TOSYOU CODE: 7203      1
debtcashflow initial values:   0.000010 172.707169
stddev initial values:   0.000010 172.707169
ecfconst solution invest: 189.079281 264.710993
debt cf solution invest: 8.52722375 12.56643500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11539  std.dev = 0.17105  lambda =   3.99999
riskless rate of interest = 0.06113  correlation =  0.26721
data: equity =  52.749736  debt =   4.819320  firm =  57.569056

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

debt amount =   2.8785   investment =   2.8785   debt ratio =  1.00000
RRR on investment =  0.125591      after tax =  0.069075
search range of Y std.dev.:   minimum =  81.555874   maximum = 106.022636
old shareholders wealth =   52.7497    old bondholders =     4.7898
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst = 198.475764, k:agcpara = 0.30569835)
liq.cash: 10Y average (1Y) = 194.082817 ( 9.03477) : loss rate  0.0221
liq.cash: 10Y std.dev. (1Y) =  81.555875 ( 3.79652)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.3702 0.01378   0.08749 0.06334  0.08442  0.08081   52.7497   7.6683  60.4180
 dbratio     ROA    ROA1 debtcf1
 0.12692 0.14954 0.12630 0.50053

TOSYOU CODE: 5401      2
debtcashflow initial values:   0.000010 133.868793
stddev initial values:   0.000010 133.868793
ecfconst solution invest: 138.142848 193.399987
debt cf solution invest: 31.60262685 46.57229220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38955
data: equity =  27.493657  debt =  17.129274  firm =  44.622931

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

debt amount =   2.2311   investment =   2.2311   debt ratio =  1.00000
RRR on investment =  0.113466      after tax =  0.062406
search range of Y std.dev.:   minimum =  62.276371   maximum =  80.959283
old shareholders wealth =   27.4937    old bondholders =    17.0052
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst = 144.678653, k:agcpara = 0.22253427)
liq.cash: 10Y average (1Y) = 136.304571 ( 6.16163) : loss rate  0.0579
liq.cash: 10Y std.dev. (1Y) =  62.276372 ( 2.81520)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 37.6305 0.05655   0.09214 0.06444  0.08074  0.06880   27.4937  19.2364  46.7300
 dbratio     ROA    ROA1 debtcf1
 0.41165 0.13186 0.11965 1.36671

TOSYOU CODE: 6501      3
debtcashflow initial values:   0.000010 118.917160
stddev initial values:   0.000010 118.917160
ecfconst solution invest: 115.941668 162.318335
debt cf solution invest: 11.97746130 17.65099560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.23187
data: equity =  33.142507  debt =   6.496546  firm =  39.639053

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

debt amount =   1.9820   investment =   1.9820   debt ratio =  1.00000
RRR on investment =  0.109697      after tax =  0.060333
search range of Y std.dev.:   minimum =  65.219012   maximum =  84.784715
old shareholders wealth =   33.1425    old bondholders =     6.4291
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst = 121.553903, k:agcpara = 0.25296089)
liq.cash: 10Y average (1Y) = 117.381425 ( 5.37273) : loss rate  0.0343
liq.cash: 10Y std.dev. (1Y) =  65.219012 ( 2.98518)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 16.4946 0.06094   0.07740 0.06306  0.07450  0.06875   33.1425   8.4111  41.5536
 dbratio     ROA    ROA1 debtcf1
 0.20242 0.12930 0.11331 0.60451

TOSYOU CODE: 6752      4
debtcashflow initial values:   0.000010 115.071539
stddev initial values:   0.000010 115.071539
ecfconst solution invest: 110.538508 154.753911
debt cf solution invest: 6.87577035 10.13271420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.18118
data: equity =  34.477310  debt =   3.879870  firm =  38.357180

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

debt amount =   1.9179   investment =   1.9179   debt ratio =  1.00000
RRR on investment =  0.110309      after tax =  0.060670
search range of Y std.dev.:   minimum =  55.041032   maximum =  71.553342
old shareholders wealth =   34.4773    old bondholders =     3.8474
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst = 115.999296, k:agcpara = 0.28260458)
liq.cash: 10Y average (1Y) = 112.934298 ( 5.18522) : loss rate  0.0264
liq.cash: 10Y std.dev. (1Y) =  55.041032 ( 2.52713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8455 0.03181   0.07497 0.06179  0.07308  0.06910   34.4773   5.7652  40.2425
 dbratio     ROA    ROA1 debtcf1
 0.14326 0.12885 0.11167 0.38220

TOSYOU CODE: 7011      5
debtcashflow initial values:   0.000010  89.493116
stddev initial values:   0.000010  89.493116
ecfconst solution invest:  95.617518 133.864525
debt cf solution invest: 16.06660900 23.67710800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41169
data: equity =  21.054258  debt =   8.776781  firm =  29.831039

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

debt amount =   1.4916   investment =   1.4916   debt ratio =  1.00000
RRR on investment =  0.118719      after tax =  0.065295
search range of Y std.dev.:   minimum =  44.741759   maximum =  58.164287
old shareholders wealth =   21.0542    old bondholders =     8.7113
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst = 100.197321, k:agcpara = 0.24070789)
liq.cash: 10Y average (1Y) =  95.429393 ( 4.36699) : loss rate  0.0476
liq.cash: 10Y std.dev. (1Y) =  44.741759 ( 2.04745)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 19.8079 0.04550   0.09212 0.06420  0.08300  0.07357   21.0542  10.2028  31.2571
 dbratio     ROA    ROA1 debtcf1
 0.32642 0.13971 0.12355 0.71447

TOSYOU CODE: 7201      6
debtcashflow initial values:   0.000010  87.471090
stddev initial values:   0.000010  87.471090
ecfconst solution invest:  95.019231 133.026923
debt cf solution invest: 16.57020020 24.41924240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44673
data: equity =  20.082810  debt =   9.074220  firm =  29.157030

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

debt amount =   1.4579   investment =   1.4579   debt ratio =  1.00000
RRR on investment =  0.120495      after tax =  0.066272
search range of Y std.dev.:   minimum =  43.259386   maximum =  56.237202
old shareholders wealth =   20.0828    old bondholders =     9.0095
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  99.567138, k:agcpara = 0.24016451)
liq.cash: 10Y average (1Y) =  94.700272 ( 4.33558) : loss rate  0.0489
liq.cash: 10Y std.dev. (1Y) =  43.259386 ( 1.98051)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 20.2647 0.04265   0.09497 0.06426  0.08445  0.07454   20.0828  10.4673  30.5501
 dbratio     ROA    ROA1 debtcf1
 0.34263 0.14192 0.12541 0.72858

TOSYOU CODE: 6701      7
debtcashflow initial values:   0.000010  87.067963
stddev initial values:   0.000010  87.067963
ecfconst solution invest:  82.373622 115.323071
debt cf solution invest: 14.35543860 21.15538320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20688
data: equity =  21.334116  debt =   7.688538  firm =  29.022654

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

debt amount =   1.4511   investment =   1.4511   debt ratio =  1.00000
RRR on investment =  0.104859      after tax =  0.057672
search range of Y std.dev.:   minimum =  44.796272   maximum =  58.235153
old shareholders wealth =   21.3341    old bondholders =     7.6203
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  86.307082, k:agcpara = 0.23622287)
liq.cash: 10Y average (1Y) =  82.057772 ( 3.69573) : loss rate  0.0492
liq.cash: 10Y std.dev. (1Y) =  44.796272 ( 2.01754)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.9886 0.07632   0.07639 0.06312  0.07243  0.06396   21.3341   9.0715  30.4056
 dbratio     ROA    ROA1 debtcf1
 0.29835 0.12155 0.10997 0.66668

TOSYOU CODE: 6502      8
debtcashflow initial values:   0.000010  86.849123
stddev initial values:   0.000010  86.849123
ecfconst solution invest:  92.374300 129.324020
debt cf solution invest: 12.05798235 17.76965820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38160
data: equity =  22.350430  debt =   6.599278  firm =  28.949708

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

debt amount =   1.4475   investment =   1.4475   debt ratio =  1.00000
RRR on investment =  0.119007      after tax =  0.065454
search range of Y std.dev.:   minimum =  45.429797   maximum =  59.058736
old shareholders wealth =   22.3504    old bondholders =     6.5452
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  96.830286, k:agcpara = 0.24969527)
liq.cash: 10Y average (1Y) =  92.960111 ( 4.27538) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =  45.429797 ( 2.08939)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.4996 0.04409   0.08887 0.06394  0.08230  0.07472   22.3504   7.9927  30.3432
 dbratio     ROA    ROA1 debtcf1
 0.26341 0.14090 0.12304 0.55907

TOSYOU CODE: 6702      9
debtcashflow initial values:   0.000010  77.668317
stddev initial values:   0.000010  77.668317
ecfconst solution invest:  74.304319 104.026047
debt cf solution invest: 14.16371625 20.87284500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.23051
data: equity =  18.301246  debt =   7.588193  firm =  25.889439

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

debt amount =   1.2945   investment =   1.2945   debt ratio =  1.00000
RRR on investment =  0.105732      after tax =  0.058153
search range of Y std.dev.:   minimum =  39.068232   maximum =  50.788701
old shareholders wealth =   18.3012    old bondholders =     7.5234
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  77.840969, k:agcpara = 0.23197961)
liq.cash: 10Y average (1Y) =  73.787256 ( 3.32055) : loss rate  0.0521
liq.cash: 10Y std.dev. (1Y) =  39.068232 ( 1.75814)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.4744 0.07474   0.07852 0.06342  0.07361  0.06433   18.3012   8.8179  27.1191
 dbratio     ROA    ROA1 debtcf1
 0.32515 0.12244 0.11120 0.64627

TOSYOU CODE: 5404     10
debtcashflow initial values:   0.000010  76.069061
stddev initial values:   0.000010  76.069061
ecfconst solution invest:  76.538503 107.153904
debt cf solution invest: 24.27193665 35.76916980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42687
data: equity =  12.212745  debt =  13.143608  firm =  25.356354

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

debt amount =   1.2678   investment =   1.2678   debt ratio =  1.00000
RRR on investment =  0.109132      after tax =  0.060023
search range of Y std.dev.:   minimum =  30.761980   maximum =  39.990574
old shareholders wealth =   12.2127    old bondholders =    13.0572
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  80.110326, k:agcpara = 0.19434330)
liq.cash: 10Y average (1Y) =  74.662848 ( 3.32201) : loss rate  0.0680
liq.cash: 10Y std.dev. (1Y) =  30.761980 ( 1.36871)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 28.0302 0.06477   0.09797 0.06468  0.08000  0.06429   12.2127  14.3250  26.5378
 dbratio     ROA    ROA1 debtcf1
 0.53980 0.12518 0.11682 1.01714

TOSYOU CODE: 5405     11
debtcashflow initial values:   0.000010  65.045962
stddev initial values:   0.000010  65.045962
ecfconst solution invest:  65.245662  91.343927
debt cf solution invest: 20.09427745 29.61261940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40715
data: equity =  10.821027  debt =  10.860961  firm =  21.681987

agency cost: EZC - k L (EZC:ecfconst =  65.245662, k:agcpara = 0.19725592)
liq.cash: 10Y average (1Y) =  61.073330 ( 2.72587) : loss rate  0.0639
liq.cash: 10Y std.dev. (1Y) =  25.664642 ( 1.14548)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 21.1519 0.05991   0.09472 0.06430  0.07948  0.06499   10.8210  10.8610  21.6820
 dbratio     ROA    ROA1 debtcf1
 0.50092 0.12572 0.11647 0.76511

debt amount =   1.0841   investment =   1.0841   debt ratio =  1.00000
RRR on investment =  0.108865      after tax =  0.059876
search range of Y std.dev.:   minimum =  26.863151   maximum =  34.922097
old shareholders wealth =   10.8210    old bondholders =    10.7877
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  68.292559, k:agcpara = 0.19725592)
liq.cash: 10Y average (1Y) =  63.700932 ( 2.83631) : loss rate  0.0672
liq.cash: 10Y std.dev. (1Y) =  26.863151 ( 1.19609)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 23.2775 0.06619   0.09597 0.06466  0.07959  0.06437   10.8210  11.8718  22.6928
 dbratio     ROA    ROA1 debtcf1
 0.52315 0.12499 0.11647 0.84658

TOSYOU CODE: 5406     12
debtcashflow initial values:   0.000010  63.932406
stddev initial values:   0.000010  63.932406
ecfconst solution invest:  61.031676  85.444346
debt cf solution invest: 20.60432865 30.36427380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32642
data: equity =  10.268040  debt =  11.042762  firm =  21.310802

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

debt amount =   1.0655   investment =   1.0655   debt ratio =  1.00000
RRR on investment =  0.102727      after tax =  0.056500
search range of Y std.dev.:   minimum =  25.732708   maximum =  33.452521
old shareholders wealth =   10.2680    old bondholders =    10.9647
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  63.864708, k:agcpara = 0.18723760)
liq.cash: 10Y average (1Y) =  59.409115 ( 2.61150) : loss rate  0.0698
liq.cash: 10Y std.dev. (1Y) =  25.732708 ( 1.13116)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 23.7965 0.08319   0.08948 0.06439  0.07594  0.06031   10.2680  12.0302  22.2983
 dbratio     ROA    ROA1 debtcf1
 0.53951 0.11712 0.11096 0.87443

TOSYOU CODE: 5403     13
debtcashflow initial values:   0.000010  63.330833
stddev initial values:   0.000010  63.330833
ecfconst solution invest:  62.786789  87.901505
debt cf solution invest: 16.80644335 24.76739020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34061
data: equity =  12.068138  debt =   9.042139  firm =  21.110278

agency cost: EZC - k L (EZC:ecfconst =  62.786789, k:agcpara = 0.21001318)
liq.cash: 10Y average (1Y) =  59.071447 ( 2.64825) : loss rate  0.0592
liq.cash: 10Y std.dev. (1Y) =  26.975055 ( 1.20933)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.6910 0.06251   0.08806 0.06405  0.07778  0.06543   12.0681   9.0420  21.1102
 dbratio     ROA    ROA1 debtcf1
 0.42833 0.12545 0.11516 0.64381

debt amount =   1.0555   investment =   1.0555   debt ratio =  1.00000
RRR on investment =  0.108143      after tax =  0.059479
search range of Y std.dev.:   minimum =  28.241295   maximum =  36.713683
old shareholders wealth =   12.0681    old bondholders =     8.9756
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  65.734072, k:agcpara = 0.21001318)
liq.cash: 10Y average (1Y) =  61.581815 ( 2.75291) : loss rate  0.0632
liq.cash: 10Y std.dev. (1Y) =  28.241295 ( 1.26248)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 19.7714 0.06937   0.08910 0.06440  0.07789  0.06473   12.0681  10.0312  22.0993
 dbratio     ROA    ROA1 debtcf1
 0.45391 0.12457 0.11517 0.72386

TOSYOU CODE: 6758     14
debtcashflow initial values:   0.000010  59.222352
stddev initial values:   0.000010  59.222352
ecfconst solution invest:  55.104535  77.146349
debt cf solution invest: 7.00028590 10.31621080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.12397
data: equity =  16.009707  debt =   3.731077  firm =  19.740784

agency cost: EZC - k L (EZC:ecfconst =  55.104535, k:agcpara = 0.25013247)
liq.cash: 10Y average (1Y) =  53.261378 ( 2.42125) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =  31.141350 ( 1.41568)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.3687 0.07028   0.07222 0.06272  0.07043  0.06509   16.0097   3.7312  19.7409
 dbratio     ROA    ROA1 debtcf1
 0.18901 0.12265 0.10811 0.27247

debt amount =   0.9870   investment =   0.9870   debt ratio =  1.00000
RRR on investment =  0.104006      after tax =  0.057203
search range of Y std.dev.:   minimum =  32.641721   maximum =  42.434237
old shareholders wealth =   16.0097    old bondholders =     3.6932
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  57.759437, k:agcpara = 0.25013247)
liq.cash: 10Y average (1Y) =  55.423681 ( 2.50789) : loss rate  0.0404
liq.cash: 10Y std.dev. (1Y) =  32.641721 ( 1.47702)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.3381 0.07900   0.07271 0.06300  0.07051  0.06410   16.0097   4.6802  20.6900
 dbratio     ROA    ROA1 debtcf1
 0.22621 0.12121 0.10812 0.34844

TOSYOU CODE: 6503     15
debtcashflow initial values:   0.000010  56.441851
stddev initial values:   0.000010  56.441851
ecfconst solution invest:  60.244259  84.341963
debt cf solution invest: 10.37646810 15.29163720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41244
data: equity =  13.148271  debt =   5.665679  firm =  18.813950

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

debt amount =   0.9407   investment =   0.9407   debt ratio =  1.00000
RRR on investment =  0.118511      after tax =  0.065181
search range of Y std.dev.:   minimum =  28.088774   maximum =  36.515406
old shareholders wealth =   13.1483    old bondholders =     5.6236
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  63.127299, k:agcpara = 0.23954472)
liq.cash: 10Y average (1Y) =  60.073174 ( 2.74718) : loss rate  0.0484
liq.cash: 10Y std.dev. (1Y) =  28.088774 ( 1.28451)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.7497 0.04602   0.09231 0.06423  0.08296  0.07333   13.1483   6.5643  19.7125
 dbratio     ROA    ROA1 debtcf1
 0.33300 0.13936 0.12343 0.46004

TOSYOU CODE: 5001     16
debtcashflow initial values:   0.000010  53.662786
stddev initial values:   0.000010  53.662786
ecfconst solution invest:  58.733980  82.227572
debt cf solution invest: 11.59541120 17.08797440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.48031
data: equity =  11.531085  debt =   6.356510  firm =  17.887595

agency cost: EZC - k L (EZC:ecfconst =  58.733980, k:agcpara = 0.23481408)
liq.cash: 10Y average (1Y) =  55.867911 ( 2.55774) : loss rate  0.0488
liq.cash: 10Y std.dev. (1Y) =  24.506402 ( 1.12195)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.2057 0.03740   0.09691 0.06395  0.08520  0.07497   11.5311   6.3564  17.8875
 dbratio     ROA    ROA1 debtcf1
 0.35536 0.14299 0.12625 0.43560

debt amount =   0.8944   investment =   0.8944   debt ratio =  1.00000
RRR on investment =  0.120912      after tax =  0.066502
search range of Y std.dev.:   minimum =  25.674897   maximum =  33.377366
old shareholders wealth =   11.5311    old bondholders =     6.3133
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  61.534488, k:agcpara = 0.23481408)
liq.cash: 10Y average (1Y) =  58.262397 ( 2.66088) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =  25.674897 ( 1.17259)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.9348 0.04213   0.09833 0.06436  0.08526  0.07412   11.5311   7.2077  18.7388
 dbratio     ROA    ROA1 debtcf1
 0.38464 0.14200 0.12626 0.50002

TOSYOU CODE: 5201     17
debtcashflow initial values:   0.000010  52.032321
stddev initial values:   0.000010  52.032321
ecfconst solution invest:  57.210694  80.094972
debt cf solution invest: 2.98589750 4.40027000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.48568
data: equity =  15.630055  debt =   1.714052  firm =  17.344107

agency cost: EZC - k L (EZC:ecfconst =  57.210694, k:agcpara = 0.29778326)
liq.cash: 10Y average (1Y) =  56.274746 ( 2.62673) : loss rate  0.0164
liq.cash: 10Y std.dev. (1Y) =  22.874617 ( 1.06771)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1431 0.01010   0.08736 0.06143  0.08480  0.08207   15.6301   1.7141  17.3441
 dbratio     ROA    ROA1 debtcf1
 0.09883 0.15145 0.12676 0.10769

debt amount =   0.8672   investment =   0.8672   debt ratio =  1.00000
RRR on investment =  0.125912      after tax =  0.069252
search range of Y std.dev.:   minimum =  24.009742   maximum =  31.212664
old shareholders wealth =   15.6301    old bondholders =     1.7041
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  60.049705, k:agcpara = 0.29778326)
liq.cash: 10Y average (1Y) =  58.637467 ( 2.72829) : loss rate  0.0235
liq.cash: 10Y std.dev. (1Y) =  24.009742 ( 1.11713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7425 0.01239   0.08858 0.06180  0.08480  0.08087   15.6301   2.5713  18.2014
 dbratio     ROA    ROA1 debtcf1
 0.14127 0.14989 0.12678 0.16333

TOSYOU CODE: 7267     18
debtcashflow initial values:   0.000010  51.043083
stddev initial values:   0.000010  51.043083
ecfconst solution invest:  48.604291  68.046007
debt cf solution invest: 4.95419965 7.30092580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.18877
data: equity =  14.338575  debt =   2.675786  firm =  17.014361

agency cost: EZC - k L (EZC:ecfconst =  48.604291, k:agcpara = 0.25349453)
liq.cash: 10Y average (1Y) =  47.282330 ( 2.16687) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =  26.979122 ( 1.23641)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.2149 0.05947   0.07415 0.06247  0.07232  0.06789   14.3386   2.6759  17.0144
 dbratio     ROA    ROA1 debtcf1
 0.15727 0.12736 0.11067 0.19041

debt amount =   0.8507   investment =   0.8507   debt ratio =  1.00000
RRR on investment =  0.107072      after tax =  0.058890
search range of Y std.dev.:   minimum =  28.284987   maximum =  36.770483
old shareholders wealth =   14.3386    old bondholders =     2.6469
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  50.956874, k:agcpara = 0.25349453)
liq.cash: 10Y average (1Y) =  49.210030 ( 2.24509) : loss rate  0.0343
liq.cash: 10Y std.dev. (1Y) =  28.284987 ( 1.29043)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.8911 0.06731   0.07474 0.06282  0.07241  0.06686   14.3386   3.4976  17.8362
 dbratio     ROA    ROA1 debtcf1
 0.19610 0.12587 0.11068 0.25406

TOSYOU CODE: 4502     19
debtcashflow initial values:   0.000010  46.577078
stddev initial values:   0.000010  46.577078
ecfconst solution invest:  48.454348  67.836087
debt cf solution invest: 1.02139345 1.50521140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39874
data: equity =  14.932886  debt =   0.592807  firm =  15.525693

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

debt amount =   0.4771   investment =   0.7763   debt ratio =  0.61465
RRR on investment =  0.120412      after tax =  0.066227
search range of Y std.dev.:   minimum =  21.114606   maximum =  27.448988
old shareholders wealth =   14.9329    old bondholders =     0.5909
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  50.874253, k:agcpara = 0.30411558)
liq.cash: 10Y average (1Y) =  50.283269 ( 2.34653) : loss rate  0.0116
liq.cash: 10Y std.dev. (1Y) =  21.114606 ( 0.98534)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9433 0.01103   0.08130 0.06050  0.07994  0.07815   15.2320   1.0681  16.3001
 dbratio     ROA    ROA1 debtcf1
 0.06553 0.14396 0.12055 0.06624

TOSYOU CODE: 3407     20
debtcashflow initial values:   0.000010  45.570729
stddev initial values:   0.000010  45.570729
ecfconst solution invest:  48.397571  67.756599
debt cf solution invest: 6.89231080 10.15708960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38522
data: equity =  11.423224  debt =   3.767019  firm =  15.190243

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

debt amount =   0.7595   investment =   0.7595   debt ratio =  1.00000
RRR on investment =  0.118578      after tax =  0.065218
search range of Y std.dev.:   minimum =  23.534680   maximum =  30.595084
old shareholders wealth =   11.4232    old bondholders =     3.7369
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  50.726730, k:agcpara = 0.24671991)
liq.cash: 10Y average (1Y) =  48.572957 ( 2.22986) : loss rate  0.0425
liq.cash: 10Y std.dev. (1Y) =  23.534680 ( 1.08042)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.7296 0.04523   0.08945 0.06403  0.08227  0.07413   11.4232   4.4964  15.9196
 dbratio     ROA    ROA1 debtcf1
 0.28244 0.14007 0.12287 0.31514

TOSYOU CODE: 6753     21
debtcashflow initial values:   0.000010  43.620324
stddev initial values:   0.000010  43.620324
ecfconst solution invest:  43.092904  60.330066
debt cf solution invest: 4.99009635 7.35382620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25538
data: equity =  11.834060  debt =   2.706048  firm =  14.540108

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

debt amount =   0.7270   investment =   0.7270   debt ratio =  1.00000
RRR on investment =  0.110934      after tax =  0.061014
search range of Y std.dev.:   minimum =  23.549588   maximum =  30.614464
old shareholders wealth =   11.8341    old bondholders =     2.6798
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  45.174615, k:agcpara = 0.25038847)
liq.cash: 10Y average (1Y) =  43.502584 ( 1.99063) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =  23.549588 ( 1.07761)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.6777 0.05894   0.07933 0.06332  0.07575  0.06938   11.8341   3.4068  15.2409
 dbratio     ROA    ROA1 debtcf1
 0.22353 0.13061 0.11478 0.24432

TOSYOU CODE: 2503     22
debtcashflow initial values:   0.000010  42.928325
stddev initial values:   0.000010  42.928325
ecfconst solution invest:  45.388911  63.544475
debt cf solution invest: 1.69830170 2.50276040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09430  std.dev = 0.17470  lambda =   2.23139
riskless rate of interest = 0.05944  correlation =  0.44316
data: equity =  13.332826  debt =   0.976616  firm =  14.309442

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

debt amount =   0.7155   investment =   0.7155   debt ratio =  1.00000
RRR on investment =  0.121894      after tax =  0.067041
search range of Y std.dev.:   minimum =  19.736259   maximum =  25.657137
old shareholders wealth =   13.3328    old bondholders =     0.9709
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  47.648914, k:agcpara = 0.30081611)
liq.cash: 10Y average (1Y) =  46.714850 ( 2.17368) : loss rate  0.0196
liq.cash: 10Y std.dev. (1Y) =  19.736259 ( 0.91835)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.1051 0.01357   0.08389 0.06150  0.08138  0.07827   13.3328   1.6863  15.0192
 dbratio     ROA    ROA1 debtcf1
 0.11228 0.14473 0.12238 0.10688

TOSYOU CODE: 6902     23
debtcashflow initial values:   0.000010  42.467854
stddev initial values:   0.000010  42.467854
ecfconst solution invest:  41.114609  57.560453
debt cf solution invest: 3.00594630 4.42981560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.24201
data: equity =  12.470521  debt =   1.685430  firm =  14.155951

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

debt amount =   0.7078   investment =   0.7078   debt ratio =  1.00000
RRR on investment =  0.110763      after tax =  0.060920
search range of Y std.dev.:   minimum =  20.504134   maximum =  26.655374
old shareholders wealth =   12.4705    old bondholders =     1.6706
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  43.138207, k:agcpara = 0.27765247)
liq.cash: 10Y average (1Y) =  41.887463 ( 1.92201) : loss rate  0.0290
liq.cash: 10Y std.dev. (1Y) =  20.504134 ( 0.94084)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.5047 0.03414   0.07602 0.06226  0.07381  0.06933   12.4705   2.3784  14.8490
 dbratio     ROA    ROA1 debtcf1
 0.16018 0.12944 0.11254 0.15962

TOSYOU CODE: 2802     24
debtcashflow initial values:   0.000010  39.909538
stddev initial values:   0.000010  39.909538
ecfconst solution invest:  40.033126  56.046376
debt cf solution invest: 1.59786200 2.35474400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32783
data: equity =  12.383585  debt =   0.919594  firm =  13.303179

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

debt amount =   0.6652   investment =   0.6652   debt ratio =  1.00000
RRR on investment =  0.115911      after tax =  0.063751
search range of Y std.dev.:   minimum =  18.318653   maximum =  23.814248
old shareholders wealth =   12.3836    old bondholders =     0.9135
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  42.024807, k:agcpara = 0.29407226)
liq.cash: 10Y average (1Y) =  41.170021 ( 1.90681) : loss rate  0.0203
liq.cash: 10Y std.dev. (1Y) =  18.318653 ( 0.84844)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9067 0.01836   0.07882 0.06098  0.07681  0.07370   12.3836   1.5786  13.9622
 dbratio     ROA    ROA1 debtcf1
 0.11306 0.13657 0.11649 0.10030

TOSYOU CODE: 7751     25
debtcashflow initial values:   0.000010  39.810319
stddev initial values:   0.000010  39.810319
ecfconst solution invest:  35.789989  50.105985
debt cf solution invest: 8.19216635 12.07266620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.13045
data: equity =   8.969548  debt =   4.300558  firm =  13.270106

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

debt amount =   0.6635   investment =   0.6635   debt ratio =  1.00000
RRR on investment =  0.097796      after tax =  0.053788
search range of Y std.dev.:   minimum =  20.038856   maximum =  26.050513
old shareholders wealth =    8.9695    old bondholders =     3.9072
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  37.476774, k:agcpara = 0.22690197)
liq.cash: 10Y average (1Y) =  35.187851 ( 1.56222) : loss rate  0.0611
liq.cash: 10Y std.dev. (1Y) =  26.050513 ( 1.15655)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.0877 0.16764   0.07362 0.06473  0.07062  0.06079    8.9695   4.5707  13.5402
 dbratio     ROA    ROA1 debtcf1
 0.33756 0.11538 0.10717 0.40935

TOSYOU CODE: 4901     26
debtcashflow initial values:   0.000010  39.254875
stddev initial values:   0.000010  39.254875
ecfconst solution invest:  38.485435  53.879609
debt cf solution invest: 0.92415050 1.36190600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.18090
data: equity =  12.559277  debt =   0.525681  firm =  13.084958

agency cost: EZC - k L (EZC:ecfconst =  38.485435, k:agcpara = 0.30437874)
liq.cash: 10Y average (1Y) =  38.189338 ( 1.77710) : loss rate  0.0077
liq.cash: 10Y std.dev. (1Y) =  17.511179 ( 0.81486)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9728 0.01678   0.07524 0.06170  0.07469  0.07358   12.5593   0.5256  13.0849
 dbratio     ROA    ROA1 debtcf1
 0.04017 0.13581 0.11392 0.03366

debt amount =   0.4539   investment =   0.6542   debt ratio =  0.69373
RRR on investment =  0.113723      after tax =  0.062548
search range of Y std.dev.:   minimum =  18.385226   maximum =  23.900794
old shareholders wealth =   12.5593    old bondholders =     0.5233
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  40.406384, k:agcpara = 0.30437874)
liq.cash: 10Y average (1Y) =  39.853466 ( 1.84850) : loss rate  0.0137
liq.cash: 10Y std.dev. (1Y) =  18.385226 ( 0.85275)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8165 0.01928   0.07571 0.06190  0.07472  0.07274   12.7597   0.9772  13.7368
 dbratio     ROA    ROA1 debtcf1
 0.07113 0.13457 0.11393 0.06312

TOSYOU CODE: 4010     27
debtcashflow initial values:   0.000010  38.942020
stddev initial values:   0.000010  38.942020
ecfconst solution invest:  45.808358  64.131701
debt cf solution invest: 8.66975700 12.77648400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.49298
data: equity =   8.175853  debt =   4.804820  firm =  12.980673

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

debt amount =   0.6490   investment =   0.6490   debt ratio =  1.00000
RRR on investment =  0.129592      after tax =  0.071276
search range of Y std.dev.:   minimum =  18.654488   maximum =  24.250834
old shareholders wealth =    8.1758    old bondholders =     4.7769
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  48.003605, k:agcpara = 0.24547998)
liq.cash: 10Y average (1Y) =  45.458954 ( 2.08796) : loss rate  0.0530
liq.cash: 10Y std.dev. (1Y) =  18.654488 ( 0.85681)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.3660 0.02997   0.10857 0.06425  0.09089  0.07936    8.1758   5.4259  13.6017
 dbratio     ROA    ROA1 debtcf1
 0.39891 0.15351 0.13440 0.36738

TOSYOU CODE: 4005     28
debtcashflow initial values:   0.000010  38.542886
stddev initial values:   0.000010  38.542886
ecfconst solution invest:  42.032476  58.845466
debt cf solution invest: 7.95034575 11.71629900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.45019
data: equity =   8.530333  debt =   4.317296  firm =  12.847629

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

debt amount =   0.6424   investment =   0.6424   debt ratio =  1.00000
RRR on investment =  0.120593      after tax =  0.066326
search range of Y std.dev.:   minimum =  18.899518   maximum =  24.569373
old shareholders wealth =    8.5303    old bondholders =     4.2867
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  44.038199, k:agcpara = 0.23887909)
liq.cash: 10Y average (1Y) =  41.739490 ( 1.90679) : loss rate  0.0522
liq.cash: 10Y std.dev. (1Y) =  18.899518 ( 0.86339)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.6229 0.04463   0.09643 0.06508  0.08495  0.07422    8.5303   4.9290  13.4594
 dbratio     ROA    ROA1 debtcf1
 0.36622 0.14167 0.12585 0.34771

TOSYOU CODE: 7912     29
debtcashflow initial values:   0.000010  36.984444
stddev initial values:   0.000010  36.984444
ecfconst solution invest:  43.855152  61.397213
debt cf solution invest: 1.34039205 1.97531460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.41364
data: equity =  11.555558  debt =   0.772590  firm =  12.328148

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

debt amount =   0.5595   investment =   0.6164   debt ratio =  0.90770
RRR on investment =  0.135048      after tax =  0.074276
search range of Y std.dev.:   minimum =  17.227337   maximum =  22.395538
old shareholders wealth =   11.5555    old bondholders =     0.7698
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  46.042958, k:agcpara = 0.31610673)
liq.cash: 10Y average (1Y) =  45.272774 ( 2.11417) : loss rate  0.0167
liq.cash: 10Y std.dev. (1Y) =  17.227337 ( 0.80449)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4365 0.00645   0.09476 0.06178  0.09137  0.08851   11.6124   1.3293  12.9417
 dbratio     ROA    ROA1 debtcf1
 0.10271 0.16336 0.13532 0.08330

TOSYOU CODE: 7013     30
debtcashflow initial values:   0.000010  35.807882
stddev initial values:   0.000010  35.807882
ecfconst solution invest:  38.817835  54.344969
debt cf solution invest: 7.11340050 10.48290600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44957
data: equity =   8.042878  debt =   3.893083  firm =  11.935961

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

debt amount =   0.5968   investment =   0.5968   debt ratio =  1.00000
RRR on investment =  0.120074      after tax =  0.066040
search range of Y std.dev.:   minimum =  17.510949   maximum =  22.764234
old shareholders wealth =    8.0429    old bondholders =     3.8655
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  40.672618, k:agcpara = 0.23773666)
liq.cash: 10Y average (1Y) =  38.617664 ( 1.76560) : loss rate  0.0505
liq.cash: 10Y std.dev. (1Y) =  17.510949 ( 0.80060)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.6438 0.04347   0.09548 0.06430  0.08435  0.07403    8.0429   4.4623  12.5052
 dbratio     ROA    ROA1 debtcf1
 0.35684 0.14119 0.12518 0.31089

TOSYOU CODE: 3402     31
debtcashflow initial values:   0.000010  34.900046
stddev initial values:   0.000010  34.900046
ecfconst solution invest:  36.701627  51.382278
debt cf solution invest: 4.54504225 6.69795700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35892
data: equity =   9.148839  debt =   2.484510  firm =  11.633349

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

debt amount =   0.5817   investment =   0.5817   debt ratio =  1.00000
RRR on investment =  0.117849      after tax =  0.064817
search range of Y std.dev.:   minimum =  18.432317   maximum =  23.962012
old shareholders wealth =    9.1488    old bondholders =     2.4635
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  38.473806, k:agcpara = 0.25067095)
liq.cash: 10Y average (1Y) =  36.991364 ( 1.70145) : loss rate  0.0385
liq.cash: 10Y std.dev. (1Y) =  18.432317 ( 0.84781)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.9139 0.04589   0.08707 0.06385  0.08127  0.07410    9.1488   3.0451  12.1940
 dbratio     ROA    ROA1 debtcf1
 0.24972 0.13953 0.12177 0.21374

TOSYOU CODE: 6326     32
debtcashflow initial values:   0.000010  33.317527
stddev initial values:   0.000010  33.317527
ecfconst solution invest:  43.967683  61.554756
debt cf solution invest: 4.24454965 6.25512580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.45978
data: equity =   8.735323  debt =   2.370519  firm =  11.105842

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

debt amount =   0.5553   investment =   0.5553   debt ratio =  1.00000
RRR on investment =  0.144934      after tax =  0.079714
search range of Y std.dev.:   minimum =  18.233590   maximum =  23.703667
old shareholders wealth =    8.7353    old bondholders =     2.3571
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  46.117133, k:agcpara = 0.28461382)
liq.cash: 10Y average (1Y) =  44.545922 ( 2.06062) : loss rate  0.0341
liq.cash: 10Y std.dev. (1Y) =  18.233590 ( 0.84345)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5205 0.01617   0.11236 0.06438  0.10036  0.09312    8.7353   2.9124  11.6477
 dbratio     ROA    ROA1 debtcf1
 0.25004 0.17691 0.14752 0.19383

TOSYOU CODE: 5802     33
debtcashflow initial values:   0.000010  33.051771
stddev initial values:   0.000010  33.051771
ecfconst solution invest:  35.706777  49.989488
debt cf solution invest: 3.57374420 5.26657040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39282
data: equity =   9.049607  debt =   1.967650  firm =  11.017257

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

debt amount =   0.5509   investment =   0.5509   debt ratio =  1.00000
RRR on investment =  0.121428      after tax =  0.066785
search range of Y std.dev.:   minimum =  17.823997   maximum =  23.171196
old shareholders wealth =    9.0496    old bondholders =     1.9503
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  37.439608, k:agcpara = 0.25773575)
liq.cash: 10Y average (1Y) =  36.196190 ( 1.67372) : loss rate  0.0332
liq.cash: 10Y std.dev. (1Y) =  17.823997 ( 0.82419)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.8244 0.03920   0.08888 0.06374  0.08343  0.07722    9.0496   2.5011  11.5507
 dbratio     ROA    ROA1 debtcf1
 0.21653 0.14490 0.12479 0.17319

TOSYOU CODE: 6764     34
debtcashflow initial values:   0.000010  31.355011
stddev initial values:   0.000010  31.355011
ecfconst solution invest:  34.603321  48.444649
debt cf solution invest: 2.87788725 4.24109700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.41320
data: equity =   8.818685  debt =   1.632985  firm =  10.451670

agency cost: EZC - k L (EZC:ecfconst =  34.603321, k:agcpara = 0.28216852)
liq.cash: 10Y average (1Y) =  33.748532 ( 1.56872) : loss rate  0.0247
liq.cash: 10Y std.dev. (1Y) =  13.913236 ( 0.64672)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.0294 0.01363   0.08947 0.06229  0.08522  0.08084    8.8187   1.6330  10.4516
 dbratio     ROA    ROA1 debtcf1
 0.15624 0.15009 0.12718 0.10481

debt amount =   0.5226   investment =   0.5226   debt ratio =  1.00000
RRR on investment =  0.125244      after tax =  0.068884
search range of Y std.dev.:   minimum =  14.597044   maximum =  18.976157
old shareholders wealth =    8.8187    old bondholders =     1.6226
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  36.304005, k:agcpara = 0.28216852)
liq.cash: 10Y average (1Y) =  35.173913 ( 1.63004) : loss rate  0.0311
liq.cash: 10Y std.dev. (1Y) =  14.597044 ( 0.67646)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0050 0.01637   0.09073 0.06269  0.08524  0.07973    8.8187   2.1452  10.9638
 dbratio     ROA    ROA1 debtcf1
 0.19566 0.14867 0.12720 0.13933

TOSYOU CODE: 6991     35
debtcashflow initial values:   0.000010  30.962223
stddev initial values:   0.000010  30.962223
ecfconst solution invest:  36.389208  50.944891
debt cf solution invest: 3.96675730 5.84574760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.44667
data: equity =   8.136623  debt =   2.184118  firm =  10.320741

agency cost: EZC - k L (EZC:ecfconst =  36.389208, k:agcpara = 0.26600592)
liq.cash: 10Y average (1Y) =  35.278491 ( 1.63730) : loss rate  0.0305
liq.cash: 10Y std.dev. (1Y) =  15.883761 ( 0.73717)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.1755 0.02511   0.09778 0.06429  0.09069  0.08457    8.1366   2.1841  10.3207
 dbratio     ROA    ROA1 debtcf1
 0.21162 0.15864 0.13430 0.14806

debt amount =   0.5160   investment =   0.5160   debt ratio =  1.00000
RRR on investment =  0.130982      after tax =  0.072040
search range of Y std.dev.:   minimum =  16.655051   maximum =  21.651567
old shareholders wealth =    8.1366    old bondholders =     2.1682
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  38.156211, k:agcpara = 0.26600592)
liq.cash: 10Y average (1Y) =  36.781142 ( 1.70297) : loss rate  0.0360
liq.cash: 10Y std.dev. (1Y) =  16.655052 ( 0.77113)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.1693 0.02885   0.09927 0.06475  0.09070  0.08348    8.1366   2.6842  10.8209
 dbratio     ROA    ROA1 debtcf1
 0.24806 0.15738 0.13431 0.18437

TOSYOU CODE: 7012     36
debtcashflow initial values:   0.000010  30.098291
stddev initial values:   0.000010  30.098291
ecfconst solution invest:  30.700512  42.980717
debt cf solution invest: 7.46624570 11.00288840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37792
data: equity =   5.995150  debt =   4.037614  firm =  10.032764

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

debt amount =   0.5016   investment =   0.5016   debt ratio =  1.00000
RRR on investment =  0.111850      after tax =  0.061518
search range of Y std.dev.:   minimum =  13.770131   maximum =  17.901170
old shareholders wealth =    5.9951    old bondholders =     4.0084
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  32.148798, k:agcpara = 0.21792379)
liq.cash: 10Y average (1Y) =  30.221750 ( 1.36134) : loss rate  0.0599
liq.cash: 10Y std.dev. (1Y) =  13.770131 ( 0.62028)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.8428 0.06026   0.09160 0.06446  0.07995  0.06750    5.9951   4.5100  10.5052
 dbratio     ROA    ROA1 debtcf1
 0.42931 0.12959 0.11835 0.32189

TOSYOU CODE: 5014     37
debtcashflow initial values:   0.000010  29.286709
stddev initial values:   0.000010  29.286709
ecfconst solution invest:  29.410056  41.174078
debt cf solution invest: 8.83355790 13.01787480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40094
data: equity =   4.988860  debt =   4.773376  firm =   9.762236

agency cost: EZC - k L (EZC:ecfconst =  29.410056, k:agcpara = 0.19981299)
liq.cash: 10Y average (1Y) =  27.552099 ( 1.23129) : loss rate  0.0632
liq.cash: 10Y std.dev. (1Y) =  11.708847 ( 0.52326)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.2985 0.05950   0.09395 0.06428  0.07944  0.06530    4.9889   4.7735   9.7623
 dbratio     ROA    ROA1 debtcf1
 0.48897 0.12613 0.11659 0.33647

debt amount =   0.4881   investment =   0.4881   debt ratio =  1.00000
RRR on investment =  0.109103      after tax =  0.060007
search range of Y std.dev.:   minimum =  12.256188   maximum =  15.933045
old shareholders wealth =    4.9889    old bondholders =     4.7409
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  30.784857, k:agcpara = 0.19981299)
liq.cash: 10Y average (1Y) =  28.735609 ( 1.28102) : loss rate  0.0666
liq.cash: 10Y std.dev. (1Y) =  12.256188 ( 0.54638)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.2558 0.06580   0.09518 0.06463  0.07955  0.06466    4.9889   5.2290  10.2179
 dbratio     ROA    ROA1 debtcf1
 0.51175 0.12537 0.11660 0.37316

TOSYOU CODE: 5005     38
debtcashflow initial values:   0.000010  28.666953
stddev initial values:   0.000010  28.666953
ecfconst solution invest:  30.100932  42.141305
debt cf solution invest: 1.56304260 2.30343120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.39618
data: equity =   8.662356  debt =   0.893295  firm =   9.555651

agency cost: EZC - k L (EZC:ecfconst =  30.100932, k:agcpara = 0.29401872)
liq.cash: 10Y average (1Y) =  29.617181 ( 1.37973) : loss rate  0.0161
liq.cash: 10Y std.dev. (1Y) =  12.659302 ( 0.58974)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6453 0.01357   0.08276 0.06154  0.08078  0.07819    8.6624   0.8932   9.5556
 dbratio     ROA    ROA1 debtcf1
 0.09348 0.14439 0.12159 0.05665

debt amount =   0.4778   investment =   0.4778   debt ratio =  1.00000
RRR on investment =  0.120690      after tax =  0.066379
search range of Y std.dev.:   minimum =  13.287237   maximum =  17.273408
old shareholders wealth =    8.6624    old bondholders =     0.8874
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  31.594019, k:agcpara = 0.29401872)
liq.cash: 10Y average (1Y) =  30.849808 ( 1.43181) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =  13.287237 ( 0.61669)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5312 0.01653   0.08379 0.06191  0.08081  0.07702    8.6624   1.3652  10.0275
 dbratio     ROA    ROA1 debtcf1
 0.13614 0.14279 0.12161 0.08767

TOSYOU CODE: 6971     39
debtcashflow initial values:   0.000010  28.277406
stddev initial values:   0.000010  28.277406
ecfconst solution invest:  24.658684  34.522158
debt cf solution invest: 0.69141855 1.01893260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.09072
data: equity =   9.033062  debt =   0.392740  firm =   9.425802

agency cost: EZC - k L (EZC:ecfconst =  24.658684, k:agcpara = 0.29417938)
liq.cash: 10Y average (1Y) =  24.444578 ( 1.11575) : loss rate  0.0087
liq.cash: 10Y std.dev. (1Y) =  13.078230 ( 0.59695)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7278 0.03488   0.06467 0.05987  0.06447  0.06335    9.0331   0.3927   9.4258
 dbratio     ROA    ROA1 debtcf1
 0.04166 0.11837 0.10094 0.02544

debt amount =   0.3727   investment =   0.4713   debt ratio =  0.79091
RRR on investment =  0.100656      after tax =  0.055361
search range of Y std.dev.:   minimum =  13.730435   maximum =  17.849566
old shareholders wealth =    9.0331    old bondholders =     0.3902
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  25.888401, k:agcpara = 0.29417938)
liq.cash: 10Y average (1Y) =  25.469755 ( 1.15694) : loss rate  0.0162
liq.cash: 10Y std.dev. (1Y) =  13.730435 ( 0.62369)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4231 0.03994   0.06487 0.06000  0.06450  0.06241    9.1316   0.7629   9.8945
 dbratio     ROA    ROA1 debtcf1
 0.07711 0.11693 0.10096 0.05009

TOSYOU CODE: 7911     40
debtcashflow initial values:   0.000010  28.181473
stddev initial values:   0.000010  28.181473
ecfconst solution invest:  32.708061  45.791285
debt cf solution invest: 2.09159790 3.08235480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.38556
data: equity =   8.198406  debt =   1.195418  firm =   9.393824

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

debt amount =   0.4697   investment =   0.4697   debt ratio =  1.00000
RRR on investment =  0.131737      after tax =  0.072455
search range of Y std.dev.:   minimum =  13.112992   maximum =  17.046889
old shareholders wealth =    8.1984    old bondholders =     1.1889
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  34.327136, k:agcpara = 0.29940346)
liq.cash: 10Y average (1Y) =  33.407529 ( 1.55391) : loss rate  0.0268
liq.cash: 10Y std.dev. (1Y) =  13.112992 ( 0.60993)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.0715 0.01035   0.09496 0.06245  0.08949  0.08476    8.1984   1.6586   9.8570
 dbratio     ROA    ROA1 debtcf1
 0.16827 0.15764 0.13289 0.10596

TOSYOU CODE: 6301     41
debtcashflow initial values:   0.000010  27.372709
stddev initial values:   0.000010  27.372709
ecfconst solution invest:  31.927702  44.698783
debt cf solution invest: 3.39052720 4.99656640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.39669
data: equity =   7.245063  debt =   1.879173  firm =   9.124236

agency cost: EZC - k L (EZC:ecfconst =  31.927702, k:agcpara = 0.26389942)
liq.cash: 10Y average (1Y) =  30.985851 ( 1.43887) : loss rate  0.0295
liq.cash: 10Y std.dev. (1Y) =  13.968561 ( 0.64865)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.5690 0.02484   0.09686 0.06361  0.09001  0.08411    7.2451   1.8791   9.1242
 dbratio     ROA    ROA1 debtcf1
 0.20595 0.15770 0.13344 0.12605

debt amount =   0.4562   investment =   0.4562   debt ratio =  1.00000
RRR on investment =  0.130185      after tax =  0.071602
search range of Y std.dev.:   minimum =  14.647212   maximum =  19.041375
old shareholders wealth =    7.2451    old bondholders =     1.8653
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  33.478882, k:agcpara = 0.26389942)
liq.cash: 10Y average (1Y) =  32.306673 ( 1.49660) : loss rate  0.0350
liq.cash: 10Y std.dev. (1Y) =  14.647212 ( 0.67853)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.4419 0.02856   0.09833 0.06408  0.09002  0.08302    7.2451   2.3215   9.5666
 dbratio     ROA    ROA1 debtcf1
 0.24267 0.15644 0.13345 0.15781

TOSYOU CODE: 5007     42
debtcashflow initial values:   0.000010  27.366901
stddev initial values:   0.000010  27.366901
ecfconst solution invest:  25.804194  36.125872
debt cf solution invest: 10.52764160 15.51441920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40352
data: equity =   3.428806  debt =   5.693494  firm =   9.122300

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

debt amount =   0.4561   investment =   0.4561   debt ratio =  1.00000
RRR on investment =  0.100813      after tax =  0.055447
search range of Y std.dev.:   minimum =   9.381536   maximum =  12.195997
old shareholders wealth =    3.4288    old bondholders =     5.6580
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  26.996008, k:agcpara = 0.16030185)
liq.cash: 10Y average (1Y) =  25.076383 ( 1.08930) : loss rate  0.0711
liq.cash: 10Y std.dev. (1Y) =   9.381536 ( 0.40753)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.9751 0.08128   0.09839 0.06450  0.07668  0.05808    3.4288   6.1141   9.5429
 dbratio     ROA    ROA1 debtcf1
 0.64070 0.11415 0.10959 0.43534

TOSYOU CODE: 4503     43
debtcashflow initial values:   0.000010  27.129119
stddev initial values:   0.000010  27.129119
ecfconst solution invest:  27.909015  39.072621
debt cf solution invest: 1.59221140 2.34641680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.27687
data: equity =   8.132957  debt =   0.910083  firm =   9.043040

agency cost: EZC - k L (EZC:ecfconst =  27.909015, k:agcpara = 0.28880148)
liq.cash: 10Y average (1Y) =  27.424980 ( 1.27488) : loss rate  0.0173
liq.cash: 10Y std.dev. (1Y) =  11.973646 ( 0.55661)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6760 0.01576   0.08099 0.06129  0.07901  0.07623    8.1330   0.9100   9.0430
 dbratio     ROA    ROA1 debtcf1
 0.10063 0.14098 0.11929 0.05776

debt amount =   0.4522   investment =   0.4522   debt ratio =  1.00000
RRR on investment =  0.118221      after tax =  0.065022
search range of Y std.dev.:   minimum =  12.566630   maximum =  16.336619
old shareholders wealth =    8.1330    old bondholders =     0.9037
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  29.291183, k:agcpara = 0.28880148)
liq.cash: 10Y average (1Y) =  28.564963 ( 1.32272) : loss rate  0.0248
liq.cash: 10Y std.dev. (1Y) =  12.566630 ( 0.58191)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5146 0.01909   0.08196 0.06167  0.07906  0.07509    8.1330   1.3558   9.4888
 dbratio     ROA    ROA1 debtcf1
 0.14289 0.13940 0.11932 0.08723

TOSYOU CODE: 5711     44
debtcashflow initial values:   0.000010  27.078571
stddev initial values:   0.000010  27.078571
ecfconst solution invest:  29.331884  41.064638
debt cf solution invest: 6.88985505 10.15347060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.49571
data: equity =   5.255018  debt =   3.771172  firm =   9.026190

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

debt amount =   0.4513   investment =   0.4513   debt ratio =  1.00000
RRR on investment =  0.119018      after tax =  0.065460
search range of Y std.dev.:   minimum =  12.278975   maximum =  15.962668
old shareholders wealth =    5.2550    old bondholders =     3.7466
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  30.721338, k:agcpara = 0.22385050)
liq.cash: 10Y average (1Y) =  28.902306 ( 1.31249) : loss rate  0.0592
liq.cash: 10Y std.dev. (1Y) =  12.278975 ( 0.55760)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.1261 0.04532   0.10096 0.06450  0.08477  0.07188    5.2550   4.1979   9.4529
 dbratio     ROA    ROA1 debtcf1
 0.44409 0.13884 0.12509 0.29178

TOSYOU CODE: 7261     45
debtcashflow initial values:   0.000010  26.886368
stddev initial values:   0.000010  26.886368
ecfconst solution invest:  28.624227  40.073918
debt cf solution invest: 6.59945050 9.72550600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.34310
data: equity =   5.391451  debt =   3.570672  firm =   8.962123

agency cost: EZC - k L (EZC:ecfconst =  28.624227, k:agcpara = 0.22558591)
liq.cash: 10Y average (1Y) =  27.057129 ( 1.22964) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =  11.924603 ( 0.54192)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.9468 0.04585   0.09558 0.06477  0.08330  0.07169    5.3914   3.5707   8.9622
 dbratio     ROA    ROA1 debtcf1
 0.39842 0.13720 0.12314 0.25046

debt amount =   0.4481   investment =   0.4481   debt ratio =  1.00000
RRR on investment =  0.116991      after tax =  0.064345
search range of Y std.dev.:   minimum =  12.489002   maximum =  16.235702
old shareholders wealth =    5.3914    old bondholders =     3.5460
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  29.979029, k:agcpara = 0.22558591)
liq.cash: 10Y average (1Y) =  28.213899 ( 1.27895) : loss rate  0.0589
liq.cash: 10Y std.dev. (1Y) =  12.489002 ( 0.56613)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.8246 0.05128   0.09689 0.06515  0.08339  0.07091    5.3914   3.9941   9.3856
 dbratio     ROA    ROA1 debtcf1
 0.42556 0.13627 0.12314 0.28365

TOSYOU CODE: 5108     46
debtcashflow initial values:   0.000010  26.624078
stddev initial values:   0.000010  26.624078
ecfconst solution invest:  27.830118  38.962165
debt cf solution invest: 2.63259060 3.87960720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.32356
data: equity =   7.443235  debt =   1.431457  firm =   8.874693

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

debt amount =   0.4437   investment =   0.4437   debt ratio =  1.00000
RRR on investment =  0.117732      after tax =  0.064753
search range of Y std.dev.:   minimum =  14.681608   maximum =  19.086091
old shareholders wealth =    7.4432    old bondholders =     1.4175
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  29.180636, k:agcpara = 0.25984505)
liq.cash: 10Y average (1Y) =  28.235158 ( 1.30346) : loss rate  0.0324
liq.cash: 10Y std.dev. (1Y) =  14.681608 ( 0.67777)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6386 0.04693   0.08460 0.06428  0.08054  0.07475    7.4432   1.8612   9.3045
 dbratio     ROA    ROA1 debtcf1
 0.20004 0.14009 0.12109 0.13216

TOSYOU CODE: 4004     47
debtcashflow initial values:   0.000010  25.900823
stddev initial values:   0.000010  25.900823
ecfconst solution invest:  26.966230  37.752722
debt cf solution invest: 7.29933165 10.75690980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.43005
data: equity =   4.702429  debt =   3.931179  firm =   8.633608

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

debt amount =   0.4317   investment =   0.4317   debt ratio =  1.00000
RRR on investment =  0.113684      after tax =  0.062526
search range of Y std.dev.:   minimum =  11.396098   maximum =  14.814928
old shareholders wealth =    4.7024    old bondholders =     3.9044
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  28.233242, k:agcpara = 0.21279707)
liq.cash: 10Y average (1Y) =  26.417444 ( 1.18780) : loss rate  0.0643
liq.cash: 10Y std.dev. (1Y) =  11.396098 ( 0.51240)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.5330 0.05828   0.09750 0.06537  0.08209  0.06798    4.7024   4.3361   9.0386
 dbratio     ROA    ROA1 debtcf1
 0.47974 0.13141 0.12064 0.31046

TOSYOU CODE: 3861     48
debtcashflow initial values:   0.000010  25.801197
stddev initial values:   0.000010  25.801197
ecfconst solution invest:  27.978127  39.169378
debt cf solution invest: 4.48328750 6.60695000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43344
data: equity =   6.144355  debt =   2.456044  firm =   8.600399

agency cost: EZC - k L (EZC:ecfconst =  27.978127, k:agcpara = 0.24361632)
liq.cash: 10Y average (1Y) =  26.828441 ( 1.23391) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =  12.399334 ( 0.57028)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7192 0.03729   0.09225 0.06376  0.08411  0.07592    6.1444   2.4560   8.6003
 dbratio     ROA    ROA1 debtcf1
 0.28557 0.14347 0.12520 0.16870

debt amount =   0.4300   investment =   0.4300   debt ratio =  1.00000
RRR on investment =  0.120590      after tax =  0.066325
search range of Y std.dev.:   minimum =  12.994362   maximum =  16.892670
old shareholders wealth =    6.1444    old bondholders =     2.4378
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  29.320761, k:agcpara = 0.24361632)
liq.cash: 10Y average (1Y) =  27.968278 ( 1.28275) : loss rate  0.0461
liq.cash: 10Y std.dev. (1Y) =  12.994362 ( 0.59598)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.5517 0.04225   0.09352 0.06418  0.08419  0.07500    6.1444   2.8679   9.0122
 dbratio     ROA    ROA1 debtcf1
 0.31822 0.14233 0.12521 0.19966

TOSYOU CODE: 4208     49
debtcashflow initial values:   0.000010  25.114796
stddev initial values:   0.000010  25.114796
ecfconst solution invest:  24.129439  33.781215
debt cf solution invest: 8.31677405 12.25629860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35048
data: equity =   3.903712  debt =   4.467887  firm =   8.371599

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

debt amount =   0.4186   investment =   0.4186   debt ratio =  1.00000
RRR on investment =  0.103391      after tax =  0.056865
search range of Y std.dev.:   minimum =   9.907808   maximum =  12.880150
old shareholders wealth =    3.9037    old bondholders =     4.4372
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  25.249065, k:agcpara = 0.18451013)
liq.cash: 10Y average (1Y) =  23.481393 ( 1.03240) : loss rate  0.0700
liq.cash: 10Y std.dev. (1Y) =   9.907808 ( 0.43561)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.5804 0.08030   0.09183 0.06449  0.07668  0.06059    3.9037   4.8557   8.7595
 dbratio     ROA    ROA1 debtcf1
 0.55434 0.11786 0.11167 0.35095

TOSYOU CODE: 5713     50
debtcashflow initial values:   0.000010  24.344501
stddev initial values:   0.000010  24.344501
ecfconst solution invest:  26.658584  37.322018
debt cf solution invest: 3.87220665 5.70640980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44139
data: equity =   5.988250  debt =   2.126584  firm =   8.114834

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

debt amount =   0.4057   investment =   0.4057   debt ratio =  1.00000
RRR on investment =  0.122043      after tax =  0.067124
search range of Y std.dev.:   minimum =  12.464896   maximum =  16.204365
old shareholders wealth =    5.9882    old bondholders =     2.1107
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  27.941931, k:agcpara = 0.24802800)
liq.cash: 10Y average (1Y) =  26.736633 ( 1.22959) : loss rate  0.0431
liq.cash: 10Y std.dev. (1Y) =  12.464896 ( 0.57325)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.8595 0.03962   0.09364 0.06409  0.08489  0.07636    5.9882   2.5165   8.5047
 dbratio     ROA    ROA1 debtcf1
 0.29589 0.14458 0.12631 0.17438

TOSYOU CODE: 4501     51
debtcashflow initial values:   0.000010  24.066022
stddev initial values:   0.000010  24.066022
ecfconst solution invest:  23.756274  33.258784
debt cf solution invest: 0.79289945 1.16848340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29953
data: equity =   7.565591  debt =   0.456416  firm =   8.022007

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

debt amount =   0.3831   investment =   0.4011   debt ratio =  0.95500
RRR on investment =  0.114294      after tax =  0.062861
search range of Y std.dev.:   minimum =  11.045945   maximum =  14.359728
old shareholders wealth =    7.5656    old bondholders =     0.4536
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  24.939995, k:agcpara = 0.29600199)
liq.cash: 10Y average (1Y) =  24.484325 ( 1.13341) : loss rate  0.0183
liq.cash: 10Y std.dev. (1Y) =  11.045945 ( 0.51133)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5394 0.01889   0.07699 0.06084  0.07539  0.07267    7.5836   0.8367   8.4203
 dbratio     ROA    ROA1 debtcf1
 0.09936 0.13460 0.11470 0.05310

TOSYOU CODE: 5407     52
debtcashflow initial values:   0.000010  23.488007
stddev initial values:   0.000010  23.488007
ecfconst solution invest:  25.929159  36.300823
debt cf solution invest: 4.65343535 6.85769420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.48130
data: equity =   5.274244  debt =   2.555092  firm =   7.829336

agency cost: EZC - k L (EZC:ecfconst =  25.929159, k:agcpara = 0.24010767)
liq.cash: 10Y average (1Y) =  24.753027 ( 1.13666) : loss rate  0.0454
liq.cash: 10Y std.dev. (1Y) =  10.984073 ( 0.50439)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.8984 0.03534   0.09637 0.06387  0.08576  0.07638    5.2742   2.5551   7.8293
 dbratio     ROA    ROA1 debtcf1
 0.32635 0.14518 0.12721 0.17458

debt amount =   0.3915   investment =   0.3915   debt ratio =  1.00000
RRR on investment =  0.122263      after tax =  0.067244
search range of Y std.dev.:   minimum =  11.509624   maximum =  14.962511
old shareholders wealth =    5.2742    old bondholders =     2.5375
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  27.169782, k:agcpara = 0.24010767)
liq.cash: 10Y average (1Y) =  25.812203 ( 1.18237) : loss rate  0.0500
liq.cash: 10Y std.dev. (1Y) =  11.509624 ( 0.52722)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.6540 0.03994   0.09778 0.06427  0.08582  0.07549    5.2742   2.9289   8.2032
 dbratio     ROA    ROA1 debtcf1
 0.35705 0.14414 0.12722 0.20263

TOSYOU CODE: 3871     53
debtcashflow initial values:   0.000010  23.363148
stddev initial values:   0.000010  23.363148
ecfconst solution invest:  21.706163  30.388628
debt cf solution invest: 7.09328520 10.45326240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25550
data: equity =   4.010564  debt =   3.777152  firm =   7.787716

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

debt amount =   0.3894   investment =   0.3894   debt ratio =  1.00000
RRR on investment =  0.099805      after tax =  0.054893
search range of Y std.dev.:   minimum =   9.789745   maximum =  12.726668
old shareholders wealth =    4.0106    old bondholders =     3.7489
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  22.714341, k:agcpara = 0.19232793)
liq.cash: 10Y average (1Y) =  21.129145 ( 0.92538) : loss rate  0.0698
liq.cash: 10Y std.dev. (1Y) =   9.789745 ( 0.42875)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.2422 0.09402   0.08280 0.06389  0.07320  0.05860    4.0106   4.1383   8.1488
 dbratio     ROA    ROA1 debtcf1
 0.50783 0.11356 0.10795 0.30571

TOSYOU CODE: 7202     54
debtcashflow initial values:   0.000010  23.328413
stddev initial values:   0.000010  23.328413
ecfconst solution invest:  23.703093  33.184330
debt cf solution invest: 5.47263175 8.06493100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.22955
data: equity =   4.866377  debt =   2.909761  firm =   7.776138

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

debt amount =   0.3888   investment =   0.3888   debt ratio =  1.00000
RRR on investment =  0.111554      after tax =  0.061354
search range of Y std.dev.:   minimum =  11.164595   maximum =  14.513974
old shareholders wealth =    4.8664    old bondholders =     2.8875
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  24.822629, k:agcpara = 0.22603779)
liq.cash: 10Y average (1Y) =  23.345165 ( 1.05217) : loss rate  0.0595
liq.cash: 10Y std.dev. (1Y) =  11.164595 ( 0.50319)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.5364 0.06609   0.08878 0.06559  0.07945  0.06757    4.8664   3.2763   8.1427
 dbratio     ROA    ROA1 debtcf1
 0.40236 0.12922 0.11791 0.24091

TOSYOU CODE: 4452     55
debtcashflow initial values:   0.000010  23.019529
stddev initial values:   0.000010  23.019529
ecfconst solution invest:  23.982450  33.575430
debt cf solution invest: 2.12996270 3.13889240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39396
data: equity =   6.462250  debt =   1.210926  firm =   7.673176

agency cost: EZC - k L (EZC:ecfconst =  23.982450, k:agcpara = 0.27019332)
liq.cash: 10Y average (1Y) =  23.376659 ( 1.08261) : loss rate  0.0253
liq.cash: 10Y std.dev. (1Y) =  10.191191 ( 0.47197)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2421 0.01905   0.08379 0.06150  0.08027  0.07591    6.4623   1.2109   7.6731
 dbratio     ROA    ROA1 debtcf1
 0.15781 0.14109 0.12071 0.07769

debt amount =   0.3837   investment =   0.3837   debt ratio =  1.00000
RRR on investment =  0.118446      after tax =  0.065145
search range of Y std.dev.:   minimum =  10.690567   maximum =  13.897737
old shareholders wealth =    6.4623    old bondholders =     1.2021
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  25.157607, k:agcpara = 0.27019332)
liq.cash: 10Y average (1Y) =  24.358471 ( 1.12413) : loss rate  0.0318
liq.cash: 10Y std.dev. (1Y) =  10.690567 ( 0.49336)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9576 0.02265   0.08485 0.06191  0.08033  0.07484    6.4623   1.5857   8.0480
 dbratio     ROA    ROA1 debtcf1
 0.19704 0.13968 0.12072 0.10315

TOSYOU CODE: 3401     56
debtcashflow initial values:   0.000010  22.995690
stddev initial values:   0.000010  22.995690
ecfconst solution invest:  24.863861  34.809405
debt cf solution invest: 3.80301340 5.60444080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42342
data: equity =   5.581977  debt =   2.083253  firm =   7.665230

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

debt amount =   0.3833   investment =   0.3833   debt ratio =  1.00000
RRR on investment =  0.120413      after tax =  0.066227
search range of Y std.dev.:   minimum =  11.689484   maximum =  15.196330
old shareholders wealth =    5.5820    old bondholders =     2.0675
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  26.058609, k:agcpara = 0.24523893)
liq.cash: 10Y average (1Y) =  24.894889 ( 1.14270) : loss rate  0.0447
liq.cash: 10Y std.dev. (1Y) =  11.689484 ( 0.53656)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7453 0.04238   0.09256 0.06413  0.08388  0.07508    5.5820   2.4508   8.0328
 dbratio     ROA    ROA1 debtcf1
 0.30510 0.14225 0.12489 0.17073

TOSYOU CODE: 7004     57
debtcashflow initial values:   0.000010  22.612770
stddev initial values:   0.000010  22.612770
ecfconst solution invest:  23.190004  32.466006
debt cf solution invest: 5.79607445 8.54158340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39495
data: equity =   4.399196  debt =   3.138394  firm =   7.537590

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

debt amount =   0.3769   investment =   0.3769   debt ratio =  1.00000
RRR on investment =  0.112352      after tax =  0.061793
search range of Y std.dev.:   minimum =  10.212893   maximum =  13.276761
old shareholders wealth =    4.3992    old bondholders =     3.1161
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  24.283013, k:agcpara = 0.21613270)
liq.cash: 10Y average (1Y) =  22.804872 ( 1.02696) : loss rate  0.0609
liq.cash: 10Y std.dev. (1Y) =  10.212893 ( 0.45991)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.8390 0.05899   0.09320 0.06452  0.08050  0.06765    4.3992   3.4930   7.8922
 dbratio     ROA    ROA1 debtcf1
 0.44259 0.13012 0.11895 0.24852

TOSYOU CODE: 4001     58
debtcashflow initial values:   0.000010  21.749186
stddev initial values:   0.000010  21.749186
ecfconst solution invest:  22.236183  31.130656
debt cf solution invest: 6.34684075 9.35323900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42456
data: equity =   3.810020  debt =   3.439709  firm =   7.249729

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

debt amount =   0.3625   investment =   0.3625   debt ratio =  1.00000
RRR on investment =  0.111418      after tax =  0.061280
search range of Y std.dev.:   minimum =   9.266119   maximum =  12.045955
old shareholders wealth =    3.8100    old bondholders =     3.4165
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  23.278663, k:agcpara = 0.20517680)
liq.cash: 10Y average (1Y) =  21.762463 ( 0.97477) : loss rate  0.0651
liq.cash: 10Y std.dev. (1Y) =   9.266119 ( 0.41504)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.3897 0.06044   0.09678 0.06465  0.08078  0.06629    3.8100   3.7790   7.5890
 dbratio     ROA    ROA1 debtcf1
 0.49795 0.12845 0.11861 0.26802

TOSYOU CODE: 2502     59
debtcashflow initial values:   0.000010  21.528486
stddev initial values:   0.000010  21.528486
ecfconst solution invest:  23.474919  32.864887
debt cf solution invest: 5.56120215 8.19545580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.49434
data: equity =   4.155918  debt =   3.020244  firm =   7.176162

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

debt amount =   0.3588   investment =   0.3588   debt ratio =  1.00000
RRR on investment =  0.119680      after tax =  0.065824
search range of Y std.dev.:   minimum =   9.842685   maximum =  12.795491
old shareholders wealth =    4.1559    old bondholders =     3.0005
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  24.586145, k:agcpara = 0.22580090)
liq.cash: 10Y average (1Y) =  23.106265 ( 1.04901) : loss rate  0.0602
liq.cash: 10Y std.dev. (1Y) =   9.842685 ( 0.44685)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.5539 0.04631   0.10165 0.06527  0.08539  0.07226    4.1559   3.3594   7.5153
 dbratio     ROA    ROA1 debtcf1
 0.44700 0.13958 0.12583 0.23643

TOSYOU CODE: 4528     60
debtcashflow initial values:   0.000010  20.475781
stddev initial values:   0.000010  20.475781
ecfconst solution invest:  19.104044  26.745662
debt cf solution invest: 0.78107480 1.15105760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.14529
data: equity =   6.382394  debt =   0.442866  firm =   6.825260

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

debt amount =   0.3413   investment =   0.3413   debt ratio =  1.00000
RRR on investment =  0.107776      after tax =  0.059277
search range of Y std.dev.:   minimum =   9.758073   maximum =  12.685496
old shareholders wealth =    6.3824    old bondholders =     0.4394
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.053790, k:agcpara = 0.29215573)
liq.cash: 10Y average (1Y) =  19.627030 ( 0.90022) : loss rate  0.0213
liq.cash: 10Y std.dev. (1Y) =   9.758074 ( 0.44757)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4607 0.03132   0.07157 0.06128  0.07044  0.06744    6.3824   0.7807   7.1631
 dbratio     ROA    ROA1 debtcf1
 0.10899 0.12568 0.10843 0.05129

TOSYOU CODE: 6703     61
debtcashflow initial values:   0.000010  20.394103
stddev initial values:   0.000010  20.394103
ecfconst solution invest:  19.953076  27.934306
debt cf solution invest: 5.50025680 8.10564160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32027
data: equity =   3.845695  debt =   2.952339  firm =   6.798034

agency cost: EZC - k L (EZC:ecfconst =  19.953076, k:agcpara = 0.20753186)
liq.cash: 10Y average (1Y) =  18.751520 ( 0.83796) : loss rate  0.0602
liq.cash: 10Y std.dev. (1Y) =   8.631685 ( 0.38573)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.7897 0.06659   0.08656 0.06397  0.07675  0.06425    3.8457   2.9523   6.7980
 dbratio     ROA    ROA1 debtcf1
 0.43429 0.12327 0.11369 0.21129

debt amount =   0.3399   investment =   0.3399   debt ratio =  1.00000
RRR on investment =  0.106495      after tax =  0.058572
search range of Y std.dev.:   minimum =   9.036198   maximum =  11.747058
old shareholders wealth =    3.8457    old bondholders =     2.9304
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.888152, k:agcpara = 0.20753186)
liq.cash: 10Y average (1Y) =  19.547226 ( 0.87098) : loss rate  0.0642
liq.cash: 10Y std.dev. (1Y) =   9.036198 ( 0.40263)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.4613 0.07379   0.08754 0.06431  0.07687  0.06357    3.8457   3.2703   7.1160
 dbratio     ROA    ROA1 debtcf1
 0.45957 0.12240 0.11370 0.23724

TOSYOU CODE: 5002     62
debtcashflow initial values:   0.000010  19.810505
stddev initial values:   0.000010  19.810505
ecfconst solution invest:  20.187047  28.261866
debt cf solution invest: 6.22434490 9.17271880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.42493
data: equity =   3.259017  debt =   3.344485  firm =   6.603502

agency cost: EZC - k L (EZC:ecfconst =  20.187047, k:agcpara = 0.19986231)
liq.cash: 10Y average (1Y) =  18.877561 ( 0.84394) : loss rate  0.0649
liq.cash: 10Y std.dev. (1Y) =   7.865662 ( 0.35164)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.5519 0.05856   0.09699 0.06508  0.08083  0.06600    3.2590   3.3444   6.6035
 dbratio     ROA    ROA1 debtcf1
 0.50647 0.12780 0.11823 0.23760

debt amount =   0.3302   investment =   0.3302   debt ratio =  1.00000
RRR on investment =  0.110621      after tax =  0.060842
search range of Y std.dev.:   minimum =   8.233000   maximum =  10.702900
old shareholders wealth =    3.2590    old bondholders =     3.3221
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  21.129813, k:agcpara = 0.19986231)
liq.cash: 10Y average (1Y) =  19.690181 ( 0.87822) : loss rate  0.0681
liq.cash: 10Y std.dev. (1Y) =   8.233000 ( 0.36721)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.2031 0.06467   0.09829 0.06544  0.08093  0.06537    3.2590   3.6523   6.9113
 dbratio     ROA    ROA1 debtcf1
 0.52845 0.12707 0.11824 0.26258

TOSYOU CODE: 4631     63
debtcashflow initial values:   0.000010  19.354216
stddev initial values:   0.000010  19.354216
ecfconst solution invest:  20.864188  29.209863
debt cf solution invest: 4.33470750 6.38799000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.45908
data: equity =   4.082085  debt =   2.369320  firm =   6.451405

agency cost: EZC - k L (EZC:ecfconst =  20.864188, k:agcpara = 0.23087245)
liq.cash: 10Y average (1Y) =  19.810752 ( 0.90461) : loss rate  0.0505
liq.cash: 10Y std.dev. (1Y) =   8.742899 ( 0.39922)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.5629 0.04058   0.09567 0.06402  0.08405  0.07347    4.0821   2.3693   6.4513
 dbratio     ROA    ROA1 debtcf1
 0.36725 0.14022 0.12454 0.16331

debt amount =   0.3226   investment =   0.3226   debt ratio =  1.00000
RRR on investment =  0.118939      after tax =  0.065417
search range of Y std.dev.:   minimum =   9.158756   maximum =  11.906383
old shareholders wealth =    4.0821    old bondholders =     2.3530
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  21.856595, k:agcpara = 0.23087245)
liq.cash: 10Y average (1Y) =  20.658742 ( 0.94097) : loss rate  0.0548
liq.cash: 10Y std.dev. (1Y) =   9.158756 ( 0.41716)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.1884 0.04560   0.09704 0.06442  0.08412  0.07265    4.0821   2.6755   6.7576
 dbratio     ROA    ROA1 debtcf1
 0.39593 0.13925 0.12455 0.18673

TOSYOU CODE: 4204     64
debtcashflow initial values:   0.000010  18.702938
stddev initial values:   0.000010  18.702938
ecfconst solution invest:  19.714902  27.600863
debt cf solution invest: 2.33592270 3.44241240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36043
data: equity =   4.956093  debt =   1.278220  firm =   6.234313

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

debt amount =   0.3117   investment =   0.3117   debt ratio =  1.00000
RRR on investment =  0.118233      after tax =  0.065028
search range of Y std.dev.:   minimum =   9.929272   maximum =  12.908054
old shareholders wealth =    4.9561    old bondholders =     1.2672
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.667881, k:agcpara = 0.25205934)
liq.cash: 10Y average (1Y) =  19.895647 ( 0.91601) : loss rate  0.0374
liq.cash: 10Y std.dev. (1Y) =   9.929273 ( 0.45715)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.0637 0.04502   0.08705 0.06382  0.08143  0.07450    4.9561   1.5790   6.5350
 dbratio     ROA    ROA1 debtcf1
 0.24161 0.14017 0.12203 0.11064

TOSYOU CODE: 5801     65
debtcashflow initial values:   0.000010  18.571599
stddev initial values:   0.000010  18.571599
ecfconst solution invest:  19.309555  27.033377
debt cf solution invest: 3.52619100 5.19649200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37103
data: equity =   4.274777  debt =   1.915756  firm =   6.190533

agency cost: EZC - k L (EZC:ecfconst =  19.309555, k:agcpara = 0.23547942)
liq.cash: 10Y average (1Y) =  18.435507 ( 0.84231) : loss rate  0.0453
liq.cash: 10Y std.dev. (1Y) =   8.761138 ( 0.40029)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7118 0.04642   0.08832 0.06382  0.08074  0.07185    4.2748   1.9158   6.1905
 dbratio     ROA    ROA1 debtcf1
 0.30947 0.13606 0.12048 0.13384

debt amount =   0.3095   investment =   0.3095   debt ratio =  1.00000
RRR on investment =  0.115279      after tax =  0.063404
search range of Y std.dev.:   minimum =   9.179278   maximum =  11.933062
old shareholders wealth =    4.2748    old bondholders =     1.9011
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.231137, k:agcpara = 0.23547942)
liq.cash: 10Y average (1Y) =  19.214781 ( 0.87523) : loss rate  0.0502
liq.cash: 10Y std.dev. (1Y) =   9.179279 ( 0.41812)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.3161 0.05229   0.08943 0.06421  0.08083  0.07098    4.2748   2.2106   6.4854
 dbratio     ROA    ROA1 debtcf1
 0.34086 0.13495 0.12049 0.15661

TOSYOU CODE: 4151     66
debtcashflow initial values:   0.000010  18.477162
stddev initial values:   0.000010  18.477162
ecfconst solution invest:  19.473426  27.262796
debt cf solution invest: 1.28288760 1.89057120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.40175
data: equity =   5.428833  debt =   0.730221  firm =   6.159054

agency cost: EZC - k L (EZC:ecfconst =  19.473426, k:agcpara = 0.28702831)
liq.cash: 10Y average (1Y) =  19.085821 ( 0.88748) : loss rate  0.0199
liq.cash: 10Y std.dev. (1Y) =   8.197231 ( 0.38117)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3504 0.01525   0.08375 0.06178  0.08115  0.07785    5.4288   0.7302   6.1590
 dbratio     ROA    ROA1 debtcf1
 0.11856 0.14409 0.12200 0.04666

debt amount =   0.3080   investment =   0.3080   debt ratio =  1.00000
RRR on investment =  0.120651      after tax =  0.066358
search range of Y std.dev.:   minimum =   8.602190   maximum =  11.182848
old shareholders wealth =    5.4288    old bondholders =     0.7251
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.435452, k:agcpara = 0.28702831)
liq.cash: 10Y average (1Y) =  19.883228 ( 0.92123) : loss rate  0.0270
liq.cash: 10Y std.dev. (1Y) =   8.602191 ( 0.39856)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9239 0.01841   0.08481 0.06218  0.08119  0.07672    5.4288   1.0330   6.4619
 dbratio     ROA    ROA1 debtcf1
 0.15987 0.14256 0.12203 0.06690

TOSYOU CODE: 7752     67
debtcashflow initial values:   0.000010  18.382156
stddev initial values:   0.000010  18.382156
ecfconst solution invest:  16.889417  23.645184
debt cf solution invest: 2.15500850 3.17580200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.15149
data: equity =   4.972144  debt =   1.155241  firm =   6.127385

agency cost: EZC - k L (EZC:ecfconst =  16.889417, k:agcpara = 0.24740236)
liq.cash: 10Y average (1Y) =  16.328202 ( 0.74062) : loss rate  0.0332
liq.cash: 10Y std.dev. (1Y) =   9.585921 ( 0.43480)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2684 0.07123   0.07104 0.06199  0.06934  0.06408    4.9721   1.1553   6.1274
 dbratio     ROA    ROA1 debtcf1
 0.18854 0.12087 0.10671 0.08366

debt amount =   0.3064   investment =   0.3064   debt ratio =  1.00000
RRR on investment =  0.102605      after tax =  0.056433
search range of Y std.dev.:   minimum =  10.047731   maximum =  13.062051
old shareholders wealth =    4.9721    old bondholders =     1.1435
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  17.703080, k:agcpara = 0.24740236)
liq.cash: 10Y average (1Y) =  16.991502 ( 0.76710) : loss rate  0.0402
liq.cash: 10Y std.dev. (1Y) =  10.047731 ( 0.45361)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.8762 0.08004   0.07151 0.06226  0.06942  0.06309    4.9721   1.4499   6.4220
 dbratio     ROA    ROA1 debtcf1
 0.22576 0.11945 0.10672 0.10707

TOSYOU CODE: 6504     68
debtcashflow initial values:   0.000010  18.164764
stddev initial values:   0.000010  18.164764
ecfconst solution invest:  19.761809  27.666533
debt cf solution invest: 2.95561910 4.35564920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43221
data: equity =   4.434070  debt =   1.620851  firm =   6.054921

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

debt amount =   0.3027   investment =   0.3027   debt ratio =  1.00000
RRR on investment =  0.121193      after tax =  0.066656
search range of Y std.dev.:   minimum =   9.265014   maximum =  12.044519
old shareholders wealth =    4.4341    old bondholders =     1.6087
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.712153, k:agcpara = 0.24648193)
liq.cash: 10Y average (1Y) =  19.800993 ( 0.90970) : loss rate  0.0440
liq.cash: 10Y std.dev. (1Y) =   9.265015 ( 0.42566)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6967 0.04109   0.09311 0.06412  0.08437  0.07568    4.4341   1.9115   6.3456
 dbratio     ROA    ROA1 debtcf1
 0.30123 0.14336 0.12558 0.13284

TOSYOU CODE: 6762     69
debtcashflow initial values:   0.000010  17.971617
stddev initial values:   0.000010  17.971617
ecfconst solution invest:  15.290760  21.407064
debt cf solution invest: 0.72238950 1.06457400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.03380
data: equity =   5.589602  debt =   0.400937  firm =   5.990539

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

debt amount =   0.2995   investment =   0.2995   debt ratio =  1.00000
RRR on investment =  0.096846      after tax =  0.053265
search range of Y std.dev.:   minimum =   9.407425   maximum =  12.229652
old shareholders wealth =    5.5896    old bondholders =     0.3703
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  16.045665, k:agcpara = 0.28806404)
liq.cash: 10Y average (1Y) =  15.649452 ( 0.70232) : loss rate  0.0247
liq.cash: 10Y std.dev. (1Y) =  12.229652 ( 0.54884)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3754 0.12157   0.06331 0.06076  0.06303  0.06011    5.5896   0.6699   6.2595
 dbratio     ROA    ROA1 debtcf1
 0.10702 0.11220 0.09871 0.05334

TOSYOU CODE: 5332     70
debtcashflow initial values:   0.000010  17.239354
stddev initial values:   0.000010  17.239354
ecfconst solution invest:  18.973786  26.563300
debt cf solution invest: 0.99903805 1.47226660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.38045
data: equity =   5.171536  debt =   0.574915  firm =   5.746451

agency cost: EZC - k L (EZC:ecfconst =  18.973786, k:agcpara = 0.29695133)
liq.cash: 10Y average (1Y) =  18.661506 ( 0.87105) : loss rate  0.0165
liq.cash: 10Y std.dev. (1Y) =   7.551536 ( 0.35248)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0516 0.00985   0.08752 0.06119  0.08489  0.08213    5.1715   0.5750   5.7465
 dbratio     ROA    ROA1 debtcf1
 0.10005 0.15158 0.12687 0.03596

debt amount =   0.2873   investment =   0.2873   debt ratio =  1.00000
RRR on investment =  0.126017      after tax =  0.069310
search range of Y std.dev.:   minimum =   7.926252   maximum =  10.304128
old shareholders wealth =    5.1715    old bondholders =     0.5716
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  19.915287, k:agcpara = 0.29695133)
liq.cash: 10Y average (1Y) =  19.446050 ( 0.90481) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =   7.926252 ( 0.36880)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5802 0.01210   0.08876 0.06156  0.08488  0.08094    5.1715   0.8590   6.0305
 dbratio     ROA    ROA1 debtcf1
 0.14244 0.15004 0.12689 0.05432

TOSYOU CODE: 5004     71
debtcashflow initial values:   0.000010  17.053931
stddev initial values:   0.000010  17.053931
ecfconst solution invest:  17.081178  23.913649
debt cf solution invest: 5.51787835 8.13161020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42355
data: equity =   2.698286  debt =   2.986358  firm =   5.684644

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

debt amount =   0.2842   investment =   0.2842   debt ratio =  1.00000
RRR on investment =  0.108524      after tax =  0.059688
search range of Y std.dev.:   minimum =   6.837000   maximum =   8.888100
old shareholders wealth =    2.6983    old bondholders =     2.9667
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  17.877565, k:agcpara = 0.19219089)
liq.cash: 10Y average (1Y) =  16.654313 ( 0.73988) : loss rate  0.0684
liq.cash: 10Y std.dev. (1Y) =   6.837000 ( 0.30374)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.3648 0.06616   0.09788 0.06469  0.07974  0.06383    2.6983   3.2509   5.9492
 dbratio     ROA    ROA1 debtcf1
 0.54645 0.12437 0.11631 0.23109

TOSYOU CODE: 4063     72
debtcashflow initial values:   0.000010  16.938179
stddev initial values:   0.000010  16.938179
ecfconst solution invest:  18.265125  25.571175
debt cf solution invest: 1.58029650 2.32885800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.28657
data: equity =   4.756516  debt =   0.889544  firm =   5.646060

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

debt amount =   0.2823   investment =   0.2823   debt ratio =  1.00000
RRR on investment =  0.122411      after tax =  0.067326
search range of Y std.dev.:   minimum =   7.980101   maximum =  10.374131
old shareholders wealth =    4.7565    old bondholders =     0.8834
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  19.160976, k:agcpara = 0.27851882)
liq.cash: 10Y average (1Y) =  18.549604 ( 0.85813) : loss rate  0.0319
liq.cash: 10Y std.dev. (1Y) =   7.980101 ( 0.36917)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1951 0.02021   0.08822 0.06319  0.08329  0.07770    4.7565   1.1657   5.9222
 dbratio     ROA    ROA1 debtcf1
 0.19683 0.14490 0.12459 0.07694

TOSYOU CODE: 4505     73
debtcashflow initial values:   0.000010  16.807921
stddev initial values:   0.000010  16.807921
ecfconst solution invest:  16.319480  22.847272
debt cf solution invest: 0.94481965 1.39236580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26525
data: equity =   5.064504  debt =   0.538136  firm =   5.602640

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

debt amount =   0.2801   investment =   0.2801   debt ratio =  1.00000
RRR on investment =  0.111682      after tax =  0.061425
search range of Y std.dev.:   minimum =   7.879288   maximum =  10.243074
old shareholders wealth =    5.0645    old bondholders =     0.5340
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  17.127028, k:agcpara = 0.28362276)
liq.cash: 10Y average (1Y) =  16.696965 ( 0.76826) : loss rate  0.0251
liq.cash: 10Y std.dev. (1Y) =   7.879288 ( 0.36254)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5163 0.02701   0.07607 0.06126  0.07402  0.07020    5.0645   0.8141   5.8786
 dbratio     ROA    ROA1 debtcf1
 0.13848 0.13069 0.11286 0.05296

TOSYOU CODE: 3863     74
debtcashflow initial values:   0.000010  16.644844
stddev initial values:   0.000010  16.644844
ecfconst solution invest:  17.768083  24.875316
debt cf solution invest: 4.36805630 6.43713560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47591
data: equity =   3.163832  debt =   2.384449  firm =   5.548281

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

debt amount =   0.2774   investment =   0.2774   debt ratio =  1.00000
RRR on investment =  0.117108      after tax =  0.064410
search range of Y std.dev.:   minimum =   7.452545   maximum =   9.688308
old shareholders wealth =    3.1638    old bondholders =     2.3687
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  18.607700, k:agcpara = 0.21958263)
liq.cash: 10Y average (1Y) =  17.479824 ( 0.79143) : loss rate  0.0606
liq.cash: 10Y std.dev. (1Y) =   7.452545 ( 0.33743)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.1365 0.04883   0.09975 0.06456  0.08372  0.07049    3.1638   2.6461   5.8099
 dbratio     ROA    ROA1 debtcf1
 0.45545 0.13622 0.12345 0.18493

TOSYOU CODE: 2501     75
debtcashflow initial values:   0.000010  16.573692
stddev initial values:   0.000010  16.573692
ecfconst solution invest:  18.153919  25.415487
debt cf solution invest: 2.92536540 4.31106480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.43758
data: equity =   3.933373  debt =   1.591191  firm =   5.524564

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

debt amount =   0.2762   investment =   0.2762   debt ratio =  1.00000
RRR on investment =  0.121688      after tax =  0.066928
search range of Y std.dev.:   minimum =   8.423373   maximum =  10.950385
old shareholders wealth =    3.9334    old bondholders =     1.5795
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  19.024857, k:agcpara = 0.24641328)
liq.cash: 10Y average (1Y) =  18.133365 ( 0.83182) : loss rate  0.0469
liq.cash: 10Y std.dev. (1Y) =   8.423373 ( 0.38640)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6179 0.04242   0.09457 0.06493  0.08507  0.07570    3.9334   1.8557   5.7891
 dbratio     ROA    ROA1 debtcf1
 0.32055 0.14369 0.12634 0.13063

TOSYOU CODE: 5901     76
debtcashflow initial values:   0.000010  16.426236
stddev initial values:   0.000010  16.426236
ecfconst solution invest:  15.870693  22.218970
debt cf solution invest: 1.03413485 1.52398820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25508
data: equity =   4.888561  debt =   0.586851  firm =   5.475412

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

debt amount =   0.2738   investment =   0.2738   debt ratio =  1.00000
RRR on investment =  0.110869      after tax =  0.060978
search range of Y std.dev.:   minimum =   7.761702   maximum =  10.090213
old shareholders wealth =    4.8886    old bondholders =     0.5820
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  16.654151, k:agcpara = 0.27950498)
liq.cash: 10Y average (1Y) =  16.206770 ( 0.74439) : loss rate  0.0269
liq.cash: 10Y std.dev. (1Y) =   7.761702 ( 0.35650)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6006 0.02993   0.07576 0.06139  0.07362  0.06951    4.8886   0.8558   5.7443
 dbratio     ROA    ROA1 debtcf1
 0.14898 0.12959 0.11232 0.05614

TOSYOU CODE: 7003     77
debtcashflow initial values:   0.000010  16.195862
stddev initial values:   0.000010  16.195862
ecfconst solution invest:  16.165771  22.632079
debt cf solution invest: 3.82615350 5.63854200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33038
data: equity =   3.337789  debt =   2.060832  firm =   5.398621

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

debt amount =   0.2699   investment =   0.2699   debt ratio =  1.00000
RRR on investment =  0.109505      after tax =  0.060228
search range of Y std.dev.:   minimum =   7.544416   maximum =   9.807741
old shareholders wealth =    3.3378    old bondholders =     2.0452
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  16.928807, k:agcpara = 0.21936349)
liq.cash: 10Y average (1Y) =  15.928710 ( 0.71612) : loss rate  0.0591
liq.cash: 10Y std.dev. (1Y) =   7.544416 ( 0.33918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.5591 0.06590   0.08751 0.06427  0.07799  0.06615    3.3378   2.3152   5.6529
 dbratio     ROA    ROA1 debtcf1
 0.40955 0.12668 0.11593 0.16686

TOSYOU CODE: 6981     78
debtcashflow initial values:   0.000010  16.160929
stddev initial values:   0.000010  16.160929
ecfconst solution invest:  14.431167  20.203634
debt cf solution invest: 1.10207315 1.62410780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.12001
data: equity =   4.774828  debt =   0.612148  firm =   5.386976

agency cost: EZC - k L (EZC:ecfconst =  14.431167, k:agcpara = 0.27129718)
liq.cash: 10Y average (1Y) =  14.116441 ( 0.64199) : loss rate  0.0218
liq.cash: 10Y std.dev. (1Y) =   7.835440 ( 0.35634)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1601 0.04911   0.06738 0.06067  0.06661  0.06351    4.7748   0.6121   5.3869
 dbratio     ROA    ROA1 debtcf1
 0.11363 0.11918 0.10356 0.04144

debt amount =   0.2693   investment =   0.2693   debt ratio =  1.00000
RRR on investment =  0.101589      after tax =  0.055874
search range of Y std.dev.:   minimum =   8.220273   maximum =  10.686355
old shareholders wealth =    4.7748    old bondholders =     0.6058
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.139945, k:agcpara = 0.27129718)
liq.cash: 10Y average (1Y) =  14.685292 ( 0.66429) : loss rate  0.0300
liq.cash: 10Y std.dev. (1Y) =   8.220273 ( 0.37185)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6758 0.05676   0.06773 0.06091  0.06668  0.06243    4.7748   0.8752   5.6500
 dbratio     ROA    ROA1 debtcf1
 0.15490 0.11757 0.10359 0.06049

TOSYOU CODE: 3102     79
debtcashflow initial values:   0.000010  16.023680
stddev initial values:   0.000010  16.023680
ecfconst solution invest:  18.463060  25.848284
debt cf solution invest: 5.29800370 7.80758440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.43508
data: equity =   2.438621  debt =   2.902606  firm =   5.341227

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

debt amount =   0.2671   investment =   0.2671   debt ratio =  1.00000
RRR on investment =  0.125833      after tax =  0.069208
search range of Y std.dev.:   minimum =   6.578517   maximum =   8.552072
old shareholders wealth =    2.4386    old bondholders =     2.8879
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  19.336734, k:agcpara = 0.22148251)
liq.cash: 10Y average (1Y) =  17.987336 ( 0.81699) : loss rate  0.0698
liq.cash: 10Y std.dev. (1Y) =   6.578517 ( 0.29880)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.0926 0.03529   0.12085 0.06559  0.08968  0.07303    2.4386   3.1550   5.5936
 dbratio     ROA    ROA1 debtcf1
 0.56403 0.14606 0.13206 0.21708

TOSYOU CODE: 4511     80
debtcashflow initial values:   0.000010  15.753492
stddev initial values:   0.000010  15.753492
ecfconst solution invest:  15.876287  22.226802
debt cf solution invest: 1.35782360 2.00100320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33035
data: equity =   4.482111  debt =   0.769053  firm =   5.251164

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

debt amount =   0.2626   investment =   0.2626   debt ratio =  1.00000
RRR on investment =  0.114813      after tax =  0.063147
search range of Y std.dev.:   minimum =   7.390404   maximum =   9.607525
old shareholders wealth =    4.4821    old bondholders =     0.7630
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  16.654766, k:agcpara = 0.26986043)
liq.cash: 10Y average (1Y) =  16.136324 ( 0.74268) : loss rate  0.0311
liq.cash: 10Y std.dev. (1Y) =   7.390404 ( 0.34015)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9211 0.02721   0.08100 0.06187  0.07743  0.07225    4.4821   1.0255   5.5076
 dbratio     ROA    ROA1 debtcf1
 0.18620 0.13485 0.11701 0.06736

TOSYOU CODE: 6781     81
debtcashflow initial values:   0.000010  15.691012
stddev initial values:   0.000010  15.691012
ecfconst solution invest:  14.026817  19.637544
debt cf solution invest: 0.18673200 0.27518400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.09475
data: equity =   5.123860  debt =   0.106477  firm =   5.230337

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

debt amount =   0.1001   investment =   0.2615   debt ratio =  0.38294
RRR on investment =  0.103621      after tax =  0.056992
search range of Y std.dev.:   minimum =   7.440318   maximum =   9.672413
old shareholders wealth =    5.1239    old bondholders =     0.1062
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  14.727790, k:agcpara = 0.30220312)
liq.cash: 10Y average (1Y) =  14.612383 ( 0.67069) : loss rate  0.0078
liq.cash: 10Y std.dev. (1Y) =   7.440318 ( 0.34150)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3819 0.02790   0.06688 0.06048  0.06664  0.06562    5.2852   0.2064   5.4916
 dbratio     ROA    ROA1 debtcf1
 0.03758 0.12213 0.10368 0.01329

TOSYOU CODE: 6471     82
debtcashflow initial values:   0.000010  15.406068
stddev initial values:   0.000010  15.406068
ecfconst solution invest:  17.232496  24.125494
debt cf solution invest: 3.38626075 4.99027900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.31017
data: equity =   3.305496  debt =   1.829860  firm =   5.135356

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

debt amount =   0.2568   investment =   0.2568   debt ratio =  1.00000
RRR on investment =  0.123338      after tax =  0.067836
search range of Y std.dev.:   minimum =   7.535328   maximum =   9.795926
old shareholders wealth =    3.3055    old bondholders =     1.8175
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  18.054069, k:agcpara = 0.24114089)
liq.cash: 10Y average (1Y) =  17.073091 ( 0.78022) : loss rate  0.0543
liq.cash: 10Y std.dev. (1Y) =   7.535328 ( 0.34436)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0681 0.04219   0.10048 0.06589  0.08714  0.07571    3.3055   2.0742   5.3797
 dbratio     ROA    ROA1 debtcf1
 0.38556 0.14503 0.12871 0.14713

TOSYOU CODE: 3101     83
debtcashflow initial values:   0.000010  15.339488
stddev initial values:   0.000010  15.339488
ecfconst solution invest:  18.501444  25.902022
debt cf solution invest: 3.50377860 5.16346320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.40629
data: equity =   3.190603  debt =   1.922560  firm =   5.113163

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

debt amount =   0.2557   investment =   0.2557   debt ratio =  1.00000
RRR on investment =  0.132472      after tax =  0.072860
search range of Y std.dev.:   minimum =   7.451915   maximum =   9.687489
old shareholders wealth =    3.1906    old bondholders =     1.9116
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  19.388465, k:agcpara = 0.25178848)
liq.cash: 10Y average (1Y) =  18.335625 ( 0.84214) : loss rate  0.0543
liq.cash: 10Y std.dev. (1Y) =   7.451915 ( 0.34226)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.1814 0.02876   0.11169 0.06543  0.09298  0.08107    3.1906   2.1673   5.3579
 dbratio     ROA    ROA1 debtcf1
 0.40450 0.15718 0.13725 0.14896

TOSYOU CODE: 6792     84
debtcashflow initial values:   0.000010  15.280783
stddev initial values:   0.000010  15.280783
ecfconst solution invest:  15.125116  21.175162
debt cf solution invest: 1.24765115 1.83864380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29677
data: equity =   4.388078  debt =   0.705516  firm =   5.093594

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

debt amount =   0.2547   investment =   0.2547   debt ratio =  1.00000
RRR on investment =  0.112907      after tax =  0.062099
search range of Y std.dev.:   minimum =   7.217438   maximum =   9.382670
old shareholders wealth =    4.3881    old bondholders =     0.6996
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.867419, k:agcpara = 0.27064323)
liq.cash: 10Y average (1Y) =  15.382589 ( 0.70688) : loss rate  0.0306
liq.cash: 10Y std.dev. (1Y) =   7.217438 ( 0.33166)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7914 0.02984   0.07890 0.06179  0.07584  0.07087    4.3881   0.9543   5.3424
 dbratio     ROA    ROA1 debtcf1
 0.17863 0.13231 0.11501 0.06298

TOSYOU CODE: 4042     85
debtcashflow initial values:   0.000010  15.273684
stddev initial values:   0.000010  15.273684
ecfconst solution invest:  15.404416  21.566182
debt cf solution invest: 4.71210925 6.94416100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41795
data: equity =   2.540915  debt =   2.550313  firm =   5.091228

agency cost: EZC - k L (EZC:ecfconst =  15.404416, k:agcpara = 0.19813937)
liq.cash: 10Y average (1Y) =  14.421622 ( 0.64439) : loss rate  0.0638
liq.cash: 10Y std.dev. (1Y) =   6.024542 ( 0.26919)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.9601 0.05815   0.09555 0.06430  0.07990  0.06540    2.5409   2.5503   5.0912
 dbratio     ROA    ROA1 debtcf1
 0.50092 0.12657 0.11707 0.17916

debt amount =   0.2546   investment =   0.2546   debt ratio =  1.00000
RRR on investment =  0.109544      after tax =  0.060249
search range of Y std.dev.:   minimum =   6.306068   maximum =   8.197888
old shareholders wealth =    2.5409    old bondholders =     2.5333
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  16.124261, k:agcpara = 0.19813937)
liq.cash: 10Y average (1Y) =  15.042709 ( 0.67055) : loss rate  0.0671
liq.cash: 10Y std.dev. (1Y) =   6.306068 ( 0.28110)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.4585 0.06428   0.09683 0.06466  0.08000  0.06478    2.5409   2.7878   5.3288
 dbratio     ROA    ROA1 debtcf1
 0.52317 0.12584 0.11708 0.19823

TOSYOU CODE: 3862     86
debtcashflow initial values:   0.000010  15.059643
stddev initial values:   0.000010  15.059643
ecfconst solution invest:  14.604674  20.446544
debt cf solution invest: 4.91533610 7.24365320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36300
data: equity =   2.375694  debt =   2.644187  firm =   5.019881

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

debt amount =   0.2510   investment =   0.2510   debt ratio =  1.00000
RRR on investment =  0.104575      after tax =  0.057516
search range of Y std.dev.:   minimum =   5.999024   maximum =   7.798731
old shareholders wealth =    2.3757    old bondholders =     2.6261
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.283278, k:agcpara = 0.18726972)
liq.cash: 10Y average (1Y) =  14.221728 ( 0.62708) : loss rate  0.0695
liq.cash: 10Y std.dev. (1Y) =   5.999024 ( 0.26452)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.6686 0.07697   0.09277 0.06454  0.07731  0.06140    2.3757   2.8771   5.2528
 dbratio     ROA    ROA1 debtcf1
 0.54772 0.11938 0.11271 0.20731

TOSYOU CODE: 3405     87
debtcashflow initial values:   0.000010  15.052533
stddev initial values:   0.000010  15.052533
ecfconst solution invest:  14.550706  20.370988
debt cf solution invest: 2.62325400 3.86584800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24353
data: equity =   3.608842  debt =   1.408669  firm =   5.017511

agency cost: EZC - k L (EZC:ecfconst =  14.550706, k:agcpara = 0.23459684)
liq.cash: 10Y average (1Y) =  13.902909 ( 0.63010) : loss rate  0.0445
liq.cash: 10Y std.dev. (1Y) =   7.284406 ( 0.33014)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7613 0.06307   0.07867 0.06318  0.07432  0.06634    3.6088   1.4087   5.0175
 dbratio     ROA    ROA1 debtcf1
 0.28075 0.12558 0.11235 0.10110

debt amount =   0.2509   investment =   0.2509   debt ratio =  1.00000
RRR on investment =  0.107113      after tax =  0.058912
search range of Y std.dev.:   minimum =   7.631852   maximum =   9.921408
old shareholders wealth =    3.6088    old bondholders =     1.3966
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.244735, k:agcpara = 0.23459684)
liq.cash: 10Y average (1Y) =  14.480575 ( 0.65381) : loss rate  0.0501
liq.cash: 10Y std.dev. (1Y) =   7.631853 ( 0.34458)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.2573 0.07070   0.07941 0.06351  0.07442  0.06547    3.6088   1.6475   5.2563
 dbratio     ROA    ROA1 debtcf1
 0.31343 0.12438 0.11236 0.12014

TOSYOU CODE: 6201     88
debtcashflow initial values:   0.000010  15.050217
stddev initial values:   0.000010  15.050217
ecfconst solution invest:  15.502108  21.702951
debt cf solution invest: 0.65040325 0.95848900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37672
data: equity =   4.641667  debt =   0.375072  firm =   5.016739

agency cost: EZC - k L (EZC:ecfconst =  15.502108, k:agcpara = 0.29483854)
liq.cash: 10Y average (1Y) =  15.300251 ( 0.71296) : loss rate  0.0130
liq.cash: 10Y std.dev. (1Y) =   6.561059 ( 0.30573)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6846 0.01295   0.08057 0.06065  0.07908  0.07704    4.6417   0.3750   5.0167
 dbratio     ROA    ROA1 debtcf1
 0.07476 0.14212 0.11943 0.02342

debt amount =   0.2508   investment =   0.2508   debt ratio =  1.00000
RRR on investment =  0.118830      after tax =  0.065357
search range of Y std.dev.:   minimum =   6.887358   maximum =   8.953566
old shareholders wealth =    4.6417    old bondholders =     0.3727
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  16.273070, k:agcpara = 0.29483854)
liq.cash: 10Y average (1Y) =  15.935346 ( 0.73965) : loss rate  0.0208
liq.cash: 10Y std.dev. (1Y) =   6.887358 ( 0.31968)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1455 0.01588   0.08155 0.06101  0.07912  0.07587    4.6417   0.6235   5.2652
 dbratio     ROA    ROA1 debtcf1
 0.11842 0.14048 0.11945 0.03941

TOSYOU CODE: 4911     89
debtcashflow initial values:   0.000010  14.885779
stddev initial values:   0.000010  14.885779
ecfconst solution invest:  15.261228  21.365719
debt cf solution invest: 0.67813185 0.99935220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.27552
data: equity =   4.573494  debt =   0.388432  firm =   4.961926

agency cost: EZC - k L (EZC:ecfconst =  15.261228, k:agcpara = 0.29511502)
liq.cash: 10Y average (1Y) =  15.050568 ( 0.70082) : loss rate  0.0138
liq.cash: 10Y std.dev. (1Y) =   6.553856 ( 0.30518)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7138 0.01435   0.08015 0.06120  0.07867  0.07651    4.5735   0.3884   4.9619
 dbratio     ROA    ROA1 debtcf1
 0.07828 0.14124 0.11891 0.02455

debt amount =   0.2481   investment =   0.2481   debt ratio =  1.00000
RRR on investment =  0.118222      after tax =  0.065022
search range of Y std.dev.:   minimum =   6.879549   maximum =   8.943414
old shareholders wealth =    4.5735    old bondholders =     0.3859
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  16.019632, k:agcpara = 0.29511502)
liq.cash: 10Y average (1Y) =  15.673532 ( 0.72690) : loss rate  0.0216
liq.cash: 10Y std.dev. (1Y) =   6.879549 ( 0.31906)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1728 0.01752   0.08109 0.06156  0.07871  0.07534    4.5735   0.6340   5.2075
 dbratio     ROA    ROA1 debtcf1
 0.12174 0.13959 0.11893 0.04058

TOSYOU CODE: 6645     90
debtcashflow initial values:   0.000010  14.763658
stddev initial values:   0.000010  14.763658
ecfconst solution invest:  14.494269  20.291977
debt cf solution invest: 1.88273470 2.77455640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25030
data: equity =   3.902992  debt =   1.018227  firm =   4.921219

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

debt amount =   0.2461   investment =   0.2461   debt ratio =  1.00000
RRR on investment =  0.109941      after tax =  0.060468
search range of Y std.dev.:   minimum =   7.867312   maximum =  10.227506
old shareholders wealth =    3.9030    old bondholders =     1.0087
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.192571, k:agcpara = 0.24702980)
liq.cash: 10Y average (1Y) =  14.583582 ( 0.66529) : loss rate  0.0401
liq.cash: 10Y std.dev. (1Y) =   7.867312 ( 0.35890)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4652 0.06174   0.07916 0.06335  0.07531  0.06838    3.9030   1.2548   5.1578
 dbratio     ROA    ROA1 debtcf1
 0.24328 0.12899 0.11408 0.09040

TOSYOU CODE: 6302     91
debtcashflow initial values:   0.000010  14.606770
stddev initial values:   0.000010  14.606770
ecfconst solution invest:  14.443451  20.220831
debt cf solution invest: 3.39407735 5.00179820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31111
data: equity =   3.044228  debt =   1.824695  firm =   4.868923

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

debt amount =   0.2434   investment =   0.2434   debt ratio =  1.00000
RRR on investment =  0.108472      after tax =  0.059659
search range of Y std.dev.:   minimum =   6.851465   maximum =   8.906905
old shareholders wealth =    3.0442    old bondholders =     1.8107
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.125238, k:agcpara = 0.21974750)
liq.cash: 10Y average (1Y) =  14.234587 ( 0.63928) : loss rate  0.0589
liq.cash: 10Y std.dev. (1Y) =   6.851465 ( 0.30770)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0531 0.06863   0.08589 0.06417  0.07714  0.06551    3.0442   2.0541   5.0984
 dbratio     ROA    ROA1 debtcf1
 0.40290 0.12539 0.11488 0.14871

TOSYOU CODE: 6782     92
debtcashflow initial values:   0.000010  14.471487
stddev initial values:   0.000010  14.471487
ecfconst solution invest:  12.069553  16.897374
debt cf solution invest: 0.82833730 1.22070760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.01340
data: equity =   4.376026  debt =   0.447803  firm =   4.823829

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

debt amount =   0.2412   investment =   0.2412   debt ratio =  1.00000
RRR on investment =  0.052540      after tax =  0.028897
search range of Y std.dev.:   minimum =   8.154657   maximum =  10.601054
old shareholders wealth =    4.3760    old bondholders =     0.4106
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =  12.472038, k:agcpara = 0.27867726)
liq.cash: 10Y average (1Y) =  12.086327 ( 0.53324) : loss rate  0.0309
liq.cash: 10Y std.dev. (1Y) =  10.601054 ( 0.46771)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3841 0.15636   0.06104 0.06003  0.06091  0.05740    4.3760   0.6518   5.0278
 dbratio     ROA    ROA1 debtcf1
 0.12964 0.10606 0.09510 0.05555

TOSYOU CODE: 4183     93
debtcashflow initial values:   0.000010  14.409425
stddev initial values:   0.000010  14.409425
ecfconst solution invest:  14.163805  19.829327
debt cf solution invest: 3.73793080 5.50852960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32026
data: equity =   2.795549  debt =   2.007593  firm =   4.803142

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

debt amount =   0.2402   investment =   0.2402   debt ratio =  1.00000
RRR on investment =  0.107238      after tax =  0.058981
search range of Y std.dev.:   minimum =   6.490855   maximum =   8.438111
old shareholders wealth =    2.7955    old bondholders =     1.9926
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.828930, k:agcpara = 0.21114816)
liq.cash: 10Y average (1Y) =  13.898000 ( 0.62083) : loss rate  0.0628
liq.cash: 10Y std.dev. (1Y) =   6.490855 ( 0.28995)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.4089 0.07188   0.08729 0.06429  0.07708  0.06423    2.7955   2.2327   5.0283
 dbratio     ROA    ROA1 debtcf1
 0.44403 0.12347 0.11422 0.16181

TOSYOU CODE: 7731     94
debtcashflow initial values:   0.000010  14.344027
stddev initial values:   0.000010  14.344027
ecfconst solution invest:  14.617313  20.464238
debt cf solution invest: 1.76812765 2.60566180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30597
data: equity =   3.819022  debt =   0.962320  firm =   4.781342

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

debt amount =   0.2391   investment =   0.2391   debt ratio =  1.00000
RRR on investment =  0.114331      after tax =  0.062882
search range of Y std.dev.:   minimum =   7.647213   maximum =   9.941376
old shareholders wealth =    3.8190    old bondholders =     0.9536
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.323080, k:agcpara = 0.25002344)
liq.cash: 10Y average (1Y) =  14.741082 ( 0.67638) : loss rate  0.0380
liq.cash: 10Y std.dev. (1Y) =   7.647213 ( 0.35088)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3278 0.05227   0.08315 0.06365  0.07851  0.07170    3.8190   1.1927   5.0117
 dbratio     ROA    ROA1 debtcf1
 0.23798 0.13496 0.11824 0.08465

TOSYOU CODE: 5233     95
debtcashflow initial values:   0.000010  14.264927
stddev initial values:   0.000010  14.264927
ecfconst solution invest:  14.644196  20.501874
debt cf solution invest: 3.31960495 4.89204940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37773
data: equity =   2.957379  debt =   1.797597  firm =   4.754976

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

debt amount =   0.2377   investment =   0.2377   debt ratio =  1.00000
RRR on investment =  0.112912      after tax =  0.062101
search range of Y std.dev.:   minimum =   6.667382   maximum =   8.667596
old shareholders wealth =    2.9574    old bondholders =     1.7844
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.337184, k:agcpara = 0.22293706)
liq.cash: 10Y average (1Y) =  14.454379 ( 0.65320) : loss rate  0.0576
liq.cash: 10Y std.dev. (1Y) =   6.667382 ( 0.30130)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.9599 0.05774   0.09112 0.06440  0.08027  0.06850    2.9574   2.0222   4.9796
 dbratio     ROA    ROA1 debtcf1
 0.40610 0.13118 0.11907 0.14400

TOSYOU CODE: 5701     96
debtcashflow initial values:   0.000010  14.263849
stddev initial values:   0.000010  14.263849
ecfconst solution invest:  14.332378  20.065329
debt cf solution invest: 3.53329605 5.20696260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35053
data: equity =   2.849327  debt =   1.905289  firm =   4.754616

agency cost: EZC - k L (EZC:ecfconst =  14.332378, k:agcpara = 0.21656934)
liq.cash: 10Y average (1Y) =  13.526901 ( 0.60957) : loss rate  0.0562
liq.cash: 10Y std.dev. (1Y) =   6.239214 ( 0.28116)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7193 0.05798   0.08836 0.06403  0.07861  0.06706    2.8493   1.9053   4.7546
 dbratio     ROA    ROA1 debtcf1
 0.40072 0.12821 0.11666 0.13504

debt amount =   0.2377   investment =   0.2377   debt ratio =  1.00000
RRR on investment =  0.110067      after tax =  0.060537
search range of Y std.dev.:   minimum =   6.533242   maximum =   8.493215
old shareholders wealth =    2.8493    old bondholders =     1.8912
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.007804, k:agcpara = 0.21656934)
liq.cash: 10Y average (1Y) =  14.101074 ( 0.63360) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   6.533243 ( 0.29356)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.1868 0.06457   0.08942 0.06438  0.07872  0.06633    2.8493   2.1289   4.9782
 dbratio     ROA    ROA1 debtcf1
 0.42764 0.12727 0.11667 0.15294

TOSYOU CODE: 4507     97
debtcashflow initial values:   0.000010  13.970878
stddev initial values:   0.000010  13.970878
ecfconst solution invest:  14.292812  20.009937
debt cf solution invest: 0.77453975 1.14142700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36237
data: equity =   4.212291  debt =   0.444668  firm =   4.656959

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

debt amount =   0.2328   investment =   0.2328   debt ratio =  1.00000
RRR on investment =  0.117694      after tax =  0.064732
search range of Y std.dev.:   minimum =   6.430990   maximum =   8.360287
old shareholders wealth =    4.2123    old bondholders =     0.4416
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.001251, k:agcpara = 0.28858808)
liq.cash: 10Y average (1Y) =  14.641902 ( 0.67799) : loss rate  0.0240
liq.cash: 10Y std.dev. (1Y) =   6.430990 ( 0.29779)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2452 0.01862   0.08134 0.06124  0.07857  0.07476    4.2123   0.6745   4.8867
 dbratio     ROA    ROA1 debtcf1
 0.13802 0.13874 0.11869 0.04305

TOSYOU CODE: 7270     98
debtcashflow initial values:   0.000010  13.868434
stddev initial values:   0.000010  13.868434
ecfconst solution invest:  13.451820  18.832548
debt cf solution invest: 3.72504880 5.48954560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30391
data: equity =   2.626405  debt =   1.996406  firm =   4.622811

agency cost: EZC - k L (EZC:ecfconst =  13.451820, k:agcpara = 0.20722904)
liq.cash: 10Y average (1Y) =  12.639253 ( 0.56395) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   5.882271 ( 0.26246)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.9211 0.06916   0.08522 0.06389  0.07601  0.06359    2.6264   1.9964   4.6228
 dbratio     ROA    ROA1 debtcf1
 0.43186 0.12199 0.11272 0.14338

debt amount =   0.2311   investment =   0.2311   debt ratio =  1.00000
RRR on investment =  0.105497      after tax =  0.058023
search range of Y std.dev.:   minimum =   6.157830   maximum =   8.005179
old shareholders wealth =    2.6264    old bondholders =     1.9814
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.081979, k:agcpara = 0.20722904)
liq.cash: 10Y average (1Y) =  13.174623 ( 0.58609) : loss rate  0.0644
liq.cash: 10Y std.dev. (1Y) =   6.157830 ( 0.27394)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.3785 0.07658   0.08615 0.06421  0.07612  0.06291    2.6264   2.2126   4.8390
 dbratio     ROA    ROA1 debtcf1
 0.45724 0.12112 0.11273 0.16110

TOSYOU CODE: 5706     99
debtcashflow initial values:   0.000010  13.843095
stddev initial values:   0.000010  13.843095
ecfconst solution invest:  14.061368  19.685915
debt cf solution invest: 3.81677700 5.62472400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39494
data: equity =   2.550611  debt =   2.063754  firm =   4.614365

agency cost: EZC - k L (EZC:ecfconst =  14.061368, k:agcpara = 0.20928659)
liq.cash: 10Y average (1Y) =  13.220526 ( 0.59431) : loss rate  0.0598
liq.cash: 10Y std.dev. (1Y) =   5.793345 ( 0.26043)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.0177 0.05608   0.09262 0.06421  0.07992  0.06699    2.5506   2.0638   4.6144
 dbratio     ROA    ROA1 debtcf1
 0.44725 0.12879 0.11787 0.14533

debt amount =   0.2307   investment =   0.2307   debt ratio =  1.00000
RRR on investment =  0.110869      after tax =  0.060978
search range of Y std.dev.:   minimum =   6.065372   maximum =   7.884984
old shareholders wealth =    2.5506    old bondholders =     2.0494
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.721621, k:agcpara = 0.20928659)
liq.cash: 10Y average (1Y) =  13.786116 ( 0.61813) : loss rate  0.0635
liq.cash: 10Y std.dev. (1Y) =   6.065372 ( 0.27195)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.4700 0.06227   0.09383 0.06458  0.08002  0.06631    2.5506   2.2801   4.8307
 dbratio     ROA    ROA1 debtcf1
 0.47200 0.12796 0.11788 0.16261

TOSYOU CODE: 5486    100
debtcashflow initial values:   0.000010  13.360074
stddev initial values:   0.000010  13.360074
ecfconst solution invest:  13.675390  19.145546
debt cf solution invest: 1.73666460 2.55929520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31559
data: equity =   3.508199  debt =   0.945159  firm =   4.453358

agency cost: EZC - k L (EZC:ecfconst =  13.675390, k:agcpara = 0.24875480)
liq.cash: 10Y average (1Y) =  13.220649 ( 0.60850) : loss rate  0.0333
liq.cash: 10Y std.dev. (1Y) =   6.745941 ( 0.31049)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8281 0.04563   0.08304 0.06332  0.07885  0.07281    3.5082   0.9451   4.4533
 dbratio     ROA    ROA1 debtcf1
 0.21223 0.13664 0.11873 0.06595

debt amount =   0.2227   investment =   0.2227   debt ratio =  1.00000
RRR on investment =  0.114709      after tax =  0.063090
search range of Y std.dev.:   minimum =   7.071310   maximum =   9.192703
old shareholders wealth =    3.5082    old bondholders =     0.9368
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.334979, k:agcpara = 0.24875480)
liq.cash: 10Y average (1Y) =  13.772149 ( 0.63162) : loss rate  0.0393
liq.cash: 10Y std.dev. (1Y) =   7.071310 ( 0.32430)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2626 0.05180   0.08398 0.06373  0.07895  0.07183    3.5082   1.1594   4.6676
 dbratio     ROA    ROA1 debtcf1
 0.24840 0.13532 0.11874 0.08224

TOSYOU CODE: 3404    101
debtcashflow initial values:   0.000010  12.933520
stddev initial values:   0.000010  12.933520
ecfconst solution invest:  14.062939  19.688115
debt cf solution invest: 2.67057730 3.93558760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46073
data: equity =   2.848986  debt =   1.462187  firm =   4.311173

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

debt amount =   0.2156   investment =   0.2156   debt ratio =  1.00000
RRR on investment =  0.120289      after tax =  0.066159
search range of Y std.dev.:   minimum =   6.264002   maximum =   8.143202
old shareholders wealth =    2.8490    old bondholders =     1.4520
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.734161, k:agcpara = 0.23623552)
liq.cash: 10Y average (1Y) =  13.971484 ( 0.63837) : loss rate  0.0518
liq.cash: 10Y std.dev. (1Y) =   6.264002 ( 0.28621)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.2285 0.04317   0.09656 0.06433  0.08466  0.07397    2.8490   1.6676   4.5166
 dbratio     ROA    ROA1 debtcf1
 0.36921 0.14134 0.12552 0.11603

TOSYOU CODE: 4061    102
debtcashflow initial values:   0.000010  12.561088
stddev initial values:   0.000010  12.561088
ecfconst solution invest:  12.790842  17.907179
debt cf solution invest: 3.21904175 4.74385100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38199
data: equity =   2.446315  debt =   1.740714  firm =   4.187029

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

debt amount =   0.2094   investment =   0.2094   debt ratio =  1.00000
RRR on investment =  0.111505      after tax =  0.061328
search range of Y std.dev.:   minimum =   5.672960   maximum =   7.374848
old shareholders wealth =    2.4463    old bondholders =     1.7282
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  13.393387, k:agcpara = 0.21538863)
liq.cash: 10Y average (1Y) =  12.575139 ( 0.56562) : loss rate  0.0611
liq.cash: 10Y std.dev. (1Y) =   5.672960 ( 0.25517)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.7989 0.06093   0.09216 0.06449  0.07993  0.06711    2.4463   1.9376   4.3839
 dbratio     ROA    ROA1 debtcf1
 0.44198 0.12902 0.11816 0.13827

TOSYOU CODE: 4523    103
debtcashflow initial values:   0.000010  12.539719
stddev initial values:   0.000010  12.539719
ecfconst solution invest:  12.610208  17.654291
debt cf solution invest: 0.91046005 1.34173060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32760
data: equity =   3.661665  debt =   0.518241  firm =   4.179906

agency cost: EZC - k L (EZC:ecfconst =  12.610208, k:agcpara = 0.27773425)
liq.cash: 10Y average (1Y) =  12.344033 ( 0.57140) : loss rate  0.0211
liq.cash: 10Y std.dev. (1Y) =   5.576159 ( 0.25812)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9584 0.02058   0.07934 0.06120  0.07709  0.07368    3.6617   0.5182   4.1799
 dbratio     ROA    ROA1 debtcf1
 0.12398 0.13670 0.11675 0.03321

debt amount =   0.2090   investment =   0.2090   debt ratio =  1.00000
RRR on investment =  0.115123      after tax =  0.063318
search range of Y std.dev.:   minimum =   5.850935   maximum =   7.606216
old shareholders wealth =    3.6617    old bondholders =     0.5142
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  13.231600, k:agcpara = 0.27773425)
liq.cash: 10Y average (1Y) =  12.857235 ( 0.59278) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   5.850935 ( 0.26976)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3479 0.02459   0.08023 0.06160  0.07716  0.07259    3.6617   0.7232   4.3848
 dbratio     ROA    ROA1 debtcf1
 0.16493 0.13519 0.11678 0.04704

TOSYOU CODE: 5471    104
debtcashflow initial values:   0.000010  12.444153
stddev initial values:   0.000010  12.444153
ecfconst solution invest:  14.285944  20.000322
debt cf solution invest: 3.02045470 4.45119640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.39084
data: equity =   2.500842  debt =   1.647209  firm =   4.148051

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

debt amount =   0.2074   investment =   0.2074   debt ratio =  1.00000
RRR on investment =  0.126187      after tax =  0.069403
search range of Y std.dev.:   minimum =   5.882343   maximum =   7.647046
old shareholders wealth =    2.5008    old bondholders =     1.6371
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.966584, k:agcpara = 0.23912896)
liq.cash: 10Y average (1Y) =  14.109970 ( 0.64500) : loss rate  0.0572
liq.cash: 10Y std.dev. (1Y) =   5.882343 ( 0.26890)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.5822 0.03675   0.10677 0.06551  0.08925  0.07674    2.5008   1.8445   4.3453
 dbratio     ROA    ROA1 debtcf1
 0.42448 0.14844 0.13164 0.12847

TOSYOU CODE: 3103    105
debtcashflow initial values:   0.000010  12.382552
stddev initial values:   0.000010  12.382552
ecfconst solution invest:  12.880927  18.033298
debt cf solution invest: 3.78105415 5.57207980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47544
data: equity =   2.068561  debt =   2.058956  firm =   4.127517

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

debt amount =   0.2064   investment =   0.2064   debt ratio =  1.00000
RRR on investment =  0.113374      after tax =  0.062356
search range of Y std.dev.:   minimum =   5.146862   maximum =   6.690920
old shareholders wealth =    2.0686    old bondholders =     2.0458
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  13.484973, k:agcpara = 0.20360057)
liq.cash: 10Y average (1Y) =  12.592887 ( 0.56488) : loss rate  0.0662
liq.cash: 10Y std.dev. (1Y) =   5.146862 ( 0.23087)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.3816 0.05531   0.10145 0.06467  0.08228  0.06711    2.0686   2.2522   4.3208
 dbratio     ROA    ROA1 debtcf1
 0.52125 0.13074 0.12054 0.15804

TOSYOU CODE: 5333    106
debtcashflow initial values:   0.000010  12.264068
stddev initial values:   0.000010  12.264068
ecfconst solution invest:  12.083867  16.917414
debt cf solution invest: 0.78100450 1.15095400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29073
data: equity =   3.643442  debt =   0.444581  firm =   4.088023

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

debt amount =   0.2044   investment =   0.2044   debt ratio =  1.00000
RRR on investment =  0.113096      after tax =  0.062203
search range of Y std.dev.:   minimum =   5.742664   maximum =   7.465463
old shareholders wealth =    3.6434    old bondholders =     0.4411
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.680641, k:agcpara = 0.28076394)
liq.cash: 10Y average (1Y) =  12.342853 ( 0.56839) : loss rate  0.0266
liq.cash: 10Y std.dev. (1Y) =   5.742664 ( 0.26445)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2031 0.02620   0.07780 0.06143  0.07534  0.07118    3.6434   0.6455   4.2889
 dbratio     ROA    ROA1 debtcf1
 0.15050 0.13253 0.11450 0.04202

TOSYOU CODE: 6952    107
debtcashflow initial values:   0.000010  12.081290
stddev initial values:   0.000010  12.081290
ecfconst solution invest:  11.442800  16.019920
debt cf solution invest: 1.73076320 2.55059840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20155
data: equity =   3.098063  debt =   0.929034  firm =   4.027097

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

debt amount =   0.2014   investment =   0.2014   debt ratio =  1.00000
RRR on investment =  0.105482      after tax =  0.058015
search range of Y std.dev.:   minimum =   6.371262   maximum =   8.282640
old shareholders wealth =    3.0981    old bondholders =     0.9204
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.991682, k:agcpara = 0.24179118)
liq.cash: 10Y average (1Y) =  11.454808 ( 0.51796) : loss rate  0.0448
liq.cash: 10Y std.dev. (1Y) =   6.371262 ( 0.28809)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2204 0.07362   0.07569 0.06298  0.07231  0.06478    3.0981   1.1218   4.2199
 dbratio     ROA    ROA1 debtcf1
 0.26584 0.12274 0.11009 0.08219

TOSYOU CODE: 5812    108
debtcashflow initial values:   0.000010  12.081073
stddev initial values:   0.000010  12.081073
ecfconst solution invest:  12.768429  17.875801
debt cf solution invest: 1.18977240 1.75334880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35360
data: equity =   3.373364  debt =   0.653660  firm =   4.027024

agency cost: EZC - k L (EZC:ecfconst =  12.768429, k:agcpara = 0.25798691)
liq.cash: 10Y average (1Y) =  12.445328 ( 0.57724) : loss rate  0.0253
liq.cash: 10Y std.dev. (1Y) =   6.278942 ( 0.29123)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2524 0.03732   0.08495 0.06314  0.08141  0.07680    3.3734   0.6536   4.0270
 dbratio     ROA    ROA1 debtcf1
 0.16231 0.14334 0.12232 0.04476

debt amount =   0.2014   investment =   0.2014   debt ratio =  1.00000
RRR on investment =  0.119041      after tax =  0.065472
search range of Y std.dev.:   minimum =   6.583846   maximum =   8.559000
old shareholders wealth =    3.3734    old bondholders =     0.6474
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  13.388461, k:agcpara = 0.25798691)
liq.cash: 10Y average (1Y) =  12.964871 ( 0.59925) : loss rate  0.0316
liq.cash: 10Y std.dev. (1Y) =   6.583846 ( 0.30431)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6419 0.04273   0.08599 0.06362  0.08149  0.07573    3.3734   0.8488   4.2221
 dbratio     ROA    ROA1 debtcf1
 0.20103 0.14193 0.12233 0.05916

TOSYOU CODE: 6770    109
debtcashflow initial values:   0.000010  11.999356
stddev initial values:   0.000010  11.999356
ecfconst solution invest:  11.492667  16.089734
debt cf solution invest: 2.46788720 3.63688640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24279
data: equity =   2.679018  debt =   1.320767  firm =   3.999785

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

debt amount =   0.2000   investment =   0.2000   debt ratio =  1.00000
RRR on investment =  0.105335      after tax =  0.057934
search range of Y std.dev.:   minimum =   5.855447   maximum =   7.612082
old shareholders wealth =    2.6790    old bondholders =     1.3099
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.037100, k:agcpara = 0.22557736)
liq.cash: 10Y average (1Y) =  11.361634 ( 0.50939) : loss rate  0.0561
liq.cash: 10Y std.dev. (1Y) =   5.855447 ( 0.26252)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9944 0.07651   0.07988 0.06361  0.07401  0.06369    2.6790   1.5099   4.1889
 dbratio     ROA    ROA1 debtcf1
 0.36045 0.12160 0.11133 0.11073

TOSYOU CODE: 6472    110
debtcashflow initial values:   0.000010  11.771553
stddev initial values:   0.000010  11.771553
ecfconst solution invest:  12.223898  17.113457
debt cf solution invest: 2.27213970 3.34841640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37056
data: equity =   2.690020  debt =   1.233831  firm =   3.923851

agency cost: EZC - k L (EZC:ecfconst =  12.223898, k:agcpara = 0.23454250)
liq.cash: 10Y average (1Y) =  11.662937 ( 0.53254) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =   5.535185 ( 0.25274)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3917 0.04697   0.08838 0.06384  0.08066  0.07163    2.6900   1.2338   3.9239
 dbratio     ROA    ROA1 debtcf1
 0.31444 0.13572 0.12034 0.08628

debt amount =   0.1962   investment =   0.1962   debt ratio =  1.00000
RRR on investment =  0.115062      after tax =  0.063284
search range of Y std.dev.:   minimum =   5.799179   maximum =   7.538932
old shareholders wealth =    2.6900    old bondholders =     1.2244
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.806901, k:agcpara = 0.23454250)
liq.cash: 10Y average (1Y) =  12.156055 ( 0.55337) : loss rate  0.0508
liq.cash: 10Y std.dev. (1Y) =   5.799179 ( 0.26399)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7750 0.05287   0.08949 0.06423  0.08076  0.07077    2.6900   1.4206   4.1106
 dbratio     ROA    ROA1 debtcf1
 0.34559 0.13462 0.12035 0.10073

TOSYOU CODE: 7269    111
debtcashflow initial values:   0.000010  11.735630
stddev initial values:   0.000010  11.735630
ecfconst solution invest:  11.059007  15.482610
debt cf solution invest: 2.06707745 3.04621940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20487
data: equity =   2.806469  debt =   1.105408  firm =   3.911877

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

debt amount =   0.1956   investment =   0.1956   debt ratio =  1.00000
RRR on investment =  0.104144      after tax =  0.057279
search range of Y std.dev.:   minimum =   5.960718   maximum =   7.748934
old shareholders wealth =    2.8065    old bondholders =     1.0958
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.585768, k:agcpara = 0.23310377)
liq.cash: 10Y average (1Y) =  10.988030 ( 0.49351) : loss rate  0.0516
liq.cash: 10Y std.dev. (1Y) =   5.960718 ( 0.26772)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5643 0.07880   0.07639 0.06313  0.07221  0.06326    2.8065   1.2914   4.0978
 dbratio     ROA    ROA1 debtcf1
 0.31514 0.12043 0.10952 0.09516

TOSYOU CODE: 2897    112
debtcashflow initial values:   0.000010  11.680360
stddev initial values:   0.000010  11.680360
ecfconst solution invest:  11.740994  16.437392
debt cf solution invest: 0.40544670 0.59750040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33268
data: equity =   3.659657  debt =   0.233796  firm =   3.893453

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

debt amount =   0.1927   investment =   0.1947   debt ratio =  0.98973
RRR on investment =  0.116295      after tax =  0.063962
search range of Y std.dev.:   minimum =   5.343296   maximum =   6.946285
old shareholders wealth =    3.6597    old bondholders =     0.2323
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  12.325913, k:agcpara = 0.29655732)
liq.cash: 10Y average (1Y) =  12.094368 ( 0.56076) : loss rate  0.0188
liq.cash: 10Y std.dev. (1Y) =   5.343296 ( 0.24774)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7808 0.01712   0.07884 0.06088  0.07698  0.07413    3.6617   0.4250   4.0866
 dbratio     ROA    ROA1 debtcf1
 0.10399 0.13722 0.11672 0.02688

TOSYOU CODE: 5231    113
debtcashflow initial values:   0.000010  11.619484
stddev initial values:   0.000010  11.619484
ecfconst solution invest:  13.526606  18.937248
debt cf solution invest: 3.06379655 4.51506860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.38626
data: equity =   2.202036  debt =   1.671125  firm =   3.873161

agency cost: EZC - k L (EZC:ecfconst =  13.526606, k:agcpara = 0.23778567)
liq.cash: 10Y average (1Y) =  12.759736 ( 0.58382) : loss rate  0.0567
liq.cash: 10Y std.dev. (1Y) =   5.117374 ( 0.23414)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.2250 0.03122   0.10940 0.06535  0.09039  0.07770    2.2020   1.6711   3.8732
 dbratio     ROA    ROA1 debtcf1
 0.43146 0.15073 0.13321 0.11496

debt amount =   0.1937   investment =   0.1937   debt ratio =  1.00000
RRR on investment =  0.127610      after tax =  0.070186
search range of Y std.dev.:   minimum =   5.360866   maximum =   6.969125
old shareholders wealth =    2.2020    old bondholders =     1.6615
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.170221, k:agcpara = 0.23778567)
liq.cash: 10Y average (1Y) =  13.313964 ( 0.60813) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   5.360866 ( 0.24486)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.6010 0.03501   0.11118 0.06573  0.09040  0.07687    2.2020   1.8551   4.0572
 dbratio     ROA    ROA1 debtcf1
 0.45725 0.14989 0.13322 0.12893

TOSYOU CODE: 4506    114
debtcashflow initial values:   0.000010  11.437837
stddev initial values:   0.000010  11.437837
ecfconst solution invest:  12.391174  17.347644
debt cf solution invest: 0.35543775 0.52380300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.29585
data: equity =   3.608976  debt =   0.203636  firm =   3.812612

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

debt amount =   0.1599   investment =   0.1906   debt ratio =  0.83857
RRR on investment =  0.124839      after tax =  0.068661
search range of Y std.dev.:   minimum =   5.297966   maximum =   6.887356
old shareholders wealth =    3.6090    old bondholders =     0.2027
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  13.009327, k:agcpara = 0.30884889)
liq.cash: 10Y average (1Y) =  12.802658 ( 0.59752) : loss rate  0.0159
liq.cash: 10Y std.dev. (1Y) =   5.297966 ( 0.24726)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6692 0.01100   0.08562 0.06201  0.08348  0.08095    3.6398   0.3626   4.0023
 dbratio     ROA    ROA1 debtcf1
 0.09059 0.14929 0.12511 0.02304

TOSYOU CODE: 6479    115
debtcashflow initial values:   0.000010  11.435663
stddev initial values:   0.000010  11.435663
ecfconst solution invest:  12.851282  17.991795
debt cf solution invest: 2.48072075 3.65579900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.31719
data: equity =   2.471306  debt =   1.340581  firm =   3.811888

agency cost: EZC - k L (EZC:ecfconst =  12.851282, k:agcpara = 0.24271867)
liq.cash: 10Y average (1Y) =  12.217474 ( 0.56004) : loss rate  0.0493
liq.cash: 10Y std.dev. (1Y) =   5.364612 ( 0.24591)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6113 0.03667   0.09933 0.06554  0.08745  0.07707    2.4713   1.3405   3.8119
 dbratio     ROA    ROA1 debtcf1
 0.35168 0.14692 0.12923 0.09393

debt amount =   0.1906   investment =   0.1906   debt ratio =  1.00000
RRR on investment =  0.123952      after tax =  0.068173
search range of Y std.dev.:   minimum =   5.620576   maximum =   7.306749
old shareholders wealth =    2.4713    old bondholders =     1.3315
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  13.464460, k:agcpara = 0.24271867)
liq.cash: 10Y average (1Y) =  12.739927 ( 0.58260) : loss rate  0.0538
liq.cash: 10Y std.dev. (1Y) =   5.620576 ( 0.25703)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9851 0.04132   0.10078 0.06595  0.08750  0.07619    2.4713   1.5221   3.9934
 dbratio     ROA    ROA1 debtcf1
 0.38115 0.14589 0.12924 0.10793

TOSYOU CODE: 6361    116
debtcashflow initial values:   0.000010  11.393311
stddev initial values:   0.000010  11.393311
ecfconst solution invest:  13.849492  19.389289
debt cf solution invest: 1.11568380 1.64416560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.35392
data: equity =   3.181424  debt =   0.616346  firm =   3.797770

agency cost: EZC - k L (EZC:ecfconst =  13.849492, k:agcpara = 0.27730595)
liq.cash: 10Y average (1Y) =  13.523823 ( 0.62939) : loss rate  0.0235
liq.cash: 10Y std.dev. (1Y) =   6.053451 ( 0.28172)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1744 0.02067   0.09921 0.06436  0.09355  0.08885    3.1814   0.6164   3.7978
 dbratio     ROA    ROA1 debtcf1
 0.16230 0.16572 0.13813 0.04148

debt amount =   0.1899   investment =   0.1899   debt ratio =  1.00000
RRR on investment =  0.135471      after tax =  0.074509
search range of Y std.dev.:   minimum =   6.349135   maximum =   8.253876
old shareholders wealth =    3.1814    old bondholders =     0.6116
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.525978, k:agcpara = 0.27730595)
liq.cash: 10Y average (1Y) =  14.099197 ( 0.65471) : loss rate  0.0294
liq.cash: 10Y std.dev. (1Y) =   6.349135 ( 0.29483)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5390 0.02395   0.10076 0.06487  0.09353  0.08766    3.1814   0.8015   3.9829
 dbratio     ROA    ROA1 debtcf1
 0.20123 0.16438 0.13814 0.05469

TOSYOU CODE: 4182    117
debtcashflow initial values:   0.000010  11.130400
stddev initial values:   0.000010  11.130400
ecfconst solution invest:  12.052409  16.873373
debt cf solution invest: 2.13251250 3.14265000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44243
data: equity =   2.543185  debt =   1.166948  firm =   3.710133

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

debt amount =   0.1855   investment =   0.1855   debt ratio =  1.00000
RRR on investment =  0.120070      after tax =  0.066038
search range of Y std.dev.:   minimum =   5.491832   maximum =   7.139382
old shareholders wealth =    2.5432    old bondholders =     1.1586
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.628924, k:agcpara = 0.23926150)
liq.cash: 10Y average (1Y) =  12.005848 ( 0.54933) : loss rate  0.0493
liq.cash: 10Y std.dev. (1Y) =   5.491832 ( 0.25128)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6042 0.04345   0.09474 0.06427  0.08421  0.07420    2.5432   1.3441   3.8873
 dbratio     ROA    ROA1 debtcf1
 0.34577 0.14131 0.12505 0.09370

TOSYOU CODE: 5202    118
debtcashflow initial values:   0.000010  11.103566
stddev initial values:   0.000010  11.103566
ecfconst solution invest:  12.375345  17.325483
debt cf solution invest: 1.70798885 2.51703620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46871
data: equity =   2.759891  debt =   0.941298  firm =   3.701189

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

debt amount =   0.1851   investment =   0.1851   debt ratio =  1.00000
RRR on investment =  0.124243      after tax =  0.068334
search range of Y std.dev.:   minimum =   5.719430   maximum =   7.435259
old shareholders wealth =    2.7599    old bondholders =     0.9344
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.972262, k:agcpara = 0.25118365)
liq.cash: 10Y average (1Y) =  12.431223 ( 0.57283) : loss rate  0.0417
liq.cash: 10Y std.dev. (1Y) =   5.719430 ( 0.26355)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1540 0.03618   0.09537 0.06402  0.08633  0.07801    2.7599   1.1195   3.8794
 dbratio     ROA    ROA1 debtcf1
 0.28857 0.14766 0.12830 0.07701

TOSYOU CODE: 2212    119
debtcashflow initial values:   0.000010  11.023246
stddev initial values:   0.000010  11.023246
ecfconst solution invest:  10.896564  15.255190
debt cf solution invest: 0.65505160 0.96533920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.28160
data: equity =   3.303885  debt =   0.370530  firm =   3.674415

agency cost: EZC - k L (EZC:ecfconst =  10.896564, k:agcpara = 0.28585573)
liq.cash: 10Y average (1Y) =  10.699458 ( 0.49537) : loss rate  0.0181
liq.cash: 10Y std.dev. (1Y) =   4.974099 ( 0.23029)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6895 0.02209   0.07706 0.06171  0.07551  0.07271    3.3039   0.3705   3.6744
 dbratio     ROA    ROA1 debtcf1
 0.10083 0.13482 0.11483 0.02401

debt amount =   0.1837   investment =   0.1837   debt ratio =  1.00000
RRR on investment =  0.113597      after tax =  0.062479
search range of Y std.dev.:   minimum =   5.220059   maximum =   6.786077
old shareholders wealth =    3.3039    old bondholders =     0.3676
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.435379, k:agcpara = 0.28585573)
liq.cash: 10Y average (1Y) =  11.139760 ( 0.51350) : loss rate  0.0259
liq.cash: 10Y std.dev. (1Y) =   5.220059 ( 0.24063)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0342 0.02644   0.07783 0.06208  0.07558  0.07159    3.3039   0.5513   3.8552
 dbratio     ROA    ROA1 debtcf1
 0.14300 0.13320 0.11486 0.03628

TOSYOU CODE: 2282    120
debtcashflow initial values:   0.000010  10.842327
stddev initial values:   0.000010  10.842327
ecfconst solution invest:  12.256807  17.159530
debt cf solution invest: 0.96506510 1.42220120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.37801
data: equity =   3.064375  debt =   0.549734  firm =   3.614109

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

debt amount =   0.1807   investment =   0.1807   debt ratio =  1.00000
RRR on investment =  0.128195      after tax =  0.070507
search range of Y std.dev.:   minimum =   5.033059   maximum =   6.542976
old shareholders wealth =    3.0644    old bondholders =     0.5464
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.860494, k:agcpara = 0.28753599)
liq.cash: 10Y average (1Y) =  12.471802 ( 0.57882) : loss rate  0.0302
liq.cash: 10Y std.dev. (1Y) =   5.033059 ( 0.23359)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3518 0.01357   0.09314 0.06253  0.08727  0.08187    3.0644   0.7271   3.7915
 dbratio     ROA    ROA1 debtcf1
 0.19178 0.15266 0.12991 0.04683

TOSYOU CODE: 5214    121
debtcashflow initial values:   0.000010  10.777419
stddev initial values:   0.000010  10.777419
ecfconst solution invest:  10.794916  15.112882
debt cf solution invest: 1.96959985 2.90256820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30436
data: equity =   2.529150  debt =   1.063323  firm =   3.592473

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

debt amount =   0.1796   investment =   0.1796   debt ratio =  1.00000
RRR on investment =  0.111043      after tax =  0.061073
search range of Y std.dev.:   minimum =   5.387303   maximum =   7.003494
old shareholders wealth =    2.5292    old bondholders =     1.0547
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.309754, k:agcpara = 0.23434669)
liq.cash: 10Y average (1Y) =  10.741144 ( 0.48720) : loss rate  0.0503
liq.cash: 10Y std.dev. (1Y) =   5.387303 ( 0.24436)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4264 0.06137   0.08425 0.06395  0.07759  0.06815    2.5292   1.2343   3.7635
 dbratio     ROA    ROA1 debtcf1
 0.32797 0.12946 0.11631 0.08878

TOSYOU CODE: 5803    122
debtcashflow initial values:   0.000010  10.669562
stddev initial values:   0.000010  10.669562
ecfconst solution invest:  11.262990  15.768186
debt cf solution invest: 1.89170175 2.78777100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38947
data: equity =   2.525362  debt =   1.031159  firm =   3.556521

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

debt amount =   0.1778   investment =   0.1778   debt ratio =  1.00000
RRR on investment =  0.117331      after tax =  0.064532
search range of Y std.dev.:   minimum =   5.350872   maximum =   6.956134
old shareholders wealth =    2.5254    old bondholders =     1.0233
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.802268, k:agcpara = 0.24001415)
liq.cash: 10Y average (1Y) =  11.241281 ( 0.51389) : loss rate  0.0475
liq.cash: 10Y std.dev. (1Y) =   5.350872 ( 0.24461)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3373 0.04805   0.09045 0.06417  0.08198  0.07267    2.5254   1.2011   3.7265
 dbratio     ROA    ROA1 debtcf1
 0.32232 0.13790 0.12219 0.08453

TOSYOU CODE: 5738    123
debtcashflow initial values:   0.000010  10.601981
stddev initial values:   0.000010  10.601981
ecfconst solution invest:   9.880676  13.832946
debt cf solution invest: 4.16280215 6.13465580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39674
data: equity =   1.281986  debt =   2.252008  firm =   3.533994

agency cost: EZC - k L (EZC:ecfconst =   9.880676, k:agcpara = 0.15508382)
liq.cash: 10Y average (1Y) =   9.201115 ( 0.39877) : loss rate  0.0688
liq.cash: 10Y std.dev. (1Y) =   3.380079 ( 0.14649)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.3819 0.07697   0.09677 0.06411  0.07596  0.05757    1.2820   2.2520   3.5340
 dbratio     ROA    ROA1 debtcf1
 0.63724 0.11284 0.10829 0.15850

debt amount =   0.1767   investment =   0.1767   debt ratio =  1.00000
RRR on investment =  0.099414      after tax =  0.054678
search range of Y std.dev.:   minimum =   3.536031   maximum =   4.596840
old shareholders wealth =    1.2820    old bondholders =     2.2381
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.336555, k:agcpara = 0.15508382)
liq.cash: 10Y average (1Y) =   9.603341 ( 0.41539) : loss rate  0.0709
liq.cash: 10Y std.dev. (1Y) =   3.536031 ( 0.15295)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7279 0.08398   0.09802 0.06442  0.07607  0.05714    1.2820   2.4148   3.6968
 dbratio     ROA    ROA1 debtcf1
 0.65322 0.11237 0.10829 0.17187

TOSYOU CODE: 4522    124
debtcashflow initial values:   0.000010  10.358708
stddev initial values:   0.000010  10.358708
ecfconst solution invest:   9.855971  13.798359
debt cf solution invest: 0.43118980 0.63543760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.21667
data: equity =   3.208698  debt =   0.244205  firm =   3.452903

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

debt amount =   0.1726   investment =   0.1726   debt ratio =  1.00000
RRR on investment =  0.109866      after tax =  0.060426
search range of Y std.dev.:   minimum =   4.924265   maximum =   6.401545
old shareholders wealth =    3.2087    old bondholders =     0.2423
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.345592, k:agcpara = 0.29239477)
liq.cash: 10Y average (1Y) =  10.118325 ( 0.46528) : loss rate  0.0220
liq.cash: 10Y std.dev. (1Y) =   4.924265 ( 0.22644)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7773 0.02892   0.07353 0.06165  0.07217  0.06899    3.2087   0.4150   3.6237
 dbratio     ROA    ROA1 debtcf1
 0.11452 0.12840 0.11061 0.02727

TOSYOU CODE: 6367    125
debtcashflow initial values:   0.000010  10.355826
stddev initial values:   0.000010  10.355826
ecfconst solution invest:  11.738805  16.434327
debt cf solution invest: 1.91464805 2.82158660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.39294
data: equity =   2.401190  debt =   1.050752  firm =   3.451942

agency cost: EZC - k L (EZC:ecfconst =  11.738805, k:agcpara = 0.24811879)
liq.cash: 10Y average (1Y) =  11.238742 ( 0.51776) : loss rate  0.0426
liq.cash: 10Y std.dev. (1Y) =   4.959486 ( 0.22848)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0154 0.03146   0.09822 0.06422  0.08787  0.07907    2.4012   1.0508   3.4520
 dbratio     ROA    ROA1 debtcf1
 0.30440 0.14999 0.13020 0.07175

debt amount =   0.1726   investment =   0.1726   debt ratio =  1.00000
RRR on investment =  0.125661      after tax =  0.069114
search range of Y std.dev.:   minimum =   5.197675   maximum =   6.756978
old shareholders wealth =    2.4012    old bondholders =     1.0436
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  12.302585, k:agcpara = 0.24811879)
liq.cash: 10Y average (1Y) =  11.719820 ( 0.53865) : loss rate  0.0474
liq.cash: 10Y std.dev. (1Y) =   5.197675 ( 0.23889)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3487 0.03570   0.09969 0.06464  0.08791  0.07813    2.4012   1.2162   3.6174
 dbratio     ROA    ROA1 debtcf1
 0.33621 0.14890 0.13021 0.08407

TOSYOU CODE: 4519    126
debtcashflow initial values:   0.000010  10.204499
stddev initial values:   0.000010  10.204499
ecfconst solution invest:  10.117467  14.164454
debt cf solution invest: 0.62603670 0.92258040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.28672
data: equity =   3.047499  debt =   0.354001  firm =   3.401500

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

debt amount =   0.1701   investment =   0.1701   debt ratio =  1.00000
RRR on investment =  0.113871      after tax =  0.062629
search range of Y std.dev.:   minimum =   4.832928   maximum =   6.282806
old shareholders wealth =    3.0475    old bondholders =     0.3512
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.617489, k:agcpara = 0.28505562)
liq.cash: 10Y average (1Y) =  10.338669 ( 0.47661) : loss rate  0.0263
liq.cash: 10Y std.dev. (1Y) =   4.832928 ( 0.22280)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9781 0.02638   0.07820 0.06212  0.07585  0.07177    3.0475   0.5213   3.5688
 dbratio     ROA    ROA1 debtcf1
 0.14606 0.13355 0.11519 0.03432

TOSYOU CODE: 6841    127
debtcashflow initial values:   0.000010  10.200236
stddev initial values:   0.000010  10.200236
ecfconst solution invest:   9.876783  13.827496
debt cf solution invest: 0.78953360 1.16352320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25693
data: equity =   2.954730  debt =   0.445349  firm =   3.400079

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

debt amount =   0.1700   investment =   0.1700   debt ratio =  1.00000
RRR on investment =  0.110535      after tax =  0.060794
search range of Y std.dev.:   minimum =   4.863846   maximum =   6.323000
old shareholders wealth =    2.9547    old bondholders =     0.4414
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.361827, k:agcpara = 0.27113180)
liq.cash: 10Y average (1Y) =  10.049715 ( 0.46070) : loss rate  0.0301
liq.cash: 10Y std.dev. (1Y) =   4.863846 ( 0.22297)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1511 0.03366   0.07642 0.06168  0.07390  0.06914    2.9547   0.6114   3.5662
 dbratio     ROA    ROA1 debtcf1
 0.17146 0.12919 0.11256 0.04062

TOSYOU CODE: 7984    128
debtcashflow initial values:   0.000010   9.999087
stddev initial values:   0.000010   9.999087
ecfconst solution invest:  10.760897  15.065256
debt cf solution invest: 0.45709725 0.67361700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.33375
data: equity =   3.070574  debt =   0.262455  firm =   3.333029

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

debt amount =   0.1667   investment =   0.1667   debt ratio =  1.00000
RRR on investment =  0.123754      after tax =  0.068065
search range of Y std.dev.:   minimum =   4.608324   maximum =   5.990821
old shareholders wealth =    3.0706    old bondholders =     0.2609
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.296102, k:agcpara = 0.30059813)
liq.cash: 10Y average (1Y) =  11.059092 ( 0.51473) : loss rate  0.0210
liq.cash: 10Y std.dev. (1Y) =   4.608324 ( 0.21449)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7885 0.01292   0.08588 0.06172  0.08292  0.07953    3.0706   0.4276   3.4982
 dbratio     ROA    ROA1 debtcf1
 0.12223 0.14714 0.12437 0.02716

TOSYOU CODE: 7951    129
debtcashflow initial values:   0.000010   9.995918
stddev initial values:   0.000010   9.995918
ecfconst solution invest:  11.107799  15.550919
debt cf solution invest: 1.24891560 1.84050720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.26539
data: equity =   2.654577  debt =   0.677396  firm =   3.331973

agency cost: EZC - k L (EZC:ecfconst =  11.107799, k:agcpara = 0.26187183)
liq.cash: 10Y average (1Y) =  10.763530 ( 0.49878) : loss rate  0.0310
liq.cash: 10Y std.dev. (1Y) =   5.176032 ( 0.23986)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3146 0.03396   0.09126 0.06492  0.08591  0.07997    2.6546   0.6774   3.3320
 dbratio     ROA    ROA1 debtcf1
 0.20331 0.14969 0.12796 0.04724

debt amount =   0.1666   investment =   0.1666   debt ratio =  1.00000
RRR on investment =  0.124363      after tax =  0.068400
search range of Y std.dev.:   minimum =   5.426705   maximum =   7.054716
old shareholders wealth =    2.6546    old bondholders =     0.6718
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.645744, k:agcpara = 0.26187183)
liq.cash: 10Y average (1Y) =  11.216106 ( 0.51819) : loss rate  0.0369
liq.cash: 10Y std.dev. (1Y) =   5.426705 ( 0.25072)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6406 0.03882   0.09248 0.06538  0.08597  0.07891    2.6546   0.8384   3.4930
 dbratio     ROA    ROA1 debtcf1
 0.24003 0.14835 0.12797 0.05934

TOSYOU CODE: 4508    130
debtcashflow initial values:   0.000010   9.955879
stddev initial values:   0.000010   9.955879
ecfconst solution invest:  10.993493  15.390890
debt cf solution invest: 0.89024880 1.31194560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.30141
data: equity =   2.815933  debt =   0.502693  firm =   3.318626

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

debt amount =   0.1659   investment =   0.1659   debt ratio =  1.00000
RRR on investment =  0.125365      after tax =  0.068951
search range of Y std.dev.:   minimum =   4.675773   maximum =   6.078505
old shareholders wealth =    2.8159    old bondholders =     0.4994
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.534077, k:agcpara = 0.28469990)
liq.cash: 10Y average (1Y) =  11.178642 ( 0.51813) : loss rate  0.0308
liq.cash: 10Y std.dev. (1Y) =   4.675773 ( 0.21672)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2485 0.01685   0.09052 0.06317  0.08529  0.07986    2.8159   0.6654   3.4813
 dbratio     ROA    ROA1 debtcf1
 0.19112 0.14883 0.12726 0.04359

TOSYOU CODE: 2202    131
debtcashflow initial values:   0.000010   9.909149
stddev initial values:   0.000010   9.909149
ecfconst solution invest:  10.076554  14.107176
debt cf solution invest: 0.59729255 0.88022060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35019
data: equity =   2.961013  debt =   0.342037  firm =   3.303050

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

debt amount =   0.1652   investment =   0.1652   debt ratio =  1.00000
RRR on investment =  0.116844      after tax =  0.064264
search range of Y std.dev.:   minimum =   4.579342   maximum =   5.953145
old shareholders wealth =    2.9610    old bondholders =     0.3396
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.575221, k:agcpara = 0.28555781)
liq.cash: 10Y average (1Y) =  10.308375 ( 0.47670) : loss rate  0.0252
liq.cash: 10Y std.dev. (1Y) =   4.579343 ( 0.21177)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9345 0.02033   0.08091 0.06134  0.07806  0.07404    2.9610   0.5048   3.4658
 dbratio     ROA    ROA1 debtcf1
 0.14564 0.13755 0.11802 0.03240

TOSYOU CODE: 5423    132
debtcashflow initial values:   0.000010   9.784817
stddev initial values:   0.000010   9.784817
ecfconst solution invest:   9.848786  13.788300
debt cf solution invest: 0.56203805 0.82826660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.24743
data: equity =   2.941685  debt =   0.319921  firm =   3.261606

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

debt amount =   0.1631   investment =   0.1631   debt ratio =  1.00000
RRR on investment =  0.115748      after tax =  0.063662
search range of Y std.dev.:   minimum =   4.572319   maximum =   5.944015
old shareholders wealth =    2.9417    old bondholders =     0.3175
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.336387, k:agcpara = 0.28770717)
liq.cash: 10Y average (1Y) =  10.078758 ( 0.46574) : loss rate  0.0249
liq.cash: 10Y std.dev. (1Y) =   4.572319 ( 0.21129)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8955 0.02230   0.07966 0.06180  0.07715  0.07325    2.9417   0.4806   3.4223
 dbratio     ROA    ROA1 debtcf1
 0.14044 0.13609 0.11688 0.03121

TOSYOU CODE: 4118    133
debtcashflow initial values:   0.000010   9.676320
stddev initial values:   0.000010   9.676320
ecfconst solution invest:  10.656205  14.918687
debt cf solution invest: 1.32550365 1.95337380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43840
data: equity =   2.495654  debt =   0.729786  firm =   3.225440

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

debt amount =   0.1613   investment =   0.1613   debt ratio =  1.00000
RRR on investment =  0.123140      after tax =  0.067727
search range of Y std.dev.:   minimum =   5.073327   maximum =   6.595326
old shareholders wealth =    2.4957    old bondholders =     0.7241
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.171310, k:agcpara = 0.25342525)
liq.cash: 10Y average (1Y) =  10.738960 ( 0.49543) : loss rate  0.0387
liq.cash: 10Y std.dev. (1Y) =   5.073327 ( 0.23405)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7060 0.03750   0.09278 0.06395  0.08523  0.07770    2.4957   0.8854   3.3810
 dbratio     ROA    ROA1 debtcf1
 0.26186 0.14653 0.12695 0.06112

TOSYOU CODE: 4202    134
debtcashflow initial values:   0.000010   9.503995
stddev initial values:   0.000010   9.503995
ecfconst solution invest:  10.152694  14.213772
debt cf solution invest: 1.44504405 2.12953860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39554
data: equity =   2.377378  debt =   0.790620  firm =   3.167998

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

debt amount =   0.1584   investment =   0.1584   debt ratio =  1.00000
RRR on investment =  0.119253      after tax =  0.065589
search range of Y std.dev.:   minimum =   4.901923   maximum =   6.372500
old shareholders wealth =    2.3774    old bondholders =     0.7844
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.641387, k:agcpara = 0.24709228)
liq.cash: 10Y average (1Y) =  10.189633 ( 0.46800) : loss rate  0.0425
liq.cash: 10Y std.dev. (1Y) =   4.901923 ( 0.22514)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8283 0.04403   0.09020 0.06404  0.08277  0.07459    2.3774   0.9428   3.3201
 dbratio     ROA    ROA1 debtcf1
 0.28395 0.14096 0.12353 0.06592

TOSYOU CODE: 7205    135
debtcashflow initial values:   0.000010   9.484280
stddev initial values:   0.000010   9.484280
ecfconst solution invest:   9.982488  13.975483
debt cf solution invest: 1.30366885 1.92119620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36367
data: equity =   2.449168  debt =   0.712259  firm =   3.161427

agency cost: EZC - k L (EZC:ecfconst =   9.982488, k:agcpara = 0.24910905)
liq.cash: 10Y average (1Y) =   9.640640 ( 0.44448) : loss rate  0.0342
liq.cash: 10Y std.dev. (1Y) =   4.742339 ( 0.21864)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3723 0.04062   0.08650 0.06348  0.08131  0.07488    2.4492   0.7123   3.1614
 dbratio     ROA    ROA1 debtcf1
 0.22530 0.14059 0.12185 0.04926

debt amount =   0.1581   investment =   0.1581   debt ratio =  1.00000
RRR on investment =  0.117805      after tax =  0.064793
search range of Y std.dev.:   minimum =   4.971039   maximum =   6.462351
old shareholders wealth =    2.4492    old bondholders =     0.7063
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.463896, k:agcpara = 0.24910905)
liq.cash: 10Y average (1Y) =  10.045546 ( 0.46163) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =   4.971039 ( 0.22844)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6794 0.04619   0.08757 0.06391  0.08140  0.07390    2.4492   0.8644   3.3136
 dbratio     ROA    ROA1 debtcf1
 0.26087 0.13931 0.12186 0.06070

TOSYOU CODE: 7259    136
debtcashflow initial values:   0.000010   9.449694
stddev initial values:   0.000010   9.449694
ecfconst solution invest:   9.830756  13.763058
debt cf solution invest: 0.66321020 0.97736240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39286
data: equity =   2.770070  debt =   0.379828  firm =   3.149898

agency cost: EZC - k L (EZC:ecfconst =   9.830756, k:agcpara = 0.28287618)
liq.cash: 10Y average (1Y) =   9.633276 ( 0.44748) : loss rate  0.0201
liq.cash: 10Y std.dev. (1Y) =   4.151325 ( 0.19284)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6981 0.01568   0.08263 0.06108  0.08003  0.07671    2.7701   0.3798   3.1499
 dbratio     ROA    ROA1 debtcf1
 0.12059 0.14206 0.12054 0.02403

debt amount =   0.1575   investment =   0.1575   debt ratio =  1.00000
RRR on investment =  0.119148      after tax =  0.065531
search range of Y std.dev.:   minimum =   4.356319   maximum =   5.663214
old shareholders wealth =    2.7701    old bondholders =     0.3772
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.316202, k:agcpara = 0.28287618)
liq.cash: 10Y average (1Y) =  10.036257 ( 0.46450) : loss rate  0.0271
liq.cash: 10Y std.dev. (1Y) =   4.356319 ( 0.20162)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9896 0.01892   0.08367 0.06148  0.08008  0.07560    2.7701   0.5347   3.3047
 dbratio     ROA    ROA1 debtcf1
 0.16179 0.14056 0.12057 0.03428

TOSYOU CODE: 7733    137
debtcashflow initial values:   0.000010   9.444541
stddev initial values:   0.000010   9.444541
ecfconst solution invest:   9.546472  13.365061
debt cf solution invest: 1.27273020 1.87560240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.22324
data: equity =   2.462465  debt =   0.685715  firm =   3.148180

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

debt amount =   0.1574   investment =   0.1574   debt ratio =  1.00000
RRR on investment =  0.113128      after tax =  0.062220
search range of Y std.dev.:   minimum =   5.034445   maximum =   6.544778
old shareholders wealth =    2.4625    old bondholders =     0.6796
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.006177, k:agcpara = 0.24925891)
liq.cash: 10Y average (1Y) =   9.594895 ( 0.43894) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   5.034445 ( 0.23031)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6500 0.05727   0.08253 0.06425  0.07789  0.07056    2.4625   0.8370   3.2995
 dbratio     ROA    ROA1 debtcf1
 0.25368 0.13303 0.11733 0.06046

TOSYOU CODE: 2871    138
debtcashflow initial values:   0.000010   9.175766
stddev initial values:   0.000010   9.175766
ecfconst solution invest:  10.757963  15.061148
debt cf solution invest: 1.60903780 2.37121360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.45542
data: equity =   2.167083  debt =   0.891506  firm =   3.058589

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

debt amount =   0.1529   investment =   0.1529   debt ratio =  1.00000
RRR on investment =  0.129930      after tax =  0.071461
search range of Y std.dev.:   minimum =   4.646517   maximum =   6.040472
old shareholders wealth =    2.1671    old bondholders =     0.8858
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.276770, k:agcpara = 0.25433405)
liq.cash: 10Y average (1Y) =  10.771628 ( 0.49666) : loss rate  0.0448
liq.cash: 10Y std.dev. (1Y) =   4.646517 ( 0.21424)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9861 0.02933   0.10321 0.06416  0.09056  0.08120    2.1671   1.0387   3.2058
 dbratio     ROA    ROA1 debtcf1
 0.32401 0.15492 0.13403 0.07049

TOSYOU CODE: 5232    139
debtcashflow initial values:   0.000010   9.062724
stddev initial values:   0.000010   9.062724
ecfconst solution invest:   9.210804  12.895126
debt cf solution invest: 2.56053310 3.77341720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40282
data: equity =   1.635858  debt =   1.385050  firm =   3.020908

agency cost: EZC - k L (EZC:ecfconst =   9.210804, k:agcpara = 0.20726372)
liq.cash: 10Y average (1Y) =   8.652167 ( 0.38859) : loss rate  0.0607
liq.cash: 10Y std.dev. (1Y) =   3.750127 ( 0.16843)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6953 0.05609   0.09347 0.06424  0.08007  0.06681    1.6359   1.3851   3.0209
 dbratio     ROA    ROA1 debtcf1
 0.45849 0.12863 0.11793 0.09744

debt amount =   0.1510   investment =   0.1510   debt ratio =  1.00000
RRR on investment =  0.110828      after tax =  0.060956
search range of Y std.dev.:   minimum =   3.926051   maximum =   5.103867
old shareholders wealth =    1.6359    old bondholders =     1.3755
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.642897, k:agcpara = 0.20726372)
liq.cash: 10Y average (1Y) =   9.022915 ( 0.40422) : loss rate  0.0643
liq.cash: 10Y std.dev. (1Y) =   3.926051 ( 0.17588)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.9913 0.06223   0.09470 0.06461  0.08017  0.06614    1.6359   1.5265   3.1624
 dbratio     ROA    ROA1 debtcf1
 0.48272 0.12782 0.11794 0.10874

TOSYOU CODE: 2267    140
debtcashflow initial values:   0.000010   9.054041
stddev initial values:   0.000010   9.054041
ecfconst solution invest:   9.661120  13.525568
debt cf solution invest: 0.55581460 0.81909520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.35031
data: equity =   2.698691  debt =   0.319322  firm =   3.018014

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

debt amount =   0.1509   investment =   0.1509   debt ratio =  1.00000
RRR on investment =  0.122353      after tax =  0.067294
search range of Y std.dev.:   minimum =   4.161023   maximum =   5.409330
old shareholders wealth =    2.6987    old bondholders =     0.3173
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.139736, k:agcpara = 0.29102501)
liq.cash: 10Y average (1Y) =   9.888491 ( 0.45911) : loss rate  0.0248
liq.cash: 10Y std.dev. (1Y) =   4.161023 ( 0.19319)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8633 0.01504   0.08582 0.06149  0.08222  0.07813    2.6987   0.4682   3.1669
 dbratio     ROA    ROA1 debtcf1
 0.14784 0.14497 0.12341 0.02977

TOSYOU CODE: 6113    141
debtcashflow initial values:   0.000010   9.031689
stddev initial values:   0.000010   9.031689
ecfconst solution invest:   8.651062  12.111487
debt cf solution invest: 0.32419130 0.47775560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24454
data: equity =   2.824781  debt =   0.185782  firm =   3.010563

agency cost: EZC - k L (EZC:ecfconst =   8.651062, k:agcpara = 0.29273644)
liq.cash: 10Y average (1Y) =   8.551165 ( 0.39591) : loss rate  0.0115
liq.cash: 10Y std.dev. (1Y) =   3.998504 ( 0.18512)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3413 0.02002   0.07351 0.06056  0.07271  0.07103    2.8248   0.1858   3.0105
 dbratio     ROA    ROA1 debtcf1
 0.06170 0.13151 0.11133 0.01177

debt amount =   0.1505   investment =   0.1505   debt ratio =  1.00000
RRR on investment =  0.110817      after tax =  0.060949
search range of Y std.dev.:   minimum =   4.197512   maximum =   5.456766
old shareholders wealth =    2.8248    old bondholders =     0.1844
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.081631, k:agcpara = 0.29273644)
liq.cash: 10Y average (1Y) =   8.900189 ( 0.41008) : loss rate  0.0200
liq.cash: 10Y std.dev. (1Y) =   4.197512 ( 0.19340)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6198 0.02427   0.07418 0.06087  0.07277  0.06986    2.8248   0.3349   3.1597
 dbratio     ROA    ROA1 debtcf1
 0.10600 0.12978 0.11135 0.02152

TOSYOU CODE: 7262    142
debtcashflow initial values:   0.000010   9.028271
stddev initial values:   0.000010   9.028271
ecfconst solution invest:  10.597837  14.836972
debt cf solution invest: 1.63038715 2.40267580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.38234
data: equity =   2.116464  debt =   0.892960  firm =   3.009424

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

debt amount =   0.1505   investment =   0.1505   debt ratio =  1.00000
RRR on investment =  0.129902      after tax =  0.071446
search range of Y std.dev.:   minimum =   4.615810   maximum =   6.000553
old shareholders wealth =    2.1165    old bondholders =     0.8872
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.108178, k:agcpara = 0.25592654)
liq.cash: 10Y average (1Y) =  10.594461 ( 0.48794) : loss rate  0.0462
liq.cash: 10Y std.dev. (1Y) =   4.615810 ( 0.21259)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0073 0.03142   0.10329 0.06522  0.09076  0.08111    2.1165   1.0376   3.1541
 dbratio     ROA    ROA1 debtcf1
 0.32898 0.15470 0.13417 0.07178

TOSYOU CODE: 3864    143
debtcashflow initial values:   0.000010   8.972384
stddev initial values:   0.000010   8.972384
ecfconst solution invest:  10.111358  14.155901
debt cf solution invest: 1.59775085 2.35458020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50406
data: equity =   2.109484  debt =   0.881311  firm =   2.990795

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

debt amount =   0.1495   investment =   0.1495   debt ratio =  1.00000
RRR on investment =  0.125118      after tax =  0.068815
search range of Y std.dev.:   minimum =   4.502665   maximum =   5.853465
old shareholders wealth =    2.1095    old bondholders =     0.8753
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.597471, k:agcpara = 0.24736217)
liq.cash: 10Y average (1Y) =  10.110367 ( 0.46498) : loss rate  0.0460
liq.cash: 10Y std.dev. (1Y) =   4.502665 ( 0.20708)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9692 0.03530   0.09866 0.06411  0.08736  0.07793    2.1095   1.0248   3.1343
 dbratio     ROA    ROA1 debtcf1
 0.32696 0.14835 0.12955 0.07028

TOSYOU CODE: 7272    144
debtcashflow initial values:   0.000010   8.964978
stddev initial values:   0.000010   8.964978
ecfconst solution invest:  10.243907  14.341470
debt cf solution invest: 2.01362665 2.96744980
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.33768
data: equity =   1.895773  debt =   1.092553  firm =   2.988326

agency cost: EZC - k L (EZC:ecfconst =  10.243907, k:agcpara = 0.24309897)
liq.cash: 10Y average (1Y) =   9.728633 ( 0.44617) : loss rate  0.0503
liq.cash: 10Y std.dev. (1Y) =   4.166375 ( 0.19108)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.1196 0.03390   0.10229 0.06543  0.08881  0.07805    1.8958   1.0925   2.9883
 dbratio     ROA    ROA1 debtcf1
 0.36561 0.14930 0.13111 0.07596

debt amount =   0.1494   investment =   0.1494   debt ratio =  1.00000
RRR on investment =  0.125850      after tax =  0.069218
search range of Y std.dev.:   minimum =   4.365212   maximum =   5.674775
old shareholders wealth =    1.8958    old bondholders =     1.0855
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.732789, k:agcpara = 0.24309897)
liq.cash: 10Y average (1Y) =  10.146587 ( 0.46433) : loss rate  0.0546
liq.cash: 10Y std.dev. (1Y) =   4.365212 ( 0.19976)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4114 0.03820   0.10385 0.06583  0.08885  0.07717    1.8958   1.2349   3.1307
 dbratio     ROA    ROA1 debtcf1
 0.39445 0.14832 0.13112 0.08684

TOSYOU CODE: 5012    145
debtcashflow initial values:   0.000010   8.954084
stddev initial values:   0.000010   8.954084
ecfconst solution invest:   9.607309  13.450233
debt cf solution invest: 1.65859075 2.44423900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42210
data: equity =   2.078425  debt =   0.906270  firm =   2.984695

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

debt amount =   0.1492   investment =   0.1492   debt ratio =  1.00000
RRR on investment =  0.119099      after tax =  0.065505
search range of Y std.dev.:   minimum =   4.451512   maximum =   5.786966
old shareholders wealth =    2.0784    old bondholders =     0.8996
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.067095, k:agcpara = 0.23973718)
liq.cash: 10Y average (1Y) =   9.579108 ( 0.43823) : loss rate  0.0485
liq.cash: 10Y std.dev. (1Y) =   4.451512 ( 0.20365)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0355 0.04507   0.09307 0.06425  0.08340  0.07370    2.0784   1.0488   3.1273
 dbratio     ROA    ROA1 debtcf1
 0.33539 0.14013 0.12402 0.07338

TOSYOU CODE: 2262    146
debtcashflow initial values:   0.000010   8.935893
stddev initial values:   0.000010   8.935893
ecfconst solution invest:   9.724411  13.614175
debt cf solution invest: 0.96233955 1.41818460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40426
data: equity =   2.448214  debt =   0.530417  firm =   2.978631

agency cost: EZC - k L (EZC:ecfconst =   9.724411, k:agcpara = 0.25844555)
liq.cash: 10Y average (1Y) =   9.462609 ( 0.43918) : loss rate  0.0269
liq.cash: 10Y std.dev. (1Y) =   4.599384 ( 0.21347)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0130 0.03310   0.08848 0.06326  0.08399  0.07892    2.4482   0.5304   2.9787
 dbratio     ROA    ROA1 debtcf1
 0.17808 0.14744 0.12560 0.03605

debt amount =   0.1489   investment =   0.1489   debt ratio =  1.00000
RRR on investment =  0.122286      after tax =  0.067257
search range of Y std.dev.:   minimum =   4.822669   maximum =   6.269470
old shareholders wealth =    2.4482    old bondholders =     0.5258
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.196499, k:agcpara = 0.25844555)
liq.cash: 10Y average (1Y) =   9.860542 ( 0.45621) : loss rate  0.0329
liq.cash: 10Y std.dev. (1Y) =   4.822669 ( 0.22313)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2999 0.03794   0.08965 0.06374  0.08406  0.07786    2.4482   0.6747   3.1229
 dbratio     ROA    ROA1 debtcf1
 0.21606 0.14608 0.12561 0.04660

TOSYOU CODE: 4543    147
debtcashflow initial values:   0.000010   8.928853
stddev initial values:   0.000010   8.928853
ecfconst solution invest:   8.409862  11.773807
debt cf solution invest: 1.07005340 1.57692080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.07813  std.dev = 0.18225  lambda =   1.15806
riskless rate of interest = 0.05678  correlation =  0.44732
data: equity =   2.386289  debt =   0.589995  firm =   2.976284

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

debt amount =   0.1488   investment =   0.1488   debt ratio =  1.00000
RRR on investment =  0.105400      after tax =  0.057970
search range of Y std.dev.:   minimum =   4.648120   maximum =   6.042555
old shareholders wealth =    2.3863    old bondholders =     0.5844
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.815220, k:agcpara = 0.23853810)
liq.cash: 10Y average (1Y) =   8.478114 ( 0.38475) : loss rate  0.0382
liq.cash: 10Y std.dev. (1Y) =   4.648120 ( 0.21094)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4132 0.06426   0.07499 0.06099  0.07170  0.06525    2.3863   0.7332   3.1195
 dbratio     ROA    ROA1 debtcf1
 0.23503 0.12334 0.10947 0.05135

TOSYOU CODE: 4217    148
debtcashflow initial values:   0.000010   8.904995
stddev initial values:   0.000010   8.904995
ecfconst solution invest:   9.192719  12.869807
debt cf solution invest: 1.32627125 1.95450500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33715
data: equity =   2.246980  debt =   0.721352  firm =   2.968332

agency cost: EZC - k L (EZC:ecfconst =   9.192719, k:agcpara = 0.24488623)
liq.cash: 10Y average (1Y) =   8.850839 ( 0.40657) : loss rate  0.0372
liq.cash: 10Y std.dev. (1Y) =   4.406984 ( 0.20244)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3961 0.04536   0.08495 0.06352  0.07974  0.07279    2.2470   0.7214   2.9683
 dbratio     ROA    ROA1 debtcf1
 0.24302 0.13697 0.11968 0.05035

debt amount =   0.1484   investment =   0.1484   debt ratio =  1.00000
RRR on investment =  0.115293      after tax =  0.063411
search range of Y std.dev.:   minimum =   4.618855   maximum =   6.004511
old shareholders wealth =    2.2470    old bondholders =     0.7153
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.634670, k:agcpara = 0.24488623)
liq.cash: 10Y average (1Y) =   9.221859 ( 0.42218) : loss rate  0.0428
liq.cash: 10Y std.dev. (1Y) =   4.618855 ( 0.21145)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6857 0.05138   0.08595 0.06392  0.07984  0.07185    2.2470   0.8638   3.1107
 dbratio     ROA    ROA1 debtcf1
 0.27767 0.13572 0.11969 0.06122

TOSYOU CODE: 6445    149
debtcashflow initial values:   0.000010   8.878994
stddev initial values:   0.000010   8.878994
ecfconst solution invest:   8.657807  12.120930
debt cf solution invest: 0.59954310 0.88353720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27086
data: equity =   2.619568  debt =   0.340097  firm =   2.959665

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

debt amount =   0.1480   investment =   0.1480   debt ratio =  1.00000
RRR on investment =  0.111749      after tax =  0.061462
search range of Y std.dev.:   minimum =   4.191021   maximum =   5.448327
old shareholders wealth =    2.6196    old bondholders =     0.3373
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.084660, k:agcpara = 0.27764076)
liq.cash: 10Y average (1Y) =   8.832562 ( 0.40593) : loss rate  0.0277
liq.cash: 10Y std.dev. (1Y) =   4.191021 ( 0.19261)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9080 0.02932   0.07685 0.06150  0.07445  0.07012    2.6196   0.4853   3.1048
 dbratio     ROA    ROA1 debtcf1
 0.15629 0.13074 0.11334 0.03185

TOSYOU CODE: 6366    150
debtcashflow initial values:   0.000010   8.876226
stddev initial values:   0.000010   8.876226
ecfconst solution invest:   8.881342  12.433879
debt cf solution invest: 1.81950555 2.68137660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.22481
data: equity =   1.986589  debt =   0.972153  firm =   2.958742

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

debt amount =   0.1479   investment =   0.1479   debt ratio =  1.00000
RRR on investment =  0.110406      after tax =  0.060723
search range of Y std.dev.:   minimum =   4.374485   maximum =   5.686830
old shareholders wealth =    1.9866    old bondholders =     0.9644
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.302936, k:agcpara = 0.23127258)
liq.cash: 10Y average (1Y) =   8.792040 ( 0.39720) : loss rate  0.0549
liq.cash: 10Y std.dev. (1Y) =   4.374485 ( 0.19763)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.2091 0.06618   0.08502 0.06478  0.07776  0.06729    1.9866   1.1123   3.0989
 dbratio     ROA    ROA1 debtcf1
 0.35894 0.12817 0.11620 0.08136

TOSYOU CODE: 6011    151
debtcashflow initial values:   0.000010   8.465899
stddev initial values:   0.000010   8.465899
ecfconst solution invest:   8.748202  12.247483
debt cf solution invest: 2.09918650 3.09353800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40156
data: equity =   1.683904  debt =   1.138063  firm =   2.821966

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

debt amount =   0.1411   investment =   0.1411   debt ratio =  1.00000
RRR on investment =  0.113409      after tax =  0.062375
search range of Y std.dev.:   minimum =   3.872425   maximum =   5.034152
old shareholders wealth =    1.6839    old bondholders =     1.1300
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.161314, k:agcpara = 0.21935577)
liq.cash: 10Y average (1Y) =   8.616088 ( 0.38893) : loss rate  0.0595
liq.cash: 10Y std.dev. (1Y) =   3.872425 ( 0.17480)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4856 0.05670   0.09345 0.06450  0.08100  0.06852    1.6839   1.2711   2.9550
 dbratio     ROA    ROA1 debtcf1
 0.43015 0.13162 0.11980 0.09021

TOSYOU CODE: 5101    152
debtcashflow initial values:   0.000010   8.447718
stddev initial values:   0.000010   8.447718
ecfconst solution invest:   8.557930  11.981102
debt cf solution invest: 2.34221360 3.45168320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.37328
data: equity =   1.561859  debt =   1.254047  firm =   2.815906

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

debt amount =   0.1408   investment =   0.1408   debt ratio =  1.00000
RRR on investment =  0.110445      after tax =  0.060745
search range of Y std.dev.:   minimum =   3.749780   maximum =   4.874714
old shareholders wealth =    1.5619    old bondholders =     1.2451
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.959312, k:agcpara = 0.21094310)
liq.cash: 10Y average (1Y) =   8.380423 ( 0.37528) : loss rate  0.0646
liq.cash: 10Y std.dev. (1Y) =   3.749780 ( 0.16792)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.7443 0.06641   0.09278 0.06528  0.07985  0.06604    1.5619   1.3859   2.9477
 dbratio     ROA    ROA1 debtcf1
 0.47015 0.12731 0.11758 0.10053

TOSYOU CODE: 3105    153
debtcashflow initial values:   0.000010   8.424945
stddev initial values:   0.000010   8.424945
ecfconst solution invest:  10.918448  15.285827
debt cf solution invest: 1.13946895 1.67921740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.44198
data: equity =   2.174095  debt =   0.634220  firm =   2.808315

agency cost: EZC - k L (EZC:ecfconst =  10.918448, k:agcpara = 0.28045777)
liq.cash: 10Y average (1Y) =  10.582055 ( 0.49023) : loss rate  0.0308
liq.cash: 10Y std.dev. (1Y) =   4.355137 ( 0.20176)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1994 0.01561   0.10910 0.06417  0.09895  0.09243    2.1741   0.6342   2.8083
 dbratio     ROA    ROA1 debtcf1
 0.22584 0.17456 0.14544 0.04205

debt amount =   0.1404   investment =   0.1404   debt ratio =  1.00000
RRR on investment =  0.142624      after tax =  0.078443
search range of Y std.dev.:   minimum =   4.567604   maximum =   5.937885
old shareholders wealth =    2.1741    old bondholders =     0.6306
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.451109, k:agcpara = 0.28045777)
liq.cash: 10Y average (1Y) =  11.039807 ( 0.51075) : loss rate  0.0359
liq.cash: 10Y std.dev. (1Y) =   4.567604 ( 0.21132)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4665 0.01805   0.11098 0.06458  0.09883  0.09123    2.1741   0.7710   2.9451
 dbratio     ROA    ROA1 debtcf1
 0.26179 0.17343 0.14545 0.05165

TOSYOU CODE: 7276    154
debtcashflow initial values:   0.000010   8.372201
stddev initial values:   0.000010   8.372201
ecfconst solution invest:   7.584530  10.618342
debt cf solution invest: 0.10168990 0.14985880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.15412
data: equity =   2.732346  debt =   0.058388  firm =   2.790734

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

debt amount =   0.0538   investment =   0.1395   debt ratio =  0.38580
RRR on investment =  0.105092      after tax =  0.057800
search range of Y std.dev.:   minimum =   3.895751   maximum =   5.064477
old shareholders wealth =    2.7323    old bondholders =     0.0583
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   7.963558, k:agcpara = 0.30044305)
liq.cash: 10Y average (1Y) =   7.901685 ( 0.36353) : loss rate  0.0078
liq.cash: 10Y std.dev. (1Y) =   3.895751 ( 0.17923)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2059 0.02411   0.06814 0.06011  0.06783  0.06680    2.8180   0.1121   2.9302
 dbratio     ROA    ROA1 debtcf1
 0.03826 0.12407 0.10515 0.00712

TOSYOU CODE: 5336    155
debtcashflow initial values:   0.000010   8.336623
stddev initial values:   0.000010   8.336623
ecfconst solution invest:  10.227813  14.318938
debt cf solution invest: 0.43727455 0.64440460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.48037
data: equity =   2.526639  debt =   0.252235  firm =   2.778874

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

debt amount =   0.1389   investment =   0.1389   debt ratio =  1.00000
RRR on investment =  0.138686      after tax =  0.076277
search range of Y std.dev.:   minimum =   3.893781   maximum =   5.061915
old shareholders wealth =    2.5266    old bondholders =     0.2512
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  10.737002, k:agcpara = 0.31501183)
liq.cash: 10Y average (1Y) =  10.511811 ( 0.48979) : loss rate  0.0210
liq.cash: 10Y std.dev. (1Y) =   3.893781 ( 0.18143)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7149 0.00593   0.09930 0.06179  0.09428  0.09056    2.5266   0.3902   2.9168
 dbratio     ROA    ROA1 debtcf1
 0.13376 0.16792 0.13919 0.02443

TOSYOU CODE: 5631    156
debtcashflow initial values:   0.000010   8.286262
stddev initial values:   0.000010   8.286262
ecfconst solution invest:   8.573652  12.003113
debt cf solution invest: 1.62593070 2.39610840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36640
data: equity =   1.879808  debt =   0.882279  firm =   2.762087

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

debt amount =   0.1381   investment =   0.1381   debt ratio =  1.00000
RRR on investment =  0.114570      after tax =  0.063013
search range of Y std.dev.:   minimum =   4.065802   maximum =   5.285542
old shareholders wealth =    1.8798    old bondholders =     0.8755
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.982235, k:agcpara = 0.23340222)
liq.cash: 10Y average (1Y) =   8.519755 ( 0.38747) : loss rate  0.0515
liq.cash: 10Y std.dev. (1Y) =   4.065802 ( 0.18491)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9815 0.05390   0.08926 0.06423  0.08049  0.07037    1.8798   1.0136   2.8935
 dbratio     ROA    ROA1 debtcf1
 0.35032 0.13391 0.11995 0.07198

TOSYOU CODE: 7701    157
debtcashflow initial values:   0.000010   8.253153
stddev initial values:   0.000010   8.253153
ecfconst solution invest:   8.551644  11.972302
debt cf solution invest: 0.81198970 1.19661640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32255
data: equity =   2.306370  debt =   0.444681  firm =   2.751051

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

debt amount =   0.1376   investment =   0.1376   debt ratio =  1.00000
RRR on investment =  0.116742      after tax =  0.064208
search range of Y std.dev.:   minimum =   4.504851   maximum =   5.856307
old shareholders wealth =    2.3064    old bondholders =     0.4403
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.966596, k:agcpara = 0.25662232)
liq.cash: 10Y average (1Y) =   8.678735 ( 0.40042) : loss rate  0.0321
liq.cash: 10Y std.dev. (1Y) =   4.504851 ( 0.20784)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1217 0.04672   0.08384 0.06354  0.07977  0.07404    2.3064   0.5779   2.8843
 dbratio     ROA    ROA1 debtcf1
 0.20036 0.13883 0.12011 0.04058

TOSYOU CODE: 6988    158
debtcashflow initial values:   0.000010   8.142257
stddev initial values:   0.000010   8.142257
ecfconst solution invest:   7.702294  10.783212
debt cf solution invest: 0.54499885 0.80315620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.21664
data: equity =   2.406653  debt =   0.307433  firm =   2.714086

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

debt amount =   0.1357   investment =   0.1357   debt ratio =  1.00000
RRR on investment =  0.108280      after tax =  0.059554
search range of Y std.dev.:   minimum =   3.912801   maximum =   5.086641
old shareholders wealth =    2.4067    old bondholders =     0.3047
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.081685, k:agcpara = 0.27554261)
liq.cash: 10Y average (1Y) =   7.853205 ( 0.35929) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   3.912801 ( 0.17901)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8292 0.03632   0.07369 0.06139  0.07178  0.06751    2.4067   0.4404   2.8470
 dbratio     ROA    ROA1 debtcf1
 0.15468 0.12620 0.10997 0.02931

TOSYOU CODE: 5932    159
debtcashflow initial values:   0.000010   8.133382
stddev initial values:   0.000010   8.133382
ecfconst solution invest:   9.427058  13.197881
debt cf solution invest: 2.04884125 3.01934500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11814  std.dev = 0.17108  lambda =   4.24020
riskless rate of interest = 0.06134  correlation =  0.31968
data: equity =   1.609600  debt =   1.101527  firm =   2.711127

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

debt amount =   0.1356   investment =   0.1356   debt ratio =  1.00000
RRR on investment =  0.127076      after tax =  0.069892
search range of Y std.dev.:   minimum =   3.886564   maximum =   5.052534
old shareholders wealth =    1.6096    old bondholders =     1.0947
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.875444, k:agcpara = 0.24177196)
liq.cash: 10Y average (1Y) =   9.289454 ( 0.42408) : loss rate  0.0593
liq.cash: 10Y std.dev. (1Y) =   3.886564 ( 0.17743)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4237 0.03865   0.10802 0.06691  0.09021  0.07717    1.6096   1.2303   2.8399
 dbratio     ROA    ROA1 debtcf1
 0.43321 0.14933 0.13273 0.08765

TOSYOU CODE: 2002    160
debtcashflow initial values:   0.000010   8.131911
stddev initial values:   0.000010   8.131911
ecfconst solution invest:   8.570427  11.998598
debt cf solution invest: 0.54832860 0.80806320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41831
data: equity =   2.395750  debt =   0.314887  firm =   2.710637

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

debt amount =   0.1355   investment =   0.1355   debt ratio =  1.00000
RRR on investment =  0.120745      after tax =  0.066410
search range of Y std.dev.:   minimum =   3.735278   maximum =   4.855862
old shareholders wealth =    2.3958    old bondholders =     0.3128
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.994177, k:agcpara = 0.28582810)
liq.cash: 10Y average (1Y) =   8.757710 ( 0.40593) : loss rate  0.0263
liq.cash: 10Y std.dev. (1Y) =   3.735278 ( 0.17314)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8273 0.01687   0.08489 0.06138  0.08118  0.07683    2.3958   0.4483   2.8440
 dbratio     ROA    ROA1 debtcf1
 0.15763 0.14273 0.12202 0.02857

TOSYOU CODE: 7762    161
debtcashflow initial values:   0.000010   8.102928
stddev initial values:   0.000010   8.102928
ecfconst solution invest:   7.792981  10.910173
debt cf solution invest: 0.82996845 1.22311140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.21264
data: equity =   2.251787  debt =   0.449189  firm =   2.700976

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

debt amount =   0.1350   investment =   0.1350   debt ratio =  1.00000
RRR on investment =  0.108106      after tax =  0.059458
search range of Y std.dev.:   minimum =   4.445528   maximum =   5.779187
old shareholders wealth =    2.2518    old bondholders =     0.4445
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.169949, k:agcpara = 0.25208071)
liq.cash: 10Y average (1Y) =   7.882805 ( 0.35992) : loss rate  0.0351
liq.cash: 10Y std.dev. (1Y) =   4.445528 ( 0.20298)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1391 0.06464   0.07600 0.06290  0.07332  0.06752    2.2518   0.5795   2.8313
 dbratio     ROA    ROA1 debtcf1
 0.20469 0.12712 0.11179 0.04188

TOSYOU CODE: 7210    162
debtcashflow initial values:   0.000010   8.098047
stddev initial values:   0.000010   8.098047
ecfconst solution invest:   8.053455  11.274837
debt cf solution invest: 2.88929675 4.25791100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46301
data: equity =   1.129436  debt =   1.569913  firm =   2.699349

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

debt amount =   0.1350   investment =   0.1350   debt ratio =  1.00000
RRR on investment =  0.107431      after tax =  0.059087
search range of Y std.dev.:   minimum =   3.004536   maximum =   3.905897
old shareholders wealth =    1.1294    old bondholders =     1.5603
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.427906, k:agcpara = 0.17961195)
liq.cash: 10Y average (1Y) =   7.834387 ( 0.34609) : loss rate  0.0704
liq.cash: 10Y std.dev. (1Y) =   3.004536 ( 0.13273)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.3045 0.06582   0.10259 0.06467  0.07983  0.06237    1.1294   1.6952   2.8247
 dbratio     ROA    ROA1 debtcf1
 0.60015 0.12253 0.11551 0.11944

TOSYOU CODE: 6330    163
debtcashflow initial values:   0.000010   7.720361
stddev initial values:   0.000010   7.720361
ecfconst solution invest:   7.334510  10.268314
debt cf solution invest: 2.07071215 3.05157580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26640
data: equity =   1.468031  debt =   1.105423  firm =   2.573454

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

debt amount =   0.1287   investment =   0.1287   debt ratio =  1.00000
RRR on investment =  0.103059      after tax =  0.056682
search range of Y std.dev.:   minimum =   3.439660   maximum =   4.471558
old shareholders wealth =    1.4680    old bondholders =     1.0969
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.677652, k:agcpara = 0.20598346)
liq.cash: 10Y average (1Y) =   7.176004 ( 0.31783) : loss rate  0.0653
liq.cash: 10Y std.dev. (1Y) =   3.439660 ( 0.15234)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.4354 0.08407   0.08301 0.06396  0.07434  0.06125    1.4680   1.2256   2.6937
 dbratio     ROA    ROA1 debtcf1
 0.45500 0.11799 0.11042 0.09009

TOSYOU CODE: 5714    164
debtcashflow initial values:   0.000010   7.704956
stddev initial values:   0.000010   7.704956
ecfconst solution invest:   7.926280  11.096792
debt cf solution invest: 2.00569510 2.95576120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40421
data: equity =   1.481595  debt =   1.086724  firm =   2.568319

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

debt amount =   0.1284   investment =   0.1284   debt ratio =  1.00000
RRR on investment =  0.112655      after tax =  0.061960
search range of Y std.dev.:   minimum =   3.458934   maximum =   4.496615
old shareholders wealth =    1.4816    old bondholders =     1.0791
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.299723, k:agcpara = 0.21532517)
liq.cash: 10Y average (1Y) =   7.791017 ( 0.35083) : loss rate  0.0613
liq.cash: 10Y std.dev. (1Y) =   3.458935 ( 0.15576)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3625 0.05828   0.09406 0.06455  0.08081  0.06776    1.4816   1.2075   2.6891
 dbratio     ROA    ROA1 debtcf1
 0.44904 0.13046 0.11930 0.08577

TOSYOU CODE: 6751    165
debtcashflow initial values:   0.000010   7.583956
stddev initial values:   0.000010   7.583956
ecfconst solution invest:   7.221990  10.110786
debt cf solution invest: 0.70420555 1.03777660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.22470
data: equity =   2.135557  debt =   0.392428  firm =   2.527985

agency cost: EZC - k L (EZC:ecfconst =   7.221990, k:agcpara = 0.25930745)
liq.cash: 10Y average (1Y) =   7.029773 ( 0.32208) : loss rate  0.0266
liq.cash: 10Y std.dev. (1Y) =   3.536611 ( 0.16203)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7413 0.03769   0.07445 0.06158  0.07245  0.06815    2.1356   0.3924   2.5280
 dbratio     ROA    ROA1 debtcf1
 0.15524 0.12740 0.11068 0.02627

debt amount =   0.1264   investment =   0.1264   debt ratio =  1.00000
RRR on investment =  0.107817      after tax =  0.059299
search range of Y std.dev.:   minimum =   3.708938   maximum =   4.821620
old shareholders wealth =    2.1356    old bondholders =     0.3889
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.573893, k:agcpara = 0.25930745)
liq.cash: 10Y average (1Y) =   7.319197 ( 0.33386) : loss rate  0.0336
liq.cash: 10Y std.dev. (1Y) =   3.708938 ( 0.16918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9822 0.04377   0.07510 0.06193  0.07254  0.06712    2.1356   0.5153   2.6508
 dbratio     ROA    ROA1 debtcf1
 0.19438 0.12594 0.11069 0.03511

TOSYOU CODE: 2261    166
debtcashflow initial values:   0.000010   7.530604
stddev initial values:   0.000010   7.530604
ecfconst solution invest:   7.759596  10.863434
debt cf solution invest: 0.69630250 1.02613000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37257
data: equity =   2.115146  debt =   0.395055  firm =   2.510201

agency cost: EZC - k L (EZC:ecfconst =   7.759596, k:agcpara = 0.26874498)
liq.cash: 10Y average (1Y) =   7.562619 ( 0.34989) : loss rate  0.0254
liq.cash: 10Y std.dev. (1Y) =   3.345789 ( 0.15480)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7329 0.02061   0.08264 0.06154  0.07932  0.07496    2.1151   0.3951   2.5102
 dbratio     ROA    ROA1 debtcf1
 0.15739 0.13939 0.11947 0.02545

debt amount =   0.1255   investment =   0.1255   debt ratio =  1.00000
RRR on investment =  0.117145      after tax =  0.064430
search range of Y std.dev.:   minimum =   3.509634   maximum =   4.562525
old shareholders wealth =    2.1151    old bondholders =     0.3921
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.139588, k:agcpara = 0.26874498)
liq.cash: 10Y average (1Y) =   7.879565 ( 0.36324) : loss rate  0.0319
liq.cash: 10Y std.dev. (1Y) =   3.509634 ( 0.16179)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9675 0.02445   0.08366 0.06194  0.07939  0.07391    2.1151   0.5176   2.6328
 dbratio     ROA    ROA1 debtcf1
 0.19661 0.13797 0.11949 0.03382

TOSYOU CODE: 4185    167
debtcashflow initial values:   0.000010   7.490578
stddev initial values:   0.000010   7.490578
ecfconst solution invest:   7.703940  10.785516
debt cf solution invest: 1.41165725 2.08033700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35184
data: equity =   1.731296  debt =   0.765563  firm =   2.496859

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

debt amount =   0.1248   investment =   0.1248   debt ratio =  1.00000
RRR on investment =  0.114027      after tax =  0.062715
search range of Y std.dev.:   minimum =   3.708880   maximum =   4.821543
old shareholders wealth =    1.7313    old bondholders =     0.7596
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.071494, k:agcpara = 0.23489738)
liq.cash: 10Y average (1Y) =   7.665081 ( 0.34871) : loss rate  0.0504
liq.cash: 10Y std.dev. (1Y) =   3.708880 ( 0.16873)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7302 0.05478   0.08795 0.06415  0.07990  0.07014    1.7313   0.8845   2.6157
 dbratio     ROA    ROA1 debtcf1
 0.33813 0.13331 0.11927 0.06292

TOSYOU CODE: 6586    168
debtcashflow initial values:   0.000010   7.464402
stddev initial values:   0.000010   7.464402
ecfconst solution invest:   7.207401  10.090361
debt cf solution invest: 0.40150895 0.59169740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.24497
data: equity =   2.259718  debt =   0.228416  firm =   2.488134

agency cost: EZC - k L (EZC:ecfconst =   7.207401, k:agcpara = 0.28492162)
liq.cash: 10Y average (1Y) =   7.086981 ( 0.32746) : loss rate  0.0167
liq.cash: 10Y std.dev. (1Y) =   3.345602 ( 0.15459)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4226 0.02319   0.07472 0.06098  0.07346  0.07094    2.2597   0.2284   2.4881
 dbratio     ROA    ROA1 debtcf1
 0.09180 0.13161 0.11222 0.01467

debt amount =   0.1244   investment =   0.1244   debt ratio =  1.00000
RRR on investment =  0.111133      after tax =  0.061123
search range of Y std.dev.:   minimum =   3.511255   maximum =   4.564631
old shareholders wealth =    2.2597    old bondholders =     0.2266
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.564265, k:agcpara = 0.28492162)
liq.cash: 10Y average (1Y) =   7.377734 ( 0.33933) : loss rate  0.0247
liq.cash: 10Y std.dev. (1Y) =   3.511255 ( 0.16149)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6547 0.02776   0.07542 0.06133  0.07352  0.06981    2.2597   0.3510   2.6107
 dbratio     ROA    ROA1 debtcf1
 0.13445 0.12997 0.11225 0.02290

TOSYOU CODE: 6141    169
debtcashflow initial values:   0.000010   7.403747
stddev initial values:   0.000010   7.403747
ecfconst solution invest:   6.903059   9.664283
debt cf solution invest: 0.68355920 1.00735040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.18765
data: equity =   2.089241  debt =   0.378675  firm =   2.467916

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

debt amount =   0.1234   investment =   0.1234   debt ratio =  1.00000
RRR on investment =  0.105357      after tax =  0.057946
search range of Y std.dev.:   minimum =   3.695523   maximum =   4.804179
old shareholders wealth =    2.0892    old bondholders =     0.3750
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.239048, k:agcpara = 0.25781348)
liq.cash: 10Y average (1Y) =   6.992507 ( 0.31781) : loss rate  0.0341
liq.cash: 10Y std.dev. (1Y) =   3.695523 ( 0.16796)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9563 0.05119   0.07278 0.06178  0.07066  0.06531    2.0892   0.4984   2.5877
 dbratio     ROA    ROA1 debtcf1
 0.19262 0.12282 0.10835 0.03445

TOSYOU CODE: 2284    170
debtcashflow initial values:   0.000010   7.388614
stddev initial values:   0.000010   7.388614
ecfconst solution invest:   7.959485  11.143279
debt cf solution invest: 0.73717245 1.08635940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.37011
data: equity =   2.057255  debt =   0.405617  firm =   2.462871

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

debt amount =   0.1231   investment =   0.1231   debt ratio =  1.00000
RRR on investment =  0.121241      after tax =  0.066682
search range of Y std.dev.:   minimum =   4.024522   maximum =   5.231879
old shareholders wealth =    2.0573    old bondholders =     0.4019
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.346208, k:agcpara = 0.25966770)
liq.cash: 10Y average (1Y) =   8.082968 ( 0.37408) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   4.024522 ( 0.18625)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0138 0.03950   0.08808 0.06378  0.08314  0.07731    2.0573   0.5250   2.5823
 dbratio     ROA    ROA1 debtcf1
 0.20331 0.14487 0.12447 0.03643

TOSYOU CODE: 4028    171
debtcashflow initial values:   0.000010   7.370874
stddev initial values:   0.000010   7.370874
ecfconst solution invest:   7.380627  10.332878
debt cf solution invest: 1.64065380 2.41780560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32635
data: equity =   1.572813  debt =   0.884145  firm =   2.456958

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

debt amount =   0.1228   investment =   0.1228   debt ratio =  1.00000
RRR on investment =  0.110151      after tax =  0.060583
search range of Y std.dev.:   minimum =   3.502560   maximum =   4.553328
old shareholders wealth =    1.5728    old bondholders =     0.8774
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.729919, k:agcpara = 0.22350007)
liq.cash: 10Y average (1Y) =   7.289888 ( 0.32861) : loss rate  0.0569
liq.cash: 10Y std.dev. (1Y) =   3.502560 ( 0.15789)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9688 0.06436   0.08687 0.06421  0.07806  0.06683    1.5728   1.0002   2.5730
 dbratio     ROA    ROA1 debtcf1
 0.38873 0.12771 0.11628 0.07204

TOSYOU CODE: 5929    172
debtcashflow initial values:   0.000010   7.306837
stddev initial values:   0.000010   7.306837
ecfconst solution invest:   8.005830  11.208162
debt cf solution invest: 1.02454935 1.50986220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.41544
data: equity =   1.872964  debt =   0.562649  firm =   2.435612

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

debt amount =   0.1218   investment =   0.1218   debt ratio =  1.00000
RRR on investment =  0.122469      after tax =  0.067358
search range of Y std.dev.:   minimum =   3.824577   maximum =   4.971950
old shareholders wealth =    1.8730    old bondholders =     0.5583
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.392482, k:agcpara = 0.25260962)
liq.cash: 10Y average (1Y) =   8.060620 ( 0.37156) : loss rate  0.0395
liq.cash: 10Y std.dev. (1Y) =   3.824577 ( 0.17630)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3137 0.03886   0.09235 0.06410  0.08483  0.07714    1.8730   0.6800   2.5530
 dbratio     ROA    ROA1 debtcf1
 0.26637 0.14554 0.12638 0.04716

TOSYOU CODE: 4634    173
debtcashflow initial values:   0.000010   7.288603
stddev initial values:   0.000010   7.288603
ecfconst solution invest:   7.632264  10.685170
debt cf solution invest: 1.24772050 1.83874600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37226
data: equity =   1.750185  debt =   0.679349  firm =   2.429534

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

debt amount =   0.1215   investment =   0.1215   debt ratio =  1.00000
RRR on investment =  0.116505      after tax =  0.064078
search range of Y std.dev.:   minimum =   3.682740   maximum =   4.787562
old shareholders wealth =    1.7502    old bondholders =     0.6740
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.997941, k:agcpara = 0.24073841)
liq.cash: 10Y average (1Y) =   7.624774 ( 0.34853) : loss rate  0.0467
liq.cash: 10Y std.dev. (1Y) =   3.682740 ( 0.16834)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5501 0.04952   0.08903 0.06412  0.08125  0.07223    1.7502   0.7955   2.5457
 dbratio     ROA    ROA1 debtcf1
 0.31249 0.13691 0.12129 0.05615

TOSYOU CODE: 3883    174
debtcashflow initial values:   0.000010   7.207134
stddev initial values:   0.000010   7.207134
ecfconst solution invest:   7.765170  10.871238
debt cf solution invest: 1.74995035 2.57887420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47437
data: equity =   1.445865  debt =   0.956513  firm =   2.402378

agency cost: EZC - k L (EZC:ecfconst =   7.765170, k:agcpara = 0.22603192)
liq.cash: 10Y average (1Y) =   7.348807 ( 0.33473) : loss rate  0.0536
liq.cash: 10Y std.dev. (1Y) =   3.172915 ( 0.14452)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8421 0.04132   0.09747 0.06409  0.08418  0.07270    1.4459   0.9565   2.4024
 dbratio     ROA    ROA1 debtcf1
 0.39815 0.13934 0.12448 0.06590

debt amount =   0.1201   investment =   0.1201   debt ratio =  1.00000
RRR on investment =  0.118548      after tax =  0.065202
search range of Y std.dev.:   minimum =   3.323391   maximum =   4.320408
old shareholders wealth =    1.4459    old bondholders =     0.9501
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.133433, k:agcpara = 0.22603192)
liq.cash: 10Y average (1Y) =   7.664431 ( 0.34828) : loss rate  0.0577
liq.cash: 10Y std.dev. (1Y) =   3.323391 ( 0.15102)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0749 0.04630   0.09888 0.06448  0.08425  0.07191    1.4459   1.0702   2.5161
 dbratio     ROA    ROA1 debtcf1
 0.42535 0.13842 0.12449 0.07464

TOSYOU CODE: 6810    175
debtcashflow initial values:   0.000010   7.184637
stddev initial values:   0.000010   7.184637
ecfconst solution invest:   6.930823   9.703152
debt cf solution invest: 0.18065960 0.26623520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25962
data: equity =   2.290859  debt =   0.104020  firm =   2.394879

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

debt amount =   0.0896   investment =   0.1197   debt ratio =  0.74823
RRR on investment =  0.111891      after tax =  0.061540
search range of Y std.dev.:   minimum =   3.300670   maximum =   4.290871
old shareholders wealth =    2.2909    old bondholders =     0.1035
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   7.276663, k:agcpara = 0.29788451)
liq.cash: 10Y average (1Y) =   7.170983 ( 0.33175) : loss rate  0.0145
liq.cash: 10Y std.dev. (1Y) =   3.300670 ( 0.15270)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3548 0.01946   0.07441 0.06062  0.07335  0.07126    2.3210   0.1931   2.5141
 dbratio     ROA    ROA1 debtcf1
 0.07681 0.13195 0.11213 0.01223

TOSYOU CODE: 7741    176
debtcashflow initial values:   0.000010   7.178379
stddev initial values:   0.000010   7.178379
ecfconst solution invest:   6.985600   9.779840
debt cf solution invest: 0.23913495 0.35240940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.19350
data: equity =   2.256516  debt =   0.136277  firm =   2.392793

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

debt amount =   0.1168   investment =   0.1196   debt ratio =  0.97656
RRR on investment =  0.112669      after tax =  0.061968
search range of Y std.dev.:   minimum =   3.358032   maximum =   4.365442
old shareholders wealth =    2.2565    old bondholders =     0.1353
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   7.333566, k:agcpara = 0.29777966)
liq.cash: 10Y average (1Y) =   7.193889 ( 0.33236) : loss rate  0.0190
liq.cash: 10Y std.dev. (1Y) =   3.358032 ( 0.15514)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4691 0.02261   0.07552 0.06161  0.07412  0.07134    2.2593   0.2522   2.5115
 dbratio     ROA    ROA1 debtcf1
 0.10040 0.13234 0.11311 0.01633

TOSYOU CODE: 6754    177
debtcashflow initial values:   0.000010   7.174219
stddev initial values:   0.000010   7.174219
ecfconst solution invest:   6.881106   9.633548
debt cf solution invest: 0.35628895 0.52505740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24434
data: equity =   2.188306  debt =   0.203100  firm =   2.391406

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

debt amount =   0.1196   investment =   0.1196   debt ratio =  1.00000
RRR on investment =  0.110519      after tax =  0.060786
search range of Y std.dev.:   minimum =   3.367733   maximum =   4.378053
old shareholders wealth =    2.1883    old bondholders =     0.2015
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.222209, k:agcpara = 0.28613400)
liq.cash: 10Y average (1Y) =   7.051216 ( 0.32421) : loss rate  0.0237
liq.cash: 10Y std.dev. (1Y) =   3.367733 ( 0.15485)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5976 0.02766   0.07466 0.06112  0.07293  0.06941    2.1883   0.3211   2.5094
 dbratio     ROA    ROA1 debtcf1
 0.12795 0.12920 0.11150 0.02087

TOSYOU CODE: 4091    178
debtcashflow initial values:   0.000010   7.131437
stddev initial values:   0.000010   7.131437
ecfconst solution invest:   8.921422  12.489991
debt cf solution invest: 1.25482840 1.84922080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.46223
data: equity =   1.681421  debt =   0.695725  firm =   2.377146

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

debt amount =   0.1189   investment =   0.1189   debt ratio =  1.00000
RRR on investment =  0.137753      after tax =  0.075764
search range of Y std.dev.:   minimum =   3.680345   maximum =   4.784448
old shareholders wealth =    1.6814    old bondholders =     0.6918
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   9.353444, k:agcpara = 0.26728940)
liq.cash: 10Y average (1Y) =   8.939730 ( 0.41275) : loss rate  0.0442
liq.cash: 10Y std.dev. (1Y) =   3.680345 ( 0.16992)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5478 0.02230   0.11082 0.06469  0.09581  0.08635    1.6814   0.8106   2.4921
 dbratio     ROA    ROA1 debtcf1
 0.32529 0.16563 0.14141 0.05471

TOSYOU CODE: 4912    179
debtcashflow initial values:   0.000010   7.116625
stddev initial values:   0.000010   7.116625
ecfconst solution invest:   7.737222  10.832111
debt cf solution invest: 0.80146465 1.18110580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.39129
data: equity =   1.934580  debt =   0.437628  firm =   2.372208

agency cost: EZC - k L (EZC:ecfconst =   7.737222, k:agcpara = 0.25984022)
liq.cash: 10Y average (1Y) =   7.518009 ( 0.34862) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =   3.688412 ( 0.17104)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8436 0.03518   0.08844 0.06404  0.08394  0.07863    1.9346   0.4376   2.3722
 dbratio     ROA    ROA1 debtcf1
 0.18448 0.14696 0.12549 0.03022

debt amount =   0.1186   investment =   0.1186   debt ratio =  1.00000
RRR on investment =  0.122056      after tax =  0.067131
search range of Y std.dev.:   minimum =   3.867276   maximum =   5.027458
old shareholders wealth =    1.9346    old bondholders =     0.4338
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.112426, k:agcpara = 0.25984022)
liq.cash: 10Y average (1Y) =   7.833275 ( 0.36207) : loss rate  0.0344
liq.cash: 10Y std.dev. (1Y) =   3.867276 ( 0.17876)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0743 0.04026   0.08958 0.06451  0.08401  0.07757    1.9346   0.5524   2.4870
 dbratio     ROA    ROA1 debtcf1
 0.22212 0.14559 0.12551 0.03876

TOSYOU CODE: 4114    180
debtcashflow initial values:   0.000010   7.070989
stddev initial values:   0.000010   7.070989
ecfconst solution invest:   7.887735  11.042829
debt cf solution invest: 0.71603210 1.05520520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.35969
data: equity =   1.965031  debt =   0.391965  firm =   2.356996

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

debt amount =   0.1178   investment =   0.1178   debt ratio =  1.00000
RRR on investment =  0.125267      after tax =  0.068897
search range of Y std.dev.:   minimum =   3.896949   maximum =   5.066033
old shareholders wealth =    1.9650    old bondholders =     0.3885
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.271341, k:agcpara = 0.26555908)
liq.cash: 10Y average (1Y) =   8.010465 ( 0.37131) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   3.896949 ( 0.18063)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9824 0.03566   0.09170 0.06471  0.08617  0.08020    1.9650   0.5063   2.4714
 dbratio     ROA    ROA1 debtcf1
 0.20488 0.15024 0.12840 0.03532

TOSYOU CODE: 4205    181
debtcashflow initial values:   0.000010   7.045105
stddev initial values:   0.000010   7.045105
ecfconst solution invest:   7.185098  10.059137
debt cf solution invest: 1.48079445 2.18222340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35032
data: equity =   1.547304  debt =   0.801064  firm =   2.348368

agency cost: EZC - k L (EZC:ecfconst =   7.185098, k:agcpara = 0.22844960)
liq.cash: 10Y average (1Y) =   6.829007 ( 0.31026) : loss rate  0.0496
liq.cash: 10Y std.dev. (1Y) =   3.243968 ( 0.14738)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5587 0.05212   0.08735 0.06388  0.07934  0.06954    1.5473   0.8010   2.3483
 dbratio     ROA    ROA1 debtcf1
 0.34111 0.13212 0.11832 0.05645

debt amount =   0.1174   investment =   0.1174   debt ratio =  1.00000
RRR on investment =  0.112578      after tax =  0.061918
search range of Y std.dev.:   minimum =   3.398026   maximum =   4.417434
old shareholders wealth =    1.5473    old bondholders =     0.7949
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.526323, k:agcpara = 0.22844960)
liq.cash: 10Y average (1Y) =   7.117634 ( 0.32238) : loss rate  0.0543
liq.cash: 10Y std.dev. (1Y) =   3.398026 ( 0.15391)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7890 0.05842   0.08841 0.06425  0.07945  0.06872    1.5473   0.9123   2.4597
 dbratio     ROA    ROA1 debtcf1
 0.37093 0.13107 0.11833 0.06519

TOSYOU CODE: 4403    182
debtcashflow initial values:   0.000010   6.878238
stddev initial values:   0.000010   6.878238
ecfconst solution invest:   7.910149  11.074209
debt cf solution invest: 1.01221360 1.49168320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.39310
data: equity =   1.734842  debt =   0.557904  firm =   2.292746

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

debt amount =   0.1146   investment =   0.1146   debt ratio =  1.00000
RRR on investment =  0.128079      after tax =  0.070443
search range of Y std.dev.:   minimum =   3.599576   maximum =   4.679449
old shareholders wealth =    1.7348    old bondholders =     0.5539
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   8.292728, k:agcpara = 0.25791482)
liq.cash: 10Y average (1Y) =   7.961049 ( 0.36769) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =   3.599576 ( 0.16625)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2860 0.03184   0.09837 0.06440  0.08892  0.08086    1.7348   0.6685   2.4034
 dbratio     ROA    ROA1 debtcf1
 0.27817 0.15299 0.13185 0.04589

TOSYOU CODE: 6508    183
debtcashflow initial values:   0.000010   6.849694
stddev initial values:   0.000010   6.849694
ecfconst solution invest:   6.893723   9.651212
debt cf solution invest: 1.02570360 1.51156320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29701
data: equity =   1.727647  debt =   0.555584  firm =   2.283231

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

debt amount =   0.1142   investment =   0.1142   debt ratio =  1.00000
RRR on investment =  0.112325      after tax =  0.061778
search range of Y std.dev.:   minimum =   3.554138   maximum =   4.620379
old shareholders wealth =    1.7276    old bondholders =     0.5508
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.224728, k:agcpara = 0.24298884)
liq.cash: 10Y average (1Y) =   6.908002 ( 0.31517) : loss rate  0.0438
liq.cash: 10Y std.dev. (1Y) =   3.554138 ( 0.16215)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3035 0.05741   0.08302 0.06375  0.07766  0.06969    1.7276   0.6650   2.3926
 dbratio     ROA    ROA1 debtcf1
 0.27793 0.13173 0.11685 0.04759

TOSYOU CODE: 5715    184
debtcashflow initial values:   0.000010   6.843079
stddev initial values:   0.000010   6.843079
ecfconst solution invest:   7.157348  10.020287
debt cf solution invest: 1.62971740 2.40168880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41528
data: equity =   1.395554  debt =   0.885472  firm =   2.281026

agency cost: EZC - k L (EZC:ecfconst =   7.157348, k:agcpara = 0.22342077)
liq.cash: 10Y average (1Y) =   6.774071 ( 0.30757) : loss rate  0.0536
liq.cash: 10Y std.dev. (1Y) =   3.032602 ( 0.13769)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.7155 0.04765   0.09297 0.06410  0.08176  0.07056    1.3956   0.8855   2.2810
 dbratio     ROA    ROA1 debtcf1
 0.38819 0.13484 0.12115 0.06177

debt amount =   0.1141   investment =   0.1141   debt ratio =  1.00000
RRR on investment =  0.115038      after tax =  0.063271
search range of Y std.dev.:   minimum =   3.176170   maximum =   4.129021
old shareholders wealth =    1.3956    old bondholders =     0.8792
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.496189, k:agcpara = 0.22342077)
liq.cash: 10Y average (1Y) =   7.063192 ( 0.31984) : loss rate  0.0578
liq.cash: 10Y std.dev. (1Y) =   3.176170 ( 0.14383)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9380 0.05330   0.09422 0.06449  0.08185  0.06979    1.3956   0.9932   2.3888
 dbratio     ROA    ROA1 debtcf1
 0.41579 0.13389 0.12116 0.07018

TOSYOU CODE: 6588    185
debtcashflow initial values:   0.000010   6.825987
stddev initial values:   0.000010   6.825987
ecfconst solution invest:   6.967262   9.754167
debt cf solution invest: 0.69959805 1.03098660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30108
data: equity =   1.893283  debt =   0.382046  firm =   2.275329

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

debt amount =   0.1138   investment =   0.1138   debt ratio =  1.00000
RRR on investment =  0.114931      after tax =  0.063212
search range of Y std.dev.:   minimum =   3.713154   maximum =   4.827100
old shareholders wealth =    1.8933    old bondholders =     0.3783
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.304933, k:agcpara = 0.25481833)
liq.cash: 10Y average (1Y) =   7.060848 ( 0.32506) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =   3.713154 ( 0.17094)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9579 0.05013   0.08240 0.06349  0.07850  0.07260    1.8933   0.4921   2.3854
 dbratio     ROA    ROA1 debtcf1
 0.20629 0.13627 0.11842 0.03476

TOSYOU CODE: 5334    186
debtcashflow initial values:   0.000010   6.793141
stddev initial values:   0.000010   6.793141
ecfconst solution invest:   6.440912   9.017277
debt cf solution invest: 0.53936630 0.79485560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.21870
data: equity =   1.961963  debt =   0.302417  firm =   2.264380

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

debt amount =   0.1132   investment =   0.1132   debt ratio =  1.00000
RRR on investment =  0.107994      after tax =  0.059397
search range of Y std.dev.:   minimum =   3.296114   maximum =   4.284948
old shareholders wealth =    1.9620    old bondholders =     0.2996
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.756626, k:agcpara = 0.26797554)
liq.cash: 10Y average (1Y) =   6.546994 ( 0.29905) : loss rate  0.0310
liq.cash: 10Y std.dev. (1Y) =   3.296114 ( 0.15056)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7823 0.04015   0.07425 0.06165  0.07206  0.06723    1.9620   0.4129   2.3748
 dbratio     ROA    ROA1 debtcf1
 0.17385 0.12592 0.11022 0.02781

TOSYOU CODE: 4043    187
debtcashflow initial values:   0.000010   6.782076
stddev initial values:   0.000010   6.782076
ecfconst solution invest:   6.875305   9.625427
debt cf solution invest: 1.58492490 2.33567880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35585
data: equity =   1.404574  debt =   0.856118  firm =   2.260692

agency cost: EZC - k L (EZC:ecfconst =   6.875305, k:agcpara = 0.22143288)
liq.cash: 10Y average (1Y) =   6.505879 ( 0.29424) : loss rate  0.0537
liq.cash: 10Y std.dev. (1Y) =   3.025587 ( 0.13684)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6683 0.05492   0.08838 0.06399  0.07914  0.06824    1.4046   0.8561   2.2607
 dbratio     ROA    ROA1 debtcf1
 0.37869 0.13016 0.11765 0.06048

debt amount =   0.1130   investment =   0.1130   debt ratio =  1.00000
RRR on investment =  0.111392      after tax =  0.061266
search range of Y std.dev.:   minimum =   3.168609   maximum =   4.119191
old shareholders wealth =    1.4046    old bondholders =     0.8497
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.200306, k:agcpara = 0.22143288)
liq.cash: 10Y average (1Y) =   6.781737 ( 0.30581) : loss rate  0.0581
liq.cash: 10Y std.dev. (1Y) =   3.168609 ( 0.14288)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8903 0.06133   0.08946 0.06435  0.07925  0.06747    1.4046   0.9628   2.3673
 dbratio     ROA    ROA1 debtcf1
 0.40669 0.12918 0.11766 0.06894

TOSYOU CODE: 5408    188
debtcashflow initial values:   0.000010   6.779439
stddev initial values:   0.000010   6.779439
ecfconst solution invest:   6.662374   9.327324
debt cf solution invest: 2.30983380 3.40396560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41007
data: equity =   1.011649  debt =   1.248164  firm =   2.259813

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

debt amount =   0.1130   investment =   0.1130   debt ratio =  1.00000
RRR on investment =  0.106043      after tax =  0.058324
search range of Y std.dev.:   minimum =   2.616514   maximum =   3.401468
old shareholders wealth =    1.0117    old bondholders =     1.2400
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.971946, k:agcpara = 0.18360078)
liq.cash: 10Y average (1Y) =   6.484862 ( 0.28625) : loss rate  0.0699
liq.cash: 10Y std.dev. (1Y) =   2.616514 ( 0.11550)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6530 0.07153   0.09735 0.06466  0.07865  0.06200    1.0117   1.3530   2.3647
 dbratio     ROA    ROA1 debtcf1
 0.57218 0.12105 0.11419 0.09649

TOSYOU CODE: 6473    189
debtcashflow initial values:   0.000010   6.656342
stddev initial values:   0.000010   6.656342
ecfconst solution invest:   6.397963   8.957148
debt cf solution invest: 1.38058655 2.03454860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24938
data: equity =   1.479546  debt =   0.739235  firm =   2.218781

agency cost: EZC - k L (EZC:ecfconst =   6.397963, k:agcpara = 0.22524882)
liq.cash: 10Y average (1Y) =   6.070620 ( 0.27325) : loss rate  0.0512
liq.cash: 10Y std.dev. (1Y) =   3.092920 ( 0.13922)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4532 0.06773   0.07968 0.06336  0.07424  0.06474    1.4795   0.7392   2.2188
 dbratio     ROA    ROA1 debtcf1
 0.33317 0.12315 0.11171 0.05332

debt amount =   0.1109   investment =   0.1109   debt ratio =  1.00000
RRR on investment =  0.105707      after tax =  0.058139
search range of Y std.dev.:   minimum =   3.239411   maximum =   4.211234
old shareholders wealth =    1.4795    old bondholders =     0.7332
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.700991, k:agcpara = 0.22524882)
liq.cash: 10Y average (1Y) =   6.324118 ( 0.28365) : loss rate  0.0562
liq.cash: 10Y std.dev. (1Y) =   3.239411 ( 0.14530)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6731 0.07554   0.08044 0.06367  0.07435  0.06394    1.4795   0.8441   2.3237
 dbratio     ROA    ROA1 debtcf1
 0.36327 0.12207 0.11172 0.06182

TOSYOU CODE: 4023    190
debtcashflow initial values:   0.000010   6.645723
stddev initial values:   0.000010   6.645723
ecfconst solution invest:   6.849667   9.589534
debt cf solution invest: 0.54082645 0.79700740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37370
data: equity =   1.907128  debt =   0.308113  firm =   2.215241

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

debt amount =   0.1108   investment =   0.1108   debt ratio =  1.00000
RRR on investment =  0.117649      after tax =  0.064707
search range of Y std.dev.:   minimum =   3.085639   maximum =   4.011330
old shareholders wealth =    1.9071    old bondholders =     0.3058
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.186524, k:agcpara = 0.27547467)
liq.cash: 10Y average (1Y) =   6.972896 ( 0.32194) : loss rate  0.0297
liq.cash: 10Y std.dev. (1Y) =   3.085639 ( 0.14247)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7755 0.02230   0.08318 0.06173  0.07934  0.07436    1.9071   0.4166   2.3237
 dbratio     ROA    ROA1 debtcf1
 0.17927 0.13855 0.11953 0.02701

TOSYOU CODE: 6041    191
debtcashflow initial values:   0.000010   6.621068
stddev initial values:   0.000010   6.621068
ecfconst solution invest:   7.516546  10.523164
debt cf solution invest: 1.32389340 1.95100080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.40584
data: equity =   1.481687  debt =   0.725336  firm =   2.207023

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

debt amount =   0.1104   investment =   0.1104   debt ratio =  1.00000
RRR on investment =  0.125564      after tax =  0.069060
search range of Y std.dev.:   minimum =   3.272686   maximum =   4.254491
old shareholders wealth =    1.4817    old bondholders =     0.7205
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.876691, k:agcpara = 0.24539020)
liq.cash: 10Y average (1Y) =   7.482349 ( 0.34335) : loss rate  0.0501
liq.cash: 10Y std.dev. (1Y) =   3.272686 ( 0.15018)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6070 0.03631   0.10117 0.06483  0.08812  0.07763    1.4817   0.8309   2.3126
 dbratio     ROA    ROA1 debtcf1
 0.35929 0.14847 0.13038 0.05756

TOSYOU CODE: 5006    192
debtcashflow initial values:   0.000010   6.418420
stddev initial values:   0.000010   6.418420
ecfconst solution invest:   6.545479   9.163671
debt cf solution invest: 2.18403195 3.21857340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.48707
data: equity =   0.949819  debt =   1.189654  firm =   2.139473

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

debt amount =   0.1070   investment =   0.1070   debt ratio =  1.00000
RRR on investment =  0.110629      after tax =  0.060846
search range of Y std.dev.:   minimum =   2.479541   maximum =   3.223403
old shareholders wealth =    0.9498    old bondholders =     1.1824
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.850947, k:agcpara = 0.18950946)
liq.cash: 10Y average (1Y) =   6.375850 ( 0.28376) : loss rate  0.0693
liq.cash: 10Y std.dev. (1Y) =   2.479541 ( 0.11035)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.5070 0.05934   0.10393 0.06468  0.08133  0.06457    0.9498   1.2893   2.2391
 dbratio     ROA    ROA1 debtcf1
 0.57581 0.12673 0.11832 0.09037

TOSYOU CODE: 7753    193
debtcashflow initial values:   0.000010   6.360844
stddev initial values:   0.000010   6.360844
ecfconst solution invest:   6.332369   8.865317
debt cf solution invest: 0.88052840 1.29762080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27537
data: equity =   1.643677  debt =   0.476604  firm =   2.120281

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

debt amount =   0.1060   investment =   0.1060   debt ratio =  1.00000
RRR on investment =  0.111308      after tax =  0.061219
search range of Y std.dev.:   minimum =   3.345584   maximum =   4.349259
old shareholders wealth =    1.6437    old bondholders =     0.4724
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.636953, k:agcpara = 0.24510058)
liq.cash: 10Y average (1Y) =   6.358791 ( 0.29018) : loss rate  0.0419
liq.cash: 10Y std.dev. (1Y) =   3.345584 ( 0.15267)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1349 0.05921   0.08120 0.06358  0.07662  0.06917    1.6437   0.5784   2.2221
 dbratio     ROA    ROA1 debtcf1
 0.26029 0.13059 0.11563 0.04152

TOSYOU CODE: 2531    194
debtcashflow initial values:   0.000010   6.212230
stddev initial values:   0.000010   6.212230
ecfconst solution invest:   6.757470   9.460458
debt cf solution invest: 0.65786740 0.96948880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40274
data: equity =   1.708073  debt =   0.362670  firm =   2.070743

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

debt amount =   0.1035   investment =   0.1035   debt ratio =  1.00000
RRR on investment =  0.122268      after tax =  0.067247
search range of Y std.dev.:   minimum =   3.358641   maximum =   4.366234
old shareholders wealth =    1.7081    old bondholders =     0.3595
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.085612, k:agcpara = 0.25877740)
liq.cash: 10Y average (1Y) =   6.854797 ( 0.31721) : loss rate  0.0326
liq.cash: 10Y std.dev. (1Y) =   3.358641 ( 0.15542)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8919 0.03792   0.08951 0.06373  0.08401  0.07789    1.7081   0.4630   2.1711
 dbratio     ROA    ROA1 debtcf1
 0.21326 0.14611 0.12556 0.03198

TOSYOU CODE: 2810    195
debtcashflow initial values:   0.000010   6.170175
stddev initial values:   0.000010   6.170175
ecfconst solution invest:   6.444578   9.022409
debt cf solution invest: 0.42075880 0.62006560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.30075
data: equity =   1.816821  debt =   0.239904  firm =   2.056725

agency cost: EZC - k L (EZC:ecfconst =   6.444578, k:agcpara = 0.28591568)
liq.cash: 10Y average (1Y) =   6.317945 ( 0.29364) : loss rate  0.0196
liq.cash: 10Y std.dev. (1Y) =   2.730590 ( 0.12691)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4429 0.01572   0.08285 0.06155  0.08036  0.07713    1.8168   0.2399   2.0567
 dbratio     ROA    ROA1 debtcf1
 0.11664 0.14277 0.12099 0.01529

debt amount =   0.1028   investment =   0.1028   debt ratio =  1.00000
RRR on investment =  0.119656      after tax =  0.065811
search range of Y std.dev.:   minimum =   2.865503   maximum =   3.725153
old shareholders wealth =    1.8168    old bondholders =     0.2382
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.762991, k:agcpara = 0.28591568)
liq.cash: 10Y average (1Y) =   6.581691 ( 0.30478) : loss rate  0.0268
liq.cash: 10Y std.dev. (1Y) =   2.865503 ( 0.13269)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6341 0.01897   0.08388 0.06194  0.08041  0.07600    1.8168   0.3411   2.1579
 dbratio     ROA    ROA1 debtcf1
 0.15805 0.14124 0.12101 0.02203

TOSYOU CODE: 7735    196
debtcashflow initial values:   0.000010   6.168967
stddev initial values:   0.000010   6.168967
ecfconst solution invest:   6.291803   8.808524
debt cf solution invest: 1.04147455 1.53480460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32720
data: equity =   1.491794  debt =   0.564528  firm =   2.056322

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

debt amount =   0.1028   investment =   0.1028   debt ratio =  1.00000
RRR on investment =  0.113460      after tax =  0.062403
search range of Y std.dev.:   minimum =   3.129549   maximum =   4.068413
old shareholders wealth =    1.4918    old bondholders =     0.5599
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.592970, k:agcpara = 0.23917712)
liq.cash: 10Y average (1Y) =   6.282617 ( 0.28633) : loss rate  0.0471
liq.cash: 10Y std.dev. (1Y) =   3.129549 ( 0.14263)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2976 0.05559   0.08566 0.06398  0.07899  0.07013    1.4918   0.6628   2.1546
 dbratio     ROA    ROA1 debtcf1
 0.30761 0.13289 0.11834 0.04727

TOSYOU CODE: 2264    197
debtcashflow initial values:   0.000010   6.145858
stddev initial values:   0.000010   6.145858
ecfconst solution invest:   6.568339   9.195675
debt cf solution invest: 0.84765745 1.24917940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38889
data: equity =   1.584343  debt =   0.464276  firm =   2.048619

agency cost: EZC - k L (EZC:ecfconst =   6.568339, k:agcpara = 0.25030622)
liq.cash: 10Y average (1Y) =   6.344998 ( 0.29290) : loss rate  0.0340
liq.cash: 10Y std.dev. (1Y) =   3.070777 ( 0.14175)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8923 0.03789   0.08822 0.06351  0.08262  0.07615    1.5843   0.4643   2.0486
 dbratio     ROA    ROA1 debtcf1
 0.22663 0.14297 0.12357 0.03194

debt amount =   0.1024   investment =   0.1024   debt ratio =  1.00000
RRR on investment =  0.119587      after tax =  0.065773
search range of Y std.dev.:   minimum =   3.218962   maximum =   4.184650
old shareholders wealth =    1.5843    old bondholders =     0.4605
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.885303, k:agcpara = 0.25030622)
liq.cash: 10Y average (1Y) =   6.612283 ( 0.30428) : loss rate  0.0397
liq.cash: 10Y std.dev. (1Y) =   3.218962 ( 0.14813)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0907 0.04314   0.08937 0.06395  0.08270  0.07516    1.5843   0.5629   2.1473
 dbratio     ROA    ROA1 debtcf1
 0.26216 0.14171 0.12358 0.03931

TOSYOU CODE: 4044    198
debtcashflow initial values:   0.000010   6.119321
stddev initial values:   0.000010   6.119321
ecfconst solution invest:   6.359371   8.903119
debt cf solution invest: 1.58210340 2.33152080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42133
data: equity =   1.180957  debt =   0.858817  firm =   2.039774

agency cost: EZC - k L (EZC:ecfconst =   6.359371, k:agcpara = 0.21702632)
liq.cash: 10Y average (1Y) =   5.997941 ( 0.27129) : loss rate  0.0568
liq.cash: 10Y std.dev. (1Y) =   2.631391 ( 0.11902)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6654 0.04983   0.09409 0.06418  0.08150  0.06934    1.1810   0.8588   2.0398
 dbratio     ROA    ROA1 debtcf1
 0.42104 0.13300 0.12043 0.06000

debt amount =   0.1020   investment =   0.1020   debt ratio =  1.00000
RRR on investment =  0.113907      after tax =  0.062649
search range of Y std.dev.:   minimum =   2.755503   maximum =   3.582154
old shareholders wealth =    1.1810    old bondholders =     0.8529
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.659317, k:agcpara = 0.21702632)
liq.cash: 10Y average (1Y) =   6.254667 ( 0.28218) : loss rate  0.0608
liq.cash: 10Y std.dev. (1Y) =   2.755503 ( 0.12432)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8645 0.05555   0.09536 0.06456  0.08159  0.06860    1.1810   0.9549   2.1358
 dbratio     ROA    ROA1 debtcf1
 0.44707 0.13212 0.12043 0.06755

TOSYOU CODE: 7231    199
debtcashflow initial values:   0.000010   6.069590
stddev initial values:   0.000010   6.069590
ecfconst solution invest:   5.892195   8.249073
debt cf solution invest: 1.78406010 2.62914120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32804
data: equity =   1.065942  debt =   0.957255  firm =   2.023197

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

debt amount =   0.1012   investment =   0.1012   debt ratio =  1.00000
RRR on investment =  0.105152      after tax =  0.057834
search range of Y std.dev.:   minimum =   2.578636   maximum =   3.352227
old shareholders wealth =    1.0659    old bondholders =     0.9503
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.167129, k:agcpara = 0.19887391)
liq.cash: 10Y average (1Y) =   5.753896 ( 0.25500) : loss rate  0.0670
liq.cash: 10Y std.dev. (1Y) =   2.578636 ( 0.11428)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.0779 0.07700   0.08882 0.06438  0.07669  0.06230    1.0659   1.0515   2.1174
 dbratio     ROA    ROA1 debtcf1
 0.49659 0.12043 0.11283 0.07628

TOSYOU CODE: 6756    200
debtcashflow initial values:   0.000010   6.029458
stddev initial values:   0.000010   6.029458
ecfconst solution invest:   5.559665   7.783531
debt cf solution invest: 0.16801605 0.24760260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.18034
data: equity =   1.913704  debt =   0.096115  firm =   2.009819

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

debt amount =   0.0862   investment =   0.1005   debt ratio =  0.85809
RRR on investment =  0.106781      after tax =  0.058730
search range of Y std.dev.:   minimum =   2.829606   maximum =   3.678488
old shareholders wealth =    1.9137    old bondholders =     0.0955
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   5.836834, k:agcpara = 0.29447355)
liq.cash: 10Y average (1Y) =   5.737722 ( 0.26332) : loss rate  0.0170
liq.cash: 10Y std.dev. (1Y) =   2.829606 ( 0.12986)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3366 0.02814   0.07024 0.06054  0.06941  0.06706    1.9280   0.1817   2.1097
 dbratio     ROA    ROA1 debtcf1
 0.08614 0.12482 0.10712 0.01172

TOSYOU CODE: 4272    201
debtcashflow initial values:   0.000010   5.965638
stddev initial values:   0.000010   5.965638
ecfconst solution invest:   6.973758   9.763261
debt cf solution invest: 0.64425770 0.94943240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11814  std.dev = 0.17108  lambda =   4.24020
riskless rate of interest = 0.06134  correlation =  0.27103
data: equity =   1.639560  debt =   0.348986  firm =   1.988546

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

debt amount =   0.0994   investment =   0.0994   debt ratio =  1.00000
RRR on investment =  0.130617      after tax =  0.071839
search range of Y std.dev.:   minimum =   3.340060   maximum =   4.342078
old shareholders wealth =    1.6396    old bondholders =     0.3461
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.313117, k:agcpara = 0.27388709)
liq.cash: 10Y average (1Y) =   7.074018 ( 0.32796) : loss rate  0.0327
liq.cash: 10Y std.dev. (1Y) =   3.340060 ( 0.15485)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8730 0.03169   0.09679 0.06622  0.09026  0.08389    1.6396   0.4455   2.0851
 dbratio     ROA    ROA1 debtcf1
 0.21368 0.15729 0.13370 0.03149

TOSYOU CODE: 5451    202
debtcashflow initial values:   0.000010   5.943488
stddev initial values:   0.000010   5.943488
ecfconst solution invest:   6.310963   8.835348
debt cf solution invest: 0.64450375 0.94979500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36505
data: equity =   1.627349  debt =   0.353814  firm =   1.981163

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

debt amount =   0.0991   investment =   0.0991   debt ratio =  1.00000
RRR on investment =  0.119402      after tax =  0.065671
search range of Y std.dev.:   minimum =   3.206841   maximum =   4.168894
old shareholders wealth =    1.6273    old bondholders =     0.3506
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.616984, k:agcpara = 0.25622573)
liq.cash: 10Y average (1Y) =   6.394043 ( 0.29525) : loss rate  0.0337
liq.cash: 10Y std.dev. (1Y) =   3.206841 ( 0.14808)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8701 0.04248   0.08699 0.06371  0.08195  0.07574    1.6273   0.4497   2.0770
 dbratio     ROA    ROA1 debtcf1
 0.21650 0.14215 0.12285 0.03134

TOSYOU CODE: 6506    203
debtcashflow initial values:   0.000010   5.931174
stddev initial values:   0.000010   5.931174
ecfconst solution invest:   5.987207   8.382090
debt cf solution invest: 0.97563100 1.43777200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30825
data: equity =   1.449001  debt =   0.528057  firm =   1.977058

agency cost: EZC - k L (EZC:ecfconst =   5.987207, k:agcpara = 0.23953080)
liq.cash: 10Y average (1Y) =   5.741214 ( 0.26236) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   2.888619 ( 0.13200)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0270 0.05134   0.08323 0.06351  0.07796  0.07033    1.4490   0.5281   1.9771
 dbratio     ROA    ROA1 debtcf1
 0.26709 0.13270 0.11717 0.03723

debt amount =   0.0989   investment =   0.0989   debt ratio =  1.00000
RRR on investment =  0.112350      after tax =  0.061792
search range of Y std.dev.:   minimum =   3.026934   maximum =   3.935014
old shareholders wealth =    1.4490    old bondholders =     0.5237
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.273891, k:agcpara = 0.23953080)
liq.cash: 10Y average (1Y) =   5.981461 ( 0.27239) : loss rate  0.0466
liq.cash: 10Y std.dev. (1Y) =   3.026934 ( 0.13784)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2208 0.05789   0.08416 0.06388  0.07806  0.06943    1.4490   0.6225   2.0715
 dbratio     ROA    ROA1 debtcf1
 0.30051 0.13149 0.11718 0.04457

TOSYOU CODE: 2801    204
debtcashflow initial values:   0.000010   5.790306
stddev initial values:   0.000010   5.790306
ecfconst solution invest:   6.100811   8.541135
debt cf solution invest: 0.37025205 0.54563460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.40138
data: equity =   1.719031  debt =   0.211071  firm =   1.930102

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

debt amount =   0.0965   investment =   0.0965   debt ratio =  1.00000
RRR on investment =  0.120793      after tax =  0.066436
search range of Y std.dev.:   minimum =   2.693075   maximum =   3.500998
old shareholders wealth =    1.7190    old bondholders =     0.2096
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.402670, k:agcpara = 0.28974248)
liq.cash: 10Y average (1Y) =   6.237759 ( 0.28922) : loss rate  0.0258
liq.cash: 10Y std.dev. (1Y) =   2.693075 ( 0.12487)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5692 0.01765   0.08454 0.06209  0.08114  0.07692    1.7190   0.3061   2.0252
 dbratio     ROA    ROA1 debtcf1
 0.15116 0.14281 0.12199 0.01976

TOSYOU CODE: 6448    205
debtcashflow initial values:   0.000010   5.766797
stddev initial values:   0.000010   5.766797
ecfconst solution invest:   6.271369   8.779917
debt cf solution invest: 0.43934935 0.64746220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.38820
data: equity =   1.672408  debt =   0.249858  firm =   1.922266

agency cost: EZC - k L (EZC:ecfconst =   6.271369, k:agcpara = 0.28838640)
liq.cash: 10Y average (1Y) =   6.137998 ( 0.28567) : loss rate  0.0213
liq.cash: 10Y std.dev. (1Y) =   2.558684 ( 0.11909)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4625 0.01327   0.08715 0.06208  0.08389  0.08026    1.6724   0.2499   1.9223
 dbratio     ROA    ROA1 debtcf1
 0.12998 0.14861 0.12552 0.01597

debt amount =   0.0961   investment =   0.0961   debt ratio =  1.00000
RRR on investment =  0.124071      after tax =  0.068239
search range of Y std.dev.:   minimum =   2.684976   maximum =   3.490469
old shareholders wealth =    1.6724    old bondholders =     0.2482
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.580912, k:agcpara = 0.28838640)
liq.cash: 10Y average (1Y) =   6.395896 ( 0.29671) : loss rate  0.0281
liq.cash: 10Y std.dev. (1Y) =   2.684976 ( 0.12456)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6416 0.01605   0.08833 0.06249  0.08392  0.07912    1.6724   0.3443   2.0167
 dbratio     ROA    ROA1 debtcf1
 0.17073 0.14712 0.12555 0.02229

TOSYOU CODE: 3002    206
debtcashflow initial values:   0.000010   5.718081
stddev initial values:   0.000010   5.718081
ecfconst solution invest:   7.093177   9.930448
debt cf solution invest: 0.75723835 1.11593020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.49016
data: equity =   1.482702  debt =   0.423325  firm =   1.906027

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

debt amount =   0.0953   investment =   0.0953   debt ratio =  1.00000
RRR on investment =  0.137433      after tax =  0.075588
search range of Y std.dev.:   minimum =   3.052950   maximum =   3.968834
old shareholders wealth =    1.4827    old bondholders =     0.4206
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.438605, k:agcpara = 0.27136375)
liq.cash: 10Y average (1Y) =   7.173298 ( 0.33232) : loss rate  0.0357
liq.cash: 10Y std.dev. (1Y) =   3.052950 ( 0.14143)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9777 0.02121   0.10604 0.06384  0.09515  0.08773    1.4827   0.5159   1.9987
 dbratio     ROA    ROA1 debtcf1
 0.25815 0.16627 0.14045 0.03440

TOSYOU CODE: 6583    207
debtcashflow initial values:   0.000010   5.644147
stddev initial values:   0.000010   5.644147
ecfconst solution invest:   6.272874   8.782024
debt cf solution invest: 0.26674575 0.39309900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.38084
data: equity =   1.727792  debt =   0.153590  firm =   1.881382

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

debt amount =   0.0941   investment =   0.0941   debt ratio =  1.00000
RRR on investment =  0.127404      after tax =  0.070072
search range of Y std.dev.:   minimum =   2.599958   maximum =   3.379945
old shareholders wealth =    1.7278    old bondholders =     0.1528
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.584937, k:agcpara = 0.30334412)
liq.cash: 10Y average (1Y) =   6.447313 ( 0.30047) : loss rate  0.0209
liq.cash: 10Y std.dev. (1Y) =   2.599958 ( 0.12117)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4537 0.01058   0.08915 0.06163  0.08571  0.08225    1.7278   0.2468   1.9746
 dbratio     ROA    ROA1 debtcf1
 0.12500 0.15217 0.12799 0.01557

TOSYOU CODE: 4613    208
debtcashflow initial values:   0.000010   5.630578
stddev initial values:   0.000010   5.630578
ecfconst solution invest:   6.225624   8.715874
debt cf solution invest: 0.70922630 1.04517560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43926
data: equity =   1.485741  debt =   0.391118  firm =   1.876859

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

debt amount =   0.0938   investment =   0.0938   debt ratio =  1.00000
RRR on investment =  0.123820      after tax =  0.068101
search range of Y std.dev.:   minimum =   2.985625   maximum =   3.881313
old shareholders wealth =    1.4857    old bondholders =     0.3880
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.527180, k:agcpara = 0.25616227)
liq.cash: 10Y average (1Y) =   6.289687 ( 0.29064) : loss rate  0.0364
liq.cash: 10Y std.dev. (1Y) =   2.985625 ( 0.13796)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9271 0.03624   0.09253 0.06387  0.08551  0.07847    1.4857   0.4818   1.9676
 dbratio     ROA    ROA1 debtcf1
 0.24489 0.14771 0.12740 0.03317

TOSYOU CODE: 5105    209
debtcashflow initial values:   0.000010   5.604706
stddev initial values:   0.000010   5.604706
ecfconst solution invest:   5.639324   7.895054
debt cf solution invest: 1.56132215 2.30089580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38010
data: equity =   1.025397  debt =   0.842838  firm =   1.868235

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

debt amount =   0.0934   investment =   0.0934   debt ratio =  1.00000
RRR on investment =  0.109684      after tax =  0.060326
search range of Y std.dev.:   minimum =   2.443305   maximum =   3.176297
old shareholders wealth =    1.0254    old bondholders =     0.8369
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.903806, k:agcpara = 0.20737014)
liq.cash: 10Y average (1Y) =   5.524954 ( 0.24719) : loss rate  0.0642
liq.cash: 10Y std.dev. (1Y) =   2.443305 ( 0.10932)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8269 0.06507   0.09270 0.06455  0.07931  0.06549    1.0254   0.9303   1.9557
 dbratio     ROA    ROA1 debtcf1
 0.47569 0.12639 0.11682 0.06659

TOSYOU CODE: 4612    210
debtcashflow initial values:   0.000010   5.596847
stddev initial values:   0.000010   5.596847
ecfconst solution invest:   7.220320  10.108448
debt cf solution invest: 0.65979400 0.97232800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.42904
data: equity =   1.498256  debt =   0.367360  firm =   1.865616

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

debt amount =   0.0933   investment =   0.0933   debt ratio =  1.00000
RRR on investment =  0.142319      after tax =  0.078275
search range of Y std.dev.:   minimum =   3.080127   maximum =   4.004165
old shareholders wealth =    1.4983    old bondholders =     0.3651
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.573231, k:agcpara = 0.28242070)
liq.cash: 10Y average (1Y) =   7.326968 ( 0.33935) : loss rate  0.0325
liq.cash: 10Y std.dev. (1Y) =   3.080127 ( 0.14266)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8720 0.01805   0.10892 0.06455  0.09853  0.09172    1.4983   0.4584   1.9566
 dbratio     ROA    ROA1 debtcf1
 0.23427 0.17344 0.14493 0.03071

TOSYOU CODE: 4540    211
debtcashflow initial values:   0.000010   5.594146
stddev initial values:   0.000010   5.594146
ecfconst solution invest:   5.926591   8.297227
debt cf solution invest: 1.24292205 1.83167460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42592
data: equity =   1.187673  debt =   0.677042  firm =   1.864715

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

debt amount =   0.0932   investment =   0.0932   debt ratio =  1.00000
RRR on investment =  0.116874      after tax =  0.064281
search range of Y std.dev.:   minimum =   2.653574   maximum =   3.449646
old shareholders wealth =    1.1877    old bondholders =     0.6722
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.208186, k:agcpara = 0.22915416)
liq.cash: 10Y average (1Y) =   5.866792 ( 0.26670) : loss rate  0.0550
liq.cash: 10Y std.dev. (1Y) =   2.653574 ( 0.12063)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4898 0.04953   0.09450 0.06442  0.08271  0.07135    1.1877   0.7655   1.9531
 dbratio     ROA    ROA1 debtcf1
 0.39192 0.13655 0.12260 0.05382

TOSYOU CODE: 6474    212
debtcashflow initial values:   0.000010   5.587224
stddev initial values:   0.000010   5.587224
ecfconst solution invest:   5.816689   8.143365
debt cf solution invest: 1.05633730 1.55670760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.29878
data: equity =   1.295540  debt =   0.566868  firm =   1.862408

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

debt amount =   0.0931   investment =   0.0931   debt ratio =  1.00000
RRR on investment =  0.115385      after tax =  0.063462
search range of Y std.dev.:   minimum =   2.816987   maximum =   3.662083
old shareholders wealth =    1.2955    old bondholders =     0.5624
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.094208, k:agcpara = 0.23934545)
liq.cash: 10Y average (1Y) =   5.784006 ( 0.26340) : loss rate  0.0509
liq.cash: 10Y std.dev. (1Y) =   2.816987 ( 0.12828)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2960 0.05556   0.08891 0.06520  0.08094  0.07109    1.2955   0.6555   1.9511
 dbratio     ROA    ROA1 debtcf1
 0.33599 0.13500 0.12064 0.04742

TOSYOU CODE: 5804    213
debtcashflow initial values:   0.000010   5.545427
stddev initial values:   0.000010   5.545427
ecfconst solution invest:   6.048412   8.467777
debt cf solution invest: 0.99827615 1.47114380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44744
data: equity =   1.301208  debt =   0.547268  firm =   1.848476

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

debt amount =   0.0924   investment =   0.0924   debt ratio =  1.00000
RRR on investment =  0.121161      after tax =  0.066638
search range of Y std.dev.:   minimum =   2.773974   maximum =   3.606166
old shareholders wealth =    1.3012    old bondholders =     0.5433
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.338455, k:agcpara = 0.24281628)
liq.cash: 10Y average (1Y) =   6.039893 ( 0.27695) : loss rate  0.0471
liq.cash: 10Y std.dev. (1Y) =   2.773974 ( 0.12720)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2296 0.04145   0.09473 0.06421  0.08471  0.07523    1.3012   0.6357   1.9369
 dbratio     ROA    ROA1 debtcf1
 0.32821 0.14299 0.12587 0.04417

TOSYOU CODE: 3529    214
debtcashflow initial values:   0.000010   5.527929
stddev initial values:   0.000010   5.527929
ecfconst solution invest:   6.116364   8.562910
debt cf solution invest: 0.48295150 0.71171800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.38819
data: equity =   1.566577  debt =   0.276066  firm =   1.842643

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

debt amount =   0.0921   investment =   0.0921   debt ratio =  1.00000
RRR on investment =  0.125739      after tax =  0.069156
search range of Y std.dev.:   minimum =   2.550821   maximum =   3.316067
old shareholders wealth =    1.5666    old bondholders =     0.2744
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.417517, k:agcpara = 0.28349493)
liq.cash: 10Y average (1Y) =   6.225000 ( 0.28872) : loss rate  0.0300
liq.cash: 10Y std.dev. (1Y) =   2.550821 ( 0.11831)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6791 0.01485   0.09090 0.06204  0.08543  0.08013    1.5666   0.3665   1.9331
 dbratio     ROA    ROA1 debtcf1
 0.18959 0.14936 0.12749 0.02349

TOSYOU CODE: 5805    215
debtcashflow initial values:   0.000010   5.482798
stddev initial values:   0.000010   5.482798
ecfconst solution invest:   6.813099   9.538339
debt cf solution invest: 0.83285170 1.22736040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.40031
data: equity =   1.367731  debt =   0.459868  firm =   1.827599

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

debt amount =   0.0914   investment =   0.0914   debt ratio =  1.00000
RRR on investment =  0.137270      after tax =  0.075499
search range of Y std.dev.:   minimum =   2.912301   maximum =   3.785991
old shareholders wealth =    1.3677    old bondholders =     0.4570
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   7.143839, k:agcpara = 0.27093790)
liq.cash: 10Y average (1Y) =   6.858821 ( 0.31710) : loss rate  0.0399
liq.cash: 10Y std.dev. (1Y) =   2.912301 ( 0.13464)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0520 0.02308   0.10753 0.06501  0.09536  0.08699    1.3677   0.5484   1.9162
 dbratio     ROA    ROA1 debtcf1
 0.28621 0.16549 0.14064 0.03731

TOSYOU CODE: 7309    216
debtcashflow initial values:   0.000010   5.473765
stddev initial values:   0.000010   5.473765
ecfconst solution invest:   4.975611   6.965855
debt cf solution invest: 0.39184460 0.57745520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.10904
data: equity =   1.609374  debt =   0.215214  firm =   1.824588

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

debt amount =   0.0912   investment =   0.0912   debt ratio =  1.00000
RRR on investment =  0.103424      after tax =  0.056883
search range of Y std.dev.:   minimum =   2.830634   maximum =   3.679824
old shareholders wealth =    1.6094    old bondholders =     0.2130
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.219705, k:agcpara = 0.27394232)
liq.cash: 10Y average (1Y) =   5.058311 ( 0.22954) : loss rate  0.0309
liq.cash: 10Y std.dev. (1Y) =   2.830634 ( 0.12845)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5892 0.05718   0.06937 0.06206  0.06821  0.06377    1.6094   0.3042   1.9136
 dbratio     ROA    ROA1 debtcf1
 0.15897 0.11995 0.10555 0.02141

TOSYOU CODE: 2201    217
debtcashflow initial values:   0.000010   5.467147
stddev initial values:   0.000010   5.467147
ecfconst solution invest:   5.414028   7.579639
debt cf solution invest: 0.42601515 0.62781180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29797
data: equity =   1.581097  debt =   0.241285  firm =   1.822382

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

debt amount =   0.0911   investment =   0.0911   debt ratio =  1.00000
RRR on investment =  0.113121      after tax =  0.062217
search range of Y std.dev.:   minimum =   2.576989   maximum =   3.350086
old shareholders wealth =    1.5811    old bondholders =     0.2393
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.680122, k:agcpara = 0.27296139)
liq.cash: 10Y average (1Y) =   5.511104 ( 0.25341) : loss rate  0.0298
liq.cash: 10Y std.dev. (1Y) =   2.576989 ( 0.11849)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6192 0.02883   0.07881 0.06172  0.07586  0.07106    1.5811   0.3304   1.9115
 dbratio     ROA    ROA1 debtcf1
 0.17285 0.13257 0.11506 0.02173

TOSYOU CODE: 3106    218
debtcashflow initial values:   0.000010   5.414849
stddev initial values:   0.000010   5.414849
ecfconst solution invest:   5.934218   8.307905
debt cf solution invest: 0.67127570 0.98924840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.25045
data: equity =   1.441702  debt =   0.363248  firm =   1.804950

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

debt amount =   0.0902   investment =   0.0902   debt ratio =  1.00000
RRR on investment =  0.122747      after tax =  0.067511
search range of Y std.dev.:   minimum =   2.944149   maximum =   3.827394
old shareholders wealth =    1.4417    old bondholders =     0.3602
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.221464, k:agcpara = 0.26078046)
liq.cash: 10Y average (1Y) =   5.991026 ( 0.27659) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   2.944149 ( 0.13592)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8836 0.04139   0.09084 0.06537  0.08478  0.07778    1.4417   0.4504   1.8921
 dbratio     ROA    ROA1 debtcf1
 0.23806 0.14618 0.12640 0.03205

TOSYOU CODE: 5734    219
debtcashflow initial values:   0.000010   5.393576
stddev initial values:   0.000010   5.393576
ecfconst solution invest:   6.207232   8.690125
debt cf solution invest: 1.22534135 1.80576620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.44217
data: equity =   1.123506  debt =   0.674353  firm =   1.797859

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

debt amount =   0.0899   investment =   0.0899   debt ratio =  1.00000
RRR on investment =  0.126809      after tax =  0.069745
search range of Y std.dev.:   minimum =   2.571557   maximum =   3.343024
old shareholders wealth =    1.1235    old bondholders =     0.6702
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.503872, k:agcpara = 0.24132195)
liq.cash: 10Y average (1Y) =   6.150858 ( 0.28184) : loss rate  0.0543
liq.cash: 10Y std.dev. (1Y) =   2.571557 ( 0.11783)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4628 0.03415   0.10592 0.06468  0.08928  0.07753    1.1235   0.7601   1.8836
 dbratio     ROA    ROA1 debtcf1
 0.40353 0.14963 0.13193 0.05215

TOSYOU CODE: 4203    220
debtcashflow initial values:   0.000010   5.375420
stddev initial values:   0.000010   5.375420
ecfconst solution invest:   6.194558   8.672381
debt cf solution invest: 0.97532320 1.43731840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.40941
data: equity =   1.254050  debt =   0.537757  firm =   1.791807

agency cost: EZC - k L (EZC:ecfconst =   6.194558, k:agcpara = 0.25084590)
liq.cash: 10Y average (1Y) =   5.937026 ( 0.27390) : loss rate  0.0416
liq.cash: 10Y std.dev. (1Y) =   2.581640 ( 0.11910)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0267 0.02858   0.09999 0.06400  0.08919  0.08054    1.2541   0.5378   1.7918
 dbratio     ROA    ROA1 debtcf1
 0.30012 0.15286 0.13207 0.03640

debt amount =   0.0896   investment =   0.0896   debt ratio =  1.00000
RRR on investment =  0.127724      after tax =  0.070248
search range of Y std.dev.:   minimum =   2.705856   maximum =   3.517612
old shareholders wealth =    1.2541    old bondholders =     0.5342
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.492609, k:agcpara = 0.25084590)
liq.cash: 10Y average (1Y) =   6.191888 ( 0.28503) : loss rate  0.0463
liq.cash: 10Y std.dev. (1Y) =   2.705856 ( 0.12456)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1988 0.03250   0.10154 0.06442  0.08921  0.07958    1.2541   0.6238   1.8779
 dbratio     ROA    ROA1 debtcf1
 0.33219 0.15178 0.13208 0.04273

TOSYOU CODE: 5632    221
debtcashflow initial values:   0.000010   5.373177
stddev initial values:   0.000010   5.373177
ecfconst solution invest:   5.415492   7.581689
debt cf solution invest: 0.73070675 1.07683100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29372
data: equity =   1.394640  debt =   0.396419  firm =   1.791059

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

debt amount =   0.0896   investment =   0.0896   debt ratio =  1.00000
RRR on investment =  0.112787      after tax =  0.062033
search range of Y std.dev.:   minimum =   2.829048   maximum =   3.677762
old shareholders wealth =    1.3946    old bondholders =     0.3929
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.676229, k:agcpara = 0.24638894)
liq.cash: 10Y average (1Y) =   5.443523 ( 0.24893) : loss rate  0.0410
liq.cash: 10Y std.dev. (1Y) =   2.829048 ( 0.12937)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9445 0.05588   0.08251 0.06366  0.07766  0.07030    1.3946   0.4825   1.8771
 dbratio     ROA    ROA1 debtcf1
 0.25703 0.13261 0.11701 0.03445

TOSYOU CODE: 4509    222
debtcashflow initial values:   0.000010   5.369691
stddev initial values:   0.000010   5.369691
ecfconst solution invest:   5.151713   7.212398
debt cf solution invest: 0.26312625 0.38776500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24518
data: equity =   1.639864  debt =   0.150033  firm =   1.789897

agency cost: EZC - k L (EZC:ecfconst =   5.151713, k:agcpara = 0.28653525)
liq.cash: 10Y average (1Y) =   5.072350 ( 0.23436) : loss rate  0.0154
liq.cash: 10Y std.dev. (1Y) =   2.397883 ( 0.11079)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2770 0.02276   0.07399 0.06077  0.07288  0.07059    1.6399   0.1501   1.7899
 dbratio     ROA    ROA1 debtcf1
 0.08383 0.13093 0.11151 0.00959

debt amount =   0.0895   investment =   0.0895   debt ratio =  1.00000
RRR on investment =  0.110574      after tax =  0.060816
search range of Y std.dev.:   minimum =   2.516774   maximum =   3.271806
old shareholders wealth =    1.6399    old bondholders =     0.1489
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.407144, k:agcpara = 0.28653525)
liq.cash: 10Y average (1Y) =   5.280075 ( 0.24281) : loss rate  0.0235
liq.cash: 10Y std.dev. (1Y) =   2.516774 ( 0.11574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4435 0.02732   0.07467 0.06110  0.07295  0.06946    1.6399   0.2384   1.8782
 dbratio     ROA    ROA1 debtcf1
 0.12692 0.12927 0.11153 0.01548

TOSYOU CODE: 3941    223
debtcashflow initial values:   0.000010   5.310412
stddev initial values:   0.000010   5.310412
ecfconst solution invest:   5.740906   8.037268
debt cf solution invest: 1.25492245 1.84935940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47479
data: equity =   1.083808  debt =   0.686329  firm =   1.770137

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

debt amount =   0.0885   investment =   0.0885   debt ratio =  1.00000
RRR on investment =  0.119066      after tax =  0.065486
search range of Y std.dev.:   minimum =   2.471469   maximum =   3.212909
old shareholders wealth =    1.0838    old bondholders =     0.6817
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.013511, k:agcpara = 0.22815267)
liq.cash: 10Y average (1Y) =   5.672999 ( 0.25810) : loss rate  0.0566
liq.cash: 10Y std.dev. (1Y) =   2.471469 ( 0.11244)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4925 0.04537   0.09867 0.06446  0.08445  0.07240    1.0838   0.7702   1.8540
 dbratio     ROA    ROA1 debtcf1
 0.41543 0.13921 0.12487 0.05366

TOSYOU CODE: 5410    224
debtcashflow initial values:   0.000010   5.259230
stddev initial values:   0.000010   5.259230
ecfconst solution invest:   5.063955   7.089537
debt cf solution invest: 1.18395270 1.74477240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26187
data: equity =   1.119221  debt =   0.633856  firm =   1.753077

agency cost: EZC - k L (EZC:ecfconst =   5.063955, k:agcpara = 0.22021546)
liq.cash: 10Y average (1Y) =   4.789508 ( 0.21499) : loss rate  0.0542
liq.cash: 10Y std.dev. (1Y) =   2.383617 ( 0.10700)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2463 0.06857   0.08096 0.06350  0.07465  0.06432    1.1192   0.6338   1.7531
 dbratio     ROA    ROA1 debtcf1
 0.36156 0.12264 0.11191 0.04570

debt amount =   0.0877   investment =   0.0877   debt ratio =  1.00000
RRR on investment =  0.105525      after tax =  0.058039
search range of Y std.dev.:   minimum =   2.496130   maximum =   3.244969
old shareholders wealth =    1.1192    old bondholders =     0.6288
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.302987, k:agcpara = 0.22021546)
liq.cash: 10Y average (1Y) =   4.990281 ( 0.22324) : loss rate  0.0590
liq.cash: 10Y std.dev. (1Y) =   2.496130 ( 0.11167)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4200 0.07631   0.08176 0.06382  0.07476  0.06355    1.1192   0.7164   1.8356
 dbratio     ROA    ROA1 debtcf1
 0.39029 0.12161 0.11192 0.05243

TOSYOU CODE: 6370    225
debtcashflow initial values:   0.000010   5.237185
stddev initial values:   0.000010   5.237185
ecfconst solution invest:   5.091562   7.128187
debt cf solution invest: 0.21028630 0.30989560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27068
data: equity =   1.625172  debt =   0.120556  firm =   1.745728

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

debt amount =   0.0873   investment =   0.0873   debt ratio =  1.00000
RRR on investment =  0.112365      after tax =  0.061801
search range of Y std.dev.:   minimum =   2.424886   maximum =   3.152352
old shareholders wealth =    1.6252    old bondholders =     0.1197
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.344737, k:agcpara = 0.29176806)
liq.cash: 10Y average (1Y) =   5.233055 ( 0.24145) : loss rate  0.0209
liq.cash: 10Y std.dev. (1Y) =   2.424886 ( 0.11188)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3828 0.02274   0.07575 0.06097  0.07408  0.07098    1.6252   0.2070   1.8322
 dbratio     ROA    ROA1 debtcf1
 0.11297 0.13178 0.11300 0.01328

TOSYOU CODE: 4213    226
debtcashflow initial values:   0.000010   5.231153
stddev initial values:   0.000010   5.231153
ecfconst solution invest:   6.119831   8.567763
debt cf solution invest: 0.98821280 1.45631360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.43480
data: equity =   1.197406  debt =   0.546312  firm =   1.743718

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

debt amount =   0.0872   investment =   0.0872   debt ratio =  1.00000
RRR on investment =  0.129427      after tax =  0.071185
search range of Y std.dev.:   minimum =   2.613726   maximum =   3.397843
old shareholders wealth =    1.1974    old bondholders =     0.5429
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.414293, k:agcpara = 0.25160543)
liq.cash: 10Y average (1Y) =   6.110534 ( 0.28134) : loss rate  0.0474
liq.cash: 10Y std.dev. (1Y) =   2.613726 ( 0.12034)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2073 0.03033   0.10415 0.06435  0.09043  0.08044    1.1974   0.6301   1.8275
 dbratio     ROA    ROA1 debtcf1
 0.34478 0.15395 0.13378 0.04290

TOSYOU CODE: 7123    227
debtcashflow initial values:   0.000010   5.183712
stddev initial values:   0.000010   5.183712
ecfconst solution invest:   5.721696   8.010374
debt cf solution invest: 0.59533270 0.87733240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43122
data: equity =   1.399242  debt =   0.328662  firm =   1.727904

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

debt amount =   0.0864   investment =   0.0864   debt ratio =  1.00000
RRR on investment =  0.123827      after tax =  0.068105
search range of Y std.dev.:   minimum =   2.776349   maximum =   3.609253
old shareholders wealth =    1.3992    old bondholders =     0.3259
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.999337, k:agcpara = 0.25834453)
liq.cash: 10Y average (1Y) =   5.794529 ( 0.26809) : loss rate  0.0341
liq.cash: 10Y std.dev. (1Y) =   2.776349 ( 0.12845)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7928 0.03581   0.09165 0.06378  0.08531  0.07877    1.3992   0.4123   1.8116
 dbratio     ROA    ROA1 debtcf1
 0.22761 0.14799 0.12721 0.02835

TOSYOU CODE: 3591    228
debtcashflow initial values:   0.000010   5.170549
stddev initial values:   0.000010   5.170549
ecfconst solution invest:   5.764855   8.070797
debt cf solution invest: 0.20861905 0.30743860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10620  std.dev = 0.17038  lambda =   3.29749
riskless rate of interest = 0.05974  correlation =  0.37834
data: equity =   1.603346  debt =   0.120170  firm =   1.723516

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

debt amount =   0.0862   investment =   0.0862   debt ratio =  1.00000
RRR on investment =  0.127925      after tax =  0.070359
search range of Y std.dev.:   minimum =   2.383832   maximum =   3.098981
old shareholders wealth =    1.6033    old bondholders =     0.1195
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.052058, k:agcpara = 0.30673328)
liq.cash: 10Y average (1Y) =   5.936140 ( 0.27689) : loss rate  0.0192
liq.cash: 10Y std.dev. (1Y) =   2.383832 ( 0.11119)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3779 0.00986   0.08911 0.06165  0.08599  0.08283    1.6033   0.2057   1.8091
 dbratio     ROA    ROA1 debtcf1
 0.11371 0.15306 0.12835 0.01296

TOSYOU CODE: 6587    229
debtcashflow initial values:   0.000010   5.155198
stddev initial values:   0.000010   5.155198
ecfconst solution invest:   5.880190   8.232266
debt cf solution invest: 0.23532640 0.34679680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.41967
data: equity =   1.582542  debt =   0.135857  firm =   1.718399

agency cost: EZC - k L (EZC:ecfconst =   5.880190, k:agcpara = 0.30687966)
liq.cash: 10Y average (1Y) =   5.804172 ( 0.27150) : loss rate  0.0129
liq.cash: 10Y std.dev. (1Y) =   2.262521 ( 0.10583)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2477 0.00703   0.09031 0.06116  0.08801  0.08583    1.5825   0.1359   1.7184
 dbratio     ROA    ROA1 debtcf1
 0.07906 0.15799 0.13091 0.00844

debt amount =   0.0859   investment =   0.0859   debt ratio =  1.00000
RRR on investment =  0.130422      after tax =  0.071732
search range of Y std.dev.:   minimum =   2.375163   maximum =   3.087712
old shareholders wealth =    1.5825    old bondholders =     0.1352
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.172943, k:agcpara = 0.30687966)
liq.cash: 10Y average (1Y) =   6.048613 ( 0.28213) : loss rate  0.0201
liq.cash: 10Y std.dev. (1Y) =   2.375163 ( 0.11079)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4051 0.00875   0.09166 0.06149  0.08796  0.08457    1.5825   0.2211   1.8037
 dbratio     ROA    ROA1 debtcf1
 0.12259 0.15642 0.13093 0.01386

TOSYOU CODE: 4045    230
debtcashflow initial values:   0.000010   5.080126
stddev initial values:   0.000010   5.080126
ecfconst solution invest:   5.586799   7.821519
debt cf solution invest: 0.97391055 1.43523660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.45485
data: equity =   1.163481  debt =   0.529894  firm =   1.693375

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

debt amount =   0.0847   investment =   0.0847   debt ratio =  1.00000
RRR on investment =  0.121876      after tax =  0.067032
search range of Y std.dev.:   minimum =   2.535813   maximum =   3.296557
old shareholders wealth =    1.1635    old bondholders =     0.5261
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.854206, k:agcpara = 0.24336989)
liq.cash: 10Y average (1Y) =   5.564558 ( 0.25487) : loss rate  0.0495
liq.cash: 10Y std.dev. (1Y) =   2.535813 ( 0.11615)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1902 0.04226   0.09628 0.06500  0.08551  0.07544    1.1635   0.6108   1.7743
 dbratio     ROA    ROA1 debtcf1
 0.34424 0.14365 0.12680 0.04294

TOSYOU CODE: 7102    231
debtcashflow initial values:   0.000010   5.079018
stddev initial values:   0.000010   5.079018
ecfconst solution invest:   5.414143   7.579800
debt cf solution invest: 0.58132400 0.85668800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37381
data: equity =   1.373938  debt =   0.319068  firm =   1.693006

agency cost: EZC - k L (EZC:ecfconst =   5.414143, k:agcpara = 0.25523693)
liq.cash: 10Y average (1Y) =   5.257958 ( 0.24347) : loss rate  0.0288
liq.cash: 10Y std.dev. (1Y) =   2.598463 ( 0.12032)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6119 0.03689   0.08664 0.06331  0.08225  0.07688    1.3739   0.3191   1.6930
 dbratio     ROA    ROA1 debtcf1
 0.18846 0.14381 0.12328 0.02187

debt amount =   0.0847   investment =   0.0847   debt ratio =  1.00000
RRR on investment =  0.119744      after tax =  0.065859
search range of Y std.dev.:   minimum =   2.724356   maximum =   3.541663
old shareholders wealth =    1.3739    old bondholders =     0.3163
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.676454, k:agcpara = 0.25523693)
liq.cash: 10Y average (1Y) =   5.478465 ( 0.25285) : loss rate  0.0349
liq.cash: 10Y std.dev. (1Y) =   2.724356 ( 0.12574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7757 0.04216   0.08774 0.06377  0.08233  0.07584    1.3739   0.4009   1.7749
 dbratio     ROA    ROA1 debtcf1
 0.22589 0.14246 0.12329 0.02793

TOSYOU CODE: 3110    232
debtcashflow initial values:   0.000010   5.041550
stddev initial values:   0.000010   5.041550
ecfconst solution invest:   6.507134   9.109988
debt cf solution invest: 0.92524490 1.36351880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.46234
data: equity =   1.166453  debt =   0.514064  firm =   1.680517

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

debt amount =   0.0840   investment =   0.0840   debt ratio =  1.00000
RRR on investment =  0.141464      after tax =  0.077805
search range of Y std.dev.:   minimum =   2.601977   maximum =   3.382570
old shareholders wealth =    1.1665    old bondholders =     0.5114
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   6.822660, k:agcpara = 0.27239881)
liq.cash: 10Y average (1Y) =   6.513767 ( 0.30065) : loss rate  0.0453
liq.cash: 10Y std.dev. (1Y) =   2.601977 ( 0.12010)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1340 0.01934   0.11538 0.06474  0.09827  0.08842    1.1665   0.5954   1.7619
 dbratio     ROA    ROA1 debtcf1
 0.33794 0.17064 0.14498 0.03996

TOSYOU CODE: 4521    233
debtcashflow initial values:   0.000010   5.039959
stddev initial values:   0.000010   5.039959
ecfconst solution invest:   4.984095   6.977733
debt cf solution invest: 0.62882400 0.92668800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26029
data: equity =   1.339431  debt =   0.340555  firm =   1.679986

agency cost: EZC - k L (EZC:ecfconst =   4.984095, k:agcpara = 0.24801546)
liq.cash: 10Y average (1Y) =   4.819929 ( 0.22109) : loss rate  0.0329
liq.cash: 10Y std.dev. (1Y) =   2.567915 ( 0.11779)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6619 0.05270   0.07907 0.06303  0.07582  0.07007    1.3394   0.3406   1.6800
 dbratio     ROA    ROA1 debtcf1
 0.20271 0.13160 0.11488 0.02404

debt amount =   0.0840   investment =   0.0840   debt ratio =  1.00000
RRR on investment =  0.110834      after tax =  0.060959
search range of Y std.dev.:   minimum =   2.691727   maximum =   3.499245
old shareholders wealth =    1.3394    old bondholders =     0.3374
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.224403, k:agcpara = 0.24801546)
liq.cash: 10Y average (1Y) =   5.019363 ( 0.22933) : loss rate  0.0392
liq.cash: 10Y std.dev. (1Y) =   2.691727 ( 0.12298)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8267 0.05966   0.07986 0.06341  0.07592  0.06909    1.3394   0.4214   1.7608
 dbratio     ROA    ROA1 debtcf1
 0.23931 0.13024 0.11489 0.03026

TOSYOU CODE: 5480    234
debtcashflow initial values:   0.000010   5.024996
stddev initial values:   0.000010   5.024996
ecfconst solution invest:   4.935393   6.909550
debt cf solution invest: 1.29033750 1.90155000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31688
data: equity =   0.982071  debt =   0.692928  firm =   1.674999

agency cost: EZC - k L (EZC:ecfconst =   4.935393, k:agcpara = 0.21190806)
liq.cash: 10Y average (1Y) =   4.647569 ( 0.20828) : loss rate  0.0583
liq.cash: 10Y std.dev. (1Y) =   2.170480 ( 0.09727)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3582 0.06483   0.08597 0.06392  0.07685  0.06495    0.9821   0.6929   1.6750
 dbratio     ROA    ROA1 debtcf1
 0.41369 0.12435 0.11412 0.04955

debt amount =   0.0837   investment =   0.0837   debt ratio =  1.00000
RRR on investment =  0.107194      after tax =  0.058957
search range of Y std.dev.:   minimum =   2.272446   maximum =   2.954180
old shareholders wealth =    0.9821    old bondholders =     0.6877
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.167251, k:agcpara = 0.21190806)
liq.cash: 10Y average (1Y) =   4.844377 ( 0.21645) : loss rate  0.0625
liq.cash: 10Y std.dev. (1Y) =   2.272446 ( 0.10154)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.5237 0.07197   0.08694 0.06426  0.07696  0.06424    0.9821   0.7715   1.7536
 dbratio     ROA    ROA1 debtcf1
 0.43995 0.12344 0.11413 0.05593

TOSYOU CODE: 2211    235
debtcashflow initial values:   0.000010   4.917143
stddev initial values:   0.000010   4.917143
ecfconst solution invest:   4.922548   6.891567
debt cf solution invest: 0.24425545 0.35995540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32253
data: equity =   1.498944  debt =   0.140104  firm =   1.639048

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

debt amount =   0.0820   investment =   0.0820   debt ratio =  1.00000
RRR on investment =  0.115396      after tax =  0.063468
search range of Y std.dev.:   minimum =   2.269803   maximum =   2.950744
old shareholders wealth =    1.4989    old bondholders =     0.1391
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.166807, k:agcpara = 0.28943076)
liq.cash: 10Y average (1Y) =   5.048551 ( 0.23343) : loss rate  0.0229
liq.cash: 10Y std.dev. (1Y) =   2.269803 ( 0.10495)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4086 0.02047   0.07895 0.06116  0.07666  0.07313    1.4989   0.2211   1.7200
 dbratio     ROA    ROA1 debtcf1
 0.12852 0.13572 0.11627 0.01415

TOSYOU CODE: 2536    236
debtcashflow initial values:   0.000010   4.890432
stddev initial values:   0.000010   4.890432
ecfconst solution invest:   5.076920   7.107688
debt cf solution invest: 0.76148770 1.12219240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.33574
data: equity =   1.219315  debt =   0.410829  firm =   1.630144

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

debt amount =   0.0815   investment =   0.0815   debt ratio =  1.00000
RRR on investment =  0.115782      after tax =  0.063680
search range of Y std.dev.:   minimum =   2.547029   maximum =   3.311137
old shareholders wealth =    1.2193    old bondholders =     0.4074
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.320695, k:agcpara = 0.24637194)
liq.cash: 10Y average (1Y) =   5.083704 ( 0.23259) : loss rate  0.0445
liq.cash: 10Y std.dev. (1Y) =   2.547029 ( 0.11653)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9619 0.05280   0.08667 0.06468  0.08038  0.07205    1.2193   0.4889   1.7082
 dbratio     ROA    ROA1 debtcf1
 0.28622 0.13616 0.12032 0.03510

TOSYOU CODE: 5562    237
debtcashflow initial values:   0.000010   4.889202
stddev initial values:   0.000010   4.889202
ecfconst solution invest:   4.618583   6.466016
debt cf solution invest: 1.59066860 2.34414320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.28960
data: equity =   0.786896  debt =   0.842838  firm =   1.629734

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

debt amount =   0.0815   investment =   0.0815   debt ratio =  1.00000
RRR on investment =  0.101352      after tax =  0.055743
search range of Y std.dev.:   minimum =   1.993437   maximum =   2.591468
old shareholders wealth =    0.7869    old bondholders =     0.8367
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.832550, k:agcpara = 0.18814476)
liq.cash: 10Y average (1Y) =   4.486843 ( 0.19653) : loss rate  0.0715
liq.cash: 10Y std.dev. (1Y) =   1.993437 ( 0.08732)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.8375 0.09191   0.08699 0.06492  0.07510  0.05937    0.7869   0.9182   1.7051
 dbratio     ROA    ROA1 debtcf1
 0.53851 0.11526 0.10979 0.06814

TOSYOU CODE: 2809    238
debtcashflow initial values:   0.000010   4.840428
stddev initial values:   0.000010   4.840428
ecfconst solution invest:   5.363563   7.508988
debt cf solution invest: 0.57849965 0.85252580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.35743
data: equity =   1.297905  debt =   0.315571  firm =   1.613476

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

debt amount =   0.0807   investment =   0.0807   debt ratio =  1.00000
RRR on investment =  0.124152      after tax =  0.068283
search range of Y std.dev.:   minimum =   2.622393   maximum =   3.409111
old shareholders wealth =    1.2979    old bondholders =     0.3130
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.623568, k:agcpara = 0.26115448)
liq.cash: 10Y average (1Y) =   5.423544 ( 0.25074) : loss rate  0.0356
liq.cash: 10Y std.dev. (1Y) =   2.622393 ( 0.12124)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7659 0.03786   0.09200 0.06486  0.08569  0.07890    1.2979   0.3936   1.6915
 dbratio     ROA    ROA1 debtcf1
 0.23270 0.14823 0.12765 0.02761

TOSYOU CODE: 5991    239
debtcashflow initial values:   0.000010   4.822811
stddev initial values:   0.000010   4.822811
ecfconst solution invest:   4.946366   6.924912
debt cf solution invest: 0.64961475 0.95732700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32063
data: equity =   1.254140  debt =   0.353464  firm =   1.607604

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

debt amount =   0.0804   investment =   0.0804   debt ratio =  1.00000
RRR on investment =  0.114839      after tax =  0.063161
search range of Y std.dev.:   minimum =   2.539719   maximum =   3.301635
old shareholders wealth =    1.2541    old bondholders =     0.3504
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.184746, k:agcpara = 0.24779294)
liq.cash: 10Y average (1Y) =   4.976434 ( 0.22812) : loss rate  0.0402
liq.cash: 10Y std.dev. (1Y) =   2.539719 ( 0.11642)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8407 0.05172   0.08444 0.06378  0.07916  0.07182    1.2541   0.4308   1.6849
 dbratio     ROA    ROA1 debtcf1
 0.25567 0.13539 0.11896 0.03055

TOSYOU CODE: 4021    240
debtcashflow initial values:   0.000010   4.774369
stddev initial values:   0.000010   4.774369
ecfconst solution invest:   5.249656   7.349518
debt cf solution invest: 1.12229580 1.65390960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.29819
data: equity =   0.987006  debt =   0.604450  firm =   1.591456

agency cost: EZC - k L (EZC:ecfconst =   5.249656, k:agcpara = 0.23507535)
liq.cash: 10Y average (1Y) =   4.971946 ( 0.22697) : loss rate  0.0529
liq.cash: 10Y std.dev. (1Y) =   2.183518 ( 0.09968)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1814 0.04128   0.09823 0.06559  0.08583  0.07462    0.9870   0.6045   1.5915
 dbratio     ROA    ROA1 debtcf1
 0.37981 0.14261 0.12676 0.04263

debt amount =   0.0796   investment =   0.0796   debt ratio =  1.00000
RRR on investment =  0.120994      after tax =  0.066547
search range of Y std.dev.:   minimum =   2.287229   maximum =   2.973398
old shareholders wealth =    0.9870    old bondholders =     0.6003
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.499000, k:agcpara = 0.23507535)
liq.cash: 10Y average (1Y) =   5.184481 ( 0.23609) : loss rate  0.0572
liq.cash: 10Y std.dev. (1Y) =   2.287229 ( 0.10416)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3379 0.04631   0.09963 0.06598  0.08591  0.07379    0.9870   0.6799   1.6669
 dbratio     ROA    ROA1 debtcf1
 0.40789 0.14163 0.12677 0.04854

TOSYOU CODE: 7914    241
debtcashflow initial values:   0.000010   4.766392
stddev initial values:   0.000010   4.766392
ecfconst solution invest:   5.330975   7.463365
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 = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.33567
data: equity =   1.345062  debt =   0.243735  firm =   1.588797

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

debt amount =   0.0794   investment =   0.0794   debt ratio =  1.00000
RRR on investment =  0.126865      after tax =  0.069776
search range of Y std.dev.:   minimum =   2.226240   maximum =   2.894112
old shareholders wealth =    1.3451    old bondholders =     0.2422
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.593251, k:agcpara = 0.28594265)
liq.cash: 10Y average (1Y) =   5.421327 ( 0.25143) : loss rate  0.0307
liq.cash: 10Y std.dev. (1Y) =   2.226240 ( 0.10325)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6013 0.01519   0.09199 0.06293  0.08638  0.08091    1.3451   0.3217   1.6667
 dbratio     ROA    ROA1 debtcf1
 0.19300 0.15085 0.12870 0.02092

TOSYOU CODE: 5331    242
debtcashflow initial values:   0.000010   4.740716
stddev initial values:   0.000010   4.740716
ecfconst solution invest:   5.377241   7.528137
debt cf solution invest: 0.54697295 0.80606540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.36093
data: equity =   1.278679  debt =   0.301560  firm =   1.580239

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

debt amount =   0.0790   investment =   0.0790   debt ratio =  1.00000
RRR on investment =  0.127009      after tax =  0.069855
search range of Y std.dev.:   minimum =   2.558285   maximum =   3.325770
old shareholders wealth =    1.2787    old bondholders =     0.2991
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.638438, k:agcpara = 0.26268248)
liq.cash: 10Y average (1Y) =   5.447249 ( 0.25231) : loss rate  0.0339
liq.cash: 10Y std.dev. (1Y) =   2.558285 ( 0.11850)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7278 0.03254   0.09456 0.06425  0.08764  0.08104    1.2787   0.3782   1.6568
 dbratio     ROA    ROA1 debtcf1
 0.22824 0.15228 0.13028 0.02600

TOSYOU CODE: 6933    243
debtcashflow initial values:   0.000010   4.720941
stddev initial values:   0.000010   4.720941
ecfconst solution invest:   5.061700   7.086380
debt cf solution invest: 0.65993555 0.97253660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.29762
data: equity =   1.214182  debt =   0.359465  firm =   1.573647

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

debt amount =   0.0787   investment =   0.0787   debt ratio =  1.00000
RRR on investment =  0.119904      after tax =  0.065947
search range of Y std.dev.:   minimum =   2.487777   maximum =   3.234110
old shareholders wealth =    1.2142    old bondholders =     0.3565
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.305866, k:agcpara = 0.25188645)
liq.cash: 10Y average (1Y) =   5.092273 ( 0.23430) : loss rate  0.0403
liq.cash: 10Y std.dev. (1Y) =   2.487777 ( 0.11446)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8480 0.04400   0.08964 0.06446  0.08300  0.07535    1.2142   0.4352   1.6494
 dbratio     ROA    ROA1 debtcf1
 0.26386 0.14205 0.12394 0.03067

TOSYOU CODE: 5213    244
debtcashflow initial values:   0.000010   4.704050
stddev initial values:   0.000010   4.704050
ecfconst solution invest:   5.137625   7.192675
debt cf solution invest: 0.56187465 0.82802580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41582
data: equity =   1.258555  debt =   0.309462  firm =   1.568017

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

debt amount =   0.0784   investment =   0.0784   debt ratio =  1.00000
RRR on investment =  0.122496      after tax =  0.067373
search range of Y std.dev.:   minimum =   2.508853   maximum =   3.261509
old shareholders wealth =    1.2586    old bondholders =     0.3069
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.386607, k:agcpara = 0.25634244)
liq.cash: 10Y average (1Y) =   5.196263 ( 0.24011) : loss rate  0.0353
liq.cash: 10Y std.dev. (1Y) =   2.508853 ( 0.11593)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7425 0.03793   0.09074 0.06383  0.08443  0.07770    1.2586   0.3853   1.6439
 dbratio     ROA    ROA1 debtcf1
 0.23439 0.14607 0.12602 0.02662

TOSYOU CODE: 6103    245
debtcashflow initial values:   0.000010   4.696500
stddev initial values:   0.000010   4.696500
ecfconst solution invest:   4.524972   6.334961
debt cf solution invest: 0.40606610 0.59841320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24655
data: equity =   1.337746  debt =   0.227754  firm =   1.565500

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

debt amount =   0.0783   investment =   0.0783   debt ratio =  1.00000
RRR on investment =  0.109525      after tax =  0.060239
search range of Y std.dev.:   minimum =   2.263389   maximum =   2.942406
old shareholders wealth =    1.3377    old bondholders =     0.2257
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.746279, k:agcpara = 0.26479597)
liq.cash: 10Y average (1Y) =   4.593845 ( 0.21014) : loss rate  0.0321
liq.cash: 10Y std.dev. (1Y) =   2.263389 ( 0.10354)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5757 0.03792   0.07617 0.06185  0.07352  0.06837    1.3377   0.3040   1.6417
 dbratio     ROA    ROA1 debtcf1
 0.18517 0.12800 0.11200 0.02043

TOSYOU CODE: 6383    246
debtcashflow initial values:   0.000010   4.671534
stddev initial values:   0.000010   4.671534
ecfconst solution invest:   4.368442   6.115819
debt cf solution invest: 0.35542635 0.52378620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.19500
data: equity =   1.358210  debt =   0.198968  firm =   1.557178

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

debt amount =   0.0779   investment =   0.0779   debt ratio =  1.00000
RRR on investment =  0.106544      after tax =  0.058599
search range of Y std.dev.:   minimum =   2.286100   maximum =   2.971930
old shareholders wealth =    1.3582    old bondholders =     0.1971
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.582729, k:agcpara = 0.26902403)
liq.cash: 10Y average (1Y) =   4.442316 ( 0.20254) : loss rate  0.0306
liq.cash: 10Y std.dev. (1Y) =   2.286100 ( 0.10423)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5219 0.04318   0.07270 0.06150  0.07081  0.06615    1.3582   0.2749   1.6332
 dbratio     ROA    ROA1 debtcf1
 0.16835 0.12402 0.10869 0.01861

TOSYOU CODE: 6104    247
debtcashflow initial values:   0.000010   4.670999
stddev initial values:   0.000010   4.670999
ecfconst solution invest:   4.778600   6.690040
debt cf solution invest: 0.86660140 1.27709680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34092
data: equity =   1.087501  debt =   0.469499  firm =   1.557000

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

debt amount =   0.0778   investment =   0.0778   debt ratio =  1.00000
RRR on investment =  0.113459      after tax =  0.062402
search range of Y std.dev.:   minimum =   2.323570   maximum =   3.020641
old shareholders wealth =    1.0875    old bondholders =     0.4658
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.006634, k:agcpara = 0.23517878)
liq.cash: 10Y average (1Y) =   4.756246 ( 0.21631) : loss rate  0.0500
liq.cash: 10Y std.dev. (1Y) =   2.323570 ( 0.10568)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0647 0.05606   0.08708 0.06411  0.07942  0.06981    1.0875   0.5437   1.6312
 dbratio     ROA    ROA1 debtcf1
 0.33329 0.13261 0.11868 0.03877

TOSYOU CODE: 4518    248
debtcashflow initial values:   0.000010   4.617640
stddev initial values:   0.000010   4.617640
ecfconst solution invest:   5.207772   7.290881
debt cf solution invest: 0.72165800 1.06349600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.37107
data: equity =   1.143083  debt =   0.396131  firm =   1.539213

agency cost: EZC - k L (EZC:ecfconst =   5.207772, k:agcpara = 0.25358938)
liq.cash: 10Y average (1Y) =   5.015135 ( 0.23175) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   2.281809 ( 0.10544)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7596 0.03109   0.09535 0.06409  0.08730  0.07988    1.1431   0.3961   1.5392
 dbratio     ROA    ROA1 debtcf1
 0.25736 0.15056 0.12963 0.02705

debt amount =   0.0770   investment =   0.0770   debt ratio =  1.00000
RRR on investment =  0.125576      after tax =  0.069067
search range of Y std.dev.:   minimum =   2.391873   maximum =   3.109434
old shareholders wealth =    1.1431    old bondholders =     0.3933
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.458970, k:agcpara = 0.25358938)
liq.cash: 10Y average (1Y) =   5.228636 ( 0.24099) : loss rate  0.0422
liq.cash: 10Y std.dev. (1Y) =   2.391873 ( 0.11024)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9083 0.03544   0.09674 0.06452  0.08735  0.07888    1.1431   0.4702   1.6133
 dbratio     ROA    ROA1 debtcf1
 0.29147 0.14938 0.12964 0.03254

TOSYOU CODE: 5602    249
debtcashflow initial values:   0.000010   4.607200
stddev initial values:   0.000010   4.607200
ecfconst solution invest:   4.308634   6.032088
debt cf solution invest: 0.53542760 0.78905120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.17598
data: equity =   1.247880  debt =   0.287853  firm =   1.535733

agency cost: EZC - k L (EZC:ecfconst =   4.308634, k:agcpara = 0.24802942)
liq.cash: 10Y average (1Y) =   4.168843 ( 0.18979) : loss rate  0.0324
liq.cash: 10Y std.dev. (1Y) =   2.393719 ( 0.10898)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5636 0.06602   0.07286 0.06228  0.07088  0.06563    1.2479   0.2878   1.5357
 dbratio     ROA    ROA1 debtcf1
 0.18743 0.12358 0.10867 0.02070

debt amount =   0.0768   investment =   0.0768   debt ratio =  1.00000
RRR on investment =  0.104634      after tax =  0.057549
search range of Y std.dev.:   minimum =   2.509118   maximum =   3.261853
old shareholders wealth =    1.2479    old bondholders =     0.2849
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.516349, k:agcpara = 0.24802942)
liq.cash: 10Y average (1Y) =   4.338886 ( 0.19664) : loss rate  0.0393
liq.cash: 10Y std.dev. (1Y) =   2.509118 ( 0.11371)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7155 0.07436   0.07340 0.06258  0.07097  0.06464    1.2479   0.3617   1.6096
 dbratio     ROA    ROA1 debtcf1
 0.22473 0.12217 0.10868 0.02652

TOSYOU CODE: 6923    250
debtcashflow initial values:   0.000010   4.587518
stddev initial values:   0.000010   4.587518
ecfconst solution invest:   4.226812   5.917537
debt cf solution invest: 0.61066380 0.89992560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.15899
data: equity =   1.202348  debt =   0.326825  firm =   1.529173

agency cost: EZC - k L (EZC:ecfconst =   4.226812, k:agcpara = 0.24359803)
liq.cash: 10Y average (1Y) =   4.070226 ( 0.18417) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   2.349561 ( 0.10631)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6428 0.07232   0.07176 0.06215  0.06971  0.06373    1.2023   0.3268   1.5292
 dbratio     ROA    ROA1 debtcf1
 0.21372 0.12044 0.10702 0.02373

debt amount =   0.0765   investment =   0.0765   debt ratio =  1.00000
RRR on investment =  0.102574      after tax =  0.056416
search range of Y std.dev.:   minimum =   2.462405   maximum =   3.201127
old shareholders wealth =    1.2023    old bondholders =     0.3236
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.429816, k:agcpara = 0.24359803)
liq.cash: 10Y average (1Y) =   4.236237 ( 0.19081) : loss rate  0.0437
liq.cash: 10Y std.dev. (1Y) =   2.462405 ( 0.11092)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7947 0.08111   0.07225 0.06242  0.06979  0.06278    1.2023   0.4001   1.6024
 dbratio     ROA    ROA1 debtcf1
 0.24968 0.11908 0.10703 0.02960

TOSYOU CODE: 3865    251
debtcashflow initial values:   0.000010   4.585096
stddev initial values:   0.000010   4.585096
ecfconst solution invest:   5.590730   7.827022
debt cf solution invest: 1.25990805 1.85670660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.45514
data: equity =   0.833918  debt =   0.694447  firm =   1.528365

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

debt amount =   0.0764   investment =   0.0764   debt ratio =  1.00000
RRR on investment =  0.133339      after tax =  0.073336
search range of Y std.dev.:   minimum =   2.089132   maximum =   2.715871
old shareholders wealth =    0.8339    old bondholders =     0.6909
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.857905, k:agcpara = 0.24562294)
liq.cash: 10Y average (1Y) =   5.496127 ( 0.25196) : loss rate  0.0618
liq.cash: 10Y std.dev. (1Y) =   2.089132 ( 0.09577)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4729 0.02707   0.11973 0.06526  0.09363  0.07955    0.8339   0.7674   1.6013
 dbratio     ROA    ROA1 debtcf1
 0.47922 0.15735 0.13849 0.05222

TOSYOU CODE: 5122    252
debtcashflow initial values:   0.000010   4.582400
stddev initial values:   0.000010   4.582400
ecfconst solution invest:   4.403923   6.165492
debt cf solution invest: 0.38400805 0.56590660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24230
data: equity =   1.311940  debt =   0.215527  firm =   1.527467

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

debt amount =   0.0764   investment =   0.0764   debt ratio =  1.00000
RRR on investment =  0.109360      after tax =  0.060148
search range of Y std.dev.:   minimum =   2.208115   maximum =   2.870549
old shareholders wealth =    1.3119    old bondholders =     0.2136
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.619532, k:agcpara = 0.26631119)
liq.cash: 10Y average (1Y) =   4.473394 ( 0.20463) : loss rate  0.0316
liq.cash: 10Y std.dev. (1Y) =   2.208115 ( 0.10101)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5487 0.03775   0.07582 0.06179  0.07328  0.06825    1.3119   0.2900   1.6019
 dbratio     ROA    ROA1 debtcf1
 0.18102 0.12774 0.11172 0.01947

TOSYOU CODE: 7240    253
debtcashflow initial values:   0.000010   4.564988
stddev initial values:   0.000010   4.564988
ecfconst solution invest:   4.876746   6.827444
debt cf solution invest: 0.68971235 1.01641820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39510
data: equity =   1.144283  debt =   0.377380  firm =   1.521663

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

debt amount =   0.0761   investment =   0.0761   debt ratio =  1.00000
RRR on investment =  0.119276      after tax =  0.065602
search range of Y std.dev.:   minimum =   2.356844   maximum =   3.063897
old shareholders wealth =    1.1443    old bondholders =     0.3744
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.111525, k:agcpara = 0.24731670)
liq.cash: 10Y average (1Y) =   4.895482 ( 0.22487) : loss rate  0.0423
liq.cash: 10Y std.dev. (1Y) =   2.356844 ( 0.10826)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8735 0.04396   0.09014 0.06403  0.08277  0.07463    1.1443   0.4505   1.5948
 dbratio     ROA    ROA1 debtcf1
 0.28248 0.14101 0.12353 0.03149

TOSYOU CODE: 7242    254
debtcashflow initial values:   0.000010   4.541604
stddev initial values:   0.000010   4.541604
ecfconst solution invest:   4.802195   6.723073
debt cf solution invest: 0.83379315 1.22874780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39593
data: equity =   1.059418  debt =   0.454450  firm =   1.513868

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

debt amount =   0.0757   investment =   0.0757   debt ratio =  1.00000
RRR on investment =  0.117397      after tax =  0.064568
search range of Y std.dev.:   minimum =   2.261597   maximum =   2.940076
old shareholders wealth =    1.0594    old bondholders =     0.4510
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.031880, k:agcpara = 0.23863083)
liq.cash: 10Y average (1Y) =   4.787290 ( 0.21870) : loss rate  0.0486
liq.cash: 10Y std.dev. (1Y) =   2.261597 ( 0.10332)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0250 0.04810   0.09110 0.06422  0.08218  0.07258    1.0594   0.5267   1.5861
 dbratio     ROA    ROA1 debtcf1
 0.33208 0.13788 0.12238 0.03706

TOSYOU CODE: 6395    255
debtcashflow initial values:   0.000010   4.508622
stddev initial values:   0.000010   4.508622
ecfconst solution invest:   4.875918   6.826285
debt cf solution invest: 0.59511040 0.87700480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10620  std.dev = 0.17038  lambda =   3.29749
riskless rate of interest = 0.05974  correlation =  0.28772
data: equity =   1.179576  debt =   0.323298  firm =   1.502874

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

debt amount =   0.0751   investment =   0.0751   debt ratio =  1.00000
RRR on investment =  0.121054      after tax =  0.066580
search range of Y std.dev.:   minimum =   2.410524   maximum =   3.133681
old shareholders wealth =    1.1796    old bondholders =     0.3206
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.111509, k:agcpara = 0.25577865)
liq.cash: 10Y average (1Y) =   4.913728 ( 0.22644) : loss rate  0.0387
liq.cash: 10Y std.dev. (1Y) =   2.410524 ( 0.11109)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7733 0.04293   0.09002 0.06482  0.08369  0.07636    1.1796   0.3958   1.5753
 dbratio     ROA    ROA1 debtcf1
 0.25122 0.14374 0.12491 0.02800

TOSYOU CODE: 5479    256
debtcashflow initial values:   0.000010   4.466104
stddev initial values:   0.000010   4.466104
ecfconst solution invest:   4.358168   6.101435
debt cf solution invest: 1.16322560 1.71422720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30827
data: equity =   0.864700  debt =   0.624001  firm =   1.488701

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

debt amount =   0.0744   investment =   0.0744   debt ratio =  1.00000
RRR on investment =  0.106362      after tax =  0.058499
search range of Y std.dev.:   minimum =   2.008514   maximum =   2.611069
old shareholders wealth =    0.8647    old bondholders =     0.6193
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.562695, k:agcpara = 0.21027285)
liq.cash: 10Y average (1Y) =   4.274281 ( 0.19063) : loss rate  0.0632
liq.cash: 10Y std.dev. (1Y) =   2.008514 ( 0.08958)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3716 0.07420   0.08632 0.06422  0.07648  0.06362    0.8647   0.6937   1.5584
 dbratio     ROA    ROA1 debtcf1
 0.44515 0.12232 0.11341 0.05042

TOSYOU CODE: 7905    257
debtcashflow initial values:   0.000010   4.427101
stddev initial values:   0.000010   4.427101
ecfconst solution invest:   4.368650   6.116110
debt cf solution invest: 0.78331395 1.15435740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27740
data: equity =   1.053716  debt =   0.421984  firm =   1.475700

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

debt amount =   0.0738   investment =   0.0738   debt ratio =  1.00000
RRR on investment =  0.109437      after tax =  0.060190
search range of Y std.dev.:   minimum =   2.231540   maximum =   2.901002
old shareholders wealth =    1.0537    old bondholders =     0.4185
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.577096, k:agcpara = 0.23494950)
liq.cash: 10Y average (1Y) =   4.349213 ( 0.19699) : loss rate  0.0498
liq.cash: 10Y std.dev. (1Y) =   2.231540 ( 0.10107)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9699 0.06497   0.08207 0.06377  0.07624  0.06711    1.0537   0.4922   1.5460
 dbratio     ROA    ROA1 debtcf1
 0.31841 0.12742 0.11465 0.03560

TOSYOU CODE: 2875    258
debtcashflow initial values:   0.000010   4.420309
stddev initial values:   0.000010   4.420309
ecfconst solution invest:   4.595002   6.433003
debt cf solution invest: 0.61682170 0.90900040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34448
data: equity =   1.137189  debt =   0.336247  firm =   1.473436

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

debt amount =   0.0737   investment =   0.0737   debt ratio =  1.00000
RRR on investment =  0.116309      after tax =  0.063970
search range of Y std.dev.:   minimum =   2.312846   maximum =   3.006700
old shareholders wealth =    1.1372    old bondholders =     0.3334
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.816386, k:agcpara = 0.24765185)
liq.cash: 10Y average (1Y) =   4.620059 ( 0.21196) : loss rate  0.0408
liq.cash: 10Y std.dev. (1Y) =   2.312846 ( 0.10611)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7928 0.04898   0.08625 0.06388  0.08035  0.07278    1.1372   0.4071   1.5443
 dbratio     ROA    ROA1 debtcf1
 0.26361 0.13726 0.12047 0.02873

TOSYOU CODE: 5851    259
debtcashflow initial values:   0.000010   4.394000
stddev initial values:   0.000010   4.394000
ecfconst solution invest:   4.640725   6.497015
debt cf solution invest: 1.05482300 1.55447600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.32690
data: equity =   0.893939  debt =   0.570728  firm =   1.464667

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

debt amount =   0.0732   investment =   0.0732   debt ratio =  1.00000
RRR on investment =  0.116132      after tax =  0.063873
search range of Y std.dev.:   minimum =   2.051707   maximum =   2.667219
old shareholders wealth =    0.8939    old bondholders =     0.5667
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.860442, k:agcpara = 0.22564319)
liq.cash: 10Y average (1Y) =   4.577526 ( 0.20744) : loss rate  0.0582
liq.cash: 10Y std.dev. (1Y) =   2.051707 ( 0.09298)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.2538 0.05262   0.09534 0.06500  0.08268  0.07048    0.8939   0.6399   1.5339
 dbratio     ROA    ROA1 debtcf1
 0.41721 0.13524 0.12225 0.04549

TOSYOU CODE: 4041    260
debtcashflow initial values:   0.000010   4.356099
stddev initial values:   0.000010   4.356099
ecfconst solution invest:   4.123085   5.772319
debt cf solution invest: 1.70877070 2.51818840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43074
data: equity =   0.524856  debt =   0.927177  firm =   1.452033

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

debt amount =   0.0726   investment =   0.0726   debt ratio =  1.00000
RRR on investment =  0.101324      after tax =  0.055728
search range of Y std.dev.:   minimum =   1.455662   maximum =   1.892361
old shareholders wealth =    0.5249    old bondholders =     0.9216
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.313675, k:agcpara = 0.15754663)
liq.cash: 10Y average (1Y) =   4.007970 ( 0.17414) : loss rate  0.0709
liq.cash: 10Y std.dev. (1Y) =   1.455662 ( 0.06325)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.9404 0.07775   0.10116 0.06450  0.07716  0.05817    0.5249   0.9942   1.5190
 dbratio     ROA    ROA1 debtcf1
 0.65448 0.11464 0.11001 0.07029

TOSYOU CODE: 6931    261
debtcashflow initial values:   0.000010   4.347633
stddev initial values:   0.000010   4.347633
ecfconst solution invest:   5.254505   7.356307
debt cf solution invest: 0.61823150 0.91107800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.38334
data: equity =   1.108755  debt =   0.340456  firm =   1.449211

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

debt amount =   0.0725   investment =   0.0725   debt ratio =  1.00000
RRR on investment =  0.134077      after tax =  0.073742
search range of Y std.dev.:   minimum =   2.321392   maximum =   3.017809
old shareholders wealth =    1.1088    old bondholders =     0.3382
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.509498, k:agcpara = 0.26806766)
liq.cash: 10Y average (1Y) =   5.297668 ( 0.24506) : loss rate  0.0384
liq.cash: 10Y std.dev. (1Y) =   2.321392 ( 0.10738)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7902 0.02609   0.10347 0.06501  0.09308  0.08517    1.1088   0.4106   1.5194
 dbratio     ROA    ROA1 debtcf1
 0.27026 0.16129 0.13748 0.02813

TOSYOU CODE: 3201    262
debtcashflow initial values:   0.000010   4.339620
stddev initial values:   0.000010   4.339620
ecfconst solution invest:   5.100291   7.140407
debt cf solution invest: 0.46454810 0.68459720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.43670
data: equity =   1.190227  debt =   0.256313  firm =   1.446540

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

debt amount =   0.0723   investment =   0.0723   debt ratio =  1.00000
RRR on investment =  0.131338      after tax =  0.072236
search range of Y std.dev.:   minimum =   2.380724   maximum =   3.094942
old shareholders wealth =    1.1902    old bondholders =     0.2543
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.348732, k:agcpara = 0.27000379)
liq.cash: 10Y average (1Y) =   5.179149 ( 0.24030) : loss rate  0.0317
liq.cash: 10Y std.dev. (1Y) =   2.380724 ( 0.11046)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6281 0.02796   0.09780 0.06461  0.09065  0.08439    1.1902   0.3266   1.5169
 dbratio     ROA    ROA1 debtcf1
 0.21533 0.15842 0.13431 0.02238

TOSYOU CODE: 5981    263
debtcashflow initial values:   0.000010   4.313566
stddev initial values:   0.000010   4.313566
ecfconst solution invest:   5.210095   7.294133
debt cf solution invest: 0.43500025 0.64105300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.34762
data: equity =   1.197908  debt =   0.239947  firm =   1.437855

agency cost: EZC - k L (EZC:ecfconst =   5.210095, k:agcpara = 0.27592294)
liq.cash: 10Y average (1Y) =   5.083751 ( 0.23655) : loss rate  0.0242
liq.cash: 10Y std.dev. (1Y) =   2.286930 ( 0.10641)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4579 0.02155   0.09873 0.06444  0.09301  0.08817    1.1979   0.2399   1.4379
 dbratio     ROA    ROA1 debtcf1
 0.16688 0.16452 0.13740 0.01619

debt amount =   0.0719   investment =   0.0719   debt ratio =  1.00000
RRR on investment =  0.134663      after tax =  0.074065
search range of Y std.dev.:   minimum =   2.398555   maximum =   3.118121
old shareholders wealth =    1.1979    old bondholders =     0.2381
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.464399, k:agcpara = 0.27592294)
liq.cash: 10Y average (1Y) =   5.299905 ( 0.24605) : loss rate  0.0301
liq.cash: 10Y std.dev. (1Y) =   2.398555 ( 0.11135)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5962 0.02494   0.10025 0.06494  0.09299  0.08699    1.1979   0.3100   1.5079
 dbratio     ROA    ROA1 debtcf1
 0.20557 0.16317 0.13741 0.02121

TOSYOU CODE: 6371    264
debtcashflow initial values:   0.000010   4.303743
stddev initial values:   0.000010   4.303743
ecfconst solution invest:   4.792421   6.709389
debt cf solution invest: 0.50738835 0.74773020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44749
data: equity =   1.154126  debt =   0.280455  firm =   1.434581

agency cost: EZC - k L (EZC:ecfconst =   4.792421, k:agcpara = 0.25862409)
liq.cash: 10Y average (1Y) =   4.654292 ( 0.21598) : loss rate  0.0288
liq.cash: 10Y std.dev. (1Y) =   2.191777 ( 0.10171)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5341 0.03006   0.09153 0.06332  0.08602  0.08045    1.1541   0.2804   1.4346
 dbratio     ROA    ROA1 debtcf1
 0.19549 0.15056 0.12819 0.01895

debt amount =   0.0717   investment =   0.0717   debt ratio =  1.00000
RRR on investment =  0.124812      after tax =  0.068647
search range of Y std.dev.:   minimum =   2.298126   maximum =   2.987564
old shareholders wealth =    1.1541    old bondholders =     0.2782
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.024959, k:agcpara = 0.25862409)
liq.cash: 10Y average (1Y) =   4.851213 ( 0.22448) : loss rate  0.0346
liq.cash: 10Y std.dev. (1Y) =   2.298127 ( 0.10634)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6718 0.03449   0.09282 0.06379  0.08607  0.07939    1.1541   0.3499   1.5040
 dbratio     ROA    ROA1 debtcf1
 0.23265 0.14925 0.12820 0.02399

TOSYOU CODE: 6581    265
debtcashflow initial values:   0.000010   4.301879
stddev initial values:   0.000010   4.301879
ecfconst solution invest:   4.185789   5.860105
debt cf solution invest: 0.25202170 0.37140040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26847
data: equity =   1.290525  debt =   0.143435  firm =   1.433960

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

debt amount =   0.0717   investment =   0.0717   debt ratio =  1.00000
RRR on investment =  0.111838      after tax =  0.061511
search range of Y std.dev.:   minimum =   2.019643   maximum =   2.625536
old shareholders wealth =    1.2905    old bondholders =     0.1423
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.392767, k:agcpara = 0.28247330)
liq.cash: 10Y average (1Y) =   4.280076 ( 0.19692) : loss rate  0.0257
liq.cash: 10Y std.dev. (1Y) =   2.019643 ( 0.09292)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3989 0.02732   0.07636 0.06132  0.07422  0.07029    1.2905   0.2140   1.5045
 dbratio     ROA    ROA1 debtcf1
 0.14224 0.13089 0.11310 0.01394

TOSYOU CODE: 6507    266
debtcashflow initial values:   0.000010   4.298883
stddev initial values:   0.000010   4.298883
ecfconst solution invest:   4.354171   6.095839
debt cf solution invest: 1.14757910 1.69116920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38126
data: equity =   0.813013  debt =   0.619948  firm =   1.432961

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

debt amount =   0.0716   investment =   0.0716   debt ratio =  1.00000
RRR on investment =  0.110670      after tax =  0.060868
search range of Y std.dev.:   minimum =   1.910845   maximum =   2.484098
old shareholders wealth =    0.8130    old bondholders =     0.6155
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.558841, k:agcpara = 0.21162240)
liq.cash: 10Y average (1Y) =   4.273451 ( 0.19175) : loss rate  0.0626
liq.cash: 10Y std.dev. (1Y) =   1.910845 ( 0.08574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.3486 0.06293   0.09245 0.06453  0.07966  0.06636    0.8130   0.6872   1.5002
 dbratio     ROA    ROA1 debtcf1
 0.45807 0.12781 0.11756 0.04912

TOSYOU CODE: 2602    267
debtcashflow initial values:   0.000010   4.273023
stddev initial values:   0.000010   4.273023
ecfconst solution invest:   4.450477   6.230668
debt cf solution invest: 0.34882480 0.51405760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39404
data: equity =   1.225301  debt =   0.199040  firm =   1.424341

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

debt amount =   0.0712   investment =   0.0712   debt ratio =  1.00000
RRR on investment =  0.118864      after tax =  0.065375
search range of Y std.dev.:   minimum =   1.977475   maximum =   2.570718
old shareholders wealth =    1.2253    old bondholders =     0.1976
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.669433, k:agcpara = 0.27666542)
liq.cash: 10Y average (1Y) =   4.531234 ( 0.20941) : loss rate  0.0296
liq.cash: 10Y std.dev. (1Y) =   1.977475 ( 0.09139)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4995 0.02073   0.08430 0.06170  0.08024  0.07524    1.2253   0.2688   1.4941
 dbratio     ROA    ROA1 debtcf1
 0.17992 0.14016 0.12070 0.01736

TOSYOU CODE: 5463    268
debtcashflow initial values:   0.000010   4.264332
stddev initial values:   0.000010   4.264332
ecfconst solution invest:   4.284087   5.997722
debt cf solution invest: 0.04139340 0.06100080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33588
data: equity =   1.397412  debt =   0.024032  firm =   1.421444

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

debt amount =   0.0201   investment =   0.0711   debt ratio =  0.28265
RRR on investment =  0.116614      after tax =  0.064138
search range of Y std.dev.:   minimum =   1.927869   maximum =   2.506230
old shareholders wealth =    1.3974    old bondholders =     0.0240
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   4.498243, k:agcpara = 0.30599807)
liq.cash: 10Y average (1Y) =   4.473746 ( 0.20887) : loss rate  0.0054
liq.cash: 10Y std.dev. (1Y) =   1.927869 ( 0.09001)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0801 0.01133   0.07738 0.06028  0.07688  0.07607    1.4484   0.0441   1.4925
 dbratio     ROA    ROA1 debtcf1
 0.02954 0.13995 0.11664 0.00273

TOSYOU CODE: 2206    269
debtcashflow initial values:   0.000010   4.257266
stddev initial values:   0.000010   4.257266
ecfconst solution invest:   4.300442   6.020619
debt cf solution invest: 0.20351850 0.29992200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33950
data: equity =   1.302166  debt =   0.116923  firm =   1.419089

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

debt amount =   0.0710   investment =   0.0710   debt ratio =  1.00000
RRR on investment =  0.116477      after tax =  0.064062
search range of Y std.dev.:   minimum =   1.959049   maximum =   2.546763
old shareholders wealth =    1.3022    old bondholders =     0.1161
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.513980, k:agcpara = 0.29107633)
liq.cash: 10Y average (1Y) =   4.413525 ( 0.20433) : loss rate  0.0223
liq.cash: 10Y std.dev. (1Y) =   1.959049 ( 0.09070)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3451 0.01891   0.07978 0.06112  0.07744  0.07398    1.3022   0.1871   1.4893
 dbratio     ROA    ROA1 debtcf1
 0.12563 0.13720 0.11727 0.01193

TOSYOU CODE: 2288    270
debtcashflow initial values:   0.000010   4.191882
stddev initial values:   0.000010   4.191882
ecfconst solution invest:   4.509668   6.313535
debt cf solution invest: 0.21232690 0.31290280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.44204
data: equity =   1.274695  debt =   0.122599  firm =   1.397294

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

debt amount =   0.0699   investment =   0.0699   debt ratio =  1.00000
RRR on investment =  0.123596      after tax =  0.067978
search range of Y std.dev.:   minimum =   1.917010   maximum =   2.492113
old shareholders wealth =    1.2747    old bondholders =     0.1219
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.733725, k:agcpara = 0.29630039)
liq.cash: 10Y average (1Y) =   4.629543 ( 0.21536) : loss rate  0.0220
liq.cash: 10Y std.dev. (1Y) =   1.917010 ( 0.08918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3516 0.01282   0.08617 0.06114  0.08290  0.07930    1.2747   0.1918   1.4664
 dbratio     ROA    ROA1 debtcf1
 0.13076 0.14686 0.12433 0.01206

TOSYOU CODE: 2001    271
debtcashflow initial values:   0.000010   4.146921
stddev initial values:   0.000010   4.146921
ecfconst solution invest:   4.770214   6.678300
debt cf solution invest: 0.44559845 0.65667140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.49670
data: equity =   1.134407  debt =   0.247900  firm =   1.382307

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

debt amount =   0.0691   investment =   0.0691   debt ratio =  1.00000
RRR on investment =  0.128831      after tax =  0.070857
search range of Y std.dev.:   minimum =   2.239112   maximum =   2.910846
old shareholders wealth =    1.1344    old bondholders =     0.2459
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.002414, k:agcpara = 0.26423715)
liq.cash: 10Y average (1Y) =   4.843642 ( 0.22471) : loss rate  0.0317
liq.cash: 10Y std.dev. (1Y) =   2.239112 ( 0.10388)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6009 0.02906   0.09577 0.06362  0.08878  0.08256    1.1344   0.3150   1.4495
 dbratio     ROA    ROA1 debtcf1
 0.21736 0.15503 0.13187 0.02132

TOSYOU CODE: 7981    272
debtcashflow initial values:   0.000010   4.135831
stddev initial values:   0.000010   4.135831
ecfconst solution invest:   4.150588   5.810823
debt cf solution invest: 0.54164250 0.79821000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28512
data: equity =   1.084796  debt =   0.293814  firm =   1.378610

agency cost: EZC - k L (EZC:ecfconst =   4.150588, k:agcpara = 0.24733028)
liq.cash: 10Y average (1Y) =   4.009573 ( 0.18409) : loss rate  0.0340
liq.cash: 10Y std.dev. (1Y) =   2.089503 ( 0.09593)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5702 0.04988   0.08093 0.06320  0.07715  0.07109    1.0848   0.2938   1.3786
 dbratio     ROA    ROA1 debtcf1
 0.21313 0.13353 0.11652 0.02065

debt amount =   0.0689   investment =   0.0689   debt ratio =  1.00000
RRR on investment =  0.112399      after tax =  0.061820
search range of Y std.dev.:   minimum =   2.190185   maximum =   2.847241
old shareholders wealth =    1.0848    old bondholders =     0.2912
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.350583, k:agcpara = 0.24733028)
liq.cash: 10Y average (1Y) =   4.176185 ( 0.19102) : loss rate  0.0401
liq.cash: 10Y std.dev. (1Y) =   2.190185 ( 0.10018)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7051 0.05650   0.08178 0.06359  0.07725  0.07012    1.0848   0.3601   1.4449
 dbratio     ROA    ROA1 debtcf1
 0.24923 0.13220 0.11653 0.02574

TOSYOU CODE: 6925    273
debtcashflow initial values:   0.000010   4.121148
stddev initial values:   0.000010   4.121148
ecfconst solution invest:   4.293877   6.011428
debt cf solution invest: 0.43709690 0.64414280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33419
data: equity =   1.134399  debt =   0.239317  firm =   1.373716

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

debt amount =   0.0687   investment =   0.0687   debt ratio =  1.00000
RRR on investment =  0.117244      after tax =  0.064484
search range of Y std.dev.:   minimum =   2.230746   maximum =   2.899969
old shareholders wealth =    1.1344    old bondholders =     0.2371
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.502014, k:agcpara = 0.25534548)
liq.cash: 10Y average (1Y) =   4.350491 ( 0.20061) : loss rate  0.0337
liq.cash: 10Y std.dev. (1Y) =   2.230746 ( 0.10286)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5934 0.04607   0.08480 0.06363  0.08030  0.07422    1.1344   0.3058   1.4402
 dbratio     ROA    ROA1 debtcf1
 0.21231 0.13930 0.12073 0.02145

TOSYOU CODE: 6845    274
debtcashflow initial values:   0.000010   4.115229
stddev initial values:   0.000010   4.115229
ecfconst solution invest:   4.251374   5.951924
debt cf solution invest: 0.24278485 0.35778820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.22200
data: equity =   1.234800  debt =   0.136943  firm =   1.371743

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

debt amount =   0.0686   investment =   0.0686   debt ratio =  1.00000
RRR on investment =  0.118656      after tax =  0.065261
search range of Y std.dev.:   minimum =   1.947589   maximum =   2.531866
old shareholders wealth =    1.2348    old bondholders =     0.1359
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.461853, k:agcpara = 0.29298300)
liq.cash: 10Y average (1Y) =   4.349201 ( 0.20143) : loss rate  0.0252
liq.cash: 10Y std.dev. (1Y) =   1.947589 ( 0.09020)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3845 0.02089   0.08214 0.06291  0.07941  0.07539    1.2348   0.2045   1.4393
 dbratio     ROA    ROA1 debtcf1
 0.14210 0.13995 0.11979 0.01347

TOSYOU CODE: 6436    275
debtcashflow initial values:   0.000010   4.108551
stddev initial values:   0.000010   4.108551
ecfconst solution invest:   3.860361   5.404505
debt cf solution invest: 0.09498955 0.13998460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.21366
data: equity =   1.314948  debt =   0.054569  firm =   1.369517

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

debt amount =   0.0482   investment =   0.0685   debt ratio =  0.70458
RRR on investment =  0.108987      after tax =  0.059943
search range of Y std.dev.:   minimum =   1.901902   maximum =   2.472472
old shareholders wealth =    1.3149    old bondholders =     0.0543
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   4.053026, k:agcpara = 0.29737969)
liq.cash: 10Y average (1Y) =   3.996875 ( 0.18431) : loss rate  0.0139
liq.cash: 10Y std.dev. (1Y) =   1.901902 ( 0.08770)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1888 0.02263   0.07185 0.06051  0.07104  0.06910    1.3352   0.1026   1.4377
 dbratio     ROA    ROA1 debtcf1
 0.07133 0.12820 0.10920 0.00653

TOSYOU CODE: 7994    276
debtcashflow initial values:   0.000010   4.086978
stddev initial values:   0.000010   4.086978
ecfconst solution invest:   4.513013   6.318218
debt cf solution invest: 0.70707930 1.04201160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.35087
data: equity =   0.975955  debt =   0.386371  firm =   1.362326

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

debt amount =   0.0681   investment =   0.0681   debt ratio =  1.00000
RRR on investment =  0.122741      after tax =  0.067507
search range of Y std.dev.:   minimum =   2.076716   maximum =   2.699731
old shareholders wealth =    0.9760    old bondholders =     0.3836
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.729806, k:agcpara = 0.24743726)
liq.cash: 10Y average (1Y) =   4.512933 ( 0.20728) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =   2.076716 ( 0.09538)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8765 0.03997   0.09544 0.06466  0.08570  0.07650    0.9760   0.4517   1.4276
 dbratio     ROA    ROA1 debtcf1
 0.31638 0.14519 0.12726 0.03153

TOSYOU CODE: 5482    277
debtcashflow initial values:   0.000010   4.077220
stddev initial values:   0.000010   4.077220
ecfconst solution invest:   4.485714   6.280000
debt cf solution invest: 0.59535550 0.87736600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.42733
data: equity =   1.034408  debt =   0.324665  firm =   1.359073

agency cost: EZC - k L (EZC:ecfconst =   4.485714, k:agcpara = 0.25374478)
liq.cash: 10Y average (1Y) =   4.326695 ( 0.19989) : loss rate  0.0355
liq.cash: 10Y std.dev. (1Y) =   2.043790 ( 0.09442)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6267 0.03512   0.09171 0.06432  0.08516  0.07825    1.0344   0.3247   1.3591
 dbratio     ROA    ROA1 debtcf1
 0.23889 0.14708 0.12683 0.02245

debt amount =   0.0680   investment =   0.0680   debt ratio =  1.00000
RRR on investment =  0.122810      after tax =  0.067546
search range of Y std.dev.:   minimum =   2.142391   maximum =   2.785108
old shareholders wealth =    1.0344    old bondholders =     0.3221
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.702123, k:agcpara = 0.25374478)
liq.cash: 10Y average (1Y) =   4.509560 ( 0.20773) : loss rate  0.0410
liq.cash: 10Y std.dev. (1Y) =   2.142391 ( 0.09869)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7589 0.04000   0.09295 0.06475  0.08523  0.07725    1.0344   0.3901   1.4245
 dbratio     ROA    ROA1 debtcf1
 0.27385 0.14583 0.12684 0.02736

TOSYOU CODE: 7936    278
debtcashflow initial values:   0.000010   4.070865
stddev initial values:   0.000010   4.070865
ecfconst solution invest:   4.367841   6.114977
debt cf solution invest: 0.63013785 0.92862420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09873  std.dev = 0.17453  lambda =   2.57619
riskless rate of interest = 0.05931  correlation =  0.36666
data: equity =   1.013980  debt =   0.342975  firm =   1.356955

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

debt amount =   0.0678   investment =   0.0678   debt ratio =  1.00000
RRR on investment =  0.119685      after tax =  0.065827
search range of Y std.dev.:   minimum =   2.110531   maximum =   2.743691
old shareholders wealth =    1.0140    old bondholders =     0.3403
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.577975, k:agcpara = 0.24843072)
liq.cash: 10Y average (1Y) =   4.380334 ( 0.20115) : loss rate  0.0432
liq.cash: 10Y std.dev. (1Y) =   2.110531 ( 0.09692)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7956 0.04470   0.09067 0.06453  0.08317  0.07484    1.0140   0.4081   1.4221
 dbratio     ROA    ROA1 debtcf1
 0.28699 0.14145 0.12402 0.02877

TOSYOU CODE: 6310    279
debtcashflow initial values:   0.000010   4.032704
stddev initial values:   0.000010   4.032704
ecfconst solution invest:   4.183683   5.857156
debt cf solution invest: 0.66649245 0.98219940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.28349
data: equity =   0.986235  debt =   0.358000  firm =   1.344235

agency cost: EZC - k L (EZC:ecfconst =   4.183683, k:agcpara = 0.24506199)
liq.cash: 10Y average (1Y) =   4.011755 ( 0.18387) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   1.993485 ( 0.09137)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7016 0.04841   0.08600 0.06463  0.08031  0.07256    0.9862   0.3580   1.3442
 dbratio     ROA    ROA1 debtcf1
 0.26632 0.13678 0.12023 0.02550

debt amount =   0.0672   investment =   0.0672   debt ratio =  1.00000
RRR on investment =  0.115485      after tax =  0.063517
search range of Y std.dev.:   minimum =   2.089014   maximum =   2.715719
old shareholders wealth =    0.9862    old bondholders =     0.3551
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.384168, k:agcpara = 0.24506199)
liq.cash: 10Y average (1Y) =   4.179696 ( 0.19092) : loss rate  0.0466
liq.cash: 10Y std.dev. (1Y) =   2.089014 ( 0.09542)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8344 0.05465   0.08700 0.06502  0.08041  0.07164    0.9862   0.4223   1.4085
 dbratio     ROA    ROA1 debtcf1
 0.29981 0.13555 0.12024 0.03053

TOSYOU CODE: 2004    280
debtcashflow initial values:   0.000010   3.995117
stddev initial values:   0.000010   3.995117
ecfconst solution invest:   5.188517   7.263924
debt cf solution invest: 0.72963420 1.07525040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.49403
data: equity =   0.925163  debt =   0.406543  firm =   1.331706

agency cost: EZC - k L (EZC:ecfconst =   5.188517, k:agcpara = 0.27340033)
liq.cash: 10Y average (1Y) =   4.978536 ( 0.23008) : loss rate  0.0405
liq.cash: 10Y std.dev. (1Y) =   1.965691 ( 0.09084)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7680 0.01610   0.11412 0.06412  0.09886  0.09005    0.9252   0.4066   1.3317
 dbratio     ROA    ROA1 debtcf1
 0.30529 0.17277 0.14568 0.02690

debt amount =   0.0666   investment =   0.0666   debt ratio =  1.00000
RRR on investment =  0.142254      after tax =  0.078240
search range of Y std.dev.:   minimum =   2.061075   maximum =   2.679398
old shareholders wealth =    0.9252    old bondholders =     0.4045
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.440288, k:agcpara = 0.27340033)
liq.cash: 10Y average (1Y) =   5.195739 ( 0.23987) : loss rate  0.0450
liq.cash: 10Y std.dev. (1Y) =   2.061075 ( 0.09515)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8945 0.01845   0.11615 0.06450  0.09872  0.08893    0.9252   0.4711   1.3962
 dbratio     ROA    ROA1 debtcf1
 0.33738 0.17180 0.14569 0.03145

TOSYOU CODE: 6975    281
debtcashflow initial values:   0.000010   3.965617
stddev initial values:   0.000010   3.965617
ecfconst solution invest:   3.883396   5.436754
debt cf solution invest: 0.79779575 1.17569900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27679
data: equity =   0.893190  debt =   0.428682  firm =   1.321872

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

debt amount =   0.0661   investment =   0.0661   debt ratio =  1.00000
RRR on investment =  0.108010      after tax =  0.059406
search range of Y std.dev.:   minimum =   1.940799   maximum =   2.523039
old shareholders wealth =    0.8932    old bondholders =     0.4252
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.067727, k:agcpara = 0.22799683)
liq.cash: 10Y average (1Y) =   3.846496 ( 0.17331) : loss rate  0.0544
liq.cash: 10Y std.dev. (1Y) =   1.940799 ( 0.08744)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9703 0.06918   0.08249 0.06386  0.07588  0.06568    0.8932   0.4913   1.3845
 dbratio     ROA    ROA1 debtcf1
 0.35485 0.12518 0.11380 0.03569

TOSYOU CODE: 5444    282
debtcashflow initial values:   0.000010   3.958739
stddev initial values:   0.000010   3.958739
ecfconst solution invest:   4.245394   5.943552
debt cf solution invest: 0.37195445 0.54814340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.34128
data: equity =   1.108681  debt =   0.210899  firm =   1.319580

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

debt amount =   0.0660   investment =   0.0660   debt ratio =  1.00000
RRR on investment =  0.121779      after tax =  0.066979
search range of Y std.dev.:   minimum =   1.842323   maximum =   2.395020
old shareholders wealth =    1.1087    old bondholders =     0.2095
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.453593, k:agcpara = 0.27543687)
liq.cash: 10Y average (1Y) =   4.311784 ( 0.19941) : loss rate  0.0318
liq.cash: 10Y std.dev. (1Y) =   1.842323 ( 0.08520)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5149 0.01965   0.08787 0.06246  0.08281  0.07722    1.1087   0.2755   1.3841
 dbratio     ROA    ROA1 debtcf1
 0.19901 0.14407 0.12397 0.01795

TOSYOU CODE: 6444    283
debtcashflow initial values:   0.000010   3.934212
stddev initial values:   0.000010   3.934212
ecfconst solution invest:   3.863942   5.409519
debt cf solution invest: 0.50516440 0.74445280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25099
data: equity =   1.038257  debt =   0.273147  firm =   1.311404

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

debt amount =   0.0656   investment =   0.0656   debt ratio =  1.00000
RRR on investment =  0.109965      after tax =  0.060481
search range of Y std.dev.:   minimum =   2.096022   maximum =   2.724829
old shareholders wealth =    1.0383    old bondholders =     0.2706
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.050064, k:agcpara = 0.24681978)
liq.cash: 10Y average (1Y) =   3.887014 ( 0.17731) : loss rate  0.0403
liq.cash: 10Y std.dev. (1Y) =   2.096022 ( 0.09561)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6606 0.06187   0.07923 0.06337  0.07535  0.06838    1.0383   0.3362   1.3744
 dbratio     ROA    ROA1 debtcf1
 0.24459 0.12901 0.11413 0.02423

TOSYOU CODE: 6498    284
debtcashflow initial values:   0.000010   3.932899
stddev initial values:   0.000010   3.932899
ecfconst solution invest:   4.270215   5.978301
debt cf solution invest: 0.49446360 0.72868320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40898
data: equity =   1.039102  debt =   0.271864  firm =   1.310966

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

debt amount =   0.0655   investment =   0.0655   debt ratio =  1.00000
RRR on investment =  0.121684      after tax =  0.066926
search range of Y std.dev.:   minimum =   2.085451   maximum =   2.711086
old shareholders wealth =    1.0391    old bondholders =     0.2696
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.476879, k:agcpara = 0.25442802)
liq.cash: 10Y average (1Y) =   4.312259 ( 0.19902) : loss rate  0.0368
liq.cash: 10Y std.dev. (1Y) =   2.085451 ( 0.09625)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6470 0.03941   0.09045 0.06388  0.08397  0.07696    1.0391   0.3352   1.3743
 dbratio     ROA    ROA1 debtcf1
 0.24389 0.14482 0.12536 0.02323

TOSYOU CODE: 6206    285
debtcashflow initial values:   0.000010   3.891893
stddev initial values:   0.000010   3.891893
ecfconst solution invest:   4.350515   6.090721
debt cf solution invest: 0.56554355 0.83343260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46842
data: equity =   0.985327  debt =   0.311971  firm =   1.297298

agency cost: EZC - k L (EZC:ecfconst =   4.350515, k:agcpara = 0.25329135)
liq.cash: 10Y average (1Y) =   4.199728 ( 0.19427) : loss rate  0.0347
liq.cash: 10Y std.dev. (1Y) =   1.930955 ( 0.08932)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5953 0.03098   0.09375 0.06353  0.08648  0.07961    0.9853   0.3120   1.2973
 dbratio     ROA    ROA1 debtcf1
 0.24047 0.14975 0.12863 0.02114

debt amount =   0.0649   investment =   0.0649   debt ratio =  1.00000
RRR on investment =  0.124752      after tax =  0.068614
search range of Y std.dev.:   minimum =   2.024240   maximum =   2.631511
old shareholders wealth =    0.9853    old bondholders =     0.3096
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.560689, k:agcpara = 0.25329135)
liq.cash: 10Y average (1Y) =   4.378315 ( 0.20199) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =   2.024240 ( 0.09339)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7200 0.03536   0.09510 0.06398  0.08653  0.07860    0.9853   0.3745   1.3598
 dbratio     ROA    ROA1 debtcf1
 0.27541 0.14854 0.12864 0.02573

TOSYOU CODE: 6707    286
debtcashflow initial values:   0.000010   3.865512
stddev initial values:   0.000010   3.865512
ecfconst solution invest:   3.802813   5.323938
debt cf solution invest: 0.74938470 1.10435640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28072
data: equity =   0.885352  debt =   0.403152  firm =   1.288504

agency cost: EZC - k L (EZC:ecfconst =   3.802813, k:agcpara = 0.23027999)
liq.cash: 10Y average (1Y) =   3.621162 ( 0.16405) : loss rate  0.0478
liq.cash: 10Y std.dev. (1Y) =   1.821227 ( 0.08251)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7888 0.05995   0.08180 0.06351  0.07607  0.06713    0.8854   0.4032   1.2885
 dbratio     ROA    ROA1 debtcf1
 0.31289 0.12732 0.11430 0.02878

debt amount =   0.0644   investment =   0.0644   debt ratio =  1.00000
RRR on investment =  0.108708      after tax =  0.059789
search range of Y std.dev.:   minimum =   1.907821   maximum =   2.480167
old shareholders wealth =    0.8854    old bondholders =     0.3999
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.983625, k:agcpara = 0.23027999)
liq.cash: 10Y average (1Y) =   3.772708 ( 0.17032) : loss rate  0.0529
liq.cash: 10Y std.dev. (1Y) =   1.907821 ( 0.08613)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9159 0.06714   0.08265 0.06385  0.07618  0.06630    0.8854   0.4643   1.3497
 dbratio     ROA    ROA1 debtcf1
 0.34401 0.12620 0.11431 0.03365

TOSYOU CODE: 2281    287
debtcashflow initial values:   0.000010   3.853608
stddev initial values:   0.000010   3.853608
ecfconst solution invest:   4.150953   5.811334
debt cf solution invest: 0.87532715 1.28995580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46005
data: equity =   0.806219  debt =   0.478317  firm =   1.284536

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

debt amount =   0.0642   investment =   0.0642   debt ratio =  1.00000
RRR on investment =  0.118783      after tax =  0.065330
search range of Y std.dev.:   minimum =   1.816437   maximum =   2.361369
old shareholders wealth =    0.8062    old bondholders =     0.4750
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.348274, k:agcpara = 0.22995088)
liq.cash: 10Y average (1Y) =   4.107752 ( 0.18701) : loss rate  0.0553
liq.cash: 10Y std.dev. (1Y) =   1.816437 ( 0.08269)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0460 0.04594   0.09723 0.06443  0.08409  0.07247    0.8062   0.5393   1.3455
 dbratio     ROA    ROA1 debtcf1
 0.40080 0.13899 0.12446 0.03765

TOSYOU CODE: 3877    288
debtcashflow initial values:   0.000010   3.852107
stddev initial values:   0.000010   3.852107
ecfconst solution invest:   4.296234   6.014728
debt cf solution invest: 1.25500890 1.84948680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.48775
data: equity =   0.591578  debt =   0.692458  firm =   1.284036

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

debt amount =   0.0642   investment =   0.0642   debt ratio =  1.00000
RRR on investment =  0.121927      after tax =  0.067060
search range of Y std.dev.:   minimum =   1.554349   maximum =   2.020653
old shareholders wealth =    0.5916    old bondholders =     0.6888
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.499092, k:agcpara = 0.21304244)
liq.cash: 10Y average (1Y) =   4.191418 ( 0.18983) : loss rate  0.0684
liq.cash: 10Y std.dev. (1Y) =   1.554349 ( 0.07040)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4442 0.03858   0.11613 0.06461  0.08728  0.07100    0.5916   0.7530   1.3446
 dbratio     ROA    ROA1 debtcf1
 0.56003 0.14118 0.12838 0.05131

TOSYOU CODE: 5541    289
debtcashflow initial values:   0.000010   3.840421
stddev initial values:   0.000010   3.840421
ecfconst solution invest:   3.936684   5.511358
debt cf solution invest: 1.00867010 1.48646120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.29640
data: equity =   0.736724  debt =   0.543417  firm =   1.280140

agency cost: EZC - k L (EZC:ecfconst =   3.936684, k:agcpara = 0.21541402)
liq.cash: 10Y average (1Y) =   3.707966 ( 0.16722) : loss rate  0.0581
liq.cash: 10Y std.dev. (1Y) =   1.654871 ( 0.07463)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0618 0.05491   0.09220 0.06456  0.08047  0.06813    0.7367   0.5434   1.2801
 dbratio     ROA    ROA1 debtcf1
 0.42450 0.13063 0.11889 0.03849

debt amount =   0.0640   investment =   0.0640   debt ratio =  1.00000
RRR on investment =  0.112140      after tax =  0.061677
search range of Y std.dev.:   minimum =   1.732756   maximum =   2.252583
old shareholders wealth =    0.7367    old bondholders =     0.5396
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.121961, k:agcpara = 0.21541402)
liq.cash: 10Y average (1Y) =   3.866111 ( 0.17389) : loss rate  0.0621
liq.cash: 10Y std.dev. (1Y) =   1.732756 ( 0.07793)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.1877 0.06108   0.09338 0.06493  0.08057  0.06741    0.7367   0.6036   1.3403
 dbratio     ROA    ROA1 debtcf1
 0.45032 0.12974 0.11890 0.04330

TOSYOU CODE: 4078    290
debtcashflow initial values:   0.000010   3.834578
stddev initial values:   0.000010   3.834578
ecfconst solution invest:   3.791921   5.308689
debt cf solution invest: 0.79599740 1.17304880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29639
data: equity =   0.849900  debt =   0.428293  firm =   1.278193

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

debt amount =   0.0639   investment =   0.0639   debt ratio =  1.00000
RRR on investment =  0.109007      after tax =  0.059954
search range of Y std.dev.:   minimum =   1.859325   maximum =   2.417122
old shareholders wealth =    0.8499    old bondholders =     0.4249
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.971770, k:agcpara = 0.22682612)
liq.cash: 10Y average (1Y) =   3.753128 ( 0.16922) : loss rate  0.0550
liq.cash: 10Y std.dev. (1Y) =   1.859325 ( 0.08383)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9639 0.06679   0.08416 0.06400  0.07680  0.06628    0.8499   0.4888   1.3387
 dbratio     ROA    ROA1 debtcf1
 0.36514 0.12640 0.11488 0.03537

TOSYOU CODE: 4537    291
debtcashflow initial values:   0.000010   3.834372
stddev initial values:   0.000010   3.834372
ecfconst solution invest:   4.223051   5.912271
debt cf solution invest: 0.24206950 0.35673400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.36682
data: equity =   1.139372  debt =   0.138752  firm =   1.278124

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

debt amount =   0.0639   investment =   0.0639   debt ratio =  1.00000
RRR on investment =  0.125951      after tax =  0.069273
search range of Y std.dev.:   minimum =   1.771133   maximum =   2.302473
old shareholders wealth =    1.1394    old bondholders =     0.1379
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.432336, k:agcpara = 0.29560004)
liq.cash: 10Y average (1Y) =   4.322113 ( 0.20098) : loss rate  0.0249
liq.cash: 10Y std.dev. (1Y) =   1.771133 ( 0.08236)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3729 0.01288   0.08904 0.06193  0.08496  0.08077    1.1394   0.2018   1.3412
 dbratio     ROA    ROA1 debtcf1
 0.15048 0.14985 0.12697 0.01286

TOSYOU CODE: 5393    292
debtcashflow initial values:   0.000010   3.760297
stddev initial values:   0.000010   3.760297
ecfconst solution invest:   3.683796   5.157314
debt cf solution invest: 0.73816330 1.08781960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27493
data: equity =   0.856685  debt =   0.396747  firm =   1.253432

agency cost: EZC - k L (EZC:ecfconst =   3.683796, k:agcpara = 0.22935793)
liq.cash: 10Y average (1Y) =   3.505582 ( 0.15864) : loss rate  0.0484
liq.cash: 10Y std.dev. (1Y) =   1.767954 ( 0.08000)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7770 0.06137   0.08142 0.06349  0.07574  0.06670    0.8567   0.3967   1.2534
 dbratio     ROA    ROA1 debtcf1
 0.31652 0.12656 0.11383 0.02838

debt amount =   0.0627   investment =   0.0627   debt ratio =  1.00000
RRR on investment =  0.108164      after tax =  0.059490
search range of Y std.dev.:   minimum =   1.851955   maximum =   2.407542
old shareholders wealth =    0.8567    old bondholders =     0.3935
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.858825, k:agcpara = 0.22935793)
liq.cash: 10Y average (1Y) =   3.652227 ( 0.16470) : loss rate  0.0535
liq.cash: 10Y std.dev. (1Y) =   1.851955 ( 0.08351)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9008 0.06868   0.08225 0.06383  0.07585  0.06587    0.8567   0.4562   1.3129
 dbratio     ROA    ROA1 debtcf1
 0.34747 0.12545 0.11384 0.03313

TOSYOU CODE: 6765    293
debtcashflow initial values:   0.000010   3.706804
stddev initial values:   0.000010   3.706804
ecfconst solution invest:   4.077655   5.708717
debt cf solution invest: 0.68060470 1.00299640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.28989
data: equity =   0.867998  debt =   0.367603  firm =   1.235601

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

debt amount =   0.0618   investment =   0.0618   debt ratio =  1.00000
RRR on investment =  0.122017      after tax =  0.067110
search range of Y std.dev.:   minimum =   1.888587   maximum =   2.455163
old shareholders wealth =    0.8680    old bondholders =     0.3649
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.273019, k:agcpara = 0.24716977)
liq.cash: 10Y average (1Y) =   4.065958 ( 0.18636) : loss rate  0.0485
liq.cash: 10Y std.dev. (1Y) =   1.888587 ( 0.08656)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8377 0.04369   0.09529 0.06560  0.08551  0.07578    0.8680   0.4267   1.2947
 dbratio     ROA    ROA1 debtcf1
 0.32956 0.14394 0.12683 0.03038

TOSYOU CODE: 6796    294
debtcashflow initial values:   0.000010   3.696863
stddev initial values:   0.000010   3.696863
ecfconst solution invest:   4.166975   5.833765
debt cf solution invest: 0.54667655 0.80562860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.35268
data: equity =   0.933052  debt =   0.299236  firm =   1.232288

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

debt amount =   0.0616   investment =   0.0616   debt ratio =  1.00000
RRR on investment =  0.125651      after tax =  0.069108
search range of Y std.dev.:   minimum =   1.939699   maximum =   2.521609
old shareholders wealth =    0.9331    old bondholders =     0.2970
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.368217, k:agcpara = 0.25615430)
liq.cash: 10Y average (1Y) =   4.190236 ( 0.19328) : loss rate  0.0407
liq.cash: 10Y std.dev. (1Y) =   1.939699 ( 0.08947)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6948 0.03577   0.09592 0.06476  0.08727  0.07918    0.9331   0.3586   1.2917
 dbratio     ROA    ROA1 debtcf1
 0.27765 0.14963 0.12957 0.02494

TOSYOU CODE: 7224    295
debtcashflow initial values:   0.000010   3.644057
stddev initial values:   0.000010   3.644057
ecfconst solution invest:   3.687666   5.162732
debt cf solution invest: 0.30038905 0.44267860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33812
data: equity =   1.044203  debt =   0.170483  firm =   1.214686

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

debt amount =   0.0607   investment =   0.0607   debt ratio =  1.00000
RRR on investment =  0.115455      after tax =  0.063500
search range of Y std.dev.:   minimum =   1.705478   maximum =   2.217122
old shareholders wealth =    1.0442    old bondholders =     0.1691
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.868782, k:agcpara = 0.27257570)
liq.cash: 10Y average (1Y) =   3.751647 ( 0.17285) : loss rate  0.0303
liq.cash: 10Y std.dev. (1Y) =   1.705478 ( 0.07858)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4297 0.02572   0.08128 0.06180  0.07776  0.07275    1.0442   0.2299   1.2741
 dbratio     ROA    ROA1 debtcf1
 0.18043 0.13567 0.11747 0.01503

TOSYOU CODE: 5142    296
debtcashflow initial values:   0.000010   3.624942
stddev initial values:   0.000010   3.624942
ecfconst solution invest:   4.194228   5.871919
debt cf solution invest: 0.28087320 0.41391840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.46127
data: equity =   1.046690  debt =   0.161624  firm =   1.208314

agency cost: EZC - k L (EZC:ecfconst =   4.194228, k:agcpara = 0.29562625)
liq.cash: 10Y average (1Y) =   4.106824 ( 0.19147) : loss rate  0.0208
liq.cash: 10Y std.dev. (1Y) =   1.589880 ( 0.07413)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2957 0.00826   0.09354 0.06137  0.08924  0.08554    1.0467   0.1616   1.2083
 dbratio     ROA    ROA1 debtcf1
 0.13377 0.15846 0.13252 0.01010

debt amount =   0.0604   investment =   0.0604   debt ratio =  1.00000
RRR on investment =  0.131318      after tax =  0.072225
search range of Y std.dev.:   minimum =   1.668532   maximum =   2.169091
old shareholders wealth =    1.0467    old bondholders =     0.1608
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.401717, k:agcpara = 0.29562625)
liq.cash: 10Y average (1Y) =   4.281468 ( 0.19912) : loss rate  0.0273
liq.cash: 10Y std.dev. (1Y) =   1.668532 ( 0.07760)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4068 0.01011   0.09500 0.06174  0.08920  0.08435    1.0467   0.2212   1.2679
 dbratio     ROA    ROA1 debtcf1
 0.17445 0.15705 0.13254 0.01396

TOSYOU CODE: 6807    297
debtcashflow initial values:   0.000010   3.609204
stddev initial values:   0.000010   3.609204
ecfconst solution invest:   3.820221   5.348309
debt cf solution invest: 0.38454195 0.56669340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35914
data: equity =   0.992029  debt =   0.211039  firm =   1.203068

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

debt amount =   0.0602   investment =   0.0602   debt ratio =  1.00000
RRR on investment =  0.119066      after tax =  0.065487
search range of Y std.dev.:   minimum =   1.951622   maximum =   2.537109
old shareholders wealth =    0.9920    old bondholders =     0.2091
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   4.005497, k:agcpara = 0.25637688)
liq.cash: 10Y average (1Y) =   3.871868 ( 0.17879) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =   1.951622 ( 0.09012)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5212 0.04300   0.08655 0.06369  0.08167  0.07555    0.9920   0.2693   1.2613
 dbratio     ROA    ROA1 debtcf1
 0.21348 0.14175 0.12249 0.01879

TOSYOU CODE: 4471    298
debtcashflow initial values:   0.000010   3.589084
stddev initial values:   0.000010   3.589084
ecfconst solution invest:   3.659332   5.123065
debt cf solution invest: 0.24621055 0.36283660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35415
data: equity =   1.055703  debt =   0.140658  firm =   1.196361

agency cost: EZC - k L (EZC:ecfconst =   3.659332, k:agcpara = 0.28142931)
liq.cash: 10Y average (1Y) =   3.586394 ( 0.16634) : loss rate  0.0199
liq.cash: 10Y std.dev. (1Y) =   1.585325 ( 0.07353)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2592 0.01792   0.08056 0.06110  0.07827  0.07504    1.0557   0.1407   1.1964
 dbratio     ROA    ROA1 debtcf1
 0.11757 0.13904 0.11829 0.00895

debt amount =   0.0598   investment =   0.0598   debt ratio =  1.00000
RRR on investment =  0.116865      after tax =  0.064276
search range of Y std.dev.:   minimum =   1.663588   maximum =   2.162664
old shareholders wealth =    1.0557    old bondholders =     0.1396
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.839983, k:agcpara = 0.28142931)
liq.cash: 10Y average (1Y) =   3.735795 ( 0.17260) : loss rate  0.0271
liq.cash: 10Y std.dev. (1Y) =   1.663588 ( 0.07686)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3702 0.02153   0.08151 0.06150  0.07833  0.07393    1.0557   0.1994   1.2551
 dbratio     ROA    ROA1 debtcf1
 0.15889 0.13752 0.11831 0.01287

TOSYOU CODE: 6641    299
debtcashflow initial values:   0.000010   3.571416
stddev initial values:   0.000010   3.571416
ecfconst solution invest:   3.620847   5.069186
debt cf solution invest: 0.18229455 0.26864460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34605
data: equity =   1.085788  debt =   0.104684  firm =   1.190472

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

debt amount =   0.0595   investment =   0.0595   debt ratio =  1.00000
RRR on investment =  0.116797      after tax =  0.064238
search range of Y std.dev.:   minimum =   1.643785   maximum =   2.136920
old shareholders wealth =    1.0858    old bondholders =     0.1040
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.800499, k:agcpara = 0.28989210)
liq.cash: 10Y average (1Y) =   3.713023 ( 0.17188) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   1.643785 ( 0.07609)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3018 0.01898   0.08027 0.06117  0.07777  0.07417    1.0858   0.1635   1.2493
 dbratio     ROA    ROA1 debtcf1
 0.13087 0.13759 0.11768 0.01043

TOSYOU CODE: 7222    300
debtcashflow initial values:   0.000010   3.491295
stddev initial values:   0.000010   3.491295
ecfconst solution invest:   3.753646   5.255104
debt cf solution invest: 0.47662830 0.70239960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39814
data: equity =   0.902393  debt =   0.261372  firm =   1.163765

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

debt amount =   0.0582   investment =   0.0582   debt ratio =  1.00000
RRR on investment =  0.120319      after tax =  0.066175
search range of Y std.dev.:   minimum =   1.830831   maximum =   2.380081
old shareholders wealth =    0.9024    old bondholders =     0.2593
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.934885, k:agcpara = 0.25117048)
liq.cash: 10Y average (1Y) =   3.780585 ( 0.17410) : loss rate  0.0392
liq.cash: 10Y std.dev. (1Y) =   1.830831 ( 0.08431)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6143 0.04187   0.08998 0.06394  0.08320  0.07571    0.9024   0.3174   1.2198
 dbratio     ROA    ROA1 debtcf1
 0.26023 0.14272 0.12425 0.02211

TOSYOU CODE: 6766    301
debtcashflow initial values:   0.000010   3.479535
stddev initial values:   0.000010   3.479535
ecfconst solution invest:   3.540019   4.956027
debt cf solution invest: 0.79576085 1.17270020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.21873
data: equity =   0.736735  debt =   0.423110  firm =   1.159845

agency cost: EZC - k L (EZC:ecfconst =   3.540019, k:agcpara = 0.22799469)
liq.cash: 10Y average (1Y) =   3.349041 ( 0.15157) : loss rate  0.0539
liq.cash: 10Y std.dev. (1Y) =   1.602978 ( 0.07255)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8376 0.05859   0.08748 0.06524  0.07937  0.06866    0.7367   0.4231   1.1598
 dbratio     ROA    ROA1 debtcf1
 0.36479 0.13068 0.11805 0.03068

debt amount =   0.0580   investment =   0.0580   debt ratio =  1.00000
RRR on investment =  0.111830      after tax =  0.061506
search range of Y std.dev.:   minimum =   1.678779   maximum =   2.182413
old shareholders wealth =    0.7367    old bondholders =     0.4198
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.707418, k:agcpara = 0.22799469)
liq.cash: 10Y average (1Y) =   3.490061 ( 0.15747) : loss rate  0.0586
liq.cash: 10Y std.dev. (1Y) =   1.678779 ( 0.07574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9533 0.06539   0.08848 0.06560  0.07948  0.06786    0.7367   0.4778   1.2146
 dbratio     ROA    ROA1 debtcf1
 0.39342 0.12965 0.11806 0.03514

TOSYOU CODE: 5301    302
debtcashflow initial values:   0.000010   3.460088
stddev initial values:   0.000010   3.460088
ecfconst solution invest:   3.622854   5.071996
debt cf solution invest: 0.32870950 0.48441400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.37999
data: equity =   0.968675  debt =   0.184688  firm =   1.153363

agency cost: EZC - k L (EZC:ecfconst =   3.622854, k:agcpara = 0.26993585)
liq.cash: 10Y average (1Y) =   3.529453 ( 0.16347) : loss rate  0.0258
liq.cash: 10Y std.dev. (1Y) =   1.578261 ( 0.07310)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3460 0.02184   0.08418 0.06244  0.08070  0.07620    0.9687   0.1847   1.1534
 dbratio     ROA    ROA1 debtcf1
 0.16013 0.14174 0.12127 0.01210

debt amount =   0.0577   investment =   0.0577   debt ratio =  1.00000
RRR on investment =  0.118782      after tax =  0.065330
search range of Y std.dev.:   minimum =   1.655443   maximum =   2.152076
old shareholders wealth =    0.9687    old bondholders =     0.1833
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.800024, k:agcpara = 0.26993585)
liq.cash: 10Y average (1Y) =   3.677236 ( 0.16972) : loss rate  0.0323
liq.cash: 10Y std.dev. (1Y) =   1.655443 ( 0.07640)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4549 0.02580   0.08522 0.06286  0.08077  0.07513    0.9687   0.2410   1.2096
 dbratio     ROA    ROA1 debtcf1
 0.19920 0.14030 0.12128 0.01601

TOSYOU CODE: 6708    303
debtcashflow initial values:   0.000010   3.428447
stddev initial values:   0.000010   3.428447
ecfconst solution invest:   3.059536   4.283350
debt cf solution invest: 0.28466465 0.41950580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.11684
data: equity =   0.986497  debt =   0.156319  firm =   1.142816

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

debt amount =   0.0571   investment =   0.0571   debt ratio =  1.00000
RRR on investment =  0.100741      after tax =  0.055408
search range of Y std.dev.:   minimum =   1.788568   maximum =   2.325139
old shareholders wealth =    0.9865    old bondholders =     0.1546
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.208746, k:agcpara = 0.26148188)
liq.cash: 10Y average (1Y) =   3.101440 ( 0.13991) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =   1.788568 ( 0.08069)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4104 0.06621   0.06789 0.06113  0.06669  0.06183    0.9865   0.2118   1.1983
 dbratio     ROA    ROA1 debtcf1
 0.17673 0.11676 0.10351 0.01499

TOSYOU CODE: 2607    304
debtcashflow initial values:   0.000010   3.392766
stddev initial values:   0.000010   3.392766
ecfconst solution invest:   3.614312   5.060037
debt cf solution invest: 0.48934975 0.72114700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38674
data: equity =   0.863181  debt =   0.267741  firm =   1.130922

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

debt amount =   0.0565   investment =   0.0565   debt ratio =  1.00000
RRR on investment =  0.119082      after tax =  0.065495
search range of Y std.dev.:   minimum =   1.765215   maximum =   2.294779
old shareholders wealth =    0.8632    old bondholders =     0.2656
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.788501, k:agcpara = 0.24860015)
liq.cash: 10Y average (1Y) =   3.633181 ( 0.16700) : loss rate  0.0410
liq.cash: 10Y std.dev. (1Y) =   1.765215 ( 0.08114)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6248 0.04417   0.08938 0.06398  0.08248  0.07465    0.8632   0.3221   1.1853
 dbratio     ROA    ROA1 debtcf1
 0.27177 0.14089 0.12322 0.02254

TOSYOU CODE: 5192    305
debtcashflow initial values:   0.000010   3.352305
stddev initial values:   0.000010   3.352305
ecfconst solution invest:   3.587126   5.021976
debt cf solution invest: 0.25429600 0.37475200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44731
data: equity =   0.971480  debt =   0.145955  firm =   1.117435

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

debt amount =   0.0559   investment =   0.0559   debt ratio =  1.00000
RRR on investment =  0.122234      after tax =  0.067229
search range of Y std.dev.:   minimum =   1.539700   maximum =   2.001609
old shareholders wealth =    0.9715    old bondholders =     0.1450
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.764148, k:agcpara = 0.28335027)
liq.cash: 10Y average (1Y) =   3.659072 ( 0.16962) : loss rate  0.0279
liq.cash: 10Y std.dev. (1Y) =   1.539700 ( 0.07137)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3708 0.01635   0.08687 0.06148  0.08252  0.07778    0.9715   0.2009   1.1723
 dbratio     ROA    ROA1 debtcf1
 0.17133 0.14468 0.12373 0.01281

TOSYOU CODE: 5810    306
debtcashflow initial values:   0.000010   3.347271
stddev initial values:   0.000010   3.347271
ecfconst solution invest:   3.384760   4.738664
debt cf solution invest: 0.92572465 1.36422580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38738
data: equity =   0.615611  debt =   0.500146  firm =   1.115757

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

debt amount =   0.0558   investment =   0.0558   debt ratio =  1.00000
RRR on investment =  0.110315      after tax =  0.060673
search range of Y std.dev.:   minimum =   1.464390   maximum =   1.903707
old shareholders wealth =    0.6156    old bondholders =     0.4966
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.543615, k:agcpara = 0.20852776)
liq.cash: 10Y average (1Y) =   3.317590 ( 0.14861) : loss rate  0.0638
liq.cash: 10Y std.dev. (1Y) =   1.464390 ( 0.06560)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0839 0.06359   0.09324 0.06456  0.07968  0.06594    0.6156   0.5524   1.1680
 dbratio     ROA    ROA1 debtcf1
 0.47295 0.12723 0.11738 0.03947

TOSYOU CODE: 6622    307
debtcashflow initial values:   0.000010   3.342236
stddev initial values:   0.000010   3.342236
ecfconst solution invest:   3.760893   5.265250
debt cf solution invest: 0.37961240 0.55942880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.27523
data: equity =   0.907473  debt =   0.206606  firm =   1.114079

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

debt amount =   0.0557   investment =   0.0557   debt ratio =  1.00000
RRR on investment =  0.126055      after tax =  0.069330
search range of Y std.dev.:   minimum =   1.834026   maximum =   2.384234
old shareholders wealth =    0.9075    old bondholders =     0.2049
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.943484, k:agcpara = 0.26547454)
liq.cash: 10Y average (1Y) =   3.808560 ( 0.17632) : loss rate  0.0342
liq.cash: 10Y std.dev. (1Y) =   1.834026 ( 0.08491)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5082 0.03597   0.09322 0.06529  0.08699  0.08043    0.9075   0.2606   1.1681
 dbratio     ROA    ROA1 debtcf1
 0.22309 0.15095 0.12938 0.01833

TOSYOU CODE: 6976    308
debtcashflow initial values:   0.000010   3.326500
stddev initial values:   0.000010   3.326500
ecfconst solution invest:   3.185600   4.459840
debt cf solution invest: 0.13749920 0.20263040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09688  std.dev = 0.17298  lambda =   2.49844
riskless rate of interest = 0.05897  correlation =  0.23306
data: equity =   1.030323  debt =   0.078510  firm =   1.108833

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

debt amount =   0.0554   investment =   0.0554   debt ratio =  1.00000
RRR on investment =  0.110619      after tax =  0.060840
search range of Y std.dev.:   minimum =   1.555067   maximum =   2.021587
old shareholders wealth =    1.0303    old bondholders =     0.0779
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.343902, k:agcpara = 0.29066647)
liq.cash: 10Y average (1Y) =   3.271902 ( 0.15061) : loss rate  0.0215
liq.cash: 10Y std.dev. (1Y) =   1.555067 ( 0.07158)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2477 0.02590   0.07427 0.06108  0.07276  0.06961    1.0303   0.1334   1.1637
 dbratio     ROA    ROA1 debtcf1
 0.11461 0.12942 0.11133 0.00863

TOSYOU CODE: 4116    309
debtcashflow initial values:   0.000010   3.292789
stddev initial values:   0.000010   3.292789
ecfconst solution invest:   3.167165   4.434031
debt cf solution invest: 0.83811850 1.23512200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27858
data: equity =   0.649142  debt =   0.448454  firm =   1.097596

agency cost: EZC - k L (EZC:ecfconst =   3.167165, k:agcpara = 0.21116532)
liq.cash: 10Y average (1Y) =   2.980869 ( 0.13310) : loss rate  0.0588
liq.cash: 10Y std.dev. (1Y) =   1.429170 ( 0.06381)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8822 0.07099   0.08288 0.06370  0.07504  0.06333    0.6491   0.4485   1.0976
 dbratio     ROA    ROA1 debtcf1
 0.40858 0.12126 0.11179 0.03234

debt amount =   0.0549   investment =   0.0549   debt ratio =  1.00000
RRR on investment =  0.104785      after tax =  0.057632
search range of Y std.dev.:   minimum =   1.496251   maximum =   1.945127
old shareholders wealth =    0.6491    old bondholders =     0.4450
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.315823, k:agcpara = 0.21116532)
liq.cash: 10Y average (1Y) =   3.106552 ( 0.13827) : loss rate  0.0631
liq.cash: 10Y std.dev. (1Y) =   1.496251 ( 0.06660)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9910 0.07870   0.08373 0.06402  0.07515  0.06262    0.6491   0.4999   1.1490
 dbratio     ROA    ROA1 debtcf1
 0.43505 0.12034 0.11180 0.03657

TOSYOU CODE: 5453    310
debtcashflow initial values:   0.000010   3.289343
stddev initial values:   0.000010   3.289343
ecfconst solution invest:   3.394404   4.752166
debt cf solution invest: 0.66554720 0.98080640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36572
data: equity =   0.735538  debt =   0.360910  firm =   1.096448

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

debt amount =   0.0548   investment =   0.0548   debt ratio =  1.00000
RRR on investment =  0.114131      after tax =  0.062772
search range of Y std.dev.:   minimum =   1.601445   maximum =   2.081879
old shareholders wealth =    0.7355    old bondholders =     0.3582
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.555959, k:agcpara = 0.23158575)
liq.cash: 10Y average (1Y) =   3.368882 ( 0.15302) : loss rate  0.0526
liq.cash: 10Y std.dev. (1Y) =   1.601445 ( 0.07274)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8078 0.05488   0.08937 0.06426  0.08034  0.06994    0.7355   0.4130   1.1485
 dbratio     ROA    ROA1 debtcf1
 0.35958 0.13323 0.11965 0.02936

TOSYOU CODE: 6759    311
debtcashflow initial values:   0.000010   3.283048
stddev initial values:   0.000010   3.283048
ecfconst solution invest:   3.315879   4.642231
debt cf solution invest: 0.41452775 0.61088300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29322
data: equity =   0.869139  debt =   0.225210  firm =   1.094349

agency cost: EZC - k L (EZC:ecfconst =   3.315879, k:agcpara = 0.24879233)
liq.cash: 10Y average (1Y) =   3.207320 ( 0.14748) : loss rate  0.0327
liq.cash: 10Y std.dev. (1Y) =   1.665965 ( 0.07661)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4363 0.04813   0.08141 0.06321  0.07767  0.07181    0.8691   0.2252   1.0944
 dbratio     ROA    ROA1 debtcf1
 0.20579 0.13477 0.11723 0.01578

debt amount =   0.0547   investment =   0.0547   debt ratio =  1.00000
RRR on investment =  0.113236      after tax =  0.062280
search range of Y std.dev.:   minimum =   1.746330   maximum =   2.270229
old shareholders wealth =    0.8691    old bondholders =     0.2232
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.475835, k:agcpara = 0.24879233)
liq.cash: 10Y average (1Y) =   3.340658 ( 0.15304) : loss rate  0.0389
liq.cash: 10Y std.dev. (1Y) =   1.746330 ( 0.08000)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5433 0.05460   0.08229 0.06361  0.07776  0.07083    0.8691   0.2779   1.1470
 dbratio     ROA    ROA1 debtcf1
 0.24227 0.13342 0.11725 0.01980

TOSYOU CODE: 5947    312
debtcashflow initial values:   0.000010   3.275276
stddev initial values:   0.000010   3.275276
ecfconst solution invest:   3.141525   4.398135
debt cf solution invest: 0.14904740 0.21964880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24550
data: equity =   1.006646  debt =   0.085113  firm =   1.091759

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

debt amount =   0.0546   investment =   0.0546   debt ratio =  1.00000
RRR on investment =  0.110665      after tax =  0.060866
search range of Y std.dev.:   minimum =   1.530521   maximum =   1.989677
old shareholders wealth =    1.0066    old bondholders =     0.0845
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.297455, k:agcpara = 0.28829729)
liq.cash: 10Y average (1Y) =   3.222992 ( 0.14829) : loss rate  0.0226
liq.cash: 10Y std.dev. (1Y) =   1.530521 ( 0.07042)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2583 0.02637   0.07456 0.06103  0.07292  0.06958    1.0066   0.1391   1.1457
 dbratio     ROA    ROA1 debtcf1
 0.12137 0.12943 0.11150 0.00900

TOSYOU CODE: 2811    313
debtcashflow initial values:   0.000010   3.248254
stddev initial values:   0.000010   3.248254
ecfconst solution invest:   3.416416   4.782982
debt cf solution invest: 0.24127340 0.35556080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41371
data: equity =   0.944524  debt =   0.138227  firm =   1.082751

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

debt amount =   0.0541   investment =   0.0541   debt ratio =  1.00000
RRR on investment =  0.120281      after tax =  0.066154
search range of Y std.dev.:   minimum =   1.495939   maximum =   1.944720
old shareholders wealth =    0.9445    old bondholders =     0.1373
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.584981, k:agcpara = 0.28199611)
liq.cash: 10Y average (1Y) =   3.485113 ( 0.16137) : loss rate  0.0279
liq.cash: 10Y std.dev. (1Y) =   1.495939 ( 0.06926)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3541 0.01818   0.08499 0.06152  0.08104  0.07637    0.9445   0.1914   1.1359
 dbratio     ROA    ROA1 debtcf1
 0.16849 0.14206 0.12180 0.01226

TOSYOU CODE: 7275    314
debtcashflow initial values:   0.000010   3.235594
stddev initial values:   0.000010   3.235594
ecfconst solution invest:   3.162790   4.427906
debt cf solution invest: 0.75825960 1.11743520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09611  std.dev = 0.17368  lambda =   2.41485
riskless rate of interest = 0.05906  correlation =  0.28741
data: equity =   0.672686  debt =   0.405845  firm =   1.078531

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

debt amount =   0.0539   investment =   0.0539   debt ratio =  1.00000
RRR on investment =  0.107075      after tax =  0.058891
search range of Y std.dev.:   minimum =   1.519881   maximum =   1.975845
old shareholders wealth =    0.6727    old bondholders =     0.4027
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.311922, k:agcpara = 0.21920725)
liq.cash: 10Y average (1Y) =   3.113527 ( 0.13947) : loss rate  0.0599
liq.cash: 10Y std.dev. (1Y) =   1.519881 ( 0.06808)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9051 0.07310   0.08429 0.06425  0.07619  0.06450    0.6727   0.4566   1.1293
 dbratio     ROA    ROA1 debtcf1
 0.40433 0.12350 0.11360 0.03335

TOSYOU CODE: 7977    315
debtcashflow initial values:   0.000010   3.142029
stddev initial values:   0.000010   3.142029
ecfconst solution invest:   3.298663   4.618128
debt cf solution invest: 0.25389130 0.37415560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40995
data: equity =   0.902220  debt =   0.145123  firm =   1.047343

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

debt amount =   0.0524   investment =   0.0524   debt ratio =  1.00000
RRR on investment =  0.119833      after tax =  0.065908
search range of Y std.dev.:   minimum =   1.449641   maximum =   1.884533
old shareholders wealth =    0.9022    old bondholders =     0.1441
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.461065, k:agcpara = 0.27822902)
liq.cash: 10Y average (1Y) =   3.359682 ( 0.15540) : loss rate  0.0293
liq.cash: 10Y std.dev. (1Y) =   1.449641 ( 0.06705)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3644 0.01940   0.08511 0.06165  0.08092  0.07596    0.9022   0.1965   1.0987
 dbratio     ROA    ROA1 debtcf1
 0.17881 0.14144 0.12159 0.01264

TOSYOU CODE: 6997    316
debtcashflow initial values:   0.000010   3.141624
stddev initial values:   0.000010   3.141624
ecfconst solution invest:   3.113199   4.358479
debt cf solution invest: 0.19769215 0.29133580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30129
data: equity =   0.934552  debt =   0.112656  firm =   1.047208

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

debt amount =   0.0524   investment =   0.0524   debt ratio =  1.00000
RRR on investment =  0.113779      after tax =  0.062578
search range of Y std.dev.:   minimum =   1.467267   maximum =   1.907447
old shareholders wealth =    0.9346    old bondholders =     0.1118
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.267012, k:agcpara = 0.28167599)
liq.cash: 10Y average (1Y) =   3.180941 ( 0.14661) : loss rate  0.0263
liq.cash: 10Y std.dev. (1Y) =   1.467267 ( 0.06763)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3056 0.02502   0.07836 0.06142  0.07583  0.07170    0.9346   0.1642   1.0987
 dbratio     ROA    ROA1 debtcf1
 0.14940 0.13344 0.11513 0.01066

TOSYOU CODE: 5707    317
debtcashflow initial values:   0.000010   3.136889
stddev initial values:   0.000010   3.136889
ecfconst solution invest:   3.349768   4.689675
debt cf solution invest: 0.89631645 1.32088740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50257
data: equity =   0.555693  debt =   0.489937  firm =   1.045630

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

debt amount =   0.0523   investment =   0.0523   debt ratio =  1.00000
RRR on investment =  0.116831      after tax =  0.064257
search range of Y std.dev.:   minimum =   1.352381   maximum =   1.758095
old shareholders wealth =    0.5557    old bondholders =     0.4868
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.507610, k:agcpara = 0.21337273)
liq.cash: 10Y average (1Y) =   3.284676 ( 0.14833) : loss rate  0.0636
liq.cash: 10Y std.dev. (1Y) =   1.352381 ( 0.06107)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0448 0.04884   0.10280 0.06459  0.08398  0.06967    0.5557   0.5391   1.0948
 dbratio     ROA    ROA1 debtcf1
 0.49243 0.13548 0.12348 0.03755

TOSYOU CODE: 6135    318
debtcashflow initial values:   0.000010   3.136586
stddev initial values:   0.000010   3.136586
ecfconst solution invest:   3.227832   4.518965
debt cf solution invest: 0.38222205 0.56327460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32075
data: equity =   0.837132  debt =   0.208397  firm =   1.045529

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

debt amount =   0.0523   investment =   0.0523   debt ratio =  1.00000
RRR on investment =  0.115497      after tax =  0.063523
search range of Y std.dev.:   minimum =   1.673499   maximum =   2.175549
old shareholders wealth =    0.8371    old bondholders =     0.2065
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.383783, k:agcpara = 0.25097098)
liq.cash: 10Y average (1Y) =   3.257247 ( 0.14966) : loss rate  0.0374
liq.cash: 10Y std.dev. (1Y) =   1.673499 ( 0.07689)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5042 0.04998   0.08419 0.06370  0.07935  0.07258    0.8371   0.2588   1.0959
 dbratio     ROA    ROA1 debtcf1
 0.23614 0.13656 0.11934 0.01830

TOSYOU CODE: 6755    319
debtcashflow initial values:   0.000010   3.119869
stddev initial values:   0.000010   3.119869
ecfconst solution invest:   2.893183   4.050456
debt cf solution invest: 0.73410395 1.08183740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20505
data: equity =   0.649588  debt =   0.390368  firm =   1.039956

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

debt amount =   0.0520   investment =   0.0520   debt ratio =  1.00000
RRR on investment =  0.100949      after tax =  0.055522
search range of Y std.dev.:   minimum =   1.469073   maximum =   1.909795
old shareholders wealth =    0.6496    old bondholders =     0.3872
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.029220, k:agcpara = 0.21546637)
liq.cash: 10Y average (1Y) =   2.840358 ( 0.12581) : loss rate  0.0623
liq.cash: 10Y std.dev. (1Y) =   1.469073 ( 0.06507)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8765 0.09065   0.07726 0.06329  0.07162  0.06014    0.6496   0.4392   1.0888
 dbratio     ROA    ROA1 debtcf1
 0.40336 0.11555 0.10775 0.03267

TOSYOU CODE: 6440    320
debtcashflow initial values:   0.000010   3.118113
stddev initial values:   0.000010   3.118113
ecfconst solution invest:   3.024170   4.233838
debt cf solution invest: 0.72952495 1.07508940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27932
data: equity =   0.648406  debt =   0.390965  firm =   1.039371

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

debt amount =   0.0520   investment =   0.0520   debt ratio =  1.00000
RRR on investment =  0.106179      after tax =  0.058398
search range of Y std.dev.:   minimum =   1.460189   maximum =   1.898246
old shareholders wealth =    0.6484    old bondholders =     0.3879
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.166729, k:agcpara = 0.21800187)
liq.cash: 10Y average (1Y) =   2.976892 ( 0.13317) : loss rate  0.0599
liq.cash: 10Y std.dev. (1Y) =   1.460189 ( 0.06532)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8708 0.07460   0.08335 0.06397  0.07552  0.06388    0.6484   0.4399   1.0883
 dbratio     ROA    ROA1 debtcf1
 0.40419 0.12237 0.11272 0.03209

TOSYOU CODE: 2108    321
debtcashflow initial values:   0.000010   3.112566
stddev initial values:   0.000010   3.112566
ecfconst solution invest:   3.478029   4.869241
debt cf solution invest: 0.26772235 0.39453820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.38849
data: equity =   0.884666  debt =   0.152856  firm =   1.037522

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

debt amount =   0.0519   investment =   0.0519   debt ratio =  1.00000
RRR on investment =  0.126940      after tax =  0.069817
search range of Y std.dev.:   minimum =   1.439848   maximum =   1.871803
old shareholders wealth =    0.8847    old bondholders =     0.1519
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.649416, k:agcpara = 0.28651611)
liq.cash: 10Y average (1Y) =   3.541100 ( 0.16433) : loss rate  0.0297
liq.cash: 10Y std.dev. (1Y) =   1.439848 ( 0.06682)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3780 0.01402   0.09180 0.06225  0.08627  0.08102    0.8847   0.2038   1.0885
 dbratio     ROA    ROA1 debtcf1
 0.18723 0.15098 0.12860 0.01308

TOSYOU CODE: 2051    322
debtcashflow initial values:   0.000010   3.111592
stddev initial values:   0.000010   3.111592
ecfconst solution invest:   3.334473   4.668262
debt cf solution invest: 0.59630360 0.87876320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.26297
data: equity =   0.716786  debt =   0.320411  firm =   1.037197

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

debt amount =   0.0519   investment =   0.0519   debt ratio =  1.00000
RRR on investment =  0.118738      after tax =  0.065306
search range of Y std.dev.:   minimum =   1.570556   maximum =   2.041722
old shareholders wealth =    0.7168    old bondholders =     0.3180
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.493737, k:agcpara = 0.24247225)
liq.cash: 10Y average (1Y) =   3.316719 ( 0.15147) : loss rate  0.0507
liq.cash: 10Y std.dev. (1Y) =   1.570556 ( 0.07173)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7301 0.04978   0.09258 0.06562  0.08340  0.07335    0.7168   0.3699   1.0866
 dbratio     ROA    ROA1 debtcf1
 0.34037 0.13939 0.12388 0.02661

TOSYOU CODE: 4536    323
debtcashflow initial values:   0.000010   3.069503
stddev initial values:   0.000010   3.069503
ecfconst solution invest:   2.829165   3.960831
debt cf solution invest: 0.10626890 0.15660680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.09425
data: equity =   0.963639  debt =   0.059529  firm =   1.023168

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

debt amount =   0.0512   investment =   0.0512   debt ratio =  1.00000
RRR on investment =  0.106510      after tax =  0.058580
search range of Y std.dev.:   minimum =   1.503334   maximum =   1.954334
old shareholders wealth =    0.9636    old bondholders =     0.0590
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.969922, k:agcpara = 0.29725036)
liq.cash: 10Y average (1Y) =   2.907859 ( 0.13317) : loss rate  0.0209
liq.cash: 10Y std.dev. (1Y) =   1.503334 ( 0.06885)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2088 0.03630   0.07015 0.06205  0.06931  0.06645    0.9636   0.1102   1.0738
 dbratio     ROA    ROA1 debtcf1
 0.10262 0.12401 0.10708 0.00741

TOSYOU CODE: 6013    324
debtcashflow initial values:   0.000010   3.039693
stddev initial values:   0.000010   3.039693
ecfconst solution invest:   3.217706   4.504788
debt cf solution invest: 0.31184605 0.45956260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35798
data: equity =   0.841956  debt =   0.171275  firm =   1.013231

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

debt amount =   0.0507   investment =   0.0507   debt ratio =  1.00000
RRR on investment =  0.119153      after tax =  0.065534
search range of Y std.dev.:   minimum =   1.648654   maximum =   2.143250
old shareholders wealth =    0.8420    old bondholders =     0.1697
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.373867, k:agcpara = 0.25726511)
liq.cash: 10Y average (1Y) =   3.264205 ( 0.15081) : loss rate  0.0325
liq.cash: 10Y std.dev. (1Y) =   1.648654 ( 0.07617)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4263 0.04259   0.08636 0.06365  0.08165  0.07571    0.8420   0.2203   1.0623
 dbratio     ROA    ROA1 debtcf1
 0.20743 0.14196 0.12250 0.01536

TOSYOU CODE: 5210    325
debtcashflow initial values:   0.000010   3.019573
stddev initial values:   0.000010   3.019573
ecfconst solution invest:   3.760534   5.264748
debt cf solution invest: 0.53902525 0.79435300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.45774
data: equity =   0.707926  debt =   0.298598  firm =   1.006524

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

debt amount =   0.0503   investment =   0.0503   debt ratio =  1.00000
RRR on investment =  0.137164      after tax =  0.075440
search range of Y std.dev.:   minimum =   1.553633   maximum =   2.019723
old shareholders wealth =    0.7079    old bondholders =     0.2969
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.942514, k:agcpara = 0.26604321)
liq.cash: 10Y average (1Y) =   3.765974 ( 0.17384) : loss rate  0.0448
liq.cash: 10Y std.dev. (1Y) =   1.553633 ( 0.07171)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6636 0.02292   0.11052 0.06474  0.09546  0.08587    0.7079   0.3472   1.0551
 dbratio     ROA    ROA1 debtcf1
 0.32907 0.16475 0.14090 0.02347

TOSYOU CODE: 3109    326
debtcashflow initial values:   0.000010   3.000964
stddev initial values:   0.000010   3.000964
ecfconst solution invest:   3.145984   4.404378
debt cf solution invest: 0.90477525 1.33335300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.28215
data: equity =   0.516617  debt =   0.483704  firm =   1.000321

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

debt amount =   0.0500   investment =   0.0500   debt ratio =  1.00000
RRR on investment =  0.114149      after tax =  0.062782
search range of Y std.dev.:   minimum =   1.297549   maximum =   1.686814
old shareholders wealth =    0.5166    old bondholders =     0.4805
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.293399, k:agcpara = 0.21009900)
liq.cash: 10Y average (1Y) =   3.072473 ( 0.13786) : loss rate  0.0671
liq.cash: 10Y std.dev. (1Y) =   1.297549 ( 0.05822)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.0515 0.05968   0.10014 0.06622  0.08296  0.06786    0.5166   0.5305   1.0471
 dbratio     ROA    ROA1 debtcf1
 0.50663 0.13166 0.12141 0.03839

TOSYOU CODE: 3584    327
debtcashflow initial values:   0.000010   2.994641
stddev initial values:   0.000010   2.994641
ecfconst solution invest:   2.787963   3.903148
debt cf solution invest: 0.59145955 0.87162460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.11217
data: equity =   0.688135  debt =   0.310079  firm =   0.998214

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

debt amount =   0.0499   investment =   0.0499   debt ratio =  1.00000
RRR on investment =  0.102224      after tax =  0.056223
search range of Y std.dev.:   minimum =   1.528444   maximum =   1.986978
old shareholders wealth =    0.6881    old bondholders =     0.3074
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.920060, k:agcpara = 0.23261801)
liq.cash: 10Y average (1Y) =   2.751718 ( 0.12275) : loss rate  0.0577
liq.cash: 10Y std.dev. (1Y) =   1.528444 ( 0.06818)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7237 0.09228   0.07503 0.06409  0.07129  0.06144    0.6881   0.3573   1.0454
 dbratio     ROA    ROA1 debtcf1
 0.34176 0.11741 0.10818 0.02727

TOSYOU CODE: 5902    328
debtcashflow initial values:   0.000010   2.953714
stddev initial values:   0.000010   2.953714
ecfconst solution invest:   2.973337   4.162672
debt cf solution invest: 0.40619720 0.59860640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.27904
data: equity =   0.766171  debt =   0.218400  firm =   0.984571

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

debt amount =   0.0492   investment =   0.0492   debt ratio =  1.00000
RRR on investment =  0.112592      after tax =  0.061926
search range of Y std.dev.:   minimum =   1.573037   maximum =   2.044949
old shareholders wealth =    0.7662    old bondholders =     0.2164
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.116416, k:agcpara = 0.24877138)
liq.cash: 10Y average (1Y) =   2.985855 ( 0.13646) : loss rate  0.0419
liq.cash: 10Y std.dev. (1Y) =   1.573037 ( 0.07189)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5248 0.05885   0.08215 0.06432  0.07756  0.07011    0.7662   0.2657   1.0318
 dbratio     ROA    ROA1 debtcf1
 0.25747 0.13224 0.11687 0.01927

TOSYOU CODE: 7750    329
debtcashflow initial values:   0.000010   2.939103
stddev initial values:   0.000010   2.939103
ecfconst solution invest:   2.861725   4.006415
debt cf solution invest: 0.52894480 0.77949760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25739
data: equity =   0.695431  debt =   0.284270  firm =   0.979701

agency cost: EZC - k L (EZC:ecfconst =   2.861725, k:agcpara = 0.23343628)
liq.cash: 10Y average (1Y) =   2.731751 ( 0.12384) : loss rate  0.0454
liq.cash: 10Y std.dev. (1Y) =   1.411050 ( 0.06397)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5568 0.06161   0.07980 0.06331  0.07501  0.06675    0.6954   0.2843   0.9797
 dbratio     ROA    ROA1 debtcf1
 0.29016 0.12640 0.11315 0.02036

debt amount =   0.0490   investment =   0.0490   debt ratio =  1.00000
RRR on investment =  0.107819      after tax =  0.059300
search range of Y std.dev.:   minimum =   1.478296   maximum =   1.921785
old shareholders wealth =    0.6954    old bondholders =     0.2819
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.998105, k:agcpara = 0.23343628)
liq.cash: 10Y average (1Y) =   2.845545 ( 0.12852) : loss rate  0.0509
liq.cash: 10Y std.dev. (1Y) =   1.478296 ( 0.06677)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6535 0.06906   0.08058 0.06364  0.07512  0.06589    0.6954   0.3309   1.0263
 dbratio     ROA    ROA1 debtcf1
 0.32239 0.12523 0.11316 0.02407

TOSYOU CODE: 6621    330
debtcashflow initial values:   0.000010   2.938858
stddev initial values:   0.000010   2.938858
ecfconst solution invest:   2.927699   4.098779
debt cf solution invest: 0.26266170 0.38708040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30813
data: equity =   0.831391  debt =   0.148228  firm =   0.979619

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

debt amount =   0.0490   investment =   0.0490   debt ratio =  1.00000
RRR on investment =  0.113307      after tax =  0.062319
search range of Y std.dev.:   minimum =   1.388891   maximum =   1.805558
old shareholders wealth =    0.8314    old bondholders =     0.1470
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.070976, k:agcpara = 0.26646197)
liq.cash: 10Y average (1Y) =   2.972758 ( 0.13656) : loss rate  0.0320
liq.cash: 10Y std.dev. (1Y) =   1.388891 ( 0.06380)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3686 0.03040   0.07988 0.06194  0.07646  0.07114    0.8314   0.1960   1.0274
 dbratio     ROA    ROA1 debtcf1
 0.19077 0.13292 0.11572 0.01298

TOSYOU CODE: 7757    331
debtcashflow initial values:   0.000010   2.938395
stddev initial values:   0.000010   2.938395
ecfconst solution invest:   2.825291   3.955407
debt cf solution invest: 0.56892935 0.83842220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.24342
data: equity =   0.674592  debt =   0.304873  firm =   0.979465

agency cost: EZC - k L (EZC:ecfconst =   2.825291, k:agcpara = 0.22913098)
liq.cash: 10Y average (1Y) =   2.688071 ( 0.12130) : loss rate  0.0486
liq.cash: 10Y std.dev. (1Y) =   1.389674 ( 0.06271)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5989 0.06637   0.07898 0.06326  0.07409  0.06523    0.6746   0.3049   0.9795
 dbratio     ROA    ROA1 debtcf1
 0.31126 0.12384 0.11175 0.02197

debt amount =   0.0490   investment =   0.0490   debt ratio =  1.00000
RRR on investment =  0.106057      after tax =  0.058332
search range of Y std.dev.:   minimum =   1.455680   maximum =   1.892384
old shareholders wealth =    0.6746    old bondholders =     0.3023
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.959486, k:agcpara = 0.22913098)
liq.cash: 10Y average (1Y) =   2.800037 ( 0.12589) : loss rate  0.0539
liq.cash: 10Y std.dev. (1Y) =   1.455680 ( 0.06545)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6959 0.07416   0.07972 0.06357  0.07419  0.06440    0.6746   0.3513   1.0259
 dbratio     ROA    ROA1 debtcf1
 0.34243 0.12271 0.11176 0.02571

TOSYOU CODE: 7988    332
debtcashflow initial values:   0.000010   2.925859
stddev initial values:   0.000010   2.925859
ecfconst solution invest:   3.115148   4.361207
debt cf solution invest: 0.23397645 0.34480740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.31588
data: equity =   0.842398  debt =   0.132888  firm =   0.975286

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

debt amount =   0.0488   investment =   0.0488   debt ratio =  1.00000
RRR on investment =  0.121471      after tax =  0.066809
search range of Y std.dev.:   minimum =   1.363244   maximum =   1.772217
old shareholders wealth =    0.8424    old bondholders =     0.1320
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.268603, k:agcpara = 0.28281937)
liq.cash: 10Y average (1Y) =   3.173206 ( 0.14693) : loss rate  0.0292
liq.cash: 10Y std.dev. (1Y) =   1.363244 ( 0.06312)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3373 0.01875   0.08635 0.06238  0.08212  0.07716    0.8424   0.1807   1.0231
 dbratio     ROA    ROA1 debtcf1
 0.17664 0.14361 0.12317 0.01175

TOSYOU CODE: 6369    333
debtcashflow initial values:   0.000010   2.901935
stddev initial values:   0.000010   2.901935
ecfconst solution invest:   3.063675   4.289145
debt cf solution invest: 0.45217435 0.66636220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37786
data: equity =   0.720495  debt =   0.246817  firm =   0.967312

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

debt amount =   0.0484   investment =   0.0484   debt ratio =  1.00000
RRR on investment =  0.117786      after tax =  0.064783
search range of Y std.dev.:   minimum =   1.490792   maximum =   1.938029
old shareholders wealth =    0.7205    old bondholders =     0.2449
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.210949, k:agcpara = 0.24514552)
liq.cash: 10Y average (1Y) =   3.071218 ( 0.14082) : loss rate  0.0435
liq.cash: 10Y std.dev. (1Y) =   1.490792 ( 0.06835)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5700 0.04669   0.08903 0.06404  0.08180  0.07347    0.7205   0.2932   1.0137
 dbratio     ROA    ROA1 debtcf1
 0.28926 0.13891 0.12220 0.02060

TOSYOU CODE: 4062    334
debtcashflow initial values:   0.000010   2.880677
stddev initial values:   0.000010   2.880677
ecfconst solution invest:   3.147759   4.406863
debt cf solution invest: 0.35668225 0.52563700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41870
data: equity =   0.763860  debt =   0.196366  firm =   0.960226

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

debt amount =   0.0480   investment =   0.0480   debt ratio =  1.00000
RRR on investment =  0.122471      after tax =  0.067359
search range of Y std.dev.:   minimum =   1.530009   maximum =   1.989012
old shareholders wealth =    0.7639    old bondholders =     0.1948
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.300198, k:agcpara = 0.25545660)
liq.cash: 10Y average (1Y) =   3.180642 ( 0.14690) : loss rate  0.0362
liq.cash: 10Y std.dev. (1Y) =   1.530009 ( 0.07066)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4680 0.03812   0.09106 0.06386  0.08450  0.07757    0.7639   0.2428   1.0066
 dbratio     ROA    ROA1 debtcf1
 0.24117 0.14593 0.12607 0.01678

TOSYOU CODE: 7721    335
debtcashflow initial values:   0.000010   2.875939
stddev initial values:   0.000010   2.875939
ecfconst solution invest:   3.020265   4.228371
debt cf solution invest: 0.57799900 0.85178800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39514
data: equity =   0.644204  debt =   0.314442  firm =   0.958646

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

debt amount =   0.0479   investment =   0.0479   debt ratio =  1.00000
RRR on investment =  0.116236      after tax =  0.063930
search range of Y std.dev.:   minimum =   1.402368   maximum =   1.823079
old shareholders wealth =    0.6442    old bondholders =     0.3121
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.164208, k:agcpara = 0.23361461)
liq.cash: 10Y average (1Y) =   3.000243 ( 0.13662) : loss rate  0.0518
liq.cash: 10Y std.dev. (1Y) =   1.402368 ( 0.06386)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7019 0.05061   0.09154 0.06430  0.08178  0.07140    0.6442   0.3600   1.0042
 dbratio     ROA    ROA1 debtcf1
 0.35852 0.13605 0.12161 0.02541

TOSYOU CODE: 5563    336
debtcashflow initial values:   0.000010   2.875755
stddev initial values:   0.000010   2.875755
ecfconst solution invest:   2.901161   4.061625
debt cf solution invest: 0.46089345 0.67921140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.29151
data: equity =   0.711232  debt =   0.247353  firm =   0.958585

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

debt amount =   0.0479   investment =   0.0479   debt ratio =  1.00000
RRR on investment =  0.112345      after tax =  0.061790
search range of Y std.dev.:   minimum =   1.493899   maximum =   1.942069
old shareholders wealth =    0.7112    old bondholders =     0.2453
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.040155, k:agcpara = 0.24332569)
liq.cash: 10Y average (1Y) =   2.899035 ( 0.13206) : loss rate  0.0464
liq.cash: 10Y std.dev. (1Y) =   1.493899 ( 0.06805)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5800 0.06029   0.08350 0.06451  0.07796  0.06948    0.7112   0.2932   1.0044
 dbratio     ROA    ROA1 debtcf1
 0.29189 0.13148 0.11712 0.02130

TOSYOU CODE: 4228    337
debtcashflow initial values:   0.000010   2.864817
stddev initial values:   0.000010   2.864817
ecfconst solution invest:   3.065889   4.292245
debt cf solution invest: 0.52157280 0.76863360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41581
data: equity =   0.670005  debt =   0.284934  firm =   0.954939

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

debt amount =   0.0477   investment =   0.0477   debt ratio =  1.00000
RRR on investment =  0.118859      after tax =  0.065372
search range of Y std.dev.:   minimum =   1.428948   maximum =   1.857633
old shareholders wealth =    0.6700    old bondholders =     0.2828
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.212680, k:agcpara = 0.24024085)
liq.cash: 10Y average (1Y) =   3.058514 ( 0.13994) : loss rate  0.0480
liq.cash: 10Y std.dev. (1Y) =   1.428948 ( 0.06538)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6417 0.04539   0.09251 0.06422  0.08316  0.07361    0.6700   0.3306   1.0006
 dbratio     ROA    ROA1 debtcf1
 0.33037 0.13986 0.12373 0.02314

TOSYOU CODE: 3107    338
debtcashflow initial values:   0.000010   2.862076
stddev initial values:   0.000010   2.862076
ecfconst solution invest:   3.307266   4.630172
debt cf solution invest: 0.82254515 1.21217180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.39560
data: equity =   0.505378  debt =   0.448647  firm =   0.954025

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

debt amount =   0.0477   investment =   0.0477   debt ratio =  1.00000
RRR on investment =  0.126432      after tax =  0.069538
search range of Y std.dev.:   minimum =   1.271912   maximum =   1.653486
old shareholders wealth =    0.5054    old bondholders =     0.4461
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.464150, k:agcpara = 0.23115135)
liq.cash: 10Y average (1Y) =   3.242612 ( 0.14772) : loss rate  0.0640
liq.cash: 10Y std.dev. (1Y) =   1.271912 ( 0.05794)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9584 0.03626   0.11351 0.06576  0.08991  0.07529    0.5054   0.4938   0.9992
 dbratio     ROA    ROA1 debtcf1
 0.49423 0.14784 0.13238 0.03430

TOSYOU CODE: 5302    339
debtcashflow initial values:   0.000010   2.861131
stddev initial values:   0.000010   2.861131
ecfconst solution invest:   3.080461   4.312645
debt cf solution invest: 0.32954360 0.48564320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.37668
data: equity =   0.774102  debt =   0.179608  firm =   0.953710

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

debt amount =   0.0477   investment =   0.0477   debt ratio =  1.00000
RRR on investment =  0.120868      after tax =  0.066478
search range of Y std.dev.:   minimum =   1.551130   maximum =   2.016469
old shareholders wealth =    0.7741    old bondholders =     0.1780
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.229717, k:agcpara = 0.25847707)
liq.cash: 10Y average (1Y) =   3.116038 ( 0.14388) : loss rate  0.0352
liq.cash: 10Y std.dev. (1Y) =   1.551130 ( 0.07162)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4398 0.04223   0.08864 0.06452  0.08319  0.07664    0.7741   0.2257   0.9998
 dbratio     ROA    ROA1 debtcf1
 0.22575 0.14391 0.12441 0.01590

TOSYOU CODE: 7248    340
debtcashflow initial values:   0.000010   2.852281
stddev initial values:   0.000010   2.852281
ecfconst solution invest:   3.008859   4.212403
debt cf solution invest: 0.37527470 0.55303640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36453
data: equity =   0.745536  debt =   0.205224  firm =   0.950760

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

debt amount =   0.0475   investment =   0.0475   debt ratio =  1.00000
RRR on investment =  0.118187      after tax =  0.065003
search range of Y std.dev.:   minimum =   1.504348   maximum =   1.955653
old shareholders wealth =    0.7455    old bondholders =     0.2035
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.154132, k:agcpara = 0.25061381)
liq.cash: 10Y average (1Y) =   3.032005 ( 0.13948) : loss rate  0.0387
liq.cash: 10Y std.dev. (1Y) =   1.504348 ( 0.06920)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4873 0.04537   0.08750 0.06387  0.08155  0.07431    0.7455   0.2510   0.9966
 dbratio     ROA    ROA1 debtcf1
 0.25189 0.13996 0.12212 0.01760

TOSYOU CODE: 4516    341
debtcashflow initial values:   0.000010   2.833958
stddev initial values:   0.000010   2.833958
ecfconst solution invest:   2.790310   3.906434
debt cf solution invest: 0.22327185 0.32903220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28705
data: equity =   0.818396  debt =   0.126257  firm =   0.944653

agency cost: EZC - k L (EZC:ecfconst =   2.790310, k:agcpara = 0.27182304)
liq.cash: 10Y average (1Y) =   2.726425 ( 0.12578) : loss rate  0.0229
liq.cash: 10Y std.dev. (1Y) =   1.278185 ( 0.05897)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2350 0.02564   0.07743 0.06135  0.07528  0.07159    0.8184   0.1263   0.9447
 dbratio     ROA    ROA1 debtcf1
 0.13366 0.13315 0.11439 0.00820

debt amount =   0.0472   investment =   0.0472   debt ratio =  1.00000
RRR on investment =  0.112412      after tax =  0.061827
search range of Y std.dev.:   minimum =   1.340968   maximum =   1.743258
old shareholders wealth =    0.8184    old bondholders =     0.1252
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.927367, k:agcpara = 0.27182304)
liq.cash: 10Y average (1Y) =   2.839380 ( 0.13044) : loss rate  0.0301
liq.cash: 10Y std.dev. (1Y) =   1.340968 ( 0.06161)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3237 0.03033   0.07823 0.06174  0.07536  0.07053    0.8184   0.1724   0.9908
 dbratio     ROA    ROA1 debtcf1
 0.17403 0.13165 0.11442 0.01138

TOSYOU CODE: 7007    342
debtcashflow initial values:   0.000010   2.823803
stddev initial values:   0.000010   2.823803
ecfconst solution invest:   2.831629   3.964281
debt cf solution invest: 0.31458490 0.46359880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27691
data: equity =   0.770218  debt =   0.171050  firm =   0.941268

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

debt amount =   0.0471   investment =   0.0471   debt ratio =  1.00000
RRR on investment =  0.112711      after tax =  0.061991
search range of Y std.dev.:   minimum =   1.526276   maximum =   1.984159
old shareholders wealth =    0.7702    old bondholders =     0.1694
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.968561, k:agcpara = 0.25181243)
liq.cash: 10Y average (1Y) =   2.862011 ( 0.13129) : loss rate  0.0359
liq.cash: 10Y std.dev. (1Y) =   1.526276 ( 0.07002)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4231 0.05503   0.08084 0.06343  0.07702  0.07076    0.7702   0.2165   0.9867
 dbratio     ROA    ROA1 debtcf1
 0.21940 0.13306 0.11644 0.01543

TOSYOU CODE: 4086    343
debtcashflow initial values:   0.000010   2.820520
stddev initial values:   0.000010   2.820520
ecfconst solution invest:   3.002416   4.203382
debt cf solution invest: 0.24565670 0.36202040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.42003
data: equity =   0.800929  debt =   0.139244  firm =   0.940173

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

debt amount =   0.0470   investment =   0.0470   debt ratio =  1.00000
RRR on investment =  0.121171      after tax =  0.066644
search range of Y std.dev.:   minimum =   1.317084   maximum =   1.712209
old shareholders wealth =    0.8009    old bondholders =     0.1383
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.149952, k:agcpara = 0.27854902)
liq.cash: 10Y average (1Y) =   3.053433 ( 0.14125) : loss rate  0.0306
liq.cash: 10Y std.dev. (1Y) =   1.317084 ( 0.06093)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3465 0.01993   0.08669 0.06249  0.08214  0.07686    0.8009   0.1853   0.9862
 dbratio     ROA    ROA1 debtcf1
 0.18786 0.14323 0.12314 0.01209

TOSYOU CODE: 6704    344
debtcashflow initial values:   0.000010   2.809847
stddev initial values:   0.000010   2.809847
ecfconst solution invest:   2.877840   4.028976
debt cf solution invest: 0.13340470 0.19659640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36573
data: equity =   0.859834  debt =   0.076782  firm =   0.936616

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

debt amount =   0.0468   investment =   0.0468   debt ratio =  1.00000
RRR on investment =  0.118063      after tax =  0.064935
search range of Y std.dev.:   minimum =   1.288277   maximum =   1.674761
old shareholders wealth =    0.8598    old bondholders =     0.0763
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.020794, k:agcpara = 0.29248248)
liq.cash: 10Y average (1Y) =   2.954508 ( 0.13698) : loss rate  0.0219
liq.cash: 10Y std.dev. (1Y) =   1.288277 ( 0.05973)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2266 0.01711   0.08115 0.06109  0.07864  0.07519    0.8598   0.1231   0.9830
 dbratio     ROA    ROA1 debtcf1
 0.12525 0.13936 0.11882 0.00781

TOSYOU CODE: 6996    345
debtcashflow initial values:   0.000010   2.803285
stddev initial values:   0.000010   2.803285
ecfconst solution invest:   2.499633   3.499486
debt cf solution invest: 0.15026910 0.22144920
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.12017
data: equity =   0.850171  debt =   0.084257  firm =   0.934428

agency cost: EZC - k L (EZC:ecfconst =   2.499633, k:agcpara = 0.27997968)
liq.cash: 10Y average (1Y) =   2.455346 ( 0.11194) : loss rate  0.0177
liq.cash: 10Y std.dev. (1Y) =   1.330114 ( 0.06064)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1582 0.04208   0.06704 0.06044  0.06644  0.06399    0.8502   0.0843   0.9344
 dbratio     ROA    ROA1 debtcf1
 0.09017 0.11980 0.10340 0.00560

debt amount =   0.0467   investment =   0.0467   debt ratio =  1.00000
RRR on investment =  0.102079      after tax =  0.056143
search range of Y std.dev.:   minimum =   1.395828   maximum =   1.814576
old shareholders wealth =    0.8502    old bondholders =     0.0835
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.623126, k:agcpara = 0.27997968)
liq.cash: 10Y average (1Y) =   2.554046 ( 0.11580) : loss rate  0.0263
liq.cash: 10Y std.dev. (1Y) =   1.395828 ( 0.06329)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2467 0.04916   0.06739 0.06067  0.06650  0.06287    0.8502   0.1302   0.9803
 dbratio     ROA    ROA1 debtcf1
 0.13279 0.11812 0.10343 0.00882

TOSYOU CODE: 4401    346
debtcashflow initial values:   0.000010   2.802221
stddev initial values:   0.000010   2.802221
ecfconst solution invest:   2.956788   4.139503
debt cf solution invest: 0.67450570 0.99400840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43371
data: equity =   0.566926  debt =   0.367148  firm =   0.934074

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

debt amount =   0.0467   investment =   0.0467   debt ratio =  1.00000
RRR on investment =  0.116053      after tax =  0.063829
search range of Y std.dev.:   minimum =   1.295476   maximum =   1.684119
old shareholders wealth =    0.5669    old bondholders =     0.3646
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.096812, k:agcpara = 0.22381241)
liq.cash: 10Y average (1Y) =   2.917547 ( 0.13224) : loss rate  0.0579
liq.cash: 10Y std.dev. (1Y) =   1.295476 ( 0.05872)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8010 0.05115   0.09571 0.06450  0.08259  0.07038    0.5669   0.4113   0.9782
 dbratio     ROA    ROA1 debtcf1
 0.42045 0.13518 0.12214 0.02894

TOSYOU CODE: 6462    347
debtcashflow initial values:   0.000010   2.784735
stddev initial values:   0.000010   2.784735
ecfconst solution invest:   2.873264   4.022570
debt cf solution invest: 0.55198325 0.81344900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36274
data: equity =   0.628914  debt =   0.299331  firm =   0.928245

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

debt amount =   0.0464   investment =   0.0464   debt ratio =  1.00000
RRR on investment =  0.114196      after tax =  0.062808
search range of Y std.dev.:   minimum =   1.363393   maximum =   1.772411
old shareholders wealth =    0.6289    old bondholders =     0.2970
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.010115, k:agcpara = 0.23262612)
liq.cash: 10Y average (1Y) =   2.853832 ( 0.12970) : loss rate  0.0519
liq.cash: 10Y std.dev. (1Y) =   1.363393 ( 0.06196)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6718 0.05475   0.08904 0.06423  0.08028  0.07007    0.6289   0.3435   0.9724
 dbratio     ROA    ROA1 debtcf1
 0.35322 0.13339 0.11963 0.02442

TOSYOU CODE: 4092    348
debtcashflow initial values:   0.000010   2.779236
stddev initial values:   0.000010   2.779236
ecfconst solution invest:   3.482996   4.876194
debt cf solution invest: 0.41813300 0.61619600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.40953
data: equity =   0.695175  debt =   0.231237  firm =   0.926412

agency cost: EZC - k L (EZC:ecfconst =   3.482996, k:agcpara = 0.27253294)
liq.cash: 10Y average (1Y) =   3.363043 ( 0.15576) : loss rate  0.0344
liq.cash: 10Y std.dev. (1Y) =   1.411200 ( 0.06536)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4401 0.01917   0.10663 0.06452  0.09612  0.08887    0.6952   0.2312   0.9264
 dbratio     ROA    ROA1 debtcf1
 0.24960 0.16813 0.14160 0.01552

debt amount =   0.0463   investment =   0.0463   debt ratio =  1.00000
RRR on investment =  0.138324      after tax =  0.076078
search range of Y std.dev.:   minimum =   1.479759   maximum =   1.923687
old shareholders wealth =    0.6952    old bondholders =     0.2298
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.652208, k:agcpara = 0.27253294)
liq.cash: 10Y average (1Y) =   3.508080 ( 0.16221) : loss rate  0.0395
liq.cash: 10Y std.dev. (1Y) =   1.479759 ( 0.06842)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5288 0.02204   0.10841 0.06494  0.09605  0.08775    0.6952   0.2762   0.9713
 dbratio     ROA    ROA1 debtcf1
 0.28431 0.16699 0.14161 0.01873

TOSYOU CODE: 3104    349
debtcashflow initial values:   0.000010   2.768130
stddev initial values:   0.000010   2.768130
ecfconst solution invest:   3.079413   4.311178
debt cf solution invest: 0.71165830 1.04875960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.32498
data: equity =   0.538380  debt =   0.384330  firm =   0.922710

agency cost: EZC - k L (EZC:ecfconst =   3.079413, k:agcpara = 0.23123377)
liq.cash: 10Y average (1Y) =   2.906193 ( 0.13247) : loss rate  0.0563
liq.cash: 10Y std.dev. (1Y) =   1.228610 ( 0.05600)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7491 0.03957   0.10215 0.06562  0.08694  0.07464    0.5384   0.3843   0.9227
 dbratio     ROA    ROA1 debtcf1
 0.41653 0.14357 0.12808 0.02695

debt amount =   0.0461   investment =   0.0461   debt ratio =  1.00000
RRR on investment =  0.122063      after tax =  0.067135
search range of Y std.dev.:   minimum =   1.286841   maximum =   1.672893
old shareholders wealth =    0.5384    old bondholders =     0.3819
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.225364, k:agcpara = 0.23123377)
liq.cash: 10Y average (1Y) =   3.031215 ( 0.13787) : loss rate  0.0602
liq.cash: 10Y std.dev. (1Y) =   1.286841 ( 0.05853)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8396 0.04428   0.10367 0.06602  0.08700  0.07384    0.5384   0.4280   0.9664
 dbratio     ROA    ROA1 debtcf1
 0.44288 0.14267 0.12809 0.03036

TOSYOU CODE: 6406    350
debtcashflow initial values:   0.000010   2.756648
stddev initial values:   0.000010   2.756648
ecfconst solution invest:   3.004009   4.205613
debt cf solution invest: 0.37294055 0.54959660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.30440
data: equity =   0.715751  debt =   0.203132  firm =   0.918883

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

debt amount =   0.0459   investment =   0.0459   debt ratio =  1.00000
RRR on investment =  0.121892      after tax =  0.067041
search range of Y std.dev.:   minimum =   1.465381   maximum =   1.904995
old shareholders wealth =    0.7158    old bondholders =     0.2015
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.149134, k:agcpara = 0.25530500)
liq.cash: 10Y average (1Y) =   3.026055 ( 0.13948) : loss rate  0.0391
liq.cash: 10Y std.dev. (1Y) =   1.465381 ( 0.06754)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4821 0.04128   0.09114 0.06472  0.08435  0.07687    0.7158   0.2474   0.9632
 dbratio     ROA    ROA1 debtcf1
 0.25689 0.14481 0.12577 0.01741

TOSYOU CODE: 4914    351
debtcashflow initial values:   0.000010   2.734884
stddev initial values:   0.000010   2.734884
ecfconst solution invest:   2.803289   3.924605
debt cf solution invest: 0.44673180 0.65834160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33266
data: equity =   0.669176  debt =   0.242452  firm =   0.911628

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

debt amount =   0.0456   investment =   0.0456   debt ratio =  1.00000
RRR on investment =  0.114161      after tax =  0.062789
search range of Y std.dev.:   minimum =   1.395822   maximum =   1.814568
old shareholders wealth =    0.6692    old bondholders =     0.2405
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.937649, k:agcpara = 0.24089874)
liq.cash: 10Y average (1Y) =   2.802895 ( 0.12793) : loss rate  0.0459
liq.cash: 10Y std.dev. (1Y) =   1.395822 ( 0.06371)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5594 0.05399   0.08594 0.06398  0.07936  0.07074    0.6692   0.2860   0.9552
 dbratio     ROA    ROA1 debtcf1
 0.29946 0.13393 0.11890 0.02035

TOSYOU CODE: 6212    352
debtcashflow initial values:   0.000010   2.725999
stddev initial values:   0.000010   2.725999
ecfconst solution invest:   2.570110   3.598154
debt cf solution invest: 0.48129565 0.70927780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20578
data: equity =   0.651268  debt =   0.257398  firm =   0.908666

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

debt amount =   0.0454   investment =   0.0454   debt ratio =  1.00000
RRR on investment =  0.104193      after tax =  0.057306
search range of Y std.dev.:   minimum =   1.383869   maximum =   1.799029
old shareholders wealth =    0.6513    old bondholders =     0.2551
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.692522, k:agcpara = 0.23300575)
liq.cash: 10Y average (1Y) =   2.553454 ( 0.11469) : loss rate  0.0516
liq.cash: 10Y std.dev. (1Y) =   1.383869 ( 0.06216)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5968 0.07870   0.07646 0.06315  0.07226  0.06329    0.6513   0.3006   0.9518
 dbratio     ROA    ROA1 debtcf1
 0.31579 0.12049 0.10958 0.02215

TOSYOU CODE: 3111    353
debtcashflow initial values:   0.000010   2.720905
stddev initial values:   0.000010   2.720905
ecfconst solution invest:   3.540659   4.956923
debt cf solution invest: 0.36084990 0.53177880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.21644  std.dev = 0.13470  lambda =  29.15747
riskless rate of interest = 0.06077  correlation =  0.07311
data: equity =   0.707000  debt =   0.199968  firm =   0.906968

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

debt amount =   0.0453   investment =   0.0453   debt ratio =  1.00000
RRR on investment =  0.143126      after tax =  0.078719
search range of Y std.dev.:   minimum =   1.488637   maximum =   1.935228
old shareholders wealth =    0.7070    old bondholders =     0.1988
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.713442, k:agcpara = 0.28259624)
liq.cash: 10Y average (1Y) =   3.581614 ( 0.16566) : loss rate  0.0355
liq.cash: 10Y std.dev. (1Y) =   1.488637 ( 0.06885)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4665 0.01819   0.11104 0.06504  0.09923  0.09172    0.7070   0.2441   0.9511
 dbratio     ROA    ROA1 debtcf1
 0.25668 0.17417 0.14592 0.01647

TOSYOU CODE: 6761    354
debtcashflow initial values:   0.000010   2.707249
stddev initial values:   0.000010   2.707249
ecfconst solution invest:   2.877135   4.027989
debt cf solution invest: 0.38063270 0.56093240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.28662
data: equity =   0.695421  debt =   0.206995  firm =   0.902416

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

debt amount =   0.0451   investment =   0.0451   debt ratio =  1.00000
RRR on investment =  0.118850      after tax =  0.065368
search range of Y std.dev.:   minimum =   1.426169   maximum =   1.854020
old shareholders wealth =    0.6954    old bondholders =     0.2053
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.015841, k:agcpara = 0.25092726)
liq.cash: 10Y average (1Y) =   2.893205 ( 0.13300) : loss rate  0.0407
liq.cash: 10Y std.dev. (1Y) =   1.426169 ( 0.06556)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4887 0.04590   0.08866 0.06445  0.08225  0.07458    0.6954   0.2504   0.9458
 dbratio     ROA    ROA1 debtcf1
 0.26475 0.14061 0.12295 0.01771

TOSYOU CODE: 7246    355
debtcashflow initial values:   0.000010   2.692681
stddev initial values:   0.000010   2.692681
ecfconst solution invest:   2.738919   3.834487
debt cf solution invest: 0.74932200 1.10426400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40041
data: equity =   0.492166  debt =   0.405394  firm =   0.897560

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

debt amount =   0.0449   investment =   0.0449   debt ratio =  1.00000
RRR on investment =  0.111001      after tax =  0.061051
search range of Y std.dev.:   minimum =   1.174030   maximum =   1.526239
old shareholders wealth =    0.4922    old bondholders =     0.4026
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.867501, k:agcpara = 0.20869243)
liq.cash: 10Y average (1Y) =   2.684542 ( 0.12035) : loss rate  0.0638
liq.cash: 10Y std.dev. (1Y) =   1.174030 ( 0.05263)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8767 0.06180   0.09434 0.06459  0.08017  0.06633    0.4922   0.4475   0.9396
 dbratio     ROA    ROA1 debtcf1
 0.47621 0.12809 0.11803 0.03187

TOSYOU CODE: 5351    356
debtcashflow initial values:   0.000010   2.668542
stddev initial values:   0.000010   2.668542
ecfconst solution invest:   2.806785   3.929499
debt cf solution invest: 0.51560205 0.75983460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39292
data: equity =   0.608850  debt =   0.280664  firm =   0.889514

agency cost: EZC - k L (EZC:ecfconst =   2.806785, k:agcpara = 0.23574023)
liq.cash: 10Y average (1Y) =   2.678840 ( 0.12250) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   1.253496 ( 0.05732)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5427 0.04418   0.08998 0.06386  0.08174  0.07267    0.6089   0.2807   0.8895
 dbratio     ROA    ROA1 debtcf1
 0.31553 0.13772 0.12177 0.01952

debt amount =   0.0445   investment =   0.0445   debt ratio =  1.00000
RRR on investment =  0.116577      after tax =  0.064117
search range of Y std.dev.:   minimum =   1.313327   maximum =   1.707324
old shareholders wealth =    0.6089    old bondholders =     0.2786
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.940755, k:agcpara = 0.23574023)
liq.cash: 10Y average (1Y) =   2.792382 ( 0.12732) : loss rate  0.0505
liq.cash: 10Y std.dev. (1Y) =   1.313327 ( 0.05988)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6294 0.04978   0.09115 0.06426  0.08183  0.07180    0.6089   0.3230   0.9319
 dbratio     ROA    ROA1 debtcf1
 0.34665 0.13662 0.12178 0.02278

TOSYOU CODE: 6767    357
debtcashflow initial values:   0.000010   2.657275
stddev initial values:   0.000010   2.657275
ecfconst solution invest:   2.552969   3.574157
debt cf solution invest: 0.60378675 0.88979100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09873  std.dev = 0.17453  lambda =   2.57619
riskless rate of interest = 0.05931  correlation =  0.23162
data: equity =   0.564550  debt =   0.321208  firm =   0.885758

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

debt amount =   0.0443   investment =   0.0443   debt ratio =  1.00000
RRR on investment =  0.105197      after tax =  0.057858
search range of Y std.dev.:   minimum =   1.270680   maximum =   1.651884
old shareholders wealth =    0.5645    old bondholders =     0.3186
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.673384, k:agcpara = 0.22135043)
liq.cash: 10Y average (1Y) =   2.513147 ( 0.11231) : loss rate  0.0599
liq.cash: 10Y std.dev. (1Y) =   1.270680 ( 0.05679)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7239 0.07955   0.08124 0.06420  0.07457  0.06327    0.5645   0.3629   0.9275
 dbratio     ROA    ROA1 debtcf1
 0.39130 0.12110 0.11167 0.02685

TOSYOU CODE: 4229    358
debtcashflow initial values:   0.000010   2.643061
stddev initial values:   0.000010   2.643061
ecfconst solution invest:   2.921598   4.090237
debt cf solution invest: 0.21969130 0.32375560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.30313
data: equity =   0.756703  debt =   0.124317  firm =   0.881020

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

debt amount =   0.0441   investment =   0.0441   debt ratio =  1.00000
RRR on investment =  0.125726      after tax =  0.069149
search range of Y std.dev.:   minimum =   1.238561   maximum =   1.610130
old shareholders wealth =    0.7567    old bondholders =     0.1235
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.065571, k:agcpara = 0.28837932)
liq.cash: 10Y average (1Y) =   2.975097 ( 0.13801) : loss rate  0.0295
liq.cash: 10Y std.dev. (1Y) =   1.238561 ( 0.05745)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3137 0.01583   0.09030 0.06304  0.08536  0.08021    0.7567   0.1676   0.9243
 dbratio     ROA    ROA1 debtcf1
 0.18129 0.14932 0.12738 0.01093

TOSYOU CODE: 6203    359
debtcashflow initial values:   0.000010   2.638708
stddev initial values:   0.000010   2.638708
ecfconst solution invest:   2.840858   3.977201
debt cf solution invest: 0.32824780 0.48373360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39459
data: equity =   0.699306  debt =   0.180263  firm =   0.879569

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

debt amount =   0.0440   investment =   0.0440   debt ratio =  1.00000
RRR on investment =  0.120717      after tax =  0.066394
search range of Y std.dev.:   minimum =   1.400570   maximum =   1.820742
old shareholders wealth =    0.6993    old bondholders =     0.1788
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.978325, k:agcpara = 0.25395895)
liq.cash: 10Y average (1Y) =   2.868988 ( 0.13234) : loss rate  0.0367
liq.cash: 10Y std.dev. (1Y) =   1.400570 ( 0.06461)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4305 0.04084   0.08941 0.06386  0.08324  0.07630    0.6993   0.2227   0.9220
 dbratio     ROA    ROA1 debtcf1
 0.24157 0.14353 0.12440 0.01548

TOSYOU CODE: 4201    360
debtcashflow initial values:   0.000010   2.635332
stddev initial values:   0.000010   2.635332
ecfconst solution invest:   2.857097   3.999936
debt cf solution invest: 0.57770735 0.85135820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.35194
data: equity =   0.564825  debt =   0.313619  firm =   0.878444

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

debt amount =   0.0439   investment =   0.0439   debt ratio =  1.00000
RRR on investment =  0.119647      after tax =  0.065806
search range of Y std.dev.:   minimum =   1.269939   maximum =   1.650920
old shareholders wealth =    0.5648    old bondholders =     0.3114
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.993083, k:agcpara = 0.23461129)
liq.cash: 10Y average (1Y) =   2.830291 ( 0.12902) : loss rate  0.0544
liq.cash: 10Y std.dev. (1Y) =   1.269939 ( 0.05789)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6939 0.04626   0.09686 0.06505  0.08458  0.07327    0.5648   0.3553   0.9202
 dbratio     ROA    ROA1 debtcf1
 0.38617 0.14021 0.12519 0.02508

TOSYOU CODE: 3870    361
debtcashflow initial values:   0.000010   2.604818
stddev initial values:   0.000010   2.604818
ecfconst solution invest:   2.714946   3.800924
debt cf solution invest: 0.76766650 1.13129800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.34992
data: equity =   0.453980  debt =   0.414293  firm =   0.868273

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

debt amount =   0.0434   investment =   0.0434   debt ratio =  1.00000
RRR on investment =  0.113640      after tax =  0.062502
search range of Y std.dev.:   minimum =   1.119900   maximum =   1.455870
old shareholders wealth =    0.4540    old bondholders =     0.4116
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.842318, k:agcpara = 0.20876073)
liq.cash: 10Y average (1Y) =   2.655830 ( 0.11925) : loss rate  0.0656
liq.cash: 10Y std.dev. (1Y) =   1.119900 ( 0.05028)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8933 0.05776   0.09941 0.06532  0.08235  0.06763    0.4540   0.4550   0.9089
 dbratio     ROA    ROA1 debtcf1
 0.50054 0.13120 0.12076 0.03243

TOSYOU CODE: 7232    362
debtcashflow initial values:   0.000010   2.586639
stddev initial values:   0.000010   2.586639
ecfconst solution invest:   2.982132   4.174985
debt cf solution invest: 0.18682035 0.27531420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.35714
data: equity =   0.755652  debt =   0.106561  firm =   0.862213

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

debt amount =   0.0431   investment =   0.0431   debt ratio =  1.00000
RRR on investment =  0.131002      after tax =  0.072051
search range of Y std.dev.:   minimum =   1.206307   maximum =   1.568199
old shareholders wealth =    0.7557    old bondholders =     0.1060
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.129777, k:agcpara = 0.29973024)
liq.cash: 10Y average (1Y) =   3.046855 ( 0.14172) : loss rate  0.0265
liq.cash: 10Y std.dev. (1Y) =   1.206307 ( 0.05611)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2767 0.01083   0.09411 0.06262  0.08892  0.08427    0.7557   0.1491   0.9047
 dbratio     ROA    ROA1 debtcf1
 0.16478 0.15665 0.13214 0.00956

TOSYOU CODE: 6454    363
debtcashflow initial values:   0.000010   2.578100
stddev initial values:   0.000010   2.578100
ecfconst solution invest:   2.633981   3.687573
debt cf solution invest: 0.16093380 0.23716560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.25696
data: equity =   0.768017  debt =   0.091350  firm =   0.859367

agency cost: EZC - k L (EZC:ecfconst =   2.633981, k:agcpara = 0.28744143)
liq.cash: 10Y average (1Y) =   2.585287 ( 0.12004) : loss rate  0.0185
liq.cash: 10Y std.dev. (1Y) =   1.151307 ( 0.05346)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1694 0.01794   0.08039 0.06178  0.07841  0.07546    0.7680   0.0914   0.8594
 dbratio     ROA    ROA1 debtcf1
 0.10630 0.13968 0.11852 0.00587

debt amount =   0.0430   investment =   0.0430   debt ratio =  1.00000
RRR on investment =  0.117287      after tax =  0.064508
search range of Y std.dev.:   minimum =   1.208241   maximum =   1.570714
old shareholders wealth =    0.7680    old bondholders =     0.0907
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.764237, k:agcpara = 0.28744143)
liq.cash: 10Y average (1Y) =   2.692470 ( 0.12452) : loss rate  0.0260
liq.cash: 10Y std.dev. (1Y) =   1.208241 ( 0.05588)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2497 0.02160   0.08131 0.06216  0.07847  0.07432    0.7680   0.1337   0.9017
 dbratio     ROA    ROA1 debtcf1
 0.14823 0.13810 0.11854 0.00871

TOSYOU CODE: 3403    364
debtcashflow initial values:   0.000010   2.566238
stddev initial values:   0.000010   2.566238
ecfconst solution invest:   2.650623   3.710872
debt cf solution invest: 0.59752245 0.88055940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38880
data: equity =   0.531475  debt =   0.323938  firm =   0.855413

agency cost: EZC - k L (EZC:ecfconst =   2.650623, k:agcpara = 0.22353242)
liq.cash: 10Y average (1Y) =   2.510028 ( 0.11385) : loss rate  0.0530
liq.cash: 10Y std.dev. (1Y) =   1.144776 ( 0.05193)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6290 0.05017   0.09081 0.06404  0.08067  0.06976    0.5315   0.3239   0.8554
 dbratio     ROA    ROA1 debtcf1
 0.37870 0.13309 0.11974 0.02271

debt amount =   0.0428   investment =   0.0428   debt ratio =  1.00000
RRR on investment =  0.113639      after tax =  0.062501
search range of Y std.dev.:   minimum =   1.198971   maximum =   1.558663
old shareholders wealth =    0.5315    old bondholders =     0.3216
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.776107, k:agcpara = 0.22353242)
liq.cash: 10Y average (1Y) =   2.616813 ( 0.11836) : loss rate  0.0574
liq.cash: 10Y std.dev. (1Y) =   1.198971 ( 0.05423)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7126 0.05612   0.09198 0.06442  0.08077  0.06898    0.5315   0.3644   0.8958
 dbratio     ROA    ROA1 debtcf1
 0.40673 0.13212 0.11975 0.02588

TOSYOU CODE: 7221    365
debtcashflow initial values:   0.000010   2.529260
stddev initial values:   0.000010   2.529260
ecfconst solution invest:   2.570042   3.598059
debt cf solution invest: 0.28805805 0.42450660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29800
data: equity =   0.686188  debt =   0.156899  firm =   0.843087

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

debt amount =   0.0422   investment =   0.0422   debt ratio =  1.00000
RRR on investment =  0.114188      after tax =  0.062803
search range of Y std.dev.:   minimum =   1.361823   maximum =   1.770370
old shareholders wealth =    0.6862    old bondholders =     0.1554
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.694329, k:agcpara = 0.25198318)
liq.cash: 10Y average (1Y) =   2.597200 ( 0.11930) : loss rate  0.0360
liq.cash: 10Y std.dev. (1Y) =   1.361823 ( 0.06255)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3855 0.05218   0.08240 0.06356  0.07819  0.07180    0.6862   0.1976   0.8838
 dbratio     ROA    ROA1 debtcf1
 0.22357 0.13499 0.11792 0.01402

TOSYOU CODE: 4611    366
debtcashflow initial values:   0.000010   2.528422
stddev initial values:   0.000010   2.528422
ecfconst solution invest:   2.655260   3.717364
debt cf solution invest: 0.44798485 0.66018820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38031
data: equity =   0.598882  debt =   0.243925  firm =   0.842807

agency cost: EZC - k L (EZC:ecfconst =   2.655260, k:agcpara = 0.23952388)
liq.cash: 10Y average (1Y) =   2.542309 ( 0.11651) : loss rate  0.0425
liq.cash: 10Y std.dev. (1Y) =   1.211165 ( 0.05550)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4716 0.04366   0.08866 0.06377  0.08145  0.07315    0.5989   0.2439   0.8428
 dbratio     ROA    ROA1 debtcf1
 0.28943 0.13824 0.12160 0.01697

debt amount =   0.0421   investment =   0.0421   debt ratio =  1.00000
RRR on investment =  0.116716      after tax =  0.064194
search range of Y std.dev.:   minimum =   1.269137   maximum =   1.649879
old shareholders wealth =    0.5989    old bondholders =     0.2421
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.782354, k:agcpara = 0.23952388)
liq.cash: 10Y average (1Y) =   2.649739 ( 0.12106) : loss rate  0.0477
liq.cash: 10Y std.dev. (1Y) =   1.269137 ( 0.05798)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5537 0.04931   0.08979 0.06417  0.08154  0.07225    0.5989   0.2842   0.8831
 dbratio     ROA    ROA1 debtcf1
 0.32182 0.13709 0.12161 0.02005

TOSYOU CODE: 3514    367
debtcashflow initial values:   0.000010   2.509626
stddev initial values:   0.000010   2.509626
ecfconst solution invest:   2.916831   4.083563
debt cf solution invest: 0.29208035 0.43043420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.51910
data: equity =   0.673932  debt =   0.162610  firm =   0.836542

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

debt amount =   0.0418   investment =   0.0418   debt ratio =  1.00000
RRR on investment =  0.129908      after tax =  0.071450
search range of Y std.dev.:   minimum =   1.344848   maximum =   1.748303
old shareholders wealth =    0.6739    old bondholders =     0.1614
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   3.058701, k:agcpara = 0.26375337)
liq.cash: 10Y average (1Y) =   2.956592 ( 0.13708) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =   1.344848 ( 0.06235)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3871 0.02803   0.09753 0.06365  0.08968  0.08305    0.6739   0.2032   0.8771
 dbratio     ROA    ROA1 debtcf1
 0.23167 0.15628 0.13304 0.01372

TOSYOU CODE: 3706    368
debtcashflow initial values:   0.000010   2.501820
stddev initial values:   0.000010   2.501820
ecfconst solution invest:   2.569356   3.597098
debt cf solution invest: 0.76727225 1.13071700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.45151
data: equity =   0.417200  debt =   0.416740  firm =   0.833940

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

debt amount =   0.0417   investment =   0.0417   debt ratio =  1.00000
RRR on investment =  0.111781      after tax =  0.061480
search range of Y std.dev.:   minimum =   1.036976   maximum =   1.348069
old shareholders wealth =    0.4172    old bondholders =     0.4140
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.689665, k:agcpara = 0.20123431)
liq.cash: 10Y average (1Y) =   2.510768 ( 0.11234) : loss rate  0.0665
liq.cash: 10Y std.dev. (1Y) =   1.036976 ( 0.04640)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.8890 0.05892   0.09954 0.06468  0.08134  0.06615    0.4172   0.4557   0.8729
 dbratio     ROA    ROA1 debtcf1
 0.52206 0.12870 0.11911 0.03216

TOSYOU CODE: 6118    369
debtcashflow initial values:   0.000010   2.495930
stddev initial values:   0.000010   2.495930
ecfconst solution invest:   2.501209   3.501693
debt cf solution invest: 0.11344710 0.16718520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32520
data: equity =   0.766801  debt =   0.065176  firm =   0.831977

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

debt amount =   0.0416   investment =   0.0416   debt ratio =  1.00000
RRR on investment =  0.115642      after tax =  0.063603
search range of Y std.dev.:   minimum =   1.148937   maximum =   1.493619
old shareholders wealth =    0.7668    old bondholders =     0.0647
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.625468, k:agcpara = 0.29153767)
liq.cash: 10Y average (1Y) =   2.568277 ( 0.11884) : loss rate  0.0218
liq.cash: 10Y std.dev. (1Y) =   1.148937 ( 0.05316)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1962 0.01948   0.07891 0.06108  0.07674  0.07339    0.7668   0.1063   0.8731
 dbratio     ROA    ROA1 debtcf1
 0.12177 0.13611 0.11638 0.00678

TOSYOU CODE: 3001    370
debtcashflow initial values:   0.000010   2.486484
stddev initial values:   0.000010   2.486484
ecfconst solution invest:   2.490287   3.486402
debt cf solution invest: 0.17709140 0.26097680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.30412
data: equity =   0.728910  debt =   0.099918  firm =   0.828828

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

debt amount =   0.0414   investment =   0.0414   debt ratio =  1.00000
RRR on investment =  0.114671      after tax =  0.063069
search range of Y std.dev.:   minimum =   1.178856   maximum =   1.532513
old shareholders wealth =    0.7289    old bondholders =     0.0991
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.613003, k:agcpara = 0.28048278)
liq.cash: 10Y average (1Y) =   2.538856 ( 0.11701) : loss rate  0.0284
liq.cash: 10Y std.dev. (1Y) =   1.178856 ( 0.05433)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2644 0.02684   0.07957 0.06232  0.07678  0.07225    0.7289   0.1406   0.8695
 dbratio     ROA    ROA1 debtcf1
 0.16165 0.13458 0.11632 0.00929

TOSYOU CODE: 5195    371
debtcashflow initial values:   0.000010   2.469815
stddev initial values:   0.000010   2.469815
ecfconst solution invest:   2.631136   3.683590
debt cf solution invest: 0.35710120 0.52625440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38712
data: equity =   0.627874  debt =   0.195398  firm =   0.823272

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

debt amount =   0.0412   investment =   0.0412   debt ratio =  1.00000
RRR on investment =  0.119079      after tax =  0.065494
search range of Y std.dev.:   minimum =   1.284003   maximum =   1.669204
old shareholders wealth =    0.6279    old bondholders =     0.1938
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.757937, k:agcpara = 0.24854214)
liq.cash: 10Y average (1Y) =   2.644669 ( 0.12156) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   1.284003 ( 0.05902)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4557 0.04412   0.08940 0.06398  0.08248  0.07464    0.6279   0.2350   0.8629
 dbratio     ROA    ROA1 debtcf1
 0.27234 0.14088 0.12322 0.01644

TOSYOU CODE: 6791    372
debtcashflow initial values:   0.000010   2.452540
stddev initial values:   0.000010   2.452540
ecfconst solution invest:   2.490989   3.487385
debt cf solution invest: 0.19684000 0.29008000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34546
data: equity =   0.705624  debt =   0.111889  firm =   0.817513

agency cost: EZC - k L (EZC:ecfconst =   2.490989, k:agcpara = 0.27434041)
liq.cash: 10Y average (1Y) =   2.434146 ( 0.11266) : loss rate  0.0228
liq.cash: 10Y std.dev. (1Y) =   1.090924 ( 0.05049)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2072 0.02061   0.08064 0.06134  0.07800  0.07422    0.7056   0.1119   0.8175
 dbratio     ROA    ROA1 debtcf1
 0.13687 0.13781 0.11786 0.00719

debt amount =   0.0409   investment =   0.0409   debt ratio =  1.00000
RRR on investment =  0.115976      after tax =  0.063787
search range of Y std.dev.:   minimum =   1.144557   maximum =   1.487925
old shareholders wealth =    0.7056    old bondholders =     0.1110
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.613454, k:agcpara = 0.27434041)
liq.cash: 10Y average (1Y) =   2.535683 ( 0.11691) : loss rate  0.0298
liq.cash: 10Y std.dev. (1Y) =   1.144557 ( 0.05277)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2835 0.02455   0.08158 0.06174  0.07807  0.07314    0.7056   0.1519   0.8575
 dbratio     ROA    ROA1 debtcf1
 0.17714 0.13633 0.11788 0.00990

TOSYOU CODE: 7238    373
debtcashflow initial values:   0.000010   2.433097
stddev initial values:   0.000010   2.433097
ecfconst solution invest:   2.316470   3.243058
debt cf solution invest: 0.58584220 0.86334640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25196
data: equity =   0.498125  debt =   0.312907  firm =   0.811032

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

debt amount =   0.0406   investment =   0.0406   debt ratio =  1.00000
RRR on investment =  0.103874      after tax =  0.057131
search range of Y std.dev.:   minimum =   1.130866   maximum =   1.470126
old shareholders wealth =    0.4981    old bondholders =     0.3104
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.425414, k:agcpara = 0.21488424)
liq.cash: 10Y average (1Y) =   2.275590 ( 0.10130) : loss rate  0.0618
liq.cash: 10Y std.dev. (1Y) =   1.130866 ( 0.05034)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6972 0.08140   0.08125 0.06378  0.07403  0.06217    0.4981   0.3510   0.8491
 dbratio     ROA    ROA1 debtcf1
 0.41335 0.11930 0.11066 0.02581

TOSYOU CODE: 6771    374
debtcashflow initial values:   0.000010   2.427067
stddev initial values:   0.000010   2.427067
ecfconst solution invest:   2.390276   3.346386
debt cf solution invest: 0.08313735 0.12251820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.19294
data: equity =   0.761756  debt =   0.047266  firm =   0.809022

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

debt amount =   0.0402   investment =   0.0405   debt ratio =  0.99440
RRR on investment =  0.113983      after tax =  0.062691
search range of Y std.dev.:   minimum =   1.138360   maximum =   1.479868
old shareholders wealth =    0.7618    old bondholders =     0.0469
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   2.509323, k:agcpara = 0.29912839)
liq.cash: 10Y average (1Y) =   2.460713 ( 0.11383) : loss rate  0.0194
liq.cash: 10Y std.dev. (1Y) =   1.138360 ( 0.05266)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1625 0.02175   0.07668 0.06193  0.07516  0.07230    0.7620   0.0872   0.8491
 dbratio     ROA    ROA1 debtcf1
 0.10265 0.13405 0.11444 0.00566

TOSYOU CODE: 6951    375
debtcashflow initial values:   0.000010   2.410504
stddev initial values:   0.000010   2.410504
ecfconst solution invest:   2.416328   3.382859
debt cf solution invest: 0.28651335 0.42223020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27897
data: equity =   0.647870  debt =   0.155631  firm =   0.803501

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

debt amount =   0.0402   investment =   0.0402   debt ratio =  1.00000
RRR on investment =  0.112521      after tax =  0.061886
search range of Y std.dev.:   minimum =   1.292949   maximum =   1.680833
old shareholders wealth =    0.6479    old bondholders =     0.1542
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.533019, k:agcpara = 0.25008837)
liq.cash: 10Y average (1Y) =   2.437939 ( 0.11170) : loss rate  0.0375
liq.cash: 10Y std.dev. (1Y) =   1.292949 ( 0.05924)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3802 0.05575   0.08112 0.06349  0.07705  0.07046    0.6479   0.1943   0.8422
 dbratio     ROA    ROA1 debtcf1
 0.23075 0.13263 0.11640 0.01387

TOSYOU CODE: 4996    376
debtcashflow initial values:   0.000010   2.405112
stddev initial values:   0.000010   2.405112
ecfconst solution invest:   2.576796   3.607514
debt cf solution invest: 0.14121370 0.20810440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.29205
data: equity =   0.721413  debt =   0.080291  firm =   0.801704

agency cost: EZC - k L (EZC:ecfconst =   2.576796, k:agcpara = 0.29603497)
liq.cash: 10Y average (1Y) =   2.532792 ( 0.11806) : loss rate  0.0171
liq.cash: 10Y std.dev. (1Y) =   1.070183 ( 0.04988)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1486 0.01295   0.08481 0.06215  0.08254  0.07974    0.7214   0.0803   0.8017
 dbratio     ROA    ROA1 debtcf1
 0.10015 0.14726 0.12385 0.00513

debt amount =   0.0401   investment =   0.0401   debt ratio =  1.00000
RRR on investment =  0.122868      after tax =  0.067577
search range of Y std.dev.:   minimum =   1.123229   maximum =   1.460197
old shareholders wealth =    0.7214    old bondholders =     0.0798
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.704519, k:agcpara = 0.29603497)
liq.cash: 10Y average (1Y) =   2.638402 ( 0.12255) : loss rate  0.0244
liq.cash: 10Y std.dev. (1Y) =   1.123229 ( 0.05217)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2233 0.01577   0.08590 0.06253  0.08257  0.07856    0.7214   0.1199   0.8413
 dbratio     ROA    ROA1 debtcf1
 0.14247 0.14567 0.12387 0.00776

TOSYOU CODE: 6844    377
debtcashflow initial values:   0.000010   2.385544
stddev initial values:   0.000010   2.385544
ecfconst solution invest:   2.556682   3.579355
debt cf solution invest: 0.36352985 0.53572820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.29904
data: equity =   0.597093  debt =   0.198088  firm =   0.795181

agency cost: EZC - k L (EZC:ecfconst =   2.556682, k:agcpara = 0.24857815)
liq.cash: 10Y average (1Y) =   2.461560 ( 0.11341) : loss rate  0.0372
liq.cash: 10Y std.dev. (1Y) =   1.181028 ( 0.05442)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3827 0.03918   0.08927 0.06400  0.08297  0.07580    0.5971   0.1981   0.7952
 dbratio     ROA    ROA1 debtcf1
 0.24911 0.14263 0.12388 0.01374

debt amount =   0.0398   investment =   0.0398   debt ratio =  1.00000
RRR on investment =  0.119607      after tax =  0.065784
search range of Y std.dev.:   minimum =   1.237871   maximum =   1.609232
old shareholders wealth =    0.5971    old bondholders =     0.1965
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.679735, k:agcpara = 0.24857815)
liq.cash: 10Y average (1Y) =   2.565369 ( 0.11784) : loss rate  0.0427
liq.cash: 10Y std.dev. (1Y) =   1.237871 ( 0.05686)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4601 0.04450   0.09043 0.06442  0.08305  0.07484    0.5971   0.2363   0.8334
 dbratio     ROA    ROA1 debtcf1
 0.28353 0.14139 0.12389 0.01663

TOSYOU CODE: 6106    378
debtcashflow initial values:   0.000010   2.373881
stddev initial values:   0.000010   2.373881
ecfconst solution invest:   2.522128   3.530979
debt cf solution invest: 0.24127530 0.35556360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36297
data: equity =   0.658711  debt =   0.132583  firm =   0.791294

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

debt amount =   0.0396   investment =   0.0396   debt ratio =  1.00000
RRR on investment =  0.119592      after tax =  0.065776
search range of Y std.dev.:   minimum =   1.290035   maximum =   1.677045
old shareholders wealth =    0.6587    old bondholders =     0.1313
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.644563, k:agcpara = 0.25769430)
liq.cash: 10Y average (1Y) =   2.559401 ( 0.11830) : loss rate  0.0322
liq.cash: 10Y std.dev. (1Y) =   1.290035 ( 0.05963)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3305 0.04201   0.08671 0.06366  0.08196  0.07606    0.6587   0.1709   0.8296
 dbratio     ROA    ROA1 debtcf1
 0.20601 0.14259 0.12292 0.01190

TOSYOU CODE: 4529    379
debtcashflow initial values:   0.000010   2.369311
stddev initial values:   0.000010   2.369311
ecfconst solution invest:   2.734010   3.827614
debt cf solution invest: 0.21696385 0.31973620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.44994
data: equity =   0.664988  debt =   0.124782  firm =   0.789770

agency cost: EZC - k L (EZC:ecfconst =   2.734010, k:agcpara = 0.28793070)
liq.cash: 10Y average (1Y) =   2.668252 ( 0.12422) : loss rate  0.0241
liq.cash: 10Y std.dev. (1Y) =   1.035860 ( 0.04823)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2284 0.00925   0.09421 0.06133  0.08901  0.08465    0.6650   0.1248   0.7898
 dbratio     ROA    ROA1 debtcf1
 0.15799 0.15729 0.13222 0.00781

debt amount =   0.0395   investment =   0.0395   debt ratio =  1.00000
RRR on investment =  0.130586      after tax =  0.071822
search range of Y std.dev.:   minimum =   1.086911   maximum =   1.412985
old shareholders wealth =    0.6650    old bondholders =     0.1241
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.868753, k:agcpara = 0.28793070)
liq.cash: 10Y average (1Y) =   2.782072 ( 0.12921) : loss rate  0.0302
liq.cash: 10Y std.dev. (1Y) =   1.086911 ( 0.05048)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3010 0.01123   0.09569 0.06170  0.08898  0.08350    0.6650   0.1636   0.8286
 dbratio     ROA    ROA1 debtcf1
 0.19744 0.15594 0.13223 0.01035

TOSYOU CODE: 5445    380
debtcashflow initial values:   0.000010   2.357004
stddev initial values:   0.000010   2.357004
ecfconst solution invest:   2.233217   3.126504
debt cf solution invest: 0.55932675 0.82427100
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.17853
data: equity =   0.488996  debt =   0.296672  firm =   0.785668

agency cost: EZC - k L (EZC:ecfconst =   2.233217, k:agcpara = 0.21777755)
liq.cash: 10Y average (1Y) =   2.104997 ( 0.09396) : loss rate  0.0574
liq.cash: 10Y std.dev. (1Y) =   1.063975 ( 0.04749)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5888 0.07707   0.07924 0.06379  0.07341  0.06257    0.4890   0.2967   0.7857
 dbratio     ROA    ROA1 debtcf1
 0.37761 0.11960 0.11012 0.02177

debt amount =   0.0393   investment =   0.0393   debt ratio =  1.00000
RRR on investment =  0.103365      after tax =  0.056851
search range of Y std.dev.:   minimum =   1.114025   maximum =   1.448232
old shareholders wealth =    0.4890    old bondholders =     0.2943
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.338268, k:agcpara = 0.21777755)
liq.cash: 10Y average (1Y) =   2.192932 ( 0.09755) : loss rate  0.0622
liq.cash: 10Y std.dev. (1Y) =   1.114025 ( 0.04956)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6674 0.08543   0.07995 0.06408  0.07351  0.06182    0.4890   0.3336   0.8226
 dbratio     ROA    ROA1 debtcf1
 0.40552 0.11859 0.11013 0.02484

TOSYOU CODE: 5930    381
debtcashflow initial values:   0.000010   2.338517
stddev initial values:   0.000010   2.338517
ecfconst solution invest:   2.352180   3.293052
debt cf solution invest: 0.12598520 0.18566240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33083
data: equity =   0.707307  debt =   0.072199  firm =   0.779506

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

debt amount =   0.0390   investment =   0.0390   debt ratio =  1.00000
RRR on investment =  0.115802      after tax =  0.063691
search range of Y std.dev.:   minimum =   1.079918   maximum =   1.403893
old shareholders wealth =    0.7073    old bondholders =     0.0717
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.468769, k:agcpara = 0.28781144)
liq.cash: 10Y average (1Y) =   2.409851 ( 0.11141) : loss rate  0.0239
liq.cash: 10Y std.dev. (1Y) =   1.079918 ( 0.04993)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2047 0.02058   0.07957 0.06123  0.07709  0.07336    0.7073   0.1107   0.8180
 dbratio     ROA    ROA1 debtcf1
 0.13530 0.13621 0.11680 0.00709

TOSYOU CODE: 4103    382
debtcashflow initial values:   0.000010   2.337844
stddev initial values:   0.000010   2.337844
ecfconst solution invest:   2.574713   3.604598
debt cf solution invest: 0.32588800 0.48025600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43996
data: equity =   0.599870  debt =   0.179411  firm =   0.779281

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

debt amount =   0.0390   investment =   0.0390   debt ratio =  1.00000
RRR on investment =  0.123102      after tax =  0.067706
search range of Y std.dev.:   minimum =   1.222291   maximum =   1.588978
old shareholders wealth =    0.5999    old bondholders =     0.1780
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.699123, k:agcpara = 0.25293514)
liq.cash: 10Y average (1Y) =   2.593365 ( 0.11961) : loss rate  0.0392
liq.cash: 10Y std.dev. (1Y) =   1.222291 ( 0.05637)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4181 0.03757   0.09295 0.06396  0.08525  0.07761    0.5999   0.2170   0.8168
 dbratio     ROA    ROA1 debtcf1
 0.26563 0.14643 0.12696 0.01498

TOSYOU CODE: 7225    383
debtcashflow initial values:   0.000010   2.328650
stddev initial values:   0.000010   2.328650
ecfconst solution invest:   2.445242   3.423339
debt cf solution invest: 0.20436970 0.30117640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40982
data: equity =   0.659677  debt =   0.116540  firm =   0.776217

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

debt amount =   0.0388   investment =   0.0388   debt ratio =  1.00000
RRR on investment =  0.119580      after tax =  0.065769
search range of Y std.dev.:   minimum =   1.076847   maximum =   1.399901
old shareholders wealth =    0.6597    old bondholders =     0.1157
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.565331, k:agcpara = 0.27421464)
liq.cash: 10Y average (1Y) =   2.486555 ( 0.11491) : loss rate  0.0307
liq.cash: 10Y std.dev. (1Y) =   1.076847 ( 0.04976)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2873 0.02056   0.08547 0.06178  0.08097  0.07570    0.6597   0.1545   0.8142
 dbratio     ROA    ROA1 debtcf1
 0.18978 0.14113 0.12161 0.00999

TOSYOU CODE: 6107    384
debtcashflow initial values:   0.000010   2.321061
stddev initial values:   0.000010   2.321061
ecfconst solution invest:   2.588829   3.624361
debt cf solution invest: 0.24104540 0.35522480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.32231
data: equity =   0.641387  debt =   0.132300  firm =   0.773687

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

debt amount =   0.0387   investment =   0.0387   debt ratio =  1.00000
RRR on investment =  0.125219      after tax =  0.068870
search range of Y std.dev.:   minimum =   1.271021   maximum =   1.652327
old shareholders wealth =    0.6414    old bondholders =     0.1311
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.714694, k:agcpara = 0.26418063)
liq.cash: 10Y average (1Y) =   2.627890 ( 0.12178) : loss rate  0.0320
liq.cash: 10Y std.dev. (1Y) =   1.271021 ( 0.05890)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3286 0.03522   0.09191 0.06447  0.08616  0.08009    0.6414   0.1698   0.8112
 dbratio     ROA    ROA1 debtcf1
 0.20935 0.15012 0.12839 0.01179

TOSYOU CODE: 6995    385
debtcashflow initial values:   0.000010   2.316299
stddev initial values:   0.000010   2.316299
ecfconst solution invest:   2.480700   3.472980
debt cf solution invest: 0.25772455 0.37980460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38000
data: equity =   0.630468  debt =   0.141632  firm =   0.772100

agency cost: EZC - k L (EZC:ecfconst =   2.480700, k:agcpara = 0.25631213)
liq.cash: 10Y average (1Y) =   2.411165 ( 0.11174) : loss rate  0.0280
liq.cash: 10Y std.dev. (1Y) =   1.188435 ( 0.05507)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2713 0.03588   0.08698 0.06329  0.08263  0.07741    0.6305   0.1416   0.7721
 dbratio     ROA    ROA1 debtcf1
 0.18343 0.14472 0.12380 0.00969

debt amount =   0.0386   investment =   0.0386   debt ratio =  1.00000
RRR on investment =  0.120352      after tax =  0.066193
search range of Y std.dev.:   minimum =   1.246057   maximum =   1.619874
old shareholders wealth =    0.6305    old bondholders =     0.1404
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.600978, k:agcpara = 0.25631213)
liq.cash: 10Y average (1Y) =   2.512320 ( 0.11605) : loss rate  0.0341
liq.cash: 10Y std.dev. (1Y) =   1.246057 ( 0.05756)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3459 0.04105   0.08809 0.06375  0.08271  0.07636    0.6305   0.1790   0.8094
 dbratio     ROA    ROA1 debtcf1
 0.22111 0.14336 0.12382 0.01244

TOSYOU CODE: 6331    386
debtcashflow initial values:   0.000010   2.308214
stddev initial values:   0.000010   2.308214
ecfconst solution invest:   2.459209   3.442893
debt cf solution invest: 0.29129185 0.42927220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37807
data: equity =   0.609774  debt =   0.159631  firm =   0.769405

agency cost: EZC - k L (EZC:ecfconst =   2.459209, k:agcpara = 0.25261973)
liq.cash: 10Y average (1Y) =   2.381750 ( 0.11010) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   1.167603 ( 0.05398)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3066 0.03776   0.08721 0.06342  0.08228  0.07635    0.6098   0.1596   0.7694
 dbratio     ROA    ROA1 debtcf1
 0.20748 0.14310 0.12322 0.01097

debt amount =   0.0385   investment =   0.0385   debt ratio =  1.00000
RRR on investment =  0.119452      after tax =  0.065699
search range of Y std.dev.:   minimum =   1.224055   maximum =   1.591272
old shareholders wealth =    0.6098    old bondholders =     0.1583
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.578109, k:agcpara = 0.25261973)
liq.cash: 10Y average (1Y) =   2.481824 ( 0.11436) : loss rate  0.0373
liq.cash: 10Y std.dev. (1Y) =   1.224055 ( 0.05640)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3811 0.04307   0.08832 0.06386  0.08236  0.07535    0.6098   0.1968   0.8065
 dbratio     ROA    ROA1 debtcf1
 0.24395 0.14179 0.12323 0.01374

TOSYOU CODE: 2591    387
debtcashflow initial values:   0.000010   2.298752
stddev initial values:   0.000010   2.298752
ecfconst solution invest:   2.285679   3.199951
debt cf solution invest: 0.05688790 0.08383480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.29880
data: equity =   0.733651  debt =   0.032600  firm =   0.766251

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

debt amount =   0.0276   investment =   0.0383   debt ratio =  0.71939
RRR on investment =  0.115285      after tax =  0.063407
search range of Y std.dev.:   minimum =   1.062101   maximum =   1.380731
old shareholders wealth =    0.7337    old bondholders =     0.0325
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   2.399756, k:agcpara = 0.30256596)
liq.cash: 10Y average (1Y) =   2.366251 ( 0.10989) : loss rate  0.0140
liq.cash: 10Y std.dev. (1Y) =   1.062101 ( 0.04932)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1107 0.01685   0.07716 0.06136  0.07598  0.07392    0.7444   0.0600   0.8044
 dbratio     ROA    ROA1 debtcf1
 0.07461 0.13661 0.11550 0.00382

TOSYOU CODE: 5009    388
debtcashflow initial values:   0.000010   2.298372
stddev initial values:   0.000010   2.298372
ecfconst solution invest:   2.308590   3.232026
debt cf solution invest: 0.80689010 1.18910120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.47432
data: equity =   0.327143  debt =   0.438981  firm =   0.766124

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

debt amount =   0.0383   investment =   0.0383   debt ratio =  1.00000
RRR on investment =  0.108698      after tax =  0.059784
search range of Y std.dev.:   minimum =   0.864412   maximum =   1.123736
old shareholders wealth =    0.3271    old bondholders =     0.4363
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.416088, k:agcpara = 0.18334310)
liq.cash: 10Y average (1Y) =   2.246692 ( 0.09954) : loss rate  0.0701
liq.cash: 10Y std.dev. (1Y) =   0.864412 ( 0.03830)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.9239 0.06298   0.10330 0.06467  0.08043  0.06320    0.3271   0.4746   0.8017
 dbratio     ROA    ROA1 debtcf1
 0.59196 0.12415 0.11663 0.03335

TOSYOU CODE: 6741    389
debtcashflow initial values:   0.000010   2.282521
stddev initial values:   0.000010   2.282521
ecfconst solution invest:   2.480620   3.472868
debt cf solution invest: 0.29209840 0.43046080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.31182
data: equity =   0.601429  debt =   0.159411  firm =   0.760840

agency cost: EZC - k L (EZC:ecfconst =   2.480620, k:agcpara = 0.25617120)
liq.cash: 10Y average (1Y) =   2.401855 ( 0.11114) : loss rate  0.0318
liq.cash: 10Y std.dev. (1Y) =   1.163324 ( 0.05383)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3075 0.03590   0.08928 0.06408  0.08400  0.07796    0.6014   0.1594   0.7608
 dbratio     ROA    ROA1 debtcf1
 0.20951 0.14608 0.12545 0.01102

debt amount =   0.0380   investment =   0.0380   debt ratio =  1.00000
RRR on investment =  0.121725      after tax =  0.066949
search range of Y std.dev.:   minimum =   1.219593   maximum =   1.585470
old shareholders wealth =    0.6014    old bondholders =     0.1581
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.600605, k:agcpara = 0.25617120)
liq.cash: 10Y average (1Y) =   2.502885 ( 0.11546) : loss rate  0.0376
liq.cash: 10Y std.dev. (1Y) =   1.219593 ( 0.05626)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3815 0.04098   0.09045 0.06452  0.08407  0.07693    0.6014   0.1961   0.7976
 dbratio     ROA    ROA1 debtcf1
 0.24591 0.14477 0.12546 0.01377

TOSYOU CODE: 6803    390
debtcashflow initial values:   0.000010   2.281813
stddev initial values:   0.000010   2.281813
ecfconst solution invest:   2.203522   3.084931
debt cf solution invest: 0.42663645 0.62872740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.17475
data: equity =   0.533863  debt =   0.226741  firm =   0.760604

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

debt amount =   0.0380   investment =   0.0380   debt ratio =  1.00000
RRR on investment =  0.106682      after tax =  0.058675
search range of Y std.dev.:   minimum =   1.156839   maximum =   1.503891
old shareholders wealth =    0.5339    old bondholders =     0.2248
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.308321, k:agcpara = 0.23427863)
liq.cash: 10Y average (1Y) =   2.185311 ( 0.09841) : loss rate  0.0533
liq.cash: 10Y std.dev. (1Y) =   1.156839 ( 0.05210)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5251 0.07562   0.07948 0.06423  0.07445  0.06491    0.5339   0.2628   0.7967
 dbratio     ROA    ROA1 debtcf1
 0.32991 0.12352 0.11224 0.01950

TOSYOU CODE: 7263    391
debtcashflow initial values:   0.000010   2.267873
stddev initial values:   0.000010   2.267873
ecfconst solution invest:   2.546753   3.565454
debt cf solution invest: 0.43733820 0.64449840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50871
data: equity =   0.514970  debt =   0.240988  firm =   0.755958

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

debt amount =   0.0378   investment =   0.0378   debt ratio =  1.00000
RRR on investment =  0.124428      after tax =  0.068435
search range of Y std.dev.:   minimum =   1.118197   maximum =   1.453656
old shareholders wealth =    0.5150    old bondholders =     0.2394
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.668872, k:agcpara = 0.24368648)
liq.cash: 10Y average (1Y) =   2.538976 ( 0.11655) : loss rate  0.0487
liq.cash: 10Y std.dev. (1Y) =   1.118197 ( 0.05133)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5330 0.03642   0.09952 0.06418  0.08715  0.07705    0.5150   0.2772   0.7921
 dbratio     ROA    ROA1 debtcf1
 0.34990 0.14713 0.12915 0.01904

TOSYOU CODE: 6355    392
debtcashflow initial values:   0.000010   2.238269
stddev initial values:   0.000010   2.238269
ecfconst solution invest:   2.290504   3.206706
debt cf solution invest: 0.32305890 0.47608680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32123
data: equity =   0.570541  debt =   0.175549  firm =   0.746090

agency cost: EZC - k L (EZC:ecfconst =   2.290504, k:agcpara = 0.24537743)
liq.cash: 10Y average (1Y) =   2.207060 ( 0.10135) : loss rate  0.0364
liq.cash: 10Y std.dev. (1Y) =   1.113135 ( 0.05112)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3401 0.04675   0.08373 0.06343  0.07895  0.07223    0.5705   0.1756   0.7461
 dbratio     ROA    ROA1 debtcf1
 0.23530 0.13584 0.11870 0.01228

debt amount =   0.0373   investment =   0.0373   debt ratio =  1.00000
RRR on investment =  0.114376      after tax =  0.062907
search range of Y std.dev.:   minimum =   1.166677   maximum =   1.516680
old shareholders wealth =    0.5705    old bondholders =     0.1741
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.400678, k:agcpara = 0.24537743)
liq.cash: 10Y average (1Y) =   2.299351 ( 0.10522) : loss rate  0.0422
liq.cash: 10Y std.dev. (1Y) =   1.166677 ( 0.05339)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4129 0.05295   0.08468 0.06383  0.07905  0.07128    0.5705   0.2114   0.7819
 dbratio     ROA    ROA1 debtcf1
 0.27032 0.13457 0.11871 0.01502

TOSYOU CODE: 2052    393
debtcashflow initial values:   0.000010   2.222826
stddev initial values:   0.000010   2.222826
ecfconst solution invest:   2.368632   3.316085
debt cf solution invest: 0.35976975 0.53018700
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39639
data: equity =   0.544360  debt =   0.196582  firm =   0.740942

agency cost: EZC - k L (EZC:ecfconst =   2.368632, k:agcpara = 0.24456115)
liq.cash: 10Y average (1Y) =   2.276015 ( 0.10469) : loss rate  0.0391
liq.cash: 10Y std.dev. (1Y) =   1.082929 ( 0.04981)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3787 0.03989   0.08937 0.06369  0.08255  0.07495    0.5444   0.1966   0.7409
 dbratio     ROA    ROA1 debtcf1
 0.26532 0.14129 0.12324 0.01358

debt amount =   0.0370   investment =   0.0370   debt ratio =  1.00000
RRR on investment =  0.118754      after tax =  0.065315
search range of Y std.dev.:   minimum =   1.134953   maximum =   1.475439
old shareholders wealth =    0.5444    old bondholders =     0.1951
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.482421, k:agcpara = 0.24456115)
liq.cash: 10Y average (1Y) =   2.372214 ( 0.10878) : loss rate  0.0444
liq.cash: 10Y std.dev. (1Y) =   1.134953 ( 0.05205)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4506 0.04522   0.09054 0.06410  0.08264  0.07401    0.5444   0.2321   0.7765
 dbratio     ROA    ROA1 debtcf1
 0.29893 0.14010 0.12325 0.01626

TOSYOU CODE: 4088    394
debtcashflow initial values:   0.000010   2.193883
stddev initial values:   0.000010   2.193883
ecfconst solution invest:   2.320429   3.248601
debt cf solution invest: 0.50158670 0.73918040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42764
data: equity =   0.458222  debt =   0.273072  firm =   0.731294

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

debt amount =   0.0366   investment =   0.0366   debt ratio =  1.00000
RRR on investment =  0.116550      after tax =  0.064103
search range of Y std.dev.:   minimum =   1.032382   maximum =   1.342096
old shareholders wealth =    0.4582    old bondholders =     0.2711
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.430544, k:agcpara = 0.22724622)
liq.cash: 10Y average (1Y) =   2.294381 ( 0.10419) : loss rate  0.0560
liq.cash: 10Y std.dev. (1Y) =   1.032382 ( 0.04688)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5992 0.05029   0.09486 0.06446  0.08265  0.07099    0.4582   0.3077   0.7659
 dbratio     ROA    ROA1 debtcf1
 0.40175 0.13603 0.12241 0.02165

TOSYOU CODE: 6217    395
debtcashflow initial values:   0.000010   2.183270
stddev initial values:   0.000010   2.183270
ecfconst solution invest:   2.171135   3.039589
debt cf solution invest: 0.17430030 0.25686360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.24091
data: equity =   0.630245  debt =   0.097512  firm =   0.727757

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

debt amount =   0.0364   investment =   0.0364   debt ratio =  1.00000
RRR on investment =  0.113477      after tax =  0.062412
search range of Y std.dev.:   minimum =   1.050944   maximum =   1.366228
old shareholders wealth =    0.6302    old bondholders =     0.0967
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.277738, k:agcpara = 0.27557702)
liq.cash: 10Y average (1Y) =   2.208146 ( 0.10155) : loss rate  0.0306
liq.cash: 10Y std.dev. (1Y) =   1.050944 ( 0.04833)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2525 0.03139   0.07905 0.06278  0.07621  0.07129    0.6302   0.1331   0.7633
 dbratio     ROA    ROA1 debtcf1
 0.17433 0.13303 0.11553 0.00895

TOSYOU CODE: 7769    396
debtcashflow initial values:   0.000010   2.181365
stddev initial values:   0.000010   2.181365
ecfconst solution invest:   2.231700   3.124380
debt cf solution invest: 0.14440285 0.21280420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36078
data: equity =   0.644525  debt =   0.082597  firm =   0.727122

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

debt amount =   0.0364   investment =   0.0364   debt ratio =  1.00000
RRR on investment =  0.117343      after tax =  0.064539
search range of Y std.dev.:   minimum =   1.009447   maximum =   1.312282
old shareholders wealth =    0.6445    old bondholders =     0.0820
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.341966, k:agcpara = 0.28305405)
liq.cash: 10Y average (1Y) =   2.279865 ( 0.10541) : loss rate  0.0265
liq.cash: 10Y std.dev. (1Y) =   1.009447 ( 0.04667)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2194 0.02062   0.08177 0.06145  0.07861  0.07432    0.6445   0.1184   0.7629
 dbratio     ROA    ROA1 debtcf1
 0.15514 0.13817 0.11870 0.00761

TOSYOU CODE: 2533    397
debtcashflow initial values:   0.000010   2.159591
stddev initial values:   0.000010   2.159591
ecfconst solution invest:   2.107925   2.951095
debt cf solution invest: 0.25131395 0.37035740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.22545
data: equity =   0.585040  debt =   0.134824  firm =   0.719864

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

debt amount =   0.0360   investment =   0.0360   debt ratio =  1.00000
RRR on investment =  0.109497      after tax =  0.060223
search range of Y std.dev.:   minimum =   1.181082   maximum =   1.535407
old shareholders wealth =    0.5850    old bondholders =     0.1335
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.209662, k:agcpara = 0.25237744)
liq.cash: 10Y average (1Y) =   2.124898 ( 0.09701) : loss rate  0.0384
liq.cash: 10Y std.dev. (1Y) =   1.181082 ( 0.05392)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3359 0.06492   0.07784 0.06382  0.07469  0.06824    0.5850   0.1695   0.7545
 dbratio     ROA    ROA1 debtcf1
 0.22464 0.12856 0.11343 0.01240

TOSYOU CODE: 4532    398
debtcashflow initial values:   0.000010   2.152820
stddev initial values:   0.000010   2.152820
ecfconst solution invest:   2.115004   2.961006
debt cf solution invest: 0.16626900 0.24502800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28329
data: equity =   0.623553  debt =   0.094054  firm =   0.717607

agency cost: EZC - k L (EZC:ecfconst =   2.115004, k:agcpara = 0.27257678)
liq.cash: 10Y average (1Y) =   2.067298 ( 0.09537) : loss rate  0.0226
liq.cash: 10Y std.dev. (1Y) =   0.970837 ( 0.04479)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1750 0.02564   0.07716 0.06131  0.07508  0.07146    0.6236   0.0941   0.7176
 dbratio     ROA    ROA1 debtcf1
 0.13106 0.13290 0.11415 0.00611

debt amount =   0.0359   investment =   0.0359   debt ratio =  1.00000
RRR on investment =  0.112225      after tax =  0.061724
search range of Y std.dev.:   minimum =   1.018548   maximum =   1.324112
old shareholders wealth =    0.6236    old bondholders =     0.0933
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.218944, k:agcpara = 0.27257678)
liq.cash: 10Y average (1Y) =   2.152883 ( 0.09890) : loss rate  0.0298
liq.cash: 10Y std.dev. (1Y) =   1.018548 ( 0.04679)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2424 0.03035   0.07795 0.06170  0.07516  0.07040    0.6236   0.1291   0.7527
 dbratio     ROA    ROA1 debtcf1
 0.17157 0.13139 0.11417 0.00852

TOSYOU CODE: 6924    399
debtcashflow initial values:   0.000010   2.146944
stddev initial values:   0.000010   2.146944
ecfconst solution invest:   2.332256   3.265158
debt cf solution invest: 0.11648995 0.17166940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.38745
data: equity =   0.649029  debt =   0.066619  firm =   0.715648

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

debt amount =   0.0358   investment =   0.0358   debt ratio =  1.00000
RRR on investment =  0.124596      after tax =  0.068528
search range of Y std.dev.:   minimum =   0.995068   maximum =   1.293588
old shareholders wealth =    0.6490    old bondholders =     0.0662
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.448036, k:agcpara = 0.29871615)
liq.cash: 10Y average (1Y) =   2.391616 ( 0.11125) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   0.995068 ( 0.04629)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1889 0.01343   0.08716 0.06210  0.08375  0.07996    0.6490   0.1020   0.7510
 dbratio     ROA    ROA1 debtcf1
 0.13582 0.14812 0.12542 0.00653

TOSYOU CODE: 6801    400
debtcashflow initial values:   0.000010   2.130599
stddev initial values:   0.000010   2.130599
ecfconst solution invest:   2.365564   3.311790
debt cf solution invest: 0.26360315 0.38846780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.30076
data: equity =   0.566487  debt =   0.143713  firm =   0.710200

agency cost: EZC - k L (EZC:ecfconst =   2.365564, k:agcpara = 0.26053255)
liq.cash: 10Y average (1Y) =   2.293272 ( 0.10630) : loss rate  0.0306
liq.cash: 10Y std.dev. (1Y) =   1.097549 ( 0.05087)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2775 0.03313   0.09124 0.06447  0.08582  0.07995    0.5665   0.1437   0.7102
 dbratio     ROA    ROA1 debtcf1
 0.20235 0.14967 0.12786 0.00994

debt amount =   0.0355   investment =   0.0355   debt ratio =  1.00000
RRR on investment =  0.124303      after tax =  0.068367
search range of Y std.dev.:   minimum =   1.150720   maximum =   1.495936
old shareholders wealth =    0.5665    old bondholders =     0.1425
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.480164, k:agcpara = 0.26053255)
liq.cash: 10Y average (1Y) =   2.389862 ( 0.11044) : loss rate  0.0364
liq.cash: 10Y std.dev. (1Y) =   1.150720 ( 0.05318)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3466 0.03790   0.09247 0.06493  0.08588  0.07889    0.5665   0.1780   0.7445
 dbratio     ROA    ROA1 debtcf1
 0.23914 0.14834 0.12787 0.01250

TOSYOU CODE: 6374    401
debtcashflow initial values:   0.000010   2.118156
stddev initial values:   0.000010   2.118156
ecfconst solution invest:   2.270017   3.178024
debt cf solution invest: 0.36892490 0.54367880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41336
data: equity =   0.504384  debt =   0.201668  firm =   0.706052

agency cost: EZC - k L (EZC:ecfconst =   2.270017, k:agcpara = 0.24225650)
liq.cash: 10Y average (1Y) =   2.175939 ( 0.09997) : loss rate  0.0414
liq.cash: 10Y std.dev. (1Y) =   1.017499 ( 0.04675)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3883 0.03947   0.09088 0.06377  0.08313  0.07494    0.5044   0.2017   0.7060
 dbratio     ROA    ROA1 debtcf1
 0.28562 0.14159 0.12388 0.01391

debt amount =   0.0353   investment =   0.0353   debt ratio =  1.00000
RRR on investment =  0.119184      after tax =  0.065551
search range of Y std.dev.:   minimum =   1.066288   maximum =   1.386175
old shareholders wealth =    0.5044    old bondholders =     0.2001
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.378865, k:agcpara = 0.24225650)
liq.cash: 10Y average (1Y) =   2.268193 ( 0.10390) : loss rate  0.0465
liq.cash: 10Y std.dev. (1Y) =   1.066288 ( 0.04885)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4568 0.04468   0.09210 0.06418  0.08321  0.07402    0.5044   0.2354   0.7398
 dbratio     ROA    ROA1 debtcf1
 0.31825 0.14044 0.12389 0.01647

TOSYOU CODE: 6955    402
debtcashflow initial values:   0.000010   2.100381
stddev initial values:   0.000010   2.100381
ecfconst solution invest:   1.957503   2.740504
debt cf solution invest: 0.34720315 0.51166780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.18433
data: equity =   0.514642  debt =   0.185485  firm =   0.700127

agency cost: EZC - k L (EZC:ecfconst =   1.957503, k:agcpara = 0.23564382)
liq.cash: 10Y average (1Y) =   1.871381 ( 0.08437) : loss rate  0.0440
liq.cash: 10Y std.dev. (1Y) =   1.034838 ( 0.04665)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3655 0.07281   0.07405 0.06259  0.07102  0.06355    0.5146   0.1855   0.7001
 dbratio     ROA    ROA1 debtcf1
 0.26493 0.12050 0.10829 0.01349

debt amount =   0.0350   investment =   0.0350   debt ratio =  1.00000
RRR on investment =  0.103129      after tax =  0.056721
search range of Y std.dev.:   minimum =   1.084221   maximum =   1.409488
old shareholders wealth =    0.5146    old bondholders =     0.1838
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.050917, k:agcpara = 0.23564382)
liq.cash: 10Y average (1Y) =   1.948393 ( 0.08747) : loss rate  0.0500
liq.cash: 10Y std.dev. (1Y) =   1.084221 ( 0.04868)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4351 0.08139   0.07462 0.06286  0.07111  0.06267    0.5146   0.2188   0.7335
 dbratio     ROA    ROA1 debtcf1
 0.29834 0.11926 0.10830 0.01619

TOSYOU CODE: 5491    403
debtcashflow initial values:   0.000010   2.094243
stddev initial values:   0.000010   2.094243
ecfconst solution invest:   2.017494   2.824492
debt cf solution invest: 0.50782440 0.74837280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27316
data: equity =   0.426283  debt =   0.271798  firm =   0.698081

agency cost: EZC - k L (EZC:ecfconst =   2.017494, k:agcpara = 0.21501136)
liq.cash: 10Y average (1Y) =   1.902559 ( 0.08515) : loss rate  0.0570
liq.cash: 10Y std.dev. (1Y) =   0.925716 ( 0.04143)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5346 0.06973   0.08219 0.06363  0.07497  0.06382    0.4263   0.2718   0.6981
 dbratio     ROA    ROA1 debtcf1
 0.38935 0.12198 0.11196 0.01960

debt amount =   0.0349   investment =   0.0349   debt ratio =  1.00000
RRR on investment =  0.105212      after tax =  0.057867
search range of Y std.dev.:   minimum =   0.969267   maximum =   1.260047
old shareholders wealth =    0.4263    old bondholders =     0.2697
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.112409, k:agcpara = 0.21501136)
liq.cash: 10Y average (1Y) =   1.982598 ( 0.08845) : loss rate  0.0615
liq.cash: 10Y std.dev. (1Y) =   0.969267 ( 0.04324)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6037 0.07743   0.08303 0.06395  0.07508  0.06309    0.4263   0.3046   0.7309
 dbratio     ROA    ROA1 debtcf1
 0.41674 0.12102 0.11197 0.02228

TOSYOU CODE: 3009    404
debtcashflow initial values:   0.000010   2.089159
stddev initial values:   0.000010   2.089159
ecfconst solution invest:   2.702378   3.783329
debt cf solution invest: 0.38773870 0.57140440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.46596
data: equity =   0.480909  debt =   0.215477  firm =   0.696386

agency cost: EZC - k L (EZC:ecfconst =   2.702378, k:agcpara = 0.27243512)
liq.cash: 10Y average (1Y) =   2.591185 ( 0.11972) : loss rate  0.0411
liq.cash: 10Y std.dev. (1Y) =   1.026918 ( 0.04745)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4081 0.01676   0.11387 0.06435  0.09855  0.08959    0.4809   0.2155   0.6964
 dbratio     ROA    ROA1 debtcf1
 0.30942 0.17192 0.14522 0.01432

debt amount =   0.0348   investment =   0.0348   debt ratio =  1.00000
RRR on investment =  0.141702      after tax =  0.077936
search range of Y std.dev.:   minimum =   1.076707   maximum =   1.399719
old shareholders wealth =    0.4809    old bondholders =     0.2144
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.833401, k:agcpara = 0.27243512)
liq.cash: 10Y average (1Y) =   2.704146 ( 0.12480) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   1.076707 ( 0.04969)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4744 0.01919   0.11589 0.06472  0.09842  0.08848    0.4809   0.2492   0.7301
 dbratio     ROA    ROA1 debtcf1
 0.34131 0.17094 0.14523 0.01671

TOSYOU CODE: 7990    405
debtcashflow initial values:   0.000010   2.082296
stddev initial values:   0.000010   2.082296
ecfconst solution invest:   2.336877   3.271628
debt cf solution invest: 0.32706125 0.48198500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.32638
data: equity =   0.515941  debt =   0.178158  firm =   0.694099

agency cost: EZC - k L (EZC:ecfconst =   2.336877, k:agcpara = 0.25452511)
liq.cash: 10Y average (1Y) =   2.249250 ( 0.10388) : loss rate  0.0375
liq.cash: 10Y std.dev. (1Y) =   1.037369 ( 0.04791)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3443 0.03315   0.09459 0.06469  0.08692  0.07945    0.5159   0.1782   0.6941
 dbratio     ROA    ROA1 debtcf1
 0.25668 0.14966 0.12907 0.01233

debt amount =   0.0347   investment =   0.0347   debt ratio =  1.00000
RRR on investment =  0.124936      after tax =  0.068715
search range of Y std.dev.:   minimum =   1.087369   maximum =   1.413579
old shareholders wealth =    0.5159    old bondholders =     0.1768
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.449511, k:agcpara = 0.25452511)
liq.cash: 10Y average (1Y) =   2.344688 ( 0.10799) : loss rate  0.0428
liq.cash: 10Y std.dev. (1Y) =   1.087369 ( 0.05008)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4118 0.03774   0.09593 0.06513  0.08697  0.07845    0.5159   0.2115   0.7275
 dbratio     ROA    ROA1 debtcf1
 0.29079 0.14845 0.12908 0.01483

TOSYOU CODE: 7223    406
debtcashflow initial values:   0.000010   2.080832
stddev initial values:   0.000010   2.080832
ecfconst solution invest:   2.061011   2.885415
debt cf solution invest: 0.25368990 0.37385880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26171
data: equity =   0.556137  debt =   0.137474  firm =   0.693611

agency cost: EZC - k L (EZC:ecfconst =   2.061011, k:agcpara = 0.24876070)
liq.cash: 10Y average (1Y) =   1.994581 ( 0.09155) : loss rate  0.0322
liq.cash: 10Y std.dev. (1Y) =   1.063132 ( 0.04880)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2670 0.05209   0.07913 0.06302  0.07593  0.07031    0.5561   0.1375   0.6936
 dbratio     ROA    ROA1 debtcf1
 0.19820 0.13200 0.11505 0.00969

debt amount =   0.0347   investment =   0.0347   debt ratio =  1.00000
RRR on investment =  0.111075      after tax =  0.061091
search range of Y std.dev.:   minimum =   1.114421   maximum =   1.448748
old shareholders wealth =    0.5561    old bondholders =     0.1362
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.160441, k:agcpara = 0.24876070)
liq.cash: 10Y average (1Y) =   2.077095 ( 0.09497) : loss rate  0.0386
liq.cash: 10Y std.dev. (1Y) =   1.114421 ( 0.05095)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3350 0.05900   0.07991 0.06340  0.07603  0.06933    0.5561   0.1709   0.7270
 dbratio     ROA    ROA1 debtcf1
 0.23503 0.13063 0.11507 0.01226

TOSYOU CODE: 6390    407
debtcashflow initial values:   0.000010   2.060505
stddev initial values:   0.000010   2.060505
ecfconst solution invest:   2.182996   3.056194
debt cf solution invest: 0.57270750 0.84399000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.36025
data: equity =   0.376991  debt =   0.309844  firm =   0.686835

agency cost: EZC - k L (EZC:ecfconst =   2.182996, k:agcpara = 0.21597353)
liq.cash: 10Y average (1Y) =   2.052796 ( 0.09283) : loss rate  0.0596
liq.cash: 10Y std.dev. (1Y) =   0.870322 ( 0.03936)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6028 0.04786   0.09842 0.06489  0.08329  0.07012    0.3770   0.3098   0.6868
 dbratio     ROA    ROA1 debtcf1
 0.45112 0.13515 0.12259 0.02172

debt amount =   0.0343   investment =   0.0343   debt ratio =  1.00000
RRR on investment =  0.115875      after tax =  0.063731
search range of Y std.dev.:   minimum =   0.911305   maximum =   1.184697
old shareholders wealth =    0.3770    old bondholders =     0.3078
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.285793, k:agcpara = 0.21597353)
liq.cash: 10Y average (1Y) =   2.141066 ( 0.09659) : loss rate  0.0633
liq.cash: 10Y std.dev. (1Y) =   0.911305 ( 0.04111)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6701 0.05325   0.09981 0.06527  0.08338  0.06941    0.3770   0.3421   0.7191
 dbratio     ROA    ROA1 debtcf1
 0.47576 0.13432 0.12260 0.02427

TOSYOU CODE: 6798    408
debtcashflow initial values:   0.000010   2.060273
stddev initial values:   0.000010   2.060273
ecfconst solution invest:   2.370696   3.318974
debt cf solution invest: 0.30592945 0.45084340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.32793
data: equity =   0.519843  debt =   0.166915  firm =   0.686758

agency cost: EZC - k L (EZC:ecfconst =   2.370696, k:agcpara = 0.26024332)
liq.cash: 10Y average (1Y) =   2.286890 ( 0.10583) : loss rate  0.0354
liq.cash: 10Y std.dev. (1Y) =   1.040452 ( 0.04815)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3220 0.02948   0.09674 0.06487  0.08899  0.08190    0.5198   0.1669   0.6868
 dbratio     ROA    ROA1 debtcf1
 0.24305 0.15410 0.13190 0.01150

debt amount =   0.0343   investment =   0.0343   debt ratio =  1.00000
RRR on investment =  0.128067      after tax =  0.070437
search range of Y std.dev.:   minimum =   1.090740   maximum =   1.417962
old shareholders wealth =    0.5198    old bondholders =     0.1657
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.485279, k:agcpara = 0.26024332)
liq.cash: 10Y average (1Y) =   2.384106 ( 0.11005) : loss rate  0.0407
liq.cash: 10Y std.dev. (1Y) =   1.090740 ( 0.05035)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3888 0.03367   0.09815 0.06531  0.08903  0.08086    0.5198   0.2000   0.7199
 dbratio     ROA    ROA1 debtcf1
 0.27788 0.15287 0.13191 0.01396

TOSYOU CODE: 5911    409
debtcashflow initial values:   0.000010   2.058425
stddev initial values:   0.000010   2.058425
ecfconst solution invest:   2.052620   2.873668
debt cf solution invest: 0.09276085 0.13670020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31580
data: equity =   0.632895  debt =   0.053247  firm =   0.686142

agency cost: EZC - k L (EZC:ecfconst =   2.052620, k:agcpara = 0.29127412)
liq.cash: 10Y average (1Y) =   2.024179 ( 0.09402) : loss rate  0.0139
liq.cash: 10Y std.dev. (1Y) =   0.904424 ( 0.04201)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0976 0.01658   0.07756 0.06073  0.07625  0.07413    0.6329   0.0533   0.6861
 dbratio     ROA    ROA1 debtcf1
 0.07761 0.13703 0.11581 0.00336

debt amount =   0.0343   investment =   0.0343   debt ratio =  1.00000
RRR on investment =  0.115088      after tax =  0.063299
search range of Y std.dev.:   minimum =   0.949354   maximum =   1.234161
old shareholders wealth =    0.6329    old bondholders =     0.0529
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.154591, k:agcpara = 0.29127412)
liq.cash: 10Y average (1Y) =   2.107700 ( 0.09748) : loss rate  0.0218
liq.cash: 10Y std.dev. (1Y) =   0.949354 ( 0.04391)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1610 0.02015   0.07840 0.06108  0.07630  0.07298    0.6329   0.0872   0.7201
 dbratio     ROA    ROA1 debtcf1
 0.12109 0.13537 0.11583 0.00557

TOSYOU CODE: 7971    410
debtcashflow initial values:   0.000010   2.047182
stddev initial values:   0.000010   2.047182
ecfconst solution invest:   2.316858   3.243601
debt cf solution invest: 0.32837890 0.48392680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.31353
data: equity =   0.503872  debt =   0.178522  firm =   0.682394

agency cost: EZC - k L (EZC:ecfconst =   2.316858, k:agcpara = 0.25572933)
liq.cash: 10Y average (1Y) =   2.228462 ( 0.10291) : loss rate  0.0382
liq.cash: 10Y std.dev. (1Y) =   1.020553 ( 0.04713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3457 0.03253   0.09569 0.06499  0.08766  0.08000    0.5039   0.1785   0.6824
 dbratio     ROA    ROA1 debtcf1
 0.26160 0.15080 0.13002 0.01239

debt amount =   0.0341   investment =   0.0341   debt ratio =  1.00000
RRR on investment =  0.125863      after tax =  0.069225
search range of Y std.dev.:   minimum =   1.069734   maximum =   1.390654
old shareholders wealth =    0.5039    old bondholders =     0.1772
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.428509, k:agcpara = 0.25572933)
liq.cash: 10Y average (1Y) =   2.323093 ( 0.10700) : loss rate  0.0434
liq.cash: 10Y std.dev. (1Y) =   1.069734 ( 0.04927)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4122 0.03702   0.09705 0.06542  0.08771  0.07901    0.5039   0.2113   0.7152
 dbratio     ROA    ROA1 debtcf1
 0.29548 0.14960 0.13003 0.01486

TOSYOU CODE: 6376    411
debtcashflow initial values:   0.000010   2.046694
stddev initial values:   0.000010   2.046694
ecfconst solution invest:   2.082387   2.915342
debt cf solution invest: 0.16910570 0.24920840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.24920
data: equity =   0.587027  debt =   0.095204  firm =   0.682231

agency cost: EZC - k L (EZC:ecfconst =   2.082387, k:agcpara = 0.27553128)
liq.cash: 10Y average (1Y) =   2.033341 ( 0.09409) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =   0.924838 ( 0.04280)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1780 0.02242   0.08074 0.06217  0.07815  0.07425    0.5870   0.0952   0.6822
 dbratio     ROA    ROA1 debtcf1
 0.13955 0.13791 0.11805 0.00622

debt amount =   0.0341   investment =   0.0341   debt ratio =  1.00000
RRR on investment =  0.116041      after tax =  0.063823
search range of Y std.dev.:   minimum =   0.970254   maximum =   1.261330
old shareholders wealth =    0.5870    old bondholders =     0.0944
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.184646, k:agcpara = 0.27553128)
liq.cash: 10Y average (1Y) =   2.117885 ( 0.09762) : loss rate  0.0306
liq.cash: 10Y std.dev. (1Y) =   0.970254 ( 0.04472)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2423 0.02661   0.08165 0.06257  0.07822  0.07316    0.5870   0.1286   0.7156
 dbratio     ROA    ROA1 debtcf1
 0.17965 0.13642 0.11808 0.00853

TOSYOU CODE: 6335    412
debtcashflow initial values:   0.000010   2.042500
stddev initial values:   0.000010   2.042500
ecfconst solution invest:   2.142969   3.000157
debt cf solution invest: 0.13808535 0.20349420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40969
data: equity =   0.601581  debt =   0.079252  firm =   0.680833

agency cost: EZC - k L (EZC:ecfconst =   2.142969, k:agcpara = 0.28523547)
liq.cash: 10Y average (1Y) =   2.101509 ( 0.09772) : loss rate  0.0193
liq.cash: 10Y std.dev. (1Y) =   0.894536 ( 0.04159)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1454 0.01438   0.08336 0.06100  0.08076  0.07756    0.6016   0.0792   0.6808
 dbratio     ROA    ROA1 debtcf1
 0.11640 0.14353 0.12150 0.00499

debt amount =   0.0340   investment =   0.0340   debt ratio =  1.00000
RRR on investment =  0.120219      after tax =  0.066121
search range of Y std.dev.:   minimum =   0.938756   maximum =   1.220383
old shareholders wealth =    0.6016    old bondholders =     0.0787
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.248904, k:agcpara = 0.28523547)
liq.cash: 10Y average (1Y) =   2.189513 ( 0.10145) : loss rate  0.0264
liq.cash: 10Y std.dev. (1Y) =   0.938756 ( 0.04350)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2082 0.01741   0.08443 0.06140  0.08080  0.07644    0.6016   0.1127   0.7143
 dbratio     ROA    ROA1 debtcf1
 0.15784 0.14202 0.12152 0.00720

TOSYOU CODE: 6768    413
debtcashflow initial values:   0.000010   2.033604
stddev initial values:   0.000010   2.033604
ecfconst solution invest:   2.018095   2.825333
debt cf solution invest: 0.29072185 0.42843220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27210
data: equity =   0.520670  debt =   0.157198  firm =   0.677868

agency cost: EZC - k L (EZC:ecfconst =   2.018095, k:agcpara = 0.24382795)
liq.cash: 10Y average (1Y) =   1.943478 ( 0.08892) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   1.016196 ( 0.04649)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3060 0.05355   0.08023 0.06321  0.07628  0.06968    0.5207   0.1572   0.6779
 dbratio     ROA    ROA1 debtcf1
 0.23190 0.13117 0.11527 0.01112

debt amount =   0.0339   investment =   0.0339   debt ratio =  1.00000
RRR on investment =  0.110842      after tax =  0.060963
search range of Y std.dev.:   minimum =   1.065025   maximum =   1.384532
old shareholders wealth =    0.5207    old bondholders =     0.1558
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.115065, k:agcpara = 0.24382795)
liq.cash: 10Y average (1Y) =   2.024217 ( 0.09226) : loss rate  0.0430
liq.cash: 10Y std.dev. (1Y) =   1.065025 ( 0.04854)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3726 0.06048   0.08105 0.06358  0.07638  0.06874    0.5207   0.1897   0.7104
 dbratio     ROA    ROA1 debtcf1
 0.26705 0.12988 0.11528 0.01364

TOSYOU CODE: 4100    414
debtcashflow initial values:   0.000010   2.027710
stddev initial values:   0.000010   2.027710
ecfconst solution invest:   2.055642   2.877899
debt cf solution invest: 0.18586275 0.27390300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34118
data: equity =   0.570744  debt =   0.105159  firm =   0.675903

agency cost: EZC - k L (EZC:ecfconst =   2.055642, k:agcpara = 0.26711181)
liq.cash: 10Y average (1Y) =   2.003383 ( 0.09255) : loss rate  0.0254
liq.cash: 10Y std.dev. (1Y) =   0.906770 ( 0.04189)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1956 0.02310   0.08092 0.06156  0.07791  0.07360    0.5707   0.1052   0.6759
 dbratio     ROA    ROA1 debtcf1
 0.15559 0.13693 0.11765 0.00681

debt amount =   0.0338   investment =   0.0338   debt ratio =  1.00000
RRR on investment =  0.115260      after tax =  0.063393
search range of Y std.dev.:   minimum =   0.951148   maximum =   1.236492
old shareholders wealth =    0.5707    old bondholders =     0.1043
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.156246, k:agcpara = 0.26711181)
liq.cash: 10Y average (1Y) =   2.087061 ( 0.09605) : loss rate  0.0321
liq.cash: 10Y std.dev. (1Y) =   0.951148 ( 0.04377)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2590 0.02731   0.08186 0.06197  0.07798  0.07255    0.5707   0.1381   0.7089
 dbratio     ROA    ROA1 debtcf1
 0.19486 0.13549 0.11767 0.00909

TOSYOU CODE: 7915    415
debtcashflow initial values:   0.000010   2.026181
stddev initial values:   0.000010   2.026181
ecfconst solution invest:   1.955666   2.737932
debt cf solution invest: 0.10669640 0.15723680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25530
data: equity =   0.614582  debt =   0.060812  firm =   0.675394

agency cost: EZC - k L (EZC:ecfconst =   1.955666, k:agcpara = 0.28506959)
liq.cash: 10Y average (1Y) =   1.923649 ( 0.08890) : loss rate  0.0164
liq.cash: 10Y std.dev. (1Y) =   0.904832 ( 0.04181)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1123 0.02265   0.07467 0.06084  0.07342  0.07096    0.6146   0.0608   0.6754
 dbratio     ROA    ROA1 debtcf1
 0.09004 0.13162 0.11218 0.00389

debt amount =   0.0338   investment =   0.0338   debt ratio =  1.00000
RRR on investment =  0.111133      after tax =  0.061123
search range of Y std.dev.:   minimum =   0.949651   maximum =   1.234546
old shareholders wealth =    0.6146    old bondholders =     0.0603
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.052536, k:agcpara = 0.28506959)
liq.cash: 10Y average (1Y) =   2.002599 ( 0.09212) : loss rate  0.0243
liq.cash: 10Y std.dev. (1Y) =   0.949651 ( 0.04368)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1752 0.02716   0.07537 0.06118  0.07349  0.06983    0.6146   0.0941   0.7087
 dbratio     ROA    ROA1 debtcf1
 0.13279 0.12998 0.11220 0.00612

TOSYOU CODE: 3946    416
debtcashflow initial values:   0.000010   2.020461
stddev initial values:   0.000010   2.020461
ecfconst solution invest:   2.450008   3.430011
debt cf solution invest: 0.49585060 0.73072720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10620  std.dev = 0.17038  lambda =   3.29749
riskless rate of interest = 0.05974  correlation =  0.50721
data: equity =   0.398970  debt =   0.274517  firm =   0.673487

agency cost: EZC - k L (EZC:ecfconst =   2.450008, k:agcpara = 0.24849849)
liq.cash: 10Y average (1Y) =   2.320305 ( 0.10671) : loss rate  0.0529
liq.cash: 10Y std.dev. (1Y) =   0.907751 ( 0.04175)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5219 0.02379   0.11319 0.06433  0.09327  0.08148    0.3990   0.2745   0.6735
 dbratio     ROA    ROA1 debtcf1
 0.40760 0.15845 0.13785 0.01839

debt amount =   0.0337   investment =   0.0337   debt ratio =  1.00000
RRR on investment =  0.133007      after tax =  0.073154
search range of Y std.dev.:   minimum =   0.951244   maximum =   1.236618
old shareholders wealth =    0.3990    old bondholders =     0.2731
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.567396, k:agcpara = 0.24849849)
liq.cash: 10Y average (1Y) =   2.421697 ( 0.11122) : loss rate  0.0567
liq.cash: 10Y std.dev. (1Y) =   0.951244 ( 0.04369)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5863 0.02684   0.11515 0.06470  0.09322  0.08057    0.3990   0.3067   0.7057
 dbratio     ROA    ROA1 debtcf1
 0.43464 0.15761 0.13786 0.02075

TOSYOU CODE: 6712    417
debtcashflow initial values:   0.000010   2.010519
stddev initial values:   0.000010   2.010519
ecfconst solution invest:   1.898905   2.658467
debt cf solution invest: 0.31373655 0.46234860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20135
data: equity =   0.502056  debt =   0.168117  firm =   0.670173

agency cost: EZC - k L (EZC:ecfconst =   1.898905, k:agcpara = 0.23845600)
liq.cash: 10Y average (1Y) =   1.820155 ( 0.08241) : loss rate  0.0415
liq.cash: 10Y std.dev. (1Y) =   0.997935 ( 0.04518)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3302 0.06772   0.07523 0.06273  0.07209  0.06501    0.5021   0.1681   0.6702
 dbratio     ROA    ROA1 debtcf1
 0.25085 0.12298 0.10977 0.01214

debt amount =   0.0335   investment =   0.0335   debt ratio =  1.00000
RRR on investment =  0.104869      after tax =  0.057678
search range of Y std.dev.:   minimum =   1.045673   maximum =   1.359375
old shareholders wealth =    0.5021    old bondholders =     0.1666
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.989742, k:agcpara = 0.23845600)
liq.cash: 10Y average (1Y) =   1.895152 ( 0.08546) : loss rate  0.0475
liq.cash: 10Y std.dev. (1Y) =   1.045673 ( 0.04715)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3967 0.07592   0.07584 0.06303  0.07219  0.06411    0.5021   0.2001   0.7022
 dbratio     ROA    ROA1 debtcf1
 0.28498 0.12171 0.10978 0.01470

TOSYOU CODE: 4046    418
debtcashflow initial values:   0.000010   2.007902
stddev initial values:   0.000010   2.007902
ecfconst solution invest:   2.388156   3.343418
debt cf solution invest: 0.22669755 0.33408060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.35284
data: equity =   0.544520  debt =   0.124781  firm =   0.669301

agency cost: EZC - k L (EZC:ecfconst =   2.388156, k:agcpara = 0.27137049)
liq.cash: 10Y average (1Y) =   2.323399 ( 0.10800) : loss rate  0.0271
liq.cash: 10Y std.dev. (1Y) =   1.049814 ( 0.04880)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2386 0.02353   0.09793 0.06446  0.09169  0.08628    0.5445   0.1248   0.6693
 dbratio     ROA    ROA1 debtcf1
 0.18644 0.16136 0.13565 0.00846

debt amount =   0.0335   investment =   0.0335   debt ratio =  1.00000
RRR on investment =  0.132645      after tax =  0.072955
search range of Y std.dev.:   minimum =   1.100933   maximum =   1.431213
old shareholders wealth =    0.5445    old bondholders =     0.1238
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.504443, k:agcpara = 0.27137049)
liq.cash: 10Y average (1Y) =   2.422187 ( 0.11232) : loss rate  0.0328
liq.cash: 10Y std.dev. (1Y) =   1.100933 ( 0.05105)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3031 0.02713   0.09942 0.06494  0.09169  0.08514    0.5445   0.1573   0.7018
 dbratio     ROA    ROA1 debtcf1
 0.22414 0.16004 0.13566 0.01081

TOSYOU CODE: 6461    419
debtcashflow initial values:   0.000010   1.987396
stddev initial values:   0.000010   1.987396
ecfconst solution invest:   2.071881   2.900633
debt cf solution invest: 0.49439995 0.72858940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.31420
data: equity =   0.395601  debt =   0.266864  firm =   0.662465

agency cost: EZC - k L (EZC:ecfconst =   2.071881, k:agcpara = 0.22174252)
liq.cash: 10Y average (1Y) =   1.956482 ( 0.08863) : loss rate  0.0557
liq.cash: 10Y std.dev. (1Y) =   0.875017 ( 0.03964)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5204 0.05038   0.09312 0.06464  0.08165  0.06993    0.3956   0.2669   0.6625
 dbratio     ROA    ROA1 debtcf1
 0.40283 0.13379 0.12078 0.01882

debt amount =   0.0331   investment =   0.0331   debt ratio =  1.00000
RRR on investment =  0.114414      after tax =  0.062928
search range of Y std.dev.:   minimum =   0.916346   maximum =   1.191249
old shareholders wealth =    0.3956    old bondholders =     0.2650
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.169740, k:agcpara = 0.22174252)
liq.cash: 10Y average (1Y) =   2.039914 ( 0.09216) : loss rate  0.0598
liq.cash: 10Y std.dev. (1Y) =   0.916346 ( 0.04140)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5855 0.05623   0.09435 0.06501  0.08174  0.06917    0.3956   0.2981   0.6937
 dbratio     ROA    ROA1 debtcf1
 0.42971 0.13286 0.12079 0.02130

TOSYOU CODE: 3569    420
debtcashflow initial values:   0.000010   1.980510
stddev initial values:   0.000010   1.980510
ecfconst solution invest:   2.214418   3.100185
debt cf solution invest: 0.29212215 0.43049580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.29448
data: equity =   0.501592  debt =   0.158578  firm =   0.660170

agency cost: EZC - k L (EZC:ecfconst =   2.214418, k:agcpara = 0.25712379)
liq.cash: 10Y average (1Y) =   2.135353 ( 0.09870) : loss rate  0.0357
liq.cash: 10Y std.dev. (1Y) =   1.000938 ( 0.04627)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3075 0.03391   0.09340 0.06494  0.08656  0.07954    0.5016   0.1586   0.6602
 dbratio     ROA    ROA1 debtcf1
 0.24020 0.14951 0.12865 0.01104

debt amount =   0.0330   investment =   0.0330   debt ratio =  1.00000
RRR on investment =  0.124665      after tax =  0.068566
search range of Y std.dev.:   minimum =   1.049244   maximum =   1.364018
old shareholders wealth =    0.5016    old bondholders =     0.1574
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.321288, k:agcpara = 0.25712379)
liq.cash: 10Y average (1Y) =   2.225638 ( 0.10259) : loss rate  0.0412
liq.cash: 10Y std.dev. (1Y) =   1.049244 ( 0.04836)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3720 0.03864   0.09468 0.06538  0.08662  0.07853    0.5016   0.1904   0.6920
 dbratio     ROA    ROA1 debtcf1
 0.27511 0.14826 0.12866 0.01344

TOSYOU CODE: 7987    421
debtcashflow initial values:   0.000010   1.977096
stddev initial values:   0.000010   1.977096
ecfconst solution invest:   2.350625   3.290875
debt cf solution invest: 0.33741625 0.49724500
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.45448
data: equity =   0.472409  debt =   0.186623  firm =   0.659032

agency cost: EZC - k L (EZC:ecfconst =   2.350625, k:agcpara = 0.25836672)
liq.cash: 10Y average (1Y) =   2.258860 ( 0.10444) : loss rate  0.0390
liq.cash: 10Y std.dev. (1Y) =   0.966459 ( 0.04469)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3552 0.02443   0.10265 0.06404  0.09172  0.08356    0.4724   0.1866   0.6590
 dbratio     ROA    ROA1 debtcf1
 0.28317 0.15848 0.13561 0.01255

debt amount =   0.0330   investment =   0.0330   debt ratio =  1.00000
RRR on investment =  0.131673      after tax =  0.072420
search range of Y std.dev.:   minimum =   1.013134   maximum =   1.317075
old shareholders wealth =    0.4724    old bondholders =     0.1854
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.464149, k:agcpara = 0.25836672)
liq.cash: 10Y average (1Y) =   2.356077 ( 0.10872) : loss rate  0.0439
liq.cash: 10Y std.dev. (1Y) =   1.013134 ( 0.04675)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4183 0.02790   0.10431 0.06446  0.09171  0.08254    0.4724   0.2184   0.6908
 dbratio     ROA    ROA1 debtcf1
 0.31614 0.15738 0.13562 0.01485

TOSYOU CODE: 6139    422
debtcashflow initial values:   0.000010   1.966955
stddev initial values:   0.000010   1.966955
ecfconst solution invest:   2.071366   2.899912
debt cf solution invest: 0.28668720 0.42248640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36833
data: equity =   0.499131  debt =   0.156521  firm =   0.655652

agency cost: EZC - k L (EZC:ecfconst =   2.071366, k:agcpara = 0.24723071)
liq.cash: 10Y average (1Y) =   1.996758 ( 0.09195) : loss rate  0.0360
liq.cash: 10Y std.dev. (1Y) =   0.975421 ( 0.04492)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3018 0.04113   0.08703 0.06355  0.08142  0.07460    0.4991   0.1565   0.6556
 dbratio     ROA    ROA1 debtcf1
 0.23872 0.14025 0.12191 0.01084

debt amount =   0.0328   investment =   0.0328   debt ratio =  1.00000
RRR on investment =  0.117695      after tax =  0.064732
search range of Y std.dev.:   minimum =   1.022390   maximum =   1.329107
old shareholders wealth =    0.4991    old bondholders =     0.1552
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.171108, k:agcpara = 0.24723071)
liq.cash: 10Y average (1Y) =   2.080744 ( 0.09551) : loss rate  0.0416
liq.cash: 10Y std.dev. (1Y) =   1.022390 ( 0.04693)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3655 0.04671   0.08812 0.06397  0.08151  0.07363    0.4991   0.1880   0.6871
 dbratio     ROA    ROA1 debtcf1
 0.27362 0.13900 0.12192 0.01322

TOSYOU CODE: 3203    423
debtcashflow initial values:   0.000010   1.951122
stddev initial values:   0.000010   1.951122
ecfconst solution invest:   1.839494   2.575292
debt cf solution invest: 0.58739830 0.86563960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.26208
data: equity =   0.339731  debt =   0.310643  firm =   0.650374

agency cost: EZC - k L (EZC:ecfconst =   1.839494, k:agcpara = 0.19716441)
liq.cash: 10Y average (1Y) =   1.717584 ( 0.07572) : loss rate  0.0663
liq.cash: 10Y std.dev. (1Y) =   0.797489 ( 0.03516)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6183 0.08404   0.08319 0.06440  0.07422  0.06038    0.3397   0.3106   0.6504
 dbratio     ROA    ROA1 debtcf1
 0.47764 0.11642 0.10957 0.02286

debt amount =   0.0325   investment =   0.0325   debt ratio =  1.00000
RRR on investment =  0.101510      after tax =  0.055831
search range of Y std.dev.:   minimum =   0.834561   maximum =   1.084929
old shareholders wealth =    0.3397    old bondholders =     0.3083
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.925004, k:agcpara = 0.19716441)
liq.cash: 10Y average (1Y) =   1.790236 ( 0.07869) : loss rate  0.0700
liq.cash: 10Y std.dev. (1Y) =   0.834561 ( 0.03668)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6835 0.09240   0.08400 0.06469  0.07433  0.05975    0.3397   0.3408   0.6806
 dbratio     ROA    ROA1 debtcf1
 0.50080 0.11562 0.10958 0.02543

TOSYOU CODE: 7995    424
debtcashflow initial values:   0.000010   1.948711
stddev initial values:   0.000010   1.948711
ecfconst solution invest:   2.209966   3.093952
debt cf solution invest: 0.31589685 0.46553220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50431
data: equity =   0.475007  debt =   0.174563  firm =   0.649570

agency cost: EZC - k L (EZC:ecfconst =   2.209966, k:agcpara = 0.25157922)
liq.cash: 10Y average (1Y) =   2.126310 ( 0.09824) : loss rate  0.0379
liq.cash: 10Y std.dev. (1Y) =   0.949904 ( 0.04389)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3325 0.02949   0.09665 0.06358  0.08777  0.08008    0.4750   0.1746   0.6496
 dbratio     ROA    ROA1 debtcf1
 0.26873 0.15124 0.13025 0.01178

debt amount =   0.0325   investment =   0.0325   debt ratio =  1.00000
RRR on investment =  0.126166      after tax =  0.069391
search range of Y std.dev.:   minimum =   0.995709   maximum =   1.294422
old shareholders wealth =    0.4750    old bondholders =     0.1733
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.316532, k:agcpara = 0.25157922)
liq.cash: 10Y average (1Y) =   2.217202 ( 0.10219) : loss rate  0.0429
liq.cash: 10Y std.dev. (1Y) =   0.995709 ( 0.04589)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3948 0.03361   0.09811 0.06401  0.08780  0.07909    0.4750   0.2058   0.6808
 dbratio     ROA    ROA1 debtcf1
 0.30230 0.15010 0.13027 0.01407

TOSYOU CODE: 6136    425
debtcashflow initial values:   0.000010   1.937382
stddev initial values:   0.000010   1.937382
ecfconst solution invest:   2.046496   2.865094
debt cf solution invest: 0.15566795 0.22940540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.33889
data: equity =   0.557773  debt =   0.088021  firm =   0.645794

agency cost: EZC - k L (EZC:ecfconst =   2.046496, k:agcpara = 0.28223987)
liq.cash: 10Y average (1Y) =   2.000248 ( 0.09288) : loss rate  0.0226
liq.cash: 10Y std.dev. (1Y) =   0.866910 ( 0.04025)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1639 0.01707   0.08441 0.06228  0.08139  0.07757    0.5578   0.0880   0.6458
 dbratio     ROA    ROA1 debtcf1
 0.13630 0.14382 0.12226 0.00569

debt amount =   0.0323   investment =   0.0323   debt ratio =  1.00000
RRR on investment =  0.120514      after tax =  0.066282
search range of Y std.dev.:   minimum =   0.909587   maximum =   1.182464
old shareholders wealth =    0.5578    old bondholders =     0.0874
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.147244, k:agcpara = 0.28223987)
liq.cash: 10Y average (1Y) =   2.083906 ( 0.09642) : loss rate  0.0295
liq.cash: 10Y std.dev. (1Y) =   0.909587 ( 0.04209)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2244 0.02046   0.08547 0.06270  0.08145  0.07646    0.5578   0.1197   0.6774
 dbratio     ROA    ROA1 debtcf1
 0.17665 0.14233 0.12228 0.00785

TOSYOU CODE: 3869    426
debtcashflow initial values:   0.000010   1.929658
stddev initial values:   0.000010   1.929658
ecfconst solution invest:   1.952277   2.733188
debt cf solution invest: 0.61655570 0.90860840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.41828
data: equity =   0.312114  debt =   0.331105  firm =   0.643219

agency cost: EZC - k L (EZC:ecfconst =   1.952277, k:agcpara = 0.19721714)
liq.cash: 10Y average (1Y) =   1.824282 ( 0.08138) : loss rate  0.0656
liq.cash: 10Y std.dev. (1Y) =   0.757022 ( 0.03377)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6490 0.06027   0.09661 0.06507  0.08037  0.06530    0.3121   0.3311   0.6432
 dbratio     ROA    ROA1 debtcf1
 0.51476 0.12653 0.11743 0.02355

debt amount =   0.0322   investment =   0.0322   debt ratio =  1.00000
RRR on investment =  0.109697      after tax =  0.060334
search range of Y std.dev.:   minimum =   0.792336   maximum =   1.030036
old shareholders wealth =    0.3121    old bondholders =     0.3289
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.043347, k:agcpara = 0.19721714)
liq.cash: 10Y average (1Y) =   1.902836 ( 0.08469) : loss rate  0.0688
liq.cash: 10Y std.dev. (1Y) =   0.792336 ( 0.03526)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7125 0.06650   0.09790 0.06542  0.08048  0.06469    0.3121   0.3611   0.6732
 dbratio     ROA    ROA1 debtcf1
 0.53635 0.12581 0.11743 0.02599

TOSYOU CODE: 4112    427
debtcashflow initial values:   0.000010   1.918781
stddev initial values:   0.000010   1.918781
ecfconst solution invest:   1.890129   2.646181
debt cf solution invest: 0.58498340 0.86208080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36717
data: equity =   0.324641  debt =   0.314953  firm =   0.639594

agency cost: EZC - k L (EZC:ecfconst =   1.890129, k:agcpara = 0.19652471)
liq.cash: 10Y average (1Y) =   1.769115 ( 0.07872) : loss rate  0.0640
liq.cash: 10Y std.dev. (1Y) =   0.763042 ( 0.03395)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6158 0.06533   0.09133 0.06421  0.07798  0.06375    0.3246   0.3150   0.6396
 dbratio     ROA    ROA1 debtcf1
 0.49243 0.12308 0.11445 0.02237

debt amount =   0.0320   investment =   0.0320   debt ratio =  1.00000
RRR on investment =  0.106731      after tax =  0.058702
search range of Y std.dev.:   minimum =   0.798634   maximum =   1.038224
old shareholders wealth =    0.3246    old bondholders =     0.3128
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.978294, k:agcpara = 0.19652471)
liq.cash: 10Y average (1Y) =   1.844905 ( 0.08188) : loss rate  0.0674
liq.cash: 10Y std.dev. (1Y) =   0.798634 ( 0.03545)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6787 0.07212   0.09246 0.06456  0.07809  0.06313    0.3246   0.3447   0.6694
 dbratio     ROA    ROA1 debtcf1
 0.51501 0.12233 0.11445 0.02480

TOSYOU CODE: 6802    428
debtcashflow initial values:   0.000010   1.914586
stddev initial values:   0.000010   1.914586
ecfconst solution invest:   2.000950   2.801330
debt cf solution invest: 0.47437775 0.69908300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.33865
data: equity =   0.383730  debt =   0.254465  firm =   0.638195

agency cost: EZC - k L (EZC:ecfconst =   2.000950, k:agcpara = 0.22398569)
liq.cash: 10Y average (1Y) =   1.889104 ( 0.08559) : loss rate  0.0559
liq.cash: 10Y std.dev. (1Y) =   0.853021 ( 0.03865)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4993 0.05163   0.09292 0.06516  0.08185  0.07016    0.3837   0.2545   0.6382
 dbratio     ROA    ROA1 debtcf1
 0.39872 0.13412 0.12106 0.01813

debt amount =   0.0319   investment =   0.0319   debt ratio =  1.00000
RRR on investment =  0.114680      after tax =  0.063074
search range of Y std.dev.:   minimum =   0.893307   maximum =   1.161298
old shareholders wealth =    0.3837    old bondholders =     0.2526
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.095449, k:agcpara = 0.22398569)
liq.cash: 10Y average (1Y) =   1.969476 ( 0.08899) : loss rate  0.0601
liq.cash: 10Y std.dev. (1Y) =   0.893307 ( 0.04036)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5624 0.05761   0.09412 0.06554  0.08195  0.06939    0.3837   0.2845   0.6683
 dbratio     ROA    ROA1 debtcf1
 0.42579 0.13317 0.12107 0.02054

TOSYOU CODE: 4404    429
debtcashflow initial values:   0.000010   1.914067
stddev initial values:   0.000010   1.914067
ecfconst solution invest:   2.031939   2.844715
debt cf solution invest: 0.39731470 0.58551640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.40289
data: equity =   0.423408  debt =   0.214614  firm =   0.638022

agency cost: EZC - k L (EZC:ecfconst =   2.031939, k:agcpara = 0.23545534)
liq.cash: 10Y average (1Y) =   1.933465 ( 0.08830) : loss rate  0.0485
liq.cash: 10Y std.dev. (1Y) =   0.895007 ( 0.04087)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4182 0.04523   0.09178 0.06469  0.08267  0.07288    0.4234   0.2146   0.6380
 dbratio     ROA    ROA1 debtcf1
 0.33637 0.13839 0.12281 0.01511

debt amount =   0.0319   investment =   0.0319   debt ratio =  1.00000
RRR on investment =  0.117340      after tax =  0.064537
search range of Y std.dev.:   minimum =   0.937623   maximum =   1.218910
old shareholders wealth =    0.4234    old bondholders =     0.2130
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.128691, k:agcpara = 0.23545534)
liq.cash: 10Y average (1Y) =   2.015471 ( 0.09178) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =   0.937623 ( 0.04270)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4809 0.05085   0.09298 0.06508  0.08276  0.07203    0.4234   0.2449   0.6683
 dbratio     ROA    ROA1 debtcf1
 0.36647 0.13733 0.12282 0.01748

TOSYOU CODE: 5931    430
debtcashflow initial values:   0.000010   1.912126
stddev initial values:   0.000010   1.912126
ecfconst solution invest:   1.967234   2.754128
debt cf solution invest: 0.25718685 0.37901220
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32558
data: equity =   0.497351  debt =   0.140024  firm =   0.637375

agency cost: EZC - k L (EZC:ecfconst =   1.967234, k:agcpara = 0.24805841)
liq.cash: 10Y average (1Y) =   1.900079 ( 0.08744) : loss rate  0.0341
liq.cash: 10Y std.dev. (1Y) =   0.960439 ( 0.04420)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2707 0.04490   0.08382 0.06338  0.07933  0.07306    0.4974   0.1400   0.6374
 dbratio     ROA    ROA1 debtcf1
 0.21968 0.13719 0.11930 0.00976

debt amount =   0.0319   investment =   0.0319   debt ratio =  1.00000
RRR on investment =  0.115207      after tax =  0.063364
search range of Y std.dev.:   minimum =   1.006734   maximum =   1.308754
old shareholders wealth =    0.4974    old bondholders =     0.1388
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.062059, k:agcpara = 0.24805841)
liq.cash: 10Y average (1Y) =   1.979485 ( 0.09078) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =   1.006734 ( 0.04617)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3329 0.05096   0.08479 0.06379  0.07942  0.07209    0.4974   0.1707   0.6680
 dbratio     ROA    ROA1 debtcf1
 0.25549 0.13589 0.11931 0.01209

TOSYOU CODE: 6101    431
debtcashflow initial values:   0.000010   1.895179
stddev initial values:   0.000010   1.895179
ecfconst solution invest:   1.881675   2.634345
debt cf solution invest: 0.14703055 0.21667660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30298
data: equity =   0.548394  debt =   0.083332  firm =   0.631726

agency cost: EZC - k L (EZC:ecfconst =   1.881675, k:agcpara = 0.27345776)
liq.cash: 10Y average (1Y) =   1.839352 ( 0.08496) : loss rate  0.0225
liq.cash: 10Y std.dev. (1Y) =   0.849961 ( 0.03926)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1548 0.02374   0.07824 0.06132  0.07601  0.07237    0.5484   0.0833   0.6317
 dbratio     ROA    ROA1 debtcf1
 0.13191 0.13448 0.11533 0.00539

debt amount =   0.0316   investment =   0.0316   debt ratio =  1.00000
RRR on investment =  0.113441      after tax =  0.062393
search range of Y std.dev.:   minimum =   0.891747   maximum =   1.159271
old shareholders wealth =    0.5484    old bondholders =     0.0826
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.974181, k:agcpara = 0.27345776)
liq.cash: 10Y average (1Y) =   1.915684 ( 0.08812) : loss rate  0.0296
liq.cash: 10Y std.dev. (1Y) =   0.891747 ( 0.04102)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2139 0.02817   0.07908 0.06171  0.07608  0.07130    0.5484   0.1142   0.6626
 dbratio     ROA    ROA1 debtcf1
 0.17239 0.13299 0.11535 0.00750

TOSYOU CODE: 6407    432
debtcashflow initial values:   0.000010   1.892087
stddev initial values:   0.000010   1.892087
ecfconst solution invest:   2.057792   2.880909
debt cf solution invest: 0.27126585 0.39976020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42098
data: equity =   0.481727  debt =   0.148969  firm =   0.630696

agency cost: EZC - k L (EZC:ecfconst =   2.057792, k:agcpara = 0.25078447)
liq.cash: 10Y average (1Y) =   1.986182 ( 0.09174) : loss rate  0.0348
liq.cash: 10Y std.dev. (1Y) =   0.939552 ( 0.04340)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2855 0.03514   0.09052 0.06356  0.08415  0.07739    0.4817   0.1490   0.6307
 dbratio     ROA    ROA1 debtcf1
 0.23620 0.14546 0.12553 0.01019

debt amount =   0.0315   investment =   0.0315   debt ratio =  1.00000
RRR on investment =  0.121540      after tax =  0.066847
search range of Y std.dev.:   minimum =   0.984889   maximum =   1.280356
old shareholders wealth =    0.4817    old bondholders =     0.1478
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.157089, k:agcpara = 0.25078447)
liq.cash: 10Y average (1Y) =   2.070201 ( 0.09534) : loss rate  0.0403
liq.cash: 10Y std.dev. (1Y) =   0.984889 ( 0.04536)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3465 0.04004   0.09175 0.06399  0.08422  0.07641    0.4817   0.1793   0.6611
 dbratio     ROA    ROA1 debtcf1
 0.27129 0.14422 0.12554 0.01244

TOSYOU CODE: 5352    433
debtcashflow initial values:   0.000010   1.886853
stddev initial values:   0.000010   1.886853
ecfconst solution invest:   1.925801   2.696121
debt cf solution invest: 0.43698005 0.64397060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36622
data: equity =   0.392630  debt =   0.236321  firm =   0.628951

agency cost: EZC - k L (EZC:ecfconst =   1.925801, k:agcpara = 0.22264959)
liq.cash: 10Y average (1Y) =   1.823387 ( 0.08258) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =   0.844180 ( 0.03823)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4600 0.05315   0.08911 0.06401  0.07968  0.06885    0.3926   0.2363   0.6290
 dbratio     ROA    ROA1 debtcf1
 0.37574 0.13129 0.11840 0.01665

debt amount =   0.0314   investment =   0.0314   debt ratio =  1.00000
RRR on investment =  0.112235      after tax =  0.061729
search range of Y std.dev.:   minimum =   0.884117   maximum =   1.149352
old shareholders wealth =    0.3926    old bondholders =     0.2346
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.016908, k:agcpara = 0.22264959)
liq.cash: 10Y average (1Y) =   1.900765 ( 0.08583) : loss rate  0.0576
liq.cash: 10Y std.dev. (1Y) =   0.884117 ( 0.03992)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5216 0.05939   0.09021 0.06438  0.07978  0.06808    0.3926   0.2660   0.6587
 dbratio     ROA    ROA1 debtcf1
 0.40389 0.13031 0.11841 0.01900

TOSYOU CODE: 2601    434
debtcashflow initial values:   0.000010   1.883216
stddev initial values:   0.000010   1.883216
ecfconst solution invest:   2.177729   3.048821
debt cf solution invest: 0.24954790 0.36775480
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.38938
data: equity =   0.489723  debt =   0.138016  firm =   0.627739

agency cost: EZC - k L (EZC:ecfconst =   2.177729, k:agcpara = 0.26119093)
liq.cash: 10Y average (1Y) =   2.109119 ( 0.09783) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   0.952092 ( 0.04416)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2627 0.02623   0.09652 0.06371  0.08930  0.08300    0.4897   0.1380   0.6277
 dbratio     ROA    ROA1 debtcf1
 0.21987 0.15584 0.13246 0.00929

debt amount =   0.0314   investment =   0.0314   debt ratio =  1.00000
RRR on investment =  0.129008      after tax =  0.070954
search range of Y std.dev.:   minimum =   0.998266   maximum =   1.297745
old shareholders wealth =    0.4897    old bondholders =     0.1370
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.283342, k:agcpara = 0.26119093)
liq.cash: 10Y average (1Y) =   2.199015 ( 0.10175) : loss rate  0.0369
liq.cash: 10Y std.dev. (1Y) =   0.998266 ( 0.04619)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3229 0.03009   0.09797 0.06416  0.08932  0.08193    0.4897   0.1684   0.6581
 dbratio     ROA    ROA1 debtcf1
 0.25588 0.15461 0.13247 0.01149

TOSYOU CODE: 7756    435
debtcashflow initial values:   0.000010   1.874203
stddev initial values:   0.000010   1.874203
ecfconst solution invest:   1.815892   2.542249
debt cf solution invest: 0.49484265 0.72924180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.29843
data: equity =   0.359586  debt =   0.265148  firm =   0.624734

agency cost: EZC - k L (EZC:ecfconst =   1.815892, k:agcpara = 0.20862644)
liq.cash: 10Y average (1Y) =   1.707221 ( 0.07622) : loss rate  0.0598
liq.cash: 10Y std.dev. (1Y) =   0.800725 ( 0.03575)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5209 0.06923   0.08467 0.06384  0.07583  0.06364    0.3596   0.2651   0.6247
 dbratio     ROA    ROA1 debtcf1
 0.42442 0.12200 0.11260 0.01906

debt amount =   0.0312   investment =   0.0312   debt ratio =  1.00000
RRR on investment =  0.105455      after tax =  0.058000
search range of Y std.dev.:   minimum =   0.838263   maximum =   1.089742
old shareholders wealth =    0.3596    old bondholders =     0.2631
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.901020, k:agcpara = 0.20862644)
liq.cash: 10Y average (1Y) =   1.779450 ( 0.07920) : loss rate  0.0640
liq.cash: 10Y std.dev. (1Y) =   0.838263 ( 0.03731)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5827 0.07670   0.08559 0.06417  0.07595  0.06295    0.3596   0.2944   0.6540
 dbratio     ROA    ROA1 debtcf1
 0.45015 0.12111 0.11261 0.02145

TOSYOU CODE: 6332    436
debtcashflow initial values:   0.000010   1.874025
stddev initial values:   0.000010   1.874025
ecfconst solution invest:   2.029243   2.840940
debt cf solution invest: 0.23943515 0.35285180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40558
data: equity =   0.493113  debt =   0.131562  firm =   0.624675

agency cost: EZC - k L (EZC:ecfconst =   2.029243, k:agcpara = 0.25374584)
liq.cash: 10Y average (1Y) =   1.965290 ( 0.09094) : loss rate  0.0315
liq.cash: 10Y std.dev. (1Y) =   0.945736 ( 0.04376)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2520 0.03503   0.08908 0.06344  0.08368  0.07766    0.4931   0.1316   0.6247
 dbratio     ROA    ROA1 debtcf1
 0.21061 0.14558 0.12504 0.00899

debt amount =   0.0312   investment =   0.0312   debt ratio =  1.00000
RRR on investment =  0.121326      after tax =  0.066729
search range of Y std.dev.:   minimum =   0.991485   maximum =   1.288930
old shareholders wealth =    0.4931    old bondholders =     0.1305
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.127405, k:agcpara = 0.25374584)
liq.cash: 10Y average (1Y) =   2.048143 ( 0.09448) : loss rate  0.0373
liq.cash: 10Y std.dev. (1Y) =   0.991485 ( 0.04574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3124 0.04000   0.09026 0.06389  0.08375  0.07665    0.4931   0.1617   0.6548
 dbratio     ROA    ROA1 debtcf1
 0.24696 0.14428 0.12505 0.01122

TOSYOU CODE: 6808    437
debtcashflow initial values:   0.000010   1.861274
stddev initial values:   0.000010   1.861274
ecfconst solution invest:   1.788264   2.503570
debt cf solution invest: 0.19125590 0.28185080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.13195
data: equity =   0.518414  debt =   0.102011  firm =   0.620425

agency cost: EZC - k L (EZC:ecfconst =   1.788264, k:agcpara = 0.25699596)
liq.cash: 10Y average (1Y) =   1.736525 ( 0.07960) : loss rate  0.0289
liq.cash: 10Y std.dev. (1Y) =   0.996425 ( 0.04568)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2013 0.06169   0.07499 0.06356  0.07311  0.06840    0.5184   0.1020   0.6204
 dbratio     ROA    ROA1 debtcf1
 0.16443 0.12830 0.11167 0.00741

debt amount =   0.0310   investment =   0.0310   debt ratio =  1.00000
RRR on investment =  0.107964      after tax =  0.059380
search range of Y std.dev.:   minimum =   1.044612   maximum =   1.357996
old shareholders wealth =    0.5184    old bondholders =     0.1009
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.874744, k:agcpara = 0.25699596)
liq.cash: 10Y average (1Y) =   1.807103 ( 0.08247) : loss rate  0.0361
liq.cash: 10Y std.dev. (1Y) =   1.044612 ( 0.04767)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2632 0.06971   0.07556 0.06390  0.07320  0.06736    0.5184   0.1320   0.6504
 dbratio     ROA    ROA1 debtcf1
 0.20289 0.12680 0.11168 0.00978

TOSYOU CODE: 3115    438
debtcashflow initial values:   0.000010   1.855460
stddev initial values:   0.000010   1.855460
ecfconst solution invest:   1.854801   2.596721
debt cf solution invest: 0.42881860 0.63194320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32963
data: equity =   0.387415  debt =   0.231072  firm =   0.618487

agency cost: EZC - k L (EZC:ecfconst =   1.854801, k:agcpara = 0.22098205)
liq.cash: 10Y average (1Y) =   1.755052 ( 0.07923) : loss rate  0.0538
liq.cash: 10Y std.dev. (1Y) =   0.830946 ( 0.03751)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4514 0.05834   0.08631 0.06389  0.07794  0.06719    0.3874   0.2311   0.6185
 dbratio     ROA    ROA1 debtcf1
 0.37361 0.12810 0.11608 0.01641

debt amount =   0.0309   investment =   0.0309   debt ratio =  1.00000
RRR on investment =  0.109789      after tax =  0.060384
search range of Y std.dev.:   minimum =   0.870209   maximum =   1.131271
old shareholders wealth =    0.3874    old bondholders =     0.2293
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.942442, k:agcpara = 0.22098205)
liq.cash: 10Y average (1Y) =   1.829241 ( 0.08233) : loss rate  0.0583
liq.cash: 10Y std.dev. (1Y) =   0.870209 ( 0.03916)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5123 0.06509   0.08731 0.06424  0.07804  0.06643    0.3874   0.2602   0.6477
 dbratio     ROA    ROA1 debtcf1
 0.40182 0.12711 0.11609 0.01874

TOSYOU CODE: 7243    439
debtcashflow initial values:   0.000010   1.849565
stddev initial values:   0.000010   1.849565
ecfconst solution invest:   1.818325   2.545655
debt cf solution invest: 0.27791965 0.40956580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.26038
data: equity =   0.466568  debt =   0.149954  firm =   0.616522

agency cost: EZC - k L (EZC:ecfconst =   1.818325, k:agcpara = 0.24155246)
liq.cash: 10Y average (1Y) =   1.747660 ( 0.07975) : loss rate  0.0389
liq.cash: 10Y std.dev. (1Y) =   0.917847 ( 0.04189)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2925 0.05644   0.07951 0.06318  0.07554  0.06862    0.4666   0.1499   0.6165
 dbratio     ROA    ROA1 debtcf1
 0.24322 0.12936 0.11422 0.01066

debt amount =   0.0308   investment =   0.0308   debt ratio =  1.00000
RRR on investment =  0.109601      after tax =  0.060280
search range of Y std.dev.:   minimum =   0.961870   maximum =   1.250432
old shareholders wealth =    0.4666    old bondholders =     0.1486
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.905539, k:agcpara = 0.24155246)
liq.cash: 10Y average (1Y) =   1.820217 ( 0.08275) : loss rate  0.0448
liq.cash: 10Y std.dev. (1Y) =   0.961871 ( 0.04373)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3532 0.06361   0.08029 0.06354  0.07564  0.06770    0.4666   0.1795   0.6460
 dbratio     ROA    ROA1 debtcf1
 0.27779 0.12809 0.11424 0.01297

TOSYOU CODE: 6480    440
debtcashflow initial values:   0.000010   1.832613
stddev initial values:   0.000010   1.832613
ecfconst solution invest:   2.072529   2.901541
debt cf solution invest: 0.18267930 0.26921160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.31449
data: equity =   0.510659  debt =   0.100212  firm =   0.610871

agency cost: EZC - k L (EZC:ecfconst =   2.072529, k:agcpara = 0.26729319)
liq.cash: 10Y average (1Y) =   2.021130 ( 0.09403) : loss rate  0.0248
liq.cash: 10Y std.dev. (1Y) =   0.965080 ( 0.04490)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1923 0.02905   0.09182 0.06421  0.08729  0.08255    0.5107   0.1002   0.6109
 dbratio     ROA    ROA1 debtcf1
 0.16404 0.15393 0.12994 0.00685

debt amount =   0.0305   investment =   0.0305   debt ratio =  1.00000
RRR on investment =  0.126906      after tax =  0.069798
search range of Y std.dev.:   minimum =   1.012054   maximum =   1.315670
old shareholders wealth =    0.5107    old bondholders =     0.0993
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.173407, k:agcpara = 0.26729319)
liq.cash: 10Y average (1Y) =   2.106203 ( 0.09770) : loss rate  0.0309
liq.cash: 10Y std.dev. (1Y) =   1.012054 ( 0.04695)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2514 0.03342   0.09310 0.06472  0.08734  0.08144    0.5107   0.1299   0.6405
 dbratio     ROA    ROA1 debtcf1
 0.20276 0.15253 0.12995 0.00902

TOSYOU CODE: 3887    441
debtcashflow initial values:   0.000010   1.822403
stddev initial values:   0.000010   1.822403
ecfconst solution invest:   1.799394   2.519152
debt cf solution invest: 0.66798870 0.98440440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46644
data: equity =   0.244332  debt =   0.363136  firm =   0.607468

agency cost: EZC - k L (EZC:ecfconst =   1.799394, k:agcpara = 0.17485701)
liq.cash: 10Y average (1Y) =   1.676444 ( 0.07400) : loss rate  0.0683
liq.cash: 10Y std.dev. (1Y) =   0.629831 ( 0.02780)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7031 0.06113   0.10186 0.06431  0.07941  0.06211    0.2443   0.3631   0.6075
 dbratio     ROA    ROA1 debtcf1
 0.59779 0.12181 0.11471 0.02528

debt amount =   0.0304   investment =   0.0304   debt ratio =  1.00000
RRR on investment =  0.106519      after tax =  0.058585
search range of Y std.dev.:   minimum =   0.659085   maximum =   0.856810
old shareholders wealth =    0.2443    old bondholders =     0.3609
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.882970, k:agcpara = 0.17485701)
liq.cash: 10Y average (1Y) =   1.749673 ( 0.07708) : loss rate  0.0708
liq.cash: 10Y std.dev. (1Y) =   0.659085 ( 0.02903)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.7623 0.06706   0.10332 0.06465  0.07951  0.06160    0.2443   0.3913   0.6356
 dbratio     ROA    ROA1 debtcf1
 0.61561 0.12126 0.11471 0.02754

TOSYOU CODE: 4007    442
debtcashflow initial values:   0.000010   1.819549
stddev initial values:   0.000010   1.819549
ecfconst solution invest:   1.859919   2.603887
debt cf solution invest: 0.47789750 0.70427000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39452
data: equity =   0.347886  debt =   0.258630  firm =   0.606516

agency cost: EZC - k L (EZC:ecfconst =   1.859919, k:agcpara = 0.21392051)
liq.cash: 10Y average (1Y) =   1.752306 ( 0.07901) : loss rate  0.0579
liq.cash: 10Y std.dev. (1Y) =   0.777301 ( 0.03505)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5030 0.05401   0.09217 0.06417  0.08023  0.06791    0.3479   0.2586   0.6065
 dbratio     ROA    ROA1 debtcf1
 0.42642 0.13026 0.11858 0.01818

debt amount =   0.0303   investment =   0.0303   debt ratio =  1.00000
RRR on investment =  0.111848      after tax =  0.061517
search range of Y std.dev.:   minimum =   0.813891   maximum =   1.058058
old shareholders wealth =    0.3479    old bondholders =     0.2568
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.947471, k:agcpara = 0.21392051)
liq.cash: 10Y average (1Y) =   1.827151 ( 0.08216) : loss rate  0.0618
liq.cash: 10Y std.dev. (1Y) =   0.813891 ( 0.03660)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5625 0.06011   0.09337 0.06454  0.08033  0.06720    0.3479   0.2871   0.6350
 dbratio     ROA    ROA1 debtcf1
 0.45216 0.12939 0.11858 0.02045

TOSYOU CODE: 5454    443
debtcashflow initial values:   0.000010   1.816349
stddev initial values:   0.000010   1.816349
ecfconst solution invest:   1.781392   2.493949
debt cf solution invest: 0.26736515 0.39401180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25561
data: equity =   0.461193  debt =   0.144257  firm =   0.605450

agency cost: EZC - k L (EZC:ecfconst =   1.781392, k:agcpara = 0.24220315)
liq.cash: 10Y average (1Y) =   1.713227 ( 0.07819) : loss rate  0.0383
liq.cash: 10Y std.dev. (1Y) =   0.904405 ( 0.04128)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2814 0.05670   0.07910 0.06313  0.07530  0.06853    0.4612   0.1443   0.6054
 dbratio     ROA    ROA1 debtcf1
 0.23826 0.12915 0.11396 0.01026

debt amount =   0.0303   investment =   0.0303   debt ratio =  1.00000
RRR on investment =  0.109394      after tax =  0.060167
search range of Y std.dev.:   minimum =   0.947807   maximum =   1.232149
old shareholders wealth =    0.4612    old bondholders =     0.1430
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.866880, k:agcpara = 0.24220315)
liq.cash: 10Y average (1Y) =   1.784282 ( 0.08112) : loss rate  0.0442
liq.cash: 10Y std.dev. (1Y) =   0.947807 ( 0.04309)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3410 0.06391   0.07988 0.06349  0.07540  0.06760    0.4612   0.1732   0.6344
 dbratio     ROA    ROA1 debtcf1
 0.27307 0.12787 0.11397 0.01252

TOSYOU CODE: 6742    444
debtcashflow initial values:   0.000010   1.814319
stddev initial values:   0.000010   1.814319
ecfconst solution invest:   2.108357   2.951700
debt cf solution invest: 0.25030505 0.36887060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.31810
data: equity =   0.468106  debt =   0.136667  firm =   0.604773

agency cost: EZC - k L (EZC:ecfconst =   2.108357, k:agcpara = 0.26406129)
liq.cash: 10Y average (1Y) =   2.038782 ( 0.09448) : loss rate  0.0330
liq.cash: 10Y std.dev. (1Y) =   0.928212 ( 0.04302)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2635 0.02790   0.09705 0.06492  0.08979  0.08319    0.4681   0.1367   0.6048
 dbratio     ROA    ROA1 debtcf1
 0.22598 0.15623 0.13301 0.00940

debt amount =   0.0302   investment =   0.0302   debt ratio =  1.00000
RRR on investment =  0.129429      after tax =  0.071186
search range of Y std.dev.:   minimum =   0.973175   maximum =   1.265127
old shareholders wealth =    0.4681    old bondholders =     0.1357
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.210486, k:agcpara = 0.26406129)
liq.cash: 10Y average (1Y) =   2.125404 ( 0.09825) : loss rate  0.0385
liq.cash: 10Y std.dev. (1Y) =   0.973175 ( 0.04499)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3222 0.03195   0.09848 0.06537  0.08982  0.08212    0.4681   0.1659   0.6340
 dbratio     ROA    ROA1 debtcf1
 0.26167 0.15497 0.13302 0.01156

TOSYOU CODE: 5737    445
debtcashflow initial values:   0.000010   1.801139
stddev initial values:   0.000010   1.801139
ecfconst solution invest:   1.814120   2.539768
debt cf solution invest: 0.19221065 0.28325780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.26943
data: equity =   0.496594  debt =   0.103786  firm =   0.600380

agency cost: EZC - k L (EZC:ecfconst =   1.814120, k:agcpara = 0.25598099)
liq.cash: 10Y average (1Y) =   1.762328 ( 0.08126) : loss rate  0.0285
liq.cash: 10Y std.dev. (1Y) =   0.943830 ( 0.04352)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2023 0.04918   0.08011 0.06367  0.07727  0.07231    0.4966   0.1038   0.6004
 dbratio     ROA    ROA1 debtcf1
 0.17286 0.13534 0.11693 0.00735

debt amount =   0.0300   investment =   0.0300   debt ratio =  1.00000
RRR on investment =  0.113299      after tax =  0.062314
search range of Y std.dev.:   minimum =   0.989512   maximum =   1.286365
old shareholders wealth =    0.4966    old bondholders =     0.1028
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.901924, k:agcpara = 0.25598099)
liq.cash: 10Y average (1Y) =   1.835002 ( 0.08427) : loss rate  0.0352
liq.cash: 10Y std.dev. (1Y) =   0.989512 ( 0.04544)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2614 0.05589   0.08091 0.06409  0.07736  0.07128    0.4966   0.1328   0.6294
 dbratio     ROA    ROA1 debtcf1
 0.21097 0.13390 0.11694 0.00958

TOSYOU CODE: 7976    446
debtcashflow initial values:   0.000010   1.787710
stddev initial values:   0.000010   1.787710
ecfconst solution invest:   1.968659   2.756123
debt cf solution invest: 0.18151460 0.26749520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.40750
data: equity =   0.496416  debt =   0.099487  firm =   0.595903

agency cost: EZC - k L (EZC:ecfconst =   1.968659, k:agcpara = 0.26331092)
liq.cash: 10Y average (1Y) =   1.918349 ( 0.08915) : loss rate  0.0256
liq.cash: 10Y std.dev. (1Y) =   0.935454 ( 0.04347)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1911 0.03241   0.08921 0.06393  0.08499  0.08019    0.4964   0.0995   0.5959
 dbratio     ROA    ROA1 debtcf1
 0.16695 0.14960 0.12694 0.00682

debt amount =   0.0298   investment =   0.0298   debt ratio =  1.00000
RRR on investment =  0.123760      after tax =  0.068068
search range of Y std.dev.:   minimum =   0.980925   maximum =   1.275202
old shareholders wealth =    0.4964    old bondholders =     0.0986
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.064352, k:agcpara = 0.26331092)
liq.cash: 10Y average (1Y) =   1.998838 ( 0.09260) : loss rate  0.0317
liq.cash: 10Y std.dev. (1Y) =   0.980925 ( 0.04544)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2488 0.03721   0.09039 0.06442  0.08506  0.07910    0.4964   0.1284   0.6248
 dbratio     ROA    ROA1 debtcf1
 0.20548 0.14820 0.12695 0.00895

TOSYOU CODE: 5809    447
debtcashflow initial values:   0.000010   1.787688
stddev initial values:   0.000010   1.787688
ecfconst solution invest:   1.815989   2.542385
debt cf solution invest: 0.13476605 0.19860260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34629
data: equity =   0.519139  debt =   0.076757  firm =   0.595896

agency cost: EZC - k L (EZC:ecfconst =   1.815989, k:agcpara = 0.27721069)
liq.cash: 10Y average (1Y) =   1.776664 ( 0.08229) : loss rate  0.0217
liq.cash: 10Y std.dev. (1Y) =   0.793305 ( 0.03674)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1419 0.01966   0.08046 0.06124  0.07798  0.07443    0.5191   0.0768   0.5959
 dbratio     ROA    ROA1 debtcf1
 0.12880 0.13810 0.11788 0.00491

debt amount =   0.0298   investment =   0.0298   debt ratio =  1.00000
RRR on investment =  0.116189      after tax =  0.063904
search range of Y std.dev.:   minimum =   0.832375   maximum =   1.082088
old shareholders wealth =    0.5191    old bondholders =     0.0762
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.905426, k:agcpara = 0.27721069)
liq.cash: 10Y average (1Y) =   1.850718 ( 0.08539) : loss rate  0.0287
liq.cash: 10Y std.dev. (1Y) =   0.832375 ( 0.03840)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1974 0.02350   0.08140 0.06165  0.07805  0.07335    0.5191   0.1060   0.6251
 dbratio     ROA    ROA1 debtcf1
 0.16950 0.13660 0.11790 0.00688

TOSYOU CODE: 6363    448
debtcashflow initial values:   0.000010   1.778764
stddev initial values:   0.000010   1.778764
ecfconst solution invest:   1.746834   2.445568
debt cf solution invest: 0.54737195 0.80665340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36483
data: equity =   0.298274  debt =   0.294647  firm =   0.592921

agency cost: EZC - k L (EZC:ecfconst =   1.746834, k:agcpara = 0.19524693)
liq.cash: 10Y average (1Y) =   1.634336 ( 0.07265) : loss rate  0.0644
liq.cash: 10Y std.dev. (1Y) =   0.703014 ( 0.03125)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5762 0.06614   0.09121 0.06420  0.07779  0.06343    0.2983   0.2946   0.5929
 dbratio     ROA    ROA1 debtcf1
 0.49694 0.12252 0.11410 0.02094

debt amount =   0.0296   investment =   0.0296   debt ratio =  1.00000
RRR on investment =  0.106327      after tax =  0.058480
search range of Y std.dev.:   minimum =   0.735787   maximum =   0.956523
old shareholders wealth =    0.2983    old bondholders =     0.2926
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.828268, k:agcpara = 0.19524693)
liq.cash: 10Y average (1Y) =   1.704372 ( 0.07557) : loss rate  0.0678
liq.cash: 10Y std.dev. (1Y) =   0.735787 ( 0.03262)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6346 0.07298   0.09234 0.06454  0.07790  0.06282    0.2983   0.3222   0.6205
 dbratio     ROA    ROA1 debtcf1
 0.51931 0.12178 0.11411 0.02319

TOSYOU CODE: 7244    449
debtcashflow initial values:   0.000010   1.772288
stddev initial values:   0.000010   1.772288
ecfconst solution invest:   1.840101   2.576141
debt cf solution invest: 0.24628370 0.36294440
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34217
data: equity =   0.456536  debt =   0.134227  firm =   0.590763

agency cost: EZC - k L (EZC:ecfconst =   1.840101, k:agcpara = 0.24768436)
liq.cash: 10Y average (1Y) =   1.775890 ( 0.08175) : loss rate  0.0349
liq.cash: 10Y std.dev. (1Y) =   0.885512 ( 0.04076)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2592 0.04338   0.08506 0.06345  0.08015  0.07366    0.4565   0.1342   0.5908
 dbratio     ROA    ROA1 debtcf1
 0.22721 0.13838 0.12032 0.00933

debt amount =   0.0295   investment =   0.0295   debt ratio =  1.00000
RRR on investment =  0.116178      after tax =  0.063898
search range of Y std.dev.:   minimum =   0.928177   maximum =   1.206630
old shareholders wealth =    0.4565    old bondholders =     0.1331
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.928759, k:agcpara = 0.24768436)
liq.cash: 10Y average (1Y) =   1.850297 ( 0.08489) : loss rate  0.0407
liq.cash: 10Y std.dev. (1Y) =   0.928177 ( 0.04258)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3168 0.04925   0.08608 0.06387  0.08024  0.07270    0.4565   0.1626   0.6192
 dbratio     ROA    ROA1 debtcf1
 0.26266 0.13710 0.12033 0.01148

TOSYOU CODE: 4989    450
debtcashflow initial values:   0.000010   1.770627
stddev initial values:   0.000010   1.770627
ecfconst solution invest:   1.871999   2.620799
debt cf solution invest: 0.10076460 0.14849520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10925  std.dev = 0.17113  lambda =   3.50713
riskless rate of interest = 0.06014  correlation =  0.27410
data: equity =   0.532994  debt =   0.057215  firm =   0.590209

agency cost: EZC - k L (EZC:ecfconst =   1.871999, k:agcpara = 0.29540414)
liq.cash: 10Y average (1Y) =   1.840666 ( 0.08576) : loss rate  0.0167
liq.cash: 10Y std.dev. (1Y) =   0.789891 ( 0.03680)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1061 0.01405   0.08344 0.06216  0.08138  0.07866    0.5330   0.0572   0.5902
 dbratio     ROA    ROA1 debtcf1
 0.09694 0.14530 0.12235 0.00367

debt amount =   0.0295   investment =   0.0295   debt ratio =  1.00000
RRR on investment =  0.121388      after tax =  0.066764
search range of Y std.dev.:   minimum =   0.829047   maximum =   1.077761
old shareholders wealth =    0.5330    old bondholders =     0.0568
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.964796, k:agcpara = 0.29540414)
liq.cash: 10Y average (1Y) =   1.917195 ( 0.08899) : loss rate  0.0242
liq.cash: 10Y std.dev. (1Y) =   0.829047 ( 0.03848)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1611 0.01708   0.08447 0.06254  0.08141  0.07749    0.5330   0.0863   0.6193
 dbratio     ROA    ROA1 debtcf1
 0.13942 0.14369 0.12238 0.00561

TOSYOU CODE: 4220    451
debtcashflow initial values:   0.000010   1.765247
stddev initial values:   0.000010   1.765247
ecfconst solution invest:   2.059817   2.883744
debt cf solution invest: 0.23378075 0.34451900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.42514
data: equity =   0.458723  debt =   0.129692  firm =   0.588416

agency cost: EZC - k L (EZC:ecfconst =   2.059817, k:agcpara = 0.26199666)
liq.cash: 10Y average (1Y) =   1.995344 ( 0.09258) : loss rate  0.0313
liq.cash: 10Y std.dev. (1Y) =   0.891346 ( 0.04136)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2461 0.02485   0.09756 0.06354  0.09006  0.08376    0.4587   0.1297   0.5884
 dbratio     ROA    ROA1 debtcf1
 0.22041 0.15734 0.13348 0.00869

debt amount =   0.0294   investment =   0.0294   debt ratio =  1.00000
RRR on investment =  0.130096      after tax =  0.071553
search range of Y std.dev.:   minimum =   0.934600   maximum =   1.214980
old shareholders wealth =    0.4587    old bondholders =     0.1288
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.159773, k:agcpara = 0.26199666)
liq.cash: 10Y average (1Y) =   2.080568 ( 0.09631) : loss rate  0.0367
liq.cash: 10Y std.dev. (1Y) =   0.934600 ( 0.04326)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3023 0.02854   0.09906 0.06399  0.09007  0.08269    0.4587   0.1582   0.6169
 dbratio     ROA    ROA1 debtcf1
 0.25642 0.15611 0.13349 0.01073

TOSYOU CODE: 4047    452
debtcashflow initial values:   0.000010   1.757007
stddev initial values:   0.000010   1.757007
ecfconst solution invest:   1.807614   2.530660
debt cf solution invest: 0.36981600 0.54499200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36537
data: equity =   0.385328  debt =   0.200341  firm =   0.585669

agency cost: EZC - k L (EZC:ecfconst =   1.807614, k:agcpara = 0.22912927)
liq.cash: 10Y average (1Y) =   1.718419 ( 0.07816) : loss rate  0.0493
liq.cash: 10Y std.dev. (1Y) =   0.808825 ( 0.03679)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3893 0.05016   0.08848 0.06392  0.08008  0.07024    0.3853   0.2003   0.5857
 dbratio     ROA    ROA1 debtcf1
 0.34208 0.13346 0.11930 0.01407

debt amount =   0.0293   investment =   0.0293   debt ratio =  1.00000
RRR on investment =  0.113598      after tax =  0.062479
search range of Y std.dev.:   minimum =   0.847254   maximum =   1.101430
old shareholders wealth =    0.3853    old bondholders =     0.1988
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.893497, k:agcpara = 0.22912927)
liq.cash: 10Y average (1Y) =   1.791165 ( 0.08123) : loss rate  0.0540
liq.cash: 10Y std.dev. (1Y) =   0.847254 ( 0.03842)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4466 0.05626   0.08958 0.06430  0.08018  0.06942    0.3853   0.2281   0.6134
 dbratio     ROA    ROA1 debtcf1
 0.37186 0.13242 0.11931 0.01625

TOSYOU CODE: 4089    453
debtcashflow initial values:   0.000010   1.753559
stddev initial values:   0.000010   1.753559
ecfconst solution invest:   2.181266   3.053772
debt cf solution invest: 0.33890775 0.49944300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.42712
data: equity =   0.397688  debt =   0.186832  firm =   0.584520

agency cost: EZC - k L (EZC:ecfconst =   2.181266, k:agcpara = 0.26410775)
liq.cash: 10Y average (1Y) =   2.087047 ( 0.09636) : loss rate  0.0432
liq.cash: 10Y std.dev. (1Y) =   0.851498 ( 0.03931)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3567 0.02107   0.10984 0.06481  0.09545  0.08613    0.3977   0.1868   0.5845
 dbratio     ROA    ROA1 debtcf1
 0.31963 0.16485 0.14075 0.01260

debt amount =   0.0292   investment =   0.0292   debt ratio =  1.00000
RRR on investment =  0.136766      after tax =  0.075221
search range of Y std.dev.:   minimum =   0.892609   maximum =   1.160391
old shareholders wealth =    0.3977    old bondholders =     0.1858
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.286579, k:agcpara = 0.26410775)
liq.cash: 10Y average (1Y) =   2.177537 ( 0.10038) : loss rate  0.0477
liq.cash: 10Y std.dev. (1Y) =   0.892609 ( 0.04115)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4129 0.02402   0.11170 0.06521  0.09539  0.08509    0.3977   0.2150   0.6127
 dbratio     ROA    ROA1 debtcf1
 0.35091 0.16384 0.14076 0.01465

TOSYOU CODE: 4221    454
debtcashflow initial values:   0.000010   1.729055
stddev initial values:   0.000010   1.729055
ecfconst solution invest:   1.800429   2.520601
debt cf solution invest: 0.38659300 0.56971600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.37987
data: equity =   0.368359  debt =   0.207993  firm =   0.576352

agency cost: EZC - k L (EZC:ecfconst =   1.800429, k:agcpara = 0.22928455)
liq.cash: 10Y average (1Y) =   1.707124 ( 0.07760) : loss rate  0.0518
liq.cash: 10Y std.dev. (1Y) =   0.792297 ( 0.03601)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4069 0.05040   0.09056 0.06474  0.08124  0.07073    0.3684   0.2080   0.5764
 dbratio     ROA    ROA1 debtcf1
 0.36088 0.13463 0.12065 0.01476

debt amount =   0.0288   investment =   0.0288   debt ratio =  1.00000
RRR on investment =  0.114721      after tax =  0.063097
search range of Y std.dev.:   minimum =   0.829866   maximum =   1.078826
old shareholders wealth =    0.3684    old bondholders =     0.2065
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.885802, k:agcpara = 0.22928455)
liq.cash: 10Y average (1Y) =   1.779473 ( 0.08065) : loss rate  0.0564
liq.cash: 10Y std.dev. (1Y) =   0.829866 ( 0.03761)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4637 0.05643   0.09171 0.06512  0.08134  0.06992    0.3684   0.2353   0.6036
 dbratio     ROA    ROA1 debtcf1
 0.38976 0.13361 0.12066 0.01692

TOSYOU CODE: 6505    455
debtcashflow initial values:   0.000010   1.728270
stddev initial values:   0.000010   1.728270
ecfconst solution invest:   1.554285   2.175999
debt cf solution invest: 0.28634330 0.42197960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11814  std.dev = 0.17108  lambda =   4.24020
riskless rate of interest = 0.06134  correlation =  0.05151
data: equity =   0.428579  debt =   0.147511  firm =   0.576090

agency cost: EZC - k L (EZC:ecfconst =   1.554285, k:agcpara = 0.24610724)
liq.cash: 10Y average (1Y) =   1.480105 ( 0.06615) : loss rate  0.0477
liq.cash: 10Y std.dev. (1Y) =   0.910336 ( 0.04068)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3014 0.09770   0.06908 0.06366  0.06769  0.06036    0.4286   0.1475   0.5761
 dbratio     ROA    ROA1 debtcf1
 0.25606 0.11482 0.10434 0.01148

debt amount =   0.0288   investment =   0.0288   debt ratio =  1.00000
RRR on investment =  0.077428      after tax =  0.042585
search range of Y std.dev.:   minimum =   0.945900   maximum =   1.229670
old shareholders wealth =    0.4286    old bondholders =     0.1342
Calculatio Status ===>   3

agency cost: EZC - k L (EZC:ecfconst =   1.615007, k:agcpara = 0.24610724)
liq.cash: 10Y average (1Y) =   1.524905 ( 0.06778) : loss rate  0.0558
liq.cash: 10Y std.dev. (1Y) =   1.229670 ( 0.05465)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3661 0.17300   0.07089 0.06511  0.06930  0.06122    0.4286   0.1630   0.5916
 dbratio     ROA    ROA1 debtcf1
 0.27554 0.11457 0.10564 0.01504

TOSYOU CODE: 3868    456
debtcashflow initial values:   0.000010   1.723611
stddev initial values:   0.000010   1.723611
ecfconst solution invest:   1.695134   2.373188
debt cf solution invest: 0.40678050 0.59946600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30465
data: equity =   0.355988  debt =   0.218549  firm =   0.574537

agency cost: EZC - k L (EZC:ecfconst =   1.695134, k:agcpara = 0.21831984)
liq.cash: 10Y average (1Y) =   1.601652 ( 0.07204) : loss rate  0.0551
liq.cash: 10Y std.dev. (1Y) =   0.767371 ( 0.03452)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4282 0.06311   0.08451 0.06380  0.07663  0.06571    0.3560   0.2185   0.5745
 dbratio     ROA    ROA1 debtcf1
 0.38039 0.12540 0.11427 0.01562

debt amount =   0.0287   investment =   0.0287   debt ratio =  1.00000
RRR on investment =  0.107771      after tax =  0.059274
search range of Y std.dev.:   minimum =   0.803561   maximum =   1.044629
old shareholders wealth =    0.3560    old bondholders =     0.2169
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.775078, k:agcpara = 0.21831984)
liq.cash: 10Y average (1Y) =   1.669213 ( 0.07485) : loss rate  0.0596
liq.cash: 10Y std.dev. (1Y) =   0.803561 ( 0.03603)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4849 0.07027   0.08544 0.06414  0.07674  0.06496    0.3560   0.2456   0.6016
 dbratio     ROA    ROA1 debtcf1
 0.40824 0.12442 0.11428 0.01781

TOSYOU CODE: 7910    457
debtcashflow initial values:   0.000010   1.723596
stddev initial values:   0.000010   1.723596
ecfconst solution invest:   1.750415   2.450581
debt cf solution invest: 0.57228380 0.84336560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10175  std.dev = 0.17302  lambda =   2.82877
riskless rate of interest = 0.05986  correlation =  0.36914
data: equity =   0.267793  debt =   0.306739  firm =   0.574532

agency cost: EZC - k L (EZC:ecfconst =   1.750415, k:agcpara = 0.19438579)
liq.cash: 10Y average (1Y) =   1.633316 ( 0.07277) : loss rate  0.0669
liq.cash: 10Y std.dev. (1Y) =   0.664250 ( 0.02960)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6024 0.06033   0.09866 0.06541  0.08091  0.06519    0.2678   0.3067   0.5745
 dbratio     ROA    ROA1 debtcf1
 0.53389 0.12667 0.11785 0.02187

debt amount =   0.0287   investment =   0.0287   debt ratio =  1.00000
RRR on investment =  0.109979      after tax =  0.060488
search range of Y std.dev.:   minimum =   0.695197   maximum =   0.903756
old shareholders wealth =    0.2678    old bondholders =     0.3047
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.831967, k:agcpara = 0.19438579)
liq.cash: 10Y average (1Y) =   1.703829 ( 0.07575) : loss rate  0.0699
liq.cash: 10Y std.dev. (1Y) =   0.695197 ( 0.03091)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6592 0.06646   0.10000 0.06576  0.08101  0.06460    0.2678   0.3335   0.6013
 dbratio     ROA    ROA1 debtcf1
 0.55461 0.12598 0.11786 0.02405

TOSYOU CODE: 5476    458
debtcashflow initial values:   0.000010   1.705528
stddev initial values:   0.000010   1.705528
ecfconst solution invest:   1.771998   2.480797
debt cf solution invest: 0.41642965 0.61368580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40823
data: equity =   0.342524  debt =   0.225985  firm =   0.568509

agency cost: EZC - k L (EZC:ecfconst =   1.771998, k:agcpara = 0.22102315)
liq.cash: 10Y average (1Y) =   1.675113 ( 0.07592) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =   0.749156 ( 0.03395)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4383 0.04938   0.09263 0.06412  0.08129  0.06982    0.3425   0.2260   0.5685
 dbratio     ROA    ROA1 debtcf1
 0.39751 0.13354 0.12040 0.01580

debt amount =   0.0284   investment =   0.0284   debt ratio =  1.00000
RRR on investment =  0.114128      after tax =  0.062771
search range of Y std.dev.:   minimum =   0.784570   maximum =   1.019940
old shareholders wealth =    0.3425    old bondholders =     0.2244
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.855762, k:agcpara = 0.22102315)
liq.cash: 10Y average (1Y) =   1.746604 ( 0.07895) : loss rate  0.0588
liq.cash: 10Y std.dev. (1Y) =   0.784570 ( 0.03546)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4939 0.05517   0.09386 0.06450  0.08139  0.06906    0.3425   0.2528   0.5953
 dbratio     ROA    ROA1 debtcf1
 0.42466 0.13261 0.12041 0.01791

TOSYOU CODE: 6934    459
debtcashflow initial values:   0.000010   1.694050
stddev initial values:   0.000010   1.694050
ecfconst solution invest:   1.771285   2.479799
debt cf solution invest: 0.32544150 0.47959800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38179
data: equity =   0.387731  debt =   0.176952  firm =   0.564683

agency cost: EZC - k L (EZC:ecfconst =   1.771285, k:agcpara = 0.23541363)
liq.cash: 10Y average (1Y) =   1.690639 ( 0.07727) : loss rate  0.0455
liq.cash: 10Y std.dev. (1Y) =   0.797343 ( 0.03644)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3426 0.04545   0.08916 0.06385  0.08123  0.07223    0.3877   0.1769   0.5647
 dbratio     ROA    ROA1 debtcf1
 0.31336 0.13684 0.12111 0.01234

debt amount =   0.0282   investment =   0.0282   debt ratio =  1.00000
RRR on investment =  0.115895      after tax =  0.063742
search range of Y std.dev.:   minimum =   0.835394   maximum =   1.086012
old shareholders wealth =    0.3877    old bondholders =     0.1756
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.855814, k:agcpara = 0.23541363)
liq.cash: 10Y average (1Y) =   1.762202 ( 0.08030) : loss rate  0.0504
liq.cash: 10Y std.dev. (1Y) =   0.835394 ( 0.03807)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3976 0.05119   0.09030 0.06425  0.08133  0.07136    0.3877   0.2038   0.5916
 dbratio     ROA    ROA1 debtcf1
 0.34457 0.13574 0.12112 0.01441

TOSYOU CODE: 4530    460
debtcashflow initial values:   0.000010   1.690246
stddev initial values:   0.000010   1.690246
ecfconst solution invest:   1.767931   2.475103
debt cf solution invest: 0.26226745 0.38649940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09611  std.dev = 0.17368  lambda =   2.41485
riskless rate of interest = 0.05906  correlation =  0.35658
data: equity =   0.420865  debt =   0.142550  firm =   0.563415

agency cost: EZC - k L (EZC:ecfconst =   1.767931, k:agcpara = 0.24522775)
liq.cash: 10Y average (1Y) =   1.700231 ( 0.07813) : loss rate  0.0383
liq.cash: 10Y std.dev. (1Y) =   0.832777 ( 0.03827)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2761 0.04362   0.08671 0.06381  0.08092  0.07365    0.4209   0.1426   0.5634
 dbratio     ROA    ROA1 debtcf1
 0.25302 0.13867 0.12115 0.00995

debt amount =   0.0282   investment =   0.0282   debt ratio =  1.00000
RRR on investment =  0.116693      after tax =  0.064181
search range of Y std.dev.:   minimum =   0.872790   maximum =   1.134627
old shareholders wealth =    0.4209    old bondholders =     0.1414
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.852876, k:agcpara = 0.24522775)
liq.cash: 10Y average (1Y) =   1.771688 ( 0.08115) : loss rate  0.0438
liq.cash: 10Y std.dev. (1Y) =   0.872790 ( 0.03998)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3311 0.04941   0.08778 0.06422  0.08101  0.07271    0.4209   0.1696   0.5904
 dbratio     ROA    ROA1 debtcf1
 0.28719 0.13744 0.12116 0.01201

TOSYOU CODE: 4215    461
debtcashflow initial values:   0.000010   1.688330
stddev initial values:   0.000010   1.688330
ecfconst solution invest:   1.804144   2.525802
debt cf solution invest: 0.29894695 0.44055340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.30875
data: equity =   0.400447  debt =   0.162330  firm =   0.562777

agency cost: EZC - k L (EZC:ecfconst =   1.804144, k:agcpara = 0.24291559)
liq.cash: 10Y average (1Y) =   1.727703 ( 0.07930) : loss rate  0.0424
liq.cash: 10Y std.dev. (1Y) =   0.815188 ( 0.03742)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3147 0.04152   0.09049 0.06428  0.08293  0.07458    0.4004   0.1623   0.5628
 dbratio     ROA    ROA1 debtcf1
 0.28844 0.14092 0.12355 0.01133

debt amount =   0.0281   investment =   0.0281   debt ratio =  1.00000
RRR on investment =  0.118752      after tax =  0.065314
search range of Y std.dev.:   minimum =   0.854239   maximum =   1.110511
old shareholders wealth =    0.4004    old bondholders =     0.1611
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.890570, k:agcpara = 0.24291559)
liq.cash: 10Y average (1Y) =   1.800777 ( 0.08241) : loss rate  0.0475
liq.cash: 10Y std.dev. (1Y) =   0.854239 ( 0.03909)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3696 0.04694   0.09167 0.06469  0.08301  0.07367    0.4004   0.1892   0.5897
 dbratio     ROA    ROA1 debtcf1
 0.32091 0.13976 0.12356 0.01339

TOSYOU CODE: 4095    462
debtcashflow initial values:   0.000010   1.679436
stddev initial values:   0.000010   1.679436
ecfconst solution invest:   1.954540   2.736356
debt cf solution invest: 0.12463430 0.18367160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.36942
data: equity =   0.488674  debt =   0.071138  firm =   0.559812

agency cost: EZC - k L (EZC:ecfconst =   1.954540, k:agcpara = 0.30022970)
liq.cash: 10Y average (1Y) =   1.915152 ( 0.08931) : loss rate  0.0202
liq.cash: 10Y std.dev. (1Y) =   0.746140 ( 0.03479)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1312 0.00840   0.09377 0.06222  0.08976  0.08621    0.4887   0.0711   0.5598
 dbratio     ROA    ROA1 debtcf1
 0.12708 0.15953 0.13318 0.00451

debt amount =   0.0280   investment =   0.0280   debt ratio =  1.00000
RRR on investment =  0.132052      after tax =  0.072629
search range of Y std.dev.:   minimum =   0.783076   maximum =   1.017999
old shareholders wealth =    0.4887    old bondholders =     0.0708
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.051296, k:agcpara = 0.30022970)
liq.cash: 10Y average (1Y) =   1.996325 ( 0.09286) : loss rate  0.0268
liq.cash: 10Y std.dev. (1Y) =   0.783076 ( 0.03642)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1831 0.01029   0.09521 0.06259  0.08973  0.08499    0.4887   0.0987   0.5874
 dbratio     ROA    ROA1 debtcf1
 0.16810 0.15807 0.13320 0.00632

TOSYOU CODE: 7305    463
debtcashflow initial values:   0.000010   1.678845
stddev initial values:   0.000010   1.678845
ecfconst solution invest:   1.489761   2.085665
debt cf solution invest: 0.09687245 0.14275940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.11199
data: equity =   0.505502  debt =   0.054113  firm =   0.559615

agency cost: EZC - k L (EZC:ecfconst =   1.489761, k:agcpara = 0.27743544)
liq.cash: 10Y average (1Y) =   1.461471 ( 0.06651) : loss rate  0.0190
liq.cash: 10Y std.dev. (1Y) =   0.805538 ( 0.03666)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1020 0.04574   0.06663 0.06044  0.06603  0.06340    0.5055   0.0541   0.5596
 dbratio     ROA    ROA1 debtcf1
 0.09669 0.11885 0.10287 0.00362

debt amount =   0.0280   investment =   0.0280   debt ratio =  1.00000
RRR on investment =  0.101353      after tax =  0.055744
search range of Y std.dev.:   minimum =   0.845266   maximum =   1.098845
old shareholders wealth =    0.5055    old bondholders =     0.0536
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.563233, k:agcpara = 0.27743544)
liq.cash: 10Y average (1Y) =   1.520168 ( 0.06880) : loss rate  0.0275
liq.cash: 10Y std.dev. (1Y) =   0.845266 ( 0.03825)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1552 0.05318   0.06696 0.06066  0.06608  0.06229    0.5055   0.0816   0.5871
 dbratio     ROA    ROA1 debtcf1
 0.13893 0.11719 0.10290 0.00557

TOSYOU CODE: 6205    464
debtcashflow initial values:   0.000010   1.675602
stddev initial values:   0.000010   1.675602
ecfconst solution invest:   1.837031   2.571843
debt cf solution invest: 0.33158895 0.48865740
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.29227
data: equity =   0.379635  debt =   0.178899  firm =   0.558534

agency cost: EZC - k L (EZC:ecfconst =   1.837031, k:agcpara = 0.24340676)
liq.cash: 10Y average (1Y) =   1.752072 ( 0.08035) : loss rate  0.0462
liq.cash: 10Y std.dev. (1Y) =   0.801009 ( 0.03673)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3490 0.03992   0.09469 0.06526  0.08527  0.07586    0.3796   0.1789   0.5585
 dbratio     ROA    ROA1 debtcf1
 0.32030 0.14386 0.12644 0.01259

debt amount =   0.0279   investment =   0.0279   debt ratio =  1.00000
RRR on investment =  0.121337      after tax =  0.066735
search range of Y std.dev.:   minimum =   0.839283   maximum =   1.091068
old shareholders wealth =    0.3796    old bondholders =     0.1776
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.924808, k:agcpara = 0.24340676)
liq.cash: 10Y average (1Y) =   1.826490 ( 0.08354) : loss rate  0.0511
liq.cash: 10Y std.dev. (1Y) =   0.839283 ( 0.03839)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4039 0.04504   0.09599 0.06567  0.08534  0.07496    0.3796   0.2055   0.5852
 dbratio     ROA    ROA1 debtcf1
 0.35124 0.14276 0.12645 0.01465

TOSYOU CODE: 2286    465
debtcashflow initial values:   0.000010   1.667243
stddev initial values:   0.000010   1.667243
ecfconst solution invest:   1.833338   2.566673
debt cf solution invest: 0.31158765 0.45918180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46625
data: equity =   0.384734  debt =   0.171014  firm =   0.555748

agency cost: EZC - k L (EZC:ecfconst =   1.833338, k:agcpara = 0.24219351)
liq.cash: 10Y average (1Y) =   1.753902 ( 0.08062) : loss rate  0.0433
liq.cash: 10Y std.dev. (1Y) =   0.789972 ( 0.03631)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3280 0.03554   0.09494 0.06382  0.08536  0.07653    0.3847   0.1710   0.5557
 dbratio     ROA    ROA1 debtcf1
 0.30772 0.14508 0.12677 0.01170

debt amount =   0.0278   investment =   0.0278   debt ratio =  1.00000
RRR on investment =  0.122001      after tax =  0.067101
search range of Y std.dev.:   minimum =   0.827829   maximum =   1.076178
old shareholders wealth =    0.3847    old bondholders =     0.1698
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.921196, k:agcpara = 0.24219351)
liq.cash: 10Y average (1Y) =   1.828761 ( 0.08385) : loss rate  0.0481
liq.cash: 10Y std.dev. (1Y) =   0.827829 ( 0.03796)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3817 0.04023   0.09631 0.06423  0.08543  0.07562    0.3847   0.1976   0.5823
 dbratio     ROA    ROA1 debtcf1
 0.33931 0.14399 0.12678 0.01369

TOSYOU CODE: 4022    466
debtcashflow initial values:   0.000010   1.662529
stddev initial values:   0.000010   1.662529
ecfconst solution invest:   1.628771   2.280279
debt cf solution invest: 0.36370655 0.53598860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28717
data: equity =   0.358858  debt =   0.195318  firm =   0.554176

agency cost: EZC - k L (EZC:ecfconst =   1.628771, k:agcpara = 0.22307236)
liq.cash: 10Y average (1Y) =   1.543368 ( 0.06958) : loss rate  0.0524
liq.cash: 10Y std.dev. (1Y) =   0.758877 ( 0.03421)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3828 0.06310   0.08280 0.06365  0.07605  0.06595    0.3589   0.1953   0.5542
 dbratio     ROA    ROA1 debtcf1
 0.35244 0.12555 0.11384 0.01399

debt amount =   0.0277   investment =   0.0277   debt ratio =  1.00000
RRR on investment =  0.107678      after tax =  0.059223
search range of Y std.dev.:   minimum =   0.794775   maximum =   1.033207
old shareholders wealth =    0.3589    old bondholders =     0.1938
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.705818, k:agcpara = 0.22307236)
liq.cash: 10Y average (1Y) =   1.608202 ( 0.07226) : loss rate  0.0572
liq.cash: 10Y std.dev. (1Y) =   0.794775 ( 0.03571)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4376 0.07039   0.08367 0.06398  0.07616  0.06517    0.3589   0.2215   0.5803
 dbratio     ROA    ROA1 debtcf1
 0.38164 0.12451 0.11385 0.01609

TOSYOU CODE: 4527    467
debtcashflow initial values:   0.000010   1.655566
stddev initial values:   0.000010   1.655566
ecfconst solution invest:   1.700392   2.380549
debt cf solution invest: 0.02535550 0.03736600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37566
data: equity =   0.537134  debt =   0.014721  firm =   0.551855

agency cost: EZC - k L (EZC:ecfconst =   1.700392, k:agcpara = 0.30548854)
liq.cash: 10Y average (1Y) =   1.692239 ( 0.07917) : loss rate  0.0048
liq.cash: 10Y std.dev. (1Y) =   0.713668 ( 0.03339)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0267 0.00980   0.07932 0.06025  0.07881  0.07809    0.5371   0.0147   0.5519
 dbratio     ROA    ROA1 debtcf1
 0.02668 0.14345 0.11911 0.00091

debt amount =   0.0120   investment =   0.0276   debt ratio =  0.43576
RRR on investment =  0.119046      after tax =  0.065475
search range of Y std.dev.:   minimum =   0.749331   maximum =   0.974131
old shareholders wealth =    0.5371    old bondholders =     0.0147
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   1.785364, k:agcpara = 0.30548854)
liq.cash: 10Y average (1Y) =   1.770537 ( 0.08269) : loss rate  0.0083
liq.cash: 10Y std.dev. (1Y) =   0.749331 ( 0.03500)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0485 0.01078   0.07970 0.06038  0.07881  0.07756    0.5527   0.0267   0.5794
 dbratio     ROA    ROA1 debtcf1
 0.04611 0.14271 0.11911 0.00165

TOSYOU CODE: 6856    468
debtcashflow initial values:   0.000010   1.652545
stddev initial values:   0.000010   1.652545
ecfconst solution invest:   1.596589   2.235225
debt cf solution invest: 0.09792695 0.14431340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25544
data: equity =   0.495192  debt =   0.055656  firm =   0.550848

agency cost: EZC - k L (EZC:ecfconst =   1.596589, k:agcpara = 0.28152523)
liq.cash: 10Y average (1Y) =   1.567569 ( 0.07237) : loss rate  0.0182
liq.cash: 10Y std.dev. (1Y) =   0.742522 ( 0.03428)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1031 0.02429   0.07494 0.06097  0.07353  0.07076    0.4952   0.0557   0.5508
 dbratio     ROA    ROA1 debtcf1
 0.10103 0.13138 0.11229 0.00358

debt amount =   0.0275   investment =   0.0275   debt ratio =  1.00000
RRR on investment =  0.111002      after tax =  0.061051
search range of Y std.dev.:   minimum =   0.779222   maximum =   1.012989
old shareholders wealth =    0.4952    old bondholders =     0.0552
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.675502, k:agcpara = 0.28152523)
liq.cash: 10Y average (1Y) =   1.632003 ( 0.07500) : loss rate  0.0260
liq.cash: 10Y std.dev. (1Y) =   0.779222 ( 0.03581)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1545 0.02897   0.07565 0.06132  0.07360  0.06965    0.4952   0.0827   0.5779
 dbratio     ROA    ROA1 debtcf1
 0.14317 0.12978 0.11231 0.00541

TOSYOU CODE: 6849    469
debtcashflow initial values:   0.000010   1.645250
stddev initial values:   0.000010   1.645250
ecfconst solution invest:   1.807549   2.530569
debt cf solution invest: 0.08618495 0.12700940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10794  std.dev = 0.16981  lambda =   3.46162
riskless rate of interest = 0.05989  correlation =  0.33782
data: equity =   0.499061  debt =   0.049356  firm =   0.548417

agency cost: EZC - k L (EZC:ecfconst =   1.807549, k:agcpara = 0.30086622)
liq.cash: 10Y average (1Y) =   1.780254 ( 0.08314) : loss rate  0.0151
liq.cash: 10Y std.dev. (1Y) =   0.725977 ( 0.03391)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0907 0.00998   0.08700 0.06169  0.08472  0.08223    0.4991   0.0494   0.5484
 dbratio     ROA    ROA1 debtcf1
 0.09000 0.15161 0.12667 0.00311

debt amount =   0.0274   investment =   0.0274   debt ratio =  1.00000
RRR on investment =  0.125944      after tax =  0.069269
search range of Y std.dev.:   minimum =   0.762042   maximum =   0.990654
old shareholders wealth =    0.4991    old bondholders =     0.0491
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.897343, k:agcpara = 0.30086622)
liq.cash: 10Y average (1Y) =   1.854797 ( 0.08634) : loss rate  0.0224
liq.cash: 10Y std.dev. (1Y) =   0.762042 ( 0.03547)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1414 0.01228   0.08820 0.06206  0.08473  0.08101    0.4991   0.0765   0.5756
 dbratio     ROA    ROA1 debtcf1
 0.13291 0.15002 0.12669 0.00488

TOSYOU CODE: 2204    470
debtcashflow initial values:   0.000010   1.644007
stddev initial values:   0.000010   1.644007
ecfconst solution invest:   1.873738   2.623233
debt cf solution invest: 0.09387045 0.13833540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.41857
data: equity =   0.493925  debt =   0.054077  firm =   0.548002

agency cost: EZC - k L (EZC:ecfconst =   1.873738, k:agcpara = 0.30248644)
liq.cash: 10Y average (1Y) =   1.843849 ( 0.08614) : loss rate  0.0160
liq.cash: 10Y std.dev. (1Y) =   0.721882 ( 0.03372)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0988 0.00782   0.09085 0.06131  0.08793  0.08521    0.4939   0.0541   0.5480
 dbratio     ROA    ROA1 debtcf1
 0.09867 0.15719 0.13082 0.00337

debt amount =   0.0274   investment =   0.0274   debt ratio =  1.00000
RRR on investment =  0.130074      after tax =  0.071541
search range of Y std.dev.:   minimum =   0.757739   maximum =   0.985061
old shareholders wealth =    0.4939    old bondholders =     0.0538
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.966811, k:agcpara = 0.30248644)
liq.cash: 10Y average (1Y) =   1.921697 ( 0.08953) : loss rate  0.0229
liq.cash: 10Y std.dev. (1Y) =   0.757739 ( 0.03530)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1491 0.00966   0.09221 0.06166  0.08790  0.08398    0.4939   0.0812   0.5751
 dbratio     ROA    ROA1 debtcf1
 0.14118 0.15567 0.13084 0.00512

TOSYOU CODE: 4617    471
debtcashflow initial values:   0.000010   1.642741
stddev initial values:   0.000010   1.642741
ecfconst solution invest:   1.719550   2.407370
debt cf solution invest: 0.27707795 0.40832540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37017
data: equity =   0.396717  debt =   0.150863  firm =   0.547580

agency cost: EZC - k L (EZC:ecfconst =   1.719550, k:agcpara = 0.24130755)
liq.cash: 10Y average (1Y) =   1.649170 ( 0.07565) : loss rate  0.0409
liq.cash: 10Y std.dev. (1Y) =   0.794495 ( 0.03644)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2917 0.04376   0.08772 0.06370  0.08110  0.07320    0.3967   0.1509   0.5476
 dbratio     ROA    ROA1 debtcf1
 0.27551 0.13814 0.12123 0.01050

debt amount =   0.0274   investment =   0.0274   debt ratio =  1.00000
RRR on investment =  0.116511      after tax =  0.064081
search range of Y std.dev.:   minimum =   0.832577   maximum =   1.082350
old shareholders wealth =    0.3967    old bondholders =     0.1497
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.801973, k:agcpara = 0.24130755)
liq.cash: 10Y average (1Y) =   1.718719 ( 0.07859) : loss rate  0.0462
liq.cash: 10Y std.dev. (1Y) =   0.832577 ( 0.03807)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3450 0.04948   0.08882 0.06410  0.08119  0.07229    0.3967   0.1771   0.5738
 dbratio     ROA    ROA1 debtcf1
 0.30859 0.13697 0.12124 0.01250

TOSYOU CODE: 5807    472
debtcashflow initial values:   0.000010   1.614388
stddev initial values:   0.000010   1.614388
ecfconst solution invest:   1.768810   2.476334
debt cf solution invest: 0.19625860 0.28922320
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.24962
data: equity =   0.431885  debt =   0.106244  firm =   0.538129

agency cost: EZC - k L (EZC:ecfconst =   1.768810, k:agcpara = 0.26129725)
liq.cash: 10Y average (1Y) =   1.714829 ( 0.07944) : loss rate  0.0305
liq.cash: 10Y std.dev. (1Y) =   0.838884 ( 0.03886)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2066 0.03610   0.08954 0.06489  0.08467  0.07891    0.4319   0.1062   0.5381
 dbratio     ROA    ROA1 debtcf1
 0.19742 0.14763 0.12637 0.00744

debt amount =   0.0269   investment =   0.0269   debt ratio =  1.00000
RRR on investment =  0.122769      after tax =  0.067523
search range of Y std.dev.:   minimum =   0.879508   maximum =   1.143360
old shareholders wealth =    0.4319    old bondholders =     0.1053
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.854467, k:agcpara = 0.26129725)
liq.cash: 10Y average (1Y) =   1.786697 ( 0.08251) : loss rate  0.0365
liq.cash: 10Y std.dev. (1Y) =   0.879508 ( 0.04062)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2594 0.04123   0.09069 0.06535  0.08475  0.07785    0.4319   0.1322   0.5641
 dbratio     ROA    ROA1 debtcf1
 0.23442 0.14626 0.12638 0.00940

TOSYOU CODE: 3878    473
debtcashflow initial values:   0.000010   1.606408
stddev initial values:   0.000010   1.606408
ecfconst solution invest:   1.713568   2.398995
debt cf solution invest: 0.57576840 0.84850080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.46828
data: equity =   0.220171  debt =   0.315298  firm =   0.535469

agency cost: EZC - k L (EZC:ecfconst =   1.713568, k:agcpara = 0.19490263)
liq.cash: 10Y average (1Y) =   1.595443 ( 0.07160) : loss rate  0.0689
liq.cash: 10Y std.dev. (1Y) =   0.576534 ( 0.02587)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6061 0.04307   0.11302 0.06470  0.08457  0.06743    0.2202   0.3153   0.5355
 dbratio     ROA    ROA1 debtcf1
 0.58883 0.13371 0.12335 0.02158

debt amount =   0.0268   investment =   0.0268   debt ratio =  1.00000
RRR on investment =  0.116160      after tax =  0.063888
search range of Y std.dev.:   minimum =   0.603567   maximum =   0.784637
old shareholders wealth =    0.2202    old bondholders =     0.3136
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.793915, k:agcpara = 0.19490263)
liq.cash: 10Y average (1Y) =   1.665705 ( 0.07463) : loss rate  0.0715
liq.cash: 10Y std.dev. (1Y) =   0.603567 ( 0.02704)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.6578 0.04747   0.11486 0.06505  0.08461  0.06684    0.2202   0.3404   0.5605
 dbratio     ROA    ROA1 debtcf1
 0.60722 0.13314 0.12336 0.02352

TOSYOU CODE: 4008    474
debtcashflow initial values:   0.000010   1.598578
stddev initial values:   0.000010   1.598578
ecfconst solution invest:   1.701052   2.381473
debt cf solution invest: 0.28933295 0.42638540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40536
data: equity =   0.374952  debt =   0.157907  firm =   0.532859

agency cost: EZC - k L (EZC:ecfconst =   1.701052, k:agcpara = 0.23991166)
liq.cash: 10Y average (1Y) =   1.627984 ( 0.07467) : loss rate  0.0430
liq.cash: 10Y std.dev. (1Y) =   0.761774 ( 0.03494)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3046 0.04117   0.09051 0.06380  0.08260  0.07409    0.3750   0.1579   0.5329
 dbratio     ROA    ROA1 debtcf1
 0.29634 0.14013 0.12308 0.01093

debt amount =   0.0266   investment =   0.0266   debt ratio =  1.00000
RRR on investment =  0.118203      after tax =  0.065012
search range of Y std.dev.:   minimum =   0.798241   maximum =   1.037713
old shareholders wealth =    0.3750    old bondholders =     0.1567
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.782483, k:agcpara = 0.23991166)
liq.cash: 10Y average (1Y) =   1.696994 ( 0.07761) : loss rate  0.0480
liq.cash: 10Y std.dev. (1Y) =   0.798241 ( 0.03651)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3563 0.04653   0.09171 0.06421  0.08268  0.07319    0.3750   0.1834   0.5583
 dbratio     ROA    ROA1 debtcf1
 0.32843 0.13900 0.12309 0.01287

TOSYOU CODE: 6339    475
debtcashflow initial values:   0.000010   1.593539
stddev initial values:   0.000010   1.593539
ecfconst solution invest:   1.727083   2.417916
debt cf solution invest: 0.08536320 0.12579840
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.27950
data: equity =   0.482615  debt =   0.048565  firm =   0.531180

agency cost: EZC - k L (EZC:ecfconst =   1.727083, k:agcpara = 0.30031699)
liq.cash: 10Y average (1Y) =   1.700098 ( 0.07934) : loss rate  0.0156
liq.cash: 10Y std.dev. (1Y) =   0.708570 ( 0.03307)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0899 0.01153   0.08568 0.06222  0.08354  0.08098    0.4826   0.0486   0.5312
 dbratio     ROA    ROA1 debtcf1
 0.09144 0.14937 0.12514 0.00310

debt amount =   0.0266   investment =   0.0266   debt ratio =  1.00000
RRR on investment =  0.124338      after tax =  0.068386
search range of Y std.dev.:   minimum =   0.743746   maximum =   0.966870
old shareholders wealth =    0.4826    old bondholders =     0.0483
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.812822, k:agcpara = 0.30031699)
liq.cash: 10Y average (1Y) =   1.770990 ( 0.08237) : loss rate  0.0231
liq.cash: 10Y std.dev. (1Y) =   0.743746 ( 0.03459)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1393 0.01412   0.08680 0.06259  0.08355  0.07977    0.4826   0.0748   0.5574
 dbratio     ROA    ROA1 debtcf1
 0.13424 0.14776 0.12516 0.00483

TOSYOU CODE: 4002    476
debtcashflow initial values:   0.000010   1.588002
stddev initial values:   0.000010   1.588002
ecfconst solution invest:   1.627566   2.278592
debt cf solution invest: 0.25872015 0.38127180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33233
data: equity =   0.388918  debt =   0.140416  firm =   0.529334

agency cost: EZC - k L (EZC:ecfconst =   1.627566, k:agcpara = 0.24099989)
liq.cash: 10Y average (1Y) =   1.561933 ( 0.07153) : loss rate  0.0403
liq.cash: 10Y std.dev. (1Y) =   0.773696 ( 0.03543)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2723 0.04778   0.08491 0.06358  0.07925  0.07166    0.3889   0.1404   0.5293
 dbratio     ROA    ROA1 debtcf1
 0.26527 0.13514 0.11887 0.00984

debt amount =   0.0265   investment =   0.0265   debt ratio =  1.00000
RRR on investment =  0.114159      after tax =  0.062788
search range of Y std.dev.:   minimum =   0.810782   maximum =   1.054016
old shareholders wealth =    0.3889    old bondholders =     0.1393
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.705580, k:agcpara = 0.24099989)
liq.cash: 10Y average (1Y) =   1.627474 ( 0.07428) : loss rate  0.0458
liq.cash: 10Y std.dev. (1Y) =   0.810782 ( 0.03701)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3241 0.05397   0.08590 0.06397  0.07935  0.07075    0.3889   0.1657   0.5547
 dbratio     ROA    ROA1 debtcf1
 0.29881 0.13393 0.11888 0.01179

TOSYOU CODE: 7952    477
debtcashflow initial values:   0.000010   1.585578
stddev initial values:   0.000010   1.585578
ecfconst solution invest:   2.003830   2.805362
debt cf solution invest: 0.16791440 0.24745280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.42147
data: equity =   0.435096  debt =   0.093430  firm =   0.528526

agency cost: EZC - k L (EZC:ecfconst =   2.003830, k:agcpara = 0.28080969)
liq.cash: 10Y average (1Y) =   1.954196 ( 0.09079) : loss rate  0.0248
liq.cash: 10Y std.dev. (1Y) =   0.837391 ( 0.03891)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1768 0.01689   0.10396 0.06402  0.09690  0.09180    0.4351   0.0934   0.5285
 dbratio     ROA    ROA1 debtcf1
 0.17678 0.17179 0.14256 0.00620

debt amount =   0.0264   investment =   0.0264   debt ratio =  1.00000
RRR on investment =  0.140015      after tax =  0.077008
search range of Y std.dev.:   minimum =   0.878337   maximum =   1.141838
old shareholders wealth =    0.4351    old bondholders =     0.0928
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   2.101811, k:agcpara = 0.28080969)
liq.cash: 10Y average (1Y) =   2.038044 ( 0.09453) : loss rate  0.0303
liq.cash: 10Y std.dev. (1Y) =   0.878337 ( 0.04074)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2271 0.01961   0.10568 0.06449  0.09682  0.09058    0.4351   0.1192   0.5543
 dbratio     ROA    ROA1 debtcf1
 0.21508 0.17052 0.14257 0.00801

TOSYOU CODE: 6317    478
debtcashflow initial values:   0.000010   1.576553
stddev initial values:   0.000010   1.576553
ecfconst solution invest:   1.721170   2.409638
debt cf solution invest: 0.13267795 0.19552540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.35325
data: equity =   0.449981  debt =   0.075537  firm =   0.525518

agency cost: EZC - k L (EZC:ecfconst =   1.721170, k:agcpara = 0.28402329)
liq.cash: 10Y average (1Y) =   1.681503 ( 0.07820) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   0.697093 ( 0.03242)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1397 0.01349   0.08800 0.06194  0.08426  0.08025    0.4500   0.0755   0.5255
 dbratio     ROA    ROA1 debtcf1
 0.14375 0.14880 0.12596 0.00482

debt amount =   0.0263   investment =   0.0263   debt ratio =  1.00000
RRR on investment =  0.124263      after tax =  0.068344
search range of Y std.dev.:   minimum =   0.731425   maximum =   0.950853
old shareholders wealth =    0.4500    old bondholders =     0.0750
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.805939, k:agcpara = 0.28402329)
liq.cash: 10Y average (1Y) =   1.752383 ( 0.08124) : loss rate  0.0297
liq.cash: 10Y std.dev. (1Y) =   0.731425 ( 0.03391)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1886 0.01626   0.08922 0.06234  0.08428  0.07913    0.4500   0.1013   0.5513
 dbratio     ROA    ROA1 debtcf1
 0.18379 0.14736 0.12598 0.00655

TOSYOU CODE: 4064    479
debtcashflow initial values:   0.000010   1.571829
stddev initial values:   0.000010   1.571829
ecfconst solution invest:   1.823933   2.553506
debt cf solution invest: 0.29440215 0.43385580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.35507
data: equity =   0.363352  debt =   0.160591  firm =   0.523943

agency cost: EZC - k L (EZC:ecfconst =   1.823933, k:agcpara = 0.25322033)
liq.cash: 10Y average (1Y) =   1.745461 ( 0.08046) : loss rate  0.0430
liq.cash: 10Y std.dev. (1Y) =   0.762186 ( 0.03513)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3099 0.02982   0.10082 0.06504  0.08985  0.08088    0.3634   0.1606   0.5239
 dbratio     ROA    ROA1 debtcf1
 0.30651 0.15356 0.13285 0.01106

debt amount =   0.0262   investment =   0.0262   debt ratio =  1.00000
RRR on investment =  0.128375      after tax =  0.070606
search range of Y std.dev.:   minimum =   0.798816   maximum =   1.038461
old shareholders wealth =    0.3634    old bondholders =     0.1595
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.911591, k:agcpara = 0.25322033)
liq.cash: 10Y average (1Y) =   1.820232 ( 0.08372) : loss rate  0.0478
liq.cash: 10Y std.dev. (1Y) =   0.798816 ( 0.03674)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3608 0.03385   0.10236 0.06546  0.08988  0.07991    0.3634   0.1857   0.5491
 dbratio     ROA    ROA1 debtcf1
 0.33825 0.15247 0.13286 0.01294

TOSYOU CODE: 5771    480
debtcashflow initial values:   0.000010   1.571756
stddev initial values:   0.000010   1.571756
ecfconst solution invest:   1.524413   2.134178
debt cf solution invest: 0.45146470 0.66531640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.31977
data: equity =   0.281826  debt =   0.242093  firm =   0.523919

agency cost: EZC - k L (EZC:ecfconst =   1.524413, k:agcpara = 0.20106192)
liq.cash: 10Y average (1Y) =   1.428863 ( 0.06356) : loss rate  0.0627
liq.cash: 10Y std.dev. (1Y) =   0.645991 ( 0.02873)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4752 0.06994   0.08697 0.06401  0.07636  0.06305    0.2818   0.2421   0.5239
 dbratio     ROA    ROA1 debtcf1
 0.46208 0.12131 0.11272 0.01736

debt amount =   0.0262   investment =   0.0262   debt ratio =  1.00000
RRR on investment =  0.105151      after tax =  0.057833
search range of Y std.dev.:   minimum =   0.676161   maximum =   0.879009
old shareholders wealth =    0.2818    old bondholders =     0.2403
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.595608, k:agcpara = 0.20106192)
liq.cash: 10Y average (1Y) =   1.489643 ( 0.06607) : loss rate  0.0664
liq.cash: 10Y std.dev. (1Y) =   0.676161 ( 0.02999)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5270 0.07727   0.08795 0.06434  0.07647  0.06240    0.2818   0.2665   0.5483
 dbratio     ROA    ROA1 debtcf1
 0.48604 0.12050 0.11272 0.01937

TOSYOU CODE: 7724    481
debtcashflow initial values:   0.000010   1.566327
stddev initial values:   0.000010   1.566327
ecfconst solution invest:   1.643788   2.301303
debt cf solution invest: 0.27353920 0.40311040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.37784
data: equity =   0.373149  debt =   0.148960  firm =   0.522109

agency cost: EZC - k L (EZC:ecfconst =   1.643788, k:agcpara = 0.24009273)
liq.cash: 10Y average (1Y) =   1.574657 ( 0.07218) : loss rate  0.0421
liq.cash: 10Y std.dev. (1Y) =   0.752324 ( 0.03449)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2879 0.04360   0.08841 0.06375  0.08137  0.07319    0.3731   0.1490   0.5221
 dbratio     ROA    ROA1 debtcf1
 0.28530 0.13826 0.12152 0.01036

debt amount =   0.0261   investment =   0.0261   debt ratio =  1.00000
RRR on investment =  0.116692      after tax =  0.064180
search range of Y std.dev.:   minimum =   0.788351   maximum =   1.024856
old shareholders wealth =    0.3731    old bondholders =     0.1478
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.722504, k:agcpara = 0.24009273)
liq.cash: 10Y average (1Y) =   1.641163 ( 0.07500) : loss rate  0.0472
liq.cash: 10Y std.dev. (1Y) =   0.788351 ( 0.03603)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3388 0.04927   0.08954 0.06415  0.08147  0.07229    0.3731   0.1739   0.5471
 dbratio     ROA    ROA1 debtcf1
 0.31790 0.13710 0.12153 0.01227

TOSYOU CODE: 2571    482
debtcashflow initial values:   0.000010   1.554605
stddev initial values:   0.000010   1.554605
ecfconst solution invest:   1.588003   2.223204
debt cf solution invest: 0.02062450 0.03039400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.35050
data: equity =   0.506321  debt =   0.011881  firm =   0.518202

agency cost: EZC - k L (EZC:ecfconst =   1.588003, k:agcpara = 0.30856183)
liq.cash: 10Y average (1Y) =   1.581304 ( 0.07398) : loss rate  0.0042
liq.cash: 10Y std.dev. (1Y) =   0.677116 ( 0.03168)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0217 0.01063   0.07872 0.06097  0.07831  0.07768    0.5063   0.0119   0.5182
 dbratio     ROA    ROA1 debtcf1
 0.02293 0.14275 0.11850 0.00074

debt amount =   0.0098   investment =   0.0259   debt ratio =  0.37983
RRR on investment =  0.118449      after tax =  0.065147
search range of Y std.dev.:   minimum =   0.710957   maximum =   0.924244
old shareholders wealth =    0.5063    old bondholders =     0.0119
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   1.667368, k:agcpara = 0.30856183)
liq.cash: 10Y average (1Y) =   1.655112 ( 0.07731) : loss rate  0.0074
liq.cash: 10Y std.dev. (1Y) =   0.710957 ( 0.03321)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0397 0.01154   0.07903 0.06108  0.07832  0.07722    0.5224   0.0217   0.5441
 dbratio     ROA    ROA1 debtcf1
 0.03989 0.14209 0.11850 0.00136

TOSYOU CODE: 5391    483
debtcashflow initial values:   0.000010   1.542790
stddev initial values:   0.000010   1.542790
ecfconst solution invest:   1.494262   2.091967
debt cf solution invest: 0.47303730 0.69710760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33650
data: equity =   0.260395  debt =   0.253868  firm =   0.514263

agency cost: EZC - k L (EZC:ecfconst =   1.494262, k:agcpara = 0.19424681)
liq.cash: 10Y average (1Y) =   1.397540 ( 0.06195) : loss rate  0.0647
liq.cash: 10Y std.dev. (1Y) =   0.612023 ( 0.02713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4979 0.07080   0.08887 0.06411  0.07665  0.06241    0.2604   0.2539   0.5143
 dbratio     ROA    ROA1 debtcf1
 0.49365 0.12046 0.11256 0.01816

debt amount =   0.0257   investment =   0.0257   debt ratio =  1.00000
RRR on investment =  0.104676      after tax =  0.057572
search range of Y std.dev.:   minimum =   0.640523   maximum =   0.832680
old shareholders wealth =    0.2604    old bondholders =     0.2521
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.563845, k:agcpara = 0.19424681)
liq.cash: 10Y average (1Y) =   1.457256 ( 0.06443) : loss rate  0.0682
liq.cash: 10Y std.dev. (1Y) =   0.640523 ( 0.02832)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5487 0.07803   0.08991 0.06444  0.07676  0.06180    0.2604   0.2778   0.5382
 dbratio     ROA    ROA1 debtcf1
 0.51615 0.11971 0.11257 0.02013

TOSYOU CODE: 2102    484
debtcashflow initial values:   0.000010   1.533226
stddev initial values:   0.000010   1.533226
ecfconst solution invest:   1.457415   2.040381
debt cf solution invest: 0.21076035 0.31059420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.20513
data: equity =   0.397805  debt =   0.113270  firm =   0.511075

agency cost: EZC - k L (EZC:ecfconst =   1.457415, k:agcpara = 0.24334971)
liq.cash: 10Y average (1Y) =   1.403427 ( 0.06383) : loss rate  0.0370
liq.cash: 10Y std.dev. (1Y) =   0.775835 ( 0.03529)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2219 0.06388   0.07527 0.06268  0.07248  0.06623    0.3978   0.1133   0.5111
 dbratio     ROA    ROA1 debtcf1
 0.22163 0.12490 0.11048 0.00813

debt amount =   0.0256   investment =   0.0256   debt ratio =  1.00000
RRR on investment =  0.106023      after tax =  0.058312
search range of Y std.dev.:   minimum =   0.813098   maximum =   1.057028
old shareholders wealth =    0.3978    old bondholders =     0.1122
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.527415, k:agcpara = 0.24334971)
liq.cash: 10Y average (1Y) =   1.461132 ( 0.06618) : loss rate  0.0434
liq.cash: 10Y std.dev. (1Y) =   0.813098 ( 0.03683)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2724 0.07187   0.07589 0.06300  0.07257  0.06528    0.3978   0.1378   0.5356
 dbratio     ROA    ROA1 debtcf1
 0.25723 0.12357 0.11049 0.01007

TOSYOU CODE: 4218    485
debtcashflow initial values:   0.000010   1.522096
stddev initial values:   0.000010   1.522096
ecfconst solution invest:   1.675252   2.345353
debt cf solution invest: 0.21766400 0.32076800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.33273
data: equity =   0.388294  debt =   0.119071  firm =   0.507365

agency cost: EZC - k L (EZC:ecfconst =   1.675252, k:agcpara = 0.25369641)
liq.cash: 10Y average (1Y) =   1.617125 ( 0.07475) : loss rate  0.0347
liq.cash: 10Y std.dev. (1Y) =   0.762362 ( 0.03524)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2291 0.03433   0.09165 0.06405  0.08517  0.07841    0.3883   0.1191   0.5074
 dbratio     ROA    ROA1 debtcf1
 0.23468 0.14732 0.12688 0.00819

debt amount =   0.0254   investment =   0.0254   debt ratio =  1.00000
RRR on investment =  0.122929      after tax =  0.067611
search range of Y std.dev.:   minimum =   0.799166   maximum =   1.038916
old shareholders wealth =    0.3883    old bondholders =     0.1181
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.756127, k:agcpara = 0.25369641)
liq.cash: 10Y average (1Y) =   1.685519 ( 0.07768) : loss rate  0.0402
liq.cash: 10Y std.dev. (1Y) =   0.799166 ( 0.03683)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2783 0.03913   0.09290 0.06449  0.08524  0.07740    0.3883   0.1435   0.5318
 dbratio     ROA    ROA1 debtcf1
 0.26986 0.14607 0.12689 0.01001

TOSYOU CODE: 6108    486
debtcashflow initial values:   0.000010   1.518784
stddev initial values:   0.000010   1.518784
ecfconst solution invest:   1.652435   2.313409
debt cf solution invest: 0.08833765 0.13018180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.36263
data: equity =   0.455497  debt =   0.050764  firm =   0.506261

agency cost: EZC - k L (EZC:ecfconst =   1.652435, k:agcpara = 0.29544127)
liq.cash: 10Y average (1Y) =   1.624963 ( 0.07581) : loss rate  0.0166
liq.cash: 10Y std.dev. (1Y) =   0.666269 ( 0.03108)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0930 0.01074   0.08641 0.06124  0.08388  0.08112    0.4555   0.0508   0.5063
 dbratio     ROA    ROA1 debtcf1
 0.10028 0.14975 0.12558 0.00318

debt amount =   0.0253   investment =   0.0253   debt ratio =  1.00000
RRR on investment =  0.124679      after tax =  0.068574
search range of Y std.dev.:   minimum =   0.699318   maximum =   0.909113
old shareholders wealth =    0.4555    old bondholders =     0.0505
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.734401, k:agcpara = 0.29544127)
liq.cash: 10Y average (1Y) =   1.693148 ( 0.07873) : loss rate  0.0238
liq.cash: 10Y std.dev. (1Y) =   0.699318 ( 0.03252)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1396 0.01316   0.08760 0.06162  0.08389  0.07994    0.4555   0.0758   0.5313
 dbratio     ROA    ROA1 debtcf1
 0.14263 0.14820 0.12560 0.00481

TOSYOU CODE: 7236    487
debtcashflow initial values:   0.000010   1.518733
stddev initial values:   0.000010   1.518733
ecfconst solution invest:   1.706758   2.389461
debt cf solution invest: 0.17574905 0.25899860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46174
data: equity =   0.408931  debt =   0.097313  firm =   0.506244

agency cost: EZC - k L (EZC:ecfconst =   1.706758, k:agcpara = 0.26003362)
liq.cash: 10Y average (1Y) =   1.658652 ( 0.07702) : loss rate  0.0282
liq.cash: 10Y std.dev. (1Y) =   0.775215 ( 0.03600)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1850 0.02865   0.09239 0.06328  0.08679  0.08132    0.4089   0.0973   0.5062
 dbratio     ROA    ROA1 debtcf1
 0.19222 0.15214 0.12923 0.00655

debt amount =   0.0253   investment =   0.0253   debt ratio =  1.00000
RRR on investment =  0.125933      after tax =  0.069263
search range of Y std.dev.:   minimum =   0.812860   maximum =   1.056718
old shareholders wealth =    0.4089    old bondholders =     0.0965
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.789639, k:agcpara = 0.26003362)
liq.cash: 10Y average (1Y) =   1.728919 ( 0.08006) : loss rate  0.0339
liq.cash: 10Y std.dev. (1Y) =   0.812860 ( 0.03764)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2335 0.03291   0.09371 0.06376  0.08684  0.08025    0.4089   0.1218   0.5308
 dbratio     ROA    ROA1 debtcf1
 0.22956 0.15084 0.12924 0.00832

TOSYOU CODE: 2109    488
debtcashflow initial values:   0.000010   1.504180
stddev initial values:   0.000010   1.504180
ecfconst solution invest:   1.543180   2.160452
debt cf solution invest: 0.13866010 0.20434120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.26051
data: equity =   0.423505  debt =   0.077888  firm =   0.501393

agency cost: EZC - k L (EZC:ecfconst =   1.543180, k:agcpara = 0.27056146)
liq.cash: 10Y average (1Y) =   1.503689 ( 0.06954) : loss rate  0.0256
liq.cash: 10Y std.dev. (1Y) =   0.680309 ( 0.03146)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1460 0.02298   0.08199 0.06235  0.07893  0.07458    0.4235   0.0779   0.5014
 dbratio     ROA    ROA1 debtcf1
 0.15534 0.13869 0.11898 0.00511

debt amount =   0.0251   investment =   0.0251   debt ratio =  1.00000
RRR on investment =  0.116591      after tax =  0.064125
search range of Y std.dev.:   minimum =   0.713604   maximum =   0.927685
old shareholders wealth =    0.4235    old bondholders =     0.0773
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.618705, k:agcpara = 0.27056146)
liq.cash: 10Y average (1Y) =   1.566404 ( 0.07217) : loss rate  0.0323
liq.cash: 10Y std.dev. (1Y) =   0.713604 ( 0.03288)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1933 0.02717   0.08294 0.06275  0.07901  0.07351    0.4235   0.1024   0.5259
 dbratio     ROA    ROA1 debtcf1
 0.19464 0.13724 0.11900 0.00681

TOSYOU CODE: 7122    489
debtcashflow initial values:   0.000010   1.497390
stddev initial values:   0.000010   1.497390
ecfconst solution invest:   1.549943   2.169920
debt cf solution invest: 0.23556390 0.34714680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34578
data: equity =   0.371016  debt =   0.128114  firm =   0.499130

agency cost: EZC - k L (EZC:ecfconst =   1.549943, k:agcpara = 0.24311678)
liq.cash: 10Y average (1Y) =   1.489659 ( 0.06836) : loss rate  0.0389
liq.cash: 10Y std.dev. (1Y) =   0.733698 ( 0.03367)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2480 0.04529   0.08573 0.06358  0.08005  0.07270    0.3710   0.1281   0.4991
 dbratio     ROA    ROA1 debtcf1
 0.25668 0.13696 0.11998 0.00894

debt amount =   0.0250   investment =   0.0250   debt ratio =  1.00000
RRR on investment =  0.115435      after tax =  0.063489
search range of Y std.dev.:   minimum =   0.768921   maximum =   0.999597
old shareholders wealth =    0.3710    old bondholders =     0.1271
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.624352, k:agcpara = 0.24311678)
liq.cash: 10Y average (1Y) =   1.552229 ( 0.07100) : loss rate  0.0444
liq.cash: 10Y std.dev. (1Y) =   0.768921 ( 0.03517)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2967 0.05125   0.08676 0.06398  0.08014  0.07177    0.3710   0.1520   0.5230
 dbratio     ROA    ROA1 debtcf1
 0.29066 0.13574 0.11999 0.01077

TOSYOU CODE: 5196    490
debtcashflow initial values:   0.000010   1.495423
stddev initial values:   0.000010   1.495423
ecfconst solution invest:   1.563111   2.188355
debt cf solution invest: 0.38224865 0.56331380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42959
data: equity =   0.290736  debt =   0.207738  firm =   0.498474

agency cost: EZC - k L (EZC:ecfconst =   1.563111, k:agcpara = 0.21858327)
liq.cash: 10Y average (1Y) =   1.475160 ( 0.06681) : loss rate  0.0563
liq.cash: 10Y std.dev. (1Y) =   0.645712 ( 0.02924)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4024 0.04832   0.09460 0.06417  0.08192  0.06989    0.2907   0.2077   0.4985
 dbratio     ROA    ROA1 debtcf1
 0.41675 0.13402 0.12107 0.01448

debt amount =   0.0249   investment =   0.0249   debt ratio =  1.00000
RRR on investment =  0.114660      after tax =  0.063063
search range of Y std.dev.:   minimum =   0.676197   maximum =   0.879056
old shareholders wealth =    0.2907    old bondholders =     0.2063
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.636907, k:agcpara = 0.21858327)
liq.cash: 10Y average (1Y) =   1.538331 ( 0.06949) : loss rate  0.0602
liq.cash: 10Y std.dev. (1Y) =   0.676197 ( 0.03055)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4510 0.05391   0.09590 0.06455  0.08201  0.06914    0.2907   0.2312   0.5220
 dbratio     ROA    ROA1 debtcf1
 0.44300 0.13314 0.12108 0.01632

TOSYOU CODE: 2056    491
debtcashflow initial values:   0.000010   1.491438
stddev initial values:   0.000010   1.491438
ecfconst solution invest:   1.465198   2.051277
debt cf solution invest: 0.29873890 0.44024680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28150
data: equity =   0.336544  debt =   0.160602  firm =   0.497146

agency cost: EZC - k L (EZC:ecfconst =   1.465198, k:agcpara = 0.22841992)
liq.cash: 10Y average (1Y) =   1.393369 ( 0.06304) : loss rate  0.0490
liq.cash: 10Y std.dev. (1Y) =   0.697592 ( 0.03156)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3145 0.06098   0.08199 0.06355  0.07603  0.06680    0.3365   0.1606   0.4971
 dbratio     ROA    ROA1 debtcf1
 0.32304 0.12681 0.11414 0.01148

debt amount =   0.0249   investment =   0.0249   debt ratio =  1.00000
RRR on investment =  0.108400      after tax =  0.059620
search range of Y std.dev.:   minimum =   0.730715   maximum =   0.949929
old shareholders wealth =    0.3365    old bondholders =     0.1593
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.534767, k:agcpara = 0.22841992)
liq.cash: 10Y average (1Y) =   1.451730 ( 0.06546) : loss rate  0.0541
liq.cash: 10Y std.dev. (1Y) =   0.730715 ( 0.03295)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3635 0.06821   0.08285 0.06389  0.07614  0.06597    0.3365   0.1842   0.5207
 dbratio     ROA    ROA1 debtcf1
 0.35367 0.12571 0.11415 0.01336

TOSYOU CODE: 5975    492
debtcashflow initial values:   0.000010   1.487022
stddev initial values:   0.000010   1.487022
ecfconst solution invest:   1.497235   2.096129
debt cf solution invest: 0.04851840 0.07150080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33604
data: equity =   0.467679  debt =   0.027995  firm =   0.495674

agency cost: EZC - k L (EZC:ecfconst =   1.497235, k:agcpara = 0.29754477)
liq.cash: 10Y average (1Y) =   1.482039 ( 0.06904) : loss rate  0.0101
liq.cash: 10Y std.dev. (1Y) =   0.647203 ( 0.03015)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0511 0.01352   0.07807 0.06052  0.07708  0.07554    0.4677   0.0280   0.4957
 dbratio     ROA    ROA1 debtcf1
 0.05648 0.13928 0.11689 0.00175

debt amount =   0.0231   investment =   0.0248   debt ratio =  0.93120
RRR on investment =  0.116536      after tax =  0.064095
search range of Y std.dev.:   minimum =   0.679461   maximum =   0.883300
old shareholders wealth =    0.4677    old bondholders =     0.0278
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   1.571861, k:agcpara = 0.29754477)
liq.cash: 10Y average (1Y) =   1.544065 ( 0.07165) : loss rate  0.0177
liq.cash: 10Y std.dev. (1Y) =   0.679461 ( 0.03153)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0934 0.01638   0.07888 0.06083  0.07711  0.07443    0.4694   0.0509   0.5203
 dbratio     ROA    ROA1 debtcf1
 0.09785 0.13770 0.11691 0.00321

TOSYOU CODE: 3512    493
debtcashflow initial values:   0.000010   1.470425
stddev initial values:   0.000010   1.470425
ecfconst solution invest:   1.461885   2.046639
debt cf solution invest: 0.11730030 0.17286360
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30532
data: equity =   0.423699  debt =   0.066443  firm =   0.490142

agency cost: EZC - k L (EZC:ecfconst =   1.461885, k:agcpara = 0.27228824)
liq.cash: 10Y average (1Y) =   1.428264 ( 0.06596) : loss rate  0.0230
liq.cash: 10Y std.dev. (1Y) =   0.659652 ( 0.03046)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1235 0.02396   0.07845 0.06136  0.07614  0.07239    0.4237   0.0664   0.4901
 dbratio     ROA    ROA1 debtcf1
 0.13555 0.13457 0.11547 0.00430

debt amount =   0.0245   investment =   0.0245   debt ratio =  1.00000
RRR on investment =  0.113505      after tax =  0.062428
search range of Y std.dev.:   minimum =   0.692057   maximum =   0.899674
old shareholders wealth =    0.4237    old bondholders =     0.0659
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.533699, k:agcpara = 0.27228824)
liq.cash: 10Y average (1Y) =   1.487575 ( 0.06842) : loss rate  0.0301
liq.cash: 10Y std.dev. (1Y) =   0.692057 ( 0.03183)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1694 0.02841   0.07930 0.06175  0.07621  0.07133    0.4237   0.0904   0.5141
 dbratio     ROA    ROA1 debtcf1
 0.17585 0.13308 0.11550 0.00594

TOSYOU CODE: 5204    494
debtcashflow initial values:   0.000010   1.468053
stddev initial values:   0.000010   1.468053
ecfconst solution invest:   1.413757   1.979260
debt cf solution invest: 0.45471560 0.67010720
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32914
data: equity =   0.245497  debt =   0.243854  firm =   0.489351

agency cost: EZC - k L (EZC:ecfconst =   1.413757, k:agcpara = 0.19262798)
liq.cash: 10Y average (1Y) =   1.321556 ( 0.05848) : loss rate  0.0652
liq.cash: 10Y std.dev. (1Y) =   0.578747 ( 0.02561)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4786 0.07264   0.08834 0.06408  0.07625  0.06188    0.2455   0.2439   0.4894
 dbratio     ROA    ROA1 debtcf1
 0.49832 0.11950 0.11192 0.01747

debt amount =   0.0245   investment =   0.0245   debt ratio =  1.00000
RRR on investment =  0.103949      after tax =  0.057172
search range of Y std.dev.:   minimum =   0.605674   maximum =   0.787377
old shareholders wealth =    0.2455    old bondholders =     0.2421
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.479535, k:agcpara = 0.19262798)
liq.cash: 10Y average (1Y) =   1.378016 ( 0.06081) : loss rate  0.0686
liq.cash: 10Y std.dev. (1Y) =   0.605674 ( 0.02673)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5270 0.08000   0.08936 0.06440  0.07637  0.06128    0.2455   0.2666   0.5121
 dbratio     ROA    ROA1 debtcf1
 0.52059 0.11876 0.11193 0.01935

TOSYOU CODE: 3551    495
debtcashflow initial values:   0.000010   1.463538
stddev initial values:   0.000010   1.463538
ecfconst solution invest:   1.378406   1.929768
debt cf solution invest: 0.43015905 0.63391860
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.14934
data: equity =   0.262717  debt =   0.225129  firm =   0.487846

agency cost: EZC - k L (EZC:ecfconst =   1.378406, k:agcpara = 0.20296201)
liq.cash: 10Y average (1Y) =   1.286505 ( 0.05675) : loss rate  0.0667
liq.cash: 10Y std.dev. (1Y) =   0.617708 ( 0.02725)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4528 0.08856   0.08154 0.06495  0.07389  0.06040    0.2627   0.2251   0.4878
 dbratio     ROA    ROA1 debtcf1
 0.46148 0.11633 0.10945 0.01688

debt amount =   0.0244   investment =   0.0244   debt ratio =  1.00000
RRR on investment =  0.101465      after tax =  0.055806
search range of Y std.dev.:   minimum =   0.646440   maximum =   0.840372
old shareholders wealth =    0.2627    old bondholders =     0.2234
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.442521, k:agcpara = 0.20296201)
liq.cash: 10Y average (1Y) =   1.340585 ( 0.05895) : loss rate  0.0707
liq.cash: 10Y std.dev. (1Y) =   0.646440 ( 0.02843)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.5022 0.09734   0.08227 0.06523  0.07400  0.05975    0.2627   0.2478   0.5105
 dbratio     ROA    ROA1 debtcf1
 0.48537 0.11548 0.10946 0.01884

TOSYOU CODE: 6510    496
debtcashflow initial values:   0.000010   1.439091
stddev initial values:   0.000010   1.439091
ecfconst solution invest:   1.369543   1.917360
debt cf solution invest: 0.35933180 0.52954160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25684
data: equity =   0.287800  debt =   0.191897  firm =   0.479697

agency cost: EZC - k L (EZC:ecfconst =   1.369543, k:agcpara = 0.21207757)
liq.cash: 10Y average (1Y) =   1.289326 ( 0.05749) : loss rate  0.0586
liq.cash: 10Y std.dev. (1Y) =   0.630290 ( 0.02810)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3782 0.07416   0.08104 0.06354  0.07404  0.06260    0.2878   0.1919   0.4797
 dbratio     ROA    ROA1 debtcf1
 0.40004 0.11985 0.11061 0.01390

debt amount =   0.0240   investment =   0.0240   debt ratio =  1.00000
RRR on investment =  0.103640      after tax =  0.057002
search range of Y std.dev.:   minimum =   0.659882   maximum =   0.857847
old shareholders wealth =    0.2878    old bondholders =     0.1904
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.433843, k:agcpara = 0.21207757)
liq.cash: 10Y average (1Y) =   1.343520 ( 0.05971) : loss rate  0.0630
liq.cash: 10Y std.dev. (1Y) =   0.659882 ( 0.02933)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4259 0.08217   0.08183 0.06384  0.07415  0.06189    0.2878   0.2144   0.5022
 dbratio     ROA    ROA1 debtcf1
 0.42689 0.11890 0.11062 0.01576

TOSYOU CODE: 2540    497
debtcashflow initial values:   0.000010   1.417938
stddev initial values:   0.000010   1.417938
ecfconst solution invest:   1.421120   1.989568
debt cf solution invest: 0.02886480 0.04253760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.24621
data: equity =   0.456027  debt =   0.016619  firm =   0.472646

agency cost: EZC - k L (EZC:ecfconst =   1.421120, k:agcpara = 0.30388992)
liq.cash: 10Y average (1Y) =   1.411887 ( 0.06587) : loss rate  0.0065
liq.cash: 10Y std.dev. (1Y) =   0.619214 ( 0.02889)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0304 0.01284   0.07723 0.06085  0.07665  0.07569    0.4560   0.0166   0.4726
 dbratio     ROA    ROA1 debtcf1
 0.03515 0.13937 0.11637 0.00104

debt amount =   0.0139   investment =   0.0236   debt ratio =  0.59010
RRR on investment =  0.116246      after tax =  0.063936
search range of Y std.dev.:   minimum =   0.650140   maximum =   0.845181
old shareholders wealth =    0.4560    old bondholders =     0.0166
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   1.492095, k:agcpara = 0.30388992)
liq.cash: 10Y average (1Y) =   1.475086 ( 0.06865) : loss rate  0.0114
liq.cash: 10Y std.dev. (1Y) =   0.650140 ( 0.03026)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0560 0.01453   0.07769 0.06102  0.07667  0.07498    0.4657   0.0305   0.4962
 dbratio     ROA    ROA1 debtcf1
 0.06147 0.13834 0.11638 0.00192

TOSYOU CODE: 7723    498
debtcashflow initial values:   0.000010   1.417414
stddev initial values:   0.000010   1.417414
ecfconst solution invest:   1.530453   2.142634
debt cf solution invest: 0.18127520 0.26714240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40107
data: equity =   0.372902  debt =   0.099569  firm =   0.472471

agency cost: EZC - k L (EZC:ecfconst =   1.530453, k:agcpara = 0.25346722)
liq.cash: 10Y average (1Y) =   1.482087 ( 0.06856) : loss rate  0.0316
liq.cash: 10Y std.dev. (1Y) =   0.715070 ( 0.03308)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1908 0.03548   0.08877 0.06344  0.08344  0.07742    0.3729   0.0996   0.4725
 dbratio     ROA    ROA1 debtcf1
 0.21073 0.14512 0.12472 0.00681

debt amount =   0.0236   investment =   0.0236   debt ratio =  1.00000
RRR on investment =  0.120992      after tax =  0.066546
search range of Y std.dev.:   minimum =   0.749656   maximum =   0.974553
old shareholders wealth =    0.3729    old bondholders =     0.0987
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.604477, k:agcpara = 0.25346722)
liq.cash: 10Y average (1Y) =   1.544540 ( 0.07123) : loss rate  0.0374
liq.cash: 10Y std.dev. (1Y) =   0.749656 ( 0.03457)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2365 0.04050   0.08995 0.06388  0.08351  0.07641    0.3729   0.1224   0.4953
 dbratio     ROA    ROA1 debtcf1
 0.24707 0.14383 0.12473 0.00850

TOSYOU CODE: 3205    499
debtcashflow initial values:   0.000010   1.409056
stddev initial values:   0.000010   1.409056
ecfconst solution invest:   1.591949   2.228729
debt cf solution invest: 0.20314135 0.29936620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.38545
data: equity =   0.357738  debt =   0.111948  firm =   0.469685

agency cost: EZC - k L (EZC:ecfconst =   1.591949, k:agcpara = 0.25557630)
liq.cash: 10Y average (1Y) =   1.537298 ( 0.07115) : loss rate  0.0343
liq.cash: 10Y std.dev. (1Y) =   0.702740 ( 0.03253)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2138 0.02983   0.09477 0.06376  0.08738  0.08054    0.3577   0.1119   0.4697
 dbratio     ROA    ROA1 debtcf1
 0.23834 0.15149 0.12983 0.00759

debt amount =   0.0235   investment =   0.0235   debt ratio =  1.00000
RRR on investment =  0.126027      after tax =  0.069315
search range of Y std.dev.:   minimum =   0.736713   maximum =   0.957727
old shareholders wealth =    0.3577    old bondholders =     0.1111
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.668909, k:agcpara = 0.25557630)
liq.cash: 10Y average (1Y) =   1.602708 ( 0.07399) : loss rate  0.0397
liq.cash: 10Y std.dev. (1Y) =   0.736713 ( 0.03401)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2590 0.03408   0.09616 0.06420  0.08742  0.07953    0.3577   0.1346   0.4923
 dbratio     ROA    ROA1 debtcf1
 0.27339 0.15028 0.12984 0.00926

TOSYOU CODE: 5914    500
debtcashflow initial values:   0.000010   1.407001
stddev initial values:   0.000010   1.407001
ecfconst solution invest:   1.407950   1.971130
debt cf solution invest: 0.18582855 0.27385260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.28097
data: equity =   0.368263  debt =   0.100737  firm =   0.469000

agency cost: EZC - k L (EZC:ecfconst =   1.407950, k:agcpara = 0.24689733)
liq.cash: 10Y average (1Y) =   1.359655 ( 0.06239) : loss rate  0.0343
liq.cash: 10Y std.dev. (1Y) =   0.710468 ( 0.03260)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1956 0.05067   0.08066 0.06319  0.07691  0.07080    0.3683   0.1007   0.4690
 dbratio     ROA    ROA1 debtcf1
 0.21479 0.13303 0.11620 0.00709

debt amount =   0.0235   investment =   0.0235   debt ratio =  1.00000
RRR on investment =  0.112041      after tax =  0.061622
search range of Y std.dev.:   minimum =   0.744690   maximum =   0.968097
old shareholders wealth =    0.3683    old bondholders =     0.0998
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.475769, k:agcpara = 0.24689733)
liq.cash: 10Y average (1Y) =   1.416129 ( 0.06474) : loss rate  0.0404
liq.cash: 10Y std.dev. (1Y) =   0.744690 ( 0.03404)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2416 0.05737   0.08150 0.06358  0.07701  0.06983    0.3683   0.1233   0.4915
 dbratio     ROA    ROA1 debtcf1
 0.25080 0.13170 0.11621 0.00882

TOSYOU CODE: 4099    501
debtcashflow initial values:   0.000010   1.402739
stddev initial values:   0.000010   1.402739
ecfconst solution invest:   1.545112   2.163157
debt cf solution invest: 0.20591535 0.30345420
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.44431
data: equity =   0.354284  debt =   0.113296  firm =   0.467580

agency cost: EZC - k L (EZC:ecfconst =   1.545112, k:agcpara = 0.25135713)
liq.cash: 10Y average (1Y) =   1.490630 ( 0.06888) : loss rate  0.0353
liq.cash: 10Y std.dev. (1Y) =   0.694297 ( 0.03208)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2168 0.03327   0.09218 0.06357  0.08525  0.07832    0.3543   0.1133   0.4676
 dbratio     ROA    ROA1 debtcf1
 0.24230 0.14731 0.12696 0.00772

debt amount =   0.0234   investment =   0.0234   debt ratio =  1.00000
RRR on investment =  0.122977      after tax =  0.067637
search range of Y std.dev.:   minimum =   0.727803   maximum =   0.946144
old shareholders wealth =    0.3543    old bondholders =     0.1124
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.619677, k:agcpara = 0.25135713)
liq.cash: 10Y average (1Y) =   1.553866 ( 0.07160) : loss rate  0.0406
liq.cash: 10Y std.dev. (1Y) =   0.727803 ( 0.03354)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2618 0.03793   0.09347 0.06401  0.08531  0.07733    0.3543   0.1358   0.4901
 dbratio     ROA    ROA1 debtcf1
 0.27712 0.14610 0.12698 0.00938

TOSYOU CODE: 4027    502
debtcashflow initial values:   0.000010   1.386971
stddev initial values:   0.000010   1.386971
ecfconst solution invest:   0.960050   1.344070
debt cf solution invest: 0.24975025 0.36805300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.04205  std.dev = 0.18693  lambda =  -0.63135
riskless rate of interest = 0.05636  correlation =  0.47243
data: equity =   0.331729  debt =   0.130594  firm =   0.462324

agency cost: EZC - k L (EZC:ecfconst =   0.960050, k:agcpara = 0.22038649)
liq.cash: 10Y average (1Y) =   0.902111 ( 0.03574) : loss rate  0.0603
liq.cash: 10Y std.dev. (1Y) =   0.753822 ( 0.02987)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2629 0.19823   0.04329 0.05038  0.04529  0.03889    0.3317   0.1306   0.4623
 dbratio     ROA    ROA1 debtcf1
 0.28248 0.07731 0.07581 0.01050

debt amount =   0.0000   investment =   0.0231   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum =   0.742354   maximum =   0.965060
old shareholders wealth =    0.3317    old bondholders =     0.1225
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =   0.945445, k:agcpara = 0.22038649)
liq.cash: 10Y average (1Y) =   0.887506 ( 0.03360) : loss rate  0.0613
liq.cash: 10Y std.dev. (1Y) =   0.965060 ( 0.03653)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2629 0.25874   0.04183 0.04879  0.04361  0.03798    0.3548   0.1225   0.4773
 dbratio     ROA    ROA1 debtcf1
 0.25659 0.07038 0.07074 0.01123

TOSYOU CODE: 7996    503
debtcashflow initial values:   0.000010   1.383724
stddev initial values:   0.000010   1.383724
ecfconst solution invest:   1.398109   1.957353
debt cf solution invest: 0.41168440 0.60669280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.38874
data: equity =   0.240710  debt =   0.220531  firm =   0.461241

agency cost: EZC - k L (EZC:ecfconst =   1.398109, k:agcpara = 0.20423555)
liq.cash: 10Y average (1Y) =   1.309603 ( 0.05860) : loss rate  0.0633
liq.cash: 10Y std.dev. (1Y) =   0.566682 ( 0.02536)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4334 0.06102   0.09350 0.06500  0.07988  0.06589    0.2407   0.2205   0.4612
 dbratio     ROA    ROA1 debtcf1
 0.47813 0.12704 0.11728 0.01577

debt amount =   0.0231   investment =   0.0231   debt ratio =  1.00000
RRR on investment =  0.109810      after tax =  0.060395
search range of Y std.dev.:   minimum =   0.593178   maximum =   0.771132
old shareholders wealth =    0.2407    old bondholders =     0.2190
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.463480, k:agcpara = 0.20423555)
liq.cash: 10Y average (1Y) =   1.365654 ( 0.06095) : loss rate  0.0668
liq.cash: 10Y std.dev. (1Y) =   0.593178 ( 0.02647)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4790 0.06749   0.09469 0.06536  0.07999  0.06524    0.2407   0.2421   0.4828
 dbratio     ROA    ROA1 debtcf1
 0.50140 0.12625 0.11729 0.01753

TOSYOU CODE: 5464    504
debtcashflow initial values:   0.000010   1.369976
stddev initial values:   0.000010   1.369976
ecfconst solution invest:   1.554889   2.176845
debt cf solution invest: 0.29058600 0.42823200
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.40675
data: equity =   0.296979  debt =   0.159680  firm =   0.456659

agency cost: EZC - k L (EZC:ecfconst =   1.554889, k:agcpara = 0.24200648)
liq.cash: 10Y average (1Y) =   1.480864 ( 0.06803) : loss rate  0.0476
liq.cash: 10Y std.dev. (1Y) =   0.633966 ( 0.02912)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3059 0.03191   0.10095 0.06420  0.08810  0.07800    0.2970   0.1597   0.4567
 dbratio     ROA    ROA1 debtcf1
 0.34967 0.14897 0.13034 0.01088

debt amount =   0.0228   investment =   0.0228   debt ratio =  1.00000
RRR on investment =  0.125353      after tax =  0.068944
search range of Y std.dev.:   minimum =   0.664292   maximum =   0.863580
old shareholders wealth =    0.2970    old bondholders =     0.1587
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.629268, k:agcpara = 0.24200648)
liq.cash: 10Y average (1Y) =   1.544589 ( 0.07080) : loss rate  0.0520
liq.cash: 10Y std.dev. (1Y) =   0.664292 ( 0.03045)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3499 0.03605   0.10251 0.06460  0.08813  0.07710    0.2970   0.1815   0.4785
 dbratio     ROA    ROA1 debtcf1
 0.37931 0.14798 0.13035 0.01250

TOSYOU CODE: 4003    505
debtcashflow initial values:   0.000010   1.365126
stddev initial values:   0.000010   1.365126
ecfconst solution invest:   1.402500   1.963500
debt cf solution invest: 0.36283635 0.53470620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40657
data: equity =   0.258496  debt =   0.196546  firm =   0.455042

agency cost: EZC - k L (EZC:ecfconst =   1.402500, k:agcpara = 0.21355093)
liq.cash: 10Y average (1Y) =   1.320938 ( 0.05958) : loss rate  0.0582
liq.cash: 10Y std.dev. (1Y) =   0.580648 ( 0.02619)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3819 0.05292   0.09321 0.06420  0.08068  0.06820    0.2585   0.1965   0.4550
 dbratio     ROA    ROA1 debtcf1
 0.43193 0.13093 0.11914 0.01379

debt amount =   0.0228   investment =   0.0228   debt ratio =  1.00000
RRR on investment =  0.112401      after tax =  0.061820
search range of Y std.dev.:   minimum =   0.607978   maximum =   0.790372
old shareholders wealth =    0.2585    old bondholders =     0.1952
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.468514, k:agcpara = 0.21355093)
liq.cash: 10Y average (1Y) =   1.377443 ( 0.06197) : loss rate  0.0620
liq.cash: 10Y std.dev. (1Y) =   0.607978 ( 0.02735)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4265 0.05889   0.09444 0.06457  0.08078  0.06749    0.2585   0.2179   0.4764
 dbratio     ROA    ROA1 debtcf1
 0.45742 0.13007 0.11915 0.01548

TOSYOU CODE: 5633    506
debtcashflow initial values:   0.000010   1.363090
stddev initial values:   0.000010   1.363090
ecfconst solution invest:   1.483034   2.076248
debt cf solution invest: 0.26983230 0.39764760
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.45549
data: equity =   0.306582  debt =   0.147781  firm =   0.454363

agency cost: EZC - k L (EZC:ecfconst =   1.483034, k:agcpara = 0.23833857)
liq.cash: 10Y average (1Y) =   1.415338 ( 0.06491) : loss rate  0.0456
liq.cash: 10Y std.dev. (1Y) =   0.636844 ( 0.02921)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2840 0.03783   0.09455 0.06389  0.08458  0.07522    0.3066   0.1478   0.4544
 dbratio     ROA    ROA1 debtcf1
 0.32524 0.14286 0.12558 0.01015

debt amount =   0.0227   investment =   0.0227   debt ratio =  1.00000
RRR on investment =  0.120522      after tax =  0.066287
search range of Y std.dev.:   minimum =   0.667285   maximum =   0.867471
old shareholders wealth =    0.3066    old bondholders =     0.1467
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.553923, k:agcpara = 0.23833857)
liq.cash: 10Y average (1Y) =   1.475746 ( 0.06750) : loss rate  0.0503
liq.cash: 10Y std.dev. (1Y) =   0.667285 ( 0.03052)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3280 0.04272   0.09589 0.06430  0.08464  0.07434    0.3066   0.1695   0.4760
 dbratio     ROA    ROA1 debtcf1
 0.35597 0.14180 0.12559 0.01179

TOSYOU CODE: 6455    507
debtcashflow initial values:   0.000010   1.358235
stddev initial values:   0.000010   1.358235
ecfconst solution invest:   1.384232   1.937925
debt cf solution invest: 0.12774270 0.18825240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.26299
data: equity =   0.381012  debt =   0.071733  firm =   0.452745

agency cost: EZC - k L (EZC:ecfconst =   1.384232, k:agcpara = 0.26812673)
liq.cash: 10Y average (1Y) =   1.348178 ( 0.06229) : loss rate  0.0260
liq.cash: 10Y std.dev. (1Y) =   0.614537 ( 0.02839)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1345 0.02413   0.08141 0.06225  0.07837  0.07394    0.3810   0.0717   0.4527
 dbratio     ROA    ROA1 debtcf1
 0.15845 0.13758 0.11824 0.00471

debt amount =   0.0226   investment =   0.0226   debt ratio =  1.00000
RRR on investment =  0.115730      after tax =  0.063651
search range of Y std.dev.:   minimum =   0.644581   maximum =   0.837955
old shareholders wealth =    0.3810    old bondholders =     0.0712
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.451905, k:agcpara = 0.26812673)
liq.cash: 10Y average (1Y) =   1.404384 ( 0.06464) : loss rate  0.0327
liq.cash: 10Y std.dev. (1Y) =   0.644581 ( 0.02967)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1772 0.02847   0.08234 0.06265  0.07845  0.07288    0.3810   0.0938   0.4748
 dbratio     ROA    ROA1 debtcf1
 0.19757 0.13614 0.11825 0.00625

TOSYOU CODE: 2899    508
debtcashflow initial values:   0.000010   1.346463
stddev initial values:   0.000010   1.346463
ecfconst solution invest:   1.565340   2.191476
debt cf solution invest: 0.10731770 0.15815240
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.36824
data: equity =   0.387641  debt =   0.061180  firm =   0.448821

agency cost: EZC - k L (EZC:ecfconst =   1.565340, k:agcpara = 0.29763612)
liq.cash: 10Y average (1Y) =   1.531717 ( 0.07139) : loss rate  0.0215
liq.cash: 10Y std.dev. (1Y) =   0.598232 ( 0.02788)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1130 0.00886   0.09399 0.06230  0.08967  0.08585    0.3876   0.0612   0.4488
 dbratio     ROA    ROA1 debtcf1
 0.13631 0.15906 0.13306 0.00389

debt amount =   0.0224   investment =   0.0224   debt ratio =  1.00000
RRR on investment =  0.131774      after tax =  0.072476
search range of Y std.dev.:   minimum =   0.627806   maximum =   0.816147
old shareholders wealth =    0.3876    old bondholders =     0.0608
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.642722, k:agcpara = 0.29763612)
liq.cash: 10Y average (1Y) =   1.596698 ( 0.07423) : loss rate  0.0280
liq.cash: 10Y std.dev. (1Y) =   0.627806 ( 0.02918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1546 0.01081   0.09543 0.06268  0.08964  0.08465    0.3876   0.0833   0.4709
 dbratio     ROA    ROA1 debtcf1
 0.17685 0.15762 0.13308 0.00535

TOSYOU CODE: 3526    509
debtcashflow initial values:   0.000010   1.344730
stddev initial values:   0.000010   1.344730
ecfconst solution invest:   1.356633   1.899286
debt cf solution invest: 0.07141340 0.10524080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.25132
data: equity =   0.407522  debt =   0.040721  firm =   0.448243

agency cost: EZC - k L (EZC:ecfconst =   1.356633, k:agcpara = 0.29012020)
liq.cash: 10Y average (1Y) =   1.334824 ( 0.06199) : loss rate  0.0161
liq.cash: 10Y std.dev. (1Y) =   0.596706 ( 0.02771)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0752 0.01739   0.07887 0.06135  0.07728  0.07477    0.4075   0.0407   0.4482
 dbratio     ROA    ROA1 debtcf1
 0.09085 0.13830 0.11711 0.00260

debt amount =   0.0224   investment =   0.0224   debt ratio =  1.00000
RRR on investment =  0.116154      after tax =  0.063884
search range of Y std.dev.:   minimum =   0.626288   maximum =   0.814174
old shareholders wealth =    0.4075    old bondholders =     0.0404
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.423888, k:agcpara = 0.29012020)
liq.cash: 10Y average (1Y) =   1.389990 ( 0.06429) : loss rate  0.0238
liq.cash: 10Y std.dev. (1Y) =   0.626288 ( 0.02897)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1168 0.02103   0.07975 0.06172  0.07734  0.07363    0.4075   0.0628   0.4704
 dbratio     ROA    ROA1 debtcf1
 0.13361 0.13668 0.11713 0.00406

TOSYOU CODE: 4539    510
debtcashflow initial values:   0.000010   1.342405
stddev initial values:   0.000010   1.342405
ecfconst solution invest:   1.355911   1.898275
debt cf solution invest: 0.12335845 0.18179140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33407
data: equity =   0.377729  debt =   0.069739  firm =   0.447468

agency cost: EZC - k L (EZC:ecfconst =   1.355911, k:agcpara = 0.26648045)
liq.cash: 10Y average (1Y) =   1.321308 ( 0.06101) : loss rate  0.0255
liq.cash: 10Y std.dev. (1Y) =   0.601524 ( 0.02778)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1299 0.02381   0.08055 0.06158  0.07759  0.07327    0.3777   0.0697   0.4475
 dbratio     ROA    ROA1 debtcf1
 0.15585 0.13635 0.11724 0.00453

debt amount =   0.0224   investment =   0.0224   debt ratio =  1.00000
RRR on investment =  0.114816      after tax =  0.063149
search range of Y std.dev.:   minimum =   0.630954   maximum =   0.820240
old shareholders wealth =    0.3777    old bondholders =     0.0692
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.422249, k:agcpara = 0.26648045)
liq.cash: 10Y average (1Y) =   1.376457 ( 0.06332) : loss rate  0.0322
liq.cash: 10Y std.dev. (1Y) =   0.630954 ( 0.02902)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1718 0.02812   0.08147 0.06198  0.07767  0.07223    0.3777   0.0916   0.4693
 dbratio     ROA    ROA1 debtcf1
 0.19510 0.13492 0.11726 0.00603

TOSYOU CODE: 3580    511
debtcashflow initial values:   0.000010   1.329623
stddev initial values:   0.000010   1.329623
ecfconst solution invest:   1.323965   1.853551
debt cf solution invest: 0.11461275 0.16890300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.30738
data: equity =   0.378456  debt =   0.064752  firm =   0.443208

agency cost: EZC - k L (EZC:ecfconst =   1.323965, k:agcpara = 0.26841611)
liq.cash: 10Y average (1Y) =   1.291582 ( 0.05960) : loss rate  0.0245
liq.cash: 10Y std.dev. (1Y) =   0.598457 ( 0.02761)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1206 0.02520   0.07885 0.06149  0.07631  0.07227    0.3785   0.0648   0.4432
 dbratio     ROA    ROA1 debtcf1
 0.14611 0.13447 0.11565 0.00421

debt amount =   0.0222   investment =   0.0222   debt ratio =  1.00000
RRR on investment =  0.113398      after tax =  0.062369
search range of Y std.dev.:   minimum =   0.627782   maximum =   0.816117
old shareholders wealth =    0.3785    old bondholders =     0.0642
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.388841, k:agcpara = 0.26841611)
liq.cash: 10Y average (1Y) =   1.345284 ( 0.06183) : loss rate  0.0314
liq.cash: 10Y std.dev. (1Y) =   0.627782 ( 0.02885)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1623 0.02975   0.07970 0.06188  0.07639  0.07122    0.3785   0.0864   0.4648
 dbratio     ROA    ROA1 debtcf1
 0.18584 0.13300 0.11567 0.00571

TOSYOU CODE: 6306    512
debtcashflow initial values:   0.000010   1.323825
stddev initial values:   0.000010   1.323825
ecfconst solution invest:   1.487724   2.082814
debt cf solution invest: 0.05238585 0.07720020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.41281
data: equity =   0.410953  debt =   0.030322  firm =   0.441275

agency cost: EZC - k L (EZC:ecfconst =   1.487724, k:agcpara = 0.30650101)
liq.cash: 10Y average (1Y) =   1.470823 ( 0.06884) : loss rate  0.0114
liq.cash: 10Y std.dev. (1Y) =   0.578455 ( 0.02707)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0551 0.00720   0.08861 0.06086  0.08671  0.08482    0.4110   0.0303   0.4413
 dbratio     ROA    ROA1 debtcf1
 0.06872 0.15600 0.12923 0.00188

debt amount =   0.0221   investment =   0.0221   debt ratio =  1.00000
RRR on investment =  0.128851      after tax =  0.070868
search range of Y std.dev.:   minimum =   0.607282   maximum =   0.789466
old shareholders wealth =    0.4110    old bondholders =     0.0302
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.561863, k:agcpara = 0.30650101)
liq.cash: 10Y average (1Y) =   1.532603 ( 0.07152) : loss rate  0.0187
liq.cash: 10Y std.dev. (1Y) =   0.607282 ( 0.02834)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0955 0.00898   0.08991 0.06119  0.08667  0.08356    0.4110   0.0522   0.4632
 dbratio     ROA    ROA1 debtcf1
 0.11278 0.15440 0.12924 0.00326

TOSYOU CODE: 5211    513
debtcashflow initial values:   0.000010   1.320378
stddev initial values:   0.000010   1.320378
ecfconst solution invest:   1.304872   1.826821
debt cf solution invest: 0.32125010 0.47342120
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10367  std.dev = 0.17363  lambda =   3.00487
riskless rate of interest = 0.05910  correlation =  0.25017
data: equity =   0.267958  debt =   0.172168  firm =   0.440126

agency cost: EZC - k L (EZC:ecfconst =   1.304872, k:agcpara = 0.21744315)
liq.cash: 10Y average (1Y) =   1.231342 ( 0.05536) : loss rate  0.0564
liq.cash: 10Y std.dev. (1Y) =   0.584703 ( 0.02629)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3382 0.06331   0.08552 0.06412  0.07715  0.06586    0.2680   0.1722   0.4401
 dbratio     ROA    ROA1 debtcf1
 0.39118 0.12579 0.11481 0.01235

debt amount =   0.0220   investment =   0.0220   debt ratio =  1.00000
RRR on investment =  0.108172      after tax =  0.059495
search range of Y std.dev.:   minimum =   0.612245   maximum =   0.795918
old shareholders wealth =    0.2680    old bondholders =     0.1709
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.366336, k:agcpara = 0.21744315)
liq.cash: 10Y average (1Y) =   1.283335 ( 0.05752) : loss rate  0.0607
liq.cash: 10Y std.dev. (1Y) =   0.612245 ( 0.02744)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3817 0.07042   0.08647 0.06446  0.07726  0.06512    0.2680   0.1929   0.4608
 dbratio     ROA    ROA1 debtcf1
 0.41852 0.12482 0.11481 0.01403

TOSYOU CODE: 5976    514
debtcashflow initial values:   0.000010   1.306317
stddev initial values:   0.000010   1.306317
ecfconst solution invest:   1.357157   1.900020
debt cf solution invest: 0.17932580 0.26426960
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.34254
data: equity =   0.337670  debt =   0.097769  firm =   0.435439

agency cost: EZC - k L (EZC:ecfconst =   1.357157, k:agcpara = 0.24813357)
liq.cash: 10Y average (1Y) =   1.310318 ( 0.06034) : loss rate  0.0345
liq.cash: 10Y std.dev. (1Y) =   0.653642 ( 0.03010)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1888 0.04309   0.08504 0.06344  0.08019  0.07378    0.3377   0.0978   0.4354
 dbratio     ROA    ROA1 debtcf1
 0.22453 0.13857 0.12039 0.00679

debt amount =   0.0218   investment =   0.0218   debt ratio =  1.00000
RRR on investment =  0.116289      after tax =  0.063959
search range of Y std.dev.:   minimum =   0.685146   maximum =   0.890690
old shareholders wealth =    0.3377    old bondholders =     0.0969
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.422570, k:agcpara = 0.24813357)
liq.cash: 10Y average (1Y) =   1.365211 ( 0.06265) : loss rate  0.0403
liq.cash: 10Y std.dev. (1Y) =   0.685146 ( 0.03144)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2312 0.04894   0.08606 0.06386  0.08029  0.07281    0.3377   0.1187   0.4564
 dbratio     ROA    ROA1 debtcf1
 0.26011 0.13728 0.12040 0.00838

TOSYOU CODE: 6850    515
debtcashflow initial values:   0.000010   1.303370
stddev initial values:   0.000010   1.303370
ecfconst solution invest:   1.276018   1.786425
debt cf solution invest: 0.08535465 0.12578580
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27883
data: equity =   0.385955  debt =   0.048502  firm =   0.434457

agency cost: EZC - k L (EZC:ecfconst =   1.276018, k:agcpara = 0.27921556)
liq.cash: 10Y average (1Y) =   1.250931 ( 0.05779) : loss rate  0.0197
liq.cash: 10Y std.dev. (1Y) =   0.583721 ( 0.02697)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0898 0.02334   0.07643 0.06108  0.07472  0.07165    0.3860   0.0485   0.4345
 dbratio     ROA    ROA1 debtcf1
 0.11164 0.13302 0.11376 0.00312

debt amount =   0.0217   investment =   0.0217   debt ratio =  1.00000
RRR on investment =  0.112293      after tax =  0.061761
search range of Y std.dev.:   minimum =   0.612525   maximum =   0.796283
old shareholders wealth =    0.3860    old bondholders =     0.0481
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.338984, k:agcpara = 0.27921556)
liq.cash: 10Y average (1Y) =   1.302570 ( 0.05992) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =   0.612525 ( 0.02817)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1304 0.02783   0.07720 0.06145  0.07479  0.07055    0.3860   0.0698   0.4558
 dbratio     ROA    ROA1 debtcf1
 0.15321 0.13146 0.11379 0.00457

TOSYOU CODE: 6373    516
debtcashflow initial values:   0.000010   1.296508
stddev initial values:   0.000010   1.296508
ecfconst solution invest:   1.318316   1.845642
debt cf solution invest: 0.33519800 0.49397600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38081
data: equity =   0.251002  debt =   0.181167  firm =   0.432169

agency cost: EZC - k L (EZC:ecfconst =   1.318316, k:agcpara = 0.21452589)
liq.cash: 10Y average (1Y) =   1.242623 ( 0.05601) : loss rate  0.0574
liq.cash: 10Y std.dev. (1Y) =   0.557889 ( 0.02515)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3528 0.05537   0.09100 0.06414  0.07974  0.06764    0.2510   0.1812   0.4322
 dbratio     ROA    ROA1 debtcf1
 0.41920 0.12961 0.11799 0.01277

debt amount =   0.0216   investment =   0.0216   debt ratio =  1.00000
RRR on investment =  0.111283      after tax =  0.061206
search range of Y std.dev.:   minimum =   0.584155   maximum =   0.759402
old shareholders wealth =    0.2510    old bondholders =     0.1799
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.380384, k:agcpara = 0.21452589)
liq.cash: 10Y average (1Y) =   1.295597 ( 0.05824) : loss rate  0.0614
liq.cash: 10Y std.dev. (1Y) =   0.584155 ( 0.02626)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3952 0.06162   0.09216 0.06451  0.07985  0.06692    0.2510   0.2015   0.4525
 dbratio     ROA    ROA1 debtcf1
 0.44527 0.12872 0.11800 0.01439

TOSYOU CODE: 7913    517
debtcashflow initial values:   0.000010   1.282082
stddev initial values:   0.000010   1.282082
ecfconst solution invest:   1.258190   1.761466
debt cf solution invest: 0.19874855 0.29289260
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.25945
data: equity =   0.320207  debt =   0.107153  firm =   0.427361

agency cost: EZC - k L (EZC:ecfconst =   1.258190, k:agcpara = 0.24027692)
liq.cash: 10Y average (1Y) =   1.207922 ( 0.05506) : loss rate  0.0400
liq.cash: 10Y std.dev. (1Y) =   0.632977 ( 0.02885)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2092 0.05731   0.07952 0.06320  0.07543  0.06830    0.3202   0.1072   0.4274
 dbratio     ROA    ROA1 debtcf1
 0.25074 0.12884 0.11402 0.00763

debt amount =   0.0214   investment =   0.0214   debt ratio =  1.00000
RRR on investment =  0.109288      after tax =  0.060109
search range of Y std.dev.:   minimum =   0.663305   maximum =   0.862297
old shareholders wealth =    0.3202    old bondholders =     0.1062
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.318475, k:agcpara = 0.24027692)
liq.cash: 10Y average (1Y) =   1.258095 ( 0.05713) : loss rate  0.0458
liq.cash: 10Y std.dev. (1Y) =   0.663305 ( 0.03012)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2513 0.06453   0.08030 0.06355  0.07553  0.06738    0.3202   0.1276   0.4478
 dbratio     ROA    ROA1 debtcf1
 0.28493 0.12759 0.11404 0.00923

TOSYOU CODE: 6381    518
debtcashflow initial values:   0.000010   1.252299
stddev initial values:   0.000010   1.252299
ecfconst solution invest:   1.303571   1.824999
debt cf solution invest: 0.10634680 0.15672160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39314
data: equity =   0.356809  debt =   0.060624  firm =   0.417433

agency cost: EZC - k L (EZC:ecfconst =   1.303571, k:agcpara = 0.27475920)
liq.cash: 10Y average (1Y) =   1.272813 ( 0.05900) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =   0.552586 ( 0.02562)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1119 0.01783   0.08335 0.06135  0.08015  0.07614    0.3568   0.0606   0.4174
 dbratio     ROA    ROA1 debtcf1
 0.14522 0.14135 0.12061 0.00387

debt amount =   0.0209   investment =   0.0209   debt ratio =  1.00000
RRR on investment =  0.118673      after tax =  0.065270
search range of Y std.dev.:   minimum =   0.579741   maximum =   0.753664
old shareholders wealth =    0.3568    old bondholders =     0.0602
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.367631, k:agcpara = 0.27475920)
liq.cash: 10Y average (1Y) =   1.326206 ( 0.06126) : loss rate  0.0303
liq.cash: 10Y std.dev. (1Y) =   0.579741 ( 0.02678)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1508 0.02130   0.08440 0.06176  0.08021  0.07507    0.3568   0.0811   0.4379
 dbratio     ROA    ROA1 debtcf1
 0.18511 0.13991 0.12063 0.00525

TOSYOU CODE: 6763    519
debtcashflow initial values:   0.000010   1.243883
stddev initial values:   0.000010   1.243883
ecfconst solution invest:   1.209993   1.693990
debt cf solution invest: 0.05552275 0.08182300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.27086
data: equity =   0.382844  debt =   0.031784  firm =   0.414628

agency cost: EZC - k L (EZC:ecfconst =   1.209993, k:agcpara = 0.28966956)
liq.cash: 10Y average (1Y) =   1.193063 ( 0.05526) : loss rate  0.0140
liq.cash: 10Y std.dev. (1Y) =   0.550336 ( 0.02549)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0584 0.01962   0.07520 0.06071  0.07409  0.07199    0.3828   0.0318   0.4146
 dbratio     ROA    ROA1 debtcf1
 0.07665 0.13329 0.11305 0.00202

debt amount =   0.0207   investment =   0.0207   debt ratio =  1.00000
RRR on investment =  0.112290      after tax =  0.061760
search range of Y std.dev.:   minimum =   0.577667   maximum =   0.750967
old shareholders wealth =    0.3828    old bondholders =     0.0315
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.270084, k:agcpara = 0.28966956)
liq.cash: 10Y average (1Y) =   1.242029 ( 0.05727) : loss rate  0.0221
liq.cash: 10Y std.dev. (1Y) =   0.577667 ( 0.02664)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0969 0.02372   0.07593 0.06105  0.07414  0.07084    0.3828   0.0523   0.4351
 dbratio     ROA    ROA1 debtcf1
 0.12015 0.13162 0.11307 0.00337

TOSYOU CODE: 4097    520
debtcashflow initial values:   0.000010   1.240989
stddev initial values:   0.000010   1.240989
ecfconst solution invest:   1.450268   2.030375
debt cf solution invest: 0.09779205 0.14411460
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10490  std.dev = 0.17236  lambda =   3.13686
riskless rate of interest = 0.05934  correlation =  0.47437
data: equity =   0.357266  debt =   0.056397  firm =   0.413663

agency cost: EZC - k L (EZC:ecfconst =   1.450268, k:agcpara = 0.29616232)
liq.cash: 10Y average (1Y) =   1.419781 ( 0.06619) : loss rate  0.0210
liq.cash: 10Y std.dev. (1Y) =   0.543574 ( 0.02534)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1029 0.00771   0.09466 0.06119  0.09009  0.08634    0.3573   0.0564   0.4137
 dbratio     ROA    ROA1 debtcf1
 0.13634 0.16002 0.13365 0.00351

debt amount =   0.0207   investment =   0.0207   debt ratio =  1.00000
RRR on investment =  0.132457      after tax =  0.072851
search range of Y std.dev.:   minimum =   0.570467   maximum =   0.741607
old shareholders wealth =    0.3573    old bondholders =     0.0561
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.522020, k:agcpara = 0.29616232)
liq.cash: 10Y average (1Y) =   1.480295 ( 0.06885) : loss rate  0.0274
liq.cash: 10Y std.dev. (1Y) =   0.570467 ( 0.02653)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1409 0.00944   0.09616 0.06156  0.09004  0.08514    0.3573   0.0768   0.4341
 dbratio     ROA    ROA1 debtcf1
 0.17691 0.15862 0.13367 0.00483

TOSYOU CODE: 6393    521
debtcashflow initial values:   0.000010   1.222129
stddev initial values:   0.000010   1.222129
ecfconst solution invest:   1.307547   1.830566
debt cf solution invest: 0.25104130 0.36995560
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.43132
data: equity =   0.270319  debt =   0.137057  firm =   0.407376

agency cost: EZC - k L (EZC:ecfconst =   1.307547, k:agcpara = 0.23456929)
liq.cash: 10Y average (1Y) =   1.245561 ( 0.05697) : loss rate  0.0474
liq.cash: 10Y std.dev. (1Y) =   0.565206 ( 0.02585)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2643 0.04126   0.09306 0.06394  0.08327  0.07359    0.2703   0.1371   0.4074
 dbratio     ROA    ROA1 debtcf1
 0.33643 0.13984 0.12369 0.00947

debt amount =   0.0204   investment =   0.0204   debt ratio =  1.00000
RRR on investment =  0.118374      after tax =  0.065106
search range of Y std.dev.:   minimum =   0.592158   maximum =   0.769805
old shareholders wealth =    0.2703    old bondholders =     0.1361
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.369897, k:agcpara = 0.23456929)
liq.cash: 10Y average (1Y) =   1.298633 ( 0.05924) : loss rate  0.0520
liq.cash: 10Y std.dev. (1Y) =   0.592158 ( 0.02701)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3038 0.04648   0.09435 0.06434  0.08334  0.07273    0.2703   0.1564   0.4268
 dbratio     ROA    ROA1 debtcf1
 0.36658 0.13880 0.12370 0.01095

TOSYOU CODE: 6358    522
debtcashflow initial values:   0.000010   1.196877
stddev initial values:   0.000010   1.196877
ecfconst solution invest:   1.262698   1.767777
debt cf solution invest: 0.09284065 0.13681780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.31601
data: equity =   0.346188  debt =   0.052771  firm =   0.398959

agency cost: EZC - k L (EZC:ecfconst =   1.262698, k:agcpara = 0.28242385)
liq.cash: 10Y average (1Y) =   1.235098 ( 0.05737) : loss rate  0.0219
liq.cash: 10Y std.dev. (1Y) =   0.531652 ( 0.02470)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0977 0.01621   0.08423 0.06183  0.08127  0.07759    0.3462   0.0528   0.3990
 dbratio     ROA    ROA1 debtcf1
 0.13227 0.14380 0.12211 0.00338

debt amount =   0.0199   investment =   0.0199   debt ratio =  1.00000
RRR on investment =  0.120488      after tax =  0.066269
search range of Y std.dev.:   minimum =   0.557852   maximum =   0.725208
old shareholders wealth =    0.3462    old bondholders =     0.0524
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.324924, k:agcpara = 0.28242385)
liq.cash: 10Y average (1Y) =   1.286815 ( 0.05956) : loss rate  0.0288
liq.cash: 10Y std.dev. (1Y) =   0.557852 ( 0.02582)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1349 0.01947   0.08531 0.06224  0.08132  0.07648    0.3462   0.0723   0.4185
 dbratio     ROA    ROA1 debtcf1
 0.17285 0.14231 0.12214 0.00470

TOSYOU CODE: 6999    523
debtcashflow initial values:   0.000010   1.193897
stddev initial values:   0.000010   1.193897
ecfconst solution invest:   1.137232   1.592125
debt cf solution invest: 0.11833295 0.17438540
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.19800
data: equity =   0.333986  debt =   0.063980  firm =   0.397966

agency cost: EZC - k L (EZC:ecfconst =   1.137232, k:agcpara = 0.25252537)
liq.cash: 10Y average (1Y) =   1.105777 ( 0.05066) : loss rate  0.0277
liq.cash: 10Y std.dev. (1Y) =   0.628265 ( 0.02878)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1246 0.05917   0.07427 0.06239  0.07236  0.06785    0.3340   0.0640   0.3980
 dbratio     ROA    ROA1 debtcf1
 0.16078 0.12730 0.11071 0.00454

debt amount =   0.0199   investment =   0.0199   debt ratio =  1.00000
RRR on investment =  0.107072      after tax =  0.058889
search range of Y std.dev.:   minimum =   0.658665   maximum =   0.856264
old shareholders wealth =    0.3340    old bondholders =     0.0633
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.192259, k:agcpara = 0.25252537)
liq.cash: 10Y average (1Y) =   1.150916 ( 0.05249) : loss rate  0.0347
liq.cash: 10Y std.dev. (1Y) =   0.658665 ( 0.03004)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1637 0.06696   0.07487 0.06274  0.07245  0.06682    0.3340   0.0832   0.4172
 dbratio     ROA    ROA1 debtcf1
 0.19943 0.12583 0.11072 0.00603

TOSYOU CODE: 6745    524
debtcashflow initial values:   0.000010   1.193315
stddev initial values:   0.000010   1.193315
ecfconst solution invest:   1.256968   1.759755
debt cf solution invest: 0.15775700 0.23248400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.27000
data: equity =   0.311908  debt =   0.085864  firm =   0.397772

agency cost: EZC - k L (EZC:ecfconst =   1.256968, k:agcpara = 0.25170259)
liq.cash: 10Y average (1Y) =   1.215170 ( 0.05607) : loss rate  0.0333
liq.cash: 10Y std.dev. (1Y) =   0.603640 ( 0.02785)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1661 0.04111   0.08617 0.06381  0.08134  0.07514    0.3119   0.0859   0.3978
 dbratio     ROA    ROA1 debtcf1
 0.21587 0.14095 0.12194 0.00598

debt amount =   0.0199   investment =   0.0199   debt ratio =  1.00000
RRR on investment =  0.117987      after tax =  0.064893
search range of Y std.dev.:   minimum =   0.632776   maximum =   0.822608
old shareholders wealth =    0.3119    old bondholders =     0.0851
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.317638, k:agcpara = 0.25170259)
liq.cash: 10Y average (1Y) =   1.266075 ( 0.05822) : loss rate  0.0391
liq.cash: 10Y std.dev. (1Y) =   0.632776 ( 0.02910)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2049 0.04676   0.08722 0.06424  0.08143  0.07415    0.3119   0.1050   0.4169
 dbratio     ROA    ROA1 debtcf1
 0.25190 0.13964 0.12195 0.00742

TOSYOU CODE: 6937    525
debtcashflow initial values:   0.000010   1.188178
stddev initial values:   0.000010   1.188178
ecfconst solution invest:   1.169732   1.637625
debt cf solution invest: 0.38260680 0.56384160
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.38724
data: equity =   0.189716  debt =   0.206343  firm =   0.396059

agency cost: EZC - k L (EZC:ecfconst =   1.169732, k:agcpara = 0.19054685)
liq.cash: 10Y average (1Y) =   1.092990 ( 0.04850) : loss rate  0.0656
liq.cash: 10Y std.dev. (1Y) =   0.456283 ( 0.02025)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4027 0.06517   0.09351 0.06427  0.07828  0.06321    0.1897   0.2063   0.3961
 dbratio     ROA    ROA1 debtcf1
 0.52099 0.12246 0.11438 0.01460

debt amount =   0.0198   investment =   0.0198   debt ratio =  1.00000
RRR on investment =  0.106445      after tax =  0.058545
search range of Y std.dev.:   minimum =   0.477524   maximum =   0.620781
old shareholders wealth =    0.1897    old bondholders =     0.2049
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.224186, k:agcpara = 0.19054685)
liq.cash: 10Y average (1Y) =   1.140029 ( 0.05047) : loss rate  0.0687
liq.cash: 10Y std.dev. (1Y) =   0.477524 ( 0.02114)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.4417 0.07180   0.09471 0.06461  0.07839  0.06262    0.1897   0.2248   0.4145
 dbratio     ROA    ROA1 debtcf1
 0.54226 0.12177 0.11439 0.01610

TOSYOU CODE: 5363    526
debtcashflow initial values:   0.000010   1.182830
stddev initial values:   0.000010   1.182830
ecfconst solution invest:   1.228440   1.719816
debt cf solution invest: 0.19531050 0.28782600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35528
data: equity =   0.288048  debt =   0.106229  firm =   0.394277

agency cost: EZC - k L (EZC:ecfconst =   1.228440, k:agcpara = 0.24150669)
liq.cash: 10Y average (1Y) =   1.178789 ( 0.05405) : loss rate  0.0404
liq.cash: 10Y std.dev. (1Y) =   0.574387 ( 0.02634)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2056 0.04510   0.08658 0.06365  0.08040  0.07268    0.2880   0.1062   0.3943
 dbratio     ROA    ROA1 debtcf1
 0.26943 0.13709 0.12035 0.00741

debt amount =   0.0197   investment =   0.0197   debt ratio =  1.00000
RRR on investment =  0.115663      after tax =  0.063614
search range of Y std.dev.:   minimum =   0.601926   maximum =   0.782504
old shareholders wealth =    0.2880    old bondholders =     0.1054
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.287338, k:agcpara = 0.24150669)
liq.cash: 10Y average (1Y) =   1.228398 ( 0.05614) : loss rate  0.0458
liq.cash: 10Y std.dev. (1Y) =   0.601926 ( 0.02751)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2441 0.05099   0.08764 0.06405  0.08050  0.07177    0.2880   0.1251   0.4131
 dbratio     ROA    ROA1 debtcf1
 0.30279 0.13590 0.12036 0.00885

TOSYOU CODE: 5269    527
debtcashflow initial values:   0.000010   1.152778
stddev initial values:   0.000010   1.152778
ecfconst solution invest:   1.501629   2.102281
debt cf solution invest: 0.15995245 0.23571940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.47344
data: equity =   0.295004  debt =   0.089255  firm =   0.384259

agency cost: EZC - k L (EZC:ecfconst =   1.501629, k:agcpara = 0.28046883)
liq.cash: 10Y average (1Y) =   1.454406 ( 0.06736) : loss rate  0.0314
liq.cash: 10Y std.dev. (1Y) =   0.592827 ( 0.02746)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1684 0.01503   0.11005 0.06396  0.09934  0.09266    0.2950   0.0893   0.3843
 dbratio     ROA    ROA1 debtcf1
 0.23228 0.17529 0.14602 0.00589

debt amount =   0.0192   investment =   0.0192   debt ratio =  1.00000
RRR on investment =  0.143213      after tax =  0.078767
search range of Y std.dev.:   minimum =   0.621749   maximum =   0.808274
old shareholders wealth =    0.2950    old bondholders =     0.0888
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.574889, k:agcpara = 0.28046883)
liq.cash: 10Y average (1Y) =   1.517444 ( 0.07019) : loss rate  0.0365
liq.cash: 10Y std.dev. (1Y) =   0.621749 ( 0.02876)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2048 0.01738   0.11197 0.06437  0.09922  0.09146    0.2950   0.1080   0.4030
 dbratio     ROA    ROA1 debtcf1
 0.26793 0.17418 0.14603 0.00720

TOSYOU CODE: 3408    528
debtcashflow initial values:   0.000010   1.145457
stddev initial values:   0.000010   1.145457
ecfconst solution invest:   1.202709   1.683793
debt cf solution invest: 0.15429900 0.22738800
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35832
data: equity =   0.297538  debt =   0.084281  firm =   0.381819

agency cost: EZC - k L (EZC:ecfconst =   1.202709, k:agcpara = 0.24952323)
liq.cash: 10Y average (1Y) =   1.162181 ( 0.05359) : loss rate  0.0337
liq.cash: 10Y std.dev. (1Y) =   0.574646 ( 0.02650)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1624 0.04095   0.08608 0.06346  0.08108  0.07478    0.2975   0.0843   0.3818
 dbratio     ROA    ROA1 debtcf1
 0.22074 0.14036 0.12158 0.00583

debt amount =   0.0191   investment =   0.0191   debt ratio =  1.00000
RRR on investment =  0.117575      after tax =  0.064666
search range of Y std.dev.:   minimum =   0.602369   maximum =   0.783079
old shareholders wealth =    0.2975    old bondholders =     0.0836
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.260731, k:agcpara = 0.24952323)
liq.cash: 10Y average (1Y) =   1.210946 ( 0.05565) : loss rate  0.0395
liq.cash: 10Y std.dev. (1Y) =   0.602369 ( 0.02768)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1995 0.04657   0.08714 0.06388  0.08117  0.07380    0.2975   0.1027   0.4002
 dbratio     ROA    ROA1 debtcf1
 0.25653 0.13907 0.12159 0.00722

TOSYOU CODE: 6644    529
debtcashflow initial values:   0.000010   1.126871
stddev initial values:   0.000010   1.126871
ecfconst solution invest:   1.289486   1.805280
debt cf solution invest: 0.13996920 0.20627040
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.29644
data: equity =   0.299317  debt =   0.076307  firm =   0.375624

agency cost: EZC - k L (EZC:ecfconst =   1.289486, k:agcpara = 0.26504135)
liq.cash: 10Y average (1Y) =   1.250436 ( 0.05802) : loss rate  0.0303
liq.cash: 10Y std.dev. (1Y) =   0.584032 ( 0.02710)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1473 0.02946   0.09443 0.06487  0.08842  0.08249    0.2993   0.0763   0.3756
 dbratio     ROA    ROA1 debtcf1
 0.20315 0.15445 0.13127 0.00527

debt amount =   0.0188   investment =   0.0188   debt ratio =  1.00000
RRR on investment =  0.127845      after tax =  0.070315
search range of Y std.dev.:   minimum =   0.612361   maximum =   0.796070
old shareholders wealth =    0.2993    old bondholders =     0.0757
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.352035, k:agcpara = 0.26504135)
liq.cash: 10Y average (1Y) =   1.303297 ( 0.06030) : loss rate  0.0360
liq.cash: 10Y std.dev. (1Y) =   0.612361 ( 0.02833)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1839 0.03377   0.09577 0.06534  0.08846  0.08141    0.2993   0.0945   0.3938
 dbratio     ROA    ROA1 debtcf1
 0.23993 0.15313 0.13128 0.00661

TOSYOU CODE: 6218    530
debtcashflow initial values:   0.000010   1.113381
stddev initial values:   0.000010   1.113381
ecfconst solution invest:   1.269188   1.776863
debt cf solution invest: 0.17019250 0.25081000
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.50726
data: equity =   0.276956  debt =   0.094171  firm =   0.371127

agency cost: EZC - k L (EZC:ecfconst =   1.269188, k:agcpara = 0.25414242)
liq.cash: 10Y average (1Y) =   1.223658 ( 0.05661) : loss rate  0.0359
liq.cash: 10Y std.dev. (1Y) =   0.548307 ( 0.02537)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1792 0.02839   0.09653 0.06351  0.08816  0.08090    0.2770   0.0942   0.3711
 dbratio     ROA    ROA1 debtcf1
 0.25374 0.15253 0.13084 0.00634

debt amount =   0.0186   investment =   0.0186   debt ratio =  1.00000
RRR on investment =  0.126951      after tax =  0.069823
search range of Y std.dev.:   minimum =   0.574794   maximum =   0.747233
old shareholders wealth =    0.2770    old bondholders =     0.0935
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.330500, k:agcpara = 0.25414242)
liq.cash: 10Y average (1Y) =   1.275935 ( 0.05888) : loss rate  0.0410
liq.cash: 10Y std.dev. (1Y) =   0.574794 ( 0.02653)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2147 0.03243   0.09799 0.06395  0.08819  0.07990    0.2770   0.1121   0.3890
 dbratio     ROA    ROA1 debtcf1
 0.28807 0.15137 0.13085 0.00764

TOSYOU CODE: 7204    531
debtcashflow initial values:   0.000010   1.109492
stddev initial values:   0.000010   1.109492
ecfconst solution invest:   1.242238   1.739133
debt cf solution invest: 0.15449755 0.22768060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.46804
data: equity =   0.284528  debt =   0.085303  firm =   0.369831

agency cost: EZC - k L (EZC:ecfconst =   1.242238, k:agcpara = 0.25479199)
liq.cash: 10Y average (1Y) =   1.200801 ( 0.05559) : loss rate  0.0334
liq.cash: 10Y std.dev. (1Y) =   0.553531 ( 0.02563)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1626 0.03036   0.09351 0.06348  0.08659  0.08000    0.2845   0.0853   0.3698
 dbratio     ROA    ROA1 debtcf1
 0.23065 0.15032 0.12881 0.00577

debt amount =   0.0185   investment =   0.0185   debt ratio =  1.00000
RRR on investment =  0.125063      after tax =  0.068784
search range of Y std.dev.:   minimum =   0.580303   maximum =   0.754394
old shareholders wealth =    0.2845    old bondholders =     0.0847
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.302319, k:agcpara = 0.25479199)
liq.cash: 10Y average (1Y) =   1.251832 ( 0.05780) : loss rate  0.0388
liq.cash: 10Y std.dev. (1Y) =   0.580303 ( 0.02679)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1982 0.03471   0.09487 0.06393  0.08663  0.07898    0.2845   0.1031   0.3877
 dbratio     ROA    ROA1 debtcf1
 0.26607 0.14909 0.12882 0.00708

TOSYOU CODE: 6208    532
debtcashflow initial values:   0.000010   1.102118
stddev initial values:   0.000010   1.102118
ecfconst solution invest:   1.141127   1.597578
debt cf solution invest: 0.19346085 0.28510020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35553
data: equity =   0.262288  debt =   0.105085  firm =   0.367373

agency cost: EZC - k L (EZC:ecfconst =   1.141127, k:agcpara = 0.23867887)
liq.cash: 10Y average (1Y) =   1.092522 ( 0.05000) : loss rate  0.0426
liq.cash: 10Y std.dev. (1Y) =   0.529188 ( 0.02422)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2036 0.04651   0.08686 0.06372  0.08024  0.07204    0.2623   0.1051   0.3674
 dbratio     ROA    ROA1 debtcf1
 0.28605 0.13610 0.12001 0.00735

debt amount =   0.0184   investment =   0.0184   debt ratio =  1.00000
RRR on investment =  0.115081      after tax =  0.063294
search range of Y std.dev.:   minimum =   0.554505   maximum =   0.720857
old shareholders wealth =    0.2623    old bondholders =     0.1043
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.195720, k:agcpara = 0.23867887)
liq.cash: 10Y average (1Y) =   1.138552 ( 0.05194) : loss rate  0.0478
liq.cash: 10Y std.dev. (1Y) =   0.554505 ( 0.02530)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2395 0.05247   0.08792 0.06411  0.08034  0.07115    0.2623   0.1226   0.3849
 dbratio     ROA    ROA1 debtcf1
 0.31858 0.13494 0.12002 0.00870

TOSYOU CODE: 6214    533
debtcashflow initial values:   0.000010   1.101073
stddev initial values:   0.000010   1.101073
ecfconst solution invest:   1.161993   1.626790
debt cf solution invest: 0.12049800 0.17757600
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.35572
data: equity =   0.300945  debt =   0.066079  firm =   0.367024

agency cost: EZC - k L (EZC:ecfconst =   1.161993, k:agcpara = 0.25553993)
liq.cash: 10Y average (1Y) =   1.129580 ( 0.05230) : loss rate  0.0279
liq.cash: 10Y std.dev. (1Y) =   0.566175 ( 0.02622)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1268 0.03827   0.08532 0.06324  0.08135  0.07622    0.3009   0.0661   0.3670
 dbratio     ROA    ROA1 debtcf1
 0.18004 0.14251 0.12215 0.00454

debt amount =   0.0184   investment =   0.0184   debt ratio =  1.00000
RRR on investment =  0.118669      after tax =  0.065268
search range of Y std.dev.:   minimum =   0.593618   maximum =   0.771703
old shareholders wealth =    0.3009    old bondholders =     0.0655
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.218315, k:agcpara = 0.25553993)
liq.cash: 10Y average (1Y) =   1.176818 ( 0.05430) : loss rate  0.0341
liq.cash: 10Y std.dev. (1Y) =   0.593618 ( 0.02739)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1624 0.04374   0.08637 0.06370  0.08143  0.07518    0.3009   0.0838   0.3848
 dbratio     ROA    ROA1 debtcf1
 0.21786 0.14113 0.12216 0.00586

TOSYOU CODE: 5958    534
debtcashflow initial values:   0.000010   1.099354
stddev initial values:   0.000010   1.099354
ecfconst solution invest:   1.167912   1.635077
debt cf solution invest: 0.06688190 0.09856280
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10561  std.dev = 0.17304  lambda =   3.17735
riskless rate of interest = 0.05922  correlation =  0.32334
data: equity =   0.328099  debt =   0.038352  firm =   0.366451

agency cost: EZC - k L (EZC:ecfconst =   1.167912, k:agcpara = 0.29109490)
liq.cash: 10Y average (1Y) =   1.147418 ( 0.05345) : loss rate  0.0175
liq.cash: 10Y std.dev. (1Y) =   0.482988 ( 0.02250)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0704 0.01288   0.08422 0.06124  0.08181  0.07893    0.3281   0.0384   0.3665
 dbratio     ROA    ROA1 debtcf1
 0.10466 0.14585 0.12290 0.00242

debt amount =   0.0183   investment =   0.0183   debt ratio =  1.00000
RRR on investment =  0.121854      after tax =  0.067020
search range of Y std.dev.:   minimum =   0.506914   maximum =   0.658989
old shareholders wealth =    0.3281    old bondholders =     0.0381
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.225768, k:agcpara = 0.29109490)
liq.cash: 10Y average (1Y) =   1.195421 ( 0.05549) : loss rate  0.0248
liq.cash: 10Y std.dev. (1Y) =   0.506914 ( 0.02353)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1043 0.01568   0.08532 0.06163  0.08184  0.07777    0.3281   0.0564   0.3845
 dbratio     ROA    ROA1 debtcf1
 0.14675 0.14430 0.12292 0.00360

TOSYOU CODE: 6102    535
debtcashflow initial values:   0.000010   1.092711
stddev initial values:   0.000010   1.092711
ecfconst solution invest:   1.306938   1.829713
debt cf solution invest: 0.17719970 0.26113640
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.36416
data: equity =   0.267201  debt =   0.097036  firm =   0.364237

agency cost: EZC - k L (EZC:ecfconst =   1.306938, k:agcpara = 0.26340559)
liq.cash: 10Y average (1Y) =   1.257806 ( 0.05818) : loss rate  0.0376
liq.cash: 10Y std.dev. (1Y) =   0.546939 ( 0.02530)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1865 0.02508   0.10218 0.06500  0.09227  0.08448    0.2672   0.0970   0.3642
 dbratio     ROA    ROA1 debtcf1
 0.26640 0.15973 0.13629 0.00663

debt amount =   0.0182   investment =   0.0182   debt ratio =  1.00000
RRR on investment =  0.132464      after tax =  0.072855
search range of Y std.dev.:   minimum =   0.573380   maximum =   0.745394
old shareholders wealth =    0.2672    old bondholders =     0.0964
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.370121, k:agcpara = 0.26340559)
liq.cash: 10Y average (1Y) =   1.311706 ( 0.06055) : loss rate  0.0426
liq.cash: 10Y std.dev. (1Y) =   0.573380 ( 0.02647)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2218 0.02866   0.10379 0.06543  0.09227  0.08343    0.2672   0.1146   0.3818
 dbratio     ROA    ROA1 debtcf1
 0.30017 0.15858 0.13630 0.00793

TOSYOU CODE: 3004    536
debtcashflow initial values:   0.000010   1.080050
stddev initial values:   0.000010   1.080050
ecfconst solution invest:   1.163732   1.629225
debt cf solution invest: 0.30286950 0.44633400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.38819
data: equity =   0.195545  debt =   0.164472  firm =   0.360017

agency cost: EZC - k L (EZC:ecfconst =   1.163732, k:agcpara = 0.21787276)
liq.cash: 10Y average (1Y) =   1.094272 ( 0.04959) : loss rate  0.0597
liq.cash: 10Y std.dev. (1Y) =   0.454399 ( 0.02059)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3188 0.04395   0.10123 0.06485  0.08461  0.07128    0.1955   0.1645   0.3600
 dbratio     ROA    ROA1 debtcf1
 0.45684 0.13774 0.12448 0.01145

debt amount =   0.0180   investment =   0.0180   debt ratio =  1.00000
RRR on investment =  0.117917      after tax =  0.064854
search range of Y std.dev.:   minimum =   0.475826   maximum =   0.618574
old shareholders wealth =    0.1955    old bondholders =     0.1634
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.218609, k:agcpara = 0.21787276)
liq.cash: 10Y average (1Y) =   1.141497 ( 0.05161) : loss rate  0.0633
liq.cash: 10Y std.dev. (1Y) =   0.475826 ( 0.02151)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3539 0.04895   0.10272 0.06523  0.08468  0.07055    0.1955   0.1814   0.3770
 dbratio     ROA    ROA1 debtcf1
 0.48126 0.13692 0.12449 0.01277

TOSYOU CODE: 6375    537
debtcashflow initial values:   0.000010   1.055460
stddev initial values:   0.000010   1.055460
ecfconst solution invest:   1.046152   1.464613
debt cf solution invest: 0.25257365 0.37221380
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.22798
data: equity =   0.217249  debt =   0.134571  firm =   0.351820

agency cost: EZC - k L (EZC:ecfconst =   1.046152, k:agcpara = 0.22080098)
liq.cash: 10Y average (1Y) =   0.987448 ( 0.04444) : loss rate  0.0561
liq.cash: 10Y std.dev. (1Y) =   0.474969 ( 0.02138)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2659 0.06435   0.08521 0.06458  0.07732  0.06620    0.2172   0.1346   0.3518
 dbratio     ROA    ROA1 debtcf1
 0.38250 0.12631 0.11513 0.00975

debt amount =   0.0176   investment =   0.0176   debt ratio =  1.00000
RRR on investment =  0.108569      after tax =  0.059713
search range of Y std.dev.:   minimum =   0.497356   maximum =   0.646562
old shareholders wealth =    0.2172    old bondholders =     0.1335
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.095460, k:agcpara = 0.22080098)
liq.cash: 10Y average (1Y) =   1.029023 ( 0.04616) : loss rate  0.0606
liq.cash: 10Y std.dev. (1Y) =   0.497356 ( 0.02231)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3009 0.07160   0.08613 0.06492  0.07743  0.06545    0.2172   0.1511   0.3684
 dbratio     ROA    ROA1 debtcf1
 0.41024 0.12532 0.11514 0.01110

TOSYOU CODE: 7250    538
debtcashflow initial values:   0.000010   1.050872
stddev initial values:   0.000010   1.050872
ecfconst solution invest:   1.115272   1.561381
debt cf solution invest: 0.12314090 0.18147080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.36787
data: equity =   0.282776  debt =   0.067515  firm =   0.350291

agency cost: EZC - k L (EZC:ecfconst =   1.115272, k:agcpara = 0.25428655)
liq.cash: 10Y average (1Y) =   1.082311 ( 0.05008) : loss rate  0.0296
liq.cash: 10Y std.dev. (1Y) =   0.536295 ( 0.02482)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1296 0.03783   0.08631 0.06333  0.08188  0.07639    0.2828   0.0675   0.3503
 dbratio     ROA    ROA1 debtcf1
 0.19274 0.14297 0.12278 0.00464

debt amount =   0.0175   investment =   0.0175   debt ratio =  1.00000
RRR on investment =  0.119175      after tax =  0.065546
search range of Y std.dev.:   minimum =   0.562261   maximum =   0.730939
old shareholders wealth =    0.2828    old bondholders =     0.0669
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.169270, k:agcpara = 0.25428655)
liq.cash: 10Y average (1Y) =   1.127683 ( 0.05201) : loss rate  0.0356
liq.cash: 10Y std.dev. (1Y) =   0.562261 ( 0.02593)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1635 0.04320   0.08739 0.06378  0.08196  0.07536    0.2828   0.0844   0.3672
 dbratio     ROA    ROA1 debtcf1
 0.22994 0.14163 0.12279 0.00590

TOSYOU CODE: 2215    539
debtcashflow initial values:   0.000010   1.043433
stddev initial values:   0.000010   1.043433
ecfconst solution invest:   1.160066   1.624092
debt cf solution invest: 0.05299005 0.07809060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.50823
data: equity =   0.317309  debt =   0.030502  firm =   0.347811

agency cost: EZC - k L (EZC:ecfconst =   1.160066, k:agcpara = 0.30187573)
liq.cash: 10Y average (1Y) =   1.143228 ( 0.05342) : loss rate  0.0145
liq.cash: 10Y std.dev. (1Y) =   0.457767 ( 0.02139)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0558 0.00876   0.08811 0.06129  0.08576  0.08334    0.3173   0.0305   0.3478
 dbratio     ROA    ROA1 debtcf1
 0.08770 0.15360 0.12801 0.00191

debt amount =   0.0174   investment =   0.0174   debt ratio =  1.00000
RRR on investment =  0.127360      after tax =  0.070048
search range of Y std.dev.:   minimum =   0.480523   maximum =   0.624680
old shareholders wealth =    0.3173    old bondholders =     0.0303
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.217734, k:agcpara = 0.30187573)
liq.cash: 10Y average (1Y) =   1.191243 ( 0.05550) : loss rate  0.0218
liq.cash: 10Y std.dev. (1Y) =   0.480523 ( 0.02239)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0878 0.01083   0.08937 0.06164  0.08575  0.08212    0.3173   0.0477   0.3650
 dbratio     ROA    ROA1 debtcf1
 0.13075 0.15203 0.12803 0.00301

TOSYOU CODE: 3302    540
debtcashflow initial values:   0.000010   1.036625
stddev initial values:   0.000010   1.036625
ecfconst solution invest:   0.979220   1.370908
debt cf solution invest: 0.18913740 0.27872880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.19721
data: equity =   0.245308  debt =   0.100234  firm =   0.345542

agency cost: EZC - k L (EZC:ecfconst =   0.979220, k:agcpara = 0.23453862)
liq.cash: 10Y average (1Y) =   0.932525 ( 0.04201) : loss rate  0.0477
liq.cash: 10Y std.dev. (1Y) =   0.506306 ( 0.02281)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1991 0.07372   0.07596 0.06352  0.07235  0.06406    0.2453   0.1002   0.3455
 dbratio     ROA    ROA1 debtcf1
 0.29008 0.12159 0.10978 0.00738

debt amount =   0.0173   investment =   0.0173   debt ratio =  1.00000
RRR on investment =  0.104253      after tax =  0.057339
search range of Y std.dev.:   minimum =   0.530388   maximum =   0.689504
old shareholders wealth =    0.2453    old bondholders =     0.0994
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.025795, k:agcpara = 0.23453862)
liq.cash: 10Y average (1Y) =   0.970981 ( 0.04357) : loss rate  0.0534
liq.cash: 10Y std.dev. (1Y) =   0.530388 ( 0.02380)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2337 0.08226   0.07656 0.06380  0.07245  0.06320    0.2453   0.1166   0.3619
 dbratio     ROA    ROA1 debtcf1
 0.32225 0.12039 0.10979 0.00872

TOSYOU CODE: 6316    541
debtcashflow initial values:   0.000010   1.005950
stddev initial values:   0.000010   1.005950
ecfconst solution invest:   1.197875   1.677025
debt cf solution invest: 0.18646505 0.27479060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11246  std.dev = 0.17108  lambda =   3.77607
riskless rate of interest = 0.06041  correlation =  0.36978
data: equity =   0.233377  debt =   0.101940  firm =   0.335317

agency cost: EZC - k L (EZC:ecfconst =   1.197875, k:agcpara = 0.25814312)
liq.cash: 10Y average (1Y) =   1.147207 ( 0.05294) : loss rate  0.0423
liq.cash: 10Y std.dev. (1Y) =   0.491283 ( 0.02267)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1963 0.02646   0.10368 0.06513  0.09196  0.08305    0.2334   0.1019   0.3353
 dbratio     ROA    ROA1 debtcf1
 0.30401 0.15788 0.13578 0.00699

debt amount =   0.0168   investment =   0.0168   debt ratio =  1.00000
RRR on investment =  0.131534      after tax =  0.072344
search range of Y std.dev.:   minimum =   0.514943   maximum =   0.669426
old shareholders wealth =    0.2334    old bondholders =     0.1013
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.255565, k:agcpara = 0.25814312)
liq.cash: 10Y average (1Y) =   1.196510 ( 0.05510) : loss rate  0.0470
liq.cash: 10Y std.dev. (1Y) =   0.514943 ( 0.02372)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2288 0.03010   0.10532 0.06555  0.09196  0.08205    0.2334   0.1181   0.3514
 dbratio     ROA    ROA1 debtcf1
 0.33593 0.15680 0.13579 0.00818

TOSYOU CODE: 7105    542
debtcashflow initial values:   0.000010   1.003432
stddev initial values:   0.000010   1.003432
ecfconst solution invest:   1.100995   1.541393
debt cf solution invest: 0.20038445 0.29530340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.34204
data: equity =   0.225597  debt =   0.108880  firm =   0.334477

agency cost: EZC - k L (EZC:ecfconst =   1.100995, k:agcpara = 0.24127851)
liq.cash: 10Y average (1Y) =   1.050102 ( 0.04816) : loss rate  0.0462
liq.cash: 10Y std.dev. (1Y) =   0.474175 ( 0.02175)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2109 0.03838   0.09528 0.06468  0.08532  0.07585    0.2256   0.1089   0.3345
 dbratio     ROA    ROA1 debtcf1
 0.32552 0.14400 0.12653 0.00757

debt amount =   0.0167   investment =   0.0167   debt ratio =  1.00000
RRR on investment =  0.121442      after tax =  0.066793
search range of Y std.dev.:   minimum =   0.496835   maximum =   0.645885
old shareholders wealth =    0.2256    old bondholders =     0.1081
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.153609, k:agcpara = 0.24127851)
liq.cash: 10Y average (1Y) =   1.094843 ( 0.05009) : loss rate  0.0509
liq.cash: 10Y std.dev. (1Y) =   0.496835 ( 0.02273)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2436 0.04332   0.09662 0.06509  0.08539  0.07496    0.2256   0.1248   0.3504
 dbratio     ROA    ROA1 debtcf1
 0.35622 0.14293 0.12654 0.00879

TOSYOU CODE: 3202    543
debtcashflow initial values:   0.000010   0.999801
stddev initial values:   0.000010   0.999801
ecfconst solution invest:   1.060213   1.484298
debt cf solution invest: 0.25757065 0.37957780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.26752
data: equity =   0.195540  debt =   0.137727  firm =   0.333267

agency cost: EZC - k L (EZC:ecfconst =   1.060213, k:agcpara = 0.22437800)
liq.cash: 10Y average (1Y) =   0.999378 ( 0.04529) : loss rate  0.0574
liq.cash: 10Y std.dev. (1Y) =   0.443395 ( 0.02010)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2711 0.05025   0.09547 0.06571  0.08317  0.07095    0.1955   0.1377   0.3333
 dbratio     ROA    ROA1 debtcf1
 0.41327 0.13590 0.12269 0.00985

debt amount =   0.0167   investment =   0.0167   debt ratio =  1.00000
RRR on investment =  0.116208      after tax =  0.063914
search range of Y std.dev.:   minimum =   0.464317   maximum =   0.603613
old shareholders wealth =    0.1955    old bondholders =     0.1368
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.110241, k:agcpara = 0.22437800)
liq.cash: 10Y average (1Y) =   1.041994 ( 0.04710) : loss rate  0.0615
liq.cash: 10Y std.dev. (1Y) =   0.464317 ( 0.02099)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3042 0.05602   0.09674 0.06609  0.08327  0.07019    0.1955   0.1534   0.3490
 dbratio     ROA    ROA1 debtcf1
 0.43966 0.13498 0.12270 0.01111

TOSYOU CODE: 5972    544
debtcashflow initial values:   0.000010   0.993765
stddev initial values:   0.000010   0.993765
ecfconst solution invest:   0.954189   1.335865
debt cf solution invest: 0.15818640 0.23311680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.22729
data: equity =   0.246300  debt =   0.084955  firm =   0.331255

agency cost: EZC - k L (EZC:ecfconst =   0.954189, k:agcpara = 0.23823940)
liq.cash: 10Y average (1Y) =   0.914519 ( 0.04151) : loss rate  0.0416
liq.cash: 10Y std.dev. (1Y) =   0.490047 ( 0.02224)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1665 0.06346   0.07722 0.06299  0.07357  0.06630    0.2463   0.0850   0.3313
 dbratio     ROA    ROA1 debtcf1
 0.25646 0.12531 0.11160 0.00610

debt amount =   0.0166   investment =   0.0166   debt ratio =  1.00000
RRR on investment =  0.106683      after tax =  0.058675
search range of Y std.dev.:   minimum =   0.513487   maximum =   0.667534
old shareholders wealth =    0.2463    old bondholders =     0.0842
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.999831, k:agcpara = 0.23823940)
liq.cash: 10Y average (1Y) =   0.952358 ( 0.04306) : loss rate  0.0475
liq.cash: 10Y std.dev. (1Y) =   0.513487 ( 0.02321)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1993 0.07124   0.07791 0.06331  0.07367  0.06540    0.2463   0.1008   0.3471
 dbratio     ROA    ROA1 debtcf1
 0.29034 0.12406 0.11161 0.00736

TOSYOU CODE: 2217    545
debtcashflow initial values:   0.000010   0.974212
stddev initial values:   0.000010   0.974212
ecfconst solution invest:   0.948301   1.327621
debt cf solution invest: 0.05402555 0.07961660
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09873  std.dev = 0.17453  lambda =   2.57619
riskless rate of interest = 0.05931  correlation =  0.24120
data: equity =   0.294116  debt =   0.030621  firm =   0.324737

agency cost: EZC - k L (EZC:ecfconst =   0.948301, k:agcpara = 0.28582303)
liq.cash: 10Y average (1Y) =   0.932047 ( 0.04310) : loss rate  0.0171
liq.cash: 10Y std.dev. (1Y) =   0.439124 ( 0.02031)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0569 0.02313   0.07549 0.06137  0.07416  0.07155    0.2941   0.0306   0.3247
 dbratio     ROA    ROA1 debtcf1
 0.09430 0.13272 0.11312 0.00198

debt amount =   0.0162   investment =   0.0162   debt ratio =  1.00000
RRR on investment =  0.111982      after tax =  0.061590
search range of Y std.dev.:   minimum =   0.460857   maximum =   0.599114
old shareholders wealth =    0.2941    old bondholders =     0.0304
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.995234, k:agcpara = 0.28582303)
liq.cash: 10Y average (1Y) =   0.970293 ( 0.04467) : loss rate  0.0251
liq.cash: 10Y std.dev. (1Y) =   0.460857 ( 0.02121)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0873 0.02768   0.07620 0.06172  0.07422  0.07042    0.2941   0.0466   0.3407
 dbratio     ROA    ROA1 debtcf1
 0.13681 0.13109 0.11314 0.00306

TOSYOU CODE: 2003    546
debtcashflow initial values:   0.000010   0.960022
stddev initial values:   0.000010   0.960022
ecfconst solution invest:   1.045503   1.463704
debt cf solution invest: 0.14956325 0.22040900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.42978
data: equity =   0.237944  debt =   0.082063  firm =   0.320007

agency cost: EZC - k L (EZC:ecfconst =   1.045503, k:agcpara = 0.24812712)
liq.cash: 10Y average (1Y) =   1.006439 ( 0.04642) : loss rate  0.0374
liq.cash: 10Y std.dev. (1Y) =   0.470875 ( 0.02172)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1574 0.03569   0.09148 0.06365  0.08434  0.07700    0.2379   0.0821   0.3200
 dbratio     ROA    ROA1 debtcf1
 0.25645 0.14504 0.12568 0.00562

debt amount =   0.0160   investment =   0.0160   debt ratio =  1.00000
RRR on investment =  0.121449      after tax =  0.066797
search range of Y std.dev.:   minimum =   0.493548   maximum =   0.641612
old shareholders wealth =    0.2379    old bondholders =     0.0814
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.095844, k:agcpara = 0.24812712)
liq.cash: 10Y average (1Y) =   1.049106 ( 0.04824) : loss rate  0.0427
liq.cash: 10Y std.dev. (1Y) =   0.493548 ( 0.02270)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1884 0.04058   0.09274 0.06408  0.08441  0.07604    0.2379   0.0974   0.3354
 dbratio     ROA    ROA1 debtcf1
 0.29054 0.14385 0.12569 0.00677

TOSYOU CODE: 4461    547
debtcashflow initial values:   0.000010   0.955857
stddev initial values:   0.000010   0.955857
ecfconst solution invest:   1.015854   1.422196
debt cf solution invest: 0.15241135 0.22460620
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39067
data: equity =   0.235363  debt =   0.083256  firm =   0.318619

agency cost: EZC - k L (EZC:ecfconst =   1.015854, k:agcpara = 0.24487813)
liq.cash: 10Y average (1Y) =   0.976567 ( 0.04492) : loss rate  0.0387
liq.cash: 10Y std.dev. (1Y) =   0.466849 ( 0.02148)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1604 0.04022   0.08890 0.06367  0.08231  0.07482    0.2354   0.0833   0.3186
 dbratio     ROA    ROA1 debtcf1
 0.26131 0.14099 0.12294 0.00576

debt amount =   0.0159   investment =   0.0159   debt ratio =  1.00000
RRR on investment =  0.118490      after tax =  0.065170
search range of Y std.dev.:   minimum =   0.489283   maximum =   0.636068
old shareholders wealth =    0.2354    old bondholders =     0.0826
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.064670, k:agcpara = 0.24487813)
liq.cash: 10Y average (1Y) =   1.017807 ( 0.04668) : loss rate  0.0440
liq.cash: 10Y std.dev. (1Y) =   0.489283 ( 0.02244)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1914 0.04560   0.09006 0.06408  0.08239  0.07388    0.2354   0.0985   0.3339
 dbratio     ROA    ROA1 debtcf1
 0.29511 0.13979 0.12295 0.00691

TOSYOU CODE: 4512    548
debtcashflow initial values:   0.000010   0.947445
stddev initial values:   0.000010   0.947445
ecfconst solution invest:   0.905519   1.267727
debt cf solution invest: 0.03923025 0.05781300
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.23982
data: equity =   0.293389  debt =   0.022426  firm =   0.315815

agency cost: EZC - k L (EZC:ecfconst =   0.905519, k:agcpara = 0.29005505)
liq.cash: 10Y average (1Y) =   0.893541 ( 0.04132) : loss rate  0.0132
liq.cash: 10Y std.dev. (1Y) =   0.421276 ( 0.01948)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0413 0.02154   0.07344 0.06064  0.07253  0.07059    0.2934   0.0224   0.3158
 dbratio     ROA    ROA1 debtcf1
 0.07101 0.13083 0.11108 0.00143

debt amount =   0.0158   investment =   0.0158   debt ratio =  1.00000
RRR on investment =  0.110396      after tax =  0.060718
search range of Y std.dev.:   minimum =   0.442210   maximum =   0.574873
old shareholders wealth =    0.2934    old bondholders =     0.0223
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.950516, k:agcpara = 0.29005505)
liq.cash: 10Y average (1Y) =   0.930040 ( 0.04280) : loss rate  0.0215
liq.cash: 10Y std.dev. (1Y) =   0.442210 ( 0.02035)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0706 0.02598   0.07410 0.06096  0.07259  0.06944    0.2934   0.0380   0.3314
 dbratio     ROA    ROA1 debtcf1
 0.11480 0.12913 0.11111 0.00246

TOSYOU CODE: 6513    549
debtcashflow initial values:   0.000010   0.945423
stddev initial values:   0.000010   0.945423
ecfconst solution invest:   0.983034   1.376248
debt cf solution invest: 0.09408515 0.13865180
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.32845
data: equity =   0.263594  debt =   0.051547  firm =   0.315141

agency cost: EZC - k L (EZC:ecfconst =   0.983034, k:agcpara = 0.25661707)
liq.cash: 10Y average (1Y) =   0.957619 ( 0.04435) : loss rate  0.0259
liq.cash: 10Y std.dev. (1Y) =   0.491374 ( 0.02276)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0990 0.04029   0.08330 0.06310  0.08000  0.07535    0.2636   0.0515   0.3151
 dbratio     ROA    ROA1 debtcf1
 0.16357 0.14073 0.12049 0.00355

debt amount =   0.0158   investment =   0.0158   debt ratio =  1.00000
RRR on investment =  0.117126      after tax =  0.064420
search range of Y std.dev.:   minimum =   0.515216   maximum =   0.669781
old shareholders wealth =    0.2636    old bondholders =     0.0510
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.030732, k:agcpara = 0.25661707)
liq.cash: 10Y average (1Y) =   0.997472 ( 0.04603) : loss rate  0.0323
liq.cash: 10Y std.dev. (1Y) =   0.515216 ( 0.02378)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1296 0.04605   0.08427 0.06357  0.08008  0.07430    0.2636   0.0668   0.3304
 dbratio     ROA    ROA1 debtcf1
 0.20219 0.13932 0.12050 0.00469

TOSYOU CODE: 5721    550
debtcashflow initial values:   0.000010   0.939899
stddev initial values:   0.000010   0.939899
ecfconst solution invest:   0.963494   1.348892
debt cf solution invest: 0.04916345 0.07245140
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.35072
data: equity =   0.285271  debt =   0.028029  firm =   0.313300

agency cost: EZC - k L (EZC:ecfconst =   0.963494, k:agcpara = 0.29274991)
liq.cash: 10Y average (1Y) =   0.948344 ( 0.04411) : loss rate  0.0157
liq.cash: 10Y std.dev. (1Y) =   0.416767 ( 0.01939)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0518 0.01573   0.08036 0.06155  0.07867  0.07620    0.2853   0.0280   0.3133
 dbratio     ROA    ROA1 debtcf1
 0.08947 0.14080 0.11889 0.00179

debt amount =   0.0157   investment =   0.0157   debt ratio =  1.00000
RRR on investment =  0.118002      after tax =  0.064901
search range of Y std.dev.:   minimum =   0.437440   maximum =   0.568672
old shareholders wealth =    0.2853    old bondholders =     0.0278
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.011286, k:agcpara = 0.29274991)
liq.cash: 10Y average (1Y) =   0.987610 ( 0.04576) : loss rate  0.0234
liq.cash: 10Y std.dev. (1Y) =   0.437440 ( 0.02027)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0809 0.01909   0.08128 0.06192  0.07872  0.07503    0.2853   0.0435   0.3288
 dbratio     ROA    ROA1 debtcf1
 0.13232 0.13917 0.11892 0.00281

TOSYOU CODE: 4271    551
debtcashflow initial values:   0.000010   0.936267
stddev initial values:   0.000010   0.936267
ecfconst solution invest:   0.962805   1.347927
debt cf solution invest: 0.13887005 0.20465060
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.33065
data: equity =   0.236600  debt =   0.075489  firm =   0.312089

agency cost: EZC - k L (EZC:ecfconst =   0.962805, k:agcpara = 0.24474868)
liq.cash: 10Y average (1Y) =   0.927028 ( 0.04257) : loss rate  0.0372
liq.cash: 10Y std.dev. (1Y) =   0.463777 ( 0.02130)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1462 0.04612   0.08448 0.06349  0.07941  0.07249    0.2366   0.0755   0.3121
 dbratio     ROA    ROA1 debtcf1
 0.24188 0.13640 0.11925 0.00528

debt amount =   0.0156   investment =   0.0156   debt ratio =  1.00000
RRR on investment =  0.114858      after tax =  0.063172
search range of Y std.dev.:   minimum =   0.486072   maximum =   0.631894
old shareholders wealth =    0.2366    old bondholders =     0.0749
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.009091, k:agcpara = 0.24474868)
liq.cash: 10Y average (1Y) =   0.965855 ( 0.04420) : loss rate  0.0428
liq.cash: 10Y std.dev. (1Y) =   0.486072 ( 0.02224)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1767 0.05223   0.08547 0.06389  0.07950  0.07155    0.2366   0.0905   0.3271
 dbratio     ROA    ROA1 debtcf1
 0.27658 0.13515 0.11926 0.00642

TOSYOU CODE: 6590    552
debtcashflow initial values:   0.000010   0.933668
stddev initial values:   0.000010   0.933668
ecfconst solution invest:   0.983759   1.377263
debt cf solution invest: 0.21000700 0.30948400
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41822
data: equity =   0.196950  debt =   0.114273  firm =   0.311223

agency cost: EZC - k L (EZC:ecfconst =   0.983759, k:agcpara = 0.22781116)
liq.cash: 10Y average (1Y) =   0.933399 ( 0.04250) : loss rate  0.0512
liq.cash: 10Y std.dev. (1Y) =   0.421206 ( 0.01918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2211 0.04540   0.09275 0.06404  0.08221  0.07163    0.1969   0.1143   0.3112
 dbratio     ROA    ROA1 debtcf1
 0.36718 0.13656 0.12197 0.00795

debt amount =   0.0156   investment =   0.0156   debt ratio =  1.00000
RRR on investment =  0.116167      after tax =  0.063892
search range of Y std.dev.:   minimum =   0.441202   maximum =   0.573562
old shareholders wealth =    0.1969    old bondholders =     0.1135
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.030461, k:agcpara = 0.22781116)
liq.cash: 10Y average (1Y) =   0.973194 ( 0.04419) : loss rate  0.0556
liq.cash: 10Y std.dev. (1Y) =   0.441202 ( 0.02003)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2514 0.05092   0.09400 0.06443  0.08230  0.07082    0.1969   0.1290   0.3260
 dbratio     ROA    ROA1 debtcf1
 0.39580 0.13557 0.12198 0.00909

TOSYOU CODE: 7104    553
debtcashflow initial values:   0.000010   0.933275
stddev initial values:   0.000010   0.933275
ecfconst solution invest:   1.018903   1.426464
debt cf solution invest: 0.26694335 0.39339020
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.39562
data: equity =   0.165948  debt =   0.145144  firm =   0.311092

agency cost: EZC - k L (EZC:ecfconst =   1.018903, k:agcpara = 0.21891586)
liq.cash: 10Y average (1Y) =   0.957389 ( 0.04343) : loss rate  0.0604
liq.cash: 10Y std.dev. (1Y) =   0.390420 ( 0.01771)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2810 0.04159   0.10377 0.06496  0.08566  0.07203    0.1659   0.1451   0.3111
 dbratio     ROA    ROA1 debtcf1
 0.46656 0.13960 0.12596 0.01007

debt amount =   0.0156   investment =   0.0156   debt ratio =  1.00000
RRR on investment =  0.119450      after tax =  0.065698
search range of Y std.dev.:   minimum =   0.408841   maximum =   0.531493
old shareholders wealth =    0.1659    old bondholders =     0.1442
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.066977, k:agcpara = 0.21891586)
liq.cash: 10Y average (1Y) =   0.998829 ( 0.04522) : loss rate  0.0639
liq.cash: 10Y std.dev. (1Y) =   0.408841 ( 0.01851)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.3113 0.04632   0.10535 0.06534  0.08572  0.07130    0.1659   0.1598   0.3257
 dbratio     ROA    ROA1 debtcf1
 0.49056 0.13881 0.12597 0.01121

TOSYOU CODE: 5011    554
debtcashflow initial values:   0.000010   0.926007
stddev initial values:   0.000010   0.926007
ecfconst solution invest:   0.899784   1.259698
debt cf solution invest: 0.01450840 0.02138080
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10575  std.dev = 0.17104  lambda =   3.24149
riskless rate of interest = 0.05961  correlation =  0.19417
data: equity =   0.300357  debt =   0.008312  firm =   0.308669

agency cost: EZC - k L (EZC:ecfconst =   0.899784, k:agcpara = 0.30498480)
liq.cash: 10Y average (1Y) =   0.895126 ( 0.04167) : loss rate  0.0052
liq.cash: 10Y std.dev. (1Y) =   0.407487 ( 0.01897)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0153 0.01542   0.07428 0.06104  0.07392  0.07318    0.3004   0.0083   0.3087
 dbratio     ROA    ROA1 debtcf1
 0.02694 0.13498 0.11292 0.00053

debt amount =   0.0072   investment =   0.0154   debt ratio =  0.46771
RRR on investment =  0.112840      after tax =  0.062062
search range of Y std.dev.:   minimum =   0.427846   maximum =   0.556200
old shareholders wealth =    0.3004    old bondholders =     0.0083
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =   0.944740, k:agcpara = 0.30498480)
liq.cash: 10Y average (1Y) =   0.936028 ( 0.04347) : loss rate  0.0092
liq.cash: 10Y std.dev. (1Y) =   0.427846 ( 0.01987)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0286 0.01696   0.07458 0.06117  0.07394  0.07262    0.3086   0.0155   0.3241
 dbratio     ROA    ROA1 debtcf1
 0.04786 0.13414 0.11292 0.00099

TOSYOU CODE: 6362    555
debtcashflow initial values:   0.000010   0.911353
stddev initial values:   0.000010   0.911353
ecfconst solution invest:   0.942605   1.319647
debt cf solution invest: 0.05673495 0.08360940
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10441  std.dev = 0.17167  lambda =   3.11399
riskless rate of interest = 0.05947  correlation =  0.28748
data: equity =   0.271464  debt =   0.032320  firm =   0.303784

agency cost: EZC - k L (EZC:ecfconst =   0.942605, k:agcpara = 0.28833614)
liq.cash: 10Y average (1Y) =   0.925385 ( 0.04301) : loss rate  0.0183
liq.cash: 10Y std.dev. (1Y) =   0.404342 ( 0.01879)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0597 0.01614   0.08162 0.06160  0.07949  0.07654    0.2715   0.0323   0.3038
 dbratio     ROA    ROA1 debtcf1
 0.10638 0.14159 0.11989 0.00206

debt amount =   0.0152   investment =   0.0152   debt ratio =  1.00000
RRR on investment =  0.118715      after tax =  0.065293
search range of Y std.dev.:   minimum =   0.424347   maximum =   0.551652
old shareholders wealth =    0.2715    old bondholders =     0.0321
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.989242, k:agcpara = 0.28833614)
liq.cash: 10Y average (1Y) =   0.963871 ( 0.04463) : loss rate  0.0256
liq.cash: 10Y std.dev. (1Y) =   0.424347 ( 0.01965)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0880 0.01951   0.08259 0.06199  0.07954  0.07540    0.2715   0.0473   0.3187
 dbratio     ROA    ROA1 debtcf1
 0.14833 0.14002 0.11992 0.00306

TOSYOU CODE: 5262    556
debtcashflow initial values:   0.000010   0.891316
stddev initial values:   0.000010   0.891316
ecfconst solution invest:   0.942081   1.318913
debt cf solution invest: 0.19571140 0.28841680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10885  std.dev = 0.16917  lambda =   3.55930
riskless rate of interest = 0.06004  correlation =  0.27139
data: equity =   0.192122  debt =   0.104983  firm =   0.297105

agency cost: EZC - k L (EZC:ecfconst =   0.942081, k:agcpara = 0.23345600)
liq.cash: 10Y average (1Y) =   0.893986 ( 0.04073) : loss rate  0.0511
liq.cash: 10Y std.dev. (1Y) =   0.413990 ( 0.01886)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2060 0.04828   0.09186 0.06522  0.08245  0.07208    0.1921   0.1050   0.2971
 dbratio     ROA    ROA1 debtcf1
 0.35336 0.13707 0.12232 0.00748

debt amount =   0.0149   investment =   0.0149   debt ratio =  1.00000
RRR on investment =  0.116547      after tax =  0.064101
search range of Y std.dev.:   minimum =   0.433649   maximum =   0.563743
old shareholders wealth =    0.1921    old bondholders =     0.1042
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.986816, k:agcpara = 0.23345600)
liq.cash: 10Y average (1Y) =   0.931866 ( 0.04233) : loss rate  0.0557
liq.cash: 10Y std.dev. (1Y) =   0.433649 ( 0.01970)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2354 0.05412   0.09304 0.06561  0.08254  0.07125    0.1921   0.1191   0.3112
 dbratio     ROA    ROA1 debtcf1
 0.38262 0.13603 0.12233 0.00859

TOSYOU CODE: 6313    557
debtcashflow initial values:   0.000010   0.890058
stddev initial values:   0.000010   0.890058
ecfconst solution invest:   1.083151   1.516411
debt cf solution invest: 0.11203445 0.16510340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.10752  std.dev = 0.16913  lambda =   3.40468
riskless rate of interest = 0.06070  correlation =  0.40891
data: equity =   0.235231  debt =   0.061455  firm =   0.296686

agency cost: EZC - k L (EZC:ecfconst =   1.083151, k:agcpara = 0.27347109)
liq.cash: 10Y average (1Y) =   1.050900 ( 0.04877) : loss rate  0.0298
liq.cash: 10Y std.dev. (1Y) =   0.464057 ( 0.02154)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1179 0.02219   0.10119 0.06500  0.09369  0.08763    0.2352   0.0615   0.2967
 dbratio     ROA    ROA1 debtcf1
 0.20714 0.16440 0.13825 0.00419

debt amount =   0.0148   investment =   0.0148   debt ratio =  1.00000
RRR on investment =  0.135141      after tax =  0.074328
search range of Y std.dev.:   minimum =   0.486633   maximum =   0.632623
old shareholders wealth =    0.2352    old bondholders =     0.0610
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   1.135846, k:agcpara = 0.27347109)
liq.cash: 10Y average (1Y) =   1.095755 ( 0.05075) : loss rate  0.0353
liq.cash: 10Y std.dev. (1Y) =   0.486633 ( 0.02254)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1466 0.02556   0.10277 0.06546  0.09367  0.08649    0.2352   0.0759   0.3111
 dbratio     ROA    ROA1 debtcf1
 0.24385 0.16313 0.13826 0.00523

TOSYOU CODE: 5913    558
debtcashflow initial values:   0.000010   0.883682
stddev initial values:   0.000010   0.883682
ecfconst solution invest:   0.936851   1.311591
debt cf solution invest: 0.14840235 0.21869820
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39146
data: equity =   0.213559  debt =   0.081002  firm =   0.294561

agency cost: EZC - k L (EZC:ecfconst =   0.936851, k:agcpara = 0.24267573)
liq.cash: 10Y average (1Y) =   0.898942 ( 0.04129) : loss rate  0.0405
liq.cash: 10Y std.dev. (1Y) =   0.427364 ( 0.01963)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1562 0.04111   0.08917 0.06371  0.08217  0.07429    0.2136   0.0810   0.2946
 dbratio     ROA    ROA1 debtcf1
 0.27499 0.14018 0.12266 0.00561

debt amount =   0.0147   investment =   0.0147   debt ratio =  1.00000
RRR on investment =  0.118032      after tax =  0.064918
search range of Y std.dev.:   minimum =   0.447867   maximum =   0.582227
old shareholders wealth =    0.2136    old bondholders =     0.0804
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.981797, k:agcpara = 0.24267573)
liq.cash: 10Y average (1Y) =   0.936941 ( 0.04291) : loss rate  0.0457
liq.cash: 10Y std.dev. (1Y) =   0.447867 ( 0.02051)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1848 0.04655   0.09033 0.06412  0.08226  0.07337    0.2136   0.0951   0.3087
 dbratio     ROA    ROA1 debtcf1
 0.30811 0.13901 0.12267 0.00668

TOSYOU CODE: 3513    559
debtcashflow initial values:   0.000010   0.879354
stddev initial values:   0.000010   0.879354
ecfconst solution invest:   0.947622   1.326671
debt cf solution invest: 0.13771960 0.20295520
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.41253
data: equity =   0.217689  debt =   0.075429  firm =   0.293118

agency cost: EZC - k L (EZC:ecfconst =   0.947622, k:agcpara = 0.24687663)
liq.cash: 10Y average (1Y) =   0.911833 ( 0.04201) : loss rate  0.0378
liq.cash: 10Y std.dev. (1Y) =   0.430763 ( 0.01985)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1450 0.03752   0.09033 0.06366  0.08346  0.07609    0.2177   0.0754   0.2931
 dbratio     ROA    ROA1 debtcf1
 0.25733 0.14333 0.12450 0.00519

debt amount =   0.0147   investment =   0.0147   debt ratio =  1.00000
RRR on investment =  0.120189      after tax =  0.066104
search range of Y std.dev.:   minimum =   0.451490   maximum =   0.586936
old shareholders wealth =    0.2177    old bondholders =     0.0748
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.993218, k:agcpara = 0.24687663)
liq.cash: 10Y average (1Y) =   0.950421 ( 0.04366) : loss rate  0.0431
liq.cash: 10Y std.dev. (1Y) =   0.451490 ( 0.02074)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1734 0.04261   0.09154 0.06408  0.08354  0.07514    0.2177   0.0895   0.3072
 dbratio     ROA    ROA1 debtcf1
 0.29136 0.14213 0.12451 0.00624

TOSYOU CODE: 4210    560
debtcashflow initial values:   0.000010   0.843162
stddev initial values:   0.000010   0.843162
ecfconst solution invest:   0.871973   1.220762
debt cf solution invest: 0.20889740 0.30784880
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.40296
data: equity =   0.167774  debt =   0.113280  firm =   0.281054

agency cost: EZC - k L (EZC:ecfconst =   0.871973, k:agcpara = 0.21951091)
liq.cash: 10Y average (1Y) =   0.823704 ( 0.03729) : loss rate  0.0554
liq.cash: 10Y std.dev. (1Y) =   0.368323 ( 0.01667)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2199 0.05057   0.09234 0.06412  0.08097  0.06934    0.1678   0.1133   0.2811
 dbratio     ROA    ROA1 debtcf1
 0.40305 0.13267 0.11988 0.00793

debt amount =   0.0141   investment =   0.0141   debt ratio =  1.00000
RRR on investment =  0.113512      after tax =  0.062431
search range of Y std.dev.:   minimum =   0.385718   maximum =   0.501434
old shareholders wealth =    0.1678    old bondholders =     0.1125
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.913155, k:agcpara = 0.21951091)
liq.cash: 10Y average (1Y) =   0.858856 ( 0.03877) : loss rate  0.0595
liq.cash: 10Y std.dev. (1Y) =   0.385718 ( 0.01741)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.2474 0.05645   0.09355 0.06450  0.08106  0.06859    0.1678   0.1265   0.2943
 dbratio     ROA    ROA1 debtcf1
 0.42992 0.13175 0.11989 0.00898

TOSYOU CODE: 6242    561
debtcashflow initial values:   0.000010   0.836535
stddev initial values:   0.000010   0.836535
ecfconst solution invest:   0.898384   1.257738
debt cf solution invest: 0.11987575 0.17665900
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09589  std.dev = 0.17367  lambda =   2.41015
riskless rate of interest = 0.05885  correlation =  0.39959
data: equity =   0.213166  debt =   0.065679  firm =   0.278845

agency cost: EZC - k L (EZC:ecfconst =   0.898384, k:agcpara = 0.24954433)
liq.cash: 10Y average (1Y) =   0.866895 ( 0.04000) : loss rate  0.0351
liq.cash: 10Y std.dev. (1Y) =   0.415651 ( 0.01918)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1262 0.03737   0.08909 0.06356  0.08307  0.07634    0.2132   0.0657   0.2788
 dbratio     ROA    ROA1 debtcf1
 0.23555 0.14346 0.12411 0.00451

debt amount =   0.0139   investment =   0.0139   debt ratio =  1.00000
RRR on investment =  0.120048      after tax =  0.066027
search range of Y std.dev.:   minimum =   0.435694   maximum =   0.566403
old shareholders wealth =    0.2132    old bondholders =     0.0652
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.941705, k:agcpara = 0.24954433)
liq.cash: 10Y average (1Y) =   0.903479 ( 0.04156) : loss rate  0.0406
liq.cash: 10Y std.dev. (1Y) =   0.435694 ( 0.02004)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1532 0.04253   0.09026 0.06399  0.08315  0.07536    0.2132   0.0791   0.2923
 dbratio     ROA    ROA1 debtcf1
 0.27064 0.14221 0.12412 0.00552

TOSYOU CODE: 6921    562
debtcashflow initial values:   0.000010   0.828704
stddev initial values:   0.000010   0.828704
ecfconst solution invest:   0.920549   1.288769
debt cf solution invest: 0.04719315 0.06954780
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11222  std.dev = 0.16806  lambda =   3.89564
riskless rate of interest = 0.06033  correlation =  0.30990
data: equity =   0.249335  debt =   0.026900  firm =   0.276235

agency cost: EZC - k L (EZC:ecfconst =   0.920549, k:agcpara = 0.30156838)
liq.cash: 10Y average (1Y) =   0.905568 ( 0.04228) : loss rate  0.0163
liq.cash: 10Y std.dev. (1Y) =   0.368193 ( 0.01719)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0497 0.01005   0.08823 0.06219  0.08569  0.08297    0.2493   0.0269   0.2762
 dbratio     ROA    ROA1 debtcf1
 0.09738 0.15306 0.12792 0.00171

debt amount =   0.0138   investment =   0.0138   debt ratio =  1.00000
RRR on investment =  0.127086      after tax =  0.069897
search range of Y std.dev.:   minimum =   0.386468   maximum =   0.502408
old shareholders wealth =    0.2493    old bondholders =     0.0267
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.966239, k:agcpara = 0.30156838)
liq.cash: 10Y average (1Y) =   0.943521 ( 0.04391) : loss rate  0.0235
liq.cash: 10Y std.dev. (1Y) =   0.386468 ( 0.01799)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0753 0.01234   0.08946 0.06256  0.08569  0.08176    0.2493   0.0406   0.2899
 dbratio     ROA    ROA1 debtcf1
 0.13990 0.15149 0.12794 0.00261

TOSYOU CODE: 3007    563
debtcashflow initial values:   0.000010   0.798890
stddev initial values:   0.000010   0.798890
ecfconst solution invest:   0.823564   1.152990
debt cf solution invest: 0.16170140 0.23829680
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.09636  std.dev = 0.17409  lambda =   2.39409
riskless rate of interest = 0.05957  correlation =  0.34854
data: equity =   0.179413  debt =   0.086884  firm =   0.266297

agency cost: EZC - k L (EZC:ecfconst =   0.823564, k:agcpara = 0.23401712)
liq.cash: 10Y average (1Y) =   0.783731 ( 0.03569) : loss rate  0.0484
liq.cash: 10Y std.dev. (1Y) =   0.376433 ( 0.01714)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1702 0.05157   0.08770 0.06458  0.08016  0.07068    0.1794   0.0869   0.2663
 dbratio     ROA    ROA1 debtcf1
 0.32626 0.13403 0.11952 0.00619

debt amount =   0.0133   investment =   0.0133   debt ratio =  1.00000
RRR on investment =  0.113962      after tax =  0.062679
search range of Y std.dev.:   minimum =   0.394340   maximum =   0.512642
old shareholders wealth =    0.1794    old bondholders =     0.0862
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.862742, k:agcpara = 0.23401712)
liq.cash: 10Y average (1Y) =   0.816757 ( 0.03708) : loss rate  0.0533
liq.cash: 10Y std.dev. (1Y) =   0.394340 ( 0.01790)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.1965 0.05787   0.08875 0.06495  0.08026  0.06983    0.1794   0.0995   0.2789
 dbratio     ROA    ROA1 debtcf1
 0.35680 0.13293 0.11953 0.00719

TOSYOU CODE: 3553    564
debtcashflow initial values:   0.000010   0.783555
stddev initial values:   0.000010   0.783555
ecfconst solution invest:   0.798450   1.117830
debt cf solution invest: 0.03593945 0.05296340
tax rate = 0.45  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.11035  std.dev = 0.16859  lambda =   3.71006
riskless rate of interest = 0.06018  correlation =  0.21713
data: equity =   0.240810  debt =   0.020375  firm =   0.261185

agency cost: EZC - k L (EZC:ecfconst =   0.798450, k:agcpara = 0.29737926)
liq.cash: 10Y average (1Y) =   0.787200 ( 0.03664) : loss rate  0.0141
liq.cash: 10Y std.dev. (1Y) =   0.350839 ( 0.01633)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0378 0.01634   0.07948 0.06209  0.07812  0.07594    0.2408   0.0204   0.2612
 dbratio     ROA    ROA1 debtcf1
 0.07801 0.14027 0.11823 0.00131

debt amount =   0.0131   investment =   0.0131   debt ratio =  1.00000
RRR on investment =  0.117503      after tax =  0.064627
search range of Y std.dev.:   minimum =   0.368268   maximum =   0.478748
old shareholders wealth =    0.2408    old bondholders =     0.0202
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   0.838115, k:agcpara = 0.29737926)
liq.cash: 10Y average (1Y) =   0.819604 ( 0.03798) : loss rate  0.0221
liq.cash: 10Y std.dev. (1Y) =   0.368268 ( 0.01707)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  0.0622 0.01987   0.08034 0.06244  0.07817  0.07476    0.2408   0.0333   0.2741
 dbratio     ROA    ROA1 debtcf1
 0.12146 0.13858 0.11825 0.00217

