DEBT TO TOTAL CAPITAL
Book Book, Market Market,
Adjusted Adjusted
Canada 39% 37% 35% 32%
France 48 34 41 28
Germany 38 18 23 15
Italy 47 39 46 36
Japan 53 37 29 17
United Kingdom 28 16 19 11
United States 37 33 28 23
Patterns of Corporate Financing