TOSYOU CODE: 9999      0
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 =   0.0000   investment =   2.0000   debt ratio =  0.00000
RRR on investment =  0.126305      after tax =  0.088414
search range of Y std.dev.:   minimum =  23.563841   maximum =  30.632994
old shareholders wealth =   10.0770    old bondholders =     5.5876
Calculatio Status ===>   1

agency cost: EZC - k L (EZC:ecfconst =  56.570382, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.593750 ( 2.40971) : loss rate  0.0173
liq.cash: 10Y std.dev. (1Y) =  23.563842 ( 1.02138)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8515 0.02880   0.11207 0.06569  0.09740  0.09117   12.0770   5.5876  17.6646
 dbratio     ROA    ROA1 debtcf1
 0.31632 0.13641 0.12344 0.38881

debt amount =   0.1000   investment =   2.0000   debt ratio =  0.05000
RRR on investment =  0.125894      after tax =  0.088126
search range of Y std.dev.:   minimum =  23.553873   maximum =  30.620035
old shareholders wealth =   10.0770    old bondholders =     5.5808
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.546451, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.552319 ( 2.40765) : loss rate  0.0176
liq.cash: 10Y std.dev. (1Y) =  23.553874 ( 1.02083)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.0459 0.02941   0.11238 0.06577  0.09739  0.09104   11.9770   5.6808  17.6578
 dbratio     ROA    ROA1 debtcf1
 0.32172 0.13635 0.12343 0.39613

debt amount =   0.2000   investment =   2.0000   debt ratio =  0.10000
RRR on investment =  0.125485      after tax =  0.087839
search range of Y std.dev.:   minimum =  23.543972   maximum =  30.607163
old shareholders wealth =   10.0770    old bondholders =     5.5739
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.522681, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.511006 ( 2.40560) : loss rate  0.0179
liq.cash: 10Y std.dev. (1Y) =  23.543972 ( 1.02029)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.2408 0.03003   0.11270 0.06586  0.09738  0.09091   11.8770   5.7739  17.6510
 dbratio     ROA    ROA1 debtcf1
 0.32712 0.13629 0.12343 0.40349

debt amount =   0.3000   investment =   2.0000   debt ratio =  0.15000
RRR on investment =  0.125077      after tax =  0.087554
search range of Y std.dev.:   minimum =  23.534136   maximum =  30.594377
old shareholders wealth =   10.0770    old bondholders =     5.5670
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.499068, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.469807 ( 2.40356) : loss rate  0.0182
liq.cash: 10Y std.dev. (1Y) =  23.534137 ( 1.01976)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.4362 0.03067   0.11302 0.06594  0.09736  0.09079   11.7770   5.8670  17.6441
 dbratio     ROA    ROA1 debtcf1
 0.33252 0.13622 0.12343 0.41088

debt amount =   0.4000   investment =   2.0000   debt ratio =  0.20000
RRR on investment =  0.124670      after tax =  0.087269
search range of Y std.dev.:   minimum =  23.524365   maximum =  30.581674
old shareholders wealth =   10.0770    old bondholders =     5.5601
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.475610, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.428718 ( 2.40152) : loss rate  0.0185
liq.cash: 10Y std.dev. (1Y) =  23.524365 ( 1.01923)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.6321 0.03132   0.11334 0.06602  0.09735  0.09066   11.6770   5.9601  17.6371
 dbratio     ROA    ROA1 debtcf1
 0.33793 0.13616 0.12342 0.41831

debt amount =   0.5000   investment =   2.0000   debt ratio =  0.25000
RRR on investment =  0.124264      after tax =  0.086985
search range of Y std.dev.:   minimum =  23.514657   maximum =  30.569054
old shareholders wealth =   10.0770    old bondholders =     5.5531
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.452304, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.387735 ( 2.39950) : loss rate  0.0189
liq.cash: 10Y std.dev. (1Y) =  23.514657 ( 1.01870)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.8285 0.03198   0.11367 0.06611  0.09734  0.09053   11.5770   6.0531  17.6301
 dbratio     ROA    ROA1 debtcf1
 0.34334 0.13610 0.12342 0.42577

debt amount =   0.6000   investment =   2.0000   debt ratio =  0.30000
RRR on investment =  0.123860      after tax =  0.086702
search range of Y std.dev.:   minimum =  23.505011   maximum =  30.556515
old shareholders wealth =   10.0770    old bondholders =     5.5460
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.429147, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.346857 ( 2.39747) : loss rate  0.0192
liq.cash: 10Y std.dev. (1Y) =  23.505012 ( 1.01817)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.0254 0.03266   0.11401 0.06619  0.09733  0.09041   11.4770   6.1460  17.6230
 dbratio     ROA    ROA1 debtcf1
 0.34875 0.13604 0.12342 0.43326

debt amount =   0.7000   investment =   2.0000   debt ratio =  0.35000
RRR on investment =  0.123457      after tax =  0.086420
search range of Y std.dev.:   minimum =  23.495427   maximum =  30.544055
old shareholders wealth =   10.0770    old bondholders =     5.5389
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.406139, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.306081 ( 2.39546) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  23.495428 ( 1.01765)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.2229 0.03335   0.11434 0.06628  0.09732  0.09028   11.3770   6.2389  17.6159
 dbratio     ROA    ROA1 debtcf1
 0.35416 0.13598 0.12342 0.44078

debt amount =   0.8000   investment =   2.0000   debt ratio =  0.40000
RRR on investment =  0.123056      after tax =  0.086139
search range of Y std.dev.:   minimum =  23.485904   maximum =  30.531675
old shareholders wealth =   10.0770    old bondholders =     5.5317
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.383276, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.265403 ( 2.39345) : loss rate  0.0198
liq.cash: 10Y std.dev. (1Y) =  23.485904 ( 1.01713)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.4208 0.03406   0.11469 0.06636  0.09731  0.09015   11.2770   6.3317  17.6087
 dbratio     ROA    ROA1 debtcf1
 0.35958 0.13592 0.12342 0.44835

debt amount =   0.9000   investment =   2.0000   debt ratio =  0.45000
RRR on investment =  0.122656      after tax =  0.085859
search range of Y std.dev.:   minimum =  23.476441   maximum =  30.519373
old shareholders wealth =   10.0770    old bondholders =     5.5245
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.360557, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.224821 ( 2.39144) : loss rate  0.0202
liq.cash: 10Y std.dev. (1Y) =  23.476441 ( 1.01662)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.6193 0.03478   0.11503 0.06645  0.09730  0.09002   11.1770   6.4245  17.6015
 dbratio     ROA    ROA1 debtcf1
 0.36500 0.13587 0.12342 0.45594

debt amount =   1.0000   investment =   2.0000   debt ratio =  0.50000
RRR on investment =  0.122256      after tax =  0.085579
search range of Y std.dev.:   minimum =  23.467037   maximum =  30.507148
old shareholders wealth =   10.0770    old bondholders =     5.5172
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.337982, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.184332 ( 2.38945) : loss rate  0.0205
liq.cash: 10Y std.dev. (1Y) =  23.467038 ( 1.01611)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.8183 0.03551   0.11538 0.06654  0.09729  0.08990   11.0770   6.5172  17.5942
 dbratio     ROA    ROA1 debtcf1
 0.37042 0.13581 0.12342 0.46358

debt amount =   1.1000   investment =   2.0000   debt ratio =  0.55000
RRR on investment =  0.121859      after tax =  0.085301
search range of Y std.dev.:   minimum =  23.457692   maximum =  30.495000
old shareholders wealth =   10.0770    old bondholders =     5.5098
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.315547, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.143935 ( 2.38746) : loss rate  0.0208
liq.cash: 10Y std.dev. (1Y) =  23.457693 ( 1.01560)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.0179 0.03626   0.11574 0.06662  0.09728  0.08977   10.9770   6.6098  17.5868
 dbratio     ROA    ROA1 debtcf1
 0.37584 0.13575 0.12343 0.47125

debt amount =   1.2000   investment =   2.0000   debt ratio =  0.60000
RRR on investment =  0.121462      after tax =  0.085023
search range of Y std.dev.:   minimum =  23.448406   maximum =  30.482927
old shareholders wealth =   10.0770    old bondholders =     5.5023
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.293253, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.103627 ( 2.38547) : loss rate  0.0211
liq.cash: 10Y std.dev. (1Y) =  23.448406 ( 1.01510)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.2181 0.03703   0.11610 0.06671  0.09727  0.08964   10.8770   6.7023  17.5794
 dbratio     ROA    ROA1 debtcf1
 0.38126 0.13570 0.12343 0.47896

debt amount =   1.3000   investment =   2.0000   debt ratio =  0.65000
RRR on investment =  0.121066      after tax =  0.084747
search range of Y std.dev.:   minimum =  23.439177   maximum =  30.470930
old shareholders wealth =   10.0770    old bondholders =     5.4948
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.271097, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.063407 ( 2.38349) : loss rate  0.0215
liq.cash: 10Y std.dev. (1Y) =  23.439178 ( 1.01460)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.4188 0.03781   0.11647 0.06680  0.09726  0.08951   10.7770   6.7948  17.5718
 dbratio     ROA    ROA1 debtcf1
 0.38669 0.13564 0.12343 0.48671

debt amount =   1.4000   investment =   2.0000   debt ratio =  0.70000
RRR on investment =  0.120672      after tax =  0.084471
search range of Y std.dev.:   minimum =  23.430006   maximum =  30.459008
old shareholders wealth =   10.0770    old bondholders =     5.4872
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.249080, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.023272 ( 2.38152) : loss rate  0.0218
liq.cash: 10Y std.dev. (1Y) =  23.430006 ( 1.01410)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.6201 0.03861   0.11684 0.06690  0.09725  0.08938   10.6770   6.8872  17.5642
 dbratio     ROA    ROA1 debtcf1
 0.39212 0.13559 0.12344 0.49450

debt amount =   1.5000   investment =   2.0000   debt ratio =  0.75000
RRR on investment =  0.120279      after tax =  0.084195
search range of Y std.dev.:   minimum =  23.420892   maximum =  30.447159
old shareholders wealth =   10.0770    old bondholders =     5.4796
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.227200, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.983220 ( 2.37956) : loss rate  0.0221
liq.cash: 10Y std.dev. (1Y) =  23.420892 ( 1.01361)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.8220 0.03942   0.11721 0.06699  0.09725  0.08926   10.5770   6.9796  17.5566
 dbratio     ROA    ROA1 debtcf1
 0.39755 0.13554 0.12344 0.50233

debt amount =   1.6000   investment =   2.0000   debt ratio =  0.80000
RRR on investment =  0.119887      after tax =  0.083921
search range of Y std.dev.:   minimum =  23.411835   maximum =  30.435385
old shareholders wealth =   10.0770    old bondholders =     5.4718
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.205456, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.943250 ( 2.37760) : loss rate  0.0225
liq.cash: 10Y std.dev. (1Y) =  23.411835 ( 1.01312)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.0245 0.04025   0.11759 0.06708  0.09724  0.08913   10.4770   7.0718  17.5488
 dbratio     ROA    ROA1 debtcf1
 0.40298 0.13548 0.12345 0.51020

debt amount =   1.7000   investment =   2.0000   debt ratio =  0.85000
RRR on investment =  0.119497      after tax =  0.083648
search range of Y std.dev.:   minimum =  23.402834   maximum =  30.423685
old shareholders wealth =   10.0770    old bondholders =     5.4640
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.183848, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.903360 ( 2.37564) : loss rate  0.0228
liq.cash: 10Y std.dev. (1Y) =  23.402835 ( 1.01263)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.2277 0.04110   0.11798 0.06717  0.09723  0.08900   10.3770   7.1640  17.5410
 dbratio     ROA    ROA1 debtcf1
 0.40841 0.13543 0.12345 0.51811

debt amount =   1.8000   investment =   2.0000   debt ratio =  0.90000
RRR on investment =  0.119108      after tax =  0.083375
search range of Y std.dev.:   minimum =  23.393890   maximum =  30.412057
old shareholders wealth =   10.0770    old bondholders =     5.4561
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.162376, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.863548 ( 2.37370) : loss rate  0.0231
liq.cash: 10Y std.dev. (1Y) =  23.393891 ( 1.01215)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.4314 0.04197   0.11837 0.06727  0.09722  0.08887   10.2770   7.2561  17.5331
 dbratio     ROA    ROA1 debtcf1
 0.41385 0.13538 0.12346 0.52607

debt amount =   1.9000   investment =   2.0000   debt ratio =  0.95000
RRR on investment =  0.118719      after tax =  0.083104
search range of Y std.dev.:   minimum =  23.385002   maximum =  30.400503
old shareholders wealth =   10.0770    old bondholders =     5.4481
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.141039, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  54.823813 ( 2.37176) : loss rate  0.0235
liq.cash: 10Y std.dev. (1Y) =  23.385003 ( 1.01167)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.6358 0.04285   0.11877 0.06736  0.09722  0.08874   10.1770   7.3481  17.5252
 dbratio     ROA    ROA1 debtcf1
 0.41929 0.13533 0.12347 0.53407

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 =  56.119836, 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

