id sid tid token lemma pos ajpdis-2790 1 1 1 1 NUM ajpdis-2790 1 2 journal journal NOUN ajpdis-2790 1 3 of of ADP ajpdis-2790 1 4 public public ADJ ajpdis-2790 1 5 diplomacy diplomacy NOUN ajpdis-2790 1 6 and and CCONJ ajpdis-2790 1 7 international international ADJ ajpdis-2790 1 8 studies study NOUN ajpdis-2790 1 9 grnjournal.us grnjournal.us X ajpdis-2790 1 10 www www PROPN ajpdis-2790 1 11 . . PROPN ajpdis-2790 1 12 american american PROPN ajpdis-2790 1 13 journal journal PROPN ajpdis-2790 1 14 of of ADP ajpdis-2790 1 15 public public ADJ ajpdis-2790 1 16 diplomacy diplomacy NOUN ajpdis-2790 1 17 and and CCONJ ajpdis-2790 1 18 international international ADJ ajpdis-2790 1 19 studies study NOUN ajpdis-2790 1 20 volume volume NOUN ajpdis-2790 1 21 02 02 NUM ajpdis-2790 1 22 , , PUNCT ajpdis-2790 1 23 issue issue NOUN ajpdis-2790 1 24 01 01 NUM ajpdis-2790 1 25 , , PUNCT ajpdis-2790 1 26 2024 2024 NUM ajpdis-2790 1 27 issn issn X ajpdis-2790 1 28 ( ( PUNCT ajpdis-2790 1 29 e):2993 e):2993 PROPN ajpdis-2790 1 30 - - PUNCT ajpdis-2790 1 31 2157 2157 NUM ajpdis-2790 1 32 criteria criterion NOUN ajpdis-2790 1 33 for for ADP ajpdis-2790 1 34 optimizing optimize VERB ajpdis-2790 1 35 the the DET ajpdis-2790 1 36 capital capital NOUN ajpdis-2790 1 37 structure structure NOUN ajpdis-2790 1 38 when when SCONJ ajpdis-2790 1 39 increasing increase VERB ajpdis-2790 1 40 the the DET ajpdis-2790 1 41 value value NOUN ajpdis-2790 1 42 of of ADP ajpdis-2790 1 43 joint joint ADJ ajpdis-2790 1 44 stock stock NOUN ajpdis-2790 1 45 companies company NOUN ajpdis-2790 1 46 foziljonov foziljonov VERB ajpdis-2790 1 47 ibrohimjon ibrohimjon NOUN ajpdis-2790 1 48 deputy deputy NOUN ajpdis-2790 1 49 dean dean NOUN ajpdis-2790 1 50 of of ADP ajpdis-2790 1 51 business business PROPN ajpdis-2790 1 52 administration administration PROPN ajpdis-2790 1 53 faculty faculty PROPN ajpdis-2790 1 54 phd phd PROPN ajpdis-2790 1 55 , , PUNCT ajpdis-2790 1 56 associate associate NOUN ajpdis-2790 1 57 professor professor NOUN ajpdis-2790 1 58 , , PUNCT ajpdis-2790 1 59 tsue tsue NOUN ajpdis-2790 1 60 tursunov tursunov VERB ajpdis-2790 1 61 khusnidin khusnidin NOUN ajpdis-2790 1 62 associate associate NOUN ajpdis-2790 1 63 professor professor NOUN ajpdis-2790 1 64 of of ADP ajpdis-2790 1 65 world world NOUN ajpdis-2790 1 66 economy economy NOUN ajpdis-2790 1 67 department department PROPN ajpdis-2790 1 68 , , PUNCT ajpdis-2790 1 69 tsue tsue NOUN ajpdis-2790 1 70 kholbozorov kholbozorov PROPN ajpdis-2790 1 71 husniddin husniddin PROPN ajpdis-2790 1 72 researcher researcher NOUN ajpdis-2790 1 73 of of ADP ajpdis-2790 1 74 tashkent tashkent PROPN ajpdis-2790 1 75 state state PROPN ajpdis-2790 1 76 university university PROPN ajpdis-2790 1 77 of of ADP ajpdis-2790 1 78 economics economics PROPN ajpdis-2790 1 79 musaev musaev PROPN ajpdis-2790 1 80 ozodjon ozodjon PROPN ajpdis-2790 1 81 senior senior ADJ ajpdis-2790 1 82 teacher teacher NOUN ajpdis-2790 1 83 at at ADP ajpdis-2790 1 84 the the DET ajpdis-2790 1 85 department department PROPN ajpdis-2790 1 86 of of ADP ajpdis-2790 1 87 business business PROPN ajpdis-2790 1 88 administration administration NOUN ajpdis-2790 1 89 and and CCONJ ajpdis-2790 1 90 logistics logistic NOUN ajpdis-2790 1 91 , , PUNCT ajpdis-2790 1 92 tashkent tashkent PROPN ajpdis-2790 1 93 state state PROPN ajpdis-2790 1 94 university university PROPN ajpdis-2790 1 95 of of ADP ajpdis-2790 1 96 economics economics PROPN ajpdis-2790 1 97 djumayev djumayev VERB ajpdis-2790 1 98 sohib sohib NOUN ajpdis-2790 1 99 doctoral doctoral ADJ ajpdis-2790 1 100 student student NOUN ajpdis-2790 1 101 of of ADP ajpdis-2790 1 102 tashkent tashkent PROPN ajpdis-2790 1 103 state state PROPN ajpdis-2790 1 104 university university PROPN ajpdis-2790 1 105 of of ADP ajpdis-2790 1 106 economics economic NOUN ajpdis-2790 1 107 abstract abstract NOUN ajpdis-2790 1 108 : : PUNCT ajpdis-2790 1 109 the the DET ajpdis-2790 1 110 capital capital NOUN ajpdis-2790 1 111 structure structure NOUN ajpdis-2790 1 112 of of ADP ajpdis-2790 1 113 a a DET ajpdis-2790 1 114 joint joint ADJ ajpdis-2790 1 115 stock stock NOUN ajpdis-2790 1 116 company company NOUN ajpdis-2790 1 117 plays play VERB ajpdis-2790 1 118 a a DET ajpdis-2790 1 119 critical critical ADJ ajpdis-2790 1 120 role role NOUN ajpdis-2790 1 121 in in ADP ajpdis-2790 1 122 determining determine VERB ajpdis-2790 1 123 its its PRON ajpdis-2790 1 124 financial financial ADJ ajpdis-2790 1 125 strength strength NOUN ajpdis-2790 1 126 and and CCONJ ajpdis-2790 1 127 overall overall ADJ ajpdis-2790 1 128 value value NOUN ajpdis-2790 1 129 in in ADP ajpdis-2790 1 130 the the DET ajpdis-2790 1 131 eyes eye NOUN ajpdis-2790 1 132 of of ADP ajpdis-2790 1 133 investors investor NOUN ajpdis-2790 1 134 and and CCONJ ajpdis-2790 1 135 stakeholders stakeholder NOUN ajpdis-2790 1 136 . . PUNCT ajpdis-2790 2 1 this this DET ajpdis-2790 2 2 article article NOUN ajpdis-2790 2 3 examines examine VERB ajpdis-2790 2 4 various various ADJ ajpdis-2790 2 5 optimization optimization NOUN ajpdis-2790 2 6 criteria criterion NOUN ajpdis-2790 2 7 that that PRON ajpdis-2790 2 8 can can AUX ajpdis-2790 2 9 be be AUX ajpdis-2790 2 10 used use VERB ajpdis-2790 2 11 to to PART ajpdis-2790 2 12 maximize maximize VERB ajpdis-2790 2 13 shareholder shareholder NOUN ajpdis-2790 2 14 value value NOUN ajpdis-2790 2 15 through through ADP ajpdis-2790 2 16 strategic strategic ADJ ajpdis-2790 2 17 capital capital NOUN ajpdis-2790 2 18 structure structure NOUN ajpdis-2790 2 19 decisions decision NOUN ajpdis-2790 2 20 . . PUNCT ajpdis-2790 3 1 through through ADP ajpdis-2790 3 2 a a DET ajpdis-2790 3 3 review review NOUN ajpdis-2790 3 4 of of ADP ajpdis-2790 3 5 existing exist VERB ajpdis-2790 3 6 literature literature NOUN ajpdis-2790 3 7 and and CCONJ ajpdis-2790 3 8 empirical empirical ADJ ajpdis-2790 3 9 studies study NOUN ajpdis-2790 3 10 , , PUNCT ajpdis-2790 3 11 this this DET ajpdis-2790 3 12 study study NOUN ajpdis-2790 3 13 aims aim VERB ajpdis-2790 3 14 to to PART ajpdis-2790 3 15 comprehensively comprehensively ADV ajpdis-2790 3 16 explain explain VERB ajpdis-2790 3 17 the the DET ajpdis-2790 3 18 main main ADJ ajpdis-2790 3 19 factors factor NOUN ajpdis-2790 3 20 influencing influence VERB ajpdis-2790 3 21 the the DET ajpdis-2790 3 22 formation formation NOUN ajpdis-2790 3 23 of of ADP ajpdis-2790 3 24 capital capital NOUN ajpdis-2790 3 25 structure structure NOUN ajpdis-2790 3 26 and and CCONJ ajpdis-2790 3 27 their their PRON ajpdis-2790 3 28 impact impact NOUN ajpdis-2790 3 29 on on ADP ajpdis-2790 3 30 company company NOUN ajpdis-2790 3 31 value value NOUN ajpdis-2790 3 32 . . PUNCT ajpdis-2790 4 1 keywords keyword NOUN ajpdis-2790 4 2 : : PUNCT ajpdis-2790 4 3 leveraged leveraged ADJ ajpdis-2790 4 4 beta beta NOUN ajpdis-2790 4 5 , , PUNCT ajpdis-2790 4 6 unleveraged unleveraged ADJ ajpdis-2790 4 7 beta beta NOUN ajpdis-2790 4 8 , , PUNCT ajpdis-2790 4 9 private private ADJ ajpdis-2790 4 10 equity equity NOUN ajpdis-2790 4 11 valuation valuation NOUN ajpdis-2790 4 12 , , PUNCT ajpdis-2790 4 13 debt debt NOUN ajpdis-2790 4 14 valuation valuation NOUN ajpdis-2790 4 15 , , PUNCT ajpdis-2790 4 16 weighted weight VERB ajpdis-2790 4 17 average average ADJ ajpdis-2790 4 18 equity equity NOUN ajpdis-2790 4 19 valuation valuation NOUN ajpdis-2790 4 20 , , PUNCT ajpdis-2790 4 21 company company NOUN ajpdis-2790 4 22 fundamental fundamental ADJ ajpdis-2790 4 23 value value NOUN ajpdis-2790 4 24 , , PUNCT ajpdis-2790 4 25 debt debt NOUN ajpdis-2790 4 26 burden burden NOUN ajpdis-2790 4 27 relevance relevance NOUN ajpdis-2790 4 28 of of ADP ajpdis-2790 4 29 the the DET ajpdis-2790 4 30 topic topic NOUN ajpdis-2790 4 31 : : PUNCT ajpdis-2790 4 32 for for ADP ajpdis-2790 4 33 many many ADJ ajpdis-2790 4 34 years year NOUN ajpdis-2790 4 35 , , PUNCT ajpdis-2790 4 36 individuals individual NOUN ajpdis-2790 4 37 and and CCONJ ajpdis-2790 4 38 businesses business NOUN ajpdis-2790 4 39 have have AUX ajpdis-2790 4 40 thought think VERB ajpdis-2790 4 41 about about ADP ajpdis-2790 4 42 how how SCONJ ajpdis-2790 4 43 to to PART ajpdis-2790 4 44 make make VERB ajpdis-2790 4 45 capital capital NOUN ajpdis-2790 4 46 investments investment NOUN ajpdis-2790 4 47 and and CCONJ ajpdis-2790 4 48 use use VERB ajpdis-2790 4 49 financial financial ADJ ajpdis-2790 4 50 assets asset NOUN ajpdis-2790 4 51 using use VERB ajpdis-2790 4 52 savings saving NOUN ajpdis-2790 4 53 mechanisms mechanism NOUN ajpdis-2790 4 54 . . PUNCT ajpdis-2790 5 1 the the DET ajpdis-2790 5 2 existence existence NOUN ajpdis-2790 5 3 of of ADP ajpdis-2790 5 4 transaction transaction NOUN ajpdis-2790 5 5 costs cost NOUN ajpdis-2790 5 6 in in ADP ajpdis-2790 5 7 the the DET ajpdis-2790 5 8 real real ADJ ajpdis-2790 5 9 economy economy NOUN ajpdis-2790 5 10 shows show VERB ajpdis-2790 5 11 the the DET ajpdis-2790 5 12 efficiency efficiency NOUN ajpdis-2790 5 13 of of ADP ajpdis-2790 5 14 financing finance VERB ajpdis-2790 5 15 capital capital NOUN ajpdis-2790 5 16 through through ADP ajpdis-2790 5 17 various various ADJ ajpdis-2790 5 18 securities security NOUN ajpdis-2790 5 19 . . PUNCT ajpdis-2790 6 1 for for ADP ajpdis-2790 6 2 example example NOUN ajpdis-2790 6 3 , , PUNCT ajpdis-2790 6 4 government government NOUN ajpdis-2790 6 5 provision provision NOUN ajpdis-2790 6 6 of of ADP ajpdis-2790 6 7 tax tax NOUN ajpdis-2790 6 8 - - PUNCT ajpdis-2790 6 9 exempt exempt ADJ ajpdis-2790 6 10 subsidies subsidy NOUN ajpdis-2790 6 11 has have AUX ajpdis-2790 6 12 increased increase VERB ajpdis-2790 6 13 the the DET ajpdis-2790 6 14 availability availability NOUN ajpdis-2790 6 15 of of ADP ajpdis-2790 6 16 debt debt NOUN ajpdis-2790 6 17 financing financing NOUN ajpdis-2790 6 18 . . PUNCT ajpdis-2790 7 1 research research NOUN ajpdis-2790 7 2 shows show VERB ajpdis-2790 7 3 that that SCONJ ajpdis-2790 7 4 companies company NOUN ajpdis-2790 7 5 in in ADP ajpdis-2790 7 6 different different ADJ ajpdis-2790 7 7 sectors sector NOUN ajpdis-2790 7 8 or or CCONJ ajpdis-2790 7 9 over over ADP ajpdis-2790 7 10 different different ADJ ajpdis-2790 7 11 periods period NOUN ajpdis-2790 7 12 of of ADP ajpdis-2790 7 13 time time NOUN ajpdis-2790 7 14 have have VERB ajpdis-2790 7 15 to to PART ajpdis-2790 7 16 make make VERB ajpdis-2790 7 17 financial financial ADJ ajpdis-2790 7 18 decisions decision NOUN ajpdis-2790 7 19 based base VERB ajpdis-2790 7 20 on on ADP ajpdis-2790 7 21 a a DET ajpdis-2790 7 22 single single ADJ ajpdis-2790 7 23 capital capital NOUN ajpdis-2790 7 24 structure structure NOUN ajpdis-2790 7 25 . . PUNCT ajpdis-2790 8 1 however however ADV ajpdis-2790 8 2 , , PUNCT ajpdis-2790 8 3 the the DET ajpdis-2790 8 4 structure structure NOUN ajpdis-2790 8 5 of of ADP ajpdis-2790 8 6 assets asset NOUN ajpdis-2790 8 7 on on ADP ajpdis-2790 8 8 the the DET ajpdis-2790 8 9 balance balance NOUN ajpdis-2790 8 10 sheet sheet NOUN ajpdis-2790 8 11 and and CCONJ ajpdis-2790 8 12 the the DET ajpdis-2790 8 13 stability stability NOUN ajpdis-2790 8 14 of of ADP ajpdis-2790 8 15 expected expect VERB ajpdis-2790 8 16 future future ADJ ajpdis-2790 8 17 cash cash NOUN ajpdis-2790 8 18 flows flow NOUN ajpdis-2790 8 19 play play VERB ajpdis-2790 8 20 a a DET ajpdis-2790 8 21 leading lead VERB ajpdis-2790 8 22 role role NOUN ajpdis-2790 8 23 in in ADP ajpdis-2790 8 24 companies company NOUN ajpdis-2790 8 25 attracting attract VERB ajpdis-2790 8 26 borrowed borrow VERB ajpdis-2790 8 27 funds fund NOUN ajpdis-2790 8 28 . . PUNCT ajpdis-2790 9 1 as as ADP ajpdis-2790 9 2 a a DET ajpdis-2790 9 3 result result NOUN ajpdis-2790 9 4 , , PUNCT ajpdis-2790 9 5 each each DET ajpdis-2790 9 6 company company NOUN ajpdis-2790 9 7 develops develop VERB ajpdis-2790 9 8 its its PRON ajpdis-2790 9 9 optimal optimal ADJ ajpdis-2790 9 10 capital capital NOUN ajpdis-2790 9 11 structure structure NOUN ajpdis-2790 9 12 . . PUNCT ajpdis-2790 10 1 the the DET ajpdis-2790 10 2 main main ADJ ajpdis-2790 10 3 goal goal NOUN ajpdis-2790 10 4 of of ADP ajpdis-2790 10 5 capital capital NOUN ajpdis-2790 10 6 formation formation NOUN ajpdis-2790 10 7 is be AUX ajpdis-2790 10 8 to to PART ajpdis-2790 10 9 provide provide VERB ajpdis-2790 10 10 a a DET ajpdis-2790 10 11 high high ADJ ajpdis-2790 10 12 level level NOUN ajpdis-2790 10 13 of of ADP ajpdis-2790 10 14 profit profit NOUN ajpdis-2790 10 15 to to ADP ajpdis-2790 10 16 the the DET ajpdis-2790 10 17 owner owner NOUN ajpdis-2790 10 18 of of ADP ajpdis-2790 10 19 the the DET ajpdis-2790 10 20 enterprise enterprise NOUN ajpdis-2790 10 21 , , PUNCT ajpdis-2790 10 22 and and CCONJ ajpdis-2790 10 23 if if SCONJ ajpdis-2790 10 24 you you PRON ajpdis-2790 10 25 look look VERB ajpdis-2790 10 26 at at ADP ajpdis-2790 10 27 it it PRON ajpdis-2790 10 28 from from ADP ajpdis-2790 10 29 the the DET ajpdis-2790 10 30 point point NOUN ajpdis-2790 10 31 of of ADP ajpdis-2790 10 32 view view NOUN ajpdis-2790 10 33 of of ADP ajpdis-2790 10 34 capital capital NOUN ajpdis-2790 10 35 , , PUNCT ajpdis-2790 10 36 then then ADV ajpdis-2790 10 37 to to PART ajpdis-2790 10 38 determine determine VERB ajpdis-2790 10 39 the the DET ajpdis-2790 10 40 optimal optimal ADJ ajpdis-2790 10 41 cost cost NOUN ajpdis-2790 10 42 of of ADP ajpdis-2790 10 43 the the DET ajpdis-2790 10 44 funds fund NOUN ajpdis-2790 10 45 involved involve VERB ajpdis-2790 10 46 . . PUNCT ajpdis-2790 11 1 the the DET ajpdis-2790 11 2 main main ADJ ajpdis-2790 11 3 criterion criterion NOUN ajpdis-2790 11 4 for for ADP ajpdis-2790 11 5 the the DET ajpdis-2790 11 6 phased phase VERB ajpdis-2790 11 7 development development NOUN ajpdis-2790 11 8 of of ADP ajpdis-2790 11 9 an an DET ajpdis-2790 11 10 enterprise enterprise NOUN ajpdis-2790 11 11 is be AUX ajpdis-2790 11 12 to to PART ajpdis-2790 11 13 minimize minimize VERB ajpdis-2790 11 14 the the DET ajpdis-2790 11 15 cost cost NOUN ajpdis-2790 11 16 of of ADP ajpdis-2790 11 17 private private ADJ ajpdis-2790 11 18 and and CCONJ ajpdis-2790 11 19 borrowed borrow VERB ajpdis-2790 11 20 capital capital NOUN ajpdis-2790 11 21 , , PUNCT ajpdis-2790 11 22 which which PRON ajpdis-2790 11 23 allows allow VERB ajpdis-2790 11 24 for for ADP ajpdis-2790 11 25 a a DET ajpdis-2790 11 26 constant constant ADJ ajpdis-2790 11 27 increase increase NOUN ajpdis-2790 11 28 in in ADP ajpdis-2790 11 29 the the DET ajpdis-2790 11 30 income income NOUN ajpdis-2790 11 31 of of ADP ajpdis-2790 11 32 the the DET ajpdis-2790 11 33 enterprise enterprise NOUN ajpdis-2790 11 34 . . PUNCT ajpdis-2790 12 1 reducing reduce VERB ajpdis-2790 12 2 this this DET ajpdis-2790 12 3 assessment assessment NOUN ajpdis-2790 12 4 in in ADP ajpdis-2790 12 5 the the DET ajpdis-2790 12 6 most most ADV ajpdis-2790 12 7 alternative alternative ADJ ajpdis-2790 12 8 way way NOUN ajpdis-2790 12 9 increases increase VERB ajpdis-2790 12 10 the the DET ajpdis-2790 12 11 fundamental fundamental ADJ ajpdis-2790 12 12 value value NOUN ajpdis-2790 12 13 of of ADP ajpdis-2790 12 14 the the DET ajpdis-2790 12 15 enterprise enterprise NOUN ajpdis-2790 12 16 and and CCONJ ajpdis-2790 12 17 accelerates accelerate VERB ajpdis-2790 12 18 the the DET ajpdis-2790 12 19 processes process NOUN ajpdis-2790 12 20 of of ADP ajpdis-2790 12 21 comprehensive comprehensive ADJ ajpdis-2790 12 22 assessment assessment NOUN ajpdis-2790 12 23 of of ADP ajpdis-2790 12 24 the the DET ajpdis-2790 12 25 activities activity NOUN ajpdis-2790 12 26 of of ADP ajpdis-2790 12 27 firms firm NOUN ajpdis-2790 12 28 http://www/ http://www/ PUNCT ajpdis-2790 12 29 2 2 NUM ajpdis-2790 12 30 journal journal NOUN ajpdis-2790 12 31 of of ADP ajpdis-2790 12 32 public public ADJ ajpdis-2790 12 33 diplomacy diplomacy NOUN ajpdis-2790 12 34 and and CCONJ ajpdis-2790 12 35 international international ADJ ajpdis-2790 12 36 studies study NOUN ajpdis-2790 12 37 grnjournal.us grnjournal.us X ajpdis-2790 12 38 www www NOUN ajpdis-2790 12 39 . . PROPN ajpdis-2790 12 40 and and CCONJ ajpdis-2790 12 41 their their PRON ajpdis-2790 12 42 development development NOUN ajpdis-2790 12 43 prospects prospect NOUN ajpdis-2790 12 44 . . PUNCT ajpdis-2790 13 1 that that PRON ajpdis-2790 13 2 is be AUX ajpdis-2790 13 3 , , PUNCT ajpdis-2790 13 4 according accord VERB ajpdis-2790 13 5 to to ADP ajpdis-2790 13 6 the the DET ajpdis-2790 13 7 theory theory NOUN ajpdis-2790 13 8 , , PUNCT ajpdis-2790 13 9 the the DET ajpdis-2790 13 10 more more ADJ ajpdis-2790 13 11 cash cash NOUN ajpdis-2790 13 12 flow flow NOUN ajpdis-2790 13 13 a a DET ajpdis-2790 13 14 company company NOUN ajpdis-2790 13 15 has have VERB ajpdis-2790 13 16 now now ADV ajpdis-2790 13 17 and and CCONJ ajpdis-2790 13 18 in in ADP ajpdis-2790 13 19 the the DET ajpdis-2790 13 20 future future NOUN ajpdis-2790 13 21 , , PUNCT ajpdis-2790 13 22 the the PRON ajpdis-2790 13 23 higher high ADJ ajpdis-2790 13 24 its its PRON ajpdis-2790 13 25 value value NOUN ajpdis-2790 13 26 will will AUX ajpdis-2790 13 27 be be AUX ajpdis-2790 13 28 . . PUNCT ajpdis-2790 14 1 literature literature PROPN ajpdis-2790 14 2 review review PROPN ajpdis-2790 14 3 . . PUNCT ajpdis-2790 15 1 the the DET ajpdis-2790 15 2 term term NOUN ajpdis-2790 15 3 " " PUNCT ajpdis-2790 15 4 capital capital NOUN ajpdis-2790 15 5 " " PUNCT ajpdis-2790 15 6 represents represent VERB ajpdis-2790 15 7 the the DET ajpdis-2790 15 8 long long ADJ ajpdis-2790 15 9 - - PUNCT ajpdis-2790 15 10 term term NOUN ajpdis-2790 15 11 funds fund NOUN ajpdis-2790 15 12 of of ADP ajpdis-2790 15 13 an an DET ajpdis-2790 15 14 enterprise enterprise NOUN ajpdis-2790 15 15 . . PUNCT ajpdis-2790 16 1 in in ADP ajpdis-2790 16 2 other other ADJ ajpdis-2790 16 3 words word NOUN ajpdis-2790 16 4 , , PUNCT ajpdis-2790 16 5 equity equity NOUN ajpdis-2790 16 6 is be AUX ajpdis-2790 16 7 equal equal ADJ ajpdis-2790 16 8 to to ADP ajpdis-2790 16 9 the the DET ajpdis-2790 16 10 sum sum NOUN ajpdis-2790 16 11 of of ADP ajpdis-2790 16 12 total total ADJ ajpdis-2790 16 13 items item NOUN ajpdis-2790 16 14 on on ADP ajpdis-2790 16 15 the the DET ajpdis-2790 16 16 left left ADJ ajpdis-2790 16 17 side side NOUN ajpdis-2790 16 18 of of ADP ajpdis-2790 16 19 the the DET ajpdis-2790 16 20 balance balance NOUN ajpdis-2790 16 21 sheet sheet NOUN ajpdis-2790 16 22 minus minus CCONJ ajpdis-2790 16 23 the the DET ajpdis-2790 16 24 total total ADJ ajpdis-2790 16 25 liabilities liability NOUN ajpdis-2790 16 26 on on ADP ajpdis-2790 16 27 the the DET ajpdis-2790 16 28 right right ADJ ajpdis-2790 16 29 side side NOUN ajpdis-2790 16 30 . . PUNCT ajpdis-2790 17 1 according accord VERB ajpdis-2790 17 2 to to ADP ajpdis-2790 17 3 kulkarni kulkarni PROPN ajpdis-2790 17 4 , , PUNCT ajpdis-2790 17 5 the the DET ajpdis-2790 17 6 capital capital NOUN ajpdis-2790 17 7 structure structure NOUN ajpdis-2790 17 8 is be AUX ajpdis-2790 17 9 formed form VERB ajpdis-2790 17 10 by by ADP ajpdis-2790 17 11 financing finance VERB ajpdis-2790 17 12 the the DET ajpdis-2790 17 13 assets asset NOUN ajpdis-2790 17 14 of of ADP ajpdis-2790 17 15 the the DET ajpdis-2790 17 16 enterprise enterprise NOUN ajpdis-2790 17 17 ( ( PUNCT ajpdis-2790 17 18 kulkarni kulkarni NOUN ajpdis-2790 17 19 , , PUNCT ajpdis-2790 17 20 1988 1988 NUM ajpdis-2790 17 21 ) ) PUNCT ajpdis-2790 17 22 . . PUNCT ajpdis-2790 18 1 the the DET ajpdis-2790 18 2 capital capital NOUN ajpdis-2790 18 3 structure structure NOUN ajpdis-2790 18 4 was be AUX ajpdis-2790 18 5 first first ADV ajpdis-2790 18 6 put put VERB ajpdis-2790 18 7 forward forward ADV ajpdis-2790 18 8 by by ADP ajpdis-2790 18 9 modigliani modigliani PROPN ajpdis-2790 18 10 and and CCONJ ajpdis-2790 18 11 miller miller PROPN ajpdis-2790 18 12 , , PUNCT ajpdis-2790 18 13 and and CCONJ ajpdis-2790 18 14 according accord VERB ajpdis-2790 18 15 to to ADP ajpdis-2790 18 16 it it PRON ajpdis-2790 18 17 , , PUNCT ajpdis-2790 18 18 the the DET ajpdis-2790 18 19 market market NOUN ajpdis-2790 18 20 would would AUX ajpdis-2790 18 21 operate operate VERB ajpdis-2790 18 22 more more ADV ajpdis-2790 18 23 efficiently efficiently ADV ajpdis-2790 18 24 if if SCONJ ajpdis-2790 18 25 there there PRON ajpdis-2790 18 26 were be VERB ajpdis-2790 18 27 no no DET ajpdis-2790 18 28 taxes taxis NOUN ajpdis-2790 18 29 in in ADP ajpdis-2790 18 30 the the DET ajpdis-2790 18 31 country country NOUN ajpdis-2790 18 32 ( ( PUNCT ajpdis-2790 18 33 modigliani modigliani PROPN ajpdis-2790 18 34 and and CCONJ ajpdis-2790 18 35 miller miller PROPN ajpdis-2790 18 36 , , PUNCT ajpdis-2790 18 37 1958 1958 NUM ajpdis-2790 18 38 ) ) PUNCT ajpdis-2790 18 39 . . PUNCT ajpdis-2790 19 1 later later ADV ajpdis-2790 19 2 , , PUNCT ajpdis-2790 19 3 the the DET ajpdis-2790 19 4 theory theory NOUN ajpdis-2790 19 5 of of ADP ajpdis-2790 19 6 the the DET ajpdis-2790 19 7 hierarchy hierarchy NOUN ajpdis-2790 19 8 of of ADP ajpdis-2790 19 9 capital capital NOUN ajpdis-2790 19 10 structure structure NOUN ajpdis-2790 19 11 began begin VERB ajpdis-2790 19 12 to to PART ajpdis-2790 19 13 emerge emerge VERB ajpdis-2790 19 14 . . PUNCT ajpdis-2790 20 1 pecking pecking NOUN ajpdis-2790 20 2 order order NOUN ajpdis-2790 20 3 theory theory NOUN ajpdis-2790 20 4 was be AUX ajpdis-2790 20 5 first first ADV ajpdis-2790 20 6 proposed propose VERB ajpdis-2790 20 7 by by ADP ajpdis-2790 20 8 donaldson donaldson PROPN ajpdis-2790 20 9 , , PUNCT ajpdis-2790 20 10 and and CCONJ ajpdis-2790 20 11 according accord VERB ajpdis-2790 20 12 to to ADP ajpdis-2790 20 13 it it PRON ajpdis-2790 20 14 , , PUNCT ajpdis-2790 20 15 it it PRON ajpdis-2790 20 16 is be AUX ajpdis-2790 20 17 appropriate appropriate ADJ ajpdis-2790 20 18 for for SCONJ ajpdis-2790 20 19 owners owner NOUN ajpdis-2790 20 20 and and CCONJ ajpdis-2790 20 21 managers manager NOUN ajpdis-2790 20 22 to to PART ajpdis-2790 20 23 finance finance VERB ajpdis-2790 20 24 capital capital NOUN ajpdis-2790 20 25 internally internally ADV ajpdis-2790 20 26 from from ADP ajpdis-2790 20 27 retained retain VERB ajpdis-2790 20 28 earnings earning NOUN ajpdis-2790 20 29 rather rather ADV ajpdis-2790 20 30 than than ADP ajpdis-2790 20 31 from from ADP ajpdis-2790 20 32 external external ADJ ajpdis-2790 20 33 sources source NOUN ajpdis-2790 20 34 of of ADP ajpdis-2790 20 35 finance finance NOUN ajpdis-2790 20 36 , , PUNCT ajpdis-2790 20 37 regardless regardless ADV ajpdis-2790 20 38 of of ADP ajpdis-2790 20 39 the the DET ajpdis-2790 20 40 size size NOUN ajpdis-2790 20 41 of of ADP ajpdis-2790 20 42 the the DET ajpdis-2790 20 43 firm firm NOUN ajpdis-2790 20 44 ( ( PUNCT ajpdis-2790 20 45 donaldson donaldson PROPN ajpdis-2790 20 46 , , PUNCT ajpdis-2790 20 47 1961 1961 NUM ajpdis-2790 20 48 ) ) PUNCT ajpdis-2790 20 49 . . PUNCT ajpdis-2790 21 1 if if SCONJ ajpdis-2790 21 2 retained retain VERB ajpdis-2790 21 3 earnings earning NOUN ajpdis-2790 21 4 exceed exceed VERB ajpdis-2790 21 5 investment investment NOUN ajpdis-2790 21 6 needs need NOUN ajpdis-2790 21 7 , , PUNCT ajpdis-2790 21 8 debt debt NOUN ajpdis-2790 21 9 obligations obligation NOUN ajpdis-2790 21 10 can can AUX ajpdis-2790 21 11 be be AUX ajpdis-2790 21 12 easily easily ADV ajpdis-2790 21 13 avoided avoid VERB ajpdis-2790 21 14 . . PUNCT ajpdis-2790 22 1 unlike unlike ADP ajpdis-2790 22 2 the the DET ajpdis-2790 22 3 pecking pecking NOUN ajpdis-2790 22 4 order order NOUN ajpdis-2790 22 5 theory theory NOUN ajpdis-2790 22 6 , , PUNCT ajpdis-2790 22 7 the the DET ajpdis-2790 22 8 trade trade NOUN ajpdis-2790 22 9 - - PUNCT ajpdis-2790 22 10 off off ADP ajpdis-2790 22 11 theory theory NOUN ajpdis-2790 22 12 predicts predict VERB ajpdis-2790 22 13 the the DET ajpdis-2790 22 14 existence existence NOUN ajpdis-2790 22 15 of of ADP ajpdis-2790 22 16 an an DET ajpdis-2790 22 17 optimal optimal ADJ ajpdis-2790 22 18 capital capital NOUN ajpdis-2790 22 19 structure structure NOUN ajpdis-2790 22 20 due due ADP ajpdis-2790 22 21 to to ADP ajpdis-2790 22 22 the the DET ajpdis-2790 22 23 absence absence NOUN ajpdis-2790 22 24 of of ADP ajpdis-2790 22 25 a a DET ajpdis-2790 22 26 correlation correlation NOUN ajpdis-2790 22 27 coefficient coefficient NOUN ajpdis-2790 22 28 between between ADP ajpdis-2790 22 29 private private ADJ ajpdis-2790 22 30 and and CCONJ ajpdis-2790 22 31 debt debt NOUN ajpdis-2790 22 32 capital capital NOUN ajpdis-2790 22 33 . . PUNCT ajpdis-2790 23 1 according accord VERB ajpdis-2790 23 2 to to ADP ajpdis-2790 23 3 myers myers PROPN ajpdis-2790 23 4 ' ' PART ajpdis-2790 23 5 theory theory NOUN ajpdis-2790 23 6 , , PUNCT ajpdis-2790 23 7 companies company NOUN ajpdis-2790 23 8 achieve achieve VERB ajpdis-2790 23 9 an an DET ajpdis-2790 23 10 optimal optimal ADJ ajpdis-2790 23 11 capital capital NOUN ajpdis-2790 23 12 structure structure NOUN ajpdis-2790 23 13 by by ADP ajpdis-2790 23 14 replacing replace VERB ajpdis-2790 23 15 equity equity NOUN ajpdis-2790 23 16 with with ADP ajpdis-2790 23 17 debt debt NOUN ajpdis-2790 23 18 or or CCONJ ajpdis-2790 23 19 vice vice NOUN ajpdis-2790 23 20 versa versa ADV ajpdis-2790 23 21 , , PUNCT ajpdis-2790 23 22 and and CCONJ ajpdis-2790 23 23 as as ADP ajpdis-2790 23 24 a a DET ajpdis-2790 23 25 result result NOUN ajpdis-2790 23 26 , , PUNCT ajpdis-2790 23 27 company company NOUN ajpdis-2790 23 28 value value NOUN ajpdis-2790 23 29 reaches reach VERB ajpdis-2790 23 30 its its PRON ajpdis-2790 23 31 highest high ADJ ajpdis-2790 23 32 point point NOUN ajpdis-2790 23 33 ( ( PUNCT ajpdis-2790 23 34 myers myer NOUN ajpdis-2790 23 35 and and CCONJ ajpdis-2790 23 36 majluf majluf NOUN ajpdis-2790 23 37 , , PUNCT ajpdis-2790 23 38 1984 1984 NUM ajpdis-2790 23 39 ) ) PUNCT ajpdis-2790 23 40 . . PUNCT ajpdis-2790 24 1 fama fama PROPN ajpdis-2790 24 2 and and CCONJ ajpdis-2790 24 3 miller miller PROPN ajpdis-2790 24 4 continued continue VERB ajpdis-2790 24 5 their their PRON ajpdis-2790 24 6 work work NOUN ajpdis-2790 24 7 by by ADP ajpdis-2790 24 8 examining examine VERB ajpdis-2790 24 9 different different ADJ ajpdis-2790 24 10 utility utility NOUN ajpdis-2790 24 11 functions function NOUN ajpdis-2790 24 12 between between ADP ajpdis-2790 24 13 managers manager NOUN ajpdis-2790 24 14 and and CCONJ ajpdis-2790 24 15 shareholders shareholder NOUN ajpdis-2790 24 16 ( ( PUNCT ajpdis-2790 24 17 fama fama NOUN ajpdis-2790 24 18 and and CCONJ ajpdis-2790 24 19 miller miller PROPN ajpdis-2790 24 20 , , PUNCT ajpdis-2790 24 21 1972 1972 NUM ajpdis-2790 24 22 ) ) PUNCT ajpdis-2790 24 23 . . PUNCT ajpdis-2790 25 1 fama fama PROPN ajpdis-2790 25 2 and and CCONJ ajpdis-2790 25 3 miller miller PROPN ajpdis-2790 25 4 expanded expand VERB ajpdis-2790 25 5 their their PRON ajpdis-2790 25 6 research research NOUN ajpdis-2790 25 7 based base VERB ajpdis-2790 25 8 on on ADP ajpdis-2790 25 9 modigliani modigliani PROPN ajpdis-2790 25 10 and and CCONJ ajpdis-2790 25 11 miller miller PROPN ajpdis-2790 25 12 's 's PART ajpdis-2790 25 13 theory theory NOUN ajpdis-2790 25 14 and and CCONJ ajpdis-2790 25 15 formed form VERB ajpdis-2790 25 16 agency agency NOUN ajpdis-2790 25 17 theory theory NOUN ajpdis-2790 25 18 . . PUNCT ajpdis-2790 26 1 they they PRON ajpdis-2790 26 2 proved prove VERB ajpdis-2790 26 3 that that PRON ajpdis-2790 26 4 agency agency NOUN ajpdis-2790 26 5 theory theory NOUN ajpdis-2790 26 6 depends depend VERB ajpdis-2790 26 7 on on ADP ajpdis-2790 26 8 agency agency NOUN ajpdis-2790 26 9 costs cost NOUN ajpdis-2790 26 10 . . PUNCT ajpdis-2790 27 1 signaling signal VERB ajpdis-2790 27 2 theory theory NOUN ajpdis-2790 27 3 is be AUX ajpdis-2790 27 4 based base VERB ajpdis-2790 27 5 on on ADP ajpdis-2790 27 6 the the DET ajpdis-2790 27 7 fact fact NOUN ajpdis-2790 27 8 that that SCONJ ajpdis-2790 27 9 the the DET ajpdis-2790 27 10 capital capital NOUN ajpdis-2790 27 11 structure structure NOUN ajpdis-2790 27 12 of of ADP ajpdis-2790 27 13 firms firm NOUN ajpdis-2790 27 14 serves serve VERB ajpdis-2790 27 15 as as ADP ajpdis-2790 27 16 an an DET ajpdis-2790 27 17 informative informative ADJ ajpdis-2790 27 18 signal signal NOUN ajpdis-2790 27 19 to to ADP ajpdis-2790 27 20 outside outside ADJ ajpdis-2790 27 21 investors investor NOUN ajpdis-2790 27 22 . . PUNCT ajpdis-2790 28 1 according accord VERB ajpdis-2790 28 2 to to ADP ajpdis-2790 28 3 the the DET ajpdis-2790 28 4 theory theory NOUN ajpdis-2790 28 5 , , PUNCT ajpdis-2790 28 6 firm firm ADJ ajpdis-2790 28 7 insiders insider NOUN ajpdis-2790 28 8 , , PUNCT ajpdis-2790 28 9 that that ADV ajpdis-2790 28 10 is is ADV ajpdis-2790 28 11 , , PUNCT ajpdis-2790 28 12 managers manager NOUN ajpdis-2790 28 13 and and CCONJ ajpdis-2790 28 14 owners owner NOUN ajpdis-2790 28 15 of of ADP ajpdis-2790 28 16 the the DET ajpdis-2790 28 17 enterprise enterprise NOUN ajpdis-2790 28 18 , , PUNCT ajpdis-2790 28 19 and and CCONJ ajpdis-2790 28 20 not not PART ajpdis-2790 28 21 outsiders outsider NOUN ajpdis-2790 28 22 , , PUNCT ajpdis-2790 28 23 have have VERB ajpdis-2790 28 24 a a DET ajpdis-2790 28 25 clear clear ADJ ajpdis-2790 28 26 understanding understanding NOUN ajpdis-2790 28 27 of of ADP ajpdis-2790 28 28 the the DET ajpdis-2790 28 29 current current ADJ ajpdis-2790 28 30 state state NOUN ajpdis-2790 28 31 of of ADP ajpdis-2790 28 32 the the DET ajpdis-2790 28 33 enterprise enterprise NOUN ajpdis-2790 28 34 . . PUNCT ajpdis-2790 29 1 company company NOUN ajpdis-2790 29 2 managers manager NOUN ajpdis-2790 29 3 prefer prefer VERB ajpdis-2790 29 4 to to PART ajpdis-2790 29 5 use use VERB ajpdis-2790 29 6 their their PRON ajpdis-2790 29 7 own own ADJ ajpdis-2790 29 8 funds fund NOUN ajpdis-2790 29 9 rather rather ADV ajpdis-2790 29 10 than than ADP ajpdis-2790 29 11 borrowed borrow VERB ajpdis-2790 29 12 funds fund NOUN ajpdis-2790 29 13 because because SCONJ ajpdis-2790 29 14 if if SCONJ ajpdis-2790 29 15 the the DET ajpdis-2790 29 16 company company NOUN ajpdis-2790 29 17 goes go VERB ajpdis-2790 29 18 bankrupt bankrupt ADJ ajpdis-2790 29 19 or or CCONJ ajpdis-2790 29 20 becomes become VERB ajpdis-2790 29 21 insolvent insolvent ADJ ajpdis-2790 29 22 , , PUNCT ajpdis-2790 29 23 the the DET ajpdis-2790 29 24 use use NOUN ajpdis-2790 29 25 of of ADP ajpdis-2790 29 26 large large ADJ ajpdis-2790 29 27 amounts amount NOUN ajpdis-2790 29 28 of of ADP ajpdis-2790 29 29 debt debt NOUN ajpdis-2790 29 30 will will AUX ajpdis-2790 29 31 cause cause VERB ajpdis-2790 29 32 managers manager NOUN ajpdis-2790 29 33 to to PART ajpdis-2790 29 34 leave leave VERB ajpdis-2790 29 35 their their PRON ajpdis-2790 29 36 jobs job NOUN ajpdis-2790 29 37 . . PUNCT ajpdis-2790 30 1 conversely conversely ADV ajpdis-2790 30 2 , , PUNCT ajpdis-2790 30 3 outsiders outsider NOUN ajpdis-2790 30 4 believe believe VERB ajpdis-2790 30 5 that that SCONJ ajpdis-2790 30 6 a a DET ajpdis-2790 30 7 firm firm NOUN ajpdis-2790 30 8 's 's PART ajpdis-2790 30 9 high high ADJ ajpdis-2790 30 10 level level NOUN ajpdis-2790 30 11 of of ADP ajpdis-2790 30 12 debt debt NOUN ajpdis-2790 30 13 indicates indicate VERB ajpdis-2790 30 14 that that SCONJ ajpdis-2790 30 15 the the DET ajpdis-2790 30 16 firm firm NOUN ajpdis-2790 30 17 operates operate VERB ajpdis-2790 30 18 with with ADP ajpdis-2790 30 19 a a DET ajpdis-2790 30 20 high high ADJ ajpdis-2790 30 21 level level NOUN ajpdis-2790 30 22 of of ADP ajpdis-2790 30 23 trust trust NOUN ajpdis-2790 30 24 ( ( PUNCT ajpdis-2790 30 25 ross ross PROPN ajpdis-2790 30 26 , , PUNCT ajpdis-2790 30 27 1977 1977 NUM ajpdis-2790 30 28 ) ) PUNCT ajpdis-2790 30 29 . . PUNCT ajpdis-2790 31 1 research research NOUN ajpdis-2790 31 2 methodology methodology NOUN ajpdis-2790 31 3 . . PUNCT ajpdis-2790 32 1 this this DET ajpdis-2790 32 2 part part NOUN ajpdis-2790 32 3 of of ADP ajpdis-2790 32 4 our our PRON ajpdis-2790 32 5 study study NOUN ajpdis-2790 32 6 presents present VERB ajpdis-2790 32 7 a a DET ajpdis-2790 32 8 proposal proposal NOUN ajpdis-2790 32 9 to to PART ajpdis-2790 32 10 use use VERB ajpdis-2790 32 11 a a DET ajpdis-2790 32 12 regression regression NOUN ajpdis-2790 32 13 method method NOUN ajpdis-2790 32 14 to to PART ajpdis-2790 32 15 determine determine VERB ajpdis-2790 32 16 the the DET ajpdis-2790 32 17 level level NOUN ajpdis-2790 32 18 of of ADP ajpdis-2790 32 19 weighted weight VERB ajpdis-2790 32 20 average average ADJ ajpdis-2790 32 21 cost cost NOUN ajpdis-2790 32 22 of of ADP ajpdis-2790 32 23 capital capital NOUN ajpdis-2790 32 24 ( ( PUNCT ajpdis-2790 32 25 wacc wacc PROPN ajpdis-2790 32 26 ) ) PUNCT ajpdis-2790 32 27 required require VERB ajpdis-2790 32 28 to to PART ajpdis-2790 32 29 increase increase VERB ajpdis-2790 32 30 the the DET ajpdis-2790 32 31 value value NOUN ajpdis-2790 32 32 of of ADP ajpdis-2790 32 33 enterprises enterprise NOUN ajpdis-2790 32 34 , , PUNCT ajpdis-2790 32 35 as as ADV ajpdis-2790 32 36 well well ADV ajpdis-2790 32 37 as as ADP ajpdis-2790 32 38 several several ADJ ajpdis-2790 32 39 models model NOUN ajpdis-2790 32 40 ( ( PUNCT ajpdis-2790 32 41 gordon gordon PROPN ajpdis-2790 32 42 growth growth NOUN ajpdis-2790 32 43 model model NOUN ajpdis-2790 32 44 , , PUNCT ajpdis-2790 32 45 capm capm PROPN ajpdis-2790 32 46 model model NOUN ajpdis-2790 32 47 and and CCONJ ajpdis-2790 32 48 discounted discount VERB ajpdis-2790 32 49 cash cash NOUN ajpdis-2790 32 50 flow flow NOUN ajpdis-2790 32 51 models model NOUN ajpdis-2790 32 52 ) ) PUNCT ajpdis-2790 32 53 . . PUNCT ajpdis-2790 33 1 analysis analysis NOUN ajpdis-2790 33 2 and and CCONJ ajpdis-2790 33 3 discussion discussion NOUN ajpdis-2790 33 4 of of ADP ajpdis-2790 33 5 results result NOUN ajpdis-2790 33 6 . . PUNCT ajpdis-2790 34 1 when when SCONJ ajpdis-2790 34 2 determining determine VERB ajpdis-2790 34 3 the the DET ajpdis-2790 34 4 fundamental fundamental ADJ ajpdis-2790 34 5 value value NOUN ajpdis-2790 34 6 of of ADP ajpdis-2790 34 7 enterprises enterprise NOUN ajpdis-2790 34 8 using use VERB ajpdis-2790 34 9 the the DET ajpdis-2790 34 10 discounted discount VERB ajpdis-2790 34 11 cash cash NOUN ajpdis-2790 34 12 flow flow NOUN ajpdis-2790 34 13 model model NOUN ajpdis-2790 34 14 , , PUNCT ajpdis-2790 34 15 we we PRON ajpdis-2790 34 16 obtain obtain VERB ajpdis-2790 34 17 the the DET ajpdis-2790 34 18 following following NOUN ajpdis-2790 34 19 : : PUNCT ajpdis-2790 34 20 𝑇 𝑇 PROPN ajpdis-2790 34 21 𝐹𝐢𝐹𝑖 𝐹𝐢𝐹𝑖 X ajpdis-2790 34 22 𝑇𝑉 𝑇𝑉 PROPN ajpdis-2790 35 1 𝐹𝑉 𝐹𝑉 PROPN ajpdis-2790 35 2 = = PUNCT ajpdis-2790 35 3 βˆ‘ βˆ‘ PUNCT ajpdis-2790 35 4 + + CCONJ ajpdis-2790 35 5 ( ( PUNCT ajpdis-2790 35 6 1 1 NUM ajpdis-2790 35 7 + + NUM ajpdis-2790 35 8 π‘Šπ΄πΆπΆ)𝑖 π‘Šπ΄πΆπΆ)𝑖 NOUN ajpdis-2790 35 9 ( ( PUNCT ajpdis-2790 35 10 1 1 NUM ajpdis-2790 35 11 + + NUM ajpdis-2790 35 12 π‘Šπ΄πΆπΆ)𝑇 π‘Šπ΄πΆπΆ)𝑇 NOUN ajpdis-2790 35 13 π‘–βˆ’1 π‘–βˆ’1 PROPN ajpdis-2790 35 14 here here ADV ajpdis-2790 35 15 : : PUNCT ajpdis-2790 35 16 fv fv PROPN ajpdis-2790 35 17 – – PUNCT ajpdis-2790 35 18 fundamental fundamental ADJ ajpdis-2790 35 19 value value NOUN ajpdis-2790 35 20 of of ADP ajpdis-2790 35 21 the the DET ajpdis-2790 35 22 enterprise enterprise NOUN ajpdis-2790 35 23 ; ; PUNCT ajpdis-2790 35 24 𝐹𝐢𝐹𝑖 𝐹𝐢𝐹𝑖 X ajpdis-2790 35 25 – – PUNCT ajpdis-2790 35 26 free free ADJ ajpdis-2790 35 27 cash cash NOUN ajpdis-2790 35 28 flow flow NOUN ajpdis-2790 35 29 for for ADP ajpdis-2790 35 30 the the DET ajpdis-2790 35 31 forecast forecast NOUN ajpdis-2790 35 32 period period NOUN ajpdis-2790 35 33 ; ; PUNCT ajpdis-2790 35 34 wacc wacc PROPN ajpdis-2790 35 35 – – PUNCT ajpdis-2790 35 36 is be AUX ajpdis-2790 35 37 the the DET ajpdis-2790 35 38 weighted weighted ADJ ajpdis-2790 35 39 average average ADJ ajpdis-2790 35 40 cost cost NOUN ajpdis-2790 35 41 of of ADP ajpdis-2790 35 42 capital capital NOUN ajpdis-2790 35 43 ; ; PUNCT ajpdis-2790 35 44 tv tv NOUN ajpdis-2790 35 45 – – PUNCT ajpdis-2790 35 46 liquidation liquidation NOUN ajpdis-2790 35 47 value value NOUN ajpdis-2790 35 48 of of ADP ajpdis-2790 35 49 the the DET ajpdis-2790 35 50 enterprise enterprise NOUN ajpdis-2790 35 51 ; ; PUNCT ajpdis-2790 35 52 t t X ajpdis-2790 35 53 – – PUNCT ajpdis-2790 35 54 end end NOUN ajpdis-2790 35 55 of of ADP ajpdis-2790 35 56 the the DET ajpdis-2790 35 57 analyzed analyze VERB ajpdis-2790 35 58 year year NOUN ajpdis-2790 35 59 . . PUNCT ajpdis-2790 36 1 the the DET ajpdis-2790 36 2 liquidation liquidation NOUN ajpdis-2790 36 3 value value NOUN ajpdis-2790 36 4 ( ( PUNCT ajpdis-2790 36 5 tv tv NOUN ajpdis-2790 36 6 ) ) PUNCT ajpdis-2790 36 7 of of ADP ajpdis-2790 36 8 enterprises enterprise NOUN ajpdis-2790 36 9 is be AUX ajpdis-2790 36 10 estimated estimate VERB ajpdis-2790 36 11 based base VERB ajpdis-2790 36 12 on on ADP ajpdis-2790 36 13 the the DET ajpdis-2790 36 14 gordon gordon PROPN ajpdis-2790 36 15 growth growth NOUN ajpdis-2790 36 16 model model NOUN ajpdis-2790 36 17 and and CCONJ ajpdis-2790 36 18 is be AUX ajpdis-2790 36 19 expressed express VERB ajpdis-2790 36 20 as as SCONJ ajpdis-2790 36 21 follows follow VERB ajpdis-2790 36 22 : : PUNCT ajpdis-2790 36 23 οΏ½ οΏ½ NOUN ajpdis-2790 36 24 οΏ½ οΏ½ PROPN ajpdis-2790 36 25 = = PUNCT ajpdis-2790 36 26 𝐹𝐢𝐹𝑇×(1+g 𝐹𝐢𝐹𝑇×(1+g NUM ajpdis-2790 36 27 ) ) PUNCT ajpdis-2790 36 28 π–Άπ΄πΆπΆβˆ’g π–Άπ΄πΆπΆβˆ’g NOUN ajpdis-2790 36 29 http://www/ http://www/ PUNCT ajpdis-2790 36 30 3 3 NUM ajpdis-2790 36 31 journal journal NOUN ajpdis-2790 36 32 of of ADP ajpdis-2790 36 33 public public ADJ ajpdis-2790 36 34 diplomacy diplomacy NOUN ajpdis-2790 36 35 and and CCONJ ajpdis-2790 36 36 international international ADJ ajpdis-2790 36 37 studies study NOUN ajpdis-2790 36 38 grnjournal.us grnjournal.us X ajpdis-2790 36 39 www www NOUN ajpdis-2790 36 40 . . PUNCT ajpdis-2790 37 1 here here ADV ajpdis-2790 37 2 : : PUNCT ajpdis-2790 37 3 𝐹𝐢𝐹𝑇 𝐹𝐢𝐹𝑇 ADV ajpdis-2790 37 4 – – PUNCT ajpdis-2790 37 5 free free ADJ ajpdis-2790 37 6 cash cash NOUN ajpdis-2790 37 7 flows flow NOUN ajpdis-2790 37 8 of of ADP ajpdis-2790 37 9 the the DET ajpdis-2790 37 10 enterprise enterprise NOUN ajpdis-2790 37 11 in in ADP ajpdis-2790 37 12 period period NOUN ajpdis-2790 37 13 t t NOUN ajpdis-2790 37 14 ; ; PUNCT ajpdis-2790 37 15 g g PROPN ajpdis-2790 37 16 – – PUNCT ajpdis-2790 37 17 the the DET ajpdis-2790 37 18 growth growth NOUN ajpdis-2790 37 19 rate rate NOUN ajpdis-2790 37 20 of of ADP ajpdis-2790 37 21 the the DET ajpdis-2790 37 22 company company NOUN ajpdis-2790 37 23 's 's PART ajpdis-2790 37 24 cash cash NOUN ajpdis-2790 37 25 flows flow NOUN ajpdis-2790 37 26 . . PUNCT ajpdis-2790 38 1 the the DET ajpdis-2790 38 2 weighted weight VERB ajpdis-2790 38 3 average average ADJ ajpdis-2790 38 4 cost cost NOUN ajpdis-2790 38 5 of of ADP ajpdis-2790 38 6 capital capital NOUN ajpdis-2790 38 7 influences influence VERB ajpdis-2790 38 8 the the DET ajpdis-2790 38 9 decision decision NOUN ajpdis-2790 38 10 on on ADP ajpdis-2790 38 11 how how SCONJ ajpdis-2790 38 12 to to PART ajpdis-2790 38 13 finance finance VERB ajpdis-2790 38 14 operations operation NOUN ajpdis-2790 38 15 based base VERB ajpdis-2790 38 16 on on ADP ajpdis-2790 38 17 the the DET ajpdis-2790 38 18 valuation valuation NOUN ajpdis-2790 38 19 of of ADP ajpdis-2790 38 20 private private ADJ ajpdis-2790 38 21 and and CCONJ ajpdis-2790 38 22 debt debt NOUN ajpdis-2790 38 23 capital capital NOUN ajpdis-2790 38 24 . . PUNCT ajpdis-2790 39 1 its its PRON ajpdis-2790 39 2 value value NOUN ajpdis-2790 39 3 is be AUX ajpdis-2790 39 4 expressed express VERB ajpdis-2790 39 5 by by ADP ajpdis-2790 39 6 the the DET ajpdis-2790 39 7 following follow VERB ajpdis-2790 39 8 formula formula NOUN ajpdis-2790 39 9 : : PUNCT ajpdis-2790 39 10 π‘Šπ΄πΆπΆ π‘Šπ΄πΆπΆ PROPN ajpdis-2790 39 11 = = SYM ajpdis-2790 40 1 π‘Ÿπ‘’ π‘Ÿπ‘’ ADP ajpdis-2790 40 2 Γ— Γ— NOUN ajpdis-2790 40 3 𝑀𝑒 𝑀𝑒 NOUN ajpdis-2790 41 1 + + CCONJ ajpdis-2790 41 2 π‘Ÿπ‘‘ π‘Ÿπ‘‘ NOUN ajpdis-2790 41 3 Γ— Γ— NOUN ajpdis-2790 41 4 𝑀𝑑 𝑀𝑑 ADP ajpdis-2790 41 5 Γ— Γ— NOUN ajpdis-2790 41 6 ( ( PUNCT ajpdis-2790 41 7 1 1 NUM ajpdis-2790 41 8 βˆ’ βˆ’ PROPN ajpdis-2790 41 9 𝑇 𝑇 PROPN ajpdis-2790 41 10 ) ) PUNCT ajpdis-2790 41 11 here here ADV ajpdis-2790 41 12 : : PUNCT ajpdis-2790 41 13 π‘Ÿπ‘’ π‘Ÿπ‘’ X ajpdis-2790 41 14 – – PUNCT ajpdis-2790 41 15 price price NOUN ajpdis-2790 41 16 of of ADP ajpdis-2790 41 17 private private ADJ ajpdis-2790 41 18 capital capital NOUN ajpdis-2790 41 19 ; ; PUNCT ajpdis-2790 41 20 π‘Ÿπ‘‘ π‘Ÿπ‘‘ X ajpdis-2790 41 21 – – PUNCT ajpdis-2790 41 22 cost cost NOUN ajpdis-2790 41 23 of of ADP ajpdis-2790 41 24 borrowed borrow VERB ajpdis-2790 41 25 capital capital NOUN ajpdis-2790 41 26 ; ; PUNCT ajpdis-2790 41 27 𝑀𝑒 𝑀𝑒 ADJ ajpdis-2790 41 28 – – PUNCT ajpdis-2790 41 29 share share NOUN ajpdis-2790 41 30 of of ADP ajpdis-2790 41 31 private private ADJ ajpdis-2790 41 32 capital capital NOUN ajpdis-2790 41 33 of of ADP ajpdis-2790 41 34 the the DET ajpdis-2790 41 35 enterprise enterprise NOUN ajpdis-2790 41 36 ; ; PUNCT ajpdis-2790 41 37 𝑀𝑑 𝑀𝑑 X ajpdis-2790 41 38 – – PUNCT ajpdis-2790 41 39 share share NOUN ajpdis-2790 41 40 of of ADP ajpdis-2790 41 41 the the DET ajpdis-2790 41 42 enterprise enterprise NOUN ajpdis-2790 41 43 ’s ’s PART ajpdis-2790 41 44 borrowed borrow VERB ajpdis-2790 41 45 capital capital NOUN ajpdis-2790 41 46 ; ; PUNCT ajpdis-2790 41 47 t t X ajpdis-2790 41 48 – – PUNCT ajpdis-2790 41 49 income income NOUN ajpdis-2790 41 50 tax tax NOUN ajpdis-2790 41 51 rate rate NOUN ajpdis-2790 41 52 . . PUNCT ajpdis-2790 42 1 in in ADP ajpdis-2790 42 2 the the DET ajpdis-2790 42 3 financial financial ADJ ajpdis-2790 42 4 literature literature NOUN ajpdis-2790 42 5 , , PUNCT ajpdis-2790 42 6 the the DET ajpdis-2790 42 7 leverage leverage NOUN ajpdis-2790 42 8 indicator indicator NOUN ajpdis-2790 42 9 , , PUNCT ajpdis-2790 42 10 that that ADV ajpdis-2790 42 11 is is ADV ajpdis-2790 42 12 , , PUNCT ajpdis-2790 42 13 the the DET ajpdis-2790 42 14 share share NOUN ajpdis-2790 42 15 of of ADP ajpdis-2790 42 16 borrowed borrow VERB ajpdis-2790 42 17 funds fund NOUN ajpdis-2790 42 18 in in ADP ajpdis-2790 42 19 the the DET ajpdis-2790 42 20 total total ADJ ajpdis-2790 42 21 volume volume NOUN ajpdis-2790 42 22 of of ADP ajpdis-2790 42 23 private private ADJ ajpdis-2790 42 24 capital capital NOUN ajpdis-2790 42 25 , , PUNCT ajpdis-2790 42 26 is be AUX ajpdis-2790 42 27 taken take VERB ajpdis-2790 42 28 as as ADP ajpdis-2790 42 29 a a DET ajpdis-2790 42 30 factor factor NOUN ajpdis-2790 42 31 influencing influence VERB ajpdis-2790 42 32 the the DET ajpdis-2790 42 33 capital capital NOUN ajpdis-2790 42 34 structure structure NOUN ajpdis-2790 42 35 . . PUNCT ajpdis-2790 43 1 the the DET ajpdis-2790 43 2 method method NOUN ajpdis-2790 43 3 developed develop VERB ajpdis-2790 43 4 by by ADP ajpdis-2790 43 5 hamada hamada PROPN ajpdis-2790 43 6 is be AUX ajpdis-2790 43 7 used use VERB ajpdis-2790 43 8 to to PART ajpdis-2790 43 9 determine determine VERB ajpdis-2790 43 10 the the DET ajpdis-2790 43 11 value value NOUN ajpdis-2790 43 12 of of ADP ajpdis-2790 43 13 private private ADJ ajpdis-2790 43 14 capital capital NOUN ajpdis-2790 43 15 ( ( PUNCT ajpdis-2790 43 16 hamada hamada PROPN ajpdis-2790 43 17 , , PUNCT ajpdis-2790 43 18 1972 1972 NUM ajpdis-2790 43 19 ): ): PUNCT ajpdis-2790 43 20 π‘Ÿπ‘’ π‘Ÿπ‘’ ADP ajpdis-2790 43 21 = = SYM ajpdis-2790 43 22 π‘Ÿπ‘“ π‘Ÿπ‘“ PROPN ajpdis-2790 44 1 + + NUM ajpdis-2790 44 2 𝛽𝑙 𝛽𝑙 PRON ajpdis-2790 44 3 Γ— Γ— NOUN ajpdis-2790 44 4 ( ( PUNCT ajpdis-2790 44 5 π‘Ÿπ‘š π‘Ÿπ‘š ADP ajpdis-2790 44 6 βˆ’ βˆ’ PROPN ajpdis-2790 44 7 π‘Ÿπ‘“ π‘Ÿπ‘“ NOUN ajpdis-2790 44 8 ) ) PUNCT ajpdis-2790 44 9 𝛽𝑙 𝛽𝑙 ADP ajpdis-2790 44 10 = = NOUN ajpdis-2790 44 11 𝛽𝑒 𝛽𝑒 PROPN ajpdis-2790 44 12 Γ— Γ— NOUN ajpdis-2790 44 13 ( ( PUNCT ajpdis-2790 44 14 1 1 NUM ajpdis-2790 44 15 + + CCONJ ajpdis-2790 44 16 𝑑 𝑑 PROPN ajpdis-2790 44 17 Γ— Γ— NOUN ajpdis-2790 44 18 ( ( PUNCT ajpdis-2790 44 19 1 1 NUM ajpdis-2790 44 20 βˆ’ βˆ’ PROPN ajpdis-2790 44 21 𝑇 𝑇 PROPN ajpdis-2790 44 22 ) ) PUNCT ajpdis-2790 44 23 ) ) PUNCT ajpdis-2790 44 24 𝑒 𝑒 ADP ajpdis-2790 44 25 here here ADV ajpdis-2790 44 26 : : PUNCT ajpdis-2790 44 27 π‘Ÿπ‘“ π‘Ÿπ‘“ X ajpdis-2790 44 28 – – PUNCT ajpdis-2790 44 29 risk risk NOUN ajpdis-2790 44 30 - - PUNCT ajpdis-2790 44 31 free free ADJ ajpdis-2790 44 32 rate rate NOUN ajpdis-2790 44 33 ; ; PUNCT ajpdis-2790 44 34 π‘Ÿπ‘š π‘Ÿπ‘š ADV ajpdis-2790 44 35 – – PUNCT ajpdis-2790 44 36 expected expect VERB ajpdis-2790 44 37 market market NOUN ajpdis-2790 44 38 rate rate NOUN ajpdis-2790 44 39 ; ; PUNCT ajpdis-2790 44 40 π‘Ÿπ‘’ π‘Ÿπ‘’ X ajpdis-2790 44 41 – – PUNCT ajpdis-2790 44 42 expected expect VERB ajpdis-2790 44 43 return return NOUN ajpdis-2790 44 44 on on ADP ajpdis-2790 44 45 private private ADJ ajpdis-2790 44 46 capital capital NOUN ajpdis-2790 44 47 ; ; PUNCT ajpdis-2790 44 48 ( ( PUNCT ajpdis-2790 44 49 π‘Ÿπ‘š π‘Ÿπ‘š ADP ajpdis-2790 44 50 βˆ’ βˆ’ PROPN ajpdis-2790 44 51 π‘Ÿπ‘“ π‘Ÿπ‘“ PROPN ajpdis-2790 44 52 ) ) PUNCT ajpdis-2790 44 53 – – PUNCT ajpdis-2790 44 54 risk risk NOUN ajpdis-2790 44 55 premium premium NOUN ajpdis-2790 44 56 ; ; PUNCT ajpdis-2790 44 57 𝛽𝑙 𝛽𝑙 ADP ajpdis-2790 44 58 – – PUNCT ajpdis-2790 44 59 beta beta ADJ ajpdis-2790 44 60 version version NOUN ajpdis-2790 44 61 with with ADP ajpdis-2790 44 62 leverage leverage NOUN ajpdis-2790 44 63 ; ; PUNCT ajpdis-2790 44 64 𝛽𝑒 𝛽𝑒 X ajpdis-2790 44 65 – – PUNCT ajpdis-2790 44 66 beta beta ADJ ajpdis-2790 44 67 version version NOUN ajpdis-2790 44 68 without without ADP ajpdis-2790 44 69 leverage leverage NOUN ajpdis-2790 44 70 ; ; PUNCT ajpdis-2790 44 71 𝑑 𝑑 X ajpdis-2790 44 72 – – PUNCT ajpdis-2790 44 73 leverage leverage NOUN ajpdis-2790 44 74 , , PUNCT ajpdis-2790 44 75 the the DET ajpdis-2790 44 76 ratio ratio NOUN ajpdis-2790 44 77 of of ADP ajpdis-2790 44 78 debt debt NOUN ajpdis-2790 44 79 capital capital NOUN ajpdis-2790 44 80 to to ADP ajpdis-2790 44 81 private private ADJ ajpdis-2790 44 82 capital capital NOUN ajpdis-2790 44 83 ; ; PUNCT ajpdis-2790 44 84 𝑒 𝑒 PROPN ajpdis-2790 44 85 t t PROPN ajpdis-2790 44 86 – – PUNCT ajpdis-2790 44 87 income income NOUN ajpdis-2790 44 88 tax tax NOUN ajpdis-2790 44 89 rate rate NOUN ajpdis-2790 44 90 . . PUNCT ajpdis-2790 45 1 the the DET ajpdis-2790 45 2 first first ADJ ajpdis-2790 45 3 stage stage NOUN ajpdis-2790 45 4 of of ADP ajpdis-2790 45 5 calculating calculate VERB ajpdis-2790 45 6 the the DET ajpdis-2790 45 7 value value NOUN ajpdis-2790 45 8 of of ADP ajpdis-2790 45 9 an an DET ajpdis-2790 45 10 enterprise enterprise NOUN ajpdis-2790 45 11 begins begin VERB ajpdis-2790 45 12 with with ADP ajpdis-2790 45 13 determining determine VERB ajpdis-2790 45 14 the the DET ajpdis-2790 45 15 price price NOUN ajpdis-2790 45 16 of of ADP ajpdis-2790 45 17 the the DET ajpdis-2790 45 18 private private ADJ ajpdis-2790 45 19 capital capital NOUN ajpdis-2790 45 20 of of ADP ajpdis-2790 45 21 the the DET ajpdis-2790 45 22 enterprise enterprise NOUN ajpdis-2790 45 23 . . PUNCT ajpdis-2790 46 1 we we PRON ajpdis-2790 46 2 use use VERB ajpdis-2790 46 3 the the DET ajpdis-2790 46 4 capm capm PROPN ajpdis-2790 46 5 model model NOUN ajpdis-2790 46 6 to to PART ajpdis-2790 46 7 determine determine VERB ajpdis-2790 46 8 the the DET ajpdis-2790 46 9 cost cost NOUN ajpdis-2790 46 10 of of ADP ajpdis-2790 46 11 equity equity NOUN ajpdis-2790 46 12 capital capital NOUN ajpdis-2790 46 13 . . PUNCT ajpdis-2790 47 1 since since SCONJ ajpdis-2790 47 2 the the DET ajpdis-2790 47 3 formula formula NOUN ajpdis-2790 47 4 can can AUX ajpdis-2790 47 5 not not PART ajpdis-2790 47 6 determine determine VERB ajpdis-2790 47 7 the the DET ajpdis-2790 47 8 beta beta NOUN ajpdis-2790 47 9 of of ADP ajpdis-2790 47 10 leveraged leveraged ADJ ajpdis-2790 47 11 companies company NOUN ajpdis-2790 47 12 , , PUNCT ajpdis-2790 47 13 we we PRON ajpdis-2790 47 14 can can AUX ajpdis-2790 47 15 find find VERB ajpdis-2790 47 16 the the DET ajpdis-2790 47 17 beta beta ADJ ajpdis-2790 47 18 values value NOUN ajpdis-2790 47 19 of of ADP ajpdis-2790 47 20 unleveraged unleveraged ADJ ajpdis-2790 47 21 companies company NOUN ajpdis-2790 47 22 . . PUNCT ajpdis-2790 48 1 to to PART ajpdis-2790 48 2 determine determine VERB ajpdis-2790 48 3 the the DET ajpdis-2790 48 4 values value NOUN ajpdis-2790 48 5 without without ADP ajpdis-2790 48 6 leverage leverage NOUN ajpdis-2790 48 7 , , PUNCT ajpdis-2790 48 8 beta beta ADJ ajpdis-2790 48 9 coefficients coefficient NOUN ajpdis-2790 48 10 of of ADP ajpdis-2790 48 11 enterprises enterprise NOUN ajpdis-2790 48 12 operating operate VERB ajpdis-2790 48 13 in in ADP ajpdis-2790 48 14 several several ADJ ajpdis-2790 48 15 sectors sector NOUN ajpdis-2790 48 16 of of ADP ajpdis-2790 48 17 the the DET ajpdis-2790 48 18 economy economy NOUN ajpdis-2790 48 19 are be AUX ajpdis-2790 48 20 taken take VERB ajpdis-2790 48 21 , , PUNCT ajpdis-2790 48 22 and and CCONJ ajpdis-2790 48 23 the the DET ajpdis-2790 48 24 median median NOUN ajpdis-2790 48 25 of of ADP ajpdis-2790 48 26 the the DET ajpdis-2790 48 27 coefficients coefficient NOUN ajpdis-2790 48 28 is be AUX ajpdis-2790 48 29 determined determine VERB ajpdis-2790 48 30 accordingly accordingly ADV ajpdis-2790 48 31 . . PUNCT ajpdis-2790 49 1 in in ADP ajpdis-2790 49 2 the the DET ajpdis-2790 49 3 table table NOUN ajpdis-2790 49 4 below below ADP ajpdis-2790 49 5 we we PRON ajpdis-2790 49 6 get get VERB ajpdis-2790 49 7 information information NOUN ajpdis-2790 49 8 about about ADP ajpdis-2790 49 9 unleveraged unleveraged ADJ ajpdis-2790 49 10 beta beta NOUN ajpdis-2790 49 11 by by ADP ajpdis-2790 49 12 sector sector NOUN ajpdis-2790 49 13 . . PUNCT ajpdis-2790 50 1 table table NOUN ajpdis-2790 50 2 1 1 NUM ajpdis-2790 50 3 . . X ajpdis-2790 50 4 sum sum NOUN ajpdis-2790 50 5 of of ADP ajpdis-2790 50 6 unleveraged unleveraged ADJ ajpdis-2790 50 7 betas beta NOUN ajpdis-2790 50 8 in in ADP ajpdis-2790 50 9 the the DET ajpdis-2790 50 10 industrial industrial ADJ ajpdis-2790 50 11 sector sector NOUN ajpdis-2790 50 12 industrial industrial ADJ ajpdis-2790 50 13 sector sector NOUN ajpdis-2790 50 14 name name NOUN ajpdis-2790 50 15 non non ADJ ajpdis-2790 50 16 - - ADJ ajpdis-2790 50 17 leveraged leveraged ADJ ajpdis-2790 50 18 beta beta NOUN ajpdis-2790 50 19 automobile automobile NOUN ajpdis-2790 50 20 1.12 1.12 NUM ajpdis-2790 50 21 cold cold ADJ ajpdis-2790 50 22 drinks drink NOUN ajpdis-2790 50 23 1.17 1.17 NUM ajpdis-2790 50 24 construction construction NOUN ajpdis-2790 50 25 materials material NOUN ajpdis-2790 50 26 1.15 1.15 NUM ajpdis-2790 50 27 chemical chemical NOUN ajpdis-2790 50 28 products product NOUN ajpdis-2790 50 29 0.98 0.98 NUM ajpdis-2790 50 30 coal coal NOUN ajpdis-2790 50 31 1.25 1.25 NUM ajpdis-2790 50 32 construction construction NOUN ajpdis-2790 50 33 supplies supply VERB ajpdis-2790 50 34 1.03 1.03 NUM ajpdis-2790 50 35 http://www/ http://www/ SYM ajpdis-2790 50 36 4 4 NUM ajpdis-2790 50 37 journal journal NOUN ajpdis-2790 50 38 of of ADP ajpdis-2790 50 39 public public ADJ ajpdis-2790 50 40 diplomacy diplomacy NOUN ajpdis-2790 50 41 and and CCONJ ajpdis-2790 50 42 international international ADJ ajpdis-2790 50 43 studies study NOUN ajpdis-2790 50 44 grnjournal.us grnjournal.us X ajpdis-2790 50 45 www www NOUN ajpdis-2790 50 46 . . PUNCT ajpdis-2790 51 1 𝐸 𝐸 PROPN ajpdis-2790 51 2 food food NOUN ajpdis-2790 51 3 processing processing NOUN ajpdis-2790 51 4 0.75 0.75 NUM ajpdis-2790 51 5 mining mining NOUN ajpdis-2790 51 6 and and CCONJ ajpdis-2790 51 7 heavy heavy ADJ ajpdis-2790 51 8 industry industry NOUN ajpdis-2790 51 9 1.11 1.11 NUM ajpdis-2790 51 10 oil oil NOUN ajpdis-2790 51 11 and and CCONJ ajpdis-2790 51 12 gas gas NOUN ajpdis-2790 51 13 1.09 1.09 NUM ajpdis-2790 51 14 source source NOUN ajpdis-2790 51 15 : : PUNCT ajpdis-2790 51 16 https://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls https://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls PROPN ajpdis-2790 51 17 based base VERB ajpdis-2790 51 18 on on ADP ajpdis-2790 51 19 the the DET ajpdis-2790 51 20 data datum NOUN ajpdis-2790 51 21 in in ADP ajpdis-2790 51 22 the the DET ajpdis-2790 51 23 table table NOUN ajpdis-2790 51 24 above above ADV ajpdis-2790 51 25 , , PUNCT ajpdis-2790 51 26 the the DET ajpdis-2790 51 27 unleveraged unleveraged ADJ ajpdis-2790 51 28 beta beta ADJ ajpdis-2790 51 29 coefficients coefficient NOUN ajpdis-2790 51 30 of of ADP ajpdis-2790 51 31 the the DET ajpdis-2790 51 32 enterprises enterprise NOUN ajpdis-2790 51 33 are be AUX ajpdis-2790 51 34 determined determine VERB ajpdis-2790 51 35 and and CCONJ ajpdis-2790 51 36 the the DET ajpdis-2790 51 37 median median NOUN ajpdis-2790 51 38 is be AUX ajpdis-2790 51 39 determined determine VERB ajpdis-2790 51 40 to to PART ajpdis-2790 51 41 be be AUX ajpdis-2790 51 42 1,11 1,11 NOUN ajpdis-2790 51 43 ( ( PUNCT ajpdis-2790 51 44 𝛽𝑒 𝛽𝑒 X ajpdis-2790 51 45 = = NOUN ajpdis-2790 51 46 1.11 1.11 NUM ajpdis-2790 51 47 ) ) PUNCT ajpdis-2790 51 48 . . PUNCT ajpdis-2790 52 1 in in ADP ajpdis-2790 52 2 the the DET ajpdis-2790 52 3 analyzed analyze VERB ajpdis-2790 52 4 period period NOUN ajpdis-2790 52 5 , , PUNCT ajpdis-2790 52 6 " " PUNCT ajpdis-2790 52 7 tashkent tashkent ADJ ajpdis-2790 52 8 oil oil NOUN ajpdis-2790 52 9 and and CCONJ ajpdis-2790 52 10 fat fat ADJ ajpdis-2790 52 11 plant plant NOUN ajpdis-2790 52 12 " " PUNCT ajpdis-2790 52 13 jsc jsc PROPN ajpdis-2790 52 14 formed form VERB ajpdis-2790 52 15 25 25 NUM ajpdis-2790 52 16 % % NOUN ajpdis-2790 52 17 of of ADP ajpdis-2790 52 18 its its PRON ajpdis-2790 52 19 capital capital NOUN ajpdis-2790 52 20 through through ADP ajpdis-2790 52 21 borrowed borrow VERB ajpdis-2790 52 22 funds fund NOUN ajpdis-2790 52 23 . . PUNCT ajpdis-2790 53 1 based base VERB ajpdis-2790 53 2 on on ADP ajpdis-2790 53 3 this this PRON ajpdis-2790 53 4 , , PUNCT ajpdis-2790 53 5 the the DET ajpdis-2790 53 6 company company NOUN ajpdis-2790 53 7 's 's PART ajpdis-2790 53 8 leveraged leveraged ADJ ajpdis-2790 53 9 beta beta NOUN ajpdis-2790 53 10 is be AUX ajpdis-2790 53 11 determined determine VERB ajpdis-2790 53 12 by by ADP ajpdis-2790 53 13 the the DET ajpdis-2790 53 14 hamada hamada PROPN ajpdis-2790 53 15 equation equation NOUN ajpdis-2790 53 16 as as SCONJ ajpdis-2790 53 17 follows follow VERB ajpdis-2790 53 18 : : PUNCT ajpdis-2790 53 19 𝛽𝑙 𝛽𝑙 ADP ajpdis-2790 53 20 = = SYM ajpdis-2790 53 21 𝛽𝑒 𝛽𝑒 PROPN ajpdis-2790 53 22 Γ— Γ— NOUN ajpdis-2790 53 23 ( ( PUNCT ajpdis-2790 53 24 1 1 NUM ajpdis-2790 53 25 + + CCONJ ajpdis-2790 53 26 ( ( PUNCT ajpdis-2790 53 27 1 1 NUM ajpdis-2790 53 28 βˆ’ βˆ’ PROPN ajpdis-2790 53 29 t t PROPN ajpdis-2790 53 30 ) ) PUNCT ajpdis-2790 53 31 Γ— Γ— NOUN ajpdis-2790 53 32 ( ( PUNCT ajpdis-2790 53 33 𝐷 𝐷 NOUN ajpdis-2790 53 34 ) ) PUNCT ajpdis-2790 53 35 ) ) PUNCT ajpdis-2790 54 1 = = SYM ajpdis-2790 54 2 1.11 1.11 NUM ajpdis-2790 54 3 Γ— Γ— NOUN ajpdis-2790 54 4 ( ( PUNCT ajpdis-2790 54 5 1 1 NUM ajpdis-2790 54 6 + + CCONJ ajpdis-2790 54 7 ( ( PUNCT ajpdis-2790 54 8 1 1 NUM ajpdis-2790 54 9 βˆ’ βˆ’ NUM ajpdis-2790 54 10 0.15 0.15 NUM ajpdis-2790 54 11 ) ) PUNCT ajpdis-2790 54 12 Γ— Γ— NOUN ajpdis-2790 54 13 0.25 0.25 NUM ajpdis-2790 54 14 ) ) PUNCT ajpdis-2790 54 15 = = SYM ajpdis-2790 54 16 1.35 1.35 NUM ajpdis-2790 54 17 at at ADP ajpdis-2790 54 18 the the DET ajpdis-2790 54 19 next next ADJ ajpdis-2790 54 20 stage stage NOUN ajpdis-2790 54 21 , , PUNCT ajpdis-2790 54 22 the the DET ajpdis-2790 54 23 process process NOUN ajpdis-2790 54 24 of of ADP ajpdis-2790 54 25 determining determine VERB ajpdis-2790 54 26 the the DET ajpdis-2790 54 27 value value NOUN ajpdis-2790 54 28 of of ADP ajpdis-2790 54 29 the the DET ajpdis-2790 54 30 private private ADJ ajpdis-2790 54 31 capital capital NOUN ajpdis-2790 54 32 of of ADP ajpdis-2790 54 33 the the DET ajpdis-2790 54 34 enterprise enterprise NOUN ajpdis-2790 54 35 is be AUX ajpdis-2790 54 36 carried carry VERB ajpdis-2790 54 37 out out ADP ajpdis-2790 54 38 . . PUNCT ajpdis-2790 55 1 table table NOUN ajpdis-2790 55 2 2 2 NUM ajpdis-2790 55 3 . . X ajpdis-2790 56 1 ratio ratio NOUN ajpdis-2790 56 2 of of ADP ajpdis-2790 56 3 market market NOUN ajpdis-2790 56 4 risk risk NOUN ajpdis-2790 56 5 premium premium NOUN ajpdis-2790 56 6 to to ADP ajpdis-2790 56 7 risk risk NOUN ajpdis-2790 56 8 - - PUNCT ajpdis-2790 56 9 free free ADJ ajpdis-2790 56 10 rates rate NOUN ajpdis-2790 56 11 by by ADP ajpdis-2790 56 12 country country NOUN ajpdis-2790 56 13 , , PUNCT ajpdis-2790 56 14 % % NOUN ajpdis-2790 56 15 countries country NOUN ajpdis-2790 56 16 total total ADJ ajpdis-2790 56 17 market market NOUN ajpdis-2790 56 18 risk risk NOUN ajpdis-2790 56 19 premium premium NOUN ajpdis-2790 56 20 risk risk NOUN ajpdis-2790 56 21 - - PUNCT ajpdis-2790 56 22 free free ADJ ajpdis-2790 56 23 rate rate NOUN ajpdis-2790 56 24 country country NOUN ajpdis-2790 56 25 risk risk NOUN ajpdis-2790 56 26 premium premium PROPN ajpdis-2790 56 27 uzbekistan uzbekistan PROPN ajpdis-2790 56 28 10.46 10.46 NUM ajpdis-2790 56 29 5.46 5.46 NUM ajpdis-2790 56 30 na na ADP ajpdis-2790 56 31 china china PROPN ajpdis-2790 56 32 6.07 6.07 NUM ajpdis-2790 56 33 1.07 1.07 NUM ajpdis-2790 56 34 0.81 0.81 NUM ajpdis-2790 56 35 indonesia indonesia PROPN ajpdis-2790 56 36 7.89 7.89 NUM ajpdis-2790 56 37 2.89 2.89 NUM ajpdis-2790 56 38 1.56 1.56 NUM ajpdis-2790 56 39 japan japan PROPN ajpdis-2790 56 40 6.07 6.07 NUM ajpdis-2790 56 41 1.07 1.07 NUM ajpdis-2790 56 42 0.00 0.00 NUM ajpdis-2790 56 43 korea korea PROPN ajpdis-2790 56 44 5.75 5.75 NUM ajpdis-2790 56 45 0.75 0.75 NUM ajpdis-2790 56 46 0.00 0.00 NUM ajpdis-2790 56 47 pakistan pakistan PROPN ajpdis-2790 56 48 20.18 20.18 NUM ajpdis-2790 56 49 15.18 15.18 NUM ajpdis-2790 56 50 na na NOUN ajpdis-2790 56 51 philippines philippine VERB ajpdis-2790 56 52 7.89 7.89 NUM ajpdis-2790 56 53 2.89 2.89 NUM ajpdis-2790 56 54 1.43 1.43 NUM ajpdis-2790 56 55 singapore singapore NOUN ajpdis-2790 56 56 5.00 5.00 NUM ajpdis-2790 56 57 0.00 0.00 NUM ajpdis-2790 56 58 na na ADP ajpdis-2790 56 59 taiwan taiwan PROPN ajpdis-2790 56 60 5.91 5.91 NUM ajpdis-2790 56 61 0.91 0.91 NUM ajpdis-2790 56 62 na na PROPN ajpdis-2790 56 63 thailand thailand PROPN ajpdis-2790 56 64 7.43 7.43 NUM ajpdis-2790 56 65 2.43 2.43 NUM ajpdis-2790 56 66 0.51 0.51 NUM ajpdis-2790 56 67 source source NOUN ajpdis-2790 56 68 : : PUNCT ajpdis-2790 56 69 https://www.stern.nyu.edu/~adamodar/pc/datasets/ctrypremjuly23.xlsx https://www.stern.nyu.edu/~adamodar/pc/datasets/ctrypremjuly23.xlsx ADV ajpdis-2790 56 70 based base VERB ajpdis-2790 56 71 on on ADP ajpdis-2790 56 72 the the DET ajpdis-2790 56 73 information information NOUN ajpdis-2790 56 74 given give VERB ajpdis-2790 56 75 in in ADP ajpdis-2790 56 76 the the DET ajpdis-2790 56 77 table table NOUN ajpdis-2790 56 78 above above ADV ajpdis-2790 56 79 , , PUNCT ajpdis-2790 56 80 we we PRON ajpdis-2790 56 81 determine determine VERB ajpdis-2790 56 82 the the DET ajpdis-2790 56 83 cost cost NOUN ajpdis-2790 56 84 of of ADP ajpdis-2790 56 85 direct direct ADJ ajpdis-2790 56 86 investment investment NOUN ajpdis-2790 56 87 for for ADP ajpdis-2790 56 88 the the DET ajpdis-2790 56 89 analyzed analyze VERB ajpdis-2790 56 90 company company NOUN ajpdis-2790 56 91 : : PUNCT ajpdis-2790 56 92 π‘Ÿπ‘’ π‘Ÿπ‘’ ADP ajpdis-2790 56 93 = = SYM ajpdis-2790 56 94 π‘Ÿπ‘“ π‘Ÿπ‘“ PROPN ajpdis-2790 56 95 + + NUM ajpdis-2790 56 96 𝛽𝑙 𝛽𝑙 PRON ajpdis-2790 56 97 Γ— Γ— NOUN ajpdis-2790 56 98 ( ( PUNCT ajpdis-2790 56 99 π‘Ÿπ‘š π‘Ÿπ‘š ADP ajpdis-2790 56 100 βˆ’ βˆ’ PROPN ajpdis-2790 56 101 π‘Ÿπ‘“ π‘Ÿπ‘“ NOUN ajpdis-2790 56 102 ) ) PUNCT ajpdis-2790 56 103 = = PUNCT ajpdis-2790 56 104 5.46 5.46 NUM ajpdis-2790 56 105 + + NUM ajpdis-2790 56 106 1.35 1.35 NUM ajpdis-2790 56 107 Γ— Γ— NOUN ajpdis-2790 56 108 10.46 10.46 NUM ajpdis-2790 56 109 = = SYM ajpdis-2790 56 110 19.58 19.58 NUM ajpdis-2790 56 111 % % NOUN ajpdis-2790 56 112 the the DET ajpdis-2790 56 113 next next ADJ ajpdis-2790 56 114 stage stage NOUN ajpdis-2790 56 115 of of ADP ajpdis-2790 56 116 determining determine VERB ajpdis-2790 56 117 the the DET ajpdis-2790 56 118 weighted weighted ADJ ajpdis-2790 56 119 average average ADJ ajpdis-2790 56 120 cost cost NOUN ajpdis-2790 56 121 of of ADP ajpdis-2790 56 122 capital capital NOUN ajpdis-2790 56 123 begins begin VERB ajpdis-2790 56 124 with with ADP ajpdis-2790 56 125 determining determine VERB ajpdis-2790 56 126 the the DET ajpdis-2790 56 127 price price NOUN ajpdis-2790 56 128 of of ADP ajpdis-2790 56 129 borrowed borrow VERB ajpdis-2790 56 130 capital capital NOUN ajpdis-2790 56 131 . . PUNCT ajpdis-2790 57 1 to to PART ajpdis-2790 57 2 determine determine VERB ajpdis-2790 57 3 this this PRON ajpdis-2790 57 4 , , PUNCT ajpdis-2790 57 5 we we PRON ajpdis-2790 57 6 determine determine VERB ajpdis-2790 57 7 the the DET ajpdis-2790 57 8 amount amount NOUN ajpdis-2790 57 9 of of ADP ajpdis-2790 57 10 interest interest NOUN ajpdis-2790 57 11 expense expense NOUN ajpdis-2790 57 12 on on ADP ajpdis-2790 57 13 a a DET ajpdis-2790 57 14 company company NOUN ajpdis-2790 57 15 's 's PART ajpdis-2790 57 16 income income NOUN ajpdis-2790 57 17 statement statement NOUN ajpdis-2790 57 18 by by ADP ajpdis-2790 57 19 dividing divide VERB ajpdis-2790 57 20 it it PRON ajpdis-2790 57 21 by by ADP ajpdis-2790 57 22 the the DET ajpdis-2790 57 23 amount amount NOUN ajpdis-2790 57 24 of of ADP ajpdis-2790 57 25 long long ADJ ajpdis-2790 57 26 - - PUNCT ajpdis-2790 57 27 term term NOUN ajpdis-2790 57 28 and and CCONJ ajpdis-2790 57 29 short short ADJ ajpdis-2790 57 30 - - PUNCT ajpdis-2790 57 31 term term NOUN ajpdis-2790 57 32 debt debt NOUN ajpdis-2790 57 33 on on ADP ajpdis-2790 57 34 the the DET ajpdis-2790 57 35 company company NOUN ajpdis-2790 57 36 's 's PART ajpdis-2790 57 37 balance balance NOUN ajpdis-2790 57 38 sheet sheet NOUN ajpdis-2790 57 39 . . PUNCT ajpdis-2790 58 1 it it PRON ajpdis-2790 58 2 would would AUX ajpdis-2790 58 3 be be AUX ajpdis-2790 58 4 appropriate appropriate ADJ ajpdis-2790 58 5 to to PART ajpdis-2790 58 6 express express VERB ajpdis-2790 58 7 it it PRON ajpdis-2790 58 8 like like ADP ajpdis-2790 58 9 this this PRON ajpdis-2790 58 10 ( ( PUNCT ajpdis-2790 58 11 khudaykulov khudaykulov NOUN ajpdis-2790 58 12 , , PUNCT ajpdis-2790 58 13 2021 2021 NUM ajpdis-2790 58 14 ): ): PUNCT ajpdis-2790 58 15 π‘Ÿπ‘‘ π‘Ÿπ‘‘ PROPN ajpdis-2790 58 16 = = SYM ajpdis-2790 58 17 πΌπ‘›π‘‘π‘’π‘Ÿπ‘’π‘ π‘‘ πΌπ‘›π‘‘π‘’π‘Ÿπ‘’π‘ π‘‘ PROPN ajpdis-2790 58 18 𝑒π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 𝑒π‘₯𝑝𝑒𝑛𝑠𝑒𝑠 NOUN ajpdis-2790 58 19 πΏπ‘œπ‘›gβˆ’π‘‘π‘’π‘Ÿπ‘š πΏπ‘œπ‘›gβˆ’π‘‘π‘’π‘Ÿπ‘š NOUN ajpdis-2790 58 20 π‘™π‘œπ‘Žπ‘›π‘  π‘™π‘œπ‘Žπ‘›π‘  NOUN ajpdis-2790 58 21 + + CCONJ ajpdis-2790 58 22 π‘†β„Žπ‘œπ‘Ÿπ‘‘βˆ’π‘‘π‘’π‘Ÿπ‘š π‘†β„Žπ‘œπ‘Ÿπ‘‘βˆ’π‘‘π‘’π‘Ÿπ‘š PROPN ajpdis-2790 58 23 π‘™π‘œπ‘Žπ‘›π‘  π‘™π‘œπ‘Žπ‘›π‘  NOUN ajpdis-2790 58 24 as as ADP ajpdis-2790 58 25 a a DET ajpdis-2790 58 26 result result NOUN ajpdis-2790 58 27 , , PUNCT ajpdis-2790 58 28 it it PRON ajpdis-2790 58 29 is be AUX ajpdis-2790 58 30 determined determine VERB ajpdis-2790 58 31 what what DET ajpdis-2790 58 32 percentage percentage NOUN ajpdis-2790 58 33 of of ADP ajpdis-2790 58 34 the the DET ajpdis-2790 58 35 company company NOUN ajpdis-2790 58 36 's 's PART ajpdis-2790 58 37 profit profit NOUN ajpdis-2790 58 38 is be AUX ajpdis-2790 58 39 the the DET ajpdis-2790 58 40 amount amount NOUN ajpdis-2790 58 41 of of ADP ajpdis-2790 58 42 borrowed borrow VERB ajpdis-2790 58 43 funds fund NOUN ajpdis-2790 58 44 . . PUNCT ajpdis-2790 59 1 table table NOUN ajpdis-2790 59 2 3 3 NUM ajpdis-2790 59 3 . . X ajpdis-2790 60 1 calculation calculation NOUN ajpdis-2790 60 2 of of ADP ajpdis-2790 60 3 the the DET ajpdis-2790 60 4 debt debt NOUN ajpdis-2790 60 5 burden burden NOUN ajpdis-2790 60 6 and and CCONJ ajpdis-2790 60 7 cost cost NOUN ajpdis-2790 60 8 of of ADP ajpdis-2790 60 9 debt debt NOUN ajpdis-2790 60 10 of of ADP ajpdis-2790 60 11 oil oil NOUN ajpdis-2790 60 12 and and CCONJ ajpdis-2790 60 13 fat fat ADJ ajpdis-2790 60 14 production production NOUN ajpdis-2790 60 15 joint joint ADJ ajpdis-2790 60 16 stock stock NOUN ajpdis-2790 60 17 company company NOUN ajpdis-2790 60 18 name name NOUN ajpdis-2790 60 19 of of ADP ajpdis-2790 60 20 enterprises enterprise NOUN ajpdis-2790 60 21 debt debt NOUN ajpdis-2790 60 22 load load NOUN ajpdis-2790 60 23 ( ( PUNCT ajpdis-2790 60 24 Ρ… Ρ… NOUN ajpdis-2790 60 25 ) ) PUNCT ajpdis-2790 60 26 cost cost NOUN ajpdis-2790 60 27 of of ADP ajpdis-2790 60 28 debt debt NOUN ajpdis-2790 60 29 ( ( PUNCT ajpdis-2790 60 30 y y NOUN ajpdis-2790 60 31 ) ) PUNCT ajpdis-2790 60 32 jsc jsc NOUN ajpdis-2790 60 33 " " PUNCT ajpdis-2790 60 34 andijan andijan NOUN ajpdis-2790 60 35 oil oil NOUN ajpdis-2790 60 36 and and CCONJ ajpdis-2790 60 37 fat fat ADJ ajpdis-2790 60 38 " " PUNCT ajpdis-2790 60 39 6,91 6,91 NUM ajpdis-2790 60 40 15,77 15,77 NOUN ajpdis-2790 60 41 jsc jsc NOUN ajpdis-2790 60 42 " " PUNCT ajpdis-2790 60 43 asaka asaka ADJ ajpdis-2790 60 44 oil oil NOUN ajpdis-2790 60 45 " " PUNCT ajpdis-2790 60 46 3,74 3,74 NOUN ajpdis-2790 60 47 4,17 4,17 NUM ajpdis-2790 60 48 jsc jsc NOUN ajpdis-2790 60 49 " " PUNCT ajpdis-2790 60 50 gulistan gulistan ADJ ajpdis-2790 60 51 oil oil NOUN ajpdis-2790 60 52 production production NOUN ajpdis-2790 60 53 " " PUNCT ajpdis-2790 60 54 1,82 1,82 PROPN ajpdis-2790 60 55 9,02 9,02 NUM ajpdis-2790 60 56 jsc jsc PROPN ajpdis-2790 60 57 " " PUNCT ajpdis-2790 60 58 fergana fergana NOUN ajpdis-2790 60 59 oil oil NOUN ajpdis-2790 60 60 and and CCONJ ajpdis-2790 60 61 fat fat ADJ ajpdis-2790 60 62 " " PUNCT ajpdis-2790 60 63 3,39 3,39 NUM ajpdis-2790 60 64 4,2 4,2 NUM ajpdis-2790 60 65 jsc jsc NOUN ajpdis-2790 60 66 " " PUNCT ajpdis-2790 60 67 yangiyul yangiyul NOUN ajpdis-2790 60 68 oil oil NOUN ajpdis-2790 60 69 and and CCONJ ajpdis-2790 60 70 fat fat ADJ ajpdis-2790 60 71 " " PUNCT ajpdis-2790 60 72 0,25 0,25 NUM ajpdis-2790 60 73 8,86 8,86 NUM ajpdis-2790 60 74 jsc jsc PROPN ajpdis-2790 60 75 " " PUNCT ajpdis-2790 60 76 karshi karshi NOUN ajpdis-2790 60 77 oil oil NOUN ajpdis-2790 60 78 production production NOUN ajpdis-2790 60 79 " " PUNCT ajpdis-2790 60 80 3,79 3,79 NUM ajpdis-2790 60 81 10,83 10,83 NUM ajpdis-2790 60 82 jsc jsc PROPN ajpdis-2790 60 83 " " PUNCT ajpdis-2790 60 84 yoggar yoggar NOUN ajpdis-2790 60 85 beruni beruni NOUN ajpdis-2790 60 86 " " PUNCT ajpdis-2790 60 87 1,51 1,51 NUM ajpdis-2790 60 88 10,05 10,05 NUM ajpdis-2790 60 89 jsc jsc NOUN ajpdis-2790 60 90 " " PUNCT ajpdis-2790 60 91 kokand kokand NOUN ajpdis-2790 60 92 oil oil NOUN ajpdis-2790 60 93 and and CCONJ ajpdis-2790 60 94 fat fat NOUN ajpdis-2790 60 95 " " PUNCT ajpdis-2790 60 96 1,82 1,82 PROPN ajpdis-2790 60 97 7,34 7,34 PROPN ajpdis-2790 60 98 jsc jsc PROPN ajpdis-2790 60 99 " " PUNCT ajpdis-2790 60 100 tashkent tashkent ADJ ajpdis-2790 60 101 oil oil NOUN ajpdis-2790 60 102 and and CCONJ ajpdis-2790 60 103 fat fat ADJ ajpdis-2790 60 104 plant plant NOUN ajpdis-2790 60 105 " " PUNCT ajpdis-2790 60 106 0,97 0,97 NUM ajpdis-2790 60 107 6,69 6,69 NUM ajpdis-2790 60 108 source source NOUN ajpdis-2790 60 109 : : PUNCT ajpdis-2790 60 110 compiled compile VERB ajpdis-2790 60 111 from from ADP ajpdis-2790 60 112 financial financial ADJ ajpdis-2790 60 113 statements statement NOUN ajpdis-2790 60 114 . . PUNCT ajpdis-2790 61 1 http://www/ http://www/ X ajpdis-2790 61 2 http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls PROPN ajpdis-2790 61 3 http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls PROPN ajpdis-2790 61 4 http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls PROPN ajpdis-2790 61 5 http://www.stern.nyu.edu/~adamodar/pc/datasets/ctrypremjuly23.xlsx http://www.stern.nyu.edu/~adamodar/pc/datasets/ctrypremjuly23.xlsx PROPN ajpdis-2790 61 6 http://www.stern.nyu.edu/~adamodar/pc/datasets/ctrypremjuly23.xlsx http://www.stern.nyu.edu/~adamodar/pc/datasets/ctrypremjuly23.xlsx PROPN ajpdis-2790 61 7 http://www.stern.nyu.edu/~adamodar/pc/datasets/ctrypremjuly23.xlsx http://www.stern.nyu.edu/~adamodar/pc/datasets/ctrypremjuly23.xlsx PROPN ajpdis-2790 61 8 5 5 NUM ajpdis-2790 61 9 journal journal NOUN ajpdis-2790 61 10 of of ADP ajpdis-2790 61 11 public public ADJ ajpdis-2790 61 12 diplomacy diplomacy NOUN ajpdis-2790 61 13 and and CCONJ ajpdis-2790 61 14 international international ADJ ajpdis-2790 61 15 studies study NOUN ajpdis-2790 61 16 grnjournal.us grnjournal.us X ajpdis-2790 61 17 www www NOUN ajpdis-2790 61 18 . . PROPN ajpdis-2790 61 19 18 18 NUM ajpdis-2790 61 20 16 16 NUM ajpdis-2790 61 21 14 14 NUM ajpdis-2790 61 22 12 12 NUM ajpdis-2790 61 23 10 10 NUM ajpdis-2790 61 24 8 8 NUM ajpdis-2790 61 25 6 6 NUM ajpdis-2790 61 26 4 4 NUM ajpdis-2790 61 27 2 2 NUM ajpdis-2790 61 28 0 0 NUM ajpdis-2790 61 29 0 0 NUM ajpdis-2790 61 30 1 1 NUM ajpdis-2790 61 31 2 2 NUM ajpdis-2790 61 32 3 3 NUM ajpdis-2790 61 33 4 4 NUM ajpdis-2790 61 34 debt debt NOUN ajpdis-2790 61 35 load load NOUN ajpdis-2790 61 36 ( ( PUNCT ajpdis-2790 61 37 Ρ… Ρ… NOUN ajpdis-2790 61 38 ) ) PUNCT ajpdis-2790 61 39 5 5 NUM ajpdis-2790 61 40 6 6 NUM ajpdis-2790 61 41 7 7 NUM ajpdis-2790 61 42 8 8 NUM ajpdis-2790 61 43 the the DET ajpdis-2790 61 44 graph graph NOUN ajpdis-2790 61 45 below below ADV ajpdis-2790 61 46 shows show VERB ajpdis-2790 61 47 the the DET ajpdis-2790 61 48 relationship relationship NOUN ajpdis-2790 61 49 between between ADP ajpdis-2790 61 50 businesses business NOUN ajpdis-2790 61 51 ' ' PART ajpdis-2790 61 52 debt debt NOUN ajpdis-2790 61 53 load load NOUN ajpdis-2790 61 54 and and CCONJ ajpdis-2790 61 55 the the DET ajpdis-2790 61 56 cost cost NOUN ajpdis-2790 61 57 of of ADP ajpdis-2790 61 58 debt debt NOUN ajpdis-2790 61 59 . . PUNCT ajpdis-2790 62 1 also also ADV ajpdis-2790 62 2 , , PUNCT ajpdis-2790 62 3 based base VERB ajpdis-2790 62 4 on on ADP ajpdis-2790 62 5 the the DET ajpdis-2790 62 6 graphical graphical ADJ ajpdis-2790 62 7 data datum NOUN ajpdis-2790 62 8 , , PUNCT ajpdis-2790 62 9 a a DET ajpdis-2790 62 10 quadratic quadratic ADJ ajpdis-2790 62 11 regression regression NOUN ajpdis-2790 62 12 equation equation NOUN ajpdis-2790 62 13 was be AUX ajpdis-2790 62 14 compiled compile VERB ajpdis-2790 62 15 and and CCONJ ajpdis-2790 62 16 the the DET ajpdis-2790 62 17 coefficient coefficient NOUN ajpdis-2790 62 18 of of ADP ajpdis-2790 62 19 determination determination NOUN ajpdis-2790 62 20 was be AUX ajpdis-2790 62 21 checked check VERB ajpdis-2790 62 22 . . PUNCT ajpdis-2790 63 1 schedule schedule NOUN ajpdis-2790 63 2 1 1 NUM ajpdis-2790 63 3 graph graph NOUN ajpdis-2790 63 4 of of ADP ajpdis-2790 63 5 the the DET ajpdis-2790 63 6 dependence dependence NOUN ajpdis-2790 63 7 of of ADP ajpdis-2790 63 8 the the DET ajpdis-2790 63 9 price price NOUN ajpdis-2790 63 10 of of ADP ajpdis-2790 63 11 debt debt NOUN ajpdis-2790 63 12 on on ADP ajpdis-2790 63 13 the the DET ajpdis-2790 63 14 debt debt NOUN ajpdis-2790 63 15 load load NOUN ajpdis-2790 63 16 source source NOUN ajpdis-2790 63 17 : : PUNCT ajpdis-2790 63 18 generated generate VERB ajpdis-2790 63 19 from from ADP ajpdis-2790 63 20 data data PROPN ajpdis-2790 63 21 . . PUNCT ajpdis-2790 64 1 𝑦 𝑦 NOUN ajpdis-2790 64 2 = = SYM ajpdis-2790 64 3 0.49 0.49 NUM ajpdis-2790 64 4 Γ— Γ— NOUN ajpdis-2790 64 5 π‘₯2 π‘₯2 NOUN ajpdis-2790 64 6 βˆ’ βˆ’ PROPN ajpdis-2790 64 7 2.6733 2.6733 NUM ajpdis-2790 64 8 Γ— Γ— NOUN ajpdis-2790 64 9 π‘₯ π‘₯ NOUN ajpdis-2790 64 10 + + NOUN ajpdis-2790 64 11 10.395 10.395 NUM ajpdis-2790 64 12 𝑅2 𝑅2 ADP ajpdis-2790 64 13 = = NOUN ajpdis-2790 64 14 0.5804 0.5804 NUM ajpdis-2790 64 15 from from ADP ajpdis-2790 64 16 the the DET ajpdis-2790 64 17 graphical graphical ADJ ajpdis-2790 64 18 data datum NOUN ajpdis-2790 64 19 above above ADV ajpdis-2790 64 20 , , PUNCT ajpdis-2790 64 21 it it PRON ajpdis-2790 64 22 can can AUX ajpdis-2790 64 23 be be AUX ajpdis-2790 64 24 seen see VERB ajpdis-2790 64 25 that that SCONJ ajpdis-2790 64 26 the the DET ajpdis-2790 64 27 coefficient coefficient NOUN ajpdis-2790 64 28 of of ADP ajpdis-2790 64 29 determination determination NOUN ajpdis-2790 64 30 among among ADP ajpdis-2790 64 31 the the DET ajpdis-2790 64 32 10 10 NUM ajpdis-2790 64 33 selected select VERB ajpdis-2790 64 34 enterprises enterprise NOUN ajpdis-2790 64 35 is be AUX ajpdis-2790 64 36 0.5804 0.5804 NUM ajpdis-2790 64 37 . . PUNCT ajpdis-2790 65 1 it it PRON ajpdis-2790 65 2 is be AUX ajpdis-2790 65 3 clear clear ADJ ajpdis-2790 65 4 from from ADP ajpdis-2790 65 5 this this PRON ajpdis-2790 65 6 that that SCONJ ajpdis-2790 65 7 there there PRON ajpdis-2790 65 8 is be VERB ajpdis-2790 65 9 a a DET ajpdis-2790 65 10 significant significant ADJ ajpdis-2790 65 11 degree degree NOUN ajpdis-2790 65 12 of of ADP ajpdis-2790 65 13 correlation correlation NOUN ajpdis-2790 65 14 between between ADP ajpdis-2790 65 15 enterprises enterprise NOUN ajpdis-2790 65 16 on on ADP ajpdis-2790 65 17 the the DET ajpdis-2790 65 18 chaddock chaddock ADJ ajpdis-2790 65 19 scale scale NOUN ajpdis-2790 65 20 . . PUNCT ajpdis-2790 66 1 we we PRON ajpdis-2790 66 2 know know VERB ajpdis-2790 66 3 that that SCONJ ajpdis-2790 66 4 the the DET ajpdis-2790 66 5 amount amount NOUN ajpdis-2790 66 6 of of ADP ajpdis-2790 66 7 debt debt NOUN ajpdis-2790 66 8 is be AUX ajpdis-2790 66 9 directly directly ADV ajpdis-2790 66 10 related relate VERB ajpdis-2790 66 11 to to ADP ajpdis-2790 66 12 the the DET ajpdis-2790 66 13 size size NOUN ajpdis-2790 66 14 of of ADP ajpdis-2790 66 15 the the DET ajpdis-2790 66 16 debt debt NOUN ajpdis-2790 66 17 burden burden NOUN ajpdis-2790 66 18 , , PUNCT ajpdis-2790 66 19 so so CCONJ ajpdis-2790 66 20 the the DET ajpdis-2790 66 21 increasing increase VERB ajpdis-2790 66 22 side side NOUN ajpdis-2790 66 23 of of ADP ajpdis-2790 66 24 the the DET ajpdis-2790 66 25 function function NOUN ajpdis-2790 66 26 we we PRON ajpdis-2790 66 27 know know VERB ajpdis-2790 66 28 is be AUX ajpdis-2790 66 29 important important ADJ ajpdis-2790 66 30 to to ADP ajpdis-2790 66 31 us we PRON ajpdis-2790 66 32 . . PUNCT ajpdis-2790 67 1 when when SCONJ ajpdis-2790 67 2 we we PRON ajpdis-2790 67 3 set set VERB ajpdis-2790 67 4 the the DET ajpdis-2790 67 5 derivative derivative NOUN ajpdis-2790 67 6 of of ADP ajpdis-2790 67 7 the the DET ajpdis-2790 67 8 above above ADJ ajpdis-2790 67 9 function function NOUN ajpdis-2790 67 10 𝑦=0.493Γ—π‘₯2βˆ’2.6733Γ—π‘₯+10.395 𝑦=0.493Γ—π‘₯2βˆ’2.6733Γ—π‘₯+10.395 PROPN ajpdis-2790 67 11 to to ADP ajpdis-2790 67 12 zero zero NUM ajpdis-2790 67 13 and and CCONJ ajpdis-2790 67 14 then then ADV ajpdis-2790 67 15 check check VERB ajpdis-2790 67 16 that that SCONJ ajpdis-2790 67 17 it it PRON ajpdis-2790 67 18 increases increase VERB ajpdis-2790 67 19 in in ADP ajpdis-2790 67 20 the the DET ajpdis-2790 67 21 interval interval NOUN ajpdis-2790 67 22 , , PUNCT ajpdis-2790 67 23 we we PRON ajpdis-2790 67 24 get get VERB ajpdis-2790 67 25 the the DET ajpdis-2790 67 26 following follow VERB ajpdis-2790 67 27 expression expression NOUN ajpdis-2790 67 28 : : PUNCT ajpdis-2790 67 29 𝑑𝑦 𝑑𝑦 NOUN ajpdis-2790 67 30 = = SYM ajpdis-2790 67 31 2 2 NUM ajpdis-2790 67 32 Γ— Γ— NOUN ajpdis-2790 67 33 0.493 0.493 NUM ajpdis-2790 67 34 Γ— Γ— NOUN ajpdis-2790 68 1 π‘₯ π‘₯ DET ajpdis-2790 68 2 βˆ’ βˆ’ PROPN ajpdis-2790 68 3 2.6733 2.6733 NUM ajpdis-2790 68 4 > > SYM ajpdis-2790 68 5 0 0 NUM ajpdis-2790 68 6 𝑑π‘₯ 𝑑π‘₯ VERB ajpdis-2790 68 7 0.986π‘₯ 0.986π‘₯ PROPN ajpdis-2790 68 8 > > PUNCT ajpdis-2790 68 9 2.6799 2.6799 NUM ajpdis-2790 68 10 π‘₯ π‘₯ X ajpdis-2790 68 11 > > X ajpdis-2790 68 12 2.71 2.71 NUM ajpdis-2790 68 13 thus thus ADV ajpdis-2790 68 14 , , PUNCT ajpdis-2790 68 15 the the DET ajpdis-2790 68 16 function function NOUN ajpdis-2790 68 17 increases increase VERB ajpdis-2790 68 18 when when SCONJ ajpdis-2790 68 19 x>2.71 x>2.71 PROPN ajpdis-2790 68 20 . . PUNCT ajpdis-2790 69 1 therefore therefore ADV ajpdis-2790 69 2 , , PUNCT ajpdis-2790 69 3 the the DET ajpdis-2790 69 4 amount amount NOUN ajpdis-2790 69 5 of of ADP ajpdis-2790 69 6 debt debt NOUN ajpdis-2790 69 7 capital capital NOUN ajpdis-2790 69 8 of of ADP ajpdis-2790 69 9 enterprises enterprise NOUN ajpdis-2790 69 10 is be AUX ajpdis-2790 69 11 equal equal ADJ ajpdis-2790 69 12 to to ADP ajpdis-2790 69 13 the the DET ajpdis-2790 69 14 same same ADJ ajpdis-2790 69 15 number number NOUN ajpdis-2790 69 16 when when SCONJ ajpdis-2790 69 17 the the DET ajpdis-2790 69 18 value value NOUN ajpdis-2790 69 19 of of ADP ajpdis-2790 69 20 the the DET ajpdis-2790 69 21 debt debt NOUN ajpdis-2790 69 22 burden burden NOUN ajpdis-2790 69 23 is be AUX ajpdis-2790 69 24 less less ADJ ajpdis-2790 69 25 than than ADP ajpdis-2790 69 26 2.71 2.71 NUM ajpdis-2790 69 27 , , PUNCT ajpdis-2790 69 28 and and CCONJ ajpdis-2790 69 29 as as ADV ajpdis-2790 69 30 soon soon ADV ajpdis-2790 69 31 as as SCONJ ajpdis-2790 69 32 it it PRON ajpdis-2790 69 33 exceeds exceed VERB ajpdis-2790 69 34 2.71 2.71 NUM ajpdis-2790 69 35 , , PUNCT ajpdis-2790 69 36 the the DET ajpdis-2790 69 37 amount amount NOUN ajpdis-2790 69 38 of of ADP ajpdis-2790 69 39 debt debt NOUN ajpdis-2790 69 40 also also ADV ajpdis-2790 69 41 increases increase VERB ajpdis-2790 69 42 . . PUNCT ajpdis-2790 70 1 let let VERB ajpdis-2790 70 2 's us PRON ajpdis-2790 70 3 take take VERB ajpdis-2790 70 4 the the DET ajpdis-2790 70 5 maximum maximum ADJ ajpdis-2790 70 6 debt debt NOUN ajpdis-2790 70 7 load load NOUN ajpdis-2790 70 8 value value NOUN ajpdis-2790 70 9 to to PART ajpdis-2790 70 10 be be AUX ajpdis-2790 70 11 10 10 NUM ajpdis-2790 70 12 . . PUNCT ajpdis-2790 71 1 studying study VERB ajpdis-2790 71 2 the the DET ajpdis-2790 71 3 level level NOUN ajpdis-2790 71 4 of of ADP ajpdis-2790 71 5 enterprise enterprise NOUN ajpdis-2790 71 6 value value NOUN ajpdis-2790 71 7 depending depend VERB ajpdis-2790 71 8 on on ADP ajpdis-2790 71 9 the the DET ajpdis-2790 71 10 capital capital NOUN ajpdis-2790 71 11 structure structure NOUN ajpdis-2790 71 12 is be AUX ajpdis-2790 71 13 a a DET ajpdis-2790 71 14 rather rather ADV ajpdis-2790 71 15 complex complex ADJ ajpdis-2790 71 16 process process NOUN ajpdis-2790 71 17 , , PUNCT ajpdis-2790 71 18 so so ADV ajpdis-2790 71 19 we we PRON ajpdis-2790 71 20 estimate estimate VERB ajpdis-2790 71 21 the the DET ajpdis-2790 71 22 value value NOUN ajpdis-2790 71 23 of of ADP ajpdis-2790 71 24 private private ADJ ajpdis-2790 71 25 and and CCONJ ajpdis-2790 71 26 debt debt NOUN ajpdis-2790 71 27 capital capital NOUN ajpdis-2790 71 28 based base VERB ajpdis-2790 71 29 on on ADP ajpdis-2790 71 30 the the DET ajpdis-2790 71 31 leverage leverage NOUN ajpdis-2790 71 32 ratio ratio NOUN ajpdis-2790 71 33 , , PUNCT ajpdis-2790 71 34 and and CCONJ ajpdis-2790 71 35 find find VERB ajpdis-2790 71 36 that that SCONJ ajpdis-2790 71 37 their their PRON ajpdis-2790 71 38 values value NOUN ajpdis-2790 71 39 remain remain VERB ajpdis-2790 71 40 unchanged unchanged ADJ ajpdis-2790 71 41 at at ADP ajpdis-2790 71 42 lower low ADJ ajpdis-2790 71 43 levels level NOUN ajpdis-2790 71 44 of of ADP ajpdis-2790 71 45 debt debt NOUN ajpdis-2790 71 46 . . PUNCT ajpdis-2790 72 1 than than ADP ajpdis-2790 72 2 2.71 2.71 NUM ajpdis-2790 72 3 , , PUNCT ajpdis-2790 72 4 and and CCONJ ajpdis-2790 72 5 also also ADV ajpdis-2790 72 6 , , PUNCT ajpdis-2790 72 7 we we PRON ajpdis-2790 72 8 find find VERB ajpdis-2790 72 9 that that SCONJ ajpdis-2790 72 10 both both DET ajpdis-2790 72 11 capital capital NOUN ajpdis-2790 72 12 prices price NOUN ajpdis-2790 72 13 increase increase VERB ajpdis-2790 72 14 as as ADP ajpdis-2790 72 15 a a DET ajpdis-2790 72 16 result result NOUN ajpdis-2790 72 17 of of ADP ajpdis-2790 72 18 exceeding exceed VERB ajpdis-2790 72 19 2.71 2.71 NUM ajpdis-2790 72 20 . . PUNCT ajpdis-2790 73 1 creating create VERB ajpdis-2790 73 2 an an DET ajpdis-2790 73 3 optimal optimal ADJ ajpdis-2790 73 4 capital capital NOUN ajpdis-2790 73 5 structure structure NOUN ajpdis-2790 73 6 is be AUX ajpdis-2790 73 7 a a DET ajpdis-2790 73 8 never never ADV ajpdis-2790 73 9 - - PUNCT ajpdis-2790 73 10 ending end VERB ajpdis-2790 73 11 process process NOUN ajpdis-2790 73 12 . . PUNCT ajpdis-2790 74 1 companies company NOUN ajpdis-2790 74 2 may may AUX ajpdis-2790 74 3 consider consider VERB ajpdis-2790 74 4 increasing increase VERB ajpdis-2790 74 5 debt debt NOUN ajpdis-2790 74 6 capital capital NOUN ajpdis-2790 74 7 by by ADP ajpdis-2790 74 8 1 1 NUM ajpdis-2790 74 9 % % NOUN ajpdis-2790 74 10 and and CCONJ ajpdis-2790 74 11 increasing increase VERB ajpdis-2790 74 12 equity equity NOUN ajpdis-2790 74 13 capital capital NOUN ajpdis-2790 74 14 by by ADP ajpdis-2790 74 15 1 1 NUM ajpdis-2790 74 16 % % NOUN ajpdis-2790 74 17 . . PUNCT ajpdis-2790 75 1 others other NOUN ajpdis-2790 75 2 may may AUX ajpdis-2790 75 3 go go VERB ajpdis-2790 75 4 a a DET ajpdis-2790 75 5 different different ADJ ajpdis-2790 75 6 route route NOUN ajpdis-2790 75 7 . . PUNCT ajpdis-2790 76 1 in in ADP ajpdis-2790 76 2 our our PRON ajpdis-2790 76 3 study study NOUN ajpdis-2790 76 4 , , PUNCT ajpdis-2790 76 5 we we PRON ajpdis-2790 76 6 find find VERB ajpdis-2790 76 7 out out ADP ajpdis-2790 76 8 how how SCONJ ajpdis-2790 76 9 the the DET ajpdis-2790 76 10 values value NOUN ajpdis-2790 76 11 of of ADP ajpdis-2790 76 12 the the DET ajpdis-2790 76 13 companies company NOUN ajpdis-2790 76 14 we we PRON ajpdis-2790 76 15 analyze analyze VERB ajpdis-2790 76 16 change change NOUN ajpdis-2790 76 17 as as ADP ajpdis-2790 76 18 a a DET ajpdis-2790 76 19 result result NOUN ajpdis-2790 76 20 of of ADP ajpdis-2790 76 21 an an DET ajpdis-2790 76 22 additional additional ADJ ajpdis-2790 76 23 increase increase NOUN ajpdis-2790 76 24 in in ADP ajpdis-2790 76 25 debt debt NOUN ajpdis-2790 76 26 capital capital NOUN ajpdis-2790 76 27 by by ADP ajpdis-2790 76 28 5 5 NUM ajpdis-2790 76 29 % % NOUN ajpdis-2790 76 30 . . PUNCT ajpdis-2790 77 1 conclusions conclusion NOUN ajpdis-2790 77 2 and and CCONJ ajpdis-2790 77 3 offers offer NOUN ajpdis-2790 77 4 . . PUNCT ajpdis-2790 78 1 the the PRON ajpdis-2790 78 2 higher high ADJ ajpdis-2790 78 3 the the DET ajpdis-2790 78 4 enterprise enterprise NOUN ajpdis-2790 78 5 value value NOUN ajpdis-2790 78 6 sensitivity sensitivity NOUN ajpdis-2790 78 7 index index NOUN ajpdis-2790 78 8 , , PUNCT ajpdis-2790 78 9 the the PRON ajpdis-2790 78 10 higher high ADJ ajpdis-2790 78 11 the the DET ajpdis-2790 78 12 correlation correlation NOUN ajpdis-2790 78 13 between between ADP ajpdis-2790 78 14 the the DET ajpdis-2790 78 15 fundamental fundamental ADJ ajpdis-2790 78 16 value value NOUN ajpdis-2790 78 17 of of ADP ajpdis-2790 78 18 enterprises enterprise NOUN ajpdis-2790 78 19 and and CCONJ ajpdis-2790 78 20 the the DET ajpdis-2790 78 21 capital capital NOUN ajpdis-2790 78 22 structure structure NOUN ajpdis-2790 78 23 , , PUNCT ajpdis-2790 78 24 which which PRON ajpdis-2790 78 25 indicates indicate VERB ajpdis-2790 78 26 the the DET ajpdis-2790 78 27 need need NOUN ajpdis-2790 78 28 to to PART ajpdis-2790 78 29 optimize optimize VERB ajpdis-2790 78 30 the the DET ajpdis-2790 78 31 capital capital NOUN ajpdis-2790 78 32 structure structure NOUN ajpdis-2790 78 33 . . PUNCT ajpdis-2790 79 1 according accord VERB ajpdis-2790 79 2 to to ADP ajpdis-2790 79 3 the the DET ajpdis-2790 79 4 results result NOUN ajpdis-2790 79 5 of of ADP ajpdis-2790 79 6 the the DET ajpdis-2790 79 7 study study NOUN ajpdis-2790 79 8 , , PUNCT ajpdis-2790 79 9 it it PRON ajpdis-2790 79 10 was be AUX ajpdis-2790 79 11 proven prove VERB ajpdis-2790 79 12 that that SCONJ ajpdis-2790 79 13 the the DET ajpdis-2790 79 14 actual actual ADJ ajpdis-2790 79 15 share share NOUN ajpdis-2790 79 16 of of ADP ajpdis-2790 79 17 borrowed borrow VERB ajpdis-2790 79 18 funds fund NOUN ajpdis-2790 79 19 in in ADP ajpdis-2790 79 20 the the DET ajpdis-2790 79 21 capital capital NOUN ajpdis-2790 79 22 structure structure NOUN ajpdis-2790 79 23 of of ADP ajpdis-2790 79 24 the the DET ajpdis-2790 79 25 analyzed analyze VERB ajpdis-2790 79 26 enterprises enterprise NOUN ajpdis-2790 79 27 can can AUX ajpdis-2790 79 28 be be AUX ajpdis-2790 79 29 increased increase VERB ajpdis-2790 79 30 by by ADP ajpdis-2790 79 31 an an DET ajpdis-2790 79 32 c c NOUN ajpdis-2790 79 33 o o NOUN ajpdis-2790 79 34 st st PROPN ajpdis-2790 79 35 o o X ajpdis-2790 79 36 f f PROPN ajpdis-2790 79 37 d d X ajpdis-2790 79 38 eb eb PROPN ajpdis-2790 79 39 t t PROPN ajpdis-2790 79 40 ( ( PUNCT ajpdis-2790 79 41 y y PROPN ajpdis-2790 79 42 ) ) PUNCT ajpdis-2790 79 43 http://www/ http://www/ PUNCT ajpdis-2790 79 44 6 6 NUM ajpdis-2790 79 45 journal journal NOUN ajpdis-2790 79 46 of of ADP ajpdis-2790 79 47 public public ADJ ajpdis-2790 79 48 diplomacy diplomacy NOUN ajpdis-2790 79 49 and and CCONJ ajpdis-2790 79 50 international international ADJ ajpdis-2790 79 51 studies study NOUN ajpdis-2790 79 52 grnjournal.us grnjournal.us X ajpdis-2790 79 53 www www NOUN ajpdis-2790 79 54 . . PROPN ajpdis-2790 80 1 additional additional ADJ ajpdis-2790 80 2 5 5 NUM ajpdis-2790 80 3 % % NOUN ajpdis-2790 80 4 to to ADP ajpdis-2790 80 5 the the DET ajpdis-2790 80 6 optimal optimal ADJ ajpdis-2790 80 7 level level NOUN ajpdis-2790 80 8 , , PUNCT ajpdis-2790 80 9 and and CCONJ ajpdis-2790 80 10 the the DET ajpdis-2790 80 11 fundamental fundamental ADJ ajpdis-2790 80 12 value value NOUN ajpdis-2790 80 13 of of ADP ajpdis-2790 80 14 enterprises enterprise NOUN ajpdis-2790 80 15 can can AUX ajpdis-2790 80 16 be be AUX ajpdis-2790 80 17 increased increase VERB ajpdis-2790 80 18 to to ADP ajpdis-2790 80 19 1.0 1.0 NUM ajpdis-2790 80 20 - - SYM ajpdis-2790 80 21 1.5 1.5 NUM ajpdis-2790 80 22 % % NOUN ajpdis-2790 80 23 . . PUNCT ajpdis-2790 81 1 references reference NOUN ajpdis-2790 81 2 . . PUNCT ajpdis-2790 82 1 1 1 X ajpdis-2790 82 2 . . X ajpdis-2790 82 3 donaldson donaldson PROPN ajpdis-2790 82 4 , , PUNCT ajpdis-2790 82 5 g. g. PROPN ajpdis-2790 82 6 , , PUNCT ajpdis-2790 82 7 1961 1961 NUM ajpdis-2790 82 8 . . PUNCT ajpdis-2790 83 1 corporate corporate ADJ ajpdis-2790 83 2 debt debt NOUN ajpdis-2790 83 3 capacity capacity NOUN ajpdis-2790 83 4 : : PUNCT ajpdis-2790 83 5 a a DET ajpdis-2790 83 6 study study NOUN ajpdis-2790 83 7 of of ADP ajpdis-2790 83 8 corporate corporate ADJ ajpdis-2790 83 9 debt debt NOUN ajpdis-2790 83 10 policy policy NOUN ajpdis-2790 83 11 and and CCONJ ajpdis-2790 83 12 the the DET ajpdis-2790 83 13 determination determination NOUN ajpdis-2790 83 14 of of ADP ajpdis-2790 83 15 corporate corporate ADJ ajpdis-2790 83 16 debt debt NOUN ajpdis-2790 83 17 capacity capacity NOUN ajpdis-2790 83 18 . . PUNCT ajpdis-2790 84 1 division division NOUN ajpdis-2790 84 2 of of ADP ajpdis-2790 84 3 research research NOUN ajpdis-2790 84 4 , , PUNCT ajpdis-2790 84 5 graduate graduate NOUN ajpdis-2790 84 6 school school NOUN ajpdis-2790 84 7 of of ADP ajpdis-2790 84 8 business business PROPN ajpdis-2790 84 9 administration administration PROPN ajpdis-2790 84 10 . . PUNCT ajpdis-2790 85 1 boston boston PROPN ajpdis-2790 85 2 : : PUNCT ajpdis-2790 85 3 harvard harvard PROPN ajpdis-2790 85 4 university university PROPN ajpdis-2790 85 5 . . PUNCT ajpdis-2790 86 1 2 2 NUM ajpdis-2790 86 2 . . X ajpdis-2790 86 3 fama fama PROPN ajpdis-2790 86 4 , , PUNCT ajpdis-2790 86 5 e. e. PROPN ajpdis-2790 86 6 f. f. PROPN ajpdis-2790 86 7 , , PUNCT ajpdis-2790 86 8 and and CCONJ ajpdis-2790 86 9 miller miller PROPN ajpdis-2790 86 10 , , PUNCT ajpdis-2790 86 11 m.h m.h PROPN ajpdis-2790 86 12 . . PROPN ajpdis-2790 86 13 , , PUNCT ajpdis-2790 86 14 1972 1972 NUM ajpdis-2790 86 15 . . PUNCT ajpdis-2790 87 1 the the DET ajpdis-2790 87 2 theory theory NOUN ajpdis-2790 87 3 of of ADP ajpdis-2790 87 4 finance finance NOUN ajpdis-2790 87 5 . . PUNCT ajpdis-2790 88 1 rinehart rinehart PROPN ajpdis-2790 88 2 and and CCONJ ajpdis-2790 88 3 winston winston PROPN ajpdis-2790 88 4 . . PUNCT ajpdis-2790 89 1 new new PROPN ajpdis-2790 89 2 york york PROPN ajpdis-2790 89 3 : : PUNCT ajpdis-2790 89 4 holt holt PROPN ajpdis-2790 89 5 . . PROPN ajpdis-2790 90 1 3 3 X ajpdis-2790 90 2 . . X ajpdis-2790 90 3 hamada hamada PROPN ajpdis-2790 90 4 , , PUNCT ajpdis-2790 90 5 1972 1972 NUM ajpdis-2790 90 6 . . PUNCT ajpdis-2790 91 1 the the DET ajpdis-2790 91 2 effect effect NOUN ajpdis-2790 91 3 of of ADP ajpdis-2790 91 4 firm firm NOUN ajpdis-2790 91 5 ’s ’s PART ajpdis-2790 91 6 capital capital NOUN ajpdis-2790 91 7 structure structure NOUN ajpdis-2790 91 8 on on ADP ajpdis-2790 91 9 the the DET ajpdis-2790 91 10 systematic systematic ADJ ajpdis-2790 91 11 risk risk NOUN ajpdis-2790 91 12 of of ADP ajpdis-2790 91 13 common common ADJ ajpdis-2790 91 14 stocks stock NOUN ajpdis-2790 91 15 . . PUNCT ajpdis-2790 92 1 the the DET ajpdis-2790 92 2 journal journal PROPN ajpdis-2790 92 3 of of ADP ajpdis-2790 92 4 finance finance NOUN ajpdis-2790 92 5 , , PUNCT ajpdis-2790 92 6 27(2 27(2 NUM ajpdis-2790 92 7 ) ) PUNCT ajpdis-2790 92 8 , , PUNCT ajpdis-2790 92 9 pp pp ADP ajpdis-2790 92 10 . . PUNCT ajpdis-2790 93 1 435 435 NUM ajpdis-2790 93 2 - - SYM ajpdis-2790 93 3 452 452 NUM ajpdis-2790 93 4 . . NOUN ajpdis-2790 94 1 4 4 NUM ajpdis-2790 94 2 . . X ajpdis-2790 95 1 kulkarni kulkarni PROPN ajpdis-2790 95 2 . . PUNCT ajpdis-2790 96 1 p. p. NOUN ajpdis-2790 96 2 v v NOUN ajpdis-2790 96 3 , , PUNCT ajpdis-2790 96 4 1988 1988 NUM ajpdis-2790 96 5 . . PUNCT ajpdis-2790 97 1 " " PUNCT ajpdis-2790 97 2 business business NOUN ajpdis-2790 97 3 finance finance NOUN ajpdis-2790 97 4 principles principle NOUN ajpdis-2790 97 5 and and CCONJ ajpdis-2790 97 6 practice practice NOUN ajpdis-2790 97 7 " " PUNCT ajpdis-2790 97 8 . . PUNCT ajpdis-2790 98 1 bombay bombay PROPN ajpdis-2790 98 2 : : PUNCT ajpdis-2790 99 1 himalaya himalaya PROPN ajpdis-2790 99 2 publishing publish VERB ajpdis-2790 99 3 house house PROPN ajpdis-2790 99 4 . . PUNCT ajpdis-2790 100 1 5 5 X ajpdis-2790 100 2 . . X ajpdis-2790 100 3 modigliani modigliani PROPN ajpdis-2790 100 4 . . PUNCT ajpdis-2790 101 1 f f PROPN ajpdis-2790 101 2 and and CCONJ ajpdis-2790 101 3 miller miller PROPN ajpdis-2790 101 4 . . PUNCT ajpdis-2790 102 1 m. m. PROPN ajpdis-2790 102 2 , , PUNCT ajpdis-2790 102 3 1958 1958 NUM ajpdis-2790 102 4 . . PUNCT ajpdis-2790 103 1 the the DET ajpdis-2790 103 2 cost cost NOUN ajpdis-2790 103 3 of of ADP ajpdis-2790 103 4 capital capital NOUN ajpdis-2790 103 5 , , PUNCT ajpdis-2790 103 6 corporation corporation NOUN ajpdis-2790 103 7 finance finance NOUN ajpdis-2790 103 8 and and CCONJ ajpdis-2790 103 9 the the DET ajpdis-2790 103 10 theory theory NOUN ajpdis-2790 103 11 of of ADP ajpdis-2790 103 12 investment investment NOUN ajpdis-2790 103 13 . . PUNCT ajpdis-2790 104 1 american american PROPN ajpdis-2790 104 2 economic economic PROPN ajpdis-2790 104 3 review review PROPN ajpdis-2790 104 4 , , PUNCT ajpdis-2790 104 5 pp pp ADP ajpdis-2790 104 6 . . PUNCT ajpdis-2790 105 1 261 261 NUM ajpdis-2790 105 2 - - SYM ajpdis-2790 105 3 297 297 NUM ajpdis-2790 105 4 . . PUNCT ajpdis-2790 106 1 6 6 NUM ajpdis-2790 106 2 . . X ajpdis-2790 106 3 myers myers PROPN ajpdis-2790 106 4 , , PUNCT ajpdis-2790 106 5 s. s. PROPN ajpdis-2790 106 6 c. c. PROPN ajpdis-2790 106 7 , , PUNCT ajpdis-2790 106 8 and and CCONJ ajpdis-2790 106 9 majluf majluf NOUN ajpdis-2790 106 10 , , PUNCT ajpdis-2790 106 11 n. n. NOUN ajpdis-2790 106 12 , , PUNCT ajpdis-2790 106 13 1984 1984 NUM ajpdis-2790 106 14 . . PUNCT ajpdis-2790 107 1 corporate corporate ADJ ajpdis-2790 107 2 financing financing NOUN ajpdis-2790 107 3 and and CCONJ ajpdis-2790 107 4 investment investment NOUN ajpdis-2790 107 5 decisions decision NOUN ajpdis-2790 107 6 when when SCONJ ajpdis-2790 107 7 firms firm NOUN ajpdis-2790 107 8 have have VERB ajpdis-2790 107 9 information information NOUN ajpdis-2790 107 10 that that SCONJ ajpdis-2790 107 11 investors investor NOUN ajpdis-2790 107 12 do do AUX ajpdis-2790 107 13 not not PART ajpdis-2790 107 14 have have VERB ajpdis-2790 107 15 . . PUNCT ajpdis-2790 108 1 journal journal NOUN ajpdis-2790 108 2 of of ADP ajpdis-2790 108 3 financial financial ADJ ajpdis-2790 108 4 economics economic NOUN ajpdis-2790 108 5 , , PUNCT ajpdis-2790 108 6 Ρ‚ΠΎΠΌ Ρ‚ΠΎΠΌ VERB ajpdis-2790 108 7 13 13 NUM ajpdis-2790 108 8 , , PUNCT ajpdis-2790 108 9 pp pp ADJ ajpdis-2790 108 10 . . PUNCT ajpdis-2790 109 1 187 187 NUM ajpdis-2790 109 2 - - SYM ajpdis-2790 109 3 224 224 NUM ajpdis-2790 109 4 . . PUNCT ajpdis-2790 110 1 7 7 X ajpdis-2790 110 2 . . X ajpdis-2790 110 3 ross ross PROPN ajpdis-2790 110 4 s. s. PROPN ajpdis-2790 110 5 a. a. PROPN ajpdis-2790 110 6 , , PUNCT ajpdis-2790 110 7 1977 1977 NUM ajpdis-2790 110 8 . . PUNCT ajpdis-2790 111 1 the the DET ajpdis-2790 111 2 determination determination NOUN ajpdis-2790 111 3 of of ADP ajpdis-2790 111 4 financial financial ADJ ajpdis-2790 111 5 structure structure NOUN ajpdis-2790 111 6 : : PUNCT ajpdis-2790 111 7 the the DET ajpdis-2790 111 8 incentive incentive NOUN ajpdis-2790 111 9 signalling signal VERB ajpdis-2790 111 10 approach approach NOUN ajpdis-2790 111 11 . . PUNCT ajpdis-2790 112 1 bell bell PROPN ajpdis-2790 112 2 journal journal PROPN ajpdis-2790 112 3 of of ADP ajpdis-2790 112 4 economics economic NOUN ajpdis-2790 112 5 , , PUNCT ajpdis-2790 112 6 Ρ‚ΠΎΠΌ Ρ‚ΠΎΠΌ VERB ajpdis-2790 112 7 8(1 8(1 NOUN ajpdis-2790 112 8 ) ) PUNCT ajpdis-2790 112 9 , , PUNCT ajpdis-2790 112 10 pp pp PROPN ajpdis-2790 112 11 . . PUNCT ajpdis-2790 113 1 23 23 NUM ajpdis-2790 113 2 - - SYM ajpdis-2790 113 3 40 40 NUM ajpdis-2790 113 4 . . NOUN ajpdis-2790 114 1 8 8 NUM ajpdis-2790 114 2 . . PUNCT ajpdis-2790 114 3 khudoykulov khudoykulov PROPN ajpdis-2790 114 4 kh.kh kh.kh PROPN ajpdis-2790 114 5 . . PUNCT ajpdis-2790 114 6 , , PUNCT ajpdis-2790 114 7 2021 2021 NUM ajpdis-2790 114 8 . . PUNCT ajpdis-2790 115 1 improving improve VERB ajpdis-2790 115 2 the the DET ajpdis-2790 115 3 methodological methodological ADJ ajpdis-2790 115 4 basis basis NOUN ajpdis-2790 115 5 for for ADP ajpdis-2790 115 6 assessing assess VERB ajpdis-2790 115 7 the the DET ajpdis-2790 115 8 cost cost NOUN ajpdis-2790 115 9 of of ADP ajpdis-2790 115 10 capital capital NOUN ajpdis-2790 115 11 of of ADP ajpdis-2790 115 12 joint joint ADJ ajpdis-2790 115 13 - - PUNCT ajpdis-2790 115 14 stock stock NOUN ajpdis-2790 115 15 companies company NOUN ajpdis-2790 115 16 , , PUNCT ajpdis-2790 115 17 tashkent tashkent PROPN ajpdis-2790 115 18 : : PUNCT ajpdis-2790 115 19 abstract abstract PROPN ajpdis-2790 115 20 dsc dsc PROPN ajpdis-2790 115 21 . . PUNCT ajpdis-2790 115 22 http://www/ http://www/ PUNCT