id	sid	tid	token	lemma	pos
abr-201	1	1	101	101	NUM
abr-201	1	2	testing	test	VERB
abr-201	1	3	alternative	alternative	ADJ
abr-201	1	4	theories	theory	NOUN
abr-201	1	5	of	of	ADP
abr-201	1	6	capital	capital	NOUN
abr-201	1	7	structure	structure	NOUN
abr-201	1	8	in	in	ADP
abr-201	1	9	the	the	DET
abr-201	1	10	us	us	PROPN
abr-201	1	11	electric	electric	PROPN
abr-201	1	12	industry	industry	PROPN
abr-201	1	13	karl	karl	PROPN
abr-201	1	14	a.	a.	PROPN
abr-201	1	15	mcdermott	mcdermott	PROPN
abr-201	1	16	,	,	PUNCT
abr-201	1	17	ph.d	ph.d	PROPN
abr-201	1	18	.	.	PUNCT
abr-201	2	1	university	university	PROPN
abr-201	2	2	of	of	ADP
abr-201	2	3	illinois	illinois	PROPN
abr-201	2	4	springfield	springfield	PROPN
abr-201	2	5	carl	carl	PROPN
abr-201	2	6	r.	r.	PROPN
abr-201	2	7	peterson	peterson	PROPN
abr-201	2	8	ph.d	ph.d	PROPN
abr-201	2	9	.	.	PUNCT
abr-201	3	1	university	university	PROPN
abr-201	3	2	of	of	ADP
abr-201	3	3	illinois	illinois	PROPN
abr-201	3	4	springfield	springfield	PROPN
abr-201	3	5	capital	capital	PROPN
abr-201	3	6	structure	structure	NOUN
abr-201	3	7	choices	choice	NOUN
abr-201	3	8	are	be	AUX
abr-201	3	9	somewhat	somewhat	ADV
abr-201	3	10	mysterious	mysterious	ADJ
abr-201	3	11	.	.	PUNCT
abr-201	4	1	this	this	DET
abr-201	4	2	mystery	mystery	NOUN
abr-201	4	3	has	have	AUX
abr-201	4	4	prompted	prompt	VERB
abr-201	4	5	many	many	ADJ
abr-201	4	6	different	different	ADJ
abr-201	4	7	stories	story	NOUN
abr-201	4	8	concerning	concern	VERB
abr-201	4	9	a	a	DET
abr-201	4	10	firm	firm	NOUN
abr-201	4	11	’s	’s	PART
abr-201	4	12	choice	choice	NOUN
abr-201	4	13	of	of	ADP
abr-201	4	14	leverage	leverage	NOUN
abr-201	4	15	.	.	PUNCT
abr-201	5	1	the	the	DET
abr-201	5	2	traditional	traditional	ADJ
abr-201	5	3	trade	trade	NOUN
abr-201	5	4	-	-	PUNCT
abr-201	5	5	off	off	ADP
abr-201	5	6	theory	theory	NOUN
abr-201	5	7	holds	hold	VERB
abr-201	5	8	that	that	SCONJ
abr-201	5	9	firms	firm	NOUN
abr-201	5	10	balance	balance	VERB
abr-201	5	11	the	the	DET
abr-201	5	12	tax	tax	NOUN
abr-201	5	13	advantages	advantage	NOUN
abr-201	5	14	of	of	ADP
abr-201	5	15	debt	debt	NOUN
abr-201	5	16	with	with	ADP
abr-201	5	17	the	the	DET
abr-201	5	18	costs	cost	NOUN
abr-201	5	19	of	of	ADP
abr-201	5	20	financial	financial	ADJ
abr-201	5	21	distress	distress	NOUN
abr-201	5	22	to	to	PART
abr-201	5	23	minimize	minimize	VERB
abr-201	5	24	overall	overall	ADJ
abr-201	5	25	financing	financing	NOUN
abr-201	5	26	costs	cost	NOUN
abr-201	5	27	.	.	PUNCT
abr-201	6	1	more	more	ADV
abr-201	6	2	sophisticated	sophisticated	ADJ
abr-201	6	3	theories	theory	NOUN
abr-201	6	4	,	,	PUNCT
abr-201	6	5	such	such	ADJ
abr-201	6	6	as	as	ADP
abr-201	6	7	the	the	DET
abr-201	6	8	pecking	pecking	NOUN
abr-201	6	9	-	-	PUNCT
abr-201	6	10	order	order	NOUN
abr-201	6	11	theory	theory	NOUN
abr-201	6	12	and	and	CCONJ
abr-201	6	13	managerial	managerial	ADJ
abr-201	6	14	prerogative	prerogative	ADJ
abr-201	6	15	theories	theory	NOUN
abr-201	6	16	,	,	PUNCT
abr-201	6	17	incorporate	incorporate	VERB
abr-201	6	18	notions	notion	NOUN
abr-201	6	19	of	of	ADP
abr-201	6	20	asymmetric	asymmetric	ADJ
abr-201	6	21	information	information	NOUN
abr-201	6	22	between	between	ADP
abr-201	6	23	shareholders	shareholder	NOUN
abr-201	6	24	and	and	CCONJ
abr-201	6	25	managers	manager	NOUN
abr-201	6	26	and	and	CCONJ
abr-201	6	27	predict	predict	VERB
abr-201	6	28	that	that	SCONJ
abr-201	6	29	leverage	leverage	NOUN
abr-201	6	30	choice	choice	NOUN
abr-201	6	31	is	be	AUX
abr-201	6	32	used	use	VERB
abr-201	6	33	to	to	PART
abr-201	6	34	address	address	VERB
abr-201	6	35	the	the	DET
abr-201	6	36	asymmetry	asymmetry	NOUN
abr-201	6	37	of	of	ADP
abr-201	6	38	information	information	NOUN
abr-201	6	39	.	.	PUNCT
abr-201	7	1	electric	electric	ADJ
abr-201	7	2	utilities	utility	NOUN
abr-201	7	3	,	,	PUNCT
abr-201	7	4	however	however	ADV
abr-201	7	5	,	,	PUNCT
abr-201	7	6	operate	operate	VERB
abr-201	7	7	in	in	ADP
abr-201	7	8	a	a	DET
abr-201	7	9	different	different	ADJ
abr-201	7	10	business	business	NOUN
abr-201	7	11	environment	environment	NOUN
abr-201	7	12	than	than	SCONJ
abr-201	7	13	do	do	VERB
abr-201	7	14	unregulated	unregulated	ADJ
abr-201	7	15	firms	firm	NOUN
abr-201	7	16	.	.	PUNCT
abr-201	8	1	financial	financial	ADJ
abr-201	8	2	decisions	decision	NOUN
abr-201	8	3	are	be	AUX
abr-201	8	4	scrutinized	scrutinize	VERB
abr-201	8	5	publicly	publicly	ADV
abr-201	8	6	before	before	ADP
abr-201	8	7	a	a	DET
abr-201	8	8	regulatory	regulatory	ADJ
abr-201	8	9	body	body	NOUN
abr-201	8	10	which	which	PRON
abr-201	8	11	generally	generally	ADV
abr-201	8	12	has	have	VERB
abr-201	8	13	authority	authority	NOUN
abr-201	8	14	over	over	ADP
abr-201	8	15	the	the	DET
abr-201	8	16	firm	firm	NOUN
abr-201	8	17	’s	’s	PART
abr-201	8	18	prices	price	NOUN
abr-201	8	19	.	.	PUNCT
abr-201	9	1	moreover	moreover	ADV
abr-201	9	2	,	,	PUNCT
abr-201	9	3	public	public	ADJ
abr-201	9	4	utilities	utility	NOUN
abr-201	9	5	are	be	AUX
abr-201	9	6	charged	charge	VERB
abr-201	9	7	with	with	ADP
abr-201	9	8	providing	provide	VERB
abr-201	9	9	service	service	NOUN
abr-201	9	10	at	at	ADP
abr-201	9	11	the	the	DET
abr-201	9	12	lowest	low	ADJ
abr-201	9	13	possible	possible	ADJ
abr-201	9	14	cost	cost	NOUN
abr-201	9	15	.	.	PUNCT
abr-201	10	1	this	this	DET
abr-201	10	2	paper	paper	NOUN
abr-201	10	3	explores	explore	VERB
abr-201	10	4	two	two	NUM
abr-201	10	5	alternative	alternative	ADJ
abr-201	10	6	theories	theory	NOUN
abr-201	10	7	of	of	ADP
abr-201	10	8	capital	capital	NOUN
abr-201	10	9	structure	structure	NOUN
abr-201	10	10	:	:	PUNCT
abr-201	10	11	the	the	DET
abr-201	10	12	trade	trade	NOUN
abr-201	10	13	-	-	PUNCT
abr-201	10	14	off	off	ADP
abr-201	10	15	theory	theory	NOUN
abr-201	10	16	and	and	CCONJ
abr-201	10	17	the	the	DET
abr-201	10	18	pecking	pecking	NOUN
abr-201	10	19	order	order	NOUN
abr-201	10	20	theory	theory	NOUN
abr-201	10	21	.	.	PUNCT
abr-201	11	1	following	follow	VERB
abr-201	11	2	shyam	shyam	PROPN
abr-201	11	3	-	-	PUNCT
abr-201	11	4	sunder	sunder	NOUN
abr-201	11	5	and	and	CCONJ
abr-201	11	6	myers	myers	PROPN
abr-201	11	7	(	(	PUNCT
abr-201	11	8	1999	1999	NUM
abr-201	11	9	)	)	PUNCT
abr-201	11	10	,	,	PUNCT
abr-201	11	11	we	we	PRON
abr-201	11	12	use	use	VERB
abr-201	11	13	data	datum	NOUN
abr-201	11	14	from	from	ADP
abr-201	11	15	ferc	ferc	PROPN
abr-201	11	16	form	form	NOUN
abr-201	11	17	1	1	NUM
abr-201	11	18	to	to	PART
abr-201	11	19	evaluate	evaluate	VERB
abr-201	11	20	different	different	ADJ
abr-201	11	21	theories	theory	NOUN
abr-201	11	22	of	of	ADP
abr-201	11	23	capital	capital	NOUN
abr-201	11	24	structure	structure	NOUN
abr-201	11	25	for	for	ADP
abr-201	11	26	the	the	DET
abr-201	11	27	period	period	NOUN
abr-201	11	28	1988	1988	NUM
abr-201	11	29	through	through	ADP
abr-201	11	30	2014	2014	NUM
abr-201	11	31	in	in	ADP
abr-201	11	32	the	the	DET
abr-201	11	33	electric	electric	ADJ
abr-201	11	34	industry	industry	NOUN
abr-201	11	35	.	.	PUNCT
abr-201	12	1	we	we	PRON
abr-201	12	2	find	find	VERB
abr-201	12	3	that	that	SCONJ
abr-201	12	4	the	the	DET
abr-201	12	5	pot	pot	NOUN
abr-201	12	6	tests	test	NOUN
abr-201	12	7	do	do	AUX
abr-201	12	8	not	not	PART
abr-201	12	9	characterize	characterize	VERB
abr-201	12	10	the	the	DET
abr-201	12	11	electric	electric	ADJ
abr-201	12	12	industry	industry	NOUN
abr-201	12	13	through	through	ADP
abr-201	12	14	we	we	PRON
abr-201	12	15	do	do	AUX
abr-201	12	16	find	find	VERB
abr-201	12	17	that	that	SCONJ
abr-201	12	18	the	the	DET
abr-201	12	19	tot	tot	NOUN
abr-201	12	20	tests	test	NOUN
abr-201	12	21	appear	appear	VERB
abr-201	12	22	to	to	PART
abr-201	12	23	provide	provide	VERB
abr-201	12	24	some	some	DET
abr-201	12	25	explanatory	explanatory	ADJ
abr-201	12	26	power	power	NOUN
abr-201	12	27	.	.	PUNCT
abr-201	13	1	keywords	keyword	NOUN
abr-201	13	2	:	:	PUNCT
abr-201	13	3	capital	capital	NOUN
abr-201	13	4	structure	structure	NOUN
abr-201	13	5	;	;	PUNCT
abr-201	13	6	regulation	regulation	NOUN
abr-201	13	7	;	;	PUNCT
abr-201	13	8	trade	trade	NOUN
abr-201	13	9	-	-	PUNCT
abr-201	13	10	off	off	ADP
abr-201	13	11	theory	theory	NOUN
abr-201	13	12	;	;	PUNCT
abr-201	13	13	pecking	pecking	NOUN
abr-201	13	14	order	order	NOUN
abr-201	13	15	theory	theory	NOUN
abr-201	13	16	;	;	PUNCT
abr-201	13	17	electric	electric	ADJ
abr-201	13	18	utilities	utility	NOUN
abr-201	13	19	introduction	introduction	NOUN
abr-201	13	20	much	much	ADJ
abr-201	13	21	of	of	ADP
abr-201	13	22	the	the	DET
abr-201	13	23	academic	academic	ADJ
abr-201	13	24	work	work	NOUN
abr-201	13	25	on	on	ADP
abr-201	13	26	capital	capital	NOUN
abr-201	13	27	structure	structure	NOUN
abr-201	13	28	has	have	AUX
abr-201	13	29	focused	focus	VERB
abr-201	13	30	on	on	ADP
abr-201	13	31	the	the	DET
abr-201	13	32	so	so	ADV
abr-201	13	33	-	-	PUNCT
abr-201	13	34	called	call	VERB
abr-201	13	35	optimal	optimal	ADJ
abr-201	13	36	capital	capital	NOUN
abr-201	13	37	structure	structure	NOUN
abr-201	13	38	implying	imply	VERB
abr-201	13	39	that	that	SCONJ
abr-201	13	40	some	some	DET
abr-201	13	41	combination	combination	NOUN
abr-201	13	42	of	of	ADP
abr-201	13	43	financing	financing	NOUN
abr-201	13	44	mechanisms	mechanism	NOUN
abr-201	13	45	produces	produce	VERB
abr-201	13	46	the	the	DET
abr-201	13	47	lowest	low	ADJ
abr-201	13	48	overall	overall	ADJ
abr-201	13	49	average	average	ADJ
abr-201	13	50	cost	cost	NOUN
abr-201	13	51	of	of	ADP
abr-201	13	52	financing	financing	NOUN
abr-201	13	53	(	(	PUNCT
abr-201	13	54	myers	myer	NOUN
abr-201	13	55	,	,	PUNCT
abr-201	13	56	2001	2001	NUM
abr-201	13	57	)	)	PUNCT
abr-201	13	58	.	.	PUNCT
abr-201	14	1	an	an	DET
abr-201	14	2	overall	overall	ADJ
abr-201	14	3	theory	theory	NOUN
abr-201	14	4	of	of	ADP
abr-201	14	5	capital	capital	NOUN
abr-201	14	6	structure	structure	NOUN
abr-201	14	7	,	,	PUNCT
abr-201	14	8	however	however	ADV
abr-201	14	9	,	,	PUNCT
abr-201	14	10	eludes	elude	VERB
abr-201	14	11	us	we	PRON
abr-201	14	12	,	,	PUNCT
abr-201	14	13	and	and	CCONJ
abr-201	14	14	indeed	indeed	ADV
abr-201	14	15	,	,	PUNCT
abr-201	14	16	as	as	ADP
abr-201	14	17	myers	myers	PROPN
abr-201	14	18	(	(	PUNCT
abr-201	14	19	2001	2001	NUM
abr-201	14	20	,	,	PUNCT
abr-201	14	21	p.	p.	NOUN
abr-201	14	22	81	81	NUM
abr-201	14	23	)	)	PUNCT
abr-201	14	24	notes	note	NOUN
abr-201	14	25	,	,	PUNCT
abr-201	14	26	that	that	PRON
abr-201	14	27	is	be	AUX
abr-201	14	28	probably	probably	ADV
abr-201	14	29	to	to	PART
abr-201	14	30	be	be	AUX
abr-201	14	31	expected	expect	VERB
abr-201	14	32	.	.	PUNCT
abr-201	15	1	yet	yet	CCONJ
abr-201	15	2	firms	firm	NOUN
abr-201	15	3	devote	devote	VERB
abr-201	15	4	significant	significant	ADJ
abr-201	15	5	resources	resource	NOUN
abr-201	15	6	to	to	ADP
abr-201	15	7	understanding	understanding	NOUN
abr-201	15	8	,	,	PUNCT
abr-201	15	9	analyzing	analyze	VERB
abr-201	15	10	,	,	PUNCT
abr-201	15	11	and	and	CCONJ
abr-201	15	12	ultimately	ultimately	ADV
abr-201	15	13	implementing	implement	VERB
abr-201	15	14	capital	capital	NOUN
abr-201	15	15	structure	structure	NOUN
abr-201	15	16	decisions	decision	NOUN
abr-201	15	17	and	and	CCONJ
abr-201	15	18	it	it	PRON
abr-201	15	19	is	be	AUX
abr-201	15	20	generally	generally	ADV
abr-201	15	21	accepted	accept	VERB
abr-201	15	22	that	that	SCONJ
abr-201	15	23	financing	financing	NOUN
abr-201	15	24	decisions	decision	NOUN
abr-201	15	25	do	do	AUX
abr-201	15	26	matter	matter	NOUN
abr-201	15	27	.	.	PUNCT
abr-201	16	1	(	(	PUNCT
abr-201	16	2	stiglitz	stiglitz	NOUN
abr-201	16	3	,	,	PUNCT
abr-201	16	4	1988	1988	NUM
abr-201	16	5	)	)	PUNCT
abr-201	16	6	.	.	PUNCT
abr-201	17	1	to	to	PART
abr-201	17	2	address	address	VERB
abr-201	17	3	these	these	DET
abr-201	17	4	issues	issue	NOUN
abr-201	17	5	,	,	PUNCT
abr-201	17	6	this	this	DET
abr-201	17	7	paper	paper	NOUN
abr-201	17	8	reviews	review	NOUN
abr-201	17	9	stories	story	NOUN
abr-201	17	10	about	about	ADP
abr-201	17	11	the	the	DET
abr-201	17	12	choice	choice	NOUN
abr-201	17	13	of	of	ADP
abr-201	17	14	financing	financing	NOUN
abr-201	17	15	.	.	PUNCT
abr-201	18	1	the	the	DET
abr-201	18	2	first	first	ADJ
abr-201	18	3	of	of	ADP
abr-201	18	4	these	these	DET
abr-201	18	5	stories	story	NOUN
abr-201	18	6	suggests	suggest	VERB
abr-201	18	7	that	that	SCONJ
abr-201	18	8	financing	financing	NOUN
abr-201	18	9	decisions	decision	NOUN
abr-201	18	10	do	do	AUX
abr-201	18	11	not	not	PART
abr-201	18	12	matter	matter	VERB
abr-201	18	13	at	at	ADV
abr-201	18	14	all	all	ADV
abr-201	18	15	.	.	PUNCT
abr-201	19	1	introduced	introduce	VERB
abr-201	19	2	by	by	ADP
abr-201	19	3	modigliani	modigliani	PROPN
abr-201	19	4	and	and	CCONJ
abr-201	19	5	miller	miller	PROPN
abr-201	19	6	(	(	PUNCT
abr-201	19	7	1958	1958	NUM
abr-201	19	8	)	)	PUNCT
abr-201	19	9	(	(	PUNCT
abr-201	19	10	mm	mm	NOUN
abr-201	19	11	)	)	PUNCT
abr-201	19	12	,	,	PUNCT
abr-201	19	13	this	this	DET
abr-201	19	14	story	story	NOUN
abr-201	19	15	claims	claim	VERB
abr-201	19	16	no	no	DET
abr-201	19	17	material	material	NOUN
abr-201	19	18	connection	connection	NOUN
abr-201	19	19	between	between	ADP
abr-201	19	20	the	the	DET
abr-201	19	21	value	value	NOUN
abr-201	19	22	of	of	ADP
abr-201	19	23	a	a	DET
abr-201	19	24	firm	firm	NOUN
abr-201	19	25	and	and	CCONJ
abr-201	19	26	the	the	DET
abr-201	19	27	financing	financing	NOUN
abr-201	19	28	decisions	decision	NOUN
abr-201	19	29	if	if	SCONJ
abr-201	19	30	capital	capital	NOUN
abr-201	19	31	markets	market	NOUN
abr-201	19	32	are	be	AUX
abr-201	19	33	perfect	perfect	ADJ
abr-201	19	34	,	,	PUNCT
abr-201	19	35	leaving	leave	VERB
abr-201	19	36	no	no	DET
abr-201	19	37	room	room	NOUN
abr-201	19	38	for	for	ADP
abr-201	19	39	anything	anything	PRON
abr-201	19	40	other	other	ADJ
abr-201	19	41	than	than	ADP
abr-201	19	42	,	,	PUNCT
abr-201	19	43	perhaps	perhaps	ADV
abr-201	19	44	,	,	PUNCT
abr-201	19	45	transitional	transitional	ADJ
abr-201	19	46	arbitrage	arbitrage	NOUN
abr-201	19	47	.	.	PUNCT
abr-201	20	1	the	the	DET
abr-201	20	2	logic	logic	NOUN
abr-201	20	3	of	of	ADP
abr-201	20	4	the	the	DET
abr-201	20	5	mm	mm	PROPN
abr-201	20	6	http://journals.sfu.ca/abr	http://journals.sfu.ca/abr	NOUN
abr-201	20	7	advances	advance	NOUN
abr-201	20	8	in	in	ADP
abr-201	20	9	business	business	NOUN
abr-201	20	10	research	research	NOUN
abr-201	20	11	2019	2019	NUM
abr-201	20	12	,	,	PUNCT
abr-201	20	13	volume	volume	NOUN
abr-201	20	14	9	9	NUM
abr-201	20	15	,	,	PUNCT
abr-201	20	16	pages	page	NOUN
abr-201	20	17	101	101	NUM
abr-201	20	18	-	-	SYM
abr-201	20	19	111	111	NUM
abr-201	20	20	102	102	NUM
abr-201	20	21	result	result	NOUN
abr-201	20	22	has	have	AUX
abr-201	20	23	been	be	AUX
abr-201	20	24	largely	largely	ADV
abr-201	20	25	accepted	accept	VERB
abr-201	20	26	,	,	PUNCT
abr-201	20	27	yet	yet	CCONJ
abr-201	20	28	the	the	DET
abr-201	20	29	question	question	NOUN
abr-201	20	30	of	of	ADP
abr-201	20	31	why	why	SCONJ
abr-201	20	32	financing	financing	NOUN
abr-201	20	33	matters	matter	VERB
abr-201	20	34	to	to	ADP
abr-201	20	35	the	the	DET
abr-201	20	36	firm	firm	NOUN
abr-201	20	37	remains	remain	VERB
abr-201	20	38	.	.	PUNCT
abr-201	21	1	subsequent	subsequent	ADJ
abr-201	21	2	work	work	NOUN
abr-201	21	3	has	have	AUX
abr-201	21	4	identified	identify	VERB
abr-201	21	5	other	other	ADJ
abr-201	21	6	reasons	reason	NOUN
abr-201	21	7	why	why	SCONJ
abr-201	21	8	capital	capital	NOUN
abr-201	21	9	structure	structure	NOUN
abr-201	21	10	matters	matter	VERB
abr-201	21	11	.	.	PUNCT
abr-201	22	1	first	first	ADV
abr-201	22	2	,	,	PUNCT
abr-201	22	3	taxes	taxis	NOUN
abr-201	22	4	have	have	VERB
abr-201	22	5	an	an	DET
abr-201	22	6	influence	influence	NOUN
abr-201	22	7	on	on	ADP
abr-201	22	8	the	the	DET
abr-201	22	9	cost	cost	NOUN
abr-201	22	10	of	of	ADP
abr-201	22	11	financing	financing	NOUN
abr-201	22	12	through	through	ADP
abr-201	22	13	the	the	DET
abr-201	22	14	tax	tax	NOUN
abr-201	22	15	shield	shield	NOUN
abr-201	22	16	.	.	PUNCT
abr-201	23	1	(	(	PUNCT
abr-201	23	2	miller	miller	PROPN
abr-201	23	3	,	,	PUNCT
abr-201	23	4	1977	1977	NUM
abr-201	23	5	)	)	PUNCT
abr-201	23	6	.	.	PUNCT
abr-201	24	1	there	there	PRON
abr-201	24	2	is	be	VERB
abr-201	24	3	a	a	DET
abr-201	24	4	trade	trade	NOUN
abr-201	24	5	-	-	PUNCT
abr-201	24	6	off	off	NOUN
abr-201	24	7	between	between	ADP
abr-201	24	8	higher	high	ADJ
abr-201	24	9	levels	level	NOUN
abr-201	24	10	of	of	ADP
abr-201	24	11	debt	debt	NOUN
abr-201	24	12	,	,	PUNCT
abr-201	24	13	and	and	CCONJ
abr-201	24	14	consequently	consequently	ADV
abr-201	24	15	lower	low	ADJ
abr-201	24	16	taxes	taxis	NOUN
abr-201	24	17	,	,	PUNCT
abr-201	24	18	and	and	CCONJ
abr-201	24	19	the	the	DET
abr-201	24	20	incremental	incremental	ADJ
abr-201	24	21	probability	probability	NOUN
abr-201	24	22	of	of	ADP
abr-201	24	23	financial	financial	ADJ
abr-201	24	24	distress	distress	NOUN
abr-201	24	25	.	.	PUNCT
abr-201	25	1	this	this	PRON
abr-201	25	2	is	be	AUX
abr-201	25	3	called	call	VERB
abr-201	25	4	trade	trade	NOUN
abr-201	25	5	-	-	PUNCT
abr-201	25	6	off	off	ADP
abr-201	25	7	theory	theory	NOUN
abr-201	25	8	(	(	PUNCT
abr-201	25	9	tot	tot	NOUN
abr-201	25	10	)	)	PUNCT
abr-201	25	11	of	of	ADP
abr-201	25	12	capital	capital	NOUN
abr-201	25	13	structure	structure	NOUN
abr-201	25	14	.	.	PUNCT
abr-201	26	1	value	value	NOUN
abr-201	26	2	-	-	PUNCT
abr-201	26	3	maximizing	maximize	VERB
abr-201	26	4	firms	firm	NOUN
abr-201	26	5	should	should	AUX
abr-201	26	6	have	have	VERB
abr-201	26	7	modest	modest	ADJ
abr-201	26	8	debt	debt	NOUN
abr-201	26	9	levels	level	NOUN
abr-201	26	10	since	since	SCONJ
abr-201	26	11	the	the	DET
abr-201	26	12	cost	cost	NOUN
abr-201	26	13	of	of	ADP
abr-201	26	14	future	future	ADJ
abr-201	26	15	financial	financial	ADJ
abr-201	26	16	distress	distress	NOUN
abr-201	26	17	,	,	PUNCT
abr-201	26	18	in	in	ADP
abr-201	26	19	present	present	ADJ
abr-201	26	20	value	value	NOUN
abr-201	26	21	terms	term	NOUN
abr-201	26	22	,	,	PUNCT
abr-201	26	23	at	at	ADP
abr-201	26	24	some	some	DET
abr-201	26	25	level	level	NOUN
abr-201	26	26	outweighs	outweigh	VERB
abr-201	26	27	the	the	DET
abr-201	26	28	benefit	benefit	NOUN
abr-201	26	29	from	from	ADP
abr-201	26	30	reducing	reduce	VERB
abr-201	26	31	current	current	ADJ
abr-201	26	32	tax	tax	NOUN
abr-201	26	33	burdens	burden	NOUN
abr-201	26	34	.	.	PUNCT
abr-201	27	1	second	second	ADJ
abr-201	27	2	,	,	PUNCT
abr-201	27	3	managers	manager	NOUN
abr-201	27	4	(	(	PUNCT
abr-201	27	5	insiders	insider	NOUN
abr-201	27	6	)	)	PUNCT
abr-201	27	7	may	may	AUX
abr-201	27	8	have	have	VERB
abr-201	27	9	better	well	ADJ
abr-201	27	10	information	information	NOUN
abr-201	27	11	concerning	concern	VERB
abr-201	27	12	the	the	DET
abr-201	27	13	prospects	prospect	NOUN
abr-201	27	14	of	of	ADP
abr-201	27	15	the	the	DET
abr-201	27	16	firm	firm	NOUN
abr-201	27	17	than	than	ADP
abr-201	27	18	prospective	prospective	ADJ
abr-201	27	19	investors	investor	NOUN
abr-201	27	20	(	(	PUNCT
abr-201	27	21	outsiders	outsider	NOUN
abr-201	27	22	)	)	PUNCT
abr-201	27	23	leading	lead	VERB
abr-201	27	24	to	to	ADP
abr-201	27	25	a	a	DET
abr-201	27	26	perceived	perceive	VERB
abr-201	27	27	undervaluation	undervaluation	NOUN
abr-201	27	28	of	of	ADP
abr-201	27	29	prospects	prospect	NOUN
abr-201	27	30	by	by	ADP
abr-201	27	31	outsiders	outsider	NOUN
abr-201	27	32	and	and	CCONJ
abr-201	27	33	a	a	DET
abr-201	27	34	preference	preference	NOUN
abr-201	27	35	for	for	ADP
abr-201	27	36	using	use	VERB
abr-201	27	37	internally	internally	ADV
abr-201	27	38	generated	generate	VERB
abr-201	27	39	funds	fund	NOUN
abr-201	27	40	for	for	ADP
abr-201	27	41	financing	financing	NOUN
abr-201	27	42	(	(	PUNCT
abr-201	27	43	myers	myers	PROPN
abr-201	27	44	&	&	CCONJ
abr-201	27	45	majluf	majluf	PROPN
abr-201	27	46	,	,	PUNCT
abr-201	27	47	1984	1984	NUM
abr-201	27	48	;	;	PUNCT
abr-201	27	49	myers	myer	NOUN
abr-201	27	50	,	,	PUNCT
abr-201	27	51	1984	1984	NUM
abr-201	27	52	)	)	PUNCT
abr-201	27	53	.	.	PUNCT
abr-201	28	1	this	this	DET
abr-201	28	2	research	research	NOUN
abr-201	28	3	supports	support	VERB
abr-201	28	4	the	the	DET
abr-201	28	5	pecking	pecking	NOUN
abr-201	28	6	order	order	NOUN
abr-201	28	7	theory	theory	NOUN
abr-201	28	8	(	(	PUNCT
abr-201	28	9	pot	pot	NOUN
abr-201	28	10	)	)	PUNCT
abr-201	28	11	in	in	ADP
abr-201	28	12	which	which	PRON
abr-201	28	13	managers	manager	NOUN
abr-201	28	14	prefer	prefer	VERB
abr-201	28	15	to	to	PART
abr-201	28	16	use	use	VERB
abr-201	28	17	the	the	DET
abr-201	28	18	internal	internal	ADJ
abr-201	28	19	funding	funding	NOUN
abr-201	28	20	before	before	ADP
abr-201	28	21	moving	move	VERB
abr-201	28	22	to	to	ADP
abr-201	28	23	the	the	DET
abr-201	28	24	market	market	NOUN
abr-201	28	25	to	to	PART
abr-201	28	26	obtain	obtain	VERB
abr-201	28	27	financing	financing	NOUN
abr-201	28	28	since	since	SCONJ
abr-201	28	29	the	the	DET
abr-201	28	30	managers	manager	NOUN
abr-201	28	31	have	have	VERB
abr-201	28	32	better	well	ADJ
abr-201	28	33	information	information	NOUN
abr-201	28	34	concerning	concern	VERB
abr-201	28	35	the	the	DET
abr-201	28	36	true	true	ADJ
abr-201	28	37	value	value	NOUN
abr-201	28	38	of	of	ADP
abr-201	28	39	funded	fund	VERB
abr-201	28	40	projects	project	NOUN
abr-201	28	41	.	.	PUNCT
abr-201	29	1	the	the	DET
abr-201	29	2	pot	pot	NOUN
abr-201	29	3	implies	imply	VERB
abr-201	29	4	that	that	SCONJ
abr-201	29	5	the	the	DET
abr-201	29	6	bulk	bulk	NOUN
abr-201	29	7	of	of	ADP
abr-201	29	8	external	external	ADJ
abr-201	29	9	financing	financing	NOUN
abr-201	29	10	should	should	AUX
abr-201	29	11	be	be	AUX
abr-201	29	12	accomplished	accomplish	VERB
abr-201	29	13	through	through	ADP
abr-201	29	14	debt	debt	NOUN
abr-201	29	15	issuance	issuance	NOUN
abr-201	29	16	and	and	CCONJ
abr-201	29	17	,	,	PUNCT
abr-201	29	18	while	while	SCONJ
abr-201	29	19	firms	firm	NOUN
abr-201	29	20	may	may	AUX
abr-201	29	21	not	not	PART
abr-201	29	22	have	have	VERB
abr-201	29	23	a	a	DET
abr-201	29	24	target	target	NOUN
abr-201	29	25	debt	debt	NOUN
abr-201	29	26	ratio	ratio	NOUN
abr-201	29	27	,	,	PUNCT
abr-201	29	28	those	those	DET
abr-201	29	29	firms	firm	NOUN
abr-201	29	30	that	that	PRON
abr-201	29	31	are	be	AUX
abr-201	29	32	profitable	profitable	ADJ
abr-201	29	33	should	should	AUX
abr-201	29	34	borrow	borrow	VERB
abr-201	29	35	less	less	ADJ
abr-201	29	36	since	since	SCONJ
abr-201	29	37	such	such	ADJ
abr-201	29	38	firms	firm	NOUN
abr-201	29	39	have	have	VERB
abr-201	29	40	more	more	ADV
abr-201	29	41	free	free	ADJ
abr-201	29	42	cash	cash	NOUN
abr-201	29	43	flow	flow	NOUN
abr-201	29	44	and	and	CCONJ
abr-201	29	45	prefer	prefer	VERB
abr-201	29	46	to	to	PART
abr-201	29	47	use	use	VERB
abr-201	29	48	that	that	DET
abr-201	29	49	source	source	NOUN
abr-201	29	50	of	of	ADP
abr-201	29	51	funds	fund	NOUN
abr-201	29	52	before	before	ADP
abr-201	29	53	other	other	ADJ
abr-201	29	54	sources	source	NOUN
abr-201	29	55	.	.	PUNCT
abr-201	30	1	most	most	ADJ
abr-201	30	2	academic	academic	ADJ
abr-201	30	3	research	research	NOUN
abr-201	30	4	has	have	AUX
abr-201	30	5	focused	focus	VERB
abr-201	30	6	on	on	ADP
abr-201	30	7	a	a	DET
abr-201	30	8	broad	broad	ADJ
abr-201	30	9	range	range	NOUN
abr-201	30	10	of	of	ADP
abr-201	30	11	firms	firm	NOUN
abr-201	30	12	to	to	PART
abr-201	30	13	detect	detect	VERB
abr-201	30	14	some	some	DET
abr-201	30	15	overall	overall	ADJ
abr-201	30	16	pattern	pattern	NOUN
abr-201	30	17	or	or	CCONJ
abr-201	30	18	patterns	pattern	NOUN
abr-201	30	19	.	.	PUNCT
abr-201	31	1	yet	yet	ADV
abr-201	31	2	financing	financing	NOUN
abr-201	31	3	decisions	decision	NOUN
abr-201	31	4	are	be	AUX
abr-201	31	5	likely	likely	ADV
abr-201	31	6	affected	affect	VERB
abr-201	31	7	by	by	ADP
abr-201	31	8	the	the	DET
abr-201	31	9	degree	degree	NOUN
abr-201	31	10	of	of	ADP
abr-201	31	11	information	information	NOUN
abr-201	31	12	publicly	publicly	ADV
abr-201	31	13	available	available	ADJ
abr-201	31	14	,	,	PUNCT
abr-201	31	15	asset	asset	NOUN
abr-201	31	16	base	base	NOUN
abr-201	31	17	,	,	PUNCT
abr-201	31	18	and	and	CCONJ
abr-201	31	19	the	the	DET
abr-201	31	20	maturity	maturity	NOUN
abr-201	31	21	of	of	ADP
abr-201	31	22	the	the	DET
abr-201	31	23	firms	firm	NOUN
abr-201	31	24	.	.	PUNCT
abr-201	32	1	the	the	DET
abr-201	32	2	electric	electric	ADJ
abr-201	32	3	industry	industry	NOUN
abr-201	32	4	provides	provide	VERB
abr-201	32	5	a	a	DET
abr-201	32	6	unique	unique	ADJ
abr-201	32	7	application	application	NOUN
abr-201	32	8	of	of	ADP
abr-201	32	9	these	these	DET
abr-201	32	10	approaches	approach	NOUN
abr-201	32	11	for	for	ADP
abr-201	32	12	several	several	ADJ
abr-201	32	13	reasons	reason	NOUN
abr-201	32	14	.	.	PUNCT
abr-201	33	1	first	first	ADV
abr-201	33	2	,	,	PUNCT
abr-201	33	3	the	the	DET
abr-201	33	4	industry	industry	NOUN
abr-201	33	5	is	be	AUX
abr-201	33	6	highly	highly	ADV
abr-201	33	7	capitalized	capitalize	VERB
abr-201	33	8	with	with	ADP
abr-201	33	9	firms	firm	NOUN
abr-201	33	10	owning	own	VERB
abr-201	33	11	significant	significant	ADJ
abr-201	33	12	physical	physical	ADJ
abr-201	33	13	assets	asset	NOUN
abr-201	33	14	.	.	PUNCT
abr-201	34	1	second	second	ADJ
abr-201	34	2	,	,	PUNCT
abr-201	34	3	the	the	DET
abr-201	34	4	earnings	earning	NOUN
abr-201	34	5	of	of	ADP
abr-201	34	6	the	the	DET
abr-201	34	7	firms	firm	NOUN
abr-201	34	8	,	,	PUNCT
abr-201	34	9	to	to	ADP
abr-201	34	10	a	a	DET
abr-201	34	11	large	large	ADJ
abr-201	34	12	extent	extent	NOUN
abr-201	34	13	,	,	PUNCT
abr-201	34	14	are	be	AUX
abr-201	34	15	dictated	dictate	VERB
abr-201	34	16	by	by	ADP
abr-201	34	17	an	an	DET
abr-201	34	18	administrative	administrative	ADJ
abr-201	34	19	decision	decision	NOUN
abr-201	34	20	-	-	PUNCT
abr-201	34	21	making	make	VERB
abr-201	34	22	process	process	NOUN
abr-201	34	23	.	.	PUNCT
abr-201	35	1	third	third	ADV
abr-201	35	2	,	,	PUNCT
abr-201	35	3	there	there	PRON
abr-201	35	4	is	be	VERB
abr-201	35	5	an	an	DET
abr-201	35	6	unusual	unusual	ADJ
abr-201	35	7	degree	degree	NOUN
abr-201	35	8	of	of	ADP
abr-201	35	9	public	public	ADJ
abr-201	35	10	information	information	NOUN
abr-201	35	11	about	about	ADP
abr-201	35	12	both	both	CCONJ
abr-201	35	13	the	the	DET
abr-201	35	14	investment	investment	NOUN
abr-201	35	15	strategies	strategy	NOUN
abr-201	35	16	of	of	ADP
abr-201	35	17	the	the	DET
abr-201	35	18	firms	firm	NOUN
abr-201	35	19	and	and	CCONJ
abr-201	35	20	the	the	DET
abr-201	35	21	financing	financing	NOUN
abr-201	35	22	decisions	decision	NOUN
abr-201	35	23	since	since	SCONJ
abr-201	35	24	most	most	ADJ
abr-201	35	25	financing	financing	NOUN
abr-201	35	26	strategies	strategy	NOUN
abr-201	35	27	must	must	AUX
abr-201	35	28	be	be	AUX
abr-201	35	29	approved	approve	VERB
abr-201	35	30	,	,	PUNCT
abr-201	35	31	either	either	CCONJ
abr-201	35	32	explicitly	explicitly	ADV
abr-201	35	33	or	or	CCONJ
abr-201	35	34	implicitly	implicitly	ADV
abr-201	35	35	,	,	PUNCT
abr-201	35	36	by	by	ADP
abr-201	35	37	a	a	DET
abr-201	35	38	regulatory	regulatory	ADJ
abr-201	35	39	body	body	NOUN
abr-201	35	40	.	.	PUNCT
abr-201	36	1	finally	finally	ADV
abr-201	36	2	,	,	PUNCT
abr-201	36	3	the	the	DET
abr-201	36	4	method	method	NOUN
abr-201	36	5	of	of	ADP
abr-201	36	6	regulation	regulation	NOUN
abr-201	36	7	for	for	ADP
abr-201	36	8	most	most	ADJ
abr-201	36	9	electric	electric	ADJ
abr-201	36	10	utilities	utility	NOUN
abr-201	36	11	creates	create	VERB
abr-201	36	12	an	an	DET
abr-201	36	13	implicit	implicit	ADJ
abr-201	36	14	shield	shield	NOUN
abr-201	36	15	against	against	ADP
abr-201	36	16	significant	significant	ADJ
abr-201	36	17	financial	financial	ADJ
abr-201	36	18	distress	distress	NOUN
abr-201	36	19	.	.	PUNCT
abr-201	37	1	while	while	SCONJ
abr-201	37	2	one	one	PRON
abr-201	37	3	can	can	AUX
abr-201	37	4	point	point	VERB
abr-201	37	5	to	to	ADP
abr-201	37	6	bankruptcy	bankruptcy	NOUN
abr-201	37	7	or	or	CCONJ
abr-201	37	8	near	near	ADJ
abr-201	37	9	-	-	PUNCT
abr-201	37	10	bankruptcy	bankruptcy	NOUN
abr-201	37	11	in	in	ADP
abr-201	37	12	the	the	DET
abr-201	37	13	industry	industry	NOUN
abr-201	37	14	,	,	PUNCT
abr-201	37	15	the	the	DET
abr-201	37	16	rate	rate	NOUN
abr-201	37	17	of	of	ADP
abr-201	37	18	bankruptcy	bankruptcy	NOUN
abr-201	37	19	is	be	AUX
abr-201	37	20	exceedingly	exceedingly	ADV
abr-201	37	21	small	small	ADJ
abr-201	37	22	relative	relative	ADJ
abr-201	37	23	to	to	ADP
abr-201	37	24	unregulated	unregulated	ADJ
abr-201	37	25	industries.1	industries.1	NOUN
abr-201	37	26	in	in	ADP
abr-201	37	27	addition	addition	NOUN
abr-201	37	28	,	,	PUNCT
abr-201	37	29	each	each	DET
abr-201	37	30	utility	utility	NOUN
abr-201	37	31	must	must	AUX
abr-201	37	32	keep	keep	VERB
abr-201	37	33	separate	separate	ADJ
abr-201	37	34	books	book	NOUN
abr-201	37	35	and	and	CCONJ
abr-201	37	36	finance	finance	VERB
abr-201	37	37	itself	itself	PRON
abr-201	37	38	separately	separately	ADV
abr-201	37	39	from	from	ADP
abr-201	37	40	other	other	ADJ
abr-201	37	41	entities	entity	NOUN
abr-201	37	42	that	that	PRON
abr-201	37	43	may	may	AUX
abr-201	37	44	be	be	AUX
abr-201	37	45	owned	own	VERB
abr-201	37	46	by	by	ADP
abr-201	37	47	the	the	DET
abr-201	37	48	same	same	ADJ
abr-201	37	49	holding	hold	VERB
abr-201	37	50	company	company	NOUN
abr-201	37	51	.	.	PUNCT
abr-201	38	1	data	datum	NOUN
abr-201	38	2	from	from	ADP
abr-201	38	3	these	these	DET
abr-201	38	4	individual	individual	ADJ
abr-201	38	5	utilities	utility	NOUN
abr-201	38	6	is	be	AUX
abr-201	38	7	collected	collect	VERB
abr-201	38	8	by	by	ADP
abr-201	38	9	the	the	DET
abr-201	38	10	federal	federal	ADJ
abr-201	38	11	energy	energy	PROPN
abr-201	38	12	regulatory	regulatory	PROPN
abr-201	38	13	commission	commission	NOUN
abr-201	38	14	(	(	PUNCT
abr-201	38	15	ferc	ferc	PROPN
abr-201	38	16	)	)	PUNCT
abr-201	38	17	in	in	ADP
abr-201	38	18	the	the	DET
abr-201	38	19	ferc	ferc	PROPN
abr-201	38	20	’s	’s	PART
abr-201	38	21	form	form	NOUN
abr-201	38	22	1	1	NUM
abr-201	38	23	.	.	PUNCT
abr-201	39	1	this	this	DET
abr-201	39	2	data	data	NOUN
abr-201	39	3	covers	cover	VERB
abr-201	39	4	not	not	PART
abr-201	39	5	only	only	ADV
abr-201	39	6	financial	financial	ADJ
abr-201	39	7	operations	operation	NOUN
abr-201	39	8	but	but	CCONJ
abr-201	39	9	a	a	DET
abr-201	39	10	wide	wide	ADJ
abr-201	39	11	range	range	NOUN
abr-201	39	12	of	of	ADP
abr-201	39	13	operational	operational	ADJ
abr-201	39	14	,	,	PUNCT
abr-201	39	15	business	business	NOUN
abr-201	39	16	,	,	PUNCT
abr-201	39	17	and	and	CCONJ
abr-201	39	18	other	other	ADJ
abr-201	39	19	information	information	NOUN
abr-201	39	20	.	.	PUNCT
abr-201	40	1	this	this	DET
abr-201	40	2	paper	paper	NOUN
abr-201	40	3	approaches	approach	VERB
abr-201	40	4	the	the	DET
abr-201	40	5	problem	problem	NOUN
abr-201	40	6	in	in	ADP
abr-201	40	7	a	a	DET
abr-201	40	8	similar	similar	ADJ
abr-201	40	9	manner	manner	NOUN
abr-201	40	10	as	as	ADP
abr-201	40	11	shyam	shyam	NOUN
abr-201	40	12	-	-	PUNCT
abr-201	40	13	sunder	sunder	NOUN
abr-201	40	14	and	and	CCONJ
abr-201	40	15	myers	myers	PROPN
abr-201	40	16	(	(	PUNCT
abr-201	40	17	1999	1999	NUM
abr-201	40	18	)	)	PUNCT
abr-201	40	19	.	.	PUNCT
abr-201	41	1	this	this	DET
abr-201	41	2	method	method	NOUN
abr-201	41	3	takes	take	VERB
abr-201	41	4	a	a	DET
abr-201	41	5	rather	rather	ADV
abr-201	41	6	simplest	simple	ADJ
abr-201	41	7	view	view	NOUN
abr-201	41	8	of	of	ADP
abr-201	41	9	firms	firm	NOUN
abr-201	41	10	’	'	PUNCT
abr-201	41	11	financing	financing	NOUN
abr-201	41	12	choice	choice	NOUN
abr-201	41	13	by	by	ADP
abr-201	41	14	relating	relate	VERB
abr-201	41	15	the	the	DET
abr-201	41	16	net	net	ADJ
abr-201	41	17	cash	cash	NOUN
abr-201	41	18	needs	need	VERB
abr-201	41	19	over	over	ADP
abr-201	41	20	the	the	DET
abr-201	41	21	year	year	NOUN
abr-201	41	22	to	to	ADP
abr-201	41	23	changes	change	NOUN
abr-201	41	24	in	in	ADP
abr-201	41	25	debt	debt	NOUN
abr-201	41	26	levels	level	NOUN
abr-201	41	27	.	.	PUNCT
abr-201	42	1	if	if	SCONJ
abr-201	42	2	debt	debt	NOUN
abr-201	42	3	is	be	AUX
abr-201	42	4	used	use	VERB
abr-201	42	5	to	to	PART
abr-201	42	6	finance	finance	VERB
abr-201	42	7	the	the	DET
abr-201	42	8	cash	cash	NOUN
abr-201	42	9	deficit	deficit	NOUN
abr-201	42	10	that	that	PRON
abr-201	42	11	provides	provide	VERB
abr-201	42	12	evidence	evidence	NOUN
abr-201	42	13	of	of	ADP
abr-201	42	14	the	the	DET
abr-201	42	15	pot	pot	NOUN
abr-201	42	16	.	.	PUNCT
abr-201	43	1	we	we	PRON
abr-201	43	2	also	also	ADV
abr-201	43	3	run	run	VERB
abr-201	43	4	a	a	DET
abr-201	43	5	simple	simple	ADJ
abr-201	43	6	test	test	NOUN
abr-201	43	7	of	of	ADP
abr-201	43	8	the	the	DET
abr-201	43	9	tot	tot	NOUN
abr-201	43	10	by	by	ADP
abr-201	43	11	simulating	simulate	VERB
abr-201	43	12	a	a	DET
abr-201	43	13	firm	firm	NOUN
abr-201	43	14	’s	’s	PART
abr-201	43	15	optimal	optimal	ADJ
abr-201	43	16	capital	capital	NOUN
abr-201	43	17	structure	structure	NOUN
abr-201	43	18	and	and	CCONJ
abr-201	43	19	relating	relate	VERB
abr-201	43	20	that	that	PRON
abr-201	43	21	to	to	ADP
abr-201	43	22	the	the	DET
abr-201	43	23	change	change	NOUN
abr-201	43	24	in	in	ADP
abr-201	43	25	financing	financing	NOUN
abr-201	43	26	.	.	PUNCT
abr-201	44	1	we	we	PRON
abr-201	44	2	find	find	VERB
abr-201	44	3	moderate	moderate	ADJ
abr-201	44	4	support	support	NOUN
abr-201	44	5	for	for	ADP
abr-201	44	6	the	the	DET
abr-201	44	7	tot	tot	NOUN
abr-201	44	8	in	in	ADP
abr-201	44	9	the	the	DET
abr-201	44	10	electric	electric	ADJ
abr-201	44	11	utility	utility	NOUN
abr-201	44	12	industry	industry	NOUN
abr-201	44	13	and	and	CCONJ
abr-201	44	14	no	no	DET
abr-201	44	15	support	support	NOUN
abr-201	44	16	for	for	ADP
abr-201	44	17	the	the	DET
abr-201	44	18	pot	pot	NOUN
abr-201	44	19	.	.	PUNCT
abr-201	45	1	the	the	DET
abr-201	45	2	paper	paper	NOUN
abr-201	45	3	is	be	AUX
abr-201	45	4	organized	organize	VERB
abr-201	45	5	as	as	SCONJ
abr-201	45	6	follows	follow	VERB
abr-201	45	7	:	:	PUNCT
abr-201	45	8	section	section	PROPN
abr-201	45	9	ii	ii	PROPN
abr-201	45	10	provides	provide	VERB
abr-201	45	11	a	a	DET
abr-201	45	12	literature	literature	NOUN
abr-201	45	13	review	review	NOUN
abr-201	45	14	.	.	PUNCT
abr-201	46	1	section	section	NOUN
abr-201	46	2	iii	iii	PROPN
abr-201	46	3	presents	present	VERB
abr-201	46	4	the	the	DET
abr-201	46	5	model	model	NOUN
abr-201	46	6	and	and	CCONJ
abr-201	46	7	results	result	NOUN
abr-201	46	8	and	and	CCONJ
abr-201	46	9	the	the	DET
abr-201	46	10	last	last	ADJ
abr-201	46	11	section	section	NOUN
abr-201	46	12	is	be	AUX
abr-201	46	13	reserved	reserve	VERB
abr-201	46	14	for	for	ADP
abr-201	46	15	conclusions	conclusion	NOUN
abr-201	46	16	and	and	CCONJ
abr-201	46	17	comments	comment	NOUN
abr-201	46	18	concerning	concern	VERB
abr-201	46	19	further	further	ADJ
abr-201	46	20	research	research	NOUN
abr-201	46	21	.	.	PUNCT
abr-201	47	1	literature	literature	NOUN
abr-201	47	2	review	review	VERB
abr-201	47	3	most	most	ADJ
abr-201	47	4	surveys	survey	NOUN
abr-201	47	5	of	of	ADP
abr-201	47	6	the	the	DET
abr-201	47	7	literature	literature	NOUN
abr-201	47	8	on	on	ADP
abr-201	47	9	capital	capital	NOUN
abr-201	47	10	structure	structure	NOUN
abr-201	47	11	begin	begin	VERB
abr-201	47	12	with	with	ADP
abr-201	47	13	the	the	DET
abr-201	47	14	mm	mm	NOUN
abr-201	47	15	proposition	proposition	NOUN
abr-201	47	16	that	that	SCONJ
abr-201	47	17	financing	financing	NOUN
abr-201	47	18	methods	method	NOUN
abr-201	47	19	do	do	AUX
abr-201	47	20	not	not	PART
abr-201	47	21	affect	affect	VERB
abr-201	47	22	the	the	DET
abr-201	47	23	overall	overall	ADJ
abr-201	47	24	cost	cost	NOUN
abr-201	47	25	of	of	ADP
abr-201	47	26	capital	capital	NOUN
abr-201	47	27	.	.	PUNCT
abr-201	48	1	(	(	PUNCT
abr-201	48	2	see	see	VERB
abr-201	48	3	e.g.	e.g.	ADV
abr-201	48	4	,	,	PUNCT
abr-201	48	5	myers	myer	NOUN
abr-201	48	6	,	,	PUNCT
abr-201	48	7	2001	2001	NUM
abr-201	48	8	,	,	PUNCT
abr-201	48	9	harris	harris	PROPN
abr-201	48	10	&	&	CCONJ
abr-201	48	11	raviv	raviv	PROPN
abr-201	48	12	,	,	PUNCT
abr-201	48	13	1991	1991	NUM
abr-201	48	14	)	)	PUNCT
abr-201	48	15	.	.	PUNCT
abr-201	49	1	mm	mm	PROPN
abr-201	49	2	suggest	suggest	VERB
abr-201	49	3	that	that	SCONJ
abr-201	49	4	the	the	DET
abr-201	49	5	weighted	weight	VERB
abr-201	49	6	overall	overall	ADJ
abr-201	49	7	cost	cost	NOUN
abr-201	49	8	of	of	ADP
abr-201	49	9	capital	capital	NOUN
abr-201	49	10	,	,	PUNCT
abr-201	49	11	ignoring	ignore	VERB
abr-201	49	12	taxes	taxis	NOUN
abr-201	49	13	for	for	ADP
abr-201	49	14	the	the	DET
abr-201	49	15	moment	moment	NOUN
abr-201	49	16	,	,	PUNCT
abr-201	49	17	must	must	AUX
abr-201	49	18	stay	stay	VERB
abr-201	49	19	constant	constant	ADJ
abr-201	49	20	.	.	PUNCT
abr-201	50	1	1	1	NUM
abr-201	51	1	moreover	moreover	ADV
abr-201	51	2	,	,	PUNCT
abr-201	51	3	some	some	DET
abr-201	51	4	bankruptcy	bankruptcy	NOUN
abr-201	51	5	costs	cost	NOUN
abr-201	51	6	associated	associate	VERB
abr-201	51	7	with	with	ADP
abr-201	51	8	unregulated	unregulated	ADJ
abr-201	51	9	firms	firm	NOUN
abr-201	51	10	,	,	PUNCT
abr-201	51	11	such	such	ADJ
abr-201	51	12	as	as	ADP
abr-201	51	13	the	the	DET
abr-201	51	14	loss	loss	NOUN
abr-201	51	15	of	of	ADP
abr-201	51	16	human	human	ADJ
abr-201	51	17	capital	capital	NOUN
abr-201	51	18	due	due	ADP
abr-201	51	19	to	to	ADP
abr-201	51	20	the	the	DET
abr-201	51	21	concern	concern	NOUN
abr-201	51	22	that	that	SCONJ
abr-201	51	23	the	the	DET
abr-201	51	24	firm	firm	NOUN
abr-201	51	25	will	will	AUX
abr-201	51	26	not	not	PART
abr-201	51	27	survive	survive	VERB
abr-201	51	28	,	,	PUNCT
abr-201	51	29	may	may	AUX
abr-201	51	30	also	also	ADV
abr-201	51	31	be	be	AUX
abr-201	51	32	mitigated	mitigate	VERB
abr-201	51	33	due	due	ADP
abr-201	51	34	to	to	ADP
abr-201	51	35	the	the	DET
abr-201	51	36	assumption	assumption	NOUN
abr-201	51	37	that	that	SCONJ
abr-201	51	38	the	the	DET
abr-201	51	39	utility	utility	NOUN
abr-201	51	40	will	will	AUX
abr-201	51	41	continue	continue	VERB
abr-201	51	42	to	to	PART
abr-201	51	43	operate	operate	VERB
abr-201	51	44	,	,	PUNCT
abr-201	51	45	in	in	ADP
abr-201	51	46	some	some	DET
abr-201	51	47	form	form	NOUN
abr-201	51	48	,	,	PUNCT
abr-201	51	49	indefinitely	indefinitely	ADV
abr-201	51	50	due	due	ADP
abr-201	51	51	to	to	ADP
abr-201	51	52	the	the	DET
abr-201	51	53	necessity	necessity	NOUN
abr-201	51	54	of	of	ADP
abr-201	51	55	the	the	DET
abr-201	51	56	product	product	NOUN
abr-201	51	57	.	.	PUNCT
abr-201	52	1	103	103	NUM
abr-201	52	2	𝑟𝑎	𝑟𝑎	NUM
abr-201	52	3	=	=	SYM
abr-201	52	4	𝑟𝐷	𝑟𝐷	NUM
abr-201	52	5	𝐷	𝐷	PROPN
abr-201	52	6	𝑉	𝑉	PROPN
abr-201	52	7	+	+	CCONJ
abr-201	52	8	𝑟𝐸	𝑟𝐸	ADJ
abr-201	52	9	𝐸	𝐸	ADJ
abr-201	52	10	𝑉	𝑉	PROPN
abr-201	52	11	(	(	PUNCT
abr-201	52	12	1	1	NUM
abr-201	52	13	)	)	PUNCT
abr-201	52	14	where	where	SCONJ
abr-201	52	15	:	:	PUNCT
abr-201	52	16	𝑟𝑎	𝑟𝑎	X
abr-201	52	17	=	=	PUNCT
abr-201	52	18	overall	overall	ADV
abr-201	52	19	weighted	weight	VERB
abr-201	52	20	average	average	ADJ
abr-201	52	21	cost	cost	NOUN
abr-201	52	22	of	of	ADP
abr-201	52	23	capital	capital	NOUN
abr-201	52	24	𝑟𝐷	𝑟𝐷	NUM
abr-201	52	25	=	=	PUNCT
abr-201	52	26	cost	cost	NOUN
abr-201	52	27	of	of	ADP
abr-201	52	28	debt	debt	NOUN
abr-201	52	29	capital	capital	NOUN
abr-201	52	30	𝑟𝐸	𝑟𝐸	NOUN
abr-201	52	31	=	=	NOUN
abr-201	52	32	cost	cost	NOUN
abr-201	52	33	of	of	ADP
abr-201	52	34	equity	equity	NOUN
abr-201	52	35	capital	capital	NOUN
abr-201	53	1	d	d	NOUN
abr-201	53	2	=	=	NOUN
abr-201	53	3	market	market	NOUN
abr-201	53	4	value	value	NOUN
abr-201	53	5	of	of	ADP
abr-201	53	6	debt	debt	NOUN
abr-201	53	7	e	e	NOUN
abr-201	53	8	=	=	NOUN
abr-201	53	9	market	market	NOUN
abr-201	53	10	value	value	NOUN
abr-201	53	11	of	of	ADP
abr-201	53	12	equity	equity	NOUN
abr-201	53	13	v	v	NOUN
abr-201	53	14	=	=	SYM
abr-201	53	15	d	d	PROPN
abr-201	54	1	+	+	CCONJ
abr-201	54	2	e	e	NOUN
abr-201	54	3	if	if	SCONJ
abr-201	54	4	we	we	PRON
abr-201	54	5	accept	accept	VERB
abr-201	54	6	the	the	DET
abr-201	54	7	mm	mm	NOUN
abr-201	54	8	proposition	proposition	NOUN
abr-201	54	9	that	that	SCONJ
abr-201	54	10	the	the	DET
abr-201	54	11	value	value	NOUN
abr-201	54	12	of	of	ADP
abr-201	54	13	the	the	DET
abr-201	54	14	firm	firm	NOUN
abr-201	54	15	is	be	AUX
abr-201	54	16	constant	constant	ADJ
abr-201	54	17	despite	despite	SCONJ
abr-201	54	18	the	the	DET
abr-201	54	19	financing	financing	NOUN
abr-201	54	20	decisions	decision	NOUN
abr-201	54	21	,	,	PUNCT
abr-201	54	22	one	one	PRON
abr-201	54	23	can	can	AUX
abr-201	54	24	easily	easily	ADV
abr-201	54	25	solve	solve	VERB
abr-201	54	26	(	(	PUNCT
abr-201	54	27	1	1	NUM
abr-201	54	28	)	)	PUNCT
abr-201	54	29	for	for	ADP
abr-201	54	30	the	the	DET
abr-201	54	31	expected	expect	VERB
abr-201	54	32	return	return	NOUN
abr-201	54	33	on	on	ADP
abr-201	54	34	equity	equity	NOUN
abr-201	54	35	demanded	demand	VERB
abr-201	54	36	by	by	ADP
abr-201	54	37	investors	investor	NOUN
abr-201	54	38	for	for	ADP
abr-201	54	39	this	this	DET
abr-201	54	40	firm	firm	NOUN
abr-201	54	41	as	as	ADP
abr-201	54	42	:	:	PUNCT
abr-201	54	43	𝑟𝐸	𝑟𝐸	NUM
abr-201	54	44	=	=	SYM
abr-201	54	45	𝑟𝑎	𝑟𝑎	PRON
abr-201	55	1	+	+	SYM
abr-201	55	2	(	(	PUNCT
abr-201	55	3	𝑟𝑎	𝑟𝑎	X
abr-201	55	4	−	−	ADP
abr-201	55	5	𝑟𝐷	𝑟𝐷	NUM
abr-201	55	6	)	)	PUNCT
abr-201	55	7	𝐷	𝐷	PROPN
abr-201	55	8	𝐸	𝐸	PROPN
abr-201	55	9	(	(	PUNCT
abr-201	55	10	2	2	X
abr-201	55	11	)	)	PUNCT
abr-201	55	12	this	this	PRON
abr-201	55	13	is	be	AUX
abr-201	55	14	the	the	DET
abr-201	55	15	same	same	ADJ
abr-201	55	16	equation	equation	NOUN
abr-201	55	17	myers	myer	NOUN
abr-201	55	18	(	(	PUNCT
abr-201	55	19	2001	2001	NUM
abr-201	55	20	,	,	PUNCT
abr-201	55	21	p.	p.	NOUN
abr-201	55	22	85	85	NUM
abr-201	55	23	)	)	PUNCT
abr-201	55	24	uses	use	VERB
abr-201	55	25	to	to	PART
abr-201	55	26	illustrate	illustrate	VERB
abr-201	55	27	mm	mm	NOUN
abr-201	55	28	proposition	proposition	NOUN
abr-201	55	29	2	2	NUM
abr-201	55	30	.	.	X
abr-201	55	31	equation	equation	NOUN
abr-201	55	32	(	(	PUNCT
abr-201	55	33	2	2	X
abr-201	55	34	)	)	PUNCT
abr-201	55	35	shows	show	VERB
abr-201	55	36	that	that	SCONJ
abr-201	55	37	equity	equity	NOUN
abr-201	55	38	costs	cost	NOUN
abr-201	55	39	increase	increase	VERB
abr-201	55	40	with	with	ADP
abr-201	55	41	the	the	DET
abr-201	55	42	market	market	NOUN
abr-201	55	43	debt	debt	NOUN
abr-201	55	44	-	-	PUNCT
abr-201	55	45	to	to	ADP
abr-201	55	46	-	-	PUNCT
abr-201	55	47	equity	equity	NOUN
abr-201	55	48	ratio	ratio	NOUN
abr-201	55	49	and	and	CCONJ
abr-201	55	50	do	do	VERB
abr-201	55	51	so	so	ADV
abr-201	55	52	at	at	ADP
abr-201	55	53	a	a	DET
abr-201	55	54	rate	rate	NOUN
abr-201	55	55	that	that	PRON
abr-201	55	56	reflects	reflect	VERB
abr-201	55	57	the	the	DET
abr-201	55	58	spread	spread	NOUN
abr-201	55	59	between	between	ADP
abr-201	55	60	the	the	DET
abr-201	55	61	average	average	ADJ
abr-201	55	62	cost	cost	NOUN
abr-201	55	63	of	of	ADP
abr-201	55	64	capital	capital	NOUN
abr-201	55	65	and	and	CCONJ
abr-201	55	66	debt	debt	NOUN
abr-201	55	67	costs	cost	NOUN
abr-201	55	68	(	(	PUNCT
abr-201	55	69	i	i	PROPN
abr-201	55	70	d.	d.	PROPN
abr-201	55	71	)	)	PUNCT
abr-201	55	72	.	.	PUNCT
abr-201	56	1	recognizing	recognize	VERB
abr-201	56	2	that	that	SCONJ
abr-201	56	3	debt	debt	NOUN
abr-201	56	4	capital	capital	NOUN
abr-201	56	5	has	have	VERB
abr-201	56	6	a	a	DET
abr-201	56	7	first	first	ADJ
abr-201	56	8	call	call	NOUN
abr-201	56	9	on	on	ADP
abr-201	56	10	earnings	earning	NOUN
abr-201	56	11	of	of	ADP
abr-201	56	12	the	the	DET
abr-201	56	13	firm	firm	NOUN
abr-201	56	14	,	,	PUNCT
abr-201	56	15	debt	debt	NOUN
abr-201	56	16	capital	capital	NOUN
abr-201	56	17	almost	almost	ADV
abr-201	56	18	assuredly	assuredly	ADV
abr-201	56	19	has	have	VERB
abr-201	56	20	a	a	DET
abr-201	56	21	lower	low	ADJ
abr-201	56	22	nominal	nominal	ADJ
abr-201	56	23	cost	cost	NOUN
abr-201	56	24	than	than	ADP
abr-201	56	25	equity	equity	NOUN
abr-201	56	26	.	.	PUNCT
abr-201	57	1	given	give	VERB
abr-201	57	2	this	this	PRON
abr-201	57	3	,	,	PUNCT
abr-201	57	4	a	a	DET
abr-201	57	5	financial	financial	ADJ
abr-201	57	6	manager	manager	NOUN
abr-201	57	7	might	might	AUX
abr-201	57	8	be	be	AUX
abr-201	57	9	tempted	tempt	VERB
abr-201	57	10	to	to	PART
abr-201	57	11	leverage	leverage	VERB
abr-201	57	12	the	the	DET
abr-201	57	13	capital	capital	NOUN
abr-201	57	14	structure	structure	NOUN
abr-201	57	15	.	.	PUNCT
abr-201	58	1	this	this	DET
abr-201	58	2	action	action	NOUN
abr-201	58	3	,	,	PUNCT
abr-201	58	4	however	however	ADV
abr-201	58	5	,	,	PUNCT
abr-201	58	6	serves	serve	VERB
abr-201	58	7	only	only	ADV
abr-201	58	8	to	to	PART
abr-201	58	9	increase	increase	VERB
abr-201	58	10	the	the	DET
abr-201	58	11	cost	cost	NOUN
abr-201	58	12	of	of	ADP
abr-201	58	13	the	the	DET
abr-201	58	14	remaining	remain	VERB
abr-201	58	15	equity	equity	NOUN
abr-201	58	16	such	such	ADJ
abr-201	58	17	that	that	SCONJ
abr-201	58	18	the	the	DET
abr-201	58	19	overall	overall	ADJ
abr-201	58	20	cost	cost	NOUN
abr-201	58	21	remains	remain	VERB
abr-201	58	22	constant	constant	ADJ
abr-201	58	23	.	.	PUNCT
abr-201	59	1	testing	test	VERB
abr-201	59	2	this	this	DET
abr-201	59	3	theory	theory	NOUN
abr-201	59	4	turns	turn	VERB
abr-201	59	5	out	out	ADP
abr-201	59	6	to	to	PART
abr-201	59	7	be	be	AUX
abr-201	59	8	remarkably	remarkably	ADV
abr-201	59	9	complex	complex	ADJ
abr-201	59	10	yet	yet	ADV
abr-201	59	11	some	some	DET
abr-201	59	12	evidence	evidence	NOUN
abr-201	59	13	can	can	AUX
abr-201	59	14	be	be	AUX
abr-201	59	15	marshaled	marshal	VERB
abr-201	59	16	to	to	PART
abr-201	59	17	address	address	VERB
abr-201	59	18	this	this	DET
abr-201	59	19	theory	theory	NOUN
abr-201	59	20	.	.	PUNCT
abr-201	60	1	for	for	ADP
abr-201	60	2	example	example	NOUN
abr-201	60	3	,	,	PUNCT
abr-201	60	4	over	over	ADP
abr-201	60	5	the	the	DET
abr-201	60	6	last	last	ADJ
abr-201	60	7	forty	forty	NUM
abr-201	60	8	years	year	NOUN
abr-201	60	9	,	,	PUNCT
abr-201	60	10	financial	financial	ADJ
abr-201	60	11	innovation	innovation	NOUN
abr-201	60	12	has	have	AUX
abr-201	60	13	created	create	VERB
abr-201	60	14	more	more	ADJ
abr-201	60	15	and	and	CCONJ
abr-201	60	16	variable	variable	ADJ
abr-201	60	17	methods	method	NOUN
abr-201	60	18	of	of	ADP
abr-201	60	19	raising	raise	VERB
abr-201	60	20	capital	capital	NOUN
abr-201	60	21	and	and	CCONJ
abr-201	60	22	that	that	PRON
abr-201	60	23	would	would	AUX
abr-201	60	24	seem	seem	VERB
abr-201	60	25	to	to	PART
abr-201	60	26	suggest	suggest	VERB
abr-201	60	27	that	that	SCONJ
abr-201	60	28	new	new	ADJ
abr-201	60	29	and	and	CCONJ
abr-201	60	30	better	well	ADJ
abr-201	60	31	ways	way	NOUN
abr-201	60	32	to	to	PART
abr-201	60	33	obtain	obtain	VERB
abr-201	60	34	and	and	CCONJ
abr-201	60	35	package	package	NOUN
abr-201	60	36	capital	capital	NOUN
abr-201	60	37	have	have	VERB
abr-201	60	38	value	value	NOUN
abr-201	60	39	-	-	PUNCT
abr-201	60	40	enhancing	enhance	VERB
abr-201	60	41	properties	property	NOUN
abr-201	60	42	.	.	PUNCT
abr-201	61	1	moreover	moreover	ADV
abr-201	61	2	,	,	PUNCT
abr-201	61	3	some	some	DET
abr-201	61	4	investors	investor	NOUN
abr-201	61	5	may	may	AUX
abr-201	61	6	be	be	AUX
abr-201	61	7	willing	willing	ADJ
abr-201	61	8	to	to	PART
abr-201	61	9	pay	pay	VERB
abr-201	61	10	for	for	ADP
abr-201	61	11	the	the	DET
abr-201	61	12	ability	ability	NOUN
abr-201	61	13	of	of	ADP
abr-201	61	14	firms	firm	NOUN
abr-201	61	15	to	to	PART
abr-201	61	16	borrow	borrow	VERB
abr-201	61	17	on	on	ADP
abr-201	61	18	more	more	ADV
abr-201	61	19	reasonable	reasonable	ADJ
abr-201	61	20	terms	term	NOUN
abr-201	61	21	than	than	SCONJ
abr-201	61	22	they	they	PRON
abr-201	61	23	can	can	AUX
abr-201	61	24	themselves	themselves	PRON
abr-201	61	25	.	.	PUNCT
abr-201	62	1	in	in	ADP
abr-201	62	2	the	the	DET
abr-201	62	3	end	end	NOUN
abr-201	62	4	,	,	PUNCT
abr-201	62	5	the	the	DET
abr-201	62	6	mm	mm	PROPN
abr-201	62	7	story	story	NOUN
abr-201	62	8	is	be	AUX
abr-201	62	9	analogous	analogous	ADJ
abr-201	62	10	to	to	ADP
abr-201	62	11	the	the	DET
abr-201	62	12	story	story	NOUN
abr-201	62	13	economists	economist	NOUN
abr-201	62	14	tell	tell	VERB
abr-201	62	15	about	about	ADP
abr-201	62	16	perfectly	perfectly	ADV
abr-201	62	17	competitive	competitive	ADJ
abr-201	62	18	markets	market	NOUN
abr-201	62	19	.	.	PUNCT
abr-201	63	1	the	the	DET
abr-201	63	2	relatively	relatively	ADV
abr-201	63	3	restrictive	restrictive	ADJ
abr-201	63	4	assumptions	assumption	NOUN
abr-201	63	5	provide	provide	VERB
abr-201	63	6	insight	insight	NOUN
abr-201	63	7	as	as	ADP
abr-201	63	8	to	to	ADP
abr-201	63	9	when	when	SCONJ
abr-201	63	10	such	such	ADJ
abr-201	63	11	results	result	NOUN
abr-201	63	12	could	could	AUX
abr-201	63	13	be	be	AUX
abr-201	63	14	expected	expect	VERB
abr-201	63	15	,	,	PUNCT
abr-201	63	16	but	but	CCONJ
abr-201	63	17	,	,	PUNCT
abr-201	63	18	perhaps	perhaps	ADV
abr-201	63	19	more	more	ADV
abr-201	63	20	importantly	importantly	ADV
abr-201	63	21	,	,	PUNCT
abr-201	63	22	tell	tell	VERB
abr-201	63	23	us	we	PRON
abr-201	63	24	where	where	SCONJ
abr-201	63	25	to	to	PART
abr-201	63	26	look	look	VERB
abr-201	63	27	for	for	ADP
abr-201	63	28	reasons	reason	NOUN
abr-201	63	29	why	why	SCONJ
abr-201	63	30	real	real	ADJ
abr-201	63	31	life	life	NOUN
abr-201	63	32	does	do	AUX
abr-201	63	33	not	not	PART
abr-201	63	34	turn	turn	VERB
abr-201	63	35	out	out	ADP
abr-201	63	36	the	the	DET
abr-201	63	37	way	way	NOUN
abr-201	63	38	theory	theory	NOUN
abr-201	63	39	predicts	predict	VERB
abr-201	63	40	.	.	PUNCT
abr-201	64	1	the	the	DET
abr-201	64	2	first	first	ADJ
abr-201	64	3	place	place	NOUN
abr-201	64	4	one	one	PRON
abr-201	64	5	might	might	AUX
abr-201	64	6	begin	begin	VERB
abr-201	64	7	to	to	PART
abr-201	64	8	look	look	VERB
abr-201	64	9	for	for	ADP
abr-201	64	10	a	a	DET
abr-201	64	11	more	more	ADV
abr-201	64	12	realistic	realistic	ADJ
abr-201	64	13	story	story	NOUN
abr-201	64	14	is	be	AUX
abr-201	64	15	to	to	PART
abr-201	64	16	include	include	VERB
abr-201	64	17	the	the	DET
abr-201	64	18	effect	effect	NOUN
abr-201	64	19	of	of	ADP
abr-201	64	20	taxes	taxis	NOUN
abr-201	64	21	.	.	PUNCT
abr-201	65	1	debt	debt	NOUN
abr-201	65	2	capital	capital	NOUN
abr-201	65	3	,	,	PUNCT
abr-201	65	4	unlike	unlike	ADP
abr-201	65	5	equity	equity	NOUN
abr-201	65	6	capital	capital	NOUN
abr-201	65	7	,	,	PUNCT
abr-201	65	8	is	be	AUX
abr-201	65	9	treated	treat	VERB
abr-201	65	10	as	as	ADP
abr-201	65	11	an	an	DET
abr-201	65	12	expense	expense	NOUN
abr-201	65	13	providing	provide	VERB
abr-201	65	14	the	the	DET
abr-201	65	15	firm	firm	NOUN
abr-201	65	16	with	with	ADP
abr-201	65	17	a	a	DET
abr-201	65	18	tax	tax	NOUN
abr-201	65	19	-	-	PUNCT
abr-201	65	20	shield	shield	NOUN
abr-201	65	21	.	.	PUNCT
abr-201	66	1	in	in	ADP
abr-201	66	2	this	this	DET
abr-201	66	3	simple	simple	ADJ
abr-201	66	4	story	story	NOUN
abr-201	66	5	,	,	PUNCT
abr-201	66	6	the	the	DET
abr-201	66	7	after	after	ADP
abr-201	66	8	-	-	PUNCT
abr-201	66	9	tax	tax	NOUN
abr-201	66	10	cost	cost	NOUN
abr-201	66	11	of	of	ADP
abr-201	66	12	financing	financing	NOUN
abr-201	66	13	provides	provide	VERB
abr-201	66	14	an	an	DET
abr-201	66	15	incentive	incentive	NOUN
abr-201	66	16	for	for	SCONJ
abr-201	66	17	firms	firm	NOUN
abr-201	66	18	to	to	PART
abr-201	66	19	use	use	VERB
abr-201	66	20	debt	debt	NOUN
abr-201	66	21	since	since	SCONJ
abr-201	66	22	the	the	DET
abr-201	66	23	effective	effective	ADJ
abr-201	66	24	cost	cost	NOUN
abr-201	66	25	of	of	ADP
abr-201	66	26	debt	debt	NOUN
abr-201	66	27	is	be	AUX
abr-201	66	28	reduced	reduce	VERB
abr-201	66	29	by	by	ADP
abr-201	66	30	the	the	DET
abr-201	66	31	tax	tax	NOUN
abr-201	66	32	shield	shield	NOUN
abr-201	66	33	.	.	PUNCT
abr-201	67	1	causal	causal	ADJ
abr-201	67	2	empirical	empirical	ADJ
abr-201	67	3	observation	observation	NOUN
abr-201	67	4	suggests	suggest	VERB
abr-201	67	5	that	that	SCONJ
abr-201	67	6	there	there	PRON
abr-201	67	7	must	must	AUX
abr-201	67	8	be	be	AUX
abr-201	67	9	some	some	DET
abr-201	67	10	cost	cost	NOUN
abr-201	67	11	associated	associate	VERB
abr-201	67	12	with	with	ADP
abr-201	67	13	the	the	DET
abr-201	67	14	tax	tax	NOUN
abr-201	67	15	shield	shield	NOUN
abr-201	67	16	otherwise	otherwise	ADV
abr-201	67	17	corporations	corporation	NOUN
abr-201	67	18	would	would	AUX
abr-201	67	19	not	not	PART
abr-201	67	20	pay	pay	VERB
abr-201	67	21	taxes	taxis	NOUN
abr-201	67	22	if	if	SCONJ
abr-201	67	23	those	those	DET
abr-201	67	24	taxes	taxis	NOUN
abr-201	67	25	could	could	AUX
abr-201	67	26	be	be	AUX
abr-201	67	27	reduced	reduce	VERB
abr-201	67	28	by	by	ADP
abr-201	67	29	increasing	increase	VERB
abr-201	67	30	debt	debt	NOUN
abr-201	67	31	in	in	ADP
abr-201	67	32	the	the	DET
abr-201	67	33	capital	capital	NOUN
abr-201	67	34	structure	structure	NOUN
abr-201	67	35	(	(	PUNCT
abr-201	67	36	myers	myers	PROPN
abr-201	67	37	,	,	PUNCT
abr-201	67	38	2001	2001	NUM
abr-201	67	39	,	,	PUNCT
abr-201	67	40	p.	p.	NOUN
abr-201	67	41	88	88	NUM
abr-201	67	42	)	)	PUNCT
abr-201	67	43	.	.	PUNCT
abr-201	68	1	this	this	PRON
abr-201	68	2	is	be	AUX
abr-201	68	3	suggestive	suggestive	ADJ
abr-201	68	4	of	of	ADP
abr-201	68	5	a	a	DET
abr-201	68	6	trade	trade	NOUN
abr-201	68	7	-	-	PUNCT
abr-201	68	8	off	off	ADP
abr-201	68	9	theory	theory	NOUN
abr-201	68	10	(	(	PUNCT
abr-201	68	11	tot	tot	NOUN
abr-201	68	12	)	)	PUNCT
abr-201	68	13	positing	posit	VERB
abr-201	68	14	a	a	DET
abr-201	68	15	balancing	balancing	NOUN
abr-201	68	16	of	of	ADP
abr-201	68	17	the	the	DET
abr-201	68	18	benefits	benefit	NOUN
abr-201	68	19	of	of	ADP
abr-201	68	20	the	the	DET
abr-201	68	21	tax	tax	NOUN
abr-201	68	22	shield	shield	NOUN
abr-201	68	23	with	with	ADP
abr-201	68	24	the	the	DET
abr-201	68	25	costs	cost	NOUN
abr-201	68	26	of	of	ADP
abr-201	68	27	financial	financial	ADJ
abr-201	68	28	distress	distress	NOUN
abr-201	68	29	that	that	PRON
abr-201	68	30	may	may	AUX
abr-201	68	31	well	well	ADV
abr-201	68	32	be	be	AUX
abr-201	68	33	associated	associate	VERB
abr-201	68	34	with	with	ADP
abr-201	68	35	an	an	DET
abr-201	68	36	overly	overly	ADV
abr-201	68	37	aggressive	aggressive	ADJ
abr-201	68	38	debt	debt	NOUN
abr-201	68	39	policy	policy	NOUN
abr-201	68	40	.	.	PUNCT
abr-201	69	1	the	the	DET
abr-201	69	2	obvious	obvious	ADJ
abr-201	69	3	implication	implication	NOUN
abr-201	69	4	of	of	ADP
abr-201	69	5	this	this	DET
abr-201	69	6	theory	theory	NOUN
abr-201	69	7	in	in	ADP
abr-201	69	8	cases	case	NOUN
abr-201	69	9	where	where	SCONJ
abr-201	69	10	financial	financial	ADJ
abr-201	69	11	distress	distress	NOUN
abr-201	69	12	is	be	AUX
abr-201	69	13	remote	remote	ADJ
abr-201	69	14	is	be	AUX
abr-201	69	15	that	that	SCONJ
abr-201	69	16	debt	debt	NOUN
abr-201	69	17	ratios	ratio	NOUN
abr-201	69	18	should	should	AUX
abr-201	69	19	not	not	PART
abr-201	69	20	be	be	AUX
abr-201	69	21	overly	overly	ADV
abr-201	69	22	conservative	conservative	ADJ
abr-201	69	23	.	.	PUNCT
abr-201	70	1	yet	yet	CCONJ
abr-201	70	2	many	many	ADJ
abr-201	70	3	firms	firm	NOUN
abr-201	70	4	that	that	PRON
abr-201	70	5	have	have	AUX
abr-201	70	6	been	be	AUX
abr-201	70	7	highly	highly	ADV
abr-201	70	8	profitable	profitable	ADJ
abr-201	70	9	for	for	ADP
abr-201	70	10	years	year	NOUN
abr-201	70	11	have	have	VERB
abr-201	70	12	conservative	conservative	ADJ
abr-201	70	13	debt	debt	NOUN
abr-201	70	14	ratios	ratio	NOUN
abr-201	70	15	.	.	PUNCT
abr-201	71	1	(	(	PUNCT
abr-201	71	2	myers	myers	PROPN
abr-201	71	3	,	,	PUNCT
abr-201	71	4	1984	1984	NUM
abr-201	71	5	;	;	PUNCT
abr-201	71	6	baskin	baskin	X
abr-201	71	7	,	,	PUNCT
abr-201	71	8	1989	1989	NUM
abr-201	71	9	,	,	PUNCT
abr-201	71	10	also	also	ADV
abr-201	71	11	see	see	VERB
abr-201	71	12	harris	harris	PROPN
abr-201	71	13	and	and	CCONJ
abr-201	71	14	raviv	raviv	NOUN
abr-201	71	15	,	,	PUNCT
abr-201	71	16	1991	1991	NUM
abr-201	71	17	)	)	PUNCT
abr-201	71	18	.	.	PUNCT
abr-201	72	1	also	also	ADV
abr-201	72	2	,	,	PUNCT
abr-201	72	3	many	many	ADJ
abr-201	72	4	studies	study	NOUN
abr-201	72	5	focusing	focus	VERB
abr-201	72	6	on	on	ADP
abr-201	72	7	the	the	DET
abr-201	72	8	determinants	determinant	NOUN
abr-201	72	9	of	of	ADP
abr-201	72	10	actual	actual	ADJ
abr-201	72	11	debt	debt	NOUN
abr-201	72	12	ratios	ratio	NOUN
abr-201	72	13	find	find	VERB
abr-201	72	14	that	that	SCONJ
abr-201	72	15	profitability	profitability	NOUN
abr-201	72	16	is	be	AUX
abr-201	72	17	the	the	DET
abr-201	72	18	single	single	ADJ
abr-201	72	19	most	most	ADV
abr-201	72	20	important	important	ADJ
abr-201	72	21	factor	factor	NOUN
abr-201	72	22	.	.	PUNCT
abr-201	73	1	(	(	PUNCT
abr-201	73	2	see	see	VERB
abr-201	73	3	e.g.	e.g.	ADV
abr-201	73	4	,	,	PUNCT
abr-201	73	5	wald	wald	NOUN
abr-201	73	6	,	,	PUNCT
abr-201	73	7	1999	1999	NUM
abr-201	73	8	)	)	PUNCT
abr-201	73	9	.	.	PUNCT
abr-201	74	1	the	the	DET
abr-201	74	2	tot	tot	NOUN
abr-201	74	3	suggests	suggest	VERB
abr-201	74	4	that	that	SCONJ
abr-201	74	5	those	those	DET
abr-201	74	6	firms	firm	NOUN
abr-201	74	7	with	with	ADP
abr-201	74	8	relatively	relatively	ADV
abr-201	74	9	safe	safe	ADJ
abr-201	74	10	tangible	tangible	ADJ
abr-201	74	11	assets	asset	NOUN
abr-201	74	12	are	be	AUX
abr-201	74	13	more	more	ADV
abr-201	74	14	likely	likely	ADJ
abr-201	74	15	to	to	PART
abr-201	74	16	use	use	VERB
abr-201	74	17	debt	debt	NOUN
abr-201	74	18	than	than	ADP
abr-201	74	19	those	those	PRON
abr-201	74	20	with	with	ADP
abr-201	74	21	riskier	risky	ADJ
abr-201	74	22	assets	asset	NOUN
abr-201	74	23	.	.	PUNCT
abr-201	75	1	in	in	ADP
abr-201	75	2	the	the	DET
abr-201	75	3	world	world	NOUN
abr-201	75	4	of	of	ADP
abr-201	75	5	regulated	regulated	ADJ
abr-201	75	6	utilities	utility	NOUN
abr-201	75	7	,	,	PUNCT
abr-201	75	8	regulation	regulation	NOUN
abr-201	75	9	provides	provide	VERB
abr-201	75	10	a	a	DET
abr-201	75	11	form	form	NOUN
abr-201	75	12	of	of	ADP
abr-201	75	13	commitment	commitment	NOUN
abr-201	75	14	to	to	ADP
abr-201	75	15	a	a	DET
abr-201	75	16	minimum	minimum	ADJ
abr-201	75	17	level	level	NOUN
abr-201	75	18	of	of	ADP
abr-201	75	19	financial	financial	ADJ
abr-201	75	20	strength	strength	NOUN
abr-201	75	21	,	,	PUNCT
abr-201	75	22	under	under	ADP
abr-201	75	23	the	the	DET
abr-201	75	24	tot	tot	NOUN
abr-201	75	25	once	once	ADV
abr-201	75	26	might	might	AUX
abr-201	75	27	expect	expect	VERB
abr-201	75	28	a	a	DET
abr-201	75	29	higher	high	ADJ
abr-201	75	30	104	104	NUM
abr-201	75	31	level	level	NOUN
abr-201	75	32	of	of	ADP
abr-201	75	33	debt	debt	NOUN
abr-201	75	34	than	than	ADP
abr-201	75	35	other	other	ADJ
abr-201	75	36	industries	industry	NOUN
abr-201	75	37	without	without	ADP
abr-201	75	38	such	such	ADJ
abr-201	75	39	commitment	commitment	NOUN
abr-201	75	40	.	.	PUNCT
abr-201	76	1	indeed	indeed	ADV
abr-201	76	2	,	,	PUNCT
abr-201	76	3	debt	debt	NOUN
abr-201	76	4	ratios	ratio	NOUN
abr-201	76	5	for	for	ADP
abr-201	76	6	regulated	regulated	ADJ
abr-201	76	7	utilities	utility	NOUN
abr-201	76	8	tend	tend	VERB
abr-201	76	9	to	to	PART
abr-201	76	10	be	be	AUX
abr-201	76	11	relatively	relatively	ADV
abr-201	76	12	high	high	ADJ
abr-201	76	13	compared	compare	VERB
abr-201	76	14	to	to	ADP
abr-201	76	15	other	other	ADJ
abr-201	76	16	industries.2	industries.2	VERB
abr-201	76	17	the	the	DET
abr-201	76	18	second	second	ADJ
abr-201	76	19	approach	approach	NOUN
abr-201	76	20	we	we	PRON
abr-201	76	21	review	review	VERB
abr-201	76	22	in	in	ADP
abr-201	76	23	this	this	DET
abr-201	76	24	paper	paper	NOUN
abr-201	76	25	is	be	AUX
abr-201	76	26	the	the	DET
abr-201	76	27	peaking	peaking	NOUN
abr-201	76	28	-	-	PUNCT
abr-201	76	29	order	order	NOUN
abr-201	76	30	theory	theory	NOUN
abr-201	76	31	(	(	PUNCT
abr-201	76	32	pot	pot	NOUN
abr-201	76	33	)	)	PUNCT
abr-201	76	34	.	.	PUNCT
abr-201	77	1	pot	pot	NOUN
abr-201	77	2	,	,	PUNCT
abr-201	77	3	first	first	ADV
abr-201	77	4	suggested	suggest	VERB
abr-201	77	5	by	by	ADP
abr-201	77	6	donaldson	donaldson	PROPN
abr-201	77	7	(	(	PUNCT
abr-201	77	8	1961	1961	NUM
abr-201	77	9	)	)	PUNCT
abr-201	77	10	and	and	CCONJ
abr-201	77	11	later	later	ADV
abr-201	77	12	formalized	formalize	VERB
abr-201	77	13	by	by	ADP
abr-201	77	14	myers	myer	NOUN
abr-201	77	15	and	and	CCONJ
abr-201	77	16	majluf	majluf	PROPN
abr-201	77	17	(	(	PUNCT
abr-201	77	18	1984	1984	NUM
abr-201	77	19	)	)	PUNCT
abr-201	77	20	and	and	CCONJ
abr-201	77	21	myers	myers	PROPN
abr-201	77	22	(	(	PUNCT
abr-201	77	23	1984	1984	NUM
abr-201	77	24	)	)	PUNCT
abr-201	77	25	,	,	PUNCT
abr-201	77	26	posits	posit	VERB
abr-201	77	27	a	a	DET
abr-201	77	28	hierarchy	hierarchy	NOUN
abr-201	77	29	in	in	ADP
abr-201	77	30	firm	firm	ADJ
abr-201	77	31	funding	funding	NOUN
abr-201	77	32	that	that	PRON
abr-201	77	33	begins	begin	VERB
abr-201	77	34	with	with	ADP
abr-201	77	35	internally	internally	ADV
abr-201	77	36	generated	generate	VERB
abr-201	77	37	cash	cash	NOUN
abr-201	77	38	,	,	PUNCT
abr-201	77	39	followed	follow	VERB
abr-201	77	40	by	by	ADP
abr-201	77	41	,	,	PUNCT
abr-201	77	42	if	if	SCONJ
abr-201	77	43	necessary	necessary	ADJ
abr-201	77	44	,	,	PUNCT
abr-201	77	45	debt	debt	NOUN
abr-201	77	46	and	and	CCONJ
abr-201	77	47	rarely	rarely	ADV
abr-201	77	48	equity	equity	NOUN
abr-201	77	49	.	.	PUNCT
abr-201	78	1	myers	myers	PROPN
abr-201	78	2	and	and	CCONJ
abr-201	78	3	majluf	majluf	PROPN
abr-201	78	4	(	(	PUNCT
abr-201	78	5	1984	1984	NUM
abr-201	78	6	)	)	PUNCT
abr-201	78	7	assume	assume	VERB
abr-201	78	8	an	an	DET
abr-201	78	9	on	on	ADV
abr-201	78	10	-	-	PUNCT
abr-201	78	11	going	go	VERB
abr-201	78	12	firm	firm	NOUN
abr-201	78	13	with	with	ADP
abr-201	78	14	an	an	DET
abr-201	78	15	opportunity	opportunity	NOUN
abr-201	78	16	for	for	ADP
abr-201	78	17	growth	growth	NOUN
abr-201	78	18	.	.	PUNCT
abr-201	79	1	capital	capital	NOUN
abr-201	79	2	markets	market	NOUN
abr-201	79	3	are	be	AUX
abr-201	79	4	assumed	assume	VERB
abr-201	79	5	efficient	efficient	ADJ
abr-201	79	6	,	,	PUNCT
abr-201	79	7	but	but	CCONJ
abr-201	79	8	investors	investor	NOUN
abr-201	79	9	do	do	AUX
abr-201	79	10	not	not	PART
abr-201	79	11	have	have	VERB
abr-201	79	12	sufficient	sufficient	ADJ
abr-201	79	13	information	information	NOUN
abr-201	79	14	to	to	PART
abr-201	79	15	value	value	VERB
abr-201	79	16	the	the	DET
abr-201	79	17	projects	project	NOUN
abr-201	79	18	and	and	CCONJ
abr-201	79	19	the	the	DET
abr-201	79	20	securities	security	NOUN
abr-201	79	21	sold	sell	VERB
abr-201	79	22	to	to	PART
abr-201	79	23	support	support	VERB
abr-201	79	24	the	the	DET
abr-201	79	25	projects	project	NOUN
abr-201	79	26	.	.	PUNCT
abr-201	80	1	a	a	DET
abr-201	80	2	proposed	propose	VERB
abr-201	80	3	financing	financing	NOUN
abr-201	80	4	scheme	scheme	NOUN
abr-201	80	5	,	,	PUNCT
abr-201	80	6	such	such	ADJ
abr-201	80	7	as	as	ADP
abr-201	80	8	a	a	DET
abr-201	80	9	sale	sale	NOUN
abr-201	80	10	of	of	ADP
abr-201	80	11	equity	equity	NOUN
abr-201	80	12	,	,	PUNCT
abr-201	80	13	could	could	AUX
abr-201	80	14	be	be	AUX
abr-201	80	15	interpreted	interpret	VERB
abr-201	80	16	as	as	ADP
abr-201	80	17	a	a	DET
abr-201	80	18	signal	signal	NOUN
abr-201	80	19	of	of	ADP
abr-201	80	20	the	the	DET
abr-201	80	21	value	value	NOUN
abr-201	80	22	of	of	ADP
abr-201	80	23	the	the	DET
abr-201	80	24	firm	firm	NOUN
abr-201	80	25	.	.	PUNCT
abr-201	81	1	on	on	ADP
abr-201	81	2	one	one	NUM
abr-201	81	3	hand	hand	NOUN
abr-201	81	4	,	,	PUNCT
abr-201	81	5	investors	investor	NOUN
abr-201	81	6	may	may	AUX
abr-201	81	7	interpret	interpret	VERB
abr-201	81	8	the	the	DET
abr-201	81	9	action	action	NOUN
abr-201	81	10	as	as	ADP
abr-201	81	11	a	a	DET
abr-201	81	12	sign	sign	NOUN
abr-201	81	13	that	that	SCONJ
abr-201	81	14	the	the	DET
abr-201	81	15	firm	firm	NOUN
abr-201	81	16	believes	believe	VERB
abr-201	81	17	its	its	PRON
abr-201	81	18	project	project	NOUN
abr-201	81	19	to	to	PART
abr-201	81	20	be	be	AUX
abr-201	81	21	valuable	valuable	ADJ
abr-201	81	22	by	by	ADP
abr-201	81	23	increasing	increase	VERB
abr-201	81	24	the	the	DET
abr-201	81	25	net	net	ADJ
abr-201	81	26	present	present	ADJ
abr-201	81	27	value	value	NOUN
abr-201	81	28	of	of	ADP
abr-201	81	29	the	the	DET
abr-201	81	30	firm	firm	NOUN
abr-201	81	31	(	(	PUNCT
abr-201	81	32	good	good	ADJ
abr-201	81	33	news	news	NOUN
abr-201	81	34	)	)	PUNCT
abr-201	81	35	.	.	PUNCT
abr-201	82	1	alternatively	alternatively	ADV
abr-201	82	2	,	,	PUNCT
abr-201	82	3	managers	manager	NOUN
abr-201	82	4	may	may	AUX
abr-201	82	5	have	have	VERB
abr-201	82	6	better	well	ADJ
abr-201	82	7	information	information	NOUN
abr-201	82	8	concerning	concern	VERB
abr-201	82	9	the	the	DET
abr-201	82	10	value	value	NOUN
abr-201	82	11	of	of	ADP
abr-201	82	12	existing	exist	VERB
abr-201	82	13	assets	asset	NOUN
abr-201	82	14	which	which	PRON
abr-201	82	15	could	could	AUX
abr-201	82	16	indicate	indicate	VERB
abr-201	82	17	that	that	SCONJ
abr-201	82	18	the	the	DET
abr-201	82	19	securities	security	NOUN
abr-201	82	20	are	be	AUX
abr-201	82	21	overvalued	overvalue	VERB
abr-201	82	22	(	(	PUNCT
abr-201	82	23	bad	bad	ADJ
abr-201	82	24	news	news	NOUN
abr-201	82	25	)	)	PUNCT
abr-201	82	26	.	.	PUNCT
abr-201	83	1	one	one	NUM
abr-201	83	2	implication	implication	NOUN
abr-201	83	3	is	be	AUX
abr-201	83	4	that	that	SCONJ
abr-201	83	5	equity	equity	NOUN
abr-201	83	6	issues	issue	NOUN
abr-201	83	7	will	will	AUX
abr-201	83	8	cause	cause	VERB
abr-201	83	9	the	the	DET
abr-201	83	10	price	price	NOUN
abr-201	83	11	of	of	ADP
abr-201	83	12	the	the	DET
abr-201	83	13	stock	stock	NOUN
abr-201	83	14	to	to	PART
abr-201	83	15	fall	fall	VERB
abr-201	83	16	;	;	PUNCT
abr-201	83	17	not	not	PART
abr-201	83	18	because	because	SCONJ
abr-201	83	19	demand	demand	NOUN
abr-201	83	20	is	be	AUX
abr-201	83	21	inelastic	inelastic	ADJ
abr-201	83	22	and	and	CCONJ
abr-201	83	23	as	as	ADP
abr-201	83	24	supply	supply	NOUN
abr-201	83	25	increases	increase	NOUN
abr-201	83	26	,	,	PUNCT
abr-201	83	27	price	price	NOUN
abr-201	83	28	falls	fall	NOUN
abr-201	83	29	,	,	PUNCT
abr-201	83	30	but	but	CCONJ
abr-201	83	31	because	because	SCONJ
abr-201	83	32	investors	investor	NOUN
abr-201	83	33	see	see	VERB
abr-201	83	34	the	the	DET
abr-201	83	35	bad	bad	ADJ
abr-201	83	36	news	news	NOUN
abr-201	83	37	as	as	ADP
abr-201	83	38	outweighing	outweigh	VERB
abr-201	83	39	the	the	DET
abr-201	83	40	good	good	ADJ
abr-201	83	41	news	news	NOUN
abr-201	83	42	.	.	PUNCT
abr-201	84	1	several	several	ADJ
abr-201	84	2	studies	study	NOUN
abr-201	84	3	of	of	ADP
abr-201	84	4	equity	equity	NOUN
abr-201	84	5	issues	issue	NOUN
abr-201	84	6	by	by	ADP
abr-201	84	7	firms	firm	NOUN
abr-201	84	8	have	have	AUX
abr-201	84	9	confirmed	confirm	VERB
abr-201	84	10	this	this	DET
abr-201	84	11	phenomenon	phenomenon	NOUN
abr-201	84	12	.	.	PUNCT
abr-201	85	1	(	(	PUNCT
abr-201	85	2	asquith	asquith	PROPN
abr-201	85	3	&	&	CCONJ
abr-201	85	4	mullins	mullins	PROPN
abr-201	85	5	,	,	PUNCT
abr-201	85	6	1986	1986	NUM
abr-201	85	7	;	;	PUNCT
abr-201	85	8	dierkens	dierken	NOUN
abr-201	85	9	,	,	PUNCT
abr-201	85	10	1991	1991	NUM
abr-201	85	11	;	;	PUNCT
abr-201	85	12	d'mello	d'mello	PROPN
abr-201	85	13	&	&	CCONJ
abr-201	85	14	ferris	ferris	PROPN
abr-201	85	15	,	,	PUNCT
abr-201	85	16	2000	2000	NUM
abr-201	85	17	)	)	PUNCT
abr-201	85	18	.	.	PUNCT
abr-201	86	1	debt	debt	NOUN
abr-201	86	2	,	,	PUNCT
abr-201	86	3	however	however	ADV
abr-201	86	4	,	,	PUNCT
abr-201	86	5	is	be	AUX
abr-201	86	6	less	less	ADV
abr-201	86	7	susceptible	susceptible	ADJ
abr-201	86	8	to	to	ADP
abr-201	86	9	mistakes	mistake	NOUN
abr-201	86	10	of	of	ADP
abr-201	86	11	judgment	judgment	NOUN
abr-201	86	12	since	since	SCONJ
abr-201	86	13	it	it	PRON
abr-201	86	14	is	be	AUX
abr-201	86	15	superior	superior	ADJ
abr-201	86	16	to	to	ADP
abr-201	86	17	equity	equity	NOUN
abr-201	86	18	.	.	PUNCT
abr-201	87	1	when	when	SCONJ
abr-201	87	2	the	the	DET
abr-201	87	3	risk	risk	NOUN
abr-201	87	4	of	of	ADP
abr-201	87	5	default	default	NOUN
abr-201	87	6	is	be	AUX
abr-201	87	7	negligible	negligible	ADJ
abr-201	87	8	one	one	PRON
abr-201	87	9	should	should	AUX
abr-201	87	10	find	find	VERB
abr-201	87	11	that	that	SCONJ
abr-201	87	12	debt	debt	NOUN
abr-201	87	13	issues	issue	NOUN
abr-201	87	14	are	be	AUX
abr-201	87	15	less	less	ADJ
abr-201	87	16	of	of	ADP
abr-201	87	17	a	a	DET
abr-201	87	18	drag	drag	NOUN
abr-201	87	19	on	on	ADP
abr-201	87	20	the	the	DET
abr-201	87	21	price	price	NOUN
abr-201	87	22	of	of	ADP
abr-201	87	23	equity	equity	NOUN
abr-201	87	24	and	and	CCONJ
abr-201	87	25	studies	study	NOUN
abr-201	87	26	confirm	confirm	VERB
abr-201	87	27	this	this	DET
abr-201	87	28	result	result	NOUN
abr-201	87	29	.	.	PUNCT
abr-201	88	1	(	(	PUNCT
abr-201	88	2	eckbo	eckbo	X
abr-201	88	3	,	,	PUNCT
abr-201	88	4	1986	1986	NUM
abr-201	88	5	;	;	PUNCT
abr-201	88	6	shyam	shyam	PROPN
abr-201	88	7	-	-	PUNCT
abr-201	88	8	sunder	sunder	NOUN
abr-201	88	9	,	,	PUNCT
abr-201	88	10	1991	1991	NUM
abr-201	88	11	)	)	PUNCT
abr-201	88	12	.	.	PUNCT
abr-201	89	1	direct	direct	ADJ
abr-201	89	2	tests	test	NOUN
abr-201	89	3	of	of	ADP
abr-201	89	4	the	the	DET
abr-201	89	5	pot	pot	NOUN
abr-201	89	6	,	,	PUNCT
abr-201	89	7	however	however	ADV
abr-201	89	8	,	,	PUNCT
abr-201	89	9	are	be	AUX
abr-201	89	10	less	less	ADV
abr-201	89	11	consistent	consistent	ADJ
abr-201	89	12	.	.	PUNCT
abr-201	90	1	for	for	ADP
abr-201	90	2	example	example	NOUN
abr-201	90	3	,	,	PUNCT
abr-201	90	4	shyam	shyam	PROPN
abr-201	90	5	-	-	PUNCT
abr-201	90	6	sunder	sunder	NOUN
abr-201	90	7	and	and	CCONJ
abr-201	90	8	myers	myers	PROPN
abr-201	90	9	(	(	PUNCT
abr-201	90	10	1999	1999	NUM
abr-201	90	11	)	)	PUNCT
abr-201	90	12	find	find	VERB
abr-201	90	13	evidence	evidence	NOUN
abr-201	90	14	for	for	ADP
abr-201	90	15	the	the	DET
abr-201	90	16	pot	pot	NOUN
abr-201	90	17	,	,	PUNCT
abr-201	90	18	as	as	SCONJ
abr-201	90	19	opposed	oppose	VERB
abr-201	90	20	to	to	ADP
abr-201	90	21	the	the	DET
abr-201	90	22	tot	tot	NOUN
abr-201	90	23	,	,	PUNCT
abr-201	90	24	for	for	ADP
abr-201	90	25	a	a	DET
abr-201	90	26	cross	cross	NOUN
abr-201	90	27	-	-	NOUN
abr-201	90	28	section	section	NOUN
abr-201	90	29	of	of	ADP
abr-201	90	30	157	157	NUM
abr-201	90	31	us	us	PROPN
abr-201	90	32	firms	firm	NOUN
abr-201	90	33	in	in	ADP
abr-201	90	34	the	the	DET
abr-201	90	35	compustat	compustat	NOUN
abr-201	90	36	database	database	NOUN
abr-201	90	37	from	from	ADP
abr-201	90	38	1971	1971	NUM
abr-201	90	39	to	to	ADP
abr-201	90	40	1989	1989	NUM
abr-201	90	41	.	.	PUNCT
abr-201	91	1	frank	frank	PROPN
abr-201	91	2	and	and	CCONJ
abr-201	91	3	goyal	goyal	PROPN
abr-201	91	4	(	(	PUNCT
abr-201	91	5	2003	2003	NUM
abr-201	91	6	)	)	PUNCT
abr-201	91	7	undertake	undertake	VERB
abr-201	91	8	a	a	DET
abr-201	91	9	similar	similar	ADJ
abr-201	91	10	analysis	analysis	NOUN
abr-201	91	11	and	and	CCONJ
abr-201	91	12	find	find	VERB
abr-201	91	13	that	that	SCONJ
abr-201	91	14	the	the	DET
abr-201	91	15	pot	pot	NOUN
abr-201	91	16	does	do	AUX
abr-201	91	17	not	not	PART
abr-201	91	18	hold	hold	VERB
abr-201	91	19	for	for	ADP
abr-201	91	20	the	the	DET
abr-201	91	21	1990s	1990s	NUM
abr-201	91	22	.	.	PUNCT
abr-201	92	1	fama	fama	PROPN
abr-201	92	2	and	and	CCONJ
abr-201	92	3	french	french	ADJ
abr-201	92	4	(	(	PUNCT
abr-201	92	5	2002	2002	NUM
abr-201	92	6	)	)	PUNCT
abr-201	92	7	find	find	VERB
abr-201	92	8	contradictory	contradictory	ADJ
abr-201	92	9	evidence	evidence	NOUN
abr-201	92	10	for	for	ADP
abr-201	92	11	both	both	DET
abr-201	92	12	pot	pot	NOUN
abr-201	92	13	and	and	CCONJ
abr-201	92	14	tot	tot	NOUN
abr-201	92	15	but	but	CCONJ
abr-201	92	16	these	these	DET
abr-201	92	17	authors	author	NOUN
abr-201	92	18	claim	claim	VERB
abr-201	92	19	that	that	SCONJ
abr-201	92	20	small	small	ADJ
abr-201	92	21	low	low	ADJ
abr-201	92	22	-	-	PUNCT
abr-201	92	23	leverage	leverage	NOUN
abr-201	92	24	growth	growth	NOUN
abr-201	92	25	firms	firm	NOUN
abr-201	92	26	tend	tend	VERB
abr-201	92	27	to	to	PART
abr-201	92	28	be	be	AUX
abr-201	92	29	large	large	ADJ
abr-201	92	30	issues	issue	NOUN
abr-201	92	31	of	of	ADP
abr-201	92	32	equity	equity	NOUN
abr-201	92	33	and	and	CCONJ
abr-201	92	34	claim	claim	NOUN
abr-201	92	35	this	this	PRON
abr-201	92	36	is	be	AUX
abr-201	92	37	a	a	DET
abr-201	92	38	“	"	PUNCT
abr-201	92	39	deep	deep	ADJ
abr-201	92	40	wound	wound	NOUN
abr-201	92	41	”	"	PUNCT
abr-201	92	42	in	in	ADP
abr-201	92	43	the	the	DET
abr-201	92	44	pot	pot	NOUN
abr-201	92	45	.	.	PUNCT
abr-201	92	46	bessler	bessler	PROPN
abr-201	92	47	et	et	PROPN
abr-201	92	48	al	al	PROPN
abr-201	92	49	.	.	PROPN
abr-201	93	1	(	(	PUNCT
abr-201	93	2	2010	2010	NUM
abr-201	93	3	)	)	PUNCT
abr-201	93	4	,	,	PUNCT
abr-201	93	5	in	in	ADP
abr-201	93	6	a	a	DET
abr-201	93	7	study	study	NOUN
abr-201	93	8	of	of	ADP
abr-201	93	9	international	international	ADJ
abr-201	93	10	firms	firm	NOUN
abr-201	93	11	from	from	ADP
abr-201	93	12	1995	1995	NUM
abr-201	93	13	to	to	ADP
abr-201	93	14	2005	2005	NUM
abr-201	93	15	,	,	PUNCT
abr-201	93	16	find	find	VERB
abr-201	93	17	more	more	ADJ
abr-201	93	18	evidence	evidence	NOUN
abr-201	93	19	for	for	ADP
abr-201	93	20	the	the	DET
abr-201	93	21	pot	pot	NOUN
abr-201	93	22	theory	theory	NOUN
abr-201	93	23	in	in	ADP
abr-201	93	24	non	non	ADJ
abr-201	93	25	-	-	ADJ
abr-201	93	26	us	us	ADJ
abr-201	93	27	firms	firm	NOUN
abr-201	93	28	and	and	CCONJ
abr-201	93	29	those	those	PRON
abr-201	93	30	from	from	ADP
abr-201	93	31	civil	civil	ADJ
abr-201	93	32	law	law	NOUN
abr-201	93	33	countries	country	NOUN
abr-201	93	34	.	.	PUNCT
abr-201	94	1	fama	fama	PROPN
abr-201	94	2	and	and	CCONJ
abr-201	94	3	french	french	ADJ
abr-201	94	4	(	(	PUNCT
abr-201	94	5	2005	2005	NUM
abr-201	94	6	)	)	PUNCT
abr-201	94	7	observe	observe	VERB
abr-201	94	8	that	that	SCONJ
abr-201	94	9	firms	firm	NOUN
abr-201	94	10	undertake	undertake	VERB
abr-201	94	11	net	net	ADJ
abr-201	94	12	issues	issue	NOUN
abr-201	94	13	of	of	ADP
abr-201	94	14	equity	equity	NOUN
abr-201	94	15	surprising	surprising	ADJ
abr-201	94	16	often	often	ADV
abr-201	94	17	from	from	ADP
abr-201	94	18	the	the	DET
abr-201	94	19	perspective	perspective	NOUN
abr-201	94	20	of	of	ADP
abr-201	94	21	the	the	DET
abr-201	94	22	pot	pot	NOUN
abr-201	94	23	,	,	PUNCT
abr-201	94	24	especially	especially	ADV
abr-201	94	25	after	after	ADP
abr-201	94	26	1990	1990	NUM
abr-201	94	27	.	.	PUNCT
abr-201	95	1	finally	finally	ADV
abr-201	95	2	,	,	PUNCT
abr-201	95	3	lemmon	lemmon	PROPN
abr-201	95	4	and	and	CCONJ
abr-201	95	5	zender	zender	PROPN
abr-201	95	6	(	(	PUNCT
abr-201	95	7	2010	2010	NUM
abr-201	95	8	)	)	PUNCT
abr-201	95	9	reexamine	reexamine	VERB
abr-201	95	10	fama	fama	NOUN
abr-201	95	11	and	and	CCONJ
abr-201	95	12	french	french	NOUN
abr-201	95	13	’s	’s	PART
abr-201	95	14	(	(	PUNCT
abr-201	95	15	2002	2002	NUM
abr-201	95	16	)	)	PUNCT
abr-201	95	17	“	"	PUNCT
abr-201	95	18	deep	deep	ADJ
abr-201	95	19	wound	wound	NOUN
abr-201	95	20	”	"	PUNCT
abr-201	95	21	in	in	ADP
abr-201	95	22	the	the	DET
abr-201	95	23	pot	pot	NOUN
abr-201	95	24	and	and	CCONJ
abr-201	95	25	claim	claim	NOUN
abr-201	95	26	that	that	SCONJ
abr-201	95	27	when	when	SCONJ
abr-201	95	28	debt	debt	NOUN
abr-201	95	29	capacity	capacity	NOUN
abr-201	95	30	limits	limit	NOUN
abr-201	95	31	are	be	AUX
abr-201	95	32	incorporated	incorporate	VERB
abr-201	95	33	into	into	ADP
abr-201	95	34	the	the	DET
abr-201	95	35	pot	pot	NOUN
abr-201	95	36	the	the	DET
abr-201	95	37	“	"	PUNCT
abr-201	95	38	deep	deep	ADJ
abr-201	95	39	wound	wound	NOUN
abr-201	95	40	”	"	PUNCT
abr-201	95	41	is	be	AUX
abr-201	95	42	repaired	repair	VERB
abr-201	95	43	.	.	PUNCT
abr-201	96	1	the	the	DET
abr-201	96	2	prediction	prediction	NOUN
abr-201	96	3	of	of	ADP
abr-201	96	4	the	the	DET
abr-201	96	5	pot	pot	NOUN
abr-201	96	6	depends	depend	VERB
abr-201	96	7	critically	critically	ADV
abr-201	96	8	on	on	ADP
abr-201	96	9	the	the	DET
abr-201	96	10	information	information	NOUN
abr-201	96	11	asymmetry	asymmetry	NOUN
abr-201	96	12	between	between	ADP
abr-201	96	13	managers	manager	NOUN
abr-201	96	14	and	and	CCONJ
abr-201	96	15	investors	investor	NOUN
abr-201	96	16	and	and	CCONJ
abr-201	96	17	while	while	SCONJ
abr-201	96	18	this	this	DET
abr-201	96	19	assumption	assumption	NOUN
abr-201	96	20	may	may	AUX
abr-201	96	21	be	be	AUX
abr-201	96	22	debatable	debatable	ADJ
abr-201	96	23	for	for	ADP
abr-201	96	24	the	the	DET
abr-201	96	25	broader	broad	ADJ
abr-201	96	26	cross	cross	NOUN
abr-201	96	27	-	-	NOUN
abr-201	96	28	section	section	NOUN
abr-201	96	29	of	of	ADP
abr-201	96	30	firms	firm	NOUN
abr-201	96	31	,	,	PUNCT
abr-201	96	32	the	the	DET
abr-201	96	33	electric	electric	ADJ
abr-201	96	34	industry	industry	NOUN
abr-201	96	35	is	be	AUX
abr-201	96	36	fundamentally	fundamentally	ADV
abr-201	96	37	different	different	ADJ
abr-201	96	38	than	than	ADP
abr-201	96	39	the	the	DET
abr-201	96	40	broader	broad	ADJ
abr-201	96	41	cross	cross	NOUN
abr-201	96	42	-	-	NOUN
abr-201	96	43	section	section	NOUN
abr-201	96	44	of	of	ADP
abr-201	96	45	firms	firm	NOUN
abr-201	96	46	.	.	PUNCT
abr-201	97	1	first	first	ADV
abr-201	97	2	,	,	PUNCT
abr-201	97	3	the	the	DET
abr-201	97	4	revenue	revenue	NOUN
abr-201	97	5	expected	expect	VERB
abr-201	97	6	from	from	ADP
abr-201	97	7	any	any	DET
abr-201	97	8	utility	utility	NOUN
abr-201	97	9	investment	investment	NOUN
abr-201	97	10	is	be	AUX
abr-201	97	11	not	not	PART
abr-201	97	12	a	a	DET
abr-201	97	13	function	function	NOUN
abr-201	97	14	of	of	ADP
abr-201	97	15	fickle	fickle	ADJ
abr-201	97	16	market	market	NOUN
abr-201	97	17	forces	force	NOUN
abr-201	97	18	,	,	PUNCT
abr-201	97	19	rather	rather	ADV
abr-201	97	20	revenue	revenue	NOUN
abr-201	97	21	is	be	AUX
abr-201	97	22	generally	generally	ADV
abr-201	97	23	calculated	calculate	VERB
abr-201	97	24	as	as	ADP
abr-201	97	25	a	a	DET
abr-201	97	26	function	function	NOUN
abr-201	97	27	of	of	ADP
abr-201	97	28	the	the	DET
abr-201	97	29	historic	historic	ADJ
abr-201	97	30	investment	investment	NOUN
abr-201	97	31	cost	cost	NOUN
abr-201	97	32	of	of	ADP
abr-201	97	33	the	the	DET
abr-201	97	34	project	project	NOUN
abr-201	97	35	.	.	PUNCT
abr-201	98	1	second	second	ADJ
abr-201	98	2	,	,	PUNCT
abr-201	98	3	in	in	ADP
abr-201	98	4	most	most	ADJ
abr-201	98	5	cases	case	NOUN
abr-201	98	6	,	,	PUNCT
abr-201	98	7	public	public	ADJ
abr-201	98	8	planning	planning	NOUN
abr-201	98	9	procedures	procedure	NOUN
abr-201	98	10	are	be	AUX
abr-201	98	11	used	use	VERB
abr-201	98	12	to	to	PART
abr-201	98	13	vet	vet	VERB
abr-201	98	14	the	the	DET
abr-201	98	15	potential	potential	ADJ
abr-201	98	16	value	value	NOUN
abr-201	98	17	of	of	ADP
abr-201	98	18	projects	project	NOUN
abr-201	98	19	.	.	PUNCT
abr-201	99	1	this	this	PRON
abr-201	99	2	often	often	ADV
abr-201	99	3	occurs	occur	VERB
abr-201	99	4	through	through	ADP
abr-201	99	5	a	a	DET
abr-201	99	6	formal	formal	ADJ
abr-201	99	7	process	process	NOUN
abr-201	99	8	such	such	ADJ
abr-201	99	9	as	as	ADP
abr-201	99	10	a	a	DET
abr-201	99	11	least	least	ADJ
abr-201	99	12	-	-	PUNCT
abr-201	99	13	cost	cost	NOUN
abr-201	99	14	plan	plan	NOUN
abr-201	99	15	which	which	PRON
abr-201	99	16	directly	directly	ADV
abr-201	99	17	evaluates	evaluate	VERB
abr-201	99	18	future	future	ADJ
abr-201	99	19	projects	project	NOUN
abr-201	99	20	for	for	ADP
abr-201	99	21	the	the	DET
abr-201	99	22	purposes	purpose	NOUN
abr-201	99	23	of	of	ADP
abr-201	99	24	including	include	VERB
abr-201	99	25	such	such	ADJ
abr-201	99	26	projects	project	NOUN
abr-201	99	27	in	in	ADP
abr-201	99	28	the	the	DET
abr-201	99	29	investment	investment	NOUN
abr-201	99	30	queue	queue	NOUN
abr-201	99	31	and	and	CCONJ
abr-201	99	32	,	,	PUNCT
abr-201	99	33	notably	notably	ADV
abr-201	99	34	,	,	PUNCT
abr-201	99	35	projects	project	NOUN
abr-201	99	36	that	that	PRON
abr-201	99	37	do	do	AUX
abr-201	99	38	not	not	PART
abr-201	99	39	make	make	VERB
abr-201	99	40	the	the	DET
abr-201	99	41	cut	cut	NOUN
abr-201	99	42	are	be	AUX
abr-201	99	43	generally	generally	ADV
abr-201	99	44	delayed	delay	VERB
abr-201	99	45	or	or	CCONJ
abr-201	99	46	abandoned	abandon	VERB
abr-201	99	47	.	.	PUNCT
abr-201	100	1	even	even	ADV
abr-201	100	2	in	in	ADP
abr-201	100	3	situations	situation	NOUN
abr-201	100	4	where	where	SCONJ
abr-201	100	5	a	a	DET
abr-201	100	6	formal	formal	ADJ
abr-201	100	7	planning	planning	NOUN
abr-201	100	8	process	process	NOUN
abr-201	100	9	is	be	AUX
abr-201	100	10	not	not	PART
abr-201	100	11	in	in	ADP
abr-201	100	12	place	place	NOUN
abr-201	100	13	,	,	PUNCT
abr-201	100	14	the	the	DET
abr-201	100	15	regulatory	regulatory	ADJ
abr-201	100	16	contract	contract	NOUN
abr-201	100	17	and	and	CCONJ
abr-201	100	18	the	the	DET
abr-201	100	19	post	post	X
abr-201	100	20	hoc	hoc	X
abr-201	100	21	nature	nature	NOUN
abr-201	100	22	of	of	ADP
abr-201	100	23	the	the	DET
abr-201	100	24	review	review	NOUN
abr-201	100	25	of	of	ADP
abr-201	100	26	utility	utility	NOUN
abr-201	100	27	investment	investment	NOUN
abr-201	100	28	behavior	behavior	NOUN
abr-201	100	29	limits	limit	VERB
abr-201	100	30	the	the	DET
abr-201	100	31	discretion	discretion	NOUN
abr-201	100	32	of	of	ADP
abr-201	100	33	mangers	manger	NOUN
abr-201	100	34	and	and	CCONJ
abr-201	100	35	consequently	consequently	ADV
abr-201	100	36	the	the	DET
abr-201	100	37	likely	likely	ADJ
abr-201	100	38	errors	error	NOUN
abr-201	100	39	investors	investor	NOUN
abr-201	100	40	may	may	AUX
abr-201	100	41	make	make	VERB
abr-201	100	42	in	in	ADP
abr-201	100	43	evaluating	evaluate	VERB
abr-201	100	44	projects	project	NOUN
abr-201	100	45	.	.	PUNCT
abr-201	101	1	these	these	DET
abr-201	101	2	institutional	institutional	ADJ
abr-201	101	3	arrangements	arrangement	NOUN
abr-201	101	4	likely	likely	ADV
abr-201	101	5	limit	limit	VERB
abr-201	101	6	the	the	DET
abr-201	101	7	possible	possible	ADJ
abr-201	101	8	errors	error	NOUN
abr-201	101	9	in	in	ADP
abr-201	101	10	evaluation	evaluation	NOUN
abr-201	101	11	by	by	ADP
abr-201	101	12	investors	investor	NOUN
abr-201	101	13	due	due	ADP
abr-201	101	14	to	to	ADP
abr-201	101	15	inconsistent	inconsistent	ADJ
abr-201	101	16	or	or	CCONJ
abr-201	101	17	unavailable	unavailable	ADJ
abr-201	101	18	information	information	NOUN
abr-201	101	19	concerning	concern	VERB
abr-201	101	20	project	project	NOUN
abr-201	101	21	valuation	valuation	NOUN
abr-201	101	22	.	.	PUNCT
abr-201	102	1	for	for	ADP
abr-201	102	2	example	example	NOUN
abr-201	102	3	,	,	PUNCT
abr-201	102	4	2	2	NUM
abr-201	102	5	bradley	bradley	NOUN
abr-201	102	6	,	,	PUNCT
abr-201	102	7	jarrell	jarrell	PROPN
abr-201	102	8	and	and	CCONJ
abr-201	102	9	kim	kim	PROPN
abr-201	102	10	(	(	PUNCT
abr-201	102	11	1984	1984	NUM
abr-201	102	12	,	,	PUNCT
abr-201	102	13	table	table	NOUN
abr-201	102	14	1	1	NUM
abr-201	102	15	)	)	PUNCT
abr-201	102	16	find	find	VERB
abr-201	102	17	a	a	DET
abr-201	102	18	systematic	systematic	ADJ
abr-201	102	19	relationship	relationship	NOUN
abr-201	102	20	between	between	ADP
abr-201	102	21	regulated	regulated	ADJ
abr-201	102	22	firms	firm	NOUN
abr-201	102	23	and	and	CCONJ
abr-201	102	24	the	the	DET
abr-201	102	25	degree	degree	NOUN
abr-201	102	26	of	of	ADP
abr-201	102	27	leverage	leverage	NOUN
abr-201	102	28	,	,	PUNCT
abr-201	102	29	though	though	SCONJ
abr-201	102	30	these	these	DET
abr-201	102	31	authors	author	NOUN
abr-201	102	32	do	do	AUX
abr-201	102	33	not	not	PART
abr-201	102	34	attempt	attempt	VERB
abr-201	102	35	to	to	PART
abr-201	102	36	explain	explain	VERB
abr-201	102	37	the	the	DET
abr-201	102	38	reason	reason	NOUN
abr-201	102	39	for	for	ADP
abr-201	102	40	the	the	DET
abr-201	102	41	relationship	relationship	NOUN
abr-201	102	42	.	.	PUNCT
abr-201	103	1	sanyala	sanyala	PROPN
abr-201	103	2	and	and	CCONJ
abr-201	103	3	bulan	bulan	PROPN
abr-201	103	4	(	(	PUNCT
abr-201	103	5	2011	2011	NUM
abr-201	103	6	)	)	PUNCT
abr-201	103	7	find	find	VERB
abr-201	103	8	that	that	SCONJ
abr-201	103	9	the	the	DET
abr-201	103	10	liberalization	liberalization	NOUN
abr-201	103	11	of	of	ADP
abr-201	103	12	entry	entry	NOUN
abr-201	103	13	barriers	barrier	NOUN
abr-201	103	14	in	in	ADP
abr-201	103	15	the	the	DET
abr-201	103	16	us	us	PROPN
abr-201	103	17	electric	electric	ADJ
abr-201	103	18	utility	utility	NOUN
abr-201	103	19	market	market	NOUN
abr-201	103	20	in	in	ADP
abr-201	103	21	the	the	DET
abr-201	103	22	1990s	1990	NOUN
abr-201	103	23	appears	appear	VERB
abr-201	103	24	to	to	PART
abr-201	103	25	be	be	AUX
abr-201	103	26	related	relate	VERB
abr-201	103	27	to	to	ADP
abr-201	103	28	a	a	DET
abr-201	103	29	reduction	reduction	NOUN
abr-201	103	30	in	in	ADP
abr-201	103	31	leverage	leverage	NOUN
abr-201	103	32	by	by	ADP
abr-201	103	33	2001	2001	NUM
abr-201	103	34	.	.	PUNCT
abr-201	104	1	peterson	peterson	PROPN
abr-201	104	2	and	and	CCONJ
abr-201	104	3	mcdermott	mcdermott	PROPN
abr-201	104	4	(	(	PUNCT
abr-201	104	5	2017	2017	NUM
abr-201	104	6	)	)	PUNCT
abr-201	104	7	find	find	VERB
abr-201	104	8	the	the	DET
abr-201	104	9	de	de	ADJ
abr-201	104	10	-	-	ADJ
abr-201	104	11	leveraging	leveraging	ADJ
abr-201	104	12	trend	trend	NOUN
abr-201	104	13	continuing	continue	VERB
abr-201	104	14	into	into	ADP
abr-201	104	15	the	the	DET
abr-201	104	16	current	current	ADJ
abr-201	104	17	era	era	NOUN
abr-201	104	18	even	even	ADV
abr-201	104	19	as	as	SCONJ
abr-201	104	20	entry	entry	NOUN
abr-201	104	21	liberalization	liberalization	NOUN
abr-201	104	22	began	begin	VERB
abr-201	104	23	to	to	PART
abr-201	104	24	fade	fade	VERB
abr-201	104	25	.	.	PUNCT
abr-201	105	1	whatever	whatever	PRON
abr-201	105	2	the	the	DET
abr-201	105	3	reason	reason	NOUN
abr-201	105	4	for	for	ADP
abr-201	105	5	the	the	DET
abr-201	105	6	changes	change	NOUN
abr-201	105	7	in	in	ADP
abr-201	105	8	leverage	leverage	NOUN
abr-201	105	9	in	in	ADP
abr-201	105	10	the	the	DET
abr-201	105	11	industry	industry	NOUN
abr-201	105	12	,	,	PUNCT
abr-201	105	13	regulated	regulated	ADJ
abr-201	105	14	utilities	utility	NOUN
abr-201	105	15	remain	remain	VERB
abr-201	105	16	relatively	relatively	ADV
abr-201	105	17	highly	highly	ADV
abr-201	105	18	leveraged	leveraged	ADJ
abr-201	105	19	relative	relative	NOUN
abr-201	105	20	to	to	ADP
abr-201	105	21	non	non	ADJ
abr-201	105	22	-	-	ADJ
abr-201	105	23	regulated	regulated	ADJ
abr-201	105	24	industries	industry	NOUN
abr-201	105	25	.	.	PUNCT
abr-201	106	1	105	105	NUM
abr-201	106	2	filbeck	filbeck	NOUN
abr-201	106	3	and	and	CCONJ
abr-201	106	4	hatfield	hatfield	PROPN
abr-201	106	5	(	(	PUNCT
abr-201	106	6	1999	1999	NUM
abr-201	106	7	)	)	PUNCT
abr-201	106	8	use	use	VERB
abr-201	106	9	an	an	DET
abr-201	106	10	event	event	NOUN
abr-201	106	11	study	study	NOUN
abr-201	106	12	framework	framework	NOUN
abr-201	106	13	and	and	CCONJ
abr-201	106	14	find	find	VERB
abr-201	106	15	evidence	evidence	NOUN
abr-201	106	16	from	from	ADP
abr-201	106	17	325	325	NUM
abr-201	106	18	new	new	ADJ
abr-201	106	19	equity	equity	NOUN
abr-201	106	20	issues	issue	NOUN
abr-201	106	21	by	by	ADP
abr-201	106	22	public	public	ADJ
abr-201	106	23	utility	utility	NOUN
abr-201	106	24	companies	company	NOUN
abr-201	106	25	from	from	ADP
abr-201	106	26	1977	1977	NUM
abr-201	106	27	to	to	ADP
abr-201	106	28	1994	1994	NUM
abr-201	106	29	that	that	SCONJ
abr-201	106	30	the	the	DET
abr-201	106	31	presence	presence	NOUN
abr-201	106	32	of	of	ADP
abr-201	106	33	institutional	institutional	ADJ
abr-201	106	34	investors	investor	NOUN
abr-201	106	35	is	be	AUX
abr-201	106	36	insignificant	insignificant	ADJ
abr-201	106	37	when	when	SCONJ
abr-201	106	38	explaining	explain	VERB
abr-201	106	39	share	share	NOUN
abr-201	106	40	price	price	NOUN
abr-201	106	41	response	response	NOUN
abr-201	106	42	.	.	PUNCT
abr-201	107	1	this	this	DET
abr-201	107	2	result	result	NOUN
abr-201	107	3	is	be	AUX
abr-201	107	4	contrary	contrary	ADJ
abr-201	107	5	to	to	ADP
abr-201	107	6	studies	study	NOUN
abr-201	107	7	from	from	ADP
abr-201	107	8	a	a	DET
abr-201	107	9	broader	broad	ADJ
abr-201	107	10	set	set	NOUN
abr-201	107	11	of	of	ADP
abr-201	107	12	firms	firm	NOUN
abr-201	107	13	in	in	ADP
abr-201	107	14	which	which	PRON
abr-201	107	15	institutional	institutional	ADJ
abr-201	107	16	investors	investor	NOUN
abr-201	107	17	are	be	AUX
abr-201	107	18	hypothesized	hypothesize	VERB
abr-201	107	19	to	to	PART
abr-201	107	20	reduce	reduce	VERB
abr-201	107	21	the	the	DET
abr-201	107	22	asymmetry	asymmetry	NOUN
abr-201	107	23	of	of	ADP
abr-201	107	24	information	information	NOUN
abr-201	107	25	as	as	SCONJ
abr-201	107	26	evidenced	evidence	VERB
abr-201	107	27	by	by	ADP
abr-201	107	28	a	a	DET
abr-201	107	29	direct	direct	ADJ
abr-201	107	30	correlation	correlation	NOUN
abr-201	107	31	with	with	ADP
abr-201	107	32	the	the	DET
abr-201	107	33	size	size	NOUN
abr-201	107	34	of	of	ADP
abr-201	107	35	the	the	DET
abr-201	107	36	share	share	NOUN
abr-201	107	37	price	price	NOUN
abr-201	107	38	response	response	NOUN
abr-201	107	39	to	to	ADP
abr-201	107	40	equity	equity	NOUN
abr-201	107	41	issuances	issuance	NOUN
abr-201	107	42	.	.	PUNCT
abr-201	108	1	these	these	DET
abr-201	108	2	authors	author	NOUN
abr-201	108	3	interpret	interpret	VERB
abr-201	108	4	this	this	DET
abr-201	108	5	finding	finding	NOUN
abr-201	108	6	as	as	ADP
abr-201	108	7	indicative	indicative	ADJ
abr-201	108	8	of	of	ADP
abr-201	108	9	the	the	DET
abr-201	108	10	information	information	NOUN
abr-201	108	11	value	value	NOUN
abr-201	108	12	to	to	ADP
abr-201	108	13	investors	investor	NOUN
abr-201	108	14	of	of	ADP
abr-201	108	15	regulation	regulation	NOUN
abr-201	108	16	.	.	PUNCT
abr-201	109	1	mcdermott	mcdermott	PROPN
abr-201	109	2	and	and	CCONJ
abr-201	109	3	peterson	peterson	PROPN
abr-201	109	4	(	(	PUNCT
abr-201	109	5	2011	2011	NUM
abr-201	109	6	)	)	PUNCT
abr-201	109	7	also	also	ADV
abr-201	109	8	find	find	VERB
abr-201	109	9	support	support	NOUN
abr-201	109	10	for	for	ADP
abr-201	109	11	the	the	DET
abr-201	109	12	tot	tot	NOUN
abr-201	109	13	as	as	SCONJ
abr-201	109	14	opposed	oppose	VERB
abr-201	109	15	to	to	ADP
abr-201	109	16	the	the	DET
abr-201	109	17	pot	pot	NOUN
abr-201	109	18	in	in	ADP
abr-201	109	19	a	a	DET
abr-201	109	20	limited	limited	ADJ
abr-201	109	21	study	study	NOUN
abr-201	109	22	of	of	ADP
abr-201	109	23	the	the	DET
abr-201	109	24	electric	electric	ADJ
abr-201	109	25	industry	industry	NOUN
abr-201	109	26	in	in	ADP
abr-201	109	27	the	the	DET
abr-201	109	28	1980s.3	1980s.3	PROPN
abr-201	109	29	methodology	methodology	NOUN
abr-201	109	30	and	and	CCONJ
abr-201	109	31	results	result	NOUN
abr-201	109	32	in	in	ADP
abr-201	109	33	this	this	DET
abr-201	109	34	paper	paper	NOUN
abr-201	109	35	,	,	PUNCT
abr-201	109	36	we	we	PRON
abr-201	109	37	follow	follow	VERB
abr-201	109	38	shyam	shyam	NOUN
abr-201	109	39	-	-	PUNCT
abr-201	109	40	sunder	sunder	NOUN
abr-201	109	41	and	and	CCONJ
abr-201	109	42	myers	myers	PROPN
abr-201	109	43	(	(	PUNCT
abr-201	109	44	1999	1999	NUM
abr-201	109	45	)	)	PUNCT
abr-201	109	46	(	(	PUNCT
abr-201	109	47	ssm	ssm	PROPN
abr-201	109	48	)	)	PUNCT
abr-201	109	49	in	in	ADP
abr-201	109	50	testing	test	VERB
abr-201	109	51	the	the	DET
abr-201	109	52	pot	pot	NOUN
abr-201	109	53	for	for	ADP
abr-201	109	54	electric	electric	ADJ
abr-201	109	55	utilities	utility	NOUN
abr-201	109	56	against	against	ADP
abr-201	109	57	the	the	DET
abr-201	109	58	tot	tot	NOUN
abr-201	109	59	.	.	PUNCT
abr-201	110	1	ssm	ssm	PROPN
abr-201	110	2	explicitly	explicitly	ADV
abr-201	110	3	removes	remove	VERB
abr-201	110	4	electric	electric	ADJ
abr-201	110	5	utilities	utility	NOUN
abr-201	110	6	from	from	ADP
abr-201	110	7	their	their	PRON
abr-201	110	8	data	datum	NOUN
abr-201	110	9	set	set	VERB
abr-201	110	10	likely	likely	ADV
abr-201	110	11	because	because	SCONJ
abr-201	110	12	there	there	PRON
abr-201	110	13	does	do	AUX
abr-201	110	14	appear	appear	VERB
abr-201	110	15	to	to	PART
abr-201	110	16	be	be	AUX
abr-201	110	17	an	an	DET
abr-201	110	18	explicit	explicit	ADJ
abr-201	110	19	trade	trade	NOUN
abr-201	110	20	-	-	PUNCT
abr-201	110	21	off	off	NOUN
abr-201	110	22	of	of	ADP
abr-201	110	23	the	the	DET
abr-201	110	24	tax	tax	NOUN
abr-201	110	25	shield	shield	NOUN
abr-201	110	26	and	and	CCONJ
abr-201	110	27	bankruptcy	bankruptcy	NOUN
abr-201	110	28	costs	cost	NOUN
abr-201	110	29	.	.	PUNCT
abr-201	111	1	(	(	PUNCT
abr-201	111	2	ssm	ssm	PROPN
abr-201	111	3	,	,	PUNCT
abr-201	111	4	p.	p.	NOUN
abr-201	111	5	221	221	NUM
abr-201	111	6	,	,	PUNCT
abr-201	111	7	citing	cite	VERB
abr-201	111	8	miller	miller	PROPN
abr-201	111	9	and	and	CCONJ
abr-201	111	10	modigliani	modigliani	PROPN
abr-201	111	11	(	(	PUNCT
abr-201	111	12	1966	1966	NUM
abr-201	111	13	)	)	PUNCT
abr-201	111	14	.	.	PUNCT
abr-201	112	1	we	we	PRON
abr-201	112	2	wish	wish	VERB
abr-201	112	3	to	to	PART
abr-201	112	4	test	test	VERB
abr-201	112	5	the	the	DET
abr-201	112	6	proposition	proposition	NOUN
abr-201	112	7	directly	directly	ADV
abr-201	112	8	and	and	CCONJ
abr-201	112	9	include	include	VERB
abr-201	112	10	only	only	ADV
abr-201	112	11	electric	electric	ADJ
abr-201	112	12	utilities	utility	NOUN
abr-201	112	13	in	in	ADP
abr-201	112	14	our	our	PRON
abr-201	112	15	data	datum	NOUN
abr-201	112	16	set	set	VERB
abr-201	112	17	.	.	PUNCT
abr-201	113	1	the	the	DET
abr-201	113	2	ssm	ssm	PROPN
abr-201	113	3	approach	approach	NOUN
abr-201	113	4	uses	use	VERB
abr-201	113	5	the	the	DET
abr-201	113	6	simple	simple	ADJ
abr-201	113	7	statement	statement	NOUN
abr-201	113	8	of	of	ADP
abr-201	113	9	the	the	DET
abr-201	113	10	pot	pot	NOUN
abr-201	113	11	that	that	PRON
abr-201	113	12	a	a	DET
abr-201	113	13	firm	firm	NOUN
abr-201	113	14	will	will	AUX
abr-201	113	15	use	use	VERB
abr-201	113	16	internal	internal	ADJ
abr-201	113	17	cash	cash	NOUN
abr-201	113	18	flows	flow	NOUN
abr-201	113	19	to	to	PART
abr-201	113	20	finance	finance	VERB
abr-201	113	21	its	its	PRON
abr-201	113	22	dividends	dividend	NOUN
abr-201	113	23	and	and	CCONJ
abr-201	113	24	real	real	ADJ
abr-201	113	25	investment	investment	NOUN
abr-201	113	26	unless	unless	SCONJ
abr-201	113	27	that	that	PRON
abr-201	113	28	is	be	AUX
abr-201	113	29	insufficient	insufficient	ADJ
abr-201	113	30	and	and	CCONJ
abr-201	113	31	then	then	ADV
abr-201	113	32	the	the	DET
abr-201	113	33	firm	firm	NOUN
abr-201	113	34	will	will	AUX
abr-201	113	35	issue	issue	VERB
abr-201	113	36	debt	debt	NOUN
abr-201	113	37	and	and	CCONJ
abr-201	113	38	the	the	DET
abr-201	113	39	firm	firm	NOUN
abr-201	113	40	will	will	AUX
abr-201	113	41	never	never	ADV
abr-201	113	42	issue	issue	VERB
abr-201	113	43	equity	equity	NOUN
abr-201	113	44	.	.	PUNCT
abr-201	114	1	ssm	ssm	PROPN
abr-201	114	2	then	then	ADV
abr-201	114	3	create	create	VERB
abr-201	114	4	a	a	DET
abr-201	114	5	funds	fund	NOUN
abr-201	114	6	flow	flow	NOUN
abr-201	114	7	deficit	deficit	NOUN
abr-201	114	8	variable	variable	NOUN
abr-201	114	9	that	that	PRON
abr-201	114	10	must	must	AUX
abr-201	114	11	be	be	AUX
abr-201	114	12	funded	fund	VERB
abr-201	114	13	.	.	PUNCT
abr-201	115	1	the	the	DET
abr-201	115	2	funds	fund	NOUN
abr-201	115	3	flow	flow	NOUN
abr-201	115	4	deficit	deficit	NOUN
abr-201	115	5	is	be	AUX
abr-201	115	6	defined	define	VERB
abr-201	115	7	at	at	ADP
abr-201	115	8	the	the	DET
abr-201	115	9	end	end	NOUN
abr-201	115	10	of	of	ADP
abr-201	115	11	period	period	NOUN
abr-201	115	12	t	t	PROPN
abr-201	115	13	as	as	ADP
abr-201	115	14	:	:	PUNCT
abr-201	115	15	𝐷𝐸𝐹𝑡	𝐷𝐸𝐹𝑡	NOUN
abr-201	115	16	=	=	PUNCT
abr-201	115	17	𝐷𝐼𝑉𝑡	𝐷𝐼𝑉𝑡	NOUN
abr-201	115	18	+	+	X
abr-201	115	19	𝑋𝑡	𝑋𝑡	PROPN
abr-201	115	20	+	+	CCONJ
abr-201	115	21	∆𝑊𝑡	∆𝑊𝑡	PROPN
abr-201	115	22	+	+	CCONJ
abr-201	115	23	𝑅𝑡	𝑅𝑡	PROPN
abr-201	115	24	−	−	PROPN
abr-201	115	25	𝐶𝑡	𝐶𝑡	PROPN
abr-201	115	26	(	(	PUNCT
abr-201	115	27	3	3	NUM
abr-201	115	28	)	)	PUNCT
abr-201	115	29	where	where	SCONJ
abr-201	115	30	𝐷𝐼𝑉𝑡	𝐷𝐼𝑉𝑡	NOUN
abr-201	115	31	=	=	SYM
abr-201	115	32	dividend	dividend	NOUN
abr-201	115	33	payment	payment	NOUN
abr-201	115	34	in	in	ADP
abr-201	115	35	period	period	NOUN
abr-201	115	36	t	t	NOUN
abr-201	115	37	,	,	PUNCT
abr-201	115	38	𝑋𝑡	𝑋𝑡	PROPN
abr-201	115	39	=	=	PUNCT
abr-201	115	40	capital	capital	NOUN
abr-201	115	41	expenditures	expenditure	NOUN
abr-201	115	42	during	during	ADP
abr-201	115	43	period	period	NOUN
abr-201	115	44	t	t	PROPN
abr-201	115	45	∆𝑊𝑡	∆𝑊𝑡	NOUN
abr-201	115	46	=	=	NOUN
abr-201	115	47	net	net	ADJ
abr-201	115	48	increase	increase	NOUN
abr-201	115	49	in	in	ADP
abr-201	115	50	working	work	VERB
abr-201	115	51	capital	capital	NOUN
abr-201	115	52	𝑅𝑡	𝑅𝑡	PROPN
abr-201	115	53	=	=	PUNCT
abr-201	115	54	current	current	ADJ
abr-201	115	55	portion	portion	NOUN
abr-201	115	56	of	of	ADP
abr-201	115	57	long	long	ADJ
abr-201	115	58	-	-	PUNCT
abr-201	115	59	term	term	NOUN
abr-201	115	60	debt	debt	NOUN
abr-201	115	61	repaid	repay	VERB
abr-201	115	62	during	during	ADP
abr-201	115	63	period	period	NOUN
abr-201	115	64	t	t	X
abr-201	116	1	𝐶𝑡	𝐶𝑡	PROPN
abr-201	116	2	=	=	PROPN
abr-201	116	3	operating	operate	VERB
abr-201	116	4	cash	cash	NOUN
abr-201	116	5	flow	flow	NOUN
abr-201	116	6	after	after	ADP
abr-201	116	7	interest	interest	NOUN
abr-201	116	8	and	and	CCONJ
abr-201	116	9	taxes	taxis	NOUN
abr-201	116	10	𝐴𝑡	𝐴𝑡	PROPN
abr-201	116	11	=	=	PUNCT
abr-201	116	12	net	net	ADJ
abr-201	116	13	book	book	NOUN
abr-201	116	14	assets	asset	NOUN
abr-201	116	15	,	,	PUNCT
abr-201	116	16	including	include	VERB
abr-201	116	17	working	work	VERB
abr-201	116	18	capital	capital	NOUN
abr-201	117	1	𝐷𝑡	𝐷𝑡	PROPN
abr-201	117	2	=	=	PUNCT
abr-201	117	3	total	total	ADJ
abr-201	117	4	outstanding	outstanding	ADJ
abr-201	117	5	long	long	ADJ
abr-201	117	6	-	-	PUNCT
abr-201	117	7	term	term	NOUN
abr-201	117	8	debt	debt	NOUN
abr-201	117	9	at	at	ADP
abr-201	117	10	end	end	NOUN
abr-201	117	11	of	of	ADP
abr-201	117	12	period	period	NOUN
abr-201	117	13	t	t	NOUN
abr-201	117	14	𝑑𝑡	𝑑𝑡	ADP
abr-201	117	15	=	=	PROPN
abr-201	117	16	𝐷𝑡	𝐷𝑡	PROPN
abr-201	117	17	𝐴𝑡	𝐴𝑡	PROPN
abr-201	117	18	the	the	DET
abr-201	117	19	book	book	NOUN
abr-201	117	20	debt	debt	NOUN
abr-201	117	21	ratio	ratio	NOUN
abr-201	117	22	ssm	ssm	PROPN
abr-201	117	23	argue	argue	VERB
abr-201	117	24	that	that	SCONJ
abr-201	117	25	in	in	ADP
abr-201	117	26	the	the	DET
abr-201	117	27	pecking	pecking	NOUN
abr-201	117	28	order	order	NOUN
abr-201	117	29	model	model	VERB
abr-201	117	30	the	the	DET
abr-201	117	31	components	component	NOUN
abr-201	117	32	of	of	ADP
abr-201	117	33	𝐷𝐸𝐹𝑡	𝐷𝐸𝐹𝑡	NOUN
abr-201	117	34	are	be	AUX
abr-201	117	35	choices	choice	NOUN
abr-201	117	36	if	if	SCONJ
abr-201	117	37	safe	safe	ADJ
abr-201	117	38	debt	debt	NOUN
abr-201	117	39	can	can	AUX
abr-201	117	40	be	be	AUX
abr-201	117	41	issued	issue	VERB
abr-201	117	42	.	.	PUNCT
abr-201	118	1	therefore	therefore	ADV
abr-201	118	2	,	,	PUNCT
abr-201	118	3	there	there	PRON
abr-201	118	4	is	be	VERB
abr-201	118	5	no	no	DET
abr-201	118	6	incentive	incentive	NOUN
abr-201	118	7	to	to	PART
abr-201	118	8	issue	issue	VERB
abr-201	118	9	equity	equity	NOUN
abr-201	118	10	.	.	PUNCT
abr-201	119	1	(	(	PUNCT
abr-201	119	2	i	i	PROPN
abr-201	119	3	d.	d.	PROPN
abr-201	119	4	,	,	PUNCT
abr-201	119	5	p.	p.	NOUN
abr-201	119	6	224	224	NUM
abr-201	119	7	)	)	PUNCT
abr-201	119	8	.	.	PUNCT
abr-201	120	1	ssm	ssm	PROPN
abr-201	120	2	claim	claim	VERB
abr-201	120	3	that	that	SCONJ
abr-201	120	4	a	a	DET
abr-201	120	5	direct	direct	ADJ
abr-201	120	6	test	test	NOUN
abr-201	120	7	of	of	ADP
abr-201	120	8	the	the	DET
abr-201	120	9	pot	pot	NOUN
abr-201	120	10	entails	entail	VERB
abr-201	120	11	the	the	DET
abr-201	120	12	following	follow	VERB
abr-201	120	13	:	:	PUNCT
abr-201	121	1	∆𝐷𝑖𝑡	∆𝐷𝑖𝑡	PROPN
abr-201	121	2	=	=	SYM
abr-201	121	3	𝑎	𝑎	PROPN
abr-201	121	4	+	+	PROPN
abr-201	121	5	𝑏𝐷𝐸𝐹𝑖𝑡	𝑏𝐷𝐸𝐹𝑖𝑡	PROPN
abr-201	121	6	+	+	CCONJ
abr-201	121	7	𝑒𝑖𝑡	𝑒𝑖𝑡	PROPN
abr-201	121	8	(	(	PUNCT
abr-201	121	9	4	4	NUM
abr-201	121	10	)	)	PUNCT
abr-201	121	11	where	where	SCONJ
abr-201	121	12	∆𝐷𝑖𝑡	∆𝐷𝑖𝑡	PROPN
abr-201	121	13	is	be	AUX
abr-201	121	14	the	the	DET
abr-201	121	15	amount	amount	NOUN
abr-201	121	16	of	of	ADP
abr-201	121	17	debt	debt	NOUN
abr-201	121	18	issued	issue	VERB
abr-201	121	19	or	or	CCONJ
abr-201	121	20	retired	retire	VERB
abr-201	121	21	by	by	ADP
abr-201	121	22	firm	firm	ADJ
abr-201	121	23	i	i	PROPN
abr-201	121	24	in	in	ADP
abr-201	121	25	period	period	NOUN
abr-201	121	26	t.	t.	PROPN
abr-201	121	27	if	if	SCONJ
abr-201	121	28	the	the	DET
abr-201	121	29	pot	pot	NOUN
abr-201	121	30	applies	apply	VERB
abr-201	121	31	,	,	PUNCT
abr-201	121	32	then	then	ADV
abr-201	121	33	the	the	DET
abr-201	121	34	coefficient	coefficient	NOUN
abr-201	121	35	a	a	PRON
abr-201	121	36	should	should	AUX
abr-201	121	37	be	be	AUX
abr-201	121	38	zero	zero	NUM
abr-201	121	39	and	and	CCONJ
abr-201	121	40	b	b	NOUN
abr-201	121	41	will	will	AUX
abr-201	121	42	equal	equal	VERB
abr-201	121	43	1	1	NUM
abr-201	121	44	.	.	PUNCT
abr-201	122	1	𝐷𝐸𝐹𝑡	𝐷𝐸𝐹𝑡	NOUN
abr-201	122	2	can	can	AUX
abr-201	122	3	be	be	AUX
abr-201	122	4	either	either	CCONJ
abr-201	122	5	positive	positive	ADJ
abr-201	122	6	or	or	CCONJ
abr-201	122	7	negative	negative	ADJ
abr-201	122	8	and	and	CCONJ
abr-201	122	9	the	the	DET
abr-201	122	10	pot	pot	NOUN
abr-201	122	11	logic	logic	NOUN
abr-201	122	12	works	work	VERB
abr-201	122	13	equally	equally	ADV
abr-201	122	14	well	well	ADV
abr-201	122	15	in	in	ADP
abr-201	122	16	both	both	DET
abr-201	122	17	cases	case	NOUN
abr-201	122	18	since	since	SCONJ
abr-201	122	19	managers	manager	NOUN
abr-201	122	20	will	will	AUX
abr-201	122	21	wish	wish	VERB
abr-201	122	22	to	to	PART
abr-201	122	23	sell	sell	VERB
abr-201	122	24	stock	stock	NOUN
abr-201	122	25	when	when	SCONJ
abr-201	122	26	the	the	DET
abr-201	122	27	price	price	NOUN
abr-201	122	28	is	be	AUX
abr-201	122	29	overvalued	overvalue	VERB
abr-201	122	30	by	by	ADP
abr-201	122	31	the	the	DET
abr-201	122	32	market	market	NOUN
abr-201	122	33	and	and	CCONJ
abr-201	122	34	buy	buy	VERB
abr-201	122	35	it	it	PRON
abr-201	122	36	when	when	SCONJ
abr-201	122	37	undervalued.4	undervalued.4	PRON
abr-201	122	38	the	the	DET
abr-201	122	39	tot	tot	NOUN
abr-201	122	40	suggests	suggest	VERB
abr-201	122	41	that	that	SCONJ
abr-201	122	42	mangers	manger	NOUN
abr-201	122	43	target	target	VERB
abr-201	122	44	a	a	DET
abr-201	122	45	capital	capital	NOUN
abr-201	122	46	structure	structure	NOUN
abr-201	122	47	that	that	PRON
abr-201	122	48	minimizes	minimize	VERB
abr-201	122	49	overall	overall	ADJ
abr-201	122	50	costs	cost	NOUN
abr-201	122	51	.	.	PUNCT
abr-201	123	1	of	of	ADP
abr-201	123	2	course	course	NOUN
abr-201	123	3	,	,	PUNCT
abr-201	123	4	events	event	NOUN
abr-201	123	5	may	may	AUX
abr-201	123	6	cause	cause	VERB
abr-201	123	7	the	the	DET
abr-201	123	8	actual	actual	ADJ
abr-201	123	9	to	to	PART
abr-201	123	10	deviate	deviate	VERB
abr-201	123	11	from	from	ADP
abr-201	123	12	this	this	DET
abr-201	123	13	optimum	optimum	ADJ
abr-201	123	14	transitorily	transitorily	ADV
abr-201	123	15	,	,	PUNCT
abr-201	123	16	but	but	CCONJ
abr-201	123	17	managers	manager	NOUN
abr-201	123	18	will	will	AUX
abr-201	123	19	move	move	VERB
abr-201	123	20	the	the	DET
abr-201	123	21	structure	structure	NOUN
abr-201	123	22	back	back	ADV
abr-201	123	23	to	to	ADP
abr-201	123	24	the	the	DET
abr-201	123	25	optimum	optimum	ADJ
abr-201	123	26	over	over	ADP
abr-201	123	27	time	time	NOUN
abr-201	123	28	(	(	PUNCT
abr-201	123	29	that	that	PRON
abr-201	123	30	is	is	ADV
abr-201	123	31	,	,	PUNCT
abr-201	123	32	we	we	PRON
abr-201	123	33	should	should	AUX
abr-201	123	34	expect	expect	VERB
abr-201	123	35	mean	mean	VERB
abr-201	123	36	-	-	PUNCT
abr-201	123	37	reverting	revert	VERB
abr-201	123	38	behavior	behavior	NOUN
abr-201	123	39	)	)	PUNCT
abr-201	123	40	.	.	PUNCT
abr-201	124	1	ssm	ssm	PROPN
abr-201	124	2	suggest	suggest	VERB
abr-201	124	3	a	a	DET
abr-201	124	4	simple	simple	ADJ
abr-201	124	5	model	model	NOUN
abr-201	124	6	of	of	ADP
abr-201	124	7	the	the	DET
abr-201	124	8	static	static	ADJ
abr-201	124	9	tot	tot	NOUN
abr-201	124	10	as	as	SCONJ
abr-201	124	11	follows	follow	VERB
abr-201	124	12	:	:	PUNCT
abr-201	124	13	∆𝐷𝑖𝑡	∆𝐷𝑖𝑡	PROPN
abr-201	124	14	=	=	SYM
abr-201	124	15	𝑐	𝑐	PROPN
abr-201	124	16	+	+	ADP
abr-201	124	17	𝑑(𝐷𝑖𝑡	𝑑(𝐷𝑖𝑡	PROPN
abr-201	124	18	∗	∗	NOUN
abr-201	124	19	−	−	NOUN
abr-201	124	20	𝐷𝑖𝑡−1	𝐷𝑖𝑡−1	NOUN
abr-201	124	21	)	)	PUNCT
abr-201	125	1	+	+	CCONJ
abr-201	125	2	𝑒𝑖𝑡	𝑒𝑖𝑡	PROPN
abr-201	125	3	(	(	PUNCT
abr-201	125	4	5	5	NUM
abr-201	125	5	)	)	PUNCT
abr-201	125	6	3	3	NUM
abr-201	125	7	there	there	PRON
abr-201	125	8	is	be	VERB
abr-201	125	9	an	an	DET
abr-201	125	10	additional	additional	ADJ
abr-201	125	11	area	area	NOUN
abr-201	125	12	of	of	ADP
abr-201	125	13	research	research	NOUN
abr-201	125	14	on	on	ADP
abr-201	125	15	the	the	DET
abr-201	125	16	determinants	determinant	NOUN
abr-201	125	17	of	of	ADP
abr-201	125	18	regulated	regulated	ADJ
abr-201	125	19	firms	firm	NOUN
abr-201	125	20	’	'	PUNCT
abr-201	125	21	capital	capital	NOUN
abr-201	125	22	structure	structure	NOUN
abr-201	125	23	that	that	PRON
abr-201	125	24	is	be	AUX
abr-201	125	25	not	not	PART
abr-201	125	26	reviewed	review	VERB
abr-201	125	27	in	in	ADP
abr-201	125	28	this	this	DET
abr-201	125	29	paper	paper	NOUN
abr-201	125	30	.	.	PUNCT
abr-201	126	1	this	this	DET
abr-201	126	2	research	research	NOUN
abr-201	126	3	attempts	attempt	VERB
abr-201	126	4	to	to	PART
abr-201	126	5	set	set	VERB
abr-201	126	6	the	the	DET
abr-201	126	7	choice	choice	NOUN
abr-201	126	8	of	of	ADP
abr-201	126	9	capital	capital	NOUN
abr-201	126	10	structure	structure	NOUN
abr-201	126	11	in	in	ADP
abr-201	126	12	the	the	DET
abr-201	126	13	context	context	NOUN
abr-201	126	14	of	of	ADP
abr-201	126	15	the	the	DET
abr-201	126	16	regulatory	regulatory	ADJ
abr-201	126	17	structure	structure	NOUN
abr-201	126	18	.	.	PUNCT
abr-201	127	1	see	see	VERB
abr-201	127	2	e.g.	e.g.	ADV
abr-201	127	3	,	,	PUNCT
abr-201	127	4	taggart	taggart	NOUN
abr-201	127	5	(	(	PUNCT
abr-201	127	6	1981	1981	NUM
abr-201	127	7	)	)	PUNCT
abr-201	127	8	,	,	PUNCT
abr-201	127	9	rao	rao	NOUN
abr-201	127	10	and	and	CCONJ
abr-201	127	11	moyer	moyer	PROPN
abr-201	127	12	(	(	PUNCT
abr-201	127	13	1994	1994	NUM
abr-201	127	14	)	)	PUNCT
abr-201	127	15	,	,	PUNCT
abr-201	127	16	or	or	CCONJ
abr-201	127	17	spiegel	spiegel	PROPN
abr-201	127	18	and	and	CCONJ
abr-201	127	19	spulber	spulber	PROPN
abr-201	127	20	(	(	PUNCT
abr-201	127	21	1994	1994	NUM
abr-201	127	22	,	,	PUNCT
abr-201	127	23	1997	1997	NUM
abr-201	127	24	)	)	PUNCT
abr-201	127	25	4	4	NUM
abr-201	127	26	as	as	SCONJ
abr-201	127	27	ssm	ssm	PROPN
abr-201	127	28	note	note	NOUN
abr-201	127	29	,	,	PUNCT
abr-201	127	30	equation	equation	NOUN
abr-201	127	31	(	(	PUNCT
abr-201	127	32	4	4	X
abr-201	127	33	)	)	PUNCT
abr-201	127	34	can	can	AUX
abr-201	127	35	not	not	PART
abr-201	127	36	be	be	AUX
abr-201	127	37	generally	generally	ADV
abr-201	127	38	correct	correct	ADJ
abr-201	127	39	since	since	SCONJ
abr-201	127	40	it	it	PRON
abr-201	127	41	does	do	AUX
abr-201	127	42	not	not	PART
abr-201	127	43	correct	correct	VERB
abr-201	127	44	for	for	ADP
abr-201	127	45	extreme	extreme	ADJ
abr-201	127	46	cases	case	NOUN
abr-201	127	47	of	of	ADP
abr-201	127	48	debt	debt	NOUN
abr-201	127	49	or	or	CCONJ
abr-201	127	50	equity	equity	NOUN
abr-201	127	51	.	.	PUNCT
abr-201	128	1	this	this	PRON
abr-201	128	2	is	be	AUX
abr-201	128	3	not	not	PART
abr-201	128	4	likely	likely	ADJ
abr-201	128	5	to	to	PART
abr-201	128	6	be	be	AUX
abr-201	128	7	an	an	DET
abr-201	128	8	issue	issue	NOUN
abr-201	128	9	in	in	ADP
abr-201	128	10	the	the	DET
abr-201	128	11	electric	electric	ADJ
abr-201	128	12	industry	industry	NOUN
abr-201	128	13	.	.	PUNCT
abr-201	129	1	lemmon	lemmon	PROPN
abr-201	129	2	and	and	CCONJ
abr-201	129	3	zender	zender	PROPN
abr-201	129	4	(	(	PUNCT
abr-201	129	5	2010	2010	NUM
abr-201	129	6	)	)	PUNCT
abr-201	129	7	modify	modify	VERB
abr-201	129	8	equation	equation	NOUN
abr-201	129	9	(	(	PUNCT
abr-201	129	10	4	4	NUM
abr-201	129	11	)	)	PUNCT
abr-201	129	12	to	to	PART
abr-201	129	13	include	include	VERB
abr-201	129	14	the	the	DET
abr-201	129	15	square	square	NOUN
abr-201	129	16	of	of	ADP
abr-201	129	17	def	def	PROPN
abr-201	129	18	.	.	PROPN
abr-201	129	19	106	106	NUM
abr-201	129	20	equation	equation	NOUN
abr-201	129	21	(	(	PUNCT
abr-201	129	22	5	5	NUM
abr-201	129	23	)	)	PUNCT
abr-201	129	24	indicates	indicate	VERB
abr-201	129	25	that	that	SCONJ
abr-201	129	26	the	the	DET
abr-201	129	27	change	change	NOUN
abr-201	129	28	in	in	ADP
abr-201	129	29	debt	debt	NOUN
abr-201	129	30	levels	level	NOUN
abr-201	129	31	is	be	AUX
abr-201	129	32	related	relate	VERB
abr-201	129	33	by	by	ADP
abr-201	129	34	the	the	DET
abr-201	129	35	parameter	parameter	NOUN
abr-201	129	36	d	d	PROPN
abr-201	129	37	to	to	ADP
abr-201	129	38	the	the	DET
abr-201	129	39	difference	difference	NOUN
abr-201	129	40	between	between	ADP
abr-201	129	41	the	the	DET
abr-201	129	42	target	target	NOUN
abr-201	129	43	level	level	NOUN
abr-201	129	44	in	in	ADP
abr-201	129	45	period	period	NOUN
abr-201	129	46	t	t	PROPN
abr-201	129	47	(	(	PUNCT
abr-201	129	48	𝐷𝑖𝑡	𝐷𝑖𝑡	PROPN
abr-201	129	49	∗	∗	NOUN
abr-201	129	50	)	)	PUNCT
abr-201	129	51	and	and	CCONJ
abr-201	129	52	the	the	DET
abr-201	129	53	last	last	ADJ
abr-201	129	54	period	period	NOUN
abr-201	129	55	’s	’s	PART
abr-201	129	56	actual	actual	ADJ
abr-201	129	57	debt	debt	NOUN
abr-201	129	58	levels	level	NOUN
abr-201	129	59	.	.	PUNCT
abr-201	130	1	if	if	SCONJ
abr-201	130	2	d>0	d>0	PROPN
abr-201	130	3	then	then	ADV
abr-201	130	4	adjustment	adjustment	NOUN
abr-201	130	5	is	be	AUX
abr-201	130	6	occurring	occur	VERB
abr-201	130	7	toward	toward	ADP
abr-201	130	8	the	the	DET
abr-201	130	9	target	target	NOUN
abr-201	130	10	,	,	PUNCT
abr-201	130	11	although	although	SCONJ
abr-201	130	12	there	there	PRON
abr-201	130	13	are	be	VERB
abr-201	130	14	likely	likely	ADJ
abr-201	130	15	to	to	PART
abr-201	130	16	be	be	AUX
abr-201	130	17	some	some	DET
abr-201	130	18	adjustment	adjustment	NOUN
abr-201	130	19	costs	cost	NOUN
abr-201	130	20	that	that	PRON
abr-201	130	21	make	make	VERB
abr-201	130	22	full	full	ADJ
abr-201	130	23	adjustment	adjustment	NOUN
abr-201	130	24	in	in	ADP
abr-201	130	25	a	a	DET
abr-201	130	26	single	single	ADJ
abr-201	130	27	period	period	NOUN
abr-201	130	28	infeasible	infeasible	ADJ
abr-201	130	29	which	which	PRON
abr-201	130	30	implies	imply	VERB
abr-201	130	31	that	that	SCONJ
abr-201	130	32	d<1	d<1	NOUN
abr-201	130	33	.	.	PUNCT
abr-201	131	1	the	the	DET
abr-201	131	2	obvious	obvious	ADJ
abr-201	131	3	problem	problem	NOUN
abr-201	131	4	with	with	ADP
abr-201	131	5	running	run	VERB
abr-201	131	6	equation	equation	NOUN
abr-201	131	7	(	(	PUNCT
abr-201	131	8	5	5	NUM
abr-201	131	9	)	)	PUNCT
abr-201	131	10	is	be	AUX
abr-201	131	11	that	that	SCONJ
abr-201	131	12	the	the	DET
abr-201	131	13	optimal	optimal	ADJ
abr-201	131	14	debt	debt	NOUN
abr-201	131	15	level	level	NOUN
abr-201	131	16	is	be	AUX
abr-201	131	17	unobservable	unobservable	ADJ
abr-201	131	18	.	.	PUNCT
abr-201	132	1	several	several	ADJ
abr-201	132	2	alternatives	alternative	NOUN
abr-201	132	3	exist	exist	VERB
abr-201	132	4	including	include	VERB
abr-201	132	5	long	long	ADJ
abr-201	132	6	-	-	PUNCT
abr-201	132	7	term	term	NOUN
abr-201	132	8	historical	historical	ADJ
abr-201	132	9	average	average	ADJ
abr-201	132	10	debt	debt	NOUN
abr-201	132	11	ratios	ratio	NOUN
abr-201	132	12	or	or	CCONJ
abr-201	132	13	perhaps	perhaps	ADV
abr-201	132	14	some	some	DET
abr-201	132	15	rolling	rolling	ADJ
abr-201	132	16	average	average	NOUN
abr-201	132	17	of	of	ADP
abr-201	132	18	shorter	short	ADJ
abr-201	132	19	periods	period	NOUN
abr-201	132	20	.	.	PUNCT
abr-201	133	1	we	we	PRON
abr-201	133	2	use	use	VERB
abr-201	133	3	data	datum	NOUN
abr-201	133	4	from	from	ADP
abr-201	133	5	ferc	ferc	PROPN
abr-201	133	6	form	form	NOUN
abr-201	133	7	1	1	NUM
abr-201	133	8	that	that	PRON
abr-201	133	9	is	be	AUX
abr-201	133	10	filed	file	VERB
abr-201	133	11	annually	annually	ADV
abr-201	133	12	by	by	ADP
abr-201	133	13	electric	electric	ADJ
abr-201	133	14	utilities	utility	NOUN
abr-201	133	15	with	with	ADP
abr-201	133	16	the	the	DET
abr-201	133	17	ferc	ferc	PROPN
abr-201	133	18	.	.	PUNCT
abr-201	134	1	while	while	SCONJ
abr-201	134	2	as	as	ADV
abr-201	134	3	many	many	ADJ
abr-201	134	4	as	as	ADP
abr-201	134	5	300	300	NUM
abr-201	134	6	firms	firm	NOUN
abr-201	134	7	report	report	VERB
abr-201	134	8	data	datum	NOUN
abr-201	134	9	,	,	PUNCT
abr-201	134	10	only	only	ADV
abr-201	134	11	177	177	NUM
abr-201	134	12	of	of	ADP
abr-201	134	13	these	these	PRON
abr-201	134	14	are	be	AUX
abr-201	134	15	what	what	PRON
abr-201	134	16	we	we	PRON
abr-201	134	17	consider	consider	VERB
abr-201	134	18	state	state	NOUN
abr-201	134	19	-	-	PUNCT
abr-201	134	20	regulated	regulate	VERB
abr-201	134	21	electric	electric	ADJ
abr-201	134	22	utilities.5	utilities.5	NOUN
abr-201	134	23	since	since	SCONJ
abr-201	134	24	we	we	PRON
abr-201	134	25	wish	wish	VERB
abr-201	134	26	to	to	PART
abr-201	134	27	restrict	restrict	VERB
abr-201	134	28	our	our	PRON
abr-201	134	29	analysis	analysis	NOUN
abr-201	134	30	to	to	ADP
abr-201	134	31	state	state	NOUN
abr-201	134	32	-	-	PUNCT
abr-201	134	33	regulated	regulate	VERB
abr-201	134	34	electric	electric	ADJ
abr-201	134	35	utilities	utility	NOUN
abr-201	134	36	we	we	PRON
abr-201	134	37	dropped	drop	VERB
abr-201	134	38	firms	firm	NOUN
abr-201	134	39	that	that	PRON
abr-201	134	40	are	be	AUX
abr-201	134	41	required	require	VERB
abr-201	134	42	to	to	PART
abr-201	134	43	report	report	VERB
abr-201	134	44	to	to	ADP
abr-201	134	45	ferc	ferc	PROPN
abr-201	134	46	but	but	CCONJ
abr-201	134	47	are	be	AUX
abr-201	134	48	not	not	PART
abr-201	134	49	traditionally	traditionally	ADV
abr-201	134	50	state	state	NOUN
abr-201	134	51	-	-	PUNCT
abr-201	134	52	regulated	regulate	VERB
abr-201	134	53	utilities.6	utilities.6	PROPN
abr-201	134	54	ssm	ssm	NOUN
abr-201	134	55	remove	remove	VERB
abr-201	134	56	firms	firm	NOUN
abr-201	134	57	that	that	PRON
abr-201	134	58	underwent	undergo	VERB
abr-201	134	59	mergers	merger	NOUN
abr-201	134	60	from	from	ADP
abr-201	134	61	their	their	PRON
abr-201	134	62	data	datum	NOUN
abr-201	134	63	set	set	VERB
abr-201	134	64	,	,	PUNCT
abr-201	134	65	however	however	ADV
abr-201	134	66	,	,	PUNCT
abr-201	134	67	in	in	ADP
abr-201	134	68	the	the	DET
abr-201	134	69	case	case	NOUN
abr-201	134	70	of	of	ADP
abr-201	134	71	state	state	NOUN
abr-201	134	72	-	-	PUNCT
abr-201	134	73	regulated	regulate	VERB
abr-201	134	74	electric	electric	ADJ
abr-201	134	75	utilities	utility	NOUN
abr-201	134	76	a	a	DET
abr-201	134	77	simple	simple	ADJ
abr-201	134	78	merger	merger	NOUN
abr-201	134	79	is	be	AUX
abr-201	134	80	not	not	PART
abr-201	134	81	likely	likely	ADJ
abr-201	134	82	to	to	PART
abr-201	134	83	have	have	VERB
abr-201	134	84	much	much	ADJ
abr-201	134	85	effect	effect	NOUN
abr-201	134	86	on	on	ADP
abr-201	134	87	the	the	DET
abr-201	134	88	firm	firm	NOUN
abr-201	134	89	’s	’s	PART
abr-201	134	90	financing	financing	NOUN
abr-201	134	91	decisions	decision	NOUN
abr-201	134	92	since	since	SCONJ
abr-201	134	93	the	the	DET
abr-201	134	94	utility	utility	NOUN
abr-201	134	95	remains	remain	VERB
abr-201	134	96	under	under	ADP
abr-201	134	97	existing	exist	VERB
abr-201	134	98	regulations	regulation	NOUN
abr-201	134	99	and	and	CCONJ
abr-201	134	100	subject	subject	NOUN
abr-201	134	101	to	to	ADP
abr-201	134	102	the	the	DET
abr-201	134	103	same	same	ADJ
abr-201	134	104	oversight	oversight	NOUN
abr-201	134	105	as	as	ADP
abr-201	134	106	prior	prior	ADV
abr-201	134	107	to	to	ADP
abr-201	134	108	the	the	DET
abr-201	134	109	merger	merger	NOUN
abr-201	134	110	,	,	PUNCT
abr-201	134	111	including	include	VERB
abr-201	134	112	,	,	PUNCT
abr-201	134	113	and	and	CCONJ
abr-201	134	114	importantly	importantly	ADV
abr-201	134	115	,	,	PUNCT
abr-201	134	116	financing	financing	NOUN
abr-201	134	117	decisions	decision	NOUN
abr-201	134	118	.	.	PUNCT
abr-201	135	1	(	(	PUNCT
abr-201	135	2	peterson	peterson	NOUN
abr-201	135	3	and	and	CCONJ
abr-201	135	4	mcdermott	mcdermott	PROPN
abr-201	135	5	,	,	PUNCT
abr-201	135	6	2007	2007	NUM
abr-201	135	7	)	)	PUNCT
abr-201	135	8	.	.	PUNCT
abr-201	136	1	we	we	PRON
abr-201	136	2	have	have	VERB
abr-201	136	3	,	,	PUNCT
abr-201	136	4	however	however	ADV
abr-201	136	5	,	,	PUNCT
abr-201	136	6	removed	removed	ADJ
abr-201	136	7	firms	firm	NOUN
abr-201	136	8	that	that	PRON
abr-201	136	9	undertook	undertake	VERB
abr-201	136	10	major	major	ADJ
abr-201	136	11	restructuring	restructuring	NOUN
abr-201	136	12	such	such	ADJ
abr-201	136	13	as	as	ADP
abr-201	136	14	merging	merge	VERB
abr-201	136	15	two	two	NUM
abr-201	136	16	or	or	CCONJ
abr-201	136	17	more	more	ADJ
abr-201	136	18	state	state	NOUN
abr-201	136	19	-	-	PUNCT
abr-201	136	20	level	level	NOUN
abr-201	136	21	utilities	utility	NOUN
abr-201	136	22	into	into	ADP
abr-201	136	23	one	one	NUM
abr-201	136	24	utility	utility	NOUN
abr-201	136	25	thereby	thereby	ADV
abr-201	136	26	merging	merge	VERB
abr-201	136	27	their	their	PRON
abr-201	136	28	form	form	NOUN
abr-201	136	29	1	1	NUM
abr-201	136	30	reports	report	NOUN
abr-201	136	31	into	into	ADP
abr-201	136	32	one	one	NUM
abr-201	136	33	report.7	report.7	NOUN
abr-201	136	34	this	this	DET
abr-201	136	35	approach	approach	NOUN
abr-201	136	36	limits	limit	VERB
abr-201	136	37	the	the	DET
abr-201	136	38	data	datum	NOUN
abr-201	136	39	set	set	VERB
abr-201	136	40	to	to	ADP
abr-201	136	41	2,700	2,700	NUM
abr-201	136	42	observations	observation	NOUN
abr-201	136	43	on	on	ADP
abr-201	136	44	100	100	NUM
abr-201	136	45	firms	firm	NOUN
abr-201	136	46	but	but	CCONJ
abr-201	136	47	also	also	ADV
abr-201	136	48	allows	allow	VERB
abr-201	136	49	us	we	PRON
abr-201	136	50	to	to	PART
abr-201	136	51	have	have	VERB
abr-201	136	52	a	a	DET
abr-201	136	53	consistent	consistent	ADJ
abr-201	136	54	set	set	NOUN
abr-201	136	55	of	of	ADP
abr-201	136	56	data	datum	NOUN
abr-201	136	57	for	for	ADP
abr-201	136	58	each	each	DET
abr-201	136	59	firm	firm	NOUN
abr-201	136	60	over	over	ADP
abr-201	136	61	the	the	DET
abr-201	136	62	entire	entire	ADJ
abr-201	136	63	time	time	NOUN
abr-201	136	64	to	to	PART
abr-201	136	65	undertake	undertake	VERB
abr-201	136	66	the	the	DET
abr-201	136	67	simulations	simulation	NOUN
abr-201	136	68	used	use	VERB
abr-201	136	69	to	to	PART
abr-201	136	70	estimating	estimate	VERB
abr-201	136	71	several	several	ADJ
abr-201	136	72	of	of	ADP
abr-201	136	73	the	the	DET
abr-201	136	74	equations	equation	NOUN
abr-201	136	75	below	below	ADV
abr-201	136	76	.	.	PUNCT
abr-201	137	1	despite	despite	SCONJ
abr-201	137	2	these	these	DET
abr-201	137	3	constraints	constraint	NOUN
abr-201	137	4	,	,	PUNCT
abr-201	137	5	the	the	DET
abr-201	137	6	data	data	NOUN
abr-201	137	7	is	be	AUX
abr-201	137	8	remarkably	remarkably	ADV
abr-201	137	9	consistent	consistent	ADJ
abr-201	137	10	over	over	ADP
abr-201	137	11	time	time	NOUN
abr-201	137	12	and	and	CCONJ
abr-201	137	13	our	our	PRON
abr-201	137	14	data	datum	NOUN
abr-201	137	15	set	set	NOUN
abr-201	137	16	contains	contain	VERB
abr-201	137	17	consistent	consistent	ADJ
abr-201	137	18	data	datum	NOUN
abr-201	137	19	on	on	ADP
abr-201	137	20	most	most	ADJ
abr-201	137	21	major	major	ADJ
abr-201	137	22	investor	investor	NOUN
abr-201	137	23	-	-	PUNCT
abr-201	137	24	owned	own	VERB
abr-201	137	25	electric	electric	ADJ
abr-201	137	26	utilities	utility	NOUN
abr-201	137	27	in	in	ADP
abr-201	137	28	the	the	DET
abr-201	137	29	united	united	PROPN
abr-201	137	30	states	states	PROPN
abr-201	137	31	.	.	PUNCT
abr-201	138	1	equation	equation	NOUN
abr-201	138	2	(	(	PUNCT
abr-201	138	3	4	4	X
abr-201	138	4	)	)	PUNCT
abr-201	138	5	is	be	AUX
abr-201	138	6	estimated	estimate	VERB
abr-201	138	7	for	for	ADP
abr-201	138	8	1988	1988	NUM
abr-201	138	9	-	-	SYM
abr-201	138	10	2014	2014	NUM
abr-201	138	11	using	use	VERB
abr-201	138	12	three	three	NUM
abr-201	138	13	alternative	alternative	ADJ
abr-201	138	14	measures	measure	NOUN
abr-201	138	15	of	of	ADP
abr-201	138	16	the	the	DET
abr-201	138	17	change	change	NOUN
abr-201	138	18	in	in	ADP
abr-201	138	19	debt	debt	NOUN
abr-201	138	20	levels	level	NOUN
abr-201	138	21	:	:	PUNCT
abr-201	138	22	(	(	PUNCT
abr-201	138	23	1	1	X
abr-201	138	24	)	)	PUNCT
abr-201	138	25	net	net	ADJ
abr-201	138	26	debt	debt	NOUN
abr-201	138	27	issues	issue	NOUN
abr-201	138	28	(	(	PUNCT
abr-201	138	29	scaled	scale	VERB
abr-201	138	30	by	by	ADP
abr-201	138	31	the	the	DET
abr-201	138	32	total	total	ADJ
abr-201	138	33	assets	asset	NOUN
abr-201	138	34	)	)	PUNCT
abr-201	138	35	;	;	PUNCT
abr-201	138	36	(	(	PUNCT
abr-201	138	37	2	2	X
abr-201	138	38	)	)	PUNCT
abr-201	138	39	gross	gross	ADJ
abr-201	138	40	debt	debt	NOUN
abr-201	138	41	issues	issue	NOUN
abr-201	138	42	(	(	PUNCT
abr-201	138	43	scaled	scale	VERB
abr-201	138	44	by	by	ADP
abr-201	138	45	the	the	DET
abr-201	138	46	total	total	ADJ
abr-201	138	47	assets	asset	NOUN
abr-201	138	48	)	)	PUNCT
abr-201	138	49	and	and	CCONJ
abr-201	138	50	(	(	PUNCT
abr-201	138	51	3	3	X
abr-201	138	52	)	)	PUNCT
abr-201	138	53	change	change	NOUN
abr-201	138	54	in	in	ADP
abr-201	138	55	debt	debt	NOUN
abr-201	138	56	ratio	ratio	NOUN
abr-201	138	57	defined	define	VERB
abr-201	138	58	as	as	ADP
abr-201	138	59	book	book	NOUN
abr-201	138	60	debt	debt	NOUN
abr-201	138	61	divided	divide	VERB
abr-201	138	62	by	by	ADP
abr-201	138	63	total	total	ADJ
abr-201	138	64	book	book	NOUN
abr-201	138	65	capitalization	capitalization	NOUN
abr-201	138	66	.	.	PUNCT
abr-201	139	1	in	in	ADP
abr-201	139	2	table	table	NOUN
abr-201	139	3	1	1	NUM
abr-201	139	4	we	we	PRON
abr-201	139	5	report	report	VERB
abr-201	139	6	the	the	DET
abr-201	139	7	ols	ol	NOUN
abr-201	139	8	results	result	NOUN
abr-201	139	9	.	.	PUNCT
abr-201	140	1	further	further	ADJ
abr-201	140	2	results	result	NOUN
abr-201	140	3	on	on	ADP
abr-201	140	4	other	other	ADJ
abr-201	140	5	model	model	NOUN
abr-201	140	6	specifications	specification	NOUN
abr-201	140	7	are	be	AUX
abr-201	140	8	reported	report	VERB
abr-201	140	9	in	in	ADP
abr-201	140	10	appendix	appendix	NOUN
abr-201	140	11	a	a	PRON
abr-201	140	12	with	with	ADP
abr-201	140	13	summary	summary	NOUN
abr-201	140	14	statistics	statistic	NOUN
abr-201	140	15	reported	report	VERB
abr-201	140	16	in	in	ADP
abr-201	140	17	appendix	appendix	PROPN
abr-201	140	18	b.	b.	PROPN
abr-201	141	1	we	we	PRON
abr-201	141	2	also	also	ADV
abr-201	141	3	tested	test	VERB
abr-201	141	4	several	several	ADJ
abr-201	141	5	variations	variation	NOUN
abr-201	141	6	of	of	ADP
abr-201	141	7	the	the	DET
abr-201	141	8	target	target	NOUN
abr-201	141	9	debt	debt	NOUN
abr-201	141	10	level	level	NOUN
abr-201	141	11	including	include	VERB
abr-201	141	12	rolling	roll	VERB
abr-201	141	13	averages	average	NOUN
abr-201	141	14	and	and	CCONJ
abr-201	141	15	period	period	NOUN
abr-201	141	16	means	mean	VERB
abr-201	141	17	.	.	PUNCT
abr-201	142	1	there	there	PRON
abr-201	142	2	was	be	VERB
abr-201	142	3	some	some	DET
abr-201	142	4	sensitivity	sensitivity	NOUN
abr-201	142	5	to	to	ADP
abr-201	142	6	shorter	short	ADJ
abr-201	142	7	period	period	NOUN
abr-201	142	8	rolling	roll	VERB
abr-201	142	9	averages	average	NOUN
abr-201	142	10	of	of	ADP
abr-201	142	11	the	the	DET
abr-201	142	12	debt	debt	NOUN
abr-201	142	13	ratio	ratio	NOUN
abr-201	142	14	to	to	PART
abr-201	142	15	simulate	simulate	VERB
abr-201	142	16	target	target	NOUN
abr-201	142	17	debt	debt	NOUN
abr-201	142	18	ratios	ratio	NOUN
abr-201	142	19	.	.	PUNCT
abr-201	143	1	for	for	ADP
abr-201	143	2	example	example	NOUN
abr-201	143	3	,	,	PUNCT
abr-201	143	4	when	when	SCONJ
abr-201	143	5	we	we	PRON
abr-201	143	6	used	use	VERB
abr-201	143	7	a	a	DET
abr-201	143	8	three	three	NUM
abr-201	143	9	-	-	PUNCT
abr-201	143	10	year	year	NOUN
abr-201	143	11	rolling	roll	VERB
abr-201	143	12	average	average	NOUN
abr-201	143	13	to	to	PART
abr-201	143	14	simulate	simulate	VERB
abr-201	143	15	the	the	DET
abr-201	143	16	target	target	NOUN
abr-201	143	17	debt	debt	NOUN
abr-201	143	18	ratio	ratio	NOUN
abr-201	143	19	the	the	DET
abr-201	143	20	resulting	result	VERB
abr-201	143	21	coefficient	coefficient	NOUN
abr-201	143	22	estimates	estimate	NOUN
abr-201	143	23	were	be	AUX
abr-201	143	24	not	not	PART
abr-201	143	25	significant	significant	ADJ
abr-201	143	26	at	at	ADP
abr-201	143	27	normally	normally	ADV
abr-201	143	28	reported	report	VERB
abr-201	143	29	levels	level	NOUN
abr-201	143	30	.	.	PUNCT
abr-201	144	1	we	we	PRON
abr-201	144	2	simulated	simulate	VERB
abr-201	144	3	the	the	DET
abr-201	144	4	target	target	NOUN
abr-201	144	5	debt	debt	NOUN
abr-201	144	6	ratio	ratio	NOUN
abr-201	144	7	with	with	ADP
abr-201	144	8	longer	long	ADJ
abr-201	144	9	rolling	roll	VERB
abr-201	144	10	averages	average	NOUN
abr-201	144	11	,	,	PUNCT
abr-201	144	12	up	up	ADP
abr-201	144	13	to	to	ADP
abr-201	144	14	and	and	CCONJ
abr-201	144	15	including	include	VERB
abr-201	144	16	using	use	VERB
abr-201	144	17	the	the	DET
abr-201	144	18	mean	mean	NOUN
abr-201	144	19	of	of	ADP
abr-201	144	20	the	the	DET
abr-201	144	21	entire	entire	ADJ
abr-201	144	22	period	period	NOUN
abr-201	144	23	,	,	PUNCT
abr-201	144	24	as	as	SCONJ
abr-201	144	25	reported	report	VERB
abr-201	144	26	in	in	ADP
abr-201	144	27	table	table	NOUN
abr-201	144	28	1	1	NUM
abr-201	144	29	,	,	PUNCT
abr-201	144	30	and	and	CCONJ
abr-201	144	31	the	the	DET
abr-201	144	32	resulting	result	VERB
abr-201	144	33	fit	fit	NOUN
abr-201	144	34	becomes	become	VERB
abr-201	144	35	better	well	ADJ
abr-201	144	36	.	.	PUNCT
abr-201	145	1	overall	overall	ADV
abr-201	145	2	the	the	DET
abr-201	145	3	results	result	NOUN
abr-201	145	4	are	be	AUX
abr-201	145	5	inconsistent	inconsistent	ADJ
abr-201	145	6	with	with	ADP
abr-201	145	7	the	the	DET
abr-201	145	8	pot	pot	NOUN
abr-201	145	9	and	and	CCONJ
abr-201	145	10	only	only	ADV
abr-201	145	11	moderately	moderately	ADV
abr-201	145	12	consistent	consistent	ADJ
abr-201	145	13	with	with	ADP
abr-201	145	14	the	the	DET
abr-201	145	15	tot	tot	NOUN
abr-201	145	16	.	.	PUNCT
abr-201	146	1	the	the	DET
abr-201	146	2	pot	pot	NOUN
abr-201	146	3	suggests	suggest	VERB
abr-201	146	4	that	that	SCONJ
abr-201	146	5	the	the	DET
abr-201	146	6	coefficient	coefficient	NOUN
abr-201	146	7	on	on	ADP
abr-201	146	8	the	the	DET
abr-201	146	9	dependent	dependent	ADJ
abr-201	146	10	variable	variable	NOUN
abr-201	146	11	should	should	AUX
abr-201	146	12	be	be	AUX
abr-201	146	13	close	close	ADJ
abr-201	146	14	to	to	ADP
abr-201	146	15	1	1	NUM
abr-201	146	16	,	,	PUNCT
abr-201	146	17	yet	yet	CCONJ
abr-201	146	18	for	for	ADP
abr-201	146	19	the	the	DET
abr-201	146	20	pot	pot	NOUN
abr-201	146	21	model	model	NOUN
abr-201	146	22	we	we	PRON
abr-201	146	23	find	find	VERB
abr-201	146	24	that	that	SCONJ
abr-201	146	25	the	the	DET
abr-201	146	26	coefficients	coefficient	NOUN
abr-201	146	27	are	be	AUX
abr-201	146	28	all	all	ADV
abr-201	146	29	negative	negative	ADJ
abr-201	146	30	and	and	CCONJ
abr-201	146	31	inconsistently	inconsistently	ADV
abr-201	146	32	significant	significant	ADJ
abr-201	146	33	over	over	ADP
abr-201	146	34	the	the	DET
abr-201	146	35	various	various	ADJ
abr-201	146	36	specifications	specification	NOUN
abr-201	146	37	.	.	PUNCT
abr-201	147	1	(	(	PUNCT
abr-201	147	2	see	see	VERB
abr-201	147	3	table	table	NOUN
abr-201	147	4	1	1	NUM
abr-201	147	5	and	and	CCONJ
abr-201	147	6	appendix	appendix	VERB
abr-201	147	7	a	a	PRON
abr-201	147	8	)	)	PUNCT
abr-201	147	9	.	.	PUNCT
abr-201	148	1	the	the	DET
abr-201	148	2	negative	negative	ADJ
abr-201	148	3	coefficient	coefficient	NOUN
abr-201	148	4	on	on	ADP
abr-201	148	5	the	the	DET
abr-201	148	6	pot	pot	NOUN
abr-201	148	7	coefficient	coefficient	NOUN
abr-201	148	8	is	be	AUX
abr-201	148	9	difficult	difficult	ADJ
abr-201	148	10	to	to	PART
abr-201	148	11	interpret	interpret	VERB
abr-201	148	12	,	,	PUNCT
abr-201	148	13	however	however	ADV
abr-201	148	14	in	in	ADP
abr-201	148	15	reviewing	review	VERB
abr-201	148	16	table	table	NOUN
abr-201	148	17	1	1	NUM
abr-201	148	18	we	we	PRON
abr-201	148	19	see	see	VERB
abr-201	148	20	that	that	SCONJ
abr-201	148	21	the	the	DET
abr-201	148	22	pot	pot	NOUN
abr-201	148	23	coefficient	coefficient	NOUN
abr-201	148	24	’s	’s	PART
abr-201	148	25	absolute	absolute	ADJ
abr-201	148	26	value	value	NOUN
abr-201	148	27	is	be	AUX
abr-201	148	28	smaller	small	ADJ
abr-201	148	29	than	than	ADP
abr-201	148	30	the	the	DET
abr-201	148	31	constant	constant	ADJ
abr-201	148	32	and	and	CCONJ
abr-201	148	33	in	in	ADP
abr-201	148	34	all	all	DET
abr-201	148	35	cases	case	NOUN
abr-201	148	36	the	the	DET
abr-201	148	37	r2	r2	NOUN
abr-201	148	38	is	be	AUX
abr-201	148	39	exceedingly	exceedingly	ADV
abr-201	148	40	small	small	ADJ
abr-201	148	41	suggesting	suggest	VERB
abr-201	148	42	that	that	SCONJ
abr-201	148	43	the	the	DET
abr-201	148	44	pot	pot	NOUN
abr-201	148	45	specification	specification	NOUN
abr-201	148	46	is	be	AUX
abr-201	148	47	not	not	PART
abr-201	148	48	explaining	explain	VERB
abr-201	148	49	the	the	DET
abr-201	148	50	change	change	NOUN
abr-201	148	51	in	in	ADP
abr-201	148	52	financing	financing	NOUN
abr-201	148	53	for	for	ADP
abr-201	148	54	electric	electric	ADJ
abr-201	148	55	utilities	utility	NOUN
abr-201	148	56	.	.	PUNCT
abr-201	149	1	for	for	ADP
abr-201	149	2	the	the	DET
abr-201	149	3	tot	tot	NOUN
abr-201	149	4	equation	equation	NOUN
abr-201	149	5	,	,	PUNCT
abr-201	149	6	there	there	PRON
abr-201	149	7	is	be	VERB
abr-201	149	8	some	some	DET
abr-201	149	9	evidence	evidence	NOUN
abr-201	149	10	that	that	SCONJ
abr-201	149	11	utilities	utility	NOUN
abr-201	149	12	appear	appear	VERB
abr-201	149	13	to	to	PART
abr-201	149	14	use	use	VERB
abr-201	149	15	an	an	DET
abr-201	149	16	optimal	optimal	ADJ
abr-201	149	17	capital	capital	NOUN
abr-201	149	18	structure	structure	NOUN
abr-201	149	19	,	,	PUNCT
abr-201	149	20	although	although	SCONJ
abr-201	149	21	the	the	DET
abr-201	149	22	magnitude	magnitude	NOUN
abr-201	149	23	of	of	ADP
abr-201	149	24	the	the	DET
abr-201	149	25	coefficients	coefficient	NOUN
abr-201	149	26	is	be	AUX
abr-201	149	27	relatively	relatively	ADV
abr-201	149	28	small	small	ADJ
abr-201	149	29	.	.	PUNCT
abr-201	150	1	the	the	DET
abr-201	150	2	result	result	NOUN
abr-201	150	3	that	that	PRON
abr-201	150	4	is	be	AUX
abr-201	150	5	most	most	ADV
abr-201	150	6	tantalizing	tantalizing	ADJ
abr-201	150	7	comes	come	VERB
abr-201	150	8	from	from	ADP
abr-201	150	9	the	the	DET
abr-201	150	10	use	use	NOUN
abr-201	150	11	of	of	ADP
abr-201	150	12	the	the	DET
abr-201	150	13	change	change	NOUN
abr-201	150	14	in	in	ADP
abr-201	150	15	debt	debt	NOUN
abr-201	150	16	ratio	ratio	NOUN
abr-201	150	17	as	as	ADP
abr-201	150	18	the	the	DET
abr-201	150	19	dependent	dependent	ADJ
abr-201	150	20	variable	variable	NOUN
abr-201	150	21	.	.	PUNCT
abr-201	151	1	not	not	PART
abr-201	151	2	only	only	ADV
abr-201	151	3	does	do	AUX
abr-201	151	4	the	the	DET
abr-201	151	5	tot	tot	VERB
abr-201	151	6	coefficient	coefficient	NOUN
abr-201	151	7	change	change	NOUN
abr-201	151	8	in	in	ADP
abr-201	151	9	magnitude	magnitude	NOUN
abr-201	151	10	relative	relative	ADJ
abr-201	151	11	to	to	ADP
abr-201	151	12	the	the	DET
abr-201	151	13	other	other	ADJ
abr-201	151	14	specifications	specification	NOUN
abr-201	151	15	but	but	CCONJ
abr-201	151	16	the	the	DET
abr-201	151	17	fit	fit	NOUN
abr-201	151	18	becomes	become	VERB
abr-201	151	19	better	well	ADJ
abr-201	151	20	5	5	NUM
abr-201	151	21	in	in	ADP
abr-201	151	22	general	general	ADJ
abr-201	151	23	,	,	PUNCT
abr-201	151	24	this	this	PRON
abr-201	151	25	means	mean	VERB
abr-201	151	26	that	that	SCONJ
abr-201	151	27	the	the	DET
abr-201	151	28	state	state	NOUN
abr-201	151	29	regulatory	regulatory	ADJ
abr-201	151	30	body	body	NOUN
abr-201	151	31	has	have	VERB
abr-201	151	32	oversight	oversight	NOUN
abr-201	151	33	over	over	ADP
abr-201	151	34	financial	financial	ADJ
abr-201	151	35	decisions	decision	NOUN
abr-201	151	36	,	,	PUNCT
abr-201	151	37	at	at	ADP
abr-201	151	38	least	least	ADJ
abr-201	151	39	as	as	SCONJ
abr-201	151	40	those	those	DET
abr-201	151	41	decisions	decision	NOUN
abr-201	151	42	relate	relate	VERB
abr-201	151	43	to	to	ADP
abr-201	151	44	setting	set	VERB
abr-201	151	45	the	the	DET
abr-201	151	46	prices	price	NOUN
abr-201	151	47	of	of	ADP
abr-201	151	48	the	the	DET
abr-201	151	49	utility	utility	NOUN
abr-201	151	50	.	.	PUNCT
abr-201	152	1	6	6	NUM
abr-201	152	2	for	for	ADP
abr-201	152	3	example	example	NOUN
abr-201	152	4	,	,	PUNCT
abr-201	152	5	entities	entity	NOUN
abr-201	152	6	such	such	ADJ
abr-201	152	7	as	as	ADP
abr-201	152	8	regional	regional	ADJ
abr-201	152	9	transmission	transmission	NOUN
abr-201	152	10	companies	company	NOUN
abr-201	152	11	and	and	CCONJ
abr-201	152	12	wholesale	wholesale	ADJ
abr-201	152	13	electric	electric	ADJ
abr-201	152	14	generation	generation	NOUN
abr-201	152	15	companies	company	NOUN
abr-201	152	16	,	,	PUNCT
abr-201	152	17	who	who	PRON
abr-201	152	18	are	be	AUX
abr-201	152	19	not	not	PART
abr-201	152	20	regulated	regulate	VERB
abr-201	152	21	by	by	ADP
abr-201	152	22	the	the	DET
abr-201	152	23	states	state	NOUN
abr-201	152	24	,	,	PUNCT
abr-201	152	25	are	be	AUX
abr-201	152	26	dropped	drop	VERB
abr-201	152	27	from	from	ADP
abr-201	152	28	this	this	DET
abr-201	152	29	data	datum	NOUN
abr-201	152	30	set	set	VERB
abr-201	152	31	.	.	PUNCT
abr-201	153	1	7	7	NUM
abr-201	153	2	we	we	PRON
abr-201	153	3	have	have	AUX
abr-201	153	4	,	,	PUNCT
abr-201	153	5	however	however	ADV
abr-201	153	6	,	,	PUNCT
abr-201	153	7	left	leave	VERB
abr-201	153	8	in	in	ADP
abr-201	153	9	firms	firm	NOUN
abr-201	153	10	that	that	PRON
abr-201	153	11	divested	divest	VERB
abr-201	153	12	portions	portion	NOUN
abr-201	153	13	of	of	ADP
abr-201	153	14	the	the	DET
abr-201	153	15	business	business	NOUN
abr-201	153	16	such	such	ADJ
abr-201	153	17	as	as	ADP
abr-201	153	18	generation	generation	NOUN
abr-201	153	19	assets	asset	NOUN
abr-201	153	20	since	since	SCONJ
abr-201	153	21	the	the	DET
abr-201	153	22	remaining	remain	VERB
abr-201	153	23	assets	asset	NOUN
abr-201	153	24	remain	remain	VERB
abr-201	153	25	under	under	ADP
abr-201	153	26	regulation	regulation	NOUN
abr-201	153	27	and	and	CCONJ
abr-201	153	28	must	must	AUX
abr-201	153	29	have	have	VERB
abr-201	153	30	separate	separate	ADJ
abr-201	153	31	financing	financing	NOUN
abr-201	153	32	from	from	ADP
abr-201	153	33	other	other	ADJ
abr-201	153	34	portions	portion	NOUN
abr-201	153	35	of	of	ADP
abr-201	153	36	the	the	DET
abr-201	153	37	holding	hold	VERB
abr-201	153	38	company	company	NOUN
abr-201	153	39	’s	’s	PART
abr-201	153	40	portfolio	portfolio	NOUN
abr-201	153	41	.	.	PUNCT
abr-201	154	1	107	107	NUM
abr-201	154	2	as	as	ADV
abr-201	154	3	well	well	ADV
abr-201	154	4	.	.	PUNCT
abr-201	155	1	indeed	indeed	ADV
abr-201	155	2	,	,	PUNCT
abr-201	155	3	the	the	DET
abr-201	155	4	results	result	NOUN
abr-201	155	5	for	for	ADP
abr-201	155	6	this	this	DET
abr-201	155	7	specification	specification	NOUN
abr-201	155	8	are	be	AUX
abr-201	155	9	more	more	ADV
abr-201	155	10	consistent	consistent	ADJ
abr-201	155	11	with	with	ADP
abr-201	155	12	what	what	PRON
abr-201	155	13	ssm	ssm	PROPN
abr-201	155	14	found	find	VERB
abr-201	155	15	in	in	ADP
abr-201	155	16	their	their	PRON
abr-201	155	17	study	study	NOUN
abr-201	155	18	of	of	ADP
abr-201	155	19	non	non	ADJ
abr-201	155	20	-	-	ADJ
abr-201	155	21	utility	utility	ADJ
abr-201	155	22	financing	financing	NOUN
abr-201	155	23	decisions	decision	NOUN
abr-201	155	24	.	.	PUNCT
abr-201	156	1	(	(	PUNCT
abr-201	156	2	ssm	ssm	NOUN
abr-201	156	3	,	,	PUNCT
abr-201	156	4	table	table	NOUN
abr-201	156	5	2	2	NUM
abr-201	156	6	,	,	PUNCT
abr-201	156	7	panel	panel	NOUN
abr-201	156	8	a	a	PRON
abr-201	156	9	,	,	PUNCT
abr-201	156	10	column	column	NOUN
abr-201	156	11	(	(	PUNCT
abr-201	156	12	5	5	NUM
abr-201	156	13	)	)	PUNCT
abr-201	156	14	)	)	PUNCT
abr-201	156	15	.	.	PUNCT
abr-201	157	1	this	this	PRON
abr-201	157	2	could	could	AUX
abr-201	157	3	be	be	AUX
abr-201	157	4	an	an	DET
abr-201	157	5	indication	indication	NOUN
abr-201	157	6	that	that	SCONJ
abr-201	157	7	long	long	ADJ
abr-201	157	8	term	term	NOUN
abr-201	157	9	target	target	NOUN
abr-201	157	10	debt	debt	NOUN
abr-201	157	11	ratios	ratio	NOUN
abr-201	157	12	are	be	AUX
abr-201	157	13	used	use	VERB
abr-201	157	14	in	in	ADP
abr-201	157	15	regulatory	regulatory	ADJ
abr-201	157	16	proceedings	proceeding	NOUN
abr-201	157	17	either	either	CCONJ
abr-201	157	18	tacitly	tacitly	ADV
abr-201	157	19	or	or	CCONJ
abr-201	157	20	explicitly	explicitly	ADV
abr-201	157	21	.	.	PUNCT
abr-201	158	1	if	if	SCONJ
abr-201	158	2	this	this	PRON
abr-201	158	3	is	be	AUX
abr-201	158	4	the	the	DET
abr-201	158	5	case	case	NOUN
abr-201	158	6	,	,	PUNCT
abr-201	158	7	utilities	utility	NOUN
abr-201	158	8	,	,	PUNCT
abr-201	158	9	because	because	SCONJ
abr-201	158	10	of	of	ADP
abr-201	158	11	the	the	DET
abr-201	158	12	repeated	repeat	VERB
abr-201	158	13	interaction	interaction	NOUN
abr-201	158	14	with	with	ADP
abr-201	158	15	regulators	regulator	NOUN
abr-201	158	16	,	,	PUNCT
abr-201	158	17	use	use	VERB
abr-201	158	18	such	such	ADJ
abr-201	158	19	metrics	metric	NOUN
abr-201	158	20	in	in	ADP
abr-201	158	21	their	their	PRON
abr-201	158	22	own	own	ADJ
abr-201	158	23	financing	financing	NOUN
abr-201	158	24	decisions.8	decisions.8	PROPN
abr-201	158	25	we	we	PRON
abr-201	158	26	also	also	ADV
abr-201	158	27	tested	test	VERB
abr-201	158	28	a	a	DET
abr-201	158	29	one	one	NUM
abr-201	158	30	-	-	PUNCT
abr-201	158	31	period	period	NOUN
abr-201	158	32	lag	lag	NOUN
abr-201	158	33	of	of	ADP
abr-201	158	34	the	the	DET
abr-201	158	35	def	def	NOUN
abr-201	158	36	as	as	ADV
abr-201	158	37	well	well	ADV
abr-201	158	38	as	as	ADP
abr-201	158	39	first	first	ADJ
abr-201	158	40	differences	difference	NOUN
abr-201	158	41	and	and	CCONJ
abr-201	158	42	in	in	ADP
abr-201	158	43	both	both	DET
abr-201	158	44	cases	case	NOUN
abr-201	158	45	either	either	CCONJ
abr-201	158	46	the	the	DET
abr-201	158	47	coefficient	coefficient	NOUN
abr-201	158	48	’s	’s	PART
abr-201	158	49	absolute	absolute	ADJ
abr-201	158	50	value	value	NOUN
abr-201	158	51	was	be	AUX
abr-201	158	52	close	close	ADJ
abr-201	158	53	to	to	ADP
abr-201	158	54	zero	zero	NUM
abr-201	158	55	or	or	CCONJ
abr-201	158	56	was	be	AUX
abr-201	158	57	not	not	PART
abr-201	158	58	significant	significant	ADJ
abr-201	158	59	at	at	ADP
abr-201	158	60	normal	normal	ADJ
abr-201	158	61	levels	level	NOUN
abr-201	158	62	.	.	PUNCT
abr-201	159	1	finally	finally	ADV
abr-201	159	2	,	,	PUNCT
abr-201	159	3	the	the	DET
abr-201	159	4	overall	overall	ADJ
abr-201	159	5	fit	fit	NOUN
abr-201	159	6	of	of	ADP
abr-201	159	7	these	these	DET
abr-201	159	8	equations	equation	NOUN
abr-201	159	9	is	be	AUX
abr-201	159	10	rather	rather	ADV
abr-201	159	11	low	low	ADJ
abr-201	159	12	.	.	PUNCT
abr-201	160	1	for	for	ADP
abr-201	160	2	example	example	NOUN
abr-201	160	3	,	,	PUNCT
abr-201	160	4	ssm	ssm	PROPN
abr-201	160	5	find	find	VERB
abr-201	160	6	that	that	SCONJ
abr-201	160	7	the	the	DET
abr-201	160	8	tot	tot	NOUN
abr-201	160	9	variables	variable	NOUN
abr-201	160	10	explain	explain	VERB
abr-201	160	11	as	as	ADV
abr-201	160	12	much	much	ADJ
abr-201	160	13	as	as	ADP
abr-201	160	14	25	25	NUM
abr-201	160	15	percent	percent	NOUN
abr-201	160	16	of	of	ADP
abr-201	160	17	the	the	DET
abr-201	160	18	variation	variation	NOUN
abr-201	160	19	.	.	PUNCT
abr-201	161	1	(	(	PUNCT
abr-201	161	2	ssm	ssm	NOUN
abr-201	161	3	,	,	PUNCT
abr-201	161	4	table	table	NOUN
abr-201	161	5	1	1	NUM
abr-201	161	6	,	,	PUNCT
abr-201	161	7	panel	panel	NOUN
abr-201	161	8	a	a	PRON
abr-201	161	9	)	)	PUNCT
abr-201	161	10	.	.	PUNCT
abr-201	162	1	our	our	PRON
abr-201	162	2	results	result	NOUN
abr-201	162	3	are	be	AUX
abr-201	162	4	,	,	PUNCT
abr-201	162	5	for	for	ADP
abr-201	162	6	the	the	DET
abr-201	162	7	most	most	ADJ
abr-201	162	8	part	part	NOUN
abr-201	162	9	,	,	PUNCT
abr-201	162	10	significantly	significantly	ADV
abr-201	162	11	lower	low	ADJ
abr-201	162	12	than	than	SCONJ
abr-201	162	13	the	the	DET
abr-201	162	14	ssm	ssm	PROPN
abr-201	162	15	results	result	VERB
abr-201	162	16	.	.	PUNCT
abr-201	163	1	this	this	PRON
abr-201	163	2	suggests	suggest	VERB
abr-201	163	3	that	that	SCONJ
abr-201	163	4	the	the	DET
abr-201	163	5	financing	financing	NOUN
abr-201	163	6	choices	choice	NOUN
abr-201	163	7	for	for	ADP
abr-201	163	8	regulated	regulated	ADJ
abr-201	163	9	utilities	utility	NOUN
abr-201	163	10	are	be	AUX
abr-201	163	11	potentially	potentially	ADV
abr-201	163	12	somewhat	somewhat	ADV
abr-201	163	13	more	more	ADV
abr-201	163	14	complicated	complicated	ADJ
abr-201	163	15	.	.	PUNCT
abr-201	164	1	our	our	PRON
abr-201	164	2	results	result	NOUN
abr-201	164	3	indicate	indicate	VERB
abr-201	164	4	weak	weak	ADJ
abr-201	164	5	support	support	NOUN
abr-201	164	6	for	for	ADP
abr-201	164	7	the	the	DET
abr-201	164	8	tot	tot	NOUN
abr-201	164	9	and	and	CCONJ
abr-201	164	10	no	no	DET
abr-201	164	11	support	support	NOUN
abr-201	164	12	for	for	ADP
abr-201	164	13	the	the	DET
abr-201	164	14	pot	pot	NOUN
abr-201	164	15	.	.	PUNCT
abr-201	165	1	while	while	SCONJ
abr-201	165	2	perhaps	perhaps	ADV
abr-201	165	3	somewhat	somewhat	ADV
abr-201	165	4	disappointing	disappointing	ADJ
abr-201	165	5	,	,	PUNCT
abr-201	165	6	we	we	PRON
abr-201	165	7	explain	explain	VERB
abr-201	165	8	these	these	DET
abr-201	165	9	results	result	NOUN
abr-201	165	10	by	by	ADP
abr-201	165	11	referring	refer	VERB
abr-201	165	12	to	to	ADP
abr-201	165	13	the	the	DET
abr-201	165	14	very	very	ADJ
abr-201	165	15	nature	nature	NOUN
abr-201	165	16	of	of	ADP
abr-201	165	17	the	the	DET
abr-201	165	18	regulatory	regulatory	ADJ
abr-201	165	19	process	process	NOUN
abr-201	165	20	.	.	PUNCT
abr-201	166	1	the	the	DET
abr-201	166	2	lack	lack	NOUN
abr-201	166	3	of	of	ADP
abr-201	166	4	support	support	NOUN
abr-201	166	5	for	for	ADP
abr-201	166	6	the	the	DET
abr-201	166	7	pot	pot	NOUN
abr-201	166	8	is	be	AUX
abr-201	166	9	perhaps	perhaps	ADV
abr-201	166	10	understandable	understandable	ADJ
abr-201	166	11	given	give	VERB
abr-201	166	12	the	the	DET
abr-201	166	13	remarkable	remarkable	ADJ
abr-201	166	14	degree	degree	NOUN
abr-201	166	15	of	of	ADP
abr-201	166	16	transparency	transparency	NOUN
abr-201	166	17	and	and	CCONJ
abr-201	166	18	predictability	predictability	NOUN
abr-201	166	19	of	of	ADP
abr-201	166	20	the	the	DET
abr-201	166	21	regulatory	regulatory	ADJ
abr-201	166	22	process	process	NOUN
abr-201	166	23	.	.	PUNCT
abr-201	167	1	the	the	DET
abr-201	167	2	asymmetric	asymmetric	ADJ
abr-201	167	3	information	information	NOUN
abr-201	167	4	concerns	concern	NOUN
abr-201	167	5	that	that	PRON
abr-201	167	6	form	form	VERB
abr-201	167	7	the	the	DET
abr-201	167	8	foundation	foundation	NOUN
abr-201	167	9	of	of	ADP
abr-201	167	10	the	the	DET
abr-201	167	11	pot	pot	NOUN
abr-201	167	12	simply	simply	ADV
abr-201	167	13	do	do	AUX
abr-201	167	14	not	not	PART
abr-201	167	15	exist	exist	VERB
abr-201	167	16	to	to	ADP
abr-201	167	17	the	the	DET
abr-201	167	18	same	same	ADJ
abr-201	167	19	extent	extent	NOUN
abr-201	167	20	that	that	SCONJ
abr-201	167	21	they	they	PRON
abr-201	167	22	do	do	VERB
abr-201	167	23	for	for	ADP
abr-201	167	24	unregulated	unregulated	ADJ
abr-201	167	25	firms	firm	NOUN
abr-201	167	26	.	.	PUNCT
abr-201	168	1	further	far	ADV
abr-201	168	2	,	,	PUNCT
abr-201	168	3	regulators	regulator	NOUN
abr-201	168	4	may	may	AUX
abr-201	168	5	play	play	VERB
abr-201	168	6	the	the	DET
abr-201	168	7	role	role	NOUN
abr-201	168	8	of	of	ADP
abr-201	168	9	monitors	monitor	NOUN
abr-201	168	10	who	who	PRON
abr-201	168	11	examine	examine	VERB
abr-201	168	12	and	and	CCONJ
abr-201	168	13	approve	approve	VERB
abr-201	168	14	or	or	CCONJ
abr-201	168	15	disapprove	disapprove	VERB
abr-201	168	16	projects	project	NOUN
abr-201	168	17	on	on	ADP
abr-201	168	18	a	a	DET
abr-201	168	19	case	case	NOUN
abr-201	168	20	-	-	PUNCT
abr-201	168	21	by	by	ADP
abr-201	168	22	-	-	PUNCT
abr-201	168	23	case	case	NOUN
abr-201	168	24	basis	basis	NOUN
abr-201	168	25	for	for	ADP
abr-201	168	26	inclusion	inclusion	NOUN
abr-201	168	27	in	in	ADP
abr-201	168	28	approved	approve	VERB
abr-201	168	29	prices.9	prices.9	NOUN
abr-201	168	30	the	the	DET
abr-201	168	31	historic	historic	ADJ
abr-201	168	32	financing	financing	NOUN
abr-201	168	33	decisions	decision	NOUN
abr-201	168	34	of	of	ADP
abr-201	168	35	the	the	DET
abr-201	168	36	utility	utility	NOUN
abr-201	168	37	are	be	AUX
abr-201	168	38	incorporated	incorporate	VERB
abr-201	168	39	into	into	ADP
abr-201	168	40	pricing	pricing	NOUN
abr-201	168	41	using	use	VERB
abr-201	168	42	a	a	DET
abr-201	168	43	weighted	weight	VERB
abr-201	168	44	average	average	ADJ
abr-201	168	45	cost	cost	NOUN
abr-201	168	46	of	of	ADP
abr-201	168	47	capital	capital	NOUN
abr-201	168	48	.	.	PUNCT
abr-201	169	1	while	while	SCONJ
abr-201	169	2	a	a	DET
abr-201	169	3	specific	specific	ADJ
abr-201	169	4	optimal	optimal	ADJ
abr-201	169	5	capital	capital	NOUN
abr-201	169	6	structure	structure	NOUN
abr-201	169	7	is	be	AUX
abr-201	169	8	not	not	PART
abr-201	169	9	always	always	ADV
abr-201	169	10	,	,	PUNCT
abr-201	169	11	or	or	CCONJ
abr-201	169	12	even	even	ADV
abr-201	169	13	often	often	ADV
abr-201	169	14	,	,	PUNCT
abr-201	169	15	a	a	DET
abr-201	169	16	result	result	NOUN
abr-201	169	17	from	from	ADP
abr-201	169	18	this	this	DET
abr-201	169	19	process	process	NOUN
abr-201	169	20	,	,	PUNCT
abr-201	169	21	never	never	ADV
abr-201	169	22	-	-	PUNCT
abr-201	169	23	the	the	ADV
abr-201	169	24	-	-	PUNCT
abr-201	169	25	less	less	ADJ
abr-201	169	26	since	since	SCONJ
abr-201	169	27	the	the	DET
abr-201	169	28	regulator	regulator	NOUN
abr-201	169	29	sets	set	VERB
abr-201	169	30	the	the	DET
abr-201	169	31	final	final	ADJ
abr-201	169	32	prices	price	NOUN
abr-201	169	33	,	,	PUNCT
abr-201	169	34	a	a	DET
abr-201	169	35	target	target	NOUN
abr-201	169	36	range	range	NOUN
abr-201	169	37	of	of	ADP
abr-201	169	38	capital	capital	NOUN
abr-201	169	39	structure	structure	NOUN
abr-201	169	40	may	may	AUX
abr-201	169	41	well	well	ADV
abr-201	169	42	be	be	AUX
abr-201	169	43	the	the	DET
abr-201	169	44	result	result	NOUN
abr-201	169	45	,	,	PUNCT
abr-201	169	46	even	even	ADV
abr-201	169	47	if	if	SCONJ
abr-201	169	48	that	that	PRON
abr-201	169	49	is	be	AUX
abr-201	169	50	not	not	PART
abr-201	169	51	the	the	DET
abr-201	169	52	intention	intention	NOUN
abr-201	169	53	.	.	PUNCT
abr-201	170	1	indeed	indeed	ADV
abr-201	170	2	,	,	PUNCT
abr-201	170	3	one	one	NUM
abr-201	170	4	regulatory	regulatory	ADJ
abr-201	170	5	body	body	NOUN
abr-201	170	6	has	have	AUX
abr-201	170	7	expressed	express	VERB
abr-201	170	8	its	its	PRON
abr-201	170	9	approach	approach	NOUN
abr-201	170	10	as	as	SCONJ
abr-201	170	11	follows	follow	VERB
abr-201	170	12	:	:	PUNCT
abr-201	170	13	[	[	X
abr-201	170	14	t]he	t]he	ADJ
abr-201	170	15	commission	commission	NOUN
abr-201	170	16	has	have	VERB
abr-201	170	17	the	the	DET
abr-201	170	18	duty	duty	NOUN
abr-201	170	19	to	to	PART
abr-201	170	20	regulate	regulate	VERB
abr-201	170	21	utilities	utility	NOUN
abr-201	170	22	in	in	ADP
abr-201	170	23	a	a	DET
abr-201	170	24	manner	manner	NOUN
abr-201	170	25	which	which	PRON
abr-201	170	26	provides	provide	VERB
abr-201	170	27	customers	customer	NOUN
abr-201	170	28	with	with	ADP
abr-201	170	29	reliable	reliable	ADJ
abr-201	170	30	service	service	NOUN
abr-201	170	31	at	at	ADP
abr-201	170	32	reasonable	reasonable	ADJ
abr-201	170	33	cost	cost	NOUN
abr-201	170	34	.	.	PUNCT
abr-201	171	1	this	this	PRON
abr-201	171	2	is	be	AUX
abr-201	171	3	not	not	PART
abr-201	171	4	to	to	PART
abr-201	171	5	say	say	VERB
abr-201	171	6	that	that	SCONJ
abr-201	171	7	we	we	PRON
abr-201	171	8	may	may	AUX
abr-201	171	9	mandate	mandate	VERB
abr-201	171	10	to	to	ADP
abr-201	171	11	regulated	regulated	ADJ
abr-201	171	12	utilities	utility	NOUN
abr-201	171	13	the	the	DET
abr-201	171	14	proportions	proportion	NOUN
abr-201	171	15	of	of	ADP
abr-201	171	16	debt	debt	NOUN
abr-201	171	17	and	and	CCONJ
abr-201	171	18	equity	equity	NOUN
abr-201	171	19	contained	contain	VERB
abr-201	171	20	in	in	ADP
abr-201	171	21	their	their	PRON
abr-201	171	22	capital	capital	NOUN
abr-201	171	23	structures	structure	NOUN
abr-201	171	24	.	.	PUNCT
abr-201	172	1	rather	rather	ADV
abr-201	172	2	,	,	PUNCT
abr-201	172	3	the	the	DET
abr-201	172	4	actual	actual	ADJ
abr-201	172	5	capital	capital	NOUN
abr-201	172	6	structure	structure	NOUN
abr-201	172	7	is	be	AUX
abr-201	172	8	a	a	DET
abr-201	172	9	matter	matter	NOUN
abr-201	172	10	within	within	ADP
abr-201	172	11	the	the	DET
abr-201	172	12	discretion	discretion	NOUN
abr-201	172	13	of	of	ADP
abr-201	172	14	corporate	corporate	ADJ
abr-201	172	15	management	management	NOUN
abr-201	172	16	;	;	PUNCT
abr-201	172	17	however	however	ADV
abr-201	172	18	,	,	PUNCT
abr-201	172	19	this	this	PRON
abr-201	172	20	does	do	AUX
abr-201	172	21	not	not	PART
abr-201	172	22	preclude	preclude	VERB
abr-201	172	23	the	the	DET
abr-201	172	24	commission	commission	NOUN
abr-201	172	25	from	from	ADP
abr-201	172	26	determining	determine	VERB
abr-201	172	27	that	that	SCONJ
abr-201	172	28	a	a	DET
abr-201	172	29	particular	particular	ADJ
abr-201	172	30	utility	utility	NOUN
abr-201	172	31	’s	’s	PART
abr-201	172	32	capital	capital	NOUN
abr-201	172	33	structure	structure	NOUN
abr-201	172	34	is	be	AUX
abr-201	172	35	unreasonable	unreasonable	ADJ
abr-201	172	36	or	or	CCONJ
abr-201	172	37	uneconomical	uneconomical	ADJ
abr-201	172	38	when	when	SCONJ
abr-201	172	39	balancing	balance	VERB
abr-201	172	40	the	the	DET
abr-201	172	41	goals	goal	NOUN
abr-201	172	42	of	of	ADP
abr-201	172	43	safety	safety	NOUN
abr-201	172	44	,	,	PUNCT
abr-201	172	45	prudent	prudent	ADJ
abr-201	172	46	management	management	NOUN
abr-201	172	47	and	and	CCONJ
abr-201	172	48	economy	economy	NOUN
abr-201	172	49	and	and	CCONJ
abr-201	172	50	utilize	utilize	VERB
abr-201	172	51	a	a	DET
abr-201	172	52	hypothetical	hypothetical	ADJ
abr-201	172	53	capital	capital	NOUN
abr-201	172	54	structure	structure	NOUN
abr-201	172	55	for	for	ADP
abr-201	172	56	ratemaking	ratemaking	NOUN
abr-201	172	57	purposes	purpose	NOUN
abr-201	172	58	.	.	PUNCT
abr-201	173	1	pa	pa	PROPN
abr-201	173	2	.	.	PUNCT
abr-201	173	3	puc	puc	PROPN
abr-201	173	4	v.	v.	ADP
abr-201	173	5	carnegie	carnegie	PROPN
abr-201	173	6	natural	natural	ADJ
abr-201	173	7	gas	gas	NOUN
abr-201	173	8	company	company	NOUN
abr-201	173	9	,	,	PUNCT
abr-201	173	10	54	54	NUM
abr-201	173	11	pa	pa	PROPN
abr-201	173	12	.	.	PUNCT
abr-201	173	13	puc	puc	PROPN
abr-201	173	14	381	381	NUM
abr-201	173	15	,	,	PUNCT
abr-201	173	16	393	393	NUM
abr-201	173	17	(	(	PUNCT
abr-201	173	18	1980	1980	NUM
abr-201	173	19	)	)	PUNCT
abr-201	173	20	.	.	PUNCT
abr-201	174	1	it	it	PRON
abr-201	174	2	is	be	AUX
abr-201	174	3	therefore	therefore	ADV
abr-201	174	4	not	not	PART
abr-201	174	5	surprising	surprising	ADJ
abr-201	174	6	that	that	SCONJ
abr-201	174	7	utility	utility	NOUN
abr-201	174	8	financing	financing	NOUN
abr-201	174	9	decisions	decision	NOUN
abr-201	174	10	would	would	AUX
abr-201	174	11	take	take	VERB
abr-201	174	12	this	this	DET
abr-201	174	13	process	process	NOUN
abr-201	174	14	into	into	ADP
abr-201	174	15	account	account	NOUN
abr-201	174	16	and	and	CCONJ
abr-201	174	17	we	we	PRON
abr-201	174	18	would	would	AUX
abr-201	174	19	observe	observe	VERB
abr-201	174	20	,	,	PUNCT
abr-201	174	21	at	at	ADP
abr-201	174	22	least	least	ADJ
abr-201	174	23	some	some	PRON
abr-201	174	24	degree	degree	NOUN
abr-201	174	25	,	,	PUNCT
abr-201	174	26	of	of	ADP
abr-201	174	27	capital	capital	NOUN
abr-201	174	28	structure	structure	NOUN
abr-201	174	29	targeting	target	VERB
abr-201	174	30	.	.	PUNCT
abr-201	175	1	table	table	NOUN
abr-201	175	2	1	1	NUM
abr-201	175	3	results	result	NOUN
abr-201	175	4	for	for	ADP
abr-201	175	5	equations	equation	NOUN
abr-201	175	6	(	(	PUNCT
abr-201	175	7	4	4	NUM
abr-201	175	8	)	)	PUNCT
abr-201	175	9	and	and	CCONJ
abr-201	175	10	(	(	PUNCT
abr-201	175	11	5	5	X
abr-201	175	12	)	)	PUNCT
abr-201	175	13	using	use	VERB
abr-201	175	14	ols	ol	NOUN
abr-201	175	15	dependent	dependent	ADJ
abr-201	175	16	variable	variable	ADJ
abr-201	175	17	net	net	ADJ
abr-201	175	18	debt	debt	NOUN
abr-201	175	19	scaled	scale	VERB
abr-201	175	20	gross	gross	ADJ
abr-201	175	21	debt	debt	NOUN
abr-201	175	22	scaled	scale	VERB
abr-201	175	23	by	by	ADP
abr-201	175	24	assets	asset	NOUN
abr-201	175	25	change	change	NOUN
abr-201	175	26	in	in	ADP
abr-201	175	27	debt	debt	NOUN
abr-201	175	28	ratio	ratio	NOUN
abr-201	175	29	net	net	ADJ
abr-201	175	30	debt	debt	NOUN
abr-201	175	31	scaled	scale	VERB
abr-201	175	32	by	by	ADP
abr-201	175	33	assets	asset	NOUN
abr-201	175	34	gross	gross	ADJ
abr-201	175	35	debt	debt	NOUN
abr-201	175	36	scaled	scale	VERB
abr-201	175	37	by	by	ADP
abr-201	175	38	assets	asset	NOUN
abr-201	175	39	change	change	NOUN
abr-201	175	40	in	in	ADP
abr-201	175	41	debt	debt	NOUN
abr-201	175	42	ratio	ratio	NOUN
abr-201	175	43	8	8	NUM
abr-201	175	44	this	this	PRON
abr-201	175	45	could	could	AUX
abr-201	175	46	be	be	AUX
abr-201	175	47	due	due	ADJ
abr-201	175	48	to	to	ADP
abr-201	175	49	the	the	DET
abr-201	175	50	concern	concern	NOUN
abr-201	175	51	that	that	SCONJ
abr-201	175	52	a	a	DET
abr-201	175	53	regulatory	regulatory	ADJ
abr-201	175	54	body	body	NOUN
abr-201	175	55	may	may	AUX
abr-201	175	56	impose	impose	VERB
abr-201	175	57	a	a	DET
abr-201	175	58	capital	capital	NOUN
abr-201	175	59	structure	structure	NOUN
abr-201	175	60	for	for	ADP
abr-201	175	61	the	the	DET
abr-201	175	62	purposes	purpose	NOUN
abr-201	175	63	of	of	ADP
abr-201	175	64	setting	set	VERB
abr-201	175	65	rates	rate	NOUN
abr-201	175	66	that	that	PRON
abr-201	175	67	differs	differ	VERB
abr-201	175	68	from	from	ADP
abr-201	175	69	the	the	DET
abr-201	175	70	actual	actual	ADJ
abr-201	175	71	capital	capital	NOUN
abr-201	175	72	structure	structure	NOUN
abr-201	175	73	used	use	VERB
abr-201	175	74	to	to	PART
abr-201	175	75	raise	raise	VERB
abr-201	175	76	funds	fund	NOUN
abr-201	175	77	.	.	PUNCT
abr-201	176	1	there	there	PRON
abr-201	176	2	is	be	VERB
abr-201	176	3	evidence	evidence	NOUN
abr-201	176	4	that	that	SCONJ
abr-201	176	5	such	such	ADJ
abr-201	176	6	decisions	decision	NOUN
abr-201	176	7	by	by	ADP
abr-201	176	8	regulatory	regulatory	ADJ
abr-201	176	9	bodies	body	NOUN
abr-201	176	10	can	can	AUX
abr-201	176	11	have	have	AUX
abr-201	176	12	dramatic	dramatic	ADJ
abr-201	176	13	,	,	PUNCT
abr-201	176	14	if	if	SCONJ
abr-201	176	15	short	short	ADJ
abr-201	176	16	term	term	NOUN
abr-201	176	17	,	,	PUNCT
abr-201	176	18	negative	negative	ADJ
abr-201	176	19	effects	effect	NOUN
abr-201	176	20	on	on	ADP
abr-201	176	21	the	the	DET
abr-201	176	22	market	market	NOUN
abr-201	176	23	valuation	valuation	NOUN
abr-201	176	24	of	of	ADP
abr-201	176	25	the	the	DET
abr-201	176	26	firm	firm	NOUN
abr-201	176	27	.	.	PUNCT
abr-201	177	1	(	(	PUNCT
abr-201	177	2	see	see	VERB
abr-201	177	3	e.g.	e.g.	ADV
abr-201	177	4	,	,	PUNCT
abr-201	177	5	peterson	peterson	NOUN
abr-201	177	6	and	and	CCONJ
abr-201	177	7	mcdermott	mcdermott	PROPN
abr-201	177	8	,	,	PUNCT
abr-201	177	9	2018	2018	NUM
abr-201	177	10	)	)	PUNCT
abr-201	177	11	9	9	NUM
abr-201	177	12	the	the	DET
abr-201	177	13	notion	notion	NOUN
abr-201	177	14	that	that	SCONJ
abr-201	177	15	regulators	regulator	NOUN
abr-201	177	16	are	be	AUX
abr-201	177	17	active	active	ADJ
abr-201	177	18	monitors	monitor	NOUN
abr-201	177	19	of	of	ADP
abr-201	177	20	financing	financing	NOUN
abr-201	177	21	decisions	decision	NOUN
abr-201	177	22	as	as	SCONJ
abr-201	177	23	opposed	oppose	VERB
abr-201	177	24	to	to	ADP
abr-201	177	25	passive	passive	ADJ
abr-201	177	26	players	player	NOUN
abr-201	177	27	who	who	PRON
abr-201	177	28	respond	respond	VERB
abr-201	177	29	optimally	optimally	ADV
abr-201	177	30	to	to	ADP
abr-201	177	31	decisions	decision	NOUN
abr-201	177	32	made	make	VERB
abr-201	177	33	by	by	ADP
abr-201	177	34	the	the	DET
abr-201	177	35	regulated	regulate	VERB
abr-201	177	36	firm	firm	NOUN
abr-201	177	37	is	be	AUX
abr-201	177	38	at	at	ADP
abr-201	177	39	odds	odd	NOUN
abr-201	177	40	with	with	ADP
abr-201	177	41	much	much	ADJ
abr-201	177	42	of	of	ADP
abr-201	177	43	the	the	DET
abr-201	177	44	theoretical	theoretical	ADJ
abr-201	177	45	work	work	NOUN
abr-201	177	46	on	on	ADP
abr-201	177	47	regulated	regulated	ADJ
abr-201	177	48	capital	capital	NOUN
abr-201	177	49	structure	structure	NOUN
abr-201	177	50	in	in	ADP
abr-201	177	51	which	which	PRON
abr-201	177	52	the	the	DET
abr-201	177	53	regulated	regulated	ADJ
abr-201	177	54	firm	firm	NOUN
abr-201	177	55	strategically	strategically	ADV
abr-201	177	56	uses	use	VERB
abr-201	177	57	debt	debt	NOUN
abr-201	177	58	to	to	PART
abr-201	177	59	elicit	elicit	VERB
abr-201	177	60	a	a	DET
abr-201	177	61	predictable	predictable	ADJ
abr-201	177	62	response	response	NOUN
abr-201	177	63	from	from	ADP
abr-201	177	64	the	the	DET
abr-201	177	65	regulator	regulator	NOUN
abr-201	177	66	.	.	PUNCT
abr-201	178	1	(	(	PUNCT
abr-201	178	2	see	see	VERB
abr-201	178	3	e.g.	e.g.	ADV
abr-201	178	4	,	,	PUNCT
abr-201	178	5	taggart	taggart	NOUN
abr-201	178	6	,	,	PUNCT
abr-201	178	7	1991	1991	NUM
abr-201	178	8	,	,	PUNCT
abr-201	178	9	spiegel	spiegel	PROPN
abr-201	178	10	and	and	CCONJ
abr-201	178	11	spulber	spulber	PROPN
abr-201	178	12	1994	1994	NUM
abr-201	178	13	,	,	PUNCT
abr-201	178	14	1997	1997	NUM
abr-201	178	15	)	)	PUNCT
abr-201	178	16	.	.	PUNCT
abr-201	179	1	jensen	jensen	PROPN
abr-201	179	2	and	and	CCONJ
abr-201	179	3	meckling	meckling	NOUN
abr-201	179	4	(	(	PUNCT
abr-201	179	5	1976	1976	NUM
abr-201	179	6	)	)	PUNCT
abr-201	179	7	do	do	AUX
abr-201	179	8	argue	argue	VERB
abr-201	179	9	that	that	SCONJ
abr-201	179	10	the	the	DET
abr-201	179	11	regulatory	regulatory	ADJ
abr-201	179	12	body	body	NOUN
abr-201	179	13	plays	play	VERB
abr-201	179	14	a	a	DET
abr-201	179	15	monitoring	monitoring	NOUN
abr-201	179	16	role	role	NOUN
abr-201	179	17	.	.	PUNCT
abr-201	180	1	108	108	NUM
abr-201	180	2	by	by	ADP
abr-201	180	3	assets	asset	NOUN
abr-201	180	4	pot	pot	NOUN
abr-201	180	5	coefficient	coefficient	NOUN
abr-201	180	6	equation	equation	NOUN
abr-201	180	7	(	(	PUNCT
abr-201	180	8	4	4	NUM
abr-201	180	9	)	)	PUNCT
abr-201	180	10	-0.0060	-0.0060	NOUN
abr-201	180	11	(	(	PUNCT
abr-201	180	12	0.0064	0.0064	NUM
abr-201	180	13	)	)	PUNCT
abr-201	180	14	-0.0159	-0.0159	NOUN
abr-201	180	15	*	*	PUNCT
abr-201	180	16	(	(	PUNCT
abr-201	180	17	0.0076	0.0076	NUM
abr-201	180	18	)	)	PUNCT
abr-201	180	19	-0.0599	-0.0599	NOUN
abr-201	180	20	*	*	PUNCT
abr-201	180	21	(	(	PUNCT
abr-201	180	22	0.0116	0.0116	NUM
abr-201	180	23	)	)	PUNCT
abr-201	180	24	tot	tot	NOUN
abr-201	180	25	coefficient	coefficient	NOUN
abr-201	180	26	equation	equation	NOUN
abr-201	180	27	(	(	PUNCT
abr-201	180	28	5	5	NUM
abr-201	180	29	)	)	PUNCT
abr-201	180	30	0.0971	0.0971	NUM
abr-201	180	31	*	*	SYM
abr-201	180	32	(	(	PUNCT
abr-201	180	33	0.0099	0.0099	NUM
abr-201	180	34	)	)	PUNCT
abr-201	180	35	0.0243	0.0243	NUM
abr-201	180	36	*	*	PUNCT
abr-201	180	37	(	(	PUNCT
abr-201	180	38	0.0120	0.0120	NUM
abr-201	180	39	)	)	PUNCT
abr-201	180	40	0.2569	0.2569	NUM
abr-201	180	41	*	*	PUNCT
abr-201	180	42	(	(	PUNCT
abr-201	180	43	0.1284	0.1284	NUM
abr-201	180	44	)	)	PUNCT
abr-201	180	45	constant	constant	ADJ
abr-201	180	46	0.0065	0.0065	NUM
abr-201	180	47	*	*	SYM
abr-201	180	48	(	(	PUNCT
abr-201	180	49	0.0013	0.0013	NUM
abr-201	180	50	)	)	PUNCT
abr-201	180	51	0.0388	0.0388	NUM
abr-201	180	52	*	*	SYM
abr-201	180	53	(	(	PUNCT
abr-201	180	54	0.0016	0.0016	NUM
abr-201	180	55	)	)	PUNCT
abr-201	180	56	0.0103	0.0103	NUM
abr-201	180	57	*	*	SYM
abr-201	180	58	(	(	PUNCT
abr-201	180	59	0.0023	0.0023	NUM
abr-201	180	60	)	)	PUNCT
abr-201	180	61	0.0057	0.0057	NUM
abr-201	180	62	*	*	PUNCT
abr-201	180	63	(	(	PUNCT
abr-201	180	64	0.0007	0.0007	NUM
abr-201	180	65	)	)	PUNCT
abr-201	180	66	0.0365	0.0365	NUM
abr-201	180	67	*	*	SYM
abr-201	180	68	(	(	PUNCT
abr-201	180	69	0.0009	0.0009	NUM
abr-201	180	70	)	)	PUNCT
abr-201	180	71	-0.0002	-0.0002	NOUN
abr-201	180	72	(	(	PUNCT
abr-201	180	73	0.0009	0.0009	NUM
abr-201	180	74	)	)	PUNCT
abr-201	180	75	r2	r2	NOUN
abr-201	180	76	0.0003	0.0003	NUM
abr-201	180	77	0.0016	0.0016	NUM
abr-201	180	78	0.0103	0.0103	NUM
abr-201	180	79	0.0358	0.0358	NUM
abr-201	181	1	0.0016	0.0016	NUM
abr-201	181	2	0.1334	0.1334	NUM
abr-201	181	3	*	*	PUNCT
abr-201	181	4	significant	significant	ADJ
abr-201	181	5	at	at	ADP
abr-201	181	6	5	5	NUM
abr-201	181	7	percent	percent	NOUN
abr-201	181	8	level	level	NOUN
abr-201	181	9	.	.	PUNCT
abr-201	182	1	the	the	DET
abr-201	182	2	pot	pot	NOUN
abr-201	182	3	independent	independent	ADJ
abr-201	182	4	variable	variable	NOUN
abr-201	182	5	is	be	AUX
abr-201	182	6	the	the	DET
abr-201	182	7	deficit	deficit	NOUN
abr-201	182	8	defined	define	VERB
abr-201	182	9	in	in	ADP
abr-201	182	10	equation	equation	NOUN
abr-201	182	11	(	(	PUNCT
abr-201	182	12	4	4	NUM
abr-201	182	13	)	)	PUNCT
abr-201	182	14	.	.	PUNCT
abr-201	183	1	the	the	DET
abr-201	183	2	tot	tot	PROPN
abr-201	183	3	independent	independent	ADJ
abr-201	183	4	variable	variable	NOUN
abr-201	183	5	uses	use	VERB
abr-201	183	6	the	the	DET
abr-201	183	7	total	total	ADJ
abr-201	183	8	period	period	NOUN
abr-201	183	9	average	average	ADJ
abr-201	183	10	debt	debt	NOUN
abr-201	183	11	ratio	ratio	NOUN
abr-201	183	12	to	to	PART
abr-201	183	13	estimate	estimate	VERB
abr-201	183	14	the	the	DET
abr-201	183	15	target	target	NOUN
abr-201	183	16	debt	debt	NOUN
abr-201	183	17	levels	level	NOUN
abr-201	183	18	.	.	PUNCT
abr-201	184	1	conclusions	conclusion	NOUN
abr-201	184	2	this	this	DET
abr-201	184	3	paper	paper	NOUN
abr-201	184	4	reviews	review	VERB
abr-201	184	5	the	the	DET
abr-201	184	6	pot	pot	NOUN
abr-201	184	7	and	and	CCONJ
abr-201	184	8	tot	tot	NOUN
abr-201	184	9	theories	theory	NOUN
abr-201	184	10	of	of	ADP
abr-201	184	11	capital	capital	NOUN
abr-201	184	12	structure	structure	NOUN
abr-201	184	13	for	for	ADP
abr-201	184	14	electric	electric	ADJ
abr-201	184	15	utilities	utility	NOUN
abr-201	184	16	using	use	VERB
abr-201	184	17	a	a	DET
abr-201	184	18	simple	simple	ADJ
abr-201	184	19	deficit	deficit	NOUN
abr-201	184	20	funding	funding	NOUN
abr-201	184	21	model	model	NOUN
abr-201	184	22	and	and	CCONJ
abr-201	184	23	a	a	DET
abr-201	184	24	target	target	NOUN
abr-201	184	25	adjustment	adjustment	NOUN
abr-201	184	26	model	model	NOUN
abr-201	184	27	.	.	PUNCT
abr-201	185	1	our	our	PRON
abr-201	185	2	results	result	NOUN
abr-201	185	3	are	be	AUX
abr-201	185	4	inconsistent	inconsistent	ADJ
abr-201	185	5	with	with	ADP
abr-201	185	6	the	the	DET
abr-201	185	7	pot	pot	NOUN
abr-201	185	8	and	and	CCONJ
abr-201	185	9	only	only	ADV
abr-201	185	10	moderately	moderately	ADV
abr-201	185	11	consistent	consistent	ADJ
abr-201	185	12	with	with	ADP
abr-201	185	13	the	the	DET
abr-201	185	14	tot	tot	NOUN
abr-201	185	15	theory	theory	NOUN
abr-201	185	16	of	of	ADP
abr-201	185	17	capital	capital	NOUN
abr-201	185	18	structure	structure	NOUN
abr-201	185	19	for	for	ADP
abr-201	185	20	1988	1988	NUM
abr-201	185	21	-	-	SYM
abr-201	185	22	2014	2014	NUM
abr-201	185	23	in	in	ADP
abr-201	185	24	the	the	DET
abr-201	185	25	electric	electric	ADJ
abr-201	185	26	industry	industry	NOUN
abr-201	185	27	.	.	PUNCT
abr-201	186	1	these	these	DET
abr-201	186	2	results	result	NOUN
abr-201	186	3	are	be	AUX
abr-201	186	4	consistent	consistent	ADJ
abr-201	186	5	with	with	ADP
abr-201	186	6	mcdermott	mcdermott	PROPN
abr-201	186	7	and	and	CCONJ
abr-201	186	8	peterson	peterson	PROPN
abr-201	186	9	(	(	PUNCT
abr-201	186	10	2011	2011	NUM
abr-201	186	11	)	)	PUNCT
abr-201	186	12	who	who	PRON
abr-201	186	13	found	find	VERB
abr-201	186	14	moderate	moderate	ADJ
abr-201	186	15	support	support	NOUN
abr-201	186	16	for	for	ADP
abr-201	186	17	the	the	DET
abr-201	186	18	tot	tot	NOUN
abr-201	186	19	in	in	ADP
abr-201	186	20	a	a	DET
abr-201	186	21	limited	limited	ADJ
abr-201	186	22	study	study	NOUN
abr-201	186	23	of	of	ADP
abr-201	186	24	the	the	DET
abr-201	186	25	electric	electric	ADJ
abr-201	186	26	utility	utility	NOUN
abr-201	186	27	industry	industry	NOUN
abr-201	186	28	.	.	PUNCT
abr-201	187	1	it	it	PRON
abr-201	187	2	appears	appear	VERB
abr-201	187	3	that	that	SCONJ
abr-201	187	4	utility	utility	NOUN
abr-201	187	5	financing	financing	NOUN
abr-201	187	6	is	be	AUX
abr-201	187	7	somewhat	somewhat	ADV
abr-201	187	8	more	more	ADV
abr-201	187	9	complicated	complicated	ADJ
abr-201	187	10	than	than	SCONJ
abr-201	187	11	the	the	DET
abr-201	187	12	simple	simple	ADJ
abr-201	187	13	models	model	NOUN
abr-201	187	14	of	of	ADP
abr-201	187	15	capital	capital	NOUN
abr-201	187	16	structure	structure	NOUN
abr-201	187	17	might	might	AUX
abr-201	187	18	suggest	suggest	VERB
abr-201	187	19	.	.	PUNCT
abr-201	188	1	it	it	PRON
abr-201	188	2	may	may	AUX
abr-201	188	3	well	well	ADV
abr-201	188	4	be	be	AUX
abr-201	188	5	that	that	SCONJ
abr-201	188	6	the	the	DET
abr-201	188	7	electric	electric	ADJ
abr-201	188	8	industry	industry	NOUN
abr-201	188	9	,	,	PUNCT
abr-201	188	10	due	due	ADP
abr-201	188	11	to	to	ADP
abr-201	188	12	its	its	PRON
abr-201	188	13	regulated	regulated	ADJ
abr-201	188	14	nature	nature	NOUN
abr-201	188	15	,	,	PUNCT
abr-201	188	16	is	be	AUX
abr-201	188	17	less	less	ADV
abr-201	188	18	susceptible	susceptible	ADJ
abr-201	188	19	to	to	ADP
abr-201	188	20	problems	problem	NOUN
abr-201	188	21	of	of	ADP
abr-201	188	22	asymmetric	asymmetric	ADJ
abr-201	188	23	information	information	NOUN
abr-201	188	24	.	.	PUNCT
abr-201	189	1	moreover	moreover	ADV
abr-201	189	2	,	,	PUNCT
abr-201	189	3	it	it	PRON
abr-201	189	4	appears	appear	VERB
abr-201	189	5	that	that	SCONJ
abr-201	189	6	the	the	DET
abr-201	189	7	nature	nature	NOUN
abr-201	189	8	of	of	ADP
abr-201	189	9	the	the	DET
abr-201	189	10	rate	rate	NOUN
abr-201	189	11	-	-	PUNCT
abr-201	189	12	setting	set	VERB
abr-201	189	13	process	process	NOUN
abr-201	189	14	could	could	AUX
abr-201	189	15	lead	lead	VERB
abr-201	189	16	to	to	ADP
abr-201	189	17	the	the	DET
abr-201	189	18	use	use	NOUN
abr-201	189	19	of	of	ADP
abr-201	189	20	a	a	DET
abr-201	189	21	target	target	NOUN
abr-201	189	22	capital	capital	NOUN
abr-201	189	23	structure	structure	NOUN
abr-201	189	24	range	range	NOUN
abr-201	189	25	.	.	PUNCT
abr-201	190	1	future	future	ADJ
abr-201	190	2	work	work	NOUN
abr-201	190	3	,	,	PUNCT
abr-201	190	4	however	however	ADV
abr-201	190	5	,	,	PUNCT
abr-201	190	6	is	be	AUX
abr-201	190	7	necessary	necessary	ADJ
abr-201	190	8	to	to	PART
abr-201	190	9	refine	refine	VERB
abr-201	190	10	the	the	DET
abr-201	190	11	picture	picture	NOUN
abr-201	190	12	of	of	ADP
abr-201	190	13	the	the	DET
abr-201	190	14	financing	financing	NOUN
abr-201	190	15	process	process	NOUN
abr-201	190	16	for	for	ADP
abr-201	190	17	electric	electric	ADJ
abr-201	190	18	utilities	utility	NOUN
abr-201	190	19	.	.	PUNCT
abr-201	191	1	for	for	ADP
abr-201	191	2	example	example	NOUN
abr-201	191	3	,	,	PUNCT
abr-201	191	4	the	the	DET
abr-201	191	5	specific	specific	ADJ
abr-201	191	6	rate	rate	NOUN
abr-201	191	7	-	-	PUNCT
abr-201	191	8	setting	set	VERB
abr-201	191	9	mechanism	mechanism	NOUN
abr-201	191	10	may	may	AUX
abr-201	191	11	influence	influence	VERB
abr-201	191	12	capital	capital	NOUN
abr-201	191	13	structure	structure	NOUN
abr-201	191	14	decisions	decision	NOUN
abr-201	191	15	.	.	PUNCT
abr-201	192	1	(	(	PUNCT
abr-201	192	2	see	see	VERB
abr-201	192	3	e.g.	e.g.	ADV
abr-201	192	4	,	,	PUNCT
abr-201	192	5	de	de	PROPN
abr-201	192	6	fraja	fraja	NOUN
abr-201	192	7	and	and	CCONJ
abr-201	192	8	stones	stone	NOUN
abr-201	192	9	,	,	PUNCT
abr-201	192	10	2004	2004	NUM
abr-201	192	11	)	)	PUNCT
abr-201	192	12	.	.	PUNCT
abr-201	193	1	utilities	utility	NOUN
abr-201	193	2	that	that	PRON
abr-201	193	3	have	have	VERB
abr-201	193	4	formula	formula	NOUN
abr-201	193	5	rate	rate	NOUN
abr-201	193	6	mechanisms	mechanism	NOUN
abr-201	193	7	in	in	ADP
abr-201	193	8	which	which	PRON
abr-201	193	9	capital	capital	NOUN
abr-201	193	10	structure	structure	NOUN
abr-201	193	11	is	be	AUX
abr-201	193	12	set	set	VERB
abr-201	193	13	on	on	ADP
abr-201	193	14	an	an	DET
abr-201	193	15	annual	annual	ADJ
abr-201	193	16	basis	basis	NOUN
abr-201	193	17	through	through	ADP
abr-201	193	18	an	an	DET
abr-201	193	19	exogenous	exogenous	ADJ
abr-201	193	20	metric	metric	NOUN
abr-201	193	21	may	may	AUX
abr-201	193	22	operate	operate	VERB
abr-201	193	23	differently	differently	ADV
abr-201	193	24	from	from	ADP
abr-201	193	25	utilities	utility	NOUN
abr-201	193	26	with	with	ADP
abr-201	193	27	a	a	DET
abr-201	193	28	more	more	ADV
abr-201	193	29	traditional	traditional	ADJ
abr-201	193	30	administratively	administratively	ADV
abr-201	193	31	set	set	VERB
abr-201	193	32	capital	capital	NOUN
abr-201	193	33	structure	structure	NOUN
abr-201	193	34	.	.	PUNCT
abr-201	194	1	moreover	moreover	ADV
abr-201	194	2	,	,	PUNCT
abr-201	194	3	the	the	DET
abr-201	194	4	favorability	favorability	NOUN
abr-201	194	5	of	of	ADP
abr-201	194	6	the	the	DET
abr-201	194	7	regulatory	regulatory	ADJ
abr-201	194	8	climate	climate	NOUN
abr-201	194	9	may	may	AUX
abr-201	194	10	also	also	ADV
abr-201	194	11	influence	influence	VERB
abr-201	194	12	the	the	DET
abr-201	194	13	decision	decision	NOUN
abr-201	194	14	.	.	PUNCT
abr-201	195	1	(	(	PUNCT
abr-201	195	2	see	see	VERB
abr-201	195	3	e.g.	e.g.	ADV
abr-201	195	4	,	,	PUNCT
abr-201	195	5	rao	rao	NOUN
abr-201	195	6	and	and	CCONJ
abr-201	195	7	moyer	moyer	PROPN
abr-201	195	8	,	,	PUNCT
abr-201	195	9	1994	1994	NUM
abr-201	195	10	)	)	PUNCT
abr-201	195	11	.	.	PUNCT
abr-201	196	1	for	for	ADP
abr-201	196	2	example	example	NOUN
abr-201	196	3	,	,	PUNCT
abr-201	196	4	during	during	ADP
abr-201	196	5	portions	portion	NOUN
abr-201	196	6	of	of	ADP
abr-201	196	7	the	the	DET
abr-201	196	8	time	time	NOUN
abr-201	196	9	frame	frame	NOUN
abr-201	196	10	under	under	ADP
abr-201	196	11	study	study	NOUN
abr-201	196	12	here	here	ADV
abr-201	196	13	,	,	PUNCT
abr-201	196	14	financing	financing	NOUN
abr-201	196	15	decisions	decision	NOUN
abr-201	196	16	were	be	AUX
abr-201	196	17	likely	likely	ADV
abr-201	196	18	influenced	influence	VERB
abr-201	196	19	by	by	ADP
abr-201	196	20	the	the	DET
abr-201	196	21	rapid	rapid	ADJ
abr-201	196	22	changes	change	NOUN
abr-201	196	23	in	in	ADP
abr-201	196	24	the	the	DET
abr-201	196	25	structure	structure	NOUN
abr-201	196	26	of	of	ADP
abr-201	196	27	the	the	DET
abr-201	196	28	industry	industry	NOUN
abr-201	196	29	,	,	PUNCT
abr-201	196	30	namely	namely	ADV
abr-201	196	31	the	the	DET
abr-201	196	32	relaxing	relaxing	NOUN
abr-201	196	33	of	of	ADP
abr-201	196	34	entry	entry	NOUN
abr-201	196	35	restrictions	restriction	NOUN
abr-201	196	36	.	.	PUNCT
abr-201	197	1	(	(	PUNCT
abr-201	197	2	see	see	VERB
abr-201	197	3	e.g.	e.g.	ADV
abr-201	197	4	,	,	PUNCT
abr-201	197	5	sanyal	sanyal	NOUN
abr-201	197	6	and	and	CCONJ
abr-201	197	7	bulan	bulan	PROPN
abr-201	197	8	,	,	PUNCT
abr-201	197	9	2011	2011	NUM
abr-201	197	10	)	)	PUNCT
abr-201	197	11	.	.	PUNCT
abr-201	198	1	we	we	PRON
abr-201	198	2	might	might	AUX
abr-201	198	3	expect	expect	VERB
abr-201	198	4	deregulatory	deregulatory	ADJ
abr-201	198	5	policies	policy	NOUN
abr-201	198	6	to	to	PART
abr-201	198	7	favor	favor	VERB
abr-201	198	8	the	the	DET
abr-201	198	9	pot	pot	NOUN
abr-201	198	10	as	as	SCONJ
abr-201	198	11	regulated	regulate	VERB
abr-201	198	12	firms	firm	NOUN
abr-201	198	13	transition	transition	VERB
abr-201	198	14	to	to	ADP
abr-201	198	15	operating	operate	VERB
abr-201	198	16	more	more	ADV
abr-201	198	17	like	like	ADP
abr-201	198	18	unregulated	unregulated	ADJ
abr-201	198	19	firms	firm	NOUN
abr-201	198	20	and	and	CCONJ
abr-201	198	21	,	,	PUNCT
abr-201	198	22	consequently	consequently	ADV
abr-201	198	23	,	,	PUNCT
abr-201	198	24	begin	begin	VERB
abr-201	198	25	to	to	ADP
abr-201	198	26	de	de	ADJ
abr-201	198	27	-	-	ADJ
abr-201	198	28	lever	lever	ADJ
abr-201	198	29	capital	capital	NOUN
abr-201	198	30	structures	structure	NOUN
abr-201	198	31	.	.	PUNCT
abr-201	199	1	yet	yet	ADV
abr-201	199	2	deleveraging	deleverage	VERB
abr-201	199	3	appears	appear	VERB
abr-201	199	4	to	to	PART
abr-201	199	5	have	have	AUX
abr-201	199	6	continued	continue	VERB
abr-201	199	7	after	after	ADP
abr-201	199	8	the	the	DET
abr-201	199	9	initial	initial	ADJ
abr-201	199	10	reforms	reform	NOUN
abr-201	199	11	in	in	ADP
abr-201	199	12	the	the	DET
abr-201	199	13	industry	industry	NOUN
abr-201	199	14	and	and	CCONJ
abr-201	199	15	appears	appear	VERB
abr-201	199	16	to	to	PART
abr-201	199	17	have	have	AUX
abr-201	199	18	done	do	VERB
abr-201	199	19	so	so	ADV
abr-201	199	20	even	even	ADV
abr-201	199	21	for	for	ADP
abr-201	199	22	that	that	DET
abr-201	199	23	portion	portion	NOUN
abr-201	199	24	of	of	ADP
abr-201	199	25	the	the	DET
abr-201	199	26	industry	industry	NOUN
abr-201	199	27	not	not	PART
abr-201	199	28	open	open	ADJ
abr-201	199	29	to	to	ADP
abr-201	199	30	entry	entry	NOUN
abr-201	199	31	.	.	PUNCT
abr-201	200	1	finally	finally	ADV
abr-201	200	2	,	,	PUNCT
abr-201	200	3	this	this	DET
abr-201	200	4	paper	paper	NOUN
abr-201	200	5	has	have	AUX
abr-201	200	6	not	not	PART
abr-201	200	7	addressed	address	VERB
abr-201	200	8	the	the	DET
abr-201	200	9	strategic	strategic	ADJ
abr-201	200	10	nature	nature	NOUN
abr-201	200	11	of	of	ADP
abr-201	200	12	the	the	DET
abr-201	200	13	regulatory	regulatory	ADJ
abr-201	200	14	relationship	relationship	NOUN
abr-201	200	15	.	.	PUNCT
abr-201	201	1	since	since	SCONJ
abr-201	201	2	regulated	regulated	ADJ
abr-201	201	3	firms	firm	NOUN
abr-201	201	4	operate	operate	VERB
abr-201	201	5	in	in	ADP
abr-201	201	6	a	a	DET
abr-201	201	7	semi	semi	ADJ
abr-201	201	8	-	-	ADJ
abr-201	201	9	closed	closed	ADJ
abr-201	201	10	system	system	NOUN
abr-201	201	11	in	in	ADP
abr-201	201	12	which	which	PRON
abr-201	201	13	managerial	managerial	ADJ
abr-201	201	14	decisions	decision	NOUN
abr-201	201	15	can	can	AUX
abr-201	201	16	influence	influence	VERB
abr-201	201	17	regulatory	regulatory	ADJ
abr-201	201	18	outcomes	outcome	NOUN
abr-201	201	19	,	,	PUNCT
abr-201	201	20	regulated	regulated	ADJ
abr-201	201	21	firms	firm	NOUN
abr-201	201	22	may	may	AUX
abr-201	201	23	have	have	VERB
abr-201	201	24	incentives	incentive	NOUN
abr-201	201	25	to	to	PART
abr-201	201	26	strategically	strategically	ADV
abr-201	201	27	choose	choose	VERB
abr-201	201	28	their	their	PRON
abr-201	201	29	capital	capital	NOUN
abr-201	201	30	structure	structure	NOUN
abr-201	201	31	(	(	PUNCT
abr-201	201	32	see	see	VERB
abr-201	201	33	e.g.	e.g.	ADV
abr-201	201	34	,	,	PUNCT
abr-201	201	35	taggart	taggart	NOUN
abr-201	201	36	,	,	PUNCT
abr-201	201	37	1981	1981	NUM
abr-201	201	38	,	,	PUNCT
abr-201	201	39	spiegel	spiegel	PROPN
abr-201	201	40	&	&	CCONJ
abr-201	201	41	spulber	spulber	PROPN
abr-201	201	42	(	(	PUNCT
abr-201	201	43	1994	1994	NUM
abr-201	201	44	,	,	PUNCT
abr-201	201	45	1997	1997	NUM
abr-201	201	46	)	)	PUNCT
abr-201	201	47	or	or	CCONJ
abr-201	201	48	bortolotti	bortolotti	VERB
abr-201	201	49	et	et	PROPN
abr-201	201	50	al	al	PROPN
abr-201	201	51	.	.	PROPN
abr-201	201	52	,	,	PUNCT
abr-201	201	53	2007	2007	NUM
abr-201	201	54	)	)	PUNCT
abr-201	201	55	.	.	PUNCT
abr-201	202	1	attempting	attempt	VERB
abr-201	202	2	to	to	PART
abr-201	202	3	refine	refine	VERB
abr-201	202	4	the	the	DET
abr-201	202	5	picture	picture	NOUN
abr-201	202	6	of	of	ADP
abr-201	202	7	capital	capital	NOUN
abr-201	202	8	structure	structure	NOUN
abr-201	202	9	decisions	decision	NOUN
abr-201	202	10	through	through	ADP
abr-201	202	11	a	a	DET
abr-201	202	12	more	more	ADV
abr-201	202	13	detailed	detailed	ADJ
abr-201	202	14	examination	examination	NOUN
abr-201	202	15	of	of	ADP
abr-201	202	16	the	the	DET
abr-201	202	17	regulatory	regulatory	ADJ
abr-201	202	18	structure	structure	NOUN
abr-201	202	19	should	should	AUX
abr-201	202	20	provide	provide	VERB
abr-201	202	21	additional	additional	ADJ
abr-201	202	22	insights	insight	NOUN
abr-201	202	23	.	.	PUNCT
abr-201	203	1	109	109	NUM
abr-201	203	2	references	reference	NOUN
abr-201	203	3	asquith	asquith	PROPN
abr-201	203	4	,	,	PUNCT
abr-201	203	5	p.	p.	PROPN
abr-201	203	6	,	,	PUNCT
abr-201	203	7	&	&	CCONJ
abr-201	203	8	mullins	mullins	PROPN
abr-201	203	9	,	,	PUNCT
abr-201	203	10	d.w	d.w	PROPN
abr-201	203	11	.	.	PROPN
abr-201	203	12	jr	jr	PROPN
abr-201	203	13	.	.	PROPN
abr-201	203	14	(	(	PUNCT
abr-201	203	15	1986	1986	NUM
abr-201	203	16	)	)	PUNCT
abr-201	203	17	.	.	PUNCT
abr-201	204	1	equity	equity	NOUN
abr-201	204	2	issues	issue	NOUN
abr-201	204	3	and	and	CCONJ
abr-201	204	4	offering	offer	VERB
abr-201	204	5	dilution	dilution	NOUN
abr-201	204	6	,	,	PUNCT
abr-201	204	7	journal	journal	NOUN
abr-201	204	8	of	of	ADP
abr-201	204	9	financial	financial	ADJ
abr-201	204	10	economics	economic	NOUN
abr-201	204	11	,	,	PUNCT
abr-201	204	12	15(2	15(2	NUM
abr-201	204	13	)	)	PUNCT
abr-201	204	14	,	,	PUNCT
abr-201	204	15	61	61	NUM
abr-201	204	16	-	-	SYM
abr-201	204	17	89	89	NUM
abr-201	204	18	.	.	PUNCT
abr-201	204	19	baskin	baskin	PROPN
abr-201	204	20	,	,	PUNCT
abr-201	204	21	j.	j.	PROPN
abr-201	204	22	(	(	PUNCT
abr-201	204	23	1989	1989	NUM
abr-201	204	24	)	)	PUNCT
abr-201	204	25	.	.	PUNCT
abr-201	205	1	an	an	DET
abr-201	205	2	empirical	empirical	ADJ
abr-201	205	3	examination	examination	NOUN
abr-201	205	4	of	of	ADP
abr-201	205	5	the	the	DET
abr-201	205	6	pecking	pecking	NOUN
abr-201	205	7	order	order	NOUN
abr-201	205	8	hypothesis	hypothesis	NOUN
abr-201	205	9	,	,	PUNCT
abr-201	205	10	financial	financial	ADJ
abr-201	205	11	management	management	NOUN
abr-201	205	12	,	,	PUNCT
abr-201	205	13	18(1	18(1	NUM
abr-201	205	14	)	)	PUNCT
abr-201	205	15	,	,	PUNCT
abr-201	205	16	26	26	NUM
abr-201	205	17	-	-	SYM
abr-201	205	18	35	35	NUM
abr-201	205	19	.	.	PUNCT
abr-201	205	20	bessler	bessler	PROPN
abr-201	205	21	,	,	PUNCT
abr-201	205	22	w.	w.	PROPN
abr-201	205	23	,	,	PUNCT
abr-201	205	24	w.	w.	PROPN
abr-201	205	25	drobeta	drobeta	PROPN
abr-201	205	26	,	,	PUNCT
abr-201	205	27	&	&	CCONJ
abr-201	205	28	grüninger	grüninger	PROPN
abr-201	205	29	,	,	PUNCT
abr-201	205	30	m.c	m.c	PROPN
abr-201	205	31	.	.	PROPN
abr-201	205	32	(	(	PUNCT
abr-201	205	33	2010	2010	NUM
abr-201	205	34	)	)	PUNCT
abr-201	205	35	,	,	PUNCT
abr-201	205	36	international	international	ADJ
abr-201	205	37	tests	test	NOUN
abr-201	205	38	of	of	ADP
abr-201	205	39	the	the	DET
abr-201	205	40	pecking	pecking	NOUN
abr-201	205	41	order	order	NOUN
abr-201	205	42	theory	theory	NOUN
abr-201	205	43	,	,	PUNCT
abr-201	205	44	working	working	NOUN
abr-201	205	45	paper	paper	NOUN
abr-201	205	46	,	,	PUNCT
abr-201	205	47	justus	justus	PROPN
abr-201	205	48	-	-	PUNCT
abr-201	205	49	liebig	liebig	NOUN
abr-201	205	50	-	-	PUNCT
abr-201	205	51	university	university	NOUN
abr-201	205	52	giessen	giessen	NOUN
abr-201	205	53	.	.	PUNCT
abr-201	206	1	de	de	PROPN
abr-201	206	2	fraja	fraja	PROPN
abr-201	206	3	,	,	PUNCT
abr-201	206	4	g.	g.	PROPN
abr-201	206	5	,	,	PUNCT
abr-201	206	6	&	&	CCONJ
abr-201	206	7	stones	stone	NOUN
abr-201	206	8	,	,	PUNCT
abr-201	206	9	c.	c.	PROPN
abr-201	206	10	(	(	PUNCT
abr-201	206	11	2004	2004	NUM
abr-201	206	12	)	)	PUNCT
abr-201	206	13	.	.	PUNCT
abr-201	207	1	risk	risk	NOUN
abr-201	207	2	and	and	CCONJ
abr-201	207	3	capital	capital	NOUN
abr-201	207	4	structure	structure	NOUN
abr-201	207	5	in	in	ADP
abr-201	207	6	the	the	DET
abr-201	207	7	regulated	regulated	ADJ
abr-201	207	8	firm	firm	NOUN
abr-201	207	9	,	,	PUNCT
abr-201	207	10	journal	journal	NOUN
abr-201	207	11	of	of	ADP
abr-201	207	12	regulatory	regulatory	ADJ
abr-201	207	13	economics	economic	NOUN
abr-201	207	14	,	,	PUNCT
abr-201	207	15	26(1	26(1	NUM
abr-201	207	16	)	)	PUNCT
abr-201	207	17	,	,	PUNCT
abr-201	207	18	69	69	NUM
abr-201	207	19	-	-	SYM
abr-201	207	20	84	84	NUM
abr-201	207	21	.	.	PUNCT
abr-201	208	1	dierkens	dierkens	PROPN
abr-201	208	2	,	,	PUNCT
abr-201	208	3	n.	n.	NOUN
abr-201	208	4	(	(	PUNCT
abr-201	208	5	1991	1991	NUM
abr-201	208	6	)	)	PUNCT
abr-201	208	7	.	.	PUNCT
abr-201	209	1	information	information	NOUN
abr-201	209	2	asymmetry	asymmetry	NOUN
abr-201	209	3	and	and	CCONJ
abr-201	209	4	equity	equity	NOUN
abr-201	209	5	issues	issue	NOUN
abr-201	209	6	,	,	PUNCT
abr-201	209	7	journal	journal	NOUN
abr-201	209	8	of	of	ADP
abr-201	209	9	financial	financial	ADJ
abr-201	209	10	and	and	CCONJ
abr-201	209	11	quantitative	quantitative	ADJ
abr-201	209	12	analysis	analysis	NOUN
abr-201	209	13	,	,	PUNCT
abr-201	209	14	26(2	26(2	NUM
abr-201	209	15	)	)	PUNCT
abr-201	209	16	,	,	PUNCT
abr-201	209	17	181	181	NUM
abr-201	209	18	-	-	SYM
abr-201	209	19	99	99	NUM
abr-201	209	20	.	.	PUNCT
abr-201	210	1	d'mello	d'mello	PROPN
abr-201	210	2	,	,	PUNCT
abr-201	210	3	r.	r.	PROPN
abr-201	210	4	,	,	PUNCT
abr-201	210	5	&	&	CCONJ
abr-201	210	6	ferris	ferris	PROPN
abr-201	210	7	,	,	PUNCT
abr-201	210	8	s.p	s.p	PROPN
abr-201	210	9	.	.	PROPN
abr-201	210	10	(	(	PUNCT
abr-201	210	11	2000	2000	NUM
abr-201	210	12	)	)	PUNCT
abr-201	210	13	.	.	PUNCT
abr-201	211	1	the	the	DET
abr-201	211	2	information	information	NOUN
abr-201	211	3	effects	effect	NOUN
abr-201	211	4	of	of	ADP
abr-201	211	5	analyst	analyst	NOUN
abr-201	211	6	activity	activity	NOUN
abr-201	211	7	at	at	ADP
abr-201	211	8	the	the	DET
abr-201	211	9	announcement	announcement	NOUN
abr-201	211	10	of	of	ADP
abr-201	211	11	new	new	ADJ
abr-201	211	12	equity	equity	NOUN
abr-201	211	13	issues	issue	NOUN
abr-201	211	14	.	.	PUNCT
abr-201	212	1	financial	financial	ADJ
abr-201	212	2	management	management	NOUN
abr-201	212	3	,	,	PUNCT
abr-201	212	4	29(1	29(1	NUM
abr-201	212	5	)	)	PUNCT
abr-201	212	6	,	,	PUNCT
abr-201	212	7	78	78	NUM
abr-201	212	8	-	-	SYM
abr-201	212	9	95	95	NUM
abr-201	212	10	.	.	PUNCT
abr-201	213	1	donaldson	donaldson	PROPN
abr-201	213	2	,	,	PUNCT
abr-201	213	3	g.	g.	PROPN
abr-201	213	4	(	(	PUNCT
abr-201	213	5	1961	1961	NUM
abr-201	213	6	)	)	PUNCT
abr-201	213	7	.	.	PUNCT
abr-201	214	1	corporate	corporate	ADJ
abr-201	214	2	debt	debt	NOUN
abr-201	214	3	capacity	capacity	NOUN
abr-201	214	4	:	:	PUNCT
abr-201	214	5	a	a	DET
abr-201	214	6	study	study	NOUN
abr-201	214	7	of	of	ADP
abr-201	214	8	corporate	corporate	ADJ
abr-201	214	9	debt	debt	NOUN
abr-201	214	10	policy	policy	NOUN
abr-201	214	11	and	and	CCONJ
abr-201	214	12	the	the	DET
abr-201	214	13	determination	determination	NOUN
abr-201	214	14	of	of	ADP
abr-201	214	15	corporate	corporate	ADJ
abr-201	214	16	debt	debt	NOUN
abr-201	214	17	capacity	capacity	NOUN
abr-201	214	18	,	,	PUNCT
abr-201	214	19	harvard	harvard	PROPN
abr-201	214	20	business	business	PROPN
abr-201	214	21	school	school	PROPN
abr-201	214	22	,	,	PUNCT
abr-201	214	23	division	division	NOUN
abr-201	214	24	of	of	ADP
abr-201	214	25	research	research	NOUN
abr-201	214	26	,	,	PUNCT
abr-201	214	27	cambridge	cambridge	PROPN
abr-201	214	28	,	,	PUNCT
abr-201	214	29	ma	ma	PROPN
abr-201	214	30	.	.	PROPN
abr-201	214	31	eckbo	eckbo	PROPN
abr-201	214	32	,	,	PUNCT
abr-201	214	33	e.	e.	PROPN
abr-201	214	34	(	(	PUNCT
abr-201	214	35	1986	1986	NUM
abr-201	214	36	)	)	PUNCT
abr-201	214	37	.	.	PUNCT
abr-201	215	1	the	the	DET
abr-201	215	2	valuation	valuation	NOUN
abr-201	215	3	effects	effect	NOUN
abr-201	215	4	of	of	ADP
abr-201	215	5	corporate	corporate	ADJ
abr-201	215	6	debt	debt	NOUN
abr-201	215	7	offerings	offering	NOUN
abr-201	215	8	,	,	PUNCT
abr-201	215	9	journal	journal	NOUN
abr-201	215	10	of	of	ADP
abr-201	215	11	financial	financial	ADJ
abr-201	215	12	economics	economic	NOUN
abr-201	215	13	,	,	PUNCT
abr-201	215	14	15(1	15(1	NUM
abr-201	215	15	-	-	SYM
abr-201	215	16	2	2	NUM
abr-201	215	17	)	)	PUNCT
abr-201	215	18	,	,	PUNCT
abr-201	215	19	119	119	NUM
abr-201	215	20	-	-	SYM
abr-201	215	21	52	52	NUM
abr-201	215	22	.	.	PUNCT
abr-201	216	1	fama	fama	PROPN
abr-201	216	2	,	,	PUNCT
abr-201	216	3	e.	e.	PROPN
abr-201	216	4	f.	f.	PROPN
abr-201	216	5	,	,	PUNCT
abr-201	216	6	&	&	CCONJ
abr-201	216	7	french	french	PROPN
abr-201	216	8	,	,	PUNCT
abr-201	216	9	k.r	k.r	PROPN
abr-201	216	10	.	.	PROPN
abr-201	216	11	(	(	PUNCT
abr-201	216	12	2005	2005	NUM
abr-201	216	13	)	)	PUNCT
abr-201	216	14	.	.	PUNCT
abr-201	217	1	financing	financing	NOUN
abr-201	217	2	decisions	decision	NOUN
abr-201	217	3	:	:	PUNCT
abr-201	217	4	who	who	PRON
abr-201	217	5	issues	issue	VERB
abr-201	217	6	stock	stock	NOUN
abr-201	217	7	?	?	PUNCT
abr-201	218	1	journal	journal	NOUN
abr-201	218	2	of	of	ADP
abr-201	218	3	financial	financial	ADJ
abr-201	218	4	economics	economic	NOUN
abr-201	218	5	,	,	PUNCT
abr-201	218	6	76	76	NUM
abr-201	218	7	,	,	PUNCT
abr-201	218	8	549	549	NUM
abr-201	218	9	-	-	SYM
abr-201	218	10	582	582	NUM
abr-201	218	11	.	.	PUNCT
abr-201	219	1	fama	fama	PROPN
abr-201	219	2	,	,	PUNCT
abr-201	219	3	e.	e.	PROPN
abr-201	219	4	f.	f.	PROPN
abr-201	219	5	,	,	PUNCT
abr-201	219	6	&	&	CCONJ
abr-201	219	7	french	french	PROPN
abr-201	219	8	,	,	PUNCT
abr-201	219	9	k.r	k.r	PROPN
abr-201	219	10	.	.	PROPN
abr-201	219	11	(	(	PUNCT
abr-201	219	12	2005	2005	NUM
abr-201	219	13	)	)	PUNCT
abr-201	219	14	.	.	PUNCT
abr-201	220	1	testing	test	VERB
abr-201	220	2	trade	trade	NOUN
abr-201	220	3	-	-	PUNCT
abr-201	220	4	off	off	NOUN
abr-201	220	5	and	and	CCONJ
abr-201	220	6	pecking	pecking	NOUN
abr-201	220	7	order	order	NOUN
abr-201	220	8	predictions	prediction	NOUN
abr-201	220	9	about	about	ADP
abr-201	220	10	dividends	dividend	NOUN
abr-201	220	11	and	and	CCONJ
abr-201	220	12	debt	debt	NOUN
abr-201	220	13	,	,	PUNCT
abr-201	220	14	review	review	NOUN
abr-201	220	15	of	of	ADP
abr-201	220	16	financial	financial	ADJ
abr-201	220	17	studies	study	NOUN
abr-201	220	18	,	,	PUNCT
abr-201	220	19	15(1	15(1	NUM
abr-201	220	20	)	)	PUNCT
abr-201	220	21	,	,	PUNCT
abr-201	220	22	1	1	NUM
abr-201	220	23	-	-	SYM
abr-201	220	24	33	33	NUM
abr-201	220	25	.	.	PUNCT
abr-201	220	26	filbeck	filbeck	PROPN
abr-201	220	27	g.	g.	PROPN
abr-201	220	28	,	,	PUNCT
abr-201	220	29	&	&	CCONJ
abr-201	220	30	hatfield	hatfield	PROPN
abr-201	220	31	,	,	PUNCT
abr-201	220	32	p.	p.	NOUN
abr-201	220	33	(	(	PUNCT
abr-201	220	34	1999	1999	NUM
abr-201	220	35	)	)	PUNCT
abr-201	220	36	.	.	PUNCT
abr-201	221	1	public	public	ADJ
abr-201	221	2	utility	utility	NOUN
abr-201	221	3	companies	company	NOUN
abr-201	221	4	:	:	PUNCT
abr-201	221	5	institutional	institutional	ADJ
abr-201	221	6	ownership	ownership	NOUN
abr-201	221	7	,	,	PUNCT
abr-201	221	8	and	and	CCONJ
abr-201	221	9	the	the	DET
abr-201	221	10	share	share	NOUN
abr-201	221	11	price	price	NOUN
abr-201	221	12	response	response	NOUN
abr-201	221	13	to	to	ADP
abr-201	221	14	new	new	ADJ
abr-201	221	15	equity	equity	NOUN
abr-201	221	16	issues	issue	NOUN
abr-201	221	17	,	,	PUNCT
abr-201	221	18	journal	journal	NOUN
abr-201	221	19	of	of	ADP
abr-201	221	20	financial	financial	ADJ
abr-201	221	21	and	and	CCONJ
abr-201	221	22	strategic	strategic	ADJ
abr-201	221	23	decisions	decision	NOUN
abr-201	221	24	,	,	PUNCT
abr-201	221	25	12(2	12(2	NUM
abr-201	221	26	)	)	PUNCT
abr-201	221	27	,	,	PUNCT
abr-201	221	28	31	31	NUM
abr-201	221	29	-	-	SYM
abr-201	221	30	38	38	NUM
abr-201	221	31	.	.	PUNCT
abr-201	222	1	frank	frank	PROPN
abr-201	222	2	,	,	PUNCT
abr-201	222	3	m.z	m.z	PROPN
abr-201	222	4	.	.	PROPN
abr-201	222	5	,	,	PUNCT
abr-201	222	6	&	&	CCONJ
abr-201	222	7	goyal	goyal	PROPN
abr-201	222	8	,	,	PUNCT
abr-201	222	9	v.k	v.k	PROPN
abr-201	222	10	.	.	PROPN
abr-201	222	11	(	(	PUNCT
abr-201	222	12	2003	2003	NUM
abr-201	222	13	)	)	PUNCT
abr-201	222	14	.	.	PUNCT
abr-201	223	1	testing	test	VERB
abr-201	223	2	the	the	DET
abr-201	223	3	peaking	peak	VERB
abr-201	223	4	order	order	NOUN
abr-201	223	5	theory	theory	NOUN
abr-201	223	6	of	of	ADP
abr-201	223	7	capital	capital	NOUN
abr-201	223	8	structure	structure	NOUN
abr-201	223	9	,	,	PUNCT
abr-201	223	10	journal	journal	NOUN
abr-201	223	11	of	of	ADP
abr-201	223	12	financial	financial	ADJ
abr-201	223	13	management	management	NOUN
abr-201	223	14	,	,	PUNCT
abr-201	223	15	67(2	67(2	NUM
abr-201	223	16	)	)	PUNCT
abr-201	223	17	,	,	PUNCT
abr-201	223	18	217	217	NUM
abr-201	223	19	-	-	SYM
abr-201	223	20	248	248	NUM
abr-201	223	21	.	.	PUNCT
abr-201	224	1	harris	harris	PROPN
abr-201	224	2	,	,	PUNCT
abr-201	224	3	m.	m.	NOUN
abr-201	224	4	,	,	PUNCT
abr-201	224	5	&	&	CCONJ
abr-201	224	6	raviv	raviv	PROPN
abr-201	224	7	,	,	PUNCT
abr-201	224	8	a.	a.	NOUN
abr-201	224	9	(	(	PUNCT
abr-201	224	10	1991	1991	NUM
abr-201	224	11	)	)	PUNCT
abr-201	224	12	.	.	PUNCT
abr-201	225	1	the	the	DET
abr-201	225	2	theory	theory	NOUN
abr-201	225	3	of	of	ADP
abr-201	225	4	capital	capital	NOUN
abr-201	225	5	structure	structure	NOUN
abr-201	225	6	,	,	PUNCT
abr-201	225	7	journal	journal	NOUN
abr-201	225	8	of	of	ADP
abr-201	225	9	finance	finance	NOUN
abr-201	225	10	,	,	PUNCT
abr-201	225	11	46(1	46(1	PROPN
abr-201	225	12	)	)	PUNCT
abr-201	225	13	,	,	PUNCT
abr-201	225	14	297	297	NUM
abr-201	225	15	-	-	SYM
abr-201	225	16	355	355	NUM
abr-201	225	17	.	.	PUNCT
abr-201	226	1	jensen	jensen	PROPN
abr-201	226	2	,	,	PUNCT
abr-201	226	3	m.c	m.c	PROPN
abr-201	226	4	.	.	PROPN
abr-201	226	5	,	,	PUNCT
abr-201	226	6	&	&	CCONJ
abr-201	226	7	meckling	meckling	PROPN
abr-201	226	8	,	,	PUNCT
abr-201	226	9	w.h	w.h	PROPN
abr-201	226	10	.	.	PROPN
abr-201	226	11	(	(	PUNCT
abr-201	226	12	1976	1976	NUM
abr-201	226	13	)	)	PUNCT
abr-201	226	14	.	.	PUNCT
abr-201	227	1	theory	theory	NOUN
abr-201	227	2	of	of	ADP
abr-201	227	3	the	the	DET
abr-201	227	4	frim	frim	PROPN
abr-201	227	5	:	:	PUNCT
abr-201	227	6	managerial	managerial	ADJ
abr-201	227	7	behavior	behavior	NOUN
abr-201	227	8	,	,	PUNCT
abr-201	227	9	agency	agency	NOUN
abr-201	227	10	costs	cost	NOUN
abr-201	227	11	and	and	CCONJ
abr-201	227	12	ownership	ownership	NOUN
abr-201	227	13	structures	structure	NOUN
abr-201	227	14	,	,	PUNCT
abr-201	227	15	journal	journal	NOUN
abr-201	227	16	of	of	ADP
abr-201	227	17	financial	financial	ADJ
abr-201	227	18	economics	economic	NOUN
abr-201	227	19	,	,	PUNCT
abr-201	227	20	4(october	4(october	NOUN
abr-201	227	21	)	)	PUNCT
abr-201	227	22	,	,	PUNCT
abr-201	227	23	305	305	NUM
abr-201	227	24	-	-	SYM
abr-201	227	25	360	360	NUM
abr-201	227	26	.	.	PUNCT
abr-201	228	1	lemmon	lemmon	PROPN
abr-201	228	2	,	,	PUNCT
abr-201	228	3	m.l	m.l	PROPN
abr-201	228	4	.	.	PROPN
abr-201	228	5	,	,	PUNCT
abr-201	228	6	&	&	CCONJ
abr-201	228	7	zender	zender	PROPN
abr-201	228	8	,	,	PUNCT
abr-201	228	9	j.f	j.f	PROPN
abr-201	228	10	.	.	PROPN
abr-201	228	11	(	(	PUNCT
abr-201	228	12	2010	2010	NUM
abr-201	228	13	)	)	PUNCT
abr-201	228	14	.	.	PUNCT
abr-201	229	1	debt	debt	NOUN
abr-201	229	2	capacity	capacity	NOUN
abr-201	229	3	and	and	CCONJ
abr-201	229	4	tests	test	NOUN
abr-201	229	5	of	of	ADP
abr-201	229	6	capital	capital	NOUN
abr-201	229	7	structure	structure	NOUN
abr-201	229	8	theories	theory	NOUN
abr-201	229	9	,	,	PUNCT
abr-201	229	10	journal	journal	NOUN
abr-201	229	11	of	of	ADP
abr-201	229	12	financial	financial	ADJ
abr-201	229	13	and	and	CCONJ
abr-201	229	14	quantitative	quantitative	ADJ
abr-201	229	15	analysis	analysis	NOUN
abr-201	229	16	,	,	PUNCT
abr-201	229	17	45(5	45(5	NOUN
abr-201	229	18	)	)	PUNCT
abr-201	229	19	,	,	PUNCT
abr-201	229	20	1161	1161	NUM
abr-201	229	21	-	-	SYM
abr-201	229	22	1187	1187	NUM
abr-201	229	23	.	.	PUNCT
abr-201	230	1	mcdermott	mcdermott	PROPN
abr-201	230	2	,	,	PUNCT
abr-201	230	3	k.a	k.a	PROPN
abr-201	230	4	.	.	PROPN
abr-201	230	5	,	,	PUNCT
abr-201	230	6	&	&	CCONJ
abr-201	230	7	peterson	peterson	PROPN
abr-201	230	8	,	,	PUNCT
abr-201	230	9	c.r	c.r	PROPN
abr-201	230	10	.	.	PROPN
abr-201	230	11	(	(	PUNCT
abr-201	230	12	2011	2011	NUM
abr-201	230	13	)	)	PUNCT
abr-201	230	14	.	.	PUNCT
abr-201	231	1	the	the	DET
abr-201	231	2	determinants	determinant	NOUN
abr-201	231	3	of	of	ADP
abr-201	231	4	electric	electric	ADJ
abr-201	231	5	utility	utility	NOUN
abr-201	231	6	capital	capital	NOUN
abr-201	231	7	structure	structure	NOUN
abr-201	231	8	:	:	PUNCT
abr-201	231	9	re	re	VERB
abr-201	231	10	-	-	VERB
abr-201	231	11	examining	examine	VERB
abr-201	231	12	the	the	DET
abr-201	231	13	turbulent	turbulent	ADJ
abr-201	231	14	1980s	1980	NOUN
abr-201	231	15	,	,	PUNCT
abr-201	231	16	presented	present	VERB
abr-201	231	17	at	at	ADP
abr-201	231	18	center	center	NOUN
abr-201	231	19	for	for	ADP
abr-201	231	20	research	research	NOUN
abr-201	231	21	in	in	ADP
abr-201	231	22	regulated	regulated	ADJ
abr-201	231	23	industries	industry	NOUN
abr-201	231	24	,	,	PUNCT
abr-201	231	25	rutgers	rutgers	PROPN
abr-201	231	26	university	university	PROPN
abr-201	231	27	,	,	PUNCT
abr-201	231	28	advanced	advanced	ADJ
abr-201	231	29	conference	conference	NOUN
abr-201	231	30	on	on	ADP
abr-201	231	31	regulation	regulation	NOUN
abr-201	231	32	,	,	PUNCT
abr-201	231	33	western	western	ADJ
abr-201	231	34	conference	conference	NOUN
abr-201	231	35	,	,	PUNCT
abr-201	231	36	monterey	monterey	NOUN
abr-201	231	37	,	,	PUNCT
abr-201	231	38	ca	ca	PROPN
abr-201	231	39	.	.	PUNCT
abr-201	232	1	mcdermott	mcdermott	PROPN
abr-201	232	2	,	,	PUNCT
abr-201	232	3	k.a	k.a	PROPN
abr-201	232	4	.	.	PROPN
abr-201	232	5	,	,	PUNCT
abr-201	232	6	&	&	CCONJ
abr-201	232	7	peterson	peterson	PROPN
abr-201	232	8	,	,	PUNCT
abr-201	232	9	c.r	c.r	PROPN
abr-201	232	10	.	.	PROPN
abr-201	232	11	(	(	PUNCT
abr-201	232	12	2017	2017	NUM
abr-201	232	13	)	)	PUNCT
abr-201	232	14	.	.	PUNCT
abr-201	233	1	regulation	regulation	NOUN
abr-201	233	2	and	and	CCONJ
abr-201	233	3	capital	capital	NOUN
abr-201	233	4	structure	structure	NOUN
abr-201	233	5	:	:	PUNCT
abr-201	233	6	exploring	explore	VERB
abr-201	233	7	the	the	DET
abr-201	233	8	puzzle	puzzle	NOUN
abr-201	233	9	,	,	PUNCT
abr-201	233	10	presented	present	VERB
abr-201	233	11	at	at	ADP
abr-201	233	12	center	center	NOUN
abr-201	233	13	for	for	ADP
abr-201	233	14	research	research	NOUN
abr-201	233	15	in	in	ADP
abr-201	233	16	regulated	regulated	ADJ
abr-201	233	17	industries	industry	NOUN
abr-201	233	18	,	,	PUNCT
abr-201	233	19	rutgers	rutgers	PROPN
abr-201	233	20	university	university	PROPN
abr-201	233	21	.	.	PUNCT
abr-201	234	1	advanced	advanced	ADJ
abr-201	234	2	conference	conference	NOUN
abr-201	234	3	on	on	ADP
abr-201	234	4	regulation	regulation	NOUN
abr-201	234	5	,	,	PUNCT
abr-201	234	6	eastern	eastern	ADJ
abr-201	234	7	conference	conference	NOUN
abr-201	234	8	,	,	PUNCT
abr-201	234	9	annapolis	annapolis	PROPN
abr-201	234	10	,	,	PUNCT
abr-201	234	11	md	md	PROPN
abr-201	234	12	.	.	PROPN
abr-201	234	13	miller	miller	PROPN
abr-201	234	14	,	,	PUNCT
abr-201	234	15	m.h	m.h	PROPN
abr-201	234	16	.	.	PROPN
abr-201	234	17	,	,	PUNCT
abr-201	234	18	(	(	PUNCT
abr-201	234	19	1977	1977	NUM
abr-201	234	20	)	)	PUNCT
abr-201	234	21	.	.	PUNCT
abr-201	235	1	debt	debt	NOUN
abr-201	235	2	and	and	CCONJ
abr-201	235	3	taxes	taxis	NOUN
abr-201	235	4	,	,	PUNCT
abr-201	235	5	journal	journal	NOUN
abr-201	235	6	of	of	ADP
abr-201	235	7	finance	finance	NOUN
abr-201	235	8	,	,	PUNCT
abr-201	235	9	32(2	32(2	NUM
abr-201	235	10	)	)	PUNCT
abr-201	235	11	,	,	PUNCT
abr-201	235	12	261	261	NUM
abr-201	235	13	-	-	SYM
abr-201	235	14	76	76	NUM
abr-201	235	15	.	.	PUNCT
abr-201	236	1	modigliani	modigliani	PROPN
abr-201	236	2	,	,	PUNCT
abr-201	236	3	f.	f.	PROPN
abr-201	236	4	,	,	PUNCT
abr-201	236	5	&	&	CCONJ
abr-201	236	6	miller	miller	PROPN
abr-201	236	7	,	,	PUNCT
abr-201	236	8	m.h	m.h	PROPN
abr-201	236	9	.	.	PROPN
abr-201	236	10	(	(	PUNCT
abr-201	236	11	1958	1958	NUM
abr-201	236	12	)	)	PUNCT
abr-201	236	13	.	.	PUNCT
abr-201	237	1	the	the	DET
abr-201	237	2	cost	cost	NOUN
abr-201	237	3	of	of	ADP
abr-201	237	4	capital	capital	NOUN
abr-201	237	5	,	,	PUNCT
abr-201	237	6	corporation	corporation	NOUN
abr-201	237	7	finance	finance	NOUN
abr-201	237	8	and	and	CCONJ
abr-201	237	9	the	the	DET
abr-201	237	10	theory	theory	NOUN
abr-201	237	11	of	of	ADP
abr-201	237	12	investment	investment	NOUN
abr-201	237	13	,	,	PUNCT
abr-201	237	14	american	american	PROPN
abr-201	237	15	economic	economic	PROPN
abr-201	237	16	review	review	PROPN
abr-201	237	17	,	,	PUNCT
abr-201	237	18	48(3	48(3	PROPN
abr-201	237	19	)	)	PUNCT
abr-201	237	20	,	,	PUNCT
abr-201	237	21	261	261	NUM
abr-201	237	22	-	-	SYM
abr-201	237	23	297	297	NUM
abr-201	237	24	.	.	PUNCT
abr-201	238	1	miller	miller	PROPN
abr-201	238	2	,	,	PUNCT
abr-201	238	3	m.h	m.h	PROPN
abr-201	238	4	.	.	PROPN
abr-201	238	5	,	,	PUNCT
abr-201	238	6	&	&	CCONJ
abr-201	238	7	modigliani	modigliani	PROPN
abr-201	238	8	,	,	PUNCT
abr-201	238	9	f.	f.	PROPN
abr-201	238	10	,	,	PUNCT
abr-201	238	11	(	(	PUNCT
abr-201	238	12	1966	1966	NUM
abr-201	238	13	)	)	PUNCT
abr-201	238	14	.	.	PUNCT
abr-201	239	1	some	some	DET
abr-201	239	2	estimates	estimate	NOUN
abr-201	239	3	of	of	ADP
abr-201	239	4	the	the	DET
abr-201	239	5	cost	cost	NOUN
abr-201	239	6	of	of	ADP
abr-201	239	7	capital	capital	NOUN
abr-201	239	8	to	to	ADP
abr-201	239	9	the	the	DET
abr-201	239	10	electric	electric	ADJ
abr-201	239	11	utility	utility	NOUN
abr-201	239	12	industry	industry	NOUN
abr-201	239	13	,	,	PUNCT
abr-201	239	14	1954	1954	NUM
abr-201	239	15	-	-	SYM
abr-201	239	16	57	57	NUM
abr-201	239	17	,	,	PUNCT
abr-201	239	18	american	american	PROPN
abr-201	239	19	economic	economic	PROPN
abr-201	239	20	review	review	PROPN
abr-201	239	21	,	,	PUNCT
abr-201	239	22	56(3	56(3	NOUN
abr-201	239	23	)	)	PUNCT
abr-201	239	24	,	,	PUNCT
abr-201	239	25	333	333	NUM
abr-201	239	26	-	-	SYM
abr-201	239	27	391	391	NUM
abr-201	239	28	.	.	PUNCT
abr-201	240	1	myers	myers	PROPN
abr-201	240	2	,	,	PUNCT
abr-201	240	3	s.	s.	PROPN
abr-201	240	4	c.	c.	PROPN
abr-201	240	5	(	(	PUNCT
abr-201	240	6	1984	1984	NUM
abr-201	240	7	)	)	PUNCT
abr-201	240	8	.	.	PUNCT
abr-201	241	1	the	the	DET
abr-201	241	2	capital	capital	NOUN
abr-201	241	3	structure	structure	NOUN
abr-201	241	4	puzzle	puzzle	NOUN
abr-201	241	5	,	,	PUNCT
abr-201	241	6	journal	journal	NOUN
abr-201	241	7	of	of	ADP
abr-201	241	8	finance	finance	NOUN
abr-201	241	9	.	.	PUNCT
abr-201	242	1	39(3	39(3	NUM
abr-201	242	2	)	)	PUNCT
abr-201	242	3	,	,	PUNCT
abr-201	242	4	575	575	NUM
abr-201	242	5	-	-	SYM
abr-201	242	6	92	92	NUM
abr-201	242	7	.	.	PUNCT
abr-201	243	1	myers	myers	PROPN
abr-201	243	2	,	,	PUNCT
abr-201	243	3	s.c	s.c	PROPN
abr-201	243	4	.	.	PROPN
abr-201	243	5	(	(	PUNCT
abr-201	243	6	2001	2001	NUM
abr-201	243	7	)	)	PUNCT
abr-201	243	8	.	.	PUNCT
abr-201	244	1	capital	capital	NOUN
abr-201	244	2	structure	structure	NOUN
abr-201	244	3	,	,	PUNCT
abr-201	244	4	journal	journal	NOUN
abr-201	244	5	of	of	ADP
abr-201	244	6	economic	economic	ADJ
abr-201	244	7	perspectives	perspective	NOUN
abr-201	244	8	,	,	PUNCT
abr-201	244	9	15(2	15(2	NUM
abr-201	244	10	)	)	PUNCT
abr-201	244	11	,	,	PUNCT
abr-201	244	12	81	81	NUM
abr-201	244	13	-	-	SYM
abr-201	244	14	102	102	NUM
abr-201	244	15	.	.	PUNCT
abr-201	245	1	myers	myers	PROPN
abr-201	245	2	,	,	PUNCT
abr-201	245	3	s.c	s.c	PROPN
abr-201	245	4	.	.	PROPN
abr-201	245	5	,	,	PUNCT
abr-201	245	6	&	&	CCONJ
abr-201	245	7	majluf	majluf	PROPN
abr-201	245	8	,	,	PUNCT
abr-201	245	9	n.s	n.s	PROPN
abr-201	245	10	.	.	PROPN
abr-201	245	11	(	(	PUNCT
abr-201	245	12	1984	1984	NUM
abr-201	245	13	)	)	PUNCT
abr-201	245	14	.	.	PUNCT
abr-201	246	1	corporate	corporate	ADJ
abr-201	246	2	financing	financing	NOUN
abr-201	246	3	and	and	CCONJ
abr-201	246	4	investment	investment	NOUN
abr-201	246	5	decisions	decision	NOUN
abr-201	246	6	when	when	SCONJ
abr-201	246	7	firms	firm	NOUN
abr-201	246	8	have	have	VERB
abr-201	246	9	information	information	NOUN
abr-201	246	10	that	that	SCONJ
abr-201	246	11	investors	investor	NOUN
abr-201	246	12	do	do	AUX
abr-201	246	13	not	not	PART
abr-201	246	14	have	have	VERB
abr-201	246	15	,	,	PUNCT
abr-201	246	16	journal	journal	NOUN
abr-201	246	17	of	of	ADP
abr-201	246	18	financial	financial	ADJ
abr-201	246	19	economics	economic	NOUN
abr-201	246	20	,	,	PUNCT
abr-201	246	21	13(2	13(2	PROPN
abr-201	246	22	)	)	PUNCT
abr-201	246	23	,	,	PUNCT
abr-201	246	24	187	187	NUM
abr-201	246	25	-	-	SYM
abr-201	246	26	221	221	NUM
abr-201	246	27	.	.	PUNCT
abr-201	247	1	peterson	peterson	PROPN
abr-201	247	2	,	,	PUNCT
abr-201	247	3	c.r	c.r	PROPN
abr-201	247	4	.	.	PROPN
abr-201	247	5	,	,	PUNCT
abr-201	247	6	&	&	CCONJ
abr-201	247	7	mcdermott	mcdermott	PROPN
abr-201	247	8	,	,	PUNCT
abr-201	247	9	k.a	k.a	PROPN
abr-201	247	10	.	.	PROPN
abr-201	247	11	(	(	PUNCT
abr-201	247	12	2007	2007	NUM
abr-201	247	13	)	)	PUNCT
abr-201	247	14	.	.	PUNCT
abr-201	248	1	mergers	merger	NOUN
abr-201	248	2	and	and	CCONJ
abr-201	248	3	acquisitions	acquisition	NOUN
abr-201	248	4	in	in	ADP
abr-201	248	5	the	the	DET
abr-201	248	6	us	us	PROPN
abr-201	248	7	electric	electric	ADJ
abr-201	248	8	industry	industry	NOUN
abr-201	248	9	:	:	PUNCT
abr-201	248	10	state	state	NOUN
abr-201	248	11	regulatory	regulatory	ADJ
abr-201	248	12	policies	policy	NOUN
abr-201	248	13	for	for	ADP
abr-201	248	14	reviewing	review	VERB
abr-201	248	15	today	today	NOUN
abr-201	248	16	’s	’s	PART
abr-201	248	17	deals	deal	NOUN
abr-201	248	18	,	,	PUNCT
abr-201	248	19	electricity	electricity	NOUN
abr-201	248	20	journal	journal	NOUN
abr-201	248	21	,	,	PUNCT
abr-201	248	22	20(1	20(1	NUM
abr-201	248	23	)	)	PUNCT
abr-201	248	24	,	,	PUNCT
abr-201	248	25	8	8	NUM
abr-201	248	26	-	-	SYM
abr-201	248	27	25	25	NUM
abr-201	248	28	.	.	PUNCT
abr-201	249	1	110	110	NUM
abr-201	249	2	peterson	peterson	PROPN
abr-201	249	3	,	,	PUNCT
abr-201	249	4	c.r	c.r	PROPN
abr-201	249	5	.	.	PROPN
abr-201	249	6	,	,	PUNCT
abr-201	249	7	&	&	CCONJ
abr-201	249	8	mcdermott	mcdermott	PROPN
abr-201	249	9	,	,	PUNCT
abr-201	249	10	k.a	k.a	PROPN
abr-201	249	11	.	.	PROPN
abr-201	249	12	(	(	PUNCT
abr-201	249	13	2018	2018	NUM
abr-201	249	14	)	)	PUNCT
abr-201	249	15	.	.	PUNCT
abr-201	250	1	regulatory	regulatory	ADJ
abr-201	250	2	decision	decision	NOUN
abr-201	250	3	-	-	PUNCT
abr-201	250	4	making	making	NOUN
abr-201	250	5	:	:	PUNCT
abr-201	250	6	an	an	DET
abr-201	250	7	event	event	NOUN
abr-201	250	8	study	study	NOUN
abr-201	250	9	of	of	ADP
abr-201	250	10	a	a	DET
abr-201	250	11	capital	capital	NOUN
abr-201	250	12	structure	structure	NOUN
abr-201	250	13	decision	decision	NOUN
abr-201	250	14	,	,	PUNCT
abr-201	250	15	journal	journal	NOUN
abr-201	250	16	of	of	ADP
abr-201	250	17	accounting	accounting	NOUN
abr-201	250	18	and	and	CCONJ
abr-201	250	19	finance	finance	NOUN
abr-201	250	20	,	,	PUNCT
abr-201	250	21	18(9	18(9	NOUN
abr-201	250	22	)	)	PUNCT
abr-201	250	23	,	,	PUNCT
abr-201	250	24	180	180	NUM
abr-201	250	25	-	-	SYM
abr-201	250	26	196	196	NUM
abr-201	250	27	.	.	PUNCT
abr-201	251	1	rao	rao	PROPN
abr-201	251	2	,	,	PUNCT
abr-201	251	3	r.	r.	PROPN
abr-201	251	4	,	,	PUNCT
abr-201	251	5	&	&	CCONJ
abr-201	251	6	moyer	moyer	PROPN
abr-201	251	7	,	,	PUNCT
abr-201	251	8	r.c	r.c	PROPN
abr-201	251	9	.	.	PROPN
abr-201	251	10	(	(	PUNCT
abr-201	251	11	1994	1994	NUM
abr-201	251	12	)	)	PUNCT
abr-201	251	13	.	.	PUNCT
abr-201	252	1	regulatory	regulatory	ADJ
abr-201	252	2	climate	climate	NOUN
abr-201	252	3	and	and	CCONJ
abr-201	252	4	electric	electric	ADJ
abr-201	252	5	utility	utility	NOUN
abr-201	252	6	capital	capital	NOUN
abr-201	252	7	structure	structure	NOUN
abr-201	252	8	decisions	decision	NOUN
abr-201	252	9	,	,	PUNCT
abr-201	252	10	the	the	DET
abr-201	252	11	financial	financial	ADJ
abr-201	252	12	review	review	NOUN
abr-201	252	13	,	,	PUNCT
abr-201	252	14	29(1	29(1	NUM
abr-201	252	15	)	)	PUNCT
abr-201	252	16	,	,	PUNCT
abr-201	252	17	97	97	NUM
abr-201	252	18	-	-	SYM
abr-201	252	19	124	124	NUM
abr-201	252	20	.	.	PUNCT
abr-201	253	1	sanyala	sanyala	NOUN
abr-201	253	2	,	,	PUNCT
abr-201	253	3	p.	p.	NOUN
abr-201	253	4	,	,	PUNCT
abr-201	253	5	&	&	CCONJ
abr-201	253	6	bulan	bulan	PROPN
abr-201	253	7	,	,	PUNCT
abr-201	253	8	l.	l.	PROPN
abr-201	253	9	(	(	PUNCT
abr-201	253	10	2011	2011	NUM
abr-201	253	11	)	)	PUNCT
abr-201	253	12	.	.	PUNCT
abr-201	254	1	regulatory	regulatory	ADJ
abr-201	254	2	risk	risk	NOUN
abr-201	254	3	,	,	PUNCT
abr-201	254	4	market	market	NOUN
abr-201	254	5	uncertainties	uncertainty	NOUN
abr-201	254	6	,	,	PUNCT
abr-201	254	7	and	and	CCONJ
abr-201	254	8	firm	firm	ADJ
abr-201	254	9	financing	financing	NOUN
abr-201	254	10	choices	choice	NOUN
abr-201	254	11	:	:	PUNCT
abr-201	254	12	evidence	evidence	NOUN
abr-201	254	13	from	from	ADP
abr-201	254	14	u.s	u.s	PROPN
abr-201	254	15	.	.	PROPN
abr-201	254	16	electricity	electricity	NOUN
abr-201	254	17	market	market	NOUN
abr-201	254	18	restructuring	restructuring	NOUN
abr-201	254	19	,	,	PUNCT
abr-201	254	20	the	the	DET
abr-201	254	21	quarterly	quarterly	ADJ
abr-201	254	22	review	review	NOUN
abr-201	254	23	of	of	ADP
abr-201	254	24	economics	economic	NOUN
abr-201	254	25	and	and	CCONJ
abr-201	254	26	finance	finance	NOUN
abr-201	254	27	,	,	PUNCT
abr-201	254	28	51(3	51(3	NUM
abr-201	254	29	)	)	PUNCT
abr-201	254	30	,	,	PUNCT
abr-201	254	31	248	248	NUM
abr-201	254	32	–	–	PUNCT
abr-201	254	33	268	268	NUM
abr-201	254	34	shyam	shyam	NOUN
abr-201	254	35	-	-	PUNCT
abr-201	254	36	sunder	sunder	NOUN
abr-201	254	37	,	,	PUNCT
abr-201	254	38	l.	l.	PROPN
abr-201	254	39	(	(	PUNCT
abr-201	254	40	1991	1991	NUM
abr-201	254	41	)	)	PUNCT
abr-201	254	42	.	.	PUNCT
abr-201	255	1	the	the	DET
abr-201	255	2	stock	stock	NOUN
abr-201	255	3	price	price	NOUN
abr-201	255	4	effect	effect	NOUN
abr-201	255	5	of	of	ADP
abr-201	255	6	risky	risky	ADJ
abr-201	255	7	versus	versus	ADP
abr-201	255	8	safe	safe	ADJ
abr-201	255	9	debt	debt	NOUN
abr-201	255	10	,	,	PUNCT
abr-201	255	11	journal	journal	NOUN
abr-201	255	12	of	of	ADP
abr-201	255	13	financial	financial	ADJ
abr-201	255	14	and	and	CCONJ
abr-201	255	15	quantitative	quantitative	ADJ
abr-201	255	16	analysis	analysis	NOUN
abr-201	255	17	,	,	PUNCT
abr-201	255	18	26(4	26(4	NUM
abr-201	255	19	)	)	PUNCT
abr-201	255	20	,	,	PUNCT
abr-201	255	21	549	549	NUM
abr-201	255	22	-	-	SYM
abr-201	255	23	58	58	NUM
abr-201	255	24	.	.	PUNCT
abr-201	256	1	shyam	shyam	NOUN
abr-201	256	2	-	-	PUNCT
abr-201	256	3	sunder	sunder	PROPN
abr-201	256	4	,	,	PUNCT
abr-201	256	5	l.	l.	PROPN
abr-201	256	6	,	,	PUNCT
abr-201	256	7	&	&	CCONJ
abr-201	256	8	myers	myers	PROPN
abr-201	256	9	,	,	PUNCT
abr-201	256	10	s.c	s.c	PROPN
abr-201	256	11	.	.	PROPN
abr-201	256	12	(	(	PUNCT
abr-201	256	13	1999	1999	NUM
abr-201	256	14	)	)	PUNCT
abr-201	256	15	.	.	PUNCT
abr-201	257	1	testing	test	VERB
abr-201	257	2	static	static	ADJ
abr-201	257	3	tradeoff	tradeoff	NOUN
abr-201	257	4	against	against	ADP
abr-201	257	5	pecking	pecking	NOUN
abr-201	257	6	order	order	NOUN
abr-201	257	7	models	model	NOUN
abr-201	257	8	of	of	ADP
abr-201	257	9	capital	capital	NOUN
abr-201	257	10	structure	structure	NOUN
abr-201	257	11	,	,	PUNCT
abr-201	257	12	journal	journal	NOUN
abr-201	257	13	of	of	ADP
abr-201	257	14	financial	financial	ADJ
abr-201	257	15	economics	economic	NOUN
abr-201	257	16	,	,	PUNCT
abr-201	257	17	51	51	NUM
abr-201	257	18	,	,	PUNCT
abr-201	257	19	219	219	NUM
abr-201	257	20	-	-	SYM
abr-201	257	21	244	244	NUM
abr-201	257	22	.	.	PUNCT
abr-201	258	1	spiegel	spiegel	PROPN
abr-201	258	2	,	,	PUNCT
abr-201	258	3	y.	y.	PROPN
abr-201	258	4	,	,	PUNCT
abr-201	258	5	&	&	CCONJ
abr-201	258	6	spulber	spulber	PROPN
abr-201	258	7	,	,	PUNCT
abr-201	258	8	d.f	d.f	PROPN
abr-201	258	9	.	.	PROPN
abr-201	258	10	(	(	PUNCT
abr-201	258	11	1994	1994	NUM
abr-201	258	12	)	)	PUNCT
abr-201	258	13	.	.	PUNCT
abr-201	259	1	the	the	DET
abr-201	259	2	capital	capital	NOUN
abr-201	259	3	structure	structure	NOUN
abr-201	259	4	of	of	ADP
abr-201	259	5	a	a	DET
abr-201	259	6	regulated	regulated	ADJ
abr-201	259	7	firm	firm	NOUN
abr-201	259	8	,	,	PUNCT
abr-201	259	9	rand	rand	NOUN
abr-201	259	10	journal	journal	NOUN
abr-201	259	11	of	of	ADP
abr-201	259	12	economics	economic	NOUN
abr-201	259	13	,	,	PUNCT
abr-201	259	14	25(3	25(3	NUM
abr-201	259	15	)	)	PUNCT
abr-201	259	16	,	,	PUNCT
abr-201	259	17	424	424	NUM
abr-201	259	18	-	-	SYM
abr-201	259	19	440	440	NUM
abr-201	259	20	.	.	PUNCT
abr-201	260	1	spiegel	spiegel	PROPN
abr-201	260	2	,	,	PUNCT
abr-201	260	3	y.	y.	PROPN
abr-201	260	4	,	,	PUNCT
abr-201	260	5	&	&	CCONJ
abr-201	260	6	spulber	spulber	PROPN
abr-201	260	7	,	,	PUNCT
abr-201	260	8	d.f	d.f	PROPN
abr-201	260	9	.	.	PROPN
abr-201	260	10	(	(	PUNCT
abr-201	260	11	1997	1997	NUM
abr-201	260	12	)	)	PUNCT
abr-201	260	13	.	.	PUNCT
abr-201	261	1	capital	capital	NOUN
abr-201	261	2	structure	structure	NOUN
abr-201	261	3	with	with	ADP
abr-201	261	4	countervailing	countervail	VERB
abr-201	261	5	incentives	incentive	NOUN
abr-201	261	6	,	,	PUNCT
abr-201	261	7	rand	rand	NOUN
abr-201	261	8	journal	journal	NOUN
abr-201	261	9	of	of	ADP
abr-201	261	10	economics	economic	NOUN
abr-201	261	11	,	,	PUNCT
abr-201	261	12	28(1	28(1	NOUN
abr-201	261	13	)	)	PUNCT
abr-201	261	14	,	,	PUNCT
abr-201	261	15	1	1	NUM
abr-201	261	16	-	-	SYM
abr-201	261	17	24	24	NUM
abr-201	261	18	.	.	PUNCT
abr-201	262	1	stiglitz	stiglitz	PROPN
abr-201	262	2	,	,	PUNCT
abr-201	262	3	j.e	j.e	PROPN
abr-201	262	4	.	.	PROPN
abr-201	262	5	(	(	PUNCT
abr-201	262	6	1988	1988	NUM
abr-201	262	7	)	)	PUNCT
abr-201	262	8	.	.	PUNCT
abr-201	263	1	why	why	SCONJ
abr-201	263	2	financial	financial	ADJ
abr-201	263	3	structure	structure	NOUN
abr-201	263	4	matters	matter	NOUN
abr-201	263	5	,	,	PUNCT
abr-201	263	6	journal	journal	NOUN
abr-201	263	7	of	of	ADP
abr-201	263	8	economic	economic	ADJ
abr-201	263	9	perspectives	perspective	NOUN
abr-201	263	10	,	,	PUNCT
abr-201	263	11	2(4	2(4	NUM
abr-201	263	12	)	)	PUNCT
abr-201	263	13	,	,	PUNCT
abr-201	263	14	121	121	NUM
abr-201	263	15	-	-	SYM
abr-201	263	16	126	126	NUM
abr-201	263	17	.	.	PUNCT
abr-201	263	18	taggart	taggart	NOUN
abr-201	263	19	,	,	PUNCT
abr-201	263	20	r.a	r.a	PROPN
abr-201	263	21	.	.	PROPN
abr-201	263	22	jr	jr	PROPN
abr-201	263	23	.	.	PROPN
abr-201	263	24	(	(	PUNCT
abr-201	263	25	1981	1981	NUM
abr-201	263	26	)	)	PUNCT
abr-201	263	27	.	.	PUNCT
abr-201	264	1	rate	rate	NOUN
abr-201	264	2	-	-	PUNCT
abr-201	264	3	of	of	ADP
abr-201	264	4	-	-	PUNCT
abr-201	264	5	return	return	NOUN
abr-201	264	6	regulation	regulation	NOUN
abr-201	264	7	and	and	CCONJ
abr-201	264	8	utility	utility	NOUN
abr-201	264	9	capital	capital	NOUN
abr-201	264	10	structure	structure	NOUN
abr-201	264	11	decision	decision	NOUN
abr-201	264	12	,	,	PUNCT
abr-201	264	13	the	the	DET
abr-201	264	14	journal	journal	NOUN
abr-201	264	15	of	of	ADP
abr-201	264	16	finance	finance	NOUN
abr-201	264	17	36(2	36(2	NUM
abr-201	264	18	)	)	PUNCT
abr-201	264	19	,	,	PUNCT
abr-201	264	20	383	383	NUM
abr-201	264	21	-	-	SYM
abr-201	264	22	393	393	NUM
abr-201	264	23	.	.	PUNCT
abr-201	265	1	wald	wald	X
abr-201	265	2	,	,	PUNCT
abr-201	265	3	j.	j.	PROPN
abr-201	265	4	(	(	PUNCT
abr-201	265	5	1999	1999	NUM
abr-201	265	6	)	)	PUNCT
abr-201	265	7	.	.	PUNCT
abr-201	266	1	how	how	SCONJ
abr-201	266	2	firm	firm	ADJ
abr-201	266	3	characteristics	characteristic	NOUN
abr-201	266	4	affect	affect	VERB
abr-201	266	5	capital	capital	NOUN
abr-201	266	6	structure	structure	NOUN
abr-201	266	7	:	:	PUNCT
abr-201	266	8	an	an	DET
abr-201	266	9	international	international	ADJ
abr-201	266	10	comparison	comparison	NOUN
abr-201	266	11	,	,	PUNCT
abr-201	266	12	journal	journal	NOUN
abr-201	266	13	of	of	ADP
abr-201	266	14	financial	financial	ADJ
abr-201	266	15	research	research	NOUN
abr-201	266	16	,	,	PUNCT
abr-201	266	17	22(2	22(2	NUM
abr-201	266	18	)	)	PUNCT
abr-201	266	19	,	,	PUNCT
abr-201	266	20	161	161	NUM
abr-201	266	21	-	-	SYM
abr-201	266	22	187	187	NUM
abr-201	266	23	.	.	NOUN
abr-201	266	24	111	111	NUM
abr-201	266	25	appendix	appendix	NOUN
abr-201	266	26	a	a	DET
abr-201	266	27	:	:	PUNCT
abr-201	266	28	results	result	NOUN
abr-201	266	29	from	from	ADP
abr-201	266	30	other	other	ADJ
abr-201	266	31	equation	equation	NOUN
abr-201	266	32	specifications	specification	NOUN
abr-201	266	33	*	*	PUNCT
abr-201	266	34	*	*	PUNCT
abr-201	266	35	significant	significant	ADJ
abr-201	266	36	at	at	ADP
abr-201	266	37	5	5	NUM
abr-201	266	38	percent	percent	NOUN
abr-201	266	39	level	level	NOUN
abr-201	266	40	.	.	PUNCT
abr-201	267	1	the	the	DET
abr-201	267	2	pot	pot	NOUN
abr-201	267	3	and	and	CCONJ
abr-201	267	4	tot	tot	NOUN
abr-201	267	5	independent	independent	ADJ
abr-201	267	6	variables	variable	NOUN
abr-201	267	7	are	be	AUX
abr-201	267	8	the	the	DET
abr-201	267	9	same	same	ADJ
abr-201	267	10	as	as	ADP
abr-201	267	11	error	error	NOUN
abr-201	267	12	!	!	PUNCT
abr-201	268	1	reference	reference	NOUN
abr-201	268	2	source	source	NOUN
abr-201	268	3	not	not	PART
abr-201	268	4	found	find	VERB
abr-201	268	5	..	..	PUNCT
abr-201	268	6	we	we	PRON
abr-201	268	7	also	also	ADV
abr-201	268	8	tested	test	VERB
abr-201	268	9	first	first	ADJ
abr-201	268	10	order	order	NOUN
abr-201	268	11	serial	serial	ADJ
abr-201	268	12	correlation	correlation	NOUN
abr-201	268	13	and	and	CCONJ
abr-201	268	14	rejected	reject	VERB
abr-201	268	15	its	its	PRON
abr-201	268	16	existence	existence	NOUN
abr-201	268	17	in	in	ADP
abr-201	268	18	the	the	DET
abr-201	268	19	pot	pot	NOUN
abr-201	268	20	equation	equation	NOUN
abr-201	268	21	but	but	CCONJ
abr-201	268	22	could	could	AUX
abr-201	268	23	not	not	PART
abr-201	268	24	reject	reject	VERB
abr-201	268	25	in	in	ADP
abr-201	268	26	the	the	DET
abr-201	268	27	tot	tot	NOUN
abr-201	268	28	equation	equation	NOUN
abr-201	268	29	.	.	PUNCT
abr-201	269	1	addressing	address	VERB
abr-201	269	2	the	the	DET
abr-201	269	3	serial	serial	ADJ
abr-201	269	4	correlation	correlation	NOUN
abr-201	269	5	in	in	ADP
abr-201	269	6	the	the	DET
abr-201	269	7	tot	tot	NOUN
abr-201	269	8	model	model	NOUN
abr-201	269	9	does	do	AUX
abr-201	269	10	not	not	PART
abr-201	269	11	change	change	VERB
abr-201	269	12	our	our	PRON
abr-201	269	13	conclusions	conclusion	NOUN
abr-201	269	14	from	from	ADP
abr-201	269	15	error	error	NOUN
abr-201	269	16	!	!	PUNCT
abr-201	270	1	reference	reference	NOUN
abr-201	270	2	source	source	NOUN
abr-201	270	3	not	not	PART
abr-201	270	4	found	find	VERB
abr-201	270	5	..	..	PUNCT
abr-201	270	6	appendix	appendix	VERB
abr-201	270	7	b	b	NOUN
abr-201	270	8	:	:	PUNCT
abr-201	270	9	summary	summary	NOUN
abr-201	270	10	statistics	statistic	NOUN
abr-201	270	11	mean	mean	VERB
abr-201	270	12	standard	standard	ADJ
abr-201	270	13	deviation	deviation	NOUN
abr-201	270	14	minimum	minimum	NOUN
abr-201	270	15	maximum	maximum	NOUN
abr-201	270	16	all	all	DET
abr-201	270	17	years	year	NOUN
abr-201	270	18	book	book	NOUN
abr-201	270	19	value	value	NOUN
abr-201	270	20	of	of	ADP
abr-201	270	21	assets	asset	NOUN
abr-201	270	22	5,697,924	5,697,924	NUM
abr-201	270	23	6,424,713	6,424,713	NUM
abr-201	270	24	170,157	170,157	NUM
abr-201	270	25	56,400,000	56,400,000	NUM
abr-201	270	26	total	total	NOUN
abr-201	270	27	book	book	NOUN
abr-201	270	28	equity	equity	NOUN
abr-201	270	29	1,816,495	1,816,495	NUM
abr-201	270	30	2,046,668	2,046,668	NUM
abr-201	270	31	(	(	PUNCT
abr-201	270	32	585,951	585,951	NUM
abr-201	270	33	)	)	PUNCT
abr-201	270	34	16,600,000	16,600,000	NUM
abr-201	270	35	total	total	ADJ
abr-201	270	36	capitalization	capitalization	NOUN
abr-201	270	37	3,474,787	3,474,787	NUM
abr-201	270	38	3,780,611	3,780,611	NUM
abr-201	270	39	114,216	114,216	NUM
abr-201	270	40	30,900,000	30,900,000	NUM
abr-201	270	41	debt	debt	NOUN
abr-201	270	42	ratio	ratio	NOUN
abr-201	270	43	47.58	47.58	NUM
abr-201	270	44	9.88	9.88	NUM
abr-201	270	45	138.71	138.71	NUM
abr-201	270	46	1988	1988	NUM
abr-201	270	47	book	book	NOUN
abr-201	270	48	value	value	NOUN
abr-201	270	49	of	of	ADP
abr-201	270	50	assets	asset	NOUN
abr-201	270	51	3,784,639	3,784,639	NUM
abr-201	270	52	4,110,308	4,110,308	NUM
abr-201	270	53	170,157	170,157	NUM
abr-201	270	54	23,400,000	23,400,000	NUM
abr-201	270	55	total	total	ADJ
abr-201	270	56	book	book	NOUN
abr-201	270	57	equity	equity	NOUN
abr-201	270	58	1,402,213	1,402,213	NUM
abr-201	270	59	1,526,404	1,526,404	NUM
abr-201	270	60	71,592	71,592	NUM
abr-201	270	61	8,100,123	8,100,123	NUM
abr-201	270	62	total	total	ADJ
abr-201	270	63	capitalization	capitalization	NOUN
abr-201	270	64	2,709,387	2,709,387	NUM
abr-201	270	65	2,944,056	2,944,056	NUM
abr-201	270	66	114,216	114,216	NUM
abr-201	270	67	15,900,000	15,900,000	NUM
abr-201	270	68	debt	debt	NOUN
abr-201	270	69	ratio	ratio	NOUN
abr-201	270	70	47.55	47.55	NUM
abr-201	270	71	7.00	7.00	NUM
abr-201	270	72	13	13	NUM
abr-201	270	73	71.65	71.65	NUM
abr-201	270	74	1995	1995	NUM
abr-201	270	75	book	book	NOUN
abr-201	270	76	value	value	NOUN
abr-201	270	77	of	of	ADP
abr-201	270	78	assets	asset	NOUN
abr-201	270	79	4,794,063	4,794,063	NUM
abr-201	270	80	4,973,854	4,973,854	NUM
abr-201	270	81	322,197	322,197	NUM
abr-201	270	82	26,800,000	26,800,000	NUM
abr-201	270	83	total	total	NOUN
abr-201	270	84	book	book	NOUN
abr-201	270	85	equity	equity	NOUN
abr-201	270	86	1,593,212	1,593,212	NUM
abr-201	270	87	1,675,914	1,675,914	NUM
abr-201	270	88	4,937	4,937	NUM
abr-201	270	89	9,138,689	9,138,689	NUM
abr-201	270	90	total	total	ADJ
abr-201	270	91	capitalization	capitalization	NOUN
abr-201	270	92	3,010,765	3,010,765	NUM
abr-201	270	93	3,128,189	3,128,189	NUM
abr-201	270	94	214,305	214,305	NUM
abr-201	270	95	17,200,000	17,200,000	NUM
abr-201	270	96	debt	debt	NOUN
abr-201	270	97	ratio	ratio	NOUN
abr-201	270	98	47.06	47.06	NUM
abr-201	270	99	9.28	9.28	NUM
abr-201	270	100	99.60	99.60	NUM
abr-201	270	101	2014	2014	NUM
abr-201	270	102	book	book	NOUN
abr-201	270	103	value	value	NOUN
abr-201	270	104	of	of	ADP
abr-201	270	105	assets	asset	NOUN
abr-201	270	106	9,348,059	9,348,059	NUM
abr-201	270	107	10,400,000	10,400,000	NUM
abr-201	270	108	547,545	547,545	NUM
abr-201	270	109	56,400,000	56,400,000	NUM
abr-201	270	110	total	total	NOUN
abr-201	270	111	book	book	NOUN
abr-201	270	112	equity	equity	NOUN
abr-201	270	113	2,923,655	2,923,655	NUM
abr-201	270	114	3,116,867	3,116,867	NUM
abr-201	270	115	116,168	116,168	NUM
abr-201	270	116	16,200,000	16,200,000	NUM
abr-201	270	117	total	total	NOUN
abr-201	270	118	capitalization	capitalization	NOUN
abr-201	270	119	5,452,158	5,452,158	NUM
abr-201	270	120	5,743,268	5,743,268	NUM
abr-201	270	121	221,071	221,071	NUM
abr-201	270	122	30,900,000	30,900,000	NUM
abr-201	270	123	debt	debt	NOUN
abr-201	270	124	ratio	ratio	NOUN
abr-201	270	125	46.82	46.82	NUM
abr-201	270	126	6.45	6.45	NUM
abr-201	270	127	14	14	NUM
abr-201	270	128	57.61	57.61	NUM
abr-201	270	129	variance	variance	NOUN
abr-201	270	130	components	component	NOUN
abr-201	270	131	dummy	dummy	ADJ
abr-201	270	132	variable	variable	NOUN
abr-201	270	133	each	each	DET
abr-201	270	134	year	year	NOUN
abr-201	270	135	dependent	dependent	ADJ
abr-201	270	136	variable	variable	ADJ
abr-201	270	137	change	change	NOUN
abr-201	270	138	in	in	ADP
abr-201	270	139	debt	debt	NOUN
abr-201	270	140	ratio	ratio	NOUN
abr-201	270	141	change	change	NOUN
abr-201	270	142	in	in	ADP
abr-201	270	143	debt	debt	NOUN
abr-201	270	144	ratio	ratio	NOUN
abr-201	270	145	pot	pot	NOUN
abr-201	270	146	coefficient	coefficient	NOUN
abr-201	270	147	equation	equation	NOUN
abr-201	270	148	(	(	PUNCT
abr-201	270	149	4	4	NUM
abr-201	270	150	)	)	PUNCT
abr-201	270	151	-0.0599	-0.0599	NOUN
abr-201	270	152	*	*	PUNCT
abr-201	270	153	(	(	PUNCT
abr-201	270	154	0.0115	0.0115	NUM
abr-201	270	155	)	)	PUNCT
abr-201	270	156	-0.0629	-0.0629	NOUN
abr-201	270	157	*	*	PUNCT
abr-201	270	158	(	(	PUNCT
abr-201	270	159	0.0116	0.0116	NUM
abr-201	270	160	)	)	PUNCT
abr-201	270	161	tot	tot	NOUN
abr-201	270	162	coefficient	coefficient	NOUN
abr-201	270	163	equation	equation	NOUN
abr-201	270	164	(	(	PUNCT
abr-201	270	165	5	5	NUM
abr-201	270	166	)	)	PUNCT
abr-201	270	167	0.2569	0.2569	NUM
abr-201	270	168	*	*	PUNCT
abr-201	270	169	(	(	PUNCT
abr-201	270	170	0.0128	0.0128	NUM
abr-201	270	171	)	)	PUNCT
abr-201	270	172	0.2585	0.2585	NUM
abr-201	270	173	*	*	SYM
abr-201	270	174	(	(	PUNCT
abr-201	270	175	0.0129	0.0129	NUM
abr-201	270	176	)	)	PUNCT
abr-201	270	177	constant	constant	ADJ
abr-201	270	178	0.0104	0.0104	NUM
abr-201	270	179	*	*	SYM
abr-201	270	180	(	(	PUNCT
abr-201	270	181	0.0023	0.0023	NUM
abr-201	270	182	)	)	PUNCT
abr-201	270	183	-0.0002	-0.0002	NOUN
abr-201	270	184	(	(	PUNCT
abr-201	270	185	0.0009	0.0009	NUM
abr-201	270	186	)	)	PUNCT
abr-201	270	187	0.0114	0.0114	NUM
abr-201	270	188	*	*	PUNCT
abr-201	270	189	(	(	PUNCT
abr-201	270	190	0.0056	0.0056	NUM
abr-201	270	191	)	)	PUNCT
abr-201	270	192	-0.0027	-0.0027	NOUN
abr-201	271	1	(	(	PUNCT
abr-201	271	2	0.0048	0.0048	NUM
abr-201	271	3	)	)	PUNCT
abr-201	271	4	r2	r2	NOUN
abr-201	271	5	0.0327	0.0327	NUM
abr-201	271	6	0.1532	0.1532	NUM