TOSYOU CODE: 5713      1
debtcashflow initial values:   0.000010  29.702328
stddev initial values:   0.000010  29.702328
ecfconst solution invest:  14.902094  20.862932
debt cf solution invest: 1.95529000 2.88148000
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.56059
data: equity =   8.198006  debt =   1.702770  firm =   9.900776

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

debt amount =   0.4950   investment =   0.4950   debt ratio =  1.00000
RRR on investment =  0.039715      after tax =  0.023829
search range of Y std.dev.:   minimum =   6.584843   maximum =   8.560297
old shareholders wealth =    8.1980    old bondholders =     1.6913
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  15.632869, k:agcpara = 0.04004293)
liq.cash: 10Y average (1Y) =  15.526329 ( 0.45925) : loss rate  0.0068
liq.cash: 10Y std.dev. (1Y) =   6.584843 ( 0.19477)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6606 0.02536   0.02691 0.01721  0.02487  0.02342    8.1980   2.1863  10.3843
 dbratio     ROA    ROA1 debtcf1
 0.21054 0.04423 0.04176 0.04387

TOSYOU CODE: 2502      2
debtcashflow initial values:   0.000010  34.970140
stddev initial values:   0.000010  34.970140
ecfconst solution invest:  19.684218  27.557905
debt cf solution invest: 3.58160640 5.27815680
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.05694  std.dev = 0.18722  lambda =   1.62810
riskless rate of interest = 0.01575  correlation =  0.46043
data: equity =   8.669960  debt =   2.986753  firm =  11.656713

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

debt amount =   0.5828   investment =   0.5828   debt ratio =  1.00000
RRR on investment =  0.049060      after tax =  0.029436
search range of Y std.dev.:   minimum =   9.338013   maximum =  12.139417
old shareholders wealth =    8.6700    old bondholders =     2.9602
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.625130, k:agcpara = 0.01491150)
liq.cash: 10Y average (1Y) =  20.557843 ( 0.71450) : loss rate  0.0033
liq.cash: 10Y std.dev. (1Y) =   9.338013 ( 0.32455)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.5124 0.04287   0.03974 0.02008  0.03404  0.03171    8.6700   3.5430  12.2130
 dbratio     ROA    ROA1 debtcf1
 0.29010 0.05850 0.05380 0.08850

TOSYOU CODE: 2802      3
debtcashflow initial values:   0.000010  27.731652
stddev initial values:   0.000010  27.731652
ecfconst solution invest:  13.596167  19.034634
debt cf solution invest: 2.01910055 2.97551660
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.40517
data: equity =   7.506435  debt =   1.737449  firm =   9.243884

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

debt amount =   0.4622   investment =   0.4622   debt ratio =  1.00000
RRR on investment =  0.036646      after tax =  0.021987
search range of Y std.dev.:   minimum =   6.459917   maximum =   8.397892
old shareholders wealth =    7.5064    old bondholders =     1.7235
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  14.258578, k:agcpara = 0.03361370)
liq.cash: 10Y average (1Y) =  14.167978 ( 0.40350) : loss rate  0.0064
liq.cash: 10Y std.dev. (1Y) =   6.459917 ( 0.18398)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.6953 0.03787   0.02446 0.01724  0.02283  0.02127    7.5064   2.1857   9.6921
 dbratio     ROA    ROA1 debtcf1
 0.22551 0.04163 0.03936 0.04713

TOSYOU CODE: 3402      4
debtcashflow initial values:   0.000010  39.944822
stddev initial values:   0.000010  39.944822
ecfconst solution invest:  20.732064  29.024890
debt cf solution invest: 4.52199715 6.66399580
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.61616
data: equity =   9.583824  debt =   3.731117  firm =  13.314941

agency cost: EZC - k L (EZC:ecfconst =  20.732064, k:agcpara = 0.00868413)
liq.cash: 10Y average (1Y) =  20.690728 ( 0.65068) : loss rate  0.0020
liq.cash: 10Y std.dev. (1Y) =   9.951547 ( 0.31296)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.7600 0.05471   0.03089 0.01898  0.02755  0.02542    9.5838   3.7311  13.3149
 dbratio     ROA    ROA1 debtcf1
 0.28022 0.04887 0.04527 0.09440

debt amount =   0.6657   investment =   0.6657   debt ratio =  1.00000
RRR on investment =  0.040014      after tax =  0.024008
search range of Y std.dev.:   minimum =  10.424643   maximum =  13.552036
old shareholders wealth =    9.5838    old bondholders =     3.6974
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  21.717665, k:agcpara = 0.00868413)
liq.cash: 10Y average (1Y) =  21.668885 ( 0.68092) : loss rate  0.0022
liq.cash: 10Y std.dev. (1Y) =  10.424643 ( 0.32758)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.6171 0.06181   0.03146 0.01928  0.02765  0.02523    9.5838   4.3631  13.9469
 dbratio     ROA    ROA1 debtcf1
 0.31284 0.04882 0.04528 0.11490

TOSYOU CODE: 4502      5
debtcashflow initial values:   0.000010 130.293684
stddev initial values:   0.000010 130.293684
ecfconst solution invest:  63.939671  89.515539
debt cf solution invest: 2.11892085 3.12262020
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.58320
data: equity =  41.534463  debt =   1.896765  firm =  43.431228

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

debt amount =   1.7047   investment =   2.1716   debt ratio =  0.78502
RRR on investment =  0.039356      after tax =  0.023614
search range of Y std.dev.:   minimum =  24.252742   maximum =  31.528565
old shareholders wealth =   41.5345    old bondholders =     1.8933
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  67.134262, k:agcpara = 0.06079325)
liq.cash: 10Y average (1Y) =  66.876577 ( 1.91168) : loss rate  0.0038
liq.cash: 10Y std.dev. (1Y) =  24.252742 ( 0.69327)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.2387 0.00490   0.02422 0.01602  0.02357  0.02306   42.0013   3.5980  45.5993
 dbratio     ROA    ROA1 debtcf1
 0.07891 0.04192 0.03944 0.05958

TOSYOU CODE: 5108      6
debtcashflow initial values:   0.000010  59.194348
stddev initial values:   0.000010  59.194348
ecfconst solution invest:  32.580074  45.612104
debt cf solution invest: 2.25331070 3.32066840
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.05694  std.dev = 0.18722  lambda =   1.62810
riskless rate of interest = 0.01575  correlation =  0.59264
data: equity =  17.721428  debt =   2.010021  firm =  19.731449

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

debt amount =   0.9866   investment =   0.9866   debt ratio =  1.00000
RRR on investment =  0.051017      after tax =  0.030610
search range of Y std.dev.:   minimum =  11.661474   maximum =  15.159916
old shareholders wealth =   17.7214    old bondholders =     2.0043
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  34.202730, k:agcpara = 0.05916326)
liq.cash: 10Y average (1Y) =  33.993327 ( 1.14511) : loss rate  0.0061
liq.cash: 10Y std.dev. (1Y) =  11.661474 ( 0.39283)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.5394 0.00451   0.03522 0.01652  0.03252  0.03157   17.7214   2.9909  20.7123
 dbratio     ROA    ROA1 debtcf1
 0.14440 0.05529 0.05144 0.05089

TOSYOU CODE: 5802      7
debtcashflow initial values:   0.000010  37.425296
stddev initial values:   0.000010  37.425296
ecfconst solution invest:  19.433500  27.206900
debt cf solution invest: 2.66012160 3.92017920
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.76520
data: equity =  10.154716  debt =   2.320383  firm =  12.475099

agency cost: EZC - k L (EZC:ecfconst =  19.433500, k:agcpara = 0.03833203)
liq.cash: 10Y average (1Y) =  19.326165 ( 0.60400) : loss rate  0.0055
liq.cash: 10Y std.dev. (1Y) =   7.827846 ( 0.24464)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.8001 0.01738   0.03009 0.01719  0.02769  0.02641   10.1547   2.3204  12.4751
 dbratio     ROA    ROA1 debtcf1
 0.18600 0.04842 0.04532 0.04438

debt amount =   0.6238   investment =   0.6238   debt ratio =  1.00000
RRR on investment =  0.043195      after tax =  0.025917
search range of Y std.dev.:   minimum =   8.211343   maximum =  10.674746
old shareholders wealth =   10.1547    old bondholders =     2.3053
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  20.385574, k:agcpara = 0.03833203)
liq.cash: 10Y average (1Y) =  20.249197 ( 0.63153) : loss rate  0.0067
liq.cash: 10Y std.dev. (1Y) =   8.211343 ( 0.25610)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  3.5578 0.02104   0.03072 0.01747  0.02775  0.02619   10.1547   2.9291  13.0838
 dbratio     ROA    ROA1 debtcf1
 0.22387 0.04827 0.04534 0.05808

TOSYOU CODE: 6201      8
debtcashflow initial values:   0.000010  47.963866
stddev initial values:   0.000010  47.963866
ecfconst solution invest:  25.594923  35.832892
debt cf solution invest: 5.48957785 8.08990420
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.75562
data: equity =  11.442546  debt =   4.545409  firm =  15.987955

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

debt amount =   0.7994   investment =   0.7994   debt ratio =  1.00000
RRR on investment =  0.043012      after tax =  0.025807
search range of Y std.dev.:   minimum =  12.454625   maximum =  16.191013
old shareholders wealth =   11.4425    old bondholders =     4.5056
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  26.812946, k:agcpara = 0.00927288)
liq.cash: 10Y average (1Y) =  26.749855 ( 0.87266) : loss rate  0.0024
liq.cash: 10Y std.dev. (1Y) =  12.454625 ( 0.40631)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.8037 0.05463   0.03474 0.01966  0.02996  0.02747   11.4425   5.3050  16.7476
 dbratio     ROA    ROA1 debtcf1
 0.31676 0.05211 0.04819 0.13709

TOSYOU CODE: 6503      9
debtcashflow initial values:   0.000010  75.380435
stddev initial values:   0.000010  75.380435
ecfconst solution invest:  40.372872  56.522021
debt cf solution invest: 8.13328060 11.98588720
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.75605
data: equity =  18.386487  debt =   6.740325  firm =  25.126812

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

debt amount =   1.2563   investment =   1.2563   debt ratio =  1.00000
RRR on investment =  0.043513      after tax =  0.026108
search range of Y std.dev.:   minimum =  19.882451   maximum =  25.847186
old shareholders wealth =   18.3865    old bondholders =     6.6792
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  42.296350, k:agcpara = 0.01096309)
liq.cash: 10Y average (1Y) =  42.184837 ( 1.38292) : loss rate  0.0026
liq.cash: 10Y std.dev. (1Y) =  19.882451 ( 0.65180)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.1717 0.05369   0.03465 0.01964  0.03013  0.02776   18.3865   7.9355  26.3220
 dbratio     ROA    ROA1 debtcf1
 0.30148 0.05254 0.04857 0.20457

TOSYOU CODE: 6902     10
debtcashflow initial values:   0.000010  98.786667
stddev initial values:   0.000010  98.786667
ecfconst solution invest:  49.942524  69.919534
debt cf solution invest: 3.10521940 4.57611280
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.72816
data: equity =  30.160005  debt =   2.768884  firm =  32.928889

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

debt amount =   1.6464   investment =   1.6464   debt ratio =  1.00000
RRR on investment =  0.042169      after tax =  0.025301
search range of Y std.dev.:   minimum =  19.197022   maximum =  24.956129
old shareholders wealth =   30.1600    old bondholders =     2.7599
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  52.430973, k:agcpara = 0.05764883)
liq.cash: 10Y average (1Y) =  52.130127 ( 1.56185) : loss rate  0.0057
liq.cash: 10Y std.dev. (1Y) =  19.197022 ( 0.57515)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  5.2186 0.00727   0.02721 0.01632  0.02582  0.02499   30.1600   4.4064  34.5664
 dbratio     ROA    ROA1 debtcf1
 0.12748 0.04518 0.04254 0.07543

TOSYOU CODE: 7003     11
debtcashflow initial values:   0.000010   9.538876
stddev initial values:   0.000010   9.538876
ecfconst solution invest:   4.990695   6.986973
debt cf solution invest: 1.35945190 2.00340280
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.74062
data: equity =   2.056693  debt =   1.122932  firm =   3.179625

agency cost: EZC - k L (EZC:ecfconst =   4.990695, k:agcpara = 0.00110743)
liq.cash: 10Y average (1Y) =   4.989110 ( 0.15863) : loss rate  0.0003
liq.cash: 10Y std.dev. (1Y) =   2.200036 ( 0.06995)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.4310 0.05291   0.03414 0.01936  0.02892  0.02618    2.0567   1.1229   3.1796
 dbratio     ROA    ROA1 debtcf1
 0.35316 0.04989 0.04611 0.02822

debt amount =   0.1590   investment =   0.1590   debt ratio =  1.00000
RRR on investment =  0.040366      after tax =  0.024219
search range of Y std.dev.:   minimum =   2.304142   maximum =   2.995384
old shareholders wealth =    2.0567    old bondholders =     1.1142
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =   5.226855, k:agcpara = 0.00110743)
liq.cash: 10Y average (1Y) =   5.225044 ( 0.16607) : loss rate  0.0003
liq.cash: 10Y std.dev. (1Y) =   2.304142 ( 0.07323)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  1.6352 0.05962   0.03482 0.01965  0.02902  0.02602    2.0567   1.2732   3.3298
 dbratio     ROA    ROA1 debtcf1
 0.38235 0.04987 0.04612 0.03312

TOSYOU CODE: 7203     12
debtcashflow initial values:   0.000010 517.792672
stddev initial values:   0.000010 517.792672
ecfconst solution invest: 261.208980 365.692572
debt cf solution invest: 6.93314750 10.21727000
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.76876
data: equity = 166.384141  debt =   6.213417  firm = 172.597557

agency cost: EZC - k L (EZC:ecfconst = 261.208980, k:agcpara = 0.06174326)
liq.cash: 10Y average (1Y) = 260.758375 ( 7.84092) : loss rate  0.0017
liq.cash: 10Y std.dev. (1Y) =  91.278193 ( 2.74470)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.2980 0.00274   0.02615 0.01594  0.02578  0.02555  166.3842   6.2135 172.5977
 dbratio     ROA    ROA1 debtcf1
 0.03600 0.04543 0.04231 0.10090

debt amount =   5.4719   investment =   8.6299   debt ratio =  0.63407
RRR on investment =  0.042262      after tax =  0.025357
search range of Y std.dev.:   minimum =  95.840175   maximum = 124.592227
old shareholders wealth =  166.3842    old bondholders =     6.2059
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst = 274.263911, k:agcpara = 0.06174326)
liq.cash: 10Y average (1Y) = 273.415995 ( 8.19945) : loss rate  0.0031
liq.cash: 10Y std.dev. (1Y) =  95.840175 ( 2.87414)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.7329 0.00337   0.02647 0.01600  0.02579  0.02538  169.5421  11.6778 181.2199
 dbratio     ROA    ROA1 debtcf1
 0.06444 0.04525 0.04231 0.19115

TOSYOU CODE: 5012     13
debtcashflow initial values:   0.000010  21.167953
stddev initial values:   0.000010  21.167953
ecfconst solution invest:  11.392033  15.948846
debt cf solution invest: 1.80340305 2.65764660
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.05694  std.dev = 0.18722  lambda =   1.62810
riskless rate of interest = 0.01575  correlation =  0.44911
data: equity =   5.491898  debt =   1.564086  firm =   7.055984

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

debt amount =   0.3528   investment =   0.3528   debt ratio =  1.00000
RRR on investment =  0.046278      after tax =  0.027767
search range of Y std.dev.:   minimum =   4.706603   maximum =   6.118584
old shareholders wealth =    5.4919    old bondholders =     1.5534
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  11.946656, k:agcpara = 0.03059291)
liq.cash: 10Y average (1Y) =  11.875391 ( 0.38921) : loss rate  0.0060
liq.cash: 10Y std.dev. (1Y) =   4.706603 ( 0.15426)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  2.3295 0.02127   0.03516 0.01807  0.03075  0.02889    5.4919   1.9062   7.3981
 dbratio     ROA    ROA1 debtcf1
 0.25766 0.05261 0.04909 0.03900

TOSYOU CODE: 3407     14
debtcashflow initial values:   0.000010  33.962269
stddev initial values:   0.000010  33.962269
ecfconst solution invest:  18.061424  25.285994
debt cf solution invest: 3.43159475 5.05708700
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.70469
data: equity =   8.477391  debt =   2.843365  firm =  11.320756

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

debt amount =   0.5660   investment =   0.5660   debt ratio =  1.00000
RRR on investment =  0.042842      after tax =  0.025705
search range of Y std.dev.:   minimum =   9.104131   maximum =  11.835370
old shareholders wealth =    8.4774    old bondholders =     2.8162
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  18.922476, k:agcpara = 0.01229661)
liq.cash: 10Y average (1Y) =  18.869130 ( 0.61311) : loss rate  0.0028
liq.cash: 10Y std.dev. (1Y) =   9.104131 ( 0.29582)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  4.3382 0.05524   0.03337 0.01949  0.02941  0.02719    8.4774   3.3822  11.8596
 dbratio     ROA    ROA1 debtcf1
 0.28519 0.05170 0.04783 0.08752

TOSYOU CODE: 6752     15
debtcashflow initial values:   0.000010 127.042416
stddev initial values:   0.000010 127.042416
ecfconst solution invest:  64.071666  89.700332
debt cf solution invest: 6.64798790 9.79703480
tax rate = 0.40  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.03667  std.dev = 0.18612  lambda =   0.76686
riskless rate of interest = 0.01564  correlation =  0.63560
data: equity =  36.489170  debt =   5.858302  firm =  42.347472

agency cost: EZC - k L (EZC:ecfconst =  64.071666, k:agcpara = 0.04876839)
liq.cash: 10Y average (1Y) =  63.730391 ( 1.90547) : loss rate  0.0053
liq.cash: 10Y std.dev. (1Y) =  25.421687 ( 0.76008)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.9979 0.01282   0.02676 0.01662  0.02536  0.02444   36.4892   5.8583  42.3475
 dbratio     ROA    ROA1 debtcf1
 0.13834 0.04500 0.04228 0.10569

debt amount =   2.1174   investment =   2.1174   debt ratio =  1.00000
RRR on investment =  0.041091      after tax =  0.024654
search range of Y std.dev.:   minimum =  26.678356   maximum =  34.681863
old shareholders wealth =   36.4892    old bondholders =     5.8276
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  67.238918, k:agcpara = 0.04876839)
liq.cash: 10Y average (1Y) =  66.773645 ( 1.99032) : loss rate  0.0069
liq.cash: 10Y std.dev. (1Y) =  26.678356 ( 0.79520)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.5404 0.01596   0.02727 0.01683  0.02540  0.02420   36.4892   7.9450  44.4342
 dbratio     ROA    ROA1 debtcf1
 0.17880 0.04479 0.04229 0.14783

