as $155,459, so the financial capital is $155,459 + $22,927 = $178,386 in market value. This means

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as $155,459, so the financial capital is $155,459 + $22,927 = $178,386 in market value.

This means that its book financial-debt-to-capital was $22,927/$54,615 ≈ 42%; its market financial-debtto-

capital was $22,927/$178,386 ≈ 13%.

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