TOSYOU CODE: 7203      1
debtcashflow initial values:   0.000010 172.707169
stddev initial values:   0.000010 172.707169
ecfconst solution interval: 187.306687 194.951858
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 = 0.11539  std.dev = 0.17105  lambda =   3.99999
riskless rate of interest = 0.06113  correlation =  0.26721
data: equity =  52.749736  debt =   4.819320  firm =  57.569056

agency cost: EZC - k L (EZC:ecfconst = 189.079281, k:agcpara = 0.30569835)
liq.cash: 10Y average (1Y) = 186.335325 ( 8.70427) : loss rate  0.0145
liq.cash: 10Y std.dev. (1Y) =  77.694756 ( 3.62935)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.9760 0.01122   0.08637 0.06298  0.08441  0.08204   52.7497   4.8189  57.5686
 dbratio     ROA    ROA1 debtcf1
 0.08371 0.15120 0.12628 0.31101

TOSYOU CODE: 5401      2
debtcashflow initial values:   0.000010 133.868793
stddev initial values:   0.000010 133.868793
ecfconst solution interval: 132.940643 138.366791
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38955
data: equity =  27.493657  debt =  17.129274  firm =  44.622931

agency cost: EZC - k L (EZC:ecfconst = 138.142848, k:agcpara = 0.22253427)
liq.cash: 10Y average (1Y) = 130.740040 ( 5.92659) : loss rate  0.0536
liq.cash: 10Y std.dev. (1Y) =  59.463059 ( 2.69553)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 33.2659 0.05058   0.09097 0.06406  0.08064  0.06957   27.4937  17.1292  44.6228
 dbratio     ROA    ROA1 debtcf1
 0.38387 0.13282 0.11964 1.20111

TOSYOU CODE: 6501      3
debtcashflow initial values:   0.000010 118.917160
stddev initial values:   0.000010 118.917160
ecfconst solution interval: 112.654182 117.252312
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.23187
data: equity =  33.142507  debt =   6.496546  firm =  39.639053

agency cost: EZC - k L (EZC:ecfconst = 115.941668, k:agcpara = 0.25296089)
liq.cash: 10Y average (1Y) = 112.752374 ( 5.18273) : loss rate  0.0275
liq.cash: 10Y std.dev. (1Y) =  62.207801 ( 2.85942)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.6079 0.05372   0.07670 0.06267  0.07440  0.06978   33.1425   6.4966  39.6391
 dbratio     ROA    ROA1 debtcf1
 0.16389 0.13075 0.11330 0.45786

TOSYOU CODE: 6752      4
debtcashflow initial values:   0.000010 115.071539
stddev initial values:   0.000010 115.071539
ecfconst solution interval: 109.011101 113.460533
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.18118
data: equity =  34.477310  debt =   3.879870  firm =  38.357180

agency cost: EZC - k L (EZC:ecfconst = 110.538508, k:agcpara = 0.28260458)
liq.cash: 10Y average (1Y) = 108.493114 ( 5.00459) : loss rate  0.0185
liq.cash: 10Y std.dev. (1Y) =  52.449918 ( 2.41942)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.2377 0.02677   0.07431 0.06145  0.07301  0.07021   34.4773   3.8799  38.3572
 dbratio     ROA    ROA1 debtcf1
 0.10115 0.13047 0.11165 0.25302

TOSYOU CODE: 7011      5
debtcashflow initial values:   0.000010  89.493116
stddev initial values:   0.000010  89.493116
ecfconst solution interval:  92.965447  96.759955
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41169
data: equity =  21.054258  debt =   8.776781  firm =  29.831039

agency cost: EZC - k L (EZC:ecfconst =  95.617518, k:agcpara = 0.24070789)
liq.cash: 10Y average (1Y) =  91.546613 ( 4.20142) : loss rate  0.0426
liq.cash: 10Y std.dev. (1Y) =  42.696710 ( 1.95951)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 16.9122 0.04023   0.09090 0.06379  0.08292  0.07448   21.0542   8.7769  29.8311
 dbratio     ROA    ROA1 debtcf1
 0.29422 0.14084 0.12354 0.60630

TOSYOU CODE: 7201      6
debtcashflow initial values:   0.000010  87.471090
stddev initial values:   0.000010  87.471090
ecfconst solution interval:  90.864973  94.573748
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44673
data: equity =  20.082810  debt =   9.074220  firm =  29.157030

agency cost: EZC - k L (EZC:ecfconst =  95.019231, k:agcpara = 0.24016451)
liq.cash: 10Y average (1Y) =  90.830206 ( 4.16954) : loss rate  0.0441
liq.cash: 10Y std.dev. (1Y) =  41.283436 ( 1.89511)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.4423 0.03773   0.09366 0.06385  0.08438  0.07544   20.0828   9.0745  29.1573
 dbratio     ROA    ROA1 debtcf1
 0.31123 0.14300 0.12540 0.62347

TOSYOU CODE: 6701      7
debtcashflow initial values:   0.000010  87.067963
stddev initial values:   0.000010  87.067963
ecfconst solution interval:  82.482389  85.849017
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20688
data: equity =  21.334116  debt =   7.688538  firm =  29.022654

agency cost: EZC - k L (EZC:ecfconst =  82.373622, k:agcpara = 0.23622287)
liq.cash: 10Y average (1Y) =  78.804061 ( 3.56354) : loss rate  0.0433
liq.cash: 10Y std.dev. (1Y) =  42.754674 ( 1.93338)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.1110 0.06815   0.07576 0.06282  0.07233  0.06484   21.3341   7.6884  29.0226
 dbratio     ROA    ROA1 debtcf1
 0.26491 0.12279 0.10995 0.55571

TOSYOU CODE: 6502      8
debtcashflow initial values:   0.000010  86.849123
stddev initial values:   0.000010  86.849123
ecfconst solution interval:  94.190769  98.035290
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38160
data: equity =  22.350430  debt =   6.599278  firm =  28.949708

agency cost: EZC - k L (EZC:ecfconst =  92.374300, k:agcpara = 0.24969527)
liq.cash: 10Y average (1Y) =  89.205015 ( 4.11574) : loss rate  0.0343
liq.cash: 10Y std.dev. (1Y) =  43.339185 ( 1.99958)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.6926 0.03875   0.08774 0.06351  0.08222  0.07571   22.3504   6.5992  28.9496
 dbratio     ROA    ROA1 debtcf1
 0.22796 0.14217 0.12303 0.45473

TOSYOU CODE: 6702      9
debtcashflow initial values:   0.000010  77.668317
stddev initial values:   0.000010  77.668317
ecfconst solution interval:  73.577781  76.580956
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.23051
data: equity =  18.301246  debt =   7.588193  firm =  25.889439

agency cost: EZC - k L (EZC:ecfconst =  74.304319, k:agcpara = 0.23197961)
liq.cash: 10Y average (1Y) =  70.845694 ( 3.20031) : loss rate  0.0465
liq.cash: 10Y std.dev. (1Y) =  37.293194 ( 1.68465)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.9092 0.06682   0.07782 0.06311  0.07351  0.06518   18.3012   7.5881  25.8894
 dbratio     ROA    ROA1 debtcf1
 0.29310 0.12361 0.11119 0.54737

TOSYOU CODE: 5404     10
debtcashflow initial values:   0.000010  76.069061
stddev initial values:   0.000010  76.069061
ecfconst solution interval:  75.541654  78.624987
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42687
data: equity =  12.212745  debt =  13.143608  firm =  25.356354

agency cost: EZC - k L (EZC:ecfconst =  76.538503, k:agcpara = 0.19434330)
liq.cash: 10Y average (1Y) =  71.573147 ( 3.19184) : loss rate  0.0649
liq.cash: 10Y std.dev. (1Y) =  29.390417 ( 1.31068)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 25.5494 0.05868   0.09666 0.06433  0.07990  0.06489   12.2127  13.1437  25.3564
 dbratio     ROA    ROA1 debtcf1
 0.51836 0.12588 0.11681 0.92225

TOSYOU CODE: 5405     11
debtcashflow initial values:   0.000010  65.045962
stddev initial values:   0.000010  65.045962
ecfconst solution interval:  64.594974  67.231503
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40715
data: equity =  10.821027  debt =  10.860961  firm =  21.681987

agency cost: EZC - k L (EZC:ecfconst =  65.245662, k:agcpara = 0.19725592)
liq.cash: 10Y average (1Y) =  61.073331 ( 2.72587) : loss rate  0.0639
liq.cash: 10Y std.dev. (1Y) =  25.664642 ( 1.14548)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 21.1519 0.05991   0.09472 0.06430  0.07948  0.06499   10.8210  10.8610  21.6820
 dbratio     ROA    ROA1 debtcf1
 0.50092 0.12572 0.11647 0.76511

TOSYOU CODE: 5406     12
debtcashflow initial values:   0.000010  63.932406
stddev initial values:   0.000010  63.932406
ecfconst solution interval:  60.565304  63.037357
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32642
data: equity =  10.268040  debt =  11.042762  firm =  21.310802

agency cost: EZC - k L (EZC:ecfconst =  61.031676, k:agcpara = 0.18723760)
liq.cash: 10Y average (1Y) =  56.970723 ( 2.51080) : loss rate  0.0665
liq.cash: 10Y std.dev. (1Y) =  24.591208 ( 1.08378)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 21.6888 0.07568   0.08847 0.06407  0.07583  0.06089   10.2680  11.0427  21.3107
 dbratio     ROA    ROA1 debtcf1
 0.51817 0.11782 0.11095 0.79237

TOSYOU CODE: 5403     13
debtcashflow initial values:   0.000010  63.330833
stddev initial values:   0.000010  63.330833
ecfconst solution interval:  59.995414  62.444207
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34061
data: equity =  12.068138  debt =   9.042139  firm =  21.110278

agency cost: EZC - k L (EZC:ecfconst =  62.786789, k:agcpara = 0.21001318)
liq.cash: 10Y average (1Y) =  59.071448 ( 2.64825) : loss rate  0.0592
liq.cash: 10Y std.dev. (1Y) =  26.975055 ( 1.20933)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.6910 0.06251   0.08806 0.06405  0.07778  0.06543   12.0681   9.0420  21.1102
 dbratio     ROA    ROA1 debtcf1
 0.42833 0.12545 0.11516 0.64381

TOSYOU CODE: 6758     14
debtcashflow initial values:   0.000010  59.222352
stddev initial values:   0.000010  59.222352
ecfconst solution interval:  56.103303  58.393233
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.12397
data: equity =  16.009707  debt =   3.731077  firm =  19.740784

agency cost: EZC - k L (EZC:ecfconst =  55.104535, k:agcpara = 0.25013247)
liq.cash: 10Y average (1Y) =  53.261379 ( 2.42125) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =  31.141350 ( 1.41568)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.3687 0.07028   0.07222 0.06272  0.07043  0.06509   16.0097   3.7312  19.7409
 dbratio     ROA    ROA1 debtcf1
 0.18901 0.12265 0.10811 0.27247

TOSYOU CODE: 6503     15
debtcashflow initial values:   0.000010  56.441851
stddev initial values:   0.000010  56.441851
ecfconst solution interval:  58.631794  61.024929
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41244
data: equity =  13.148271  debt =   5.665679  firm =  18.813950

agency cost: EZC - k L (EZC:ecfconst =  60.244259, k:agcpara = 0.23954472)
liq.cash: 10Y average (1Y) =  57.627808 ( 2.64292) : loss rate  0.0434
liq.cash: 10Y std.dev. (1Y) =  26.805952 ( 1.22937)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.9226 0.04072   0.09109 0.06382  0.08288  0.07423   13.1483   5.6657  18.8140
 dbratio     ROA    ROA1 debtcf1
 0.30114 0.14048 0.12342 0.39173

TOSYOU CODE: 5001     16
debtcashflow initial values:   0.000010  53.662786
stddev initial values:   0.000010  53.662786
ecfconst solution interval:  58.199085  60.574558
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.48031
data: equity =  11.531085  debt =   6.356510  firm =  17.887595

agency cost: EZC - k L (EZC:ecfconst =  58.733980, k:agcpara = 0.23481408)
liq.cash: 10Y average (1Y) =  55.867910 ( 2.55774) : loss rate  0.0488
liq.cash: 10Y std.dev. (1Y) =  24.506402 ( 1.12195)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.2057 0.03740   0.09691 0.06395  0.08520  0.07497   11.5311   6.3564  17.8875
 dbratio     ROA    ROA1 debtcf1
 0.35536 0.14299 0.12625 0.43560

TOSYOU CODE: 5201     17
debtcashflow initial values:   0.000010  52.032321
stddev initial values:   0.000010  52.032321
ecfconst solution interval:  56.430783  58.734080
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.48568
data: equity =  15.630055  debt =   1.714052  firm =  17.344107

agency cost: EZC - k L (EZC:ecfconst =  57.210694, k:agcpara = 0.29778326)
liq.cash: 10Y average (1Y) =  56.274747 ( 2.62673) : loss rate  0.0164
liq.cash: 10Y std.dev. (1Y) =  22.874617 ( 1.06771)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1430 0.01010   0.08736 0.06143  0.08480  0.08207   15.6301   1.7141  17.3441
 dbratio     ROA    ROA1 debtcf1
 0.09883 0.15145 0.12676 0.10769

TOSYOU CODE: 7267     18
debtcashflow initial values:   0.000010  51.043083
stddev initial values:   0.000010  51.043083
ecfconst solution interval:  46.020448  47.898833
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 = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.18877
data: equity =  14.338575  debt =   2.675786  firm =  17.014361

agency cost: EZC - k L (EZC:ecfconst =  48.604291, k:agcpara = 0.25349453)
liq.cash: 10Y average (1Y) =  47.282331 ( 2.16687) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =  26.979122 ( 1.23641)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.2149 0.05947   0.07415 0.06247  0.07232  0.06789   14.3386   2.6759  17.0144
 dbratio     ROA    ROA1 debtcf1
 0.15727 0.12736 0.11067 0.19041

TOSYOU CODE: 4502     19
debtcashflow initial values:   0.000010  46.577078
stddev initial values:   0.000010  46.577078
ecfconst solution interval:  48.384266  50.359134
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39874
data: equity =  14.932886  debt =   0.592807  firm =  15.525693

agency cost: EZC - k L (EZC:ecfconst =  48.454348, k:agcpara = 0.30411558)
liq.cash: 10Y average (1Y) =  48.127378 ( 2.25119) : loss rate  0.0067
liq.cash: 10Y std.dev. (1Y) =  20.110260 ( 0.94067)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0752 0.00965   0.08071 0.06032  0.07993  0.07890   14.9329   0.5928  15.5257
 dbratio     ROA    ROA1 debtcf1
 0.03818 0.14500 0.12054 0.03654

TOSYOU CODE: 3407     20
debtcashflow initial values:   0.000010  45.570729
stddev initial values:   0.000010  45.570729
ecfconst solution interval:  47.338870  49.271069
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38522
data: equity =  11.423224  debt =   3.767019  firm =  15.190243

agency cost: EZC - k L (EZC:ecfconst =  48.397571, k:agcpara = 0.24671991)
liq.cash: 10Y average (1Y) =  46.607602 ( 2.14632) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =  22.454066 ( 1.03403)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.2551 0.03984   0.08831 0.06361  0.08219  0.07509   11.4232   3.7669  15.1901
 dbratio     ROA    ROA1 debtcf1
 0.24798 0.14130 0.12286 0.26019

TOSYOU CODE: 6753     21
debtcashflow initial values:   0.000010  43.620324
stddev initial values:   0.000010  43.620324
ecfconst solution interval:  41.322983  43.009636
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25538
data: equity =  11.834060  debt =   2.706048  firm =  14.540108

agency cost: EZC - k L (EZC:ecfconst =  43.092904, k:agcpara = 0.25038847)
liq.cash: 10Y average (1Y) =  41.777680 ( 1.91939) : loss rate  0.0305
liq.cash: 10Y std.dev. (1Y) =  22.464389 ( 1.03208)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.2527 0.05198   0.07856 0.06293  0.07565  0.07038   11.8341   2.7060  14.5400
 dbratio     ROA    ROA1 debtcf1
 0.18610 0.13201 0.11477 0.19058

TOSYOU CODE: 2503     22
debtcashflow initial values:   0.000010  42.928325
stddev initial values:   0.000010  42.928325
ecfconst solution interval:  44.593940  46.414101
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 = 0.09430  std.dev = 0.17470  lambda =   2.23139
riskless rate of interest = 0.05944  correlation =  0.44316
data: equity =  13.332826  debt =   0.976616  firm =  14.309442

agency cost: EZC - k L (EZC:ecfconst =  45.388911, k:agcpara = 0.30081611)
liq.cash: 10Y average (1Y) =  44.851146 ( 2.09472) : loss rate  0.0118
liq.cash: 10Y std.dev. (1Y) =  18.800162 ( 0.87804)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7877 0.01099   0.08284 0.06115  0.08136  0.07948   13.3328   0.9766  14.3095
 dbratio     ROA    ROA1 debtcf1
 0.06825 0.14639 0.12236 0.06120

TOSYOU CODE: 6902     23
debtcashflow initial values:   0.000010  42.467854
stddev initial values:   0.000010  42.467854
ecfconst solution interval:  40.231216  41.873307
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.24201
data: equity =  12.470521  debt =   1.685430  firm =  14.155951

agency cost: EZC - k L (EZC:ecfconst =  41.114609, k:agcpara = 0.27765247)
liq.cash: 10Y average (1Y) =  40.236074 ( 1.85458) : loss rate  0.0214
liq.cash: 10Y std.dev. (1Y) =  19.542292 ( 0.90075)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1642 0.02891   0.07533 0.06189  0.07373  0.07042   12.4705   1.6854  14.1559
 dbratio     ROA    ROA1 debtcf1
 0.11906 0.13101 0.11251 0.11120

TOSYOU CODE: 2802     24
debtcashflow initial values:   0.000010  39.909538
stddev initial values:   0.000010  39.909538
ecfconst solution interval:  37.807635  39.350804
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32783
data: equity =  12.383585  debt =   0.919594  firm =  13.303179

agency cost: EZC - k L (EZC:ecfconst =  40.033126, k:agcpara = 0.29407226)
liq.cash: 10Y average (1Y) =  39.538508 ( 1.83904) : loss rate  0.0124
liq.cash: 10Y std.dev. (1Y) =  17.450477 ( 0.81167)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6820 0.01503   0.07796 0.06064  0.07676  0.07488   12.3836   0.9196  13.3032
 dbratio     ROA    ROA1 debtcf1
 0.06912 0.13824 0.11647 0.05767

TOSYOU CODE: 7751     25
debtcashflow initial values:   0.000010  39.810319
stddev initial values:   0.000010  39.810319
ecfconst solution interval:  34.072327  35.463035
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.13045
data: equity =   8.969548  debt =   4.300558  firm =  13.270106

agency cost: EZC - k L (EZC:ecfconst =  35.789989, k:agcpara = 0.22690197)
liq.cash: 10Y average (1Y) =  33.833338 ( 1.50080) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =  19.136931 ( 0.84889)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.6233 0.09386   0.07089 0.06268  0.06823  0.05909    8.9695   4.3006  13.2701
 dbratio     ROA    ROA1 debtcf1
 0.32408 0.11310 0.10430 0.32385

TOSYOU CODE: 4901     26
debtcashflow initial values:   0.000010  39.254875
stddev initial values:   0.000010  39.254875
ecfconst solution interval:  38.982705  40.573836
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 = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.18090
data: equity =  12.559277  debt =   0.525681  firm =  13.084958

agency cost: EZC - k L (EZC:ecfconst =  38.485435, k:agcpara = 0.30437874)
liq.cash: 10Y average (1Y) =  38.189339 ( 1.77710) : loss rate  0.0077
liq.cash: 10Y std.dev. (1Y) =  17.511179 ( 0.81486)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9728 0.01678   0.07524 0.06170  0.07469  0.07358   12.5593   0.5256  13.0849
 dbratio     ROA    ROA1 debtcf1
 0.04017 0.13581 0.11392 0.03366

TOSYOU CODE: 4010     27
debtcashflow initial values:   0.000010  38.942020
stddev initial values:   0.000010  38.942020
ecfconst solution interval:  45.795811  47.665028
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 = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.49298
data: equity =   8.175853  debt =   4.804820  firm =  12.980673

agency cost: EZC - k L (EZC:ecfconst =  45.808358, k:agcpara = 0.24547998)
liq.cash: 10Y average (1Y) =  43.568093 ( 2.00459) : loss rate  0.0489
liq.cash: 10Y std.dev. (1Y) =  17.801402 ( 0.81905)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.1261 0.02651   0.10680 0.06386  0.09090  0.08027    8.1758   4.8049  12.9808
 dbratio     ROA    ROA1 debtcf1
 0.37016 0.15443 0.13440 0.32194

TOSYOU CODE: 4005     28
debtcashflow initial values:   0.000010  38.542886
stddev initial values:   0.000010  38.542886
ecfconst solution interval:  40.038352  41.672570
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.45019
data: equity =   8.530333  debt =   4.317296  firm =  12.847629

agency cost: EZC - k L (EZC:ecfconst =  42.032476, k:agcpara = 0.23887909)
liq.cash: 10Y average (1Y) =  40.033348 ( 1.83365) : loss rate  0.0476
liq.cash: 10Y std.dev. (1Y) =  18.038738 ( 0.82623)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.3688 0.03960   0.09510 0.06467  0.08487  0.07509    8.5303   4.3172  12.8475
 dbratio     ROA    ROA1 debtcf1
 0.33603 0.14272 0.12584 0.30071

TOSYOU CODE: 7912     29
debtcashflow initial values:   0.000010  36.984444
stddev initial values:   0.000010  36.984444
ecfconst solution interval:  43.493702  45.268955
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.41364
data: equity =  11.555558  debt =   0.772590  firm =  12.328148

agency cost: EZC - k L (EZC:ecfconst =  43.855152, k:agcpara = 0.31610673)
liq.cash: 10Y average (1Y) =  43.409145 ( 2.03165) : loss rate  0.0102
liq.cash: 10Y std.dev. (1Y) =  16.408752 ( 0.76797)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4109 0.00524   0.09345 0.06150  0.09145  0.08971   11.5555   0.7727  12.3282
 dbratio     ROA    ROA1 debtcf1
 0.06268 0.16480 0.13530 0.04808

TOSYOU CODE: 6954 error: solution not found

TOSYOU CODE: 7013     30
debtcashflow initial values:   0.000010  35.807882
stddev initial values:   0.000010  35.807882
ecfconst solution interval:  37.197233  38.715487
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44957
data: equity =   8.042878  debt =   3.893083  firm =  11.935961

agency cost: EZC - k L (EZC:ecfconst =  38.817835, k:agcpara = 0.23773666)
liq.cash: 10Y average (1Y) =  37.037713 ( 1.69783) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =  16.712402 ( 0.76611)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.4878 0.03852   0.09415 0.06390  0.08428  0.07490    8.0429   3.8931  11.9360
 dbratio     ROA    ROA1 debtcf1
 0.32617 0.14224 0.12517 0.26777

TOSYOU CODE: 3402     31
debtcashflow initial values:   0.000010  34.900046
stddev initial values:   0.000010  34.900046
ecfconst solution interval:  36.254168  37.733930
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35892
data: equity =   9.148839  debt =   2.484510  firm =  11.633349

agency cost: EZC - k L (EZC:ecfconst =  36.701627, k:agcpara = 0.25067095)
liq.cash: 10Y average (1Y) =  35.502353 ( 1.63842) : loss rate  0.0327
liq.cash: 10Y std.dev. (1Y) =  17.583288 ( 0.81146)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7843 0.04032   0.08601 0.06342  0.08118  0.07509    9.1488   2.4846  11.6335
 dbratio     ROA    ROA1 debtcf1
 0.21357 0.14084 0.12175 0.17168

TOSYOU CODE: 6326     32
debtcashflow initial values:   0.000010  33.317527
stddev initial values:   0.000010  33.317527
ecfconst solution interval:  42.228858  43.952485
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.45978
data: equity =   8.735323  debt =   2.370519  firm =  11.105842

agency cost: EZC - k L (EZC:ecfconst =  43.967683, k:agcpara = 0.28461382)
liq.cash: 10Y average (1Y) =  42.696044 ( 1.97734) : loss rate  0.0289
liq.cash: 10Y std.dev. (1Y) =  17.383750 ( 0.80508)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.4679 0.01394   0.11042 0.06397  0.10051  0.09436    8.7353   2.3705  11.1058
 dbratio     ROA    ROA1 debtcf1
 0.21345 0.17805 0.14751 0.15619

TOSYOU CODE: 5802     33
debtcashflow initial values:   0.000010  33.051771
stddev initial values:   0.000010  33.051771
ecfconst solution interval:  34.334184  35.735579
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39282
data: equity =   9.049607  debt =   1.967650  firm =  11.017257

agency cost: EZC - k L (EZC:ecfconst =  35.706777, k:agcpara = 0.25773575)
liq.cash: 10Y average (1Y) =  34.737217 ( 1.61142) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =  16.999042 ( 0.78857)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7618 0.03421   0.08773 0.06326  0.08336  0.07828    9.0496   1.9676  11.0172
 dbratio     ROA    ROA1 debtcf1
 0.17860 0.14626 0.12478 0.13405

TOSYOU CODE: 6764     34
debtcashflow initial values:   0.000010  31.355011
stddev initial values:   0.000010  31.355011
ecfconst solution interval:  35.439525  36.886036
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.41320
data: equity =   8.818685  debt =   1.632985  firm =  10.451670

agency cost: EZC - k L (EZC:ecfconst =  34.603321, k:agcpara = 0.28216852)
liq.cash: 10Y average (1Y) =  33.748533 ( 1.56872) : loss rate  0.0247
liq.cash: 10Y std.dev. (1Y) =  13.913236 ( 0.64672)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.0294 0.01363   0.08947 0.06229  0.08522  0.08084    8.8187   1.6330  10.4516
 dbratio     ROA    ROA1 debtcf1
 0.15624 0.15009 0.12718 0.10481

TOSYOU CODE: 6991     35
debtcashflow initial values:   0.000010  30.962223
stddev initial values:   0.000010  30.962223
ecfconst solution interval:  34.995564  36.423954
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.44667
data: equity =   8.136623  debt =   2.184118  firm =  10.320741

agency cost: EZC - k L (EZC:ecfconst =  36.389208, k:agcpara = 0.26600592)
liq.cash: 10Y average (1Y) =  35.278492 ( 1.63730) : loss rate  0.0305
liq.cash: 10Y std.dev. (1Y) =  15.883761 ( 0.73717)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.1755 0.02511   0.09778 0.06429  0.09069  0.08457    8.1366   2.1841  10.3207
 dbratio     ROA    ROA1 debtcf1
 0.21162 0.15864 0.13430 0.14806

TOSYOU CODE: 7012     36
debtcashflow initial values:   0.000010  30.098291
stddev initial values:   0.000010  30.098291
ecfconst solution interval:  29.889607  31.109591
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37792
data: equity =   5.995150  debt =   4.037614  firm =  10.032764

agency cost: EZC - k L (EZC:ecfconst =  30.700512, k:agcpara = 0.21792379)
liq.cash: 10Y average (1Y) =  28.987804 ( 1.30940) : loss rate  0.0558
liq.cash: 10Y std.dev. (1Y) =  13.149794 ( 0.59399)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.8592 0.05405   0.09046 0.06409  0.07985  0.06824    5.9951   4.0376  10.0328
 dbratio     ROA    ROA1 debtcf1
 0.40244 0.13051 0.11834 0.28441

TOSYOU CODE: 5014     37
debtcashflow initial values:   0.000010  29.286709
stddev initial values:   0.000010  29.286709
ecfconst solution interval:  29.083656  30.270744
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40094
data: equity =   4.988860  debt =   4.773376  firm =   9.762236

agency cost: EZC - k L (EZC:ecfconst =  29.410056, k:agcpara = 0.19981299)
liq.cash: 10Y average (1Y) =  27.552098 ( 1.23129) : loss rate  0.0632
liq.cash: 10Y std.dev. (1Y) =  11.708847 ( 0.52326)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.2985 0.05950   0.09395 0.06428  0.07944  0.06530    4.9889   4.7735   9.7623
 dbratio     ROA    ROA1 debtcf1
 0.48897 0.12613 0.11659 0.33647

TOSYOU CODE: 5005     38
debtcashflow initial values:   0.000010  28.666953
stddev initial values:   0.000010  28.666953
ecfconst solution interval:  28.468195  29.630163
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.39618
data: equity =   8.662356  debt =   0.893295  firm =   9.555651

agency cost: EZC - k L (EZC:ecfconst =  30.100932, k:agcpara = 0.29401872)
liq.cash: 10Y average (1Y) =  29.617180 ( 1.37973) : loss rate  0.0161
liq.cash: 10Y std.dev. (1Y) =  12.659302 ( 0.58974)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6453 0.01357   0.08276 0.06154  0.08078  0.07819    8.6624   0.8932   9.5556
 dbratio     ROA    ROA1 debtcf1
 0.09348 0.14439 0.12159 0.05665

TOSYOU CODE: 6971     39
debtcashflow initial values:   0.000010  28.277406
stddev initial values:   0.000010  28.277406
ecfconst solution interval:  24.201688  25.189513
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.09072
data: equity =   9.033062  debt =   0.392740  firm =   9.425802

agency cost: EZC - k L (EZC:ecfconst =  24.658684, k:agcpara = 0.29417938)
liq.cash: 10Y average (1Y) =  24.444577 ( 1.11575) : loss rate  0.0087
liq.cash: 10Y std.dev. (1Y) =  13.078230 ( 0.59695)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7278 0.03488   0.06467 0.05987  0.06447  0.06335    9.0331   0.3927   9.4258
 dbratio     ROA    ROA1 debtcf1
 0.04166 0.11837 0.10094 0.02544

TOSYOU CODE: 7911     40
debtcashflow initial values:   0.000010  28.181473
stddev initial values:   0.000010  28.181473
ecfconst solution interval:  31.852576  33.152681
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.38556
data: equity =   8.198406  debt =   1.195418  firm =   9.393824

agency cost: EZC - k L (EZC:ecfconst =  32.708061, k:agcpara = 0.29940346)
liq.cash: 10Y average (1Y) =  32.048870 ( 1.49456) : loss rate  0.0202
liq.cash: 10Y std.dev. (1Y) =  12.494504 ( 0.58267)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2017 0.00845   0.09352 0.06207  0.08952  0.08597    8.1984   1.1954   9.3938
 dbratio     ROA    ROA1 debtcf1
 0.12726 0.15910 0.13287 0.07560

TOSYOU CODE: 6301     41
debtcashflow initial values:   0.000010  27.372709
stddev initial values:   0.000010  27.372709
ecfconst solution interval:  32.190307  33.504197
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.39669
data: equity =   7.245063  debt =   1.879173  firm =   9.124236

agency cost: EZC - k L (EZC:ecfconst =  31.927702, k:agcpara = 0.26389942)
liq.cash: 10Y average (1Y) =  30.985852 ( 1.43887) : loss rate  0.0295
liq.cash: 10Y std.dev. (1Y) =  13.968561 ( 0.64865)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.5690 0.02484   0.09686 0.06361  0.09001  0.08411    7.2451   1.8791   9.1242
 dbratio     ROA    ROA1 debtcf1
 0.20595 0.15770 0.13344 0.12605

TOSYOU CODE: 5007     42
debtcashflow initial values:   0.000010  27.366901
stddev initial values:   0.000010  27.366901
ecfconst solution interval:  25.925577  26.983763
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40352
data: equity =   3.428806  debt =   5.693494  firm =   9.122300

agency cost: EZC - k L (EZC:ecfconst =  25.804194, k:agcpara = 0.16030185)
liq.cash: 10Y average (1Y) =  24.027773 ( 1.04583) : loss rate  0.0688
liq.cash: 10Y std.dev. (1Y) =   8.967362 ( 0.39031)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.0817 0.07441   0.09712 0.06419  0.07656  0.05854    3.4288   5.6934   9.1222
 dbratio     ROA    ROA1 debtcf1
 0.62413 0.11465 0.10958 0.40083

TOSYOU CODE: 4503     43
debtcashflow initial values:   0.000010  27.129119
stddev initial values:   0.000010  27.129119
ecfconst solution interval:  28.181733  29.332008
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.27687
data: equity =   8.132957  debt =   0.910083  firm =   9.043040

agency cost: EZC - k L (EZC:ecfconst =  27.909015, k:agcpara = 0.28880148)
liq.cash: 10Y average (1Y) =  27.424981 ( 1.27488) : loss rate  0.0173
liq.cash: 10Y std.dev. (1Y) =  11.973646 ( 0.55661)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6760 0.01576   0.08099 0.06129  0.07901  0.07623    8.1330   0.9100   9.0430
 dbratio     ROA    ROA1 debtcf1
 0.10063 0.14098 0.11929 0.05776

TOSYOU CODE: 5711     44
debtcashflow initial values:   0.000010  27.078571
stddev initial values:   0.000010  27.078571
ecfconst solution interval:  28.129214  29.277345
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.49571
data: equity =   5.255018  debt =   3.771172  firm =   9.026190

agency cost: EZC - k L (EZC:ecfconst =  29.331884, k:agcpara = 0.22385050)
liq.cash: 10Y average (1Y) =  27.708413 ( 1.26112) : loss rate  0.0553
liq.cash: 10Y std.dev. (1Y) =  11.723626 ( 0.53359)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.2525 0.04051   0.09948 0.06411  0.08470  0.07265    5.2550   3.7711   9.0261
 dbratio     ROA    ROA1 debtcf1
 0.41780 0.13972 0.12508 0.25907

TOSYOU CODE: 7261     45
debtcashflow initial values:   0.000010  26.886368
stddev initial values:   0.000010  26.886368
ecfconst solution interval:  27.929559  29.069541
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.34310
data: equity =   5.391451  debt =   3.570672  firm =   8.962123

agency cost: EZC - k L (EZC:ecfconst =  28.624227, k:agcpara = 0.22558591)
liq.cash: 10Y average (1Y) =  27.057130 ( 1.22964) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =  11.924603 ( 0.54192)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.9468 0.04585   0.09558 0.06477  0.08330  0.07169    5.3914   3.5707   8.9622
 dbratio     ROA    ROA1 debtcf1
 0.39842 0.13720 0.12314 0.25046

TOSYOU CODE: 5108     46
debtcashflow initial values:   0.000010  26.624078
stddev initial values:   0.000010  26.624078
ecfconst solution interval:  27.657089  28.785950
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.32356
data: equity =   7.443235  debt =   1.431457  firm =   8.874693

agency cost: EZC - k L (EZC:ecfconst =  27.830118, k:agcpara = 0.25984505)
liq.cash: 10Y average (1Y) =  27.110049 ( 1.25610) : loss rate  0.0259
liq.cash: 10Y std.dev. (1Y) =  14.002124 ( 0.64877)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7711 0.04109   0.08365 0.06381  0.08045  0.07582    7.4432   1.4315   8.8748
 dbratio     ROA    ROA1 debtcf1
 0.16130 0.14154 0.12108 0.09983

TOSYOU CODE: 4004     47
debtcashflow initial values:   0.000010  25.900823
stddev initial values:   0.000010  25.900823
ecfconst solution interval:  26.905773  28.003968
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.43005
data: equity =   4.702429  debt =   3.931179  firm =   8.633608

agency cost: EZC - k L (EZC:ecfconst =  26.966230, k:agcpara = 0.21279707)
liq.cash: 10Y average (1Y) =  25.331202 ( 1.14175) : loss rate  0.0606
liq.cash: 10Y std.dev. (1Y) =  10.884680 ( 0.49061)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.6835 0.05247   0.09620 0.06500  0.08199  0.06868    4.7024   3.9312   8.6336
 dbratio     ROA    ROA1 debtcf1
 0.45534 0.13225 0.12063 0.27806

TOSYOU CODE: 3861     48
debtcashflow initial values:   0.000010  25.801197
stddev initial values:   0.000010  25.801197
ecfconst solution interval:  26.802284  27.896255
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43344
data: equity =   6.144355  debt =   2.456044  firm =   8.600399

agency cost: EZC - k L (EZC:ecfconst =  27.978127, k:agcpara = 0.24361632)
liq.cash: 10Y average (1Y) =  26.828440 ( 1.23391) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =  12.399334 ( 0.57028)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7193 0.03729   0.09225 0.06376  0.08411  0.07592    6.1444   2.4560   8.6003
 dbratio     ROA    ROA1 debtcf1
 0.28557 0.14347 0.12520 0.16870

TOSYOU CODE: 4208     49
debtcashflow initial values:   0.000010  25.114796
stddev initial values:   0.000010  25.114796
ecfconst solution interval:  23.792087  24.763192
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35048
data: equity =   3.903712  debt =   4.467887  firm =   8.371599

agency cost: EZC - k L (EZC:ecfconst =  24.129439, k:agcpara = 0.18451013)
liq.cash: 10Y average (1Y) =  22.514145 ( 0.99231) : loss rate  0.0669
liq.cash: 10Y std.dev. (1Y) =   9.468463 ( 0.41732)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.7545 0.07308   0.09074 0.06417  0.07656  0.06115    3.9037   4.4679   8.3716
 dbratio     ROA    ROA1 debtcf1
 0.53370 0.11853 0.11166 0.31890

TOSYOU CODE: 5713     50
debtcashflow initial values:   0.000010  24.344501
stddev initial values:   0.000010  24.344501
ecfconst solution interval:  26.402425  27.480075
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44139
data: equity =   5.988250  debt =   2.126584  firm =   8.114834

agency cost: EZC - k L (EZC:ecfconst =  26.658584, k:agcpara = 0.24802800)
liq.cash: 10Y average (1Y) =  25.647620 ( 1.18280) : loss rate  0.0379
liq.cash: 10Y std.dev. (1Y) =  11.892395 ( 0.54845)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0760 0.03485   0.09235 0.06366  0.08483  0.07732    5.9882   2.1266   8.1149
 dbratio     ROA    ROA1 debtcf1
 0.26207 0.14576 0.12630 0.14537

TOSYOU CODE: 4501     51
debtcashflow initial values:   0.000010  24.066022
stddev initial values:   0.000010  24.066022
ecfconst solution interval:  22.798544  23.729097
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29953
data: equity =   7.565591  debt =   0.456416  firm =   8.022007

agency cost: EZC - k L (EZC:ecfconst =  23.756274, k:agcpara = 0.29600199)
liq.cash: 10Y average (1Y) =  23.509222 ( 1.09293) : loss rate  0.0104
liq.cash: 10Y std.dev. (1Y) =  10.521674 ( 0.48915)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8346 0.01558   0.07624 0.06053  0.07535  0.07380    7.5656   0.4565   8.0221
 dbratio     ROA    ROA1 debtcf1
 0.05690 0.13624 0.11468 0.02862

TOSYOU CODE: 5407     52
debtcashflow initial values:   0.000010  23.488007
stddev initial values:   0.000010  23.488007
ecfconst solution interval:  25.473521  26.513257
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.48130
data: equity =   5.274244  debt =   2.555092  firm =   7.829336

agency cost: EZC - k L (EZC:ecfconst =  25.929159, k:agcpara = 0.24010767)
liq.cash: 10Y average (1Y) =  24.753026 ( 1.13666) : loss rate  0.0454
liq.cash: 10Y std.dev. (1Y) =  10.984073 ( 0.50439)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.8984 0.03534   0.09637 0.06387  0.08576  0.07638    5.2742   2.5551   7.8293
 dbratio     ROA    ROA1 debtcf1
 0.32635 0.14518 0.12721 0.17458

TOSYOU CODE: 3871     53
debtcashflow initial values:   0.000010  23.363148
stddev initial values:   0.000010  23.363148
ecfconst solution interval:  21.064219  21.923983
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25550
data: equity =   4.010564  debt =   3.777152  firm =   7.787716

agency cost: EZC - k L (EZC:ecfconst =  21.706163, k:agcpara = 0.19232793)
liq.cash: 10Y average (1Y) =  20.270124 ( 0.89035) : loss rate  0.0662
liq.cash: 10Y std.dev. (1Y) =   9.355226 ( 0.41092)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.4666 0.08556   0.08201 0.06361  0.07309  0.05920    4.0106   3.7772   7.7877
 dbratio     ROA    ROA1 debtcf1
 0.48501 0.11433 0.10794 0.27520

TOSYOU CODE: 7202     54
debtcashflow initial values:   0.000010  23.328413
stddev initial values:   0.000010  23.328413
ecfconst solution interval:  23.166670  24.112249
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 = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.22955
data: equity =   4.866377  debt =   2.909761  firm =   7.776138

agency cost: EZC - k L (EZC:ecfconst =  23.703093, k:agcpara = 0.22603779)
liq.cash: 10Y average (1Y) =  22.400965 ( 1.01271) : loss rate  0.0549
liq.cash: 10Y std.dev. (1Y) =  10.661056 ( 0.48197)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.7607 0.05928   0.08777 0.06524  0.07934  0.06836    4.8664   2.9097   7.7761
 dbratio     ROA    ROA1 debtcf1
 0.37419 0.13023 0.11790 0.21103

TOSYOU CODE: 4452     55
debtcashflow initial values:   0.000010  23.019529
stddev initial values:   0.000010  23.019529
ecfconst solution interval:  22.859931  23.792989
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39396
data: equity =   6.462250  debt =   1.210926  firm =   7.673176

agency cost: EZC - k L (EZC:ecfconst =  23.982450, k:agcpara = 0.27019332)
liq.cash: 10Y average (1Y) =  23.376658 ( 1.08261) : loss rate  0.0253
liq.cash: 10Y std.dev. (1Y) =  10.191191 ( 0.47197)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2421 0.01905   0.08379 0.06150  0.08027  0.07591    6.4623   1.2109   7.6731
 dbratio     ROA    ROA1 debtcf1
 0.15781 0.14109 0.12071 0.07769

TOSYOU CODE: 3401     56
debtcashflow initial values:   0.000010  22.995690
stddev initial values:   0.000010  22.995690
ecfconst solution interval:  24.939590  25.957532
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42342
data: equity =   5.581977  debt =   2.083253  firm =   7.665230

agency cost: EZC - k L (EZC:ecfconst =  24.863861, k:agcpara = 0.24523893)
liq.cash: 10Y average (1Y) =  23.882127 ( 1.09936) : loss rate  0.0395
liq.cash: 10Y std.dev. (1Y) =  11.153539 ( 0.51343)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0032 0.03735   0.09131 0.06371  0.08381  0.07602    5.5820   2.0832   7.6652
 dbratio     ROA    ROA1 debtcf1
 0.27178 0.14342 0.12488 0.14315

TOSYOU CODE: 7004     57
debtcashflow initial values:   0.000010  22.612770
stddev initial values:   0.000010  22.612770
ecfconst solution interval:  22.455985  23.372556
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39495
data: equity =   4.399196  debt =   3.138394  firm =   7.537590

agency cost: EZC - k L (EZC:ecfconst =  23.190004, k:agcpara = 0.21613270)
liq.cash: 10Y average (1Y) =  21.871350 ( 0.98757) : loss rate  0.0569
liq.cash: 10Y std.dev. (1Y) =   9.753198 ( 0.44039)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.1011 0.05295   0.09200 0.06415  0.08040  0.06838    4.3992   3.1384   7.5376
 dbratio     ROA    ROA1 debtcf1
 0.41636 0.13102 0.11894 0.22044

TOSYOU CODE: 4001     58
debtcashflow initial values:   0.000010  21.749186
stddev initial values:   0.000010  21.749186
ecfconst solution interval:  21.598397  22.479964
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42456
data: equity =   3.810020  debt =   3.439709  firm =   7.249729

agency cost: EZC - k L (EZC:ecfconst =  22.236183, k:agcpara = 0.20517680)
liq.cash: 10Y average (1Y) =  20.865420 ( 0.93686) : loss rate  0.0616
liq.cash: 10Y std.dev. (1Y) =   8.851158 ( 0.39742)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.6809 0.05452   0.09548 0.06428  0.08068  0.06696    3.8100   3.4397   7.2497
 dbratio     ROA    ROA1 debtcf1
 0.47446 0.12923 0.11860 0.24100

TOSYOU CODE: 2502     59
debtcashflow initial values:   0.000010  21.528486
stddev initial values:   0.000010  21.528486
ecfconst solution interval:  23.348362  24.301357
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.49434
data: equity =   4.155918  debt =   3.020244  firm =   7.176162

agency cost: EZC - k L (EZC:ecfconst =  23.474919, k:agcpara = 0.22580090)
liq.cash: 10Y average (1Y) =  22.153104 ( 1.00802) : loss rate  0.0563
liq.cash: 10Y std.dev. (1Y) =   9.397823 ( 0.42762)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.8539 0.04143   0.10018 0.06488  0.08532  0.07303    4.1559   3.0203   7.1762
 dbratio     ROA    ROA1 debtcf1
 0.42087 0.14047 0.12583 0.21011

TOSYOU CODE: 4528     60
debtcashflow initial values:   0.000010  20.475781
stddev initial values:   0.000010  20.475781
ecfconst solution interval:  19.397395  20.189126
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.14529
data: equity =   6.382394  debt =   0.442866  firm =   6.825260

agency cost: EZC - k L (EZC:ecfconst =  19.104044, k:agcpara = 0.29215573)
liq.cash: 10Y average (1Y) =  18.863838 ( 0.86973) : loss rate  0.0126
liq.cash: 10Y std.dev. (1Y) =   9.295932 ( 0.42859)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8222 0.02614   0.07104 0.06099  0.07039  0.06861    6.3824   0.4429   6.8253
 dbratio     ROA    ROA1 debtcf1
 0.06490 0.12743 0.10841 0.02864

TOSYOU CODE: 6703     61
debtcashflow initial values:   0.000010  20.394103
stddev initial values:   0.000010  20.394103
ecfconst solution interval:  19.320014  20.108586
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32027
data: equity =   3.845695  debt =   2.952339  firm =   6.798034

agency cost: EZC - k L (EZC:ecfconst =  19.953076, k:agcpara = 0.20753186)
liq.cash: 10Y average (1Y) =  18.751519 ( 0.83796) : loss rate  0.0602
liq.cash: 10Y std.dev. (1Y) =   8.631685 ( 0.38573)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.7897 0.06659   0.08656 0.06397  0.07675  0.06425    3.8457   2.9523   6.7980
 dbratio     ROA    ROA1 debtcf1
 0.43429 0.12327 0.11369 0.21129

TOSYOU CODE: 5002     62
debtcashflow initial values:   0.000010  19.810505
stddev initial values:   0.000010  19.810505
ecfconst solution interval:  19.673147  20.476133
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.42493
data: equity =   3.259017  debt =   3.344485  firm =   6.603502

agency cost: EZC - k L (EZC:ecfconst =  20.187047, k:agcpara = 0.19986231)
liq.cash: 10Y average (1Y) =  18.877560 ( 0.84394) : loss rate  0.0649
liq.cash: 10Y std.dev. (1Y) =   7.865662 ( 0.35164)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.5519 0.05856   0.09699 0.06508  0.08083  0.06600    3.2590   3.3444   6.6035
 dbratio     ROA    ROA1 debtcf1
 0.50647 0.12780 0.11823 0.23760

TOSYOU CODE: 4631     63
debtcashflow initial values:   0.000010  19.354216
stddev initial values:   0.000010  19.354216
ecfconst solution interval:  20.105161  20.925780
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.45908
data: equity =   4.082085  debt =   2.369320  firm =   6.451405

agency cost: EZC - k L (EZC:ecfconst =  20.864188, k:agcpara = 0.23087245)
liq.cash: 10Y average (1Y) =  19.810751 ( 0.90461) : loss rate  0.0505
liq.cash: 10Y std.dev. (1Y) =   8.742899 ( 0.39922)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.5629 0.04058   0.09567 0.06402  0.08405  0.07347    4.0821   2.3693   6.4513
 dbratio     ROA    ROA1 debtcf1
 0.36725 0.14022 0.12454 0.16331

TOSYOU CODE: 4204     64
debtcashflow initial values:   0.000010  18.702938
stddev initial values:   0.000010  18.702938
ecfconst solution interval:  18.573264  19.331357
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36043
data: equity =   4.956093  debt =   1.278220  firm =   6.234313

agency cost: EZC - k L (EZC:ecfconst =  19.714902, k:agcpara = 0.25205934)
liq.cash: 10Y average (1Y) =  19.095122 ( 0.88210) : loss rate  0.0314
liq.cash: 10Y std.dev. (1Y) =   9.471442 ( 0.43753)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4589 0.03950   0.08598 0.06338  0.08135  0.07550    4.9561   1.2783   6.2343
 dbratio     ROA    ROA1 debtcf1
 0.20503 0.14149 0.12202 0.08816

TOSYOU CODE: 5801     65
debtcashflow initial values:   0.000010  18.571599
stddev initial values:   0.000010  18.571599
ecfconst solution interval:  19.292172  20.079608
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37103
data: equity =   4.274777  debt =   1.915756  firm =   6.190533

agency cost: EZC - k L (EZC:ecfconst =  19.309555, k:agcpara = 0.23547942)
liq.cash: 10Y average (1Y) =  18.435508 ( 0.84231) : loss rate  0.0453
liq.cash: 10Y std.dev. (1Y) =   8.761138 ( 0.40029)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7118 0.04642   0.08832 0.06382  0.08074  0.07185    4.2748   1.9158   6.1905
 dbratio     ROA    ROA1 debtcf1
 0.30947 0.13606 0.12048 0.13384

TOSYOU CODE: 4151     66
debtcashflow initial values:   0.000010  18.477162
stddev initial values:   0.000010  18.477162
ecfconst solution interval:  19.194075  19.977506
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.40175
data: equity =   5.428833  debt =   0.730221  firm =   6.159054

agency cost: EZC - k L (EZC:ecfconst =  19.473426, k:agcpara = 0.28702831)
liq.cash: 10Y average (1Y) =  19.085820 ( 0.88748) : loss rate  0.0199
liq.cash: 10Y std.dev. (1Y) =   8.197231 ( 0.38117)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3504 0.01525   0.08375 0.06178  0.08115  0.07785    5.4288   0.7302   6.1590
 dbratio     ROA    ROA1 debtcf1
 0.11856 0.14409 0.12200 0.04666

TOSYOU CODE: 7752     67
debtcashflow initial values:   0.000010  18.382156
stddev initial values:   0.000010  18.382156
ecfconst solution interval:  16.573348  17.249811
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.15149
data: equity =   4.972144  debt =   1.155241  firm =   6.127385

agency cost: EZC - k L (EZC:ecfconst =  16.889417, k:agcpara = 0.24740236)
liq.cash: 10Y average (1Y) =  16.328202 ( 0.74062) : loss rate  0.0332
liq.cash: 10Y std.dev. (1Y) =   9.585921 ( 0.43480)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2684 0.07123   0.07104 0.06199  0.06934  0.06408    4.9721   1.1553   6.1274
 dbratio     ROA    ROA1 debtcf1
 0.18855 0.12087 0.10671 0.08366

TOSYOU CODE: 6504     68
debtcashflow initial values:   0.000010  18.164764
stddev initial values:   0.000010  18.164764
ecfconst solution interval:  19.700294  20.504388
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43221
data: equity =   4.434070  debt =   1.620851  firm =   6.054921

agency cost: EZC - k L (EZC:ecfconst =  19.761809, k:agcpara = 0.24648193)
liq.cash: 10Y average (1Y) =  18.994960 ( 0.87514) : loss rate  0.0388
liq.cash: 10Y std.dev. (1Y) =   8.839904 ( 0.40728)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1112 0.03618   0.09184 0.06369  0.08431  0.07663    4.4341   1.6209   6.0550
 dbratio     ROA    ROA1 debtcf1
 0.26770 0.14453 0.12557 0.11112

TOSYOU CODE: 4535 error: solution not found

TOSYOU CODE: 6762     69
debtcashflow initial values:   0.000010  17.971617
stddev initial values:   0.000010  17.971617
ecfconst solution interval:  15.381306  16.009115
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.03380
data: equity =   5.589602  debt =   0.400937  firm =   5.990539

agency cost: EZC - k L (EZC:ecfconst =  15.290760, k:agcpara = 0.28806404)
liq.cash: 10Y average (1Y) =  15.071713 ( 0.68163) : loss rate  0.0143
liq.cash: 10Y std.dev. (1Y) =   8.964831 ( 0.40544)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7604 0.05520   0.06244 0.06007  0.06228  0.06047    5.5896   0.4009   5.9905
 dbratio     ROA    ROA1 debtcf1
 0.06693 0.11378 0.09824 0.02727

TOSYOU CODE: 5332     70
debtcashflow initial values:   0.000010  17.239354
stddev initial values:   0.000010  17.239354
ecfconst solution interval:  18.696656  19.459785
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.38045
data: equity =   5.171536  debt =   0.574915  firm =   5.746451

agency cost: EZC - k L (EZC:ecfconst =  18.973786, k:agcpara = 0.29695133)
liq.cash: 10Y average (1Y) =  18.661507 ( 0.87105) : loss rate  0.0165
liq.cash: 10Y std.dev. (1Y) =   7.551536 ( 0.35248)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0516 0.00985   0.08752 0.06119  0.08489  0.08213    5.1715   0.5750   5.7465
 dbratio     ROA    ROA1 debtcf1
 0.10005 0.15158 0.12687 0.03596

TOSYOU CODE: 5004     71
debtcashflow initial values:   0.000010  17.053931
stddev initial values:   0.000010  17.053931
ecfconst solution interval:  16.935694  17.626947
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42355
data: equity =   2.698286  debt =   2.986358  firm =   5.684644

agency cost: EZC - k L (EZC:ecfconst =  17.081178, k:agcpara = 0.19219089)
liq.cash: 10Y average (1Y) =  15.964877 ( 0.71087) : loss rate  0.0654
liq.cash: 10Y std.dev. (1Y) =   6.532434 ( 0.29087)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.8083 0.06000   0.09657 0.06433  0.07964  0.06443    2.6983   2.9863   5.6846
 dbratio     ROA    ROA1 debtcf1
 0.52533 0.12505 0.11630 0.20978

TOSYOU CODE: 4063     72
debtcashflow initial values:   0.000010  16.938179
stddev initial values:   0.000010  16.938179
ecfconst solution interval:  18.370022  19.119819
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.28657
data: equity =   4.756516  debt =   0.889544  firm =   5.646060

agency cost: EZC - k L (EZC:ecfconst =  18.265125, k:agcpara = 0.27851882)
liq.cash: 10Y average (1Y) =  17.801817 ( 0.82626) : loss rate  0.0254
liq.cash: 10Y std.dev. (1Y) =   7.607000 ( 0.35307)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6635 0.01694   0.08707 0.06278  0.08325  0.07880    4.7565   0.8895   5.6460
 dbratio     ROA    ROA1 debtcf1
 0.15754 0.14634 0.12457 0.05796

TOSYOU CODE: 4505     73
debtcashflow initial values:   0.000010  16.807921
stddev initial values:   0.000010  16.807921
ecfconst solution interval:  15.922706  16.572613
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26525
data: equity =   5.064504  debt =   0.538136  firm =   5.602640

agency cost: EZC - k L (EZC:ecfconst =  16.319480, k:agcpara = 0.28362276)
liq.cash: 10Y average (1Y) =  16.037404 ( 0.74125) : loss rate  0.0173
liq.cash: 10Y std.dev. (1Y) =   7.507775 ( 0.34701)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9945 0.02255   0.07534 0.06091  0.07395  0.07132    5.0645   0.5382   5.6027
 dbratio     ROA    ROA1 debtcf1
 0.09606 0.13230 0.11284 0.03448

TOSYOU CODE: 3863     74
debtcashflow initial values:   0.000010  16.644844
stddev initial values:   0.000010  16.644844
ecfconst solution interval:  17.290659  17.996400
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47591
data: equity =   3.163832  debt =   2.384449  firm =   5.548281

agency cost: EZC - k L (EZC:ecfconst =  17.768083, k:agcpara = 0.21958263)
liq.cash: 10Y average (1Y) =  16.758452 ( 0.76053) : loss rate  0.0568
liq.cash: 10Y std.dev. (1Y) =   7.116271 ( 0.32295)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.5980 0.04374   0.09833 0.06417  0.08365  0.07124    3.1638   2.3844   5.5482
 dbratio     ROA    ROA1 debtcf1
 0.42976 0.13708 0.12344 0.16467

TOSYOU CODE: 2501     75
debtcashflow initial values:   0.000010  16.573692
stddev initial values:   0.000010  16.573692
ecfconst solution interval:  17.974720  18.708382
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.43758
data: equity =   3.933373  debt =   1.591191  firm =   5.524564

agency cost: EZC - k L (EZC:ecfconst =  18.153919, k:agcpara = 0.24641328)
liq.cash: 10Y average (1Y) =  17.395131 ( 0.80017) : loss rate  0.0418
liq.cash: 10Y std.dev. (1Y) =   8.037760 ( 0.36973)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.0793 0.03745   0.09329 0.06451  0.08500  0.07664    3.9334   1.5912   5.5245
 dbratio     ROA    ROA1 debtcf1
 0.28802 0.14484 0.12633 0.11053

TOSYOU CODE: 5901     76
debtcashflow initial values:   0.000010  16.426236
stddev initial values:   0.000010  16.426236
ecfconst solution interval:  15.561126  16.196274
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25508
data: equity =   4.888561  debt =   0.586851  firm =   5.475412

agency cost: EZC - k L (EZC:ecfconst =  15.870693, k:agcpara = 0.27950498)
liq.cash: 10Y average (1Y) =  15.566434 ( 0.71821) : loss rate  0.0192
liq.cash: 10Y std.dev. (1Y) =   7.396570 ( 0.34127)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0886 0.02515   0.07505 0.06103  0.07355  0.07061    4.8886   0.5868   5.4754
 dbratio     ROA    ROA1 debtcf1
 0.10718 0.13117 0.11229 0.03788

TOSYOU CODE: 7003     77
debtcashflow initial values:   0.000010  16.195862
stddev initial values:   0.000010  16.195862
ecfconst solution interval:  16.083574  16.740046
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33038
data: equity =   3.337789  debt =   2.060832  firm =   5.398621

agency cost: EZC - k L (EZC:ecfconst =  16.165771, k:agcpara = 0.21936349)
liq.cash: 10Y average (1Y) =  15.282278 ( 0.68916) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =   7.204365 ( 0.32488)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0275 0.05912   0.08651 0.06391  0.07788  0.06690    3.3378   2.0608   5.3986
 dbratio     ROA    ROA1 debtcf1
 0.38173 0.12765 0.11592 0.14649

TOSYOU CODE: 6981     78
debtcashflow initial values:   0.000010  16.160929
stddev initial values:   0.000010  16.160929
ecfconst solution interval:  13.831603  14.396158
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.12001
data: equity =   4.774828  debt =   0.612148  firm =   5.386976

agency cost: EZC - k L (EZC:ecfconst =  14.431167, k:agcpara = 0.27129718)
liq.cash: 10Y average (1Y) =  14.116442 ( 0.64199) : loss rate  0.0218
liq.cash: 10Y std.dev. (1Y) =   7.835440 ( 0.35634)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1601 0.04911   0.06738 0.06067  0.06661  0.06351    4.7748   0.6121   5.3869
 dbratio     ROA    ROA1 debtcf1
 0.11363 0.11918 0.10356 0.04144

TOSYOU CODE: 3102     79
debtcashflow initial values:   0.000010  16.023680
stddev initial values:   0.000010  16.023680
ecfconst solution interval:  18.111028  18.850253
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.43508
data: equity =   2.438621  debt =   2.902606  firm =   5.341227

agency cost: EZC - k L (EZC:ecfconst =  18.463060, k:agcpara = 0.22148251)
liq.cash: 10Y average (1Y) =  17.227886 ( 0.78350) : loss rate  0.0669
liq.cash: 10Y std.dev. (1Y) =   6.281286 ( 0.28566)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5768 0.03181   0.11881 0.06524  0.08970  0.07375    2.4386   2.9026   5.3412
 dbratio     ROA    ROA1 debtcf1
 0.54343 0.14669 0.13205 0.19795

TOSYOU CODE: 4511     80
debtcashflow initial values:   0.000010  15.753492
stddev initial values:   0.000010  15.753492
ecfconst solution interval:  15.644269  16.282811
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33035
data: equity =   4.482111  debt =   0.769053  firm =   5.251164

agency cost: EZC - k L (EZC:ecfconst =  15.876287, k:agcpara = 0.26986043)
liq.cash: 10Y average (1Y) =  15.490579 ( 0.71574) : loss rate  0.0243
liq.cash: 10Y std.dev. (1Y) =   7.044961 ( 0.32551)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4293 0.02297   0.08009 0.06146  0.07736  0.07331    4.4821   0.7691   5.2512
 dbratio     ROA    ROA1 debtcf1
 0.14646 0.13630 0.11699 0.04975

TOSYOU CODE: 6781     81
debtcashflow initial values:   0.000010  15.691012
stddev initial values:   0.000010  15.691012
ecfconst solution interval:  14.147015  14.724445
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.09475
data: equity =   5.123860  debt =   0.106477  firm =   5.230337

agency cost: EZC - k L (EZC:ecfconst =  14.026817, k:agcpara = 0.30220312)
liq.cash: 10Y average (1Y) =  13.967416 ( 0.64251) : loss rate  0.0042
liq.cash: 10Y std.dev. (1Y) =   7.086194 ( 0.32597)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1966 0.02599   0.06676 0.06041  0.06663  0.06607    5.1239   0.1065   5.2304
 dbratio     ROA    ROA1 debtcf1
 0.02036 0.12284 0.10368 0.00682

TOSYOU CODE: 6773 error: solution not found

TOSYOU CODE: 6471     82
debtcashflow initial values:   0.000010  15.406068
stddev initial values:   0.000010  15.406068
ecfconst solution interval:  16.708392  17.390367
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.31017
data: equity =   3.305496  debt =   1.829860  firm =   5.135356

agency cost: EZC - k L (EZC:ecfconst =  17.232496, k:agcpara = 0.24114089)
liq.cash: 10Y average (1Y) =  16.372953 ( 0.75002) : loss rate  0.0499
liq.cash: 10Y std.dev. (1Y) =   7.192423 ( 0.32947)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.5645 0.03747   0.09904 0.06549  0.08708  0.07658    3.3055   1.8299   5.1354
 dbratio     ROA    ROA1 debtcf1
 0.35633 0.14605 0.12870 0.12825

TOSYOU CODE: 3101     83
debtcashflow initial values:   0.000010  15.339488
stddev initial values:   0.000010  15.339488
ecfconst solution interval:  18.039243  18.775538
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.40629
data: equity =   3.190603  debt =   1.922560  firm =   5.113163

agency cost: EZC - k L (EZC:ecfconst =  18.501444, k:agcpara = 0.25178848)
liq.cash: 10Y average (1Y) =  17.572801 ( 0.80840) : loss rate  0.0502
liq.cash: 10Y std.dev. (1Y) =   7.110990 ( 0.32713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6882 0.02544   0.10986 0.06504  0.09301  0.08200    3.1906   1.9226   5.1132
 dbratio     ROA    ROA1 debtcf1
 0.37600 0.15810 0.13724 0.13082

TOSYOU CODE: 6792     84
debtcashflow initial values:   0.000010  15.280783
stddev initial values:   0.000010  15.280783
ecfconst solution interval:  14.475991  15.066848
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29677
data: equity =   4.388078  debt =   0.705516  firm =   5.093594

agency cost: EZC - k L (EZC:ecfconst =  15.125116, k:agcpara = 0.27064323)
liq.cash: 10Y average (1Y) =  14.769676 ( 0.68150) : loss rate  0.0235
liq.cash: 10Y std.dev. (1Y) =   6.879795 ( 0.31745)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3133 0.02524   0.07807 0.06140  0.07576  0.07194    4.3881   0.7055   5.0936
 dbratio     ROA    ROA1 debtcf1
 0.13851 0.13380 0.11498 0.04581

TOSYOU CODE: 4042     85
debtcashflow initial values:   0.000010  15.273684
stddev initial values:   0.000010  15.273684
ecfconst solution interval:  15.167784  15.786877
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41795
data: equity =   2.540915  debt =   2.550313  firm =   5.091228

agency cost: EZC - k L (EZC:ecfconst =  15.404416, k:agcpara = 0.19813937)
liq.cash: 10Y average (1Y) =  14.421621 ( 0.64439) : loss rate  0.0638
liq.cash: 10Y std.dev. (1Y) =   6.024542 ( 0.26919)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.9601 0.05815   0.09555 0.06430  0.07990  0.06540    2.5409   2.5503   5.0912
 dbratio     ROA    ROA1 debtcf1
 0.50092 0.12657 0.11707 0.17916

TOSYOU CODE: 3862     86
debtcashflow initial values:   0.000010  15.059643
stddev initial values:   0.000010  15.059643
ecfconst solution interval:  14.266497  14.848803
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36300
data: equity =   2.375694  debt =   2.644187  firm =   5.019881

agency cost: EZC - k L (EZC:ecfconst =  14.604674, k:agcpara = 0.18726972)
liq.cash: 10Y average (1Y) =  13.635733 ( 0.60272) : loss rate  0.0663
liq.cash: 10Y std.dev. (1Y) =   5.732657 ( 0.25339)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.1740 0.06996   0.09164 0.06421  0.07719  0.06197    2.3757   2.6442   5.0199
 dbratio     ROA    ROA1 debtcf1
 0.52674 0.12007 0.11270 0.18817

TOSYOU CODE: 3405     87
debtcashflow initial values:   0.000010  15.052533
stddev initial values:   0.000010  15.052533
ecfconst solution interval:  14.259765  14.841796
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24353
data: equity =   3.608842  debt =   1.408669  firm =   5.017511

agency cost: EZC - k L (EZC:ecfconst =  14.550706, k:agcpara = 0.23459684)
liq.cash: 10Y average (1Y) =  13.902910 ( 0.63010) : loss rate  0.0445
liq.cash: 10Y std.dev. (1Y) =   7.284406 ( 0.33014)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7613 0.06307   0.07867 0.06318  0.07432  0.06634    3.6088   1.4087   5.0175
 dbratio     ROA    ROA1 debtcf1
 0.28075 0.12558 0.11235 0.10110

TOSYOU CODE: 6201     88
debtcashflow initial values:   0.000010  15.050217
stddev initial values:   0.000010  15.050217
ecfconst solution interval:  14.945872  15.555908
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37672
data: equity =   4.641667  debt =   0.375072  firm =   5.016739

agency cost: EZC - k L (EZC:ecfconst =  15.502108, k:agcpara = 0.29483854)
liq.cash: 10Y average (1Y) =  15.300252 ( 0.71296) : loss rate  0.0130
liq.cash: 10Y std.dev. (1Y) =   6.561059 ( 0.30573)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6846 0.01295   0.08057 0.06065  0.07908  0.07704    4.6417   0.3750   5.0167
 dbratio     ROA    ROA1 debtcf1
 0.07476 0.14212 0.11943 0.02342

TOSYOU CODE: 4911     89
debtcashflow initial values:   0.000010  14.885779
stddev initial values:   0.000010  14.885779
ecfconst solution interval:  14.782575  15.385945
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.27552
data: equity =   4.573494  debt =   0.388432  firm =   4.961926

agency cost: EZC - k L (EZC:ecfconst =  15.261228, k:agcpara = 0.29511502)
liq.cash: 10Y average (1Y) =  15.050569 ( 0.70082) : loss rate  0.0138
liq.cash: 10Y std.dev. (1Y) =   6.553856 ( 0.30518)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7138 0.01435   0.08015 0.06120  0.07867  0.07651    4.5735   0.3884   4.9619
 dbratio     ROA    ROA1 debtcf1
 0.07828 0.14124 0.11891 0.02455

TOSYOU CODE: 6645     90
debtcashflow initial values:   0.000010  14.763658
stddev initial values:   0.000010  14.763658
ecfconst solution interval:  14.661300  15.259720
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25030
data: equity =   3.902992  debt =   1.018227  firm =   4.921219

agency cost: EZC - k L (EZC:ecfconst =  14.494269, k:agcpara = 0.24702980)
liq.cash: 10Y average (1Y) =  14.004699 ( 0.64143) : loss rate  0.0338
liq.cash: 10Y std.dev. (1Y) =   7.505704 ( 0.34377)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9818 0.05460   0.07840 0.06298  0.07521  0.06935    3.9030   1.0182   4.9212
 dbratio     ROA    ROA1 debtcf1
 0.20691 0.13034 0.11407 0.07209

TOSYOU CODE: 6302     91
debtcashflow initial values:   0.000010  14.606770
stddev initial values:   0.000010  14.606770
ecfconst solution interval:  14.505499  15.097560
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31111
data: equity =   3.044228  debt =   1.824695  firm =   4.868923

agency cost: EZC - k L (EZC:ecfconst =  14.443451, k:agcpara = 0.21974750)
liq.cash: 10Y average (1Y) =  13.658356 ( 0.61533) : loss rate  0.0544
liq.cash: 10Y std.dev. (1Y) =   6.542628 ( 0.29476)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.5727 0.06159   0.08495 0.06383  0.07703  0.06627    3.0442   1.8247   4.8690
 dbratio     ROA    ROA1 debtcf1
 0.37477 0.12638 0.11487 0.13025

TOSYOU CODE: 6782     92
debtcashflow initial values:   0.000010  14.471487
stddev initial values:   0.000010  14.471487
ecfconst solution interval:  11.723838  12.202362
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.01340
data: equity =   4.376026  debt =   0.447803  firm =   4.823829

agency cost: EZC - k L (EZC:ecfconst =  12.069553, k:agcpara = 0.27867726)
liq.cash: 10Y average (1Y) =  11.826565 ( 0.52975) : loss rate  0.0201
liq.cash: 10Y std.dev. (1Y) =   7.891498 ( 0.35349)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8719 0.08254   0.06071 0.05974  0.06062  0.05812    4.3760   0.4478   4.8238
 dbratio     ROA    ROA1 debtcf1
 0.09283 0.10982 0.09605 0.03222

TOSYOU CODE: 4183     93
debtcashflow initial values:   0.000010  14.409425
stddev initial values:   0.000010  14.409425
ecfconst solution interval:  13.650527  14.207692
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32026
data: equity =   2.795549  debt =   2.007593  firm =   4.803142

agency cost: EZC - k L (EZC:ecfconst =  14.163805, k:agcpara = 0.21114816)
liq.cash: 10Y average (1Y) =  13.333008 ( 0.59736) : loss rate  0.0587
liq.cash: 10Y std.dev. (1Y) =   6.199719 ( 0.27777)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.9347 0.06477   0.08631 0.06395  0.07696  0.06493    2.7955   2.0076   4.8031
 dbratio     ROA    ROA1 debtcf1
 0.41797 0.12437 0.11421 0.14351

TOSYOU CODE: 7731     94
debtcashflow initial values:   0.000010  14.344027
stddev initial values:   0.000010  14.344027
ecfconst solution interval:  14.900577  15.508763
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30597
data: equity =   3.819022  debt =   0.962320  firm =   4.781342

agency cost: EZC - k L (EZC:ecfconst =  14.617313, k:agcpara = 0.25002344)
liq.cash: 10Y average (1Y) =  14.151973 ( 0.65173) : loss rate  0.0318
liq.cash: 10Y std.dev. (1Y) =   7.294989 ( 0.33595)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8612 0.04601   0.08224 0.06324  0.07842  0.07269    3.8190   0.9623   4.7814
 dbratio     ROA    ROA1 debtcf1
 0.20127 0.13631 0.11823 0.06717

TOSYOU CODE: 5233     95
debtcashflow initial values:   0.000010  14.264927
stddev initial values:   0.000010  14.264927
ecfconst solution interval:  14.166027  14.744232
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37773
data: equity =   2.957379  debt =   1.797597  firm =   4.754976

agency cost: EZC - k L (EZC:ecfconst =  14.644196, k:agcpara = 0.22293706)
liq.cash: 10Y average (1Y) =  13.865182 ( 0.62836) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =   6.366126 ( 0.28851)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.4943 0.05165   0.08998 0.06403  0.08017  0.06928    2.9574   1.7976   4.7550
 dbratio     ROA    ROA1 debtcf1
 0.37805 0.13215 0.11906 0.12631

TOSYOU CODE: 5701     96
debtcashflow initial values:   0.000010  14.263849
stddev initial values:   0.000010  14.263849
ecfconst solution interval:  14.164949  14.743111
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35053
data: equity =   2.849327  debt =   1.905289  firm =   4.754616

agency cost: EZC - k L (EZC:ecfconst =  14.332378, k:agcpara = 0.21656934)
liq.cash: 10Y average (1Y) =  13.526900 ( 0.60957) : loss rate  0.0562
liq.cash: 10Y std.dev. (1Y) =   6.239214 ( 0.28116)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7193 0.05798   0.08836 0.06403  0.07861  0.06706    2.8493   1.9053   4.7546
 dbratio     ROA    ROA1 debtcf1
 0.40072 0.12821 0.11666 0.13504

TOSYOU CODE: 4507     97
debtcashflow initial values:   0.000010  13.970878
stddev initial values:   0.000010  13.970878
ecfconst solution interval:  13.874017  14.440303
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36237
data: equity =   4.212291  debt =   0.444668  firm =   4.656959

agency cost: EZC - k L (EZC:ecfconst =  14.292812, k:agcpara = 0.28858808)
liq.cash: 10Y average (1Y) =  14.057525 ( 0.65349) : loss rate  0.0165
liq.cash: 10Y std.dev. (1Y) =   6.127284 ( 0.28484)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8153 0.01534   0.08038 0.06086  0.07852  0.07590    4.2123   0.4446   4.6569
 dbratio     ROA    ROA1 debtcf1
 0.09548 0.14033 0.11867 0.02801

TOSYOU CODE: 7270     98
debtcashflow initial values:   0.000010  13.868434
stddev initial values:   0.000010  13.868434
ecfconst solution interval:  13.138027  13.674273
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30391
data: equity =   2.626405  debt =   1.996406  firm =   4.622811

agency cost: EZC - k L (EZC:ecfconst =  13.451820, k:agcpara = 0.20722904)
liq.cash: 10Y average (1Y) =  12.639254 ( 0.56395) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   5.882271 ( 0.26246)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.9211 0.06916   0.08522 0.06389  0.07601  0.06359    2.6264   1.9964   4.6228
 dbratio     ROA    ROA1 debtcf1
 0.43186 0.12199 0.11272 0.14338

TOSYOU CODE: 5706     99
debtcashflow initial values:   0.000010  13.843095
stddev initial values:   0.000010  13.843095
ecfconst solution interval:  13.747117  14.308223
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39494
data: equity =   2.550611  debt =   2.063754  firm =   4.614365

agency cost: EZC - k L (EZC:ecfconst =  14.061368, k:agcpara = 0.20928659)
liq.cash: 10Y average (1Y) =  13.220525 ( 0.59431) : loss rate  0.0598
liq.cash: 10Y std.dev. (1Y) =   5.793345 ( 0.26043)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0177 0.05608   0.09262 0.06421  0.07992  0.06699    2.5506   2.0638   4.6144
 dbratio     ROA    ROA1 debtcf1
 0.44725 0.12879 0.11787 0.14533

TOSYOU CODE: 5486    100
debtcashflow initial values:   0.000010  13.360074
stddev initial values:   0.000010  13.360074
ecfconst solution interval:  13.878447  14.444914
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31559
data: equity =   3.508199  debt =   0.945159  firm =   4.453358

agency cost: EZC - k L (EZC:ecfconst =  13.675390, k:agcpara = 0.24875480)
liq.cash: 10Y average (1Y) =  13.220650 ( 0.60850) : loss rate  0.0333
liq.cash: 10Y std.dev. (1Y) =   6.745941 ( 0.31049)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8281 0.04563   0.08304 0.06332  0.07885  0.07281    3.5082   0.9451   4.4533
 dbratio     ROA    ROA1 debtcf1
 0.21223 0.13664 0.11873 0.06595

TOSYOU CODE: 3404    101
debtcashflow initial values:   0.000010  12.933520
stddev initial values:   0.000010  12.933520
ecfconst solution interval:  14.026838  14.599362
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46073
data: equity =   2.848986  debt =   1.462187  firm =   4.311173

agency cost: EZC - k L (EZC:ecfconst =  14.062939, k:agcpara = 0.23623552)
liq.cash: 10Y average (1Y) =  13.398849 ( 0.61377) : loss rate  0.0472
liq.cash: 10Y std.dev. (1Y) =   5.978642 ( 0.27387)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.8111 0.03829   0.09520 0.06393  0.08459  0.07483    2.8490   1.4622   4.3112
 dbratio     ROA    ROA1 debtcf1
 0.33916 0.14237 0.12551 0.10047

TOSYOU CODE: 4061    102
debtcashflow initial values:   0.000010  12.561088
stddev initial values:   0.000010  12.561088
ecfconst solution interval:  12.473999  12.983141
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38199
data: equity =   2.446315  debt =   1.740714  firm =   4.187029

agency cost: EZC - k L (EZC:ecfconst =  12.790842, k:agcpara = 0.21538863)
liq.cash: 10Y average (1Y) =  12.061005 ( 0.54398) : loss rate  0.0571
liq.cash: 10Y std.dev. (1Y) =   5.417744 ( 0.24435)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.3885 0.05471   0.09100 0.06412  0.07983  0.06783    2.4463   1.7407   4.1870
 dbratio     ROA    ROA1 debtcf1
 0.41574 0.12992 0.11815 0.12261

TOSYOU CODE: 4523    103
debtcashflow initial values:   0.000010  12.539719
stddev initial values:   0.000010  12.539719
ecfconst solution interval:  12.452781  12.961058
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32760
data: equity =   3.661665  debt =   0.518241  firm =   4.179906

agency cost: EZC - k L (EZC:ecfconst =  12.610208, k:agcpara = 0.27773425)
liq.cash: 10Y average (1Y) =  12.344034 ( 0.57140) : loss rate  0.0211
liq.cash: 10Y std.dev. (1Y) =   5.576159 ( 0.25812)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9584 0.02058   0.07934 0.06120  0.07709  0.07368    3.6617   0.5182   4.1799
 dbratio     ROA    ROA1 debtcf1
 0.12398 0.13670 0.11675 0.03321

TOSYOU CODE: 5471    104
debtcashflow initial values:   0.000010  12.444153
stddev initial values:   0.000010  12.444153
ecfconst solution interval:  14.065214  14.639305
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 = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.39084
data: equity =   2.500842  debt =   1.647209  firm =   4.148051

agency cost: EZC - k L (EZC:ecfconst =  14.285944, k:agcpara = 0.23912896)
liq.cash: 10Y average (1Y) =  13.525651 ( 0.61951) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =   5.614830 ( 0.25717)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1794 0.03269   0.10511 0.06511  0.08923  0.07759    2.5008   1.6472   4.1481
 dbratio     ROA    ROA1 debtcf1
 0.39710 0.14935 0.13164 0.11349

TOSYOU CODE: 3103    105
debtcashflow initial values:   0.000010  12.382552
stddev initial values:   0.000010  12.382552
ecfconst solution interval:  12.862990  13.388010
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47544
data: equity =   2.068561  debt =   2.058956  firm =   4.127517

agency cost: EZC - k L (EZC:ecfconst =  12.880927, k:agcpara = 0.20360057)
liq.cash: 10Y average (1Y) =  12.070585 ( 0.54263) : loss rate  0.0629
liq.cash: 10Y std.dev. (1Y) =   4.916313 ( 0.22101)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.9801 0.04992   0.10000 0.06430  0.08219  0.06776    2.0686   2.0590   4.1275
 dbratio     ROA    ROA1 debtcf1
 0.49884 0.13147 0.12054 0.14283

TOSYOU CODE: 5333    106
debtcashflow initial values:   0.000010  12.264068
stddev initial values:   0.000010  12.264068
ecfconst solution interval:  11.618165  12.092376
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29073
data: equity =   3.643442  debt =   0.444581  firm =   4.088023

agency cost: EZC - k L (EZC:ecfconst =  12.083867, k:agcpara = 0.28076394)
liq.cash: 10Y average (1Y) =  11.853048 ( 0.54818) : loss rate  0.0191
liq.cash: 10Y std.dev. (1Y) =   5.472404 ( 0.25309)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8221 0.02191   0.07700 0.06105  0.07527  0.07228    3.6434   0.4446   4.0880
 dbratio     ROA    ROA1 debtcf1
 0.10875 0.13409 0.11447 0.02850

TOSYOU CODE: 4534 error: solution not found

TOSYOU CODE: 6952    107
debtcashflow initial values:   0.000010  12.081290
stddev initial values:   0.000010  12.081290
ecfconst solution interval:  10.892494  11.337086
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20155
data: equity =   3.098063  debt =   0.929034  firm =   4.027097

agency cost: EZC - k L (EZC:ecfconst =  11.442800, k:agcpara = 0.24179118)
liq.cash: 10Y average (1Y) =  11.002291 ( 0.49959) : loss rate  0.0385
liq.cash: 10Y std.dev. (1Y) =   6.079637 ( 0.27606)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8219 0.06552   0.07508 0.06268  0.07222  0.06571    3.0981   0.9290   4.0271
 dbratio     ROA    ROA1 debtcf1
 0.23069 0.12406 0.11008 0.06689

TOSYOU CODE: 5812    108
debtcashflow initial values:   0.000010  12.081073
stddev initial values:   0.000010  12.081073
ecfconst solution interval:  12.549821  13.062058
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35360
data: equity =   3.373364  debt =   0.653660  firm =   4.027024

agency cost: EZC - k L (EZC:ecfconst =  12.768429, k:agcpara = 0.25798691)
liq.cash: 10Y average (1Y) =  12.445329 ( 0.57724) : loss rate  0.0253
liq.cash: 10Y std.dev. (1Y) =   6.278942 ( 0.29123)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2524 0.03732   0.08495 0.06314  0.08141  0.07680    3.3734   0.6536   4.0270
 dbratio     ROA    ROA1 debtcf1
 0.16231 0.14334 0.12232 0.04476

TOSYOU CODE: 6770    109
debtcashflow initial values:   0.000010  11.999356
stddev initial values:   0.000010  11.999356
ecfconst solution interval:  11.367392  11.831367
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24279
data: equity =   2.679018  debt =   1.320767  firm =   3.999785

agency cost: EZC - k L (EZC:ecfconst =  11.492667, k:agcpara = 0.22557736)
liq.cash: 10Y average (1Y) =  10.906668 ( 0.49075) : loss rate  0.0510
liq.cash: 10Y std.dev. (1Y) =   5.590608 ( 0.25155)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5978 0.06861   0.07914 0.06330  0.07391  0.06450    2.6790   1.3208   3.9998
 dbratio     ROA    ROA1 debtcf1
 0.33022 0.12269 0.11132 0.09539

TOSYOU CODE: 6472    110
debtcashflow initial values:   0.000010  11.771553
stddev initial values:   0.000010  11.771553
ecfconst solution interval:  12.228293  12.727407
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37056
data: equity =   2.690020  debt =   1.233831  firm =   3.923851

agency cost: EZC - k L (EZC:ecfconst =  12.223898, k:agcpara = 0.23454250)
liq.cash: 10Y average (1Y) =  11.662936 ( 0.53254) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =   5.535185 ( 0.25274)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3917 0.04697   0.08838 0.06384  0.08066  0.07163    2.6900   1.2338   3.9239
 dbratio     ROA    ROA1 debtcf1
 0.31444 0.13572 0.12034 0.08628

TOSYOU CODE: 7269    111
debtcashflow initial values:   0.000010  11.735630
stddev initial values:   0.000010  11.735630
ecfconst solution interval:  11.117552  11.571329
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20487
data: equity =   2.806469  debt =   1.105408  firm =   3.911877

agency cost: EZC - k L (EZC:ecfconst =  11.059007, k:agcpara = 0.23310377)
liq.cash: 10Y average (1Y) =  10.551803 ( 0.47581) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =   5.689707 ( 0.25656)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1759 0.07049   0.07576 0.06284  0.07211  0.06412    2.8065   1.1054   3.9119
 dbratio     ROA    ROA1 debtcf1
 0.28258 0.12163 0.10951 0.08013

TOSYOU CODE: 2897    112
debtcashflow initial values:   0.000010  11.680360
stddev initial values:   0.000010  11.680360
ecfconst solution interval:  11.599378  12.072822
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33268
data: equity =   3.659657  debt =   0.233796  firm =   3.893453

agency cost: EZC - k L (EZC:ecfconst =  11.740994, k:agcpara = 0.29655732)
liq.cash: 10Y average (1Y) =  11.614427 ( 0.54078) : loss rate  0.0108
liq.cash: 10Y std.dev. (1Y) =   5.089733 ( 0.23698)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4268 0.01397   0.07798 0.06055  0.07694  0.07530    3.6597   0.2338   3.8934
 dbratio     ROA    ROA1 debtcf1
 0.06004 0.13890 0.11670 0.01461

TOSYOU CODE: 5231    113
debtcashflow initial values:   0.000010  11.619484
stddev initial values:   0.000010  11.619484
ecfconst solution interval:  13.133117  13.669163
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.38626
data: equity =   2.202036  debt =   1.671125  firm =   3.873161

agency cost: EZC - k L (EZC:ecfconst =  13.526606, k:agcpara = 0.23778567)
liq.cash: 10Y average (1Y) =  12.759735 ( 0.58382) : loss rate  0.0567
liq.cash: 10Y std.dev. (1Y) =   5.117374 ( 0.23414)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.2250 0.03122   0.10940 0.06535  0.09039  0.07770    2.2020   1.6711   3.8732
 dbratio     ROA    ROA1 debtcf1
 0.43146 0.15073 0.13321 0.11496

TOSYOU CODE: 4506    114
debtcashflow initial values:   0.000010  11.437837
stddev initial values:   0.000010  11.437837
ecfconst solution interval:  11.881628  12.366592
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.29585
data: equity =   3.608976  debt =   0.203636  firm =   3.812612

agency cost: EZC - k L (EZC:ecfconst =  12.391174, k:agcpara = 0.30884889)
liq.cash: 10Y average (1Y) =  12.275620 ( 0.57461) : loss rate  0.0093
liq.cash: 10Y std.dev. (1Y) =   5.046227 ( 0.23621)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3741 0.00917   0.08471 0.06174  0.08348  0.08200    3.6090   0.2036   3.8126
 dbratio     ROA    ROA1 debtcf1
 0.05341 0.15071 0.12509 0.01283

TOSYOU CODE: 6479    115
debtcashflow initial values:   0.000010  11.435663
stddev initial values:   0.000010  11.435663
ecfconst solution interval:  12.402360  12.908579
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 = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.31719
data: equity =   2.471306  debt =   1.340581  firm =   3.811888

agency cost: EZC - k L (EZC:ecfconst =  12.851282, k:agcpara = 0.24271867)
liq.cash: 10Y average (1Y) =  12.217475 ( 0.56004) : loss rate  0.0493
liq.cash: 10Y std.dev. (1Y) =   5.364612 ( 0.24591)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6113 0.03667   0.09933 0.06554  0.08745  0.07707    2.4713   1.3405   3.8119
 dbratio     ROA    ROA1 debtcf1
 0.35168 0.14692 0.12923 0.09393

TOSYOU CODE: 6361    116
debtcashflow initial values:   0.000010  11.393311
stddev initial values:   0.000010  11.393311
ecfconst solution interval:  12.877484  13.403096
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.35392
data: equity =   3.181424  debt =   0.616346  firm =   3.797770

agency cost: EZC - k L (EZC:ecfconst =  13.849492, k:agcpara = 0.27730595)
liq.cash: 10Y average (1Y) =  13.523822 ( 0.62939) : loss rate  0.0235
liq.cash: 10Y std.dev. (1Y) =   6.053451 ( 0.28172)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1744 0.02067   0.09921 0.06436  0.09355  0.08885    3.1814   0.6164   3.7978
 dbratio     ROA    ROA1 debtcf1
 0.16230 0.16572 0.13813 0.04148

TOSYOU CODE: 4182    117
debtcashflow initial values:   0.000010  11.130400
stddev initial values:   0.000010  11.130400
ecfconst solution interval:  11.562255  12.034184
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44243
data: equity =   2.543185  debt =   1.166948  firm =   3.710133

agency cost: EZC - k L (EZC:ecfconst =  12.052409, k:agcpara = 0.23926150)
liq.cash: 10Y average (1Y) =  11.515327 ( 0.52830) : loss rate  0.0446
liq.cash: 10Y std.dev. (1Y) =   5.241128 ( 0.24045)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2447 0.03846   0.09343 0.06387  0.08413  0.07509    2.5432   1.1670   3.7102
 dbratio     ROA    ROA1 debtcf1
 0.31454 0.14239 0.12504 0.08029

TOSYOU CODE: 5202    118
debtcashflow initial values:   0.000010  11.103566
stddev initial values:   0.000010  11.103566
ecfconst solution interval:  12.549988  13.062233
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46871
data: equity =   2.759891  debt =   0.941298  firm =   3.701189

agency cost: EZC - k L (EZC:ecfconst =  12.375345, k:agcpara = 0.25118365)
liq.cash: 10Y average (1Y) =  11.923746 ( 0.55090) : loss rate  0.0365
liq.cash: 10Y std.dev. (1Y) =   5.456251 ( 0.25209)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7979 0.03174   0.09401 0.06359  0.08628  0.07900    2.7599   0.9413   3.7012
 dbratio     ROA    ROA1 debtcf1
 0.25432 0.14884 0.12829 0.06390

TOSYOU CODE: 2212    119
debtcashflow initial values:   0.000010  11.023246
stddev initial values:   0.000010  11.023246
ecfconst solution interval:  10.442684  10.868916
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.28160
data: equity =   3.303885  debt =   0.370530  firm =   3.674415

agency cost: EZC - k L (EZC:ecfconst =  10.896564, k:agcpara = 0.28585573)
liq.cash: 10Y average (1Y) =  10.699459 ( 0.49537) : loss rate  0.0181
liq.cash: 10Y std.dev. (1Y) =   4.974099 ( 0.23029)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6895 0.02209   0.07706 0.06171  0.07551  0.07271    3.3039   0.3705   3.6744
 dbratio     ROA    ROA1 debtcf1
 0.10083 0.13482 0.11483 0.02401

TOSYOU CODE: 2282    120
debtcashflow initial values:   0.000010  10.842327
stddev initial values:   0.000010  10.842327
ecfconst solution interval:  12.254723  12.754916
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 = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.37801
data: equity =   3.064375  debt =   0.549734  firm =   3.614109

agency cost: EZC - k L (EZC:ecfconst =  12.256807, k:agcpara = 0.28753599)
liq.cash: 10Y average (1Y) =  11.964711 ( 0.55683) : loss rate  0.0238
liq.cash: 10Y std.dev. (1Y) =   4.796801 ( 0.22324)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0159 0.01123   0.09178 0.06214  0.08727  0.08302    3.0644   0.5497   3.6141
 dbratio     ROA    ROA1 debtcf1
 0.15210 0.15407 0.12989 0.03501

TOSYOU CODE: 5214    121
debtcashflow initial values:   0.000010  10.777419
stddev initial values:   0.000010  10.777419
ecfconst solution interval:  10.702697  11.139542
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30436
data: equity =   2.529150  debt =   1.063323  firm =   3.592473

agency cost: EZC - k L (EZC:ecfconst =  10.794916, k:agcpara = 0.23434669)
liq.cash: 10Y average (1Y) =  10.309054 ( 0.46920) : loss rate  0.0450
liq.cash: 10Y std.dev. (1Y) =   5.142064 ( 0.23403)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0733 0.05462   0.08333 0.06359  0.07749  0.06902    2.5292   1.0633   3.5925
 dbratio     ROA    ROA1 debtcf1
 0.29598 0.13061 0.11630 0.07534

TOSYOU CODE: 5803    122
debtcashflow initial values:   0.000010  10.669562
stddev initial values:   0.000010  10.669562
ecfconst solution interval:  11.083545  11.535935
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38947
data: equity =   2.525362  debt =   1.031159  firm =   3.556521

agency cost: EZC - k L (EZC:ecfconst =  11.262990, k:agcpara = 0.24001415)
liq.cash: 10Y average (1Y) =  10.785058 ( 0.49452) : loss rate  0.0424
liq.cash: 10Y std.dev. (1Y) =   5.106376 ( 0.23414)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9913 0.04252   0.08929 0.06377  0.08189  0.07357    2.5254   1.0312   3.5565
 dbratio     ROA    ROA1 debtcf1
 0.28994 0.13905 0.12218 0.07156

TOSYOU CODE: 6783 error: solution not found

TOSYOU CODE: 5738    123
debtcashflow initial values:   0.000010  10.601981
stddev initial values:   0.000010  10.601981
ecfconst solution interval:   9.558744   9.948897
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39674
data: equity =   1.281986  debt =   2.252008  firm =   3.533994

agency cost: EZC - k L (EZC:ecfconst =   9.880676, k:agcpara = 0.15508382)
liq.cash: 10Y average (1Y) =   9.201114 ( 0.39877) : loss rate  0.0688
liq.cash: 10Y std.dev. (1Y) =   3.380079 ( 0.14649)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.3819 0.07697   0.09677 0.06411  0.07596  0.05757    1.2820   2.2520   3.5340
 dbratio     ROA    ROA1 debtcf1
 0.63724 0.11284 0.10829 0.15850

TOSYOU CODE: 4902 error: solution not found

TOSYOU CODE: 4522    124
debtcashflow initial values:   0.000010  10.358708
stddev initial values:   0.000010  10.358708
ecfconst solution interval:   9.813152  10.213689
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.21667
data: equity =   3.208698  debt =   0.244205  firm =   3.452903

agency cost: EZC - k L (EZC:ecfconst =   9.855971, k:agcpara = 0.29239477)
liq.cash: 10Y average (1Y) =   9.723258 ( 0.44933) : loss rate  0.0135
liq.cash: 10Y std.dev. (1Y) =   4.691217 ( 0.21679)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4539 0.02408   0.07293 0.06134  0.07211  0.07015    3.2087   0.2442   3.4529
 dbratio     ROA    ROA1 debtcf1
 0.07073 0.13013 0.11058 0.01581

TOSYOU CODE: 6367    125
debtcashflow initial values:   0.000010  10.355826
stddev initial values:   0.000010  10.355826
ecfconst solution interval:  11.704845  12.182594
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.39294
data: equity =   2.401190  debt =   1.050752  firm =   3.451942

agency cost: EZC - k L (EZC:ecfconst =  11.738805, k:agcpara = 0.24811879)
liq.cash: 10Y average (1Y) =  11.238741 ( 0.51776) : loss rate  0.0426
liq.cash: 10Y std.dev. (1Y) =   4.959486 ( 0.22848)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0154 0.03146   0.09822 0.06422  0.08787  0.07907    2.4012   1.0508   3.4520
 dbratio     ROA    ROA1 debtcf1
 0.30440 0.14999 0.13020 0.07175

TOSYOU CODE: 4519    126
debtcashflow initial values:   0.000010  10.204499
stddev initial values:   0.000010  10.204499
ecfconst solution interval:   9.667063  10.061637
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.28672
data: equity =   3.047499  debt =   0.354001  firm =   3.401500

agency cost: EZC - k L (EZC:ecfconst =  10.117467, k:agcpara = 0.28505562)
liq.cash: 10Y average (1Y) =   9.929619 ( 0.45974) : loss rate  0.0186
liq.cash: 10Y std.dev. (1Y) =   4.605325 ( 0.21323)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6590 0.02206   0.07741 0.06175  0.07578  0.07289    3.0475   0.3540   3.4015
 dbratio     ROA    ROA1 debtcf1
 0.10407 0.13516 0.11517 0.02295

TOSYOU CODE: 6841    127
debtcashflow initial values:   0.000010  10.200236
stddev initial values:   0.000010  10.200236
ecfconst solution interval:   9.663026  10.057435
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25693
data: equity =   2.954730  debt =   0.445349  firm =   3.400079

agency cost: EZC - k L (EZC:ecfconst =   9.876783, k:agcpara = 0.27113180)
liq.cash: 10Y average (1Y) =   9.651449 ( 0.44438) : loss rate  0.0228
liq.cash: 10Y std.dev. (1Y) =   4.636166 ( 0.21346)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8311 0.02855   0.07570 0.06130  0.07381  0.07020    2.9547   0.4453   3.4001
 dbratio     ROA    ROA1 debtcf1
 0.13098 0.13070 0.11253 0.02909

TOSYOU CODE: 7984    128
debtcashflow initial values:   0.000010   9.999087
stddev initial values:   0.000010   9.999087
ecfconst solution interval:  10.387049  10.811010
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.33375
data: equity =   3.070574  debt =   0.262455  firm =   3.333029

agency cost: EZC - k L (EZC:ecfconst =  10.760897, k:agcpara = 0.30059813)
liq.cash: 10Y average (1Y) =  10.616263 ( 0.49585) : loss rate  0.0134
liq.cash: 10Y std.dev. (1Y) =   4.389983 ( 0.20504)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4812 0.01048   0.08475 0.06137  0.08291  0.08074    3.0706   0.2625   3.3330
 dbratio     ROA    ROA1 debtcf1
 0.07874 0.14877 0.12435 0.01649

TOSYOU CODE: 7951    129
debtcashflow initial values:   0.000010   9.995918
stddev initial values:   0.000010   9.995918
ecfconst solution interval:  10.840907  11.283393
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.26539
data: equity =   2.654577  debt =   0.677396  firm =   3.331973

agency cost: EZC - k L (EZC:ecfconst =  11.107799, k:agcpara = 0.26187183)
liq.cash: 10Y average (1Y) =  10.763529 ( 0.49878) : loss rate  0.0310
liq.cash: 10Y std.dev. (1Y) =   5.176032 ( 0.23986)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3146 0.03396   0.09126 0.06492  0.08591  0.07997    2.6546   0.6774   3.3320
 dbratio     ROA    ROA1 debtcf1
 0.20331 0.14969 0.12796 0.04724

TOSYOU CODE: 4508    130
debtcashflow initial values:   0.000010   9.955879
stddev initial values:   0.000010   9.955879
ecfconst solution interval:  10.797484  11.238197
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.30141
data: equity =   2.815933  debt =   0.502693  firm =   3.318626

agency cost: EZC - k L (EZC:ecfconst =  10.993493, k:agcpara = 0.28469990)
liq.cash: 10Y average (1Y) =  10.726700 ( 0.49872) : loss rate  0.0243
liq.cash: 10Y std.dev. (1Y) =   4.456627 ( 0.20721)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9371 0.01402   0.08929 0.06276  0.08527  0.08099    2.8159   0.5027   3.3186
 dbratio     ROA    ROA1 debtcf1
 0.15148 0.15028 0.12724 0.03253

TOSYOU CODE: 2202    131
debtcashflow initial values:   0.000010   9.909149
stddev initial values:   0.000010   9.909149
ecfconst solution interval:   9.840445  10.242096
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35019
data: equity =   2.961013  debt =   0.342037  firm =   3.303050

agency cost: EZC - k L (EZC:ecfconst =  10.076554, k:agcpara = 0.28555781)
liq.cash: 10Y average (1Y) =   9.897016 ( 0.45950) : loss rate  0.0178
liq.cash: 10Y std.dev. (1Y) =   4.363407 ( 0.20258)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6287 0.01683   0.07998 0.06096  0.07801  0.07517    2.9610   0.3421   3.3031
 dbratio     ROA    ROA1 debtcf1
 0.10356 0.13911 0.11799 0.02165

TOSYOU CODE: 5423    132
debtcashflow initial values:   0.000010   9.784817
stddev initial values:   0.000010   9.784817
ecfconst solution interval:   9.716975  10.113586
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.24743
data: equity =   2.941685  debt =   0.319921  firm =   3.261606

agency cost: EZC - k L (EZC:ecfconst =   9.848786, k:agcpara = 0.28770717)
liq.cash: 10Y average (1Y) =   9.678573 ( 0.44911) : loss rate  0.0173
liq.cash: 10Y std.dev. (1Y) =   4.356628 ( 0.20216)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5916 0.01850   0.07880 0.06143  0.07710  0.07438    2.9417   0.3199   3.2616
 dbratio     ROA    ROA1 debtcf1
 0.09808 0.13770 0.11685 0.02048

TOSYOU CODE: 4118    133
debtcashflow initial values:   0.000010   9.676320
stddev initial values:   0.000010   9.676320
ecfconst solution interval:  10.051762  10.462038
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43840
data: equity =   2.495654  debt =   0.729786  firm =   3.225440

agency cost: EZC - k L (EZC:ecfconst =  10.656205, k:agcpara = 0.25342525)
liq.cash: 10Y average (1Y) =  10.302609 ( 0.47667) : loss rate  0.0332
liq.cash: 10Y std.dev. (1Y) =   4.839398 ( 0.22390)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3953 0.03284   0.09151 0.06350  0.08517  0.07871    2.4957   0.7298   3.2254
 dbratio     ROA    ROA1 debtcf1
 0.22626 0.14778 0.12694 0.04966

TOSYOU CODE: 4202    134
debtcashflow initial values:   0.000010   9.503995
stddev initial values:   0.000010   9.503995
ecfconst solution interval:   9.872746  10.275715
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39554
data: equity =   2.377378  debt =   0.790620  firm =   3.167998

agency cost: EZC - k L (EZC:ecfconst =  10.152694, k:agcpara = 0.24709228)
liq.cash: 10Y average (1Y) =   9.776842 ( 0.45041) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   4.676808 ( 0.21546)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5211 0.03876   0.08903 0.06362  0.08269  0.07555    2.3774   0.7906   3.1680
 dbratio     ROA    ROA1 debtcf1
 0.24956 0.14218 0.12352 0.05449

TOSYOU CODE: 7205    135
debtcashflow initial values:   0.000010   9.484280
stddev initial values:   0.000010   9.484280
ecfconst solution interval:   9.852273  10.254407
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36367
data: equity =   2.449168  debt =   0.712259  firm =   3.161427

agency cost: EZC - k L (EZC:ecfconst =   9.982488, k:agcpara = 0.24910905)
liq.cash: 10Y average (1Y) =   9.640639 ( 0.44448) : loss rate  0.0342
liq.cash: 10Y std.dev. (1Y) =   4.742339 ( 0.21864)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3723 0.04062   0.08650 0.06348  0.08131  0.07488    2.4492   0.7123   3.1614
 dbratio     ROA    ROA1 debtcf1
 0.22530 0.14059 0.12185 0.04926

TOSYOU CODE: 7259    136
debtcashflow initial values:   0.000010   9.449694
stddev initial values:   0.000010   9.449694
ecfconst solution interval:   9.384176   9.767204
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39286
data: equity =   2.770070  debt =   0.379828  firm =   3.149898

agency cost: EZC - k L (EZC:ecfconst =   9.830756, k:agcpara = 0.28287618)
liq.cash: 10Y average (1Y) =   9.633275 ( 0.44748) : loss rate  0.0201
liq.cash: 10Y std.dev. (1Y) =   4.151325 ( 0.19284)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6981 0.01568   0.08263 0.06108  0.08003  0.07671    2.7701   0.3798   3.1499
 dbratio     ROA    ROA1 debtcf1
 0.12059 0.14206 0.12054 0.02403

TOSYOU CODE: 7733    137
debtcashflow initial values:   0.000010   9.444541
stddev initial values:   0.000010   9.444541
ecfconst solution interval:   9.379060   9.761879
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.22324
data: equity =   2.462465  debt =   0.685715  firm =   3.148180

agency cost: EZC - k L (EZC:ecfconst =   9.546472, k:agcpara = 0.24925891)
liq.cash: 10Y average (1Y) =   9.212536 ( 0.42303) : loss rate  0.0350
liq.cash: 10Y std.dev. (1Y) =   4.803152 ( 0.22055)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3397 0.05060   0.08167 0.06386  0.07779  0.07153    2.4625   0.6857   3.1482
 dbratio     ROA    ROA1 debtcf1
 0.21782 0.13437 0.11732 0.04872

TOSYOU CODE: 4515 error: solution not found

TOSYOU CODE: 2871    138
debtcashflow initial values:   0.000010   9.175766
stddev initial values:   0.000010   9.175766
ecfconst solution interval:  10.371065  10.794374
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 = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.45542
data: equity =   2.167083  debt =   0.891506  firm =   3.058589

agency cost: EZC - k L (EZC:ecfconst =  10.757963, k:agcpara = 0.25433405)
liq.cash: 10Y average (1Y) =  10.327191 ( 0.47715) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =   4.432746 ( 0.20481)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6937 0.02573   0.10159 0.06374  0.09056  0.08220    2.1671   0.8915   3.0586
 dbratio     ROA    ROA1 debtcf1
 0.29148 0.15600 0.13402 0.05980

TOSYOU CODE: 5232    139
debtcashflow initial values:   0.000010   9.062724
stddev initial values:   0.000010   9.062724
ecfconst solution interval:   8.999889   9.367232
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40282
data: equity =   1.635858  debt =   1.385050  firm =   3.020908

agency cost: EZC - k L (EZC:ecfconst =   9.210804, k:agcpara = 0.20726372)
liq.cash: 10Y average (1Y) =   8.652166 ( 0.38859) : loss rate  0.0607
liq.cash: 10Y std.dev. (1Y) =   3.750127 ( 0.16843)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6953 0.05609   0.09347 0.06424  0.08007  0.06681    1.6359   1.3851   3.0209
 dbratio     ROA    ROA1 debtcf1
 0.45849 0.12863 0.11793 0.09744

TOSYOU CODE: 2267    140
debtcashflow initial values:   0.000010   9.054041
stddev initial values:   0.000010   9.054041
ecfconst solution interval:   9.819414  10.220206
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 = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.35031
data: equity =   2.698691  debt =   0.319322  firm =   3.018014

agency cost: EZC - k L (EZC:ecfconst =   9.661120, k:agcpara = 0.29102501)
liq.cash: 10Y average (1Y) =   9.490851 ( 0.44217) : loss rate  0.0176
liq.cash: 10Y std.dev. (1Y) =   3.964614 ( 0.18471)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5851 0.01234   0.08470 0.06110  0.08220  0.07929    2.6987   0.3193   3.0180
 dbratio     ROA    ROA1 debtcf1
 0.10581 0.14651 0.12339 0.02006

TOSYOU CODE: 6113    141
debtcashflow initial values:   0.000010   9.031689
stddev initial values:   0.000010   9.031689
ecfconst solution interval:   8.556017   8.905243
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24454
data: equity =   2.824781  debt =   0.185782  firm =   3.010563

agency cost: EZC - k L (EZC:ecfconst =   8.651062, k:agcpara = 0.29273644)
liq.cash: 10Y average (1Y) =   8.551164 ( 0.39591) : loss rate  0.0115
liq.cash: 10Y std.dev. (1Y) =   3.998504 ( 0.18512)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3413 0.02002   0.07351 0.06056  0.07271  0.07103    2.8248   0.1858   3.0105
 dbratio     ROA    ROA1 debtcf1
 0.06170 0.13151 0.11133 0.01177

TOSYOU CODE: 7262    142
debtcashflow initial values:   0.000010   9.028271
stddev initial values:   0.000010   9.028271
ecfconst solution interval:  10.204358  10.620862
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 = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.38234
data: equity =   2.116464  debt =   0.892960  firm =   3.009424

agency cost: EZC - k L (EZC:ecfconst =  10.597837, k:agcpara = 0.25592654)
liq.cash: 10Y average (1Y) =  10.158617 ( 0.46887) : loss rate  0.0414
liq.cash: 10Y std.dev. (1Y) =   4.403747 ( 0.20325)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7162 0.02761   0.10171 0.06480  0.09075  0.08210    2.1165   0.8930   3.0095
 dbratio     ROA    ROA1 debtcf1
 0.29673 0.15580 0.13416 0.06106

TOSYOU CODE: 3864    143
debtcashflow initial values:   0.000010   8.972384
stddev initial values:   0.000010   8.972384
ecfconst solution interval:  10.141187  10.555113
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50406
data: equity =   2.109484  debt =   0.881311  firm =   2.990795

agency cost: EZC - k L (EZC:ecfconst =  10.111358, k:agcpara = 0.24736217)
liq.cash: 10Y average (1Y) =   9.695334 ( 0.44696) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   4.296125 ( 0.19806)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6818 0.03107   0.09720 0.06369  0.08732  0.07888    2.1095   0.8813   2.9908
 dbratio     ROA    ROA1 debtcf1
 0.29467 0.14945 0.12954 0.05969

TOSYOU CODE: 7272    144
debtcashflow initial values:   0.000010   8.964978
stddev initial values:   0.000010   8.964978
ecfconst solution interval:  10.132818  10.546402
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.33768
data: equity =   1.895773  debt =   1.092553  firm =   2.988326

agency cost: EZC - k L (EZC:ecfconst =  10.243907, k:agcpara = 0.24309897)
liq.cash: 10Y average (1Y) =   9.728632 ( 0.44617) : loss rate  0.0503
liq.cash: 10Y std.dev. (1Y) =   4.166375 ( 0.19108)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1196 0.03390   0.10229 0.06543  0.08881  0.07805    1.8958   1.0925   2.9883
 dbratio     ROA    ROA1 debtcf1
 0.36561 0.14930 0.13111 0.07596

TOSYOU CODE: 5012    145
debtcashflow initial values:   0.000010   8.954084
stddev initial values:   0.000010   8.954084
ecfconst solution interval:   9.301504   9.681157
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42210
data: equity =   2.078425  debt =   0.906270  firm =   2.984695

agency cost: EZC - k L (EZC:ecfconst =   9.607309, k:agcpara = 0.23973718)
liq.cash: 10Y average (1Y) =   9.188755 ( 0.42155) : loss rate  0.0436
liq.cash: 10Y std.dev. (1Y) =   4.248202 ( 0.19489)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7459 0.03989   0.09182 0.06384  0.08332  0.07460    2.0784   0.9063   2.9847
 dbratio     ROA    ROA1 debtcf1
 0.30364 0.14124 0.12401 0.06256

TOSYOU CODE: 2262    146
debtcashflow initial values:   0.000010   8.935893
stddev initial values:   0.000010   8.935893
ecfconst solution interval:   9.691279  10.086841
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40426
data: equity =   2.448214  debt =   0.530417  firm =   2.978631

agency cost: EZC - k L (EZC:ecfconst =   9.724411, k:agcpara = 0.25844555)
liq.cash: 10Y average (1Y) =   9.462608 ( 0.43918) : loss rate  0.0269
liq.cash: 10Y std.dev. (1Y) =   4.599384 ( 0.21347)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0130 0.03310   0.08848 0.06326  0.08399  0.07892    2.4482   0.5304   2.9787
 dbratio     ROA    ROA1 debtcf1
 0.17808 0.14744 0.12560 0.03605

TOSYOU CODE: 4543    147
debtcashflow initial values:   0.000010   8.928853
stddev initial values:   0.000010   8.928853
ecfconst solution interval:   8.050249   8.378830
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 = 0.07813  std.dev = 0.18225  lambda =   1.15806
riskless rate of interest = 0.05678  correlation =  0.44732
data: equity =   2.386289  debt =   0.589995  firm =   2.976284

agency cost: EZC - k L (EZC:ecfconst =   8.409862, k:agcpara = 0.23853810)
liq.cash: 10Y average (1Y) =   8.141179 ( 0.37101) : loss rate  0.0319
liq.cash: 10Y std.dev. (1Y) =   4.434381 ( 0.20208)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1264 0.05683   0.07431 0.06064  0.07160  0.06619    2.3863   0.5900   2.9763
 dbratio     ROA    ROA1 debtcf1
 0.19824 0.12465 0.10946 0.04057

TOSYOU CODE: 4217    148
debtcashflow initial values:   0.000010   8.904995
stddev initial values:   0.000010   8.904995
ecfconst solution interval:   8.843256   9.204205
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33715
data: equity =   2.246980  debt =   0.721352  firm =   2.968332

agency cost: EZC - k L (EZC:ecfconst =   9.192719, k:agcpara = 0.24488623)
liq.cash: 10Y average (1Y) =   8.850840 ( 0.40657) : loss rate  0.0372
liq.cash: 10Y std.dev. (1Y) =   4.406984 ( 0.20244)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3961 0.04536   0.08495 0.06352  0.07974  0.07279    2.2470   0.7214   2.9683
 dbratio     ROA    ROA1 debtcf1
 0.24302 0.13697 0.11968 0.05035

TOSYOU CODE: 6445    149
debtcashflow initial values:   0.000010   8.878994
stddev initial values:   0.000010   8.878994
ecfconst solution interval:   8.411369   8.754690
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27086
data: equity =   2.619568  debt =   0.340097  firm =   2.959665

agency cost: EZC - k L (EZC:ecfconst =   8.657807, k:agcpara = 0.27764076)
liq.cash: 10Y average (1Y) =   8.482588 ( 0.39155) : loss rate  0.0202
liq.cash: 10Y std.dev. (1Y) =   3.994101 ( 0.18437)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6311 0.02466   0.07609 0.06113  0.07437  0.07121    2.6196   0.3401   2.9597
 dbratio     ROA    ROA1 debtcf1
 0.11491 0.13230 0.11331 0.02196

TOSYOU CODE: 6366    150
debtcashflow initial values:   0.000010   8.876226
stddev initial values:   0.000010   8.876226
ecfconst solution interval:   8.814689   9.174472
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.22481
data: equity =   1.986589  debt =   0.972153  firm =   2.958742

agency cost: EZC - k L (EZC:ecfconst =   8.881342, k:agcpara = 0.23127258)
liq.cash: 10Y average (1Y) =   8.438393 ( 0.38250) : loss rate  0.0499
liq.cash: 10Y std.dev. (1Y) =   4.176240 ( 0.18930)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9153 0.05915   0.08412 0.06443  0.07765  0.06812    1.9866   0.9722   2.9588
 dbratio     ROA    ROA1 debtcf1
 0.32857 0.12928 0.11619 0.07008

TOSYOU CODE: 6011    151
debtcashflow initial values:   0.000010   8.465899
stddev initial values:   0.000010   8.465899
ecfconst solution interval:   8.407205   8.750356
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40156
data: equity =   1.683904  debt =   1.138063  firm =   2.821966

agency cost: EZC - k L (EZC:ecfconst =   8.748202, k:agcpara = 0.21935577)
liq.cash: 10Y average (1Y) =   8.263498 ( 0.37402) : loss rate  0.0554
liq.cash: 10Y std.dev. (1Y) =   3.697805 ( 0.16737)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2097 0.05080   0.09224 0.06413  0.08090  0.06926    1.6839   1.1381   2.8220
 dbratio     ROA    ROA1 debtcf1
 0.40329 0.13254 0.11979 0.07974

TOSYOU CODE: 5101    152
debtcashflow initial values:   0.000010   8.447718
stddev initial values:   0.000010   8.447718
ecfconst solution interval:   8.389143   8.731557
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.37328
data: equity =   1.561859  debt =   1.254047  firm =   2.815906

agency cost: EZC - k L (EZC:ecfconst =   8.557930, k:agcpara = 0.21094310)
liq.cash: 10Y average (1Y) =   8.037852 ( 0.36091) : loss rate  0.0608
liq.cash: 10Y std.dev. (1Y) =   3.581788 ( 0.16083)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4655 0.05988   0.09164 0.06493  0.07974  0.06673    1.5619   1.2540   2.8159
 dbratio     ROA    ROA1 debtcf1
 0.44534 0.12817 0.11757 0.08981

TOSYOU CODE: 3105    153
debtcashflow initial values:   0.000010   8.424945
stddev initial values:   0.000010   8.424945
ecfconst solution interval:  10.293038  10.713162
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.44198
data: equity =   2.174095  debt =   0.634220  firm =   2.808315

agency cost: EZC - k L (EZC:ecfconst =  10.918448, k:agcpara = 0.28045777)
liq.cash: 10Y average (1Y) =  10.582056 ( 0.49023) : loss rate  0.0308
liq.cash: 10Y std.dev. (1Y) =   4.355137 ( 0.20176)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1994 0.01561   0.10910 0.06417  0.09895  0.09243    2.1741   0.6342   2.8083
 dbratio     ROA    ROA1 debtcf1
 0.22584 0.17456 0.14544 0.04205

TOSYOU CODE: 7276    154
debtcashflow initial values:   0.000010   8.372201
stddev initial values:   0.000010   8.372201
ecfconst solution interval:   7.548372   7.856469
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.15412
data: equity =   2.732346  debt =   0.058388  firm =   2.790734

agency cost: EZC - k L (EZC:ecfconst =   7.584530, k:agcpara = 0.30044305)
liq.cash: 10Y average (1Y) =   7.552370 ( 0.34820) : loss rate  0.0042
liq.cash: 10Y std.dev. (1Y) =   3.710332 ( 0.17107)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1070 0.02239   0.06798 0.06003  0.06782  0.06725    2.7323   0.0584   2.7908
 dbratio     ROA    ROA1 debtcf1
 0.02093 0.12477 0.10515 0.00369

TOSYOU CODE: 5336    155
debtcashflow initial values:   0.000010   8.336623
stddev initial values:   0.000010   8.336623
ecfconst solution interval:  10.185130  10.600850
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 = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.48037
data: equity =   2.526639  debt =   0.252235  firm =   2.778874

agency cost: EZC - k L (EZC:ecfconst =  10.227813, k:agcpara = 0.31501183)
liq.cash: 10Y average (1Y) =  10.082817 ( 0.47074) : loss rate  0.0142
liq.cash: 10Y std.dev. (1Y) =   3.709123 ( 0.17317)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4603 0.00474   0.09769 0.06149  0.09440  0.09189    2.5266   0.2522   2.7789
 dbratio     ROA    ROA1 debtcf1
 0.09077 0.16940 0.13918 0.01567

TOSYOU CODE: 5631    156
debtcashflow initial values:   0.000010   8.286262
stddev initial values:   0.000010   8.286262
ecfconst solution interval:   8.607771   8.959108
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36640
data: equity =   1.879808  debt =   0.882279  firm =   2.762087

agency cost: EZC - k L (EZC:ecfconst =   8.573652, k:agcpara = 0.23340222)
liq.cash: 10Y average (1Y) =   8.174183 ( 0.37289) : loss rate  0.0466
liq.cash: 10Y std.dev. (1Y) =   3.880857 ( 0.17704)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7115 0.04793   0.08816 0.06385  0.08039  0.07122    1.8798   0.8823   2.7621
 dbratio     ROA    ROA1 debtcf1
 0.31942 0.13500 0.11994 0.06178

TOSYOU CODE: 7701    157
debtcashflow initial values:   0.000010   8.253153
stddev initial values:   0.000010   8.253153
ecfconst solution interval:   8.195926   8.530453
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32255
data: equity =   2.306370  debt =   0.444681  firm =   2.751051

agency cost: EZC - k L (EZC:ecfconst =   8.551644, k:agcpara = 0.25662232)
liq.cash: 10Y average (1Y) =   8.332302 ( 0.38585) : loss rate  0.0256
liq.cash: 10Y std.dev. (1Y) =   4.296378 ( 0.19895)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8547 0.04089   0.08289 0.06308  0.07969  0.07510    2.3064   0.4447   2.7511
 dbratio     ROA    ROA1 debtcf1
 0.16164 0.14025 0.12010 0.03066

TOSYOU CODE: 6988    158
debtcashflow initial values:   0.000010   8.142257
stddev initial values:   0.000010   8.142257
ecfconst solution interval:   7.713433   8.028267
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.21664
data: equity =   2.406653  debt =   0.307433  firm =   2.714086

agency cost: EZC - k L (EZC:ecfconst =   7.702294, k:agcpara = 0.27554261)
liq.cash: 10Y average (1Y) =   7.544220 ( 0.34678) : loss rate  0.0205
liq.cash: 10Y std.dev. (1Y) =   3.729116 ( 0.17142)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5737 0.03080   0.07307 0.06105  0.07171  0.06860    2.4067   0.3074   2.7141
 dbratio     ROA    ROA1 debtcf1
 0.11326 0.12777 0.10994 0.02010

TOSYOU CODE: 5932    159
debtcashflow initial values:   0.000010   8.133382
stddev initial values:   0.000010   8.133382
ecfconst solution interval:   9.192890   9.568110
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 = 0.11814  std.dev = 0.17108  lambda =   4.24020
riskless rate of interest = 0.06134  correlation =  0.31968
data: equity =   1.609600  debt =   1.101527  firm =   2.711127

agency cost: EZC - k L (EZC:ecfconst =   9.427058, k:agcpara = 0.24177196)
liq.cash: 10Y average (1Y) =   8.905634 ( 0.40737) : loss rate  0.0553
liq.cash: 10Y std.dev. (1Y) =   3.710098 ( 0.16971)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1567 0.03445   0.10638 0.06651  0.09018  0.07802    1.6096   1.1015   2.7111
 dbratio     ROA    ROA1 debtcf1
 0.40630 0.15026 0.13272 0.07763

TOSYOU CODE: 2002    160
debtcashflow initial values:   0.000010   8.131911
stddev initial values:   0.000010   8.131911
ecfconst solution interval:   8.447434   8.792227
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41831
data: equity =   2.395750  debt =   0.314887  firm =   2.710637

agency cost: EZC - k L (EZC:ecfconst =   8.570427, k:agcpara = 0.28582810)
liq.cash: 10Y average (1Y) =   8.405450 ( 0.39098) : loss rate  0.0192
liq.cash: 10Y std.dev. (1Y) =   3.559295 ( 0.16556)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5772 0.01393   0.08379 0.06099  0.08114  0.07796    2.3958   0.3149   2.7106
 dbratio     ROA    ROA1 debtcf1
 0.11616 0.14424 0.12200 0.01981

TOSYOU CODE: 7762    161
debtcashflow initial values:   0.000010   8.102928
stddev initial values:   0.000010   8.102928
ecfconst solution interval:   7.305596   7.603784
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.21264
data: equity =   2.251787  debt =   0.449189  firm =   2.700976

agency cost: EZC - k L (EZC:ecfconst =   7.792981, k:agcpara = 0.25208071)
liq.cash: 10Y average (1Y) =   7.572750 ( 0.34727) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   4.240408 ( 0.19446)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8737 0.05707   0.07536 0.06254  0.07322  0.06854    2.2518   0.4492   2.7010
 dbratio     ROA    ROA1 debtcf1
 0.16630 0.12857 0.11178 0.03182

TOSYOU CODE: 7210    162
debtcashflow initial values:   0.000010   8.098047
stddev initial values:   0.000010   8.098047
ecfconst solution interval:   7.671548   7.984672
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46301
data: equity =   1.129436  debt =   1.569913  firm =   2.699349

agency cost: EZC - k L (EZC:ecfconst =   8.053455, k:agcpara = 0.17961195)
liq.cash: 10Y average (1Y) =   7.507190 ( 0.33230) : loss rate  0.0678
liq.cash: 10Y std.dev. (1Y) =   2.871045 ( 0.12709)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.0414 0.05992   0.10115 0.06432  0.07973  0.06290    1.1294   1.5699   2.6994
 dbratio     ROA    ROA1 debtcf1
 0.58159 0.12310 0.11551 0.10939

TOSYOU CODE: 6330    163
debtcashflow initial values:   0.000010   7.720361
stddev initial values:   0.000010   7.720361
ecfconst solution interval:   7.313759   7.612280
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26640
data: equity =   1.468031  debt =   1.105423  firm =   2.573454

agency cost: EZC - k L (EZC:ecfconst =   7.334510, k:agcpara = 0.20598346)
liq.cash: 10Y average (1Y) =   6.885528 ( 0.30591) : loss rate  0.0612
liq.cash: 10Y std.dev. (1Y) =   3.285929 ( 0.14599)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1797 0.07606   0.08219 0.06365  0.07423  0.06193    1.4680   1.1054   2.5735
 dbratio     ROA    ROA1 debtcf1
 0.42955 0.11887 0.11041 0.08011

TOSYOU CODE: 5714    164
debtcashflow initial values:   0.000010   7.704956
stddev initial values:   0.000010   7.704956
ecfconst solution interval:   7.651536   7.963844
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40421
data: equity =   1.481595  debt =   1.086724  firm =   2.568319

agency cost: EZC - k L (EZC:ecfconst =   7.926280, k:agcpara = 0.21532517)
liq.cash: 10Y average (1Y) =   7.471673 ( 0.33734) : loss rate  0.0574
liq.cash: 10Y std.dev. (1Y) =   3.303301 ( 0.14914)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1113 0.05232   0.09284 0.06417  0.08071  0.06849    1.4816   1.0867   2.5683
 dbratio     ROA    ROA1 debtcf1
 0.42313 0.13135 0.11929 0.07622

TOSYOU CODE: 6751    165
debtcashflow initial values:   0.000010   7.583956
stddev initial values:   0.000010   7.583956
ecfconst solution interval:   7.184537   7.477783
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.22470
data: equity =   2.135557  debt =   0.392428  firm =   2.527985

agency cost: EZC - k L (EZC:ecfconst =   7.221990, k:agcpara = 0.25930745)
liq.cash: 10Y average (1Y) =   7.029774 ( 0.32208) : loss rate  0.0266
liq.cash: 10Y std.dev. (1Y) =   3.536611 ( 0.16203)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7413 0.03769   0.07445 0.06158  0.07245  0.06815    2.1356   0.3924   2.5280
 dbratio     ROA    ROA1 debtcf1
 0.15524 0.12740 0.11068 0.02627

TOSYOU CODE: 2261    166
debtcashflow initial values:   0.000010   7.530604
stddev initial values:   0.000010   7.530604
ecfconst solution interval:   7.478390   7.783630
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37257
data: equity =   2.115146  debt =   0.395055  firm =   2.510201

agency cost: EZC - k L (EZC:ecfconst =   7.759596, k:agcpara = 0.26874498)
liq.cash: 10Y average (1Y) =   7.562620 ( 0.34989) : loss rate  0.0254
liq.cash: 10Y std.dev. (1Y) =   3.345789 ( 0.15480)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7329 0.02061   0.08264 0.06154  0.07932  0.07496    2.1151   0.3951   2.5102
 dbratio     ROA    ROA1 debtcf1
 0.15739 0.13939 0.11947 0.02545

TOSYOU CODE: 4185    167
debtcashflow initial values:   0.000010   7.490578
stddev initial values:   0.000010   7.490578
ecfconst solution interval:   7.781210   8.098810
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35184
data: equity =   1.731296  debt =   0.765563  firm =   2.496859

agency cost: EZC - k L (EZC:ecfconst =   7.703940, k:agcpara = 0.23489738)
liq.cash: 10Y average (1Y) =   7.354893 ( 0.33566) : loss rate  0.0453
liq.cash: 10Y std.dev. (1Y) =   3.539987 ( 0.16156)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4860 0.04867   0.08690 0.06377  0.07981  0.07101    1.7313   0.7656   2.4969
 dbratio     ROA    ROA1 debtcf1
 0.30661 0.13443 0.11926 0.05369

TOSYOU CODE: 6586    168
debtcashflow initial values:   0.000010   7.464402
stddev initial values:   0.000010   7.464402
ecfconst solution interval:   7.071278   7.359902
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 = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.24497
data: equity =   2.259718  debt =   0.228416  firm =   2.488134

agency cost: EZC - k L (EZC:ecfconst =   7.207401, k:agcpara = 0.28492162)
liq.cash: 10Y average (1Y) =   7.086982 ( 0.32746) : loss rate  0.0167
liq.cash: 10Y std.dev. (1Y) =   3.345602 ( 0.15459)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4226 0.02319   0.07472 0.06098  0.07346  0.07094    2.2597   0.2284   2.4881
 dbratio     ROA    ROA1 debtcf1
 0.09180 0.13161 0.11222 0.01467

TOSYOU CODE: 6141    169
debtcashflow initial values:   0.000010   7.403747
stddev initial values:   0.000010   7.403747
ecfconst solution interval:   6.675221   6.947679
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.18765
data: equity =   2.089241  debt =   0.378675  firm =   2.467916

agency cost: EZC - k L (EZC:ecfconst =   6.903059, k:agcpara = 0.25781348)
liq.cash: 10Y average (1Y) =   6.717553 ( 0.30674) : loss rate  0.0269
liq.cash: 10Y std.dev. (1Y) =   3.524001 ( 0.16091)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7195 0.04437   0.07223 0.06146  0.07058  0.06633    2.0892   0.3787   2.4679
 dbratio     ROA    ROA1 debtcf1
 0.15345 0.12429 0.10833 0.02568

TOSYOU CODE: 2284    170
debtcashflow initial values:   0.000010   7.388614
stddev initial values:   0.000010   7.388614
ecfconst solution interval:   7.337388   7.636873
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 = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.37011
data: equity =   2.057255  debt =   0.405617  firm =   2.462871

agency cost: EZC - k L (EZC:ecfconst =   7.959485, k:agcpara = 0.25966770)
liq.cash: 10Y average (1Y) =   7.757990 ( 0.36022) : loss rate  0.0253
liq.cash: 10Y std.dev. (1Y) =   3.838045 ( 0.17821)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7760 0.03444   0.08697 0.06329  0.08307  0.07838    2.0573   0.4056   2.4629
 dbratio     ROA    ROA1 debtcf1
 0.16469 0.14626 0.12446 0.02767

TOSYOU CODE: 4028    171
debtcashflow initial values:   0.000010   7.370874
stddev initial values:   0.000010   7.370874
ecfconst solution interval:   7.319767   7.618533
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32635
data: equity =   1.572813  debt =   0.884145  firm =   2.456958

agency cost: EZC - k L (EZC:ecfconst =   7.380627, k:agcpara = 0.22350007)
liq.cash: 10Y average (1Y) =   6.994641 ( 0.31629) : loss rate  0.0523
liq.cash: 10Y std.dev. (1Y) =   3.344290 ( 0.15122)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7270 0.05762   0.08588 0.06386  0.07796  0.06761    1.5728   0.8842   2.4570
 dbratio     ROA    ROA1 debtcf1
 0.35986 0.12873 0.11627 0.06280

TOSYOU CODE: 5929    172
debtcashflow initial values:   0.000010   7.306837
stddev initial values:   0.000010   7.306837
ecfconst solution interval:   7.590345   7.900155
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 = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.41544
data: equity =   1.872964  debt =   0.562649  firm =   2.435612

agency cost: EZC - k L (EZC:ecfconst =   8.005830, k:agcpara = 0.25260962)
liq.cash: 10Y average (1Y) =   7.733397 ( 0.35752) : loss rate  0.0340
liq.cash: 10Y std.dev. (1Y) =   3.648374 ( 0.16867)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0785 0.03407   0.09110 0.06365  0.08476  0.07814    1.8730   0.5627   2.4356
 dbratio     ROA    ROA1 debtcf1
 0.23101 0.14679 0.12637 0.03847

TOSYOU CODE: 4634    173
debtcashflow initial values:   0.000010   7.288603
stddev initial values:   0.000010   7.288603
ecfconst solution interval:   7.238064   7.533495
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37226
data: equity =   1.750185  debt =   0.679349  firm =   2.429534

agency cost: EZC - k L (EZC:ecfconst =   7.632264, k:agcpara = 0.24073841)
liq.cash: 10Y average (1Y) =   7.316081 ( 0.33547) : loss rate  0.0414
liq.cash: 10Y std.dev. (1Y) =   3.514360 ( 0.16115)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3134 0.04381   0.08793 0.06372  0.08116  0.07314    1.7502   0.6793   2.4295
 dbratio     ROA    ROA1 debtcf1
 0.27962 0.13808 0.12128 0.04727

TOSYOU CODE: 3883    174
debtcashflow initial values:   0.000010   7.207134
stddev initial values:   0.000010   7.207134
ecfconst solution interval:   7.486769   7.792351
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47437
data: equity =   1.445865  debt =   0.956513  firm =   2.402378

agency cost: EZC - k L (EZC:ecfconst =   7.765170, k:agcpara = 0.22603192)
liq.cash: 10Y average (1Y) =   7.348808 ( 0.33473) : loss rate  0.0536
liq.cash: 10Y std.dev. (1Y) =   3.172915 ( 0.14452)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8421 0.04132   0.09747 0.06409  0.08418  0.07270    1.4459   0.9565   2.4024
 dbratio     ROA    ROA1 debtcf1
 0.39815 0.13934 0.12448 0.06590

TOSYOU CODE: 6810    175
debtcashflow initial values:   0.000010   7.184637
stddev initial values:   0.000010   7.184637
ecfconst solution interval:   6.806247   7.084053
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25962
data: equity =   2.290859  debt =   0.104020  firm =   2.394879

agency cost: EZC - k L (EZC:ecfconst =   6.930823, k:agcpara = 0.29788451)
liq.cash: 10Y average (1Y) =   6.874175 ( 0.31915) : loss rate  0.0082
liq.cash: 10Y std.dev. (1Y) =   3.143798 ( 0.14596)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1902 0.01675   0.07391 0.06040  0.07332  0.07214    2.2909   0.1040   2.3949
 dbratio     ROA    ROA1 debtcf1
 0.04343 0.13326 0.11212 0.00652

TOSYOU CODE: 7741    176
debtcashflow initial values:   0.000010   7.178379
stddev initial values:   0.000010   7.178379
ecfconst solution interval:   6.800318   7.077882
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.19350
data: equity =   2.256516  debt =   0.136277  firm =   2.392793

agency cost: EZC - k L (EZC:ecfconst =   6.985600, k:agcpara = 0.29777966)
liq.cash: 10Y average (1Y) =   6.910643 ( 0.32076) : loss rate  0.0107
liq.cash: 10Y std.dev. (1Y) =   3.198699 ( 0.14847)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2517 0.01868   0.07484 0.06130  0.07407  0.07250    2.2565   0.1363   2.3928
 dbratio     ROA    ROA1 debtcf1
 0.05694 0.13405 0.11309 0.00871

TOSYOU CODE: 6754    177
debtcashflow initial values:   0.000010   7.174219
stddev initial values:   0.000010   7.174219
ecfconst solution interval:   6.796378   7.073782
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24434
data: equity =   2.188306  debt =   0.203100  firm =   2.391406

agency cost: EZC - k L (EZC:ecfconst =   6.881106, k:agcpara = 0.28613400)
liq.cash: 10Y average (1Y) =   6.773794 ( 0.31293) : loss rate  0.0156
liq.cash: 10Y std.dev. (1Y) =   3.208676 ( 0.14823)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3750 0.02307   0.07398 0.06078  0.07286  0.07054    2.1883   0.2031   2.3914
 dbratio     ROA    ROA1 debtcf1
 0.08492 0.13086 0.11148 0.01300

TOSYOU CODE: 4091    178
debtcashflow initial values:   0.000010   7.131437
stddev initial values:   0.000010   7.131437
ecfconst solution interval:   8.712719   9.068340
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 = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.46223
data: equity =   1.681421  debt =   0.695725  firm =   2.377146

agency cost: EZC - k L (EZC:ecfconst =   8.921422, k:agcpara = 0.26728940)
liq.cash: 10Y average (1Y) =   8.568367 ( 0.39620) : loss rate  0.0396
liq.cash: 10Y std.dev. (1Y) =   3.510355 ( 0.16232)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3209 0.01948   0.10896 0.06429  0.09589  0.08742    1.6814   0.6957   2.3772
 dbratio     ROA    ROA1 debtcf1
 0.29268 0.16667 0.14140 0.04648

TOSYOU CODE: 4912    179
debtcashflow initial values:   0.000010   7.116625
stddev initial values:   0.000010   7.116625
ecfconst solution interval:   7.718215   8.033245
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.39129
data: equity =   1.934580  debt =   0.437628  firm =   2.372208

agency cost: EZC - k L (EZC:ecfconst =   7.737222, k:agcpara = 0.25984022)
liq.cash: 10Y average (1Y) =   7.518008 ( 0.34862) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   3.688412 ( 0.17104)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8436 0.03518   0.08844 0.06404  0.08394  0.07863    1.9346   0.4376   2.3722
 dbratio     ROA    ROA1 debtcf1
 0.18448 0.14696 0.12549 0.03022

TOSYOU CODE: 4114    180
debtcashflow initial values:   0.000010   7.070989
stddev initial values:   0.000010   7.070989
ecfconst solution interval:   7.345345   7.645155
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.35969
data: equity =   1.965031  debt =   0.391965  firm =   2.356996

agency cost: EZC - k L (EZC:ecfconst =   7.887735, k:agcpara = 0.26555908)
liq.cash: 10Y average (1Y) =   7.687578 ( 0.35743) : loss rate  0.0254
liq.cash: 10Y std.dev. (1Y) =   3.716217 ( 0.17278)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7537 0.03103   0.09048 0.06421  0.08611  0.08131    1.9650   0.3920   2.3570
 dbratio     ROA    ROA1 debtcf1
 0.16630 0.15165 0.12839 0.02691

TOSYOU CODE: 4205    181
debtcashflow initial values:   0.000010   7.045105
stddev initial values:   0.000010   7.045105
ecfconst solution interval:   6.996259   7.281821
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35032
data: equity =   1.547304  debt =   0.801064  firm =   2.348368

agency cost: EZC - k L (EZC:ecfconst =   7.185098, k:agcpara = 0.22844960)
liq.cash: 10Y average (1Y) =   6.829006 ( 0.31026) : loss rate  0.0496
liq.cash: 10Y std.dev. (1Y) =   3.243968 ( 0.14738)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5587 0.05212   0.08735 0.06388  0.07934  0.06954    1.5473   0.8010   2.3483
 dbratio     ROA    ROA1 debtcf1
 0.34111 0.13212 0.11832 0.05645

TOSYOU CODE: 4403    182
debtcashflow initial values:   0.000010   6.878238
stddev initial values:   0.000010   6.878238
ecfconst solution interval:   7.774242   8.091558
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.39310
data: equity =   1.734842  debt =   0.557904  firm =   2.292746

agency cost: EZC - k L (EZC:ecfconst =   7.910149, k:agcpara = 0.25791482)
liq.cash: 10Y average (1Y) =   7.635344 ( 0.35351) : loss rate  0.0347
liq.cash: 10Y std.dev. (1Y) =   3.433512 ( 0.15897)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0655 0.02785   0.09691 0.06396  0.08890  0.08189    1.7348   0.5579   2.2927
 dbratio     ROA    ROA1 debtcf1
 0.24333 0.15419 0.13184 0.03780

TOSYOU CODE: 6508    183
debtcashflow initial values:   0.000010   6.849694
stddev initial values:   0.000010   6.849694
ecfconst solution interval:   6.802200   7.079840
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29701
data: equity =   1.727647  debt =   0.555584  firm =   2.283231

agency cost: EZC - k L (EZC:ecfconst =   6.893723, k:agcpara = 0.24298884)
liq.cash: 10Y average (1Y) =   6.631371 ( 0.30364) : loss rate  0.0381
liq.cash: 10Y std.dev. (1Y) =   3.391303 ( 0.15528)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0797 0.05081   0.08213 0.06337  0.07756  0.07062    1.7276   0.5556   2.2832
 dbratio     ROA    ROA1 debtcf1
 0.24333 0.13299 0.11684 0.03914

TOSYOU CODE: 5715    184
debtcashflow initial values:   0.000010   6.843079
stddev initial values:   0.000010   6.843079
ecfconst solution interval:   7.108587   7.398733
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41528
data: equity =   1.395554  debt =   0.885472  firm =   2.281026

agency cost: EZC - k L (EZC:ecfconst =   7.157348, k:agcpara = 0.22342077)
liq.cash: 10Y average (1Y) =   6.774072 ( 0.30757) : loss rate  0.0536
liq.cash: 10Y std.dev. (1Y) =   3.032602 ( 0.13769)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7155 0.04765   0.09297 0.06410  0.08176  0.07056    1.3956   0.8855   2.2810
 dbratio     ROA    ROA1 debtcf1
 0.38819 0.13484 0.12115 0.06177

TOSYOU CODE: 6588    185
debtcashflow initial values:   0.000010   6.825987
stddev initial values:   0.000010   6.825987
ecfconst solution interval:   6.778660   7.055340
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30108
data: equity =   1.893283  debt =   0.382046  firm =   2.275329

agency cost: EZC - k L (EZC:ecfconst =   6.967262, k:agcpara = 0.25481833)
liq.cash: 10Y average (1Y) =   6.779609 ( 0.31329) : loss rate  0.0269
liq.cash: 10Y std.dev. (1Y) =   3.541513 ( 0.16366)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7364 0.04397   0.08151 0.06304  0.07841  0.07364    1.8933   0.3820   2.2753
 dbratio     ROA    ROA1 debtcf1
 0.16791 0.13769 0.11841 0.02650

TOSYOU CODE: 5334    186
debtcashflow initial values:   0.000010   6.793141
stddev initial values:   0.000010   6.793141
ecfconst solution interval:   6.124696   6.374684
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.21870
data: equity =   1.961963  debt =   0.302417  firm =   2.264380

agency cost: EZC - k L (EZC:ecfconst =   6.440912, k:agcpara = 0.26797554)
liq.cash: 10Y average (1Y) =   6.288768 ( 0.28857) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =   3.142098 ( 0.14418)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5678 0.03432   0.07362 0.06129  0.07197  0.06829    1.9620   0.3024   2.2644
 dbratio     ROA    ROA1 debtcf1
 0.13356 0.12744 0.11020 0.02001

TOSYOU CODE: 4043    187
debtcashflow initial values:   0.000010   6.782076
stddev initial values:   0.000010   6.782076
ecfconst solution interval:   6.735050   7.009950
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35585
data: equity =   1.404574  debt =   0.856118  firm =   2.260692

agency cost: EZC - k L (EZC:ecfconst =   6.875305, k:agcpara = 0.22143288)
liq.cash: 10Y average (1Y) =   6.505880 ( 0.29424) : loss rate  0.0537
liq.cash: 10Y std.dev. (1Y) =   3.025587 ( 0.13684)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6683 0.05492   0.08838 0.06399  0.07914  0.06824    1.4046   0.8561   2.2607
 dbratio     ROA    ROA1 debtcf1
 0.37869 0.13016 0.11765 0.06048

TOSYOU CODE: 5408    188
debtcashflow initial values:   0.000010   6.779439
stddev initial values:   0.000010   6.779439
ecfconst solution interval:   6.732434   7.007227
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41007
data: equity =   1.011649  debt =   1.248164  firm =   2.259813

agency cost: EZC - k L (EZC:ecfconst =   6.662374, k:agcpara = 0.18360078)
liq.cash: 10Y average (1Y) =   6.215966 ( 0.27500) : loss rate  0.0670
liq.cash: 10Y std.dev. (1Y) =   2.500334 ( 0.11062)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4314 0.06506   0.09608 0.06432  0.07854  0.06255    1.0117   1.2482   2.2598
 dbratio     ROA    ROA1 debtcf1
 0.55233 0.12169 0.11418 0.08797

TOSYOU CODE: 6473    189
debtcashflow initial values:   0.000010   6.656342
stddev initial values:   0.000010   6.656342
ecfconst solution interval:   6.305771   6.563149
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24938
data: equity =   1.479546  debt =   0.739235  firm =   2.218781

agency cost: EZC - k L (EZC:ecfconst =   6.397963, k:agcpara = 0.22524882)
liq.cash: 10Y average (1Y) =   6.070621 ( 0.27325) : loss rate  0.0512
liq.cash: 10Y std.dev. (1Y) =   3.092920 ( 0.13922)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4532 0.06773   0.07968 0.06336  0.07424  0.06474    1.4795   0.7392   2.2188
 dbratio     ROA    ROA1 debtcf1
 0.33317 0.12315 0.11171 0.05332

TOSYOU CODE: 4023    190
debtcashflow initial values:   0.000010   6.645723
stddev initial values:   0.000010   6.645723
ecfconst solution interval:   6.903580   7.185359
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37370
data: equity =   1.907128  debt =   0.308113  firm =   2.215241

agency cost: EZC - k L (EZC:ecfconst =   6.849667, k:agcpara = 0.27547467)
liq.cash: 10Y average (1Y) =   6.692842 ( 0.31015) : loss rate  0.0229
liq.cash: 10Y std.dev. (1Y) =   2.941004 ( 0.13629)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5693 0.01867   0.08218 0.06132  0.07928  0.07544    1.9071   0.3081   2.2152
 dbratio     ROA    ROA1 debtcf1
 0.13908 0.14001 0.11950 0.01969

TOSYOU CODE: 6041    191
debtcashflow initial values:   0.000010   6.621068
stddev initial values:   0.000010   6.621068
ecfconst solution interval:   7.483574   7.789026
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.40584
data: equity =   1.481687  debt =   0.725336  firm =   2.207023

agency cost: EZC - k L (EZC:ecfconst =   7.516546, k:agcpara = 0.24539020)
liq.cash: 10Y average (1Y) =   7.174577 ( 0.32997) : loss rate  0.0455
liq.cash: 10Y std.dev. (1Y) =   3.123049 ( 0.14364)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3936 0.03208   0.09966 0.06442  0.08808  0.07855    1.4817   0.7253   2.2070
 dbratio     ROA    ROA1 debtcf1
 0.32865 0.14951 0.13037 0.04965

TOSYOU CODE: 5006    192
debtcashflow initial values:   0.000010   6.418420
stddev initial values:   0.000010   6.418420
ecfconst solution interval:   6.373920   6.634080
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.48707
data: equity =   0.949819  debt =   1.189654  firm =   2.139473

agency cost: EZC - k L (EZC:ecfconst =   6.545479, k:agcpara = 0.18950946)
liq.cash: 10Y average (1Y) =   6.109800 ( 0.27246) : loss rate  0.0666
liq.cash: 10Y std.dev. (1Y) =   2.368984 ( 0.10564)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2990 0.05385   0.10243 0.06432  0.08124  0.06514    0.9498   1.1896   2.1395
 dbratio     ROA    ROA1 debtcf1
 0.55605 0.12735 0.11831 0.08247

TOSYOU CODE: 7753    193
debtcashflow initial values:   0.000010   6.360844
stddev initial values:   0.000010   6.360844
ecfconst solution interval:   6.316747   6.574573
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27537
data: equity =   1.643677  debt =   0.476604  firm =   2.120281

agency cost: EZC - k L (EZC:ecfconst =   6.332369, k:agcpara = 0.24510058)
liq.cash: 10Y average (1Y) =   6.105192 ( 0.27966) : loss rate  0.0359
liq.cash: 10Y std.dev. (1Y) =   3.192048 ( 0.14622)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9269 0.05237   0.08038 0.06320  0.07652  0.07012    1.6437   0.4766   2.1203
 dbratio     ROA    ROA1 debtcf1
 0.22479 0.13190 0.11562 0.03365

TOSYOU CODE: 2531    194
debtcashflow initial values:   0.000010   6.212230
stddev initial values:   0.000010   6.212230
ecfconst solution interval:   6.737372   7.012367
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40274
data: equity =   1.708073  debt =   0.362670  firm =   2.070743

agency cost: EZC - k L (EZC:ecfconst =   6.757470, k:agcpara = 0.25877740)
liq.cash: 10Y average (1Y) =   6.578269 ( 0.30538) : loss rate  0.0265
liq.cash: 10Y std.dev. (1Y) =   3.203099 ( 0.14869)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6925 0.03307   0.08834 0.06324  0.08394  0.07896    1.7081   0.3627   2.0707
 dbratio     ROA    ROA1 debtcf1
 0.17514 0.14747 0.12555 0.02464

TOSYOU CODE: 2810    195
debtcashflow initial values:   0.000010   6.170175
stddev initial values:   0.000010   6.170175
ecfconst solution interval:   6.409582   6.671198
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.30075
data: equity =   1.816821  debt =   0.239904  firm =   2.056725

agency cost: EZC - k L (EZC:ecfconst =   6.444578, k:agcpara = 0.28591568)
liq.cash: 10Y average (1Y) =   6.317944 ( 0.29364) : loss rate  0.0196
liq.cash: 10Y std.dev. (1Y) =   2.730590 ( 0.12691)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4429 0.01572   0.08285 0.06155  0.08036  0.07713    1.8168   0.2399   2.0567
 dbratio     ROA    ROA1 debtcf1
 0.11664 0.14277 0.12099 0.01529

TOSYOU CODE: 7735    196
debtcashflow initial values:   0.000010   6.168967
stddev initial values:   0.000010   6.168967
ecfconst solution interval:   6.126196   6.376245
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32720
data: equity =   1.491794  debt =   0.564528  firm =   2.056322

agency cost: EZC - k L (EZC:ecfconst =   6.291803, k:agcpara = 0.23917712)
liq.cash: 10Y average (1Y) =   6.029596 ( 0.27572) : loss rate  0.0417
liq.cash: 10Y std.dev. (1Y) =   2.986591 ( 0.13657)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0963 0.04929   0.08468 0.06360  0.07889  0.07103    1.4918   0.5645   2.0563
 dbratio     ROA    ROA1 debtcf1
 0.27454 0.13408 0.11833 0.03967

TOSYOU CODE: 2264    197
debtcashflow initial values:   0.000010   6.145858
stddev initial values:   0.000010   6.145858
ecfconst solution interval:   6.665392   6.937449
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38889
data: equity =   1.584343  debt =   0.464276  firm =   2.048619

agency cost: EZC - k L (EZC:ecfconst =   6.568339, k:agcpara = 0.25030622)
liq.cash: 10Y average (1Y) =   6.344999 ( 0.29290) : loss rate  0.0340
liq.cash: 10Y std.dev. (1Y) =   3.070777 ( 0.14175)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8923 0.03789   0.08822 0.06351  0.08262  0.07615    1.5843   0.4643   2.0486
 dbratio     ROA    ROA1 debtcf1
 0.22663 0.14297 0.12357 0.03194

TOSYOU CODE: 4044    198
debtcashflow initial values:   0.000010   6.119321
stddev initial values:   0.000010   6.119321
ecfconst solution interval:   6.356751   6.616210
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42133
data: equity =   1.180957  debt =   0.858817  firm =   2.039774

agency cost: EZC - k L (EZC:ecfconst =   6.359371, k:agcpara = 0.21702632)
liq.cash: 10Y average (1Y) =   5.997942 ( 0.27129) : loss rate  0.0568
liq.cash: 10Y std.dev. (1Y) =   2.631391 ( 0.11902)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6654 0.04983   0.09409 0.06418  0.08150  0.06934    1.1810   0.8588   2.0398
 dbratio     ROA    ROA1 debtcf1
 0.42104 0.13300 0.12043 0.06000

TOSYOU CODE: 7231    199
debtcashflow initial values:   0.000010   6.069590
stddev initial values:   0.000010   6.069590
ecfconst solution interval:   5.749925   5.984615
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32804
data: equity =   1.065942  debt =   0.957255  firm =   2.023197

agency cost: EZC - k L (EZC:ecfconst =   5.892195, k:agcpara = 0.19887391)
liq.cash: 10Y average (1Y) =   5.518718 ( 0.24525) : loss rate  0.0634
liq.cash: 10Y std.dev. (1Y) =   2.463679 ( 0.10949)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8780 0.06973   0.08781 0.06405  0.07657  0.06293    1.0659   0.9573   2.0232
 dbratio     ROA    ROA1 debtcf1
 0.47314 0.12122 0.11282 0.06853

TOSYOU CODE: 6756    200
debtcashflow initial values:   0.000010   6.029458
stddev initial values:   0.000010   6.029458
ecfconst solution interval:   5.436158   5.658042
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.18034
data: equity =   1.913704  debt =   0.096115  firm =   2.009819

agency cost: EZC - k L (EZC:ecfconst =   5.559665, k:agcpara = 0.29447355)
liq.cash: 10Y average (1Y) =   5.507585 ( 0.25392) : loss rate  0.0094
liq.cash: 10Y std.dev. (1Y) =   2.695239 ( 0.12426)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1769 0.02397   0.06982 0.06032  0.06937  0.06807    1.9137   0.0961   2.0098
 dbratio     ROA    ROA1 debtcf1
 0.04781 0.12634 0.10711 0.00612

TOSYOU CODE: 4272    201
debtcashflow initial values:   0.000010   5.965638
stddev initial values:   0.000010   5.965638
ecfconst solution interval:   6.469931   6.734010
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 = 0.11814  std.dev = 0.17108  lambda =   4.24020
riskless rate of interest = 0.06134  correlation =  0.27103
data: equity =   1.639560  debt =   0.348986  firm =   1.988546

agency cost: EZC - k L (EZC:ecfconst =   6.973758, k:agcpara = 0.27388709)
liq.cash: 10Y average (1Y) =   6.788017 ( 0.31556) : loss rate  0.0266
liq.cash: 10Y std.dev. (1Y) =   3.185067 ( 0.14807)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6782 0.02754   0.09544 0.06572  0.09023  0.08504    1.6396   0.3490   1.9885
 dbratio     ROA    ROA1 debtcf1
 0.17550 0.15869 0.13369 0.02431

TOSYOU CODE: 5451    202
debtcashflow initial values:   0.000010   5.943488
stddev initial values:   0.000010   5.943488
ecfconst solution interval:   6.174098   6.426102
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36505
data: equity =   1.627349  debt =   0.353814  firm =   1.981163

agency cost: EZC - k L (EZC:ecfconst =   6.310963, k:agcpara = 0.25622573)
liq.cash: 10Y average (1Y) =   6.137133 ( 0.28435) : loss rate  0.0275
liq.cash: 10Y std.dev. (1Y) =   3.058532 ( 0.14171)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6784 0.03715   0.08592 0.06325  0.08187  0.07679    1.6273   0.3538   1.9812
 dbratio     ROA    ROA1 debtcf1
 0.17859 0.14352 0.12284 0.02425

TOSYOU CODE: 6506    203
debtcashflow initial values:   0.000010   5.931174
stddev initial values:   0.000010   5.931174
ecfconst solution interval:   5.618801   5.848139
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30825
data: equity =   1.449001  debt =   0.528057  firm =   1.977058

agency cost: EZC - k L (EZC:ecfconst =   5.987207, k:agcpara = 0.23953080)
liq.cash: 10Y average (1Y) =   5.741213 ( 0.26236) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   2.888619 ( 0.13200)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0270 0.05134   0.08323 0.06351  0.07796  0.07033    1.4490   0.5281   1.9771
 dbratio     ROA    ROA1 debtcf1
 0.26709 0.13270 0.11717 0.03723

TOSYOU CODE: 2801    204
debtcashflow initial values:   0.000010   5.790306
stddev initial values:   0.000010   5.790306
ecfconst solution interval:   6.014966   6.260475
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.40138
data: equity =   1.719031  debt =   0.211071  firm =   1.930102

agency cost: EZC - k L (EZC:ecfconst =   6.100811, k:agcpara = 0.28974248)
liq.cash: 10Y average (1Y) =   5.987887 ( 0.27864) : loss rate  0.0185
liq.cash: 10Y std.dev. (1Y) =   2.566108 ( 0.11941)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3897 0.01457   0.08349 0.06169  0.08110  0.07807    1.7190   0.2111   1.9301
 dbratio     ROA    ROA1 debtcf1
 0.10935 0.14437 0.12197 0.01345

TOSYOU CODE: 6448    205
debtcashflow initial values:   0.000010   5.766797
stddev initial values:   0.000010   5.766797
ecfconst solution interval:   6.254281   6.509558
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.38820
data: equity =   1.672408  debt =   0.249858  firm =   1.922266

agency cost: EZC - k L (EZC:ecfconst =   6.271369, k:agcpara = 0.28838640)
liq.cash: 10Y average (1Y) =   6.137997 ( 0.28567) : loss rate  0.0213
liq.cash: 10Y std.dev. (1Y) =   2.558684 ( 0.11909)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4625 0.01327   0.08715 0.06208  0.08389  0.08026    1.6724   0.2499   1.9223
 dbratio     ROA    ROA1 debtcf1
 0.12998 0.14861 0.12552 0.01597

TOSYOU CODE: 3002    206
debtcashflow initial values:   0.000010   5.718081
stddev initial values:   0.000010   5.718081
ecfconst solution interval:   6.985969   7.271111
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.49016
data: equity =   1.482702  debt =   0.423325  firm =   1.906027

agency cost: EZC - k L (EZC:ecfconst =   7.093177, k:agcpara = 0.27136375)
liq.cash: 10Y average (1Y) =   6.876875 ( 0.31913) : loss rate  0.0305
liq.cash: 10Y std.dev. (1Y) =   2.911179 ( 0.13510)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7971 0.01838   0.10429 0.06341  0.09521  0.08888    1.4827   0.4233   1.9060
 dbratio     ROA    ROA1 debtcf1
 0.22209 0.16743 0.14044 0.02791

TOSYOU CODE: 6583    207
debtcashflow initial values:   0.000010   5.644147
stddev initial values:   0.000010   5.644147
ecfconst solution interval:   6.121266   6.371114
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.38084
data: equity =   1.727792  debt =   0.153590  firm =   1.881382

agency cost: EZC - k L (EZC:ecfconst =   6.272874, k:agcpara = 0.30334412)
liq.cash: 10Y average (1Y) =   6.187700 ( 0.28927) : loss rate  0.0136
liq.cash: 10Y std.dev. (1Y) =   2.476745 ( 0.11579)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2808 0.00854   0.08790 0.06128  0.08573  0.08348    1.7278   0.1536   1.8814
 dbratio     ROA    ROA1 debtcf1
 0.08163 0.15376 0.12797 0.00959

TOSYOU CODE: 4613    208
debtcashflow initial values:   0.000010   5.630578
stddev initial values:   0.000010   5.630578
ecfconst solution interval:   6.106547   6.355794
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43926
data: equity =   1.485741  debt =   0.391118  firm =   1.876859

agency cost: EZC - k L (EZC:ecfconst =   6.225624, k:agcpara = 0.25616227)
liq.cash: 10Y average (1Y) =   6.034385 ( 0.27965) : loss rate  0.0307
liq.cash: 10Y std.dev. (1Y) =   2.847689 ( 0.13197)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7466 0.03166   0.09125 0.06341  0.08545  0.07951    1.4857   0.3911   1.8769
 dbratio     ROA    ROA1 debtcf1
 0.20839 0.14900 0.12739 0.02654

TOSYOU CODE: 5105    209
debtcashflow initial values:   0.000010   5.604706
stddev initial values:   0.000010   5.604706
ecfconst solution interval:   5.565851   5.793029
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38010
data: equity =   1.025397  debt =   0.842838  firm =   1.868235

agency cost: EZC - k L (EZC:ecfconst =   5.639324, k:agcpara = 0.20737014)
liq.cash: 10Y average (1Y) =   5.298512 ( 0.23769) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   2.333849 ( 0.10469)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6435 0.05866   0.09154 0.06419  0.07920  0.06617    1.0254   0.8429   1.8683
 dbratio     ROA    ROA1 debtcf1
 0.45115 0.12722 0.11681 0.05956

TOSYOU CODE: 4612    210
debtcashflow initial values:   0.000010   5.596847
stddev initial values:   0.000010   5.596847
ecfconst solution interval:   6.837852   7.116948
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.42904
data: equity =   1.498256  debt =   0.367360  firm =   1.865616

agency cost: EZC - k L (EZC:ecfconst =   7.220320, k:agcpara = 0.28242070)
liq.cash: 10Y average (1Y) =   7.024173 ( 0.32581) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =   2.936594 ( 0.13621)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6945 0.01556   0.10710 0.06411  0.09863  0.09295    1.4983   0.3674   1.8656
 dbratio     ROA    ROA1 debtcf1
 0.19691 0.17464 0.14492 0.02435

TOSYOU CODE: 4540    211
debtcashflow initial values:   0.000010   5.594146
stddev initial values:   0.000010   5.594146
ecfconst solution interval:   5.811204   6.048396
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42592
data: equity =   1.187673  debt =   0.677042  firm =   1.864715

agency cost: EZC - k L (EZC:ecfconst =   5.926591, k:agcpara = 0.22915416)
liq.cash: 10Y average (1Y) =   5.626780 ( 0.25647) : loss rate  0.0506
liq.cash: 10Y std.dev. (1Y) =   2.533211 ( 0.11547)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3083 0.04412   0.09323 0.06403  0.08263  0.07216    1.1877   0.6770   1.8647
 dbratio     ROA    ROA1 debtcf1
 0.36308 0.13754 0.12259 0.04700

TOSYOU CODE: 6474    212
debtcashflow initial values:   0.000010   5.587224
stddev initial values:   0.000010   5.587224
ecfconst solution interval:   5.548485   5.774954
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.29878
data: equity =   1.295540  debt =   0.566868  firm =   1.862408

agency cost: EZC - k L (EZC:ecfconst =   5.816689, k:agcpara = 0.23934545)
liq.cash: 10Y average (1Y) =   5.550553 ( 0.25357) : loss rate  0.0458
liq.cash: 10Y std.dev. (1Y) =   2.688707 ( 0.12283)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1119 0.04939   0.08786 0.06481  0.08084  0.07197    1.2955   0.5669   1.8624
 dbratio     ROA    ROA1 debtcf1
 0.30437 0.13615 0.12063 0.04043

TOSYOU CODE: 5804    213
debtcashflow initial values:   0.000010   5.545427
stddev initial values:   0.000010   5.545427
ecfconst solution interval:   6.014201   6.259679
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44744
data: equity =   1.301208  debt =   0.547268  firm =   1.848476

agency cost: EZC - k L (EZC:ecfconst =   6.048412, k:agcpara = 0.24281628)
liq.cash: 10Y average (1Y) =   5.793257 ( 0.26636) : loss rate  0.0422
liq.cash: 10Y std.dev. (1Y) =   2.647039 ( 0.12170)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0508 0.03660   0.09341 0.06379  0.08464  0.07614    1.3012   0.5473   1.8485
 dbratio     ROA    ROA1 debtcf1
 0.29606 0.14410 0.12586 0.03753

TOSYOU CODE: 3529    214
debtcashflow initial values:   0.000010   5.527929
stddev initial values:   0.000010   5.527929
ecfconst solution interval:   5.995219   6.239921
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.38819
data: equity =   1.566577  debt =   0.276066  firm =   1.842643

agency cost: EZC - k L (EZC:ecfconst =   6.116364, k:agcpara = 0.28349493)
liq.cash: 10Y average (1Y) =   5.972244 ( 0.27782) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =   2.431119 ( 0.11309)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5084 0.01230   0.08960 0.06164  0.08541  0.08126    1.5666   0.2761   1.8427
 dbratio     ROA    ROA1 debtcf1
 0.14983 0.15077 0.12747 0.01749

TOSYOU CODE: 5805    215
debtcashflow initial values:   0.000010   5.482798
stddev initial values:   0.000010   5.482798
ecfconst solution interval:   6.698515   6.971924
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.40031
data: equity =   1.367731  debt =   0.459868  firm =   1.827599

agency cost: EZC - k L (EZC:ecfconst =   6.813099, k:agcpara = 0.27093790)
liq.cash: 10Y average (1Y) =   6.575572 ( 0.30453) : loss rate  0.0349
liq.cash: 10Y std.dev. (1Y) =   2.777469 ( 0.12863)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8767 0.02009   0.10578 0.06459  0.09542  0.08810    1.3677   0.4599   1.8276
 dbratio     ROA    ROA1 debtcf1
 0.25163 0.16663 0.14063 0.03095

TOSYOU CODE: 7309    216
debtcashflow initial values:   0.000010   5.473765
stddev initial values:   0.000010   5.473765
ecfconst solution interval:   4.935143   5.136577
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.10904
data: equity =   1.609374  debt =   0.215214  firm =   1.824588

agency cost: EZC - k L (EZC:ecfconst =   4.975611, k:agcpara = 0.27394232)
liq.cash: 10Y average (1Y) =   4.862619 ( 0.22182) : loss rate  0.0227
liq.cash: 10Y std.dev. (1Y) =   2.698262 ( 0.12309)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4125 0.04955   0.06899 0.06181  0.06814  0.06486    1.6094   0.2152   1.8246
 dbratio     ROA    ROA1 debtcf1
 0.11795 0.12157 0.10552 0.01484

TOSYOU CODE: 2201    217
debtcashflow initial values:   0.000010   5.467147
stddev initial values:   0.000010   5.467147
ecfconst solution interval:   5.429239   5.650841
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29797
data: equity =   1.581097  debt =   0.241285  firm =   1.822382

agency cost: EZC - k L (EZC:ecfconst =   5.414028, k:agcpara = 0.27296139)
liq.cash: 10Y average (1Y) =   5.291622 ( 0.24432) : loss rate  0.0226
liq.cash: 10Y std.dev. (1Y) =   2.456266 ( 0.11341)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4484 0.02432   0.07799 0.06133  0.07578  0.07213    1.5811   0.2413   1.8224
 dbratio     ROA    ROA1 debtcf1
 0.13240 0.13407 0.11503 0.01562

TOSYOU CODE: 3106    218
debtcashflow initial values:   0.000010   5.414849
stddev initial values:   0.000010   5.414849
ecfconst solution interval:   5.872582   6.112279
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.25045
data: equity =   1.441702  debt =   0.363248  firm =   1.804950

agency cost: EZC - k L (EZC:ecfconst =   5.934218, k:agcpara = 0.26078046)
liq.cash: 10Y average (1Y) =   5.749949 ( 0.26629) : loss rate  0.0311
liq.cash: 10Y std.dev. (1Y) =   2.808217 ( 0.13006)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7066 0.03625   0.08969 0.06492  0.08471  0.07883    1.4417   0.3633   1.8050
 dbratio     ROA    ROA1 debtcf1
 0.20126 0.14753 0.12639 0.02545

TOSYOU CODE: 5734    219
debtcashflow initial values:   0.000010   5.393576
stddev initial values:   0.000010   5.393576
ecfconst solution interval:   6.096178   6.345002
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.44217
data: equity =   1.123506  debt =   0.674353  firm =   1.797859

agency cost: EZC - k L (EZC:ecfconst =   6.207232, k:agcpara = 0.24132195)
liq.cash: 10Y average (1Y) =   5.895967 ( 0.27069) : loss rate  0.0501
liq.cash: 10Y std.dev. (1Y) =   2.454269 ( 0.11268)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2898 0.03027   0.10426 0.06428  0.08926  0.07841    1.1235   0.6743   1.7978
 dbratio     ROA    ROA1 debtcf1
 0.37508 0.15056 0.13192 0.04577

TOSYOU CODE: 4203    220
debtcashflow initial values:   0.000010   5.375420
stddev initial values:   0.000010   5.375420
ecfconst solution interval:   6.075657   6.323643
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.40941
data: equity =   1.254050  debt =   0.537757  firm =   1.791807

agency cost: EZC - k L (EZC:ecfconst =   6.194558, k:agcpara = 0.25084590)
liq.cash: 10Y average (1Y) =   5.937025 ( 0.27390) : loss rate  0.0416
liq.cash: 10Y std.dev. (1Y) =   2.581640 ( 0.11910)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0267 0.02858   0.09999 0.06400  0.08919  0.08054    1.2541   0.5378   1.7918
 dbratio     ROA    ROA1 debtcf1
 0.30012 0.15286 0.13207 0.03640

TOSYOU CODE: 5632    221
debtcashflow initial values:   0.000010   5.373177
stddev initial values:   0.000010   5.373177
ecfconst solution interval:   5.335924   5.553716
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29372
data: equity =   1.394640  debt =   0.396419  firm =   1.791059

agency cost: EZC - k L (EZC:ecfconst =   5.415492, k:agcpara = 0.24638894)
liq.cash: 10Y average (1Y) =   5.225978 ( 0.23987) : loss rate  0.0350
liq.cash: 10Y std.dev. (1Y) =   2.699096 ( 0.12389)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7692 0.04935   0.08163 0.06327  0.07756  0.07126    1.3946   0.3964   1.7911
 dbratio     ROA    ROA1 debtcf1
 0.22134 0.13392 0.11700 0.02785

TOSYOU CODE: 4509    222
debtcashflow initial values:   0.000010   5.369691
stddev initial values:   0.000010   5.369691
ecfconst solution interval:   5.086886   5.294514
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24518
data: equity =   1.639864  debt =   0.150033  firm =   1.789897

agency cost: EZC - k L (EZC:ecfconst =   5.151713, k:agcpara = 0.28653525)
liq.cash: 10Y average (1Y) =   5.072349 ( 0.23436) : loss rate  0.0154
liq.cash: 10Y std.dev. (1Y) =   2.397883 ( 0.11079)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2770 0.02276   0.07399 0.06077  0.07288  0.07059    1.6399   0.1501   1.7899
 dbratio     ROA    ROA1 debtcf1
 0.08383 0.13093 0.11151 0.00959

TOSYOU CODE: 3941    223
debtcashflow initial values:   0.000010   5.310412
stddev initial values:   0.000010   5.310412
ecfconst solution interval:   5.516459   5.741621
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47479
data: equity =   1.083808  debt =   0.686329  firm =   1.770137

agency cost: EZC - k L (EZC:ecfconst =   5.740906, k:agcpara = 0.22815267)
liq.cash: 10Y average (1Y) =   5.439523 ( 0.24807) : loss rate  0.0525
liq.cash: 10Y std.dev. (1Y) =   2.359432 ( 0.10760)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3210 0.04044   0.09725 0.06406  0.08438  0.07321    1.0838   0.6863   1.7701
 dbratio     ROA    ROA1 debtcf1
 0.38772 0.14014 0.12486 0.04724

TOSYOU CODE: 5410    224
debtcashflow initial values:   0.000010   5.259230
stddev initial values:   0.000010   5.259230
ecfconst solution interval:   4.982242   5.185598
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26187
data: equity =   1.119221  debt =   0.633856  firm =   1.753077

agency cost: EZC - k L (EZC:ecfconst =   5.063955, k:agcpara = 0.22021546)
liq.cash: 10Y average (1Y) =   4.789507 ( 0.21499) : loss rate  0.0542
liq.cash: 10Y std.dev. (1Y) =   2.383617 ( 0.10700)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2463 0.06857   0.08096 0.06350  0.07465  0.06432    1.1192   0.6338   1.7531
 dbratio     ROA    ROA1 debtcf1
 0.36156 0.12264 0.11191 0.04570

TOSYOU CODE: 6370    225
debtcashflow initial values:   0.000010   5.237185
stddev initial values:   0.000010   5.237185
ecfconst solution interval:   5.200870   5.413150
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27068
data: equity =   1.625172  debt =   0.120556  firm =   1.745728

agency cost: EZC - k L (EZC:ecfconst =   5.091562, k:agcpara = 0.29176806)
liq.cash: 10Y average (1Y) =   5.026978 ( 0.23301) : loss rate  0.0127
liq.cash: 10Y std.dev. (1Y) =   2.310022 ( 0.10707)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2214 0.01875   0.07502 0.06064  0.07402  0.07214    1.6252   0.1206   1.7457
 dbratio     ROA    ROA1 debtcf1
 0.06906 0.13348 0.11298 0.00762

TOSYOU CODE: 4213    226
debtcashflow initial values:   0.000010   5.231153
stddev initial values:   0.000010   5.231153
ecfconst solution interval:   5.912595   6.153925
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.43480
data: equity =   1.197406  debt =   0.546312  firm =   1.743718

agency cost: EZC - k L (EZC:ecfconst =   6.119831, k:agcpara = 0.25160543)
liq.cash: 10Y average (1Y) =   5.858105 ( 0.27026) : loss rate  0.0428
liq.cash: 10Y std.dev. (1Y) =   2.493737 ( 0.11505)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0402 0.02668   0.10251 0.06394  0.09043  0.08141    1.1974   0.5463   1.7437
 dbratio     ROA    ROA1 debtcf1
 0.31331 0.15499 0.13377 0.03678

TOSYOU CODE: 7123    227
debtcashflow initial values:   0.000010   5.183712
stddev initial values:   0.000010   5.183712
ecfconst solution interval:   5.621907   5.851373
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43122
data: equity =   1.399242  debt =   0.328662  firm =   1.727904

agency cost: EZC - k L (EZC:ecfconst =   5.721696, k:agcpara = 0.25834453)
liq.cash: 10Y average (1Y) =   5.559800 ( 0.25799) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   2.647863 ( 0.12287)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6267 0.03123   0.09040 0.06331  0.08525  0.07983    1.3992   0.3287   1.7279
 dbratio     ROA    ROA1 debtcf1
 0.19021 0.14931 0.12720 0.02226

TOSYOU CODE: 3591    228
debtcashflow initial values:   0.000010   5.170549
stddev initial values:   0.000010   5.170549
ecfconst solution interval:   5.844102   6.082637
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 = 0.10620  std.dev = 0.17038  lambda =   3.29749
riskless rate of interest = 0.05974  correlation =  0.37834
data: equity =   1.603346  debt =   0.120170  firm =   1.723516

agency cost: EZC - k L (EZC:ecfconst =   5.764855, k:agcpara = 0.30673328)
liq.cash: 10Y average (1Y) =   5.697497 ( 0.26659) : loss rate  0.0117
liq.cash: 10Y std.dev. (1Y) =   2.270706 ( 0.10625)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2196 0.00792   0.08786 0.06131  0.08601  0.08409    1.6033   0.1202   1.7235
 dbratio     ROA    ROA1 debtcf1
 0.06972 0.15468 0.12833 0.00750

TOSYOU CODE: 6587    229
debtcashflow initial values:   0.000010   5.155198
stddev initial values:   0.000010   5.155198
ecfconst solution interval:   5.590988   5.819192
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.41967
data: equity =   1.582542  debt =   0.135857  firm =   1.718399

agency cost: EZC - k L (EZC:ecfconst =   5.880190, k:agcpara = 0.30687966)
liq.cash: 10Y average (1Y) =   5.804172 ( 0.27149) : loss rate  0.0129
liq.cash: 10Y std.dev. (1Y) =   2.262521 ( 0.10583)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2477 0.00703   0.09031 0.06116  0.08801  0.08583    1.5825   0.1359   1.7184
 dbratio     ROA    ROA1 debtcf1
 0.07906 0.15799 0.13091 0.00844

TOSYOU CODE: 4045    230
debtcashflow initial values:   0.000010   5.080126
stddev initial values:   0.000010   5.080126
ecfconst solution interval:   5.509570   5.734450
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.45485
data: equity =   1.163481  debt =   0.529894  firm =   1.693375

agency cost: EZC - k L (EZC:ecfconst =   5.586799, k:agcpara = 0.24336989)
liq.cash: 10Y average (1Y) =   5.337304 ( 0.24511) : loss rate  0.0447
liq.cash: 10Y std.dev. (1Y) =   2.419983 ( 0.11113)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0252 0.03738   0.09495 0.06459  0.08545  0.07635    1.1635   0.5299   1.6934
 dbratio     ROA    ROA1 debtcf1
 0.31292 0.14475 0.12679 0.03677

TOSYOU CODE: 7102    231
debtcashflow initial values:   0.000010   5.079018
stddev initial values:   0.000010   5.079018
ecfconst solution interval:   5.276085   5.491435
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37381
data: equity =   1.373938  debt =   0.319068  firm =   1.693006

agency cost: EZC - k L (EZC:ecfconst =   5.414143, k:agcpara = 0.25523693)
liq.cash: 10Y average (1Y) =   5.257959 ( 0.24347) : loss rate  0.0288
liq.cash: 10Y std.dev. (1Y) =   2.598463 ( 0.12032)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6119 0.03689   0.08664 0.06331  0.08225  0.07688    1.3739   0.3191   1.6930
 dbratio     ROA    ROA1 debtcf1
 0.18846 0.14381 0.12328 0.02187

TOSYOU CODE: 3110    232
debtcashflow initial values:   0.000010   5.041550
stddev initial values:   0.000010   5.041550
ecfconst solution interval:   6.390002   6.650818
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.46234
data: equity =   1.166453  debt =   0.514064  firm =   1.680517

agency cost: EZC - k L (EZC:ecfconst =   6.507134, k:agcpara = 0.27239881)
liq.cash: 10Y average (1Y) =   6.241833 ( 0.28842) : loss rate  0.0408
liq.cash: 10Y std.dev. (1Y) =   2.481644 ( 0.11467)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9739 0.01689   0.11338 0.06436  0.09839  0.08953    1.1665   0.5141   1.6805
 dbratio     ROA    ROA1 debtcf1
 0.30589 0.17163 0.14497 0.03418

TOSYOU CODE: 4521    233
debtcashflow initial values:   0.000010   5.039959
stddev initial values:   0.000010   5.039959
ecfconst solution interval:   5.005017   5.209303
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26029
data: equity =   1.339431  debt =   0.340555  firm =   1.679986

agency cost: EZC - k L (EZC:ecfconst =   4.984095, k:agcpara = 0.24801546)
liq.cash: 10Y average (1Y) =   4.819928 ( 0.22109) : loss rate  0.0329
liq.cash: 10Y std.dev. (1Y) =   2.567915 ( 0.11779)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6619 0.05270   0.07907 0.06303  0.07582  0.07007    1.3394   0.3406   1.6800
 dbratio     ROA    ROA1 debtcf1
 0.20271 0.13160 0.11488 0.02404

TOSYOU CODE: 5480    234
debtcashflow initial values:   0.000010   5.024996
stddev initial values:   0.000010   5.024996
ecfconst solution interval:   4.760350   4.954650
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31688
data: equity =   0.982071  debt =   0.692928  firm =   1.674999

agency cost: EZC - k L (EZC:ecfconst =   4.935393, k:agcpara = 0.21190806)
liq.cash: 10Y average (1Y) =   4.647569 ( 0.20828) : loss rate  0.0583
liq.cash: 10Y std.dev. (1Y) =   2.170480 ( 0.09727)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3583 0.06483   0.08597 0.06392  0.07685  0.06495    0.9821   0.6929   1.6750
 dbratio     ROA    ROA1 debtcf1
 0.41369 0.12435 0.11412 0.04955

TOSYOU CODE: 2211    235
debtcashflow initial values:   0.000010   4.917143
stddev initial values:   0.000010   4.917143
ecfconst solution interval:   4.883046   5.082354
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32253
data: equity =   1.498944  debt =   0.140104  firm =   1.639048

agency cost: EZC - k L (EZC:ecfconst =   4.922548, k:agcpara = 0.28943076)
liq.cash: 10Y average (1Y) =   4.848132 ( 0.22511) : loss rate  0.0151
liq.cash: 10Y std.dev. (1Y) =   2.162499 ( 0.10041)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2571 0.01688   0.07809 0.06080  0.07661  0.07427    1.4989   0.1401   1.6390
 dbratio     ROA    ROA1 debtcf1
 0.08547 0.13734 0.11625 0.00884

TOSYOU CODE: 2536    236
debtcashflow initial values:   0.000010   4.890432
stddev initial values:   0.000010   4.890432
ecfconst solution interval:   5.080183   5.287537
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.33574
data: equity =   1.219315  debt =   0.410829  firm =   1.630144

agency cost: EZC - k L (EZC:ecfconst =   5.076920, k:agcpara = 0.24637194)
liq.cash: 10Y average (1Y) =   4.879437 ( 0.22400) : loss rate  0.0389
liq.cash: 10Y std.dev. (1Y) =   2.430333 ( 0.11157)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8016 0.04668   0.08567 0.06428  0.08028  0.07299    1.2193   0.4108   1.6301
 dbratio     ROA    ROA1 debtcf1
 0.25202 0.13741 0.12031 0.02905

TOSYOU CODE: 5562    237
debtcashflow initial values:   0.000010   4.889202
stddev initial values:   0.000010   4.889202
ecfconst solution interval:   4.631706   4.820755
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.28960
data: equity =   0.786896  debt =   0.842838  firm =   1.629734

agency cost: EZC - k L (EZC:ecfconst =   4.618583, k:agcpara = 0.18814476)
liq.cash: 10Y average (1Y) =   4.303556 ( 0.18901) : loss rate  0.0682
liq.cash: 10Y std.dev. (1Y) =   1.905175 ( 0.08368)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6744 0.08379   0.08609 0.06462  0.07499  0.05995    0.7869   0.8428   1.6297
 dbratio     ROA    ROA1 debtcf1
 0.51717 0.11598 0.10979 0.06173

TOSYOU CODE: 2809    238
debtcashflow initial values:   0.000010   4.840428
stddev initial values:   0.000010   4.840428
ecfconst solution interval:   5.249605   5.463875
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.35743
data: equity =   1.297905  debt =   0.315571  firm =   1.613476

agency cost: EZC - k L (EZC:ecfconst =   5.363563, k:agcpara = 0.26115448)
liq.cash: 10Y average (1Y) =   5.204534 ( 0.24135) : loss rate  0.0296
liq.cash: 10Y std.dev. (1Y) =   2.501147 ( 0.11598)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6089 0.03308   0.09079 0.06439  0.08562  0.07996    1.2979   0.3156   1.6135
 dbratio     ROA    ROA1 debtcf1
 0.19559 0.14958 0.12764 0.02180

TOSYOU CODE: 5991    239
debtcashflow initial values:   0.000010   4.822811
stddev initial values:   0.000010   4.822811
ecfconst solution interval:   5.009937   5.214424
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32063
data: equity =   1.254140  debt =   0.353464  firm =   1.607604

agency cost: EZC - k L (EZC:ecfconst =   4.946366, k:agcpara = 0.24779294)
liq.cash: 10Y average (1Y) =   4.776924 ( 0.21975) : loss rate  0.0343
liq.cash: 10Y std.dev. (1Y) =   2.422950 ( 0.11146)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6838 0.04558   0.08349 0.06337  0.07906  0.07279    1.2541   0.3535   1.6076
 dbratio     ROA    ROA1 debtcf1
 0.21987 0.13670 0.11895 0.02467

TOSYOU CODE: 4021    240
debtcashflow initial values:   0.000010   4.774369
stddev initial values:   0.000010   4.774369
ecfconst solution interval:   5.177957   5.389302
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.29819
data: equity =   0.987006  debt =   0.604450  firm =   1.591456

agency cost: EZC - k L (EZC:ecfconst =   5.249656, k:agcpara = 0.23507535)
liq.cash: 10Y average (1Y) =   4.971946 ( 0.22697) : loss rate  0.0529
liq.cash: 10Y std.dev. (1Y) =   2.183518 ( 0.09968)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1814 0.04128   0.09823 0.06559  0.08583  0.07462    0.9870   0.6045   1.5915
 dbratio     ROA    ROA1 debtcf1
 0.37982 0.14261 0.12676 0.04263

TOSYOU CODE: 7914    241
debtcashflow initial values:   0.000010   4.766392
stddev initial values:   0.000010   4.766392
ecfconst solution interval:   5.169314   5.380306
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.33567
data: equity =   1.345062  debt =   0.243735  firm =   1.588797

agency cost: EZC - k L (EZC:ecfconst =   5.330975, k:agcpara = 0.28594265)
liq.cash: 10Y average (1Y) =   5.201509 ( 0.24194) : loss rate  0.0243
liq.cash: 10Y std.dev. (1Y) =   2.121848 ( 0.09870)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4528 0.01261   0.09069 0.06253  0.08637  0.08205    1.3451   0.2437   1.5888
 dbratio     ROA    ROA1 debtcf1
 0.15342 0.15228 0.12869 0.01567

TOSYOU CODE: 5331    242
debtcashflow initial values:   0.000010   4.740716
stddev initial values:   0.000010   4.740716
ecfconst solution interval:   5.358277   5.576983
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.36093
data: equity =   1.278679  debt =   0.301560  firm =   1.580239

agency cost: EZC - k L (EZC:ecfconst =   5.377241, k:agcpara = 0.26268248)
liq.cash: 10Y average (1Y) =   5.225999 ( 0.24273) : loss rate  0.0281
liq.cash: 10Y std.dev. (1Y) =   2.439774 ( 0.11332)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5758 0.02832   0.09322 0.06377  0.08760  0.08212    1.2787   0.3016   1.5802
 dbratio     ROA    ROA1 debtcf1
 0.19083 0.15360 0.13027 0.02044

TOSYOU CODE: 6933    243
debtcashflow initial values:   0.000010   4.720941
stddev initial values:   0.000010   4.720941
ecfconst solution interval:   4.904116   5.104284
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.29762
data: equity =   1.214182  debt =   0.359465  firm =   1.573647

agency cost: EZC - k L (EZC:ecfconst =   5.061700, k:agcpara = 0.25188645)
liq.cash: 10Y average (1Y) =   4.886722 ( 0.22555) : loss rate  0.0346
liq.cash: 10Y std.dev. (1Y) =   2.373294 ( 0.10954)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6947 0.03867   0.08851 0.06403  0.08292  0.07634    1.2142   0.3595   1.5737
 dbratio     ROA    ROA1 debtcf1
 0.22843 0.14333 0.12393 0.02495

TOSYOU CODE: 5213    244
debtcashflow initial values:   0.000010   4.704050
stddev initial values:   0.000010   4.704050
ecfconst solution interval:   4.886564   5.086016
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41582
data: equity =   1.258555  debt =   0.309462  firm =   1.568017

agency cost: EZC - k L (EZC:ecfconst =   5.137625, k:agcpara = 0.25634244)
liq.cash: 10Y average (1Y) =   4.986012 ( 0.23110) : loss rate  0.0295
liq.cash: 10Y std.dev. (1Y) =   2.392888 ( 0.11091)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5914 0.03314   0.08953 0.06336  0.08436  0.07874    1.2586   0.3095   1.5680
 dbratio     ROA    ROA1 debtcf1
 0.19737 0.14738 0.12601 0.02106

TOSYOU CODE: 6103    245
debtcashflow initial values:   0.000010   4.696500
stddev initial values:   0.000010   4.696500
ecfconst solution interval:   4.449151   4.630749
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24655
data: equity =   1.337746  debt =   0.227754  firm =   1.565500

agency cost: EZC - k L (EZC:ecfconst =   4.524972, k:agcpara = 0.26479597)
liq.cash: 10Y average (1Y) =   4.411788 ( 0.20269) : loss rate  0.0250
liq.cash: 10Y std.dev. (1Y) =   2.157853 ( 0.09914)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4274 0.03241   0.07547 0.06148  0.07343  0.06941    1.3377   0.2278   1.5655
 dbratio     ROA    ROA1 debtcf1
 0.14548 0.12947 0.11198 0.01505

TOSYOU CODE: 6383    246
debtcashflow initial values:   0.000010   4.671534
stddev initial values:   0.000010   4.671534
ecfconst solution interval:   4.211854   4.383766
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.19500
data: equity =   1.358210  debt =   0.198968  firm =   1.557178

agency cost: EZC - k L (EZC:ecfconst =   4.368442, k:agcpara = 0.26902403)
liq.cash: 10Y average (1Y) =   4.267791 ( 0.19551) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   2.179203 ( 0.09983)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3741 0.03699   0.07214 0.06117  0.07073  0.06722    1.3582   0.1990   1.5572
 dbratio     ROA    ROA1 debtcf1
 0.12778 0.12555 0.10866 0.01322

TOSYOU CODE: 6104    247
debtcashflow initial values:   0.000010   4.670999
stddev initial values:   0.000010   4.670999
ecfconst solution interval:   4.638615   4.827946
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34092
data: equity =   1.087501  debt =   0.469499  firm =   1.557000

agency cost: EZC - k L (EZC:ecfconst =   4.778600, k:agcpara = 0.23517878)
liq.cash: 10Y average (1Y) =   4.564067 ( 0.20824) : loss rate  0.0449
liq.cash: 10Y std.dev. (1Y) =   2.217740 ( 0.10119)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9122 0.04981   0.08605 0.06373  0.07932  0.07068    1.0875   0.4695   1.5570
 dbratio     ROA    ROA1 debtcf1
 0.30154 0.13375 0.11867 0.03300

TOSYOU CODE: 4518    248
debtcashflow initial values:   0.000010   4.617640
stddev initial values:   0.000010   4.617640
ecfconst solution interval:   5.007986   5.212394
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.37107
data: equity =   1.143083  debt =   0.396131  firm =   1.539213

agency cost: EZC - k L (EZC:ecfconst =   5.207772, k:agcpara = 0.25358938)
liq.cash: 10Y average (1Y) =   5.015136 ( 0.23175) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   2.281809 ( 0.10544)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7596 0.03109   0.09535 0.06409  0.08730  0.07988    1.1431   0.3961   1.5392
 dbratio     ROA    ROA1 debtcf1
 0.25736 0.15056 0.12963 0.02705

TOSYOU CODE: 5602    249
debtcashflow initial values:   0.000010   4.607200
stddev initial values:   0.000010   4.607200
ecfconst solution interval:   4.364557   4.542703
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.17598
data: equity =   1.247880  debt =   0.287853  firm =   1.535733

agency cost: EZC - k L (EZC:ecfconst =   4.308634, k:agcpara = 0.24802942)
liq.cash: 10Y average (1Y) =   4.168842 ( 0.18979) : loss rate  0.0324
liq.cash: 10Y std.dev. (1Y) =   2.393719 ( 0.10898)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5636 0.06602   0.07286 0.06228  0.07088  0.06563    1.2479   0.2878   1.5357
 dbratio     ROA    ROA1 debtcf1
 0.18743 0.12358 0.10867 0.02070

TOSYOU CODE: 6923    250
debtcashflow initial values:   0.000010   4.587518
stddev initial values:   0.000010   4.587518
ecfconst solution interval:   4.136110   4.304930
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.15899
data: equity =   1.202348  debt =   0.326825  firm =   1.529173

agency cost: EZC - k L (EZC:ecfconst =   4.226812, k:agcpara = 0.24359803)
liq.cash: 10Y average (1Y) =   4.070227 ( 0.18417) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   2.349561 ( 0.10631)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6428 0.07232   0.07176 0.06215  0.06971  0.06373    1.2023   0.3268   1.5292
 dbratio     ROA    ROA1 debtcf1
 0.21372 0.12044 0.10702 0.02373

TOSYOU CODE: 3865    251
debtcashflow initial values:   0.000010   4.585096
stddev initial values:   0.000010   4.585096
ecfconst solution interval:   5.392068   5.612152
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.45514
data: equity =   0.833918  debt =   0.694447  firm =   1.528365

agency cost: EZC - k L (EZC:ecfconst =   5.590730, k:agcpara = 0.24562294)
liq.cash: 10Y average (1Y) =   5.264980 ( 0.24164) : loss rate  0.0583
liq.cash: 10Y std.dev. (1Y) =   1.993848 ( 0.09151)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3262 0.02411   0.11767 0.06490  0.09369  0.08042    0.8339   0.6944   1.5284
 dbratio     ROA    ROA1 debtcf1
 0.45437 0.15811 0.13848 0.04684

TOSYOU CODE: 5122    252
debtcashflow initial values:   0.000010   4.582400
stddev initial values:   0.000010   4.582400
ecfconst solution interval:   4.341057   4.518243
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24230
data: equity =   1.311940  debt =   0.215527  firm =   1.527467

agency cost: EZC - k L (EZC:ecfconst =   4.403923, k:agcpara = 0.26631119)
liq.cash: 10Y average (1Y) =   4.296275 ( 0.19740) : loss rate  0.0244
liq.cash: 10Y std.dev. (1Y) =   2.105055 ( 0.09672)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4042 0.03224   0.07513 0.06142  0.07319  0.06929    1.3119   0.2155   1.5275
 dbratio     ROA    ROA1 debtcf1
 0.14111 0.12923 0.11170 0.01422

TOSYOU CODE: 7240    253
debtcashflow initial values:   0.000010   4.564988
stddev initial values:   0.000010   4.564988
ecfconst solution interval:   4.742112   4.935668
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39510
data: equity =   1.144283  debt =   0.377380  firm =   1.521663

agency cost: EZC - k L (EZC:ecfconst =   4.876746, k:agcpara = 0.24731670)
liq.cash: 10Y average (1Y) =   4.697191 ( 0.21643) : loss rate  0.0368
liq.cash: 10Y std.dev. (1Y) =   2.248591 ( 0.10361)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7260 0.03869   0.08898 0.06361  0.08268  0.07559    1.1443   0.3774   1.5217
 dbratio     ROA    ROA1 debtcf1
 0.24800 0.14223 0.12352 0.02601

TOSYOU CODE: 7242    254
debtcashflow initial values:   0.000010   4.541604
stddev initial values:   0.000010   4.541604
ecfconst solution interval:   4.510117   4.694203
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39593
data: equity =   1.059418  debt =   0.454450  firm =   1.513868

agency cost: EZC - k L (EZC:ecfconst =   4.802195, k:agcpara = 0.23863083)
liq.cash: 10Y average (1Y) =   4.592754 ( 0.21044) : loss rate  0.0436
liq.cash: 10Y std.dev. (1Y) =   2.158364 ( 0.09889)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8777 0.04260   0.08993 0.06382  0.08209  0.07347    1.0594   0.4545   1.5139
 dbratio     ROA    ROA1 debtcf1
 0.30020 0.13900 0.12237 0.03154

TOSYOU CODE: 6395    255
debtcashflow initial values:   0.000010   4.508622
stddev initial values:   0.000010   4.508622
ecfconst solution interval:   4.683557   4.874723
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 = 0.10620  std.dev = 0.17038  lambda =   3.29749
riskless rate of interest = 0.05974  correlation =  0.28772
data: equity =   1.179576  debt =   0.323298  firm =   1.502874

agency cost: EZC - k L (EZC:ecfconst =   4.875918, k:agcpara = 0.25577865)
liq.cash: 10Y average (1Y) =   4.715690 ( 0.21801) : loss rate  0.0329
liq.cash: 10Y std.dev. (1Y) =   2.299422 ( 0.10630)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6264 0.03767   0.08888 0.06438  0.08361  0.07738    1.1796   0.3233   1.5029
 dbratio     ROA    ROA1 debtcf1
 0.21512 0.14506 0.12490 0.02253

TOSYOU CODE: 5479    256
debtcashflow initial values:   0.000010   4.466104
stddev initial values:   0.000010   4.466104
ecfconst solution interval:   4.230886   4.403575
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30827
data: equity =   0.864700  debt =   0.624001  firm =   1.488701

agency cost: EZC - k L (EZC:ecfconst =   4.358168, k:agcpara = 0.21027285)
liq.cash: 10Y average (1Y) =   4.100700 ( 0.18344) : loss rate  0.0591
liq.cash: 10Y std.dev. (1Y) =   1.918481 ( 0.08582)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2244 0.06691   0.08538 0.06389  0.07637  0.06432    0.8647   0.6240   1.4887
 dbratio     ROA    ROA1 debtcf1
 0.41916 0.12322 0.11340 0.04473

TOSYOU CODE: 7905    257
debtcashflow initial values:   0.000010   4.427101
stddev initial values:   0.000010   4.427101
ecfconst solution interval:   4.396408   4.575853
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27740
data: equity =   1.053716  debt =   0.421984  firm =   1.475700

agency cost: EZC - k L (EZC:ecfconst =   4.368650, k:agcpara = 0.23494950)
liq.cash: 10Y average (1Y) =   4.174925 ( 0.18977) : loss rate  0.0443
liq.cash: 10Y std.dev. (1Y) =   2.129913 ( 0.09682)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8245 0.05786   0.08123 0.06342  0.07614  0.06798    1.0537   0.4220   1.4757
 dbratio     ROA    ROA1 debtcf1
 0.28595 0.12860 0.11464 0.03005

TOSYOU CODE: 2875    258
debtcashflow initial values:   0.000010   4.420309
stddev initial values:   0.000010   4.420309
ecfconst solution interval:   4.591820   4.779241
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34448
data: equity =   1.137189  debt =   0.336247  firm =   1.473436

agency cost: EZC - k L (EZC:ecfconst =   4.595002, k:agcpara = 0.24765185)
liq.cash: 10Y average (1Y) =   4.434205 ( 0.20413) : loss rate  0.0350
liq.cash: 10Y std.dev. (1Y) =   2.206537 ( 0.10158)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6493 0.04314   0.08523 0.06346  0.08026  0.07374    1.1372   0.3362   1.4734
 dbratio     ROA    ROA1 debtcf1
 0.22821 0.13854 0.12046 0.02337

TOSYOU CODE: 5851    259
debtcashflow initial values:   0.000010   4.394000
stddev initial values:   0.000010   4.394000
ecfconst solution interval:   4.564487   4.750793
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.32690
data: equity =   0.893939  debt =   0.570728  firm =   1.464667

agency cost: EZC - k L (EZC:ecfconst =   4.640725, k:agcpara = 0.22564319)
liq.cash: 10Y average (1Y) =   4.390184 ( 0.19948) : loss rate  0.0540
liq.cash: 10Y std.dev. (1Y) =   1.958959 ( 0.08901)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1103 0.04704   0.09407 0.06461  0.08259  0.07126    0.8939   0.5707   1.4647
 dbratio     ROA    ROA1 debtcf1
 0.38967 0.13619 0.12224 0.04006

TOSYOU CODE: 4041    260
debtcashflow initial values:   0.000010   4.356099
stddev initial values:   0.000010   4.356099
ecfconst solution interval:   4.126682   4.295118
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43074
data: equity =   0.524856  debt =   0.927177  firm =   1.452033

agency cost: EZC - k L (EZC:ecfconst =   4.123085, k:agcpara = 0.15754663)
liq.cash: 10Y average (1Y) =   3.839705 ( 0.16714) : loss rate  0.0687
liq.cash: 10Y std.dev. (1Y) =   1.391347 ( 0.06057)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7987 0.07120   0.09980 0.06418  0.07705  0.05861    0.5249   0.9272   1.4520
 dbratio     ROA    ROA1 debtcf1
 0.63853 0.11511 0.11001 0.06484

TOSYOU CODE: 6931    261
debtcashflow initial values:   0.000010   4.347633
stddev initial values:   0.000010   4.347633
ecfconst solution interval:   5.112817   5.321503
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.38334
data: equity =   1.108755  debt =   0.340456  firm =   1.449211

agency cost: EZC - k L (EZC:ecfconst =   5.254505, k:agcpara = 0.26806766)
liq.cash: 10Y average (1Y) =   5.080055 ( 0.23548) : loss rate  0.0332
liq.cash: 10Y std.dev. (1Y) =   2.213952 ( 0.10262)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6508 0.02272   0.10185 0.06457  0.09309  0.08627    1.1088   0.3405   1.4492
 dbratio     ROA    ROA1 debtcf1
 0.23492 0.16249 0.13747 0.02304

TOSYOU CODE: 3201    262
debtcashflow initial values:   0.000010   4.339620
stddev initial values:   0.000010   4.339620
ecfconst solution interval:   4.904930   5.105131
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.43670
data: equity =   1.190227  debt =   0.256313  firm =   1.446540

agency cost: EZC - k L (EZC:ecfconst =   5.100291, k:agcpara = 0.27000379)
liq.cash: 10Y average (1Y) =   4.968260 ( 0.23109) : loss rate  0.0259
liq.cash: 10Y std.dev. (1Y) =   2.270143 ( 0.10559)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4890 0.02424   0.09635 0.06412  0.09064  0.08553    1.1902   0.2563   1.4465
 dbratio     ROA    ROA1 debtcf1
 0.17719 0.15975 0.13430 0.01731

TOSYOU CODE: 5981    263
debtcashflow initial values:   0.000010   4.313566
stddev initial values:   0.000010   4.313566
ecfconst solution interval:   4.875480   5.074479
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.34762
data: equity =   1.197908  debt =   0.239947  firm =   1.437855

agency cost: EZC - k L (EZC:ecfconst =   5.210095, k:agcpara = 0.27592294)
liq.cash: 10Y average (1Y) =   5.083752 ( 0.23655) : loss rate  0.0242
liq.cash: 10Y std.dev. (1Y) =   2.286930 ( 0.10641)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4579 0.02155   0.09873 0.06444  0.09301  0.08817    1.1979   0.2399   1.4379
 dbratio     ROA    ROA1 debtcf1
 0.16688 0.16452 0.13740 0.01619

TOSYOU CODE: 6371    264
debtcashflow initial values:   0.000010   4.303743
stddev initial values:   0.000010   4.303743
ecfconst solution interval:   4.667554   4.858066
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44749
data: equity =   1.154126  debt =   0.280455  firm =   1.434581

agency cost: EZC - k L (EZC:ecfconst =   4.792421, k:agcpara = 0.25862409)
liq.cash: 10Y average (1Y) =   4.654291 ( 0.21598) : loss rate  0.0288
liq.cash: 10Y std.dev. (1Y) =   2.191777 ( 0.10171)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5341 0.03006   0.09153 0.06332  0.08602  0.08045    1.1541   0.2804   1.4346
 dbratio     ROA    ROA1 debtcf1
 0.19549 0.15056 0.12819 0.01895

TOSYOU CODE: 6581    265
debtcashflow initial values:   0.000010   4.301879
stddev initial values:   0.000010   4.301879
ecfconst solution interval:   4.075311   4.241650
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26847
data: equity =   1.290525  debt =   0.143435  firm =   1.433960

agency cost: EZC - k L (EZC:ecfconst =   4.185789, k:agcpara = 0.28247330)
liq.cash: 10Y average (1Y) =   4.110853 ( 0.18998) : loss rate  0.0179
liq.cash: 10Y std.dev. (1Y) =   1.924482 ( 0.08894)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2653 0.02285   0.07561 0.06096  0.07415  0.07140    1.2905   0.1434   1.4340
 dbratio     ROA    ROA1 debtcf1
 0.10003 0.13249 0.11307 0.00920

TOSYOU CODE: 6507    266
debtcashflow initial values:   0.000010   4.298883
stddev initial values:   0.000010   4.298883
ecfconst solution interval:   4.269076   4.443324
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38126
data: equity =   0.813013  debt =   0.619948  firm =   1.432961

agency cost: EZC - k L (EZC:ecfconst =   4.354171, k:agcpara = 0.21162240)
liq.cash: 10Y average (1Y) =   4.098536 ( 0.18439) : loss rate  0.0587
liq.cash: 10Y std.dev. (1Y) =   1.825057 ( 0.08211)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2080 0.05662   0.09129 0.06416  0.07955  0.06706    0.8130   0.6200   1.4330
 dbratio     ROA    ROA1 debtcf1
 0.43264 0.12868 0.11755 0.04375

TOSYOU CODE: 2602    267
debtcashflow initial values:   0.000010   4.273023
stddev initial values:   0.000010   4.273023
ecfconst solution interval:   4.438812   4.619988
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39404
data: equity =   1.225301  debt =   0.199040  firm =   1.424341

agency cost: EZC - k L (EZC:ecfconst =   4.450477, k:agcpara = 0.27666542)
liq.cash: 10Y average (1Y) =   4.348890 ( 0.20171) : loss rate  0.0228
liq.cash: 10Y std.dev. (1Y) =   1.884749 ( 0.08742)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3672 0.01732   0.08325 0.06129  0.08018  0.07633    1.2253   0.1991   1.4244
 dbratio     ROA    ROA1 debtcf1
 0.13975 0.14161 0.12067 0.01268

TOSYOU CODE: 5463    268
debtcashflow initial values:   0.000010   4.264332
stddev initial values:   0.000010   4.264332
ecfconst solution interval:   4.039746   4.204634
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33588
data: equity =   1.397412  debt =   0.024032  firm =   1.421444

agency cost: EZC - k L (EZC:ecfconst =   4.284087, k:agcpara = 0.30599807)
liq.cash: 10Y average (1Y) =   4.270754 ( 0.19963) : loss rate  0.0031
liq.cash: 10Y std.dev. (1Y) =   1.836086 ( 0.08582)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0436 0.01066   0.07716 0.06020  0.07687  0.07641    1.3974   0.0240   1.4214
 dbratio     ROA    ROA1 debtcf1
 0.01690 0.14044 0.11664 0.00148

TOSYOU CODE: 2206    269
debtcashflow initial values:   0.000010   4.257266
stddev initial values:   0.000010   4.257266
ecfconst solution interval:   4.227750   4.400311
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33950
data: equity =   1.302166  debt =   0.116923  firm =   1.419089

agency cost: EZC - k L (EZC:ecfconst =   4.300442, k:agcpara = 0.29107633)
liq.cash: 10Y average (1Y) =   4.238085 ( 0.19702) : loss rate  0.0145
liq.cash: 10Y std.dev. (1Y) =   1.866374 ( 0.08676)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2142 0.01554   0.07888 0.06076  0.07739  0.07514    1.3022   0.1169   1.4191
 dbratio     ROA    ROA1 debtcf1
 0.08240 0.13883 0.11725 0.00736

TOSYOU CODE: 2288    270
debtcashflow initial values:   0.000010   4.191882
stddev initial values:   0.000010   4.191882
ecfconst solution interval:   4.354532   4.532268
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 = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.44204
data: equity =   1.274695  debt =   0.122599  firm =   1.397294

agency cost: EZC - k L (EZC:ecfconst =   4.509668, k:agcpara = 0.29630039)
liq.cash: 10Y average (1Y) =   4.443444 ( 0.20741) : loss rate  0.0147
liq.cash: 10Y std.dev. (1Y) =   1.826274 ( 0.08524)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2235 0.01043   0.08502 0.06077  0.08289  0.08049    1.2747   0.1226   1.3973
 dbratio     ROA    ROA1 debtcf1
 0.08774 0.14843 0.12431 0.00763

TOSYOU CODE: 2001    271
debtcashflow initial values:   0.000010   4.146921
stddev initial values:   0.000010   4.146921
ecfconst solution interval:   4.497475   4.681045
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.49670
data: equity =   1.134407  debt =   0.247900  firm =   1.382307

agency cost: EZC - k L (EZC:ecfconst =   4.770214, k:agcpara = 0.26423715)
liq.cash: 10Y average (1Y) =   4.646273 ( 0.21611) : loss rate  0.0260
liq.cash: 10Y std.dev. (1Y) =   2.135178 ( 0.09931)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4691 0.02521   0.09436 0.06313  0.08876  0.08367    1.1344   0.2479   1.3823
 dbratio     ROA    ROA1 debtcf1
 0.17934 0.15634 0.13186 0.01653

TOSYOU CODE: 7981    272
debtcashflow initial values:   0.000010   4.135831
stddev initial values:   0.000010   4.135831
ecfconst solution interval:   4.107160   4.274800
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28512
data: equity =   1.084796  debt =   0.293814  firm =   1.378610

agency cost: EZC - k L (EZC:ecfconst =   4.150588, k:agcpara = 0.24733028)
liq.cash: 10Y average (1Y) =   4.009572 ( 0.18409) : loss rate  0.0340
liq.cash: 10Y std.dev. (1Y) =   2.089503 ( 0.09593)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5702 0.04988   0.08093 0.06320  0.07715  0.07109    1.0848   0.2938   1.3786
 dbratio     ROA    ROA1 debtcf1
 0.21313 0.13353 0.11652 0.02065

TOSYOU CODE: 6925    273
debtcashflow initial values:   0.000010   4.121148
stddev initial values:   0.000010   4.121148
ecfconst solution interval:   4.092578   4.259622
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33419
data: equity =   1.134399  debt =   0.239317  firm =   1.373716

agency cost: EZC - k L (EZC:ecfconst =   4.293877, k:agcpara = 0.25534548)
liq.cash: 10Y average (1Y) =   4.176392 ( 0.19327) : loss rate  0.0274
liq.cash: 10Y std.dev. (1Y) =   2.127614 ( 0.09846)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4601 0.04035   0.08381 0.06317  0.08022  0.07526    1.1344   0.2393   1.3737
 dbratio     ROA    ROA1 debtcf1
 0.17421 0.14069 0.12071 0.01650

TOSYOU CODE: 6845    274
debtcashflow initial values:   0.000010   4.115229
stddev initial values:   0.000010   4.115229
ecfconst solution interval:   4.274897   4.449383
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 = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.22200
data: equity =   1.234800  debt =   0.136943  firm =   1.371743

agency cost: EZC - k L (EZC:ecfconst =   4.251374, k:agcpara = 0.29298300)
liq.cash: 10Y average (1Y) =   4.176498 ( 0.19420) : loss rate  0.0176
liq.cash: 10Y std.dev. (1Y) =   1.855716 ( 0.08629)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2556 0.01730   0.08122 0.06253  0.07936  0.07655    1.2348   0.1369   1.3717
 dbratio     ROA    ROA1 debtcf1
 0.09983 0.14157 0.11976 0.00889

TOSYOU CODE: 6436    275
debtcashflow initial values:   0.000010   4.108551
stddev initial values:   0.000010   4.108551
ecfconst solution interval:   3.704273   3.855467
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.21366
data: equity =   1.314948  debt =   0.054569  firm =   1.369517

agency cost: EZC - k L (EZC:ecfconst =   3.860361, k:agcpara = 0.29737969)
liq.cash: 10Y average (1Y) =   3.830626 ( 0.17728) : loss rate  0.0077
liq.cash: 10Y std.dev. (1Y) =   1.811493 ( 0.08383)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1000 0.01973   0.07146 0.06032  0.07101  0.06993    1.3149   0.0546   1.3695
 dbratio     ROA    ROA1 debtcf1
 0.03984 0.12945 0.10919 0.00344

TOSYOU CODE: 7994    276
debtcashflow initial values:   0.000010   4.086978
stddev initial values:   0.000010   4.086978
ecfconst solution interval:   4.432462   4.613379
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.35087
data: equity =   0.975955  debt =   0.386371  firm =   1.362326

agency cost: EZC - k L (EZC:ecfconst =   4.513013, k:agcpara = 0.24743726)
liq.cash: 10Y average (1Y) =   4.328847 ( 0.19936) : loss rate  0.0408
liq.cash: 10Y std.dev. (1Y) =   1.981529 ( 0.09126)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7443 0.03523   0.09411 0.06424  0.08564  0.07744    0.9760   0.3864   1.3623
 dbratio     ROA    ROA1 debtcf1
 0.28360 0.14634 0.12725 0.02662

TOSYOU CODE: 5482    277
debtcashflow initial values:   0.000010   4.077220
stddev initial values:   0.000010   4.077220
ecfconst solution interval:   4.235413   4.408287
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.42733
data: equity =   1.034408  debt =   0.324665  firm =   1.359073

agency cost: EZC - k L (EZC:ecfconst =   4.485714, k:agcpara = 0.25374478)
liq.cash: 10Y average (1Y) =   4.326694 ( 0.19989) : loss rate  0.0355
liq.cash: 10Y std.dev. (1Y) =   2.043790 ( 0.09442)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6267 0.03512   0.09171 0.06432  0.08516  0.07825    1.0344   0.3247   1.3591
 dbratio     ROA    ROA1 debtcf1
 0.23889 0.14708 0.12683 0.02245

TOSYOU CODE: 7936    278
debtcashflow initial values:   0.000010   4.070865
stddev initial values:   0.000010   4.070865
ecfconst solution interval:   4.414988   4.595192
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 = 0.09873  std.dev = 0.17453  lambda =   2.57619
riskless rate of interest = 0.05931  correlation =  0.36666
data: equity =   1.013980  debt =   0.342975  firm =   1.356955

agency cost: EZC - k L (EZC:ecfconst =   4.367841, k:agcpara = 0.24843072)
liq.cash: 10Y average (1Y) =   4.203056 ( 0.19360) : loss rate  0.0377
liq.cash: 10Y std.dev. (1Y) =   2.013656 ( 0.09275)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6633 0.03938   0.08951 0.06411  0.08309  0.07580    1.0140   0.3430   1.3570
 dbratio     ROA    ROA1 debtcf1
 0.25276 0.14267 0.12401 0.02384

TOSYOU CODE: 6310    279
debtcashflow initial values:   0.000010   4.032704
stddev initial values:   0.000010   4.032704
ecfconst solution interval:   4.189177   4.360164
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.28349
data: equity =   0.986235  debt =   0.358000  firm =   1.344235

agency cost: EZC - k L (EZC:ecfconst =   4.183683, k:agcpara = 0.24506199)
liq.cash: 10Y average (1Y) =   4.011754 ( 0.18387) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   1.993485 ( 0.09137)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7016 0.04841   0.08600 0.06463  0.08031  0.07256    0.9862   0.3580   1.3442
 dbratio     ROA    ROA1 debtcf1
 0.26632 0.13678 0.12023 0.02550

TOSYOU CODE: 2004    280
debtcashflow initial values:   0.000010   3.995117
stddev initial values:   0.000010   3.995117
ecfconst solution interval:   5.063679   5.270360
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.49403
data: equity =   0.925163  debt =   0.406543  firm =   1.331706

agency cost: EZC - k L (EZC:ecfconst =   5.188517, k:agcpara = 0.27340033)
liq.cash: 10Y average (1Y) =   4.978535 ( 0.23008) : loss rate  0.0405
liq.cash: 10Y std.dev. (1Y) =   1.965691 ( 0.09084)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7680 0.01610   0.11412 0.06412  0.09886  0.09005    0.9252   0.4066   1.3317
 dbratio     ROA    ROA1 debtcf1
 0.30529 0.17277 0.14568 0.02690

TOSYOU CODE: 6975    281
debtcashflow initial values:   0.000010   3.965617
stddev initial values:   0.000010   3.965617
ecfconst solution interval:   3.756761   3.910099
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27679
data: equity =   0.893190  debt =   0.428682  firm =   1.321872

agency cost: EZC - k L (EZC:ecfconst =   3.883396, k:agcpara = 0.22799683)
liq.cash: 10Y average (1Y) =   3.691928 ( 0.16692) : loss rate  0.0493
liq.cash: 10Y std.dev. (1Y) =   1.852851 ( 0.08377)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8398 0.06186   0.08165 0.06352  0.07577  0.06650    0.8932   0.4287   1.3219
 dbratio     ROA    ROA1 debtcf1
 0.32429 0.12628 0.11379 0.03068

TOSYOU CODE: 5444    282
debtcashflow initial values:   0.000010   3.958739
stddev initial values:   0.000010   3.958739
ecfconst solution interval:   4.293380   4.468620
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.34128
data: equity =   1.108681  debt =   0.210899  firm =   1.319580

agency cost: EZC - k L (EZC:ecfconst =   4.245394, k:agcpara = 0.27543687)
liq.cash: 10Y average (1Y) =   4.137552 ( 0.19198) : loss rate  0.0254
liq.cash: 10Y std.dev. (1Y) =   1.756197 ( 0.08149)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3915 0.01646   0.08671 0.06205  0.08277  0.07831    1.1087   0.2109   1.3196
 dbratio     ROA    ROA1 debtcf1
 0.15983 0.14548 0.12395 0.01357

TOSYOU CODE: 6444    283
debtcashflow initial values:   0.000010   3.934212
stddev initial values:   0.000010   3.934212
ecfconst solution interval:   3.906937   4.066403
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25099
data: equity =   1.038257  debt =   0.273147  firm =   1.311404

agency cost: EZC - k L (EZC:ecfconst =   3.863942, k:agcpara = 0.24681978)
liq.cash: 10Y average (1Y) =   3.732695 ( 0.17095) : loss rate  0.0340
liq.cash: 10Y std.dev. (1Y) =   1.999699 ( 0.09158)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5318 0.05472   0.07848 0.06300  0.07525  0.06935    1.0383   0.2731   1.3114
 dbratio     ROA    ROA1 debtcf1
 0.20828 0.13036 0.11411 0.01935

TOSYOU CODE: 6498    284
debtcashflow initial values:   0.000010   3.932899
stddev initial values:   0.000010   3.932899
ecfconst solution interval:   4.085493   4.252247
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40898
data: equity =   1.039102  debt =   0.271864  firm =   1.310966

agency cost: EZC - k L (EZC:ecfconst =   4.270215, k:agcpara = 0.25442802)
liq.cash: 10Y average (1Y) =   4.137788 ( 0.19155) : loss rate  0.0310
liq.cash: 10Y std.dev. (1Y) =   1.989181 ( 0.09209)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5205 0.03449   0.08925 0.06342  0.08390  0.07798    1.0391   0.2719   1.3110
 dbratio     ROA    ROA1 debtcf1
 0.20738 0.14612 0.12535 0.01856

TOSYOU CODE: 6206    285
debtcashflow initial values:   0.000010   3.891893
stddev initial values:   0.000010   3.891893
ecfconst solution interval:   4.220890   4.393171
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46842
data: equity =   0.985327  debt =   0.311971  firm =   1.297298

agency cost: EZC - k L (EZC:ecfconst =   4.350515, k:agcpara = 0.25329135)
liq.cash: 10Y average (1Y) =   4.199729 ( 0.19427) : loss rate  0.0347
liq.cash: 10Y std.dev. (1Y) =   1.930955 ( 0.08932)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5953 0.03098   0.09375 0.06353  0.08648  0.07961    0.9853   0.3120   1.2973
 dbratio     ROA    ROA1 debtcf1
 0.24047 0.14975 0.12863 0.02114

TOSYOU CODE: 6707    286
debtcashflow initial values:   0.000010   3.865512
stddev initial values:   0.000010   3.865512
ecfconst solution interval:   3.661927   3.811393
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28072
data: equity =   0.885352  debt =   0.403152  firm =   1.288504

agency cost: EZC - k L (EZC:ecfconst =   3.802813, k:agcpara = 0.23027999)
liq.cash: 10Y average (1Y) =   3.621163 ( 0.16405) : loss rate  0.0478
liq.cash: 10Y std.dev. (1Y) =   1.821227 ( 0.08251)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7888 0.05995   0.08180 0.06351  0.07607  0.06713    0.8854   0.4032   1.2885
 dbratio     ROA    ROA1 debtcf1
 0.31289 0.12732 0.11430 0.02878

TOSYOU CODE: 2281    287
debtcashflow initial values:   0.000010   3.853608
stddev initial values:   0.000010   3.853608
ecfconst solution interval:   4.003123   4.166516
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46005
data: equity =   0.806219  debt =   0.478317  firm =   1.284536

agency cost: EZC - k L (EZC:ecfconst =   4.150953, k:agcpara = 0.22995088)
liq.cash: 10Y average (1Y) =   3.939077 ( 0.17978) : loss rate  0.0510
liq.cash: 10Y std.dev. (1Y) =   1.734009 ( 0.07914)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9214 0.04090   0.09586 0.06404  0.08401  0.07328    0.8062   0.4783   1.2845
 dbratio     ROA    ROA1 debtcf1
 0.37237 0.13996 0.12445 0.03298

TOSYOU CODE: 3877    288
debtcashflow initial values:   0.000010   3.852107
stddev initial values:   0.000010   3.852107
ecfconst solution interval:   4.177740   4.348260
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.48775
data: equity =   0.591578  debt =   0.692458  firm =   1.284036

agency cost: EZC - k L (EZC:ecfconst =   4.296234, k:agcpara = 0.21304244)
liq.cash: 10Y average (1Y) =   4.014792 ( 0.18209) : loss rate  0.0655
liq.cash: 10Y std.dev. (1Y) =   1.484265 ( 0.06732)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3211 0.03477   0.11421 0.06425  0.08727  0.07168    0.5916   0.6925   1.2840
 dbratio     ROA    ROA1 debtcf1
 0.53929 0.14181 0.12837 0.04675

TOSYOU CODE: 5541    289
debtcashflow initial values:   0.000010   3.840421
stddev initial values:   0.000010   3.840421
ecfconst solution interval:   3.813797   3.969463
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.29640
data: equity =   0.736724  debt =   0.543417  firm =   1.280140

agency cost: EZC - k L (EZC:ecfconst =   3.936684, k:agcpara = 0.21541402)
liq.cash: 10Y average (1Y) =   3.707967 ( 0.16722) : loss rate  0.0581
liq.cash: 10Y std.dev. (1Y) =   1.654871 ( 0.07463)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0618 0.05491   0.09220 0.06456  0.08047  0.06813    0.7367   0.5434   1.2801
 dbratio     ROA    ROA1 debtcf1
 0.42450 0.13063 0.11889 0.03849

TOSYOU CODE: 4078    290
debtcashflow initial values:   0.000010   3.834578
stddev initial values:   0.000010   3.834578
ecfconst solution interval:   3.632625   3.780895
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29639
data: equity =   0.849900  debt =   0.428293  firm =   1.278193

agency cost: EZC - k L (EZC:ecfconst =   3.791921, k:agcpara = 0.22682612)
liq.cash: 10Y average (1Y) =   3.601865 ( 0.16294) : loss rate  0.0501
liq.cash: 10Y std.dev. (1Y) =   1.775131 ( 0.08030)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8379 0.05973   0.08326 0.06365  0.07669  0.06709    0.8499   0.4283   1.2782
 dbratio     ROA    ROA1 debtcf1
 0.33508 0.12747 0.11487 0.03055

TOSYOU CODE: 4537    291
debtcashflow initial values:   0.000010   3.834372
stddev initial values:   0.000010   3.834372
ecfconst solution interval:   3.983142   4.145719
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.36682
data: equity =   1.139372  debt =   0.138752  firm =   1.278124

agency cost: EZC - k L (EZC:ecfconst =   4.223051, k:agcpara = 0.29560004)
liq.cash: 10Y average (1Y) =   4.147729 ( 0.19347) : loss rate  0.0178
liq.cash: 10Y std.dev. (1Y) =   1.687504 ( 0.07872)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2548 0.01053   0.08781 0.06155  0.08496  0.08195    1.1394   0.1387   1.2781
 dbratio     ROA    ROA1 debtcf1
 0.10855 0.15137 0.12695 0.00874

TOSYOU CODE: 5393    292
debtcashflow initial values:   0.000010   3.760297
stddev initial values:   0.000010   3.760297
ecfconst solution interval:   3.562251   3.707649
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27493
data: equity =   0.856685  debt =   0.396747  firm =   1.253432

agency cost: EZC - k L (EZC:ecfconst =   3.683796, k:agcpara = 0.22935793)
liq.cash: 10Y average (1Y) =   3.505581 ( 0.15864) : loss rate  0.0484
liq.cash: 10Y std.dev. (1Y) =   1.767954 ( 0.08000)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7770 0.06137   0.08142 0.06349  0.07574  0.06670    0.8567   0.3967   1.2534
 dbratio     ROA    ROA1 debtcf1
 0.31652 0.12656 0.11383 0.02838

TOSYOU CODE: 6765    293
debtcashflow initial values:   0.000010   3.706804
stddev initial values:   0.000010   3.706804
ecfconst solution interval:   4.020156   4.184244
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.28989
data: equity =   0.867998  debt =   0.367603  firm =   1.235601

agency cost: EZC - k L (EZC:ecfconst =   4.077655, k:agcpara = 0.24716977)
liq.cash: 10Y average (1Y) =   3.900576 ( 0.17927) : loss rate  0.0434
liq.cash: 10Y std.dev. (1Y) =   1.802240 ( 0.08283)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7164 0.03863   0.09401 0.06519  0.08544  0.07671    0.8680   0.3676   1.2356
 dbratio     ROA    ROA1 debtcf1
 0.29750 0.14509 0.12682 0.02583

TOSYOU CODE: 6796    294
debtcashflow initial values:   0.000010   3.696863
stddev initial values:   0.000010   3.696863
ecfconst solution interval:   4.009376   4.173024
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.35268
data: equity =   0.933052  debt =   0.299236  firm =   1.232288

agency cost: EZC - k L (EZC:ecfconst =   4.166975, k:agcpara = 0.25615430)
liq.cash: 10Y average (1Y) =   4.019571 ( 0.18590) : loss rate  0.0354
liq.cash: 10Y std.dev. (1Y) =   1.850338 ( 0.08558)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5754 0.03135   0.09457 0.06432  0.08722  0.08019    0.9331   0.2992   1.2323
 dbratio     ROA    ROA1 debtcf1
 0.24284 0.15086 0.12956 0.02053

TOSYOU CODE: 7224    295
debtcashflow initial values:   0.000010   3.644057
stddev initial values:   0.000010   3.644057
ecfconst solution interval:   3.618787   3.766493
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33812
data: equity =   1.044203  debt =   0.170483  firm =   1.214686

agency cost: EZC - k L (EZC:ecfconst =   3.687666, k:agcpara = 0.27257570)
liq.cash: 10Y average (1Y) =   3.601478 ( 0.16657) : loss rate  0.0234
liq.cash: 10Y std.dev. (1Y) =   1.625637 ( 0.07519)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3162 0.02164   0.08035 0.06139  0.07769  0.07381    1.0442   0.1705   1.2147
 dbratio     ROA    ROA1 debtcf1
 0.14036 0.13713 0.11745 0.01098

TOSYOU CODE: 5142    296
debtcashflow initial values:   0.000010   3.624942
stddev initial values:   0.000010   3.624942
ecfconst solution interval:   4.097155   4.264385
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.46127
data: equity =   1.046690  debt =   0.161624  firm =   1.208314

agency cost: EZC - k L (EZC:ecfconst =   4.194228, k:agcpara = 0.29562625)
liq.cash: 10Y average (1Y) =   4.106825 ( 0.19147) : loss rate  0.0208
liq.cash: 10Y std.dev. (1Y) =   1.589880 ( 0.07413)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2957 0.00826   0.09354 0.06137  0.08924  0.08554    1.0467   0.1616   1.2083
 dbratio     ROA    ROA1 debtcf1
 0.13377 0.15846 0.13252 0.01010

TOSYOU CODE: 6807    297
debtcashflow initial values:   0.000010   3.609204
stddev initial values:   0.000010   3.609204
ecfconst solution interval:   3.749245   3.902275
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35914
data: equity =   0.992029  debt =   0.211039  firm =   1.203068

agency cost: EZC - k L (EZC:ecfconst =   3.820221, k:agcpara = 0.25637688)
liq.cash: 10Y average (1Y) =   3.716445 ( 0.17220) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =   1.861349 ( 0.08624)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4048 0.03761   0.08549 0.06322  0.08158  0.07659    0.9920   0.2110   1.2031
 dbratio     ROA    ROA1 debtcf1
 0.17542 0.14313 0.12248 0.01448

TOSYOU CODE: 4471    298
debtcashflow initial values:   0.000010   3.589084
stddev initial values:   0.000010   3.589084
ecfconst solution interval:   3.564201   3.709679
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35415
data: equity =   1.055703  debt =   0.140658  firm =   1.196361

agency cost: EZC - k L (EZC:ecfconst =   3.659332, k:agcpara = 0.28142931)
liq.cash: 10Y average (1Y) =   3.586395 ( 0.16634) : loss rate  0.0199
liq.cash: 10Y std.dev. (1Y) =   1.585325 ( 0.07353)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2592 0.01792   0.08056 0.06110  0.07827  0.07504    1.0557   0.1407   1.1964
 dbratio     ROA    ROA1 debtcf1
 0.11757 0.13904 0.11829 0.00895

TOSYOU CODE: 6641    299
debtcashflow initial values:   0.000010   3.571416
stddev initial values:   0.000010   3.571416
ecfconst solution interval:   3.546659   3.691421
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34605
data: equity =   1.085788  debt =   0.104684  firm =   1.190472

agency cost: EZC - k L (EZC:ecfconst =   3.620847, k:agcpara = 0.28989210)
liq.cash: 10Y average (1Y) =   3.565220 ( 0.16571) : loss rate  0.0154
liq.cash: 10Y std.dev. (1Y) =   1.566082 ( 0.07279)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1919 0.01562   0.07935 0.06080  0.07772  0.07531    1.0858   0.1047   1.1905
 dbratio     ROA    ROA1 debtcf1
 0.08793 0.13920 0.11766 0.00659

TOSYOU CODE: 7222    300
debtcashflow initial values:   0.000010   3.491295
stddev initial values:   0.000010   3.491295
ecfconst solution interval:   3.786426   3.940974
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39814
data: equity =   0.902393  debt =   0.261372  firm =   1.163765

agency cost: EZC - k L (EZC:ecfconst =   3.753646, k:agcpara = 0.25117048)
liq.cash: 10Y average (1Y) =   3.627630 ( 0.16757) : loss rate  0.0336
liq.cash: 10Y std.dev. (1Y) =   1.746504 ( 0.08068)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5017 0.03674   0.08881 0.06351  0.08313  0.07671    0.9024   0.2614   1.1638
 dbratio     ROA    ROA1 debtcf1
 0.22459 0.14399 0.12424 0.01794

TOSYOU CODE: 6766    301
debtcashflow initial values:   0.000010   3.479535
stddev initial values:   0.000010   3.479535
ecfconst solution interval:   3.455411   3.596449
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.21873
data: equity =   0.736735  debt =   0.423110  firm =   1.159845

agency cost: EZC - k L (EZC:ecfconst =   3.540019, k:agcpara = 0.22799469)
liq.cash: 10Y average (1Y) =   3.349040 ( 0.15157) : loss rate  0.0539
liq.cash: 10Y std.dev. (1Y) =   1.602978 ( 0.07255)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8376 0.05859   0.08748 0.06524  0.07937  0.06866    0.7367   0.4231   1.1598
 dbratio     ROA    ROA1 debtcf1
 0.36479 0.13068 0.11805 0.03068

TOSYOU CODE: 5301    302
debtcashflow initial values:   0.000010   3.460088
stddev initial values:   0.000010   3.460088
ecfconst solution interval:   3.594336   3.741044
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.37999
data: equity =   0.968675  debt =   0.184688  firm =   1.153363

agency cost: EZC - k L (EZC:ecfconst =   3.622854, k:agcpara = 0.26993585)
liq.cash: 10Y average (1Y) =   3.529454 ( 0.16347) : loss rate  0.0258
liq.cash: 10Y std.dev. (1Y) =   1.578261 ( 0.07310)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3460 0.02184   0.08418 0.06244  0.08070  0.07620    0.9687   0.1847   1.1534
 dbratio     ROA    ROA1 debtcf1
 0.16013 0.14174 0.12127 0.01210

TOSYOU CODE: 6708    303
debtcashflow initial values:   0.000010   3.428447
stddev initial values:   0.000010   3.428447
ecfconst solution interval:   3.091087   3.217253
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.11684
data: equity =   0.986497  debt =   0.156319  firm =   1.142816

agency cost: EZC - k L (EZC:ecfconst =   3.059536, k:agcpara = 0.26148188)
liq.cash: 10Y average (1Y) =   2.981184 ( 0.13519) : loss rate  0.0256
liq.cash: 10Y std.dev. (1Y) =   1.705398 ( 0.07734)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2996 0.05793   0.06754 0.06089  0.06663  0.06288    0.9865   0.1563   1.1428
 dbratio     ROA    ROA1 debtcf1
 0.13678 0.11830 0.10349 0.01083

TOSYOU CODE: 2607    304
debtcashflow initial values:   0.000010   3.392766
stddev initial values:   0.000010   3.392766
ecfconst solution interval:   3.524403   3.668257
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38674
data: equity =   0.863181  debt =   0.267741  firm =   1.130922

agency cost: EZC - k L (EZC:ecfconst =   3.614312, k:agcpara = 0.24860015)
liq.cash: 10Y average (1Y) =   3.486257 ( 0.16075) : loss rate  0.0354
liq.cash: 10Y std.dev. (1Y) =   1.684053 ( 0.07765)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5151 0.03884   0.08824 0.06356  0.08239  0.07562    0.8632   0.2677   1.1309
 dbratio     ROA    ROA1 debtcf1
 0.23675 0.14214 0.12321 0.01846

TOSYOU CODE: 6705 error: solution not found

TOSYOU CODE: 5192    305
debtcashflow initial values:   0.000010   3.352305
stddev initial values:   0.000010   3.352305
ecfconst solution interval:   3.482371   3.624509
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44731
data: equity =   0.971480  debt =   0.145955  firm =   1.117435

agency cost: EZC - k L (EZC:ecfconst =   3.587126, k:agcpara = 0.28335027)
liq.cash: 10Y average (1Y) =   3.511279 ( 0.16330) : loss rate  0.0211
liq.cash: 10Y std.dev. (1Y) =   1.467290 ( 0.06824)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2677 0.01353   0.08570 0.06108  0.08249  0.07890    0.9715   0.1460   1.1174
 dbratio     ROA    ROA1 debtcf1
 0.13062 0.14614 0.12371 0.00919

TOSYOU CODE: 5810    306
debtcashflow initial values:   0.000010   3.347271
stddev initial values:   0.000010   3.347271
ecfconst solution interval:   3.324062   3.459738
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38738
data: equity =   0.615611  debt =   0.500146  firm =   1.115757

agency cost: EZC - k L (EZC:ecfconst =   3.384760, k:agcpara = 0.20852776)
liq.cash: 10Y average (1Y) =   3.181561 ( 0.14289) : loss rate  0.0600
liq.cash: 10Y std.dev. (1Y) =   1.398744 ( 0.06282)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9744 0.05729   0.09206 0.06420  0.07957  0.06662    0.6156   0.5001   1.1158
 dbratio     ROA    ROA1 debtcf1
 0.44826 0.12807 0.11737 0.03528

TOSYOU CODE: 6622    307
debtcashflow initial values:   0.000010   3.342236
stddev initial values:   0.000010   3.342236
ecfconst solution interval:   3.471915   3.613625
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.27523
data: equity =   0.907473  debt =   0.206606  firm =   1.114079

agency cost: EZC - k L (EZC:ecfconst =   3.760893, k:agcpara = 0.26547454)
liq.cash: 10Y average (1Y) =   3.654811 ( 0.16970) : loss rate  0.0282
liq.cash: 10Y std.dev. (1Y) =   1.749107 ( 0.08121)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3996 0.03137   0.09197 0.06481  0.08693  0.08152    0.9075   0.2066   1.1141
 dbratio     ROA    ROA1 debtcf1
 0.18545 0.15232 0.12937 0.01431

TOSYOU CODE: 6976    308
debtcashflow initial values:   0.000010   3.326500
stddev initial values:   0.000010   3.326500
ecfconst solution interval:   3.151308   3.279932
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 = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.23306
data: equity =   1.030323  debt =   0.078510  firm =   1.108833

agency cost: EZC - k L (EZC:ecfconst =   3.185600, k:agcpara = 0.29066647)
liq.cash: 10Y average (1Y) =   3.143530 ( 0.14540) : loss rate  0.0132
liq.cash: 10Y std.dev. (1Y) =   1.481449 ( 0.06852)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1447 0.02147   0.07361 0.06076  0.07270  0.07076    1.0303   0.0785   1.1088
 dbratio     ROA    ROA1 debtcf1
 0.07081 0.13113 0.11130 0.00501

TOSYOU CODE: 4116    309
debtcashflow initial values:   0.000010   3.292789
stddev initial values:   0.000010   3.292789
ecfconst solution interval:   3.119369   3.246690
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27858
data: equity =   0.649142  debt =   0.448454  firm =   1.097596

agency cost: EZC - k L (EZC:ecfconst =   3.167165, k:agcpara = 0.21116532)
liq.cash: 10Y average (1Y) =   2.980868 ( 0.13310) : loss rate  0.0588
liq.cash: 10Y std.dev. (1Y) =   1.429170 ( 0.06381)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8822 0.07099   0.08288 0.06370  0.07504  0.06333    0.6491   0.4485   1.0976
 dbratio     ROA    ROA1 debtcf1
 0.40858 0.12126 0.11179 0.03234

TOSYOU CODE: 5453    310
debtcashflow initial values:   0.000010   3.289343
stddev initial values:   0.000010   3.289343
ecfconst solution interval:   3.266536   3.399864
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36572
data: equity =   0.735538  debt =   0.360910  firm =   1.096448

agency cost: EZC - k L (EZC:ecfconst =   3.394404, k:agcpara = 0.23158575)
liq.cash: 10Y average (1Y) =   3.232161 ( 0.14726) : loss rate  0.0478
liq.cash: 10Y std.dev. (1Y) =   1.528688 ( 0.06965)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7006 0.04886   0.08827 0.06387  0.08024  0.07078    0.7355   0.3609   1.0965
 dbratio     ROA    ROA1 debtcf1
 0.32917 0.13431 0.11964 0.02530

TOSYOU CODE: 6759    311
debtcashflow initial values:   0.000010   3.283048
stddev initial values:   0.000010   3.283048
ecfconst solution interval:   3.260283   3.393356
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29322
data: equity =   0.869139  debt =   0.225210  firm =   1.094349

agency cost: EZC - k L (EZC:ecfconst =   3.315879, k:agcpara = 0.24879233)
liq.cash: 10Y average (1Y) =   3.207320 ( 0.14748) : loss rate  0.0327
liq.cash: 10Y std.dev. (1Y) =   1.665965 ( 0.07661)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4363 0.04813   0.08141 0.06321  0.07767  0.07181    0.8691   0.2252   1.0943
 dbratio     ROA    ROA1 debtcf1
 0.20579 0.13477 0.11723 0.01578

TOSYOU CODE: 5947    312
debtcashflow initial values:   0.000010   3.275276
stddev initial values:   0.000010   3.275276
ecfconst solution interval:   3.102778   3.229422
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24550
data: equity =   1.006646  debt =   0.085113  firm =   1.091759

agency cost: EZC - k L (EZC:ecfconst =   3.141525, k:agcpara = 0.28829729)
liq.cash: 10Y average (1Y) =   3.096293 ( 0.14314) : loss rate  0.0144
liq.cash: 10Y std.dev. (1Y) =   1.458146 ( 0.06741)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1569 0.02191   0.07388 0.06071  0.07285  0.07072    1.0066   0.0851   1.0918
 dbratio     ROA    ROA1 debtcf1
 0.07796 0.13111 0.11148 0.00543

TOSYOU CODE: 2811    313
debtcashflow initial values:   0.000010   3.248254
stddev initial values:   0.000010   3.248254
ecfconst solution interval:   3.374287   3.512013
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41371
data: equity =   0.944524  debt =   0.138227  firm =   1.082751

agency cost: EZC - k L (EZC:ecfconst =   3.416416, k:agcpara = 0.28199611)
liq.cash: 10Y average (1Y) =   3.344797 ( 0.15541) : loss rate  0.0210
liq.cash: 10Y std.dev. (1Y) =   1.425600 ( 0.06624)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2540 0.01508   0.08390 0.06112  0.08099  0.07748    0.9445   0.1382   1.0827
 dbratio     ROA    ROA1 debtcf1
 0.12765 0.14354 0.12177 0.00874

TOSYOU CODE: 7275    314
debtcashflow initial values:   0.000010   3.235594
stddev initial values:   0.000010   3.235594
ecfconst solution interval:   3.065185   3.190295
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 = 0.09611  std.dev = 0.17368  lambda =   2.41485
riskless rate of interest = 0.05906  correlation =  0.28741
data: equity =   0.672686  debt =   0.405845  firm =   1.078531

agency cost: EZC - k L (EZC:ecfconst =   3.162790, k:agcpara = 0.21920725)
liq.cash: 10Y average (1Y) =   2.987826 ( 0.13427) : loss rate  0.0553
liq.cash: 10Y std.dev. (1Y) =   1.451442 ( 0.06523)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7982 0.06570   0.08341 0.06392  0.07608  0.06525    0.6727   0.4058   1.0785
 dbratio     ROA    ROA1 debtcf1
 0.37630 0.12450 0.11359 0.02922

TOSYOU CODE: 7977    315
debtcashflow initial values:   0.000010   3.142029
stddev initial values:   0.000010   3.142029
ecfconst solution interval:   3.263939   3.397161
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40995
data: equity =   0.902220  debt =   0.145123  firm =   1.047343

agency cost: EZC - k L (EZC:ecfconst =   3.298663, k:agcpara = 0.27822902)
liq.cash: 10Y average (1Y) =   3.224305 ( 0.14966) : loss rate  0.0225
liq.cash: 10Y std.dev. (1Y) =   1.381620 ( 0.06413)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2673 0.01617   0.08402 0.06124  0.08087  0.07705    0.9022   0.1451   1.0473
 dbratio     ROA    ROA1 debtcf1
 0.13856 0.14289 0.12157 0.00921

TOSYOU CODE: 6997    316
debtcashflow initial values:   0.000010   3.141624
stddev initial values:   0.000010   3.141624
ecfconst solution interval:   2.976162   3.097638
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30129
data: equity =   0.934552  debt =   0.112656  firm =   1.047208

agency cost: EZC - k L (EZC:ecfconst =   3.113199, k:agcpara = 0.28167599)
liq.cash: 10Y average (1Y) =   3.054583 ( 0.14138) : loss rate  0.0188
liq.cash: 10Y std.dev. (1Y) =   1.398187 ( 0.06471)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2081 0.02088   0.07754 0.06104  0.07576  0.07281    0.9346   0.1127   1.0472
 dbratio     ROA    ROA1 debtcf1
 0.10758 0.13501 0.11511 0.00721

TOSYOU CODE: 5707    317
debtcashflow initial values:   0.000010   3.136889
stddev initial values:   0.000010   3.136889
ecfconst solution interval:   3.258598   3.391602
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50257
data: equity =   0.555693  debt =   0.489937  firm =   1.045630

agency cost: EZC - k L (EZC:ecfconst =   3.349768, k:agcpara = 0.21337273)
liq.cash: 10Y average (1Y) =   3.148453 ( 0.14248) : loss rate  0.0601
liq.cash: 10Y std.dev. (1Y) =   1.291524 ( 0.05845)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9435 0.04389   0.10128 0.06421  0.08391  0.07037    0.5557   0.4899   1.0456
 dbratio     ROA    ROA1 debtcf1
 0.46856 0.13626 0.12348 0.03373

TOSYOU CODE: 6135    318
debtcashflow initial values:   0.000010   3.136586
stddev initial values:   0.000010   3.136586
ecfconst solution interval:   3.258284   3.391276
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32075
data: equity =   0.837132  debt =   0.208397  firm =   1.045529

agency cost: EZC - k L (EZC:ecfconst =   3.227832, k:agcpara = 0.25097098)
liq.cash: 10Y average (1Y) =   3.126857 ( 0.14418) : loss rate  0.0313
liq.cash: 10Y std.dev. (1Y) =   1.596371 ( 0.07361)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4023 0.04394   0.08323 0.06327  0.07925  0.07358    0.8371   0.2084   1.0455
 dbratio     ROA    ROA1 debtcf1
 0.19931 0.13791 0.11933 0.01449

TOSYOU CODE: 6755    319
debtcashflow initial values:   0.000010   3.119869
stddev initial values:   0.000010   3.119869
ecfconst solution interval:   2.812874   2.927686
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20505
data: equity =   0.649588  debt =   0.390368  firm =   1.039956

agency cost: EZC - k L (EZC:ecfconst =   2.893183, k:agcpara = 0.21546637)
liq.cash: 10Y average (1Y) =   2.726683 ( 0.12121) : loss rate  0.0575
liq.cash: 10Y std.dev. (1Y) =   1.403100 ( 0.06237)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7727 0.08187   0.07663 0.06302  0.07152  0.06088    0.6496   0.3904   1.0399
 dbratio     ROA    ROA1 debtcf1
 0.37536 0.11655 0.10774 0.02860

TOSYOU CODE: 6440    320
debtcashflow initial values:   0.000010   3.118113
stddev initial values:   0.000010   3.118113
ecfconst solution interval:   2.953896   3.074464
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27932
data: equity =   0.648406  debt =   0.390965  firm =   1.039371

agency cost: EZC - k L (EZC:ecfconst =   3.024170, k:agcpara = 0.21800187)
liq.cash: 10Y average (1Y) =   2.856762 ( 0.12821) : loss rate  0.0554
liq.cash: 10Y std.dev. (1Y) =   1.394455 ( 0.06258)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7679 0.06707   0.08250 0.06365  0.07541  0.06464    0.6484   0.3910   1.0394
 dbratio     ROA    ROA1 debtcf1
 0.37616 0.12336 0.11271 0.02811

TOSYOU CODE: 2108    321
debtcashflow initial values:   0.000010   3.112566
stddev initial values:   0.000010   3.112566
ecfconst solution interval:   3.375679   3.513461
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.38849
data: equity =   0.884666  debt =   0.152856  firm =   1.037522

agency cost: EZC - k L (EZC:ecfconst =   3.478029, k:agcpara = 0.28651611)
liq.cash: 10Y average (1Y) =   3.397285 ( 0.15811) : loss rate  0.0232
liq.cash: 10Y std.dev. (1Y) =   1.372229 ( 0.06386)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2818 0.01159   0.09048 0.06185  0.08626  0.08216    0.8847   0.1529   1.0375
 dbratio     ROA    ROA1 debtcf1
 0.14732 0.15240 0.12858 0.00970

TOSYOU CODE: 2051    322
debtcashflow initial values:   0.000010   3.111592
stddev initial values:   0.000010   3.111592
ecfconst solution interval:   3.232324   3.364256
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.26297
data: equity =   0.716786  debt =   0.320411  firm =   1.037197

agency cost: EZC - k L (EZC:ecfconst =   3.334473, k:agcpara = 0.24247225)
liq.cash: 10Y average (1Y) =   3.182276 ( 0.14576) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   1.498961 ( 0.06866)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6277 0.04417   0.09140 0.06522  0.08331  0.07425    0.7168   0.3204   1.0372
 dbratio     ROA    ROA1 debtcf1
 0.30893 0.14053 0.12387 0.02275

TOSYOU CODE: 6140 error: solution not found

TOSYOU CODE: 4536    323
debtcashflow initial values:   0.000010   3.069503
stddev initial values:   0.000010   3.069503
ecfconst solution interval:   2.767461   2.880419
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.09425
data: equity =   0.963639  debt =   0.059529  firm =   1.023168

agency cost: EZC - k L (EZC:ecfconst =   2.829165, k:agcpara = 0.29725036)
liq.cash: 10Y average (1Y) =   2.795914 ( 0.12875) : loss rate  0.0118
liq.cash: 10Y std.dev. (1Y) =   1.432085 ( 0.06595)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1119 0.03045   0.06972 0.06181  0.06926  0.06764    0.9636   0.0595   1.0232
 dbratio     ROA    ROA1 debtcf1
 0.05819 0.12584 0.10706 0.00394

TOSYOU CODE: 6013    324
debtcashflow initial values:   0.000010   3.039693
stddev initial values:   0.000010   3.039693
ecfconst solution interval:   3.157629   3.286511
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35798
data: equity =   0.841956  debt =   0.171275  firm =   1.013231

agency cost: EZC - k L (EZC:ecfconst =   3.217706, k:agcpara = 0.25726511)
liq.cash: 10Y average (1Y) =   3.133256 ( 0.14526) : loss rate  0.0262
liq.cash: 10Y std.dev. (1Y) =   1.572345 ( 0.07289)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3283 0.03722   0.08531 0.06318  0.08157  0.07676    0.8420   0.1713   1.0132
 dbratio     ROA    ROA1 debtcf1
 0.16905 0.14336 0.12249 0.01173

TOSYOU CODE: 5210    325
debtcashflow initial values:   0.000010   3.019573
stddev initial values:   0.000010   3.019573
ecfconst solution interval:   3.551020   3.695960
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 = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.45774
data: equity =   0.707926  debt =   0.298598  firm =   1.006524

agency cost: EZC - k L (EZC:ecfconst =   3.760534, k:agcpara = 0.26604321)
liq.cash: 10Y average (1Y) =   3.609582 ( 0.16687) : loss rate  0.0401
liq.cash: 10Y std.dev. (1Y) =   1.481920 ( 0.06851)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5674 0.02004   0.10868 0.06434  0.09552  0.08693    0.7079   0.2986   1.0065
 dbratio     ROA    ROA1 debtcf1
 0.29666 0.16579 0.14089 0.01998

TOSYOU CODE: 3109    326
debtcashflow initial values:   0.000010   3.000964
stddev initial values:   0.000010   3.000964
ecfconst solution interval:   3.117400   3.244640
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.28215
data: equity =   0.516617  debt =   0.483704  firm =   1.000321

agency cost: EZC - k L (EZC:ecfconst =   3.145984, k:agcpara = 0.21009900)
liq.cash: 10Y average (1Y) =   2.945887 ( 0.13249) : loss rate  0.0636
liq.cash: 10Y std.dev. (1Y) =   1.239470 ( 0.05574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9524 0.05388   0.09879 0.06585  0.08286  0.06853    0.5166   0.4837   1.0003
 dbratio     ROA    ROA1 debtcf1
 0.48355 0.13244 0.12140 0.03459

TOSYOU CODE: 3584    327
debtcashflow initial values:   0.000010   2.994641
stddev initial values:   0.000010   2.994641
ecfconst solution interval:   2.699969   2.810171
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.11217
data: equity =   0.688135  debt =   0.310079  firm =   0.998214

agency cost: EZC - k L (EZC:ecfconst =   2.787963, k:agcpara = 0.23261801)
liq.cash: 10Y average (1Y) =   2.643138 ( 0.11838) : loss rate  0.0519
liq.cash: 10Y std.dev. (1Y) =   1.459301 ( 0.06536)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6226 0.08309   0.07452 0.06385  0.07120  0.06228    0.6881   0.3101   0.9982
 dbratio     ROA    ROA1 debtcf1
 0.31064 0.11859 0.10817 0.02328

TOSYOU CODE: 4216 error: solution not found

TOSYOU CODE: 5902    328
debtcashflow initial values:   0.000010   2.953714
stddev initial values:   0.000010   2.953714
ecfconst solution interval:   2.933238   3.052962
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.27904
data: equity =   0.766171  debt =   0.218400  firm =   0.984571

agency cost: EZC - k L (EZC:ecfconst =   2.973337, k:agcpara = 0.24877138)
liq.cash: 10Y average (1Y) =   2.866968 ( 0.13152) : loss rate  0.0358
liq.cash: 10Y std.dev. (1Y) =   1.500817 ( 0.06885)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4276 0.05204   0.08131 0.06394  0.07746  0.07108    0.7662   0.2184   0.9846
 dbratio     ROA    ROA1 debtcf1
 0.22182 0.13358 0.11686 0.01558

TOSYOU CODE: 7750    329
debtcashflow initial values:   0.000010   2.939103
stddev initial values:   0.000010   2.939103
ecfconst solution interval:   2.784307   2.897953
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25739
data: equity =   0.695431  debt =   0.284270  firm =   0.979701

agency cost: EZC - k L (EZC:ecfconst =   2.861725, k:agcpara = 0.23343628)
liq.cash: 10Y average (1Y) =   2.731752 ( 0.12384) : loss rate  0.0454
liq.cash: 10Y std.dev. (1Y) =   1.411050 ( 0.06397)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5568 0.06161   0.07980 0.06331  0.07501  0.06675    0.6954   0.2843   0.9797
 dbratio     ROA    ROA1 debtcf1
 0.29016 0.12640 0.11315 0.02036

TOSYOU CODE: 6621    330
debtcashflow initial values:   0.000010   2.938858
stddev initial values:   0.000010   2.938858
ecfconst solution interval:   2.918479   3.037601
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30813
data: equity =   0.831391  debt =   0.148228  firm =   0.979619

agency cost: EZC - k L (EZC:ecfconst =   2.927699, k:agcpara = 0.26646197)
liq.cash: 10Y average (1Y) =   2.854026 ( 0.13163) : loss rate  0.0252
liq.cash: 10Y std.dev. (1Y) =   1.324092 ( 0.06107)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2765 0.02579   0.07902 0.06155  0.07637  0.07218    0.8314   0.1482   0.9796
 dbratio     ROA    ROA1 debtcf1
 0.15131 0.13437 0.11570 0.00966

TOSYOU CODE: 7757    331
debtcashflow initial values:   0.000010   2.938395
stddev initial values:   0.000010   2.938395
ecfconst solution interval:   2.783641   2.897259
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24342
data: equity =   0.674592  debt =   0.304873  firm =   0.979465

agency cost: EZC - k L (EZC:ecfconst =   2.825291, k:agcpara = 0.22913098)
liq.cash: 10Y average (1Y) =   2.688070 ( 0.12130) : loss rate  0.0486
liq.cash: 10Y std.dev. (1Y) =   1.389674 ( 0.06271)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5989 0.06637   0.07898 0.06326  0.07409  0.06523    0.6746   0.3049   0.9795
 dbratio     ROA    ROA1 debtcf1
 0.31126 0.12384 0.11175 0.02197

TOSYOU CODE: 7988    332
debtcashflow initial values:   0.000010   2.925859
stddev initial values:   0.000010   2.925859
ecfconst solution interval:   3.039382   3.163438
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.31588
data: equity =   0.842398  debt =   0.132888  firm =   0.975286

agency cost: EZC - k L (EZC:ecfconst =   3.115148, k:agcpara = 0.28281937)
liq.cash: 10Y average (1Y) =   3.045492 ( 0.14150) : loss rate  0.0224
liq.cash: 10Y std.dev. (1Y) =   1.299242 ( 0.06037)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2463 0.01560   0.08525 0.06197  0.08207  0.07827    0.8424   0.1329   0.9753
 dbratio     ROA    ROA1 debtcf1
 0.13625 0.14509 0.12314 0.00852

TOSYOU CODE: 6369    333
debtcashflow initial values:   0.000010   2.901935
stddev initial values:   0.000010   2.901935
ecfconst solution interval:   3.014529   3.137571
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37786
data: equity =   0.720495  debt =   0.246817  firm =   0.967312

agency cost: EZC - k L (EZC:ecfconst =   3.063675, k:agcpara = 0.24514552)
liq.cash: 10Y average (1Y) =   2.946992 ( 0.13555) : loss rate  0.0381
liq.cash: 10Y std.dev. (1Y) =   1.422415 ( 0.06542)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4760 0.04118   0.08791 0.06362  0.08172  0.07441    0.7205   0.2468   0.9673
 dbratio     ROA    ROA1 debtcf1
 0.25516 0.14013 0.12219 0.01709

TOSYOU CODE: 4062    334
debtcashflow initial values:   0.000010   2.880677
stddev initial values:   0.000010   2.880677
ecfconst solution interval:   2.992450   3.114590
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41870
data: equity =   0.763860  debt =   0.196366  firm =   0.960226

agency cost: EZC - k L (EZC:ecfconst =   3.147759, k:agcpara = 0.25545660)
liq.cash: 10Y average (1Y) =   3.051847 ( 0.14137) : loss rate  0.0305
liq.cash: 10Y std.dev. (1Y) =   1.459337 ( 0.06760)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3755 0.03333   0.08984 0.06340  0.08443  0.07860    0.7639   0.1964   0.9602
 dbratio     ROA    ROA1 debtcf1
 0.20451 0.14723 0.12606 0.01337

TOSYOU CODE: 7721    335
debtcashflow initial values:   0.000010   2.875939
stddev initial values:   0.000010   2.875939
ecfconst solution interval:   2.987520   3.109460
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39514
data: equity =   0.644204  debt =   0.314442  firm =   0.958646

agency cost: EZC - k L (EZC:ecfconst =   3.020265, k:agcpara = 0.23361461)
liq.cash: 10Y average (1Y) =   2.878129 ( 0.13144) : loss rate  0.0471
liq.cash: 10Y std.dev. (1Y) =   1.338573 ( 0.06113)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6084 0.04498   0.09036 0.06391  0.08169  0.07225    0.6442   0.3144   0.9586
 dbratio     ROA    ROA1 debtcf1
 0.32800 0.13711 0.12160 0.02190

TOSYOU CODE: 5563    336
debtcashflow initial values:   0.000010   2.875755
stddev initial values:   0.000010   2.875755
ecfconst solution interval:   2.855818   2.972382
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.29151
data: equity =   0.711232  debt =   0.247353  firm =   0.958585

agency cost: EZC - k L (EZC:ecfconst =   2.901161, k:agcpara = 0.24332569)
liq.cash: 10Y average (1Y) =   2.783111 ( 0.12723) : loss rate  0.0407
liq.cash: 10Y std.dev. (1Y) =   1.425599 ( 0.06517)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4852 0.05349   0.08263 0.06414  0.07786  0.07041    0.7112   0.2474   0.9586
 dbratio     ROA    ROA1 debtcf1
 0.25804 0.13273 0.11711 0.01769

TOSYOU CODE: 6345 error: initial value inappropriate

TOSYOU CODE: 4228    337
debtcashflow initial values:   0.000010   2.864817
stddev initial values:   0.000010   2.864817
ecfconst solution interval:   2.975976   3.097444
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41581
data: equity =   0.670005  debt =   0.284934  firm =   0.954939

agency cost: EZC - k L (EZC:ecfconst =   3.065889, k:agcpara = 0.24024085)
liq.cash: 10Y average (1Y) =   2.933991 ( 0.13463) : loss rate  0.0430
liq.cash: 10Y std.dev. (1Y) =   1.363658 ( 0.06257)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5490 0.04015   0.09127 0.06381  0.08308  0.07451    0.6700   0.2849   0.9549
 dbratio     ROA    ROA1 debtcf1
 0.29838 0.14098 0.12372 0.01968

TOSYOU CODE: 3107    338
debtcashflow initial values:   0.000010   2.862076
stddev initial values:   0.000010   2.862076
ecfconst solution interval:   3.234911   3.366949
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.39560
data: equity =   0.505378  debt =   0.448647  firm =   0.954025

agency cost: EZC - k L (EZC:ecfconst =   3.307266, k:agcpara = 0.23115135)
liq.cash: 10Y average (1Y) =   3.107127 ( 0.14178) : loss rate  0.0605
liq.cash: 10Y std.dev. (1Y) =   1.214310 ( 0.05541)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8658 0.03247   0.11168 0.06539  0.08991  0.07607    0.5054   0.4487   0.9540
 dbratio     ROA    ROA1 debtcf1
 0.47027 0.14861 0.13238 0.03086

TOSYOU CODE: 5302    339
debtcashflow initial values:   0.000010   2.861131
stddev initial values:   0.000010   2.861131
ecfconst solution interval:   2.972144   3.093456
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.37668
data: equity =   0.774102  debt =   0.179608  firm =   0.953710

agency cost: EZC - k L (EZC:ecfconst =   3.080461, k:agcpara = 0.25847707)
liq.cash: 10Y average (1Y) =   2.990798 ( 0.13855) : loss rate  0.0291
liq.cash: 10Y std.dev. (1Y) =   1.479447 ( 0.06854)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3469 0.03696   0.08754 0.06406  0.08312  0.07769    0.7741   0.1796   0.9537
 dbratio     ROA    ROA1 debtcf1
 0.18832 0.14528 0.12440 0.01245

TOSYOU CODE: 7248    340
debtcashflow initial values:   0.000010   2.852281
stddev initial values:   0.000010   2.852281
ecfconst solution interval:   2.962952   3.083888
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36453
data: equity =   0.745536  debt =   0.205224  firm =   0.950760

agency cost: EZC - k L (EZC:ecfconst =   3.008859, k:agcpara = 0.25061381)
liq.cash: 10Y average (1Y) =   2.909860 ( 0.13430) : loss rate  0.0329
liq.cash: 10Y std.dev. (1Y) =   1.435061 ( 0.06623)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3950 0.03985   0.08642 0.06344  0.08146  0.07530    0.7455   0.2052   0.9508
 dbratio     ROA    ROA1 debtcf1
 0.21585 0.14126 0.12210 0.01417

TOSYOU CODE: 4516    341
debtcashflow initial values:   0.000010   2.833958
stddev initial values:   0.000010   2.833958
ecfconst solution interval:   2.684700   2.794280
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28705
data: equity =   0.818396  debt =   0.126257  firm =   0.944653

agency cost: EZC - k L (EZC:ecfconst =   2.790310, k:agcpara = 0.27182304)
liq.cash: 10Y average (1Y) =   2.726426 ( 0.12578) : loss rate  0.0229
liq.cash: 10Y std.dev. (1Y) =   1.278185 ( 0.05897)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2350 0.02564   0.07743 0.06135  0.07528  0.07159    0.8184   0.1263   0.9447
 dbratio     ROA    ROA1 debtcf1
 0.13366 0.13315 0.11439 0.00820

TOSYOU CODE: 7007    342
debtcashflow initial values:   0.000010   2.823803
stddev initial values:   0.000010   2.823803
ecfconst solution interval:   2.675086   2.784274
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27691
data: equity =   0.770218  debt =   0.171050  firm =   0.941268

agency cost: EZC - k L (EZC:ecfconst =   2.831629, k:agcpara = 0.25181243)
liq.cash: 10Y average (1Y) =   2.748243 ( 0.12657) : loss rate  0.0294
liq.cash: 10Y std.dev. (1Y) =   1.455873 ( 0.06705)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3311 0.04843   0.08001 0.06302  0.07693  0.07177    0.7702   0.1711   0.9413
 dbratio     ROA    ROA1 debtcf1
 0.18173 0.13446 0.11643 0.01197

TOSYOU CODE: 4086    343
debtcashflow initial values:   0.000010   2.820520
stddev initial values:   0.000010   2.820520
ecfconst solution interval:   3.058952   3.183808
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.42003
data: equity =   0.800929  debt =   0.139244  firm =   0.940173

agency cost: EZC - k L (EZC:ecfconst =   3.002416, k:agcpara = 0.27854902)
liq.cash: 10Y average (1Y) =   2.930387 ( 0.13602) : loss rate  0.0240
liq.cash: 10Y std.dev. (1Y) =   1.255395 ( 0.05827)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2586 0.01666   0.08557 0.06207  0.08209  0.07796    0.8009   0.1392   0.9402
 dbratio     ROA    ROA1 debtcf1
 0.14810 0.14468 0.12312 0.00897

TOSYOU CODE: 6704    344
debtcashflow initial values:   0.000010   2.809847
stddev initial values:   0.000010   2.809847
ecfconst solution interval:   2.918871   3.038009
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36573
data: equity =   0.859834  debt =   0.076782  firm =   0.936616

agency cost: EZC - k L (EZC:ecfconst =   2.877840, k:agcpara = 0.29248248)
liq.cash: 10Y average (1Y) =   2.836768 ( 0.13204) : loss rate  0.0143
liq.cash: 10Y std.dev. (1Y) =   1.227312 ( 0.05713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1404 0.01401   0.08019 0.06072  0.07860  0.07636    0.8598   0.0768   0.9366
 dbratio     ROA    ROA1 debtcf1
 0.08198 0.14098 0.11879 0.00481

TOSYOU CODE: 6996    345
debtcashflow initial values:   0.000010   2.803285
stddev initial values:   0.000010   2.803285
ecfconst solution interval:   2.399236   2.497164
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.12017
data: equity =   0.850171  debt =   0.084257  firm =   0.934428

agency cost: EZC - k L (EZC:ecfconst =   2.499633, k:agcpara = 0.27997968)
liq.cash: 10Y average (1Y) =   2.455347 ( 0.11194) : loss rate  0.0177
liq.cash: 10Y std.dev. (1Y) =   1.330114 ( 0.06064)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1582 0.04208   0.06704 0.06044  0.06644  0.06399    0.8502   0.0843   0.9344
 dbratio     ROA    ROA1 debtcf1
 0.09017 0.11980 0.10340 0.00560

TOSYOU CODE: 4401    346
debtcashflow initial values:   0.000010   2.802221
stddev initial values:   0.000010   2.802221
ecfconst solution interval:   2.910943   3.029757
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43371
data: equity =   0.566926  debt =   0.367148  firm =   0.934074

agency cost: EZC - k L (EZC:ecfconst =   2.956788, k:agcpara = 0.22381241)
liq.cash: 10Y average (1Y) =   2.797880 ( 0.12714) : loss rate  0.0537
liq.cash: 10Y std.dev. (1Y) =   1.236901 ( 0.05621)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7100 0.04571   0.09441 0.06411  0.08250  0.07116    0.5669   0.3671   0.9341
 dbratio     ROA    ROA1 debtcf1
 0.39306 0.13611 0.12213 0.02551

TOSYOU CODE: 6462    347
debtcashflow initial values:   0.000010   2.784735
stddev initial values:   0.000010   2.784735
ecfconst solution interval:   2.765423   2.878297
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36274
data: equity =   0.628914  debt =   0.299331  firm =   0.928245

agency cost: EZC - k L (EZC:ecfconst =   2.873264, k:agcpara = 0.23262612)
liq.cash: 10Y average (1Y) =   2.738100 ( 0.12483) : loss rate  0.0470
liq.cash: 10Y std.dev. (1Y) =   1.301408 ( 0.05933)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5810 0.04871   0.08795 0.06385  0.08018  0.07092    0.6289   0.2993   0.9282
 dbratio     ROA    ROA1 debtcf1
 0.32247 0.13447 0.11962 0.02099

TOSYOU CODE: 4092    348
debtcashflow initial values:   0.000010   2.779236
stddev initial values:   0.000010   2.779236
ecfconst solution interval:   3.395484   3.534076
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.40953
data: equity =   0.695175  debt =   0.231237  firm =   0.926412

agency cost: EZC - k L (EZC:ecfconst =   3.482996, k:agcpara = 0.27253294)
liq.cash: 10Y average (1Y) =   3.363044 ( 0.15576) : loss rate  0.0344
liq.cash: 10Y std.dev. (1Y) =   1.411200 ( 0.06536)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4401 0.01917   0.10663 0.06452  0.09612  0.08887    0.6952   0.2312   0.9264
 dbratio     ROA    ROA1 debtcf1
 0.24960 0.16813 0.14160 0.01552

TOSYOU CODE: 3104    349
debtcashflow initial values:   0.000010   2.768130
stddev initial values:   0.000010   2.768130
ecfconst solution interval:   3.002132   3.124668
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.32498
data: equity =   0.538380  debt =   0.384330  firm =   0.922710

agency cost: EZC - k L (EZC:ecfconst =   3.079413, k:agcpara = 0.23123377)
liq.cash: 10Y average (1Y) =   2.906193 ( 0.13247) : loss rate  0.0563
liq.cash: 10Y std.dev. (1Y) =   1.228610 ( 0.05600)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7491 0.03957   0.10215 0.06562  0.08694  0.07464    0.5384   0.3843   0.9227
 dbratio     ROA    ROA1 debtcf1
 0.41652 0.14357 0.12808 0.02695

TOSYOU CODE: 6406    350
debtcashflow initial values:   0.000010   2.756648
stddev initial values:   0.000010   2.756648
ecfconst solution interval:   2.863609   2.980491
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.30440
data: equity =   0.715751  debt =   0.203132  firm =   0.918883

agency cost: EZC - k L (EZC:ecfconst =   3.004009, k:agcpara = 0.25530500)
liq.cash: 10Y average (1Y) =   2.903784 ( 0.13426) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =   1.397850 ( 0.06463)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3926 0.03621   0.08996 0.06428  0.08428  0.07789    0.7158   0.2031   0.9189
 dbratio     ROA    ROA1 debtcf1
 0.22106 0.14611 0.12576 0.01409

TOSYOU CODE: 4914    351
debtcashflow initial values:   0.000010   2.734884
stddev initial values:   0.000010   2.734884
ecfconst solution interval:   2.715923   2.826777
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33266
data: equity =   0.669176  debt =   0.242452  firm =   0.911628

agency cost: EZC - k L (EZC:ecfconst =   2.803289, k:agcpara = 0.24089874)
liq.cash: 10Y average (1Y) =   2.690008 ( 0.12319) : loss rate  0.0404
liq.cash: 10Y std.dev. (1Y) =   1.331981 ( 0.06100)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4702 0.04781   0.08495 0.06359  0.07926  0.07166    0.6692   0.2424   0.9116
 dbratio     ROA    ROA1 debtcf1
 0.26595 0.13513 0.11888 0.01699

TOSYOU CODE: 6212    352
debtcashflow initial values:   0.000010   2.725999
stddev initial values:   0.000010   2.725999
ecfconst solution interval:   2.582427   2.687833
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20578
data: equity =   0.651268  debt =   0.257398  firm =   0.908666

agency cost: EZC - k L (EZC:ecfconst =   2.570110, k:agcpara = 0.23300575)
liq.cash: 10Y average (1Y) =   2.452063 ( 0.11057) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =   1.320953 ( 0.05957)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5066 0.07041   0.07584 0.06286  0.07216  0.06415    0.6513   0.2574   0.9087
 dbratio     ROA    ROA1 debtcf1
 0.28327 0.12169 0.10957 0.01866

TOSYOU CODE: 3111    353
debtcashflow initial values:   0.000010   2.720905
stddev initial values:   0.000010   2.720905
ecfconst solution interval:   3.448659   3.589421
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 = 0.21644  std.dev = 0.13470  lambda =  29.15747
riskless rate of interest = 0.06077  correlation =  0.07311
data: equity =   0.707000  debt =   0.199968  firm =   0.906968

agency cost: EZC - k L (EZC:ecfconst =   3.540659, k:agcpara = 0.28259624)
liq.cash: 10Y average (1Y) =   3.433317 ( 0.15902) : loss rate  0.0303
liq.cash: 10Y std.dev. (1Y) =   1.419372 ( 0.06574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3798 0.01573   0.10917 0.06462  0.09934  0.09293    0.7070   0.2000   0.9070
 dbratio     ROA    ROA1 debtcf1
 0.22048 0.17533 0.14591 0.01335

TOSYOU CODE: 6761    354
debtcashflow initial values:   0.000010   2.707249
stddev initial values:   0.000010   2.707249
ecfconst solution interval:   2.936100   3.055940
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.28662
data: equity =   0.695421  debt =   0.206995  firm =   0.902416

agency cost: EZC - k L (EZC:ecfconst =   2.877135, k:agcpara = 0.25092726)
liq.cash: 10Y average (1Y) =   2.776597 ( 0.12805) : loss rate  0.0349
liq.cash: 10Y std.dev. (1Y) =   1.360576 ( 0.06275)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4007 0.04038   0.08757 0.06402  0.08217  0.07556    0.6954   0.2070   0.9024
 dbratio     ROA    ROA1 debtcf1
 0.22938 0.14190 0.12294 0.01442

TOSYOU CODE: 7246    355
debtcashflow initial values:   0.000010   2.692681
stddev initial values:   0.000010   2.692681
ecfconst solution interval:   2.674008   2.783152
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40041
data: equity =   0.492166  debt =   0.405394  firm =   0.897560

agency cost: EZC - k L (EZC:ecfconst =   2.738919, k:agcpara = 0.20869243)
liq.cash: 10Y average (1Y) =   2.574311 ( 0.11571) : loss rate  0.0601
liq.cash: 10Y std.dev. (1Y) =   1.121385 ( 0.05040)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7888 0.05566   0.09312 0.06422  0.08007  0.06702    0.4922   0.4054   0.8976
 dbratio     ROA    ROA1 debtcf1
 0.45166 0.12891 0.11803 0.02851

TOSYOU CODE: 5351    356
debtcashflow initial values:   0.000010   2.668542
stddev initial values:   0.000010   2.668542
ecfconst solution interval:   2.772077   2.885223
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39292
data: equity =   0.608850  debt =   0.280664  firm =   0.889514

agency cost: EZC - k L (EZC:ecfconst =   2.806785, k:agcpara = 0.23574023)
liq.cash: 10Y average (1Y) =   2.678839 ( 0.12250) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   1.253496 ( 0.05732)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5427 0.04418   0.08998 0.06386  0.08174  0.07267    0.6088   0.2807   0.8895
 dbratio     ROA    ROA1 debtcf1
 0.31553 0.13772 0.12177 0.01952

TOSYOU CODE: 6767    357
debtcashflow initial values:   0.000010   2.657275
stddev initial values:   0.000010   2.657275
ecfconst solution interval:   2.517326   2.620074
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 = 0.09873  std.dev = 0.17453  lambda =   2.57619
riskless rate of interest = 0.05931  correlation =  0.23162
data: equity =   0.564550  debt =   0.321208  firm =   0.885758

agency cost: EZC - k L (EZC:ecfconst =   2.552969, k:agcpara = 0.22135043)
liq.cash: 10Y average (1Y) =   2.412286 ( 0.10818) : loss rate  0.0551
liq.cash: 10Y std.dev. (1Y) =   1.213446 ( 0.05442)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6356 0.07157   0.08048 0.06389  0.07446  0.06404    0.5645   0.3212   0.8858
 dbratio     ROA    ROA1 debtcf1
 0.36264 0.12213 0.11166 0.02342

TOSYOU CODE: 4229    358
debtcashflow initial values:   0.000010   2.643061
stddev initial values:   0.000010   2.643061
ecfconst solution interval:   2.866490   2.983490
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.30313
data: equity =   0.756703  debt =   0.124317  firm =   0.881020

agency cost: EZC - k L (EZC:ecfconst =   2.921598, k:agcpara = 0.28837932)
liq.cash: 10Y average (1Y) =   2.854909 ( 0.13284) : loss rate  0.0228
liq.cash: 10Y std.dev. (1Y) =   1.180393 ( 0.05493)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2313 0.01312   0.08906 0.06263  0.08533  0.08136    0.7567   0.1243   0.8810
 dbratio     ROA    ROA1 debtcf1
 0.14110 0.15079 0.12736 0.00801

TOSYOU CODE: 6203    359
debtcashflow initial values:   0.000010   2.638708
stddev initial values:   0.000010   2.638708
ecfconst solution interval:   2.741089   2.852971
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39459
data: equity =   0.699306  debt =   0.180263  firm =   0.879569

agency cost: EZC - k L (EZC:ecfconst =   2.840858, k:agcpara = 0.25395895)
liq.cash: 10Y average (1Y) =   2.753109 ( 0.12740) : loss rate  0.0309
liq.cash: 10Y std.dev. (1Y) =   1.335926 ( 0.06182)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3455 0.03576   0.08825 0.06341  0.08316  0.07731    0.6993   0.1803   0.8796
 dbratio     ROA    ROA1 debtcf1
 0.20495 0.14484 0.12439 0.01234

TOSYOU CODE: 4201    360
debtcashflow initial values:   0.000010   2.635332
stddev initial values:   0.000010   2.635332
ecfconst solution interval:   2.858101   2.974759
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.35194
data: equity =   0.564825  debt =   0.313619  firm =   0.878444

agency cost: EZC - k L (EZC:ecfconst =   2.857097, k:agcpara = 0.23461129)
liq.cash: 10Y average (1Y) =   2.714427 ( 0.12405) : loss rate  0.0499
liq.cash: 10Y std.dev. (1Y) =   1.212241 ( 0.05540)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6081 0.04115   0.09553 0.06465  0.08450  0.07412    0.5648   0.3136   0.8784
 dbratio     ROA    ROA1 debtcf1
 0.35701 0.14122 0.12518 0.02186

TOSYOU CODE: 3870    361
debtcashflow initial values:   0.000010   2.604818
stddev initial values:   0.000010   2.604818
ecfconst solution interval:   2.586759   2.692341
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.34992
data: equity =   0.453980  debt =   0.414293  firm =   0.868273

agency cost: EZC - k L (EZC:ecfconst =   2.714946, k:agcpara = 0.20876073)
liq.cash: 10Y average (1Y) =   2.546253 ( 0.11460) : loss rate  0.0621
liq.cash: 10Y std.dev. (1Y) =   1.069714 ( 0.04814)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8081 0.05209   0.09805 0.06495  0.08225  0.06831    0.4540   0.4143   0.8683
 dbratio     ROA    ROA1 debtcf1
 0.47715 0.13198 0.12075 0.02919

TOSYOU CODE: 7232    362
debtcashflow initial values:   0.000010   2.586639
stddev initial values:   0.000010   2.586639
ecfconst solution interval:   2.923595   3.042925
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.35714
data: equity =   0.755652  debt =   0.106561  firm =   0.862213

agency cost: EZC - k L (EZC:ecfconst =   2.982132, k:agcpara = 0.29973024)
liq.cash: 10Y average (1Y) =   2.923189 ( 0.13634) : loss rate  0.0198
liq.cash: 10Y std.dev. (1Y) =   1.149400 ( 0.05361)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1967 0.00884   0.09271 0.06224  0.08895  0.08548    0.7557   0.1066   0.8622
 dbratio     ROA    ROA1 debtcf1
 0.12359 0.15812 0.13212 0.00676

TOSYOU CODE: 6454    363
debtcashflow initial values:   0.000010   2.578100
stddev initial values:   0.000010   2.578100
ecfconst solution interval:   2.560221   2.664719
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.25696
data: equity =   0.768017  debt =   0.091350  firm =   0.859367

agency cost: EZC - k L (EZC:ecfconst =   2.633981, k:agcpara = 0.28744143)
liq.cash: 10Y average (1Y) =   2.585288 ( 0.12004) : loss rate  0.0185
liq.cash: 10Y std.dev. (1Y) =   1.151307 ( 0.05346)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1694 0.01794   0.08039 0.06178  0.07841  0.07546    0.7680   0.0914   0.8594
 dbratio     ROA    ROA1 debtcf1
 0.10630 0.13968 0.11852 0.00587

TOSYOU CODE: 3403    364
debtcashflow initial values:   0.000010   2.566238
stddev initial values:   0.000010   2.566238
ecfconst solution interval:   2.548441   2.652459
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38880
data: equity =   0.531475  debt =   0.323938  firm =   0.855413

agency cost: EZC - k L (EZC:ecfconst =   2.650623, k:agcpara = 0.22353242)
liq.cash: 10Y average (1Y) =   2.510027 ( 0.11385) : loss rate  0.0530
liq.cash: 10Y std.dev. (1Y) =   1.144776 ( 0.05193)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6290 0.05017   0.09081 0.06404  0.08067  0.06976    0.5315   0.3239   0.8554
 dbratio     ROA    ROA1 debtcf1
 0.37870 0.13309 0.11974 0.02271

TOSYOU CODE: 7221    365
debtcashflow initial values:   0.000010   2.529260
stddev initial values:   0.000010   2.529260
ecfconst solution interval:   2.396051   2.493849
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29800
data: equity =   0.686188  debt =   0.156899  firm =   0.843087

agency cost: EZC - k L (EZC:ecfconst =   2.570042, k:agcpara = 0.25198318)
liq.cash: 10Y average (1Y) =   2.493636 ( 0.11497) : loss rate  0.0297
liq.cash: 10Y std.dev. (1Y) =   1.299003 ( 0.05989)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3032 0.04588   0.08152 0.06313  0.07810  0.07281    0.6862   0.1569   0.8431
 dbratio     ROA    ROA1 debtcf1
 0.18610 0.13637 0.11791 0.01094

TOSYOU CODE: 4611    366
debtcashflow initial values:   0.000010   2.528422
stddev initial values:   0.000010   2.528422
ecfconst solution interval:   2.510887   2.613373
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38031
data: equity =   0.598882  debt =   0.243925  firm =   0.842807

agency cost: EZC - k L (EZC:ecfconst =   2.655260, k:agcpara = 0.23952388)
liq.cash: 10Y average (1Y) =   2.542310 ( 0.11651) : loss rate  0.0425
liq.cash: 10Y std.dev. (1Y) =   1.211165 ( 0.05550)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4716 0.04366   0.08866 0.06377  0.08145  0.07315    0.5989   0.2439   0.8428
 dbratio     ROA    ROA1 debtcf1
 0.28943 0.13824 0.12160 0.01697

TOSYOU CODE: 3514    367
debtcashflow initial values:   0.000010   2.509626
stddev initial values:   0.000010   2.509626
ecfconst solution interval:   2.721774   2.832866
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.51910
data: equity =   0.673932  debt =   0.162610  firm =   0.836542

agency cost: EZC - k L (EZC:ecfconst =   2.916831, k:agcpara = 0.26375337)
liq.cash: 10Y average (1Y) =   2.835739 ( 0.13179) : loss rate  0.0278
liq.cash: 10Y std.dev. (1Y) =   1.282471 ( 0.05960)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3075 0.02434   0.09606 0.06317  0.08967  0.08415    0.6739   0.1626   0.8365
 dbratio     ROA    ROA1 debtcf1
 0.19438 0.15755 0.13303 0.01083

TOSYOU CODE: 3706    368
debtcashflow initial values:   0.000010   2.501820
stddev initial values:   0.000010   2.501820
ecfconst solution interval:   2.484476   2.585884
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.45151
data: equity =   0.417200  debt =   0.416740  firm =   0.833940

agency cost: EZC - k L (EZC:ecfconst =   2.569356, k:agcpara = 0.20123431)
liq.cash: 10Y average (1Y) =   2.406828 ( 0.10793) : loss rate  0.0633
liq.cash: 10Y std.dev. (1Y) =   0.990592 ( 0.04442)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8077 0.05322   0.09816 0.06431  0.08125  0.06679    0.4172   0.4167   0.8339
 dbratio     ROA    ROA1 debtcf1
 0.49972 0.12943 0.11910 0.02906

TOSYOU CODE: 6118    369
debtcashflow initial values:   0.000010   2.495930
stddev initial values:   0.000010   2.495930
ecfconst solution interval:   2.478626   2.579794
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32520
data: equity =   0.766801  debt =   0.065176  firm =   0.831977

agency cost: EZC - k L (EZC:ecfconst =   2.501209, k:agcpara = 0.29153767)
liq.cash: 10Y average (1Y) =   2.466394 ( 0.11461) : loss rate  0.0139
liq.cash: 10Y std.dev. (1Y) =   1.094560 ( 0.05086)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1194 0.01601   0.07805 0.06072  0.07669  0.07455    0.7668   0.0652   0.8320
 dbratio     ROA    ROA1 debtcf1
 0.07833 0.13776 0.11636 0.00410

TOSYOU CODE: 3001    370
debtcashflow initial values:   0.000010   2.486484
stddev initial values:   0.000010   2.486484
ecfconst solution interval:   2.355528   2.451672
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.30412
data: equity =   0.728910  debt =   0.099918  firm =   0.828828

agency cost: EZC - k L (EZC:ecfconst =   2.490287, k:agcpara = 0.28048278)
liq.cash: 10Y average (1Y) =   2.438002 ( 0.11283) : loss rate  0.0210
liq.cash: 10Y std.dev. (1Y) =   1.123493 ( 0.05199)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1864 0.02253   0.07874 0.06193  0.07671  0.07335    0.7289   0.0999   0.8288
 dbratio     ROA    ROA1 debtcf1
 0.12055 0.13613 0.11629 0.00650

TOSYOU CODE: 5195    371
debtcashflow initial values:   0.000010   2.469815
stddev initial values:   0.000010   2.469815
ecfconst solution interval:   2.565640   2.670360
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38712
data: equity =   0.627874  debt =   0.195398  firm =   0.823272

agency cost: EZC - k L (EZC:ecfconst =   2.631136, k:agcpara = 0.24854214)
liq.cash: 10Y average (1Y) =   2.537710 ( 0.11701) : loss rate  0.0355
liq.cash: 10Y std.dev. (1Y) =   1.224969 ( 0.05648)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3759 0.03880   0.08826 0.06356  0.08240  0.07561    0.6279   0.1954   0.8233
 dbratio     ROA    ROA1 debtcf1
 0.23734 0.14212 0.12321 0.01347

TOSYOU CODE: 6791    372
debtcashflow initial values:   0.000010   2.452540
stddev initial values:   0.000010   2.452540
ecfconst solution interval:   2.435535   2.534945
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34546
data: equity =   0.705624  debt =   0.111889  firm =   0.817513

agency cost: EZC - k L (EZC:ecfconst =   2.490989, k:agcpara = 0.27434041)
liq.cash: 10Y average (1Y) =   2.434145 ( 0.11266) : loss rate  0.0228
liq.cash: 10Y std.dev. (1Y) =   1.090924 ( 0.05049)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2072 0.02061   0.08064 0.06134  0.07800  0.07422    0.7056   0.1119   0.8175
 dbratio     ROA    ROA1 debtcf1
 0.13687 0.13781 0.11786 0.00719

TOSYOU CODE: 7238    373
debtcashflow initial values:   0.000010   2.433097
stddev initial values:   0.000010   2.433097
ecfconst solution interval:   2.304950   2.399030
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25196
data: equity =   0.498125  debt =   0.312907  firm =   0.811032

agency cost: EZC - k L (EZC:ecfconst =   2.316470, k:agcpara = 0.21488424)
liq.cash: 10Y average (1Y) =   2.183956 ( 0.09754) : loss rate  0.0572
liq.cash: 10Y std.dev. (1Y) =   1.080070 ( 0.04824)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6167 0.07338   0.08048 0.06347  0.07392  0.06290    0.4981   0.3129   0.8110
 dbratio     ROA    ROA1 debtcf1
 0.38581 0.12027 0.11065 0.02267

TOSYOU CODE: 6771    374
debtcashflow initial values:   0.000010   2.427067
stddev initial values:   0.000010   2.427067
ecfconst solution interval:   2.299237   2.393083
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 = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.19294
data: equity =   0.761756  debt =   0.047266  firm =   0.809022

agency cost: EZC - k L (EZC:ecfconst =   2.390276, k:agcpara = 0.29912839)
liq.cash: 10Y average (1Y) =   2.364098 ( 0.10986) : loss rate  0.0110
liq.cash: 10Y std.dev. (1Y) =   1.084354 ( 0.05039)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0875 0.01789   0.07595 0.06161  0.07511  0.07349    0.7618   0.0473   0.8090
 dbratio     ROA    ROA1 debtcf1
 0.05843 0.13580 0.11442 0.00303

TOSYOU CODE: 6951    375
debtcashflow initial values:   0.000010   2.410504
stddev initial values:   0.000010   2.410504
ecfconst solution interval:   2.283547   2.376753
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27897
data: equity =   0.647870  debt =   0.155631  firm =   0.803501

agency cost: EZC - k L (EZC:ecfconst =   2.416328, k:agcpara = 0.25008837)
liq.cash: 10Y average (1Y) =   2.340903 ( 0.10767) : loss rate  0.0312
liq.cash: 10Y std.dev. (1Y) =   1.233385 ( 0.05673)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3016 0.04912   0.08028 0.06309  0.07695  0.07146    0.6479   0.1556   0.8035
 dbratio     ROA    ROA1 debtcf1
 0.19368 0.13400 0.11639 0.01091

TOSYOU CODE: 4996    376
debtcashflow initial values:   0.000010   2.405112
stddev initial values:   0.000010   2.405112
ecfconst solution interval:   2.498432   2.600409
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 = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.29205
data: equity =   0.721413  debt =   0.080291  firm =   0.801704

agency cost: EZC - k L (EZC:ecfconst =   2.576796, k:agcpara = 0.29603497)
liq.cash: 10Y average (1Y) =   2.532791 ( 0.11806) : loss rate  0.0171
liq.cash: 10Y std.dev. (1Y) =   1.070183 ( 0.04988)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1486 0.01295   0.08481 0.06215  0.08254  0.07974    0.7214   0.0803   0.8017
 dbratio     ROA    ROA1 debtcf1
 0.10015 0.14726 0.12385 0.00513

TOSYOU CODE: 6844    377
debtcashflow initial values:   0.000010   2.385544
stddev initial values:   0.000010   2.385544
ecfconst solution interval:   2.587200   2.692800
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.29904
data: equity =   0.597093  debt =   0.198088  firm =   0.795181

agency cost: EZC - k L (EZC:ecfconst =   2.556682, k:agcpara = 0.24857815)
liq.cash: 10Y average (1Y) =   2.461561 ( 0.11341) : loss rate  0.0372
liq.cash: 10Y std.dev. (1Y) =   1.181028 ( 0.05442)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3827 0.03918   0.08927 0.06400  0.08297  0.07580    0.5971   0.1981   0.7952
 dbratio     ROA    ROA1 debtcf1
 0.24911 0.14263 0.12388 0.01374

TOSYOU CODE: 6106    378
debtcashflow initial values:   0.000010   2.373881
stddev initial values:   0.000010   2.373881
ecfconst solution interval:   2.465984   2.566636
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36297
data: equity =   0.658711  debt =   0.132583  firm =   0.791294

agency cost: EZC - k L (EZC:ecfconst =   2.522128, k:agcpara = 0.25769430)
liq.cash: 10Y average (1Y) =   2.456680 ( 0.11394) : loss rate  0.0259
liq.cash: 10Y std.dev. (1Y) =   1.230310 ( 0.05706)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2540 0.03670   0.08564 0.06318  0.08188  0.07712    0.6587   0.1326   0.7913
 dbratio     ROA    ROA1 debtcf1
 0.16755 0.14399 0.12291 0.00907

TOSYOU CODE: 4529    379
debtcashflow initial values:   0.000010   2.369311
stddev initial values:   0.000010   2.369311
ecfconst solution interval:   2.677948   2.787252
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.44994
data: equity =   0.664988  debt =   0.124782  firm =   0.789770

agency cost: EZC - k L (EZC:ecfconst =   2.734010, k:agcpara = 0.28793070)
liq.cash: 10Y average (1Y) =   2.668252 ( 0.12422) : loss rate  0.0241
liq.cash: 10Y std.dev. (1Y) =   1.035860 ( 0.04823)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2284 0.00925   0.09421 0.06133  0.08901  0.08465    0.6650   0.1248   0.7898
 dbratio     ROA    ROA1 debtcf1
 0.15800 0.15729 0.13222 0.00781

TOSYOU CODE: 5445    380
debtcashflow initial values:   0.000010   2.357004
stddev initial values:   0.000010   2.357004
ecfconst solution interval:   2.232871   2.324009
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.17853
data: equity =   0.488996  debt =   0.296672  firm =   0.785668

agency cost: EZC - k L (EZC:ecfconst =   2.233217, k:agcpara = 0.21777755)
liq.cash: 10Y average (1Y) =   2.104998 ( 0.09396) : loss rate  0.0574
liq.cash: 10Y std.dev. (1Y) =   1.063975 ( 0.04749)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5888 0.07707   0.07924 0.06379  0.07341  0.06257    0.4890   0.2967   0.7857
 dbratio     ROA    ROA1 debtcf1
 0.37760 0.11960 0.11012 0.02177

TOSYOU CODE: 5930    381
debtcashflow initial values:   0.000010   2.338517
stddev initial values:   0.000010   2.338517
ecfconst solution interval:   2.322306   2.417094
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33083
data: equity =   0.707307  debt =   0.072199  firm =   0.779506

agency cost: EZC - k L (EZC:ecfconst =   2.352180, k:agcpara = 0.28781144)
liq.cash: 10Y average (1Y) =   2.314012 ( 0.10743) : loss rate  0.0162
liq.cash: 10Y std.dev. (1Y) =   1.028918 ( 0.04777)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1326 0.01700   0.07869 0.06086  0.07704  0.07450    0.7073   0.0722   0.7795
 dbratio     ROA    ROA1 debtcf1
 0.09263 0.13781 0.11677 0.00456

TOSYOU CODE: 4103    382
debtcashflow initial values:   0.000010   2.337844
stddev initial values:   0.000010   2.337844
ecfconst solution interval:   2.428548   2.527672
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43996
data: equity =   0.599870  debt =   0.179411  firm =   0.779281

agency cost: EZC - k L (EZC:ecfconst =   2.574713, k:agcpara = 0.25293514)
liq.cash: 10Y average (1Y) =   2.487946 ( 0.11507) : loss rate  0.0337
liq.cash: 10Y std.dev. (1Y) =   1.165952 ( 0.05393)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3430 0.03291   0.09167 0.06352  0.08519  0.07861    0.5999   0.1794   0.7793
 dbratio     ROA    ROA1 debtcf1
 0.23022 0.14767 0.12695 0.01221

TOSYOU CODE: 7225    383
debtcashflow initial values:   0.000010   2.328650
stddev initial values:   0.000010   2.328650
ecfconst solution interval:   2.419003   2.517737
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40982
data: equity =   0.659677  debt =   0.116540  firm =   0.776217

agency cost: EZC - k L (EZC:ecfconst =   2.445242, k:agcpara = 0.27421464)
liq.cash: 10Y average (1Y) =   2.386251 ( 0.11066) : loss rate  0.0241
liq.cash: 10Y std.dev. (1Y) =   1.026437 ( 0.04760)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2151 0.01721   0.08437 0.06137  0.08092  0.07677    0.6597   0.1165   0.7762
 dbratio     ROA    ROA1 debtcf1
 0.15014 0.14256 0.12159 0.00743

TOSYOU CODE: 6107    384
debtcashflow initial values:   0.000010   2.321061
stddev initial values:   0.000010   2.321061
ecfconst solution interval:   2.411114   2.509526
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.32231
data: equity =   0.641387  debt =   0.132300  firm =   0.773687

agency cost: EZC - k L (EZC:ecfconst =   2.588829, k:agcpara = 0.26418063)
liq.cash: 10Y average (1Y) =   2.521798 ( 0.11722) : loss rate  0.0259
liq.cash: 10Y std.dev. (1Y) =   1.212091 ( 0.05634)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2537 0.03066   0.09067 0.06398  0.08611  0.08119    0.6414   0.1323   0.7737
 dbratio     ROA    ROA1 debtcf1
 0.17099 0.15150 0.12838 0.00904

TOSYOU CODE: 6995    385
debtcashflow initial values:   0.000010   2.316299
stddev initial values:   0.000010   2.316299
ecfconst solution interval:   2.406174   2.504386
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38000
data: equity =   0.630468  debt =   0.141632  firm =   0.772100

agency cost: EZC - k L (EZC:ecfconst =   2.480700, k:agcpara = 0.25631213)
liq.cash: 10Y average (1Y) =   2.411166 ( 0.11174) : loss rate  0.0280
liq.cash: 10Y std.dev. (1Y) =   1.188435 ( 0.05507)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2713 0.03588   0.08698 0.06329  0.08263  0.07741    0.6305   0.1416   0.7721
 dbratio     ROA    ROA1 debtcf1
 0.18343 0.14472 0.12380 0.00969

TOSYOU CODE: 6331    386
debtcashflow initial values:   0.000010   2.308214
stddev initial values:   0.000010   2.308214
ecfconst solution interval:   2.292210   2.385770
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37807
data: equity =   0.609774  debt =   0.159631  firm =   0.769405

agency cost: EZC - k L (EZC:ecfconst =   2.459209, k:agcpara = 0.25261973)
liq.cash: 10Y average (1Y) =   2.381751 ( 0.11010) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   1.167603 ( 0.05398)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3066 0.03776   0.08721 0.06342  0.08228  0.07635    0.6098   0.1596   0.7694
 dbratio     ROA    ROA1 debtcf1
 0.20748 0.14310 0.12322 0.01097

TOSYOU CODE: 2591    387
debtcashflow initial values:   0.000010   2.298752
stddev initial values:   0.000010   2.298752
ecfconst solution interval:   2.282812   2.375988
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.29880
data: equity =   0.733651  debt =   0.032600  firm =   0.766251

agency cost: EZC - k L (EZC:ecfconst =   2.285679, k:agcpara = 0.30256596)
liq.cash: 10Y average (1Y) =   2.267561 ( 0.10564) : loss rate  0.0079
liq.cash: 10Y std.dev. (1Y) =   1.011612 ( 0.04713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0599 0.01454   0.07661 0.06114  0.07595  0.07478    0.7337   0.0326   0.7662
 dbratio     ROA    ROA1 debtcf1
 0.04254 0.13787 0.11549 0.00206

TOSYOU CODE: 5009    388
debtcashflow initial values:   0.000010   2.298372
stddev initial values:   0.000010   2.298372
ecfconst solution interval:   2.282440   2.375600
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47432
data: equity =   0.327143  debt =   0.438981  firm =   0.766124

agency cost: EZC - k L (EZC:ecfconst =   2.308590, k:agcpara = 0.18334310)
liq.cash: 10Y average (1Y) =   2.152866 ( 0.09557) : loss rate  0.0675
liq.cash: 10Y std.dev. (1Y) =   0.825952 ( 0.03667)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8494 0.05726   0.10183 0.06432  0.08033  0.06375    0.3271   0.4390   0.7661
 dbratio     ROA    ROA1 debtcf1
 0.57299 0.12475 0.11662 0.03051

TOSYOU CODE: 6741    389
debtcashflow initial values:   0.000010   2.282521
stddev initial values:   0.000010   2.282521
ecfconst solution interval:   2.371081   2.467859
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.31182
data: equity =   0.601429  debt =   0.159411  firm =   0.760840

agency cost: EZC - k L (EZC:ecfconst =   2.480620, k:agcpara = 0.25617120)
liq.cash: 10Y average (1Y) =   2.401854 ( 0.11114) : loss rate  0.0318
liq.cash: 10Y std.dev. (1Y) =   1.163324 ( 0.05383)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3075 0.03590   0.08928 0.06408  0.08400  0.07796    0.6014   0.1594   0.7608
 dbratio     ROA    ROA1 debtcf1
 0.20951 0.14608 0.12545 0.01102

TOSYOU CODE: 6803    390
debtcashflow initial values:   0.000010   2.281813
stddev initial values:   0.000010   2.281813
ecfconst solution interval:   2.161635   2.249865
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.17475
data: equity =   0.533863  debt =   0.226741  firm =   0.760604

agency cost: EZC - k L (EZC:ecfconst =   2.203522, k:agcpara = 0.23427863)
liq.cash: 10Y average (1Y) =   2.098310 ( 0.09485) : loss rate  0.0477
liq.cash: 10Y std.dev. (1Y) =   1.104318 ( 0.04992)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4491 0.06766   0.07877 0.06392  0.07434  0.06577    0.5339   0.2267   0.7606
 dbratio     ROA    ROA1 debtcf1
 0.29811 0.12470 0.11223 0.01656

TOSYOU CODE: 7263    391
debtcashflow initial values:   0.000010   2.267873
stddev initial values:   0.000010   2.267873
ecfconst solution interval:   2.459584   2.559976
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50871
data: equity =   0.514970  debt =   0.240988  firm =   0.755958

agency cost: EZC - k L (EZC:ecfconst =   2.546753, k:agcpara = 0.24368648)
liq.cash: 10Y average (1Y) =   2.434570 ( 0.11202) : loss rate  0.0440
liq.cash: 10Y std.dev. (1Y) =   1.067032 ( 0.04910)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4604 0.03214   0.09804 0.06377  0.08711  0.07797    0.5150   0.2410   0.7560
 dbratio     ROA    ROA1 debtcf1
 0.31879 0.14818 0.12914 0.01635

TOSYOU CODE: 6355    392
debtcashflow initial values:   0.000010   2.238269
stddev initial values:   0.000010   2.238269
ecfconst solution interval:   2.222748   2.313472
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32123
data: equity =   0.570541  debt =   0.175549  firm =   0.746090

agency cost: EZC - k L (EZC:ecfconst =   2.290504, k:agcpara = 0.24537743)
liq.cash: 10Y average (1Y) =   2.207061 ( 0.10135) : loss rate  0.0364
liq.cash: 10Y std.dev. (1Y) =   1.113135 ( 0.05112)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3401 0.04675   0.08373 0.06343  0.07895  0.07223    0.5705   0.1756   0.7461
 dbratio     ROA    ROA1 debtcf1
 0.23530 0.13584 0.11870 0.01228

TOSYOU CODE: 2052    393
debtcashflow initial values:   0.000010   2.222826
stddev initial values:   0.000010   2.222826
ecfconst solution interval:   2.309076   2.403324
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39639
data: equity =   0.544360  debt =   0.196582  firm =   0.740942

agency cost: EZC - k L (EZC:ecfconst =   2.368632, k:agcpara = 0.24456115)
liq.cash: 10Y average (1Y) =   2.276016 ( 0.10469) : loss rate  0.0391
liq.cash: 10Y std.dev. (1Y) =   1.082929 ( 0.04981)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3787 0.03989   0.08937 0.06369  0.08255  0.07495    0.5444   0.1966   0.7409
 dbratio     ROA    ROA1 debtcf1
 0.26532 0.14129 0.12324 0.01358

TOSYOU CODE: 4088    394
debtcashflow initial values:   0.000010   2.193883
stddev initial values:   0.000010   2.193883
ecfconst solution interval:   2.279010   2.372030
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42764
data: equity =   0.458222  debt =   0.273072  firm =   0.731294

agency cost: EZC - k L (EZC:ecfconst =   2.320429, k:agcpara = 0.22724622)
liq.cash: 10Y average (1Y) =   2.200446 ( 0.10019) : loss rate  0.0517
liq.cash: 10Y std.dev. (1Y) =   0.985610 ( 0.04488)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5280 0.04486   0.09358 0.06407  0.08256  0.07179    0.4582   0.2731   0.7313
 dbratio     ROA    ROA1 debtcf1
 0.37341 0.13700 0.12240 0.01897

TOSYOU CODE: 6217    395
debtcashflow initial values:   0.000010   2.183270
stddev initial values:   0.000010   2.183270
ecfconst solution interval:   2.168132   2.256628
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.24091
data: equity =   0.630245  debt =   0.097512  firm =   0.727757

agency cost: EZC - k L (EZC:ecfconst =   2.171135, k:agcpara = 0.27557702)
liq.cash: 10Y average (1Y) =   2.120574 ( 0.09793) : loss rate  0.0233
liq.cash: 10Y std.dev. (1Y) =   1.001758 ( 0.04626)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1835 0.02658   0.07826 0.06239  0.07613  0.07237    0.6302   0.0975   0.7278
 dbratio     ROA    ROA1 debtcf1
 0.13398 0.13456 0.11550 0.00645

TOSYOU CODE: 7769    396
debtcashflow initial values:   0.000010   2.181365
stddev initial values:   0.000010   2.181365
ecfconst solution interval:   2.166241   2.254659
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36078
data: equity =   0.644525  debt =   0.082597  firm =   0.727122

agency cost: EZC - k L (EZC:ecfconst =   2.231700, k:agcpara = 0.28305405)
liq.cash: 10Y average (1Y) =   2.188675 ( 0.10158) : loss rate  0.0193
liq.cash: 10Y std.dev. (1Y) =   0.961920 ( 0.04465)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1520 0.01712   0.08080 0.06106  0.07856  0.07544    0.6445   0.0826   0.7271
 dbratio     ROA    ROA1 debtcf1
 0.11360 0.13971 0.11867 0.00524

TOSYOU CODE: 2533    397
debtcashflow initial values:   0.000010   2.159591
stddev initial values:   0.000010   2.159591
ecfconst solution interval:   2.045848   2.129352
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.22545
data: equity =   0.585040  debt =   0.134824  firm =   0.719864

agency cost: EZC - k L (EZC:ecfconst =   2.107925, k:agcpara = 0.25237744)
liq.cash: 10Y average (1Y) =   2.041161 ( 0.09358) : loss rate  0.0317
liq.cash: 10Y std.dev. (1Y) =   1.126703 ( 0.05165)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2645 0.05742   0.07716 0.06347  0.07460  0.06925    0.5850   0.1348   0.7199
 dbratio     ROA    ROA1 debtcf1
 0.18730 0.12999 0.11342 0.00968

TOSYOU CODE: 4532    398
debtcashflow initial values:   0.000010   2.152820
stddev initial values:   0.000010   2.152820
ecfconst solution interval:   2.039439   2.122681
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28329
data: equity =   0.623553  debt =   0.094054  firm =   0.717607

agency cost: EZC - k L (EZC:ecfconst =   2.115004, k:agcpara = 0.27257678)
liq.cash: 10Y average (1Y) =   2.067297 ( 0.09537) : loss rate  0.0226
liq.cash: 10Y std.dev. (1Y) =   0.970837 ( 0.04479)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1750 0.02564   0.07716 0.06131  0.07508  0.07146    0.6236   0.0941   0.7176
 dbratio     ROA    ROA1 debtcf1
 0.13106 0.13290 0.11415 0.00611

TOSYOU CODE: 6924    399
debtcashflow initial values:   0.000010   2.146944
stddev initial values:   0.000010   2.146944
ecfconst solution interval:   2.230245   2.321275
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.38745
data: equity =   0.649029  debt =   0.066619  firm =   0.715648

agency cost: EZC - k L (EZC:ecfconst =   2.332256, k:agcpara = 0.29871615)
liq.cash: 10Y average (1Y) =   2.295627 ( 0.10714) : loss rate  0.0157
liq.cash: 10Y std.dev. (1Y) =   0.948006 ( 0.04425)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1226 0.01095   0.08600 0.06173  0.08374  0.08115    0.6490   0.0666   0.7157
 dbratio     ROA    ROA1 debtcf1
 0.09310 0.14971 0.12540 0.00421

TOSYOU CODE: 6801    400
debtcashflow initial values:   0.000010   2.130599
stddev initial values:   0.000010   2.130599
ecfconst solution interval:   2.310703   2.405017
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 = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.30076
data: equity =   0.566487  debt =   0.143713  firm =   0.710200

agency cost: EZC - k L (EZC:ecfconst =   2.365564, k:agcpara = 0.26053255)
liq.cash: 10Y average (1Y) =   2.293272 ( 0.10630) : loss rate  0.0306
liq.cash: 10Y std.dev. (1Y) =   1.097549 ( 0.05087)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2775 0.03313   0.09124 0.06447  0.08582  0.07995    0.5665   0.1437   0.7102
 dbratio     ROA    ROA1 debtcf1
 0.20236 0.14967 0.12786 0.00994

TOSYOU CODE: 6374    401
debtcashflow initial values:   0.000010   2.118156
stddev initial values:   0.000010   2.118156
ecfconst solution interval:   2.200345   2.290155
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41336
data: equity =   0.504384  debt =   0.201668  firm =   0.706052

agency cost: EZC - k L (EZC:ecfconst =   2.270017, k:agcpara = 0.24225650)
liq.cash: 10Y average (1Y) =   2.175939 ( 0.09997) : loss rate  0.0414
liq.cash: 10Y std.dev. (1Y) =   1.017499 ( 0.04675)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3883 0.03947   0.09088 0.06377  0.08313  0.07494    0.5044   0.2017   0.7060
 dbratio     ROA    ROA1 debtcf1
 0.28562 0.14158 0.12388 0.01391

TOSYOU CODE: 6955    402
debtcashflow initial values:   0.000010   2.100381
stddev initial values:   0.000010   2.100381
ecfconst solution interval:   1.989763   2.070977
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.18433
data: equity =   0.514642  debt =   0.185485  firm =   0.700127

agency cost: EZC - k L (EZC:ecfconst =   1.957503, k:agcpara = 0.23564382)
liq.cash: 10Y average (1Y) =   1.871381 ( 0.08437) : loss rate  0.0440
liq.cash: 10Y std.dev. (1Y) =   1.034838 ( 0.04665)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3655 0.07281   0.07405 0.06259  0.07102  0.06355    0.5146   0.1855   0.7001
 dbratio     ROA    ROA1 debtcf1
 0.26493 0.12050 0.10829 0.01349

TOSYOU CODE: 5491    403
debtcashflow initial values:   0.000010   2.094243
stddev initial values:   0.000010   2.094243
ecfconst solution interval:   1.983941   2.064919
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27316
data: equity =   0.426283  debt =   0.271798  firm =   0.698081

agency cost: EZC - k L (EZC:ecfconst =   2.017494, k:agcpara = 0.21501136)
liq.cash: 10Y average (1Y) =   1.902559 ( 0.08515) : loss rate  0.0570
liq.cash: 10Y std.dev. (1Y) =   0.925716 ( 0.04143)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5346 0.06973   0.08219 0.06363  0.07497  0.06382    0.4263   0.2718   0.6981
 dbratio     ROA    ROA1 debtcf1
 0.38935 0.12198 0.11196 0.01960

TOSYOU CODE: 3009    404
debtcashflow initial values:   0.000010   2.089159
stddev initial values:   0.000010   2.089159
ecfconst solution interval:   2.647941   2.756020
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.46596
data: equity =   0.480909  debt =   0.215477  firm =   0.696386

agency cost: EZC - k L (EZC:ecfconst =   2.702378, k:agcpara = 0.27243512)
liq.cash: 10Y average (1Y) =   2.591185 ( 0.11972) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   1.026918 ( 0.04745)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4081 0.01676   0.11387 0.06435  0.09855  0.08959    0.4809   0.2155   0.6964
 dbratio     ROA    ROA1 debtcf1
 0.30942 0.17192 0.14522 0.01432

TOSYOU CODE: 7990    405
debtcashflow initial values:   0.000010   2.082296
stddev initial values:   0.000010   2.082296
ecfconst solution interval:   2.258322   2.350498
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 = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.32638
data: equity =   0.515941  debt =   0.178158  firm =   0.694099

agency cost: EZC - k L (EZC:ecfconst =   2.336877, k:agcpara = 0.25452511)
liq.cash: 10Y average (1Y) =   2.249250 ( 0.10388) : loss rate  0.0375
liq.cash: 10Y std.dev. (1Y) =   1.037369 ( 0.04791)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3443 0.03315   0.09459 0.06469  0.08692  0.07945    0.5159   0.1782   0.6941
 dbratio     ROA    ROA1 debtcf1
 0.25668 0.14966 0.12907 0.01233

TOSYOU CODE: 7223    406
debtcashflow initial values:   0.000010   2.080832
stddev initial values:   0.000010   2.080832
ecfconst solution interval:   2.066409   2.150752
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26171
data: equity =   0.556137  debt =   0.137474  firm =   0.693611

agency cost: EZC - k L (EZC:ecfconst =   2.061011, k:agcpara = 0.24876070)
liq.cash: 10Y average (1Y) =   1.994581 ( 0.09155) : loss rate  0.0322
liq.cash: 10Y std.dev. (1Y) =   1.063132 ( 0.04880)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2670 0.05209   0.07913 0.06302  0.07593  0.07031    0.5561   0.1375   0.6936
 dbratio     ROA    ROA1 debtcf1
 0.19820 0.13200 0.11505 0.00969

TOSYOU CODE: 6390    407
debtcashflow initial values:   0.000010   2.060505
stddev initial values:   0.000010   2.060505
ecfconst solution interval:   2.140447   2.227813
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.36025
data: equity =   0.376991  debt =   0.309844  firm =   0.686835

agency cost: EZC - k L (EZC:ecfconst =   2.182996, k:agcpara = 0.21597353)
liq.cash: 10Y average (1Y) =   2.052796 ( 0.09283) : loss rate  0.0596
liq.cash: 10Y std.dev. (1Y) =   0.870322 ( 0.03936)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6029 0.04786   0.09842 0.06489  0.08329  0.07012    0.3770   0.3098   0.6868
 dbratio     ROA    ROA1 debtcf1
 0.45112 0.13515 0.12259 0.02172

TOSYOU CODE: 6798    408
debtcashflow initial values:   0.000010   2.060273
stddev initial values:   0.000010   2.060273
ecfconst solution interval:   2.328656   2.423704
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.32793
data: equity =   0.519843  debt =   0.166915  firm =   0.686758

agency cost: EZC - k L (EZC:ecfconst =   2.370696, k:agcpara = 0.26024332)
liq.cash: 10Y average (1Y) =   2.286890 ( 0.10583) : loss rate  0.0354
liq.cash: 10Y std.dev. (1Y) =   1.040452 ( 0.04815)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3220 0.02948   0.09674 0.06487  0.08899  0.08190    0.5198   0.1669   0.6868
 dbratio     ROA    ROA1 debtcf1
 0.24305 0.15410 0.13190 0.01150

TOSYOU CODE: 5911    409
debtcashflow initial values:   0.000010   2.058425
stddev initial values:   0.000010   2.058425
ecfconst solution interval:   2.044153   2.127587
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31580
data: equity =   0.632895  debt =   0.053247  firm =   0.686142

agency cost: EZC - k L (EZC:ecfconst =   2.052620, k:agcpara = 0.29127412)
liq.cash: 10Y average (1Y) =   2.024179 ( 0.09402) : loss rate  0.0139
liq.cash: 10Y std.dev. (1Y) =   0.904424 ( 0.04201)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0976 0.01658   0.07756 0.06073  0.07625  0.07413    0.6329   0.0533   0.6861
 dbratio     ROA    ROA1 debtcf1
 0.07761 0.13703 0.11581 0.00336

TOSYOU CODE: 7971    410
debtcashflow initial values:   0.000010   2.047182
stddev initial values:   0.000010   2.047182
ecfconst solution interval:   2.220239   2.310861
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.31353
data: equity =   0.503872  debt =   0.178522  firm =   0.682394

agency cost: EZC - k L (EZC:ecfconst =   2.316858, k:agcpara = 0.25572933)
liq.cash: 10Y average (1Y) =   2.228462 ( 0.10291) : loss rate  0.0382
liq.cash: 10Y std.dev. (1Y) =   1.020553 ( 0.04713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3457 0.03253   0.09569 0.06499  0.08766  0.08000    0.5039   0.1785   0.6824
 dbratio     ROA    ROA1 debtcf1
 0.26160 0.15080 0.13002 0.01239

TOSYOU CODE: 6376    411
debtcashflow initial values:   0.000010   2.046694
stddev initial values:   0.000010   2.046694
ecfconst solution interval:   2.032500   2.115460
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.24920
data: equity =   0.587027  debt =   0.095204  firm =   0.682231

agency cost: EZC - k L (EZC:ecfconst =   2.082387, k:agcpara = 0.27553128)
liq.cash: 10Y average (1Y) =   2.033341 ( 0.09409) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =   0.924838 ( 0.04280)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1780 0.02242   0.08074 0.06217  0.07815  0.07425    0.5870   0.0952   0.6822
 dbratio     ROA    ROA1 debtcf1
 0.13955 0.13791 0.11805 0.00622

TOSYOU CODE: 6335    412
debtcashflow initial values:   0.000010   2.042500
stddev initial values:   0.000010   2.042500
ecfconst solution interval:   2.121749   2.208351
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40969
data: equity =   0.601581  debt =   0.079252  firm =   0.680833

agency cost: EZC - k L (EZC:ecfconst =   2.142969, k:agcpara = 0.28523547)
liq.cash: 10Y average (1Y) =   2.101509 ( 0.09772) : loss rate  0.0193
liq.cash: 10Y std.dev. (1Y) =   0.894536 ( 0.04159)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1454 0.01438   0.08336 0.06100  0.08076  0.07756    0.6016   0.0792   0.6808
 dbratio     ROA    ROA1 debtcf1
 0.11640 0.14353 0.12150 0.00499

TOSYOU CODE: 6768    413
debtcashflow initial values:   0.000010   2.033604
stddev initial values:   0.000010   2.033604
ecfconst solution interval:   1.926504   2.005136
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27210
data: equity =   0.520670  debt =   0.157198  firm =   0.677868

agency cost: EZC - k L (EZC:ecfconst =   2.018095, k:agcpara = 0.24382795)
liq.cash: 10Y average (1Y) =   1.943478 ( 0.08892) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   1.016196 ( 0.04649)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3060 0.05355   0.08023 0.06321  0.07628  0.06968    0.5207   0.1572   0.6779
 dbratio     ROA    ROA1 debtcf1
 0.23190 0.13117 0.11527 0.01112

TOSYOU CODE: 4100    414
debtcashflow initial values:   0.000010   2.027710
stddev initial values:   0.000010   2.027710
ecfconst solution interval:   2.106383   2.192357
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34118
data: equity =   0.570744  debt =   0.105159  firm =   0.675903

agency cost: EZC - k L (EZC:ecfconst =   2.055642, k:agcpara = 0.26711181)
liq.cash: 10Y average (1Y) =   2.003383 ( 0.09255) : loss rate  0.0254
liq.cash: 10Y std.dev. (1Y) =   0.906770 ( 0.04189)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1956 0.02310   0.08092 0.06156  0.07791  0.07360    0.5707   0.1052   0.6759
 dbratio     ROA    ROA1 debtcf1
 0.15559 0.13693 0.11765 0.00681

TOSYOU CODE: 7915    415
debtcashflow initial values:   0.000010   2.026181
stddev initial values:   0.000010   2.026181
ecfconst solution interval:   1.919467   1.997813
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25530
data: equity =   0.614582  debt =   0.060812  firm =   0.675394

agency cost: EZC - k L (EZC:ecfconst =   1.955666, k:agcpara = 0.28506959)
liq.cash: 10Y average (1Y) =   1.923649 ( 0.08890) : loss rate  0.0164
liq.cash: 10Y std.dev. (1Y) =   0.904832 ( 0.04181)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1123 0.02265   0.07467 0.06084  0.07342  0.07096    0.6146   0.0608   0.6754
 dbratio     ROA    ROA1 debtcf1
 0.09004 0.13162 0.11218 0.00389

TOSYOU CODE: 3946    416
debtcashflow initial values:   0.000010   2.020461
stddev initial values:   0.000010   2.020461
ecfconst solution interval:   2.376059   2.473041
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 = 0.10620  std.dev = 0.17038  lambda =   3.29749
riskless rate of interest = 0.05974  correlation =  0.50721
data: equity =   0.398970  debt =   0.274517  firm =   0.673487

agency cost: EZC - k L (EZC:ecfconst =   2.450008, k:agcpara = 0.24849849)
liq.cash: 10Y average (1Y) =   2.320305 ( 0.10671) : loss rate  0.0529
liq.cash: 10Y std.dev. (1Y) =   0.907751 ( 0.04175)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5219 0.02379   0.11319 0.06433  0.09327  0.08148    0.3990   0.2745   0.6735
 dbratio     ROA    ROA1 debtcf1
 0.40760 0.15845 0.13785 0.01839

TOSYOU CODE: 6712    417
debtcashflow initial values:   0.000010   2.010519
stddev initial values:   0.000010   2.010519
ecfconst solution interval:   1.812686   1.886674
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20135
data: equity =   0.502056  debt =   0.168117  firm =   0.670173

agency cost: EZC - k L (EZC:ecfconst =   1.898905, k:agcpara = 0.23845600)
liq.cash: 10Y average (1Y) =   1.820155 ( 0.08241) : loss rate  0.0415
liq.cash: 10Y std.dev. (1Y) =   0.997935 ( 0.04518)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3302 0.06772   0.07523 0.06273  0.07209  0.06501    0.5021   0.1681   0.6702
 dbratio     ROA    ROA1 debtcf1
 0.25085 0.12298 0.10977 0.01214

TOSYOU CODE: 4046    418
debtcashflow initial values:   0.000010   2.007902
stddev initial values:   0.000010   2.007902
ecfconst solution interval:   2.361290   2.457670
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.35284
data: equity =   0.544520  debt =   0.124781  firm =   0.669301

agency cost: EZC - k L (EZC:ecfconst =   2.388156, k:agcpara = 0.27137049)
liq.cash: 10Y average (1Y) =   2.323399 ( 0.10800) : loss rate  0.0271
liq.cash: 10Y std.dev. (1Y) =   1.049814 ( 0.04880)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2386 0.02353   0.09793 0.06446  0.09169  0.08628    0.5445   0.1248   0.6693
 dbratio     ROA    ROA1 debtcf1
 0.18644 0.16136 0.13565 0.00846

TOSYOU CODE: 6461    419
debtcashflow initial values:   0.000010   1.987396
stddev initial values:   0.000010   1.987396
ecfconst solution interval:   2.064507   2.148773
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.31420
data: equity =   0.395601  debt =   0.266864  firm =   0.662465

agency cost: EZC - k L (EZC:ecfconst =   2.071881, k:agcpara = 0.22174252)
liq.cash: 10Y average (1Y) =   1.956482 ( 0.08863) : loss rate  0.0557
liq.cash: 10Y std.dev. (1Y) =   0.875017 ( 0.03964)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5204 0.05038   0.09312 0.06464  0.08165  0.06993    0.3956   0.2669   0.6625
 dbratio     ROA    ROA1 debtcf1
 0.40283 0.13379 0.12078 0.01882

TOSYOU CODE: 3569    420
debtcashflow initial values:   0.000010   1.980510
stddev initial values:   0.000010   1.980510
ecfconst solution interval:   2.147925   2.235595
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.29448
data: equity =   0.501592  debt =   0.158578  firm =   0.660170

agency cost: EZC - k L (EZC:ecfconst =   2.214418, k:agcpara = 0.25712379)
liq.cash: 10Y average (1Y) =   2.135353 ( 0.09870) : loss rate  0.0357
liq.cash: 10Y std.dev. (1Y) =   1.000938 ( 0.04627)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3075 0.03391   0.09340 0.06494  0.08656  0.07954    0.5016   0.1586   0.6602
 dbratio     ROA    ROA1 debtcf1
 0.24020 0.14951 0.12865 0.01104

TOSYOU CODE: 7987    421
debtcashflow initial values:   0.000010   1.977096
stddev initial values:   0.000010   1.977096
ecfconst solution interval:   2.325060   2.419960
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.45448
data: equity =   0.472409  debt =   0.186623  firm =   0.659032

agency cost: EZC - k L (EZC:ecfconst =   2.350625, k:agcpara = 0.25836672)
liq.cash: 10Y average (1Y) =   2.258859 ( 0.10444) : loss rate  0.0390
liq.cash: 10Y std.dev. (1Y) =   0.966459 ( 0.04469)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3552 0.02443   0.10265 0.06404  0.09172  0.08356    0.4724   0.1866   0.6590
 dbratio     ROA    ROA1 debtcf1
 0.28317 0.15848 0.13561 0.01255

TOSYOU CODE: 6139    422
debtcashflow initial values:   0.000010   1.966955
stddev initial values:   0.000010   1.966955
ecfconst solution interval:   2.043271   2.126669
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36833
data: equity =   0.499131  debt =   0.156521  firm =   0.655652

agency cost: EZC - k L (EZC:ecfconst =   2.071366, k:agcpara = 0.24723071)
liq.cash: 10Y average (1Y) =   1.996757 ( 0.09195) : loss rate  0.0360
liq.cash: 10Y std.dev. (1Y) =   0.975421 ( 0.04492)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3018 0.04113   0.08703 0.06355  0.08142  0.07460    0.4991   0.1565   0.6556
 dbratio     ROA    ROA1 debtcf1
 0.23872 0.14025 0.12191 0.01084

TOSYOU CODE: 3203    423
debtcashflow initial values:   0.000010   1.951122
stddev initial values:   0.000010   1.951122
ecfconst solution interval:   1.848358   1.923802
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.26208
data: equity =   0.339731  debt =   0.310643  firm =   0.650374

agency cost: EZC - k L (EZC:ecfconst =   1.839494, k:agcpara = 0.19716441)
liq.cash: 10Y average (1Y) =   1.717584 ( 0.07572) : loss rate  0.0663
liq.cash: 10Y std.dev. (1Y) =   0.797489 ( 0.03516)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6183 0.08404   0.08319 0.06440  0.07422  0.06038    0.3397   0.3106   0.6504
 dbratio     ROA    ROA1 debtcf1
 0.47764 0.11642 0.10957 0.02286

TOSYOU CODE: 7995    424
debtcashflow initial values:   0.000010   1.948711
stddev initial values:   0.000010   1.948711
ecfconst solution interval:   2.113439   2.199701
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50431
data: equity =   0.475007  debt =   0.174563  firm =   0.649570

agency cost: EZC - k L (EZC:ecfconst =   2.209966, k:agcpara = 0.25157922)
liq.cash: 10Y average (1Y) =   2.126310 ( 0.09824) : loss rate  0.0379
liq.cash: 10Y std.dev. (1Y) =   0.949904 ( 0.04389)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3325 0.02949   0.09665 0.06358  0.08777  0.08008    0.4750   0.1746   0.6496
 dbratio     ROA    ROA1 debtcf1
 0.26873 0.15124 0.13025 0.01178

TOSYOU CODE: 6136    425
debtcashflow initial values:   0.000010   1.937382
stddev initial values:   0.000010   1.937382
ecfconst solution interval:   2.012548   2.094693
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.33889
data: equity =   0.557773  debt =   0.088021  firm =   0.645794

agency cost: EZC - k L (EZC:ecfconst =   2.046496, k:agcpara = 0.28223987)
liq.cash: 10Y average (1Y) =   2.000248 ( 0.09288) : loss rate  0.0226
liq.cash: 10Y std.dev. (1Y) =   0.866910 ( 0.04025)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1639 0.01707   0.08441 0.06228  0.08139  0.07757    0.5578   0.0880   0.6458
 dbratio     ROA    ROA1 debtcf1
 0.13630 0.14382 0.12226 0.00569

TOSYOU CODE: 3869    426
debtcashflow initial values:   0.000010   1.929658
stddev initial values:   0.000010   1.929658
ecfconst solution interval:   1.916282   1.994498
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.41828
data: equity =   0.312114  debt =   0.331105  firm =   0.643219

agency cost: EZC - k L (EZC:ecfconst =   1.952277, k:agcpara = 0.19721714)
liq.cash: 10Y average (1Y) =   1.824281 ( 0.08138) : loss rate  0.0656
liq.cash: 10Y std.dev. (1Y) =   0.757022 ( 0.03377)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6490 0.06027   0.09661 0.06507  0.08037  0.06530    0.3121   0.3311   0.6432
 dbratio     ROA    ROA1 debtcf1
 0.51476 0.12653 0.11743 0.02355

TOSYOU CODE: 4112    427
debtcashflow initial values:   0.000010   1.918781
stddev initial values:   0.000010   1.918781
ecfconst solution interval:   1.817724   1.891916
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36717
data: equity =   0.324641  debt =   0.314953  firm =   0.639594

agency cost: EZC - k L (EZC:ecfconst =   1.890129, k:agcpara = 0.19652471)
liq.cash: 10Y average (1Y) =   1.769114 ( 0.07872) : loss rate  0.0640
liq.cash: 10Y std.dev. (1Y) =   0.763042 ( 0.03395)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6158 0.06533   0.09133 0.06421  0.07798  0.06375    0.3246   0.3150   0.6396
 dbratio     ROA    ROA1 debtcf1
 0.49243 0.12308 0.11445 0.02237

TOSYOU CODE: 6802    428
debtcashflow initial values:   0.000010   1.914586
stddev initial values:   0.000010   1.914586
ecfconst solution interval:   1.988871   2.070049
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.33865
data: equity =   0.383730  debt =   0.254465  firm =   0.638195

agency cost: EZC - k L (EZC:ecfconst =   2.000950, k:agcpara = 0.22398569)
liq.cash: 10Y average (1Y) =   1.889104 ( 0.08559) : loss rate  0.0559
liq.cash: 10Y std.dev. (1Y) =   0.853021 ( 0.03865)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4993 0.05163   0.09292 0.06516  0.08185  0.07016    0.3837   0.2545   0.6382
 dbratio     ROA    ROA1 debtcf1
 0.39872 0.13412 0.12106 0.01813

TOSYOU CODE: 4404    429
debtcashflow initial values:   0.000010   1.914067
stddev initial values:   0.000010   1.914067
ecfconst solution interval:   1.988332   2.069488
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.40289
data: equity =   0.423408  debt =   0.214614  firm =   0.638022

agency cost: EZC - k L (EZC:ecfconst =   2.031939, k:agcpara = 0.23545534)
liq.cash: 10Y average (1Y) =   1.933465 ( 0.08830) : loss rate  0.0485
liq.cash: 10Y std.dev. (1Y) =   0.895007 ( 0.04087)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4182 0.04523   0.09178 0.06469  0.08267  0.07288    0.4234   0.2146   0.6380
 dbratio     ROA    ROA1 debtcf1
 0.33637 0.13839 0.12281 0.01511

TOSYOU CODE: 5931    430
debtcashflow initial values:   0.000010   1.912126
stddev initial values:   0.000010   1.912126
ecfconst solution interval:   1.986313   2.067387
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32558
data: equity =   0.497351  debt =   0.140024  firm =   0.637375

agency cost: EZC - k L (EZC:ecfconst =   1.967234, k:agcpara = 0.24805841)
liq.cash: 10Y average (1Y) =   1.900079 ( 0.08744) : loss rate  0.0341
liq.cash: 10Y std.dev. (1Y) =   0.960439 ( 0.04420)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2707 0.04490   0.08382 0.06338  0.07933  0.07306    0.4974   0.1400   0.6374
 dbratio     ROA    ROA1 debtcf1
 0.21968 0.13719 0.11930 0.00976

TOSYOU CODE: 6101    431
debtcashflow initial values:   0.000010   1.895179
stddev initial values:   0.000010   1.895179
ecfconst solution interval:   1.882041   1.958859
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30298
data: equity =   0.548394  debt =   0.083332  firm =   0.631726

agency cost: EZC - k L (EZC:ecfconst =   1.881675, k:agcpara = 0.27345776)
liq.cash: 10Y average (1Y) =   1.839352 ( 0.08496) : loss rate  0.0225
liq.cash: 10Y std.dev. (1Y) =   0.849961 ( 0.03926)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1548 0.02374   0.07824 0.06132  0.07601  0.07237    0.5484   0.0833   0.6317
 dbratio     ROA    ROA1 debtcf1
 0.13191 0.13448 0.11533 0.00539

TOSYOU CODE: 6407    432
debtcashflow initial values:   0.000010   1.892087
stddev initial values:   0.000010   1.892087
ecfconst solution interval:   2.052032   2.135788
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42098
data: equity =   0.481727  debt =   0.148969  firm =   0.630696

agency cost: EZC - k L (EZC:ecfconst =   2.057792, k:agcpara = 0.25078447)
liq.cash: 10Y average (1Y) =   1.986182 ( 0.09174) : loss rate  0.0348
liq.cash: 10Y std.dev. (1Y) =   0.939552 ( 0.04340)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2855 0.03514   0.09052 0.06356  0.08415  0.07739    0.4817   0.1490   0.6307
 dbratio     ROA    ROA1 debtcf1
 0.23620 0.14546 0.12553 0.01019

TOSYOU CODE: 5352    433
debtcashflow initial values:   0.000010   1.886853
stddev initial values:   0.000010   1.886853
ecfconst solution interval:   1.873770   1.950250
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36622
data: equity =   0.392630  debt =   0.236321  firm =   0.628951

agency cost: EZC - k L (EZC:ecfconst =   1.925801, k:agcpara = 0.22264959)
liq.cash: 10Y average (1Y) =   1.823387 ( 0.08258) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =   0.844180 ( 0.03823)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4600 0.05315   0.08911 0.06401  0.07968  0.06885    0.3926   0.2363   0.6290
 dbratio     ROA    ROA1 debtcf1
 0.37574 0.13129 0.11840 0.01665

TOSYOU CODE: 2601    434
debtcashflow initial values:   0.000010   1.883216
stddev initial values:   0.000010   1.883216
ecfconst solution interval:   2.128540   2.215420
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.38938
data: equity =   0.489723  debt =   0.138016  firm =   0.627739

agency cost: EZC - k L (EZC:ecfconst =   2.177729, k:agcpara = 0.26119093)
liq.cash: 10Y average (1Y) =   2.109119 ( 0.09783) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   0.952092 ( 0.04416)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2627 0.02623   0.09652 0.06371  0.08930  0.08300    0.4897   0.1380   0.6277
 dbratio     ROA    ROA1 debtcf1
 0.21987 0.15584 0.13246 0.00929

TOSYOU CODE: 7756    435
debtcashflow initial values:   0.000010   1.874203
stddev initial values:   0.000010   1.874203
ecfconst solution interval:   1.775495   1.847965
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29843
data: equity =   0.359586  debt =   0.265148  firm =   0.624734

agency cost: EZC - k L (EZC:ecfconst =   1.815892, k:agcpara = 0.20862644)
liq.cash: 10Y average (1Y) =   1.707221 ( 0.07622) : loss rate  0.0598
liq.cash: 10Y std.dev. (1Y) =   0.800725 ( 0.03575)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5209 0.06923   0.08467 0.06384  0.07583  0.06364    0.3596   0.2651   0.6247
 dbratio     ROA    ROA1 debtcf1
 0.42442 0.12200 0.11260 0.01906

TOSYOU CODE: 6332    436
debtcashflow initial values:   0.000010   1.874025
stddev initial values:   0.000010   1.874025
ecfconst solution interval:   1.946741   2.026199
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40558
data: equity =   0.493113  debt =   0.131562  firm =   0.624675

agency cost: EZC - k L (EZC:ecfconst =   2.029243, k:agcpara = 0.25374584)
liq.cash: 10Y average (1Y) =   1.965289 ( 0.09094) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   0.945736 ( 0.04376)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2520 0.03503   0.08908 0.06344  0.08368  0.07766    0.4931   0.1316   0.6247
 dbratio     ROA    ROA1 debtcf1
 0.21061 0.14558 0.12504 0.00899

TOSYOU CODE: 6808    437
debtcashflow initial values:   0.000010   1.861274
stddev initial values:   0.000010   1.861274
ecfconst solution interval:   1.763245   1.835215
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 = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.13195
data: equity =   0.518414  debt =   0.102011  firm =   0.620425

agency cost: EZC - k L (EZC:ecfconst =   1.788264, k:agcpara = 0.25699596)
liq.cash: 10Y average (1Y) =   1.736525 ( 0.07960) : loss rate  0.0289
liq.cash: 10Y std.dev. (1Y) =   0.996425 ( 0.04568)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2013 0.06169   0.07499 0.06356  0.07311  0.06840    0.5184   0.1020   0.6204
 dbratio     ROA    ROA1 debtcf1
 0.16443 0.12830 0.11167 0.00741

TOSYOU CODE: 3115    438
debtcashflow initial values:   0.000010   1.855460
stddev initial values:   0.000010   1.855460
ecfconst solution interval:   1.842596   1.917804
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32963
data: equity =   0.387415  debt =   0.231072  firm =   0.618487

agency cost: EZC - k L (EZC:ecfconst =   1.854801, k:agcpara = 0.22098205)
liq.cash: 10Y average (1Y) =   1.755052 ( 0.07923) : loss rate  0.0538
liq.cash: 10Y std.dev. (1Y) =   0.830946 ( 0.03751)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4514 0.05834   0.08631 0.06389  0.07794  0.06719    0.3874   0.2311   0.6185
 dbratio     ROA    ROA1 debtcf1
 0.37361 0.12810 0.11608 0.01641

TOSYOU CODE: 7243    439
debtcashflow initial values:   0.000010   1.849565
stddev initial values:   0.000010   1.849565
ecfconst solution interval:   1.752152   1.823668
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26038
data: equity =   0.466568  debt =   0.149954  firm =   0.616522

agency cost: EZC - k L (EZC:ecfconst =   1.818325, k:agcpara = 0.24155246)
liq.cash: 10Y average (1Y) =   1.747660 ( 0.07975) : loss rate  0.0389
liq.cash: 10Y std.dev. (1Y) =   0.917847 ( 0.04189)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2925 0.05644   0.07951 0.06318  0.07554  0.06862    0.4666   0.1499   0.6165
 dbratio     ROA    ROA1 debtcf1
 0.24322 0.12936 0.11422 0.01066

TOSYOU CODE: 6480    440
debtcashflow initial values:   0.000010   1.832613
stddev initial values:   0.000010   1.832613
ecfconst solution interval:   1.987528   2.068652
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 = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.31449
data: equity =   0.510659  debt =   0.100212  firm =   0.610871

agency cost: EZC - k L (EZC:ecfconst =   2.072529, k:agcpara = 0.26729319)
liq.cash: 10Y average (1Y) =   2.021130 ( 0.09403) : loss rate  0.0248
liq.cash: 10Y std.dev. (1Y) =   0.965080 ( 0.04490)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1923 0.02905   0.09182 0.06421  0.08729  0.08255    0.5107   0.1002   0.6109
 dbratio     ROA    ROA1 debtcf1
 0.16404 0.15393 0.12994 0.00685

TOSYOU CODE: 3887    441
debtcashflow initial values:   0.000010   1.822403
stddev initial values:   0.000010   1.822403
ecfconst solution interval:   1.726427   1.796893
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46644
data: equity =   0.244332  debt =   0.363136  firm =   0.607468

agency cost: EZC - k L (EZC:ecfconst =   1.799394, k:agcpara = 0.17485701)
liq.cash: 10Y average (1Y) =   1.676444 ( 0.07400) : loss rate  0.0683
liq.cash: 10Y std.dev. (1Y) =   0.629831 ( 0.02780)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7031 0.06113   0.10186 0.06431  0.07941  0.06211    0.2443   0.3631   0.6075
 dbratio     ROA    ROA1 debtcf1
 0.59779 0.12181 0.11471 0.02528

TOSYOU CODE: 4007    442
debtcashflow initial values:   0.000010   1.819549
stddev initial values:   0.000010   1.819549
ecfconst solution interval:   1.806934   1.880686
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39452
data: equity =   0.347886  debt =   0.258630  firm =   0.606516

agency cost: EZC - k L (EZC:ecfconst =   1.859919, k:agcpara = 0.21392051)
liq.cash: 10Y average (1Y) =   1.752306 ( 0.07901) : loss rate  0.0579
liq.cash: 10Y std.dev. (1Y) =   0.777301 ( 0.03505)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5030 0.05401   0.09217 0.06417  0.08023  0.06791    0.3479   0.2586   0.6065
 dbratio     ROA    ROA1 debtcf1
 0.42642 0.13026 0.11857 0.01818

TOSYOU CODE: 5454    443
debtcashflow initial values:   0.000010   1.816349
stddev initial values:   0.000010   1.816349
ecfconst solution interval:   1.720684   1.790916
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25561
data: equity =   0.461193  debt =   0.144257  firm =   0.605450

agency cost: EZC - k L (EZC:ecfconst =   1.781392, k:agcpara = 0.24220315)
liq.cash: 10Y average (1Y) =   1.713227 ( 0.07819) : loss rate  0.0383
liq.cash: 10Y std.dev. (1Y) =   0.904405 ( 0.04128)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2814 0.05670   0.07910 0.06313  0.07530  0.06853    0.4612   0.1443   0.6054
 dbratio     ROA    ROA1 debtcf1
 0.23826 0.12915 0.11396 0.01026

TOSYOU CODE: 6742    444
debtcashflow initial values:   0.000010   1.814319
stddev initial values:   0.000010   1.814319
ecfconst solution interval:   2.133636   2.220724
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.31810
data: equity =   0.468106  debt =   0.136667  firm =   0.604773

agency cost: EZC - k L (EZC:ecfconst =   2.108357, k:agcpara = 0.26406129)
liq.cash: 10Y average (1Y) =   2.038783 ( 0.09448) : loss rate  0.0330
liq.cash: 10Y std.dev. (1Y) =   0.928212 ( 0.04302)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2635 0.02790   0.09705 0.06492  0.08979  0.08319    0.4681   0.1367   0.6048
 dbratio     ROA    ROA1 debtcf1
 0.22598 0.15623 0.13301 0.00940

TOSYOU CODE: 5737    445
debtcashflow initial values:   0.000010   1.801139
stddev initial values:   0.000010   1.801139
ecfconst solution interval:   1.788647   1.861653
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.26943
data: equity =   0.496594  debt =   0.103786  firm =   0.600380

agency cost: EZC - k L (EZC:ecfconst =   1.814120, k:agcpara = 0.25598099)
liq.cash: 10Y average (1Y) =   1.762328 ( 0.08126) : loss rate  0.0285
liq.cash: 10Y std.dev. (1Y) =   0.943830 ( 0.04352)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2023 0.04918   0.08011 0.06367  0.07727  0.07231    0.4966   0.1038   0.6004
 dbratio     ROA    ROA1 debtcf1
 0.17286 0.13534 0.11693 0.00735

TOSYOU CODE: 7976    446
debtcashflow initial values:   0.000010   1.787710
stddev initial values:   0.000010   1.787710
ecfconst solution interval:   1.857071   1.932869
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.40750
data: equity =   0.496416  debt =   0.099487  firm =   0.595903

agency cost: EZC - k L (EZC:ecfconst =   1.968659, k:agcpara = 0.26331092)
liq.cash: 10Y average (1Y) =   1.918349 ( 0.08915) : loss rate  0.0256
liq.cash: 10Y std.dev. (1Y) =   0.935454 ( 0.04347)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1911 0.03241   0.08921 0.06393  0.08499  0.08019    0.4964   0.0995   0.5959
 dbratio     ROA    ROA1 debtcf1
 0.16695 0.14960 0.12694 0.00682

TOSYOU CODE: 5809    447
debtcashflow initial values:   0.000010   1.787688
stddev initial values:   0.000010   1.787688
ecfconst solution interval:   1.775290   1.847750
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34629
data: equity =   0.519139  debt =   0.076757  firm =   0.595896

agency cost: EZC - k L (EZC:ecfconst =   1.815989, k:agcpara = 0.27721069)
liq.cash: 10Y average (1Y) =   1.776664 ( 0.08229) : loss rate  0.0217
liq.cash: 10Y std.dev. (1Y) =   0.793305 ( 0.03674)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1419 0.01966   0.08046 0.06124  0.07798  0.07443    0.5191   0.0768   0.5959
 dbratio     ROA    ROA1 debtcf1
 0.12880 0.13810 0.11788 0.00491

TOSYOU CODE: 6363    448
debtcashflow initial values:   0.000010   1.778764
stddev initial values:   0.000010   1.778764
ecfconst solution interval:   1.685081   1.753859
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36483
data: equity =   0.298274  debt =   0.294647  firm =   0.592921

agency cost: EZC - k L (EZC:ecfconst =   1.746834, k:agcpara = 0.19524693)
liq.cash: 10Y average (1Y) =   1.634336 ( 0.07265) : loss rate  0.0644
liq.cash: 10Y std.dev. (1Y) =   0.703014 ( 0.03125)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5762 0.06614   0.09121 0.06420  0.07779  0.06343    0.2983   0.2946   0.5929
 dbratio     ROA    ROA1 debtcf1
 0.49694 0.12252 0.11410 0.02094

TOSYOU CODE: 7244    449
debtcashflow initial values:   0.000010   1.772288
stddev initial values:   0.000010   1.772288
ecfconst solution interval:   1.841057   1.916203
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34217
data: equity =   0.456536  debt =   0.134227  firm =   0.590763

agency cost: EZC - k L (EZC:ecfconst =   1.840101, k:agcpara = 0.24768436)
liq.cash: 10Y average (1Y) =   1.775890 ( 0.08175) : loss rate  0.0349
liq.cash: 10Y std.dev. (1Y) =   0.885512 ( 0.04076)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2592 0.04338   0.08506 0.06345  0.08015  0.07366    0.4565   0.1342   0.5908
 dbratio     ROA    ROA1 debtcf1
 0.22721 0.13838 0.12032 0.00933

TOSYOU CODE: 4989    450
debtcashflow initial values:   0.000010   1.770627
stddev initial values:   0.000010   1.770627
ecfconst solution interval:   1.839323   1.914397
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 = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.27410
data: equity =   0.532994  debt =   0.057215  firm =   0.590209

agency cost: EZC - k L (EZC:ecfconst =   1.871999, k:agcpara = 0.29540414)
liq.cash: 10Y average (1Y) =   1.840666 ( 0.08576) : loss rate  0.0167
liq.cash: 10Y std.dev. (1Y) =   0.789891 ( 0.03680)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1061 0.01405   0.08344 0.06216  0.08138  0.07866    0.5330   0.0572   0.5902
 dbratio     ROA    ROA1 debtcf1
 0.09694 0.14530 0.12235 0.00367

TOSYOU CODE: 4220    451
debtcashflow initial values:   0.000010   1.765247
stddev initial values:   0.000010   1.765247
ecfconst solution interval:   2.075934   2.160666
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 = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.42514
data: equity =   0.458723  debt =   0.129692  firm =   0.588416

agency cost: EZC - k L (EZC:ecfconst =   2.059817, k:agcpara = 0.26199666)
liq.cash: 10Y average (1Y) =   1.995344 ( 0.09258) : loss rate  0.0313
liq.cash: 10Y std.dev. (1Y) =   0.891346 ( 0.04136)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2461 0.02485   0.09756 0.06354  0.09006  0.08376    0.4587   0.1297   0.5884
 dbratio     ROA    ROA1 debtcf1
 0.22041 0.15734 0.13348 0.00869

TOSYOU CODE: 4047    452
debtcashflow initial values:   0.000010   1.757007
stddev initial values:   0.000010   1.757007
ecfconst solution interval:   1.744821   1.816039
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36537
data: equity =   0.385328  debt =   0.200341  firm =   0.585669

agency cost: EZC - k L (EZC:ecfconst =   1.807614, k:agcpara = 0.22912927)
liq.cash: 10Y average (1Y) =   1.718419 ( 0.07816) : loss rate  0.0493
liq.cash: 10Y std.dev. (1Y) =   0.808825 ( 0.03679)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3893 0.05016   0.08848 0.06392  0.08008  0.07024    0.3853   0.2003   0.5857
 dbratio     ROA    ROA1 debtcf1
 0.34208 0.13346 0.11930 0.01407

TOSYOU CODE: 4089    453
debtcashflow initial values:   0.000010   1.753559
stddev initial values:   0.000010   1.753559
ecfconst solution interval:   2.142378   2.229822
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 = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.42712
data: equity =   0.397688  debt =   0.186832  firm =   0.584520

agency cost: EZC - k L (EZC:ecfconst =   2.181266, k:agcpara = 0.26410775)
liq.cash: 10Y average (1Y) =   2.087047 ( 0.09636) : loss rate  0.0432
liq.cash: 10Y std.dev. (1Y) =   0.851498 ( 0.03931)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3567 0.02107   0.10984 0.06481  0.09545  0.08613    0.3977   0.1868   0.5845
 dbratio     ROA    ROA1 debtcf1
 0.31963 0.16485 0.14075 0.01260

TOSYOU CODE: 4221    454
debtcashflow initial values:   0.000010   1.729055
stddev initial values:   0.000010   1.729055
ecfconst solution interval:   1.796144   1.869456
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.37987
data: equity =   0.368359  debt =   0.207993  firm =   0.576352

agency cost: EZC - k L (EZC:ecfconst =   1.800429, k:agcpara = 0.22928455)
liq.cash: 10Y average (1Y) =   1.707124 ( 0.07760) : loss rate  0.0518
liq.cash: 10Y std.dev. (1Y) =   0.792297 ( 0.03601)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4069 0.05040   0.09056 0.06474  0.08124  0.07073    0.3684   0.2080   0.5764
 dbratio     ROA    ROA1 debtcf1
 0.36088 0.13463 0.12065 0.01476

TOSYOU CODE: 6505    455
debtcashflow initial values:   0.000010   1.728270
stddev initial values:   0.000010   1.728270
ecfconst solution interval:   1.558210   1.621810
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 = 0.11814  std.dev = 0.17108  lambda =   4.24020
riskless rate of interest = 0.06134  correlation =  0.05151
data: equity =   0.428579  debt =   0.147511  firm =   0.576090

agency cost: EZC - k L (EZC:ecfconst =   1.554285, k:agcpara = 0.24610724)
liq.cash: 10Y average (1Y) =   1.480105 ( 0.06615) : loss rate  0.0477
liq.cash: 10Y std.dev. (1Y) =   0.910336 ( 0.04068)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3014 0.09770   0.06908 0.06366  0.06769  0.06036    0.4286   0.1475   0.5761
 dbratio     ROA    ROA1 debtcf1
 0.25606 0.11482 0.10434 0.01148

TOSYOU CODE: 3868    456
debtcashflow initial values:   0.000010   1.723611
stddev initial values:   0.000010   1.723611
ecfconst solution interval:   1.632837   1.699483
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30465
data: equity =   0.355988  debt =   0.218549  firm =   0.574537

agency cost: EZC - k L (EZC:ecfconst =   1.695134, k:agcpara = 0.21831984)
liq.cash: 10Y average (1Y) =   1.601652 ( 0.07204) : loss rate  0.0551
liq.cash: 10Y std.dev. (1Y) =   0.767371 ( 0.03452)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4282 0.06311   0.08451 0.06380  0.07663  0.06571    0.3560   0.2185   0.5745
 dbratio     ROA    ROA1 debtcf1
 0.38039 0.12540 0.11427 0.01562

TOSYOU CODE: 7910    457
debtcashflow initial values:   0.000010   1.723596
stddev initial values:   0.000010   1.723596
ecfconst solution interval:   1.711648   1.781512
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 = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.36914
data: equity =   0.267793  debt =   0.306739  firm =   0.574532

agency cost: EZC - k L (EZC:ecfconst =   1.750415, k:agcpara = 0.19438579)
liq.cash: 10Y average (1Y) =   1.633316 ( 0.07277) : loss rate  0.0669
liq.cash: 10Y std.dev. (1Y) =   0.664250 ( 0.02960)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6024 0.06033   0.09866 0.06541  0.08091  0.06519    0.2678   0.3067   0.5745
 dbratio     ROA    ROA1 debtcf1
 0.53389 0.12667 0.11785 0.02187

TOSYOU CODE: 5476    458
debtcashflow initial values:   0.000010   1.705528
stddev initial values:   0.000010   1.705528
ecfconst solution interval:   1.771703   1.844017
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40823
data: equity =   0.342524  debt =   0.225985  firm =   0.568509

agency cost: EZC - k L (EZC:ecfconst =   1.771998, k:agcpara = 0.22102315)
liq.cash: 10Y average (1Y) =   1.675113 ( 0.07592) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =   0.749156 ( 0.03395)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4383 0.04938   0.09263 0.06412  0.08129  0.06982    0.3425   0.2260   0.5685
 dbratio     ROA    ROA1 debtcf1
 0.39751 0.13354 0.12040 0.01580

TOSYOU CODE: 6934    459
debtcashflow initial values:   0.000010   1.694050
stddev initial values:   0.000010   1.694050
ecfconst solution interval:   1.759776   1.831604
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38179
data: equity =   0.387731  debt =   0.176952  firm =   0.564683

agency cost: EZC - k L (EZC:ecfconst =   1.771285, k:agcpara = 0.23541363)
liq.cash: 10Y average (1Y) =   1.690639 ( 0.07727) : loss rate  0.0455
liq.cash: 10Y std.dev. (1Y) =   0.797343 ( 0.03644)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3426 0.04545   0.08916 0.06385  0.08123  0.07223    0.3877   0.1769   0.5647
 dbratio     ROA    ROA1 debtcf1
 0.31336 0.13684 0.12111 0.01234

TOSYOU CODE: 4530    460
debtcashflow initial values:   0.000010   1.690246
stddev initial values:   0.000010   1.690246
ecfconst solution interval:   1.755827   1.827493
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 = 0.09611  std.dev = 0.17368  lambda =   2.41485
riskless rate of interest = 0.05906  correlation =  0.35658
data: equity =   0.420865  debt =   0.142550  firm =   0.563415

agency cost: EZC - k L (EZC:ecfconst =   1.767931, k:agcpara = 0.24522775)
liq.cash: 10Y average (1Y) =   1.700231 ( 0.07813) : loss rate  0.0383
liq.cash: 10Y std.dev. (1Y) =   0.832777 ( 0.03827)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2761 0.04362   0.08671 0.06381  0.08092  0.07365    0.4209   0.1426   0.5634
 dbratio     ROA    ROA1 debtcf1
 0.25302 0.13867 0.12115 0.00995

TOSYOU CODE: 4215    461
debtcashflow initial values:   0.000010   1.688330
stddev initial values:   0.000010   1.688330
ecfconst solution interval:   1.753837   1.825423
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.30875
data: equity =   0.400447  debt =   0.162330  firm =   0.562777

agency cost: EZC - k L (EZC:ecfconst =   1.804144, k:agcpara = 0.24291559)
liq.cash: 10Y average (1Y) =   1.727703 ( 0.07930) : loss rate  0.0424
liq.cash: 10Y std.dev. (1Y) =   0.815188 ( 0.03742)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3147 0.04151   0.09049 0.06428  0.08293  0.07458    0.4004   0.1623   0.5628
 dbratio     ROA    ROA1 debtcf1
 0.28844 0.14092 0.12355 0.01133

TOSYOU CODE: 4095    462
debtcashflow initial values:   0.000010   1.679436
stddev initial values:   0.000010   1.679436
ecfconst solution interval:   1.898211   1.975689
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.36942
data: equity =   0.488674  debt =   0.071138  firm =   0.559812

agency cost: EZC - k L (EZC:ecfconst =   1.954540, k:agcpara = 0.30022970)
liq.cash: 10Y average (1Y) =   1.915151 ( 0.08931) : loss rate  0.0202
liq.cash: 10Y std.dev. (1Y) =   0.746140 ( 0.03479)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1312 0.00840   0.09377 0.06222  0.08976  0.08621    0.4887   0.0711   0.5598
 dbratio     ROA    ROA1 debtcf1
 0.12708 0.15953 0.13318 0.00451

TOSYOU CODE: 7305    463
debtcashflow initial values:   0.000010   1.678845
stddev initial values:   0.000010   1.678845
ecfconst solution interval:   1.513649   1.575431
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.11199
data: equity =   0.505502  debt =   0.054113  firm =   0.559615

agency cost: EZC - k L (EZC:ecfconst =   1.489761, k:agcpara = 0.27743544)
liq.cash: 10Y average (1Y) =   1.461471 ( 0.06651) : loss rate  0.0190
liq.cash: 10Y std.dev. (1Y) =   0.805538 ( 0.03666)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1020 0.04574   0.06663 0.06044  0.06603  0.06340    0.5055   0.0541   0.5596
 dbratio     ROA    ROA1 debtcf1
 0.09669 0.11885 0.10287 0.00362

TOSYOU CODE: 6205    464
debtcashflow initial values:   0.000010   1.675602
stddev initial values:   0.000010   1.675602
ecfconst solution interval:   1.817243   1.891417
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.29227
data: equity =   0.379635  debt =   0.178899  firm =   0.558534

agency cost: EZC - k L (EZC:ecfconst =   1.837031, k:agcpara = 0.24340676)
liq.cash: 10Y average (1Y) =   1.752072 ( 0.08035) : loss rate  0.0462
liq.cash: 10Y std.dev. (1Y) =   0.801009 ( 0.03673)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3490 0.03992   0.09469 0.06526  0.08527  0.07586    0.3796   0.1789   0.5585
 dbratio     ROA    ROA1 debtcf1
 0.32030 0.14386 0.12644 0.01259

TOSYOU CODE: 2286    465
debtcashflow initial values:   0.000010   1.667243
stddev initial values:   0.000010   1.667243
ecfconst solution interval:   1.808178   1.881982
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46625
data: equity =   0.384734  debt =   0.171014  firm =   0.555748

agency cost: EZC - k L (EZC:ecfconst =   1.833338, k:agcpara = 0.24219351)
liq.cash: 10Y average (1Y) =   1.753901 ( 0.08062) : loss rate  0.0433
liq.cash: 10Y std.dev. (1Y) =   0.789972 ( 0.03631)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3280 0.03554   0.09494 0.06382  0.08536  0.07653    0.3847   0.1710   0.5557
 dbratio     ROA    ROA1 debtcf1
 0.30772 0.14508 0.12677 0.01170

TOSYOU CODE: 4022    466
debtcashflow initial values:   0.000010   1.662529
stddev initial values:   0.000010   1.662529
ecfconst solution interval:   1.574968   1.639252
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28717
data: equity =   0.358858  debt =   0.195318  firm =   0.554176

agency cost: EZC - k L (EZC:ecfconst =   1.628771, k:agcpara = 0.22307236)
liq.cash: 10Y average (1Y) =   1.543368 ( 0.06958) : loss rate  0.0524
liq.cash: 10Y std.dev. (1Y) =   0.758877 ( 0.03421)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3828 0.06310   0.08280 0.06365  0.07605  0.06595    0.3589   0.1953   0.5542
 dbratio     ROA    ROA1 debtcf1
 0.35244 0.12555 0.11384 0.01399

TOSYOU CODE: 4527    467
debtcashflow initial values:   0.000010   1.655566
stddev initial values:   0.000010   1.655566
ecfconst solution interval:   1.719802   1.789998
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37566
data: equity =   0.537134  debt =   0.014721  firm =   0.551855

agency cost: EZC - k L (EZC:ecfconst =   1.700392, k:agcpara = 0.30548854)
liq.cash: 10Y average (1Y) =   1.692239 ( 0.07917) : loss rate  0.0048
liq.cash: 10Y std.dev. (1Y) =   0.713668 ( 0.03339)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0267 0.00980   0.07932 0.06025  0.07881  0.07809    0.5371   0.0147   0.5519
 dbratio     ROA    ROA1 debtcf1
 0.02668 0.14345 0.11911 0.00091

TOSYOU CODE: 6856    468
debtcashflow initial values:   0.000010   1.652545
stddev initial values:   0.000010   1.652545
ecfconst solution interval:   1.565511   1.629409
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25544
data: equity =   0.495192  debt =   0.055656  firm =   0.550848

agency cost: EZC - k L (EZC:ecfconst =   1.596589, k:agcpara = 0.28152523)
liq.cash: 10Y average (1Y) =   1.567569 ( 0.07237) : loss rate  0.0182
liq.cash: 10Y std.dev. (1Y) =   0.742522 ( 0.03428)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1031 0.02429   0.07494 0.06097  0.07353  0.07076    0.4952   0.0557   0.5508
 dbratio     ROA    ROA1 debtcf1
 0.10103 0.13138 0.11229 0.00358

TOSYOU CODE: 6849    469
debtcashflow initial values:   0.000010   1.645250
stddev initial values:   0.000010   1.645250
ecfconst solution interval:   1.784325   1.857155
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 = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.33782
data: equity =   0.499061  debt =   0.049356  firm =   0.548417

agency cost: EZC - k L (EZC:ecfconst =   1.807549, k:agcpara = 0.30086622)
liq.cash: 10Y average (1Y) =   1.780254 ( 0.08314) : loss rate  0.0151
liq.cash: 10Y std.dev. (1Y) =   0.725977 ( 0.03391)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0907 0.00998   0.08700 0.06169  0.08472  0.08223    0.4991   0.0494   0.5484
 dbratio     ROA    ROA1 debtcf1
 0.09000 0.15161 0.12667 0.00311

TOSYOU CODE: 2204    470
debtcashflow initial values:   0.000010   1.644007
stddev initial values:   0.000010   1.644007
ecfconst solution interval:   1.858168   1.934012
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.41857
data: equity =   0.493925  debt =   0.054077  firm =   0.548002

agency cost: EZC - k L (EZC:ecfconst =   1.873738, k:agcpara = 0.30248644)
liq.cash: 10Y average (1Y) =   1.843849 ( 0.08614) : loss rate  0.0160
liq.cash: 10Y std.dev. (1Y) =   0.721882 ( 0.03372)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0988 0.00782   0.09085 0.06131  0.08793  0.08521    0.4939   0.0541   0.5480
 dbratio     ROA    ROA1 debtcf1
 0.09867 0.15719 0.13082 0.00337

TOSYOU CODE: 4617    471
debtcashflow initial values:   0.000010   1.642741
stddev initial values:   0.000010   1.642741
ecfconst solution interval:   1.631347   1.697933
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37017
data: equity =   0.396717  debt =   0.150863  firm =   0.547580

agency cost: EZC - k L (EZC:ecfconst =   1.719550, k:agcpara = 0.24130755)
liq.cash: 10Y average (1Y) =   1.649170 ( 0.07565) : loss rate  0.0409
liq.cash: 10Y std.dev. (1Y) =   0.794495 ( 0.03644)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2917 0.04376   0.08772 0.06370  0.08110  0.07320    0.3967   0.1509   0.5476
 dbratio     ROA    ROA1 debtcf1
 0.27551 0.13814 0.12123 0.01050

TOSYOU CODE: 5807    472
debtcashflow initial values:   0.000010   1.614388
stddev initial values:   0.000010   1.614388
ecfconst solution interval:   1.750858   1.822322
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.24962
data: equity =   0.431885  debt =   0.106244  firm =   0.538129

agency cost: EZC - k L (EZC:ecfconst =   1.768810, k:agcpara = 0.26129725)
liq.cash: 10Y average (1Y) =   1.714829 ( 0.07944) : loss rate  0.0305
liq.cash: 10Y std.dev. (1Y) =   0.838884 ( 0.03886)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2066 0.03610   0.08954 0.06489  0.08467  0.07891    0.4319   0.1062   0.5381
 dbratio     ROA    ROA1 debtcf1
 0.19742 0.14763 0.12637 0.00744

TOSYOU CODE: 3878    473
debtcashflow initial values:   0.000010   1.606408
stddev initial values:   0.000010   1.606408
ecfconst solution interval:   1.668734   1.736846
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.46828
data: equity =   0.220171  debt =   0.315298  firm =   0.535469

agency cost: EZC - k L (EZC:ecfconst =   1.713568, k:agcpara = 0.19490263)
liq.cash: 10Y average (1Y) =   1.595443 ( 0.07160) : loss rate  0.0689
liq.cash: 10Y std.dev. (1Y) =   0.576534 ( 0.02587)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6061 0.04308   0.11302 0.06470  0.08457  0.06743    0.2202   0.3153   0.5355
 dbratio     ROA    ROA1 debtcf1
 0.58883 0.13371 0.12335 0.02158

TOSYOU CODE: 4008    474
debtcashflow initial values:   0.000010   1.598578
stddev initial values:   0.000010   1.598578
ecfconst solution interval:   1.660600   1.728380
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40536
data: equity =   0.374952  debt =   0.157907  firm =   0.532859

agency cost: EZC - k L (EZC:ecfconst =   1.701052, k:agcpara = 0.23991166)
liq.cash: 10Y average (1Y) =   1.627985 ( 0.07467) : loss rate  0.0430
liq.cash: 10Y std.dev. (1Y) =   0.761774 ( 0.03494)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3046 0.04117   0.09051 0.06380  0.08260  0.07409    0.3750   0.1579   0.5329
 dbratio     ROA    ROA1 debtcf1
 0.29634 0.14013 0.12308 0.01093

TOSYOU CODE: 6339    475
debtcashflow initial values:   0.000010   1.593539
stddev initial values:   0.000010   1.593539
ecfconst solution interval:   1.728250   1.798790
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.27950
data: equity =   0.482615  debt =   0.048565  firm =   0.531180

agency cost: EZC - k L (EZC:ecfconst =   1.727083, k:agcpara = 0.30031699)
liq.cash: 10Y average (1Y) =   1.700098 ( 0.07934) : loss rate  0.0156
liq.cash: 10Y std.dev. (1Y) =   0.708570 ( 0.03307)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0899 0.01153   0.08568 0.06222  0.08354  0.08098    0.4826   0.0486   0.5312
 dbratio     ROA    ROA1 debtcf1
 0.09144 0.14937 0.12514 0.00310

TOSYOU CODE: 4002    476
debtcashflow initial values:   0.000010   1.588002
stddev initial values:   0.000010   1.588002
ecfconst solution interval:   1.576996   1.641364
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33233
data: equity =   0.388918  debt =   0.140416  firm =   0.529334

agency cost: EZC - k L (EZC:ecfconst =   1.627566, k:agcpara = 0.24099989)
liq.cash: 10Y average (1Y) =   1.561933 ( 0.07153) : loss rate  0.0403
liq.cash: 10Y std.dev. (1Y) =   0.773696 ( 0.03543)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2723 0.04778   0.08491 0.06358  0.07925  0.07166    0.3889   0.1404   0.5293
 dbratio     ROA    ROA1 debtcf1
 0.26527 0.13514 0.11887 0.00984

TOSYOU CODE: 7952    477
debtcashflow initial values:   0.000010   1.585578
stddev initial values:   0.000010   1.585578
ecfconst solution interval:   1.864636   1.940744
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.42147
data: equity =   0.435096  debt =   0.093430  firm =   0.528526

agency cost: EZC - k L (EZC:ecfconst =   2.003830, k:agcpara = 0.28080969)
liq.cash: 10Y average (1Y) =   1.954196 ( 0.09079) : loss rate  0.0248
liq.cash: 10Y std.dev. (1Y) =   0.837391 ( 0.03891)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1768 0.01689   0.10396 0.06402  0.09690  0.09180    0.4351   0.0934   0.5285
 dbratio     ROA    ROA1 debtcf1
 0.17678 0.17179 0.14256 0.00620

TOSYOU CODE: 6317    478
debtcashflow initial values:   0.000010   1.576553
stddev initial values:   0.000010   1.576553
ecfconst solution interval:   1.709826   1.779614
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.35325
data: equity =   0.449981  debt =   0.075537  firm =   0.525518

agency cost: EZC - k L (EZC:ecfconst =   1.721170, k:agcpara = 0.28402329)
liq.cash: 10Y average (1Y) =   1.681503 ( 0.07820) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   0.697093 ( 0.03242)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1397 0.01349   0.08800 0.06194  0.08426  0.08025    0.4500   0.0755   0.5255
 dbratio     ROA    ROA1 debtcf1
 0.14375 0.14880 0.12596 0.00482

TOSYOU CODE: 4064    479
debtcashflow initial values:   0.000010   1.571829
stddev initial values:   0.000010   1.571829
ecfconst solution interval:   1.776583   1.849097
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.35507
data: equity =   0.363352  debt =   0.160591  firm =   0.523943

agency cost: EZC - k L (EZC:ecfconst =   1.823933, k:agcpara = 0.25322033)
liq.cash: 10Y average (1Y) =   1.745460 ( 0.08046) : loss rate  0.0430
liq.cash: 10Y std.dev. (1Y) =   0.762186 ( 0.03513)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3099 0.02982   0.10082 0.06504  0.08985  0.08088    0.3634   0.1606   0.5239
 dbratio     ROA    ROA1 debtcf1
 0.30651 0.15356 0.13285 0.01106

TOSYOU CODE: 5771    480
debtcashflow initial values:   0.000010   1.571756
stddev initial values:   0.000010   1.571756
ecfconst solution interval:   1.488973   1.549747
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31977
data: equity =   0.281826  debt =   0.242093  firm =   0.523919

agency cost: EZC - k L (EZC:ecfconst =   1.524413, k:agcpara = 0.20106192)
liq.cash: 10Y average (1Y) =   1.428863 ( 0.06356) : loss rate  0.0627
liq.cash: 10Y std.dev. (1Y) =   0.645991 ( 0.02873)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4752 0.06994   0.08697 0.06401  0.07636  0.06305    0.2818   0.2421   0.5239
 dbratio     ROA    ROA1 debtcf1
 0.46208 0.12131 0.11272 0.01736

TOSYOU CODE: 7724    481
debtcashflow initial values:   0.000010   1.566327
stddev initial values:   0.000010   1.566327
ecfconst solution interval:   1.555466   1.618954
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37784
data: equity =   0.373149  debt =   0.148960  firm =   0.522109

agency cost: EZC - k L (EZC:ecfconst =   1.643788, k:agcpara = 0.24009273)
liq.cash: 10Y average (1Y) =   1.574656 ( 0.07218) : loss rate  0.0421
liq.cash: 10Y std.dev. (1Y) =   0.752324 ( 0.03449)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2879 0.04360   0.08841 0.06375  0.08137  0.07319    0.3731   0.1490   0.5221
 dbratio     ROA    ROA1 debtcf1
 0.28530 0.13826 0.12152 0.01036

TOSYOU CODE: 2571    482
debtcashflow initial values:   0.000010   1.554605
stddev initial values:   0.000010   1.554605
ecfconst solution interval:   1.543823   1.606837
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.35050
data: equity =   0.506321  debt =   0.011881  firm =   0.518202

agency cost: EZC - k L (EZC:ecfconst =   1.588003, k:agcpara = 0.30856183)
liq.cash: 10Y average (1Y) =   1.581304 ( 0.07398) : loss rate  0.0042
liq.cash: 10Y std.dev. (1Y) =   0.677116 ( 0.03168)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0217 0.01063   0.07872 0.06097  0.07831  0.07768    0.5063   0.0119   0.5182
 dbratio     ROA    ROA1 debtcf1
 0.02293 0.14275 0.11850 0.00074

TOSYOU CODE: 5391    483
debtcashflow initial values:   0.000010   1.542790
stddev initial values:   0.000010   1.542790
ecfconst solution interval:   1.461533   1.521187
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33650
data: equity =   0.260395  debt =   0.253868  firm =   0.514263

agency cost: EZC - k L (EZC:ecfconst =   1.494262, k:agcpara = 0.19424681)
liq.cash: 10Y average (1Y) =   1.397540 ( 0.06195) : loss rate  0.0647
liq.cash: 10Y std.dev. (1Y) =   0.612023 ( 0.02713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4979 0.07080   0.08887 0.06411  0.07665  0.06241    0.2604   0.2539   0.5143
 dbratio     ROA    ROA1 debtcf1
 0.49365 0.12046 0.11256 0.01816

TOSYOU CODE: 2102    484
debtcashflow initial values:   0.000010   1.533226
stddev initial values:   0.000010   1.533226
ecfconst solution interval:   1.452478   1.511762
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20513
data: equity =   0.397805  debt =   0.113270  firm =   0.511075

agency cost: EZC - k L (EZC:ecfconst =   1.457415, k:agcpara = 0.24334971)
liq.cash: 10Y average (1Y) =   1.403428 ( 0.06383) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   0.775835 ( 0.03529)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2219 0.06388   0.07527 0.06268  0.07248  0.06623    0.3978   0.1133   0.5111
 dbratio     ROA    ROA1 debtcf1
 0.22163 0.12490 0.11048 0.00813

TOSYOU CODE: 4218    485
debtcashflow initial values:   0.000010   1.522096
stddev initial values:   0.000010   1.522096
ecfconst solution interval:   1.581152   1.645688
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.33273
data: equity =   0.388294  debt =   0.119071  firm =   0.507365

agency cost: EZC - k L (EZC:ecfconst =   1.675252, k:agcpara = 0.25369641)
liq.cash: 10Y average (1Y) =   1.617125 ( 0.07475) : loss rate  0.0347
liq.cash: 10Y std.dev. (1Y) =   0.762362 ( 0.03524)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2291 0.03433   0.09165 0.06405  0.08517  0.07841    0.3883   0.1191   0.5074
 dbratio     ROA    ROA1 debtcf1
 0.23468 0.14732 0.12688 0.00819

TOSYOU CODE: 6108    486
debtcashflow initial values:   0.000010   1.518784
stddev initial values:   0.000010   1.518784
ecfconst solution interval:   1.577712   1.642108
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.36263
data: equity =   0.455497  debt =   0.050764  firm =   0.506261

agency cost: EZC - k L (EZC:ecfconst =   1.652435, k:agcpara = 0.29544127)
liq.cash: 10Y average (1Y) =   1.624963 ( 0.07581) : loss rate  0.0166
liq.cash: 10Y std.dev. (1Y) =   0.666269 ( 0.03108)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0930 0.01074   0.08641 0.06124  0.08388  0.08112    0.4555   0.0508   0.5063
 dbratio     ROA    ROA1 debtcf1
 0.10028 0.14975 0.12558 0.00318

TOSYOU CODE: 7236    487
debtcashflow initial values:   0.000010   1.518733
stddev initial values:   0.000010   1.518733
ecfconst solution interval:   1.716568   1.786632
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46174
data: equity =   0.408931  debt =   0.097313  firm =   0.506244

agency cost: EZC - k L (EZC:ecfconst =   1.706758, k:agcpara = 0.26003362)
liq.cash: 10Y average (1Y) =   1.658652 ( 0.07702) : loss rate  0.0282
liq.cash: 10Y std.dev. (1Y) =   0.775215 ( 0.03600)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1850 0.02865   0.09239 0.06328  0.08679  0.08132    0.4089   0.0973   0.5062
 dbratio     ROA    ROA1 debtcf1
 0.19223 0.15214 0.12923 0.00655

TOSYOU CODE: 2109    488
debtcashflow initial values:   0.000010   1.504180
stddev initial values:   0.000010   1.504180
ecfconst solution interval:   1.493755   1.554725
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.26051
data: equity =   0.423505  debt =   0.077888  firm =   0.501393

agency cost: EZC - k L (EZC:ecfconst =   1.543180, k:agcpara = 0.27056146)
liq.cash: 10Y average (1Y) =   1.503689 ( 0.06954) : loss rate  0.0256
liq.cash: 10Y std.dev. (1Y) =   0.680309 ( 0.03146)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1460 0.02298   0.08199 0.06235  0.07893  0.07458    0.4235   0.0779   0.5014
 dbratio     ROA    ROA1 debtcf1
 0.15534 0.13869 0.11898 0.00511

TOSYOU CODE: 7122    489
debtcashflow initial values:   0.000010   1.497390
stddev initial values:   0.000010   1.497390
ecfconst solution interval:   1.487013   1.547707
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34578
data: equity =   0.371016  debt =   0.128114  firm =   0.499130

agency cost: EZC - k L (EZC:ecfconst =   1.549943, k:agcpara = 0.24311678)
liq.cash: 10Y average (1Y) =   1.489659 ( 0.06836) : loss rate  0.0389
liq.cash: 10Y std.dev. (1Y) =   0.733698 ( 0.03367)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2480 0.04529   0.08573 0.06358  0.08005  0.07270    0.3710   0.1281   0.4991
 dbratio     ROA    ROA1 debtcf1
 0.25668 0.13696 0.11998 0.00894

TOSYOU CODE: 5196    490
debtcashflow initial values:   0.000010   1.495423
stddev initial values:   0.000010   1.495423
ecfconst solution interval:   1.553447   1.616853
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42959
data: equity =   0.290736  debt =   0.207738  firm =   0.498474

agency cost: EZC - k L (EZC:ecfconst =   1.563111, k:agcpara = 0.21858327)
liq.cash: 10Y average (1Y) =   1.475161 ( 0.06681) : loss rate  0.0563
liq.cash: 10Y std.dev. (1Y) =   0.645712 ( 0.02924)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4024 0.04832   0.09460 0.06417  0.08192  0.06989    0.2907   0.2077   0.4985
 dbratio     ROA    ROA1 debtcf1
 0.41675 0.13402 0.12107 0.01448

TOSYOU CODE: 2056    491
debtcashflow initial values:   0.000010   1.491438
stddev initial values:   0.000010   1.491438
ecfconst solution interval:   1.412886   1.470554
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28150
data: equity =   0.336544  debt =   0.160602  firm =   0.497146

agency cost: EZC - k L (EZC:ecfconst =   1.465198, k:agcpara = 0.22841992)
liq.cash: 10Y average (1Y) =   1.393369 ( 0.06304) : loss rate  0.0490
liq.cash: 10Y std.dev. (1Y) =   0.697592 ( 0.03156)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3145 0.06098   0.08199 0.06355  0.07603  0.06680    0.3365   0.1606   0.4971
 dbratio     ROA    ROA1 debtcf1
 0.32304 0.12681 0.11414 0.01148

TOSYOU CODE: 5975    492
debtcashflow initial values:   0.000010   1.487022
stddev initial values:   0.000010   1.487022
ecfconst solution interval:   1.476713   1.536987
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33604
data: equity =   0.467679  debt =   0.027995  firm =   0.495674

agency cost: EZC - k L (EZC:ecfconst =   1.497235, k:agcpara = 0.29754477)
liq.cash: 10Y average (1Y) =   1.482039 ( 0.06904) : loss rate  0.0101
liq.cash: 10Y std.dev. (1Y) =   0.647203 ( 0.03015)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0511 0.01352   0.07807 0.06052  0.07708  0.07554    0.4677   0.0280   0.4957
 dbratio     ROA    ROA1 debtcf1
 0.05648 0.13928 0.11689 0.00175

TOSYOU CODE: 3512    493
debtcashflow initial values:   0.000010   1.470425
stddev initial values:   0.000010   1.470425
ecfconst solution interval:   1.460229   1.519831
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30532
data: equity =   0.423699  debt =   0.066443  firm =   0.490142

agency cost: EZC - k L (EZC:ecfconst =   1.461885, k:agcpara = 0.27228824)
liq.cash: 10Y average (1Y) =   1.428264 ( 0.06596) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   0.659652 ( 0.03046)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1235 0.02396   0.07845 0.06136  0.07614  0.07239    0.4237   0.0664   0.4901
 dbratio     ROA    ROA1 debtcf1
 0.13555 0.13457 0.11547 0.00430

TOSYOU CODE: 5204    494
debtcashflow initial values:   0.000010   1.468053
stddev initial values:   0.000010   1.468053
ecfconst solution interval:   1.390738   1.447502
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32914
data: equity =   0.245497  debt =   0.243854  firm =   0.489351

agency cost: EZC - k L (EZC:ecfconst =   1.413757, k:agcpara = 0.19262798)
liq.cash: 10Y average (1Y) =   1.321556 ( 0.05848) : loss rate  0.0652
liq.cash: 10Y std.dev. (1Y) =   0.578747 ( 0.02561)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4786 0.07264   0.08834 0.06408  0.07625  0.06188    0.2455   0.2439   0.4894
 dbratio     ROA    ROA1 debtcf1
 0.49832 0.11950 0.11192 0.01747

TOSYOU CODE: 3551    495
debtcashflow initial values:   0.000010   1.463538
stddev initial values:   0.000010   1.463538
ecfconst solution interval:   1.319521   1.373379
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.14934
data: equity =   0.262717  debt =   0.225129  firm =   0.487846

agency cost: EZC - k L (EZC:ecfconst =   1.378406, k:agcpara = 0.20296201)
liq.cash: 10Y average (1Y) =   1.286505 ( 0.05675) : loss rate  0.0667
liq.cash: 10Y std.dev. (1Y) =   0.617708 ( 0.02725)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4528 0.08856   0.08154 0.06495  0.07389  0.06040    0.2627   0.2251   0.4878
 dbratio     ROA    ROA1 debtcf1
 0.46148 0.11633 0.10945 0.01688

TOSYOU CODE: 6510    496
debtcashflow initial values:   0.000010   1.439091
stddev initial values:   0.000010   1.439091
ecfconst solution interval:   1.363298   1.418942
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25684
data: equity =   0.287800  debt =   0.191897  firm =   0.479697

agency cost: EZC - k L (EZC:ecfconst =   1.369543, k:agcpara = 0.21207757)
liq.cash: 10Y average (1Y) =   1.289326 ( 0.05749) : loss rate  0.0586
liq.cash: 10Y std.dev. (1Y) =   0.630290 ( 0.02810)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3782 0.07416   0.08104 0.06354  0.07404  0.06260    0.2878   0.1919   0.4797
 dbratio     ROA    ROA1 debtcf1
 0.40004 0.11985 0.11061 0.01390

TOSYOU CODE: 2540    497
debtcashflow initial values:   0.000010   1.417938
stddev initial values:   0.000010   1.417938
ecfconst solution interval:   1.408103   1.465577
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.24621
data: equity =   0.456027  debt =   0.016619  firm =   0.472646

agency cost: EZC - k L (EZC:ecfconst =   1.421120, k:agcpara = 0.30388992)
liq.cash: 10Y average (1Y) =   1.411886 ( 0.06587) : loss rate  0.0065
liq.cash: 10Y std.dev. (1Y) =   0.619214 ( 0.02889)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0304 0.01284   0.07723 0.06085  0.07665  0.07569    0.4560   0.0166   0.4726
 dbratio     ROA    ROA1 debtcf1
 0.03515 0.13937 0.11637 0.00104

TOSYOU CODE: 7723    498
debtcashflow initial values:   0.000010   1.417414
stddev initial values:   0.000010   1.417414
ecfconst solution interval:   1.472411   1.532509
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40107
data: equity =   0.372902  debt =   0.099569  firm =   0.472471

agency cost: EZC - k L (EZC:ecfconst =   1.530453, k:agcpara = 0.25346722)
liq.cash: 10Y average (1Y) =   1.482087 ( 0.06856) : loss rate  0.0316
liq.cash: 10Y std.dev. (1Y) =   0.715070 ( 0.03308)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1908 0.03548   0.08877 0.06344  0.08344  0.07742    0.3729   0.0996   0.4725
 dbratio     ROA    ROA1 debtcf1
 0.21073 0.14512 0.12472 0.00681

TOSYOU CODE: 3205    499
debtcashflow initial values:   0.000010   1.409056
stddev initial values:   0.000010   1.409056
ecfconst solution interval:   1.528173   1.590547
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 = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.38545
data: equity =   0.357738  debt =   0.111948  firm =   0.469685

agency cost: EZC - k L (EZC:ecfconst =   1.591949, k:agcpara = 0.25557630)
liq.cash: 10Y average (1Y) =   1.537298 ( 0.07115) : loss rate  0.0343
liq.cash: 10Y std.dev. (1Y) =   0.702740 ( 0.03253)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2138 0.02983   0.09477 0.06376  0.08738  0.08054    0.3577   0.1119   0.4697
 dbratio     ROA    ROA1 debtcf1
 0.23834 0.15149 0.12983 0.00759

TOSYOU CODE: 5914    500
debtcashflow initial values:   0.000010   1.407001
stddev initial values:   0.000010   1.407001
ecfconst solution interval:   1.397245   1.454275
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28097
data: equity =   0.368263  debt =   0.100737  firm =   0.469000

agency cost: EZC - k L (EZC:ecfconst =   1.407950, k:agcpara = 0.24689733)
liq.cash: 10Y average (1Y) =   1.359654 ( 0.06239) : loss rate  0.0343
liq.cash: 10Y std.dev. (1Y) =   0.710468 ( 0.03260)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1956 0.05067   0.08066 0.06319  0.07691  0.07080    0.3683   0.1007   0.4690
 dbratio     ROA    ROA1 debtcf1
 0.21479 0.13303 0.11620 0.00709

TOSYOU CODE: 4099    501
debtcashflow initial values:   0.000010   1.402739
stddev initial values:   0.000010   1.402739
ecfconst solution interval:   1.521313   1.583407
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44431
data: equity =   0.354284  debt =   0.113296  firm =   0.467580

agency cost: EZC - k L (EZC:ecfconst =   1.545112, k:agcpara = 0.25135713)
liq.cash: 10Y average (1Y) =   1.490630 ( 0.06888) : loss rate  0.0353
liq.cash: 10Y std.dev. (1Y) =   0.694297 ( 0.03208)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2168 0.03327   0.09218 0.06357  0.08525  0.07832    0.3543   0.1133   0.4676
 dbratio     ROA    ROA1 debtcf1
 0.24230 0.14731 0.12696 0.00772

TOSYOU CODE: 4027    502
debtcashflow initial values:   0.000010   1.386971
stddev initial values:   0.000010   1.386971
ecfconst solution interval:   0.933342   0.971438
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 = 0.04205  std.dev = 0.18693  lambda =  -0.63135
riskless rate of interest = 0.05636  correlation =  0.47243
data: equity =   0.331729  debt =   0.130594  firm =   0.462324

agency cost: EZC - k L (EZC:ecfconst =   0.960050, k:agcpara = 0.22038649)
liq.cash: 10Y average (1Y) =   0.902112 ( 0.03574) : loss rate  0.0603
liq.cash: 10Y std.dev. (1Y) =   0.753822 ( 0.02987)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2629 0.19823   0.04329 0.05038  0.04529  0.03889    0.3317   0.1306   0.4623
 dbratio     ROA    ROA1 debtcf1
 0.28248 0.07731 0.07581 0.01050

TOSYOU CODE: 7996    503
debtcashflow initial values:   0.000010   1.383724
stddev initial values:   0.000010   1.383724
ecfconst solution interval:   1.374127   1.430213
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.38874
data: equity =   0.240710  debt =   0.220531  firm =   0.461241

agency cost: EZC - k L (EZC:ecfconst =   1.398109, k:agcpara = 0.20423555)
liq.cash: 10Y average (1Y) =   1.309603 ( 0.05860) : loss rate  0.0633
liq.cash: 10Y std.dev. (1Y) =   0.566682 ( 0.02536)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4334 0.06102   0.09350 0.06500  0.07988  0.06589    0.2407   0.2205   0.4612
 dbratio     ROA    ROA1 debtcf1
 0.47813 0.12704 0.11728 0.01577

TOSYOU CODE: 5464    504
debtcashflow initial values:   0.000010   1.369976
stddev initial values:   0.000010   1.369976
ecfconst solution interval:   1.485788   1.546432
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.40675
data: equity =   0.296979  debt =   0.159680  firm =   0.456659

agency cost: EZC - k L (EZC:ecfconst =   1.554889, k:agcpara = 0.24200648)
liq.cash: 10Y average (1Y) =   1.480865 ( 0.06803) : loss rate  0.0476
liq.cash: 10Y std.dev. (1Y) =   0.633966 ( 0.02912)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3059 0.03191   0.10095 0.06420  0.08810  0.07800    0.2970   0.1597   0.4567
 dbratio     ROA    ROA1 debtcf1
 0.34967 0.14897 0.13034 0.01088

TOSYOU CODE: 4003    505
debtcashflow initial values:   0.000010   1.365126
stddev initial values:   0.000010   1.365126
ecfconst solution interval:   1.355663   1.410997
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40657
data: equity =   0.258496  debt =   0.196546  firm =   0.455042

agency cost: EZC - k L (EZC:ecfconst =   1.402500, k:agcpara = 0.21355093)
liq.cash: 10Y average (1Y) =   1.320938 ( 0.05958) : loss rate  0.0582
liq.cash: 10Y std.dev. (1Y) =   0.580648 ( 0.02619)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3819 0.05292   0.09321 0.06420  0.08068  0.06820    0.2585   0.1965   0.4550
 dbratio     ROA    ROA1 debtcf1
 0.43192 0.13093 0.11914 0.01379

TOSYOU CODE: 5658 error: convergent problem

TOSYOU CODE: 5633    506
debtcashflow initial values:   0.000010   1.363090
stddev initial values:   0.000010   1.363090
ecfconst solution interval:   1.415982   1.473778
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.45549
data: equity =   0.306582  debt =   0.147781  firm =   0.454363

agency cost: EZC - k L (EZC:ecfconst =   1.483034, k:agcpara = 0.23833857)
liq.cash: 10Y average (1Y) =   1.415338 ( 0.06491) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   0.636844 ( 0.02921)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2840 0.03783   0.09455 0.06389  0.08458  0.07522    0.3066   0.1478   0.4544
 dbratio     ROA    ROA1 debtcf1
 0.32524 0.14286 0.12558 0.01015

TOSYOU CODE: 3216 error: solution not found

TOSYOU CODE: 6455    507
debtcashflow initial values:   0.000010   1.358235
stddev initial values:   0.000010   1.358235
ecfconst solution interval:   1.348823   1.403877
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.26299
data: equity =   0.381012  debt =   0.071733  firm =   0.452745

agency cost: EZC - k L (EZC:ecfconst =   1.384232, k:agcpara = 0.26812673)
liq.cash: 10Y average (1Y) =   1.348178 ( 0.06229) : loss rate  0.0260
liq.cash: 10Y std.dev. (1Y) =   0.614537 ( 0.02839)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1345 0.02413   0.08141 0.06225  0.07837  0.07394    0.3810   0.0717   0.4527
 dbratio     ROA    ROA1 debtcf1
 0.15845 0.13758 0.11824 0.00471

TOSYOU CODE: 2899    508
debtcashflow initial values:   0.000010   1.346463
stddev initial values:   0.000010   1.346463
ecfconst solution interval:   1.521862   1.583978
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.36824
data: equity =   0.387641  debt =   0.061180  firm =   0.448821

agency cost: EZC - k L (EZC:ecfconst =   1.565340, k:agcpara = 0.29763612)
liq.cash: 10Y average (1Y) =   1.531717 ( 0.07139) : loss rate  0.0215
liq.cash: 10Y std.dev. (1Y) =   0.598232 ( 0.02788)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1130 0.00886   0.09399 0.06230  0.08967  0.08585    0.3876   0.0612   0.4488
 dbratio     ROA    ROA1 debtcf1
 0.13631 0.15906 0.13306 0.00389

TOSYOU CODE: 3526    509
debtcashflow initial values:   0.000010   1.344730
stddev initial values:   0.000010   1.344730
ecfconst solution interval:   1.335407   1.389913
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.25132
data: equity =   0.407522  debt =   0.040721  firm =   0.448243

agency cost: EZC - k L (EZC:ecfconst =   1.356633, k:agcpara = 0.29012020)
liq.cash: 10Y average (1Y) =   1.334824 ( 0.06199) : loss rate  0.0161
liq.cash: 10Y std.dev. (1Y) =   0.596706 ( 0.02771)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0752 0.01739   0.07887 0.06135  0.07728  0.07477    0.4075   0.0407   0.4482
 dbratio     ROA    ROA1 debtcf1
 0.09085 0.13830 0.11711 0.00260

TOSYOU CODE: 4539    510
debtcashflow initial values:   0.000010   1.342405
stddev initial values:   0.000010   1.342405
ecfconst solution interval:   1.394491   1.451409
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33407
data: equity =   0.377729  debt =   0.069739  firm =   0.447468

agency cost: EZC - k L (EZC:ecfconst =   1.355911, k:agcpara = 0.26648045)
liq.cash: 10Y average (1Y) =   1.321308 ( 0.06101) : loss rate  0.0255
liq.cash: 10Y std.dev. (1Y) =   0.601524 ( 0.02778)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1299 0.02381   0.08055 0.06158  0.07759  0.07327    0.3777   0.0697   0.4475
 dbratio     ROA    ROA1 debtcf1
 0.15585 0.13635 0.11724 0.00453

TOSYOU CODE: 3580    511
debtcashflow initial values:   0.000010   1.329623
stddev initial values:   0.000010   1.329623
ecfconst solution interval:   1.320403   1.374297
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30738
data: equity =   0.378456  debt =   0.064752  firm =   0.443208

agency cost: EZC - k L (EZC:ecfconst =   1.323965, k:agcpara = 0.26841611)
liq.cash: 10Y average (1Y) =   1.291582 ( 0.05960) : loss rate  0.0245
liq.cash: 10Y std.dev. (1Y) =   0.598457 ( 0.02761)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1206 0.02520   0.07885 0.06149  0.07631  0.07227    0.3785   0.0648   0.4432
 dbratio     ROA    ROA1 debtcf1
 0.14611 0.13447 0.11565 0.00421

TOSYOU CODE: 6306    512
debtcashflow initial values:   0.000010   1.323825
stddev initial values:   0.000010   1.323825
ecfconst solution interval:   1.496274   1.557346
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.41281
data: equity =   0.410953  debt =   0.030322  firm =   0.441275

agency cost: EZC - k L (EZC:ecfconst =   1.487724, k:agcpara = 0.30650101)
liq.cash: 10Y average (1Y) =   1.470823 ( 0.06884) : loss rate  0.0114
liq.cash: 10Y std.dev. (1Y) =   0.578455 ( 0.02707)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0551 0.00720   0.08861 0.06086  0.08671  0.08482    0.4110   0.0303   0.4413
 dbratio     ROA    ROA1 debtcf1
 0.06872 0.15600 0.12923 0.00188

TOSYOU CODE: 5211    513
debtcashflow initial values:   0.000010   1.320378
stddev initial values:   0.000010   1.320378
ecfconst solution interval:   1.250843   1.301897
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 = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.25017
data: equity =   0.267958  debt =   0.172168  firm =   0.440126

agency cost: EZC - k L (EZC:ecfconst =   1.304872, k:agcpara = 0.21744315)
liq.cash: 10Y average (1Y) =   1.231342 ( 0.05536) : loss rate  0.0564
liq.cash: 10Y std.dev. (1Y) =   0.584703 ( 0.02629)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3382 0.06331   0.08552 0.06412  0.07715  0.06586    0.2680   0.1722   0.4401
 dbratio     ROA    ROA1 debtcf1
 0.39118 0.12579 0.11481 0.01235

TOSYOU CODE: 5976    514
debtcashflow initial values:   0.000010   1.306317
stddev initial values:   0.000010   1.306317
ecfconst solution interval:   1.357006   1.412394
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34254
data: equity =   0.337670  debt =   0.097769  firm =   0.435439

agency cost: EZC - k L (EZC:ecfconst =   1.357157, k:agcpara = 0.24813357)
liq.cash: 10Y average (1Y) =   1.310318 ( 0.06034) : loss rate  0.0345
liq.cash: 10Y std.dev. (1Y) =   0.653642 ( 0.03010)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1888 0.04309   0.08504 0.06344  0.08019  0.07378    0.3377   0.0978   0.4354
 dbratio     ROA    ROA1 debtcf1
 0.22453 0.13857 0.12039 0.00679

TOSYOU CODE: 6850    515
debtcashflow initial values:   0.000010   1.303370
stddev initial values:   0.000010   1.303370
ecfconst solution interval:   1.234722   1.285118
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27883
data: equity =   0.385955  debt =   0.048502  firm =   0.434457

agency cost: EZC - k L (EZC:ecfconst =   1.276018, k:agcpara = 0.27921556)
liq.cash: 10Y average (1Y) =   1.250931 ( 0.05779) : loss rate  0.0197
liq.cash: 10Y std.dev. (1Y) =   0.583721 ( 0.02697)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0898 0.02334   0.07643 0.06108  0.07472  0.07165    0.3860   0.0485   0.4345
 dbratio     ROA    ROA1 debtcf1
 0.11164 0.13302 0.11376 0.00312

TOSYOU CODE: 6373    516
debtcashflow initial values:   0.000010   1.296508
stddev initial values:   0.000010   1.296508
ecfconst solution interval:   1.287514   1.340066
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38081
data: equity =   0.251002  debt =   0.181167  firm =   0.432169

agency cost: EZC - k L (EZC:ecfconst =   1.318316, k:agcpara = 0.21452589)
liq.cash: 10Y average (1Y) =   1.242623 ( 0.05601) : loss rate  0.0574
liq.cash: 10Y std.dev. (1Y) =   0.557889 ( 0.02515)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3528 0.05537   0.09100 0.06414  0.07974  0.06764    0.2510   0.1812   0.4322
 dbratio     ROA    ROA1 debtcf1
 0.41920 0.12961 0.11799 0.01277

TOSYOU CODE: 7913    517
debtcashflow initial values:   0.000010   1.282082
stddev initial values:   0.000010   1.282082
ecfconst solution interval:   1.214563   1.264137
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25945
data: equity =   0.320207  debt =   0.107153  firm =   0.427361

agency cost: EZC - k L (EZC:ecfconst =   1.258190, k:agcpara = 0.24027692)
liq.cash: 10Y average (1Y) =   1.207922 ( 0.05506) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =   0.632977 ( 0.02885)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2092 0.05731   0.07952 0.06320  0.07543  0.06830    0.3202   0.1072   0.4274
 dbratio     ROA    ROA1 debtcf1
 0.25074 0.12884 0.11402 0.00763

TOSYOU CODE: 6381    518
debtcashflow initial values:   0.000010   1.252299
stddev initial values:   0.000010   1.252299
ecfconst solution interval:   1.300891   1.353989
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39314
data: equity =   0.356809  debt =   0.060624  firm =   0.417433

agency cost: EZC - k L (EZC:ecfconst =   1.303571, k:agcpara = 0.27475920)
liq.cash: 10Y average (1Y) =   1.272813 ( 0.05900) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =   0.552586 ( 0.02562)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1119 0.01783   0.08335 0.06135  0.08015  0.07614    0.3568   0.0606   0.4174
 dbratio     ROA    ROA1 debtcf1
 0.14522 0.14135 0.12061 0.00387

TOSYOU CODE: 6763    519
debtcashflow initial values:   0.000010   1.243883
stddev initial values:   0.000010   1.243883
ecfconst solution interval:   1.178372   1.226468
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27086
data: equity =   0.382844  debt =   0.031784  firm =   0.414628

agency cost: EZC - k L (EZC:ecfconst =   1.209993, k:agcpara = 0.28966956)
liq.cash: 10Y average (1Y) =   1.193063 ( 0.05526) : loss rate  0.0140
liq.cash: 10Y std.dev. (1Y) =   0.550336 ( 0.02549)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0584 0.01962   0.07520 0.06071  0.07409  0.07199    0.3828   0.0318   0.4146
 dbratio     ROA    ROA1 debtcf1
 0.07665 0.13329 0.11305 0.00202

TOSYOU CODE: 4097    520
debtcashflow initial values:   0.000010   1.240989
stddev initial values:   0.000010   1.240989
ecfconst solution interval:   1.402645   1.459895
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 = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.47437
data: equity =   0.357266  debt =   0.056397  firm =   0.413663

agency cost: EZC - k L (EZC:ecfconst =   1.450268, k:agcpara = 0.29616232)
liq.cash: 10Y average (1Y) =   1.419782 ( 0.06619) : loss rate  0.0210
liq.cash: 10Y std.dev. (1Y) =   0.543574 ( 0.02534)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1029 0.00771   0.09466 0.06119  0.09009  0.08634    0.3573   0.0564   0.4137
 dbratio     ROA    ROA1 debtcf1
 0.13634 0.16002 0.13365 0.00351

TOSYOU CODE: 6393    521
debtcashflow initial values:   0.000010   1.222129
stddev initial values:   0.000010   1.222129
ecfconst solution interval:   1.269551   1.321369
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43132
data: equity =   0.270319  debt =   0.137057  firm =   0.407376

agency cost: EZC - k L (EZC:ecfconst =   1.307547, k:agcpara = 0.23456929)
liq.cash: 10Y average (1Y) =   1.245561 ( 0.05697) : loss rate  0.0474
liq.cash: 10Y std.dev. (1Y) =   0.565206 ( 0.02585)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2643 0.04126   0.09306 0.06394  0.08327  0.07359    0.2703   0.1371   0.4074
 dbratio     ROA    ROA1 debtcf1
 0.33643 0.13984 0.12369 0.00947

TOSYOU CODE: 6358    522
debtcashflow initial values:   0.000010   1.196877
stddev initial values:   0.000010   1.196877
ecfconst solution interval:   1.243316   1.294064
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.31601
data: equity =   0.346188  debt =   0.052771  firm =   0.398959

agency cost: EZC - k L (EZC:ecfconst =   1.262698, k:agcpara = 0.28242385)
liq.cash: 10Y average (1Y) =   1.235098 ( 0.05737) : loss rate  0.0219
liq.cash: 10Y std.dev. (1Y) =   0.531652 ( 0.02470)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0977 0.01621   0.08423 0.06183  0.08127  0.07759    0.3462   0.0528   0.3990
 dbratio     ROA    ROA1 debtcf1
 0.13227 0.14380 0.12211 0.00338

TOSYOU CODE: 6999    523
debtcashflow initial values:   0.000010   1.193897
stddev initial values:   0.000010   1.193897
ecfconst solution interval:   1.076422   1.120358
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.19800
data: equity =   0.333986  debt =   0.063980  firm =   0.397966

agency cost: EZC - k L (EZC:ecfconst =   1.137232, k:agcpara = 0.25252537)
liq.cash: 10Y average (1Y) =   1.105777 ( 0.05066) : loss rate  0.0277
liq.cash: 10Y std.dev. (1Y) =   0.628265 ( 0.02878)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1246 0.05917   0.07427 0.06239  0.07236  0.06785    0.3340   0.0640   0.3980
 dbratio     ROA    ROA1 debtcf1
 0.16078 0.12730 0.11071 0.00454

TOSYOU CODE: 6745    524
debtcashflow initial values:   0.000010   1.193315
stddev initial values:   0.000010   1.193315
ecfconst solution interval:   1.185045   1.233415
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.27000
data: equity =   0.311908  debt =   0.085864  firm =   0.397772

agency cost: EZC - k L (EZC:ecfconst =   1.256968, k:agcpara = 0.25170259)
liq.cash: 10Y average (1Y) =   1.215171 ( 0.05607) : loss rate  0.0333
liq.cash: 10Y std.dev. (1Y) =   0.603640 ( 0.02785)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1661 0.04111   0.08617 0.06381  0.08134  0.07514    0.3119   0.0859   0.3978
 dbratio     ROA    ROA1 debtcf1
 0.21586 0.14095 0.12194 0.00598

TOSYOU CODE: 6937    525
debtcashflow initial values:   0.000010   1.188178
stddev initial values:   0.000010   1.188178
ecfconst solution interval:   1.125599   1.171541
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38724
data: equity =   0.189716  debt =   0.206343  firm =   0.396059

agency cost: EZC - k L (EZC:ecfconst =   1.169732, k:agcpara = 0.19054685)
liq.cash: 10Y average (1Y) =   1.092990 ( 0.04850) : loss rate  0.0656
liq.cash: 10Y std.dev. (1Y) =   0.456283 ( 0.02025)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4027 0.06517   0.09351 0.06427  0.07828  0.06321    0.1897   0.2063   0.3961
 dbratio     ROA    ROA1 debtcf1
 0.52099 0.12246 0.11438 0.01460

TOSYOU CODE: 5363    526
debtcashflow initial values:   0.000010   1.182830
stddev initial values:   0.000010   1.182830
ecfconst solution interval:   1.174628   1.222572
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35528
data: equity =   0.288048  debt =   0.106229  firm =   0.394277

agency cost: EZC - k L (EZC:ecfconst =   1.228440, k:agcpara = 0.24150669)
liq.cash: 10Y average (1Y) =   1.178789 ( 0.05405) : loss rate  0.0404
liq.cash: 10Y std.dev. (1Y) =   0.574387 ( 0.02634)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2056 0.04510   0.08658 0.06365  0.08040  0.07268    0.2880   0.1062   0.3943
 dbratio     ROA    ROA1 debtcf1
 0.26943 0.13709 0.12035 0.00741

TOSYOU CODE: 5269    527
debtcashflow initial values:   0.000010   1.152778
stddev initial values:   0.000010   1.152778
ecfconst solution interval:   1.408387   1.465873
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.47344
data: equity =   0.295004  debt =   0.089255  firm =   0.384259

agency cost: EZC - k L (EZC:ecfconst =   1.501629, k:agcpara = 0.28046883)
liq.cash: 10Y average (1Y) =   1.454406 ( 0.06736) : loss rate  0.0314
liq.cash: 10Y std.dev. (1Y) =   0.592827 ( 0.02746)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1684 0.01503   0.11005 0.06396  0.09934  0.09266    0.2950   0.0893   0.3843
 dbratio     ROA    ROA1 debtcf1
 0.23228 0.17529 0.14602 0.00589

TOSYOU CODE: 3408    528
debtcashflow initial values:   0.000010   1.145457
stddev initial values:   0.000010   1.145457
ecfconst solution interval:   1.189896   1.238464
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35832
data: equity =   0.297538  debt =   0.084281  firm =   0.381819

agency cost: EZC - k L (EZC:ecfconst =   1.202709, k:agcpara = 0.24952323)
liq.cash: 10Y average (1Y) =   1.162182 ( 0.05359) : loss rate  0.0337
liq.cash: 10Y std.dev. (1Y) =   0.574646 ( 0.02650)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1624 0.04095   0.08608 0.06346  0.08108  0.07478    0.2975   0.0843   0.3818
 dbratio     ROA    ROA1 debtcf1
 0.22074 0.14036 0.12158 0.00583

TOSYOU CODE: 6644    529
debtcashflow initial values:   0.000010   1.126871
stddev initial values:   0.000010   1.126871
ecfconst solution interval:   1.222129   1.272011
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.29644
data: equity =   0.299317  debt =   0.076307  firm =   0.375624

agency cost: EZC - k L (EZC:ecfconst =   1.289486, k:agcpara = 0.26504135)
liq.cash: 10Y average (1Y) =   1.250436 ( 0.05802) : loss rate  0.0303
liq.cash: 10Y std.dev. (1Y) =   0.584032 ( 0.02710)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1473 0.02946   0.09443 0.06487  0.08842  0.08249    0.2993   0.0763   0.3756
 dbratio     ROA    ROA1 debtcf1
 0.20315 0.15445 0.13127 0.00527

TOSYOU CODE: 6218    530
debtcashflow initial values:   0.000010   1.113381
stddev initial values:   0.000010   1.113381
ecfconst solution interval:   1.207497   1.256783
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50726
data: equity =   0.276956  debt =   0.094171  firm =   0.371127

agency cost: EZC - k L (EZC:ecfconst =   1.269188, k:agcpara = 0.25414242)
liq.cash: 10Y average (1Y) =   1.223658 ( 0.05661) : loss rate  0.0359
liq.cash: 10Y std.dev. (1Y) =   0.548307 ( 0.02537)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1791 0.02839   0.09653 0.06351  0.08816  0.08090    0.2770   0.0942   0.3711
 dbratio     ROA    ROA1 debtcf1
 0.25374 0.15253 0.13084 0.00634

TOSYOU CODE: 7204    531
debtcashflow initial values:   0.000010   1.109492
stddev initial values:   0.000010   1.109492
ecfconst solution interval:   1.203283   1.252397
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46804
data: equity =   0.284528  debt =   0.085303  firm =   0.369831

agency cost: EZC - k L (EZC:ecfconst =   1.242238, k:agcpara = 0.25479199)
liq.cash: 10Y average (1Y) =   1.200802 ( 0.05559) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =   0.553531 ( 0.02563)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1626 0.03036   0.09351 0.06348  0.08659  0.08000    0.2845   0.0853   0.3698
 dbratio     ROA    ROA1 debtcf1
 0.23065 0.15032 0.12881 0.00577

TOSYOU CODE: 6208    532
debtcashflow initial values:   0.000010   1.102118
stddev initial values:   0.000010   1.102118
ecfconst solution interval:   1.094474   1.139146
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35553
data: equity =   0.262288  debt =   0.105085  firm =   0.367373

agency cost: EZC - k L (EZC:ecfconst =   1.141127, k:agcpara = 0.23867887)
liq.cash: 10Y average (1Y) =   1.092522 ( 0.05000) : loss rate  0.0426
liq.cash: 10Y std.dev. (1Y) =   0.529188 ( 0.02422)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2036 0.04651   0.08686 0.06372  0.08024  0.07204    0.2623   0.1051   0.3674
 dbratio     ROA    ROA1 debtcf1
 0.28605 0.13610 0.12001 0.00735

TOSYOU CODE: 6214    533
debtcashflow initial values:   0.000010   1.101073
stddev initial values:   0.000010   1.101073
ecfconst solution interval:   1.143797   1.190483
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35572
data: equity =   0.300945  debt =   0.066079  firm =   0.367024

agency cost: EZC - k L (EZC:ecfconst =   1.161993, k:agcpara = 0.25553993)
liq.cash: 10Y average (1Y) =   1.129580 ( 0.05230) : loss rate  0.0279
liq.cash: 10Y std.dev. (1Y) =   0.566175 ( 0.02622)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1268 0.03827   0.08532 0.06324  0.08135  0.07622    0.3009   0.0661   0.3670
 dbratio     ROA    ROA1 debtcf1
 0.18004 0.14251 0.12215 0.00454

TOSYOU CODE: 5958    534
debtcashflow initial values:   0.000010   1.099354
stddev initial values:   0.000010   1.099354
ecfconst solution interval:   1.142004   1.188616
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.32334
data: equity =   0.328099  debt =   0.038352  firm =   0.366451

agency cost: EZC - k L (EZC:ecfconst =   1.167912, k:agcpara = 0.29109490)
liq.cash: 10Y average (1Y) =   1.147419 ( 0.05345) : loss rate  0.0175
liq.cash: 10Y std.dev. (1Y) =   0.482988 ( 0.02250)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0704 0.01288   0.08422 0.06124  0.08181  0.07893    0.3281   0.0384   0.3665
 dbratio     ROA    ROA1 debtcf1
 0.10466 0.14585 0.12290 0.00242

TOSYOU CODE: 6102    535
debtcashflow initial values:   0.000010   1.092711
stddev initial values:   0.000010   1.092711
ecfconst solution interval:   1.285025   1.337475
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 = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.36416
data: equity =   0.267201  debt =   0.097036  firm =   0.364237

agency cost: EZC - k L (EZC:ecfconst =   1.306938, k:agcpara = 0.26340559)
liq.cash: 10Y average (1Y) =   1.257806 ( 0.05818) : loss rate  0.0376
liq.cash: 10Y std.dev. (1Y) =   0.546939 ( 0.02530)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1865 0.02508   0.10218 0.06500  0.09227  0.08448    0.2672   0.0970   0.3642
 dbratio     ROA    ROA1 debtcf1
 0.26640 0.15973 0.13629 0.00663

TOSYOU CODE: 3004    536
debtcashflow initial values:   0.000010   1.080050
stddev initial values:   0.000010   1.080050
ecfconst solution interval:   1.121953   1.167747
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.38819
data: equity =   0.195545  debt =   0.164472  firm =   0.360017

agency cost: EZC - k L (EZC:ecfconst =   1.163732, k:agcpara = 0.21787276)
liq.cash: 10Y average (1Y) =   1.094272 ( 0.04959) : loss rate  0.0597
liq.cash: 10Y std.dev. (1Y) =   0.454399 ( 0.02059)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3188 0.04395   0.10123 0.06485  0.08461  0.07128    0.1955   0.1645   0.3600
 dbratio     ROA    ROA1 debtcf1
 0.45684 0.13774 0.12448 0.01145

TOSYOU CODE: 6375    537
debtcashflow initial values:   0.000010   1.055460
stddev initial values:   0.000010   1.055460
ecfconst solution interval:   1.048139   1.090921
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.22798
data: equity =   0.217249  debt =   0.134571  firm =   0.351820

agency cost: EZC - k L (EZC:ecfconst =   1.046152, k:agcpara = 0.22080098)
liq.cash: 10Y average (1Y) =   0.987448 ( 0.04444) : loss rate  0.0561
liq.cash: 10Y std.dev. (1Y) =   0.474969 ( 0.02138)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2659 0.06435   0.08521 0.06458  0.07732  0.06620    0.2172   0.1346   0.3518
 dbratio     ROA    ROA1 debtcf1
 0.38250 0.12631 0.11513 0.00975

TOSYOU CODE: 7250    538
debtcashflow initial values:   0.000010   1.050872
stddev initial values:   0.000010   1.050872
ecfconst solution interval:   1.091642   1.136198
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36787
data: equity =   0.282776  debt =   0.067515  firm =   0.350291

agency cost: EZC - k L (EZC:ecfconst =   1.115272, k:agcpara = 0.25428655)
liq.cash: 10Y average (1Y) =   1.082311 ( 0.05008) : loss rate  0.0296
liq.cash: 10Y std.dev. (1Y) =   0.536295 ( 0.02482)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1296 0.03783   0.08631 0.06333  0.08188  0.07639    0.2828   0.0675   0.3503
 dbratio     ROA    ROA1 debtcf1
 0.19274 0.14297 0.12278 0.00464

TOSYOU CODE: 2215    539
debtcashflow initial values:   0.000010   1.043433
stddev initial values:   0.000010   1.043433
ecfconst solution interval:   1.131635   1.177825
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.50823
data: equity =   0.317309  debt =   0.030502  firm =   0.347811

agency cost: EZC - k L (EZC:ecfconst =   1.160066, k:agcpara = 0.30187573)
liq.cash: 10Y average (1Y) =   1.143228 ( 0.05342) : loss rate  0.0145
liq.cash: 10Y std.dev. (1Y) =   0.457767 ( 0.02139)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0558 0.00876   0.08811 0.06129  0.08576  0.08334    0.3173   0.0305   0.3478
 dbratio     ROA    ROA1 debtcf1
 0.08770 0.15360 0.12801 0.00191

TOSYOU CODE: 3302    540
debtcashflow initial values:   0.000010   1.036625
stddev initial values:   0.000010   1.036625
ecfconst solution interval:   0.982029   1.022111
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.19721
data: equity =   0.245308  debt =   0.100234  firm =   0.345542

agency cost: EZC - k L (EZC:ecfconst =   0.979220, k:agcpara = 0.23453862)
liq.cash: 10Y average (1Y) =   0.932525 ( 0.04201) : loss rate  0.0477
liq.cash: 10Y std.dev. (1Y) =   0.506306 ( 0.02281)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1991 0.07372   0.07596 0.06352  0.07235  0.06406    0.2453   0.1002   0.3455
 dbratio     ROA    ROA1 debtcf1
 0.29008 0.12159 0.10978 0.00738

TOSYOU CODE: 6316    541
debtcashflow initial values:   0.000010   1.005950
stddev initial values:   0.000010   1.005950
ecfconst solution interval:   1.182997   1.231283
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 = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.36978
data: equity =   0.233377  debt =   0.101940  firm =   0.335317

agency cost: EZC - k L (EZC:ecfconst =   1.197875, k:agcpara = 0.25814312)
liq.cash: 10Y average (1Y) =   1.147206 ( 0.05294) : loss rate  0.0423
liq.cash: 10Y std.dev. (1Y) =   0.491283 ( 0.02267)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1963 0.02646   0.10368 0.06513  0.09196  0.08305    0.2334   0.1019   0.3353
 dbratio     ROA    ROA1 debtcf1
 0.30401 0.15788 0.13578 0.00699

TOSYOU CODE: 7105    542
debtcashflow initial values:   0.000010   1.003432
stddev initial values:   0.000010   1.003432
ecfconst solution interval:   1.088251   1.132669
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.34204
data: equity =   0.225597  debt =   0.108880  firm =   0.334477

agency cost: EZC - k L (EZC:ecfconst =   1.100995, k:agcpara = 0.24127851)
liq.cash: 10Y average (1Y) =   1.050102 ( 0.04816) : loss rate  0.0462
liq.cash: 10Y std.dev. (1Y) =   0.474175 ( 0.02175)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2109 0.03838   0.09528 0.06468  0.08532  0.07585    0.2256   0.1089   0.3345
 dbratio     ROA    ROA1 debtcf1
 0.32552 0.14400 0.12653 0.00757

TOSYOU CODE: 3202    543
debtcashflow initial values:   0.000010   0.999801
stddev initial values:   0.000010   0.999801
ecfconst solution interval:   1.038594   1.080986
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.26752
data: equity =   0.195540  debt =   0.137727  firm =   0.333267

agency cost: EZC - k L (EZC:ecfconst =   1.060213, k:agcpara = 0.22437800)
liq.cash: 10Y average (1Y) =   0.999378 ( 0.04529) : loss rate  0.0574
liq.cash: 10Y std.dev. (1Y) =   0.443395 ( 0.02010)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2711 0.05025   0.09547 0.06571  0.08317  0.07095    0.1955   0.1377   0.3333
 dbratio     ROA    ROA1 debtcf1
 0.41327 0.13590 0.12269 0.00985

TOSYOU CODE: 5972    544
debtcashflow initial values:   0.000010   0.993765
stddev initial values:   0.000010   0.993765
ecfconst solution interval:   0.895975   0.932545
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.22729
data: equity =   0.246300  debt =   0.084955  firm =   0.331255

agency cost: EZC - k L (EZC:ecfconst =   0.954189, k:agcpara = 0.23823940)
liq.cash: 10Y average (1Y) =   0.914520 ( 0.04151) : loss rate  0.0416
liq.cash: 10Y std.dev. (1Y) =   0.490047 ( 0.02224)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1665 0.06346   0.07722 0.06299  0.07357  0.06630    0.2463   0.0850   0.3313
 dbratio     ROA    ROA1 debtcf1
 0.25646 0.12531 0.11160 0.00610

TOSYOU CODE: 5337 error: solution not found

TOSYOU CODE: 2217    545
debtcashflow initial values:   0.000010   0.974212
stddev initial values:   0.000010   0.974212
ecfconst solution interval:   0.922905   0.960575
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 = 0.09873  std.dev = 0.17453  lambda =   2.57619
riskless rate of interest = 0.05931  correlation =  0.24120
data: equity =   0.294116  debt =   0.030621  firm =   0.324737

agency cost: EZC - k L (EZC:ecfconst =   0.948301, k:agcpara = 0.28582303)
liq.cash: 10Y average (1Y) =   0.932046 ( 0.04310) : loss rate  0.0171
liq.cash: 10Y std.dev. (1Y) =   0.439124 ( 0.02031)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0569 0.02313   0.07549 0.06137  0.07416  0.07155    0.2941   0.0306   0.3247
 dbratio     ROA    ROA1 debtcf1
 0.09430 0.13272 0.11312 0.00198

TOSYOU CODE: 2003    546
debtcashflow initial values:   0.000010   0.960022
stddev initial values:   0.000010   0.960022
ecfconst solution interval:   1.041172   1.083668
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42978
data: equity =   0.237944  debt =   0.082063  firm =   0.320007

agency cost: EZC - k L (EZC:ecfconst =   1.045503, k:agcpara = 0.24812712)
liq.cash: 10Y average (1Y) =   1.006440 ( 0.04642) : loss rate  0.0374
liq.cash: 10Y std.dev. (1Y) =   0.470875 ( 0.02172)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1574 0.03569   0.09148 0.06365  0.08434  0.07700    0.2379   0.0821   0.3200
 dbratio     ROA    ROA1 debtcf1
 0.25645 0.14504 0.12568 0.00562

TOSYOU CODE: 4461    547
debtcashflow initial values:   0.000010   0.955857
stddev initial values:   0.000010   0.955857
ecfconst solution interval:   0.992946   1.033474
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39067
data: equity =   0.235363  debt =   0.083256  firm =   0.318619

agency cost: EZC - k L (EZC:ecfconst =   1.015854, k:agcpara = 0.24487813)
liq.cash: 10Y average (1Y) =   0.976567 ( 0.04492) : loss rate  0.0387
liq.cash: 10Y std.dev. (1Y) =   0.466849 ( 0.02148)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1604 0.04022   0.08890 0.06367  0.08231  0.07482    0.2354   0.0833   0.3186
 dbratio     ROA    ROA1 debtcf1
 0.26131 0.14099 0.12294 0.00576

TOSYOU CODE: 4512    548
debtcashflow initial values:   0.000010   0.947445
stddev initial values:   0.000010   0.947445
ecfconst solution interval:   0.897543   0.934177
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.23982
data: equity =   0.293389  debt =   0.022426  firm =   0.315815

agency cost: EZC - k L (EZC:ecfconst =   0.905519, k:agcpara = 0.29005505)
liq.cash: 10Y average (1Y) =   0.893541 ( 0.04132) : loss rate  0.0132
liq.cash: 10Y std.dev. (1Y) =   0.421276 ( 0.01948)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0413 0.02154   0.07344 0.06064  0.07253  0.07059    0.2934   0.0224   0.3158
 dbratio     ROA    ROA1 debtcf1
 0.07101 0.13083 0.11108 0.00143

TOSYOU CODE: 6513    549
debtcashflow initial values:   0.000010   0.945423
stddev initial values:   0.000010   0.945423
ecfconst solution interval:   0.938869   0.977191
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32845
data: equity =   0.263594  debt =   0.051547  firm =   0.315141

agency cost: EZC - k L (EZC:ecfconst =   0.983034, k:agcpara = 0.25661707)
liq.cash: 10Y average (1Y) =   0.957619 ( 0.04435) : loss rate  0.0259
liq.cash: 10Y std.dev. (1Y) =   0.491374 ( 0.02276)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0990 0.04029   0.08330 0.06310  0.08000  0.07535    0.2636   0.0515   0.3151
 dbratio     ROA    ROA1 debtcf1
 0.16357 0.14073 0.12049 0.00355

TOSYOU CODE: 5721    550
debtcashflow initial values:   0.000010   0.939899
stddev initial values:   0.000010   0.939899
ecfconst solution interval:   0.976364   1.016216
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.35072
data: equity =   0.285271  debt =   0.028029  firm =   0.313300

agency cost: EZC - k L (EZC:ecfconst =   0.963494, k:agcpara = 0.29274991)
liq.cash: 10Y average (1Y) =   0.948344 ( 0.04411) : loss rate  0.0157
liq.cash: 10Y std.dev. (1Y) =   0.416767 ( 0.01939)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0518 0.01573   0.08036 0.06155  0.07867  0.07620    0.2853   0.0280   0.3133
 dbratio     ROA    ROA1 debtcf1
 0.08947 0.14080 0.11889 0.00179

TOSYOU CODE: 4271    551
debtcashflow initial values:   0.000010   0.936267
stddev initial values:   0.000010   0.936267
ecfconst solution interval:   0.929775   0.967725
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33065
data: equity =   0.236600  debt =   0.075489  firm =   0.312089

agency cost: EZC - k L (EZC:ecfconst =   0.962805, k:agcpara = 0.24474868)
liq.cash: 10Y average (1Y) =   0.927028 ( 0.04257) : loss rate  0.0372
liq.cash: 10Y std.dev. (1Y) =   0.463777 ( 0.02130)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1462 0.04612   0.08448 0.06349  0.07941  0.07250    0.2366   0.0755   0.3121
 dbratio     ROA    ROA1 debtcf1
 0.24188 0.13640 0.11925 0.00528

TOSYOU CODE: 6590    552
debtcashflow initial values:   0.000010   0.933668
stddev initial values:   0.000010   0.933668
ecfconst solution interval:   0.969896   1.009484
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41822
data: equity =   0.196950  debt =   0.114273  firm =   0.311223

agency cost: EZC - k L (EZC:ecfconst =   0.983759, k:agcpara = 0.22781116)
liq.cash: 10Y average (1Y) =   0.933399 ( 0.04250) : loss rate  0.0512
liq.cash: 10Y std.dev. (1Y) =   0.421206 ( 0.01918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2211 0.04540   0.09275 0.06404  0.08221  0.07163    0.1969   0.1143   0.3112
 dbratio     ROA    ROA1 debtcf1
 0.36718 0.13656 0.12197 0.00795

TOSYOU CODE: 7104    553
debtcashflow initial values:   0.000010   0.933275
stddev initial values:   0.000010   0.933275
ecfconst solution interval:   1.012164   1.053476
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.39562
data: equity =   0.165948  debt =   0.145144  firm =   0.311092

agency cost: EZC - k L (EZC:ecfconst =   1.018903, k:agcpara = 0.21891586)
liq.cash: 10Y average (1Y) =   0.957389 ( 0.04343) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   0.390420 ( 0.01771)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2810 0.04159   0.10377 0.06496  0.08566  0.07203    0.1659   0.1451   0.3111
 dbratio     ROA    ROA1 debtcf1
 0.46656 0.13960 0.12596 0.01007

TOSYOU CODE: 5011    554
debtcashflow initial values:   0.000010   0.926007
stddev initial values:   0.000010   0.926007
ecfconst solution interval:   0.919583   0.957117
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.19417
data: equity =   0.300357  debt =   0.008312  firm =   0.308669

agency cost: EZC - k L (EZC:ecfconst =   0.899784, k:agcpara = 0.30498480)
liq.cash: 10Y average (1Y) =   0.895126 ( 0.04167) : loss rate  0.0052
liq.cash: 10Y std.dev. (1Y) =   0.407487 ( 0.01897)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0153 0.01542   0.07428 0.06104  0.07392  0.07318    0.3004   0.0083   0.3087
 dbratio     ROA    ROA1 debtcf1
 0.02694 0.13498 0.11292 0.00053

TOSYOU CODE: 6362    555
debtcashflow initial values:   0.000010   0.911353
stddev initial values:   0.000010   0.911353
ecfconst solution interval:   0.946709   0.985351
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 = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.28748
data: equity =   0.271464  debt =   0.032320  firm =   0.303784

agency cost: EZC - k L (EZC:ecfconst =   0.942605, k:agcpara = 0.28833614)
liq.cash: 10Y average (1Y) =   0.925385 ( 0.04301) : loss rate  0.0183
liq.cash: 10Y std.dev. (1Y) =   0.404342 ( 0.01879)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0597 0.01614   0.08162 0.06160  0.07949  0.07654    0.2715   0.0323   0.3038
 dbratio     ROA    ROA1 debtcf1
 0.10638 0.14159 0.11989 0.00206

TOSYOU CODE: 5262    556
debtcashflow initial values:   0.000010   0.891316
stddev initial values:   0.000010   0.891316
ecfconst solution interval:   0.925894   0.963686
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 = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.27139
data: equity =   0.192122  debt =   0.104983  firm =   0.297105

agency cost: EZC - k L (EZC:ecfconst =   0.942081, k:agcpara = 0.23345600)
liq.cash: 10Y average (1Y) =   0.893986 ( 0.04073) : loss rate  0.0511
liq.cash: 10Y std.dev. (1Y) =   0.413990 ( 0.01886)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2060 0.04827   0.09186 0.06522  0.08245  0.07208    0.1921   0.1050   0.2971
 dbratio     ROA    ROA1 debtcf1
 0.35336 0.13707 0.12232 0.00748

TOSYOU CODE: 6313    557
debtcashflow initial values:   0.000010   0.890058
stddev initial values:   0.000010   0.890058
ecfconst solution interval:   1.087418   1.131802
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 = 0.10752  std.dev = 0.16913  lambda =   3.40468
riskless rate of interest = 0.06070  correlation =  0.40891
data: equity =   0.235231  debt =   0.061455  firm =   0.296686

agency cost: EZC - k L (EZC:ecfconst =   1.083151, k:agcpara = 0.27347109)
liq.cash: 10Y average (1Y) =   1.050900 ( 0.04877) : loss rate  0.0298
liq.cash: 10Y std.dev. (1Y) =   0.464057 ( 0.02154)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1179 0.02219   0.10119 0.06500  0.09369  0.08763    0.2352   0.0615   0.2967
 dbratio     ROA    ROA1 debtcf1
 0.20714 0.16440 0.13825 0.00419

TOSYOU CODE: 5913    558
debtcashflow initial values:   0.000010   0.883682
stddev initial values:   0.000010   0.883682
ecfconst solution interval:   0.917966   0.955434
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39146
data: equity =   0.213559  debt =   0.081002  firm =   0.294561

agency cost: EZC - k L (EZC:ecfconst =   0.936851, k:agcpara = 0.24267573)
liq.cash: 10Y average (1Y) =   0.898942 ( 0.04129) : loss rate  0.0405
liq.cash: 10Y std.dev. (1Y) =   0.427364 ( 0.01963)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1562 0.04111   0.08917 0.06371  0.08217  0.07429    0.2136   0.0810   0.2946
 dbratio     ROA    ROA1 debtcf1
 0.27499 0.14018 0.12266 0.00561

TOSYOU CODE: 3513    559
debtcashflow initial values:   0.000010   0.879354
stddev initial values:   0.000010   0.879354
ecfconst solution interval:   0.953687   0.992613
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41253
data: equity =   0.217689  debt =   0.075429  firm =   0.293118

agency cost: EZC - k L (EZC:ecfconst =   0.947622, k:agcpara = 0.24687663)
liq.cash: 10Y average (1Y) =   0.911833 ( 0.04201) : loss rate  0.0378
liq.cash: 10Y std.dev. (1Y) =   0.430763 ( 0.01985)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1450 0.03752   0.09033 0.06366  0.08346  0.07609    0.2177   0.0754   0.2931
 dbratio     ROA    ROA1 debtcf1
 0.25733 0.14333 0.12450 0.00519

TOSYOU CODE: 4210    560
debtcashflow initial values:   0.000010   0.843162
stddev initial values:   0.000010   0.843162
ecfconst solution interval:   0.837312   0.871488
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40296
data: equity =   0.167774  debt =   0.113280  firm =   0.281054

agency cost: EZC - k L (EZC:ecfconst =   0.871973, k:agcpara = 0.21951091)
liq.cash: 10Y average (1Y) =   0.823704 ( 0.03729) : loss rate  0.0554
liq.cash: 10Y std.dev. (1Y) =   0.368323 ( 0.01667)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2199 0.05057   0.09234 0.06412  0.08097  0.06934    0.1678   0.1133   0.2811
 dbratio     ROA    ROA1 debtcf1
 0.40305 0.13267 0.11988 0.00793

TOSYOU CODE: 6242    561
debtcashflow initial values:   0.000010   0.836535
stddev initial values:   0.000010   0.836535
ecfconst solution interval:   0.907255   0.944285
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39959
data: equity =   0.213166  debt =   0.065679  firm =   0.278845

agency cost: EZC - k L (EZC:ecfconst =   0.898384, k:agcpara = 0.24954433)
liq.cash: 10Y average (1Y) =   0.866895 ( 0.04000) : loss rate  0.0351
liq.cash: 10Y std.dev. (1Y) =   0.415651 ( 0.01918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1262 0.03737   0.08909 0.06356  0.08307  0.07634    0.2132   0.0657   0.2788
 dbratio     ROA    ROA1 debtcf1
 0.23555 0.14346 0.12411 0.00451

TOSYOU CODE: 6921    562
debtcashflow initial values:   0.000010   0.828704
stddev initial values:   0.000010   0.828704
ecfconst solution interval:   0.898758   0.935442
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.30990
data: equity =   0.249335  debt =   0.026900  firm =   0.276235

agency cost: EZC - k L (EZC:ecfconst =   0.920549, k:agcpara = 0.30156838)
liq.cash: 10Y average (1Y) =   0.905569 ( 0.04228) : loss rate  0.0163
liq.cash: 10Y std.dev. (1Y) =   0.368193 ( 0.01719)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0497 0.01005   0.08823 0.06219  0.08569  0.08297    0.2493   0.0269   0.2762
 dbratio     ROA    ROA1 debtcf1
 0.09738 0.15306 0.12792 0.00171

TOSYOU CODE: 3007    563
debtcashflow initial values:   0.000010   0.798890
stddev initial values:   0.000010   0.798890
ecfconst solution interval:   0.829884   0.863756
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.34854
data: equity =   0.179413  debt =   0.086884  firm =   0.266297

agency cost: EZC - k L (EZC:ecfconst =   0.823564, k:agcpara = 0.23401712)
liq.cash: 10Y average (1Y) =   0.783732 ( 0.03569) : loss rate  0.0484
liq.cash: 10Y std.dev. (1Y) =   0.376433 ( 0.01714)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1702 0.05157   0.08770 0.06458  0.08016  0.07068    0.1794   0.0869   0.2663
 dbratio     ROA    ROA1 debtcf1
 0.32626 0.13403 0.11952 0.00619

TOSYOU CODE: 3553    564
debtcashflow initial values:   0.000010   0.783555
stddev initial values:   0.000010   0.783555
ecfconst solution interval:   0.778120   0.809880
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.21713
data: equity =   0.240810  debt =   0.020375  firm =   0.261185

agency cost: EZC - k L (EZC:ecfconst =   0.798450, k:agcpara = 0.29737926)
liq.cash: 10Y average (1Y) =   0.787200 ( 0.03664) : loss rate  0.0141
liq.cash: 10Y std.dev. (1Y) =   0.350839 ( 0.01633)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0378 0.01634   0.07948 0.06209  0.07812  0.07594    0.2408   0.0204   0.2612
 dbratio     ROA    ROA1 debtcf1
 0.07801 0.14027 0.11823 0.00131

TOSYOU CODE: 5544    565
debtcashflow initial values:   0.000010   0.763038
stddev initial values:   0.000010   0.763038
ecfconst solution interval:   0.757746   0.788674
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 = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.44607
data: equity =   0.130304  debt =   0.124042  firm =   0.254346

agency cost: EZC - k L (EZC:ecfconst =   0.791992, k:agcpara = 0.20635935)
liq.cash: 10Y average (1Y) =   0.741985 ( 0.03334) : loss rate  0.0631
liq.cash: 10Y std.dev. (1Y) =   0.310070 ( 0.01393)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2423 0.05354   0.09820 0.06507  0.08204  0.06776    0.1303   0.1240   0.2543
 dbratio     ROA    ROA1 debtcf1
 0.48769 0.13107 0.12029 0.00876

TOSYOU CODE: 2107    566
debtcashflow initial values:   0.000010   0.763002
stddev initial values:   0.000010   0.763002
ecfconst solution interval:   0.827502   0.861278
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.32965
data: equity =   0.214706  debt =   0.039628  firm =   0.254334

agency cost: EZC - k L (EZC:ecfconst =   0.820068, k:agcpara = 0.27750541)
liq.cash: 10Y average (1Y) =   0.799640 ( 0.03712) : loss rate  0.0249
liq.cash: 10Y std.dev. (1Y) =   0.339021 ( 0.01574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0736 0.01611   0.08679 0.06215  0.08295  0.07859    0.2147   0.0396   0.2543
 dbratio     ROA    ROA1 debtcf1
 0.15582 0.14594 0.12420 0.00255

TOSYOU CODE: 5234    567
debtcashflow initial values:   0.000010   0.755637
stddev initial values:   0.000010   0.755637
ecfconst solution interval:   0.923189   0.960871
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.41869
data: equity =   0.185361  debt =   0.066518  firm =   0.251879

agency cost: EZC - k L (EZC:ecfconst =   0.950966, k:agcpara = 0.27178101)
liq.cash: 10Y average (1Y) =   0.916572 ( 0.04242) : loss rate  0.0362
liq.cash: 10Y std.dev. (1Y) =   0.380509 ( 0.01761)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1266 0.01894   0.10791 0.06452  0.09645  0.08878    0.1854   0.0665   0.2519
 dbratio     ROA    ROA1 debtcf1
 0.26408 0.16842 0.14208 0.00446

TOSYOU CODE: 7961    568
debtcashflow initial values:   0.000010   0.746022
stddev initial values:   0.000010   0.746022
ecfconst solution interval:   0.774964   0.806596
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41447
data: equity =   0.175382  debt =   0.073292  firm =   0.248674

agency cost: EZC - k L (EZC:ecfconst =   0.798401, k:agcpara = 0.24078180)
liq.cash: 10Y average (1Y) =   0.764400 ( 0.03509) : loss rate  0.0426
liq.cash: 10Y std.dev. (1Y) =   0.356007 ( 0.01634)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1412 0.04002   0.09111 0.06380  0.08306  0.07460    0.1754   0.0733   0.2487
 dbratio     ROA    ROA1 debtcf1
 0.29474 0.14109 0.12372 0.00506

TOSYOU CODE: 5457    569
debtcashflow initial values:   0.000010   0.719769
stddev initial values:   0.000010   0.719769
ecfconst solution interval:   0.747701   0.778219
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40417
data: equity =   0.159641  debt =   0.080282  firm =   0.239923

agency cost: EZC - k L (EZC:ecfconst =   0.758693, k:agcpara = 0.23298708)
liq.cash: 10Y average (1Y) =   0.722519 ( 0.03299) : loss rate  0.0477
liq.cash: 10Y std.dev. (1Y) =   0.333414 ( 0.01522)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1553 0.04444   0.09113 0.06394  0.08203  0.07241    0.1596   0.0803   0.2399
 dbratio     ROA    ROA1 debtcf1
 0.33462 0.13751 0.12202 0.00558

TOSYOU CODE: 4614    570
debtcashflow initial values:   0.000010   0.709071
stddev initial values:   0.000010   0.709071
ecfconst solution interval:   0.704159   0.732901
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33845
data: equity =   0.151782  debt =   0.084575  firm =   0.236357

agency cost: EZC - k L (EZC:ecfconst =   0.715279, k:agcpara = 0.22457974)
liq.cash: 10Y average (1Y) =   0.678238 ( 0.03071) : loss rate  0.0518
liq.cash: 10Y std.dev. (1Y) =   0.321968 ( 0.01458)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1649 0.05544   0.08674 0.06388  0.07856  0.06827    0.1518   0.0846   0.2364
 dbratio     ROA    ROA1 debtcf1
 0.35783 0.12994 0.11710 0.00599

TOSYOU CODE: 6213    571
debtcashflow initial values:   0.000010   0.708286
stddev initial values:   0.000010   0.708286
ecfconst solution interval:   0.670986   0.698374
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28319
data: equity =   0.191431  debt =   0.044664  firm =   0.236095

agency cost: EZC - k L (EZC:ecfconst =   0.712437, k:agcpara = 0.25093267)
liq.cash: 10Y average (1Y) =   0.690736 ( 0.03180) : loss rate  0.0305
liq.cash: 10Y std.dev. (1Y) =   0.363329 ( 0.01673)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0865 0.04815   0.08053 0.06309  0.07723  0.07186    0.1914   0.0447   0.2361
 dbratio     ROA    ROA1 debtcf1
 0.18919 0.13469 0.11677 0.00313

TOSYOU CODE: 5263    572
debtcashflow initial values:   0.000010   0.690609
stddev initial values:   0.000010   0.690609
ecfconst solution interval:   0.748985   0.779555
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 = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.33889
data: equity =   0.137472  debt =   0.092731  firm =   0.230203

agency cost: EZC - k L (EZC:ecfconst =   0.780918, k:agcpara = 0.23604740)
liq.cash: 10Y average (1Y) =   0.738381 ( 0.03375) : loss rate  0.0545
liq.cash: 10Y std.dev. (1Y) =   0.310935 ( 0.01421)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1802 0.03632   0.10338 0.06554  0.08813  0.07625    0.1375   0.0927   0.2302
 dbratio     ROA    ROA1 debtcf1
 0.40282 0.14660 0.12993 0.00647

TOSYOU CODE: 2604    573
debtcashflow initial values:   0.000010   0.658647
stddev initial values:   0.000010   0.658647
ecfconst solution interval:   0.744447   0.774833
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.39591
data: equity =   0.147542  debt =   0.072007  firm =   0.219549

agency cost: EZC - k L (EZC:ecfconst =   0.746049, k:agcpara = 0.24462319)
liq.cash: 10Y average (1Y) =   0.712302 ( 0.03276) : loss rate  0.0452
liq.cash: 10Y std.dev. (1Y) =   0.309571 ( 0.01424)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1380 0.03178   0.09945 0.06415  0.08787  0.07840    0.1475   0.0720   0.2195
 dbratio     ROA    ROA1 debtcf1
 0.32797 0.14923 0.13012 0.00491

TOSYOU CODE: 5974    574
debtcashflow initial values:   0.000010   0.633802
stddev initial values:   0.000010   0.633802
ecfconst solution interval:   0.629405   0.655095
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29582
data: equity =   0.183175  debt =   0.028092  firm =   0.211267

agency cost: EZC - k L (EZC:ecfconst =   0.626946, k:agcpara = 0.27261770)
liq.cash: 10Y average (1Y) =   0.612708 ( 0.02828) : loss rate  0.0227
liq.cash: 10Y std.dev. (1Y) =   0.285013 ( 0.01316)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0522 0.02462   0.07789 0.06133  0.07569  0.07202    0.1832   0.0281   0.2113
 dbratio     ROA    ROA1 debtcf1
 0.13296 0.13388 0.11491 0.00182

TOSYOU CODE: 3524    575
debtcashflow initial values:   0.000010   0.591345
stddev initial values:   0.000010   0.591345
ecfconst solution interval:   0.776552   0.808248
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 = 0.11701  std.dev = 0.17091  lambda =   4.13114
riskless rate of interest = 0.06155  correlation =  0.41148
data: equity =   0.141561  debt =   0.055554  firm =   0.197115

agency cost: EZC - k L (EZC:ecfconst =   0.768637, k:agcpara = 0.27822034)
liq.cash: 10Y average (1Y) =   0.738963 ( 0.03413) : loss rate  0.0386
liq.cash: 10Y std.dev. (1Y) =   0.300332 ( 0.01387)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1067 0.01763   0.11233 0.06565  0.09918  0.09085    0.1416   0.0556   0.1971
 dbratio     ROA    ROA1 debtcf1
 0.28183 0.17316 0.14578 0.00378

TOSYOU CODE: 6901    576
debtcashflow initial values:   0.000010   0.559192
stddev initial values:   0.000010   0.559192
ecfconst solution interval:   0.555317   0.577983
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 = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.28584
data: equity =   0.131799  debt =   0.054598  firm =   0.186397

agency cost: EZC - k L (EZC:ecfconst =   0.587783, k:agcpara = 0.24022187)
liq.cash: 10Y average (1Y) =   0.562319 ( 0.02576) : loss rate  0.0433
liq.cash: 10Y std.dev. (1Y) =   0.268470 ( 0.01230)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1060 0.04459   0.08878 0.06415  0.08156  0.07311    0.1318   0.0546   0.1864
 dbratio     ROA    ROA1 debtcf1
 0.29291 0.13819 0.12170 0.00382

TOSYOU CODE: 6378    577
debtcashflow initial values:   0.000010   0.558470
stddev initial values:   0.000010   0.558470
ecfconst solution interval:   0.580140   0.603820
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 = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36439
data: equity =   0.146796  debt =   0.039361  firm =   0.186157

agency cost: EZC - k L (EZC:ecfconst =   0.589571, k:agcpara = 0.25127356)
liq.cash: 10Y average (1Y) =   0.570540 ( 0.02634) : loss rate  0.0323
liq.cash: 10Y std.dev. (1Y) =   0.281841 ( 0.01301)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0757 0.03958   0.08635 0.06342  0.08151  0.07547    0.1468   0.0394   0.1862
 dbratio     ROA    ROA1 debtcf1
 0.21144 0.14152 0.12219 0.00272

TOSYOU CODE: 3521    578
debtcashflow initial values:   0.000010   0.451064
stddev initial values:   0.000010   0.451064
ecfconst solution interval:   0.427309   0.444751
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 = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.15397
data: equity =   0.138451  debt =   0.011904  firm =   0.150355

agency cost: EZC - k L (EZC:ecfconst =   0.426751, k:agcpara = 0.28961163)
liq.cash: 10Y average (1Y) =   0.420320 ( 0.01939) : loss rate  0.0151
liq.cash: 10Y std.dev. (1Y) =   0.206222 ( 0.00951)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0222 0.02677   0.07249 0.06145  0.07162  0.06943    0.1385   0.0119   0.1504
 dbratio     ROA    ROA1 debtcf1
 0.07917 0.12897 0.10996 0.00078

