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1-1A1-3%%1-4%1-5%%2-2901019921993199419951996103.4129.923.3-19-21.62721.3-44.9-74.2-82.64445.220.14.53.332.463.448.150.757.8“DKEKLDSDSDDK++=211SD2SDLD∑∑==-=2151jjjjEREKEK1EK2EK3EK4EK5EK1ER2ERDCDCECifmfirrrrb)(-=-ifmfirrrrb)(-+=irifrmrfmrr-ifmfirrrECb)(-+=iECiibi⎟⎠⎞⎜⎝⎛•+-•⎟⎠⎞⎜⎝⎛•=VEKECTVDKDCC)1(CTV=VESDLDESDLDVEKDK+Vbbbebbbbbbbbbba+++++++++++=TYPEIRZFKZFKZFKZFKDKBEKBDCECC1098765432132ln1lnlnlnlnlnlnln()*lnCECDCEKBDKBDKEKEKEKB+=DKDKDKDKB+=ZFK1ZFK2ZFK3ZFK1ZFK2ZFK3ZFKIRTYPETYPETYPEe0EC1ECKBAVebbbbbbbbbba+++++++++++=TYPEKBAVKBAVZFKZFKZFKEKBEKBECECC1019087651403120132ln1lnlnlnln2R2RFWD.5-1Clnibtibta-0.328-1.1511.3947.991**0lnEC0.77829.437***0.039416.844***1lnEC0.00081470.984DCln0.1693.351**0EKB0.9118.997**1.1326.424**1EKB-0.222-1.736*-.370-1.554*ZFKln-0.0194-1.1651lnZFK0.05428.637-0.174-1.1812lnZFK-0.05540-.6520.1711.155*3ZFK0.071341.816*0.014740.254IRln0.069451.112*0KBAV-0.04106-1.0961KBAV0.2160.929TYPE0.089113.260**0.03030.59552522R0.9850.9512R0.98150.939WD.2.6341.395F262.579.81obPrF(0.00)(0.00)tt0lnECDCln0EKBTYPE1EKB3ZFKIRlnZFKln1lnZFK2lnZFKTYPEt3ZFKWD.2R2RFtt0SL1SL0LL1LL0TL0LLebbbbbba+++++++=160514031201lnTLTLLLLLSLSLCebbbbbbba++++++++=17061514031201lnBAVBAVTLLLLLSLSLC—Clnibtibt2.63033.922***2.69424.551***0SL0.3501.0940.4471.0921SL5.4441.613*4.5021.2410LL0.5660.8951.0171.619*1LL4.6981.3904.0331.1240TL-6.468-1.790*1TL0.3361.988*-5.897-1.520*0BAV71022.2-×--.0.7071BAV710095.1-×0.46252522R0.2922R0.197WD.1.838F3.088).(PrFob〉(0.013)tFWD.2R2R1SL0TL1TL0LL1TL199992001112001111997199712152000,2001112920011129200111291963L.19911999Bar-Yosef,,Sasson,1978,”TheCostofEquityCapital,”EuropeanEconomicReview,11FederalReserveBoard1989,”BalanceSheetsfortheU.S.Economy,1949-1988.”Modigliani,FandM.Miller,1958,”TheCostofCapital,CorporationFinanceandtheTheoryofInvestment”,AmericanEconomicReview53,261297.Modigliani,FandM.Miller,,1963,”CorporationIncomTaxesandtheCostofCapital:ACorrection,”AmericanEconomicReview,June.Ross,S.A.,1985,”DebtandTaxesandUncertainty“,JournalofFinance,40,July.Modigliani,FandM.Miller,,1966,”SomeEstimatesoftheCostofCapitaltotheElectricUtilityIndustry,19541957AmericanEconomicReview.Meyers,S.C,1984,“TheCapitalStructurePuzzle”,JournalofFinance,39Mayer,Colin,1988,”NewIssuesinCorporateFinance”,EuropeanEconomicReview,32Jensen,M.andMeckling,W.1976,”TheoryoftheFirm:ManagerialBehavior,AgencyCostsandCapitalStructure”,,JournalofFinancialEconomics3,May.