TOSYOU CODE: 5713      1
debtcashflow initial values:   0.000010  29.702328
stddev initial values:   0.010000  29.702328
ecfconst solution interval:  14.827402  16.063019
agcparam solution interval: 0.03546240 0.03841760
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.56059
data: equity =   8.198006  debt =   1.702770  firm =   9.900776

agency cost: EZC - k L (EZC:ecfconst =  14.902094, k:agcpara = 0.04004293)
liq.cash: 10Y average (1Y) =  14.819678 ( 0.43944) : loss rate  0.0055
liq.cash: 10Y std.dev. (1Y) =   6.277028 ( 0.18613)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0582 0.02102   0.02644 0.01698  0.02481  0.02364    8.1980   1.7028   9.9008
 dbratio     ROA    ROA1 debtcf1
 0.17198 0.04438 0.04174 0.03291

TOSYOU CODE: 2502      2
debtcashflow initial values:   0.000010  34.970140
stddev initial values:   0.010000  34.970140
ecfconst solution interval:  19.023754  20.609066
agcparam solution interval: 0.01246080 0.01349920
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.05694  std.dev = 0.18722  lambda =   1.62810
riskless rate of interest = 0.01575  correlation =  0.46043
data: equity =   8.669960  debt =   2.986753  firm =  11.656713

agency cost: EZC - k L (EZC:ecfconst =  19.684218, k:agcpara = 0.01491150)
liq.cash: 10Y average (1Y) =  19.628000 ( 0.68283) : loss rate  0.0029
liq.cash: 10Y std.dev. (1Y) =   8.912016 ( 0.31004)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7701 0.03759   0.03886 0.01966  0.03394  0.03192    8.6700   2.9867  11.6567
 dbratio     ROA    ROA1 debtcf1
 0.25623 0.05858 0.05379 0.07165

TOSYOU CODE: 2802      3
debtcashflow initial values:   0.000010  27.731652
stddev initial values:   0.010000  27.731652
ecfconst solution interval:  12.601267  13.651373
agcparam solution interval: 0.03546240 0.03841760
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.40517
data: equity =   7.506435  debt =   1.737449  firm =   9.243884

agency cost: EZC - k L (EZC:ecfconst =  13.596167, k:agcpara = 0.03361370)
liq.cash: 10Y average (1Y) =  13.524725 ( 0.38602) : loss rate  0.0053
liq.cash: 10Y std.dev. (1Y) =   6.159808 ( 0.17581)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1254 0.03211   0.02410 0.01703  0.02277  0.02149    7.5064   1.7375   9.2439
 dbratio     ROA    ROA1 debtcf1
 0.18796 0.04176 0.03934 0.03591

TOSYOU CODE: 3402      4
debtcashflow initial values:   0.000010  39.944822
stddev initial values:   0.010000  39.944822
ecfconst solution interval:  19.940458  21.602163
agcparam solution interval: 0.00671040 0.00726960
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.61616
data: equity =   9.583824  debt =   3.731117  firm =  13.314941

agency cost: EZC - k L (EZC:ecfconst =  20.732064, k:agcpara = 0.00868413)
liq.cash: 10Y average (1Y) =  20.690727 ( 0.65068) : loss rate  0.0020
liq.cash: 10Y std.dev. (1Y) =   9.951547 ( 0.31296)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7600 0.05471   0.03089 0.01898  0.02755  0.02542    9.5838   3.7311  13.3149
 dbratio     ROA    ROA1 debtcf1
 0.28022 0.04887 0.04527 0.09440

TOSYOU CODE: 4502      5
debtcashflow initial values:   0.000010 130.293684
stddev initial values:   0.010000 130.293684
ecfconst solution interval:  59.205447  64.139234
agcparam solution interval: 0.05846400 0.06333600
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.58320
data: equity =  41.534463  debt =   1.896765  firm =  43.431228

agency cost: EZC - k L (EZC:ecfconst =  63.939671, k:agcpara = 0.06079325)
liq.cash: 10Y average (1Y) =  63.804075 ( 1.83055) : loss rate  0.0021
liq.cash: 10Y std.dev. (1Y) =  23.098673 ( 0.66271)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2304 0.00384   0.02390 0.01595  0.02355  0.02328   41.5345   1.8967  43.4312
 dbratio     ROA    ROA1 debtcf1
 0.04367 0.04215 0.03943 0.03104

TOSYOU CODE: 5108      6
debtcashflow initial values:   0.000010  59.194348
stddev initial values:   0.010000  59.194348
ecfconst solution interval:  29.549817  32.012302
agcparam solution interval: 0.05846400 0.06333600
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.05694  std.dev = 0.18722  lambda =   1.62810
riskless rate of interest = 0.01575  correlation =  0.59264
data: equity =  17.721428  debt =   2.010021  firm =  19.731449

agency cost: EZC - k L (EZC:ecfconst =  32.580074, k:agcpara = 0.05916326)
liq.cash: 10Y average (1Y) =  32.439744 ( 1.09574) : loss rate  0.0043
liq.cash: 10Y std.dev. (1Y) =  11.108227 ( 0.37521)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3719 0.00340   0.03436 0.01635  0.03252  0.03186   17.7214   2.0100  19.7314
 dbratio     ROA    ROA1 debtcf1
 0.10187 0.05553 0.05143 0.03361

TOSYOU CODE: 5802      7
debtcashflow initial values:   0.000010  37.425296
stddev initial values:   0.010000  37.425296
ecfconst solution interval:  18.682703  20.239595
agcparam solution interval: 0.03546240 0.03841760
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.76520
data: equity =  10.154716  debt =   2.320383  firm =  12.475099

agency cost: EZC - k L (EZC:ecfconst =  19.433500, k:agcpara = 0.03833203)
liq.cash: 10Y average (1Y) =  19.326166 ( 0.60400) : loss rate  0.0055
liq.cash: 10Y std.dev. (1Y) =   7.827846 ( 0.24464)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.8001 0.01738   0.03009 0.01719  0.02769  0.02641   10.1547   2.3204  12.4751
 dbratio     ROA    ROA1 debtcf1
 0.18600 0.04842 0.04532 0.04438

TOSYOU CODE: 6201      8
debtcashflow initial values:   0.000010  47.963866
stddev initial values:   0.010000  47.963866
ecfconst solution interval:  23.943561  25.938858
agcparam solution interval: 0.00671040 0.00726960
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.75562
data: equity =  11.442546  debt =   4.545409  firm =  15.987955

agency cost: EZC - k L (EZC:ecfconst =  25.594923, k:agcpara = 0.00927288)
liq.cash: 10Y average (1Y) =  25.541340 ( 0.83388) : loss rate  0.0021
liq.cash: 10Y std.dev. (1Y) =  11.888853 ( 0.38815)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.7785 0.04823   0.03405 0.01931  0.02986  0.02766   11.4425   4.5454  15.9879
 dbratio     ROA    ROA1 debtcf1
 0.28430 0.05216 0.04818 0.11297

TOSYOU CODE: 6503      9
debtcashflow initial values:   0.000010  75.380435
stddev initial values:   0.010000  75.380435
ecfconst solution interval:  37.629917  40.765743
agcparam solution interval: 0.01246080 0.01349920
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.75605
data: equity =  18.386487  debt =   6.740325  firm =  25.126812

agency cost: EZC - k L (EZC:ecfconst =  40.372872, k:agcpara = 0.01096309)
liq.cash: 10Y average (1Y) =  40.279013 ( 1.32159) : loss rate  0.0023
liq.cash: 10Y std.dev. (1Y) =  18.978272 ( 0.62269)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.5613 0.04733   0.03396 0.01928  0.03002  0.02796   18.3865   6.7403  25.1268
 dbratio     ROA    ROA1 debtcf1
 0.26825 0.05260 0.04856 0.16686

TOSYOU CODE: 6902     10
debtcashflow initial values:   0.000010  98.786667
stddev initial values:   0.010000  98.786667
ecfconst solution interval:  49.314305  53.423831
agcparam solution interval: 0.05271360 0.05710640
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.72816
data: equity =  30.160005  debt =   2.768884  firm =  32.928889

agency cost: EZC - k L (EZC:ecfconst =  49.942524, k:agcpara = 0.05764883)
liq.cash: 10Y average (1Y) =  49.754090 ( 1.49635) : loss rate  0.0038
liq.cash: 10Y std.dev. (1Y) =  18.285904 ( 0.54995)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.2687 0.00551   0.02668 0.01617  0.02579  0.02525   30.1600   2.7689  32.9289
 dbratio     ROA    ROA1 debtcf1
 0.08409 0.04544 0.04253 0.04645

TOSYOU CODE: 7003     11
debtcashflow initial values:   0.000010   9.538876
stddev initial values:   0.010000   9.538876
ecfconst solution interval:   4.761811   5.158629
agcparam solution interval: 0.00096000 0.00104000
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.74062
data: equity =   2.056693  debt =   1.122932  firm =   3.179625

agency cost: EZC - k L (EZC:ecfconst =   4.990695, k:agcpara = 0.00110743)
liq.cash: 10Y average (1Y) =   4.989111 ( 0.15863) : loss rate  0.0003
liq.cash: 10Y std.dev. (1Y) =   2.200036 ( 0.06995)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4310 0.05291   0.03414 0.01936  0.02892  0.02618    2.0567   1.1229   3.1796
 dbratio     ROA    ROA1 debtcf1
 0.35316 0.04989 0.04611 0.02822

TOSYOU CODE: 7203     12
debtcashflow initial values:   0.000010 517.792672
stddev initial values:   0.010000 517.792672
ecfconst solution interval: 258.482109 280.022285
agcparam solution interval: 0.05846400 0.06333600
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.76876
data: equity = 166.384141  debt =   6.213417  firm = 172.597557

agency cost: EZC - k L (EZC:ecfconst = 261.208980, k:agcpara = 0.06174326)
liq.cash: 10Y average (1Y) = 260.758375 ( 7.84092) : loss rate  0.0017
liq.cash: 10Y std.dev. (1Y) =  91.278193 ( 2.74470)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.2981 0.00274   0.02615 0.01594  0.02578  0.02555  166.3842   6.2135 172.5977
 dbratio     ROA    ROA1 debtcf1
 0.03600 0.04543 0.04231 0.10090

TOSYOU CODE: 5012     13
debtcashflow initial values:   0.000010  21.167953
stddev initial values:   0.010000  21.167953
ecfconst solution interval:  10.567047  11.447634
agcparam solution interval: 0.02971200 0.03218800
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.05694  std.dev = 0.18722  lambda =   1.62810
riskless rate of interest = 0.01575  correlation =  0.44911
data: equity =   5.491898  debt =   1.564086  firm =   7.055984

agency cost: EZC - k L (EZC:ecfconst =  11.392033, k:agcpara = 0.03059291)
liq.cash: 10Y average (1Y) =  11.333958 ( 0.37201) : loss rate  0.0051
liq.cash: 10Y std.dev. (1Y) =   4.488099 ( 0.14731)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8983 0.01776   0.03437 0.01773  0.03068  0.02911    5.4919   1.5641   7.0560
 dbratio     ROA    ROA1 debtcf1
 0.22167 0.05272 0.04907 0.03084

TOSYOU CODE: 3407     14
debtcashflow initial values:   0.000010  33.962269
stddev initial values:   0.010000  33.962269
ecfconst solution interval:  16.953964  18.366795
agcparam solution interval: 0.01246080 0.01349920
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.70469
data: equity =   8.477391  debt =   2.843365  firm =  11.320756

agency cost: EZC - k L (EZC:ecfconst =  18.061424, k:agcpara = 0.01229661)
liq.cash: 10Y average (1Y) =  18.017006 ( 0.58597) : loss rate  0.0025
liq.cash: 10Y std.dev. (1Y) =   8.689855 ( 0.28262)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6122 0.04869   0.03273 0.01913  0.02931  0.02739    8.4774   2.8434  11.3208
 dbratio     ROA    ROA1 debtcf1
 0.25116 0.05176 0.04782 0.07050

TOSYOU CODE: 6752     15
debtcashflow initial values:   0.000010 127.042416
stddev initial values:   0.010000 127.042416
ecfconst solution interval:  63.419575  68.704540
agcparam solution interval: 0.04696320 0.05087680
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.63560
data: equity =  36.489170  debt =   5.858302  firm =  42.347472

agency cost: EZC - k L (EZC:ecfconst =  64.071666, k:agcpara = 0.04876839)
liq.cash: 10Y average (1Y) =  63.730390 ( 1.90547) : loss rate  0.0053
liq.cash: 10Y std.dev. (1Y) =  25.421687 ( 0.76008)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.9979 0.01282   0.02676 0.01662  0.02536  0.02444   36.4892   5.8583  42.3475
 dbratio     ROA    ROA1 debtcf1
 0.13834 0.04500 0.04228 0.10569

