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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "(a) Barra Beta as of December 2005. (b) Unlevered Beta = Levered Beta / [1 + (1 - Tax Rate)(Debt / Equity)]. (c) Net Debt includes interest bearing short term and long term debt. (d) 10-Year Treasury Bond Yield as of January 27, 2006. (e) Ibbotson Associates 2005 Yearbook. Historical return of equity in excess of risk free rate. Represents large company stocks less long term bonds. (f) Levering Factor = [1 + (1 - Tax Rate)(Debt / Equity)]. (g) Cost of Equity = (Risk-Free Rate of Return) + (Levered Beta)(Equity Risk Premium). (h) Weighted Average Cost of Capital = (After-Tax Cost of Debt)(Debt / Cap.) + (Cost of Equity)(Equity / Cap.). (i) Mean and Median exclude Martha Stewart.",
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      "text": "CHAPTER 4: VALUATION",
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