id	sid	tid	token	lemma	pos
ap-798	1	1	ap06_1.vp	ap06_1.vp	NOUN
ap-798	1	2	1	1	NUM
ap-798	1	3	company	company	NOUN
ap-798	1	4	value	value	VERB
ap-798	1	5	the	the	DET
ap-798	1	6	value	value	NOUN
ap-798	1	7	of	of	ADP
ap-798	1	8	a	a	DET
ap-798	1	9	company	company	NOUN
ap-798	1	10	,	,	PUNCT
ap-798	1	11	whose	whose	DET
ap-798	1	12	stocks	stock	NOUN
ap-798	1	13	are	be	AUX
ap-798	1	14	traded	trade	VERB
ap-798	1	15	,	,	PUNCT
ap-798	1	16	can	can	AUX
ap-798	1	17	be	be	AUX
ap-798	1	18	determined	determine	VERB
ap-798	1	19	from	from	ADP
ap-798	1	20	its	its	PRON
ap-798	1	21	present	present	ADJ
ap-798	1	22	market	market	NOUN
ap-798	1	23	value	value	NOUN
ap-798	1	24	.	.	PUNCT
ap-798	2	1	when	when	SCONJ
ap-798	2	2	there	there	PRON
ap-798	2	3	is	be	VERB
ap-798	2	4	no	no	DET
ap-798	2	5	trading	trading	NOUN
ap-798	2	6	,	,	PUNCT
ap-798	2	7	plenty	plenty	NOUN
ap-798	2	8	of	of	ADP
ap-798	2	9	methods	method	NOUN
ap-798	2	10	exist	exist	VERB
ap-798	2	11	,	,	PUNCT
ap-798	2	12	which	which	PRON
ap-798	2	13	can	can	AUX
ap-798	2	14	be	be	AUX
ap-798	2	15	split	split	VERB
ap-798	2	16	into	into	ADP
ap-798	2	17	six	six	NUM
ap-798	2	18	groups	group	NOUN
ap-798	2	19	:	:	PUNCT
ap-798	2	20	balance	balance	NOUN
ap-798	2	21	sheet	sheet	NOUN
ap-798	2	22	,	,	PUNCT
ap-798	2	23	income	income	NOUN
ap-798	2	24	statement	statement	NOUN
ap-798	2	25	,	,	PUNCT
ap-798	2	26	mixed	mixed	ADJ
ap-798	2	27	methods	method	NOUN
ap-798	2	28	(	(	PUNCT
ap-798	2	29	goodwill	goodwill	NOUN
ap-798	2	30	)	)	PUNCT
ap-798	2	31	,	,	PUNCT
ap-798	2	32	cash	cash	NOUN
ap-798	2	33	flow	flow	NOUN
ap-798	2	34	discounting	discounting	NOUN
ap-798	2	35	,	,	PUNCT
ap-798	2	36	value	value	NOUN
ap-798	2	37	creation	creation	NOUN
ap-798	2	38	,	,	PUNCT
ap-798	2	39	and	and	CCONJ
ap-798	2	40	options	option	NOUN
ap-798	2	41	.	.	PUNCT
ap-798	3	1	a	a	DET
ap-798	3	2	method	method	NOUN
ap-798	3	3	that	that	PRON
ap-798	3	4	assesses	assess	VERB
ap-798	3	5	the	the	DET
ap-798	3	6	value	value	NOUN
ap-798	3	7	of	of	ADP
ap-798	3	8	the	the	DET
ap-798	3	9	assets	asset	NOUN
ap-798	3	10	with	with	ADP
ap-798	3	11	a	a	DET
ap-798	3	12	forecast	forecast	NOUN
ap-798	3	13	of	of	ADP
ap-798	3	14	future	future	ADJ
ap-798	3	15	incomes	income	NOUN
ap-798	3	16	of	of	ADP
ap-798	3	17	the	the	DET
ap-798	3	18	company	company	NOUN
ap-798	3	19	and	and	CCONJ
ap-798	3	20	recalculating	recalculate	VERB
ap-798	3	21	it	it	PRON
ap-798	3	22	to	to	ADP
ap-798	3	23	the	the	DET
ap-798	3	24	present	present	ADJ
ap-798	3	25	value	value	NOUN
ap-798	3	26	was	be	AUX
ap-798	3	27	chosen	choose	VERB
ap-798	3	28	for	for	ADP
ap-798	3	29	future	future	ADJ
ap-798	3	30	evaluation	evaluation	NOUN
ap-798	3	31	.	.	PUNCT
ap-798	4	1	1.1	1.1	NUM
ap-798	4	2	evaluation	evaluation	NOUN
ap-798	4	3	by	by	ADP
ap-798	4	4	the	the	DET
ap-798	4	5	dfcf	dfcf	ADJ
ap-798	4	6	method	method	NOUN
ap-798	4	7	in	in	ADP
ap-798	4	8	the	the	DET
ap-798	4	9	discounted	discount	VERB
ap-798	4	10	free	free	ADJ
ap-798	4	11	cash	cash	NOUN
ap-798	4	12	flow	flow	NOUN
ap-798	4	13	method	method	NOUN
ap-798	4	14	,	,	PUNCT
ap-798	4	15	the	the	DET
ap-798	4	16	value	value	NOUN
ap-798	4	17	of	of	ADP
ap-798	4	18	a	a	DET
ap-798	4	19	company	company	NOUN
ap-798	4	20	is	be	AUX
ap-798	4	21	defined	define	VERB
ap-798	4	22	as	as	ADP
ap-798	4	23	the	the	DET
ap-798	4	24	sum	sum	NOUN
ap-798	4	25	of	of	ADP
ap-798	4	26	the	the	DET
ap-798	4	27	discounted	discount	VERB
ap-798	4	28	free	free	ADJ
ap-798	4	29	cash	cash	NOUN
ap-798	4	30	flows	flow	NOUN
ap-798	4	31	for	for	ADP
ap-798	4	32	the	the	DET
ap-798	4	33	next	next	ADJ
ap-798	4	34	five	five	NUM
ap-798	4	35	years	year	NOUN
ap-798	4	36	,	,	PUNCT
ap-798	4	37	and	and	CCONJ
ap-798	4	38	the	the	DET
ap-798	4	39	perpetuity	perpetuity	NOUN
ap-798	4	40	of	of	ADP
ap-798	4	41	the	the	DET
ap-798	4	42	free	free	ADJ
ap-798	4	43	cash	cash	NOUN
ap-798	4	44	flow	flow	NOUN
ap-798	4	45	in	in	ADP
ap-798	4	46	the	the	DET
ap-798	4	47	sixth	sixth	ADJ
ap-798	4	48	year	year	NOUN
ap-798	4	49	.	.	PUNCT
ap-798	5	1	free	free	ADJ
ap-798	5	2	cash	cash	NOUN
ap-798	5	3	flow	flow	NOUN
ap-798	5	4	is	be	AUX
ap-798	5	5	given	give	VERB
ap-798	5	6	by	by	ADP
ap-798	5	7	the	the	DET
ap-798	5	8	following	follow	VERB
ap-798	5	9	equation	equation	NOUN
ap-798	5	10	:	:	PUNCT
ap-798	5	11	fcf	fcf	PROPN
ap-798	5	12	ebit	ebit	PROPN
ap-798	5	13	t	t	PROPN
ap-798	5	14	ad	ad	PROPN
ap-798	5	15	inv	inv	PROPN
ap-798	5	16	�	�	PROPN
ap-798	5	17	�	�	PROPN
ap-798	5	18	�	�	PROPN
ap-798	5	19	�	�	PROPN
ap-798	5	20	�	�	PROPN
ap-798	5	21	(	(	PUNCT
ap-798	5	22	)	)	PUNCT
ap-798	5	23	1	1	NUM
ap-798	5	24	,	,	PUNCT
ap-798	5	25	(	(	PUNCT
ap-798	5	26	1	1	X
ap-798	5	27	)	)	PUNCT
ap-798	5	28	where	where	SCONJ
ap-798	5	29	ebit	ebit	NOUN
ap-798	5	30	is	be	AUX
ap-798	5	31	earnings	earning	NOUN
ap-798	5	32	before	before	ADP
ap-798	5	33	interest	interest	NOUN
ap-798	5	34	and	and	CCONJ
ap-798	5	35	taxes	taxis	NOUN
ap-798	5	36	,	,	PUNCT
ap-798	5	37	t	t	PROPN
ap-798	5	38	is	be	AUX
ap-798	5	39	tax	tax	NOUN
ap-798	5	40	rate	rate	NOUN
ap-798	5	41	,	,	PUNCT
ap-798	5	42	ad	ad	NOUN
ap-798	5	43	is	be	AUX
ap-798	5	44	the	the	DET
ap-798	5	45	amount	amount	NOUN
ap-798	5	46	of	of	ADP
ap-798	5	47	amortization	amortization	NOUN
ap-798	5	48	and	and	CCONJ
ap-798	5	49	depreciation	depreciation	NOUN
ap-798	5	50	,	,	PUNCT
ap-798	5	51	and	and	CCONJ
ap-798	5	52	inv	inv	NOUN
ap-798	5	53	is	be	AUX
ap-798	5	54	the	the	DET
ap-798	5	55	value	value	NOUN
ap-798	5	56	of	of	ADP
ap-798	5	57	the	the	DET
ap-798	5	58	investments	investment	NOUN
ap-798	5	59	.	.	PUNCT
ap-798	6	1	the	the	DET
ap-798	6	2	value	value	NOUN
ap-798	6	3	of	of	ADP
ap-798	6	4	the	the	DET
ap-798	6	5	company	company	NOUN
ap-798	6	6	is	be	AUX
ap-798	6	7	calculated	calculate	VERB
ap-798	6	8	with	with	ADP
ap-798	6	9	the	the	DET
ap-798	6	10	following	follow	VERB
ap-798	6	11	formula	formula	NOUN
ap-798	6	12	,	,	PUNCT
ap-798	6	13	which	which	PRON
ap-798	6	14	uses	use	VERB
ap-798	6	15	a	a	DET
ap-798	6	16	six	six	NUM
ap-798	6	17	-	-	PUNCT
ap-798	6	18	year	year	NOUN
ap-798	6	19	prediction	prediction	NOUN
ap-798	6	20	.	.	PUNCT
ap-798	7	1	five	five	NUM
ap-798	7	2	years	year	NOUN
ap-798	7	3	are	be	AUX
ap-798	7	4	estimated	estimate	VERB
ap-798	7	5	separately	separately	ADV
ap-798	7	6	and	and	CCONJ
ap-798	7	7	the	the	DET
ap-798	7	8	sixth	sixth	ADJ
ap-798	7	9	is	be	AUX
ap-798	7	10	used	use	VERB
ap-798	7	11	for	for	ADP
ap-798	7	12	perpetuity	perpetuity	NOUN
ap-798	7	13	calculation	calculation	NOUN
ap-798	7	14	.	.	PUNCT
ap-798	8	1	this	this	DET
ap-798	8	2	structure	structure	NOUN
ap-798	8	3	was	be	AUX
ap-798	8	4	used	use	VERB
ap-798	8	5	because	because	SCONJ
ap-798	8	6	of	of	ADP
ap-798	8	7	the	the	DET
ap-798	8	8	difficulties	difficulty	NOUN
ap-798	8	9	in	in	ADP
ap-798	8	10	making	make	VERB
ap-798	8	11	predictions	prediction	NOUN
ap-798	8	12	over	over	ADP
ap-798	8	13	a	a	DET
ap-798	8	14	longer	long	ADJ
ap-798	8	15	period	period	NOUN
ap-798	8	16	of	of	ADP
ap-798	8	17	time	time	NOUN
ap-798	8	18	.	.	PUNCT
ap-798	9	1	the	the	DET
ap-798	9	2	formula	formula	NOUN
ap-798	9	3	for	for	ADP
ap-798	9	4	company	company	NOUN
ap-798	9	5	value	value	NOUN
ap-798	9	6	calculation	calculation	NOUN
ap-798	9	7	is	be	AUX
ap-798	9	8	:	:	PUNCT
ap-798	9	9	v	v	NUM
ap-798	9	10	fcf	fcf	PROPN
ap-798	9	11	wacc	wacc	PROPN
ap-798	9	12	fcf	fcf	PROPN
ap-798	9	13	wacc	wacc	PROPN
ap-798	9	14	g	g	PROPN
ap-798	9	15	wacc	wacc	PROPN
ap-798	9	16	t	t	PROPN
ap-798	9	17	t	t	PROPN
ap-798	9	18	t	t	PROPN
ap-798	9	19	�	�	PROPN
ap-798	9	20	�	�	PROPN
ap-798	9	21	�	�	PROPN
ap-798	9	22	�	�	PROPN
ap-798	9	23	�	�	PROPN
ap-798	9	24	�	�	PROPN
ap-798	9	25	�	�	PROPN
ap-798	9	26	�	�	PROPN
ap-798	9	27	(	(	PUNCT
ap-798	9	28	)	)	PUNCT
ap-798	9	29	(	(	PUNCT
ap-798	9	30	)	)	PUNCT
ap-798	9	31	(	(	PUNCT
ap-798	9	32	)	)	SYM
ap-798	9	33	1	1	NUM
ap-798	9	34	1	1	NUM
ap-798	9	35	6	6	NUM
ap-798	9	36	5	5	NUM
ap-798	9	37	1	1	NUM
ap-798	9	38	5	5	NUM
ap-798	9	39	,	,	PUNCT
ap-798	9	40	(	(	PUNCT
ap-798	9	41	2	2	X
ap-798	9	42	)	)	PUNCT
ap-798	9	43	where	where	SCONJ
ap-798	9	44	fcf	fcf	PROPN
ap-798	9	45	is	be	AUX
ap-798	9	46	the	the	DET
ap-798	9	47	free	free	ADJ
ap-798	9	48	cash	cash	NOUN
ap-798	9	49	flow	flow	NOUN
ap-798	9	50	for	for	ADP
ap-798	9	51	the	the	DET
ap-798	9	52	given	give	VERB
ap-798	9	53	year	year	NOUN
ap-798	9	54	,	,	PUNCT
ap-798	9	55	g	g	PROPN
ap-798	9	56	is	be	AUX
ap-798	9	57	the	the	DET
ap-798	9	58	expected	expect	VERB
ap-798	9	59	growth	growth	NOUN
ap-798	9	60	rate	rate	NOUN
ap-798	9	61	of	of	ADP
ap-798	9	62	future	future	ADJ
ap-798	9	63	cash	cash	NOUN
ap-798	9	64	flows	flow	NOUN
ap-798	9	65	,	,	PUNCT
ap-798	9	66	and	and	CCONJ
ap-798	9	67	wacc	wacc	PROPN
ap-798	9	68	is	be	AUX
ap-798	9	69	the	the	DET
ap-798	9	70	weighted	weighted	ADJ
ap-798	9	71	average	average	ADJ
ap-798	9	72	cost	cost	NOUN
ap-798	9	73	of	of	ADP
ap-798	9	74	capital	capital	NOUN
ap-798	9	75	:	:	PUNCT
ap-798	9	76	wacc	wacc	PROPN
ap-798	9	77	r	r	NOUN
ap-798	9	78	e	e	PROPN
ap-798	9	79	d	d	X
ap-798	9	80	e	e	NOUN
ap-798	9	81	r	r	NOUN
ap-798	9	82	t	t	PROPN
ap-798	9	83	d	d	X
ap-798	9	84	d	d	X
ap-798	9	85	ee	ee	PROPN
ap-798	9	86	d	d	PROPN
ap-798	9	87	�	�	PROPN
ap-798	9	88	�	�	PROPN
ap-798	9	89	�	�	PROPN
ap-798	9	90	�	�	PROPN
ap-798	9	91	�	�	PROPN
ap-798	9	92	(	(	PUNCT
ap-798	9	93	)	)	PUNCT
ap-798	9	94	1	1	NUM
ap-798	9	95	,	,	PUNCT
ap-798	9	96	(	(	PUNCT
ap-798	9	97	3	3	X
ap-798	9	98	)	)	PUNCT
ap-798	9	99	where	where	SCONJ
ap-798	9	100	re	re	ADP
ap-798	9	101	,	,	PUNCT
ap-798	9	102	rd	rd	PROPN
ap-798	9	103	are	be	AUX
ap-798	9	104	the	the	DET
ap-798	9	105	relative	relative	ADJ
ap-798	9	106	costs	cost	NOUN
ap-798	9	107	of	of	ADP
ap-798	9	108	equity	equity	NOUN
ap-798	9	109	and	and	CCONJ
ap-798	9	110	debt	debt	NOUN
ap-798	9	111	,	,	PUNCT
ap-798	9	112	e	e	NOUN
ap-798	9	113	,	,	PUNCT
ap-798	9	114	d	d	X
ap-798	9	115	are	be	AUX
ap-798	9	116	the	the	DET
ap-798	9	117	amounts	amount	NOUN
ap-798	9	118	of	of	ADP
ap-798	9	119	equity	equity	NOUN
ap-798	9	120	and	and	CCONJ
ap-798	9	121	debt	debt	NOUN
ap-798	9	122	,	,	PUNCT
ap-798	9	123	and	and	CCONJ
ap-798	9	124	t	t	PROPN
ap-798	9	125	is	be	AUX
ap-798	9	126	the	the	DET
ap-798	9	127	tax	tax	NOUN
ap-798	9	128	rate	rate	NOUN
ap-798	9	129	–	–	PUNCT
ap-798	9	130	the	the	DET
ap-798	9	131	cost	cost	NOUN
ap-798	9	132	of	of	ADP
ap-798	9	133	the	the	DET
ap-798	9	134	debt	debt	NOUN
ap-798	9	135	is	be	AUX
ap-798	9	136	lowered	lower	VERB
ap-798	9	137	by	by	ADP
ap-798	9	138	the	the	DET
ap-798	9	139	tax	tax	NOUN
ap-798	9	140	shield	shield	NOUN
ap-798	9	141	.	.	PUNCT
ap-798	10	1	1.2	1.2	NUM
ap-798	10	2	evaluation	evaluation	NOUN
ap-798	10	3	by	by	ADP
ap-798	10	4	real	real	ADJ
ap-798	10	5	options	option	NOUN
ap-798	10	6	this	this	DET
ap-798	10	7	method	method	NOUN
ap-798	10	8	of	of	ADP
ap-798	10	9	evaluation	evaluation	NOUN
ap-798	10	10	uses	use	VERB
ap-798	10	11	the	the	DET
ap-798	10	12	option	option	NOUN
ap-798	10	13	extension	extension	NOUN
ap-798	10	14	of	of	ADP
ap-798	10	15	the	the	DET
ap-798	10	16	yield	yield	NOUN
ap-798	10	17	method	method	NOUN
ap-798	10	18	.	.	PUNCT
ap-798	11	1	the	the	DET
ap-798	11	2	value	value	NOUN
ap-798	11	3	of	of	ADP
ap-798	11	4	a	a	DET
ap-798	11	5	company	company	NOUN
ap-798	11	6	can	can	AUX
ap-798	11	7	be	be	AUX
ap-798	11	8	assessed	assess	VERB
ap-798	11	9	as	as	ADP
ap-798	11	10	the	the	DET
ap-798	11	11	call	call	NOUN
ap-798	11	12	option	option	NOUN
ap-798	11	13	on	on	ADP
ap-798	11	14	company	company	NOUN
ap-798	11	15	assets	asset	NOUN
ap-798	11	16	with	with	ADP
ap-798	11	17	the	the	DET
ap-798	11	18	strike	strike	NOUN
ap-798	11	19	price	price	NOUN
ap-798	11	20	equal	equal	ADJ
ap-798	11	21	to	to	ADP
ap-798	11	22	the	the	DET
ap-798	11	23	value	value	NOUN
ap-798	11	24	of	of	ADP
ap-798	11	25	the	the	DET
ap-798	11	26	debt	debt	NOUN
ap-798	11	27	.	.	PUNCT
ap-798	12	1	the	the	DET
ap-798	12	2	black	black	ADJ
ap-798	12	3	–	–	PUNCT
ap-798	12	4	scholes	schole	NOUN
ap-798	12	5	formula	formula	NOUN
ap-798	12	6	for	for	ADP
ap-798	12	7	the	the	DET
ap-798	12	8	call	call	NOUN
ap-798	12	9	option	option	NOUN
ap-798	12	10	is	be	AUX
ap-798	12	11	:	:	PUNCT
ap-798	12	12	c	c	X
ap-798	12	13	s	s	NOUN
ap-798	12	14	n	n	NOUN
ap-798	12	15	d	d	NOUN
ap-798	12	16	x	x	SYM
ap-798	12	17	e	e	NOUN
ap-798	12	18	n	n	CCONJ
ap-798	12	19	drt	drt	PROPN
ap-798	12	20	�	�	PROPN
ap-798	12	21	�	�	PROPN
ap-798	12	22	�	�	PROPN
ap-798	12	23	�	�	PROPN
ap-798	12	24	�	�	PROPN
ap-798	12	25	�	�	PROPN
ap-798	12	26	(	(	PUNCT
ap-798	12	27	)	)	PUNCT
ap-798	12	28	(	(	PUNCT
ap-798	12	29	)	)	PUNCT
ap-798	12	30	1	1	NUM
ap-798	12	31	2	2	NUM
ap-798	12	32	,	,	PUNCT
ap-798	12	33	(	(	PUNCT
ap-798	12	34	4	4	X
ap-798	12	35	)	)	PUNCT
ap-798	13	1	d	d	NOUN
ap-798	13	2	s	s	NOUN
ap-798	13	3	x	x	SYM
ap-798	13	4	r	r	NOUN
ap-798	13	5	t	t	NOUN
ap-798	13	6	t1	t1	NOUN
ap-798	13	7	2	2	NUM
ap-798	13	8	2	2	NUM
ap-798	13	9	�	�	PROPN
ap-798	13	10	�	�	PROPN
ap-798	13	11	�	�	PROPN
ap-798	13	12	�	�	PROPN
ap-798	13	13	�	�	PROPN
ap-798	13	14	�	�	PROPN
ap-798	13	15	�	�	PROPN
ap-798	13	16	�	�	PROPN
ap-798	13	17	�	�	PROPN
ap-798	13	18	�	�	PROPN
ap-798	13	19	�	�	PROPN
ap-798	13	20	�	�	PROPN
ap-798	13	21	�	�	PROPN
ap-798	13	22	�	�	PROPN
ap-798	13	23	ln	ln	PROPN
ap-798	13	24	�	�	PROPN
ap-798	13	25	�	�	PROPN
ap-798	13	26	,	,	PUNCT
ap-798	13	27	(	(	PUNCT
ap-798	13	28	5	5	X
ap-798	13	29	)	)	PUNCT
ap-798	13	30	d	d	NOUN
ap-798	13	31	d	d	X
ap-798	13	32	t2	t2	PROPN
ap-798	13	33	1	1	NUM
ap-798	13	34	�	�	PROPN
ap-798	13	35	�	�	PROPN
ap-798	13	36	�	�	PROPN
ap-798	13	37	�	�	PROPN
ap-798	13	38	,	,	PUNCT
ap-798	13	39	(	(	PUNCT
ap-798	13	40	6	6	NUM
ap-798	13	41	)	)	PUNCT
ap-798	13	42	where	where	SCONJ
ap-798	13	43	s	s	NOUN
ap-798	13	44	is	be	AUX
ap-798	13	45	the	the	DET
ap-798	13	46	current	current	ADJ
ap-798	13	47	price	price	NOUN
ap-798	13	48	of	of	ADP
ap-798	13	49	the	the	DET
ap-798	13	50	asset	asset	NOUN
ap-798	13	51	,	,	PUNCT
ap-798	13	52	x	x	X
ap-798	13	53	is	be	AUX
ap-798	13	54	the	the	DET
ap-798	13	55	strike	strike	NOUN
ap-798	13	56	price	price	NOUN
ap-798	13	57	of	of	ADP
ap-798	13	58	the	the	DET
ap-798	13	59	asset	asset	NOUN
ap-798	13	60	,	,	PUNCT
ap-798	13	61	r	r	NOUN
ap-798	13	62	is	be	AUX
ap-798	13	63	the	the	DET
ap-798	13	64	risk	risk	NOUN
ap-798	13	65	-	-	PUNCT
ap-798	13	66	free	free	ADJ
ap-798	13	67	interest	interest	NOUN
ap-798	13	68	rate	rate	NOUN
ap-798	13	69	,	,	PUNCT
ap-798	13	70	t	t	PROPN
ap-798	13	71	is	be	AUX
ap-798	13	72	time	time	NOUN
ap-798	13	73	to	to	ADP
ap-798	13	74	expiration	expiration	NOUN
ap-798	13	75	of	of	ADP
ap-798	13	76	the	the	DET
ap-798	13	77	option	option	NOUN
ap-798	13	78	,	,	PUNCT
ap-798	13	79	n	n	CCONJ
ap-798	13	80	(	(	PUNCT
ap-798	13	81	)	)	PUNCT
ap-798	13	82	is	be	AUX
ap-798	13	83	the	the	DET
ap-798	13	84	standard	standard	ADJ
ap-798	13	85	normal	normal	ADJ
ap-798	13	86	cumulative	cumulative	ADJ
ap-798	13	87	distribution	distribution	NOUN
ap-798	13	88	function	function	NOUN
ap-798	13	89	and	and	CCONJ
ap-798	13	90	�	�	PROPN
ap-798	13	91	is	be	AUX
ap-798	13	92	the	the	DET
ap-798	13	93	volatility	volatility	NOUN
ap-798	13	94	of	of	ADP
ap-798	13	95	the	the	DET
ap-798	13	96	price	price	NOUN
ap-798	13	97	of	of	ADP
ap-798	13	98	the	the	DET
ap-798	13	99	asset	asset	NOUN
ap-798	13	100	.	.	PUNCT
ap-798	14	1	the	the	DET
ap-798	14	2	formula	formula	NOUN
ap-798	14	3	for	for	ADP
ap-798	14	4	calculating	calculate	VERB
ap-798	14	5	the	the	DET
ap-798	14	6	value	value	NOUN
ap-798	14	7	of	of	ADP
ap-798	14	8	the	the	DET
ap-798	14	9	company	company	NOUN
ap-798	14	10	then	then	ADV
ap-798	14	11	has	have	VERB
ap-798	14	12	the	the	DET
ap-798	14	13	following	follow	VERB
ap-798	14	14	shape	shape	NOUN
ap-798	14	15	:	:	PUNCT
ap-798	14	16	v	v	ADP
ap-798	14	17	a	a	PRON
ap-798	14	18	n	n	NOUN
ap-798	15	1	d	d	NOUN
ap-798	15	2	d	d	X
ap-798	15	3	e	e	PROPN
ap-798	15	4	n	n	CCONJ
ap-798	15	5	drt	drt	PROPN
ap-798	15	6	�	�	PROPN
ap-798	15	7	�	�	PROPN
ap-798	15	8	�	�	PROPN
ap-798	15	9	�	�	PROPN
ap-798	15	10	�	�	PROPN
ap-798	15	11	(	(	PUNCT
ap-798	15	12	)	)	PUNCT
ap-798	15	13	(	(	PUNCT
ap-798	15	14	)	)	PUNCT
ap-798	15	15	1	1	NUM
ap-798	15	16	2	2	NUM
ap-798	15	17	,	,	PUNCT
ap-798	15	18	(	(	PUNCT
ap-798	15	19	7	7	X
ap-798	15	20	)	)	PUNCT
ap-798	15	21	where	where	SCONJ
ap-798	15	22	a	a	PRON
ap-798	15	23	is	be	AUX
ap-798	15	24	the	the	DET
ap-798	15	25	value	value	NOUN
ap-798	15	26	of	of	ADP
ap-798	15	27	the	the	DET
ap-798	15	28	company	company	NOUN
ap-798	15	29	’s	’s	PART
ap-798	15	30	assets	asset	NOUN
ap-798	15	31	(	(	PUNCT
ap-798	15	32	determined	determine	VERB
ap-798	15	33	by	by	ADP
ap-798	15	34	the	the	DET
ap-798	15	35	dfcf	dfcf	ADJ
ap-798	15	36	method	method	NOUN
ap-798	15	37	)	)	PUNCT
ap-798	15	38	,	,	PUNCT
ap-798	15	39	d	d	X
ap-798	15	40	is	be	AUX
ap-798	15	41	the	the	DET
ap-798	15	42	value	value	NOUN
ap-798	15	43	of	of	ADP
ap-798	15	44	the	the	DET
ap-798	15	45	debt	debt	NOUN
ap-798	15	46	,	,	PUNCT
ap-798	15	47	and	and	CCONJ
ap-798	15	48	t	t	PROPN
ap-798	15	49	is	be	AUX
ap-798	15	50	the	the	DET
ap-798	15	51	time	time	NOUN
ap-798	15	52	of	of	ADP
ap-798	15	53	the	the	DET
ap-798	15	54	debt	debt	NOUN
ap-798	15	55	’s	’s	PART
ap-798	15	56	maturity	maturity	NOUN
ap-798	15	57	.	.	PUNCT
ap-798	16	1	the	the	DET
ap-798	16	2	other	other	ADJ
ap-798	16	3	parameters	parameter	NOUN
ap-798	16	4	have	have	VERB
ap-798	16	5	the	the	DET
ap-798	16	6	same	same	ADJ
ap-798	16	7	meaning	meaning	NOUN
ap-798	16	8	as	as	ADP
ap-798	16	9	in	in	ADP
ap-798	16	10	the	the	DET
ap-798	16	11	standard	standard	ADJ
ap-798	16	12	call	call	NOUN
ap-798	16	13	option	option	NOUN
ap-798	16	14	.	.	PUNCT
ap-798	17	1	the	the	DET
ap-798	17	2	value	value	NOUN
ap-798	17	3	of	of	ADP
ap-798	17	4	volatility	volatility	NOUN
ap-798	17	5	�	�	PROPN
ap-798	17	6	can	can	AUX
ap-798	17	7	be	be	AUX
ap-798	17	8	determined	determine	VERB
ap-798	17	9	directly	directly	ADV
ap-798	17	10	from	from	ADP
ap-798	17	11	the	the	DET
ap-798	17	12	company	company	NOUN
ap-798	17	13	’s	’s	PART
ap-798	17	14	stock	stock	NOUN
ap-798	17	15	history	history	NOUN
ap-798	17	16	,	,	PUNCT
ap-798	17	17	or	or	CCONJ
ap-798	17	18	can	can	AUX
ap-798	17	19	be	be	AUX
ap-798	17	20	specified	specify	VERB
ap-798	17	21	by	by	ADP
ap-798	17	22	the	the	DET
ap-798	17	23	following	follow	VERB
ap-798	17	24	formula	formula	NOUN
ap-798	17	25	:	:	PUNCT
ap-798	17	26	�	�	PROPN
ap-798	17	27	�	�	PROPN
ap-798	17	28	�	�	PROPN
ap-798	17	29	�	�	PROPN
ap-798	17	30	�	�	PROPN
ap-798	17	31	�	�	PROPN
ap-798	17	32	�	�	PROPN
ap-798	17	33	�	�	PROPN
ap-798	17	34	�	�	PROPN
ap-798	17	35	�	�	PROPN
ap-798	17	36	�	�	PROPN
ap-798	17	37	�	�	PROPN
ap-798	17	38	�	�	PROPN
ap-798	17	39	�	�	PROPN
ap-798	17	40	�	�	PROPN
ap-798	17	41	�	�	PROPN
ap-798	17	42	�	�	PROPN
ap-798	17	43	(	(	PUNCT
ap-798	17	44	)	)	PUNCT
ap-798	17	45	(	(	PUNCT
ap-798	17	46	)	)	SYM
ap-798	17	47	1	1	NUM
ap-798	17	48	2	2	NUM
ap-798	17	49	12	12	NUM
ap-798	17	50	2	2	NUM
ap-798	17	51	2	2	NUM
ap-798	17	52	0	0	NUM
ap-798	17	53	2	2	NUM
ap-798	17	54	0p	0p	NUM
ap-798	17	55	p	p	X
ap-798	17	56	p	p	PROPN
ap-798	17	57	pd	pd	PROPN
ap-798	17	58	a	a	PROPN
ap-798	17	59	d	d	X
ap-798	17	60	d	d	PROPN
ap-798	17	61	d	d	PROPN
ap-798	17	62	a	a	X
ap-798	17	63	,	,	PUNCT
ap-798	17	64	(	(	PUNCT
ap-798	17	65	8)	8)	NUM
ap-798	17	66	where	where	SCONJ
ap-798	17	67	�	�	PROPN
ap-798	17	68	a	a	PRON
ap-798	17	69	,	,	PUNCT
ap-798	17	70	�	�	PROPN
ap-798	17	71	0	0	NUM
ap-798	17	72	are	be	AUX
ap-798	17	73	the	the	DET
ap-798	17	74	standard	standard	ADJ
ap-798	17	75	deviations	deviation	NOUN
ap-798	17	76	of	of	ADP
ap-798	17	77	the	the	DET
ap-798	17	78	prices	price	NOUN
ap-798	17	79	of	of	ADP
ap-798	17	80	shares	share	NOUN
ap-798	17	81	and	and	CCONJ
ap-798	17	82	obligations	obligation	NOUN
ap-798	17	83	,	,	PUNCT
ap-798	17	84	�	�	PROPN
ap-798	17	85	is	be	AUX
ap-798	17	86	the	the	DET
ap-798	17	87	correlation	correlation	NOUN
ap-798	17	88	coefficient	coefficient	NOUN
ap-798	17	89	between	between	ADP
ap-798	17	90	them	they	PRON
ap-798	17	91	,	,	PUNCT
ap-798	17	92	and	and	CCONJ
ap-798	17	93	pd	pd	PROPN
ap-798	17	94	is	be	AUX
ap-798	17	95	the	the	DET
ap-798	17	96	ratio	ratio	NOUN
ap-798	17	97	of	of	ADP
ap-798	17	98	debt	debt	NOUN
ap-798	17	99	to	to	ADP
ap-798	17	100	total	total	ADJ
ap-798	17	101	capital	capital	NOUN
ap-798	17	102	.	.	PUNCT
ap-798	18	1	option	option	NOUN
ap-798	18	2	values	value	NOUN
ap-798	18	3	calculated	calculate	VERB
ap-798	18	4	by	by	ADP
ap-798	18	5	binomial	binomial	ADJ
ap-798	18	6	and	and	CCONJ
ap-798	18	7	trinomial	trinomial	ADJ
ap-798	18	8	tree	tree	NOUN
ap-798	18	9	methods	method	NOUN
ap-798	18	10	were	be	AUX
ap-798	18	11	also	also	ADV
ap-798	18	12	used	use	VERB
ap-798	18	13	to	to	PART
ap-798	18	14	form	form	VERB
ap-798	18	15	a	a	DET
ap-798	18	16	basis	basis	NOUN
ap-798	18	17	for	for	ADP
ap-798	18	18	comparison	comparison	NOUN
ap-798	18	19	.	.	PUNCT
ap-798	19	1	all	all	DET
ap-798	19	2	three	three	NUM
ap-798	19	3	results	result	NOUN
ap-798	19	4	are	be	AUX
ap-798	19	5	very	very	ADV
ap-798	19	6	similar	similar	ADJ
ap-798	19	7	.	.	PUNCT
ap-798	20	1	the	the	DET
ap-798	20	2	only	only	ADJ
ap-798	20	3	slight	slight	ADJ
ap-798	20	4	difference	difference	NOUN
ap-798	20	5	is	be	AUX
ap-798	20	6	when	when	SCONJ
ap-798	20	7	the	the	DET
ap-798	20	8	option	option	NOUN
ap-798	20	9	value	value	NOUN
ap-798	20	10	approaches	approach	VERB
ap-798	20	11	zero	zero	NUM
ap-798	20	12	.	.	PUNCT
ap-798	21	1	the	the	DET
ap-798	21	2	value	value	NOUN
ap-798	21	3	calculated	calculate	VERB
ap-798	21	4	by	by	ADP
ap-798	21	5	the	the	DET
ap-798	21	6	binomial	binomial	ADJ
ap-798	21	7	tree	tree	NOUN
ap-798	21	8	is	be	AUX
ap-798	21	9	the	the	DET
ap-798	21	10	fastest	fast	ADJ
ap-798	21	11	method	method	NOUN
ap-798	21	12	in	in	ADP
ap-798	21	13	converging	converge	VERB
ap-798	21	14	to	to	ADP
ap-798	21	15	zero	zero	NUM
ap-798	21	16	,	,	PUNCT
ap-798	21	17	and	and	CCONJ
ap-798	21	18	the	the	DET
ap-798	21	19	black	black	ADJ
ap-798	21	20	–	–	PUNCT
ap-798	21	21	scholes	schole	NOUN
ap-798	21	22	formula	formula	NOUN
ap-798	21	23	is	be	AUX
ap-798	21	24	the	the	DET
ap-798	21	25	slowest	slow	ADJ
ap-798	21	26	.	.	PUNCT
ap-798	22	1	2	2	NUM
ap-798	22	2	financial	financial	ADJ
ap-798	22	3	leverage	leverage	NOUN
ap-798	22	4	as	as	ADP
ap-798	22	5	the	the	DET
ap-798	22	6	company	company	NOUN
ap-798	22	7	debt	debt	NOUN
ap-798	22	8	increases	increase	NOUN
ap-798	22	9	,	,	PUNCT
ap-798	22	10	the	the	DET
ap-798	22	11	equity	equity	NOUN
ap-798	22	12	decreases	decrease	VERB
ap-798	22	13	,	,	PUNCT
ap-798	22	14	as	as	SCONJ
ap-798	22	15	it	it	PRON
ap-798	22	16	is	be	AUX
ap-798	22	17	replaced	replace	VERB
ap-798	22	18	by	by	ADP
ap-798	22	19	the	the	DET
ap-798	22	20	debt	debt	NOUN
ap-798	22	21	(	(	PUNCT
ap-798	22	22	the	the	DET
ap-798	22	23	same	same	ADJ
ap-798	22	24	total	total	ADJ
ap-798	22	25	amount	amount	NOUN
ap-798	22	26	of	of	ADP
ap-798	22	27	liabilities	liability	NOUN
ap-798	22	28	and	and	CCONJ
ap-798	22	29	equity	equity	NOUN
ap-798	22	30	is	be	AUX
ap-798	22	31	assumed	assume	VERB
ap-798	22	32	)	)	PUNCT
ap-798	22	33	.	.	PUNCT
ap-798	23	1	it	it	PRON
ap-798	23	2	is	be	AUX
ap-798	23	3	generally	generally	ADV
ap-798	23	4	true	true	ADJ
ap-798	23	5	that	that	SCONJ
ap-798	23	6	outside	outside	ADJ
ap-798	23	7	capital	capital	NOUN
ap-798	23	8	is	be	AUX
ap-798	23	9	less	less	ADV
ap-798	23	10	expensive	expensive	ADJ
ap-798	23	11	than	than	ADP
ap-798	23	12	own	own	ADJ
ap-798	23	13	capital	capital	NOUN
ap-798	23	14	.	.	PUNCT
ap-798	24	1	so	so	ADV
ap-798	24	2	with	with	ADP
ap-798	24	3	the	the	DET
ap-798	24	4	presumption	presumption	NOUN
ap-798	24	5	of	of	ADP
ap-798	24	6	maintaining	maintain	VERB
ap-798	24	7	the	the	DET
ap-798	24	8	same	same	ADJ
ap-798	24	9	profit	profit	NOUN
ap-798	24	10	as	as	SCONJ
ap-798	24	11	the	the	DET
ap-798	24	12	company	company	NOUN
ap-798	24	13	had	have	AUX
ap-798	24	14	had	have	VERB
ap-798	24	15	before	before	ADP
ap-798	24	16	the	the	DET
ap-798	24	17	change	change	NOUN
ap-798	24	18	in	in	ADP
ap-798	24	19	its	its	PRON
ap-798	24	20	capital	capital	NOUN
ap-798	24	21	structure	structure	NOUN
ap-798	24	22	,	,	PUNCT
ap-798	24	23	the	the	DET
ap-798	24	24	cost	cost	NOUN
ap-798	24	25	-	-	PUNCT
ap-798	24	26	effectiveness	effectiveness	NOUN
ap-798	24	27	of	of	ADP
ap-798	24	28	the	the	DET
ap-798	24	29	equity	equity	NOUN
ap-798	24	30	(	(	PUNCT
ap-798	24	31	the	the	DET
ap-798	24	32	profit	profit	NOUN
ap-798	24	33	divided	divide	VERB
ap-798	24	34	by	by	ADP
ap-798	24	35	the	the	DET
ap-798	24	36	equity	equity	NOUN
ap-798	24	37	)	)	PUNCT
ap-798	24	38	logically	logically	ADV
ap-798	24	39	increases	increase	VERB
ap-798	24	40	.	.	PUNCT
ap-798	25	1	if	if	SCONJ
ap-798	25	2	the	the	DET
ap-798	25	3	original	original	ADJ
ap-798	25	4	cost	cost	NOUN
ap-798	25	5	-	-	PUNCT
ap-798	25	6	effectiveness	effectiveness	NOUN
ap-798	25	7	is	be	AUX
ap-798	25	8	high	high	ADJ
ap-798	25	9	enough	enough	ADV
ap-798	25	10	for	for	ADP
ap-798	25	11	the	the	DET
ap-798	25	12	company	company	NOUN
ap-798	25	13	©	©	PROPN
ap-798	25	14	czech	czech	PROPN
ap-798	25	15	technical	technical	PROPN
ap-798	25	16	university	university	PROPN
ap-798	25	17	publishing	publishing	NOUN
ap-798	25	18	house	house	NOUN
ap-798	25	19	http://ctn.cvut.cz/ap/	http://ctn.cvut.cz/ap/	PROPN
ap-798	25	20	21	21	NUM
ap-798	25	21	czech	czech	PROPN
ap-798	25	22	technical	technical	PROPN
ap-798	25	23	university	university	PROPN
ap-798	25	24	in	in	ADP
ap-798	25	25	prague	prague	PROPN
ap-798	25	26	acta	acta	PROPN
ap-798	25	27	polytechnica	polytechnica	PROPN
ap-798	25	28	vol	vol	NOUN
ap-798	25	29	.	.	PUNCT
ap-798	26	1	46	46	NUM
ap-798	26	2	no	no	INTJ
ap-798	26	3	.	.	PUNCT
ap-798	27	1	1/2006	1/2006	NUM
ap-798	27	2	company	company	NOUN
ap-798	27	3	value	value	NOUN
ap-798	27	4	,	,	PUNCT
ap-798	27	5	real	real	ADJ
ap-798	27	6	options	option	NOUN
ap-798	27	7	and	and	CCONJ
ap-798	27	8	financial	financial	ADJ
ap-798	27	9	leverage	leverage	NOUN
ap-798	27	10	o.	o.	NOUN
ap-798	27	11	drahovzal	drahovzal	VERB
ap-798	27	12	this	this	DET
ap-798	27	13	paper	paper	NOUN
ap-798	27	14	deals	deal	NOUN
ap-798	27	15	with	with	ADP
ap-798	27	16	determining	determining	NOUN
ap-798	27	17	of	of	ADP
ap-798	27	18	the	the	DET
ap-798	27	19	value	value	NOUN
ap-798	27	20	of	of	ADP
ap-798	27	21	companies	company	NOUN
ap-798	27	22	and	and	CCONJ
ap-798	27	23	financial	financial	ADJ
ap-798	27	24	leverage	leverage	NOUN
ap-798	27	25	.	.	PUNCT
ap-798	28	1	the	the	DET
ap-798	28	2	author	author	NOUN
ap-798	28	3	tries	try	VERB
ap-798	28	4	to	to	PART
ap-798	28	5	find	find	VERB
ap-798	28	6	the	the	DET
ap-798	28	7	optimum	optimum	ADJ
ap-798	28	8	debt	debt	NOUN
ap-798	28	9	ratio	ratio	NOUN
ap-798	28	10	for	for	ADP
ap-798	28	11	selected	select	VERB
ap-798	28	12	companies	company	NOUN
ap-798	28	13	in	in	ADP
ap-798	28	14	the	the	DET
ap-798	28	15	czech	czech	PROPN
ap-798	28	16	republic	republic	NOUN
ap-798	28	17	.	.	PUNCT
ap-798	29	1	the	the	DET
ap-798	29	2	method	method	NOUN
ap-798	29	3	of	of	ADP
ap-798	29	4	yield	yield	NOUN
ap-798	29	5	option	option	NOUN
ap-798	29	6	extension	extension	NOUN
ap-798	29	7	is	be	AUX
ap-798	29	8	used	use	VERB
ap-798	29	9	for	for	ADP
ap-798	29	10	evaluating	evaluate	VERB
ap-798	29	11	a	a	DET
ap-798	29	12	company	company	NOUN
ap-798	29	13	.	.	PUNCT
ap-798	30	1	the	the	DET
ap-798	30	2	dcfc	dcfc	PROPN
ap-798	30	3	method	method	NOUN
ap-798	30	4	was	be	AUX
ap-798	30	5	selected	select	VERB
ap-798	30	6	as	as	ADP
ap-798	30	7	the	the	DET
ap-798	30	8	yield	yield	NOUN
ap-798	30	9	method	method	NOUN
ap-798	30	10	,	,	PUNCT
ap-798	30	11	due	due	ADP
ap-798	30	12	to	to	ADP
ap-798	30	13	its	its	PRON
ap-798	30	14	simplicity	simplicity	NOUN
ap-798	30	15	.	.	PUNCT
ap-798	31	1	the	the	DET
ap-798	31	2	dynamic	dynamic	ADJ
ap-798	31	3	model	model	NOUN
ap-798	31	4	used	use	VERB
ap-798	31	5	allows	allow	VERB
ap-798	31	6	us	we	PRON
ap-798	31	7	to	to	PART
ap-798	31	8	make	make	VERB
ap-798	31	9	changes	change	NOUN
ap-798	31	10	in	in	ADP
ap-798	31	11	the	the	DET
ap-798	31	12	debt	debt	NOUN
ap-798	31	13	ratio	ratio	NOUN
ap-798	31	14	with	with	ADP
ap-798	31	15	recalculations	recalculation	NOUN
ap-798	31	16	of	of	ADP
ap-798	31	17	all	all	DET
ap-798	31	18	parameters	parameter	NOUN
ap-798	31	19	that	that	PRON
ap-798	31	20	depend	depend	VERB
ap-798	31	21	on	on	ADP
ap-798	31	22	it	it	PRON
ap-798	31	23	.	.	PUNCT
ap-798	32	1	the	the	DET
ap-798	32	2	assessment	assessment	NOUN
ap-798	32	3	is	be	AUX
ap-798	32	4	made	make	VERB
ap-798	32	5	from	from	ADP
ap-798	32	6	two	two	NUM
ap-798	32	7	points	point	NOUN
ap-798	32	8	of	of	ADP
ap-798	32	9	view	view	NOUN
ap-798	32	10	:	:	PUNCT
ap-798	32	11	firstly	firstly	ADV
ap-798	32	12	,	,	PUNCT
ap-798	32	13	the	the	DET
ap-798	32	14	maximum	maximum	NOUN
ap-798	32	15	of	of	ADP
ap-798	32	16	the	the	DET
ap-798	32	17	total	total	ADJ
ap-798	32	18	amount	amount	NOUN
ap-798	32	19	of	of	ADP
ap-798	32	20	financial	financial	ADJ
ap-798	32	21	resources	resource	NOUN
ap-798	32	22	,	,	PUNCT
ap-798	32	23	and	and	CCONJ
ap-798	32	24	,	,	PUNCT
ap-798	32	25	secondly	secondly	ADV
ap-798	32	26	,	,	PUNCT
ap-798	32	27	the	the	DET
ap-798	32	28	maximum	maximum	NOUN
ap-798	32	29	of	of	ADP
ap-798	32	30	the	the	DET
ap-798	32	31	inverse	inverse	NOUN
ap-798	32	32	sums	sum	NOUN
ap-798	32	33	of	of	ADP
ap-798	32	34	the	the	DET
ap-798	32	35	roe	roe	NOUN
ap-798	32	36	index	index	NOUN
ap-798	32	37	and	and	CCONJ
ap-798	32	38	the	the	DET
ap-798	32	39	ratio	ratio	NOUN
ap-798	32	40	of	of	ADP
ap-798	32	41	equity	equity	NOUN
ap-798	32	42	to	to	ADP
ap-798	32	43	the	the	DET
ap-798	32	44	value	value	NOUN
ap-798	32	45	of	of	ADP
ap-798	32	46	the	the	DET
ap-798	32	47	company	company	NOUN
ap-798	32	48	.	.	PUNCT
ap-798	33	1	the	the	DET
ap-798	33	2	values	value	NOUN
ap-798	33	3	of	of	ADP
ap-798	33	4	the	the	DET
ap-798	33	5	total	total	ADJ
ap-798	33	6	debt	debt	NOUN
ap-798	33	7	ratio	ratio	NOUN
ap-798	33	8	and	and	CCONJ
ap-798	33	9	the	the	DET
ap-798	33	10	long	long	ADJ
ap-798	33	11	-	-	PUNCT
ap-798	33	12	term	term	NOUN
ap-798	33	13	debt	debt	NOUN
ap-798	33	14	ratio	ratio	NOUN
ap-798	33	15	are	be	AUX
ap-798	33	16	shown	show	VERB
ap-798	33	17	as	as	ADP
ap-798	33	18	results	result	NOUN
ap-798	33	19	.	.	PUNCT
ap-798	34	1	keywords	keyword	NOUN
ap-798	34	2	:	:	PUNCT
ap-798	34	3	evaluation	evaluation	NOUN
ap-798	34	4	,	,	PUNCT
ap-798	34	5	real	real	ADJ
ap-798	34	6	options	option	NOUN
ap-798	34	7	,	,	PUNCT
ap-798	34	8	financial	financial	ADJ
ap-798	34	9	leverage	leverage	NOUN
ap-798	34	10	.	.	PUNCT
ap-798	35	1	owner	owner	NOUN
ap-798	35	2	,	,	PUNCT
ap-798	35	3	the	the	DET
ap-798	35	4	profit	profit	NOUN
ap-798	35	5	can	can	AUX
ap-798	35	6	be	be	AUX
ap-798	35	7	lowered	lower	VERB
ap-798	35	8	by	by	ADP
ap-798	35	9	reducing	reduce	VERB
ap-798	35	10	prices	price	NOUN
ap-798	35	11	,	,	PUNCT
ap-798	35	12	which	which	PRON
ap-798	35	13	can	can	AUX
ap-798	35	14	result	result	VERB
ap-798	35	15	in	in	ADP
ap-798	35	16	increased	increase	VERB
ap-798	35	17	competitiveness	competitiveness	NOUN
ap-798	35	18	in	in	ADP
ap-798	35	19	the	the	DET
ap-798	35	20	market	market	NOUN
ap-798	35	21	.	.	PUNCT
ap-798	36	1	the	the	DET
ap-798	36	2	debt	debt	NOUN
ap-798	36	3	volume	volume	NOUN
ap-798	36	4	can	can	AUX
ap-798	36	5	not	not	PART
ap-798	36	6	of	of	ADV
ap-798	36	7	course	course	NOUN
ap-798	36	8	be	be	AUX
ap-798	36	9	increased	increase	VERB
ap-798	36	10	to	to	ADP
ap-798	36	11	infinity	infinity	NOUN
ap-798	36	12	.	.	PUNCT
ap-798	37	1	3	3	NUM
ap-798	37	2	calculation	calculation	NOUN
ap-798	37	3	model	model	NOUN
ap-798	37	4	because	because	SCONJ
ap-798	37	5	the	the	DET
ap-798	37	6	parameters	parameter	NOUN
ap-798	37	7	used	use	VERB
ap-798	37	8	for	for	ADP
ap-798	37	9	company	company	NOUN
ap-798	37	10	valuation	valuation	NOUN
ap-798	37	11	by	by	ADP
ap-798	37	12	the	the	DET
ap-798	37	13	dfcf	dfcf	ADJ
ap-798	37	14	method	method	NOUN
ap-798	37	15	vary	vary	VERB
ap-798	37	16	during	during	ADP
ap-798	37	17	changes	change	NOUN
ap-798	37	18	of	of	ADP
ap-798	37	19	debt	debt	NOUN
ap-798	37	20	value	value	NOUN
ap-798	37	21	,	,	PUNCT
ap-798	37	22	a	a	DET
ap-798	37	23	dynamic	dynamic	ADJ
ap-798	37	24	model	model	NOUN
ap-798	37	25	had	have	VERB
ap-798	37	26	to	to	PART
ap-798	37	27	be	be	AUX
ap-798	37	28	used	use	VERB
ap-798	37	29	.	.	PUNCT
ap-798	38	1	it	it	PRON
ap-798	38	2	recalculates	recalculate	VERB
ap-798	38	3	all	all	DET
ap-798	38	4	values	value	NOUN
ap-798	38	5	–	–	PUNCT
ap-798	38	6	loan	loan	NOUN
ap-798	38	7	interests	interest	NOUN
ap-798	38	8	,	,	PUNCT
ap-798	38	9	wacc	wacc	PROPN
ap-798	38	10	and	and	CCONJ
ap-798	38	11	even	even	ADV
ap-798	38	12	the	the	DET
ap-798	38	13	values	value	NOUN
ap-798	38	14	of	of	ADP
ap-798	38	15	predicted	predict	VERB
ap-798	38	16	profits	profit	NOUN
ap-798	38	17	within	within	ADP
ap-798	38	18	the	the	DET
ap-798	38	19	years	year	NOUN
ap-798	38	20	(	(	PUNCT
ap-798	38	21	interest	interest	NOUN
ap-798	38	22	and	and	CCONJ
ap-798	38	23	tax	tax	NOUN
ap-798	38	24	shields	shield	NOUN
ap-798	38	25	influence	influence	VERB
ap-798	38	26	the	the	DET
ap-798	38	27	value	value	NOUN
ap-798	38	28	of	of	ADP
ap-798	38	29	profit	profit	NOUN
ap-798	38	30	)	)	PUNCT
ap-798	38	31	.	.	PUNCT
ap-798	39	1	the	the	DET
ap-798	39	2	final	final	ADJ
ap-798	39	3	value	value	NOUN
ap-798	39	4	of	of	ADP
ap-798	39	5	a	a	DET
ap-798	39	6	company	company	NOUN
ap-798	39	7	and	and	CCONJ
ap-798	39	8	the	the	DET
ap-798	39	9	value	value	NOUN
ap-798	39	10	of	of	ADP
ap-798	39	11	the	the	DET
ap-798	39	12	debt	debt	NOUN
ap-798	39	13	are	be	AUX
ap-798	39	14	used	use	VERB
ap-798	39	15	as	as	ADP
ap-798	39	16	input	input	NOUN
ap-798	39	17	for	for	ADP
ap-798	39	18	the	the	DET
ap-798	39	19	real	real	ADJ
ap-798	39	20	option	option	NOUN
ap-798	39	21	.	.	PUNCT
ap-798	40	1	the	the	DET
ap-798	40	2	amount	amount	NOUN
ap-798	40	3	of	of	ADP
ap-798	40	4	equity	equity	NOUN
ap-798	40	5	and	and	CCONJ
ap-798	40	6	the	the	DET
ap-798	40	7	value	value	NOUN
ap-798	40	8	of	of	ADP
ap-798	40	9	the	the	DET
ap-798	40	10	roe	roe	NOUN
ap-798	40	11	index	index	NOUN
ap-798	40	12	(	(	PUNCT
ap-798	40	13	profitability	profitability	NOUN
ap-798	40	14	of	of	ADP
ap-798	40	15	the	the	DET
ap-798	40	16	equity	equity	NOUN
ap-798	40	17	)	)	PUNCT
ap-798	40	18	are	be	AUX
ap-798	40	19	recalculated	recalculate	VERB
ap-798	40	20	,	,	PUNCT
ap-798	40	21	also	also	ADV
ap-798	40	22	depending	depend	VERB
ap-798	40	23	on	on	ADP
ap-798	40	24	the	the	DET
ap-798	40	25	debt	debt	NOUN
ap-798	40	26	ratio	ratio	NOUN
ap-798	40	27	.	.	PUNCT
ap-798	41	1	for	for	ADP
ap-798	41	2	completeness	completeness	NOUN
ap-798	41	3	,	,	PUNCT
ap-798	41	4	the	the	DET
ap-798	41	5	range	range	NOUN
ap-798	41	6	of	of	ADP
ap-798	41	7	long	long	ADJ
ap-798	41	8	-	-	PUNCT
ap-798	41	9	term	term	NOUN
ap-798	41	10	debt	debt	NOUN
ap-798	41	11	ratio	ratio	NOUN
ap-798	41	12	is	be	AUX
ap-798	41	13	counted	count	VERB
ap-798	41	14	from	from	ADP
ap-798	41	15	0	0	NUM
ap-798	41	16	%	%	NOUN
ap-798	41	17	to	to	ADP
ap-798	41	18	100	100	NUM
ap-798	41	19	%	%	NOUN
ap-798	41	20	.	.	PUNCT
ap-798	42	1	the	the	DET
ap-798	42	2	total	total	ADJ
ap-798	42	3	amount	amount	NOUN
ap-798	42	4	of	of	ADP
ap-798	42	5	resources	resource	NOUN
ap-798	42	6	is	be	AUX
ap-798	42	7	the	the	DET
ap-798	42	8	sum	sum	NOUN
ap-798	42	9	of	of	ADP
ap-798	42	10	the	the	DET
ap-798	42	11	value	value	NOUN
ap-798	42	12	of	of	ADP
ap-798	42	13	the	the	DET
ap-798	42	14	option	option	NOUN
ap-798	42	15	and	and	CCONJ
ap-798	42	16	the	the	DET
ap-798	42	17	opportunity	opportunity	NOUN
ap-798	42	18	income	income	NOUN
ap-798	42	19	of	of	ADP
ap-798	42	20	capital	capital	NOUN
ap-798	42	21	not	not	PART
ap-798	42	22	embedded	embed	VERB
ap-798	42	23	in	in	ADP
ap-798	42	24	the	the	DET
ap-798	42	25	equity	equity	NOUN
ap-798	42	26	of	of	ADP
ap-798	42	27	the	the	DET
ap-798	42	28	company	company	NOUN
ap-798	42	29	.	.	PUNCT
ap-798	43	1	4	4	NUM
ap-798	43	2	solution	solution	NOUN
ap-798	43	3	and	and	CCONJ
ap-798	43	4	results	result	VERB
ap-798	43	5	the	the	DET
ap-798	43	6	following	follow	VERB
ap-798	43	7	companies	company	NOUN
ap-798	43	8	were	be	AUX
ap-798	43	9	selected	select	VERB
ap-798	43	10	for	for	ADP
ap-798	43	11	evaluation	evaluation	NOUN
ap-798	43	12	:	:	PUNCT
ap-798	43	13	pražská	pražská	ADJ
ap-798	43	14	energetika	energetika	PROPN
ap-798	43	15	,	,	PUNCT
ap-798	43	16	a.s	a.s	PROPN
ap-798	43	17	.	.	PROPN
ap-798	43	18	(	(	PUNCT
ap-798	43	19	pre	pre	ADJ
ap-798	43	20	)	)	PUNCT
ap-798	43	21	,	,	PUNCT
ap-798	43	22	skupina	skupina	PROPN
ap-798	43	23	čez	čez	PROPN
ap-798	43	24	,	,	PUNCT
ap-798	43	25	a.s	a.s	PROPN
ap-798	43	26	.	.	PROPN
ap-798	43	27	(	(	PUNCT
ap-798	43	28	cez	cez	PROPN
ap-798	43	29	)	)	PUNCT
ap-798	43	30	,	,	PUNCT
ap-798	43	31	pražská	pražská	PROPN
ap-798	43	32	plynárenská	plynárenská	NOUN
ap-798	43	33	,	,	PUNCT
ap-798	43	34	a.s	a.s	PROPN
ap-798	43	35	.	.	PROPN
ap-798	43	36	(	(	PUNCT
ap-798	43	37	ppas	ppas	PROPN
ap-798	43	38	)	)	PUNCT
ap-798	43	39	,	,	PUNCT
ap-798	43	40	pražská	pražská	ADJ
ap-798	43	41	teplárenská	teplárenská	NOUN
ap-798	43	42	,	,	PUNCT
ap-798	43	43	a.s	a.s	PROPN
ap-798	43	44	.	.	PROPN
ap-798	43	45	(	(	PUNCT
ap-798	43	46	ptas	pta	NOUN
ap-798	43	47	)	)	PUNCT
ap-798	43	48	,	,	PUNCT
ap-798	43	49	severočeské	severočeské	PROPN
ap-798	43	50	doly	doly	PROPN
ap-798	43	51	,	,	PUNCT
ap-798	43	52	a.s	a.s	PROPN
ap-798	43	53	.	.	PROPN
ap-798	43	54	(	(	PUNCT
ap-798	43	55	sdas	sdas	PROPN
ap-798	43	56	)	)	PUNCT
ap-798	43	57	,	,	PUNCT
ap-798	43	58	and	and	CCONJ
ap-798	43	59	české	české	PROPN
ap-798	43	60	aerolinie	aerolinie	PROPN
ap-798	43	61	,	,	PUNCT
ap-798	43	62	a.s	a.s	PROPN
ap-798	43	63	.	.	PROPN
ap-798	43	64	(	(	PUNCT
ap-798	43	65	csa	csa	PROPN
ap-798	43	66	)	)	PUNCT
ap-798	43	67	.	.	PUNCT
ap-798	44	1	for	for	ADP
ap-798	44	2	each	each	DET
ap-798	44	3	company	company	NOUN
ap-798	44	4	,	,	PUNCT
ap-798	44	5	the	the	DET
ap-798	44	6	amount	amount	NOUN
ap-798	44	7	of	of	ADP
ap-798	44	8	own	own	ADJ
ap-798	44	9	capital	capital	NOUN
ap-798	44	10	costs	cost	NOUN
ap-798	44	11	,	,	PUNCT
ap-798	44	12	the	the	DET
ap-798	44	13	actual	actual	ADJ
ap-798	44	14	level	level	NOUN
ap-798	44	15	of	of	ADP
ap-798	44	16	debt	debt	NOUN
ap-798	44	17	ratio	ratio	NOUN
ap-798	44	18	,	,	PUNCT
ap-798	44	19	interest	interest	NOUN
ap-798	44	20	and	and	CCONJ
ap-798	44	21	other	other	ADJ
ap-798	44	22	entries	entry	NOUN
ap-798	44	23	were	be	AUX
ap-798	44	24	found	find	VERB
ap-798	44	25	in	in	ADP
ap-798	44	26	public	public	ADJ
ap-798	44	27	annual	annual	ADJ
ap-798	44	28	reports	report	NOUN
ap-798	44	29	downloaded	download	VERB
ap-798	44	30	from	from	ADP
ap-798	44	31	the	the	DET
ap-798	44	32	internet	internet	NOUN
ap-798	44	33	in	in	ADP
ap-798	44	34	the	the	DET
ap-798	44	35	first	first	ADJ
ap-798	44	36	step	step	NOUN
ap-798	44	37	.	.	PUNCT
ap-798	45	1	in	in	ADP
ap-798	45	2	the	the	DET
ap-798	45	3	second	second	ADJ
ap-798	45	4	step	step	NOUN
ap-798	45	5	,	,	PUNCT
ap-798	45	6	the	the	DET
ap-798	45	7	volatility	volatility	NOUN
ap-798	45	8	of	of	ADP
ap-798	45	9	assets	asset	NOUN
ap-798	45	10	for	for	ADP
ap-798	45	11	each	each	DET
ap-798	45	12	company	company	NOUN
ap-798	45	13	in	in	ADP
ap-798	45	14	the	the	DET
ap-798	45	15	list	list	NOUN
ap-798	45	16	was	be	AUX
ap-798	45	17	calculated	calculate	VERB
ap-798	45	18	from	from	ADP
ap-798	45	19	the	the	DET
ap-798	45	20	four	four	NUM
ap-798	45	21	-	-	PUNCT
ap-798	45	22	year	year	NOUN
ap-798	45	23	daily	daily	ADJ
ap-798	45	24	history	history	NOUN
ap-798	45	25	of	of	ADP
ap-798	45	26	stock	stock	NOUN
ap-798	45	27	prices	price	NOUN
ap-798	45	28	.	.	PUNCT
ap-798	46	1	in	in	ADP
ap-798	46	2	the	the	DET
ap-798	46	3	third	third	ADJ
ap-798	46	4	step	step	NOUN
ap-798	46	5	,	,	PUNCT
ap-798	46	6	free	free	ADJ
ap-798	46	7	cash	cash	NOUN
ap-798	46	8	flows	flow	NOUN
ap-798	46	9	for	for	ADP
ap-798	46	10	the	the	DET
ap-798	46	11	next	next	ADJ
ap-798	46	12	six	six	NUM
ap-798	46	13	years	year	NOUN
ap-798	46	14	were	be	AUX
ap-798	46	15	roughly	roughly	ADV
ap-798	46	16	predicted	predict	VERB
ap-798	46	17	by	by	ADP
ap-798	46	18	estimating	estimate	VERB
ap-798	46	19	the	the	DET
ap-798	46	20	profit	profit	NOUN
ap-798	46	21	,	,	PUNCT
ap-798	46	22	amortization	amortization	NOUN
ap-798	46	23	and	and	CCONJ
ap-798	46	24	depreciation	depreciation	NOUN
ap-798	46	25	and	and	CCONJ
ap-798	46	26	investment	investment	NOUN
ap-798	46	27	value	value	NOUN
ap-798	46	28	.	.	PUNCT
ap-798	47	1	the	the	DET
ap-798	47	2	estimates	estimate	NOUN
ap-798	47	3	were	be	AUX
ap-798	47	4	made	make	VERB
ap-798	47	5	by	by	ADP
ap-798	47	6	processing	process	VERB
ap-798	47	7	the	the	DET
ap-798	47	8	six	six	NUM
ap-798	47	9	-	-	PUNCT
ap-798	47	10	year	year	NOUN
ap-798	47	11	history	history	NOUN
ap-798	47	12	.	.	PUNCT
ap-798	48	1	regression	regression	NOUN
ap-798	48	2	functions	function	NOUN
ap-798	48	3	(	(	PUNCT
ap-798	48	4	polynomic	polynomic	ADJ
ap-798	48	5	,	,	PUNCT
ap-798	48	6	logarithmic	logarithmic	ADJ
ap-798	48	7	or	or	CCONJ
ap-798	48	8	exponentional	exponentional	ADJ
ap-798	48	9	)	)	PUNCT
ap-798	48	10	or	or	CCONJ
ap-798	48	11	some	some	DET
ap-798	48	12	coefficients	coefficient	NOUN
ap-798	48	13	and	and	CCONJ
ap-798	48	14	ratios	ratio	NOUN
ap-798	48	15	(	(	PUNCT
ap-798	48	16	e.g.	e.g.	ADV
ap-798	48	17	ratio	ratio	NOUN
ap-798	48	18	of	of	ADP
ap-798	48	19	investments	investment	NOUN
ap-798	48	20	and	and	CCONJ
ap-798	48	21	depreciations	depreciation	NOUN
ap-798	48	22	)	)	PUNCT
ap-798	48	23	resulted	result	VERB
ap-798	48	24	from	from	ADP
ap-798	48	25	the	the	DET
ap-798	48	26	estimates	estimate	NOUN
ap-798	48	27	and	and	CCONJ
ap-798	48	28	were	be	AUX
ap-798	48	29	used	use	VERB
ap-798	48	30	for	for	ADP
ap-798	48	31	the	the	DET
ap-798	48	32	prediction	prediction	NOUN
ap-798	48	33	.	.	PUNCT
ap-798	49	1	because	because	SCONJ
ap-798	49	2	of	of	ADP
ap-798	49	3	the	the	DET
ap-798	49	4	simplification	simplification	NOUN
ap-798	49	5	,	,	PUNCT
ap-798	49	6	the	the	DET
ap-798	49	7	expected	expect	VERB
ap-798	49	8	growth	growth	NOUN
ap-798	49	9	rate	rate	NOUN
ap-798	49	10	of	of	ADP
ap-798	49	11	the	the	DET
ap-798	49	12	future	future	ADJ
ap-798	49	13	cash	cash	NOUN
ap-798	49	14	flow	flow	NOUN
ap-798	49	15	g	g	PROPN
ap-798	49	16	was	be	AUX
ap-798	49	17	estimated	estimate	VERB
ap-798	49	18	at	at	ADP
ap-798	49	19	the	the	DET
ap-798	49	20	same	same	ADJ
ap-798	49	21	value	value	NOUN
ap-798	49	22	for	for	ADP
ap-798	49	23	each	each	DET
ap-798	49	24	company	company	NOUN
ap-798	49	25	.	.	PUNCT
ap-798	50	1	for	for	ADP
ap-798	50	2	determining	determine	VERB
ap-798	50	3	the	the	DET
ap-798	50	4	optimum	optimum	ADJ
ap-798	50	5	debt	debt	NOUN
ap-798	50	6	ratio	ratio	NOUN
ap-798	50	7	,	,	PUNCT
ap-798	50	8	two	two	NUM
ap-798	50	9	evaluation	evaluation	NOUN
ap-798	50	10	methods	method	NOUN
ap-798	50	11	were	be	AUX
ap-798	50	12	used	use	VERB
ap-798	50	13	.	.	PUNCT
ap-798	51	1	the	the	DET
ap-798	51	2	first	first	ADJ
ap-798	51	3	uses	use	VERB
ap-798	51	4	the	the	DET
ap-798	51	5	maximum	maximum	NOUN
ap-798	51	6	of	of	ADP
ap-798	51	7	the	the	DET
ap-798	51	8	total	total	ADJ
ap-798	51	9	amount	amount	NOUN
ap-798	51	10	of	of	ADP
ap-798	51	11	financial	financial	ADJ
ap-798	51	12	resources	resource	NOUN
ap-798	51	13	,	,	PUNCT
ap-798	51	14	while	while	SCONJ
ap-798	51	15	the	the	DET
ap-798	51	16	second	second	NOUN
ap-798	51	17	uses	use	VERB
ap-798	51	18	the	the	DET
ap-798	51	19	maximum	maximum	NOUN
ap-798	51	20	of	of	ADP
ap-798	51	21	the	the	DET
ap-798	51	22	inverse	inverse	NOUN
ap-798	51	23	sums	sum	NOUN
ap-798	51	24	of	of	ADP
ap-798	51	25	the	the	DET
ap-798	51	26	roe	roe	NOUN
ap-798	51	27	index	index	NOUN
ap-798	51	28	and	and	CCONJ
ap-798	51	29	the	the	DET
ap-798	51	30	ratio	ratio	NOUN
ap-798	51	31	of	of	ADP
ap-798	51	32	equity	equity	NOUN
ap-798	51	33	to	to	ADP
ap-798	51	34	the	the	DET
ap-798	51	35	company	company	NOUN
ap-798	51	36	’s	’s	PART
ap-798	51	37	value	value	NOUN
ap-798	51	38	.	.	PUNCT
ap-798	52	1	this	this	DET
ap-798	52	2	index	index	NOUN
ap-798	52	3	evaluates	evaluate	VERB
ap-798	52	4	the	the	DET
ap-798	52	5	debt	debt	NOUN
ap-798	52	6	ratio	ratio	NOUN
ap-798	52	7	also	also	ADV
ap-798	52	8	from	from	ADP
ap-798	52	9	the	the	DET
ap-798	52	10	point	point	NOUN
ap-798	52	11	of	of	ADP
ap-798	52	12	view	view	NOUN
ap-798	52	13	of	of	ADP
ap-798	52	14	the	the	DET
ap-798	52	15	profitability	profitability	NOUN
ap-798	52	16	of	of	ADP
ap-798	52	17	the	the	DET
ap-798	52	18	equity	equity	NOUN
ap-798	52	19	.	.	PUNCT
ap-798	53	1	the	the	DET
ap-798	53	2	formula	formula	NOUN
ap-798	53	3	for	for	ADP
ap-798	53	4	the	the	DET
ap-798	53	5	optimum	optimum	ADJ
ap-798	53	6	debt	debt	NOUN
ap-798	53	7	ratio	ratio	NOUN
ap-798	53	8	from	from	ADP
ap-798	53	9	the	the	DET
ap-798	53	10	view	view	NOUN
ap-798	53	11	of	of	ADP
ap-798	53	12	total	total	ADJ
ap-798	53	13	value	value	NOUN
ap-798	53	14	of	of	ADP
ap-798	53	15	resources	resource	NOUN
ap-798	53	16	is	be	AUX
ap-798	53	17	:	:	PUNCT
ap-798	53	18	d	d	X
ap-798	53	19	v	v	NOUN
ap-798	53	20	or	or	CCONJ
ap-798	53	21	drv	drv	PROPN
ap-798	53	22	dr	dr	PROPN
ap-798	53	23	dr	dr	PROPN
ap-798	53	24	�	�	PROPN
ap-798	53	25	�	�	PROPN
ap-798	53	26	max	max	PROPN
ap-798	53	27	{	{	PUNCT
ap-798	53	28	;	;	PUNCT
ap-798	53	29	}	}	PUNCT
ap-798	53	30	0	0	NUM
ap-798	53	31	1	1	NUM
ap-798	53	32	(	(	PUNCT
ap-798	53	33	9	9	NUM
ap-798	53	34	)	)	PUNCT
ap-798	53	35	where	where	SCONJ
ap-798	53	36	dr	dr	PROPN
ap-798	53	37	is	be	AUX
ap-798	53	38	the	the	DET
ap-798	53	39	debt	debt	NOUN
ap-798	53	40	ratio	ratio	NOUN
ap-798	53	41	,	,	PUNCT
ap-798	53	42	v	v	NOUN
ap-798	53	43	is	be	AUX
ap-798	53	44	the	the	DET
ap-798	53	45	option	option	NOUN
ap-798	53	46	value	value	NOUN
ap-798	53	47	and	and	CCONJ
ap-798	53	48	or	or	CCONJ
ap-798	53	49	is	be	AUX
ap-798	53	50	the	the	DET
ap-798	53	51	opportunity	opportunity	NOUN
ap-798	53	52	revenues	revenue	NOUN
ap-798	53	53	.	.	PUNCT
ap-798	54	1	the	the	DET
ap-798	54	2	formula	formula	NOUN
ap-798	54	3	for	for	ADP
ap-798	54	4	the	the	DET
ap-798	54	5	optimum	optimum	ADJ
ap-798	54	6	debt	debt	NOUN
ap-798	54	7	ratio	ratio	NOUN
ap-798	54	8	for	for	ADP
ap-798	54	9	profitability	profitability	NOUN
ap-798	54	10	is	be	AUX
ap-798	54	11	:	:	PUNCT
ap-798	54	12	d	d	X
ap-798	54	13	e	e	X
ap-798	54	14	v	v	NUM
ap-798	54	15	roe	roe	NOUN
ap-798	54	16	drv	drv	PROPN
ap-798	54	17	dr	dr	PROPN
ap-798	54	18	dr	dr	PROPN
ap-798	54	19	dr	dr	PROPN
ap-798	54	20	�	�	PROPN
ap-798	54	21	�	�	PROPN
ap-798	54	22	�	�	PROPN
ap-798	54	23	�	�	PROPN
ap-798	54	24	�	�	PROPN
ap-798	54	25	�	�	PROPN
ap-798	54	26	�	�	PROPN
ap-798	54	27	�	�	PROPN
ap-798	54	28	�	�	PROPN
ap-798	54	29	�	�	PROPN
ap-798	54	30	�	�	PROPN
ap-798	54	31	�	�	PROPN
ap-798	54	32	�	�	PROPN
ap-798	54	33	�	�	PROPN
ap-798	54	34	max	max	PROPN
ap-798	54	35	;	;	PUNCT
ap-798	54	36	0	0	NUM
ap-798	54	37	1	1	NUM
ap-798	54	38	(	(	PUNCT
ap-798	54	39	10	10	NUM
ap-798	54	40	)	)	PUNCT
ap-798	54	41	where	where	SCONJ
ap-798	54	42	dr	dr	PROPN
ap-798	54	43	is	be	AUX
ap-798	54	44	the	the	DET
ap-798	54	45	debt	debt	NOUN
ap-798	54	46	ratio	ratio	NOUN
ap-798	54	47	,	,	PUNCT
ap-798	54	48	e	e	X
ap-798	54	49	is	be	AUX
ap-798	54	50	the	the	DET
ap-798	54	51	value	value	NOUN
ap-798	54	52	of	of	ADP
ap-798	54	53	the	the	DET
ap-798	54	54	equity	equity	NOUN
ap-798	54	55	,	,	PUNCT
ap-798	54	56	v	v	NOUN
ap-798	54	57	is	be	AUX
ap-798	54	58	the	the	DET
ap-798	54	59	value	value	NOUN
ap-798	54	60	of	of	ADP
ap-798	54	61	the	the	DET
ap-798	54	62	option	option	NOUN
ap-798	54	63	and	and	CCONJ
ap-798	54	64	roe	roe	NOUN
ap-798	54	65	is	be	AUX
ap-798	54	66	the	the	DET
ap-798	54	67	profitability	profitability	NOUN
ap-798	54	68	of	of	ADP
ap-798	54	69	the	the	DET
ap-798	54	70	equity	equity	NOUN
ap-798	54	71	.	.	PUNCT
ap-798	55	1	the	the	DET
ap-798	55	2	long	long	ADJ
ap-798	55	3	-	-	PUNCT
ap-798	55	4	term	term	NOUN
ap-798	55	5	debt	debt	NOUN
ap-798	55	6	ratio	ratio	NOUN
ap-798	55	7	(	(	PUNCT
ap-798	55	8	ratio	ratio	NOUN
ap-798	55	9	of	of	ADP
ap-798	55	10	the	the	DET
ap-798	55	11	long	long	ADJ
ap-798	55	12	-	-	PUNCT
ap-798	55	13	term	term	NOUN
ap-798	55	14	loans	loan	NOUN
ap-798	55	15	to	to	ADP
ap-798	55	16	the	the	DET
ap-798	55	17	sum	sum	NOUN
ap-798	55	18	of	of	ADP
ap-798	55	19	the	the	DET
ap-798	55	20	long	long	ADJ
ap-798	55	21	-	-	PUNCT
ap-798	55	22	term	term	NOUN
ap-798	55	23	loans	loan	NOUN
ap-798	55	24	and	and	CCONJ
ap-798	55	25	the	the	DET
ap-798	55	26	equity	equity	NOUN
ap-798	55	27	)	)	PUNCT
ap-798	55	28	is	be	AUX
ap-798	55	29	presented	present	VERB
ap-798	55	30	as	as	ADP
ap-798	55	31	22	22	NUM
ap-798	55	32	©	©	PROPN
ap-798	55	33	czech	czech	PROPN
ap-798	55	34	technical	technical	PROPN
ap-798	55	35	university	university	PROPN
ap-798	55	36	publishing	publishing	NOUN
ap-798	55	37	house	house	NOUN
ap-798	55	38	http://ctn.cvut.cz/ap/	http://ctn.cvut.cz/ap/	PROPN
ap-798	55	39	acta	acta	PROPN
ap-798	55	40	polytechnica	polytechnica	PROPN
ap-798	55	41	vol	vol	NOUN
ap-798	55	42	.	.	PUNCT
ap-798	56	1	46	46	NUM
ap-798	56	2	no	no	INTJ
ap-798	56	3	.	.	PUNCT
ap-798	57	1	1/2006	1/2006	NUM
ap-798	57	2	czech	czech	PROPN
ap-798	57	3	technical	technical	PROPN
ap-798	57	4	university	university	PROPN
ap-798	57	5	in	in	ADP
ap-798	57	6	prague	prague	PROPN
ap-798	57	7	fig	fig	NOUN
ap-798	57	8	.	.	PUNCT
ap-798	58	1	1	1	NUM
ap-798	58	2	:	:	PUNCT
ap-798	58	3	structure	structure	NOUN
ap-798	58	4	of	of	ADP
ap-798	58	5	the	the	DET
ap-798	58	6	calculation	calculation	NOUN
ap-798	58	7	model	model	NOUN
ap-798	58	8	the	the	DET
ap-798	58	9	main	main	ADJ
ap-798	58	10	result	result	NOUN
ap-798	58	11	.	.	PUNCT
ap-798	59	1	the	the	DET
ap-798	59	2	total	total	ADJ
ap-798	59	3	debt	debt	NOUN
ap-798	59	4	ratio	ratio	NOUN
ap-798	59	5	is	be	AUX
ap-798	59	6	shown	show	VERB
ap-798	59	7	in	in	ADP
ap-798	59	8	parenthesis	parenthesis	NOUN
ap-798	59	9	(	(	PUNCT
ap-798	59	10	the	the	DET
ap-798	59	11	ratio	ratio	NOUN
ap-798	59	12	of	of	ADP
ap-798	59	13	the	the	DET
ap-798	59	14	outside	outside	ADJ
ap-798	59	15	capital	capital	NOUN
ap-798	59	16	to	to	ADP
ap-798	59	17	the	the	DET
ap-798	59	18	total	total	ADJ
ap-798	59	19	amount	amount	NOUN
ap-798	59	20	of	of	ADP
ap-798	59	21	capital	capital	NOUN
ap-798	59	22	)	)	PUNCT
ap-798	59	23	.	.	PUNCT
ap-798	60	1	5	5	NUM
ap-798	60	2	conclusion	conclusion	NOUN
ap-798	60	3	the	the	DET
ap-798	60	4	calculations	calculation	NOUN
ap-798	60	5	show	show	VERB
ap-798	60	6	that	that	SCONJ
ap-798	60	7	the	the	DET
ap-798	60	8	energy	energy	NOUN
ap-798	60	9	companies	company	NOUN
ap-798	60	10	in	in	ADP
ap-798	60	11	the	the	DET
ap-798	60	12	czech	czech	PROPN
ap-798	60	13	republic	republic	NOUN
ap-798	60	14	,	,	PUNCT
ap-798	60	15	with	with	ADP
ap-798	60	16	a	a	DET
ap-798	60	17	few	few	ADJ
ap-798	60	18	exceptions	exception	NOUN
ap-798	60	19	,	,	PUNCT
ap-798	60	20	are	be	AUX
ap-798	60	21	using	use	VERB
ap-798	60	22	a	a	DET
ap-798	60	23	very	very	ADV
ap-798	60	24	low	low	ADJ
ap-798	60	25	level	level	NOUN
ap-798	60	26	of	of	ADP
ap-798	60	27	outside	outside	ADJ
ap-798	60	28	capital	capital	NOUN
ap-798	60	29	.	.	PUNCT
ap-798	61	1	the	the	DET
ap-798	61	2	managers	manager	NOUN
ap-798	61	3	are	be	AUX
ap-798	61	4	not	not	PART
ap-798	61	5	even	even	ADV
ap-798	61	6	lowering	lower	VERB
ap-798	61	7	their	their	PRON
ap-798	61	8	profitability	profitability	NOUN
ap-798	61	9	indices	index	NOUN
ap-798	61	10	,	,	PUNCT
ap-798	61	11	but	but	CCONJ
ap-798	61	12	they	they	PRON
ap-798	61	13	are	be	AUX
ap-798	61	14	also	also	ADV
ap-798	61	15	failing	fail	VERB
ap-798	61	16	to	to	PART
ap-798	61	17	increase	increase	VERB
ap-798	61	18	the	the	DET
ap-798	61	19	yield	yield	NOUN
ap-798	61	20	from	from	ADP
ap-798	61	21	the	the	DET
ap-798	61	22	equity	equity	NOUN
ap-798	61	23	to	to	ADP
ap-798	61	24	a	a	DET
ap-798	61	25	level	level	NOUN
ap-798	61	26	which	which	PRON
ap-798	61	27	could	could	AUX
ap-798	61	28	be	be	AUX
ap-798	61	29	achieved	achieve	VERB
ap-798	61	30	with	with	ADP
ap-798	61	31	a	a	DET
ap-798	61	32	better	well	ADJ
ap-798	61	33	capital	capital	NOUN
ap-798	61	34	structure	structure	NOUN
ap-798	61	35	in	in	ADP
ap-798	61	36	the	the	DET
ap-798	61	37	companies	company	NOUN
ap-798	61	38	.	.	PUNCT
ap-798	62	1	acknowledgments	acknowledgment	NOUN
ap-798	62	2	this	this	DET
ap-798	62	3	research	research	NOUN
ap-798	62	4	was	be	AUX
ap-798	62	5	financially	financially	ADV
ap-798	62	6	supported	support	VERB
ap-798	62	7	by	by	ADP
ap-798	62	8	research	research	NOUN
ap-798	62	9	project	project	NOUN
ap-798	62	10	msm6840770017	msm6840770017	ADV
ap-798	62	11	of	of	ADP
ap-798	62	12	the	the	DET
ap-798	62	13	czech	czech	PROPN
ap-798	62	14	ministry	ministry	PROPN
ap-798	62	15	of	of	ADP
ap-798	62	16	education	education	PROPN
ap-798	62	17	,	,	PUNCT
ap-798	62	18	youth	youth	NOUN
ap-798	62	19	and	and	CCONJ
ap-798	62	20	sports	sport	NOUN
ap-798	62	21	.	.	PUNCT
ap-798	63	1	references	reference	NOUN
ap-798	63	2	:	:	PUNCT
ap-798	64	1	[	[	X
ap-798	64	2	1	1	NUM
ap-798	64	3	]	]	PUNCT
ap-798	64	4	scholleová	scholleová	PROPN
ap-798	64	5	,	,	PUNCT
ap-798	64	6	h.	h.	PROPN
ap-798	64	7	:	:	PUNCT
ap-798	64	8	“	"	PUNCT
ap-798	64	9	real	real	ADJ
ap-798	64	10	options	option	NOUN
ap-798	64	11	.	.	PUNCT
ap-798	64	12	”	"	PUNCT
ap-798	65	1	dissertation	dissertation	NOUN
ap-798	65	2	thesis	thesis	NOUN
ap-798	65	3	,	,	PUNCT
ap-798	65	4	prague	prague	NOUN
ap-798	65	5	,	,	PUNCT
ap-798	65	6	2004	2004	NUM
ap-798	65	7	.	.	PUNCT
ap-798	66	1	[	[	X
ap-798	66	2	2	2	NUM
ap-798	66	3	]	]	PUNCT
ap-798	66	4	sedláček	sedláček	NOUN
ap-798	66	5	,	,	PUNCT
ap-798	66	6	j.	j.	PROPN
ap-798	66	7	:	:	PUNCT
ap-798	66	8	accounting	account	VERB
ap-798	66	9	data	datum	NOUN
ap-798	66	10	in	in	ADP
ap-798	66	11	manager	manager	NOUN
ap-798	66	12	’s	’s	PART
ap-798	66	13	hand	hand	NOUN
ap-798	66	14	.	.	PUNCT
ap-798	67	1	prague	prague	NOUN
ap-798	67	2	:	:	PUNCT
ap-798	67	3	computer	computer	NOUN
ap-798	67	4	press	press	NOUN
ap-798	67	5	2001	2001	NUM
ap-798	67	6	.	.	PUNCT
ap-798	68	1	[	[	X
ap-798	68	2	3	3	NUM
ap-798	68	3	]	]	X
ap-798	68	4	fernández	fernández	PROPN
ap-798	68	5	,	,	PUNCT
ap-798	68	6	p.	p.	NOUN
ap-798	68	7	:	:	PUNCT
ap-798	68	8	valuation	valuation	NOUN
ap-798	68	9	methods	method	NOUN
ap-798	68	10	and	and	CCONJ
ap-798	68	11	shareholder	shareholder	NOUN
ap-798	68	12	value	value	NOUN
ap-798	68	13	creation	creation	NOUN
ap-798	68	14	.	.	PUNCT
ap-798	69	1	san	san	PROPN
ap-798	69	2	diego	diego	PROPN
ap-798	69	3	:	:	PUNCT
ap-798	69	4	academic	academic	ADJ
ap-798	69	5	press	press	NOUN
ap-798	69	6	2002	2002	NUM
ap-798	69	7	.	.	PUNCT
ap-798	70	1	[	[	X
ap-798	70	2	4	4	NUM
ap-798	70	3	]	]	ADJ
ap-798	70	4	sůvová	sůvová	NOUN
ap-798	70	5	,	,	PUNCT
ap-798	70	6	h.	h.	NOUN
ap-798	70	7	:	:	PUNCT
ap-798	70	8	financial	financial	ADJ
ap-798	70	9	analysis	analysis	NOUN
ap-798	70	10	.	.	PUNCT
ap-798	71	1	prague	prague	NOUN
ap-798	71	2	:	:	PUNCT
ap-798	71	3	bank	bank	PROPN
ap-798	71	4	institut	institut	PROPN
ap-798	71	5	2000	2000	NUM
ap-798	71	6	.	.	PUNCT
ap-798	72	1	[	[	X
ap-798	72	2	5	5	X
ap-798	72	3	]	]	PUNCT
ap-798	72	4	annual	annual	ADJ
ap-798	72	5	reports	report	NOUN
ap-798	72	6	and	and	CCONJ
ap-798	72	7	stock	stock	NOUN
ap-798	72	8	price	price	NOUN
ap-798	72	9	histories	history	NOUN
ap-798	72	10	of	of	ADP
ap-798	72	11	the	the	DET
ap-798	72	12	investigated	investigate	VERB
ap-798	72	13	companies	company	NOUN
ap-798	72	14	.	.	PUNCT
ap-798	73	1	ing	ing	ADJ
ap-798	73	2	.	.	PUNCT
ap-798	74	1	ota	ota	PROPN
ap-798	74	2	drahovzal	drahovzal	PROPN
ap-798	74	3	drahovo@fel.cvut.cz	drahovo@fel.cvut.cz	PROPN
ap-798	74	4	department	department	PROPN
ap-798	74	5	of	of	ADP
ap-798	74	6	economics	economic	NOUN
ap-798	74	7	,	,	PUNCT
ap-798	74	8	management	management	NOUN
ap-798	74	9	and	and	CCONJ
ap-798	74	10	humanities	humanity	NOUN
ap-798	74	11	czech	czech	PROPN
ap-798	74	12	technical	technical	PROPN
ap-798	74	13	university	university	PROPN
ap-798	74	14	in	in	ADP
ap-798	74	15	prague	prague	PROPN
ap-798	74	16	faculty	faculty	NOUN
ap-798	74	17	of	of	ADP
ap-798	74	18	electrical	electrical	ADJ
ap-798	74	19	engineering	engineering	NOUN
ap-798	74	20	technická	technická	NOUN
ap-798	74	21	2	2	NUM
ap-798	74	22	166	166	NUM
ap-798	74	23	27	27	NUM
ap-798	74	24	prague	prague	NOUN
ap-798	74	25	6	6	NUM
ap-798	74	26	,	,	PUNCT
ap-798	74	27	czech	czech	PROPN
ap-798	74	28	republic	republic	NOUN
ap-798	74	29	©	©	PROPN
ap-798	74	30	czech	czech	PROPN
ap-798	74	31	technical	technical	PROPN
ap-798	74	32	university	university	PROPN
ap-798	74	33	publishing	publishing	NOUN
ap-798	74	34	house	house	NOUN
ap-798	74	35	http://ctn.cvut.cz/ap/	http://ctn.cvut.cz/ap/	PROPN
ap-798	74	36	23	23	NUM
ap-798	74	37	czech	czech	PROPN
ap-798	74	38	technical	technical	PROPN
ap-798	74	39	university	university	PROPN
ap-798	74	40	in	in	ADP
ap-798	74	41	prague	prague	PROPN
ap-798	74	42	acta	acta	PROPN
ap-798	74	43	polytechnica	polytechnica	PROPN
ap-798	74	44	vol	vol	NOUN
ap-798	74	45	.	.	PUNCT
ap-798	75	1	46	46	NUM
ap-798	75	2	no	no	INTJ
ap-798	75	3	.	.	PUNCT
ap-798	76	1	1/2006	1/2006	NUM
ap-798	76	2	debt	debt	NOUN
ap-798	76	3	ratio	ratio	NOUN
ap-798	76	4	actual	actual	ADJ
ap-798	76	5	optimum	optimum	NOUN
ap-798	76	6	(	(	PUNCT
ap-798	76	7	v	v	NOUN
ap-798	76	8	)	)	PUNCT
ap-798	76	9	optimum	optimum	NOUN
ap-798	76	10	(	(	PUNCT
ap-798	76	11	e	e	NOUN
ap-798	76	12	)	)	PUNCT
ap-798	76	13	pre	pre	VERB
ap-798	76	14	0	0	NUM
ap-798	76	15	%	%	NOUN
ap-798	76	16	(	(	PUNCT
ap-798	76	17	27	27	NUM
ap-798	76	18	%	%	NOUN
ap-798	76	19	)	)	PUNCT
ap-798	76	20	36	36	NUM
ap-798	76	21	%	%	NOUN
ap-798	76	22	(	(	PUNCT
ap-798	76	23	49	49	NUM
ap-798	76	24	%	%	NOUN
ap-798	76	25	)	)	PUNCT
ap-798	76	26	44	44	NUM
ap-798	76	27	%	%	NOUN
ap-798	76	28	(	(	PUNCT
ap-798	76	29	54	54	NUM
ap-798	76	30	%	%	NOUN
ap-798	76	31	)	)	PUNCT
ap-798	76	32	cez	cez	NOUN
ap-798	76	33	6	6	NUM
ap-798	76	34	%	%	NOUN
ap-798	76	35	(	(	PUNCT
ap-798	76	36	36	36	NUM
ap-798	76	37	%	%	NOUN
ap-798	76	38	)	)	PUNCT
ap-798	76	39	32	32	NUM
ap-798	76	40	%	%	NOUN
ap-798	76	41	(	(	PUNCT
ap-798	76	42	53	53	NUM
ap-798	76	43	%	%	NOUN
ap-798	76	44	)	)	PUNCT
ap-798	76	45	40	40	NUM
ap-798	76	46	%	%	NOUN
ap-798	76	47	(	(	PUNCT
ap-798	76	48	59	59	NUM
ap-798	76	49	%	%	NOUN
ap-798	76	50	)	)	PUNCT
ap-798	76	51	ppas	ppas	NOUN
ap-798	76	52	0	0	NUM
ap-798	76	53	%	%	NOUN
ap-798	76	54	(	(	PUNCT
ap-798	76	55	57	57	NUM
ap-798	76	56	%	%	NOUN
ap-798	76	57	)	)	PUNCT
ap-798	76	58	34	34	NUM
ap-798	76	59	%	%	NOUN
ap-798	76	60	(	(	PUNCT
ap-798	76	61	71	71	NUM
ap-798	76	62	%	%	NOUN
ap-798	76	63	)	)	PUNCT
ap-798	76	64	45	45	NUM
ap-798	76	65	%	%	NOUN
ap-798	76	66	(	(	PUNCT
ap-798	76	67	76	76	NUM
ap-798	76	68	%	%	NOUN
ap-798	76	69	)	)	PUNCT
ap-798	76	70	ptas	pta	NOUN
ap-798	76	71	33	33	NUM
ap-798	76	72	%	%	NOUN
ap-798	76	73	(	(	PUNCT
ap-798	76	74	40	40	NUM
ap-798	76	75	%	%	NOUN
ap-798	76	76	)	)	PUNCT
ap-798	76	77	34	34	NUM
ap-798	76	78	%	%	NOUN
ap-798	76	79	(	(	PUNCT
ap-798	76	80	41	41	NUM
ap-798	76	81	%	%	NOUN
ap-798	76	82	)	)	PUNCT
ap-798	76	83	47	47	NUM
ap-798	76	84	%	%	NOUN
ap-798	76	85	(	(	PUNCT
ap-798	76	86	53	53	NUM
ap-798	76	87	%	%	NOUN
ap-798	76	88	)	)	PUNCT
ap-798	76	89	sdas	sdas	NOUN
ap-798	76	90	0	0	NUM
ap-798	76	91	%	%	NOUN
ap-798	76	92	(	(	PUNCT
ap-798	76	93	26	26	NUM
ap-798	76	94	%	%	NOUN
ap-798	76	95	)	)	PUNCT
ap-798	76	96	32	32	NUM
ap-798	76	97	%	%	NOUN
ap-798	76	98	(	(	PUNCT
ap-798	76	99	50	50	NUM
ap-798	76	100	%	%	NOUN
ap-798	76	101	)	)	PUNCT
ap-798	76	102	37	37	NUM
ap-798	76	103	%	%	NOUN
ap-798	76	104	(	(	PUNCT
ap-798	76	105	53	53	NUM
ap-798	76	106	%	%	NOUN
ap-798	76	107	)	)	PUNCT
ap-798	77	1	csa	csa	PROPN
ap-798	77	2	34	34	NUM
ap-798	77	3	%	%	NOUN
ap-798	77	4	(	(	PUNCT
ap-798	77	5	57	57	NUM
ap-798	77	6	%	%	NOUN
ap-798	77	7	)	)	PUNCT
ap-798	77	8	35	35	NUM
ap-798	77	9	%	%	NOUN
ap-798	77	10	(	(	PUNCT
ap-798	77	11	57	57	NUM
ap-798	77	12	%	%	NOUN
ap-798	77	13	)	)	PUNCT
ap-798	77	14	56	56	NUM
ap-798	77	15	%	%	NOUN
ap-798	77	16	(	(	PUNCT
ap-798	77	17	63	63	NUM
ap-798	77	18	%	%	NOUN
ap-798	77	19	)	)	PUNCT
ap-798	77	20	table	table	NOUN
ap-798	77	21	1	1	NUM
ap-798	77	22	:	:	PUNCT
ap-798	77	23	results	result	NOUN
ap-798	77	24	of	of	ADP
ap-798	77	25	calculations	calculation	NOUN
ap-798	77	26	fig	fig	NOUN
ap-798	77	27	.	.	PUNCT
ap-798	78	1	2	2	NUM
ap-798	78	2	:	:	PUNCT
ap-798	78	3	sample	sample	NOUN
ap-798	78	4	of	of	ADP
ap-798	78	5	the	the	DET
ap-798	78	6	resultant	resultant	NOUN
ap-798	78	7	graph	graph	NOUN
ap-798	78	8	for	for	ADP
ap-798	78	9	company	company	NOUN
ap-798	78	10	pre	pre	X