Conference – 2015 Equation (3)

K Z i t = 1.002 C a s h f l o w i t T a t a l a s s e t s i t 1 + 3.139 T o t a l l i a b i l i t i e s i t T o t a l a s s e t s i t 1 + 39.368 D i v i d e n d s i t T o t a l a s s e t s i t 1 1.315 C a s h i t T o t a l a s s e t s i t 1 . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaam4saiaadQ fadaWgaaWcbaGaamyAaiaadshaaeqaaOGaeyypa0JaeyOeI0IaaGym aiaac6cacaaIWaGaaGimaiaaikdadaWcaaqaaiaadoeacaWGHbGaam 4CaiaadIgacaWGMbGaamiBaiaad+gacaWG3bWaaSbaaSqaaiaadMga caWG0baabeaaaOqaaiaadsfacaWGHbGaamiDaiaadggacaWGSbGaaG PaVlaadggacaWGZbGaam4CaiaadwgacaWG0bGaam4CamaaBaaaleaa caWGPbGaamiDaiabgkHiTiaaigdaaeqaaaaakiabgUcaRiaaiodaca GGUaGaaGymaiaaiodacaaI5aWaaSaaaeaacaWGubGaam4Baiaadsha caWGHbGaamiBaiaaykW7caWGSbGaamyAaiaadggacaWGIbGaamyAai aadYgacaWGPbGaamiDaiaadMgacaWGLbGaam4CamaaBaaaleaacaWG PbGaamiDaaqabaaakeaacaWGubGaam4BaiaadshacaWGHbGaamiBai aaykW7caWGHbGaam4CaiaadohacaWGLbGaamiDaiaadohadaWgaaWc baGaamyAaiaadshacqGHsislcaaIXaaabeaaaaGccqGHRaWkcaaIZa GaaGyoaiaac6cacaaIZaGaaGOnaiaaiIdadaWcaaqaaiaadseacaWG PbGaamODaiaadMgacaWGKbGaamyzaiaad6gacaWGKbGaam4CamaaBa aaleaacaWGPbGaamiDaaqabaaakeaacaWGubGaam4BaiaadshacaWG HbGaamiBaiaaykW7caWGHbGaam4CaiaadohacaWGLbGaamiDaiaado hadaWgaaWcbaGaamyAaiaadshacqGHsislcaaIXaaabeaaaaGccqGH sislcaaIXaGaaiOlaiaaiodacaaIXaGaaGynamaalaaabaGaam4qai aadggacaWGZbGaamiAamaaBaaaleaacaWGPbGaamiDaaqabaaakeaa caWGubGaam4BaiaadshacaWGHbGaamiBaiaaykW7caWGHbGaam4Cai aadohacaWGLbGaamiDaiaadohadaWgaaWcbaGaamyAaiaadshacqGH sislcaaIXaaabeaaaaGccaGGUaaaaa@B935@