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In previous papers, shot noise of germanium junction p-n diodes and transistors was calculated and measured as dependent on frequency at smal current densities, where good coincidence was obtained. At high current densities, when the density of minority carriers becomes comparable with the density of dotation, measured shot noise was higher than calculated values. In later papers, shot noise in silicon junction diodes and transistors was calculated and measured at small current densities, again obtaining good coincidence. In the present paper, the case of shot noise at high current densities is tackled for the first time, obtaining formulas in good agreement with experimental values. The crux of the new theory is the introduction of an equivalent circuit for p-n junctions, containing an inductance besides resistances and capacitances.