TOSYOU CODE: 5401      1
debtcashflow initial values:   0.000010  79.933325
stddev initial values:   0.000010  79.933325
ecfconst solution invest: 122.047108 170.865951
debt cf solution invest: 39.37430895 58.02529740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.45934
data: equity =   9.026026  debt =  17.618416  firm =  26.644442

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

debt amount =   1.3322   investment =   1.3322   debt ratio =  1.00000
RRR on investment =  0.157871      after tax =  0.086829
search range of Y std.dev.:   minimum =  39.225700   maximum =  50.993410
old shareholders wealth =    9.0260    old bondholders =    17.5443
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst = 127.817135, k:agcpara = 0.28536095)
liq.cash: 10Y average (1Y) = 115.091782 ( 5.11529) : loss rate  0.0996
liq.cash: 10Y std.dev. (1Y) =  39.225700 ( 1.74340)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 44.5939 0.03615   0.16883 0.08773  0.11397  0.08726    9.0260  18.8765  27.9025
 dbratio     ROA    ROA1 debtcf1
 0.67652 0.18333 0.16438 1.71113

TOSYOU CODE: 5404      2
debtcashflow initial values:   0.000010  49.735558
stddev initial values:   0.000010  49.735558
ecfconst solution invest:  65.410602  91.574843
debt cf solution invest: 28.83185875 42.48905500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.42194
data: equity =   3.706693  debt =  12.871826  firm =  16.578519

agency cost: EZC - k L (EZC:ecfconst =  65.410602, k:agcpara = 0.21916102)
liq.cash: 10Y average (1Y) =  58.759213 ( 2.58123) : loss rate  0.1017
liq.cash: 10Y std.dev. (1Y) =  17.249883 ( 0.75777)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 30.3493 0.04978   0.16714 0.08738  0.10521  0.07468    3.7067  12.8718  16.5785
 dbratio     ROA    ROA1 debtcf1
 0.77642 0.15570 0.14712 1.16484

debt amount =   0.8289   investment =   0.8289   debt ratio =  1.00000
RRR on investment =  0.139927      after tax =  0.076960
search range of Y std.dev.:   minimum =  18.059773   maximum =  23.477704
old shareholders wealth =    3.7067    old bondholders =    12.8204
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  68.481658, k:agcpara = 0.21916102)
liq.cash: 10Y average (1Y) =  61.400212 ( 2.69544) : loss rate  0.1034
liq.cash: 10Y std.dev. (1Y) =  18.059773 ( 0.79282)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 32.3116 0.05362   0.16976 0.08767  0.10520  0.07418    3.7067  13.6493  17.3560
 dbratio     ROA    ROA1 debtcf1
 0.78643 0.15530 0.14713 1.24210

TOSYOU CODE: 7203      3
debtcashflow initial values:   0.000010  48.199533
stddev initial values:   0.000010  48.199533
ecfconst solution invest:  57.155143  80.017200
debt cf solution invest: 1.38962010 2.04786120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08822  std.dev = 0.09955  lambda =   1.09293
riskless rate of interest = 0.08305  correlation =  0.45194
data: equity =  15.445542  debt =   0.620969  firm =  16.066511

agency cost: EZC - k L (EZC:ecfconst =  57.155143, k:agcpara = 0.39195988)
liq.cash: 10Y average (1Y) =  56.581801 ( 2.65084) : loss rate  0.0100
liq.cash: 10Y std.dev. (1Y) =  32.144624 ( 1.50597)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4628 0.04320   0.09152 0.08468  0.09125  0.08978   15.4455   0.6209  16.0664
 dbratio     ROA    ROA1 debtcf1
 0.03864 0.16499 0.13531 0.05684

debt amount =   0.5906   investment =   0.8033   debt ratio =  0.73525
RRR on investment =  0.135004      after tax =  0.074252
search range of Y std.dev.:   minimum =  33.747573   maximum =  43.871844
old shareholders wealth =   15.4455    old bondholders =     0.6165
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  60.005285, k:agcpara = 0.39195988)
liq.cash: 10Y average (1Y) =  58.882621 ( 2.74873) : loss rate  0.0187
liq.cash: 10Y std.dev. (1Y) =  33.747573 ( 1.57539)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.8642 0.04846   0.09178 0.08485  0.09128  0.08855   15.6582   1.2071  16.8653
 dbratio     ROA    ROA1 debtcf1
 0.07157 0.16298 0.13532 0.11178

TOSYOU CODE: 6501      4
debtcashflow initial values:   0.000010  47.825509
stddev initial values:   0.000010  47.825509
ecfconst solution invest:  95.460957 133.645340
debt cf solution invest: 10.60664550 15.63084600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.58180
data: equity =  11.026920  debt =   4.914916  firm =  15.941836

agency cost: EZC - k L (EZC:ecfconst =  95.460957, k:agcpara = 0.39223232)
liq.cash: 10Y average (1Y) =  91.081726 ( 3.93794) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =  32.395169 ( 1.40061)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.1649 0.00681   0.16061 0.08487  0.13726  0.12548   11.0269   4.9148  15.9418
 dbratio     ROA    ROA1 debtcf1
 0.30830 0.24702 0.19599 0.42156

debt amount =   0.7971   investment =   0.7971   debt ratio =  1.00000
RRR on investment =  0.193861      after tax =  0.106624
search range of Y std.dev.:   minimum =  33.986282   maximum =  44.182166
old shareholders wealth =   11.0269    old bondholders =     4.8998
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst = 100.149592, k:agcpara = 0.39223232)
liq.cash: 10Y average (1Y) =  95.057949 ( 4.11571) : loss rate  0.0508
liq.cash: 10Y std.dev. (1Y) =  33.986282 ( 1.47150)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.9812 0.00787   0.16340 0.08513  0.13674  0.12369   11.0269   5.6968  16.7238
 dbratio     ROA    ROA1 debtcf1
 0.34064 0.24610 0.19600 0.49072

TOSYOU CODE: 7011      5
debtcashflow initial values:   0.000010  43.074706
stddev initial values:   0.000010  43.074706
ecfconst solution invest:  61.113266  85.558572
debt cf solution invest: 22.92891690 33.78998280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41905
data: equity =   4.184272  debt =  10.173963  firm =  14.358235

agency cost: EZC - k L (EZC:ecfconst =  61.113266, k:agcpara = 0.25257502)
liq.cash: 10Y average (1Y) =  55.017191 ( 2.43420) : loss rate  0.0998
liq.cash: 10Y std.dev. (1Y) =  18.232614 ( 0.80669)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 24.1357 0.04516   0.16302 0.08786  0.10977  0.08175    4.1843  10.1739  14.3582
 dbratio     ROA    ROA1 debtcf1
 0.70858 0.16953 0.15586 0.92838

debt amount =   0.7179   investment =   0.7179   debt ratio =  1.00000
RRR on investment =  0.148463      after tax =  0.081655
search range of Y std.dev.:   minimum =  19.087594   maximum =  24.813872
old shareholders wealth =    4.1843    old bondholders =    10.1286
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  63.979044, k:agcpara = 0.25257502)
liq.cash: 10Y average (1Y) =  57.450879 ( 2.54013) : loss rate  0.1020
liq.cash: 10Y std.dev. (1Y) =  19.087594 ( 0.84394)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 25.8464 0.04889   0.16556 0.08819  0.10973  0.08109    4.1843  10.8465  15.0307
 dbratio     ROA    ROA1 debtcf1
 0.72162 0.16900 0.15586 0.99588

TOSYOU CODE: 5405      6
debtcashflow initial values:   0.000010  42.380744
stddev initial values:   0.000010  42.380744
ecfconst solution invest:  58.792704  82.309786
debt cf solution invest: 23.73778965 34.98200580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.44939
data: equity =   3.499595  debt =  10.627319  firm =  14.126915

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

debt amount =   0.7063   investment =   0.7063   debt ratio =  1.00000
RRR on investment =  0.146439      after tax =  0.080542
search range of Y std.dev.:   minimum =  16.799418   maximum =  21.839244
old shareholders wealth =    3.4996    old bondholders =    10.5860
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  61.563008, k:agcpara = 0.24296779)
liq.cash: 10Y average (1Y) =  55.086848 ( 2.43472) : loss rate  0.1052
liq.cash: 10Y std.dev. (1Y) =  16.799418 ( 0.74250)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 26.6544 0.04528   0.17326 0.08758  0.10785  0.07776    3.4996  11.2924  14.7920
 dbratio     ROA    ROA1 debtcf1
 0.76341 0.16460 0.15327 1.02285

TOSYOU CODE: 7201      7
debtcashflow initial values:   0.000010  42.231397
stddev initial values:   0.000010  42.231397
ecfconst solution invest:  71.896761 100.655465
debt cf solution invest: 9.66335060 14.24072720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40834
data: equity =   9.722056  debt =   4.355076  firm =  14.077132

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

debt amount =   0.7039   investment =   0.7039   debt ratio =  1.00000
RRR on investment =  0.173412      after tax =  0.095376
search range of Y std.dev.:   minimum =  29.277692   maximum =  38.061000
old shareholders wealth =    9.7221    old bondholders =     4.3319
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  75.380044, k:agcpara = 0.35871859)
liq.cash: 10Y average (1Y) =  71.138303 ( 3.15267) : loss rate  0.0563
liq.cash: 10Y std.dev. (1Y) =  29.277692 ( 1.29751)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.8247 0.02139   0.14295 0.08714  0.12390  0.11052    9.7221   5.0358  14.7578
 dbratio     ROA    ROA1 debtcf1
 0.34123 0.21363 0.17713 0.45299

TOSYOU CODE: 5403      8
debtcashflow initial values:   0.000010  41.447501
stddev initial values:   0.000010  41.447501
ecfconst solution invest:  54.453349  76.234689
debt cf solution invest: 23.43639360 34.53784320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37330
data: equity =   3.496600  debt =  10.319233  firm =  13.815834

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

debt amount =   0.6908   investment =   0.6908   debt ratio =  1.00000
RRR on investment =  0.138791      after tax =  0.076335
search range of Y std.dev.:   minimum =  16.477630   maximum =  21.420919
old shareholders wealth =    3.4966    old bondholders =    10.2707
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  56.987228, k:agcpara = 0.21821683)
liq.cash: 10Y average (1Y) =  51.241764 ( 2.24534) : loss rate  0.1008
liq.cash: 10Y std.dev. (1Y) =  16.477630 ( 0.72202)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 26.3292 0.06528   0.15987 0.08847  0.10573  0.07555    3.4966  10.9615  14.4581
 dbratio     ROA    ROA1 debtcf1
 0.75816 0.15530 0.14701 1.01893

TOSYOU CODE: 6752      9
debtcashflow initial values:   0.000010  36.682970
stddev initial values:   0.000010  36.682970
ecfconst solution invest:  46.313368  64.838715
debt cf solution invest: 1.46321185 2.15631220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.49132
data: equity =  11.565037  debt =   0.662620  firm =  12.227657

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

debt amount =   0.5842   investment =   0.6114   debt ratio =  0.95547
RRR on investment =  0.141949      after tax =  0.078072
search range of Y std.dev.:   minimum =  24.300878   maximum =  31.591141
old shareholders wealth =   11.5650    old bondholders =     0.6570
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  48.618957, k:agcpara = 0.38948687)
liq.cash: 10Y average (1Y) =  47.485711 ( 2.20517) : loss rate  0.0233
liq.cash: 10Y std.dev. (1Y) =  24.300878 ( 1.12850)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9096 0.03330   0.09832 0.08525  0.09706  0.09335   11.5923   1.2412  12.8335
 dbratio     ROA    ROA1 debtcf1
 0.09672 0.17183 0.14247 0.11233

TOSYOU CODE: 5406     10
debtcashflow initial values:   0.000010  34.015311
stddev initial values:   0.000010  34.015311
ecfconst solution invest:  42.711103  59.795544
debt cf solution invest: 19.77439820 29.14121840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34370
data: equity =   2.666148  debt =   8.672289  firm =  11.338437

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

debt amount =   0.5669   investment =   0.5669   debt ratio =  1.00000
RRR on investment =  0.133171      after tax =  0.073244
search range of Y std.dev.:   minimum =  12.684392   maximum =  16.489710
old shareholders wealth =    2.6661    old bondholders =     8.6302
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  44.690252, k:agcpara = 0.19852389)
liq.cash: 10Y average (1Y) =  40.286494 ( 1.75366) : loss rate  0.0985
liq.cash: 10Y std.dev. (1Y) =  12.684392 ( 0.55215)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 22.1825 0.07675   0.15522 0.08852  0.10351  0.07263    2.6661   9.1971  11.8633
 dbratio     ROA    ROA1 debtcf1
 0.77526 0.14782 0.14183 0.86077

TOSYOU CODE: 6502     11
debtcashflow initial values:   0.000010  28.943618
stddev initial values:   0.000010  28.943618
ecfconst solution invest:  49.080062  68.712087
debt cf solution invest: 10.02572905 14.77475860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.45793
data: equity =   5.130496  debt =   4.517377  firm =   9.647873

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

debt amount =   0.4824   investment =   0.4824   debt ratio =  1.00000
RRR on investment =  0.171709      after tax =  0.094440
search range of Y std.dev.:   minimum =  18.036631   maximum =  23.447621
old shareholders wealth =    5.1305    old bondholders =     4.4968
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  51.432931, k:agcpara = 0.33872459)
liq.cash: 10Y average (1Y) =  47.474762 ( 2.10344) : loss rate  0.0770
liq.cash: 10Y std.dev. (1Y) =  18.036631 ( 0.79914)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.6855 0.02361   0.15674 0.08726  0.12252  0.10318    5.1305   4.9792  10.1097
 dbratio     ROA    ROA1 debtcf1
 0.49252 0.20806 0.17666 0.44722

TOSYOU CODE: 6701     12
debtcashflow initial values:   0.000010  26.886184
stddev initial values:   0.000010  26.886184
ecfconst solution invest:  48.166498  67.433097
debt cf solution invest: 7.42245830 10.93835960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.48360
data: equity =   5.584283  debt =   3.377778  firm =   8.962061

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

debt amount =   0.4481   investment =   0.4481   debt ratio =  1.00000
RRR on investment =  0.179462      after tax =  0.098704
search range of Y std.dev.:   minimum =  18.029922   maximum =  23.438899
old shareholders wealth =    5.5843    old bondholders =     3.3634
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  50.501123, k:agcpara = 0.36260532)
liq.cash: 10Y average (1Y) =  47.290599 ( 2.08346) : loss rate  0.0636
liq.cash: 10Y std.dev. (1Y) =  18.029922 ( 0.79434)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.8540 0.01651   0.15528 0.08654  0.12739  0.11160    5.5843   3.8115   9.3958
 dbratio     ROA    ROA1 debtcf1
 0.40566 0.22174 0.18314 0.33742

TOSYOU CODE: 7013     13
debtcashflow initial values:   0.000010  25.522711
stddev initial values:   0.000010  25.522711
ecfconst solution invest:  30.927054  43.297876
debt cf solution invest: 15.24125755 22.46080060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34135
data: equity =   1.792592  debt =   6.714978  firm =   8.507570

agency cost: EZC - k L (EZC:ecfconst =  30.927054, k:agcpara = 0.18250945)
liq.cash: 10Y average (1Y) =  27.998977 ( 1.21349) : loss rate  0.0947
liq.cash: 10Y std.dev. (1Y) =   8.252679 ( 0.35768)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 16.0434 0.07371   0.15323 0.08785  0.10163  0.07042    1.7926   6.7150   8.5076
 dbratio     ROA    ROA1 debtcf1
 0.78930 0.14264 0.13777 0.62033

debt amount =   0.4254   investment =   0.4254   debt ratio =  1.00000
RRR on investment =  0.129304      after tax =  0.071117
search range of Y std.dev.:   minimum =   8.635629   maximum =  11.226317
old shareholders wealth =    1.7926    old bondholders =     6.6840
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  32.362164, k:agcpara = 0.18250945)
liq.cash: 10Y average (1Y) =  29.247740 ( 1.26630) : loss rate  0.0962
liq.cash: 10Y std.dev. (1Y) =   8.635629 ( 0.37388)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.0645 0.07915   0.15540 0.08815  0.10169  0.07001    1.7926   7.1094   8.9020
 dbratio     ROA    ROA1 debtcf1
 0.79863 0.14225 0.13777 0.66107

TOSYOU CODE: 5001     14
debtcashflow initial values:   0.000010  23.313839
stddev initial values:   0.000010  23.313839
ecfconst solution invest:  29.678562  41.549987
debt cf solution invest: 3.61083315 5.32122780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.11979
data: equity =   6.235425  debt =   1.535855  firm =   7.771280

agency cost: EZC - k L (EZC:ecfconst =  29.678562, k:agcpara = 0.34028818)
liq.cash: 10Y average (1Y) =  28.385168 ( 1.30397) : loss rate  0.0436
liq.cash: 10Y std.dev. (1Y) =  16.875461 ( 0.77523)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.8009 0.07258   0.10112 0.08688  0.09831  0.09058    6.2354   1.5359   7.7714
 dbratio     ROA    ROA1 debtcf1
 0.19764 0.16779 0.14339 0.15131

debt amount =   0.3886   investment =   0.3886   debt ratio =  1.00000
RRR on investment =  0.139095      after tax =  0.076502
search range of Y std.dev.:   minimum =  17.688054   maximum =  22.994470
old shareholders wealth =    6.2354    old bondholders =     1.5207
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  31.107655, k:agcpara = 0.34028818)
liq.cash: 10Y average (1Y) =  29.483768 ( 1.34928) : loss rate  0.0522
liq.cash: 10Y std.dev. (1Y) =  17.688054 ( 0.80947)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7721 0.08119   0.10181 0.08723  0.09839  0.08919    6.2354   1.9092   8.1446
 dbratio     ROA    ROA1 debtcf1
 0.23441 0.16567 0.14340 0.19094

TOSYOU CODE: 6702     15
debtcashflow initial values:   0.000010  21.436416
stddev initial values:   0.000010  21.436416
ecfconst solution invest:  40.264660  56.370524
debt cf solution invest: 4.34510810 6.40331720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.50589
data: equity =   5.150130  debt =   1.995342  firm =   7.145472

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

debt amount =   0.3573   investment =   0.3573   debt ratio =  1.00000
RRR on investment =  0.186257      after tax =  0.102441
search range of Y std.dev.:   minimum =  15.283730   maximum =  19.868849
old shareholders wealth =    5.1501    old bondholders =     1.9874
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  42.236120, k:agcpara = 0.38216383)
liq.cash: 10Y average (1Y) =  40.173958 ( 1.75545) : loss rate  0.0488
liq.cash: 10Y std.dev. (1Y) =  15.283730 ( 0.66784)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.3960 0.01144   0.15328 0.08584  0.13218  0.12010    5.1501   2.3447   7.4948
 dbratio     ROA    ROA1 debtcf1
 0.31284 0.23422 0.18875 0.20486

TOSYOU CODE: 4010     16
debtcashflow initial values:   0.000010  20.962719
stddev initial values:   0.000010  20.962719
ecfconst solution invest:  29.118006  40.765208
debt cf solution invest: 11.22113210 16.53640520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.37254
data: equity =   2.059316  debt =   4.928257  firm =   6.987573

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

debt amount =   0.3494   investment =   0.3494   debt ratio =  1.00000
RRR on investment =  0.145395      after tax =  0.079967
search range of Y std.dev.:   minimum =   9.354317   maximum =  12.160612
old shareholders wealth =    2.0593    old bondholders =     4.9044
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  30.475846, k:agcpara = 0.24341424)
liq.cash: 10Y average (1Y) =  27.395886 ( 1.20722) : loss rate  0.1011
liq.cash: 10Y std.dev. (1Y) =   9.354317 ( 0.41220)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.6532 0.05751   0.16014 0.08885  0.10892  0.08020    2.0593   5.2538   7.3131
 dbratio     ROA    ROA1 debtcf1
 0.71841 0.16508 0.15341 0.48971

TOSYOU CODE: 6503     17
debtcashflow initial values:   0.000010  20.807075
stddev initial values:   0.000010  20.807075
ecfconst solution invest:  36.274371  50.784119
debt cf solution invest: 7.90393920 11.64791040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.51428
data: equity =   3.344105  debt =   3.591587  firm =   6.935692

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

debt amount =   0.3468   investment =   0.3468   debt ratio =  1.00000
RRR on investment =  0.175307      after tax =  0.096419
search range of Y std.dev.:   minimum =  12.475338   maximum =  16.217939
old shareholders wealth =    3.3441    old bondholders =     3.5779
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  38.018478, k:agcpara = 0.34267654)
liq.cash: 10Y average (1Y) =  34.891092 ( 1.54618) : loss rate  0.0823
liq.cash: 10Y std.dev. (1Y) =  12.475338 ( 0.55284)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.1263 0.01945   0.16712 0.08668  0.12369  0.10263    3.3441   3.9246   7.2687
 dbratio     ROA    ROA1 debtcf1
 0.53993 0.21272 0.17992 0.34784

TOSYOU CODE: 6758     18
debtcashflow initial values:   0.000010  18.823701
stddev initial values:   0.000010  18.823701
ecfconst solution invest:  22.143021  31.000229
debt cf solution invest: 1.41662480 2.08765760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.32326
data: equity =   5.666137  debt =   0.608430  firm =   6.274567

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

debt amount =   0.3137   investment =   0.3137   debt ratio =  1.00000
RRR on investment =  0.125074      after tax =  0.068791
search range of Y std.dev.:   minimum =  14.698722   maximum =  19.108338
old shareholders wealth =    5.6661    old bondholders =     0.5524
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  23.162472, k:agcpara = 0.36628137)
liq.cash: 10Y average (1Y) =  22.306079 ( 1.02494) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =  19.108338 ( 0.87801)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3381 0.14801   0.09358 0.08690  0.09270  0.08751    5.6661   0.8661   6.5323
 dbratio     ROA    ROA1 debtcf1
 0.13259 0.15690 0.13494 0.09833

TOSYOU CODE: 7267     19
debtcashflow initial values:   0.000010  18.617536
stddev initial values:   0.000010  18.617536
ecfconst solution invest:  30.358668  42.502135
debt cf solution invest: 4.00513350 5.90230200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.35999
data: equity =   4.419356  debt =   1.786489  firm =   6.205845

agency cost: EZC - k L (EZC:ecfconst =  30.358668, k:agcpara = 0.35317557)
liq.cash: 10Y average (1Y) =  28.869705 ( 1.28811) : loss rate  0.0490
liq.cash: 10Y std.dev. (1Y) =  12.450240 ( 0.55551)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.2159 0.02384   0.13397 0.08732  0.12054  0.10923    4.4194   1.7865   6.2058
 dbratio     ROA    ROA1 debtcf1
 0.28787 0.20756 0.17206 0.16196

debt amount =   0.3103   investment =   0.3103   debt ratio =  1.00000
RRR on investment =  0.168116      after tax =  0.092464
search range of Y std.dev.:   minimum =  13.052143   maximum =  16.967786
old shareholders wealth =    4.4194    old bondholders =     1.7756
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  31.826349, k:agcpara = 0.35317557)
liq.cash: 10Y average (1Y) =  30.077181 ( 1.34031) : loss rate  0.0550
liq.cash: 10Y std.dev. (1Y) =  13.052143 ( 0.58164)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.9527 0.02712   0.13588 0.08775  0.12045  0.10779    4.4194   2.0859   6.5052
 dbratio     ROA    ROA1 debtcf1
 0.32065 0.20604 0.17207 0.19073

TOSYOU CODE: 7012     20
debtcashflow initial values:   0.000010  17.875526
stddev initial values:   0.000010  17.875526
ecfconst solution invest:  22.524491  31.534287
debt cf solution invest: 9.72497140 14.33153680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26376
data: equity =   1.805014  debt =   4.153495  firm =   5.958509

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

debt amount =   0.2979   investment =   0.2979   debt ratio =  1.00000
RRR on investment =  0.132096      after tax =  0.072653
search range of Y std.dev.:   minimum =   8.000482   maximum =  10.400627
old shareholders wealth =    1.8050    old bondholders =     4.1277
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  23.554731, k:agcpara = 0.21262124)
liq.cash: 10Y average (1Y) =  21.221070 ( 0.92508) : loss rate  0.0991
liq.cash: 10Y std.dev. (1Y) =   8.000482 ( 0.34876)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.9757 0.10017   0.13768 0.08950  0.10346  0.07485    1.8050   4.4256   6.2307
 dbratio     ROA    ROA1 debtcf1
 0.71030 0.14847 0.14223 0.43215

TOSYOU CODE: 3407     21
debtcashflow initial values:   0.000010  17.187862
stddev initial values:   0.000010  17.187862
ecfconst solution invest:  26.560818  37.185145
debt cf solution invest: 7.86381500 11.58878000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.43209
data: equity =   2.228577  debt =   3.500710  firm =   5.729287

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

debt amount =   0.2865   investment =   0.2865   debt ratio =  1.00000
RRR on investment =  0.159101      after tax =  0.087506
search range of Y std.dev.:   minimum =   9.108713   maximum =  11.841327
old shareholders wealth =    2.2286    old bondholders =     3.4844
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  27.814777, k:agcpara = 0.29354180)
liq.cash: 10Y average (1Y) =  25.185157 ( 1.11830) : loss rate  0.0945
liq.cash: 10Y std.dev. (1Y) =   9.108713 ( 0.40445)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.9582 0.03742   0.16143 0.08806  0.11532  0.09041    2.2286   3.7708   5.9994
 dbratio     ROA    ROA1 debtcf1
 0.62853 0.18640 0.16578 0.34461

TOSYOU CODE: 4208     22
debtcashflow initial values:   0.000010  16.231730
stddev initial values:   0.000010  16.231730
ecfconst solution invest:  18.124186  25.373860
debt cf solution invest: 9.75106790 14.36999480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20016
data: equity =   1.252080  debt =   4.158497  firm =   5.410577

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

debt amount =   0.2705   investment =   0.2705   debt ratio =  1.00000
RRR on investment =  0.117728      after tax =  0.064750
search range of Y std.dev.:   minimum =   5.827285   maximum =   7.575470
old shareholders wealth =    1.2521    old bondholders =     4.1334
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  18.947517, k:agcpara = 0.16230217)
liq.cash: 10Y average (1Y) =  17.172570 ( 0.73329) : loss rate  0.0937
liq.cash: 10Y std.dev. (1Y) =   5.827285 ( 0.24883)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.9361 0.14226   0.12681 0.08844  0.09694  0.06595    1.2521   4.4040   5.6560
 dbratio     ROA    ROA1 debtcf1
 0.77863 0.12965 0.12851 0.43315

TOSYOU CODE: 5201     23
debtcashflow initial values:   0.000010  16.186037
stddev initial values:   0.000010  16.186037
ecfconst solution invest:  22.356350  31.298890
debt cf solution invest: 3.85309740 5.67824880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.43988
data: equity =   3.747817  debt =   1.647529  firm =   5.395346

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

debt amount =   0.2698   investment =   0.2698   debt ratio =  1.00000
RRR on investment =  0.147030      after tax =  0.080866
search range of Y std.dev.:   minimum =  11.357388   maximum =  14.764605
old shareholders wealth =    3.7478    old bondholders =     1.6339
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  23.419848, k:agcpara = 0.32592956)
liq.cash: 10Y average (1Y) =  21.879651 ( 0.98781) : loss rate  0.0658
liq.cash: 10Y std.dev. (1Y) =  11.357388 ( 0.51276)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7256 0.06547   0.11517 0.08890  0.10632  0.09285    3.7478   1.9037   5.6515
 dbratio     ROA    ROA1 debtcf1
 0.33684 0.17479 0.15277 0.18672

TOSYOU CODE: 3402     24
debtcashflow initial values:   0.000010  16.050337
stddev initial values:   0.000010  16.050337
ecfconst solution invest:  26.724441  37.414217
debt cf solution invest: 5.80426820 8.55365840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.44607
data: equity =   2.743755  debt =   2.606357  firm =   5.350112

agency cost: EZC - k L (EZC:ecfconst =  26.724441, k:agcpara = 0.33141296)
liq.cash: 10Y average (1Y) =  24.699589 ( 1.09583) : loss rate  0.0758
liq.cash: 10Y std.dev. (1Y) =   9.368977 ( 0.41567)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.1098 0.02362   0.15371 0.08713  0.12128  0.10218    2.7438   2.6063   5.3501
 dbratio     ROA    ROA1 debtcf1
 0.48716 0.20482 0.17451 0.23377

debt amount =   0.2675   investment =   0.2675   debt ratio =  1.00000
RRR on investment =  0.169200      after tax =  0.093060
search range of Y std.dev.:   minimum =   9.816694   maximum =  12.761702
old shareholders wealth =    2.7438    old bondholders =     2.5941
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  28.001527, k:agcpara = 0.33141296)
liq.cash: 10Y average (1Y) =  25.767871 ( 1.14283) : loss rate  0.0798
liq.cash: 10Y std.dev. (1Y) =   9.816694 ( 0.43538)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.7398 0.02629   0.15616 0.08749  0.12110  0.10100    2.7438   2.8616   5.6054
 dbratio     ROA    ROA1 debtcf1
 0.51051 0.20388 0.17451 0.25834

TOSYOU CODE: 4005     25
debtcashflow initial values:   0.000010  15.944540
stddev initial values:   0.000010  15.944540
ecfconst solution invest:  18.743595  26.241033
debt cf solution invest: 8.25397905 12.16375860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.30477
data: equity =   1.925991  debt =   3.388856  firm =   5.314847

agency cost: EZC - k L (EZC:ecfconst =  18.743595, k:agcpara = 0.22022843)
liq.cash: 10Y average (1Y) =  16.830163 ( 0.73370) : loss rate  0.1021
liq.cash: 10Y std.dev. (1Y) =   7.798935 ( 0.33999)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.6884 0.14825   0.11099 0.08873  0.09680  0.07134    1.9260   3.3888   5.3148
 dbratio     ROA    ROA1 debtcf1
 0.63762 0.13805 0.13432 0.35093

debt amount =   0.2657   investment =   0.2657   debt ratio =  1.00000
RRR on investment =  0.117152      after tax =  0.064434
search range of Y std.dev.:   minimum =   8.133719   maximum =  10.573835
old shareholders wealth =    1.9260    old bondholders =     3.0519
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  19.548200, k:agcpara = 0.22022843)
liq.cash: 10Y average (1Y) =  17.468156 ( 0.76190) : loss rate  0.1064
liq.cash: 10Y std.dev. (1Y) =  10.573835 ( 0.46119)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.4449 0.22399   0.11678 0.09247  0.10140  0.07507    1.9260   3.3176   5.2436
 dbratio     ROA    ROA1 debtcf1
 0.63270 0.14530 0.14064 0.39856

TOSYOU CODE: 7004     26
debtcashflow initial values:   0.000010  15.851492
stddev initial values:   0.000010  15.851492
ecfconst solution invest:  16.221713  22.710398
debt cf solution invest: 9.92925275 14.63258300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15983
data: equity =   0.992789  debt =   4.291042  firm =   5.283831

agency cost: EZC - k L (EZC:ecfconst =  16.221713, k:agcpara = 0.12670139)
liq.cash: 10Y average (1Y) =  14.897450 ( 0.62544) : loss rate  0.0816
liq.cash: 10Y std.dev. (1Y) =   4.357845 ( 0.18295)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.4518 0.15383   0.11702 0.08675  0.09244  0.06074    0.9928   4.2911   5.2839
 dbratio     ROA    ROA1 debtcf1
 0.81211 0.11837 0.11870 0.41183

debt amount =   0.2642   investment =   0.2642   debt ratio =  1.00000
RRR on investment =  0.111603      after tax =  0.061382
search range of Y std.dev.:   minimum =   4.562297   maximum =   5.930986
old shareholders wealth =    0.9928    old bondholders =     3.9757
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  16.982769, k:agcpara = 0.12670139)
liq.cash: 10Y average (1Y) =  15.570507 ( 0.66012) : loss rate  0.0832
liq.cash: 10Y std.dev. (1Y) =   5.930986 ( 0.25145)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.1464 0.22785   0.12407 0.08985  0.09634  0.06358    0.9928   4.2399   5.2327
 dbratio     ROA    ROA1 debtcf1
 0.81027 0.12615 0.12494 0.45491

TOSYOU CODE: 6301     27
debtcashflow initial values:   0.000010  15.751177
stddev initial values:   0.000010  15.751177
ecfconst solution invest:  19.847363  27.786308
debt cf solution invest: 5.87966685 8.66477220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.32181
data: equity =   2.811068  debt =   2.439324  firm =   5.250392

agency cost: EZC - k L (EZC:ecfconst =  19.847363, k:agcpara = 0.28029100)
liq.cash: 10Y average (1Y) =  18.112608 ( 0.80865) : loss rate  0.0874
liq.cash: 10Y std.dev. (1Y) =   9.511189 ( 0.42464)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.1891 0.10499   0.10906 0.08867  0.09959  0.08105    2.8111   2.4393   5.2503
 dbratio     ROA    ROA1 debtcf1
 0.46459 0.15402 0.14222 0.24839

debt amount =   0.2625   investment =   0.2625   debt ratio =  1.00000
RRR on investment =  0.133154      after tax =  0.073235
search range of Y std.dev.:   minimum =   9.950309   maximum =  12.935401
old shareholders wealth =    2.8111    old bondholders =     2.4187
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.763691, k:agcpara = 0.28029100)
liq.cash: 10Y average (1Y) =  18.840648 ( 0.83877) : loss rate  0.0926
liq.cash: 10Y std.dev. (1Y) =   9.950309 ( 0.44298)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.8609 0.11430   0.10991 0.08899  0.09970  0.08015    2.8111   2.6812   5.4923
 dbratio     ROA    ROA1 debtcf1
 0.48818 0.15272 0.14223 0.27644

TOSYOU CODE: 5014     28
debtcashflow initial values:   0.000010  15.551045
stddev initial values:   0.000010  15.551045
ecfconst solution invest:  17.556489  24.579085
debt cf solution invest: 9.05061675 13.33775100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16779
data: equity =   1.386167  debt =   3.797515  firm =   5.183682

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

debt amount =   0.2578   investment =   0.2592   debt ratio =  0.99462
RRR on investment =  0.118543      after tax =  0.065198
search range of Y std.dev.:   minimum =   6.326636   maximum =   8.224627
old shareholders wealth =    1.3862    old bondholders =     3.7726
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  18.351061, k:agcpara = 0.17846971)
liq.cash: 10Y average (1Y) =  16.534604 ( 0.70925) : loss rate  0.0990
liq.cash: 10Y std.dev. (1Y) =   6.326637 ( 0.27138)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.1780 0.15751   0.11954 0.08859  0.09652  0.06686    1.3876   4.0304   5.4180
 dbratio     ROA    ROA1 debtcf1
 0.74390 0.13091 0.12975 0.40735

TOSYOU CODE: 7261     29
debtcashflow initial values:   0.000010  15.388737
stddev initial values:   0.000010  15.388737
ecfconst solution invest:  17.238833  24.134366
debt cf solution invest: 7.34932920 10.83059040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.35203
data: equity =   2.185182  debt =   2.944397  firm =   5.129579

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

debt amount =   0.2565   investment =   0.2565   debt ratio =  1.00000
RRR on investment =  0.009985      after tax =  0.005492
search range of Y std.dev.:   minimum =   8.763683   maximum =  11.392788
old shareholders wealth =    2.1852    old bondholders =     2.6575
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  17.522104, k:agcpara = 0.24063825)
liq.cash: 10Y average (1Y) =  15.480827 ( 0.67503) : loss rate  0.1165
liq.cash: 10Y std.dev. (1Y) =  11.392788 ( 0.49678)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.4828 0.26952   0.09804 0.08844  0.09256  0.06981    2.1852   2.9140   5.0992
 dbratio     ROA    ROA1 debtcf1
 0.57146 0.13238 0.13138 0.36927

TOSYOU CODE: 5005     30
debtcashflow initial values:   0.000010  14.749825
stddev initial values:   0.000010  14.749825
ecfconst solution invest:  17.941922  25.118691
debt cf solution invest: 5.16408695 7.61023340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23681
data: equity =   2.792115  debt =   2.124493  firm =   4.916608

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

debt amount =   0.2458   investment =   0.2458   debt ratio =  1.00000
RRR on investment =  0.122731      after tax =  0.067502
search range of Y std.dev.:   minimum =   9.700280   maximum =  12.610364
old shareholders wealth =    2.7921    old bondholders =     1.9115
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  18.724260, k:agcpara = 0.28670458)
liq.cash: 10Y average (1Y) =  16.965340 ( 0.75517) : loss rate  0.0939
liq.cash: 10Y std.dev. (1Y) =  12.610364 ( 0.56132)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.1350 0.19521   0.10645 0.09088  0.09966  0.08184    2.7921   2.1574   4.9495
 dbratio     ROA    ROA1 debtcf1
 0.43588 0.15257 0.14231 0.26071

TOSYOU CODE: 4004     31
debtcashflow initial values:   0.000010  12.853529
stddev initial values:   0.000010  12.853529
ecfconst solution invest:  13.793063  19.310288
debt cf solution invest: 7.68725940 11.32859280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.24360
data: equity =   1.105675  debt =   3.178835  firm =   4.284510

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

debt amount =   0.2142   investment =   0.2142   debt ratio =  1.00000
RRR on investment =  0.069695      after tax =  0.038332
search range of Y std.dev.:   minimum =   5.083664   maximum =   6.608763
old shareholders wealth =    1.1057    old bondholders =     2.8903
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  14.213278, k:agcpara = 0.16906201)
liq.cash: 10Y average (1Y) =  12.743857 ( 0.54625) : loss rate  0.1034
liq.cash: 10Y std.dev. (1Y) =   6.608763 ( 0.28328)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.6916 0.26988   0.11135 0.09030  0.09583  0.06587    1.1057   3.1045   4.2102
 dbratio     ROA    ROA1 debtcf1
 0.73738 0.12974 0.12938 0.36721

TOSYOU CODE: 7202     32
debtcashflow initial values:   0.000010  12.743609
stddev initial values:   0.000010  12.743609
ecfconst solution invest:  14.577152  20.408013
debt cf solution invest: 5.26460360 7.75836320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.36172
data: equity =   2.128839  debt =   2.119031  firm =   4.247870

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

debt amount =   0.2124   investment =   0.2124   debt ratio =  1.00000
RRR on investment =  0.034066      after tax =  0.018736
search range of Y std.dev.:   minimum =   7.940544   maximum =  10.322707
old shareholders wealth =    2.1288    old bondholders =     1.9121
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  14.874062, k:agcpara = 0.26576658)
liq.cash: 10Y average (1Y) =  13.237667 ( 0.58240) : loss rate  0.1100
liq.cash: 10Y std.dev. (1Y) =  10.322707 ( 0.45415)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.1573 0.24639   0.09784 0.08854  0.09320  0.07329    2.1288   2.1245   4.2533
 dbratio     ROA    ROA1 debtcf1
 0.49949 0.13693 0.13337 0.26730

TOSYOU CODE: 5004     33
debtcashflow initial values:   0.000010  12.628896
stddev initial values:   0.000010  12.628896
ecfconst solution invest:  12.859393  18.003150
debt cf solution invest: 7.89099830 11.62883960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13617
data: equity =   0.823800  debt =   3.385832  firm =   4.209632

agency cost: EZC - k L (EZC:ecfconst =  12.859393, k:agcpara = 0.13052305)
liq.cash: 10Y average (1Y) =  11.775228 ( 0.49423) : loss rate  0.0843
liq.cash: 10Y std.dev. (1Y) =   3.623910 ( 0.15210)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.3063 0.16923   0.11214 0.08658  0.09158  0.06024    0.8238   3.3858   4.2096
 dbratio     ROA    ROA1 debtcf1
 0.80430 0.11741 0.11814 0.32920

debt amount =   0.2105   investment =   0.2105   debt ratio =  1.00000
RRR on investment =  0.095294      after tax =  0.052411
search range of Y std.dev.:   minimum =   3.771303   maximum =   4.902694
old shareholders wealth =    0.8238    old bondholders =     3.1277
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  13.382415, k:agcpara = 0.13052305)
liq.cash: 10Y average (1Y) =  12.225290 ( 0.51803) : loss rate  0.0865
liq.cash: 10Y std.dev. (1Y) =   4.902694 ( 0.20775)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.8653 0.24657   0.11795 0.08942  0.09507  0.06279    0.8238   3.3382   4.1620
 dbratio     ROA    ROA1 debtcf1
 0.80207 0.12447 0.12389 0.36480

TOSYOU CODE: 6902     34
debtcashflow initial values:   0.000010  12.202548
stddev initial values:   0.000010  12.202548
ecfconst solution invest:  15.520716  21.729002
debt cf solution invest: 0.90909775 1.33972300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.28315
data: equity =   3.661351  debt =   0.406165  firm =   4.067516

agency cost: EZC - k L (EZC:ecfconst =  15.520716, k:agcpara = 0.37185251)
liq.cash: 10Y average (1Y) =  15.164874 ( 0.70370) : loss rate  0.0229
liq.cash: 10Y std.dev. (1Y) =   7.927392 ( 0.36786)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9569 0.03655   0.09917 0.08543  0.09780  0.09396    3.6613   0.4062   4.0675
 dbratio     ROA    ROA1 debtcf1
 0.09985 0.17300 0.14330 0.03705

debt amount =   0.2034   investment =   0.2034   debt ratio =  1.00000
RRR on investment =  0.141651      after tax =  0.077908
search range of Y std.dev.:   minimum =   8.318100   maximum =  10.813530
old shareholders wealth =    3.6613    old bondholders =     0.4022
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  16.285667, k:agcpara = 0.37185251)
liq.cash: 10Y average (1Y) =  15.749871 ( 0.72790) : loss rate  0.0329
liq.cash: 10Y std.dev. (1Y) =   8.318100 ( 0.38443)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4409 0.04270   0.09986 0.08582  0.09787  0.09239    3.6613   0.6055   4.2669
 dbratio     ROA    ROA1 debtcf1
 0.14192 0.17059 0.14332 0.05609

TOSYOU CODE: 6753     35
debtcashflow initial values:   0.000010  12.179298
stddev initial values:   0.000010  12.179298
ecfconst solution invest:  18.552162  25.973027
debt cf solution invest: 0.93437345 1.37697140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32289
data: equity =   3.625847  debt =   0.433919  firm =   4.059766

agency cost: EZC - k L (EZC:ecfconst =  18.552162, k:agcpara = 0.39316962)
liq.cash: 10Y average (1Y) =  18.165460 ( 0.82574) : loss rate  0.0208
liq.cash: 10Y std.dev. (1Y) =   7.226738 ( 0.32850)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9836 0.00871   0.11803 0.08432  0.11442  0.11037    3.6258   0.4339   4.0598
 dbratio     ROA    ROA1 debtcf1
 0.10688 0.20340 0.16410 0.03717

debt amount =   0.2030   investment =   0.2030   debt ratio =  1.00000
RRR on investment =  0.163147      after tax =  0.089731
search range of Y std.dev.:   minimum =   7.585137   maximum =   9.860678
old shareholders wealth =    3.6258    old bondholders =     0.4315
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  19.472227, k:agcpara = 0.39316962)
liq.cash: 10Y average (1Y) =  18.903619 ( 0.85751) : loss rate  0.0292
liq.cash: 10Y std.dev. (1Y) =   7.585137 ( 0.34408)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4462 0.01068   0.11954 0.08471  0.11435  0.10867    3.6258   0.6345   4.2604
 dbratio     ROA    ROA1 debtcf1
 0.14893 0.20128 0.16412 0.05479

TOSYOU CODE: 4001     36
debtcashflow initial values:   0.000010  11.656669
stddev initial values:   0.000010  11.656669
ecfconst solution invest:  12.048981  16.868573
debt cf solution invest: 7.18990400 10.59564800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.11914
data: equity =   0.843615  debt =   3.041941  firm =   3.885556

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

debt amount =   0.1943   investment =   0.1943   debt ratio =  1.00000
RRR on investment =  0.080717      after tax =  0.044394
search range of Y std.dev.:   minimum =   3.880466   maximum =   5.044605
old shareholders wealth =    0.8436    old bondholders =     2.7909
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  12.471205, k:agcpara = 0.14430388)
liq.cash: 10Y average (1Y) =  11.303042 ( 0.48081) : loss rate  0.0937
liq.cash: 10Y std.dev. (1Y) =   5.044605 ( 0.21459)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.0952 0.26242   0.11363 0.08947  0.09479  0.06340    0.8436   2.9852   3.8288
 dbratio     ROA    ROA1 debtcf1
 0.77967 0.12558 0.12534 0.33719

TOSYOU CODE: 3401     37
debtcashflow initial values:   0.000010  11.654043
stddev initial values:   0.000010  11.654043
ecfconst solution invest:  17.220482  24.108675
debt cf solution invest: 5.63352660 8.30203920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40208
data: equity =   1.396051  debt =   2.488630  firm =   3.884681

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

debt amount =   0.1942   investment =   0.1942   debt ratio =  1.00000
RRR on investment =  0.153151      after tax =  0.084233
search range of Y std.dev.:   minimum =   5.881576   maximum =   7.646048
old shareholders wealth =    1.3961    old bondholders =     2.4764
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  18.028066, k:agcpara = 0.27411137)
liq.cash: 10Y average (1Y) =  16.275082 ( 0.72109) : loss rate  0.0972
liq.cash: 10Y std.dev. (1Y) =   5.881576 ( 0.26059)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.3952 0.04650   0.15864 0.08849  0.11257  0.08642    1.3961   2.6706   4.0666
 dbratio     ROA    ROA1 debtcf1
 0.65671 0.17732 0.16057 0.24692

TOSYOU CODE: 4502     38
debtcashflow initial values:   0.000010  10.878564
stddev initial values:   0.000010  10.878564
ecfconst solution invest:  17.445301  24.423421
debt cf solution invest: 1.05198915 1.55029980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31406
data: equity =   3.153220  debt =   0.472968  firm =   3.626188

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

debt amount =   0.1813   investment =   0.1813   debt ratio =  1.00000
RRR on investment =  0.167933      after tax =  0.092363
search range of Y std.dev.:   minimum =   8.192773   maximum =  10.650605
old shareholders wealth =    3.1532    old bondholders =     0.4692
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  18.301551, k:agcpara = 0.37216636)
liq.cash: 10Y average (1Y) =  17.730189 ( 0.79676) : loss rate  0.0312
liq.cash: 10Y std.dev. (1Y) =   8.192773 ( 0.36817)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5352 0.02404   0.12580 0.08705  0.11917  0.11248    3.1532   0.6505   3.8038
 dbratio     ROA    ROA1 debtcf1
 0.17103 0.20947 0.17011 0.05906

TOSYOU CODE: 5407     39
debtcashflow initial values:   0.000010  10.331499
stddev initial values:   0.000010  10.331499
ecfconst solution invest:  15.131557  21.184180
debt cf solution invest: 5.21946530 7.69184360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41924
data: equity =   1.129272  debt =   2.314561  firm =   3.443833

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

debt amount =   0.1722   investment =   0.1722   debt ratio =  1.00000
RRR on investment =  0.152262      after tax =  0.083744
search range of Y std.dev.:   minimum =   4.943121   maximum =   6.426057
old shareholders wealth =    1.1293    old bondholders =     2.3038
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.841990, k:agcpara = 0.26779565)
liq.cash: 10Y average (1Y) =  14.260706 ( 0.63180) : loss rate  0.0998
liq.cash: 10Y std.dev. (1Y) =   4.943121 ( 0.21900)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.9048 0.04547   0.16330 0.08826  0.11177  0.08449    1.1293   2.4760   3.6053
 dbratio     ROA    ROA1 debtcf1
 0.68677 0.17524 0.15954 0.22756

TOSYOU CODE: 5711     40
debtcashflow initial values:   0.000010  10.315793
stddev initial values:   0.000010  10.315793
ecfconst solution invest:  13.208569  18.491997
debt cf solution invest: 5.31589600 7.83395200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24803
data: equity =   1.181405  debt =   2.257193  firm =   3.438598

agency cost: EZC - k L (EZC:ecfconst =  13.208569, k:agcpara = 0.22735227)
liq.cash: 10Y average (1Y) =  11.936378 ( 0.52334) : loss rate  0.0963
liq.cash: 10Y std.dev. (1Y) =   4.797040 ( 0.21032)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5957 0.09312   0.13173 0.08931  0.10389  0.07750    1.1814   2.2572   3.4386
 dbratio     ROA    ROA1 debtcf1
 0.65643 0.15220 0.14406 0.22046

debt amount =   0.1719   investment =   0.1719   debt ratio =  1.00000
RRR on investment =  0.133866      after tax =  0.073626
search range of Y std.dev.:   minimum =   5.016364   maximum =   6.521273
old shareholders wealth =    1.1814    old bondholders =     2.2423
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  13.812474, k:agcpara = 0.22735227)
liq.cash: 10Y average (1Y) =  12.442737 ( 0.54458) : loss rate  0.0992
liq.cash: 10Y std.dev. (1Y) =   5.016364 ( 0.21955)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.0247 0.10038   0.13325 0.08967  0.10399  0.07690    1.1814   2.4142   3.5956
 dbratio     ROA    ROA1 debtcf1
 0.67143 0.15146 0.14406 0.23802

TOSYOU CODE: 6764     41
debtcashflow initial values:   0.000010  10.150276
stddev initial values:   0.000010  10.150276
ecfconst solution invest:  12.943223  18.120512
debt cf solution invest: 1.83145655 2.69898860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.47738
data: equity =   2.611023  debt =   0.772402  firm =   3.383425

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

debt amount =   0.1692   investment =   0.1692   debt ratio =  1.00000
RRR on investment =  0.138713      after tax =  0.076292
search range of Y std.dev.:   minimum =   7.628983   maximum =   9.917678
old shareholders wealth =    2.6110    old bondholders =     0.7649
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  13.563333, k:agcpara = 0.33590629)
liq.cash: 10Y average (1Y) =  12.772534 ( 0.58261) : loss rate  0.0583
liq.cash: 10Y std.dev. (1Y) =   7.628983 ( 0.34799)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3542 0.08603   0.10258 0.08782  0.09870  0.08828    2.6110   0.9341   3.5451
 dbratio     ROA    ROA1 debtcf1
 0.26348 0.16434 0.14360 0.09445

TOSYOU CODE: 5701     42
debtcashflow initial values:   0.000010   9.978969
stddev initial values:   0.000010   9.978969
ecfconst solution invest:  10.476421  14.666989
debt cf solution invest: 6.20699125 9.14714500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18465
data: equity =   0.643624  debt =   2.682699  firm =   3.326323

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

debt amount =   0.1663   investment =   0.1663   debt ratio =  1.00000
RRR on investment =  0.111326      after tax =  0.061229
search range of Y std.dev.:   minimum =   2.978732   maximum =   3.872351
old shareholders wealth =    0.6436    old bondholders =     2.6680
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.954335, k:agcpara = 0.13412855)
liq.cash: 10Y average (1Y) =  10.023352 ( 0.42248) : loss rate  0.0850
liq.cash: 10Y std.dev. (1Y) =   2.978732 ( 0.12555)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.9410 0.15038   0.12344 0.08743  0.09409  0.06203    0.6436   2.8343   3.4779
 dbratio     ROA    ROA1 debtcf1
 0.81494 0.12148 0.12157 0.27364

TOSYOU CODE: 5802     43
debtcashflow initial values:   0.000010   9.954448
stddev initial values:   0.000010   9.954448
ecfconst solution invest:  17.279544  24.191362
debt cf solution invest: 3.22971025 4.75957300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.47245
data: equity =   1.856528  debt =   1.461621  firm =   3.318149

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

debt amount =   0.1659   investment =   0.1659   debt ratio =  1.00000
RRR on investment =  0.174947      after tax =  0.096221
search range of Y std.dev.:   minimum =   6.359921   maximum =   8.267898
old shareholders wealth =    1.8565    old bondholders =     1.4552
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  18.111401, k:agcpara = 0.34816451)
liq.cash: 10Y average (1Y) =  16.792803 ( 0.74269) : loss rate  0.0728
liq.cash: 10Y std.dev. (1Y) =   6.359921 ( 0.28128)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7873 0.02043   0.15714 0.08695  0.12442  0.10618    1.8565   1.6211   3.4777
 dbratio     ROA    ROA1 debtcf1
 0.46616 0.21356 0.17941 0.14466

TOSYOU CODE: 2503     44
debtcashflow initial values:   0.000010   9.836762
stddev initial values:   0.000010   9.836762
ecfconst solution invest:  16.758915  23.462481
debt cf solution invest: 0.83724735 1.23383820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.43570
data: equity =   2.886771  debt =   0.392150  firm =   3.278921

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

debt amount =   0.1639   investment =   0.1639   debt ratio =  1.00000
RRR on investment =  0.176483      after tax =  0.097066
search range of Y std.dev.:   minimum =   6.124490   maximum =   7.961838
old shareholders wealth =    2.8868    old bondholders =     0.3907
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  17.591746, k:agcpara = 0.40811053)
liq.cash: 10Y average (1Y) =  17.081161 ( 0.76042) : loss rate  0.0290
liq.cash: 10Y std.dev. (1Y) =   6.124490 ( 0.27265)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2511 0.00487   0.13227 0.08421  0.12452  0.11841    2.8868   0.5547   3.4415
 dbratio     ROA    ROA1 debtcf1
 0.16118 0.22096 0.17722 0.04712

TOSYOU CODE: 4901     45
debtcashflow initial values:   0.000010   9.661707
stddev initial values:   0.000010   9.661707
ecfconst solution invest:  11.518423  16.125792
debt cf solution invest: 0.95681720 1.41004640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.36697
data: equity =   2.818240  debt =   0.402329  firm =   3.220569

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

debt amount =   0.1610   investment =   0.1610   debt ratio =  1.00000
RRR on investment =  0.117612      after tax =  0.064687
search range of Y std.dev.:   minimum =   7.883346   maximum =  10.248349
old shareholders wealth =    2.8182    old bondholders =     0.3637
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  12.007991, k:agcpara = 0.35351433)
liq.cash: 10Y average (1Y) =  11.494292 ( 0.52534) : loss rate  0.0428
liq.cash: 10Y std.dev. (1Y) =  10.248349 ( 0.46840)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4531 0.16360   0.09563 0.08784  0.09441  0.08820    2.8182   0.5247   3.3430
 dbratio     ROA    ROA1 debtcf1
 0.15696 0.15715 0.13641 0.06174

TOSYOU CODE: 6302     46
debtcashflow initial values:   0.000010   9.533239
stddev initial values:   0.000010   9.533239
ecfconst solution invest:  11.849257  16.588960
debt cf solution invest: 5.31291965 7.82956580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26650
data: equity =   0.903248  debt =   2.274498  firm =   3.177746

agency cost: EZC - k L (EZC:ecfconst =  11.849257, k:agcpara = 0.20420457)
liq.cash: 10Y average (1Y) =  10.707233 ( 0.46630) : loss rate  0.0964
liq.cash: 10Y std.dev. (1Y) =   3.898810 ( 0.16979)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5925 0.09478   0.13721 0.08903  0.10273  0.07405    0.9032   2.2745   3.1777
 dbratio     ROA    ROA1 debtcf1
 0.71576 0.14674 0.14066 0.21941

debt amount =   0.1589   investment =   0.1589   debt ratio =  1.00000
RRR on investment =  0.130555      after tax =  0.071805
search range of Y std.dev.:   minimum =   4.077149   maximum =   5.300294
old shareholders wealth =    0.9032    old bondholders =     2.2608
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.391266, k:agcpara = 0.20420457)
liq.cash: 10Y average (1Y) =  11.168980 ( 0.48567) : loss rate  0.0986
liq.cash: 10Y std.dev. (1Y) =   4.077149 ( 0.17729)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.9856 0.10181   0.13888 0.08937  0.10283  0.07354    0.9032   2.4196   3.3229
 dbratio     ROA    ROA1 debtcf1
 0.72817 0.14616 0.14067 0.23542

TOSYOU CODE: 5713     47
debtcashflow initial values:   0.000010   9.395992
stddev initial values:   0.000010   9.395992
ecfconst solution invest:  10.035794  14.050112
debt cf solution invest: 3.43280790 5.05887480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.00947
data: equity =   1.769382  debt =   1.362615  firm =   3.131997

agency cost: EZC - k L (EZC:ecfconst =  10.035794, k:agcpara = 0.28209345)
liq.cash: 10Y average (1Y) =   9.016454 ( 0.39910) : loss rate  0.1016
liq.cash: 10Y std.dev. (1Y) =   6.438873 ( 0.28501)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6135 0.20070   0.08423 0.08304  0.08371  0.06745    1.7694   1.3626   3.1320
 dbratio     ROA    ROA1 debtcf1
 0.43506 0.12743 0.12350 0.15315

debt amount =   0.0000   investment =   0.1566   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   6.474355   maximum =   8.416661
old shareholders wealth =    1.7694    old bondholders =     1.2610
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =  10.091097, k:agcpara = 0.28209345)
liq.cash: 10Y average (1Y) =   9.071757 ( 0.39861) : loss rate  0.1010
liq.cash: 10Y std.dev. (1Y) =   8.416661 ( 0.36983)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6135 0.25833   0.08444 0.08326  0.08398  0.06915    1.9260   1.2610   3.1870
 dbratio     ROA    ROA1 debtcf1
 0.39568 0.12507 0.12216 0.15989

TOSYOU CODE: 3861     48
debtcashflow initial values:   0.000010   9.185457
stddev initial values:   0.000010   9.185457
ecfconst solution invest:  13.175993  18.446390
debt cf solution invest: 4.08518240 6.02026880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32620
data: equity =   1.287791  debt =   1.774028  firm =   3.061819

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

debt amount =   0.1531   investment =   0.1531   debt ratio =  1.00000
RRR on investment =  0.148917      after tax =  0.081904
search range of Y std.dev.:   minimum =   5.032165   maximum =   6.541814
old shareholders wealth =    1.2878    old bondholders =     1.7633
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  13.789521, k:agcpara = 0.27409796)
liq.cash: 10Y average (1Y) =  12.508513 ( 0.55379) : loss rate  0.0929
liq.cash: 10Y std.dev. (1Y) =   5.032165 ( 0.22279)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.6735 0.05974   0.14333 0.08925  0.11098  0.08696    1.2878   1.9164   3.2042
 dbratio     ROA    ROA1 debtcf1
 0.59809 0.17283 0.15713 0.18213

TOSYOU CODE: 7003     49
debtcashflow initial values:   0.000010   9.072946
stddev initial values:   0.000010   9.072946
ecfconst solution invest:  10.621216  14.869702
debt cf solution invest: 4.89830355 7.21855260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15825
data: equity =   0.990375  debt =   2.033940  firm =   3.024315

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

debt amount =   0.1376   investment =   0.1512   debt ratio =  0.91023
RRR on investment =  0.125637      after tax =  0.069100
search range of Y std.dev.:   minimum =   4.299961   maximum =   5.589949
old shareholders wealth =    0.9904    old bondholders =     2.0232
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  11.115049, k:agcpara = 0.20652614)
liq.cash: 10Y average (1Y) =   9.977734 ( 0.43263) : loss rate  0.1023
liq.cash: 10Y std.dev. (1Y) =   4.299961 ( 0.18645)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5069 0.14923   0.11615 0.08883  0.09750  0.07021    1.0040   2.1609   3.1648
 dbratio     ROA    ROA1 debtcf1
 0.68278 0.13670 0.13385 0.22146

TOSYOU CODE: 3102     50
debtcashflow initial values:   0.000010   8.948571
stddev initial values:   0.000010   8.948571
ecfconst solution invest:   7.842490  10.979486
debt cf solution invest: 5.91049910 8.71020920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.28309
data: equity =   0.633459  debt =   2.349398  firm =   2.982857

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

debt amount =   0.0000   investment =   0.1491   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   3.485358   maximum =   4.530965
old shareholders wealth =    0.6335    old bondholders =     2.2408
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   7.861430, k:agcpara = 0.13764376)
liq.cash: 10Y average (1Y) =   7.005069 ( 0.28740) : loss rate  0.1089
liq.cash: 10Y std.dev. (1Y) =   4.530965 ( 0.18590)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.2216 0.43136   0.06084 0.07398  0.07058  0.04590    0.7826   2.2408   3.0234
 dbratio     ROA    ROA1 debtcf1
 0.74115 0.09506 0.10027 0.28275

TOSYOU CODE: 7751     51
debtcashflow initial values:   0.000010   8.756875
stddev initial values:   0.000010   8.756875
ecfconst solution invest:  12.036328  16.850859
debt cf solution invest: 1.42531255 2.10046060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.40220
data: equity =   2.305657  debt =   0.613301  firm =   2.918958

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

debt amount =   0.1459   investment =   0.1459   debt ratio =  1.00000
RRR on investment =  0.148039      after tax =  0.081422
search range of Y std.dev.:   minimum =   6.493858   maximum =   8.442015
old shareholders wealth =    2.3057    old bondholders =     0.6078
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.616779, k:agcpara = 0.34372496)
liq.cash: 10Y average (1Y) =  11.977237 ( 0.54522) : loss rate  0.0507
liq.cash: 10Y std.dev. (1Y) =   6.493858 ( 0.29561)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8606 0.05963   0.11099 0.08833  0.10541  0.09561    2.3057   0.7537   3.0594
 dbratio     ROA    ROA1 debtcf1
 0.24636 0.17821 0.15221 0.07344

TOSYOU CODE: 6792     52
debtcashflow initial values:   0.000010   8.412049
stddev initial values:   0.000010   8.412049
ecfconst solution invest:  12.878762  18.030267
debt cf solution invest: 0.35367455 0.52120460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33045
data: equity =   2.638689  debt =   0.165327  firm =   2.804016

agency cost: EZC - k L (EZC:ecfconst =  12.878762, k:agcpara = 0.40603505)
liq.cash: 10Y average (1Y) =  12.727600 ( 0.57942) : loss rate  0.0117
liq.cash: 10Y std.dev. (1Y) =   4.954736 ( 0.22556)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3723 0.00632   0.11691 0.08386  0.11496  0.11273    2.6387   0.1653   2.8040
 dbratio     ROA    ROA1 debtcf1
 0.05897 0.20664 0.16469 0.01403

debt amount =   0.1212   investment =   0.1402   debt ratio =  0.86444
RRR on investment =  0.164423      after tax =  0.090433
search range of Y std.dev.:   minimum =   5.201911   maximum =   6.762485
old shareholders wealth =    2.6387    old bondholders =     0.1647
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  13.521241, k:agcpara = 0.40603505)
liq.cash: 10Y average (1Y) =  13.258835 ( 0.60255) : loss rate  0.0194
liq.cash: 10Y std.dev. (1Y) =   5.201911 ( 0.23640)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6463 0.00766   0.11818 0.08415  0.11487  0.11119    2.6577   0.2859   2.9436
 dbratio     ROA    ROA1 debtcf1
 0.09712 0.20470 0.16470 0.02439

TOSYOU CODE: 5706     53
debtcashflow initial values:   0.000010   8.397375
stddev initial values:   0.000010   8.397375
ecfconst solution invest:   9.522210  13.331094
debt cf solution invest: 4.23102450 6.23519400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.09339
data: equity =   1.076976  debt =   1.722149  firm =   2.799125

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

debt amount =   0.1400   investment =   0.1400   debt ratio =  1.00000
RRR on investment =  0.065054      after tax =  0.035780
search range of Y std.dev.:   minimum =   4.421669   maximum =   5.748170
old shareholders wealth =    1.0770    old bondholders =     1.5528
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   9.785061, k:agcpara = 0.22512126)
liq.cash: 10Y average (1Y) =   8.692067 ( 0.37887) : loss rate  0.1117
liq.cash: 10Y std.dev. (1Y) =   5.748170 ( 0.25055)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.8551 0.25222   0.10544 0.08992  0.09596  0.07123    1.0770   1.6927   2.7697
 dbratio     ROA    ROA1 debtcf1
 0.61116 0.13679 0.13452 0.20823

TOSYOU CODE: 5108     54
debtcashflow initial values:   0.000010   8.320013
stddev initial values:   0.000010   8.320013
ecfconst solution invest:  11.409336  15.973070
debt cf solution invest: 1.48910695 2.19447340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.40272
data: equity =   2.134195  debt =   0.639143  firm =   2.773338

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

debt amount =   0.1387   investment =   0.1387   debt ratio =  1.00000
RRR on investment =  0.147411      after tax =  0.081076
search range of Y std.dev.:   minimum =   6.108581   maximum =   7.941155
old shareholders wealth =    2.1342    old bondholders =     0.6335
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.957818, k:agcpara = 0.33977074)
liq.cash: 10Y average (1Y) =  11.308658 ( 0.51400) : loss rate  0.0543
liq.cash: 10Y std.dev. (1Y) =   6.108581 ( 0.27765)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9106 0.06196   0.11138 0.08844  0.10528  0.09471    2.1342   0.7722   2.9064
 dbratio     ROA    ROA1 debtcf1
 0.26568 0.17685 0.15194 0.07549

TOSYOU CODE: 6991     55
debtcashflow initial values:   0.000010   8.144431
stddev initial values:   0.000010   8.144431
ecfconst solution invest:  10.271539  14.380155
debt cf solution invest: 1.12295510 1.65488120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.42824
data: equity =   2.239671  debt =   0.475139  firm =   2.714810

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

debt amount =   0.1357   investment =   0.1357   debt ratio =  1.00000
RRR on investment =  0.138370      after tax =  0.076104
search range of Y std.dev.:   minimum =   6.330592   maximum =   8.229769
old shareholders wealth =    2.2397    old bondholders =     0.4702
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.767610, k:agcpara = 0.34561265)
liq.cash: 10Y average (1Y) =  10.241129 ( 0.46970) : loss rate  0.0489
liq.cash: 10Y std.dev. (1Y) =   6.330592 ( 0.29035)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5233 0.08424   0.10020 0.08737  0.09747  0.08910    2.2397   0.6059   2.8456
 dbratio     ROA    ROA1 debtcf1
 0.21293 0.16506 0.14234 0.06115

TOSYOU CODE: 3871     56
debtcashflow initial values:   0.000010   8.089299
stddev initial values:   0.000010   8.089299
ecfconst solution invest:   8.256929  11.559701
debt cf solution invest: 5.04537305 7.43528660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13338
data: equity =   0.536300  debt =   2.160133  firm =   2.696433

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

debt amount =   0.1348   investment =   0.1348   debt ratio =  1.00000
RRR on investment =  0.093163      after tax =  0.051240
search range of Y std.dev.:   minimum =   2.457636   maximum =   3.194927
old shareholders wealth =    0.5363    old bondholders =     1.9933
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   8.585484, k:agcpara = 0.13268176)
liq.cash: 10Y average (1Y) =   7.833159 ( 0.33212) : loss rate  0.0876
liq.cash: 10Y std.dev. (1Y) =   3.194927 ( 0.13546)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.6701 0.24920   0.11725 0.08944  0.09504  0.06289    0.5363   2.1281   2.6644
 dbratio     ROA    ROA1 debtcf1
 0.79871 0.12465 0.12413 0.23377

TOSYOU CODE: 3863     57
debtcashflow initial values:   0.000010   7.814592
stddev initial values:   0.000010   7.814592
ecfconst solution invest:   9.191831  12.868563
debt cf solution invest: 4.68240940 6.90039280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29242
data: equity =   0.563880  debt =   2.040984  firm =   2.604864

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

debt amount =   0.1302   investment =   0.1302   debt ratio =  1.00000
RRR on investment =  0.125077      after tax =  0.068793
search range of Y std.dev.:   minimum =   2.679512   maximum =   3.483366
old shareholders wealth =    0.5639    old bondholders =     2.0305
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.615064, k:agcpara = 0.17204628)
liq.cash: 10Y average (1Y) =   8.712681 ( 0.37516) : loss rate  0.0939
liq.cash: 10Y std.dev. (1Y) =   2.679512 ( 0.11538)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.2450 0.09781   0.14579 0.08844  0.10031  0.06875    0.5639   2.1608   2.7247
 dbratio     ROA    ROA1 debtcf1
 0.79305 0.13769 0.13439 0.20452

TOSYOU CODE: 5801     58
debtcashflow initial values:   0.000010   7.764424
stddev initial values:   0.000010   7.764424
ecfconst solution invest:  11.614675  16.260545
debt cf solution invest: 3.66261955 5.39754460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40538
data: equity =   0.968137  debt =   1.620004  firm =   2.588141

agency cost: EZC - k L (EZC:ecfconst =  11.614675, k:agcpara = 0.28039149)
liq.cash: 10Y average (1Y) =  10.533657 ( 0.46739) : loss rate  0.0931
liq.cash: 10Y std.dev. (1Y) =   3.828456 ( 0.16987)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.8554 0.04055   0.15584 0.08807  0.11342  0.08861    0.9681   1.6200   2.5881
 dbratio     ROA    ROA1 debtcf1
 0.62593 0.18059 0.16199 0.14850

debt amount =   0.1294   investment =   0.1294   debt ratio =  1.00000
RRR on investment =  0.154744      after tax =  0.085109
search range of Y std.dev.:   minimum =   4.008274   maximum =   5.210756
old shareholders wealth =    0.9681    old bondholders =     1.6120
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.160201, k:agcpara = 0.28039149)
liq.cash: 10Y average (1Y) =  10.992401 ( 0.48736) : loss rate  0.0960
liq.cash: 10Y std.dev. (1Y) =   4.008274 ( 0.17771)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.1649 0.04425   0.15822 0.08842  0.11336  0.08779    0.9681   1.7414   2.7095
 dbratio     ROA    ROA1 debtcf1
 0.64269 0.17987 0.16200 0.16072

TOSYOU CODE: 6762     59
debtcashflow initial values:   0.000010   7.736673
stddev initial values:   0.000010   7.736673
ecfconst solution invest:   9.576997  13.407796
debt cf solution invest: 0.19481270 0.28709240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.42538
data: equity =   2.490479  debt =   0.088412  firm =   2.578891

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

debt amount =   0.0803   investment =   0.1289   debt ratio =  0.62249
RRR on investment =  0.140002      after tax =  0.077001
search range of Y std.dev.:   minimum =   5.115151   maximum =   6.649696
old shareholders wealth =    2.4905    old bondholders =     0.0880
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  10.055031, k:agcpara = 0.39488651)
liq.cash: 10Y average (1Y) =   9.900182 ( 0.46183) : loss rate  0.0154
liq.cash: 10Y std.dev. (1Y) =   5.115151 ( 0.23861)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3921 0.03153   0.09588 0.08482  0.09519  0.09282    2.5392   0.1683   2.7074
 dbratio     ROA    ROA1 debtcf1
 0.06215 0.17058 0.14020 0.01510

TOSYOU CODE: 5006     60
debtcashflow initial values:   0.000010   7.699755
stddev initial values:   0.000010   7.699755
ecfconst solution invest:   8.113284  11.358598
debt cf solution invest: 4.80272595 7.07770140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20727
data: equity =   0.476448  debt =   2.090137  firm =   2.566585

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

debt amount =   0.1283   investment =   0.1283   debt ratio =  1.00000
RRR on investment =  0.112163      after tax =  0.061689
search range of Y std.dev.:   minimum =   2.206573   maximum =   2.868545
old shareholders wealth =    0.4764    old bondholders =     2.0792
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.484827, k:agcpara = 0.13131281)
liq.cash: 10Y average (1Y) =   7.780002 ( 0.32804) : loss rate  0.0831
liq.cash: 10Y std.dev. (1Y) =   2.206573 ( 0.09304)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.3675 0.13713   0.12813 0.08743  0.09465  0.06229    0.4764   2.2076   2.6840
 dbratio     ROA    ROA1 debtcf1
 0.82249 0.12222 0.12198 0.21055

TOSYOU CODE: 4631     61
debtcashflow initial values:   0.000010   7.684909
stddev initial values:   0.000010   7.684909
ecfconst solution invest:  10.981629  15.374281
debt cf solution invest: 3.53681580 5.21214960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33453
data: equity =   1.023695  debt =   1.537941  firm =   2.561636

agency cost: EZC - k L (EZC:ecfconst =  10.981629, k:agcpara = 0.26908441)
liq.cash: 10Y average (1Y) =   9.979837 ( 0.44204) : loss rate  0.0912
liq.cash: 10Y std.dev. (1Y) =   3.913394 ( 0.17334)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7230 0.05493   0.14367 0.08882  0.11074  0.08674    1.0237   1.5380   2.5617
 dbratio     ROA    ROA1 debtcf1
 0.60038 0.17256 0.15668 0.14463

debt amount =   0.1281   investment =   0.1281   debt ratio =  1.00000
RRR on investment =  0.148406      after tax =  0.081623
search range of Y std.dev.:   minimum =   4.095501   maximum =   5.324152
old shareholders wealth =    1.0237    old bondholders =     1.5289
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.492652, k:agcpara = 0.26908441)
liq.cash: 10Y average (1Y) =  10.406937 ( 0.46033) : loss rate  0.0945
liq.cash: 10Y std.dev. (1Y) =   4.095501 ( 0.18116)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0349 0.05987   0.14567 0.08921  0.11077  0.08596    1.0237   1.6570   2.6807
 dbratio     ROA    ROA1 debtcf1
 0.61812 0.17172 0.15669 0.15710

TOSYOU CODE: 3862     62
debtcashflow initial values:   0.000010   7.550722
stddev initial values:   0.000010   7.550722
ecfconst solution invest:   7.214650  10.100510
debt cf solution invest: 4.91462455 7.24260460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26272
data: equity =   0.302068  debt =   2.214839  firm =   2.516907

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

debt amount =   0.1258   investment =   0.1258   debt ratio =  1.00000
RRR on investment =  0.103699      after tax =  0.057034
search range of Y std.dev.:   minimum =   1.358139   maximum =   1.765580
old shareholders wealth =    0.3021    old bondholders =     2.2066
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.552204, k:agcpara = 0.06689861)
liq.cash: 10Y average (1Y) =   7.186381 ( 0.29686) : loss rate  0.0484
liq.cash: 10Y std.dev. (1Y) =   1.358139 ( 0.05610)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.4683 0.10293   0.13802 0.08596  0.09193  0.05768    0.3021   2.3325   2.6345
 dbratio     ROA    ROA1 debtcf1
 0.88534 0.11268 0.11106 0.21042

TOSYOU CODE: 4183     63
debtcashflow initial values:   0.000010   7.462262
stddev initial values:   0.000010   7.462262
ecfconst solution invest:   8.604518  12.046325
debt cf solution invest: 4.50756380 6.64272560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27580
data: equity =   0.525892  debt =   1.961528  firm =   2.487421

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

debt amount =   0.1244   investment =   0.1244   debt ratio =  1.00000
RRR on investment =  0.122641      after tax =  0.067452
search range of Y std.dev.:   minimum =   2.493719   maximum =   3.241835
old shareholders wealth =    0.5259    old bondholders =     1.9513
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.000000, k:agcpara = 0.16442187)
liq.cash: 10Y average (1Y) =   8.170127 ( 0.35055) : loss rate  0.0922
liq.cash: 10Y std.dev. (1Y) =   2.493719 ( 0.10700)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.0472 0.10523   0.14254 0.08836  0.09931  0.06759    0.5259   2.0757   2.6016
 dbratio     ROA    ROA1 debtcf1
 0.79786 0.13474 0.13214 0.19712

TOSYOU CODE: 2802     64
debtcashflow initial values:   0.000010   7.373677
stddev initial values:   0.000010   7.373677
ecfconst solution invest:  11.068527  15.495938
debt cf solution invest: 0.58561420 0.86301040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30604
data: equity =   2.186643  debt =   0.271249  firm =   2.457892

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

debt amount =   0.1229   investment =   0.1229   debt ratio =  1.00000
RRR on investment =  0.161317      after tax =  0.088724
search range of Y std.dev.:   minimum =   4.605842   maximum =   5.987595
old shareholders wealth =    2.1866    old bondholders =     0.2697
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.616854, k:agcpara = 0.38982252)
liq.cash: 10Y average (1Y) =  11.267045 ( 0.51204) : loss rate  0.0301
liq.cash: 10Y std.dev. (1Y) =   4.605842 ( 0.20932)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8974 0.01218   0.11807 0.08486  0.11302  0.10721    2.1866   0.3926   2.5792
 dbratio     ROA    ROA1 debtcf1
 0.15220 0.19853 0.16241 0.03405

TOSYOU CODE: 3103     65
debtcashflow initial values:   0.000010   7.040748
stddev initial values:   0.000010   7.040748
ecfconst solution invest:   8.293008  11.610211
debt cf solution invest: 4.23083260 6.23491120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30283
data: equity =   0.496875  debt =   1.850041  firm =   2.346916

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

debt amount =   0.1173   investment =   0.1173   debt ratio =  1.00000
RRR on investment =  0.125452      after tax =  0.068999
search range of Y std.dev.:   minimum =   2.371307   maximum =   3.082698
old shareholders wealth =    0.4969    old bondholders =     1.8408
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.675602, k:agcpara = 0.17167572)
liq.cash: 10Y average (1Y) =   7.862305 ( 0.33864) : loss rate  0.0937
liq.cash: 10Y std.dev. (1Y) =   2.371307 ( 0.10214)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7374 0.09379   0.14793 0.08833  0.10039  0.06869    0.4969   1.9582   2.4551
 dbratio     ROA    ROA1 debtcf1
 0.79761 0.13794 0.13455 0.18439

TOSYOU CODE: 5233     66
debtcashflow initial values:   0.000010   7.021014
stddev initial values:   0.000010   7.021014
ecfconst solution invest:   8.393956  11.751538
debt cf solution invest: 4.04360755 5.95900060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24456
data: equity =   0.613164  debt =   1.727174  firm =   2.340338

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

debt amount =   0.1170   investment =   0.1170   debt ratio =  1.00000
RRR on investment =  0.125821      after tax =  0.069202
search range of Y std.dev.:   minimum =   2.818664   maximum =   3.664263
old shareholders wealth =    0.6132    old bondholders =     1.7167
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.776731, k:agcpara = 0.18788887)
liq.cash: 10Y average (1Y) =   7.922483 ( 0.34237) : loss rate  0.0973
liq.cash: 10Y std.dev. (1Y) =   2.818664 ( 0.12181)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.5466 0.11552   0.13534 0.08916  0.10073  0.07066    0.6132   1.8338   2.4469
 dbratio     ROA    ROA1 debtcf1
 0.74941 0.13992 0.13624 0.17928

TOSYOU CODE: 4061     67
debtcashflow initial values:   0.000010   6.809193
stddev initial values:   0.000010   6.809193
ecfconst solution invest:   8.696576  12.175206
debt cf solution invest: 3.67912770 5.42187240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27707
data: equity =   0.693583  debt =   1.576148  firm =   2.269731

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

debt amount =   0.1135   investment =   0.1135   debt ratio =  1.00000
RRR on investment =  0.133857      after tax =  0.073621
search range of Y std.dev.:   minimum =   3.069668   maximum =   3.990568
old shareholders wealth =    0.6936    old bondholders =     1.5666
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.095165, k:agcpara = 0.21686400)
liq.cash: 10Y average (1Y) =   8.194460 ( 0.35781) : loss rate  0.0990
liq.cash: 10Y std.dev. (1Y) =   3.069668 ( 0.13404)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.1533 0.09401   0.14008 0.08949  0.10428  0.07577    0.6936   1.6801   2.3736
 dbratio     ROA    ROA1 debtcf1
 0.70780 0.15074 0.14377 0.16318

TOSYOU CODE: 4042     68
debtcashflow initial values:   0.000010   6.735250
stddev initial values:   0.000010   6.735250
ecfconst solution invest:   7.893757  11.051260
debt cf solution invest: 3.99495140 5.88729680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26134
data: equity =   0.521371  debt =   1.723712  firm =   2.245083

agency cost: EZC - k L (EZC:ecfconst =   7.893757, k:agcpara = 0.17443418)
liq.cash: 10Y average (1Y) =   7.160224 ( 0.30859) : loss rate  0.0929
liq.cash: 10Y std.dev. (1Y) =   2.338782 ( 0.10080)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.2052 0.10321   0.13767 0.08844  0.09987  0.06932    0.5214   1.7237   2.2451
 dbratio     ROA    ROA1 debtcf1
 0.76777 0.13745 0.13398 0.16455

debt amount =   0.1123   investment =   0.1123   debt ratio =  1.00000
RRR on investment =  0.124024      after tax =  0.068213
search range of Y std.dev.:   minimum =   2.445851   maximum =   3.179607
old shareholders wealth =    0.5214    old bondholders =     1.7141
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.255133, k:agcpara = 0.17443418)
liq.cash: 10Y average (1Y) =   7.473563 ( 0.32165) : loss rate  0.0947
liq.cash: 10Y std.dev. (1Y) =   2.445851 ( 0.10527)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.4806 0.11053   0.13933 0.08874  0.09998  0.06891    0.5214   1.8264   2.3477
 dbratio     ROA    ROA1 debtcf1
 0.77793 0.13701 0.13399 0.17575

TOSYOU CODE: 6703     69
debtcashflow initial values:   0.000010   6.527845
stddev initial values:   0.000010   6.527845
ecfconst solution invest:  10.215977  14.302368
debt cf solution invest: 2.12797910 3.13596920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35571
data: equity =   1.236291  debt =   0.939658  firm =   2.175948

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

debt amount =   0.1088   investment =   0.1088   debt ratio =  1.00000
RRR on investment =  0.161319      after tax =  0.088725
search range of Y std.dev.:   minimum =   4.152406   maximum =   5.398127
old shareholders wealth =    1.2363    old bondholders =     0.9341
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.701415, k:agcpara = 0.32256253)
liq.cash: 10Y average (1Y) =   9.894724 ( 0.44034) : loss rate  0.0754
liq.cash: 10Y std.dev. (1Y) =   4.152406 ( 0.18479)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5009 0.03749   0.14112 0.08837  0.11698  0.09879    1.2363   1.0429   2.2792
 dbratio     ROA    ROA1 debtcf1
 0.45757 0.19320 0.16726 0.09671

TOSYOU CODE: 6504     70
debtcashflow initial values:   0.000010   6.398921
stddev initial values:   0.000010   6.398921
ecfconst solution invest:   9.663190  13.528466
debt cf solution invest: 2.93534515 4.32577180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40348
data: equity =   0.834800  debt =   1.298174  firm =   2.132974

agency cost: EZC - k L (EZC:ecfconst =   9.663190, k:agcpara = 0.28563430)
liq.cash: 10Y average (1Y) =   8.780627 ( 0.38975) : loss rate  0.0913
liq.cash: 10Y std.dev. (1Y) =   3.238657 ( 0.14376)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.0898 0.03945   0.15458 0.08807  0.11410  0.08998    0.8348   1.2982   2.1330
 dbratio     ROA    ROA1 debtcf1
 0.60862 0.18273 0.16309 0.11902

debt amount =   0.1066   investment =   0.1066   debt ratio =  1.00000
RRR on investment =  0.155939      after tax =  0.085766
search range of Y std.dev.:   minimum =   3.390904   maximum =   4.408175
old shareholders wealth =    0.8348    old bondholders =     1.2917
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.117450, k:agcpara = 0.28563430)
liq.cash: 10Y average (1Y) =   9.162016 ( 0.40636) : loss rate  0.0944
liq.cash: 10Y std.dev. (1Y) =   3.390904 ( 0.15039)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.3450 0.04313   0.15694 0.08843  0.11405  0.08913    0.8348   1.3983   2.2331
 dbratio     ROA    ROA1 debtcf1
 0.62617 0.18197 0.16310 0.12909

TOSYOU CODE: 7752     71
debtcashflow initial values:   0.000010   6.142943
stddev initial values:   0.000010   6.142943
ecfconst solution invest:  10.332542  14.465559
debt cf solution invest: 0.98121510 1.44600120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37472
data: equity =   1.605211  debt =   0.442437  firm =   2.047648

agency cost: EZC - k L (EZC:ecfconst =  10.332542, k:agcpara = 0.36812081)
liq.cash: 10Y average (1Y) =   9.952325 ( 0.44309) : loss rate  0.0368
liq.cash: 10Y std.dev. (1Y) =   4.255906 ( 0.18948)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0329 0.01805   0.13355 0.08658  0.12340  0.11498    1.6052   0.4424   2.0477
 dbratio     ROA    ROA1 debtcf1
 0.21607 0.21639 0.17570 0.03950

debt amount =   0.1024   investment =   0.1024   debt ratio =  1.00000
RRR on investment =  0.172859      after tax =  0.095073
search range of Y std.dev.:   minimum =   4.463621   maximum =   5.802708
old shareholders wealth =    1.6052    old bondholders =     0.4398
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.836836, k:agcpara = 0.36812081)
liq.cash: 10Y average (1Y) =  10.368107 ( 0.46113) : loss rate  0.0433
liq.cash: 10Y std.dev. (1Y) =   4.463621 ( 0.19852)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2733 0.02080   0.13550 0.08702  0.12326  0.11337    1.6052   0.5422   2.1474
 dbratio     ROA    ROA1 debtcf1
 0.25248 0.21474 0.17571 0.04881

TOSYOU CODE: 6781     72
debtcashflow initial values:   0.000010   6.035955
stddev initial values:   0.000010   6.035955
ecfconst solution invest:   7.495416  10.493582
debt cf solution invest: 0.10691015 0.15755180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.44090
data: equity =   1.963273  debt =   0.048712  firm =   2.011985

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

debt amount =   0.0443   investment =   0.1006   debt ratio =  0.43999
RRR on investment =  0.140467      after tax =  0.077257
search range of Y std.dev.:   minimum =   3.945100   maximum =   5.128630
old shareholders wealth =    1.9633    old bondholders =     0.0486
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   7.869890, k:agcpara = 0.39818772)
liq.cash: 10Y average (1Y) =   7.784231 ( 0.36369) : loss rate  0.0109
liq.cash: 10Y std.dev. (1Y) =   3.945100 ( 0.18432)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2151 0.02752   0.09596 0.08466  0.09547  0.09379    2.0196   0.0928   2.1124
 dbratio     ROA    ROA1 debtcf1
 0.04394 0.17217 0.14056 0.00826

TOSYOU CODE: 4204     73
debtcashflow initial values:   0.000010   6.001511
stddev initial values:   0.000010   6.001511
ecfconst solution invest:   7.570210  10.598294
debt cf solution invest: 2.99211335 4.40943020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21291
data: equity =   0.741989  debt =   1.258515  firm =   2.000504

agency cost: EZC - k L (EZC:ecfconst =   7.570210, k:agcpara = 0.23216865)
liq.cash: 10Y average (1Y) =   6.838973 ( 0.30018) : loss rate  0.0966
liq.cash: 10Y std.dev. (1Y) =   2.928162 ( 0.12852)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1496 0.10384   0.12454 0.08928  0.10236  0.07708    0.7420   1.2585   2.0005
 dbratio     ROA    ROA1 debtcf1
 0.62910 0.15005 0.14234 0.12490

debt amount =   0.1000   investment =   0.1000   debt ratio =  1.00000
RRR on investment =  0.131852      after tax =  0.072519
search range of Y std.dev.:   minimum =   3.061666   maximum =   3.980166
old shareholders wealth =    0.7420    old bondholders =     1.2495
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.915359, k:agcpara = 0.23216865)
liq.cash: 10Y average (1Y) =   7.125587 ( 0.31214) : loss rate  0.0998
liq.cash: 10Y std.dev. (1Y) =   3.061666 ( 0.13412)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.4017 0.11194   0.12584 0.08963  0.10247  0.07645    0.7420   1.3496   2.0916
 dbratio     ROA    ROA1 debtcf1
 0.64524 0.14924 0.14235 0.13531

TOSYOU CODE: 3404     74
debtcashflow initial values:   0.000010   5.993392
stddev initial values:   0.000010   5.993392
ecfconst solution invest:   8.622517  12.071524
debt cf solution invest: 3.05912540 4.50818480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40187
data: equity =   0.646643  debt =   1.351155  firm =   1.997797

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

debt amount =   0.0999   investment =   0.0999   debt ratio =  1.00000
RRR on investment =  0.149857      after tax =  0.082422
search range of Y std.dev.:   minimum =   2.837542   maximum =   3.688804
old shareholders wealth =    0.6466    old bondholders =     1.3446
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.026127, k:agcpara = 0.26041229)
liq.cash: 10Y average (1Y) =   8.125270 ( 0.35941) : loss rate  0.0998
liq.cash: 10Y std.dev. (1Y) =   2.837542 ( 0.12551)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.4593 0.05005   0.16076 0.08848  0.11083  0.08333    0.6466   1.4445   2.0912
 dbratio     ROA    ROA1 debtcf1
 0.69078 0.17187 0.15747 0.13358

TOSYOU CODE: 4182     75
debtcashflow initial values:   0.000010   5.946524
stddev initial values:   0.000010   5.946524
ecfconst solution invest:   7.948191  11.127467
debt cf solution invest: 2.60032385 3.83205620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.23799
data: equity =   0.878067  debt =   1.104108  firm =   1.982175

agency cost: EZC - k L (EZC:ecfconst =   7.948191, k:agcpara = 0.26272421)
liq.cash: 10Y average (1Y) =   7.229067 ( 0.32029) : loss rate  0.0905
liq.cash: 10Y std.dev. (1Y) =   3.198631 ( 0.14172)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7372 0.08011   0.12647 0.08924  0.10573  0.08336    0.8781   1.1041   1.9822
 dbratio     ROA    ROA1 debtcf1
 0.55702 0.16158 0.14898 0.10788

debt amount =   0.0991   investment =   0.0991   debt ratio =  1.00000
RRR on investment =  0.139661      after tax =  0.076814
search range of Y std.dev.:   minimum =   3.346054   maximum =   4.349870
old shareholders wealth =    0.8781    old bondholders =     1.0962
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.314518, k:agcpara = 0.26272421)
liq.cash: 10Y average (1Y) =   7.530377 ( 0.33295) : loss rate  0.0943
liq.cash: 10Y std.dev. (1Y) =   3.346054 ( 0.14794)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9847 0.08715   0.12789 0.08962  0.10583  0.08258    0.8781   1.1953   2.0734
 dbratio     ROA    ROA1 debtcf1
 0.57650 0.16058 0.14899 0.11799

TOSYOU CODE: 5231     76
debtcashflow initial values:   0.000010   5.726965
stddev initial values:   0.000010   5.726965
ecfconst solution invest:   5.189735   7.265629
debt cf solution invest: 3.72396390 5.48794680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.20106
data: equity =   0.429353  debt =   1.479635  firm =   1.908988

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

debt amount =   0.0000   investment =   0.0954   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.289945   maximum =   2.976928
old shareholders wealth =    0.4294    old bondholders =     1.4056
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   5.223127, k:agcpara = 0.14621415)
liq.cash: 10Y average (1Y) =   4.649973 ( 0.19296) : loss rate  0.1097
liq.cash: 10Y std.dev. (1Y) =   2.976928 ( 0.12354)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.9200 0.40314   0.06727 0.07679  0.07420  0.04904    0.5248   1.4056   1.9304
 dbratio     ROA    ROA1 debtcf1
 0.72814 0.09996 0.10466 0.17623

TOSYOU CODE: 5471     77
debtcashflow initial values:   0.000010   5.709884
stddev initial values:   0.000010   5.709884
ecfconst solution invest:   5.710964   7.995350
debt cf solution invest: 3.21678835 4.74053020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08141  std.dev = 0.10067  lambda =  -0.31337
riskless rate of interest = 0.08297  correlation =  0.38347
data: equity =   0.660107  debt =   1.243188  firm =   1.903295

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

debt amount =   0.0000   investment =   0.0952   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   3.116930   maximum =   4.052009
old shareholders wealth =    0.6601    old bondholders =     1.1607
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   5.712197, k:agcpara = 0.20879766)
liq.cash: 10Y average (1Y) =   5.005189 ( 0.21288) : loss rate  0.1238
liq.cash: 10Y std.dev. (1Y) =   4.052009 ( 0.17234)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.3861 0.34473   0.07898 0.08126  0.08036  0.05821    0.7553   1.1607   1.9160
 dbratio     ROA    ROA1 debtcf1
 0.60580 0.11111 0.11543 0.15270

TOSYOU CODE: 4151     78
debtcashflow initial values:   0.000010   5.687126
stddev initial values:   0.000010   5.687126
ecfconst solution invest:   6.973108   9.762351
debt cf solution invest: 1.73563480 2.55777760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23342
data: equity =   1.178301  debt =   0.717408  firm =   1.895709

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

debt amount =   0.0948   investment =   0.0948   debt ratio =  1.00000
RRR on investment =  0.131248      after tax =  0.072187
search range of Y std.dev.:   minimum =   3.914776   maximum =   5.089209
old shareholders wealth =    1.1783    old bondholders =     0.6457
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   7.298436, k:agcpara = 0.30079071)
liq.cash: 10Y average (1Y) =   6.668230 ( 0.29834) : loss rate  0.0863
liq.cash: 10Y std.dev. (1Y) =   5.089209 ( 0.22770)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0952 0.18444   0.10548 0.09066  0.09976  0.08402    1.1783   0.7405   1.9188
 dbratio     ROA    ROA1 debtcf1
 0.38592 0.15548 0.14293 0.08888

TOSYOU CODE: 3405     79
debtcashflow initial values:   0.000010   5.613427
stddev initial values:   0.000010   5.613427
ecfconst solution invest:   6.868772   9.616281
debt cf solution invest: 3.35443765 4.94338180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36238
data: equity =   0.385982  debt =   1.485160  firm =   1.871142

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

debt amount =   0.0936   investment =   0.0936   debt ratio =  1.00000
RRR on investment =  0.130812      after tax =  0.071947
search range of Y std.dev.:   minimum =   1.873140   maximum =   2.435082
old shareholders wealth =    0.3860    old bondholders =     1.4787
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.188647, k:agcpara = 0.18646626)
liq.cash: 10Y average (1Y) =   6.488579 ( 0.28149) : loss rate  0.0974
liq.cash: 10Y std.dev. (1Y) =   1.873140 ( 0.08126)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7544 0.07219   0.15949 0.08794  0.10204  0.07027    0.3860   1.5722   1.9582
 dbratio     ROA    ROA1 debtcf1
 0.80289 0.14375 0.13888 0.14505

TOSYOU CODE: 7205     80
debtcashflow initial values:   0.000010   5.351560
stddev initial values:   0.000010   5.351560
ecfconst solution invest:   8.683420  12.156788
debt cf solution invest: 2.17627330 3.20713960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.44719
data: equity =   0.809298  debt =   0.974555  firm =   1.783853

agency cost: EZC - k L (EZC:ecfconst =   8.683420, k:agcpara = 0.31697841)
liq.cash: 10Y average (1Y) =   7.957281 ( 0.35346) : loss rate  0.0836
liq.cash: 10Y std.dev. (1Y) =   2.942739 ( 0.13072)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2908 0.02708   0.15717 0.08734  0.11902  0.09755    0.8093   0.9745   1.7838
 dbratio     ROA    ROA1 debtcf1
 0.54632 0.19815 0.17148 0.08774

debt amount =   0.0892   investment =   0.0892   debt ratio =  1.00000
RRR on investment =  0.165605      after tax =  0.091083
search range of Y std.dev.:   minimum =   3.082667   maximum =   4.007467
old shareholders wealth =    0.8093    old bondholders =     0.9701
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.096318, k:agcpara = 0.31697841)
liq.cash: 10Y average (1Y) =   8.303414 ( 0.36870) : loss rate  0.0872
liq.cash: 10Y std.dev. (1Y) =   3.082667 ( 0.13688)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5014 0.02991   0.15968 0.08769  0.11887  0.09650    0.8093   1.0592   1.8685
 dbratio     ROA    ROA1 debtcf1
 0.56688 0.19732 0.17148 0.09598

TOSYOU CODE: 5486     81
debtcashflow initial values:   0.000010   5.323947
stddev initial values:   0.000010   5.323947
ecfconst solution invest:   9.045734  12.664028
debt cf solution invest: 1.34416355 1.98087260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41485
data: equity =   1.169431  debt =   0.605218  firm =   1.774649

agency cost: EZC - k L (EZC:ecfconst =   9.045734, k:agcpara = 0.35434229)
liq.cash: 10Y average (1Y) =   8.544372 ( 0.37882) : loss rate  0.0554
liq.cash: 10Y std.dev. (1Y) =   3.456864 ( 0.15326)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4149 0.01958   0.14286 0.08684  0.12376  0.11043    1.1694   0.6052   1.7746
 dbratio     ROA    ROA1 debtcf1
 0.34104 0.21346 0.17688 0.05410

debt amount =   0.0887   investment =   0.0887   debt ratio =  1.00000
RRR on investment =  0.172856      after tax =  0.095071
search range of Y std.dev.:   minimum =   3.623884   maximum =   4.711050
old shareholders wealth =    1.1694    old bondholders =     0.6021
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.482784, k:agcpara = 0.35434229)
liq.cash: 10Y average (1Y) =   8.907532 ( 0.39468) : loss rate  0.0607
liq.cash: 10Y std.dev. (1Y) =   3.623884 ( 0.16057)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6234 0.02221   0.14506 0.08722  0.12358  0.10901    1.1694   0.6908   1.8602
 dbratio     ROA    ROA1 debtcf1
 0.37135 0.21217 0.17689 0.06220

TOSYOU CODE: 4511     82
debtcashflow initial values:   0.000010   5.307561
stddev initial values:   0.000010   5.307561
ecfconst solution invest:   7.009717   9.813604
debt cf solution invest: 0.44069265 0.64944180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16740
data: equity =   1.570108  debt =   0.199079  firm =   1.769187

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

debt amount =   0.0885   investment =   0.0885   debt ratio =  1.00000
RRR on investment =  0.145825      after tax =  0.080204
search range of Y std.dev.:   minimum =   3.497482   maximum =   4.546727
old shareholders wealth =    1.5701    old bondholders =     0.1973
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.354803, k:agcpara = 0.37016109)
liq.cash: 10Y average (1Y) =   7.106111 ( 0.32728) : loss rate  0.0338
liq.cash: 10Y std.dev. (1Y) =   3.497482 ( 0.16108)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6718 0.03291   0.10423 0.08563  0.10136  0.09543    1.5701   0.2858   1.8559
 dbratio     ROA    ROA1 debtcf1
 0.15399 0.17635 0.14763 0.02595

TOSYOU CODE: 5738     83
debtcashflow initial values:   0.000010   5.274972
stddev initial values:   0.000010   5.274972
ecfconst solution invest:   5.800204   8.120286
debt cf solution invest: 3.23153615 4.76226380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22582
data: equity =   0.360204  debt =   1.398120  firm =   1.758324

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

debt amount =   0.0879   investment =   0.0879   debt ratio =  1.00000
RRR on investment =  0.116733      after tax =  0.064203
search range of Y std.dev.:   minimum =   1.686124   maximum =   2.191962
old shareholders wealth =    0.3602    old bondholders =     1.3905
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.065397, k:agcpara = 0.14916657)
liq.cash: 10Y average (1Y) =   5.525908 ( 0.23504) : loss rate  0.0889
liq.cash: 10Y std.dev. (1Y) =   1.686124 ( 0.07172)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6167 0.12875   0.13223 0.08805  0.09671  0.06485    0.3602   1.4784   1.8386
 dbratio     ROA    ROA1 debtcf1
 0.80409 0.12783 0.12677 0.14205

TOSYOU CODE: 5631     84
debtcashflow initial values:   0.000010   5.204716
stddev initial values:   0.000010   5.204716
ecfconst solution invest:   6.675636   9.345890
debt cf solution invest: 2.78203035 4.09983420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27437
data: equity =   0.544451  debt =   1.190454  firm =   1.734905

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

debt amount =   0.0867   investment =   0.0867   debt ratio =  1.00000
RRR on investment =  0.134324      after tax =  0.073878
search range of Y std.dev.:   minimum =   2.388935   maximum =   3.105615
old shareholders wealth =    0.5445    old bondholders =     1.1831
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.981564, k:agcpara = 0.22001288)
liq.cash: 10Y average (1Y) =   6.290027 ( 0.27488) : loss rate  0.0991
liq.cash: 10Y std.dev. (1Y) =   2.388935 ( 0.10440)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1432 0.09387   0.13926 0.08954  0.10446  0.07626    0.5445   1.2699   1.8143
 dbratio     ROA    ROA1 debtcf1
 0.69991 0.15151 0.14426 0.12357

TOSYOU CODE: 7270     85
debtcashflow initial values:   0.000010   5.132730
stddev initial values:   0.000010   5.132730
ecfconst solution invest:   7.619205  10.666887
debt cf solution invest: 1.77032310 2.60889720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30646
data: equity =   0.939732  debt =   0.771178  firm =   1.710910

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

debt amount =   0.0855   investment =   0.0855   debt ratio =  1.00000
RRR on investment =  0.154228      after tax =  0.084825
search range of Y std.dev.:   minimum =   3.209710   maximum =   4.172623
old shareholders wealth =    0.9397    old bondholders =     0.7661
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.978221, k:agcpara = 0.30735321)
liq.cash: 10Y average (1Y) =   7.341513 ( 0.32710) : loss rate  0.0798
liq.cash: 10Y std.dev. (1Y) =   3.209710 ( 0.14301)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0716 0.05031   0.13485 0.08894  0.11303  0.09400    0.9397   0.8516   1.7914
 dbratio     ROA    ROA1 debtcf1
 0.47541 0.18260 0.16111 0.08070

TOSYOU CODE: 5812     86
debtcashflow initial values:   0.000010   4.953167
stddev initial values:   0.000010   4.953167
ecfconst solution invest:   8.337592  11.672629
debt cf solution invest: 1.42945455 2.10656460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41944
data: equity =   1.008932  debt =   0.642124  firm =   1.651056

agency cost: EZC - k L (EZC:ecfconst =   8.337592, k:agcpara = 0.34614507)
liq.cash: 10Y average (1Y) =   7.816751 ( 0.34669) : loss rate  0.0625
liq.cash: 10Y std.dev. (1Y) =   3.119128 ( 0.13834)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5047 0.02150   0.14550 0.08702  0.12276  0.10753    1.0089   0.6421   1.6511
 dbratio     ROA    ROA1 debtcf1
 0.38891 0.20998 0.17579 0.05759

debt amount =   0.0826   investment =   0.0826   debt ratio =  1.00000
RRR on investment =  0.171230      after tax =  0.094176
search range of Y std.dev.:   minimum =   3.269146   maximum =   4.249890
old shareholders wealth =    1.0089    old bondholders =     0.6388
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.738599, k:agcpara = 0.34614507)
liq.cash: 10Y average (1Y) =   8.150454 ( 0.36128) : loss rate  0.0673
liq.cash: 10Y std.dev. (1Y) =   3.269146 ( 0.14491)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6991 0.02423   0.14776 0.08741  0.12260  0.10620    1.0089   0.7214   1.7303
 dbratio     ROA    ROA1 debtcf1
 0.41691 0.20879 0.17579 0.06516

TOSYOU CODE: 5901     87
debtcashflow initial values:   0.000010   4.910643
stddev initial values:   0.000010   4.910643
ecfconst solution invest:   7.529341  10.541077
debt cf solution invest: 1.83232105 2.70026260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35695
data: equity =   0.830904  debt =   0.805977  firm =   1.636881

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

debt amount =   0.0818   investment =   0.0818   debt ratio =  1.00000
RRR on investment =  0.158164      after tax =  0.086990
search range of Y std.dev.:   minimum =   2.964139   maximum =   3.853381
old shareholders wealth =    0.8309    old bondholders =     0.8013
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.884716, k:agcpara = 0.30762325)
liq.cash: 10Y average (1Y) =   7.230780 ( 0.32137) : loss rate  0.0829
liq.cash: 10Y std.dev. (1Y) =   2.964139 ( 0.13174)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1258 0.04251   0.14394 0.08863  0.11544  0.09489    0.8309   0.8831   1.7140
 dbratio     ROA    ROA1 debtcf1
 0.51523 0.18749 0.16487 0.08233

TOSYOU CODE: 6011     88
debtcashflow initial values:   0.000010   4.905375
stddev initial values:   0.000010   4.905375
ecfconst solution invest:   5.525991   7.736387
debt cf solution invest: 2.24138630 3.30309560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.06774
data: equity =   0.729029  debt =   0.906096  firm =   1.635125

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

debt amount =   0.0818   investment =   0.0818   debt ratio =  1.00000
RRR on investment =  0.030417      after tax =  0.016730
search range of Y std.dev.:   minimum =   2.834007   maximum =   3.684209
old shareholders wealth =    0.7290    old bondholders =     0.8176
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   5.636311, k:agcpara = 0.24630340)
liq.cash: 10Y average (1Y) =   4.997083 ( 0.21866) : loss rate  0.1134
liq.cash: 10Y std.dev. (1Y) =   3.684209 ( 0.16121)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5953 0.25723   0.09864 0.08829  0.09292  0.07098    0.7290   0.8993   1.6284
 dbratio     ROA    ROA1 debtcf1
 0.55229 0.13428 0.13220 0.11254

TOSYOU CODE: 4023     89
debtcashflow initial values:   0.000010   4.877713
stddev initial values:   0.000010   4.877713
ecfconst solution invest:   6.332523   8.865532
debt cf solution invest: 1.22166010 1.80034120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14822
data: equity =   1.109247  debt =   0.516657  firm =   1.625904

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

debt amount =   0.0813   investment =   0.0813   debt ratio =  1.00000
RRR on investment =  0.139286      after tax =  0.076607
search range of Y std.dev.:   minimum =   3.418673   maximum =   4.444275
old shareholders wealth =    1.1092    old bondholders =     0.5121
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.632021, k:agcpara = 0.31714299)
liq.cash: 10Y average (1Y) =   6.159446 ( 0.27848) : loss rate  0.0713
liq.cash: 10Y std.dev. (1Y) =   3.418673 ( 0.15457)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4901 0.08600   0.10767 0.08816  0.10087  0.08704    1.1092   0.5934   1.7026
 dbratio     ROA    ROA1 debtcf1
 0.34852 0.16356 0.14565 0.05954

TOSYOU CODE: 5232     90
debtcashflow initial values:   0.000010   4.852032
stddev initial values:   0.000010   4.852032
ecfconst solution invest:   5.154381   7.216133
debt cf solution invest: 2.97315325 4.38148900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15538
data: equity =   0.352508  debt =   1.264836  firm =   1.617344

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

debt amount =   0.0809   investment =   0.0809   debt ratio =  1.00000
RRR on investment =  0.111274      after tax =  0.061201
search range of Y std.dev.:   minimum =   1.635873   maximum =   2.126635
old shareholders wealth =    0.3525    old bondholders =     1.1602
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   5.386647, k:agcpara = 0.14799129)
liq.cash: 10Y average (1Y) =   4.891205 ( 0.20894) : loss rate  0.0920
liq.cash: 10Y std.dev. (1Y) =   2.126635 ( 0.09084)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.3478 0.23399   0.12316 0.09081  0.09796  0.06614    0.3525   1.2410   1.5936
 dbratio     ROA    ROA1 debtcf1
 0.77879 0.13112 0.12952 0.13813

TOSYOU CODE: 2202     91
debtcashflow initial values:   0.000010   4.758193
stddev initial values:   0.000010   4.758193
ecfconst solution invest:   6.146389   8.604945
debt cf solution invest: 1.15391940 1.70051280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14258
data: equity =   1.098283  debt =   0.487781  firm =   1.586064

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

debt amount =   0.0793   investment =   0.0793   debt ratio =  1.00000
RRR on investment =  0.138860      after tax =  0.076373
search range of Y std.dev.:   minimum =   3.362682   maximum =   4.371487
old shareholders wealth =    1.0983    old bondholders =     0.4834
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.437456, k:agcpara = 0.31900220)
liq.cash: 10Y average (1Y) =   5.986414 ( 0.27096) : loss rate  0.0701
liq.cash: 10Y std.dev. (1Y) =   3.362682 ( 0.15220)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4139 0.08695   0.10664 0.08804  0.10034  0.08692    1.0983   0.5627   1.6610
 dbratio     ROA    ROA1 debtcf1
 0.33878 0.16313 0.14508 0.05655

TOSYOU CODE: 7210     92
debtcashflow initial values:   0.000010   4.731545
stddev initial values:   0.000010   4.731545
ecfconst solution invest:   6.274783   8.784696
debt cf solution invest: 2.49300995 3.67390940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31035
data: equity =   0.500743  debt =   1.076439  firm =   1.577182

agency cost: EZC - k L (EZC:ecfconst =   6.274783, k:agcpara = 0.23053319)
liq.cash: 10Y average (1Y) =   5.669813 ( 0.24905) : loss rate  0.0964
liq.cash: 10Y std.dev. (1Y) =   2.097281 ( 0.09212)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6242 0.07323   0.14369 0.08902  0.10638  0.07904    0.5007   1.0764   1.5772
 dbratio     ROA    ROA1 debtcf1
 0.68251 0.15790 0.14808 0.10235

debt amount =   0.0789   investment =   0.0789   debt ratio =  1.00000
RRR on investment =  0.138779      after tax =  0.076328
search range of Y std.dev.:   minimum =   2.193953   maximum =   2.852139
old shareholders wealth =    0.5007    old bondholders =     1.0702
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.564014, k:agcpara = 0.23053319)
liq.cash: 10Y average (1Y) =   5.914465 ( 0.25943) : loss rate  0.0990
liq.cash: 10Y std.dev. (1Y) =   2.193953 ( 0.09623)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.8176 0.07904   0.14561 0.08938  0.10645  0.07843    0.5007   1.1490   1.6498
 dbratio     ROA    ROA1 debtcf1
 0.69648 0.15725 0.14809 0.11015

TOSYOU CODE: 5714     93
debtcashflow initial values:   0.000010   4.719558
stddev initial values:   0.000010   4.719558
ecfconst solution invest:   6.162734   8.627828
debt cf solution invest: 2.09269610 3.08397320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21538
data: equity =   0.690249  debt =   0.882937  firm =   1.573186

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

debt amount =   0.0787   investment =   0.0787   debt ratio =  1.00000
RRR on investment =  0.136616      after tax =  0.075139
search range of Y std.dev.:   minimum =   2.644999   maximum =   3.438498
old shareholders wealth =    0.6902    old bondholders =     0.8764
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.445800, k:agcpara = 0.25753201)
liq.cash: 10Y average (1Y) =   5.827584 ( 0.25733) : loss rate  0.0959
liq.cash: 10Y std.dev. (1Y) =   2.644999 ( 0.11680)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4005 0.09754   0.12413 0.08958  0.10408  0.08068    0.6902   0.9551   1.6453
 dbratio     ROA    ROA1 debtcf1
 0.58048 0.15640 0.14631 0.09533

TOSYOU CODE: 6645     94
debtcashflow initial values:   0.000010   4.646486
stddev initial values:   0.000010   4.646486
ecfconst solution invest:   7.979427  11.171198
debt cf solution invest: 0.81894940 1.20687280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40078
data: equity =   1.178384  debt =   0.370445  firm =   1.548829

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

debt amount =   0.0774   investment =   0.0774   debt ratio =  1.00000
RRR on investment =  0.175224      after tax =  0.096373
search range of Y std.dev.:   minimum =   3.343023   maximum =   4.345930
old shareholders wealth =    1.1784    old bondholders =     0.3684
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.368634, k:agcpara = 0.36896471)
liq.cash: 10Y average (1Y) =   7.983706 ( 0.35380) : loss rate  0.0460
liq.cash: 10Y std.dev. (1Y) =   3.343023 ( 0.14815)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0433 0.01894   0.13938 0.08686  0.12496  0.11423    1.1784   0.4458   1.6242
 dbratio     ROA    ROA1 debtcf1
 0.27449 0.21783 0.17815 0.03992

TOSYOU CODE: 6770     95
debtcashflow initial values:   0.000010   4.600013
stddev initial values:   0.000010   4.600013
ecfconst solution invest:   7.480136  10.472190
debt cf solution invest: 0.60093770 0.88559240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33420
data: equity =   1.263488  debt =   0.269850  firm =   1.533338

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

debt amount =   0.0767   investment =   0.0767   debt ratio =  1.00000
RRR on investment =  0.169119      after tax =  0.093016
search range of Y std.dev.:   minimum =   3.398327   maximum =   4.417826
old shareholders wealth =    1.2635    old bondholders =     0.2680
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.845896, k:agcpara = 0.36803093)
liq.cash: 10Y average (1Y) =   7.546492 ( 0.33778) : loss rate  0.0382
liq.cash: 10Y std.dev. (1Y) =   3.398327 ( 0.15211)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8135 0.02378   0.12943 0.08717  0.12037  0.11196    1.2635   0.3447   1.6081
 dbratio     ROA    ROA1 debtcf1
 0.21432 0.21005 0.17174 0.03128

TOSYOU CODE: 4522     96
debtcashflow initial values:   0.000010   4.593159
stddev initial values:   0.000010   4.593159
ecfconst solution invest:   5.675139   7.945195
debt cf solution invest: 0.23893925 0.35212100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.22847
data: equity =   1.423945  debt =   0.107108  firm =   1.531053

agency cost: EZC - k L (EZC:ecfconst =   5.675139, k:agcpara = 0.38167694)
liq.cash: 10Y average (1Y) =   5.579142 ( 0.26009) : loss rate  0.0169
liq.cash: 10Y std.dev. (1Y) =   2.994776 ( 0.13961)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2515 0.03762   0.09581 0.08495  0.09505  0.09238    1.4239   0.1071   1.5311
 dbratio     ROA    ROA1 debtcf1
 0.06995 0.16988 0.13998 0.00974

debt amount =   0.0766   investment =   0.0766   debt ratio =  1.00000
RRR on investment =  0.139052      after tax =  0.076479
search range of Y std.dev.:   minimum =   3.143296   maximum =   4.086285
old shareholders wealth =    1.4239    old bondholders =     0.1061
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.956586, k:agcpara = 0.38167694)
liq.cash: 10Y average (1Y) =   5.791294 ( 0.26879) : loss rate  0.0277
liq.cash: 10Y std.dev. (1Y) =   3.143296 ( 0.14589)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4331 0.04413   0.09637 0.08529  0.09511  0.09075    1.4239   0.1826   1.6066
 dbratio     ROA    ROA1 debtcf1
 0.11366 0.16731 0.14001 0.01686

TOSYOU CODE: 6366     97
debtcashflow initial values:   0.000010   4.554172
stddev initial values:   0.000010   4.554172
ecfconst solution invest:   4.813185   6.738459
debt cf solution invest: 1.98185580 2.92062960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.16887
data: equity =   0.743742  debt =   0.774315  firm =   1.518057

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

debt amount =   0.0000   investment =   0.0759   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.968377   maximum =   3.858890
old shareholders wealth =    0.7437    old bondholders =     0.7178
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   4.825688, k:agcpara = 0.26141535)
liq.cash: 10Y average (1Y) =   4.280333 ( 0.18613) : loss rate  0.1130
liq.cash: 10Y std.dev. (1Y) =   3.858890 ( 0.16781)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0862 0.28481   0.08384 0.08332  0.08359  0.06609    0.8196   0.7178   1.5374
 dbratio     ROA    ROA1 debtcf1
 0.46688 0.12107 0.12118 0.09298

TOSYOU CODE: 4507     98
debtcashflow initial values:   0.000010   4.516107
stddev initial values:   0.000010   4.516107
ecfconst solution invest:   6.535443   9.149620
debt cf solution invest: 0.54351875 0.80097500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22298
data: equity =   1.266674  debt =   0.238695  firm =   1.505369

agency cost: EZC - k L (EZC:ecfconst =   6.535443, k:agcpara = 0.35617141)
liq.cash: 10Y average (1Y) =   6.331668 ( 0.28885) : loss rate  0.0312
liq.cash: 10Y std.dev. (1Y) =   3.229687 ( 0.14734)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5721 0.03727   0.11409 0.08724  0.10984  0.10361    1.2667   0.2387   1.5054
 dbratio     ROA    ROA1 debtcf1
 0.15857 0.19188 0.15814 0.02224

debt amount =   0.0753   investment =   0.0753   debt ratio =  1.00000
RRR on investment =  0.155091      after tax =  0.085300
search range of Y std.dev.:   minimum =   3.386963   maximum =   4.403052
old shareholders wealth =    1.2667    old bondholders =     0.2366
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.853699, k:agcpara = 0.35617141)
liq.cash: 10Y average (1Y) =   6.585089 ( 0.29957) : loss rate  0.0392
liq.cash: 10Y std.dev. (1Y) =   3.386963 ( 0.15408)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7542 0.04257   0.11533 0.08774  0.10988  0.10208    1.2667   0.3118   1.5785
 dbratio     ROA    ROA1 debtcf1
 0.19755 0.18978 0.15816 0.02943

TOSYOU CODE: 6041     99
debtcashflow initial values:   0.000010   4.418088
stddev initial values:   0.000010   4.418088
ecfconst solution invest:   5.012220   7.017108
debt cf solution invest: 1.09572145 1.61474740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.21604
data: equity =   1.028015  debt =   0.444681  firm =   1.472696

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

debt amount =   0.0736   investment =   0.0736   debt ratio =  1.00000
RRR on investment =  0.018012      after tax =  0.009906
search range of Y std.dev.:   minimum =   3.297594   maximum =   4.286872
old shareholders wealth =    1.0280    old bondholders =     0.4028
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   5.100246, k:agcpara = 0.31753597)
liq.cash: 10Y average (1Y) =   4.667052 ( 0.20857) : loss rate  0.0849
liq.cash: 10Y std.dev. (1Y) =   4.286872 ( 0.19158)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3642 0.22052   0.09109 0.08634  0.08959  0.07728    1.0280   0.4764   1.5045
 dbratio     ROA    ROA1 debtcf1
 0.31669 0.13864 0.12985 0.05946

TOSYOU CODE: 7269    100
debtcashflow initial values:   0.000010   4.351168
stddev initial values:   0.000010   4.351168
ecfconst solution invest:   5.964446   8.350224
debt cf solution invest: 1.48294715 2.18539580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22142
data: equity =   0.817914  debt =   0.632475  firm =   1.450389

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

debt amount =   0.0725   investment =   0.0725   debt ratio =  1.00000
RRR on investment =  0.144149      after tax =  0.079282
search range of Y std.dev.:   minimum =   2.762228   maximum =   3.590896
old shareholders wealth =    0.8179    old bondholders =     0.6276
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.243239, k:agcpara = 0.29622504)
liq.cash: 10Y average (1Y) =   5.727404 ( 0.25587) : loss rate  0.0826
liq.cash: 10Y std.dev. (1Y) =   2.762228 ( 0.12340)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7414 0.07450   0.12151 0.08919  0.10660  0.08809    0.8179   0.7001   1.5181
 dbratio     ROA    ROA1 debtcf1
 0.46121 0.16855 0.15189 0.06880

TOSYOU CODE: 6473    101
debtcashflow initial values:   0.000010   4.337962
stddev initial values:   0.000010   4.337962
ecfconst solution invest:   6.123412   8.572777
debt cf solution invest: 2.10524845 3.10247140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34303
data: equity =   0.529532  debt =   0.916455  firm =   1.445987

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

debt amount =   0.0723   investment =   0.0723   debt ratio =  1.00000
RRR on investment =  0.146842      after tax =  0.080763
search range of Y std.dev.:   minimum =   2.203011   maximum =   2.863915
old shareholders wealth =    0.5295    old bondholders =     0.9112
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.407971, k:agcpara = 0.25922039)
liq.cash: 10Y average (1Y) =   5.787948 ( 0.25560) : loss rate  0.0968
liq.cash: 10Y std.dev. (1Y) =   2.203011 ( 0.09729)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3919 0.06159   0.14879 0.08918  0.11004  0.08395    0.5295   0.9835   1.5131
 dbratio     ROA    ROA1 debtcf1
 0.65003 0.16892 0.15528 0.09306

TOSYOU CODE: 4118    102
debtcashflow initial values:   0.000010   4.277988
stddev initial values:   0.000010   4.277988
ecfconst solution invest:   5.956683   8.339356
debt cf solution invest: 1.89205515 2.78829180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28861
data: equity =   0.612146  debt =   0.813850  firm =   1.425996

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

debt amount =   0.0713   investment =   0.0713   debt ratio =  1.00000
RRR on investment =  0.144964      after tax =  0.079730
search range of Y std.dev.:   minimum =   2.366128   maximum =   3.075966
old shareholders wealth =    0.6121    old bondholders =     0.8085
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.232744, k:agcpara = 0.26818114)
liq.cash: 10Y average (1Y) =   5.651525 ( 0.25003) : loss rate  0.0933
liq.cash: 10Y std.dev. (1Y) =   2.366128 ( 0.10468)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1673 0.07044   0.13686 0.08951  0.10893  0.08518    0.6121   0.8798   1.4920
 dbratio     ROA    ROA1 debtcf1
 0.58971 0.16758 0.15370 0.08494

TOSYOU CODE: 6472    103
debtcashflow initial values:   0.000010   4.251847
stddev initial values:   0.000010   4.251847
ecfconst solution invest:   7.114076   9.959706
debt cf solution invest: 1.51172455 2.22780460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.44818
data: equity =   0.737822  debt =   0.679460  firm =   1.417282

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

debt amount =   0.0709   investment =   0.0709   debt ratio =  1.00000
RRR on investment =  0.169886      after tax =  0.093438
search range of Y std.dev.:   minimum =   2.618523   maximum =   3.404080
old shareholders wealth =    0.7378    old bondholders =     0.6763
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.454377, k:agcpara = 0.33377087)
liq.cash: 10Y average (1Y) =   6.867597 ( 0.30451) : loss rate  0.0787
liq.cash: 10Y std.dev. (1Y) =   2.618523 ( 0.11611)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7580 0.02551   0.15600 0.08743  0.12150  0.10170    0.7378   0.7471   1.4850
 dbratio     ROA    ROA1 debtcf1
 0.50314 0.20506 0.17509 0.06736

TOSYOU CODE: 7262    104
debtcashflow initial values:   0.000010   4.212633
stddev initial values:   0.000010   4.212633
ecfconst solution invest:   4.653922   6.515491
debt cf solution invest: 1.13693910 1.67548920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08514  std.dev = 0.09959  lambda =   0.43791
riskless rate of interest = 0.08304  correlation =  0.35401
data: equity =   0.948771  debt =   0.455440  firm =   1.404211

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

debt amount =   0.0000   investment =   0.0702   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   3.165226   maximum =   4.114794
old shareholders wealth =    0.9488    old bondholders =     0.4206
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   4.711435, k:agcpara = 0.31285037)
liq.cash: 10Y average (1Y) =   4.337022 ( 0.19374) : loss rate  0.0795
liq.cash: 10Y std.dev. (1Y) =   4.114794 ( 0.18381)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1968 0.22268   0.08742 0.08495  0.08670  0.07553    1.0190   0.4206   1.4395
 dbratio     ROA    ROA1 debtcf1
 0.29215 0.13458 0.12588 0.05234

TOSYOU CODE: 4501    105
debtcashflow initial values:   0.000010   4.205009
stddev initial values:   0.000010   4.205009
ecfconst solution invest:   6.130597   8.582836
debt cf solution invest: 0.93159470 1.37287640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24839
data: equity =   0.995970  debt =   0.405700  firm =   1.401670

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

debt amount =   0.0701   investment =   0.0701   debt ratio =  1.00000
RRR on investment =  0.154019      after tax =  0.084710
search range of Y std.dev.:   minimum =   2.944265   maximum =   3.827545
old shareholders wealth =    0.9960    old bondholders =     0.4026
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.424190, k:agcpara = 0.33463374)
liq.cash: 10Y average (1Y) =   6.038914 ( 0.27208) : loss rate  0.0600
liq.cash: 10Y std.dev. (1Y) =   2.944265 ( 0.13265)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1513 0.04845   0.12161 0.08844  0.11094  0.09813    0.9960   0.4727   1.4686
 dbratio     ROA    ROA1 debtcf1
 0.32184 0.18526 0.15902 0.04500

TOSYOU CODE: 4044    106
debtcashflow initial values:   0.000010   4.203102
stddev initial values:   0.000010   4.203102
ecfconst solution invest:   5.297032   7.415845
debt cf solution invest: 2.43287400 3.58528800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34234
data: equity =   0.334946  debt =   1.066088  firm =   1.401034

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

debt amount =   0.0701   investment =   0.0701   debt ratio =  1.00000
RRR on investment =  0.133547      after tax =  0.073451
search range of Y std.dev.:   minimum =   1.587614   maximum =   2.063898
old shareholders wealth =    0.3349    old bondholders =     1.0609
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.542399, k:agcpara = 0.20041947)
liq.cash: 10Y average (1Y) =   4.995249 ( 0.21755) : loss rate  0.0987
liq.cash: 10Y std.dev. (1Y) =   1.587614 ( 0.06914)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7300 0.07682   0.15480 0.08857  0.10370  0.07295    0.3349   1.1309   1.4659
 dbratio     ROA    ROA1 debtcf1
 0.77150 0.14841 0.14225 0.10597

TOSYOU CODE: 5202    107
debtcashflow initial values:   0.000010   4.110398
stddev initial values:   0.000010   4.110398
ecfconst solution invest:   6.302264   8.823170
debt cf solution invest: 1.38940920 2.04755040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33881
data: equity =   0.759686  debt =   0.610447  firm =   1.370133

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

debt amount =   0.0685   investment =   0.0685   debt ratio =  1.00000
RRR on investment =  0.158514      after tax =  0.087183
search range of Y std.dev.:   minimum =   2.583118   maximum =   3.358053
old shareholders wealth =    0.7597    old bondholders =     0.6067
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.600627, k:agcpara = 0.31553580)
liq.cash: 10Y average (1Y) =   6.087035 ( 0.27099) : loss rate  0.0778
liq.cash: 10Y std.dev. (1Y) =   2.583118 ( 0.11500)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6277 0.04214   0.13930 0.08862  0.11545  0.09669    0.7597   0.6752   1.4349
 dbratio     ROA    ROA1 debtcf1
 0.47056 0.18886 0.16487 0.06311

TOSYOU CODE: 5408    108
debtcashflow initial values:   0.000010   4.108375
stddev initial values:   0.000010   4.108375
ecfconst solution invest:   3.691320   5.167848
debt cf solution invest: 2.61191860 3.84914320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation = -0.07546
data: equity =   0.367523  debt =   1.001935  firm =   1.369458

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

debt amount =   0.0000   investment =   0.0685   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.006919   maximum =   2.608995
old shareholders wealth =    0.3675    old bondholders =     0.9462
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   3.645984, k:agcpara = 0.16972514)
liq.cash: 10Y average (1Y) =   3.179344 ( 0.12997) : loss rate  0.1280
liq.cash: 10Y std.dev. (1Y) =   2.608995 ( 0.10665)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7494 0.43455   0.06296 0.07349  0.07017  0.04753    0.4360   0.9462   1.3822
 dbratio     ROA    ROA1 debtcf1
 0.68456 0.09403 0.10185 0.12837

TOSYOU CODE: 4902    109
debtcashflow initial values:   0.000010   3.971557
stddev initial values:   0.000010   3.971557
ecfconst solution invest:   6.221634   8.710288
debt cf solution invest: 0.66188115 0.97540380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10469  std.dev = 0.07938  lambda =   8.17224
riskless rate of interest = 0.08162  correlation =  0.36209
data: equity =   1.027354  debt =   0.296499  firm =   1.323852

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

debt amount =   0.0662   investment =   0.0662   debt ratio =  1.00000
RRR on investment =  0.163954      after tax =  0.090175
search range of Y std.dev.:   minimum =   2.845710   maximum =   3.699423
old shareholders wealth =    1.0274    old bondholders =     0.2945
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.523747, k:agcpara = 0.35431278)
liq.cash: 10Y average (1Y) =   6.221400 ( 0.27947) : loss rate  0.0463
liq.cash: 10Y std.dev. (1Y) =   2.845710 ( 0.12783)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8533 0.02962   0.12753 0.08694  0.11698  0.10682    1.0274   0.3607   1.3880
 dbratio     ROA    ROA1 debtcf1
 0.25983 0.20135 0.16738 0.03291

TOSYOU CODE: 7272    110
debtcashflow initial values:   0.000010   3.898452
stddev initial values:   0.000010   3.898452
ecfconst solution invest:   3.812773   5.337882
debt cf solution invest: 1.35686315 1.99958780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.12804
data: equity =   0.788656  debt =   0.510828  firm =   1.299484

agency cost: EZC - k L (EZC:ecfconst =   3.812773, k:agcpara = 0.29726199)
liq.cash: 10Y average (1Y) =   3.388201 ( 0.14682) : loss rate  0.1114
liq.cash: 10Y std.dev. (1Y) =   3.222161 ( 0.13962)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4283 0.27151   0.07440 0.07894  0.07618  0.06222    0.7887   0.5108   1.2995
 dbratio     ROA    ROA1 debtcf1
 0.39310 0.11298 0.11365 0.06365

debt amount =   0.0000   investment =   0.0650   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   3.131174   maximum =   4.070526
old shareholders wealth =    0.7887    old bondholders =     0.4759
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   3.705108, k:agcpara = 0.29726199)
liq.cash: 10Y average (1Y) =   3.280536 ( 0.13773) : loss rate  0.1146
liq.cash: 10Y std.dev. (1Y) =   4.070526 ( 0.17090)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4283 0.32454   0.07369 0.07812  0.07527  0.06269    0.8536   0.4759   1.3295
 dbratio     ROA    ROA1 debtcf1
 0.35793 0.10360 0.10793 0.06633

TOSYOU CODE: 4063    111
debtcashflow initial values:   0.000010   3.806597
stddev initial values:   0.000010   3.806597
ecfconst solution invest:   3.595462   5.033647
debt cf solution invest: 1.80657320 2.66231840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.42656
data: equity =   0.614550  debt =   0.654316  firm =   1.268866

agency cost: EZC - k L (EZC:ecfconst =   3.595462, k:agcpara = 0.26243565)
liq.cash: 10Y average (1Y) =   3.096400 ( 0.12995) : loss rate  0.1388
liq.cash: 10Y std.dev. (1Y) =   3.024632 ( 0.12694)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9017 0.34642   0.07040 0.07690  0.07375  0.05591    0.6146   0.6543   1.2689
 dbratio     ROA    ROA1 debtcf1
 0.51567 0.10241 0.10977 0.08738

debt amount =   0.0000   investment =   0.0634   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.910754   maximum =   3.783980
old shareholders wealth =    0.6146    old bondholders =     0.6117
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   3.460092, k:agcpara = 0.26243565)
liq.cash: 10Y average (1Y) =   2.961030 ( 0.11948) : loss rate  0.1442
liq.cash: 10Y std.dev. (1Y) =   3.783980 ( 0.15269)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9017 0.38975   0.06966 0.07588  0.07261  0.05642    0.6780   0.6117   1.2897
 dbratio     ROA    ROA1 debtcf1
 0.47430 0.09265 0.10372 0.09080

TOSYOU CODE: 5332    112
debtcashflow initial values:   0.000010   3.797305
stddev initial values:   0.000010   3.797305
ecfconst solution invest:   4.530846   6.343184
debt cf solution invest: 0.36474870 0.53752440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.26272
data: equity =   1.112142  debt =   0.153626  firm =   1.265768

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

debt amount =   0.0633   investment =   0.0633   debt ratio =  1.00000
RRR on investment =  0.119727      after tax =  0.065850
search range of Y std.dev.:   minimum =   3.100241   maximum =   4.030314
old shareholders wealth =    1.1121    old bondholders =     0.1388
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   4.726932, k:agcpara = 0.35394174)
liq.cash: 10Y average (1Y) =   4.529094 ( 0.20709) : loss rate  0.0419
liq.cash: 10Y std.dev. (1Y) =   4.030314 ( 0.18429)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5590 0.16229   0.09572 0.08782  0.09451  0.08843    1.1121   0.2021   1.3143
 dbratio     ROA    ROA1 debtcf1
 0.15380 0.15757 0.13655 0.02373

TOSYOU CODE: 5101    113
debtcashflow initial values:   0.000010   3.736975
stddev initial values:   0.000010   3.736975
ecfconst solution invest:   3.835880   5.370232
debt cf solution invest: 2.19500445 3.23474340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.06443
data: equity =   0.367312  debt =   0.878346  firm =   1.245658

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

debt amount =   0.0230   investment =   0.0623   debt ratio =  0.36871
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.710551   maximum =   2.223717
old shareholders wealth =    0.3673    old bondholders =     0.8129
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   3.898163, k:agcpara = 0.18497400)
liq.cash: 10Y average (1Y) =   3.458700 ( 0.14813) : loss rate  0.1127
liq.cash: 10Y std.dev. (1Y) =   2.223717 ( 0.09524)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3758 0.31314   0.08993 0.08524  0.08678  0.06097    0.4066   0.8358   1.2424
 dbratio     ROA    ROA1 debtcf1
 0.67272 0.11923 0.12114 0.10369

TOSYOU CODE: 5333    114
debtcashflow initial values:   0.000010   3.594572
stddev initial values:   0.000010   3.594572
ecfconst solution invest:   5.346031   7.484443
debt cf solution invest: 0.37182525 0.54795300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24493
data: equity =   1.033597  debt =   0.164594  firm =   1.198191

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

debt amount =   0.0599   investment =   0.0599   debt ratio =  1.00000
RRR on investment =  0.158689      after tax =  0.087279
search range of Y std.dev.:   minimum =   2.713025   maximum =   3.526933
old shareholders wealth =    1.0336    old bondholders =     0.1631
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.607346, k:agcpara = 0.36222578)
liq.cash: 10Y average (1Y) =   5.413501 ( 0.24582) : loss rate  0.0346
liq.cash: 10Y std.dev. (1Y) =   2.713025 ( 0.12320)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5351 0.03608   0.11767 0.08754  0.11232  0.10533    1.0336   0.2230   1.2566
 dbratio     ROA    ROA1 debtcf1
 0.17748 0.19562 0.16133 0.02079

TOSYOU CODE: 4043    115
debtcashflow initial values:   0.000010   3.575411
stddev initial values:   0.000010   3.575411
ecfconst solution invest:   3.926512   5.497117
debt cf solution invest: 1.99321875 2.93737500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.09422
data: equity =   0.376982  debt =   0.814822  firm =   1.191804

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

debt amount =   0.0596   investment =   0.0596   debt ratio =  1.00000
RRR on investment =  0.054873      after tax =  0.030180
search range of Y std.dev.:   minimum =   1.650455   maximum =   2.145591
old shareholders wealth =    0.3770    old bondholders =     0.7368
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   4.028179, k:agcpara = 0.19636252)
liq.cash: 10Y average (1Y) =   3.582867 ( 0.15477) : loss rate  0.1105
liq.cash: 10Y std.dev. (1Y) =   2.145591 ( 0.09269)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2678 0.26997   0.10648 0.08971  0.09510  0.06770    0.3770   0.7964   1.1734
 dbratio     ROA    ROA1 debtcf1
 0.67873 0.13190 0.13127 0.09698

TOSYOU CODE: 4452    116
debtcashflow initial values:   0.000010   3.520678
stddev initial values:   0.000010   3.520678
ecfconst solution invest:   4.915986   6.882380
debt cf solution invest: 0.77081385 1.13593620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20736
data: equity =   0.841153  debt =   0.332406  firm =   1.173559

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

debt amount =   0.0587   investment =   0.0587   debt ratio =  1.00000
RRR on investment =  0.148772      after tax =  0.081824
search range of Y std.dev.:   minimum =   2.486557   maximum =   3.232524
old shareholders wealth =    0.8412    old bondholders =     0.3297
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.150847, k:agcpara = 0.33060057)
liq.cash: 10Y average (1Y) =   4.834857 ( 0.21860) : loss rate  0.0613
liq.cash: 10Y std.dev. (1Y) =   2.486557 ( 0.11242)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9558 0.05938   0.11577 0.08844  0.10714  0.09457    0.8412   0.3883   1.2295
 dbratio     ROA    ROA1 debtcf1
 0.31585 0.17780 0.15403 0.03763

TOSYOU CODE: 7731    117
debtcashflow initial values:   0.000010   3.510084
stddev initial values:   0.000010   3.510084
ecfconst solution invest:   5.484498   7.678297
debt cf solution invest: 0.80407620 1.18495440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31859
data: equity =   0.814418  debt =   0.355610  firm =   1.170028

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

debt amount =   0.0585   investment =   0.0585   debt ratio =  1.00000
RRR on investment =  0.162521      after tax =  0.089386
search range of Y std.dev.:   minimum =   2.431982   maximum =   3.161577
old shareholders wealth =    0.8144    old bondholders =     0.3532
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.748237, k:agcpara = 0.34286524)
liq.cash: 10Y average (1Y) =   5.409977 ( 0.24206) : loss rate  0.0588
liq.cash: 10Y std.dev. (1Y) =   2.431982 ( 0.10881)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9866 0.03447   0.13141 0.08808  0.11686  0.10355    0.8144   0.4118   1.2262
 dbratio     ROA    ROA1 debtcf1
 0.33580 0.19741 0.16707 0.03818

TOSYOU CODE: 5012    118
debtcashflow initial values:   0.000010   3.481318
stddev initial values:   0.000010   3.481318
ecfconst solution invest:   4.107608   5.750651
debt cf solution invest: 1.73818935 2.56154220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13491
data: equity =   0.444372  debt =   0.716067  firm =   1.160439

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

debt amount =   0.0580   investment =   0.0580   debt ratio =  1.00000
RRR on investment =  0.119553      after tax =  0.065754
search range of Y std.dev.:   minimum =   1.827009   maximum =   2.375111
old shareholders wealth =    0.4444    old bondholders =     0.6445
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   4.287097, k:agcpara = 0.22730089)
liq.cash: 10Y average (1Y) =   3.833773 ( 0.16765) : loss rate  0.1057
liq.cash: 10Y std.dev. (1Y) =   2.375111 ( 0.10386)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9944 0.21933   0.11554 0.09206  0.10116  0.07578    0.4444   0.7026   1.1469
 dbratio     ROA    ROA1 debtcf1
 0.61256 0.14617 0.14094 0.08419

TOSYOU CODE: 6201    119
debtcashflow initial values:   0.000010   3.455775
stddev initial values:   0.000010   3.455775
ecfconst solution invest:   5.650957   7.911340
debt cf solution invest: 0.45872935 0.67602220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34005
data: equity =   0.945765  debt =   0.206160  firm =   1.151925

agency cost: EZC - k L (EZC:ecfconst =   5.650957, k:agcpara = 0.36843302)
liq.cash: 10Y average (1Y) =   5.473051 ( 0.24509) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   2.431738 ( 0.10890)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4829 0.02008   0.12843 0.08667  0.12096  0.11398    0.9458   0.2062   1.1519
 dbratio     ROA    ROA1 debtcf1
 0.17897 0.21277 0.17238 0.01850

debt amount =   0.0576   investment =   0.0576   debt ratio =  1.00000
RRR on investment =  0.169773      after tax =  0.093375
search range of Y std.dev.:   minimum =   2.550644   maximum =   3.315838
old shareholders wealth =    0.9458    old bondholders =     0.2048
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.927276, k:agcpara = 0.36843302)
liq.cash: 10Y average (1Y) =   5.699328 ( 0.25486) : loss rate  0.0385
liq.cash: 10Y std.dev. (1Y) =   2.550644 ( 0.11406)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6187 0.02319   0.13022 0.08714  0.12086  0.11235    0.9458   0.2624   1.2081
 dbratio     ROA    ROA1 debtcf1
 0.21716 0.21095 0.17240 0.02378

TOSYOU CODE: 4185    120
debtcashflow initial values:   0.000010   3.381898
stddev initial values:   0.000010   3.381898
ecfconst solution invest:   3.993006   5.590208
debt cf solution invest: 1.65488860 2.43878320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.12971
data: equity =   0.446448  debt =   0.680851  firm =   1.127299

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

debt amount =   0.0564   investment =   0.0564   debt ratio =  1.00000
RRR on investment =  0.116375      after tax =  0.064006
search range of Y std.dev.:   minimum =   1.810989   maximum =   2.354285
old shareholders wealth =    0.4464    old bondholders =     0.6127
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   4.162482, k:agcpara = 0.23189586)
liq.cash: 10Y average (1Y) =   3.721362 ( 0.16293) : loss rate  0.1060
liq.cash: 10Y std.dev. (1Y) =   2.354285 ( 0.10308)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9022 0.21985   0.11405 0.09185  0.10073  0.07594    0.4464   0.6691   1.1155
 dbratio     ROA    ROA1 debtcf1
 0.59979 0.14606 0.14074 0.08045

TOSYOU CODE: 7701    121
debtcashflow initial values:   0.000010   3.361242
stddev initial values:   0.000010   3.361242
ecfconst solution invest:   5.454235   7.635929
debt cf solution invest: 0.89892990 1.32473880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37074
data: equity =   0.719897  debt =   0.400517  firm =   1.120414

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

debt amount =   0.0560   investment =   0.0560   debt ratio =  1.00000
RRR on investment =  0.166746      after tax =  0.091710
search range of Y std.dev.:   minimum =   2.257259   maximum =   2.934436
old shareholders wealth =    0.7199    old bondholders =     0.3982
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.716120, k:agcpara = 0.34206605)
liq.cash: 10Y average (1Y) =   5.346906 ( 0.23791) : loss rate  0.0646
liq.cash: 10Y std.dev. (1Y) =   2.257259 ( 0.10044)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0794 0.02934   0.14011 0.08783  0.11989  0.10460    0.7199   0.4542   1.1741
 dbratio     ROA    ROA1 debtcf1
 0.38686 0.20263 0.17149 0.04158

TOSYOU CODE: 4205    122
debtcashflow initial values:   0.000010   3.327913
stddev initial values:   0.000010   3.327913
ecfconst solution invest:   4.451509   6.232113
debt cf solution invest: 1.69660120 2.50025440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29954
data: equity =   0.379141  debt =   0.730163  firm =   1.109304

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

debt amount =   0.0555   investment =   0.0555   debt ratio =  1.00000
RRR on investment =  0.139709      after tax =  0.076840
search range of Y std.dev.:   minimum =   1.616512   maximum =   2.101466
old shareholders wealth =    0.3791    old bondholders =     0.7257
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.656606, k:agcpara = 0.23814382)
liq.cash: 10Y average (1Y) =   4.198802 ( 0.18448) : loss rate  0.0983
liq.cash: 10Y std.dev. (1Y) =   1.616512 ( 0.07102)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9224 0.07953   0.14259 0.08951  0.10686  0.07974    0.3791   0.7812   1.1603
 dbratio     ROA    ROA1 debtcf1
 0.67325 0.15898 0.14908 0.07529

TOSYOU CODE: 4202    123
debtcashflow initial values:   0.000010   3.293847
stddev initial values:   0.000010   3.293847
ecfconst solution invest:   4.529677   6.341548
debt cf solution invest: 1.37935915 2.03273980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25931
data: equity =   0.508181  debt =   0.589768  firm =   1.097949

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

debt amount =   0.0549   investment =   0.0549   debt ratio =  1.00000
RRR on investment =  0.143502      after tax =  0.078926
search range of Y std.dev.:   minimum =   1.895096   maximum =   2.463625
old shareholders wealth =    0.5082    old bondholders =     0.5857
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.739533, k:agcpara = 0.27312731)
liq.cash: 10Y average (1Y) =   4.305791 ( 0.19083) : loss rate  0.0915
liq.cash: 10Y std.dev. (1Y) =   1.895096 ( 0.08399)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5881 0.07577   0.13075 0.08954  0.10777  0.08531    0.5082   0.6406   1.1487
 dbratio     ROA    ROA1 debtcf1
 0.55762 0.16612 0.15226 0.06250

TOSYOU CODE: 4021    124
debtcashflow initial values:   0.000010   3.231464
stddev initial values:   0.000010   3.231464
ecfconst solution invest:   2.960980   4.145372
debt cf solution invest: 2.09572280 3.08843360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.10808
data: equity =   0.216009  debt =   0.861146  firm =   1.077155

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

debt amount =   0.0122   investment =   0.0539   debt ratio =  0.22583
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.080882   maximum =   1.405147
old shareholders wealth =    0.2160    old bondholders =     0.8170
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   3.014838, k:agcpara = 0.13025370)
liq.cash: 10Y average (1Y) =   2.723217 ( 0.11355) : loss rate  0.0967
liq.cash: 10Y std.dev. (1Y) =   1.405147 ( 0.05859)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2389 0.36516   0.07461 0.08022  0.07889  0.05135    0.2577   0.8292   1.0869
 dbratio     ROA    ROA1 debtcf1
 0.76289 0.10448 0.10741 0.09721

TOSYOU CODE: 2284    125
debtcashflow initial values:   0.000010   3.213376
stddev initial values:   0.000010   3.213376
ecfconst solution invest:   4.852893   6.794050
debt cf solution invest: 0.62662855 0.92345260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.27723
data: equity =   0.795976  debt =   0.275149  firm =   1.071125

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

debt amount =   0.0536   investment =   0.0536   debt ratio =  1.00000
RRR on investment =  0.158866      after tax =  0.087377
search range of Y std.dev.:   minimum =   2.290937   maximum =   2.978218
old shareholders wealth =    0.7960    old bondholders =     0.2731
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.086854, k:agcpara = 0.34536472)
liq.cash: 10Y average (1Y) =   4.814379 ( 0.21665) : loss rate  0.0536
liq.cash: 10Y std.dev. (1Y) =   2.290937 ( 0.10310)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7889 0.03945   0.12442 0.08827  0.11390  0.10235    0.7960   0.3267   1.1227
 dbratio     ROA    ROA1 debtcf1
 0.29099 0.19298 0.16311 0.03068

TOSYOU CODE: 4634    126
debtcashflow initial values:   0.000010   3.197512
stddev initial values:   0.000010   3.197512
ecfconst solution invest:   5.055781   7.078093
debt cf solution invest: 0.56374235 0.83077820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31674
data: equity =   0.815073  debt =   0.250764  firm =   1.065837

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

debt amount =   0.0533   investment =   0.0533   debt ratio =  1.00000
RRR on investment =  0.164899      after tax =  0.090695
search range of Y std.dev.:   minimum =   2.298045   maximum =   2.987459
old shareholders wealth =    0.8151    old bondholders =     0.2491
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.300995, k:agcpara = 0.35540156)
liq.cash: 10Y average (1Y) =   5.044969 ( 0.22614) : loss rate  0.0483
liq.cash: 10Y std.dev. (1Y) =   2.298045 ( 0.10301)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7204 0.02993   0.12904 0.08770  0.11785  0.10718    0.8151   0.3024   1.1174
 dbratio     ROA    ROA1 debtcf1
 0.27058 0.20238 0.16846 0.02782

TOSYOU CODE: 5803    127
debtcashflow initial values:   0.000010   3.173408
stddev initial values:   0.000010   3.173408
ecfconst solution invest:   4.842847   6.779986
debt cf solution invest: 1.46128525 2.15347300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41900
data: equity =   0.409262  debt =   0.648541  firm =   1.057803

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

debt amount =   0.0529   investment =   0.0529   debt ratio =  1.00000
RRR on investment =  0.157397      after tax =  0.086568
search range of Y std.dev.:   minimum =   1.673569   maximum =   2.175640
old shareholders wealth =    0.4093    old bondholders =     0.6454
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.070986, k:agcpara = 0.28885426)
liq.cash: 10Y average (1Y) =   4.590262 ( 0.20371) : loss rate  0.0948
liq.cash: 10Y std.dev. (1Y) =   1.673569 ( 0.07427)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6642 0.04020   0.15957 0.08824  0.11460  0.08956    0.4093   0.6983   1.1076
 dbratio     ROA    ROA1 debtcf1
 0.63049 0.18392 0.16432 0.06411

TOSYOU CODE: 3864    128
debtcashflow initial values:   0.000010   3.161721
stddev initial values:   0.000010   3.161721
ecfconst solution invest:   4.101177   5.741648
debt cf solution invest: 1.66336450 2.45127400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27850
data: equity =   0.341642  debt =   0.712265  firm =   1.053907

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

debt amount =   0.0527   investment =   0.0527   debt ratio =  1.00000
RRR on investment =  0.135730      after tax =  0.074651
search range of Y std.dev.:   minimum =   1.482655   maximum =   1.927451
old shareholders wealth =    0.3416    old bondholders =     0.7079
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.289335, k:agcpara = 0.22559324)
liq.cash: 10Y average (1Y) =   3.864936 ( 0.16918) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =   1.482655 ( 0.06490)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8813 0.09046   0.13958 0.08957  0.10507  0.07726    0.3416   0.7605   1.1022
 dbratio     ROA    ROA1 debtcf1
 0.69003 0.15350 0.14555 0.07392

TOSYOU CODE: 5562    129
debtcashflow initial values:   0.000010   3.108036
stddev initial values:   0.000010   3.108036
ecfconst solution invest:   3.099687   4.339562
debt cf solution invest: 1.90197125 2.80290500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.04437
data: equity =   0.268520  debt =   0.767492  firm =   1.036012

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

debt amount =   0.0206   investment =   0.0518   debt ratio =  0.39720
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.284972   maximum =   1.670463
old shareholders wealth =    0.2685    old bondholders =     0.7133
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   3.151488, k:agcpara = 0.16652325)
liq.cash: 10Y average (1Y) =   2.808479 ( 0.11944) : loss rate  0.1088
liq.cash: 10Y std.dev. (1Y) =   1.670463 ( 0.07104)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0598 0.32702   0.08772 0.08439  0.08536  0.05839    0.2997   0.7339   1.0336
 dbratio     ROA    ROA1 debtcf1
 0.71000 0.11555 0.11793 0.08964

TOSYOU CODE: 6988    130
debtcashflow initial values:   0.000010   3.096353
stddev initial values:   0.000010   3.096353
ecfconst solution invest:   5.376501   7.527101
debt cf solution invest: 0.29415135 0.43348620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.39664
data: equity =   0.897673  debt =   0.134445  firm =   1.032118

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

debt amount =   0.0516   investment =   0.0516   debt ratio =  1.00000
RRR on investment =  0.177749      after tax =  0.097762
search range of Y std.dev.:   minimum =   2.308534   maximum =   3.001095
old shareholders wealth =    0.8977    old bondholders =     0.1336
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.641490, k:agcpara = 0.38468464)
liq.cash: 10Y average (1Y) =   5.476372 ( 0.24272) : loss rate  0.0293
liq.cash: 10Y std.dev. (1Y) =   2.308534 ( 0.10232)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4292 0.01440   0.13471 0.08613  0.12640  0.11977    0.8977   0.1852   1.0829
 dbratio     ROA    ROA1 debtcf1
 0.17103 0.22414 0.17945 0.01636

TOSYOU CODE: 5479    131
debtcashflow initial values:   0.000010   3.057039
stddev initial values:   0.000010   3.057039
ecfconst solution invest:   3.806422   5.328991
debt cf solution invest: 1.75456735 2.58567820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30693
data: equity =   0.257751  debt =   0.761262  firm =   1.019013

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

debt amount =   0.0510   investment =   0.0510   debt ratio =  1.00000
RRR on investment =  0.131489      after tax =  0.072319
search range of Y std.dev.:   minimum =   1.201670   maximum =   1.562171
old shareholders wealth =    0.2578    old bondholders =     0.7572
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.981670, k:agcpara = 0.19788267)
liq.cash: 10Y average (1Y) =   3.591605 ( 0.15610) : loss rate  0.0980
liq.cash: 10Y std.dev. (1Y) =   1.201670 ( 0.05223)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9712 0.08875   0.14767 0.08895  0.10315  0.07280    0.2578   0.8081   1.0659
 dbratio     ROA    ROA1 debtcf1
 0.75818 0.14646 0.14087 0.07694

TOSYOU CODE: 2262    132
debtcashflow initial values:   0.000010   3.039681
stddev initial values:   0.000010   3.039681
ecfconst solution invest:   3.886863   5.441608
debt cf solution invest: 1.03391635 1.52366620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15362
data: equity =   0.579997  debt =   0.433230  firm =   1.013227

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

debt amount =   0.0507   investment =   0.0507   debt ratio =  1.00000
RRR on investment =  0.135591      after tax =  0.074575
search range of Y std.dev.:   minimum =   1.964514   maximum =   2.553868
old shareholders wealth =    0.5800    old bondholders =     0.4296
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.067538, k:agcpara = 0.29040913)
liq.cash: 10Y average (1Y) =   3.714202 ( 0.16610) : loss rate  0.0869
liq.cash: 10Y std.dev. (1Y) =   1.964514 ( 0.08785)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2167 0.10181   0.11039 0.08864  0.10053  0.08247    0.5800   0.4802   1.0602
 dbratio     ROA    ROA1 debtcf1
 0.45296 0.15666 0.14391 0.04879

TOSYOU CODE: 7733    133
debtcashflow initial values:   0.000010   3.018379
stddev initial values:   0.000010   3.018379
ecfconst solution invest:   3.466732   4.853425
debt cf solution invest: 0.32453995 0.47826940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.23408
data: equity =   0.871159  debt =   0.134967  firm =   1.006126

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

debt amount =   0.0503   investment =   0.0503   debt ratio =  1.00000
RRR on investment =  0.068799      after tax =  0.037839
search range of Y std.dev.:   minimum =   2.480557   maximum =   3.224724
old shareholders wealth =    0.8712    old bondholders =     0.1223
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   3.564587, k:agcpara = 0.35153533)
liq.cash: 10Y average (1Y) =   3.395090 ( 0.15451) : loss rate  0.0476
liq.cash: 10Y std.dev. (1Y) =   3.224724 ( 0.14675)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4822 0.18318   0.09115 0.08632  0.09035  0.08393    0.8712   0.1726   1.0437
 dbratio     ROA    ROA1 debtcf1
 0.16535 0.14803 0.13068 0.02074

TOSYOU CODE: 7259    134
debtcashflow initial values:   0.000010   3.004130
stddev initial values:   0.000010   3.004130
ecfconst solution invest:   4.482346   6.275284
debt cf solution invest: 0.38441845 0.56651140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25189
data: equity =   0.831624  debt =   0.169753  firm =   1.001377

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

debt amount =   0.0501   investment =   0.0501   debt ratio =  1.00000
RRR on investment =  0.158649      after tax =  0.087257
search range of Y std.dev.:   minimum =   2.232909   maximum =   2.902782
old shareholders wealth =    0.8316    old bondholders =     0.1683
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.700663, k:agcpara = 0.35768949)
liq.cash: 10Y average (1Y) =   4.512872 ( 0.20444) : loss rate  0.0399
liq.cash: 10Y std.dev. (1Y) =   2.232909 ( 0.10116)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5250 0.03705   0.11921 0.08772  0.11266  0.10445    0.8316   0.2184   1.0500
 dbratio     ROA    ROA1 debtcf1
 0.20800 0.19470 0.16171 0.02040

TOSYOU CODE: 4503    135
debtcashflow initial values:   0.000010   2.983670
stddev initial values:   0.000010   2.983670
ecfconst solution invest:   3.765474   5.271664
debt cf solution invest: 0.27317440 0.40257280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.26293
data: equity =   0.873943  debt =   0.120614  firm =   0.994557

agency cost: EZC - k L (EZC:ecfconst =   3.765474, k:agcpara = 0.36094863)
liq.cash: 10Y average (1Y) =   3.661682 ( 0.16963) : loss rate  0.0276
liq.cash: 10Y std.dev. (1Y) =   1.992271 ( 0.09229)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2876 0.04517   0.09875 0.08575  0.09717  0.09249    0.8739   0.1206   0.9945
 dbratio     ROA    ROA1 debtcf1
 0.12127 0.17056 0.14240 0.01121

debt amount =   0.0497   investment =   0.0497   debt ratio =  1.00000
RRR on investment =  0.139970      after tax =  0.076984
search range of Y std.dev.:   minimum =   2.089784   maximum =   2.716719
old shareholders wealth =    0.8739    old bondholders =     0.1194
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.949778, k:agcpara = 0.36094863)
liq.cash: 10Y average (1Y) =   3.802755 ( 0.17546) : loss rate  0.0372
liq.cash: 10Y std.dev. (1Y) =   2.089784 ( 0.09642)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4073 0.05211   0.09940 0.08612  0.09725  0.09097    0.8739   0.1691   1.0431
 dbratio     ROA    ROA1 debtcf1
 0.16214 0.16821 0.14242 0.01597

TOSYOU CODE: 4041    136
debtcashflow initial values:   0.000010   2.971944
stddev initial values:   0.000010   2.971944
ecfconst solution invest:   3.313060   4.638284
debt cf solution invest: 1.76228610 2.59705320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17349
data: equity =   0.246876  debt =   0.743772  firm =   0.990648

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

debt amount =   0.0495   investment =   0.0495   debt ratio =  1.00000
RRR on investment =  0.117056      after tax =  0.064381
search range of Y std.dev.:   minimum =   1.138246   maximum =   1.479720
old shareholders wealth =    0.2469    old bondholders =     0.7390
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.462903, k:agcpara = 0.16915462)
liq.cash: 10Y average (1Y) =   3.128083 ( 0.13372) : loss rate  0.0967
liq.cash: 10Y std.dev. (1Y) =   1.138246 ( 0.04866)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9794 0.15644   0.12100 0.08843  0.09620  0.06589    0.2469   0.7885   1.0354
 dbratio     ROA    ROA1 debtcf1
 0.76156 0.12915 0.12832 0.07897

TOSYOU CODE: 6479    137
debtcashflow initial values:   0.000010   2.961225
stddev initial values:   0.000010   2.961225
ecfconst solution invest:   3.199802   4.479723
debt cf solution invest: 0.75109090 1.10687080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.32417
data: equity =   0.687347  debt =   0.299728  firm =   0.987075

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

debt amount =   0.0000   investment =   0.0494   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.283702   maximum =   2.968812
old shareholders wealth =    0.6873    old bondholders =     0.2772
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   3.217145, k:agcpara = 0.31729579)
liq.cash: 10Y average (1Y) =   2.966284 ( 0.13205) : loss rate  0.0780
liq.cash: 10Y std.dev. (1Y) =   2.968812 ( 0.13216)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7906 0.23183   0.08454 0.08365  0.08430  0.07400    0.7367   0.2772   1.0139
 dbratio     ROA    ROA1 debtcf1
 0.27340 0.13024 0.12240 0.03483

TOSYOU CODE: 4217    138
debtcashflow initial values:   0.000010   2.957312
stddev initial values:   0.000010   2.957312
ecfconst solution invest:   4.428304   6.199626
debt cf solution invest: 1.03088775 1.51920300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31775
data: equity =   0.535588  debt =   0.450183  firm =   0.985771

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

debt amount =   0.0493   investment =   0.0493   debt ratio =  1.00000
RRR on investment =  0.155313      after tax =  0.085422
search range of Y std.dev.:   minimum =   1.839832   maximum =   2.391782
old shareholders wealth =    0.5356    old bondholders =     0.4473
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.637110, k:agcpara = 0.30817807)
liq.cash: 10Y average (1Y) =   4.265842 ( 0.18996) : loss rate  0.0801
liq.cash: 10Y std.dev. (1Y) =   1.839832 ( 0.08193)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2047 0.04808   0.13672 0.08887  0.11370  0.09446    0.5356   0.4966   1.0322
 dbratio     ROA    ROA1 debtcf1
 0.48111 0.18404 0.16212 0.04686

TOSYOU CODE: 3591    139
debtcashflow initial values:   0.000010   2.926596
stddev initial values:   0.000010   2.926596
ecfconst solution invest:   2.986475   4.181065
debt cf solution invest: 0.30127635 0.44398620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08059  std.dev = 0.09989  lambda =  -0.47983
riskless rate of interest = 0.08295  correlation =  0.29398
data: equity =   0.854690  debt =   0.120842  firm =   0.975532

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

debt amount =   0.0000   investment =   0.0488   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.609657   maximum =   3.392554
old shareholders wealth =    0.8547    old bondholders =     0.1123
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.959099, k:agcpara = 0.35494883)
liq.cash: 10Y average (1Y) =   2.846533 ( 0.12679) : loss rate  0.0380
liq.cash: 10Y std.dev. (1Y) =   3.392554 ( 0.15111)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3171 0.22796   0.07910 0.08108  0.07932  0.07528    0.9035   0.1123   1.0157
 dbratio     ROA    ROA1 debtcf1
 0.11054 0.12482 0.11285 0.01407

TOSYOU CODE: 6367    140
debtcashflow initial values:   0.000010   2.894295
stddev initial values:   0.000010   2.894295
ecfconst solution invest:   3.315876   4.642226
debt cf solution invest: 1.47671610 2.17621320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.40266
data: equity =   0.365399  debt =   0.599366  firm =   0.964765

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

debt amount =   0.0482   investment =   0.0482   debt ratio =  1.00000
RRR on investment =  0.074703      after tax =  0.041087
search range of Y std.dev.:   minimum =   1.519288   maximum =   1.975074
old shareholders wealth =    0.3654    old bondholders =     0.5402
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   3.415022, k:agcpara = 0.22447695)
liq.cash: 10Y average (1Y) =   3.034929 ( 0.13226) : loss rate  0.1113
liq.cash: 10Y std.dev. (1Y) =   1.975074 ( 0.08607)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6932 0.24847   0.10781 0.09083  0.09733  0.07212    0.3654   0.5885   0.9538
 dbratio     ROA    ROA1 debtcf1
 0.61692 0.13866 0.13603 0.07243

TOSYOU CODE: 2501    141
debtcashflow initial values:   0.000010   2.877129
stddev initial values:   0.000010   2.877129
ecfconst solution invest:   3.573223   5.002512
debt cf solution invest: 0.82802285 1.22024420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.25140
data: equity =   0.615173  debt =   0.343870  firm =   0.959043

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

debt amount =   0.0480   investment =   0.0480   debt ratio =  1.00000
RRR on investment =  0.133153      after tax =  0.073234
search range of Y std.dev.:   minimum =   1.999587   maximum =   2.599463
old shareholders wealth =    0.6152    old bondholders =     0.3407
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.740599, k:agcpara = 0.30621433)
liq.cash: 10Y average (1Y) =   3.436143 ( 0.15469) : loss rate  0.0814
liq.cash: 10Y std.dev. (1Y) =   1.999587 ( 0.09002)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9943 0.11101   0.10296 0.08801  0.09717  0.08184    0.6152   0.3887   1.0039
 dbratio     ROA    ROA1 debtcf1
 0.38720 0.15410 0.14058 0.04024

TOSYOU CODE: 6981    142
debtcashflow initial values:   0.000010   2.871694
stddev initial values:   0.000010   2.871694
ecfconst solution invest:   4.428733   6.200226
debt cf solution invest: 0.45796745 0.67489940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28869
data: equity =   0.754302  debt =   0.202929  firm =   0.957231

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

debt amount =   0.0479   investment =   0.0479   debt ratio =  1.00000
RRR on investment =  0.162112      after tax =  0.089161
search range of Y std.dev.:   minimum =   2.088609   maximum =   2.715192
old shareholders wealth =    0.7543    old bondholders =     0.2014
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.643747, k:agcpara = 0.35524222)
liq.cash: 10Y average (1Y) =   4.431804 ( 0.19949) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   2.088609 ( 0.09401)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5966 0.03316   0.12488 0.08778  0.11566  0.10585    0.7543   0.2493   1.0036
 dbratio     ROA    ROA1 debtcf1
 0.24840 0.19877 0.16555 0.02310

TOSYOU CODE: 2002    143
debtcashflow initial values:   0.000010   2.838257
stddev initial values:   0.000010   2.838257
ecfconst solution invest:   4.521959   6.330743
debt cf solution invest: 0.82271425 1.21242100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35989
data: equity =   0.581166  debt =   0.364920  firm =   0.946086

agency cost: EZC - k L (EZC:ecfconst =   4.521959, k:agcpara = 0.33393351)
liq.cash: 10Y average (1Y) =   4.232768 ( 0.18868) : loss rate  0.0640
liq.cash: 10Y std.dev. (1Y) =   1.782855 ( 0.07947)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8660 0.02949   0.13779 0.08768  0.11846  0.10325    0.5812   0.3649   0.9461
 dbratio     ROA    ROA1 debtcf1
 0.38572 0.19944 0.16934 0.03335

debt amount =   0.0473   investment =   0.0473   debt ratio =  1.00000
RRR on investment =  0.164091      after tax =  0.090250
search range of Y std.dev.:   minimum =   1.868078   maximum =   2.428502
old shareholders wealth =    0.5812    old bondholders =     0.3628
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.738115, k:agcpara = 0.33393351)
liq.cash: 10Y average (1Y) =   4.411213 ( 0.19640) : loss rate  0.0690
liq.cash: 10Y std.dev. (1Y) =   1.868078 ( 0.08317)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9789 0.03308   0.13978 0.08809  0.11840  0.10200    0.5812   0.4101   0.9912
 dbratio     ROA    ROA1 debtcf1
 0.41369 0.19814 0.16935 0.03779

TOSYOU CODE: 5715    144
debtcashflow initial values:   0.000010   2.810557
stddev initial values:   0.000010   2.810557
ecfconst solution invest:   3.661771   5.126479
debt cf solution invest: 1.37775270 2.03037240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24585
data: equity =   0.352076  debt =   0.584776  firm =   0.936852

agency cost: EZC - k L (EZC:ecfconst =   3.661771, k:agcpara = 0.23997660)
liq.cash: 10Y average (1Y) =   3.313741 ( 0.14583) : loss rate  0.0950
liq.cash: 10Y std.dev. (1Y) =   1.379341 ( 0.06070)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4503 0.08835   0.13015 0.08933  0.10467  0.07958    0.3521   0.5848   0.9368
 dbratio     ROA    ROA1 debtcf1
 0.62419 0.15566 0.14605 0.05715

debt amount =   0.0468   investment =   0.0468   debt ratio =  1.00000
RRR on investment =  0.136089      after tax =  0.074849
search range of Y std.dev.:   minimum =   1.442545   maximum =   1.875309
old shareholders wealth =    0.3521    old bondholders =     0.5808
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.829561, k:agcpara = 0.23997660)
liq.cash: 10Y average (1Y) =   3.453461 ( 0.15170) : loss rate  0.0982
liq.cash: 10Y std.dev. (1Y) =   1.442545 ( 0.06337)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5672 0.09551   0.13164 0.08970  0.10477  0.07891    0.3521   0.6276   0.9797
 dbratio     ROA    ROA1 debtcf1
 0.64063 0.15484 0.14605 0.06193

TOSYOU CODE: 4519    145
debtcashflow initial values:   0.000010   2.792889
stddev initial values:   0.000010   2.792889
ecfconst solution invest:   3.039743   4.255640
debt cf solution invest: 0.58693185 0.86495220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08499  std.dev = 0.09892  lambda =   0.47886
riskless rate of interest = 0.08272  correlation =  0.19210
data: equity =   0.694180  debt =   0.236783  firm =   0.930963

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

debt amount =   0.0000   investment =   0.0465   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.202269   maximum =   2.862950
old shareholders wealth =    0.6942    old bondholders =     0.2189
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   3.068226, k:agcpara = 0.32750798)
liq.cash: 10Y average (1Y) =   2.865884 ( 0.12854) : loss rate  0.0659
liq.cash: 10Y std.dev. (1Y) =   2.862950 ( 0.12841)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6178 0.21616   0.08524 0.08385  0.08492  0.07632    0.7407   0.2189   0.9596
 dbratio     ROA    ROA1 debtcf1
 0.22810 0.13395 0.12326 0.02704

TOSYOU CODE: 7905    146
debtcashflow initial values:   0.000010   2.787252
stddev initial values:   0.000010   2.787252
ecfconst solution invest:   3.678061   5.149285
debt cf solution invest: 1.42678220 2.10262640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28406
data: equity =   0.317466  debt =   0.611618  firm =   0.929084

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

debt amount =   0.0465   investment =   0.0465   debt ratio =  1.00000
RRR on investment =  0.137891      after tax =  0.075840
search range of Y std.dev.:   minimum =   1.351955   maximum =   1.757541
old shareholders wealth =    0.3175    old bondholders =     0.6078
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.847117, k:agcpara = 0.23439589)
liq.cash: 10Y average (1Y) =   3.468178 ( 0.15219) : loss rate  0.0985
liq.cash: 10Y std.dev. (1Y) =   1.351955 ( 0.05933)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6167 0.08542   0.13984 0.08959  0.10600  0.07886    0.3175   0.6543   0.9717
 dbratio     ROA    ROA1 debtcf1
 0.67330 0.15662 0.14752 0.06347

TOSYOU CODE: 6952    147
debtcashflow initial values:   0.000010   2.781580
stddev initial values:   0.000010   2.781580
ecfconst solution invest:   4.458101   6.241341
debt cf solution invest: 0.36045470 0.53119640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31948
data: equity =   0.765805  debt =   0.161388  firm =   0.927193

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

debt amount =   0.0464   investment =   0.0464   debt ratio =  1.00000
RRR on investment =  0.167349      after tax =  0.092042
search range of Y std.dev.:   minimum =   2.058763   maximum =   2.676391
old shareholders wealth =    0.7658    old bondholders =     0.1602
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.675946, k:agcpara = 0.36609436)
liq.cash: 10Y average (1Y) =   4.496850 ( 0.20173) : loss rate  0.0383
liq.cash: 10Y std.dev. (1Y) =   2.058763 ( 0.09236)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4892 0.02579   0.12765 0.08731  0.11908  0.11074    0.7658   0.2066   0.9724
 dbratio     ROA    ROA1 debtcf1
 0.21245 0.20746 0.17005 0.01884

TOSYOU CODE: 5480    148
debtcashflow initial values:   0.000010   2.756562
stddev initial values:   0.000010   2.756562
ecfconst solution invest:   2.969693   4.157570
debt cf solution invest: 1.68602960 2.48467520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17794
data: equity =   0.198327  debt =   0.720527  firm =   0.918854

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

debt amount =   0.0459   investment =   0.0459   debt ratio =  1.00000
RRR on investment =  0.113686      after tax =  0.062527
search range of Y std.dev.:   minimum =   0.922238   maximum =   1.198909
old shareholders wealth =    0.1983    old bondholders =     0.7163
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.104540, k:agcpara = 0.14921112)
liq.cash: 10Y average (1Y) =   2.822739 ( 0.11970) : loss rate  0.0908
liq.cash: 10Y std.dev. (1Y) =   0.922238 ( 0.03911)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8886 0.15555   0.12215 0.08788  0.09496  0.06358    0.1983   0.7622   0.9605
 dbratio     ROA    ROA1 debtcf1
 0.79352 0.12462 0.12447 0.07489

TOSYOU CODE: 6506    149
debtcashflow initial values:   0.000010   2.754176
stddev initial values:   0.000010   2.754176
ecfconst solution invest:   4.156882   5.819635
debt cf solution invest: 0.94447290 1.39185480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32387
data: equity =   0.504760  debt =   0.413299  firm =   0.918059

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

debt amount =   0.0459   investment =   0.0459   debt ratio =  1.00000
RRR on investment =  0.156410      after tax =  0.086026
search range of Y std.dev.:   minimum =   1.722799   maximum =   2.239638
old shareholders wealth =    0.5048    old bondholders =     0.4107
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.353200, k:agcpara = 0.31115618)
liq.cash: 10Y average (1Y) =   4.009278 ( 0.17855) : loss rate  0.0790
liq.cash: 10Y std.dev. (1Y) =   1.722799 ( 0.07672)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1053 0.04594   0.13734 0.08878  0.11428  0.09530    0.5048   0.4566   0.9613
 dbratio     ROA    ROA1 debtcf1
 0.47494 0.18573 0.16304 0.04295

TOSYOU CODE: 3002    150
debtcashflow initial values:   0.000010   2.753405
stddev initial values:   0.000010   2.753405
ecfconst solution invest:   3.365116   4.711162
debt cf solution invest: 1.01592050 1.49714600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.45356
data: equity =   0.500270  debt =   0.417532  firm =   0.917802

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

debt amount =   0.0459   investment =   0.0459   debt ratio =  1.00000
RRR on investment =  0.127482      after tax =  0.070115
search range of Y std.dev.:   minimum =   1.775624   maximum =   2.308311
old shareholders wealth =    0.5003    old bondholders =     0.3755
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   3.517456, k:agcpara = 0.28107067)
liq.cash: 10Y average (1Y) =   3.180145 ( 0.14126) : loss rate  0.0959
liq.cash: 10Y std.dev. (1Y) =   2.308311 ( 0.10254)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2001 0.19550   0.10844 0.09142  0.10066  0.08185    0.5003   0.4214   0.9216
 dbratio     ROA    ROA1 debtcf1
 0.45719 0.15328 0.14332 0.05091

TOSYOU CODE: 4028    151
debtcashflow initial values:   0.000010   2.700632
stddev initial values:   0.000010   2.700632
ecfconst solution invest:   4.386000   6.140400
debt cf solution invest: 0.96149975 1.41694700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41335
data: equity =   0.471245  debt =   0.428966  firm =   0.900211

agency cost: EZC - k L (EZC:ecfconst =   4.386000, k:agcpara = 0.32554550)
liq.cash: 10Y average (1Y) =   4.056514 ( 0.18019) : loss rate  0.0751
liq.cash: 10Y std.dev. (1Y) =   1.586439 ( 0.07047)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0121 0.02749   0.14885 0.08750  0.11962  0.10085    0.4712   0.4290   0.9002
 dbratio     ROA    ROA1 debtcf1
 0.47652 0.20017 0.17158 0.03884

debt amount =   0.0450   investment =   0.0450   debt ratio =  1.00000
RRR on investment =  0.165914      after tax =  0.091253
search range of Y std.dev.:   minimum =   1.662006   maximum =   2.160608
old shareholders wealth =    0.4712    old bondholders =     0.4268
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.594920, k:agcpara = 0.32554550)
liq.cash: 10Y average (1Y) =   4.230683 ( 0.18780) : loss rate  0.0793
liq.cash: 10Y std.dev. (1Y) =   1.662006 ( 0.07378)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1189 0.03058   0.15114 0.08788  0.11949  0.09971    0.4712   0.4718   0.9430
 dbratio     ROA    ROA1 debtcf1
 0.50028 0.19915 0.17159 0.04302

TOSYOU CODE: 7753    152
debtcashflow initial values:   0.000010   2.698173
stddev initial values:   0.000010   2.698173
ecfconst solution invest:   4.653912   6.515477
debt cf solution invest: 0.59714530 0.88000360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41955
data: equity =   0.629532  debt =   0.269859  firm =   0.899391

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

debt amount =   0.0450   investment =   0.0450   debt ratio =  1.00000
RRR on investment =  0.175172      after tax =  0.096344
search range of Y std.dev.:   minimum =   1.883216   maximum =   2.448181
old shareholders wealth =    0.6295    old bondholders =     0.2685
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.879820, k:agcpara = 0.36249221)
liq.cash: 10Y average (1Y) =   4.613800 ( 0.20416) : loss rate  0.0545
liq.cash: 10Y std.dev. (1Y) =   1.883216 ( 0.08333)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7339 0.01969   0.14397 0.08696  0.12502  0.11201    0.6295   0.3134   0.9430
 dbratio     ROA    ROA1 debtcf1
 0.33239 0.21651 0.17867 0.02808

TOSYOU CODE: 5541    153
debtcashflow initial values:   0.000010   2.678033
stddev initial values:   0.000010   2.678033
ecfconst solution invest:   2.746489   3.845085
debt cf solution invest: 1.66833110 2.45859320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.24645
data: equity =   0.188908  debt =   0.703770  firm =   0.892678

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

debt amount =   0.0446   investment =   0.0446   debt ratio =  1.00000
RRR on investment =  0.072690      after tax =  0.039979
search range of Y std.dev.:   minimum =   0.874033   maximum =   1.136242
old shareholders wealth =    0.1889    old bondholders =     0.6465
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.836523, k:agcpara = 0.14097924)
liq.cash: 10Y average (1Y) =   2.571851 ( 0.10916) : loss rate  0.0933
liq.cash: 10Y std.dev. (1Y) =   1.136242 ( 0.04822)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8774 0.27053   0.11178 0.08937  0.09418  0.06260    0.1889   0.6911   0.8800
 dbratio     ROA    ROA1 debtcf1
 0.78534 0.12404 0.12416 0.07832

TOSYOU CODE: 2871    154
debtcashflow initial values:   0.000010   2.676801
stddev initial values:   0.000010   2.676801
ecfconst solution invest:   3.980961   5.573345
debt cf solution invest: 0.99006625 1.45904500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.30642
data: equity =   0.461750  debt =   0.430517  firm =   0.892267

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

debt amount =   0.0446   investment =   0.0446   debt ratio =  1.00000
RRR on investment =  0.154151      after tax =  0.084783
search range of Y std.dev.:   minimum =   1.632262   maximum =   2.121941
old shareholders wealth =    0.4617    old bondholders =     0.4278
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.168068, k:agcpara = 0.30198851)
liq.cash: 10Y average (1Y) =   3.820520 ( 0.16988) : loss rate  0.0834
liq.cash: 10Y std.dev. (1Y) =   1.632262 ( 0.07258)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1509 0.05097   0.13794 0.08923  0.11331  0.09300    0.4617   0.4724   0.9341
 dbratio     ROA    ROA1 debtcf1
 0.50569 0.18186 0.16132 0.04482

TOSYOU CODE: 6782    155
debtcashflow initial values:   0.000010   2.635496
stddev initial values:   0.000010   2.635496
ecfconst solution invest:   3.242354   4.539296
debt cf solution invest: 0.04626785 0.06818420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.40661
data: equity =   0.857447  debt =   0.021052  firm =   0.878499

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

debt amount =   0.0193   investment =   0.0439   debt ratio =  0.43971
RRR on investment =  0.139403      after tax =  0.076672
search range of Y std.dev.:   minimum =   1.734734   maximum =   2.255154
old shareholders wealth =    0.8574    old bondholders =     0.0210
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   3.404343, k:agcpara = 0.39777017)
liq.cash: 10Y average (1Y) =   3.367133 ( 0.15741) : loss rate  0.0109
liq.cash: 10Y std.dev. (1Y) =   1.734734 ( 0.08110)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0935 0.02957   0.09506 0.08462  0.09461  0.09294    0.8821   0.0403   0.9223
 dbratio     ROA    ROA1 debtcf1
 0.04368 0.17066 0.13950 0.00360

TOSYOU CODE: 7984    156
debtcashflow initial values:   0.000010   2.625960
stddev initial values:   0.000010   2.625960
ecfconst solution invest:   2.854043   3.995660
debt cf solution invest: 0.38361855 0.56533260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.41546
data: equity =   0.719520  debt =   0.155800  firm =   0.875320

agency cost: EZC - k L (EZC:ecfconst =   2.854043, k:agcpara = 0.34367376)
liq.cash: 10Y average (1Y) =   2.715264 ( 0.12435) : loss rate  0.0486
liq.cash: 10Y std.dev. (1Y) =   2.154322 ( 0.09866)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4038 0.14165   0.08464 0.08356  0.08445  0.07775    0.7195   0.1558   0.8753
 dbratio     ROA    ROA1 debtcf1
 0.17800 0.14207 0.12546 0.01683

debt amount =   0.0000   investment =   0.0438   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.175357   maximum =   2.827964
old shareholders wealth =    0.7195    old bondholders =     0.1441
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.881910, k:agcpara = 0.34367376)
liq.cash: 10Y average (1Y) =   2.743131 ( 0.12391) : loss rate  0.0482
liq.cash: 10Y std.dev. (1Y) =   2.827964 ( 0.12774)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4038 0.20406   0.08489 0.08380  0.08472  0.07873    0.7633   0.1441   0.9074
 dbratio     ROA    ROA1 debtcf1
 0.15882 0.13655 0.12250 0.01761

TOSYOU CODE: 4518    157
debtcashflow initial values:   0.000010   2.624392
stddev initial values:   0.000010   2.624392
ecfconst solution invest:   2.974728   4.164619
debt cf solution invest: 0.99318985 1.46364820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.20189
data: equity =   0.475591  debt =   0.399206  firm =   0.874797

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

debt amount =   0.0437   investment =   0.0437   debt ratio =  1.00000
RRR on investment =  0.010178      after tax =  0.005598
search range of Y std.dev.:   minimum =   1.716578   maximum =   2.231551
old shareholders wealth =    0.4756    old bondholders =     0.3607
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   3.023129, k:agcpara = 0.27795712)
liq.cash: 10Y average (1Y) =   2.697295 ( 0.11892) : loss rate  0.1078
liq.cash: 10Y std.dev. (1Y) =   2.231551 ( 0.09838)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1722 0.24718   0.09445 0.08744  0.09123  0.07314    0.4756   0.4044   0.8800
 dbratio     ROA    ROA1 debtcf1
 0.45956 0.13513 0.13135 0.05116

TOSYOU CODE: 6448    158
debtcashflow initial values:   0.000010   2.612023
stddev initial values:   0.000010   2.612023
ecfconst solution invest:   3.208418   4.491785
debt cf solution invest: 0.10484770 0.15451240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.38968
data: equity =   0.823509  debt =   0.047165  firm =   0.870674

agency cost: EZC - k L (EZC:ecfconst =   3.208418, k:agcpara = 0.38757923)
liq.cash: 10Y average (1Y) =   3.165642 ( 0.14785) : loss rate  0.0133
liq.cash: 10Y std.dev. (1Y) =   1.690411 ( 0.07895)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1104 0.03535   0.09504 0.08484  0.09448  0.09242    0.8235   0.0472   0.8707
 dbratio     ROA    ROA1 debtcf1
 0.05416 0.16982 0.13932 0.00426

debt amount =   0.0427   investment =   0.0435   debt ratio =  0.98190
RRR on investment =  0.138759      after tax =  0.076318
search range of Y std.dev.:   minimum =   1.774521   maximum =   2.306877
old shareholders wealth =    0.8235    old bondholders =     0.0467
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   3.368059, k:agcpara = 0.38757923)
liq.cash: 10Y average (1Y) =   3.286149 ( 0.15280) : loss rate  0.0243
liq.cash: 10Y std.dev. (1Y) =   1.774521 ( 0.08251)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2113 0.04157   0.09555 0.08514  0.09453  0.09078    0.8243   0.0895   0.9138
 dbratio     ROA    ROA1 debtcf1
 0.09791 0.16722 0.13934 0.00821

TOSYOU CODE: 2502    159
debtcashflow initial values:   0.000010   2.585185
stddev initial values:   0.000010   2.585185
ecfconst solution invest:   3.254029   4.555641
debt cf solution invest: 0.82851685 1.22097220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.29067
data: equity =   0.517300  debt =   0.344428  firm =   0.861728

agency cost: EZC - k L (EZC:ecfconst =   3.254029, k:agcpara = 0.29699558)
liq.cash: 10Y average (1Y) =   2.995012 ( 0.13469) : loss rate  0.0796
liq.cash: 10Y std.dev. (1Y) =   1.654147 ( 0.07439)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8721 0.09968   0.10569 0.08822  0.09871  0.08284    0.5173   0.3444   0.8617
 dbratio     ROA    ROA1 debtcf1
 0.39969 0.15630 0.14210 0.03503

debt amount =   0.0431   investment =   0.0431   debt ratio =  1.00000
RRR on investment =  0.134059      after tax =  0.073732
search range of Y std.dev.:   minimum =   1.731211   maximum =   2.250574
old shareholders wealth =    0.5173    old bondholders =     0.3414
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.405628, k:agcpara = 0.29699558)
liq.cash: 10Y average (1Y) =   3.113922 ( 0.13959) : loss rate  0.0857
liq.cash: 10Y std.dev. (1Y) =   1.731211 ( 0.07761)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9822 0.10910   0.10646 0.08853  0.09881  0.08183    0.5173   0.3845   0.9018
 dbratio     ROA    ROA1 debtcf1
 0.42636 0.15480 0.14211 0.03962

TOSYOU CODE: 7762    160
debtcashflow initial values:   0.000010   2.556651
stddev initial values:   0.000010   2.556651
ecfconst solution invest:   4.142715   5.799801
debt cf solution invest: 0.53281890 0.78520680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34966
data: equity =   0.614448  debt =   0.237769  firm =   0.852217

agency cost: EZC - k L (EZC:ecfconst =   4.142715, k:agcpara = 0.35308094)
liq.cash: 10Y average (1Y) =   3.944685 ( 0.17622) : loss rate  0.0478
liq.cash: 10Y std.dev. (1Y) =   1.715055 ( 0.07662)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5609 0.02425   0.13269 0.08721  0.12000  0.10905    0.6144   0.2378   0.8522
 dbratio     ROA    ROA1 debtcf1
 0.27900 0.20678 0.17131 0.02155

debt amount =   0.0426   investment =   0.0426   debt ratio =  1.00000
RRR on investment =  0.167432      after tax =  0.092088
search range of Y std.dev.:   minimum =   1.798008   maximum =   2.337410
old shareholders wealth =    0.6144    old bondholders =     0.2363
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.343087, k:agcpara = 0.35308094)
liq.cash: 10Y average (1Y) =   4.109346 ( 0.18333) : loss rate  0.0538
liq.cash: 10Y std.dev. (1Y) =   1.798008 ( 0.08022)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6620 0.02760   0.13457 0.08764  0.11992  0.10760    0.6144   0.2789   0.8933
 dbratio     ROA    ROA1 debtcf1
 0.31220 0.20522 0.17133 0.02550

TOSYOU CODE: 2212    161
debtcashflow initial values:   0.000010   2.552128
stddev initial values:   0.000010   2.552128
ecfconst solution invest:   2.864982   4.010975
debt cf solution invest: 0.43494420 0.64097040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08680  std.dev = 0.09884  lambda =   0.87906
riskless rate of interest = 0.08267  correlation =  0.25791
data: equity =   0.672499  debt =   0.178210  firm =   0.850709

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

debt amount =   0.0425   investment =   0.0425   debt ratio =  1.00000
RRR on investment =  0.017772      after tax =  0.009775
search range of Y std.dev.:   minimum =   2.024507   maximum =   2.631860
old shareholders wealth =    0.6725    old bondholders =     0.1617
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.915711, k:agcpara = 0.33652682)
liq.cash: 10Y average (1Y) =   2.721106 ( 0.12251) : loss rate  0.0667
liq.cash: 10Y std.dev. (1Y) =   2.631860 ( 0.11849)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5783 0.20777   0.08891 0.08538  0.08809  0.07914    0.6725   0.2042   0.8767
 dbratio     ROA    ROA1 debtcf1
 0.23294 0.13974 0.12769 0.02517

TOSYOU CODE: 2282    162
debtcashflow initial values:   0.000010   2.547855
stddev initial values:   0.000010   2.547855
ecfconst solution invest:   2.774509   3.884313
debt cf solution invest: 0.50309245 0.74139940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08431  std.dev = 0.10085  lambda =   0.27147
riskless rate of interest = 0.08297  correlation =  0.29472
data: equity =   0.646732  debt =   0.202553  firm =   0.849285

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

debt amount =   0.0000   investment =   0.0425   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   2.041774   maximum =   2.654306
old shareholders wealth =    0.6467    old bondholders =     0.1873
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.798371, k:agcpara = 0.33174771)
liq.cash: 10Y average (1Y) =   2.622687 ( 0.11774) : loss rate  0.0628
liq.cash: 10Y std.dev. (1Y) =   2.654306 ( 0.11916)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5296 0.21518   0.08520 0.08397  0.08494  0.07686    0.6892   0.1873   0.8765
 dbratio     ROA    ROA1 debtcf1
 0.21366 0.13434 0.12310 0.02319

TOSYOU CODE: 6841    163
debtcashflow initial values:   0.000010   2.535288
stddev initial values:   0.000010   2.535288
ecfconst solution invest:   4.345761   6.084065
debt cf solution invest: 0.43036710 0.63422520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.39717
data: equity =   0.650409  debt =   0.194687  firm =   0.845096

agency cost: EZC - k L (EZC:ecfconst =   4.345761, k:agcpara = 0.36973695)
liq.cash: 10Y average (1Y) =   4.178264 ( 0.18538) : loss rate  0.0385
liq.cash: 10Y std.dev. (1Y) =   1.745526 ( 0.07745)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4530 0.01641   0.13656 0.08643  0.12501  0.11605    0.6504   0.1947   0.8451
 dbratio     ROA    ROA1 debtcf1
 0.23037 0.21937 0.17792 0.01730

debt amount =   0.0423   investment =   0.0423   debt ratio =  1.00000
RRR on investment =  0.175084      after tax =  0.096296
search range of Y std.dev.:   minimum =   1.830724   maximum =   2.379941
old shareholders wealth =    0.6504    old bondholders =     0.1936
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.557874, k:agcpara = 0.36973695)
liq.cash: 10Y average (1Y) =   4.353817 ( 0.19302) : loss rate  0.0448
liq.cash: 10Y std.dev. (1Y) =   1.830724 ( 0.08116)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5519 0.01891   0.13861 0.08684  0.12484  0.11444    0.6504   0.2358   0.8863
 dbratio     ROA    ROA1 debtcf1
 0.26612 0.21780 0.17793 0.02112

TOSYOU CODE: 6113    164
debtcashflow initial values:   0.000010   2.529273
stddev initial values:   0.000010   2.529273
ecfconst solution invest:   4.317400   6.044360
debt cf solution invest: 0.17196045 0.25341540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.45621
data: equity =   0.762191  debt =   0.080900  firm =   0.843091

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

debt amount =   0.0422   investment =   0.0422   debt ratio =  1.00000
RRR on investment =  0.176981      after tax =  0.097339
search range of Y std.dev.:   minimum =   1.571330   maximum =   2.042729
old shareholders wealth =    0.7622    old bondholders =     0.0806
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.532449, k:agcpara = 0.41244558)
liq.cash: 10Y average (1Y) =   4.418755 ( 0.19674) : loss rate  0.0251
liq.cash: 10Y std.dev. (1Y) =   1.571330 ( 0.06996)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2757 0.00419   0.13141 0.08379  0.12480  0.11957    0.7622   0.1228   0.8850
 dbratio     ROA    ROA1 debtcf1
 0.13873 0.22232 0.17745 0.01037

TOSYOU CODE: 6104    165
debtcashflow initial values:   0.000010   2.496932
stddev initial values:   0.000010   2.496932
ecfconst solution invest:   3.763433   5.268806
debt cf solution invest: 0.91016935 1.34130220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33298
data: equity =   0.433925  debt =   0.398386  firm =   0.832311

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

debt amount =   0.0416   investment =   0.0416   debt ratio =  1.00000
RRR on investment =  0.155993      after tax =  0.085796
search range of Y std.dev.:   minimum =   1.523944   maximum =   1.981127
old shareholders wealth =    0.4339    old bondholders =     0.3959
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.940774, k:agcpara = 0.30574402)
liq.cash: 10Y average (1Y) =   3.617059 ( 0.16089) : loss rate  0.0821
liq.cash: 10Y std.dev. (1Y) =   1.523944 ( 0.06779)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0588 0.04660   0.13983 0.08882  0.11422  0.09415    0.4339   0.4375   0.8715
 dbratio     ROA    ROA1 debtcf1
 0.50207 0.18462 0.16288 0.04112

TOSYOU CODE: 4505    166
debtcashflow initial values:   0.000010   2.492536
stddev initial values:   0.000010   2.492536
ecfconst solution invest:   3.025604   4.235846
debt cf solution invest: 0.21682610 0.31953320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.08675
data: equity =   0.735972  debt =   0.094873  firm =   0.830845

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

debt amount =   0.0415   investment =   0.0415   debt ratio =  1.00000
RRR on investment =  0.135512      after tax =  0.074532
search range of Y std.dev.:   minimum =   1.821096   maximum =   2.367424
old shareholders wealth =    0.7360    old bondholders =     0.0938
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.173654, k:agcpara = 0.35927641)
liq.cash: 10Y average (1Y) =   3.055342 ( 0.14124) : loss rate  0.0373
liq.cash: 10Y std.dev. (1Y) =   1.821096 ( 0.08419)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3293 0.06721   0.09520 0.08546  0.09369  0.08771    0.7360   0.1354   0.8713
 dbratio     ROA    ROA1 debtcf1
 0.15534 0.16210 0.13799 0.01305

TOSYOU CODE: 4523    167
debtcashflow initial values:   0.000010   2.459913
stddev initial values:   0.000010   2.459913
ecfconst solution invest:   3.161413   4.425978
debt cf solution invest: 0.31837160 0.46917920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.12499
data: equity =   0.683744  debt =   0.136227  firm =   0.819971

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

debt amount =   0.0410   investment =   0.0410   debt ratio =  1.00000
RRR on investment =  0.140776      after tax =  0.077427
search range of Y std.dev.:   minimum =   1.889804   maximum =   2.456745
old shareholders wealth =    0.6837    old bondholders =     0.1348
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.314442, k:agcpara = 0.34651531)
liq.cash: 10Y average (1Y) =   3.163002 ( 0.14513) : loss rate  0.0457
liq.cash: 10Y std.dev. (1Y) =   1.889804 ( 0.08671)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4370 0.07459   0.10221 0.08718  0.09914  0.09111    0.6837   0.1758   0.8596
 dbratio     ROA    ROA1 debtcf1
 0.20455 0.16884 0.14449 0.01743

TOSYOU CODE: 7231    168
debtcashflow initial values:   0.000010   2.458304
stddev initial values:   0.000010   2.458304
ecfconst solution invest:   2.955272   4.137381
debt cf solution invest: 1.41696870 2.08816440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25484
data: equity =   0.212477  debt =   0.606958  firm =   0.819435

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

debt amount =   0.0410   investment =   0.0410   debt ratio =  1.00000
RRR on investment =  0.126616      after tax =  0.069639
search range of Y std.dev.:   minimum =   0.979446   maximum =   1.273280
old shareholders wealth =    0.2125    old bondholders =     0.6034
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.090244, k:agcpara = 0.18859165)
liq.cash: 10Y average (1Y) =   2.789850 ( 0.12064) : loss rate  0.0972
liq.cash: 10Y std.dev. (1Y) =   0.979446 ( 0.04235)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5928 0.11083   0.13743 0.08914  0.10111  0.07095    0.2125   0.6443   0.8568
 dbratio     ROA    ROA1 debtcf1
 0.75202 0.14080 0.13687 0.06269

TOSYOU CODE: 3107    169
debtcashflow initial values:   0.000010   2.421476
stddev initial values:   0.000010   2.421476
ecfconst solution invest:   2.157740   3.020836
debt cf solution invest: 1.58551580 2.33654960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.19982
data: equity =   0.157842  debt =   0.649317  firm =   0.807159

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

debt amount =   0.0000   investment =   0.0404   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.814826   maximum =   1.059274
old shareholders wealth =    0.1578    old bondholders =     0.6219
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.196694, k:agcpara = 0.12622657)
liq.cash: 10Y average (1Y) =   1.986027 ( 0.08230) : loss rate  0.0959
liq.cash: 10Y std.dev. (1Y) =   1.059274 ( 0.04389)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6690 0.38235   0.06776 0.07769  0.07529  0.04878    0.1982   0.6219   0.8201
 dbratio     ROA    ROA1 debtcf1
 0.75834 0.10035 0.10354 0.07307

TOSYOU CODE: 5804    170
debtcashflow initial values:   0.000010   2.417696
stddev initial values:   0.000010   2.417696
ecfconst solution invest:   3.089835   4.325769
debt cf solution invest: 1.30443645 1.92232740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27693
data: equity =   0.247095  debt =   0.558804  firm =   0.805899

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

debt amount =   0.0403   investment =   0.0403   debt ratio =  1.00000
RRR on investment =  0.133934      after tax =  0.073664
search range of Y std.dev.:   minimum =   1.092170   maximum =   1.419821
old shareholders wealth =    0.2471    old bondholders =     0.5554
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.231456, k:agcpara = 0.21731931)
liq.cash: 10Y average (1Y) =   2.911408 ( 0.12714) : loss rate  0.0990
liq.cash: 10Y std.dev. (1Y) =   1.092170 ( 0.04770)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4727 0.09387   0.14000 0.08950  0.10431  0.07584    0.2471   0.5957   0.8428
 dbratio     ROA    ROA1 debtcf1
 0.70681 0.15086 0.14385 0.05786

TOSYOU CODE: 6588    171
debtcashflow initial values:   0.000010   2.392973
stddev initial values:   0.000010   2.392973
ecfconst solution invest:   3.925112   5.495157
debt cf solution invest: 0.35858225 0.52843700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34701
data: equity =   0.636634  debt =   0.161024  firm =   0.797658

agency cost: EZC - k L (EZC:ecfconst =   3.925112, k:agcpara = 0.36588035)
liq.cash: 10Y average (1Y) =   3.787009 ( 0.16936) : loss rate  0.0352
liq.cash: 10Y std.dev. (1Y) =   1.666745 ( 0.07454)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3775 0.02040   0.12990 0.08676  0.12120  0.11331    0.6366   0.1610   0.7977
 dbratio     ROA    ROA1 debtcf1
 0.20187 0.21233 0.17275 0.01447

debt amount =   0.0399   investment =   0.0399   debt ratio =  1.00000
RRR on investment =  0.169887      after tax =  0.093438
search range of Y std.dev.:   minimum =   1.748074   maximum =   2.272496
old shareholders wealth =    0.6366    old bondholders =     0.1600
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.116638, k:agcpara = 0.36588035)
liq.cash: 10Y average (1Y) =   3.944105 ( 0.17615) : loss rate  0.0419
liq.cash: 10Y std.dev. (1Y) =   1.748074 ( 0.07807)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4716 0.02349   0.13173 0.08721  0.12109  0.11172    0.6366   0.1999   0.8365
 dbratio     ROA    ROA1 debtcf1
 0.23893 0.21058 0.17276 0.01812

TOSYOU CODE: 3941    172
debtcashflow initial values:   0.000010   2.356685
stddev initial values:   0.000010   2.356685
ecfconst solution invest:   2.923392   4.092749
debt cf solution invest: 1.07497725 1.58417700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16580
data: equity =   0.338304  debt =   0.447258  firm =   0.785562

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

debt amount =   0.0393   investment =   0.0393   debt ratio =  1.00000
RRR on investment =  0.130021      after tax =  0.071511
search range of Y std.dev.:   minimum =   1.315378   maximum =   1.709991
old shareholders wealth =    0.3383    old bondholders =     0.4438
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.056749, k:agcpara = 0.24803884)
liq.cash: 10Y average (1Y) =   2.751236 ( 0.12109) : loss rate  0.0999
liq.cash: 10Y std.dev. (1Y) =   1.315378 ( 0.05789)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2317 0.12400   0.11549 0.08916  0.10000  0.07641    0.3383   0.4830   0.8213
 dbratio     ROA    ROA1 debtcf1
 0.58811 0.14743 0.14044 0.04948

TOSYOU CODE: 4528    173
debtcashflow initial values:   0.000010   2.338601
stddev initial values:   0.000010   2.338601
ecfconst solution invest:   2.705785   3.788099
debt cf solution invest: 0.25619980 0.37755760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.18517
data: equity =   0.672737  debt =   0.106797  firm =   0.779534

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

debt amount =   0.0390   investment =   0.0390   debt ratio =  1.00000
RRR on investment =  0.079913      after tax =  0.043952
search range of Y std.dev.:   minimum =   1.911217   maximum =   2.484583
old shareholders wealth =    0.6727    old bondholders =     0.0967
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.789865, k:agcpara = 0.35084667)
liq.cash: 10Y average (1Y) =   2.657116 ( 0.12101) : loss rate  0.0476
liq.cash: 10Y std.dev. (1Y) =   2.484583 ( 0.11316)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3784 0.17953   0.09207 0.08662  0.09115  0.08461    0.6727   0.1357   0.8084
 dbratio     ROA    ROA1 debtcf1
 0.16785 0.14969 0.13186 0.01623

TOSYOU CODE: 5734    174
debtcashflow initial values:   0.000010   2.334796
stddev initial values:   0.000010   2.334796
ecfconst solution invest:   2.414315   3.380041
debt cf solution invest: 1.38454330 2.04037960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.16810
data: equity =   0.220839  debt =   0.557426  firm =   0.778265

agency cost: EZC - k L (EZC:ecfconst =   2.414315, k:agcpara = 0.18004114)
liq.cash: 10Y average (1Y) =   2.151921 ( 0.09158) : loss rate  0.1087
liq.cash: 10Y std.dev. (1Y) =   1.009164 ( 0.04295)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4574 0.24566   0.09236 0.08532  0.08732  0.05982    0.2208   0.5574   0.7783
 dbratio     ROA    ROA1 debtcf1
 0.71624 0.11767 0.11987 0.06057

debt amount =   0.0246   investment =   0.0389   debt ratio =  0.63215
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.025429   maximum =   1.333058
old shareholders wealth =    0.2208    old bondholders =     0.5121
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.453228, k:agcpara = 0.18004114)
liq.cash: 10Y average (1Y) =   2.178230 ( 0.09320) : loss rate  0.1121
liq.cash: 10Y std.dev. (1Y) =   1.333058 ( 0.05704)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5274 0.31270   0.09353 0.08639  0.08857  0.06153    0.2352   0.5367   0.7719
 dbratio     ROA    ROA1 debtcf1
 0.69535 0.12075 0.12258 0.06634

TOSYOU CODE: 2261    175
debtcashflow initial values:   0.000010   2.329736
stddev initial values:   0.000010   2.329736
ecfconst solution invest:   3.477325   4.868255
debt cf solution invest: 0.71040430 1.04691160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29618
data: equity =   0.466624  debt =   0.309955  firm =   0.776579

agency cost: EZC - k L (EZC:ecfconst =   3.477325, k:agcpara = 0.31816316)
liq.cash: 10Y average (1Y) =   3.239404 ( 0.14498) : loss rate  0.0684
liq.cash: 10Y std.dev. (1Y) =   1.448092 ( 0.06481)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7478 0.04266   0.12983 0.08834  0.11327  0.09740    0.4666   0.3100   0.7766
 dbratio     ROA    ROA1 debtcf1
 0.39913 0.18669 0.16173 0.02905

debt amount =   0.0388   investment =   0.0388   debt ratio =  1.00000
RRR on investment =  0.155496      after tax =  0.085523
search range of Y std.dev.:   minimum =   1.516703   maximum =   1.971713
old shareholders wealth =    0.4666    old bondholders =     0.3079
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.642081, k:agcpara = 0.31816316)
liq.cash: 10Y average (1Y) =   3.374152 ( 0.15073) : loss rate  0.0736
liq.cash: 10Y std.dev. (1Y) =   1.516703 ( 0.06776)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8421 0.04752   0.13151 0.08877  0.11329  0.09626    0.4666   0.3467   0.8133
 dbratio     ROA    ROA1 debtcf1
 0.42626 0.18533 0.16174 0.03280

TOSYOU CODE: 2288    176
debtcashflow initial values:   0.000010   2.319663
stddev initial values:   0.000010   2.319663
ecfconst solution invest:   3.540934   4.957308
debt cf solution invest: 0.26204515 0.38617180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.27136
data: equity =   0.656968  debt =   0.116253  firm =   0.773221

agency cost: EZC - k L (EZC:ecfconst =   3.540934, k:agcpara = 0.36346721)
liq.cash: 10Y average (1Y) =   3.440676 ( 0.15594) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   1.659308 ( 0.07520)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2758 0.02824   0.11959 0.08714  0.11471  0.10881    0.6570   0.1163   0.7732
 dbratio     ROA    ROA1 debtcf1
 0.15036 0.20167 0.16434 0.01065

debt amount =   0.0387   investment =   0.0387   debt ratio =  1.00000
RRR on investment =  0.161670      after tax =  0.088919
search range of Y std.dev.:   minimum =   1.740388   maximum =   2.262504
old shareholders wealth =    0.6570    old bondholders =     0.1153
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.713956, k:agcpara = 0.36346721)
liq.cash: 10Y average (1Y) =   3.580079 ( 0.16189) : loss rate  0.0360
liq.cash: 10Y std.dev. (1Y) =   1.740388 ( 0.07870)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3683 0.03249   0.12104 0.08765  0.11470  0.10722    0.6570   0.1540   0.8109
 dbratio     ROA    ROA1 debtcf1
 0.18985 0.19963 0.16436 0.01427

TOSYOU CODE: 4091    177
debtcashflow initial values:   0.000010   2.302906
stddev initial values:   0.000010   2.302906
ecfconst solution invest:   2.504501   3.506301
debt cf solution invest: 0.82565830 1.21675960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08514  std.dev = 0.09959  lambda =   0.43791
riskless rate of interest = 0.08304  correlation =  0.26649
data: equity =   0.441336  debt =   0.326299  firm =   0.767635

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

debt amount =   0.0000   investment =   0.0384   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.612181   maximum =   2.095835
old shareholders wealth =    0.4413    old bondholders =     0.3017
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.524509, k:agcpara = 0.28709407)
liq.cash: 10Y average (1Y) =   2.274992 ( 0.10033) : loss rate  0.0988
liq.cash: 10Y std.dev. (1Y) =   2.095835 ( 0.09242)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8691 0.25118   0.08649 0.08455  0.08574  0.07105    0.4797   0.3017   0.7814
 dbratio     ROA    ROA1 debtcf1
 0.38608 0.12839 0.12442 0.03833

TOSYOU CODE: 6751    178
debtcashflow initial values:   0.000010   2.293447
stddev initial values:   0.000010   2.293447
ecfconst solution invest:   3.399214   4.758900
debt cf solution invest: 0.52793875 0.77801500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26639
data: equity =   0.533817  debt =   0.230665  firm =   0.764482

agency cost: EZC - k L (EZC:ecfconst =   3.399214, k:agcpara = 0.33474021)
liq.cash: 10Y average (1Y) =   3.213190 ( 0.14478) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =   1.519717 ( 0.06848)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5557 0.04018   0.12289 0.08799  0.11236  0.10041    0.5338   0.2307   0.7645
 dbratio     ROA    ROA1 debtcf1
 0.30172 0.18938 0.16092 0.02160

debt amount =   0.0382   investment =   0.0382   debt ratio =  1.00000
RRR on investment =  0.155897      after tax =  0.085743
search range of Y std.dev.:   minimum =   1.592480   maximum =   2.070224
old shareholders wealth =    0.5338    old bondholders =     0.2290
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.561967, k:agcpara = 0.33474021)
liq.cash: 10Y average (1Y) =   3.344887 ( 0.15038) : loss rate  0.0609
liq.cash: 10Y std.dev. (1Y) =   1.592480 ( 0.07160)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6485 0.04521   0.12439 0.08843  0.11239  0.09912    0.5338   0.2672   0.8010
 dbratio     ROA    ROA1 debtcf1
 0.33356 0.18774 0.16093 0.02529

TOSYOU CODE: 5932    179
debtcashflow initial values:   0.000010   2.286957
stddev initial values:   0.000010   2.286957
ecfconst solution invest:   2.197625   3.076675
debt cf solution invest: 1.40140295 2.06522540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.26768
data: equity =   0.218655  debt =   0.543664  firm =   0.762319

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

debt amount =   0.0000   investment =   0.0381   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.112016   maximum =   1.445621
old shareholders wealth =    0.2187    old bondholders =     0.5107
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.199868, k:agcpara = 0.18102498)
liq.cash: 10Y average (1Y) =   1.932827 ( 0.08128) : loss rate  0.1214
liq.cash: 10Y std.dev. (1Y) =   1.445621 ( 0.06080)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4752 0.37578   0.07455 0.07945  0.07781  0.05402    0.2568   0.5107   0.7675
 dbratio     ROA    ROA1 debtcf1
 0.66543 0.10591 0.11105 0.06675

TOSYOU CODE: 3883    180
debtcashflow initial values:   0.000010   2.266507
stddev initial values:   0.000010   2.266507
ecfconst solution invest:   2.350410   3.290574
debt cf solution invest: 0.87185680 1.28484160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation = -0.00812
data: equity =   0.413962  debt =   0.341540  firm =   0.755502

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

debt amount =   0.0000   investment =   0.0378   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.575599   maximum =   2.048279
old shareholders wealth =    0.4140    old bondholders =     0.3168
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.340823, k:agcpara = 0.27736710)
liq.cash: 10Y average (1Y) =   2.086271 ( 0.09058) : loss rate  0.1087
liq.cash: 10Y std.dev. (1Y) =   2.048279 ( 0.08893)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9177 0.28417   0.08048 0.08147  0.08089  0.06578    0.4517   0.3168   0.7685
 dbratio     ROA    ROA1 debtcf1
 0.41221 0.11786 0.11782 0.04119

TOSYOU CODE: 2264    181
debtcashflow initial values:   0.000010   2.266215
stddev initial values:   0.000010   2.266215
ecfconst solution invest:   2.761368   3.865915
debt cf solution invest: 0.93057820 1.37137840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.12818
data: equity =   0.370998  debt =   0.384407  firm =   0.755405

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

debt amount =   0.0225   investment =   0.0378   debt ratio =  0.59692
RRR on investment =  0.135140      after tax =  0.074327
search range of Y std.dev.:   minimum =   1.373786   maximum =   1.785922
old shareholders wealth =  396.8316    old bondholders =  -453.3402
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   2.895535, k:agcpara = 0.26451506)
liq.cash: 10Y average (1Y) = 267.410330 (22.13214) : loss rate -91.3527
liq.cash: 10Y std.dev. (1Y) =   1.373786 ( 0.11370)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
-999.9990 0.00000   0.08236 0.08233  0.08213 -0.21527  396.8468-453.3176 -56.4708
 dbratio     ROA    ROA1 debtcf1
 8.02747-0.39192     nan-37.32164

TOSYOU CODE: 2051    182
debtcashflow initial values:   0.000010   2.263924
stddev initial values:   0.000010   2.263924
ecfconst solution invest:   2.128318   2.979645
debt cf solution invest: 1.44158130 2.12443560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.28330
data: equity =   0.182248  debt =   0.572393  firm =   0.754641

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

debt amount =   0.0000   investment =   0.0377   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.940248   maximum =   1.222322
old shareholders wealth =    0.1822    old bondholders =     0.5413
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.151041, k:agcpara = 0.15663321)
liq.cash: 10Y average (1Y) =   1.913358 ( 0.08028) : loss rate  0.1105
liq.cash: 10Y std.dev. (1Y) =   1.222322 ( 0.05129)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5175 0.37301   0.07411 0.07960  0.07801  0.05255    0.2200   0.5413   0.7612
 dbratio     ROA    ROA1 debtcf1
 0.71102 0.10546 0.10946 0.06751

TOSYOU CODE: 2531    183
debtcashflow initial values:   0.000010   2.254747
stddev initial values:   0.000010   2.254747
ecfconst solution invest:   2.664482   3.730275
debt cf solution invest: 0.52961645 0.78048740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.07033
data: equity =   0.532334  debt =   0.219248  firm =   0.751582

agency cost: EZC - k L (EZC:ecfconst =   2.664482, k:agcpara = 0.31869730)
liq.cash: 10Y average (1Y) =   2.486811 ( 0.11312) : loss rate  0.0667
liq.cash: 10Y std.dev. (1Y) =   1.597901 ( 0.07268)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5575 0.11364   0.09450 0.08598  0.09202  0.08073    0.5323   0.2193   0.7516
 dbratio     ROA    ROA1 debtcf1
 0.29172 0.15050 0.13492 0.02269

debt amount =   0.0376   investment =   0.0376   debt ratio =  1.00000
RRR on investment =  0.096524      after tax =  0.053088
search range of Y std.dev.:   minimum =   1.654534   maximum =   2.150894
old shareholders wealth =    0.5323    old bondholders =     0.1980
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.758916, k:agcpara = 0.31869730)
liq.cash: 10Y average (1Y) =   2.547533 ( 0.11470) : loss rate  0.0766
liq.cash: 10Y std.dev. (1Y) =   2.150894 ( 0.09684)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6633 0.19051   0.09718 0.08808  0.09439  0.08223    0.5323   0.2356   0.7680
 dbratio     ROA    ROA1 debtcf1
 0.30682 0.14936 0.13642 0.02841

TOSYOU CODE: 6583    184
debtcashflow initial values:   0.000010   2.238263
stddev initial values:   0.000010   2.238263
ecfconst solution invest:   2.451536   3.432150
debt cf solution invest: 0.01653665 0.02436980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.41363
data: equity =   0.738788  debt =   0.007300  firm =   0.746088

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

debt amount =   0.0217   investment =   0.0373   debt ratio =  0.58217
RRR on investment =  0.086165      after tax =  0.047391
search range of Y std.dev.:   minimum =   1.679555   maximum =   2.183422
old shareholders wealth =    0.7388    old bondholders =     0.0068
Calculatio Status ===>   5

agency cost: EZC - k L (EZC:ecfconst =   2.536790, k:agcpara = 0.39943218)
liq.cash: 10Y average (1Y) =   2.507534 ( 0.11651) : loss rate  0.0115
liq.cash: 10Y std.dev. (1Y) =   2.183422 ( 0.10145)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0732 0.13245   0.08459 0.08353  0.08455  0.08318    0.7544   0.0285   0.7829
 dbratio     ROA    ROA1 debtcf1
 0.03639 0.14882 0.12476 0.00304

TOSYOU CODE: 4515    185
debtcashflow initial values:   0.000010   2.232088
stddev initial values:   0.000010   2.232088
ecfconst solution invest:   2.826255   3.956757
debt cf solution invest: 0.16678675 0.24579100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.12667
data: equity =   0.669259  debt =   0.074770  firm =   0.744029

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

debt amount =   0.0372   investment =   0.0372   debt ratio =  1.00000
RRR on investment =  0.141122      after tax =  0.077617
search range of Y std.dev.:   minimum =   1.513957   maximum =   1.968144
old shareholders wealth =    0.6693    old bondholders =     0.0740
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.965533, k:agcpara = 0.37034909)
liq.cash: 10Y average (1Y) =   2.867838 ( 0.13258) : loss rate  0.0329
liq.cash: 10Y std.dev. (1Y) =   1.513957 ( 0.06999)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2638 0.04271   0.09945 0.08545  0.09746  0.09198    0.6693   0.1112   0.7805
 dbratio     ROA    ROA1 debtcf1
 0.14251 0.16986 0.14281 0.01026

TOSYOU CODE: 4272    186
debtcashflow initial values:   0.000010   2.230485
stddev initial values:   0.000010   2.230485
ecfconst solution invest:   2.228481   3.119873
debt cf solution invest: 0.82665105 1.21822260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.25302
data: equity =   0.429082  debt =   0.314413  firm =   0.743495

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

debt amount =   0.0000   investment =   0.0372   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.698065   maximum =   2.207485
old shareholders wealth =    0.4291    old bondholders =     0.2925
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.182416, k:agcpara = 0.28842667)
liq.cash: 10Y average (1Y) =   1.931439 ( 0.08209) : loss rate  0.1150
liq.cash: 10Y std.dev. (1Y) =   2.207485 ( 0.09383)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8702 0.31534   0.07564 0.07928  0.07704  0.06329    0.4663   0.2925   0.7588
 dbratio     ROA    ROA1 debtcf1
 0.38550 0.10820 0.11143 0.04001

TOSYOU CODE: 6474    187
debtcashflow initial values:   0.000010   2.219628
stddev initial values:   0.000010   2.219628
ecfconst solution invest:   2.672028   3.740839
debt cf solution invest: 0.86905905 1.28071860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.42124
data: equity =   0.384281  debt =   0.355595  firm =   0.739876

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

debt amount =   0.0370   investment =   0.0370   debt ratio =  1.00000
RRR on investment =  0.111669      after tax =  0.061418
search range of Y std.dev.:   minimum =   1.394974   maximum =   1.813467
old shareholders wealth =    0.3843    old bondholders =     0.3199
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.778659, k:agcpara = 0.27305795)
liq.cash: 10Y average (1Y) =   2.499983 ( 0.11072) : loss rate  0.1003
liq.cash: 10Y std.dev. (1Y) =   1.813467 ( 0.08032)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0206 0.20731   0.10698 0.09104  0.09930  0.07958    0.3843   0.3569   0.7412
 dbratio     ROA    ROA1 debtcf1
 0.48155 0.14938 0.14127 0.04346

TOSYOU CODE: 7102    188
debtcashflow initial values:   0.000010   2.214392
stddev initial values:   0.000010   2.214392
ecfconst solution invest:   2.638498   3.693897
debt cf solution invest: 1.18563515 1.74725180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17617
data: equity =   0.243722  debt =   0.494409  firm =   0.738131

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

debt amount =   0.0369   investment =   0.0369   debt ratio =  1.00000
RRR on investment =  0.124572      after tax =  0.068515
search range of Y std.dev.:   minimum =   1.052169   maximum =   1.367819
old shareholders wealth =    0.2437    old bondholders =     0.4909
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.757890, k:agcpara = 0.20982892)
liq.cash: 10Y average (1Y) =   2.476326 ( 0.10753) : loss rate  0.1021
liq.cash: 10Y std.dev. (1Y) =   1.052169 ( 0.04569)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3419 0.14047   0.11995 0.08919  0.09891  0.07145    0.2437   0.5278   0.7715
 dbratio     ROA    ROA1 debtcf1
 0.68409 0.13938 0.13586 0.05379

TOSYOU CODE: 7007    189
debtcashflow initial values:   0.000010   2.168844
stddev initial values:   0.000010   2.168844
ecfconst solution invest:   2.774870   3.884818
debt cf solution invest: 1.17069260 1.72523120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27905
data: equity =   0.221114  debt =   0.501834  firm =   0.722948

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

debt amount =   0.0361   investment =   0.0361   debt ratio =  1.00000
RRR on investment =  0.134096      after tax =  0.073753
search range of Y std.dev.:   minimum =   0.977950   maximum =   1.271335
old shareholders wealth =    0.2211    old bondholders =     0.4988
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.902096, k:agcpara = 0.21748025)
liq.cash: 10Y average (1Y) =   2.614671 ( 0.11419) : loss rate  0.0990
liq.cash: 10Y std.dev. (1Y) =   0.977950 ( 0.04271)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3216 0.09305   0.14042 0.08948  0.10438  0.07589    0.2211   0.5349   0.7561
 dbratio     ROA    ROA1 debtcf1
 0.70754 0.15104 0.14397 0.05191

TOSYOU CODE: 7222    190
debtcashflow initial values:   0.000010   2.159572
stddev initial values:   0.000010   2.159572
ecfconst solution invest:   3.427336   4.798270
debt cf solution invest: 0.77106655 1.13630860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38735
data: equity =   0.377837  debt =   0.342020  firm =   0.719857

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

debt amount =   0.0360   investment =   0.0360   debt ratio =  1.00000
RRR on investment =  0.162852      after tax =  0.089569
search range of Y std.dev.:   minimum =   1.327393   maximum =   1.725611
old shareholders wealth =    0.3778    old bondholders =     0.3401
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.590064, k:agcpara = 0.31943886)
liq.cash: 10Y average (1Y) =   3.303356 ( 0.14676) : loss rate  0.0799
liq.cash: 10Y std.dev. (1Y) =   1.327393 ( 0.05897)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8975 0.03496   0.14746 0.08820  0.11790  0.09810    0.3778   0.3761   0.7540
 dbratio     ROA    ROA1 debtcf1
 0.49887 0.19464 0.16889 0.03461

TOSYOU CODE: 6508    191
debtcashflow initial values:   0.000010   2.132448
stddev initial values:   0.000010   2.132448
ecfconst solution invest:   3.066305   4.292827
debt cf solution invest: 0.98876095 1.45712140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34537
data: equity =   0.279782  debt =   0.431034  firm =   0.710816

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

debt amount =   0.0355   investment =   0.0355   debt ratio =  1.00000
RRR on investment =  0.149255      after tax =  0.082090
search range of Y std.dev.:   minimum =   1.128083   maximum =   1.466508
old shareholders wealth =    0.2798    old bondholders =     0.4286
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.209159, k:agcpara = 0.26983082)
liq.cash: 10Y average (1Y) =   2.905028 ( 0.12852) : loss rate  0.0948
liq.cash: 10Y std.dev. (1Y) =   1.128083 ( 0.04991)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1271 0.05751   0.14773 0.08912  0.11116  0.08614    0.2798   0.4641   0.7439
 dbratio     ROA    ROA1 debtcf1
 0.62389 0.17277 0.15741 0.04382

TOSYOU CODE: 4045    192
debtcashflow initial values:   0.000010   2.104453
stddev initial values:   0.000010   2.104453
ecfconst solution invest:   2.308611   3.232055
debt cf solution invest: 1.17095100 1.72561200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.18730
data: equity =   0.226704  debt =   0.474780  firm =   0.701484

agency cost: EZC - k L (EZC:ecfconst =   2.308611, k:agcpara = 0.19988657)
liq.cash: 10Y average (1Y) =   2.062235 ( 0.08887) : loss rate  0.1067
liq.cash: 10Y std.dev. (1Y) =   0.973986 ( 0.04197)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2326 0.19716   0.10101 0.08716  0.09164  0.06509    0.2267   0.4748   0.7015
 dbratio     ROA    ROA1 debtcf1
 0.67682 0.12669 0.12651 0.05056

debt amount =   0.0351   investment =   0.0351   debt ratio =  1.00000
RRR on investment =  0.038107      after tax =  0.020959
search range of Y std.dev.:   minimum =   0.995494   maximum =   1.294143
old shareholders wealth =    0.2267    old bondholders =     0.4292
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.359592, k:agcpara = 0.19988657)
liq.cash: 10Y average (1Y) =   2.093082 ( 0.09039) : loss rate  0.1129
liq.cash: 10Y std.dev. (1Y) =   1.294143 ( 0.05589)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3333 0.27857   0.10422 0.08953  0.09435  0.06728    0.2267   0.4643   0.6910
 dbratio     ROA    ROA1 debtcf1
 0.67191 0.13081 0.13067 0.05733

TOSYOU CODE: 5105    193
debtcashflow initial values:   0.000010   2.098885
stddev initial values:   0.000010   2.098885
ecfconst solution invest:   2.481583   3.474216
debt cf solution invest: 1.11518505 1.64343060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16228
data: equity =   0.236398  debt =   0.463230  firm =   0.699628

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

debt amount =   0.0350   investment =   0.0350   debt ratio =  1.00000
RRR on investment =  0.123574      after tax =  0.067966
search range of Y std.dev.:   minimum =   1.014086   maximum =   1.318312
old shareholders wealth =    0.2364    old bondholders =     0.4598
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.593747, k:agcpara = 0.21153996)
liq.cash: 10Y average (1Y) =   2.326533 ( 0.10103) : loss rate  0.1030
liq.cash: 10Y std.dev. (1Y) =   1.014086 ( 0.04404)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2632 0.14719   0.11700 0.08902  0.09807  0.07096    0.2364   0.4948   0.7312
 dbratio     ROA    ROA1 debtcf1
 0.67670 0.13817 0.13498 0.05081

TOSYOU CODE: 4203    194
debtcashflow initial values:   0.000010   2.044491
stddev initial values:   0.000010   2.044491
ecfconst solution invest:   2.647577   3.706608
debt cf solution invest: 0.77026760 1.13513120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.38377
data: equity =   0.359574  debt =   0.321923  firm =   0.681497

agency cost: EZC - k L (EZC:ecfconst =   2.647577, k:agcpara = 0.28081955)
liq.cash: 10Y average (1Y) =   2.419886 ( 0.10798) : loss rate  0.0860
liq.cash: 10Y std.dev. (1Y) =   1.216832 ( 0.05430)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8108 0.09303   0.11378 0.08905  0.10210  0.08317    0.3596   0.3219   0.6815
 dbratio     ROA    ROA1 debtcf1
 0.47238 0.15845 0.14535 0.03233

debt amount =   0.0341   investment =   0.0341   debt ratio =  1.00000
RRR on investment =  0.136443      after tax =  0.075044
search range of Y std.dev.:   minimum =   1.273104   maximum =   1.655035
old shareholders wealth =    0.3596    old bondholders =     0.3193
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.770014, k:agcpara = 0.28081955)
liq.cash: 10Y average (1Y) =   2.518024 ( 0.11207) : loss rate  0.0910
liq.cash: 10Y std.dev. (1Y) =   1.273104 ( 0.05666)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8973 0.10151   0.11480 0.08940  0.10221  0.08227    0.3596   0.3534   0.7129
 dbratio     ROA    ROA1 debtcf1
 0.49565 0.15719 0.14536 0.03591

TOSYOU CODE: 6507    195
debtcashflow initial values:   0.000010   2.036826
stddev initial values:   0.000010   2.036826
ecfconst solution invest:   2.353603   3.295044
debt cf solution invest: 1.17279400 1.72832800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19077
data: equity =   0.184920  debt =   0.494022  firm =   0.678942

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

debt amount =   0.0339   investment =   0.0339   debt ratio =  1.00000
RRR on investment =  0.121181      after tax =  0.066650
search range of Y std.dev.:   minimum =   0.841007   maximum =   1.093309
old shareholders wealth =    0.1849    old bondholders =     0.4908
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.460155, k:agcpara = 0.18407656)
liq.cash: 10Y average (1Y) =   2.217190 ( 0.09544) : loss rate  0.0988
liq.cash: 10Y std.dev. (1Y) =   0.841007 ( 0.03620)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3199 0.14301   0.12424 0.08895  0.09815  0.06855    0.1849   0.5247   0.7096
 dbratio     ROA    ROA1 debtcf1
 0.73942 0.13448 0.13238 0.05260

TOSYOU CODE: 7240    196
debtcashflow initial values:   0.000010   2.032960
stddev initial values:   0.000010   2.032960
ecfconst solution invest:   2.639801   3.695721
debt cf solution invest: 0.45093460 0.66453520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14384
data: equity =   0.486444  debt =   0.191209  firm =   0.677653

agency cost: EZC - k L (EZC:ecfconst =   2.639801, k:agcpara = 0.32467471)
liq.cash: 10Y average (1Y) =   2.485688 ( 0.11315) : loss rate  0.0584
liq.cash: 10Y std.dev. (1Y) =   1.392225 ( 0.06338)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4747 0.07430   0.10563 0.08760  0.10054  0.08942    0.4864   0.1912   0.6777
 dbratio     ROA    ROA1 debtcf1
 0.28216 0.16698 0.14566 0.01887

debt amount =   0.0339   investment =   0.0339   debt ratio =  1.00000
RRR on investment =  0.139943      after tax =  0.076969
search range of Y std.dev.:   minimum =   1.458439   maximum =   1.895970
old shareholders wealth =    0.4864    old bondholders =     0.1895
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.765349, k:agcpara = 0.32467471)
liq.cash: 10Y average (1Y) =   2.583678 ( 0.11722) : loss rate  0.0657
liq.cash: 10Y std.dev. (1Y) =   1.458439 ( 0.06617)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5595 0.08259   0.10646 0.08796  0.10064  0.08818    0.4864   0.2234   0.7098
 dbratio     ROA    ROA1 debtcf1
 0.31468 0.16514 0.14567 0.02234

TOSYOU CODE: 4114    197
debtcashflow initial values:   0.000010   1.998363
stddev initial values:   0.000010   1.998363
ecfconst solution invest:   2.308730   3.232222
debt cf solution invest: 0.79700820 1.17453840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.28026
data: equity =   0.344024  debt =   0.322097  firm =   0.666121

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

debt amount =   0.0333   investment =   0.0333   debt ratio =  1.00000
RRR on investment =  0.051861      after tax =  0.028524
search range of Y std.dev.:   minimum =   1.261602   maximum =   1.640082
old shareholders wealth =    0.3440    old bondholders =     0.2905
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.363951, k:agcpara = 0.27048951)
liq.cash: 10Y average (1Y) =   2.111005 ( 0.09313) : loss rate  0.1070
liq.cash: 10Y std.dev. (1Y) =   1.640082 ( 0.07235)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9351 0.23670   0.09908 0.08890  0.09414  0.07475    0.3440   0.3238   0.6678
 dbratio     ROA    ROA1 debtcf1
 0.48487 0.13945 0.13474 0.04045

TOSYOU CODE: 2206    198
debtcashflow initial values:   0.000010   1.974220
stddev initial values:   0.000010   1.974220
ecfconst solution invest:   2.526284   3.536798
debt cf solution invest: 0.03741480 0.05513760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14359
data: equity =   0.640859  debt =   0.017214  firm =   0.658073

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

debt amount =   0.0151   investment =   0.0329   debt ratio =  0.45859
RRR on investment =  0.143893      after tax =  0.079141
search range of Y std.dev.:   minimum =   1.257713   maximum =   1.635027
old shareholders wealth =    0.6409    old bondholders =     0.0172
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   2.652496, k:agcpara = 0.39793774)
liq.cash: 10Y average (1Y) =   2.623043 ( 0.12226) : loss rate  0.0111
liq.cash: 10Y std.dev. (1Y) =   1.257713 ( 0.05862)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0740 0.02135   0.09893 0.08427  0.09824  0.09647    0.6587   0.0323   0.6909
 dbratio     ROA    ROA1 debtcf1
 0.04668 0.17695 0.14399 0.00282

TOSYOU CODE: 5331    199
debtcashflow initial values:   0.000010   1.961383
stddev initial values:   0.000010   1.961383
ecfconst solution invest:   2.312368   3.237315
debt cf solution invest: 0.76668230 1.12984760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.34452
data: equity =   0.342023  debt =   0.311771  firm =   0.653794

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

debt amount =   0.0327   investment =   0.0327   debt ratio =  1.00000
RRR on investment =  0.083396      after tax =  0.045868
search range of Y std.dev.:   minimum =   1.241323   maximum =   1.613720
old shareholders wealth =    0.3420    old bondholders =     0.2809
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.385193, k:agcpara = 0.27315308)
liq.cash: 10Y average (1Y) =   2.139091 ( 0.09463) : loss rate  0.1032
liq.cash: 10Y std.dev. (1Y) =   1.613720 ( 0.07139)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9010 0.22147   0.10264 0.08993  0.09657  0.07721    0.3420   0.3135   0.6556
 dbratio     ROA    ROA1 debtcf1
 0.47828 0.14435 0.13786 0.03868

TOSYOU CODE: 2201    200
debtcashflow initial values:   0.000010   1.904157
stddev initial values:   0.000010   1.904157
ecfconst solution invest:   2.231944   3.124722
debt cf solution invest: 0.59798510 0.88124120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.07266
data: equity =   0.389400  debt =   0.245319  firm =   0.634719

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

debt amount =   0.0317   investment =   0.0317   debt ratio =  1.00000
RRR on investment =  0.080754      after tax =  0.044415
search range of Y std.dev.:   minimum =   1.301451   maximum =   1.691886
old shareholders wealth =    0.3894    old bondholders =     0.2214
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.300939, k:agcpara = 0.29615570)
liq.cash: 10Y average (1Y) =   2.087797 ( 0.09313) : loss rate  0.0926
liq.cash: 10Y std.dev. (1Y) =   1.691886 ( 0.07547)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7197 0.20937   0.09836 0.08842  0.09444  0.07877    0.3894   0.2531   0.6425
 dbratio     ROA    ROA1 debtcf1
 0.39394 0.14495 0.13606 0.03094

TOSYOU CODE: 2801    201
debtcashflow initial values:   0.000010   1.892433
stddev initial values:   0.000010   1.892433
ecfconst solution invest:   2.387743   3.342840
debt cf solution invest: 0.19444695 0.28655340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23639
data: equity =   0.547897  debt =   0.082914  firm =   0.630811

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

debt amount =   0.0315   investment =   0.0315   debt ratio =  1.00000
RRR on investment =  0.139169      after tax =  0.076543
search range of Y std.dev.:   minimum =   1.498464   maximum =   1.948003
old shareholders wealth =    0.5479    old bondholders =     0.0820
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.503821, k:agcpara = 0.35311266)
liq.cash: 10Y average (1Y) =   2.403734 ( 0.11071) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =   1.498464 ( 0.06902)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2834 0.07854   0.09951 0.08705  0.09737  0.09065    0.5479   0.1135   0.6614
 dbratio     ROA    ROA1 debtcf1
 0.17161 0.16739 0.14239 0.01134

TOSYOU CODE: 5453    202
debtcashflow initial values:   0.000010   1.890723
stddev initial values:   0.000010   1.890723
ecfconst solution invest:   2.333717   3.267204
debt cf solution invest: 1.03856185 1.53051220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24207
data: equity =   0.189000  debt =   0.441241  firm =   0.630241

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

debt amount =   0.0315   investment =   0.0315   debt ratio =  1.00000
RRR on investment =  0.129386      after tax =  0.071162
search range of Y std.dev.:   minimum =   0.839757   maximum =   1.091684
old shareholders wealth =    0.1890    old bondholders =     0.4384
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.440107, k:agcpara = 0.20661539)
liq.cash: 10Y average (1Y) =   2.197995 ( 0.09557) : loss rate  0.0992
liq.cash: 10Y std.dev. (1Y) =   0.839757 ( 0.03651)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1718 0.11085   0.13369 0.08949  0.10217  0.07345    0.1890   0.4699   0.6589
 dbratio     ROA    ROA1 debtcf1
 0.71317 0.14504 0.13987 0.04631

TOSYOU CODE: 3104    203
debtcashflow initial values:   0.000010   1.883055
stddev initial values:   0.000010   1.883055
ecfconst solution invest:   1.614341   2.260077
debt cf solution invest: 1.25690415 1.85227980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.34408
data: equity =   0.135648  debt =   0.492037  firm =   0.627685

agency cost: EZC - k L (EZC:ecfconst =   1.614341, k:agcpara = 0.13980147)
liq.cash: 10Y average (1Y) =   1.429376 ( 0.05819) : loss rate  0.1146
liq.cash: 10Y std.dev. (1Y) =   0.783729 ( 0.03190)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3231 0.44605   0.05626 0.07303  0.06940  0.04364    0.1356   0.4920   0.6277
 dbratio     ROA    ROA1 debtcf1
 0.78389 0.09270 0.09907 0.05929

debt amount =   0.0000   investment =   0.0314   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.778638   maximum =   1.012229
old shareholders wealth =    0.1356    old bondholders =     0.4692
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.603854, k:agcpara = 0.13980147)
liq.cash: 10Y average (1Y) =   1.418889 ( 0.05744) : loss rate  0.1153
liq.cash: 10Y std.dev. (1Y) =   1.012229 ( 0.04097)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3231 0.46229   0.05577 0.07108  0.06706  0.04347    0.1670   0.4692   0.6363
 dbratio     ROA    ROA1 debtcf1
 0.73748 0.09027 0.09686 0.06148

TOSYOU CODE: 6310    204
debtcashflow initial values:   0.000010   1.879568
stddev initial values:   0.000010   1.879568
ecfconst solution invest:   2.056205   2.878687
debt cf solution invest: 0.67524290 0.99509480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.08631
data: equity =   0.358019  debt =   0.268504  firm =   0.626523

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

debt amount =   0.0000   investment =   0.0313   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.297141   maximum =   1.686283
old shareholders wealth =    0.3580    old bondholders =     0.2481
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.079646, k:agcpara = 0.28540274)
liq.cash: 10Y average (1Y) =   1.876787 ( 0.08294) : loss rate  0.0975
liq.cash: 10Y std.dev. (1Y) =   1.686283 ( 0.07452)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7108 0.24464   0.08757 0.08484  0.08651  0.07165    0.3893   0.2481   0.6375
 dbratio     ROA    ROA1 debtcf1
 0.38922 0.13011 0.12552 0.03121

TOSYOU CODE: 6371    205
debtcashflow initial values:   0.000010   1.875940
stddev initial values:   0.000010   1.875940
ecfconst solution invest:   2.930317   4.102444
debt cf solution invest: 0.69626925 1.02608100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37732
data: equity =   0.317523  debt =   0.307790  firm =   0.625313

agency cost: EZC - k L (EZC:ecfconst =   2.930317, k:agcpara = 0.31264046)
liq.cash: 10Y average (1Y) =   2.701178 ( 0.12014) : loss rate  0.0782
liq.cash: 10Y std.dev. (1Y) =   1.082611 ( 0.04815)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7329 0.03453   0.14471 0.08800  0.11680  0.09731    0.3175   0.3078   0.6253
 dbratio     ROA    ROA1 debtcf1
 0.49222 0.19212 0.16703 0.02825

debt amount =   0.0313   investment =   0.0313   debt ratio =  1.00000
RRR on investment =  0.160644      after tax =  0.088354
search range of Y std.dev.:   minimum =   1.133852   maximum =   1.474007
old shareholders wealth =    0.3175    old bondholders =     0.3061
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.069011, k:agcpara = 0.31264046)
liq.cash: 10Y average (1Y) =   2.816465 ( 0.12513) : loss rate  0.0823
liq.cash: 10Y std.dev. (1Y) =   1.133852 ( 0.05038)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8078 0.03823   0.14685 0.08839  0.11674  0.09625    0.3175   0.3373   0.6549
 dbratio     ROA    ROA1 debtcf1
 0.51513 0.19108 0.16704 0.03120

TOSYOU CODE: 5707    206
debtcashflow initial values:   0.000010   1.872450
stddev initial values:   0.000010   1.872450
ecfconst solution invest:   2.149422   3.009191
debt cf solution invest: 1.12085560 1.65178720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24347
data: equity =   0.141500  debt =   0.482650  firm =   0.624150

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

debt amount =   0.0312   investment =   0.0312   debt ratio =  1.00000
RRR on investment =  0.121476      after tax =  0.066812
search range of Y std.dev.:   minimum =   0.663444   maximum =   0.862478
old shareholders wealth =    0.1415    old bondholders =     0.4799
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.247633, k:agcpara = 0.16715294)
liq.cash: 10Y average (1Y) =   2.037593 ( 0.08738) : loss rate  0.0934
liq.cash: 10Y std.dev. (1Y) =   0.663444 ( 0.02845)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2566 0.11955   0.13581 0.08861  0.09885  0.06762    0.1415   0.5111   0.6526
 dbratio     ROA    ROA1 debtcf1
 0.78318 0.13389 0.13163 0.04939

TOSYOU CODE: 2810    207
debtcashflow initial values:   0.000010   1.863002
stddev initial values:   0.000010   1.863002
ecfconst solution invest:   2.256272   3.158781
debt cf solution invest: 0.17608250 0.25949000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.31823
data: equity =   0.545097  debt =   0.075904  firm =   0.621001

agency cost: EZC - k L (EZC:ecfconst =   2.256272, k:agcpara = 0.35574542)
liq.cash: 10Y average (1Y) =   2.190335 ( 0.10159) : loss rate  0.0292
liq.cash: 10Y std.dev. (1Y) =   1.344437 ( 0.06236)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1853 0.06794   0.09457 0.08571  0.09348  0.08877    0.5451   0.0759   0.6210
 dbratio     ROA    ROA1 debtcf1
 0.12223 0.16359 0.13770 0.00735

debt amount =   0.0311   investment =   0.0311   debt ratio =  1.00000
RRR on investment =  0.134808      after tax =  0.074144
search range of Y std.dev.:   minimum =   1.409966   maximum =   1.832956
old shareholders wealth =    0.5451    old bondholders =     0.0750
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.366245, k:agcpara = 0.35574542)
liq.cash: 10Y average (1Y) =   2.273025 ( 0.10495) : loss rate  0.0394
liq.cash: 10Y std.dev. (1Y) =   1.409966 ( 0.06510)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2620 0.07690   0.09502 0.08601  0.09355  0.08725    0.5451   0.1061   0.6512
 dbratio     ROA    ROA1 debtcf1
 0.16292 0.16117 0.13772 0.01046

TOSYOU CODE: 4213    208
debtcashflow initial values:   0.000010   1.857435
stddev initial values:   0.000010   1.857435
ecfconst solution invest:   1.965726   2.752016
debt cf solution invest: 0.95526775 1.40776300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08499  std.dev = 0.09892  lambda =   0.47886
riskless rate of interest = 0.08272  correlation =  0.35262
data: equity =   0.242166  debt =   0.376979  firm =   0.619145

agency cost: EZC - k L (EZC:ecfconst =   1.965726, k:agcpara = 0.22640410)
liq.cash: 10Y average (1Y) =   1.738066 ( 0.07521) : loss rate  0.1158
liq.cash: 10Y std.dev. (1Y) =   1.027987 ( 0.04448)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0055 0.23805   0.08760 0.08432  0.08560  0.06250    0.2422   0.3770   0.6191
 dbratio     ROA    ROA1 debtcf1
 0.60887 0.12147 0.12247 0.04251

debt amount =   0.0000   investment =   0.0310   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.042299   maximum =   1.354989
old shareholders wealth =    0.2422    old bondholders =     0.3500
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.993094, k:agcpara = 0.22640410)
liq.cash: 10Y average (1Y) =   1.765434 ( 0.07655) : loss rate  0.1142
liq.cash: 10Y std.dev. (1Y) =   1.354989 ( 0.05875)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0055 0.28746   0.08804 0.08483  0.08623  0.06480    0.2731   0.3500   0.6231
 dbratio     ROA    ROA1 debtcf1
 0.56166 0.12286 0.12331 0.04423

TOSYOU CODE: 4403    209
debtcashflow initial values:   0.000010   1.855628
stddev initial values:   0.000010   1.855628
ecfconst solution invest:   2.068120   2.895368
debt cf solution invest: 0.92894515 1.36897180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.26540
data: equity =   0.245873  debt =   0.372670  firm =   0.618543

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

debt amount =   0.0309   investment =   0.0309   debt ratio =  1.00000
RRR on investment =  0.013599      after tax =  0.007480
search range of Y std.dev.:   minimum =   1.012491   maximum =   1.316238
old shareholders wealth =    0.2459    old bondholders =     0.3364
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.103520, k:agcpara = 0.23009585)
liq.cash: 10Y average (1Y) =   1.857836 ( 0.08079) : loss rate  0.1168
liq.cash: 10Y std.dev. (1Y) =   1.316238 ( 0.05724)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0677 0.27417   0.09924 0.08868  0.09291  0.06901    0.2459   0.3673   0.6132
 dbratio     ROA    ROA1 debtcf1
 0.59901 0.13176 0.13119 0.04640

TOSYOU CODE: 4611    210
debtcashflow initial values:   0.000010   1.842863
stddev initial values:   0.000010   1.842863
ecfconst solution invest:   2.315606   3.241848
debt cf solution invest: 0.89975735 1.32595820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20025
data: equity =   0.237011  debt =   0.377277  firm =   0.614288

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

debt amount =   0.0307   investment =   0.0307   debt ratio =  1.00000
RRR on investment =  0.131387      after tax =  0.072263
search range of Y std.dev.:   minimum =   0.962731   maximum =   1.251550
old shareholders wealth =    0.2370    old bondholders =     0.3745
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.421155, k:agcpara = 0.23605329)
liq.cash: 10Y average (1Y) =   2.179251 ( 0.09556) : loss rate  0.0999
liq.cash: 10Y std.dev. (1Y) =   0.962731 ( 0.04222)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0248 0.11523   0.12303 0.08955  0.10190  0.07648    0.2370   0.4052   0.6422
 dbratio     ROA    ROA1 debtcf1
 0.63096 0.14880 0.14191 0.04087

TOSYOU CODE: 4613    211
debtcashflow initial values:   0.000010   1.838320
stddev initial values:   0.000010   1.838320
ecfconst solution invest:   2.443448   3.420827
debt cf solution invest: 0.67982380 1.00184560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20048
data: equity =   0.325295  debt =   0.287478  firm =   0.612773

agency cost: EZC - k L (EZC:ecfconst =   2.443448, k:agcpara = 0.28411606)
liq.cash: 10Y average (1Y) =   2.240133 ( 0.10005) : loss rate  0.0832
liq.cash: 10Y std.dev. (1Y) =   1.086529 ( 0.04852)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7156 0.08029   0.11786 0.08887  0.10426  0.08549    0.3253   0.2875   0.6128
 dbratio     ROA    ROA1 debtcf1
 0.46914 0.16327 0.14834 0.02833

debt amount =   0.0306   investment =   0.0306   debt ratio =  1.00000
RRR on investment =  0.139820      after tax =  0.076901
search range of Y std.dev.:   minimum =   1.136957   maximum =   1.478044
old shareholders wealth =    0.3253    old bondholders =     0.2852
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.556853, k:agcpara = 0.28411606)
liq.cash: 10Y average (1Y) =   2.331699 ( 0.10388) : loss rate  0.0881
liq.cash: 10Y std.dev. (1Y) =   1.136957 ( 0.05065)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7925 0.08790   0.11904 0.08925  0.10436  0.08458    0.3253   0.3159   0.6412
 dbratio     ROA    ROA1 debtcf1
 0.49265 0.16201 0.14835 0.03148

TOSYOU CODE: 6796    212
debtcashflow initial values:   0.000010   1.836045
stddev initial values:   0.000010   1.836045
ecfconst solution invest:   1.988669   2.784137
debt cf solution invest: 0.38376010 0.56554120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.34978
data: equity =   0.457834  debt =   0.154181  firm =   0.612015

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

debt amount =   0.0000   investment =   0.0306   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.461059   maximum =   1.899376
old shareholders wealth =    0.4578    old bondholders =     0.1426
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   2.002422, k:agcpara = 0.32872991)
liq.cash: 10Y average (1Y) =   1.869629 ( 0.08372) : loss rate  0.0663
liq.cash: 10Y std.dev. (1Y) =   1.899376 ( 0.08506)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4040 0.22016   0.08463 0.08369  0.08442  0.07591    0.4884   0.1426   0.6310
 dbratio     ROA    ROA1 debtcf1
 0.22596 0.13268 0.12241 0.01773

TOSYOU CODE: 2004    213
debtcashflow initial values:   0.000010   1.833644
stddev initial values:   0.000010   1.833644
ecfconst solution invest:   1.812154   2.537016
debt cf solution invest: 0.91022635 1.34138620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.27548
data: equity =   0.267563  debt =   0.343652  firm =   0.611215

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

debt amount =   0.0000   investment =   0.0306   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.206238   maximum =   1.568109
old shareholders wealth =    0.2676    old bondholders =     0.3204
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.781486, k:agcpara = 0.24438353)
liq.cash: 10Y average (1Y) =   1.547334 ( 0.06509) : loss rate  0.1314
liq.cash: 10Y std.dev. (1Y) =   1.568109 ( 0.06597)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9581 0.35356   0.07457 0.07891  0.07682  0.05843    0.2981   0.3204   0.6185
 dbratio     ROA    ROA1 debtcf1
 0.51798 0.10524 0.11159 0.04425

TOSYOU CODE: 7242    214
debtcashflow initial values:   0.000010   1.824827
stddev initial values:   0.000010   1.824827
ecfconst solution invest:   2.774041   3.883657
debt cf solution invest: 0.65292645 0.96220740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33892
data: equity =   0.321926  debt =   0.286350  firm =   0.608276

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

debt amount =   0.0304   investment =   0.0304   debt ratio =  1.00000
RRR on investment =  0.157177      after tax =  0.086447
search range of Y std.dev.:   minimum =   1.122484   maximum =   1.459229
old shareholders wealth =    0.3219    old bondholders =     0.2846
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.904980, k:agcpara = 0.30913746)
liq.cash: 10Y average (1Y) =   2.669807 ( 0.11877) : loss rate  0.0810
liq.cash: 10Y std.dev. (1Y) =   1.122484 ( 0.04993)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7607 0.04449   0.14038 0.08873  0.11483  0.09509    0.3219   0.3150   0.6369
 dbratio     ROA    ROA1 debtcf1
 0.49457 0.18647 0.16387 0.02952

TOSYOU CODE: 3201    215
debtcashflow initial values:   0.000010   1.790910
stddev initial values:   0.000010   1.790910
ecfconst solution invest:   1.965009   2.751013
debt cf solution invest: 0.81425640 1.19995680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.15060
data: equity =   0.273342  debt =   0.323628  firm =   0.596970

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

debt amount =   0.0094   investment =   0.0298   debt ratio =  0.31451
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.084423   maximum =   1.409750
old shareholders wealth =    0.2733    old bondholders =     0.2972
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.994857, k:agcpara = 0.25091300)
liq.cash: 10Y average (1Y) =   1.773005 ( 0.07759) : loss rate  0.1112
liq.cash: 10Y std.dev. (1Y) =   1.409750 ( 0.06169)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8842 0.26419   0.09161 0.08629  0.08889  0.06906    0.2938   0.3066   0.6004
 dbratio     ROA    ROA1 debtcf1
 0.51067 0.12922 0.12758 0.03869

TOSYOU CODE: 6704    216
debtcashflow initial values:   0.000010   1.777771
stddev initial values:   0.000010   1.777771
ecfconst solution invest:   2.696877   3.775628
debt cf solution invest: 0.23574345 0.34741140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26793
data: equity =   0.488204  debt =   0.104386  firm =   0.592590

agency cost: EZC - k L (EZC:ecfconst =   2.696877, k:agcpara = 0.35858702)
liq.cash: 10Y average (1Y) =   2.607893 ( 0.11813) : loss rate  0.0330
liq.cash: 10Y std.dev. (1Y) =   1.254999 ( 0.05685)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2482 0.03004   0.11992 0.08720  0.11416  0.10725    0.4882   0.1044   0.5926
 dbratio     ROA    ROA1 debtcf1
 0.17615 0.19934 0.16362 0.00959

debt amount =   0.0296   investment =   0.0296   debt ratio =  1.00000
RRR on investment =  0.160578      after tax =  0.088318
search range of Y std.dev.:   minimum =   1.316128   maximum =   1.710967
old shareholders wealth =    0.4882    old bondholders =     0.1035
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.828239, k:agcpara = 0.35858702)
liq.cash: 10Y average (1Y) =   2.713793 ( 0.12264) : loss rate  0.0405
liq.cash: 10Y std.dev. (1Y) =   1.316128 ( 0.05948)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3192 0.03442   0.12138 0.08769  0.11416  0.10570    0.4882   0.1332   0.6214
 dbratio     ROA    ROA1 debtcf1
 0.21432 0.19737 0.16363 0.01238

TOSYOU CODE: 4521    217
debtcashflow initial values:   0.000010   1.769097
stddev initial values:   0.000010   1.769097
ecfconst solution invest:   2.539346   3.555084
debt cf solution invest: 0.39496345 0.58205140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.23402
data: equity =   0.418327  debt =   0.171372  firm =   0.589699

agency cost: EZC - k L (EZC:ecfconst =   2.539346, k:agcpara = 0.33242108)
liq.cash: 10Y average (1Y) =   2.401142 ( 0.10857) : loss rate  0.0544
liq.cash: 10Y std.dev. (1Y) =   1.182775 ( 0.05348)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4158 0.04662   0.11833 0.08804  0.10953  0.09801    0.4183   0.1714   0.5897
 dbratio     ROA    ROA1 debtcf1
 0.29061 0.18412 0.15720 0.01624

debt amount =   0.0295   investment =   0.0295   debt ratio =  1.00000
RRR on investment =  0.152067      after tax =  0.083637
search range of Y std.dev.:   minimum =   1.239341   maximum =   1.611144
old shareholders wealth =    0.4183    old bondholders =     0.1700
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.660790, k:agcpara = 0.33242108)
liq.cash: 10Y average (1Y) =   2.498619 ( 0.11270) : loss rate  0.0609
liq.cash: 10Y std.dev. (1Y) =   1.239341 ( 0.05590)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4878 0.05235   0.11966 0.08848  0.10959  0.09673    0.4183   0.1995   0.6178
 dbratio     ROA    ROA1 debtcf1
 0.32292 0.18241 0.15721 0.01912

TOSYOU CODE: 3865    218
debtcashflow initial values:   0.000010   1.757251
stddev initial values:   0.000010   1.757251
ecfconst solution invest:   1.573297   2.202616
debt cf solution invest: 1.13832705 1.67753460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.26211
data: equity =   0.155284  debt =   0.430466  firm =   0.585750

agency cost: EZC - k L (EZC:ecfconst =   1.573297, k:agcpara = 0.16953092)
liq.cash: 10Y average (1Y) =   1.370158 ( 0.05639) : loss rate  0.1291
liq.cash: 10Y std.dev. (1Y) =   0.892977 ( 0.03675)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1982 0.42367   0.06250 0.07466  0.07144  0.04675    0.1553   0.4305   0.5857
 dbratio     ROA    ROA1 debtcf1
 0.73490 0.09627 0.10385 0.05436

debt amount =   0.0000   investment =   0.0293   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.879010   maximum =   1.142713
old shareholders wealth =    0.1553    old bondholders =     0.4068
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.548690, k:agcpara = 0.16953092)
liq.cash: 10Y average (1Y) =   1.345551 ( 0.05469) : loss rate  0.1312
liq.cash: 10Y std.dev. (1Y) =   1.142713 ( 0.04644)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1982 0.44871   0.06188 0.07313  0.06962  0.04698    0.1846   0.4068   0.5913
 dbratio     ROA    ROA1 debtcf1
 0.68787 0.09248 0.10107 0.05644

TOSYOU CODE: 2281    219
debtcashflow initial values:   0.000010   1.740983
stddev initial values:   0.000010   1.740983
ecfconst solution invest:   2.609587   3.653422
debt cf solution invest: 0.68777910 1.01356920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34396
data: equity =   0.279267  debt =   0.301061  firm =   0.580328

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

debt amount =   0.0290   investment =   0.0290   debt ratio =  1.00000
RRR on investment =  0.155002      after tax =  0.085251
search range of Y std.dev.:   minimum =   1.022846   maximum =   1.329700
old shareholders wealth =    0.2793    old bondholders =     0.2993
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.732182, k:agcpara = 0.29721164)
liq.cash: 10Y average (1Y) =   2.496144 ( 0.11086) : loss rate  0.0864
liq.cash: 10Y std.dev. (1Y) =   1.022846 ( 0.04543)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7942 0.04806   0.14322 0.08887  0.11386  0.09225    0.2793   0.3283   0.6076
 dbratio     ROA    ROA1 debtcf1
 0.54034 0.18247 0.16223 0.03083

TOSYOU CODE: 6754    220
debtcashflow initial values:   0.000010   1.737027
stddev initial values:   0.000010   1.737027
ecfconst solution invest:   2.627588   3.678623
debt cf solution invest: 0.22439855 0.33069260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26466
data: equity =   0.479675  debt =   0.099334  firm =   0.579009

agency cost: EZC - k L (EZC:ecfconst =   2.627588, k:agcpara = 0.35893963)
liq.cash: 10Y average (1Y) =   2.542803 ( 0.11525) : loss rate  0.0323
liq.cash: 10Y std.dev. (1Y) =   1.229085 ( 0.05571)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2362 0.03028   0.11943 0.08718  0.11389  0.10716    0.4797   0.0993   0.5790
 dbratio     ROA    ROA1 debtcf1
 0.17157 0.19905 0.16329 0.00913

debt amount =   0.0290   investment =   0.0290   debt ratio =  1.00000
RRR on investment =  0.160291      after tax =  0.088160
search range of Y std.dev.:   minimum =   1.288974   maximum =   1.675667
old shareholders wealth =    0.4797    old bondholders =     0.0985
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.755622, k:agcpara = 0.35893963)
liq.cash: 10Y average (1Y) =   2.645927 ( 0.11965) : loss rate  0.0398
liq.cash: 10Y std.dev. (1Y) =   1.288975 ( 0.05829)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3056 0.03471   0.12087 0.08768  0.11390  0.10562    0.4797   0.1275   0.6072
 dbratio     ROA    ROA1 debtcf1
 0.20997 0.19707 0.16330 0.01185

TOSYOU CODE: 5410    221
debtcashflow initial values:   0.000010   1.735176
stddev initial values:   0.000010   1.735176
ecfconst solution invest:   1.940876   2.717226
debt cf solution invest: 1.06209050 1.56518600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25798
data: equity =   0.115749  debt =   0.462643  firm =   0.578392

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

debt amount =   0.0289   investment =   0.0289   debt ratio =  1.00000
RRR on investment =  0.119151      after tax =  0.065533
search range of Y std.dev.:   minimum =   0.546358   maximum =   0.710265
old shareholders wealth =    0.1157    old bondholders =     0.4603
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.030018, k:agcpara = 0.15231559)
liq.cash: 10Y average (1Y) =   1.849031 ( 0.07889) : loss rate  0.0892
liq.cash: 10Y std.dev. (1Y) =   0.546358 ( 0.02331)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1882 0.11324   0.13891 0.08808  0.09780  0.06575    0.1157   0.4892   0.6049
 dbratio     ROA    ROA1 debtcf1
 0.80866 0.13041 0.12870 0.04644

TOSYOU CODE: 6931    222
debtcashflow initial values:   0.000010   1.713723
stddev initial values:   0.000010   1.713723
ecfconst solution invest:   1.735587   2.429822
debt cf solution invest: 0.59912225 0.88291700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.20380
data: equity =   0.341210  debt =   0.230031  firm =   0.571241

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

debt amount =   0.0000   investment =   0.0286   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.304674   maximum =   1.696077
old shareholders wealth =    0.3412    old bondholders =     0.2138
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.707168, k:agcpara = 0.29365339)
liq.cash: 10Y average (1Y) =   1.521974 ( 0.06533) : loss rate  0.1085
liq.cash: 10Y std.dev. (1Y) =   1.696077 ( 0.07280)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6307 0.29961   0.07715 0.08009  0.07823  0.06503    0.3698   0.2138   0.5835
 dbratio     ROA    ROA1 debtcf1
 0.36633 0.11195 0.11332 0.02877

TOSYOU CODE: 6444    223
debtcashflow initial values:   0.000010   1.691453
stddev initial values:   0.000010   1.691453
ecfconst solution invest:   2.560925   3.585295
debt cf solution invest: 0.58300740 0.85916880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32810
data: equity =   0.308477  debt =   0.255341  firm =   0.563818

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

debt amount =   0.0282   investment =   0.0282   debt ratio =  1.00000
RRR on investment =  0.156797      after tax =  0.086238
search range of Y std.dev.:   minimum =   1.055911   maximum =   1.372685
old shareholders wealth =    0.3085    old bondholders =     0.2537
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.681896, k:agcpara = 0.31137292)
liq.cash: 10Y average (1Y) =   2.469578 ( 0.10996) : loss rate  0.0792
liq.cash: 10Y std.dev. (1Y) =   1.055911 ( 0.04701)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6819 0.04522   0.13806 0.08875  0.11452  0.09545    0.3085   0.2819   0.5904
 dbratio     ROA    ROA1 debtcf1
 0.47751 0.18624 0.16340 0.02648

TOSYOU CODE: 6933    224
debtcashflow initial values:   0.000010   1.686423
stddev initial values:   0.000010   1.686423
ecfconst solution invest:   1.924753   2.694654
debt cf solution invest: 0.68713405 1.01261860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.24542
data: equity =   0.285526  debt =   0.276615  firm =   0.562141

agency cost: EZC - k L (EZC:ecfconst =   1.924753, k:agcpara = 0.26760013)
liq.cash: 10Y average (1Y) =   1.731198 ( 0.07667) : loss rate  0.1006
liq.cash: 10Y std.dev. (1Y) =   1.038298 ( 0.04598)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7233 0.16584   0.09491 0.08648  0.09076  0.07161    0.2855   0.2766   0.5621
 dbratio     ROA    ROA1 debtcf1
 0.49207 0.13639 0.13098 0.02990

debt amount =   0.0281   investment =   0.0281   debt ratio =  1.00000
RRR on investment =  0.029857      after tax =  0.016421
search range of Y std.dev.:   minimum =   1.058646   maximum =   1.376240
old shareholders wealth =    0.2855    old bondholders =     0.2497
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.962474, k:agcpara = 0.26760013)
liq.cash: 10Y average (1Y) =   1.747128 ( 0.07689) : loss rate  0.1097
liq.cash: 10Y std.dev. (1Y) =   1.376240 ( 0.06057)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8047 0.24675   0.09716 0.08829  0.09279  0.07319    0.2855   0.2778   0.5633
 dbratio     ROA    ROA1 debtcf1
 0.49311 0.13650 0.13294 0.03497

TOSYOU CODE: 5334    225
debtcashflow initial values:   0.000010   1.684402
stddev initial values:   0.000010   1.684402
ecfconst solution invest:   2.333403   3.266764
debt cf solution invest: 0.05791580 0.08534960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22217
data: equity =   0.534642  debt =   0.026825  firm =   0.561467

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

debt amount =   0.0216   investment =   0.0281   debt ratio =  0.76943
RRR on investment =  0.152846      after tax =  0.084066
search range of Y std.dev.:   minimum =   1.052912   maximum =   1.368786
old shareholders wealth =    0.5346    old bondholders =     0.0267
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   2.449818, k:agcpara = 0.39817482)
liq.cash: 10Y average (1Y) =   2.405901 ( 0.11095) : loss rate  0.0179
liq.cash: 10Y std.dev. (1Y) =   1.052912 ( 0.04855)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1103 0.01462   0.10749 0.08449  0.10561  0.10249    0.5411   0.0483   0.5894
 dbratio     ROA    ROA1 debtcf1
 0.08194 0.18824 0.15311 0.00419

TOSYOU CODE: 5602    226
debtcashflow initial values:   0.000010   1.682168
stddev initial values:   0.000010   1.682168
ecfconst solution invest:   2.003074   2.804304
debt cf solution invest: 0.84437710 1.24434520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14709
data: equity =   0.211736  debt =   0.348987  firm =   0.560723

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

debt amount =   0.0200   investment =   0.0280   debt ratio =  0.71325
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum = -417.584255   maximum = -542.859531
old shareholders wealth =   -8.9390    old bondholders =   -78.8753
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst = -999.999000, k:agcpara = 0.22633014)
liq.cash: 10Y average (1Y) = -773.669086 (-34.81680) : loss rate  0.2263
liq.cash: 10Y std.dev. (1Y) = -417.584255 (-18.79221)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
-999.9990 0.70609   0.17205 0.14061  0.14381  0.08697   -8.9309 -78.8553 -87.7862
 dbratio     ROA    ROA1 debtcf1
 0.89826 0.39661 0.27543-47.49364

TOSYOU CODE: 5336    227
debtcashflow initial values:   0.000010   1.680150
stddev initial values:   0.000010   1.680150
ecfconst solution invest:   1.999342   2.799079
debt cf solution invest: 0.27050015 0.39863180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.37424
data: equity =   0.447597  debt =   0.112453  firm =   0.560050

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

debt amount =   0.0280   investment =   0.0280   debt ratio =  1.00000
RRR on investment =  0.106494      after tax =  0.058572
search range of Y std.dev.:   minimum =   1.315722   maximum =   1.710439
old shareholders wealth =    0.4476    old bondholders =     0.1017
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   2.076377, k:agcpara = 0.33940860)
liq.cash: 10Y average (1Y) =   1.953118 ( 0.08865) : loss rate  0.0594
liq.cash: 10Y std.dev. (1Y) =   1.710439 ( 0.07763)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3632 0.17630   0.09630 0.08813  0.09447  0.08556    0.4476   0.1297   0.5773
 dbratio     ROA    ROA1 debtcf1
 0.22464 0.15356 0.13656 0.01551

TOSYOU CODE: 6374    228
debtcashflow initial values:   0.000010   1.652904
stddev initial values:   0.000010   1.652904
ecfconst solution invest:   1.937750   2.712850
debt cf solution invest: 0.91487470 1.34823640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17561
data: equity =   0.168860  debt =   0.382108  firm =   0.550968

agency cost: EZC - k L (EZC:ecfconst =   1.937750, k:agcpara = 0.19893280)
liq.cash: 10Y average (1Y) =   1.746173 ( 0.07566) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =   0.714239 ( 0.03095)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9630 0.13644   0.11934 0.08877  0.09814  0.07044    0.1689   0.3821   0.5510
 dbratio     ROA    ROA1 debtcf1
 0.69352 0.13733 0.13401 0.03846

debt amount =   0.0275   investment =   0.0275   debt ratio =  1.00000
RRR on investment =  0.122621      after tax =  0.067441
search range of Y std.dev.:   minimum =   0.746522   maximum =   0.970478
old shareholders wealth =    0.1689    old bondholders =     0.3794
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.025334, k:agcpara = 0.19893280)
liq.cash: 10Y average (1Y) =   1.819847 ( 0.07871) : loss rate  0.1015
liq.cash: 10Y std.dev. (1Y) =   0.746522 ( 0.03229)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0329 0.14592   0.12041 0.08907  0.09826  0.06993    0.1689   0.4070   0.5758
 dbratio     ROA    ROA1 debtcf1
 0.70676 0.13669 0.13402 0.04138

TOSYOU CODE: 6705    229
debtcashflow initial values:   0.000010   1.637231
stddev initial values:   0.000010   1.637231
ecfconst solution invest:   2.626800   3.677520
debt cf solution invest: 0.11801090 0.17391080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38265
data: equity =   0.490570  debt =   0.055174  firm =   0.545744

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

debt amount =   0.0273   investment =   0.0273   debt ratio =  1.00000
RRR on investment =  0.169476      after tax =  0.093212
search range of Y std.dev.:   minimum =   1.016081   maximum =   1.320905
old shareholders wealth =    0.4906    old bondholders =     0.0549
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.757379, k:agcpara = 0.40247231)
liq.cash: 10Y average (1Y) =   2.682544 ( 0.12075) : loss rate  0.0271
liq.cash: 10Y std.dev. (1Y) =   1.016081 ( 0.04574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1859 0.00700   0.12493 0.08427  0.11909  0.11365    0.4906   0.0822   0.5728
 dbratio     ROA    ROA1 debtcf1
 0.14353 0.21081 0.17017 0.00702

TOSYOU CODE: 7735    230
debtcashflow initial values:   0.000010   1.634626
stddev initial values:   0.000010   1.634626
ecfconst solution invest:   2.462152   3.447013
debt cf solution invest: 0.32941820 0.48545840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27499
data: equity =   0.400166  debt =   0.144709  firm =   0.544875

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

debt amount =   0.0272   investment =   0.0272   debt ratio =  1.00000
RRR on investment =  0.158426      after tax =  0.087134
search range of Y std.dev.:   minimum =   1.158339   maximum =   1.505840
old shareholders wealth =    0.4002    old bondholders =     0.1436
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.580716, k:agcpara = 0.34326990)
liq.cash: 10Y average (1Y) =   2.439110 ( 0.10975) : loss rate  0.0549
liq.cash: 10Y std.dev. (1Y) =   1.158339 ( 0.05212)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4125 0.04010   0.12457 0.08819  0.11368  0.10181    0.4002   0.1709   0.5711
 dbratio     ROA    ROA1 debtcf1
 0.29925 0.19218 0.16280 0.01604

TOSYOU CODE: 6845    231
debtcashflow initial values:   0.000010   1.627986
stddev initial values:   0.000010   1.627986
ecfconst solution invest:   1.758793   2.462310
debt cf solution invest: 0.37289115 0.54952380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.30051
data: equity =   0.393414  debt =   0.149248  firm =   0.542662

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

debt amount =   0.0000   investment =   0.0271   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.279772   maximum =   1.663703
old shareholders wealth =    0.3934    old bondholders =     0.1380
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.768706, k:agcpara = 0.32374088)
liq.cash: 10Y average (1Y) =   1.641632 ( 0.07328) : loss rate  0.0718
liq.cash: 10Y std.dev. (1Y) =   1.663703 ( 0.07427)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3925 0.22639   0.08440 0.08359  0.08420  0.07491    0.4205   0.1380   0.5586
 dbratio     ROA    ROA1 debtcf1
 0.24712 0.13119 0.12216 0.01727

TOSYOU CODE: 5991    232
debtcashflow initial values:   0.000010   1.622093
stddev initial values:   0.000010   1.622093
ecfconst solution invest:   2.500676   3.500946
debt cf solution invest: 0.50554630 0.74501560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33305
data: equity =   0.318333  debt =   0.222365  firm =   0.540698

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

debt amount =   0.0270   investment =   0.0270   debt ratio =  1.00000
RRR on investment =  0.159548      after tax =  0.087751
search range of Y std.dev.:   minimum =   1.047369   maximum =   1.361580
old shareholders wealth =    0.3183    old bondholders =     0.2210
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.619474, k:agcpara = 0.32255882)
liq.cash: 10Y average (1Y) =   2.426822 ( 0.10817) : loss rate  0.0735
liq.cash: 10Y std.dev. (1Y) =   1.047369 ( 0.04668)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5973 0.04033   0.13714 0.08851  0.11585  0.09840    0.3183   0.2480   0.5663
 dbratio     ROA    ROA1 debtcf1
 0.43791 0.19099 0.16550 0.02315

TOSYOU CODE: 5451    233
debtcashflow initial values:   0.000010   1.611481
stddev initial values:   0.000010   1.611481
ecfconst solution invest:   2.537995   3.553193
debt cf solution invest: 0.54019755 0.79608060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36715
data: equity =   0.298197  debt =   0.238963  firm =   0.537160

agency cost: EZC - k L (EZC:ecfconst =   2.537995, k:agcpara = 0.32203165)
liq.cash: 10Y average (1Y) =   2.354878 ( 0.10484) : loss rate  0.0722
liq.cash: 10Y std.dev. (1Y) =   0.969022 ( 0.04314)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5686 0.03264   0.14121 0.08790  0.11749  0.09990    0.2982   0.2390   0.5372
 dbratio     ROA    ROA1 debtcf1
 0.44486 0.19518 0.16799 0.02192

debt amount =   0.0269   investment =   0.0269   debt ratio =  1.00000
RRR on investment =  0.162046      after tax =  0.089125
search range of Y std.dev.:   minimum =   1.015064   maximum =   1.319583
old shareholders wealth =    0.2982    old bondholders =     0.2376
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.658584, k:agcpara = 0.32203165)
liq.cash: 10Y average (1Y) =   2.454767 ( 0.10917) : loss rate  0.0767
liq.cash: 10Y std.dev. (1Y) =   1.015064 ( 0.04514)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6329 0.03634   0.14326 0.08831  0.11743  0.09876    0.2982   0.2644   0.5626
 dbratio     ROA    ROA1 debtcf1
 0.47000 0.19403 0.16800 0.02445

TOSYOU CODE: 5632    234
debtcashflow initial values:   0.000010   1.607607
stddev initial values:   0.000010   1.607607
ecfconst solution invest:   2.370548   3.318767
debt cf solution invest: 0.72127515 1.06293180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36372
data: equity =   0.219744  debt =   0.316125  firm =   0.535869

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

debt amount =   0.0268   investment =   0.0268   debt ratio =  1.00000
RRR on investment =  0.152648      after tax =  0.083956
search range of Y std.dev.:   minimum =   0.870634   maximum =   1.131824
old shareholders wealth =    0.2197    old bondholders =     0.3144
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.481464, k:agcpara = 0.28043647)
liq.cash: 10Y average (1Y) =   2.250399 ( 0.09971) : loss rate  0.0931
liq.cash: 10Y std.dev. (1Y) =   0.870634 ( 0.03858)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8239 0.05067   0.14975 0.08888  0.11273  0.08840    0.2197   0.3412   0.5609
 dbratio     ROA    ROA1 debtcf1
 0.60823 0.17778 0.16033 0.03195

TOSYOU CODE: 2001    235
debtcashflow initial values:   0.000010   1.605512
stddev initial values:   0.000010   1.605512
ecfconst solution invest:   2.380180   3.332252
debt cf solution invest: 0.53554350 0.78922200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30038
data: equity =   0.301934  debt =   0.233237  firm =   0.535171

agency cost: EZC - k L (EZC:ecfconst =   2.380180, k:agcpara = 0.30998807)
liq.cash: 10Y average (1Y) =   2.205430 ( 0.09852) : loss rate  0.0734
liq.cash: 10Y std.dev. (1Y) =   0.969967 ( 0.04333)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5637 0.04527   0.13167 0.08849  0.11285  0.09550    0.3019   0.2332   0.5352
 dbratio     ROA    ROA1 debtcf1
 0.43581 0.18409 0.16095 0.02191

debt amount =   0.0268   investment =   0.0268   debt ratio =  1.00000
RRR on investment =  0.154218      after tax =  0.084820
search range of Y std.dev.:   minimum =   1.015727   maximum =   1.320445
old shareholders wealth =    0.3019    old bondholders =     0.2317
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.492470, k:agcpara = 0.30998807)
liq.cash: 10Y average (1Y) =   2.297536 ( 0.10246) : loss rate  0.0782
liq.cash: 10Y std.dev. (1Y) =   1.015727 ( 0.04529)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6288 0.05021   0.13339 0.08891  0.11288  0.09442    0.3019   0.2584   0.5604
 dbratio     ROA    ROA1 debtcf1
 0.46118 0.18284 0.16096 0.02451

TOSYOU CODE: 5301    236
debtcashflow initial values:   0.000010   1.596472
stddev initial values:   0.000010   1.596472
ecfconst solution invest:   1.849852   2.589793
debt cf solution invest: 0.51857365 0.76421380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09349  std.dev = 0.09764  lambda =   2.41401
riskless rate of interest = 0.08273  correlation =  0.19416
data: equity =   0.321453  debt =   0.210704  firm =   0.532157

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

debt amount =   0.0266   investment =   0.0266   debt ratio =  1.00000
RRR on investment =  0.054795      after tax =  0.030138
search range of Y std.dev.:   minimum =   1.094302   maximum =   1.422593
old shareholders wealth =    0.3215    old bondholders =     0.1903
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.895214, k:agcpara = 0.29463050)
liq.cash: 10Y average (1Y) =   1.711896 ( 0.07614) : loss rate  0.0967
liq.cash: 10Y std.dev. (1Y) =   1.422593 ( 0.06327)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6222 0.22184   0.09636 0.08807  0.09302  0.07705    0.3215   0.2169   0.5383
 dbratio     ROA    ROA1 debtcf1
 0.40289 0.14143 0.13412 0.02692

TOSYOU CODE: 6103    237
debtcashflow initial values:   0.000010   1.592819
stddev initial values:   0.000010   1.592819
ecfconst solution invest:   2.561743   3.586440
debt cf solution invest: 0.20156055 0.29703660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32251
data: equity =   0.440587  debt =   0.090353  firm =   0.530940

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

debt amount =   0.0265   investment =   0.0265   debt ratio =  1.00000
RRR on investment =  0.167830      after tax =  0.092307
search range of Y std.dev.:   minimum =   1.179941   maximum =   1.533924
old shareholders wealth =    0.4406    old bondholders =     0.0897
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.687003, k:agcpara = 0.36720000)
liq.cash: 10Y average (1Y) =   2.586038 ( 0.11597) : loss rate  0.0376
liq.cash: 10Y std.dev. (1Y) =   1.179941 ( 0.05291)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2750 0.02508   0.12788 0.08725  0.11940  0.11120    0.4406   0.1163   0.5568
 dbratio     ROA    ROA1 debtcf1
 0.20877 0.20827 0.17045 0.01058

TOSYOU CODE: 7741    238
debtcashflow initial values:   0.000010   1.564320
stddev initial values:   0.000010   1.564320
ecfconst solution invest:   1.688076   2.363306
debt cf solution invest: 0.14860850 0.21900200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.44635
data: equity =   0.462278  debt =   0.059162  firm =   0.521440

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

debt amount =   0.0000   investment =   0.0261   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.456567   maximum =   1.893537
old shareholders wealth =    0.4623    old bondholders =     0.0547
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.689638, k:agcpara = 0.35747423)
liq.cash: 10Y average (1Y) =   1.633718 ( 0.07353) : loss rate  0.0331
liq.cash: 10Y std.dev. (1Y) =   1.893537 ( 0.08522)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1564 0.21764   0.08510 0.08393  0.08498  0.08118    0.4883   0.0547   0.5430
 dbratio     ROA    ROA1 debtcf1
 0.10067 0.13541 0.12021 0.00689

TOSYOU CODE: 4506    239
debtcashflow initial values:   0.000010   1.535285
stddev initial values:   0.000010   1.535285
ecfconst solution invest:   1.550548   2.170767
debt cf solution invest: 0.20263595 0.29862140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.18916
data: equity =   0.431397  debt =   0.080365  firm =   0.511762

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

debt amount =   0.0000   investment =   0.0256   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.361816   maximum =   1.770360
old shareholders wealth =    0.4314    old bondholders =     0.0747
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.529314, k:agcpara = 0.34919631)
liq.cash: 10Y average (1Y) =   1.454830 ( 0.06421) : loss rate  0.0487
liq.cash: 10Y std.dev. (1Y) =   1.770360 ( 0.07814)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2133 0.24156   0.07804 0.08051  0.07839  0.07330    0.4570   0.0747   0.5317
 dbratio     ROA    ROA1 debtcf1
 0.14049 0.12077 0.11144 0.00954

TOSYOU CODE: 5482    240
debtcashflow initial values:   0.000010   1.534073
stddev initial values:   0.000010   1.534073
ecfconst solution invest:   2.161108   3.025551
debt cf solution invest: 0.31718220 0.46742640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.46659
data: equity =   0.374755  debt =   0.136603  firm =   0.511358

agency cost: EZC - k L (EZC:ecfconst =   2.161108, k:agcpara = 0.33542465)
liq.cash: 10Y average (1Y) =   2.049118 ( 0.09295) : loss rate  0.0518
liq.cash: 10Y std.dev. (1Y) =   1.047819 ( 0.04753)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3339 0.05082   0.11489 0.08830  0.10779  0.09717    0.3748   0.1366   0.5114
 dbratio     ROA    ROA1 debtcf1
 0.26714 0.18176 0.15503 0.01309

debt amount =   0.0256   investment =   0.0256   debt ratio =  1.00000
RRR on investment =  0.150086      after tax =  0.082547
search range of Y std.dev.:   minimum =   1.098008   maximum =   1.427410
old shareholders wealth =    0.3748    old bondholders =     0.1355
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.264621, k:agcpara = 0.33542465)
liq.cash: 10Y average (1Y) =   2.131495 ( 0.09641) : loss rate  0.0588
liq.cash: 10Y std.dev. (1Y) =   1.098008 ( 0.04967)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3969 0.05708   0.11608 0.08873  0.10786  0.09586    0.3748   0.1610   0.5358
 dbratio     ROA    ROA1 debtcf1
 0.30057 0.17994 0.15505 0.01562

TOSYOU CODE: 3109    241
debtcashflow initial values:   0.000010   1.529624
stddev initial values:   0.000010   1.529624
ecfconst solution invest:   1.333066   1.866292
debt cf solution invest: 1.01401860 1.49434320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.30878
data: equity =   0.115383  debt =   0.394492  firm =   0.509875

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

debt amount =   0.0000   investment =   0.0255   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.656725   maximum =   0.853743
old shareholders wealth =    0.1154    old bondholders =     0.3752
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.323772, k:agcpara = 0.14661752)
liq.cash: 10Y average (1Y) =   1.167274 ( 0.04748) : loss rate  0.1182
liq.cash: 10Y std.dev. (1Y) =   0.853743 ( 0.03472)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0674 0.45343   0.05846 0.07221  0.06846  0.04483    0.1409   0.3752   0.5161
 dbratio     ROA    ROA1 debtcf1
 0.72703 0.09199 0.09878 0.04958

TOSYOU CODE: 7276    242
debtcashflow initial values:   0.000010   1.526174
stddev initial values:   0.000010   1.526174
ecfconst solution invest:   2.182579   3.055611
debt cf solution invest: 0.16801415 0.24759980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21112
data: equity =   0.435007  debt =   0.073718  firm =   0.508725

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

debt amount =   0.0254   investment =   0.0254   debt ratio =  1.00000
RRR on investment =  0.153859      after tax =  0.084622
search range of Y std.dev.:   minimum =   1.153816   maximum =   1.499961
old shareholders wealth =    0.4350    old bondholders =     0.0730
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.288988, k:agcpara = 0.35725772)
liq.cash: 10Y average (1Y) =   2.203797 ( 0.10048) : loss rate  0.0372
liq.cash: 10Y std.dev. (1Y) =   1.153816 ( 0.05261)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2385 0.04425   0.11355 0.08766  0.10877  0.10149    0.4350   0.0985   0.5335
 dbratio     ROA    ROA1 debtcf1
 0.18457 0.18835 0.15679 0.00932

TOSYOU CODE: 3706    243
debtcashflow initial values:   0.000010   1.516239
stddev initial values:   0.000010   1.516239
ecfconst solution invest:   1.632950   2.286130
debt cf solution invest: 0.92569900 1.36418800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17258
data: equity =   0.110606  debt =   0.394807  firm =   0.505413

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

debt amount =   0.0253   investment =   0.0253   debt ratio =  1.00000
RRR on investment =  0.113547      after tax =  0.062451
search range of Y std.dev.:   minimum =   0.513786   maximum =   0.667922
old shareholders wealth =    0.1106    old bondholders =     0.3924
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.707030, k:agcpara = 0.15054047)
liq.cash: 10Y average (1Y) =   1.550895 ( 0.06578) : loss rate  0.0915
liq.cash: 10Y std.dev. (1Y) =   0.513786 ( 0.02179)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0372 0.15868   0.12099 0.08787  0.09481  0.06354    0.1106   0.4177   0.5283
 dbratio     ROA    ROA1 debtcf1
 0.79064 0.12451 0.12444 0.04119

TOSYOU CODE: 2536    244
debtcashflow initial values:   0.000010   1.507002
stddev initial values:   0.000010   1.507002
ecfconst solution invest:   1.595560   2.233784
debt cf solution invest: 0.54942490 0.80967880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.00242
data: equity =   0.286279  debt =   0.216055  firm =   0.502334

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

debt amount =   0.0000   investment =   0.0251   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.061465   maximum =   1.379904
old shareholders wealth =    0.2863    old bondholders =     0.2001
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.596503, k:agcpara = 0.28463814)
liq.cash: 10Y average (1Y) =   1.431885 ( 0.06267) : loss rate  0.1031
liq.cash: 10Y std.dev. (1Y) =   1.379904 ( 0.06039)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5783 0.26811   0.08293 0.08280  0.08288  0.06830    0.3114   0.2001   0.5115
 dbratio     ROA    ROA1 debtcf1
 0.39123 0.12251 0.12055 0.02576

TOSYOU CODE: 5444    245
debtcashflow initial values:   0.000010   1.504944
stddev initial values:   0.000010   1.504944
ecfconst solution invest:   1.715162   2.401227
debt cf solution invest: 0.24838985 0.36604820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.21414
data: equity =   0.399608  debt =   0.102040  firm =   0.501648

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

debt amount =   0.0251   investment =   0.0251   debt ratio =  1.00000
RRR on investment =  0.044010      after tax =  0.024205
search range of Y std.dev.:   minimum =   1.193959   maximum =   1.552146
old shareholders wealth =    0.3996    old bondholders =     0.0925
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.753747, k:agcpara = 0.33844200)
liq.cash: 10Y average (1Y) =   1.641264 ( 0.07411) : loss rate  0.0641
liq.cash: 10Y std.dev. (1Y) =   1.552146 ( 0.07008)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3324 0.19953   0.09068 0.08618  0.08966  0.08084    0.3996   0.1176   0.5172
 dbratio     ROA    ROA1 debtcf1
 0.22736 0.14329 0.12988 0.01440

TOSYOU CODE: 4116    246
debtcashflow initial values:   0.000010   1.477718
stddev initial values:   0.000010   1.477718
ecfconst solution invest:   2.247044   3.145862
debt cf solution invest: 0.58641315 0.86418780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36203
data: equity =   0.234778  debt =   0.257795  firm =   0.492573

agency cost: EZC - k L (EZC:ecfconst =   2.247044, k:agcpara = 0.30037500)
liq.cash: 10Y average (1Y) =   2.061629 ( 0.09166) : loss rate  0.0825
liq.cash: 10Y std.dev. (1Y) =   0.825917 ( 0.03672)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6173 0.04016   0.14403 0.08830  0.11486  0.09407    0.2348   0.2578   0.4926
 dbratio     ROA    ROA1 debtcf1
 0.52336 0.18608 0.16390 0.02385

debt amount =   0.0246   investment =   0.0246   debt ratio =  1.00000
RRR on investment =  0.156907      after tax =  0.086299
search range of Y std.dev.:   minimum =   0.864799   maximum =   1.124239
old shareholders wealth =    0.2348    old bondholders =     0.2563
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.352829, k:agcpara = 0.30037500)
liq.cash: 10Y average (1Y) =   2.149599 ( 0.09546) : loss rate  0.0864
liq.cash: 10Y std.dev. (1Y) =   0.864799 ( 0.03840)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6766 0.04426   0.14611 0.08869  0.11483  0.09309    0.2348   0.2809   0.5157
 dbratio     ROA    ROA1 debtcf1
 0.54476 0.18510 0.16390 0.02620

TOSYOU CODE: 6923    247
debtcashflow initial values:   0.000010   1.477482
stddev initial values:   0.000010   1.477482
ecfconst solution invest:   2.277788   3.188903
debt cf solution invest: 0.22847690 0.33670280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28716
data: equity =   0.391236  debt =   0.101258  firm =   0.492494

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

debt amount =   0.0246   investment =   0.0246   debt ratio =  1.00000
RRR on investment =  0.162151      after tax =  0.089183
search range of Y std.dev.:   minimum =   1.078663   maximum =   1.402262
old shareholders wealth =    0.3912    old bondholders =     0.1005
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.388450, k:agcpara = 0.35611002)
liq.cash: 10Y average (1Y) =   2.281821 ( 0.10275) : loss rate  0.0446
liq.cash: 10Y std.dev. (1Y) =   1.078663 ( 0.04857)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2994 0.03304   0.12454 0.08776  0.11563  0.10606    0.3912   0.1251   0.5164
 dbratio     ROA    ROA1 debtcf1
 0.24233 0.19899 0.16551 0.01160

TOSYOU CODE: 3877    248
debtcashflow initial values:   0.000010   1.472109
stddev initial values:   0.000010   1.472109
ecfconst solution invest:   1.463379   2.048731
debt cf solution invest: 0.92761040 1.36700480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.18200
data: equity =   0.099152  debt =   0.391551  firm =   0.490703

agency cost: EZC - k L (EZC:ecfconst =   1.463379, k:agcpara = 0.13280633)
liq.cash: 10Y average (1Y) =   1.333703 ( 0.05577) : loss rate  0.0886
liq.cash: 10Y std.dev. (1Y) =   0.445024 ( 0.01861)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9764 0.21104   0.10097 0.08590  0.08894  0.05810    0.0992   0.3916   0.4907
 dbratio     ROA    ROA1 debtcf1
 0.79794 0.11364 0.11546 0.03926

debt amount =   0.0245   investment =   0.0245   debt ratio =  1.00000
RRR on investment =  0.045577      after tax =  0.025067
search range of Y std.dev.:   minimum =   0.456675   maximum =   0.593678
old shareholders wealth =    0.0992    old bondholders =     0.3608
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.501692, k:agcpara = 0.13280633)
liq.cash: 10Y average (1Y) =   1.363198 ( 0.05752) : loss rate  0.0922
liq.cash: 10Y std.dev. (1Y) =   0.593678 ( 0.02505)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0428 0.29473   0.10415 0.08781  0.09115  0.05972    0.0992   0.3853   0.4845
 dbratio     ROA    ROA1 debtcf1
 0.79535 0.11872 0.11977 0.04373

TOSYOU CODE: 5563    249
debtcashflow initial values:   0.000010   1.458945
stddev initial values:   0.000010   1.458945
ecfconst solution invest:   1.532631   2.145683
debt cf solution invest: 0.86103630 1.26889560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09349  std.dev = 0.09764  lambda =   2.41401
riskless rate of interest = 0.08273  correlation =  0.19790
data: equity =   0.136926  debt =   0.349389  firm =   0.486315

agency cost: EZC - k L (EZC:ecfconst =   1.532631, k:agcpara = 0.17932431)
liq.cash: 10Y average (1Y) =   1.370100 ( 0.05841) : loss rate  0.1060
liq.cash: 10Y std.dev. (1Y) =   0.615923 ( 0.02626)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9064 0.22575   0.09675 0.08616  0.08914  0.06129    0.1369   0.3494   0.4863
 dbratio     ROA    ROA1 debtcf1
 0.71844 0.12011 0.12164 0.03734

debt amount =   0.0234   investment =   0.0243   debt ratio =  0.96367
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.625695   maximum =   0.813403
old shareholders wealth =    0.1369    old bondholders =     0.3175
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.556947, k:agcpara = 0.17932431)
liq.cash: 10Y average (1Y) =   1.382421 ( 0.05917) : loss rate  0.1121
liq.cash: 10Y std.dev. (1Y) =   0.813403 ( 0.03482)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9732 0.30747   0.09899 0.08788  0.09108  0.06291    0.1378   0.3409   0.4788
 dbratio     ROA    ROA1 debtcf1
 0.71215 0.12360 0.12516 0.04204

TOSYOU CODE: 7750    250
debtcashflow initial values:   0.000010   1.451721
stddev initial values:   0.000010   1.451721
ecfconst solution invest:   2.023511   2.832915
debt cf solution invest: 0.27338245 0.40287940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20019
data: equity =   0.365735  debt =   0.118172  firm =   0.483907

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

debt amount =   0.0242   investment =   0.0242   debt ratio =  1.00000
RRR on investment =  0.149196      after tax =  0.082058
search range of Y std.dev.:   minimum =   1.048804   maximum =   1.363446
old shareholders wealth =    0.3657    old bondholders =     0.1172
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.120713, k:agcpara = 0.33777514)
liq.cash: 10Y average (1Y) =   2.003438 ( 0.09087) : loss rate  0.0553
liq.cash: 10Y std.dev. (1Y) =   1.048804 ( 0.04757)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3472 0.05715   0.11397 0.08822  0.10679  0.09573    0.3657   0.1414   0.5071
 dbratio     ROA    ROA1 debtcf1
 0.27877 0.17921 0.15382 0.01366

TOSYOU CODE: 4047    251
debtcashflow initial values:   0.000010   1.449868
stddev initial values:   0.000010   1.449868
ecfconst solution invest:   2.002237   2.803132
debt cf solution invest: 0.43718905 0.64427860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21671
data: equity =   0.296194  debt =   0.187095  firm =   0.483289

agency cost: EZC - k L (EZC:ecfconst =   2.002237, k:agcpara = 0.30817230)
liq.cash: 10Y average (1Y) =   1.860416 ( 0.08366) : loss rate  0.0708
liq.cash: 10Y std.dev. (1Y) =   0.912685 ( 0.04104)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4602 0.06249   0.11824 0.08855  0.10674  0.09132    0.2962   0.1871   0.4833
 dbratio     ROA    ROA1 debtcf1
 0.38713 0.17310 0.15274 0.01810

debt amount =   0.0242   investment =   0.0242   debt ratio =  1.00000
RRR on investment =  0.145780      after tax =  0.080179
search range of Y std.dev.:   minimum =   0.955638   maximum =   1.242330
old shareholders wealth =    0.2962    old bondholders =     0.1856
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.096467, k:agcpara = 0.30817230)
liq.cash: 10Y average (1Y) =   1.936185 ( 0.08684) : loss rate  0.0765
liq.cash: 10Y std.dev. (1Y) =   0.955638 ( 0.04286)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5201 0.06919   0.11949 0.08896  0.10683  0.09023    0.2962   0.2098   0.5060
 dbratio     ROA    ROA1 debtcf1
 0.41462 0.17163 0.15275 0.02053

TOSYOU CODE: 2211    252
debtcashflow initial values:   0.000010   1.444876
stddev initial values:   0.000010   1.444876
ecfconst solution invest:   1.518165   2.125431
debt cf solution invest: 0.19072960 0.28107520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation = -0.00399
data: equity =   0.404148  debt =   0.077477  firm =   0.481625

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

debt amount =   0.0000   investment =   0.0241   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   1.218317   maximum =   1.583812
old shareholders wealth =    0.4041    old bondholders =     0.0718
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.520596, k:agcpara = 0.34513219)
liq.cash: 10Y average (1Y) =   1.451305 ( 0.06517) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   1.583812 ( 0.07112)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2008 0.21489   0.08152 0.08195  0.08158  0.07629    0.4282   0.0718   0.5000
 dbratio     ROA    ROA1 debtcf1
 0.14361 0.13034 0.11764 0.00882

TOSYOU CODE: 7910    253
debtcashflow initial values:   0.000010   1.442184
stddev initial values:   0.000010   1.442184
ecfconst solution invest:   1.527540   2.138556
debt cf solution invest: 0.87210285 1.28520420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11870  std.dev = 0.07526  lambda =  15.86554
riskless rate of interest = 0.08062  correlation =  0.13434
data: equity =   0.096312  debt =   0.384416  firm =   0.480728

agency cost: EZC - k L (EZC:ecfconst =   1.527540, k:agcpara = 0.13908480)
liq.cash: 10Y average (1Y) =   1.399860 ( 0.05940) : loss rate  0.0836
liq.cash: 10Y std.dev. (1Y) =   0.415140 ( 0.01762)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9180 0.12288   0.12609 0.08575  0.09383  0.06298    0.0963   0.3844   0.4807
 dbratio     ROA    ROA1 debtcf1
 0.79965 0.12356 0.12256 0.03584

debt amount =   0.0240   investment =   0.0240   debt ratio =  1.00000
RRR on investment =  0.112626      after tax =  0.061944
search range of Y std.dev.:   minimum =   0.434132   maximum =   0.564371
old shareholders wealth =    0.0963    old bondholders =     0.3823
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.597421, k:agcpara = 0.13908480)
liq.cash: 10Y average (1Y) =   1.461714 ( 0.06194) : loss rate  0.0850
liq.cash: 10Y std.dev. (1Y) =   0.434132 ( 0.01840)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9757 0.13147   0.12744 0.08601  0.09394  0.06266    0.0963   0.4064   0.5027
 dbratio     ROA    ROA1 debtcf1
 0.80841 0.12323 0.12257 0.03819

TOSYOU CODE: 5393    254
debtcashflow initial values:   0.000010   1.438445
stddev initial values:   0.000010   1.438445
ecfconst solution invest:   2.136146   2.990604
debt cf solution invest: 0.49040045 0.72269540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30528
data: equity =   0.265816  debt =   0.213666  firm =   0.479482

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

debt amount =   0.0240   investment =   0.0240   debt ratio =  1.00000
RRR on investment =  0.154337      after tax =  0.084885
search range of Y std.dev.:   minimum =   0.903018   maximum =   1.173923
old shareholders wealth =    0.2658    old bondholders =     0.2123
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.236855, k:agcpara = 0.30845525)
liq.cash: 10Y average (1Y) =   2.059642 ( 0.09179) : loss rate  0.0792
liq.cash: 10Y std.dev. (1Y) =   0.903018 ( 0.04024)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5745 0.05002   0.13447 0.08892  0.11304  0.09421    0.2658   0.2362   0.5020
 dbratio     ROA    ROA1 debtcf1
 0.47053 0.18284 0.16115 0.02238

TOSYOU CODE: 4912    255
debtcashflow initial values:   0.000010   1.438062
stddev initial values:   0.000010   1.438062
ecfconst solution invest:   1.713798   2.399317
debt cf solution invest: 0.08998495 0.13260940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09349  std.dev = 0.09764  lambda =   2.41401
riskless rate of interest = 0.08273  correlation =  0.22080
data: equity =   0.439862  debt =   0.039492  firm =   0.479354

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

debt amount =   0.0240   investment =   0.0240   debt ratio =  1.00000
RRR on investment =  0.134414      after tax =  0.073928
search range of Y std.dev.:   minimum =   1.055761   maximum =   1.372489
old shareholders wealth =    0.4399    old bondholders =     0.0390
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.798393, k:agcpara = 0.37381358)
liq.cash: 10Y average (1Y) =   1.741248 ( 0.08078) : loss rate  0.0318
liq.cash: 10Y std.dev. (1Y) =   1.055761 ( 0.04898)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1529 0.06623   0.09284 0.08522  0.09189  0.08708    0.4399   0.0630   0.5029
 dbratio     ROA    ROA1 debtcf1
 0.12530 0.16064 0.13591 0.00605

TOSYOU CODE: 5213    256
debtcashflow initial values:   0.000010   1.425791
stddev initial values:   0.000010   1.425791
ecfconst solution invest:   1.884681   2.638553
debt cf solution invest: 0.41428265 0.61052180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17227
data: equity =   0.299807  debt =   0.175457  firm =   0.475264

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

debt amount =   0.0238   investment =   0.0238   debt ratio =  1.00000
RRR on investment =  0.140614      after tax =  0.077338
search range of Y std.dev.:   minimum =   0.959433   maximum =   1.247263
old shareholders wealth =    0.2998    old bondholders =     0.1740
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.973252, k:agcpara = 0.30724533)
liq.cash: 10Y average (1Y) =   1.820965 ( 0.08189) : loss rate  0.0772
liq.cash: 10Y std.dev. (1Y) =   0.959433 ( 0.04315)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4957 0.08359   0.11229 0.08864  0.10289  0.08704    0.2998   0.1977   0.4975
 dbratio     ROA    ROA1 debtcf1
 0.39743 0.16460 0.14772 0.01974

TOSYOU CODE: 4401    257
debtcashflow initial values:   0.000010   1.420458
stddev initial values:   0.000010   1.420458
ecfconst solution invest:   1.720099   2.408139
debt cf solution invest: 0.83568460 1.23153520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30358
data: equity =   0.109755  debt =   0.363731  firm =   0.473486

agency cost: EZC - k L (EZC:ecfconst =   1.720099, k:agcpara = 0.18474528)
liq.cash: 10Y average (1Y) =   1.557584 ( 0.06748) : loss rate  0.0945
liq.cash: 10Y std.dev. (1Y) =   0.496037 ( 0.02149)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8797 0.08587   0.14573 0.08836  0.10166  0.07112    0.1098   0.3637   0.4735
 dbratio     ROA    ROA1 debtcf1
 0.76820 0.14252 0.13769 0.03423

debt amount =   0.0237   investment =   0.0237   debt ratio =  1.00000
RRR on investment =  0.128399      after tax =  0.070620
search range of Y std.dev.:   minimum =   0.518886   maximum =   0.674552
old shareholders wealth =    0.1098    old bondholders =     0.3618
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.799332, k:agcpara = 0.18474528)
liq.cash: 10Y average (1Y) =   1.626184 ( 0.07037) : loss rate  0.0962
liq.cash: 10Y std.dev. (1Y) =   0.518886 ( 0.02245)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9372 0.09213   0.14766 0.08867  0.10175  0.07069    0.1098   0.3855   0.4953
 dbratio     ROA    ROA1 debtcf1
 0.77839 0.14208 0.13770 0.03654

TOSYOU CODE: 7123    258
debtcashflow initial values:   0.000010   1.419879
stddev initial values:   0.000010   1.419879
ecfconst solution invest:   1.469671   2.057539
debt cf solution invest: 0.60910200 0.89762400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation = -0.00625
data: equity =   0.235115  debt =   0.238178  firm =   0.473293

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

debt amount =   0.0000   investment =   0.0237   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.934848   maximum =   1.215303
old shareholders wealth =    0.2351    old bondholders =     0.2210
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.466384, k:agcpara = 0.26189799)
liq.cash: 10Y average (1Y) =   1.298465 ( 0.05618) : loss rate  0.1145
liq.cash: 10Y std.dev. (1Y) =   1.215303 ( 0.05258)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6412 0.29430   0.08088 0.08167  0.08125  0.06431    0.2588   0.2210   0.4798
 dbratio     ROA    ROA1 debtcf1
 0.46067 0.11708 0.11819 0.02877

TOSYOU CODE: 4078    259
debtcashflow initial values:   0.000010   1.418647
stddev initial values:   0.000010   1.418647
ecfconst solution invest:   1.872190   2.621066
debt cf solution invest: 0.62459555 0.92045660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22562
data: equity =   0.208552  debt =   0.264331  firm =   0.472882

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

debt amount =   0.0236   investment =   0.0236   debt ratio =  1.00000
RRR on investment =  0.138006      after tax =  0.075903
search range of Y std.dev.:   minimum =   0.796327   maximum =   1.035225
old shareholders wealth =    0.2086    old bondholders =     0.2624
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.958323, k:agcpara = 0.25997626)
liq.cash: 10Y average (1Y) =   1.771995 ( 0.07830) : loss rate  0.0951
liq.cash: 10Y std.dev. (1Y) =   0.796327 ( 0.03519)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7167 0.09255   0.12582 0.08960  0.10487  0.08155    0.2086   0.2861   0.4946
 dbratio     ROA    ROA1 debtcf1
 0.57834 0.15830 0.14753 0.02840

TOSYOU CODE: 6369    260
debtcashflow initial values:   0.000010   1.412047
stddev initial values:   0.000010   1.412047
ecfconst solution invest:   1.655710   2.317994
debt cf solution invest: 0.57414200 0.84610400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.09047
data: equity =   0.236100  debt =   0.234582  firm =   0.470682

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

debt amount =   0.0235   investment =   0.0235   debt ratio =  1.00000
RRR on investment =  0.085863      after tax =  0.047225
search range of Y std.dev.:   minimum =   0.867044   maximum =   1.127157
old shareholders wealth =    0.2361    old bondholders =     0.2113
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.709345, k:agcpara = 0.26539545)
liq.cash: 10Y average (1Y) =   1.531085 ( 0.06762) : loss rate  0.1043
liq.cash: 10Y std.dev. (1Y) =   1.127157 ( 0.04978)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6717 0.22289   0.10336 0.08974  0.09657  0.07643    0.2361   0.2348   0.4709
 dbratio     ROA    ROA1 debtcf1
 0.49864 0.14360 0.13760 0.02879

TOSYOU CODE: 7936    261
debtcashflow initial values:   0.000010   1.396303
stddev initial values:   0.000010   1.396303
ecfconst solution invest:   1.933126   2.706376
debt cf solution invest: 0.42150360 0.62116320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.20882
data: equity =   0.285519  debt =   0.179915  firm =   0.465434

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

debt amount =   0.0233   investment =   0.0233   debt ratio =  1.00000
RRR on investment =  0.146063      after tax =  0.080335
search range of Y std.dev.:   minimum =   0.924367   maximum =   1.201677
old shareholders wealth =    0.2855    old bondholders =     0.1785
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.024099, k:agcpara = 0.30900969)
liq.cash: 10Y average (1Y) =   1.869121 ( 0.08381) : loss rate  0.0766
liq.cash: 10Y std.dev. (1Y) =   0.924367 ( 0.04145)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5015 0.06951   0.11968 0.08921  0.10706  0.09044    0.2855   0.2018   0.4873
 dbratio     ROA    ROA1 debtcf1
 0.41407 0.17200 0.15304 0.01981

TOSYOU CODE: 5122    262
debtcashflow initial values:   0.000010   1.386653
stddev initial values:   0.000010   1.386653
ecfconst solution invest:   1.923234   2.692528
debt cf solution invest: 0.26420260 0.38935120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19617
data: equity =   0.348162  debt =   0.114056  firm =   0.462218

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

debt amount =   0.0231   investment =   0.0231   debt ratio =  1.00000
RRR on investment =  0.148549      after tax =  0.081702
search range of Y std.dev.:   minimum =   1.000974   maximum =   1.301266
old shareholders wealth =    0.3482    old bondholders =     0.1131
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.015557, k:agcpara = 0.33684127)
liq.cash: 10Y average (1Y) =   1.902734 ( 0.08632) : loss rate  0.0560
liq.cash: 10Y std.dev. (1Y) =   1.000974 ( 0.04541)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3349 0.05864   0.11346 0.08822  0.10636  0.09520    0.3482   0.1362   0.4844
 dbratio     ROA    ROA1 debtcf1
 0.28119 0.17821 0.15325 0.01319

TOSYOU CODE: 7224    263
debtcashflow initial values:   0.000010   1.373381
stddev initial values:   0.000010   1.373381
ecfconst solution invest:   2.158370   3.021718
debt cf solution invest: 0.03392925 0.05000100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.36127
data: equity =   0.441857  debt =   0.015937  firm =   0.457794

agency cost: EZC - k L (EZC:ecfconst =   2.158370, k:agcpara = 0.41374583)
liq.cash: 10Y average (1Y) =   2.143593 ( 0.09723) : loss rate  0.0068
liq.cash: 10Y std.dev. (1Y) =   0.805763 ( 0.03655)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0357 0.00445   0.11872 0.08355  0.11749  0.11619    0.4419   0.0159   0.4578
 dbratio     ROA    ROA1 debtcf1
 0.03481 0.21240 0.16774 0.00134

debt amount =   0.0115   investment =   0.0229   debt ratio =  0.50120
RRR on investment =  0.167667      after tax =  0.092217
search range of Y std.dev.:   minimum =   0.846027   maximum =   1.099835
old shareholders wealth =    0.4419    old bondholders =     0.0159
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   2.266223, k:agcpara = 0.41374583)
liq.cash: 10Y average (1Y) =   2.240790 ( 0.10156) : loss rate  0.0112
liq.cash: 10Y std.dev. (1Y) =   0.846027 ( 0.03834)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0615 0.00500   0.11946 0.08368  0.11742  0.11528    0.4533   0.0274   0.4807
 dbratio     ROA    ROA1 debtcf1
 0.05697 0.21129 0.16774 0.00231

TOSYOU CODE: 5351    264
debtcashflow initial values:   0.000010   1.355517
stddev initial values:   0.000010   1.355517
ecfconst solution invest:   1.976730   2.767422
debt cf solution invest: 0.60117805 0.88594660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34533
data: equity =   0.189498  debt =   0.262341  firm =   0.451839

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

debt amount =   0.0226   investment =   0.0226   debt ratio =  1.00000
RRR on investment =  0.151134      after tax =  0.083124
search range of Y std.dev.:   minimum =   0.742422   maximum =   0.965149
old shareholders wealth =    0.1895    old bondholders =     0.2608
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.069032, k:agcpara = 0.27856581)
liq.cash: 10Y average (1Y) =   1.877481 ( 0.08317) : loss rate  0.0926
liq.cash: 10Y std.dev. (1Y) =   0.742422 ( 0.03289)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6876 0.05451   0.14642 0.08907  0.11205  0.08803    0.1895   0.2834   0.4729
 dbratio     ROA    ROA1 debtcf1
 0.59929 0.17587 0.15904 0.02673

TOSYOU CODE: 4509    265
debtcashflow initial values:   0.000010   1.341103
stddev initial values:   0.000010   1.341103
ecfconst solution invest:   1.756434   2.459008
debt cf solution invest: 0.28950775 0.42664300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15020
data: equity =   0.323975  debt =   0.123059  firm =   0.447034

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

debt amount =   0.0224   investment =   0.0224   debt ratio =  1.00000
RRR on investment =  0.141100      after tax =  0.077605
search range of Y std.dev.:   minimum =   0.964211   maximum =   1.253474
old shareholders wealth =    0.3240    old bondholders =     0.1220
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.840100, k:agcpara = 0.32663859)
liq.cash: 10Y average (1Y) =   1.722314 ( 0.07817) : loss rate  0.0640
liq.cash: 10Y std.dev. (1Y) =   0.964211 ( 0.04376)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3606 0.07894   0.10732 0.08802  0.10137  0.08917    0.3240   0.1443   0.4683
 dbratio     ROA    ROA1 debtcf1
 0.30816 0.16693 0.14666 0.01437

TOSYOU CODE: 6390    266
debtcashflow initial values:   0.000010   1.332709
stddev initial values:   0.000010   1.332709
ecfconst solution invest:   1.443960   2.021544
debt cf solution invest: 0.68863790 1.01483480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.24874
data: equity =   0.170311  debt =   0.273925  firm =   0.444236

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

debt amount =   0.0113   investment =   0.0222   debt ratio =  0.51087
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.723713   maximum =   0.940827
old shareholders wealth =    0.1703    old bondholders =     0.2508
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.466172, k:agcpara = 0.22418178)
liq.cash: 10Y average (1Y) =   1.296315 ( 0.05625) : loss rate  0.1159
liq.cash: 10Y std.dev. (1Y) =   0.940827 ( 0.04082)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7577 0.28349   0.09357 0.08686  0.08960  0.06649    0.1812   0.2622   0.4434
 dbratio     ROA    ROA1 debtcf1
 0.59136 0.12687 0.12705 0.03311

TOSYOU CODE: 6756    267
debtcashflow initial values:   0.000010   1.324713
stddev initial values:   0.000010   1.324713
ecfconst solution invest:   2.237146   3.132004
debt cf solution invest: 0.16444690 0.24234280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37030
data: equity =   0.367162  debt =   0.074409  firm =   0.441571

agency cost: EZC - k L (EZC:ecfconst =   2.237146, k:agcpara = 0.37469093)
liq.cash: 10Y average (1Y) =   2.172286 ( 0.09677) : loss rate  0.0290
liq.cash: 10Y std.dev. (1Y) =   0.936965 ( 0.04174)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1731 0.01643   0.13153 0.08632  0.12391  0.11737    0.3672   0.0744   0.4416
 dbratio     ROA    ROA1 debtcf1
 0.16851 0.21916 0.17617 0.00661

debt amount =   0.0221   investment =   0.0221   debt ratio =  1.00000
RRR on investment =  0.173878      after tax =  0.095633
search range of Y std.dev.:   minimum =   0.982909   maximum =   1.277782
old shareholders wealth =    0.3672    old bondholders =     0.0739
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.346845, k:agcpara = 0.37469093)
liq.cash: 10Y average (1Y) =   2.262617 ( 0.10069) : loss rate  0.0359
liq.cash: 10Y std.dev. (1Y) =   0.982909 ( 0.04374)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2248 0.01907   0.13344 0.08678  0.12376  0.11567    0.3672   0.0960   0.4632
 dbratio     ROA    ROA1 debtcf1
 0.20730 0.21739 0.17618 0.00861

TOSYOU CODE: 6976    268
debtcashflow initial values:   0.000010   1.317854
stddev initial values:   0.000010   1.317854
ecfconst solution invest:   2.114812   2.960737
debt cf solution invest: 0.22195705 0.32709460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.33113
data: equity =   0.340341  debt =   0.098944  firm =   0.439285

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

debt amount =   0.0220   investment =   0.0220   debt ratio =  1.00000
RRR on investment =  0.166863      after tax =  0.091774
search range of Y std.dev.:   minimum =   0.953459   maximum =   1.239497
old shareholders wealth =    0.3403    old bondholders =     0.0983
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.217593, k:agcpara = 0.35941437)
liq.cash: 10Y average (1Y) =   2.114853 ( 0.09465) : loss rate  0.0463
liq.cash: 10Y std.dev. (1Y) =   0.953459 ( 0.04267)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2859 0.02754   0.13029 0.08767  0.11916  0.10886    0.3403   0.1202   0.4606
 dbratio     ROA    ROA1 debtcf1
 0.26107 0.20550 0.17019 0.01102

TOSYOU CODE: 6581    269
debtcashflow initial values:   0.000010   1.293843
stddev initial values:   0.000010   1.293843
ecfconst solution invest:   2.133405   2.986767
debt cf solution invest: 0.11605960 0.17103520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.41520
data: equity =   0.376992  debt =   0.054289  firm =   0.431281

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

debt amount =   0.0216   investment =   0.0216   debt ratio =  1.00000
RRR on investment =  0.172438      after tax =  0.094841
search range of Y std.dev.:   minimum =   0.802730   maximum =   1.043549
old shareholders wealth =    0.3770    old bondholders =     0.0541
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.239240, k:agcpara = 0.40101618)
liq.cash: 10Y average (1Y) =   2.170709 ( 0.09719) : loss rate  0.0306
liq.cash: 10Y std.dev. (1Y) =   0.802730 ( 0.03594)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1709 0.00636   0.12899 0.08425  0.12151  0.11518    0.3770   0.0756   0.4526
 dbratio     ROA    ROA1 debtcf1
 0.16710 0.21473 0.17337 0.00644

TOSYOU CODE: 5851    270
debtcashflow initial values:   0.000010   1.284931
stddev initial values:   0.000010   1.284931
ecfconst solution invest:   1.558523   2.181932
debt cf solution invest: 0.36554670 0.53870040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.36581
data: equity =   0.277649  debt =   0.150661  firm =   0.428310

agency cost: EZC - k L (EZC:ecfconst =   1.558523, k:agcpara = 0.30709133)
liq.cash: 10Y average (1Y) =   1.440359 ( 0.06509) : loss rate  0.0758
liq.cash: 10Y std.dev. (1Y) =   0.869783 ( 0.03931)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3848 0.11245   0.09894 0.08729  0.09484  0.08103    0.2776   0.1507   0.4283
 dbratio     ROA    ROA1 debtcf1
 0.35175 0.15197 0.13788 0.01561

debt amount =   0.0214   investment =   0.0214   debt ratio =  1.00000
RRR on investment =  0.117990      after tax =  0.064894
search range of Y std.dev.:   minimum =   0.906242   maximum =   1.178115
old shareholders wealth =    0.2776    old bondholders =     0.1358
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.623852, k:agcpara = 0.30709133)
liq.cash: 10Y average (1Y) =   1.487048 ( 0.06665) : loss rate  0.0842
liq.cash: 10Y std.dev. (1Y) =   1.178115 ( 0.05281)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4455 0.18832   0.10255 0.08999  0.09801  0.08337    0.2776   0.1572   0.4348
 dbratio     ROA    ROA1 debtcf1
 0.36147 0.15329 0.14084 0.01898

TOSYOU CODE: 7757    271
debtcashflow initial values:   0.000010   1.268267
stddev initial values:   0.000010   1.268267
ecfconst solution invest:   2.060062   2.884087
debt cf solution invest: 0.44056345 0.64925140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40845
data: equity =   0.226286  debt =   0.196470  firm =   0.422756

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

debt amount =   0.0211   investment =   0.0211   debt ratio =  1.00000
RRR on investment =  0.165994      after tax =  0.091297
search range of Y std.dev.:   minimum =   0.788409   maximum =   1.024932
old shareholders wealth =    0.2263    old bondholders =     0.1955
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.158242, k:agcpara = 0.32711618)
liq.cash: 10Y average (1Y) =   1.990135 ( 0.08835) : loss rate  0.0779
liq.cash: 10Y std.dev. (1Y) =   0.788409 ( 0.03500)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5139 0.03057   0.14989 0.08790  0.11957  0.10023    0.2263   0.2166   0.4429
 dbratio     ROA    ROA1 debtcf1
 0.48905 0.19950 0.17161 0.01977

TOSYOU CODE: 6331    272
debtcashflow initial values:   0.000010   1.267418
stddev initial values:   0.000010   1.267418
ecfconst solution invest:   1.677464   2.348450
debt cf solution invest: 0.44644110 0.65791320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19020
data: equity =   0.233848  debt =   0.188625  firm =   0.422473

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

debt amount =   0.0211   investment =   0.0211   debt ratio =  1.00000
RRR on investment =  0.139588      after tax =  0.076774
search range of Y std.dev.:   minimum =   0.800758   maximum =   1.040985
old shareholders wealth =    0.2338    old bondholders =     0.1871
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.755492, k:agcpara = 0.28917631)
liq.cash: 10Y average (1Y) =   1.604255 ( 0.07162) : loss rate  0.0862
liq.cash: 10Y std.dev. (1Y) =   0.800758 ( 0.03575)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5230 0.08846   0.11680 0.08910  0.10375  0.08487    0.2338   0.2082   0.4421
 dbratio     ROA    ROA1 debtcf1
 0.47103 0.16200 0.14786 0.02081

TOSYOU CODE: 6802    273
debtcashflow initial values:   0.000010   1.265198
stddev initial values:   0.000010   1.265198
ecfconst solution invest:   1.487921   2.083089
debt cf solution invest: 0.44763050 0.65966600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.30667
data: equity =   0.239591  debt =   0.182142  firm =   0.421733

agency cost: EZC - k L (EZC:ecfconst =   1.487921, k:agcpara = 0.28568515)
liq.cash: 10Y average (1Y) =   1.353309 ( 0.06051) : loss rate  0.0905
liq.cash: 10Y std.dev. (1Y) =   0.813322 ( 0.03636)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4712 0.13905   0.09719 0.08699  0.09279  0.07588    0.2396   0.1821   0.4217
 dbratio     ROA    ROA1 debtcf1
 0.43189 0.14347 0.13437 0.01930

debt amount =   0.0211   investment =   0.0211   debt ratio =  1.00000
RRR on investment =  0.077175      after tax =  0.042446
search range of Y std.dev.:   minimum =   0.837563   maximum =   1.088832
old shareholders wealth =    0.2396    old bondholders =     0.1642
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.532269, k:agcpara = 0.28568515)
liq.cash: 10Y average (1Y) =   1.380373 ( 0.06129) : loss rate  0.0991
liq.cash: 10Y std.dev. (1Y) =   1.088832 ( 0.04835)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5317 0.21786   0.10011 0.08926  0.09538  0.07786    0.2396   0.1853   0.4249
 dbratio     ROA    ROA1 debtcf1
 0.43614 0.14425 0.13685 0.02288

TOSYOU CODE: 5142    274
debtcashflow initial values:   0.000010   1.265110
stddev initial values:   0.000010   1.265110
ecfconst solution invest:   1.426904   1.997666
debt cf solution invest: 0.47566405 0.70097860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.25850
data: equity =   0.230939  debt =   0.190764  firm =   0.421703

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

debt amount =   0.0196   investment =   0.0211   debt ratio =  0.92987
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.833891   maximum =   1.084058
old shareholders wealth =    0.2309    old bondholders =     0.1727
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.447989, k:agcpara = 0.27918645)
liq.cash: 10Y average (1Y) =   1.292330 ( 0.05696) : loss rate  0.1075
liq.cash: 10Y std.dev. (1Y) =   1.084058 ( 0.04778)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5575 0.24895   0.09336 0.08709  0.09052  0.07278    0.2324   0.1923   0.4247
 dbratio     ROA    ROA1 debtcf1
 0.45276 0.13413 0.13049 0.02438

TOSYOU CODE: 6445    275
debtcashflow initial values:   0.000010   1.264238
stddev initial values:   0.000010   1.264238
ecfconst solution invest:   1.460495   2.044693
debt cf solution invest: 0.01435450 0.02115400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.05274
data: equity =   0.414920  debt =   0.006493  firm =   0.421413

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

debt amount =   0.0064   investment =   0.0211   debt ratio =  0.30193
RRR on investment =  0.132301      after tax =  0.072765
search range of Y std.dev.:   minimum =   0.867055   maximum =   1.127172
old shareholders wealth =    0.4149    old bondholders =     0.0065
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   1.533490, k:agcpara = 0.39636332)
liq.cash: 10Y average (1Y) =   1.521621 ( 0.07141) : loss rate  0.0077
liq.cash: 10Y std.dev. (1Y) =   0.867055 ( 0.04069)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0299 0.04268   0.08903 0.08362  0.08887  0.08778    0.4296   0.0128   0.4425
 dbratio     ROA    ROA1 debtcf1
 0.02902 0.16140 0.13235 0.00116

TOSYOU CODE: 3203    276
debtcashflow initial values:   0.000010   1.257506
stddev initial values:   0.000010   1.257506
ecfconst solution invest:   1.331067   1.863494
debt cf solution invest: 0.76680865 1.13003380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.26117
data: equity =   0.099089  debt =   0.320080  firm =   0.419169

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

debt amount =   0.0210   investment =   0.0210   debt ratio =  1.00000
RRR on investment =  0.077980      after tax =  0.042889
search range of Y std.dev.:   minimum =   0.459310   maximum =   0.597103
old shareholders wealth =    0.0991    old bondholders =     0.2922
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.375475, k:agcpara = 0.15717601)
liq.cash: 10Y average (1Y) =   1.239507 ( 0.05295) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =   0.597103 ( 0.02551)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8651 0.26530   0.11353 0.09026  0.09586  0.06500    0.0991   0.3131   0.4122
 dbratio     ROA    ROA1 debtcf1
 0.75961 0.12845 0.12806 0.03628

TOSYOU CODE: 7263    277
debtcashflow initial values:   0.000010   1.250472
stddev initial values:   0.000010   1.250472
ecfconst solution invest:   1.832667   2.565734
debt cf solution invest: 0.52398010 0.77218120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33316
data: equity =   0.188489  debt =   0.228335  firm =   0.416824

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

debt amount =   0.0208   investment =   0.0208   debt ratio =  1.00000
RRR on investment =  0.151873      after tax =  0.083530
search range of Y std.dev.:   minimum =   0.711736   maximum =   0.925257
old shareholders wealth =    0.1885    old bondholders =     0.2270
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.918365, k:agcpara = 0.28595525)
liq.cash: 10Y average (1Y) =   1.746160 ( 0.07745) : loss rate  0.0898
liq.cash: 10Y std.dev. (1Y) =   0.711736 ( 0.03157)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6022 0.05400   0.14293 0.08909  0.11235  0.08958    0.1885   0.2478   0.4363
 dbratio     ROA    ROA1 debtcf1
 0.56796 0.17752 0.15962 0.02343

TOSYOU CODE: 5302    278
debtcashflow initial values:   0.000010   1.247722
stddev initial values:   0.000010   1.247722
ecfconst solution invest:   2.253351   3.154691
debt cf solution invest: 0.43469625 0.64060500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.12664  std.dev = 0.08260  lambda =  16.13138
riskless rate of interest = 0.08176  correlation =  0.30570
data: equity =   0.215973  debt =   0.199934  firm =   0.415907

agency cost: EZC - k L (EZC:ecfconst =   2.253351, k:agcpara = 0.35612657)
liq.cash: 10Y average (1Y) =   2.090396 ( 0.09236) : loss rate  0.0723
liq.cash: 10Y std.dev. (1Y) =   0.737313 ( 0.03258)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4576 0.01340   0.16507 0.08531  0.12673  0.10827    0.2160   0.1999   0.4159
 dbratio     ROA    ROA1 debtcf1
 0.48072 0.22208 0.18409 0.01734

debt amount =   0.0208   investment =   0.0208   debt ratio =  1.00000
RRR on investment =  0.180190      after tax =  0.099105
search range of Y std.dev.:   minimum =   0.772984   maximum =   1.004879
old shareholders wealth =    0.2160    old bondholders =     0.1992
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.362366, k:agcpara = 0.35612657)
liq.cash: 10Y average (1Y) =   2.182403 ( 0.09650) : loss rate  0.0762
liq.cash: 10Y std.dev. (1Y) =   0.772984 ( 0.03418)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5053 0.01502   0.16791 0.08559  0.12637  0.10693    0.2160   0.2200   0.4360
 dbratio     ROA    ROA1 debtcf1
 0.50465 0.22132 0.18409 0.01918

TOSYOU CODE: 7981    279
debtcashflow initial values:   0.000010   1.243195
stddev initial values:   0.000010   1.243195
ecfconst solution invest:   1.798968   2.518555
debt cf solution invest: 0.34817310 0.51309720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25623
data: equity =   0.263569  debt =   0.150829  firm =   0.414398

agency cost: EZC - k L (EZC:ecfconst =   1.798968, k:agcpara = 0.31949846)
liq.cash: 10Y average (1Y) =   1.681872 ( 0.07559) : loss rate  0.0651
liq.cash: 10Y std.dev. (1Y) =   0.793328 ( 0.03566)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3665 0.04865   0.12326 0.08838  0.11057  0.09609    0.2636   0.1508   0.4144
 dbratio     ROA    ROA1 debtcf1
 0.36398 0.18241 0.15814 0.01430

debt amount =   0.0207   investment =   0.0207   debt ratio =  1.00000
RRR on investment =  0.151989      after tax =  0.083594
search range of Y std.dev.:   minimum =   0.830938   maximum =   1.080219
old shareholders wealth =    0.2636    old bondholders =     0.1497
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.884253, k:agcpara = 0.31949846)
liq.cash: 10Y average (1Y) =   1.750952 ( 0.07852) : loss rate  0.0707
liq.cash: 10Y std.dev. (1Y) =   0.830938 ( 0.03726)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4172 0.05424   0.12472 0.08882  0.11062  0.09493    0.2636   0.1704   0.4340
 dbratio     ROA    ROA1 debtcf1
 0.39271 0.18092 0.15815 0.01634

TOSYOU CODE: 7977    280
debtcashflow initial values:   0.000010   1.242203
stddev initial values:   0.000010   1.242203
ecfconst solution invest:   1.774423   2.484192
debt cf solution invest: 0.33305670 0.49082040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24022
data: equity =   0.270147  debt =   0.143921  firm =   0.414068

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

debt amount =   0.0207   investment =   0.0207   debt ratio =  1.00000
RRR on investment =  0.150596      after tax =  0.082828
search range of Y std.dev.:   minimum =   0.840018   maximum =   1.092024
old shareholders wealth =    0.2701    old bondholders =     0.1428
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.858615, k:agcpara = 0.32084678)
liq.cash: 10Y average (1Y) =   1.729825 ( 0.07772) : loss rate  0.0693
liq.cash: 10Y std.dev. (1Y) =   0.840018 ( 0.03774)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4014 0.05689   0.12196 0.08877  0.10945  0.09438    0.2701   0.1635   0.4337
 dbratio     ROA    ROA1 debtcf1
 0.37708 0.17921 0.15665 0.01575

TOSYOU CODE: 6135    281
debtcashflow initial values:   0.000010   1.239075
stddev initial values:   0.000010   1.239075
ecfconst solution invest:   2.029264   2.840970
debt cf solution invest: 0.09773885 0.14403620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40674
data: equity =   0.367280  debt =   0.045745  firm =   0.413025

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

debt amount =   0.0207   investment =   0.0207   debt ratio =  1.00000
RRR on investment =  0.171821      after tax =  0.094502
search range of Y std.dev.:   minimum =   0.769116   maximum =   0.999851
old shareholders wealth =    0.3673    old bondholders =     0.0456
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.130087, k:agcpara = 0.40335076)
liq.cash: 10Y average (1Y) =   2.069778 ( 0.09282) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   0.769116 ( 0.03449)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1495 0.00627   0.12757 0.08419  0.12094  0.11516    0.3673   0.0662   0.4335
 dbratio     ROA    ROA1 debtcf1
 0.15273 0.21412 0.17258 0.00564

TOSYOU CODE: 7721    282
debtcashflow initial values:   0.000010   1.232239
stddev initial values:   0.000010   1.232239
ecfconst solution invest:   1.898470   2.657858
debt cf solution invest: 0.37198865 0.54819380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32835
data: equity =   0.247153  debt =   0.163593  firm =   0.410746

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

debt amount =   0.0205   investment =   0.0205   debt ratio =  1.00000
RRR on investment =  0.159598      after tax =  0.087779
search range of Y std.dev.:   minimum =   0.803412   maximum =   1.044436
old shareholders wealth =    0.2472    old bondholders =     0.1626
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.988756, k:agcpara = 0.32459517)
liq.cash: 10Y average (1Y) =   1.845597 ( 0.08231) : loss rate  0.0720
liq.cash: 10Y std.dev. (1Y) =   0.803412 ( 0.03583)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4410 0.04021   0.13601 0.08850  0.11579  0.09884    0.2472   0.1831   0.4302
 dbratio     ROA    ROA1 debtcf1
 0.42555 0.19131 0.16543 0.01710

TOSYOU CODE: 3584    283
debtcashflow initial values:   0.000010   1.226708
stddev initial values:   0.000010   1.226708
ecfconst solution invest:   1.259106   1.762748
debt cf solution invest: 0.72436930 1.06749160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08702  std.dev = 0.09992  lambda =   0.82067
riskless rate of interest = 0.08309  correlation =  0.21427
data: equity =   0.121004  debt =   0.287899  firm =   0.408903

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

debt amount =   0.0052   investment =   0.0204   debt ratio =  0.25632
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.570355   maximum =   0.741462
old shareholders wealth =    0.1210    old bondholders =     0.2673
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.279551, k:agcpara = 0.18642129)
liq.cash: 10Y average (1Y) =   1.134619 ( 0.04859) : loss rate  0.1133
liq.cash: 10Y std.dev. (1Y) =   0.741462 ( 0.03176)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7774 0.31500   0.08895 0.08519  0.08644  0.06088    0.1362   0.2725   0.4087
 dbratio     ROA    ROA1 debtcf1
 0.66677 0.11889 0.12088 0.03400

TOSYOU CODE: 2286    284
debtcashflow initial values:   0.000010   1.211915
stddev initial values:   0.000010   1.211915
ecfconst solution invest:   1.577885   2.209039
debt cf solution invest: 0.53486330 0.78821960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.12637  std.dev = 0.09073  lambda =  13.23467
riskless rate of interest = 0.08192  correlation =  0.13572
data: equity =   0.177206  debt =   0.226766  firm =   0.403972

agency cost: EZC - k L (EZC:ecfconst =   1.577885, k:agcpara = 0.25664155)
liq.cash: 10Y average (1Y) =   1.433392 ( 0.06346) : loss rate  0.0916
liq.cash: 10Y std.dev. (1Y) =   0.644982 ( 0.02856)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5630 0.08859   0.12273 0.08878  0.10367  0.08124    0.1772   0.2268   0.4040
 dbratio     ROA    ROA1 debtcf1
 0.56134 0.15710 0.14597 0.02226

debt amount =   0.0202   investment =   0.0202   debt ratio =  1.00000
RRR on investment =  0.136334      after tax =  0.074984
search range of Y std.dev.:   minimum =   0.674620   maximum =   0.877006
old shareholders wealth =    0.1772    old bondholders =     0.2251
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.650392, k:agcpara = 0.25664155)
liq.cash: 10Y average (1Y) =   1.492934 ( 0.06596) : loss rate  0.0954
liq.cash: 10Y std.dev. (1Y) =   0.674620 ( 0.02980)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6135 0.09619   0.12403 0.08915  0.10378  0.08049    0.1772   0.2453   0.4225
 dbratio     ROA    ROA1 debtcf1
 0.58058 0.15611 0.14598 0.02434

TOSYOU CODE: 2108    285
debtcashflow initial values:   0.000010   1.207373
stddev initial values:   0.000010   1.207373
ecfconst solution invest:   1.271335   1.779869
debt cf solution invest: 0.51258580 0.75538960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.01408
data: equity =   0.202488  debt =   0.199969  firm =   0.402458

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

debt amount =   0.0000   investment =   0.0201   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.801775   maximum =   1.042307
old shareholders wealth =    0.2025    old bondholders =     0.1854
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.272007, k:agcpara = 0.26559487)
liq.cash: 10Y average (1Y) =   1.128702 ( 0.04905) : loss rate  0.1127
liq.cash: 10Y std.dev. (1Y) =   1.042307 ( 0.04530)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5396 0.28596   0.08299 0.08294  0.08297  0.06601    0.2226   0.1854   0.4080
 dbratio     ROA    ROA1 debtcf1
 0.45440 0.12022 0.12042 0.02411

TOSYOU CODE: 6791    286
debtcashflow initial values:   0.000010   1.204387
stddev initial values:   0.000010   1.204387
ecfconst solution invest:   1.786570   2.501198
debt cf solution invest: 0.05675965 0.08364580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29492
data: equity =   0.375037  debt =   0.026425  firm =   0.401462

agency cost: EZC - k L (EZC:ecfconst =   1.786570, k:agcpara = 0.40072782)
liq.cash: 10Y average (1Y) =   1.762628 ( 0.08062) : loss rate  0.0134
liq.cash: 10Y std.dev. (1Y) =   0.711772 ( 0.03256)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0597 0.00837   0.11396 0.08408  0.11199  0.10950    0.3750   0.0264   0.4015
 dbratio     ROA    ROA1 debtcf1
 0.06583 0.20082 0.16101 0.00226

debt amount =   0.0199   investment =   0.0201   debt ratio =  0.98933
RRR on investment =  0.160621      after tax =  0.088342
search range of Y std.dev.:   minimum =   0.747240   maximum =   0.971412
old shareholders wealth =    0.3750    old bondholders =     0.0263
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   1.875597, k:agcpara = 0.40072782)
liq.cash: 10Y average (1Y) =   1.833565 ( 0.08367) : loss rate  0.0224
liq.cash: 10Y std.dev. (1Y) =   0.747240 ( 0.03410)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1049 0.01035   0.11531 0.08445  0.11193  0.10777    0.3753   0.0461   0.4214
 dbratio     ROA    ROA1 debtcf1
 0.10950 0.19855 0.16103 0.00397

TOSYOU CODE: 6951    287
debtcashflow initial values:   0.000010   1.198745
stddev initial values:   0.000010   1.198745
ecfconst solution invest:   1.668464   2.335850
debt cf solution invest: 0.18685455 0.27536460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19382
data: equity =   0.318557  debt =   0.081025  firm =   0.399582

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

debt amount =   0.0200   investment =   0.0200   debt ratio =  1.00000
RRR on investment =  0.149698      after tax =  0.082334
search range of Y std.dev.:   minimum =   0.885506   maximum =   1.151158
old shareholders wealth =    0.3186    old bondholders =     0.0803
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.749079, k:agcpara = 0.34512234)
liq.cash: 10Y average (1Y) =   1.664309 ( 0.07575) : loss rate  0.0485
liq.cash: 10Y std.dev. (1Y) =   0.885506 ( 0.04030)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2456 0.05456   0.11232 0.08798  0.10650  0.09702    0.3186   0.1003   0.4188
 dbratio     ROA    ROA1 debtcf1
 0.23944 0.18085 0.15365 0.00966

TOSYOU CODE: 4007    288
debtcashflow initial values:   0.000010   1.197051
stddev initial values:   0.000010   1.197051
ecfconst solution invest:   1.462391   2.047347
debt cf solution invest: 0.68272510 1.00612120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26643
data: equity =   0.106106  debt =   0.292911  firm =   0.399017

agency cost: EZC - k L (EZC:ecfconst =   1.462391, k:agcpara = 0.19473741)
liq.cash: 10Y average (1Y) =   1.322441 ( 0.05742) : loss rate  0.0957
liq.cash: 10Y std.dev. (1Y) =   0.465778 ( 0.02022)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7187 0.09744   0.13782 0.08888  0.10189  0.07253    0.1061   0.2929   0.3990
 dbratio     ROA    ROA1 debtcf1
 0.73408 0.14389 0.13869 0.02817

debt amount =   0.0200   investment =   0.0200   debt ratio =  1.00000
RRR on investment =  0.128605      after tax =  0.070733
search range of Y std.dev.:   minimum =   0.487084   maximum =   0.633209
old shareholders wealth =    0.1061    old bondholders =     0.2912
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.529284, k:agcpara = 0.19473741)
liq.cash: 10Y average (1Y) =   1.379746 ( 0.05982) : loss rate  0.0978
liq.cash: 10Y std.dev. (1Y) =   0.487084 ( 0.02112)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7679 0.10453   0.13950 0.08921  0.10200  0.07206    0.1061   0.3111   0.4172
 dbratio     ROA    ROA1 debtcf1
 0.74570 0.14336 0.13870 0.03018

TOSYOU CODE: 3001    289
debtcashflow initial values:   0.000010   1.189614
stddev initial values:   0.000010   1.189614
ecfconst solution invest:   1.261467   1.766054
debt cf solution invest: 0.63847790 0.94091480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.07403
data: equity =   0.142905  debt =   0.253633  firm =   0.396538

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

debt amount =   0.0052   investment =   0.0198   debt ratio =  0.26145
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.625994   maximum =   0.813792
old shareholders wealth =    0.1429    old bondholders =     0.2342
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.281294, k:agcpara = 0.21427499)
liq.cash: 10Y average (1Y) =   1.134095 ( 0.04905) : loss rate  0.1149
liq.cash: 10Y std.dev. (1Y) =   0.813792 ( 0.03520)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6870 0.29135   0.09077 0.08573  0.08773  0.06447    0.1575   0.2393   0.3969
 dbratio     ROA    ROA1 debtcf1
 0.60304 0.12359 0.12434 0.03007

TOSYOU CODE: 6462    290
debtcashflow initial values:   0.000010   1.188347
stddev initial values:   0.000010   1.188347
ecfconst solution invest:   1.735675   2.429945
debt cf solution invest: 0.42685780 0.62905360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29539
data: equity =   0.210933  debt =   0.185183  firm =   0.396116

agency cost: EZC - k L (EZC:ecfconst =   1.735675, k:agcpara = 0.30067807)
liq.cash: 10Y average (1Y) =   1.600573 ( 0.07140) : loss rate  0.0778
liq.cash: 10Y std.dev. (1Y) =   0.699485 ( 0.03120)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4493 0.04990   0.13213 0.08868  0.11182  0.09316    0.2109   0.1852   0.3961
 dbratio     ROA    ROA1 debtcf1
 0.46749 0.18025 0.15922 0.01750

debt amount =   0.0198   investment =   0.0198   debt ratio =  1.00000
RRR on investment =  0.151955      after tax =  0.083575
search range of Y std.dev.:   minimum =   0.732329   maximum =   0.952028
old shareholders wealth =    0.2109    old bondholders =     0.1839
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.817173, k:agcpara = 0.30067807)
liq.cash: 10Y average (1Y) =   1.667524 ( 0.07425) : loss rate  0.0824
liq.cash: 10Y std.dev. (1Y) =   0.732329 ( 0.03261)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4977 0.05509   0.13384 0.08910  0.11186  0.09216    0.2109   0.2037   0.4147
 dbratio     ROA    ROA1 debtcf1
 0.49133 0.17907 0.15923 0.01943

TOSYOU CODE: 6975    291
debtcashflow initial values:   0.000010   1.185803
stddev initial values:   0.000010   1.185803
ecfconst solution invest:   1.753062   2.454287
debt cf solution invest: 0.44425610 0.65469320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31636
data: equity =   0.201807  debt =   0.193461  firm =   0.395268

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

debt amount =   0.0198   investment =   0.0198   debt ratio =  1.00000
RRR on investment =  0.153354      after tax =  0.084345
search range of Y std.dev.:   minimum =   0.716598   maximum =   0.931578
old shareholders wealth =    0.2018    old bondholders =     0.1922
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.835379, k:agcpara = 0.29908594)
liq.cash: 10Y average (1Y) =   1.681135 ( 0.07476) : loss rate  0.0840
liq.cash: 10Y std.dev. (1Y) =   0.716598 ( 0.03187)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5157 0.05194   0.13784 0.08903  0.11284  0.09231    0.2018   0.2120   0.4138
 dbratio     ROA    ROA1 debtcf1
 0.51230 0.18067 0.16063 0.02008

TOSYOU CODE: 6206    292
debtcashflow initial values:   0.000010   1.181234
stddev initial values:   0.000010   1.181234
ecfconst solution invest:   1.892920   2.650088
debt cf solution invest: 0.06817010 0.10046120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38152
data: equity =   0.361811  debt =   0.031934  firm =   0.393745

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

debt amount =   0.0197   investment =   0.0197   debt ratio =  1.00000
RRR on investment =  0.169579      after tax =  0.093268
search range of Y std.dev.:   minimum =   0.732283   maximum =   0.951968
old shareholders wealth =    0.3618    old bondholders =     0.0318
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.987213, k:agcpara = 0.40677310)
liq.cash: 10Y average (1Y) =   1.939950 ( 0.08740) : loss rate  0.0238
liq.cash: 10Y std.dev. (1Y) =   0.732283 ( 0.03299)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1162 0.00638   0.12401 0.08411  0.11904  0.11432    0.3618   0.0515   0.4133
 dbratio     ROA    ROA1 debtcf1
 0.12456 0.21148 0.17003 0.00438

TOSYOU CODE: 2602    293
debtcashflow initial values:   0.000010   1.178374
stddev initial values:   0.000010   1.178374
ecfconst solution invest:   1.993888   2.791443
debt cf solution invest: 0.16333825 0.24070900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37564
data: equity =   0.318942  debt =   0.073849  firm =   0.392791

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

debt amount =   0.0196   investment =   0.0196   debt ratio =  1.00000
RRR on investment =  0.173912      after tax =  0.095652
search range of Y std.dev.:   minimum =   0.867129   maximum =   1.127268
old shareholders wealth =    0.3189    old bondholders =     0.0734
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.091496, k:agcpara = 0.37262233)
liq.cash: 10Y average (1Y) =   2.010286 ( 0.08939) : loss rate  0.0388
liq.cash: 10Y std.dev. (1Y) =   0.867129 ( 0.03856)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2179 0.01937   0.13467 0.08684  0.12387  0.11505    0.3189   0.0930   0.4120
 dbratio     ROA    ROA1 debtcf1
 0.22583 0.21697 0.17641 0.00835

TOSYOU CODE: 2875    294
debtcashflow initial values:   0.000010   1.177821
stddev initial values:   0.000010   1.177821
ecfconst solution invest:   1.683449   2.356829
debt cf solution invest: 0.43013055 0.63387660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27475
data: equity =   0.207074  debt =   0.185533  firm =   0.392607

agency cost: EZC - k L (EZC:ecfconst =   1.683449, k:agcpara = 0.29525968)
liq.cash: 10Y average (1Y) =   1.549765 ( 0.06914) : loss rate  0.0794
liq.cash: 10Y std.dev. (1Y) =   0.690129 ( 0.03079)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4528 0.05597   0.12929 0.08883  0.11017  0.09128    0.2071   0.1855   0.3926
 dbratio     ROA    ROA1 debtcf1
 0.47257 0.17611 0.15671 0.01769

debt amount =   0.0196   investment =   0.0196   debt ratio =  1.00000
RRR on investment =  0.149089      after tax =  0.081999
search range of Y std.dev.:   minimum =   0.722428   maximum =   0.939157
old shareholders wealth =    0.2071    old bondholders =     0.1842
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.762238, k:agcpara = 0.29525968)
liq.cash: 10Y average (1Y) =   1.614310 ( 0.07188) : loss rate  0.0839
liq.cash: 10Y std.dev. (1Y) =   0.722428 ( 0.03217)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5010 0.06165   0.13089 0.08924  0.11023  0.09030    0.2071   0.2039   0.4109
 dbratio     ROA    ROA1 debtcf1
 0.49611 0.17492 0.15672 0.01963

TOSYOU CODE: 4112    295
debtcashflow initial values:   0.000010   1.177178
stddev initial values:   0.000010   1.177178
ecfconst solution invest:   1.385747   1.940046
debt cf solution invest: 0.69351615 1.02202380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25546
data: equity =   0.094075  debt =   0.298318  firm =   0.392393

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

debt amount =   0.0196   investment =   0.0196   debt ratio =  1.00000
RRR on investment =  0.124366      after tax =  0.068402
search range of Y std.dev.:   minimum =   0.439227   maximum =   0.570995
old shareholders wealth =    0.0941    old bondholders =     0.2966
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.449100, k:agcpara = 0.17764241)
liq.cash: 10Y average (1Y) =   1.310841 ( 0.05647) : loss rate  0.0954
liq.cash: 10Y std.dev. (1Y) =   0.439227 ( 0.01892)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7783 0.11267   0.13801 0.08886  0.10013  0.06931    0.0941   0.3162   0.4103
 dbratio     ROA    ROA1 debtcf1
 0.77072 0.13762 0.13448 0.03058

TOSYOU CODE: 2809    296
debtcashflow initial values:   0.000010   1.176766
stddev initial values:   0.000010   1.176766
ecfconst solution invest:   1.352821   1.893949
debt cf solution invest: 0.28133300 0.41459600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.18834
data: equity =   0.277419  debt =   0.114836  firm =   0.392255

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

debt amount =   0.0196   investment =   0.0196   debt ratio =  1.00000
RRR on investment =  0.046831      after tax =  0.025757
search range of Y std.dev.:   minimum =   0.877775   maximum =   1.141108
old shareholders wealth =    0.2774    old bondholders =     0.1039
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.383817, k:agcpara = 0.31953148)
liq.cash: 10Y average (1Y) =   1.271335 ( 0.05700) : loss rate  0.0813
liq.cash: 10Y std.dev. (1Y) =   1.141108 ( 0.05116)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3520 0.21023   0.09287 0.08696  0.09105  0.07899    0.2774   0.1236   0.4010
 dbratio     ROA    ROA1 debtcf1
 0.30813 0.14216 0.13187 0.01526

TOSYOU CODE: 4914    297
debtcashflow initial values:   0.000010   1.165790
stddev initial values:   0.000010   1.165790
ecfconst solution invest:   1.595608   2.233851
debt cf solution invest: 0.47971580 0.70694960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24986
data: equity =   0.183895  debt =   0.204702  firm =   0.388597

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

debt amount =   0.0194   investment =   0.0194   debt ratio =  1.00000
RRR on investment =  0.142958      after tax =  0.078627
search range of Y std.dev.:   minimum =   0.678877   maximum =   0.882540
old shareholders wealth =    0.1839    old bondholders =     0.2032
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.669530, k:agcpara = 0.27462028)
liq.cash: 10Y average (1Y) =   1.517600 ( 0.06730) : loss rate  0.0910
liq.cash: 10Y std.dev. (1Y) =   0.678877 ( 0.03011)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5532 0.07773   0.12886 0.08954  0.10732  0.08526    0.1839   0.2227   0.4066
 dbratio     ROA    ROA1 debtcf1
 0.54769 0.16554 0.15172 0.02181

TOSYOU CODE: 6383    298
debtcashflow initial values:   0.000010   1.160777
stddev initial values:   0.000010   1.160777
ecfconst solution invest:   1.728604   2.420046
debt cf solution invest: 0.25385805 0.37410660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26807
data: equity =   0.275821  debt =   0.111105  firm =   0.386926

agency cost: EZC - k L (EZC:ecfconst =   1.728604, k:agcpara = 0.33796466)
liq.cash: 10Y average (1Y) =   1.638293 ( 0.07386) : loss rate  0.0522
liq.cash: 10Y std.dev. (1Y) =   0.775729 ( 0.03497)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2672 0.03858   0.12273 0.08790  0.11273  0.10137    0.2758   0.1111   0.3869
 dbratio     ROA    ROA1 debtcf1
 0.28715 0.19088 0.16147 0.01038

debt amount =   0.0193   investment =   0.0193   debt ratio =  1.00000
RRR on investment =  0.156696      after tax =  0.086183
search range of Y std.dev.:   minimum =   0.812951   maximum =   1.056837
old shareholders wealth =    0.2758    old bondholders =     0.1103
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.811549, k:agcpara = 0.33796466)
liq.cash: 10Y average (1Y) =   1.705396 ( 0.07671) : loss rate  0.0586
liq.cash: 10Y std.dev. (1Y) =   0.812951 ( 0.03657)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3141 0.04350   0.12423 0.08835  0.11276  0.10004    0.2758   0.1296   0.4055
 dbratio     ROA    ROA1 debtcf1
 0.31972 0.18920 0.16148 0.01224

TOSYOU CODE: 3403    299
debtcashflow initial values:   0.000010   1.154247
stddev initial values:   0.000010   1.154247
ecfconst solution invest:   1.673438   2.342813
debt cf solution invest: 0.55265205 0.81443460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.37145
data: equity =   0.142380  debt =   0.242369  firm =   0.384749

agency cost: EZC - k L (EZC:ecfconst =   1.673438, k:agcpara = 0.26875539)
liq.cash: 10Y average (1Y) =   1.517093 ( 0.06720) : loss rate  0.0934
liq.cash: 10Y std.dev. (1Y) =   0.564335 ( 0.02500)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5817 0.04871   0.15094 0.08849  0.11160  0.08652    0.1424   0.2424   0.3848
 dbratio     ROA    ROA1 debtcf1
 0.62994 0.17465 0.15836 0.02250

debt amount =   0.0192   investment =   0.0192   debt ratio =  1.00000
RRR on investment =  0.150473      after tax =  0.082760
search range of Y std.dev.:   minimum =   0.590689   maximum =   0.767895
old shareholders wealth =    0.1424    old bondholders =     0.2411
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.751585, k:agcpara = 0.26875539)
liq.cash: 10Y average (1Y) =   1.582763 ( 0.07003) : loss rate  0.0964
liq.cash: 10Y std.dev. (1Y) =   0.590689 ( 0.02614)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6282 0.05304   0.15316 0.08886  0.11159  0.08574    0.1424   0.2603   0.4027
 dbratio     ROA    ROA1 debtcf1
 0.64643 0.17391 0.15837 0.02434

TOSYOU CODE: 6370    300
debtcashflow initial values:   0.000010   1.137712
stddev initial values:   0.000010   1.137712
ecfconst solution invest:   1.387764   1.942870
debt cf solution invest: 0.36125650 0.53237800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.10617
data: equity =   0.229520  debt =   0.149718  firm =   0.379237

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

debt amount =   0.0190   investment =   0.0190   debt ratio =  1.00000
RRR on investment =  0.130104      after tax =  0.071557
search range of Y std.dev.:   minimum =   0.768448   maximum =   0.998983
old shareholders wealth =    0.2295    old bondholders =     0.1348
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.452191, k:agcpara = 0.29553247)
liq.cash: 10Y average (1Y) =   1.323994 ( 0.05917) : loss rate  0.0883
liq.cash: 10Y std.dev. (1Y) =   0.998983 ( 0.04464)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4338 0.18643   0.10560 0.09041  0.09951  0.08319    0.2295   0.1537   0.3832
 dbratio     ROA    ROA1 debtcf1
 0.40109 0.15439 0.14250 0.01840

TOSYOU CODE: 7769    301
debtcashflow initial values:   0.000010   1.137510
stddev initial values:   0.000010   1.137510
ecfconst solution invest:   1.696169   2.374637
debt cf solution invest: 0.25189630 0.37121560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26994
data: equity =   0.268915  debt =   0.110255  firm =   0.379170

agency cost: EZC - k L (EZC:ecfconst =   1.696169, k:agcpara = 0.33750034)
liq.cash: 10Y average (1Y) =   1.606679 ( 0.07240) : loss rate  0.0528
liq.cash: 10Y std.dev. (1Y) =   0.758756 ( 0.03419)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2652 0.03853   0.12308 0.08792  0.11285  0.10135    0.2689   0.1103   0.3792
 dbratio     ROA    ROA1 debtcf1
 0.29077 0.19096 0.16162 0.01030

debt amount =   0.0190   investment =   0.0190   debt ratio =  1.00000
RRR on investment =  0.156806      after tax =  0.086243
search range of Y std.dev.:   minimum =   0.795151   maximum =   1.033696
old shareholders wealth =    0.2689    old bondholders =     0.1094
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.777529, k:agcpara = 0.33750034)
liq.cash: 10Y average (1Y) =   1.672537 ( 0.07521) : loss rate  0.0591
liq.cash: 10Y std.dev. (1Y) =   0.795151 ( 0.03576)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3111 0.04343   0.12458 0.08836  0.11288  0.10003    0.2689   0.1284   0.3973
 dbratio     ROA    ROA1 debtcf1
 0.32317 0.18929 0.16163 0.01212

TOSYOU CODE: 6406    302
debtcashflow initial values:   0.000010   1.129623
stddev initial values:   0.000010   1.129623
ecfconst solution invest:   1.210354   1.694496
debt cf solution invest: 0.10871990 0.16021880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.12502
data: equity =   0.332108  debt =   0.044433  firm =   0.376541

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

debt amount =   0.0000   investment =   0.0188   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.973194   maximum =   1.265152
old shareholders wealth =    0.3321    old bondholders =     0.0412
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.218773, k:agcpara = 0.35491106)
liq.cash: 10Y average (1Y) =   1.178156 ( 0.05337) : loss rate  0.0333
liq.cash: 10Y std.dev. (1Y) =   1.265152 ( 0.05732)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1144 0.20024   0.08350 0.08318  0.08346  0.07953    0.3509   0.0412   0.3921
 dbratio     ROA    ROA1 debtcf1
 0.10499 0.13612 0.12009 0.00498

TOSYOU CODE: 6395    303
debtcashflow initial values:   0.000010   1.125804
stddev initial values:   0.000010   1.125804
ecfconst solution invest:   1.140698   1.596977
debt cf solution invest: 0.50723730 0.74750760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08059  std.dev = 0.09989  lambda =  -0.47983
riskless rate of interest = 0.08295  correlation =  0.35074
data: equity =   0.181287  debt =   0.193981  firm =   0.375268

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

debt amount =   0.0000   investment =   0.0188   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.761867   maximum =   0.990427
old shareholders wealth =    0.1813    old bondholders =     0.1804
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.127211, k:agcpara = 0.25955640)
liq.cash: 10Y average (1Y) =   0.988625 ( 0.04219) : loss rate  0.1229
liq.cash: 10Y std.dev. (1Y) =   0.990427 ( 0.04227)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5339 0.32309   0.07761 0.08042  0.07894  0.06178    0.2001   0.1804   0.3804
 dbratio     ROA    ROA1 debtcf1
 0.47417 0.11090 0.11473 0.02436

TOSYOU CODE: 6203    304
debtcashflow initial values:   0.000010   1.118205
stddev initial values:   0.000010   1.118205
ecfconst solution invest:   1.649319   2.309047
debt cf solution invest: 0.39697460 0.58501520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30429
data: equity =   0.200048  debt =   0.172687  firm =   0.372735

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

debt amount =   0.0186   investment =   0.0186   debt ratio =  1.00000
RRR on investment =  0.153280      after tax =  0.084304
search range of Y std.dev.:   minimum =   0.691415   maximum =   0.898840
old shareholders wealth =    0.2000    old bondholders =     0.1715
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.726893, k:agcpara = 0.30364055)
liq.cash: 10Y average (1Y) =   1.586227 ( 0.07064) : loss rate  0.0815
liq.cash: 10Y std.dev. (1Y) =   0.691415 ( 0.03079)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4633 0.05217   0.13499 0.08901  0.11258  0.09306    0.2000   0.1902   0.3902
 dbratio     ROA    ROA1 debtcf1
 0.48736 0.18102 0.16036 0.01806

TOSYOU CODE: 5491    305
debtcashflow initial values:   0.000010   1.102617
stddev initial values:   0.000010   1.102617
ecfconst solution invest:   1.359685   1.903559
debt cf solution invest: 0.52529775 0.77412300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17062
data: equity =   0.148920  debt =   0.218619  firm =   0.367539

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

debt amount =   0.0184   investment =   0.0184   debt ratio =  1.00000
RRR on investment =  0.129084      after tax =  0.070996
search range of Y std.dev.:   minimum =   0.594480   maximum =   0.772823
old shareholders wealth =    0.1489    old bondholders =     0.2169
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.421563, k:agcpara = 0.23941196)
liq.cash: 10Y average (1Y) =   1.277967 ( 0.05608) : loss rate  0.1010
liq.cash: 10Y std.dev. (1Y) =   0.594480 ( 0.02609)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5998 0.12698   0.11700 0.08924  0.10000  0.07541    0.1489   0.2353   0.3842
 dbratio     ROA    ROA1 debtcf1
 0.61242 0.14595 0.13977 0.02408

TOSYOU CODE: 7246    306
debtcashflow initial values:   0.000010   1.102230
stddev initial values:   0.000010   1.102230
ecfconst solution invest:   1.599879   2.239831
debt cf solution invest: 0.49995175 0.73677100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34814
data: equity =   0.149200  debt =   0.218210  firm =   0.367410

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

debt amount =   0.0184   investment =   0.0184   debt ratio =  1.00000
RRR on investment =  0.150510      after tax =  0.082780
search range of Y std.dev.:   minimum =   0.593274   maximum =   0.771256
old shareholders wealth =    0.1492    old bondholders =     0.2170
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.674528, k:agcpara = 0.27487587)
liq.cash: 10Y average (1Y) =   1.517622 ( 0.06719) : loss rate  0.0937
liq.cash: 10Y std.dev. (1Y) =   0.593274 ( 0.02627)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5708 0.05526   0.14753 0.08906  0.11175  0.08722    0.1492   0.2353   0.3845
 dbratio     ROA    ROA1 debtcf1
 0.61199 0.17474 0.15850 0.02218

TOSYOU CODE: 4201    307
debtcashflow initial values:   0.000010   1.084372
stddev initial values:   0.000010   1.084372
ecfconst solution invest:   1.136434   1.591008
debt cf solution invest: 0.65937885 0.97171620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09205  std.dev = 0.09822  lambda =   2.02421
riskless rate of interest = 0.08287  correlation =  0.32528
data: equity =   0.089952  debt =   0.271506  firm =   0.361457

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

debt amount =   0.0181   investment =   0.0181   debt ratio =  1.00000
RRR on investment =  0.040569      after tax =  0.022313
search range of Y std.dev.:   minimum =   0.417228   maximum =   0.542397
old shareholders wealth =    0.0900    old bondholders =     0.2473
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.163333, k:agcpara = 0.16313109)
liq.cash: 10Y average (1Y) =   1.041832 ( 0.04447) : loss rate  0.1044
liq.cash: 10Y std.dev. (1Y) =   0.542397 ( 0.02315)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7448 0.29198   0.10565 0.08918  0.09335  0.06338    0.0900   0.2654   0.3553
 dbratio     ROA    ROA1 debtcf1
 0.74684 0.12515 0.12592 0.03168

TOSYOU CODE: 6440    308
debtcashflow initial values:   0.000010   1.081438
stddev initial values:   0.000010   1.081438
ecfconst solution invest:   1.383479   1.936871
debt cf solution invest: 0.44235325 0.65188900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17666
data: equity =   0.175264  debt =   0.185215  firm =   0.360479

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

debt amount =   0.0180   investment =   0.0180   debt ratio =  1.00000
RRR on investment =  0.134460      after tax =  0.073953
search range of Y std.dev.:   minimum =   0.642320   maximum =   0.835016
old shareholders wealth =    0.1753    old bondholders =     0.1837
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.447121, k:agcpara = 0.26772273)
liq.cash: 10Y average (1Y) =   1.310231 ( 0.05808) : loss rate  0.0946
liq.cash: 10Y std.dev. (1Y) =   0.642320 ( 0.02847)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5113 0.10679   0.11611 0.08919  0.10170  0.08023    0.1753   0.2018   0.3770
 dbratio     ROA    ROA1 debtcf1
 0.53515 0.15404 0.14396 0.02045

TOSYOU CODE: 5902    309
debtcashflow initial values:   0.000010   1.078779
stddev initial values:   0.000010   1.078779
ecfconst solution invest:   1.109704   1.553586
debt cf solution invest: 0.67137735 0.98939820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.25200
data: equity =   0.076458  debt =   0.283135  firm =   0.359593

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

debt amount =   0.0180   investment =   0.0180   debt ratio =  1.00000
RRR on investment =  0.074824      after tax =  0.041153
search range of Y std.dev.:   minimum =   0.354184   maximum =   0.460439
old shareholders wealth =    0.0765    old bondholders =     0.2600
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.146700, k:agcpara = 0.14180192)
liq.cash: 10Y average (1Y) =   1.039556 ( 0.04415) : loss rate  0.0934
liq.cash: 10Y std.dev. (1Y) =   0.460439 ( 0.01955)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7556 0.26870   0.11245 0.08950  0.09445  0.06287    0.0765   0.2780   0.3544
 dbratio     ROA    ROA1 debtcf1
 0.78428 0.12455 0.12458 0.03151

TOSYOU CODE: 4516    310
debtcashflow initial values:   0.000010   1.076253
stddev initial values:   0.000010   1.076253
ecfconst solution invest:   1.263169   1.768437
debt cf solution invest: 0.19610375 0.28899500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.06182
data: equity =   0.277194  debt =   0.081557  firm =   0.358751

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

debt amount =   0.0179   investment =   0.0179   debt ratio =  1.00000
RRR on investment =  0.093940      after tax =  0.051667
search range of Y std.dev.:   minimum =   0.824998   maximum =   1.072498
old shareholders wealth =    0.2772    old bondholders =     0.0738
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.307194, k:agcpara = 0.33214032)
liq.cash: 10Y average (1Y) =   1.221959 ( 0.05531) : loss rate  0.0652
liq.cash: 10Y std.dev. (1Y) =   1.072498 ( 0.04854)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2566 0.18404   0.09506 0.08738  0.09315  0.08338    0.2772   0.0917   0.3689
 dbratio     ROA    ROA1 debtcf1
 0.24858 0.14993 0.13486 0.01099

TOSYOU CODE: 3868    311
debtcashflow initial values:   0.000010   1.067463
stddev initial values:   0.000010   1.067463
ecfconst solution invest:   1.036139   1.450595
debt cf solution invest: 0.68135995 1.00410940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15010
data: equity =   0.056720  debt =   0.299101  firm =   0.355821

agency cost: EZC - k L (EZC:ecfconst =   1.036139, k:agcpara = 0.09967015)
liq.cash: 10Y average (1Y) =   0.964653 ( 0.03999) : loss rate  0.0690
liq.cash: 10Y std.dev. (1Y) =   0.241260 ( 0.01000)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7172 0.15254   0.11435 0.08589  0.09042  0.05794    0.0567   0.2991   0.3558
 dbratio     ROA    ROA1 debtcf1
 0.84059 0.11239 0.11280 0.02807

debt amount =   0.0178   investment =   0.0178   debt ratio =  1.00000
RRR on investment =  0.103377      after tax =  0.056857
search range of Y std.dev.:   minimum =   0.252339   maximum =   0.328041
old shareholders wealth =    0.0567    old bondholders =     0.2805
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.083721, k:agcpara = 0.09967015)
liq.cash: 10Y average (1Y) =   1.007700 ( 0.04224) : loss rate  0.0701
liq.cash: 10Y std.dev. (1Y) =   0.328041 ( 0.01375)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7627 0.22759   0.12088 0.08836  0.09356  0.06015    0.0567   0.2982   0.3550
 dbratio     ROA    ROA1 debtcf1
 0.84021 0.11900 0.11808 0.03081

TOSYOU CODE: 7952    312
debtcashflow initial values:   0.000010   1.066674
stddev initial values:   0.000010   1.066674
ecfconst solution invest:   1.084220   1.517908
debt cf solution invest: 0.12976525 0.19123300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.16745
data: equity =   0.303840  debt =   0.051718  firm =   0.355558

agency cost: EZC - k L (EZC:ecfconst =   1.084220, k:agcpara = 0.35116507)
liq.cash: 10Y average (1Y) =   1.036253 ( 0.04711) : loss rate  0.0442
liq.cash: 10Y std.dev. (1Y) =   0.956277 ( 0.04348)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1366 0.17341   0.07913 0.08132  0.07945  0.07413    0.3038   0.0517   0.3556
 dbratio     ROA    ROA1 debtcf1
 0.14545 0.13250 0.11795 0.00582

debt amount =   0.0000   investment =   0.0178   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.945522   maximum =   1.229178
old shareholders wealth =    0.3038    old bondholders =     0.0481
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.072026, k:agcpara = 0.35116507)
liq.cash: 10Y average (1Y) =   1.024058 ( 0.04540) : loss rate  0.0447
liq.cash: 10Y std.dev. (1Y) =   1.229178 ( 0.05450)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1366 0.23515   0.07864 0.08084  0.07893  0.07420    0.3216   0.0481   0.3697
 dbratio     ROA    ROA1 debtcf1
 0.13000 0.12282 0.11234 0.00609

TOSYOU CODE: 3870    313
debtcashflow initial values:   0.000010   1.063785
stddev initial values:   0.000010   1.063785
ecfconst solution invest:   1.125690   1.575966
debt cf solution invest: 0.61842625 0.91136500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.33024
data: equity =   0.105264  debt =   0.249331  firm =   0.354595

agency cost: EZC - k L (EZC:ecfconst =   1.125690, k:agcpara = 0.18707511)
liq.cash: 10Y average (1Y) =   1.003909 ( 0.04292) : loss rate  0.1082
liq.cash: 10Y std.dev. (1Y) =   0.471262 ( 0.02015)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6510 0.22696   0.09594 0.08621  0.08910  0.06182    0.1053   0.2493   0.3546
 dbratio     ROA    ROA1 debtcf1
 0.70315 0.12104 0.12245 0.02692

debt amount =   0.0155   investment =   0.0177   debt ratio =  0.87642
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.478684   maximum =   0.622290
old shareholders wealth =    0.1053    old bondholders =     0.2269
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.143420, k:agcpara = 0.18707511)
liq.cash: 10Y average (1Y) =   1.013299 ( 0.04348) : loss rate  0.1138
liq.cash: 10Y std.dev. (1Y) =   0.622290 ( 0.02670)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6956 0.30481   0.09791 0.08780  0.09091  0.06353    0.1075   0.2424   0.3499
 dbratio     ROA    ROA1 debtcf1
 0.69289 0.12426 0.12571 0.03014

TOSYOU CODE: 4092    314
debtcashflow initial values:   0.000010   1.059732
stddev initial values:   0.000010   1.059732
ecfconst solution invest:   0.944489   1.322285
debt cf solution invest: 0.67778700 0.99884400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.26581
data: equity =   0.108150  debt =   0.245094  firm =   0.353244

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

debt amount =   0.0000   investment =   0.0177   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.635018   maximum =   0.825524
old shareholders wealth =    0.1082    old bondholders =     0.2310
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.914241, k:agcpara = 0.19147541)
liq.cash: 10Y average (1Y) =   0.777631 ( 0.03074) : loss rate  0.1494
liq.cash: 10Y std.dev. (1Y) =   0.825524 ( 0.03264)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7135 0.46902   0.06111 0.07181  0.06803  0.04711    0.1258   0.2310   0.3568
 dbratio     ROA    ROA1 debtcf1
 0.64738 0.08616 0.09866 0.03462

TOSYOU CODE: 6106    315
debtcashflow initial values:   0.000010   1.058893
stddev initial values:   0.000010   1.058893
ecfconst solution invest:   1.610257   2.254360
debt cf solution invest: 0.20260270 0.29857240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28198
data: equity =   0.263702  debt =   0.089262  firm =   0.352964

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

debt amount =   0.0176   investment =   0.0176   debt ratio =  1.00000
RRR on investment =  0.159798      after tax =  0.087889
search range of Y std.dev.:   minimum =   0.754966   maximum =   0.981456
old shareholders wealth =    0.2637    old bondholders =     0.0886
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.687975, k:agcpara = 0.34676637)
liq.cash: 10Y average (1Y) =   1.599294 ( 0.07194) : loss rate  0.0525
liq.cash: 10Y std.dev. (1Y) =   0.754966 ( 0.03396)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2557 0.03757   0.12513 0.08807  0.11449  0.10310    0.2637   0.1063   0.3700
 dbratio     ROA    ROA1 debtcf1
 0.28722 0.19446 0.16391 0.00993

TOSYOU CODE: 4532    316
debtcashflow initial values:   0.000010   1.041087
stddev initial values:   0.000010   1.041087
ecfconst solution invest:   1.403740   1.965236
debt cf solution invest: 0.39259225 0.57855700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21790
data: equity =   0.180383  debt =   0.166646  firm =   0.347029

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

debt amount =   0.0174   investment =   0.0174   debt ratio =  1.00000
RRR on investment =  0.141497      after tax =  0.077823
search range of Y std.dev.:   minimum =   0.636323   maximum =   0.827220
old shareholders wealth =    0.1804    old bondholders =     0.1654
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.468915, k:agcpara = 0.28337894)
liq.cash: 10Y average (1Y) =   1.339521 ( 0.05962) : loss rate  0.0881
liq.cash: 10Y std.dev. (1Y) =   0.636323 ( 0.02832)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4566 0.08264   0.12218 0.08936  0.10567  0.08543    0.1804   0.1827   0.3631
 dbratio     ROA    ROA1 debtcf1
 0.50323 0.16419 0.14999 0.01808

TOSYOU CODE: 4022    317
debtcashflow initial values:   0.000010   1.039684
stddev initial values:   0.000010   1.039684
ecfconst solution invest:   1.260566   1.764792
debt cf solution invest: 0.53122860 0.78286320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.17509
data: equity =   0.125347  debt =   0.221214  firm =   0.346561

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

debt amount =   0.0173   investment =   0.0173   debt ratio =  1.00000
RRR on investment =  0.126760      after tax =  0.069718
search range of Y std.dev.:   minimum =   0.523958   maximum =   0.681145
old shareholders wealth =    0.1253    old bondholders =     0.2196
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.317722, k:agcpara = 0.22304592)
liq.cash: 10Y average (1Y) =   1.183155 ( 0.05162) : loss rate  0.1021
liq.cash: 10Y std.dev. (1Y) =   0.523958 ( 0.02286)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6033 0.13422   0.11895 0.08928  0.09954  0.07327    0.1253   0.2369   0.3623
 dbratio     ROA    ROA1 debtcf1
 0.65398 0.14250 0.13784 0.02420

TOSYOU CODE: 4002    318
debtcashflow initial values:   0.000010   1.032919
stddev initial values:   0.000010   1.032919
ecfconst solution invest:   1.086107   1.520550
debt cf solution invest: 0.60420950 0.89041400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.06708
data: equity =   0.097806  debt =   0.246500  firm =   0.344306

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

debt amount =   0.0172   investment =   0.0172   debt ratio =  1.00000
RRR on investment =  0.006010      after tax =  0.003306
search range of Y std.dev.:   minimum =   0.441852   maximum =   0.574408
old shareholders wealth =    0.0978    old bondholders =     0.2237
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.104385, k:agcpara = 0.17971810)
liq.cash: 10Y average (1Y) =   0.981287 ( 0.04204) : loss rate  0.1115
liq.cash: 10Y std.dev. (1Y) =   0.574408 ( 0.02461)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6850 0.30296   0.09982 0.08781  0.09128  0.06317    0.0978   0.2409   0.3387
 dbratio     ROA    ROA1 debtcf1
 0.71125 0.12410 0.12545 0.02953

TOSYOU CODE: 7248    319
debtcashflow initial values:   0.000010   1.016350
stddev initial values:   0.000010   1.016350
ecfconst solution invest:   1.632450   2.285430
debt cf solution invest: 0.24246755 0.35732060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.34994
data: equity =   0.230918  debt =   0.107865  firm =   0.338783

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

debt amount =   0.0169   investment =   0.0169   debt ratio =  1.00000
RRR on investment =  0.165857      after tax =  0.091222
search range of Y std.dev.:   minimum =   0.698566   maximum =   0.908136
old shareholders wealth =    0.2309    old bondholders =     0.1072
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.711036, k:agcpara = 0.34574614)
liq.cash: 10Y average (1Y) =   1.608848 ( 0.07175) : loss rate  0.0597
liq.cash: 10Y std.dev. (1Y) =   0.698566 ( 0.03115)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2956 0.03006   0.13595 0.08785  0.11913  0.10531    0.2309   0.1241   0.3551
 dbratio     ROA    ROA1 debtcf1
 0.34964 0.20207 0.17030 0.01140

TOSYOU CODE: 4062    320
debtcashflow initial values:   0.000010   1.009900
stddev initial values:   0.000010   1.009900
ecfconst solution invest:   1.272544   1.781562
debt cf solution invest: 0.39423195 0.58097340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.15447
data: equity =   0.172258  debt =   0.164375  firm =   0.336633

agency cost: EZC - k L (EZC:ecfconst =   1.272544, k:agcpara = 0.27317082)
liq.cash: 10Y average (1Y) =   1.159183 ( 0.05163) : loss rate  0.0891
liq.cash: 10Y std.dev. (1Y) =   0.590927 ( 0.02632)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4150 0.10395   0.11079 0.08850  0.09990  0.08046    0.1723   0.1644   0.3366
 dbratio     ROA    ROA1 debtcf1
 0.48829 0.15339 0.14223 0.01661

debt amount =   0.0168   investment =   0.0168   debt ratio =  1.00000
RRR on investment =  0.132891      after tax =  0.073090
search range of Y std.dev.:   minimum =   0.618146   maximum =   0.803590
old shareholders wealth =    0.1723    old bondholders =     0.1630
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.331159, k:agcpara = 0.27317082)
liq.cash: 10Y average (1Y) =   1.206094 ( 0.05358) : loss rate  0.0940
liq.cash: 10Y std.dev. (1Y) =   0.618146 ( 0.02746)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4578 0.11304   0.11170 0.08883  0.10002  0.07960    0.1723   0.1798   0.3521
 dbratio     ROA    ROA1 debtcf1
 0.51078 0.15217 0.14224 0.01840

TOSYOU CODE: 6641    321
debtcashflow initial values:   0.000010   1.008908
stddev initial values:   0.000010   1.008908
ecfconst solution invest:   1.513326   2.118656
debt cf solution invest: 0.30915565 0.45559780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30201
data: equity =   0.201237  debt =   0.135066  firm =   0.336303

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

debt amount =   0.0168   investment =   0.0168   debt ratio =  1.00000
RRR on investment =  0.156107      after tax =  0.085859
search range of Y std.dev.:   minimum =   0.655421   maximum =   0.852047
old shareholders wealth =    0.2012    old bondholders =     0.1342
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.585053, k:agcpara = 0.31868705)
liq.cash: 10Y average (1Y) =   1.468345 ( 0.06557) : loss rate  0.0736
liq.cash: 10Y std.dev. (1Y) =   0.655421 ( 0.02927)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3662 0.04633   0.13241 0.08873  0.11369  0.09657    0.2012   0.1510   0.3522
 dbratio     ROA    ROA1 debtcf1
 0.42865 0.18617 0.16232 0.01425

TOSYOU CODE: 3529    322
debtcashflow initial values:   0.000010   1.007556
stddev initial values:   0.000010   1.007556
ecfconst solution invest:   1.143771   1.601279
debt cf solution invest: 0.41095765 0.60562180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.22754
data: equity =   0.170678  debt =   0.165174  firm =   0.335852

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

debt amount =   0.0168   investment =   0.0168   debt ratio =  1.00000
RRR on investment =  0.018507      after tax =  0.010179
search range of Y std.dev.:   minimum =   0.633695   maximum =   0.823803
old shareholders wealth =    0.1707    old bondholders =     0.1491
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.163943, k:agcpara = 0.26755711)
liq.cash: 10Y average (1Y) =   1.035169 ( 0.04552) : loss rate  0.1106
liq.cash: 10Y std.dev. (1Y) =   0.823803 ( 0.03623)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4813 0.25069   0.09613 0.08796  0.09210  0.07259    0.1707   0.1659   0.3366
 dbratio     ROA    ROA1 debtcf1
 0.49293 0.13524 0.13209 0.02096

TOSYOU CODE: 3869    323
debtcashflow initial values:   0.000010   1.006674
stddev initial values:   0.000010   1.006674
ecfconst solution invest:   1.064624   1.490474
debt cf solution invest: 0.62253880 0.91742560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.33716
data: equity =   0.071438  debt =   0.264120  firm =   0.335558

agency cost: EZC - k L (EZC:ecfconst =   1.064624, k:agcpara = 0.14509698)
liq.cash: 10Y average (1Y) =   0.969541 ( 0.04101) : loss rate  0.0893
liq.cash: 10Y std.dev. (1Y) =   0.319739 ( 0.01352)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6553 0.16285   0.11592 0.08761  0.09364  0.06261    0.0714   0.2641   0.3356
 dbratio     ROA    ROA1 debtcf1
 0.78711 0.12221 0.12239 0.02604

debt amount =   0.0168   investment =   0.0168   debt ratio =  1.00000
RRR on investment =  0.107383      after tax =  0.059061
search range of Y std.dev.:   minimum =   0.333713   maximum =   0.433827
old shareholders wealth =    0.0714    old bondholders =     0.2425
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.111152, k:agcpara = 0.14509698)
liq.cash: 10Y average (1Y) =   1.009492 ( 0.04305) : loss rate  0.0915
liq.cash: 10Y std.dev. (1Y) =   0.433827 ( 0.01850)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7006 0.23826   0.12252 0.09093  0.09775  0.06567    0.0714   0.2593   0.3307
 dbratio     ROA    ROA1 debtcf1
 0.78400 0.13017 0.12884 0.02892

TOSYOU CODE: 7914    324
debtcashflow initial values:   0.000010   0.989471
stddev initial values:   0.000010   0.989471
ecfconst solution invest:   1.015061   1.421085
debt cf solution invest: 0.40471140 0.59641680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.13982
data: equity =   0.173977  debt =   0.155847  firm =   0.329824

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

debt amount =   0.0000   investment =   0.0165   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.694479   maximum =   0.902823
old shareholders wealth =    0.1740    old bondholders =     0.1447
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   1.004935, k:agcpara = 0.27342028)
liq.cash: 10Y average (1Y) =   0.888454 ( 0.03822) : loss rate  0.1159
liq.cash: 10Y std.dev. (1Y) =   0.902823 ( 0.03884)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4260 0.30425   0.07891 0.08104  0.07983  0.06408    0.1905   0.1447   0.3352
 dbratio     ROA    ROA1 debtcf1
 0.43181 0.11402 0.11604 0.01932

TOSYOU CODE: 5210    325
debtcashflow initial values:   0.000010   0.986592
stddev initial values:   0.000010   0.986592
ecfconst solution invest:   0.986867   1.381614
debt cf solution invest: 0.57164065 0.84241780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08141  std.dev = 0.10067  lambda =  -0.31337
riskless rate of interest = 0.08297  correlation =  0.24205
data: equity =   0.106256  debt =   0.222608  firm =   0.328864

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

debt amount =   0.0000   investment =   0.0164   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.508164   maximum =   0.660614
old shareholders wealth =    0.1063    old bondholders =     0.2081
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.992137, k:agcpara = 0.19841203)
liq.cash: 10Y average (1Y) =   0.872747 ( 0.03717) : loss rate  0.1203
liq.cash: 10Y std.dev. (1Y) =   0.660614 ( 0.02813)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6017 0.34081   0.08044 0.08194  0.08138  0.05819    0.1227   0.2081   0.3308
 dbratio     ROA    ROA1 debtcf1
 0.62905 0.11237 0.11610 0.02693

TOSYOU CODE: 6461    326
debtcashflow initial values:   0.000010   0.967740
stddev initial values:   0.000010   0.967740
ecfconst solution invest:   1.095027   1.533038
debt cf solution invest: 0.47961415 0.70679980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.32010
data: equity =   0.129168  debt =   0.193412  firm =   0.322580

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

debt amount =   0.0161   investment =   0.0161   debt ratio =  1.00000
RRR on investment =  0.044467      after tax =  0.024457
search range of Y std.dev.:   minimum =   0.527440   maximum =   0.685672
old shareholders wealth =    0.1292    old bondholders =     0.1744
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.119947, k:agcpara = 0.23177376)
liq.cash: 10Y average (1Y) =   0.992115 ( 0.04325) : loss rate  0.1141
liq.cash: 10Y std.dev. (1Y) =   0.685672 ( 0.02989)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5515 0.26026   0.10252 0.08960  0.09482  0.07079    0.1292   0.1906   0.3197
 dbratio     ROA    ROA1 debtcf1
 0.59600 0.13527 0.13355 0.02381

TOSYOU CODE: 6844    327
debtcashflow initial values:   0.000010   0.967072
stddev initial values:   0.000010   0.967072
ecfconst solution invest:   1.209975   1.693965
debt cf solution invest: 0.17939895 0.26437740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23628
data: equity =   0.246981  debt =   0.075376  firm =   0.322357

agency cost: EZC - k L (EZC:ecfconst =   1.209975, k:agcpara = 0.33367025)
liq.cash: 10Y average (1Y) =   1.146964 ( 0.05251) : loss rate  0.0521
liq.cash: 10Y std.dev. (1Y) =   0.695482 ( 0.03184)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1888 0.08416   0.09988 0.08715  0.09690  0.08773    0.2470   0.0754   0.3224
 dbratio     ROA    ROA1 debtcf1
 0.23384 0.16290 0.14141 0.00757

debt amount =   0.0161   investment =   0.0161   debt ratio =  1.00000
RRR on investment =  0.136354      after tax =  0.074995
search range of Y std.dev.:   minimum =   0.728744   maximum =   0.947368
old shareholders wealth =    0.2470    old bondholders =     0.0746
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.267844, k:agcpara = 0.33367025)
liq.cash: 10Y average (1Y) =   1.191227 ( 0.05433) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   0.728744 ( 0.03324)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2296 0.09349   0.10050 0.08745  0.09699  0.08642    0.2470   0.0908   0.3377
 dbratio     ROA    ROA1 debtcf1
 0.26873 0.16086 0.14143 0.00925

TOSYOU CODE: 6212    328
debtcashflow initial values:   0.000010   0.953743
stddev initial values:   0.000010   0.953743
ecfconst solution invest:   1.206657   1.689320
debt cf solution invest: 0.42908935 0.63234220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18379
data: equity =   0.138498  debt =   0.179416  firm =   0.317914

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

debt amount =   0.0159   investment =   0.0159   debt ratio =  1.00000
RRR on investment =  0.132546      after tax =  0.072900
search range of Y std.dev.:   minimum =   0.534586   maximum =   0.694962
old shareholders wealth =    0.1385    old bondholders =     0.1780
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.261844, k:agcpara = 0.25192009)
liq.cash: 10Y average (1Y) =   1.137900 ( 0.05016) : loss rate  0.0982
liq.cash: 10Y std.dev. (1Y) =   0.534586 ( 0.02357)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4920 0.11348   0.11865 0.08938  0.10157  0.07811    0.1385   0.1939   0.3324
 dbratio     ROA    ROA1 debtcf1
 0.58338 0.15089 0.14270 0.01968

TOSYOU CODE: 5192    329
debtcashflow initial values:   0.000010   0.953132
stddev initial values:   0.000010   0.953132
ecfconst solution invest:   1.258483   1.761876
debt cf solution invest: 0.32417895 0.47773740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18416
data: equity =   0.180771  debt =   0.136940  firm =   0.317711

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

debt amount =   0.0159   investment =   0.0159   debt ratio =  1.00000
RRR on investment =  0.139512      after tax =  0.076732
search range of Y std.dev.:   minimum =   0.610431   maximum =   0.793560
old shareholders wealth =    0.1808    old bondholders =     0.1358
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.317123, k:agcpara = 0.29268164)
liq.cash: 10Y average (1Y) =   1.205567 ( 0.05390) : loss rate  0.0847
liq.cash: 10Y std.dev. (1Y) =   0.610431 ( 0.02729)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3811 0.08842   0.11546 0.08899  0.10338  0.08511    0.1808   0.1517   0.3325
 dbratio     ROA    ROA1 debtcf1
 0.45631 0.16211 0.14759 0.01517

TOSYOU CODE: 2052    330
debtcashflow initial values:   0.000010   0.951675
stddev initial values:   0.000010   0.951675
ecfconst solution invest:   1.371987   1.920782
debt cf solution invest: 0.41776345 0.61565140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.32808
data: equity =   0.135637  debt =   0.181588  firm =   0.317225

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

debt amount =   0.0159   investment =   0.0159   debt ratio =  1.00000
RRR on investment =  0.149608      after tax =  0.082284
search range of Y std.dev.:   minimum =   0.525694   maximum =   0.683402
old shareholders wealth =    0.1356    old bondholders =     0.1805
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.435936, k:agcpara = 0.27690192)
liq.cash: 10Y average (1Y) =   1.303468 ( 0.05774) : loss rate  0.0923
liq.cash: 10Y std.dev. (1Y) =   0.525694 ( 0.02328)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4784 0.05827   0.14327 0.08920  0.11129  0.08755    0.1356   0.1964   0.3320
 dbratio     ROA    ROA1 debtcf1
 0.59144 0.17391 0.15771 0.01863

TOSYOU CODE: 5391    331
debtcashflow initial values:   0.000010   0.950773
stddev initial values:   0.000010   0.950773
ecfconst solution invest:   1.086078   1.520509
debt cf solution invest: 0.53028905 0.78147860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14592
data: equity =   0.097016  debt =   0.219908  firm =   0.316924

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

debt amount =   0.0158   investment =   0.0158   debt ratio =  1.00000
RRR on investment =  0.115817      after tax =  0.063699
search range of Y std.dev.:   minimum =   0.429887   maximum =   0.558853
old shareholders wealth =    0.0970    old bondholders =     0.1987
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.133486, k:agcpara = 0.19545231)
liq.cash: 10Y average (1Y) =   1.015686 ( 0.04402) : loss rate  0.1039
liq.cash: 10Y std.dev. (1Y) =   0.558853 ( 0.02422)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6027 0.22996   0.11975 0.09213  0.10073  0.07218    0.0970   0.2146   0.3116
 dbratio     ROA    ROA1 debtcf1
 0.68865 0.14128 0.13784 0.02529

TOSYOU CODE: 6013    332
debtcashflow initial values:   0.000010   0.944534
stddev initial values:   0.000010   0.944534
ecfconst solution invest:   1.271507   1.780110
debt cf solution invest: 0.32038560 0.47214720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20283
data: equity =   0.178832  debt =   0.136013  firm =   0.314845

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

debt amount =   0.0157   investment =   0.0157   debt ratio =  1.00000
RRR on investment =  0.141922      after tax =  0.078057
search range of Y std.dev.:   minimum =   0.602797   maximum =   0.783637
old shareholders wealth =    0.1788    old bondholders =     0.1349
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.330858, k:agcpara = 0.29473871)
liq.cash: 10Y average (1Y) =   1.219862 ( 0.05453) : loss rate  0.0834
liq.cash: 10Y std.dev. (1Y) =   0.602797 ( 0.02695)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3766 0.08092   0.11847 0.08911  0.10505  0.08671    0.1788   0.1507   0.3295
 dbratio     ROA    ROA1 debtcf1
 0.45729 0.16548 0.14981 0.01493

TOSYOU CODE: 6759    333
debtcashflow initial values:   0.000010   0.942207
stddev initial values:   0.000010   0.942207
ecfconst solution invest:   1.384552   1.938373
debt cf solution invest: 0.30229570 0.44548840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28570
data: equity =   0.182742  debt =   0.131327  firm =   0.314069

agency cost: EZC - k L (EZC:ecfconst =   1.384552, k:agcpara = 0.31157463)
liq.cash: 10Y average (1Y) =   1.285407 ( 0.05751) : loss rate  0.0716
liq.cash: 10Y std.dev. (1Y) =   0.577624 ( 0.02584)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3182 0.04702   0.12902 0.08851  0.11208  0.09543    0.1827   0.1313   0.3141
 dbratio     ROA    ROA1 debtcf1
 0.41815 0.18310 0.15992 0.01239

debt amount =   0.0157   investment =   0.0157   debt ratio =  1.00000
RRR on investment =  0.153261      after tax =  0.084294
search range of Y std.dev.:   minimum =   0.604889   maximum =   0.786356
old shareholders wealth =    0.1827    old bondholders =     0.1304
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.449906, k:agcpara = 0.31157463)
liq.cash: 10Y average (1Y) =   1.338823 ( 0.05978) : loss rate  0.0766
liq.cash: 10Y std.dev. (1Y) =   0.604889 ( 0.02701)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3565 0.05219   0.13066 0.08894  0.11212  0.09434    0.1827   0.1461   0.3289
 dbratio     ROA    ROA1 debtcf1
 0.44433 0.18178 0.15993 0.01392

TOSYOU CODE: 5352    334
debtcashflow initial values:   0.000010   0.938625
stddev initial values:   0.000010   0.938625
ecfconst solution invest:   1.137490   1.592486
debt cf solution invest: 0.50015505 0.73707060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19559
data: equity =   0.103248  debt =   0.209627  firm =   0.312875

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

debt amount =   0.0156   investment =   0.0156   debt ratio =  1.00000
RRR on investment =  0.126751      after tax =  0.069713
search range of Y std.dev.:   minimum =   0.444976   maximum =   0.578469
old shareholders wealth =    0.1032    old bondholders =     0.2082
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.189087, k:agcpara = 0.21242165)
liq.cash: 10Y average (1Y) =   1.068846 ( 0.04649) : loss rate  0.1011
liq.cash: 10Y std.dev. (1Y) =   0.444976 ( 0.01935)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5660 0.12925   0.12375 0.08940  0.10024  0.07272    0.1032   0.2238   0.3270
 dbratio     ROA    ROA1 debtcf1
 0.68430 0.14215 0.13779 0.02259

TOSYOU CODE: 7225    335
debtcashflow initial values:   0.000010   0.937785
stddev initial values:   0.000010   0.937785
ecfconst solution invest:   1.862710   2.607794
debt cf solution invest: 0.12803150 0.18867800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13047  std.dev = 0.08146  lambda =  18.47090
riskless rate of interest = 0.08120  correlation =  0.27876
data: equity =   0.252478  debt =   0.060117  firm =   0.312595

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

debt amount =   0.0156   investment =   0.0156   debt ratio =  1.00000
RRR on investment =  0.194002      after tax =  0.106701
search range of Y std.dev.:   minimum =   0.692846   maximum =   0.900700
old shareholders wealth =    0.2525    old bondholders =     0.0599
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.954756, k:agcpara = 0.39741868)
liq.cash: 10Y average (1Y) =   1.887223 ( 0.08148) : loss rate  0.0345
liq.cash: 10Y std.dev. (1Y) =   0.692846 ( 0.02991)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1699 0.00659   0.15402 0.08377  0.13784  0.12916    0.2525   0.0755   0.3280
 dbratio     ROA    ROA1 debtcf1
 0.23030 0.24841 0.19542 0.00640

TOSYOU CODE: 6767    336
debtcashflow initial values:   0.000010   0.934481
stddev initial values:   0.000010   0.934481
ecfconst solution invest:   1.401040   1.961456
debt cf solution invest: 0.27285235 0.40209820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11407  std.dev = 0.09477  lambda =   8.17711
riskless rate of interest = 0.08257  correlation =  0.28303
data: equity =   0.192645  debt =   0.118849  firm =   0.311494

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

debt amount =   0.0156   investment =   0.0156   debt ratio =  1.00000
RRR on investment =  0.156240      after tax =  0.085932
search range of Y std.dev.:   minimum =   0.618219   maximum =   0.803684
old shareholders wealth =    0.1926    old bondholders =     0.1180
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.467552, k:agcpara = 0.32249353)
liq.cash: 10Y average (1Y) =   1.362705 ( 0.06091) : loss rate  0.0714
liq.cash: 10Y std.dev. (1Y) =   0.618219 ( 0.02763)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3251 0.04664   0.13075 0.08895  0.11363  0.09724    0.1926   0.1336   0.3263
 dbratio     ROA    ROA1 debtcf1
 0.40952 0.18668 0.16226 0.01267

TOSYOU CODE: 3115    337
debtcashflow initial values:   0.000010   0.925941
stddev initial values:   0.000010   0.925941
ecfconst solution invest:   1.166938   1.633713
debt cf solution invest: 0.45089850 0.66448200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20270
data: equity =   0.119470  debt =   0.189177  firm =   0.308647

agency cost: EZC - k L (EZC:ecfconst =   1.166938, k:agcpara = 0.23688237)
liq.cash: 10Y average (1Y) =   1.054507 ( 0.04635) : loss rate  0.0963
liq.cash: 10Y std.dev. (1Y) =   0.463578 ( 0.02038)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4746 0.10549   0.12223 0.08922  0.10200  0.07739    0.1195   0.1892   0.3086
 dbratio     ROA    ROA1 debtcf1
 0.61292 0.15018 0.14224 0.01886

debt amount =   0.0154   investment =   0.0154   debt ratio =  1.00000
RRR on investment =  0.131770      after tax =  0.072473
search range of Y std.dev.:   minimum =   0.484717   maximum =   0.630132
old shareholders wealth =    0.1195    old bondholders =     0.1878
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.220150, k:agcpara = 0.23688237)
liq.cash: 10Y average (1Y) =   1.098480 ( 0.04819) : loss rate  0.0997
liq.cash: 10Y std.dev. (1Y) =   0.484717 ( 0.02126)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5136 0.11380   0.12345 0.08957  0.10212  0.07673    0.1195   0.2032   0.3227
 dbratio     ROA    ROA1 debtcf1
 0.62978 0.14932 0.14225 0.02047

TOSYOU CODE: 7221    338
debtcashflow initial values:   0.000010   0.917936
stddev initial values:   0.000010   0.917936
ecfconst solution invest:   1.594380   2.232132
debt cf solution invest: 0.15293100 0.22537200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.40992
data: equity =   0.236622  debt =   0.069357  firm =   0.305979

agency cost: EZC - k L (EZC:ecfconst =   1.594380, k:agcpara = 0.37249705)
liq.cash: 10Y average (1Y) =   1.534415 ( 0.06793) : loss rate  0.0376
liq.cash: 10Y std.dev. (1Y) =   0.633877 ( 0.02806)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1610 0.01513   0.13789 0.08628  0.12619  0.11739    0.2366   0.0694   0.3060
 dbratio     ROA    ROA1 debtcf1
 0.22668 0.22202 0.17948 0.00614

debt amount =   0.0153   investment =   0.0153   debt ratio =  1.00000
RRR on investment =  0.176782      after tax =  0.097230
search range of Y std.dev.:   minimum =   0.664854   maximum =   0.864310
old shareholders wealth =    0.2366    old bondholders =     0.0690
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.672295, k:agcpara = 0.37249705)
liq.cash: 10Y average (1Y) =   1.599032 ( 0.07075) : loss rate  0.0438
liq.cash: 10Y std.dev. (1Y) =   0.664854 ( 0.02942)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1967 0.01746   0.13999 0.08668  0.12599  0.11575    0.2366   0.0843   0.3209
 dbratio     ROA    ROA1 debtcf1
 0.26264 0.22047 0.17949 0.00752

TOSYOU CODE: 5929    339
debtcashflow initial values:   0.000010   0.917269
stddev initial values:   0.000010   0.917269
ecfconst solution invest:   1.240299   1.736419
debt cf solution invest: 0.19277875 0.28409500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.17722
data: equity =   0.223300  debt =   0.082456  firm =   0.305756

agency cost: EZC - k L (EZC:ecfconst =   1.240299, k:agcpara = 0.33050417)
liq.cash: 10Y average (1Y) =   1.173231 ( 0.05336) : loss rate  0.0541
liq.cash: 10Y std.dev. (1Y) =   0.628172 ( 0.02857)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2029 0.06122   0.11009 0.08797  0.10412  0.09345    0.2233   0.0825   0.3058
 dbratio     ROA    ROA1 debtcf1
 0.26967 0.17453 0.15031 0.00801

debt amount =   0.0153   investment =   0.0153   debt ratio =  1.00000
RRR on investment =  0.145055      after tax =  0.079780
search range of Y std.dev.:   minimum =   0.658175   maximum =   0.855627
old shareholders wealth =    0.2233    old bondholders =     0.0817
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.299538, k:agcpara = 0.33050417)
liq.cash: 10Y average (1Y) =   1.219926 ( 0.05532) : loss rate  0.0613
liq.cash: 10Y std.dev. (1Y) =   0.658175 ( 0.02984)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2409 0.06844   0.11110 0.08837  0.10421  0.09217    0.2233   0.0970   0.3203
 dbratio     ROA    ROA1 debtcf1
 0.30289 0.17269 0.15032 0.00954

TOSYOU CODE: 6996    340
debtcashflow initial values:   0.000010   0.914266
stddev initial values:   0.000010   0.914266
ecfconst solution invest:   1.572439   2.201415
debt cf solution invest: 0.23104000 0.34048000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.42808
data: equity =   0.200471  debt =   0.104284  firm =   0.304755

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

debt amount =   0.0152   investment =   0.0152   debt ratio =  1.00000
RRR on investment =  0.174418      after tax =  0.095930
search range of Y std.dev.:   minimum =   0.622876   maximum =   0.809739
old shareholders wealth =    0.2005    old bondholders =     0.1038
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.648498, k:agcpara = 0.35685512)
liq.cash: 10Y average (1Y) =   1.548966 ( 0.06854) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   0.622876 ( 0.02756)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2789 0.02072   0.14678 0.08707  0.12454  0.10994    0.2005   0.1190   0.3195
 dbratio     ROA    ROA1 debtcf1
 0.37249 0.21454 0.17833 0.01067

TOSYOU CODE: 3878    341
debtcashflow initial values:   0.000010   0.884372
stddev initial values:   0.000010   0.884372
ecfconst solution invest:   0.956675   1.339345
debt cf solution invest: 0.44321300 0.65315600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.20795
data: equity =   0.119077  debt =   0.175714  firm =   0.294791

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

debt amount =   0.0042   investment =   0.0147   debt ratio =  0.28493
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.499723   maximum =   0.649640
old shareholders wealth =    0.1191    old bondholders =     0.1617
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.971415, k:agcpara = 0.23189180)
liq.cash: 10Y average (1Y) =   0.860419 ( 0.03743) : loss rate  0.1143
liq.cash: 10Y std.dev. (1Y) =   0.649640 ( 0.02826)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4787 0.27838   0.09165 0.08625  0.08862  0.06682    0.1296   0.1659   0.2956
 dbratio     ROA    ROA1 debtcf1
 0.56146 0.12662 0.12636 0.02095

TOSYOU CODE: 5809    342
debtcashflow initial values:   0.000010   0.882001
stddev initial values:   0.000010   0.882001
ecfconst solution invest:   1.158417   1.621784
debt cf solution invest: 0.44124080 0.65024960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26552
data: equity =   0.105759  debt =   0.188241  firm =   0.294000

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

debt amount =   0.0147   investment =   0.0147   debt ratio =  1.00000
RRR on investment =  0.137182      after tax =  0.075450
search range of Y std.dev.:   minimum =   0.441013   maximum =   0.573316
old shareholders wealth =    0.1058    old bondholders =     0.1870
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.211581, k:agcpara = 0.23764158)
liq.cash: 10Y average (1Y) =   1.092529 ( 0.04797) : loss rate  0.0983
liq.cash: 10Y std.dev. (1Y) =   0.441013 ( 0.01936)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5010 0.08990   0.13576 0.08967  0.10552  0.07905    0.1058   0.2017   0.3075
 dbratio     ROA    ROA1 debtcf1
 0.65604 0.15601 0.14698 0.01973

TOSYOU CODE: 6801    343
debtcashflow initial values:   0.000010   0.881006
stddev initial values:   0.000010   0.881006
ecfconst solution invest:   0.947149   1.326009
debt cf solution invest: 0.34364540 0.50642480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08431  std.dev = 0.10085  lambda =   0.27147
riskless rate of interest = 0.08297  correlation =  0.29692
data: equity =   0.158491  debt =   0.135178  firm =   0.293669

agency cost: EZC - k L (EZC:ecfconst =   0.947149, k:agcpara = 0.27683655)
liq.cash: 10Y average (1Y) =   0.847008 ( 0.03738) : loss rate  0.1057
liq.cash: 10Y std.dev. (1Y) =   0.596198 ( 0.02631)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3617 0.20784   0.08518 0.08379  0.08454  0.06719    0.1585   0.1352   0.2937
 dbratio     ROA    ROA1 debtcf1
 0.46031 0.12729 0.12423 0.01536

debt amount =   0.0000   investment =   0.0147   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.599536   maximum =   0.779397
old shareholders wealth =    0.1585    old bondholders =     0.1251
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.952453, k:agcpara = 0.27683655)
liq.cash: 10Y average (1Y) =   0.852312 ( 0.03737) : loss rate  0.1051
liq.cash: 10Y std.dev. (1Y) =   0.779397 ( 0.03418)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3617 0.26453   0.08543 0.08405  0.08485  0.06898    0.1732   0.1251   0.2983
 dbratio     ROA    ROA1 debtcf1
 0.41943 0.12530 0.12311 0.01602

TOSYOU CODE: 6205    344
debtcashflow initial values:   0.000010   0.868416
stddev initial values:   0.000010   0.868416
ecfconst solution invest:   0.858823   1.202352
debt cf solution invest: 0.41480040 0.61128480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.27967
data: equity =   0.133020  debt =   0.156452  firm =   0.289472

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

debt amount =   0.0000   investment =   0.0145   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.588748   maximum =   0.765372
old shareholders wealth =    0.1330    old bondholders =     0.1458
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.842861, k:agcpara = 0.25202986)
liq.cash: 10Y average (1Y) =   0.732817 ( 0.03083) : loss rate  0.1306
liq.cash: 10Y std.dev. (1Y) =   0.765372 ( 0.03220)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4366 0.34938   0.07450 0.07883  0.07665  0.05902    0.1475   0.1458   0.2933
 dbratio     ROA    ROA1 debtcf1
 0.49712 0.10510 0.11134 0.02019

TOSYOU CODE: 7244    345
debtcashflow initial values:   0.000010   0.866908
stddev initial values:   0.000010   0.866908
ecfconst solution invest:   1.352765   1.893871
debt cf solution invest: 0.32992740 0.48620880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38170
data: equity =   0.143092  debt =   0.145877  firm =   0.288969

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

debt amount =   0.0144   investment =   0.0144   debt ratio =  1.00000
RRR on investment =  0.160440      after tax =  0.088242
search range of Y std.dev.:   minimum =   0.518031   maximum =   0.673441
old shareholders wealth =    0.1431    old bondholders =     0.1451
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.416745, k:agcpara = 0.31039762)
liq.cash: 10Y average (1Y) =   1.298211 ( 0.05766) : loss rate  0.0837
liq.cash: 10Y std.dev. (1Y) =   0.518031 ( 0.02301)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3819 0.03846   0.14811 0.08840  0.11663  0.09566    0.1431   0.1595   0.3026
 dbratio     ROA    ROA1 debtcf1
 0.52715 0.19055 0.16692 0.01475

TOSYOU CODE: 6118    346
debtcashflow initial values:   0.000010   0.861022
stddev initial values:   0.000010   0.861022
ecfconst solution invest:   1.325054   1.855076
debt cf solution invest: 0.03085030 0.04546360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33660
data: equity =   0.272564  debt =   0.014443  firm =   0.287007

agency cost: EZC - k L (EZC:ecfconst =   1.325054, k:agcpara = 0.40846229)
liq.cash: 10Y average (1Y) =   1.311790 ( 0.05969) : loss rate  0.0100
liq.cash: 10Y std.dev. (1Y) =   0.506518 ( 0.02305)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0325 0.00577   0.11715 0.08377  0.11547  0.11357    0.2726   0.0144   0.2870
 dbratio     ROA    ROA1 debtcf1
 0.05032 0.20797 0.16529 0.00122

debt amount =   0.0106   investment =   0.0144   debt ratio =  0.73662
RRR on investment =  0.165110      after tax =  0.090811
search range of Y std.dev.:   minimum =   0.531805   maximum =   0.691346
old shareholders wealth =    0.2726    old bondholders =     0.0144
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   1.391205, k:agcpara = 0.40846229)
liq.cash: 10Y average (1Y) =   1.368201 ( 0.06217) : loss rate  0.0165
liq.cash: 10Y std.dev. (1Y) =   0.531805 ( 0.02416)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0563 0.00682   0.11822 0.08400  0.11538  0.11225    0.2763   0.0250   0.3013
 dbratio     ROA    ROA1 debtcf1
 0.08286 0.20632 0.16530 0.00212

TOSYOU CODE: 6355    347
debtcashflow initial values:   0.000010   0.860050
stddev initial values:   0.000010   0.860050
ecfconst solution invest:   1.262573   1.767602
debt cf solution invest: 0.24914035 0.36715420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27392
data: equity =   0.178380  debt =   0.108303  firm =   0.286683

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

debt amount =   0.0143   investment =   0.0143   debt ratio =  1.00000
RRR on investment =  0.153640      after tax =  0.084502
search range of Y std.dev.:   minimum =   0.568570   maximum =   0.739141
old shareholders wealth =    0.1784    old bondholders =     0.1075
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.322425, k:agcpara = 0.31923182)
liq.cash: 10Y average (1Y) =   1.227545 ( 0.05496) : loss rate  0.0717
liq.cash: 10Y std.dev. (1Y) =   0.568570 ( 0.02545)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2972 0.05089   0.12764 0.08880  0.11187  0.09565    0.1784   0.1219   0.3002
 dbratio     ROA    ROA1 debtcf1
 0.40588 0.18304 0.15982 0.01161

TOSYOU CODE: 3887    348
debtcashflow initial values:   0.000010   0.858282
stddev initial values:   0.000010   0.858282
ecfconst solution invest:   1.015798   1.422117
debt cf solution invest: 0.45530650 0.67097800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16303
data: equity =   0.096898  debt =   0.189196  firm =   0.286094

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

debt amount =   0.0143   investment =   0.0143   debt ratio =  1.00000
RRR on investment =  0.123709      after tax =  0.068040
search range of Y std.dev.:   minimum =   0.414964   maximum =   0.539453
old shareholders wealth =    0.0969    old bondholders =     0.1878
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.061720, k:agcpara = 0.21199700)
liq.cash: 10Y average (1Y) =   0.952377 ( 0.04136) : loss rate  0.1030
liq.cash: 10Y std.dev. (1Y) =   0.414964 ( 0.01802)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5158 0.14637   0.11712 0.08903  0.09813  0.07105    0.0969   0.2021   0.2990
 dbratio     ROA    ROA1 debtcf1
 0.67593 0.13834 0.13510 0.02074

TOSYOU CODE: 4221    349
debtcashflow initial values:   0.000010   0.855719
stddev initial values:   0.000010   0.855719
ecfconst solution invest:   1.036059   1.450483
debt cf solution invest: 0.40194215 0.59233580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.31381
data: equity =   0.119928  debt =   0.165312  firm =   0.285240

agency cost: EZC - k L (EZC:ecfconst =   1.036059, k:agcpara = 0.24285826)
liq.cash: 10Y average (1Y) =   0.933306 ( 0.04106) : loss rate  0.0992
liq.cash: 10Y std.dev. (1Y) =   0.456473 ( 0.02008)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4231 0.13184   0.11062 0.08884  0.09800  0.07483    0.1199   0.1653   0.2852
 dbratio     ROA    ROA1 debtcf1
 0.57956 0.14393 0.13767 0.01706

debt amount =   0.0098   investment =   0.0143   debt ratio =  0.68719
RRR on investment =  0.135004      after tax =  0.074252
search range of Y std.dev.:   minimum =   0.478767   maximum =   0.622397
old shareholders wealth =    0.1199    old bondholders =     0.1650
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   1.086659, k:agcpara = 0.24285826)
liq.cash: 10Y average (1Y) =   0.977803 ( 0.04299) : loss rate  0.1002
liq.cash: 10Y std.dev. (1Y) =   0.478767 ( 0.02105)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4482 0.13434   0.11083 0.08891  0.09803  0.07465    0.1244   0.1748   0.2992
 dbratio     ROA    ROA1 debtcf1
 0.58422 0.14368 0.13767 0.01809

TOSYOU CODE: 5195    350
debtcashflow initial values:   0.000010   0.853586
stddev initial values:   0.000010   0.853586
ecfconst solution invest:   1.143917   1.601484
debt cf solution invest: 0.37967510 0.55952120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24562
data: equity =   0.123072  debt =   0.161457  firm =   0.284529

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

debt amount =   0.0142   investment =   0.0142   debt ratio =  1.00000
RRR on investment =  0.139941      after tax =  0.076968
search range of Y std.dev.:   minimum =   0.474119   maximum =   0.616354
old shareholders wealth =    0.1231    old bondholders =     0.1603
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.196630, k:agcpara = 0.26057336)
liq.cash: 10Y average (1Y) =   1.083249 ( 0.04786) : loss rate  0.0948
liq.cash: 10Y std.dev. (1Y) =   0.474119 ( 0.02095)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4351 0.08581   0.12955 0.08964  0.10615  0.08249    0.1231   0.1745   0.2976
 dbratio     ROA    ROA1 debtcf1
 0.58648 0.16081 0.14929 0.01718

TOSYOU CODE: 2109    351
debtcashflow initial values:   0.000010   0.851086
stddev initial values:   0.000010   0.851086
ecfconst solution invest:   0.876635   1.227289
debt cf solution invest: 0.45274530 0.66720360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.03937
data: equity =   0.107375  debt =   0.176320  firm =   0.283695

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

debt amount =   0.0000   investment =   0.0142   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.480635   maximum =   0.624826
old shareholders wealth =    0.1074    old bondholders =     0.1641
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.881182, k:agcpara = 0.22175472)
liq.cash: 10Y average (1Y) =   0.775499 ( 0.03333) : loss rate  0.1199
liq.cash: 10Y std.dev. (1Y) =   0.624826 ( 0.02685)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4766 0.31618   0.08314 0.08300  0.08306  0.06160    0.1216   0.1641   0.2856
 dbratio     ROA    ROA1 debtcf1
 0.57443 0.11667 0.11924 0.02127

TOSYOU CODE: 6102    352
debtcashflow initial values:   0.000010   0.846981
stddev initial values:   0.000010   0.846981
ecfconst solution invest:   0.864773   1.210682
debt cf solution invest: 0.48042640 0.70799680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.23195
data: equity =   0.093835  debt =   0.188492  firm =   0.282327

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

debt amount =   0.0000   investment =   0.0141   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.436357   maximum =   0.567264
old shareholders wealth =    0.0938    old bondholders =     0.1758
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.874108, k:agcpara = 0.20252453)
liq.cash: 10Y average (1Y) =   0.771689 ( 0.03308) : loss rate  0.1172
liq.cash: 10Y std.dev. (1Y) =   0.567264 ( 0.02432)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5057 0.31958   0.08425 0.08344  0.08375  0.06048    0.1080   0.1758   0.2838
 dbratio     ROA    ROA1 debtcf1
 0.61962 0.11657 0.11906 0.02240

TOSYOU CODE: 2056    353
debtcashflow initial values:   0.000010   0.843465
stddev initial values:   0.000010   0.843465
ecfconst solution invest:   1.008227   1.411518
debt cf solution invest: 0.49021330 0.72241960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25787
data: equity =   0.070734  debt =   0.210421  firm =   0.281155

agency cost: EZC - k L (EZC:ecfconst =   1.008227, k:agcpara = 0.18497651)
liq.cash: 10Y average (1Y) =   0.912777 ( 0.03949) : loss rate  0.0947
liq.cash: 10Y std.dev. (1Y) =   0.313704 ( 0.01357)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5160 0.10298   0.13661 0.08872  0.10077  0.07089    0.0707   0.2104   0.2812
 dbratio     ROA    ROA1 debtcf1
 0.74842 0.14044 0.13622 0.02024

debt amount =   0.0141   investment =   0.0141   debt ratio =  1.00000
RRR on investment =  0.126054      after tax =  0.069330
search range of Y std.dev.:   minimum =   0.328041   maximum =   0.426454
old shareholders wealth =    0.0707    old bondholders =     0.2092
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.054307, k:agcpara = 0.18497651)
liq.cash: 10Y average (1Y) =   0.952442 ( 0.04114) : loss rate  0.0966
liq.cash: 10Y std.dev. (1Y) =   0.328041 ( 0.01417)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5507 0.11034   0.13824 0.08904  0.10088  0.07045    0.0707   0.2233   0.2940
 dbratio     ROA    ROA1 debtcf1
 0.75940 0.13994 0.13622 0.02165

TOSYOU CODE: 4008    354
debtcashflow initial values:   0.000010   0.825660
stddev initial values:   0.000010   0.825660
ecfconst solution invest:   1.000220   1.400308
debt cf solution invest: 0.44170915 0.65093980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.19730
data: equity =   0.090000  debt =   0.185220  firm =   0.275220

agency cost: EZC - k L (EZC:ecfconst =   1.000220, k:agcpara = 0.21133776)
liq.cash: 10Y average (1Y) =   0.901957 ( 0.03929) : loss rate  0.0982
liq.cash: 10Y std.dev. (1Y) =   0.372275 ( 0.01622)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4650 0.12022   0.12297 0.08908  0.10016  0.07319    0.0900   0.1852   0.2752
 dbratio     ROA    ROA1 debtcf1
 0.67299 0.14277 0.13774 0.01849

debt amount =   0.0138   investment =   0.0138   debt ratio =  1.00000
RRR on investment =  0.126711      after tax =  0.069691
search range of Y std.dev.:   minimum =   0.389162   maximum =   0.505910
old shareholders wealth =    0.0900    old bondholders =     0.1839
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.045591, k:agcpara = 0.21133776)
liq.cash: 10Y average (1Y) =   0.939976 ( 0.04087) : loss rate  0.1010
liq.cash: 10Y std.dev. (1Y) =   0.389162 ( 0.01692)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4997 0.12898   0.12418 0.08941  0.10028  0.07264    0.0900   0.1977   0.2877
 dbratio     ROA    ROA1 debtcf1
 0.68716 0.14207 0.13774 0.01994

TOSYOU CODE: 7756    355
debtcashflow initial values:   0.000010   0.821340
stddev initial values:   0.000010   0.821340
ecfconst solution invest:   1.210530   1.694742
debt cf solution invest: 0.27588855 0.40657260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29496
data: equity =   0.153826  debt =   0.119954  firm =   0.273780

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

debt amount =   0.0137   investment =   0.0137   debt ratio =  1.00000
RRR on investment =  0.153428      after tax =  0.084385
search range of Y std.dev.:   minimum =   0.518820   maximum =   0.674465
old shareholders wealth =    0.1538    old bondholders =     0.1191
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.267583, k:agcpara = 0.30831448)
liq.cash: 10Y average (1Y) =   1.167758 ( 0.05208) : loss rate  0.0788
liq.cash: 10Y std.dev. (1Y) =   0.518820 ( 0.02314)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3238 0.05190   0.13270 0.08897  0.11243  0.09388    0.1538   0.1328   0.2867
 dbratio     ROA    ROA1 debtcf1
 0.46338 0.18167 0.16028 0.01263

TOSYOU CODE: 2102    356
debtcashflow initial values:   0.000010   0.817252
stddev initial values:   0.000010   0.817252
ecfconst solution invest:   0.858879   1.202431
debt cf solution invest: 0.31630250 0.46613000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.00040
data: equity =   0.147818  debt =   0.124599  firm =   0.272417

agency cost: EZC - k L (EZC:ecfconst =   0.858879, k:agcpara = 0.27575096)
liq.cash: 10Y average (1Y) =   0.767068 ( 0.03376) : loss rate  0.1069
liq.cash: 10Y std.dev. (1Y) =   0.557925 ( 0.02456)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3330 0.21826   0.08241 0.08236  0.08239  0.06544    0.1478   0.1246   0.2724
 dbratio     ROA    ROA1 debtcf1
 0.45738 0.12393 0.12168 0.01422

debt amount =   0.0000   investment =   0.0136   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.558304   maximum =   0.725795
old shareholders wealth =    0.1478    old bondholders =     0.1155
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.859463, k:agcpara = 0.27575096)
liq.cash: 10Y average (1Y) =   0.767651 ( 0.03349) : loss rate  0.1068
liq.cash: 10Y std.dev. (1Y) =   0.725795 ( 0.03167)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3330 0.27461   0.08242 0.08237  0.08240  0.06694    0.1614   0.1155   0.2769
 dbratio     ROA    ROA1 debtcf1
 0.41698 0.12095 0.11993 0.01484

TOSYOU CODE: 7994    357
debtcashflow initial values:   0.000010   0.809570
stddev initial values:   0.000010   0.809570
ecfconst solution invest:   1.008740   1.412236
debt cf solution invest: 0.28837725 0.42497700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09562  std.dev = 0.09732  lambda =   2.93056
riskless rate of interest = 0.08276  correlation =  0.33715
data: equity =   0.150600  debt =   0.119257  firm =   0.269857

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

debt amount =   0.0135   investment =   0.0135   debt ratio =  1.00000
RRR on investment =  0.132117      after tax =  0.072664
search range of Y std.dev.:   minimum =   0.524735   maximum =   0.682155
old shareholders wealth =    0.1506    old bondholders =     0.1182
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.055408, k:agcpara = 0.28568481)
liq.cash: 10Y average (1Y) =   0.958789 ( 0.04278) : loss rate  0.0915
liq.cash: 10Y std.dev. (1Y) =   0.524735 ( 0.02341)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3382 0.11847   0.10686 0.08869  0.09838  0.07976    0.1506   0.1317   0.2823
 dbratio     ROA    ROA1 debtcf1
 0.46656 0.15151 0.14095 0.01368

TOSYOU CODE: 3004    358
debtcashflow initial values:   0.000010   0.801955
stddev initial values:   0.000010   0.801955
ecfconst solution invest:   0.804280   1.125992
debt cf solution invest: 0.49713785 0.73262420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.22956
data: equity =   0.064112  debt =   0.203206  firm =   0.267318

agency cost: EZC - k L (EZC:ecfconst =   0.804280, k:agcpara = 0.15640993)
liq.cash: 10Y average (1Y) =   0.722430 ( 0.03042) : loss rate  0.1018
liq.cash: 10Y std.dev. (1Y) =   0.298405 ( 0.01257)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5233 0.25229   0.09218 0.08506  0.08676  0.05767    0.0641   0.2032   0.2673
 dbratio     ROA    ROA1 debtcf1
 0.76017 0.11380 0.11645 0.02157

debt amount =   0.0103   investment =   0.0134   debt ratio =  0.76992
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.303364   maximum =   0.394373
old shareholders wealth =    0.0641    old bondholders =     0.1871
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.817646, k:agcpara = 0.15640993)
liq.cash: 10Y average (1Y) =   0.731294 ( 0.03103) : loss rate  0.1056
liq.cash: 10Y std.dev. (1Y) =   0.394373 ( 0.01673)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5521 0.32477   0.09338 0.08607  0.08793  0.05903    0.0672   0.1974   0.2646
 dbratio     ROA    ROA1 debtcf1
 0.74604 0.11727 0.11945 0.02379

TOSYOU CODE: 6765    359
debtcashflow initial values:   0.000010   0.798430
stddev initial values:   0.000010   0.798430
ecfconst solution invest:   0.787643   1.102700
debt cf solution invest: 0.20649390 0.30430680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.28084
data: equity =   0.187057  debt =   0.079086  firm =   0.266143

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

debt amount =   0.0000   investment =   0.0133   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.676509   maximum =   0.879461
old shareholders wealth =    0.1871    old bondholders =     0.0736
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.767967, k:agcpara = 0.32089751)
liq.cash: 10Y average (1Y) =   0.698216 ( 0.02983) : loss rate  0.0908
liq.cash: 10Y std.dev. (1Y) =   0.879461 ( 0.03757)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2174 0.29227   0.07514 0.07890  0.07615  0.06661    0.2004   0.0736   0.2740
 dbratio     ROA    ROA1 debtcf1
 0.26866 0.10886 0.10857 0.00998

TOSYOU CODE: 6621    360
debtcashflow initial values:   0.000010   0.797902
stddev initial values:   0.000010   0.797902
ecfconst solution invest:   1.243774   1.741284
debt cf solution invest: 0.14513435 0.21388220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30388
data: equity =   0.201636  debt =   0.064331  firm =   0.265967

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

debt amount =   0.0133   investment =   0.0133   debt ratio =  1.00000
RRR on investment =  0.163033      after tax =  0.089668
search range of Y std.dev.:   minimum =   0.571889   maximum =   0.743456
old shareholders wealth =    0.2016    old bondholders =     0.0639
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.303991, k:agcpara = 0.35216404)
liq.cash: 10Y average (1Y) =   1.238990 ( 0.05562) : loss rate  0.0498
liq.cash: 10Y std.dev. (1Y) =   0.571889 ( 0.02567)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1846 0.03261   0.12763 0.08785  0.11662  0.10568    0.2016   0.0772   0.2788
 dbratio     ROA    ROA1 debtcf1
 0.27681 0.19947 0.16680 0.00714

TOSYOU CODE: 5476    361
debtcashflow initial values:   0.000010   0.793950
stddev initial values:   0.000010   0.793950
ecfconst solution invest:   0.961181   1.345653
debt cf solution invest: 0.46327320 0.68271840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28650
data: equity =   0.064200  debt =   0.200450  firm =   0.264650

agency cost: EZC - k L (EZC:ecfconst =   0.961181, k:agcpara = 0.18661586)
liq.cash: 10Y average (1Y) =   0.870177 ( 0.03770) : loss rate  0.0947
liq.cash: 10Y std.dev. (1Y) =   0.287552 ( 0.01246)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4877 0.09172   0.14227 0.08857  0.10160  0.07141    0.0642   0.2004   0.2646
 dbratio     ROA    ROA1 debtcf1
 0.75741 0.14247 0.13766 0.01903

debt amount =   0.0132   investment =   0.0132   debt ratio =  1.00000
RRR on investment =  0.128005      after tax =  0.070403
search range of Y std.dev.:   minimum =   0.300755   maximum =   0.390981
old shareholders wealth =    0.0642    old bondholders =     0.1994
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.005313, k:agcpara = 0.18661586)
liq.cash: 10Y average (1Y) =   0.908268 ( 0.03930) : loss rate  0.0965
liq.cash: 10Y std.dev. (1Y) =   0.300755 ( 0.01301)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5200 0.09837   0.14409 0.08889  0.10169  0.07097    0.0642   0.2126   0.2768
 dbratio     ROA    ROA1 debtcf1
 0.76805 0.14199 0.13767 0.02034

TOSYOU CODE: 4537    362
debtcashflow initial values:   0.000010   0.783058
stddev initial values:   0.000010   0.783058
ecfconst solution invest:   0.840359   1.176503
debt cf solution invest: 0.13723890 0.20224680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.13414
data: equity =   0.205782  debt =   0.055237  firm =   0.261019

agency cost: EZC - k L (EZC:ecfconst =   0.840359, k:agcpara = 0.33717209)
liq.cash: 10Y average (1Y) =   0.791650 ( 0.03604) : loss rate  0.0580
liq.cash: 10Y std.dev. (1Y) =   0.639303 ( 0.02910)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1445 0.15569   0.08348 0.08313  0.08341  0.07549    0.2058   0.0552   0.2610
 dbratio     ROA    ROA1 debtcf1
 0.21162 0.13807 0.12403 0.00607

debt amount =   0.0000   investment =   0.0131   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.642253   maximum =   0.834929
old shareholders wealth =    0.2058    old bondholders =     0.0511
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.844237, k:agcpara = 0.33717209)
liq.cash: 10Y average (1Y) =   0.795528 ( 0.03568) : loss rate  0.0577
liq.cash: 10Y std.dev. (1Y) =   0.834929 ( 0.03745)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1445 0.21776   0.08356 0.08321  0.08350  0.07640    0.2188   0.0511   0.2700
 dbratio     ROA    ROA1 debtcf1
 0.18938 0.13218 0.12077 0.00635

TOSYOU CODE: 7995    363
debtcashflow initial values:   0.000010   0.779553
stddev initial values:   0.000010   0.779553
ecfconst solution invest:   1.010696   1.414974
debt cf solution invest: 0.29132320 0.42931840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13047  std.dev = 0.08146  lambda =  18.47090
riskless rate of interest = 0.08120  correlation =  0.09564
data: equity =   0.135600  debt =   0.124251  firm =   0.259851

agency cost: EZC - k L (EZC:ecfconst =   1.010696, k:agcpara = 0.27688164)
liq.cash: 10Y average (1Y) =   0.925789 ( 0.04135) : loss rate  0.0840
liq.cash: 10Y std.dev. (1Y) =   0.449666 ( 0.02009)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3067 0.08428   0.11544 0.08766  0.10216  0.08329    0.1356   0.1243   0.2599
 dbratio     ROA    ROA1 debtcf1
 0.47816 0.15915 0.14549 0.01214

debt amount =   0.0130   investment =   0.0130   debt ratio =  1.00000
RRR on investment =  0.136777      after tax =  0.075227
search range of Y std.dev.:   minimum =   0.470497   maximum =   0.611647
old shareholders wealth =    0.1356    old bondholders =     0.1233
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.057518, k:agcpara = 0.27688164)
liq.cash: 10Y average (1Y) =   0.963661 ( 0.04294) : loss rate  0.0888
liq.cash: 10Y std.dev. (1Y) =   0.470497 ( 0.02096)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3390 0.09214   0.11657 0.08803  0.10227  0.08241    0.1356   0.1363   0.2719
 dbratio     ROA    ROA1 debtcf1
 0.50123 0.15794 0.14550 0.01347

TOSYOU CODE: 6376    364
debtcashflow initial values:   0.000010   0.778350
stddev initial values:   0.000010   0.778350
ecfconst solution invest:   0.839857   1.175800
debt cf solution invest: 0.18701890 0.27560680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.27930
data: equity =   0.184740  debt =   0.074710  firm =   0.259450

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

debt amount =   0.0000   investment =   0.0130   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.607410   maximum =   0.789632
old shareholders wealth =    0.1847    old bondholders =     0.0691
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.844093, k:agcpara = 0.32087553)
liq.cash: 10Y average (1Y) =   0.780925 ( 0.03480) : loss rate  0.0748
liq.cash: 10Y std.dev. (1Y) =   0.789632 ( 0.03519)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1969 0.22975   0.08431 0.08355  0.08411  0.07437    0.1977   0.0691   0.2668
 dbratio     ROA    ROA1 debtcf1
 0.25899 0.13044 0.12207 0.00867

TOSYOU CODE: 4064    365
debtcashflow initial values:   0.000010   0.774613
stddev initial values:   0.000010   0.774613
ecfconst solution invest:   0.766846   1.073584
debt cf solution invest: 0.43469055 0.64059660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.20219
data: equity =   0.091435  debt =   0.166769  firm =   0.258204

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

debt amount =   0.0000   investment =   0.0129   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.435294   maximum =   0.565883
old shareholders wealth =    0.0914    old bondholders =     0.1558
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.763210, k:agcpara = 0.21185405)
liq.cash: 10Y average (1Y) =   0.666272 ( 0.02820) : loss rate  0.1270
liq.cash: 10Y std.dev. (1Y) =   0.565883 ( 0.02395)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4576 0.35613   0.07671 0.08020  0.07880  0.05718    0.1043   0.1558   0.2601
 dbratio     ROA    ROA1 debtcf1
 0.59884 0.10841 0.11365 0.02081

TOSYOU CODE: 6101    366
debtcashflow initial values:   0.000010   0.770888
stddev initial values:   0.000010   0.770888
ecfconst solution invest:   1.160002   1.624003
debt cf solution invest: 0.10427295 0.15366540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26069
data: equity =   0.210891  debt =   0.046072  firm =   0.256963

agency cost: EZC - k L (EZC:ecfconst =   1.160002, k:agcpara = 0.35707653)
liq.cash: 10Y average (1Y) =   1.120809 ( 0.05081) : loss rate  0.0338
liq.cash: 10Y std.dev. (1Y) =   0.544090 ( 0.02467)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1098 0.03157   0.11914 0.08727  0.11343  0.10639    0.2109   0.0461   0.2570
 dbratio     ROA    ROA1 debtcf1
 0.17929 0.19774 0.16268 0.00425

debt amount =   0.0128   investment =   0.0128   debt ratio =  1.00000
RRR on investment =  0.159539      after tax =  0.087747
search range of Y std.dev.:   minimum =   0.570569   maximum =   0.741740
old shareholders wealth =    0.2109    old bondholders =     0.0457
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.216456, k:agcpara = 0.35707653)
liq.cash: 10Y average (1Y) =   1.166244 ( 0.05275) : loss rate  0.0413
liq.cash: 10Y std.dev. (1Y) =   0.570569 ( 0.02581)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1406 0.03612   0.12057 0.08775  0.11344  0.10486    0.2109   0.0585   0.2694
 dbratio     ROA    ROA1 debtcf1
 0.21730 0.19577 0.16269 0.00546

TOSYOU CODE: 4046    367
debtcashflow initial values:   0.000010   0.767771
stddev initial values:   0.000010   0.767771
ecfconst solution invest:   0.763678   1.069149
debt cf solution invest: 0.41877045 0.61713540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.19892
data: equity =   0.095613  debt =   0.160311  firm =   0.255924

agency cost: EZC - k L (EZC:ecfconst =   0.763678, k:agcpara = 0.21988646)
liq.cash: 10Y average (1Y) =   0.666750 ( 0.02844) : loss rate  0.1269
liq.cash: 10Y std.dev. (1Y) =   0.449891 ( 0.01919)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4408 0.30776   0.07722 0.08075  0.07943  0.05667    0.0956   0.1603   0.2559
 dbratio     ROA    ROA1 debtcf1
 0.62640 0.11111 0.11553 0.01929

debt amount =   0.0000   investment =   0.0128   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.446989   maximum =   0.581086
old shareholders wealth =    0.0956    old bondholders =     0.1496
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.758753, k:agcpara = 0.21988646)
liq.cash: 10Y average (1Y) =   0.661824 ( 0.02804) : loss rate  0.1277
liq.cash: 10Y std.dev. (1Y) =   0.581086 ( 0.02462)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4408 0.35184   0.07684 0.08021  0.07880  0.05787    0.1084   0.1496   0.2580
 dbratio     ROA    ROA1 debtcf1
 0.57980 0.10867 0.11391 0.02008

TOSYOU CODE: 5633    368
debtcashflow initial values:   0.000010   0.750924
stddev initial values:   0.000010   0.750924
ecfconst solution invest:   0.909612   1.273457
debt cf solution invest: 0.41290230 0.60848760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21643
data: equity =   0.076032  debt =   0.174276  firm =   0.250308

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

debt amount =   0.0125   investment =   0.0125   debt ratio =  1.00000
RRR on investment =  0.126880      after tax =  0.069784
search range of Y std.dev.:   minimum =   0.336215   maximum =   0.437080
old shareholders wealth =    0.0760    old bondholders =     0.1731
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.950938, k:agcpara = 0.20374391)
liq.cash: 10Y average (1Y) =   0.855982 ( 0.03715) : loss rate  0.0999
liq.cash: 10Y std.dev. (1Y) =   0.336215 ( 0.01459)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4661 0.12307   0.12858 0.08941  0.10079  0.07225    0.0760   0.1856   0.2617
 dbratio     ROA    ROA1 debtcf1
 0.70943 0.14197 0.13773 0.01851

TOSYOU CODE: 6707    369
debtcashflow initial values:   0.000010   0.748279
stddev initial values:   0.000010   0.748279
ecfconst solution invest:   1.182868   1.656015
debt cf solution invest: 0.26787435 0.39476220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.38352
data: equity =   0.130710  debt =   0.118716  firm =   0.249426

agency cost: EZC - k L (EZC:ecfconst =   1.182868, k:agcpara = 0.31831907)
liq.cash: 10Y average (1Y) =   1.093111 ( 0.04862) : loss rate  0.0759
liq.cash: 10Y std.dev. (1Y) =   0.438450 ( 0.01950)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2820 0.03216   0.14479 0.08785  0.11769  0.09888    0.1307   0.1187   0.2494
 dbratio     ROA    ROA1 debtcf1
 0.47595 0.19491 0.16842 0.01086

debt amount =   0.0125   investment =   0.0125   debt ratio =  1.00000
RRR on investment =  0.162326      after tax =  0.089280
search range of Y std.dev.:   minimum =   0.459255   maximum =   0.597032
old shareholders wealth =    0.1307    old bondholders =     0.1181
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.238998, k:agcpara = 0.31831907)
liq.cash: 10Y average (1Y) =   1.139759 ( 0.05064) : loss rate  0.0801
liq.cash: 10Y std.dev. (1Y) =   0.459255 ( 0.02041)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3118 0.03570   0.14695 0.08825  0.11762  0.09777    0.1307   0.1305   0.2612
 dbratio     ROA    ROA1 debtcf1
 0.49966 0.19385 0.16843 0.01203

TOSYOU CODE: 5363    370
debtcashflow initial values:   0.000010   0.740531
stddev initial values:   0.000010   0.740531
ecfconst solution invest:   1.001694   1.402372
debt cf solution invest: 0.32065350 0.47254200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.24908
data: equity =   0.110244  debt =   0.136600  firm =   0.246844

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

debt amount =   0.0123   investment =   0.0123   debt ratio =  1.00000
RRR on investment =  0.141243      after tax =  0.077684
search range of Y std.dev.:   minimum =   0.418197   maximum =   0.543656
old shareholders wealth =    0.1102    old bondholders =     0.1356
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.047950, k:agcpara = 0.26595372)
liq.cash: 10Y average (1Y) =   0.950015 ( 0.04203) : loss rate  0.0935
liq.cash: 10Y std.dev. (1Y) =   0.418197 ( 0.01850)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3682 0.08209   0.12963 0.08960  0.10669  0.08358    0.1102   0.1480   0.2582
 dbratio     ROA    ROA1 debtcf1
 0.57307 0.16278 0.15036 0.01453

TOSYOU CODE: 5721    371
debtcashflow initial values:   0.000010   0.740300
stddev initial values:   0.000010   0.740300
ecfconst solution invest:   0.804290   1.126006
debt cf solution invest: 0.38371640 0.56547680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09349  std.dev = 0.09764  lambda =   2.41401
riskless rate of interest = 0.08273  correlation =  0.15638
data: equity =   0.093549  debt =   0.153218  firm =   0.246767

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

debt amount =   0.0082   investment =   0.0123   debt ratio =  0.66264
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.396097   maximum =   0.514926
old shareholders wealth =    0.0935    old bondholders =     0.1397
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.816628, k:agcpara = 0.22228839)
liq.cash: 10Y average (1Y) =   0.721590 ( 0.03129) : loss rate  0.1164
liq.cash: 10Y std.dev. (1Y) =   0.514926 ( 0.02233)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4275 0.28398   0.09484 0.08718  0.09023  0.06660    0.0977   0.1479   0.2456
 dbratio     ROA    ROA1 debtcf1
 0.60219 0.12741 0.12765 0.01865

TOSYOU CODE: 4404    372
debtcashflow initial values:   0.000010   0.737319
stddev initial values:   0.000010   0.737319
ecfconst solution invest:   0.889483   1.245276
debt cf solution invest: 0.30098660 0.44355920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.25224
data: equity =   0.122424  debt =   0.123349  firm =   0.245773

agency cost: EZC - k L (EZC:ecfconst =   0.889483, k:agcpara = 0.26668832)
liq.cash: 10Y average (1Y) =   0.804989 ( 0.03573) : loss rate  0.0950
liq.cash: 10Y std.dev. (1Y) =   0.434540 ( 0.01929)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3168 0.13063   0.10432 0.08812  0.09619  0.07629    0.1224   0.1233   0.2458
 dbratio     ROA    ROA1 debtcf1
 0.50188 0.14540 0.13726 0.01285

debt amount =   0.0123   investment =   0.0123   debt ratio =  1.00000
RRR on investment =  0.117358      after tax =  0.064547
search range of Y std.dev.:   minimum =   0.452750   maximum =   0.588575
old shareholders wealth =    0.1224    old bondholders =     0.1109
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.926759, k:agcpara = 0.26668832)
liq.cash: 10Y average (1Y) =   0.832904 ( 0.03683) : loss rate  0.1013
liq.cash: 10Y std.dev. (1Y) =   0.588575 ( 0.02602)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3519 0.20691   0.10892 0.09139  0.10013  0.07950    0.1224   0.1232   0.2456
 dbratio     ROA    ROA1 debtcf1
 0.50161 0.14992 0.14200 0.01495

TOSYOU CODE: 5204    373
debtcashflow initial values:   0.000010   0.729924
stddev initial values:   0.000010   0.729924
ecfconst solution invest:   0.756209   1.058693
debt cf solution invest: 0.45129560 0.66506720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13085
data: equity =   0.051540  debt =   0.191768  firm =   0.243308

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

debt amount =   0.0122   investment =   0.0122   debt ratio =  1.00000
RRR on investment =  0.090948      after tax =  0.050022
search range of Y std.dev.:   minimum =   0.237531   maximum =   0.308790
old shareholders wealth =    0.0515    old bondholders =     0.1762
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.785260, k:agcpara = 0.14161584)
liq.cash: 10Y average (1Y) =   0.713341 ( 0.03034) : loss rate  0.0916
liq.cash: 10Y std.dev. (1Y) =   0.308790 ( 0.01314)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5078 0.25287   0.11670 0.08978  0.09557  0.06384    0.0515   0.1884   0.2399
 dbratio     ROA    ROA1 debtcf1
 0.78516 0.12649 0.12590 0.02105

TOSYOU CODE: 6934    374
debtcashflow initial values:   0.000010   0.721252
stddev initial values:   0.000010   0.721252
ecfconst solution invest:   0.884717   1.238604
debt cf solution invest: 0.29765495 0.43864940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.13546
data: equity =   0.117227  debt =   0.123190  firm =   0.240417

agency cost: EZC - k L (EZC:ecfconst =   0.884717, k:agcpara = 0.26399551)
liq.cash: 10Y average (1Y) =   0.802002 ( 0.03560) : loss rate  0.0935
liq.cash: 10Y std.dev. (1Y) =   0.414391 ( 0.01839)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3133 0.11914   0.10801 0.08825  0.09789  0.07754    0.1172   0.1232   0.2404
 dbratio     ROA    ROA1 debtcf1
 0.51240 0.14806 0.13916 0.01262

debt amount =   0.0120   investment =   0.0120   debt ratio =  1.00000
RRR on investment =  0.129237      after tax =  0.071080
search range of Y std.dev.:   minimum =   0.433375   maximum =   0.563388
old shareholders wealth =    0.1172    old bondholders =     0.1222
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.925248, k:agcpara = 0.26399551)
liq.cash: 10Y average (1Y) =   0.834393 ( 0.03693) : loss rate  0.0982
liq.cash: 10Y std.dev. (1Y) =   0.433375 ( 0.01918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3442 0.12898   0.10881 0.08855  0.09800  0.07673    0.1172   0.1342   0.2514
 dbratio     ROA    ROA1 debtcf1
 0.53372 0.14690 0.13917 0.01392

TOSYOU CODE: 6139    375
debtcashflow initial values:   0.000010   0.717352
stddev initial values:   0.000010   0.717352
ecfconst solution invest:   1.112011   1.556815
debt cf solution invest: 0.21878595 0.32242140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.33622
data: equity =   0.142750  debt =   0.096368  firm =   0.239117

agency cost: EZC - k L (EZC:ecfconst =   1.112011, k:agcpara = 0.32511918)
liq.cash: 10Y average (1Y) =   1.037136 ( 0.04630) : loss rate  0.0673
liq.cash: 10Y std.dev. (1Y) =   0.444973 ( 0.01986)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2303 0.03490   0.13539 0.08802  0.11630  0.10033    0.1427   0.0964   0.2391
 dbratio     ROA    ROA1 debtcf1
 0.40301 0.19361 0.16614 0.00890

debt amount =   0.0120   investment =   0.0120   debt ratio =  1.00000
RRR on investment =  0.160348      after tax =  0.088192
search range of Y std.dev.:   minimum =   0.466141   maximum =   0.605984
old shareholders wealth =    0.1427    old bondholders =     0.0958
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.164912, k:agcpara = 0.32511918)
liq.cash: 10Y average (1Y) =   1.080689 ( 0.04817) : loss rate  0.0723
liq.cash: 10Y std.dev. (1Y) =   0.466141 ( 0.02078)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2591 0.03898   0.13727 0.08844  0.11627  0.09915    0.1427   0.1077   0.2505
 dbratio     ROA    ROA1 debtcf1
 0.43007 0.19232 0.16615 0.01004

TOSYOU CODE: 6712    376
debtcashflow initial values:   0.000010   0.706830
stddev initial values:   0.000010   0.706830
ecfconst solution invest:   1.049397   1.469156
debt cf solution invest: 0.21170940 0.31199280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28878
data: equity =   0.143346  debt =   0.092264  firm =   0.235610

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

debt amount =   0.0118   investment =   0.0118   debt ratio =  1.00000
RRR on investment =  0.154905      after tax =  0.085198
search range of Y std.dev.:   minimum =   0.462602   maximum =   0.601382
old shareholders wealth =    0.1433    old bondholders =     0.0916
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.099128, k:agcpara = 0.31859852)
liq.cash: 10Y average (1Y) =   1.018999 ( 0.04555) : loss rate  0.0729
liq.cash: 10Y std.dev. (1Y) =   0.462602 ( 0.02068)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2515 0.04855   0.13020 0.08878  0.11284  0.09610    0.1433   0.1034   0.2468
 dbratio     ROA    ROA1 debtcf1
 0.41907 0.18461 0.16112 0.00980

TOSYOU CODE: 6924    377
debtcashflow initial values:   0.000010   0.700001
stddev initial values:   0.000010   0.700001
ecfconst solution invest:   0.837536   1.172550
debt cf solution invest: 0.20069795 0.29576540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.32351
data: equity =   0.150913  debt =   0.082421  firm =   0.233334

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

debt amount =   0.0117   investment =   0.0117   debt ratio =  1.00000
RRR on investment =  0.101511      after tax =  0.055831
search range of Y std.dev.:   minimum =   0.493915   maximum =   0.642089
old shareholders wealth =    0.1509    old bondholders =     0.0743
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.868215, k:agcpara = 0.30629805)
liq.cash: 10Y average (1Y) =   0.793350 ( 0.03553) : loss rate  0.0862
liq.cash: 10Y std.dev. (1Y) =   0.642089 ( 0.02875)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2444 0.19630   0.10034 0.08937  0.09636  0.08176    0.1509   0.0860   0.2369
 dbratio     ROA    ROA1 debtcf1
 0.36300 0.14997 0.13869 0.01046

TOSYOU CODE: 3202    378
debtcashflow initial values:   0.000010   0.690250
stddev initial values:   0.000010   0.690250
ecfconst solution invest:   0.610445   0.854623
debt cf solution invest: 0.45341315 0.66818780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07616  std.dev = 0.10140  lambda =  -1.34528
riskless rate of interest = 0.08310  correlation =  0.32625
data: equity =   0.041533  debt =   0.188550  firm =   0.230083

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

debt amount =   0.0026   investment =   0.0115   debt ratio =  0.22308
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.207962   maximum =   0.270350
old shareholders wealth =    0.0415    old bondholders =     0.1803
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.621949, k:agcpara = 0.11486966)
liq.cash: 10Y average (1Y) =   0.566344 ( 0.02339) : loss rate  0.0894
liq.cash: 10Y std.dev. (1Y) =   0.270350 ( 0.01117)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4841 0.38044   0.06852 0.07849  0.07633  0.04865    0.0505   0.1829   0.2333
 dbratio     ROA    ROA1 debtcf1
 0.78369 0.10025 0.10301 0.02094

TOSYOU CODE: 6373    379
debtcashflow initial values:   0.000010   0.682672
stddev initial values:   0.000010   0.682672
ecfconst solution invest:   1.007059   1.409883
debt cf solution invest: 0.26057740 0.38400880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31765
data: equity =   0.114121  debt =   0.113436  firm =   0.227557

agency cost: EZC - k L (EZC:ecfconst =   1.007059, k:agcpara = 0.29683733)
liq.cash: 10Y average (1Y) =   0.925639 ( 0.04121) : loss rate  0.0808
liq.cash: 10Y std.dev. (1Y) =   0.390729 ( 0.01740)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2743 0.04776   0.13657 0.08865  0.11268  0.09280    0.1141   0.1134   0.2276
 dbratio     ROA    ROA1 debtcf1
 0.49850 0.18110 0.16037 0.01066

debt amount =   0.0114   investment =   0.0114   debt ratio =  1.00000
RRR on investment =  0.152999      after tax =  0.084149
search range of Y std.dev.:   minimum =   0.409059   maximum =   0.531777
old shareholders wealth =    0.1141    old bondholders =     0.1127
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.054303, k:agcpara = 0.29683733)
liq.cash: 10Y average (1Y) =   0.964664 ( 0.04288) : loss rate  0.0850
liq.cash: 10Y std.dev. (1Y) =   0.409059 ( 0.01818)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3020 0.05261   0.13841 0.08906  0.11270  0.09183    0.1141   0.1241   0.2382
 dbratio     ROA    ROA1 debtcf1
 0.52093 0.18001 0.16038 0.01176

TOSYOU CODE: 7223    380
debtcashflow initial values:   0.000010   0.679396
stddev initial values:   0.000010   0.679396
ecfconst solution invest:   1.132667   1.585734
debt cf solution invest: 0.08692025 0.12809300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35813
data: equity =   0.187244  debt =   0.039221  firm =   0.226465

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

debt amount =   0.0113   investment =   0.0113   debt ratio =  1.00000
RRR on investment =  0.172231      after tax =  0.094727
search range of Y std.dev.:   minimum =   0.503032   maximum =   0.653942
old shareholders wealth =    0.1872    old bondholders =     0.0390
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.188143, k:agcpara = 0.37209076)
liq.cash: 10Y average (1Y) =   1.144205 ( 0.05102) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   0.503032 ( 0.02243)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1181 0.02068   0.13218 0.08693  0.12260  0.11432    0.1872   0.0503   0.2375
 dbratio     ROA    ROA1 debtcf1
 0.21171 0.21479 0.17467 0.00453

TOSYOU CODE: 5771    381
debtcashflow initial values:   0.000010   0.673410
stddev initial values:   0.000010   0.673410
ecfconst solution invest:   0.958944   1.342522
debt cf solution invest: 0.32840645 0.48396740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35772
data: equity =   0.080960  debt =   0.143510  firm =   0.224470

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

debt amount =   0.0112   investment =   0.0112   debt ratio =  1.00000
RRR on investment =  0.148083      after tax =  0.081446
search range of Y std.dev.:   minimum =   0.339028   maximum =   0.440736
old shareholders wealth =    0.0810    old bondholders =     0.1427
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.003598, k:agcpara = 0.26131350)
liq.cash: 10Y average (1Y) =   0.906161 ( 0.04004) : loss rate  0.0971
liq.cash: 10Y std.dev. (1Y) =   0.339028 ( 0.01498)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3729 0.05786   0.15145 0.08901  0.11053  0.08428    0.0810   0.1539   0.2349
 dbratio     ROA    ROA1 debtcf1
 0.65535 0.17045 0.15629 0.01448

TOSYOU CODE: 6708    382
debtcashflow initial values:   0.000010   0.672236
stddev initial values:   0.000010   0.672236
ecfconst solution invest:   0.943191   1.320467
debt cf solution invest: 0.18796890 0.27700680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22594
data: equity =   0.143250  debt =   0.080829  firm =   0.224079

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

debt amount =   0.0112   investment =   0.0112   debt ratio =  1.00000
RRR on investment =  0.148156      after tax =  0.081486
search range of Y std.dev.:   minimum =   0.451152   maximum =   0.586498
old shareholders wealth =    0.1432    old bondholders =     0.0802
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.987796, k:agcpara = 0.31578071)
liq.cash: 10Y average (1Y) =   0.916586 ( 0.04118) : loss rate  0.0721
liq.cash: 10Y std.dev. (1Y) =   0.451152 ( 0.02027)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2255 0.06278   0.12022 0.08885  0.10800  0.09243    0.1432   0.0914   0.2347
 dbratio     ROA    ROA1 debtcf1
 0.38952 0.17547 0.15458 0.00888

TOSYOU CODE: 6741    383
debtcashflow initial values:   0.000010   0.669927
stddev initial values:   0.000010   0.669927
ecfconst solution invest:   0.715892   1.002249
debt cf solution invest: 0.25542840 0.37642080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.03923
data: equity =   0.122842  debt =   0.100467  firm =   0.223309

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

debt amount =   0.0000   investment =   0.0112   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.461363   maximum =   0.599772
old shareholders wealth =    0.1228    old bondholders =     0.0930
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.718514, k:agcpara = 0.27952567)
liq.cash: 10Y average (1Y) =   0.643358 ( 0.02819) : loss rate  0.1046
liq.cash: 10Y std.dev. (1Y) =   0.599772 ( 0.02628)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2689 0.26619   0.08442 0.08355  0.08407  0.06866    0.1340   0.0930   0.2270
 dbratio     ROA    ROA1 debtcf1
 0.40971 0.12417 0.12211 0.01194

TOSYOU CODE: 3551    384
debtcashflow initial values:   0.000010   0.659401
stddev initial values:   0.000010   0.659401
ecfconst solution invest:   0.622235   0.871129
debt cf solution invest: 0.41647810 0.61375720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.12115
data: equity =   0.055932  debt =   0.163868  firm =   0.219800

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

debt amount =   0.0000   investment =   0.0110   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.289287   maximum =   0.376073
old shareholders wealth =    0.0559    old bondholders =     0.1546
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.626272, k:agcpara = 0.16390172)
liq.cash: 10Y average (1Y) =   0.554418 ( 0.02326) : loss rate  0.1147
liq.cash: 10Y std.dev. (1Y) =   0.376073 ( 0.01578)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4384 0.37885   0.07348 0.07919  0.07747  0.05259    0.0669   0.1546   0.2215
 dbratio     ROA    ROA1 debtcf1
 0.69793 0.10497 0.10951 0.01966

TOSYOU CODE: 6510    385
debtcashflow initial values:   0.000010   0.657291
stddev initial values:   0.000010   0.657291
ecfconst solution invest:   0.843138   1.180393
debt cf solution invest: 0.24293590 0.35801080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16506
data: equity =   0.117320  debt =   0.101777  firm =   0.219097

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

debt amount =   0.0110   investment =   0.0110   debt ratio =  1.00000
RRR on investment =  0.135430      after tax =  0.074486
search range of Y std.dev.:   minimum =   0.410579   maximum =   0.533752
old shareholders wealth =    0.1173    old bondholders =     0.1009
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.882151, k:agcpara = 0.28121855)
liq.cash: 10Y average (1Y) =   0.802432 ( 0.03575) : loss rate  0.0904
liq.cash: 10Y std.dev. (1Y) =   0.410579 ( 0.01829)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2835 0.10312   0.11304 0.08892  0.10126  0.08173    0.1173   0.1119   0.2292
 dbratio     ROA    ROA1 debtcf1
 0.48816 0.15597 0.14427 0.01135

TOSYOU CODE: 6755    386
debtcashflow initial values:   0.000010   0.655937
stddev initial values:   0.000010   0.655937
ecfconst solution invest:   1.004725   1.406615
debt cf solution invest: 0.17323155 0.25528860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30912
data: equity =   0.142488  debt =   0.076158  firm =   0.218646

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

debt amount =   0.0109   investment =   0.0109   debt ratio =  1.00000
RRR on investment =  0.159438      after tax =  0.087691
search range of Y std.dev.:   minimum =   0.442066   maximum =   0.574686
old shareholders wealth =    0.1425    old bondholders =     0.0756
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.052719, k:agcpara = 0.33205878)
liq.cash: 10Y average (1Y) =   0.983418 ( 0.04398) : loss rate  0.0658
liq.cash: 10Y std.dev. (1Y) =   0.442066 ( 0.01977)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2087 0.03984   0.13158 0.08840  0.11526  0.10022    0.1425   0.0866   0.2291
 dbratio     ROA    ROA1 debtcf1
 0.37797 0.19200 0.16476 0.00810

TOSYOU CODE: 4215    387
debtcashflow initial values:   0.000010   0.655673
stddev initial values:   0.000010   0.655673
ecfconst solution invest:   0.761741   1.066437
debt cf solution invest: 0.30286285 0.44632420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.37224
data: equity =   0.095783  debt =   0.122775  firm =   0.218558

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

debt amount =   0.0109   investment =   0.0109   debt ratio =  1.00000
RRR on investment =  0.075634      after tax =  0.041598
search range of Y std.dev.:   minimum =   0.375962   maximum =   0.488751
old shareholders wealth =    0.0958    old bondholders =     0.1106
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.784397, k:agcpara = 0.24611619)
liq.cash: 10Y average (1Y) =   0.698181 ( 0.03062) : loss rate  0.1099
liq.cash: 10Y std.dev. (1Y) =   0.488751 ( 0.02143)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3503 0.23831   0.10520 0.09043  0.09694  0.07419    0.0958   0.1215   0.2173
 dbratio     ROA    ROA1 debtcf1
 0.55920 0.14091 0.13697 0.01503

TOSYOU CODE: 3408    388
debtcashflow initial values:   0.000010   0.655353
stddev initial values:   0.000010   0.655353
ecfconst solution invest:   0.747265   1.046171
debt cf solution invest: 0.34172735 0.50359820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09665  std.dev = 0.10082  lambda =   3.02842
riskless rate of interest = 0.08243  correlation =  0.26583
data: equity =   0.078848  debt =   0.139603  firm =   0.218451

agency cost: EZC - k L (EZC:ecfconst =   0.747265, k:agcpara = 0.21676833)
liq.cash: 10Y average (1Y) =   0.669291 ( 0.02910) : loss rate  0.1043
liq.cash: 10Y std.dev. (1Y) =   0.321266 ( 0.01397)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3597 0.16762   0.10520 0.08777  0.09406  0.06882    0.0788   0.1396   0.2185
 dbratio     ROA    ROA1 debtcf1
 0.63906 0.13323 0.13087 0.01464

debt amount =   0.0109   investment =   0.0109   debt ratio =  1.00000
RRR on investment =  0.082329      after tax =  0.045281
search range of Y std.dev.:   minimum =   0.331625   maximum =   0.431112
old shareholders wealth =    0.0788    old bondholders =     0.1259
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.771360, k:agcpara = 0.21676833)
liq.cash: 10Y average (1Y) =   0.686619 ( 0.02988) : loss rate  0.1099
liq.cash: 10Y std.dev. (1Y) =   0.431112 ( 0.01876)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3909 0.24639   0.10956 0.09082  0.09767  0.07175    0.0788   0.1368   0.2156
 dbratio     ROA    ROA1 debtcf1
 0.63436 0.13858 0.13593 0.01666

TOSYOU CODE: 4103    389
debtcashflow initial values:   0.000010   0.648809
stddev initial values:   0.000010   0.648809
ecfconst solution invest:   0.981077   1.373508
debt cf solution invest: 0.20345200 0.29982400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31298
data: equity =   0.127232  debt =   0.089038  firm =   0.216270

agency cost: EZC - k L (EZC:ecfconst =   0.981077, k:agcpara = 0.31836647)
liq.cash: 10Y average (1Y) =   0.912896 ( 0.04080) : loss rate  0.0695
liq.cash: 10Y std.dev. (1Y) =   0.399808 ( 0.01787)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2142 0.04026   0.13259 0.08828  0.11434  0.09799    0.1272   0.0890   0.2163
 dbratio     ROA    ROA1 debtcf1
 0.41170 0.18863 0.16324 0.00830

debt amount =   0.0108   investment =   0.0108   debt ratio =  1.00000
RRR on investment =  0.157028      after tax =  0.086365
search range of Y std.dev.:   minimum =   0.418755   maximum =   0.544382
old shareholders wealth =    0.1272    old bondholders =     0.0885
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.027572, k:agcpara = 0.31836647)
liq.cash: 10Y average (1Y) =   0.951055 ( 0.04243) : loss rate  0.0745
liq.cash: 10Y std.dev. (1Y) =   0.418755 ( 0.01868)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2403 0.04483   0.13436 0.08871  0.11435  0.09686    0.1272   0.0993   0.2265
 dbratio     ROA    ROA1 debtcf1
 0.43827 0.18733 0.16325 0.00934

TOSYOU CODE: 6505    390
debtcashflow initial values:   0.000010   0.648476
stddev initial values:   0.000010   0.648476
ecfconst solution invest:   0.639938   0.895913
debt cf solution invest: 0.30640255 0.45154060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.28996
data: equity =   0.100805  debt =   0.115354  firm =   0.216159

agency cost: EZC - k L (EZC:ecfconst =   0.639938, k:agcpara = 0.25441938)
liq.cash: 10Y average (1Y) =   0.557880 ( 0.02390) : loss rate  0.1282
liq.cash: 10Y std.dev. (1Y) =   0.454320 ( 0.01946)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3225 0.30222   0.07478 0.07940  0.07725  0.05818    0.1008   0.1154   0.2162
 dbratio     ROA    ROA1 debtcf1
 0.53365 0.11056 0.11465 0.01434

debt amount =   0.0000   investment =   0.0108   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.445277   maximum =   0.578860
old shareholders wealth =    0.1008    old bondholders =     0.1075
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.627201, k:agcpara = 0.25441938)
liq.cash: 10Y average (1Y) =   0.545143 ( 0.02290) : loss rate  0.1308
liq.cash: 10Y std.dev. (1Y) =   0.578860 ( 0.02431)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3225 0.35028   0.07419 0.07864  0.07638  0.05901    0.1116   0.1075   0.2191
 dbratio     ROA    ROA1 debtcf1
 0.49063 0.10449 0.11089 0.01494

TOSYOU CODE: 2533    391
debtcashflow initial values:   0.000010   0.647073
stddev initial values:   0.000010   0.647073
ecfconst solution invest:   0.725115   1.015161
debt cf solution invest: 0.28442715 0.41915580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.11997
data: equity =   0.101648  debt =   0.114043  firm =   0.215691

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

debt amount =   0.0107   investment =   0.0108   debt ratio =  0.99049
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.390513   maximum =   0.507667
old shareholders wealth =    0.1016    old bondholders =     0.1030
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.735900, k:agcpara = 0.25542251)
liq.cash: 10Y average (1Y) =   0.651497 ( 0.02851) : loss rate  0.1147
liq.cash: 10Y std.dev. (1Y) =   0.507667 ( 0.02222)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3304 0.26356   0.09554 0.08763  0.09136  0.07056    0.1018   0.1137   0.2154
 dbratio     ROA    ROA1 debtcf1
 0.52771 0.13235 0.13070 0.01443

TOSYOU CODE: 7971    392
debtcashflow initial values:   0.000010   0.641633
stddev initial values:   0.000010   0.641633
ecfconst solution invest:   0.629561   0.881385
debt cf solution invest: 0.28105275 0.41418300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.31564
data: equity =   0.108585  debt =   0.105293  firm =   0.213878

agency cost: EZC - k L (EZC:ecfconst =   0.629561, k:agcpara = 0.26821600)
liq.cash: 10Y average (1Y) =   0.550211 ( 0.02360) : loss rate  0.1260
liq.cash: 10Y std.dev. (1Y) =   0.479887 ( 0.02059)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2958 0.29804   0.07414 0.07898  0.07652  0.05903    0.1086   0.1053   0.2139
 dbratio     ROA    ROA1 debtcf1
 0.49231 0.11036 0.11400 0.01322

debt amount =   0.0000   investment =   0.0107   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.468078   maximum =   0.608501
old shareholders wealth =    0.1086    old bondholders =     0.0981
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.614068, k:agcpara = 0.26821600)
liq.cash: 10Y average (1Y) =   0.534718 ( 0.02237) : loss rate  0.1292
liq.cash: 10Y std.dev. (1Y) =   0.608501 ( 0.02545)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2958 0.34732   0.07349 0.07817  0.07560  0.05972    0.1193   0.0981   0.2174
 dbratio     ROA    ROA1 debtcf1
 0.45136 0.10287 0.10941 0.01377

TOSYOU CODE: 6803    393
debtcashflow initial values:   0.000010   0.637662
stddev initial values:   0.000010   0.637662
ecfconst solution invest:   0.688512   0.963917
debt cf solution invest: 0.19183920 0.28271040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.36507
data: equity =   0.136424  debt =   0.076130  firm =   0.212554

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

debt amount =   0.0000   investment =   0.0106   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.473094   maximum =   0.615023
old shareholders wealth =    0.1364    old bondholders =     0.0704
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.692001, k:agcpara = 0.30425097)
liq.cash: 10Y average (1Y) =   0.630562 ( 0.02792) : loss rate  0.0888
liq.cash: 10Y std.dev. (1Y) =   0.615023 ( 0.02723)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2019 0.24292   0.08478 0.08375  0.08445  0.07225    0.1471   0.0704   0.2175
 dbratio     ROA    ROA1 debtcf1
 0.32379 0.12838 0.12272 0.00892

TOSYOU CODE: 6317    394
debtcashflow initial values:   0.000010   0.634644
stddev initial values:   0.000010   0.634644
ecfconst solution invest:   0.677184   0.948058
debt cf solution invest: 0.22388175 0.32993100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08377  std.dev = 0.09989  lambda =   0.17715
riskless rate of interest = 0.08291  correlation =  0.15824
data: equity =   0.123480  debt =   0.088068  firm =   0.211548

agency cost: EZC - k L (EZC:ecfconst =   0.677184, k:agcpara = 0.28912050)
liq.cash: 10Y average (1Y) =   0.609048 ( 0.02699) : loss rate  0.1006
liq.cash: 10Y std.dev. (1Y) =   0.451719 ( 0.02002)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2357 0.20424   0.08366 0.08320  0.08347  0.06788    0.1235   0.0881   0.2115
 dbratio     ROA    ROA1 debtcf1
 0.41631 0.12759 0.12339 0.01003

debt amount =   0.0000   investment =   0.0106   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.452560   maximum =   0.588328
old shareholders wealth =    0.1235    old bondholders =     0.0815
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.678445, k:agcpara = 0.28912050)
liq.cash: 10Y average (1Y) =   0.610309 ( 0.02679) : loss rate  0.1004
liq.cash: 10Y std.dev. (1Y) =   0.588328 ( 0.02582)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2357 0.26213   0.08374 0.08329  0.08357  0.06940    0.1341   0.0815   0.2156
 dbratio     ROA    ROA1 debtcf1
 0.37819 0.12426 0.12147 0.01047

TOSYOU CODE: 4218    395
debtcashflow initial values:   0.000010   0.633924
stddev initial values:   0.000010   0.633924
ecfconst solution invest:   0.687932   0.963105
debt cf solution invest: 0.21610030 0.31846360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.05875
data: equity =   0.125520  debt =   0.085788  firm =   0.211308

agency cost: EZC - k L (EZC:ecfconst =   0.687932, k:agcpara = 0.29153152)
liq.cash: 10Y average (1Y) =   0.621616 ( 0.02766) : loss rate  0.0964
liq.cash: 10Y std.dev. (1Y) =   0.445368 ( 0.01982)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2275 0.18808   0.08569 0.08387  0.08495  0.06963    0.1255   0.0858   0.2113
 dbratio     ROA    ROA1 debtcf1
 0.40598 0.13092 0.12529 0.00960

debt amount =   0.0000   investment =   0.0106   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.448941   maximum =   0.583624
old shareholders wealth =    0.1255    old bondholders =     0.0793
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.693452, k:agcpara = 0.29153152)
liq.cash: 10Y average (1Y) =   0.627136 ( 0.02771) : loss rate  0.0956
liq.cash: 10Y std.dev. (1Y) =   0.583624 ( 0.02578)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2275 0.24674   0.08603 0.08422  0.08537  0.07141    0.1361   0.0793   0.2154
 dbratio     ROA    ROA1 debtcf1
 0.36822 0.12863 0.12403 0.01002

TOSYOU CODE: 6332    396
debtcashflow initial values:   0.000010   0.633557
stddev initial values:   0.000010   0.633557
ecfconst solution invest:   0.912435   1.277409
debt cf solution invest: 0.25640025 0.37785300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.30386
data: equity =   0.100144  debt =   0.111042  firm =   0.211186

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

debt amount =   0.0106   investment =   0.0106   debt ratio =  1.00000
RRR on investment =  0.149659      after tax =  0.082312
search range of Y std.dev.:   minimum =   0.368765   maximum =   0.479394
old shareholders wealth =    0.1001    old bondholders =     0.1103
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.955027, k:agcpara = 0.28588079)
liq.cash: 10Y average (1Y) =   0.870484 ( 0.03864) : loss rate  0.0885
liq.cash: 10Y std.dev. (1Y) =   0.368765 ( 0.01637)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2957 0.05955   0.13740 0.08926  0.11107  0.08910    0.1001   0.1209   0.2210
 dbratio     ROA    ROA1 debtcf1
 0.54692 0.17481 0.15760 0.01155

TOSYOU CODE: 2601    397
debtcashflow initial values:   0.000010   0.629131
stddev initial values:   0.000010   0.629131
ecfconst solution invest:   0.765873   1.072222
debt cf solution invest: 0.20179235 0.29737820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.22579
data: equity =   0.126539  debt =   0.083171  firm =   0.209710

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

debt amount =   0.0105   investment =   0.0105   debt ratio =  1.00000
RRR on investment =  0.123188      after tax =  0.067753
search range of Y std.dev.:   minimum =   0.426721   maximum =   0.554737
old shareholders wealth =    0.1265    old bondholders =     0.0749
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.799378, k:agcpara = 0.29594738)
liq.cash: 10Y average (1Y) =   0.727712 ( 0.03250) : loss rate  0.0897
liq.cash: 10Y std.dev. (1Y) =   0.554737 ( 0.02477)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2422 0.19071   0.10496 0.09053  0.09914  0.08273    0.1265   0.0854   0.2119
 dbratio     ROA    ROA1 debtcf1
 0.40283 0.15336 0.14199 0.01029

TOSYOU CODE: 6937    398
debtcashflow initial values:   0.000010   0.622114
stddev initial values:   0.000010   0.622114
ecfconst solution invest:   0.733180   1.026452
debt cf solution invest: 0.33232045 0.48973540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16079
data: equity =   0.069379  debt =   0.137992  firm =   0.207371

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

debt amount =   0.0104   investment =   0.0104   debt ratio =  1.00000
RRR on investment =  0.123165      after tax =  0.067741
search range of Y std.dev.:   minimum =   0.298824   maximum =   0.388471
old shareholders wealth =    0.0694    old bondholders =     0.1370
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.766305, k:agcpara = 0.20990948)
liq.cash: 10Y average (1Y) =   0.687318 ( 0.02983) : loss rate  0.1031
liq.cash: 10Y std.dev. (1Y) =   0.298824 ( 0.01297)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3763 0.14897   0.11679 0.08899  0.09789  0.07066    0.0694   0.1473   0.2167
 dbratio     ROA    ROA1 debtcf1
 0.67988 0.13763 0.13462 0.01514

TOSYOU CODE: 4527    399
debtcashflow initial values:   0.000010   0.618035
stddev initial values:   0.000010   0.618035
ecfconst solution invest:   0.804336   1.126070
debt cf solution invest: 0.00974035 0.01435420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.16076
data: equity =   0.201513  debt =   0.004499  firm =   0.206012

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

debt amount =   0.0039   investment =   0.0103   debt ratio =  0.37658
RRR on investment =  0.145862      after tax =  0.080224
search range of Y std.dev.:   minimum =   0.389262   maximum =   0.506041
old shareholders wealth =    0.2015    old bondholders =     0.0045
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   0.844532, k:agcpara = 0.40028175)
liq.cash: 10Y average (1Y) =   0.836881 ( 0.03898) : loss rate  0.0091
liq.cash: 10Y std.dev. (1Y) =   0.389262 ( 0.01813)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0191 0.01783   0.10043 0.08419  0.09980  0.09834    0.2079   0.0084   0.2163
 dbratio     ROA    ROA1 debtcf1
 0.03868 0.18019 0.14592 0.00073

TOSYOU CODE: 7122    400
debtcashflow initial values:   0.000010   0.616692
stddev initial values:   0.000010   0.616692
ecfconst solution invest:   0.909734   1.273628
debt cf solution invest: 0.16682095 0.24584140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27280
data: equity =   0.132912  debt =   0.072652  firm =   0.205564

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

debt amount =   0.0103   investment =   0.0103   debt ratio =  1.00000
RRR on investment =  0.154580      after tax =  0.085019
search range of Y std.dev.:   minimum =   0.414568   maximum =   0.538938
old shareholders wealth =    0.1329    old bondholders =     0.0721
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.953001, k:agcpara = 0.32460940)
liq.cash: 10Y average (1Y) =   0.887877 ( 0.03980) : loss rate  0.0683
liq.cash: 10Y std.dev. (1Y) =   0.414568 ( 0.01858)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2006 0.04868   0.12675 0.08868  0.11218  0.09690    0.1329   0.0824   0.2153
 dbratio     ROA    ROA1 debtcf1
 0.38272 0.18484 0.16038 0.00783

TOSYOU CODE: 4099    401
debtcashflow initial values:   0.000010   0.605801
stddev initial values:   0.000010   0.605801
ecfconst solution invest:   0.939588   1.315423
debt cf solution invest: 0.14391740 0.21208880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.31344
data: equity =   0.138424  debt =   0.063510  firm =   0.201934

agency cost: EZC - k L (EZC:ecfconst =   0.939588, k:agcpara = 0.33983276)
liq.cash: 10Y average (1Y) =   0.888106 ( 0.03981) : loss rate  0.0548
liq.cash: 10Y std.dev. (1Y) =   0.398148 ( 0.01785)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1515 0.03215   0.12935 0.08775  0.11627  0.10385    0.1384   0.0635   0.2019
 dbratio     ROA    ROA1 debtcf1
 0.31451 0.19716 0.16620 0.00585

debt amount =   0.0101   investment =   0.0101   debt ratio =  1.00000
RRR on investment =  0.161445      after tax =  0.088795
search range of Y std.dev.:   minimum =   0.417259   maximum =   0.542436
old shareholders wealth =    0.1384    old bondholders =     0.0631
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.984687, k:agcpara = 0.33983276)
liq.cash: 10Y average (1Y) =   0.924965 ( 0.04139) : loss rate  0.0607
liq.cash: 10Y std.dev. (1Y) =   0.417259 ( 0.01867)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1757 0.03628   0.13108 0.08819  0.11625  0.10252    0.1384   0.0732   0.2116
 dbratio     ROA    ROA1 debtcf1
 0.34584 0.19562 0.16621 0.00681

TOSYOU CODE: 7996    402
debtcashflow initial values:   0.000010   0.601226
stddev initial values:   0.000010   0.601226
ecfconst solution invest:   0.726053   1.016474
debt cf solution invest: 0.28652285 0.42224420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.31548
data: equity =   0.082577  debt =   0.117832  firm =   0.200409

agency cost: EZC - k L (EZC:ecfconst =   0.726053, k:agcpara = 0.23987254)
liq.cash: 10Y average (1Y) =   0.653707 ( 0.02872) : loss rate  0.0996
liq.cash: 10Y std.dev. (1Y) =   0.317049 ( 0.01393)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3016 0.13338   0.11093 0.08886  0.09795  0.07444    0.0826   0.1178   0.2004
 dbratio     ROA    ROA1 debtcf1
 0.58796 0.14332 0.13738 0.01216

debt amount =   0.0066   investment =   0.0100   debt ratio =  0.65637
RRR on investment =  0.135642      after tax =  0.074603
search range of Y std.dev.:   minimum =   0.332661   maximum =   0.432459
old shareholders wealth =    0.0826    old bondholders =     0.1177
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   0.761805, k:agcpara = 0.23987254)
liq.cash: 10Y average (1Y) =   0.685415 ( 0.03010) : loss rate  0.1003
liq.cash: 10Y std.dev. (1Y) =   0.332661 ( 0.01461)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3185 0.13499   0.11106 0.08891  0.09797  0.07433    0.0860   0.1243   0.2103
 dbratio     ROA    ROA1 debtcf1
 0.59092 0.14316 0.13738 0.01285

TOSYOU CODE: 6108    403
debtcashflow initial values:   0.000010   0.600138
stddev initial values:   0.000010   0.600138
ecfconst solution invest:   0.708059   0.991283
debt cf solution invest: 0.23809470 0.35087640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.35270
data: equity =   0.103210  debt =   0.096836  firm =   0.200046

agency cost: EZC - k L (EZC:ecfconst =   0.708059, k:agcpara = 0.27108641)
liq.cash: 10Y average (1Y) =   0.640118 ( 0.02844) : loss rate  0.0960
liq.cash: 10Y std.dev. (1Y) =   0.365151 ( 0.01622)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2506 0.14306   0.09975 0.08748  0.09381  0.07476    0.1032   0.0968   0.2000
 dbratio     ROA    ROA1 debtcf1
 0.48407 0.14218 0.13473 0.01024

debt amount =   0.0100   investment =   0.0100   debt ratio =  1.00000
RRR on investment =  0.085193      after tax =  0.046856
search range of Y std.dev.:   minimum =   0.376834   maximum =   0.489885
old shareholders wealth =    0.1032    old bondholders =     0.0872
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.730714, k:agcpara = 0.27108641)
liq.cash: 10Y average (1Y) =   0.654982 ( 0.02896) : loss rate  0.1036
liq.cash: 10Y std.dev. (1Y) =   0.489885 ( 0.02166)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2794 0.22162   0.10318 0.09007  0.09682  0.07716    0.1032   0.0972   0.2004
 dbratio     ROA    ROA1 debtcf1
 0.48507 0.14448 0.13809 0.01198

TOSYOU CODE: 6742    404
debtcashflow initial values:   0.000010   0.598678
stddev initial values:   0.000010   0.598678
ecfconst solution invest:   0.565252   0.791353
debt cf solution invest: 0.26809380 0.39508560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07076  std.dev = 0.10219  lambda =  -2.26996
riskless rate of interest = 0.08293  correlation =  0.16851
data: equity =   0.102429  debt =   0.097130  firm =   0.199559

agency cost: EZC - k L (EZC:ecfconst =   0.565252, k:agcpara = 0.27192727)
liq.cash: 10Y average (1Y) =   0.488513 ( 0.02054) : loss rate  0.1358
liq.cash: 10Y std.dev. (1Y) =   0.492486 ( 0.02071)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2822 0.33764   0.07073 0.07697  0.07377  0.05691    0.1024   0.0971   0.1996
 dbratio     ROA    ROA1 debtcf1
 0.48672 0.10295 0.10973 0.01296

debt amount =   0.0000   investment =   0.0100   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.473187   maximum =   0.615144
old shareholders wealth =    0.1024    old bondholders =     0.0908
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.543102, k:agcpara = 0.27192727)
liq.cash: 10Y average (1Y) =   0.466363 ( 0.01881) : loss rate  0.1413
liq.cash: 10Y std.dev. (1Y) =   0.615144 ( 0.02481)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2822 0.38233   0.06998 0.07598  0.07266  0.05738    0.1124   0.0908   0.2032
 dbratio     ROA    ROA1 debtcf1
 0.44678 0.09258 0.10331 0.01347

TOSYOU CODE: 2215    405
debtcashflow initial values:   0.000010   0.586899
stddev initial values:   0.000010   0.586899
ecfconst solution invest:   0.780651   1.092911
debt cf solution invest: 0.05367595 0.07910140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.37860
data: equity =   0.171532  debt =   0.024101  firm =   0.195633

agency cost: EZC - k L (EZC:ecfconst =   0.780651, k:agcpara = 0.36714849)
liq.cash: 10Y average (1Y) =   0.759907 ( 0.03507) : loss rate  0.0266
liq.cash: 10Y std.dev. (1Y) =   0.371551 ( 0.01715)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0565 0.02917   0.10428 0.08571  0.10199  0.09724    0.1715   0.0241   0.1956
 dbratio     ROA    ROA1 debtcf1
 0.12320 0.17926 0.14842 0.00218

debt amount =   0.0098   investment =   0.0098   debt ratio =  1.00000
RRR on investment =  0.146325      after tax =  0.080479
search range of Y std.dev.:   minimum =   0.389792   maximum =   0.506730
old shareholders wealth =    0.1715    old bondholders =     0.0239
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.818977, k:agcpara = 0.36714849)
liq.cash: 10Y average (1Y) =   0.789740 ( 0.03632) : loss rate  0.0357
liq.cash: 10Y std.dev. (1Y) =   0.389792 ( 0.01792)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0796 0.03425   0.10518 0.08614  0.10206  0.09570    0.1715   0.0337   0.2052
 dbratio     ROA    ROA1 debtcf1
 0.16410 0.17698 0.14844 0.00308

TOSYOU CODE: 7204    406
debtcashflow initial values:   0.000010   0.580604
stddev initial values:   0.000010   0.580604
ecfconst solution invest:   0.753667   1.055134
debt cf solution invest: 0.25885885 0.38147620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.21009
data: equity =   0.084494  debt =   0.109041  firm =   0.193535

agency cost: EZC - k L (EZC:ecfconst =   0.753667, k:agcpara = 0.25595920)
liq.cash: 10Y average (1Y) =   0.683922 ( 0.03025) : loss rate  0.0925
liq.cash: 10Y std.dev. (1Y) =   0.310496 ( 0.01373)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2725 0.09257   0.12202 0.08920  0.10353  0.08091    0.0845   0.1090   0.1935
 dbratio     ROA    ROA1 debtcf1
 0.56342 0.15632 0.14562 0.01080

debt amount =   0.0097   investment =   0.0097   debt ratio =  1.00000
RRR on investment =  0.135838      after tax =  0.074711
search range of Y std.dev.:   minimum =   0.324744   maximum =   0.422168
old shareholders wealth =    0.0845    old bondholders =     0.1082
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.788252, k:agcpara = 0.25595920)
liq.cash: 10Y average (1Y) =   0.712272 ( 0.03144) : loss rate  0.0964
liq.cash: 10Y std.dev. (1Y) =   0.324744 ( 0.01433)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2968 0.10041   0.12328 0.08956  0.10364  0.08016    0.0845   0.1179   0.2024
 dbratio     ROA    ROA1 debtcf1
 0.58254 0.15533 0.14563 0.01180

TOSYOU CODE: 3205    407
debtcashflow initial values:   0.000010   0.569574
stddev initial values:   0.000010   0.569574
ecfconst solution invest:   0.596111   0.834555
debt cf solution invest: 0.29779555 0.43885660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08614  std.dev = 0.10174  lambda =   0.72476
riskless rate of interest = 0.08252  correlation =  0.17741
data: equity =   0.072222  debt =   0.117636  firm =   0.189858

agency cost: EZC - k L (EZC:ecfconst =   0.596111, k:agcpara = 0.22163343)
liq.cash: 10Y average (1Y) =   0.526636 ( 0.02273) : loss rate  0.1165
liq.cash: 10Y std.dev. (1Y) =   0.309987 ( 0.01338)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3135 0.24583   0.08637 0.08379  0.08477  0.06141    0.0722   0.1176   0.1899
 dbratio     ROA    ROA1 debtcf1
 0.61960 0.11970 0.12122 0.01328

debt amount =   0.0000   investment =   0.0095   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.313928   maximum =   0.408106
old shareholders wealth =    0.0722    old bondholders =     0.1093
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.603689, k:agcpara = 0.22163343)
liq.cash: 10Y average (1Y) =   0.534214 ( 0.02310) : loss rate  0.1151
liq.cash: 10Y std.dev. (1Y) =   0.408106 ( 0.01765)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3135 0.29429   0.08670 0.08418  0.08526  0.06358    0.0817   0.1093   0.1910
 dbratio     ROA    ROA1 debtcf1
 0.57226 0.12094 0.12194 0.01381

TOSYOU CODE: 2571    408
debtcashflow initial values:   0.000010   0.565071
stddev initial values:   0.000010   0.565071
ecfconst solution invest:   0.701775   0.982485
debt cf solution invest: 0.02400460 0.03537520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.24159
data: equity =   0.177527  debt =   0.010830  firm =   0.188357

agency cost: EZC - k L (EZC:ecfconst =   0.701775, k:agcpara = 0.38681361)
liq.cash: 10Y average (1Y) =   0.692001 ( 0.03229) : loss rate  0.0139
liq.cash: 10Y std.dev. (1Y) =   0.361837 ( 0.01688)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0253 0.03269   0.09615 0.08481  0.09550  0.09330    0.1775   0.0108   0.1884
 dbratio     ROA    ROA1 debtcf1
 0.05749 0.17143 0.14057 0.00097

debt amount =   0.0094   investment =   0.0094   debt ratio =  1.00000
RRR on investment =  0.139964      after tax =  0.076980
search range of Y std.dev.:   minimum =   0.379833   maximum =   0.493783
old shareholders wealth =    0.1775    old bondholders =     0.0107
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.736678, k:agcpara = 0.38681361)
liq.cash: 10Y average (1Y) =   0.718325 ( 0.03337) : loss rate  0.0249
liq.cash: 10Y std.dev. (1Y) =   0.379833 ( 0.01765)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0474 0.03868   0.09673 0.08514  0.09555  0.09165    0.1775   0.0201   0.1977
 dbratio     ROA    ROA1 debtcf1
 0.10192 0.16882 0.14060 0.00184

TOSYOU CODE: 6763    409
debtcashflow initial values:   0.000010   0.562483
stddev initial values:   0.000010   0.562483
ecfconst solution invest:   0.864459   1.210243
debt cf solution invest: 0.10987795 0.16192540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.29326
data: equity =   0.138983  debt =   0.048511  firm =   0.187494

agency cost: EZC - k L (EZC:ecfconst =   0.864459, k:agcpara = 0.34739935)
liq.cash: 10Y average (1Y) =   0.824278 ( 0.03710) : loss rate  0.0465
liq.cash: 10Y std.dev. (1Y) =   0.381211 ( 0.01716)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1157 0.03152   0.12514 0.08757  0.11542  0.10522    0.1390   0.0485   0.1875
 dbratio     ROA    ROA1 debtcf1
 0.25874 0.19787 0.16513 0.00447

debt amount =   0.0094   investment =   0.0094   debt ratio =  1.00000
RRR on investment =  0.161037      after tax =  0.088571
search range of Y std.dev.:   minimum =   0.399612   maximum =   0.519496
old shareholders wealth =    0.1390    old bondholders =     0.0482
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.906186, k:agcpara = 0.34739935)
liq.cash: 10Y average (1Y) =   0.858185 ( 0.03855) : loss rate  0.0530
liq.cash: 10Y std.dev. (1Y) =   0.399612 ( 0.01795)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1382 0.03579   0.12675 0.08803  0.11541  0.10381    0.1390   0.0575   0.1965
 dbratio     ROA    ROA1 debtcf1
 0.29280 0.19616 0.16514 0.00536

TOSYOU CODE: 7961    410
debtcashflow initial values:   0.000010   0.558984
stddev initial values:   0.000010   0.558984
ecfconst solution invest:   0.676904   0.947666
debt cf solution invest: 0.25992380 0.38304560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14425
data: equity =   0.078870  debt =   0.107458  firm =   0.186328

agency cost: EZC - k L (EZC:ecfconst =   0.676904, k:agcpara = 0.24319972)
liq.cash: 10Y average (1Y) =   0.610364 ( 0.02687) : loss rate  0.0983
liq.cash: 10Y std.dev. (1Y) =   0.297038 ( 0.01308)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2736 0.12845   0.11079 0.08851  0.09794  0.07497    0.0789   0.1075   0.1863
 dbratio     ROA    ROA1 debtcf1
 0.57671 0.14421 0.13769 0.01101

debt amount =   0.0089   investment =   0.0093   debt ratio =  0.95140
RRR on investment =  0.128234      after tax =  0.070529
search range of Y std.dev.:   minimum =   0.310700   maximum =   0.403910
old shareholders wealth =    0.0789    old bondholders =     0.1067
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   0.708038, k:agcpara = 0.24319972)
liq.cash: 10Y average (1Y) =   0.635970 ( 0.02794) : loss rate  0.1018
liq.cash: 10Y std.dev. (1Y) =   0.310700 ( 0.01365)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2963 0.13717   0.11155 0.08877  0.09804  0.07436    0.0793   0.1156   0.1949
 dbratio     ROA    ROA1 debtcf1
 0.59298 0.14335 0.13770 0.01197

TOSYOU CODE: 5911    411
debtcashflow initial values:   0.000010   0.553771
stddev initial values:   0.000010   0.553771
ecfconst solution invest:   0.724779   1.014691
debt cf solution invest: 0.11749980 0.17315760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.14917
data: equity =   0.134626  debt =   0.049964  firm =   0.184590

agency cost: EZC - k L (EZC:ecfconst =   0.724779, k:agcpara = 0.32755079)
liq.cash: 10Y average (1Y) =   0.684266 ( 0.03117) : loss rate  0.0559
liq.cash: 10Y std.dev. (1Y) =   0.380959 ( 0.01736)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1237 0.07058   0.10623 0.08761  0.10119  0.09052    0.1346   0.0500   0.1846
 dbratio     ROA    ROA1 debtcf1
 0.27068 0.16888 0.14657 0.00491

debt amount =   0.0092   investment =   0.0092   debt ratio =  1.00000
RRR on investment =  0.141104      after tax =  0.077607
search range of Y std.dev.:   minimum =   0.399119   maximum =   0.518854
old shareholders wealth =    0.1346    old bondholders =     0.0495
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.759328, k:agcpara = 0.32755079)
liq.cash: 10Y average (1Y) =   0.711263 ( 0.03230) : loss rate  0.0633
liq.cash: 10Y std.dev. (1Y) =   0.399119 ( 0.01812)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1467 0.07862   0.10709 0.08798  0.10128  0.08926    0.1346   0.0587   0.1934
 dbratio     ROA    ROA1 debtcf1
 0.30378 0.16702 0.14658 0.00585

TOSYOU CODE: 4530    412
debtcashflow initial values:   0.000010   0.548810
stddev initial values:   0.000010   0.548810
ecfconst solution invest:   0.756268   1.058775
debt cf solution invest: 0.08290745 0.12217940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11272  std.dev = 0.09455  lambda =   7.84326
riskless rate of interest = 0.08246  correlation =  0.18487
data: equity =   0.147101  debt =   0.035836  firm =   0.182937

agency cost: EZC - k L (EZC:ecfconst =   0.756268, k:agcpara = 0.34583247)
liq.cash: 10Y average (1Y) =   0.726087 ( 0.03319) : loss rate  0.0399
liq.cash: 10Y std.dev. (1Y) =   0.389738 ( 0.01782)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0873 0.05060   0.10986 0.08760  0.10550  0.09778    0.1471   0.0358   0.1829
 dbratio     ROA    ROA1 debtcf1
 0.19589 0.18144 0.15249 0.00342

debt amount =   0.0091   investment =   0.0091   debt ratio =  1.00000
RRR on investment =  0.148595      after tax =  0.081727
search range of Y std.dev.:   minimum =   0.408576   maximum =   0.531149
old shareholders wealth =    0.1471    old bondholders =     0.0355
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.792822, k:agcpara = 0.34583247)
liq.cash: 10Y average (1Y) =   0.754867 ( 0.03440) : loss rate  0.0479
liq.cash: 10Y std.dev. (1Y) =   0.408576 ( 0.01862)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1098 0.05718   0.11090 0.08804  0.10557  0.09635    0.1471   0.0447   0.1918
 dbratio     ROA    ROA1 debtcf1
 0.23288 0.17939 0.15250 0.00432

TOSYOU CODE: 5544    413
debtcashflow initial values:   0.000010   0.540189
stddev initial values:   0.000010   0.540189
ecfconst solution invest:   0.533512   0.746917
debt cf solution invest: 0.33959080 0.50044960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.12084
data: equity =   0.038464  debt =   0.141599  firm =   0.180063

agency cost: EZC - k L (EZC:ecfconst =   0.533512, k:agcpara = 0.13992371)
liq.cash: 10Y average (1Y) =   0.483494 ( 0.02023) : loss rate  0.0938
liq.cash: 10Y std.dev. (1Y) =   0.175746 ( 0.00735)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3575 0.23665   0.09501 0.08519  0.08729  0.05714    0.0385   0.1416   0.1801
 dbratio     ROA    ROA1 debtcf1
 0.78639 0.11236 0.11474 0.01454

debt amount =   0.0090   investment =   0.0090   debt ratio =  1.00000
RRR on investment =  0.005139      after tax =  0.002826
search range of Y std.dev.:   minimum =   0.178868   maximum =   0.232528
old shareholders wealth =    0.0385    old bondholders =     0.1301
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.542989, k:agcpara = 0.13992371)
liq.cash: 10Y average (1Y) =   0.489509 ( 0.02065) : loss rate  0.0985
liq.cash: 10Y std.dev. (1Y) =   0.232528 ( 0.00981)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3822 0.32224   0.09699 0.08655  0.08881  0.05830    0.0385   0.1391   0.1775
 dbratio     ROA    ROA1 debtcf1
 0.78334 0.11632 0.11828 0.01627

TOSYOU CODE: 6335    414
debtcashflow initial values:   0.000010   0.537897
stddev initial values:   0.000010   0.537897
ecfconst solution invest:   0.790877   1.107228
debt cf solution invest: 0.14638835 0.21573020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27000
data: equity =   0.115600  debt =   0.063699  firm =   0.179299

agency cost: EZC - k L (EZC:ecfconst =   0.790877, k:agcpara = 0.32373853)
liq.cash: 10Y average (1Y) =   0.740991 ( 0.03329) : loss rate  0.0631
liq.cash: 10Y std.dev. (1Y) =   0.344774 ( 0.01549)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1541 0.04435   0.12487 0.08827  0.11187  0.09776    0.1156   0.0637   0.1793
 dbratio     ROA    ROA1 debtcf1
 0.35527 0.18566 0.15999 0.00600

debt amount =   0.0090   investment =   0.0090   debt ratio =  1.00000
RRR on investment =  0.154136      after tax =  0.084775
search range of Y std.dev.:   minimum =   0.361163   maximum =   0.469511
old shareholders wealth =    0.1156    old bondholders =     0.0632
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.828471, k:agcpara = 0.32373853)
liq.cash: 10Y average (1Y) =   0.771513 ( 0.03459) : loss rate  0.0688
liq.cash: 10Y std.dev. (1Y) =   0.361163 ( 0.01619)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1759 0.04957   0.12640 0.08870  0.11191  0.09656    0.1156   0.0722   0.1878
 dbratio     ROA    ROA1 debtcf1
 0.38446 0.18417 0.16000 0.00687

TOSYOU CODE: 7243    415
debtcashflow initial values:   0.000010   0.536275
stddev initial values:   0.000010   0.536275
ecfconst solution invest:   0.794325   1.112055
debt cf solution invest: 0.12567645 0.18520740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.26682
data: equity =   0.123871  debt =   0.054887  firm =   0.178758

agency cost: EZC - k L (EZC:ecfconst =   0.794325, k:agcpara = 0.33369954)
liq.cash: 10Y average (1Y) =   0.750180 ( 0.03379) : loss rate  0.0556
liq.cash: 10Y std.dev. (1Y) =   0.354234 ( 0.01596)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1323 0.04055   0.12309 0.08802  0.11232  0.10016    0.1239   0.0549   0.1788
 dbratio     ROA    ROA1 debtcf1
 0.30705 0.18903 0.16084 0.00514

debt amount =   0.0089   investment =   0.0089   debt ratio =  1.00000
RRR on investment =  0.155739      after tax =  0.085657
search range of Y std.dev.:   minimum =   0.371182   maximum =   0.482537
old shareholders wealth =    0.1239    old bondholders =     0.0545
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.832329, k:agcpara = 0.33369954)
liq.cash: 10Y average (1Y) =   0.780942 ( 0.03510) : loss rate  0.0617
liq.cash: 10Y std.dev. (1Y) =   0.371182 ( 0.01668)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1540 0.04560   0.12459 0.08846  0.11236  0.09888    0.1239   0.0634   0.1873
 dbratio     ROA    ROA1 debtcf1
 0.33862 0.18741 0.16085 0.00601

TOSYOU CODE: 6793    416
debtcashflow initial values:   0.000010   0.534391
stddev initial values:   0.000010   0.534391
ecfconst solution invest:   0.605292   0.847409
debt cf solution invest: 0.22053300 0.32499600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.08904  std.dev = 0.09827  lambda =   1.34424
riskless rate of interest = 0.08286  correlation =  0.31353
data: equity =   0.089628  debt =   0.088502  firm =   0.178130

agency cost: EZC - k L (EZC:ecfconst =   0.605292, k:agcpara = 0.26614354)
liq.cash: 10Y average (1Y) =   0.543509 ( 0.02404) : loss rate  0.1021
liq.cash: 10Y std.dev. (1Y) =   0.329262 ( 0.01456)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2321 0.17216   0.09387 0.08627  0.09009  0.07081    0.0896   0.0885   0.1781
 dbratio     ROA    ROA1 debtcf1
 0.49684 0.13495 0.13011 0.00962

debt amount =   0.0089   investment =   0.0089   debt ratio =  1.00000
RRR on investment =  0.012811      after tax =  0.007046
search range of Y std.dev.:   minimum =   0.334765   maximum =   0.435194
old shareholders wealth =    0.0896    old bondholders =     0.0799
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.615408, k:agcpara = 0.26614354)
liq.cash: 10Y average (1Y) =   0.546739 ( 0.02402) : loss rate  0.1116
liq.cash: 10Y std.dev. (1Y) =   0.435194 ( 0.01912)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2580 0.25352   0.09587 0.08790  0.09190  0.07222    0.0896   0.0888   0.1785
 dbratio     ROA    ROA1 debtcf1
 0.49774 0.13461 0.13179 0.01125

TOSYOU CODE: 7724    417
debtcashflow initial values:   0.000010   0.528972
stddev initial values:   0.000010   0.528972
ecfconst solution invest:   0.628976   0.880566
debt cf solution invest: 0.26539485 0.39110820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09950  std.dev = 0.10136  lambda =   3.62622
riskless rate of interest = 0.08250  correlation =  0.28996
data: equity =   0.066969  debt =   0.109355  firm =   0.176324

agency cost: EZC - k L (EZC:ecfconst =   0.628976, k:agcpara = 0.22722083)
liq.cash: 10Y average (1Y) =   0.565499 ( 0.02473) : loss rate  0.1009
liq.cash: 10Y std.dev. (1Y) =   0.264932 ( 0.01159)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2794 0.14006   0.11151 0.08866  0.09734  0.07260    0.0670   0.1094   0.1763
 dbratio     ROA    ROA1 debtcf1
 0.62019 0.14027 0.13562 0.01126

debt amount =   0.0088   investment =   0.0088   debt ratio =  1.00000
RRR on investment =  0.127070      after tax =  0.069888
search range of Y std.dev.:   minimum =   0.277215   maximum =   0.360379
old shareholders wealth =    0.0670    old bondholders =     0.0984
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.658136, k:agcpara = 0.22722083)
liq.cash: 10Y average (1Y) =   0.588972 ( 0.02575) : loss rate  0.1051
liq.cash: 10Y std.dev. (1Y) =   0.360379 ( 0.01576)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3044 0.21486   0.11760 0.09256  0.10219  0.07655    0.0670   0.1072   0.1742
 dbratio     ROA    ROA1 debtcf1
 0.61556 0.14784 0.14216 0.01282

TOSYOU CODE: 6214    418
debtcashflow initial values:   0.000010   0.524627
stddev initial values:   0.000010   0.524627
ecfconst solution invest:   0.743771   1.041279
debt cf solution invest: 0.18252445 0.26898340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.25851
data: equity =   0.096350  debt =   0.078526  firm =   0.174876

agency cost: EZC - k L (EZC:ecfconst =   0.743771, k:agcpara = 0.29867480)
liq.cash: 10Y average (1Y) =   0.686386 ( 0.03068) : loss rate  0.0772
liq.cash: 10Y std.dev. (1Y) =   0.314158 ( 0.01404)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1921 0.05783   0.12614 0.08880  0.10937  0.09143    0.0963   0.0785   0.1749
 dbratio     ROA    ROA1 debtcf1
 0.44903 0.17545 0.15577 0.00752

debt amount =   0.0087   investment =   0.0087   debt ratio =  1.00000
RRR on investment =  0.148282      after tax =  0.081555
search range of Y std.dev.:   minimum =   0.328878   maximum =   0.427541
old shareholders wealth =    0.0963    old bondholders =     0.0780
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.778620, k:agcpara = 0.29867480)
liq.cash: 10Y average (1Y) =   0.714799 ( 0.03188) : loss rate  0.0820
liq.cash: 10Y std.dev. (1Y) =   0.328878 ( 0.01467)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2137 0.06379   0.12764 0.08922  0.10944  0.09043    0.0963   0.0867   0.1831
 dbratio     ROA    ROA1 debtcf1
 0.47365 0.17418 0.15578 0.00839

TOSYOU CODE: 5269    419
debtcashflow initial values:   0.000010   0.517077
stddev initial values:   0.000010   0.517077
ecfconst solution invest:   0.498828   0.698359
debt cf solution invest: 0.15901385 0.23433620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.34562
data: equity =   0.112772  debt =   0.059587  firm =   0.172359

agency cost: EZC - k L (EZC:ecfconst =   0.498828, k:agcpara = 0.31038126)
liq.cash: 10Y average (1Y) =   0.446875 ( 0.01937) : loss rate  0.1041
liq.cash: 10Y std.dev. (1Y) =   0.454471 ( 0.01970)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1674 0.26928   0.07376 0.07853  0.07541  0.06319    0.1128   0.0596   0.1724
 dbratio     ROA    ROA1 debtcf1
 0.34571 0.11236 0.11212 0.00749

debt amount =   0.0000   investment =   0.0086   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.439405   maximum =   0.571226
old shareholders wealth =    0.1128    old bondholders =     0.0556
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.482291, k:agcpara = 0.31038126)
liq.cash: 10Y average (1Y) =   0.430338 ( 0.01796) : loss rate  0.1077
liq.cash: 10Y std.dev. (1Y) =   0.571226 ( 0.02384)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1674 0.32264   0.07299 0.07765  0.07446  0.06349    0.1214   0.0556   0.1769
 dbratio     ROA    ROA1 debtcf1
 0.31395 0.10149 0.10547 0.00781

TOSYOU CODE: 7104    420
debtcashflow initial values:   0.000010   0.505708
stddev initial values:   0.000010   0.505708
ecfconst solution invest:   0.542758   0.759861
debt cf solution invest: 0.30581070 0.45066840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09673  std.dev = 0.09812  lambda =   3.12093
riskless rate of interest = 0.08288  correlation =  0.28988
data: equity =   0.041668  debt =   0.126901  firm =   0.168569

agency cost: EZC - k L (EZC:ecfconst =   0.542758, k:agcpara = 0.16409519)
liq.cash: 10Y average (1Y) =   0.489935 ( 0.02084) : loss rate  0.0973
liq.cash: 10Y std.dev. (1Y) =   0.187009 ( 0.00796)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3219 0.18446   0.10921 0.08777  0.09307  0.06334    0.0417   0.1269   0.1686
 dbratio     ROA    ROA1 debtcf1
 0.75281 0.12365 0.12404 0.01297

debt amount =   0.0084   investment =   0.0084   debt ratio =  1.00000
RRR on investment =  0.079672      after tax =  0.043820
search range of Y std.dev.:   minimum =   0.193260   maximum =   0.251238
old shareholders wealth =    0.0417    old bondholders =     0.1156
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.560899, k:agcpara = 0.16409519)
liq.cash: 10Y average (1Y) =   0.504224 ( 0.02159) : loss rate  0.1010
liq.cash: 10Y std.dev. (1Y) =   0.251238 ( 0.01076)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3454 0.26362   0.11410 0.09076  0.09663  0.06606    0.0417   0.1240   0.1657
 dbratio     ROA    ROA1 debtcf1
 0.74848 0.13032 0.12971 0.01452

TOSYOU CODE: 4003    421
debtcashflow initial values:   0.000010   0.504425
stddev initial values:   0.000010   0.504425
ecfconst solution invest:   0.498774   0.698284
debt cf solution invest: 0.31416310 0.46297720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09709  std.dev = 0.10115  lambda =   3.08958
riskless rate of interest = 0.08252  correlation =  0.09338
data: equity =   0.038533  debt =   0.129609  firm =   0.168142

agency cost: EZC - k L (EZC:ecfconst =   0.498774, k:agcpara = 0.14909933)
liq.cash: 10Y average (1Y) =   0.449467 ( 0.01886) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =   0.178078 ( 0.00747)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3307 0.25240   0.09146 0.08455  0.08614  0.05681    0.0385   0.1296   0.1681
 dbratio     ROA    ROA1 debtcf1
 0.77083 0.11217 0.11487 0.01358

debt amount =   0.0068   investment =   0.0084   debt ratio =  0.80784
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.181080   maximum =   0.235403
old shareholders wealth =    0.0385    old bondholders =     0.1195
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.507181, k:agcpara = 0.14909933)
liq.cash: 10Y average (1Y) =   0.455071 ( 0.01925) : loss rate  0.1027
liq.cash: 10Y std.dev. (1Y) =   0.235403 ( 0.00996)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3495 0.32690   0.09265 0.08552  0.08724  0.05804    0.0401   0.1263   0.1664
 dbratio     ROA    ROA1 debtcf1
 0.75874 0.11569 0.11789 0.01501

TOSYOU CODE: 7976    422
debtcashflow initial values:   0.000010   0.496752
stddev initial values:   0.000010   0.496752
ecfconst solution invest:   0.604675   0.846545
debt cf solution invest: 0.19592800 0.28873600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.26237
data: equity =   0.085073  debt =   0.080511  firm =   0.165584

agency cost: EZC - k L (EZC:ecfconst =   0.604675, k:agcpara = 0.27180433)
liq.cash: 10Y average (1Y) =   0.548618 ( 0.02441) : loss rate  0.0927
liq.cash: 10Y std.dev. (1Y) =   0.296663 ( 0.01320)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2062 0.12423   0.10488 0.08820  0.09677  0.07747    0.0851   0.0805   0.1656
 dbratio     ROA    ROA1 debtcf1
 0.48622 0.14741 0.13828 0.00835

debt amount =   0.0083   investment =   0.0083   debt ratio =  1.00000
RRR on investment =  0.126442      after tax =  0.069543
search range of Y std.dev.:   minimum =   0.310023   maximum =   0.403030
old shareholders wealth =    0.0851    old bondholders =     0.0724
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.631907, k:agcpara = 0.27180433)
liq.cash: 10Y average (1Y) =   0.569438 ( 0.02522) : loss rate  0.0989
liq.cash: 10Y std.dev. (1Y) =   0.403030 ( 0.01785)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2298 0.19972   0.10971 0.09158  0.10089  0.08083    0.0851   0.0807   0.1657
 dbratio     ROA    ROA1 debtcf1
 0.48669 0.15219 0.14320 0.00974

TOSYOU CODE: 4461    423
debtcashflow initial values:   0.000010   0.486315
stddev initial values:   0.000010   0.486315
ecfconst solution invest:   0.565464   0.791650
debt cf solution invest: 0.23858680 0.35160160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.11340
data: equity =   0.064428  debt =   0.097677  firm =   0.162105

agency cost: EZC - k L (EZC:ecfconst =   0.565464, k:agcpara = 0.23118138)
liq.cash: 10Y average (1Y) =   0.507404 ( 0.02220) : loss rate  0.1027
liq.cash: 10Y std.dev. (1Y) =   0.251995 ( 0.01103)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2511 0.15459   0.10551 0.08785  0.09487  0.07105    0.0644   0.0977   0.1621
 dbratio     ROA    ROA1 debtcf1
 0.60255 0.13698 0.13308 0.01021

debt amount =   0.0081   investment =   0.0081   debt ratio =  1.00000
RRR on investment =  0.096383      after tax =  0.053011
search range of Y std.dev.:   minimum =   0.261060   maximum =   0.339378
old shareholders wealth =    0.0644    old bondholders =     0.0880
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.585806, k:agcpara = 0.23118138)
liq.cash: 10Y average (1Y) =   0.522396 ( 0.02285) : loss rate  0.1082
liq.cash: 10Y std.dev. (1Y) =   0.339378 ( 0.01484)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2743 0.23237   0.11012 0.09106  0.09871  0.07418    0.0644   0.0961   0.1605
 dbratio     ROA    ROA1 debtcf1
 0.59854 0.14237 0.13823 0.01167

TOSYOU CODE: 5931    424
debtcashflow initial values:   0.000010   0.482238
stddev initial values:   0.000010   0.482238
ecfconst solution invest:   0.661237   0.925732
debt cf solution invest: 0.16417805 0.24194660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22166
data: equity =   0.090713  debt =   0.070033  firm =   0.160746

agency cost: EZC - k L (EZC:ecfconst =   0.661237, k:agcpara = 0.29637614)
liq.cash: 10Y average (1Y) =   0.610018 ( 0.02732) : loss rate  0.0775
liq.cash: 10Y std.dev. (1Y) =   0.292490 ( 0.01310)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1728 0.06749   0.12024 0.08878  0.10653  0.08913    0.0907   0.0700   0.1607
 dbratio     ROA    ROA1 debtcf1
 0.43568 0.16995 0.15192 0.00680

debt amount =   0.0080   investment =   0.0080   debt ratio =  1.00000
RRR on investment =  0.144195      after tax =  0.079307
search range of Y std.dev.:   minimum =   0.306163   maximum =   0.398012
old shareholders wealth =    0.0907    old bondholders =     0.0695
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.692148, k:agcpara = 0.29637614)
liq.cash: 10Y average (1Y) =   0.635005 ( 0.02837) : loss rate  0.0826
liq.cash: 10Y std.dev. (1Y) =   0.306163 ( 0.01368)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1928 0.07432   0.12153 0.08919  0.10663  0.08813    0.0907   0.0775   0.1682
 dbratio     ROA    ROA1 debtcf1
 0.46083 0.16862 0.15193 0.00762

TOSYOU CODE: 6313    425
debtcashflow initial values:   0.000010   0.481310
stddev initial values:   0.000010   0.481310
ecfconst solution invest:   0.476344   0.666882
debt cf solution invest: 0.17073020 0.25160240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07828  std.dev = 0.10079  lambda =  -0.92575
riskless rate of interest = 0.08296  correlation =  0.28421
data: equity =   0.095769  debt =   0.064668  firm =   0.160437

agency cost: EZC - k L (EZC:ecfconst =   0.476344, k:agcpara = 0.29421020)
liq.cash: 10Y average (1Y) =   0.423470 ( 0.01841) : loss rate  0.1110
liq.cash: 10Y std.dev. (1Y) =   0.386840 ( 0.01682)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1797 0.26431   0.07539 0.07951  0.07705  0.06263    0.0958   0.0647   0.1604
 dbratio     ROA    ROA1 debtcf1
 0.40308 0.11477 0.11497 0.00796

debt amount =   0.0000   investment =   0.0080   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.377466   maximum =   0.490706
old shareholders wealth =    0.0958    old bondholders =     0.0602
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.464801, k:agcpara = 0.29421020)
liq.cash: 10Y average (1Y) =   0.411927 ( 0.01743) : loss rate  0.1138
liq.cash: 10Y std.dev. (1Y) =   0.490706 ( 0.02076)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1797 0.31803   0.07474 0.07875  0.07621  0.06320    0.1038   0.0602   0.1640
 dbratio     ROA    ROA1 debtcf1
 0.36708 0.10626 0.10980 0.00830

TOSYOU CODE: 7305    426
debtcashflow initial values:   0.000010   0.475049
stddev initial values:   0.000010   0.475049
ecfconst solution invest:   0.479845   0.671783
debt cf solution invest: 0.18906710 0.27862520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10690  std.dev = 0.08022  lambda =   8.80057
riskless rate of interest = 0.08178  correlation = -0.02064
data: equity =   0.084499  debt =   0.073851  firm =   0.158350

agency cost: EZC - k L (EZC:ecfconst =   0.479845, k:agcpara = 0.27165059)
liq.cash: 10Y average (1Y) =   0.425782 ( 0.01857) : loss rate  0.1127
liq.cash: 10Y std.dev. (1Y) =   0.331680 ( 0.01446)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1990 0.24709   0.07767 0.08008  0.07880  0.06199    0.0845   0.0739   0.1584
 dbratio     ROA    ROA1 debtcf1
 0.46638 0.11725 0.11724 0.00864

debt amount =   0.0000   investment =   0.0079   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.328434   maximum =   0.426965
old shareholders wealth =    0.0845    old bondholders =     0.0686
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.475149, k:agcpara = 0.27165059)
liq.cash: 10Y average (1Y) =   0.421086 ( 0.01810) : loss rate  0.1138
liq.cash: 10Y std.dev. (1Y) =   0.426965 ( 0.01835)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1990 0.30149   0.07729 0.07965  0.07830  0.06302    0.0924   0.0686   0.1610
 dbratio     ROA    ROA1 debtcf1
 0.42611 0.11238 0.11427 0.00902

TOSYOU CODE: 5454    427
debtcashflow initial values:   0.000010   0.468174
stddev initial values:   0.000010   0.468174
ecfconst solution invest:   0.625258   0.875361
debt cf solution invest: 0.23011660 0.33911920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.27810
data: equity =   0.057555  debt =   0.098503  firm =   0.156058

agency cost: EZC - k L (EZC:ecfconst =   0.625258, k:agcpara = 0.24397358)
liq.cash: 10Y average (1Y) =   0.566161 ( 0.02494) : loss rate  0.0945
liq.cash: 10Y std.dev. (1Y) =   0.227293 ( 0.01001)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2422 0.07705   0.13593 0.08926  0.10647  0.08112    0.0576   0.0985   0.1561
 dbratio     ROA    ROA1 debtcf1
 0.63119 0.15984 0.14889 0.00949

debt amount =   0.0078   investment =   0.0078   debt ratio =  1.00000
RRR on investment =  0.139377      after tax =  0.076657
search range of Y std.dev.:   minimum =   0.237751   maximum =   0.309077
old shareholders wealth =    0.0576    old bondholders =     0.0979
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.654027, k:agcpara = 0.24397358)
liq.cash: 10Y average (1Y) =   0.590218 ( 0.02596) : loss rate  0.0976
liq.cash: 10Y std.dev. (1Y) =   0.237751 ( 0.01046)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2615 0.08342   0.13762 0.08964  0.10656  0.08044    0.0576   0.1057   0.1632
 dbratio     ROA    ROA1 debtcf1
 0.64739 0.15905 0.14890 0.01028

TOSYOU CODE: 7236    428
debtcashflow initial values:   0.000010   0.461518
stddev initial values:   0.000010   0.461518
ecfconst solution invest:   0.753795   1.055313
debt cf solution invest: 0.08634835 0.12725020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35198
data: equity =   0.115195  debt =   0.038644  firm =   0.153839

agency cost: EZC - k L (EZC:ecfconst =   0.753795, k:agcpara = 0.35844564)
liq.cash: 10Y average (1Y) =   0.721215 ( 0.03222) : loss rate  0.0432
liq.cash: 10Y std.dev. (1Y) =   0.314033 ( 0.01403)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0909 0.02237   0.13204 0.08702  0.12073  0.11089    0.1152   0.0386   0.1538
 dbratio     ROA    ROA1 debtcf1
 0.25120 0.20942 0.17225 0.00349

debt amount =   0.0077   investment =   0.0077   debt ratio =  1.00000
RRR on investment =  0.168768      after tax =  0.092822
search range of Y std.dev.:   minimum =   0.329275   maximum =   0.428057
old shareholders wealth =    0.1152    old bondholders =     0.0384
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.790381, k:agcpara = 0.35844564)
liq.cash: 10Y average (1Y) =   0.751276 ( 0.03352) : loss rate  0.0495
liq.cash: 10Y std.dev. (1Y) =   0.329275 ( 0.01469)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1091 0.02557   0.13391 0.08746  0.12064  0.10939    0.1152   0.0461   0.1613
 dbratio     ROA    ROA1 debtcf1
 0.28579 0.20780 0.17226 0.00420

TOSYOU CODE: 6381    429
debtcashflow initial values:   0.000010   0.460158
stddev initial values:   0.000010   0.460158
ecfconst solution invest:   0.685637   0.959892
debt cf solution invest: 0.13110665 0.19320980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.28744
data: equity =   0.096180  debt =   0.057206  firm =   0.153386

agency cost: EZC - k L (EZC:ecfconst =   0.685637, k:agcpara = 0.32268406)
liq.cash: 10Y average (1Y) =   0.641104 ( 0.02874) : loss rate  0.0650
liq.cash: 10Y std.dev. (1Y) =   0.291364 ( 0.01306)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1380 0.04211   0.12778 0.08826  0.11304  0.09823    0.0962   0.0572   0.1534
 dbratio     ROA    ROA1 debtcf1
 0.37296 0.18738 0.16153 0.00536

debt amount =   0.0077   investment =   0.0077   debt ratio =  1.00000
RRR on investment =  0.155594      after tax =  0.085577
search range of Y std.dev.:   minimum =   0.305204   maximum =   0.396766
old shareholders wealth =    0.0962    old bondholders =     0.0568
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.718206, k:agcpara = 0.32268406)
liq.cash: 10Y average (1Y) =   0.667662 ( 0.02987) : loss rate  0.0704
liq.cash: 10Y std.dev. (1Y) =   0.305204 ( 0.01366)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1566 0.04703   0.12941 0.08869  0.11307  0.09705    0.0962   0.0645   0.1607
 dbratio     ROA    ROA1 debtcf1
 0.40134 0.18595 0.16154 0.00610

TOSYOU CODE: 5975    430
debtcashflow initial values:   0.000010   0.459922
stddev initial values:   0.000010   0.459922
ecfconst solution invest:   0.767236   1.074130
debt cf solution invest: 0.04592395 0.06767740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.35298
data: equity =   0.132522  debt =   0.020785  firm =   0.153307

agency cost: EZC - k L (EZC:ecfconst =   0.767236, k:agcpara = 0.37690307)
liq.cash: 10Y average (1Y) =   0.749016 ( 0.03348) : loss rate  0.0237
liq.cash: 10Y std.dev. (1Y) =   0.329492 ( 0.01473)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0483 0.01673   0.12863 0.08623  0.12288  0.11762    0.1325   0.0208   0.1533
 dbratio     ROA    ROA1 debtcf1
 0.13558 0.21836 0.17473 0.00185

debt amount =   0.0077   investment =   0.0077   debt ratio =  1.00000
RRR on investment =  0.172709      after tax =  0.094990
search range of Y std.dev.:   minimum =   0.345686   maximum =   0.449392
old shareholders wealth =    0.1325    old bondholders =     0.0206
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.804944, k:agcpara = 0.37690307)
liq.cash: 10Y average (1Y) =   0.779958 ( 0.03481) : loss rate  0.0310
liq.cash: 10Y std.dev. (1Y) =   0.345686 ( 0.01543)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0663 0.01949   0.13045 0.08673  0.12275  0.11588    0.1325   0.0283   0.1608
 dbratio     ROA    ROA1 debtcf1
 0.17599 0.21647 0.17474 0.00254

TOSYOU CODE: 7250    431
debtcashflow initial values:   0.000010   0.457606
stddev initial values:   0.000010   0.457606
ecfconst solution invest:   0.666180   0.932652
debt cf solution invest: 0.08259205 0.12171460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.23831
data: equity =   0.116463  debt =   0.036072  firm =   0.152535

agency cost: EZC - k L (EZC:ecfconst =   0.666180, k:agcpara = 0.34379141)
liq.cash: 10Y average (1Y) =   0.636291 ( 0.02885) : loss rate  0.0449
liq.cash: 10Y std.dev. (1Y) =   0.314982 ( 0.01428)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0869 0.04057   0.11766 0.08773  0.11058  0.10124    0.1165   0.0361   0.1525
 dbratio     ROA    ROA1 debtcf1
 0.23648 0.18913 0.15884 0.00338

debt amount =   0.0076   investment =   0.0076   debt ratio =  1.00000
RRR on investment =  0.154642      after tax =  0.085053
search range of Y std.dev.:   minimum =   0.330170   maximum =   0.429221
old shareholders wealth =    0.1165    old bondholders =     0.0358
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.698303, k:agcpara = 0.34379141)
liq.cash: 10Y average (1Y) =   0.662043 ( 0.02994) : loss rate  0.0519
liq.cash: 10Y std.dev. (1Y) =   0.330170 ( 0.01493)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1055 0.04593   0.11899 0.08818  0.11063  0.09985    0.1165   0.0434   0.1599
 dbratio     ROA    ROA1 debtcf1
 0.27152 0.18728 0.15885 0.00412

TOSYOU CODE: 2540    432
debtcashflow initial values:   0.000010   0.453639
stddev initial values:   0.000010   0.453639
ecfconst solution invest:   0.532431   0.745403
debt cf solution invest: 0.04754465 0.07006580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.22083
data: equity =   0.131307  debt =   0.019906  firm =   0.151213

agency cost: EZC - k L (EZC:ecfconst =   0.532431, k:agcpara = 0.35192184)
liq.cash: 10Y average (1Y) =   0.514818 ( 0.02383) : loss rate  0.0331
liq.cash: 10Y std.dev. (1Y) =   0.357115 ( 0.01653)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0500 0.09655   0.09171 0.08551  0.09089  0.08583    0.1313   0.0199   0.1512
 dbratio     ROA    ROA1 debtcf1
 0.13164 0.15760 0.13414 0.00203

debt amount =   0.0076   investment =   0.0076   debt ratio =  1.00000
RRR on investment =  0.099166      after tax =  0.054541
search range of Y std.dev.:   minimum =   0.370169   maximum =   0.481219
old shareholders wealth =    0.1313    old bondholders =     0.0180
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.551893, k:agcpara = 0.35192184)
liq.cash: 10Y average (1Y) =   0.526887 ( 0.02404) : loss rate  0.0453
liq.cash: 10Y std.dev. (1Y) =   0.481219 ( 0.02196)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0711 0.17176   0.09377 0.08720  0.09270  0.08630    0.1313   0.0256   0.1569
 dbratio     ROA    ROA1 debtcf1
 0.16300 0.15325 0.13404 0.00303

TOSYOU CODE: 3007    433
debtcashflow initial values:   0.000010   0.452903
stddev initial values:   0.000010   0.452903
ecfconst solution invest:   0.512394   0.717352
debt cf solution invest: 0.25023285 0.36876420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.26632
data: equity =   0.048455  debt =   0.102513  firm =   0.150968

agency cost: EZC - k L (EZC:ecfconst =   0.512394, k:agcpara = 0.20102041)
liq.cash: 10Y average (1Y) =   0.459445 ( 0.01986) : loss rate  0.1033
liq.cash: 10Y std.dev. (1Y) =   0.205399 ( 0.00888)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2634 0.16993   0.10829 0.08821  0.09465  0.06770    0.0485   0.1025   0.1510
 dbratio     ROA    ROA1 debtcf1
 0.67904 0.13153 0.12998 0.01068

debt amount =   0.0075   investment =   0.0075   debt ratio =  1.00000
RRR on investment =  0.089212      after tax =  0.049066
search range of Y std.dev.:   minimum =   0.212511   maximum =   0.276264
old shareholders wealth =    0.0485    old bondholders =     0.0926
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.530135, k:agcpara = 0.20102041)
liq.cash: 10Y average (1Y) =   0.472868 ( 0.02049) : loss rate  0.1080
liq.cash: 10Y std.dev. (1Y) =   0.276264 ( 0.01197)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2849 0.24811   0.11320 0.09147  0.09855  0.07082    0.0485   0.1001   0.1486
 dbratio     ROA    ROA1 debtcf1
 0.67388 0.13790 0.13565 0.01208

TOSYOU CODE: 6242    434
debtcashflow initial values:   0.000010   0.449315
stddev initial values:   0.000010   0.449315
ecfconst solution invest:   0.596465   0.835051
debt cf solution invest: 0.17578135 0.25904620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.20749
data: equity =   0.075460  debt =   0.074312  firm =   0.149772

agency cost: EZC - k L (EZC:ecfconst =   0.596465, k:agcpara = 0.27714419)
liq.cash: 10Y average (1Y) =   0.545184 ( 0.02428) : loss rate  0.0860
liq.cash: 10Y std.dev. (1Y) =   0.258760 ( 0.01153)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1850 0.08199   0.11969 0.08900  0.10446  0.08459    0.0755   0.0743   0.1498
 dbratio     ROA    ROA1 debtcf1
 0.49617 0.16215 0.14820 0.00732

debt amount =   0.0075   investment =   0.0075   debt ratio =  1.00000
RRR on investment =  0.139332      after tax =  0.076633
search range of Y std.dev.:   minimum =   0.270733   maximum =   0.351953
old shareholders wealth =    0.0755    old bondholders =     0.0737
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.624065, k:agcpara = 0.27714419)
liq.cash: 10Y average (1Y) =   0.567576 ( 0.02522) : loss rate  0.0905
liq.cash: 10Y std.dev. (1Y) =   0.270733 ( 0.01203)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2038 0.08954   0.12092 0.08938  0.10457  0.08372    0.0755   0.0812   0.1567
 dbratio     ROA    ROA1 debtcf1
 0.51841 0.16097 0.14820 0.00809

TOSYOU CODE: 6208    435
debtcashflow initial values:   0.000010   0.447907
stddev initial values:   0.000010   0.447907
ecfconst solution invest:   0.616916   0.863682
debt cf solution invest: 0.15531930 0.22889160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.22837
data: equity =   0.082980  debt =   0.066322  firm =   0.149302

agency cost: EZC - k L (EZC:ecfconst =   0.616916, k:agcpara = 0.29507243)
liq.cash: 10Y average (1Y) =   0.568673 ( 0.02545) : loss rate  0.0782
liq.cash: 10Y std.dev. (1Y) =   0.269649 ( 0.01207)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1635 0.06647   0.12149 0.08883  0.10698  0.08922    0.0830   0.0663   0.1493
 dbratio     ROA    ROA1 debtcf1
 0.44421 0.17043 0.15243 0.00643

debt amount =   0.0075   investment =   0.0075   debt ratio =  1.00000
RRR on investment =  0.144651      after tax =  0.079558
search range of Y std.dev.:   minimum =   0.282248   maximum =   0.366923
old shareholders wealth =    0.0830    old bondholders =     0.0658
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.645741, k:agcpara = 0.29507243)
liq.cash: 10Y average (1Y) =   0.592027 ( 0.02643) : loss rate  0.0832
liq.cash: 10Y std.dev. (1Y) =   0.282248 ( 0.01260)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1820 0.07317   0.12282 0.08923  0.10707  0.08824    0.0830   0.0733   0.1563
 dbratio     ROA    ROA1 debtcf1
 0.46898 0.16913 0.15244 0.00718

TOSYOU CODE: 6217    436
debtcashflow initial values:   0.000010   0.445552
stddev initial values:   0.000010   0.445552
ecfconst solution invest:   0.538639   0.754095
debt cf solution invest: 0.11330650 0.16697800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09143  std.dev = 0.09783  lambda =   1.91262
riskless rate of interest = 0.08280  correlation =  0.34100
data: equity =   0.101721  debt =   0.046796  firm =   0.148517

agency cost: EZC - k L (EZC:ecfconst =   0.538639, k:agcpara = 0.31551825)
liq.cash: 10Y average (1Y) =   0.501007 ( 0.02273) : loss rate  0.0699
liq.cash: 10Y std.dev. (1Y) =   0.310074 ( 0.01407)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1193 0.10914   0.09759 0.08701  0.09425  0.08192    0.1017   0.0468   0.1485
 dbratio     ROA    ROA1 debtcf1
 0.31508 0.15308 0.13750 0.00484

debt amount =   0.0074   investment =   0.0074   debt ratio =  1.00000
RRR on investment =  0.115994      after tax =  0.063797
search range of Y std.dev.:   minimum =   0.322884   maximum =   0.419749
old shareholders wealth =    0.1017    old bondholders =     0.0422
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.560891, k:agcpara = 0.31551825)
liq.cash: 10Y average (1Y) =   0.516637 ( 0.02323) : loss rate  0.0789
liq.cash: 10Y std.dev. (1Y) =   0.419749 ( 0.01887)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1403 0.18495   0.10092 0.08953  0.09719  0.08398    0.1017   0.0496   0.1513
 dbratio     ROA    ROA1 debtcf1
 0.32790 0.15349 0.13996 0.00598

TOSYOU CODE: 6218    437
debtcashflow initial values:   0.000010   0.445086
stddev initial values:   0.000010   0.445086
ecfconst solution invest:   0.590899   0.827259
debt cf solution invest: 0.15000690 0.22106280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11290  std.dev = 0.09463  lambda =   7.91221
riskless rate of interest = 0.08233  correlation =  0.18849
data: equity =   0.084906  debt =   0.063456  firm =   0.148362

agency cost: EZC - k L (EZC:ecfconst =   0.590899, k:agcpara = 0.29407502)
liq.cash: 10Y average (1Y) =   0.544464 ( 0.02441) : loss rate  0.0786
liq.cash: 10Y std.dev. (1Y) =   0.272970 ( 0.01224)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1579 0.07837   0.11498 0.08864  0.10371  0.08666    0.0849   0.0635   0.1484
 dbratio     ROA    ROA1 debtcf1
 0.42771 0.16456 0.14820 0.00626

debt amount =   0.0074   investment =   0.0074   debt ratio =  1.00000
RRR on investment =  0.140241      after tax =  0.077133
search range of Y std.dev.:   minimum =   0.285701   maximum =   0.371411
old shareholders wealth =    0.0849    old bondholders =     0.0629
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.618458, k:agcpara = 0.29407502)
liq.cash: 10Y average (1Y) =   0.566550 ( 0.02534) : loss rate  0.0839
liq.cash: 10Y std.dev. (1Y) =   0.285701 ( 0.01278)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1765 0.08610   0.11609 0.08902  0.10382  0.08567    0.0849   0.0704   0.1553
 dbratio     ROA    ROA1 debtcf1
 0.45316 0.16318 0.14821 0.00702

TOSYOU CODE: 3302    438
debtcashflow initial values:   0.000010   0.440904
stddev initial values:   0.000010   0.440904
ecfconst solution invest:   0.510749   0.715049
debt cf solution invest: 0.21734480 0.32029760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09767  std.dev = 0.09714  lambda =   3.45498
riskless rate of interest = 0.08269  correlation =  0.23406
data: equity =   0.058558  debt =   0.088410  firm =   0.146968

agency cost: EZC - k L (EZC:ecfconst =   0.510749, k:agcpara = 0.23201129)
liq.cash: 10Y average (1Y) =   0.457669 ( 0.02002) : loss rate  0.1039
liq.cash: 10Y std.dev. (1Y) =   0.231026 ( 0.01010)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2288 0.16091   0.10427 0.08800  0.09448  0.07066    0.0586   0.0884   0.1470
 dbratio     ROA    ROA1 debtcf1
 0.60156 0.13620 0.13266 0.00933

debt amount =   0.0073   investment =   0.0073   debt ratio =  1.00000
RRR on investment =  0.084821      after tax =  0.046652
search range of Y std.dev.:   minimum =   0.238529   maximum =   0.310088
old shareholders wealth =    0.0586    old bondholders =     0.0796
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   0.527336, k:agcpara = 0.23201129)
liq.cash: 10Y average (1Y) =   0.469357 ( 0.02051) : loss rate  0.1099
liq.cash: 10Y std.dev. (1Y) =   0.310088 ( 0.01355)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2499 0.23956   0.10846 0.09099  0.09802  0.07355    0.0586   0.0870   0.1455
 dbratio     ROA    ROA1 debtcf1
 0.59763 0.14095 0.13740 0.01067

