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  "notes": "The slide uses the CAPM model to derive the cost of equity.",
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      "text": "(1) Interpolated yield on the 20-year U.S. Treasury bond (3/15/05). (2) The average historic spread between the return on stocks and H bonds (Ibbotson Ass.) (3) Barra U.S. Equity Beta Book predictions (4) Levering Factor: 1 + [(1 - tax rate) * (debt / equity ratio)] (5) Unlevered Beta: (Beta / Levering Factor) (6) Cost of Equity: Rf + B (Rm - Rf) + Size Premium.",
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      "text": "Assumptions table and Industry Statistics table showing Beta, Debt/Mkt Eq, Levering Factor, Unlevered Beta, and Cost of Equity for various companies.",
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