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Evaluating the model at the point of means (except for the tax rates), we estimate that the July 2007 tax hike in Indiana increased shipments from our participating distributor to Michigan counties along the Indiana border by 53.2 percent, implying a tax elasticity of 0.67

For example, debt/EBITDA increased, while debt/assets decreased from the acquisition point: Over time, BTI will keep consolidating its operations and balance sheet, and is generating plenty of cash for dividends