TOSYOU CODE: 9999      1
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 10.30889346 15.19205351
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.023368 ( 2.12331) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  20.827013 ( 0.90207)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8515 0.03342   0.11438 0.06628  0.09732  0.09027   10.0770   5.5382  15.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.39136

debt amount =   0.7093   investment =   2.0000   debt ratio =  0.35467
RRR on investment =  0.123420      after tax =  0.086394
search range of Y std.dev.:   minimum =  23.494535   maximum =  30.542896
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.403998, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.302279 ( 2.39527) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  23.494535 ( 1.01760)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.2413 0.03342   0.11438 0.06628  0.09732  0.09027   11.3677   6.2476  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.44149

TOSYOU CODE: 9999      2
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 13.92125144 20.51552843
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.07200000)
liq.cash: 10Y average (1Y) =  48.944916 ( 2.10981) : loss rate  0.0211
liq.cash: 10Y std.dev. (1Y) =  19.355731 ( 0.83434)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.6539 0.03823   0.11666 0.06630  0.09361  0.08451    8.8576   7.4753  16.3329
 dbratio     ROA    ROA1 debtcf1
 0.45769 0.12918 0.11838 0.52872

debt amount =   0.9154   investment =   2.0000   debt ratio =  0.45768
RRR on investment =  0.118384      after tax =  0.082868
search range of Y std.dev.:   minimum =  21.725889   maximum =  28.243656
old shareholders wealth =    8.8576    old bondholders =     7.4753
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.122625, k:agcpara = 0.07200000)
liq.cash: 10Y average (1Y) =  54.938344 ( 2.36816) : loss rate  0.0211
liq.cash: 10Y std.dev. (1Y) =  21.725889 ( 0.93651)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 16.4484 0.03823   0.11666 0.06630  0.09361  0.08451    9.9422   8.3907  18.3329
 dbratio     ROA    ROA1 debtcf1
 0.45768 0.12918 0.11838 0.59346

TOSYOU CODE: 9999      3
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 12.16253580 17.92373696
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.08100000)
liq.cash: 10Y average (1Y) =  48.962984 ( 2.11615) : loss rate  0.0207
liq.cash: 10Y std.dev. (1Y) =  20.089226 ( 0.86825)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.8027 0.03593   0.11558 0.06633  0.09544  0.08730    9.4365   6.5289  15.9654
 dbratio     ROA    ROA1 debtcf1
 0.40894 0.13255 0.12093 0.46201

debt amount =   0.8179   investment =   2.0000   debt ratio =  0.40894
RRR on investment =  0.120931      after tax =  0.084652
search range of Y std.dev.:   minimum =  22.605819   maximum =  29.387565
old shareholders wealth =    9.4365    old bondholders =     6.5289
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.263538, k:agcpara = 0.08100000)
liq.cash: 10Y average (1Y) =  55.096614 ( 2.38125) : loss rate  0.0207
liq.cash: 10Y std.dev. (1Y) =  22.605819 ( 0.97701)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.4065 0.03593   0.11558 0.06633  0.09544  0.08730   10.6186   7.3468  17.9654
 dbratio     ROA    ROA1 debtcf1
 0.40894 0.13255 0.12093 0.51989

TOSYOU CODE: 9999      4
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 8.34860793 12.30321168
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09900000)
liq.cash: 10Y average (1Y) =  49.129987 ( 2.13147) : loss rate  0.0174
liq.cash: 10Y std.dev. (1Y) =  21.568690 ( 0.93574)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.7880 0.03071   0.11304 0.06613  0.09924  0.09341   10.7873   4.4954  15.2827
 dbratio     ROA    ROA1 debtcf1
 0.29415 0.13947 0.12584 0.31641

debt amount =   0.5883   investment =   2.0000   debt ratio =  0.29415
RRR on investment =  0.125841      after tax =  0.088089
search range of Y std.dev.:   minimum =  24.391323   maximum =  31.708720
old shareholders wealth =   10.7873    old bondholders =     4.4954
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.543357, k:agcpara = 0.09900000)
liq.cash: 10Y average (1Y) =  55.559488 ( 2.41041) : loss rate  0.0174
liq.cash: 10Y std.dev. (1Y) =  24.391323 ( 1.05820)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.9381 0.03071   0.11304 0.06613  0.09924  0.09341   12.1990   5.0837  17.2827
 dbratio     ROA    ROA1 debtcf1
 0.29415 0.13947 0.12584 0.35782

TOSYOU CODE: 9999      5
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 6.27067515 9.24099495
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.10800000)
liq.cash: 10Y average (1Y) =  49.287123 ( 2.14081) : loss rate  0.0143
liq.cash: 10Y std.dev. (1Y) =  22.308340 ( 0.96897)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.6007 0.02784   0.11158 0.06582  0.10121  0.09673   11.5774   3.3927  14.9700
 dbratio     ROA    ROA1 debtcf1
 0.22663 0.14301 0.12817 0.23682

debt amount =   0.4533   investment =   2.0000   debt ratio =  0.22663
RRR on investment =  0.128170      after tax =  0.089719
search range of Y std.dev.:   minimum =  25.288738   maximum =  32.875360
old shareholders wealth =   11.5774    old bondholders =     3.3927
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.680008, k:agcpara = 0.10800000)
liq.cash: 10Y average (1Y) =  55.871891 ( 2.42682) : loss rate  0.0143
liq.cash: 10Y std.dev. (1Y) =  25.288738 ( 1.09843)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.4826 0.02784   0.11158 0.06582  0.10121  0.09673   13.1241   3.8459  16.9700
 dbratio     ROA    ROA1 debtcf1
 0.22663 0.14301 0.12817 0.26846

TOSYOU CODE: 9999      6
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  40.000000  56.000000
debt cf solution invest: 8.24663420 12.15293461
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  40.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  39.218740 ( 1.69866) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  16.662386 ( 0.72169)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.6807 0.03342   0.11438 0.06628  0.09732  0.09027    8.0616   4.4303  12.4919
 dbratio     ROA    ROA1 debtcf1
 0.35465 0.13598 0.12342 0.31307

debt amount =   0.7093   investment =   2.0000   debt ratio =  0.35465
RRR on investment =  0.123423      after tax =  0.086396
search range of Y std.dev.:   minimum =  19.330099   maximum =  25.129128
old shareholders wealth =    8.0616    old bondholders =     4.4303
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  46.404156, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  45.497813 ( 1.97062) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  19.330099 ( 0.83723)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.0705 0.03342   0.11438 0.06628  0.09732  0.09027    9.3523   5.1396  14.4919
 dbratio     ROA    ROA1 debtcf1
 0.35465 0.13598 0.12342 0.36320

TOSYOU CODE: 9999      7
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  45.000000  63.000000
debt cf solution invest: 9.28004716 13.67585898
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  45.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  44.120838 ( 1.91097) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  18.741018 ( 0.81171)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  9.7685 0.03340   0.11437 0.06628  0.09731  0.09026    9.0693   4.9857  14.0550
 dbratio     ROA    ROA1 debtcf1
 0.35473 0.13596 0.12341 0.35229

debt amount =   0.7095   investment =   2.0000   debt ratio =  0.35473
RRR on investment =  0.123409      after tax =  0.086387
search range of Y std.dev.:   minimum =  21.407823   maximum =  27.830170
old shareholders wealth =    9.0693    old bondholders =     4.9857
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  51.403400, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  50.399135 ( 2.18289) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  21.407823 ( 0.92722)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.1585 0.03340   0.11437 0.06628  0.09731  0.09026   10.3599   5.6952  16.0550
 dbratio     ROA    ROA1 debtcf1
 0.35473 0.13596 0.12341 0.40242

TOSYOU CODE: 9999      8
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  55.000000  77.000000
debt cf solution invest: 11.33884912 16.70988292
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  55.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  53.925793 ( 2.33565) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  22.911220 ( 0.99234)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.9356 0.03342   0.11438 0.06628  0.09732  0.09027   11.0847   6.0914  17.1762
 dbratio     ROA    ROA1 debtcf1
 0.35465 0.13598 0.12342 0.43047

debt amount =   0.7093   investment =   2.0000   debt ratio =  0.35464
RRR on investment =  0.123424      after tax =  0.086397
search range of Y std.dev.:   minimum =  25.579011   maximum =  33.252714
old shareholders wealth =   11.0847    old bondholders =     6.0914
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  61.404221, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  60.204934 ( 2.60762) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  25.579011 ( 1.10789)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.3254 0.03342   0.11438 0.06628  0.09732  0.09027   12.3754   6.8007  19.1762
 dbratio     ROA    ROA1 debtcf1
 0.35465 0.13598 0.12342 0.48059

TOSYOU CODE: 9999      9
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  60.000000  84.000000
debt cf solution invest: 12.37226386 18.23280991
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  60.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  58.827891 ( 2.54796) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  24.989851 ( 1.08236)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.0234 0.03341   0.11437 0.06628  0.09731  0.09026   12.0924   6.6469  18.7393
 dbratio     ROA    ROA1 debtcf1
 0.35470 0.13597 0.12341 0.46969

debt amount =   0.7094   investment =   2.0000   debt ratio =  0.35470
RRR on investment =  0.123414      after tax =  0.086390
search range of Y std.dev.:   minimum =  27.656955   maximum =  35.954041
old shareholders wealth =   12.0924    old bondholders =     6.6469
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  66.403649, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  65.106443 ( 2.81990) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  27.656955 ( 1.19788)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.4134 0.03341   0.11437 0.06628  0.09731  0.09026   13.3830   7.3563  20.7393
 dbratio     ROA    ROA1 debtcf1
 0.35470 0.13597 0.12341 0.51982

TOSYOU CODE: 9999     10
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 10.30889346 15.19205351
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.023368 ( 2.12331) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  20.827013 ( 0.90207)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8515 0.03342   0.11438 0.06628  0.09732  0.09027   10.0770   5.5382  15.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.39136

debt amount =   0.3547   investment =   1.0000   debt ratio =  0.35467
RRR on investment =  0.123420      after tax =  0.086394
search range of Y std.dev.:   minimum =  22.160774   maximum =  28.809006
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  53.201999, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  52.162824 ( 2.25929) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  22.160774 ( 0.95983)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.5464 0.03342   0.11438 0.06628  0.09732  0.09027   10.7224   5.8929  16.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.41643

TOSYOU CODE: 9999     11
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 10.30889346 15.19205351
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.023368 ( 2.12331) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  20.827013 ( 0.90207)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8515 0.03342   0.11438 0.06628  0.09732  0.09027   10.0770   5.5382  15.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.39136

debt amount =   1.0640   investment =   3.0000   debt ratio =  0.35467
RRR on investment =  0.123420      after tax =  0.086394
search range of Y std.dev.:   minimum =  24.828297   maximum =  32.276786
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  59.605996, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  58.441734 ( 2.53125) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  24.828297 ( 1.07537)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.9362 0.03342   0.11438 0.06628  0.09732  0.09027   12.0130   6.6022  18.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.46655

TOSYOU CODE: 9999     12
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 10.30889346 15.19205351
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.023368 ( 2.12331) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  20.827013 ( 0.90207)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8515 0.03342   0.11438 0.06628  0.09732  0.09027   10.0770   5.5382  15.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.39136

debt amount =   1.7733   investment =   5.0000   debt ratio =  0.35467
RRR on investment =  0.123420      after tax =  0.086394
search range of Y std.dev.:   minimum =  27.495819   maximum =  35.744565
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  66.009994, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  64.720645 ( 2.80320) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  27.495819 ( 1.19091)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.3261 0.03342   0.11438 0.06628  0.09732  0.09027   13.3037   7.3116  20.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.51668

TOSYOU CODE: 9999     13
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 10.30889346 15.19205351
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.023368 ( 2.12331) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  20.827013 ( 0.90207)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8515 0.03342   0.11438 0.06628  0.09732  0.09027   10.0770   5.5382  15.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.39136

debt amount =   3.5467   investment =  10.0000   debt ratio =  0.35467
RRR on investment =  0.123420      after tax =  0.086394
search range of Y std.dev.:   minimum =  34.164626   maximum =  44.414014
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  82.019988, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  80.417919 ( 3.48308) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  34.164626 ( 1.47975)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.8008 0.03342   0.11438 0.06628  0.09732  0.09027   16.5303   9.0849  25.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.64199

TOSYOU CODE: 9999     14
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 28.06200587 41.35453496
tax rate = 0.30  bankruptcy cost (proportion = 0.100)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  47.341494 ( 1.92180) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =  11.626252 ( 0.47196)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 29.5390 0.06286   0.12726 0.06293  0.07637  0.06143    4.1722  15.8046  19.9768
 dbratio     ROA    ROA1 debtcf1
 0.79115 0.09620 0.09609 1.02774

debt amount =   1.5823   investment =   2.0000   debt ratio =  0.79115
RRR on investment =  0.096086      after tax =  0.067260
search range of Y std.dev.:   minimum =  12.790229   maximum =  16.627298
old shareholders wealth =    4.1722    old bondholders =    15.8046
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  55.005813, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  52.081147 ( 2.11421) : loss rate  0.0532
liq.cash: 10Y std.dev. (1Y) =  12.790229 ( 0.51921)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 32.4963 0.06286   0.12726 0.06293  0.07637  0.06143    4.5899  17.3869  21.9768
 dbratio     ROA    ROA1 debtcf1
 0.79115 0.09620 0.09609 1.13063

TOSYOU CODE: 9999     15
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 19.73702461 29.08614153
tax rate = 0.30  bankruptcy cost (proportion = 0.200)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.130177 ( 2.04135) : loss rate  0.0374
liq.cash: 10Y std.dev. (1Y) =  16.295762 ( 0.69116)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 20.7758 0.04661   0.12044 0.06457  0.08611  0.07421    6.8205  10.8648  17.6853
 dbratio     ROA    ROA1 debtcf1
 0.61434 0.11543 0.10952 0.73594

debt amount =   1.2286   investment =   2.0000   debt ratio =  0.61432
RRR on investment =  0.109521      after tax =  0.076665
search range of Y std.dev.:   minimum =  18.138619   maximum =  23.580204
old shareholders wealth =    6.8205    old bondholders =    10.8648
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  55.654405, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  53.573134 ( 2.27221) : loss rate  0.0374
liq.cash: 10Y std.dev. (1Y) =  18.138619 ( 0.76932)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 23.1252 0.04661   0.12043 0.06457  0.08611  0.07421    7.5919  12.0935  19.6853
 dbratio     ROA    ROA1 debtcf1
 0.61434 0.11543 0.10952 0.81917

TOSYOU CODE: 9999     16
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 14.36956131 21.17619561
tax rate = 0.30  bankruptcy cost (proportion = 0.300)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.638673 ( 2.09354) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =  18.885641 ( 0.81289)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.1259 0.03799   0.11655 0.06560  0.09242  0.08310    8.6657   7.7965  16.4622
 dbratio     ROA    ROA1 debtcf1
 0.47360 0.12717 0.11750 0.54162

debt amount =   0.9472   investment =   2.0000   debt ratio =  0.47360
RRR on investment =  0.117502      after tax =  0.082251
search range of Y std.dev.:   minimum =  21.180066   maximum =  27.534086
old shareholders wealth =    8.6657    old bondholders =     7.7965
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.074524, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.547809 ( 2.34789) : loss rate  0.0272
liq.cash: 10Y std.dev. (1Y) =  21.180066 ( 0.91165)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 16.9635 0.03799   0.11655 0.06560  0.09242  0.08310    9.7185   8.7437  18.4622
 dbratio     ROA    ROA1 debtcf1
 0.47360 0.12717 0.11750 0.60742

TOSYOU CODE: 9999     17
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 7.16516873 10.55919602
tax rate = 0.30  bankruptcy cost (proportion = 0.500)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.321195 ( 2.14131) : loss rate  0.0136
liq.cash: 10Y std.dev. (1Y) =  22.156706 ( 0.96195)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.5423 0.02967   0.11252 0.06617  0.10067  0.09559   11.2284   3.8562  15.0845
 dbratio     ROA    ROA1 debtcf1
 0.25564 0.14195 0.12731 0.27166

debt amount =   0.5113   investment =   2.0000   debt ratio =  0.25565
RRR on investment =  0.127311      after tax =  0.089118
search range of Y std.dev.:   minimum =  25.094378   maximum =  32.622691
old shareholders wealth =   11.2284    old bondholders =     3.8562
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.629306, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.860494 ( 2.42521) : loss rate  0.0136
liq.cash: 10Y std.dev. (1Y) =  25.094378 ( 1.08949)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.5424 0.02967   0.11252 0.06617  0.10067  0.09559   12.7171   4.3675  17.0845
 dbratio     ROA    ROA1 debtcf1
 0.25564 0.14195 0.12731 0.30768

TOSYOU CODE: 9999     18
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 6.38733318 9.41291206
tax rate = 0.25  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.394884 ( 2.09775) : loss rate  0.0121
liq.cash: 10Y std.dev. (1Y) =  18.845170 ( 0.80034)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  6.7235 0.01178   0.10273 0.06271  0.09416  0.09080   13.2684   3.6165  16.8849
 dbratio     ROA    ROA1 debtcf1
 0.21419 0.12424 0.11467 0.23273

debt amount =   0.4284   investment =   2.0000   debt ratio =  0.21419
RRR on investment =  0.114672      after tax =  0.086004
search range of Y std.dev.:   minimum =  21.077362   maximum =  27.400570
old shareholders wealth =   13.2684    old bondholders =     3.6165
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  55.922451, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.245660 ( 2.34623) : loss rate  0.0121
liq.cash: 10Y std.dev. (1Y) =  21.077362 ( 0.89513)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.5199 0.01178   0.10273 0.06271  0.09416  0.09080   14.8400   4.0449  18.8849
 dbratio     ROA    ROA1 debtcf1
 0.21419 0.12424 0.11467 0.26030

TOSYOU CODE: 9999     19
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 16.83644550 24.81160389
tax rate = 0.35  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.404968 ( 2.10649) : loss rate  0.0319
liq.cash: 10Y std.dev. (1Y) =  17.646896 ( 0.76796)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.7226 0.04105   0.11688 0.06592  0.08892  0.07626    7.4766   9.0892  16.5658
 dbratio     ROA    ROA1 debtcf1
 0.54867 0.12716 0.11680 0.63700

debt amount =   1.0973   investment =   2.0000   debt ratio =  0.54867
RRR on investment =  0.116801      after tax =  0.075921
search range of Y std.dev.:   minimum =  19.777418   maximum =  25.710643
old shareholders wealth =    7.4766    old bondholders =     9.0892
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.036534, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.248934 ( 2.36081) : loss rate  0.0319
liq.cash: 10Y std.dev. (1Y) =  19.777418 ( 0.86068)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 19.8622 0.04105   0.11688 0.06592  0.08892  0.07626    8.3793  10.1865  18.5658
 dbratio     ROA    ROA1 debtcf1
 0.54867 0.12716 0.11680 0.71390

TOSYOU CODE: 9999     20
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 21.55006103 31.75798468
tax rate = 0.40  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  47.958415 ( 2.08050) : loss rate  0.0408
liq.cash: 10Y std.dev. (1Y) =  15.083686 ( 0.65435)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 22.6843 0.04691   0.11836 0.06537  0.08272  0.06513    5.7054  11.7216  17.4270
 dbratio     ROA    ROA1 debtcf1
 0.67261 0.11938 0.11116 0.81097

debt amount =   1.3452   investment =   2.0000   debt ratio =  0.67261
RRR on investment =  0.111156      after tax =  0.066693
search range of Y std.dev.:   minimum =  16.814761   maximum =  21.859189
old shareholders wealth =    5.7054    old bondholders =    11.7216
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  55.738238, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  53.462351 ( 2.31927) : loss rate  0.0408
liq.cash: 10Y std.dev. (1Y) =  16.814761 ( 0.72945)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 25.2876 0.04691   0.11836 0.06537  0.08272  0.06513    6.3602  13.0668  19.4270
 dbratio     ROA    ROA1 debtcf1
 0.67261 0.11938 0.11116 0.90404

TOSYOU CODE: 9999     21
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 7.16403677 10.55752787
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   1.28298
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.321302 ( 2.11348) : loss rate  0.0136
liq.cash: 10Y std.dev. (1Y) =  28.678374 ( 1.22890)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.5411 0.07258   0.08865 0.06662  0.08418  0.08013   14.4196   3.6696  18.0892
 dbratio     ROA    ROA1 debtcf1
 0.20286 0.11684 0.10702 0.28471

debt amount =   0.4057   investment =   2.0000   debt ratio =  0.20286
RRR on investment =  0.107019      after tax =  0.074913
search range of Y std.dev.:   minimum =  31.849143   maximum =  41.403886
old shareholders wealth =   14.4196    old bondholders =     3.6696
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  55.528153, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.774416 ( 2.34715) : loss rate  0.0136
liq.cash: 10Y std.dev. (1Y) =  31.849143 ( 1.36478)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.3749 0.07258   0.08865 0.06662  0.08418  0.08013   16.0139   4.0754  20.0892
 dbratio     ROA    ROA1 debtcf1
 0.20286 0.11684 0.10702 0.31619

TOSYOU CODE: 9999     22
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 14.95725856 22.04227577
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   3.84893
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.582997 ( 2.12434) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =  15.568808 ( 0.68076)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.7445 0.01746   0.14274 0.06408  0.09871  0.08795    6.5753   8.3597  14.9350
 dbratio     ROA    ROA1 debtcf1
 0.55974 0.14224 0.12843 0.54964

debt amount =   1.1195   investment =   2.0000   debt ratio =  0.55974
RRR on investment =  0.128435      after tax =  0.089904
search range of Y std.dev.:   minimum =  17.653683   maximum =  22.949788
old shareholders wealth =    6.5753    old bondholders =     8.3597
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.695680, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.088920 ( 2.40882) : loss rate  0.0283
liq.cash: 10Y std.dev. (1Y) =  17.653683 ( 0.77193)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.8529 0.01746   0.14274 0.06408  0.09871  0.08795    7.4559   9.4791  16.9350
 dbratio     ROA    ROA1 debtcf1
 0.55974 0.14224 0.12843 0.62324

TOSYOU CODE: 9999     23
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 31.63307252 46.61715951
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =  -1.28298
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  47.003183 (-0.86919) : loss rate  0.0599
liq.cash: 10Y std.dev. (1Y) = 149.999919 (-2.77382)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 33.2980 0.46360   0.01995 0.03274  0.02290  0.02063   43.5976  13.0500  56.6476
 dbratio     ROA    ROA1 debtcf1
 0.23037-0.01534-0.01241 1.74406

debt amount =   0.0000   investment =   2.0000   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum = 155.296291   maximum = 201.885179
old shareholders wealth =   43.5976    old bondholders =    13.0500
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =  51.765458, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.779924 (-0.88913) : loss rate  0.0577
liq.cash: 10Y std.dev. (1Y) = 155.296291 (-2.83064)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 33.1726 0.45997   0.02010 0.03288  0.02294  0.02075   45.5976  13.0500  58.6476
 dbratio     ROA    ROA1 debtcf1
 0.22252-0.01516-0.01240 1.73217

TOSYOU CODE: 9999     24
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 7.16403677 10.55752787
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.20000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.321302 ( 2.11348) : loss rate  0.0136
liq.cash: 10Y std.dev. (1Y) =  28.678374 ( 1.22890)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  7.5411 0.07258   0.08865 0.06662  0.08418  0.08013   14.4196   3.6696  18.0892
 dbratio     ROA    ROA1 debtcf1
 0.20286 0.11684 0.10702 0.28471

debt amount =   0.4057   investment =   2.0000   debt ratio =  0.20286
RRR on investment =  0.107019      after tax =  0.074913
search range of Y std.dev.:   minimum =  31.849143   maximum =  41.403886
old shareholders wealth =   14.4196    old bondholders =     3.6696
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  55.528153, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.774416 ( 2.34715) : loss rate  0.0136
liq.cash: 10Y std.dev. (1Y) =  31.849143 ( 1.36478)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
  8.3749 0.07258   0.08865 0.06662  0.08418  0.08013   16.0139   4.0754  20.0892
 dbratio     ROA    ROA1 debtcf1
 0.20286 0.11684 0.10702 0.31619

TOSYOU CODE: 9999     25
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 20.30429917 29.92212509
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.80000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  48.076435 ( 2.12851) : loss rate  0.0385
liq.cash: 10Y std.dev. (1Y) =  11.286213 ( 0.49968)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 21.3729 0.00899   0.17480 0.06206  0.09071  0.07683    3.9719  11.6559  15.6278
 dbratio     ROA    ROA1 debtcf1
 0.74585 0.13620 0.12333 0.73011

debt amount =   1.4917   investment =   2.0000   debt ratio =  0.74584
RRR on investment =  0.123330      after tax =  0.086331
search range of Y std.dev.:   minimum =  12.730591   maximum =  16.549769
old shareholders wealth =    3.9719    old bondholders =    11.6559
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.398861, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.229126 ( 2.40091) : loss rate  0.0385
liq.cash: 10Y std.dev. (1Y) =  12.730591 ( 0.56363)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 24.1082 0.00899   0.17480 0.06206  0.09071  0.07683    4.4802  13.1476  17.6278
 dbratio     ROA    ROA1 debtcf1
 0.74584 0.13620 0.12333 0.82355

TOSYOU CODE: 9999     26
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 57.66159192 84.97497757
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation = -0.10000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  44.537323 (-0.26174) : loss rate  0.1093
liq.cash: 10Y std.dev. (1Y) = 149.999981 (-0.88151)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 60.6964 0.54289   0.03579 0.04413  0.03920  0.03378   28.1607  19.5074  47.6681
 dbratio     ROA    ROA1 debtcf1
 0.40923-0.00549 0.00479 3.36545

debt amount =   0.8184   investment =   2.0000   debt ratio =  0.40920
RRR on investment =  0.004787      after tax =  0.003351
search range of Y std.dev.:   minimum = 156.293493   maximum = 203.181541
old shareholders wealth =   28.1607    old bondholders =    19.5074
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  52.097838, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  46.405990 (-0.27271) : loss rate  0.1093
liq.cash: 10Y std.dev. (1Y) = 156.293493 (-0.91849)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 63.2427 0.54289   0.03579 0.04413  0.03920  0.03378   29.3424  20.3258  49.6681
 dbratio     ROA    ROA1 debtcf1
 0.40923-0.00549 0.00479 3.50664

