 0.01903

TOSYOU CODE: 4537    362
debtcashflow initial values:   0.000010   0.783058
stddev initial values:   0.000010   0.783058
ecfconst solution interval:   0.813439   0.846641
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.13414
data: equity =   0.205782  debt =   0.055237  firm =   0.261019

agency cost: EZC - k L (EZC:ecfconst =   0.840359, k:agcpara = 0.33717209)
liq.cash: 10Y average (1Y) =   0.791651 ( 0.03604) : loss rate  0.0580
liq.cash: 10Y std.dev. (1Y) =   0.639303 ( 0.02910)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1445 0.15569   0.08348 0.08313  0.08341  0.07549    0.2058   0.0552   0.2610
 dbratio     ROA    ROA1 debtcf1
 0.21162 0.13807 0.12403 0.00607

TOSYOU CODE: 7995    363
debtcashflow initial values:   0.000010   0.779553
stddev initial values:   0.000010   0.779553
ecfconst solution interval:   0.988056   1.028384
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13047  std.dev = 0.08146  lambda =  18.47090
riskless rate of interest = 0.08120  correlation =  0.09564
data: equity =   0.135600  debt =   0.124251  firm =   0.259851

agency cost: EZC - k L (EZC:ecfconst =   1.010696, k:agcpara = 0.27688164)
liq.cash: 10Y average (1Y) =   0.925788 ( 0.04135) : loss rate  0.0840
liq.cash: 10Y std.dev. (1Y) =   0.449666 ( 0.02009)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3067 0.08428   0.11544 0.08766  0.10216  0.08329    0.1356   0.1243   0.2599
 dbratio     ROA    ROA1 debtcf1
 0.47816 0.15915 0.14549 0.01214

TOSYOU CODE: 6376    364
debtcashflow initial values:   0.000010   0.778350
stddev initial values:   0.000010   0.778350
ecfconst solution interval:   0.808549   0.841551
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.27930
data: equity =   0.184740  debt =   0.074710  firm =   0.259450

agency cost: EZC - k L (EZC:ecfconst =   0.839857, k:agcpara = 0.32087553)
liq.cash: 10Y average (1Y) =   0.776689 ( 0.03504) : loss rate  0.0752
liq.cash: 10Y std.dev. (1Y) =   0.604361 ( 0.02727)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1969 0.16868   0.08414 0.08339  0.08393  0.07312    0.1847   0.0747   0.2594
 dbratio     ROA    ROA1 debtcf1
 0.28795 0.13507 0.12464 0.00830

TOSYOU CODE: 4064    365
debtcashflow initial values:   0.000010   0.774613
stddev initial values:   0.000010   0.774613
ecfconst solution interval:   0.769241   0.800639
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.20219
data: equity =   0.091435  debt =   0.166769  firm =   0.258204

agency cost: EZC - k L (EZC:ecfconst =   0.766846, k:agcpara = 0.21185405)
liq.cash: 10Y average (1Y) =   0.669908 ( 0.02850) : loss rate  0.1264
liq.cash: 10Y std.dev. (1Y) =   0.437368 ( 0.01860)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4576 0.31366   0.07708 0.08074  0.07944  0.05597    0.0914   0.1668   0.2582
 dbratio     ROA    ROA1 debtcf1
 0.64588 0.11036 0.11500 0.02000

TOSYOU CODE: 6101    366
debtcashflow initial values:   0.000010   0.770888
stddev initial values:   0.000010   0.770888
ecfconst solution interval:   1.153352   1.200428
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26069
data: equity =   0.210891  debt =   0.046072  firm =   0.256963

agency cost: EZC - k L (EZC:ecfconst =   1.160002, k:agcpara = 0.35707653)
liq.cash: 10Y average (1Y) =   1.120808 ( 0.05081) : loss rate  0.0338
liq.cash: 10Y std.dev. (1Y) =   0.544090 ( 0.02467)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1098 0.03157   0.11914 0.08727  0.11343  0.10639    0.2109   0.0461   0.2570
 dbratio     ROA    ROA1 debtcf1
 0.17929 0.19774 0.16268 0.00425

TOSYOU CODE: 4046    367
debtcashflow initial values:   0.000010   0.767771
stddev initial values:   0.000010   0.767771
ecfconst solution interval:   0.727336   0.757024
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.19892
data: equity =   0.095613  debt =   0.160311  firm =   0.255924

agency cost: EZC - k L (EZC:ecfconst =   0.763678, k:agcpara = 0.21988646)
liq.cash: 10Y average (1Y) =   0.666749 ( 0.02844) : loss rate  0.1269
liq.cash: 10Y std.dev. (1Y) =   0.449891 ( 0.01919)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4408 0.30776   0.07722 0.08075  0.07943  0.05667    0.0956   0.1603   0.2559
 dbratio     ROA    ROA1 debtcf1
 0.62640 0.11111 0.11553 0.01929

TOSYOU CODE: 5633    368
debtcashflow initial values:   0.000010   0.750924
stddev initial values:   0.000010   0.750924
ecfconst solution interval:   0.883088   0.919132
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21643
data: equity =   0.076032  debt =   0.174276  firm =   0.250308

agency cost: EZC - k L (EZC:ecfconst =   0.909612, k:agcpara = 0.20374391)
liq.cash: 10Y average (1Y) =   0.821058 ( 0.03570) : loss rate  0.0974
liq.cash: 10Y std.dev. (1Y) =   0.321604 ( 0.01398)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4346 0.11477   0.12724 0.08909  0.10068  0.07276    0.0760   0.1743   0.2503
 dbratio     ROA    ROA1 debtcf1
 0.69625 0.14261 0.13773 0.01721

TOSYOU CODE: 6707    369
debtcashflow initial values:   0.000010   0.748279
stddev initial values:   0.000010   0.748279
ecfconst solution interval:   1.153744   1.200836
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38352
data: equity =   0.130710  debt =   0.118716  firm =   0.249426

agency cost: EZC - k L (EZC:ecfconst =   1.182868, k:agcpara = 0.31831907)
liq.cash: 10Y average (1Y) =   1.093110 ( 0.04862) : loss rate  0.0759
liq.cash: 10Y std.dev. (1Y) =   0.438450 ( 0.01950)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2820 0.03216   0.14479 0.08785  0.11769  0.09888    0.1307   0.1187   0.2494
 dbratio     ROA    ROA1 debtcf1
 0.47595 0.19491 0.16842 0.01086

TOSYOU CODE: 5363    370
debtcashflow initial values:   0.000010   0.740531
stddev initial values:   0.000010   0.740531
ecfconst solution interval:   1.006333   1.047407
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24908
data: equity =   0.110244  debt =   0.136600  firm =   0.246844

agency cost: EZC - k L (EZC:ecfconst =   1.001694, k:agcpara = 0.26595372)
liq.cash: 10Y average (1Y) =   0.911927 ( 0.04043) : loss rate  0.0896
liq.cash: 10Y std.dev. (1Y) =   0.399738 ( 0.01772)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3375 0.07537   0.12814 0.08921  0.10660  0.08438    0.1102   0.1366   0.2468
 dbratio     ROA    ROA1 debtcf1
 0.55339 0.16378 0.15035 0.01327

TOSYOU CODE: 5721    371
debtcashflow initial values:   0.000010   0.740300
stddev initial values:   0.000010   0.740300
ecfconst solution interval:   0.769026   0.800414
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09349  std.dev = 0.09764  lambda =   2.41401
riskless rate of interest = 0.08273  correlation =  0.15638
data: equity =   0.093549  debt =   0.153218  firm =   0.246767

agency cost: EZC - k L (EZC:ecfconst =   0.804290, k:agcpara = 0.22228839)
liq.cash: 10Y average (1Y) =   0.714505 ( 0.03098) : loss rate  0.1116
liq.cash: 10Y std.dev. (1Y) =   0.390112 ( 0.01691)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4039 0.21297   0.09335 0.08585  0.08869  0.06471    0.0935   0.1532   0.2468
 dbratio     ROA    ROA1 debtcf1
 0.62090 0.12554 0.12541 0.01683

TOSYOU CODE: 4404    372
debtcashflow initial values:   0.000010   0.737319
stddev initial values:   0.000010   0.737319
ecfconst solution interval:   0.867084   0.902476
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.25224
data: equity =   0.122424  debt =   0.123349  firm =   0.245773

agency cost: EZC - k L (EZC:ecfconst =   0.889483, k:agcpara = 0.26668832)
liq.cash: 10Y average (1Y) =   0.804988 ( 0.03573) : loss rate  0.0950
liq.cash: 10Y std.dev. (1Y) =   0.434540 ( 0.01929)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3168 0.13063   0.10432 0.08812  0.09619  0.07629    0.1224   0.1233   0.2458
 dbratio     ROA    ROA1 debtcf1
 0.50188 0.14540 0.13726 0.01285

TOSYOU CODE: 5204    373
debtcashflow initial values:   0.000010   0.729924
stddev initial values:   0.000010   0.729924
ecfconst solution interval:   0.758246   0.789194
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13085
data: equity =   0.051540  debt =   0.191768  firm =   0.243308

agency cost: EZC - k L (EZC:ecfconst =   0.756209, k:agcpara = 0.14161584)
liq.cash: 10Y average (1Y) =   0.688935 ( 0.02905) : loss rate  0.0890
liq.cash: 10Y std.dev. (1Y) =   0.228743 ( 0.00965)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4750 0.17488   0.11117 0.08684  0.09200  0.06120    0.0515   0.1918   0.2433
 dbratio     ROA    ROA1 debtcf1
 0.78817 0.11941 0.12008 0.01893

TOSYOU CODE: 6934    374
debtcashflow initial values:   0.000010   0.721252
stddev initial values:   0.000010   0.721252
ecfconst solution interval:   0.848190   0.882810
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13546
data: equity =   0.117227  debt =   0.123190  firm =   0.240417

agency cost: EZC - k L (EZC:ecfconst =   0.884717, k:agcpara = 0.26399551)
liq.cash: 10Y average (1Y) =   0.802001 ( 0.03560) : loss rate  0.0935
liq.cash: 10Y std.dev. (1Y) =   0.414391 ( 0.01839)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3133 0.11914   0.10801 0.08825  0.09789  0.07754    0.1172   0.1232   0.2404
 dbratio     ROA    ROA1 debtcf1
 0.51240 0.14806 0.13916 0.01262

TOSYOU CODE: 6139    375
debtcashflow initial values:   0.000010   0.717352
stddev initial values:   0.000010   0.717352
ecfconst solution interval:   1.073257   1.117063
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33622
data: equity =   0.142750  debt =   0.096368  firm =   0.239117

agency cost: EZC - k L (EZC:ecfconst =   1.112011, k:agcpara = 0.32511918)
liq.cash: 10Y average (1Y) =   1.037135 ( 0.04630) : loss rate  0.0673
liq.cash: 10Y std.dev. (1Y) =   0.444973 ( 0.01986)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2303 0.03490   0.13539 0.08802  0.11630  0.10033    0.1427   0.0964   0.2391
 dbratio     ROA    ROA1 debtcf1
 0.40301 0.19361 0.16614 0.00890

TOSYOU CODE: 6712    376
debtcashflow initial values:   0.000010   0.706830
stddev initial values:   0.000010   0.706830
ecfconst solution interval:   1.025188   1.067032
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28878
data: equity =   0.143346  debt =   0.092264  firm =   0.235610

agency cost: EZC - k L (EZC:ecfconst =   1.049397, k:agcpara = 0.31859852)
liq.cash: 10Y average (1Y) =   0.978397 ( 0.04382) : loss rate  0.0677
liq.cash: 10Y std.dev. (1Y) =   0.441671 ( 0.01978)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2229 0.04357   0.12856 0.08835  0.11281  0.09724    0.1433   0.0923   0.2356
 dbratio     ROA    ROA1 debtcf1
 0.39160 0.18600 0.16111 0.00866

TOSYOU CODE: 6924    377
debtcashflow initial values:   0.000010   0.700001
stddev initial values:   0.000010   0.700001
ecfconst solution interval:   0.823200   0.856800
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.32351
data: equity =   0.150913  debt =   0.082421  firm =   0.233334

agency cost: EZC - k L (EZC:ecfconst =   0.837536, k:agcpara = 0.30629805)
liq.cash: 10Y average (1Y) =   0.772827 ( 0.03491) : loss rate  0.0773
liq.cash: 10Y std.dev. (1Y) =   0.476462 ( 0.02152)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2113 0.11928   0.09721 0.08697  0.09359  0.07977    0.1509   0.0824   0.2333
 dbratio     ROA    ROA1 debtcf1
 0.35323 0.14959 0.13633 0.00860

TOSYOU CODE: 3202    378
debtcashflow initial values:   0.000010   0.690250
stddev initial values:   0.000010   0.690250
ecfconst solution interval:   0.590764   0.614876
agcparam solution interval: 0.10446800 0.10873200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07616  std.dev = 0.10140  lambda =  -1.34528
riskless rate of interest = 0.08310  correlation =  0.32625
data: equity =   0.041533  debt =   0.188550  firm =   0.230083

agency cost: EZC - k L (EZC:ecfconst =   0.610445, k:agcpara = 0.11486966)
liq.cash: 10Y average (1Y) =   0.555620 ( 0.02272) : loss rate  0.0898
liq.cash: 10Y std.dev. (1Y) =   0.204115 ( 0.00835)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4773 0.35056   0.06909 0.07958  0.07768  0.04834    0.0415   0.1886   0.2301
 dbratio     ROA    ROA1 debtcf1
 0.81949 0.09875 0.10249 0.01997

TOSYOU CODE: 6373    379
debtcashflow initial values:   0.000010   0.682672
stddev initial values:   0.000010   0.682672
ecfconst solution interval:   0.990143   1.030557
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31765
data: equity =   0.114121  debt =   0.113436  firm =   0.227557

agency cost: EZC - k L (EZC:ecfconst =   1.007059, k:agcpara = 0.29683733)
liq.cash: 10Y average (1Y) =   0.925638 ( 0.04121) : loss rate  0.0808
liq.cash: 10Y std.dev. (1Y) =   0.390729 ( 0.01740)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2743 0.04776   0.13657 0.08865  0.11268  0.09280    0.1141   0.1134   0.2276
 dbratio     ROA    ROA1 debtcf1
 0.49850 0.18110 0.16037 0.01066

TOSYOU CODE: 4539 error: solution not found

TOSYOU CODE: 7223    380
debtcashflow initial values:   0.000010   0.679396
stddev initial values:   0.000010   0.679396
ecfconst solution interval:   1.140749   1.187311
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35813
data: equity =   0.187244  debt =   0.039221  firm =   0.226465

agency cost: EZC - k L (EZC:ecfconst =   1.132667, k:agcpara = 0.37209076)
liq.cash: 10Y average (1Y) =   1.098623 ( 0.04905) : loss rate  0.0301
liq.cash: 10Y std.dev. (1Y) =   0.479545 ( 0.02141)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0915 0.01786   0.13032 0.08647  0.12273  0.11599    0.1872   0.0392   0.2265
 dbratio     ROA    ROA1 debtcf1
 0.17319 0.21658 0.17465 0.00350

TOSYOU CODE: 5771    381
debtcashflow initial values:   0.000010   0.673410
stddev initial values:   0.000010   0.673410
ecfconst solution interval:   0.945916   0.984524
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35772
data: equity =   0.080960  debt =   0.143510  firm =   0.224470

agency cost: EZC - k L (EZC:ecfconst =   0.958944, k:agcpara = 0.26131350)
liq.cash: 10Y average (1Y) =   0.868610 ( 0.03842) : loss rate  0.0942
liq.cash: 10Y std.dev. (1Y) =   0.323943 ( 0.01433)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3457 0.05324   0.14930 0.08864  0.11052  0.08502    0.0810   0.1435   0.2245
 dbratio     ROA    ROA1 debtcf1
 0.63933 0.17118 0.15628 0.01339

TOSYOU CODE: 6708    382
debtcashflow initial values:   0.000010   0.672236
stddev initial values:   0.000010   0.672236
ecfconst solution interval:   0.913527   0.950813
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22594
data: equity =   0.143250  debt =   0.080829  firm =   0.224079

agency cost: EZC - k L (EZC:ecfconst =   0.943191, k:agcpara = 0.31578071)
liq.cash: 10Y average (1Y) =   0.880710 ( 0.03966) : loss rate  0.0662
liq.cash: 10Y std.dev. (1Y) =   0.430780 ( 0.01940)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1979 0.05647   0.11892 0.08843  0.10792  0.09357    0.1432   0.0808   0.2241
 dbratio     ROA    ROA1 debtcf1
 0.36071 0.17700 0.15457 0.00776

TOSYOU CODE: 6741    383
debtcashflow initial values:   0.000010   0.669927
stddev initial values:   0.000010   0.669927
ecfconst solution interval:   0.695918   0.724322
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.03923
data: equity =   0.122842  debt =   0.100467  firm =   0.223309

agency cost: EZC - k L (EZC:ecfconst =   0.715892, k:agcpara = 0.27952567)
liq.cash: 10Y average (1Y) =   0.640735 ( 0.02829) : loss rate  0.1050
liq.cash: 10Y std.dev. (1Y) =   0.459679 ( 0.02030)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2689 0.20927   0.08427 0.08339  0.08387  0.06699    0.1228   0.1005   0.2233
 dbratio     ROA    ROA1 debtcf1
 0.44990 0.12668 0.12355 0.01144

TOSYOU CODE: 3551    384
debtcashflow initial values:   0.000010   0.659401
stddev initial values:   0.000010   0.659401
ecfconst solution interval:   0.594517   0.618783
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.12115
data: equity =   0.055932  debt =   0.163868  firm =   0.219800

agency cost: EZC - k L (EZC:ecfconst =   0.622235, k:agcpara = 0.16390172)
liq.cash: 10Y average (1Y) =   0.550381 ( 0.02299) : loss rate  0.1155
liq.cash: 10Y std.dev. (1Y) =   0.287422 ( 0.01201)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4384 0.34841   0.07386 0.07995  0.07840  0.05158    0.0559   0.1639   0.2198
 dbratio     ROA    ROA1 debtcf1
 0.74553 0.10461 0.10967 0.01896

TOSYOU CODE: 6510    385
debtcashflow initial values:   0.000010   0.657291
stddev initial values:   0.000010   0.657291
ecfconst solution interval:   0.833098   0.867102
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16506
data: equity =   0.117320  debt =   0.101777  firm =   0.219097

agency cost: EZC - k L (EZC:ecfconst =   0.843138, k:agcpara = 0.28121855)
liq.cash: 10Y average (1Y) =   0.771224 ( 0.03445) : loss rate  0.0853
liq.cash: 10Y std.dev. (1Y) =   0.392421 ( 0.01753)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2557 0.09448   0.11206 0.08857  0.10115  0.08264    0.1173   0.1018   0.2191
 dbratio     ROA    ROA1 debtcf1
 0.46453 0.15725 0.14426 0.01020

TOSYOU CODE: 6755    386
debtcashflow initial values:   0.000010   0.655937
stddev initial values:   0.000010   0.655937
ecfconst solution interval:   0.981372   1.021428
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30912
data: equity =   0.142488  debt =   0.076158  firm =   0.218646

agency cost: EZC - k L (EZC:ecfconst =   1.004725, k:agcpara = 0.33205878)
liq.cash: 10Y average (1Y) =   0.944174 ( 0.04230) : loss rate  0.0603
liq.cash: 10Y std.dev. (1Y) =   0.421912 ( 0.01890)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1823 0.03549   0.12986 0.08796  0.11527  0.10148    0.1425   0.0762   0.2186
 dbratio     ROA    ROA1 debtcf1
 0.34831 0.19347 0.16475 0.00706

TOSYOU CODE: 4215    387
debtcashflow initial values:   0.000010   0.655673
stddev initial values:   0.000010   0.655673
ecfconst solution interval:   0.741086   0.771334
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.37224
data: equity =   0.095783  debt =   0.122775  firm =   0.218558

agency cost: EZC - k L (EZC:ecfconst =   0.761741, k:agcpara = 0.24611619)
liq.cash: 10Y average (1Y) =   0.683278 ( 0.03004) : loss rate  0.1030
liq.cash: 10Y std.dev. (1Y) =   0.365103 ( 0.01605)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3188 0.15907   0.10157 0.08773  0.09380  0.07162    0.0958   0.1228   0.2186
 dbratio     ROA    ROA1 debtcf1
 0.56175 0.13744 0.13298 0.01304

TOSYOU CODE: 3408    388
debtcashflow initial values:   0.000010   0.655353
stddev initial values:   0.000010   0.655353
ecfconst solution interval:   0.740723   0.770957
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09665  std.dev = 0.10082  lambda =   3.02842
riskless rate of interest = 0.08243  correlation =  0.26583
data: equity =   0.078848  debt =   0.139603  firm =   0.218451

agency cost: EZC - k L (EZC:ecfconst =   0.747265, k:agcpara = 0.21676833)
liq.cash: 10Y average (1Y) =   0.669290 ( 0.02910) : loss rate  0.1043
liq.cash: 10Y std.dev. (1Y) =   0.321266 ( 0.01397)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3597 0.16762   0.10520 0.08777  0.09406  0.06882    0.0788   0.1396   0.2185
 dbratio     ROA    ROA1 debtcf1
 0.63906 0.13323 0.13087 0.01464

TOSYOU CODE: 4103    389
debtcashflow initial values:   0.000010   0.648809
stddev initial values:   0.000010   0.648809
ecfconst solution interval:   0.970700   1.010320
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31298
data: equity =   0.127232  debt =   0.089038  firm =   0.216270

agency cost: EZC - k L (EZC:ecfconst =   0.981077, k:agcpara = 0.31836647)
liq.cash: 10Y average (1Y) =   0.912895 ( 0.04080) : loss rate  0.0695
liq.cash: 10Y std.dev. (1Y) =   0.399808 ( 0.01787)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2142 0.04026   0.13259 0.08828  0.11434  0.09799    0.1272   0.0890   0.2163
 dbratio     ROA    ROA1 debtcf1
 0.41170 0.18863 0.16324 0.00830

TOSYOU CODE: 6505    390
debtcashflow initial values:   0.000010   0.648476
stddev initial values:   0.000010   0.648476
ecfconst solution interval:   0.614323   0.639397
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.28996
data: equity =   0.100805  debt =   0.115354  firm =   0.216159

agency cost: EZC - k L (EZC:ecfconst =   0.639938, k:agcpara = 0.25441938)
liq.cash: 10Y average (1Y) =   0.557881 ( 0.02390) : loss rate  0.1282
liq.cash: 10Y std.dev. (1Y) =   0.454320 ( 0.01946)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3225 0.30222   0.07478 0.07940  0.07725  0.05818    0.1008   0.1154   0.2162
 dbratio     ROA    ROA1 debtcf1
 0.53365 0.11056 0.11465 0.01434

TOSYOU CODE: 2533    391
debtcashflow initial values:   0.000010   0.647073
stddev initial values:   0.000010   0.647073
ecfconst solution interval:   0.701768   0.730412
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.11997
data: equity =   0.101648  debt =   0.114043  firm =   0.215691

agency cost: EZC - k L (EZC:ecfconst =   0.725115, k:agcpara = 0.25542251)
liq.cash: 10Y average (1Y) =   0.648642 ( 0.02855) : loss rate  0.1055
liq.cash: 10Y std.dev. (1Y) =   0.384790 ( 0.01694)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2994 0.18204   0.09361 0.08605  0.08961  0.06914    0.1016   0.1140   0.2157
 dbratio     ROA    ROA1 debtcf1
 0.52873 0.13236 0.12891 0.01243

TOSYOU CODE: 7971    392
debtcashflow initial values:   0.000010   0.641633
stddev initial values:   0.000010   0.641633
ecfconst solution interval:   0.607845   0.632655
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.31564
data: equity =   0.108585  debt =   0.105293  firm =   0.213878

agency cost: EZC - k L (EZC:ecfconst =   0.629561, k:agcpara = 0.26821600)
liq.cash: 10Y average (1Y) =   0.550210 ( 0.02360) : loss rate  0.1260
liq.cash: 10Y std.dev. (1Y) =   0.479887 ( 0.02059)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2958 0.29804   0.07414 0.07898  0.07652  0.05903    0.1086   0.1053   0.2139
 dbratio     ROA    ROA1 debtcf1
 0.49231 0.11036 0.11400 0.01322

TOSYOU CODE: 6803    393
debtcashflow initial values:   0.000010   0.637662
stddev initial values:   0.000010   0.637662
ecfconst solution interval:   0.691566   0.719794
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.36507
data: equity =   0.136424  debt =   0.076130  firm =   0.212554

agency cost: EZC - k L (EZC:ecfconst =   0.688512, k:agcpara = 0.30425097)
liq.cash: 10Y average (1Y) =   0.627073 ( 0.02805) : loss rate  0.0892
liq.cash: 10Y std.dev. (1Y) =   0.470709 ( 0.02105)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2019 0.18321   0.08458 0.08355  0.08421  0.07074    0.1364   0.0761   0.2126
 dbratio     ROA    ROA1 debtcf1
 0.35817 0.13195 0.12472 0.00854

TOSYOU CODE: 6317    394
debtcashflow initial values:   0.000010   0.634644
stddev initial values:   0.000010   0.634644
ecfconst solution interval:   0.659266   0.686174
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.15824
data: equity =   0.123480  debt =   0.088068  firm =   0.211548

agency cost: EZC - k L (EZC:ecfconst =   0.677184, k:agcpara = 0.28912050)
liq.cash: 10Y average (1Y) =   0.609048 ( 0.02699) : loss rate  0.1006
liq.cash: 10Y std.dev. (1Y) =   0.451719 ( 0.02002)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2357 0.20424   0.08366 0.08320  0.08347  0.06788    0.1235   0.0881   0.2115
 dbratio     ROA    ROA1 debtcf1
 0.41630 0.12759 0.12339 0.01003

TOSYOU CODE: 4218    395
debtcashflow initial values:   0.000010   0.633924
stddev initial values:   0.000010   0.633924
ecfconst solution interval:   0.687509   0.715571
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.05875
data: equity =   0.125520  debt =   0.085788  firm =   0.211308

agency cost: EZC - k L (EZC:ecfconst =   0.687932, k:agcpara = 0.29153152)
liq.cash: 10Y average (1Y) =   0.621616 ( 0.02766) : loss rate  0.0964
liq.cash: 10Y std.dev. (1Y) =   0.445368 ( 0.01982)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2275 0.18808   0.08569 0.08387  0.08495  0.06963    0.1255   0.0858   0.2113
 dbratio     ROA    ROA1 debtcf1
 0.40599 0.13092 0.12529 0.00960

TOSYOU CODE: 6332    396
debtcashflow initial values:   0.000010   0.633557
stddev initial values:   0.000010   0.633557
ecfconst solution interval:   0.889938   0.926262
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30386
data: equity =   0.100144  debt =   0.111042  firm =   0.211186

agency cost: EZC - k L (EZC:ecfconst =   0.912435, k:agcpara = 0.28588079)
liq.cash: 10Y average (1Y) =   0.835277 ( 0.03714) : loss rate  0.0846
liq.cash: 10Y std.dev. (1Y) =   0.352319 ( 0.01566)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2699 0.05427   0.13561 0.08885  0.11103  0.09000    0.1001   0.1110   0.2112
 dbratio     ROA    ROA1 debtcf1
 0.52581 0.17585 0.15759 0.01051

TOSYOU CODE: 2601    397
debtcashflow initial values:   0.000010   0.629131
stddev initial values:   0.000010   0.629131
ecfconst solution interval:   0.739861   0.770059
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.22579
data: equity =   0.126539  debt =   0.083171  firm =   0.209710

agency cost: EZC - k L (EZC:ecfconst =   0.765873, k:agcpara = 0.29594738)
liq.cash: 10Y average (1Y) =   0.703010 ( 0.03161) : loss rate  0.0821
liq.cash: 10Y std.dev. (1Y) =   0.408835 ( 0.01838)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2124 0.11507   0.10090 0.08756  0.09561  0.07998    0.1265   0.0832   0.2097
 dbratio     ROA    ROA1 debtcf1
 0.39660 0.15073 0.13829 0.00861

TOSYOU CODE: 6937    398
debtcashflow initial values:   0.000010   0.622114
stddev initial values:   0.000010   0.622114
ecfconst solution interval:   0.703150   0.731850
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16079
data: equity =   0.069379  debt =   0.137992  firm =   0.207371

agency cost: EZC - k L (EZC:ecfconst =   0.733180, k:agcpara = 0.20990948)
liq.cash: 10Y average (1Y) =   0.659751 ( 0.02869) : loss rate  0.1002
liq.cash: 10Y std.dev. (1Y) =   0.285907 ( 0.01243)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3498 0.13917   0.11582 0.08870  0.09777  0.07121    0.0694   0.1380   0.2074
 dbratio     ROA    ROA1 debtcf1
 0.66543 0.13835 0.13461 0.01403

TOSYOU CODE: 4527    399
debtcashflow initial values:   0.000010   0.618035
stddev initial values:   0.000010   0.618035
ecfconst solution interval:   0.811607   0.844733
agcparam solution interval: 0.38847200 0.40432800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16076
data: equity =   0.201513  debt =   0.004499  firm =   0.206012

agency cost: EZC - k L (EZC:ecfconst =   0.804336, k:agcpara = 0.40028175)
liq.cash: 10Y average (1Y) =   0.800232 ( 0.03732) : loss rate  0.0051
liq.cash: 10Y std.dev. (1Y) =   0.370735 ( 0.01729)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0103 0.01655   0.10015 0.08407  0.09980  0.09897    0.2015   0.0045   0.2060
 dbratio     ROA    ROA1 debtcf1
 0.02183 0.18116 0.14592 0.00039

TOSYOU CODE: 7122    400
debtcashflow initial values:   0.000010   0.616692
stddev initial values:   0.000010   0.616692
ecfconst solution interval:   0.894446   0.930954
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27280
data: equity =   0.132912  debt =   0.072652  firm =   0.205564

agency cost: EZC - k L (EZC:ecfconst =   0.909734, k:agcpara = 0.32460940)
liq.cash: 10Y average (1Y) =   0.852732 ( 0.03830) : loss rate  0.0627
liq.cash: 10Y std.dev. (1Y) =   0.395746 ( 0.01778)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1756 0.04354   0.12520 0.08824  0.11214  0.09811    0.1329   0.0727   0.2056
 dbratio     ROA    ROA1 debtcf1
 0.35343 0.18634 0.16037 0.00683

TOSYOU CODE: 3216 error: solution not found

TOSYOU CODE: 4095 error: solution not found

TOSYOU CODE: 4099    401
debtcashflow initial values:   0.000010   0.605801
stddev initial values:   0.000010   0.605801
ecfconst solution interval:   0.906363   0.943357
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31344
data: equity =   0.138424  debt =   0.063510  firm =   0.201934

agency cost: EZC - k L (EZC:ecfconst =   0.939588, k:agcpara = 0.33983276)
liq.cash: 10Y average (1Y) =   0.888105 ( 0.03981) : loss rate  0.0548
liq.cash: 10Y std.dev. (1Y) =   0.398148 ( 0.01785)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1515 0.03215   0.12935 0.08775  0.11627  0.10385    0.1384   0.0635   0.2019
 dbratio     ROA    ROA1 debtcf1
 0.31451 0.19716 0.16620 0.00585

TOSYOU CODE: 7996    402
debtcashflow initial values:   0.000010   0.601226
stddev initial values:   0.000010   0.601226
ecfconst solution interval:   0.707041   0.735899
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.31548
data: equity =   0.082577  debt =   0.117832  firm =   0.200409

agency cost: EZC - k L (EZC:ecfconst =   0.726053, k:agcpara = 0.23987254)
liq.cash: 10Y average (1Y) =   0.653707 ( 0.02872) : loss rate  0.0996
liq.cash: 10Y std.dev. (1Y) =   0.317049 ( 0.01393)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3016 0.13338   0.11093 0.08886  0.09795  0.07444    0.0826   0.1178   0.2004
 dbratio     ROA    ROA1 debtcf1
 0.58796 0.14332 0.13738 0.01216

TOSYOU CODE: 6108    403
debtcashflow initial values:   0.000010   0.600138
stddev initial values:   0.000010   0.600138
ecfconst solution interval:   0.705767   0.734573
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.35270
data: equity =   0.103210  debt =   0.096836  firm =   0.200046

agency cost: EZC - k L (EZC:ecfconst =   0.708059, k:agcpara = 0.27108641)
liq.cash: 10Y average (1Y) =   0.640118 ( 0.02844) : loss rate  0.0960
liq.cash: 10Y std.dev. (1Y) =   0.365151 ( 0.01622)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2506 0.14306   0.09975 0.08748  0.09381  0.07476    0.1032   0.0968   0.2000
 dbratio     ROA    ROA1 debtcf1
 0.48407 0.14218 0.13473 0.01024

TOSYOU CODE: 6742    404
debtcashflow initial values:   0.000010   0.598678
stddev initial values:   0.000010   0.598678
ecfconst solution interval:   0.539764   0.561796
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.16851
data: equity =   0.102429  debt =   0.097130  firm =   0.199559

agency cost: EZC - k L (EZC:ecfconst =   0.565252, k:agcpara = 0.27192727)
liq.cash: 10Y average (1Y) =   0.488512 ( 0.02054) : loss rate  0.1358
liq.cash: 10Y std.dev. (1Y) =   0.492486 ( 0.02071)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2822 0.33764   0.07073 0.07697  0.07377  0.05691    0.1024   0.0971   0.1996
 dbratio     ROA    ROA1 debtcf1
 0.48672 0.10295 0.10973 0.01296

TOSYOU CODE: 3009 error: solution not found

TOSYOU CODE: 2215    405
debtcashflow initial values:   0.000010   0.586899
stddev initial values:   0.000010   0.586899
ecfconst solution interval:   0.770711   0.802169
agcparam solution interval: 0.36142401 0.37617601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.37860
data: equity =   0.171532  debt =   0.024101  firm =   0.195633

agency cost: EZC - k L (EZC:ecfconst =   0.780651, k:agcpara = 0.36714849)
liq.cash: 10Y average (1Y) =   0.759906 ( 0.03507) : loss rate  0.0266
liq.cash: 10Y std.dev. (1Y) =   0.371551 ( 0.01715)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0565 0.02917   0.10428 0.08571  0.10199  0.09724    0.1715   0.0241   0.1956
 dbratio     ROA    ROA1 debtcf1
 0.12320 0.17926 0.14842 0.00218

TOSYOU CODE: 7204    406
debtcashflow initial values:   0.000010   0.580604
stddev initial values:   0.000010   0.580604
ecfconst solution interval:   0.735892   0.765928
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21009
data: equity =   0.084494  debt =   0.109041  firm =   0.193535

agency cost: EZC - k L (EZC:ecfconst =   0.753667, k:agcpara = 0.25595920)
liq.cash: 10Y average (1Y) =   0.683923 ( 0.03025) : loss rate  0.0925
liq.cash: 10Y std.dev. (1Y) =   0.310496 ( 0.01373)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2725 0.09257   0.12202 0.08920  0.10353  0.08091    0.0845   0.1090   0.1935
 dbratio     ROA    ROA1 debtcf1
 0.56342 0.15632 0.14562 0.01080

TOSYOU CODE: 3205    407
debtcashflow initial values:   0.000010   0.569574
stddev initial values:   0.000010   0.569574
ecfconst solution interval:   0.591675   0.615825
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08614  std.dev = 0.10174  lambda =   0.72476
riskless rate of interest = 0.08252  correlation =  0.17741
data: equity =   0.072222  debt =   0.117636  firm =   0.189858

agency cost: EZC - k L (EZC:ecfconst =   0.596111, k:agcpara = 0.22163343)
liq.cash: 10Y average (1Y) =   0.526636 ( 0.02273) : loss rate  0.1165
liq.cash: 10Y std.dev. (1Y) =   0.309987 ( 0.01338)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3135 0.24583   0.08637 0.08379  0.08477  0.06141    0.0722   0.1176   0.1899
 dbratio     ROA    ROA1 debtcf1
 0.61960 0.11970 0.12122 0.01328

TOSYOU CODE: 2571    408
debtcashflow initial values:   0.000010   0.565071
stddev initial values:   0.000010   0.565071
ecfconst solution interval:   0.690371   0.718549
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.24159
data: equity =   0.177527  debt =   0.010830  firm =   0.188357

agency cost: EZC - k L (EZC:ecfconst =   0.701775, k:agcpara = 0.38681361)
liq.cash: 10Y average (1Y) =   0.692001 ( 0.03229) : loss rate  0.0139
liq.cash: 10Y std.dev. (1Y) =   0.361837 ( 0.01688)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0253 0.03269   0.09615 0.08481  0.09550  0.09330    0.1775   0.0108   0.1884
 dbratio     ROA    ROA1 debtcf1
 0.05749 0.17143 0.14057 0.00097

TOSYOU CODE: 6763    409
debtcashflow initial values:   0.000010   0.562483
stddev initial values:   0.000010   0.562483
ecfconst solution interval:   0.867271   0.902669
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29326
data: equity =   0.138983  debt =   0.048511  firm =   0.187494

agency cost: EZC - k L (EZC:ecfconst =   0.864459, k:agcpara = 0.34739935)
liq.cash: 10Y average (1Y) =   0.824279 ( 0.03710) : loss rate  0.0465
liq.cash: 10Y std.dev. (1Y) =   0.381211 ( 0.01716)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1157 0.03152   0.12514 0.08757  0.11542  0.10522    0.1390   0.0485   0.1875
 dbratio     ROA    ROA1 debtcf1
 0.25874 0.19787 0.16513 0.00447

TOSYOU CODE: 7961    410
debtcashflow initial values:   0.000010   0.558984
stddev initial values:   0.000010   0.558984
ecfconst solution interval:   0.657364   0.684196
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14425
data: equity =   0.078870  debt =   0.107458  firm =   0.186328

agency cost: EZC - k L (EZC:ecfconst =   0.676904, k:agcpara = 0.24319972)
liq.cash: 10Y average (1Y) =   0.610363 ( 0.02687) : loss rate  0.0983
liq.cash: 10Y std.dev. (1Y) =   0.297038 ( 0.01308)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2736 0.12846   0.11079 0.08851  0.09794  0.07497    0.0789   0.1075   0.1863
 dbratio     ROA    ROA1 debtcf1
 0.57671 0.14421 0.13769 0.01101

TOSYOU CODE: 5911    411
debtcashflow initial values:   0.000010   0.553771
stddev initial values:   0.000010   0.553771
ecfconst solution interval:   0.701886   0.730534
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14917
data: equity =   0.134626  debt =   0.049964  firm =   0.184590

agency cost: EZC - k L (EZC:ecfconst =   0.724779, k:agcpara = 0.32755079)
liq.cash: 10Y average (1Y) =   0.684267 ( 0.03117) : loss rate  0.0559
liq.cash: 10Y std.dev. (1Y) =   0.380959 ( 0.01736)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1237 0.07058   0.10623 0.08761  0.10119  0.09052    0.1346   0.0500   0.1846
 dbratio     ROA    ROA1 debtcf1
 0.27067 0.16888 0.14657 0.00491

TOSYOU CODE: 4530    412
debtcashflow initial values:   0.000010   0.548810
stddev initial values:   0.000010   0.548810
ecfconst solution interval:   0.745800   0.776240
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.18487
data: equity =   0.147101  debt =   0.035836  firm =   0.182937

agency cost: EZC - k L (EZC:ecfconst =   0.756268, k:agcpara = 0.34583247)
liq.cash: 10Y average (1Y) =   0.726087 ( 0.03319) : loss rate  0.0399
liq.cash: 10Y std.dev. (1Y) =   0.389738 ( 0.01782)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0873 0.05060   0.10986 0.08760  0.10550  0.09778    0.1471   0.0358   0.1829
 dbratio     ROA    ROA1 debtcf1
 0.19589 0.18144 0.15249 0.00342

TOSYOU CODE: 5544    413
debtcashflow initial values:   0.000010   0.540189
stddev initial values:   0.000010   0.540189
ecfconst solution interval:   0.511736   0.532624
agcparam solution interval: 0.13151601 0.13688401
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.12084
data: equity =   0.038464  debt =   0.141599  firm =   0.180063

agency cost: EZC - k L (EZC:ecfconst =   0.533512, k:agcpara = 0.13992371)
liq.cash: 10Y average (1Y) =   0.483494 ( 0.02023) : loss rate  0.0938
liq.cash: 10Y std.dev. (1Y) =   0.175746 ( 0.00735)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3575 0.23665   0.09501 0.08519  0.08729  0.05714    0.0385   0.1416   0.1801
 dbratio     ROA    ROA1 debtcf1
 0.78639 0.11236 0.11474 0.01454

TOSYOU CODE: 6335    414
debtcashflow initial values:   0.000010   0.537897
stddev initial values:   0.000010   0.537897
ecfconst solution interval:   0.780168   0.812012
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27000
data: equity =   0.115600  debt =   0.063699  firm =   0.179299

agency cost: EZC - k L (EZC:ecfconst =   0.790877, k:agcpara = 0.32373853)
liq.cash: 10Y average (1Y) =   0.740991 ( 0.03329) : loss rate  0.0631
liq.cash: 10Y std.dev. (1Y) =   0.344774 ( 0.01549)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1541 0.04435   0.12487 0.08827  0.11187  0.09776    0.1156   0.0637   0.1793
 dbratio     ROA    ROA1 debtcf1
 0.35527 0.18566 0.15999 0.00600

TOSYOU CODE: 7243    415
debtcashflow initial values:   0.000010   0.536275
stddev initial values:   0.000010   0.536275
ecfconst solution interval:   0.777816   0.809564
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26682
data: equity =   0.123871  debt =   0.054887  firm =   0.178758

agency cost: EZC - k L (EZC:ecfconst =   0.794325, k:agcpara = 0.33369954)
liq.cash: 10Y average (1Y) =   0.750179 ( 0.03379) : loss rate  0.0556
liq.cash: 10Y std.dev. (1Y) =   0.354234 ( 0.01596)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1323 0.04055   0.12309 0.08802  0.11232  0.10016    0.1239   0.0549   0.1788
 dbratio     ROA    ROA1 debtcf1
 0.30705 0.18903 0.16084 0.00514

TOSYOU CODE: 6793    416
debtcashflow initial values:   0.000010   0.534391
stddev initial values:   0.000010   0.534391
ecfconst solution interval:   0.604003   0.628657
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.31353
data: equity =   0.089628  debt =   0.088502  firm =   0.178130

agency cost: EZC - k L (EZC:ecfconst =   0.605292, k:agcpara = 0.26614354)
liq.cash: 10Y average (1Y) =   0.543510 ( 0.02404) : loss rate  0.1021
liq.cash: 10Y std.dev. (1Y) =   0.329262 ( 0.01456)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2321 0.17216   0.09387 0.08627  0.09009  0.07081    0.0896   0.0885   0.1781
 dbratio     ROA    ROA1 debtcf1
 0.49684 0.13495 0.13011 0.00962

TOSYOU CODE: 7724    417
debtcashflow initial values:   0.000010   0.528972
stddev initial values:   0.000010   0.528972
ecfconst solution interval:   0.622075   0.647465
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09950  std.dev = 0.10136  lambda =   3.62622
riskless rate of interest = 0.08250  correlation =  0.28996
data: equity =   0.066969  debt =   0.109355  firm =   0.176324

agency cost: EZC - k L (EZC:ecfconst =   0.628976, k:agcpara = 0.22722083)
liq.cash: 10Y average (1Y) =   0.565499 ( 0.02473) : loss rate  0.1009
liq.cash: 10Y std.dev. (1Y) =   0.264932 ( 0.01159)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2794 0.14006   0.11151 0.08866  0.09734  0.07260    0.0670   0.1094   0.1763
 dbratio     ROA    ROA1 debtcf1
 0.62019 0.14027 0.13562 0.01126

TOSYOU CODE: 6214    418
debtcashflow initial values:   0.000010   0.524627
stddev initial values:   0.000010   0.524627
ecfconst solution interval:   0.736931   0.767009
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25851
data: equity =   0.096350  debt =   0.078526  firm =   0.174876

agency cost: EZC - k L (EZC:ecfconst =   0.743771, k:agcpara = 0.29867480)
liq.cash: 10Y average (1Y) =   0.686386 ( 0.03068) : loss rate  0.0772
liq.cash: 10Y std.dev. (1Y) =   0.314158 ( 0.01404)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1921 0.05783   0.12614 0.08880  0.10937  0.09143    0.0963   0.0785   0.1749
 dbratio     ROA    ROA1 debtcf1
 0.44903 0.17545 0.15577 0.00752

TOSYOU CODE: 5269    419
debtcashflow initial values:   0.000010   0.517077
stddev initial values:   0.000010   0.517077
ecfconst solution interval:   0.489843   0.509837
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.34562
data: equity =   0.112772  debt =   0.059587  firm =   0.172359

agency cost: EZC - k L (EZC:ecfconst =   0.498828, k:agcpara = 0.31038126)
liq.cash: 10Y average (1Y) =   0.446876 ( 0.01937) : loss rate  0.1041
liq.cash: 10Y std.dev. (1Y) =   0.454471 ( 0.01970)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1674 0.26928   0.07376 0.07853  0.07541  0.06319    0.1128   0.0596   0.1724
 dbratio     ROA    ROA1 debtcf1
 0.34571 0.11236 0.11212 0.00749

TOSYOU CODE: 7104    420
debtcashflow initial values:   0.000010   0.505708
stddev initial values:   0.000010   0.505708
ecfconst solution interval:   0.525329   0.546771
agcparam solution interval: 0.15856400 0.16503600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09673  std.dev = 0.09812  lambda =   3.12093
riskless rate of interest = 0.08288  correlation =  0.28988
data: equity =   0.041668  debt =   0.126901  firm =   0.168569

agency cost: EZC - k L (EZC:ecfconst =   0.542758, k:agcpara = 0.16409519)
liq.cash: 10Y average (1Y) =   0.489935 ( 0.02084) : loss rate  0.0973
liq.cash: 10Y std.dev. (1Y) =   0.187009 ( 0.00796)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3219 0.18446   0.10921 0.08777  0.09307  0.06334    0.0417   0.1269   0.1686
 dbratio     ROA    ROA1 debtcf1
 0.75281 0.12365 0.12404 0.01297

TOSYOU CODE: 6339 error: convergent problem

TOSYOU CODE: 4003    421
debtcashflow initial values:   0.000010   0.504425
stddev initial values:   0.000010   0.504425
ecfconst solution interval:   0.477858   0.497362
agcparam solution interval: 0.14504000 0.15096000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09709  std.dev = 0.10115  lambda =   3.08958
riskless rate of interest = 0.08252  correlation =  0.09338
data: equity =   0.038533  debt =   0.129609  firm =   0.168142

agency cost: EZC - k L (EZC:ecfconst =   0.498774, k:agcpara = 0.14909933)
liq.cash: 10Y average (1Y) =   0.449467 ( 0.01886) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =   0.178078 ( 0.00747)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3307 0.25240   0.09146 0.08455  0.08614  0.05681    0.0385   0.1296   0.1681
 dbratio     ROA    ROA1 debtcf1
 0.77083 0.11217 0.11487 0.01358

TOSYOU CODE: 7976    422
debtcashflow initial values:   0.000010   0.496752
stddev initial values:   0.000010   0.496752
ecfconst solution interval:   0.584178   0.608022
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.26237
data: equity =   0.085073  debt =   0.080511  firm =   0.165584

agency cost: EZC - k L (EZC:ecfconst =   0.604675, k:agcpara = 0.27180433)
liq.cash: 10Y average (1Y) =   0.548619 ( 0.02441) : loss rate  0.0927
liq.cash: 10Y std.dev. (1Y) =   0.296663 ( 0.01320)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2062 0.12423   0.10488 0.08820  0.09677  0.07747    0.0851   0.0805   0.1656
 dbratio     ROA    ROA1 debtcf1
 0.48622 0.14741 0.13828 0.00835

TOSYOU CODE: 4461    423
debtcashflow initial values:   0.000010   0.486315
stddev initial values:   0.000010   0.486315
ecfconst solution interval:   0.549662   0.572098
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.11340
data: equity =   0.064428  debt =   0.097677  firm =   0.162105

agency cost: EZC - k L (EZC:ecfconst =   0.565464, k:agcpara = 0.23118138)
liq.cash: 10Y average (1Y) =   0.507404 ( 0.02220) : loss rate  0.1027
liq.cash: 10Y std.dev. (1Y) =   0.251995 ( 0.01103)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2511 0.15459   0.10551 0.08785  0.09487  0.07105    0.0644   0.0977   0.1621
 dbratio     ROA    ROA1 debtcf1
 0.60255 0.13698 0.13308 0.01021

TOSYOU CODE: 5931    424
debtcashflow initial values:   0.000010   0.482238
stddev initial values:   0.000010   0.482238
ecfconst solution interval:   0.655326   0.682074
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22166
data: equity =   0.090713  debt =   0.070033  firm =   0.160746

agency cost: EZC - k L (EZC:ecfconst =   0.661237, k:agcpara = 0.29637614)
liq.cash: 10Y average (1Y) =   0.610017 ( 0.02732) : loss rate  0.0775
liq.cash: 10Y std.dev. (1Y) =   0.292490 ( 0.01310)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1728 0.06749   0.12024 0.08878  0.10653  0.08913    0.0907   0.0700   0.1607
 dbratio     ROA    ROA1 debtcf1
 0.43568 0.16995 0.15192 0.00680

TOSYOU CODE: 6313    425
debtcashflow initial values:   0.000010   0.481310
stddev initial values:   0.000010   0.481310
ecfconst solution interval:   0.455965   0.474575
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.28421
data: equity =   0.095769  debt =   0.064668  firm =   0.160437

agency cost: EZC - k L (EZC:ecfconst =   0.476344, k:agcpara = 0.29421020)
liq.cash: 10Y average (1Y) =   0.423470 ( 0.01841) : loss rate  0.1110
liq.cash: 10Y std.dev. (1Y) =   0.386840 ( 0.01682)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1797 0.26431   0.07539 0.07951  0.07705  0.06263    0.0958   0.0647   0.1604
 dbratio     ROA    ROA1 debtcf1
 0.40308 0.11477 0.11497 0.00796

TOSYOU CODE: 7305    426
debtcashflow initial values:   0.000010   0.475049
stddev initial values:   0.000010   0.475049
ecfconst solution interval:   0.471752   0.491008
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10690  std.dev = 0.08022  lambda =   8.80057
riskless rate of interest = 0.08178  correlation = -0.02064
data: equity =   0.084499  debt =   0.073851  firm =   0.158350

agency cost: EZC - k L (EZC:ecfconst =   0.479845, k:agcpara = 0.27165059)
liq.cash: 10Y average (1Y) =   0.425782 ( 0.01857) : loss rate  0.1127
liq.cash: 10Y std.dev. (1Y) =   0.331680 ( 0.01446)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1990 0.24709   0.07767 0.08008  0.07880  0.06199    0.0845   0.0739   0.1584
 dbratio     ROA    ROA1 debtcf1
 0.46638 0.11725 0.11724 0.00864

TOSYOU CODE: 5454    427
debtcashflow initial values:   0.000010   0.468174
stddev initial values:   0.000010   0.468174
ecfconst solution interval:   0.614803   0.639897
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27810
data: equity =   0.057555  debt =   0.098503  firm =   0.156058

agency cost: EZC - k L (EZC:ecfconst =   0.625258, k:agcpara = 0.24397358)
liq.cash: 10Y average (1Y) =   0.566160 ( 0.02494) : loss rate  0.0945
liq.cash: 10Y std.dev. (1Y) =   0.227293 ( 0.01001)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2422 0.07705   0.13593 0.08926  0.10647  0.08112    0.0576   0.0985   0.1561
 dbratio     ROA    ROA1 debtcf1
 0.63119 0.15984 0.14889 0.00949

TOSYOU CODE: 7236    428
debtcashflow initial values:   0.000010   0.461518
stddev initial values:   0.000010   0.461518
ecfconst solution interval:   0.753816   0.784584
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35198
data: equity =   0.115195  debt =   0.038644  firm =   0.153839

agency cost: EZC - k L (EZC:ecfconst =   0.753795, k:agcpara = 0.35844564)
liq.cash: 10Y average (1Y) =   0.721215 ( 0.03222) : loss rate  0.0432
liq.cash: 10Y std.dev. (1Y) =   0.314033 ( 0.01403)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0909 0.02237   0.13204 0.08702  0.12073  0.11089    0.1152   0.0386   0.1538
 dbratio     ROA    ROA1 debtcf1
 0.25120 0.20942 0.17225 0.00349

TOSYOU CODE: 6381    429
debtcashflow initial values:   0.000010   0.460158
stddev initial values:   0.000010   0.460158
ecfconst solution interval:   0.667409   0.694651
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28744
data: equity =   0.096180  debt =   0.057206  firm =   0.153386

agency cost: EZC - k L (EZC:ecfconst =   0.685637, k:agcpara = 0.32268406)
liq.cash: 10Y average (1Y) =   0.641104 ( 0.02874) : loss rate  0.0650
liq.cash: 10Y std.dev. (1Y) =   0.291364 ( 0.01306)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1380 0.04211   0.12778 0.08826  0.11304  0.09823    0.0962   0.0572   0.1534
 dbratio     ROA    ROA1 debtcf1
 0.37296 0.18738 0.16153 0.00536

TOSYOU CODE: 5975    430
debtcashflow initial values:   0.000010   0.459922
stddev initial values:   0.000010   0.459922
ecfconst solution interval:   0.730169   0.759971
agcparam solution interval: 0.37494801 0.39025201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35298
data: equity =   0.132522  debt =   0.020785  firm =   0.153307

agency cost: EZC - k L (EZC:ecfconst =   0.767236, k:agcpara = 0.37690307)
liq.cash: 10Y average (1Y) =   0.749016 ( 0.03348) : loss rate  0.0237
liq.cash: 10Y std.dev. (1Y) =   0.329492 ( 0.01473)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0483 0.01673   0.12863 0.08623  0.12288  0.11762    0.1325   0.0208   0.1533
 dbratio     ROA    ROA1 debtcf1
 0.13558 0.21836 0.17473 0.00185

TOSYOU CODE: 7250    431
debtcashflow initial values:   0.000010   0.457606
stddev initial values:   0.000010   0.457606
ecfconst solution interval:   0.663715   0.690805
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.23831
data: equity =   0.116463  debt =   0.036072  firm =   0.152535

agency cost: EZC - k L (EZC:ecfconst =   0.666180, k:agcpara = 0.34379141)
liq.cash: 10Y average (1Y) =   0.636291 ( 0.02885) : loss rate  0.0449
liq.cash: 10Y std.dev. (1Y) =   0.314982 ( 0.01428)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0869 0.04057   0.11766 0.08773  0.11058  0.10124    0.1165   0.0361   0.1525
 dbratio     ROA    ROA1 debtcf1
 0.23648 0.18913 0.15884 0.00338

TOSYOU CODE: 2540    432
debtcashflow initial values:   0.000010   0.453639
stddev initial values:   0.000010   0.453639
ecfconst solution interval:   0.512736   0.533664
agcparam solution interval: 0.34789999 0.36209999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.22083
data: equity =   0.131307  debt =   0.019906  firm =   0.151213

agency cost: EZC - k L (EZC:ecfconst =   0.532431, k:agcpara = 0.35192184)
liq.cash: 10Y average (1Y) =   0.514818 ( 0.02383) : loss rate  0.0331
liq.cash: 10Y std.dev. (1Y) =   0.357115 ( 0.01653)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0500 0.09655   0.09171 0.08551  0.09089  0.08583    0.1313   0.0199   0.1512
 dbratio     ROA    ROA1 debtcf1
 0.13164 0.15760 0.13414 0.00203

TOSYOU CODE: 3007    433
debtcashflow initial values:   0.000010   0.452903
stddev initial values:   0.000010   0.452903
ecfconst solution interval:   0.511903   0.532797
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.26632
data: equity =   0.048455  debt =   0.102513  firm =   0.150968

agency cost: EZC - k L (EZC:ecfconst =   0.512394, k:agcpara = 0.20102041)
liq.cash: 10Y average (1Y) =   0.459445 ( 0.01986) : loss rate  0.1033
liq.cash: 10Y std.dev. (1Y) =   0.205399 ( 0.00888)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2634 0.16993   0.10829 0.08821  0.09465  0.06770    0.0485   0.1025   0.1510
 dbratio     ROA    ROA1 debtcf1
 0.67904 0.13153 0.12998 0.01068

TOSYOU CODE: 6242    434
debtcashflow initial values:   0.000010   0.449315
stddev initial values:   0.000010   0.449315
ecfconst solution interval:   0.590038   0.614122
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20749
data: equity =   0.075460  debt =   0.074312  firm =   0.149772

agency cost: EZC - k L (EZC:ecfconst =   0.596465, k:agcpara = 0.27714419)
liq.cash: 10Y average (1Y) =   0.545184 ( 0.02428) : loss rate  0.0860
liq.cash: 10Y std.dev. (1Y) =   0.258760 ( 0.01153)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1850 0.08199   0.11969 0.08900  0.10446  0.08459    0.0755   0.0743   0.1498
 dbratio     ROA    ROA1 debtcf1
 0.49617 0.16215 0.14820 0.00732

TOSYOU CODE: 6208    435
debtcashflow initial values:   0.000010   0.447907
stddev initial values:   0.000010   0.447907
ecfconst solution interval:   0.608678   0.633522
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22837
data: equity =   0.082980  debt =   0.066322  firm =   0.149302

agency cost: EZC - k L (EZC:ecfconst =   0.616916, k:agcpara = 0.29507243)
liq.cash: 10Y average (1Y) =   0.568674 ( 0.02545) : loss rate  0.0782
liq.cash: 10Y std.dev. (1Y) =   0.269649 ( 0.01207)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1635 0.06647   0.12149 0.08883  0.10698  0.08922    0.0830   0.0663   0.1493
 dbratio     ROA    ROA1 debtcf1
 0.44421 0.17043 0.15243 0.00643

TOSYOU CODE: 6217    436
debtcashflow initial values:   0.000010   0.445552
stddev initial values:   0.000010   0.445552
ecfconst solution interval:   0.523967   0.545353
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.34100
data: equity =   0.101721  debt =   0.046796  firm =   0.148517

agency cost: EZC - k L (EZC:ecfconst =   0.538639, k:agcpara = 0.31551825)
liq.cash: 10Y average (1Y) =   0.501007 ( 0.02273) : loss rate  0.0699
liq.cash: 10Y std.dev. (1Y) =   0.310074 ( 0.01407)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1193 0.10914   0.09759 0.08701  0.09425  0.08192    0.1017   0.0468   0.1485
 dbratio     ROA    ROA1 debtcf1
 0.31508 0.15308 0.13750 0.00484

TOSYOU CODE: 6218    437
debtcashflow initial values:   0.000010   0.445086
stddev initial values:   0.000010   0.445086
ecfconst solution interval:   0.584492   0.608348
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18849
data: equity =   0.084906  debt =   0.063456  firm =   0.148362

agency cost: EZC - k L (EZC:ecfconst =   0.590899, k:agcpara = 0.29407502)
liq.cash: 10Y average (1Y) =   0.544464 ( 0.02441) : loss rate  0.0786
liq.cash: 10Y std.dev. (1Y) =   0.272970 ( 0.01224)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1579 0.07837   0.11498 0.08864  0.10371  0.08666    0.0849   0.0635   0.1484
 dbratio     ROA    ROA1 debtcf1
 0.42771 0.16456 0.14820 0.00626

TOSYOU CODE: 3302    438
debtcashflow initial values:   0.000010   0.440904
stddev initial values:   0.000010   0.440904
ecfconst solution interval:   0.498340   0.518680
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23406
data: equity =   0.058558  debt =   0.088410  firm =   0.146968

agency cost: EZC - k L (EZC:ecfconst =   0.510749, k:agcpara = 0.23201129)
liq.cash: 10Y average (1Y) =   0.457668 ( 0.02002) : loss rate  0.1039
liq.cash: 10Y std.dev. (1Y) =   0.231026 ( 0.01010)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2288 0.16091   0.10427 0.08800  0.09448  0.07066    0.0586   0.0884   0.1470
 dbratio     ROA    ROA1 debtcf1
 0.60156 0.13620 0.13266 0.00933

TOSYOU CODE: 2604    439
debtcashflow initial values:   0.000010   0.439173
stddev initial values:   0.000010   0.439173
ecfconst solution interval:   0.456210   0.474830
agcparam solution interval: 0.17208801 0.17911201
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.18931
data: equity =   0.038940  debt =   0.107451  firm =   0.146391

agency cost: EZC - k L (EZC:ecfconst =   0.465023, k:agcpara = 0.17201293)
liq.cash: 10Y average (1Y) =   0.417580 ( 0.01778) : loss rate  0.1020
liq.cash: 10Y std.dev. (1Y) =   0.174651 ( 0.00744)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2758 0.20847   0.10169 0.08684  0.09079  0.06211    0.0389   0.1075   0.1464
 dbratio     ROA    ROA1 debtcf1
 0.73400 0.12147 0.12252 0.01125

TOSYOU CODE: 5914    440
debtcashflow initial values:   0.000010   0.436200
stddev initial values:   0.000010   0.436200
ecfconst solution interval:   0.572820   0.596200
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18602
data: equity =   0.097433  debt =   0.047967  firm =   0.145400

agency cost: EZC - k L (EZC:ecfconst =   0.589942, k:agcpara = 0.31796606)
liq.cash: 10Y average (1Y) =   0.552322 ( 0.02499) : loss rate  0.0638
liq.cash: 10Y std.dev. (1Y) =   0.287032 ( 0.01298)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1183 0.06526   0.11255 0.08819  0.10451  0.09142    0.0974   0.0480   0.1454
 dbratio     ROA    ROA1 debtcf1
 0.32989 0.17184 0.15034 0.00467

TOSYOU CODE: 6362    441
debtcashflow initial values:   0.000010   0.436123
stddev initial values:   0.000010   0.436123
ecfconst solution interval:   0.472987   0.492293
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.09724
data: equity =   0.112184  debt =   0.033190  firm =   0.145374

agency cost: EZC - k L (EZC:ecfconst =   0.479856, k:agcpara = 0.33341170)
liq.cash: 10Y average (1Y) =   0.451113 ( 0.02056) : loss rate  0.0599
liq.cash: 10Y std.dev. (1Y) =   0.343769 ( 0.01567)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0862 0.14423   0.08592 0.08399  0.08548  0.07685    0.1122   0.0332   0.1454
 dbratio     ROA    ROA1 debtcf1
 0.22831 0.14144 0.12684 0.00359

TOSYOU CODE: 6480    442
debtcashflow initial values:   0.000010   0.435164
stddev initial values:   0.000010   0.435164
ecfconst solution interval:   0.651063   0.677637
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10458  std.dev = 0.09427  lambda =   5.46619
riskless rate of interest = 0.08292  correlation =  0.44816
data: equity =   0.093325  debt =   0.051730  firm =   0.145055

agency cost: EZC - k L (EZC:ecfconst =   0.669532, k:agcpara = 0.33213807)
liq.cash: 10Y average (1Y) =   0.628121 ( 0.02810) : loss rate  0.0619
liq.cash: 10Y std.dev. (1Y) =   0.280718 ( 0.01256)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1247 0.03646   0.13075 0.08862  0.11573  0.10151    0.0933   0.0517   0.1451
 dbratio     ROA    ROA1 debtcf1
 0.35662 0.19373 0.16526 0.00483

TOSYOU CODE: 6393    443
debtcashflow initial values:   0.000010   0.430442
stddev initial values:   0.000010   0.430442
ecfconst solution interval:   0.565254   0.588326
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24481
data: equity =   0.064735  debt =   0.078746  firm =   0.143481

agency cost: EZC - k L (EZC:ecfconst =   0.581032, k:agcpara = 0.26666916)
liq.cash: 10Y average (1Y) =   0.529097 ( 0.02346) : loss rate  0.0894
liq.cash: 10Y std.dev. (1Y) =   0.233649 ( 0.01036)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1948 0.07622   0.12729 0.08921  0.10639  0.08436    0.0647   0.0787   0.1435
 dbratio     ROA    ROA1 debtcf1
 0.54883 0.16354 0.15011 0.00766

TOSYOU CODE: 2204    444
debtcashflow initial values:   0.000010   0.429847
stddev initial values:   0.000010   0.429847
ecfconst solution interval:   0.466186   0.485214
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.21275
data: equity =   0.109670  debt =   0.033612  firm =   0.143282

agency cost: EZC - k L (EZC:ecfconst =   0.462884, k:agcpara = 0.33243786)
liq.cash: 10Y average (1Y) =   0.433604 ( 0.01969) : loss rate  0.0633
liq.cash: 10Y std.dev. (1Y) =   0.345454 ( 0.01569)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0881 0.15860   0.08383 0.08327  0.08370  0.07491    0.1097   0.0336   0.1433
 dbratio     ROA    ROA1 debtcf1
 0.23458 0.13744 0.12442 0.00370

TOSYOU CODE: 4220    445
debtcashflow initial values:   0.000010   0.429625
stddev initial values:   0.000010   0.429625
ecfconst solution interval:   0.623123   0.648557
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.28189
data: equity =   0.090926  debt =   0.052282  firm =   0.143208

agency cost: EZC - k L (EZC:ecfconst =   0.645990, k:agcpara = 0.32606947)
liq.cash: 10Y average (1Y) =   0.604844 ( 0.02711) : loss rate  0.0637
liq.cash: 10Y std.dev. (1Y) =   0.274271 ( 0.01229)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1262 0.04048   0.12839 0.08843  0.11380  0.09927    0.0909   0.0523   0.1432
 dbratio     ROA    ROA1 debtcf1
 0.36508 0.18927 0.16259 0.00490

TOSYOU CODE: 5807 error: convergent problem

TOSYOU CODE: 7723    446
debtcashflow initial values:   0.000010   0.428255
stddev initial values:   0.000010   0.428255
ecfconst solution interval:   0.660314   0.687266
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35924
data: equity =   0.086033  debt =   0.056719  firm =   0.142752

agency cost: EZC - k L (EZC:ecfconst =   0.679550, k:agcpara = 0.33126401)
liq.cash: 10Y average (1Y) =   0.634917 ( 0.02830) : loss rate  0.0657
liq.cash: 10Y std.dev. (1Y) =   0.266776 ( 0.01189)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1347 0.03040   0.13816 0.08775  0.11813  0.10244    0.0860   0.0567   0.1428
 dbratio     ROA    ROA1 debtcf1
 0.39732 0.19825 0.16886 0.00519

TOSYOU CODE: 4210    447
debtcashflow initial values:   0.000010   0.425544
stddev initial values:   0.000010   0.425544
ecfconst solution interval:   0.461521   0.480359
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09134  std.dev = 0.10197  lambda =   1.82199
riskless rate of interest = 0.08239  correlation =  0.40872
data: equity =   0.042528  debt =   0.099320  firm =   0.141848

agency cost: EZC - k L (EZC:ecfconst =   0.466031, k:agcpara = 0.18919031)
liq.cash: 10Y average (1Y) =   0.417817 ( 0.01795) : loss rate  0.1035
liq.cash: 10Y std.dev. (1Y) =   0.183807 ( 0.00790)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2548 0.18764   0.10454 0.08729  0.09246  0.06496    0.0425   0.0993   0.1418
 dbratio     ROA    ROA1 debtcf1
 0.70018 0.12656 0.12631 0.01037

TOSYOU CODE: 5976    448
debtcashflow initial values:   0.000010   0.415067
stddev initial values:   0.000010   0.415067
ecfconst solution interval:   0.583031   0.606829
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24344
data: equity =   0.084550  debt =   0.053806  firm =   0.138356

agency cost: EZC - k L (EZC:ecfconst =   0.589122, k:agcpara = 0.31160985)
liq.cash: 10Y average (1Y) =   0.548160 ( 0.02462) : loss rate  0.0695
liq.cash: 10Y std.dev. (1Y) =   0.260396 ( 0.01169)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1315 0.05477   0.12214 0.08854  0.10908  0.09358    0.0845   0.0538   0.1384
 dbratio     ROA    ROA1 debtcf1
 0.38889 0.17792 0.15590 0.00515

TOSYOU CODE: 3569    449
debtcashflow initial values:   0.000010   0.408226
stddev initial values:   0.000010   0.408226
ecfconst solution interval:   0.405397   0.421943
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.25547
data: equity =   0.070397  debt =   0.065678  firm =   0.136075

agency cost: EZC - k L (EZC:ecfconst =   0.407248, k:agcpara = 0.27078340)
liq.cash: 10Y average (1Y) =   0.357851 ( 0.01546) : loss rate  0.1213
liq.cash: 10Y std.dev. (1Y) =   0.299186 ( 0.01293)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1824 0.27882   0.07597 0.07990  0.07787  0.06051    0.0704   0.0657   0.1361
 dbratio     ROA    ROA1 debtcf1
 0.48266 0.11365 0.11586 0.00806

TOSYOU CODE: 5262    450
debtcashflow initial values:   0.000010   0.401703
stddev initial values:   0.000010   0.401703
ecfconst solution interval:   0.398919   0.415201
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08141  std.dev = 0.10067  lambda =  -0.31337
riskless rate of interest = 0.08297  correlation =  0.19662
data: equity =   0.043500  debt =   0.090401  firm =   0.133901

agency cost: EZC - k L (EZC:ecfconst =   0.402952, k:agcpara = 0.19922458)
liq.cash: 10Y average (1Y) =   0.354313 ( 0.01508) : loss rate  0.1207
liq.cash: 10Y std.dev. (1Y) =   0.205881 ( 0.00876)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2441 0.29628   0.08104 0.08231  0.08190  0.05689    0.0435   0.0904   0.1339
 dbratio     ROA    ROA1 debtcf1
 0.67513 0.11261 0.11647 0.01050

TOSYOU CODE: 6745    451
debtcashflow initial values:   0.000010   0.398450
stddev initial values:   0.000010   0.398450
ecfconst solution interval:   0.450359   0.468741
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.16694
data: equity =   0.063857  debt =   0.068960  firm =   0.132817

agency cost: EZC - k L (EZC:ecfconst =   0.458592, k:agcpara = 0.25921166)
liq.cash: 10Y average (1Y) =   0.412053 ( 0.01820) : loss rate  0.1015
liq.cash: 10Y std.dev. (1Y) =   0.235484 ( 0.01040)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1795 0.16173   0.09755 0.08694  0.09204  0.07173    0.0639   0.0690   0.1328
 dbratio     ROA    ROA1 debtcf1
 0.51921 0.13704 0.13192 0.00739

TOSYOU CODE: 5263    452
debtcashflow initial values:   0.000010   0.391311
stddev initial values:   0.000010   0.391311
ecfconst solution interval:   0.388599   0.404461
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.08422
data: equity =   0.051552  debt =   0.078885  firm =   0.130437

agency cost: EZC - k L (EZC:ecfconst =   0.389871, k:agcpara = 0.22835419)
liq.cash: 10Y average (1Y) =   0.340199 ( 0.01454) : loss rate  0.1274
liq.cash: 10Y std.dev. (1Y) =   0.238962 ( 0.01021)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2175 0.30385   0.07693 0.08056  0.07912  0.05720    0.0516   0.0789   0.1304
 dbratio     ROA    ROA1 debtcf1
 0.60477 0.11147 0.11571 0.00954

TOSYOU CODE: 5457    453
debtcashflow initial values:   0.000010   0.387262
stddev initial values:   0.000010   0.387262
ecfconst solution interval:   0.561687   0.584613
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38355
data: equity =   0.046071  debt =   0.083016  firm =   0.129087

agency cost: EZC - k L (EZC:ecfconst =   0.562283, k:agcpara = 0.26753579)
liq.cash: 10Y average (1Y) =   0.509125 ( 0.02255) : loss rate  0.0945
liq.cash: 10Y std.dev. (1Y) =   0.185509 ( 0.00822)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1987 0.04712   0.15353 0.08835  0.11162  0.08605    0.0461   0.0830   0.1291
 dbratio     ROA    ROA1 debtcf1
 0.64310 0.17469 0.15853 0.00767

TOSYOU CODE: 2107    454
debtcashflow initial values:   0.000010   0.381214
stddev initial values:   0.000010   0.381214
ecfconst solution interval:   0.396008   0.412172
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08942  std.dev = 0.09868  lambda =   1.40469
riskless rate of interest = 0.08292  correlation =  0.04729
data: equity =   0.056772  debt =   0.070299  firm =   0.127071

agency cost: EZC - k L (EZC:ecfconst =   0.402777, k:agcpara = 0.24711155)
liq.cash: 10Y average (1Y) =   0.356013 ( 0.01550) : loss rate  0.1161
liq.cash: 10Y std.dev. (1Y) =   0.233691 ( 0.01017)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1892 0.23773   0.08480 0.08360  0.08414  0.06332    0.0568   0.0703   0.1271
 dbratio     ROA    ROA1 debtcf1
 0.55323 0.12195 0.12228 0.00807

TOSYOU CODE: 7105    455
debtcashflow initial values:   0.000010   0.365867
stddev initial values:   0.000010   0.365867
ecfconst solution interval:   0.380064   0.395576
agcparam solution interval: 0.23970800 0.24949200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.30454
data: equity =   0.052982  debt =   0.068974  firm =   0.121956

agency cost: EZC - k L (EZC:ecfconst =   0.384792, k:agcpara = 0.24275717)
liq.cash: 10Y average (1Y) =   0.339671 ( 0.01475) : loss rate  0.1173
liq.cash: 10Y std.dev. (1Y) =   0.221207 ( 0.00961)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1859 0.24344   0.08447 0.08347  0.08390  0.06266    0.0530   0.0690   0.1220
 dbratio     ROA    ROA1 debtcf1
 0.56557 0.12096 0.12177 0.00794

TOSYOU CODE: 4614    456
debtcashflow initial values:   0.000010   0.357144
stddev initial values:   0.000010   0.357144
ecfconst solution interval:   0.419999   0.437141
agcparam solution interval: 0.19913600 0.20726400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22583
data: equity =   0.036780  debt =   0.082268  firm =   0.119048

agency cost: EZC - k L (EZC:ecfconst =   0.437824, k:agcpara = 0.20782940)
liq.cash: 10Y average (1Y) =   0.395265 ( 0.01721) : loss rate  0.0972
liq.cash: 10Y std.dev. (1Y) =   0.154793 ( 0.00674)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2048 0.10924   0.12885 0.08916  0.10142  0.07370    0.0368   0.0823   0.1190
 dbratio     ROA    ROA1 debtcf1
 0.69105 0.14459 0.13909 0.00810

TOSYOU CODE: 4271    457
debtcashflow initial values:   0.000010   0.351048
stddev initial values:   0.000010   0.351048
ecfconst solution interval:   0.460992   0.479808
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.23952
data: equity =   0.050940  debt =   0.066076  firm =   0.117016

agency cost: EZC - k L (EZC:ecfconst =   0.468371, k:agcpara = 0.26040000)
liq.cash: 10Y average (1Y) =   0.425712 ( 0.01885) : loss rate  0.0911
liq.cash: 10Y std.dev. (1Y) =   0.187126 ( 0.00828)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1638 0.08082   0.12698 0.08926  0.10568  0.08300    0.0509   0.0661   0.1170
 dbratio     ROA    ROA1 debtcf1
 0.56468 0.16107 0.14877 0.00646

TOSYOU CODE: 6213    458
debtcashflow initial values:   0.000010   0.350150
stddev initial values:   0.000010   0.350150
ecfconst solution interval:   0.475829   0.495251
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.23690
data: equity =   0.061387  debt =   0.055330  firm =   0.116717

agency cost: EZC - k L (EZC:ecfconst =   0.481989, k:agcpara = 0.28815773)
liq.cash: 10Y average (1Y) =   0.442683 ( 0.01976) : loss rate  0.0816
liq.cash: 10Y std.dev. (1Y) =   0.205180 ( 0.00916)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1364 0.06775   0.12364 0.08895  0.10719  0.08822    0.0614   0.0553   0.1167
 dbratio     ROA    ROA1 debtcf1
 0.47405 0.16929 0.15237 0.00536

TOSYOU CODE: 5011 error: convergent problem

TOSYOU CODE: 7913    459
debtcashflow initial values:   0.000010   0.336483
stddev initial values:   0.000010   0.336483
ecfconst solution interval:   0.411090   0.427870
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17241
data: equity =   0.053273  debt =   0.058888  firm =   0.112161

agency cost: EZC - k L (EZC:ecfconst =   0.427021, k:agcpara = 0.26365876)
liq.cash: 10Y average (1Y) =   0.387910 ( 0.01721) : loss rate  0.0916
liq.cash: 10Y std.dev. (1Y) =   0.188962 ( 0.00839)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1483 0.10243   0.11461 0.08882  0.10107  0.08009    0.0533   0.0589   0.1122
 dbratio     ROA    ROA1 debtcf1
 0.52503 0.15347 0.14304 0.00592

TOSYOU CODE: 3513    460
debtcashflow initial values:   0.000010   0.334458
stddev initial values:   0.000010   0.334458
ecfconst solution interval:   0.454504   0.473056
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27871
data: equity =   0.044382  debt =   0.067104  firm =   0.111486

agency cost: EZC - k L (EZC:ecfconst =   0.454377, k:agcpara = 0.25511412)
liq.cash: 10Y average (1Y) =   0.412315 ( 0.01822) : loss rate  0.0926
liq.cash: 10Y std.dev. (1Y) =   0.169682 ( 0.00750)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1649 0.07239   0.13482 0.08923  0.10738  0.08321    0.0444   0.0671   0.1115
 dbratio     ROA    ROA1 debtcf1
 0.60191 0.16341 0.15085 0.00646

TOSYOU CODE: 5337    461
debtcashflow initial values:   0.000010   0.332238
stddev initial values:   0.000010   0.332238
ecfconst solution interval:   0.421096   0.438284
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.32107
data: equity =   0.080420  debt =   0.030326  firm =   0.110746

agency cost: EZC - k L (EZC:ecfconst =   0.433784, k:agcpara = 0.32770989)
liq.cash: 10Y average (1Y) =   0.409047 ( 0.01863) : loss rate  0.0570
liq.cash: 10Y std.dev. (1Y) =   0.229800 ( 0.01047)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0755 0.07331   0.10592 0.08794  0.10100  0.09016    0.0804   0.0303   0.1107
 dbratio     ROA    ROA1 debtcf1
 0.27383 0.16820 0.14629 0.00300

TOSYOU CODE: 5974    462
debtcashflow initial values:   0.000010   0.322262
stddev initial values:   0.000010   0.322262
ecfconst solution interval:   0.378976   0.394444
agcparam solution interval: 0.21265999 0.22133999
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15538
data: equity =   0.038280  debt =   0.069141  firm =   0.107421

agency cost: EZC - k L (EZC:ecfconst =   0.382602, k:agcpara = 0.21858844)
liq.cash: 10Y average (1Y) =   0.344205 ( 0.01501) : loss rate  0.1004
liq.cash: 10Y std.dev. (1Y) =   0.154359 ( 0.00673)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1757 0.13744   0.11429 0.08868  0.09780  0.07212    0.0383   0.0691   0.1074
 dbratio     ROA    ROA1 debtcf1
 0.64365 0.13977 0.13544 0.00706

TOSYOU CODE: 6513    463
debtcashflow initial values:   0.000010   0.319847
stddev initial values:   0.000010   0.319847
ecfconst solution interval:   0.449281   0.467619
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26401
data: equity =   0.057632  debt =   0.048984  firm =   0.106616

agency cost: EZC - k L (EZC:ecfconst =   0.454364, k:agcpara = 0.29686666)
liq.cash: 10Y average (1Y) =   0.418811 ( 0.01871) : loss rate  0.0782
liq.cash: 10Y std.dev. (1Y) =   0.189681 ( 0.00847)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1198 0.05744   0.12727 0.08882  0.10960  0.09124    0.0576   0.0490   0.1066
 dbratio     ROA    ROA1 debtcf1
 0.45945 0.17545 0.15600 0.00468

TOSYOU CODE: 6378    464
debtcashflow initial values:   0.000010   0.312169
stddev initial values:   0.000010   0.312169
ecfconst solution interval:   0.395665   0.411815
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16726
data: equity =   0.052715  debt =   0.051341  firm =   0.104056

agency cost: EZC - k L (EZC:ecfconst =   0.398088, k:agcpara = 0.27293344)
liq.cash: 10Y average (1Y) =   0.362819 ( 0.01616) : loss rate  0.0886
liq.cash: 10Y std.dev. (1Y) =   0.181330 ( 0.00807)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1292 0.09883   0.11304 0.08868  0.10102  0.08133    0.0527   0.0513   0.1041
 dbratio     ROA    ROA1 debtcf1
 0.49339 0.15527 0.14359 0.00516

TOSYOU CODE: 5972    465
debtcashflow initial values:   0.000010   0.309162
stddev initial values:   0.000010   0.309162
ecfconst solution interval:   0.321156   0.334264
agcparam solution interval: 0.18561200 0.19318800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.07204
data: equity =   0.032260  debt =   0.070794  firm =   0.103054

agency cost: EZC - k L (EZC:ecfconst =   0.332143, k:agcpara = 0.19383496)
liq.cash: 10Y average (1Y) =   0.296596 ( 0.01274) : loss rate  0.1070
liq.cash: 10Y std.dev. (1Y) =   0.139704 ( 0.00600)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1834 0.20887   0.09819 0.08629  0.09002  0.06334    0.0323   0.0708   0.1031
 dbratio     ROA    ROA1 debtcf1
 0.68696 0.12361 0.12415 0.00754

TOSYOU CODE: 6306    466
debtcashflow initial values:   0.000010   0.305486
stddev initial values:   0.000010   0.305486
ecfconst solution interval:   0.331309   0.344831
agcparam solution interval: 0.30732800 0.31987200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.12102
data: equity =   0.068730  debt =   0.033099  firm =   0.101829

agency cost: EZC - k L (EZC:ecfconst =   0.341672, k:agcpara = 0.31191952)
liq.cash: 10Y average (1Y) =   0.314742 ( 0.01420) : loss rate  0.0788
liq.cash: 10Y std.dev. (1Y) =   0.222746 ( 0.01005)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0863 0.15258   0.08838 0.08476  0.08721  0.07481    0.0687   0.0331   0.1018
 dbratio     ROA    ROA1 debtcf1
 0.32504 0.13947 0.12869 0.00359

TOSYOU CODE: 6590    467
debtcashflow initial values:   0.000010   0.305401
stddev initial values:   0.000010   0.305401
ecfconst solution interval:   0.484855   0.504645
agcparam solution interval: 0.33437599 0.34802399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36700
data: equity =   0.063857  debt =   0.037943  firm =   0.101800

agency cost: EZC - k L (EZC:ecfconst =   0.491764, k:agcpara = 0.33815202)
liq.cash: 10Y average (1Y) =   0.461390 ( 0.02056) : loss rate  0.0618
liq.cash: 10Y std.dev. (1Y) =   0.193718 ( 0.00863)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0898 0.02755   0.13822 0.08754  0.11933  0.10465    0.0639   0.0379   0.1018
 dbratio     ROA    ROA1 debtcf1
 0.37272 0.20194 0.17058 0.00345

TOSYOU CODE: 3553    468
debtcashflow initial values:   0.000010   0.288474
stddev initial values:   0.000010   0.288474
ecfconst solution interval:   0.273283   0.284437
agcparam solution interval: 0.29380401 0.30579601
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.26893
data: equity =   0.057598  debt =   0.038560  firm =   0.096158

agency cost: EZC - k L (EZC:ecfconst =   0.286836, k:agcpara = 0.29461211)
liq.cash: 10Y average (1Y) =   0.255365 ( 0.01113) : loss rate  0.1097
liq.cash: 10Y std.dev. (1Y) =   0.230343 ( 0.01004)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1068 0.25950   0.07584 0.07974  0.07740  0.06301    0.0576   0.0386   0.0962
 dbratio     ROA    ROA1 debtcf1
 0.40101 0.11571 0.11549 0.00472

TOSYOU CODE: 5234    469
debtcashflow initial values:   0.000010   0.266743
stddev initial values:   0.000010   0.266743
ecfconst solution interval:   0.252693   0.263007
agcparam solution interval: 0.22618400 0.23541600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.16372
data: equity =   0.035516  debt =   0.053398  firm =   0.088914

agency cost: EZC - k L (EZC:ecfconst =   0.254650, k:agcpara = 0.23063275)
liq.cash: 10Y average (1Y) =   0.219656 ( 0.00925) : loss rate  0.1374
liq.cash: 10Y std.dev. (1Y) =   0.178499 ( 0.00751)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1517 0.35177   0.07082 0.07757  0.07488  0.05391    0.0355   0.0534   0.0889
 dbratio     ROA    ROA1 debtcf1
 0.60056 0.10400 0.11096 0.00687

TOSYOU CODE: 5913    470
debtcashflow initial values:   0.000010   0.264459
stddev initial values:   0.000010   0.264459
ecfconst solution interval:   0.323096   0.336284
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17552
data: equity =   0.039640  debt =   0.048513  firm =   0.088153

agency cost: EZC - k L (EZC:ecfconst =   0.333704, k:agcpara = 0.25567532)
liq.cash: 10Y average (1Y) =   0.302430 ( 0.01338) : loss rate  0.0937
liq.cash: 10Y std.dev. (1Y) =   0.144390 ( 0.00639)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1223 0.10613   0.11577 0.08893  0.10100  0.07897    0.0396   0.0485   0.0882
 dbratio     ROA    ROA1 debtcf1
 0.55032 0.15179 0.14239 0.00488

TOSYOU CODE: 3512    471
debtcashflow initial values:   0.000010   0.255978
stddev initial values:   0.000010   0.255978
ecfconst solution interval:   0.347861   0.362059
agcparam solution interval: 0.25323199 0.26356799
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29647
data: equity =   0.035355  debt =   0.049971  firm =   0.085326

agency cost: EZC - k L (EZC:ecfconst =   0.356326, k:agcpara = 0.26487904)
liq.cash: 10Y average (1Y) =   0.323982 ( 0.01434) : loss rate  0.0908
liq.cash: 10Y std.dev. (1Y) =   0.132741 ( 0.00588)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1221 0.06415   0.13700 0.08910  0.10894  0.08546    0.0354   0.0500   0.0853
 dbratio     ROA    ROA1 debtcf1
 0.58565 0.16812 0.15366 0.00477

TOSYOU CODE: 6901    472
debtcashflow initial values:   0.000010   0.250758
stddev initial values:   0.000010   0.250758
ecfconst solution interval:   0.306358   0.318862
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.34315
data: equity =   0.042442  debt =   0.041144  firm =   0.083586

agency cost: EZC - k L (EZC:ecfconst =   0.316861, k:agcpara = 0.27296142)
liq.cash: 10Y average (1Y) =   0.288373 ( 0.01284) : loss rate  0.0899
liq.cash: 10Y std.dev. (1Y) =   0.147241 ( 0.00655)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1044 0.10570   0.11120 0.08890  0.10022  0.08053    0.0424   0.0411   0.0836
 dbratio     ROA    ROA1 debtcf1
 0.49224 0.15356 0.14254 0.00418

TOSYOU CODE: 6766    473
debtcashflow initial values:   0.000010   0.243723
stddev initial values:   0.000010   0.243723
ecfconst solution interval:   0.242031   0.251909
agcparam solution interval: 0.28028001 0.29172001
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.17180
data: equity =   0.047649  debt =   0.033592  firm =   0.081241

agency cost: EZC - k L (EZC:ecfconst =   0.248820, k:agcpara = 0.29053939)
liq.cash: 10Y average (1Y) =   0.222152 ( 0.00975) : loss rate  0.1072
liq.cash: 10Y std.dev. (1Y) =   0.184644 ( 0.00810)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0918 0.24009   0.07850 0.08105  0.07955  0.06447    0.0476   0.0336   0.0812
 dbratio     ROA    ROA1 debtcf1
 0.41349 0.11998 0.11844 0.00400

TOSYOU CODE: 6921 error: solution not found

TOSYOU CODE: 3521    474
debtcashflow initial values:   0.000010   0.213992
stddev initial values:   0.000010   0.213992
ecfconst solution interval:   0.222293   0.231367
agcparam solution interval: 0.32085200 0.33394800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.18077
data: equity =   0.050783  debt =   0.020548  firm =   0.071331

agency cost: EZC - k L (EZC:ecfconst =   0.229939, k:agcpara = 0.32088188)
liq.cash: 10Y average (1Y) =   0.212540 ( 0.00958) : loss rate  0.0757
liq.cash: 10Y std.dev. (1Y) =   0.166858 ( 0.00752)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0542 0.17136   0.08371 0.08322  0.08357  0.07278    0.0508   0.0205   0.0713
 dbratio     ROA    ROA1 debtcf1
 0.28806 0.13435 0.12417 0.00229

TOSYOU CODE: 3526    475
debtcashflow initial values:   0.000010   0.203292
stddev initial values:   0.000010   0.203292
ecfconst solution interval:   0.229771   0.239149
agcparam solution interval: 0.26675599 0.27764399
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.24112
data: equity =   0.034640  debt =   0.033124  firm =   0.067764

agency cost: EZC - k L (EZC:ecfconst =   0.231869, k:agcpara = 0.26857072)
liq.cash: 10Y average (1Y) =   0.208606 ( 0.00924) : loss rate  0.1003
liq.cash: 10Y std.dev. (1Y) =   0.125646 ( 0.00557)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0866 0.16581   0.09468 0.08642  0.09065  0.07164    0.0346   0.0331   0.0678
 dbratio     ROA    ROA1 debtcf1
 0.48882 0.13638 0.13090 0.00358

