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I don''t have the reference book in front of me, so forgive me if I am wrong here.
I believe that the factor we are discussing (1.34 plus or minus) has been expressed as a function of the displacement-length ratio, although I doubt that this is absolute, either.
I suspect (but can''t prove) that the design parameters found on most boats with low D/L ratios contribute to factors higher than 1.34 and conversely for the designs of the high D/L boats. Of course, SailorMitch''s point about the waterline length change can be significant, as well.