id	sid	tid	token	lemma	pos
abr-36	1	1	http://journals.sfu.ca/abr	http://journals.sfu.ca/abr	X
abr-36	1	2	advances	advance	NOUN
abr-36	1	3	in	in	ADP
abr-36	1	4	business	business	NOUN
abr-36	1	5	research	research	NOUN
abr-36	1	6	2014	2014	NUM
abr-36	1	7	,	,	PUNCT
abr-36	1	8	volume	volume	NOUN
abr-36	1	9	5	5	NUM
abr-36	1	10	,	,	PUNCT
abr-36	1	11	pages	page	NOUN
abr-36	1	12	16	16	NUM
abr-36	1	13	-	-	SYM
abr-36	1	14	32	32	NUM
abr-36	1	15	16	16	NUM
abr-36	1	16	capital	capital	NOUN
abr-36	1	17	structure	structure	NOUN
abr-36	1	18	over	over	ADP
abr-36	1	19	the	the	DET
abr-36	1	20	life	life	NOUN
abr-36	1	21	cycle	cycle	NOUN
abr-36	1	22	chase	chase	NOUN
abr-36	1	23	parker	parker	PROPN
abr-36	1	24	dehan	dehan	PROPN
abr-36	1	25	university	university	PROPN
abr-36	1	26	of	of	ADP
abr-36	1	27	south	south	PROPN
abr-36	1	28	carolina	carolina	PROPN
abr-36	1	29	,	,	PUNCT
abr-36	1	30	upstate	upstate	X
abr-36	1	31	whether	whether	SCONJ
abr-36	1	32	firms	firm	NOUN
abr-36	1	33	in	in	ADP
abr-36	1	34	highly	highly	ADV
abr-36	1	35	innovative	innovative	ADJ
abr-36	1	36	industries	industry	NOUN
abr-36	1	37	—	—	PUNCT
abr-36	1	38	those	those	PRON
abr-36	1	39	with	with	ADP
abr-36	1	40	high	high	ADJ
abr-36	1	41	risk	risk	NOUN
abr-36	1	42	,	,	PUNCT
abr-36	1	43	yet	yet	CCONJ
abr-36	1	44	higher	high	ADJ
abr-36	1	45	potential	potential	ADJ
abr-36	1	46	return	return	NOUN
abr-36	1	47	—	—	PUNCT
abr-36	1	48	will	will	AUX
abr-36	1	49	be	be	AUX
abr-36	1	50	more	more	ADV
abr-36	1	51	likely	likely	ADJ
abr-36	1	52	to	to	PART
abr-36	1	53	raise	raise	VERB
abr-36	1	54	funds	fund	NOUN
abr-36	1	55	through	through	ADP
abr-36	1	56	stock	stock	NOUN
abr-36	1	57	markets	market	NOUN
abr-36	1	58	than	than	SCONJ
abr-36	1	59	firms	firm	NOUN
abr-36	1	60	in	in	ADP
abr-36	1	61	mature	mature	ADJ
abr-36	1	62	industries	industry	NOUN
abr-36	1	63	is	be	AUX
abr-36	1	64	investigated	investigate	VERB
abr-36	1	65	within	within	ADP
abr-36	1	66	the	the	DET
abr-36	1	67	context	context	NOUN
abr-36	1	68	of	of	ADP
abr-36	1	69	the	the	DET
abr-36	1	70	trade	trade	NOUN
abr-36	1	71	-	-	PUNCT
abr-36	1	72	off	off	ADP
abr-36	1	73	theory	theory	NOUN
abr-36	1	74	of	of	ADP
abr-36	1	75	capital	capital	NOUN
abr-36	1	76	structure	structure	NOUN
abr-36	1	77	using	use	VERB
abr-36	1	78	the	the	DET
abr-36	1	79	product	product	NOUN
abr-36	1	80	life	life	NOUN
abr-36	1	81	-	-	PUNCT
abr-36	1	82	cycle	cycle	NOUN
abr-36	1	83	as	as	ADP
abr-36	1	84	a	a	DET
abr-36	1	85	theoretical	theoretical	ADJ
abr-36	1	86	framework	framework	NOUN
abr-36	1	87	.	.	PUNCT
abr-36	2	1	empirically	empirically	ADV
abr-36	2	2	,	,	PUNCT
abr-36	2	3	the	the	DET
abr-36	2	4	relationship	relationship	NOUN
abr-36	2	5	of	of	ADP
abr-36	2	6	innovative	innovative	ADJ
abr-36	2	7	activity	activity	NOUN
abr-36	2	8	to	to	ADP
abr-36	2	9	equity	equity	NOUN
abr-36	2	10	issuance	issuance	NOUN
abr-36	2	11	is	be	AUX
abr-36	2	12	tested	test	VERB
abr-36	2	13	by	by	ADP
abr-36	2	14	regressing	regress	VERB
abr-36	2	15	patent	patent	NOUN
abr-36	2	16	activity	activity	NOUN
abr-36	2	17	(	(	PUNCT
abr-36	2	18	as	as	ADP
abr-36	2	19	a	a	DET
abr-36	2	20	proxy	proxy	NOUN
abr-36	2	21	for	for	ADP
abr-36	2	22	innovation	innovation	NOUN
abr-36	2	23	)	)	PUNCT
abr-36	2	24	on	on	ADP
abr-36	2	25	the	the	DET
abr-36	2	26	ratio	ratio	NOUN
abr-36	2	27	of	of	ADP
abr-36	2	28	funds	fund	NOUN
abr-36	2	29	raised	raise	VERB
abr-36	2	30	through	through	ADP
abr-36	2	31	the	the	DET
abr-36	2	32	stock	stock	NOUN
abr-36	2	33	market	market	NOUN
abr-36	2	34	to	to	ADP
abr-36	2	35	total	total	ADJ
abr-36	2	36	funds	fund	NOUN
abr-36	2	37	raised	raise	VERB
abr-36	2	38	.	.	PUNCT
abr-36	3	1	the	the	DET
abr-36	3	2	results	result	NOUN
abr-36	3	3	are	be	AUX
abr-36	3	4	statistically	statistically	ADV
abr-36	3	5	and	and	CCONJ
abr-36	3	6	economically	economically	ADV
abr-36	3	7	meaningful	meaningful	ADJ
abr-36	3	8	.	.	PUNCT
abr-36	4	1	keywords	keyword	NOUN
abr-36	4	2	:	:	PUNCT
abr-36	4	3	corporate	corporate	ADJ
abr-36	4	4	finance	finance	NOUN
abr-36	4	5	,	,	PUNCT
abr-36	4	6	capital	capital	NOUN
abr-36	4	7	structure	structure	NOUN
abr-36	4	8	,	,	PUNCT
abr-36	4	9	life	life	NOUN
abr-36	4	10	cycle	cycle	NOUN
abr-36	4	11	,	,	PUNCT
abr-36	4	12	trade	trade	NOUN
abr-36	4	13	-	-	PUNCT
abr-36	4	14	off	off	ADP
abr-36	4	15	theory	theory	NOUN
abr-36	4	16	introduction	introduction	NOUN
abr-36	4	17	one	one	NUM
abr-36	4	18	aspect	aspect	NOUN
abr-36	4	19	of	of	ADP
abr-36	4	20	capital	capital	NOUN
abr-36	4	21	structure	structure	NOUN
abr-36	4	22	literature	literature	NOUN
abr-36	4	23	that	that	PRON
abr-36	4	24	does	do	AUX
abr-36	4	25	not	not	PART
abr-36	4	26	receive	receive	VERB
abr-36	4	27	attention	attention	NOUN
abr-36	4	28	is	be	AUX
abr-36	4	29	that	that	SCONJ
abr-36	4	30	firms	firm	NOUN
abr-36	4	31	have	have	VERB
abr-36	4	32	different	different	ADJ
abr-36	4	33	capital	capital	NOUN
abr-36	4	34	requirements	requirement	NOUN
abr-36	4	35	over	over	ADP
abr-36	4	36	their	their	PRON
abr-36	4	37	life	life	NOUN
abr-36	4	38	cycle	cycle	NOUN
abr-36	4	39	.	.	PUNCT
abr-36	5	1	firms	firm	NOUN
abr-36	5	2	’	'	PUNCT
abr-36	5	3	external	external	ADJ
abr-36	5	4	capital	capital	NOUN
abr-36	5	5	decisions	decision	NOUN
abr-36	5	6	are	be	AUX
abr-36	5	7	hypothesized	hypothesize	VERB
abr-36	5	8	to	to	PART
abr-36	5	9	change	change	VERB
abr-36	5	10	depending	depend	VERB
abr-36	5	11	upon	upon	SCONJ
abr-36	5	12	where	where	SCONJ
abr-36	5	13	they	they	PRON
abr-36	5	14	fall	fall	VERB
abr-36	5	15	within	within	ADP
abr-36	5	16	the	the	DET
abr-36	5	17	innovation	innovation	NOUN
abr-36	5	18	life	life	NOUN
abr-36	5	19	cycle	cycle	NOUN
abr-36	5	20	.	.	PUNCT
abr-36	6	1	in	in	ADP
abr-36	6	2	the	the	DET
abr-36	6	3	beginning	beginning	NOUN
abr-36	6	4	of	of	ADP
abr-36	6	5	the	the	DET
abr-36	6	6	life	life	NOUN
abr-36	6	7	cycle	cycle	NOUN
abr-36	6	8	,	,	PUNCT
abr-36	6	9	firms	firm	NOUN
abr-36	6	10	are	be	AUX
abr-36	6	11	more	more	ADV
abr-36	6	12	innovative	innovative	ADJ
abr-36	6	13	and	and	CCONJ
abr-36	6	14	those	those	PRON
abr-36	6	15	in	in	ADP
abr-36	6	16	innovative	innovative	ADJ
abr-36	6	17	industries	industry	NOUN
abr-36	6	18	will	will	AUX
abr-36	6	19	be	be	AUX
abr-36	6	20	more	more	ADV
abr-36	6	21	likely	likely	ADJ
abr-36	6	22	to	to	PART
abr-36	6	23	raise	raise	VERB
abr-36	6	24	funds	fund	NOUN
abr-36	6	25	through	through	ADP
abr-36	6	26	the	the	DET
abr-36	6	27	stock	stock	NOUN
abr-36	6	28	market	market	NOUN
abr-36	6	29	than	than	ADP
abr-36	6	30	mature	mature	ADJ
abr-36	6	31	firms	firm	NOUN
abr-36	6	32	that	that	PRON
abr-36	6	33	are	be	AUX
abr-36	6	34	further	far	ADV
abr-36	6	35	into	into	ADP
abr-36	6	36	the	the	DET
abr-36	6	37	life	life	NOUN
abr-36	6	38	cycle	cycle	NOUN
abr-36	6	39	.	.	PUNCT
abr-36	7	1	banks	bank	NOUN
abr-36	7	2	ration	ration	VERB
abr-36	7	3	credit	credit	NOUN
abr-36	7	4	,	,	PUNCT
abr-36	7	5	limiting	limit	VERB
abr-36	7	6	the	the	DET
abr-36	7	7	amount	amount	NOUN
abr-36	7	8	of	of	ADP
abr-36	7	9	funds	fund	NOUN
abr-36	7	10	to	to	ADP
abr-36	7	11	newer	new	ADJ
abr-36	7	12	industries	industry	NOUN
abr-36	7	13	with	with	ADP
abr-36	7	14	higher	high	ADJ
abr-36	7	15	levels	level	NOUN
abr-36	7	16	or	or	CCONJ
abr-36	7	17	risk	risk	NOUN
abr-36	7	18	,	,	PUNCT
abr-36	7	19	even	even	ADV
abr-36	7	20	though	though	SCONJ
abr-36	7	21	there	there	PRON
abr-36	7	22	is	be	VERB
abr-36	7	23	a	a	DET
abr-36	7	24	high	high	ADJ
abr-36	7	25	potential	potential	ADJ
abr-36	7	26	return	return	NOUN
abr-36	7	27	.	.	PUNCT
abr-36	8	1	even	even	ADV
abr-36	8	2	in	in	ADP
abr-36	8	3	the	the	DET
abr-36	8	4	presence	presence	NOUN
abr-36	8	5	of	of	ADP
abr-36	8	6	a	a	DET
abr-36	8	7	high	high	ADJ
abr-36	8	8	risk	risk	NOUN
abr-36	8	9	premium	premium	NOUN
abr-36	8	10	,	,	PUNCT
abr-36	8	11	banks	bank	NOUN
abr-36	8	12	have	have	VERB
abr-36	8	13	asymmetric	asymmetric	ADJ
abr-36	8	14	returns	return	NOUN
abr-36	8	15	in	in	ADP
abr-36	8	16	high	high	ADJ
abr-36	8	17	risk	risk	NOUN
abr-36	8	18	/	/	SYM
abr-36	8	19	return	return	NOUN
abr-36	8	20	industries	industry	NOUN
abr-36	8	21	as	as	SCONJ
abr-36	8	22	they	they	PRON
abr-36	8	23	are	be	AUX
abr-36	8	24	exposed	expose	VERB
abr-36	8	25	to	to	ADP
abr-36	8	26	losing	lose	VERB
abr-36	8	27	their	their	PRON
abr-36	8	28	entire	entire	ADJ
abr-36	8	29	investment	investment	NOUN
abr-36	8	30	in	in	ADP
abr-36	8	31	the	the	DET
abr-36	8	32	event	event	NOUN
abr-36	8	33	of	of	ADP
abr-36	8	34	default	default	NOUN
abr-36	8	35	while	while	SCONJ
abr-36	8	36	returns	return	NOUN
abr-36	8	37	are	be	AUX
abr-36	8	38	limited	limit	VERB
abr-36	8	39	to	to	ADP
abr-36	8	40	a	a	DET
abr-36	8	41	fixed	fix	VERB
abr-36	8	42	interest	interest	NOUN
abr-36	8	43	rate	rate	NOUN
abr-36	8	44	.	.	PUNCT
abr-36	9	1	at	at	ADP
abr-36	9	2	the	the	DET
abr-36	9	3	beginning	beginning	NOUN
abr-36	9	4	of	of	ADP
abr-36	9	5	the	the	DET
abr-36	9	6	innovation	innovation	NOUN
abr-36	9	7	life	life	NOUN
abr-36	9	8	cycle	cycle	NOUN
abr-36	9	9	,	,	PUNCT
abr-36	9	10	the	the	DET
abr-36	9	11	industries	industry	NOUN
abr-36	9	12	emerging	emerge	VERB
abr-36	9	13	are	be	AUX
abr-36	9	14	classified	classify	VERB
abr-36	9	15	as	as	ADP
abr-36	9	16	being	be	AUX
abr-36	9	17	radically	radically	ADV
abr-36	9	18	innovative	innovative	ADJ
abr-36	9	19	because	because	SCONJ
abr-36	9	20	the	the	DET
abr-36	9	21	products	product	NOUN
abr-36	9	22	or	or	CCONJ
abr-36	9	23	processes	process	NOUN
abr-36	9	24	they	they	PRON
abr-36	9	25	are	be	AUX
abr-36	9	26	promoting	promote	VERB
abr-36	9	27	are	be	AUX
abr-36	9	28	radical	radical	ADJ
abr-36	9	29	departures	departure	NOUN
abr-36	9	30	from	from	ADP
abr-36	9	31	others	other	NOUN
abr-36	9	32	currently	currently	ADV
abr-36	9	33	on	on	ADP
abr-36	9	34	the	the	DET
abr-36	9	35	market	market	NOUN
abr-36	9	36	.	.	PUNCT
abr-36	10	1	innovations	innovation	NOUN
abr-36	10	2	tend	tend	VERB
abr-36	10	3	to	to	PART
abr-36	10	4	be	be	AUX
abr-36	10	5	clustered	cluster	VERB
abr-36	10	6	in	in	ADP
abr-36	10	7	the	the	DET
abr-36	10	8	beginning	beginning	NOUN
abr-36	10	9	of	of	ADP
abr-36	10	10	the	the	DET
abr-36	10	11	innovation	innovation	NOUN
abr-36	10	12	life	life	NOUN
abr-36	10	13	cycle	cycle	NOUN
abr-36	10	14	(	(	PUNCT
abr-36	10	15	keklik	keklik	NOUN
abr-36	10	16	,	,	PUNCT
abr-36	10	17	2003	2003	NUM
abr-36	10	18	)	)	PUNCT
abr-36	10	19	,	,	PUNCT
abr-36	10	20	while	while	SCONJ
abr-36	10	21	competition	competition	NOUN
abr-36	10	22	intensifies	intensifie	NOUN
abr-36	10	23	as	as	SCONJ
abr-36	10	24	the	the	DET
abr-36	10	25	product	product	NOUN
abr-36	10	26	begins	begin	VERB
abr-36	10	27	production	production	NOUN
abr-36	10	28	.	.	PUNCT
abr-36	11	1	after	after	SCONJ
abr-36	11	2	the	the	DET
abr-36	11	3	weaker	weak	ADJ
abr-36	11	4	firms	firm	NOUN
abr-36	11	5	begin	begin	VERB
abr-36	11	6	to	to	PART
abr-36	11	7	drop	drop	VERB
abr-36	11	8	out	out	ADP
abr-36	11	9	,	,	PUNCT
abr-36	11	10	successful	successful	ADJ
abr-36	11	11	firms	firm	NOUN
abr-36	11	12	become	become	VERB
abr-36	11	13	more	more	ADV
abr-36	11	14	attractive	attractive	ADJ
abr-36	11	15	for	for	ADP
abr-36	11	16	debt	debt	NOUN
abr-36	11	17	financing	financing	NOUN
abr-36	11	18	.	.	PUNCT
abr-36	12	1	these	these	DET
abr-36	12	2	supply	supply	NOUN
abr-36	12	3	constraints	constraint	NOUN
abr-36	12	4	imposed	impose	VERB
abr-36	12	5	by	by	ADP
abr-36	12	6	lenders	lender	NOUN
abr-36	12	7	do	do	AUX
abr-36	12	8	not	not	PART
abr-36	12	9	reduce	reduce	VERB
abr-36	12	10	firms	firm	NOUN
abr-36	12	11	’	’	PART
abr-36	12	12	requirements	requirement	NOUN
abr-36	12	13	for	for	ADP
abr-36	12	14	capital	capital	NOUN
abr-36	12	15	.	.	PUNCT
abr-36	13	1	these	these	DET
abr-36	13	2	radically	radically	ADV
abr-36	13	3	innovative	innovative	ADJ
abr-36	13	4	firms	firm	NOUN
abr-36	13	5	still	still	ADV
abr-36	13	6	have	have	VERB
abr-36	13	7	large	large	ADJ
abr-36	13	8	capital	capital	NOUN
abr-36	13	9	requirements	requirement	NOUN
abr-36	13	10	in	in	ADP
abr-36	13	11	spite	spite	NOUN
abr-36	13	12	of	of	ADP
abr-36	13	13	the	the	DET
abr-36	13	14	inability	inability	NOUN
abr-36	13	15	to	to	PART
abr-36	13	16	obtain	obtain	VERB
abr-36	13	17	the	the	DET
abr-36	13	18	debt	debt	NOUN
abr-36	13	19	instruments	instrument	NOUN
abr-36	13	20	mature	mature	VERB
abr-36	13	21	industries	industry	NOUN
abr-36	13	22	typically	typically	ADV
abr-36	13	23	can	can	AUX
abr-36	13	24	access	access	VERB
abr-36	13	25	.	.	PUNCT
abr-36	14	1	to	to	PART
abr-36	14	2	avoid	avoid	VERB
abr-36	14	3	extinction	extinction	NOUN
abr-36	14	4	,	,	PUNCT
abr-36	14	5	these	these	DET
abr-36	14	6	firms	firm	NOUN
abr-36	14	7	will	will	AUX
abr-36	14	8	continue	continue	VERB
abr-36	14	9	to	to	PART
abr-36	14	10	seek	seek	VERB
abr-36	14	11	capital	capital	NOUN
abr-36	14	12	,	,	PUNCT
abr-36	14	13	having	have	VERB
abr-36	14	14	a	a	DET
abr-36	14	15	larger	large	ADJ
abr-36	14	16	portion	portion	NOUN
abr-36	14	17	of	of	ADP
abr-36	14	18	equity	equity	NOUN
abr-36	14	19	to	to	ADP
abr-36	14	20	debt	debt	NOUN
abr-36	14	21	in	in	ADP
abr-36	14	22	their	their	PRON
abr-36	14	23	capital	capital	NOUN
abr-36	14	24	structure	structure	NOUN
abr-36	14	25	.	.	PUNCT
abr-36	15	1	the	the	DET
abr-36	15	2	trade	trade	NOUN
abr-36	15	3	-	-	PUNCT
abr-36	15	4	off	off	ADP
abr-36	15	5	theory	theory	NOUN
abr-36	15	6	(	(	PUNCT
abr-36	15	7	kraus	kraus	PROPN
abr-36	15	8	&	&	CCONJ
abr-36	15	9	litzenberger	litzenberger	PROPN
abr-36	15	10	,	,	PUNCT
abr-36	15	11	1973	1973	NUM
abr-36	15	12	)	)	PUNCT
abr-36	15	13	posits	posit	NOUN
abr-36	15	14	that	that	SCONJ
abr-36	15	15	firms	firm	NOUN
abr-36	15	16	will	will	AUX
abr-36	15	17	balance	balance	VERB
abr-36	15	18	the	the	DET
abr-36	15	19	tax	tax	NOUN
abr-36	15	20	advantages	advantage	NOUN
abr-36	15	21	of	of	ADP
abr-36	15	22	debt	debt	NOUN
abr-36	15	23	with	with	ADP
abr-36	15	24	the	the	DET
abr-36	15	25	increased	increase	VERB
abr-36	15	26	probabilities	probability	NOUN
abr-36	15	27	of	of	ADP
abr-36	15	28	bankruptcy	bankruptcy	NOUN
abr-36	15	29	as	as	SCONJ
abr-36	15	30	they	they	PRON
abr-36	15	31	become	become	VERB
abr-36	15	32	more	more	ADV
abr-36	15	33	leveraged	leveraged	ADJ
abr-36	15	34	.	.	PUNCT
abr-36	16	1	theoretically	theoretically	ADV
abr-36	16	2	,	,	PUNCT
abr-36	16	3	an	an	DET
abr-36	16	4	optimal	optimal	ADJ
abr-36	16	5	level	level	NOUN
abr-36	16	6	of	of	ADP
abr-36	16	7	leverage	leverage	NOUN
abr-36	16	8	maximizes	maximize	VERB
abr-36	16	9	the	the	DET
abr-36	16	10	firm	firm	NOUN
abr-36	16	11	’s	’s	PART
abr-36	16	12	value	value	NOUN
abr-36	16	13	,	,	PUNCT
abr-36	16	14	thus	thus	ADV
abr-36	16	15	taking	take	VERB
abr-36	16	16	on	on	ADP
abr-36	16	17	more	more	ADJ
abr-36	16	18	debt	debt	NOUN
abr-36	16	19	than	than	SCONJ
abr-36	16	20	the	the	DET
abr-36	16	21	optimal	optimal	ADJ
abr-36	16	22	will	will	AUX
abr-36	16	23	result	result	VERB
abr-36	16	24	in	in	ADP
abr-36	16	25	a	a	DET
abr-36	16	26	lower	low	ADJ
abr-36	16	27	valuation	valuation	NOUN
abr-36	16	28	.	.	PUNCT
abr-36	17	1	the	the	DET
abr-36	17	2	life	life	NOUN
abr-36	17	3	cycle	cycle	NOUN
abr-36	17	4	theory	theory	NOUN
abr-36	17	5	argues	argue	VERB
abr-36	17	6	that	that	SCONJ
abr-36	17	7	radically	radically	ADV
abr-36	17	8	innovative	innovative	ADJ
abr-36	17	9	industries	industry	NOUN
abr-36	17	10	are	be	AUX
abr-36	17	11	more	more	ADV
abr-36	17	12	likely	likely	ADJ
abr-36	17	13	to	to	PART
abr-36	17	14	default	default	VERB
abr-36	17	15	,	,	PUNCT
abr-36	17	16	which	which	PRON
abr-36	17	17	will	will	AUX
abr-36	17	18	lead	lead	VERB
abr-36	17	19	to	to	ADP
abr-36	17	20	a	a	DET
abr-36	17	21	lower	low	ADJ
abr-36	17	22	optimal	optimal	ADJ
abr-36	17	23	level	level	NOUN
abr-36	17	24	of	of	ADP
abr-36	17	25	leverage	leverage	NOUN
abr-36	17	26	.	.	PUNCT
abr-36	18	1	since	since	SCONJ
abr-36	18	2	innovative	innovative	ADJ
abr-36	18	3	firms	firm	NOUN
abr-36	18	4	have	have	VERB
abr-36	18	5	additional	additional	ADJ
abr-36	18	6	capital	capital	NOUN
abr-36	18	7	requirements	requirement	NOUN
abr-36	18	8	above	above	ADP
abr-36	18	9	the	the	DET
abr-36	18	10	optimal	optimal	ADJ
abr-36	18	11	leverage	leverage	NOUN
abr-36	18	12	ratio	ratio	NOUN
abr-36	18	13	,	,	PUNCT
abr-36	18	14	they	they	PRON
abr-36	18	15	will	will	AUX
abr-36	18	16	be	be	AUX
abr-36	18	17	forced	force	VERB
abr-36	18	18	to	to	PART
abr-36	18	19	raise	raise	VERB
abr-36	18	20	the	the	DET
abr-36	18	21	additional	additional	ADJ
abr-36	18	22	funds	fund	NOUN
abr-36	18	23	through	through	ADP
abr-36	18	24	equity	equity	NOUN
abr-36	18	25	/	/	SYM
abr-36	18	26	stock	stock	NOUN
abr-36	18	27	markets	market	NOUN
abr-36	18	28	.	.	PUNCT
abr-36	19	1	firms	firm	NOUN
abr-36	19	2	in	in	ADP
abr-36	19	3	innovative	innovative	ADJ
abr-36	19	4	industries	industry	NOUN
abr-36	19	5	can	can	AUX
abr-36	19	6	be	be	AUX
abr-36	19	7	empirically	empirically	ADV
abr-36	19	8	shown	show	VERB
abr-36	19	9	to	to	PART
abr-36	19	10	have	have	VERB
abr-36	19	11	a	a	DET
abr-36	19	12	higher	high	ADJ
abr-36	19	13	likelihood	likelihood	NOUN
abr-36	19	14	of	of	ADP
abr-36	19	15	raising	raise	VERB
abr-36	19	16	funds	fund	NOUN
abr-36	19	17	through	through	ADP
abr-36	19	18	the	the	DET
abr-36	19	19	stock	stock	NOUN
abr-36	19	20	market	market	NOUN
abr-36	19	21	,	,	PUNCT
abr-36	19	22	controlling	control	VERB
abr-36	19	23	for	for	ADP
abr-36	19	24	portfolio	portfolio	NOUN
abr-36	19	25	returns	return	NOUN
abr-36	19	26	and	and	CCONJ
abr-36	19	27	other	other	ADJ
abr-36	19	28	market	market	NOUN
abr-36	19	29	conditions	condition	NOUN
abr-36	19	30	.	.	PUNCT
abr-36	20	1	while	while	SCONJ
abr-36	20	2	the	the	DET
abr-36	20	3	data	datum	NOUN
abr-36	20	4	do	do	AUX
abr-36	20	5	not	not	PART
abr-36	20	6	allow	allow	VERB
abr-36	20	7	for	for	ADP
abr-36	20	8	a	a	DET
abr-36	20	9	precise	precise	ADJ
abr-36	20	10	positioning	positioning	NOUN
abr-36	20	11	of	of	ADP
abr-36	20	12	firms	firm	NOUN
abr-36	20	13	within	within	ADP
abr-36	20	14	the	the	DET
abr-36	20	15	life	life	NOUN
abr-36	20	16	cycle	cycle	NOUN
abr-36	20	17	,	,	PUNCT
abr-36	20	18	the	the	DET
abr-36	20	19	empirical	empirical	ADJ
abr-36	20	20	results	result	NOUN
abr-36	20	21	http://journals.sfu.ca/abr	http://journals.sfu.ca/abr	X
abr-36	20	22	dehan	dehan	NOUN
abr-36	20	23	17	17	NUM
abr-36	20	24	support	support	NOUN
abr-36	20	25	of	of	ADP
abr-36	20	26	the	the	DET
abr-36	20	27	theory	theory	NOUN
abr-36	20	28	that	that	SCONJ
abr-36	20	29	firms	firm	NOUN
abr-36	20	30	at	at	ADP
abr-36	20	31	the	the	DET
abr-36	20	32	beginning	beginning	NOUN
abr-36	20	33	of	of	ADP
abr-36	20	34	the	the	DET
abr-36	20	35	innovation	innovation	NOUN
abr-36	20	36	life	life	NOUN
abr-36	20	37	cycle	cycle	NOUN
abr-36	20	38	will	will	AUX
abr-36	20	39	be	be	AUX
abr-36	20	40	more	more	ADV
abr-36	20	41	likely	likely	ADJ
abr-36	20	42	to	to	PART
abr-36	20	43	raise	raise	VERB
abr-36	20	44	funds	fund	NOUN
abr-36	20	45	through	through	ADP
abr-36	20	46	equity	equity	NOUN
abr-36	20	47	than	than	ADP
abr-36	20	48	firms	firm	NOUN
abr-36	20	49	at	at	ADP
abr-36	20	50	the	the	DET
abr-36	20	51	end	end	NOUN
abr-36	20	52	of	of	ADP
abr-36	20	53	the	the	DET
abr-36	20	54	life	life	NOUN
abr-36	20	55	cycle	cycle	NOUN
abr-36	20	56	.	.	PUNCT
abr-36	21	1	this	this	PRON
abr-36	21	2	is	be	AUX
abr-36	21	3	performed	perform	VERB
abr-36	21	4	using	use	VERB
abr-36	21	5	patents	patent	NOUN
abr-36	21	6	as	as	ADP
abr-36	21	7	a	a	DET
abr-36	21	8	proxy	proxy	NOUN
abr-36	21	9	for	for	ADP
abr-36	21	10	innovation	innovation	NOUN
abr-36	21	11	,	,	PUNCT
abr-36	21	12	operating	operate	VERB
abr-36	21	13	on	on	ADP
abr-36	21	14	the	the	DET
abr-36	21	15	assumption	assumption	NOUN
abr-36	21	16	that	that	SCONJ
abr-36	21	17	more	more	ADJ
abr-36	21	18	innovation	innovation	NOUN
abr-36	21	19	occurs	occur	VERB
abr-36	21	20	in	in	ADP
abr-36	21	21	the	the	DET
abr-36	21	22	early	early	ADJ
abr-36	21	23	stages	stage	NOUN
abr-36	21	24	of	of	ADP
abr-36	21	25	the	the	DET
abr-36	21	26	life	life	NOUN
abr-36	21	27	cycle	cycle	NOUN
abr-36	21	28	.	.	PUNCT
abr-36	22	1	probit	probit	NOUN
abr-36	22	2	estimation	estimation	NOUN
abr-36	22	3	methods	method	NOUN
abr-36	22	4	with	with	ADP
abr-36	22	5	clustered	clustered	ADJ
abr-36	22	6	standard	standard	ADJ
abr-36	22	7	errors	error	NOUN
abr-36	22	8	are	be	AUX
abr-36	22	9	used	use	VERB
abr-36	22	10	to	to	PART
abr-36	22	11	estimate	estimate	VERB
abr-36	22	12	this	this	DET
abr-36	22	13	relationship	relationship	NOUN
abr-36	22	14	between	between	ADP
abr-36	22	15	innovation	innovation	NOUN
abr-36	22	16	and	and	CCONJ
abr-36	22	17	firm	firm	ADJ
abr-36	22	18	choice	choice	NOUN
abr-36	22	19	as	as	ADP
abr-36	22	20	to	to	ADP
abr-36	22	21	whether	whether	SCONJ
abr-36	22	22	debt	debt	NOUN
abr-36	22	23	or	or	CCONJ
abr-36	22	24	equity	equity	NOUN
abr-36	22	25	financing	financing	NOUN
abr-36	22	26	is	be	AUX
abr-36	22	27	used	use	VERB
abr-36	22	28	.	.	PUNCT
abr-36	23	1	the	the	DET
abr-36	23	2	results	result	NOUN
abr-36	23	3	are	be	AUX
abr-36	23	4	straightforward	straightforward	ADJ
abr-36	23	5	;	;	PUNCT
abr-36	23	6	significant	significant	ADJ
abr-36	23	7	evidence	evidence	NOUN
abr-36	23	8	suggests	suggest	VERB
abr-36	23	9	that	that	SCONJ
abr-36	23	10	the	the	PRON
abr-36	23	11	more	more	ADV
abr-36	23	12	innovative	innovative	ADJ
abr-36	23	13	a	a	DET
abr-36	23	14	firm	firm	NOUN
abr-36	23	15	is	be	AUX
abr-36	23	16	,	,	PUNCT
abr-36	23	17	the	the	PRON
abr-36	23	18	more	more	ADV
abr-36	23	19	likely	likely	ADJ
abr-36	23	20	it	it	PRON
abr-36	23	21	is	be	AUX
abr-36	23	22	to	to	PART
abr-36	23	23	use	use	VERB
abr-36	23	24	the	the	DET
abr-36	23	25	stock	stock	NOUN
abr-36	23	26	market	market	NOUN
abr-36	23	27	than	than	SCONJ
abr-36	23	28	the	the	DET
abr-36	23	29	bond	bond	NOUN
abr-36	23	30	market	market	NOUN
abr-36	23	31	to	to	PART
abr-36	23	32	raise	raise	VERB
abr-36	23	33	funds	fund	NOUN
abr-36	23	34	when	when	SCONJ
abr-36	23	35	seeking	seek	VERB
abr-36	23	36	external	external	ADJ
abr-36	23	37	capital	capital	NOUN
abr-36	23	38	.	.	PUNCT
abr-36	24	1	financing	financing	NOUN
abr-36	24	2	in	in	ADP
abr-36	24	3	the	the	DET
abr-36	24	4	earlier	early	ADJ
abr-36	24	5	states	state	NOUN
abr-36	24	6	of	of	ADP
abr-36	24	7	the	the	DET
abr-36	24	8	product	product	NOUN
abr-36	24	9	life	life	NOUN
abr-36	24	10	cycle	cycle	NOUN
abr-36	24	11	—	—	PUNCT
abr-36	24	12	when	when	SCONJ
abr-36	24	13	there	there	PRON
abr-36	24	14	are	be	VERB
abr-36	24	15	high	high	ADJ
abr-36	24	16	levels	level	NOUN
abr-36	24	17	of	of	ADP
abr-36	24	18	innovation	innovation	NOUN
abr-36	24	19	—	—	PUNCT
abr-36	24	20	a	a	DET
abr-36	24	21	company	company	NOUN
abr-36	24	22	will	will	AUX
abr-36	24	23	not	not	PART
abr-36	24	24	be	be	AUX
abr-36	24	25	able	able	ADJ
abr-36	24	26	to	to	PART
abr-36	24	27	raise	raise	VERB
abr-36	24	28	capital	capital	NOUN
abr-36	24	29	through	through	ADP
abr-36	24	30	debt	debt	NOUN
abr-36	24	31	markets	market	NOUN
abr-36	24	32	and	and	CCONJ
abr-36	24	33	are	be	AUX
abr-36	24	34	more	more	ADV
abr-36	24	35	likely	likely	ADJ
abr-36	24	36	to	to	PART
abr-36	24	37	rely	rely	VERB
abr-36	24	38	on	on	ADP
abr-36	24	39	equity	equity	NOUN
abr-36	24	40	markets	market	NOUN
abr-36	24	41	for	for	ADP
abr-36	24	42	external	external	ADJ
abr-36	24	43	capital	capital	NOUN
abr-36	24	44	.	.	PUNCT
abr-36	25	1	this	this	PRON
abr-36	25	2	is	be	AUX
abr-36	25	3	primarily	primarily	ADV
abr-36	25	4	a	a	DET
abr-36	25	5	supply	supply	NOUN
abr-36	25	6	constraint	constraint	NOUN
abr-36	25	7	because	because	SCONJ
abr-36	25	8	the	the	DET
abr-36	25	9	level	level	NOUN
abr-36	25	10	of	of	ADP
abr-36	25	11	risk	risk	NOUN
abr-36	25	12	to	to	ADP
abr-36	25	13	lenders	lender	NOUN
abr-36	25	14	is	be	AUX
abr-36	25	15	too	too	ADV
abr-36	25	16	high	high	ADJ
abr-36	25	17	given	give	VERB
abr-36	25	18	the	the	DET
abr-36	25	19	expected	expect	VERB
abr-36	25	20	return	return	NOUN
abr-36	25	21	.	.	PUNCT
abr-36	26	1	lenders	lender	NOUN
abr-36	26	2	,	,	PUNCT
abr-36	26	3	while	while	SCONJ
abr-36	26	4	they	they	PRON
abr-36	26	5	may	may	AUX
abr-36	26	6	be	be	AUX
abr-36	26	7	able	able	ADJ
abr-36	26	8	to	to	PART
abr-36	26	9	see	see	VERB
abr-36	26	10	the	the	DET
abr-36	26	11	venture	venture	NOUN
abr-36	26	12	as	as	ADP
abr-36	26	13	being	be	AUX
abr-36	26	14	profitable	profitable	ADJ
abr-36	26	15	,	,	PUNCT
abr-36	26	16	have	have	VERB
abr-36	26	17	a	a	DET
abr-36	26	18	limited	limited	ADJ
abr-36	26	19	upside	upside	NOUN
abr-36	26	20	in	in	ADP
abr-36	26	21	the	the	DET
abr-36	26	22	form	form	NOUN
abr-36	26	23	of	of	ADP
abr-36	26	24	an	an	DET
abr-36	26	25	interest	interest	NOUN
abr-36	26	26	rate	rate	NOUN
abr-36	26	27	,	,	PUNCT
abr-36	26	28	yet	yet	CCONJ
abr-36	26	29	risk	risk	VERB
abr-36	26	30	losing	lose	VERB
abr-36	26	31	their	their	PRON
abr-36	26	32	entire	entire	ADJ
abr-36	26	33	investment	investment	NOUN
abr-36	26	34	if	if	SCONJ
abr-36	26	35	the	the	DET
abr-36	26	36	firm	firm	NOUN
abr-36	26	37	fails	fail	VERB
abr-36	26	38	.	.	PUNCT
abr-36	27	1	in	in	ADP
abr-36	27	2	order	order	NOUN
abr-36	27	3	to	to	PART
abr-36	27	4	raise	raise	VERB
abr-36	27	5	funds	fund	NOUN
abr-36	27	6	,	,	PUNCT
abr-36	27	7	these	these	DET
abr-36	27	8	firms	firm	NOUN
abr-36	27	9	in	in	ADP
abr-36	27	10	new	new	ADJ
abr-36	27	11	and	and	CCONJ
abr-36	27	12	innovative	innovative	ADJ
abr-36	27	13	industries	industry	NOUN
abr-36	27	14	are	be	AUX
abr-36	27	15	likely	likely	ADJ
abr-36	27	16	have	have	VERB
abr-36	27	17	a	a	DET
abr-36	27	18	higher	high	ADJ
abr-36	27	19	reliance	reliance	NOUN
abr-36	27	20	on	on	ADP
abr-36	27	21	equity	equity	NOUN
abr-36	27	22	in	in	ADP
abr-36	27	23	order	order	NOUN
abr-36	27	24	to	to	PART
abr-36	27	25	compensate	compensate	VERB
abr-36	27	26	investors	investor	NOUN
abr-36	27	27	for	for	ADP
abr-36	27	28	the	the	DET
abr-36	27	29	additional	additional	ADJ
abr-36	27	30	risk	risk	NOUN
abr-36	27	31	.	.	PUNCT
abr-36	28	1	innovation	innovation	NOUN
abr-36	28	2	is	be	AUX
abr-36	28	3	defined	define	VERB
abr-36	28	4	as	as	ADP
abr-36	28	5	any	any	DET
abr-36	28	6	improvement	improvement	NOUN
abr-36	28	7	over	over	ADP
abr-36	28	8	old	old	ADJ
abr-36	28	9	products	product	NOUN
abr-36	28	10	,	,	PUNCT
abr-36	28	11	processes	process	NOUN
abr-36	28	12	,	,	PUNCT
abr-36	28	13	or	or	CCONJ
abr-36	28	14	ideas	idea	NOUN
abr-36	28	15	.	.	PUNCT
abr-36	29	1	the	the	DET
abr-36	29	2	innovations	innovation	NOUN
abr-36	29	3	earlier	early	ADV
abr-36	29	4	in	in	ADP
abr-36	29	5	the	the	DET
abr-36	29	6	life	life	NOUN
abr-36	29	7	cycle	cycle	NOUN
abr-36	29	8	are	be	AUX
abr-36	29	9	larger	large	ADJ
abr-36	29	10	departures	departure	NOUN
abr-36	29	11	from	from	ADP
abr-36	29	12	those	those	PRON
abr-36	29	13	currently	currently	ADV
abr-36	29	14	seen	see	VERB
abr-36	29	15	,	,	PUNCT
abr-36	29	16	while	while	SCONJ
abr-36	29	17	those	those	PRON
abr-36	29	18	towards	towards	ADP
abr-36	29	19	the	the	DET
abr-36	29	20	end	end	NOUN
abr-36	29	21	do	do	AUX
abr-36	29	22	not	not	PART
abr-36	29	23	have	have	VERB
abr-36	29	24	much	much	ADJ
abr-36	29	25	of	of	ADP
abr-36	29	26	an	an	DET
abr-36	29	27	impact	impact	NOUN
abr-36	29	28	.	.	PUNCT
abr-36	30	1	established	establish	VERB
abr-36	30	2	firms	firm	NOUN
abr-36	30	3	that	that	PRON
abr-36	30	4	are	be	AUX
abr-36	30	5	constantly	constantly	ADV
abr-36	30	6	innovating	innovate	VERB
abr-36	30	7	are	be	AUX
abr-36	30	8	treated	treat	VERB
abr-36	30	9	in	in	ADP
abr-36	30	10	the	the	DET
abr-36	30	11	same	same	ADJ
abr-36	30	12	manner	manner	NOUN
abr-36	30	13	as	as	ADP
abr-36	30	14	brand	brand	NOUN
abr-36	30	15	new	new	ADJ
abr-36	30	16	firms	firm	NOUN
abr-36	30	17	if	if	SCONJ
abr-36	30	18	the	the	DET
abr-36	30	19	radically	radically	ADV
abr-36	30	20	innovative	innovative	ADJ
abr-36	30	21	activities	activity	NOUN
abr-36	30	22	consume	consume	VERB
abr-36	30	23	a	a	DET
abr-36	30	24	large	large	ADJ
abr-36	30	25	portion	portion	NOUN
abr-36	30	26	of	of	ADP
abr-36	30	27	their	their	PRON
abr-36	30	28	activities	activity	NOUN
abr-36	30	29	.	.	PUNCT
abr-36	31	1	the	the	DET
abr-36	31	2	main	main	ADJ
abr-36	31	3	distinguishing	distinguish	VERB
abr-36	31	4	feature	feature	NOUN
abr-36	31	5	is	be	AUX
abr-36	31	6	that	that	SCONJ
abr-36	31	7	established	establish	VERB
abr-36	31	8	firms	firm	NOUN
abr-36	31	9	may	may	AUX
abr-36	31	10	have	have	VERB
abr-36	31	11	more	more	ADV
abr-36	31	12	retained	retain	VERB
abr-36	31	13	earnings	earning	NOUN
abr-36	31	14	to	to	PART
abr-36	31	15	fall	fall	VERB
abr-36	31	16	back	back	ADV
abr-36	31	17	on	on	ADV
abr-36	31	18	.	.	PUNCT
abr-36	32	1	under	under	ADP
abr-36	32	2	the	the	DET
abr-36	32	3	assumption	assumption	NOUN
abr-36	32	4	that	that	SCONJ
abr-36	32	5	firms	firm	NOUN
abr-36	32	6	will	will	AUX
abr-36	32	7	use	use	VERB
abr-36	32	8	internal	internal	ADJ
abr-36	32	9	funds	fund	NOUN
abr-36	32	10	before	before	ADP
abr-36	32	11	seeking	seek	VERB
abr-36	32	12	external	external	ADJ
abr-36	32	13	capital	capital	NOUN
abr-36	32	14	,	,	PUNCT
abr-36	32	15	firms	firm	NOUN
abr-36	32	16	entering	enter	VERB
abr-36	32	17	new	new	ADJ
abr-36	32	18	industries	industry	NOUN
abr-36	32	19	will	will	AUX
abr-36	32	20	exhaust	exhaust	VERB
abr-36	32	21	their	their	PRON
abr-36	32	22	retained	retain	VERB
abr-36	32	23	earnings	earning	NOUN
abr-36	32	24	,	,	PUNCT
abr-36	32	25	and	and	CCONJ
abr-36	32	26	will	will	AUX
abr-36	32	27	be	be	AUX
abr-36	32	28	more	more	ADV
abr-36	32	29	likely	likely	ADJ
abr-36	32	30	to	to	PART
abr-36	32	31	raise	raise	VERB
abr-36	32	32	funds	fund	NOUN
abr-36	32	33	through	through	ADP
abr-36	32	34	equity	equity	NOUN
abr-36	32	35	than	than	SCONJ
abr-36	32	36	firms	firm	NOUN
abr-36	32	37	still	still	ADV
abr-36	32	38	engaged	engage	VERB
abr-36	32	39	in	in	ADP
abr-36	32	40	an	an	DET
abr-36	32	41	old	old	ADJ
abr-36	32	42	industry	industry	NOUN
abr-36	32	43	.	.	PUNCT
abr-36	33	1	the	the	DET
abr-36	33	2	relevant	relevant	ADJ
abr-36	33	3	factor	factor	NOUN
abr-36	33	4	of	of	ADP
abr-36	33	5	the	the	DET
abr-36	33	6	above	above	ADJ
abr-36	33	7	is	be	AUX
abr-36	33	8	how	how	SCONJ
abr-36	33	9	large	large	ADJ
abr-36	33	10	a	a	DET
abr-36	33	11	percentage	percentage	NOUN
abr-36	33	12	of	of	ADP
abr-36	33	13	activity	activity	NOUN
abr-36	33	14	the	the	DET
abr-36	33	15	radically	radically	ADV
abr-36	33	16	new	new	ADJ
abr-36	33	17	technology	technology	NOUN
abr-36	33	18	consumes	consume	NOUN
abr-36	33	19	of	of	ADP
abr-36	33	20	a	a	DET
abr-36	33	21	company	company	NOUN
abr-36	33	22	.	.	PUNCT
abr-36	34	1	if	if	SCONJ
abr-36	34	2	a	a	DET
abr-36	34	3	massive	massive	ADJ
abr-36	34	4	company	company	NOUN
abr-36	34	5	like	like	ADP
abr-36	34	6	general	general	PROPN
abr-36	34	7	electric	electric	PROPN
abr-36	34	8	begins	begin	VERB
abr-36	34	9	operating	operate	VERB
abr-36	34	10	a	a	DET
abr-36	34	11	radically	radically	ADV
abr-36	34	12	new	new	ADJ
abr-36	34	13	innovation	innovation	NOUN
abr-36	34	14	,	,	PUNCT
abr-36	34	15	it	it	PRON
abr-36	34	16	may	may	AUX
abr-36	34	17	only	only	ADV
abr-36	34	18	be	be	AUX
abr-36	34	19	a	a	DET
abr-36	34	20	small	small	ADJ
abr-36	34	21	portion	portion	NOUN
abr-36	34	22	of	of	ADP
abr-36	34	23	their	their	PRON
abr-36	34	24	portfolio	portfolio	NOUN
abr-36	34	25	and	and	CCONJ
abr-36	34	26	would	would	AUX
abr-36	34	27	not	not	PART
abr-36	34	28	have	have	VERB
abr-36	34	29	much	much	ADJ
abr-36	34	30	influence	influence	NOUN
abr-36	34	31	on	on	ADP
abr-36	34	32	their	their	PRON
abr-36	34	33	external	external	ADJ
abr-36	34	34	capital	capital	NOUN
abr-36	34	35	needs	need	NOUN
abr-36	34	36	.	.	PUNCT
abr-36	35	1	on	on	ADP
abr-36	35	2	the	the	DET
abr-36	35	3	other	other	ADJ
abr-36	35	4	hand	hand	NOUN
abr-36	35	5	,	,	PUNCT
abr-36	35	6	a	a	DET
abr-36	35	7	small	small	ADJ
abr-36	35	8	company	company	NOUN
abr-36	35	9	shifting	shift	VERB
abr-36	35	10	their	their	PRON
abr-36	35	11	entire	entire	ADJ
abr-36	35	12	focus	focus	NOUN
abr-36	35	13	toward	toward	ADP
abr-36	35	14	a	a	DET
abr-36	35	15	radical	radical	ADJ
abr-36	35	16	innovation	innovation	NOUN
abr-36	35	17	would	would	AUX
abr-36	35	18	be	be	AUX
abr-36	35	19	treated	treat	VERB
abr-36	35	20	similarly	similarly	ADV
abr-36	35	21	to	to	ADP
abr-36	35	22	a	a	DET
abr-36	35	23	brand	brand	NOUN
abr-36	35	24	new	new	ADJ
abr-36	35	25	firm	firm	NOUN
abr-36	35	26	.	.	PUNCT
abr-36	36	1	regardless	regardless	ADV
abr-36	36	2	of	of	ADP
abr-36	36	3	whether	whether	SCONJ
abr-36	36	4	a	a	DET
abr-36	36	5	new	new	ADJ
abr-36	36	6	firm	firm	NOUN
abr-36	36	7	or	or	CCONJ
abr-36	36	8	established	establish	VERB
abr-36	36	9	firm	firm	NOUN
abr-36	36	10	is	be	AUX
abr-36	36	11	engaged	engage	VERB
abr-36	36	12	in	in	ADP
abr-36	36	13	the	the	DET
abr-36	36	14	radically	radically	ADV
abr-36	36	15	innovative	innovative	ADJ
abr-36	36	16	activity	activity	NOUN
abr-36	36	17	,	,	PUNCT
abr-36	36	18	their	their	PRON
abr-36	36	19	external	external	ADJ
abr-36	36	20	capital	capital	NOUN
abr-36	36	21	decisions	decision	NOUN
abr-36	36	22	will	will	AUX
abr-36	36	23	be	be	AUX
abr-36	36	24	similar	similar	ADJ
abr-36	36	25	if	if	SCONJ
abr-36	36	26	the	the	DET
abr-36	36	27	innovations	innovation	NOUN
abr-36	36	28	pertain	pertain	VERB
abr-36	36	29	to	to	ADP
abr-36	36	30	a	a	DET
abr-36	36	31	large	large	ADJ
abr-36	36	32	percentage	percentage	NOUN
abr-36	36	33	of	of	ADP
abr-36	36	34	their	their	PRON
abr-36	36	35	activity	activity	NOUN
abr-36	36	36	.	.	PUNCT
abr-36	37	1	traditional	traditional	ADJ
abr-36	37	2	theory	theory	NOUN
abr-36	37	3	suggests	suggest	VERB
abr-36	37	4	that	that	SCONJ
abr-36	37	5	increases	increase	VERB
abr-36	37	6	in	in	ADP
abr-36	37	7	the	the	DET
abr-36	37	8	interest	interest	NOUN
abr-36	37	9	rate	rate	NOUN
abr-36	37	10	are	be	AUX
abr-36	37	11	compensation	compensation	NOUN
abr-36	37	12	for	for	ADP
abr-36	37	13	holding	hold	VERB
abr-36	37	14	risk	risk	NOUN
abr-36	37	15	.	.	PUNCT
abr-36	38	1	charging	charge	VERB
abr-36	38	2	higher	high	ADJ
abr-36	38	3	interest	interest	NOUN
abr-36	38	4	rates	rate	NOUN
abr-36	38	5	on	on	ADP
abr-36	38	6	loans	loan	NOUN
abr-36	38	7	for	for	ADP
abr-36	38	8	riskiness	riskiness	NOUN
abr-36	38	9	is	be	AUX
abr-36	38	10	a	a	DET
abr-36	38	11	common	common	ADJ
abr-36	38	12	practice	practice	NOUN
abr-36	38	13	.	.	PUNCT
abr-36	39	1	however	however	ADV
abr-36	39	2	,	,	PUNCT
abr-36	39	3	high	high	ADJ
abr-36	39	4	risks	risk	NOUN
abr-36	39	5	like	like	ADP
abr-36	39	6	those	those	PRON
abr-36	39	7	found	find	VERB
abr-36	39	8	in	in	ADP
abr-36	39	9	new	new	ADJ
abr-36	39	10	industries	industry	NOUN
abr-36	39	11	would	would	AUX
abr-36	39	12	require	require	VERB
abr-36	39	13	interest	interest	NOUN
abr-36	39	14	rates	rate	NOUN
abr-36	39	15	that	that	PRON
abr-36	39	16	would	would	AUX
abr-36	39	17	be	be	AUX
abr-36	39	18	higher	high	ADJ
abr-36	39	19	than	than	ADP
abr-36	39	20	normal	normal	ADJ
abr-36	39	21	rates	rate	NOUN
abr-36	39	22	.	.	PUNCT
abr-36	40	1	merton	merton	PROPN
abr-36	40	2	(	(	PUNCT
abr-36	40	3	1974	1974	NUM
abr-36	40	4	)	)	PUNCT
abr-36	40	5	presented	present	VERB
abr-36	40	6	the	the	DET
abr-36	40	7	first	first	ADJ
abr-36	40	8	comprehensive	comprehensive	ADJ
abr-36	40	9	theory	theory	NOUN
abr-36	40	10	on	on	ADP
abr-36	40	11	the	the	DET
abr-36	40	12	risk	risk	NOUN
abr-36	40	13	structure	structure	NOUN
abr-36	40	14	of	of	ADP
abr-36	40	15	interest	interest	NOUN
abr-36	40	16	rates	rate	NOUN
abr-36	40	17	,	,	PUNCT
abr-36	40	18	finding	find	VERB
abr-36	40	19	that	that	SCONJ
abr-36	40	20	bonds	bond	NOUN
abr-36	40	21	are	be	AUX
abr-36	40	22	more	more	ADV
abr-36	40	23	difficult	difficult	ADJ
abr-36	40	24	to	to	PART
abr-36	40	25	price	price	VERB
abr-36	40	26	when	when	SCONJ
abr-36	40	27	there	there	PRON
abr-36	40	28	is	be	VERB
abr-36	40	29	significant	significant	ADJ
abr-36	40	30	risk	risk	NOUN
abr-36	40	31	of	of	ADP
abr-36	40	32	default	default	NOUN
abr-36	40	33	.	.	PUNCT
abr-36	41	1	therefore	therefore	ADV
abr-36	41	2	,	,	PUNCT
abr-36	41	3	investors	investor	NOUN
abr-36	41	4	find	find	VERB
abr-36	41	5	these	these	DET
abr-36	41	6	bonds	bond	NOUN
abr-36	41	7	less	less	ADV
abr-36	41	8	desirable	desirable	ADJ
abr-36	41	9	in	in	ADP
abr-36	41	10	spite	spite	NOUN
abr-36	41	11	of	of	ADP
abr-36	41	12	the	the	DET
abr-36	41	13	higher	high	ADJ
abr-36	41	14	interest	interest	NOUN
abr-36	41	15	rates	rate	NOUN
abr-36	41	16	received	receive	VERB
abr-36	41	17	.	.	PUNCT
abr-36	42	1	not	not	PART
abr-36	42	2	only	only	ADV
abr-36	42	3	do	do	AUX
abr-36	42	4	firms	firm	NOUN
abr-36	42	5	in	in	ADP
abr-36	42	6	new	new	ADJ
abr-36	42	7	industries	industry	NOUN
abr-36	42	8	have	have	VERB
abr-36	42	9	higher	high	ADJ
abr-36	42	10	probabilities	probability	NOUN
abr-36	42	11	of	of	ADP
abr-36	42	12	default	default	NOUN
abr-36	42	13	,	,	PUNCT
abr-36	42	14	they	they	PRON
abr-36	42	15	also	also	ADV
abr-36	42	16	have	have	VERB
abr-36	42	17	large	large	ADJ
abr-36	42	18	amounts	amount	NOUN
abr-36	42	19	of	of	ADP
abr-36	42	20	intangible	intangible	ADJ
abr-36	42	21	capital	capital	NOUN
abr-36	42	22	that	that	PRON
abr-36	42	23	is	be	AUX
abr-36	42	24	difficult	difficult	ADJ
abr-36	42	25	to	to	PART
abr-36	42	26	price	price	VERB
abr-36	42	27	.	.	PUNCT
abr-36	43	1	when	when	SCONJ
abr-36	43	2	an	an	DET
abr-36	43	3	asset	asset	NOUN
abr-36	43	4	is	be	AUX
abr-36	43	5	difficult	difficult	ADJ
abr-36	43	6	to	to	PART
abr-36	43	7	price	price	VERB
abr-36	43	8	,	,	PUNCT
abr-36	43	9	investors	investor	NOUN
abr-36	43	10	will	will	AUX
abr-36	43	11	discount	discount	VERB
abr-36	43	12	the	the	DET
abr-36	43	13	price	price	NOUN
abr-36	43	14	.	.	PUNCT
abr-36	44	1	investors	investor	NOUN
abr-36	44	2	will	will	AUX
abr-36	44	3	not	not	PART
abr-36	44	4	be	be	AUX
abr-36	44	5	satisfied	satisfied	ADJ
abr-36	44	6	with	with	ADP
abr-36	44	7	the	the	DET
abr-36	44	8	current	current	ADJ
abr-36	44	9	risk	risk	NOUN
abr-36	44	10	premium	premium	NOUN
abr-36	44	11	and	and	CCONJ
abr-36	44	12	either	either	CCONJ
abr-36	44	13	i	i	PROPN
abr-36	44	14	)	)	PUNCT
abr-36	44	15	demand	demand	VERB
abr-36	44	16	a	a	DET
abr-36	44	17	higher	high	ADJ
abr-36	44	18	interest	interest	NOUN
abr-36	44	19	rate	rate	NOUN
abr-36	44	20	or	or	CCONJ
abr-36	44	21	ii	ii	NOUN
abr-36	44	22	)	)	PUNCT
abr-36	44	23	not	not	PART
abr-36	44	24	lend	lend	VERB
abr-36	44	25	at	at	ADV
abr-36	44	26	all	all	ADV
abr-36	44	27	.	.	PUNCT
abr-36	45	1	while	while	SCONJ
abr-36	45	2	difficulties	difficulty	NOUN
abr-36	45	3	in	in	ADP
abr-36	45	4	pricing	pricing	NOUN
abr-36	45	5	risk	risk	NOUN
abr-36	45	6	do	do	AUX
abr-36	45	7	exist	exist	VERB
abr-36	45	8	,	,	PUNCT
abr-36	45	9	once	once	SCONJ
abr-36	45	10	interest	interest	NOUN
abr-36	45	11	rates	rate	NOUN
abr-36	45	12	rise	rise	VERB
abr-36	45	13	above	above	ADP
abr-36	45	14	a	a	DET
abr-36	45	15	point	point	NOUN
abr-36	45	16	,	,	PUNCT
abr-36	45	17	banks	bank	NOUN
abr-36	45	18	will	will	AUX
abr-36	45	19	no	no	ADV
abr-36	45	20	longer	long	ADV
abr-36	45	21	lend	lend	VERB
abr-36	45	22	funds	fund	NOUN
abr-36	45	23	out	out	ADP
abr-36	45	24	of	of	ADP
abr-36	45	25	fear	fear	NOUN
abr-36	45	26	of	of	ADP
abr-36	45	27	adverse	adverse	ADJ
abr-36	45	28	selection	selection	NOUN
abr-36	45	29	where	where	SCONJ
abr-36	45	30	the	the	DET
abr-36	45	31	only	only	ADJ
abr-36	45	32	firms	firm	NOUN
abr-36	45	33	accepting	accept	VERB
abr-36	45	34	high	high	ADJ
abr-36	45	35	interest	interest	NOUN
abr-36	45	36	rate	rate	NOUN
abr-36	45	37	loans	loan	NOUN
abr-36	45	38	will	will	AUX
abr-36	45	39	be	be	AUX
abr-36	45	40	bad	bad	ADJ
abr-36	45	41	risks	risk	NOUN
abr-36	45	42	.	.	PUNCT
abr-36	46	1	stiglitz	stiglitz	PROPN
abr-36	46	2	and	and	CCONJ
abr-36	46	3	weiss	weiss	PROPN
abr-36	46	4	(	(	PUNCT
abr-36	46	5	1981	1981	NUM
abr-36	46	6	)	)	PUNCT
abr-36	46	7	conceptualized	conceptualize	VERB
abr-36	46	8	this	this	PRON
abr-36	46	9	with	with	ADP
abr-36	46	10	the	the	DET
abr-36	46	11	introduction	introduction	NOUN
abr-36	46	12	of	of	ADP
abr-36	46	13	a	a	DET
abr-36	46	14	theory	theory	NOUN
abr-36	46	15	of	of	ADP
abr-36	46	16	credit	credit	NOUN
abr-36	46	17	rationing	rationing	NOUN
abr-36	46	18	.	.	PUNCT
abr-36	47	1	basic	basic	ADJ
abr-36	47	2	economic	economic	ADJ
abr-36	47	3	theory	theory	NOUN
abr-36	47	4	posits	posit	NOUN
abr-36	47	5	that	that	PRON
abr-36	47	6	market	market	NOUN
abr-36	47	7	equilibrium	equilibrium	NOUN
abr-36	47	8	is	be	AUX
abr-36	47	9	where	where	SCONJ
abr-36	47	10	supply	supply	NOUN
abr-36	47	11	meets	meet	VERB
abr-36	47	12	demand	demand	NOUN
abr-36	47	13	;	;	PUNCT
abr-36	47	14	as	as	SCONJ
abr-36	47	15	prices	price	NOUN
abr-36	47	16	rise	rise	VERB
abr-36	47	17	,	,	PUNCT
abr-36	47	18	suppliers	supplier	NOUN
abr-36	47	19	will	will	AUX
abr-36	47	20	produce	produce	VERB
abr-36	47	21	more	more	ADJ
abr-36	47	22	.	.	PUNCT
abr-36	48	1	however	however	ADV
abr-36	48	2	,	,	PUNCT
abr-36	48	3	debt	debt	NOUN
abr-36	48	4	markets	market	NOUN
abr-36	48	5	act	act	VERB
abr-36	48	6	differently	differently	ADV
abr-36	48	7	with	with	ADP
abr-36	48	8	investors	investor	NOUN
abr-36	48	9	retaining	retain	VERB
abr-36	48	10	their	their	PRON
abr-36	48	11	excess	excess	ADJ
abr-36	48	12	funds	fund	NOUN
abr-36	48	13	rather	rather	ADV
abr-36	48	14	than	than	ADP
abr-36	48	15	lending	lend	VERB
abr-36	48	16	them	they	PRON
abr-36	48	17	out	out	ADP
abr-36	48	18	at	at	ADP
abr-36	48	19	higher	high	ADJ
abr-36	48	20	interest	interest	NOUN
abr-36	48	21	rates	rate	NOUN
abr-36	48	22	.	.	PUNCT
abr-36	49	1	lenders	lender	NOUN
abr-36	49	2	capital	capital	NOUN
abr-36	49	3	structure	structure	NOUN
abr-36	49	4	over	over	ADP
abr-36	49	5	the	the	DET
abr-36	49	6	life	life	NOUN
abr-36	49	7	cycle	cycle	NOUN
abr-36	49	8	18	18	NUM
abr-36	49	9	care	care	NOUN
abr-36	49	10	about	about	ADP
abr-36	49	11	two	two	NUM
abr-36	49	12	things	thing	NOUN
abr-36	49	13	:	:	PUNCT
abr-36	49	14	risk	risk	NOUN
abr-36	49	15	and	and	CCONJ
abr-36	49	16	return	return	VERB
abr-36	49	17	;	;	PUNCT
abr-36	49	18	as	as	ADP
abr-36	49	19	risk	risk	NOUN
abr-36	49	20	increases	increase	NOUN
abr-36	49	21	,	,	PUNCT
abr-36	49	22	the	the	DET
abr-36	49	23	banks	bank	NOUN
abr-36	49	24	are	be	AUX
abr-36	49	25	induced	induce	VERB
abr-36	49	26	to	to	PART
abr-36	49	27	loan	loan	VERB
abr-36	49	28	at	at	ADP
abr-36	49	29	a	a	DET
abr-36	49	30	higher	high	ADJ
abr-36	49	31	interest	interest	NOUN
abr-36	49	32	rate	rate	NOUN
abr-36	49	33	in	in	ADP
abr-36	49	34	order	order	NOUN
abr-36	49	35	to	to	PART
abr-36	49	36	compensate	compensate	VERB
abr-36	49	37	for	for	ADP
abr-36	49	38	the	the	DET
abr-36	49	39	additional	additional	ADJ
abr-36	49	40	risk	risk	NOUN
abr-36	49	41	.	.	PUNCT
abr-36	50	1	the	the	DET
abr-36	50	2	problem	problem	NOUN
abr-36	50	3	arises	arise	VERB
abr-36	50	4	when	when	SCONJ
abr-36	50	5	interest	interest	NOUN
abr-36	50	6	rates	rate	NOUN
abr-36	50	7	rise	rise	VERB
abr-36	50	8	as	as	SCONJ
abr-36	50	9	the	the	DET
abr-36	50	10	rate	rate	NOUN
abr-36	50	11	increase	increase	NOUN
abr-36	50	12	itself	itself	PRON
abr-36	50	13	may	may	AUX
abr-36	50	14	influence	influence	VERB
abr-36	50	15	the	the	DET
abr-36	50	16	riskiness	riskiness	NOUN
abr-36	50	17	of	of	ADP
abr-36	50	18	the	the	DET
abr-36	50	19	project	project	NOUN
abr-36	50	20	.	.	PUNCT
abr-36	51	1	increased	increase	VERB
abr-36	51	2	rates	rate	NOUN
abr-36	51	3	make	make	VERB
abr-36	51	4	debt	debt	NOUN
abr-36	51	5	service	service	NOUN
abr-36	51	6	more	more	ADV
abr-36	51	7	expensive	expensive	ADJ
abr-36	51	8	,	,	PUNCT
abr-36	51	9	tightening	tighten	VERB
abr-36	51	10	margins	margin	NOUN
abr-36	51	11	and	and	CCONJ
abr-36	51	12	threatening	threaten	VERB
abr-36	51	13	the	the	DET
abr-36	51	14	likelihood	likelihood	NOUN
abr-36	51	15	of	of	ADP
abr-36	51	16	repayment	repayment	NOUN
abr-36	51	17	.	.	PUNCT
abr-36	52	1	lenders	lender	NOUN
abr-36	52	2	,	,	PUNCT
abr-36	52	3	therefore	therefore	ADV
abr-36	52	4	,	,	PUNCT
abr-36	52	5	are	be	AUX
abr-36	52	6	aware	aware	ADJ
abr-36	52	7	of	of	ADP
abr-36	52	8	the	the	DET
abr-36	52	9	lemons	lemon	NOUN
abr-36	52	10	problems	problem	NOUN
abr-36	52	11	where	where	SCONJ
abr-36	52	12	those	those	PRON
abr-36	52	13	who	who	PRON
abr-36	52	14	would	would	AUX
abr-36	52	15	borrow	borrow	VERB
abr-36	52	16	at	at	ADP
abr-36	52	17	the	the	DET
abr-36	52	18	highest	high	ADJ
abr-36	52	19	interest	interest	NOUN
abr-36	52	20	rates	rate	NOUN
abr-36	52	21	may	may	AUX
abr-36	52	22	be	be	AUX
abr-36	52	23	worse	bad	ADJ
abr-36	52	24	risks	risk	NOUN
abr-36	52	25	;	;	PUNCT
abr-36	52	26	the	the	DET
abr-36	52	27	interest	interest	NOUN
abr-36	52	28	rates	rate	NOUN
abr-36	52	29	would	would	AUX
abr-36	52	30	be	be	AUX
abr-36	52	31	able	able	ADJ
abr-36	52	32	to	to	PART
abr-36	52	33	act	act	VERB
abr-36	52	34	as	as	ADP
abr-36	52	35	a	a	DET
abr-36	52	36	screening	screening	NOUN
abr-36	52	37	device	device	NOUN
abr-36	52	38	,	,	PUNCT
abr-36	52	39	keeping	keep	VERB
abr-36	52	40	bad	bad	ADJ
abr-36	52	41	investments	investment	NOUN
abr-36	52	42	out	out	ADP
abr-36	52	43	.	.	PUNCT
abr-36	53	1	banks	bank	NOUN
abr-36	53	2	may	may	AUX
abr-36	53	3	interpret	interpret	VERB
abr-36	53	4	the	the	DET
abr-36	53	5	radical	radical	ADJ
abr-36	53	6	industries	industry	NOUN
abr-36	53	7	’	'	PUNCT
abr-36	53	8	willingness	willingness	NOUN
abr-36	53	9	to	to	PART
abr-36	53	10	accept	accept	VERB
abr-36	53	11	high	high	ADJ
abr-36	53	12	interest	interest	NOUN
abr-36	53	13	rates	rate	NOUN
abr-36	53	14	as	as	ADP
abr-36	53	15	a	a	DET
abr-36	53	16	signal	signal	NOUN
abr-36	53	17	of	of	ADP
abr-36	53	18	poor	poor	ADJ
abr-36	53	19	investments	investment	NOUN
abr-36	53	20	,	,	PUNCT
abr-36	53	21	thereby	thereby	ADV
abr-36	53	22	rationing	ration	VERB
abr-36	53	23	credit	credit	NOUN
abr-36	53	24	.	.	PUNCT
abr-36	54	1	barnhart	barnhart	PROPN
abr-36	54	2	and	and	CCONJ
abr-36	54	3	dwyer	dwyer	PROPN
abr-36	54	4	(	(	PUNCT
abr-36	54	5	2012	2012	NUM
abr-36	54	6	)	)	PUNCT
abr-36	54	7	find	find	VERB
abr-36	54	8	that	that	SCONJ
abr-36	54	9	firms	firm	NOUN
abr-36	54	10	in	in	ADP
abr-36	54	11	new	new	ADJ
abr-36	54	12	industries	industry	NOUN
abr-36	54	13	have	have	VERB
abr-36	54	14	a	a	DET
abr-36	54	15	much	much	ADV
abr-36	54	16	higher	high	ADJ
abr-36	54	17	volatility	volatility	NOUN
abr-36	54	18	in	in	ADP
abr-36	54	19	their	their	PRON
abr-36	54	20	returns	return	NOUN
abr-36	54	21	,	,	PUNCT
abr-36	54	22	but	but	CCONJ
abr-36	54	23	have	have	VERB
abr-36	54	24	a	a	DET
abr-36	54	25	much	much	ADV
abr-36	54	26	higher	high	ADJ
abr-36	54	27	expected	expect	VERB
abr-36	54	28	return	return	NOUN
abr-36	54	29	compared	compare	VERB
abr-36	54	30	to	to	ADP
abr-36	54	31	the	the	DET
abr-36	54	32	rest	rest	NOUN
abr-36	54	33	of	of	ADP
abr-36	54	34	the	the	DET
abr-36	54	35	market	market	NOUN
abr-36	54	36	.	.	PUNCT
abr-36	55	1	their	their	PRON
abr-36	55	2	findings	finding	NOUN
abr-36	55	3	indicate	indicate	VERB
abr-36	55	4	that	that	SCONJ
abr-36	55	5	a	a	DET
abr-36	55	6	small	small	ADJ
abr-36	55	7	number	number	NOUN
abr-36	55	8	of	of	ADP
abr-36	55	9	companies	company	NOUN
abr-36	55	10	generate	generate	VERB
abr-36	55	11	outstanding	outstanding	ADJ
abr-36	55	12	stock	stock	NOUN
abr-36	55	13	market	market	NOUN
abr-36	55	14	returns	return	NOUN
abr-36	55	15	while	while	SCONJ
abr-36	55	16	a	a	DET
abr-36	55	17	high	high	ADJ
abr-36	55	18	number	number	NOUN
abr-36	55	19	of	of	ADP
abr-36	55	20	firms	firm	NOUN
abr-36	55	21	failed	fail	VERB
abr-36	55	22	.	.	PUNCT
abr-36	56	1	bankers	banker	NOUN
abr-36	56	2	are	be	AUX
abr-36	56	3	aware	aware	ADJ
abr-36	56	4	of	of	ADP
abr-36	56	5	the	the	DET
abr-36	56	6	high	high	ADJ
abr-36	56	7	potential	potential	ADJ
abr-36	56	8	return	return	NOUN
abr-36	56	9	,	,	PUNCT
abr-36	56	10	but	but	CCONJ
abr-36	56	11	fear	fear	VERB
abr-36	56	12	volatility	volatility	NOUN
abr-36	56	13	.	.	PUNCT
abr-36	57	1	the	the	DET
abr-36	57	2	firm	firm	NOUN
abr-36	57	3	’s	’s	PART
abr-36	57	4	need	need	NOUN
abr-36	57	5	for	for	ADP
abr-36	57	6	capital	capital	NOUN
abr-36	57	7	allows	allow	VERB
abr-36	57	8	speculative	speculative	ADJ
abr-36	57	9	investors	investor	NOUN
abr-36	57	10	to	to	PART
abr-36	57	11	reap	reap	VERB
abr-36	57	12	the	the	DET
abr-36	57	13	benefits	benefit	NOUN
abr-36	57	14	of	of	ADP
abr-36	57	15	higher	high	ADJ
abr-36	57	16	risk	risk	NOUN
abr-36	57	17	through	through	ADP
abr-36	57	18	the	the	DET
abr-36	57	19	stock	stock	NOUN
abr-36	57	20	market	market	NOUN
abr-36	57	21	,	,	PUNCT
abr-36	57	22	allowing	allow	VERB
abr-36	57	23	for	for	ADP
abr-36	57	24	the	the	DET
abr-36	57	25	diversifying	diversify	VERB
abr-36	57	26	investment	investment	NOUN
abr-36	57	27	while	while	SCONJ
abr-36	57	28	delivering	deliver	VERB
abr-36	57	29	the	the	DET
abr-36	57	30	necessary	necessary	ADJ
abr-36	57	31	capital	capital	NOUN
abr-36	57	32	to	to	ADP
abr-36	57	33	innovative	innovative	ADJ
abr-36	57	34	firms	firm	NOUN
abr-36	57	35	.	.	PUNCT
abr-36	58	1	into	into	ADP
abr-36	58	2	the	the	DET
abr-36	58	3	third	third	ADJ
abr-36	58	4	stage	stage	NOUN
abr-36	58	5	,	,	PUNCT
abr-36	58	6	the	the	DET
abr-36	58	7	innovations	innovation	NOUN
abr-36	58	8	are	be	AUX
abr-36	58	9	not	not	PART
abr-36	58	10	substantial	substantial	ADJ
abr-36	58	11	departures	departure	NOUN
abr-36	58	12	from	from	ADP
abr-36	58	13	previous	previous	ADJ
abr-36	58	14	innovations	innovation	NOUN
abr-36	58	15	.	.	PUNCT
abr-36	59	1	this	this	PRON
abr-36	59	2	does	do	AUX
abr-36	59	3	not	not	PART
abr-36	59	4	lend	lend	VERB
abr-36	59	5	itself	itself	PRON
abr-36	59	6	to	to	ADP
abr-36	59	7	high	high	ADJ
abr-36	59	8	rates	rate	NOUN
abr-36	59	9	of	of	ADP
abr-36	59	10	return	return	NOUN
abr-36	59	11	,	,	PUNCT
abr-36	59	12	yet	yet	CCONJ
abr-36	59	13	presents	present	VERB
abr-36	59	14	lower	low	ADJ
abr-36	59	15	risk	risk	NOUN
abr-36	59	16	to	to	ADP
abr-36	59	17	investors	investor	NOUN
abr-36	59	18	.	.	PUNCT
abr-36	60	1	at	at	ADP
abr-36	60	2	this	this	DET
abr-36	60	3	time	time	NOUN
abr-36	60	4	,	,	PUNCT
abr-36	60	5	firms	firm	NOUN
abr-36	60	6	still	still	ADV
abr-36	60	7	have	have	VERB
abr-36	60	8	capital	capital	NOUN
abr-36	60	9	requirements	requirement	NOUN
abr-36	60	10	,	,	PUNCT
abr-36	60	11	but	but	CCONJ
abr-36	60	12	now	now	ADV
abr-36	60	13	have	have	VERB
abr-36	60	14	the	the	DET
abr-36	60	15	ability	ability	NOUN
abr-36	60	16	to	to	PART
abr-36	60	17	raise	raise	VERB
abr-36	60	18	capital	capital	NOUN
abr-36	60	19	through	through	ADP
abr-36	60	20	debt	debt	NOUN
abr-36	60	21	and	and	CCONJ
abr-36	60	22	retained	retain	VERB
abr-36	60	23	earnings	earning	NOUN
abr-36	60	24	to	to	PART
abr-36	60	25	expand	expand	VERB
abr-36	60	26	production	production	NOUN
abr-36	60	27	.	.	PUNCT
abr-36	61	1	these	these	DET
abr-36	61	2	options	option	NOUN
abr-36	61	3	allow	allow	VERB
abr-36	61	4	more	more	ADJ
abr-36	61	5	flexibility	flexibility	NOUN
abr-36	61	6	in	in	ADP
abr-36	61	7	choosing	choose	VERB
abr-36	61	8	the	the	DET
abr-36	61	9	lowest	low	ADJ
abr-36	61	10	cost	cost	NOUN
abr-36	61	11	of	of	ADP
abr-36	61	12	capital	capital	NOUN
abr-36	61	13	as	as	SCONJ
abr-36	61	14	they	they	PRON
abr-36	61	15	can	can	AUX
abr-36	61	16	attract	attract	VERB
abr-36	61	17	bank	bank	NOUN
abr-36	61	18	financing	financing	NOUN
abr-36	61	19	.	.	PUNCT
abr-36	62	1	the	the	DET
abr-36	62	2	difference	difference	NOUN
abr-36	62	3	from	from	ADP
abr-36	62	4	stage	stage	NOUN
abr-36	62	5	two	two	NUM
abr-36	62	6	in	in	ADP
abr-36	62	7	relation	relation	NOUN
abr-36	62	8	to	to	ADP
abr-36	62	9	bank	bank	NOUN
abr-36	62	10	financing	financing	NOUN
abr-36	62	11	is	be	AUX
abr-36	62	12	that	that	SCONJ
abr-36	62	13	the	the	DET
abr-36	62	14	firms	firm	NOUN
abr-36	62	15	are	be	AUX
abr-36	62	16	able	able	ADJ
abr-36	62	17	to	to	PART
abr-36	62	18	receive	receive	VERB
abr-36	62	19	a	a	DET
abr-36	62	20	lower	low	ADJ
abr-36	62	21	interest	interest	NOUN
abr-36	62	22	rate	rate	NOUN
abr-36	62	23	because	because	SCONJ
abr-36	62	24	of	of	ADP
abr-36	62	25	a	a	DET
abr-36	62	26	low	low	ADJ
abr-36	62	27	,	,	PUNCT
abr-36	62	28	measurable	measurable	ADJ
abr-36	62	29	risk	risk	NOUN
abr-36	62	30	.	.	PUNCT
abr-36	63	1	firms	firm	NOUN
abr-36	63	2	will	will	AUX
abr-36	63	3	choose	choose	VERB
abr-36	63	4	the	the	DET
abr-36	63	5	cheapest	cheap	ADJ
abr-36	63	6	way	way	NOUN
abr-36	63	7	to	to	PART
abr-36	63	8	raise	raise	VERB
abr-36	63	9	the	the	DET
abr-36	63	10	necessary	necessary	ADJ
abr-36	63	11	capital	capital	NOUN
abr-36	63	12	and	and	CCONJ
abr-36	63	13	with	with	ADP
abr-36	63	14	interest	interest	NOUN
abr-36	63	15	rates	rate	NOUN
abr-36	63	16	lower	low	ADJ
abr-36	63	17	than	than	ADP
abr-36	63	18	the	the	DET
abr-36	63	19	cost	cost	NOUN
abr-36	63	20	of	of	ADP
abr-36	63	21	equity	equity	NOUN
abr-36	63	22	,	,	PUNCT
abr-36	63	23	the	the	DET
abr-36	63	24	firms	firm	NOUN
abr-36	63	25	will	will	AUX
abr-36	63	26	choose	choose	VERB
abr-36	63	27	significantly	significantly	ADV
abr-36	63	28	more	more	ADJ
abr-36	63	29	debt	debt	NOUN
abr-36	63	30	financing	financing	NOUN
abr-36	63	31	.	.	PUNCT
abr-36	64	1	capital	capital	NOUN
abr-36	64	2	structure	structure	NOUN
abr-36	64	3	as	as	ADP
abr-36	64	4	the	the	DET
abr-36	64	5	first	first	ADJ
abr-36	64	6	widely	widely	ADV
abr-36	64	7	accepted	accept	VERB
abr-36	64	8	theory	theory	NOUN
abr-36	64	9	of	of	ADP
abr-36	64	10	capital	capital	NOUN
abr-36	64	11	structure	structure	NOUN
abr-36	64	12	,	,	PUNCT
abr-36	64	13	modigliani	modigliani	PROPN
abr-36	64	14	and	and	CCONJ
abr-36	64	15	miller	miller	PROPN
abr-36	64	16	(	(	PUNCT
abr-36	64	17	1958	1958	NUM
abr-36	64	18	)	)	PUNCT
abr-36	64	19	showed	show	VERB
abr-36	64	20	that	that	SCONJ
abr-36	64	21	the	the	DET
abr-36	64	22	value	value	NOUN
abr-36	64	23	of	of	ADP
abr-36	64	24	the	the	DET
abr-36	64	25	firm	firm	NOUN
abr-36	64	26	is	be	AUX
abr-36	64	27	not	not	PART
abr-36	64	28	affected	affect	VERB
abr-36	64	29	by	by	ADP
abr-36	64	30	how	how	SCONJ
abr-36	64	31	the	the	DET
abr-36	64	32	firm	firm	NOUN
abr-36	64	33	is	be	AUX
abr-36	64	34	financed	finance	VERB
abr-36	64	35	.	.	PUNCT
abr-36	65	1	the	the	DET
abr-36	65	2	theory	theory	NOUN
abr-36	65	3	is	be	AUX
abr-36	65	4	that	that	SCONJ
abr-36	65	5	firms	firm	NOUN
abr-36	65	6	will	will	AUX
abr-36	65	7	raise	raise	VERB
abr-36	65	8	external	external	ADJ
abr-36	65	9	capital	capital	NOUN
abr-36	65	10	through	through	SCONJ
abr-36	65	11	whichever	whichever	DET
abr-36	65	12	avenue	avenue	NOUN
abr-36	65	13	is	be	AUX
abr-36	65	14	the	the	DET
abr-36	65	15	least	least	ADV
abr-36	65	16	expensive	expensive	ADJ
abr-36	65	17	,	,	PUNCT
abr-36	65	18	bringing	bring	VERB
abr-36	65	19	the	the	DET
abr-36	65	20	most	most	ADJ
abr-36	65	21	capital	capital	NOUN
abr-36	65	22	at	at	ADP
abr-36	65	23	the	the	DET
abr-36	65	24	lowest	low	ADJ
abr-36	65	25	cost	cost	NOUN
abr-36	65	26	.	.	PUNCT
abr-36	66	1	the	the	DET
abr-36	66	2	implication	implication	NOUN
abr-36	66	3	is	be	AUX
abr-36	66	4	that	that	SCONJ
abr-36	66	5	the	the	DET
abr-36	66	6	underlying	underlie	VERB
abr-36	66	7	capital	capital	NOUN
abr-36	66	8	structure	structure	NOUN
abr-36	66	9	does	do	AUX
abr-36	66	10	not	not	PART
abr-36	66	11	matter	matter	VERB
abr-36	66	12	.	.	PUNCT
abr-36	67	1	whether	whether	SCONJ
abr-36	67	2	firms	firm	NOUN
abr-36	67	3	raise	raise	VERB
abr-36	67	4	funds	fund	NOUN
abr-36	67	5	through	through	ADP
abr-36	67	6	equity	equity	NOUN
abr-36	67	7	or	or	CCONJ
abr-36	67	8	debt	debt	NOUN
abr-36	67	9	and	and	CCONJ
abr-36	67	10	how	how	SCONJ
abr-36	67	11	they	they	PRON
abr-36	67	12	pay	pay	VERB
abr-36	67	13	dividends	dividend	NOUN
abr-36	67	14	is	be	AUX
abr-36	67	15	irrelevant	irrelevant	ADJ
abr-36	67	16	to	to	ADP
abr-36	67	17	firm	firm	ADJ
abr-36	67	18	value	value	NOUN
abr-36	67	19	,	,	PUNCT
abr-36	67	20	and	and	CCONJ
abr-36	67	21	that	that	SCONJ
abr-36	67	22	firms	firm	NOUN
abr-36	67	23	will	will	AUX
abr-36	67	24	be	be	AUX
abr-36	67	25	indifferent	indifferent	ADJ
abr-36	67	26	to	to	ADP
abr-36	67	27	their	their	PRON
abr-36	67	28	capital	capital	NOUN
abr-36	67	29	structure	structure	NOUN
abr-36	67	30	.	.	PUNCT
abr-36	68	1	modigliani	modigliani	PROPN
abr-36	68	2	and	and	CCONJ
abr-36	68	3	miller	miller	PROPN
abr-36	68	4	reached	reach	VERB
abr-36	68	5	this	this	DET
abr-36	68	6	irrelevance	irrelevance	NOUN
abr-36	68	7	proposition	proposition	NOUN
abr-36	68	8	under	under	ADP
abr-36	68	9	some	some	DET
abr-36	68	10	crucial	crucial	ADJ
abr-36	68	11	assumptions	assumption	NOUN
abr-36	68	12	:	:	PUNCT
abr-36	68	13	perfect	perfect	ADJ
abr-36	68	14	capital	capital	NOUN
abr-36	68	15	markets	market	NOUN
abr-36	68	16	in	in	ADP
abr-36	68	17	the	the	DET
abr-36	68	18	absence	absence	NOUN
abr-36	68	19	of	of	ADP
abr-36	68	20	taxes	taxis	NOUN
abr-36	68	21	,	,	PUNCT
abr-36	68	22	bankruptcy	bankruptcy	NOUN
abr-36	68	23	costs	cost	NOUN
abr-36	68	24	,	,	PUNCT
abr-36	68	25	asymmetric	asymmetric	ADJ
abr-36	68	26	information	information	NOUN
abr-36	68	27	,	,	PUNCT
abr-36	68	28	adverse	adverse	ADJ
abr-36	68	29	selection	selection	NOUN
abr-36	68	30	,	,	PUNCT
abr-36	68	31	and	and	CCONJ
abr-36	68	32	agency	agency	NOUN
abr-36	68	33	costs	cost	NOUN
abr-36	68	34	.	.	PUNCT
abr-36	69	1	arguing	argue	VERB
abr-36	69	2	that	that	SCONJ
abr-36	69	3	taxes	taxis	NOUN
abr-36	69	4	are	be	AUX
abr-36	69	5	an	an	DET
abr-36	69	6	important	important	ADJ
abr-36	69	7	factor	factor	NOUN
abr-36	69	8	in	in	ADP
abr-36	69	9	how	how	SCONJ
abr-36	69	10	firms	firm	NOUN
abr-36	69	11	finance	finance	VERB
abr-36	69	12	themselves	themselves	PRON
abr-36	69	13	,	,	PUNCT
abr-36	69	14	kraus	kraus	PROPN
abr-36	69	15	and	and	CCONJ
abr-36	69	16	litzenberger	litzenberger	NOUN
abr-36	69	17	(	(	PUNCT
abr-36	69	18	1973	1973	NUM
abr-36	69	19	)	)	PUNCT
abr-36	69	20	introduced	introduce	VERB
abr-36	69	21	the	the	DET
abr-36	69	22	trade	trade	NOUN
abr-36	69	23	-	-	PUNCT
abr-36	69	24	off	off	ADP
abr-36	69	25	theory	theory	NOUN
abr-36	69	26	of	of	ADP
abr-36	69	27	capital	capital	NOUN
abr-36	69	28	structure	structure	NOUN
abr-36	69	29	.	.	PUNCT
abr-36	70	1	the	the	DET
abr-36	70	2	mix	mix	NOUN
abr-36	70	3	of	of	ADP
abr-36	70	4	financing	financing	NOUN
abr-36	70	5	depends	depend	VERB
abr-36	70	6	on	on	ADP
abr-36	70	7	the	the	DET
abr-36	70	8	tax	tax	NOUN
abr-36	70	9	savings	saving	NOUN
abr-36	70	10	and	and	CCONJ
abr-36	70	11	the	the	DET
abr-36	70	12	states	state	NOUN
abr-36	70	13	in	in	ADP
abr-36	70	14	which	which	PRON
abr-36	70	15	a	a	DET
abr-36	70	16	firm	firm	NOUN
abr-36	70	17	would	would	AUX
abr-36	70	18	become	become	VERB
abr-36	70	19	insolvent	insolvent	ADJ
abr-36	70	20	.	.	PUNCT
abr-36	71	1	the	the	DET
abr-36	71	2	significant	significant	ADJ
abr-36	71	3	tax	tax	NOUN
abr-36	71	4	advantages	advantage	NOUN
abr-36	71	5	for	for	ADP
abr-36	71	6	firms	firm	NOUN
abr-36	71	7	are	be	AUX
abr-36	71	8	gained	gain	VERB
abr-36	71	9	by	by	ADP
abr-36	71	10	issuing	issue	VERB
abr-36	71	11	debt	debt	NOUN
abr-36	71	12	that	that	PRON
abr-36	71	13	far	far	ADV
abr-36	71	14	outweigh	outweigh	VERB
abr-36	71	15	any	any	PRON
abr-36	71	16	of	of	ADP
abr-36	71	17	the	the	DET
abr-36	71	18	costs	cost	NOUN
abr-36	71	19	incurred	incur	VERB
abr-36	71	20	by	by	ADP
abr-36	71	21	investors	investor	NOUN
abr-36	71	22	’	’	PART
abr-36	71	23	personal	personal	ADJ
abr-36	71	24	taxes	taxis	NOUN
abr-36	71	25	.	.	PUNCT
abr-36	72	1	paying	pay	VERB
abr-36	72	2	interest	interest	NOUN
abr-36	72	3	on	on	ADP
abr-36	72	4	outstanding	outstanding	ADJ
abr-36	72	5	debt	debt	NOUN
abr-36	72	6	is	be	AUX
abr-36	72	7	tax	tax	NOUN
abr-36	72	8	deductible	deductible	ADJ
abr-36	72	9	and	and	CCONJ
abr-36	72	10	lowers	lower	VERB
abr-36	72	11	the	the	DET
abr-36	72	12	cost	cost	NOUN
abr-36	72	13	to	to	PART
abr-36	72	14	service	service	VERB
abr-36	72	15	the	the	DET
abr-36	72	16	debt	debt	NOUN
abr-36	72	17	.	.	PUNCT
abr-36	73	1	on	on	ADP
abr-36	73	2	the	the	DET
abr-36	73	3	dark	dark	ADJ
abr-36	73	4	side	side	NOUN
abr-36	73	5	of	of	ADP
abr-36	73	6	leverage	leverage	NOUN
abr-36	73	7	,	,	PUNCT
abr-36	73	8	kraus	kraus	PROPN
abr-36	73	9	and	and	CCONJ
abr-36	73	10	litzenberger	litzenberger	NOUN
abr-36	73	11	introduce	introduce	NOUN
abr-36	73	12	bankruptcy	bankruptcy	NOUN
abr-36	73	13	costs	cost	NOUN
abr-36	73	14	into	into	ADP
abr-36	73	15	consideration	consideration	NOUN
abr-36	73	16	.	.	PUNCT
abr-36	74	1	modigliani	modigliani	PROPN
abr-36	74	2	and	and	CCONJ
abr-36	74	3	miller	miller	PROPN
abr-36	74	4	(	(	PUNCT
abr-36	74	5	1958	1958	NUM
abr-36	74	6	)	)	PUNCT
abr-36	74	7	assumed	assume	VERB
abr-36	74	8	that	that	SCONJ
abr-36	74	9	firm	firm	ADJ
abr-36	74	10	value	value	NOUN
abr-36	74	11	does	do	AUX
abr-36	74	12	not	not	PART
abr-36	74	13	depend	depend	VERB
abr-36	74	14	on	on	ADP
abr-36	74	15	how	how	SCONJ
abr-36	74	16	certain	certain	ADJ
abr-36	74	17	they	they	PRON
abr-36	74	18	are	be	AUX
abr-36	74	19	to	to	PART
abr-36	74	20	repay	repay	VERB
abr-36	74	21	their	their	PRON
abr-36	74	22	debt	debt	NOUN
abr-36	74	23	obligations	obligation	NOUN
abr-36	74	24	;	;	PUNCT
abr-36	74	25	the	the	DET
abr-36	74	26	value	value	NOUN
abr-36	74	27	of	of	ADP
abr-36	74	28	a	a	DET
abr-36	74	29	firm	firm	NOUN
abr-36	74	30	is	be	AUX
abr-36	74	31	not	not	PART
abr-36	74	32	affected	affect	VERB
abr-36	74	33	by	by	ADP
abr-36	74	34	its	its	PRON
abr-36	74	35	leverage	leverage	NOUN
abr-36	74	36	since	since	SCONJ
abr-36	74	37	bankruptcy	bankruptcy	NOUN
abr-36	74	38	penalties	penalty	NOUN
abr-36	74	39	do	do	AUX
abr-36	74	40	not	not	PART
abr-36	74	41	exist	exist	VERB
abr-36	74	42	in	in	ADP
abr-36	74	43	perfect	perfect	ADJ
abr-36	74	44	capital	capital	NOUN
abr-36	74	45	markets	market	NOUN
abr-36	74	46	.	.	PUNCT
abr-36	75	1	however	however	ADV
abr-36	75	2	,	,	PUNCT
abr-36	75	3	under	under	ADP
abr-36	75	4	the	the	DET
abr-36	75	5	trade	trade	NOUN
abr-36	75	6	-	-	PUNCT
abr-36	75	7	off	off	ADP
abr-36	75	8	theory	theory	NOUN
abr-36	75	9	,	,	PUNCT
abr-36	75	10	as	as	ADP
abr-36	75	11	the	the	DET
abr-36	75	12	leverage	leverage	NOUN
abr-36	75	13	ratio	ratio	NOUN
abr-36	75	14	increases	increase	NOUN
abr-36	75	15	,	,	PUNCT
abr-36	75	16	the	the	DET
abr-36	75	17	value	value	NOUN
abr-36	75	18	of	of	ADP
abr-36	75	19	a	a	DET
abr-36	75	20	firm	firm	NOUN
abr-36	75	21	begins	begin	VERB
abr-36	75	22	to	to	PART
abr-36	75	23	fall	fall	VERB
abr-36	75	24	because	because	SCONJ
abr-36	75	25	of	of	ADP
abr-36	75	26	the	the	DET
abr-36	75	27	increased	increase	VERB
abr-36	75	28	probability	probability	NOUN
abr-36	75	29	of	of	ADP
abr-36	75	30	becoming	become	VERB
abr-36	75	31	insolvent	insolvent	ADJ
abr-36	75	32	.	.	PUNCT
abr-36	76	1	an	an	DET
abr-36	76	2	illustrative	illustrative	ADJ
abr-36	76	3	,	,	PUNCT
abr-36	76	4	stylized	stylize	VERB
abr-36	76	5	model	model	NOUN
abr-36	76	6	of	of	ADP
abr-36	76	7	the	the	DET
abr-36	76	8	trade	trade	NOUN
abr-36	76	9	-	-	PUNCT
abr-36	76	10	off	off	ADP
abr-36	76	11	theory	theory	NOUN
abr-36	76	12	is	be	AUX
abr-36	76	13	shown	show	VERB
abr-36	76	14	in	in	ADP
abr-36	76	15	figure	figure	NOUN
abr-36	76	16	1	1	NUM
abr-36	76	17	.	.	PUNCT
abr-36	77	1	the	the	DET
abr-36	77	2	total	total	ADJ
abr-36	77	3	value	value	NOUN
abr-36	77	4	of	of	ADP
abr-36	77	5	the	the	DET
abr-36	77	6	firm	firm	NOUN
abr-36	77	7	on	on	ADP
abr-36	77	8	the	the	DET
abr-36	77	9	vertical	vertical	ADJ
abr-36	77	10	axis	axis	NOUN
abr-36	77	11	is	be	AUX
abr-36	77	12	plotted	plot	VERB
abr-36	77	13	against	against	ADP
abr-36	77	14	the	the	DET
abr-36	77	15	leverage	leverage	NOUN
abr-36	77	16	ratio	ratio	NOUN
abr-36	77	17	,	,	PUNCT
abr-36	77	18	debt	debt	NOUN
abr-36	77	19	to	to	ADP
abr-36	77	20	assets	asset	NOUN
abr-36	77	21	(	(	PUNCT
abr-36	77	22	d	d	X
abr-36	77	23	/	/	SYM
abr-36	77	24	a	a	NOUN
abr-36	77	25	)	)	PUNCT
abr-36	77	26	on	on	ADP
abr-36	77	27	the	the	DET
abr-36	77	28	horizontal	horizontal	ADJ
abr-36	77	29	figure	figure	NOUN
abr-36	77	30	2	2	NUM
abr-36	77	31	dehan	dehan	NOUN
abr-36	77	32	19	19	NUM
abr-36	77	33	figure	figure	NOUN
abr-36	77	34	1	1	NUM
abr-36	77	35	.	.	PUNCT
abr-36	77	36	trade	trade	NOUN
abr-36	77	37	-	-	PUNCT
abr-36	77	38	off	off	ADP
abr-36	77	39	theory	theory	NOUN
abr-36	77	40	axis	axis	NOUN
abr-36	77	41	.	.	PUNCT
abr-36	78	1	the	the	DET
abr-36	78	2	intercept	intercept	PROPN
abr-36	78	3	,	,	PUNCT
abr-36	78	4	�	�	PROPN
abr-36	78	5	̂	̂	VERB
abr-36	78	6	�	�	PROPN
abr-36	78	7	,	,	PUNCT
abr-36	78	8	is	be	AUX
abr-36	78	9	the	the	DET
abr-36	78	10	value	value	NOUN
abr-36	78	11	of	of	ADP
abr-36	78	12	a	a	DET
abr-36	78	13	firm	firm	NOUN
abr-36	78	14	with	with	ADP
abr-36	78	15	no	no	DET
abr-36	78	16	leverage	leverage	NOUN
abr-36	78	17	and	and	CCONJ
abr-36	78	18	funded	fund	VERB
abr-36	78	19	purely	purely	ADV
abr-36	78	20	by	by	ADP
abr-36	78	21	equity	equity	NOUN
abr-36	78	22	or	or	CCONJ
abr-36	78	23	retained	retain	VERB
abr-36	78	24	earnings	earning	NOUN
abr-36	78	25	.	.	PUNCT
abr-36	79	1	when	when	SCONJ
abr-36	79	2	a	a	DET
abr-36	79	3	firm	firm	NOUN
abr-36	79	4	is	be	AUX
abr-36	79	5	at	at	ADP
abr-36	79	6	this	this	DET
abr-36	79	7	point	point	NOUN
abr-36	79	8	,	,	PUNCT
abr-36	79	9	it	it	PRON
abr-36	79	10	is	be	AUX
abr-36	79	11	not	not	PART
abr-36	79	12	maximizing	maximize	VERB
abr-36	79	13	the	the	DET
abr-36	79	14	value	value	NOUN
abr-36	79	15	of	of	ADP
abr-36	79	16	the	the	DET
abr-36	79	17	firm	firm	NOUN
abr-36	79	18	as	as	ADP
abr-36	79	19	borrowing	borrowing	NOUN
abr-36	79	20	would	would	AUX
abr-36	79	21	allow	allow	VERB
abr-36	79	22	the	the	DET
abr-36	79	23	firm	firm	NOUN
abr-36	79	24	to	to	PART
abr-36	79	25	pursue	pursue	VERB
abr-36	79	26	additional	additional	ADJ
abr-36	79	27	profit	profit	NOUN
abr-36	79	28	opportunities	opportunity	NOUN
abr-36	79	29	.	.	PUNCT
abr-36	80	1	𝐹𝑉𝑛𝑑	𝐹𝑉𝑛𝑑	PROPN
abr-36	80	2	represents	represent	VERB
abr-36	80	3	firm	firm	ADJ
abr-36	80	4	value	value	NOUN
abr-36	80	5	,	,	PUNCT
abr-36	80	6	with	with	ADP
abr-36	80	7	the	the	DET
abr-36	80	8	nd	nd	NOUN
abr-36	80	9	subscript	subscript	NOUN
abr-36	80	10	indicating	indicate	VERB
abr-36	80	11	no	no	DET
abr-36	80	12	default	default	NOUN
abr-36	80	13	that	that	PRON
abr-36	80	14	shows	show	VERB
abr-36	80	15	what	what	PRON
abr-36	80	16	a	a	DET
abr-36	80	17	firm	firm	NOUN
abr-36	80	18	’s	’s	PART
abr-36	80	19	value	value	NOUN
abr-36	80	20	would	would	AUX
abr-36	80	21	be	be	AUX
abr-36	80	22	in	in	ADP
abr-36	80	23	the	the	DET
abr-36	80	24	absence	absence	NOUN
abr-36	80	25	of	of	ADP
abr-36	80	26	any	any	DET
abr-36	80	27	costs	cost	NOUN
abr-36	80	28	associated	associate	VERB
abr-36	80	29	with	with	ADP
abr-36	80	30	increased	increase	VERB
abr-36	80	31	leverage	leverage	NOUN
abr-36	80	32	.	.	PUNCT
abr-36	81	1	with	with	ADP
abr-36	81	2	no	no	DET
abr-36	81	3	chance	chance	NOUN
abr-36	81	4	of	of	ADP
abr-36	81	5	default	default	NOUN
abr-36	81	6	,	,	PUNCT
abr-36	81	7	a	a	DET
abr-36	81	8	firm	firm	NOUN
abr-36	81	9	could	could	AUX
abr-36	81	10	theoretically	theoretically	ADV
abr-36	81	11	borrow	borrow	VERB
abr-36	81	12	unlimited	unlimited	ADJ
abr-36	81	13	funds	fund	NOUN
abr-36	81	14	,	,	PUNCT
abr-36	81	15	invest	invest	VERB
abr-36	81	16	them	they	PRON
abr-36	81	17	,	,	PUNCT
abr-36	81	18	and	and	CCONJ
abr-36	81	19	watch	watch	VERB
abr-36	81	20	the	the	DET
abr-36	81	21	value	value	NOUN
abr-36	81	22	of	of	ADP
abr-36	81	23	the	the	DET
abr-36	81	24	firm	firm	NOUN
abr-36	81	25	grow	grow	VERB
abr-36	81	26	.	.	PUNCT
abr-36	82	1	the	the	DET
abr-36	82	2	flip	flip	ADJ
abr-36	82	3	side	side	NOUN
abr-36	82	4	of	of	ADP
abr-36	82	5	the	the	DET
abr-36	82	6	leverage	leverage	NOUN
abr-36	82	7	is	be	AUX
abr-36	82	8	that	that	SCONJ
abr-36	82	9	while	while	SCONJ
abr-36	82	10	leverage	leverage	NOUN
abr-36	82	11	can	can	AUX
abr-36	82	12	multiply	multiply	VERB
abr-36	82	13	profit	profit	NOUN
abr-36	82	14	rates	rate	NOUN
abr-36	82	15	,	,	PUNCT
abr-36	82	16	it	it	PRON
abr-36	82	17	can	can	AUX
abr-36	82	18	also	also	ADV
abr-36	82	19	multiply	multiply	VERB
abr-36	82	20	losses	loss	NOUN
abr-36	82	21	.	.	PUNCT
abr-36	83	1	the	the	DET
abr-36	83	2	more	more	ADJ
abr-36	83	3	leverage	leverage	NOUN
abr-36	83	4	a	a	DET
abr-36	83	5	firm	firm	NOUN
abr-36	83	6	maintains	maintain	VERB
abr-36	83	7	,	,	PUNCT
abr-36	83	8	the	the	PRON
abr-36	83	9	higher	high	ADJ
abr-36	83	10	the	the	DET
abr-36	83	11	probability	probability	NOUN
abr-36	83	12	a	a	DET
abr-36	83	13	shock	shock	NOUN
abr-36	83	14	or	or	CCONJ
abr-36	83	15	poor	poor	ADJ
abr-36	83	16	investment	investment	NOUN
abr-36	83	17	will	will	AUX
abr-36	83	18	leave	leave	VERB
abr-36	83	19	the	the	DET
abr-36	83	20	firm	firm	ADJ
abr-36	83	21	insolvent	insolvent	NOUN
abr-36	83	22	.	.	PUNCT
abr-36	84	1	𝐹𝑉′	𝐹𝑉′	NOUN
abr-36	84	2	is	be	AUX
abr-36	84	3	the	the	DET
abr-36	84	4	firm	firm	ADJ
abr-36	84	5	value	value	NOUN
abr-36	84	6	that	that	PRON
abr-36	84	7	incorporates	incorporate	VERB
abr-36	84	8	bankruptcy	bankruptcy	NOUN
abr-36	84	9	costs	cost	NOUN
abr-36	84	10	and	and	CCONJ
abr-36	84	11	additional	additional	ADJ
abr-36	84	12	borrowing	borrowing	NOUN
abr-36	84	13	costs	cost	NOUN
abr-36	84	14	imposed	impose	VERB
abr-36	84	15	by	by	ADP
abr-36	84	16	lenders	lender	NOUN
abr-36	84	17	to	to	PART
abr-36	84	18	cover	cover	VERB
abr-36	84	19	a	a	DET
abr-36	84	20	higher	high	ADJ
abr-36	84	21	risk	risk	NOUN
abr-36	84	22	of	of	ADP
abr-36	84	23	default	default	NOUN
abr-36	84	24	.	.	PUNCT
abr-36	85	1	eventually	eventually	ADV
abr-36	85	2	,	,	PUNCT
abr-36	85	3	the	the	DET
abr-36	85	4	costs	cost	NOUN
abr-36	85	5	of	of	ADP
abr-36	85	6	increased	increase	VERB
abr-36	85	7	leverage	leverage	NOUN
abr-36	85	8	outweigh	outweigh	VERB
abr-36	85	9	the	the	DET
abr-36	85	10	benefits	benefit	NOUN
abr-36	85	11	,	,	PUNCT
abr-36	85	12	causing	cause	VERB
abr-36	85	13	the	the	DET
abr-36	85	14	firm	firm	NOUN
abr-36	85	15	’s	’s	PART
abr-36	85	16	value	value	NOUN
abr-36	85	17	to	to	PART
abr-36	85	18	drop	drop	VERB
abr-36	85	19	.	.	PUNCT
abr-36	86	1	𝐹𝑉′	𝐹𝑉′	NOUN
abr-36	86	2	would	would	AUX
abr-36	86	3	be	be	AUX
abr-36	86	4	close	close	ADJ
abr-36	86	5	in	in	ADP
abr-36	86	6	value	value	NOUN
abr-36	86	7	with	with	ADP
abr-36	86	8	𝐹𝑉𝑛𝑑	𝐹𝑉𝑛𝑑	PROPN
abr-36	86	9	up	up	ADP
abr-36	86	10	until	until	ADP
abr-36	86	11	a	a	DET
abr-36	86	12	point	point	NOUN
abr-36	86	13	,	,	PUNCT
abr-36	86	14	𝐷/𝐴′	𝐷/𝐴′	NOUN
abr-36	86	15	,	,	PUNCT
abr-36	86	16	because	because	SCONJ
abr-36	86	17	at	at	ADP
abr-36	86	18	low	low	ADJ
abr-36	86	19	levels	level	NOUN
abr-36	86	20	of	of	ADP
abr-36	86	21	leverage	leverage	NOUN
abr-36	86	22	,	,	PUNCT
abr-36	86	23	the	the	DET
abr-36	86	24	probability	probability	NOUN
abr-36	86	25	of	of	ADP
abr-36	86	26	default	default	NOUN
abr-36	86	27	is	be	AUX
abr-36	86	28	negligible	negligible	ADJ
abr-36	86	29	.	.	PUNCT
abr-36	87	1	firms	firm	NOUN
abr-36	87	2	,	,	PUNCT
abr-36	87	3	as	as	ADP
abr-36	87	4	profit	profit	NOUN
abr-36	87	5	maximizing	maximize	VERB
abr-36	87	6	entities	entity	NOUN
abr-36	87	7	,	,	PUNCT
abr-36	87	8	will	will	AUX
abr-36	87	9	attempt	attempt	VERB
abr-36	87	10	to	to	PART
abr-36	87	11	maximize	maximize	VERB
abr-36	87	12	their	their	PRON
abr-36	87	13	value	value	NOUN
abr-36	87	14	and	and	CCONJ
abr-36	87	15	select	select	VERB
abr-36	87	16	the	the	DET
abr-36	87	17	optimal	optimal	ADJ
abr-36	87	18	leverage	leverage	NOUN
abr-36	87	19	ratio	ratio	NOUN
abr-36	87	20	at	at	ADP
abr-36	87	21	𝐷/𝐴∗	𝐷/𝐴∗	PROPN
abr-36	87	22	where	where	SCONJ
abr-36	87	23	the	the	DET
abr-36	87	24	marginal	marginal	ADJ
abr-36	87	25	benefits	benefit	NOUN
abr-36	87	26	of	of	ADP
abr-36	87	27	debt	debt	NOUN
abr-36	87	28	equal	equal	ADJ
abr-36	87	29	the	the	DET
abr-36	87	30	marginal	marginal	ADJ
abr-36	87	31	costs	cost	NOUN
abr-36	87	32	of	of	ADP
abr-36	87	33	bankruptcy	bankruptcy	NOUN
abr-36	87	34	.	.	PUNCT
abr-36	88	1	at	at	ADP
abr-36	88	2	leverage	leverage	NOUN
abr-36	88	3	levels	level	NOUN
abr-36	88	4	between	between	ADP
abr-36	88	5	𝐷/𝐴′	𝐷/𝐴′	NOUN
abr-36	88	6	and	and	CCONJ
abr-36	88	7	𝐷/𝐴∗	𝐷/𝐴∗	PROPN
abr-36	88	8	,	,	PUNCT
abr-36	88	9	the	the	DET
abr-36	88	10	costs	cost	NOUN
abr-36	88	11	of	of	ADP
abr-36	88	12	leverage	leverage	NOUN
abr-36	88	13	are	be	AUX
abr-36	88	14	non	non	ADJ
abr-36	88	15	-	-	ADJ
abr-36	88	16	negligible	negligible	ADJ
abr-36	88	17	,	,	PUNCT
abr-36	88	18	but	but	CCONJ
abr-36	88	19	increasing	increase	VERB
abr-36	88	20	at	at	ADP
abr-36	88	21	an	an	DET
abr-36	88	22	increasing	increase	VERB
abr-36	88	23	rate	rate	NOUN
abr-36	88	24	.	.	PUNCT
abr-36	89	1	until	until	SCONJ
abr-36	89	2	𝐷/𝐴∗	𝐷/𝐴∗	PROPN
abr-36	89	3	is	be	AUX
abr-36	89	4	reached	reach	VERB
abr-36	89	5	,	,	PUNCT
abr-36	89	6	the	the	DET
abr-36	89	7	benefits	benefit	NOUN
abr-36	89	8	still	still	ADV
abr-36	89	9	exceed	exceed	VERB
abr-36	89	10	the	the	DET
abr-36	89	11	costs	cost	NOUN
abr-36	89	12	;	;	PUNCT
abr-36	89	13	at	at	ADP
abr-36	89	14	leverage	leverage	NOUN
abr-36	89	15	levels	level	NOUN
abr-36	89	16	greater	great	ADJ
abr-36	89	17	than	than	ADP
abr-36	89	18	𝐷/𝐴∗	𝐷/𝐴∗	PROPN
abr-36	89	19	,	,	PUNCT
abr-36	89	20	bankruptcy	bankruptcy	NOUN
abr-36	89	21	costs	cost	NOUN
abr-36	89	22	exceed	exceed	VERB
abr-36	89	23	the	the	DET
abr-36	89	24	tax	tax	NOUN
abr-36	89	25	benefits	benefit	NOUN
abr-36	89	26	.	.	PUNCT
abr-36	90	1	if	if	SCONJ
abr-36	90	2	a	a	DET
abr-36	90	3	firm	firm	NOUN
abr-36	90	4	has	have	VERB
abr-36	90	5	additional	additional	ADJ
abr-36	90	6	profitable	profitable	ADJ
abr-36	90	7	opportunities	opportunity	NOUN
abr-36	90	8	and	and	CCONJ
abr-36	90	9	is	be	AUX
abr-36	90	10	in	in	ADP
abr-36	90	11	need	need	NOUN
abr-36	90	12	of	of	ADP
abr-36	90	13	more	more	ADJ
abr-36	90	14	capital	capital	NOUN
abr-36	90	15	than	than	SCONJ
abr-36	90	16	it	it	PRON
abr-36	90	17	would	would	AUX
abr-36	90	18	receive	receive	VERB
abr-36	90	19	at	at	ADP
abr-36	90	20	the	the	DET
abr-36	90	21	optimal	optimal	ADJ
abr-36	90	22	leverage	leverage	NOUN
abr-36	90	23	ratio	ratio	NOUN
abr-36	90	24	,	,	PUNCT
abr-36	90	25	the	the	DET
abr-36	90	26	firm	firm	NOUN
abr-36	90	27	would	would	AUX
abr-36	90	28	then	then	ADV
abr-36	90	29	turn	turn	VERB
abr-36	90	30	to	to	ADP
abr-36	90	31	equity	equity	NOUN
abr-36	90	32	markets	market	NOUN
abr-36	90	33	.	.	PUNCT
abr-36	91	1	the	the	DET
abr-36	91	2	trade	trade	NOUN
abr-36	91	3	-	-	PUNCT
abr-36	91	4	off	off	ADP
abr-36	91	5	theory	theory	NOUN
abr-36	91	6	maintains	maintain	VERB
abr-36	91	7	that	that	SCONJ
abr-36	91	8	firms	firm	NOUN
abr-36	91	9	will	will	AUX
abr-36	91	10	reach	reach	VERB
abr-36	91	11	their	their	PRON
abr-36	91	12	optimal	optimal	ADJ
abr-36	91	13	leverage	leverage	NOUN
abr-36	91	14	ratio	ratio	NOUN
abr-36	91	15	in	in	ADP
abr-36	91	16	order	order	NOUN
abr-36	91	17	to	to	PART
abr-36	91	18	maximize	maximize	VERB
abr-36	91	19	their	their	PRON
abr-36	91	20	value	value	NOUN
abr-36	91	21	.	.	PUNCT
abr-36	92	1	the	the	DET
abr-36	92	2	only	only	ADJ
abr-36	92	3	circumstances	circumstance	NOUN
abr-36	92	4	where	where	SCONJ
abr-36	92	5	they	they	PRON
abr-36	92	6	would	would	AUX
abr-36	92	7	utilize	utilize	VERB
abr-36	92	8	equity	equity	NOUN
abr-36	92	9	financing	financing	NOUN
abr-36	92	10	is	be	AUX
abr-36	92	11	if	if	SCONJ
abr-36	92	12	capital	capital	NOUN
abr-36	92	13	in	in	ADP
abr-36	92	14	excess	excess	NOUN
abr-36	92	15	of	of	ADP
abr-36	92	16	the	the	DET
abr-36	92	17	optimal	optimal	ADJ
abr-36	92	18	level	level	NOUN
abr-36	92	19	was	be	AUX
abr-36	92	20	needed	need	VERB
abr-36	92	21	.	.	PUNCT
abr-36	93	1	adjusting	adjust	VERB
abr-36	93	2	the	the	DET
abr-36	93	3	level	level	NOUN
abr-36	93	4	of	of	ADP
abr-36	93	5	bankruptcy	bankruptcy	NOUN
abr-36	93	6	costs	cost	NOUN
abr-36	93	7	and	and	CCONJ
abr-36	93	8	tax	tax	NOUN
abr-36	93	9	benefits	benefit	NOUN
abr-36	93	10	has	have	VERB
abr-36	93	11	important	important	ADJ
abr-36	93	12	implications	implication	NOUN
abr-36	93	13	for	for	ADP
abr-36	93	14	the	the	DET
abr-36	93	15	trade	trade	NOUN
abr-36	93	16	-	-	PUNCT
abr-36	93	17	off	off	ADP
abr-36	93	18	theory	theory	NOUN
abr-36	93	19	of	of	ADP
abr-36	93	20	capital	capital	NOUN
abr-36	93	21	structure	structure	NOUN
abr-36	93	22	.	.	PUNCT
abr-36	94	1	when	when	SCONJ
abr-36	94	2	the	the	DET
abr-36	94	3	probability	probability	NOUN
abr-36	94	4	of	of	ADP
abr-36	94	5	default	default	NOUN
abr-36	94	6	is	be	AUX
abr-36	94	7	altered	alter	VERB
abr-36	94	8	,	,	PUNCT
abr-36	94	9	the	the	DET
abr-36	94	10	trade	trade	NOUN
abr-36	94	11	-	-	PUNCT
abr-36	94	12	off	off	ADP
abr-36	94	13	theory	theory	NOUN
abr-36	94	14	predicts	predict	VERB
abr-36	94	15	a	a	DET
abr-36	94	16	change	change	NOUN
abr-36	94	17	in	in	ADP
abr-36	94	18	the	the	DET
abr-36	94	19	optimal	optimal	ADJ
abr-36	94	20	level	level	NOUN
abr-36	94	21	of	of	ADP
abr-36	94	22	leverage	leverage	NOUN
abr-36	94	23	.	.	PUNCT
abr-36	95	1	figure	figure	NOUN
abr-36	95	2	2	2	NUM
abr-36	95	3	illustrates	illustrate	VERB
abr-36	95	4	how	how	SCONJ
abr-36	95	5	changing	change	VERB
abr-36	95	6	the	the	DET
abr-36	95	7	probability	probability	NOUN
abr-36	95	8	of	of	ADP
abr-36	95	9	default	default	NOUN
abr-36	95	10	for	for	ADP
abr-36	95	11	an	an	DET
abr-36	95	12	innovative	innovative	ADJ
abr-36	95	13	industry	industry	NOUN
abr-36	95	14	will	will	AUX
abr-36	95	15	alter	alter	VERB
abr-36	95	16	the	the	DET
abr-36	95	17	optimal	optimal	ADJ
abr-36	95	18	leverage	leverage	NOUN
abr-36	95	19	ratio	ratio	NOUN
abr-36	95	20	.	.	PUNCT
abr-36	96	1	two	two	NUM
abr-36	96	2	types	type	NOUN
abr-36	96	3	of	of	ADP
abr-36	96	4	firms	firm	NOUN
abr-36	96	5	are	be	AUX
abr-36	96	6	assumed	assume	VERB
abr-36	96	7	:	:	PUNCT
abr-36	96	8	one	one	NUM
abr-36	96	9	in	in	ADP
abr-36	96	10	a	a	DET
abr-36	96	11	new	new	ADJ
abr-36	96	12	industry	industry	NOUN
abr-36	96	13	and	and	CCONJ
abr-36	96	14	the	the	DET
abr-36	96	15	other	other	ADJ
abr-36	96	16	in	in	ADP
abr-36	96	17	an	an	DET
abr-36	96	18	old	old	ADJ
abr-36	96	19	industry	industry	NOUN
abr-36	96	20	.	.	PUNCT
abr-36	97	1	the	the	DET
abr-36	97	2	distinction	distinction	NOUN
abr-36	97	3	between	between	ADP
abr-36	97	4	the	the	DET
abr-36	97	5	two	two	NUM
abr-36	97	6	types	type	NOUN
abr-36	97	7	of	of	ADP
abr-36	97	8	firms	firm	NOUN
abr-36	97	9	is	be	AUX
abr-36	97	10	that	that	SCONJ
abr-36	97	11	the	the	DET
abr-36	97	12	firm	firm	NOUN
abr-36	97	13	in	in	ADP
abr-36	97	14	the	the	DET
abr-36	97	15	new	new	ADJ
abr-36	97	16	industry	industry	NOUN
abr-36	97	17	has	have	VERB
abr-36	97	18	a	a	DET
abr-36	97	19	higher	high	ADJ
abr-36	97	20	probability	probability	NOUN
abr-36	97	21	of	of	ADP
abr-36	97	22	default	default	NOUN
abr-36	97	23	,	,	PUNCT
abr-36	97	24	yet	yet	CCONJ
abr-36	97	25	higher	high	ADJ
abr-36	97	26	potential	potential	ADJ
abr-36	97	27	return	return	NOUN
abr-36	97	28	due	due	ADP
abr-36	97	29	to	to	ADP
abr-36	97	30	a	a	DET
abr-36	97	31	product	product	NOUN
abr-36	97	32	in	in	ADP
abr-36	97	33	the	the	DET
abr-36	97	34	beginning	beginning	NOUN
abr-36	97	35	of	of	ADP
abr-36	97	36	the	the	DET
abr-36	97	37	life	life	NOUN
abr-36	97	38	cycle	cycle	NOUN
abr-36	97	39	.	.	PUNCT
abr-36	98	1	this	this	PRON
abr-36	98	2	is	be	AUX
abr-36	98	3	contrasted	contrast	VERB
abr-36	98	4	by	by	ADP
abr-36	98	5	the	the	DET
abr-36	98	6	firm	firm	NOUN
abr-36	98	7	in	in	ADP
abr-36	98	8	the	the	DET
abr-36	98	9	old	old	ADJ
abr-36	98	10	industry	industry	NOUN
abr-36	98	11	that	that	PRON
abr-36	98	12	capital	capital	NOUN
abr-36	98	13	structure	structure	NOUN
abr-36	98	14	over	over	ADP
abr-36	98	15	the	the	DET
abr-36	98	16	life	life	NOUN
abr-36	98	17	cycle	cycle	NOUN
abr-36	98	18	20	20	NUM
abr-36	98	19	figure	figure	NOUN
abr-36	98	20	2	2	NUM
abr-36	98	21	.	.	PUNCT
abr-36	98	22	trade	trade	NOUN
abr-36	98	23	-	-	PUNCT
abr-36	98	24	off	off	NOUN
abr-36	98	25	with	with	ADP
abr-36	98	26	new	new	ADJ
abr-36	98	27	industries	industry	NOUN
abr-36	98	28	has	have	VERB
abr-36	98	29	a	a	DET
abr-36	98	30	standardized	standardized	ADJ
abr-36	98	31	product	product	NOUN
abr-36	98	32	and	and	CCONJ
abr-36	98	33	concrete	concrete	ADJ
abr-36	98	34	forecasts	forecast	NOUN
abr-36	98	35	of	of	ADP
abr-36	98	36	future	future	ADJ
abr-36	98	37	profits	profit	NOUN
abr-36	98	38	.	.	PUNCT
abr-36	99	1	both	both	DET
abr-36	99	2	firms	firm	NOUN
abr-36	99	3	enjoy	enjoy	VERB
abr-36	99	4	the	the	DET
abr-36	99	5	same	same	ADJ
abr-36	99	6	tax	tax	NOUN
abr-36	99	7	benefits	benefit	NOUN
abr-36	99	8	of	of	ADP
abr-36	99	9	debt	debt	NOUN
abr-36	99	10	and	and	CCONJ
abr-36	99	11	will	will	AUX
abr-36	99	12	both	both	PRON
abr-36	99	13	have	have	VERB
abr-36	99	14	a	a	DET
abr-36	99	15	no	no	DET
abr-36	99	16	default	default	NOUN
abr-36	99	17	value	value	NOUN
abr-36	99	18	curve	curve	NOUN
abr-36	99	19	at	at	ADP
abr-36	99	20	𝐹𝑉𝑛𝑑	𝐹𝑉𝑛𝑑	PROPN
abr-36	99	21	and	and	CCONJ
abr-36	99	22	an	an	DET
abr-36	99	23	unlevered	unlevered	ADJ
abr-36	99	24	value	value	NOUN
abr-36	99	25	at	at	ADP
abr-36	99	26	the	the	DET
abr-36	99	27	intercept	intercept	NOUN
abr-36	99	28	,	,	PUNCT
abr-36	99	29	�	�	PROPN
abr-36	99	30	̂	̂	NOUN
abr-36	99	31	�	�	PROPN
abr-36	99	32	.	.	PUNCT
abr-36	100	1	incorporating	incorporate	VERB
abr-36	100	2	different	different	ADJ
abr-36	100	3	probabilities	probability	NOUN
abr-36	100	4	of	of	ADP
abr-36	100	5	default	default	NOUN
abr-36	100	6	gives	give	VERB
abr-36	100	7	two	two	NUM
abr-36	100	8	separate	separate	ADJ
abr-36	100	9	fv	fv	NOUN
abr-36	100	10	functions	function	NOUN
abr-36	100	11	,	,	PUNCT
abr-36	100	12	𝐹𝑉𝑜	𝐹𝑉𝑜	NOUN
abr-36	100	13	and	and	CCONJ
abr-36	100	14	𝐹𝑉𝑛	𝐹𝑉𝑛	PROPN
abr-36	100	15	,	,	PUNCT
abr-36	100	16	where	where	SCONJ
abr-36	100	17	the	the	DET
abr-36	100	18	subscripts	subscript	NOUN
abr-36	100	19	respectively	respectively	ADV
abr-36	100	20	indicate	indicate	VERB
abr-36	100	21	old	old	ADJ
abr-36	100	22	and	and	CCONJ
abr-36	100	23	new	new	ADJ
abr-36	100	24	industries	industry	NOUN
abr-36	100	25	.	.	PUNCT
abr-36	101	1	𝐹𝑉𝑛	𝐹𝑉𝑛	PROPN
abr-36	101	2	,	,	PUNCT
abr-36	101	3	with	with	ADP
abr-36	101	4	a	a	DET
abr-36	101	5	higher	high	ADJ
abr-36	101	6	probability	probability	NOUN
abr-36	101	7	of	of	ADP
abr-36	101	8	default	default	NOUN
abr-36	101	9	,	,	PUNCT
abr-36	101	10	pushes	push	VERB
abr-36	101	11	the	the	DET
abr-36	101	12	optimal	optimal	ADJ
abr-36	101	13	leverage	leverage	NOUN
abr-36	101	14	ratio	ratio	NOUN
abr-36	101	15	,	,	PUNCT
abr-36	101	16	𝐷/𝐴𝑜	𝐷/𝐴𝑜	PROPN
abr-36	101	17	∗	∗	NOUN
abr-36	101	18	,	,	PUNCT
abr-36	101	19	to	to	ADP
abr-36	101	20	the	the	DET
abr-36	101	21	left	left	NOUN
abr-36	101	22	as	as	SCONJ
abr-36	101	23	the	the	DET
abr-36	101	24	bankruptcy	bankruptcy	NOUN
abr-36	101	25	costs	cost	NOUN
abr-36	101	26	become	become	VERB
abr-36	101	27	greater	great	ADJ
abr-36	101	28	than	than	ADP
abr-36	101	29	the	the	DET
abr-36	101	30	tax	tax	NOUN
abr-36	101	31	benefits	benefit	NOUN
abr-36	101	32	at	at	ADP
abr-36	101	33	a	a	DET
abr-36	101	34	lower	low	ADJ
abr-36	101	35	leverage	leverage	NOUN
abr-36	101	36	ratio	ratio	NOUN
abr-36	101	37	.	.	PUNCT
abr-36	102	1	firms	firm	NOUN
abr-36	102	2	in	in	ADP
abr-36	102	3	radically	radically	ADV
abr-36	102	4	new	new	ADJ
abr-36	102	5	industries	industry	NOUN
abr-36	102	6	still	still	ADV
abr-36	102	7	have	have	VERB
abr-36	102	8	significant	significant	ADJ
abr-36	102	9	profit	profit	NOUN
abr-36	102	10	opportunities	opportunity	NOUN
abr-36	102	11	and	and	CCONJ
abr-36	102	12	will	will	AUX
abr-36	102	13	turn	turn	VERB
abr-36	102	14	to	to	ADP
abr-36	102	15	equity	equity	NOUN
abr-36	102	16	markets	market	NOUN
abr-36	102	17	for	for	ADP
abr-36	102	18	the	the	DET
abr-36	102	19	large	large	ADJ
abr-36	102	20	amounts	amount	NOUN
abr-36	102	21	of	of	ADP
abr-36	102	22	capital	capital	NOUN
abr-36	102	23	they	they	PRON
abr-36	102	24	require	require	VERB
abr-36	102	25	.	.	PUNCT
abr-36	103	1	firms	firm	NOUN
abr-36	103	2	in	in	ADP
abr-36	103	3	old	old	ADJ
abr-36	103	4	industries	industry	NOUN
abr-36	103	5	,	,	PUNCT
abr-36	103	6	on	on	ADP
abr-36	103	7	the	the	DET
abr-36	103	8	other	other	ADJ
abr-36	103	9	hand	hand	NOUN
abr-36	103	10	,	,	PUNCT
abr-36	103	11	do	do	AUX
abr-36	103	12	not	not	PART
abr-36	103	13	have	have	VERB
abr-36	103	14	as	as	ADV
abr-36	103	15	many	many	ADJ
abr-36	103	16	profit	profit	NOUN
abr-36	103	17	opportunities	opportunity	NOUN
abr-36	103	18	or	or	CCONJ
abr-36	103	19	capital	capital	NOUN
abr-36	103	20	requirements	requirement	NOUN
abr-36	103	21	above	above	ADP
abr-36	103	22	their	their	PRON
abr-36	103	23	optimal	optimal	ADJ
abr-36	103	24	leverage	leverage	NOUN
abr-36	103	25	ratio	ratio	NOUN
abr-36	103	26	and	and	CCONJ
abr-36	103	27	are	be	AUX
abr-36	103	28	less	less	ADV
abr-36	103	29	likely	likely	ADJ
abr-36	103	30	to	to	PART
abr-36	103	31	seek	seek	VERB
abr-36	103	32	equity	equity	NOUN
abr-36	103	33	financing	financing	NOUN
abr-36	103	34	.	.	PUNCT
abr-36	104	1	firms	firm	NOUN
abr-36	104	2	in	in	ADP
abr-36	104	3	stagnant	stagnant	ADJ
abr-36	104	4	industries	industry	NOUN
abr-36	104	5	with	with	ADP
abr-36	104	6	few	few	ADJ
abr-36	104	7	profitable	profitable	ADJ
abr-36	104	8	growth	growth	NOUN
abr-36	104	9	opportunities	opportunity	NOUN
abr-36	104	10	are	be	AUX
abr-36	104	11	not	not	PART
abr-36	104	12	expected	expect	VERB
abr-36	104	13	to	to	PART
abr-36	104	14	even	even	ADV
abr-36	104	15	reach	reach	VERB
abr-36	104	16	the	the	DET
abr-36	104	17	optimal	optimal	ADJ
abr-36	104	18	leverage	leverage	NOUN
abr-36	104	19	ratio	ratio	NOUN
abr-36	104	20	as	as	ADP
abr-36	104	21	the	the	DET
abr-36	104	22	tax	tax	NOUN
abr-36	104	23	benefits	benefit	NOUN
abr-36	104	24	of	of	ADP
abr-36	104	25	borrowing	borrowing	NOUN
abr-36	104	26	are	be	AUX
abr-36	104	27	insignificant	insignificant	ADJ
abr-36	104	28	compared	compare	VERB
abr-36	104	29	to	to	ADP
abr-36	104	30	profitable	profitable	ADJ
abr-36	104	31	investments	investment	NOUN
abr-36	104	32	.	.	PUNCT
abr-36	105	1	note	note	VERB
abr-36	105	2	that	that	SCONJ
abr-36	105	3	increasing	increase	VERB
abr-36	105	4	the	the	DET
abr-36	105	5	costs	cost	NOUN
abr-36	105	6	of	of	ADP
abr-36	105	7	bankruptcy	bankruptcy	NOUN
abr-36	105	8	also	also	ADV
abr-36	105	9	lead	lead	VERB
abr-36	105	10	to	to	ADP
abr-36	105	11	a	a	DET
abr-36	105	12	lower	low	ADJ
abr-36	105	13	market	market	NOUN
abr-36	105	14	value	value	NOUN
abr-36	105	15	of	of	ADP
abr-36	105	16	the	the	DET
abr-36	105	17	firm	firm	NOUN
abr-36	105	18	;	;	PUNCT
abr-36	105	19	𝑉𝑛	𝑉𝑛	PRON
abr-36	105	20	is	be	AUX
abr-36	105	21	the	the	DET
abr-36	105	22	market	market	NOUN
abr-36	105	23	value	value	NOUN
abr-36	105	24	for	for	ADP
abr-36	105	25	new	new	ADJ
abr-36	105	26	industries	industry	NOUN
abr-36	105	27	while	while	SCONJ
abr-36	105	28	𝑉𝑜	𝑉𝑜	NOUN
abr-36	105	29	shows	show	VERB
abr-36	105	30	the	the	DET
abr-36	105	31	higher	high	ADJ
abr-36	105	32	market	market	NOUN
abr-36	105	33	value	value	NOUN
abr-36	105	34	for	for	ADP
abr-36	105	35	old	old	ADJ
abr-36	105	36	,	,	PUNCT
abr-36	105	37	established	establish	VERB
abr-36	105	38	industries	industry	NOUN
abr-36	105	39	.	.	PUNCT
abr-36	106	1	the	the	DET
abr-36	106	2	market	market	NOUN
abr-36	106	3	value	value	NOUN
abr-36	106	4	of	of	ADP
abr-36	106	5	new	new	ADJ
abr-36	106	6	firms	firm	NOUN
abr-36	106	7	has	have	VERB
abr-36	106	8	to	to	PART
abr-36	106	9	be	be	AUX
abr-36	106	10	lower	low	ADJ
abr-36	106	11	in	in	ADP
abr-36	106	12	order	order	NOUN
abr-36	106	13	to	to	PART
abr-36	106	14	compensate	compensate	VERB
abr-36	106	15	investors	investor	NOUN
abr-36	106	16	for	for	ADP
abr-36	106	17	the	the	DET
abr-36	106	18	increased	increase	VERB
abr-36	106	19	risk	risk	NOUN
abr-36	106	20	and	and	CCONJ
abr-36	106	21	should	should	AUX
abr-36	106	22	be	be	AUX
abr-36	106	23	associated	associate	VERB
abr-36	106	24	with	with	ADP
abr-36	106	25	higher	high	ADJ
abr-36	106	26	expected	expect	VERB
abr-36	106	27	returns	return	NOUN
abr-36	106	28	.	.	PUNCT
abr-36	107	1	the	the	DET
abr-36	107	2	firms	firm	NOUN
abr-36	107	3	will	will	AUX
abr-36	107	4	seek	seek	VERB
abr-36	107	5	to	to	PART
abr-36	107	6	bolster	bolster	VERB
abr-36	107	7	available	available	ADJ
abr-36	107	8	debt	debt	NOUN
abr-36	107	9	funds	fund	NOUN
abr-36	107	10	with	with	ADP
abr-36	107	11	equity	equity	NOUN
abr-36	107	12	.	.	PUNCT
abr-36	108	1	hsu	hsu	PROPN
abr-36	108	2	(	(	PUNCT
abr-36	108	3	2009	2009	NUM
abr-36	108	4	)	)	PUNCT
abr-36	108	5	proposes	propose	VERB
abr-36	108	6	that	that	SCONJ
abr-36	108	7	technological	technological	ADJ
abr-36	108	8	innovations	innovation	NOUN
abr-36	108	9	increase	increase	VERB
abr-36	108	10	returns	return	NOUN
abr-36	108	11	on	on	ADP
abr-36	108	12	stocks	stock	NOUN
abr-36	108	13	,	,	PUNCT
abr-36	108	14	finding	find	VERB
abr-36	108	15	that	that	SCONJ
abr-36	108	16	firms	firm	NOUN
abr-36	108	17	with	with	ADP
abr-36	108	18	more	more	ADJ
abr-36	108	19	technological	technological	ADJ
abr-36	108	20	innovations	innovation	NOUN
abr-36	108	21	(	(	PUNCT
abr-36	108	22	as	as	SCONJ
abr-36	108	23	proxied	proxie	VERB
abr-36	108	24	by	by	ADP
abr-36	108	25	patenting	patent	VERB
abr-36	108	26	activity	activity	NOUN
abr-36	108	27	)	)	PUNCT
abr-36	108	28	are	be	AUX
abr-36	108	29	typically	typically	ADV
abr-36	108	30	assigned	assign	VERB
abr-36	108	31	higher	high	ADJ
abr-36	108	32	risk	risk	NOUN
abr-36	108	33	premiums	premium	NOUN
abr-36	108	34	,	,	PUNCT
abr-36	108	35	in	in	ADP
abr-36	108	36	keeping	keep	VERB
abr-36	108	37	with	with	ADP
abr-36	108	38	market	market	NOUN
abr-36	108	39	valuations	valuation	NOUN
abr-36	108	40	for	for	ADP
abr-36	108	41	firms	firm	NOUN
abr-36	108	42	in	in	ADP
abr-36	108	43	new	new	ADJ
abr-36	108	44	industries	industry	NOUN
abr-36	108	45	as	as	SCONJ
abr-36	108	46	shown	show	VERB
abr-36	108	47	by	by	ADP
abr-36	108	48	𝑉𝑛.	𝑉𝑛.	PROPN
abr-36	108	49	new	new	ADJ
abr-36	108	50	and	and	CCONJ
abr-36	108	51	radically	radically	ADV
abr-36	108	52	innovative	innovative	ADJ
abr-36	108	53	industries	industry	NOUN
abr-36	108	54	are	be	AUX
abr-36	108	55	associated	associate	VERB
abr-36	108	56	with	with	ADP
abr-36	108	57	higher	high	ADJ
abr-36	108	58	volatility	volatility	NOUN
abr-36	108	59	and	and	CCONJ
abr-36	108	60	higher	high	ADJ
abr-36	108	61	probabilities	probability	NOUN
abr-36	108	62	of	of	ADP
abr-36	108	63	default	default	NOUN
abr-36	108	64	;	;	PUNCT
abr-36	108	65	therefore	therefore	ADV
abr-36	108	66	,	,	PUNCT
abr-36	108	67	they	they	PRON
abr-36	108	68	should	should	AUX
abr-36	108	69	also	also	ADV
abr-36	108	70	have	have	VERB
abr-36	108	71	higher	high	ADJ
abr-36	108	72	expected	expect	VERB
abr-36	108	73	returns	return	NOUN
abr-36	108	74	.	.	PUNCT
abr-36	109	1	empirical	empirical	ADJ
abr-36	109	2	results	result	NOUN
abr-36	109	3	show	show	VERB
abr-36	109	4	that	that	SCONJ
abr-36	109	5	firms	firm	NOUN
abr-36	109	6	involved	involve	VERB
abr-36	109	7	in	in	ADP
abr-36	109	8	innovative	innovative	ADJ
abr-36	109	9	industries	industry	NOUN
abr-36	109	10	have	have	VERB
abr-36	109	11	a	a	DET
abr-36	109	12	higher	high	ADJ
abr-36	109	13	likelihood	likelihood	NOUN
abr-36	109	14	of	of	ADP
abr-36	109	15	failure	failure	NOUN
abr-36	109	16	(	(	PUNCT
abr-36	109	17	eisdorfer	eisdorfer	NOUN
abr-36	109	18	&	&	CCONJ
abr-36	109	19	hsu	hsu	PROPN
abr-36	109	20	,	,	PUNCT
abr-36	109	21	2011	2011	NUM
abr-36	109	22	)	)	PUNCT
abr-36	109	23	and	and	CCONJ
abr-36	109	24	leverage	leverage	NOUN
abr-36	109	25	and	and	CCONJ
abr-36	109	26	volatility	volatility	NOUN
abr-36	109	27	have	have	VERB
abr-36	109	28	an	an	DET
abr-36	109	29	inverse	inverse	NOUN
abr-36	109	30	relationship	relationship	NOUN
abr-36	109	31	(	(	PUNCT
abr-36	109	32	bradley	bradley	PROPN
abr-36	109	33	,	,	PUNCT
abr-36	109	34	jarrell	jarrell	PROPN
abr-36	109	35	,	,	PUNCT
abr-36	109	36	&	&	CCONJ
abr-36	109	37	kim	kim	PROPN
abr-36	109	38	,	,	PUNCT
abr-36	109	39	1984	1984	NUM
abr-36	109	40	)	)	PUNCT
abr-36	109	41	.	.	PUNCT
abr-36	110	1	these	these	DET
abr-36	110	2	results	result	NOUN
abr-36	110	3	are	be	AUX
abr-36	110	4	consistent	consistent	ADJ
abr-36	110	5	with	with	ADP
abr-36	110	6	the	the	DET
abr-36	110	7	reduced	reduce	VERB
abr-36	110	8	leverage	leverage	NOUN
abr-36	110	9	ratio	ratio	NOUN
abr-36	110	10	and	and	CCONJ
abr-36	110	11	valuation	valuation	NOUN
abr-36	110	12	due	due	ADP
abr-36	110	13	to	to	ADP
abr-36	110	14	increased	increase	VERB
abr-36	110	15	bankruptcy	bankruptcy	NOUN
abr-36	110	16	costs	cost	NOUN
abr-36	110	17	.	.	PUNCT
abr-36	111	1	to	to	PART
abr-36	111	2	restate	restate	VERB
abr-36	111	3	,	,	PUNCT
abr-36	111	4	firms	firm	NOUN
abr-36	111	5	in	in	ADP
abr-36	111	6	the	the	DET
abr-36	111	7	earlier	early	ADJ
abr-36	111	8	stages	stage	NOUN
abr-36	111	9	of	of	ADP
abr-36	111	10	the	the	DET
abr-36	111	11	innovation	innovation	NOUN
abr-36	111	12	life	life	NOUN
abr-36	111	13	cycle	cycle	NOUN
abr-36	111	14	are	be	AUX
abr-36	111	15	hypothesized	hypothesize	VERB
abr-36	111	16	to	to	PART
abr-36	111	17	be	be	AUX
abr-36	111	18	more	more	ADV
abr-36	111	19	likely	likely	ADJ
abr-36	111	20	to	to	PART
abr-36	111	21	raise	raise	VERB
abr-36	111	22	funds	fund	NOUN
abr-36	111	23	through	through	ADP
abr-36	111	24	the	the	DET
abr-36	111	25	stock	stock	NOUN
abr-36	111	26	market	market	NOUN
abr-36	111	27	than	than	ADP
abr-36	111	28	firms	firm	NOUN
abr-36	111	29	in	in	ADP
abr-36	111	30	the	the	DET
abr-36	111	31	later	later	ADJ
abr-36	111	32	stages	stage	NOUN
abr-36	111	33	.	.	PUNCT
abr-36	112	1	in	in	ADP
abr-36	112	2	the	the	DET
abr-36	112	3	earlier	early	ADJ
abr-36	112	4	stages	stage	NOUN
abr-36	112	5	of	of	ADP
abr-36	112	6	the	the	DET
abr-36	112	7	innovation	innovation	NOUN
abr-36	112	8	life	life	NOUN
abr-36	112	9	cycle	cycle	NOUN
abr-36	112	10	,	,	PUNCT
abr-36	112	11	when	when	SCONJ
abr-36	112	12	firms	firm	NOUN
abr-36	112	13	are	be	AUX
abr-36	112	14	engaged	engage	VERB
abr-36	112	15	in	in	ADP
abr-36	112	16	radically	radically	ADV
abr-36	112	17	new	new	ADJ
abr-36	112	18	technologies	technology	NOUN
abr-36	112	19	,	,	PUNCT
abr-36	112	20	they	they	PRON
abr-36	112	21	will	will	AUX
abr-36	112	22	have	have	VERB
abr-36	112	23	high	high	ADJ
abr-36	112	24	capital	capital	NOUN
abr-36	112	25	dehan	dehan	NOUN
abr-36	112	26	21	21	NUM
abr-36	112	27	requirements	requirement	NOUN
abr-36	112	28	and	and	CCONJ
abr-36	112	29	be	be	AUX
abr-36	112	30	a	a	DET
abr-36	112	31	questionable	questionable	ADJ
abr-36	112	32	risk	risk	NOUN
abr-36	112	33	for	for	ADP
abr-36	112	34	lenders	lender	NOUN
abr-36	112	35	.	.	PUNCT
abr-36	113	1	because	because	SCONJ
abr-36	113	2	of	of	ADP
abr-36	113	3	the	the	DET
abr-36	113	4	limited	limited	ADJ
abr-36	113	5	upside	upside	NOUN
abr-36	113	6	in	in	ADP
abr-36	113	7	the	the	DET
abr-36	113	8	form	form	NOUN
abr-36	113	9	of	of	ADP
abr-36	113	10	an	an	DET
abr-36	113	11	interest	interest	NOUN
abr-36	113	12	rate	rate	NOUN
abr-36	113	13	and	and	CCONJ
abr-36	113	14	a	a	DET
abr-36	113	15	reasonable	reasonable	ADJ
abr-36	113	16	likelihood	likelihood	NOUN
abr-36	113	17	of	of	ADP
abr-36	113	18	default	default	NOUN
abr-36	113	19	,	,	PUNCT
abr-36	113	20	debt	debt	NOUN
abr-36	113	21	will	will	AUX
abr-36	113	22	be	be	AUX
abr-36	113	23	less	less	ADJ
abr-36	113	24	of	of	ADP
abr-36	113	25	an	an	DET
abr-36	113	26	option	option	NOUN
abr-36	113	27	;	;	PUNCT
abr-36	113	28	these	these	DET
abr-36	113	29	highly	highly	ADV
abr-36	113	30	innovative	innovative	ADJ
abr-36	113	31	firms	firm	NOUN
abr-36	113	32	are	be	AUX
abr-36	113	33	then	then	ADV
abr-36	113	34	left	leave	VERB
abr-36	113	35	with	with	ADP
abr-36	113	36	equity	equity	NOUN
abr-36	113	37	as	as	ADP
abr-36	113	38	a	a	DET
abr-36	113	39	more	more	ADV
abr-36	113	40	viable	viable	ADJ
abr-36	113	41	option	option	NOUN
abr-36	113	42	.	.	PUNCT
abr-36	114	1	due	due	ADP
abr-36	114	2	to	to	ADP
abr-36	114	3	data	datum	NOUN
abr-36	114	4	limitations	limitation	NOUN
abr-36	114	5	on	on	ADP
abr-36	114	6	pinpointing	pinpoint	VERB
abr-36	114	7	where	where	SCONJ
abr-36	114	8	firms	firm	NOUN
abr-36	114	9	fall	fall	VERB
abr-36	114	10	within	within	ADP
abr-36	114	11	the	the	DET
abr-36	114	12	innovation	innovation	NOUN
abr-36	114	13	life	life	NOUN
abr-36	114	14	cycle	cycle	NOUN
abr-36	114	15	,	,	PUNCT
abr-36	114	16	it	it	PRON
abr-36	114	17	is	be	AUX
abr-36	114	18	also	also	ADV
abr-36	114	19	difficult	difficult	ADJ
abr-36	114	20	to	to	PART
abr-36	114	21	track	track	VERB
abr-36	114	22	firms	firm	NOUN
abr-36	114	23	’	’	PART
abr-36	114	24	specific	specific	ADJ
abr-36	114	25	financing	financing	NOUN
abr-36	114	26	choices	choice	NOUN
abr-36	114	27	over	over	ADP
abr-36	114	28	the	the	DET
abr-36	114	29	life	life	NOUN
abr-36	114	30	cycle	cycle	NOUN
abr-36	114	31	.	.	PUNCT
abr-36	115	1	because	because	SCONJ
abr-36	115	2	of	of	ADP
abr-36	115	3	this	this	PRON
abr-36	115	4	,	,	PUNCT
abr-36	115	5	empirically	empirically	ADV
abr-36	115	6	testing	test	VERB
abr-36	115	7	the	the	DET
abr-36	115	8	direct	direct	ADJ
abr-36	115	9	relationship	relationship	NOUN
abr-36	115	10	between	between	ADP
abr-36	115	11	firms	firm	NOUN
abr-36	115	12	’	’	PART
abr-36	115	13	position	position	NOUN
abr-36	115	14	in	in	ADP
abr-36	115	15	the	the	DET
abr-36	115	16	life	life	NOUN
abr-36	115	17	cycle	cycle	NOUN
abr-36	115	18	and	and	CCONJ
abr-36	115	19	their	their	PRON
abr-36	115	20	stock	stock	NOUN
abr-36	115	21	/	/	SYM
abr-36	115	22	bond	bond	NOUN
abr-36	115	23	choice	choice	NOUN
abr-36	115	24	is	be	AUX
abr-36	115	25	not	not	PART
abr-36	115	26	possible	possible	ADJ
abr-36	115	27	.	.	PUNCT
abr-36	116	1	however	however	ADV
abr-36	116	2	,	,	PUNCT
abr-36	116	3	testing	test	VERB
abr-36	116	4	whether	whether	SCONJ
abr-36	116	5	firms	firm	NOUN
abr-36	116	6	engaged	engage	VERB
abr-36	116	7	in	in	ADP
abr-36	116	8	highly	highly	ADV
abr-36	116	9	innovative	innovative	ADJ
abr-36	116	10	industries	industry	NOUN
abr-36	116	11	are	be	AUX
abr-36	116	12	more	more	ADV
abr-36	116	13	likely	likely	ADJ
abr-36	116	14	to	to	PART
abr-36	116	15	raise	raise	VERB
abr-36	116	16	funds	fund	NOUN
abr-36	116	17	through	through	ADP
abr-36	116	18	the	the	DET
abr-36	116	19	stock	stock	NOUN
abr-36	116	20	market	market	NOUN
abr-36	116	21	versus	versus	ADP
abr-36	116	22	the	the	DET
abr-36	116	23	bond	bond	NOUN
abr-36	116	24	market	market	NOUN
abr-36	116	25	is	be	AUX
abr-36	116	26	possible	possible	ADJ
abr-36	116	27	.	.	PUNCT
abr-36	117	1	since	since	SCONJ
abr-36	117	2	more	more	ADJ
abr-36	117	3	innovative	innovative	ADJ
abr-36	117	4	activity	activity	NOUN
abr-36	117	5	will	will	AUX
abr-36	117	6	occur	occur	VERB
abr-36	117	7	at	at	ADP
abr-36	117	8	the	the	DET
abr-36	117	9	beginning	beginning	NOUN
abr-36	117	10	of	of	ADP
abr-36	117	11	the	the	DET
abr-36	117	12	life	life	NOUN
abr-36	117	13	cycle	cycle	NOUN
abr-36	117	14	,	,	PUNCT
abr-36	117	15	this	this	PRON
abr-36	117	16	will	will	AUX
abr-36	117	17	be	be	AUX
abr-36	117	18	an	an	DET
abr-36	117	19	acceptable	acceptable	ADJ
abr-36	117	20	way	way	NOUN
abr-36	117	21	to	to	PART
abr-36	117	22	show	show	VERB
abr-36	117	23	support	support	NOUN
abr-36	117	24	for	for	ADP
abr-36	117	25	the	the	DET
abr-36	117	26	idea	idea	NOUN
abr-36	117	27	that	that	SCONJ
abr-36	117	28	firms	firm	NOUN
abr-36	117	29	in	in	ADP
abr-36	117	30	the	the	DET
abr-36	117	31	earlier	early	ADJ
abr-36	117	32	stages	stage	NOUN
abr-36	117	33	of	of	ADP
abr-36	117	34	the	the	DET
abr-36	117	35	life	life	NOUN
abr-36	117	36	cycle	cycle	NOUN
abr-36	117	37	will	will	AUX
abr-36	117	38	be	be	AUX
abr-36	117	39	more	more	ADV
abr-36	117	40	likely	likely	ADJ
abr-36	117	41	to	to	PART
abr-36	117	42	raise	raise	VERB
abr-36	117	43	capital	capital	NOUN
abr-36	117	44	through	through	ADP
abr-36	117	45	the	the	DET
abr-36	117	46	stock	stock	NOUN
abr-36	117	47	market	market	NOUN
abr-36	117	48	.	.	PUNCT
abr-36	118	1	empirical	empirical	ADJ
abr-36	118	2	methodology	methodology	NOUN
abr-36	118	3	the	the	DET
abr-36	118	4	empirical	empirical	ADJ
abr-36	118	5	section	section	NOUN
abr-36	118	6	presents	present	VERB
abr-36	118	7	an	an	DET
abr-36	118	8	unbalanced	unbalanced	ADJ
abr-36	118	9	panel	panel	NOUN
abr-36	118	10	of	of	ADP
abr-36	118	11	stock	stock	NOUN
abr-36	118	12	/	/	SYM
abr-36	118	13	bond	bond	NOUN
abr-36	118	14	issuance	issuance	NOUN
abr-36	118	15	,	,	PUNCT
abr-36	118	16	patent	patent	NOUN
abr-36	118	17	activity	activity	NOUN
abr-36	118	18	,	,	PUNCT
abr-36	118	19	and	and	CCONJ
abr-36	118	20	various	various	ADJ
abr-36	118	21	control	control	NOUN
abr-36	118	22	variables	variable	NOUN
abr-36	118	23	for	for	ADP
abr-36	118	24	the	the	DET
abr-36	118	25	time	time	NOUN
abr-36	118	26	period	period	NOUN
abr-36	118	27	1970	1970	NUM
abr-36	118	28	to	to	ADP
abr-36	118	29	1992	1992	NUM
abr-36	118	30	.	.	PUNCT
abr-36	119	1	1970	1970	NUM
abr-36	119	2	was	be	AUX
abr-36	119	3	selected	select	VERB
abr-36	119	4	as	as	ADP
abr-36	119	5	the	the	DET
abr-36	119	6	beginning	beginning	NOUN
abr-36	119	7	of	of	ADP
abr-36	119	8	the	the	DET
abr-36	119	9	time	time	NOUN
abr-36	119	10	period	period	NOUN
abr-36	119	11	because	because	SCONJ
abr-36	119	12	of	of	ADP
abr-36	119	13	the	the	DET
abr-36	119	14	reliability	reliability	NOUN
abr-36	119	15	of	of	ADP
abr-36	119	16	data	datum	NOUN
abr-36	119	17	on	on	ADP
abr-36	119	18	stock	stock	NOUN
abr-36	119	19	and	and	CCONJ
abr-36	119	20	bond	bond	NOUN
abr-36	119	21	issuance	issuance	NOUN
abr-36	119	22	before	before	ADP
abr-36	119	23	that	that	DET
abr-36	119	24	time	time	NOUN
abr-36	119	25	is	be	AUX
abr-36	119	26	questionable	questionable	ADJ
abr-36	119	27	.	.	PUNCT
abr-36	120	1	having	have	VERB
abr-36	120	2	the	the	DET
abr-36	120	3	observed	observe	VERB
abr-36	120	4	time	time	NOUN
abr-36	120	5	period	period	NOUN
abr-36	120	6	stop	stop	NOUN
abr-36	120	7	at	at	ADP
abr-36	120	8	the	the	DET
abr-36	120	9	end	end	NOUN
abr-36	120	10	of	of	ADP
abr-36	120	11	1992	1992	NUM
abr-36	120	12	was	be	AUX
abr-36	120	13	to	to	PART
abr-36	120	14	exclude	exclude	VERB
abr-36	120	15	the	the	DET
abr-36	120	16	wave	wave	NOUN
abr-36	120	17	of	of	ADP
abr-36	120	18	stock	stock	NOUN
abr-36	120	19	offerings	offering	NOUN
abr-36	120	20	in	in	ADP
abr-36	120	21	the	the	DET
abr-36	120	22	mid-1990s	mid-1990	NOUN
abr-36	120	23	that	that	PRON
abr-36	120	24	could	could	AUX
abr-36	120	25	skew	skew	VERB
abr-36	120	26	the	the	DET
abr-36	120	27	results	result	NOUN
abr-36	120	28	.	.	PUNCT
abr-36	121	1	as	as	SCONJ
abr-36	121	2	most	most	ADJ
abr-36	121	3	observers	observer	NOUN
abr-36	121	4	are	be	AUX
abr-36	121	5	aware	aware	ADJ
abr-36	121	6	,	,	PUNCT
abr-36	121	7	the	the	DET
abr-36	121	8	mid1990s	mid1990s	NOUN
abr-36	121	9	saw	see	VERB
abr-36	121	10	an	an	DET
abr-36	121	11	incredible	incredible	ADJ
abr-36	121	12	number	number	NOUN
abr-36	121	13	of	of	ADP
abr-36	121	14	technology	technology	NOUN
abr-36	121	15	companies	company	NOUN
abr-36	121	16	issue	issue	VERB
abr-36	121	17	ipos	ipos	PROPN
abr-36	121	18	.	.	PUNCT
abr-36	122	1	since	since	SCONJ
abr-36	122	2	most	most	ADJ
abr-36	122	3	of	of	ADP
abr-36	122	4	these	these	DET
abr-36	122	5	companies	company	NOUN
abr-36	122	6	were	be	AUX
abr-36	122	7	in	in	ADP
abr-36	122	8	brand	brand	NOUN
abr-36	122	9	new	new	ADJ
abr-36	122	10	industries	industry	NOUN
abr-36	122	11	,	,	PUNCT
abr-36	122	12	this	this	DET
abr-36	122	13	time	time	NOUN
abr-36	122	14	period	period	NOUN
abr-36	122	15	was	be	AUX
abr-36	122	16	marked	mark	VERB
abr-36	122	17	predominately	predominately	ADV
abr-36	122	18	by	by	ADP
abr-36	122	19	firms	firm	NOUN
abr-36	122	20	in	in	ADP
abr-36	122	21	new	new	ADJ
abr-36	122	22	industries	industry	NOUN
abr-36	122	23	issuing	issue	VERB
abr-36	122	24	equity	equity	NOUN
abr-36	122	25	.	.	PUNCT
abr-36	123	1	the	the	DET
abr-36	123	2	setup	setup	NOUN
abr-36	123	3	of	of	ADP
abr-36	123	4	the	the	DET
abr-36	123	5	empirical	empirical	ADJ
abr-36	123	6	models	model	NOUN
abr-36	123	7	is	be	AUX
abr-36	123	8	performed	perform	VERB
abr-36	123	9	following	follow	VERB
abr-36	123	10	the	the	DET
abr-36	123	11	basic	basic	ADJ
abr-36	123	12	specifications	specification	NOUN
abr-36	123	13	of	of	ADP
abr-36	123	14	choe	choe	PROPN
abr-36	123	15	,	,	PUNCT
abr-36	123	16	masulis	masulis	PROPN
abr-36	123	17	,	,	PUNCT
abr-36	123	18	&	&	CCONJ
abr-36	123	19	nanda	nanda	ADV
abr-36	123	20	(	(	PUNCT
abr-36	123	21	1993	1993	NUM
abr-36	123	22	)	)	PUNCT
abr-36	123	23	.	.	PUNCT
abr-36	124	1	in	in	ADP
abr-36	124	2	this	this	DET
abr-36	124	3	case	case	NOUN
abr-36	124	4	,	,	PUNCT
abr-36	124	5	the	the	DET
abr-36	124	6	dependent	dependent	ADJ
abr-36	124	7	variable	variable	NOUN
abr-36	124	8	is	be	AUX
abr-36	124	9	firm	firm	ADJ
abr-36	124	10	level	level	NOUN
abr-36	124	11	stock	stock	NOUN
abr-36	124	12	market	market	NOUN
abr-36	124	13	decisions	decision	NOUN
abr-36	124	14	,	,	PUNCT
abr-36	124	15	with	with	ADP
abr-36	124	16	the	the	DET
abr-36	124	17	important	important	ADJ
abr-36	124	18	explanatory	explanatory	ADJ
abr-36	124	19	variable	variable	NOUN
abr-36	124	20	being	be	AUX
abr-36	124	21	industry	industry	NOUN
abr-36	124	22	patenting	patenting	NOUN
abr-36	124	23	while	while	SCONJ
abr-36	124	24	controlling	control	VERB
abr-36	124	25	for	for	ADP
abr-36	124	26	other	other	ADJ
abr-36	124	27	industry	industry	NOUN
abr-36	124	28	,	,	PUNCT
abr-36	124	29	and	and	CCONJ
abr-36	124	30	market	market	NOUN
abr-36	124	31	conditions	condition	NOUN
abr-36	124	32	.	.	PUNCT
abr-36	125	1	considering	consider	VERB
abr-36	125	2	the	the	DET
abr-36	125	3	two	two	NUM
abr-36	125	4	types	type	NOUN
abr-36	125	5	of	of	ADP
abr-36	125	6	financing	financing	NOUN
abr-36	125	7	in	in	ADP
abr-36	125	8	each	each	DET
abr-36	125	9	time	time	NOUN
abr-36	125	10	period	period	NOUN
abr-36	125	11	,	,	PUNCT
abr-36	125	12	firms	firm	NOUN
abr-36	125	13	had	have	VERB
abr-36	125	14	an	an	DET
abr-36	125	15	option	option	NOUN
abr-36	125	16	of	of	ADP
abr-36	125	17	financing	finance	VERB
abr-36	125	18	their	their	PRON
abr-36	125	19	operations	operation	NOUN
abr-36	125	20	by	by	ADP
abr-36	125	21	using	use	VERB
abr-36	125	22	debt	debt	NOUN
abr-36	125	23	or	or	CCONJ
abr-36	125	24	equity	equity	NOUN
abr-36	125	25	.	.	PUNCT
abr-36	126	1	the	the	DET
abr-36	126	2	dichotomous	dichotomous	ADJ
abr-36	126	3	relationship	relationship	NOUN
abr-36	126	4	of	of	ADP
abr-36	126	5	choosing	choose	VERB
abr-36	126	6	to	to	PART
abr-36	126	7	raise	raise	VERB
abr-36	126	8	funds	fund	NOUN
abr-36	126	9	through	through	ADP
abr-36	126	10	equity	equity	NOUN
abr-36	126	11	or	or	CCONJ
abr-36	126	12	debt	debt	NOUN
abr-36	126	13	financing	financing	NOUN
abr-36	126	14	makes	make	VERB
abr-36	126	15	using	use	VERB
abr-36	126	16	a	a	DET
abr-36	126	17	simple	simple	ADJ
abr-36	126	18	linear	linear	ADJ
abr-36	126	19	regression	regression	NOUN
abr-36	126	20	a	a	DET
abr-36	126	21	potentially	potentially	ADV
abr-36	126	22	hazardous	hazardous	ADJ
abr-36	126	23	method	method	NOUN
abr-36	126	24	of	of	ADP
abr-36	126	25	estimation	estimation	NOUN
abr-36	126	26	.	.	PUNCT
abr-36	127	1	for	for	ADP
abr-36	127	2	this	this	DET
abr-36	127	3	reason	reason	NOUN
abr-36	127	4	,	,	PUNCT
abr-36	127	5	a	a	DET
abr-36	127	6	probit	probit	NOUN
abr-36	127	7	model	model	NOUN
abr-36	127	8	is	be	AUX
abr-36	127	9	used	use	VERB
abr-36	127	10	to	to	PART
abr-36	127	11	estimate	estimate	VERB
abr-36	127	12	the	the	DET
abr-36	127	13	probability	probability	NOUN
abr-36	127	14	of	of	ADP
abr-36	127	15	raising	raise	VERB
abr-36	127	16	funds	fund	NOUN
abr-36	127	17	through	through	ADP
abr-36	127	18	the	the	DET
abr-36	127	19	stock	stock	NOUN
abr-36	127	20	market	market	NOUN
abr-36	127	21	relative	relative	ADJ
abr-36	127	22	to	to	ADP
abr-36	127	23	bond	bond	NOUN
abr-36	127	24	financing	financing	NOUN
abr-36	127	25	based	base	VERB
abr-36	127	26	around	around	ADP
abr-36	127	27	the	the	DET
abr-36	127	28	simplified	simplified	ADJ
abr-36	127	29	regression	regression	NOUN
abr-36	127	30	equation	equation	NOUN
abr-36	127	31	:	:	PUNCT
abr-36	127	32	𝑃(𝑆𝑡𝑜𝑐𝑘	𝑃(𝑆𝑡𝑜𝑐𝑘	NOUN
abr-36	127	33	𝑀𝑎𝑟𝑘𝑒𝑡)𝑓,𝑖,𝑡	𝑀𝑎𝑟𝑘𝑒𝑡)𝑓,𝑖,𝑡	NOUN
abr-36	127	34	=	=	PUNCT
abr-36	127	35	𝛽0	𝛽0	NOUN
abr-36	127	36	+	+	NUM
abr-36	127	37	𝛽1𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦𝑖,𝑡	𝛽1𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦𝑖,𝑡	NOUN
abr-36	127	38	+	+	CCONJ
abr-36	127	39	𝛽2𝑀𝑎𝑟𝑘𝑒𝑡𝑡	𝛽2𝑀𝑎𝑟𝑘𝑒𝑡𝑡	PROPN
abr-36	127	40	+	+	PUNCT
abr-36	127	41	𝜀𝑡,𝑖.𝑡	𝜀𝑡,𝑖.𝑡	NOUN
abr-36	127	42	(	(	PUNCT
abr-36	127	43	1	1	NUM
abr-36	127	44	)	)	PUNCT
abr-36	127	45	where	where	SCONJ
abr-36	127	46	𝑃(𝑆𝑡𝑜𝑐𝑘	𝑃(𝑆𝑡𝑜𝑐𝑘	NOUN
abr-36	127	47	𝑀𝑎𝑟𝑘𝑒𝑡)𝑓,𝑖,𝑡	𝑀𝑎𝑟𝑘𝑒𝑡)𝑓,𝑖,𝑡	PROPN
abr-36	127	48	is	be	AUX
abr-36	127	49	the	the	DET
abr-36	127	50	probability	probability	NOUN
abr-36	127	51	of	of	ADP
abr-36	127	52	firms	firm	NOUN
abr-36	127	53	raising	raise	VERB
abr-36	127	54	capital	capital	NOUN
abr-36	127	55	through	through	ADP
abr-36	127	56	the	the	DET
abr-36	127	57	stock	stock	NOUN
abr-36	127	58	market	market	NOUN
abr-36	127	59	,	,	PUNCT
abr-36	127	60	and	and	CCONJ
abr-36	127	61	is	be	AUX
abr-36	127	62	defined	define	VERB
abr-36	127	63	at	at	ADP
abr-36	127	64	firm	firm	ADJ
abr-36	127	65	level	level	NOUN
abr-36	127	66	,	,	PUNCT
abr-36	127	67	f	f	X
abr-36	127	68	,	,	PUNCT
abr-36	127	69	in	in	ADP
abr-36	127	70	i	i	PROPN
abr-36	127	71	industry	industry	NOUN
abr-36	127	72	in	in	ADP
abr-36	127	73	the	the	DET
abr-36	127	74	time	time	NOUN
abr-36	127	75	period	period	NOUN
abr-36	127	76	t.	t.	NOUN
abr-36	127	77	since	since	SCONJ
abr-36	127	78	the	the	DET
abr-36	127	79	instances	instance	NOUN
abr-36	127	80	where	where	SCONJ
abr-36	127	81	firms	firm	NOUN
abr-36	127	82	are	be	AUX
abr-36	127	83	seeking	seek	VERB
abr-36	127	84	external	external	ADJ
abr-36	127	85	capital	capital	NOUN
abr-36	127	86	are	be	AUX
abr-36	127	87	of	of	ADP
abr-36	127	88	interest	interest	NOUN
abr-36	127	89	,	,	PUNCT
abr-36	127	90	and	and	CCONJ
abr-36	127	91	only	only	ADV
abr-36	127	92	two	two	NUM
abr-36	127	93	options	option	NOUN
abr-36	127	94	exist	exist	VERB
abr-36	127	95	,	,	PUNCT
abr-36	127	96	bond	bond	NOUN
abr-36	127	97	and	and	CCONJ
abr-36	127	98	stock	stock	NOUN
abr-36	127	99	,	,	PUNCT
abr-36	127	100	the	the	DET
abr-36	127	101	probabilities	probability	NOUN
abr-36	127	102	of	of	ADP
abr-36	127	103	raising	raise	VERB
abr-36	127	104	funds	fund	NOUN
abr-36	127	105	through	through	ADP
abr-36	127	106	the	the	DET
abr-36	127	107	bond	bond	NOUN
abr-36	127	108	market	market	NOUN
abr-36	127	109	,	,	PUNCT
abr-36	127	110	𝑃(𝐵𝑜𝑛𝑑	𝑃(𝐵𝑜𝑛𝑑	X
abr-36	127	111	𝑀𝑎𝑟𝑘𝑒𝑡)𝑓,𝑖,𝑡	𝑀𝑎𝑟𝑘𝑒𝑡)𝑓,𝑖,𝑡	PROPN
abr-36	127	112	,	,	PUNCT
abr-36	127	113	must	must	AUX
abr-36	127	114	be	be	AUX
abr-36	127	115	equal	equal	ADJ
abr-36	127	116	to	to	ADP
abr-36	127	117	(	(	PUNCT
abr-36	127	118	1𝑚𝑃(𝑆𝑡𝑜𝑐𝑘	1𝑚𝑃(𝑆𝑡𝑜𝑐𝑘	PROPN
abr-36	127	119	𝑀𝑎𝑟𝑘𝑒𝑡)𝑓,𝑖,𝑡	𝑀𝑎𝑟𝑘𝑒𝑡)𝑓,𝑖,𝑡	PROPN
abr-36	127	120	)	)	PUNCT
abr-36	127	121	.	.	PUNCT
abr-36	128	1	𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦𝑖,𝑡	𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦𝑖,𝑡	X
abr-36	128	2	represents	represent	VERB
abr-36	128	3	the	the	DET
abr-36	128	4	industry	industry	NOUN
abr-36	128	5	level	level	NOUN
abr-36	128	6	variables	variable	NOUN
abr-36	128	7	for	for	ADP
abr-36	128	8	all	all	DET
abr-36	128	9	firms	firm	NOUN
abr-36	128	10	,	,	PUNCT
abr-36	128	11	f	f	X
abr-36	128	12	,	,	PUNCT
abr-36	128	13	within	within	ADP
abr-36	128	14	the	the	DET
abr-36	128	15	industry	industry	NOUN
abr-36	128	16	,	,	PUNCT
abr-36	128	17	i.	i.	NOUN
abr-36	128	18	the	the	DET
abr-36	128	19	industry	industry	NOUN
abr-36	128	20	level	level	NOUN
abr-36	128	21	contains	contain	VERB
abr-36	128	22	the	the	DET
abr-36	128	23	important	important	ADJ
abr-36	128	24	explanatory	explanatory	ADJ
abr-36	128	25	variable	variable	NOUN
abr-36	128	26	of	of	ADP
abr-36	128	27	industry	industry	NOUN
abr-36	128	28	innovation	innovation	NOUN
abr-36	128	29	/	/	SYM
abr-36	128	30	patenting	patenting	NOUN
abr-36	128	31	activity	activity	NOUN
abr-36	128	32	.	.	PUNCT
abr-36	129	1	an	an	DET
abr-36	129	2	additional	additional	ADJ
abr-36	129	3	industry	industry	NOUN
abr-36	129	4	-	-	PUNCT
abr-36	129	5	level	level	NOUN
abr-36	129	6	control	control	NOUN
abr-36	129	7	of	of	ADP
abr-36	129	8	returns	return	NOUN
abr-36	129	9	will	will	AUX
abr-36	129	10	also	also	ADV
abr-36	129	11	be	be	AUX
abr-36	129	12	included	include	VERB
abr-36	129	13	.	.	PUNCT
abr-36	130	1	various	various	ADJ
abr-36	130	2	time	time	NOUN
abr-36	130	3	variant	variant	ADJ
abr-36	130	4	market	market	NOUN
abr-36	130	5	conditions	condition	NOUN
abr-36	130	6	are	be	AUX
abr-36	130	7	controlled	control	VERB
abr-36	130	8	with	with	ADP
abr-36	130	9	𝑀𝑎𝑟𝑘𝑒𝑡𝑡	𝑀𝑎𝑟𝑘𝑒𝑡𝑡	PROPN
abr-36	130	10	;	;	PUNCT
abr-36	130	11	within	within	ADP
abr-36	130	12	this	this	PRON
abr-36	130	13	are	be	AUX
abr-36	130	14	a	a	DET
abr-36	130	15	number	number	NOUN
abr-36	130	16	of	of	ADP
abr-36	130	17	market	market	NOUN
abr-36	130	18	factors	factor	NOUN
abr-36	130	19	traditionally	traditionally	ADV
abr-36	130	20	in	in	ADP
abr-36	130	21	the	the	DET
abr-36	130	22	literature	literature	NOUN
abr-36	130	23	and	and	CCONJ
abr-36	130	24	discussed	discuss	VERB
abr-36	130	25	in	in	ADP
abr-36	130	26	detail	detail	NOUN
abr-36	130	27	in	in	ADP
abr-36	130	28	the	the	DET
abr-36	130	29	section	section	NOUN
abr-36	130	30	below	below	ADV
abr-36	130	31	(	(	PUNCT
abr-36	130	32	complete	complete	ADJ
abr-36	130	33	data	datum	NOUN
abr-36	130	34	descriptions	description	NOUN
abr-36	130	35	can	can	AUX
abr-36	130	36	be	be	AUX
abr-36	130	37	found	find	VERB
abr-36	130	38	in	in	ADP
abr-36	130	39	table	table	NOUN
abr-36	130	40	1	1	NUM
abr-36	130	41	)	)	PUNCT
abr-36	130	42	.	.	PUNCT
abr-36	131	1	capital	capital	NOUN
abr-36	131	2	structure	structure	NOUN
abr-36	131	3	over	over	ADP
abr-36	131	4	the	the	DET
abr-36	131	5	life	life	NOUN
abr-36	131	6	cycle	cycle	NOUN
abr-36	131	7	22	22	NUM
abr-36	131	8	table	table	NOUN
abr-36	131	9	1	1	NUM
abr-36	131	10	data	datum	NOUN
abr-36	131	11	description	description	NOUN
abr-36	131	12	var	var	NOUN
abr-36	131	13	name	name	NOUN
abr-36	131	14	description	description	NOUN
abr-36	131	15	mean	mean	VERB
abr-36	131	16	std	std	X
abr-36	131	17	dev	dev	PROPN
abr-36	131	18	s	s	PROPN
abr-36	131	19	/	/	SYM
abr-36	131	20	b	b	NOUN
abr-36	131	21	ratio	ratio	NOUN
abr-36	131	22	ratio	ratio	NOUN
abr-36	131	23	of	of	ADP
abr-36	131	24	stock	stock	NOUN
abr-36	131	25	issuance	issuance	NOUN
abr-36	131	26	to	to	PART
abr-36	131	27	bond	bond	NOUN
abr-36	131	28	issuance	issuance	NOUN
abr-36	131	29	for	for	ADP
abr-36	131	30	all	all	DET
abr-36	131	31	public	public	ADJ
abr-36	131	32	issuance	issuance	NOUN
abr-36	131	33	1970	1970	NUM
abr-36	131	34	-	-	SYM
abr-36	131	35	1992	1992	NUM
abr-36	131	36	.	.	PUNCT
abr-36	132	1	computed	compute	VERB
abr-36	132	2	as	as	ADP
abr-36	132	3	:	:	PUNCT
abr-36	132	4	total	total	ADJ
abr-36	132	5	proceeds	proceed	NOUN
abr-36	132	6	of	of	ADP
abr-36	132	7	stock	stock	NOUN
abr-36	132	8	issuance	issuance	NOUN
abr-36	132	9	to	to	PART
abr-36	132	10	proceeds	proceeds	VERB
abr-36	132	11	from	from	ADP
abr-36	132	12	bond	bond	NOUN
abr-36	132	13	issuance	issuance	NOUN
abr-36	132	14	plus	plus	CCONJ
abr-36	132	15	stock	stock	NOUN
abr-36	132	16	issuance	issuance	NOUN
abr-36	132	17	for	for	ADP
abr-36	132	18	each	each	DET
abr-36	132	19	6	6	NUM
abr-36	132	20	month	month	NOUN
abr-36	132	21	period	period	NOUN
abr-36	132	22	.	.	PUNCT
abr-36	133	1	binomial	binomial	ADJ
abr-36	133	2	variable	variable	NOUN
abr-36	133	3	equal	equal	ADJ
abr-36	133	4	to	to	ADP
abr-36	133	5	one	one	NUM
abr-36	133	6	when	when	SCONJ
abr-36	133	7	the	the	DET
abr-36	133	8	firm	firm	NOUN
abr-36	133	9	raises	raise	VERB
abr-36	133	10	funds	fund	NOUN
abr-36	133	11	through	through	ADP
abr-36	133	12	stock	stock	NOUN
abr-36	133	13	market	market	NOUN
abr-36	133	14	issuance	issuance	NOUN
abr-36	133	15	and	and	CCONJ
abr-36	133	16	zero	zero	NUM
abr-36	133	17	when	when	SCONJ
abr-36	133	18	through	through	ADP
abr-36	133	19	the	the	DET
abr-36	133	20	bond	bond	NOUN
abr-36	133	21	market	market	NOUN
abr-36	133	22	.	.	PUNCT
abr-36	134	1	bond	bond	NOUN
abr-36	134	2	classifications	classification	NOUN
abr-36	134	3	included	include	VERB
abr-36	134	4	:	:	PUNCT
abr-36	134	5	asset	asset	NOUN
abr-36	134	6	backed	back	VERB
abr-36	134	7	,	,	PUNCT
abr-36	134	8	convertible	convertible	ADJ
abr-36	134	9	,	,	PUNCT
abr-36	134	10	highyield	highyield	ADJ
abr-36	134	11	corporate	corporate	ADJ
abr-36	134	12	,	,	PUNCT
abr-36	134	13	investment	investment	NOUN
abr-36	134	14	grade	grade	NOUN
abr-36	134	15	corporate	corporate	ADJ
abr-36	134	16	,	,	PUNCT
abr-36	134	17	and	and	CCONJ
abr-36	134	18	mortgage	mortgage	NOUN
abr-36	134	19	backed	back	VERB
abr-36	134	20	.	.	PUNCT
abr-36	135	1	source	source	NOUN
abr-36	135	2	:	:	PUNCT
abr-36	135	3	thomson	thomson	PROPN
abr-36	135	4	reuters	reuters	PROPN
abr-36	135	5	sdc	sdc	PROPN
abr-36	135	6	database	database	PROPN
abr-36	135	7	n	n	CCONJ
abr-36	135	8	/	/	SYM
abr-36	135	9	a	a	DET
abr-36	135	10	n	n	CCONJ
abr-36	135	11	/	/	SYM
abr-36	135	12	a	a	DET
abr-36	135	13	pgrant	pgrant	VERB
abr-36	135	14	granted	grant	VERB
abr-36	135	15	patents	patent	NOUN
abr-36	135	16	per	per	ADP
abr-36	135	17	2	2	NUM
abr-36	135	18	digitover	digitover	NOUN
abr-36	135	19	the	the	DET
abr-36	135	20	six	six	NUM
abr-36	135	21	month	month	NOUN
abr-36	135	22	time	time	NOUN
abr-36	135	23	periods	period	NOUN
abr-36	135	24	.	.	PUNCT
abr-36	136	1	source	source	NOUN
abr-36	136	2	:	:	PUNCT
abr-36	136	3	nber	nber	PROPN
abr-36	136	4	patent	patent	PROPN
abr-36	136	5	database	database	PROPN
abr-36	136	6	,	,	PUNCT
abr-36	136	7	hall	hall	PROPN
abr-36	136	8	,	,	PUNCT
abr-36	136	9	jaffe	jaffe	PROPN
abr-36	136	10	,	,	PUNCT
abr-36	136	11	and	and	CCONJ
abr-36	136	12	trajtenberg	trajtenberg	PROPN
abr-36	136	13	(	(	PUNCT
abr-36	136	14	2001	2001	NUM
abr-36	136	15	)	)	PUNCT
abr-36	136	16	1.838	1.838	NUM
abr-36	136	17	2.336	2.336	NUM
abr-36	136	18	time	time	NOUN
abr-36	136	19	time	time	NOUN
abr-36	136	20	factor	factor	NOUN
abr-36	136	21	;	;	PUNCT
abr-36	136	22	used	use	VERB
abr-36	136	23	to	to	PART
abr-36	136	24	control	control	VERB
abr-36	136	25	for	for	ADP
abr-36	136	26	the	the	DET
abr-36	136	27	time	time	NOUN
abr-36	136	28	trend	trend	NOUN
abr-36	136	29	of	of	ADP
abr-36	136	30	stock	stock	NOUN
abr-36	136	31	market	market	NOUN
abr-36	136	32	issuance	issuance	NOUN
abr-36	136	33	.	.	PUNCT
abr-36	137	1	calculated	calculate	VERB
abr-36	137	2	as	as	ADP
abr-36	137	3	time	time	NOUN
abr-36	137	4	period	period	NOUN
abr-36	137	5	minus	minus	CCONJ
abr-36	137	6	1969	1969	NUM
abr-36	137	7	,	,	PUNCT
abr-36	137	8	resulting	result	VERB
abr-36	137	9	in	in	ADP
abr-36	137	10	time	time	NOUN
abr-36	137	11	periods	period	NOUN
abr-36	137	12	ranging	range	VERB
abr-36	137	13	between	between	ADP
abr-36	137	14	1	1	NUM
abr-36	137	15	–	–	SYM
abr-36	137	16	22.5	22.5	NUM
abr-36	137	17	n	n	NOUN
abr-36	137	18	/	/	SYM
abr-36	137	19	a	a	DET
abr-36	137	20	n	n	CCONJ
abr-36	137	21	/	/	SYM
abr-36	137	22	a	a	DET
abr-36	137	23	ind	ind	NOUN
abr-36	137	24	.	.	PUNCT
abr-36	138	1	return	return	NOUN
abr-36	138	2	industry	industry	NOUN
abr-36	138	3	returns	return	NOUN
abr-36	138	4	computed	compute	VERB
abr-36	138	5	as	as	ADP
abr-36	138	6	a	a	DET
abr-36	138	7	market	market	NOUN
abr-36	138	8	return	return	NOUN
abr-36	138	9	average	average	ADJ
abr-36	138	10	2	2	NUM
abr-36	138	11	-	-	PUNCT
abr-36	138	12	digit	digit	NOUN
abr-36	138	13	sic	sic	ADJ
abr-36	138	14	industries	industry	NOUN
abr-36	138	15	over	over	ADP
abr-36	138	16	the	the	DET
abr-36	138	17	six	six	NUM
abr-36	138	18	month	month	NOUN
abr-36	138	19	time	time	NOUN
abr-36	138	20	periods	period	NOUN
abr-36	138	21	.	.	PUNCT
abr-36	139	1	includes	include	VERB
abr-36	139	2	returns	return	NOUN
abr-36	139	3	on	on	ADP
abr-36	139	4	all	all	DET
abr-36	139	5	publicly	publicly	ADV
abr-36	139	6	held	hold	VERB
abr-36	139	7	stocks	stock	NOUN
abr-36	139	8	in	in	ADP
abr-36	139	9	the	the	DET
abr-36	139	10	united	united	PROPN
abr-36	139	11	states	states	PROPN
abr-36	139	12	listed	list	VERB
abr-36	139	13	on	on	ADP
abr-36	139	14	the	the	DET
abr-36	139	15	nyse	nyse	PROPN
abr-36	139	16	,	,	PUNCT
abr-36	139	17	amex	amex	PROPN
abr-36	139	18	,	,	PUNCT
abr-36	139	19	and	and	CCONJ
abr-36	139	20	nasdaq	nasdaq	PROPN
abr-36	139	21	stock	stock	NOUN
abr-36	139	22	exchanges	exchange	NOUN
abr-36	139	23	.	.	PUNCT
abr-36	140	1	values	value	NOUN
abr-36	140	2	listed	list	VERB
abr-36	140	3	as	as	ADP
abr-36	140	4	percentage	percentage	NOUN
abr-36	140	5	.	.	PUNCT
abr-36	141	1	source	source	NOUN
abr-36	141	2	:	:	PUNCT
abr-36	141	3	crsp	crsp	PROPN
abr-36	141	4	us	us	PROPN
abr-36	141	5	stock	stock	NOUN
abr-36	141	6	database	database	NOUN
abr-36	141	7	.	.	PUNCT
abr-36	142	1	0.037	0.037	NUM
abr-36	142	2	0.257	0.257	NUM
abr-36	142	3	bus	bus	NOUN
abr-36	142	4	.	.	PUNCT
abr-36	143	1	cycle	cycle	NOUN
abr-36	143	2	dummy	dummy	ADJ
abr-36	143	3	business	business	NOUN
abr-36	143	4	cycle	cycle	NOUN
abr-36	143	5	variable	variable	NOUN
abr-36	143	6	equal	equal	ADJ
abr-36	143	7	to	to	ADP
abr-36	143	8	one	one	NUM
abr-36	143	9	when	when	SCONJ
abr-36	143	10	economy	economy	NOUN
abr-36	143	11	is	be	AUX
abr-36	143	12	in	in	ADP
abr-36	143	13	expansion	expansion	NOUN
abr-36	143	14	and	and	CCONJ
abr-36	143	15	zero	zero	NUM
abr-36	143	16	when	when	SCONJ
abr-36	143	17	a	a	DET
abr-36	143	18	contraction	contraction	NOUN
abr-36	143	19	.	.	PUNCT
abr-36	144	1	source	source	NOUN
abr-36	144	2	:	:	PUNCT
abr-36	144	3	nber	nber	PROPN
abr-36	144	4	business	business	PROPN
abr-36	144	5	cycle	cycle	NOUN
abr-36	144	6	dating	date	VERB
abr-36	144	7	committee	committee	NOUN
abr-36	144	8	n	n	CCONJ
abr-36	144	9	/	/	SYM
abr-36	144	10	a	a	DET
abr-36	144	11	n	n	NOUN
abr-36	144	12	/	/	SYM
abr-36	144	13	a	a	DET
abr-36	144	14	10	10	NUM
abr-36	144	15	yrtbill	yrtbill	NOUN
abr-36	144	16	average	average	ADJ
abr-36	144	17	10	10	NUM
abr-36	144	18	year	year	NOUN
abr-36	144	19	t	t	PROPN
abr-36	144	20	-	-	PUNCT
abr-36	144	21	bill	bill	NOUN
abr-36	144	22	rate	rate	NOUN
abr-36	144	23	over	over	ADP
abr-36	144	24	each	each	DET
abr-36	144	25	6	6	NUM
abr-36	144	26	month	month	NOUN
abr-36	144	27	period	period	NOUN
abr-36	144	28	and	and	CCONJ
abr-36	144	29	acts	act	VERB
abr-36	144	30	as	as	ADP
abr-36	144	31	the	the	DET
abr-36	144	32	long	long	ADJ
abr-36	144	33	run	run	NOUN
abr-36	144	34	interest	interest	NOUN
abr-36	144	35	rate	rate	NOUN
abr-36	144	36	source	source	NOUN
abr-36	144	37	:	:	PUNCT
abr-36	144	38	wrds	wrds	PROPN
abr-36	144	39	8.94	8.94	NUM
abr-36	144	40	1.98	1.98	NUM
abr-36	144	41	rf	rf	NOUN
abr-36	144	42	risk	risk	NOUN
abr-36	144	43	free	free	ADJ
abr-36	144	44	rate	rate	NOUN
abr-36	144	45	(	(	PUNCT
abr-36	144	46	1	1	NUM
abr-36	144	47	month	month	NOUN
abr-36	144	48	t	t	NOUN
abr-36	144	49	-	-	PUNCT
abr-36	144	50	bill	bill	NOUN
abr-36	144	51	)	)	PUNCT
abr-36	144	52	,	,	PUNCT
abr-36	144	53	averaged	average	VERB
abr-36	144	54	over	over	ADP
abr-36	144	55	the	the	DET
abr-36	144	56	six	six	NUM
abr-36	144	57	month	month	NOUN
abr-36	144	58	time	time	NOUN
abr-36	144	59	periods	period	NOUN
abr-36	144	60	.	.	PUNCT
abr-36	145	1	source	source	NOUN
abr-36	145	2	:	:	PUNCT
abr-36	145	3	fama	fama	PROPN
abr-36	145	4	french	french	PROPN
abr-36	145	5	,	,	PUNCT
abr-36	145	6	wrds	wrds	PROPN
abr-36	145	7	0.0059	0.0059	NUM
abr-36	145	8	0.0018	0.0018	NUM
abr-36	145	9	mkt	mkt	PROPN
abr-36	145	10	.	.	PUNCT
abr-36	146	1	return	return	VERB
abr-36	146	2	average	average	ADJ
abr-36	146	3	market	market	NOUN
abr-36	146	4	(	(	PUNCT
abr-36	146	5	s&p	s&p	PROPN
abr-36	146	6	500	500	NUM
abr-36	146	7	)	)	PUNCT
abr-36	146	8	return	return	NOUN
abr-36	146	9	over	over	ADP
abr-36	146	10	the	the	DET
abr-36	146	11	6	6	NUM
abr-36	146	12	month	month	NOUN
abr-36	146	13	period	period	NOUN
abr-36	146	14	.	.	PUNCT
abr-36	147	1	source	source	NOUN
abr-36	147	2	:	:	PUNCT
abr-36	147	3	s&p	s&p	PROPN
abr-36	147	4	500	500	NUM
abr-36	147	5	0.0095	0.0095	NUM
abr-36	147	6	0.0113	0.0113	NUM
abr-36	147	7	mktrf	mktrf	NOUN
abr-36	147	8	excess	excess	ADJ
abr-36	147	9	return	return	NOUN
abr-36	147	10	on	on	ADP
abr-36	147	11	the	the	DET
abr-36	147	12	market	market	NOUN
abr-36	147	13	as	as	SCONJ
abr-36	147	14	measured	measure	VERB
abr-36	147	15	by	by	ADP
abr-36	147	16	a	a	DET
abr-36	147	17	value	value	NOUN
abr-36	147	18	weighted	weight	VERB
abr-36	147	19	return	return	NOUN
abr-36	147	20	of	of	ADP
abr-36	147	21	all	all	DET
abr-36	147	22	securities	security	NOUN
abr-36	147	23	minus	minus	ADP
abr-36	147	24	the	the	DET
abr-36	147	25	rate	rate	NOUN
abr-36	147	26	of	of	ADP
abr-36	147	27	return	return	NOUN
abr-36	147	28	on	on	ADP
abr-36	147	29	one	one	NUM
abr-36	147	30	month	month	NOUN
abr-36	147	31	t	t	PROPN
abr-36	147	32	-	-	PUNCT
abr-36	147	33	bills	bill	NOUN
abr-36	147	34	.	.	PUNCT
abr-36	148	1	averaged	average	VERB
abr-36	148	2	over	over	ADP
abr-36	148	3	the	the	DET
abr-36	148	4	6	6	NUM
abr-36	148	5	month	month	NOUN
abr-36	148	6	period	period	NOUN
abr-36	148	7	.	.	PUNCT
abr-36	149	1	source	source	NOUN
abr-36	149	2	:	:	PUNCT
abr-36	149	3	fama	fama	PROPN
abr-36	149	4	french	french	PROPN
abr-36	149	5	,	,	PUNCT
abr-36	149	6	wrds	wrds	PROPN
abr-36	149	7	0.006	0.006	NUM
abr-36	149	8	0.021	0.021	NUM
abr-36	149	9	because	because	SCONJ
abr-36	149	10	of	of	ADP
abr-36	149	11	the	the	DET
abr-36	149	12	possible	possible	ADJ
abr-36	149	13	presence	presence	NOUN
abr-36	149	14	of	of	ADP
abr-36	149	15	intra	intra	ADJ
abr-36	149	16	-	-	NOUN
abr-36	149	17	industry	industry	ADJ
abr-36	149	18	and	and	CCONJ
abr-36	149	19	time	time	NOUN
abr-36	149	20	correlations	correlation	NOUN
abr-36	149	21	in	in	ADP
abr-36	149	22	the	the	DET
abr-36	149	23	error	error	NOUN
abr-36	149	24	terms	term	NOUN
abr-36	149	25	,	,	PUNCT
abr-36	149	26	clustering	cluster	VERB
abr-36	149	27	standard	standard	ADJ
abr-36	149	28	errors	error	NOUN
abr-36	149	29	is	be	AUX
abr-36	149	30	important	important	ADJ
abr-36	149	31	.	.	PUNCT
abr-36	150	1	the	the	DET
abr-36	150	2	data	datum	NOUN
abr-36	150	3	include	include	VERB
abr-36	150	4	industry	industry	NOUN
abr-36	150	5	and	and	CCONJ
abr-36	150	6	time	time	NOUN
abr-36	150	7	variant	variant	ADJ
abr-36	150	8	effects	effect	NOUN
abr-36	150	9	.	.	PUNCT
abr-36	151	1	heterogeneity	heterogeneity	NOUN
abr-36	151	2	bias	bias	NOUN
abr-36	151	3	is	be	AUX
abr-36	151	4	treated	treat	VERB
abr-36	151	5	by	by	ADP
abr-36	151	6	removing	remove	VERB
abr-36	151	7	the	the	DET
abr-36	151	8	inter	inter	ADJ
abr-36	151	9	-	-	ADJ
abr-36	151	10	industry	industry	ADJ
abr-36	151	11	effects	effect	NOUN
abr-36	151	12	and	and	CCONJ
abr-36	151	13	time	time	NOUN
abr-36	151	14	(	(	PUNCT
abr-36	151	15	year	year	NOUN
abr-36	151	16	)	)	PUNCT
abr-36	151	17	effects	effect	NOUN
abr-36	151	18	.	.	PUNCT
abr-36	152	1	as	as	ADP
abr-36	152	2	such	such	ADJ
abr-36	152	3	,	,	PUNCT
abr-36	152	4	the	the	DET
abr-36	152	5	standard	standard	ADJ
abr-36	152	6	errors	error	NOUN
abr-36	152	7	are	be	AUX
abr-36	152	8	clustered	cluster	VERB
abr-36	152	9	at	at	ADP
abr-36	152	10	the	the	DET
abr-36	152	11	industry	industry	NOUN
abr-36	152	12	/	/	SYM
abr-36	152	13	time	time	NOUN
abr-36	152	14	level	level	NOUN
abr-36	152	15	.	.	PUNCT
abr-36	153	1	within	within	ADP
abr-36	153	2	the	the	DET
abr-36	153	3	dataset	dataset	NOUN
abr-36	153	4	,	,	PUNCT
abr-36	153	5	there	there	PRON
abr-36	153	6	were	be	VERB
abr-36	153	7	25,064	25,064	NUM
abr-36	153	8	instances	instance	NOUN
abr-36	153	9	of	of	ADP
abr-36	153	10	firms	firm	NOUN
abr-36	153	11	raising	raise	VERB
abr-36	153	12	capital	capital	NOUN
abr-36	153	13	across	across	ADP
abr-36	153	14	71	71	NUM
abr-36	153	15	industries	industry	NOUN
abr-36	153	16	and	and	CCONJ
abr-36	153	17	46	46	NUM
abr-36	153	18	time	time	NOUN
abr-36	153	19	periods	period	NOUN
abr-36	153	20	;	;	PUNCT
abr-36	153	21	clustering	cluster	VERB
abr-36	153	22	at	at	ADP
abr-36	153	23	the	the	DET
abr-36	153	24	industry	industry	NOUN
abr-36	153	25	/	/	SYM
abr-36	153	26	time	time	NOUN
abr-36	153	27	level	level	NOUN
abr-36	153	28	results	result	NOUN
abr-36	153	29	in	in	ADP
abr-36	153	30	a	a	DET
abr-36	153	31	maximum	maximum	ADJ
abr-36	153	32	possible	possible	ADJ
abr-36	153	33	3,266	3,266	NUM
abr-36	153	34	observations	observation	NOUN
abr-36	153	35	.	.	PUNCT
abr-36	154	1	however	however	ADV
abr-36	154	2	,	,	PUNCT
abr-36	154	3	some	some	DET
abr-36	154	4	periods	period	NOUN
abr-36	154	5	have	have	VERB
abr-36	154	6	no	no	DET
abr-36	154	7	fundraising	fundraising	NOUN
abr-36	154	8	activity	activity	NOUN
abr-36	154	9	for	for	ADP
abr-36	154	10	a	a	DET
abr-36	154	11	specific	specific	ADJ
abr-36	154	12	industry	industry	NOUN
abr-36	154	13	,	,	PUNCT
abr-36	154	14	leaving	leave	VERB
abr-36	154	15	2,106	2,106	NUM
abr-36	154	16	total	total	ADJ
abr-36	154	17	independent	independent	ADJ
abr-36	154	18	observations	observation	NOUN
abr-36	154	19	.	.	PUNCT
abr-36	155	1	data	datum	NOUN
abr-36	155	2	the	the	DET
abr-36	155	3	dependent	dependent	ADJ
abr-36	155	4	variable	variable	NOUN
abr-36	155	5	is	be	AUX
abr-36	155	6	this	this	DET
abr-36	155	7	model	model	NOUN
abr-36	155	8	is	be	AUX
abr-36	155	9	the	the	DET
abr-36	155	10	ratio	ratio	NOUN
abr-36	155	11	of	of	ADP
abr-36	155	12	stock	stock	NOUN
abr-36	155	13	market	market	NOUN
abr-36	155	14	financing	financing	NOUN
abr-36	155	15	to	to	ADP
abr-36	155	16	the	the	DET
abr-36	155	17	total	total	ADJ
abr-36	155	18	amount	amount	NOUN
abr-36	155	19	of	of	ADP
abr-36	155	20	financing	financing	NOUN
abr-36	155	21	received	receive	VERB
abr-36	155	22	in	in	ADP
abr-36	155	23	each	each	DET
abr-36	155	24	time	time	NOUN
abr-36	155	25	period	period	NOUN
abr-36	155	26	.	.	PUNCT
abr-36	156	1	the	the	DET
abr-36	156	2	dataset	dataset	NOUN
abr-36	156	3	incorporates	incorporate	VERB
abr-36	156	4	all	all	DET
abr-36	156	5	stock	stock	NOUN
abr-36	156	6	and	and	CCONJ
abr-36	156	7	bond	bond	NOUN
abr-36	156	8	issuance	issuance	NOUN
abr-36	156	9	occurrences	occurrence	NOUN
abr-36	156	10	in	in	ADP
abr-36	156	11	the	the	DET
abr-36	156	12	united	united	PROPN
abr-36	156	13	states	states	PROPN
abr-36	156	14	between	between	ADP
abr-36	156	15	1970	1970	NUM
abr-36	156	16	and	and	CCONJ
abr-36	156	17	1992	1992	NUM
abr-36	156	18	as	as	SCONJ
abr-36	156	19	reported	report	VERB
abr-36	156	20	in	in	ADP
abr-36	156	21	the	the	DET
abr-36	156	22	thomson	thomson	NOUN
abr-36	156	23	reuters	reuters	PROPN
abr-36	156	24	sdc	sdc	PROPN
abr-36	156	25	database	database	PROPN
abr-36	156	26	.	.	PUNCT
abr-36	157	1	the	the	DET
abr-36	157	2	dependent	dependent	ADJ
abr-36	157	3	variable	variable	NOUN
abr-36	157	4	,	,	PUNCT
abr-36	157	5	sb.ratio	sb.ratio	ADP
abr-36	157	6	is	be	AUX
abr-36	157	7	given	give	VERB
abr-36	157	8	as	as	ADP
abr-36	157	9	:	:	PUNCT
abr-36	157	10	𝑆𝐵.	𝑆𝐵.	X
abr-36	157	11	𝑅𝑎𝑡𝑖𝑜𝑡	𝑅𝑎𝑡𝑖𝑜𝑡	PROPN
abr-36	157	12	=	=	SYM
abr-36	157	13	𝑆𝑡𝑜𝑐𝑘	𝑆𝑡𝑜𝑐𝑘	PROPN
abr-36	157	14	𝑀𝑎𝑟𝑘𝑒𝑡	𝑀𝑎𝑟𝑘𝑒𝑡	PROPN
abr-36	157	15	𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔𝑡	𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔𝑡	PROPN
abr-36	157	16	(	(	PUNCT
abr-36	157	17	𝑆𝑡𝑜𝑐𝑘	𝑆𝑡𝑜𝑐𝑘	PROPN
abr-36	157	18	𝑀𝑎𝑟𝑘𝑒𝑡	𝑀𝑎𝑟𝑘𝑒𝑡	PROPN
abr-36	157	19	𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔𝑡+𝐵𝑜𝑛𝑑	𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔𝑡+𝐵𝑜𝑛𝑑	NOUN
abr-36	157	20	𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔𝑡	𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔𝑡	PROPN
abr-36	157	21	)	)	PUNCT
abr-36	157	22	(	(	PUNCT
abr-36	157	23	2	2	X
abr-36	157	24	)	)	PUNCT
abr-36	157	25	fund	fund	NOUN
abr-36	157	26	raising	raise	VERB
abr-36	157	27	activity	activity	NOUN
abr-36	157	28	has	have	AUX
abr-36	157	29	been	be	AUX
abr-36	157	30	organized	organize	VERB
abr-36	157	31	into	into	ADP
abr-36	157	32	6	6	NUM
abr-36	157	33	month	month	NOUN
abr-36	157	34	time	time	NOUN
abr-36	157	35	periods	period	NOUN
abr-36	157	36	in	in	ADP
abr-36	157	37	order	order	NOUN
abr-36	157	38	to	to	PART
abr-36	157	39	gather	gather	VERB
abr-36	157	40	a	a	DET
abr-36	157	41	complete	complete	ADJ
abr-36	157	42	picture	picture	NOUN
abr-36	157	43	of	of	ADP
abr-36	157	44	their	their	PRON
abr-36	157	45	total	total	ADJ
abr-36	157	46	external	external	ADJ
abr-36	157	47	fund	fund	NOUN
abr-36	157	48	raising	raise	VERB
abr-36	157	49	activity	activity	NOUN
abr-36	157	50	.	.	PUNCT
abr-36	158	1	firms	firm	NOUN
abr-36	158	2	may	may	AUX
abr-36	158	3	have	have	VERB
abr-36	158	4	large	large	ADJ
abr-36	158	5	capital	capital	NOUN
abr-36	158	6	requirements	requirement	NOUN
abr-36	158	7	dehan	dehan	NOUN
abr-36	158	8	23	23	NUM
abr-36	158	9	and	and	CCONJ
abr-36	158	10	raise	raise	VERB
abr-36	158	11	funds	fund	NOUN
abr-36	158	12	from	from	ADP
abr-36	158	13	numerous	numerous	ADJ
abr-36	158	14	sources	source	NOUN
abr-36	158	15	in	in	ADP
abr-36	158	16	a	a	DET
abr-36	158	17	relatively	relatively	ADV
abr-36	158	18	short	short	ADJ
abr-36	158	19	period	period	NOUN
abr-36	158	20	.	.	PUNCT
abr-36	159	1	each	each	DET
abr-36	159	2	time	time	NOUN
abr-36	159	3	period	period	NOUN
abr-36	159	4	is	be	AUX
abr-36	159	5	organized	organize	VERB
abr-36	159	6	as	as	ADP
abr-36	159	7	january	january	PROPN
abr-36	159	8	through	through	ADP
abr-36	159	9	june	june	PROPN
abr-36	159	10	and	and	CCONJ
abr-36	159	11	july	july	PROPN
abr-36	159	12	through	through	ADP
abr-36	159	13	december	december	PROPN
abr-36	159	14	,	,	PUNCT
abr-36	159	15	for	for	ADP
abr-36	159	16	a	a	DET
abr-36	159	17	total	total	NOUN
abr-36	159	18	of	of	ADP
abr-36	159	19	two	two	NUM
abr-36	159	20	time	time	NOUN
abr-36	159	21	periods	period	NOUN
abr-36	159	22	in	in	ADP
abr-36	159	23	each	each	DET
abr-36	159	24	year	year	NOUN
abr-36	159	25	between	between	ADP
abr-36	159	26	1970	1970	NUM
abr-36	159	27	and	and	CCONJ
abr-36	159	28	the	the	DET
abr-36	159	29	end	end	NOUN
abr-36	159	30	of	of	ADP
abr-36	159	31	1992	1992	NUM
abr-36	159	32	for	for	ADP
abr-36	159	33	a	a	DET
abr-36	159	34	total	total	NOUN
abr-36	159	35	of	of	ADP
abr-36	159	36	46	46	NUM
abr-36	159	37	time	time	NOUN
abr-36	159	38	periods	period	NOUN
abr-36	159	39	.	.	PUNCT
abr-36	160	1	for	for	ADP
abr-36	160	2	example	example	NOUN
abr-36	160	3	,	,	PUNCT
abr-36	160	4	when	when	SCONJ
abr-36	160	5	t=1970	t=1970	PROPN
abr-36	160	6	,	,	PUNCT
abr-36	160	7	it	it	PRON
abr-36	160	8	indicates	indicate	VERB
abr-36	160	9	the	the	DET
abr-36	160	10	first	first	ADJ
abr-36	160	11	6	6	NUM
abr-36	160	12	months	month	NOUN
abr-36	160	13	of	of	ADP
abr-36	160	14	1970	1970	NUM
abr-36	160	15	;	;	PUNCT
abr-36	160	16	t=1970.5	t=1970.5	NUM
abr-36	160	17	indicates	indicate	VERB
abr-36	160	18	july	july	PROPN
abr-36	160	19	through	through	ADP
abr-36	160	20	december	december	PROPN
abr-36	160	21	of	of	ADP
abr-36	160	22	1970	1970	NUM
abr-36	160	23	;	;	PUNCT
abr-36	160	24	etc	etc	X
abr-36	160	25	.	.	X
abr-36	161	1	these	these	DET
abr-36	161	2	time	time	NOUN
abr-36	161	3	designations	designation	NOUN
abr-36	161	4	are	be	AUX
abr-36	161	5	used	use	VERB
abr-36	161	6	for	for	ADP
abr-36	161	7	every	every	DET
abr-36	161	8	variable	variable	NOUN
abr-36	161	9	in	in	ADP
abr-36	161	10	this	this	DET
abr-36	161	11	model	model	NOUN
abr-36	161	12	;	;	PUNCT
abr-36	161	13	firm	firm	ADJ
abr-36	161	14	fundraising	fundraising	NOUN
abr-36	161	15	,	,	PUNCT
abr-36	161	16	industry	industry	NOUN
abr-36	161	17	patenting	patenting	NOUN
abr-36	161	18	,	,	PUNCT
abr-36	161	19	and	and	CCONJ
abr-36	161	20	market	market	NOUN
abr-36	161	21	considerations	consideration	NOUN
abr-36	161	22	are	be	AUX
abr-36	161	23	all	all	PRON
abr-36	161	24	factored	factor	VERB
abr-36	161	25	over	over	ADP
abr-36	161	26	the	the	DET
abr-36	161	27	6	6	NUM
abr-36	161	28	-	-	PUNCT
abr-36	161	29	month	month	NOUN
abr-36	161	30	time	time	NOUN
abr-36	161	31	periods	period	NOUN
abr-36	161	32	.	.	PUNCT
abr-36	162	1	the	the	DET
abr-36	162	2	value	value	NOUN
abr-36	162	3	of	of	ADP
abr-36	162	4	the	the	DET
abr-36	162	5	dependent	dependent	ADJ
abr-36	162	6	variable	variable	NOUN
abr-36	162	7	for	for	ADP
abr-36	162	8	a	a	DET
abr-36	162	9	firm	firm	NOUN
abr-36	162	10	that	that	PRON
abr-36	162	11	raises	raise	VERB
abr-36	162	12	capital	capital	NOUN
abr-36	162	13	only	only	ADV
abr-36	162	14	through	through	ADP
abr-36	162	15	the	the	DET
abr-36	162	16	bond	bond	NOUN
abr-36	162	17	market	market	NOUN
abr-36	162	18	would	would	AUX
abr-36	162	19	equal	equal	VERB
abr-36	162	20	zero	zero	NUM
abr-36	162	21	,	,	PUNCT
abr-36	162	22	while	while	SCONJ
abr-36	162	23	a	a	DET
abr-36	162	24	firm	firm	NOUN
abr-36	162	25	that	that	PRON
abr-36	162	26	raised	raise	VERB
abr-36	162	27	all	all	DET
abr-36	162	28	their	their	PRON
abr-36	162	29	funds	fund	NOUN
abr-36	162	30	through	through	ADP
abr-36	162	31	the	the	DET
abr-36	162	32	stock	stock	NOUN
abr-36	162	33	market	market	NOUN
abr-36	162	34	would	would	AUX
abr-36	162	35	equal	equal	VERB
abr-36	162	36	one	one	NUM
abr-36	162	37	.	.	PUNCT
abr-36	163	1	as	as	SCONJ
abr-36	163	2	can	can	AUX
abr-36	163	3	be	be	AUX
abr-36	163	4	seen	see	VERB
abr-36	163	5	from	from	ADP
abr-36	163	6	firm	firm	NOUN
abr-36	163	7	’s	’s	PART
abr-36	163	8	actions	action	NOUN
abr-36	163	9	in	in	ADP
abr-36	163	10	capital	capital	NOUN
abr-36	163	11	markets	market	NOUN
abr-36	163	12	,	,	PUNCT
abr-36	163	13	it	it	PRON
abr-36	163	14	was	be	AUX
abr-36	163	15	unusual	unusual	ADJ
abr-36	163	16	for	for	SCONJ
abr-36	163	17	a	a	DET
abr-36	163	18	firm	firm	NOUN
abr-36	163	19	to	to	PART
abr-36	163	20	raise	raise	VERB
abr-36	163	21	capital	capital	NOUN
abr-36	163	22	through	through	ADP
abr-36	163	23	both	both	CCONJ
abr-36	163	24	stock	stock	NOUN
abr-36	163	25	and	and	CCONJ
abr-36	163	26	bond	bond	NOUN
abr-36	163	27	issuance	issuance	NOUN
abr-36	163	28	in	in	ADP
abr-36	163	29	the	the	DET
abr-36	163	30	same	same	ADJ
abr-36	163	31	time	time	NOUN
abr-36	163	32	period	period	NOUN
abr-36	163	33	.	.	PUNCT
abr-36	164	1	of	of	ADP
abr-36	164	2	the	the	DET
abr-36	164	3	25,153	25,153	NUM
abr-36	164	4	fund	fund	NOUN
abr-36	164	5	raising	raise	VERB
abr-36	164	6	instances	instance	NOUN
abr-36	164	7	,	,	PUNCT
abr-36	164	8	only	only	ADV
abr-36	164	9	89	89	NUM
abr-36	164	10	firms	firm	NOUN
abr-36	164	11	raised	raise	VERB
abr-36	164	12	capital	capital	NOUN
abr-36	164	13	through	through	ADP
abr-36	164	14	both	both	CCONJ
abr-36	164	15	the	the	DET
abr-36	164	16	bond	bond	NOUN
abr-36	164	17	and	and	CCONJ
abr-36	164	18	stock	stock	NOUN
abr-36	164	19	market	market	NOUN
abr-36	164	20	in	in	ADP
abr-36	164	21	one	one	NUM
abr-36	164	22	of	of	ADP
abr-36	164	23	the	the	DET
abr-36	164	24	6	6	NUM
abr-36	164	25	-	-	PUNCT
abr-36	164	26	month	month	NOUN
abr-36	164	27	time	time	NOUN
abr-36	164	28	periods	period	NOUN
abr-36	164	29	.	.	PUNCT
abr-36	165	1	these	these	DET
abr-36	165	2	89	89	NUM
abr-36	165	3	instances	instance	NOUN
abr-36	165	4	present	present	VERB
abr-36	165	5	an	an	DET
abr-36	165	6	interesting	interesting	ADJ
abr-36	165	7	anomaly	anomaly	NOUN
abr-36	165	8	as	as	SCONJ
abr-36	165	9	the	the	DET
abr-36	165	10	only	only	ADJ
abr-36	165	11	plausible	plausible	ADJ
abr-36	165	12	explanation	explanation	NOUN
abr-36	165	13	as	as	ADP
abr-36	165	14	to	to	ADP
abr-36	165	15	why	why	SCONJ
abr-36	165	16	a	a	DET
abr-36	165	17	firm	firm	NOUN
abr-36	165	18	would	would	AUX
abr-36	165	19	seek	seek	VERB
abr-36	165	20	both	both	DET
abr-36	165	21	bond	bond	NOUN
abr-36	165	22	and	and	CCONJ
abr-36	165	23	stock	stock	NOUN
abr-36	165	24	market	market	NOUN
abr-36	165	25	issuance	issuance	NOUN
abr-36	165	26	in	in	ADP
abr-36	165	27	the	the	DET
abr-36	165	28	same	same	ADJ
abr-36	165	29	time	time	NOUN
abr-36	165	30	period	period	NOUN
abr-36	165	31	would	would	AUX
abr-36	165	32	be	be	AUX
abr-36	165	33	that	that	SCONJ
abr-36	165	34	the	the	DET
abr-36	165	35	costs	cost	NOUN
abr-36	165	36	/	/	SYM
abr-36	165	37	benefits	benefit	NOUN
abr-36	165	38	were	be	AUX
abr-36	165	39	exactly	exactly	ADV
abr-36	165	40	identical	identical	ADJ
abr-36	165	41	.	.	PUNCT
abr-36	166	1	this	this	DET
abr-36	166	2	rare	rare	ADJ
abr-36	166	3	occurrence	occurrence	NOUN
abr-36	166	4	,	,	PUNCT
abr-36	166	5	0.3	0.3	NUM
abr-36	166	6	%	%	NOUN
abr-36	166	7	,	,	PUNCT
abr-36	166	8	demonstrates	demonstrate	VERB
abr-36	166	9	that	that	SCONJ
abr-36	166	10	firms	firm	NOUN
abr-36	166	11	are	be	AUX
abr-36	166	12	unlikely	unlikely	ADJ
abr-36	166	13	to	to	PART
abr-36	166	14	seek	seek	VERB
abr-36	166	15	funds	fund	NOUN
abr-36	166	16	through	through	ADP
abr-36	166	17	both	both	DET
abr-36	166	18	avenues	avenue	NOUN
abr-36	166	19	simultaneously	simultaneously	ADV
abr-36	166	20	.	.	PUNCT
abr-36	167	1	these	these	PRON
abr-36	167	2	are	be	AUX
abr-36	167	3	dropped	drop	VERB
abr-36	167	4	from	from	ADP
abr-36	167	5	the	the	DET
abr-36	167	6	analysis	analysis	NOUN
abr-36	167	7	to	to	PART
abr-36	167	8	allow	allow	VERB
abr-36	167	9	for	for	ADP
abr-36	167	10	the	the	DET
abr-36	167	11	use	use	NOUN
abr-36	167	12	of	of	ADP
abr-36	167	13	binomial	binomial	ADJ
abr-36	167	14	regressions	regression	NOUN
abr-36	167	15	,	,	PUNCT
abr-36	167	16	leaving	leave	VERB
abr-36	167	17	25,064	25,064	NUM
abr-36	167	18	instances	instance	NOUN
abr-36	167	19	of	of	ADP
abr-36	167	20	firm	firm	ADJ
abr-36	167	21	level	level	NOUN
abr-36	167	22	fund	fund	NOUN
abr-36	167	23	raising	raising	NOUN
abr-36	167	24	.	.	PUNCT
abr-36	168	1	this	this	PRON
abr-36	168	2	leads	lead	VERB
abr-36	168	3	to	to	ADP
abr-36	168	4	a	a	DET
abr-36	168	5	simpler	simple	ADJ
abr-36	168	6	dependent	dependent	ADJ
abr-36	168	7	variable	variable	NOUN
abr-36	168	8	,	,	PUNCT
abr-36	168	9	where	where	SCONJ
abr-36	168	10	:	:	PUNCT
abr-36	168	11	𝑆𝐵.	𝑆𝐵.	X
abr-36	169	1	𝑅𝑎𝑡𝑖𝑜𝑓,𝑖,𝑡	𝑅𝑎𝑡𝑖𝑜𝑓,𝑖,𝑡	PROPN
abr-36	169	2	=	=	SYM
abr-36	169	3	{	{	PUNCT
abr-36	169	4	1	1	NUM
abr-36	169	5	,	,	PUNCT
abr-36	169	6	𝑓𝑢𝑛𝑑	𝑓𝑢𝑛𝑑	VERB
abr-36	169	7	𝑟𝑎𝑖𝑠𝑖𝑛𝑔	𝑟𝑎𝑖𝑠𝑖𝑛𝑔	ADJ
abr-36	169	8	=	=	SYM
abr-36	169	9	𝑠𝑡𝑜𝑐𝑘	𝑠𝑡𝑜𝑐𝑘	NOUN
abr-36	169	10	𝑚𝑎𝑟𝑘𝑒𝑡	𝑚𝑎𝑟𝑘𝑒𝑡	PROPN
abr-36	169	11	0	0	NUM
abr-36	169	12	,	,	PUNCT
abr-36	169	13	𝑜𝑡ℎ𝑒𝑟𝑤𝑖𝑠𝑒	𝑜𝑡ℎ𝑒𝑟𝑤𝑖𝑠𝑒	NOUN
abr-36	169	14	(	(	PUNCT
abr-36	169	15	3	3	X
abr-36	169	16	)	)	PUNCT
abr-36	169	17	figure	figure	NOUN
abr-36	169	18	3	3	NUM
abr-36	169	19	displays	display	VERB
abr-36	169	20	the	the	DET
abr-36	169	21	distribution	distribution	NOUN
abr-36	169	22	of	of	ADP
abr-36	169	23	how	how	SCONJ
abr-36	169	24	many	many	ADJ
abr-36	169	25	times	time	NOUN
abr-36	169	26	a	a	DET
abr-36	169	27	firm	firm	NOUN
abr-36	169	28	enters	enter	VERB
abr-36	169	29	the	the	DET
abr-36	169	30	market	market	NOUN
abr-36	169	31	for	for	ADP
abr-36	169	32	external	external	ADJ
abr-36	169	33	capital	capital	NOUN
abr-36	169	34	.	.	PUNCT
abr-36	170	1	the	the	DET
abr-36	170	2	horizontal	horizontal	ADJ
abr-36	170	3	axis	axis	NOUN
abr-36	170	4	displays	display	VERB
abr-36	170	5	the	the	DET
abr-36	170	6	number	number	NOUN
abr-36	170	7	of	of	ADP
abr-36	170	8	time	time	NOUN
abr-36	170	9	a	a	DET
abr-36	170	10	firm	firm	NOUN
abr-36	170	11	appears	appear	VERB
abr-36	170	12	in	in	ADP
abr-36	170	13	the	the	DET
abr-36	170	14	sample	sample	NOUN
abr-36	170	15	while	while	SCONJ
abr-36	170	16	the	the	DET
abr-36	170	17	vertical	vertical	ADJ
abr-36	170	18	axis	axis	NOUN
abr-36	170	19	is	be	AUX
abr-36	170	20	the	the	DET
abr-36	170	21	number	number	NOUN
abr-36	170	22	of	of	ADP
abr-36	170	23	firms	firm	NOUN
abr-36	170	24	that	that	PRON
abr-36	170	25	are	be	AUX
abr-36	170	26	included	include	VERB
abr-36	170	27	in	in	ADP
abr-36	170	28	each	each	DET
abr-36	170	29	group	group	NOUN
abr-36	170	30	.	.	PUNCT
abr-36	171	1	of	of	ADP
abr-36	171	2	the	the	DET
abr-36	171	3	12,131	12,131	NUM
abr-36	171	4	firms	firm	NOUN
abr-36	171	5	that	that	PRON
abr-36	171	6	raised	raise	VERB
abr-36	171	7	capital	capital	NOUN
abr-36	171	8	through	through	ADP
abr-36	171	9	either	either	CCONJ
abr-36	171	10	the	the	DET
abr-36	171	11	bond	bond	NOUN
abr-36	171	12	or	or	CCONJ
abr-36	171	13	stock	stock	NOUN
abr-36	171	14	market	market	NOUN
abr-36	171	15	in	in	ADP
abr-36	171	16	the	the	DET
abr-36	171	17	time	time	NOUN
abr-36	171	18	period	period	NOUN
abr-36	171	19	the	the	DET
abr-36	171	20	vast	vast	ADJ
abr-36	171	21	majority	majority	NOUN
abr-36	171	22	,	,	PUNCT
abr-36	171	23	8,571	8,571	NUM
abr-36	171	24	,	,	PUNCT
abr-36	171	25	only	only	ADV
abr-36	171	26	went	go	VERB
abr-36	171	27	to	to	ADP
abr-36	171	28	the	the	DET
abr-36	171	29	market	market	NOUN
abr-36	171	30	a	a	DET
abr-36	171	31	single	single	ADJ
abr-36	171	32	time	time	NOUN
abr-36	171	33	.	.	PUNCT
abr-36	172	1	firms	firm	NOUN
abr-36	172	2	that	that	PRON
abr-36	172	3	raised	raise	VERB
abr-36	172	4	capital	capital	NOUN
abr-36	172	5	less	less	ADJ
abr-36	172	6	than	than	ADP
abr-36	172	7	five	five	NUM
abr-36	172	8	times	time	NOUN
abr-36	172	9	between	between	ADP
abr-36	172	10	1970	1970	NUM
abr-36	172	11	and	and	CCONJ
abr-36	172	12	1992	1992	NUM
abr-36	172	13	represent	represent	VERB
abr-36	172	14	93.5	93.5	NUM
abr-36	172	15	%	%	NOUN
abr-36	172	16	of	of	ADP
abr-36	172	17	the	the	DET
abr-36	172	18	observed	observe	VERB
abr-36	172	19	firms	firm	NOUN
abr-36	172	20	.	.	PUNCT
abr-36	173	1	the	the	DET
abr-36	173	2	large	large	ADJ
abr-36	173	3	number	number	NOUN
abr-36	173	4	of	of	ADP
abr-36	173	5	firms	firm	NOUN
abr-36	173	6	with	with	ADP
abr-36	173	7	limited	limited	ADJ
abr-36	173	8	observations	observation	NOUN
abr-36	173	9	precludes	preclude	VERB
abr-36	173	10	the	the	DET
abr-36	173	11	ability	ability	NOUN
abr-36	173	12	to	to	PART
abr-36	173	13	use	use	VERB
abr-36	173	14	a	a	DET
abr-36	173	15	dynamic	dynamic	ADJ
abr-36	173	16	panel	panel	NOUN
abr-36	173	17	or	or	CCONJ
abr-36	173	18	fixed	fix	VERB
abr-36	173	19	effects	effect	NOUN
abr-36	173	20	model	model	NOUN
abr-36	173	21	.	.	PUNCT
abr-36	174	1	for	for	ADP
abr-36	174	2	example	example	NOUN
abr-36	174	3	,	,	PUNCT
abr-36	174	4	the	the	DET
abr-36	174	5	use	use	NOUN
abr-36	174	6	of	of	ADP
abr-36	174	7	a	a	DET
abr-36	174	8	fixed	fix	VERB
abr-36	174	9	effects	effect	NOUN
abr-36	174	10	model	model	NOUN
abr-36	174	11	results	result	NOUN
abr-36	174	12	in	in	ADP
abr-36	174	13	the	the	DET
abr-36	174	14	dropping	dropping	NOUN
abr-36	174	15	of	of	ADP
abr-36	174	16	96.7	96.7	NUM
abr-36	174	17	%	%	NOUN
abr-36	174	18	of	of	ADP
abr-36	174	19	observations	observation	NOUN
abr-36	174	20	.	.	PUNCT
abr-36	175	1	industry	industry	NOUN
abr-36	175	2	level	level	NOUN
abr-36	175	3	variables	variable	VERB
abr-36	175	4	these	these	DET
abr-36	175	5	data	datum	NOUN
abr-36	175	6	include	include	VERB
abr-36	175	7	all	all	DET
abr-36	175	8	patents	patent	NOUN
abr-36	175	9	issued	issue	VERB
abr-36	175	10	by	by	ADP
abr-36	175	11	the	the	DET
abr-36	175	12	united	united	PROPN
abr-36	175	13	states	states	PROPN
abr-36	175	14	patent	patent	PROPN
abr-36	175	15	and	and	CCONJ
abr-36	175	16	trademark	trademark	NOUN
abr-36	175	17	office	office	NOUN
abr-36	175	18	(	(	PUNCT
abr-36	175	19	uspto	uspto	NOUN
abr-36	175	20	)	)	PUNCT
abr-36	175	21	and	and	CCONJ
abr-36	175	22	compiled	compile	VERB
abr-36	175	23	by	by	ADP
abr-36	175	24	hall	hall	PROPN
abr-36	175	25	,	,	PUNCT
abr-36	175	26	jaffe	jaffe	PROPN
abr-36	175	27	,	,	PUNCT
abr-36	175	28	and	and	CCONJ
abr-36	175	29	trajtenberg	trajtenberg	PROPN
abr-36	175	30	(	(	PUNCT
abr-36	175	31	2001	2001	NUM
abr-36	175	32	)	)	PUNCT
abr-36	175	33	.	.	PUNCT
abr-36	176	1	the	the	DET
abr-36	176	2	relationship	relationship	NOUN
abr-36	176	3	between	between	ADP
abr-36	176	4	where	where	SCONJ
abr-36	176	5	a	a	DET
abr-36	176	6	firm	firm	NOUN
abr-36	176	7	is	be	AUX
abr-36	176	8	in	in	ADP
abr-36	176	9	the	the	DET
abr-36	176	10	life	life	NOUN
abr-36	176	11	cycle	cycle	NOUN
abr-36	176	12	is	be	AUX
abr-36	176	13	as	as	SCONJ
abr-36	176	14	follows	follow	VERB
abr-36	176	15	:	:	PUNCT
abr-36	176	16	stock	stock	NOUN
abr-36	176	17	market	market	NOUN
abr-36	176	18	issuance	issuance	NOUN
abr-36	176	19	correlates	correlate	VERB
abr-36	176	20	with	with	ADP
abr-36	176	21	patenting	patenting	NOUN
abr-36	176	22	,	,	PUNCT
abr-36	176	23	innovative	innovative	ADJ
abr-36	176	24	industries	industry	NOUN
abr-36	176	25	patent	patent	NOUN
abr-36	176	26	more	more	ADJ
abr-36	176	27	,	,	PUNCT
abr-36	176	28	and	and	CCONJ
abr-36	176	29	more	more	ADJ
abr-36	176	30	innovation	innovation	NOUN
abr-36	176	31	occurs	occur	VERB
abr-36	176	32	at	at	ADP
abr-36	176	33	the	the	DET
abr-36	176	34	beginning	beginning	NOUN
abr-36	176	35	of	of	ADP
abr-36	176	36	the	the	DET
abr-36	176	37	innovation	innovation	NOUN
abr-36	176	38	life	life	NOUN
abr-36	176	39	cycle	cycle	NOUN
abr-36	176	40	.	.	PUNCT
abr-36	177	1	the	the	DET
abr-36	177	2	empirical	empirical	ADJ
abr-36	177	3	estimations	estimation	NOUN
abr-36	177	4	of	of	ADP
abr-36	177	5	this	this	DET
abr-36	177	6	paper	paper	NOUN
abr-36	177	7	are	be	AUX
abr-36	177	8	focused	focus	VERB
abr-36	177	9	specifically	specifically	ADV
abr-36	177	10	on	on	ADP
abr-36	177	11	the	the	DET
abr-36	177	12	relationship	relationship	NOUN
abr-36	177	13	between	between	ADP
abr-36	177	14	patents	patent	NOUN
abr-36	177	15	and	and	CCONJ
abr-36	177	16	stock	stock	NOUN
abr-36	177	17	market	market	NOUN
abr-36	177	18	issuance	issuance	NOUN
abr-36	177	19	.	.	PUNCT
abr-36	178	1	the	the	DET
abr-36	178	2	patent	patent	NOUN
abr-36	178	3	data	datum	NOUN
abr-36	178	4	used	use	VERB
abr-36	178	5	in	in	ADP
abr-36	178	6	this	this	DET
abr-36	178	7	analysis	analysis	NOUN
abr-36	178	8	includes	include	VERB
abr-36	178	9	only	only	ADV
abr-36	178	10	utility	utility	NOUN
abr-36	178	11	patents	patent	NOUN
abr-36	178	12	granted	grant	VERB
abr-36	178	13	in	in	ADP
abr-36	178	14	the	the	DET
abr-36	178	15	united	united	PROPN
abr-36	178	16	states	states	PROPN
abr-36	178	17	as	as	SCONJ
abr-36	178	18	these	these	PRON
abr-36	178	19	are	be	AUX
abr-36	178	20	issued	issue	VERB
abr-36	178	21	for	for	ADP
abr-36	178	22	the	the	DET
abr-36	178	23	invention	invention	NOUN
abr-36	178	24	of	of	ADP
abr-36	178	25	“	"	PUNCT
abr-36	178	26	any	any	DET
abr-36	178	27	new	new	ADJ
abr-36	178	28	and	and	CCONJ
abr-36	178	29	useful	useful	ADJ
abr-36	178	30	process	process	NOUN
abr-36	178	31	,	,	PUNCT
abr-36	178	32	machine	machine	NOUN
abr-36	178	33	,	,	PUNCT
abr-36	178	34	manufacture	manufacture	NOUN
abr-36	178	35	,	,	PUNCT
abr-36	178	36	or	or	CCONJ
abr-36	178	37	composition	composition	NOUN
abr-36	178	38	of	of	ADP
abr-36	178	39	matter	matter	NOUN
abr-36	178	40	,	,	PUNCT
abr-36	178	41	or	or	CCONJ
abr-36	178	42	a	a	DET
abr-36	178	43	new	new	ADJ
abr-36	178	44	and	and	CCONJ
abr-36	178	45	useful	useful	ADJ
abr-36	178	46	improvement	improvement	NOUN
abr-36	178	47	thereof	thereof	ADV
abr-36	178	48	…	…	PUNCT
abr-36	178	49	”	"	PUNCT
abr-36	178	50	(	(	PUNCT
abr-36	178	51	patent	patent	NOUN
abr-36	178	52	laws	law	NOUN
abr-36	178	53	and	and	CCONJ
abr-36	178	54	regulations	regulation	NOUN
abr-36	178	55	,	,	PUNCT
abr-36	178	56	2000	2000	NUM
abr-36	178	57	,	,	PUNCT
abr-36	178	58	p.	p.	PROPN
abr-36	178	59	e-25	e-25	PROPN
abr-36	178	60	)	)	PUNCT
abr-36	178	61	and	and	CCONJ
abr-36	178	62	are	be	AUX
abr-36	178	63	generally	generally	ADV
abr-36	178	64	referred	refer	VERB
abr-36	178	65	to	to	ADP
abr-36	178	66	as	as	ADP
abr-36	178	67	patents	patent	NOUN
abr-36	178	68	for	for	ADP
abr-36	178	69	invention	invention	NOUN
abr-36	178	70	.	.	PUNCT
abr-36	179	1	this	this	DET
abr-36	179	2	data	datum	NOUN
abr-36	179	3	set	set	VERB
abr-36	179	4	excludes	exclude	VERB
abr-36	179	5	plant	plant	NOUN
abr-36	179	6	and	and	CCONJ
abr-36	179	7	design	design	NOUN
abr-36	179	8	patents	patent	NOUN
abr-36	179	9	as	as	SCONJ
abr-36	179	10	these	these	DET
abr-36	179	11	patents	patent	NOUN
abr-36	179	12	can	can	AUX
abr-36	179	13	not	not	PART
abr-36	179	14	be	be	AUX
abr-36	179	15	considered	consider	VERB
abr-36	179	16	a	a	DET
abr-36	179	17	radical	radical	ADJ
abr-36	179	18	departure	departure	NOUN
abr-36	179	19	from	from	ADP
abr-36	179	20	previous	previous	ADJ
abr-36	179	21	innovations	innovation	NOUN
abr-36	179	22	.	.	PUNCT
abr-36	180	1	industry	industry	NOUN
abr-36	180	2	level	level	NOUN
abr-36	180	3	patenting	patenting	NOUN
abr-36	180	4	is	be	AUX
abr-36	180	5	important	important	ADJ
abr-36	180	6	;	;	PUNCT
abr-36	180	7	path	path	NOUN
abr-36	180	8	-	-	PUNCT
abr-36	180	9	breaking	break	VERB
abr-36	180	10	innovations	innovation	NOUN
abr-36	180	11	generated	generate	VERB
abr-36	180	12	by	by	ADP
abr-36	180	13	innovation	innovation	NOUN
abr-36	180	14	come	come	VERB
abr-36	180	15	in	in	ADP
abr-36	180	16	clusters	cluster	NOUN
abr-36	180	17	,	,	PUNCT
abr-36	180	18	providing	provide	VERB
abr-36	180	19	more	more	ADJ
abr-36	180	20	opportunities	opportunity	NOUN
abr-36	180	21	for	for	ADP
abr-36	180	22	innovation	innovation	NOUN
abr-36	180	23	by	by	ADP
abr-36	180	24	others	other	NOUN
abr-36	180	25	in	in	ADP
abr-36	180	26	the	the	DET
abr-36	180	27	industry	industry	NOUN
abr-36	180	28	.	.	PUNCT
abr-36	181	1	while	while	SCONJ
abr-36	181	2	one	one	NUM
abr-36	181	3	firm	firm	NOUN
abr-36	181	4	in	in	ADP
abr-36	181	5	an	an	DET
abr-36	181	6	industry	industry	NOUN
abr-36	181	7	might	might	AUX
abr-36	181	8	be	be	AUX
abr-36	181	9	the	the	DET
abr-36	181	10	leader	leader	NOUN
abr-36	181	11	in	in	ADP
abr-36	181	12	patenting	patent	VERB
abr-36	181	13	activity	activity	NOUN
abr-36	181	14	,	,	PUNCT
abr-36	181	15	a	a	DET
abr-36	181	16	large	large	ADJ
abr-36	181	17	number	number	NOUN
abr-36	181	18	of	of	ADP
abr-36	181	19	other	other	ADJ
abr-36	181	20	firms	firm	NOUN
abr-36	181	21	will	will	AUX
abr-36	181	22	attempt	attempt	VERB
abr-36	181	23	to	to	PART
abr-36	181	24	bring	bring	VERB
abr-36	181	25	a	a	DET
abr-36	181	26	similar	similar	ADJ
abr-36	181	27	product	product	NOUN
abr-36	181	28	to	to	ADP
abr-36	181	29	market	market	NOUN
abr-36	181	30	.	.	PUNCT
abr-36	182	1	industries	industry	NOUN
abr-36	182	2	with	with	ADP
abr-36	182	3	higher	high	ADJ
abr-36	182	4	levels	level	NOUN
abr-36	182	5	of	of	ADP
abr-36	182	6	patenting	patenting	NOUN
abr-36	182	7	will	will	AUX
abr-36	182	8	contain	contain	VERB
abr-36	182	9	firms	firm	NOUN
abr-36	182	10	with	with	ADP
abr-36	182	11	higher	high	ADJ
abr-36	182	12	levels	level	NOUN
abr-36	182	13	of	of	ADP
abr-36	182	14	innovation	innovation	NOUN
abr-36	182	15	.	.	PUNCT
abr-36	183	1	information	information	NOUN
abr-36	183	2	as	as	ADP
abr-36	183	3	to	to	ADP
abr-36	183	4	which	which	PRON
abr-36	183	5	firms	firm	NOUN
abr-36	183	6	are	be	AUX
abr-36	183	7	going	go	VERB
abr-36	183	8	to	to	PART
abr-36	183	9	survive	survive	VERB
abr-36	183	10	and	and	CCONJ
abr-36	183	11	succeed	succeed	VERB
abr-36	183	12	is	be	AUX
abr-36	183	13	not	not	PART
abr-36	183	14	known	know	VERB
abr-36	183	15	with	with	ADP
abr-36	183	16	any	any	DET
abr-36	183	17	level	level	NOUN
abr-36	183	18	of	of	ADP
abr-36	183	19	certainty	certainty	NOUN
abr-36	183	20	,	,	PUNCT
abr-36	183	21	but	but	CCONJ
abr-36	183	22	accurate	accurate	ADJ
abr-36	183	23	forecasts	forecast	NOUN
abr-36	183	24	of	of	ADP
abr-36	183	25	the	the	DET
abr-36	183	26	success	success	NOUN
abr-36	183	27	of	of	ADP
abr-36	183	28	the	the	DET
abr-36	183	29	wider	wide	ADJ
abr-36	183	30	industry	industry	NOUN
abr-36	183	31	is	be	AUX
abr-36	183	32	known	know	VERB
abr-36	183	33	by	by	ADP
abr-36	183	34	most	most	ADJ
abr-36	183	35	investors	investor	NOUN
abr-36	183	36	.	.	PUNCT
abr-36	184	1	pastor	pastor	NOUN
abr-36	184	2	and	and	CCONJ
abr-36	184	3	veronesi	veronesi	NOUN
abr-36	184	4	(	(	PUNCT
abr-36	184	5	2005	2005	NUM
abr-36	184	6	)	)	PUNCT
abr-36	184	7	found	find	VERB
abr-36	184	8	that	that	SCONJ
abr-36	184	9	during	during	ADP
abr-36	184	10	technological	technological	ADJ
abr-36	184	11	revolutions	revolution	NOUN
abr-36	184	12	investors	investor	NOUN
abr-36	184	13	capital	capital	NOUN
abr-36	184	14	structure	structure	NOUN
abr-36	184	15	over	over	ADP
abr-36	184	16	the	the	DET
abr-36	184	17	life	life	NOUN
abr-36	184	18	cycle	cycle	NOUN
abr-36	184	19	24	24	NUM
abr-36	184	20	figure	figure	NOUN
abr-36	184	21	3	3	NUM
abr-36	184	22	.	.	PUNCT
abr-36	184	23	fund	fund	NOUN
abr-36	184	24	-	-	PUNCT
abr-36	184	25	raising	raising	NOUN
abr-36	184	26	will	will	AUX
abr-36	184	27	diversify	diversify	VERB
abr-36	184	28	their	their	PRON
abr-36	184	29	investments	investment	NOUN
abr-36	184	30	among	among	ADP
abr-36	184	31	many	many	ADJ
abr-36	184	32	in	in	ADP
abr-36	184	33	the	the	DET
abr-36	184	34	industry	industry	NOUN
abr-36	184	35	.	.	PUNCT
abr-36	185	1	this	this	PRON
abr-36	185	2	is	be	AUX
abr-36	185	3	done	do	VERB
abr-36	185	4	because	because	SCONJ
abr-36	185	5	some	some	PRON
abr-36	185	6	will	will	AUX
abr-36	185	7	be	be	AUX
abr-36	185	8	winners	winner	NOUN
abr-36	185	9	,	,	PUNCT
abr-36	185	10	others	other	NOUN
abr-36	185	11	losers	loser	NOUN
abr-36	185	12	,	,	PUNCT
abr-36	185	13	and	and	CCONJ
abr-36	185	14	can	can	AUX
abr-36	185	15	not	not	PART
abr-36	185	16	be	be	AUX
abr-36	185	17	known	know	VERB
abr-36	185	18	a	a	DET
abr-36	185	19	priori	priori	X
abr-36	185	20	who	who	PRON
abr-36	185	21	will	will	AUX
abr-36	185	22	be	be	AUX
abr-36	185	23	the	the	DET
abr-36	185	24	winners	winner	NOUN
abr-36	185	25	.	.	PUNCT
abr-36	186	1	patent	patent	NOUN
abr-36	186	2	data	datum	NOUN
abr-36	186	3	from	from	ADP
abr-36	186	4	the	the	DET
abr-36	186	5	uspto	uspto	NOUN
abr-36	186	6	are	be	AUX
abr-36	186	7	classified	classify	VERB
abr-36	186	8	by	by	ADP
abr-36	186	9	internal	internal	ADJ
abr-36	186	10	codes	code	NOUN
abr-36	186	11	that	that	PRON
abr-36	186	12	are	be	AUX
abr-36	186	13	not	not	PART
abr-36	186	14	relatable	relatable	ADJ
abr-36	186	15	to	to	ADP
abr-36	186	16	other	other	ADJ
abr-36	186	17	variables	variable	NOUN
abr-36	186	18	.	.	PUNCT
abr-36	187	1	hall	hall	NOUN
abr-36	187	2	et	et	PROPN
abr-36	187	3	al	al	PROPN
abr-36	187	4	.	.	PROPN
abr-36	188	1	(	(	PUNCT
abr-36	188	2	2001	2001	NUM
abr-36	188	3	)	)	PUNCT
abr-36	188	4	were	be	AUX
abr-36	188	5	able	able	ADJ
abr-36	188	6	to	to	PART
abr-36	188	7	relate	relate	VERB
abr-36	188	8	the	the	DET
abr-36	188	9	internal	internal	ADJ
abr-36	188	10	uspto	uspto	PROPN
abr-36	188	11	codes	code	NOUN
abr-36	188	12	to	to	ADP
abr-36	188	13	industries	industry	NOUN
abr-36	188	14	and	and	CCONJ
abr-36	188	15	other	other	ADJ
abr-36	188	16	outside	outside	ADJ
abr-36	188	17	factors	factor	NOUN
abr-36	188	18	through	through	ADP
abr-36	188	19	a	a	DET
abr-36	188	20	3	3	NUM
abr-36	188	21	-	-	PUNCT
abr-36	188	22	digit	digit	NOUN
abr-36	188	23	us	us	PROPN
abr-36	188	24	patent	patent	NOUN
abr-36	188	25	class	class	NOUN
abr-36	188	26	.	.	PUNCT
abr-36	189	1	this	this	DET
abr-36	189	2	us	us	PROPN
abr-36	189	3	patent	patent	NOUN
abr-36	189	4	class	class	NOUN
abr-36	189	5	is	be	AUX
abr-36	189	6	assigned	assign	VERB
abr-36	189	7	to	to	ADP
abr-36	189	8	the	the	DET
abr-36	189	9	appropriate	appropriate	ADJ
abr-36	189	10	2	2	NUM
abr-36	189	11	-	-	PUNCT
abr-36	189	12	digit	digit	NOUN
abr-36	189	13	sic	sic	ADJ
abr-36	189	14	industry	industry	NOUN
abr-36	189	15	codes	code	NOUN
abr-36	189	16	;	;	PUNCT
abr-36	189	17	the	the	DET
abr-36	189	18	broader	broad	ADJ
abr-36	189	19	2	2	NUM
abr-36	189	20	-	-	PUNCT
abr-36	189	21	digit	digit	NOUN
abr-36	189	22	codes	code	NOUN
abr-36	189	23	were	be	AUX
abr-36	189	24	chosen	choose	VERB
abr-36	189	25	because	because	SCONJ
abr-36	189	26	of	of	ADP
abr-36	189	27	the	the	DET
abr-36	189	28	necessity	necessity	NOUN
abr-36	189	29	to	to	PART
abr-36	189	30	incorporate	incorporate	VERB
abr-36	189	31	the	the	DET
abr-36	189	32	spillover	spillover	NOUN
abr-36	189	33	effects	effect	NOUN
abr-36	189	34	on	on	ADP
abr-36	189	35	closely	closely	ADV
abr-36	189	36	related	relate	VERB
abr-36	189	37	industries	industry	NOUN
abr-36	189	38	.	.	PUNCT
abr-36	190	1	due	due	ADP
abr-36	190	2	to	to	ADP
abr-36	190	3	the	the	DET
abr-36	190	4	way	way	NOUN
abr-36	190	5	assignments	assignment	NOUN
abr-36	190	6	are	be	AUX
abr-36	190	7	referenced	reference	VERB
abr-36	190	8	by	by	ADP
abr-36	190	9	the	the	DET
abr-36	190	10	uspto	uspto	NOUN
abr-36	190	11	,	,	PUNCT
abr-36	190	12	some	some	DET
abr-36	190	13	patents	patent	NOUN
abr-36	190	14	were	be	AUX
abr-36	190	15	referenced	reference	VERB
abr-36	190	16	in	in	ADP
abr-36	190	17	a	a	DET
abr-36	190	18	number	number	NOUN
abr-36	190	19	of	of	ADP
abr-36	190	20	industries	industry	NOUN
abr-36	190	21	.	.	PUNCT
abr-36	191	1	when	when	SCONJ
abr-36	191	2	this	this	PRON
abr-36	191	3	occurred	occur	VERB
abr-36	191	4	,	,	PUNCT
abr-36	191	5	patents	patent	NOUN
abr-36	191	6	with	with	ADP
abr-36	191	7	applicability	applicability	NOUN
abr-36	191	8	in	in	ADP
abr-36	191	9	multiple	multiple	ADJ
abr-36	191	10	industries	industry	NOUN
abr-36	191	11	were	be	AUX
abr-36	191	12	included	include	VERB
abr-36	191	13	with	with	ADP
abr-36	191	14	the	the	DET
abr-36	191	15	total	total	ADJ
abr-36	191	16	count	count	NOUN
abr-36	191	17	of	of	ADP
abr-36	191	18	patents	patent	NOUN
abr-36	191	19	for	for	ADP
abr-36	191	20	each	each	DET
abr-36	191	21	industry	industry	NOUN
abr-36	191	22	they	they	PRON
abr-36	191	23	referenced	reference	VERB
abr-36	191	24	;	;	PUNCT
abr-36	191	25	this	this	PRON
abr-36	191	26	results	result	VERB
abr-36	191	27	in	in	ADP
abr-36	191	28	total	total	ADJ
abr-36	191	29	patent	patent	NOUN
abr-36	191	30	counts	count	NOUN
abr-36	191	31	being	be	AUX
abr-36	191	32	overestimated	overestimate	VERB
abr-36	191	33	.	.	PUNCT
abr-36	192	1	during	during	ADP
abr-36	192	2	the	the	DET
abr-36	192	3	time	time	NOUN
abr-36	192	4	period	period	NOUN
abr-36	192	5	,	,	PUNCT
abr-36	192	6	the	the	DET
abr-36	192	7	total	total	ADJ
abr-36	192	8	amount	amount	NOUN
abr-36	192	9	of	of	ADP
abr-36	192	10	actual	actual	ADJ
abr-36	192	11	patents	patent	NOUN
abr-36	192	12	was	be	AUX
abr-36	192	13	just	just	ADV
abr-36	192	14	under	under	ADP
abr-36	192	15	1.9	1.9	NUM
abr-36	192	16	million	million	NUM
abr-36	192	17	while	while	SCONJ
abr-36	192	18	my	my	PRON
abr-36	192	19	assignments	assignment	NOUN
abr-36	192	20	resulted	result	VERB
abr-36	192	21	in	in	ADP
abr-36	192	22	just	just	ADV
abr-36	192	23	over	over	ADP
abr-36	192	24	six	six	NUM
abr-36	192	25	million	million	NUM
abr-36	192	26	assigned	assign	VERB
abr-36	192	27	patents	patent	NOUN
abr-36	192	28	.	.	PUNCT
abr-36	193	1	this	this	PRON
abr-36	193	2	is	be	AUX
abr-36	193	3	the	the	DET
abr-36	193	4	optimal	optimal	ADJ
abr-36	193	5	practice	practice	NOUN
abr-36	193	6	as	as	SCONJ
abr-36	193	7	there	there	PRON
abr-36	193	8	are	be	VERB
abr-36	193	9	innovations	innovation	NOUN
abr-36	193	10	that	that	PRON
abr-36	193	11	have	have	VERB
abr-36	193	12	a	a	DET
abr-36	193	13	wider	wide	ADJ
abr-36	193	14	application	application	NOUN
abr-36	193	15	,	,	PUNCT
abr-36	193	16	and	and	CCONJ
abr-36	193	17	attempting	attempt	VERB
abr-36	193	18	to	to	PART
abr-36	193	19	select	select	VERB
abr-36	193	20	a	a	DET
abr-36	193	21	single	single	ADJ
abr-36	193	22	industry	industry	NOUN
abr-36	193	23	for	for	ADP
abr-36	193	24	these	these	PRON
abr-36	193	25	would	would	AUX
abr-36	193	26	result	result	VERB
abr-36	193	27	in	in	ADP
abr-36	193	28	subjective	subjective	ADJ
abr-36	193	29	assessments	assessment	NOUN
abr-36	193	30	of	of	ADP
abr-36	193	31	the	the	DET
abr-36	193	32	data	datum	NOUN
abr-36	193	33	.	.	PUNCT
abr-36	194	1	patents	patent	NOUN
abr-36	194	2	are	be	AUX
abr-36	194	3	reported	report	VERB
abr-36	194	4	according	accord	VERB
abr-36	194	5	to	to	ADP
abr-36	194	6	the	the	DET
abr-36	194	7	year	year	NOUN
abr-36	194	8	they	they	PRON
abr-36	194	9	were	be	AUX
abr-36	194	10	received	receive	VERB
abr-36	194	11	;	;	PUNCT
abr-36	194	12	the	the	DET
abr-36	194	13	time	time	NOUN
abr-36	194	14	periods	period	NOUN
abr-36	194	15	,	,	PUNCT
abr-36	194	16	however	however	ADV
abr-36	194	17	,	,	PUNCT
abr-36	194	18	are	be	AUX
abr-36	194	19	every	every	DET
abr-36	194	20	6	6	NUM
abr-36	194	21	months	month	NOUN
abr-36	194	22	.	.	PUNCT
abr-36	195	1	to	to	PART
abr-36	195	2	reconcile	reconcile	VERB
abr-36	195	3	this	this	PRON
abr-36	195	4	,	,	PUNCT
abr-36	195	5	the	the	DET
abr-36	195	6	way	way	NOUN
abr-36	195	7	the	the	DET
abr-36	195	8	patents	patent	NOUN
abr-36	195	9	are	be	AUX
abr-36	195	10	assigned	assign	VERB
abr-36	195	11	was	be	AUX
abr-36	195	12	to	to	PART
abr-36	195	13	place	place	VERB
abr-36	195	14	the	the	DET
abr-36	195	15	half	half	NOUN
abr-36	195	16	of	of	ADP
abr-36	195	17	the	the	DET
abr-36	195	18	yearly	yearly	ADJ
abr-36	195	19	number	number	NOUN
abr-36	195	20	of	of	ADP
abr-36	195	21	patents	patent	NOUN
abr-36	195	22	in	in	ADP
abr-36	195	23	the	the	DET
abr-36	195	24	first	first	ADJ
abr-36	195	25	half	half	NOUN
abr-36	195	26	of	of	ADP
abr-36	195	27	the	the	DET
abr-36	195	28	year	year	NOUN
abr-36	195	29	(	(	PUNCT
abr-36	195	30	e.g.	e.g.	ADV
abr-36	195	31	,	,	PUNCT
abr-36	195	32	1970	1970	NUM
abr-36	195	33	,	,	PUNCT
abr-36	195	34	1971	1971	NUM
abr-36	195	35	,	,	PUNCT
abr-36	195	36	etc	etc	X
abr-36	195	37	.	.	X
abr-36	195	38	)	)	PUNCT
abr-36	195	39	and	and	CCONJ
abr-36	195	40	then	then	ADV
abr-36	195	41	assign	assign	VERB
abr-36	195	42	the	the	DET
abr-36	195	43	second	second	ADJ
abr-36	195	44	half	half	NOUN
abr-36	195	45	of	of	ADP
abr-36	195	46	the	the	DET
abr-36	195	47	year	year	NOUN
abr-36	195	48	as	as	ADP
abr-36	195	49	the	the	DET
abr-36	195	50	average	average	NOUN
abr-36	195	51	of	of	ADP
abr-36	195	52	the	the	DET
abr-36	195	53	two	two	NUM
abr-36	195	54	surrounding	surround	VERB
abr-36	195	55	time	time	NOUN
abr-36	195	56	periods	period	NOUN
abr-36	195	57	(	(	PUNCT
abr-36	195	58	e.g.	e.g.	ADV
abr-36	195	59	,	,	PUNCT
abr-36	195	60	1970.5	1970.5	NUM
abr-36	195	61	=	=	SYM
abr-36	195	62	(	(	PUNCT
abr-36	195	63	1970	1970	NUM
abr-36	195	64	+	+	CCONJ
abr-36	195	65	1971)/2	1971)/2	NUM
abr-36	195	66	)	)	PUNCT
abr-36	195	67	.	.	PUNCT
abr-36	196	1	assigning	assign	VERB
abr-36	196	2	patents	patent	NOUN
abr-36	196	3	in	in	ADP
abr-36	196	4	the	the	DET
abr-36	196	5	manner	manner	NOUN
abr-36	196	6	allows	allow	VERB
abr-36	196	7	for	for	ADP
abr-36	196	8	continuous	continuous	ADJ
abr-36	196	9	patenting	patenting	NOUN
abr-36	196	10	data	datum	NOUN
abr-36	196	11	.	.	PUNCT
abr-36	197	1	following	follow	VERB
abr-36	197	2	the	the	DET
abr-36	197	3	market	market	NOUN
abr-36	197	4	timing	timing	NOUN
abr-36	197	5	literature	literature	NOUN
abr-36	197	6	(	(	PUNCT
abr-36	197	7	baker	baker	PROPN
abr-36	197	8	&	&	CCONJ
abr-36	197	9	wurgler	wurgler	PROPN
abr-36	197	10	,	,	PUNCT
abr-36	197	11	2002	2002	NUM
abr-36	197	12	)	)	PUNCT
abr-36	197	13	,	,	PUNCT
abr-36	197	14	when	when	SCONJ
abr-36	197	15	stock	stock	NOUN
abr-36	197	16	values	value	NOUN
abr-36	197	17	are	be	AUX
abr-36	197	18	higher	high	ADJ
abr-36	197	19	,	,	PUNCT
abr-36	197	20	firms	firm	NOUN
abr-36	197	21	are	be	AUX
abr-36	197	22	more	more	ADV
abr-36	197	23	likely	likely	ADJ
abr-36	197	24	to	to	PART
abr-36	197	25	raise	raise	VERB
abr-36	197	26	funds	fund	NOUN
abr-36	197	27	through	through	ADP
abr-36	197	28	equity	equity	NOUN
abr-36	197	29	.	.	PUNCT
abr-36	198	1	while	while	SCONJ
abr-36	198	2	market	market	NOUN
abr-36	198	3	returns	return	NOUN
abr-36	198	4	are	be	AUX
abr-36	198	5	also	also	ADV
abr-36	198	6	included	include	VERB
abr-36	198	7	,	,	PUNCT
abr-36	198	8	industry	industry	NOUN
abr-36	198	9	returns	return	NOUN
abr-36	198	10	are	be	AUX
abr-36	198	11	also	also	ADV
abr-36	198	12	necessary	necessary	ADJ
abr-36	198	13	to	to	PART
abr-36	198	14	control	control	VERB
abr-36	198	15	for	for	ADP
abr-36	198	16	since	since	SCONJ
abr-36	198	17	individual	individual	ADJ
abr-36	198	18	industries	industry	NOUN
abr-36	198	19	do	do	AUX
abr-36	198	20	not	not	PART
abr-36	198	21	necessarily	necessarily	ADV
abr-36	198	22	correlate	correlate	VERB
abr-36	198	23	with	with	ADP
abr-36	198	24	the	the	DET
abr-36	198	25	wider	wide	ADJ
abr-36	198	26	market	market	NOUN
abr-36	198	27	.	.	PUNCT
abr-36	199	1	one	one	NUM
abr-36	199	2	of	of	ADP
abr-36	199	3	the	the	DET
abr-36	199	4	main	main	ADJ
abr-36	199	5	considerations	consideration	NOUN
abr-36	199	6	for	for	ADP
abr-36	199	7	the	the	DET
abr-36	199	8	inclusion	inclusion	NOUN
abr-36	199	9	of	of	ADP
abr-36	199	10	industry	industry	NOUN
abr-36	199	11	controls	control	NOUN
abr-36	199	12	is	be	AUX
abr-36	199	13	that	that	SCONJ
abr-36	199	14	if	if	SCONJ
abr-36	199	15	an	an	DET
abr-36	199	16	asset	asset	NOUN
abr-36	199	17	price	price	NOUN
abr-36	199	18	bubble	bubble	NOUN
abr-36	199	19	is	be	AUX
abr-36	199	20	emerging	emerge	VERB
abr-36	199	21	in	in	ADP
abr-36	199	22	a	a	DET
abr-36	199	23	specific	specific	ADJ
abr-36	199	24	industry	industry	NOUN
abr-36	199	25	,	,	PUNCT
abr-36	199	26	the	the	DET
abr-36	199	27	valuations	valuation	NOUN
abr-36	199	28	an	an	DET
abr-36	199	29	innovative	innovative	ADJ
abr-36	199	30	firm	firm	NOUN
abr-36	199	31	would	would	AUX
abr-36	199	32	receive	receive	VERB
abr-36	199	33	could	could	AUX
abr-36	199	34	be	be	AUX
abr-36	199	35	greatly	greatly	ADV
abr-36	199	36	overvalued	overvalue	VERB
abr-36	199	37	.	.	PUNCT
abr-36	200	1	these	these	DET
abr-36	200	2	high	high	ADJ
abr-36	200	3	valuations	valuation	NOUN
abr-36	200	4	could	could	AUX
abr-36	200	5	be	be	AUX
abr-36	200	6	an	an	DET
abr-36	200	7	easy	easy	ADJ
abr-36	200	8	decision	decision	NOUN
abr-36	200	9	for	for	SCONJ
abr-36	200	10	a	a	DET
abr-36	200	11	firm	firm	NOUN
abr-36	200	12	to	to	PART
abr-36	200	13	raise	raise	VERB
abr-36	200	14	capital	capital	NOUN
abr-36	200	15	through	through	ADP
abr-36	200	16	equity	equity	NOUN
abr-36	200	17	.	.	PUNCT
abr-36	201	1	time	time	NOUN
abr-36	201	2	variant	variant	ADJ
abr-36	201	3	stock	stock	NOUN
abr-36	201	4	returns	return	NOUN
abr-36	201	5	for	for	ADP
abr-36	201	6	industries	industry	NOUN
abr-36	201	7	are	be	AUX
abr-36	201	8	included	include	VERB
abr-36	201	9	to	to	PART
abr-36	201	10	pick	pick	VERB
abr-36	201	11	up	up	ADP
abr-36	201	12	the	the	DET
abr-36	201	13	industry	industry	NOUN
abr-36	201	14	level	level	NOUN
abr-36	201	15	variation	variation	NOUN
abr-36	201	16	that	that	PRON
abr-36	201	17	could	could	AUX
abr-36	201	18	be	be	AUX
abr-36	201	19	overlooked	overlook	VERB
abr-36	201	20	by	by	ADP
abr-36	201	21	returns	return	NOUN
abr-36	201	22	from	from	ADP
abr-36	201	23	the	the	DET
abr-36	201	24	entire	entire	ADJ
abr-36	201	25	market	market	NOUN
abr-36	201	26	.	.	PUNCT
abr-36	202	1	as	as	SCONJ
abr-36	202	2	industry	industry	NOUN
abr-36	202	3	returns	return	NOUN
abr-36	202	4	rise	rise	VERB
abr-36	202	5	,	,	PUNCT
abr-36	202	6	more	more	ADJ
abr-36	202	7	stock	stock	NOUN
abr-36	202	8	issuances	issuance	NOUN
abr-36	202	9	are	be	AUX
abr-36	202	10	expected	expect	VERB
abr-36	202	11	because	because	SCONJ
abr-36	202	12	of	of	ADP
abr-36	202	13	the	the	DET
abr-36	202	14	higher	high	ADJ
abr-36	202	15	valuations	valuation	NOUN
abr-36	202	16	associated	associate	VERB
abr-36	202	17	with	with	ADP
abr-36	202	18	the	the	DET
abr-36	202	19	industry	industry	NOUN
abr-36	202	20	.	.	PUNCT
abr-36	203	1	industry	industry	NOUN
abr-36	203	2	returns	return	NOUN
abr-36	203	3	data	datum	NOUN
abr-36	203	4	are	be	AUX
abr-36	203	5	from	from	ADP
abr-36	203	6	the	the	DET
abr-36	203	7	center	center	NOUN
abr-36	203	8	for	for	ADP
abr-36	203	9	research	research	NOUN
abr-36	203	10	in	in	ADP
abr-36	203	11	security	security	NOUN
abr-36	203	12	prices	price	NOUN
abr-36	203	13	(	(	PUNCT
abr-36	203	14	crsp	crsp	NOUN
abr-36	203	15	)	)	PUNCT
abr-36	203	16	and	and	CCONJ
abr-36	203	17	incorporates	incorporate	VERB
abr-36	203	18	all	all	DET
abr-36	203	19	publicly	publicly	ADV
abr-36	203	20	listed	list	VERB
abr-36	203	21	stocks	stock	NOUN
abr-36	203	22	in	in	ADP
abr-36	203	23	the	the	DET
abr-36	203	24	united	united	PROPN
abr-36	203	25	states	states	PROPN
abr-36	203	26	on	on	ADP
abr-36	203	27	nyse	nyse	PROPN
abr-36	203	28	,	,	PUNCT
abr-36	203	29	amex	amex	PROPN
abr-36	203	30	,	,	PUNCT
abr-36	203	31	and	and	CCONJ
abr-36	203	32	nasdaq	nasdaq	PROPN
abr-36	203	33	exchanges	exchange	NOUN
abr-36	203	34	.	.	PUNCT
abr-36	204	1	this	this	DET
abr-36	204	2	index	index	NOUN
abr-36	204	3	was	be	AUX
abr-36	204	4	then	then	ADV
abr-36	204	5	computed	compute	VERB
abr-36	204	6	as	as	ADP
abr-36	204	7	a	a	DET
abr-36	204	8	market	market	NOUN
abr-36	204	9	cap	cap	NOUN
abr-36	204	10	-	-	PUNCT
abr-36	204	11	weighted	weight	VERB
abr-36	204	12	price	price	NOUN
abr-36	204	13	index	index	NOUN
abr-36	204	14	according	accord	VERB
abr-36	204	15	to	to	ADP
abr-36	204	16	the	the	DET
abr-36	204	17	28571	28571	NUM
abr-36	204	18	1579	1579	NUM
abr-36	204	19	1190	1190	NUM
abr-36	204	20	472	472	NUM
abr-36	204	21	247	247	NUM
abr-36	204	22	54	54	NUM
abr-36	204	23	18	18	NUM
abr-36	204	24	0	0	NUM
abr-36	204	25	1000	1000	NUM
abr-36	204	26	2000	2000	NUM
abr-36	204	27	3000	3000	NUM
abr-36	204	28	4000	4000	NUM
abr-36	204	29	5000	5000	NUM
abr-36	204	30	6000	6000	NUM
abr-36	204	31	7000	7000	NUM
abr-36	204	32	8000	8000	NUM
abr-36	204	33	9000	9000	NUM
abr-36	204	34	1	1	NUM
abr-36	204	35	2	2	NUM
abr-36	204	36	5	5	NUM
abr-36	204	37	10	10	NUM
abr-36	204	38	20	20	NUM
abr-36	204	39	30	30	NUM
abr-36	204	40	more	more	ADJ
abr-36	204	41	n	n	ADP
abr-36	204	42	u	u	NOUN
abr-36	204	43	m	m	NOUN
abr-36	204	44	b	b	PROPN
abr-36	204	45	e	e	NOUN
abr-36	204	46	r	r	NOUN
abr-36	204	47	o	o	X
abr-36	204	48	f	f	X
abr-36	204	49	fi	fi	NOUN
abr-36	204	50	rm	rm	PROPN
abr-36	204	51	s	s	PROPN
abr-36	204	52	number	number	NOUN
abr-36	204	53	of	of	ADP
abr-36	204	54	instances	instance	NOUN
abr-36	204	55	a	a	DET
abr-36	204	56	firm	firm	NOUN
abr-36	204	57	raises	raise	VERB
abr-36	204	58	external	external	ADJ
abr-36	204	59	capital	capital	NOUN
abr-36	204	60	frequency	frequency	NOUN
abr-36	204	61	dehan	dehan	NOUN
abr-36	204	62	25	25	NUM
abr-36	204	63	digit	digit	NOUN
abr-36	204	64	sic	sic	ADJ
abr-36	204	65	codes	code	NOUN
abr-36	204	66	.	.	PUNCT
abr-36	205	1	this	this	DET
abr-36	205	2	computation	computation	NOUN
abr-36	205	3	is	be	AUX
abr-36	205	4	accomplished	accomplish	VERB
abr-36	205	5	by	by	ADP
abr-36	205	6	computing	compute	VERB
abr-36	205	7	the	the	DET
abr-36	205	8	return	return	NOUN
abr-36	205	9	accrued	accrue	VERB
abr-36	205	10	from	from	ADP
abr-36	205	11	the	the	DET
abr-36	205	12	overall	overall	ADJ
abr-36	205	13	industry	industry	NOUN
abr-36	205	14	.	.	PUNCT
abr-36	206	1	the	the	DET
abr-36	206	2	returns	return	NOUN
abr-36	206	3	over	over	ADP
abr-36	206	4	the	the	DET
abr-36	206	5	period	period	NOUN
abr-36	206	6	were	be	AUX
abr-36	206	7	computed	compute	VERB
abr-36	206	8	as	as	ADP
abr-36	206	9	a	a	DET
abr-36	206	10	simple	simple	ADJ
abr-36	206	11	percentage	percentage	NOUN
abr-36	206	12	change	change	NOUN
abr-36	206	13	from	from	ADP
abr-36	206	14	the	the	DET
abr-36	206	15	beginning	beginning	NOUN
abr-36	206	16	of	of	ADP
abr-36	206	17	the	the	DET
abr-36	206	18	period	period	NOUN
abr-36	206	19	to	to	ADP
abr-36	206	20	the	the	DET
abr-36	206	21	end	end	NOUN
abr-36	206	22	of	of	ADP
abr-36	206	23	the	the	DET
abr-36	206	24	time	time	NOUN
abr-36	206	25	period	period	NOUN
abr-36	206	26	based	base	VERB
abr-36	206	27	on	on	ADP
abr-36	206	28	the	the	DET
abr-36	206	29	cumulative	cumulative	ADJ
abr-36	206	30	industry	industry	NOUN
abr-36	206	31	prices	price	NOUN
abr-36	206	32	of	of	ADP
abr-36	206	33	publicly	publicly	ADV
abr-36	206	34	traded	trade	VERB
abr-36	206	35	stock	stock	NOUN
abr-36	206	36	.	.	PUNCT
abr-36	207	1	some	some	PRON
abr-36	207	2	of	of	ADP
abr-36	207	3	the	the	DET
abr-36	207	4	smaller	small	ADJ
abr-36	207	5	industries	industry	NOUN
abr-36	207	6	with	with	ADP
abr-36	207	7	less	less	ADJ
abr-36	207	8	external	external	ADJ
abr-36	207	9	capital	capital	NOUN
abr-36	207	10	raised	raise	VERB
abr-36	207	11	,	,	PUNCT
abr-36	207	12	have	have	VERB
abr-36	207	13	no	no	DET
abr-36	207	14	publicly	publicly	ADV
abr-36	207	15	traded	trade	VERB
abr-36	207	16	stocks	stock	NOUN
abr-36	207	17	.	.	PUNCT
abr-36	208	1	this	this	PRON
abr-36	208	2	was	be	AUX
abr-36	208	3	the	the	DET
abr-36	208	4	case	case	NOUN
abr-36	208	5	for	for	ADP
abr-36	208	6	59	59	NUM
abr-36	208	7	of	of	ADP
abr-36	208	8	the	the	DET
abr-36	208	9	fund	fund	NOUN
abr-36	208	10	raising	raise	VERB
abr-36	208	11	instances	instance	NOUN
abr-36	208	12	;	;	PUNCT
abr-36	208	13	these	these	PRON
abr-36	208	14	without	without	ADP
abr-36	208	15	any	any	DET
abr-36	208	16	corresponding	corresponding	ADJ
abr-36	208	17	public	public	ADJ
abr-36	208	18	stocks	stock	NOUN
abr-36	208	19	were	be	AUX
abr-36	208	20	discarded	discard	VERB
abr-36	208	21	from	from	ADP
abr-36	208	22	the	the	DET
abr-36	208	23	analysis	analysis	NOUN
abr-36	208	24	.	.	PUNCT
abr-36	209	1	market	market	NOUN
abr-36	209	2	control	control	NOUN
abr-36	209	3	variables	variable	NOUN
abr-36	209	4	in	in	ADP
abr-36	209	5	order	order	NOUN
abr-36	209	6	to	to	PART
abr-36	209	7	control	control	VERB
abr-36	209	8	for	for	ADP
abr-36	209	9	hypotheses	hypothesis	NOUN
abr-36	209	10	proposed	propose	VERB
abr-36	209	11	by	by	ADP
abr-36	209	12	market	market	NOUN
abr-36	209	13	timing	timing	NOUN
abr-36	209	14	theorists	theorist	NOUN
abr-36	209	15	,	,	PUNCT
abr-36	209	16	a	a	DET
abr-36	209	17	number	number	NOUN
abr-36	209	18	of	of	ADP
abr-36	209	19	variables	variable	NOUN
abr-36	209	20	are	be	AUX
abr-36	209	21	used	use	VERB
abr-36	209	22	to	to	PART
abr-36	209	23	proxy	proxy	VERB
abr-36	209	24	for	for	ADP
abr-36	209	25	market	market	NOUN
abr-36	209	26	conditions	condition	NOUN
abr-36	209	27	.	.	PUNCT
abr-36	210	1	these	these	PRON
abr-36	210	2	are	be	AUX
abr-36	210	3	time	time	NOUN
abr-36	210	4	variant	variant	NOUN
abr-36	210	5	and	and	CCONJ
abr-36	210	6	include	include	VERB
abr-36	210	7	the	the	DET
abr-36	210	8	business	business	NOUN
abr-36	210	9	cycle	cycle	NOUN
abr-36	210	10	,	,	PUNCT
abr-36	210	11	interest	interest	NOUN
abr-36	210	12	rates	rate	NOUN
abr-36	210	13	,	,	PUNCT
abr-36	210	14	market	market	NOUN
abr-36	210	15	return	return	NOUN
abr-36	210	16	,	,	PUNCT
abr-36	210	17	and	and	CCONJ
abr-36	210	18	other	other	ADJ
abr-36	210	19	constructed	construct	VERB
abr-36	210	20	variables	variable	NOUN
abr-36	210	21	commonly	commonly	ADV
abr-36	210	22	used	use	VERB
abr-36	210	23	in	in	ADP
abr-36	210	24	the	the	DET
abr-36	210	25	literature	literature	NOUN
abr-36	210	26	.	.	PUNCT
abr-36	211	1	the	the	DET
abr-36	211	2	business	business	NOUN
abr-36	211	3	cycle	cycle	NOUN
abr-36	211	4	plays	play	VERB
abr-36	211	5	a	a	DET
abr-36	211	6	key	key	ADJ
abr-36	211	7	role	role	NOUN
abr-36	211	8	in	in	ADP
abr-36	211	9	the	the	DET
abr-36	211	10	fundraising	fundraising	NOUN
abr-36	211	11	decisions	decision	NOUN
abr-36	211	12	surrounding	surround	VERB
abr-36	211	13	firms	firm	NOUN
abr-36	211	14	due	due	ADJ
abr-36	211	15	to	to	ADP
abr-36	211	16	its	its	PRON
abr-36	211	17	effects	effect	NOUN
abr-36	211	18	on	on	ADP
abr-36	211	19	both	both	CCONJ
abr-36	211	20	investor	investor	NOUN
abr-36	211	21	and	and	CCONJ
abr-36	211	22	company	company	NOUN
abr-36	211	23	expectations	expectation	NOUN
abr-36	211	24	.	.	PUNCT
abr-36	212	1	the	the	DET
abr-36	212	2	expected	expect	VERB
abr-36	212	3	impact	impact	NOUN
abr-36	212	4	of	of	ADP
abr-36	212	5	the	the	DET
abr-36	212	6	business	business	NOUN
abr-36	212	7	cycle	cycle	NOUN
abr-36	212	8	on	on	ADP
abr-36	212	9	sb.ratio	sb.ratio	NOUN
abr-36	212	10	is	be	AUX
abr-36	212	11	ambiguous	ambiguous	ADJ
abr-36	212	12	.	.	PUNCT
abr-36	213	1	it	it	PRON
abr-36	213	2	could	could	AUX
abr-36	213	3	be	be	AUX
abr-36	213	4	negative	negative	ADJ
abr-36	213	5	since	since	SCONJ
abr-36	213	6	when	when	SCONJ
abr-36	213	7	the	the	DET
abr-36	213	8	economy	economy	NOUN
abr-36	213	9	is	be	AUX
abr-36	213	10	in	in	ADP
abr-36	213	11	an	an	DET
abr-36	213	12	expansion	expansion	NOUN
abr-36	213	13	,	,	PUNCT
abr-36	213	14	equity	equity	NOUN
abr-36	213	15	tends	tend	VERB
abr-36	213	16	to	to	PART
abr-36	213	17	receive	receive	VERB
abr-36	213	18	a	a	DET
abr-36	213	19	higher	high	ADJ
abr-36	213	20	market	market	NOUN
abr-36	213	21	value	value	NOUN
abr-36	213	22	,	,	PUNCT
abr-36	213	23	leading	lead	VERB
abr-36	213	24	to	to	ADP
abr-36	213	25	more	more	ADJ
abr-36	213	26	stock	stock	NOUN
abr-36	213	27	issuance	issuance	NOUN
abr-36	213	28	relative	relative	ADJ
abr-36	213	29	to	to	ADP
abr-36	213	30	bonds	bond	NOUN
abr-36	213	31	.	.	PUNCT
abr-36	214	1	it	it	PRON
abr-36	214	2	could	could	AUX
abr-36	214	3	also	also	ADV
abr-36	214	4	be	be	AUX
abr-36	214	5	positive	positive	ADJ
abr-36	214	6	since	since	SCONJ
abr-36	214	7	in	in	ADP
abr-36	214	8	times	time	NOUN
abr-36	214	9	of	of	ADP
abr-36	214	10	economic	economic	ADJ
abr-36	214	11	expansion	expansion	NOUN
abr-36	214	12	lenders	lender	NOUN
abr-36	214	13	typically	typically	ADV
abr-36	214	14	assign	assign	VERB
abr-36	214	15	lower	low	ADJ
abr-36	214	16	probabilities	probability	NOUN
abr-36	214	17	of	of	ADP
abr-36	214	18	default	default	NOUN
abr-36	214	19	and	and	CCONJ
abr-36	214	20	bankruptcy	bankruptcy	NOUN
abr-36	214	21	.	.	PUNCT
abr-36	215	1	supporting	support	VERB
abr-36	215	2	this	this	DET
abr-36	215	3	idea	idea	NOUN
abr-36	215	4	,	,	PUNCT
abr-36	215	5	choe	choe	PROPN
abr-36	215	6	,	,	PUNCT
abr-36	215	7	et	et	PROPN
abr-36	215	8	al	al	PROPN
abr-36	215	9	.	.	PUNCT
abr-36	216	1	(	(	PUNCT
abr-36	216	2	1993	1993	NUM
abr-36	216	3	)	)	PUNCT
abr-36	216	4	found	find	VERB
abr-36	216	5	evidence	evidence	NOUN
abr-36	216	6	that	that	SCONJ
abr-36	216	7	common	common	ADJ
abr-36	216	8	stock	stock	NOUN
abr-36	216	9	offerings	offering	NOUN
abr-36	216	10	are	be	AUX
abr-36	216	11	positively	positively	ADV
abr-36	216	12	correlated	correlate	VERB
abr-36	216	13	with	with	ADP
abr-36	216	14	the	the	DET
abr-36	216	15	business	business	NOUN
abr-36	216	16	cycle	cycle	NOUN
abr-36	216	17	.	.	PUNCT
abr-36	217	1	with	with	ADP
abr-36	217	2	a	a	DET
abr-36	217	3	positive	positive	ADJ
abr-36	217	4	correlation	correlation	NOUN
abr-36	217	5	,	,	PUNCT
abr-36	217	6	supply	supply	NOUN
abr-36	217	7	constraints	constraint	NOUN
abr-36	217	8	placed	place	VERB
abr-36	217	9	on	on	ADP
abr-36	217	10	innovative	innovative	ADJ
abr-36	217	11	firms	firm	NOUN
abr-36	217	12	will	will	AUX
abr-36	217	13	be	be	AUX
abr-36	217	14	lessened	lessen	VERB
abr-36	217	15	and	and	CCONJ
abr-36	217	16	firms	firm	NOUN
abr-36	217	17	will	will	AUX
abr-36	217	18	raise	raise	VERB
abr-36	217	19	more	more	ADJ
abr-36	217	20	funds	fund	NOUN
abr-36	217	21	through	through	ADP
abr-36	217	22	the	the	DET
abr-36	217	23	stock	stock	NOUN
abr-36	217	24	market	market	NOUN
abr-36	217	25	.	.	PUNCT
abr-36	218	1	the	the	DET
abr-36	218	2	business	business	NOUN
abr-36	218	3	cycle	cycle	NOUN
abr-36	218	4	is	be	AUX
abr-36	218	5	controlled	control	VERB
abr-36	218	6	for	for	ADP
abr-36	218	7	using	use	VERB
abr-36	218	8	the	the	DET
abr-36	218	9	official	official	ADJ
abr-36	218	10	estimates	estimate	NOUN
abr-36	218	11	of	of	ADP
abr-36	218	12	us	us	PROPN
abr-36	218	13	business	business	NOUN
abr-36	218	14	cycle	cycle	NOUN
abr-36	218	15	expansions	expansion	NOUN
abr-36	218	16	and	and	CCONJ
abr-36	218	17	contractions	contraction	NOUN
abr-36	218	18	as	as	SCONJ
abr-36	218	19	released	release	VERB
abr-36	218	20	by	by	ADP
abr-36	218	21	the	the	DET
abr-36	218	22	national	national	PROPN
abr-36	218	23	bureau	bureau	PROPN
abr-36	218	24	of	of	ADP
abr-36	218	25	economic	economic	ADJ
abr-36	218	26	research	research	NOUN
abr-36	218	27	(	(	PUNCT
abr-36	218	28	nber	nber	PROPN
abr-36	218	29	)	)	PUNCT
abr-36	218	30	.	.	PUNCT
abr-36	219	1	the	the	DET
abr-36	219	2	nber	nber	PROPN
abr-36	219	3	defines	define	VERB
abr-36	219	4	a	a	DET
abr-36	219	5	contraction	contraction	NOUN
abr-36	219	6	as	as	ADP
abr-36	219	7	significant	significant	ADJ
abr-36	219	8	declines	decline	NOUN
abr-36	219	9	in	in	ADP
abr-36	219	10	a	a	DET
abr-36	219	11	number	number	NOUN
abr-36	219	12	of	of	ADP
abr-36	219	13	factors	factor	NOUN
abr-36	219	14	:	:	PUNCT
abr-36	219	15	real	real	ADJ
abr-36	219	16	gdp	gdp	NOUN
abr-36	219	17	,	,	PUNCT
abr-36	219	18	real	real	ADJ
abr-36	219	19	income	income	NOUN
abr-36	219	20	,	,	PUNCT
abr-36	219	21	employment	employment	NOUN
abr-36	219	22	,	,	PUNCT
abr-36	219	23	industrial	industrial	ADJ
abr-36	219	24	production	production	NOUN
abr-36	219	25	,	,	PUNCT
abr-36	219	26	and	and	CCONJ
abr-36	219	27	wholesale	wholesale	ADJ
abr-36	219	28	-	-	PUNCT
abr-36	219	29	retail	retail	ADJ
abr-36	219	30	sales	sale	NOUN
abr-36	219	31	.	.	PUNCT
abr-36	220	1	the	the	DET
abr-36	220	2	subjectivity	subjectivity	NOUN
abr-36	220	3	of	of	ADP
abr-36	220	4	these	these	DET
abr-36	220	5	measurements	measurement	NOUN
abr-36	220	6	is	be	AUX
abr-36	220	7	used	use	VERB
abr-36	220	8	alongside	alongside	ADP
abr-36	220	9	the	the	DET
abr-36	220	10	traditional	traditional	ADJ
abr-36	220	11	definition	definition	NOUN
abr-36	220	12	of	of	ADP
abr-36	220	13	a	a	DET
abr-36	220	14	recession	recession	NOUN
abr-36	220	15	as	as	ADP
abr-36	220	16	two	two	NUM
abr-36	220	17	consecutive	consecutive	ADJ
abr-36	220	18	quarters	quarter	NOUN
abr-36	220	19	of	of	ADP
abr-36	220	20	decline	decline	NOUN
abr-36	220	21	in	in	ADP
abr-36	220	22	real	real	ADJ
abr-36	220	23	gdp	gdp	NOUN
abr-36	220	24	in	in	ADP
abr-36	220	25	order	order	NOUN
abr-36	220	26	to	to	PART
abr-36	220	27	more	more	ADV
abr-36	220	28	accurately	accurately	ADV
abr-36	220	29	date	date	VERB
abr-36	220	30	the	the	DET
abr-36	220	31	peaks	peak	NOUN
abr-36	220	32	and	and	CCONJ
abr-36	220	33	troughs	troughs	NOUN
abr-36	220	34	in	in	ADP
abr-36	220	35	the	the	DET
abr-36	220	36	changes	change	NOUN
abr-36	220	37	of	of	ADP
abr-36	220	38	economic	economic	ADJ
abr-36	220	39	activity	activity	NOUN
abr-36	220	40	.	.	PUNCT
abr-36	221	1	1	1	NUM
abr-36	221	2	the	the	DET
abr-36	221	3	time	time	NOUN
abr-36	221	4	between	between	ADP
abr-36	221	5	the	the	DET
abr-36	221	6	trough	trough	NOUN
abr-36	221	7	and	and	CCONJ
abr-36	221	8	the	the	DET
abr-36	221	9	peak	peak	NOUN
abr-36	221	10	was	be	AUX
abr-36	221	11	considered	consider	VERB
abr-36	221	12	to	to	PART
abr-36	221	13	be	be	AUX
abr-36	221	14	a	a	DET
abr-36	221	15	time	time	NOUN
abr-36	221	16	of	of	ADP
abr-36	221	17	economic	economic	ADJ
abr-36	221	18	expansion	expansion	NOUN
abr-36	221	19	,	,	PUNCT
abr-36	221	20	while	while	SCONJ
abr-36	221	21	contraction	contraction	NOUN
abr-36	221	22	was	be	AUX
abr-36	221	23	the	the	DET
abr-36	221	24	time	time	NOUN
abr-36	221	25	following	follow	VERB
abr-36	221	26	a	a	DET
abr-36	221	27	peak	peak	NOUN
abr-36	221	28	until	until	SCONJ
abr-36	221	29	the	the	DET
abr-36	221	30	trough	trough	NOUN
abr-36	221	31	was	be	AUX
abr-36	221	32	reached	reach	VERB
abr-36	221	33	again	again	ADV
abr-36	221	34	.	.	PUNCT
abr-36	222	1	a	a	DET
abr-36	222	2	simplistic	simplistic	ADJ
abr-36	222	3	dummy	dummy	ADJ
abr-36	222	4	variable	variable	NOUN
abr-36	222	5	is	be	AUX
abr-36	222	6	used	use	VERB
abr-36	222	7	with	with	ADP
abr-36	222	8	expansions	expansion	NOUN
abr-36	222	9	equal	equal	ADJ
abr-36	222	10	to	to	ADP
abr-36	222	11	one	one	NUM
abr-36	222	12	and	and	CCONJ
abr-36	222	13	contractions	contraction	NOUN
abr-36	222	14	equal	equal	ADJ
abr-36	222	15	to	to	ADP
abr-36	222	16	zero	zero	NUM
abr-36	222	17	.	.	PUNCT
abr-36	223	1	since	since	SCONJ
abr-36	223	2	the	the	DET
abr-36	223	3	exact	exact	ADJ
abr-36	223	4	peak	peak	NOUN
abr-36	223	5	and	and	CCONJ
abr-36	223	6	trough	trough	NOUN
abr-36	223	7	are	be	AUX
abr-36	223	8	not	not	PART
abr-36	223	9	likely	likely	ADJ
abr-36	223	10	to	to	PART
abr-36	223	11	be	be	AUX
abr-36	223	12	assigned	assign	VERB
abr-36	223	13	on	on	ADP
abr-36	223	14	exactly	exactly	ADV
abr-36	223	15	january	january	PROPN
abr-36	223	16	1	1	NUM
abr-36	223	17	or	or	CCONJ
abr-36	223	18	july	july	PROPN
abr-36	223	19	1	1	NUM
abr-36	223	20	,	,	PUNCT
abr-36	223	21	they	they	PRON
abr-36	223	22	are	be	AUX
abr-36	223	23	going	go	VERB
abr-36	223	24	to	to	PART
abr-36	223	25	fall	fall	VERB
abr-36	223	26	somewhere	somewhere	ADV
abr-36	223	27	within	within	ADP
abr-36	223	28	the	the	DET
abr-36	223	29	6	6	NUM
abr-36	223	30	month	month	NOUN
abr-36	223	31	time	time	NOUN
abr-36	223	32	periods	period	NOUN
abr-36	223	33	.	.	PUNCT
abr-36	224	1	for	for	ADP
abr-36	224	2	this	this	DET
abr-36	224	3	reason	reason	NOUN
abr-36	224	4	,	,	PUNCT
abr-36	224	5	the	the	DET
abr-36	224	6	6	6	NUM
abr-36	224	7	month	month	NOUN
abr-36	224	8	time	time	NOUN
abr-36	224	9	periods	period	NOUN
abr-36	224	10	that	that	PRON
abr-36	224	11	included	include	VERB
abr-36	224	12	a	a	DET
abr-36	224	13	peak	peak	NOUN
abr-36	224	14	were	be	AUX
abr-36	224	15	assigned	assign	VERB
abr-36	224	16	the	the	DET
abr-36	224	17	expansion	expansion	NOUN
abr-36	224	18	value	value	NOUN
abr-36	224	19	of	of	ADP
abr-36	224	20	one	one	NUM
abr-36	224	21	,	,	PUNCT
abr-36	224	22	while	while	SCONJ
abr-36	224	23	those	those	PRON
abr-36	224	24	including	include	VERB
abr-36	224	25	the	the	DET
abr-36	224	26	trough	trough	NOUN
abr-36	224	27	received	receive	VERB
abr-36	224	28	the	the	DET
abr-36	224	29	contraction	contraction	NOUN
abr-36	224	30	value	value	NOUN
abr-36	224	31	of	of	ADP
abr-36	224	32	zero	zero	NUM
abr-36	224	33	.	.	PUNCT
abr-36	225	1	to	to	PART
abr-36	225	2	account	account	VERB
abr-36	225	3	for	for	ADP
abr-36	225	4	changes	change	NOUN
abr-36	225	5	in	in	ADP
abr-36	225	6	interest	interest	NOUN
abr-36	225	7	rates	rate	NOUN
abr-36	225	8	,	,	PUNCT
abr-36	225	9	the	the	DET
abr-36	225	10	rates	rate	NOUN
abr-36	225	11	on	on	ADP
abr-36	225	12	1	1	NUM
abr-36	225	13	-	-	PUNCT
abr-36	225	14	month	month	NOUN
abr-36	225	15	and	and	CCONJ
abr-36	225	16	10	10	NUM
abr-36	225	17	-	-	PUNCT
abr-36	225	18	year	year	NOUN
abr-36	225	19	treasury	treasury	NOUN
abr-36	225	20	bills	bill	NOUN
abr-36	225	21	are	be	AUX
abr-36	225	22	used	use	VERB
abr-36	225	23	.	.	PUNCT
abr-36	226	1	the	the	DET
abr-36	226	2	reasoning	reasoning	NOUN
abr-36	226	3	for	for	ADP
abr-36	226	4	including	include	VERB
abr-36	226	5	interest	interest	NOUN
abr-36	226	6	rates	rate	NOUN
abr-36	226	7	is	be	AUX
abr-36	226	8	that	that	SCONJ
abr-36	226	9	there	there	PRON
abr-36	226	10	is	be	VERB
abr-36	226	11	a	a	DET
abr-36	226	12	positive	positive	ADJ
abr-36	226	13	relationship	relationship	NOUN
abr-36	226	14	between	between	ADP
abr-36	226	15	interest	interest	NOUN
abr-36	226	16	rates	rate	NOUN
abr-36	226	17	and	and	CCONJ
abr-36	226	18	costs	cost	NOUN
abr-36	226	19	to	to	PART
abr-36	226	20	service	service	VERB
abr-36	226	21	debt	debt	NOUN
abr-36	226	22	;	;	PUNCT
abr-36	226	23	when	when	SCONJ
abr-36	226	24	these	these	DET
abr-36	226	25	costs	cost	NOUN
abr-36	226	26	rise	rise	VERB
abr-36	226	27	,	,	PUNCT
abr-36	226	28	firms	firm	NOUN
abr-36	226	29	should	should	AUX
abr-36	226	30	be	be	AUX
abr-36	226	31	more	more	ADV
abr-36	226	32	likely	likely	ADJ
abr-36	226	33	to	to	PART
abr-36	226	34	look	look	VERB
abr-36	226	35	to	to	ADP
abr-36	226	36	equity	equity	NOUN
abr-36	226	37	financing	financing	NOUN
abr-36	226	38	since	since	SCONJ
abr-36	226	39	the	the	DET
abr-36	226	40	costs	cost	NOUN
abr-36	226	41	of	of	ADP
abr-36	226	42	stock	stock	NOUN
abr-36	226	43	market	market	NOUN
abr-36	226	44	financing	financing	NOUN
abr-36	226	45	have	have	AUX
abr-36	226	46	become	become	VERB
abr-36	226	47	less	less	ADV
abr-36	226	48	expensive	expensive	ADJ
abr-36	226	49	relative	relative	NOUN
abr-36	226	50	to	to	ADP
abr-36	226	51	debt	debt	NOUN
abr-36	226	52	.	.	PUNCT
abr-36	227	1	the	the	DET
abr-36	227	2	coefficients	coefficient	NOUN
abr-36	227	3	attached	attach	VERB
abr-36	227	4	to	to	ADP
abr-36	227	5	the	the	DET
abr-36	227	6	different	different	ADJ
abr-36	227	7	interest	interest	NOUN
abr-36	227	8	rates	rate	NOUN
abr-36	227	9	are	be	AUX
abr-36	227	10	expected	expect	VERB
abr-36	227	11	to	to	PART
abr-36	227	12	be	be	AUX
abr-36	227	13	positive	positive	ADJ
abr-36	227	14	.	.	PUNCT
abr-36	228	1	the	the	DET
abr-36	228	2	short	short	ADJ
abr-36	228	3	-	-	PUNCT
abr-36	228	4	term	term	NOUN
abr-36	228	5	and	and	CCONJ
abr-36	228	6	long	long	ADJ
abr-36	228	7	-	-	PUNCT
abr-36	228	8	term	term	NOUN
abr-36	228	9	are	be	AUX
abr-36	228	10	both	both	PRON
abr-36	228	11	used	use	VERB
abr-36	228	12	in	in	SCONJ
abr-36	228	13	order	order	NOUN
abr-36	228	14	to	to	PART
abr-36	228	15	be	be	AUX
abr-36	228	16	inclusive	inclusive	ADJ
abr-36	228	17	of	of	ADP
abr-36	228	18	the	the	DET
abr-36	228	19	decisions	decision	NOUN
abr-36	228	20	firms	firm	NOUN
abr-36	228	21	may	may	AUX
abr-36	228	22	make	make	VERB
abr-36	228	23	.	.	PUNCT
abr-36	229	1	while	while	SCONJ
abr-36	229	2	long	long	ADJ
abr-36	229	3	-	-	PUNCT
abr-36	229	4	and	and	CCONJ
abr-36	229	5	short	short	ADJ
abr-36	229	6	-	-	PUNCT
abr-36	229	7	term	term	NOUN
abr-36	229	8	interest	interest	NOUN
abr-36	229	9	rates	rate	NOUN
abr-36	229	10	typically	typically	ADV
abr-36	229	11	move	move	VERB
abr-36	229	12	together	together	ADV
abr-36	229	13	,	,	PUNCT
abr-36	229	14	the	the	DET
abr-36	229	15	long	long	ADJ
abr-36	229	16	-	-	PUNCT
abr-36	229	17	term	term	NOUN
abr-36	229	18	interest	interest	NOUN
abr-36	229	19	rates	rate	NOUN
abr-36	229	20	are	be	AUX
abr-36	229	21	expected	expect	VERB
abr-36	229	22	to	to	PART
abr-36	229	23	have	have	VERB
abr-36	229	24	more	more	ADJ
abr-36	229	25	of	of	ADP
abr-36	229	26	an	an	DET
abr-36	229	27	impact	impact	NOUN
abr-36	229	28	on	on	ADP
abr-36	229	29	stock	stock	NOUN
abr-36	229	30	market	market	NOUN
abr-36	229	31	issuance	issuance	NOUN
abr-36	229	32	since	since	SCONJ
abr-36	229	33	most	most	ADJ
abr-36	229	34	future	future	ADJ
abr-36	229	35	projects	project	NOUN
abr-36	229	36	are	be	AUX
abr-36	229	37	based	base	VERB
abr-36	229	38	off	off	ADP
abr-36	229	39	long	long	ADJ
abr-36	229	40	term	term	NOUN
abr-36	229	41	debt	debt	NOUN
abr-36	229	42	contracts	contract	NOUN
abr-36	229	43	.	.	PUNCT
abr-36	230	1	the	the	DET
abr-36	230	2	other	other	ADJ
abr-36	230	3	factor	factor	NOUN
abr-36	230	4	of	of	ADP
abr-36	230	5	stock	stock	NOUN
abr-36	230	6	/	/	SYM
abr-36	230	7	bond	bond	NOUN
abr-36	230	8	issuance	issuance	NOUN
abr-36	230	9	is	be	AUX
abr-36	230	10	the	the	DET
abr-36	230	11	current	current	ADJ
abr-36	230	12	market	market	NOUN
abr-36	230	13	return	return	NOUN
abr-36	230	14	;	;	PUNCT
abr-36	230	15	if	if	SCONJ
abr-36	230	16	the	the	DET
abr-36	230	17	market	market	NOUN
abr-36	230	18	seems	seem	VERB
abr-36	230	19	to	to	PART
abr-36	230	20	offer	offer	VERB
abr-36	230	21	a	a	DET
abr-36	230	22	higher	high	ADJ
abr-36	230	23	return	return	NOUN
abr-36	230	24	on	on	ADP
abr-36	230	25	stocks	stock	NOUN
abr-36	230	26	,	,	PUNCT
abr-36	230	27	investors	investor	NOUN
abr-36	230	28	will	will	AUX
abr-36	230	29	pay	pay	VERB
abr-36	230	30	more	more	ADJ
abr-36	230	31	for	for	ADP
abr-36	230	32	a	a	DET
abr-36	230	33	stock	stock	NOUN
abr-36	230	34	offering	offering	NOUN
abr-36	230	35	;	;	PUNCT
abr-36	230	36	the	the	DET
abr-36	230	37	higher	high	ADJ
abr-36	230	38	valuation	valuation	NOUN
abr-36	230	39	means	mean	VERB
abr-36	230	40	the	the	DET
abr-36	230	41	firm	firm	NOUN
abr-36	230	42	has	have	VERB
abr-36	230	43	a	a	DET
abr-36	230	44	higher	high	ADJ
abr-36	230	45	likelihood	likelihood	NOUN
abr-36	230	46	of	of	ADP
abr-36	230	47	being	be	AUX
abr-36	230	48	overvalued	overvalue	VERB
abr-36	230	49	and	and	CCONJ
abr-36	230	50	,	,	PUNCT
abr-36	230	51	therefore	therefore	ADV
abr-36	230	52	,	,	PUNCT
abr-36	230	53	is	be	AUX
abr-36	230	54	going	go	VERB
abr-36	230	55	to	to	PART
abr-36	230	56	be	be	AUX
abr-36	230	57	more	more	ADV
abr-36	230	58	likely	likely	ADJ
abr-36	230	59	to	to	PART
abr-36	230	60	raise	raise	VERB
abr-36	230	61	funds	fund	NOUN
abr-36	230	62	through	through	ADP
abr-36	230	63	the	the	DET
abr-36	230	64	stock	stock	NOUN
abr-36	230	65	market	market	NOUN
abr-36	230	66	.	.	PUNCT
abr-36	231	1	this	this	DET
abr-36	231	2	variable	variable	NOUN
abr-36	231	3	,	,	PUNCT
abr-36	231	4	mkt	mkt	PROPN
abr-36	231	5	return	return	NOUN
abr-36	231	6	,	,	PUNCT
abr-36	231	7	is	be	AUX
abr-36	231	8	measured	measure	VERB
abr-36	231	9	as	as	ADP
abr-36	231	10	the	the	DET
abr-36	231	11	weighted	weighted	ADJ
abr-36	231	12	average	average	ADJ
abr-36	231	13	equity	equity	NOUN
abr-36	231	14	1	1	NUM
abr-36	231	15	for	for	ADP
abr-36	231	16	a	a	DET
abr-36	231	17	complete	complete	ADJ
abr-36	231	18	description	description	NOUN
abr-36	231	19	of	of	ADP
abr-36	231	20	how	how	SCONJ
abr-36	231	21	the	the	DET
abr-36	231	22	nber	nber	PROPN
abr-36	231	23	dates	date	VERB
abr-36	231	24	the	the	DET
abr-36	231	25	business	business	NOUN
abr-36	231	26	cycle	cycle	NOUN
abr-36	231	27	,	,	PUNCT
abr-36	231	28	please	please	INTJ
abr-36	231	29	see	see	VERB
abr-36	231	30	the	the	DET
abr-36	231	31	most	most	ADV
abr-36	231	32	recent	recent	ADJ
abr-36	231	33	nber	nber	PROPN
abr-36	231	34	announcement	announcement	NOUN
abr-36	231	35	,	,	PUNCT
abr-36	231	36	dated	date	VERB
abr-36	231	37	09/20/2010	09/20/2010	NOUN
abr-36	231	38	.	.	PUNCT
abr-36	232	1	capital	capital	NOUN
abr-36	232	2	structure	structure	NOUN
abr-36	232	3	over	over	ADP
abr-36	232	4	the	the	DET
abr-36	232	5	life	life	NOUN
abr-36	232	6	cycle	cycle	NOUN
abr-36	232	7	26	26	NUM
abr-36	232	8	return	return	NOUN
abr-36	232	9	of	of	ADP
abr-36	232	10	the	the	DET
abr-36	232	11	standard	standard	PROPN
abr-36	232	12	&	&	CCONJ
abr-36	232	13	poor	poor	PROPN
abr-36	232	14	’s	’s	PART
abr-36	232	15	500	500	NUM
abr-36	232	16	index	index	NOUN
abr-36	232	17	over	over	ADP
abr-36	232	18	the	the	DET
abr-36	232	19	6	6	NUM
abr-36	232	20	-	-	PUNCT
abr-36	232	21	month	month	NOUN
abr-36	232	22	time	time	NOUN
abr-36	232	23	periods	period	NOUN
abr-36	232	24	.	.	PUNCT
abr-36	233	1	the	the	DET
abr-36	233	2	s&p	s&p	PROPN
abr-36	233	3	500	500	NUM
abr-36	233	4	is	be	AUX
abr-36	233	5	used	use	VERB
abr-36	233	6	because	because	SCONJ
abr-36	233	7	it	it	PRON
abr-36	233	8	is	be	AUX
abr-36	233	9	one	one	NUM
abr-36	233	10	of	of	ADP
abr-36	233	11	the	the	DET
abr-36	233	12	most	most	ADV
abr-36	233	13	followed	follow	VERB
abr-36	233	14	indexes	index	NOUN
abr-36	233	15	of	of	ADP
abr-36	233	16	equity	equity	NOUN
abr-36	233	17	returns	return	NOUN
abr-36	233	18	,	,	PUNCT
abr-36	233	19	and	and	CCONJ
abr-36	233	20	its	its	PRON
abr-36	233	21	diversity	diversity	NOUN
abr-36	233	22	makes	make	VERB
abr-36	233	23	it	it	PRON
abr-36	233	24	an	an	DET
abr-36	233	25	indicator	indicator	NOUN
abr-36	233	26	of	of	ADP
abr-36	233	27	the	the	DET
abr-36	233	28	health	health	NOUN
abr-36	233	29	of	of	ADP
abr-36	233	30	the	the	DET
abr-36	233	31	united	united	PROPN
abr-36	233	32	states	states	PROPN
abr-36	233	33	economy	economy	NOUN
abr-36	233	34	.	.	PUNCT
abr-36	234	1	the	the	DET
abr-36	234	2	expected	expect	VERB
abr-36	234	3	coefficient	coefficient	NOUN
abr-36	234	4	of	of	ADP
abr-36	234	5	market	market	NOUN
abr-36	234	6	return	return	NOUN
abr-36	234	7	should	should	AUX
abr-36	234	8	be	be	AUX
abr-36	234	9	positive	positive	ADJ
abr-36	234	10	;	;	PUNCT
abr-36	234	11	when	when	SCONJ
abr-36	234	12	the	the	DET
abr-36	234	13	stock	stock	NOUN
abr-36	234	14	market	market	NOUN
abr-36	234	15	is	be	AUX
abr-36	234	16	booming	boom	VERB
abr-36	234	17	and	and	CCONJ
abr-36	234	18	there	there	PRON
abr-36	234	19	are	be	VERB
abr-36	234	20	high	high	ADJ
abr-36	234	21	returns	return	NOUN
abr-36	234	22	,	,	PUNCT
abr-36	234	23	firms	firm	NOUN
abr-36	234	24	’	'	PUNCT
abr-36	234	25	value	value	NOUN
abr-36	234	26	is	be	AUX
abr-36	234	27	increasing	increase	VERB
abr-36	234	28	and	and	CCONJ
abr-36	234	29	will	will	AUX
abr-36	234	30	be	be	AUX
abr-36	234	31	more	more	ADV
abr-36	234	32	likely	likely	ADJ
abr-36	234	33	to	to	PART
abr-36	234	34	raise	raise	VERB
abr-36	234	35	funds	fund	NOUN
abr-36	234	36	through	through	ADP
abr-36	234	37	equity	equity	NOUN
abr-36	234	38	issuance	issuance	NOUN
abr-36	234	39	.	.	PUNCT
abr-36	235	1	an	an	DET
abr-36	235	2	additional	additional	ADJ
abr-36	235	3	variable	variable	NOUN
abr-36	235	4	used	use	VERB
abr-36	235	5	for	for	ADP
abr-36	235	6	determining	determine	VERB
abr-36	235	7	relative	relative	ADJ
abr-36	235	8	returns	return	NOUN
abr-36	235	9	to	to	ADP
abr-36	235	10	both	both	DET
abr-36	235	11	investors	investor	NOUN
abr-36	235	12	and	and	CCONJ
abr-36	235	13	firms	firm	NOUN
abr-36	235	14	is	be	AUX
abr-36	235	15	mktrf	mktrf	ADV
abr-36	235	16	,	,	PUNCT
abr-36	235	17	which	which	PRON
abr-36	235	18	is	be	AUX
abr-36	235	19	the	the	DET
abr-36	235	20	difference	difference	NOUN
abr-36	235	21	between	between	ADP
abr-36	235	22	the	the	DET
abr-36	235	23	market	market	NOUN
abr-36	235	24	return	return	NOUN
abr-36	235	25	and	and	CCONJ
abr-36	235	26	the	the	DET
abr-36	235	27	risk	risk	NOUN
abr-36	235	28	free	free	ADJ
abr-36	235	29	rate	rate	NOUN
abr-36	235	30	.	.	PUNCT
abr-36	236	1	the	the	DET
abr-36	236	2	measurement	measurement	NOUN
abr-36	236	3	of	of	ADP
abr-36	236	4	market	market	NOUN
abr-36	236	5	return	return	NOUN
abr-36	236	6	under	under	ADP
abr-36	236	7	this	this	DET
abr-36	236	8	variable	variable	NOUN
abr-36	236	9	differs	differ	VERB
abr-36	236	10	from	from	ADP
abr-36	236	11	the	the	DET
abr-36	236	12	variable	variable	ADJ
abr-36	236	13	mkt	mkt	PROPN
abr-36	236	14	return	return	NOUN
abr-36	236	15	in	in	ADP
abr-36	236	16	that	that	SCONJ
abr-36	236	17	it	it	PRON
abr-36	236	18	is	be	AUX
abr-36	236	19	the	the	DET
abr-36	236	20	value	value	NOUN
abr-36	236	21	-	-	PUNCT
abr-36	236	22	weight	weight	NOUN
abr-36	236	23	return	return	NOUN
abr-36	236	24	of	of	ADP
abr-36	236	25	all	all	DET
abr-36	236	26	firms	firm	NOUN
abr-36	236	27	in	in	ADP
abr-36	236	28	the	the	DET
abr-36	236	29	crsp	crsp	PROPN
abr-36	236	30	database	database	NOUN
abr-36	236	31	incorporated	incorporate	VERB
abr-36	236	32	in	in	ADP
abr-36	236	33	the	the	DET
abr-36	236	34	united	united	PROPN
abr-36	236	35	states	states	PROPN
abr-36	236	36	and	and	CCONJ
abr-36	236	37	listed	list	VERB
abr-36	236	38	on	on	ADP
abr-36	236	39	the	the	DET
abr-36	236	40	nyse	nyse	PROPN
abr-36	236	41	,	,	PUNCT
abr-36	236	42	amex	amex	PROPN
abr-36	236	43	,	,	PUNCT
abr-36	236	44	or	or	CCONJ
abr-36	236	45	nasdaq	nasdaq	NOUN
abr-36	236	46	,	,	PUNCT
abr-36	236	47	rather	rather	ADV
abr-36	236	48	than	than	ADP
abr-36	236	49	the	the	DET
abr-36	236	50	narrower	narrow	ADJ
abr-36	236	51	s&p	s&p	PROPN
abr-36	236	52	500	500	NUM
abr-36	236	53	.	.	PUNCT
abr-36	237	1	a	a	DET
abr-36	237	2	positive	positive	ADJ
abr-36	237	3	relationship	relationship	NOUN
abr-36	237	4	is	be	AUX
abr-36	237	5	expected	expect	VERB
abr-36	237	6	between	between	ADP
abr-36	237	7	mktrf	mktrf	NOUN
abr-36	237	8	and	and	CCONJ
abr-36	237	9	sb.ratio	sb.ratio	PROPN
abr-36	237	10	.	.	PUNCT
abr-36	238	1	the	the	DET
abr-36	238	2	intuition	intuition	NOUN
abr-36	238	3	is	be	AUX
abr-36	238	4	that	that	SCONJ
abr-36	238	5	when	when	SCONJ
abr-36	238	6	mktrf	mktrf	NOUN
abr-36	238	7	is	be	AUX
abr-36	238	8	higher	high	ADJ
abr-36	238	9	,	,	PUNCT
abr-36	238	10	equity	equity	NOUN
abr-36	238	11	is	be	AUX
abr-36	238	12	receiving	receive	VERB
abr-36	238	13	a	a	DET
abr-36	238	14	greater	great	ADJ
abr-36	238	15	return	return	NOUN
abr-36	238	16	relative	relative	ADJ
abr-36	238	17	to	to	ADP
abr-36	238	18	debt	debt	NOUN
abr-36	238	19	,	,	PUNCT
abr-36	238	20	and	and	CCONJ
abr-36	238	21	there	there	PRON
abr-36	238	22	is	be	VERB
abr-36	238	23	a	a	DET
abr-36	238	24	reasonable	reasonable	ADJ
abr-36	238	25	likelihood	likelihood	NOUN
abr-36	238	26	that	that	SCONJ
abr-36	238	27	equity	equity	NOUN
abr-36	238	28	is	be	AUX
abr-36	238	29	overvalued	overvalue	VERB
abr-36	238	30	by	by	ADP
abr-36	238	31	the	the	DET
abr-36	238	32	market	market	NOUN
abr-36	238	33	.	.	PUNCT
abr-36	239	1	perhaps	perhaps	ADV
abr-36	239	2	one	one	NUM
abr-36	239	3	of	of	ADP
abr-36	239	4	the	the	DET
abr-36	239	5	most	most	ADV
abr-36	239	6	important	important	ADJ
abr-36	239	7	single	single	ADJ
abr-36	239	8	variables	variable	NOUN
abr-36	239	9	,	,	PUNCT
abr-36	239	10	this	this	DET
abr-36	239	11	difference	difference	NOUN
abr-36	239	12	is	be	AUX
abr-36	239	13	a	a	DET
abr-36	239	14	direct	direct	ADJ
abr-36	239	15	test	test	NOUN
abr-36	239	16	of	of	ADP
abr-36	239	17	the	the	DET
abr-36	239	18	difference	difference	NOUN
abr-36	239	19	between	between	ADP
abr-36	239	20	returns	return	NOUN
abr-36	239	21	to	to	ADP
abr-36	239	22	equity	equity	NOUN
abr-36	239	23	and	and	CCONJ
abr-36	239	24	debt	debt	NOUN
abr-36	239	25	.	.	PUNCT
abr-36	240	1	table	table	NOUN
abr-36	240	2	2	2	NUM
abr-36	240	3	shows	show	VERB
abr-36	240	4	the	the	DET
abr-36	240	5	total	total	ADJ
abr-36	240	6	number	number	NOUN
abr-36	240	7	of	of	ADP
abr-36	240	8	stock	stock	NOUN
abr-36	240	9	and	and	CCONJ
abr-36	240	10	bond	bond	NOUN
abr-36	240	11	issuances	issuance	NOUN
abr-36	240	12	by	by	ADP
abr-36	240	13	year	year	NOUN
abr-36	240	14	along	along	ADP
abr-36	240	15	with	with	ADP
abr-36	240	16	a	a	DET
abr-36	240	17	simplified	simplified	ADJ
abr-36	240	18	ratio	ratio	NOUN
abr-36	240	19	of	of	ADP
abr-36	240	20	instances	instance	NOUN
abr-36	240	21	of	of	ADP
abr-36	240	22	stock	stock	NOUN
abr-36	240	23	financing	financing	NOUN
abr-36	240	24	to	to	ADP
abr-36	240	25	total	total	ADJ
abr-36	240	26	financing	financing	NOUN
abr-36	240	27	activities	activity	NOUN
abr-36	240	28	;	;	PUNCT
abr-36	240	29	this	this	PRON
abr-36	240	30	is	be	AUX
abr-36	240	31	computed	compute	VERB
abr-36	240	32	as	as	ADP
abr-36	240	33	ipo/(bond	ipo/(bond	ADP
abr-36	240	34	+	+	CCONJ
abr-36	240	35	ipo	ipo	NOUN
abr-36	240	36	)	)	PUNCT
abr-36	240	37	.	.	PUNCT
abr-36	241	1	the	the	DET
abr-36	241	2	bond	bond	NOUN
abr-36	241	3	market	market	NOUN
abr-36	241	4	has	have	VERB
abr-36	241	5	significantly	significantly	ADV
abr-36	241	6	more	more	ADJ
abr-36	241	7	activity	activity	NOUN
abr-36	241	8	than	than	ADP
abr-36	241	9	the	the	DET
abr-36	241	10	stock	stock	NOUN
abr-36	241	11	market	market	NOUN
abr-36	241	12	,	,	PUNCT
abr-36	241	13	with	with	ADP
abr-36	241	14	minimal	minimal	ADJ
abr-36	241	15	activity	activity	NOUN
abr-36	241	16	from	from	ADP
abr-36	241	17	the	the	DET
abr-36	241	18	mid	mid	NOUN
abr-36	241	19	to	to	ADP
abr-36	241	20	late	late	ADJ
abr-36	241	21	1970s	1970	NOUN
abr-36	241	22	.	.	PUNCT
abr-36	242	1	the	the	DET
abr-36	242	2	total	total	ADJ
abr-36	242	3	dollar	dollar	NOUN
abr-36	242	4	value	value	NOUN
abr-36	242	5	of	of	ADP
abr-36	242	6	the	the	DET
abr-36	242	7	bond	bond	NOUN
abr-36	242	8	market	market	NOUN
abr-36	242	9	issuances	issuance	NOUN
abr-36	242	10	is	be	AUX
abr-36	242	11	substantially	substantially	ADV
abr-36	242	12	larger	large	ADJ
abr-36	242	13	than	than	ADP
abr-36	242	14	the	the	DET
abr-36	242	15	fundraising	fundraising	NOUN
abr-36	242	16	used	use	VERB
abr-36	242	17	through	through	ADP
abr-36	242	18	stock	stock	NOUN
abr-36	242	19	issuance	issuance	NOUN
abr-36	242	20	;	;	PUNCT
abr-36	242	21	the	the	DET
abr-36	242	22	ratio	ratio	NOUN
abr-36	242	23	of	of	ADP
abr-36	242	24	funds	fund	NOUN
abr-36	242	25	raised	raise	VERB
abr-36	242	26	through	through	ADP
abr-36	242	27	the	the	DET
abr-36	242	28	stock	stock	NOUN
abr-36	242	29	market	market	NOUN
abr-36	242	30	is	be	AUX
abr-36	242	31	in	in	ADP
abr-36	242	32	the	the	DET
abr-36	242	33	column	column	NOUN
abr-36	242	34	labeled	label	VERB
abr-36	242	35	sb.ratio	sb.ratio	SYM
abr-36	242	36	.	.	PUNCT
abr-36	242	37	figure	figure	NOUN
abr-36	242	38	4	4	NUM
abr-36	242	39	shows	show	VERB
abr-36	242	40	the	the	DET
abr-36	242	41	total	total	ADJ
abr-36	242	42	number	number	NOUN
abr-36	242	43	of	of	ADP
abr-36	242	44	fundraising	fundraise	VERB
abr-36	242	45	instances	instance	NOUN
abr-36	242	46	graphically	graphically	ADV
abr-36	242	47	across	across	ADP
abr-36	242	48	time	time	NOUN
abr-36	242	49	and	and	CCONJ
abr-36	242	50	figure	figure	VERB
abr-36	242	51	5	5	NUM
abr-36	242	52	displays	display	VERB
abr-36	242	53	the	the	DET
abr-36	242	54	total	total	ADJ
abr-36	242	55	dollar	dollar	NOUN
abr-36	242	56	value	value	NOUN
abr-36	242	57	of	of	ADP
abr-36	242	58	the	the	DET
abr-36	242	59	fundraising	fundraising	NOUN
abr-36	242	60	activities	activity	NOUN
abr-36	242	61	.	.	PUNCT
abr-36	243	1	results	result	NOUN
abr-36	243	2	in	in	ADP
abr-36	243	3	every	every	DET
abr-36	243	4	estimation	estimation	NOUN
abr-36	243	5	,	,	PUNCT
abr-36	243	6	evidence	evidence	NOUN
abr-36	243	7	is	be	AUX
abr-36	243	8	found	find	VERB
abr-36	243	9	in	in	ADP
abr-36	243	10	support	support	NOUN
abr-36	243	11	of	of	ADP
abr-36	243	12	my	my	PRON
abr-36	243	13	hypothesis	hypothesis	NOUN
abr-36	243	14	that	that	SCONJ
abr-36	243	15	innovative	innovative	ADJ
abr-36	243	16	firms	firm	NOUN
abr-36	243	17	are	be	AUX
abr-36	243	18	more	more	ADV
abr-36	243	19	likely	likely	ADJ
abr-36	243	20	to	to	PART
abr-36	243	21	pursue	pursue	VERB
abr-36	243	22	financing	financing	NOUN
abr-36	243	23	from	from	ADP
abr-36	243	24	the	the	DET
abr-36	243	25	stock	stock	NOUN
abr-36	243	26	market	market	NOUN
abr-36	243	27	relative	relative	ADJ
abr-36	243	28	to	to	ADP
abr-36	243	29	the	the	DET
abr-36	243	30	bond	bond	NOUN
abr-36	243	31	market	market	NOUN
abr-36	243	32	.	.	PUNCT
abr-36	244	1	the	the	DET
abr-36	244	2	first	first	ADJ
abr-36	244	3	of	of	ADP
abr-36	244	4	these	these	DET
abr-36	244	5	cohorts	cohort	NOUN
abr-36	244	6	directly	directly	ADV
abr-36	244	7	tests	test	VERB
abr-36	244	8	the	the	DET
abr-36	244	9	market	market	NOUN
abr-36	244	10	timing	timing	NOUN
abr-36	244	11	variables	variable	NOUN
abr-36	244	12	to	to	PART
abr-36	244	13	control	control	VERB
abr-36	244	14	for	for	ADP
abr-36	244	15	market	market	NOUN
abr-36	244	16	circumstances	circumstance	NOUN
abr-36	244	17	and	and	CCONJ
abr-36	244	18	is	be	AUX
abr-36	244	19	shown	show	VERB
abr-36	244	20	in	in	ADP
abr-36	244	21	table	table	NOUN
abr-36	244	22	3	3	NUM
abr-36	244	23	.	.	PUNCT
abr-36	245	1	industry	industry	NOUN
abr-36	245	2	returns	return	NOUN
abr-36	245	3	are	be	AUX
abr-36	245	4	added	add	VERB
abr-36	245	5	and	and	CCONJ
abr-36	245	6	presented	present	VERB
abr-36	245	7	in	in	ADP
abr-36	245	8	table	table	NOUN
abr-36	245	9	4	4	NUM
abr-36	245	10	.	.	PUNCT
abr-36	246	1	each	each	DET
abr-36	246	2	table	table	NOUN
abr-36	246	3	provides	provide	VERB
abr-36	246	4	coefficients	coefficient	NOUN
abr-36	246	5	,	,	PUNCT
abr-36	246	6	standard	standard	ADJ
abr-36	246	7	errors	error	NOUN
abr-36	246	8	,	,	PUNCT
abr-36	246	9	statistical	statistical	ADJ
abr-36	246	10	significance	significance	NOUN
abr-36	246	11	,	,	PUNCT
abr-36	246	12	and	and	CCONJ
abr-36	246	13	the	the	DET
abr-36	246	14	marginal	marginal	ADJ
abr-36	246	15	effects	effect	NOUN
abr-36	246	16	at	at	ADP
abr-36	246	17	the	the	DET
abr-36	246	18	median	median	NOUN
abr-36	246	19	for	for	ADP
abr-36	246	20	each	each	DET
abr-36	246	21	variable	variable	NOUN
abr-36	246	22	,	,	PUNCT
abr-36	246	23	along	along	ADP
abr-36	246	24	with	with	ADP
abr-36	246	25	variance	variance	NOUN
abr-36	246	26	inflation	inflation	NOUN
abr-36	246	27	factors	factor	NOUN
abr-36	246	28	(	(	PUNCT
abr-36	246	29	vif	vif	NOUN
abr-36	246	30	)	)	PUNCT
abr-36	246	31	testing	testing	NOUN
abr-36	246	32	for	for	ADP
abr-36	246	33	multicollinearity	multicollinearity	NOUN
abr-36	246	34	.	.	PUNCT
abr-36	247	1	testing	test	VERB
abr-36	247	2	the	the	DET
abr-36	247	3	hypothesis	hypothesis	NOUN
abr-36	247	4	that	that	PRON
abr-36	247	5	more	more	ADV
abr-36	247	6	innovative	innovative	ADJ
abr-36	247	7	firms	firm	NOUN
abr-36	247	8	are	be	AUX
abr-36	247	9	more	more	ADV
abr-36	247	10	likely	likely	ADJ
abr-36	247	11	to	to	PART
abr-36	247	12	raise	raise	VERB
abr-36	247	13	funds	fund	NOUN
abr-36	247	14	through	through	ADP
abr-36	247	15	stock	stock	NOUN
abr-36	247	16	market	market	NOUN
abr-36	247	17	issuance	issuance	NOUN
abr-36	247	18	uses	use	VERB
abr-36	247	19	the	the	DET
abr-36	247	20	number	number	NOUN
abr-36	247	21	of	of	ADP
abr-36	247	22	patents	patent	NOUN
abr-36	247	23	granted	grant	VERB
abr-36	247	24	(	(	PUNCT
abr-36	247	25	pgrant	pgrant	VERB
abr-36	247	26	)	)	PUNCT
abr-36	247	27	as	as	ADP
abr-36	247	28	a	a	DET
abr-36	247	29	proxy	proxy	NOUN
abr-36	247	30	for	for	ADP
abr-36	247	31	innovation	innovation	NOUN
abr-36	247	32	.	.	PUNCT
abr-36	248	1	as	as	SCONJ
abr-36	248	2	such	such	ADJ
abr-36	248	3	,	,	PUNCT
abr-36	248	4	as	as	SCONJ
abr-36	248	5	more	more	ADJ
abr-36	248	6	patents	patent	NOUN
abr-36	248	7	are	be	AUX
abr-36	248	8	granted	grant	VERB
abr-36	248	9	,	,	PUNCT
abr-36	248	10	firms	firm	NOUN
abr-36	248	11	are	be	AUX
abr-36	248	12	expected	expect	VERB
abr-36	248	13	to	to	PART
abr-36	248	14	be	be	AUX
abr-36	248	15	more	more	ADV
abr-36	248	16	likely	likely	ADJ
abr-36	248	17	to	to	PART
abr-36	248	18	raise	raise	VERB
abr-36	248	19	funds	fund	NOUN
abr-36	248	20	through	through	ADP
abr-36	248	21	equity	equity	NOUN
abr-36	248	22	issuance	issuance	NOUN
abr-36	248	23	.	.	PUNCT
abr-36	249	1	pgrant	pgrant	PROPN
abr-36	249	2	enters	enter	NOUN
abr-36	249	3	into	into	ADP
abr-36	249	4	every	every	DET
abr-36	249	5	estimation	estimation	NOUN
abr-36	249	6	highly	highly	ADV
abr-36	249	7	significant	significant	ADJ
abr-36	249	8	,	,	PUNCT
abr-36	249	9	effectively	effectively	ADV
abr-36	249	10	showing	show	VERB
abr-36	249	11	that	that	SCONJ
abr-36	249	12	firms	firm	NOUN
abr-36	249	13	in	in	ADP
abr-36	249	14	industries	industry	NOUN
abr-36	249	15	with	with	ADP
abr-36	249	16	large	large	ADJ
abr-36	249	17	amounts	amount	NOUN
abr-36	249	18	of	of	ADP
abr-36	249	19	innovative	innovative	ADJ
abr-36	249	20	activity	activity	NOUN
abr-36	249	21	will	will	AUX
abr-36	249	22	be	be	AUX
abr-36	249	23	more	more	ADV
abr-36	249	24	likely	likely	ADJ
abr-36	249	25	to	to	PART
abr-36	249	26	raise	raise	VERB
abr-36	249	27	funds	fund	NOUN
abr-36	249	28	through	through	ADP
abr-36	249	29	the	the	DET
abr-36	249	30	stock	stock	NOUN
abr-36	249	31	market	market	NOUN
abr-36	249	32	than	than	ADP
abr-36	249	33	those	those	PRON
abr-36	249	34	in	in	ADP
abr-36	249	35	industries	industry	NOUN
abr-36	249	36	without	without	ADP
abr-36	249	37	technological	technological	ADJ
abr-36	249	38	innovations	innovation	NOUN
abr-36	249	39	.	.	PUNCT
abr-36	250	1	pgrant	pgrant	PROPN
abr-36	250	2	was	be	AUX
abr-36	250	3	significant	significant	ADJ
abr-36	250	4	at	at	ADV
abr-36	250	5	least	least	ADJ
abr-36	250	6	at	at	ADP
abr-36	250	7	the	the	DET
abr-36	250	8	0.1	0.1	NUM
abr-36	250	9	%	%	NOUN
abr-36	250	10	level	level	NOUN
abr-36	250	11	in	in	ADP
abr-36	250	12	every	every	DET
abr-36	250	13	estimation	estimation	NOUN
abr-36	250	14	.	.	PUNCT
abr-36	251	1	the	the	DET
abr-36	251	2	marginal	marginal	ADJ
abr-36	251	3	effects	effect	NOUN
abr-36	251	4	did	do	AUX
abr-36	251	5	not	not	PART
abr-36	251	6	vary	vary	VERB
abr-36	251	7	much	much	ADV
abr-36	251	8	,	,	PUNCT
abr-36	251	9	and	and	CCONJ
abr-36	251	10	a	a	DET
abr-36	251	11	one	one	NUM
abr-36	251	12	standard	standard	ADJ
abr-36	251	13	deviation	deviation	NOUN
abr-36	251	14	increase	increase	NOUN
abr-36	251	15	from	from	ADP
abr-36	251	16	the	the	DET
abr-36	251	17	median2	median2	NOUN
abr-36	251	18	in	in	ADP
abr-36	251	19	granted	grant	VERB
abr-36	251	20	patents	patent	NOUN
abr-36	251	21	ranges	range	VERB
abr-36	251	22	between	between	ADP
abr-36	251	23	a	a	DET
abr-36	251	24	1.27	1.27	NUM
abr-36	251	25	and	and	CCONJ
abr-36	251	26	1.62	1.62	NUM
abr-36	251	27	%	%	NOUN
abr-36	251	28	increase	increase	NOUN
abr-36	251	29	in	in	ADP
abr-36	251	30	probability	probability	NOUN
abr-36	251	31	of	of	ADP
abr-36	251	32	raising	raise	VERB
abr-36	251	33	funds	fund	NOUN
abr-36	251	34	through	through	ADP
abr-36	251	35	the	the	DET
abr-36	251	36	stock	stock	NOUN
abr-36	251	37	market	market	NOUN
abr-36	251	38	with	with	ADP
abr-36	251	39	an	an	DET
abr-36	251	40	average	average	NOUN
abr-36	251	41	of	of	ADP
abr-36	251	42	1.42	1.42	NUM
abr-36	251	43	%	%	NOUN
abr-36	251	44	.	.	PUNCT
abr-36	252	1	considering	consider	VERB
abr-36	252	2	that	that	SCONJ
abr-36	252	3	the	the	DET
abr-36	252	4	probability	probability	NOUN
abr-36	252	5	of	of	ADP
abr-36	252	6	raising	raise	VERB
abr-36	252	7	funds	fund	NOUN
abr-36	252	8	through	through	ADP
abr-36	252	9	the	the	DET
abr-36	252	10	stock	stock	NOUN
abr-36	252	11	market	market	NOUN
abr-36	252	12	remained	remain	VERB
abr-36	252	13	around	around	ADV
abr-36	252	14	8.4	8.4	NUM
abr-36	252	15	%	%	NOUN
abr-36	252	16	,	,	PUNCT
abr-36	252	17	a	a	DET
abr-36	252	18	one	one	NUM
abr-36	252	19	standard	standard	ADJ
abr-36	252	20	deviation	deviation	NOUN
abr-36	252	21	change	change	NOUN
abr-36	252	22	from	from	ADP
abr-36	252	23	patent	patent	NOUN
abr-36	252	24	grant	grant	NOUN
abr-36	252	25	’s	’s	PART
abr-36	252	26	median	median	NOUN
abr-36	252	27	of	of	ADP
abr-36	252	28	1.42	1.42	NUM
abr-36	252	29	%	%	NOUN
abr-36	252	30	is	be	AUX
abr-36	252	31	substantial	substantial	ADJ
abr-36	252	32	.	.	PUNCT
abr-36	253	1	regardless	regardless	ADV
abr-36	253	2	of	of	ADP
abr-36	253	3	which	which	DET
abr-36	253	4	controls	control	NOUN
abr-36	253	5	were	be	AUX
abr-36	253	6	added	add	VERB
abr-36	253	7	to	to	ADP
abr-36	253	8	the	the	DET
abr-36	253	9	model	model	NOUN
abr-36	253	10	,	,	PUNCT
abr-36	253	11	there	there	PRON
abr-36	253	12	were	be	VERB
abr-36	253	13	only	only	ADV
abr-36	253	14	small	small	ADJ
abr-36	253	15	changes	change	NOUN
abr-36	253	16	in	in	ADP
abr-36	253	17	coefficients	coefficient	NOUN
abr-36	253	18	,	,	PUNCT
abr-36	253	19	p	p	NOUN
abr-36	253	20	-	-	PUNCT
abr-36	253	21	values	value	NOUN
abr-36	253	22	,	,	PUNCT
abr-36	253	23	or	or	CCONJ
abr-36	253	24	marginal	marginal	ADJ
abr-36	253	25	effects	effect	NOUN
abr-36	253	26	observed	observe	VERB
abr-36	253	27	for	for	ADP
abr-36	253	28	pgrant	pgrant	VERB
abr-36	253	29	,	,	PUNCT
abr-36	253	30	resulting	result	VERB
abr-36	253	31	in	in	ADP
abr-36	253	32	strong	strong	ADJ
abr-36	253	33	support	support	NOUN
abr-36	253	34	for	for	ADP
abr-36	253	35	my	my	PRON
abr-36	253	36	hypothesis	hypothesis	NOUN
abr-36	253	37	2	2	NUM
abr-36	253	38	the	the	DET
abr-36	253	39	median	median	NOUN
abr-36	253	40	was	be	AUX
abr-36	253	41	used	use	VERB
abr-36	253	42	rather	rather	ADV
abr-36	253	43	than	than	ADP
abr-36	253	44	the	the	DET
abr-36	253	45	mean	mean	NOUN
abr-36	253	46	due	due	ADP
abr-36	253	47	to	to	ADP
abr-36	253	48	a	a	DET
abr-36	253	49	skewed	skewed	ADJ
abr-36	253	50	distribution	distribution	NOUN
abr-36	253	51	of	of	ADP
abr-36	253	52	patents	patent	NOUN
abr-36	253	53	.	.	PUNCT
abr-36	254	1	computing	compute	VERB
abr-36	254	2	from	from	ADP
abr-36	254	3	the	the	DET
abr-36	254	4	mean	mean	NOUN
abr-36	254	5	would	would	AUX
abr-36	254	6	create	create	VERB
abr-36	254	7	an	an	DET
abr-36	254	8	upward	upward	ADJ
abr-36	254	9	bias	bias	NOUN
abr-36	254	10	and	and	CCONJ
abr-36	254	11	overstate	overstate	VERB
abr-36	254	12	the	the	DET
abr-36	254	13	effect	effect	NOUN
abr-36	254	14	of	of	ADP
abr-36	254	15	patents	patent	NOUN
abr-36	254	16	.	.	PUNCT
abr-36	255	1	dehan	dehan	NOUN
abr-36	255	2	27	27	NUM
abr-36	255	3	table	table	NOUN
abr-36	255	4	2	2	NUM
abr-36	255	5	data	datum	NOUN
abr-36	255	6	summary	summary	NOUN
abr-36	255	7	ipo	ipo	PROPN
abr-36	255	8	bond	bond	PROPN
abr-36	255	9	ipo	ipo	PROPN
abr-36	255	10	/	/	SYM
abr-36	255	11	total	total	ADJ
abr-36	255	12	ipo	ipo	NOUN
abr-36	255	13	(	(	PUNCT
abr-36	255	14	$	$	SYM
abr-36	255	15	mil	mil	NOUN
abr-36	255	16	)	)	PUNCT
abr-36	255	17	bond	bond	NOUN
abr-36	255	18	(	(	PUNCT
abr-36	255	19	$	$	SYM
abr-36	255	20	mil	mil	NOUN
abr-36	255	21	)	)	PUNCT
abr-36	255	22	sb.ratio	sb.ratio	ADP
abr-36	255	23	1970	1970	NUM
abr-36	255	24	16	16	NUM
abr-36	255	25	187	187	NUM
abr-36	255	26	0.079	0.079	NUM
abr-36	255	27	48	48	NUM
abr-36	255	28	9,397	9,397	NUM
abr-36	255	29	0.005	0.005	NUM
abr-36	255	30	1970.5	1970.5	NUM
abr-36	255	31	8	8	NUM
abr-36	255	32	240	240	NUM
abr-36	255	33	0.032	0.032	NUM
abr-36	255	34	25	25	NUM
abr-36	255	35	13,778	13,778	NUM
abr-36	255	36	0.002	0.002	NUM
abr-36	255	37	1971	1971	NUM
abr-36	255	38	22	22	NUM
abr-36	255	39	251	251	NUM
abr-36	255	40	0.081	0.081	NUM
abr-36	255	41	109	109	NUM
abr-36	255	42	13,686	13,686	NUM
abr-36	255	43	0.008	0.008	NUM
abr-36	255	44	1971.5	1971.5	NUM
abr-36	255	45	21	21	NUM
abr-36	255	46	184	184	NUM
abr-36	255	47	0.102	0.102	NUM
abr-36	255	48	104	104	NUM
abr-36	255	49	9,505	9,505	NUM
abr-36	255	50	0.011	0.011	NUM
abr-36	255	51	1972	1972	NUM
abr-36	255	52	34	34	NUM
abr-36	255	53	225	225	NUM
abr-36	255	54	0.131	0.131	NUM
abr-36	255	55	118	118	NUM
abr-36	255	56	10,336	10,336	NUM
abr-36	255	57	0.011	0.011	NUM
abr-36	255	58	1972.5	1972.5	NUM
abr-36	255	59	27	27	NUM
abr-36	255	60	157	157	NUM
abr-36	255	61	0.147	0.147	NUM
abr-36	255	62	158	158	NUM
abr-36	255	63	8,829	8,829	NUM
abr-36	255	64	0.017	0.017	NUM
abr-36	255	65	1973	1973	NUM
abr-36	255	66	14	14	NUM
abr-36	255	67	140	140	NUM
abr-36	255	68	0.091	0.091	NUM
abr-36	255	69	727	727	NUM
abr-36	255	70	7,118	7,118	NUM
abr-36	255	71	0.085	0.085	NUM
abr-36	255	72	1973.5	1973.5	NUM
abr-36	255	73	2	2	NUM
abr-36	255	74	125	125	NUM
abr-36	255	75	0.016	0.016	NUM
abr-36	255	76	6	6	NUM
abr-36	255	77	8,491	8,491	NUM
abr-36	255	78	0.001	0.001	NUM
abr-36	255	79	1974	1974	NUM
abr-36	255	80	1	1	NUM
abr-36	255	81	169	169	NUM
abr-36	255	82	0.006	0.006	NUM
abr-36	255	83	2	2	NUM
abr-36	255	84	13,170	13,170	NUM
abr-36	255	85	0.000	0.000	NUM
abr-36	255	86	1974.5	1974.5	NUM
abr-36	255	87	0	0	NUM
abr-36	255	88	168	168	NUM
abr-36	255	89	0.000	0.000	NUM
abr-36	255	90	14,414	14,414	NUM
abr-36	255	91	0.000	0.000	NUM
abr-36	255	92	1975	1975	NUM
abr-36	255	93	0	0	NUM
abr-36	256	1	252	252	NUM
abr-36	256	2	0.000	0.000	NUM
abr-36	256	3	22,073	22,073	NUM
abr-36	256	4	0.000	0.000	NUM
abr-36	256	5	1975.5	1975.5	NUM
abr-36	256	6	1	1	NUM
abr-36	256	7	183	183	NUM
abr-36	256	8	0.005	0.005	NUM
abr-36	256	9	17	17	NUM
abr-36	256	10	11,961	11,961	NUM
abr-36	256	11	0.001	0.001	NUM
abr-36	256	12	1976	1976	NUM
abr-36	256	13	6	6	NUM
abr-36	256	14	181	181	NUM
abr-36	256	15	0.032	0.032	NUM
abr-36	256	16	72	72	NUM
abr-36	256	17	16,374	16,374	NUM
abr-36	256	18	0.004	0.004	NUM
abr-36	256	19	1976.5	1976.5	NUM
abr-36	256	20	4	4	NUM
abr-36	256	21	166	166	NUM
abr-36	256	22	0.024	0.024	NUM
abr-36	256	23	66	66	NUM
abr-36	256	24	13,050	13,050	NUM
abr-36	256	25	0.005	0.005	NUM
abr-36	256	26	1977	1977	NUM
abr-36	256	27	5	5	NUM
abr-36	256	28	147	147	NUM
abr-36	256	29	0.033	0.033	NUM
abr-36	256	30	80	80	NUM
abr-36	256	31	12,747	12,747	NUM
abr-36	256	32	0.006	0.006	NUM
abr-36	256	33	1977.5	1977.5	NUM
abr-36	256	34	2	2	NUM
abr-36	256	35	163	163	NUM
abr-36	256	36	0.012	0.012	NUM
abr-36	256	37	5	5	NUM
abr-36	256	38	12,111	12,111	NUM
abr-36	256	39	0.000	0.000	NUM
abr-36	256	40	1978	1978	NUM
abr-36	256	41	1	1	NUM
abr-36	256	42	154	154	NUM
abr-36	256	43	0.006	0.006	NUM
abr-36	256	44	26	26	NUM
abr-36	256	45	10,947	10,947	NUM
abr-36	256	46	0.002	0.002	NUM
abr-36	256	47	1978.5	1978.5	NUM
abr-36	256	48	3	3	NUM
abr-36	256	49	122	122	NUM
abr-36	256	50	0.024	0.024	NUM
abr-36	256	51	12	12	NUM
abr-36	256	52	9,302	9,302	NUM
abr-36	256	53	0.001	0.001	NUM
abr-36	256	54	1979	1979	NUM
abr-36	256	55	6	6	NUM
abr-36	256	56	129	129	NUM
abr-36	256	57	0.044	0.044	NUM
abr-36	256	58	38	38	NUM
abr-36	256	59	13,077	13,077	NUM
abr-36	256	60	0.003	0.003	NUM
abr-36	256	61	1979.5	1979.5	NUM
abr-36	256	62	7	7	NUM
abr-36	256	63	138	138	NUM
abr-36	256	64	0.048	0.048	NUM
abr-36	256	65	43	43	NUM
abr-36	256	66	12,213	12,213	NUM
abr-36	256	67	0.004	0.004	NUM
abr-36	256	68	1980	1980	NUM
abr-36	256	69	8	8	NUM
abr-36	256	70	206	206	NUM
abr-36	256	71	0.037	0.037	NUM
abr-36	256	72	63	63	NUM
abr-36	256	73	21,710	21,710	NUM
abr-36	256	74	0.003	0.003	NUM
abr-36	256	75	1980.5	1980.5	NUM
abr-36	256	76	31	31	NUM
abr-36	256	77	163	163	NUM
abr-36	256	78	0.160	0.160	NUM
abr-36	256	79	398	398	NUM
abr-36	256	80	15,067	15,067	NUM
abr-36	256	81	0.025	0.025	NUM
abr-36	256	82	1981	1981	NUM
abr-36	256	83	40	40	NUM
abr-36	256	84	423	423	NUM
abr-36	256	85	0.086	0.086	NUM
abr-36	256	86	360	360	NUM
abr-36	256	87	25,063	25,063	NUM
abr-36	256	88	0.014	0.014	NUM
abr-36	256	89	1981.5	1981.5	NUM
abr-36	256	90	33	33	NUM
abr-36	256	91	441	441	NUM
abr-36	256	92	0.070	0.070	NUM
abr-36	256	93	360	360	NUM
abr-36	256	94	22,637	22,637	NUM
abr-36	256	95	0.015	0.015	NUM
abr-36	256	96	1982	1982	NUM
abr-36	256	97	8	8	NUM
abr-36	256	98	402	402	NUM
abr-36	256	99	0.020	0.020	NUM
abr-36	256	100	52	52	NUM
abr-36	256	101	20,109	20,109	NUM
abr-36	256	102	0.003	0.003	NUM
abr-36	256	103	1982.5	1982.5	NUM
abr-36	256	104	15	15	NUM
abr-36	256	105	582	582	NUM
abr-36	256	106	0.025	0.025	NUM
abr-36	256	107	228	228	NUM
abr-36	256	108	42,632	42,632	NUM
abr-36	256	109	0.005	0.005	NUM
abr-36	256	110	1983	1983	NUM
abr-36	256	111	57	57	NUM
abr-36	256	112	552	552	NUM
abr-36	256	113	0.094	0.094	NUM
abr-36	256	114	1,553	1,553	NUM
abr-36	256	115	38,240	38,240	NUM
abr-36	256	116	0.038	0.038	NUM
abr-36	256	117	1983.5	1983.5	NUM
abr-36	256	118	121	121	NUM
abr-36	256	119	507	507	NUM
abr-36	256	120	0.193	0.193	NUM
abr-36	256	121	1,894	1,894	NUM
abr-36	256	122	33,857	33,857	NUM
abr-36	256	123	0.050	0.050	NUM
abr-36	256	124	1984	1984	NUM
abr-36	256	125	40	40	NUM
abr-36	256	126	422	422	NUM
abr-36	256	127	0.087	0.087	NUM
abr-36	256	128	673	673	NUM
abr-36	256	129	34,487	34,487	NUM
abr-36	256	130	0.019	0.019	NUM
abr-36	256	131	1984.5	1984.5	NUM
abr-36	256	132	35	35	NUM
abr-36	256	133	629	629	NUM
abr-36	256	134	0.053	0.053	NUM
abr-36	256	135	730	730	NUM
abr-36	256	136	60,809	60,809	NUM
abr-36	256	137	0.012	0.012	NUM
abr-36	256	138	1985	1985	NUM
abr-36	256	139	36	36	NUM
abr-36	256	140	684	684	NUM
abr-36	256	141	0.050	0.050	NUM
abr-36	256	142	692	692	NUM
abr-36	256	143	58,270	58,270	NUM
abr-36	256	144	0.012	0.012	NUM
abr-36	256	145	1985.5	1985.5	NUM
abr-36	256	146	58	58	NUM
abr-36	256	147	911	911	NUM
abr-36	256	148	0.060	0.060	NUM
abr-36	256	149	2,638	2,638	NUM
abr-36	256	150	92,647	92,647	NUM
abr-36	256	151	0.027	0.027	NUM
abr-36	256	152	1986	1986	NUM
abr-36	256	153	83	83	NUM
abr-36	256	154	931	931	NUM
abr-36	256	155	0.082	0.082	NUM
abr-36	256	156	2,573	2,573	NUM
abr-36	256	157	124,712	124,712	NUM
abr-36	256	158	0.020	0.020	NUM
abr-36	256	159	1986.5	1986.5	NUM
abr-36	256	160	130	130	NUM
abr-36	256	161	1087	1087	NUM
abr-36	256	162	0.107	0.107	NUM
abr-36	256	163	5,764	5,764	NUM
abr-36	256	164	148,183	148,183	NUM
abr-36	256	165	0.036	0.036	NUM
abr-36	256	166	1987	1987	NUM
abr-36	256	167	108	108	NUM
abr-36	256	168	1023	1023	NUM
abr-36	256	169	0.095	0.095	NUM
abr-36	256	170	8,652	8,652	NUM
abr-36	256	171	127,891	127,891	NUM
abr-36	256	172	0.060	0.060	NUM
abr-36	256	173	1987.5	1987.5	NUM
abr-36	256	174	88	88	NUM
abr-36	256	175	982	982	NUM
abr-36	256	176	0.082	0.082	NUM
abr-36	256	177	4,489	4,489	NUM
abr-36	256	178	131,663	131,663	NUM
abr-36	256	179	0.032	0.032	NUM
abr-36	256	180	1988	1988	NUM
abr-36	256	181	57	57	NUM
abr-36	256	182	1072	1072	NUM
abr-36	256	183	0.050	0.050	NUM
abr-36	256	184	7,185	7,185	NUM
abr-36	256	185	164,414	164,414	NUM
abr-36	256	186	0.040	0.040	NUM
abr-36	256	187	1988.5	1988.5	NUM
abr-36	256	188	55	55	NUM
abr-36	256	189	1148	1148	NUM
abr-36	256	190	0.046	0.046	NUM
abr-36	256	191	4,851	4,851	NUM
abr-36	256	192	168,924	168,924	NUM
abr-36	256	193	0.027	0.027	NUM
abr-36	256	194	1989	1989	NUM
abr-36	256	195	54	54	NUM
abr-36	256	196	1016	1016	NUM
abr-36	256	197	0.050	0.050	NUM
abr-36	256	198	4,057	4,057	NUM
abr-36	256	199	188,098	188,098	NUM
abr-36	256	200	0.021	0.021	NUM
abr-36	256	201	1989.5	1989.5	NUM
abr-36	256	202	67	67	NUM
abr-36	256	203	1088	1088	NUM
abr-36	256	204	0.058	0.058	NUM
abr-36	256	205	4,521	4,521	NUM
abr-36	256	206	203,971	203,971	NUM
abr-36	256	207	0.021	0.021	NUM
abr-36	256	208	1990	1990	NUM
abr-36	256	209	66	66	NUM
abr-36	256	210	857	857	NUM
abr-36	256	211	0.072	0.072	NUM
abr-36	256	212	4,870	4,870	NUM
abr-36	256	213	160,651	160,651	NUM
abr-36	256	214	0.029	0.029	NUM
abr-36	256	215	1990.5	1990.5	NUM
abr-36	256	216	31	31	NUM
abr-36	256	217	796	796	NUM
abr-36	256	218	0.037	0.037	NUM
abr-36	256	219	1,902	1,902	NUM
abr-36	256	220	149,075	149,075	NUM
abr-36	256	221	0.012	0.012	NUM
abr-36	256	222	1991	1991	NUM
abr-36	256	223	76	76	NUM
abr-36	256	224	878	878	NUM
abr-36	256	225	0.080	0.080	NUM
abr-36	256	226	4,063	4,063	NUM
abr-36	256	227	227,327	227,327	NUM
abr-36	256	228	0.017	0.017	NUM
abr-36	256	229	1991.5	1991.5	NUM
abr-36	256	230	132	132	NUM
abr-36	256	231	896	896	NUM
abr-36	256	232	0.128	0.128	NUM
abr-36	256	233	8,075	8,075	NUM
abr-36	256	234	229,081	229,081	NUM
abr-36	256	235	0.033	0.033	NUM
abr-36	256	236	1992	1992	NUM
abr-36	256	237	160	160	NUM
abr-36	256	238	951	951	NUM
abr-36	256	239	0.144	0.144	NUM
abr-36	256	240	11,220	11,220	NUM
abr-36	256	241	334,536	334,536	NUM
abr-36	256	242	0.031	0.031	NUM
abr-36	256	243	1992.5	1992.5	NUM
abr-36	256	244	137	137	NUM
abr-36	256	245	1089	1089	NUM
abr-36	256	246	0.112	0.112	NUM
abr-36	256	247	6,246	6,246	NUM
abr-36	256	248	307,170	307,170	NUM
abr-36	256	249	0.020	0.020	NUM
abr-36	256	250	total	total	ADJ
abr-36	256	251	1906	1906	NUM
abr-36	256	252	23217	23217	NUM
abr-36	256	253	0.076	0.076	NUM
abr-36	256	254	89,767	89,767	NUM
abr-36	256	255	3,373,805	3,373,805	NUM
abr-36	256	256	0.026	0.026	NUM
abr-36	256	257	capital	capital	NOUN
abr-36	256	258	structure	structure	NOUN
abr-36	256	259	over	over	ADP
abr-36	256	260	the	the	DET
abr-36	256	261	life	life	NOUN
abr-36	256	262	cycle	cycle	NOUN
abr-36	256	263	28	28	NUM
abr-36	256	264	figure	figure	NOUN
abr-36	256	265	4	4	NUM
abr-36	256	266	.	.	PUNCT
abr-36	256	267	bond	bond	NOUN
abr-36	256	268	and	and	CCONJ
abr-36	256	269	ipo	ipo	NOUN
abr-36	256	270	activity	activity	NOUN
abr-36	256	271	over	over	ADP
abr-36	256	272	time	time	NOUN
abr-36	256	273	:	:	PUNCT
abr-36	256	274	total	total	ADJ
abr-36	256	275	instances	instance	NOUN
abr-36	256	276	figure	figure	VERB
abr-36	256	277	5	5	NUM
abr-36	256	278	.	.	PUNCT
abr-36	256	279	bond	bond	NOUN
abr-36	256	280	and	and	CCONJ
abr-36	256	281	ipo	ipo	NOUN
abr-36	256	282	activity	activity	NOUN
abr-36	256	283	over	over	ADP
abr-36	256	284	time	time	NOUN
abr-36	256	285	:	:	PUNCT
abr-36	256	286	total	total	ADJ
abr-36	256	287	dollar	dollar	NOUN
abr-36	256	288	proceeds	proceed	VERB
abr-36	256	289	0	0	NUM
abr-36	256	290	20	20	NUM
abr-36	256	291	40	40	NUM
abr-36	256	292	60	60	NUM
abr-36	256	293	80	80	NUM
abr-36	256	294	100	100	NUM
abr-36	257	1	120	120	NUM
abr-36	257	2	140	140	NUM
abr-36	257	3	160	160	NUM
abr-36	257	4	180	180	NUM
abr-36	257	5	0	0	NUM
abr-36	257	6	200	200	NUM
abr-36	257	7	400	400	NUM
abr-36	257	8	600	600	NUM
abr-36	257	9	800	800	NUM
abr-36	257	10	1000	1000	NUM
abr-36	257	11	1200	1200	NUM
abr-36	257	12	1400	1400	NUM
abr-36	257	13	1	1	NUM
abr-36	257	14	9	9	NUM
abr-36	257	15	7	7	NUM
abr-36	257	16	0	0	NUM
abr-36	257	17	1	1	NUM
abr-36	257	18	9	9	NUM
abr-36	257	19	7	7	NUM
abr-36	257	20	1	1	NUM
abr-36	257	21	.5	.5	NUM
abr-36	257	22	1	1	NUM
abr-36	257	23	9	9	NUM
abr-36	257	24	7	7	NUM
abr-36	257	25	3	3	NUM
abr-36	257	26	1	1	NUM
abr-36	257	27	9	9	NUM
abr-36	257	28	7	7	NUM
abr-36	257	29	4	4	NUM
abr-36	257	30	.5	.5	NUM
abr-36	257	31	1	1	NUM
abr-36	257	32	9	9	NUM
abr-36	257	33	7	7	NUM
abr-36	257	34	6	6	NUM
abr-36	257	35	1	1	NUM
abr-36	257	36	9	9	NUM
abr-36	257	37	7	7	NUM
abr-36	257	38	7	7	NUM
abr-36	257	39	.5	.5	NUM
abr-36	257	40	1	1	NUM
abr-36	257	41	9	9	NUM
abr-36	257	42	7	7	NUM
abr-36	257	43	9	9	NUM
abr-36	257	44	1	1	NUM
abr-36	257	45	9	9	NUM
abr-36	257	46	8	8	NUM
abr-36	257	47	0	0	NUM
abr-36	257	48	.5	.5	NUM
abr-36	257	49	1	1	NUM
abr-36	257	50	9	9	NUM
abr-36	257	51	8	8	NUM
abr-36	257	52	2	2	NUM
abr-36	257	53	1	1	NUM
abr-36	257	54	9	9	NUM
abr-36	257	55	8	8	NUM
abr-36	257	56	3	3	NUM
abr-36	257	57	.5	.5	NUM
abr-36	257	58	1	1	NUM
abr-36	257	59	9	9	NUM
abr-36	257	60	8	8	NUM
abr-36	257	61	5	5	NUM
abr-36	257	62	1	1	NUM
abr-36	257	63	9	9	NUM
abr-36	257	64	8	8	NUM
abr-36	257	65	6	6	NUM
abr-36	257	66	.5	.5	NUM
abr-36	257	67	1	1	NUM
abr-36	257	68	9	9	NUM
abr-36	257	69	8	8	NUM
abr-36	257	70	8	8	NUM
abr-36	257	71	1	1	NUM
abr-36	257	72	9	9	NUM
abr-36	257	73	8	8	NUM
abr-36	257	74	9	9	NUM
abr-36	257	75	.5	.5	NUM
abr-36	257	76	1	1	NUM
abr-36	257	77	9	9	NUM
abr-36	257	78	9	9	NUM
abr-36	257	79	1	1	NUM
abr-36	257	80	1	1	NUM
abr-36	257	81	9	9	NUM
abr-36	257	82	9	9	NUM
abr-36	257	83	2	2	NUM
abr-36	257	84	.5	.5	NUM
abr-36	257	85	bond	bond	NOUN
abr-36	257	86	ipo	ipo	NOUN
abr-36	257	87	0	0	NUM
abr-36	257	88	2000	2000	NUM
abr-36	257	89	4000	4000	NUM
abr-36	257	90	6000	6000	NUM
abr-36	257	91	8000	8000	NUM
abr-36	257	92	10000	10000	NUM
abr-36	257	93	12000	12000	NUM
abr-36	257	94	0	0	NUM
abr-36	257	95	50000	50000	NUM
abr-36	257	96	100000	100000	NUM
abr-36	257	97	150000	150000	NUM
abr-36	257	98	200000	200000	NUM
abr-36	257	99	250000	250000	NUM
abr-36	257	100	300000	300000	NUM
abr-36	257	101	350000	350000	NUM
abr-36	257	102	400000	400000	NUM
abr-36	257	103	1	1	NUM
abr-36	257	104	9	9	NUM
abr-36	257	105	7	7	NUM
abr-36	257	106	0	0	NUM
abr-36	257	107	1	1	NUM
abr-36	257	108	9	9	NUM
abr-36	257	109	7	7	NUM
abr-36	257	110	1	1	NUM
abr-36	257	111	.5	.5	NUM
abr-36	257	112	1	1	NUM
abr-36	257	113	9	9	NUM
abr-36	257	114	7	7	NUM
abr-36	257	115	3	3	NUM
abr-36	257	116	1	1	NUM
abr-36	257	117	9	9	NUM
abr-36	257	118	7	7	NUM
abr-36	257	119	4	4	NUM
abr-36	257	120	.5	.5	NUM
abr-36	257	121	1	1	NUM
abr-36	257	122	9	9	NUM
abr-36	257	123	7	7	NUM
abr-36	257	124	6	6	NUM
abr-36	257	125	1	1	NUM
abr-36	257	126	9	9	NUM
abr-36	257	127	7	7	NUM
abr-36	257	128	7	7	NUM
abr-36	257	129	.5	.5	NUM
abr-36	257	130	1	1	NUM
abr-36	257	131	9	9	NUM
abr-36	257	132	7	7	NUM
abr-36	257	133	9	9	NUM
abr-36	257	134	1	1	NUM
abr-36	257	135	9	9	NUM
abr-36	257	136	8	8	NUM
abr-36	257	137	0	0	NUM
abr-36	257	138	.5	.5	NUM
abr-36	257	139	1	1	NUM
abr-36	257	140	9	9	NUM
abr-36	257	141	8	8	NUM
abr-36	257	142	2	2	NUM
abr-36	257	143	1	1	NUM
abr-36	257	144	9	9	NUM
abr-36	257	145	8	8	NUM
abr-36	257	146	3	3	NUM
abr-36	257	147	.5	.5	NUM
abr-36	257	148	1	1	NUM
abr-36	257	149	9	9	NUM
abr-36	257	150	8	8	NUM
abr-36	257	151	5	5	NUM
abr-36	257	152	1	1	NUM
abr-36	257	153	9	9	NUM
abr-36	257	154	8	8	NUM
abr-36	257	155	6	6	NUM
abr-36	257	156	.5	.5	NUM
abr-36	257	157	1	1	NUM
abr-36	257	158	9	9	NUM
abr-36	257	159	8	8	NUM
abr-36	257	160	8	8	NUM
abr-36	257	161	1	1	NUM
abr-36	257	162	9	9	NUM
abr-36	257	163	8	8	NUM
abr-36	257	164	9	9	NUM
abr-36	257	165	.5	.5	NUM
abr-36	257	166	1	1	NUM
abr-36	257	167	9	9	NUM
abr-36	257	168	9	9	NUM
abr-36	257	169	1	1	NUM
abr-36	257	170	1	1	NUM
abr-36	257	171	9	9	NUM
abr-36	257	172	9	9	NUM
abr-36	257	173	2	2	NUM
abr-36	257	174	.5	.5	NUM
abr-36	257	175	bond	bond	NOUN
abr-36	257	176	proceeds	proceed	VERB
abr-36	257	177	ipo	ipo	NOUN
abr-36	257	178	proceeds	proceed	NOUN
abr-36	257	179	dehan	dehan	PROPN
abr-36	257	180	29	29	NUM
abr-36	257	181	table	table	NOUN
abr-36	257	182	3	3	NUM
abr-36	257	183	base	base	NOUN
abr-36	257	184	model	model	NOUN
abr-36	257	185	ratio	ratio	NOUN
abr-36	257	186	1	1	NUM
abr-36	257	187	2	2	NUM
abr-36	257	188	3	3	NUM
abr-36	257	189	4	4	NUM
abr-36	257	190	5	5	NUM
abr-36	257	191	6	6	NUM
abr-36	257	192	7	7	NUM
abr-36	257	193	8	8	NUM
abr-36	257	194	pgrant	pgrant	VERB
abr-36	257	195	0.046	0.046	NUM
abr-36	257	196	0.046	0.046	NUM
abr-36	257	197	0.045	0.045	NUM
abr-36	257	198	0.045	0.045	NUM
abr-36	257	199	0.046	0.046	NUM
abr-36	257	200	0.045	0.045	NUM
abr-36	257	201	0.044	0.044	NUM
abr-36	257	202	0.046	0.046	NUM
abr-36	257	203	0.009	0.009	NUM
abr-36	257	204	*	*	PUNCT
abr-36	257	205	*	*	PUNCT
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abr-36	257	210	*	*	NOUN
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abr-36	257	212	*	*	PUNCT
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abr-36	257	214	*	*	NOUN
abr-36	257	215	0.009	0.009	NUM
abr-36	257	216	*	*	PUNCT
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abr-36	257	218	*	*	NOUN
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abr-36	257	220	*	*	PUNCT
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abr-36	257	224	*	*	PUNCT
abr-36	257	225	*	*	PUNCT
abr-36	257	226	*	*	NOUN
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abr-36	257	228	*	*	PUNCT
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abr-36	257	230	*	*	NOUN
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abr-36	257	232	*	*	PUNCT
abr-36	257	233	*	*	PUNCT
abr-36	257	234	*	*	PUNCT
abr-36	257	235	1.47	1.47	NUM
abr-36	257	236	%	%	NOUN
abr-36	257	237	1.38	1.38	NUM
abr-36	257	238	%	%	NOUN
abr-36	257	239	1.38	1.38	NUM
abr-36	257	240	%	%	NOUN
abr-36	257	241	1.31	1.31	NUM
abr-36	257	242	%	%	NOUN
abr-36	257	243	1.29	1.29	NUM
abr-36	257	244	%	%	NOUN
abr-36	257	245	1.35	1.35	NUM
abr-36	257	246	%	%	NOUN
abr-36	257	247	1.35	1.35	NUM
abr-36	257	248	%	%	NOUN
abr-36	257	249	1.38	1.38	NUM
abr-36	257	250	%	%	NOUN
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abr-36	257	260	0.066	0.066	NUM
abr-36	257	261	0.070	0.070	NUM
abr-36	257	262	'	'	PART
abr-36	257	263	0.072	0.072	NUM
abr-36	257	264	*	*	PUNCT
abr-36	257	265	*	*	PUNCT
abr-36	258	1	0.068	0.068	NUM
abr-36	258	2	*	*	NUM
abr-36	258	3	0.066	0.066	NUM
abr-36	258	4	0.068	0.068	NUM
abr-36	258	5	*	*	NOUN
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abr-36	258	7	%	%	NOUN
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abr-36	258	9	%	%	NOUN
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abr-36	258	11	%	%	NOUN
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abr-36	258	13	%	%	NOUN
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abr-36	258	15	%	%	NOUN
abr-36	258	16	-1.36	-1.36	NUM
abr-36	258	17	%	%	NOUN
abr-36	258	18	-2.11	-2.11	ADJ
abr-36	258	19	%	%	NOUN
abr-36	258	20	10yr	10yr	ADJ
abr-36	258	21	tbill	tbill	NOUN
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abr-36	258	23	0.055	0.055	NUM
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abr-36	258	29	0.028	0.028	NUM
abr-36	258	30	*	*	NOUN
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abr-36	258	32	0.014	0.014	NUM
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abr-36	258	34	%	%	NOUN
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abr-36	258	36	%	%	NOUN
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abr-36	258	38	%	%	NOUN
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abr-36	258	40	%	%	NOUN
abr-36	258	41	rf	rf	X
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abr-36	258	47	*	*	SYM
abr-36	258	48	*	*	PUNCT
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abr-36	258	50	*	*	PUNCT
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abr-36	258	52	*	*	PUNCT
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abr-36	258	54	*	*	PUNCT
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abr-36	258	60	%	%	NOUN
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abr-36	258	62	%	%	NOUN
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abr-36	258	66	%	%	NOUN
abr-36	258	67	mkt	mkt	PROPN
abr-36	258	68	return	return	VERB
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abr-36	258	70	9.145	9.145	NUM
abr-36	258	71	8.981	8.981	NUM
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abr-36	258	85	%	%	NOUN
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abr-36	258	87	%	%	NOUN
abr-36	258	88	1.31	1.31	NUM
abr-36	258	89	%	%	NOUN
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abr-36	258	120	*	*	PUNCT
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abr-36	258	128	*	*	PUNCT
abr-36	258	129	*	*	PUNCT
abr-36	258	130	*	*	PUNCT
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abr-36	258	132	r2	r2	NOUN
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abr-36	258	134	0.01	0.01	NUM
abr-36	258	135	0.01	0.01	NUM
abr-36	258	136	0.01	0.01	NUM
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abr-36	258	138	0.02	0.02	NUM
abr-36	258	139	0.01	0.01	NUM
abr-36	258	140	0.01	0.01	NUM
abr-36	258	141	mean	mean	NOUN
abr-36	258	142	vif	vif	NOUN
abr-36	258	143	1.00	1.00	NUM
abr-36	258	144	1.00	1.00	NUM
abr-36	258	145	1.03	1.03	NUM
abr-36	258	146	2.25	2.25	NUM
abr-36	258	147	2.07	2.07	NUM
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abr-36	258	150	1.06	1.06	NUM
abr-36	258	151	bolded	bolde	VERB
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abr-36	258	154	coefficient	coefficient	NOUN
abr-36	258	155	,	,	PUNCT
abr-36	258	156	second	second	ADJ
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abr-36	258	158	se	se	ADJ
abr-36	258	159	with	with	ADP
abr-36	258	160	statistical	statistical	ADJ
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abr-36	258	162	,	,	PUNCT
abr-36	258	163	third	third	ADV
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abr-36	258	165	1	1	NUM
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abr-36	259	2	*	*	PUNCT
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abr-36	259	4	at	at	ADP
abr-36	259	5	0.1	0.1	NUM
abr-36	259	6	%	%	NOUN
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abr-36	260	5	1	1	NUM
abr-36	260	6	%	%	NOUN
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abr-36	260	9	at	at	ADP
abr-36	260	10	5	5	NUM
abr-36	260	11	%	%	NOUN
abr-36	260	12	'	'	PUNCT
abr-36	260	13	at	at	ADP
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abr-36	260	15	%	%	NOUN
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abr-36	260	17	4	4	NUM
abr-36	260	18	:	:	PUNCT
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abr-36	260	22	returns	return	NOUN
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abr-36	260	25	10	10	NUM
abr-36	260	26	11	11	NUM
abr-36	260	27	12	12	NUM
abr-36	260	28	13	13	NUM
abr-36	260	29	14	14	NUM
abr-36	260	30	15	15	NUM
abr-36	260	31	16	16	NUM
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abr-36	260	41	0.009	0.009	NUM
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abr-36	260	89	ind.return	ind.return	NOUN
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abr-36	260	109	%	%	NOUN
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abr-36	260	117	%	%	NOUN
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abr-36	260	119	%	%	NOUN
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abr-36	262	38	%	%	NOUN
abr-36	262	39	1.81	1.81	NUM
abr-36	262	40	%	%	NOUN
abr-36	262	41	-0.21	-0.21	NUM
abr-36	262	42	%	%	NOUN
abr-36	262	43	rf	rf	NOUN
abr-36	262	44	-88.712	-88.712	PROPN
abr-36	262	45	-107.734	-107.734	PROPN
abr-36	262	46	-40.640	-40.640	NOUN
abr-36	262	47	-40.396	-40.396	NUM
abr-36	262	48	29.01	29.01	NUM
abr-36	262	49	*	*	PUNCT
abr-36	262	50	*	*	PUNCT
abr-36	262	51	29.37	29.37	NUM
abr-36	262	52	*	*	PUNCT
abr-36	262	53	*	*	PUNCT
abr-36	262	54	*	*	PUNCT
abr-36	262	55	15.01	15.01	NUM
abr-36	262	56	*	*	X
abr-36	262	57	*	*	PUNCT
abr-36	262	58	14.49	14.49	NUM
abr-36	262	59	*	*	PUNCT
abr-36	262	60	*	*	PUNCT
abr-36	262	61	-2.02	-2.02	NUM
abr-36	262	62	%	%	NOUN
abr-36	262	63	-2.36	-2.36	NOUN
abr-36	262	64	%	%	NOUN
abr-36	262	65	-0.96	-0.96	NUM
abr-36	262	66	%	%	NOUN
abr-36	262	67	-0.97	-0.97	NOUN
abr-36	262	68	%	%	NOUN
abr-36	262	69	mkt	mkt	PROPN
abr-36	262	70	return	return	VERB
abr-36	262	71	11.690	11.690	NUM
abr-36	262	72	10.125	10.125	NUM
abr-36	262	73	9.971	9.971	NUM
abr-36	262	74	2.677	2.677	NUM
abr-36	262	75	*	*	PUNCT
abr-36	262	76	*	*	PUNCT
abr-36	262	77	*	*	PUNCT
abr-36	262	78	2.656	2.656	NUM
abr-36	262	79	*	*	PUNCT
abr-36	262	80	*	*	PUNCT
abr-36	262	81	*	*	PUNCT
abr-36	262	82	2.663	2.663	NUM
abr-36	262	83	*	*	PUNCT
abr-36	262	84	*	*	PUNCT
abr-36	262	85	*	*	PUNCT
abr-36	262	86	1.57	1.57	NUM
abr-36	262	87	%	%	NOUN
abr-36	262	88	1.46	1.46	NUM
abr-36	262	89	%	%	NOUN
abr-36	262	90	1.45	1.45	NUM
abr-36	262	91	%	%	NOUN
abr-36	262	92	constant	constant	ADJ
abr-36	262	93	-1.529	-1.529	ADP
abr-36	262	94	-1.449	-1.449	NOUN
abr-36	262	95	-1.327	-1.327	NOUN
abr-36	263	1	-1.404	-1.404	NOUN
abr-36	263	2	-1.538	-1.538	PUNCT
abr-36	263	3	-1.270	-1.270	X
abr-36	263	4	-1.220	-1.220	PUNCT
abr-36	263	5	-1.430	-1.430	X
abr-36	263	6	0.040	0.040	NUM
abr-36	263	7	*	*	PUNCT
abr-36	263	8	*	*	PUNCT
abr-36	263	9	*	*	PUNCT
abr-36	263	10	0.068	0.068	NUM
abr-36	263	11	*	*	PUNCT
abr-36	263	12	*	*	PUNCT
abr-36	263	13	*	*	PUNCT
abr-36	263	14	0.144	0.144	NUM
abr-36	263	15	*	*	PUNCT
abr-36	263	16	*	*	PUNCT
abr-36	263	17	*	*	PUNCT
abr-36	263	18	0.145	0.145	NUM
abr-36	263	19	*	*	PUNCT
abr-36	263	20	*	*	PUNCT
abr-36	263	21	*	*	PUNCT
abr-36	263	22	0.149	0.149	NUM
abr-36	263	23	*	*	PUNCT
abr-36	263	24	*	*	PUNCT
abr-36	263	25	*	*	PUNCT
abr-36	263	26	0.120	0.120	NUM
abr-36	263	27	*	*	PUNCT
abr-36	263	28	*	*	PUNCT
abr-36	263	29	*	*	PUNCT
abr-36	263	30	0.119	0.119	NUM
abr-36	263	31	*	*	PUNCT
abr-36	263	32	*	*	PUNCT
abr-36	263	33	*	*	PUNCT
abr-36	263	34	0.147	0.147	NUM
abr-36	263	35	*	*	PUNCT
abr-36	263	36	*	*	PUNCT
abr-36	263	37	*	*	PUNCT
abr-36	263	38	pseudo	pseudo	NOUN
abr-36	263	39	r2	r2	NOUN
abr-36	263	40	0.01	0.01	NUM
abr-36	263	41	0.01	0.01	NUM
abr-36	263	42	0.01	0.01	NUM
abr-36	263	43	0.01	0.01	NUM
abr-36	263	44	0.02	0.02	NUM
abr-36	263	45	0.02	0.02	NUM
abr-36	263	46	0.01	0.01	NUM
abr-36	263	47	0.01	0.01	NUM
abr-36	263	48	mean	mean	NOUN
abr-36	263	49	vif	vif	NOUN
abr-36	263	50	1.00	1.00	NUM
abr-36	263	51	1.02	1.02	NUM
abr-36	263	52	1.04	1.04	NUM
abr-36	263	53	2.01	2.01	NUM
abr-36	263	54	1.95	1.95	NUM
abr-36	263	55	1.08	1.08	NUM
abr-36	263	56	1.02	1.02	NUM
abr-36	263	57	1.11	1.11	NUM
abr-36	263	58	bolded	bolde	VERB
abr-36	263	59	value	value	NOUN
abr-36	263	60	is	be	AUX
abr-36	263	61	coefficient	coefficient	NOUN
abr-36	263	62	,	,	PUNCT
abr-36	263	63	second	second	ADJ
abr-36	263	64	is	be	AUX
abr-36	263	65	se	se	ADJ
abr-36	263	66	with	with	ADP
abr-36	263	67	statistical	statistical	ADJ
abr-36	263	68	significance	significance	NOUN
abr-36	263	69	,	,	PUNCT
abr-36	263	70	third	third	ADV
abr-36	263	71	is	be	AUX
abr-36	263	72	1	1	NUM
abr-36	263	73	stdev	stdev	NOUN
abr-36	263	74	change	change	NOUN
abr-36	263	75	*	*	PUNCT
abr-36	264	1	*	*	PUNCT
abr-36	264	2	*	*	PUNCT
abr-36	264	3	significant	significant	ADJ
abr-36	264	4	at	at	ADP
abr-36	264	5	0.1	0.1	NUM
abr-36	264	6	%	%	NOUN
abr-36	265	1	*	*	PUNCT
abr-36	265	2	*	*	NOUN
abr-36	265	3	sig	sig	NOUN
abr-36	265	4	at	at	ADP
abr-36	265	5	1	1	NUM
abr-36	265	6	%	%	NOUN
abr-36	265	7	*	*	PUNCT
abr-36	265	8	sig	sig	NOUN
abr-36	265	9	at	at	ADP
abr-36	265	10	5	5	NUM
abr-36	265	11	%	%	NOUN
abr-36	265	12	'	'	PUNCT
abr-36	265	13	at	at	ADP
abr-36	265	14	10	10	NUM
abr-36	265	15	%	%	NOUN
abr-36	265	16	capital	capital	NOUN
abr-36	265	17	structure	structure	NOUN
abr-36	265	18	over	over	ADP
abr-36	265	19	the	the	DET
abr-36	265	20	life	life	NOUN
abr-36	265	21	cycle	cycle	NOUN
abr-36	265	22	30	30	NUM
abr-36	265	23	base	base	NOUN
abr-36	265	24	model	model	NOUN
abr-36	265	25	the	the	DET
abr-36	265	26	basic	basic	ADJ
abr-36	265	27	model	model	NOUN
abr-36	265	28	estimating	estimate	VERB
abr-36	265	29	the	the	DET
abr-36	265	30	effects	effect	NOUN
abr-36	265	31	of	of	ADP
abr-36	265	32	innovation	innovation	NOUN
abr-36	265	33	on	on	ADP
abr-36	265	34	stock	stock	NOUN
abr-36	265	35	market	market	NOUN
abr-36	265	36	issuance	issuance	NOUN
abr-36	265	37	is	be	AUX
abr-36	265	38	based	base	VERB
abr-36	265	39	around	around	ADP
abr-36	265	40	the	the	DET
abr-36	265	41	market	market	NOUN
abr-36	265	42	timing	time	VERB
abr-36	265	43	literature	literature	NOUN
abr-36	265	44	with	with	ADP
abr-36	265	45	results	result	NOUN
abr-36	265	46	presented	present	VERB
abr-36	265	47	in	in	ADP
abr-36	265	48	table	table	NOUN
abr-36	265	49	3	3	NUM
abr-36	265	50	.	.	PUNCT
abr-36	266	1	controls	control	NOUN
abr-36	266	2	used	use	VERB
abr-36	266	3	in	in	ADP
abr-36	266	4	this	this	DET
abr-36	266	5	model	model	NOUN
abr-36	266	6	include	include	VERB
abr-36	266	7	estimating	estimate	VERB
abr-36	266	8	the	the	DET
abr-36	266	9	influence	influence	NOUN
abr-36	266	10	of	of	ADP
abr-36	266	11	the	the	DET
abr-36	266	12	business	business	NOUN
abr-36	266	13	cycle	cycle	NOUN
abr-36	266	14	(	(	PUNCT
abr-36	266	15	bus.cycle	bus.cycle	NOUN
abr-36	266	16	)	)	PUNCT
abr-36	266	17	,	,	PUNCT
abr-36	266	18	short	short	ADJ
abr-36	266	19	-	-	PUNCT
abr-36	266	20	term	term	NOUN
abr-36	266	21	and	and	CCONJ
abr-36	266	22	long	long	ADJ
abr-36	266	23	-	-	PUNCT
abr-36	266	24	term	term	NOUN
abr-36	266	25	interest	interest	NOUN
abr-36	266	26	rates	rate	NOUN
abr-36	266	27	(	(	PUNCT
abr-36	266	28	rf	rf	NOUN
abr-36	266	29	and	and	CCONJ
abr-36	266	30	10.yrt	10.yrt	PROPN
abr-36	266	31	-	-	PUNCT
abr-36	266	32	bills	bill	NOUN
abr-36	266	33	respectively	respectively	ADV
abr-36	266	34	)	)	PUNCT
abr-36	266	35	,	,	PUNCT
abr-36	266	36	and	and	CCONJ
abr-36	266	37	return	return	VERB
abr-36	266	38	on	on	ADP
abr-36	266	39	the	the	DET
abr-36	266	40	market	market	NOUN
abr-36	266	41	(	(	PUNCT
abr-36	266	42	mkt.ret	mkt.ret	NOUN
abr-36	266	43	)	)	PUNCT
abr-36	266	44	.	.	PUNCT
abr-36	267	1	because	because	SCONJ
abr-36	267	2	of	of	ADP
abr-36	267	3	the	the	DET
abr-36	267	4	relationship	relationship	NOUN
abr-36	267	5	between	between	ADP
abr-36	267	6	short	short	ADJ
abr-36	267	7	-	-	PUNCT
abr-36	267	8	and	and	CCONJ
abr-36	267	9	long	long	ADJ
abr-36	267	10	-	-	PUNCT
abr-36	267	11	term	term	NOUN
abr-36	267	12	interest	interest	NOUN
abr-36	267	13	rates	rate	NOUN
abr-36	267	14	and	and	CCONJ
abr-36	267	15	the	the	DET
abr-36	267	16	perceived	perceive	VERB
abr-36	267	17	importance	importance	NOUN
abr-36	267	18	of	of	ADP
abr-36	267	19	market	market	NOUN
abr-36	267	20	returns	return	NOUN
abr-36	267	21	,	,	PUNCT
abr-36	267	22	model	model	NOUN
abr-36	267	23	selection	selection	NOUN
abr-36	267	24	includes	include	VERB
abr-36	267	25	a	a	DET
abr-36	267	26	number	number	NOUN
abr-36	267	27	of	of	ADP
abr-36	267	28	combinations	combination	NOUN
abr-36	267	29	.	.	PUNCT
abr-36	268	1	the	the	DET
abr-36	268	2	important	important	ADJ
abr-36	268	3	,	,	PUNCT
abr-36	268	4	explanatory	explanatory	ADJ
abr-36	268	5	variable	variable	NOUN
abr-36	268	6	,	,	PUNCT
abr-36	268	7	pgrant	pgrant	VERB
abr-36	268	8	,	,	PUNCT
abr-36	268	9	did	do	AUX
abr-36	268	10	not	not	PART
abr-36	268	11	face	face	VERB
abr-36	268	12	much	much	ADJ
abr-36	268	13	variation	variation	NOUN
abr-36	268	14	within	within	ADP
abr-36	268	15	the	the	DET
abr-36	268	16	results	result	NOUN
abr-36	268	17	from	from	ADP
abr-36	268	18	the	the	DET
abr-36	268	19	models	model	NOUN
abr-36	268	20	included	include	VERB
abr-36	268	21	in	in	ADP
abr-36	268	22	the	the	DET
abr-36	268	23	first	first	ADJ
abr-36	268	24	estimations	estimation	NOUN
abr-36	268	25	.	.	PUNCT
abr-36	269	1	results	result	NOUN
abr-36	269	2	from	from	ADP
abr-36	269	3	these	these	DET
abr-36	269	4	estimations	estimation	NOUN
abr-36	269	5	show	show	VERB
abr-36	269	6	coefficients	coefficient	NOUN
abr-36	269	7	for	for	ADP
abr-36	269	8	innovation	innovation	NOUN
abr-36	269	9	(	(	PUNCT
abr-36	269	10	pgrant	pgrant	VERB
abr-36	269	11	)	)	PUNCT
abr-36	269	12	in	in	ADP
abr-36	269	13	a	a	DET
abr-36	269	14	tight	tight	ADJ
abr-36	269	15	band	band	NOUN
abr-36	269	16	from	from	ADP
abr-36	269	17	0.044	0.044	NUM
abr-36	269	18	to	to	ADP
abr-36	269	19	0.046	0.046	NUM
abr-36	269	20	,	,	PUNCT
abr-36	269	21	with	with	ADP
abr-36	269	22	statistical	statistical	ADJ
abr-36	269	23	significance	significance	NOUN
abr-36	269	24	at	at	ADP
abr-36	269	25	the	the	DET
abr-36	269	26	0.1	0.1	NUM
abr-36	269	27	%	%	NOUN
abr-36	269	28	level	level	NOUN
abr-36	269	29	in	in	ADP
abr-36	269	30	every	every	DET
abr-36	269	31	estimation	estimation	NOUN
abr-36	269	32	.	.	PUNCT
abr-36	270	1	where	where	SCONJ
abr-36	270	2	this	this	PRON
abr-36	270	3	becomes	become	VERB
abr-36	270	4	important	important	ADJ
abr-36	270	5	is	be	AUX
abr-36	270	6	in	in	ADP
abr-36	270	7	determining	determine	VERB
abr-36	270	8	the	the	DET
abr-36	270	9	changes	change	NOUN
abr-36	270	10	in	in	ADP
abr-36	270	11	the	the	DET
abr-36	270	12	likelihood	likelihood	NOUN
abr-36	270	13	of	of	ADP
abr-36	270	14	raising	raise	VERB
abr-36	270	15	funds	fund	NOUN
abr-36	270	16	through	through	ADP
abr-36	270	17	the	the	DET
abr-36	270	18	stock	stock	NOUN
abr-36	270	19	market	market	NOUN
abr-36	270	20	relative	relative	ADJ
abr-36	270	21	to	to	ADP
abr-36	270	22	the	the	DET
abr-36	270	23	bond	bond	NOUN
abr-36	270	24	market	market	NOUN
abr-36	270	25	.	.	PUNCT
abr-36	271	1	an	an	DET
abr-36	271	2	increase	increase	NOUN
abr-36	271	3	in	in	ADP
abr-36	271	4	one	one	NUM
abr-36	271	5	standard	standard	ADJ
abr-36	271	6	deviation	deviation	NOUN
abr-36	271	7	change	change	NOUN
abr-36	271	8	in	in	ADP
abr-36	271	9	patenting	patent	VERB
abr-36	271	10	activity	activity	NOUN
abr-36	271	11	from	from	ADP
abr-36	271	12	the	the	DET
abr-36	271	13	median	median	NOUN
abr-36	271	14	will	will	AUX
abr-36	271	15	result	result	VERB
abr-36	271	16	in	in	ADP
abr-36	271	17	a	a	DET
abr-36	271	18	higher	high	ADJ
abr-36	271	19	likelihood	likelihood	NOUN
abr-36	271	20	of	of	ADP
abr-36	271	21	raising	raise	VERB
abr-36	271	22	funds	fund	NOUN
abr-36	271	23	through	through	ADP
abr-36	271	24	the	the	DET
abr-36	271	25	stock	stock	NOUN
abr-36	271	26	market	market	NOUN
abr-36	271	27	between	between	ADP
abr-36	271	28	1.29	1.29	NUM
abr-36	271	29	and	and	CCONJ
abr-36	271	30	1.47	1.47	NUM
abr-36	271	31	%	%	NOUN
abr-36	271	32	.	.	PUNCT
abr-36	272	1	the	the	DET
abr-36	272	2	differences	difference	NOUN
abr-36	272	3	between	between	ADP
abr-36	272	4	the	the	DET
abr-36	272	5	least	least	ADJ
abr-36	272	6	innovative	innovative	ADJ
abr-36	272	7	industries	industry	NOUN
abr-36	272	8	are	be	AUX
abr-36	272	9	a	a	DET
abr-36	272	10	significant	significant	ADJ
abr-36	272	11	number	number	NOUN
abr-36	272	12	of	of	ADP
abr-36	272	13	patents	patent	NOUN
abr-36	272	14	;	;	PUNCT
abr-36	272	15	the	the	DET
abr-36	272	16	difference	difference	NOUN
abr-36	272	17	between	between	ADP
abr-36	272	18	the	the	DET
abr-36	272	19	most	most	ADV
abr-36	272	20	and	and	CCONJ
abr-36	272	21	least	least	ADV
abr-36	272	22	patenting	patent	VERB
abr-36	272	23	industries	industry	NOUN
abr-36	272	24	results	result	NOUN
abr-36	272	25	in	in	ADP
abr-36	272	26	the	the	DET
abr-36	272	27	most	most	ADV
abr-36	272	28	innovative	innovative	ADJ
abr-36	272	29	being	be	AUX
abr-36	272	30	14.25	14.25	NUM
abr-36	272	31	%	%	NOUN
abr-36	272	32	more	more	ADV
abr-36	272	33	likely	likely	ADJ
abr-36	272	34	to	to	PART
abr-36	272	35	raise	raise	VERB
abr-36	272	36	funds	fund	NOUN
abr-36	272	37	through	through	ADP
abr-36	272	38	stock	stock	NOUN
abr-36	272	39	market	market	NOUN
abr-36	272	40	issuance	issuance	NOUN
abr-36	272	41	.	.	PUNCT
abr-36	273	1	the	the	DET
abr-36	273	2	business	business	NOUN
abr-36	273	3	cycle	cycle	NOUN
abr-36	273	4	(	(	PUNCT
abr-36	273	5	bus.cycle	bus.cycle	X
abr-36	273	6	)	)	PUNCT
abr-36	273	7	plays	play	VERB
abr-36	273	8	an	an	DET
abr-36	273	9	important	important	ADJ
abr-36	273	10	role	role	NOUN
abr-36	273	11	in	in	ADP
abr-36	273	12	the	the	DET
abr-36	273	13	decisions	decision	NOUN
abr-36	273	14	firms	firm	NOUN
abr-36	273	15	make	make	VERB
abr-36	273	16	when	when	SCONJ
abr-36	273	17	they	they	PRON
abr-36	273	18	are	be	AUX
abr-36	273	19	seeking	seek	VERB
abr-36	273	20	external	external	ADJ
abr-36	273	21	capital	capital	NOUN
abr-36	273	22	.	.	PUNCT
abr-36	274	1	bus.cycle	bus.cycle	PROPN
abr-36	274	2	enters	enter	VERB
abr-36	274	3	significantly	significantly	ADV
abr-36	274	4	(	(	PUNCT
abr-36	274	5	at	at	ADP
abr-36	274	6	the	the	DET
abr-36	274	7	5	5	NUM
abr-36	274	8	%	%	NOUN
abr-36	274	9	level	level	NOUN
abr-36	274	10	)	)	PUNCT
abr-36	274	11	into	into	ADP
abr-36	274	12	three	three	NUM
abr-36	274	13	out	out	ADP
abr-36	274	14	of	of	ADP
abr-36	274	15	seven	seven	NUM
abr-36	274	16	regressions	regression	NOUN
abr-36	274	17	it	it	PRON
abr-36	274	18	is	be	AUX
abr-36	274	19	included	include	VERB
abr-36	274	20	in	in	ADP
abr-36	274	21	,	,	PUNCT
abr-36	274	22	with	with	ADP
abr-36	274	23	one	one	NUM
abr-36	274	24	of	of	ADP
abr-36	274	25	those	those	PRON
abr-36	274	26	being	be	AUX
abr-36	274	27	significant	significant	ADJ
abr-36	274	28	at	at	ADP
abr-36	274	29	the	the	DET
abr-36	274	30	1	1	NUM
abr-36	274	31	%	%	NOUN
abr-36	274	32	level	level	NOUN
abr-36	274	33	.	.	PUNCT
abr-36	275	1	computing	compute	VERB
abr-36	275	2	the	the	DET
abr-36	275	3	change	change	NOUN
abr-36	275	4	in	in	ADP
abr-36	275	5	the	the	DET
abr-36	275	6	likelihood	likelihood	NOUN
abr-36	275	7	of	of	ADP
abr-36	275	8	raising	raise	VERB
abr-36	275	9	stock	stock	NOUN
abr-36	275	10	versus	versus	ADP
abr-36	275	11	bonds	bond	NOUN
abr-36	275	12	on	on	ADP
abr-36	275	13	the	the	DET
abr-36	275	14	models	model	NOUN
abr-36	275	15	where	where	SCONJ
abr-36	275	16	bus.cycle	bus.cycle	NOUN
abr-36	275	17	is	be	AUX
abr-36	275	18	significant	significant	ADJ
abr-36	275	19	,	,	PUNCT
abr-36	275	20	a	a	DET
abr-36	275	21	discrete	discrete	ADJ
abr-36	275	22	change	change	NOUN
abr-36	275	23	results	result	NOUN
abr-36	275	24	in	in	ADP
abr-36	275	25	a	a	DET
abr-36	275	26	change	change	NOUN
abr-36	275	27	in	in	ADP
abr-36	275	28	the	the	DET
abr-36	275	29	likelihood	likelihood	NOUN
abr-36	275	30	ratio	ratio	NOUN
abr-36	275	31	between	between	ADP
abr-36	275	32	-2.00	-2.00	NUM
abr-36	275	33	and	and	CCONJ
abr-36	275	34	-2.74	-2.74	NOUN
abr-36	275	35	%	%	NOUN
abr-36	275	36	.	.	PUNCT
abr-36	276	1	effectively	effectively	ADV
abr-36	276	2	this	this	PRON
abr-36	276	3	means	mean	VERB
abr-36	276	4	that	that	SCONJ
abr-36	276	5	during	during	ADP
abr-36	276	6	expansions	expansion	NOUN
abr-36	276	7	,	,	PUNCT
abr-36	276	8	firms	firm	NOUN
abr-36	276	9	are	be	AUX
abr-36	276	10	at	at	ADV
abr-36	276	11	least	least	ADV
abr-36	276	12	2	2	NUM
abr-36	276	13	%	%	NOUN
abr-36	276	14	more	more	ADV
abr-36	276	15	likely	likely	ADJ
abr-36	276	16	to	to	PART
abr-36	276	17	raise	raise	VERB
abr-36	276	18	funds	fund	NOUN
abr-36	276	19	through	through	ADP
abr-36	276	20	the	the	DET
abr-36	276	21	bond	bond	NOUN
abr-36	276	22	market	market	NOUN
abr-36	276	23	;	;	PUNCT
abr-36	276	24	the	the	DET
abr-36	276	25	intuitive	intuitive	ADJ
abr-36	276	26	explanation	explanation	NOUN
abr-36	276	27	for	for	ADP
abr-36	276	28	this	this	PRON
abr-36	276	29	is	be	AUX
abr-36	276	30	that	that	SCONJ
abr-36	276	31	lenders	lender	NOUN
abr-36	276	32	assign	assign	VERB
abr-36	276	33	a	a	DET
abr-36	276	34	lower	low	ADJ
abr-36	276	35	probability	probability	NOUN
abr-36	276	36	of	of	ADP
abr-36	276	37	default	default	NOUN
abr-36	276	38	when	when	SCONJ
abr-36	276	39	the	the	DET
abr-36	276	40	economy	economy	NOUN
abr-36	276	41	is	be	AUX
abr-36	276	42	expanding	expand	VERB
abr-36	276	43	and	and	CCONJ
abr-36	276	44	will	will	AUX
abr-36	276	45	ration	ration	VERB
abr-36	276	46	credit	credit	NOUN
abr-36	276	47	less	less	ADJ
abr-36	276	48	.	.	PUNCT
abr-36	277	1	the	the	DET
abr-36	277	2	inclusion	inclusion	NOUN
abr-36	277	3	of	of	ADP
abr-36	277	4	the	the	DET
abr-36	277	5	two	two	NUM
abr-36	277	6	interest	interest	NOUN
abr-36	277	7	rates	rate	NOUN
abr-36	277	8	(	(	PUNCT
abr-36	277	9	10yrt	10yrt	NOUN
abr-36	277	10	-	-	PUNCT
abr-36	277	11	bill	bill	NOUN
abr-36	277	12	and	and	CCONJ
abr-36	277	13	rf	rf	NOUN
abr-36	277	14	)	)	PUNCT
abr-36	277	15	provided	provide	VERB
abr-36	277	16	some	some	DET
abr-36	277	17	surprising	surprising	ADJ
abr-36	277	18	results	result	NOUN
abr-36	277	19	.	.	PUNCT
abr-36	278	1	where	where	SCONJ
abr-36	278	2	the	the	DET
abr-36	278	3	traditional	traditional	ADJ
abr-36	278	4	expectation	expectation	NOUN
abr-36	278	5	is	be	AUX
abr-36	278	6	that	that	SCONJ
abr-36	278	7	increases	increase	NOUN
abr-36	278	8	in	in	ADP
abr-36	278	9	the	the	DET
abr-36	278	10	interest	interest	NOUN
abr-36	278	11	rate	rate	NOUN
abr-36	278	12	(	(	PUNCT
abr-36	278	13	in	in	ADP
abr-36	278	14	both	both	CCONJ
abr-36	278	15	the	the	DET
abr-36	278	16	short	short	ADJ
abr-36	278	17	and	and	CCONJ
abr-36	278	18	long	long	ADJ
abr-36	278	19	term	term	NOUN
abr-36	278	20	rates	rate	NOUN
abr-36	278	21	)	)	PUNCT
abr-36	278	22	will	will	AUX
abr-36	278	23	lead	lead	VERB
abr-36	278	24	to	to	ADP
abr-36	278	25	higher	high	ADJ
abr-36	278	26	borrowing	borrowing	NOUN
abr-36	278	27	costs	cost	NOUN
abr-36	278	28	for	for	ADP
abr-36	278	29	the	the	DET
abr-36	278	30	firm	firm	NOUN
abr-36	278	31	,	,	PUNCT
abr-36	278	32	creating	create	VERB
abr-36	278	33	an	an	DET
abr-36	278	34	incentive	incentive	NOUN
abr-36	278	35	to	to	PART
abr-36	278	36	seek	seek	VERB
abr-36	278	37	equity	equity	NOUN
abr-36	278	38	financing	financing	NOUN
abr-36	278	39	,	,	PUNCT
abr-36	278	40	the	the	DET
abr-36	278	41	opposite	opposite	NOUN
abr-36	278	42	is	be	AUX
abr-36	278	43	seen	see	VERB
abr-36	278	44	.	.	PUNCT
abr-36	279	1	sign	sign	VERB
abr-36	279	2	flipping	flipping	NOUN
abr-36	279	3	can	can	AUX
abr-36	279	4	be	be	AUX
abr-36	279	5	viewed	view	VERB
abr-36	279	6	on	on	ADP
abr-36	279	7	10yrt	10yrt	NOUN
abr-36	279	8	-	-	PUNCT
abr-36	279	9	bill	bill	NOUN
abr-36	279	10	when	when	SCONJ
abr-36	279	11	short	short	ADJ
abr-36	279	12	-	-	PUNCT
abr-36	279	13	term	term	NOUN
abr-36	279	14	interest	interest	NOUN
abr-36	279	15	rates	rate	NOUN
abr-36	279	16	(	(	PUNCT
abr-36	279	17	rf	rf	NOUN
abr-36	279	18	)	)	PUNCT
abr-36	279	19	are	be	AUX
abr-36	279	20	included	include	VERB
abr-36	279	21	,	,	PUNCT
abr-36	279	22	yet	yet	CCONJ
abr-36	279	23	are	be	AUX
abr-36	279	24	still	still	ADV
abr-36	279	25	statistically	statistically	ADV
abr-36	279	26	significant	significant	ADJ
abr-36	279	27	in	in	ADP
abr-36	279	28	every	every	DET
abr-36	279	29	model	model	NOUN
abr-36	279	30	it	it	PRON
abr-36	279	31	is	be	AUX
abr-36	279	32	included	include	VERB
abr-36	279	33	in	in	ADP
abr-36	279	34	.	.	PUNCT
abr-36	280	1	the	the	DET
abr-36	280	2	interaction	interaction	NOUN
abr-36	280	3	of	of	ADP
abr-36	280	4	these	these	DET
abr-36	280	5	two	two	NUM
abr-36	280	6	interests	interest	NOUN
abr-36	280	7	rates	rate	NOUN
abr-36	280	8	are	be	AUX
abr-36	280	9	expectedly	expectedly	ADV
abr-36	280	10	related	relate	VERB
abr-36	280	11	and	and	CCONJ
abr-36	280	12	show	show	VERB
abr-36	280	13	some	some	DET
abr-36	280	14	collinearity	collinearity	NOUN
abr-36	280	15	between	between	ADP
abr-36	280	16	them	they	PRON
abr-36	280	17	.	.	PUNCT
abr-36	281	1	on	on	ADP
abr-36	281	2	the	the	DET
abr-36	281	3	two	two	NUM
abr-36	281	4	models	model	NOUN
abr-36	281	5	where	where	SCONJ
abr-36	281	6	they	they	PRON
abr-36	281	7	are	be	AUX
abr-36	281	8	both	both	PRON
abr-36	281	9	included	include	VERB
abr-36	281	10	(	(	PUNCT
abr-36	281	11	5	5	NUM
abr-36	281	12	and	and	CCONJ
abr-36	281	13	6	6	NUM
abr-36	281	14	)	)	PUNCT
abr-36	281	15	,	,	PUNCT
abr-36	281	16	the	the	DET
abr-36	281	17	mean	mean	NOUN
abr-36	281	18	vif	vif	NOUN
abr-36	281	19	jumps	jump	VERB
abr-36	281	20	to	to	ADP
abr-36	281	21	2.25	2.25	NUM
abr-36	281	22	and	and	CCONJ
abr-36	281	23	2.07	2.07	NUM
abr-36	281	24	.	.	PUNCT
abr-36	282	1	using	use	VERB
abr-36	282	2	the	the	DET
abr-36	282	3	rule	rule	NOUN
abr-36	282	4	of	of	ADP
abr-36	282	5	thumb	thumb	NOUN
abr-36	282	6	that	that	SCONJ
abr-36	282	7	vif	vif	PROPN
abr-36	282	8	values	value	NOUN
abr-36	282	9	above	above	ADP
abr-36	282	10	5	5	NUM
abr-36	282	11	needs	need	NOUN
abr-36	282	12	to	to	PART
abr-36	282	13	be	be	AUX
abr-36	282	14	reevaluated	reevaluate	VERB
abr-36	282	15	,	,	PUNCT
abr-36	282	16	these	these	DET
abr-36	282	17	models	model	NOUN
abr-36	282	18	would	would	AUX
abr-36	282	19	be	be	AUX
abr-36	282	20	acceptable	acceptable	ADJ
abr-36	282	21	.	.	PUNCT
abr-36	283	1	however	however	ADV
abr-36	283	2	,	,	PUNCT
abr-36	283	3	individual	individual	ADJ
abr-36	283	4	vif	vif	NOUN
abr-36	283	5	values	value	NOUN
abr-36	283	6	for	for	ADP
abr-36	283	7	10yrt	10yrt	NOUN
abr-36	283	8	-	-	PUNCT
abr-36	283	9	bill	bill	NOUN
abr-36	283	10	and	and	CCONJ
abr-36	283	11	rf	rf	PRON
abr-36	283	12	are	be	AUX
abr-36	283	13	both	both	CCONJ
abr-36	283	14	around	around	ADP
abr-36	283	15	3.5	3.5	NUM
abr-36	283	16	and	and	CCONJ
abr-36	283	17	tolerance	tolerance	NOUN
abr-36	283	18	values	value	NOUN
abr-36	283	19	below	below	ADP
abr-36	283	20	0.3	0.3	NUM
abr-36	283	21	,	,	PUNCT
abr-36	283	22	meaning	mean	VERB
abr-36	283	23	that	that	SCONJ
abr-36	283	24	these	these	DET
abr-36	283	25	variables	variable	NOUN
abr-36	283	26	show	show	VERB
abr-36	283	27	some	some	DET
abr-36	283	28	collinearity	collinearity	NOUN
abr-36	283	29	.	.	PUNCT
abr-36	284	1	even	even	ADV
abr-36	284	2	though	though	SCONJ
abr-36	284	3	these	these	DET
abr-36	284	4	two	two	NUM
abr-36	284	5	variables	variable	NOUN
abr-36	284	6	are	be	AUX
abr-36	284	7	collinear	collinear	ADJ
abr-36	284	8	with	with	ADP
abr-36	284	9	each	each	DET
abr-36	284	10	other	other	ADJ
abr-36	284	11	,	,	PUNCT
abr-36	284	12	no	no	DET
abr-36	284	13	adjustments	adjustment	NOUN
abr-36	284	14	to	to	ADP
abr-36	284	15	the	the	DET
abr-36	284	16	model	model	NOUN
abr-36	284	17	are	be	AUX
abr-36	284	18	made	make	VERB
abr-36	284	19	as	as	SCONJ
abr-36	284	20	they	they	PRON
abr-36	284	21	are	be	AUX
abr-36	284	22	not	not	PART
abr-36	284	23	collinear	collinear	ADJ
abr-36	284	24	with	with	ADP
abr-36	284	25	or	or	CCONJ
abr-36	284	26	change	change	VERB
abr-36	284	27	the	the	DET
abr-36	284	28	variable	variable	NOUN
abr-36	284	29	of	of	ADP
abr-36	284	30	interest	interest	NOUN
abr-36	284	31	,	,	PUNCT
abr-36	284	32	pgrant	pgrant	VERB
abr-36	284	33	.	.	PUNCT
abr-36	285	1	if	if	SCONJ
abr-36	285	2	an	an	DET
abr-36	285	3	attempt	attempt	NOUN
abr-36	285	4	is	be	AUX
abr-36	285	5	made	make	VERB
abr-36	285	6	to	to	PART
abr-36	285	7	quantify	quantify	VERB
abr-36	285	8	the	the	DET
abr-36	285	9	individual	individual	ADJ
abr-36	285	10	impact	impact	NOUN
abr-36	285	11	of	of	ADP
abr-36	285	12	these	these	DET
abr-36	285	13	variables	variable	NOUN
abr-36	285	14	out	out	ADP
abr-36	285	15	of	of	ADP
abr-36	285	16	collinear	collinear	ADJ
abr-36	285	17	estimations	estimation	NOUN
abr-36	285	18	,	,	PUNCT
abr-36	285	19	confidence	confidence	NOUN
abr-36	285	20	in	in	ADP
abr-36	285	21	the	the	DET
abr-36	285	22	estimates	estimate	NOUN
abr-36	285	23	would	would	AUX
abr-36	285	24	rise	rise	VERB
abr-36	285	25	.	.	PUNCT
abr-36	286	1	as	as	SCONJ
abr-36	286	2	the	the	DET
abr-36	286	3	impact	impact	NOUN
abr-36	286	4	of	of	ADP
abr-36	286	5	these	these	DET
abr-36	286	6	interest	interest	NOUN
abr-36	286	7	rates	rate	NOUN
abr-36	286	8	is	be	AUX
abr-36	286	9	not	not	PART
abr-36	286	10	being	be	AUX
abr-36	286	11	qualified	qualified	ADJ
abr-36	286	12	,	,	PUNCT
abr-36	286	13	but	but	CCONJ
abr-36	286	14	rather	rather	ADV
abr-36	286	15	they	they	PRON
abr-36	286	16	are	be	AUX
abr-36	286	17	only	only	ADV
abr-36	286	18	used	use	VERB
abr-36	286	19	to	to	PART
abr-36	286	20	control	control	VERB
abr-36	286	21	for	for	ADP
abr-36	286	22	external	external	ADJ
abr-36	286	23	factors	factor	NOUN
abr-36	286	24	,	,	PUNCT
abr-36	286	25	it	it	PRON
abr-36	286	26	is	be	AUX
abr-36	286	27	acceptable	acceptable	ADJ
abr-36	286	28	to	to	PART
abr-36	286	29	leave	leave	VERB
abr-36	286	30	the	the	DET
abr-36	286	31	model	model	NOUN
abr-36	286	32	as	as	SCONJ
abr-36	286	33	is	be	AUX
abr-36	286	34	,	,	PUNCT
abr-36	286	35	report	report	VERB
abr-36	286	36	the	the	DET
abr-36	286	37	results	result	NOUN
abr-36	286	38	,	,	PUNCT
abr-36	286	39	and	and	CCONJ
abr-36	286	40	acknowledge	acknowledge	VERB
abr-36	286	41	the	the	DET
abr-36	286	42	limitations	limitation	NOUN
abr-36	286	43	.	.	PUNCT
abr-36	287	1	this	this	DET
abr-36	287	2	decision	decision	NOUN
abr-36	287	3	was	be	AUX
abr-36	287	4	made	make	VERB
abr-36	287	5	because	because	SCONJ
abr-36	287	6	the	the	DET
abr-36	287	7	inclusion	inclusion	NOUN
abr-36	287	8	of	of	ADP
abr-36	287	9	the	the	DET
abr-36	287	10	variables	variable	NOUN
abr-36	287	11	provides	provide	VERB
abr-36	287	12	a	a	DET
abr-36	287	13	better	well	ADJ
abr-36	287	14	fit	fit	NOUN
abr-36	287	15	as	as	SCONJ
abr-36	287	16	both	both	DET
abr-36	287	17	interest	interest	NOUN
abr-36	287	18	rates	rate	NOUN
abr-36	287	19	can	can	AUX
abr-36	287	20	influence	influence	VERB
abr-36	287	21	the	the	DET
abr-36	287	22	costs	cost	NOUN
abr-36	287	23	incurred	incur	VERB
abr-36	287	24	by	by	ADP
abr-36	287	25	firms	firm	NOUN
abr-36	287	26	when	when	SCONJ
abr-36	287	27	seeking	seek	VERB
abr-36	287	28	capital	capital	NOUN
abr-36	287	29	.	.	PUNCT
abr-36	288	1	rf	rf	NOUN
abr-36	288	2	displays	display	NOUN
abr-36	288	3	strongly	strongly	ADV
abr-36	288	4	negative	negative	ADJ
abr-36	288	5	coefficient	coefficient	NOUN
abr-36	288	6	values	value	NOUN
abr-36	288	7	between	between	ADP
abr-36	288	8	-40.408	-40.408	PUNCT
abr-36	288	9	and	and	CCONJ
abr-36	288	10	-108.048	-108.048	PROPN
abr-36	289	1	and	and	CCONJ
abr-36	289	2	they	they	PRON
abr-36	289	3	are	be	AUX
abr-36	289	4	significant	significant	ADJ
abr-36	289	5	at	at	ADP
abr-36	289	6	the	the	DET
abr-36	289	7	1	1	NUM
abr-36	289	8	%	%	NOUN
abr-36	289	9	level	level	NOUN
abr-36	289	10	.	.	PUNCT
abr-36	290	1	the	the	DET
abr-36	290	2	one	one	NUM
abr-36	290	3	standard	standard	ADJ
abr-36	290	4	deviation	deviation	NOUN
abr-36	290	5	change	change	NOUN
abr-36	290	6	in	in	ADP
abr-36	290	7	the	the	DET
abr-36	290	8	likelihood	likelihood	NOUN
abr-36	290	9	ratio	ratio	NOUN
abr-36	290	10	from	from	ADP
abr-36	290	11	over	over	ADP
abr-36	290	12	2	2	NUM
abr-36	290	13	%	%	NOUN
abr-36	290	14	when	when	SCONJ
abr-36	290	15	10yrt	10yrt	NOUN
abr-36	290	16	-	-	PUNCT
abr-36	290	17	bills	bill	NOUN
abr-36	290	18	are	be	AUX
abr-36	290	19	included	include	VERB
abr-36	290	20	drops	drop	NOUN
abr-36	290	21	to	to	ADP
abr-36	290	22	under	under	ADP
abr-36	290	23	1	1	NUM
abr-36	290	24	%	%	NOUN
abr-36	290	25	when	when	SCONJ
abr-36	290	26	it	it	PRON
abr-36	290	27	is	be	AUX
abr-36	290	28	excluded	exclude	VERB
abr-36	290	29	.	.	PUNCT
abr-36	291	1	this	this	DET
abr-36	291	2	negative	negative	ADJ
abr-36	291	3	coefficient	coefficient	NOUN
abr-36	291	4	indicates	indicate	VERB
abr-36	291	5	that	that	SCONJ
abr-36	291	6	as	as	ADP
abr-36	291	7	the	the	DET
abr-36	291	8	risk	risk	NOUN
abr-36	291	9	free	free	ADJ
abr-36	291	10	rate	rate	NOUN
abr-36	291	11	increases	increase	NOUN
abr-36	291	12	,	,	PUNCT
abr-36	291	13	investors	investor	NOUN
abr-36	291	14	will	will	AUX
abr-36	291	15	require	require	VERB
abr-36	291	16	a	a	DET
abr-36	291	17	higher	high	ADJ
abr-36	291	18	return	return	NOUN
abr-36	291	19	on	on	ADP
abr-36	291	20	any	any	DET
abr-36	291	21	other	other	ADJ
abr-36	291	22	investments	investment	NOUN
abr-36	291	23	since	since	SCONJ
abr-36	291	24	the	the	DET
abr-36	291	25	risk	risk	NOUN
abr-36	291	26	premium	premium	NOUN
abr-36	291	27	is	be	AUX
abr-36	291	28	indexed	index	VERB
abr-36	291	29	off	off	ADP
abr-36	291	30	the	the	DET
abr-36	291	31	risk	risk	NOUN
abr-36	291	32	free	free	ADJ
abr-36	291	33	rate	rate	NOUN
abr-36	291	34	.	.	PUNCT
abr-36	292	1	these	these	DET
abr-36	292	2	higher	high	ADJ
abr-36	292	3	returns	return	NOUN
abr-36	292	4	must	must	AUX
abr-36	292	5	come	come	VERB
abr-36	292	6	from	from	ADP
abr-36	292	7	a	a	DET
abr-36	292	8	lower	low	ADJ
abr-36	292	9	valuation	valuation	NOUN
abr-36	292	10	assigned	assign	VERB
abr-36	292	11	to	to	ADP
abr-36	292	12	firms	firm	NOUN
abr-36	292	13	looking	look	VERB
abr-36	292	14	for	for	ADP
abr-36	292	15	capital	capital	NOUN
abr-36	292	16	through	through	ADP
abr-36	292	17	equity	equity	NOUN
abr-36	292	18	issuance	issuance	NOUN
abr-36	292	19	.	.	PUNCT
abr-36	293	1	the	the	DET
abr-36	293	2	strength	strength	NOUN
abr-36	293	3	of	of	ADP
abr-36	293	4	dehan	dehan	NOUN
abr-36	293	5	31	31	NUM
abr-36	293	6	the	the	DET
abr-36	293	7	coefficient	coefficient	NOUN
abr-36	293	8	indicates	indicate	VERB
abr-36	293	9	that	that	SCONJ
abr-36	293	10	the	the	DET
abr-36	293	11	effects	effect	NOUN
abr-36	293	12	on	on	ADP
abr-36	293	13	the	the	DET
abr-36	293	14	costs	cost	NOUN
abr-36	293	15	of	of	ADP
abr-36	293	16	debt	debt	NOUN
abr-36	293	17	service	service	NOUN
abr-36	293	18	are	be	AUX
abr-36	293	19	far	far	ADV
abr-36	293	20	outweighed	outweigh	VERB
abr-36	293	21	by	by	ADP
abr-36	293	22	investor	investor	NOUN
abr-36	293	23	requirements	requirement	NOUN
abr-36	293	24	for	for	ADP
abr-36	293	25	equity	equity	NOUN
abr-36	293	26	returns	return	NOUN
abr-36	293	27	.	.	PUNCT
abr-36	294	1	the	the	DET
abr-36	294	2	relationship	relationship	NOUN
abr-36	294	3	between	between	ADP
abr-36	294	4	10yrt	10yrt	NOUN
abr-36	294	5	-	-	PUNCT
abr-36	294	6	bill	bill	NOUN
abr-36	294	7	and	and	CCONJ
abr-36	294	8	rf	rf	NOUN
abr-36	294	9	shows	show	VERB
abr-36	294	10	the	the	DET
abr-36	294	11	possibility	possibility	NOUN
abr-36	294	12	of	of	ADP
abr-36	294	13	joint	joint	ADJ
abr-36	294	14	effects	effect	NOUN
abr-36	294	15	.	.	PUNCT
abr-36	295	1	the	the	DET
abr-36	295	2	interesting	interesting	ADJ
abr-36	295	3	thing	thing	NOUN
abr-36	295	4	to	to	PART
abr-36	295	5	note	note	VERB
abr-36	295	6	is	be	AUX
abr-36	295	7	that	that	SCONJ
abr-36	295	8	the	the	DET
abr-36	295	9	only	only	ADJ
abr-36	295	10	time	time	NOUN
abr-36	295	11	the	the	DET
abr-36	295	12	coefficients	coefficient	NOUN
abr-36	295	13	attached	attach	VERB
abr-36	295	14	to	to	ADP
abr-36	295	15	t	t	PROPN
abr-36	295	16	-	-	PUNCT
abr-36	295	17	bills	bill	NOUN
abr-36	295	18	are	be	AUX
abr-36	295	19	statistically	statistically	ADV
abr-36	295	20	significant	significant	ADJ
abr-36	295	21	is	be	AUX
abr-36	295	22	when	when	SCONJ
abr-36	295	23	both	both	DET
abr-36	295	24	variables	variable	NOUN
abr-36	295	25	are	be	AUX
abr-36	295	26	included	include	VERB
abr-36	295	27	in	in	ADP
abr-36	295	28	the	the	DET
abr-36	295	29	same	same	ADJ
abr-36	295	30	model	model	NOUN
abr-36	295	31	.	.	PUNCT
abr-36	296	1	by	by	ADP
abr-36	296	2	itself	itself	PRON
abr-36	296	3	,	,	PUNCT
abr-36	296	4	x	x	PUNCT
abr-36	296	5	has	have	VERB
abr-36	296	6	a	a	DET
abr-36	296	7	negative	negative	ADJ
abr-36	296	8	,	,	PUNCT
abr-36	296	9	insignificant	insignificant	ADJ
abr-36	296	10	coefficient	coefficient	NOUN
abr-36	296	11	while	while	SCONJ
abr-36	296	12	the	the	DET
abr-36	296	13	inclusion	inclusion	NOUN
abr-36	296	14	of	of	ADP
abr-36	296	15	y	y	PROPN
abr-36	296	16	turns	turn	VERB
abr-36	296	17	it	it	PRON
abr-36	296	18	into	into	ADP
abr-36	296	19	being	be	AUX
abr-36	296	20	positive	positive	ADJ
abr-36	296	21	and	and	CCONJ
abr-36	296	22	statistically	statistically	ADV
abr-36	296	23	significant	significant	ADJ
abr-36	296	24	.	.	PUNCT
abr-36	297	1	the	the	DET
abr-36	297	2	coefficient	coefficient	NOUN
abr-36	297	3	for	for	ADP
abr-36	297	4	y	y	PROPN
abr-36	297	5	also	also	ADV
abr-36	297	6	changes	change	VERB
abr-36	297	7	as	as	SCONJ
abr-36	297	8	x	x	SYM
abr-36	297	9	are	be	AUX
abr-36	297	10	both	both	PRON
abr-36	297	11	in	in	ADP
abr-36	297	12	the	the	DET
abr-36	297	13	same	same	ADJ
abr-36	297	14	model	model	NOUN
abr-36	297	15	as	as	ADP
abr-36	297	16	y	y	PROPN
abr-36	297	17	’s	’s	PART
abr-36	297	18	coefficient	coefficient	NOUN
abr-36	297	19	increases	increase	NOUN
abr-36	297	20	in	in	ADP
abr-36	297	21	magnitude	magnitude	NOUN
abr-36	297	22	.	.	PUNCT
abr-36	298	1	a	a	DET
abr-36	298	2	possible	possible	ADJ
abr-36	298	3	explanation	explanation	NOUN
abr-36	298	4	of	of	ADP
abr-36	298	5	this	this	DET
abr-36	298	6	phenomenon	phenomenon	NOUN
abr-36	298	7	is	be	AUX
abr-36	298	8	that	that	SCONJ
abr-36	298	9	financing	financing	NOUN
abr-36	298	10	decisions	decision	NOUN
abr-36	298	11	are	be	AUX
abr-36	298	12	sensitive	sensitive	ADJ
abr-36	298	13	to	to	ADP
abr-36	298	14	the	the	DET
abr-36	298	15	spread	spread	NOUN
abr-36	298	16	between	between	ADP
abr-36	298	17	the	the	DET
abr-36	298	18	interest	interest	NOUN
abr-36	298	19	rates	rate	NOUN
abr-36	298	20	.	.	PUNCT
abr-36	299	1	these	these	DET
abr-36	299	2	coefficients	coefficient	NOUN
abr-36	299	3	support	support	VERB
abr-36	299	4	the	the	DET
abr-36	299	5	notion	notion	NOUN
abr-36	299	6	that	that	SCONJ
abr-36	299	7	as	as	SCONJ
abr-36	299	8	the	the	DET
abr-36	299	9	spread	spread	NOUN
abr-36	299	10	widens	widen	VERB
abr-36	299	11	between	between	ADP
abr-36	299	12	interest	interest	NOUN
abr-36	299	13	rates	rate	NOUN
abr-36	299	14	,	,	PUNCT
abr-36	299	15	firms	firm	NOUN
abr-36	299	16	would	would	AUX
abr-36	299	17	be	be	AUX
abr-36	299	18	more	more	ADV
abr-36	299	19	likely	likely	ADJ
abr-36	299	20	to	to	PART
abr-36	299	21	raise	raise	VERB
abr-36	299	22	funds	fund	NOUN
abr-36	299	23	through	through	ADP
abr-36	299	24	the	the	DET
abr-36	299	25	stock	stock	NOUN
abr-36	299	26	market	market	NOUN
abr-36	299	27	.	.	PUNCT
abr-36	300	1	the	the	DET
abr-36	300	2	intuition	intuition	NOUN
abr-36	300	3	is	be	AUX
abr-36	300	4	that	that	SCONJ
abr-36	300	5	since	since	SCONJ
abr-36	300	6	investments	investment	NOUN
abr-36	300	7	are	be	AUX
abr-36	300	8	risk	risk	NOUN
abr-36	300	9	adjusted	adjust	VERB
abr-36	300	10	to	to	ADP
abr-36	300	11	the	the	DET
abr-36	300	12	risk	risk	NOUN
abr-36	300	13	free	free	ADJ
abr-36	300	14	rate	rate	NOUN
abr-36	300	15	,	,	PUNCT
abr-36	300	16	as	as	SCONJ
abr-36	300	17	the	the	DET
abr-36	300	18	spread	spread	NOUN
abr-36	300	19	widens	widen	VERB
abr-36	300	20	between	between	ADP
abr-36	300	21	the	the	DET
abr-36	300	22	variables	variable	NOUN
abr-36	300	23	,	,	PUNCT
abr-36	300	24	long	long	ADJ
abr-36	300	25	-	-	PUNCT
abr-36	300	26	term	term	NOUN
abr-36	300	27	debt	debt	NOUN
abr-36	300	28	becomes	become	VERB
abr-36	300	29	more	more	ADV
abr-36	300	30	expensive	expensive	ADJ
abr-36	300	31	relative	relative	NOUN
abr-36	300	32	to	to	ADP
abr-36	300	33	other	other	ADJ
abr-36	300	34	avenues	avenue	NOUN
abr-36	300	35	of	of	ADP
abr-36	300	36	financing	financing	NOUN
abr-36	300	37	.	.	PUNCT
abr-36	301	1	under	under	ADP
abr-36	301	2	the	the	DET
abr-36	301	3	assumptions	assumption	NOUN
abr-36	301	4	of	of	ADP
abr-36	301	5	the	the	DET
abr-36	301	6	market	market	NOUN
abr-36	301	7	time	time	NOUN
abr-36	301	8	theorists	theorist	NOUN
abr-36	301	9	,	,	PUNCT
abr-36	301	10	this	this	PRON
abr-36	301	11	could	could	AUX
abr-36	301	12	influence	influence	VERB
abr-36	301	13	a	a	DET
abr-36	301	14	shift	shift	NOUN
abr-36	301	15	away	away	ADV
abr-36	301	16	from	from	ADP
abr-36	301	17	debt	debt	NOUN
abr-36	301	18	to	to	ADP
abr-36	301	19	equity	equity	NOUN
abr-36	301	20	as	as	SCONJ
abr-36	301	21	firms	firm	NOUN
abr-36	301	22	attempt	attempt	VERB
abr-36	301	23	to	to	PART
abr-36	301	24	maximize	maximize	VERB
abr-36	301	25	their	their	PRON
abr-36	301	26	value	value	NOUN
abr-36	301	27	.	.	PUNCT
abr-36	302	1	past	past	ADJ
abr-36	302	2	market	market	NOUN
abr-36	302	3	returns	return	NOUN
abr-36	302	4	(	(	PUNCT
abr-36	302	5	mkt	mkt	PROPN
abr-36	302	6	return	return	NOUN
abr-36	302	7	)	)	PUNCT
abr-36	302	8	are	be	AUX
abr-36	302	9	strongly	strongly	ADV
abr-36	302	10	associated	associate	VERB
abr-36	302	11	with	with	ADP
abr-36	302	12	stock	stock	NOUN
abr-36	302	13	market	market	NOUN
abr-36	302	14	issuance	issuance	NOUN
abr-36	302	15	.	.	PUNCT
abr-36	303	1	the	the	DET
abr-36	303	2	average	average	ADJ
abr-36	303	3	coefficient	coefficient	NOUN
abr-36	303	4	of	of	ADP
abr-36	303	5	9.8	9.8	NUM
abr-36	303	6	is	be	AUX
abr-36	303	7	in	in	ADP
abr-36	303	8	keeping	keep	VERB
abr-36	303	9	with	with	ADP
abr-36	303	10	the	the	DET
abr-36	303	11	predictions	prediction	NOUN
abr-36	303	12	of	of	ADP
abr-36	303	13	theory	theory	NOUN
abr-36	303	14	.	.	PUNCT
abr-36	304	1	as	as	SCONJ
abr-36	304	2	the	the	DET
abr-36	304	3	market	market	NOUN
abr-36	304	4	return	return	NOUN
abr-36	304	5	rises	rise	NOUN
abr-36	304	6	,	,	PUNCT
abr-36	304	7	firms	firm	NOUN
abr-36	304	8	’	'	PUNCT
abr-36	304	9	valuations	valuation	NOUN
abr-36	304	10	rise	rise	VERB
abr-36	304	11	with	with	ADP
abr-36	304	12	it	it	PRON
abr-36	304	13	;	;	PUNCT
abr-36	304	14	at	at	ADP
abr-36	304	15	higher	high	ADJ
abr-36	304	16	valuations	valuation	NOUN
abr-36	304	17	,	,	PUNCT
abr-36	304	18	firms	firm	NOUN
abr-36	304	19	will	will	AUX
abr-36	304	20	be	be	AUX
abr-36	304	21	more	more	ADV
abr-36	304	22	likely	likely	ADJ
abr-36	304	23	to	to	PART
abr-36	304	24	raise	raise	VERB
abr-36	304	25	funds	fund	NOUN
abr-36	304	26	through	through	ADP
abr-36	304	27	equity	equity	NOUN
abr-36	304	28	issuance	issuance	NOUN
abr-36	304	29	.	.	PUNCT
abr-36	305	1	highly	highly	ADV
abr-36	305	2	statistically	statistically	ADV
abr-36	305	3	significant	significant	ADJ
abr-36	305	4	at	at	ADP
abr-36	305	5	the	the	DET
abr-36	305	6	0.1	0.1	NUM
abr-36	305	7	%	%	NOUN
abr-36	305	8	level	level	NOUN
abr-36	305	9	,	,	PUNCT
abr-36	305	10	this	this	DET
abr-36	305	11	variable	variable	NOUN
abr-36	305	12	has	have	VERB
abr-36	305	13	relatively	relatively	ADV
abr-36	305	14	high	high	ADJ
abr-36	305	15	marginal	marginal	ADJ
abr-36	305	16	effects	effect	NOUN
abr-36	305	17	,	,	PUNCT
abr-36	305	18	with	with	ADP
abr-36	305	19	a	a	DET
abr-36	305	20	one	one	NUM
abr-36	305	21	standard	standard	ADJ
abr-36	305	22	deviation	deviation	NOUN
abr-36	305	23	change	change	NOUN
abr-36	305	24	from	from	ADP
abr-36	305	25	the	the	DET
abr-36	305	26	median	median	NOUN
abr-36	305	27	changing	change	VERB
abr-36	305	28	the	the	DET
abr-36	305	29	likelihood	likelihood	NOUN
abr-36	305	30	of	of	ADP
abr-36	305	31	raising	raise	VERB
abr-36	305	32	funds	fund	NOUN
abr-36	305	33	through	through	ADP
abr-36	305	34	the	the	DET
abr-36	305	35	stock	stock	NOUN
abr-36	305	36	market	market	NOUN
abr-36	305	37	between	between	ADP
abr-36	305	38	1.31	1.31	NUM
abr-36	305	39	and	and	CCONJ
abr-36	305	40	1.45	1.45	NUM
abr-36	305	41	%	%	NOUN
abr-36	305	42	.	.	PUNCT
abr-36	306	1	even	even	ADV
abr-36	306	2	controlling	control	VERB
abr-36	306	3	for	for	ADP
abr-36	306	4	interest	interest	NOUN
abr-36	306	5	rates	rate	NOUN
abr-36	306	6	,	,	PUNCT
abr-36	306	7	high	high	ADJ
abr-36	306	8	past	past	NOUN
abr-36	306	9	market	market	NOUN
abr-36	306	10	returns	return	NOUN
abr-36	306	11	are	be	AUX
abr-36	306	12	a	a	DET
abr-36	306	13	significant	significant	ADJ
abr-36	306	14	indicator	indicator	NOUN
abr-36	306	15	that	that	SCONJ
abr-36	306	16	firms	firm	NOUN
abr-36	306	17	will	will	AUX
abr-36	306	18	be	be	AUX
abr-36	306	19	more	more	ADV
abr-36	306	20	likely	likely	ADJ
abr-36	306	21	to	to	PART
abr-36	306	22	issue	issue	VERB
abr-36	306	23	equity	equity	NOUN
abr-36	306	24	.	.	PUNCT
abr-36	307	1	industry	industry	NOUN
abr-36	307	2	returns	return	NOUN
abr-36	307	3	cohort	cohort	VERB
abr-36	307	4	the	the	DET
abr-36	307	5	second	second	ADJ
abr-36	307	6	cohort	cohort	NOUN
abr-36	307	7	of	of	ADP
abr-36	307	8	models	model	NOUN
abr-36	307	9	on	on	ADP
abr-36	307	10	the	the	DET
abr-36	307	11	determination	determination	NOUN
abr-36	307	12	of	of	ADP
abr-36	307	13	the	the	DET
abr-36	307	14	stock	stock	NOUN
abr-36	307	15	/	/	SYM
abr-36	307	16	bond	bond	NOUN
abr-36	307	17	choice	choice	NOUN
abr-36	307	18	includes	include	VERB
abr-36	307	19	industry	industry	NOUN
abr-36	307	20	controls	control	NOUN
abr-36	307	21	(	(	PUNCT
abr-36	307	22	ind.returns	ind.return	NOUN
abr-36	307	23	)	)	PUNCT
abr-36	307	24	,	,	PUNCT
abr-36	307	25	with	with	ADP
abr-36	307	26	model	model	NOUN
abr-36	307	27	selection	selection	NOUN
abr-36	307	28	being	be	AUX
abr-36	307	29	identical	identical	ADJ
abr-36	307	30	to	to	ADP
abr-36	307	31	the	the	DET
abr-36	307	32	first	first	ADJ
abr-36	307	33	cohort	cohort	NOUN
abr-36	307	34	;	;	PUNCT
abr-36	307	35	results	result	NOUN
abr-36	307	36	are	be	AUX
abr-36	307	37	reported	report	VERB
abr-36	307	38	in	in	ADP
abr-36	307	39	table	table	NOUN
abr-36	307	40	4	4	NUM
abr-36	307	41	.	.	PUNCT
abr-36	307	42	controlling	control	VERB
abr-36	307	43	for	for	ADP
abr-36	307	44	industry	industry	NOUN
abr-36	307	45	returns	return	NOUN
abr-36	307	46	should	should	AUX
abr-36	307	47	pick	pick	VERB
abr-36	307	48	up	up	ADP
abr-36	307	49	any	any	DET
abr-36	307	50	industry	industry	NOUN
abr-36	307	51	factors	factor	NOUN
abr-36	307	52	that	that	PRON
abr-36	307	53	went	went	AUX
abr-36	307	54	excluded	exclude	VERB
abr-36	307	55	in	in	ADP
abr-36	307	56	the	the	DET
abr-36	307	57	first	first	ADJ
abr-36	307	58	cohort	cohort	NOUN
abr-36	307	59	of	of	ADP
abr-36	307	60	models	model	NOUN
abr-36	307	61	as	as	SCONJ
abr-36	307	62	those	those	DET
abr-36	307	63	controls	control	NOUN
abr-36	307	64	were	be	AUX
abr-36	307	65	purely	purely	ADV
abr-36	307	66	based	base	VERB
abr-36	307	67	off	off	ADP
abr-36	307	68	the	the	DET
abr-36	307	69	market	market	NOUN
abr-36	307	70	.	.	PUNCT
abr-36	308	1	there	there	PRON
abr-36	308	2	are	be	VERB
abr-36	308	3	only	only	ADV
abr-36	308	4	minor	minor	ADJ
abr-36	308	5	changes	change	NOUN
abr-36	308	6	for	for	ADP
abr-36	308	7	pgrant	pgrant	ADJ
abr-36	308	8	and	and	CCONJ
abr-36	308	9	the	the	DET
abr-36	308	10	other	other	ADJ
abr-36	308	11	control	control	NOUN
abr-36	308	12	variables	variable	NOUN
abr-36	308	13	;	;	PUNCT
abr-36	308	14	this	this	DET
abr-36	308	15	variation	variation	NOUN
abr-36	308	16	is	be	AUX
abr-36	308	17	subtle	subtle	ADJ
abr-36	308	18	enough	enough	ADV
abr-36	308	19	to	to	PART
abr-36	308	20	not	not	PART
abr-36	308	21	question	question	VERB
abr-36	308	22	the	the	DET
abr-36	308	23	results	result	NOUN
abr-36	308	24	from	from	ADP
abr-36	308	25	the	the	DET
abr-36	308	26	first	first	ADJ
abr-36	308	27	models	model	NOUN
abr-36	308	28	.	.	PUNCT
abr-36	309	1	according	accord	VERB
abr-36	309	2	to	to	ADP
abr-36	309	3	vif	vif	NOUN
abr-36	309	4	tests	test	NOUN
abr-36	309	5	,	,	PUNCT
abr-36	309	6	the	the	DET
abr-36	309	7	only	only	ADJ
abr-36	309	8	models	model	NOUN
abr-36	309	9	with	with	ADP
abr-36	309	10	elevated	elevated	ADJ
abr-36	309	11	vif	vif	NOUN
abr-36	309	12	levels	level	NOUN
abr-36	309	13	are	be	AUX
abr-36	309	14	13	13	NUM
abr-36	309	15	and	and	CCONJ
abr-36	309	16	14	14	NUM
abr-36	309	17	,	,	PUNCT
abr-36	309	18	which	which	PRON
abr-36	309	19	include	include	VERB
abr-36	309	20	rf	rf	NOUN
abr-36	309	21	and	and	CCONJ
abr-36	309	22	10yrt	10yrt	NOUN
abr-36	309	23	-	-	PUNCT
abr-36	309	24	bills	bill	NOUN
abr-36	309	25	as	as	ADP
abr-36	309	26	the	the	DET
abr-36	309	27	collinear	collinear	ADJ
abr-36	309	28	factors	factor	NOUN
abr-36	309	29	,	,	PUNCT
abr-36	309	30	discussed	discuss	VERB
abr-36	309	31	in	in	ADP
abr-36	309	32	the	the	DET
abr-36	309	33	base	base	NOUN
abr-36	309	34	model	model	NOUN
abr-36	309	35	cohort	cohort	NOUN
abr-36	309	36	section	section	NOUN
abr-36	309	37	.	.	PUNCT
abr-36	310	1	including	include	VERB
abr-36	310	2	the	the	DET
abr-36	310	3	industry	industry	NOUN
abr-36	310	4	return	return	NOUN
abr-36	310	5	control	control	NOUN
abr-36	310	6	variable	variable	NOUN
abr-36	310	7	should	should	AUX
abr-36	310	8	pick	pick	VERB
abr-36	310	9	up	up	ADP
abr-36	310	10	any	any	DET
abr-36	310	11	inter	inter	ADJ
abr-36	310	12	-	-	ADJ
abr-36	310	13	industry	industry	ADJ
abr-36	310	14	variation	variation	NOUN
abr-36	310	15	.	.	PUNCT
abr-36	311	1	the	the	DET
abr-36	311	2	results	result	NOUN
abr-36	311	3	from	from	ADP
abr-36	311	4	this	this	DET
abr-36	311	5	variable	variable	NOUN
abr-36	311	6	are	be	AUX
abr-36	311	7	insignificant	insignificant	ADJ
abr-36	311	8	in	in	ADP
abr-36	311	9	every	every	DET
abr-36	311	10	model	model	NOUN
abr-36	311	11	.	.	PUNCT
abr-36	312	1	some	some	DET
abr-36	312	2	differences	difference	NOUN
abr-36	312	3	among	among	ADP
abr-36	312	4	industries	industry	NOUN
abr-36	312	5	were	be	AUX
abr-36	312	6	expected	expect	VERB
abr-36	312	7	to	to	PART
abr-36	312	8	drive	drive	VERB
abr-36	312	9	any	any	DET
abr-36	312	10	debt	debt	NOUN
abr-36	312	11	/	/	SYM
abr-36	312	12	equity	equity	NOUN
abr-36	312	13	decisions	decision	NOUN
abr-36	312	14	.	.	PUNCT
abr-36	313	1	the	the	DET
abr-36	313	2	dominance	dominance	NOUN
abr-36	313	3	of	of	ADP
abr-36	313	4	market	market	NOUN
abr-36	313	5	returns	return	NOUN
abr-36	313	6	seem	seem	VERB
abr-36	313	7	to	to	PART
abr-36	313	8	point	point	VERB
abr-36	313	9	to	to	ADP
abr-36	313	10	the	the	DET
abr-36	313	11	wider	wide	ADJ
abr-36	313	12	market	market	NOUN
abr-36	313	13	as	as	ADP
abr-36	313	14	being	be	AUX
abr-36	313	15	more	more	ADV
abr-36	313	16	important	important	ADJ
abr-36	313	17	in	in	ADP
abr-36	313	18	determining	determine	VERB
abr-36	313	19	capital	capital	NOUN
abr-36	313	20	decisions	decision	NOUN
abr-36	313	21	than	than	ADP
abr-36	313	22	industry	industry	NOUN
abr-36	313	23	returns	return	NOUN
abr-36	313	24	.	.	PUNCT
abr-36	314	1	conclusion	conclusion	NOUN
abr-36	314	2	in	in	ADP
abr-36	314	3	answering	answer	VERB
abr-36	314	4	the	the	DET
abr-36	314	5	question	question	NOUN
abr-36	314	6	of	of	ADP
abr-36	314	7	when	when	SCONJ
abr-36	314	8	firms	firm	NOUN
abr-36	314	9	seek	seek	VERB
abr-36	314	10	equity	equity	NOUN
abr-36	314	11	financing	financing	NOUN
abr-36	314	12	over	over	ADP
abr-36	314	13	debt	debt	NOUN
abr-36	314	14	financing	financing	NOUN
abr-36	314	15	when	when	SCONJ
abr-36	314	16	searching	search	VERB
abr-36	314	17	for	for	ADP
abr-36	314	18	external	external	ADJ
abr-36	314	19	capital	capital	NOUN
abr-36	314	20	,	,	PUNCT
abr-36	314	21	it	it	PRON
abr-36	314	22	was	be	AUX
abr-36	314	23	hypothesized	hypothesize	VERB
abr-36	314	24	that	that	SCONJ
abr-36	314	25	radically	radically	ADV
abr-36	314	26	innovative	innovative	ADJ
abr-36	314	27	firms	firm	NOUN
abr-36	314	28	at	at	ADP
abr-36	314	29	the	the	DET
abr-36	314	30	beginning	beginning	NOUN
abr-36	314	31	of	of	ADP
abr-36	314	32	the	the	DET
abr-36	314	33	innovation	innovation	NOUN
abr-36	314	34	life	life	NOUN
abr-36	314	35	cycle	cycle	NOUN
abr-36	314	36	will	will	AUX
abr-36	314	37	be	be	AUX
abr-36	314	38	more	more	ADV
abr-36	314	39	likely	likely	ADJ
abr-36	314	40	to	to	PART
abr-36	314	41	look	look	VERB
abr-36	314	42	to	to	ADP
abr-36	314	43	the	the	DET
abr-36	314	44	stock	stock	NOUN
abr-36	314	45	market	market	NOUN
abr-36	314	46	than	than	ADP
abr-36	314	47	firms	firm	NOUN
abr-36	314	48	at	at	ADP
abr-36	314	49	the	the	DET
abr-36	314	50	end	end	NOUN
abr-36	314	51	of	of	ADP
abr-36	314	52	the	the	DET
abr-36	314	53	life	life	NOUN
abr-36	314	54	cycle	cycle	NOUN
abr-36	314	55	with	with	ADP
abr-36	314	56	less	less	ADJ
abr-36	314	57	innovative	innovative	ADJ
abr-36	314	58	activity	activity	NOUN
abr-36	314	59	.	.	PUNCT
abr-36	315	1	the	the	DET
abr-36	315	2	primary	primary	ADJ
abr-36	315	3	contribution	contribution	NOUN
abr-36	315	4	of	of	ADP
abr-36	315	5	this	this	DET
abr-36	315	6	paper	paper	NOUN
abr-36	315	7	was	be	AUX
abr-36	315	8	linking	link	VERB
abr-36	315	9	this	this	DET
abr-36	315	10	life	life	NOUN
abr-36	315	11	cycle	cycle	NOUN
abr-36	315	12	to	to	PART
abr-36	315	13	firm	firm	ADJ
abr-36	315	14	capital	capital	NOUN
abr-36	315	15	structure	structure	NOUN
abr-36	315	16	and	and	CCONJ
abr-36	315	17	decisions	decision	NOUN
abr-36	315	18	firms	firm	NOUN
abr-36	315	19	make	make	VERB
abr-36	315	20	when	when	SCONJ
abr-36	315	21	attempting	attempt	VERB
abr-36	315	22	to	to	PART
abr-36	315	23	raise	raise	VERB
abr-36	315	24	external	external	ADJ
abr-36	315	25	capital	capital	NOUN
abr-36	315	26	through	through	ADP
abr-36	315	27	the	the	DET
abr-36	315	28	bond	bond	NOUN
abr-36	315	29	and	and	CCONJ
abr-36	315	30	stock	stock	NOUN
abr-36	315	31	channels	channel	NOUN
abr-36	315	32	.	.	PUNCT
abr-36	316	1	by	by	ADP
abr-36	316	2	using	use	VERB
abr-36	316	3	patent	patent	NOUN
abr-36	316	4	activity	activity	NOUN
abr-36	316	5	as	as	ADP
abr-36	316	6	a	a	DET
abr-36	316	7	proxy	proxy	NOUN
abr-36	316	8	for	for	ADP
abr-36	316	9	innovative	innovative	ADJ
abr-36	316	10	activity	activity	NOUN
abr-36	316	11	,	,	PUNCT
abr-36	316	12	statistically	statistically	ADV
abr-36	316	13	significant	significant	ADJ
abr-36	316	14	evidence	evidence	NOUN
abr-36	316	15	suggests	suggest	VERB
abr-36	316	16	that	that	SCONJ
abr-36	316	17	innovative	innovative	ADJ
abr-36	316	18	firms	firm	NOUN
abr-36	316	19	are	be	AUX
abr-36	316	20	more	more	ADV
abr-36	316	21	likely	likely	ADJ
abr-36	316	22	to	to	PART
abr-36	316	23	raise	raise	VERB
abr-36	316	24	capital	capital	NOUN
abr-36	316	25	through	through	ADP
abr-36	316	26	equity	equity	NOUN
abr-36	316	27	issuance	issuance	NOUN
abr-36	316	28	than	than	ADP
abr-36	316	29	firms	firm	NOUN
abr-36	316	30	without	without	ADP
abr-36	316	31	innovative	innovative	ADJ
abr-36	316	32	activity	activity	NOUN
abr-36	316	33	.	.	PUNCT
abr-36	317	1	these	these	DET
abr-36	317	2	results	result	NOUN
abr-36	317	3	were	be	AUX
abr-36	317	4	robust	robust	ADJ
abr-36	317	5	while	while	SCONJ
abr-36	317	6	controlling	control	VERB
abr-36	317	7	for	for	ADP
abr-36	317	8	industry	industry	NOUN
abr-36	317	9	returns	return	NOUN
abr-36	317	10	and	and	CCONJ
abr-36	317	11	a	a	DET
abr-36	317	12	variety	variety	NOUN
abr-36	317	13	of	of	ADP
abr-36	317	14	market	market	NOUN
abr-36	317	15	factors	factor	NOUN
abr-36	317	16	,	,	PUNCT
abr-36	317	17	including	include	VERB
abr-36	317	18	short	short	ADJ
abr-36	317	19	-	-	PUNCT
abr-36	317	20	and	and	CCONJ
abr-36	317	21	long	long	ADV
abr-36	317	22	-	-	PUNCT
abr-36	317	23	run	run	VERB
abr-36	317	24	interest	interest	NOUN
abr-36	317	25	rates	rate	NOUN
abr-36	317	26	,	,	PUNCT
abr-36	317	27	returns	return	NOUN
abr-36	317	28	on	on	ADP
abr-36	317	29	the	the	DET
abr-36	317	30	market	market	NOUN
abr-36	317	31	and	and	CCONJ
abr-36	317	32	capital	capital	NOUN
abr-36	317	33	structure	structure	NOUN
abr-36	317	34	over	over	ADP
abr-36	317	35	the	the	DET
abr-36	317	36	life	life	NOUN
abr-36	317	37	cycle	cycle	NOUN
abr-36	317	38	32	32	NUM
abr-36	317	39	business	business	NOUN
abr-36	317	40	cycle	cycle	NOUN
abr-36	317	41	factors	factor	NOUN
abr-36	317	42	.	.	PUNCT
abr-36	318	1	the	the	DET
abr-36	318	2	impact	impact	NOUN
abr-36	318	3	of	of	ADP
abr-36	318	4	patents	patent	NOUN
abr-36	318	5	appeared	appear	VERB
abr-36	318	6	as	as	ADP
abr-36	318	7	a	a	DET
abr-36	318	8	much	much	ADV
abr-36	318	9	stronger	strong	ADJ
abr-36	318	10	predictor	predictor	NOUN
abr-36	318	11	of	of	ADP
abr-36	318	12	whether	whether	SCONJ
abr-36	318	13	a	a	DET
abr-36	318	14	firm	firm	NOUN
abr-36	318	15	will	will	AUX
abr-36	318	16	seek	seek	VERB
abr-36	318	17	stock	stock	NOUN
abr-36	318	18	market	market	NOUN
abr-36	318	19	or	or	CCONJ
abr-36	318	20	bond	bond	NOUN
abr-36	318	21	market	market	NOUN
abr-36	318	22	financing	financing	NOUN
abr-36	318	23	than	than	SCONJ
abr-36	318	24	some	some	PRON
abr-36	318	25	of	of	ADP
abr-36	318	26	the	the	DET
abr-36	318	27	other	other	ADJ
abr-36	318	28	variables	variable	NOUN
abr-36	318	29	found	find	VERB
abr-36	318	30	prominently	prominently	ADV
abr-36	318	31	in	in	ADP
abr-36	318	32	the	the	DET
abr-36	318	33	literature	literature	NOUN
abr-36	318	34	.	.	PUNCT
abr-36	319	1	a	a	DET
abr-36	319	2	limitation	limitation	NOUN
abr-36	319	3	of	of	ADP
abr-36	319	4	this	this	DET
abr-36	319	5	study	study	NOUN
abr-36	319	6	is	be	AUX
abr-36	319	7	the	the	DET
abr-36	319	8	inability	inability	NOUN
abr-36	319	9	to	to	PART
abr-36	319	10	pinpoint	pinpoint	VERB
abr-36	319	11	where	where	SCONJ
abr-36	319	12	in	in	ADP
abr-36	319	13	the	the	DET
abr-36	319	14	innovation	innovation	NOUN
abr-36	319	15	life	life	NOUN
abr-36	319	16	cycle	cycle	NOUN
abr-36	319	17	firms	firm	NOUN
abr-36	319	18	are	be	AUX
abr-36	319	19	when	when	SCONJ
abr-36	319	20	they	they	PRON
abr-36	319	21	are	be	AUX
abr-36	319	22	seeking	seek	VERB
abr-36	319	23	external	external	ADJ
abr-36	319	24	capital	capital	NOUN
abr-36	319	25	.	.	PUNCT
abr-36	320	1	this	this	PRON
abr-36	320	2	is	be	AUX
abr-36	320	3	an	an	DET
abr-36	320	4	avenue	avenue	NOUN
abr-36	320	5	in	in	ADP
abr-36	320	6	which	which	PRON
abr-36	320	7	future	future	ADJ
abr-36	320	8	research	research	NOUN
abr-36	320	9	would	would	AUX
abr-36	320	10	be	be	AUX
abr-36	320	11	able	able	ADJ
abr-36	320	12	to	to	PART
abr-36	320	13	contribute	contribute	VERB
abr-36	320	14	;	;	PUNCT
abr-36	320	15	the	the	DET
abr-36	320	16	determination	determination	NOUN
abr-36	320	17	of	of	ADP
abr-36	320	18	where	where	SCONJ
abr-36	320	19	the	the	DET
abr-36	320	20	transition	transition	NOUN
abr-36	320	21	points	point	NOUN
abr-36	320	22	occur	occur	VERB
abr-36	320	23	and	and	CCONJ
abr-36	320	24	at	at	ADP
abr-36	320	25	what	what	DET
abr-36	320	26	point	point	NOUN
abr-36	320	27	firms	firm	NOUN
abr-36	320	28	begin	begin	VERB
abr-36	320	29	searching	search	VERB
abr-36	320	30	for	for	ADP
abr-36	320	31	equity	equity	NOUN
abr-36	320	32	financing	financing	NOUN
abr-36	320	33	through	through	ADP
abr-36	320	34	the	the	DET
abr-36	320	35	stock	stock	NOUN
abr-36	320	36	market	market	NOUN
abr-36	320	37	would	would	AUX
abr-36	320	38	be	be	AUX
abr-36	320	39	of	of	ADP
abr-36	320	40	significant	significant	ADJ
abr-36	320	41	value	value	NOUN
abr-36	320	42	.	.	PUNCT
abr-36	321	1	the	the	DET
abr-36	321	2	other	other	ADJ
abr-36	321	3	path	path	NOUN
abr-36	321	4	in	in	ADP
abr-36	321	5	expanding	expand	VERB
abr-36	321	6	this	this	DET
abr-36	321	7	research	research	NOUN
abr-36	321	8	is	be	AUX
abr-36	321	9	to	to	PART
abr-36	321	10	formalize	formalize	VERB
abr-36	321	11	the	the	DET
abr-36	321	12	relationship	relationship	NOUN
abr-36	321	13	of	of	ADP
abr-36	321	14	the	the	DET
abr-36	321	15	innovation	innovation	NOUN
abr-36	321	16	life	life	NOUN
abr-36	321	17	cycle	cycle	NOUN
abr-36	321	18	to	to	ADP
abr-36	321	19	models	model	NOUN
abr-36	321	20	of	of	ADP
abr-36	321	21	capital	capital	NOUN
abr-36	321	22	structure	structure	NOUN
abr-36	321	23	.	.	PUNCT
abr-36	322	1	references	reference	NOUN
abr-36	322	2	baker	baker	PROPN
abr-36	322	3	,	,	PUNCT
abr-36	322	4	m.	m.	NOUN
abr-36	322	5	,	,	PUNCT
abr-36	322	6	&	&	CCONJ
abr-36	322	7	wurgler	wurgler	PROPN
abr-36	322	8	,	,	PUNCT
abr-36	322	9	j.	j.	PROPN
abr-36	322	10	(	(	PUNCT
abr-36	322	11	2002	2002	NUM
abr-36	322	12	)	)	PUNCT
abr-36	322	13	.	.	PUNCT
abr-36	323	1	market	market	NOUN
abr-36	323	2	timing	timing	NOUN
abr-36	323	3	and	and	CCONJ
abr-36	323	4	capital	capital	NOUN
abr-36	323	5	structure	structure	NOUN
abr-36	323	6	.	.	PUNCT
abr-36	324	1	journal	journal	PROPN
abr-36	324	2	of	of	ADP
abr-36	324	3	finance	finance	NOUN
abr-36	324	4	,	,	PUNCT
abr-36	324	5	57	57	NUM
abr-36	324	6	,	,	PUNCT
abr-36	324	7	1–32	1–32	PROPN
abr-36	324	8	.	.	PUNCT
abr-36	325	1	barclay	barclay	PROPN
abr-36	325	2	,	,	PUNCT
abr-36	325	3	m.	m.	NOUN
abr-36	325	4	,	,	PUNCT
abr-36	325	5	&	&	CCONJ
abr-36	325	6	smith	smith	PROPN
abr-36	325	7	,	,	PUNCT
abr-36	325	8	c.	c.	PROPN
abr-36	325	9	(	(	PUNCT
abr-36	325	10	1999	1999	NUM
abr-36	325	11	)	)	PUNCT
abr-36	325	12	,	,	PUNCT
abr-36	325	13	the	the	DET
abr-36	325	14	capital	capital	NOUN
abr-36	325	15	structure	structure	NOUN
abr-36	325	16	puzzle	puzzle	NOUN
abr-36	325	17	:	:	PUNCT
abr-36	325	18	another	another	DET
abr-36	325	19	look	look	NOUN
abr-36	325	20	at	at	ADP
abr-36	325	21	the	the	DET
abr-36	325	22	evidence	evidence	NOUN
abr-36	325	23	.	.	PUNCT
abr-36	326	1	journal	journal	NOUN
abr-36	326	2	of	of	ADP
abr-36	326	3	applied	apply	VERB
abr-36	326	4	corporate	corporate	ADJ
abr-36	326	5	finance	finance	NOUN
abr-36	326	6	,	,	PUNCT
abr-36	326	7	12	12	NUM
abr-36	326	8	,	,	PUNCT
abr-36	326	9	8–20	8–20	PROPN
abr-36	326	10	barnhart	barnhart	NOUN
abr-36	326	11	,	,	PUNCT
abr-36	326	12	c.	c.	PROPN
abr-36	326	13	,	,	PUNCT
abr-36	326	14	&	&	CCONJ
abr-36	326	15	dwyer	dwyer	PROPN
abr-36	326	16	,	,	PUNCT
abr-36	326	17	g.	g.	PROPN
abr-36	326	18	(	(	PUNCT
abr-36	326	19	2012	2012	NUM
abr-36	326	20	)	)	PUNCT
abr-36	326	21	.	.	PUNCT
abr-36	327	1	returns	return	NOUN
abr-36	327	2	to	to	ADP
abr-36	327	3	investors	investor	NOUN
abr-36	327	4	in	in	ADP
abr-36	327	5	stocks	stock	NOUN
abr-36	327	6	in	in	ADP
abr-36	327	7	new	new	ADJ
abr-36	327	8	industries	industry	NOUN
abr-36	327	9	.	.	PUNCT
abr-36	328	1	economic	economic	ADJ
abr-36	328	2	inquiry	inquiry	NOUN
abr-36	328	3	,	,	PUNCT
abr-36	328	4	50	50	NUM
abr-36	328	5	,	,	PUNCT
abr-36	328	6	1031–1049	1031–1049	NUM
abr-36	328	7	.	.	PUNCT
abr-36	329	1	bradley	bradley	PROPN
abr-36	329	2	,	,	PUNCT
abr-36	329	3	m.	m.	NOUN
abr-36	329	4	,	,	PUNCT
abr-36	329	5	jarrell	jarrell	PROPN
abr-36	329	6	,	,	PUNCT
abr-36	329	7	g.	g.	PROPN
abr-36	329	8	,	,	PUNCT
abr-36	329	9	&	&	CCONJ
abr-36	329	10	kim	kim	PROPN
abr-36	329	11	,	,	PUNCT
abr-36	329	12	e.	e.	PROPN
abr-36	329	13	h.	h.	PROPN
abr-36	329	14	(	(	PUNCT
abr-36	329	15	1984	1984	NUM
abr-36	329	16	)	)	PUNCT
abr-36	329	17	.	.	PUNCT
abr-36	330	1	optimal	optimal	ADJ
abr-36	330	2	financial	financial	ADJ
abr-36	330	3	policy	policy	NOUN
abr-36	330	4	and	and	CCONJ
abr-36	330	5	firm	firm	ADJ
abr-36	330	6	valuation	valuation	NOUN
abr-36	330	7	.	.	PUNCT
abr-36	331	1	journal	journal	PROPN
abr-36	331	2	of	of	ADP
abr-36	331	3	finance	finance	NOUN
abr-36	331	4	,	,	PUNCT
abr-36	331	5	39	39	NUM
abr-36	331	6	,	,	PUNCT
abr-36	331	7	593–607	593–607	NUM
abr-36	331	8	.	.	PUNCT
abr-36	332	1	choe	choe	PROPN
abr-36	332	2	,	,	PUNCT
abr-36	332	3	h.	h.	PROPN
abr-36	332	4	,	,	PUNCT
abr-36	332	5	masulis	masulis	PROPN
abr-36	332	6	,	,	PUNCT
abr-36	332	7	r.	r.	PROPN
abr-36	332	8	,	,	PUNCT
abr-36	332	9	&	&	CCONJ
abr-36	332	10	nanda	nanda	PROPN
abr-36	332	11	,	,	PUNCT
abr-36	332	12	v.	v.	PROPN
abr-36	332	13	(	(	PUNCT
abr-36	332	14	1993	1993	NUM
abr-36	332	15	)	)	PUNCT
abr-36	332	16	.	.	PUNCT
abr-36	333	1	common	common	ADJ
abr-36	333	2	stock	stock	NOUN
abr-36	333	3	offerings	offering	NOUN
abr-36	333	4	across	across	ADP
abr-36	333	5	the	the	DET
abr-36	333	6	business	business	NOUN
abr-36	333	7	cycle	cycle	NOUN
abr-36	333	8	:	:	PUNCT
abr-36	333	9	theory	theory	NOUN
abr-36	333	10	and	and	CCONJ
abr-36	333	11	evidence	evidence	NOUN
abr-36	333	12	.	.	PUNCT
abr-36	334	1	journal	journal	NOUN
abr-36	334	2	of	of	ADP
abr-36	334	3	empirical	empirical	ADJ
abr-36	334	4	finance	finance	NOUN
abr-36	334	5	,	,	PUNCT
abr-36	334	6	1	1	NUM
abr-36	334	7	,	,	PUNCT
abr-36	334	8	3–31	3–31	PROPN
abr-36	334	9	.	.	PUNCT
abr-36	334	10	eisdorfer	eisdorfer	PROPN
abr-36	334	11	,	,	PUNCT
abr-36	334	12	a.	a.	NOUN
abr-36	334	13	,	,	PUNCT
abr-36	334	14	&	&	CCONJ
abr-36	334	15	hsu	hsu	PROPN
abr-36	334	16	,	,	PUNCT
abr-36	334	17	p.	p.	PROPN
abr-36	334	18	h.	h.	PROPN
abr-36	335	1	(	(	PUNCT
abr-36	335	2	2011	2011	NUM
abr-36	335	3	)	)	PUNCT
abr-36	335	4	.	.	PUNCT
abr-36	336	1	innovate	innovate	VERB
abr-36	336	2	to	to	PART
abr-36	336	3	survive	survive	VERB
abr-36	336	4	:	:	PUNCT
abr-36	336	5	the	the	DET
abr-36	336	6	effect	effect	NOUN
abr-36	336	7	of	of	ADP
abr-36	336	8	technology	technology	NOUN
abr-36	336	9	competition	competition	NOUN
abr-36	336	10	on	on	ADP
abr-36	336	11	corporate	corporate	ADJ
abr-36	336	12	bankruptcy	bankruptcy	NOUN
abr-36	336	13	.	.	PUNCT
abr-36	337	1	financial	financial	ADJ
abr-36	337	2	management	management	NOUN
abr-36	337	3	,	,	PUNCT
abr-36	337	4	40(4	40(4	NUM
abr-36	337	5	)	)	PUNCT
abr-36	337	6	,	,	PUNCT
abr-36	337	7	1087	1087	NUM
abr-36	337	8	-	-	SYM
abr-36	337	9	1117	1117	NUM
abr-36	337	10	.	.	PUNCT
abr-36	338	1	hall	hall	PROPN
abr-36	338	2	,	,	PUNCT
abr-36	338	3	b.	b.	PROPN
abr-36	338	4	,	,	PUNCT
abr-36	338	5	jaffe	jaffe	PROPN
abr-36	338	6	,	,	PUNCT
abr-36	338	7	a.	a.	PROPN
abr-36	338	8	,	,	PUNCT
abr-36	338	9	&	&	CCONJ
abr-36	338	10	trajtenberg	trajtenberg	PROPN
abr-36	338	11	,	,	PUNCT
abr-36	338	12	m.	m.	NOUN
abr-36	338	13	(	(	PUNCT
abr-36	338	14	2001	2001	NUM
abr-36	338	15	)	)	PUNCT
abr-36	338	16	.	.	PUNCT
abr-36	339	1	the	the	DET
abr-36	339	2	nber	nber	PROPN
abr-36	339	3	patent	patent	NOUN
abr-36	339	4	citations	citation	NOUN
abr-36	339	5	data	datum	NOUN
abr-36	339	6	file	file	NOUN
abr-36	339	7	:	:	PUNCT
abr-36	339	8	lessons	lesson	NOUN
abr-36	339	9	,	,	PUNCT
abr-36	339	10	insights	insight	NOUN
abr-36	339	11	,	,	PUNCT
abr-36	339	12	and	and	CCONJ
abr-36	339	13	methodological	methodological	ADJ
abr-36	339	14	tools	tool	NOUN
abr-36	339	15	.	.	PUNCT
abr-36	340	1	nber	nber	PROPN
abr-36	340	2	working	working	PROPN
abr-36	340	3	paper	paper	PROPN
abr-36	340	4	8498	8498	NUM
abr-36	340	5	.	.	PUNCT
abr-36	341	1	hsu	hsu	PROPN
abr-36	341	2	,	,	PUNCT
abr-36	341	3	p.	p.	NOUN
abr-36	341	4	h.	h.	PROPN
abr-36	342	1	(	(	PUNCT
abr-36	342	2	2009	2009	NUM
abr-36	342	3	)	)	PUNCT
abr-36	342	4	.	.	PUNCT
abr-36	343	1	technological	technological	ADJ
abr-36	343	2	innovations	innovation	NOUN
abr-36	343	3	and	and	CCONJ
abr-36	343	4	aggregate	aggregate	VERB
abr-36	343	5	risk	risk	NOUN
abr-36	343	6	premiums	premium	NOUN
abr-36	343	7	.	.	PUNCT
abr-36	344	1	journal	journal	NOUN
abr-36	344	2	of	of	ADP
abr-36	344	3	financial	financial	ADJ
abr-36	344	4	economics	economic	NOUN
abr-36	344	5	,	,	PUNCT
abr-36	344	6	94	94	NUM
abr-36	344	7	,	,	PUNCT
abr-36	344	8	264	264	NUM
abr-36	344	9	-	-	SYM
abr-36	344	10	279	279	NUM
abr-36	344	11	.	.	PUNCT
abr-36	345	1	keklik	keklik	NOUN
abr-36	345	2	,	,	PUNCT
abr-36	345	3	m.	m.	NOUN
abr-36	345	4	(	(	PUNCT
abr-36	345	5	2003	2003	NUM
abr-36	345	6	)	)	PUNCT
abr-36	345	7	.	.	PUNCT
abr-36	346	1	schumpeter	schumpeter	NOUN
abr-36	346	2	,	,	PUNCT
abr-36	346	3	innovation	innovation	NOUN
abr-36	346	4	and	and	CCONJ
abr-36	346	5	growth	growth	NOUN
abr-36	346	6	:	:	PUNCT
abr-36	346	7	long	long	ADJ
abr-36	346	8	-	-	PUNCT
abr-36	346	9	cycle	cycle	NOUN
abr-36	346	10	dynamics	dynamic	NOUN
abr-36	346	11	in	in	ADP
abr-36	346	12	the	the	DET
abr-36	346	13	post	post	ADJ
abr-36	346	14	-	-	ADJ
abr-36	346	15	wwii	wwii	ADJ
abr-36	346	16	american	american	PROPN
abr-36	346	17	manufacturing	manufacturing	NOUN
abr-36	346	18	industries	industry	NOUN
abr-36	346	19	.	.	PUNCT
abr-36	347	1	burlington	burlington	PROPN
abr-36	347	2	,	,	PUNCT
abr-36	347	3	vt	vt	PROPN
abr-36	347	4	:	:	PUNCT
abr-36	347	5	ashgate	ashgate	ADJ
abr-36	347	6	publishing	publishing	PROPN
abr-36	347	7	company	company	NOUN
abr-36	347	8	.	.	PUNCT
abr-36	348	1	kraus	kraus	PROPN
abr-36	348	2	,	,	PUNCT
abr-36	348	3	a.	a.	PROPN
abr-36	348	4	,	,	PUNCT
abr-36	348	5	&	&	CCONJ
abr-36	348	6	litzenberger	litzenberger	PROPN
abr-36	348	7	,	,	PUNCT
abr-36	348	8	r.	r.	PROPN
abr-36	348	9	(	(	PUNCT
abr-36	348	10	1973	1973	NUM
abr-36	348	11	)	)	PUNCT
abr-36	348	12	.	.	PUNCT
abr-36	349	1	a	a	DET
abr-36	349	2	state	state	NOUN
abr-36	349	3	preference	preference	NOUN
abr-36	349	4	model	model	NOUN
abr-36	349	5	of	of	ADP
abr-36	349	6	optimal	optimal	ADJ
abr-36	349	7	financial	financial	ADJ
abr-36	349	8	leverage	leverage	NOUN
abr-36	349	9	.	.	PUNCT
abr-36	350	1	journal	journal	NOUN
abr-36	350	2	of	of	ADP
abr-36	350	3	finance	finance	NOUN
abr-36	350	4	,	,	PUNCT
abr-36	350	5	28	28	NUM
abr-36	350	6	,	,	PUNCT
abr-36	350	7	911–922	911–922	NUM
abr-36	350	8	.	.	SYM
abr-36	350	9	merton	merton	PROPN
abr-36	350	10	,	,	PUNCT
abr-36	350	11	r.	r.	PROPN
abr-36	350	12	(	(	PUNCT
abr-36	350	13	1974	1974	NUM
abr-36	350	14	)	)	PUNCT
abr-36	350	15	.	.	PUNCT
abr-36	351	1	on	on	ADP
abr-36	351	2	the	the	DET
abr-36	351	3	pricing	pricing	NOUN
abr-36	351	4	of	of	ADP
abr-36	351	5	corporate	corporate	ADJ
abr-36	351	6	debt	debt	NOUN
abr-36	351	7	:	:	PUNCT
abr-36	351	8	the	the	DET
abr-36	351	9	risk	risk	NOUN
abr-36	351	10	structure	structure	NOUN
abr-36	351	11	of	of	ADP
abr-36	351	12	interest	interest	NOUN
abr-36	351	13	rates	rate	NOUN
abr-36	351	14	.	.	PUNCT
abr-36	352	1	journal	journal	PROPN
abr-36	352	2	of	of	ADP
abr-36	352	3	finance	finance	NOUN
abr-36	352	4	,	,	PUNCT
abr-36	352	5	29	29	NUM
abr-36	352	6	,	,	PUNCT
abr-36	352	7	449–470	449–470	NUM
abr-36	352	8	.	.	PUNCT
abr-36	353	1	modigliani	modigliani	PROPN
abr-36	353	2	,	,	PUNCT
abr-36	353	3	f.	f.	PROPN
abr-36	353	4	,	,	PUNCT
abr-36	353	5	&	&	CCONJ
abr-36	353	6	miller	miller	PROPN
abr-36	353	7	,	,	PUNCT
abr-36	353	8	m.	m.	NOUN
abr-36	353	9	(	(	PUNCT
abr-36	353	10	1958	1958	NUM
abr-36	353	11	)	)	PUNCT
abr-36	353	12	.	.	PUNCT
abr-36	354	1	the	the	DET
abr-36	354	2	cost	cost	NOUN
abr-36	354	3	of	of	ADP
abr-36	354	4	capital	capital	NOUN
abr-36	354	5	,	,	PUNCT
abr-36	354	6	corporate	corporate	ADJ
abr-36	354	7	finance	finance	NOUN
abr-36	354	8	and	and	CCONJ
abr-36	354	9	the	the	DET
abr-36	354	10	theory	theory	NOUN
abr-36	354	11	of	of	ADP
abr-36	354	12	investment	investment	NOUN
abr-36	354	13	.	.	PUNCT
abr-36	355	1	american	american	PROPN
abr-36	355	2	economic	economic	PROPN
abr-36	355	3	review	review	PROPN
abr-36	355	4	,	,	PUNCT
abr-36	355	5	48	48	NUM
abr-36	355	6	,	,	PUNCT
abr-36	355	7	261–297	261–297	NUM
abr-36	355	8	.	.	PUNCT
abr-36	356	1	pastor	pastor	PROPN
abr-36	356	2	,	,	PUNCT
abr-36	356	3	l.	l.	PROPN
abr-36	356	4	,	,	PUNCT
abr-36	356	5	&	&	CCONJ
abr-36	356	6	veronesi	veronesi	NOUN
abr-36	356	7	,	,	PUNCT
abr-36	356	8	p.	p.	NOUN
abr-36	356	9	(	(	PUNCT
abr-36	356	10	2005	2005	NUM
abr-36	356	11	)	)	PUNCT
abr-36	356	12	.	.	PUNCT
abr-36	357	1	technological	technological	ADJ
abr-36	357	2	revolutions	revolution	NOUN
abr-36	357	3	and	and	CCONJ
abr-36	357	4	stock	stock	NOUN
abr-36	357	5	prices	price	NOUN
abr-36	357	6	.	.	PUNCT
abr-36	358	1	retrieved	retrieve	VERB
abr-36	358	2	from	from	ADP
abr-36	358	3	:	:	PUNCT
abr-36	358	4	http://www.nber.org/papers/w11876	http://www.nber.org/papers/w11876	NOUN
abr-36	358	5	.	.	PUNCT
abr-36	359	1	patent	patent	NOUN
abr-36	359	2	laws	law	NOUN
abr-36	359	3	and	and	CCONJ
abr-36	359	4	regulations	regulation	NOUN
abr-36	359	5	.	.	PUNCT
abr-36	360	1	(	(	PUNCT
abr-36	360	2	2000	2000	NUM
abr-36	360	3	)	)	PUNCT
abr-36	360	4	title	title	NOUN
abr-36	360	5	35	35	NUM
abr-36	360	6	,	,	PUNCT
abr-36	360	7	u.s	u.s	PROPN
abr-36	360	8	.	.	PROPN
abr-36	360	9	code	code	PROPN
abr-36	360	10	.	.	PUNCT
abr-36	361	1	retrieved	retrieve	VERB
abr-36	361	2	from	from	ADP
abr-36	361	3	:	:	PUNCT
abr-36	361	4	http://www.uspto.gov/web/offices/dcom/olia/35amend2.pdf	http://www.uspto.gov/web/offices/dcom/olia/35amend2.pdf	NOUN
abr-36	361	5	stiglitz	stiglitz	PROPN
abr-36	361	6	,	,	PUNCT
abr-36	361	7	j.	j.	PROPN
abr-36	361	8	,	,	PUNCT
abr-36	361	9	&	&	CCONJ
abr-36	361	10	weiss	weiss	PROPN
abr-36	361	11	,	,	PUNCT
abr-36	361	12	a.	a.	NOUN
abr-36	361	13	(	(	PUNCT
abr-36	361	14	1981	1981	NUM
abr-36	361	15	)	)	PUNCT
abr-36	361	16	.	.	PUNCT
abr-36	362	1	credit	credit	NOUN
abr-36	362	2	rationing	ration	VERB
abr-36	362	3	in	in	ADP
abr-36	362	4	markets	market	NOUN
abr-36	362	5	with	with	ADP
abr-36	362	6	imperfect	imperfect	ADJ
abr-36	362	7	information	information	NOUN
abr-36	362	8	.	.	PUNCT
abr-36	363	1	american	american	PROPN
abr-36	363	2	economic	economic	PROPN
abr-36	363	3	review	review	PROPN
abr-36	363	4	,	,	PUNCT
abr-36	363	5	71	71	NUM
abr-36	363	6	,	,	PUNCT
abr-36	363	7	393	393	NUM
abr-36	363	8	-	-	SYM
abr-36	363	9	410	410	NUM
abr-36	363	10	.	.	PUNCT
abr-36	364	1	chase	chase	PROPN
abr-36	364	2	parker	parker	PROPN
abr-36	364	3	dehan	dehan	PROPN
abr-36	364	4	is	be	AUX
abr-36	364	5	an	an	DET
abr-36	364	6	assistant	assistant	ADJ
abr-36	364	7	professor	professor	NOUN
abr-36	364	8	of	of	ADP
abr-36	364	9	finance	finance	NOUN
abr-36	364	10	at	at	ADP
abr-36	364	11	the	the	DET
abr-36	364	12	university	university	PROPN
abr-36	364	13	of	of	ADP
abr-36	364	14	south	south	PROPN
abr-36	364	15	carolina	carolina	PROPN
abr-36	364	16	upstate	upstate	PROPN
abr-36	364	17	.	.	PUNCT
abr-36	365	1	his	his	PRON
abr-36	365	2	research	research	NOUN
abr-36	365	3	primarily	primarily	ADV
abr-36	365	4	highlights	highlight	VERB
abr-36	365	5	the	the	DET
abr-36	365	6	financing	financing	NOUN
abr-36	365	7	of	of	ADP
abr-36	365	8	innovation	innovation	NOUN
abr-36	365	9	.	.	PUNCT
abr-36	366	1	dr	dr	PROPN
abr-36	366	2	.	.	PROPN
abr-36	366	3	dehan	dehan	PROPN
abr-36	366	4	can	can	AUX
abr-36	366	5	be	be	AUX
abr-36	366	6	reached	reach	VERB
abr-36	366	7	at	at	ADP
abr-36	366	8	cdehan@uscupstate.edu	cdehan@uscupstate.edu	PROPN
abr-36	366	9	http://www.uspto.gov/web/offices/dcom/olia/35amend2.pdf	http://www.uspto.gov/web/offices/dcom/olia/35amend2.pdf	NOUN
abr-36	366	10	mailto:cdehan@uscupstate.edu	mailto:cdehan@uscupstate.edu	NOUN