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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.118333      after tax =  0.082833
search range of Y std.dev.:   minimum =  23.376171   maximum =  30.389022
old shareholders wealth =   10.0770    old bondholders =     5.4401
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  56.119837, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.784153 ( 2.36982) : loss rate  0.0238
liq.cash: 10Y std.dev. (1Y) =  23.376171 ( 1.01119)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.8409 0.04375   0.11917 0.06746  0.09721  0.08861   10.0770   7.4401  17.5171
 dbratio     ROA    ROA1 debtcf1
 0.42473 0.13529 0.12348 0.54211

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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.112200      after tax =  0.078540
search range of Y std.dev.:   minimum =  21.598063   maximum =  28.077482
old shareholders wealth =    8.8576    old bondholders =     7.3591
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.792424, k:agcpara = 0.07200000)
liq.cash: 10Y average (1Y) =  54.450596 ( 2.34452) : loss rate  0.0241
liq.cash: 10Y std.dev. (1Y) =  21.598064 ( 0.92996)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 18.6365 0.04864   0.12132 0.06732  0.09358  0.08320    8.8576   9.3591  18.2166
 dbratio     ROA    ROA1 debtcf1
 0.51377 0.12870 0.11843 0.68001

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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.115246      after tax =  0.080673
search range of Y std.dev.:   minimum =  22.481065   maximum =  29.225384
old shareholders wealth =    9.4365    old bondholders =     6.4209
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.953038, k:agcpara = 0.08100000)
liq.cash: 10Y average (1Y) =  54.593010 ( 2.35666) : loss rate  0.0243
liq.cash: 10Y std.dev. (1Y) =  22.481065 ( 0.97046)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 16.7905 0.04633   0.12031 0.06742  0.09537  0.08583    9.4365   8.4209  17.8574
 dbratio     ROA    ROA1 debtcf1
 0.47156 0.13197 0.12099 0.61318

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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.121447      after tax =  0.085013
search range of Y std.dev.:   minimum =  24.283080   maximum =  31.568004
old shareholders wealth =   10.7873    old bondholders =     4.4086
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  56.292431, k:agcpara = 0.09900000)
liq.cash: 10Y average (1Y) =  55.027733 ( 2.38416) : loss rate  0.0225
liq.cash: 10Y std.dev. (1Y) =  24.283080 ( 1.05210)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.7747 0.04093   0.11790 0.06742  0.09909  0.09155   10.7873   6.4086  17.1960
 dbratio     ROA    ROA1 debtcf1
 0.37268 0.13865 0.12591 0.46640

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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.124548      after tax =  0.087184
search range of Y std.dev.:   minimum =  25.194410   maximum =  32.752733
old shareholders wealth =   11.5774    old bondholders =     3.3187
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  56.468589, k:agcpara = 0.10800000)
liq.cash: 10Y average (1Y) =  55.326098 ( 2.39978) : loss rate  0.0202
liq.cash: 10Y std.dev. (1Y) =  25.194411 ( 1.09281)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.5786 0.03786   0.11649 0.06728  0.10100  0.09465   11.5774   5.3187  16.8961
 dbratio     ROA    ROA1 debtcf1
 0.31479 0.14203 0.12824 0.38562

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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.118535      after tax =  0.082975
search range of Y std.dev.:   minimum =  19.216282   maximum =  24.981167
old shareholders wealth =    8.0616    old bondholders =     4.3333
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  46.130926, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  44.989083 ( 1.94562) : loss rate  0.0248
liq.cash: 10Y std.dev. (1Y) =  19.216283 ( 0.83104)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.6871 0.04638   0.12034 0.06774  0.09719  0.08825    8.0616   6.3333  14.3949
 dbratio     ROA    ROA1 debtcf1
 0.43997 0.13516 0.12351 0.46481

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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.118412      after tax =  0.082888
search range of Y std.dev.:   minimum =  21.291542   maximum =  27.679004
old shareholders wealth =    9.0693    old bondholders =     4.8881
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  51.124190, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.885313 ( 2.15765) : loss rate  0.0242
liq.cash: 10Y std.dev. (1Y) =  21.291542 ( 0.92091)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.7653 0.04490   0.11968 0.06758  0.09719  0.08844    9.0693   6.8881  15.9574
 dbratio     ROA    ROA1 debtcf1
 0.43166 0.13521 0.12348 0.50347

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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.118262      after tax =  0.082783
search range of Y std.dev.:   minimum =  25.458939   maximum =  33.096620
old shareholders wealth =   11.0847    old bondholders =     5.9928
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  61.115979, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  59.683275 ( 2.58200) : loss rate  0.0234
liq.cash: 10Y std.dev. (1Y) =  25.458939 ( 1.10140)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.9189 0.04281   0.11875 0.06736  0.09722  0.08875   11.0847   7.9928  19.0776
 dbratio     ROA    ROA1 debtcf1
 0.41897 0.13534 0.12347 0.58086

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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.118190      after tax =  0.082733
search range of Y std.dev.:   minimum =  27.535499   maximum =  35.796148
old shareholders wealth =   12.0924    old bondholders =     6.5479
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  66.112035, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  64.581916 ( 2.79415) : loss rate  0.0231
liq.cash: 10Y std.dev. (1Y) =  27.535499 ( 1.19133)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 17.0013 0.04200   0.11839 0.06727  0.09722  0.08886   12.0924   8.5479  20.6403
 dbratio     ROA    ROA1 debtcf1
 0.41414 0.13537 0.12346 0.61977

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 =   1.0000   investment =   1.0000   debt ratio =  1.00000
RRR on investment =  0.117913      after tax =  0.082539
search range of Y std.dev.:   minimum =  22.096813   maximum =  28.725857
old shareholders wealth =   10.0770    old bondholders =     5.4879
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  53.048446, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  51.893851 ( 2.24609) : loss rate  0.0218
liq.cash: 10Y std.dev. (1Y) =  22.096813 ( 0.95640)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.8288 0.03854   0.11680 0.06689  0.09725  0.08939   10.0770   6.4879  16.5649
 dbratio     ROA    ROA1 debtcf1
 0.39166 0.13559 0.12344 0.46573

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 =   3.0000   investment =   3.0000   debt ratio =  1.00000
RRR on investment =  0.118726      after tax =  0.083108
search range of Y std.dev.:   minimum =  24.664230   maximum =  32.063500
old shareholders wealth =   10.0770    old bondholders =     5.3945
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  59.212118, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  57.692363 ( 2.49441) : loss rate  0.0257
liq.cash: 10Y std.dev. (1Y) =  24.664231 ( 1.06639)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 16.8862 0.04902   0.12148 0.06801  0.09718  0.08791   10.0770   8.3945  18.4716
 dbratio     ROA    ROA1 debtcf1
 0.45446 0.13504 0.12355 0.62041

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 =   5.0000   investment =   5.0000   debt ratio =  1.00000
RRR on investment =  0.119450      after tax =  0.083615
search range of Y std.dev.:   minimum =  27.263849   maximum =  35.443003
old shareholders wealth =   10.0770    old bondholders =     5.3095
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  65.453095, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  63.556756 ( 2.74592) : loss rate  0.0290
liq.cash: 10Y std.dev. (1Y) =  27.263849 ( 1.17791)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 21.0704 0.05958   0.12592 0.06904  0.09715  0.08668   10.0770  10.3095  20.3865
 dbratio     ROA    ROA1 debtcf1
 0.50570 0.13469 0.12372 0.78240

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.090883      after tax =  0.063618
search range of Y std.dev.:   minimum =  12.736144   maximum =  16.556987
old shareholders wealth =    4.1722    old bondholders =    15.7101
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  54.773213, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  51.776262 ( 2.09996) : loss rate  0.0547
liq.cash: 10Y std.dev. (1Y) =  12.736145 ( 0.51656)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 33.2995 0.07343   0.13150 0.06331  0.07632  0.06094    4.1722  17.7101  21.8823
 dbratio     ROA    ROA1 debtcf1
 0.80933 0.09597 0.09609 1.16445

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.103426      after tax =  0.072398
search range of Y std.dev.:   minimum =  18.039848   maximum =  23.451803
old shareholders wealth =    6.8205    old bondholders =    10.7538
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.351349, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  53.133776 ( 2.25114) : loss rate  0.0401
liq.cash: 10Y std.dev. (1Y) =  18.039849 ( 0.76430)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 24.6397 0.05711   0.12490 0.06524  0.08603  0.07327    6.8205  12.7538  19.5744
 dbratio     ROA    ROA1 debtcf1
 0.65156 0.11500 0.10954 0.87982

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.111776      after tax =  0.078243
search range of Y std.dev.:   minimum =  21.065186   maximum =  27.384742
old shareholders wealth =    8.6657    old bondholders =     7.6899
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.770379, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.054996 ( 2.32392) : loss rate  0.0308
liq.cash: 10Y std.dev. (1Y) =  21.065187 ( 0.90563)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 19.0598 0.04833   0.12118 0.06650  0.09231  0.08178    8.6657   9.6899  18.3556
 dbratio     ROA    ROA1 debtcf1
 0.52790 0.12661 0.11754 0.68947

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.122723      after tax =  0.085906
search range of Y std.dev.:   minimum =  24.976988   maximum =  32.470084
old shareholders wealth =   11.2284    old bondholders =     3.7637
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  56.364397, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.324876 ( 2.39863) : loss rate  0.0184
liq.cash: 10Y std.dev. (1Y) =  24.976988 ( 1.08289)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.5502 0.03984   0.11740 0.06778  0.10057  0.09367   11.2284   5.7637  16.9920
 dbratio     ROA    ROA1 debtcf1
 0.33920 0.14116 0.12739 0.42323

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.112403      after tax =  0.084302
search range of Y std.dev.:   minimum =  21.032328   maximum =  27.342027
old shareholders wealth =   13.2684    old bondholders =     3.5654
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.802968, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.858419 ( 2.32656) : loss rate  0.0169
liq.cash: 10Y std.dev. (1Y) =  21.032329 ( 0.89199)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.4950 0.01746   0.10667 0.06370  0.09397  0.08927   13.2684   5.5654  18.8338
 dbratio     ROA    ROA1 debtcf1
 0.29550 0.12353 0.11474 0.36755

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.109866      after tax =  0.071413
search range of Y std.dev.:   minimum =  19.648764   maximum =  25.543393
old shareholders wealth =    7.4766    old bondholders =     8.9605
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.672012, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  53.720968 ( 2.33364) : loss rate  0.0350
liq.cash: 10Y std.dev. (1Y) =  19.648765 ( 0.85354)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 21.6783 0.05147   0.12144 0.06685  0.08899  0.07508    7.4766  10.9605  18.4371
 dbratio     ROA    ROA1 debtcf1
 0.59448 0.12657 0.11685 0.78734

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.103475      after tax =  0.062085
search range of Y std.dev.:   minimum =  16.698764   maximum =  21.708393
old shareholders wealth =    5.7054    old bondholders =    11.5806
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.353726, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  52.959555 ( 2.29277) : loss rate  0.0433
liq.cash: 10Y std.dev. (1Y) =  16.698765 ( 0.72294)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 26.6019 0.05723   0.12274 0.06615  0.08289  0.06426    5.7054  13.5806  19.2860
 dbratio     ROA    ROA1 debtcf1
 0.70417 0.11888 0.11120 0.95973

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.102032      after tax =  0.071422
search range of Y std.dev.:   minimum =  31.709168   maximum =  41.221919
old shareholders wealth =   14.4196    old bondholders =     3.5720
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.284110, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.225404 ( 2.31423) : loss rate  0.0192
liq.cash: 10Y std.dev. (1Y) =  31.709169 ( 1.35328)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.7634 0.09027   0.09082 0.06778  0.08440  0.07873   14.4196   5.5720  19.9916
 dbratio     ROA    ROA1 debtcf1
 0.27872 0.11576 0.10707 0.45283

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.123929      after tax =  0.086750
search range of Y std.dev.:   minimum =  17.571912   maximum =  22.843486
old shareholders wealth =    6.5753    old bondholders =     8.2744
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  56.433069, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.673565 ( 2.39521) : loss rate  0.0312
liq.cash: 10Y std.dev. (1Y) =  17.571913 ( 0.76981)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 19.5500 0.02281   0.14997 0.06487  0.09808  0.08621    6.5753  10.2744  16.8498
 dbratio     ROA    ROA1 debtcf1
 0.60977 0.14215 0.12848 0.68778

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: 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 = 128.103958   maximum = 166.535145
old shareholders wealth =   43.5976    old bondholders =    12.6544
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =  42.701342, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  39.704525 (-1.67987) : loss rate  0.0702
liq.cash: 10Y std.dev. (1Y) = 166.535145 (-7.04597)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 33.2980 0.48466   0.01909 0.03164  0.02182  0.01975   45.5976  12.6544  58.2520
 dbratio     ROA    ROA1 debtcf1
 0.21723-0.02884-0.03058 1.78718

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.102032      after tax =  0.071422
search range of Y std.dev.:   minimum =  31.709168   maximum =  41.221919
old shareholders wealth =   14.4196    old bondholders =     3.5720
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  55.284110, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.225404 ( 2.31423) : loss rate  0.0192
liq.cash: 10Y std.dev. (1Y) =  31.709169 ( 1.35328)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.7634 0.09027   0.09082 0.06778  0.08440  0.07873   14.4196   5.5720  19.9916
 dbratio     ROA    ROA1 debtcf1
 0.27872 0.11576 0.10707 0.45283

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: 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 =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.120436      after tax =  0.084305
search range of Y std.dev.:   minimum =  12.693806   maximum =  16.501948
old shareholders wealth =    3.9719    old bondholders =    11.6012
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  56.235896, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  53.980716 ( 2.39790) : loss rate  0.0401
liq.cash: 10Y std.dev. (1Y) =  12.693807 ( 0.56388)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 25.0576 0.01135   0.18371 0.06246  0.08987  0.07536    3.9719  13.6012  17.5731
 dbratio     ROA    ROA1 debtcf1
 0.77398 0.13645 0.12335 0.85918

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: 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 =   0.0000   investment =   2.0000   debt ratio =  0.00000
RRR on investment = -999.999000      after tax = -999.999000
search range of Y std.dev.:   minimum = 128.695169   maximum = 167.303719
old shareholders wealth =   28.1607    old bondholders =    18.9208
Calculatio Status ===>   9

agency cost: EZC - k L (EZC:ecfconst =  42.898395, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  37.435718 (-0.97628) : loss rate  0.1273
liq.cash: 10Y std.dev. (1Y) = 167.303719 (-4.36307)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 60.6964 0.55529   0.03546 0.04361  0.03861  0.03356   30.1607  18.9208  49.0815
 dbratio     ROA    ROA1 debtcf1
 0.38550-0.01989-0.01337 3.42162

