id	sid	tid	token	lemma	pos
abr-283	1	1	28	28	NUM
abr-283	1	2	fair	fair	ADJ
abr-283	1	3	value	value	NOUN
abr-283	1	4	measurements	measurement	NOUN
abr-283	1	5	,	,	PUNCT
abr-283	1	6	information	information	NOUN
abr-283	1	7	asymmetry	asymmetry	NOUN
abr-283	1	8	,	,	PUNCT
abr-283	1	9	liquidity	liquidity	NOUN
abr-283	1	10	,	,	PUNCT
abr-283	1	11	and	and	CCONJ
abr-283	1	12	firm	firm	ADJ
abr-283	1	13	value	value	NOUN
abr-283	1	14	joseph	joseph	PROPN
abr-283	1	15	reid	reid	PROPN
abr-283	1	16	east	east	PROPN
abr-283	1	17	carolina	carolina	PROPN
abr-283	1	18	university	university	PROPN
abr-283	1	19	this	this	DET
abr-283	1	20	study	study	NOUN
abr-283	1	21	examines	examine	VERB
abr-283	1	22	whether	whether	SCONJ
abr-283	1	23	the	the	DET
abr-283	1	24	implementation	implementation	NOUN
abr-283	1	25	of	of	ADP
abr-283	1	26	fasb	fasb	PROPN
abr-283	1	27	accounting	accounting	NOUN
abr-283	1	28	standards	standard	NOUN
abr-283	1	29	codification	codification	NOUN
abr-283	1	30	on	on	ADP
abr-283	1	31	fair	fair	ADJ
abr-283	1	32	value	value	NOUN
abr-283	1	33	measurements	measurement	NOUN
abr-283	1	34	(	(	PUNCT
abr-283	1	35	asc	asc	PROPN
abr-283	1	36	820	820	NUM
abr-283	1	37	-	-	PUNCT
abr-283	1	38	10	10	NUM
abr-283	1	39	)	)	PUNCT
abr-283	1	40	impacts	impact	VERB
abr-283	1	41	information	information	NOUN
abr-283	1	42	asymmetry	asymmetry	NOUN
abr-283	1	43	,	,	PUNCT
abr-283	1	44	liquidity	liquidity	NOUN
abr-283	1	45	,	,	PUNCT
abr-283	1	46	and	and	CCONJ
abr-283	1	47	firm	firm	ADJ
abr-283	1	48	value	value	NOUN
abr-283	1	49	.	.	PUNCT
abr-283	2	1	asc	asc	PROPN
abr-283	2	2	820	820	NUM
abr-283	2	3	-	-	SYM
abr-283	2	4	10	10	NUM
abr-283	2	5	was	be	AUX
abr-283	2	6	designed	design	VERB
abr-283	2	7	and	and	CCONJ
abr-283	2	8	implemented	implement	VERB
abr-283	2	9	under	under	ADP
abr-283	2	10	the	the	DET
abr-283	2	11	premise	premise	NOUN
abr-283	2	12	it	it	PRON
abr-283	2	13	would	would	AUX
abr-283	2	14	improve	improve	VERB
abr-283	2	15	financial	financial	ADJ
abr-283	2	16	reporting	reporting	NOUN
abr-283	2	17	quality	quality	NOUN
abr-283	2	18	and	and	CCONJ
abr-283	2	19	comparability	comparability	NOUN
abr-283	2	20	of	of	ADP
abr-283	2	21	fair	fair	ADJ
abr-283	2	22	value	value	NOUN
abr-283	2	23	measurements	measurement	NOUN
abr-283	2	24	in	in	ADP
abr-283	2	25	financial	financial	ADJ
abr-283	2	26	reports	report	NOUN
abr-283	2	27	by	by	ADP
abr-283	2	28	requiring	require	VERB
abr-283	2	29	firms	firm	NOUN
abr-283	2	30	to	to	PART
abr-283	2	31	disclose	disclose	VERB
abr-283	2	32	activity	activity	NOUN
abr-283	2	33	within	within	ADP
abr-283	2	34	and	and	CCONJ
abr-283	2	35	between	between	ADP
abr-283	2	36	fair	fair	ADJ
abr-283	2	37	value	value	NOUN
abr-283	2	38	measurement	measurement	NOUN
abr-283	2	39	levels	level	NOUN
abr-283	2	40	.	.	PUNCT
abr-283	3	1	increased	increase	VERB
abr-283	3	2	disclosure	disclosure	NOUN
abr-283	3	3	that	that	PRON
abr-283	3	4	reduces	reduce	VERB
abr-283	3	5	information	information	NOUN
abr-283	3	6	asymmetry	asymmetry	NOUN
abr-283	3	7	(	(	PUNCT
abr-283	3	8	risk	risk	NOUN
abr-283	3	9	)	)	PUNCT
abr-283	3	10	will	will	AUX
abr-283	3	11	increase	increase	VERB
abr-283	3	12	financial	financial	ADJ
abr-283	3	13	statement	statement	NOUN
abr-283	3	14	readability	readability	NOUN
abr-283	3	15	and	and	CCONJ
abr-283	3	16	increase	increase	VERB
abr-283	3	17	liquidity	liquidity	NOUN
abr-283	3	18	.	.	PUNCT
abr-283	4	1	if	if	SCONJ
abr-283	4	2	the	the	DET
abr-283	4	3	disclosed	disclose	VERB
abr-283	4	4	information	information	NOUN
abr-283	4	5	lacks	lack	VERB
abr-283	4	6	precision	precision	NOUN
abr-283	4	7	,	,	PUNCT
abr-283	4	8	the	the	DET
abr-283	4	9	value	value	NOUN
abr-283	4	10	of	of	ADP
abr-283	4	11	the	the	DET
abr-283	4	12	information	information	NOUN
abr-283	4	13	is	be	AUX
abr-283	4	14	discounted	discount	VERB
abr-283	4	15	and	and	CCONJ
abr-283	4	16	its	its	PRON
abr-283	4	17	effect	effect	NOUN
abr-283	4	18	on	on	ADP
abr-283	4	19	investor	investor	NOUN
abr-283	4	20	perception	perception	NOUN
abr-283	4	21	becomes	become	VERB
abr-283	4	22	ambiguous	ambiguous	ADJ
abr-283	4	23	.	.	PUNCT
abr-283	5	1	this	this	DET
abr-283	5	2	study	study	NOUN
abr-283	5	3	examines	examine	VERB
abr-283	5	4	10	10	NUM
abr-283	5	5	-	-	PUNCT
abr-283	5	6	k	k	NOUN
abr-283	5	7	and	and	CCONJ
abr-283	5	8	10	10	NUM
abr-283	5	9	-	-	PUNCT
abr-283	5	10	q	q	NOUN
abr-283	5	11	filings	filing	NOUN
abr-283	5	12	of	of	ADP
abr-283	5	13	firms	firm	NOUN
abr-283	5	14	with	with	ADP
abr-283	5	15	level	level	NOUN
abr-283	5	16	2(3	2(3	NUM
abr-283	5	17	)	)	PUNCT
abr-283	5	18	fair	fair	ADJ
abr-283	5	19	value	value	NOUN
abr-283	5	20	activity	activity	NOUN
abr-283	5	21	from	from	ADP
abr-283	5	22	2007	2007	NUM
abr-283	5	23	through	through	ADP
abr-283	5	24	2012	2012	NUM
abr-283	5	25	.	.	PUNCT
abr-283	6	1	initial	initial	ADJ
abr-283	6	2	results	result	NOUN
abr-283	6	3	reveal	reveal	VERB
abr-283	6	4	asc	asc	PROPN
abr-283	6	5	820	820	NUM
abr-283	6	6	-	-	SYM
abr-283	6	7	10	10	NUM
abr-283	6	8	did	do	AUX
abr-283	6	9	decrease	decrease	VERB
abr-283	6	10	liquidity	liquidity	NOUN
abr-283	6	11	for	for	ADP
abr-283	6	12	firms	firm	NOUN
abr-283	6	13	with	with	ADP
abr-283	6	14	material	material	NOUN
abr-283	6	15	transfers	transfer	NOUN
abr-283	6	16	furthermore	furthermore	ADV
abr-283	6	17	some	some	DET
abr-283	6	18	investors	investor	NOUN
abr-283	6	19	and	and	CCONJ
abr-283	6	20	analysts	analyst	NOUN
abr-283	6	21	assign	assign	VERB
abr-283	6	22	value	value	NOUN
abr-283	6	23	to	to	ADP
abr-283	6	24	financial	financial	ADJ
abr-283	6	25	statement	statement	NOUN
abr-283	6	26	information	information	NOUN
abr-283	6	27	based	base	VERB
abr-283	6	28	on	on	ADP
abr-283	6	29	relevancy	relevancy	NOUN
abr-283	6	30	and	and	CCONJ
abr-283	6	31	understandability	understandability	NOUN
abr-283	6	32	.	.	PUNCT
abr-283	7	1	taken	take	VERB
abr-283	7	2	together	together	ADV
abr-283	7	3	these	these	DET
abr-283	7	4	results	result	NOUN
abr-283	7	5	signal	signal	VERB
abr-283	7	6	to	to	ADP
abr-283	7	7	standard	standard	ADJ
abr-283	7	8	setters	setter	NOUN
abr-283	7	9	the	the	DET
abr-283	7	10	increased	increase	VERB
abr-283	7	11	mandatory	mandatory	ADJ
abr-283	7	12	disclosures	disclosure	NOUN
abr-283	7	13	around	around	ADP
abr-283	7	14	the	the	DET
abr-283	7	15	measurement	measurement	NOUN
abr-283	7	16	of	of	ADP
abr-283	7	17	unobservable	unobservable	ADJ
abr-283	7	18	inputs	input	NOUN
abr-283	7	19	(	(	PUNCT
abr-283	7	20	level	level	NOUN
abr-283	7	21	3	3	NUM
abr-283	7	22	securities	security	NOUN
abr-283	7	23	)	)	PUNCT
abr-283	7	24	are	be	AUX
abr-283	7	25	value	value	NOUN
abr-283	7	26	relevant	relevant	ADJ
abr-283	7	27	and	and	CCONJ
abr-283	7	28	economically	economically	ADV
abr-283	7	29	significant	significant	ADJ
abr-283	7	30	.	.	PUNCT
abr-283	8	1	this	this	DET
abr-283	8	2	study	study	NOUN
abr-283	8	3	extends	extend	VERB
abr-283	8	4	the	the	DET
abr-283	8	5	literature	literature	NOUN
abr-283	8	6	on	on	ADP
abr-283	8	7	the	the	DET
abr-283	8	8	relationship	relationship	NOUN
abr-283	8	9	between	between	ADP
abr-283	8	10	fair	fair	ADJ
abr-283	8	11	value	value	NOUN
abr-283	8	12	relevance	relevance	NOUN
abr-283	8	13	,	,	PUNCT
abr-283	8	14	information	information	NOUN
abr-283	8	15	asymmetry	asymmetry	NOUN
abr-283	8	16	,	,	PUNCT
abr-283	8	17	and	and	CCONJ
abr-283	8	18	information	information	NOUN
abr-283	8	19	precision	precision	NOUN
abr-283	8	20	and	and	CCONJ
abr-283	8	21	contributes	contribute	VERB
abr-283	8	22	to	to	ADP
abr-283	8	23	the	the	DET
abr-283	8	24	debate	debate	NOUN
abr-283	8	25	on	on	ADP
abr-283	8	26	the	the	DET
abr-283	8	27	efficacy	efficacy	NOUN
abr-283	8	28	of	of	ADP
abr-283	8	29	unobservable	unobservable	ADJ
abr-283	8	30	units	unit	NOUN
abr-283	8	31	in	in	ADP
abr-283	8	32	fair	fair	ADJ
abr-283	8	33	value	value	NOUN
abr-283	8	34	measurements	measurement	NOUN
abr-283	8	35	.	.	PUNCT
abr-283	9	1	keywords	keyword	NOUN
abr-283	9	2	:	:	PUNCT
abr-283	9	3	fair	fair	ADJ
abr-283	9	4	value	value	NOUN
abr-283	9	5	,	,	PUNCT
abr-283	9	6	liquidity	liquidity	NOUN
abr-283	9	7	,	,	PUNCT
abr-283	9	8	information	information	NOUN
abr-283	9	9	asymmetry	asymmetry	NOUN
abr-283	9	10	,	,	PUNCT
abr-283	9	11	disclosure	disclosure	NOUN
abr-283	9	12	,	,	PUNCT
abr-283	9	13	valuation	valuation	NOUN
abr-283	9	14	,	,	PUNCT
abr-283	9	15	financial	financial	ADJ
abr-283	9	16	reporting	reporting	NOUN
abr-283	9	17	quality	quality	NOUN
abr-283	9	18	introduction	introduction	NOUN
abr-283	9	19	the	the	DET
abr-283	9	20	financial	financial	ADJ
abr-283	9	21	accounting	accounting	NOUN
abr-283	9	22	standards	standards	PROPN
abr-283	9	23	board	board	NOUN
abr-283	9	24	(	(	PUNCT
abr-283	9	25	fasb	fasb	PROPN
abr-283	9	26	)	)	PUNCT
abr-283	9	27	increased	increase	VERB
abr-283	9	28	the	the	DET
abr-283	9	29	disclosure	disclosure	NOUN
abr-283	9	30	requirements	requirement	NOUN
abr-283	9	31	related	relate	VERB
abr-283	9	32	to	to	ADP
abr-283	9	33	fair	fair	ADJ
abr-283	9	34	value	value	NOUN
abr-283	9	35	measurements	measurement	NOUN
abr-283	9	36	&	&	CCONJ
abr-283	9	37	disclosures	disclosure	NOUN
abr-283	9	38	,	,	PUNCT
abr-283	9	39	accounting	accounting	NOUN
abr-283	9	40	standards	standard	NOUN
abr-283	9	41	codification	codification	VERB
abr-283	9	42	820	820	NUM
abr-283	9	43	-	-	SYM
abr-283	9	44	10	10	NUM
abr-283	9	45	(	(	PUNCT
abr-283	9	46	asc	asc	PROPN
abr-283	9	47	820	820	NUM
abr-283	9	48	-	-	SYM
abr-283	9	49	10	10	NUM
abr-283	9	50	)	)	PUNCT
abr-283	9	51	,	,	PUNCT
abr-283	9	52	in	in	ADP
abr-283	9	53	2010	2010	NUM
abr-283	9	54	to	to	PART
abr-283	9	55	improve	improve	VERB
abr-283	9	56	financial	financial	ADJ
abr-283	9	57	reporting	reporting	NOUN
abr-283	9	58	transparency	transparency	NOUN
abr-283	9	59	in	in	ADP
abr-283	9	60	financial	financial	ADJ
abr-283	9	61	reporting.1	reporting.1	PROPN
abr-283	9	62	the	the	DET
abr-283	9	63	new	new	ADJ
abr-283	9	64	disclosures	disclosure	NOUN
abr-283	9	65	required	require	VERB
abr-283	9	66	by	by	ADP
abr-283	9	67	the	the	DET
abr-283	9	68	fasb	fasb	NOUN
abr-283	9	69	require	require	VERB
abr-283	9	70	that	that	SCONJ
abr-283	9	71	firms	firm	NOUN
abr-283	9	72	disclose	disclose	VERB
abr-283	9	73	:	:	PUNCT
abr-283	9	74	(	(	PUNCT
abr-283	9	75	1	1	X
abr-283	9	76	)	)	PUNCT
abr-283	9	77	transfers	transfer	NOUN
abr-283	9	78	in	in	ADP
abr-283	9	79	and	and	CCONJ
abr-283	9	80	out	out	ADP
abr-283	9	81	of	of	ADP
abr-283	9	82	levels	level	NOUN
abr-283	9	83	1	1	NUM
abr-283	9	84	and	and	CCONJ
abr-283	9	85	2	2	NUM
abr-283	9	86	;	;	PUNCT
abr-283	9	87	and	and	CCONJ
abr-283	9	88	(	(	PUNCT
abr-283	9	89	2	2	X
abr-283	9	90	)	)	PUNCT
abr-283	9	91	activity	activity	NOUN
abr-283	9	92	in	in	ADP
abr-283	9	93	level	level	NOUN
abr-283	9	94	3	3	NUM
abr-283	9	95	fair	fair	ADJ
abr-283	9	96	value	value	NOUN
abr-283	9	97	measurements	measurement	NOUN
abr-283	9	98	.	.	PUNCT
abr-283	10	1	this	this	DET
abr-283	10	2	disclosure	disclosure	NOUN
abr-283	10	3	requirement	requirement	NOUN
abr-283	10	4	is	be	AUX
abr-283	10	5	significant	significant	ADJ
abr-283	10	6	because	because	SCONJ
abr-283	10	7	1	1	NUM
abr-283	10	8	the	the	DET
abr-283	10	9	new	new	ADJ
abr-283	10	10	disclosures	disclosure	NOUN
abr-283	10	11	and	and	CCONJ
abr-283	10	12	clarifications	clarification	NOUN
abr-283	10	13	of	of	ADP
abr-283	10	14	existing	exist	VERB
abr-283	10	15	disclosures	disclosure	NOUN
abr-283	10	16	are	be	AUX
abr-283	10	17	effective	effective	ADJ
abr-283	10	18	for	for	ADP
abr-283	10	19	interim	interim	ADJ
abr-283	10	20	and	and	CCONJ
abr-283	10	21	annual	annual	ADJ
abr-283	10	22	reporting	reporting	NOUN
abr-283	10	23	periods	period	NOUN
abr-283	10	24	beginning	begin	VERB
abr-283	10	25	after	after	ADP
abr-283	10	26	december	december	PROPN
abr-283	10	27	15	15	NUM
abr-283	10	28	,	,	PUNCT
abr-283	10	29	2009	2009	NUM
abr-283	10	30	,	,	PUNCT
abr-283	10	31	except	except	SCONJ
abr-283	10	32	for	for	ADP
abr-283	10	33	the	the	DET
abr-283	10	34	disclosures	disclosure	NOUN
abr-283	10	35	about	about	ADP
abr-283	10	36	purchases	purchase	NOUN
abr-283	10	37	,	,	PUNCT
abr-283	10	38	sales	sale	NOUN
abr-283	10	39	,	,	PUNCT
abr-283	10	40	issuances	issuance	NOUN
abr-283	10	41	,	,	PUNCT
abr-283	10	42	and	and	CCONJ
abr-283	10	43	settlements	settlement	NOUN
abr-283	10	44	in	in	ADP
abr-283	10	45	the	the	DET
abr-283	10	46	roll	roll	NOUN
abr-283	10	47	forward	forward	ADV
abr-283	10	48	of	of	ADP
abr-283	10	49	activity	activity	NOUN
abr-283	10	50	in	in	ADP
abr-283	10	51	level	level	NOUN
abr-283	10	52	3	3	NUM
abr-283	10	53	fair	fair	ADJ
abr-283	10	54	value	value	NOUN
abr-283	10	55	measurements	measurement	NOUN
abr-283	10	56	.	.	PUNCT
abr-283	11	1	those	those	DET
abr-283	11	2	disclosures	disclosure	NOUN
abr-283	11	3	are	be	AUX
abr-283	11	4	effective	effective	ADJ
abr-283	11	5	for	for	ADP
abr-283	11	6	fiscal	fiscal	ADJ
abr-283	11	7	years	year	NOUN
abr-283	11	8	beginning	begin	VERB
abr-283	11	9	after	after	ADP
abr-283	11	10	december	december	PROPN
abr-283	11	11	15	15	NUM
abr-283	11	12	,	,	PUNCT
abr-283	11	13	2010	2010	NUM
abr-283	11	14	,	,	PUNCT
abr-283	11	15	and	and	CCONJ
abr-283	11	16	for	for	ADP
abr-283	11	17	interim	interim	ADJ
abr-283	11	18	periods	period	NOUN
abr-283	11	19	within	within	ADP
abr-283	11	20	those	those	DET
abr-283	11	21	years	year	NOUN
abr-283	11	22	(	(	PUNCT
abr-283	11	23	fasb	fasb	NOUN
abr-283	11	24	,	,	PUNCT
abr-283	11	25	2006	2006	NUM
abr-283	11	26	,	,	PUNCT
abr-283	11	27	2010	2010	NUM
abr-283	11	28	)	)	PUNCT
abr-283	11	29	.	.	PUNCT
abr-283	12	1	http://journals.sfu.ca/abr	http://journals.sfu.ca/abr	VERB
abr-283	12	2	advances	advance	NOUN
abr-283	12	3	in	in	ADP
abr-283	12	4	business	business	NOUN
abr-283	12	5	research	research	NOUN
abr-283	12	6	2021	2021	NUM
abr-283	12	7	,	,	PUNCT
abr-283	12	8	volume	volume	NOUN
abr-283	12	9	11	11	NUM
abr-283	12	10	,	,	PUNCT
abr-283	12	11	pages	page	NOUN
abr-283	12	12	28	28	NUM
abr-283	12	13	-	-	SYM
abr-283	12	14	40	40	NUM
abr-283	12	15	http://journals.sfu.ca/abr	http://journals.sfu.ca/abr	NOUN
abr-283	12	16	29	29	NUM
abr-283	12	17	it	it	PRON
abr-283	12	18	attempts	attempt	VERB
abr-283	12	19	to	to	PART
abr-283	12	20	reduce	reduce	VERB
abr-283	12	21	information	information	NOUN
abr-283	12	22	risk	risk	NOUN
abr-283	12	23	associated	associate	VERB
abr-283	12	24	with	with	ADP
abr-283	12	25	fair	fair	ADJ
abr-283	12	26	value	value	NOUN
abr-283	12	27	measurements	measurement	NOUN
abr-283	12	28	,	,	PUNCT
abr-283	12	29	a	a	DET
abr-283	12	30	contemporaneous	contemporaneous	ADJ
abr-283	12	31	and	and	CCONJ
abr-283	12	32	economically	economically	ADV
abr-283	12	33	relevant	relevant	ADJ
abr-283	12	34	issue	issue	NOUN
abr-283	12	35	.	.	PUNCT
abr-283	13	1	prior	prior	ADJ
abr-283	13	2	literature	literature	PROPN
abr-283	13	3	establishes	establish	VERB
abr-283	13	4	a	a	DET
abr-283	13	5	link	link	NOUN
abr-283	13	6	between	between	ADP
abr-283	13	7	information	information	NOUN
abr-283	13	8	risk	risk	NOUN
abr-283	13	9	and	and	CCONJ
abr-283	13	10	market	market	NOUN
abr-283	13	11	liquidity	liquidity	NOUN
abr-283	13	12	(	(	PUNCT
abr-283	13	13	greenstein	greenstein	PROPN
abr-283	13	14	&	&	CCONJ
abr-283	13	15	sami	sami	PROPN
abr-283	13	16	,	,	PUNCT
abr-283	13	17	1994	1994	NUM
abr-283	13	18	;	;	PUNCT
abr-283	13	19	welker	welker	PROPN
abr-283	13	20	,	,	PUNCT
abr-283	13	21	1995	1995	NUM
abr-283	13	22	;	;	PUNCT
abr-283	13	23	coller	coller	PROPN
abr-283	13	24	&	&	CCONJ
abr-283	13	25	yohn	yohn	PROPN
abr-283	13	26	,	,	PUNCT
abr-283	13	27	1997	1997	NUM
abr-283	13	28	;	;	PUNCT
abr-283	13	29	healy	healy	PROPN
abr-283	13	30	et	et	PROPN
abr-283	13	31	al	al	PROPN
abr-283	13	32	.	.	PROPN
abr-283	13	33	,	,	PUNCT
abr-283	13	34	1999	1999	NUM
abr-283	13	35	;	;	PUNCT
abr-283	13	36	leuz	leuz	NOUN
abr-283	13	37	&	&	CCONJ
abr-283	13	38	verrecchia	verrecchia	PROPN
abr-283	13	39	,	,	PUNCT
abr-283	13	40	2000	2000	NUM
abr-283	13	41	;	;	PUNCT
abr-283	13	42	rajgopal	rajgopal	NOUN
abr-283	13	43	&	&	CCONJ
abr-283	13	44	venkatachalam	venkatachalam	PROPN
abr-283	13	45	,	,	PUNCT
abr-283	13	46	2011	2011	NUM
abr-283	13	47	)	)	PUNCT
abr-283	13	48	.	.	PUNCT
abr-283	14	1	information	information	NOUN
abr-283	14	2	risk	risk	NOUN
abr-283	14	3	refers	refer	VERB
abr-283	14	4	to	to	ADP
abr-283	14	5	an	an	DET
abr-283	14	6	investor	investor	NOUN
abr-283	14	7	’s	’s	PART
abr-283	14	8	ability	ability	NOUN
abr-283	14	9	to	to	PART
abr-283	14	10	accurately	accurately	ADV
abr-283	14	11	ascertain	ascertain	VERB
abr-283	14	12	the	the	DET
abr-283	14	13	valuation	valuation	NOUN
abr-283	14	14	parameters	parameter	NOUN
abr-283	14	15	for	for	ADP
abr-283	14	16	a	a	DET
abr-283	14	17	particular	particular	ADJ
abr-283	14	18	asset	asset	NOUN
abr-283	14	19	(	(	PUNCT
abr-283	14	20	riedl	riedl	PROPN
abr-283	14	21	&	&	CCONJ
abr-283	14	22	serafeim	serafeim	PROPN
abr-283	14	23	,	,	PUNCT
abr-283	14	24	2011	2011	NUM
abr-283	14	25	)	)	PUNCT
abr-283	14	26	.	.	PUNCT
abr-283	15	1	theoretically	theoretically	ADV
abr-283	15	2	,	,	PUNCT
abr-283	15	3	the	the	DET
abr-283	15	4	increased	increase	VERB
abr-283	15	5	disclosure	disclosure	NOUN
abr-283	15	6	mandated	mandate	VERB
abr-283	15	7	by	by	ADP
abr-283	15	8	the	the	DET
abr-283	15	9	revised	revise	VERB
abr-283	15	10	standard	standard	NOUN
abr-283	15	11	will	will	AUX
abr-283	15	12	reduce	reduce	VERB
abr-283	15	13	information	information	NOUN
abr-283	15	14	risk	risk	NOUN
abr-283	15	15	and	and	CCONJ
abr-283	15	16	improve	improve	VERB
abr-283	15	17	the	the	DET
abr-283	15	18	financial	financial	ADJ
abr-283	15	19	reporting	reporting	NOUN
abr-283	15	20	transparency	transparency	NOUN
abr-283	15	21	of	of	ADP
abr-283	15	22	financial	financial	ADJ
abr-283	15	23	statements	statement	NOUN
abr-283	15	24	(	(	PUNCT
abr-283	15	25	diamond	diamond	NOUN
abr-283	15	26	&	&	CCONJ
abr-283	15	27	verrecchia	verrecchia	PROPN
abr-283	15	28	,	,	PUNCT
abr-283	15	29	1991	1991	NUM
abr-283	15	30	;	;	PUNCT
abr-283	15	31	botosan	botosan	NOUN
abr-283	15	32	,	,	PUNCT
abr-283	15	33	1997	1997	NUM
abr-283	15	34	)	)	PUNCT
abr-283	15	35	.	.	PUNCT
abr-283	16	1	in	in	ADP
abr-283	16	2	turn	turn	NOUN
abr-283	16	3	,	,	PUNCT
abr-283	16	4	the	the	DET
abr-283	16	5	improved	improved	ADJ
abr-283	16	6	transparency	transparency	NOUN
abr-283	16	7	of	of	ADP
abr-283	16	8	financial	financial	ADJ
abr-283	16	9	statements	statement	NOUN
abr-283	16	10	will	will	AUX
abr-283	16	11	increase	increase	VERB
abr-283	16	12	liquidity	liquidity	NOUN
abr-283	16	13	and	and	CCONJ
abr-283	16	14	reduce	reduce	VERB
abr-283	16	15	the	the	DET
abr-283	16	16	cost	cost	NOUN
abr-283	16	17	of	of	ADP
abr-283	16	18	capital	capital	NOUN
abr-283	16	19	,	,	PUNCT
abr-283	16	20	subsequently	subsequently	ADV
abr-283	16	21	affecting	affect	VERB
abr-283	16	22	firm	firm	ADJ
abr-283	16	23	value	value	NOUN
abr-283	16	24	(	(	PUNCT
abr-283	16	25	affleck	affleck	NOUN
abr-283	16	26	-	-	PUNCT
abr-283	16	27	graves	grave	VERB
abr-283	16	28	et	et	NOUN
abr-283	16	29	al	al	PROPN
abr-283	16	30	.	.	PROPN
abr-283	16	31	,	,	PUNCT
abr-283	16	32	2002	2002	NUM
abr-283	16	33	)	)	PUNCT
abr-283	16	34	.	.	PUNCT
abr-283	17	1	the	the	DET
abr-283	17	2	relationship	relationship	NOUN
abr-283	17	3	detailed	detail	VERB
abr-283	17	4	above	above	ADV
abr-283	17	5	is	be	AUX
abr-283	17	6	still	still	ADV
abr-283	17	7	an	an	DET
abr-283	17	8	open	open	ADJ
abr-283	17	9	empirical	empirical	ADJ
abr-283	17	10	question	question	NOUN
abr-283	17	11	within	within	ADP
abr-283	17	12	the	the	DET
abr-283	17	13	context	context	NOUN
abr-283	17	14	of	of	ADP
abr-283	17	15	fair	fair	ADJ
abr-283	17	16	value	value	NOUN
abr-283	17	17	measurements	measurement	NOUN
abr-283	17	18	,	,	PUNCT
abr-283	17	19	specifically	specifically	ADV
abr-283	17	20	those	those	DET
abr-283	17	21	measurements	measurement	NOUN
abr-283	17	22	involving	involve	VERB
abr-283	17	23	unobservable	unobservable	ADJ
abr-283	17	24	inputs	input	NOUN
abr-283	17	25	.	.	PUNCT
abr-283	18	1	this	this	DET
abr-283	18	2	study	study	NOUN
abr-283	18	3	examines	examine	VERB
abr-283	18	4	the	the	DET
abr-283	18	5	annual	annual	ADJ
abr-283	18	6	and	and	CCONJ
abr-283	18	7	quarterly	quarterly	ADJ
abr-283	18	8	filings	filing	NOUN
abr-283	18	9	of	of	ADP
abr-283	18	10	firms	firm	NOUN
abr-283	18	11	with	with	ADP
abr-283	18	12	level	level	NOUN
abr-283	18	13	2	2	NUM
abr-283	18	14	and	and	CCONJ
abr-283	18	15	level	level	NOUN
abr-283	18	16	3	3	NUM
abr-283	18	17	fair	fair	ADJ
abr-283	18	18	value	value	NOUN
abr-283	18	19	activity	activity	NOUN
abr-283	18	20	from	from	ADP
abr-283	18	21	2007	2007	NUM
abr-283	18	22	through	through	ADP
abr-283	18	23	2012	2012	NUM
abr-283	18	24	and	and	CCONJ
abr-283	18	25	identifies	identify	VERB
abr-283	18	26	a	a	DET
abr-283	18	27	sample	sample	NOUN
abr-283	18	28	of	of	ADP
abr-283	18	29	404	404	NUM
abr-283	18	30	firms	firm	NOUN
abr-283	18	31	with	with	ADP
abr-283	18	32	disclosed	disclose	VERB
abr-283	18	33	transfer	transfer	NOUN
abr-283	18	34	activity	activity	NOUN
abr-283	18	35	and	and	CCONJ
abr-283	18	36	371	371	NUM
abr-283	18	37	firms	firm	NOUN
abr-283	18	38	,	,	PUNCT
abr-283	18	39	serving	serve	VERB
abr-283	18	40	as	as	ADP
abr-283	18	41	the	the	DET
abr-283	18	42	control	control	NOUN
abr-283	18	43	group	group	NOUN
abr-283	18	44	,	,	PUNCT
abr-283	18	45	without	without	ADP
abr-283	18	46	material	material	NOUN
abr-283	18	47	transfer	transfer	NOUN
abr-283	18	48	activity	activity	NOUN
abr-283	18	49	.	.	PUNCT
abr-283	19	1	the	the	DET
abr-283	19	2	overall	overall	ADJ
abr-283	19	3	results	result	NOUN
abr-283	19	4	reveal	reveal	VERB
abr-283	19	5	that	that	SCONJ
abr-283	19	6	information	information	NOUN
abr-283	19	7	risk	risk	NOUN
abr-283	19	8	increased	increase	VERB
abr-283	19	9	as	as	ADP
abr-283	19	10	a	a	DET
abr-283	19	11	result	result	NOUN
abr-283	19	12	of	of	ADP
abr-283	19	13	asc	asc	PROPN
abr-283	19	14	820	820	NUM
abr-283	19	15	-	-	SYM
abr-283	19	16	10	10	NUM
abr-283	19	17	adoption	adoption	NOUN
abr-283	19	18	and	and	CCONJ
abr-283	19	19	the	the	DET
abr-283	19	20	effect	effect	NOUN
abr-283	19	21	is	be	AUX
abr-283	19	22	significantly	significantly	ADV
abr-283	19	23	different	different	ADJ
abr-283	19	24	for	for	ADP
abr-283	19	25	firms	firm	NOUN
abr-283	19	26	affected	affect	VERB
abr-283	19	27	relative	relative	ADV
abr-283	19	28	to	to	ADP
abr-283	19	29	firms	firm	NOUN
abr-283	19	30	not	not	PART
abr-283	19	31	materially	materially	ADV
abr-283	19	32	affected	affect	VERB
abr-283	19	33	by	by	ADP
abr-283	19	34	asc	asc	PROPN
abr-283	19	35	820	820	NUM
abr-283	19	36	-	-	SYM
abr-283	19	37	10	10	NUM
abr-283	19	38	.	.	PUNCT
abr-283	20	1	additionally	additionally	ADV
abr-283	20	2	,	,	PUNCT
abr-283	20	3	results	result	NOUN
abr-283	20	4	further	far	ADV
abr-283	20	5	reveal	reveal	VERB
abr-283	20	6	that	that	SCONJ
abr-283	20	7	firm	firm	ADJ
abr-283	20	8	value	value	NOUN
abr-283	20	9	increased	increase	VERB
abr-283	20	10	for	for	ADP
abr-283	20	11	firms	firm	NOUN
abr-283	20	12	as	as	ADP
abr-283	20	13	a	a	DET
abr-283	20	14	result	result	NOUN
abr-283	20	15	of	of	ADP
abr-283	20	16	asc	asc	PROPN
abr-283	20	17	820	820	NUM
abr-283	20	18	-	-	SYM
abr-283	20	19	10	10	NUM
abr-283	20	20	however	however	ADV
abr-283	20	21	,	,	PUNCT
abr-283	20	22	firm	firm	ADJ
abr-283	20	23	value	value	NOUN
abr-283	20	24	decreased	decrease	VERB
abr-283	20	25	for	for	ADP
abr-283	20	26	firms	firm	NOUN
abr-283	20	27	with	with	ADP
abr-283	20	28	material	material	NOUN
abr-283	20	29	transfers	transfer	NOUN
abr-283	20	30	relative	relative	ADJ
abr-283	20	31	to	to	ADP
abr-283	20	32	firms	firm	NOUN
abr-283	20	33	not	not	PART
abr-283	20	34	materially	materially	ADV
abr-283	20	35	affected	affect	VERB
abr-283	20	36	by	by	ADP
abr-283	20	37	asc	asc	PROPN
abr-283	20	38	820	820	NUM
abr-283	20	39	-	-	SYM
abr-283	20	40	10	10	NUM
abr-283	20	41	.	.	PUNCT
abr-283	21	1	asc	asc	PROPN
abr-283	21	2	820	820	NUM
abr-283	21	3	-	-	SYM
abr-283	21	4	10	10	NUM
abr-283	21	5	was	be	AUX
abr-283	21	6	adopted	adopt	VERB
abr-283	21	7	with	with	ADP
abr-283	21	8	the	the	DET
abr-283	21	9	intent	intent	NOUN
abr-283	21	10	to	to	PART
abr-283	21	11	increase	increase	VERB
abr-283	21	12	financial	financial	ADJ
abr-283	21	13	statement	statement	NOUN
abr-283	21	14	transparency	transparency	NOUN
abr-283	21	15	by	by	ADP
abr-283	21	16	reducing	reduce	VERB
abr-283	21	17	information	information	NOUN
abr-283	21	18	asymmetry	asymmetry	NOUN
abr-283	21	19	surrounding	surround	VERB
abr-283	21	20	fair	fair	ADJ
abr-283	21	21	value	value	NOUN
abr-283	21	22	measurements	measurement	NOUN
abr-283	21	23	.	.	PUNCT
abr-283	22	1	however	however	ADV
abr-283	22	2	,	,	PUNCT
abr-283	22	3	additional	additional	ADJ
abr-283	22	4	disclosures	disclosure	NOUN
abr-283	22	5	do	do	AUX
abr-283	22	6	not	not	PART
abr-283	22	7	necessarily	necessarily	ADV
abr-283	22	8	result	result	VERB
abr-283	22	9	in	in	ADP
abr-283	22	10	additional	additional	ADJ
abr-283	22	11	useful	useful	ADJ
abr-283	22	12	information	information	NOUN
abr-283	22	13	for	for	ADP
abr-283	22	14	the	the	DET
abr-283	22	15	reader	reader	NOUN
abr-283	22	16	.	.	PUNCT
abr-283	23	1	fasb	fasb	PROPN
abr-283	23	2	member	member	NOUN
abr-283	23	3	and	and	CCONJ
abr-283	23	4	leader	leader	NOUN
abr-283	23	5	of	of	ADP
abr-283	23	6	the	the	DET
abr-283	23	7	fasb	fasb	NOUN
abr-283	23	8	’s	’s	PART
abr-283	23	9	disclosure	disclosure	NOUN
abr-283	23	10	framework	framework	NOUN
abr-283	23	11	project	project	NOUN
abr-283	23	12	believes	believe	VERB
abr-283	23	13	that	that	SCONJ
abr-283	23	14	:	:	PUNCT
abr-283	23	15	“	"	PUNCT
abr-283	23	16	some	some	PRON
abr-283	23	17	of	of	ADP
abr-283	23	18	this	this	DET
abr-283	23	19	information	information	NOUN
abr-283	23	20	becomes	become	VERB
abr-283	23	21	boilerplate	boilerplate	ADJ
abr-283	23	22	,	,	PUNCT
abr-283	23	23	or	or	CCONJ
abr-283	23	24	it	it	PRON
abr-283	23	25	may	may	AUX
abr-283	23	26	not	not	PART
abr-283	23	27	be	be	AUX
abr-283	23	28	material	material	ADJ
abr-283	23	29	to	to	ADP
abr-283	23	30	the	the	DET
abr-283	23	31	reporting	reporting	NOUN
abr-283	23	32	entity	entity	NOUN
abr-283	23	33	…	…	PUNCT
abr-283	23	34	that	that	PRON
abr-283	23	35	makes	make	VERB
abr-283	23	36	it	it	PRON
abr-283	23	37	harder	hard	ADJ
abr-283	23	38	for	for	SCONJ
abr-283	23	39	the	the	DET
abr-283	23	40	reader	reader	NOUN
abr-283	23	41	to	to	PART
abr-283	23	42	find	find	VERB
abr-283	23	43	information	information	NOUN
abr-283	23	44	even	even	ADV
abr-283	23	45	if	if	SCONJ
abr-283	23	46	they	they	PRON
abr-283	23	47	know	know	VERB
abr-283	23	48	what	what	PRON
abr-283	23	49	they	they	PRON
abr-283	23	50	’re	’re	AUX
abr-283	23	51	looking	look	VERB
abr-283	23	52	for	for	ADP
abr-283	23	53	.	.	PUNCT
abr-283	24	1	and	and	CCONJ
abr-283	24	2	it	it	PRON
abr-283	24	3	may	may	AUX
abr-283	24	4	cause	cause	VERB
abr-283	24	5	them	they	PRON
abr-283	24	6	to	to	PART
abr-283	24	7	miss	miss	VERB
abr-283	24	8	information	information	NOUN
abr-283	24	9	that	that	SCONJ
abr-283	24	10	they	they	PRON
abr-283	24	11	did	do	AUX
abr-283	24	12	not	not	PART
abr-283	24	13	know	know	VERB
abr-283	24	14	how	how	SCONJ
abr-283	24	15	to	to	PART
abr-283	24	16	look	look	VERB
abr-283	24	17	for	for	ADP
abr-283	24	18	.	.	PUNCT
abr-283	25	1	(	(	PUNCT
abr-283	25	2	journal	journal	NOUN
abr-283	25	3	of	of	ADP
abr-283	25	4	accountancy	accountancy	NOUN
abr-283	25	5	,	,	PUNCT
abr-283	25	6	2012	2012	NUM
abr-283	25	7	)	)	PUNCT
abr-283	25	8	”	"	PUNCT
abr-283	26	1	the	the	DET
abr-283	26	2	fundamental	fundamental	ADJ
abr-283	26	3	research	research	NOUN
abr-283	26	4	objective	objective	NOUN
abr-283	26	5	of	of	ADP
abr-283	26	6	this	this	DET
abr-283	26	7	study	study	NOUN
abr-283	26	8	is	be	AUX
abr-283	26	9	to	to	PART
abr-283	26	10	determine	determine	VERB
abr-283	26	11	whether	whether	SCONJ
abr-283	26	12	the	the	DET
abr-283	26	13	increased	increase	VERB
abr-283	26	14	disclosure	disclosure	NOUN
abr-283	26	15	mandated	mandate	VERB
abr-283	26	16	by	by	ADP
abr-283	26	17	asc	asc	PROPN
abr-283	26	18	820	820	NUM
abr-283	26	19	-	-	SYM
abr-283	26	20	10	10	NUM
abr-283	26	21	decreases	decrease	VERB
abr-283	26	22	information	information	NOUN
abr-283	26	23	risk	risk	NOUN
abr-283	26	24	and	and	CCONJ
abr-283	26	25	its	its	PRON
abr-283	26	26	subsequent	subsequent	ADJ
abr-283	26	27	relation	relation	NOUN
abr-283	26	28	to	to	ADP
abr-283	26	29	firm	firm	ADJ
abr-283	26	30	value	value	NOUN
abr-283	26	31	.	.	PUNCT
abr-283	27	1	overall	overall	ADV
abr-283	27	2	,	,	PUNCT
abr-283	27	3	the	the	DET
abr-283	27	4	results	result	NOUN
abr-283	27	5	of	of	ADP
abr-283	27	6	this	this	DET
abr-283	27	7	study	study	NOUN
abr-283	27	8	conclude	conclude	VERB
abr-283	27	9	that	that	SCONJ
abr-283	27	10	the	the	DET
abr-283	27	11	mandatory	mandatory	ADJ
abr-283	27	12	disclosure	disclosure	NOUN
abr-283	27	13	requirement	requirement	NOUN
abr-283	27	14	of	of	ADP
abr-283	27	15	asc	asc	PROPN
abr-283	27	16	820	820	NUM
abr-283	27	17	-	-	SYM
abr-283	27	18	10	10	NUM
abr-283	27	19	does	do	AUX
abr-283	27	20	increase	increase	VERB
abr-283	27	21	information	information	NOUN
abr-283	27	22	asymmetry	asymmetry	NOUN
abr-283	27	23	as	as	SCONJ
abr-283	27	24	the	the	DET
abr-283	27	25	reliability	reliability	NOUN
abr-283	27	26	and	and	CCONJ
abr-283	27	27	relevance	relevance	NOUN
abr-283	27	28	of	of	ADP
abr-283	27	29	the	the	DET
abr-283	27	30	information	information	NOUN
abr-283	27	31	provided	provide	VERB
abr-283	27	32	to	to	ADP
abr-283	27	33	investors	investor	NOUN
abr-283	27	34	about	about	ADP
abr-283	27	35	fair	fair	ADJ
abr-283	27	36	values	value	NOUN
abr-283	27	37	is	be	AUX
abr-283	27	38	in	in	ADP
abr-283	27	39	question	question	NOUN
abr-283	27	40	.	.	PUNCT
abr-283	28	1	the	the	DET
abr-283	28	2	uncertainty	uncertainty	NOUN
abr-283	28	3	about	about	ADP
abr-283	28	4	the	the	DET
abr-283	28	5	disclosed	disclose	VERB
abr-283	28	6	information	information	NOUN
abr-283	28	7	has	have	VERB
abr-283	28	8	a	a	DET
abr-283	28	9	significant	significant	ADJ
abr-283	28	10	negative	negative	ADJ
abr-283	28	11	impact	impact	NOUN
abr-283	28	12	on	on	ADP
abr-283	28	13	liquidity	liquidity	NOUN
abr-283	28	14	and	and	CCONJ
abr-283	28	15	firm	firm	ADJ
abr-283	28	16	value	value	NOUN
abr-283	28	17	.	.	PUNCT
abr-283	29	1	investors	investor	NOUN
abr-283	29	2	likely	likely	ADV
abr-283	29	3	view	view	VERB
abr-283	29	4	the	the	DET
abr-283	29	5	disclosure	disclosure	NOUN
abr-283	29	6	required	require	VERB
abr-283	29	7	by	by	ADP
abr-283	29	8	asc	asc	PROPN
abr-283	29	9	820	820	NUM
abr-283	29	10	-	-	SYM
abr-283	29	11	10	10	NUM
abr-283	29	12	as	as	ADP
abr-283	29	13	superfluous	superfluous	ADJ
abr-283	29	14	and	and	CCONJ
abr-283	29	15	its	its	PRON
abr-283	29	16	meaning	meaning	NOUN
abr-283	29	17	ambiguous	ambiguous	ADJ
abr-283	29	18	and	and	CCONJ
abr-283	29	19	thus	thus	ADV
abr-283	29	20	is	be	AUX
abr-283	29	21	viewed	view	VERB
abr-283	29	22	negatively	negatively	ADV
abr-283	29	23	.	.	PUNCT
abr-283	30	1	these	these	DET
abr-283	30	2	results	result	NOUN
abr-283	30	3	have	have	VERB
abr-283	30	4	significant	significant	ADJ
abr-283	30	5	policy	policy	NOUN
abr-283	30	6	implications	implication	NOUN
abr-283	30	7	as	as	ADP
abr-283	30	8	the	the	DET
abr-283	30	9	fasb	fasb	NOUN
abr-283	30	10	and	and	CCONJ
abr-283	30	11	iasb	iasb	NOUN
abr-283	30	12	currently	currently	ADV
abr-283	30	13	debate	debate	VERB
abr-283	30	14	effectively	effectively	ADV
abr-283	30	15	streamlining	streamlining	NOUN
abr-283	30	16	disclosures	disclosure	NOUN
abr-283	30	17	.	.	PUNCT
abr-283	31	1	furthermore	furthermore	ADV
abr-283	31	2	,	,	PUNCT
abr-283	31	3	this	this	DET
abr-283	31	4	study	study	NOUN
abr-283	31	5	highlights	highlight	VERB
abr-283	31	6	that	that	SCONJ
abr-283	31	7	the	the	DET
abr-283	31	8	relationship	relationship	NOUN
abr-283	31	9	between	between	ADP
abr-283	31	10	information	information	NOUN
abr-283	31	11	asymmetry	asymmetry	NOUN
abr-283	31	12	and	and	CCONJ
abr-283	31	13	disclosure	disclosure	NOUN
abr-283	31	14	is	be	AUX
abr-283	31	15	directly	directly	ADV
abr-283	31	16	affected	affect	VERB
abr-283	31	17	by	by	ADP
abr-283	31	18	the	the	DET
abr-283	31	19	precision	precision	NOUN
abr-283	31	20	and	and	CCONJ
abr-283	31	21	relevance	relevance	NOUN
abr-283	31	22	of	of	ADP
abr-283	31	23	information	information	NOUN
abr-283	31	24	released	release	VERB
abr-283	31	25	.	.	PUNCT
abr-283	32	1	background	background	NOUN
abr-283	32	2	and	and	CCONJ
abr-283	32	3	hypotheses	hypothese	VERB
abr-283	32	4	development	development	NOUN
abr-283	32	5	prior	prior	ADJ
abr-283	32	6	studies	study	NOUN
abr-283	32	7	have	have	AUX
abr-283	32	8	established	establish	VERB
abr-283	32	9	the	the	DET
abr-283	32	10	link	link	NOUN
abr-283	32	11	between	between	ADP
abr-283	32	12	information	information	NOUN
abr-283	32	13	risk	risk	NOUN
abr-283	32	14	and	and	CCONJ
abr-283	32	15	market	market	NOUN
abr-283	32	16	liquidity	liquidity	NOUN
abr-283	32	17	(	(	PUNCT
abr-283	32	18	diamond	diamond	NOUN
abr-283	32	19	&	&	CCONJ
abr-283	32	20	verrecchia	verrecchia	PROPN
abr-283	32	21	,	,	PUNCT
abr-283	32	22	1991	1991	NUM
abr-283	32	23	;	;	PUNCT
abr-283	32	24	greenstein	greenstein	PROPN
abr-283	32	25	&	&	CCONJ
abr-283	32	26	sami	sami	PROPN
abr-283	32	27	,	,	PUNCT
abr-283	32	28	1994	1994	NUM
abr-283	32	29	;	;	PUNCT
abr-283	32	30	welker	welker	PROPN
abr-283	32	31	,	,	PUNCT
abr-283	32	32	1995	1995	NUM
abr-283	32	33	;	;	PUNCT
abr-283	32	34	coller	coller	PROPN
abr-283	32	35	&	&	CCONJ
abr-283	32	36	yohn	yohn	PROPN
abr-283	32	37	,	,	PUNCT
abr-283	32	38	1997	1997	NUM
abr-283	32	39	;	;	PUNCT
abr-283	32	40	healy	healy	PROPN
abr-283	32	41	et	et	PROPN
abr-283	32	42	al	al	PROPN
abr-283	32	43	.	.	PROPN
abr-283	32	44	,	,	PUNCT
abr-283	32	45	1999	1999	NUM
abr-283	32	46	;	;	PUNCT
abr-283	32	47	leuz	leuz	NOUN
abr-283	32	48	&	&	CCONJ
abr-283	32	49	verrecchia	verrecchia	PROPN
abr-283	32	50	,	,	PUNCT
abr-283	32	51	2000	2000	NUM
abr-283	32	52	;	;	PUNCT
abr-283	32	53	rajgopal	rajgopal	NOUN
abr-283	32	54	&	&	CCONJ
abr-283	32	55	venkatachalam	venkatachalam	PROPN
abr-283	32	56	,	,	PUNCT
abr-283	32	57	2011	2011	NUM
abr-283	32	58	)	)	PUNCT
abr-283	32	59	.	.	PUNCT
abr-283	33	1	information	information	NOUN
abr-283	33	2	risk	risk	NOUN
abr-283	33	3	refers	refer	VERB
abr-283	33	4	to	to	ADP
abr-283	33	5	an	an	DET
abr-283	33	6	investor	investor	NOUN
abr-283	33	7	’s	’s	PART
abr-283	33	8	ability	ability	NOUN
abr-283	33	9	to	to	PART
abr-283	33	10	accurately	accurately	ADV
abr-283	33	11	ascertain	ascertain	VERB
abr-283	33	12	the	the	DET
abr-283	33	13	valuation	valuation	NOUN
abr-283	33	14	parameters	parameter	NOUN
abr-283	33	15	for	for	ADP
abr-283	33	16	a	a	DET
abr-283	33	17	particular	particular	ADJ
abr-283	33	18	asset	asset	NOUN
abr-283	33	19	(	(	PUNCT
abr-283	33	20	riedl	riedl	PROPN
abr-283	33	21	&	&	CCONJ
abr-283	33	22	serafeim	serafeim	PROPN
abr-283	33	23	,	,	PUNCT
abr-283	33	24	2011	2011	NUM
abr-283	33	25	)	)	PUNCT
abr-283	33	26	.	.	PUNCT
abr-283	34	1	therefore	therefore	ADV
abr-283	34	2	,	,	PUNCT
abr-283	34	3	information	information	NOUN
abr-283	34	4	risk	risk	NOUN
abr-283	34	5	is	be	AUX
abr-283	34	6	partially	partially	ADV
abr-283	34	7	determined	determine	VERB
abr-283	34	8	by	by	ADP
abr-283	34	9	the	the	DET
abr-283	34	10	degree	degree	NOUN
abr-283	34	11	of	of	ADP
abr-283	34	12	information	information	NOUN
abr-283	34	13	asymmetry	asymmetry	NOUN
abr-283	34	14	,	,	PUNCT
abr-283	34	15	informational	informational	ADJ
abr-283	34	16	advantage	advantage	NOUN
abr-283	34	17	,	,	PUNCT
abr-283	34	18	between	between	ADP
abr-283	34	19	informed	informed	ADJ
abr-283	34	20	and	and	CCONJ
abr-283	34	21	less	less	ADV
abr-283	34	22	-	-	PUNCT
abr-283	34	23	informed	inform	VERB
abr-283	34	24	investors	investor	NOUN
abr-283	34	25	.	.	PUNCT
abr-283	35	1	diamond	diamond	NOUN
abr-283	35	2	and	and	CCONJ
abr-283	35	3	verrecchia	verrecchia	PROPN
abr-283	35	4	(	(	PUNCT
abr-283	35	5	1991	1991	NUM
abr-283	35	6	)	)	PUNCT
abr-283	35	7	analytically	analytically	ADV
abr-283	35	8	show	show	VERB
abr-283	35	9	that	that	SCONJ
abr-283	35	10	disclosure	disclosure	NOUN
abr-283	35	11	policies	policy	NOUN
abr-283	35	12	that	that	PRON
abr-283	35	13	reduce	reduce	VERB
abr-283	35	14	information	information	NOUN
abr-283	35	15	asymmetry	asymmetry	NOUN
abr-283	35	16	will	will	AUX
abr-283	35	17	increase	increase	VERB
abr-283	35	18	the	the	DET
abr-283	35	19	liquidity	liquidity	NOUN
abr-283	35	20	of	of	ADP
abr-283	35	21	a	a	DET
abr-283	35	22	firm	firm	NOUN
abr-283	35	23	’s	’s	PART
abr-283	35	24	securities	security	NOUN
abr-283	35	25	by	by	ADP
abr-283	35	26	inducing	induce	VERB
abr-283	35	27	traders	trader	NOUN
abr-283	35	28	to	to	PART
abr-283	35	29	take	take	VERB
abr-283	35	30	larger	large	ADJ
abr-283	35	31	current	current	ADJ
abr-283	35	32	positions	position	NOUN
abr-283	35	33	in	in	ADP
abr-283	35	34	securities	security	NOUN
abr-283	35	35	.	.	PUNCT
abr-283	36	1	greenstein	greenstein	PROPN
abr-283	36	2	and	and	CCONJ
abr-283	36	3	sami	sami	PROPN
abr-283	36	4	(	(	PUNCT
abr-283	36	5	1994	1994	NUM
abr-283	36	6	)	)	PUNCT
abr-283	36	7	examined	examine	VERB
abr-283	36	8	the	the	DET
abr-283	36	9	impact	impact	NOUN
abr-283	36	10	of	of	ADP
abr-283	36	11	the	the	DET
abr-283	36	12	sec	sec	PROPN
abr-283	36	13	’s	’s	PART
abr-283	36	14	segment	segment	NOUN
abr-283	36	15	disclosure	disclosure	PROPN
abr-283	36	16	30	30	NUM
abr-283	36	17	requirement	requirement	NOUN
abr-283	36	18	and	and	CCONJ
abr-283	36	19	found	find	VERB
abr-283	36	20	that	that	SCONJ
abr-283	36	21	increased	increase	VERB
abr-283	36	22	disclosure	disclosure	NOUN
abr-283	36	23	had	have	VERB
abr-283	36	24	a	a	DET
abr-283	36	25	significant	significant	ADJ
abr-283	36	26	impact	impact	NOUN
abr-283	36	27	on	on	ADP
abr-283	36	28	the	the	DET
abr-283	36	29	bid	bid	NOUN
abr-283	36	30	-	-	PUNCT
abr-283	36	31	ask	ask	NOUN
abr-283	36	32	spread	spread	NOUN
abr-283	36	33	,	,	PUNCT
abr-283	36	34	a	a	DET
abr-283	36	35	proxy	proxy	NOUN
abr-283	36	36	for	for	ADP
abr-283	36	37	information	information	NOUN
abr-283	36	38	asymmetry	asymmetry	NOUN
abr-283	36	39	.	.	PUNCT
abr-283	37	1	welker	welker	PROPN
abr-283	37	2	(	(	PUNCT
abr-283	37	3	1995	1995	NUM
abr-283	37	4	)	)	PUNCT
abr-283	37	5	directly	directly	ADV
abr-283	37	6	examines	examine	VERB
abr-283	37	7	the	the	DET
abr-283	37	8	relation	relation	NOUN
abr-283	37	9	between	between	ADP
abr-283	37	10	disclosure	disclosure	NOUN
abr-283	37	11	policy	policy	NOUN
abr-283	37	12	and	and	CCONJ
abr-283	37	13	liquidity	liquidity	NOUN
abr-283	37	14	by	by	ADP
abr-283	37	15	departing	depart	VERB
abr-283	37	16	from	from	ADP
abr-283	37	17	the	the	DET
abr-283	37	18	traditional	traditional	ADJ
abr-283	37	19	event	event	NOUN
abr-283	37	20	study	study	NOUN
abr-283	37	21	methodology	methodology	NOUN
abr-283	37	22	approach	approach	NOUN
abr-283	37	23	and	and	CCONJ
abr-283	37	24	focusing	focus	VERB
abr-283	37	25	on	on	ADP
abr-283	37	26	the	the	DET
abr-283	37	27	nondisclosure	nondisclosure	NOUN
abr-283	37	28	period	period	NOUN
abr-283	37	29	.	.	PUNCT
abr-283	38	1	after	after	ADP
abr-283	38	2	controlling	control	VERB
abr-283	38	3	for	for	ADP
abr-283	38	4	return	return	NOUN
abr-283	38	5	volatility	volatility	NOUN
abr-283	38	6	,	,	PUNCT
abr-283	38	7	trading	trading	NOUN
abr-283	38	8	volume	volume	NOUN
abr-283	38	9	and	and	CCONJ
abr-283	38	10	share	share	NOUN
abr-283	38	11	price	price	NOUN
abr-283	38	12	results	result	NOUN
abr-283	38	13	reveal	reveal	VERB
abr-283	38	14	a	a	DET
abr-283	38	15	significant	significant	ADJ
abr-283	38	16	negative	negative	ADJ
abr-283	38	17	relation	relation	NOUN
abr-283	38	18	between	between	ADP
abr-283	38	19	disclosure	disclosure	NOUN
abr-283	38	20	and	and	CCONJ
abr-283	38	21	bid	bid	NOUN
abr-283	38	22	-	-	PUNCT
abr-283	38	23	ask	ask	NOUN
abr-283	38	24	spread	spread	NOUN
abr-283	38	25	.	.	PUNCT
abr-283	39	1	results	result	NOUN
abr-283	39	2	indicate	indicate	VERB
abr-283	39	3	that	that	SCONJ
abr-283	39	4	the	the	DET
abr-283	39	5	effects	effect	NOUN
abr-283	39	6	of	of	ADP
abr-283	39	7	increased	increase	VERB
abr-283	39	8	disclosure	disclosure	NOUN
abr-283	39	9	occur	occur	VERB
abr-283	39	10	beyond	beyond	ADP
abr-283	39	11	the	the	DET
abr-283	39	12	initial	initial	ADJ
abr-283	39	13	information	information	NOUN
abr-283	39	14	release	release	NOUN
abr-283	39	15	period	period	NOUN
abr-283	39	16	.	.	PUNCT
abr-283	40	1	leuz	leuz	NOUN
abr-283	40	2	and	and	CCONJ
abr-283	40	3	verrecchia	verrecchia	PROPN
abr-283	40	4	(	(	PUNCT
abr-283	40	5	2000	2000	NUM
abr-283	40	6	)	)	PUNCT
abr-283	40	7	analyze	analyze	VERB
abr-283	40	8	the	the	DET
abr-283	40	9	economic	economic	ADJ
abr-283	40	10	consequences	consequence	NOUN
abr-283	40	11	of	of	ADP
abr-283	40	12	increased	increase	VERB
abr-283	40	13	disclosure	disclosure	NOUN
abr-283	40	14	for	for	ADP
abr-283	40	15	a	a	DET
abr-283	40	16	sample	sample	NOUN
abr-283	40	17	of	of	ADP
abr-283	40	18	german	german	ADJ
abr-283	40	19	firms	firm	NOUN
abr-283	40	20	and	and	CCONJ
abr-283	40	21	finds	find	VERB
abr-283	40	22	that	that	SCONJ
abr-283	40	23	firms	firm	NOUN
abr-283	40	24	that	that	PRON
abr-283	40	25	commit	commit	VERB
abr-283	40	26	to	to	ADP
abr-283	40	27	increased	increase	VERB
abr-283	40	28	disclosure	disclosure	NOUN
abr-283	40	29	experienced	experience	VERB
abr-283	40	30	lower	low	ADJ
abr-283	40	31	bid	bid	NOUN
abr-283	40	32	-	-	PUNCT
abr-283	40	33	ask	ask	VERB
abr-283	40	34	spreads	spread	NOUN
abr-283	40	35	and	and	CCONJ
abr-283	40	36	share	share	VERB
abr-283	40	37	turnover	turnover	NOUN
abr-283	40	38	.	.	PUNCT
abr-283	41	1	affleck	affleck	NOUN
abr-283	41	2	-	-	PUNCT
abr-283	41	3	graves	grave	VERB
abr-283	41	4	et	et	PROPN
abr-283	41	5	al	al	PROPN
abr-283	41	6	.	.	PUNCT
abr-283	42	1	(	(	PUNCT
abr-283	42	2	2002	2002	NUM
abr-283	42	3	)	)	PUNCT
abr-283	42	4	show	show	VERB
abr-283	42	5	that	that	SCONJ
abr-283	42	6	firms	firm	NOUN
abr-283	42	7	with	with	ADP
abr-283	42	8	more	more	ADV
abr-283	42	9	predictable	predictable	ADJ
abr-283	42	10	earnings	earning	NOUN
abr-283	42	11	show	show	NOUN
abr-283	42	12	decreases	decrease	VERB
abr-283	42	13	in	in	ADP
abr-283	42	14	the	the	DET
abr-283	42	15	adverse	adverse	ADJ
abr-283	42	16	selection	selection	NOUN
abr-283	42	17	component	component	NOUN
abr-283	42	18	of	of	ADP
abr-283	42	19	the	the	DET
abr-283	42	20	bid	bid	NOUN
abr-283	42	21	-	-	PUNCT
abr-283	42	22	ask	ask	NOUN
abr-283	42	23	spread	spread	NOUN
abr-283	42	24	.	.	PUNCT
abr-283	43	1	these	these	DET
abr-283	43	2	results	result	NOUN
abr-283	43	3	further	far	ADV
abr-283	43	4	substantiate	substantiate	VERB
abr-283	43	5	the	the	DET
abr-283	43	6	link	link	NOUN
abr-283	43	7	between	between	ADP
abr-283	43	8	information	information	NOUN
abr-283	43	9	risk	risk	NOUN
abr-283	43	10	and	and	CCONJ
abr-283	43	11	liquidity	liquidity	NOUN
abr-283	43	12	.	.	PUNCT
abr-283	44	1	all	all	DET
abr-283	44	2	other	other	ADJ
abr-283	44	3	things	thing	NOUN
abr-283	44	4	being	be	AUX
abr-283	44	5	equal	equal	ADJ
abr-283	44	6	,	,	PUNCT
abr-283	44	7	decreased	decrease	VERB
abr-283	44	8	information	information	NOUN
abr-283	44	9	risk	risk	NOUN
abr-283	44	10	(	(	PUNCT
abr-283	44	11	e.g.	e.g.	ADV
abr-283	44	12	,	,	PUNCT
abr-283	44	13	more	more	ADV
abr-283	44	14	predictable	predictable	ADJ
abr-283	44	15	earnings	earning	NOUN
abr-283	44	16	)	)	PUNCT
abr-283	44	17	increases	increase	VERB
abr-283	44	18	market	market	NOUN
abr-283	44	19	liquidity	liquidity	NOUN
abr-283	44	20	.	.	PUNCT
abr-283	45	1	a	a	DET
abr-283	45	2	more	more	ADV
abr-283	45	3	recent	recent	ADJ
abr-283	45	4	study	study	NOUN
abr-283	45	5	by	by	ADP
abr-283	45	6	rajgopal	rajgopal	NOUN
abr-283	45	7	and	and	CCONJ
abr-283	45	8	venkatachalam	venkatachalam	PROPN
abr-283	45	9	(	(	PUNCT
abr-283	45	10	2011	2011	NUM
abr-283	45	11	)	)	PUNCT
abr-283	45	12	examines	examine	VERB
abr-283	45	13	returns	return	NOUN
abr-283	45	14	from	from	ADP
abr-283	45	15	1962	1962	NUM
abr-283	45	16	to	to	ADP
abr-283	45	17	2001	2001	NUM
abr-283	45	18	and	and	CCONJ
abr-283	45	19	shows	show	VERB
abr-283	45	20	that	that	SCONJ
abr-283	45	21	higher	high	ADJ
abr-283	45	22	idiosyncratic	idiosyncratic	ADJ
abr-283	45	23	return	return	NOUN
abr-283	45	24	volatility	volatility	NOUN
abr-283	45	25	is	be	AUX
abr-283	45	26	significantly	significantly	ADV
abr-283	45	27	negatively	negatively	ADV
abr-283	45	28	related	relate	VERB
abr-283	45	29	to	to	ADP
abr-283	45	30	information	information	NOUN
abr-283	45	31	quality	quality	NOUN
abr-283	45	32	.	.	PUNCT
abr-283	46	1	an	an	DET
abr-283	46	2	increase	increase	NOUN
abr-283	46	3	in	in	ADP
abr-283	46	4	idiosyncratic	idiosyncratic	ADJ
abr-283	46	5	return	return	NOUN
abr-283	46	6	volatility	volatility	NOUN
abr-283	46	7	is	be	AUX
abr-283	46	8	related	relate	VERB
abr-283	46	9	to	to	ADP
abr-283	46	10	information	information	NOUN
abr-283	46	11	risk	risk	NOUN
abr-283	46	12	and	and	CCONJ
abr-283	46	13	is	be	AUX
abr-283	46	14	effectively	effectively	ADV
abr-283	46	15	priced	price	VERB
abr-283	46	16	influencing	influence	VERB
abr-283	46	17	the	the	DET
abr-283	46	18	cost	cost	NOUN
abr-283	46	19	of	of	ADP
abr-283	46	20	equity	equity	NOUN
abr-283	46	21	capital	capital	NOUN
abr-283	46	22	and	and	CCONJ
abr-283	46	23	liquidity	liquidity	NOUN
abr-283	46	24	(	(	PUNCT
abr-283	46	25	goyal	goyal	PROPN
abr-283	46	26	&	&	CCONJ
abr-283	46	27	santa	santa	PROPN
abr-283	46	28	-	-	PUNCT
abr-283	46	29	clara	clara	PROPN
abr-283	46	30	,	,	PUNCT
abr-283	46	31	2003	2003	NUM
abr-283	46	32	;	;	PUNCT
abr-283	46	33	easley	easley	PROPN
abr-283	46	34	&	&	CCONJ
abr-283	46	35	o’hara	o’hara	PROPN
abr-283	46	36	,	,	PUNCT
abr-283	46	37	2004	2004	NUM
abr-283	46	38	)	)	PUNCT
abr-283	46	39	.	.	PUNCT
abr-283	47	1	overall	overall	ADV
abr-283	47	2	,	,	PUNCT
abr-283	47	3	the	the	DET
abr-283	47	4	studies	study	NOUN
abr-283	47	5	above	above	ADV
abr-283	47	6	support	support	VERB
abr-283	47	7	the	the	DET
abr-283	47	8	link	link	NOUN
abr-283	47	9	between	between	ADP
abr-283	47	10	liquidity	liquidity	NOUN
abr-283	47	11	and	and	CCONJ
abr-283	47	12	information	information	NOUN
abr-283	47	13	risk	risk	NOUN
abr-283	47	14	however	however	ADV
abr-283	47	15	a	a	DET
abr-283	47	16	more	more	ADV
abr-283	47	17	subtle	subtle	ADJ
abr-283	47	18	,	,	PUNCT
abr-283	47	19	yet	yet	CCONJ
abr-283	47	20	equally	equally	ADV
abr-283	47	21	important	important	ADJ
abr-283	47	22	point	point	NOUN
abr-283	47	23	is	be	AUX
abr-283	47	24	present	present	ADJ
abr-283	47	25	.	.	PUNCT
abr-283	48	1	valuation	valuation	NOUN
abr-283	48	2	is	be	AUX
abr-283	48	3	theoretically	theoretically	ADV
abr-283	48	4	linked	link	VERB
abr-283	48	5	to	to	ADP
abr-283	48	6	market	market	NOUN
abr-283	48	7	liquidity	liquidity	NOUN
abr-283	48	8	through	through	ADP
abr-283	48	9	information	information	NOUN
abr-283	48	10	risk	risk	NOUN
abr-283	48	11	.	.	PUNCT
abr-283	49	1	at	at	ADP
abr-283	49	2	its	its	PRON
abr-283	49	3	core	core	NOUN
abr-283	49	4	,	,	PUNCT
abr-283	49	5	firm	firm	ADJ
abr-283	49	6	valuation	valuation	NOUN
abr-283	49	7	reflects	reflect	VERB
abr-283	49	8	the	the	DET
abr-283	49	9	underlying	underlie	VERB
abr-283	49	10	value	value	NOUN
abr-283	49	11	of	of	ADP
abr-283	49	12	the	the	DET
abr-283	49	13	assets	asset	NOUN
abr-283	49	14	and	and	CCONJ
abr-283	49	15	liabilities	liability	NOUN
abr-283	49	16	of	of	ADP
abr-283	49	17	a	a	DET
abr-283	49	18	firm	firm	NOUN
abr-283	49	19	in	in	ADP
abr-283	49	20	addition	addition	NOUN
abr-283	49	21	to	to	ADP
abr-283	49	22	the	the	DET
abr-283	49	23	expected	expect	VERB
abr-283	49	24	future	future	ADJ
abr-283	49	25	cash	cash	NOUN
abr-283	49	26	flows	flow	NOUN
abr-283	49	27	discounted	discount	VERB
abr-283	49	28	for	for	ADP
abr-283	49	29	appropriate	appropriate	ADJ
abr-283	49	30	risk	risk	NOUN
abr-283	49	31	.	.	PUNCT
abr-283	50	1	if	if	SCONJ
abr-283	50	2	investors	investor	NOUN
abr-283	50	3	(	(	PUNCT
abr-283	50	4	analysts	analyst	NOUN
abr-283	50	5	)	)	PUNCT
abr-283	50	6	are	be	AUX
abr-283	50	7	unable	unable	ADJ
abr-283	50	8	to	to	PART
abr-283	50	9	accurately	accurately	ADV
abr-283	50	10	forecast	forecast	VERB
abr-283	50	11	expected	expect	VERB
abr-283	50	12	future	future	ADJ
abr-283	50	13	cash	cash	NOUN
abr-283	50	14	flows	flow	NOUN
abr-283	50	15	because	because	SCONJ
abr-283	50	16	of	of	ADP
abr-283	50	17	heightened	heighten	VERB
abr-283	50	18	information	information	NOUN
abr-283	50	19	risk	risk	NOUN
abr-283	50	20	or	or	CCONJ
abr-283	50	21	accurately	accurately	ADV
abr-283	50	22	value	value	VERB
abr-283	50	23	assets	asset	NOUN
abr-283	50	24	or	or	CCONJ
abr-283	50	25	liabilities	liability	NOUN
abr-283	50	26	because	because	SCONJ
abr-283	50	27	of	of	ADP
abr-283	50	28	illiquidity	illiquidity	NOUN
abr-283	50	29	,	,	PUNCT
abr-283	50	30	firm	firm	ADJ
abr-283	50	31	value	value	NOUN
abr-283	50	32	is	be	AUX
abr-283	50	33	ultimately	ultimately	ADV
abr-283	50	34	affected	affect	VERB
abr-283	50	35	.	.	PUNCT
abr-283	51	1	this	this	DET
abr-283	51	2	study	study	NOUN
abr-283	51	3	seeks	seek	VERB
abr-283	51	4	to	to	PART
abr-283	51	5	analyze	analyze	VERB
abr-283	51	6	the	the	DET
abr-283	51	7	relationship	relationship	NOUN
abr-283	51	8	between	between	ADP
abr-283	51	9	liquidity	liquidity	NOUN
abr-283	51	10	,	,	PUNCT
abr-283	51	11	information	information	NOUN
abr-283	51	12	risk	risk	NOUN
abr-283	51	13	,	,	PUNCT
abr-283	51	14	and	and	CCONJ
abr-283	51	15	firm	firm	ADJ
abr-283	51	16	value	value	NOUN
abr-283	51	17	in	in	ADP
abr-283	51	18	the	the	DET
abr-283	51	19	fair	fair	ADJ
abr-283	51	20	value	value	NOUN
abr-283	51	21	context	context	NOUN
abr-283	51	22	.	.	PUNCT
abr-283	52	1	the	the	DET
abr-283	52	2	association	association	NOUN
abr-283	52	3	between	between	ADP
abr-283	52	4	liquidity	liquidity	NOUN
abr-283	52	5	and	and	CCONJ
abr-283	52	6	information	information	NOUN
abr-283	52	7	risk	risk	NOUN
abr-283	52	8	is	be	AUX
abr-283	52	9	important	important	ADJ
abr-283	52	10	for	for	ADP
abr-283	52	11	level	level	NOUN
abr-283	52	12	3	3	NUM
abr-283	52	13	fair	fair	ADJ
abr-283	52	14	value	value	NOUN
abr-283	52	15	measurements	measurement	NOUN
abr-283	52	16	,	,	PUNCT
abr-283	52	17	measured	measure	VERB
abr-283	52	18	using	use	VERB
abr-283	52	19	unobservable	unobservable	ADJ
abr-283	52	20	inputs	input	NOUN
abr-283	52	21	to	to	PART
abr-283	52	22	measure	measure	VERB
abr-283	52	23	fair	fair	ADJ
abr-283	52	24	value	value	NOUN
abr-283	52	25	to	to	ADP
abr-283	52	26	the	the	DET
abr-283	52	27	extent	extent	NOUN
abr-283	52	28	that	that	SCONJ
abr-283	52	29	observable	observable	ADJ
abr-283	52	30	inputs	input	NOUN
abr-283	52	31	are	be	AUX
abr-283	52	32	not	not	PART
abr-283	52	33	available	available	ADJ
abr-283	52	34	,	,	PUNCT
abr-283	52	35	because	because	SCONJ
abr-283	52	36	investors	investor	NOUN
abr-283	52	37	appear	appear	VERB
abr-283	52	38	to	to	PART
abr-283	52	39	demand	demand	VERB
abr-283	52	40	compensation	compensation	NOUN
abr-283	52	41	for	for	ADP
abr-283	52	42	firms	firm	NOUN
abr-283	52	43	that	that	PRON
abr-283	52	44	carry	carry	VERB
abr-283	52	45	illiquid	illiquid	ADJ
abr-283	52	46	securities	security	NOUN
abr-283	52	47	(	(	PUNCT
abr-283	52	48	amihud	amihud	PROPN
abr-283	52	49	&	&	CCONJ
abr-283	52	50	mendelson	mendelson	PROPN
abr-283	52	51	,	,	PUNCT
abr-283	52	52	1986	1986	NUM
abr-283	52	53	;	;	PUNCT
abr-283	52	54	brennan	brennan	PROPN
abr-283	52	55	&	&	CCONJ
abr-283	52	56	subrahmanyam	subrahmanyam	PROPN
abr-283	52	57	,	,	PUNCT
abr-283	52	58	1996	1996	NUM
abr-283	52	59	)	)	PUNCT
abr-283	52	60	.	.	PUNCT
abr-283	53	1	firms	firm	NOUN
abr-283	53	2	with	with	ADP
abr-283	53	3	transfers	transfer	NOUN
abr-283	53	4	between	between	ADP
abr-283	53	5	fair	fair	ADJ
abr-283	53	6	value	value	NOUN
abr-283	53	7	measurement	measurement	NOUN
abr-283	53	8	categories	category	NOUN
abr-283	53	9	signal	signal	VERB
abr-283	53	10	to	to	ADP
abr-283	53	11	investors	investor	NOUN
abr-283	53	12	an	an	DET
abr-283	53	13	increase	increase	NOUN
abr-283	53	14	(	(	PUNCT
abr-283	53	15	decrease	decrease	NOUN
abr-283	53	16	)	)	PUNCT
abr-283	53	17	in	in	ADP
abr-283	53	18	the	the	DET
abr-283	53	19	objectivity	objectivity	NOUN
abr-283	53	20	and	and	CCONJ
abr-283	53	21	comparability	comparability	NOUN
abr-283	53	22	of	of	ADP
abr-283	53	23	the	the	DET
abr-283	53	24	transferred	transfer	VERB
abr-283	53	25	securities	security	NOUN
abr-283	53	26	.	.	PUNCT
abr-283	54	1	theoretically	theoretically	ADV
abr-283	54	2	,	,	PUNCT
abr-283	54	3	transfers	transfer	NOUN
abr-283	54	4	from	from	ADP
abr-283	54	5	(	(	PUNCT
abr-283	54	6	to	to	PART
abr-283	54	7	)	)	PUNCT
abr-283	54	8	level	level	NOUN
abr-283	54	9	3	3	NUM
abr-283	54	10	decrease	decrease	NOUN
abr-283	54	11	(	(	PUNCT
abr-283	54	12	increase	increase	NOUN
abr-283	54	13	)	)	PUNCT
abr-283	54	14	information	information	NOUN
abr-283	54	15	risk	risk	NOUN
abr-283	54	16	and	and	CCONJ
abr-283	54	17	increase	increase	NOUN
abr-283	54	18	(	(	PUNCT
abr-283	54	19	decrease	decrease	NOUN
abr-283	54	20	)	)	PUNCT
abr-283	54	21	liquidity	liquidity	NOUN
abr-283	54	22	.	.	PUNCT
abr-283	55	1	information	information	NOUN
abr-283	55	2	risk	risk	NOUN
abr-283	55	3	can	can	AUX
abr-283	55	4	be	be	AUX
abr-283	55	5	directly	directly	ADV
abr-283	55	6	linked	link	VERB
abr-283	55	7	to	to	ADP
abr-283	55	8	market	market	NOUN
abr-283	55	9	liquidity	liquidity	NOUN
abr-283	55	10	through	through	ADP
abr-283	55	11	the	the	DET
abr-283	55	12	theories	theory	NOUN
abr-283	55	13	of	of	ADP
abr-283	55	14	incomplete	incomplete	ADJ
abr-283	55	15	information	information	NOUN
abr-283	55	16	,	,	PUNCT
abr-283	55	17	estimation	estimation	NOUN
abr-283	55	18	risk	risk	NOUN
abr-283	55	19	,	,	PUNCT
abr-283	55	20	information	information	NOUN
abr-283	55	21	asymmetry	asymmetry	NOUN
abr-283	55	22	,	,	PUNCT
abr-283	55	23	and	and	CCONJ
abr-283	55	24	impacts	impact	NOUN
abr-283	55	25	on	on	ADP
abr-283	55	26	future	future	ADJ
abr-283	55	27	cash	cash	NOUN
abr-283	55	28	flows	flow	NOUN
abr-283	55	29	(	(	PUNCT
abr-283	55	30	legoria	legoria	PROPN
abr-283	55	31	et	et	PROPN
abr-283	55	32	al	al	PROPN
abr-283	55	33	.	.	PROPN
abr-283	55	34	,	,	PUNCT
abr-283	55	35	2008	2008	NUM
abr-283	55	36	;	;	PUNCT
abr-283	55	37	ng	ng	PROPN
abr-283	55	38	,	,	PUNCT
abr-283	55	39	2011	2011	NUM
abr-283	55	40	)	)	PUNCT
abr-283	55	41	.	.	PUNCT
abr-283	56	1	incomplete	incomplete	ADJ
abr-283	56	2	information	information	NOUN
abr-283	56	3	(	(	PUNCT
abr-283	56	4	merton	merton	PROPN
abr-283	56	5	,	,	PUNCT
abr-283	56	6	1987	1987	NUM
abr-283	56	7	)	)	PUNCT
abr-283	56	8	arises	arise	VERB
abr-283	56	9	when	when	SCONJ
abr-283	56	10	investors	investor	NOUN
abr-283	56	11	are	be	AUX
abr-283	56	12	unaware	unaware	ADJ
abr-283	56	13	of	of	ADP
abr-283	56	14	all	all	DET
abr-283	56	15	investment	investment	NOUN
abr-283	56	16	opportunities	opportunity	NOUN
abr-283	56	17	,	,	PUNCT
abr-283	56	18	which	which	PRON
abr-283	56	19	results	result	VERB
abr-283	56	20	in	in	ADP
abr-283	56	21	a	a	DET
abr-283	56	22	smaller	small	ADJ
abr-283	56	23	investor	investor	NOUN
abr-283	56	24	base	base	NOUN
abr-283	56	25	and	and	CCONJ
abr-283	56	26	lower	low	ADJ
abr-283	56	27	stock	stock	NOUN
abr-283	56	28	price	price	NOUN
abr-283	56	29	.	.	PUNCT
abr-283	57	1	estimation	estimation	NOUN
abr-283	57	2	risk	risk	NOUN
abr-283	57	3	arises	arise	VERB
abr-283	57	4	when	when	SCONJ
abr-283	57	5	investors	investor	NOUN
abr-283	57	6	are	be	AUX
abr-283	57	7	uncertain	uncertain	ADJ
abr-283	57	8	about	about	ADP
abr-283	57	9	the	the	DET
abr-283	57	10	return	return	NOUN
abr-283	57	11	distribution	distribution	NOUN
abr-283	57	12	parameters	parameter	NOUN
abr-283	57	13	which	which	PRON
abr-283	57	14	leads	lead	VERB
abr-283	57	15	investors	investor	NOUN
abr-283	57	16	to	to	PART
abr-283	57	17	demand	demand	VERB
abr-283	57	18	higher	high	ADJ
abr-283	57	19	required	require	VERB
abr-283	57	20	rates	rate	NOUN
abr-283	57	21	of	of	ADP
abr-283	57	22	return	return	NOUN
abr-283	57	23	(	(	PUNCT
abr-283	57	24	barry	barry	PROPN
abr-283	57	25	&	&	CCONJ
abr-283	57	26	brown	brown	PROPN
abr-283	57	27	,	,	PUNCT
abr-283	57	28	1984	1984	NUM
abr-283	57	29	)	)	PUNCT
abr-283	57	30	.	.	PUNCT
abr-283	58	1	information	information	NOUN
abr-283	58	2	asymmetry	asymmetry	NOUN
abr-283	58	3	risk	risk	NOUN
abr-283	58	4	(	(	PUNCT
abr-283	58	5	easley	easley	PROPN
abr-283	58	6	&	&	CCONJ
abr-283	58	7	o’hara	o’hara	PROPN
abr-283	58	8	,	,	PUNCT
abr-283	58	9	2004	2004	NUM
abr-283	58	10	)	)	PUNCT
abr-283	58	11	arises	arise	VERB
abr-283	58	12	when	when	SCONJ
abr-283	58	13	informed	informed	ADJ
abr-283	58	14	investors	investor	NOUN
abr-283	58	15	exploit	exploit	VERB
abr-283	58	16	their	their	PRON
abr-283	58	17	informational	informational	ADJ
abr-283	58	18	advantage	advantage	NOUN
abr-283	58	19	to	to	PART
abr-283	58	20	earn	earn	VERB
abr-283	58	21	trading	trading	NOUN
abr-283	58	22	gains	gain	NOUN
abr-283	58	23	at	at	ADP
abr-283	58	24	the	the	DET
abr-283	58	25	expense	expense	NOUN
abr-283	58	26	of	of	ADP
abr-283	58	27	less	less	ADV
abr-283	58	28	-	-	PUNCT
abr-283	58	29	informed	inform	VERB
abr-283	58	30	investors	investor	NOUN
abr-283	58	31	.	.	PUNCT
abr-283	59	1	ng	ng	PROPN
abr-283	59	2	(	(	PUNCT
abr-283	59	3	2011	2011	NUM
abr-283	59	4	)	)	PUNCT
abr-283	59	5	finds	find	VERB
abr-283	59	6	that	that	SCONJ
abr-283	59	7	higher	high	ADJ
abr-283	59	8	information	information	NOUN
abr-283	59	9	quality	quality	NOUN
abr-283	59	10	is	be	AUX
abr-283	59	11	negatively	negatively	ADV
abr-283	59	12	associated	associate	VERB
abr-283	59	13	with	with	ADP
abr-283	59	14	liquidity	liquidity	NOUN
abr-283	59	15	risk	risk	NOUN
abr-283	59	16	and	and	CCONJ
abr-283	59	17	that	that	DET
abr-283	59	18	relationship	relationship	NOUN
abr-283	59	19	between	between	ADP
abr-283	59	20	information	information	NOUN
abr-283	59	21	quality	quality	NOUN
abr-283	59	22	and	and	CCONJ
abr-283	59	23	cost	cost	NOUN
abr-283	59	24	of	of	ADP
abr-283	59	25	capital	capital	NOUN
abr-283	59	26	is	be	AUX
abr-283	59	27	economically	economically	ADV
abr-283	59	28	significant	significant	ADJ
abr-283	59	29	.	.	PUNCT
abr-283	60	1	additional	additional	ADJ
abr-283	60	2	analysis	analysis	NOUN
abr-283	60	3	reveals	reveal	VERB
abr-283	60	4	that	that	SCONJ
abr-283	60	5	unexpected	unexpected	ADJ
abr-283	60	6	changes	change	NOUN
abr-283	60	7	in	in	ADP
abr-283	60	8	market	market	NOUN
abr-283	60	9	liquidity	liquidity	NOUN
abr-283	60	10	exacerbate	exacerbate	VERB
abr-283	60	11	the	the	DET
abr-283	60	12	negative	negative	ADJ
abr-283	60	13	relationship	relationship	NOUN
abr-283	60	14	between	between	ADP
abr-283	60	15	information	information	NOUN
abr-283	60	16	quality	quality	NOUN
abr-283	60	17	and	and	CCONJ
abr-283	60	18	liquidity	liquidity	NOUN
abr-283	60	19	risk	risk	NOUN
abr-283	60	20	.	.	PUNCT
abr-283	61	1	ng	ng	PROPN
abr-283	61	2	defines	define	VERB
abr-283	61	3	liquidity	liquidity	NOUN
abr-283	61	4	risk	risk	NOUN
abr-283	61	5	as	as	ADP
abr-283	61	6	“	"	PUNCT
abr-283	61	7	the	the	DET
abr-283	61	8	sensitivity	sensitivity	NOUN
abr-283	61	9	of	of	ADP
abr-283	61	10	the	the	DET
abr-283	61	11	stock	stock	NOUN
abr-283	61	12	’s	’s	PART
abr-283	61	13	return	return	NOUN
abr-283	61	14	to	to	ADP
abr-283	61	15	unexpected	unexpected	ADJ
abr-283	61	16	changes	change	NOUN
abr-283	61	17	in	in	ADP
abr-283	61	18	market	market	NOUN
abr-283	61	19	liquidity	liquidity	NOUN
abr-283	61	20	”	"	PUNCT
abr-283	61	21	while	while	SCONJ
abr-283	61	22	a	a	DET
abr-283	61	23	liquid	liquid	ADJ
abr-283	61	24	market	market	NOUN
abr-283	61	25	is	be	AUX
abr-283	61	26	one	one	NUM
abr-283	61	27	with	with	ADP
abr-283	61	28	narrow	narrow	ADJ
abr-283	61	29	bid	bid	NOUN
abr-283	61	30	-	-	PUNCT
abr-283	61	31	ask	ask	VERB
abr-283	61	32	spreads	spread	NOUN
abr-283	61	33	in	in	ADP
abr-283	61	34	which	which	PRON
abr-283	61	35	large	large	ADJ
abr-283	61	36	trades	trade	NOUN
abr-283	61	37	can	can	AUX
abr-283	61	38	be	be	AUX
abr-283	61	39	absorbed	absorb	VERB
abr-283	61	40	without	without	ADP
abr-283	61	41	significantly	significantly	ADV
abr-283	61	42	moving	move	VERB
abr-283	61	43	market	market	NOUN
abr-283	61	44	prices	price	NOUN
abr-283	61	45	(	(	PUNCT
abr-283	61	46	black	black	ADJ
abr-283	61	47	,	,	PUNCT
abr-283	61	48	31	31	NUM
abr-283	61	49	1971).2	1971).2	NUM
abr-283	61	50	when	when	SCONJ
abr-283	61	51	investors	investor	NOUN
abr-283	61	52	buy	buy	VERB
abr-283	61	53	shares	share	NOUN
abr-283	61	54	of	of	ADP
abr-283	61	55	a	a	DET
abr-283	61	56	stock	stock	NOUN
abr-283	61	57	,	,	PUNCT
abr-283	61	58	the	the	DET
abr-283	61	59	broker	broker	NOUN
abr-283	61	60	quotes	quote	VERB
abr-283	61	61	an	an	DET
abr-283	61	62	asking	asking	NOUN
abr-283	61	63	price	price	NOUN
abr-283	61	64	(	(	PUNCT
abr-283	61	65	the	the	DET
abr-283	61	66	“	"	PUNCT
abr-283	61	67	ask	ask	NOUN
abr-283	61	68	”	"	PUNCT
abr-283	61	69	)	)	PUNCT
abr-283	61	70	.	.	PUNCT
abr-283	62	1	conversely	conversely	ADV
abr-283	62	2	,	,	PUNCT
abr-283	62	3	if	if	SCONJ
abr-283	62	4	the	the	DET
abr-283	62	5	investor	investor	NOUN
abr-283	62	6	attempts	attempt	VERB
abr-283	62	7	to	to	PART
abr-283	62	8	sell	sell	VERB
abr-283	62	9	the	the	DET
abr-283	62	10	same	same	ADJ
abr-283	62	11	shares	share	NOUN
abr-283	62	12	,	,	PUNCT
abr-283	62	13	the	the	DET
abr-283	62	14	broker	broker	NOUN
abr-283	62	15	quotes	quote	VERB
abr-283	62	16	a	a	DET
abr-283	62	17	lower	low	ADJ
abr-283	62	18	bid	bid	NOUN
abr-283	62	19	price	price	NOUN
abr-283	62	20	(	(	PUNCT
abr-283	62	21	the	the	DET
abr-283	62	22	“	"	PUNCT
abr-283	62	23	bid	bid	NOUN
abr-283	62	24	”	"	PUNCT
abr-283	62	25	)	)	PUNCT
abr-283	62	26	with	with	ADP
abr-283	62	27	the	the	DET
abr-283	62	28	difference	difference	NOUN
abr-283	62	29	between	between	ADP
abr-283	62	30	the	the	DET
abr-283	62	31	two	two	NUM
abr-283	62	32	prices	price	NOUN
abr-283	62	33	being	be	AUX
abr-283	62	34	the	the	DET
abr-283	62	35	“	"	PUNCT
abr-283	62	36	bid	bid	NOUN
abr-283	62	37	-	-	PUNCT
abr-283	62	38	ask	ask	NOUN
abr-283	62	39	spread	spread	NOUN
abr-283	62	40	”	"	PUNCT
abr-283	62	41	(	(	PUNCT
abr-283	62	42	callahan	callahan	PROPN
abr-283	62	43	et	et	PROPN
abr-283	62	44	al	al	PROPN
abr-283	62	45	.	.	PROPN
abr-283	62	46	,	,	PUNCT
abr-283	62	47	1997	1997	NUM
abr-283	62	48	)	)	PUNCT
abr-283	62	49	.	.	PUNCT
abr-283	63	1	the	the	DET
abr-283	63	2	spread	spread	NOUN
abr-283	63	3	between	between	ADP
abr-283	63	4	the	the	DET
abr-283	63	5	bid	bid	NOUN
abr-283	63	6	and	and	CCONJ
abr-283	63	7	ask	ask	VERB
abr-283	63	8	prices	price	NOUN
abr-283	63	9	is	be	AUX
abr-283	63	10	the	the	DET
abr-283	63	11	market	market	NOUN
abr-283	63	12	maker	maker	NOUN
abr-283	63	13	’s	’s	PART
abr-283	63	14	source	source	NOUN
abr-283	63	15	of	of	ADP
abr-283	63	16	gross	gross	ADJ
abr-283	63	17	profit	profit	NOUN
abr-283	63	18	and	and	CCONJ
abr-283	63	19	must	must	AUX
abr-283	63	20	be	be	AUX
abr-283	63	21	wide	wide	ADJ
abr-283	63	22	enough	enough	ADV
abr-283	63	23	to	to	PART
abr-283	63	24	cover	cover	VERB
abr-283	63	25	the	the	DET
abr-283	63	26	market	market	NOUN
abr-283	63	27	maker	maker	NOUN
abr-283	63	28	’s	’s	PART
abr-283	63	29	operating	operating	NOUN
abr-283	63	30	costs	cost	NOUN
abr-283	63	31	including	include	VERB
abr-283	63	32	adverse	adverse	ADJ
abr-283	63	33	selection	selection	NOUN
abr-283	63	34	costs	cost	NOUN
abr-283	63	35	(	(	PUNCT
abr-283	63	36	stoll	stoll	PROPN
abr-283	63	37	,	,	PUNCT
abr-283	63	38	1978	1978	NUM
abr-283	63	39	)	)	PUNCT
abr-283	63	40	.	.	PUNCT
abr-283	64	1	prior	prior	ADJ
abr-283	64	2	research	research	NOUN
abr-283	64	3	(	(	PUNCT
abr-283	64	4	amihud	amihud	PROPN
abr-283	64	5	&	&	CCONJ
abr-283	64	6	mendelson	mendelson	PROPN
abr-283	64	7	1986	1986	NUM
abr-283	64	8	;	;	PUNCT
abr-283	64	9	copeland	copeland	PROPN
abr-283	64	10	&	&	CCONJ
abr-283	64	11	galai	galai	PROPN
abr-283	64	12	1983	1983	NUM
abr-283	64	13	;	;	PUNCT
abr-283	64	14	glosten	glosten	PROPN
abr-283	64	15	&	&	CCONJ
abr-283	64	16	harris	harris	PROPN
abr-283	64	17	1988	1988	NUM
abr-283	64	18	;	;	PUNCT
abr-283	64	19	stoll	stoll	PROPN
abr-283	64	20	1989	1989	NUM
abr-283	64	21	)	)	PUNCT
abr-283	64	22	suggests	suggest	VERB
abr-283	64	23	that	that	SCONJ
abr-283	64	24	the	the	DET
abr-283	64	25	spread	spread	NOUN
abr-283	64	26	is	be	AUX
abr-283	64	27	comprised	comprise	VERB
abr-283	64	28	of	of	ADP
abr-283	64	29	three	three	NUM
abr-283	64	30	types	type	NOUN
abr-283	64	31	of	of	ADP
abr-283	64	32	costs	cost	NOUN
abr-283	64	33	facing	face	VERB
abr-283	64	34	the	the	DET
abr-283	64	35	dealer	dealer	NOUN
abr-283	64	36	:	:	PUNCT
abr-283	64	37	order	order	NOUN
abr-283	64	38	processing	processing	NOUN
abr-283	64	39	costs	cost	NOUN
abr-283	64	40	,	,	PUNCT
abr-283	64	41	inventory	inventory	NOUN
abr-283	64	42	holding	holding	NOUN
abr-283	64	43	costs	cost	NOUN
abr-283	64	44	,	,	PUNCT
abr-283	64	45	and	and	CCONJ
abr-283	64	46	adverse	adverse	ADJ
abr-283	64	47	selection	selection	NOUN
abr-283	64	48	costs	cost	NOUN
abr-283	64	49	.	.	PUNCT
abr-283	65	1	the	the	DET
abr-283	65	2	order	order	NOUN
abr-283	65	3	-	-	PUNCT
abr-283	65	4	processing	process	VERB
abr-283	65	5	costs	cost	NOUN
abr-283	65	6	are	be	AUX
abr-283	65	7	the	the	DET
abr-283	65	8	dealer	dealer	NOUN
abr-283	65	9	's	's	PART
abr-283	65	10	costs	cost	NOUN
abr-283	65	11	of	of	ADP
abr-283	65	12	arranging	arrange	VERB
abr-283	65	13	trades	trade	NOUN
abr-283	65	14	and	and	CCONJ
abr-283	65	15	clearing	clearing	NOUN
abr-283	65	16	transactions	transaction	NOUN
abr-283	65	17	and	and	CCONJ
abr-283	65	18	include	include	VERB
abr-283	65	19	such	such	ADJ
abr-283	65	20	items	item	NOUN
abr-283	65	21	as	as	ADP
abr-283	65	22	the	the	DET
abr-283	65	23	exchange	exchange	NOUN
abr-283	65	24	seat	seat	NOUN
abr-283	65	25	,	,	PUNCT
abr-283	65	26	floor	floor	NOUN
abr-283	65	27	space	space	NOUN
abr-283	65	28	rent	rent	NOUN
abr-283	65	29	,	,	PUNCT
abr-283	65	30	informational	informational	ADJ
abr-283	65	31	service	service	NOUN
abr-283	65	32	costs	cost	NOUN
abr-283	65	33	,	,	PUNCT
abr-283	65	34	labor	labor	NOUN
abr-283	65	35	costs	cost	NOUN
abr-283	65	36	,	,	PUNCT
abr-283	65	37	and	and	CCONJ
abr-283	65	38	the	the	DET
abr-283	65	39	opportunity	opportunity	NOUN
abr-283	65	40	cost	cost	NOUN
abr-283	65	41	of	of	ADP
abr-283	65	42	the	the	DET
abr-283	65	43	market	market	NOUN
abr-283	65	44	maker	maker	NOUN
abr-283	65	45	’s	’s	PART
abr-283	65	46	time	time	NOUN
abr-283	65	47	.	.	PUNCT
abr-283	66	1	3	3	NUM
abr-283	66	2	the	the	DET
abr-283	66	3	inventory	inventory	NOUN
abr-283	66	4	holding	hold	VERB
abr-283	66	5	costs	cost	NOUN
abr-283	66	6	are	be	AUX
abr-283	66	7	the	the	DET
abr-283	66	8	dealer	dealer	NOUN
abr-283	66	9	's	's	PART
abr-283	66	10	costs	cost	NOUN
abr-283	66	11	of	of	ADP
abr-283	66	12	carrying	carry	VERB
abr-283	66	13	the	the	DET
abr-283	66	14	necessary	necessary	ADJ
abr-283	66	15	inventory	inventory	NOUN
abr-283	66	16	of	of	ADP
abr-283	66	17	stock	stock	NOUN
abr-283	66	18	to	to	PART
abr-283	66	19	be	be	AUX
abr-283	66	20	able	able	ADJ
abr-283	66	21	to	to	PART
abr-283	66	22	trade	trade	VERB
abr-283	66	23	on	on	ADP
abr-283	66	24	demand	demand	NOUN
abr-283	66	25	.	.	PUNCT
abr-283	67	1	lastly	lastly	ADV
abr-283	67	2	,	,	PUNCT
abr-283	67	3	the	the	DET
abr-283	67	4	adverse	adverse	ADJ
abr-283	67	5	selection	selection	NOUN
abr-283	67	6	costs	cost	NOUN
abr-283	67	7	are	be	AUX
abr-283	67	8	the	the	DET
abr-283	67	9	losses	loss	NOUN
abr-283	67	10	the	the	DET
abr-283	67	11	market	market	NOUN
abr-283	67	12	maker	maker	NOUN
abr-283	67	13	sustains	sustain	VERB
abr-283	67	14	when	when	SCONJ
abr-283	67	15	trading	trade	VERB
abr-283	67	16	with	with	ADP
abr-283	67	17	investors	investor	NOUN
abr-283	67	18	who	who	PRON
abr-283	67	19	are	be	AUX
abr-283	67	20	privy	privy	ADJ
abr-283	67	21	to	to	ADP
abr-283	67	22	more	more	ADV
abr-283	67	23	precise	precise	ADJ
abr-283	67	24	private	private	ADJ
abr-283	67	25	information	information	NOUN
abr-283	67	26	about	about	ADP
abr-283	67	27	the	the	DET
abr-283	67	28	true	true	ADJ
abr-283	67	29	worth	worth	NOUN
abr-283	67	30	of	of	ADP
abr-283	67	31	the	the	DET
abr-283	67	32	security4	security4	NOUN
abr-283	67	33	and	and	CCONJ
abr-283	67	34	is	be	AUX
abr-283	67	35	commonly	commonly	ADV
abr-283	67	36	referred	refer	VERB
abr-283	67	37	to	to	ADP
abr-283	67	38	in	in	ADP
abr-283	67	39	the	the	DET
abr-283	67	40	literature	literature	NOUN
abr-283	67	41	as	as	ADP
abr-283	67	42	“	"	PUNCT
abr-283	67	43	information	information	NOUN
abr-283	67	44	asymmetry	asymmetry	NOUN
abr-283	67	45	.	.	PUNCT
abr-283	67	46	”	"	PUNCT
abr-283	68	1	in	in	ADP
abr-283	68	2	response	response	NOUN
abr-283	68	3	to	to	ADP
abr-283	68	4	information	information	NOUN
abr-283	68	5	asymmetry	asymmetry	NOUN
abr-283	68	6	and	and	CCONJ
abr-283	68	7	related	relate	VERB
abr-283	68	8	adverse	adverse	ADJ
abr-283	68	9	-	-	PUNCT
abr-283	68	10	selection	selection	NOUN
abr-283	68	11	costs	cost	NOUN
abr-283	68	12	,	,	PUNCT
abr-283	68	13	a	a	DET
abr-283	68	14	market	market	NOUN
abr-283	68	15	maker	maker	NOUN
abr-283	68	16	will	will	AUX
abr-283	68	17	reduce	reduce	VERB
abr-283	68	18	market	market	NOUN
abr-283	68	19	depth	depth	NOUN
abr-283	68	20	(	(	PUNCT
abr-283	68	21	kyle	kyle	NOUN
abr-283	68	22	,	,	PUNCT
abr-283	68	23	1985	1985	NUM
abr-283	68	24	)	)	PUNCT
abr-283	68	25	and	and	CCONJ
abr-283	68	26	widen	widen	VERB
abr-283	68	27	spreads	spread	NOUN
abr-283	68	28	(	(	PUNCT
abr-283	68	29	glosten	glosten	ADJ
abr-283	68	30	&	&	CCONJ
abr-283	68	31	milgrom	milgrom	NOUN
abr-283	68	32	,	,	PUNCT
abr-283	68	33	1985).5	1985).5	NUM
abr-283	68	34	specifically	specifically	ADV
abr-283	68	35	,	,	PUNCT
abr-283	68	36	amihud	amihud	PROPN
abr-283	68	37	and	and	CCONJ
abr-283	68	38	mendelson	mendelson	PROPN
abr-283	68	39	(	(	PUNCT
abr-283	68	40	1986	1986	NUM
abr-283	68	41	)	)	PUNCT
abr-283	68	42	find	find	VERB
abr-283	68	43	a	a	DET
abr-283	68	44	positive	positive	ADJ
abr-283	68	45	association	association	NOUN
abr-283	68	46	between	between	ADP
abr-283	68	47	bid	bid	NOUN
abr-283	68	48	-	-	PUNCT
abr-283	68	49	ask	ask	NOUN
abr-283	68	50	spreads	spread	NOUN
abr-283	68	51	and	and	CCONJ
abr-283	68	52	stock	stock	NOUN
abr-283	68	53	returns	return	NOUN
abr-283	68	54	and	and	CCONJ
abr-283	68	55	brennan	brennan	NOUN
abr-283	68	56	and	and	CCONJ
abr-283	68	57	subrahmanyam	subrahmanyam	PROPN
abr-283	68	58	(	(	PUNCT
abr-283	68	59	1996	1996	NUM
abr-283	68	60	)	)	PUNCT
abr-283	68	61	show	show	VERB
abr-283	68	62	a	a	DET
abr-283	68	63	positive	positive	ADJ
abr-283	68	64	relation	relation	NOUN
abr-283	68	65	between	between	ADP
abr-283	68	66	stock	stock	NOUN
abr-283	68	67	returns	return	NOUN
abr-283	68	68	and	and	CCONJ
abr-283	68	69	inverse	inverse	NOUN
abr-283	68	70	market	market	NOUN
abr-283	68	71	depth	depth	NOUN
abr-283	68	72	.	.	PUNCT
abr-283	69	1	overall	overall	ADV
abr-283	69	2	,	,	PUNCT
abr-283	69	3	these	these	DET
abr-283	69	4	studies	study	NOUN
abr-283	69	5	indicate	indicate	VERB
abr-283	69	6	that	that	SCONJ
abr-283	69	7	investors	investor	NOUN
abr-283	69	8	demand	demand	VERB
abr-283	69	9	a	a	DET
abr-283	69	10	premium	premium	NOUN
abr-283	69	11	for	for	ADP
abr-283	69	12	holding	hold	VERB
abr-283	69	13	illiquid	illiquid	ADJ
abr-283	69	14	stocks	stock	NOUN
abr-283	69	15	,	,	PUNCT
abr-283	69	16	and	and	CCONJ
abr-283	69	17	lower	low	ADJ
abr-283	69	18	market	market	NOUN
abr-283	69	19	liquidity	liquidity	NOUN
abr-283	69	20	impacts	impact	NOUN
abr-283	69	21	firm	firm	ADJ
abr-283	69	22	value	value	NOUN
abr-283	69	23	.	.	PUNCT
abr-283	70	1	in	in	ADP
abr-283	70	2	summary	summary	NOUN
abr-283	70	3	,	,	PUNCT
abr-283	70	4	the	the	DET
abr-283	70	5	aforementioned	aforementioned	ADJ
abr-283	70	6	theories	theory	NOUN
abr-283	70	7	predict	predict	VERB
abr-283	70	8	that	that	SCONJ
abr-283	70	9	compliance	compliance	NOUN
abr-283	70	10	with	with	ADP
abr-283	70	11	asc	asc	PROPN
abr-283	70	12	820	820	NUM
abr-283	70	13	-	-	SYM
abr-283	70	14	10	10	NUM
abr-283	70	15	should	should	AUX
abr-283	70	16	(	(	PUNCT
abr-283	70	17	1	1	X
abr-283	70	18	)	)	PUNCT
abr-283	70	19	reduce	reduce	VERB
abr-283	70	20	incomplete	incomplete	ADJ
abr-283	70	21	information	information	NOUN
abr-283	70	22	,	,	PUNCT
abr-283	70	23	(	(	PUNCT
abr-283	70	24	2	2	X
abr-283	70	25	)	)	PUNCT
abr-283	70	26	reduce	reduce	VERB
abr-283	70	27	estimation	estimation	NOUN
abr-283	70	28	risk	risk	NOUN
abr-283	70	29	,	,	PUNCT
abr-283	70	30	(	(	PUNCT
abr-283	70	31	3	3	X
abr-283	70	32	)	)	PUNCT
abr-283	70	33	reduce	reduce	VERB
abr-283	70	34	information	information	NOUN
abr-283	70	35	asymmetry	asymmetry	NOUN
abr-283	70	36	,	,	PUNCT
abr-283	70	37	and/or	and/or	CCONJ
abr-283	70	38	(	(	PUNCT
abr-283	70	39	4	4	NUM
abr-283	70	40	)	)	PUNCT
abr-283	70	41	impact	impact	NOUN
abr-283	70	42	expected	expect	VERB
abr-283	70	43	future	future	ADJ
abr-283	70	44	cash	cash	NOUN
abr-283	70	45	flows	flow	NOUN
abr-283	70	46	.	.	PUNCT
abr-283	71	1	based	base	VERB
abr-283	71	2	on	on	ADP
abr-283	71	3	the	the	DET
abr-283	71	4	above	above	ADJ
abr-283	71	5	discussion	discussion	NOUN
abr-283	71	6	,	,	PUNCT
abr-283	71	7	this	this	DET
abr-283	71	8	study	study	NOUN
abr-283	71	9	hypothesizes	hypothesize	VERB
abr-283	71	10	:	:	PUNCT
abr-283	71	11	h1	h1	NOUN
abr-283	71	12	:	:	PUNCT
abr-283	71	13	fair	fair	ADJ
abr-283	71	14	value	value	NOUN
abr-283	71	15	disclosure	disclosure	NOUN
abr-283	71	16	requirement	requirement	NOUN
abr-283	71	17	asc	asc	PROPN
abr-283	71	18	820	820	NUM
abr-283	71	19	-	-	SYM
abr-283	71	20	10	10	NUM
abr-283	71	21	has	have	VERB
abr-283	71	22	a	a	DET
abr-283	71	23	positive	positive	ADJ
abr-283	71	24	effect	effect	NOUN
abr-283	71	25	on	on	ADP
abr-283	71	26	firm	firm	ADJ
abr-283	71	27	liquidity	liquidity	NOUN
abr-283	71	28	.	.	PUNCT
abr-283	72	1	h2	h2	NOUN
abr-283	72	2	:	:	PUNCT
abr-283	72	3	fair	fair	ADJ
abr-283	72	4	value	value	NOUN
abr-283	72	5	disclosure	disclosure	NOUN
abr-283	72	6	requirement	requirement	NOUN
abr-283	72	7	asc	asc	PROPN
abr-283	72	8	820	820	NUM
abr-283	72	9	-	-	SYM
abr-283	72	10	10	10	NUM
abr-283	72	11	has	have	VERB
abr-283	72	12	a	a	DET
abr-283	72	13	positive	positive	ADJ
abr-283	72	14	effect	effect	NOUN
abr-283	72	15	on	on	ADP
abr-283	72	16	firm	firm	ADJ
abr-283	72	17	value	value	NOUN
abr-283	72	18	.	.	PUNCT
abr-283	73	1	sample	sample	NOUN
abr-283	73	2	selection	selection	NOUN
abr-283	73	3	and	and	CCONJ
abr-283	73	4	description	description	NOUN
abr-283	73	5	the	the	DET
abr-283	73	6	sample	sample	NOUN
abr-283	73	7	was	be	AUX
abr-283	73	8	compiled	compile	VERB
abr-283	73	9	using	use	VERB
abr-283	73	10	a	a	DET
abr-283	73	11	combination	combination	NOUN
abr-283	73	12	of	of	ADP
abr-283	73	13	hand	hand	NOUN
abr-283	73	14	-	-	PUNCT
abr-283	73	15	gathered	gather	VERB
abr-283	73	16	procedures	procedure	NOUN
abr-283	73	17	and	and	CCONJ
abr-283	73	18	available	available	ADJ
abr-283	73	19	data	datum	NOUN
abr-283	73	20	from	from	ADP
abr-283	73	21	compustat	compustat	NOUN
abr-283	73	22	and	and	CCONJ
abr-283	73	23	crsp	crsp	NOUN
abr-283	73	24	databases	database	NOUN
abr-283	73	25	.	.	PUNCT
abr-283	74	1	first	first	ADV
abr-283	74	2	,	,	PUNCT
abr-283	74	3	all	all	DET
abr-283	74	4	firms	firm	NOUN
abr-283	74	5	with	with	ADP
abr-283	74	6	any	any	DET
abr-283	74	7	activity	activity	NOUN
abr-283	74	8	in	in	ADP
abr-283	74	9	level	level	NOUN
abr-283	74	10	2	2	NUM
abr-283	74	11	and	and	CCONJ
abr-283	74	12	level	level	NOUN
abr-283	74	13	3	3	NUM
abr-283	74	14	were	be	AUX
abr-283	74	15	identified	identify	VERB
abr-283	74	16	in	in	ADP
abr-283	74	17	compustat	compustat	NOUN
abr-283	74	18	resulting	result	VERB
abr-283	74	19	in	in	ADP
abr-283	74	20	816	816	NUM
abr-283	74	21	firms	firm	NOUN
abr-283	74	22	.	.	PUNCT
abr-283	75	1	next	next	ADV
abr-283	75	2	,	,	PUNCT
abr-283	75	3	the	the	DET
abr-283	75	4	number	number	NOUN
abr-283	75	5	of	of	ADP
abr-283	75	6	firms	firm	NOUN
abr-283	75	7	in	in	ADP
abr-283	75	8	the	the	DET
abr-283	75	9	initial	initial	ADJ
abr-283	75	10	sample	sample	NOUN
abr-283	75	11	was	be	AUX
abr-283	75	12	reduced	reduce	VERB
abr-283	75	13	by	by	ADP
abr-283	75	14	41	41	NUM
abr-283	75	15	as	as	ADP
abr-283	75	16	corresponding	corresponding	ADJ
abr-283	75	17	data	datum	NOUN
abr-283	75	18	to	to	PART
abr-283	75	19	compute	compute	VERB
abr-283	75	20	liquidity	liquidity	NOUN
abr-283	75	21	and	and	CCONJ
abr-283	75	22	firm	firm	ADJ
abr-283	75	23	value	value	NOUN
abr-283	75	24	proxies	proxy	NOUN
abr-283	75	25	were	be	AUX
abr-283	75	26	incomplete	incomplete	ADJ
abr-283	75	27	for	for	ADP
abr-283	75	28	these	these	DET
abr-283	75	29	firms	firm	NOUN
abr-283	75	30	.	.	PUNCT
abr-283	76	1	the	the	DET
abr-283	76	2	above	above	ADJ
abr-283	76	3	procedures	procedure	NOUN
abr-283	76	4	result	result	VERB
abr-283	76	5	in	in	ADP
abr-283	76	6	a	a	DET
abr-283	76	7	final	final	ADJ
abr-283	76	8	sample	sample	NOUN
abr-283	76	9	of	of	ADP
abr-283	76	10	775	775	NUM
abr-283	76	11	firms	firm	NOUN
abr-283	76	12	and	and	CCONJ
abr-283	76	13	6,853	6,853	NUM
abr-283	76	14	firm	firm	ADJ
abr-283	76	15	-	-	PUNCT
abr-283	76	16	quarter	quarter	NOUN
abr-283	76	17	observations	observation	NOUN
abr-283	76	18	.	.	PUNCT
abr-283	77	1	2	2	NUM
abr-283	77	2	in	in	ADP
abr-283	77	3	this	this	DET
abr-283	77	4	study	study	NOUN
abr-283	77	5	the	the	DET
abr-283	77	6	distinction	distinction	NOUN
abr-283	77	7	between	between	ADP
abr-283	77	8	liquidity	liquidity	NOUN
abr-283	77	9	risk	risk	NOUN
abr-283	77	10	and	and	CCONJ
abr-283	77	11	liquidity	liquidity	NOUN
abr-283	77	12	is	be	AUX
abr-283	77	13	made	make	VERB
abr-283	77	14	strictly	strictly	ADV
abr-283	77	15	for	for	ADP
abr-283	77	16	definitional	definitional	ADJ
abr-283	77	17	purposes	purpose	NOUN
abr-283	77	18	with	with	ADP
abr-283	77	19	respect	respect	NOUN
abr-283	77	20	to	to	ADP
abr-283	77	21	different	different	ADJ
abr-283	77	22	streams	stream	NOUN
abr-283	77	23	within	within	ADP
abr-283	77	24	the	the	DET
abr-283	77	25	finance	finance	NOUN
abr-283	77	26	and	and	CCONJ
abr-283	77	27	accounting	account	VERB
abr-283	77	28	academic	academic	ADJ
abr-283	77	29	literature	literature	NOUN
abr-283	77	30	.	.	PUNCT
abr-283	78	1	the	the	DET
abr-283	78	2	empirical	empirical	ADJ
abr-283	78	3	findings	finding	NOUN
abr-283	78	4	in	in	ADP
abr-283	78	5	pastor	pastor	NOUN
abr-283	78	6	and	and	CCONJ
abr-283	78	7	stambaugh	stambaugh	NOUN
abr-283	78	8	(	(	PUNCT
abr-283	78	9	2003	2003	NUM
abr-283	78	10	)	)	PUNCT
abr-283	78	11	and	and	CCONJ
abr-283	78	12	ng	ng	PROPN
abr-283	78	13	(	(	PUNCT
abr-283	78	14	2011	2011	NUM
abr-283	78	15	)	)	PUNCT
abr-283	78	16	imply	imply	VERB
abr-283	78	17	that	that	SCONJ
abr-283	78	18	the	the	DET
abr-283	78	19	effect	effect	NOUN
abr-283	78	20	of	of	ADP
abr-283	78	21	financial	financial	ADJ
abr-283	78	22	reporting	reporting	NOUN
abr-283	78	23	quality	quality	NOUN
abr-283	78	24	on	on	ADP
abr-283	78	25	the	the	DET
abr-283	78	26	cost	cost	NOUN
abr-283	78	27	of	of	ADP
abr-283	78	28	capital	capital	NOUN
abr-283	78	29	and	and	CCONJ
abr-283	78	30	market	market	NOUN
abr-283	78	31	liquidity	liquidity	NOUN
abr-283	78	32	is	be	AUX
abr-283	78	33	significant	significant	ADJ
abr-283	78	34	.	.	PUNCT
abr-283	79	1	3	3	NUM
abr-283	79	2	bollen	bollen	PROPN
abr-283	79	3	et	et	PROPN
abr-283	79	4	al	al	PROPN
abr-283	79	5	.	.	PROPN
abr-283	79	6	(	(	PUNCT
abr-283	79	7	2004	2004	NUM
abr-283	79	8	)	)	PUNCT
abr-283	79	9	finds	find	VERB
abr-283	79	10	that	that	SCONJ
abr-283	79	11	in	in	ADP
abr-283	79	12	the	the	DET
abr-283	79	13	short	short	ADJ
abr-283	79	14	run	run	NOUN
abr-283	79	15	,	,	PUNCT
abr-283	79	16	order	order	NOUN
abr-283	79	17	processing	processing	NOUN
abr-283	79	18	costs	cost	NOUN
abr-283	79	19	are	be	AUX
abr-283	79	20	largely	largely	ADV
abr-283	79	21	fixed	fix	VERB
abr-283	79	22	and	and	CCONJ
abr-283	79	23	their	their	PRON
abr-283	79	24	contribution	contribution	NOUN
abr-283	79	25	to	to	ADP
abr-283	79	26	the	the	DET
abr-283	79	27	size	size	NOUN
abr-283	79	28	of	of	ADP
abr-283	79	29	the	the	DET
abr-283	79	30	bid	bid	NOUN
abr-283	79	31	-	-	PUNCT
abr-283	79	32	ask	ask	NOUN
abr-283	79	33	spread	spread	NOUN
abr-283	79	34	should	should	AUX
abr-283	79	35	be	be	AUX
abr-283	79	36	minimal	minimal	ADJ
abr-283	79	37	.	.	PUNCT
abr-283	80	1	also	also	ADV
abr-283	80	2	,	,	PUNCT
abr-283	80	3	in	in	ADP
abr-283	80	4	a	a	DET
abr-283	80	5	highly	highly	ADV
abr-283	80	6	competitive	competitive	ADJ
abr-283	80	7	market	market	NOUN
abr-283	80	8	,	,	PUNCT
abr-283	80	9	bid	bid	NOUN
abr-283	80	10	-	-	PUNCT
abr-283	80	11	ask	ask	NOUN
abr-283	80	12	spreads	spread	NOUN
abr-283	80	13	should	should	AUX
abr-283	80	14	equal	equal	VERB
abr-283	80	15	the	the	DET
abr-283	80	16	expected	expect	VERB
abr-283	80	17	marginal	marginal	ADJ
abr-283	80	18	cost	cost	NOUN
abr-283	80	19	of	of	ADP
abr-283	80	20	supplying	supply	VERB
abr-283	80	21	liquidity	liquidity	NOUN
abr-283	80	22	,	,	PUNCT
abr-283	80	23	in	in	ADP
abr-283	80	24	which	which	DET
abr-283	80	25	case	case	NOUN
abr-283	80	26	order	order	NOUN
abr-283	80	27	-	-	PUNCT
abr-283	80	28	processing	process	VERB
abr-283	80	29	costs	cost	NOUN
abr-283	80	30	may	may	AUX
abr-283	80	31	be	be	AUX
abr-283	80	32	irreverent	irreverent	ADJ
abr-283	80	33	.	.	PUNCT
abr-283	81	1	4	4	NUM
abr-283	81	2	“	"	PUNCT
abr-283	81	3	the	the	DET
abr-283	81	4	adverse	adverse	ADJ
abr-283	81	5	selection	selection	NOUN
abr-283	81	6	component	component	NOUN
abr-283	81	7	of	of	ADP
abr-283	81	8	the	the	DET
abr-283	81	9	spread	spread	NOUN
abr-283	81	10	is	be	AUX
abr-283	81	11	closely	closely	ADV
abr-283	81	12	related	relate	VERB
abr-283	81	13	to	to	ADP
abr-283	81	14	information	information	NOUN
abr-283	81	15	flows	flow	NOUN
abr-283	81	16	in	in	ADP
abr-283	81	17	capital	capital	NOUN
abr-283	81	18	markets	market	NOUN
abr-283	81	19	and	and	CCONJ
abr-283	81	20	is	be	AUX
abr-283	81	21	,	,	PUNCT
abr-283	81	22	therefore	therefore	ADV
abr-283	81	23	,	,	PUNCT
abr-283	81	24	of	of	ADP
abr-283	81	25	the	the	DET
abr-283	81	26	most	most	ADV
abr-283	81	27	potential	potential	ADJ
abr-283	81	28	interest	interest	NOUN
abr-283	81	29	to	to	ADP
abr-283	81	30	accountants	accountant	NOUN
abr-283	81	31	.	.	PUNCT
abr-283	81	32	”	"	PUNCT
abr-283	82	1	(	(	PUNCT
abr-283	82	2	callahan	callahan	PROPN
abr-283	82	3	et	et	PROPN
abr-283	82	4	al	al	PROPN
abr-283	82	5	,	,	PUNCT
abr-283	82	6	1997	1997	NUM
abr-283	82	7	)	)	PUNCT
abr-283	82	8	5	5	NUM
abr-283	82	9	accounting	accounting	NOUN
abr-283	82	10	theory	theory	NOUN
abr-283	82	11	of	of	ADP
abr-283	82	12	disclosure	disclosure	NOUN
abr-283	82	13	states	state	NOUN
abr-283	82	14	that	that	PRON
abr-283	82	15	value	value	VERB
abr-283	82	16	relevant	relevant	ADJ
abr-283	82	17	disclosure	disclosure	NOUN
abr-283	82	18	mitigates	mitigate	VERB
abr-283	82	19	resource	resource	NOUN
abr-283	82	20	misallocation	misallocation	NOUN
abr-283	82	21	on	on	ADP
abr-283	82	22	the	the	DET
abr-283	82	23	capital	capital	NOUN
abr-283	82	24	market	market	NOUN
abr-283	82	25	by	by	ADP
abr-283	82	26	reducing	reduce	VERB
abr-283	82	27	information	information	NOUN
abr-283	82	28	asymmetries	asymmetry	NOUN
abr-283	82	29	between	between	ADP
abr-283	82	30	insiders	insider	NOUN
abr-283	82	31	and	and	CCONJ
abr-283	82	32	investors	investor	NOUN
abr-283	82	33	and	and	CCONJ
abr-283	82	34	the	the	DET
abr-283	82	35	associated	associated	ADJ
abr-283	82	36	cost	cost	NOUN
abr-283	82	37	of	of	ADP
abr-283	82	38	capital	capital	NOUN
abr-283	82	39	.	.	PUNCT
abr-283	83	1	however	however	ADV
abr-283	83	2	,	,	PUNCT
abr-283	83	3	the	the	DET
abr-283	83	4	existence	existence	NOUN
abr-283	83	5	and	and	CCONJ
abr-283	83	6	magnitude	magnitude	NOUN
abr-283	83	7	of	of	ADP
abr-283	83	8	this	this	DET
abr-283	83	9	effect	effect	NOUN
abr-283	83	10	depends	depend	VERB
abr-283	83	11	on	on	ADP
abr-283	83	12	the	the	DET
abr-283	83	13	perceived	perceive	VERB
abr-283	83	14	credibility	credibility	NOUN
abr-283	83	15	of	of	ADP
abr-283	83	16	the	the	DET
abr-283	83	17	disclosure	disclosure	NOUN
abr-283	83	18	(	(	PUNCT
abr-283	83	19	gu	gu	NOUN
abr-283	83	20	and	and	CCONJ
abr-283	83	21	li	li	PROPN
abr-283	83	22	,	,	PUNCT
abr-283	83	23	2007	2007	NUM
abr-283	83	24	)	)	PUNCT
abr-283	83	25	.	.	PUNCT
abr-283	84	1	32	32	NUM
abr-283	84	2	to	to	PART
abr-283	84	3	gather	gather	VERB
abr-283	84	4	disclosure	disclosure	NOUN
abr-283	84	5	data	datum	NOUN
abr-283	84	6	on	on	ADP
abr-283	84	7	selected	select	VERB
abr-283	84	8	firms	firm	NOUN
abr-283	84	9	,	,	PUNCT
abr-283	84	10	the	the	DET
abr-283	84	11	10	10	NUM
abr-283	84	12	-	-	PUNCT
abr-283	84	13	k	k	PROPN
abr-283	84	14	wizard	wizard	ADJ
abr-283	84	15	search	search	NOUN
abr-283	84	16	engine	engine	NOUN
abr-283	84	17	was	be	AUX
abr-283	84	18	employed	employ	VERB
abr-283	84	19	to	to	PART
abr-283	84	20	search	search	VERB
abr-283	84	21	quarterly	quarterly	ADV
abr-283	84	22	,	,	PUNCT
abr-283	84	23	and	and	CCONJ
abr-283	84	24	annual	annual	ADJ
abr-283	84	25	reports	report	NOUN
abr-283	84	26	filed	file	VERB
abr-283	84	27	beginning	begin	VERB
abr-283	84	28	in	in	ADP
abr-283	84	29	q3	q3	PROPN
abr-283	84	30	2009	2009	NUM
abr-283	84	31	.	.	PUNCT
abr-283	85	1	transfers	transfer	NOUN
abr-283	85	2	between	between	ADP
abr-283	85	3	fair	fair	ADJ
abr-283	85	4	value	value	NOUN
abr-283	85	5	hierarchical	hierarchical	ADJ
abr-283	85	6	levels	level	NOUN
abr-283	85	7	were	be	AUX
abr-283	85	8	identified	identify	VERB
abr-283	85	9	with	with	ADP
abr-283	85	10	a	a	DET
abr-283	85	11	keyword	keyword	NOUN
abr-283	85	12	search	search	NOUN
abr-283	85	13	for	for	ADP
abr-283	85	14	all	all	DET
abr-283	85	15	occurrences	occurrence	NOUN
abr-283	85	16	of	of	ADP
abr-283	85	17	“	"	PUNCT
abr-283	85	18	transfers	transfer	NOUN
abr-283	85	19	to	to	ADP
abr-283	85	20	/	/	SYM
abr-283	85	21	from	from	ADP
abr-283	85	22	level	level	NOUN
abr-283	85	23	3	3	NUM
abr-283	85	24	(	(	PUNCT
abr-283	85	25	iii	iii	NOUN
abr-283	85	26	)	)	PUNCT
abr-283	85	27	”	"	PUNCT
abr-283	85	28	and	and	CCONJ
abr-283	85	29	“	"	PUNCT
abr-283	85	30	level	level	NOUN
abr-283	85	31	2	2	NUM
abr-283	85	32	(	(	PUNCT
abr-283	85	33	3	3	NUM
abr-283	85	34	)	)	PUNCT
abr-283	85	35	reclassification	reclassification	NOUN
abr-283	85	36	”	"	PUNCT
abr-283	85	37	in	in	ADP
abr-283	85	38	quarterly	quarterly	ADJ
abr-283	85	39	and	and	CCONJ
abr-283	85	40	annual	annual	ADJ
abr-283	85	41	financial	financial	ADJ
abr-283	85	42	statements	statement	NOUN
abr-283	85	43	.	.	PUNCT
abr-283	86	1	this	this	DET
abr-283	86	2	process	process	NOUN
abr-283	86	3	produced	produce	VERB
abr-283	86	4	a	a	DET
abr-283	86	5	subsample	subsample	NOUN
abr-283	86	6	of	of	ADP
abr-283	86	7	404	404	NUM
abr-283	86	8	firms	firm	NOUN
abr-283	86	9	with	with	ADP
abr-283	86	10	transfers	transfer	NOUN
abr-283	86	11	between	between	ADP
abr-283	86	12	level	level	NOUN
abr-283	86	13	2	2	NUM
abr-283	86	14	and	and	CCONJ
abr-283	86	15	level	level	NOUN
abr-283	86	16	3	3	NUM
abr-283	86	17	and	and	CCONJ
abr-283	86	18	371	371	NUM
abr-283	86	19	firms	firm	NOUN
abr-283	86	20	that	that	PRON
abr-283	86	21	reported	report	VERB
abr-283	86	22	“	"	PUNCT
abr-283	86	23	no	no	DET
abr-283	86	24	material	material	NOUN
abr-283	86	25	activity	activity	NOUN
abr-283	86	26	between	between	ADP
abr-283	86	27	level	level	NOUN
abr-283	86	28	s	s	PART
abr-283	86	29	“	"	PUNCT
abr-283	86	30	and/or	and/or	CCONJ
abr-283	86	31	“	"	PUNCT
abr-283	86	32	adoption	adoption	NOUN
abr-283	86	33	of	of	ADP
abr-283	86	34	asc	asc	PROPN
abr-283	86	35	820	820	NUM
abr-283	86	36	-	-	SYM
abr-283	86	37	10	10	NUM
abr-283	86	38	does	do	AUX
abr-283	86	39	not	not	PART
abr-283	86	40	materially	materially	ADV
abr-283	86	41	affect	affect	VERB
abr-283	86	42	the	the	DET
abr-283	86	43	financial	financial	ADJ
abr-283	86	44	statements	statement	NOUN
abr-283	86	45	.	.	PUNCT
abr-283	86	46	”	"	PUNCT
abr-283	86	47	table	table	NOUN
abr-283	86	48	1	1	NUM
abr-283	86	49	–	–	PUNCT
abr-283	86	50	description	description	NOUN
abr-283	86	51	of	of	ADP
abr-283	86	52	sample	sample	NOUN
abr-283	86	53	firms	firm	NOUN
abr-283	86	54	and	and	CCONJ
abr-283	86	55	transfer	transfer	NOUN
abr-283	86	56	activity	activity	NOUN
abr-283	86	57	type	type	NOUN
abr-283	86	58	panel	panel	NOUN
abr-283	86	59	a	a	DET
abr-283	86	60	:	:	PUNCT
abr-283	86	61	sample	sample	NOUN
abr-283	86	62	reconciliation	reconciliation	NOUN
abr-283	86	63	#	#	NOUN
abr-283	86	64	of	of	ADP
abr-283	86	65	firms	firm	NOUN
abr-283	86	66	all	all	DET
abr-283	86	67	firms	firm	NOUN
abr-283	86	68	in	in	ADP
abr-283	86	69	compustat	compustat	NOUN
abr-283	86	70	database	database	NOUN
abr-283	86	71	with	with	ADP
abr-283	86	72	level	level	NOUN
abr-283	86	73	2	2	NUM
abr-283	86	74	/	/	SYM
abr-283	86	75	level	level	NOUN
abr-283	86	76	3	3	NUM
abr-283	86	77	fair	fair	ADJ
abr-283	86	78	value	value	NOUN
abr-283	86	79	activity	activity	NOUN
abr-283	86	80	816	816	NUM
abr-283	86	81	firms	firm	NOUN
abr-283	86	82	with	with	ADP
abr-283	86	83	missing	miss	VERB
abr-283	86	84	financial	financial	ADJ
abr-283	86	85	data	datum	NOUN
abr-283	86	86	41	41	NUM
abr-283	86	87	final	final	ADJ
abr-283	86	88	sample	sample	NOUN
abr-283	86	89	775	775	NUM
abr-283	86	90	firms	firm	NOUN
abr-283	86	91	reporting	report	VERB
abr-283	86	92	no	no	DET
abr-283	86	93	material	material	NOUN
abr-283	86	94	activity	activity	NOUN
abr-283	86	95	between	between	ADP
abr-283	86	96	levels	level	NOUN
abr-283	86	97	371	371	NUM
abr-283	86	98	firms	firm	NOUN
abr-283	86	99	reporting	report	VERB
abr-283	86	100	material	material	NOUN
abr-283	86	101	activity	activity	NOUN
abr-283	86	102	between	between	ADP
abr-283	86	103	levels	level	NOUN
abr-283	86	104	404	404	NUM
abr-283	86	105	panel	panel	NOUN
abr-283	86	106	b	b	NOUN
abr-283	86	107	:	:	PUNCT
abr-283	86	108	type	type	NOUN
abr-283	86	109	of	of	ADP
abr-283	86	110	transfer	transfer	NOUN
abr-283	86	111	activity	activity	NOUN
abr-283	86	112	assets	asset	NOUN
abr-283	86	113	liabilities	liability	NOUN
abr-283	86	114	total	total	ADJ
abr-283	86	115	level	level	NOUN
abr-283	86	116	3	3	NUM
abr-283	86	117	activity	activity	NOUN
abr-283	86	118	n	n	PRON
abr-283	86	119	%	%	NOUN
abr-283	87	1	n	n	PRON
abr-283	87	2	%	%	NOUN
abr-283	87	3	n	n	CCONJ
abr-283	87	4	%	%	NOUN
abr-283	87	5	transfer	transfer	NOUN
abr-283	87	6	in	in	ADP
abr-283	87	7	2,508	2,508	NUM
abr-283	87	8	90	90	NUM
abr-283	87	9	%	%	NOUN
abr-283	87	10	1,476	1,476	NUM
abr-283	87	11	53	53	NUM
abr-283	87	12	%	%	NOUN
abr-283	87	13	3,984	3,984	NUM
abr-283	87	14	71	71	NUM
abr-283	87	15	%	%	NOUN
abr-283	87	16	transfer	transfer	NOUN
abr-283	87	17	out	out	ADP
abr-283	87	18	294	294	NUM
abr-283	87	19	10	10	NUM
abr-283	87	20	%	%	NOUN
abr-283	87	21	1,326	1,326	NUM
abr-283	87	22	47	47	NUM
abr-283	87	23	%	%	NOUN
abr-283	87	24	1,620	1,620	NUM
abr-283	87	25	29	29	NUM
abr-283	87	26	%	%	NOUN
abr-283	87	27	totals	total	NOUN
abr-283	87	28	2,802	2,802	NUM
abr-283	87	29	100	100	NUM
abr-283	87	30	%	%	NOUN
abr-283	87	31	2,802	2,802	NUM
abr-283	87	32	100	100	NUM
abr-283	87	33	%	%	NOUN
abr-283	87	34	5,604	5,604	NUM
abr-283	87	35	100	100	NUM
abr-283	87	36	%	%	NOUN
abr-283	87	37	panel	panel	NOUN
abr-283	87	38	a	a	DET
abr-283	87	39	of	of	ADP
abr-283	87	40	table	table	NOUN
abr-283	87	41	1	1	NUM
abr-283	87	42	describes	describe	VERB
abr-283	87	43	the	the	DET
abr-283	87	44	final	final	ADJ
abr-283	87	45	sample	sample	NOUN
abr-283	87	46	of	of	ADP
abr-283	87	47	775	775	NUM
abr-283	87	48	firms	firm	NOUN
abr-283	87	49	and	and	CCONJ
abr-283	87	50	subsample	subsample	NOUN
abr-283	87	51	of	of	ADP
abr-283	87	52	firms	firm	NOUN
abr-283	87	53	with	with	ADP
abr-283	87	54	(	(	PUNCT
abr-283	87	55	404	404	NUM
abr-283	87	56	)	)	PUNCT
abr-283	87	57	and	and	CCONJ
abr-283	87	58	without	without	ADP
abr-283	87	59	(	(	PUNCT
abr-283	87	60	371	371	NUM
abr-283	87	61	)	)	PUNCT
abr-283	87	62	transfer	transfer	NOUN
abr-283	87	63	activity	activity	NOUN
abr-283	87	64	while	while	SCONJ
abr-283	87	65	panel	panel	NOUN
abr-283	87	66	b	b	PROPN
abr-283	87	67	of	of	ADP
abr-283	87	68	table	table	NOUN
abr-283	87	69	1	1	NUM
abr-283	87	70	reports	report	NOUN
abr-283	87	71	level	level	VERB
abr-283	87	72	3	3	NUM
abr-283	87	73	transfer	transfer	NOUN
abr-283	87	74	activity	activity	NOUN
abr-283	87	75	.	.	PUNCT
abr-283	88	1	panel	panel	NOUN
abr-283	88	2	b	b	PROPN
abr-283	88	3	shows	show	VERB
abr-283	88	4	that	that	SCONJ
abr-283	88	5	a	a	DET
abr-283	88	6	considerable	considerable	ADJ
abr-283	88	7	majority	majority	NOUN
abr-283	88	8	(	(	PUNCT
abr-283	88	9	71	71	NUM
abr-283	88	10	%	%	NOUN
abr-283	88	11	)	)	PUNCT
abr-283	88	12	of	of	ADP
abr-283	88	13	the	the	DET
abr-283	88	14	transfer	transfer	NOUN
abr-283	88	15	activity	activity	NOUN
abr-283	88	16	was	be	AUX
abr-283	88	17	reclassifications	reclassification	NOUN
abr-283	88	18	of	of	ADP
abr-283	88	19	assets	asset	NOUN
abr-283	88	20	/	/	SYM
abr-283	88	21	liabilities	liability	NOUN
abr-283	88	22	into	into	ADP
abr-283	88	23	level	level	NOUN
abr-283	88	24	3	3	NUM
abr-283	88	25	fair	fair	ADJ
abr-283	88	26	value	value	NOUN
abr-283	88	27	category	category	NOUN
abr-283	88	28	.	.	PUNCT
abr-283	89	1	research	research	NOUN
abr-283	89	2	methodology	methodology	NOUN
abr-283	89	3	and	and	CCONJ
abr-283	89	4	empirical	empirical	ADJ
abr-283	89	5	proxies	proxy	NOUN
abr-283	89	6	proxies	proxy	NOUN
abr-283	89	7	for	for	ADP
abr-283	89	8	liquidity	liquidity	NOUN
abr-283	89	9	liquidity	liquidity	NOUN
abr-283	89	10	is	be	AUX
abr-283	89	11	captured	capture	VERB
abr-283	89	12	via	via	ADP
abr-283	89	13	three	three	NUM
abr-283	89	14	measuresthe	measuresthe	ADJ
abr-283	89	15	bid	bid	NOUN
abr-283	89	16	-	-	PUNCT
abr-283	89	17	ask	ask	NOUN
abr-283	89	18	spread	spread	NOUN
abr-283	89	19	,	,	PUNCT
abr-283	89	20	share	share	NOUN
abr-283	89	21	turnover	turnover	NOUN
abr-283	89	22	,	,	PUNCT
abr-283	89	23	and	and	CCONJ
abr-283	89	24	price	price	NOUN
abr-283	89	25	impact	impact	NOUN
abr-283	89	26	.	.	PUNCT
abr-283	90	1	the	the	DET
abr-283	90	2	bid	bid	NOUN
abr-283	90	3	-	-	PUNCT
abr-283	90	4	ask	ask	NOUN
abr-283	90	5	spread	spread	NOUN
abr-283	90	6	(	(	PUNCT
abr-283	90	7	ba	ba	NOUN
abr-283	90	8	)	)	PUNCT
abr-283	90	9	represents	represent	VERB
abr-283	90	10	the	the	DET
abr-283	90	11	market	market	NOUN
abr-283	90	12	maker	maker	NOUN
abr-283	90	13	’s	’s	PART
abr-283	90	14	profit	profit	NOUN
abr-283	90	15	including	include	VERB
abr-283	90	16	inventory	inventory	NOUN
abr-283	90	17	,	,	PUNCT
abr-283	90	18	processing	processing	NOUN
abr-283	90	19	,	,	PUNCT
abr-283	90	20	and	and	CCONJ
abr-283	90	21	adverse	adverse	ADJ
abr-283	90	22	selection	selection	NOUN
abr-283	90	23	costs	cost	NOUN
abr-283	90	24	.	.	PUNCT
abr-283	91	1	a	a	DET
abr-283	91	2	wider	wide	ADJ
abr-283	91	3	spread	spread	NOUN
abr-283	91	4	indicates	indicate	VERB
abr-283	91	5	a	a	DET
abr-283	91	6	higher	high	ADJ
abr-283	91	7	degree	degree	NOUN
abr-283	91	8	of	of	ADP
abr-283	91	9	information	information	NOUN
abr-283	91	10	asymmetry	asymmetry	NOUN
abr-283	91	11	and	and	CCONJ
abr-283	91	12	information	information	NOUN
abr-283	91	13	risk	risk	NOUN
abr-283	91	14	which	which	PRON
abr-283	91	15	results	result	VERB
abr-283	91	16	in	in	ADP
abr-283	91	17	decreased	decrease	VERB
abr-283	91	18	liquidity	liquidity	NOUN
abr-283	91	19	.	.	PUNCT
abr-283	92	1	following	follow	VERB
abr-283	92	2	fu	fu	PROPN
abr-283	92	3	et	et	PROPN
abr-283	92	4	al	al	PROPN
abr-283	92	5	.	.	PROPN
abr-283	93	1	(	(	PUNCT
abr-283	93	2	2012	2012	NUM
abr-283	93	3	)	)	PUNCT
abr-283	93	4	the	the	DET
abr-283	93	5	bid	bid	NOUN
abr-283	93	6	-	-	PUNCT
abr-283	93	7	ask	ask	NOUN
abr-283	93	8	spread	spread	NOUN
abr-283	93	9	is	be	AUX
abr-283	93	10	calculated	calculate	VERB
abr-283	93	11	daily	daily	ADV
abr-283	93	12	as	as	ADP
abr-283	93	13	(	(	PUNCT
abr-283	93	14	ask	ask	NOUN
abr-283	93	15	-	-	PUNCT
abr-283	93	16	bid)/	bid)/	NOUN
abr-283	93	17	(	(	PUNCT
abr-283	93	18	(	(	PUNCT
abr-283	93	19	ask+bid)/2	ask+bid)/2	NOUN
abr-283	93	20	)	)	PUNCT
abr-283	93	21	.	.	PUNCT
abr-283	94	1	the	the	DET
abr-283	94	2	second	second	ADJ
abr-283	94	3	proxy	proxy	NOUN
abr-283	94	4	,	,	PUNCT
abr-283	94	5	share	share	VERB
abr-283	94	6	turnover	turnover	NOUN
abr-283	94	7	(	(	PUNCT
abr-283	94	8	st	st	NOUN
abr-283	94	9	)	)	PUNCT
abr-283	94	10	,	,	PUNCT
abr-283	94	11	is	be	AUX
abr-283	94	12	a	a	DET
abr-283	94	13	common	common	ADJ
abr-283	94	14	measure	measure	NOUN
abr-283	94	15	of	of	ADP
abr-283	94	16	liquidity	liquidity	NOUN
abr-283	94	17	and	and	CCONJ
abr-283	94	18	is	be	AUX
abr-283	94	19	calculated	calculate	VERB
abr-283	94	20	as	as	ADP
abr-283	94	21	the	the	DET
abr-283	94	22	daily	daily	ADJ
abr-283	94	23	total	total	NOUN
abr-283	94	24	of	of	ADP
abr-283	94	25	shares	share	NOUN
abr-283	94	26	traded	trade	VERB
abr-283	94	27	divided	divide	VERB
abr-283	94	28	by	by	ADP
abr-283	94	29	the	the	DET
abr-283	94	30	average	average	ADJ
abr-283	94	31	shares	share	NOUN
abr-283	94	32	outstanding	outstanding	ADJ
abr-283	94	33	.	.	PUNCT
abr-283	95	1	a	a	DET
abr-283	95	2	higher	high	ADJ
abr-283	95	3	share	share	NOUN
abr-283	95	4	turnover	turnover	NOUN
abr-283	95	5	indicates	indicate	VERB
abr-283	95	6	a	a	DET
abr-283	95	7	more	more	ADV
abr-283	95	8	liquid	liquid	ADJ
abr-283	95	9	security	security	NOUN
abr-283	95	10	.	.	PUNCT
abr-283	96	1	following	follow	VERB
abr-283	96	2	daske	daske	PROPN
abr-283	96	3	et	et	PROPN
abr-283	96	4	al.(2008	al.(2008	PROPN
abr-283	96	5	)	)	PUNCT
abr-283	96	6	and	and	CCONJ
abr-283	96	7	fu	fu	NOUN
abr-283	96	8	et	et	NOUN
abr-283	96	9	al.(2012	al.(2012	PROPN
abr-283	96	10	)	)	PUNCT
abr-283	96	11	the	the	DET
abr-283	96	12	third	third	ADJ
abr-283	96	13	and	and	CCONJ
abr-283	96	14	final	final	ADJ
abr-283	96	15	proxy	proxy	NOUN
abr-283	96	16	,	,	PUNCT
abr-283	96	17	price	price	NOUN
abr-283	96	18	impact	impact	NOUN
abr-283	96	19	(	(	PUNCT
abr-283	96	20	pi	pi	NOUN
abr-283	96	21	)	)	PUNCT
abr-283	96	22	,	,	PUNCT
abr-283	96	23	captures	capture	VERB
abr-283	96	24	the	the	DET
abr-283	96	25	ability	ability	NOUN
abr-283	96	26	to	to	PART
abr-283	96	27	trade	trade	VERB
abr-283	96	28	a	a	DET
abr-283	96	29	security	security	NOUN
abr-283	96	30	without	without	ADP
abr-283	96	31	an	an	DET
abr-283	96	32	impact	impact	NOUN
abr-283	96	33	on	on	ADP
abr-283	96	34	price	price	NOUN
abr-283	96	35	.	.	PUNCT
abr-283	97	1	price	price	NOUN
abr-283	97	2	impact	impact	NOUN
abr-283	97	3	is	be	AUX
abr-283	97	4	calculated	calculate	VERB
abr-283	97	5	as	as	ADP
abr-283	97	6	the	the	DET
abr-283	97	7	daily	daily	ADJ
abr-283	97	8	absolute	absolute	ADJ
abr-283	97	9	return	return	NOUN
abr-283	97	10	divided	divide	VERB
abr-283	97	11	by	by	ADP
abr-283	97	12	trading	trading	NOUN
abr-283	97	13	volume	volume	NOUN
abr-283	97	14	in	in	ADP
abr-283	97	15	dollars	dollar	NOUN
abr-283	97	16	(	(	PUNCT
abr-283	97	17	$	$	SYM
abr-283	97	18	)	)	PUNCT
abr-283	97	19	.	.	PUNCT
abr-283	98	1	following	follow	VERB
abr-283	98	2	prior	prior	ADJ
abr-283	98	3	literature	literature	NOUN
abr-283	98	4	(	(	PUNCT
abr-283	98	5	fu	fu	PROPN
abr-283	98	6	et	et	PROPN
abr-283	98	7	al	al	PROPN
abr-283	98	8	.	.	PROPN
abr-283	98	9	,	,	PUNCT
abr-283	98	10	2012	2012	NUM
abr-283	98	11	)	)	PUNCT
abr-283	98	12	,	,	PUNCT
abr-283	98	13	the	the	DET
abr-283	98	14	following	follow	VERB
abr-283	98	15	control	control	NOUN
abr-283	98	16	variables	variable	NOUN
abr-283	98	17	are	be	AUX
abr-283	98	18	used	use	VERB
abr-283	98	19	to	to	PART
abr-283	98	20	test	test	VERB
abr-283	98	21	the	the	DET
abr-283	98	22	relation	relation	NOUN
abr-283	98	23	between	between	ADP
abr-283	98	24	liquidity	liquidity	NOUN
abr-283	98	25	and	and	CCONJ
abr-283	98	26	asc	asc	PROPN
abr-283	98	27	820	820	NUM
abr-283	98	28	-	-	SYM
abr-283	98	29	10	10	NUM
abr-283	98	30	:	:	PUNCT
abr-283	98	31	size	size	NOUN
abr-283	98	32	=	=	SYM
abr-283	98	33	total	total	ADJ
abr-283	98	34	assets	asset	NOUN
abr-283	98	35	at	at	ADP
abr-283	98	36	the	the	DET
abr-283	98	37	end	end	NOUN
abr-283	98	38	of	of	ADP
abr-283	98	39	the	the	DET
abr-283	98	40	previous	previous	ADJ
abr-283	98	41	period	period	NOUN
abr-283	98	42	,	,	PUNCT
abr-283	98	43	log	log	NOUN
abr-283	98	44	-	-	PUNCT
abr-283	98	45	transformed	transform	VERB
abr-283	98	46	turnover	turnover	NOUN
abr-283	98	47	=	=	SYM
abr-283	98	48	median	median	ADJ
abr-283	98	49	daily	daily	ADJ
abr-283	98	50	turnover	turnover	NOUN
abr-283	98	51	ratio	ratio	NOUN
abr-283	98	52	in	in	ADP
abr-283	98	53	a	a	DET
abr-283	98	54	quarter	quarter	NOUN
abr-283	98	55	,	,	PUNCT
abr-283	98	56	log	log	NOUN
abr-283	98	57	-	-	PUNCT
abr-283	98	58	transformed	transform	VERB
abr-283	98	59	volatility	volatility	NOUN
abr-283	98	60	=	=	SYM
abr-283	98	61	standard	standard	ADJ
abr-283	98	62	deviation	deviation	NOUN
abr-283	98	63	of	of	ADP
abr-283	98	64	daily	daily	ADJ
abr-283	98	65	return	return	NOUN
abr-283	98	66	in	in	ADP
abr-283	98	67	a	a	DET
abr-283	98	68	quarter	quarter	NOUN
abr-283	99	1	,	,	PUNCT
abr-283	99	2	log	log	NOUN
abr-283	99	3	-	-	PUNCT
abr-283	99	4	transformed	transform	VERB
abr-283	99	5	33	33	NUM
abr-283	99	6	nasdaq	nasdaq	NOUN
abr-283	99	7	=	=	SYM
abr-283	99	8	1	1	NUM
abr-283	99	9	if	if	SCONJ
abr-283	99	10	traded	trade	VERB
abr-283	99	11	on	on	ADP
abr-283	99	12	the	the	DET
abr-283	99	13	nasdaq	nasdaq	PROPN
abr-283	99	14	exchange	exchange	NOUN
abr-283	99	15	;	;	PUNCT
abr-283	99	16	0	0	NUM
abr-283	99	17	otherwise	otherwise	ADV
abr-283	99	18	proxies	proxy	NOUN
abr-283	99	19	for	for	ADP
abr-283	99	20	firm	firm	ADJ
abr-283	99	21	value	value	NOUN
abr-283	99	22	firm	firm	NOUN
abr-283	99	23	value	value	NOUN
abr-283	99	24	is	be	AUX
abr-283	99	25	measured	measure	VERB
abr-283	99	26	via	via	ADP
abr-283	99	27	two	two	NUM
abr-283	99	28	proxies	proxy	NOUN
abr-283	99	29	-	-	PUNCT
abr-283	99	30	tobin	tobin	NOUN
abr-283	99	31	’s	’s	PART
abr-283	99	32	q	q	NOUN
abr-283	99	33	and	and	CCONJ
abr-283	99	34	enterprise	enterprise	NOUN
abr-283	99	35	value	value	NOUN
abr-283	99	36	ratios	ratio	NOUN
abr-283	99	37	.	.	PUNCT
abr-283	100	1	tobin	tobin	PROPN
abr-283	100	2	’s	’s	PART
abr-283	100	3	q	q	X
abr-283	100	4	(	(	PUNCT
abr-283	100	5	tq	tq	NOUN
abr-283	100	6	)	)	PUNCT
abr-283	100	7	is	be	AUX
abr-283	100	8	a	a	DET
abr-283	100	9	well	well	ADV
abr-283	100	10	-	-	PUNCT
abr-283	100	11	established	establish	VERB
abr-283	100	12	proxy	proxy	NOUN
abr-283	100	13	for	for	ADP
abr-283	100	14	firm	firm	ADJ
abr-283	100	15	value	value	NOUN
abr-283	100	16	in	in	ADP
abr-283	100	17	the	the	DET
abr-283	100	18	accounting	accounting	NOUN
abr-283	100	19	and	and	CCONJ
abr-283	100	20	finance	finance	NOUN
abr-283	100	21	academic	academic	ADJ
abr-283	100	22	literature	literature	NOUN
abr-283	100	23	and	and	CCONJ
abr-283	100	24	is	be	AUX
abr-283	100	25	calculated	calculate	VERB
abr-283	100	26	as	as	ADP
abr-283	100	27	the	the	DET
abr-283	100	28	sum	sum	NOUN
abr-283	100	29	of	of	ADP
abr-283	100	30	the	the	DET
abr-283	100	31	equity	equity	NOUN
abr-283	100	32	market	market	NOUN
abr-283	100	33	value	value	NOUN
abr-283	100	34	of	of	ADP
abr-283	100	35	assets	asset	NOUN
abr-283	100	36	and	and	CCONJ
abr-283	100	37	book	book	NOUN
abr-283	100	38	value	value	NOUN
abr-283	100	39	of	of	ADP
abr-283	100	40	liabilities	liability	NOUN
abr-283	100	41	divided	divide	VERB
abr-283	100	42	by	by	ADP
abr-283	100	43	the	the	DET
abr-283	100	44	sum	sum	NOUN
abr-283	100	45	of	of	ADP
abr-283	100	46	equity	equity	NOUN
abr-283	100	47	book	book	NOUN
abr-283	100	48	value	value	NOUN
abr-283	100	49	and	and	CCONJ
abr-283	100	50	the	the	DET
abr-283	100	51	book	book	NOUN
abr-283	100	52	value	value	NOUN
abr-283	100	53	of	of	ADP
abr-283	100	54	liabilities	liability	NOUN
abr-283	100	55	.	.	PUNCT
abr-283	101	1	enterprise	enterprise	NOUN
abr-283	101	2	value	value	NOUN
abr-283	101	3	(	(	PUNCT
abr-283	101	4	ev	ev	INTJ
abr-283	101	5	)	)	PUNCT
abr-283	101	6	represents	represent	VERB
abr-283	101	7	the	the	DET
abr-283	101	8	value	value	NOUN
abr-283	101	9	of	of	ADP
abr-283	101	10	a	a	DET
abr-283	101	11	firm	firm	ADJ
abr-283	101	12	inclusive	inclusive	NOUN
abr-283	101	13	of	of	ADP
abr-283	101	14	the	the	DET
abr-283	101	15	company	company	NOUN
abr-283	101	16	’s	’s	PART
abr-283	101	17	debt	debt	NOUN
abr-283	101	18	and	and	CCONJ
abr-283	101	19	therefore	therefore	ADV
abr-283	101	20	represents	represent	VERB
abr-283	101	21	a	a	DET
abr-283	101	22	more	more	ADV
abr-283	101	23	accurate	accurate	ADJ
abr-283	101	24	measure	measure	NOUN
abr-283	101	25	of	of	ADP
abr-283	101	26	valuation	valuation	NOUN
abr-283	101	27	when	when	SCONJ
abr-283	101	28	compared	compare	VERB
abr-283	101	29	to	to	ADP
abr-283	101	30	other	other	ADJ
abr-283	101	31	measures	measure	NOUN
abr-283	101	32	of	of	ADP
abr-283	101	33	firm	firm	ADJ
abr-283	101	34	value	value	NOUN
abr-283	101	35	(	(	PUNCT
abr-283	101	36	i.e.	i.e.	X
abr-283	101	37	,	,	PUNCT
abr-283	101	38	market	market	NOUN
abr-283	101	39	capitalization	capitalization	NOUN
abr-283	101	40	)	)	PUNCT
abr-283	101	41	.	.	PUNCT
abr-283	102	1	enterprise	enterprise	NOUN
abr-283	102	2	value	value	NOUN
abr-283	102	3	is	be	AUX
abr-283	102	4	calculated	calculate	VERB
abr-283	102	5	as	as	ADP
abr-283	102	6	the	the	DET
abr-283	102	7	sum	sum	NOUN
abr-283	102	8	of	of	ADP
abr-283	102	9	quarterly	quarterly	ADJ
abr-283	102	10	market	market	NOUN
abr-283	102	11	capitalization	capitalization	NOUN
abr-283	102	12	,	,	PUNCT
abr-283	102	13	long	long	ADJ
abr-283	102	14	-	-	PUNCT
abr-283	102	15	term	term	NOUN
abr-283	102	16	debt	debt	NOUN
abr-283	102	17	,	,	PUNCT
abr-283	102	18	minority	minority	NOUN
abr-283	102	19	interests	interest	NOUN
abr-283	102	20	,	,	PUNCT
abr-283	102	21	and	and	CCONJ
abr-283	102	22	preferred	preferred	ADJ
abr-283	102	23	stock	stock	NOUN
abr-283	102	24	reduced	reduce	VERB
abr-283	102	25	by	by	ADP
abr-283	102	26	total	total	ADJ
abr-283	102	27	cash	cash	NOUN
abr-283	102	28	and	and	CCONJ
abr-283	102	29	cash	cash	NOUN
abr-283	102	30	equivalents	equivalent	NOUN
abr-283	102	31	.	.	PUNCT
abr-283	103	1	following	follow	VERB
abr-283	103	2	prior	prior	ADJ
abr-283	103	3	literature	literature	NOUN
abr-283	103	4	(	(	PUNCT
abr-283	103	5	dang	dang	INTJ
abr-283	103	6	et	et	PROPN
abr-283	103	7	al	al	PROPN
abr-283	103	8	.	.	PROPN
abr-283	103	9	2019	2019	NUM
abr-283	103	10	)	)	PUNCT
abr-283	103	11	,	,	PUNCT
abr-283	103	12	the	the	DET
abr-283	103	13	following	follow	VERB
abr-283	103	14	control	control	NOUN
abr-283	103	15	variables	variable	NOUN
abr-283	103	16	are	be	AUX
abr-283	103	17	used	use	VERB
abr-283	103	18	to	to	PART
abr-283	103	19	test	test	VERB
abr-283	103	20	the	the	DET
abr-283	103	21	relation	relation	NOUN
abr-283	103	22	between	between	ADP
abr-283	103	23	firm	firm	ADJ
abr-283	103	24	value	value	NOUN
abr-283	103	25	and	and	CCONJ
abr-283	103	26	asc	asc	PROPN
abr-283	103	27	820	820	NUM
abr-283	103	28	-	-	SYM
abr-283	103	29	10	10	NUM
abr-283	103	30	:	:	PUNCT
abr-283	103	31	growth	growth	NOUN
abr-283	103	32	=	=	SYM
abr-283	103	33	(	(	PUNCT
abr-283	103	34	sales	sale	NOUN
abr-283	103	35	revenuet	revenuet	NOUN
abr-283	103	36	–	–	PUNCT
abr-283	103	37	sales	sale	NOUN
abr-283	103	38	revenuet-1)/sales	revenuet-1)/sale	NOUN
abr-283	103	39	revenuet	revenuet	VERB
abr-283	103	40	size	size	NOUN
abr-283	103	41	=	=	SYM
abr-283	103	42	total	total	ADJ
abr-283	103	43	assets	asset	NOUN
abr-283	103	44	at	at	ADP
abr-283	103	45	the	the	DET
abr-283	103	46	end	end	NOUN
abr-283	103	47	of	of	ADP
abr-283	103	48	the	the	DET
abr-283	103	49	previous	previous	ADJ
abr-283	103	50	period	period	NOUN
abr-283	103	51	,	,	PUNCT
abr-283	103	52	log	log	NOUN
abr-283	103	53	-	-	PUNCT
abr-283	103	54	transformed	transform	VERB
abr-283	103	55	leverage	leverage	NOUN
abr-283	103	56	=	=	SYM
abr-283	103	57	total	total	ADJ
abr-283	103	58	debt	debt	NOUN
abr-283	103	59	/	/	SYM
abr-283	103	60	total	total	ADJ
abr-283	103	61	assets	asset	NOUN
abr-283	103	62	roa	roa	NOUN
abr-283	103	63	=	=	NOUN
abr-283	103	64	net	net	ADJ
abr-283	103	65	profit	profit	NOUN
abr-283	103	66	/	/	SYM
abr-283	103	67	total	total	ADJ
abr-283	103	68	assets	asset	NOUN
abr-283	103	69	roe	roe	NOUN
abr-283	103	70	=	=	SYM
abr-283	103	71	net	net	ADJ
abr-283	103	72	income	income	NOUN
abr-283	103	73	/	/	SYM
abr-283	103	74	total	total	NOUN
abr-283	103	75	equity	equity	NOUN
abr-283	103	76	table	table	NOUN
abr-283	103	77	2	2	NUM
abr-283	103	78	–	–	PUNCT
abr-283	103	79	descriptive	descriptive	ADJ
abr-283	103	80	statistics	statistic	NOUN
abr-283	103	81	panel	panel	NOUN
abr-283	103	82	a	a	DET
abr-283	103	83	:	:	PUNCT
abr-283	103	84	descriptive	descriptive	ADJ
abr-283	103	85	statistics	statistic	NOUN
abr-283	103	86	by	by	ADP
abr-283	103	87	time	time	NOUN
abr-283	103	88	period	period	NOUN
abr-283	103	89	pre	pre	ADJ
abr-283	103	90	-	-	PROPN
abr-283	103	91	asc	asc	ADJ
abr-283	103	92	adoption	adoption	NOUN
abr-283	103	93	(	(	PUNCT
abr-283	103	94	n	n	NOUN
abr-283	103	95	=	=	SYM
abr-283	103	96	3,997	3,997	NUM
abr-283	103	97	)	)	PUNCT
abr-283	103	98	variable	variable	ADJ
abr-283	103	99	mean	mean	NOUN
abr-283	103	100	std	std	PROPN
abr-283	103	101	.	.	PUNCT
abr-283	104	1	dev	dev	PROPN
abr-283	104	2	q1	q1	PROPN
abr-283	104	3	median	median	PROPN
abr-283	104	4	q3	q3	PROPN
abr-283	104	5	n	n	PROPN
abr-283	104	6	ba	ba	PROPN
abr-283	104	7	1.593	1.593	NUM
abr-283	104	8	4.047	4.047	NUM
abr-283	104	9	0.119	0.119	NUM
abr-283	104	10	0.280	0.280	NUM
abr-283	104	11	1.027	1.027	NUM
abr-283	104	12	3,997	3,997	NUM
abr-283	104	13	st	st	NOUN
abr-283	105	1	547.34	547.34	NUM
abr-283	105	2	708.90	708.90	NUM
abr-283	105	3	114.92	114.92	NUM
abr-283	105	4	356.87	356.87	NUM
abr-283	105	5	718.14	718.14	NUM
abr-283	105	6	3,997	3,997	NUM
abr-283	105	7	pi	pi	NOUN
abr-283	105	8	-0.088	-0.088	ADP
abr-283	105	9	0.983	0.983	NUM
abr-283	105	10	-0.024	-0.024	PUNCT
abr-283	105	11	-0.001	-0.001	PUNCT
abr-283	105	12	0.006	0.006	NUM
abr-283	105	13	3,997	3,997	NUM
abr-283	105	14	tq	tq	ADP
abr-283	105	15	1.385	1.385	NUM
abr-283	105	16	0.996	0.996	NUM
abr-283	105	17	0.979	0.979	NUM
abr-283	105	18	1.040	1.040	NUM
abr-283	105	19	1.343	1.343	NUM
abr-283	105	20	3,997	3,997	NUM
abr-283	105	21	ev	ev	ADP
abr-283	105	22	8.495	8.495	NUM
abr-283	105	23	6.680	6.680	NUM
abr-283	105	24	0.000	0.000	NUM
abr-283	105	25	12.160	12.160	NUM
abr-283	105	26	13.253	13.253	NUM
abr-283	105	27	3,997	3,997	NUM
abr-283	105	28	size	size	NOUN
abr-283	105	29	12.905	12.905	NUM
abr-283	105	30	1.853	1.853	NUM
abr-283	105	31	11.665	11.665	NUM
abr-283	105	32	12.872	12.872	NUM
abr-283	105	33	13.891	13.891	NUM
abr-283	105	34	3,997	3,997	NUM
abr-283	105	35	turnover	turnover	NOUN
abr-283	105	36	3.103	3.103	NUM
abr-283	105	37	1.283	1.283	NUM
abr-283	105	38	2.236	2.236	NUM
abr-283	105	39	3.099	3.099	NUM
abr-283	105	40	3.908	3.908	NUM
abr-283	105	41	3,997	3,997	NUM
abr-283	105	42	volatility	volatility	NOUN
abr-283	105	43	0.208	0.208	NUM
abr-283	105	44	0.127	0.127	NUM
abr-283	105	45	0.118	0.118	NUM
abr-283	105	46	0.182	0.182	NUM
abr-283	105	47	0.270	0.270	NUM
abr-283	105	48	3,997	3,997	NUM
abr-283	105	49	nasdaq	nasdaq	NOUN
abr-283	105	50	0.626	0.626	NUM
abr-283	105	51	0.484	0.484	NUM
abr-283	105	52	0.000	0.000	NUM
abr-283	105	53	1.000	1.000	NUM
abr-283	105	54	1.000	1.000	NUM
abr-283	105	55	3,997	3,997	NUM
abr-283	105	56	growth	growth	NOUN
abr-283	105	57	12.822	12.822	NUM
abr-283	105	58	3.661	3.661	NUM
abr-283	105	59	11.670	11.670	NUM
abr-283	105	60	12.752	12.752	NUM
abr-283	105	61	13.113	13.113	NUM
abr-283	105	62	3,997	3,997	NUM
abr-283	105	63	leverage	leverage	NOUN
abr-283	105	64	0.162	0.162	NUM
abr-283	105	65	0.065	0.065	NUM
abr-283	105	66	0.000	0.000	NUM
abr-283	105	67	0.607	0.607	NUM
abr-283	105	68	1.125	1.125	NUM
abr-283	105	69	3,997	3,997	NUM
abr-283	105	70	roa	roa	NOUN
abr-283	105	71	2.059	2.059	NUM
abr-283	105	72	5.082	5.082	NUM
abr-283	105	73	0.000	0.000	NUM
abr-283	105	74	0.600	0.600	NUM
abr-283	105	75	2.400	2.400	NUM
abr-283	105	76	3,997	3,997	NUM
abr-283	105	77	roe	roe	NOUN
abr-283	105	78	1.283	1.283	NUM
abr-283	105	79	0.881	0.881	NUM
abr-283	105	80	0.224	0.224	NUM
abr-283	105	81	1.323	1.323	NUM
abr-283	105	82	1.417	1.417	NUM
abr-283	105	83	3,997	3,997	NUM
abr-283	105	84	post	post	ADJ
abr-283	105	85	-	-	ADJ
abr-283	105	86	asc	asc	ADJ
abr-283	105	87	adoption	adoption	NOUN
abr-283	105	88	(	(	PUNCT
abr-283	105	89	n	n	NOUN
abr-283	105	90	=	=	SYM
abr-283	105	91	2856	2856	NUM
abr-283	105	92	)	)	PUNCT
abr-283	105	93	ba	ba	NOUN
abr-283	106	1	1.028	1.028	NUM
abr-283	106	2	2.683	2.683	NUM
abr-283	106	3	0.074	0.074	NUM
abr-283	106	4	0.182	0.182	NUM
abr-283	106	5	0.649	0.649	NUM
abr-283	106	6	2,856	2,856	NUM
abr-283	106	7	st	st	PROPN
abr-283	106	8	483.44	483.44	NUM
abr-283	106	9	1847.98	1847.98	NUM
abr-283	106	10	100.38	100.38	NUM
abr-283	106	11	278.03	278.03	NUM
abr-283	106	12	572.94	572.94	NUM
abr-283	106	13	2,856	2,856	NUM
abr-283	106	14	pi	pi	NOUN
abr-283	106	15	0.008	0.008	NUM
abr-283	106	16	0.642	0.642	NUM
abr-283	106	17	-0.010	-0.010	NUM
abr-283	106	18	0.000	0.000	NUM
abr-283	106	19	0.013	0.013	NUM
abr-283	106	20	2,856	2,856	NUM
abr-283	106	21	tq	tq	ADP
abr-283	106	22	1.395	1.395	NUM
abr-283	106	23	1.039	1.039	NUM
abr-283	106	24	0.978	0.978	NUM
abr-283	106	25	1.031	1.031	NUM
abr-283	106	26	1.337	1.337	NUM
abr-283	106	27	2,856	2,856	NUM
abr-283	106	28	ev	ev	ADP
abr-283	106	29	9.026	9.026	NUM
abr-283	106	30	6.850	6.850	NUM
abr-283	106	31	0.000	0.000	NUM
abr-283	106	32	12.297	12.297	NUM
abr-283	106	33	13.425	13.425	NUM
abr-283	106	34	2,856	2,856	NUM
abr-283	106	35	size	size	NOUN
abr-283	106	36	12.873	12.873	NUM
abr-283	106	37	1.923	1.923	NUM
abr-283	106	38	11.654	11.654	NUM
abr-283	106	39	12.803	12.803	NUM
abr-283	106	40	13.869	13.869	NUM
abr-283	106	41	2,856	2,856	NUM
abr-283	106	42	turnover	turnover	NOUN
abr-283	106	43	3.084	3.084	NUM
abr-283	106	44	1.232	1.232	NUM
abr-283	106	45	2.223	2.223	NUM
abr-283	106	46	2.963	2.963	NUM
abr-283	106	47	3.792	3.792	NUM
abr-283	106	48	2,856	2,856	NUM
abr-283	106	49	volatility	volatility	NOUN
abr-283	106	50	0.156	0.156	NUM
abr-283	106	51	0.083	0.083	NUM
abr-283	106	52	0.097	0.097	NUM
abr-283	106	53	0.140	0.140	NUM
abr-283	106	54	0.195	0.195	NUM
abr-283	106	55	2,856	2,856	NUM
abr-283	106	56	nasdaq	nasdaq	NOUN
abr-283	106	57	0.628	0.628	NUM
abr-283	106	58	0.483	0.483	NUM
abr-283	106	59	0.000	0.000	NUM
abr-283	106	60	1.000	1.000	NUM
abr-283	106	61	1.000	1.000	NUM
abr-283	106	62	2,856	2,856	NUM
abr-283	106	63	growth	growth	NOUN
abr-283	106	64	11.98	11.98	NUM
abr-283	106	65	2.754	2.754	NUM
abr-283	106	66	11.24	11.24	NUM
abr-283	106	67	12.545	12.545	NUM
abr-283	106	68	13.003	13.003	NUM
abr-283	106	69	2,856	2,856	NUM
abr-283	106	70	34	34	NUM
abr-283	106	71	panel	panel	NOUN
abr-283	106	72	a	a	PRON
abr-283	106	73	of	of	ADP
abr-283	106	74	table	table	NOUN
abr-283	106	75	2	2	NUM
abr-283	106	76	displays	display	VERB
abr-283	106	77	the	the	DET
abr-283	106	78	descriptive	descriptive	ADJ
abr-283	106	79	statistics	statistic	NOUN
abr-283	106	80	for	for	ADP
abr-283	106	81	sample	sample	NOUN
abr-283	106	82	firms	firm	NOUN
abr-283	106	83	by	by	ADP
abr-283	106	84	time	time	NOUN
abr-283	106	85	while	while	SCONJ
abr-283	106	86	panel	panel	NOUN
abr-283	106	87	b	b	PROPN
abr-283	106	88	of	of	ADP
abr-283	106	89	table	table	NOUN
abr-283	106	90	2	2	NUM
abr-283	106	91	provides	provide	VERB
abr-283	106	92	descriptive	descriptive	ADJ
abr-283	106	93	statistics	statistic	NOUN
abr-283	106	94	by	by	ADP
abr-283	106	95	category	category	NOUN
abr-283	106	96	of	of	ADP
abr-283	106	97	transfer	transfer	NOUN
abr-283	106	98	activity	activity	NOUN
abr-283	106	99	.	.	PUNCT
abr-283	107	1	firms	firm	NOUN
abr-283	107	2	with	with	ADP
abr-283	107	3	material	material	ADJ
abr-283	107	4	level	level	NOUN
abr-283	107	5	3	3	NUM
abr-283	107	6	transfer	transfer	NOUN
abr-283	107	7	activity	activity	NOUN
abr-283	107	8	generally	generally	ADV
abr-283	107	9	had	have	VERB
abr-283	107	10	larger	large	ADJ
abr-283	107	11	bid	bid	NOUN
abr-283	107	12	-	-	PUNCT
abr-283	107	13	ask	ask	NOUN
abr-283	107	14	spreads	spread	NOUN
abr-283	107	15	and	and	CCONJ
abr-283	107	16	higher	high	ADJ
abr-283	107	17	share	share	NOUN
abr-283	107	18	turnover	turnover	NOUN
abr-283	107	19	than	than	ADP
abr-283	107	20	firms	firm	NOUN
abr-283	107	21	without	without	ADP
abr-283	107	22	material	material	NOUN
abr-283	107	23	transfer	transfer	NOUN
abr-283	107	24	activity	activity	NOUN
abr-283	107	25	.	.	PUNCT
abr-283	108	1	the	the	DET
abr-283	108	2	difference	difference	NOUN
abr-283	108	3	in	in	ADP
abr-283	108	4	the	the	DET
abr-283	108	5	firm	firm	ADJ
abr-283	108	6	value	value	NOUN
abr-283	108	7	proxies	proxy	NOUN
abr-283	108	8	(	(	PUNCT
abr-283	108	9	i.e.tq	i.e.tq	NOUN
abr-283	108	10	and	and	CCONJ
abr-283	108	11	ev	ev	VERB
abr-283	108	12	)	)	PUNCT
abr-283	108	13	for	for	ADP
abr-283	108	14	the	the	DET
abr-283	108	15	two	two	NUM
abr-283	108	16	categories	category	NOUN
abr-283	108	17	are	be	AUX
abr-283	108	18	significant	significant	ADJ
abr-283	108	19	and	and	CCONJ
abr-283	108	20	show	show	VERB
abr-283	108	21	that	that	SCONJ
abr-283	108	22	firms	firm	NOUN
abr-283	108	23	with	with	ADP
abr-283	108	24	material	material	NOUN
abr-283	108	25	activity	activity	NOUN
abr-283	108	26	have	have	VERB
abr-283	108	27	significantly	significantly	ADV
abr-283	108	28	higher	high	ADJ
abr-283	108	29	enterprise	enterprise	NOUN
abr-283	108	30	value	value	NOUN
abr-283	108	31	but	but	CCONJ
abr-283	108	32	significantly	significantly	ADV
abr-283	108	33	less	less	ADJ
abr-283	108	34	value	value	NOUN
abr-283	108	35	as	as	SCONJ
abr-283	108	36	measured	measure	VERB
abr-283	108	37	by	by	ADP
abr-283	108	38	tobin	tobin	PROPN
abr-283	108	39	's	's	PART
abr-283	108	40	q.	q.	PROPN
abr-283	108	41	further	further	ADJ
abr-283	108	42	analysis	analysis	NOUN
abr-283	108	43	reveals	reveal	VERB
abr-283	108	44	that	that	SCONJ
abr-283	108	45	the	the	DET
abr-283	108	46	differences	difference	NOUN
abr-283	108	47	noted	note	VERB
abr-283	108	48	in	in	ADP
abr-283	108	49	the	the	DET
abr-283	108	50	firm	firm	ADJ
abr-283	108	51	value	value	NOUN
abr-283	108	52	proxies	proxy	NOUN
abr-283	108	53	are	be	AUX
abr-283	108	54	likely	likely	ADV
abr-283	108	55	driven	drive	VERB
abr-283	108	56	by	by	ADP
abr-283	108	57	total	total	ADJ
abr-283	108	58	debt	debt	NOUN
abr-283	108	59	as	as	SCONJ
abr-283	108	60	evidenced	evidence	VERB
abr-283	108	61	by	by	ADP
abr-283	108	62	the	the	DET
abr-283	108	63	significantly	significantly	ADV
abr-283	108	64	higher	high	ADJ
abr-283	108	65	leverage	leverage	NOUN
abr-283	108	66	for	for	ADP
abr-283	108	67	firms	firm	NOUN
abr-283	108	68	with	with	ADP
abr-283	108	69	material	material	NOUN
abr-283	108	70	transfer	transfer	NOUN
abr-283	108	71	activity	activity	NOUN
abr-283	108	72	.	.	PUNCT
abr-283	109	1	overall	overall	ADJ
abr-283	109	2	,	,	PUNCT
abr-283	109	3	panel	panel	NOUN
abr-283	109	4	b	b	PROPN
abr-283	109	5	of	of	ADP
abr-283	109	6	table	table	NOUN
abr-283	109	7	2	2	NUM
abr-283	109	8	indicates	indicate	VERB
abr-283	109	9	that	that	SCONJ
abr-283	109	10	firms	firm	NOUN
abr-283	109	11	with	with	ADP
abr-283	109	12	material	material	NOUN
abr-283	109	13	transfers	transfer	NOUN
abr-283	109	14	have	have	VERB
abr-283	109	15	less	less	ADJ
abr-283	109	16	turnover	turnover	NOUN
abr-283	109	17	,	,	PUNCT
abr-283	109	18	more	more	ADJ
abr-283	109	19	volatility	volatility	NOUN
abr-283	109	20	,	,	PUNCT
abr-283	109	21	and	and	CCONJ
abr-283	109	22	higher	high	ADJ
abr-283	109	23	roa	roa	NOUN
abr-283	109	24	when	when	SCONJ
abr-283	109	25	compared	compare	VERB
abr-283	109	26	to	to	ADP
abr-283	109	27	firms	firm	NOUN
abr-283	109	28	without	without	ADP
abr-283	109	29	material	material	NOUN
abr-283	109	30	transfer	transfer	NOUN
abr-283	109	31	activity	activity	NOUN
abr-283	109	32	.	.	PUNCT
abr-283	110	1	models	model	NOUN
abr-283	110	2	for	for	ADP
abr-283	110	3	tests	test	NOUN
abr-283	110	4	of	of	ADP
abr-283	110	5	liquidity	liquidity	NOUN
abr-283	110	6	(	(	PUNCT
abr-283	110	7	h1	h1	PROPN
abr-283	110	8	)	)	PUNCT
abr-283	110	9	and	and	CCONJ
abr-283	110	10	firm	firm	ADJ
abr-283	110	11	value	value	NOUN
abr-283	110	12	(	(	PUNCT
abr-283	110	13	h2	h2	NOUN
abr-283	110	14	)	)	PUNCT
abr-283	110	15	to	to	PART
abr-283	110	16	test	test	VERB
abr-283	110	17	h1	h1	PROPN
abr-283	110	18	,	,	PUNCT
abr-283	110	19	the	the	DET
abr-283	110	20	following	follow	VERB
abr-283	110	21	model	model	NOUN
abr-283	110	22	is	be	AUX
abr-283	110	23	used	use	VERB
abr-283	110	24	:	:	PUNCT
abr-283	111	1	xit	xit	PROPN
abr-283	111	2	=	=	SYM
abr-283	111	3	β0	β0	PROPN
abr-283	111	4	+	+	CCONJ
abr-283	111	5	β1ascit	β1ascit	PROPN
abr-283	111	6	+	+	X
abr-283	111	7	β2fv3_trnsit	β2fv3_trnsit	PROPN
abr-283	112	1	+	+	CCONJ
abr-283	112	2	β3asc	β3asc	NOUN
abr-283	112	3	x	x	AUX
abr-283	112	4	fv3_trnsit	fv3_trnsit	VERB
abr-283	112	5	+	+	CCONJ
abr-283	112	6	β4sizeit	β4sizeit	NOUN
abr-283	112	7	+	+	CCONJ
abr-283	112	8	β5turnoverit	β5turnoverit	NOUN
abr-283	112	9	+	+	CCONJ
abr-283	112	10	β6volatilityit	β6volatilityit	NOUN
abr-283	112	11	+	+	CCONJ
abr-283	112	12	β7nasdaqit	β7nasdaqit	PROPN
abr-283	113	1	+	+	NOUN
abr-283	113	2	eit	eit	PROPN
abr-283	113	3	(	(	PUNCT
abr-283	113	4	1	1	NUM
abr-283	113	5	)	)	PUNCT
abr-283	113	6	leverage	leverage	NOUN
abr-283	113	7	0.266	0.266	NUM
abr-283	113	8	0.118	0.118	NUM
abr-283	113	9	0.000	0.000	NUM
abr-283	113	10	0.484	0.484	NUM
abr-283	113	11	0.980	0.980	NUM
abr-283	113	12	2,856	2,856	NUM
abr-283	113	13	roa	roa	NOUN
abr-283	113	14	1.929	1.929	NUM
abr-283	113	15	4.794	4.794	NUM
abr-283	113	16	0.000	0.000	NUM
abr-283	113	17	0.600	0.600	NUM
abr-283	113	18	2.700	2.700	NUM
abr-283	113	19	2,856	2,856	NUM
abr-283	113	20	roe	roe	NOUN
abr-283	113	21	1.017	1.017	NUM
abr-283	113	22	1.281	1.281	NUM
abr-283	113	23	0.000	0.000	NUM
abr-283	113	24	1.303	1.303	NUM
abr-283	113	25	1.439	1.439	NUM
abr-283	113	26	2,856	2,856	NUM
abr-283	113	27	panel	panel	NOUN
abr-283	113	28	b	b	NOUN
abr-283	113	29	:	:	PUNCT
abr-283	113	30	descriptive	descriptive	ADJ
abr-283	113	31	statistics	statistic	NOUN
abr-283	113	32	by	by	ADP
abr-283	113	33	sub	sub	ADJ
abr-283	113	34	-	-	ADJ
abr-283	113	35	sample	sample	ADJ
abr-283	113	36	firms	firm	NOUN
abr-283	113	37	without	without	ADP
abr-283	113	38	level	level	NOUN
abr-283	113	39	3	3	NUM
abr-283	113	40	activity	activity	NOUN
abr-283	113	41	(	(	PUNCT
abr-283	113	42	n	n	NOUN
abr-283	113	43	=	=	SYM
abr-283	113	44	4,051	4,051	NUM
abr-283	113	45	)	)	PUNCT
abr-283	113	46	firms	firm	NOUN
abr-283	113	47	with	with	ADP
abr-283	113	48	level	level	NOUN
abr-283	113	49	3	3	NUM
abr-283	113	50	activity	activity	NOUN
abr-283	113	51	(	(	PUNCT
abr-283	113	52	n	n	NOUN
abr-283	113	53	=	=	SYM
abr-283	113	54	2,802	2,802	NUM
abr-283	113	55	)	)	PUNCT
abr-283	113	56	diff	diff	NOUN
abr-283	113	57	.	.	PUNCT
abr-283	114	1	variable	variable	ADJ
abr-283	114	2	mean	mean	PROPN
abr-283	114	3	median	median	PROPN
abr-283	114	4	mean	mean	NOUN
abr-283	114	5	median	median	PROPN
abr-283	114	6	ba	ba	PROPN
abr-283	114	7	1.326	1.326	NUM
abr-283	114	8	0.238	0.238	NUM
abr-283	114	9	1.403	1.403	NUM
abr-283	114	10	0.241	0.241	NUM
abr-283	114	11	*	*	PUNCT
abr-283	114	12	*	*	PUNCT
abr-283	114	13	*	*	PUNCT
abr-283	114	14	st	st	PROPN
abr-283	114	15	501.869	501.869	NUM
abr-283	114	16	318.453	318.453	NUM
abr-283	114	17	547.946	547.946	NUM
abr-283	114	18	317.723	317.723	NUM
abr-283	114	19	*	*	PUNCT
abr-283	115	1	*	*	PUNCT
abr-283	115	2	*	*	PUNCT
abr-283	115	3	pi	pi	NOUN
abr-283	115	4	-0.049	-0.049	PUNCT
abr-283	115	5	0.000	0.000	NUM
abr-283	115	6	-0.047	-0.047	PUNCT
abr-283	115	7	-0.001	-0.001	PUNCT
abr-283	116	1	*	*	PUNCT
abr-283	116	2	*	*	PUNCT
abr-283	116	3	tq	tq	ADP
abr-283	116	4	1.402	1.402	NUM
abr-283	116	5	1.036	1.036	NUM
abr-283	116	6	1.370	1.370	NUM
abr-283	116	7	1.037	1.037	NUM
abr-283	116	8	*	*	PUNCT
abr-283	116	9	ev	ev	ADP
abr-283	116	10	8.630	8.630	NUM
abr-283	116	11	12.160	12.160	NUM
abr-283	116	12	8.841	8.841	NUM
abr-283	116	13	12.257	12.257	NUM
abr-283	116	14	*	*	PUNCT
abr-283	116	15	*	*	PUNCT
abr-283	116	16	size	size	NOUN
abr-283	116	17	12.881	12.881	NUM
abr-283	116	18	12.823	12.823	NUM
abr-283	116	19	12.907	12.907	NUM
abr-283	117	1	12.875	12.875	NUM
abr-283	117	2	*	*	PUNCT
abr-283	117	3	turnover	turnover	NOUN
abr-283	117	4	3.098	3.098	NUM
abr-283	117	5	3.050	3.050	NUM
abr-283	117	6	3.089	3.089	NUM
abr-283	117	7	3.022	3.022	NUM
abr-283	117	8	*	*	PUNCT
abr-283	117	9	volatility	volatility	NOUN
abr-283	117	10	0.185	0.185	NUM
abr-283	117	11	0.159	0.159	NUM
abr-283	117	12	0.188	0.188	NUM
abr-283	117	13	0.162	0.162	NUM
abr-283	117	14	*	*	PUNCT
abr-283	117	15	nasdaq	nasdaq	PROPN
abr-283	117	16	0.633	0.633	NUM
abr-283	117	17	1.000	1.000	NUM
abr-283	117	18	0.618	0.618	NUM
abr-283	117	19	1.000	1.000	NUM
abr-283	117	20	ns	ns	ADJ
abr-283	117	21	growth	growth	NOUN
abr-283	117	22	12.000	12.000	NUM
abr-283	117	23	12.550	12.550	NUM
abr-283	117	24	13.300	13.300	NUM
abr-283	117	25	13.010	13.010	NUM
abr-283	117	26	*	*	PUNCT
abr-283	117	27	*	*	PUNCT
abr-283	117	28	*	*	PUNCT
abr-283	117	29	leverage	leverage	NOUN
abr-283	117	30	2.002	2.002	NUM
abr-283	117	31	0.567	0.567	NUM
abr-283	117	32	2.121	2.121	NUM
abr-283	117	33	0.513	0.513	NUM
abr-283	117	34	*	*	PUNCT
abr-283	117	35	*	*	PUNCT
abr-283	117	36	*	*	PUNCT
abr-283	117	37	roa	roa	PROPN
abr-283	117	38	1.971	1.971	NUM
abr-283	117	39	0.600	0.600	NUM
abr-283	117	40	2.054	2.054	NUM
abr-283	117	41	0.600	0.600	NUM
abr-283	117	42	*	*	PUNCT
abr-283	117	43	*	*	PUNCT
abr-283	117	44	roe	roe	PROPN
abr-283	117	45	1.120	1.120	NUM
abr-283	117	46	1.190	1.190	NUM
abr-283	117	47	1.290	1.290	NUM
abr-283	117	48	1.210	1.210	NUM
abr-283	117	49	*	*	PUNCT
abr-283	117	50	*	*	PUNCT
abr-283	117	51	*	*	PUNCT
abr-283	117	52	*	*	PUNCT
abr-283	117	53	,	,	PUNCT
abr-283	117	54	*	*	PUNCT
abr-283	117	55	*	*	PUNCT
abr-283	117	56	,	,	PUNCT
abr-283	117	57	*	*	PUNCT
abr-283	117	58	*	*	PUNCT
abr-283	117	59	*	*	PUNCT
abr-283	117	60	indicate	indicate	VERB
abr-283	117	61	significance	significance	NOUN
abr-283	117	62	at	at	ADP
abr-283	117	63	the	the	DET
abr-283	117	64	10	10	NUM
abr-283	117	65	percent	percent	NOUN
abr-283	117	66	,	,	PUNCT
abr-283	117	67	5	5	NUM
abr-283	117	68	percent	percent	NOUN
abr-283	117	69	and	and	CCONJ
abr-283	117	70	1	1	NUM
abr-283	117	71	percent	percent	NOUN
abr-283	117	72	levels	level	NOUN
abr-283	117	73	,	,	PUNCT
abr-283	117	74	respectively	respectively	ADV
abr-283	117	75	.	.	PUNCT
abr-283	118	1	panel	panel	NOUN
abr-283	118	2	a	a	DET
abr-283	118	3	displays	display	NOUN
abr-283	118	4	descriptive	descriptive	ADJ
abr-283	118	5	statistics	statistic	NOUN
abr-283	118	6	for	for	ADP
abr-283	118	7	sample	sample	NOUN
abr-283	118	8	firms	firm	NOUN
abr-283	118	9	by	by	ADP
abr-283	118	10	time	time	NOUN
abr-283	118	11	period	period	NOUN
abr-283	118	12	.	.	PUNCT
abr-283	119	1	panel	panel	NOUN
abr-283	119	2	b	b	PROPN
abr-283	119	3	displays	display	VERB
abr-283	119	4	the	the	DET
abr-283	119	5	mean	mean	NOUN
abr-283	119	6	and	and	CCONJ
abr-283	119	7	median	median	NOUN
abr-283	119	8	for	for	ADP
abr-283	119	9	the	the	DET
abr-283	119	10	two	two	NUM
abr-283	119	11	time	time	NOUN
abr-283	119	12	periods	period	NOUN
abr-283	119	13	by	by	ADP
abr-283	119	14	firm	firm	ADJ
abr-283	119	15	activity	activity	NOUN
abr-283	119	16	.	.	PUNCT
abr-283	120	1	variables	variable	NOUN
abr-283	120	2	defined	define	VERB
abr-283	120	3	:	:	PUNCT
abr-283	120	4	ba	ba	PROPN
abr-283	120	5	=	=	PUNCT
abr-283	120	6	bid	bid	NOUN
abr-283	120	7	-	-	PUNCT
abr-283	120	8	ask	ask	NOUN
abr-283	120	9	spread	spread	NOUN
abr-283	120	10	(	(	PUNCT
abr-283	120	11	i.e.	i.e.	X
abr-283	120	12	askbid)/((ask+bid)/2	askbid)/((ask+bid)/2	ADJ
abr-283	120	13	)	)	PUNCT
abr-283	120	14	;	;	PUNCT
abr-283	120	15	st	st	PROPN
abr-283	120	16	=	=	NOUN
abr-283	120	17	share	share	NOUN
abr-283	120	18	turnover	turnover	NOUN
abr-283	120	19	(	(	PUNCT
abr-283	120	20	i.e.	i.e.	X
abr-283	120	21	daily	daily	ADJ
abr-283	120	22	volume	volume	NOUN
abr-283	120	23	shares	share	NOUN
abr-283	120	24	traded	trade	VERB
abr-283	120	25	divided	divide	VERB
abr-283	120	26	by	by	ADP
abr-283	120	27	average	average	ADJ
abr-283	120	28	shares	share	NOUN
abr-283	120	29	outstanding	outstanding	ADJ
abr-283	120	30	for	for	ADP
abr-283	120	31	the	the	DET
abr-283	120	32	quarter	quarter	NOUN
abr-283	120	33	)	)	PUNCT
abr-283	120	34	;	;	PUNCT
abr-283	120	35	pi	pi	NOUN
abr-283	120	36	=	=	SYM
abr-283	120	37	price	price	NOUN
abr-283	120	38	impact	impact	NOUN
abr-283	120	39	(	(	PUNCT
abr-283	120	40	i.e.	i.e.	X
abr-283	120	41	daily	daily	ADJ
abr-283	120	42	absolute	absolute	ADJ
abr-283	120	43	return	return	NOUN
abr-283	120	44	divided	divide	VERB
abr-283	120	45	by	by	ADP
abr-283	120	46	average	average	ADJ
abr-283	120	47	trading	trading	NOUN
abr-283	120	48	volume	volume	NOUN
abr-283	120	49	)	)	PUNCT
abr-283	120	50	;	;	PUNCT
abr-283	120	51	tq	tq	ADP
abr-283	120	52	=	=	PUNCT
abr-283	120	53	tobin	tobin	PROPN
abr-283	120	54	's	's	PART
abr-283	120	55	q	q	NOUN
abr-283	120	56	ratio	ratio	NOUN
abr-283	120	57	(	(	PUNCT
abr-283	120	58	i.e.	i.e.	X
abr-283	120	59	market	market	NOUN
abr-283	120	60	value	value	NOUN
abr-283	120	61	of	of	ADP
abr-283	120	62	equity	equity	NOUN
abr-283	120	63	divided	divide	VERB
abr-283	120	64	by	by	ADP
abr-283	120	65	book	book	NOUN
abr-283	120	66	value	value	NOUN
abr-283	120	67	of	of	ADP
abr-283	120	68	equity	equity	NOUN
abr-283	120	69	)	)	PUNCT
abr-283	120	70	;	;	PUNCT
abr-283	120	71	ev	ev	X
abr-283	120	72	=	=	NOUN
abr-283	120	73	enterprise	enterprise	NOUN
abr-283	120	74	value	value	NOUN
abr-283	120	75	(	(	PUNCT
abr-283	120	76	i.e.	i.e.	X
abr-283	120	77	sum	sum	NOUN
abr-283	120	78	of	of	ADP
abr-283	120	79	market	market	NOUN
abr-283	120	80	capitalization	capitalization	NOUN
abr-283	120	81	,	,	PUNCT
abr-283	120	82	long	long	ADJ
abr-283	120	83	-	-	PUNCT
abr-283	120	84	term	term	NOUN
abr-283	120	85	debt	debt	NOUN
abr-283	120	86	,	,	PUNCT
abr-283	120	87	minority	minority	NOUN
abr-283	120	88	interests	interest	NOUN
abr-283	120	89	and	and	CCONJ
abr-283	120	90	preferred	preferred	ADJ
abr-283	120	91	stock	stock	NOUN
abr-283	120	92	reduced	reduce	VERB
abr-283	120	93	by	by	ADP
abr-283	120	94	cash	cash	NOUN
abr-283	120	95	and	and	CCONJ
abr-283	120	96	cash	cash	NOUN
abr-283	120	97	equivalents	equivalent	NOUN
abr-283	120	98	)	)	PUNCT
abr-283	120	99	;	;	PUNCT
abr-283	120	100	size	size	NOUN
abr-283	120	101	=	=	SYM
abr-283	120	102	market	market	NOUN
abr-283	120	103	value	value	NOUN
abr-283	120	104	at	at	ADP
abr-283	120	105	the	the	DET
abr-283	120	106	end	end	NOUN
abr-283	120	107	of	of	ADP
abr-283	120	108	the	the	DET
abr-283	120	109	previous	previous	ADJ
abr-283	120	110	period	period	NOUN
abr-283	120	111	,	,	PUNCT
abr-283	120	112	log	log	NOUN
abr-283	120	113	transformed	transform	VERB
abr-283	120	114	;	;	PUNCT
abr-283	120	115	turnover	turnover	NOUN
abr-283	120	116	=	=	SYM
abr-283	120	117	median	median	ADJ
abr-283	120	118	quarterly	quarterly	ADJ
abr-283	120	119	turnover	turnover	NOUN
abr-283	120	120	ratio	ratio	NOUN
abr-283	120	121	,	,	PUNCT
abr-283	120	122	log	log	NOUN
abr-283	120	123	transformed	transform	VERB
abr-283	120	124	;	;	PUNCT
abr-283	120	125	volatility	volatility	NOUN
abr-283	120	126	=	=	SYM
abr-283	120	127	standard	standard	ADJ
abr-283	120	128	deviation	deviation	NOUN
abr-283	120	129	of	of	ADP
abr-283	120	130	quarterly	quarterly	ADJ
abr-283	120	131	return	return	NOUN
abr-283	120	132	in	in	ADP
abr-283	120	133	a	a	DET
abr-283	120	134	year	year	NOUN
abr-283	120	135	,	,	PUNCT
abr-283	120	136	log	log	NOUN
abr-283	120	137	transformed	transform	VERB
abr-283	120	138	;	;	PUNCT
abr-283	120	139	nasdaq	nasdaq	PROPN
abr-283	120	140	=	=	SYM
abr-283	120	141	1	1	NUM
abr-283	120	142	if	if	SCONJ
abr-283	120	143	listed	list	VERB
abr-283	120	144	on	on	ADP
abr-283	120	145	the	the	DET
abr-283	120	146	nasdaq	nasdaq	PROPN
abr-283	120	147	stock	stock	NOUN
abr-283	120	148	exchange	exchange	PROPN
abr-283	120	149	,	,	PUNCT
abr-283	120	150	0	0	NUM
abr-283	120	151	otherwise	otherwise	ADV
abr-283	120	152	;	;	PUNCT
abr-283	120	153	growth	growth	NOUN
abr-283	120	154	=	=	SYM
abr-283	120	155	percentage	percentage	NOUN
abr-283	120	156	change	change	NOUN
abr-283	120	157	in	in	ADP
abr-283	120	158	slaes	slaes	NOUN
abr-283	120	159	growth	growth	NOUN
abr-283	120	160	from	from	ADP
abr-283	120	161	previous	previous	ADJ
abr-283	120	162	period	period	NOUN
abr-283	120	163	(	(	PUNCT
abr-283	120	164	i.e.	i.e.	X
abr-283	120	165	(	(	PUNCT
abr-283	120	166	currrent	currrent	ADJ
abr-283	120	167	period	period	NOUN
abr-283	120	168	sales	sale	NOUN
abr-283	120	169	revenue	revenue	NOUN
abr-283	120	170	prior	prior	ADJ
abr-283	120	171	period	period	NOUN
abr-283	120	172	sales	sale	NOUN
abr-283	120	173	revenue)/current	revenue)/current	NOUN
abr-283	120	174	period	period	NOUN
abr-283	120	175	sales	sale	NOUN
abr-283	120	176	revenue	revenue	NOUN
abr-283	120	177	)	)	PUNCT
abr-283	120	178	;	;	PUNCT
abr-283	120	179	leverage	leverage	NOUN
abr-283	120	180	=	=	SYM
abr-283	120	181	total	total	ADJ
abr-283	120	182	debt	debt	NOUN
abr-283	120	183	/	/	SYM
abr-283	120	184	total	total	ADJ
abr-283	120	185	assets	asset	NOUN
abr-283	120	186	;	;	PUNCT
abr-283	120	187	roa	roa	NOUN
abr-283	120	188	=	=	PROPN
abr-283	120	189	net	net	ADJ
abr-283	120	190	profit	profit	NOUN
abr-283	120	191	/	/	SYM
abr-283	120	192	total	total	ADJ
abr-283	120	193	assets	asset	NOUN
abr-283	120	194	;	;	PUNCT
abr-283	120	195	roe	roe	NOUN
abr-283	120	196	=	=	SYM
abr-283	120	197	net	net	ADJ
abr-283	120	198	income	income	NOUN
abr-283	120	199	/	/	SYM
abr-283	120	200	total	total	NOUN
abr-283	120	201	equity	equity	NOUN
abr-283	120	202	.	.	PUNCT
abr-283	121	1	35	35	NUM
abr-283	121	2	where	where	SCONJ
abr-283	121	3	xit	xit	PROPN
abr-283	121	4	indicates	indicate	VERB
abr-283	121	5	one	one	NUM
abr-283	121	6	of	of	ADP
abr-283	121	7	the	the	DET
abr-283	121	8	proxies	proxy	NOUN
abr-283	121	9	for	for	ADP
abr-283	121	10	liquidity	liquidity	NOUN
abr-283	121	11	,	,	PUNCT
abr-283	121	12	bid	bid	NOUN
abr-283	121	13	-	-	PUNCT
abr-283	121	14	ask	ask	NOUN
abr-283	121	15	spread	spread	NOUN
abr-283	121	16	,	,	PUNCT
abr-283	121	17	share	share	NOUN
abr-283	121	18	turnover	turnover	NOUN
abr-283	121	19	,	,	PUNCT
abr-283	121	20	and	and	CCONJ
abr-283	121	21	price	price	NOUN
abr-283	121	22	impact	impact	NOUN
abr-283	121	23	,	,	PUNCT
abr-283	121	24	detailed	detailed	ADJ
abr-283	121	25	above	above	ADV
abr-283	121	26	.	.	PUNCT
abr-283	122	1	asc	asc	PROPN
abr-283	122	2	is	be	AUX
abr-283	122	3	a	a	DET
abr-283	122	4	dummy	dummy	ADJ
abr-283	122	5	variable	variable	NOUN
abr-283	122	6	coded	code	VERB
abr-283	122	7	as	as	ADP
abr-283	122	8	1	1	NUM
abr-283	122	9	if	if	SCONJ
abr-283	122	10	calendar	calendar	NOUN
abr-283	122	11	quarter	quarter	NOUN
abr-283	122	12	is	be	AUX
abr-283	122	13	after	after	ADP
abr-283	122	14	q4	q4	PROPN
abr-283	122	15	2009	2009	NUM
abr-283	122	16	,	,	PUNCT
abr-283	122	17	0	0	NUM
abr-283	122	18	otherwise	otherwise	ADV
abr-283	122	19	;	;	PUNCT
abr-283	122	20	fv3_trns	fv3_trn	NOUN
abr-283	122	21	is	be	AUX
abr-283	122	22	a	a	DET
abr-283	122	23	dummy	dummy	ADJ
abr-283	122	24	variable	variable	NOUN
abr-283	122	25	coded	code	VERB
abr-283	122	26	as	as	ADP
abr-283	122	27	1	1	NUM
abr-283	122	28	if	if	SCONJ
abr-283	122	29	transfer	transfer	VERB
abr-283	122	30	activity	activity	NOUN
abr-283	122	31	to	to	ADP
abr-283	122	32	/	/	SYM
abr-283	122	33	from	from	ADP
abr-283	122	34	level	level	NOUN
abr-283	122	35	3	3	NUM
abr-283	122	36	,	,	PUNCT
abr-283	122	37	0	0	NUM
abr-283	122	38	otherwise	otherwise	ADV
abr-283	122	39	;	;	PUNCT
abr-283	122	40	asc	asc	PROPN
abr-283	122	41	x	x	PROPN
abr-283	122	42	fv3_trns	fv3_trns	PROPN
abr-283	122	43	is	be	AUX
abr-283	122	44	the	the	DET
abr-283	122	45	interaction	interaction	NOUN
abr-283	122	46	term	term	NOUN
abr-283	122	47	coded	code	VERB
abr-283	122	48	1	1	NUM
abr-283	122	49	if	if	SCONJ
abr-283	122	50	both	both	PRON
abr-283	122	51	asc	asc	PROPN
abr-283	122	52	and	and	CCONJ
abr-283	122	53	fv3_trns	fv3_trn	VERB
abr-283	122	54	equal	equal	ADJ
abr-283	122	55	1	1	NUM
abr-283	122	56	,	,	PUNCT
abr-283	122	57	0	0	NUM
abr-283	122	58	otherwise	otherwise	ADV
abr-283	122	59	.	.	PUNCT
abr-283	123	1	to	to	PART
abr-283	123	2	test	test	VERB
abr-283	123	3	h2	h2	PROPN
abr-283	123	4	,	,	PUNCT
abr-283	123	5	the	the	DET
abr-283	123	6	following	follow	VERB
abr-283	123	7	model	model	NOUN
abr-283	123	8	is	be	AUX
abr-283	123	9	used	use	VERB
abr-283	123	10	:	:	PUNCT
abr-283	124	1	zit	zit	NOUN
abr-283	124	2	=	=	SYM
abr-283	124	3	β0	β0	PROPN
abr-283	124	4	+	+	CCONJ
abr-283	124	5	β1ascit	β1ascit	PROPN
abr-283	124	6	+	+	X
abr-283	124	7	β2fv3_trnsit	β2fv3_trnsit	PROPN
abr-283	125	1	+	+	CCONJ
abr-283	125	2	β3asc	β3asc	NOUN
abr-283	125	3	x	x	AUX
abr-283	125	4	fv3_trnsit	fv3_trnsit	VERB
abr-283	125	5	+	+	CCONJ
abr-283	125	6	β4growthit	β4growthit	VERB
abr-283	125	7	+	+	CCONJ
abr-283	125	8	β5sizeit	β5sizeit	NOUN
abr-283	125	9	+	+	CCONJ
abr-283	125	10	β6leverageit	β6leverageit	PROPN
abr-283	125	11	+	+	CCONJ
abr-283	125	12	β7roeit	β7roeit	ADJ
abr-283	125	13	/	/	SYM
abr-283	125	14	roait	roait	NOUN
abr-283	125	15	+	+	ADV
abr-283	125	16	eit	eit	PROPN
abr-283	125	17	(	(	PUNCT
abr-283	125	18	2	2	NUM
abr-283	125	19	)	)	PUNCT
abr-283	125	20	where	where	SCONJ
abr-283	125	21	ze	ze	PROPN
abr-283	125	22	indicates	indicate	VERB
abr-283	125	23	one	one	NUM
abr-283	125	24	of	of	ADP
abr-283	125	25	the	the	DET
abr-283	125	26	proxies	proxy	NOUN
abr-283	125	27	for	for	ADP
abr-283	125	28	firm	firm	ADJ
abr-283	125	29	value	value	NOUN
abr-283	125	30	,	,	PUNCT
abr-283	125	31	tobin	tobin	PROPN
abr-283	125	32	’s	’s	PART
abr-283	125	33	q	q	NOUN
abr-283	125	34	and	and	CCONJ
abr-283	125	35	enterprise	enterprise	NOUN
abr-283	125	36	value	value	NOUN
abr-283	125	37	referenced	reference	VERB
abr-283	125	38	above	above	ADV
abr-283	125	39	.	.	PUNCT
abr-283	126	1	asc	asc	PROPN
abr-283	126	2	is	be	AUX
abr-283	126	3	a	a	DET
abr-283	126	4	dummy	dummy	ADJ
abr-283	126	5	variable	variable	NOUN
abr-283	126	6	coded	code	VERB
abr-283	126	7	as	as	ADP
abr-283	126	8	1	1	NUM
abr-283	126	9	if	if	SCONJ
abr-283	126	10	calendar	calendar	NOUN
abr-283	126	11	quarter	quarter	NOUN
abr-283	126	12	is	be	AUX
abr-283	126	13	after	after	ADP
abr-283	126	14	q4	q4	PROPN
abr-283	126	15	2009	2009	NUM
abr-283	126	16	,	,	PUNCT
abr-283	126	17	0	0	NUM
abr-283	126	18	otherwise	otherwise	ADV
abr-283	126	19	;	;	PUNCT
abr-283	126	20	fv3_trns	fv3_trn	NOUN
abr-283	126	21	is	be	AUX
abr-283	126	22	a	a	DET
abr-283	126	23	dummy	dummy	ADJ
abr-283	126	24	variable	variable	NOUN
abr-283	126	25	coded	code	VERB
abr-283	126	26	as	as	ADP
abr-283	126	27	1	1	NUM
abr-283	126	28	if	if	SCONJ
abr-283	126	29	transfer	transfer	VERB
abr-283	126	30	activity	activity	NOUN
abr-283	126	31	to	to	ADP
abr-283	126	32	/	/	SYM
abr-283	126	33	from	from	ADP
abr-283	126	34	level	level	NOUN
abr-283	126	35	3	3	NUM
abr-283	126	36	,	,	PUNCT
abr-283	126	37	0	0	NUM
abr-283	126	38	otherwise	otherwise	ADV
abr-283	126	39	;	;	PUNCT
abr-283	126	40	asc	asc	PROPN
abr-283	126	41	x	x	PROPN
abr-283	126	42	fv3_trns	fv3_trns	PROPN
abr-283	126	43	is	be	AUX
abr-283	126	44	the	the	DET
abr-283	126	45	interaction	interaction	NOUN
abr-283	126	46	term	term	NOUN
abr-283	126	47	coded	code	VERB
abr-283	126	48	1	1	NUM
abr-283	126	49	if	if	SCONJ
abr-283	126	50	both	both	PRON
abr-283	126	51	asc	asc	PROPN
abr-283	126	52	and	and	CCONJ
abr-283	126	53	fv3_trns	fv3_trn	VERB
abr-283	126	54	equal	equal	ADJ
abr-283	126	55	1	1	NUM
abr-283	126	56	,	,	PUNCT
abr-283	126	57	0	0	NUM
abr-283	126	58	otherwise	otherwise	ADV
abr-283	126	59	.	.	PUNCT
abr-283	127	1	results	result	NOUN
abr-283	127	2	table	table	VERB
abr-283	127	3	3	3	NUM
abr-283	127	4	presents	present	VERB
abr-283	127	5	the	the	DET
abr-283	127	6	correlation	correlation	NOUN
abr-283	127	7	coefficients	coefficient	VERB
abr-283	127	8	for	for	ADP
abr-283	127	9	the	the	DET
abr-283	127	10	liquidity	liquidity	NOUN
abr-283	127	11	and	and	CCONJ
abr-283	127	12	firm	firm	ADJ
abr-283	127	13	value	value	NOUN
abr-283	127	14	proxies	proxy	NOUN
abr-283	127	15	and	and	CCONJ
abr-283	127	16	associated	associated	ADJ
abr-283	127	17	control	control	NOUN
abr-283	127	18	variables	variable	NOUN
abr-283	127	19	.	.	PUNCT
abr-283	128	1	the	the	DET
abr-283	128	2	results	result	NOUN
abr-283	128	3	follow	follow	VERB
abr-283	128	4	expectations	expectation	NOUN
abr-283	128	5	and	and	CCONJ
abr-283	128	6	prior	prior	ADJ
abr-283	128	7	literature	literature	NOUN
abr-283	128	8	with	with	ADP
abr-283	128	9	the	the	DET
abr-283	128	10	liquidity	liquidity	NOUN
abr-283	128	11	proxies	proxy	NOUN
abr-283	128	12	being	be	AUX
abr-283	128	13	significantly	significantly	ADV
abr-283	128	14	related	relate	VERB
abr-283	128	15	to	to	ADP
abr-283	128	16	size	size	NOUN
abr-283	128	17	,	,	PUNCT
abr-283	128	18	turnover	turnover	NOUN
abr-283	128	19	,	,	PUNCT
abr-283	128	20	volatility	volatility	NOUN
abr-283	128	21	,	,	PUNCT
abr-283	128	22	nasdaq	nasdaq	NOUN
abr-283	128	23	,	,	PUNCT
abr-283	128	24	leverage	leverage	NOUN
abr-283	128	25	,	,	PUNCT
abr-283	128	26	and	and	CCONJ
abr-283	128	27	roa	roa	PROPN
abr-283	128	28	variables	variable	NOUN
abr-283	128	29	.	.	PUNCT
abr-283	129	1	the	the	DET
abr-283	129	2	firm	firm	ADJ
abr-283	129	3	value	value	NOUN
abr-283	129	4	proxy	proxy	NOUN
abr-283	129	5	,	,	PUNCT
abr-283	129	6	ev	ev	X
abr-283	129	7	,	,	PUNCT
abr-283	129	8	is	be	AUX
abr-283	129	9	negative	negative	ADJ
abr-283	129	10	and	and	CCONJ
abr-283	129	11	significantly	significantly	ADV
abr-283	129	12	related	relate	VERB
abr-283	129	13	to	to	ADP
abr-283	129	14	turnover	turnover	NOUN
abr-283	129	15	,	,	PUNCT
abr-283	129	16	volatility	volatility	NOUN
abr-283	129	17	,	,	PUNCT
abr-283	129	18	and	and	CCONJ
abr-283	129	19	roa	roa	NOUN
abr-283	129	20	while	while	SCONJ
abr-283	129	21	being	be	AUX
abr-283	129	22	positive	positive	ADJ
abr-283	129	23	and	and	CCONJ
abr-283	129	24	significantly	significantly	ADV
abr-283	129	25	related	relate	VERB
abr-283	129	26	to	to	ADP
abr-283	129	27	nasdaq	nasdaq	PROPN
abr-283	129	28	and	and	CCONJ
abr-283	129	29	leverage	leverage	NOUN
abr-283	129	30	.	.	PUNCT
abr-283	130	1	table	table	NOUN
abr-283	130	2	3	3	NUM
abr-283	130	3	–	–	PUNCT
abr-283	130	4	correlation	correlation	NOUN
abr-283	130	5	matrix	matrix	NOUN
abr-283	130	6	ba	ba	PROPN
abr-283	130	7	st	st	PROPN
abr-283	130	8	pi	pi	PROPN
abr-283	130	9	ev	ev	PROPN
abr-283	130	10	size	size	NOUN
abr-283	130	11	turnover	turnover	NOUN
abr-283	130	12	volatility	volatility	NOUN
abr-283	130	13	nasdaq	nasdaq	NOUN
abr-283	130	14	growth	growth	NOUN
abr-283	130	15	leverage	leverage	NOUN
abr-283	130	16	roa	roa	PROPN
abr-283	130	17	roe	roe	PROPN
abr-283	130	18	ba	ba	PROPN
abr-283	130	19	1	1	NUM
abr-283	130	20	st	st	PROPN
abr-283	130	21	-0.100	-0.100	PROPN
abr-283	130	22	1	1	NUM
abr-283	130	23	pi	pi	NOUN
abr-283	130	24	-0.125	-0.125	PROPN
abr-283	130	25	0.022	0.022	NUM
abr-283	130	26	1	1	NUM
abr-283	130	27	tq	tq	ADP
abr-283	130	28	-0.261	-0.261	NUM
abr-283	130	29	0.204	0.204	NUM
abr-283	130	30	0.054	0.054	NUM
abr-283	130	31	ev	ev	ADP
abr-283	130	32	0.298	0.298	NUM
abr-283	130	33	-0.108	-0.108	SYM
abr-283	130	34	-0.034	-0.034	NUM
abr-283	130	35	1	1	NUM
abr-283	130	36	size	size	NOUN
abr-283	130	37	-0.040	-0.040	NUM
abr-283	130	38	0.048	0.048	NUM
abr-283	130	39	-0.012	-0.012	NUM
abr-283	130	40	0.010	0.010	NUM
abr-283	130	41	1	1	NUM
abr-283	130	42	turnover	turnover	NOUN
abr-283	130	43	-0.252	-0.252	NOUN
abr-283	130	44	0.355	0.355	NUM
abr-283	130	45	0.060	0.060	NUM
abr-283	130	46	-0.149	-0.149	NUM
abr-283	130	47	0.018	0.018	NUM
abr-283	130	48	1	1	NUM
abr-283	130	49	volatility	volatility	NOUN
abr-283	130	50	0.208	0.208	NUM
abr-283	130	51	0.108	0.108	NUM
abr-283	130	52	0.080	0.080	NUM
abr-283	130	53	-0.035	-0.035	ADP
abr-283	130	54	0.020	0.020	NUM
abr-283	130	55	0.377	0.377	NUM
abr-283	130	56	1	1	NUM
abr-283	130	57	nasdag	nasdag	NOUN
abr-283	130	58	0.161	0.161	NUM
abr-283	130	59	-0.116	-0.116	PUNCT
abr-283	130	60	-0.039	-0.039	NOUN
abr-283	130	61	0.177	0.177	NUM
abr-283	130	62	-0.003	-0.003	NOUN
abr-283	130	63	-0.214	-0.214	PUNCT
abr-283	130	64	-0.073	-0.073	X
abr-283	130	65	1	1	NUM
abr-283	130	66	growth	growth	NOUN
abr-283	130	67	0.022	0.022	NUM
abr-283	130	68	0.010	0.010	NUM
abr-283	130	69	0.001	0.001	NUM
abr-283	130	70	0.007	0.007	NUM
abr-283	130	71	0.003	0.003	NUM
abr-283	130	72	0.006	0.006	NUM
abr-283	130	73	0.031	0.031	NUM
abr-283	130	74	-0.019	-0.019	SYM
abr-283	130	75	1	1	NUM
abr-283	130	76	leverage	leverage	NOUN
abr-283	130	77	0.237	0.237	NUM
abr-283	130	78	-0.066	-0.066	NUM
abr-283	130	79	-0.093	-0.093	PROPN
abr-283	130	80	0.307	0.307	NUM
abr-283	130	81	0.004	0.004	NUM
abr-283	130	82	-0.061	-0.061	NOUN
abr-283	130	83	0.007	0.007	NUM
abr-283	130	84	0.086	0.086	NUM
abr-283	130	85	0.006	0.006	NUM
abr-283	130	86	1	1	NUM
abr-283	130	87	roa	roa	NOUN
abr-283	130	88	-0.125	-0.125	PROPN
abr-283	130	89	0.059	0.059	NUM
abr-283	130	90	0.037	0.037	NUM
abr-283	130	91	-0.123	-0.123	NOUN
abr-283	130	92	-0.040	-0.040	NUM
abr-283	130	93	-0.014	-0.014	NOUN
abr-283	130	94	-0.115	-0.115	PROPN
abr-283	130	95	-0.035	-0.035	X
abr-283	130	96	-0.006	-0.006	X
abr-283	130	97	-0.113	-0.113	PROPN
abr-283	130	98	1	1	NUM
abr-283	130	99	roe	roe	NOUN
abr-283	130	100	-0.013	-0.013	PUNCT
abr-283	130	101	0.013	0.013	NUM
abr-283	130	102	0.005	0.005	NUM
abr-283	130	103	-0.018	-0.018	PUNCT
abr-283	130	104	0.018	0.018	NUM
abr-283	130	105	0.028	0.028	NUM
abr-283	130	106	-0.002	-0.002	PUNCT
abr-283	130	107	0.013	0.013	NUM
abr-283	130	108	-0.01	-0.01	NUM
abr-283	130	109	-0.007	-0.007	PROPN
abr-283	130	110	0.039	0.039	NUM
abr-283	130	111	1	1	NUM
abr-283	130	112	table	table	NOUN
abr-283	130	113	3	3	NUM
abr-283	130	114	displays	display	VERB
abr-283	130	115	correlation	correlation	NOUN
abr-283	130	116	coefficients	coefficient	NOUN
abr-283	130	117	.	.	PUNCT
abr-283	131	1	bold	bold	ADJ
abr-283	131	2	indicates	indicate	VERB
abr-283	131	3	significance	significance	NOUN
abr-283	131	4	at	at	ADP
abr-283	131	5	the	the	DET
abr-283	131	6	5	5	NUM
abr-283	131	7	percent	percent	NOUN
abr-283	131	8	level	level	NOUN
abr-283	131	9	.	.	PUNCT
abr-283	132	1	variables	variable	NOUN
abr-283	132	2	previously	previously	ADV
abr-283	132	3	defined	define	VERB
abr-283	132	4	.	.	PUNCT
abr-283	133	1	table	table	NOUN
abr-283	133	2	4	4	NUM
abr-283	133	3	presents	present	VERB
abr-283	133	4	the	the	DET
abr-283	133	5	results	result	NOUN
abr-283	133	6	for	for	ADP
abr-283	133	7	the	the	DET
abr-283	133	8	analysis	analysis	NOUN
abr-283	133	9	of	of	ADP
abr-283	133	10	the	the	DET
abr-283	133	11	relationship	relationship	NOUN
abr-283	133	12	between	between	ADP
abr-283	133	13	liquidity	liquidity	NOUN
abr-283	133	14	and	and	CCONJ
abr-283	133	15	asc	asc	PROPN
abr-283	133	16	82010	82010	NUM
abr-283	133	17	.	.	PUNCT
abr-283	134	1	the	the	DET
abr-283	134	2	significant	significant	ADJ
abr-283	134	3	negative	negative	ADJ
abr-283	134	4	coefficient	coefficient	NOUN
abr-283	134	5	for	for	ADP
abr-283	134	6	asc	asc	PROPN
abr-283	134	7	,	,	PUNCT
abr-283	134	8	when	when	SCONJ
abr-283	134	9	liquidity	liquidity	NOUN
abr-283	134	10	is	be	AUX
abr-283	134	11	proxied	proxie	VERB
abr-283	134	12	by	by	ADP
abr-283	134	13	ba	ba	PROPN
abr-283	134	14	indicates	indicate	VERB
abr-283	134	15	that	that	SCONJ
abr-283	134	16	bid	bid	NOUN
abr-283	134	17	-	-	PUNCT
abr-283	134	18	ask	ask	VERB
abr-283	134	19	spreads	spread	NOUN
abr-283	134	20	decreased	decrease	VERB
abr-283	134	21	,	,	PUNCT
abr-283	134	22	and	and	CCONJ
abr-283	134	23	information	information	NOUN
abr-283	134	24	asymmetry	asymmetry	NOUN
abr-283	134	25	decreased	decrease	VERB
abr-283	134	26	as	as	ADP
abr-283	134	27	a	a	DET
abr-283	134	28	result	result	NOUN
abr-283	134	29	of	of	ADP
abr-283	134	30	asc	asc	PROPN
abr-283	134	31	820	820	NUM
abr-283	134	32	-	-	SYM
abr-283	134	33	10	10	NUM
abr-283	134	34	however	however	ADV
abr-283	134	35	the	the	DET
abr-283	134	36	coefficients	coefficient	NOUN
abr-283	134	37	for	for	ADP
abr-283	134	38	asc	asc	PROPN
abr-283	134	39	when	when	SCONJ
abr-283	134	40	liquidity	liquidity	NOUN
abr-283	134	41	is	be	AUX
abr-283	134	42	proxied	proxie	VERB
abr-283	134	43	by	by	ADP
abr-283	134	44	st	st	PROPN
abr-283	134	45	and	and	CCONJ
abr-283	134	46	pi	pi	NOUN
abr-283	134	47	imply	imply	VERB
abr-283	134	48	a	a	DET
abr-283	134	49	different	different	ADJ
abr-283	134	50	interpretation	interpretation	NOUN
abr-283	134	51	.	.	PUNCT
abr-283	135	1	the	the	DET
abr-283	135	2	significant	significant	ADJ
abr-283	135	3	negative	negative	ADJ
abr-283	135	4	coefficients	coefficient	NOUN
abr-283	135	5	for	for	ADP
abr-283	135	6	asc	asc	PROPN
abr-283	135	7	when	when	SCONJ
abr-283	135	8	proxied	proxie	VERB
abr-283	135	9	by	by	ADP
abr-283	135	10	st	st	PROPN
abr-283	135	11	and	and	CCONJ
abr-283	135	12	pi	pi	PROPN
abr-283	135	13	indicate	indicate	VERB
abr-283	135	14	that	that	PRON
abr-283	135	15	share	share	NOUN
abr-283	135	16	turnover	turnover	NOUN
abr-283	135	17	decreased	decrease	VERB
abr-283	135	18	and	and	CCONJ
abr-283	135	19	price	price	NOUN
abr-283	135	20	impact	impact	NOUN
abr-283	135	21	increased	increase	VERB
abr-283	135	22	,	,	PUNCT
abr-283	135	23	a	a	DET
abr-283	135	24	result	result	NOUN
abr-283	135	25	of	of	ADP
abr-283	135	26	increased	increase	VERB
abr-283	135	27	information	information	NOUN
abr-283	135	28	asymmetry	asymmetry	NOUN
abr-283	135	29	.	.	PUNCT
abr-283	136	1	the	the	DET
abr-283	136	2	explanation	explanation	NOUN
abr-283	136	3	for	for	ADP
abr-283	136	4	this	this	PRON
abr-283	136	5	may	may	AUX
abr-283	136	6	be	be	AUX
abr-283	136	7	in	in	ADP
abr-283	136	8	that	that	SCONJ
abr-283	136	9	the	the	DET
abr-283	136	10	increased	increase	VERB
abr-283	136	11	requirements	requirement	NOUN
abr-283	136	12	imposed	impose	VERB
abr-283	136	13	by	by	ADP
abr-283	136	14	asc	asc	PROPN
abr-283	136	15	820	820	NUM
abr-283	136	16	-	-	SYM
abr-283	136	17	10	10	NUM
abr-283	136	18	increased	increase	VERB
abr-283	136	19	the	the	DET
abr-283	136	20	available	available	ADJ
abr-283	136	21	information	information	NOUN
abr-283	136	22	,	,	PUNCT
abr-283	136	23	but	but	CCONJ
abr-283	136	24	investors	investor	NOUN
abr-283	136	25	discounted	discount	VERB
abr-283	136	26	this	this	DET
abr-283	136	27	data	datum	NOUN
abr-283	136	28	embedding	embed	VERB
abr-283	136	29	the	the	DET
abr-283	136	30	uncertainty	uncertainty	NOUN
abr-283	136	31	in	in	ADP
abr-283	136	32	increased	increase	VERB
abr-283	136	33	price	price	NOUN
abr-283	136	34	impact	impact	NOUN
abr-283	136	35	and	and	CCONJ
abr-283	136	36	decreased	decrease	VERB
abr-283	136	37	share	share	NOUN
abr-283	136	38	turnover	turnover	NOUN
abr-283	136	39	.	.	PUNCT
abr-283	137	1	the	the	DET
abr-283	137	2	marginally	marginally	ADV
abr-283	137	3	significant	significant	ADJ
abr-283	137	4	and	and	CCONJ
abr-283	137	5	insignificant	insignificant	ADJ
abr-283	137	6	coefficients	coefficient	NOUN
abr-283	137	7	for	for	ADP
abr-283	137	8	fv3_trns	fv3_trn	NOUN
abr-283	137	9	suggest	suggest	VERB
abr-283	137	10	that	that	SCONJ
abr-283	137	11	investors	investor	NOUN
abr-283	137	12	may	may	AUX
abr-283	137	13	view	view	VERB
abr-283	137	14	transfers	transfer	NOUN
abr-283	137	15	to	to	ADP
abr-283	137	16	/	/	SYM
abr-283	137	17	from	from	ADP
abr-283	137	18	level	level	NOUN
abr-283	137	19	3	3	NUM
abr-283	137	20	similarly	similarly	ADV
abr-283	137	21	and	and	CCONJ
abr-283	137	22	disclosure	disclosure	NOUN
abr-283	137	23	of	of	ADP
abr-283	137	24	this	this	DET
abr-283	137	25	information	information	NOUN
abr-283	137	26	provides	provide	VERB
abr-283	137	27	no	no	DET
abr-283	137	28	informational	informational	ADJ
abr-283	137	29	advantage	advantage	NOUN
abr-283	137	30	.	.	PUNCT
abr-283	138	1	the	the	DET
abr-283	138	2	interaction	interaction	NOUN
abr-283	138	3	term	term	NOUN
abr-283	138	4	,	,	PUNCT
abr-283	138	5	asc	asc	PROPN
abr-283	138	6	x	x	PUNCT
abr-283	138	7	fv3_trns	fv3_trn	NOUN
abr-283	138	8	,	,	PUNCT
abr-283	138	9	is	be	AUX
abr-283	138	10	significant	significant	ADJ
abr-283	138	11	at	at	ADP
abr-283	138	12	the	the	DET
abr-283	138	13	1	1	NUM
abr-283	138	14	%	%	NOUN
abr-283	138	15	level	level	NOUN
abr-283	138	16	when	when	SCONJ
abr-283	138	17	36	36	NUM
abr-283	138	18	liquidity	liquidity	NOUN
abr-283	138	19	is	be	AUX
abr-283	138	20	proxied	proxie	VERB
abr-283	138	21	by	by	ADP
abr-283	138	22	pi	pi	PROPN
abr-283	138	23	.	.	PUNCT
abr-283	139	1	relative	relative	ADJ
abr-283	139	2	to	to	ADP
abr-283	139	3	firms	firm	NOUN
abr-283	139	4	without	without	ADP
abr-283	139	5	transfer	transfer	NOUN
abr-283	139	6	activity	activity	NOUN
abr-283	139	7	,	,	PUNCT
abr-283	139	8	firms	firm	NOUN
abr-283	139	9	with	with	ADP
abr-283	139	10	transfers	transfer	NOUN
abr-283	139	11	experienced	experience	VERB
abr-283	139	12	a	a	DET
abr-283	139	13	0.119	0.119	NUM
abr-283	139	14	%	%	NOUN
abr-283	139	15	decrease	decrease	NOUN
abr-283	139	16	in	in	ADP
abr-283	139	17	price	price	NOUN
abr-283	139	18	impact	impact	NOUN
abr-283	139	19	.	.	PUNCT
abr-283	140	1	collectively	collectively	ADV
abr-283	140	2	these	these	DET
abr-283	140	3	results	result	NOUN
abr-283	140	4	suggest	suggest	VERB
abr-283	140	5	that	that	SCONJ
abr-283	140	6	the	the	DET
abr-283	140	7	increased	increase	VERB
abr-283	140	8	disclosure	disclosure	NOUN
abr-283	140	9	requirement	requirement	NOUN
abr-283	140	10	,	,	PUNCT
abr-283	140	11	albeit	albeit	SCONJ
abr-283	140	12	increases	increase	VERB
abr-283	140	13	the	the	DET
abr-283	140	14	information	information	NOUN
abr-283	140	15	provided	provide	VERB
abr-283	140	16	to	to	ADP
abr-283	140	17	investors	investor	NOUN
abr-283	140	18	,	,	PUNCT
abr-283	140	19	decreases	decrease	VERB
abr-283	140	20	liquidity	liquidity	NOUN
abr-283	140	21	(	(	PUNCT
abr-283	140	22	increases	increase	VERB
abr-283	140	23	information	information	NOUN
abr-283	140	24	asymmetry	asymmetry	NOUN
abr-283	140	25	)	)	PUNCT
abr-283	140	26	and	and	CCONJ
abr-283	140	27	transfers	transfer	NOUN
abr-283	140	28	between	between	ADP
abr-283	140	29	fair	fair	ADJ
abr-283	140	30	value	value	NOUN
abr-283	140	31	categories	category	NOUN
abr-283	140	32	do	do	AUX
abr-283	140	33	not	not	PART
abr-283	140	34	provide	provide	VERB
abr-283	140	35	additional	additional	ADJ
abr-283	140	36	relevant	relevant	ADJ
abr-283	140	37	and	and	CCONJ
abr-283	140	38	reliable	reliable	ADJ
abr-283	140	39	information	information	NOUN
abr-283	140	40	and	and	CCONJ
abr-283	140	41	thus	thus	ADV
abr-283	140	42	h1	h1	NOUN
abr-283	140	43	is	be	AUX
abr-283	140	44	not	not	PART
abr-283	140	45	supported	support	VERB
abr-283	140	46	.	.	PUNCT
abr-283	141	1	table	table	NOUN
abr-283	141	2	5	5	NUM
abr-283	141	3	presents	present	VERB
abr-283	141	4	the	the	DET
abr-283	141	5	results	result	NOUN
abr-283	141	6	for	for	ADP
abr-283	141	7	the	the	DET
abr-283	141	8	analysis	analysis	NOUN
abr-283	141	9	of	of	ADP
abr-283	141	10	the	the	DET
abr-283	141	11	relation	relation	NOUN
abr-283	141	12	between	between	ADP
abr-283	141	13	the	the	DET
abr-283	141	14	proxies	proxy	NOUN
abr-283	141	15	for	for	ADP
abr-283	141	16	firm	firm	ADJ
abr-283	141	17	value	value	NOUN
abr-283	141	18	and	and	CCONJ
abr-283	141	19	asc	asc	PROPN
abr-283	141	20	820	820	NUM
abr-283	141	21	-	-	SYM
abr-283	141	22	10	10	NUM
abr-283	141	23	.	.	PUNCT
abr-283	142	1	when	when	SCONJ
abr-283	142	2	the	the	DET
abr-283	142	3	firm	firm	ADJ
abr-283	142	4	value	value	NOUN
abr-283	142	5	is	be	AUX
abr-283	142	6	measured	measure	VERB
abr-283	142	7	using	use	VERB
abr-283	142	8	tobin	tobin	PROPN
abr-283	142	9	's	's	PART
abr-283	142	10	q	q	NOUN
abr-283	142	11	,	,	PUNCT
abr-283	142	12	none	none	NOUN
abr-283	142	13	of	of	ADP
abr-283	142	14	the	the	DET
abr-283	142	15	coefficients	coefficient	NOUN
abr-283	142	16	on	on	ADP
abr-283	142	17	the	the	DET
abr-283	142	18	variables	variable	NOUN
abr-283	142	19	of	of	ADP
abr-283	142	20	interest	interest	NOUN
abr-283	142	21	are	be	AUX
abr-283	142	22	significant	significant	ADJ
abr-283	142	23	.	.	PUNCT
abr-283	143	1	this	this	PRON
abr-283	143	2	is	be	AUX
abr-283	143	3	not	not	PART
abr-283	143	4	surprising	surprising	ADJ
abr-283	143	5	given	give	VERB
abr-283	143	6	that	that	SCONJ
abr-283	143	7	the	the	DET
abr-283	143	8	value	value	NOUN
abr-283	143	9	of	of	ADP
abr-283	143	10	tobin	tobin	NOUN
abr-283	143	11	's	's	PART
abr-283	143	12	q	q	NOUN
abr-283	143	13	is	be	AUX
abr-283	143	14	susceptible	susceptible	ADJ
abr-283	143	15	to	to	ADP
abr-283	143	16	speculation	speculation	NOUN
abr-283	143	17	and	and	CCONJ
abr-283	143	18	market	market	NOUN
abr-283	143	19	momentum	momentum	NOUN
abr-283	143	20	.	.	PUNCT
abr-283	144	1	given	give	VERB
abr-283	144	2	that	that	DET
abr-283	144	3	enterprise	enterprise	NOUN
abr-283	144	4	value	value	NOUN
abr-283	144	5	is	be	AUX
abr-283	144	6	a	a	DET
abr-283	144	7	more	more	ADV
abr-283	144	8	precise	precise	ADJ
abr-283	144	9	measure	measure	NOUN
abr-283	144	10	of	of	ADP
abr-283	144	11	firm	firm	ADJ
abr-283	144	12	value	value	NOUN
abr-283	144	13	,	,	PUNCT
abr-283	144	14	i	i	PRON
abr-283	144	15	draw	draw	VERB
abr-283	144	16	inferences	inference	NOUN
abr-283	144	17	about	about	ADP
abr-283	144	18	information	information	NOUN
abr-283	144	19	asymmetry	asymmetry	NOUN
abr-283	144	20	from	from	ADP
abr-283	144	21	the	the	DET
abr-283	144	22	enterprise	enterprise	NOUN
abr-283	144	23	value	value	NOUN
abr-283	144	24	regression	regression	NOUN
abr-283	144	25	results	result	NOUN
abr-283	144	26	.	.	PUNCT
abr-283	145	1	when	when	SCONJ
abr-283	145	2	the	the	DET
abr-283	145	3	firm	firm	ADJ
abr-283	145	4	value	value	NOUN
abr-283	145	5	is	be	AUX
abr-283	145	6	proxied	proxie	VERB
abr-283	145	7	by	by	ADP
abr-283	145	8	enterprise	enterprise	NOUN
abr-283	145	9	value	value	NOUN
abr-283	145	10	asc	asc	PROPN
abr-283	145	11	,	,	PUNCT
abr-283	145	12	fv3_trns	fv3_trn	NOUN
abr-283	145	13	and	and	CCONJ
abr-283	145	14	asc	asc	PROPN
abr-283	145	15	x	x	PROPN
abr-283	145	16	fv3_trns	fv3_trn	NOUN
abr-283	145	17	are	be	AUX
abr-283	145	18	all	all	ADV
abr-283	145	19	significant	significant	ADJ
abr-283	145	20	at	at	ADP
abr-283	145	21	the	the	DET
abr-283	145	22	1	1	NUM
abr-283	145	23	%	%	NOUN
abr-283	145	24	level	level	NOUN
abr-283	145	25	.	.	PUNCT
abr-283	146	1	likely	likely	ADV
abr-283	146	2	,	,	PUNCT
abr-283	146	3	the	the	DET
abr-283	146	4	significance	significance	NOUN
abr-283	146	5	difference	difference	NOUN
abr-283	146	6	found	find	VERB
abr-283	146	7	on	on	ADP
abr-283	146	8	the	the	DET
abr-283	146	9	coefficients	coefficient	NOUN
abr-283	146	10	for	for	ADP
abr-283	146	11	the	the	DET
abr-283	146	12	respective	respective	ADJ
abr-283	146	13	proxies	proxy	NOUN
abr-283	146	14	is	be	AUX
abr-283	146	15	driven	drive	VERB
abr-283	146	16	by	by	ADP
abr-283	146	17	the	the	DET
abr-283	146	18	conceptual	conceptual	ADJ
abr-283	146	19	difference	difference	NOUN
abr-283	146	20	in	in	ADP
abr-283	146	21	tobin	tobin	PROPN
abr-283	146	22	's	's	PART
abr-283	146	23	q	q	NOUN
abr-283	146	24	and	and	CCONJ
abr-283	146	25	enterprise	enterprise	NOUN
abr-283	146	26	value	value	NOUN
abr-283	146	27	.	.	PUNCT
abr-283	147	1	enterprise	enterprise	NOUN
abr-283	147	2	value	value	NOUN
abr-283	147	3	is	be	AUX
abr-283	147	4	a	a	DET
abr-283	147	5	more	more	ADV
abr-283	147	6	precise	precise	ADJ
abr-283	147	7	and	and	CCONJ
abr-283	147	8	comprehensive	comprehensive	ADJ
abr-283	147	9	measure	measure	NOUN
abr-283	147	10	of	of	ADP
abr-283	147	11	firm	firm	ADJ
abr-283	147	12	value	value	NOUN
abr-283	147	13	as	as	SCONJ
abr-283	147	14	it	it	PRON
abr-283	147	15	represents	represent	VERB
abr-283	147	16	the	the	DET
abr-283	147	17	takeover	takeover	NOUN
abr-283	147	18	price	price	NOUN
abr-283	147	19	of	of	ADP
abr-283	147	20	a	a	DET
abr-283	147	21	firm	firm	NOUN
abr-283	147	22	and	and	CCONJ
abr-283	147	23	includes	include	VERB
abr-283	147	24	preferred	preferred	ADJ
abr-283	147	25	equity	equity	NOUN
abr-283	147	26	and	and	CCONJ
abr-283	147	27	unfunded	unfunded	ADJ
abr-283	147	28	pension	pension	NOUN
abr-283	147	29	liabilities	liability	NOUN
abr-283	147	30	.	.	PUNCT
abr-283	148	1	overall	overall	ADV
abr-283	148	2	,	,	PUNCT
abr-283	148	3	the	the	DET
abr-283	148	4	results	result	NOUN
abr-283	148	5	support	support	VERB
abr-283	148	6	h2	h2	NOUN
abr-283	148	7	.	.	PUNCT
abr-283	149	1	table	table	NOUN
abr-283	149	2	4	4	NUM
abr-283	149	3	–	–	PUNCT
abr-283	149	4	analysis	analysis	NOUN
abr-283	149	5	of	of	ADP
abr-283	149	6	liquidity	liquidity	NOUN
abr-283	149	7	(	(	PUNCT
abr-283	149	8	h1	h1	PROPN
abr-283	149	9	)	)	PUNCT
abr-283	149	10	variables	variable	NOUN
abr-283	149	11	predicted	predict	VERB
abr-283	149	12	sign	sign	VERB
abr-283	149	13	dependent	dependent	ADJ
abr-283	149	14	variables	variable	NOUN
abr-283	149	15	ba	ba	PROPN
abr-283	149	16	significance	significance	NOUN
abr-283	149	17	st	st	PROPN
abr-283	149	18	significance	significance	PROPN
abr-283	149	19	pi	pi	PROPN
abr-283	149	20	asc	asc	PROPN
abr-283	149	21	-0.480	-0.480	PROPN
abr-283	149	22	*	*	PUNCT
abr-283	150	1	*	*	PUNCT
abr-283	150	2	*	*	PUNCT
abr-283	150	3	-84.908	-84.908	PUNCT
abr-283	151	1	*	*	PUNCT
abr-283	151	2	*	*	PUNCT
abr-283	151	3	*	*	PUNCT
abr-283	151	4	0.150	0.150	NUM
abr-283	151	5	-0.105	-0.105	NOUN
abr-283	151	6	-21.981	-21.981	X
abr-283	151	7	-0.030	-0.030	PUNCT
abr-283	151	8	fv3_trns	fv3_trn	VERB
abr-283	151	9	0.036	0.036	NUM
abr-283	151	10	25.713	25.713	NUM
abr-283	151	11	0.050	0.050	NUM
abr-283	151	12	-0.115	-0.115	PUNCT
abr-283	151	13	-27.515	-27.515	NOUN
abr-283	151	14	-0.029	-0.029	PROPN
abr-283	151	15	asc	asc	PROPN
abr-283	151	16	x	x	PUNCT
abr-283	151	17	fv3	fv3	PROPN
abr-283	152	1	+	+	ADJ
abr-283	152	2	/0.135	/0.135	X
abr-283	152	3	72.380	72.380	NUM
abr-283	152	4	-0.119	-0.119	SYM
abr-283	152	5	-0.155	-0.155	PUNCT
abr-283	152	6	-62.283	-62.283	PRON
abr-283	152	7	-0.042	-0.042	VERB
abr-283	152	8	size	size	NOUN
abr-283	152	9	-0.721	-0.721	X
abr-283	152	10	*	*	PUNCT
abr-283	152	11	*	*	PUNCT
abr-283	152	12	*	*	PUNCT
abr-283	152	13	84.850	84.850	NUM
abr-283	152	14	*	*	PUNCT
abr-283	152	15	*	*	PUNCT
abr-283	152	16	*	*	X
abr-283	152	17	0.034	0.034	NUM
abr-283	152	18	-0.034	-0.034	NOUN
abr-283	152	19	-26.055	-26.055	NOUN
abr-283	152	20	-0.009	-0.009	PUNCT
abr-283	152	21	turnover	turnover	NOUN
abr-283	152	22	-0.684	-0.684	PUNCT
abr-283	153	1	*	*	PUNCT
abr-283	153	2	*	*	PUNCT
abr-283	153	3	*	*	PUNCT
abr-283	153	4	354.415	354.415	NUM
abr-283	153	5	*	*	PUNCT
abr-283	153	6	*	*	PUNCT
abr-283	153	7	*	*	PUNCT
abr-283	153	8	0.037	0.037	NUM
abr-283	153	9	-0.048	-0.048	NUM
abr-283	153	10	-76.455	-76.455	NOUN
abr-283	153	11	-0.014	-0.014	NOUN
abr-283	153	12	volatility	volatility	NOUN
abr-283	153	13	+	+	CCONJ
abr-283	153	14	3.323	3.323	NUM
abr-283	153	15	*	*	PUNCT
abr-283	153	16	*	*	PUNCT
abr-283	153	17	*	*	PUNCT
abr-283	154	1	-139.463	-139.463	PUNCT
abr-283	154	2	*	*	PUNCT
abr-283	154	3	*	*	PUNCT
abr-283	154	4	*	*	PUNCT
abr-283	154	5	0.061	0.061	NUM
abr-283	154	6	-0.451	-0.451	PUNCT
abr-283	154	7	-360.428	-360.428	PROPN
abr-283	154	8	-0.204	-0.204	X
abr-283	154	9	nasdaq	nasdaq	X
abr-283	154	10	-0.232	-0.232	PUNCT
abr-283	155	1	*	*	PUNCT
abr-283	155	2	*	*	PUNCT
abr-283	155	3	*	*	PUNCT
abr-283	155	4	-37.226	-37.226	PROPN
abr-283	155	5	0.003	0.003	NUM
abr-283	155	6	-0.091	-0.091	NUM
abr-283	155	7	-46.143	-46.143	ADJ
abr-283	155	8	-0.022	-0.022	X
abr-283	155	9	constant	constant	ADJ
abr-283	155	10	12.682	12.682	NUM
abr-283	155	11	*	*	PUNCT
abr-283	155	12	*	*	PUNCT
abr-283	155	13	*	*	PUNCT
abr-283	155	14	-1600.703	-1600.703	PUNCT
abr-283	156	1	*	*	PUNCT
abr-283	156	2	*	*	PUNCT
abr-283	156	3	*	*	PUNCT
abr-283	156	4	-0.877	-0.877	X
abr-283	156	5	-0.669	-0.669	NOUN
abr-283	156	6	-212.707	-212.707	NUM
abr-283	156	7	-0.151	-0.151	NOUN
abr-283	156	8	observations	observation	NOUN
abr-283	156	9	6,853	6,853	NUM
abr-283	156	10	6,853	6,853	NUM
abr-283	156	11	6,853	6,853	NUM
abr-283	156	12	year	year	NOUN
abr-283	156	13	fixed	fix	VERB
abr-283	156	14	effects	effect	NOUN
abr-283	157	1	yes	yes	INTJ
abr-283	157	2	yes	yes	INTJ
abr-283	157	3	yes	yes	INTJ
abr-283	157	4	adj	adj	PROPN
abr-283	157	5	r2	r2	PROPN
abr-283	157	6	21.56	21.56	NUM
abr-283	157	7	%	%	NOUN
abr-283	157	8	14.08	14.08	NUM
abr-283	157	9	%	%	NOUN
abr-283	157	10	4.21	4.21	NUM
abr-283	157	11	%	%	NOUN
abr-283	157	12	*	*	PUNCT
abr-283	157	13	,	,	PUNCT
abr-283	157	14	*	*	PUNCT
abr-283	157	15	*	*	PUNCT
abr-283	157	16	,	,	PUNCT
abr-283	157	17	*	*	PUNCT
abr-283	157	18	*	*	PUNCT
abr-283	157	19	*	*	PUNCT
abr-283	157	20	indicate	indicate	VERB
abr-283	157	21	significance	significance	NOUN
abr-283	157	22	at	at	ADP
abr-283	157	23	the	the	DET
abr-283	157	24	10	10	NUM
abr-283	157	25	percent	percent	NOUN
abr-283	157	26	,	,	PUNCT
abr-283	157	27	5	5	NUM
abr-283	157	28	percent	percent	NOUN
abr-283	157	29	,	,	PUNCT
abr-283	157	30	and	and	CCONJ
abr-283	157	31	1	1	NUM
abr-283	157	32	percent	percent	NOUN
abr-283	157	33	levels	level	NOUN
abr-283	157	34	,	,	PUNCT
abr-283	157	35	respectively	respectively	ADV
abr-283	157	36	.	.	PUNCT
abr-283	158	1	robust	robust	ADJ
abr-283	158	2	standard	standard	ADJ
abr-283	158	3	errors	error	NOUN
abr-283	158	4	with	with	ADP
abr-283	158	5	clustered	clustered	ADJ
abr-283	158	6	standard	standard	ADJ
abr-283	158	7	errors	error	NOUN
abr-283	158	8	are	be	AUX
abr-283	158	9	in	in	ADP
abr-283	158	10	parentheses	parenthesis	NOUN
abr-283	158	11	.	.	PUNCT
abr-283	159	1	variables	variable	NOUN
abr-283	159	2	previously	previously	ADV
abr-283	159	3	defined	define	VERB
abr-283	159	4	.	.	PUNCT
abr-283	160	1	37	37	NUM
abr-283	160	2	table	table	NOUN
abr-283	160	3	5	5	NUM
abr-283	160	4	–	–	PUNCT
abr-283	160	5	analysis	analysis	NOUN
abr-283	160	6	of	of	ADP
abr-283	160	7	firm	firm	ADJ
abr-283	160	8	value	value	NOUN
abr-283	160	9	(	(	PUNCT
abr-283	160	10	h2	h2	NOUN
abr-283	160	11	)	)	PUNCT
abr-283	160	12	variables	variable	NOUN
abr-283	160	13	predicted	predict	VERB
abr-283	160	14	sign	sign	VERB
abr-283	160	15	dependent	dependent	ADJ
abr-283	160	16	variables	variable	NOUN
abr-283	160	17	tq	tq	ADP
abr-283	160	18	significance	significance	NOUN
abr-283	160	19	ev	ev	ADP
abr-283	160	20	significance	significance	NOUN
abr-283	160	21	asc	asc	PROPN
abr-283	160	22	1.760	1.760	NUM
abr-283	160	23	0.731	0.731	NUM
abr-283	160	24	*	*	PUNCT
abr-283	160	25	*	*	PUNCT
abr-283	160	26	*	*	PUNCT
abr-283	160	27	(	(	PUNCT
abr-283	160	28	1.410	1.410	NUM
abr-283	160	29	)	)	PUNCT
abr-283	160	30	(	(	PUNCT
abr-283	160	31	0.200	0.200	NUM
abr-283	160	32	)	)	PUNCT
abr-283	160	33	fv3_trns	fv3_trn	VERB
abr-283	160	34	0.403	0.403	NUM
abr-283	160	35	0.488	0.488	NUM
abr-283	160	36	*	*	PUNCT
abr-283	160	37	*	*	PUNCT
abr-283	160	38	*	*	PUNCT
abr-283	160	39	(	(	PUNCT
abr-283	160	40	1.410	1.410	NUM
abr-283	160	41	)	)	PUNCT
abr-283	160	42	(	(	PUNCT
abr-283	160	43	0.192	0.192	NUM
abr-283	160	44	)	)	PUNCT
abr-283	160	45	asc	asc	PROPN
abr-283	160	46	x	x	PUNCT
abr-283	160	47	fv3	fv3	PROPN
abr-283	161	1	+	+	ADJ
abr-283	162	1	/2.110	/2.110	X
abr-283	162	2	-0.706	-0.706	X
abr-283	162	3	*	*	PUNCT
abr-283	162	4	(	(	PUNCT
abr-283	162	5	3.380	3.380	NUM
abr-283	162	6	)	)	PUNCT
abr-283	162	7	(	(	PUNCT
abr-283	162	8	0.313	0.313	NUM
abr-283	162	9	)	)	PUNCT
abr-283	162	10	growth	growth	NOUN
abr-283	162	11	+	+	CCONJ
abr-283	162	12	0.778	0.778	NUM
abr-283	162	13	*	*	PUNCT
abr-283	162	14	*	*	PUNCT
abr-283	162	15	*	*	PUNCT
abr-283	163	1	24.549	24.549	NUM
abr-283	163	2	*	*	PUNCT
abr-283	163	3	*	*	PUNCT
abr-283	163	4	*	*	X
abr-283	163	5	0.034	0.034	NUM
abr-283	163	6	6.043	6.043	NUM
abr-283	163	7	size	size	NOUN
abr-283	163	8	10.800	10.800	NUM
abr-283	163	9	*	*	PUNCT
abr-283	163	10	*	*	PUNCT
abr-283	163	11	*	*	PUNCT
abr-283	163	12	-1.745	-1.745	PUNCT
abr-283	163	13	*	*	PUNCT
abr-283	163	14	*	*	PUNCT
abr-283	163	15	*	*	PUNCT
abr-283	163	16	(	(	PUNCT
abr-283	163	17	1.110	1.110	NUM
abr-283	163	18	)	)	PUNCT
abr-283	163	19	(	(	PUNCT
abr-283	163	20	0.066	0.066	NUM
abr-283	163	21	)	)	PUNCT
abr-283	163	22	leverage	leverage	NOUN
abr-283	163	23	+	+	CCONJ
abr-283	163	24	0.005	0.005	NUM
abr-283	163	25	*	*	PUNCT
abr-283	163	26	*	*	PUNCT
abr-283	163	27	*	*	PUNCT
abr-283	163	28	0.000	0.000	PUNCT
abr-283	164	1	*	*	PUNCT
abr-283	164	2	*	*	PUNCT
abr-283	164	3	(	(	PUNCT
abr-283	164	4	0.001	0.001	NUM
abr-283	164	5	)	)	PUNCT
abr-283	164	6	(	(	PUNCT
abr-283	164	7	0.000	0.000	X
abr-283	164	8	)	)	PUNCT
abr-283	164	9	roe	roe	NOUN
abr-283	164	10	/	/	SYM
abr-283	164	11	roa	roa	PROPN
abr-283	164	12	-1.120	-1.120	PUNCT
abr-283	165	1	*	*	PUNCT
abr-283	165	2	*	*	PUNCT
abr-283	165	3	*	*	PUNCT
abr-283	165	4	-0.067	-0.067	PUNCT
abr-283	165	5	*	*	PUNCT
abr-283	165	6	*	*	PUNCT
abr-283	165	7	*	*	PUNCT
abr-283	165	8	(	(	PUNCT
abr-283	165	9	0.113	0.113	NUM
abr-283	165	10	)	)	PUNCT
abr-283	165	11	(	(	PUNCT
abr-283	165	12	0.015	0.015	NUM
abr-283	165	13	)	)	PUNCT
abr-283	165	14	constant	constant	ADJ
abr-283	165	15	-132.000	-132.000	NUM
abr-283	165	16	*	*	PUNCT
abr-283	166	1	*	*	PUNCT
abr-283	166	2	*	*	PUNCT
abr-283	166	3	31.100	31.100	NUM
abr-283	166	4	*	*	PUNCT
abr-283	166	5	*	*	PUNCT
abr-283	166	6	*	*	PUNCT
abr-283	166	7	(	(	PUNCT
abr-283	166	8	15.800	15.800	NUM
abr-283	166	9	)	)	PUNCT
abr-283	166	10	(	(	PUNCT
abr-283	166	11	1.066	1.066	NUM
abr-283	166	12	)	)	PUNCT
abr-283	166	13	observations	observation	NOUN
abr-283	166	14	6,853	6,853	NUM
abr-283	166	15	6,853	6,853	NUM
abr-283	166	16	year	year	NOUN
abr-283	166	17	fixed	fix	VERB
abr-283	166	18	effects	effect	NOUN
abr-283	167	1	yes	yes	INTJ
abr-283	167	2	yes	yes	INTJ
abr-283	167	3	adj	adj	X
abr-283	167	4	r2	r2	PROPN
abr-283	167	5	23.11	23.11	NUM
abr-283	167	6	%	%	NOUN
abr-283	167	7	16.55	16.55	NUM
abr-283	167	8	%	%	NOUN
abr-283	167	9	*	*	PUNCT
abr-283	167	10	,	,	PUNCT
abr-283	167	11	*	*	PUNCT
abr-283	167	12	*	*	PUNCT
abr-283	167	13	,	,	PUNCT
abr-283	167	14	*	*	PUNCT
abr-283	167	15	*	*	PUNCT
abr-283	167	16	*	*	PUNCT
abr-283	167	17	indicate	indicate	VERB
abr-283	167	18	significance	significance	NOUN
abr-283	167	19	at	at	ADP
abr-283	167	20	the	the	DET
abr-283	167	21	10	10	NUM
abr-283	167	22	percent	percent	NOUN
abr-283	167	23	,	,	PUNCT
abr-283	167	24	5	5	NUM
abr-283	167	25	percent	percent	NOUN
abr-283	167	26	and	and	CCONJ
abr-283	167	27	1	1	NUM
abr-283	167	28	percent	percent	NOUN
abr-283	167	29	levels	level	NOUN
abr-283	167	30	,	,	PUNCT
abr-283	167	31	respectively	respectively	ADV
abr-283	167	32	.	.	PUNCT
abr-283	168	1	robust	robust	ADJ
abr-283	168	2	standard	standard	ADJ
abr-283	168	3	errors	error	NOUN
abr-283	168	4	with	with	ADP
abr-283	168	5	clustered	clustered	ADJ
abr-283	168	6	standard	standard	ADJ
abr-283	168	7	errors	error	NOUN
abr-283	168	8	are	be	AUX
abr-283	168	9	in	in	ADP
abr-283	168	10	parentheses	parenthesis	NOUN
abr-283	168	11	.	.	PUNCT
abr-283	169	1	variables	variable	NOUN
abr-283	169	2	previously	previously	ADV
abr-283	169	3	defined	define	VERB
abr-283	169	4	.	.	PUNCT
abr-283	170	1	in	in	ADP
abr-283	170	2	an	an	DET
abr-283	170	3	additional	additional	ADJ
abr-283	170	4	untabulated	untabulated	ADJ
abr-283	170	5	analysis	analysis	NOUN
abr-283	170	6	of	of	ADP
abr-283	170	7	firms	firm	NOUN
abr-283	170	8	with	with	ADP
abr-283	170	9	material	material	NOUN
abr-283	170	10	transfers	transfer	NOUN
abr-283	170	11	,	,	PUNCT
abr-283	170	12	the	the	DET
abr-283	170	13	sample	sample	NOUN
abr-283	170	14	was	be	AUX
abr-283	170	15	bifurcated	bifurcate	VERB
abr-283	170	16	by	by	ADP
abr-283	170	17	type	type	NOUN
abr-283	170	18	of	of	ADP
abr-283	170	19	transfer	transfer	NOUN
abr-283	170	20	activity	activity	NOUN
abr-283	170	21	(	(	PUNCT
abr-283	170	22	i.e	i.e	DET
abr-283	170	23	assets	asset	NOUN
abr-283	170	24	and/or	and/or	CCONJ
abr-283	170	25	liabilities	liability	NOUN
abr-283	170	26	transferred	transfer	VERB
abr-283	170	27	in	in	ADP
abr-283	170	28	or	or	CCONJ
abr-283	170	29	out	out	ADP
abr-283	170	30	of	of	ADP
abr-283	170	31	level	level	NOUN
abr-283	170	32	3	3	NUM
abr-283	170	33	)	)	PUNCT
abr-283	170	34	.	.	PUNCT
abr-283	171	1	the	the	DET
abr-283	171	2	results	result	NOUN
abr-283	171	3	reveal	reveal	VERB
abr-283	171	4	that	that	SCONJ
abr-283	171	5	the	the	DET
abr-283	171	6	type	type	NOUN
abr-283	171	7	of	of	ADP
abr-283	171	8	transfer	transfer	NOUN
abr-283	171	9	activity	activity	NOUN
abr-283	171	10	is	be	AUX
abr-283	171	11	not	not	PART
abr-283	171	12	significantly	significantly	ADV
abr-283	171	13	related	relate	VERB
abr-283	171	14	to	to	ADP
abr-283	171	15	either	either	PRON
abr-283	171	16	of	of	ADP
abr-283	171	17	the	the	DET
abr-283	171	18	proxies	proxy	NOUN
abr-283	171	19	for	for	ADP
abr-283	171	20	firm	firm	ADJ
abr-283	171	21	value	value	NOUN
abr-283	171	22	however	however	ADV
abr-283	171	23	assets	asset	NOUN
abr-283	171	24	transferred	transfer	VERB
abr-283	171	25	into	into	ADP
abr-283	171	26	level	level	NOUN
abr-283	171	27	3	3	NUM
abr-283	171	28	are	be	AUX
abr-283	171	29	positive	positive	ADJ
abr-283	171	30	and	and	CCONJ
abr-283	171	31	significantly	significantly	ADV
abr-283	171	32	related	relate	VERB
abr-283	171	33	to	to	ADP
abr-283	171	34	the	the	DET
abr-283	171	35	bid	bid	NOUN
abr-283	171	36	-	-	PUNCT
abr-283	171	37	ask	ask	NOUN
abr-283	171	38	spread	spread	NOUN
abr-283	171	39	,	,	PUNCT
abr-283	171	40	while	while	SCONJ
abr-283	171	41	liabilities	liability	NOUN
abr-283	171	42	are	be	AUX
abr-283	171	43	not	not	PART
abr-283	171	44	.	.	PUNCT
abr-283	172	1	this	this	DET
abr-283	172	2	finding	finding	NOUN
abr-283	172	3	suggests	suggest	VERB
abr-283	172	4	that	that	SCONJ
abr-283	172	5	transfers	transfer	NOUN
abr-283	172	6	of	of	ADP
abr-283	172	7	assets	asset	NOUN
abr-283	172	8	between	between	ADP
abr-283	172	9	level	level	NOUN
abr-283	172	10	2	2	NUM
abr-283	172	11	and	and	CCONJ
abr-283	172	12	level	level	NOUN
abr-283	172	13	3	3	NUM
abr-283	172	14	categories	category	NOUN
abr-283	172	15	play	play	VERB
abr-283	172	16	a	a	DET
abr-283	172	17	significant	significant	ADJ
abr-283	172	18	role	role	NOUN
abr-283	172	19	in	in	ADP
abr-283	172	20	the	the	DET
abr-283	172	21	increase	increase	NOUN
abr-283	172	22	or	or	CCONJ
abr-283	172	23	decrease	decrease	NOUN
abr-283	172	24	of	of	ADP
abr-283	172	25	information	information	NOUN
abr-283	172	26	asymmetry	asymmetry	NOUN
abr-283	172	27	while	while	SCONJ
abr-283	172	28	liabilities	liability	NOUN
abr-283	172	29	do	do	VERB
abr-283	172	30	not	not	PART
abr-283	172	31	.	.	PUNCT
abr-283	173	1	in	in	ADP
abr-283	173	2	an	an	DET
abr-283	173	3	additional	additional	ADJ
abr-283	173	4	analysis	analysis	NOUN
abr-283	173	5	,	,	PUNCT
abr-283	173	6	the	the	DET
abr-283	173	7	study	study	NOUN
abr-283	173	8	tests	test	VERB
abr-283	173	9	the	the	DET
abr-283	173	10	sensitivity	sensitivity	NOUN
abr-283	173	11	of	of	ADP
abr-283	173	12	these	these	DET
abr-283	173	13	results	result	NOUN
abr-283	173	14	following	follow	VERB
abr-283	173	15	the	the	DET
abr-283	173	16	model	model	NOUN
abr-283	173	17	employed	employ	VERB
abr-283	173	18	in	in	ADP
abr-283	173	19	esqueda	esqueda	PROPN
abr-283	173	20	et.al	et.al	PROPN
abr-283	173	21	(	(	PUNCT
abr-283	173	22	2019	2019	NUM
abr-283	173	23	)	)	PUNCT
abr-283	173	24	,	,	PUNCT
abr-283	173	25	and	and	CCONJ
abr-283	173	26	with	with	ADP
abr-283	173	27	the	the	DET
abr-283	173	28	inclusion	inclusion	NOUN
abr-283	173	29	of	of	ADP
abr-283	173	30	additional	additional	ADJ
abr-283	173	31	controls	control	NOUN
abr-283	173	32	;	;	PUNCT
abr-283	173	33	i	i	PRON
abr-283	173	34	find	find	VERB
abr-283	173	35	that	that	SCONJ
abr-283	173	36	the	the	DET
abr-283	173	37	results	result	NOUN
abr-283	173	38	are	be	AUX
abr-283	173	39	similar	similar	ADJ
abr-283	173	40	and	and	CCONJ
abr-283	173	41	statistical	statistical	ADJ
abr-283	173	42	inference	inference	NOUN
abr-283	173	43	unchanged	unchanged	ADJ
abr-283	173	44	.	.	PUNCT
abr-283	174	1	conclusion	conclusion	NOUN
abr-283	174	2	this	this	DET
abr-283	174	3	study	study	NOUN
abr-283	174	4	evaluates	evaluate	VERB
abr-283	174	5	the	the	DET
abr-283	174	6	effect	effect	NOUN
abr-283	174	7	of	of	ADP
abr-283	174	8	the	the	DET
abr-283	174	9	fair	fair	ADJ
abr-283	174	10	value	value	NOUN
abr-283	174	11	mandatory	mandatory	ADJ
abr-283	174	12	disclosure	disclosure	NOUN
abr-283	174	13	requirement	requirement	NOUN
abr-283	174	14	,	,	PUNCT
abr-283	174	15	asc	asc	PROPN
abr-283	174	16	820	820	NUM
abr-283	174	17	-	-	SYM
abr-283	174	18	10	10	NUM
abr-283	174	19	,	,	PUNCT
abr-283	174	20	on	on	ADP
abr-283	174	21	liquidity	liquidity	NOUN
abr-283	174	22	and	and	CCONJ
abr-283	174	23	firm	firm	ADJ
abr-283	174	24	value	value	NOUN
abr-283	174	25	.	.	PUNCT
abr-283	175	1	initial	initial	ADJ
abr-283	175	2	results	result	NOUN
abr-283	175	3	conducted	conduct	VERB
abr-283	175	4	on	on	ADP
abr-283	175	5	a	a	DET
abr-283	175	6	broad	broad	ADJ
abr-283	175	7	sample	sample	NOUN
abr-283	175	8	of	of	ADP
abr-283	175	9	6,853	6,853	NUM
abr-283	175	10	firm	firm	ADJ
abr-283	175	11	-	-	PUNCT
abr-283	175	12	quarter	quarter	NOUN
abr-283	175	13	observations	observation	NOUN
abr-283	175	14	for	for	ADP
abr-283	175	15	775	775	NUM
abr-283	175	16	firms	firm	NOUN
abr-283	175	17	suggest	suggest	VERB
abr-283	175	18	that	that	SCONJ
abr-283	175	19	liquidity	liquidity	NOUN
abr-283	175	20	decreased	decrease	VERB
abr-283	175	21	,	,	PUNCT
abr-283	175	22	and	and	CCONJ
abr-283	175	23	transfer	transfer	NOUN
abr-283	175	24	activity	activity	NOUN
abr-283	175	25	has	have	VERB
abr-283	175	26	a	a	DET
abr-283	175	27	significant	significant	ADJ
abr-283	175	28	effect	effect	NOUN
abr-283	175	29	on	on	ADP
abr-283	175	30	firm	firm	ADJ
abr-283	175	31	value	value	NOUN
abr-283	175	32	for	for	ADP
abr-283	175	33	firms	firm	NOUN
abr-283	175	34	affected	affect	VERB
abr-283	175	35	by	by	ADP
abr-283	175	36	the	the	DET
abr-283	175	37	standard	standard	NOUN
abr-283	175	38	,	,	PUNCT
abr-283	175	39	relative	relative	ADJ
abr-283	175	40	to	to	ADP
abr-283	175	41	those	those	DET
abr-283	175	42	firms	firm	NOUN
abr-283	175	43	unaffected	unaffected	ADJ
abr-283	175	44	.	.	PUNCT
abr-283	176	1	overall	overall	ADV
abr-283	176	2	,	,	PUNCT
abr-283	176	3	the	the	DET
abr-283	176	4	results	result	NOUN
abr-283	176	5	of	of	ADP
abr-283	176	6	this	this	DET
abr-283	176	7	study	study	NOUN
abr-283	176	8	suggest	suggest	VERB
abr-283	176	9	investors	investor	NOUN
abr-283	176	10	assign	assign	VERB
abr-283	176	11	value	value	NOUN
abr-283	176	12	to	to	ADP
abr-283	176	13	financial	financial	ADJ
abr-283	176	14	statement	statement	NOUN
abr-283	176	15	information	information	NOUN
abr-283	176	16	based	base	VERB
abr-283	176	17	on	on	ADP
abr-283	176	18	relevancy	relevancy	NOUN
abr-283	176	19	and	and	CCONJ
abr-283	176	20	understandability	understandability	NOUN
abr-283	176	21	.	.	PUNCT
abr-283	177	1	theoretically	theoretically	ADV
abr-283	177	2	,	,	PUNCT
abr-283	177	3	transfers	transfer	NOUN
abr-283	177	4	between	between	ADP
abr-283	177	5	categories	category	NOUN
abr-283	177	6	signal	signal	VERB
abr-283	177	7	a	a	DET
abr-283	177	8	firm	firm	NOUN
abr-283	177	9	’s	’s	PART
abr-283	177	10	certainty	certainty	NOUN
abr-283	177	11	about	about	ADP
abr-283	177	12	valuation	valuation	NOUN
abr-283	177	13	inputs	input	NOUN
abr-283	177	14	however	however	SCONJ
abr-283	177	15	investors	investor	NOUN
abr-283	177	16	generally	generally	ADV
abr-283	177	17	interpret	interpret	VERB
abr-283	177	18	this	this	DET
abr-283	177	19	signal	signal	NOUN
abr-283	177	20	as	as	ADP
abr-283	177	21	insignificant	insignificant	ADJ
abr-283	177	22	irrespective	irrespective	ADV
abr-283	177	23	of	of	ADP
abr-283	177	24	the	the	DET
abr-283	177	25	transfer	transfer	NOUN
abr-283	177	26	orientation	orientation	NOUN
abr-283	177	27	.	.	PUNCT
abr-283	178	1	the	the	DET
abr-283	178	2	above	above	ADJ
abr-283	178	3	findings	finding	NOUN
abr-283	178	4	provide	provide	VERB
abr-283	178	5	policymakers	policymaker	NOUN
abr-283	178	6	with	with	ADP
abr-283	178	7	empirical	empirical	ADJ
abr-283	178	8	evidence	evidence	NOUN
abr-283	178	9	of	of	ADP
abr-283	178	10	“	"	PUNCT
abr-283	178	11	information	information	NOUN
abr-283	178	12	38	38	NUM
abr-283	178	13	overload	overload	NOUN
abr-283	178	14	”	"	PUNCT
abr-283	178	15	and	and	CCONJ
abr-283	178	16	contribute	contribute	VERB
abr-283	178	17	to	to	ADP
abr-283	178	18	the	the	DET
abr-283	178	19	motivation	motivation	NOUN
abr-283	178	20	to	to	PART
abr-283	178	21	effectively	effectively	ADV
abr-283	178	22	streamline	streamline	VERB
abr-283	178	23	financial	financial	ADJ
abr-283	178	24	disclosures	disclosure	NOUN
abr-283	178	25	,	,	PUNCT
abr-283	178	26	a	a	DET
abr-283	178	27	priority	priority	NOUN
abr-283	178	28	for	for	ADP
abr-283	178	29	the	the	DET
abr-283	178	30	iasb	iasb	NOUN
abr-283	178	31	and	and	CCONJ
abr-283	178	32	fasb	fasb	NOUN
abr-283	178	33	.	.	PUNCT
abr-283	179	1	39	39	NUM
abr-283	179	2	references	reference	NOUN
abr-283	179	3	affleck	affleck	NOUN
abr-283	179	4	-	-	PUNCT
abr-283	179	5	graves	graves	PROPN
abr-283	179	6	,	,	PUNCT
abr-283	179	7	j.	j.	PROPN
abr-283	179	8	,	,	PUNCT
abr-283	179	9	callahan	callahan	PROPN
abr-283	179	10	,	,	PUNCT
abr-283	179	11	c.	c.	PROPN
abr-283	179	12	m.	m.	NOUN
abr-283	179	13	,	,	PUNCT
abr-283	179	14	&	&	CCONJ
abr-283	179	15	chipalkatti	chipalkatti	PROPN
abr-283	179	16	,	,	PUNCT
abr-283	179	17	n.	n.	PROPN
abr-283	179	18	(	(	PUNCT
abr-283	179	19	2002	2002	NUM
abr-283	179	20	)	)	PUNCT
abr-283	179	21	.	.	PUNCT
abr-283	180	1	earnings	earning	NOUN
abr-283	180	2	predictability	predictability	NOUN
abr-283	180	3	,	,	PUNCT
abr-283	180	4	information	information	NOUN
abr-283	180	5	asymmetry	asymmetry	NOUN
abr-283	180	6	market	market	NOUN
abr-283	180	7	liquidity	liquidity	NOUN
abr-283	180	8	.	.	PUNCT
abr-283	181	1	the	the	DET
abr-283	181	2	journal	journal	NOUN
abr-283	181	3	of	of	ADP
abr-283	181	4	accounting	accounting	NOUN
abr-283	181	5	research	research	NOUN
abr-283	181	6	,	,	PUNCT
abr-283	181	7	40(3	40(3	NUM
abr-283	181	8	)	)	PUNCT
abr-283	181	9	,	,	PUNCT
abr-283	181	10	561	561	NUM
abr-283	181	11	-	-	SYM
abr-283	181	12	583	583	NUM
abr-283	181	13	.	.	PUNCT
abr-283	182	1	amihud	amihud	PROPN
abr-283	182	2	,	,	PUNCT
abr-283	182	3	y.	y.	PROPN
abr-283	182	4	&	&	CCONJ
abr-283	182	5	mendelson	mendelson	PROPN
abr-283	182	6	,	,	PUNCT
abr-283	182	7	h.(1986	h.(1986	PROPN
abr-283	182	8	)	)	PUNCT
abr-283	182	9	.	.	PUNCT
abr-283	183	1	asset	asset	NOUN
abr-283	183	2	pricing	pricing	NOUN
abr-283	183	3	and	and	CCONJ
abr-283	183	4	the	the	DET
abr-283	183	5	bid	bid	NOUN
abr-283	183	6	–	–	PUNCT
abr-283	183	7	ask	ask	NOUN
abr-283	183	8	spread	spread	NOUN
abr-283	183	9	.	.	PUNCT
abr-283	184	1	journal	journal	NOUN
abr-283	184	2	of	of	ADP
abr-283	184	3	financial	financial	ADJ
abr-283	184	4	economics	economic	NOUN
abr-283	184	5	,	,	PUNCT
abr-283	184	6	17(3	17(3	NUM
abr-283	184	7	)	)	PUNCT
abr-283	184	8	,	,	PUNCT
abr-283	184	9	223–249	223–249	NUM
abr-283	184	10	.	.	PUNCT
abr-283	184	11	barry	barry	PROPN
abr-283	184	12	,	,	PUNCT
abr-283	184	13	c.	c.	PROPN
abr-283	184	14	&	&	CCONJ
abr-283	184	15	brown	brown	PROPN
abr-283	184	16	,	,	PUNCT
abr-283	184	17	s.	s.	PROPN
abr-283	184	18	(	(	PUNCT
abr-283	184	19	1984	1984	NUM
abr-283	184	20	)	)	PUNCT
abr-283	184	21	.	.	PUNCT
abr-283	185	1	differential	differential	ADJ
abr-283	185	2	information	information	NOUN
abr-283	185	3	and	and	CCONJ
abr-283	185	4	the	the	DET
abr-283	185	5	small	small	ADJ
abr-283	185	6	firm	firm	ADJ
abr-283	185	7	effect	effect	NOUN
abr-283	185	8	.	.	PUNCT
abr-283	186	1	journal	journal	NOUN
abr-283	186	2	of	of	ADP
abr-283	186	3	financial	financial	ADJ
abr-283	186	4	economics	economic	NOUN
abr-283	186	5	,	,	PUNCT
abr-283	186	6	13	13	NUM
abr-283	186	7	,	,	PUNCT
abr-283	186	8	283–294	283–294	NUM
abr-283	186	9	.	.	PUNCT
abr-283	187	1	black	black	ADJ
abr-283	187	2	,	,	PUNCT
abr-283	187	3	f.	f.	PROPN
abr-283	187	4	(	(	PUNCT
abr-283	187	5	1971	1971	NUM
abr-283	187	6	)	)	PUNCT
abr-283	187	7	.	.	PUNCT
abr-283	188	1	towards	towards	ADP
abr-283	188	2	a	a	DET
abr-283	188	3	fully	fully	ADV
abr-283	188	4	automated	automate	VERB
abr-283	188	5	exchange	exchange	NOUN
abr-283	188	6	,	,	PUNCT
abr-283	188	7	part	part	NOUN
abr-283	188	8	1	1	NUM
abr-283	188	9	,	,	PUNCT
abr-283	188	10	financial	financial	ADJ
abr-283	188	11	analysts	analyst	NOUN
abr-283	188	12	journal	journal	NOUN
abr-283	188	13	,	,	PUNCT
abr-283	188	14	27	27	NUM
abr-283	188	15	,	,	PUNCT
abr-283	188	16	29–34	29–34	NUM
abr-283	188	17	.	.	PUNCT
abr-283	188	18	bollen	bollen	PROPN
abr-283	188	19	,	,	PUNCT
abr-283	188	20	n.	n.	PROPN
abr-283	188	21	p.	p.	PROPN
abr-283	188	22	b.	b.	PROPN
abr-283	188	23	,	,	PUNCT
abr-283	188	24	smith	smith	PROPN
abr-283	188	25	,	,	PUNCT
abr-283	188	26	t.	t.	PROPN
abr-283	188	27	,	,	PUNCT
abr-283	188	28	&	&	CCONJ
abr-283	188	29	whaley	whaley	PROPN
abr-283	188	30	,	,	PUNCT
abr-283	188	31	r.	r.	PROPN
abr-283	188	32	e.	e.	PROPN
abr-283	188	33	(	(	PUNCT
abr-283	188	34	2004	2004	NUM
abr-283	188	35	)	)	PUNCT
abr-283	188	36	.	.	PUNCT
abr-283	189	1	modeling	model	VERB
abr-283	189	2	the	the	DET
abr-283	189	3	bid	bid	NOUN
abr-283	189	4	/	/	SYM
abr-283	189	5	ask	ask	NOUN
abr-283	189	6	spread	spread	NOUN
abr-283	189	7	:	:	PUNCT
abr-283	189	8	measuring	measure	VERB
abr-283	189	9	the	the	DET
abr-283	189	10	inventory	inventory	NOUN
abr-283	189	11	-	-	PUNCT
abr-283	189	12	holding	hold	VERB
abr-283	189	13	premium	premium	NOUN
abr-283	189	14	.	.	PUNCT
abr-283	190	1	journal	journal	NOUN
abr-283	190	2	of	of	ADP
abr-283	190	3	financial	financial	ADJ
abr-283	190	4	economics	economic	NOUN
abr-283	190	5	,	,	PUNCT
abr-283	190	6	72(1	72(1	NOUN
abr-283	190	7	)	)	PUNCT
abr-283	190	8	,	,	PUNCT
abr-283	190	9	97	97	NUM
abr-283	190	10	-	-	SYM
abr-283	190	11	141	141	NUM
abr-283	190	12	.	.	PUNCT
abr-283	191	1	botosan	botosan	NOUN
abr-283	191	2	,	,	PUNCT
abr-283	191	3	c.	c.	PROPN
abr-283	191	4	a.	a.	PROPN
abr-283	191	5	(	(	PUNCT
abr-283	191	6	1997	1997	NUM
abr-283	191	7	)	)	PUNCT
abr-283	191	8	.	.	PUNCT
abr-283	192	1	disclosure	disclosure	NOUN
abr-283	192	2	level	level	NOUN
abr-283	192	3	and	and	CCONJ
abr-283	192	4	the	the	DET
abr-283	192	5	cost	cost	NOUN
abr-283	192	6	of	of	ADP
abr-283	192	7	equity	equity	NOUN
abr-283	192	8	capital	capital	NOUN
abr-283	192	9	.	.	PUNCT
abr-283	193	1	the	the	DET
abr-283	193	2	accounting	accounting	NOUN
abr-283	193	3	review	review	NOUN
abr-283	193	4	,	,	PUNCT
abr-283	193	5	72(3	72(3	NUM
abr-283	193	6	)	)	PUNCT
abr-283	193	7	,	,	PUNCT
abr-283	193	8	323	323	NUM
abr-283	193	9	-	-	SYM
abr-283	193	10	349	349	NUM
abr-283	193	11	.	.	PUNCT
abr-283	194	1	brennan	brennan	PROPN
abr-283	194	2	,	,	PUNCT
abr-283	194	3	m.	m.	NOUN
abr-283	194	4	j.	j.	PROPN
abr-283	194	5	,	,	PUNCT
abr-283	194	6	&	&	CCONJ
abr-283	194	7	subrahmanyam	subrahmanyam	PROPN
abr-283	194	8	,	,	PUNCT
abr-283	194	9	a.	a.	NOUN
abr-283	194	10	(	(	PUNCT
abr-283	194	11	1996	1996	NUM
abr-283	194	12	)	)	PUNCT
abr-283	194	13	.	.	PUNCT
abr-283	195	1	market	market	NOUN
abr-283	195	2	microstructure	microstructure	NOUN
abr-283	195	3	and	and	CCONJ
abr-283	195	4	asset	asset	NOUN
abr-283	195	5	pricing	pricing	NOUN
abr-283	195	6	:	:	PUNCT
abr-283	195	7	on	on	ADP
abr-283	195	8	the	the	DET
abr-283	195	9	compensation	compensation	NOUN
abr-283	195	10	for	for	ADP
abr-283	195	11	illiquidity	illiquidity	NOUN
abr-283	195	12	in	in	ADP
abr-283	195	13	stock	stock	NOUN
abr-283	195	14	returns	return	NOUN
abr-283	195	15	.	.	PUNCT
abr-283	196	1	journal	journal	NOUN
abr-283	196	2	of	of	ADP
abr-283	196	3	financial	financial	ADJ
abr-283	196	4	economics	economic	NOUN
abr-283	196	5	,	,	PUNCT
abr-283	196	6	41(3	41(3	NUM
abr-283	196	7	)	)	PUNCT
abr-283	196	8	,	,	PUNCT
abr-283	196	9	44164	44164	NUM
abr-283	196	10	.	.	PUNCT
abr-283	197	1	callahan	callahan	PROPN
abr-283	197	2	,	,	PUNCT
abr-283	197	3	c.	c.	PROPN
abr-283	197	4	,	,	PUNCT
abr-283	197	5	c.	c.	PROPN
abr-283	197	6	,	,	PUNCT
abr-283	197	7	lee	lee	PROPN
abr-283	197	8	,	,	PUNCT
abr-283	197	9	m.	m.	NOUN
abr-283	197	10	,	,	PUNCT
abr-283	197	11	&	&	CCONJ
abr-283	197	12	yohn	yohn	PROPN
abr-283	197	13	,	,	PUNCT
abr-283	197	14	t.	t.	PROPN
abr-283	197	15	,	,	PUNCT
abr-283	197	16	l.(1997	l.(1997	PROPN
abr-283	197	17	)	)	PUNCT
abr-283	197	18	.	.	PUNCT
abr-283	198	1	accounting	accounting	NOUN
abr-283	198	2	information	information	NOUN
abr-283	198	3	and	and	CCONJ
abr-283	198	4	bid	bid	NOUN
abr-283	198	5	-	-	PUNCT
abr-283	198	6	ask	ask	NOUN
abr-283	198	7	spreads	spread	NOUN
abr-283	198	8	.	.	PUNCT
abr-283	199	1	accounting	accounting	NOUN
abr-283	199	2	horizons	horizon	NOUN
abr-283	199	3	,	,	PUNCT
abr-283	199	4	11(4	11(4	NUM
abr-283	199	5	)	)	PUNCT
abr-283	199	6	,	,	PUNCT
abr-283	199	7	50	50	NUM
abr-283	199	8	-	-	SYM
abr-283	199	9	60	60	NUM
abr-283	199	10	.	.	PUNCT
abr-283	199	11	coller	coller	NOUN
abr-283	199	12	,	,	PUNCT
abr-283	199	13	m.	m.	PROPN
abr-283	199	14	&	&	CCONJ
abr-283	199	15	yohn	yohn	PROPN
abr-283	199	16	,	,	PUNCT
abr-283	199	17	t.	t.	PROPN
abr-283	199	18	l.	l.	PROPN
abr-283	199	19	(	(	PUNCT
abr-283	199	20	1997	1997	NUM
abr-283	199	21	)	)	PUNCT
abr-283	199	22	.	.	PUNCT
abr-283	200	1	management	management	NOUN
abr-283	200	2	forecasts	forecast	NOUN
abr-283	200	3	and	and	CCONJ
abr-283	200	4	information	information	NOUN
abr-283	200	5	asymmetry	asymmetry	NOUN
abr-283	200	6	:	:	PUNCT
abr-283	200	7	an	an	DET
abr-283	200	8	examination	examination	NOUN
abr-283	200	9	of	of	ADP
abr-283	200	10	bid	bid	NOUN
abr-283	200	11	-	-	PUNCT
abr-283	200	12	ask	ask	NOUN
abr-283	200	13	spreads	spread	NOUN
abr-283	200	14	.	.	PUNCT
abr-283	201	1	journal	journal	NOUN
abr-283	201	2	of	of	ADP
abr-283	201	3	accounting	accounting	NOUN
abr-283	201	4	research	research	NOUN
abr-283	201	5	,	,	PUNCT
abr-283	201	6	35(2	35(2	NUM
abr-283	201	7	)	)	PUNCT
abr-283	201	8	,	,	PUNCT
abr-283	201	9	181	181	NUM
abr-283	201	10	-	-	SYM
abr-283	201	11	191	191	NUM
abr-283	201	12	.	.	PUNCT
abr-283	202	1	copeland	copeland	PROPN
abr-283	202	2	,	,	PUNCT
abr-283	202	3	t.	t.	PROPN
abr-283	202	4	e.	e.	PROPN
abr-283	202	5	&	&	CCONJ
abr-283	202	6	galai	galai	PROPN
abr-283	202	7	,	,	PUNCT
abr-283	202	8	d.	d.	PROPN
abr-283	202	9	(	(	PUNCT
abr-283	202	10	1983	1983	NUM
abr-283	202	11	)	)	PUNCT
abr-283	202	12	.	.	PUNCT
abr-283	203	1	information	information	NOUN
abr-283	203	2	effects	effect	NOUN
abr-283	203	3	on	on	ADP
abr-283	203	4	the	the	DET
abr-283	203	5	bid	bid	NOUN
abr-283	203	6	-	-	PUNCT
abr-283	203	7	ask	ask	NOUN
abr-283	203	8	spread	spread	NOUN
abr-283	203	9	.	.	PUNCT
abr-283	204	1	the	the	DET
abr-283	204	2	journal	journal	PROPN
abr-283	204	3	of	of	ADP
abr-283	204	4	finance	finance	NOUN
abr-283	204	5	,	,	PUNCT
abr-283	204	6	38(5	38(5	NUM
abr-283	204	7	)	)	PUNCT
abr-283	204	8	,	,	PUNCT
abr-283	204	9	1457	1457	NUM
abr-283	204	10	-	-	SYM
abr-283	204	11	1469	1469	NUM
abr-283	204	12	.	.	PUNCT
abr-283	205	1	dang	dang	PROPN
abr-283	205	2	,	,	PUNCT
abr-283	205	3	h.n	h.n	PROPN
abr-283	205	4	.	.	PROPN
abr-283	205	5	,	,	PUNCT
abr-283	205	6	vu	vu	PROPN
abr-283	205	7	,	,	PUNCT
abr-283	205	8	v.t.t	v.t.t	NOUN
abr-283	205	9	.	.	PROPN
abr-283	205	10	,	,	PUNCT
abr-283	205	11	ngo	ngo	PROPN
abr-283	205	12	,	,	PUNCT
abr-283	205	13	x.t	x.t	PROPN
abr-283	205	14	.	.	PROPN
abr-283	205	15	,	,	PUNCT
abr-283	205	16	&	&	CCONJ
abr-283	205	17	hoang	hoang	PROPN
abr-283	205	18	,	,	PUNCT
abr-283	205	19	h.t.v	h.t.v	PROPN
abr-283	205	20	.	.	PUNCT
abr-283	206	1	(	(	PUNCT
abr-283	206	2	2019	2019	NUM
abr-283	206	3	)	)	PUNCT
abr-283	206	4	.	.	PUNCT
abr-283	207	1	study	study	VERB
abr-283	207	2	the	the	DET
abr-283	207	3	impact	impact	NOUN
abr-283	207	4	of	of	ADP
abr-283	207	5	growth	growth	NOUN
abr-283	207	6	,	,	PUNCT
abr-283	207	7	firm	firm	ADJ
abr-283	207	8	size	size	NOUN
abr-283	207	9	,	,	PUNCT
abr-283	207	10	capital	capital	NOUN
abr-283	207	11	structure	structure	NOUN
abr-283	207	12	,	,	PUNCT
abr-283	207	13	and	and	CCONJ
abr-283	207	14	profitability	profitability	NOUN
abr-283	207	15	on	on	ADP
abr-283	207	16	enterprise	enterprise	NOUN
abr-283	207	17	value	value	NOUN
abr-283	207	18	:	:	PUNCT
abr-283	207	19	evidence	evidence	NOUN
abr-283	207	20	of	of	ADP
abr-283	207	21	enterprises	enterprise	NOUN
abr-283	207	22	in	in	ADP
abr-283	207	23	vietnam	vietnam	PROPN
abr-283	207	24	.	.	PUNCT
abr-283	208	1	journal	journal	PROPN
abr-283	208	2	of	of	ADP
abr-283	208	3	corporate	corporate	ADJ
abr-283	208	4	accounting	accounting	NOUN
abr-283	208	5	&	&	CCONJ
abr-283	208	6	finance	finance	PROPN
abr-283	208	7	,	,	PUNCT
abr-283	208	8	30	30	NUM
abr-283	208	9	,	,	PUNCT
abr-283	208	10	144	144	NUM
abr-283	208	11	-	-	SYM
abr-283	208	12	160	160	NUM
abr-283	208	13	.	.	PUNCT
abr-283	209	1	daske	daske	PROPN
abr-283	209	2	,	,	PUNCT
abr-283	209	3	h	h	PROPN
abr-283	209	4	,	,	PUNCT
abr-283	209	5	l.	l.	PROPN
abr-283	209	6	h.	h.	PROPN
abr-283	209	7	,	,	PUNCT
abr-283	209	8	leuz	leuz	VERB
abr-283	209	9	,	,	PUNCT
abr-283	209	10	c.	c.	PROPN
abr-283	209	11	,	,	PUNCT
abr-283	209	12	&	&	CCONJ
abr-283	209	13	verdi	verdi	PROPN
abr-283	209	14	,	,	PUNCT
abr-283	209	15	r.	r.	PROPN
abr-283	209	16	(	(	PUNCT
abr-283	209	17	2008	2008	NUM
abr-283	209	18	)	)	PUNCT
abr-283	209	19	.	.	PUNCT
abr-283	210	1	mandatory	mandatory	ADJ
abr-283	210	2	ifrs	ifrs	PROPN
abr-283	210	3	reporting	report	VERB
abr-283	210	4	around	around	ADP
abr-283	210	5	the	the	DET
abr-283	210	6	world	world	NOUN
abr-283	210	7	:	:	PUNCT
abr-283	210	8	early	early	ADJ
abr-283	210	9	evidence	evidence	NOUN
abr-283	210	10	on	on	ADP
abr-283	210	11	the	the	DET
abr-283	210	12	economic	economic	ADJ
abr-283	210	13	consequences	consequence	NOUN
abr-283	210	14	.	.	PUNCT
abr-283	211	1	journal	journal	NOUN
abr-283	211	2	of	of	ADP
abr-283	211	3	accounting	accounting	NOUN
abr-283	211	4	research	research	NOUN
abr-283	211	5	;	;	PUNCT
abr-283	211	6	46(5	46(5	NUM
abr-283	211	7	)	)	PUNCT
abr-283	211	8	,	,	PUNCT
abr-283	211	9	1085	1085	NUM
abr-283	211	10	-	-	SYM
abr-283	211	11	1142	1142	NUM
abr-283	211	12	.	.	PUNCT
abr-283	212	1	diamond	diamond	NOUN
abr-283	212	2	,	,	PUNCT
abr-283	212	3	d.	d.	PROPN
abr-283	212	4	&	&	CCONJ
abr-283	212	5	verrecchia	verrecchia	PROPN
abr-283	212	6	,	,	PUNCT
abr-283	212	7	r.	r.	PROPN
abr-283	212	8	(	(	PUNCT
abr-283	212	9	1991	1991	NUM
abr-283	212	10	)	)	PUNCT
abr-283	212	11	.	.	PUNCT
abr-283	213	1	disclosure	disclosure	NOUN
abr-283	213	2	,	,	PUNCT
abr-283	213	3	liquidity	liquidity	NOUN
abr-283	213	4	,	,	PUNCT
abr-283	213	5	and	and	CCONJ
abr-283	213	6	the	the	DET
abr-283	213	7	cost	cost	NOUN
abr-283	213	8	of	of	ADP
abr-283	213	9	capital	capital	NOUN
abr-283	213	10	.	.	PUNCT
abr-283	214	1	the	the	DET
abr-283	214	2	journal	journal	PROPN
abr-283	214	3	of	of	ADP
abr-283	214	4	finance	finance	NOUN
abr-283	214	5	,	,	PUNCT
abr-283	214	6	46(4	46(4	NOUN
abr-283	214	7	)	)	PUNCT
abr-283	214	8	,	,	PUNCT
abr-283	214	9	1325	1325	NUM
abr-283	214	10	-	-	SYM
abr-283	214	11	1359	1359	NUM
abr-283	214	12	easley	easley	PROPN
abr-283	214	13	,	,	PUNCT
abr-283	214	14	d.	d.	PROPN
abr-283	214	15	&	&	CCONJ
abr-283	214	16	o'hara	o'hara	PROPN
abr-283	214	17	,	,	PUNCT
abr-283	214	18	m.	m.	NOUN
abr-283	214	19	(	(	PUNCT
abr-283	214	20	2004	2004	NUM
abr-283	214	21	)	)	PUNCT
abr-283	214	22	.	.	PUNCT
abr-283	215	1	information	information	NOUN
abr-283	215	2	and	and	CCONJ
abr-283	215	3	the	the	DET
abr-283	215	4	cost	cost	NOUN
abr-283	215	5	of	of	ADP
abr-283	215	6	capital	capital	NOUN
abr-283	215	7	.	.	PUNCT
abr-283	216	1	the	the	DET
abr-283	216	2	journal	journal	PROPN
abr-283	216	3	of	of	ADP
abr-283	216	4	finance	finance	NOUN
abr-283	216	5	,	,	PUNCT
abr-283	216	6	59(4	59(4	NUM
abr-283	216	7	)	)	PUNCT
abr-283	216	8	,	,	PUNCT
abr-283	216	9	1553	1553	NUM
abr-283	216	10	-	-	SYM
abr-283	216	11	1583	1583	NUM
abr-283	216	12	.	.	PUNCT
abr-283	217	1	esqueda	esqueda	PROPN
abr-283	217	2	,	,	PUNCT
abr-283	217	3	o.	o.	PROPN
abr-283	217	4	a.	a.	PROPN
abr-283	217	5	,	,	PUNCT
abr-283	217	6	ngo	ngo	PROPN
abr-283	217	7	,	,	PUNCT
abr-283	217	8	t.	t.	PROPN
abr-283	217	9	,	,	PUNCT
abr-283	217	10	&	&	CCONJ
abr-283	217	11	susnjara	susnjara	PROPN
abr-283	217	12	,	,	PUNCT
abr-283	217	13	j.	j.	PROPN
abr-283	217	14	(	(	PUNCT
abr-283	217	15	2019	2019	NUM
abr-283	217	16	)	)	PUNCT
abr-283	217	17	.	.	PUNCT
abr-283	218	1	the	the	DET
abr-283	218	2	effect	effect	NOUN
abr-283	218	3	of	of	ADP
abr-283	218	4	government	government	NOUN
abr-283	218	5	contracts	contract	NOUN
abr-283	218	6	on	on	ADP
abr-283	218	7	corporate	corporate	ADJ
abr-283	218	8	valuation	valuation	NOUN
abr-283	218	9	.	.	PUNCT
abr-283	219	1	journal	journal	PROPN
abr-283	219	2	of	of	ADP
abr-283	219	3	banking	banking	NOUN
abr-283	219	4	&	&	CCONJ
abr-283	219	5	finance	finance	PROPN
abr-283	219	6	,	,	PUNCT
abr-283	219	7	106	106	NUM
abr-283	219	8	,	,	PUNCT
abr-283	219	9	305	305	NUM
abr-283	219	10	-	-	SYM
abr-283	219	11	322	322	NUM
abr-283	219	12	financial	financial	ADJ
abr-283	219	13	accounting	accounting	NOUN
abr-283	219	14	standards	standard	NOUN
abr-283	219	15	board	board	NOUN
abr-283	219	16	,	,	PUNCT
abr-283	219	17	(	(	PUNCT
abr-283	219	18	2006	2006	NUM
abr-283	219	19	)	)	PUNCT
abr-283	219	20	.	.	PUNCT
abr-283	220	1	statement	statement	NOUN
abr-283	220	2	of	of	ADP
abr-283	220	3	financial	financial	ADJ
abr-283	220	4	accounting	accounting	NOUN
abr-283	220	5	standards	standard	NOUN
abr-283	220	6	no	no	INTJ
abr-283	220	7	.	.	NOUN
abr-283	220	8	157	157	NUM
abr-283	220	9	.	.	PUNCT
abr-283	221	1	fasb	fasb	PROPN
abr-283	221	2	:	:	PUNCT
abr-283	221	3	norwalk	norwalk	NOUN
abr-283	221	4	,	,	PUNCT
abr-283	221	5	connecticut	connecticut	PROPN
abr-283	221	6	.	.	PUNCT
abr-283	222	1	financial	financial	ADJ
abr-283	222	2	accounting	accounting	PROPN
abr-283	222	3	standards	standards	PROPN
abr-283	222	4	board	board	NOUN
abr-283	222	5	,	,	PUNCT
abr-283	222	6	(	(	PUNCT
abr-283	222	7	2010	2010	NUM
abr-283	222	8	)	)	PUNCT
abr-283	222	9	.	.	PUNCT
abr-283	223	1	improving	improve	VERB
abr-283	223	2	disclosures	disclosure	NOUN
abr-283	223	3	about	about	ADP
abr-283	223	4	fair	fair	ADJ
abr-283	223	5	value	value	NOUN
abr-283	223	6	measurements	measurement	NOUN
abr-283	223	7	.	.	PUNCT
abr-283	224	1	an	an	DET
abr-283	224	2	amendment	amendment	NOUN
abr-283	224	3	of	of	ADP
abr-283	224	4	the	the	DET
abr-283	224	5	fasb	fasb	PROPN
abr-283	224	6	accounting	accounting	NOUN
abr-283	224	7	standards	standard	NOUN
abr-283	224	8	codification	codification	NOUN
abr-283	224	9	.	.	PUNCT
abr-283	225	1	fasb	fasb	PROPN
abr-283	225	2	:	:	PUNCT
abr-283	225	3	norwalk	norwalk	NOUN
abr-283	225	4	,	,	PUNCT
abr-283	225	5	connecticut	connecticut	PROPN
abr-283	225	6	.	.	PUNCT
abr-283	226	1	fu	fu	PROPN
abr-283	226	2	r	r	PROPN
abr-283	226	3	,	,	PUNCT
abr-283	226	4	a.	a.	NOUN
abr-283	226	5	kraft	kraft	NOUN
abr-283	226	6	,	,	PUNCT
abr-283	226	7	&	&	CCONJ
abr-283	226	8	zhang	zhang	PROPN
abr-283	226	9	,	,	PUNCT
abr-283	226	10	h.	h.	PROPN
abr-283	226	11	(	(	PUNCT
abr-283	226	12	2012	2012	NUM
abr-283	226	13	)	)	PUNCT
abr-283	226	14	.	.	PUNCT
abr-283	227	1	financial	financial	ADJ
abr-283	227	2	reporting	reporting	NOUN
abr-283	227	3	frequency	frequency	NOUN
abr-283	227	4	,	,	PUNCT
abr-283	227	5	information	information	NOUN
abr-283	227	6	asymmetry	asymmetry	NOUN
abr-283	227	7	,	,	PUNCT
abr-283	227	8	and	and	CCONJ
abr-283	227	9	the	the	DET
abr-283	227	10	cost	cost	NOUN
abr-283	227	11	of	of	ADP
abr-283	227	12	equity	equity	NOUN
abr-283	227	13	.	.	PUNCT
abr-283	228	1	journal	journal	PROPN
abr-283	228	2	of	of	ADP
abr-283	228	3	accounting	accounting	NOUN
abr-283	228	4	and	and	CCONJ
abr-283	228	5	economics	economic	NOUN
abr-283	228	6	,	,	PUNCT
abr-283	228	7	54(2–3	54(2–3	NUM
abr-283	228	8	)	)	PUNCT
abr-283	228	9	,	,	PUNCT
abr-283	228	10	132	132	NUM
abr-283	228	11	-	-	SYM
abr-283	228	12	149	149	NUM
abr-283	228	13	.	.	PUNCT
abr-283	229	1	glosten	glosten	ADJ
abr-283	229	2	,	,	PUNCT
abr-283	229	3	l.	l.	PROPN
abr-283	229	4	r.	r.	PROPN
abr-283	229	5	&	&	CCONJ
abr-283	229	6	lawrence	lawrence	PROPN
abr-283	229	7	,	,	PUNCT
abr-283	229	8	e.	e.	PROPN
abr-283	229	9	h.	h.	PROPN
abr-283	229	10	(	(	PUNCT
abr-283	229	11	1988	1988	NUM
abr-283	229	12	)	)	PUNCT
abr-283	229	13	.	.	PUNCT
abr-283	230	1	estimating	estimate	VERB
abr-283	230	2	the	the	DET
abr-283	230	3	components	component	NOUN
abr-283	230	4	of	of	ADP
abr-283	230	5	the	the	DET
abr-283	230	6	bid	bid	NOUN
abr-283	230	7	/	/	SYM
abr-283	230	8	ask	ask	NOUN
abr-283	230	9	spread	spread	NOUN
abr-283	230	10	.	.	PUNCT
abr-283	231	1	journal	journal	NOUN
abr-283	231	2	of	of	ADP
abr-283	231	3	financial	financial	ADJ
abr-283	231	4	economics	economic	NOUN
abr-283	231	5	,	,	PUNCT
abr-283	231	6	21(1	21(1	NUM
abr-283	231	7	)	)	PUNCT
abr-283	231	8	,	,	PUNCT
abr-283	231	9	123	123	NUM
abr-283	231	10	-	-	SYM
abr-283	231	11	42	42	NUM
abr-283	231	12	.	.	PUNCT
abr-283	232	1	glosten	glosten	ADJ
abr-283	232	2	,	,	PUNCT
abr-283	232	3	l.	l.	PROPN
abr-283	232	4	r.	r.	PROPN
abr-283	232	5	&	&	CCONJ
abr-283	232	6	milgrom	milgrom	PROPN
abr-283	232	7	,	,	PUNCT
abr-283	232	8	p.	p.	PROPN
abr-283	232	9	r.	r.	PROPN
abr-283	232	10	(	(	PUNCT
abr-283	232	11	1985	1985	NUM
abr-283	232	12	)	)	PUNCT
abr-283	232	13	.	.	PUNCT
abr-283	233	1	bid	bid	NOUN
abr-283	233	2	,	,	PUNCT
abr-283	233	3	ask	ask	NOUN
abr-283	233	4	and	and	CCONJ
abr-283	233	5	transaction	transaction	NOUN
abr-283	233	6	prices	price	NOUN
abr-283	233	7	in	in	ADP
abr-283	233	8	a	a	DET
abr-283	233	9	specialist	specialist	ADJ
abr-283	233	10	market	market	NOUN
abr-283	233	11	with	with	ADP
abr-283	233	12	heterogeneously	heterogeneously	ADV
abr-283	233	13	informed	inform	VERB
abr-283	233	14	traders	trader	NOUN
abr-283	233	15	.	.	PUNCT
abr-283	234	1	journal	journal	NOUN
abr-283	234	2	of	of	ADP
abr-283	234	3	financial	financial	ADJ
abr-283	234	4	economics,14(1	economics,14(1	PROPN
abr-283	234	5	)	)	PUNCT
abr-283	234	6	,	,	PUNCT
abr-283	234	7	71	71	NUM
abr-283	234	8	-	-	SYM
abr-283	234	9	100	100	NUM
abr-283	234	10	.	.	PUNCT
abr-283	235	1	40	40	NUM
abr-283	235	2	goyal	goyal	NOUN
abr-283	235	3	,	,	PUNCT
abr-283	235	4	j.	j.	PROPN
abr-283	235	5	,	,	PUNCT
abr-283	235	6	&	&	CCONJ
abr-283	235	7	santa	santa	PROPN
abr-283	235	8	-	-	PUNCT
abr-283	235	9	clara	clara	PROPN
abr-283	235	10	,	,	PUNCT
abr-283	235	11	p.	p.	NOUN
abr-283	235	12	(	(	PUNCT
abr-283	235	13	2003	2003	NUM
abr-283	235	14	)	)	PUNCT
abr-283	235	15	.	.	PUNCT
abr-283	236	1	idiosyncratic	idiosyncratic	ADJ
abr-283	236	2	risk	risk	NOUN
abr-283	236	3	matter	matter	NOUN
abr-283	236	4	!	!	PUNCT
abr-283	237	1	journal	journal	NOUN
abr-283	237	2	of	of	ADP
abr-283	237	3	finance	finance	PROPN
abr-283	237	4	58	58	NUM
abr-283	237	5	,	,	PUNCT
abr-283	237	6	975	975	NUM
abr-283	237	7	-	-	SYM
abr-283	237	8	1008	1008	NUM
abr-283	237	9	.	.	PUNCT
abr-283	238	1	greenstein	greenstein	PROPN
abr-283	238	2	,	,	PUNCT
abr-283	238	3	m.	m.	NOUN
abr-283	238	4	m.	m.	PROPN
abr-283	238	5	&	&	CCONJ
abr-283	238	6	sami	sami	PROPN
abr-283	238	7	,	,	PUNCT
abr-283	238	8	h.	h.	PROPN
abr-283	238	9	(	(	PUNCT
abr-283	238	10	1994	1994	NUM
abr-283	238	11	)	)	PUNCT
abr-283	238	12	.	.	PUNCT
abr-283	239	1	the	the	DET
abr-283	239	2	impact	impact	NOUN
abr-283	239	3	of	of	ADP
abr-283	239	4	the	the	DET
abr-283	239	5	sec	sec	PROPN
abr-283	239	6	's	's	PART
abr-283	239	7	segment	segment	NOUN
abr-283	239	8	disclosure	disclosure	NOUN
abr-283	239	9	requirement	requirement	NOUN
abr-283	239	10	on	on	ADP
abr-283	239	11	bid	bid	NOUN
abr-283	239	12	-	-	PUNCT
abr-283	239	13	ask	ask	NOUN
abr-283	239	14	spreads	spread	NOUN
abr-283	239	15	.	.	PUNCT
abr-283	240	1	the	the	DET
abr-283	240	2	accounting	accounting	NOUN
abr-283	240	3	review	review	NOUN
abr-283	240	4	,	,	PUNCT
abr-283	240	5	69(1	69(1	NUM
abr-283	240	6	)	)	PUNCT
abr-283	240	7	,	,	PUNCT
abr-283	240	8	179	179	NUM
abr-283	240	9	-	-	SYM
abr-283	240	10	199	199	NUM
abr-283	240	11	.	.	PUNCT
abr-283	241	1	gu	gu	PROPN
abr-283	241	2	,	,	PUNCT
abr-283	241	3	f.	f.	PROPN
abr-283	241	4	&	&	CCONJ
abr-283	241	5	li	li	PROPN
abr-283	241	6	,	,	PUNCT
abr-283	241	7	j.	j.	PROPN
abr-283	241	8	q.	q.	PROPN
abr-283	241	9	(	(	PUNCT
abr-283	241	10	2007	2007	NUM
abr-283	241	11	)	)	PUNCT
abr-283	241	12	.	.	PUNCT
abr-283	242	1	the	the	DET
abr-283	242	2	credibility	credibility	NOUN
abr-283	242	3	of	of	ADP
abr-283	242	4	voluntary	voluntary	ADJ
abr-283	242	5	disclosure	disclosure	NOUN
abr-283	242	6	and	and	CCONJ
abr-283	242	7	insider	insider	NOUN
abr-283	242	8	stock	stock	NOUN
abr-283	242	9	transactions	transaction	NOUN
abr-283	242	10	.	.	PUNCT
abr-283	243	1	journal	journal	NOUN
abr-283	243	2	of	of	ADP
abr-283	243	3	accounting	accounting	NOUN
abr-283	243	4	research	research	NOUN
abr-283	243	5	,	,	PUNCT
abr-283	243	6	45(4	45(4	NUM
abr-283	243	7	)	)	PUNCT
abr-283	243	8	,	,	PUNCT
abr-283	243	9	771	771	NUM
abr-283	243	10	-	-	SYM
abr-283	243	11	810	810	NUM
abr-283	243	12	.	.	PUNCT
abr-283	244	1	healy	healy	PROPN
abr-283	244	2	,	,	PUNCT
abr-283	244	3	p.m.	p.m.	PROPN
abr-283	244	4	,	,	PUNCT
abr-283	244	5	hutton	hutton	PROPN
abr-283	244	6	a.	a.	PROPN
abr-283	244	7	,	,	PUNCT
abr-283	244	8	&	&	CCONJ
abr-283	244	9	palepu	palepu	PROPN
abr-283	244	10	,	,	PUNCT
abr-283	244	11	k.	k.	PROPN
abr-283	244	12	(	(	PUNCT
abr-283	244	13	1999	1999	NUM
abr-283	244	14	)	)	PUNCT
abr-283	244	15	.	.	PUNCT
abr-283	245	1	stock	stock	NOUN
abr-283	245	2	performance	performance	NOUN
abr-283	245	3	and	and	CCONJ
abr-283	245	4	intermediation	intermediation	NOUN
abr-283	245	5	changes	change	NOUN
abr-283	245	6	surrounding	surround	VERB
abr-283	245	7	sustained	sustained	ADJ
abr-283	245	8	increases	increase	NOUN
abr-283	245	9	in	in	ADP
abr-283	245	10	disclosure	disclosure	NOUN
abr-283	245	11	.	.	PUNCT
abr-283	246	1	contemporary	contemporary	ADJ
abr-283	246	2	accounting	accounting	NOUN
abr-283	246	3	research	research	NOUN
abr-283	246	4	,	,	PUNCT
abr-283	246	5	16	16	NUM
abr-283	246	6	,	,	PUNCT
abr-283	246	7	485–520	485–520	NUM
abr-283	246	8	.	.	PUNCT
abr-283	247	1	kyle	kyle	PROPN
abr-283	247	2	,	,	PUNCT
abr-283	247	3	a.	a.	PROPN
abr-283	247	4	s.	s.	PROPN
abr-283	247	5	(	(	PUNCT
abr-283	247	6	1985	1985	NUM
abr-283	247	7	)	)	PUNCT
abr-283	247	8	.	.	PUNCT
abr-283	248	1	continuous	continuous	ADJ
abr-283	248	2	auctions	auction	NOUN
abr-283	248	3	and	and	CCONJ
abr-283	248	4	insider	insider	NOUN
abr-283	248	5	trading	trading	NOUN
abr-283	248	6	.	.	PUNCT
abr-283	249	1	econometrica	econometrica	PROPN
abr-283	249	2	,	,	PUNCT
abr-283	249	3	53(6	53(6	PROPN
abr-283	249	4	)	)	PUNCT
abr-283	249	5	,	,	PUNCT
abr-283	249	6	1315	1315	NUM
abr-283	249	7	-	-	SYM
abr-283	249	8	1335	1335	NUM
abr-283	249	9	.	.	PUNCT
abr-283	250	1	legoria	legoria	PROPN
abr-283	250	2	,	,	PUNCT
abr-283	250	3	j.	j.	PROPN
abr-283	250	4	,	,	PUNCT
abr-283	250	5	boone	boone	PROPN
abr-283	250	6	,	,	PUNCT
abr-283	250	7	j.	j.	PROPN
abr-283	250	8	,	,	PUNCT
abr-283	250	9	&	&	CCONJ
abr-283	250	10	stammerjohan	stammerjohan	PROPN
abr-283	250	11	,	,	PUNCT
abr-283	250	12	w.	w.	PROPN
abr-283	250	13	,	,	PUNCT
abr-283	250	14	w.	w.	PROPN
abr-283	250	15	(	(	PUNCT
abr-283	250	16	2008	2008	NUM
abr-283	250	17	)	)	PUNCT
abr-283	250	18	.	.	PUNCT
abr-283	251	1	the	the	DET
abr-283	251	2	economic	economic	ADJ
abr-283	251	3	benefits	benefit	NOUN
abr-283	251	4	of	of	ADP
abr-283	251	5	fasb	fasb	NOUN
abr-283	251	6	's	's	PART
abr-283	251	7	recommended	recommend	VERB
abr-283	251	8	disclosures	disclosure	NOUN
abr-283	251	9	:	:	PUNCT
abr-283	251	10	evidence	evidence	NOUN
abr-283	251	11	from	from	ADP
abr-283	251	12	the	the	DET
abr-283	251	13	pharmaceutical	pharmaceutical	ADJ
abr-283	251	14	industry	industry	NOUN
abr-283	251	15	.	.	PUNCT
abr-283	252	1	advances	advance	NOUN
abr-283	252	2	in	in	ADP
abr-283	252	3	accounting	accounting	NOUN
abr-283	252	4	,	,	PUNCT
abr-283	252	5	24(2	24(2	NUM
abr-283	252	6	)	)	PUNCT
abr-283	252	7	,	,	PUNCT
abr-283	252	8	202	202	NUM
abr-283	252	9	-	-	SYM
abr-283	252	10	12	12	NUM
abr-283	252	11	.	.	PUNCT
abr-283	253	1	leuz	leuz	NOUN
abr-283	253	2	,	,	PUNCT
abr-283	253	3	c.	c.	PROPN
abr-283	253	4	&	&	CCONJ
abr-283	253	5	verrecchia	verrecchia	PROPN
abr-283	253	6	,	,	PUNCT
abr-283	253	7	r.	r.	PROPN
abr-283	253	8	e.	e.	PROPN
abr-283	253	9	(	(	PUNCT
abr-283	253	10	2000	2000	NUM
abr-283	253	11	)	)	PUNCT
abr-283	253	12	.	.	PUNCT
abr-283	254	1	the	the	DET
abr-283	254	2	economic	economic	ADJ
abr-283	254	3	consequences	consequence	NOUN
abr-283	254	4	of	of	ADP
abr-283	254	5	increased	increase	VERB
abr-283	254	6	disclosure	disclosure	NOUN
abr-283	254	7	.	.	PUNCT
abr-283	255	1	journal	journal	NOUN
abr-283	255	2	of	of	ADP
abr-283	255	3	accounting	accounting	NOUN
abr-283	255	4	research	research	NOUN
abr-283	255	5	,	,	PUNCT
abr-283	255	6	38(supplement	38(supplement	NUM
abr-283	255	7	:	:	PUNCT
abr-283	255	8	studies	study	NOUN
abr-283	255	9	on	on	ADP
abr-283	255	10	accounting	accounting	NOUN
abr-283	255	11	information	information	NOUN
abr-283	255	12	and	and	CCONJ
abr-283	255	13	the	the	DET
abr-283	255	14	economics	economic	NOUN
abr-283	255	15	of	of	ADP
abr-283	255	16	the	the	DET
abr-283	255	17	firm	firm	NOUN
abr-283	255	18	)	)	PUNCT
abr-283	255	19	,	,	PUNCT
abr-283	255	20	91	91	NUM
abr-283	255	21	-	-	SYM
abr-283	255	22	124	124	NUM
abr-283	255	23	.	.	PUNCT
abr-283	256	1	merton	merton	PROPN
abr-283	256	2	,	,	PUNCT
abr-283	256	3	r.	r.	PROPN
abr-283	256	4	c.	c.	PROPN
abr-283	256	5	(	(	PUNCT
abr-283	256	6	1987	1987	NUM
abr-283	256	7	)	)	PUNCT
abr-283	256	8	.	.	PUNCT
abr-283	257	1	a	a	DET
abr-283	257	2	simple	simple	ADJ
abr-283	257	3	model	model	NOUN
abr-283	257	4	of	of	ADP
abr-283	257	5	capital	capital	NOUN
abr-283	257	6	market	market	NOUN
abr-283	257	7	equilibrium	equilibrium	NOUN
abr-283	257	8	with	with	ADP
abr-283	257	9	incomplete	incomplete	ADJ
abr-283	257	10	information	information	NOUN
abr-283	257	11	.	.	PUNCT
abr-283	258	1	the	the	DET
abr-283	258	2	journal	journal	PROPN
abr-283	258	3	of	of	ADP
abr-283	258	4	finance	finance	NOUN
abr-283	258	5	,	,	PUNCT
abr-283	258	6	42(3	42(3	NUM
abr-283	258	7	)	)	PUNCT
abr-283	258	8	,	,	PUNCT
abr-283	258	9	papers	paper	NOUN
abr-283	258	10	and	and	CCONJ
abr-283	258	11	proceedings	proceeding	NOUN
abr-283	258	12	of	of	ADP
abr-283	258	13	the	the	DET
abr-283	258	14	forty	forty	NUM
abr-283	258	15	-	-	PUNCT
abr-283	258	16	fifth	fifth	NOUN
abr-283	258	17	annual	annual	ADJ
abr-283	258	18	meeting	meeting	NOUN
abr-283	258	19	of	of	ADP
abr-283	258	20	the	the	DET
abr-283	258	21	american	american	PROPN
abr-283	258	22	finance	finance	PROPN
abr-283	258	23	association	association	PROPN
abr-283	258	24	,	,	PUNCT
abr-283	258	25	new	new	PROPN
abr-283	258	26	orleans	orleans	PROPN
abr-283	258	27	,	,	PUNCT
abr-283	258	28	louisiana	louisiana	PROPN
abr-283	258	29	,	,	PUNCT
abr-283	258	30	483	483	NUM
abr-283	258	31	-	-	SYM
abr-283	258	32	510	510	NUM
abr-283	258	33	.	.	PUNCT
abr-283	259	1	ng	ng	PROPN
abr-283	259	2	,	,	PUNCT
abr-283	259	3	j.	j.	PROPN
abr-283	259	4	(	(	PUNCT
abr-283	259	5	2011	2011	NUM
abr-283	259	6	)	)	PUNCT
abr-283	259	7	.	.	PUNCT
abr-283	260	1	the	the	DET
abr-283	260	2	effect	effect	NOUN
abr-283	260	3	of	of	ADP
abr-283	260	4	information	information	NOUN
abr-283	260	5	quality	quality	NOUN
abr-283	260	6	on	on	ADP
abr-283	260	7	liquidity	liquidity	NOUN
abr-283	260	8	risk	risk	NOUN
abr-283	260	9	.	.	PUNCT
abr-283	261	1	journal	journal	NOUN
abr-283	261	2	of	of	ADP
abr-283	261	3	accounting	accounting	NOUN
abr-283	261	4	and	and	CCONJ
abr-283	261	5	economics	economic	NOUN
abr-283	261	6	,	,	PUNCT
abr-283	261	7	(	(	PUNCT
abr-283	261	8	52	52	NUM
abr-283	261	9	)	)	PUNCT
abr-283	261	10	,	,	PUNCT
abr-283	261	11	126	126	NUM
abr-283	261	12	-	-	SYM
abr-283	261	13	143	143	NUM
abr-283	261	14	pastor	pastor	NOUN
abr-283	261	15	,	,	PUNCT
abr-283	261	16	l.	l.	PROPN
abr-283	261	17	&	&	CCONJ
abr-283	261	18	stambaugh	stambaugh	PROPN
abr-283	261	19	,	,	PUNCT
abr-283	261	20	r.(2003	r.(2003	NOUN
abr-283	261	21	)	)	PUNCT
abr-283	261	22	.	.	PUNCT
abr-283	262	1	liquidity	liquidity	NOUN
abr-283	262	2	risk	risk	NOUN
abr-283	262	3	and	and	CCONJ
abr-283	262	4	expected	expect	VERB
abr-283	262	5	stock	stock	NOUN
abr-283	262	6	returns	return	NOUN
abr-283	262	7	.	.	PUNCT
abr-283	263	1	journal	journal	NOUN
abr-283	263	2	of	of	ADP
abr-283	263	3	political	political	ADJ
abr-283	263	4	economy	economy	NOUN
abr-283	263	5	,	,	PUNCT
abr-283	263	6	111	111	NUM
abr-283	263	7	,	,	PUNCT
abr-283	263	8	642	642	NUM
abr-283	263	9	-	-	PUNCT
abr-283	263	10	685	685	NUM
abr-283	263	11	.	.	PUNCT
abr-283	263	12	rajgopal	rajgopal	NOUN
abr-283	263	13	,	,	PUNCT
abr-283	263	14	m.	m.	NOUN
abr-283	263	15	&	&	CCONJ
abr-283	263	16	venkatachalam	venkatachalam	PROPN
abr-283	263	17	,	,	PUNCT
abr-283	263	18	m.	m.	NOUN
abr-283	263	19	(	(	PUNCT
abr-283	263	20	2011	2011	NUM
abr-283	263	21	)	)	PUNCT
abr-283	263	22	.	.	PUNCT
abr-283	264	1	financial	financial	ADJ
abr-283	264	2	reporting	reporting	NOUN
abr-283	264	3	quality	quality	NOUN
abr-283	264	4	and	and	CCONJ
abr-283	264	5	idiosyncratic	idiosyncratic	ADJ
abr-283	264	6	return	return	NOUN
abr-283	264	7	volatility	volatility	NOUN
abr-283	264	8	.	.	PUNCT
abr-283	265	1	journal	journal	NOUN
abr-283	265	2	of	of	ADP
abr-283	265	3	accounting	accounting	NOUN
abr-283	265	4	and	and	CCONJ
abr-283	265	5	economics	economic	NOUN
abr-283	265	6	,	,	PUNCT
abr-283	265	7	(	(	PUNCT
abr-283	265	8	51	51	NUM
abr-283	265	9	)	)	PUNCT
abr-283	265	10	,	,	PUNCT
abr-283	265	11	1	1	NUM
abr-283	265	12	-	-	SYM
abr-283	265	13	20	20	NUM
abr-283	265	14	.	.	PUNCT
abr-283	266	1	riedl	riedl	PROPN
abr-283	266	2	,	,	PUNCT
abr-283	266	3	e.	e.	PROPN
abr-283	266	4	j.	j.	PROPN
abr-283	266	5	&	&	CCONJ
abr-283	266	6	serafeim	serafeim	PROPN
abr-283	266	7	,	,	PUNCT
abr-283	266	8	g.	g.	PROPN
abr-283	266	9	(	(	PUNCT
abr-283	266	10	2011	2011	NUM
abr-283	266	11	)	)	PUNCT
abr-283	266	12	.	.	PUNCT
abr-283	267	1	information	information	NOUN
abr-283	267	2	risk	risk	NOUN
abr-283	267	3	and	and	CCONJ
abr-283	267	4	fair	fair	ADJ
abr-283	267	5	values	value	NOUN
abr-283	267	6	:	:	PUNCT
abr-283	267	7	an	an	DET
abr-283	267	8	examination	examination	NOUN
abr-283	267	9	of	of	ADP
abr-283	267	10	equity	equity	NOUN
abr-283	267	11	betas	beta	NOUN
abr-283	267	12	.	.	PUNCT
abr-283	268	1	journal	journal	NOUN
abr-283	268	2	of	of	ADP
abr-283	268	3	accounting	accounting	NOUN
abr-283	268	4	research	research	NOUN
abr-283	268	5	,	,	PUNCT
abr-283	268	6	49(4	49(4	NOUN
abr-283	268	7	)	)	PUNCT
abr-283	268	8	,	,	PUNCT
abr-283	268	9	1083–1122	1083–1122	NUM
abr-283	268	10	.	.	PUNCT
abr-283	269	1	stoll	stoll	PROPN
abr-283	269	2	,	,	PUNCT
abr-283	269	3	h.	h.	PROPN
abr-283	269	4	r.	r.	PROPN
abr-283	269	5	(	(	PUNCT
abr-283	269	6	1978	1978	NUM
abr-283	269	7	)	)	PUNCT
abr-283	269	8	.	.	PUNCT
abr-283	270	1	the	the	DET
abr-283	270	2	pricing	pricing	NOUN
abr-283	270	3	of	of	ADP
abr-283	270	4	security	security	NOUN
abr-283	270	5	dealer	dealer	NOUN
abr-283	270	6	services	service	NOUN
abr-283	270	7	:	:	PUNCT
abr-283	270	8	an	an	DET
abr-283	270	9	empirical	empirical	ADJ
abr-283	270	10	study	study	NOUN
abr-283	270	11	of	of	ADP
abr-283	270	12	nasdaq	nasdaq	PROPN
abr-283	270	13	stocks	stock	NOUN
abr-283	270	14	.	.	PUNCT
abr-283	271	1	the	the	DET
abr-283	271	2	journal	journal	NOUN
abr-283	271	3	of	of	ADP
abr-283	271	4	finance	finance	NOUN
abr-283	271	5	,	,	PUNCT
abr-283	271	6	33(4	33(4	NUM
abr-283	271	7	)	)	PUNCT
abr-283	271	8	,	,	PUNCT
abr-283	271	9	1153	1153	NUM
abr-283	271	10	-	-	SYM
abr-283	271	11	1172	1172	NUM
abr-283	271	12	.	.	PUNCT
abr-283	272	1	stoll	stoll	PROPN
abr-283	272	2	,	,	PUNCT
abr-283	272	3	h.	h.	PROPN
abr-283	272	4	r.	r.	PROPN
abr-283	272	5	(	(	PUNCT
abr-283	272	6	1989	1989	NUM
abr-283	272	7	)	)	PUNCT
abr-283	272	8	.	.	PUNCT
abr-283	273	1	inferring	infer	VERB
abr-283	273	2	the	the	DET
abr-283	273	3	components	component	NOUN
abr-283	273	4	of	of	ADP
abr-283	273	5	the	the	DET
abr-283	273	6	bid	bid	NOUN
abr-283	273	7	-	-	PUNCT
abr-283	273	8	ask	ask	NOUN
abr-283	273	9	spread	spread	NOUN
abr-283	273	10	:	:	PUNCT
abr-283	273	11	theory	theory	NOUN
abr-283	273	12	and	and	CCONJ
abr-283	273	13	empirical	empirical	ADJ
abr-283	273	14	tests	test	NOUN
abr-283	273	15	.	.	PUNCT
abr-283	274	1	the	the	DET
abr-283	274	2	journal	journal	NOUN
abr-283	274	3	of	of	ADP
abr-283	274	4	finance	finance	NOUN
abr-283	274	5	,	,	PUNCT
abr-283	274	6	44(1	44(1	PROPN
abr-283	274	7	)	)	PUNCT
abr-283	274	8	,	,	PUNCT
abr-283	274	9	115	115	NUM
abr-283	274	10	-	-	SYM
abr-283	274	11	134	134	NUM
abr-283	274	12	.	.	PUNCT
abr-283	274	13	welker	welker	PROPN
abr-283	274	14	,	,	PUNCT
abr-283	274	15	m.	m.	NOUN
abr-283	274	16	(	(	PUNCT
abr-283	274	17	1995	1995	NUM
abr-283	274	18	)	)	PUNCT
abr-283	274	19	.	.	PUNCT
abr-283	275	1	disclosure	disclosure	NOUN
abr-283	275	2	policy	policy	NOUN
abr-283	275	3	,	,	PUNCT
abr-283	275	4	information	information	NOUN
abr-283	275	5	asymmetry	asymmetry	NOUN
abr-283	275	6	,	,	PUNCT
abr-283	275	7	and	and	CCONJ
abr-283	275	8	liquidity	liquidity	NOUN
abr-283	275	9	in	in	ADP
abr-283	275	10	equity	equity	NOUN
abr-283	275	11	markets	market	NOUN
abr-283	275	12	.	.	PUNCT
abr-283	276	1	contemporary	contemporary	ADJ
abr-283	276	2	accounting	accounting	NOUN
abr-283	276	3	research	research	PROPN
abr-283	276	4	,	,	PUNCT
abr-283	276	5	11(2	11(2	NOUN
abr-283	276	6	)	)	PUNCT
abr-283	276	7	,	,	PUNCT
abr-283	276	8	801–827	801–827	NUM
abr-283	276	9	.	.	PUNCT