You are valuing a privately owned paper company, Wernham. To estimate the required return of stock holders, you need an asset beta for estimate the paper business. You determine that the most similar business to Wernham is Dunder Mifflin, which has an equity beta of 0.28 and a debt-to-equity ratio of 0.45. What is the asset beta for the paper business based on Dunder Mifflin? Assume that debt betas are zero and that both companies pursue capital structure policies with a fixed debt-to-value ratio.