id	sid	tid	token	lemma	pos
abr-37	1	1	http://journals.sfu.ca/abr	http://journals.sfu.ca/abr	X
abr-37	1	2	advances	advance	NOUN
abr-37	1	3	in	in	ADP
abr-37	1	4	business	business	NOUN
abr-37	1	5	research	research	NOUN
abr-37	1	6	2014	2014	NUM
abr-37	1	7	,	,	PUNCT
abr-37	1	8	volume	volume	NOUN
abr-37	1	9	5	5	NUM
abr-37	1	10	,	,	PUNCT
abr-37	1	11	pages	page	NOUN
abr-37	1	12	1	1	NUM
abr-37	1	13	-	-	SYM
abr-37	1	14	15	15	NUM
abr-37	1	15	1	1	NUM
abr-37	1	16	does	do	AUX
abr-37	1	17	management	management	NOUN
abr-37	1	18	forecast	forecast	NOUN
abr-37	1	19	guidance	guidance	NOUN
abr-37	1	20	impair	impair	VERB
abr-37	1	21	the	the	DET
abr-37	1	22	usefulness	usefulness	NOUN
abr-37	1	23	of	of	ADP
abr-37	1	24	analyst	analyst	NOUN
abr-37	1	25	forecasts	forecast	NOUN
abr-37	1	26	in	in	ADP
abr-37	1	27	firm	firm	ADJ
abr-37	1	28	valuation	valuation	NOUN
abr-37	1	29	?	?	PUNCT
abr-37	2	1	yao	yao	PROPN
abr-37	3	1	tian	tian	PROPN
abr-37	3	2	san	san	PROPN
abr-37	3	3	jose	jose	PROPN
abr-37	3	4	state	state	PROPN
abr-37	3	5	university	university	NOUN
abr-37	3	6	analyst	analyst	NOUN
abr-37	3	7	earnings	earning	NOUN
abr-37	3	8	forecasts	forecast	NOUN
abr-37	3	9	are	be	AUX
abr-37	3	10	an	an	DET
abr-37	3	11	important	important	ADJ
abr-37	3	12	input	input	NOUN
abr-37	3	13	to	to	ADP
abr-37	3	14	the	the	DET
abr-37	3	15	residual	residual	ADJ
abr-37	3	16	income	income	NOUN
abr-37	3	17	valuation	valuation	NOUN
abr-37	3	18	model	model	NOUN
abr-37	3	19	;	;	PUNCT
abr-37	3	20	however	however	ADV
abr-37	3	21	,	,	PUNCT
abr-37	3	22	these	these	DET
abr-37	3	23	forecasts	forecast	NOUN
abr-37	3	24	are	be	AUX
abr-37	3	25	increasingly	increasingly	ADV
abr-37	3	26	subject	subject	ADJ
abr-37	3	27	to	to	ADP
abr-37	3	28	management	management	NOUN
abr-37	3	29	guidance	guidance	NOUN
abr-37	3	30	.	.	PUNCT
abr-37	4	1	this	this	DET
abr-37	4	2	study	study	NOUN
abr-37	4	3	examines	examine	VERB
abr-37	4	4	the	the	DET
abr-37	4	5	impact	impact	NOUN
abr-37	4	6	of	of	ADP
abr-37	4	7	management	management	NOUN
abr-37	4	8	forecast	forecast	NOUN
abr-37	4	9	guidance	guidance	NOUN
abr-37	4	10	on	on	ADP
abr-37	4	11	the	the	DET
abr-37	4	12	usefulness	usefulness	NOUN
abr-37	4	13	of	of	ADP
abr-37	4	14	analyst	analyst	NOUN
abr-37	4	15	earnings	earning	NOUN
abr-37	4	16	forecasts	forecast	NOUN
abr-37	4	17	in	in	ADP
abr-37	4	18	firm	firm	ADJ
abr-37	4	19	valuation	valuation	NOUN
abr-37	4	20	.	.	PUNCT
abr-37	5	1	it	it	PRON
abr-37	5	2	finds	find	VERB
abr-37	5	3	that	that	SCONJ
abr-37	5	4	valuation	valuation	NOUN
abr-37	5	5	models	model	NOUN
abr-37	5	6	estimated	estimate	VERB
abr-37	5	7	using	use	VERB
abr-37	5	8	guided	guide	VERB
abr-37	5	9	forecasts	forecast	NOUN
abr-37	5	10	have	have	VERB
abr-37	5	11	less	less	ADJ
abr-37	5	12	ability	ability	NOUN
abr-37	5	13	to	to	PART
abr-37	5	14	explain	explain	VERB
abr-37	5	15	stock	stock	NOUN
abr-37	5	16	price	price	NOUN
abr-37	5	17	and	and	CCONJ
abr-37	5	18	predict	predict	VERB
abr-37	5	19	future	future	ADJ
abr-37	5	20	returns	return	NOUN
abr-37	5	21	through	through	ADP
abr-37	5	22	value	value	NOUN
abr-37	5	23	-	-	PUNCT
abr-37	5	24	to	to	ADP
abr-37	5	25	-	-	PUNCT
abr-37	5	26	price	price	NOUN
abr-37	5	27	ratios	ratio	NOUN
abr-37	5	28	than	than	ADP
abr-37	5	29	valuation	valuation	NOUN
abr-37	5	30	models	model	NOUN
abr-37	5	31	estimated	estimate	VERB
abr-37	5	32	using	use	VERB
abr-37	5	33	non	non	ADJ
abr-37	5	34	-	-	ADJ
abr-37	5	35	guided	guide	VERB
abr-37	5	36	forecasts	forecast	NOUN
abr-37	5	37	.	.	PUNCT
abr-37	6	1	these	these	DET
abr-37	6	2	results	result	NOUN
abr-37	6	3	provide	provide	VERB
abr-37	6	4	evidence	evidence	NOUN
abr-37	6	5	that	that	SCONJ
abr-37	6	6	management	management	NOUN
abr-37	6	7	forecast	forecast	NOUN
abr-37	6	8	guidance	guidance	NOUN
abr-37	6	9	reduces	reduce	VERB
abr-37	6	10	the	the	DET
abr-37	6	11	usefulness	usefulness	NOUN
abr-37	6	12	of	of	ADP
abr-37	6	13	analyst	analyst	NOUN
abr-37	6	14	forecasts	forecast	NOUN
abr-37	6	15	in	in	ADP
abr-37	6	16	firm	firm	ADJ
abr-37	6	17	valuation	valuation	NOUN
abr-37	6	18	and	and	CCONJ
abr-37	6	19	impairs	impair	VERB
abr-37	6	20	the	the	DET
abr-37	6	21	performance	performance	NOUN
abr-37	6	22	of	of	ADP
abr-37	6	23	forecast	forecast	NOUN
abr-37	6	24	-	-	PUNCT
abr-37	6	25	based	base	VERB
abr-37	6	26	valuation	valuation	NOUN
abr-37	6	27	models	model	NOUN
abr-37	6	28	to	to	PART
abr-37	6	29	predict	predict	VERB
abr-37	6	30	firm	firm	ADJ
abr-37	6	31	value	value	NOUN
abr-37	6	32	.	.	PUNCT
abr-37	7	1	keywords	keyword	NOUN
abr-37	7	2	:	:	PUNCT
abr-37	7	3	firm	firm	ADJ
abr-37	7	4	valuation	valuation	NOUN
abr-37	7	5	;	;	PUNCT
abr-37	7	6	analyst	analyst	NOUN
abr-37	7	7	forecast	forecast	NOUN
abr-37	7	8	;	;	PUNCT
abr-37	7	9	expectations	expectation	NOUN
abr-37	7	10	management	management	NOUN
abr-37	7	11	introduction	introduction	NOUN
abr-37	7	12	ohlson	ohlson	NOUN
abr-37	7	13	(	(	PUNCT
abr-37	7	14	1995	1995	NUM
abr-37	7	15	)	)	PUNCT
abr-37	7	16	provides	provide	VERB
abr-37	7	17	a	a	DET
abr-37	7	18	conceptual	conceptual	ADJ
abr-37	7	19	framework	framework	NOUN
abr-37	7	20	for	for	ADP
abr-37	7	21	relating	relate	VERB
abr-37	7	22	accounting	accounting	NOUN
abr-37	7	23	earnings	earning	NOUN
abr-37	7	24	to	to	ADP
abr-37	7	25	firm	firm	ADJ
abr-37	7	26	value	value	NOUN
abr-37	7	27	.	.	PUNCT
abr-37	8	1	analyst	analyst	NOUN
abr-37	8	2	earnings	earning	NOUN
abr-37	8	3	forecasts	forecast	NOUN
abr-37	8	4	are	be	AUX
abr-37	8	5	important	important	ADJ
abr-37	8	6	inputs	input	NOUN
abr-37	8	7	to	to	ADP
abr-37	8	8	the	the	DET
abr-37	8	9	empirical	empirical	ADJ
abr-37	8	10	implementation	implementation	NOUN
abr-37	8	11	of	of	ADP
abr-37	8	12	ohlson	ohlson	NOUN
abr-37	8	13	’s	’s	PART
abr-37	8	14	(	(	PUNCT
abr-37	8	15	1995	1995	NUM
abr-37	8	16	)	)	PUNCT
abr-37	8	17	residual	residual	ADJ
abr-37	8	18	income	income	NOUN
abr-37	8	19	valuation	valuation	NOUN
abr-37	8	20	model	model	NOUN
abr-37	8	21	(	(	PUNCT
abr-37	8	22	rim	rim	PROPN
abr-37	8	23	)	)	PUNCT
abr-37	8	24	.	.	PUNCT
abr-37	9	1	in	in	ADP
abr-37	9	2	particular	particular	ADJ
abr-37	9	3	,	,	PUNCT
abr-37	9	4	dechow	dechow	ADV
abr-37	9	5	et	et	PROPN
abr-37	9	6	al	al	PROPN
abr-37	9	7	.	.	PUNCT
abr-37	9	8	(	(	PUNCT
abr-37	9	9	1999	1999	NUM
abr-37	9	10	)	)	PUNCT
abr-37	9	11	and	and	CCONJ
abr-37	9	12	frankel	frankel	PROPN
abr-37	9	13	and	and	CCONJ
abr-37	9	14	lee	lee	PROPN
abr-37	9	15	(	(	PUNCT
abr-37	9	16	1998	1998	NUM
abr-37	9	17	)	)	PUNCT
abr-37	9	18	show	show	VERB
abr-37	9	19	that	that	SCONJ
abr-37	9	20	intrinsic	intrinsic	ADJ
abr-37	9	21	value	value	NOUN
abr-37	9	22	metrics	metric	NOUN
abr-37	9	23	(	(	PUNCT
abr-37	9	24	v	v	NOUN
abr-37	9	25	)	)	PUNCT
abr-37	9	26	estimated	estimate	VERB
abr-37	9	27	using	use	VERB
abr-37	9	28	analyst	analyst	NOUN
abr-37	9	29	forecasts	forecast	NOUN
abr-37	9	30	are	be	AUX
abr-37	9	31	better	well	ADJ
abr-37	9	32	than	than	ADP
abr-37	9	33	other	other	ADJ
abr-37	9	34	value	value	NOUN
abr-37	9	35	metrics	metric	NOUN
abr-37	9	36	at	at	ADP
abr-37	9	37	explaining	explain	VERB
abr-37	9	38	contemporaneous	contemporaneous	ADJ
abr-37	9	39	stock	stock	NOUN
abr-37	9	40	price	price	NOUN
abr-37	9	41	(	(	PUNCT
abr-37	9	42	p	p	NOUN
abr-37	9	43	)	)	PUNCT
abr-37	9	44	and	and	CCONJ
abr-37	9	45	predicting	predict	VERB
abr-37	9	46	future	future	ADJ
abr-37	9	47	returns	return	NOUN
abr-37	9	48	through	through	ADP
abr-37	9	49	intrinsic	intrinsic	ADJ
abr-37	9	50	value	value	NOUN
abr-37	9	51	-	-	PUNCT
abr-37	9	52	to	to	ADP
abr-37	9	53	-	-	PUNCT
abr-37	9	54	price	price	NOUN
abr-37	9	55	(	(	PUNCT
abr-37	9	56	v	v	NOUN
abr-37	9	57	/	/	SYM
abr-37	9	58	p	p	NOUN
abr-37	9	59	)	)	PUNCT
abr-37	9	60	ratios	ratio	NOUN
abr-37	9	61	.	.	PUNCT
abr-37	10	1	this	this	PRON
abr-37	10	2	establishes	establish	VERB
abr-37	10	3	the	the	DET
abr-37	10	4	usefulness	usefulness	NOUN
abr-37	10	5	of	of	ADP
abr-37	10	6	analyst	analyst	NOUN
abr-37	10	7	forecasts	forecast	NOUN
abr-37	10	8	in	in	ADP
abr-37	10	9	firm	firm	ADJ
abr-37	10	10	valuation	valuation	NOUN
abr-37	10	11	.	.	PUNCT
abr-37	11	1	while	while	SCONJ
abr-37	11	2	analyst	analyst	NOUN
abr-37	11	3	earnings	earning	NOUN
abr-37	11	4	forecasts	forecast	NOUN
abr-37	11	5	have	have	AUX
abr-37	11	6	gained	gain	VERB
abr-37	11	7	popularity	popularity	NOUN
abr-37	11	8	among	among	ADP
abr-37	11	9	researchers	researcher	NOUN
abr-37	11	10	and	and	CCONJ
abr-37	11	11	investors	investor	NOUN
abr-37	11	12	,	,	PUNCT
abr-37	11	13	analyst	analyst	NOUN
abr-37	11	14	forecasts	forecast	NOUN
abr-37	11	15	are	be	AUX
abr-37	11	16	increasingly	increasingly	ADV
abr-37	11	17	subject	subject	ADJ
abr-37	11	18	to	to	ADP
abr-37	11	19	management	management	NOUN
abr-37	11	20	guidance	guidance	NOUN
abr-37	11	21	.	.	PUNCT
abr-37	12	1	according	accord	VERB
abr-37	12	2	to	to	ADP
abr-37	12	3	the	the	DET
abr-37	12	4	surveys	survey	NOUN
abr-37	12	5	by	by	ADP
abr-37	12	6	niri	niri	PROPN
abr-37	12	7	,	,	PUNCT
abr-37	12	8	around	around	ADV
abr-37	12	9	79	79	NUM
abr-37	12	10	%	%	NOUN
abr-37	12	11	of	of	ADP
abr-37	12	12	firms	firm	NOUN
abr-37	12	13	provide	provide	VERB
abr-37	12	14	some	some	DET
abr-37	12	15	form	form	NOUN
abr-37	12	16	of	of	ADP
abr-37	12	17	earnings	earning	NOUN
abr-37	12	18	guidance	guidance	NOUN
abr-37	12	19	.	.	PUNCT
abr-37	13	1	the	the	DET
abr-37	13	2	ability	ability	NOUN
abr-37	13	3	of	of	ADP
abr-37	13	4	valuation	valuation	NOUN
abr-37	13	5	models	model	NOUN
abr-37	13	6	to	to	PART
abr-37	13	7	estimate	estimate	VERB
abr-37	13	8	firm	firm	ADJ
abr-37	13	9	value	value	NOUN
abr-37	13	10	is	be	AUX
abr-37	13	11	affected	affect	VERB
abr-37	13	12	by	by	ADP
abr-37	13	13	the	the	DET
abr-37	13	14	quality	quality	NOUN
abr-37	13	15	of	of	ADP
abr-37	13	16	model	model	NOUN
abr-37	13	17	inputs	input	NOUN
abr-37	13	18	.	.	PUNCT
abr-37	14	1	gaio	gaio	PROPN
abr-37	14	2	and	and	CCONJ
abr-37	14	3	raposo	raposo	VERB
abr-37	14	4	(	(	PUNCT
abr-37	14	5	2014	2014	NUM
abr-37	14	6	)	)	PUNCT
abr-37	14	7	report	report	NOUN
abr-37	14	8	that	that	SCONJ
abr-37	14	9	earnings	earning	NOUN
abr-37	14	10	quality	quality	NOUN
abr-37	14	11	affects	affect	VERB
abr-37	14	12	firm	firm	ADJ
abr-37	14	13	valuation	valuation	NOUN
abr-37	14	14	.	.	PUNCT
abr-37	15	1	however	however	ADV
abr-37	15	2	,	,	PUNCT
abr-37	15	3	existing	exist	VERB
abr-37	15	4	valuation	valuation	NOUN
abr-37	15	5	studies	study	NOUN
abr-37	15	6	have	have	AUX
abr-37	15	7	not	not	PART
abr-37	15	8	considered	consider	VERB
abr-37	15	9	the	the	DET
abr-37	15	10	impact	impact	NOUN
abr-37	15	11	of	of	ADP
abr-37	15	12	forecast	forecast	NOUN
abr-37	15	13	quality	quality	NOUN
abr-37	15	14	on	on	ADP
abr-37	15	15	the	the	DET
abr-37	15	16	performance	performance	NOUN
abr-37	15	17	of	of	ADP
abr-37	15	18	forecast	forecast	NOUN
abr-37	15	19	-	-	PUNCT
abr-37	15	20	based	base	VERB
abr-37	15	21	valuation	valuation	NOUN
abr-37	15	22	models	model	NOUN
abr-37	15	23	.	.	PUNCT
abr-37	16	1	kasznik	kasznik	NOUN
abr-37	16	2	and	and	CCONJ
abr-37	16	3	mcnichols	mcnichols	PROPN
abr-37	16	4	(	(	PUNCT
abr-37	16	5	2002	2002	NUM
abr-37	16	6	)	)	PUNCT
abr-37	16	7	call	call	NOUN
abr-37	16	8	for	for	ADP
abr-37	16	9	future	future	ADJ
abr-37	16	10	studies	study	NOUN
abr-37	16	11	to	to	PART
abr-37	16	12	investigate	investigate	VERB
abr-37	16	13	the	the	DET
abr-37	16	14	consequences	consequence	NOUN
abr-37	16	15	of	of	ADP
abr-37	16	16	management	management	NOUN
abr-37	16	17	manipulation	manipulation	NOUN
abr-37	16	18	on	on	ADP
abr-37	16	19	firm	firm	ADJ
abr-37	16	20	valuation	valuation	NOUN
abr-37	16	21	.	.	PUNCT
abr-37	17	1	in	in	ADP
abr-37	17	2	response	response	NOUN
abr-37	17	3	,	,	PUNCT
abr-37	17	4	this	this	DET
abr-37	17	5	paper	paper	NOUN
abr-37	17	6	examines	examine	VERB
abr-37	17	7	the	the	DET
abr-37	17	8	impact	impact	NOUN
abr-37	17	9	of	of	ADP
abr-37	17	10	management	management	NOUN
abr-37	17	11	forecast	forecast	NOUN
abr-37	17	12	guidance	guidance	NOUN
abr-37	17	13	on	on	ADP
abr-37	17	14	the	the	DET
abr-37	17	15	usefulness	usefulness	NOUN
abr-37	17	16	of	of	ADP
abr-37	17	17	analyst	analyst	NOUN
abr-37	17	18	forecasts	forecast	NOUN
abr-37	17	19	in	in	ADP
abr-37	17	20	firm	firm	ADJ
abr-37	17	21	valuation	valuation	NOUN
abr-37	17	22	.	.	PUNCT
abr-37	18	1	whether	whether	SCONJ
abr-37	18	2	management	management	NOUN
abr-37	18	3	forecast	forecast	NOUN
abr-37	18	4	guidance	guidance	NOUN
abr-37	18	5	improves	improve	VERB
abr-37	18	6	or	or	CCONJ
abr-37	18	7	impairs	impair	VERB
abr-37	18	8	the	the	DET
abr-37	18	9	usefulness	usefulness	NOUN
abr-37	18	10	of	of	ADP
abr-37	18	11	analyst	analyst	NOUN
abr-37	18	12	forecasts	forecast	NOUN
abr-37	18	13	in	in	ADP
abr-37	18	14	firm	firm	ADJ
abr-37	18	15	valuation	valuation	NOUN
abr-37	18	16	depends	depend	VERB
abr-37	18	17	on	on	ADP
abr-37	18	18	the	the	DET
abr-37	18	19	purpose	purpose	NOUN
abr-37	18	20	of	of	ADP
abr-37	18	21	management	management	NOUN
abr-37	18	22	forecast	forecast	NOUN
abr-37	18	23	guidance	guidance	NOUN
abr-37	18	24	.	.	PUNCT
abr-37	19	1	most	most	ADJ
abr-37	19	2	studies	study	NOUN
abr-37	19	3	in	in	ADP
abr-37	19	4	the	the	DET
abr-37	19	5	expectations	expectation	NOUN
abr-37	19	6	management	management	NOUN
abr-37	19	7	literature	literature	NOUN
abr-37	19	8	,	,	PUNCT
abr-37	19	9	notably	notably	ADV
abr-37	19	10	bartov	bartov	X
abr-37	19	11	et	et	PROPN
abr-37	19	12	al	al	PROPN
abr-37	19	13	.	.	PROPN
abr-37	19	14	(	(	PUNCT
abr-37	19	15	2002	2002	NUM
abr-37	19	16	)	)	PUNCT
abr-37	19	17	and	and	CCONJ
abr-37	19	18	richardson	richardson	PROPN
abr-37	19	19	et	et	PROPN
abr-37	19	20	al	al	PROPN
abr-37	19	21	.	.	PROPN
abr-37	19	22	(	(	PUNCT
abr-37	19	23	2004	2004	NUM
abr-37	19	24	)	)	PUNCT
abr-37	19	25	,	,	PUNCT
abr-37	19	26	take	take	VERB
abr-37	19	27	the	the	DET
abr-37	19	28	view	view	NOUN
abr-37	19	29	that	that	SCONJ
abr-37	19	30	management	management	NOUN
abr-37	19	31	issues	issue	VERB
abr-37	19	32	earnings	earning	NOUN
abr-37	19	33	guidance	guidance	NOUN
abr-37	19	34	for	for	ADP
abr-37	19	35	the	the	DET
abr-37	19	36	purpose	purpose	NOUN
abr-37	19	37	of	of	ADP
abr-37	19	38	dampening	dampen	VERB
abr-37	19	39	analyst	analyst	NOUN
abr-37	19	40	earnings	earning	NOUN
abr-37	19	41	expectations	expectation	NOUN
abr-37	19	42	to	to	PART
abr-37	19	43	produce	produce	VERB
abr-37	19	44	beatable	beatable	ADJ
abr-37	19	45	forecasts	forecast	NOUN
abr-37	19	46	upon	upon	SCONJ
abr-37	19	47	earnings	earning	NOUN
abr-37	19	48	release	release	NOUN
abr-37	19	49	.	.	PUNCT
abr-37	20	1	this	this	DET
abr-37	20	2	view	view	NOUN
abr-37	20	3	is	be	AUX
abr-37	20	4	supported	support	VERB
abr-37	20	5	by	by	ADP
abr-37	20	6	subsequent	subsequent	ADJ
abr-37	20	7	studies	study	NOUN
abr-37	20	8	.	.	PUNCT
abr-37	21	1	for	for	ADP
abr-37	21	2	instance	instance	NOUN
abr-37	21	3	,	,	PUNCT
abr-37	21	4	graham	graham	PROPN
abr-37	21	5	et	et	PROPN
abr-37	21	6	al	al	PROPN
abr-37	21	7	.	.	PROPN
abr-37	22	1	(	(	PUNCT
abr-37	22	2	2005	2005	NUM
abr-37	22	3	)	)	PUNCT
abr-37	22	4	document	document	NOUN
abr-37	22	5	in	in	ADP
abr-37	22	6	a	a	DET
abr-37	22	7	survey	survey	NOUN
abr-37	22	8	study	study	NOUN
abr-37	22	9	that	that	SCONJ
abr-37	22	10	cfos	cfos	PROPN
abr-37	22	11	admit	admit	VERB
abr-37	22	12	that	that	SCONJ
abr-37	22	13	they	they	PRON
abr-37	22	14	would	would	AUX
abr-37	22	15	guide	guide	VERB
abr-37	22	16	analyst	analyst	NOUN
abr-37	22	17	forecasts	forecast	VERB
abr-37	22	18	down	down	ADP
abr-37	22	19	to	to	ADP
abr-37	22	20	artificially	artificially	ADV
abr-37	22	21	low	low	ADJ
abr-37	22	22	levels	level	NOUN
abr-37	22	23	in	in	ADP
abr-37	22	24	order	order	NOUN
abr-37	22	25	to	to	PART
abr-37	22	26	meet	meet	VERB
abr-37	22	27	or	or	CCONJ
abr-37	22	28	beat	beat	VERB
abr-37	22	29	analyst	analyst	NOUN
abr-37	22	30	earnings	earning	NOUN
abr-37	22	31	expectations	expectation	NOUN
abr-37	22	32	(	(	PUNCT
abr-37	22	33	hereafter	hereafter	ADV
abr-37	22	34	,	,	PUNCT
abr-37	22	35	mbe	mbe	PROPN
abr-37	22	36	)	)	PUNCT
abr-37	22	37	;	;	PUNCT
abr-37	22	38	burgstahler	burgstahler	NOUN
abr-37	22	39	and	and	CCONJ
abr-37	22	40	eames	eames	PROPN
abr-37	22	41	(	(	PUNCT
abr-37	22	42	2006	2006	NUM
abr-37	22	43	)	)	PUNCT
abr-37	22	44	and	and	CCONJ
abr-37	22	45	koh	koh	PROPN
abr-37	22	46	et	et	PROPN
abr-37	22	47	al	al	PROPN
abr-37	22	48	.	.	PROPN
abr-37	23	1	(	(	PUNCT
abr-37	23	2	2008	2008	NUM
abr-37	23	3	)	)	PUNCT
abr-37	23	4	document	document	NOUN
abr-37	23	5	that	that	PRON
abr-37	23	6	firms	firm	NOUN
abr-37	23	7	manage	manage	VERB
abr-37	23	8	analyst	analyst	NOUN
abr-37	23	9	forecasts	forecast	NOUN
abr-37	23	10	downward	downward	ADV
abr-37	23	11	to	to	PART
abr-37	23	12	just	just	ADV
abr-37	23	13	meet	meet	VERB
abr-37	23	14	analyst	analyst	NOUN
abr-37	23	15	expectations	expectation	NOUN
abr-37	23	16	;	;	PUNCT
abr-37	23	17	and	and	CCONJ
abr-37	23	18	kross	kross	PROPN
abr-37	23	19	et	et	PROPN
abr-37	23	20	al	al	PROPN
abr-37	23	21	.	.	PROPN
abr-37	24	1	(	(	PUNCT
abr-37	24	2	2011	2011	NUM
abr-37	24	3	)	)	PUNCT
abr-37	24	4	find	find	VERB
abr-37	24	5	that	that	SCONJ
abr-37	24	6	firms	firm	NOUN
abr-37	24	7	that	that	PRON
abr-37	24	8	consistently	consistently	ADV
abr-37	24	9	mbe	mbe	VERB
abr-37	24	10	are	be	AUX
abr-37	24	11	more	more	ADV
abr-37	24	12	likely	likely	ADJ
abr-37	24	13	to	to	PART
abr-37	24	14	issue	issue	VERB
abr-37	24	15	bad	bad	ADJ
abr-37	24	16	-	-	PUNCT
abr-37	24	17	news	news	NOUN
abr-37	24	18	management	management	NOUN
abr-37	24	19	http://journals.sfu.ca/abr	http://journals.sfu.ca/abr	VERB
abr-37	24	20	usefulness	usefulness	NOUN
abr-37	24	21	of	of	ADP
abr-37	24	22	analyst	analyst	NOUN
abr-37	24	23	forecasts	forecast	NOUN
abr-37	24	24	in	in	ADP
abr-37	24	25	firm	firm	ADJ
abr-37	24	26	valuation	valuation	NOUN
abr-37	24	27	2	2	NUM
abr-37	24	28	forecasts	forecast	NOUN
abr-37	24	29	to	to	PART
abr-37	24	30	guide	guide	VERB
abr-37	24	31	down	down	ADP
abr-37	24	32	analysts	analyst	NOUN
abr-37	24	33	'	'	PART
abr-37	24	34	expectations	expectation	NOUN
abr-37	24	35	and	and	CCONJ
abr-37	24	36	produce	produce	VERB
abr-37	24	37	beatable	beatable	ADJ
abr-37	24	38	forecasts	forecast	NOUN
abr-37	24	39	.	.	PUNCT
abr-37	25	1	similar	similar	ADJ
abr-37	25	2	findings	finding	NOUN
abr-37	25	3	are	be	AUX
abr-37	25	4	reported	report	VERB
abr-37	25	5	in	in	ADP
abr-37	25	6	the	the	DET
abr-37	25	7	uk	uk	PROPN
abr-37	25	8	context	context	NOUN
abr-37	25	9	(	(	PUNCT
abr-37	25	10	e.g.	e.g.	ADJ
abr-37	25	11	,	,	PUNCT
abr-37	25	12	brown	brown	ADJ
abr-37	25	13	and	and	CCONJ
abr-37	25	14	higgins	higgins	PROPN
abr-37	25	15	,	,	PUNCT
abr-37	25	16	2005	2005	NUM
abr-37	25	17	;	;	PUNCT
abr-37	25	18	athanasakou	athanasakou	PROPN
abr-37	25	19	et	et	PROPN
abr-37	26	1	al	al	PROPN
abr-37	26	2	.	.	PROPN
abr-37	26	3	,	,	PUNCT
abr-37	26	4	2009	2009	NUM
abr-37	26	5	)	)	PUNCT
abr-37	26	6	.	.	PUNCT
abr-37	27	1	however	however	ADV
abr-37	27	2	,	,	PUNCT
abr-37	27	3	not	not	PART
abr-37	27	4	all	all	DET
abr-37	27	5	forecast	forecast	NOUN
abr-37	27	6	guidance	guidance	NOUN
abr-37	27	7	is	be	AUX
abr-37	27	8	issued	issue	VERB
abr-37	27	9	for	for	ADP
abr-37	27	10	the	the	DET
abr-37	27	11	purpose	purpose	NOUN
abr-37	27	12	of	of	ADP
abr-37	27	13	manipulating	manipulate	VERB
abr-37	27	14	analysts	analyst	NOUN
abr-37	27	15	'	'	PART
abr-37	27	16	earnings	earning	NOUN
abr-37	27	17	expectations	expectation	NOUN
abr-37	27	18	.	.	PUNCT
abr-37	28	1	several	several	ADJ
abr-37	28	2	studies	study	NOUN
abr-37	28	3	in	in	ADP
abr-37	28	4	the	the	DET
abr-37	28	5	voluntary	voluntary	ADJ
abr-37	28	6	disclosure	disclosure	NOUN
abr-37	28	7	literature	literature	NOUN
abr-37	28	8	document	document	NOUN
abr-37	28	9	that	that	PRON
abr-37	28	10	sometimes	sometimes	ADV
abr-37	28	11	firms	firm	NOUN
abr-37	28	12	issue	issue	VERB
abr-37	28	13	earnings	earning	NOUN
abr-37	28	14	guidance	guidance	NOUN
abr-37	28	15	to	to	PART
abr-37	28	16	truthfully	truthfully	ADV
abr-37	28	17	communicate	communicate	VERB
abr-37	28	18	inside	inside	ADP
abr-37	28	19	information	information	NOUN
abr-37	28	20	and	and	CCONJ
abr-37	28	21	abate	abate	VERB
abr-37	28	22	analyst	analyst	NOUN
abr-37	28	23	overoptimism	overoptimism	NOUN
abr-37	28	24	.	.	PUNCT
abr-37	29	1	in	in	ADP
abr-37	29	2	particular	particular	ADJ
abr-37	29	3	,	,	PUNCT
abr-37	29	4	kasznik	kasznik	NOUN
abr-37	29	5	and	and	CCONJ
abr-37	29	6	lev	lev	NOUN
abr-37	29	7	(	(	PUNCT
abr-37	29	8	1995	1995	NUM
abr-37	29	9	)	)	PUNCT
abr-37	29	10	,	,	PUNCT
abr-37	29	11	coller	coller	NOUN
abr-37	29	12	and	and	CCONJ
abr-37	29	13	yohn	yohn	PROPN
abr-37	29	14	(	(	PUNCT
abr-37	29	15	1997	1997	NUM
abr-37	29	16	)	)	PUNCT
abr-37	29	17	,	,	PUNCT
abr-37	29	18	and	and	CCONJ
abr-37	29	19	hutton	hutton	PROPN
abr-37	29	20	,	,	PUNCT
abr-37	29	21	miller	miller	PROPN
abr-37	29	22	,	,	PUNCT
abr-37	29	23	and	and	CCONJ
abr-37	29	24	skinner	skinner	PROPN
abr-37	29	25	(	(	PUNCT
abr-37	29	26	2003	2003	NUM
abr-37	29	27	)	)	PUNCT
abr-37	29	28	document	document	NOUN
abr-37	29	29	that	that	PRON
abr-37	29	30	firms	firm	NOUN
abr-37	29	31	issue	issue	VERB
abr-37	29	32	earnings	earning	NOUN
abr-37	29	33	guidance	guidance	NOUN
abr-37	29	34	to	to	PART
abr-37	29	35	reduce	reduce	VERB
abr-37	29	36	information	information	NOUN
abr-37	29	37	asymmetry	asymmetry	NOUN
abr-37	29	38	between	between	ADP
abr-37	29	39	the	the	DET
abr-37	29	40	firm	firm	NOUN
abr-37	29	41	and	and	CCONJ
abr-37	29	42	the	the	DET
abr-37	29	43	market	market	NOUN
abr-37	29	44	.	.	PUNCT
abr-37	30	1	lansford	lansford	NOUN
abr-37	30	2	,	,	PUNCT
abr-37	30	3	lev	lev	NOUN
abr-37	30	4	and	and	CCONJ
abr-37	30	5	tucker	tucker	PROPN
abr-37	30	6	(	(	PUNCT
abr-37	30	7	2013	2013	NUM
abr-37	30	8	)	)	PUNCT
abr-37	30	9	document	document	NOUN
abr-37	30	10	that	that	PRON
abr-37	30	11	firms	firm	NOUN
abr-37	30	12	’	'	PUNCT
abr-37	30	13	voluntary	voluntary	ADJ
abr-37	30	14	earnings	earning	NOUN
abr-37	30	15	guidance	guidance	NOUN
abr-37	30	16	assists	assist	VERB
abr-37	30	17	analysts	analyst	NOUN
abr-37	30	18	and	and	CCONJ
abr-37	30	19	investors	investor	NOUN
abr-37	30	20	in	in	ADP
abr-37	30	21	predicting	predict	VERB
abr-37	30	22	future	future	ADJ
abr-37	30	23	operating	operating	NOUN
abr-37	30	24	performance	performance	NOUN
abr-37	30	25	.	.	PUNCT
abr-37	31	1	such	such	ADJ
abr-37	31	2	earnings	earning	NOUN
abr-37	31	3	guidance	guidance	NOUN
abr-37	31	4	reduces	reduce	VERB
abr-37	31	5	information	information	NOUN
abr-37	31	6	asymmetry	asymmetry	NOUN
abr-37	31	7	and	and	CCONJ
abr-37	31	8	improves	improve	VERB
abr-37	31	9	forecast	forecast	NOUN
abr-37	31	10	accuracy	accuracy	NOUN
abr-37	31	11	(	(	PUNCT
abr-37	31	12	lang	lang	PROPN
abr-37	31	13	and	and	CCONJ
abr-37	31	14	lundholm	lundholm	ADJ
abr-37	31	15	1996	1996	NUM
abr-37	31	16	)	)	PUNCT
abr-37	31	17	.	.	PUNCT
abr-37	32	1	whether	whether	SCONJ
abr-37	32	2	management	management	NOUN
abr-37	32	3	forecast	forecast	NOUN
abr-37	32	4	guidance	guidance	NOUN
abr-37	32	5	improves	improve	VERB
abr-37	32	6	or	or	CCONJ
abr-37	32	7	impairs	impair	VERB
abr-37	32	8	the	the	DET
abr-37	32	9	usefulness	usefulness	NOUN
abr-37	32	10	of	of	ADP
abr-37	32	11	analyst	analyst	NOUN
abr-37	32	12	forecasts	forecast	NOUN
abr-37	32	13	in	in	ADP
abr-37	32	14	firm	firm	ADJ
abr-37	32	15	valuation	valuation	NOUN
abr-37	32	16	depends	depend	VERB
abr-37	32	17	on	on	ADP
abr-37	32	18	the	the	DET
abr-37	32	19	relative	relative	ADJ
abr-37	32	20	mix	mix	NOUN
abr-37	32	21	of	of	ADP
abr-37	32	22	these	these	DET
abr-37	32	23	two	two	NUM
abr-37	32	24	types	type	NOUN
abr-37	32	25	of	of	ADP
abr-37	32	26	guidance	guidance	NOUN
abr-37	32	27	.	.	PUNCT
abr-37	33	1	that	that	PRON
abr-37	33	2	is	be	AUX
abr-37	33	3	,	,	PUNCT
abr-37	33	4	if	if	SCONJ
abr-37	33	5	firms	firm	NOUN
abr-37	33	6	issue	issue	VERB
abr-37	33	7	earnings	earning	NOUN
abr-37	33	8	guidance	guidance	NOUN
abr-37	33	9	mainly	mainly	ADV
abr-37	33	10	for	for	ADP
abr-37	33	11	the	the	DET
abr-37	33	12	purpose	purpose	NOUN
abr-37	33	13	of	of	ADP
abr-37	33	14	walking	walk	VERB
abr-37	33	15	down	down	ADP
abr-37	33	16	analyst	analyst	NOUN
abr-37	33	17	expectations	expectation	NOUN
abr-37	33	18	to	to	PART
abr-37	33	19	produce	produce	VERB
abr-37	33	20	beatable	beatable	ADJ
abr-37	33	21	forecasts	forecast	NOUN
abr-37	33	22	at	at	ADP
abr-37	33	23	earnings	earning	NOUN
abr-37	33	24	release	release	NOUN
abr-37	33	25	,	,	PUNCT
abr-37	33	26	then	then	ADV
abr-37	33	27	forecast	forecast	NOUN
abr-37	33	28	guidance	guidance	NOUN
abr-37	33	29	will	will	AUX
abr-37	33	30	reduce	reduce	VERB
abr-37	33	31	the	the	DET
abr-37	33	32	ability	ability	NOUN
abr-37	33	33	of	of	ADP
abr-37	33	34	analyst	analyst	NOUN
abr-37	33	35	forecasts	forecast	NOUN
abr-37	33	36	to	to	PART
abr-37	33	37	convey	convey	VERB
abr-37	33	38	information	information	NOUN
abr-37	33	39	about	about	ADP
abr-37	33	40	firms	firm	NOUN
abr-37	33	41	’	'	PUNCT
abr-37	33	42	future	future	ADJ
abr-37	33	43	performance	performance	NOUN
abr-37	33	44	and	and	CCONJ
abr-37	33	45	therefore	therefore	ADV
abr-37	33	46	impair	impair	VERB
abr-37	33	47	the	the	DET
abr-37	33	48	usefulness	usefulness	NOUN
abr-37	33	49	of	of	ADP
abr-37	33	50	analyst	analyst	NOUN
abr-37	33	51	forecasts	forecast	NOUN
abr-37	33	52	in	in	ADP
abr-37	33	53	firm	firm	ADJ
abr-37	33	54	valuation	valuation	NOUN
abr-37	33	55	.	.	PUNCT
abr-37	34	1	this	this	DET
abr-37	34	2	hypothesis	hypothesis	NOUN
abr-37	34	3	is	be	AUX
abr-37	34	4	formally	formally	ADV
abr-37	34	5	stated	state	VERB
abr-37	34	6	as	as	SCONJ
abr-37	34	7	follows	follow	VERB
abr-37	34	8	:	:	PUNCT
abr-37	34	9	h	h	NOUN
abr-37	34	10	:	:	PUNCT
abr-37	34	11	management	management	NOUN
abr-37	34	12	forecast	forecast	NOUN
abr-37	34	13	guidance	guidance	NOUN
abr-37	34	14	impairs	impair	VERB
abr-37	34	15	the	the	DET
abr-37	34	16	usefulness	usefulness	NOUN
abr-37	34	17	of	of	ADP
abr-37	34	18	analyst	analyst	NOUN
abr-37	34	19	earnings	earning	NOUN
abr-37	34	20	forecasts	forecast	NOUN
abr-37	34	21	in	in	ADP
abr-37	34	22	forecast	forecast	NOUN
abr-37	34	23	-	-	PUNCT
abr-37	34	24	based	base	VERB
abr-37	34	25	valuation	valuation	NOUN
abr-37	34	26	models	model	NOUN
abr-37	34	27	.	.	PUNCT
abr-37	35	1	however	however	ADV
abr-37	35	2	,	,	PUNCT
abr-37	35	3	if	if	SCONJ
abr-37	35	4	firms	firm	NOUN
abr-37	35	5	issue	issue	VERB
abr-37	35	6	earnings	earning	NOUN
abr-37	35	7	guidance	guidance	NOUN
abr-37	35	8	mainly	mainly	ADV
abr-37	35	9	for	for	ADP
abr-37	35	10	the	the	DET
abr-37	35	11	purpose	purpose	NOUN
abr-37	35	12	of	of	ADP
abr-37	35	13	communicating	communicate	VERB
abr-37	35	14	inside	inside	ADJ
abr-37	35	15	information	information	NOUN
abr-37	35	16	and	and	CCONJ
abr-37	35	17	correcting	correct	VERB
abr-37	35	18	analyst	analyst	NOUN
abr-37	35	19	optimism	optimism	NOUN
abr-37	35	20	,	,	PUNCT
abr-37	35	21	then	then	ADV
abr-37	35	22	such	such	ADJ
abr-37	35	23	guidance	guidance	NOUN
abr-37	35	24	will	will	AUX
abr-37	35	25	improve	improve	VERB
abr-37	35	26	the	the	DET
abr-37	35	27	usefulness	usefulness	NOUN
abr-37	35	28	of	of	ADP
abr-37	35	29	analyst	analyst	NOUN
abr-37	35	30	forecasts	forecast	NOUN
abr-37	35	31	in	in	ADP
abr-37	35	32	firm	firm	ADJ
abr-37	35	33	valuation	valuation	NOUN
abr-37	35	34	.	.	PUNCT
abr-37	36	1	the	the	DET
abr-37	36	2	alternative	alternative	ADJ
abr-37	36	3	hypothesis	hypothesis	NOUN
abr-37	36	4	is	be	AUX
abr-37	36	5	stated	state	VERB
abr-37	36	6	as	as	SCONJ
abr-37	36	7	follows	follow	VERB
abr-37	36	8	:	:	PUNCT
abr-37	36	9	h(a	h(a	PROPN
abr-37	36	10	):	):	PUNCT
abr-37	36	11	management	management	NOUN
abr-37	36	12	forecast	forecast	NOUN
abr-37	36	13	guidance	guidance	NOUN
abr-37	36	14	improves	improve	VERB
abr-37	36	15	the	the	DET
abr-37	36	16	usefulness	usefulness	NOUN
abr-37	36	17	of	of	ADP
abr-37	36	18	analyst	analyst	NOUN
abr-37	36	19	earnings	earning	NOUN
abr-37	36	20	forecasts	forecast	NOUN
abr-37	36	21	in	in	ADP
abr-37	36	22	forecastbased	forecastbased	ADJ
abr-37	36	23	valuation	valuation	NOUN
abr-37	36	24	models	model	NOUN
abr-37	36	25	.	.	PUNCT
abr-37	37	1	research	research	NOUN
abr-37	37	2	design	design	NOUN
abr-37	37	3	this	this	DET
abr-37	37	4	section	section	NOUN
abr-37	37	5	describes	describe	VERB
abr-37	37	6	the	the	DET
abr-37	37	7	research	research	NOUN
abr-37	37	8	design	design	NOUN
abr-37	37	9	including	include	VERB
abr-37	37	10	estimating	estimate	VERB
abr-37	37	11	value	value	NOUN
abr-37	37	12	metrics	metric	NOUN
abr-37	37	13	,	,	PUNCT
abr-37	37	14	the	the	DET
abr-37	37	15	forecast	forecast	NOUN
abr-37	37	16	guidance	guidance	NOUN
abr-37	37	17	measure	measure	NOUN
abr-37	37	18	,	,	PUNCT
abr-37	37	19	the	the	DET
abr-37	37	20	intrinsic	intrinsic	ADJ
abr-37	37	21	value	value	NOUN
abr-37	37	22	measure	measure	NOUN
abr-37	37	23	,	,	PUNCT
abr-37	37	24	and	and	CCONJ
abr-37	37	25	the	the	DET
abr-37	37	26	empirical	empirical	ADJ
abr-37	37	27	analyses	analysis	NOUN
abr-37	37	28	.	.	PUNCT
abr-37	38	1	estimating	estimate	VERB
abr-37	38	2	intrinsic	intrinsic	ADJ
abr-37	38	3	value	value	NOUN
abr-37	38	4	metrics	metric	NOUN
abr-37	38	5	(	(	PUNCT
abr-37	38	6	v	v	NOUN
abr-37	38	7	)	)	PUNCT
abr-37	38	8	following	follow	VERB
abr-37	38	9	dechow	dechow	ADV
abr-37	38	10	et	et	PROPN
abr-37	38	11	al	al	PROPN
abr-37	38	12	.	.	PUNCT
abr-37	38	13	(	(	PUNCT
abr-37	38	14	1999	1999	NUM
abr-37	38	15	)	)	PUNCT
abr-37	38	16	,	,	PUNCT
abr-37	38	17	this	this	DET
abr-37	38	18	study	study	NOUN
abr-37	38	19	uses	use	VERB
abr-37	38	20	ohlson	ohlson	PROPN
abr-37	38	21	’s	’s	PART
abr-37	38	22	(	(	PUNCT
abr-37	38	23	1995	1995	NUM
abr-37	38	24	)	)	PUNCT
abr-37	38	25	rim	rim	NOUN
abr-37	38	26	as	as	SCONJ
abr-37	38	27	the	the	DET
abr-37	38	28	valuation	valuation	NOUN
abr-37	38	29	framework	framework	NOUN
abr-37	38	30	to	to	PART
abr-37	38	31	estimate	estimate	VERB
abr-37	38	32	v.	v.	ADP
abr-37	38	33	specifically	specifically	ADV
abr-37	38	34	,	,	PUNCT
abr-37	38	35	at	at	ADP
abr-37	38	36	the	the	DET
abr-37	38	37	end	end	NOUN
abr-37	38	38	of	of	ADP
abr-37	38	39	each	each	DET
abr-37	38	40	forecast	forecast	NOUN
abr-37	38	41	year	year	PROPN
abr-37	38	42	t	t	PROPN
abr-37	38	43	,	,	PUNCT
abr-37	38	44	v	v	NOUN
abr-37	38	45	is	be	AUX
abr-37	38	46	constructed	construct	VERB
abr-37	38	47	for	for	ADP
abr-37	38	48	each	each	DET
abr-37	38	49	firm	firm	NOUN
abr-37	38	50	using	use	VERB
abr-37	38	51	earnings	earning	NOUN
abr-37	38	52	in	in	ADP
abr-37	38	53	year	year	NOUN
abr-37	38	54	t-1	t-1	PROPN
abr-37	38	55	,	,	PUNCT
abr-37	38	56	book	book	NOUN
abr-37	38	57	value	value	NOUN
abr-37	38	58	at	at	ADP
abr-37	38	59	the	the	DET
abr-37	38	60	beginning	beginning	NOUN
abr-37	38	61	of	of	ADP
abr-37	38	62	year	year	NOUN
abr-37	38	63	t	t	PROPN
abr-37	38	64	,	,	PUNCT
abr-37	38	65	and	and	CCONJ
abr-37	38	66	the	the	DET
abr-37	38	67	consensus	consensus	NOUN
abr-37	38	68	forecast	forecast	NOUN
abr-37	38	69	for	for	ADP
abr-37	38	70	year	year	NOUN
abr-37	38	71	t	t	PROPN
abr-37	38	72	’s	’s	PART
abr-37	38	73	earnings	earning	NOUN
abr-37	38	74	measured	measure	VERB
abr-37	38	75	at	at	ADP
abr-37	38	76	the	the	DET
abr-37	38	77	end	end	NOUN
abr-37	38	78	of	of	ADP
abr-37	38	79	year	year	NOUN
abr-37	38	80	t	t	PROPN
abr-37	38	81	(	(	PUNCT
abr-37	38	82	prior	prior	ADV
abr-37	38	83	to	to	ADP
abr-37	38	84	the	the	DET
abr-37	38	85	earnings	earning	NOUN
abr-37	38	86	announcement	announcement	NOUN
abr-37	38	87	)	)	PUNCT
abr-37	38	88	.	.	PUNCT
abr-37	39	1	better	well	ADJ
abr-37	39	2	v	v	ADP
abr-37	39	3	metrics	metric	NOUN
abr-37	39	4	have	have	VERB
abr-37	39	5	greater	great	ADJ
abr-37	39	6	ability	ability	NOUN
abr-37	39	7	to	to	PART
abr-37	39	8	explain	explain	VERB
abr-37	39	9	contemporary	contemporary	ADJ
abr-37	39	10	stock	stock	NOUN
abr-37	39	11	price	price	NOUN
abr-37	39	12	and	and	CCONJ
abr-37	39	13	predict	predict	VERB
abr-37	39	14	future	future	ADJ
abr-37	39	15	returns	return	NOUN
abr-37	39	16	through	through	ADP
abr-37	39	17	v	v	ADP
abr-37	39	18	/	/	SYM
abr-37	39	19	p	p	NOUN
abr-37	39	20	ratios	ratio	NOUN
abr-37	39	21	(	(	PUNCT
abr-37	39	22	frankel	frankel	NOUN
abr-37	39	23	and	and	CCONJ
abr-37	39	24	lee	lee	PROPN
abr-37	39	25	,	,	PUNCT
abr-37	39	26	1998	1998	NUM
abr-37	39	27	;	;	PUNCT
abr-37	39	28	lee	lee	PROPN
abr-37	39	29	et	et	PROPN
abr-37	39	30	al	al	PROPN
abr-37	39	31	.	.	PROPN
abr-37	39	32	,	,	PUNCT
abr-37	39	33	1999	1999	NUM
abr-37	39	34	;	;	PUNCT
abr-37	39	35	dechow	dechow	ADJ
abr-37	39	36	et	et	PROPN
abr-37	39	37	al	al	PROPN
abr-37	39	38	.	.	PROPN
abr-37	39	39	,	,	PUNCT
abr-37	39	40	1999	1999	NUM
abr-37	39	41	;	;	PUNCT
abr-37	39	42	sohn	sohn	PROPN
abr-37	39	43	,	,	PUNCT
abr-37	39	44	2012	2012	NUM
abr-37	39	45	)	)	PUNCT
abr-37	39	46	.	.	PUNCT
abr-37	40	1	in	in	ADP
abr-37	40	2	particular	particular	ADJ
abr-37	40	3	,	,	PUNCT
abr-37	40	4	lee	lee	PROPN
abr-37	40	5	et	et	PROPN
abr-37	40	6	al	al	PROPN
abr-37	40	7	.	.	PROPN
abr-37	40	8	(	(	PUNCT
abr-37	40	9	1999	1999	NUM
abr-37	40	10	)	)	PUNCT
abr-37	40	11	argue	argue	VERB
abr-37	40	12	that	that	SCONJ
abr-37	40	13	although	although	SCONJ
abr-37	40	14	accounting	accounting	NOUN
abr-37	40	15	regulators	regulator	NOUN
abr-37	40	16	are	be	AUX
abr-37	40	17	more	more	ADV
abr-37	40	18	concerned	concerned	ADJ
abr-37	40	19	with	with	ADP
abr-37	40	20	the	the	DET
abr-37	40	21	value	value	NOUN
abr-37	40	22	relevance	relevance	NOUN
abr-37	40	23	of	of	ADP
abr-37	40	24	accounting	accounting	NOUN
abr-37	40	25	-	-	PUNCT
abr-37	40	26	based	base	VERB
abr-37	40	27	measures	measure	NOUN
abr-37	40	28	and	and	CCONJ
abr-37	40	29	portfolio	portfolio	NOUN
abr-37	40	30	managers	manager	NOUN
abr-37	40	31	are	be	AUX
abr-37	40	32	more	more	ADV
abr-37	40	33	interested	interested	ADJ
abr-37	40	34	in	in	ADP
abr-37	40	35	v	v	NOUN
abr-37	40	36	’s	’s	PART
abr-37	40	37	predictive	predictive	ADJ
abr-37	40	38	power	power	NOUN
abr-37	40	39	,	,	PUNCT
abr-37	40	40	both	both	DET
abr-37	40	41	stock	stock	NOUN
abr-37	40	42	tracking	tracking	NOUN
abr-37	40	43	ability	ability	NOUN
abr-37	40	44	and	and	CCONJ
abr-37	40	45	return	return	VERB
abr-37	40	46	prediction	prediction	NOUN
abr-37	40	47	power	power	NOUN
abr-37	40	48	are	be	AUX
abr-37	40	49	desirable	desirable	ADJ
abr-37	40	50	properties	property	NOUN
abr-37	40	51	of	of	ADP
abr-37	40	52	the	the	DET
abr-37	40	53	v	v	NOUN
abr-37	40	54	metrics	metric	NOUN
abr-37	40	55	;	;	PUNCT
abr-37	40	56	they	they	PRON
abr-37	40	57	find	find	VERB
abr-37	40	58	that	that	SCONJ
abr-37	40	59	better	well	ADJ
abr-37	40	60	v	v	NOUN
abr-37	40	61	performs	perform	VERB
abr-37	40	62	better	well	ADV
abr-37	40	63	in	in	ADP
abr-37	40	64	both	both	DET
abr-37	40	65	dimensions	dimension	NOUN
abr-37	40	66	.	.	PUNCT
abr-37	41	1	therefore	therefore	ADV
abr-37	41	2	,	,	PUNCT
abr-37	41	3	this	this	DET
abr-37	41	4	study	study	NOUN
abr-37	41	5	employs	employ	VERB
abr-37	41	6	both	both	DET
abr-37	41	7	analyses	analysis	NOUN
abr-37	41	8	—	—	PUNCT
abr-37	41	9	it	it	PRON
abr-37	41	10	investigates	investigate	VERB
abr-37	41	11	the	the	DET
abr-37	41	12	impact	impact	NOUN
abr-37	41	13	of	of	ADP
abr-37	41	14	forecast	forecast	NOUN
abr-37	41	15	guidance	guidance	NOUN
abr-37	41	16	on	on	ADP
abr-37	41	17	the	the	DET
abr-37	41	18	usefulness	usefulness	NOUN
abr-37	41	19	of	of	ADP
abr-37	41	20	analyst	analyst	NOUN
abr-37	41	21	forecasts	forecast	NOUN
abr-37	41	22	by	by	ADP
abr-37	41	23	comparing	compare	VERB
abr-37	41	24	the	the	DET
abr-37	41	25	performance	performance	NOUN
abr-37	41	26	of	of	ADP
abr-37	41	27	v	v	NUM
abr-37	41	28	estimated	estimate	VERB
abr-37	41	29	using	use	VERB
abr-37	41	30	guided	guide	VERB
abr-37	41	31	versus	versus	ADP
abr-37	41	32	non	non	ADJ
abr-37	41	33	-	-	ADJ
abr-37	41	34	guided	guide	VERB
abr-37	41	35	forecasts	forecast	NOUN
abr-37	41	36	to	to	PART
abr-37	41	37	explain	explain	VERB
abr-37	41	38	stock	stock	NOUN
abr-37	41	39	price	price	NOUN
abr-37	41	40	and	and	CCONJ
abr-37	41	41	predict	predict	VERB
abr-37	41	42	future	future	ADJ
abr-37	41	43	returns	return	NOUN
abr-37	41	44	through	through	ADP
abr-37	41	45	v	v	ADP
abr-37	41	46	/	/	SYM
abr-37	41	47	p	p	NOUN
abr-37	41	48	ratios	ratio	NOUN
abr-37	41	49	.	.	PUNCT
abr-37	42	1	tian	tian	ADJ
abr-37	42	2	3	3	NUM
abr-37	42	3	forecast	forecast	NOUN
abr-37	42	4	guidance	guidance	NOUN
abr-37	42	5	measure	measure	NOUN
abr-37	42	6	firms	firm	NOUN
abr-37	42	7	can	can	AUX
abr-37	42	8	use	use	VERB
abr-37	42	9	different	different	ADJ
abr-37	42	10	channels	channel	NOUN
abr-37	42	11	to	to	PART
abr-37	42	12	guide	guide	VERB
abr-37	42	13	analyst	analyst	NOUN
abr-37	42	14	expectations	expectation	NOUN
abr-37	42	15	.	.	PUNCT
abr-37	43	1	in	in	ADP
abr-37	43	2	particular	particular	ADJ
abr-37	43	3	,	,	PUNCT
abr-37	43	4	they	they	PRON
abr-37	43	5	can	can	AUX
abr-37	43	6	issue	issue	VERB
abr-37	43	7	management	management	NOUN
abr-37	43	8	forecasts	forecast	NOUN
abr-37	43	9	or	or	CCONJ
abr-37	43	10	host	host	NOUN
abr-37	43	11	conference	conference	NOUN
abr-37	43	12	calls	call	NOUN
abr-37	43	13	,	,	PUNCT
abr-37	43	14	or	or	CCONJ
abr-37	43	15	guide	guide	VERB
abr-37	43	16	analyst	analyst	NOUN
abr-37	43	17	expectations	expectation	NOUN
abr-37	43	18	via	via	ADP
abr-37	43	19	private	private	ADJ
abr-37	43	20	conversations	conversation	NOUN
abr-37	43	21	with	with	ADP
abr-37	43	22	analysts	analyst	NOUN
abr-37	43	23	in	in	ADP
abr-37	43	24	informal	informal	ADJ
abr-37	43	25	settings	setting	NOUN
abr-37	43	26	.	.	PUNCT
abr-37	44	1	this	this	DET
abr-37	44	2	study	study	NOUN
abr-37	44	3	constructs	construct	VERB
abr-37	44	4	a	a	DET
abr-37	44	5	measure	measure	NOUN
abr-37	44	6	of	of	ADP
abr-37	44	7	management	management	NOUN
abr-37	44	8	forecast	forecast	NOUN
abr-37	44	9	guidance	guidance	NOUN
abr-37	44	10	that	that	PRON
abr-37	44	11	captures	capture	VERB
abr-37	44	12	management	management	NOUN
abr-37	44	13	guidance	guidance	NOUN
abr-37	44	14	through	through	ADP
abr-37	44	15	different	different	ADJ
abr-37	44	16	channels	channel	NOUN
abr-37	44	17	.	.	PUNCT
abr-37	45	1	prior	prior	ADJ
abr-37	45	2	research	research	NOUN
abr-37	45	3	has	have	AUX
abr-37	45	4	developed	develop	VERB
abr-37	45	5	two	two	NUM
abr-37	45	6	main	main	ADJ
abr-37	45	7	approaches	approach	NOUN
abr-37	45	8	to	to	PART
abr-37	45	9	capture	capture	VERB
abr-37	45	10	both	both	CCONJ
abr-37	45	11	the	the	DET
abr-37	45	12	explicit	explicit	ADJ
abr-37	45	13	and	and	CCONJ
abr-37	45	14	implicit	implicit	ADJ
abr-37	45	15	forecast	forecast	NOUN
abr-37	45	16	guidance	guidance	NOUN
abr-37	45	17	.	.	PUNCT
abr-37	46	1	in	in	ADP
abr-37	46	2	the	the	DET
abr-37	46	3	first	first	ADJ
abr-37	46	4	approach	approach	NOUN
abr-37	46	5	,	,	PUNCT
abr-37	46	6	developed	develop	VERB
abr-37	46	7	by	by	ADP
abr-37	46	8	bartov	bartov	PROPN
abr-37	46	9	et	et	PROPN
abr-37	46	10	al	al	PROPN
abr-37	46	11	.	.	PROPN
abr-37	47	1	(	(	PUNCT
abr-37	47	2	2002	2002	NUM
abr-37	47	3	)	)	PUNCT
abr-37	47	4	and	and	CCONJ
abr-37	47	5	later	later	ADV
abr-37	47	6	adopted	adopt	VERB
abr-37	47	7	by	by	ADP
abr-37	47	8	brown	brown	ADJ
abr-37	47	9	and	and	CCONJ
abr-37	47	10	pinello	pinello	PROPN
abr-37	47	11	(	(	PUNCT
abr-37	47	12	2007	2007	NUM
abr-37	47	13	)	)	PUNCT
abr-37	47	14	,	,	PUNCT
abr-37	47	15	bartov	bartov	PROPN
abr-37	47	16	and	and	CCONJ
abr-37	47	17	cohen	cohen	PROPN
abr-37	47	18	(	(	PUNCT
abr-37	47	19	2009	2009	NUM
abr-37	47	20	)	)	PUNCT
abr-37	47	21	,	,	PUNCT
abr-37	47	22	etc	etc	X
abr-37	47	23	.	.	X
abr-37	47	24	,	,	PUNCT
abr-37	47	25	forecast	forecast	NOUN
abr-37	47	26	guidance	guidance	NOUN
abr-37	47	27	is	be	AUX
abr-37	47	28	suspected	suspect	VERB
abr-37	47	29	when	when	SCONJ
abr-37	47	30	analyst	analyst	NOUN
abr-37	47	31	forecasts	forecast	NOUN
abr-37	47	32	are	be	AUX
abr-37	47	33	optimistic	optimistic	ADJ
abr-37	47	34	at	at	ADP
abr-37	47	35	the	the	DET
abr-37	47	36	beginning	beginning	NOUN
abr-37	47	37	of	of	ADP
abr-37	47	38	a	a	DET
abr-37	47	39	period	period	NOUN
abr-37	47	40	and	and	CCONJ
abr-37	47	41	pessimistic	pessimistic	ADJ
abr-37	47	42	at	at	ADP
abr-37	47	43	the	the	DET
abr-37	47	44	end	end	NOUN
abr-37	47	45	of	of	ADP
abr-37	47	46	the	the	DET
abr-37	47	47	period	period	NOUN
abr-37	47	48	.	.	PUNCT
abr-37	48	1	this	this	DET
abr-37	48	2	approach	approach	NOUN
abr-37	48	3	identifies	identify	VERB
abr-37	48	4	both	both	DET
abr-37	48	5	management	management	NOUN
abr-37	48	6	’s	’s	PART
abr-37	48	7	motive	motive	NOUN
abr-37	48	8	to	to	PART
abr-37	48	9	guide	guide	VERB
abr-37	48	10	(	(	PUNCT
abr-37	48	11	in	in	ADP
abr-37	48	12	the	the	DET
abr-37	48	13	form	form	NOUN
abr-37	48	14	of	of	ADP
abr-37	48	15	initial	initial	ADJ
abr-37	48	16	optimism	optimism	NOUN
abr-37	48	17	)	)	PUNCT
abr-37	48	18	and	and	CCONJ
abr-37	48	19	the	the	DET
abr-37	48	20	result	result	NOUN
abr-37	48	21	of	of	ADP
abr-37	48	22	management	management	NOUN
abr-37	48	23	forecast	forecast	NOUN
abr-37	48	24	guidance	guidance	NOUN
abr-37	48	25	(	(	PUNCT
abr-37	48	26	in	in	ADP
abr-37	48	27	the	the	DET
abr-37	48	28	form	form	NOUN
abr-37	48	29	of	of	ADP
abr-37	48	30	a	a	DET
abr-37	48	31	downward	downward	ADJ
abr-37	48	32	forecast	forecast	NOUN
abr-37	48	33	revision	revision	NOUN
abr-37	48	34	)	)	PUNCT
abr-37	48	35	.	.	PUNCT
abr-37	49	1	however	however	ADV
abr-37	49	2	,	,	PUNCT
abr-37	49	3	analysts	analyst	NOUN
abr-37	49	4	may	may	AUX
abr-37	49	5	voluntarily	voluntarily	ADV
abr-37	49	6	revise	revise	VERB
abr-37	49	7	down	down	ADP
abr-37	49	8	their	their	PRON
abr-37	49	9	forecasts	forecast	NOUN
abr-37	49	10	to	to	PART
abr-37	49	11	incorporate	incorporate	VERB
abr-37	49	12	firm	firm	ADJ
abr-37	49	13	-	-	PUNCT
abr-37	49	14	level	level	NOUN
abr-37	49	15	,	,	PUNCT
abr-37	49	16	industry	industry	NOUN
abr-37	49	17	-	-	PUNCT
abr-37	49	18	level	level	NOUN
abr-37	49	19	or	or	CCONJ
abr-37	49	20	even	even	ADV
abr-37	49	21	market	market	NOUN
abr-37	49	22	-	-	PUNCT
abr-37	49	23	level	level	NOUN
abr-37	49	24	bad	bad	ADJ
abr-37	49	25	news	news	NOUN
abr-37	49	26	occurring	occur	VERB
abr-37	49	27	during	during	ADP
abr-37	49	28	the	the	DET
abr-37	49	29	year	year	NOUN
abr-37	49	30	such	such	ADJ
abr-37	49	31	downward	downward	ADJ
abr-37	49	32	revision	revision	NOUN
abr-37	49	33	is	be	AUX
abr-37	49	34	not	not	PART
abr-37	49	35	driven	drive	VERB
abr-37	49	36	by	by	ADP
abr-37	49	37	management	management	NOUN
abr-37	49	38	forecast	forecast	NOUN
abr-37	49	39	guidance	guidance	NOUN
abr-37	49	40	.	.	PUNCT
abr-37	50	1	this	this	DET
abr-37	50	2	approach	approach	NOUN
abr-37	50	3	does	do	AUX
abr-37	50	4	not	not	PART
abr-37	50	5	distinguish	distinguish	VERB
abr-37	50	6	news	news	NOUN
abr-37	50	7	-	-	PUNCT
abr-37	50	8	driven	drive	VERB
abr-37	50	9	revision	revision	NOUN
abr-37	50	10	from	from	ADP
abr-37	50	11	guidance	guidance	NOUN
abr-37	50	12	-	-	PUNCT
abr-37	50	13	driven	drive	VERB
abr-37	50	14	revisions	revision	NOUN
abr-37	50	15	.	.	PUNCT
abr-37	51	1	in	in	ADP
abr-37	51	2	the	the	DET
abr-37	51	3	second	second	ADJ
abr-37	51	4	approach	approach	NOUN
abr-37	51	5	,	,	PUNCT
abr-37	51	6	developed	develop	VERB
abr-37	51	7	by	by	ADP
abr-37	51	8	matsumoto	matsumoto	PROPN
abr-37	51	9	(	(	PUNCT
abr-37	51	10	2002	2002	NUM
abr-37	51	11	)	)	PUNCT
abr-37	51	12	and	and	CCONJ
abr-37	51	13	subsequently	subsequently	ADV
abr-37	51	14	adopted	adopt	VERB
abr-37	51	15	by	by	ADP
abr-37	51	16	brown	brown	NOUN
abr-37	51	17	and	and	CCONJ
abr-37	51	18	higgins	higgins	PROPN
abr-37	51	19	(	(	PUNCT
abr-37	51	20	2005	2005	NUM
abr-37	51	21	)	)	PUNCT
abr-37	51	22	,	,	PUNCT
abr-37	51	23	koh	koh	PROPN
abr-37	51	24	et	et	PROPN
abr-37	51	25	al	al	PROPN
abr-37	51	26	.	.	PROPN
abr-37	51	27	(	(	PUNCT
abr-37	51	28	2008	2008	NUM
abr-37	51	29	)	)	PUNCT
abr-37	51	30	,	,	PUNCT
abr-37	51	31	etc	etc	X
abr-37	51	32	.	.	X
abr-37	51	33	,	,	PUNCT
abr-37	51	34	forecast	forecast	NOUN
abr-37	51	35	manipulators	manipulator	NOUN
abr-37	51	36	are	be	AUX
abr-37	51	37	defined	define	VERB
abr-37	51	38	to	to	PART
abr-37	51	39	be	be	AUX
abr-37	51	40	the	the	DET
abr-37	51	41	firms	firm	NOUN
abr-37	51	42	whose	whose	DET
abr-37	51	43	last	last	ADJ
abr-37	51	44	consensus	consensus	NOUN
abr-37	51	45	forecasts	forecast	NOUN
abr-37	51	46	are	be	AUX
abr-37	51	47	lower	low	ADJ
abr-37	51	48	than	than	ADP
abr-37	51	49	the	the	DET
abr-37	51	50	expected	expect	VERB
abr-37	51	51	forecasts	forecast	NOUN
abr-37	51	52	.	.	PUNCT
abr-37	52	1	matsumoto	matsumoto	PROPN
abr-37	52	2	(	(	PUNCT
abr-37	52	3	2002	2002	NUM
abr-37	52	4	)	)	PUNCT
abr-37	52	5	constructs	construct	VERB
abr-37	52	6	the	the	DET
abr-37	52	7	expected	expect	VERB
abr-37	52	8	forecast	forecast	NOUN
abr-37	52	9	by	by	ADP
abr-37	52	10	modeling	model	VERB
abr-37	52	11	the	the	DET
abr-37	52	12	seasonal	seasonal	ADJ
abr-37	52	13	changes	change	NOUN
abr-37	52	14	in	in	ADP
abr-37	52	15	earnings	earning	NOUN
abr-37	52	16	as	as	ADP
abr-37	52	17	a	a	DET
abr-37	52	18	function	function	NOUN
abr-37	52	19	of	of	ADP
abr-37	52	20	prior	prior	ADJ
abr-37	52	21	seasonal	seasonal	ADJ
abr-37	52	22	changes	change	NOUN
abr-37	52	23	in	in	ADP
abr-37	52	24	earnings	earning	NOUN
abr-37	52	25	and	and	CCONJ
abr-37	52	26	the	the	DET
abr-37	52	27	cumulative	cumulative	ADJ
abr-37	52	28	returns	return	NOUN
abr-37	52	29	during	during	ADP
abr-37	52	30	the	the	DET
abr-37	52	31	year	year	NOUN
abr-37	52	32	.	.	PUNCT
abr-37	53	1	the	the	DET
abr-37	53	2	strength	strength	NOUN
abr-37	53	3	of	of	ADP
abr-37	53	4	this	this	DET
abr-37	53	5	approach	approach	NOUN
abr-37	53	6	is	be	AUX
abr-37	53	7	that	that	SCONJ
abr-37	53	8	it	it	PRON
abr-37	53	9	takes	take	VERB
abr-37	53	10	into	into	ADP
abr-37	53	11	account	account	NOUN
abr-37	53	12	the	the	DET
abr-37	53	13	effect	effect	NOUN
abr-37	53	14	of	of	ADP
abr-37	53	15	economy	economy	NOUN
abr-37	53	16	-	-	PUNCT
abr-37	53	17	wide	wide	ADJ
abr-37	53	18	and/or	and/or	CCONJ
abr-37	53	19	firm	firm	ADJ
abr-37	53	20	-	-	PUNCT
abr-37	53	21	specific	specific	ADJ
abr-37	53	22	bad	bad	ADJ
abr-37	53	23	news	news	NOUN
abr-37	53	24	on	on	ADP
abr-37	53	25	analyst	analyst	NOUN
abr-37	53	26	forecasts	forecast	NOUN
abr-37	53	27	.	.	PUNCT
abr-37	54	1	however	however	ADV
abr-37	54	2	,	,	PUNCT
abr-37	54	3	this	this	DET
abr-37	54	4	approach	approach	NOUN
abr-37	54	5	does	do	AUX
abr-37	54	6	not	not	PART
abr-37	54	7	consider	consider	VERB
abr-37	54	8	whether	whether	SCONJ
abr-37	54	9	there	there	PRON
abr-37	54	10	are	be	VERB
abr-37	54	11	guidance	guidance	NOUN
abr-37	54	12	-	-	PUNCT
abr-37	54	13	driven	drive	VERB
abr-37	54	14	downward	downward	ADJ
abr-37	54	15	revisions	revision	NOUN
abr-37	54	16	in	in	ADP
abr-37	54	17	analyst	analyst	NOUN
abr-37	54	18	forecasts	forecast	NOUN
abr-37	54	19	throughout	throughout	ADP
abr-37	54	20	the	the	DET
abr-37	54	21	year	year	NOUN
abr-37	54	22	.	.	PUNCT
abr-37	55	1	the	the	DET
abr-37	55	2	above	above	ADJ
abr-37	55	3	discussion	discussion	NOUN
abr-37	55	4	suggests	suggest	VERB
abr-37	55	5	that	that	SCONJ
abr-37	55	6	while	while	SCONJ
abr-37	55	7	each	each	DET
abr-37	55	8	approach	approach	NOUN
abr-37	55	9	has	have	VERB
abr-37	55	10	its	its	PRON
abr-37	55	11	strengths	strength	NOUN
abr-37	55	12	,	,	PUNCT
abr-37	55	13	neither	neither	CCONJ
abr-37	55	14	provides	provide	VERB
abr-37	55	15	a	a	DET
abr-37	55	16	desirable	desirable	ADJ
abr-37	55	17	measure	measure	NOUN
abr-37	55	18	of	of	ADP
abr-37	55	19	forecast	forecast	NOUN
abr-37	55	20	guidance	guidance	NOUN
abr-37	55	21	in	in	ADP
abr-37	55	22	the	the	DET
abr-37	55	23	context	context	NOUN
abr-37	55	24	of	of	ADP
abr-37	55	25	this	this	DET
abr-37	55	26	study	study	NOUN
abr-37	55	27	.	.	PUNCT
abr-37	56	1	therefore	therefore	ADV
abr-37	56	2	,	,	PUNCT
abr-37	56	3	this	this	DET
abr-37	56	4	study	study	NOUN
abr-37	56	5	builds	build	VERB
abr-37	56	6	on	on	ADP
abr-37	56	7	these	these	DET
abr-37	56	8	two	two	NUM
abr-37	56	9	approaches	approach	NOUN
abr-37	56	10	to	to	PART
abr-37	56	11	develop	develop	VERB
abr-37	56	12	a	a	DET
abr-37	56	13	measure	measure	NOUN
abr-37	56	14	that	that	PRON
abr-37	56	15	attempts	attempt	VERB
abr-37	56	16	to	to	PART
abr-37	56	17	capture	capture	VERB
abr-37	56	18	the	the	DET
abr-37	56	19	notion	notion	NOUN
abr-37	56	20	of	of	ADP
abr-37	56	21	management	management	NOUN
abr-37	56	22	forecast	forecast	NOUN
abr-37	56	23	guidance	guidance	NOUN
abr-37	56	24	as	as	SCONJ
abr-37	56	25	defined	define	VERB
abr-37	56	26	in	in	ADP
abr-37	56	27	this	this	DET
abr-37	56	28	study	study	NOUN
abr-37	56	29	.	.	PUNCT
abr-37	57	1	figure	figure	NOUN
abr-37	57	2	1	1	NUM
abr-37	57	3	illustrates	illustrate	VERB
abr-37	57	4	the	the	DET
abr-37	57	5	timeline	timeline	NOUN
abr-37	57	6	for	for	ADP
abr-37	57	7	the	the	DET
abr-37	57	8	forecast	forecast	NOUN
abr-37	57	9	-	-	PUNCT
abr-37	57	10	related	relate	VERB
abr-37	57	11	measures	measure	NOUN
abr-37	57	12	.	.	PUNCT
abr-37	58	1	forecast	forecast	NOUN
abr-37	58	2	year	year	PROPN
abr-37	58	3	t	t	PROPN
abr-37	58	4	starts	start	VERB
abr-37	58	5	360	360	NUM
abr-37	58	6	days	day	NOUN
abr-37	58	7	prior	prior	ADV
abr-37	58	8	to	to	ADP
abr-37	58	9	the	the	DET
abr-37	58	10	announcement	announcement	NOUN
abr-37	58	11	of	of	ADP
abr-37	58	12	year	year	NOUN
abr-37	58	13	t	t	PROPN
abr-37	58	14	’s	’s	PART
abr-37	58	15	earnings	earning	NOUN
abr-37	58	16	and	and	CCONJ
abr-37	58	17	ends	end	VERB
abr-37	58	18	one	one	NUM
abr-37	58	19	day	day	NOUN
abr-37	58	20	prior	prior	ADV
abr-37	58	21	to	to	ADP
abr-37	58	22	the	the	DET
abr-37	58	23	earnings	earning	NOUN
abr-37	58	24	announcement	announcement	NOUN
abr-37	58	25	.	.	PUNCT
abr-37	59	1	a	a	DET
abr-37	59	2	forecast	forecast	NOUN
abr-37	59	3	year	year	NOUN
abr-37	59	4	consists	consist	VERB
abr-37	59	5	of	of	ADP
abr-37	59	6	12	12	NUM
abr-37	59	7	forecast	forecast	NOUN
abr-37	59	8	months	month	NOUN
abr-37	59	9	,	,	PUNCT
abr-37	59	10	each	each	DET
abr-37	59	11	month	month	NOUN
abr-37	59	12	represents	represent	VERB
abr-37	59	13	a	a	DET
abr-37	59	14	30	30	NUM
abr-37	59	15	-	-	PUNCT
abr-37	59	16	day	day	NOUN
abr-37	59	17	period	period	NOUN
abr-37	59	18	.	.	PUNCT
abr-37	60	1	to	to	PART
abr-37	60	2	avoid	avoid	VERB
abr-37	60	3	the	the	DET
abr-37	60	4	staleness	staleness	NOUN
abr-37	60	5	problem1	problem1	NOUN
abr-37	60	6	often	often	ADV
abr-37	60	7	associated	associate	VERB
abr-37	60	8	with	with	ADP
abr-37	60	9	the	the	DET
abr-37	60	10	consensus	consensus	NOUN
abr-37	60	11	forecasts	forecast	NOUN
abr-37	60	12	published	publish	VERB
abr-37	60	13	by	by	ADP
abr-37	60	14	the	the	DET
abr-37	60	15	institutional	institutional	ADJ
abr-37	60	16	brokers	broker	NOUN
abr-37	60	17	’	'	PUNCT
abr-37	60	18	estimate	estimate	NOUN
abr-37	60	19	system	system	NOUN
abr-37	60	20	(	(	PUNCT
abr-37	60	21	ibes	ibe	NOUN
abr-37	60	22	)	)	PUNCT
abr-37	60	23	,	,	PUNCT
abr-37	60	24	the	the	DET
abr-37	60	25	last	last	ADJ
abr-37	60	26	forecast	forecast	NOUN
abr-37	60	27	issued	issue	VERB
abr-37	60	28	by	by	ADP
abr-37	60	29	each	each	DET
abr-37	60	30	analyst	analyst	NOUN
abr-37	60	31	within	within	ADP
abr-37	60	32	each	each	DET
abr-37	60	33	time	time	NOUN
abr-37	60	34	interval	interval	NOUN
abr-37	60	35	is	be	AUX
abr-37	60	36	used	use	VERB
abr-37	60	37	to	to	PART
abr-37	60	38	compute	compute	VERB
abr-37	60	39	the	the	DET
abr-37	60	40	consensus	consensus	NOUN
abr-37	60	41	forecast	forecast	NOUN
abr-37	60	42	for	for	ADP
abr-37	60	43	that	that	DET
abr-37	60	44	time	time	NOUN
abr-37	60	45	interval	interval	NOUN
abr-37	60	46	.	.	PUNCT
abr-37	61	1	in	in	ADP
abr-37	61	2	particular	particular	ADJ
abr-37	61	3	,	,	PUNCT
abr-37	61	4	this	this	DET
abr-37	61	5	study	study	NOUN
abr-37	61	6	defines	define	VERB
abr-37	61	7	the	the	DET
abr-37	61	8	consensus	consensus	NOUN
abr-37	61	9	forecast	forecast	NOUN
abr-37	61	10	at	at	ADP
abr-37	61	11	the	the	DET
abr-37	61	12	beginning	beginning	NOUN
abr-37	61	13	of	of	ADP
abr-37	61	14	the	the	DET
abr-37	61	15	year	year	NOUN
abr-37	61	16	for	for	ADP
abr-37	61	17	firm	firm	ADJ
abr-37	61	18	i	i	PRON
abr-37	61	19	in	in	ADP
abr-37	61	20	year	year	NOUN
abr-37	61	21	t	t	PROPN
abr-37	61	22	(	(	PUNCT
abr-37	61	23	early	early	ADJ
abr-37	61	24	itaf	itaf	NOUN
abr-37	61	25	)	)	PUNCT
abr-37	61	26	as	as	ADP
abr-37	61	27	the	the	DET
abr-37	61	28	median	median	NOUN
abr-37	61	29	of	of	ADP
abr-37	61	30	the	the	DET
abr-37	61	31	latest	late	ADJ
abr-37	61	32	forecast	forecast	NOUN
abr-37	61	33	issued	issue	VERB
abr-37	61	34	by	by	ADP
abr-37	61	35	each	each	DET
abr-37	61	36	analyst	analyst	NOUN
abr-37	61	37	in	in	ADP
abr-37	61	38	the	the	DET
abr-37	61	39	first	first	ADJ
abr-37	61	40	three	three	NUM
abr-37	61	41	months	month	NOUN
abr-37	61	42	of	of	ADP
abr-37	61	43	year	year	NOUN
abr-37	61	44	t	t	PROPN
abr-37	61	45	,	,	PUNCT
abr-37	61	46	and	and	CCONJ
abr-37	61	47	the	the	DET
abr-37	61	48	“	"	PUNCT
abr-37	61	49	late	late	ADJ
abr-37	61	50	consensus	consensus	NOUN
abr-37	61	51	forecast	forecast	NOUN
abr-37	61	52	”	"	PUNCT
abr-37	61	53	for	for	ADP
abr-37	61	54	firm	firm	ADJ
abr-37	61	55	i	i	PRON
abr-37	61	56	in	in	ADP
abr-37	61	57	year	year	NOUN
abr-37	61	58	t	t	PROPN
abr-37	61	59	(	(	PUNCT
abr-37	61	60	late	late	ADJ
abr-37	61	61	itaf	itaf	NOUN
abr-37	61	62	)	)	PUNCT
abr-37	61	63	as	as	ADP
abr-37	61	64	the	the	DET
abr-37	61	65	median	median	NOUN
abr-37	61	66	of	of	ADP
abr-37	61	67	the	the	DET
abr-37	61	68	latest	late	ADJ
abr-37	61	69	forecast	forecast	NOUN
abr-37	61	70	issued	issue	VERB
abr-37	61	71	by	by	ADP
abr-37	61	72	each	each	DET
abr-37	61	73	analyst	analyst	NOUN
abr-37	61	74	in	in	ADP
abr-37	61	75	the	the	DET
abr-37	61	76	last	last	ADJ
abr-37	61	77	three	three	NUM
abr-37	61	78	months	month	NOUN
abr-37	61	79	of	of	ADP
abr-37	61	80	year	year	NOUN
abr-37	61	81	t.	t.	NOUN
abr-37	62	1	this	this	DET
abr-37	62	2	study	study	NOUN
abr-37	62	3	then	then	ADV
abr-37	62	4	uses	use	VERB
abr-37	62	5	the	the	DET
abr-37	62	6	early	early	ADJ
abr-37	62	7	and	and	CCONJ
abr-37	62	8	late	late	ADJ
abr-37	62	9	consensus	consensus	NOUN
abr-37	62	10	forecasts	forecast	NOUN
abr-37	62	11	to	to	PART
abr-37	62	12	identify	identify	VERB
abr-37	62	13	expectations	expectation	NOUN
abr-37	62	14	manipulators	manipulator	NOUN
abr-37	62	15	in	in	ADP
abr-37	62	16	the	the	DET
abr-37	62	17	following	follow	VERB
abr-37	62	18	two	two	NUM
abr-37	62	19	steps	step	NOUN
abr-37	62	20	.	.	PUNCT
abr-37	63	1	step	step	NOUN
abr-37	63	2	1	1	NUM
abr-37	63	3	:	:	PUNCT
abr-37	63	4	establish	establish	VERB
abr-37	63	5	the	the	DET
abr-37	63	6	motive	motive	NOUN
abr-37	63	7	to	to	PART
abr-37	63	8	guide	guide	VERB
abr-37	63	9	following	follow	VERB
abr-37	63	10	bartov	bartov	PROPN
abr-37	63	11	et	et	PROPN
abr-37	63	12	al	al	PROPN
abr-37	63	13	.	.	PROPN
abr-37	64	1	(	(	PUNCT
abr-37	64	2	2002	2002	NUM
abr-37	64	3	)	)	PUNCT
abr-37	64	4	,	,	PUNCT
abr-37	64	5	this	this	DET
abr-37	64	6	study	study	NOUN
abr-37	64	7	identifies	identify	VERB
abr-37	64	8	a	a	DET
abr-37	64	9	firm	firm	NOUN
abr-37	64	10	’s	’s	PART
abr-37	64	11	motive	motive	NOUN
abr-37	64	12	to	to	PART
abr-37	64	13	guide	guide	VERB
abr-37	64	14	analyst	analyst	NOUN
abr-37	64	15	expectations	expectation	NOUN
abr-37	64	16	by	by	ADP
abr-37	64	17	the	the	DET
abr-37	64	18	initial	initial	ADJ
abr-37	64	19	optimism	optimism	NOUN
abr-37	64	20	in	in	ADP
abr-37	64	21	analyst	analyst	NOUN
abr-37	64	22	forecasts	forecast	NOUN
abr-37	64	23	at	at	ADP
abr-37	64	24	the	the	DET
abr-37	64	25	beginning	beginning	NOUN
abr-37	64	26	of	of	ADP
abr-37	64	27	the	the	DET
abr-37	64	28	year	year	NOUN
abr-37	64	29	.	.	PUNCT
abr-37	65	1	specifically	specifically	ADV
abr-37	65	2	,	,	PUNCT
abr-37	65	3	previous	previous	ADJ
abr-37	65	4	year	year	NOUN
abr-37	65	5	’s	’s	PART
abr-37	65	6	reported	report	VERB
abr-37	65	7	earnings	earning	NOUN
abr-37	65	8	(	(	PUNCT
abr-37	65	9	1itx	1itx	NUM
abr-37	65	10	)	)	PUNCT
abr-37	65	11	is	be	AUX
abr-37	65	12	used	use	VERB
abr-37	65	13	as	as	ADP
abr-37	65	14	a	a	DET
abr-37	65	15	proxy	proxy	NOUN
abr-37	65	16	for	for	ADP
abr-37	65	17	the	the	DET
abr-37	65	18	manager	manager	NOUN
abr-37	65	19	’s	’s	PART
abr-37	65	20	earnings	earning	NOUN
abr-37	65	21	expectation	expectation	NOUN
abr-37	65	22	at	at	ADP
abr-37	65	23	the	the	DET
abr-37	65	24	beginning	beginning	NOUN
abr-37	65	25	of	of	ADP
abr-37	65	26	the	the	DET
abr-37	65	27	year	year	NOUN
abr-37	65	28	;	;	PUNCT
abr-37	65	29	this	this	DET
abr-37	65	30	study	study	NOUN
abr-37	65	31	then	then	ADV
abr-37	65	32	compares	compare	VERB
abr-37	65	33	the	the	DET
abr-37	65	34	consensus	consensus	NOUN
abr-37	65	35	forecast	forecast	NOUN
abr-37	65	36	at	at	ADP
abr-37	65	37	the	the	DET
abr-37	65	38	beginning	beginning	NOUN
abr-37	65	39	of	of	ADP
abr-37	65	40	the	the	DET
abr-37	65	41	year	year	NOUN
abr-37	65	42	(	(	PUNCT
abr-37	65	43	early	early	ADJ
abr-37	65	44	itaf	itaf	NOUN
abr-37	65	45	)	)	PUNCT
abr-37	65	46	with	with	ADP
abr-37	65	47	the	the	DET
abr-37	65	48	previous	previous	ADJ
abr-37	65	49	year	year	NOUN
abr-37	65	50	’s	’s	PART
abr-37	65	51	earnings	earning	NOUN
abr-37	65	52	and	and	CCONJ
abr-37	65	53	classify	classify	VERB
abr-37	65	54	firm	firm	ADJ
abr-37	65	55	-	-	PUNCT
abr-37	65	56	years	year	NOUN
abr-37	65	57	with	with	ADP
abr-37	65	58	1	1	NUM
abr-37	65	59	it	it	PRON
abr-37	65	60	early	early	ADV
abr-37	65	61	it	it	PRON
abr-37	65	62	xaf	xaf	INTJ
abr-37	65	63	as	as	ADP
abr-37	65	64	possible	possible	ADJ
abr-37	65	65	forecast	forecast	NOUN
abr-37	65	66	guiders	guider	NOUN
abr-37	65	67	.	.	PUNCT
abr-37	66	1	1	1	NUM
abr-37	66	2	abarbanell	abarbanell	NOUN
abr-37	66	3	and	and	CCONJ
abr-37	66	4	bernard	bernard	PROPN
abr-37	66	5	(	(	PUNCT
abr-37	66	6	1991	1991	NUM
abr-37	66	7	)	)	PUNCT
abr-37	66	8	note	note	VERB
abr-37	66	9	that	that	SCONJ
abr-37	66	10	the	the	DET
abr-37	66	11	staleness	staleness	NOUN
abr-37	66	12	problem	problem	NOUN
abr-37	66	13	arises	arise	VERB
abr-37	66	14	because	because	SCONJ
abr-37	66	15	the	the	DET
abr-37	66	16	ibes	ibes	PROPN
abr-37	66	17	consensus	consensus	NOUN
abr-37	66	18	forecast	forecast	NOUN
abr-37	66	19	includes	include	VERB
abr-37	66	20	forecasts	forecast	NOUN
abr-37	66	21	that	that	PRON
abr-37	66	22	are	be	AUX
abr-37	66	23	made	make	VERB
abr-37	66	24	in	in	ADP
abr-37	66	25	prior	prior	ADJ
abr-37	66	26	months	month	NOUN
abr-37	66	27	and	and	CCONJ
abr-37	66	28	are	be	AUX
abr-37	66	29	not	not	PART
abr-37	66	30	yet	yet	ADV
abr-37	66	31	updated	update	VERB
abr-37	66	32	.	.	PUNCT
abr-37	67	1	usefulness	usefulness	NOUN
abr-37	67	2	of	of	ADP
abr-37	67	3	analyst	analyst	NOUN
abr-37	67	4	forecasts	forecast	NOUN
abr-37	67	5	in	in	ADP
abr-37	67	6	firm	firm	ADJ
abr-37	67	7	valuation	valuation	NOUN
abr-37	67	8	4	4	NUM
abr-37	67	9	figure	figure	NOUN
abr-37	67	10	1	1	NUM
abr-37	67	11	.	.	PUNCT
abr-37	67	12	timeline	timeline	NOUN
abr-37	67	13	–	–	PUNCT
abr-37	67	14	forecast	forecast	NOUN
abr-37	67	15	year	year	NOUN
abr-37	67	16	,	,	PUNCT
abr-37	67	17	forecast	forecast	NOUN
abr-37	67	18	month	month	NOUN
abr-37	67	19	,	,	PUNCT
abr-37	67	20	and	and	CCONJ
abr-37	67	21	consensus	consensus	NOUN
abr-37	67	22	analyst	analyst	NOUN
abr-37	67	23	forecast	forecast	VERB
abr-37	67	24	construction	construction	NOUN
abr-37	67	25	step	step	NOUN
abr-37	67	26	2	2	NUM
abr-37	67	27	:	:	PUNCT
abr-37	67	28	identify	identify	VERB
abr-37	67	29	the	the	DET
abr-37	67	30	evidence	evidence	NOUN
abr-37	67	31	of	of	ADP
abr-37	67	32	management	management	NOUN
abr-37	67	33	forecast	forecast	NOUN
abr-37	67	34	guidance	guidance	NOUN
abr-37	67	35	prior	prior	ADJ
abr-37	67	36	studies	study	NOUN
abr-37	67	37	use	use	VERB
abr-37	67	38	downward	downward	ADJ
abr-37	67	39	revisions	revision	NOUN
abr-37	67	40	in	in	ADP
abr-37	67	41	analyst	analyst	NOUN
abr-37	67	42	forecasts	forecast	NOUN
abr-37	67	43	as	as	ADP
abr-37	67	44	evidence	evidence	NOUN
abr-37	67	45	for	for	ADP
abr-37	67	46	forecast	forecast	NOUN
abr-37	67	47	guidance	guidance	NOUN
abr-37	67	48	.	.	PUNCT
abr-37	68	1	however	however	ADV
abr-37	68	2	,	,	PUNCT
abr-37	68	3	downward	downward	ADJ
abr-37	68	4	revisions	revision	NOUN
abr-37	68	5	can	can	AUX
abr-37	68	6	also	also	ADV
abr-37	68	7	be	be	AUX
abr-37	68	8	caused	cause	VERB
abr-37	68	9	by	by	ADP
abr-37	68	10	unexpected	unexpected	ADJ
abr-37	68	11	bad	bad	ADJ
abr-37	68	12	news	news	NOUN
abr-37	68	13	that	that	PRON
abr-37	68	14	arises	arise	VERB
abr-37	68	15	throughout	throughout	ADP
abr-37	68	16	the	the	DET
abr-37	68	17	forecast	forecast	NOUN
abr-37	68	18	year	year	NOUN
abr-37	68	19	.	.	PUNCT
abr-37	69	1	in	in	ADP
abr-37	69	2	particular	particular	ADJ
abr-37	69	3	,	,	PUNCT
abr-37	69	4	analysts	analyst	NOUN
abr-37	69	5	may	may	AUX
abr-37	69	6	revise	revise	VERB
abr-37	69	7	their	their	PRON
abr-37	69	8	earnings	earning	NOUN
abr-37	69	9	forecasts	forecast	NOUN
abr-37	69	10	downward	downward	ADV
abr-37	69	11	to	to	PART
abr-37	69	12	incorporate	incorporate	VERB
abr-37	69	13	any	any	DET
abr-37	69	14	unexpected	unexpected	ADJ
abr-37	69	15	firm	firm	ADJ
abr-37	69	16	-	-	PUNCT
abr-37	69	17	specific	specific	ADJ
abr-37	69	18	or	or	CCONJ
abr-37	69	19	economy	economy	NOUN
abr-37	69	20	-	-	PUNCT
abr-37	69	21	wide	wide	ADJ
abr-37	69	22	bad	bad	ADJ
abr-37	69	23	news	news	NOUN
abr-37	69	24	that	that	PRON
abr-37	69	25	occurs	occur	VERB
abr-37	69	26	during	during	ADP
abr-37	69	27	the	the	DET
abr-37	69	28	year	year	NOUN
abr-37	69	29	.	.	PUNCT
abr-37	70	1	this	this	DET
abr-37	70	2	study	study	NOUN
abr-37	70	3	uses	use	VERB
abr-37	70	4	the	the	DET
abr-37	70	5	following	follow	VERB
abr-37	70	6	regression	regression	NOUN
abr-37	70	7	model	model	NOUN
abr-37	70	8	to	to	PART
abr-37	70	9	isolate	isolate	VERB
abr-37	70	10	management	management	NOUN
abr-37	70	11	guidance	guidance	NOUN
abr-37	70	12	-	-	PUNCT
abr-37	70	13	induced	induce	VERB
abr-37	70	14	forecast	forecast	NOUN
abr-37	70	15	revisions	revision	NOUN
abr-37	70	16	from	from	ADP
abr-37	70	17	forecast	forecast	NOUN
abr-37	70	18	revisions	revision	NOUN
abr-37	70	19	driven	drive	VERB
abr-37	70	20	by	by	ADP
abr-37	70	21	economic	economic	ADJ
abr-37	70	22	or	or	CCONJ
abr-37	70	23	firm	firm	ADJ
abr-37	70	24	-	-	PUNCT
abr-37	70	25	specific	specific	ADJ
abr-37	70	26	news	news	NOUN
abr-37	70	27	occurring	occur	VERB
abr-37	70	28	during	during	ADP
abr-37	70	29	the	the	DET
abr-37	70	30	year	year	NOUN
abr-37	70	31	.	.	PUNCT
abr-37	71	1	ititit	ititit	PROPN
abr-37	71	2	cretbbrev	cretbbrev	VERB
abr-37	71	3			PUNCT
abr-37	72	1	10	10	NUM
abr-37	72	2	(	(	PUNCT
abr-37	72	3	1	1	NUM
abr-37	72	4	)	)	PUNCT
abr-37	72	5	in	in	ADP
abr-37	72	6	this	this	DET
abr-37	72	7	model	model	NOUN
abr-37	72	8	,	,	PUNCT
abr-37	72	9			PRON
abr-37	72	10	rev	rev	VERB
abr-37	72	11	it	it	PRON
abr-37	72	12	is	be	AUX
abr-37	72	13	the	the	DET
abr-37	72	14	change	change	NOUN
abr-37	72	15	in	in	ADP
abr-37	72	16	analyst	analyst	NOUN
abr-37	72	17	consensus	consensus	NOUN
abr-37	72	18	forecasts	forecast	NOUN
abr-37	72	19	from	from	ADP
abr-37	72	20	the	the	DET
abr-37	72	21	beginning	beginning	NOUN
abr-37	72	22	to	to	ADP
abr-37	72	23	the	the	DET
abr-37	72	24	end	end	NOUN
abr-37	72	25	of	of	ADP
abr-37	72	26	the	the	DET
abr-37	72	27	year	year	NOUN
abr-37	72	28	(	(	PUNCT
abr-37	72	29	i.e.	i.e.	X
abr-37	72	30	,	,	PUNCT
abr-37	72	31	)	)	PUNCT
abr-37	72	32	,	,	PUNCT
abr-37	72	33	and	and	CCONJ
abr-37	72	34			NUM
abr-37	72	35	cretit	cretit	NOUN
abr-37	72	36	is	be	AUX
abr-37	72	37	the	the	DET
abr-37	72	38	cumulative	cumulative	ADJ
abr-37	72	39	return	return	NOUN
abr-37	72	40	during	during	ADP
abr-37	72	41	the	the	DET
abr-37	72	42	year	year	NOUN
abr-37	72	43	.	.	PUNCT
abr-37	73	1	the	the	DET
abr-37	73	2	accumulation	accumulation	NOUN
abr-37	73	3	period	period	NOUN
abr-37	73	4	starts	start	VERB
abr-37	73	5	from	from	ADP
abr-37	73	6	the	the	DET
abr-37	73	7	first	first	ADJ
abr-37	73	8	day	day	NOUN
abr-37	73	9	of	of	ADP
abr-37	73	10	the	the	DET
abr-37	73	11	forecast	forecast	NOUN
abr-37	73	12	year	year	NOUN
abr-37	73	13	and	and	CCONJ
abr-37	73	14	ends	end	VERB
abr-37	73	15	20	20	NUM
abr-37	73	16	days	day	NOUN
abr-37	73	17	before	before	ADP
abr-37	73	18	the	the	DET
abr-37	73	19	current	current	ADJ
abr-37	73	20	year	year	NOUN
abr-37	73	21	’s	’s	PART
abr-37	73	22	earnings	earning	NOUN
abr-37	73	23	announcement	announcement	NOUN
abr-37	73	24	.	.	PUNCT
abr-37	74	1	the	the	DET
abr-37	74	2	cumulative	cumulative	ADJ
abr-37	74	3	return	return	NOUN
abr-37	74	4	term	term	NOUN
abr-37	74	5	(	(	PUNCT
abr-37	74	6			NUM
abr-37	74	7	cretit	cretit	NOUN
abr-37	74	8	)	)	PUNCT
abr-37	74	9	captures	capture	VERB
abr-37	74	10	the	the	DET
abr-37	74	11	impact	impact	NOUN
abr-37	74	12	of	of	ADP
abr-37	74	13	economywide	economywide	NOUN
abr-37	74	14	and/or	and/or	CCONJ
abr-37	74	15	firm	firm	ADJ
abr-37	74	16	-	-	PUNCT
abr-37	74	17	specific	specific	ADJ
abr-37	74	18	news	news	NOUN
abr-37	74	19	on	on	ADP
abr-37	74	20	analyst	analyst	NOUN
abr-37	74	21	forecast	forecast	NOUN
abr-37	74	22	revisions	revision	NOUN
abr-37	74	23	.	.	PUNCT
abr-37	75	1	this	this	DET
abr-37	75	2	regression	regression	NOUN
abr-37	75	3	is	be	AUX
abr-37	75	4	estimated	estimate	VERB
abr-37	75	5	for	for	ADP
abr-37	75	6	each	each	DET
abr-37	75	7	2digit	2digit	NUM
abr-37	75	8	sic	sic	ADJ
abr-37	75	9	-	-	PUNCT
abr-37	75	10	code	code	NOUN
abr-37	75	11	industry	industry	NOUN
abr-37	75	12	group	group	NOUN
abr-37	75	13	in	in	ADP
abr-37	75	14	each	each	DET
abr-37	75	15	year	year	NOUN
abr-37	75	16	and	and	CCONJ
abr-37	75	17	the	the	DET
abr-37	75	18	residuals	residual	NOUN
abr-37	75	19	(	(	PUNCT
abr-37	75	20	i.e.	i.e.	X
abr-37	75	21	,	,	PUNCT
abr-37	75	22	the	the	DET
abr-37	75	23	estimate	estimate	NOUN
abr-37	75	24	of	of	ADP
abr-37	75	25	it	it	NUM
abr-37	75	26	)	)	PUNCT
abr-37	75	27	from	from	ADP
abr-37	75	28	this	this	DET
abr-37	75	29	regression	regression	NOUN
abr-37	75	30	are	be	AUX
abr-37	75	31	used	use	VERB
abr-37	75	32	as	as	ADP
abr-37	75	33	the	the	DET
abr-37	75	34	measure	measure	NOUN
abr-37	75	35	for	for	ADP
abr-37	75	36	the	the	DET
abr-37	75	37	unexpected	unexpected	ADJ
abr-37	75	38	forecast	forecast	NOUN
abr-37	75	39	revision	revision	NOUN
abr-37	75	40	(	(	PUNCT
abr-37	75	41	itunexprev	itunexprev	PROPN
abr-37	75	42	)	)	PUNCT
abr-37	75	43	.	.	PUNCT
abr-37	76	1	this	this	DET
abr-37	76	2	study	study	NOUN
abr-37	76	3	classifies	classify	VERB
abr-37	76	4	firm	firm	ADJ
abr-37	76	5	-	-	PUNCT
abr-37	76	6	years	year	NOUN
abr-37	76	7	with	with	ADP
abr-37	76	8	unexpected	unexpected	ADJ
abr-37	76	9	downward	downward	ADJ
abr-37	76	10	revisions	revision	NOUN
abr-37	76	11	(	(	PUNCT
abr-37	76	12	itunexprev	itunexprev	VERB
abr-37	76	13	<	<	X
abr-37	76	14	0	0	NUM
abr-37	76	15	)	)	PUNCT
abr-37	76	16	as	as	ADP
abr-37	76	17	possible	possible	ADJ
abr-37	76	18	forecast	forecast	NOUN
abr-37	76	19	guiders	guider	NOUN
abr-37	76	20	.	.	PUNCT
abr-37	77	1	combining	combine	VERB
abr-37	77	2	these	these	DET
abr-37	77	3	two	two	NUM
abr-37	77	4	steps	step	NOUN
abr-37	77	5	,	,	PUNCT
abr-37	77	6	forecast	forecast	NOUN
abr-37	77	7	guiders	guider	NOUN
abr-37	77	8	are	be	AUX
abr-37	77	9	defined	define	VERB
abr-37	77	10	as	as	ADP
abr-37	77	11	the	the	DET
abr-37	77	12	firm	firm	NOUN
abr-37	77	13	-	-	PUNCT
abr-37	77	14	years	year	NOUN
abr-37	77	15	that	that	PRON
abr-37	77	16	are	be	AUX
abr-37	77	17	classified	classify	VERB
abr-37	77	18	as	as	ADP
abr-37	77	19	possible	possible	ADJ
abr-37	77	20	guiders	guider	NOUN
abr-37	77	21	in	in	ADP
abr-37	77	22	both	both	DET
abr-37	77	23	step	step	NOUN
abr-37	77	24	1	1	NUM
abr-37	77	25	and	and	CCONJ
abr-37	77	26	step	step	NOUN
abr-37	77	27	2	2	NUM
abr-37	77	28	.	.	PUNCT
abr-37	78	1	this	this	DET
abr-37	78	2	study	study	NOUN
abr-37	78	3	creates	create	VERB
abr-37	78	4	a	a	DET
abr-37	78	5	matched	matched	ADJ
abr-37	78	6	non	non	ADJ
abr-37	78	7	-	-	ADJ
abr-37	78	8	guider	guider	ADJ
abr-37	78	9	sample	sample	NOUN
abr-37	78	10	based	base	VERB
abr-37	78	11	on	on	ADP
abr-37	78	12	industry	industry	NOUN
abr-37	78	13	,	,	PUNCT
abr-37	78	14	year	year	NOUN
abr-37	78	15	,	,	PUNCT
abr-37	78	16	and	and	CCONJ
abr-37	78	17	forecast	forecast	NOUN
abr-37	78	18	error	error	NOUN
abr-37	78	19	to	to	PART
abr-37	78	20	minimize	minimize	VERB
abr-37	78	21	sample	sample	NOUN
abr-37	78	22	differences	difference	NOUN
abr-37	78	23	in	in	ADP
abr-37	78	24	these	these	DET
abr-37	78	25	aspects	aspect	NOUN
abr-37	78	26	.	.	PUNCT
abr-37	79	1	prior	prior	ADJ
abr-37	79	2	studies	study	NOUN
abr-37	79	3	,	,	PUNCT
abr-37	79	4	such	such	ADJ
abr-37	79	5	as	as	ADP
abr-37	79	6	frankel	frankel	NOUN
abr-37	79	7	and	and	CCONJ
abr-37	79	8	lee	lee	PROPN
abr-37	79	9	(	(	PUNCT
abr-37	79	10	1998	1998	NUM
abr-37	79	11	)	)	PUNCT
abr-37	79	12	and	and	CCONJ
abr-37	79	13	easton	easton	PROPN
abr-37	79	14	and	and	CCONJ
abr-37	79	15	sommers	sommer	NOUN
abr-37	79	16	(	(	PUNCT
abr-37	79	17	2007	2007	NUM
abr-37	79	18	)	)	PUNCT
abr-37	79	19	,	,	PUNCT
abr-37	79	20	suggest	suggest	VERB
abr-37	79	21	that	that	SCONJ
abr-37	79	22	errors	error	NOUN
abr-37	79	23	in	in	ADP
abr-37	79	24	analyst	analyst	NOUN
abr-37	79	25	earnings	earning	NOUN
abr-37	79	26	forecasts	forecast	NOUN
abr-37	79	27	reduce	reduce	VERB
abr-37	79	28	the	the	DET
abr-37	79	29	accuracy	accuracy	NOUN
abr-37	79	30	of	of	ADP
abr-37	79	31	forecastbased	forecastbased	ADJ
abr-37	79	32	estimates	estimate	NOUN
abr-37	79	33	.	.	PUNCT
abr-37	80	1	matching	match	VERB
abr-37	80	2	on	on	ADP
abr-37	80	3	forecast	forecast	NOUN
abr-37	80	4	errors	error	NOUN
abr-37	80	5	ensures	ensure	VERB
abr-37	80	6	that	that	SCONJ
abr-37	80	7	the	the	DET
abr-37	80	8	observed	observed	ADJ
abr-37	80	9	difference	difference	NOUN
abr-37	80	10	in	in	ADP
abr-37	80	11	the	the	DET
abr-37	80	12	accuracy	accuracy	NOUN
abr-37	80	13	of	of	ADP
abr-37	80	14	v	v	NOUN
abr-37	80	15	between	between	ADP
abr-37	80	16	the	the	DET
abr-37	80	17	guider	guider	NOUN
abr-37	80	18	and	and	CCONJ
abr-37	80	19	non	non	ADJ
abr-37	80	20	-	-	ADJ
abr-37	80	21	guider	guider	ADJ
abr-37	80	22	samples	sample	NOUN
abr-37	80	23	is	be	AUX
abr-37	80	24	not	not	PART
abr-37	80	25	driven	drive	VERB
abr-37	80	26	by	by	ADP
abr-37	80	27	differences	difference	NOUN
abr-37	80	28	in	in	ADP
abr-37	80	29	forecast	forecast	NOUN
abr-37	80	30	errors	error	NOUN
abr-37	80	31	.	.	PUNCT
abr-37	81	1	to	to	PART
abr-37	81	2	construct	construct	VERB
abr-37	81	3	the	the	DET
abr-37	81	4	non	non	ADJ
abr-37	81	5	-	-	ADJ
abr-37	81	6	guider	guider	ADJ
abr-37	81	7	sample	sample	NOUN
abr-37	81	8	,	,	PUNCT
abr-37	81	9	for	for	ADP
abr-37	81	10	each	each	DET
abr-37	81	11	guider	guider	NOUN
abr-37	81	12	,	,	PUNCT
abr-37	81	13	all	all	DET
abr-37	81	14	firms	firm	NOUN
abr-37	81	15	that	that	PRON
abr-37	81	16	are	be	AUX
abr-37	81	17	in	in	ADP
abr-37	81	18	the	the	DET
abr-37	81	19	same	same	ADJ
abr-37	81	20	industry	industry	NOUN
abr-37	81	21	and	and	CCONJ
abr-37	81	22	year	year	NOUN
abr-37	81	23	are	be	AUX
abr-37	81	24	selected	select	VERB
abr-37	81	25	from	from	ADP
abr-37	81	26	the	the	DET
abr-37	81	27	group	group	NOUN
abr-37	81	28	of	of	ADP
abr-37	81	29	firms	firm	NOUN
abr-37	81	30	that	that	PRON
abr-37	81	31	are	be	AUX
abr-37	81	32	not	not	PART
abr-37	81	33	in	in	ADP
abr-37	81	34	the	the	DET
abr-37	81	35	guider	guider	NOUN
abr-37	81	36	sample	sample	NOUN
abr-37	81	37	.	.	PUNCT
abr-37	82	1	among	among	ADP
abr-37	82	2	these	these	DET
abr-37	82	3	selected	select	VERB
abr-37	82	4	observations	observation	NOUN
abr-37	82	5	,	,	PUNCT
abr-37	82	6	the	the	DET
abr-37	82	7	one	one	NOUN
abr-37	82	8	with	with	ADP
abr-37	82	9	the	the	DET
abr-37	82	10	closest	close	ADJ
abr-37	82	11	forecast	forecast	NOUN
abr-37	82	12	error	error	NOUN
abr-37	82	13	to	to	ADP
abr-37	82	14	the	the	DET
abr-37	82	15	guider	guider	NOUN
abr-37	82	16	is	be	AUX
abr-37	82	17	defined	define	VERB
abr-37	82	18	as	as	ADP
abr-37	82	19	the	the	DET
abr-37	82	20	matched	match	VERB
abr-37	82	21	non	non	ADJ
abr-37	82	22	-	-	NOUN
abr-37	82	23	guider	guider	NOUN
abr-37	82	24	.	.	PUNCT
abr-37	83	1	early	early	ADV
abr-37	83	2	it	it	PRON
abr-37	83	3	late	late	ADJ
abr-37	83	4	itit	itit	PROPN
abr-37	83	5	afafrev	afafrev	VERB
abr-37	83	6			PROPN
abr-37	83	7	forecast	forecast	NOUN
abr-37	83	8	year	year	NOUN
abr-37	83	9	t	t	PROPN
abr-37	83	10	360	360	NUM
abr-37	83	11	days	day	NOUN
abr-37	83	12	af	af	PROPN
abr-37	83	13	2	2	NUM
abr-37	83	14	,	,	PUNCT
abr-37	83	15	a	a	DET
abr-37	83	16	af1,b	af1,b	NOUN
abr-37	83	17	af	af	VERB
abr-37	83	18	early	early	ADV
abr-37	83	19	=	=	PUNCT
abr-37	83	20	af3,a	af3,a	NOUN
abr-37	83	21	median	median	NOUN
abr-37	83	22	{	{	PUNCT
abr-37	83	23	af3,a	af3,a	NOUN
abr-37	83	24	,	,	PUNCT
abr-37	83	25	af2,b	af2,b	PROPN
abr-37	83	26	,	,	PUNCT
abr-37	83	27	af1,c	af1,c	NOUN
abr-37	83	28	}	}	PUNCT
abr-37	83	29	af1,a	af1,a	PROPN
abr-37	83	30	af1,c	af1,c	PROPN
abr-37	83	31	aflate	aflate	ADJ
abr-37	83	32	mth	mth	NOUN
abr-37	83	33	10	10	NUM
abr-37	83	34	mth	mth	NOUN
abr-37	83	35	11	11	NUM
abr-37	83	36	mth	mth	NOUN
abr-37	83	37	12	12	NUM
abr-37	83	38	30	30	NUM
abr-37	83	39	days	day	NOUN
abr-37	83	40	30	30	NUM
abr-37	83	41	days	day	NOUN
abr-37	83	42	mth	mth	NOUN
abr-37	83	43	1	1	NUM
abr-37	83	44	mth	mth	NOUN
abr-37	83	45	2	2	NUM
abr-37	83	46	mth	mth	NOUN
abr-37	83	47	3	3	NUM
abr-37	83	48	tian	tian	ADJ
abr-37	83	49	5	5	NUM
abr-37	83	50	intrinsic	intrinsic	ADJ
abr-37	83	51	value	value	NOUN
abr-37	83	52	measure	measure	NOUN
abr-37	83	53	ohlson	ohlson	NOUN
abr-37	83	54	(	(	PUNCT
abr-37	83	55	1995	1995	NUM
abr-37	83	56	)	)	PUNCT
abr-37	83	57	develops	develop	VERB
abr-37	83	58	the	the	DET
abr-37	83	59	rim	rim	NOUN
abr-37	83	60	to	to	PART
abr-37	83	61	express	express	VERB
abr-37	83	62	firm	firm	ADJ
abr-37	83	63	value	value	NOUN
abr-37	83	64	as	as	ADP
abr-37	83	65	a	a	DET
abr-37	83	66	linear	linear	ADJ
abr-37	83	67	function	function	NOUN
abr-37	83	68	of	of	ADP
abr-37	83	69	accounting	accounting	NOUN
abr-37	83	70	book	book	NOUN
abr-37	83	71	value	value	NOUN
abr-37	83	72	,	,	PUNCT
abr-37	83	73	abnormal	abnormal	ADJ
abr-37	83	74	earnings	earning	NOUN
abr-37	83	75	and	and	CCONJ
abr-37	83	76	the	the	DET
abr-37	83	77	other	other	ADJ
abr-37	83	78	information	information	NOUN
abr-37	83	79	about	about	ADP
abr-37	83	80	future	future	ADJ
abr-37	83	81	abnormal	abnormal	ADJ
abr-37	83	82	earnings	earning	NOUN
abr-37	83	83	:	:	PUNCT
abr-37	84	1	t	t	PROPN
abr-37	84	2	a	a	DET
abr-37	84	3	ttt	ttt	NOUN
abr-37	84	4	vxb	vxb	NOUN
abr-37	85	1	=	=	NOUN
abr-37	85	2	v	v	NOUN
abr-37	85	3	21	21	NUM
abr-37	85	4			VERB
abr-37	85	5			PROPN
abr-37	85	6	(	(	PUNCT
abr-37	85	7	2	2	NUM
abr-37	85	8	)	)	PUNCT
abr-37	85	9	in	in	ADP
abr-37	85	10	this	this	DET
abr-37	85	11	model	model	NOUN
abr-37	85	12	,	,	PUNCT
abr-37	85	13	tb	tb	X
abr-37	85	14	is	be	AUX
abr-37	85	15	the	the	DET
abr-37	85	16	accounting	accounting	NOUN
abr-37	85	17	book	book	NOUN
abr-37	85	18	value	value	NOUN
abr-37	85	19	of	of	ADP
abr-37	85	20	shareholders	shareholder	NOUN
abr-37	85	21	’	'	PUNCT
abr-37	85	22	equity	equity	NOUN
abr-37	85	23	at	at	ADP
abr-37	85	24	time	time	NOUN
abr-37	85	25	t	t	PROPN
abr-37	85	26	,	,	PUNCT
abr-37	85	27	tx	tx	PROPN
abr-37	85	28	is	be	AUX
abr-37	85	29	the	the	DET
abr-37	85	30	earnings	earning	NOUN
abr-37	85	31	for	for	ADP
abr-37	85	32	the	the	DET
abr-37	85	33	period	period	NOUN
abr-37	85	34	from	from	ADP
abr-37	85	35	t-1	t-1	PROPN
abr-37	85	36	to	to	ADP
abr-37	85	37	t	t	PROPN
abr-37	85	38	,	,	PUNCT
abr-37	85	39	and	and	CCONJ
abr-37	85	40	a	a	DET
abr-37	85	41	tx	tx	NOUN
abr-37	85	42	is	be	AUX
abr-37	85	43	abnormal	abnormal	ADJ
abr-37	85	44	earnings	earning	NOUN
abr-37	85	45	(	(	PUNCT
abr-37	85	46	1	1	NOUN
abr-37	85	47	tt	tt	PROPN
abr-37	85	48	a	a	DET
abr-37	85	49	t	t	PROPN
abr-37	85	50	rbxx	rbxx	PROPN
abr-37	85	51	)	)	PUNCT
abr-37	85	52	.	.	PUNCT
abr-37	86	1	tv	tv	NOUN
abr-37	86	2	is	be	AUX
abr-37	86	3	the	the	DET
abr-37	86	4	other	other	ADJ
abr-37	86	5	information	information	NOUN
abr-37	86	6	variable	variable	NOUN
abr-37	86	7	,	,	PUNCT
abr-37	86	8	defined	define	VERB
abr-37	86	9	as	as	ADP
abr-37	86	10	the	the	DET
abr-37	86	11	difference	difference	NOUN
abr-37	86	12	between	between	ADP
abr-37	86	13	the	the	DET
abr-37	86	14	expectation	expectation	NOUN
abr-37	86	15	of	of	ADP
abr-37	86	16	future	future	ADJ
abr-37	86	17	abnormal	abnormal	ADJ
abr-37	86	18	earnings	earning	NOUN
abr-37	86	19	based	base	VERB
abr-37	86	20	on	on	ADP
abr-37	86	21	all	all	DET
abr-37	86	22	information	information	NOUN
abr-37	86	23	and	and	CCONJ
abr-37	86	24	the	the	DET
abr-37	86	25	expectation	expectation	NOUN
abr-37	86	26	of	of	ADP
abr-37	86	27	future	future	ADJ
abr-37	86	28	abnormal	abnormal	ADJ
abr-37	86	29	earnings	earning	NOUN
abr-37	86	30	based	base	VERB
abr-37	86	31	only	only	ADV
abr-37	86	32	on	on	ADP
abr-37	86	33	the	the	DET
abr-37	86	34	current	current	ADJ
abr-37	86	35	abnormal	abnormal	ADJ
abr-37	86	36	earnings	earning	NOUN
abr-37	86	37	(	(	PUNCT
abr-37	86	38	tv	tv	NOUN
abr-37	86	39	=	=	PUNCT
abr-37	86	40	]	]	X
abr-37	86	41	[	[	PUNCT
abr-37	86	42	1	1	NUM
abr-37	86	43	a	a	PRON
abr-37	86	44	tt	tt	PROPN
abr-37	86	45	xe	xe	PROPN
abr-37	86	46			VERB
abr-37	86	47	a	a	DET
abr-37	86	48	tx	tx	NOUN
abr-37	86	49	)	)	PUNCT
abr-37	86	50	.	.	PUNCT
abr-37	87	1	the	the	DET
abr-37	87	2	parameters	parameter	NOUN
abr-37	87	3	1	1	PROPN
abr-37	87	4	and	and	CCONJ
abr-37	87	5	2	2	PROPN
abr-37	87	6	are	be	AUX
abr-37	87	7	computed	compute	VERB
abr-37	87	8	as	as	ADP
abr-37	87	9	)	)	PUNCT
abr-37	87	10	1/(1	1/(1	NUM
abr-37	88	1	tt	tt	NOUN
abr-37	88	2	r	r	NOUN
abr-37	88	3			NOUN
abr-37	88	4			PRON
abr-37	88	5	and	and	CCONJ
abr-37	88	6	)	)	PUNCT
abr-37	88	7	1(2	1(2	PROPN
abr-37	88	8	r	r	ADV
abr-37	88	9	)	)	PUNCT
abr-37	88	10	1)(1/	1)(1/	NUM
abr-37	88	11	(	(	PUNCT
abr-37	88	12	tt	tt	PROPN
abr-37	88	13	rr	rr	PROPN
abr-37	88	14			PROPN
abr-37	88	15			NOUN
abr-37	88	16	,	,	PUNCT
abr-37	88	17	where	where	SCONJ
abr-37	88	18	t	t	PROPN
abr-37	88	19	and	and	CCONJ
abr-37	88	20	t	t	NOUN
abr-37	88	21	are	be	AUX
abr-37	88	22	the	the	DET
abr-37	88	23	first	first	ADJ
abr-37	88	24	-	-	PUNCT
abr-37	88	25	order	order	NOUN
abr-37	88	26	autoregressive	autoregressive	ADJ
abr-37	88	27	coefficients	coefficient	NOUN
abr-37	88	28	for	for	ADP
abr-37	88	29	abnormal	abnormal	ADJ
abr-37	88	30	earnings	earning	NOUN
abr-37	88	31	and	and	CCONJ
abr-37	88	32	other	other	ADJ
abr-37	88	33	information	information	NOUN
abr-37	88	34	,	,	PUNCT
abr-37	88	35	estimated	estimate	VERB
abr-37	88	36	using	use	VERB
abr-37	88	37	the	the	DET
abr-37	88	38	following	follow	VERB
abr-37	88	39	pooled	pool	VERB
abr-37	88	40	time	time	NOUN
abr-37	88	41	-	-	PUNCT
abr-37	88	42	series	series	NOUN
abr-37	88	43	crosssectional	crosssectional	ADJ
abr-37	88	44	regressions	regression	NOUN
abr-37	88	45	:	:	PUNCT
abr-37	88	46	1,11	1,11	NUM
abr-37	88	47			NOUN
abr-37	88	48			VERB
abr-37	88	49	tt	tt	PROPN
abr-37	88	50	a	a	DET
abr-37	88	51	t	t	PROPN
abr-37	88	52	a	a	DET
abr-37	88	53	t	t	NOUN
abr-37	88	54	uvxx	uvxx	NOUN
abr-37	88	55			X
abr-37	88	56	(	(	PUNCT
abr-37	88	57	3	3	NUM
abr-37	88	58	)	)	PUNCT
abr-37	88	59	1,21	1,21	PROPN
abr-37	88	60			PROPN
abr-37	88	61			PROPN
abr-37	88	62	ttt	ttt	PROPN
abr-37	88	63	uvv	uvv	ADV
abr-37	88	64			NUM
abr-37	88	65	(	(	PUNCT
abr-37	88	66	4	4	NUM
abr-37	88	67	)	)	PUNCT
abr-37	88	68	in	in	ADP
abr-37	88	69	these	these	DET
abr-37	88	70	regressions	regression	NOUN
abr-37	88	71	,	,	PUNCT
abr-37	88	72	1,1	1,1	NUM
abr-37	88	73	tu	tu	PROPN
abr-37	88	74	and	and	CCONJ
abr-37	88	75	1,2	1,2	NUM
abr-37	88	76	tu	tu	NOUN
abr-37	88	77	are	be	AUX
abr-37	88	78	the	the	DET
abr-37	88	79	mean	mean	ADJ
abr-37	88	80	zero	zero	NUM
abr-37	88	81	disturbance	disturbance	NOUN
abr-37	88	82	terms	term	NOUN
abr-37	88	83	.	.	PUNCT
abr-37	89	1	this	this	DET
abr-37	89	2	study	study	NOUN
abr-37	89	3	uses	use	VERB
abr-37	89	4	the	the	DET
abr-37	89	5	consensus	consensus	NOUN
abr-37	89	6	analyst	analyst	NOUN
abr-37	89	7	earnings	earning	NOUN
abr-37	89	8	forecast	forecast	NOUN
abr-37	89	9	at	at	ADP
abr-37	89	10	the	the	DET
abr-37	89	11	end	end	NOUN
abr-37	89	12	of	of	ADP
abr-37	89	13	the	the	DET
abr-37	89	14	year	year	NOUN
abr-37	89	15	(	(	PUNCT
abr-37	89	16	late	late	ADJ
abr-37	89	17	taf	taf	NOUN
abr-37	89	18	)	)	PUNCT
abr-37	89	19	to	to	PART
abr-37	89	20	estimate	estimate	VERB
abr-37	89	21	the	the	DET
abr-37	89	22	expectation	expectation	NOUN
abr-37	89	23	of	of	ADP
abr-37	89	24	future	future	ADJ
abr-37	89	25	abnormal	abnormal	ADJ
abr-37	89	26	earnings	earning	NOUN
abr-37	89	27	:	:	PUNCT
abr-37	90	1	t	t	PROPN
abr-37	90	2	late	late	ADJ
abr-37	90	3	t	t	PROPN
abr-37	90	4	a	a	DET
abr-37	90	5	tt	tt	PROPN
abr-37	90	6	rbafxe	rbafxe	NOUN
abr-37	90	7			PROPN
abr-37	90	8	]	]	X
abr-37	90	9	[	[	PUNCT
abr-37	90	10	1	1	X
abr-37	90	11	.	.	PUNCT
abr-37	91	1	(	(	PUNCT
abr-37	91	2	5	5	X
abr-37	91	3	)	)	PUNCT
abr-37	91	4	it	it	PRON
abr-37	91	5	then	then	ADV
abr-37	91	6	expresses	express	VERB
abr-37	91	7	the	the	DET
abr-37	91	8	other	other	ADJ
abr-37	91	9	information	information	NOUN
abr-37	91	10	variable	variable	NOUN
abr-37	91	11	as	as	ADP
abr-37	91	12	a	a	DET
abr-37	91	13	ttt	ttt	PROPN
abr-37	91	14	late	late	ADV
abr-37	91	15	tt	tt	PROPN
abr-37	91	16	xrbafv	xrbafv	PROPN
abr-37	91	17			NOUN
abr-37	91	18	)	)	PUNCT
abr-37	91	19	(	(	PUNCT
abr-37	91	20	.	.	PUNCT
abr-37	92	1	(	(	PUNCT
abr-37	92	2	6	6	NUM
abr-37	92	3	)	)	PUNCT
abr-37	92	4	the	the	DET
abr-37	92	5	forecast	forecast	NOUN
abr-37	92	6	-	-	PUNCT
abr-37	92	7	based	base	VERB
abr-37	92	8	intrinsic	intrinsic	ADJ
abr-37	92	9	value	value	NOUN
abr-37	92	10	metric	metric	ADJ
abr-37	92	11	v	v	NOUN
abr-37	92	12	is	be	AUX
abr-37	92	13	constructed	construct	VERB
abr-37	92	14	for	for	ADP
abr-37	92	15	each	each	DET
abr-37	92	16	firm	firm	NOUN
abr-37	92	17	at	at	ADP
abr-37	92	18	the	the	DET
abr-37	92	19	end	end	NOUN
abr-37	92	20	of	of	ADP
abr-37	92	21	each	each	DET
abr-37	92	22	forecast	forecast	NOUN
abr-37	92	23	year	year	NOUN
abr-37	92	24	as	as	SCONJ
abr-37	92	25	follows	follow	VERB
abr-37	92	26	:	:	PUNCT
abr-37	92	27	)	)	PUNCT
abr-37	92	28	(	(	PUNCT
abr-37	92	29	21	21	NUM
abr-37	92	30	a	a	DET
abr-37	92	31	tt	tt	PROPN
abr-37	92	32	late	late	ADJ
abr-37	92	33	t	t	PROPN
abr-37	92	34	a	a	DET
abr-37	92	35	ttt	ttt	NOUN
abr-37	92	36	xrbafxb	xrbafxb	PROPN
abr-37	92	37	=	=	SYM
abr-37	92	38	v	v	X
abr-37	92	39			PROPN
abr-37	92	40			PROPN
abr-37	92	41	.	.	PUNCT
abr-37	93	1	(	(	PUNCT
abr-37	93	2	7	7	X
abr-37	93	3	)	)	PUNCT
abr-37	93	4	empirical	empirical	ADJ
abr-37	93	5	analyses	analysis	NOUN
abr-37	93	6	the	the	DET
abr-37	93	7	empirical	empirical	ADJ
abr-37	93	8	analysis	analysis	NOUN
abr-37	93	9	include	include	VERB
abr-37	93	10	explanation	explanation	NOUN
abr-37	93	11	of	of	ADP
abr-37	93	12	contemporaneous	contemporaneous	ADJ
abr-37	93	13	stock	stock	NOUN
abr-37	93	14	prices	price	NOUN
abr-37	93	15	as	as	ADV
abr-37	93	16	well	well	ADV
abr-37	93	17	as	as	ADP
abr-37	93	18	prediction	prediction	NOUN
abr-37	93	19	of	of	ADP
abr-37	93	20	future	future	ADJ
abr-37	93	21	returns	return	NOUN
abr-37	93	22	through	through	ADP
abr-37	93	23	v	v	ADP
abr-37	93	24	/	/	SYM
abr-37	93	25	p	p	NOUN
abr-37	93	26	ratios	ratio	NOUN
abr-37	93	27	.	.	PUNCT
abr-37	94	1	these	these	PRON
abr-37	94	2	are	be	AUX
abr-37	94	3	explained	explain	VERB
abr-37	94	4	below	below	ADV
abr-37	94	5	.	.	PUNCT
abr-37	95	1	explanation	explanation	NOUN
abr-37	95	2	of	of	ADP
abr-37	95	3	contemporaneous	contemporaneous	ADJ
abr-37	95	4	stock	stock	NOUN
abr-37	95	5	prices	price	NOUN
abr-37	95	6	.	.	PUNCT
abr-37	96	1	prior	prior	ADJ
abr-37	96	2	studies	study	NOUN
abr-37	96	3	(	(	PUNCT
abr-37	96	4	e.g.	e.g.	ADV
abr-37	96	5	,	,	PUNCT
abr-37	96	6	frankel	frankel	NOUN
abr-37	96	7	and	and	CCONJ
abr-37	96	8	lee	lee	PROPN
abr-37	96	9	,	,	PUNCT
abr-37	96	10	1998	1998	NUM
abr-37	96	11	;	;	PUNCT
abr-37	96	12	lee	lee	PROPN
abr-37	96	13	et	et	PROPN
abr-37	96	14	al	al	PROPN
abr-37	96	15	.	.	PROPN
abr-37	96	16	,	,	PUNCT
abr-37	96	17	1999	1999	NUM
abr-37	96	18	)	)	PUNCT
abr-37	96	19	examine	examine	VERB
abr-37	96	20	the	the	DET
abr-37	96	21	cross	cross	ADJ
abr-37	96	22	-	-	ADJ
abr-37	96	23	sectional	sectional	ADJ
abr-37	96	24	correlations	correlation	NOUN
abr-37	96	25	between	between	ADP
abr-37	96	26	v	v	NOUN
abr-37	96	27	and	and	CCONJ
abr-37	96	28	p	p	NOUN
abr-37	96	29	to	to	PART
abr-37	96	30	assess	assess	VERB
abr-37	96	31	the	the	DET
abr-37	96	32	ability	ability	NOUN
abr-37	96	33	of	of	ADP
abr-37	96	34	v	v	NOUN
abr-37	96	35	to	to	PART
abr-37	96	36	explain	explain	VERB
abr-37	96	37	stock	stock	NOUN
abr-37	96	38	price	price	NOUN
abr-37	96	39	.	.	PUNCT
abr-37	97	1	these	these	DET
abr-37	97	2	studies	study	NOUN
abr-37	97	3	find	find	VERB
abr-37	97	4	that	that	SCONJ
abr-37	97	5	analyst	analyst	NOUN
abr-37	97	6	forecast	forecast	NOUN
abr-37	97	7	-	-	PUNCT
abr-37	97	8	based	base	VERB
abr-37	97	9	v	v	NOUN
abr-37	97	10	has	have	VERB
abr-37	97	11	higher	high	ADJ
abr-37	97	12	correlations	correlation	NOUN
abr-37	97	13	with	with	ADP
abr-37	97	14	stock	stock	NOUN
abr-37	97	15	price	price	NOUN
abr-37	97	16	than	than	ADP
abr-37	97	17	other	other	ADJ
abr-37	97	18	value	value	NOUN
abr-37	97	19	metrics	metric	NOUN
abr-37	97	20	.	.	PUNCT
abr-37	98	1	following	follow	VERB
abr-37	98	2	prior	prior	ADJ
abr-37	98	3	studies	study	NOUN
abr-37	98	4	,	,	PUNCT
abr-37	98	5	this	this	DET
abr-37	98	6	study	study	NOUN
abr-37	98	7	also	also	ADV
abr-37	98	8	employs	employ	VERB
abr-37	98	9	a	a	DET
abr-37	98	10	correlation	correlation	NOUN
abr-37	98	11	analysis	analysis	NOUN
abr-37	98	12	to	to	PART
abr-37	98	13	assess	assess	VERB
abr-37	98	14	the	the	DET
abr-37	98	15	ability	ability	NOUN
abr-37	98	16	of	of	ADP
abr-37	98	17	v	v	NOUN
abr-37	98	18	to	to	PART
abr-37	98	19	explain	explain	VERB
abr-37	98	20	stock	stock	NOUN
abr-37	98	21	price	price	NOUN
abr-37	98	22	.	.	PUNCT
abr-37	99	1	if	if	SCONJ
abr-37	99	2	forecast	forecast	NOUN
abr-37	99	3	guidance	guidance	NOUN
abr-37	99	4	impairs	impair	VERB
abr-37	99	5	the	the	DET
abr-37	99	6	ability	ability	NOUN
abr-37	99	7	of	of	ADP
abr-37	99	8	v	v	NOUN
abr-37	99	9	to	to	PART
abr-37	99	10	predict	predict	VERB
abr-37	99	11	firm	firm	ADJ
abr-37	99	12	value	value	NOUN
abr-37	99	13	as	as	ADP
abr-37	99	14	hypothesized	hypothesized	ADJ
abr-37	99	15	,	,	PUNCT
abr-37	99	16	v	v	ADP
abr-37	99	17	estimated	estimate	VERB
abr-37	99	18	using	use	VERB
abr-37	99	19	guided	guide	VERB
abr-37	99	20	forecasts	forecast	NOUN
abr-37	99	21	would	would	AUX
abr-37	99	22	have	have	VERB
abr-37	99	23	lower	low	ADJ
abr-37	99	24	correlations	correlation	NOUN
abr-37	99	25	with	with	ADP
abr-37	99	26	stock	stock	NOUN
abr-37	99	27	price	price	NOUN
abr-37	99	28	than	than	ADP
abr-37	99	29	those	those	PRON
abr-37	99	30	estimated	estimate	VERB
abr-37	99	31	using	use	VERB
abr-37	99	32	non	non	ADJ
abr-37	99	33	-	-	ADJ
abr-37	99	34	guided	guide	VERB
abr-37	99	35	forecasts	forecast	NOUN
abr-37	99	36	.	.	PUNCT
abr-37	100	1	usefulness	usefulness	NOUN
abr-37	100	2	of	of	ADP
abr-37	100	3	analyst	analyst	NOUN
abr-37	100	4	forecasts	forecast	NOUN
abr-37	100	5	in	in	ADP
abr-37	100	6	firm	firm	ADJ
abr-37	100	7	valuation	valuation	NOUN
abr-37	100	8	6	6	NUM
abr-37	100	9	to	to	PART
abr-37	100	10	carry	carry	VERB
abr-37	100	11	out	out	ADP
abr-37	100	12	the	the	DET
abr-37	100	13	correlations	correlation	NOUN
abr-37	100	14	test	test	NOUN
abr-37	100	15	,	,	PUNCT
abr-37	100	16	for	for	ADP
abr-37	100	17	the	the	DET
abr-37	100	18	guider	guider	NOUN
abr-37	100	19	and	and	CCONJ
abr-37	100	20	non	non	ADJ
abr-37	100	21	-	-	ADJ
abr-37	100	22	guider	guider	ADJ
abr-37	100	23	samples	sample	NOUN
abr-37	100	24	separately	separately	ADV
abr-37	100	25	,	,	PUNCT
abr-37	100	26	this	this	DET
abr-37	100	27	study	study	NOUN
abr-37	100	28	calculates	calculate	VERB
abr-37	100	29	the	the	DET
abr-37	100	30	cross	cross	ADJ
abr-37	100	31	-	-	ADJ
abr-37	100	32	sectional	sectional	ADJ
abr-37	100	33	spearman	spearman	NOUN
abr-37	100	34	correlation	correlation	NOUN
abr-37	100	35	coefficients	coefficient	NOUN
abr-37	100	36	between	between	ADP
abr-37	100	37	v	v	NOUN
abr-37	100	38	and	and	CCONJ
abr-37	100	39	p	p	NOUN
abr-37	100	40	at	at	ADP
abr-37	100	41	the	the	DET
abr-37	100	42	end	end	NOUN
abr-37	100	43	of	of	ADP
abr-37	100	44	each	each	DET
abr-37	100	45	year	year	NOUN
abr-37	100	46	.	.	PUNCT
abr-37	101	1	this	this	DET
abr-37	101	2	study	study	NOUN
abr-37	101	3	then	then	ADV
abr-37	101	4	compares	compare	VERB
abr-37	101	5	these	these	DET
abr-37	101	6	annual	annual	ADJ
abr-37	101	7	correlation	correlation	NOUN
abr-37	101	8	statistics	statistic	NOUN
abr-37	101	9	between	between	ADP
abr-37	101	10	the	the	DET
abr-37	101	11	two	two	NUM
abr-37	101	12	samples	sample	NOUN
abr-37	101	13	,	,	PUNCT
abr-37	101	14	expecting	expect	VERB
abr-37	101	15	the	the	DET
abr-37	101	16	correlations	correlation	NOUN
abr-37	101	17	to	to	PART
abr-37	101	18	be	be	AUX
abr-37	101	19	lower	low	ADJ
abr-37	101	20	for	for	ADP
abr-37	101	21	the	the	DET
abr-37	101	22	guiders	guider	NOUN
abr-37	101	23	than	than	ADP
abr-37	101	24	the	the	DET
abr-37	101	25	non	non	NOUN
abr-37	101	26	-	-	NOUN
abr-37	101	27	guiders	guider	NOUN
abr-37	101	28	.	.	PUNCT
abr-37	102	1	to	to	PART
abr-37	102	2	ensure	ensure	VERB
abr-37	102	3	that	that	SCONJ
abr-37	102	4	the	the	DET
abr-37	102	5	correlation	correlation	NOUN
abr-37	102	6	difference	difference	NOUN
abr-37	102	7	between	between	ADP
abr-37	102	8	the	the	DET
abr-37	102	9	guiders	guider	NOUN
abr-37	102	10	and	and	CCONJ
abr-37	102	11	non	non	NOUN
abr-37	102	12	-	-	NOUN
abr-37	102	13	guiders	guider	NOUN
abr-37	102	14	is	be	AUX
abr-37	102	15	not	not	PART
abr-37	102	16	due	due	ADJ
abr-37	102	17	to	to	PART
abr-37	102	18	sample	sample	VERB
abr-37	102	19	differences	difference	NOUN
abr-37	102	20	in	in	ADP
abr-37	102	21	aspects	aspect	NOUN
abr-37	102	22	other	other	ADJ
abr-37	102	23	than	than	ADP
abr-37	102	24	forecast	forecast	NOUN
abr-37	102	25	guidance	guidance	NOUN
abr-37	102	26	,	,	PUNCT
abr-37	102	27	this	this	DET
abr-37	102	28	study	study	NOUN
abr-37	102	29	examines	examine	VERB
abr-37	102	30	the	the	DET
abr-37	102	31	conditional	conditional	ADJ
abr-37	102	32	correlations	correlation	NOUN
abr-37	102	33	between	between	ADP
abr-37	102	34	v	v	NOUN
abr-37	102	35	and	and	CCONJ
abr-37	102	36	p	p	NOUN
abr-37	102	37	,	,	PUNCT
abr-37	102	38	controlling	control	VERB
abr-37	102	39	for	for	ADP
abr-37	102	40	firm	firm	ADJ
abr-37	102	41	size	size	NOUN
abr-37	102	42	,	,	PUNCT
abr-37	102	43	earnings	earning	NOUN
abr-37	102	44	performance	performance	NOUN
abr-37	102	45	,	,	PUNCT
abr-37	102	46	book	book	NOUN
abr-37	102	47	-	-	PUNCT
abr-37	102	48	to	to	ADP
abr-37	102	49	-	-	PUNCT
abr-37	102	50	market	market	NOUN
abr-37	102	51	ratio	ratio	NOUN
abr-37	102	52	,	,	PUNCT
abr-37	102	53	and	and	CCONJ
abr-37	102	54	analyst	analyst	NOUN
abr-37	102	55	forecast	forecast	NOUN
abr-37	102	56	error	error	NOUN
abr-37	102	57	.	.	PUNCT
abr-37	103	1	specifically	specifically	ADV
abr-37	103	2	,	,	PUNCT
abr-37	103	3	for	for	ADP
abr-37	103	4	the	the	DET
abr-37	103	5	guider	guider	NOUN
abr-37	103	6	and	and	CCONJ
abr-37	103	7	non	non	ADJ
abr-37	103	8	-	-	ADJ
abr-37	103	9	guider	guider	ADJ
abr-37	103	10	samples	sample	NOUN
abr-37	103	11	separately	separately	ADV
abr-37	103	12	,	,	PUNCT
abr-37	103	13	this	this	DET
abr-37	103	14	study	study	NOUN
abr-37	103	15	computes	compute	VERB
abr-37	103	16	the	the	DET
abr-37	103	17	conditional	conditional	ADJ
abr-37	103	18	correlations	correlation	NOUN
abr-37	103	19	for	for	ADP
abr-37	103	20	each	each	DET
abr-37	103	21	sample	sample	NOUN
abr-37	103	22	in	in	ADP
abr-37	103	23	the	the	DET
abr-37	103	24	following	follow	VERB
abr-37	103	25	steps	step	NOUN
abr-37	103	26	.	.	PUNCT
abr-37	104	1	first	first	ADV
abr-37	104	2	,	,	PUNCT
abr-37	104	3	it	it	PRON
abr-37	104	4	estimates	estimate	VERB
abr-37	104	5	the	the	DET
abr-37	104	6	following	follow	VERB
abr-37	104	7	regressions	regression	NOUN
abr-37	104	8	:	:	PUNCT
abr-37	104	9	ittititititi	ittititititi	NOUN
abr-37	104	10	efecmbcepscbvcp	efecmbcepscbvcp	NOUN
abr-37	104	11			NOUN
abr-37	104	12	,	,	PUNCT
abr-37	104	13	4,3,2,1	4,3,2,1	NUM
abr-37	104	14	,	,	PUNCT
abr-37	104	15	/	/	PUNCT
abr-37	104	16	(	(	PUNCT
abr-37	104	17	8)	8)	NUM
abr-37	104	18	ittititititi	ittititititi	NOUN
abr-37	104	19	vfecmbcepscbvcv	vfecmbcepscbvcv	PROPN
abr-37	104	20			PROPN
abr-37	104	21	,	,	PUNCT
abr-37	104	22	4,3,2,1	4,3,2,1	NUM
abr-37	104	23	,	,	PUNCT
abr-37	104	24	/	/	PUNCT
abr-37	104	25	(	(	PUNCT
abr-37	104	26	9	9	NUM
abr-37	104	27	)	)	PUNCT
abr-37	104	28	in	in	ADP
abr-37	104	29	these	these	DET
abr-37	104	30	regressions	regression	NOUN
abr-37	104	31	,	,	PUNCT
abr-37	104	32	itbv	itbv	PROPN
abr-37	104	33	is	be	AUX
abr-37	104	34	the	the	DET
abr-37	104	35	accounting	accounting	NOUN
abr-37	104	36	book	book	NOUN
abr-37	104	37	value	value	NOUN
abr-37	104	38	of	of	ADP
abr-37	104	39	shareholders	shareholder	NOUN
abr-37	104	40	’	'	PUNCT
abr-37	104	41	equity	equity	NOUN
abr-37	104	42	per	per	ADP
abr-37	104	43	share	share	NOUN
abr-37	104	44	at	at	ADP
abr-37	104	45	the	the	DET
abr-37	104	46	beginning	beginning	NOUN
abr-37	104	47	of	of	ADP
abr-37	104	48	year	year	NOUN
abr-37	104	49	t.	t.	PROPN
abr-37	104	50	iteps	itep	NOUN
abr-37	104	51	is	be	AUX
abr-37	104	52	earnings	earning	NOUN
abr-37	104	53	per	per	ADP
abr-37	104	54	share	share	NOUN
abr-37	104	55	for	for	ADP
abr-37	104	56	year	year	NOUN
abr-37	104	57	t-1	t-1	PROPN
abr-37	104	58	.	.	PUNCT
abr-37	105	1	itfe	itfe	PROPN
abr-37	105	2	is	be	AUX
abr-37	105	3	analysts	analyst	NOUN
abr-37	105	4	’	’	PART
abr-37	105	5	consensus	consensus	NOUN
abr-37	105	6	forecast	forecast	NOUN
abr-37	105	7	for	for	ADP
abr-37	105	8	year	year	NOUN
abr-37	105	9	t	t	PROPN
abr-37	105	10	’s	’s	PART
abr-37	105	11	earnings	earning	NOUN
abr-37	105	12	measured	measure	VERB
abr-37	105	13	at	at	ADP
abr-37	105	14	the	the	DET
abr-37	105	15	end	end	NOUN
abr-37	105	16	of	of	ADP
abr-37	105	17	year	year	NOUN
abr-37	105	18	t	t	NOUN
abr-37	105	19	prior	prior	ADV
abr-37	105	20	to	to	ADP
abr-37	105	21	the	the	DET
abr-37	105	22	earnings	earning	NOUN
abr-37	105	23	announcement	announcement	NOUN
abr-37	105	24	;	;	PUNCT
abr-37	105	25	the	the	DET
abr-37	105	26	residual	residual	ADJ
abr-37	105	27	itê	itê	PROPN
abr-37	105	28	(	(	PUNCT
abr-37	105	29	itv̂	itv̂	PROPN
abr-37	105	30	)	)	PUNCT
abr-37	105	31	represents	represent	VERB
abr-37	105	32	the	the	DET
abr-37	105	33	part	part	NOUN
abr-37	105	34	of	of	ADP
abr-37	105	35	tip	tip	NOUN
abr-37	105	36	,	,	PUNCT
abr-37	105	37	(	(	PUNCT
abr-37	105	38	tiv	tiv	NOUN
abr-37	105	39	,	,	PUNCT
abr-37	105	40	)	)	PUNCT
abr-37	105	41	that	that	PRON
abr-37	105	42	can	can	AUX
abr-37	105	43	not	not	PART
abr-37	105	44	be	be	AUX
abr-37	105	45	explained	explain	VERB
abr-37	105	46	by	by	ADP
abr-37	105	47	these	these	DET
abr-37	105	48	control	control	NOUN
abr-37	105	49	variables	variable	NOUN
abr-37	105	50	for	for	ADP
abr-37	105	51	firm	firm	ADJ
abr-37	105	52	size	size	NOUN
abr-37	105	53	,	,	PUNCT
abr-37	105	54	earnings	earning	NOUN
abr-37	105	55	performance	performance	NOUN
abr-37	105	56	,	,	PUNCT
abr-37	105	57	b	b	X
abr-37	105	58	/	/	SYM
abr-37	105	59	m	m	NOUN
abr-37	105	60	ratio	ratio	NOUN
abr-37	105	61	,	,	PUNCT
abr-37	105	62	and	and	CCONJ
abr-37	105	63	forecast	forecast	NOUN
abr-37	105	64	accuracy	accuracy	NOUN
abr-37	105	65	.	.	PUNCT
abr-37	106	1	the	the	DET
abr-37	106	2	residuals	residual	NOUN
abr-37	106	3	itê	itê	PROPN
abr-37	106	4	and	and	CCONJ
abr-37	106	5	itv̂	itv̂	PROPN
abr-37	106	6	are	be	AUX
abr-37	106	7	then	then	ADV
abr-37	106	8	used	use	VERB
abr-37	106	9	to	to	PART
abr-37	106	10	estimate	estimate	VERB
abr-37	106	11	the	the	DET
abr-37	106	12	following	follow	VERB
abr-37	106	13	regression	regression	NOUN
abr-37	106	14	:	:	PUNCT
abr-37	106	15	ititit	ititit	PROPN
abr-37	106	16	uvbae	uvbae	NOUN
abr-37	106	17			PUNCT
abr-37	106	18	ˆˆ	ˆˆ	PROPN
abr-37	106	19	(	(	PUNCT
abr-37	106	20	10	10	NUM
abr-37	106	21	)	)	PUNCT
abr-37	106	22	in	in	ADP
abr-37	106	23	this	this	DET
abr-37	106	24	model	model	NOUN
abr-37	106	25	,	,	PUNCT
abr-37	106	26	b̂	b̂	NOUN
abr-37	106	27	captures	capture	VERB
abr-37	106	28	the	the	DET
abr-37	106	29	strength	strength	NOUN
abr-37	106	30	of	of	ADP
abr-37	106	31	the	the	DET
abr-37	106	32	relation	relation	NOUN
abr-37	106	33	between	between	ADP
abr-37	106	34	v	v	NOUN
abr-37	106	35	and	and	CCONJ
abr-37	106	36	p	p	NOUN
abr-37	106	37	that	that	PRON
abr-37	106	38	is	be	AUX
abr-37	106	39	left	leave	VERB
abr-37	106	40	unexplained	unexplained	ADJ
abr-37	106	41	after	after	ADP
abr-37	106	42	factoring	factor	VERB
abr-37	106	43	out	out	ADP
abr-37	106	44	the	the	DET
abr-37	106	45	effect	effect	NOUN
abr-37	106	46	of	of	ADP
abr-37	106	47	the	the	DET
abr-37	106	48	control	control	NOUN
abr-37	106	49	variables	variable	NOUN
abr-37	106	50	.	.	PUNCT
abr-37	107	1	this	this	DET
abr-37	107	2	study	study	NOUN
abr-37	107	3	then	then	ADV
abr-37	107	4	calculates	calculate	VERB
abr-37	107	5	the	the	DET
abr-37	107	6	sample	sample	NOUN
abr-37	107	7	standard	standard	ADJ
abr-37	107	8	deviations	deviation	NOUN
abr-37	107	9	of	of	ADP
abr-37	107	10	itê	itê	PROPN
abr-37	107	11	and	and	CCONJ
abr-37	107	12	itv̂	itv̂	PROPN
abr-37	107	13	and	and	CCONJ
abr-37	107	14	denote	denote	VERB
abr-37	107	15	these	these	DET
abr-37	107	16	standard	standard	ADJ
abr-37	107	17	deviations	deviation	NOUN
abr-37	107	18	as	as	ADP
abr-37	107	19	ê̂	ê̂	PROPN
abr-37	107	20	and	and	CCONJ
abr-37	107	21	v̂̂	v̂̂	VERB
abr-37	107	22	respectively	respectively	ADV
abr-37	107	23	.	.	PUNCT
abr-37	108	1	finally	finally	ADV
abr-37	108	2	,	,	PUNCT
abr-37	108	3	the	the	DET
abr-37	108	4	conditional	conditional	ADJ
abr-37	108	5	correlation	correlation	NOUN
abr-37	108	6	between	between	ADP
abr-37	108	7	v	v	NOUN
abr-37	108	8	and	and	CCONJ
abr-37	108	9	p	p	NOUN
abr-37	108	10	is	be	AUX
abr-37	108	11	calculated	calculate	VERB
abr-37	108	12	as	as	ADP
abr-37	108	13			PROPN
abr-37	108	14			PROPN
abr-37	108	15			NOUN
abr-37	108	16			PROPN
abr-37	108	17			PROPN
abr-37	108	18			PROPN
abr-37	109	1			PROPN
abr-37	109	2			NOUN
abr-37	110	1			PROPN
abr-37	110	2	e	e	X
abr-37	110	3	v	v	ADP
abr-37	110	4	ve	ve	PROPN
abr-37	110	5	b	b	NUM
abr-37	110	6	ˆ	ˆ	PROPN
abr-37	110	7	ˆ	ˆ	ADV
abr-37	110	8	ˆˆ	ˆˆ	PROPN
abr-37	110	9	ˆ	ˆ	ADJ
abr-37	110	10	ˆˆˆ	ˆˆˆ	X
abr-37	110	11			X
abr-37	110	12			X
abr-37	110	13			NOUN
abr-37	110	14	(	(	PUNCT
abr-37	110	15	11	11	NUM
abr-37	110	16	)	)	PUNCT
abr-37	110	17	this	this	DET
abr-37	110	18	study	study	NOUN
abr-37	110	19	compares	compare	VERB
abr-37	110	20	the	the	DET
abr-37	110	21	conditional	conditional	ADJ
abr-37	110	22	correlations	correlation	NOUN
abr-37	110	23	for	for	ADP
abr-37	110	24	the	the	DET
abr-37	110	25	guider	guider	NOUN
abr-37	110	26	and	and	CCONJ
abr-37	110	27	non	non	ADJ
abr-37	110	28	-	-	ADJ
abr-37	110	29	guider	guider	ADJ
abr-37	110	30	samples	sample	NOUN
abr-37	110	31	,	,	PUNCT
abr-37	110	32	expecting	expect	VERB
abr-37	110	33	the	the	DET
abr-37	110	34	conditional	conditional	ADJ
abr-37	110	35	correlations	correlation	NOUN
abr-37	110	36	for	for	SCONJ
abr-37	110	37	the	the	DET
abr-37	110	38	guiders	guider	NOUN
abr-37	110	39	to	to	PART
abr-37	110	40	be	be	AUX
abr-37	110	41	lower	low	ADJ
abr-37	110	42	than	than	ADP
abr-37	110	43	the	the	DET
abr-37	110	44	conditional	conditional	ADJ
abr-37	110	45	correlations	correlation	NOUN
abr-37	110	46	for	for	ADP
abr-37	110	47	the	the	DET
abr-37	110	48	nonguiders	nonguider	NOUN
abr-37	110	49	.	.	PUNCT
abr-37	111	1	prediction	prediction	NOUN
abr-37	111	2	of	of	ADP
abr-37	111	3	future	future	ADJ
abr-37	111	4	returns	return	NOUN
abr-37	111	5	through	through	ADP
abr-37	111	6	v	v	ADP
abr-37	111	7	/	/	SYM
abr-37	111	8	p	p	NOUN
abr-37	111	9	ratios	ratio	NOUN
abr-37	111	10	.	.	PUNCT
abr-37	112	1	better	well	ADJ
abr-37	112	2	v	v	NOUN
abr-37	112	3	estimates	estimate	NOUN
abr-37	112	4	have	have	VERB
abr-37	112	5	greater	great	ADJ
abr-37	112	6	ability	ability	NOUN
abr-37	112	7	to	to	PART
abr-37	112	8	predict	predict	VERB
abr-37	112	9	future	future	ADJ
abr-37	112	10	returns	return	NOUN
abr-37	112	11	through	through	ADP
abr-37	112	12	v	v	ADP
abr-37	112	13	/	/	SYM
abr-37	113	1	p	p	NOUN
abr-37	114	1	ratios	ratio	NOUN
abr-37	114	2	.	.	PUNCT
abr-37	115	1	frankel	frankel	PROPN
abr-37	115	2	and	and	CCONJ
abr-37	115	3	lee	lee	PROPN
abr-37	115	4	(	(	PUNCT
abr-37	115	5	1998	1998	NUM
abr-37	115	6	)	)	PUNCT
abr-37	115	7	and	and	CCONJ
abr-37	115	8	dechow	dechow	ADJ
abr-37	115	9	et	et	PROPN
abr-37	115	10	al	al	PROPN
abr-37	115	11	.	.	PUNCT
abr-37	115	12	(	(	PUNCT
abr-37	115	13	1999	1999	NUM
abr-37	115	14	)	)	PUNCT
abr-37	115	15	find	find	VERB
abr-37	115	16	the	the	DET
abr-37	115	17	12	12	NUM
abr-37	115	18	-	-	PUNCT
abr-37	115	19	month	month	NOUN
abr-37	115	20	cumulative	cumulative	ADJ
abr-37	115	21	returns	return	NOUN
abr-37	115	22	to	to	ADP
abr-37	115	23	the	the	DET
abr-37	115	24	v	v	NOUN
abr-37	115	25	/	/	SYM
abr-37	115	26	p	p	NOUN
abr-37	115	27	ratio	ratio	NOUN
abr-37	115	28	portfolio	portfolio	NOUN
abr-37	115	29	strategy	strategy	NOUN
abr-37	115	30	of	of	ADP
abr-37	115	31	buying	buy	VERB
abr-37	115	32	high	high	ADJ
abr-37	115	33	v	v	ADP
abr-37	115	34	/	/	SYM
abr-37	115	35	p	p	NOUN
abr-37	115	36	ratio	ratio	NOUN
abr-37	115	37	(	(	PUNCT
abr-37	115	38	under	under	ADV
abr-37	115	39	-	-	PUNCT
abr-37	115	40	valued	value	VERB
abr-37	115	41	)	)	PUNCT
abr-37	115	42	stocks	stock	NOUN
abr-37	115	43	and	and	CCONJ
abr-37	115	44	selling	sell	VERB
abr-37	115	45	low	low	ADJ
abr-37	115	46	v	v	NOUN
abr-37	115	47	/	/	SYM
abr-37	115	48	p	p	NOUN
abr-37	115	49	ratio	ratio	NOUN
abr-37	115	50	(	(	PUNCT
abr-37	115	51	over	over	ADV
abr-37	115	52	-	-	PUNCT
abr-37	115	53	valued	value	VERB
abr-37	115	54	)	)	PUNCT
abr-37	115	55	stocks	stock	NOUN
abr-37	115	56	to	to	PART
abr-37	115	57	be	be	AUX
abr-37	115	58	positive	positive	ADJ
abr-37	115	59	and	and	CCONJ
abr-37	115	60	significant	significant	ADJ
abr-37	115	61	.	.	PUNCT
abr-37	116	1	the	the	DET
abr-37	116	2	returns	return	NOUN
abr-37	116	3	prediction	prediction	NOUN
abr-37	116	4	analysis	analysis	NOUN
abr-37	116	5	compares	compare	VERB
abr-37	116	6	the	the	DET
abr-37	116	7	v	v	NOUN
abr-37	116	8	/	/	SYM
abr-37	116	9	p	p	NOUN
abr-37	116	10	ratio	ratio	NOUN
abr-37	116	11	portfolio	portfolio	NOUN
abr-37	116	12	returns	return	VERB
abr-37	116	13	for	for	ADP
abr-37	116	14	forecast	forecast	NOUN
abr-37	116	15	guiders	guider	NOUN
abr-37	116	16	and	and	CCONJ
abr-37	116	17	non	non	NOUN
abr-37	116	18	-	-	NOUN
abr-37	116	19	guiders	guider	NOUN
abr-37	116	20	over	over	ADP
abr-37	116	21	the	the	DET
abr-37	116	22	12	12	NUM
abr-37	116	23	months	month	NOUN
abr-37	116	24	following	follow	VERB
abr-37	116	25	forecast	forecast	NOUN
abr-37	116	26	guidance	guidance	NOUN
abr-37	116	27	,	,	PUNCT
abr-37	116	28	expecting	expect	VERB
abr-37	116	29	the	the	DET
abr-37	116	30	portfolio	portfolio	NOUN
abr-37	116	31	returns	return	VERB
abr-37	116	32	to	to	PART
abr-37	116	33	be	be	AUX
abr-37	116	34	greater	great	ADJ
abr-37	116	35	for	for	ADP
abr-37	116	36	the	the	DET
abr-37	116	37	non	non	NOUN
abr-37	116	38	-	-	NOUN
abr-37	116	39	guiders	guider	NOUN
abr-37	116	40	than	than	ADP
abr-37	116	41	for	for	ADP
abr-37	116	42	the	the	DET
abr-37	116	43	guiders	guider	NOUN
abr-37	116	44	.	.	PUNCT
abr-37	117	1	firms	firm	NOUN
abr-37	117	2	report	report	VERB
abr-37	117	3	earnings	earning	NOUN
abr-37	117	4	in	in	ADP
abr-37	117	5	different	different	ADJ
abr-37	117	6	months	month	NOUN
abr-37	117	7	.	.	PUNCT
abr-37	118	1	to	to	PART
abr-37	118	2	align	align	VERB
abr-37	118	3	the	the	DET
abr-37	118	4	sample	sample	NOUN
abr-37	118	5	in	in	ADP
abr-37	118	6	calendar	calendar	NOUN
abr-37	118	7	time	time	NOUN
abr-37	118	8	,	,	PUNCT
abr-37	118	9	this	this	DET
abr-37	118	10	study	study	NOUN
abr-37	118	11	uses	use	VERB
abr-37	118	12	firms	firm	NOUN
abr-37	118	13	that	that	PRON
abr-37	118	14	report	report	VERB
abr-37	118	15	earnings	earning	NOUN
abr-37	118	16	in	in	ADP
abr-37	118	17	february	february	PROPN
abr-37	118	18	as	as	ADP
abr-37	118	19	the	the	DET
abr-37	118	20	sample	sample	NOUN
abr-37	118	21	in	in	ADP
abr-37	118	22	the	the	DET
abr-37	118	23	returns	return	NOUN
abr-37	118	24	analysis	analysis	NOUN
abr-37	118	25	.	.	PUNCT
abr-37	119	1	at	at	ADP
abr-37	119	2	the	the	DET
abr-37	119	3	end	end	NOUN
abr-37	119	4	of	of	ADP
abr-37	119	5	each	each	DET
abr-37	119	6	forecast	forecast	NOUN
abr-37	119	7	year	year	NOUN
abr-37	119	8	,	,	PUNCT
abr-37	119	9	the	the	DET
abr-37	119	10	v	v	NOUN
abr-37	119	11	/	/	SYM
abr-37	119	12	p	p	NOUN
abr-37	119	13	ratio	ratio	NOUN
abr-37	119	14	for	for	ADP
abr-37	119	15	each	each	DET
abr-37	119	16	firm	firm	ADJ
abr-37	119	17	-	-	PUNCT
abr-37	119	18	year	year	NOUN
abr-37	119	19	observation	observation	NOUN
abr-37	119	20	is	be	AUX
abr-37	119	21	computed	compute	VERB
abr-37	119	22	using	use	VERB
abr-37	119	23	stock	stock	NOUN
abr-37	119	24	price	price	NOUN
abr-37	119	25	at	at	ADP
abr-37	119	26	the	the	DET
abr-37	119	27	end	end	NOUN
abr-37	119	28	of	of	ADP
abr-37	119	29	the	the	DET
abr-37	119	30	month	month	NOUN
abr-37	119	31	.	.	PUNCT
abr-37	120	1	for	for	ADP
abr-37	120	2	the	the	DET
abr-37	120	3	guiders	guider	NOUN
abr-37	120	4	and	and	CCONJ
abr-37	120	5	non	non	ADJ
abr-37	120	6	-	-	ADJ
abr-37	120	7	guiders	guider	NOUN
abr-37	120	8	separately	separately	ADV
abr-37	120	9	,	,	PUNCT
abr-37	120	10	this	this	DET
abr-37	120	11	study	study	NOUN
abr-37	120	12	ranks	rank	VERB
abr-37	120	13	firms	firm	NOUN
abr-37	120	14	by	by	ADP
abr-37	120	15	v	v	NOUN
abr-37	120	16	/	/	SYM
abr-37	120	17	p	p	NOUN
abr-37	120	18	ratios	ratio	NOUN
abr-37	120	19	and	and	CCONJ
abr-37	120	20	assign	assign	VERB
abr-37	120	21	these	these	DET
abr-37	120	22	firms	firm	NOUN
abr-37	120	23	to	to	ADP
abr-37	120	24	quintiles	quintile	NOUN
abr-37	120	25	.	.	PUNCT
abr-37	121	1	it	it	PRON
abr-37	121	2	then	then	ADV
abr-37	121	3	calculates	calculate	VERB
abr-37	121	4	the	the	DET
abr-37	121	5	cumulative	cumulative	ADJ
abr-37	121	6	return	return	NOUN
abr-37	121	7	for	for	ADP
abr-37	121	8	each	each	DET
abr-37	121	9	quintile	quintile	NOUN
abr-37	121	10	portfolio	portfolio	NOUN
abr-37	121	11	over	over	ADP
abr-37	121	12	the	the	DET
abr-37	121	13	subsequent	subsequent	ADJ
abr-37	121	14	12	12	NUM
abr-37	121	15	months	month	NOUN
abr-37	121	16	.	.	PUNCT
abr-37	122	1	the	the	DET
abr-37	122	2	hedge	hedge	NOUN
abr-37	122	3	portfolio	portfolio	NOUN
abr-37	122	4	return	return	NOUN
abr-37	122	5	is	be	AUX
abr-37	122	6	computed	compute	VERB
abr-37	122	7	as	as	ADP
abr-37	122	8	the	the	DET
abr-37	122	9	difference	difference	NOUN
abr-37	122	10	in	in	ADP
abr-37	122	11	returns	return	NOUN
abr-37	122	12	tian	tian	ADJ
abr-37	122	13	7	7	NUM
abr-37	122	14	between	between	ADP
abr-37	122	15	the	the	DET
abr-37	122	16	top	top	ADJ
abr-37	122	17	and	and	CCONJ
abr-37	122	18	bottom	bottom	ADJ
abr-37	122	19	v	v	ADP
abr-37	122	20	/	/	SYM
abr-37	122	21	p	p	NOUN
abr-37	122	22	quintiles	quintile	NOUN
abr-37	122	23	.	.	PUNCT
abr-37	123	1	this	this	DET
abr-37	123	2	study	study	NOUN
abr-37	123	3	compares	compare	VERB
abr-37	123	4	the	the	DET
abr-37	123	5	hedge	hedge	NOUN
abr-37	123	6	portfolio	portfolio	NOUN
abr-37	123	7	returns	return	VERB
abr-37	123	8	for	for	ADP
abr-37	123	9	the	the	DET
abr-37	123	10	guider	guider	NOUN
abr-37	123	11	and	and	CCONJ
abr-37	123	12	non	non	ADJ
abr-37	123	13	-	-	ADJ
abr-37	123	14	guider	guider	ADJ
abr-37	123	15	samples	sample	NOUN
abr-37	123	16	,	,	PUNCT
abr-37	123	17	expecting	expect	VERB
abr-37	123	18	a	a	DET
abr-37	123	19	higher	high	ADJ
abr-37	123	20	return	return	NOUN
abr-37	123	21	for	for	ADP
abr-37	123	22	the	the	DET
abr-37	123	23	non	non	ADJ
abr-37	123	24	-	-	ADJ
abr-37	123	25	guider	guider	ADJ
abr-37	123	26	sample	sample	NOUN
abr-37	123	27	than	than	ADP
abr-37	123	28	for	for	ADP
abr-37	123	29	the	the	DET
abr-37	123	30	guider	guider	NOUN
abr-37	123	31	sample	sample	NOUN
abr-37	123	32	.	.	PUNCT
abr-37	124	1	one	one	NUM
abr-37	124	2	remaining	remain	VERB
abr-37	124	3	concern	concern	NOUN
abr-37	124	4	is	be	AUX
abr-37	124	5	that	that	SCONJ
abr-37	124	6	the	the	DET
abr-37	124	7	difference	difference	NOUN
abr-37	124	8	in	in	ADP
abr-37	124	9	the	the	DET
abr-37	124	10	hedge	hedge	NOUN
abr-37	124	11	portfolio	portfolio	NOUN
abr-37	124	12	returns	return	VERB
abr-37	124	13	for	for	ADP
abr-37	124	14	the	the	DET
abr-37	124	15	guider	guider	NOUN
abr-37	124	16	and	and	CCONJ
abr-37	124	17	non	non	ADJ
abr-37	124	18	-	-	ADJ
abr-37	124	19	guider	guider	ADJ
abr-37	124	20	samples	sample	NOUN
abr-37	124	21	might	might	AUX
abr-37	124	22	be	be	AUX
abr-37	124	23	caused	cause	VERB
abr-37	124	24	by	by	ADP
abr-37	124	25	their	their	PRON
abr-37	124	26	different	different	ADJ
abr-37	124	27	risk	risk	NOUN
abr-37	124	28	profiles	profile	NOUN
abr-37	124	29	.	.	PUNCT
abr-37	125	1	to	to	PART
abr-37	125	2	address	address	VERB
abr-37	125	3	this	this	DET
abr-37	125	4	concern	concern	NOUN
abr-37	125	5	,	,	PUNCT
abr-37	125	6	this	this	DET
abr-37	125	7	study	study	NOUN
abr-37	125	8	uses	use	VERB
abr-37	125	9	the	the	DET
abr-37	125	10	fama	fama	NOUN
abr-37	125	11	and	and	CCONJ
abr-37	125	12	french	french	ADJ
abr-37	125	13	(	(	PUNCT
abr-37	125	14	1993	1993	NUM
abr-37	125	15	)	)	PUNCT
abr-37	125	16	three	three	NUM
abr-37	125	17	-	-	PUNCT
abr-37	125	18	factor	factor	NOUN
abr-37	125	19	model	model	NOUN
abr-37	125	20	to	to	PART
abr-37	125	21	control	control	VERB
abr-37	125	22	for	for	ADP
abr-37	125	23	risks	risk	NOUN
abr-37	125	24	and	and	CCONJ
abr-37	125	25	examine	examine	VERB
abr-37	125	26	the	the	DET
abr-37	125	27	risk	risk	NOUN
abr-37	125	28	-	-	PUNCT
abr-37	125	29	adjusted	adjust	VERB
abr-37	125	30	returns	return	NOUN
abr-37	125	31	.	.	PUNCT
abr-37	126	1	to	to	PART
abr-37	126	2	implement	implement	VERB
abr-37	126	3	the	the	DET
abr-37	126	4	test	test	NOUN
abr-37	126	5	,	,	PUNCT
abr-37	126	6	for	for	ADP
abr-37	126	7	the	the	DET
abr-37	126	8	guider	guider	NOUN
abr-37	126	9	and	and	CCONJ
abr-37	126	10	non	non	ADJ
abr-37	126	11	-	-	ADJ
abr-37	126	12	guider	guider	ADJ
abr-37	126	13	samples	sample	NOUN
abr-37	126	14	separately	separately	ADV
abr-37	126	15	,	,	PUNCT
abr-37	126	16	firms	firm	NOUN
abr-37	126	17	are	be	AUX
abr-37	126	18	ranked	rank	VERB
abr-37	126	19	by	by	ADP
abr-37	126	20	v	v	NOUN
abr-37	126	21	/	/	SYM
abr-37	126	22	p	p	NOUN
abr-37	126	23	ratios	ratio	NOUN
abr-37	126	24	and	and	CCONJ
abr-37	126	25	partitioned	partition	VERB
abr-37	126	26	into	into	ADP
abr-37	126	27	quintiles	quintile	NOUN
abr-37	126	28	.	.	PUNCT
abr-37	127	1	this	this	DET
abr-37	127	2	study	study	NOUN
abr-37	127	3	then	then	ADV
abr-37	127	4	computes	compute	VERB
abr-37	127	5	the	the	DET
abr-37	127	6	average	average	ADJ
abr-37	127	7	monthly	monthly	ADJ
abr-37	127	8	return	return	NOUN
abr-37	127	9	for	for	ADP
abr-37	127	10	each	each	DET
abr-37	127	11	v	v	ADP
abr-37	127	12	/	/	SYM
abr-37	127	13	p	p	NOUN
abr-37	127	14	quintile	quintile	NOUN
abr-37	127	15	and	and	CCONJ
abr-37	127	16	calculates	calculate	VERB
abr-37	127	17	the	the	DET
abr-37	127	18	monthly	monthly	ADJ
abr-37	127	19	hedge	hedge	NOUN
abr-37	127	20	portfolio	portfolio	NOUN
abr-37	127	21	return	return	NOUN
abr-37	127	22	as	as	ADP
abr-37	127	23	the	the	DET
abr-37	127	24	difference	difference	NOUN
abr-37	127	25	in	in	ADP
abr-37	127	26	returns	return	NOUN
abr-37	127	27	between	between	ADP
abr-37	127	28	the	the	DET
abr-37	127	29	top	top	ADJ
abr-37	127	30	and	and	CCONJ
abr-37	127	31	bottom	bottom	ADJ
abr-37	127	32	v	v	NOUN
abr-37	127	33	/	/	SYM
abr-37	127	34	p	p	NOUN
abr-37	127	35	quintiles	quintile	NOUN
abr-37	127	36	(	(	PUNCT
abr-37	127	37	i.e.	i.e.	X
abr-37	127	38	,	,	PUNCT
abr-37	127	39	g	g	PROPN
abr-37	127	40	thret	thret	NOUN
abr-37	127	41	=	=	SYM
abr-37	127	42	q1	q1	PROPN
abr-37	127	43	g	g	PROPN
abr-37	127	44	,	,	PUNCT
abr-37	127	45	t	t	PROPN
abr-37	127	46	q5	q5	PROPN
abr-37	127	47	g	g	PROPN
abr-37	127	48	,	,	PUNCT
abr-37	127	49	t	t	PROPN
abr-37	127	50	retret	retret	PROPN
abr-37	127	51			PROPN
abr-37	127	52	,	,	PUNCT
abr-37	127	53	and	and	CCONJ
abr-37	127	54	n	n	PRON
abr-37	127	55	thret	thret	NOUN
abr-37	127	56	=	=	SYM
abr-37	127	57	q1n	q1n	PROPN
abr-37	127	58	,	,	PUNCT
abr-37	127	59	t	t	PROPN
abr-37	127	60	q5n	q5n	PROPN
abr-37	127	61	,	,	PUNCT
abr-37	127	62	t	t	PROPN
abr-37	127	63	retret	retret	VERB
abr-37	127	64			PROPN
abr-37	127	65	)	)	PUNCT
abr-37	127	66	.	.	PUNCT
abr-37	128	1	this	this	DET
abr-37	128	2	study	study	NOUN
abr-37	128	3	then	then	ADV
abr-37	128	4	regresses	regress	VERB
abr-37	128	5	the	the	DET
abr-37	128	6	monthly	monthly	ADJ
abr-37	128	7	hedge	hedge	NOUN
abr-37	128	8	portfolio	portfolio	NOUN
abr-37	128	9	returns	return	VERB
abr-37	128	10	on	on	ADP
abr-37	128	11	the	the	DET
abr-37	128	12	three	three	NUM
abr-37	128	13	monthly	monthly	ADJ
abr-37	128	14	fama	fama	NOUN
abr-37	128	15	and	and	CCONJ
abr-37	128	16	french	french	ADJ
abr-37	128	17	risk	risk	NOUN
abr-37	128	18	factors	factor	NOUN
abr-37	128	19	and	and	CCONJ
abr-37	128	20	the	the	DET
abr-37	128	21	momentum	momentum	NOUN
abr-37	128	22	factor	factor	NOUN
abr-37	128	23	as	as	SCONJ
abr-37	128	24	follows	follow	VERB
abr-37	128	25	:	:	PUNCT
abr-37	128	26	g	g	NOUN
abr-37	128	27	ttttt	ttttt	NOUN
abr-37	128	28	g	g	PROPN
abr-37	128	29	t	t	PROPN
abr-37	128	30	g	g	PROPN
abr-37	128	31	t	t	PROPN
abr-37	128	32	umdhmlsmbmktrfhret	umdhmlsmbmktrfhret	PROPN
abr-37	128	33			PROPN
abr-37	128	34			PROPN
abr-37	128	35	4321	4321	NUM
abr-37	128	36	(	(	PUNCT
abr-37	128	37	12	12	NUM
abr-37	128	38	)	)	PUNCT
abr-37	128	39	n	n	PRON
abr-37	128	40	ttttt	ttttt	NOUN
abr-37	128	41	n	n	ADP
abr-37	128	42	t	t	PROPN
abr-37	128	43	n	n	ADP
abr-37	128	44	t	t	PROPN
abr-37	128	45	umdhmlsmbmktrfhret	umdhmlsmbmktrfhret	PROPN
abr-37	128	46			PROPN
abr-37	128	47			PROPN
abr-37	128	48	4321	4321	NUM
abr-37	128	49	(	(	PUNCT
abr-37	128	50	13	13	NUM
abr-37	128	51	)	)	PUNCT
abr-37	128	52	in	in	ADP
abr-37	128	53	these	these	DET
abr-37	128	54	regressions	regression	NOUN
abr-37	128	55	,	,	PUNCT
abr-37	128	56	g	g	PROPN
abr-37	128	57	t	t	PROPN
abr-37	128	58	and	and	CCONJ
abr-37	128	59	n	n	PRON
abr-37	128	60	t	t	NOUN
abr-37	128	61	represent	represent	VERB
abr-37	128	62	the	the	DET
abr-37	128	63	risk	risk	NOUN
abr-37	128	64	-	-	PUNCT
abr-37	128	65	adjusted	adjust	VERB
abr-37	128	66	returns	return	NOUN
abr-37	128	67	to	to	ADP
abr-37	128	68	the	the	DET
abr-37	128	69	v	v	NOUN
abr-37	128	70	/	/	SYM
abr-37	128	71	p	p	NOUN
abr-37	128	72	ratio	ratio	NOUN
abr-37	128	73	portfolio	portfolio	NOUN
abr-37	128	74	strategy	strategy	NOUN
abr-37	128	75	for	for	ADP
abr-37	128	76	the	the	DET
abr-37	128	77	guider	guider	NOUN
abr-37	128	78	and	and	CCONJ
abr-37	128	79	non	non	ADJ
abr-37	128	80	-	-	ADJ
abr-37	128	81	guider	guider	ADJ
abr-37	128	82	samples	sample	NOUN
abr-37	128	83	respectively	respectively	ADV
abr-37	128	84	.	.	PUNCT
abr-37	129	1	to	to	PART
abr-37	129	2	examine	examine	VERB
abr-37	129	3	the	the	DET
abr-37	129	4	significance	significance	NOUN
abr-37	129	5	of	of	ADP
abr-37	129	6	the	the	DET
abr-37	129	7	difference	difference	NOUN
abr-37	129	8	in	in	ADP
abr-37	129	9	the	the	DET
abr-37	129	10	risk	risk	NOUN
abr-37	129	11	-	-	PUNCT
abr-37	129	12	adjusted	adjust	VERB
abr-37	129	13	returns	return	NOUN
abr-37	129	14	between	between	ADP
abr-37	129	15	the	the	DET
abr-37	129	16	two	two	NUM
abr-37	129	17	samples	sample	NOUN
abr-37	129	18	,	,	PUNCT
abr-37	129	19	this	this	DET
abr-37	129	20	study	study	NOUN
abr-37	129	21	takes	take	VERB
abr-37	129	22	the	the	DET
abr-37	129	23	difference	difference	NOUN
abr-37	129	24	in	in	ADP
abr-37	129	25	the	the	DET
abr-37	129	26	monthly	monthly	ADJ
abr-37	129	27	hedge	hedge	NOUN
abr-37	129	28	portfolio	portfolio	NOUN
abr-37	129	29	returns	return	NOUN
abr-37	129	30	between	between	ADP
abr-37	129	31	the	the	DET
abr-37	129	32	guider	guider	NOUN
abr-37	129	33	and	and	CCONJ
abr-37	129	34	non	non	ADJ
abr-37	129	35	-	-	ADJ
abr-37	129	36	guider	guider	ADJ
abr-37	129	37	samples	sample	NOUN
abr-37	129	38	(	(	PUNCT
abr-37	129	39	g	g	PROPN
abr-37	129	40	t	t	PROPN
abr-37	129	41	n	n	ADP
abr-37	129	42	t	t	PROPN
abr-37	129	43	gn	gn	PROPN
abr-37	129	44	t	t	PROPN
abr-37	129	45	hrethrethret	hrethrethret	PROPN
abr-37	129	46			PROPN
abr-37	129	47	)	)	PUNCT
abr-37	129	48	and	and	CCONJ
abr-37	129	49	regresses	regress	VERB
abr-37	129	50	these	these	DET
abr-37	129	51	monthly	monthly	ADJ
abr-37	129	52	return	return	NOUN
abr-37	129	53	differences	difference	NOUN
abr-37	129	54	on	on	ADP
abr-37	129	55	the	the	DET
abr-37	129	56	monthly	monthly	ADJ
abr-37	129	57	fama	fama	NOUN
abr-37	129	58	and	and	CCONJ
abr-37	129	59	french	french	ADJ
abr-37	129	60	(	(	PUNCT
abr-37	129	61	1993	1993	NUM
abr-37	129	62	)	)	PUNCT
abr-37	129	63	risk	risk	NOUN
abr-37	129	64	factors	factor	NOUN
abr-37	129	65	and	and	CCONJ
abr-37	129	66	the	the	DET
abr-37	129	67	momentum	momentum	NOUN
abr-37	129	68	factor	factor	NOUN
abr-37	129	69	as	as	SCONJ
abr-37	129	70	follows	follow	VERB
abr-37	129	71	:	:	PUNCT
abr-37	129	72	gn	gn	PROPN
abr-37	129	73	ttttt	ttttt	PROPN
abr-37	129	74	gn	gn	PROPN
abr-37	129	75	t	t	PROPN
abr-37	129	76	gn	gn	PROPN
abr-37	129	77	t	t	PROPN
abr-37	129	78	umdhmlsmbmktrfhret	umdhmlsmbmktrfhret	PROPN
abr-37	129	79			PROPN
abr-37	129	80			VERB
abr-37	129	81			PROPN
abr-37	129	82	4321	4321	NUM
abr-37	129	83	(	(	PUNCT
abr-37	129	84	14	14	NUM
abr-37	129	85	)	)	PUNCT
abr-37	129	86	the	the	DET
abr-37	129	87	estimated	estimate	VERB
abr-37	129	88	intercept	intercept	NOUN
abr-37	129	89	(	(	PUNCT
abr-37	129	90	ng	ng	PROPN
abr-37	129	91	t	t	PROPN
abr-37	129	92			PROPN
abr-37	129	93	)	)	PUNCT
abr-37	129	94	summarizes	summarize	VERB
abr-37	129	95	the	the	DET
abr-37	129	96	difference	difference	NOUN
abr-37	129	97	in	in	ADP
abr-37	129	98	returns	return	NOUN
abr-37	129	99	to	to	ADP
abr-37	129	100	the	the	DET
abr-37	129	101	v	v	NOUN
abr-37	129	102	/	/	SYM
abr-37	129	103	p	p	NOUN
abr-37	129	104	ratio	ratio	NOUN
abr-37	129	105	portfolio	portfolio	NOUN
abr-37	129	106	strategy	strategy	NOUN
abr-37	129	107	for	for	ADP
abr-37	129	108	the	the	DET
abr-37	129	109	non	non	ADJ
abr-37	129	110	-	-	ADJ
abr-37	129	111	guider	guider	ADJ
abr-37	129	112	and	and	CCONJ
abr-37	129	113	guider	guider	NOUN
abr-37	129	114	samples	sample	NOUN
abr-37	129	115	after	after	ADP
abr-37	129	116	controlling	control	VERB
abr-37	129	117	for	for	ADP
abr-37	129	118	risk	risk	NOUN
abr-37	129	119	differences	difference	NOUN
abr-37	129	120	between	between	ADP
abr-37	129	121	the	the	DET
abr-37	129	122	two	two	NUM
abr-37	129	123	samples	sample	NOUN
abr-37	129	124	.	.	PUNCT
abr-37	130	1	empirical	empirical	ADJ
abr-37	130	2	results	result	NOUN
abr-37	130	3	this	this	DET
abr-37	130	4	section	section	NOUN
abr-37	130	5	describes	describe	VERB
abr-37	130	6	the	the	DET
abr-37	130	7	data	datum	NOUN
abr-37	130	8	collection	collection	NOUN
abr-37	130	9	and	and	CCONJ
abr-37	130	10	sample	sample	NOUN
abr-37	130	11	statistics	statistic	NOUN
abr-37	130	12	.	.	PUNCT
abr-37	131	1	then	then	ADV
abr-37	131	2	,	,	PUNCT
abr-37	131	3	descriptive	descriptive	ADJ
abr-37	131	4	statistics	statistic	NOUN
abr-37	131	5	are	be	AUX
abr-37	131	6	presented	present	VERB
abr-37	131	7	,	,	PUNCT
abr-37	131	8	follow	follow	VERB
abr-37	131	9	by	by	ADP
abr-37	131	10	the	the	DET
abr-37	131	11	empirical	empirical	ADJ
abr-37	131	12	analyses	analysis	NOUN
abr-37	131	13	.	.	PUNCT
abr-37	132	1	data	datum	NOUN
abr-37	132	2	collection	collection	NOUN
abr-37	132	3	and	and	CCONJ
abr-37	132	4	sample	sample	NOUN
abr-37	132	5	statistics	statistic	NOUN
abr-37	132	6	the	the	DET
abr-37	132	7	sample	sample	NOUN
abr-37	132	8	consists	consist	VERB
abr-37	132	9	of	of	ADP
abr-37	132	10	non	non	ADJ
abr-37	132	11	-	-	ADJ
abr-37	132	12	regulated	regulated	ADJ
abr-37	132	13	and	and	CCONJ
abr-37	132	14	non	non	ADJ
abr-37	132	15	-	-	ADJ
abr-37	132	16	financial	financial	ADJ
abr-37	132	17	u.s	u.s	PROPN
abr-37	132	18	.	.	PROPN
abr-37	132	19	firms	firm	NOUN
abr-37	132	20	for	for	ADP
abr-37	132	21	the	the	DET
abr-37	132	22	time	time	NOUN
abr-37	132	23	period	period	NOUN
abr-37	132	24	from	from	ADP
abr-37	132	25	1986	1986	NUM
abr-37	132	26	to	to	ADP
abr-37	132	27	2007	2007	NUM
abr-37	132	28	.	.	PUNCT
abr-37	133	1	following	follow	VERB
abr-37	133	2	richardson	richardson	PROPN
abr-37	133	3	et	et	PROPN
abr-37	133	4	al	al	PROPN
abr-37	133	5	.	.	PROPN
abr-37	134	1	(	(	PUNCT
abr-37	134	2	2004	2004	NUM
abr-37	134	3	)	)	PUNCT
abr-37	134	4	and	and	CCONJ
abr-37	134	5	matsumoto	matsumoto	PROPN
abr-37	134	6	(	(	PUNCT
abr-37	134	7	2002	2002	NUM
abr-37	134	8	)	)	PUNCT
abr-37	134	9	,	,	PUNCT
abr-37	134	10	firms	firm	NOUN
abr-37	134	11	in	in	ADP
abr-37	134	12	the	the	DET
abr-37	134	13	regulated	regulated	ADJ
abr-37	134	14	and	and	CCONJ
abr-37	134	15	financial	financial	ADJ
abr-37	134	16	industries	industry	NOUN
abr-37	134	17	are	be	AUX
abr-37	134	18	excluded	exclude	VERB
abr-37	134	19	because	because	SCONJ
abr-37	134	20	their	their	PRON
abr-37	134	21	accounting	accounting	NOUN
abr-37	134	22	rules	rule	NOUN
abr-37	134	23	differ	differ	VERB
abr-37	134	24	from	from	ADP
abr-37	134	25	the	the	DET
abr-37	134	26	accounting	accounting	NOUN
abr-37	134	27	rules	rule	NOUN
abr-37	134	28	for	for	ADP
abr-37	134	29	firms	firm	NOUN
abr-37	134	30	in	in	ADP
abr-37	134	31	other	other	ADJ
abr-37	134	32	industries	industry	NOUN
abr-37	134	33	.	.	PUNCT
abr-37	135	1	thus	thus	ADV
abr-37	135	2	,	,	PUNCT
abr-37	135	3	firms	firm	NOUN
abr-37	135	4	in	in	ADP
abr-37	135	5	the	the	DET
abr-37	135	6	regulated	regulated	ADJ
abr-37	135	7	and	and	CCONJ
abr-37	135	8	financial	financial	ADJ
abr-37	135	9	industries	industry	NOUN
abr-37	135	10	may	may	AUX
abr-37	135	11	therefore	therefore	ADV
abr-37	135	12	have	have	VERB
abr-37	135	13	different	different	ADJ
abr-37	135	14	motives	motive	NOUN
abr-37	135	15	with	with	ADP
abr-37	135	16	respect	respect	NOUN
abr-37	135	17	to	to	ADP
abr-37	135	18	forecast	forecast	NOUN
abr-37	135	19	guidance	guidance	NOUN
abr-37	135	20	.	.	PUNCT
abr-37	136	1	the	the	DET
abr-37	136	2	final	final	ADJ
abr-37	136	3	sample	sample	NOUN
abr-37	136	4	consists	consist	VERB
abr-37	136	5	of	of	ADP
abr-37	136	6	8,324	8,324	NUM
abr-37	136	7	guiders	guider	NOUN
abr-37	136	8	and	and	CCONJ
abr-37	136	9	8,324	8,324	NUM
abr-37	136	10	matched	match	VERB
abr-37	136	11	non	non	NOUN
abr-37	136	12	-	-	NOUN
abr-37	136	13	guiders2	guiders2	NOUN
abr-37	136	14	.	.	NOUN
abr-37	136	15	2	2	NUM
abr-37	136	16	to	to	PART
abr-37	136	17	construct	construct	VERB
abr-37	136	18	the	the	DET
abr-37	136	19	sample	sample	NOUN
abr-37	136	20	,	,	PUNCT
abr-37	136	21	this	this	DET
abr-37	136	22	study	study	NOUN
abr-37	136	23	first	first	ADV
abr-37	136	24	obtains	obtain	VERB
abr-37	136	25	the	the	DET
abr-37	136	26	forecasted	forecast	VERB
abr-37	136	27	and	and	CCONJ
abr-37	136	28	actual	actual	ADJ
abr-37	136	29	earnings	earning	NOUN
abr-37	136	30	-	-	PUNCT
abr-37	136	31	per	per	ADP
abr-37	136	32	-	-	PUNCT
abr-37	136	33	share	share	NOUN
abr-37	136	34	(	(	PUNCT
abr-37	136	35	eps	eps	NOUN
abr-37	136	36	)	)	PUNCT
abr-37	136	37	data	datum	NOUN
abr-37	136	38	from	from	ADP
abr-37	136	39	ibes	ibes	PROPN
abr-37	136	40	history	history	PROPN
abr-37	136	41	u.s	u.s	PROPN
abr-37	136	42	.	.	PROPN
abr-37	136	43	edition	edition	NOUN
abr-37	136	44	tape	tape	NOUN
abr-37	136	45	(	(	PUNCT
abr-37	136	46	actual	actual	ADJ
abr-37	136	47	file	file	NOUN
abr-37	136	48	)	)	PUNCT
abr-37	136	49	through	through	ADP
abr-37	136	50	the	the	DET
abr-37	136	51	wharton	wharton	PROPN
abr-37	136	52	research	research	NOUN
abr-37	136	53	data	datum	NOUN
abr-37	136	54	system	system	NOUN
abr-37	136	55	(	(	PUNCT
abr-37	136	56	wrds	wrd	NOUN
abr-37	136	57	)	)	PUNCT
abr-37	136	58	.	.	PUNCT
abr-37	137	1	this	this	DET
abr-37	137	2	study	study	NOUN
abr-37	137	3	then	then	ADV
abr-37	137	4	matches	match	VERB
abr-37	137	5	the	the	DET
abr-37	137	6	resulting	result	VERB
abr-37	137	7	sample	sample	NOUN
abr-37	137	8	to	to	ADP
abr-37	137	9	the	the	DET
abr-37	137	10	center	center	NOUN
abr-37	137	11	for	for	ADP
abr-37	137	12	research	research	NOUN
abr-37	137	13	in	in	ADP
abr-37	137	14	security	security	NOUN
abr-37	137	15	prices	price	NOUN
abr-37	137	16	(	(	PUNCT
abr-37	137	17	crsp	crsp	NOUN
abr-37	137	18	)	)	PUNCT
abr-37	137	19	database	database	NOUN
abr-37	137	20	and	and	CCONJ
abr-37	137	21	compustat	compustat	NOUN
abr-37	137	22	database	database	NOUN
abr-37	137	23	,	,	PUNCT
abr-37	137	24	resulting	result	VERB
abr-37	137	25	in	in	ADP
abr-37	137	26	an	an	DET
abr-37	137	27	initial	initial	ADJ
abr-37	137	28	sample	sample	NOUN
abr-37	137	29	of	of	ADP
abr-37	137	30	11,494	11,494	NUM
abr-37	137	31	firms	firm	NOUN
abr-37	137	32	and	and	CCONJ
abr-37	137	33	80,570	80,570	NUM
abr-37	137	34	firm	firm	ADJ
abr-37	137	35	-	-	PUNCT
abr-37	137	36	years	year	NOUN
abr-37	137	37	.	.	PUNCT
abr-37	138	1	firms	firm	NOUN
abr-37	138	2	in	in	ADP
abr-37	138	3	the	the	DET
abr-37	138	4	financial	financial	ADJ
abr-37	138	5	and	and	CCONJ
abr-37	138	6	regulated	regulated	ADJ
abr-37	138	7	industries	industry	NOUN
abr-37	138	8	,	,	PUNCT
abr-37	138	9	and	and	CCONJ
abr-37	138	10	firms	firm	NOUN
abr-37	138	11	without	without	ADP
abr-37	138	12	usefulness	usefulness	NOUN
abr-37	138	13	of	of	ADP
abr-37	138	14	analyst	analyst	NOUN
abr-37	138	15	forecasts	forecast	NOUN
abr-37	138	16	in	in	ADP
abr-37	138	17	firm	firm	ADJ
abr-37	138	18	valuation	valuation	NOUN
abr-37	138	19	8	8	NUM
abr-37	138	20	descriptive	descriptive	ADJ
abr-37	138	21	statistics	statistic	NOUN
abr-37	138	22	table	table	NOUN
abr-37	138	23	1	1	NUM
abr-37	138	24	reports	report	VERB
abr-37	138	25	the	the	DET
abr-37	138	26	summary	summary	NOUN
abr-37	138	27	statistics	statistic	NOUN
abr-37	138	28	on	on	ADP
abr-37	138	29	the	the	DET
abr-37	138	30	variables	variable	NOUN
abr-37	138	31	used	use	VERB
abr-37	138	32	to	to	PART
abr-37	138	33	construct	construct	VERB
abr-37	138	34	the	the	DET
abr-37	138	35	v	v	NOUN
abr-37	138	36	metrics	metric	NOUN
abr-37	138	37	in	in	ADP
abr-37	138	38	each	each	DET
abr-37	138	39	year	year	NOUN
abr-37	138	40	of	of	ADP
abr-37	138	41	the	the	DET
abr-37	138	42	sample	sample	NOUN
abr-37	138	43	period	period	NOUN
abr-37	138	44	from	from	ADP
abr-37	138	45	1986	1986	NUM
abr-37	138	46	to	to	ADP
abr-37	138	47	2007	2007	NUM
abr-37	138	48	.	.	PUNCT
abr-37	139	1	the	the	DET
abr-37	139	2	control	control	NOUN
abr-37	139	3	variables	variable	VERB
abr-37	139	4	itbv	itbv	PROPN
abr-37	139	5	,	,	PUNCT
abr-37	139	6	iteps	itep	NOUN
abr-37	139	7	,	,	PUNCT
abr-37	139	8	itmb	itmb	NOUN
abr-37	139	9	/	/	PUNCT
abr-37	139	10	,	,	PUNCT
abr-37	139	11	and	and	CCONJ
abr-37	139	12	itfe	itfe	NOUN
abr-37	139	13	are	be	AUX
abr-37	139	14	as	as	ADV
abr-37	139	15	defined	define	VERB
abr-37	139	16	earlier	early	ADV
abr-37	139	17	.	.	PUNCT
abr-37	140	1	t	t	X
abr-37	140	2	and	and	CCONJ
abr-37	140	3	t	t	NOUN
abr-37	140	4	are	be	AUX
abr-37	140	5	the	the	DET
abr-37	140	6	first	first	ADJ
abr-37	140	7	-	-	PUNCT
abr-37	140	8	order	order	NOUN
abr-37	140	9	autoregressive	autoregressive	ADJ
abr-37	140	10	coefficients	coefficient	NOUN
abr-37	140	11	for	for	ADP
abr-37	140	12	abnormal	abnormal	ADJ
abr-37	140	13	earnings	earning	NOUN
abr-37	140	14	and	and	CCONJ
abr-37	140	15	other	other	ADJ
abr-37	140	16	information	information	NOUN
abr-37	140	17	in	in	ADP
abr-37	140	18	year	year	NOUN
abr-37	140	19	t.	t.	PROPN
abr-37	140	20	v	v	PROPN
abr-37	140	21	is	be	AUX
abr-37	140	22	the	the	DET
abr-37	140	23	intrinsic	intrinsic	ADJ
abr-37	140	24	value	value	NOUN
abr-37	140	25	metric	metric	NOUN
abr-37	140	26	estimated	estimate	VERB
abr-37	140	27	at	at	ADP
abr-37	140	28	the	the	DET
abr-37	140	29	end	end	NOUN
abr-37	140	30	of	of	ADP
abr-37	140	31	each	each	DET
abr-37	140	32	year	year	NOUN
abr-37	140	33	using	use	VERB
abr-37	140	34	bvps	bvps	PROPN
abr-37	140	35	,	,	PUNCT
abr-37	140	36	eps	eps	PROPN
abr-37	140	37	,	,	PUNCT
abr-37	140	38	af	af	PROPN
abr-37	140	39	,	,	PUNCT
abr-37	140	40			X
abr-37	140	41	,	,	PUNCT
abr-37	140	42	and	and	CCONJ
abr-37	140	43			NUM
abr-37	140	44	.	.	PUNCT
abr-37	141	1	these	these	DET
abr-37	141	2	annual	annual	ADJ
abr-37	141	3	statistics	statistic	NOUN
abr-37	141	4	illustrate	illustrate	VERB
abr-37	141	5	the	the	DET
abr-37	141	6	stability	stability	NOUN
abr-37	141	7	of	of	ADP
abr-37	141	8	the	the	DET
abr-37	141	9	key	key	ADJ
abr-37	141	10	input	input	NOUN
abr-37	141	11	variables	variable	NOUN
abr-37	141	12	over	over	ADP
abr-37	141	13	the	the	DET
abr-37	141	14	sample	sample	NOUN
abr-37	141	15	period	period	NOUN
abr-37	141	16	.	.	PUNCT
abr-37	142	1	table	table	NOUN
abr-37	142	2	1	1	NUM
abr-37	142	3	.	.	PUNCT
abr-37	143	1	summary	summary	NOUN
abr-37	143	2	statistics	statistic	NOUN
abr-37	143	3	of	of	ADP
abr-37	143	4	model	model	NOUN
abr-37	143	5	input	input	NOUN
abr-37	143	6	variables	variable	VERB
abr-37	143	7	year	year	NOUN
abr-37	144	1	obs	obs	PROPN
abr-37	144	2	.	.	PROPN
abr-37	144	3	bvps	bvps	PROPN
abr-37	144	4	esp	esp	PROPN
abr-37	144	5	af	af	PROPN
abr-37	144	6	omega	omega	NOUN
abr-37	144	7	gamma	gamma	NOUN
abr-37	144	8	v	v	ADP
abr-37	144	9	1986	1986	NUM
abr-37	144	10	456	456	NUM
abr-37	144	11	12.05	12.05	NUM
abr-37	144	12	0.45	0.45	NUM
abr-37	144	13	0.49	0.49	NUM
abr-37	144	14	0.65	0.65	NUM
abr-37	144	15	0.49	0.49	NUM
abr-37	144	16	13.03	13.03	NUM
abr-37	144	17	1987	1987	NUM
abr-37	144	18	624	624	NUM
abr-37	144	19	11.74	11.74	NUM
abr-37	144	20	0.59	0.59	NUM
abr-37	144	21	0.68	0.68	NUM
abr-37	144	22	0.64	0.64	NUM
abr-37	144	23	0.39	0.39	NUM
abr-37	144	24	12.52	12.52	NUM
abr-37	144	25	1988	1988	NUM
abr-37	144	26	592	592	NUM
abr-37	144	27	10.66	10.66	NUM
abr-37	144	28	0.73	0.73	NUM
abr-37	144	29	0.81	0.81	NUM
abr-37	144	30	0.65	0.65	NUM
abr-37	144	31	0.46	0.46	NUM
abr-37	144	32	11.12	11.12	NUM
abr-37	144	33	1989	1989	NUM
abr-37	144	34	624	624	NUM
abr-37	144	35	9.63	9.63	NUM
abr-37	144	36	0.60	0.60	NUM
abr-37	144	37	0.65	0.65	NUM
abr-37	144	38	0.65	0.65	NUM
abr-37	144	39	0.46	0.46	NUM
abr-37	144	40	9.65	9.65	NUM
abr-37	144	41	1990	1990	NUM
abr-37	144	42	720	720	NUM
abr-37	144	43	10.22	10.22	NUM
abr-37	144	44	0.54	0.54	NUM
abr-37	144	45	0.61	0.61	NUM
abr-37	144	46	0.65	0.65	NUM
abr-37	144	47	0.49	0.49	NUM
abr-37	144	48	10.35	10.35	NUM
abr-37	144	49	1991	1991	NUM
abr-37	144	50	476	476	NUM
abr-37	144	51	9.45	9.45	NUM
abr-37	144	52	0.30	0.30	NUM
abr-37	144	53	0.40	0.40	NUM
abr-37	144	54	0.63	0.63	NUM
abr-37	144	55	0.50	0.50	NUM
abr-37	144	56	9.71	9.71	NUM
abr-37	144	57	1992	1992	NUM
abr-37	144	58	632	632	NUM
abr-37	144	59	9.89	9.89	NUM
abr-37	144	60	0.46	0.46	NUM
abr-37	144	61	0.51	0.51	NUM
abr-37	144	62	0.60	0.60	NUM
abr-37	144	63	0.53	0.53	NUM
abr-37	144	64	10.62	10.62	NUM
abr-37	144	65	1993	1993	NUM
abr-37	144	66	746	746	NUM
abr-37	144	67	8.89	8.89	NUM
abr-37	144	68	0.45	0.45	NUM
abr-37	144	69	0.48	0.48	NUM
abr-37	144	70	0.61	0.61	NUM
abr-37	144	71	0.49	0.49	NUM
abr-37	144	72	9.16	9.16	NUM
abr-37	144	73	1994	1994	NUM
abr-37	144	74	900	900	NUM
abr-37	144	75	8.49	8.49	NUM
abr-37	144	76	0.52	0.52	NUM
abr-37	144	77	0.55	0.55	NUM
abr-37	144	78	0.63	0.63	NUM
abr-37	144	79	0.51	0.51	NUM
abr-37	144	80	8.72	8.72	NUM
abr-37	144	81	1995	1995	NUM
abr-37	144	82	968	968	NUM
abr-37	144	83	8.50	8.50	NUM
abr-37	144	84	0.57	0.57	NUM
abr-37	144	85	0.60	0.60	NUM
abr-37	144	86	0.63	0.63	NUM
abr-37	144	87	0.46	0.46	NUM
abr-37	144	88	8.49	8.49	NUM
abr-37	144	89	1996	1996	NUM
abr-37	144	90	1076	1076	NUM
abr-37	144	91	8.61	8.61	NUM
abr-37	144	92	0.58	0.58	NUM
abr-37	144	93	0.60	0.60	NUM
abr-37	144	94	0.67	0.67	NUM
abr-37	144	95	0.46	0.46	NUM
abr-37	144	96	8.48	8.48	NUM
abr-37	144	97	1997	1997	NUM
abr-37	144	98	1030	1030	NUM
abr-37	144	99	8.33	8.33	NUM
abr-37	144	100	0.52	0.52	NUM
abr-37	144	101	0.53	0.53	NUM
abr-37	144	102	0.68	0.68	NUM
abr-37	144	103	0.44	0.44	NUM
abr-37	144	104	8.56	8.56	NUM
abr-37	144	105	1998	1998	NUM
abr-37	144	106	970	970	NUM
abr-37	144	107	8.12	8.12	NUM
abr-37	144	108	0.62	0.62	NUM
abr-37	144	109	0.64	0.64	NUM
abr-37	144	110	0.72	0.72	NUM
abr-37	144	111	0.43	0.43	NUM
abr-37	144	112	8.59	8.59	NUM
abr-37	144	113	1999	1999	NUM
abr-37	144	114	804	804	NUM
abr-37	144	115	8.55	8.55	NUM
abr-37	144	116	0.65	0.65	NUM
abr-37	144	117	0.65	0.65	NUM
abr-37	144	118	0.73	0.73	NUM
abr-37	144	119	0.39	0.39	NUM
abr-37	144	120	8.56	8.56	NUM
abr-37	144	121	2000	2000	NUM
abr-37	144	122	944	944	NUM
abr-37	144	123	9.29	9.29	NUM
abr-37	144	124	0.79	0.79	NUM
abr-37	144	125	0.80	0.80	NUM
abr-37	144	126	0.74	0.74	NUM
abr-37	144	127	0.35	0.35	NUM
abr-37	144	128	9.10	9.10	NUM
abr-37	144	129	2001	2001	NUM
abr-37	144	130	668	668	NUM
abr-37	144	131	8.47	8.47	NUM
abr-37	144	132	0.47	0.47	NUM
abr-37	144	133	0.48	0.48	NUM
abr-37	144	134	0.75	0.75	NUM
abr-37	144	135	0.32	0.32	NUM
abr-37	144	136	8.39	8.39	NUM
abr-37	144	137	2002	2002	NUM
abr-37	144	138	662	662	NUM
abr-37	144	139	8.23	8.23	NUM
abr-37	144	140	0.51	0.51	NUM
abr-37	144	141	0.52	0.52	NUM
abr-37	144	142	0.74	0.74	NUM
abr-37	144	143	0.26	0.26	NUM
abr-37	144	144	8.78	8.78	NUM
abr-37	144	145	2003	2003	NUM
abr-37	144	146	720	720	NUM
abr-37	144	147	8.83	8.83	NUM
abr-37	144	148	0.46	0.46	NUM
abr-37	144	149	0.46	0.46	NUM
abr-37	144	150	0.71	0.71	NUM
abr-37	144	151	0.17	0.17	NUM
abr-37	144	152	8.39	8.39	NUM
abr-37	144	153	2004	2004	NUM
abr-37	144	154	910	910	NUM
abr-37	144	155	10.81	10.81	NUM
abr-37	144	156	0.96	0.96	NUM
abr-37	144	157	0.94	0.94	NUM
abr-37	144	158	0.72	0.72	NUM
abr-37	144	159	0.15	0.15	NUM
abr-37	144	160	10.48	10.48	NUM
abr-37	144	161	2005	2005	NUM
abr-37	144	162	1154	1154	NUM
abr-37	144	163	9.34	9.34	NUM
abr-37	144	164	0.93	0.93	NUM
abr-37	144	165	0.91	0.91	NUM
abr-37	144	166	0.73	0.73	NUM
abr-37	144	167	0.18	0.18	NUM
abr-37	144	168	9.57	9.57	NUM
abr-37	144	169	2006	2006	NUM
abr-37	144	170	904	904	NUM
abr-37	144	171	9.64	9.64	NUM
abr-37	144	172	1.08	1.08	NUM
abr-37	144	173	1.08	1.08	NUM
abr-37	144	174	0.74	0.74	NUM
abr-37	144	175	0.14	0.14	NUM
abr-37	144	176	9.85	9.85	NUM
abr-37	144	177	2007	2007	NUM
abr-37	144	178	68	68	NUM
abr-37	144	179	10.37	10.37	NUM
abr-37	144	180	1.23	1.23	NUM
abr-37	144	181	1.21	1.21	NUM
abr-37	144	182	0.79	0.79	NUM
abr-37	144	183	0.21	0.21	NUM
abr-37	144	184	11.07	11.07	NUM
abr-37	144	185	all	all	DET
abr-37	144	186	years	year	NOUN
abr-37	144	187	16,648	16,648	NUM
abr-37	144	188	9.46	9.46	NUM
abr-37	144	189	0.64	0.64	NUM
abr-37	144	190	0.66	0.66	NUM
abr-37	144	191	0.68	0.68	NUM
abr-37	144	192	0.38	0.38	NUM
abr-37	144	193	9.69	9.69	NUM
abr-37	144	194	explanation	explanation	NOUN
abr-37	144	195	of	of	ADP
abr-37	144	196	contemporaneous	contemporaneous	ADJ
abr-37	144	197	stock	stock	NOUN
abr-37	144	198	prices	price	NOUN
abr-37	144	199	the	the	DET
abr-37	144	200	correlation	correlation	NOUN
abr-37	144	201	test	test	NOUN
abr-37	144	202	examines	examine	VERB
abr-37	144	203	the	the	DET
abr-37	144	204	unconditional	unconditional	ADJ
abr-37	144	205	and	and	CCONJ
abr-37	144	206	conditional	conditional	ADJ
abr-37	144	207	correlations	correlation	NOUN
abr-37	144	208	between	between	ADP
abr-37	144	209	v	v	NOUN
abr-37	144	210	and	and	CCONJ
abr-37	144	211	p	p	NOUN
abr-37	144	212	at	at	ADP
abr-37	144	213	the	the	DET
abr-37	144	214	end	end	NOUN
abr-37	144	215	of	of	ADP
abr-37	144	216	each	each	DET
abr-37	144	217	year	year	NOUN
abr-37	144	218	.	.	PUNCT
abr-37	145	1	table	table	NOUN
abr-37	145	2	2	2	NUM
abr-37	145	3	reports	report	VERB
abr-37	145	4	the	the	DET
abr-37	145	5	annual	annual	ADJ
abr-37	145	6	unconditional	unconditional	ADJ
abr-37	145	7	correlation	correlation	NOUN
abr-37	145	8	coefficients	coefficient	VERB
abr-37	145	9	for	for	ADP
abr-37	145	10	the	the	DET
abr-37	145	11	guiders	guider	NOUN
abr-37	145	12	and	and	CCONJ
abr-37	145	13	non	non	ADJ
abr-37	145	14	-	-	NOUN
abr-37	145	15	guiders	guider	NOUN
abr-37	145	16	and	and	CCONJ
abr-37	145	17	the	the	DET
abr-37	145	18	difference	difference	NOUN
abr-37	145	19	in	in	ADP
abr-37	145	20	these	these	DET
abr-37	145	21	statistics	statistic	NOUN
abr-37	145	22	between	between	ADP
abr-37	145	23	the	the	DET
abr-37	145	24	two	two	NUM
abr-37	145	25	samples	sample	NOUN
abr-37	145	26	.	.	PUNCT
abr-37	146	1	the	the	DET
abr-37	146	2	last	last	ADJ
abr-37	146	3	row	row	NOUN
abr-37	146	4	of	of	ADP
abr-37	146	5	this	this	DET
abr-37	146	6	panel	panel	NOUN
abr-37	146	7	reports	report	VERB
abr-37	146	8	the	the	DET
abr-37	146	9	time	time	NOUN
abr-37	146	10	-	-	PUNCT
abr-37	146	11	series	series	NOUN
abr-37	146	12	means	mean	NOUN
abr-37	146	13	of	of	ADP
abr-37	146	14	the	the	DET
abr-37	146	15	annual	annual	ADJ
abr-37	146	16	correlation	correlation	NOUN
abr-37	146	17	statistics	statistic	NOUN
abr-37	146	18	.	.	PUNCT
abr-37	147	1	as	as	SCONJ
abr-37	147	2	shown	show	VERB
abr-37	147	3	in	in	ADP
abr-37	147	4	the	the	DET
abr-37	147	5	panel	panel	NOUN
abr-37	147	6	,	,	PUNCT
abr-37	147	7	the	the	DET
abr-37	147	8	necessary	necessary	ADJ
abr-37	147	9	data	datum	NOUN
abr-37	147	10	are	be	AUX
abr-37	147	11	removed	remove	VERB
abr-37	147	12	,	,	PUNCT
abr-37	147	13	reducing	reduce	VERB
abr-37	147	14	the	the	DET
abr-37	147	15	sample	sample	NOUN
abr-37	147	16	to	to	ADP
abr-37	147	17	5,548	5,548	NUM
abr-37	147	18	firms	firm	NOUN
abr-37	147	19	and	and	CCONJ
abr-37	147	20	31,763	31,763	NUM
abr-37	147	21	firm	firm	ADJ
abr-37	147	22	-	-	PUNCT
abr-37	147	23	year	year	NOUN
abr-37	147	24	observations	observation	NOUN
abr-37	147	25	.	.	PUNCT
abr-37	148	1	out	out	ADP
abr-37	148	2	of	of	ADP
abr-37	148	3	these	these	DET
abr-37	148	4	31,736	31,736	NUM
abr-37	148	5	firm	firm	ADJ
abr-37	148	6	years	year	NOUN
abr-37	148	7	,	,	PUNCT
abr-37	148	8	8,324	8,324	NUM
abr-37	148	9	are	be	AUX
abr-37	148	10	classified	classify	VERB
abr-37	148	11	as	as	SCONJ
abr-37	148	12	forecast	forecast	NOUN
abr-37	148	13	guiders	guider	NOUN
abr-37	148	14	and	and	CCONJ
abr-37	148	15	these	these	DET
abr-37	148	16	guiders	guider	NOUN
abr-37	148	17	are	be	AUX
abr-37	148	18	matched	match	VERB
abr-37	148	19	with	with	ADP
abr-37	148	20	8,324	8,324	NUM
abr-37	148	21	non	non	NOUN
abr-37	148	22	-	-	NOUN
abr-37	148	23	guiders	guider	NOUN
abr-37	148	24	.	.	PUNCT
abr-37	149	1	tian	tian	ADJ
abr-37	149	2	9	9	NUM
abr-37	149	3	correlation	correlation	NOUN
abr-37	149	4	between	between	ADP
abr-37	149	5	stock	stock	NOUN
abr-37	149	6	price	price	NOUN
abr-37	149	7	and	and	CCONJ
abr-37	149	8	intrinsic	intrinsic	ADJ
abr-37	149	9	value	value	NOUN
abr-37	149	10	metrics	metric	NOUN
abr-37	149	11	estimated	estimate	VERB
abr-37	149	12	using	use	VERB
abr-37	149	13	guided	guide	VERB
abr-37	149	14	forecasts	forecast	NOUN
abr-37	149	15	is	be	AUX
abr-37	149	16	0.47	0.47	NUM
abr-37	149	17	on	on	ADP
abr-37	149	18	average	average	ADJ
abr-37	149	19	.	.	PUNCT
abr-37	150	1	it	it	PRON
abr-37	150	2	is	be	AUX
abr-37	150	3	lower	low	ADJ
abr-37	150	4	than	than	ADP
abr-37	150	5	the	the	DET
abr-37	150	6	correlation	correlation	NOUN
abr-37	150	7	between	between	ADP
abr-37	150	8	stock	stock	NOUN
abr-37	150	9	price	price	NOUN
abr-37	150	10	and	and	CCONJ
abr-37	150	11	intrinsic	intrinsic	ADJ
abr-37	150	12	value	value	NOUN
abr-37	150	13	metrics	metric	NOUN
abr-37	150	14	estimated	estimate	VERB
abr-37	150	15	using	use	VERB
abr-37	150	16	non	non	ADJ
abr-37	150	17	-	-	ADJ
abr-37	150	18	guided	guide	VERB
abr-37	150	19	forecasts	forecast	NOUN
abr-37	150	20	(	(	PUNCT
abr-37	150	21	0.58	0.58	NUM
abr-37	150	22	)	)	PUNCT
abr-37	150	23	.	.	PUNCT
abr-37	151	1	this	this	DET
abr-37	151	2	correlation	correlation	NOUN
abr-37	151	3	difference	difference	NOUN
abr-37	151	4	of	of	ADP
abr-37	151	5	0.11	0.11	NUM
abr-37	151	6	is	be	AUX
abr-37	151	7	statistically	statistically	ADV
abr-37	151	8	significant	significant	ADJ
abr-37	151	9	at	at	ADP
abr-37	151	10	the	the	DET
abr-37	151	11	1	1	NUM
abr-37	151	12	%	%	NOUN
abr-37	151	13	level	level	NOUN
abr-37	151	14	(	(	PUNCT
abr-37	151	15	t=2.81	t=2.81	NOUN
abr-37	151	16	)	)	PUNCT
abr-37	151	17	.	.	PUNCT
abr-37	152	1	table	table	NOUN
abr-37	152	2	2	2	NUM
abr-37	152	3	annual	annual	ADJ
abr-37	152	4	cross	cross	ADJ
abr-37	152	5	-	-	ADJ
abr-37	152	6	sectional	sectional	ADJ
abr-37	152	7	spearman	spearman	NOUN
abr-37	152	8	correlations	correlation	NOUN
abr-37	152	9	between	between	ADP
abr-37	152	10	v	v	NOUN
abr-37	152	11	and	and	CCONJ
abr-37	152	12	p	p	NOUN
abr-37	152	13	year	year	NOUN
abr-37	152	14	)	)	PUNCT
abr-37	152	15	,	,	PUNCT
abr-37	152	16	(	(	PUNCT
abr-37	152	17	pvcorr	pvcorr	NOUN
abr-37	152	18	n	n	PROPN
abr-37	152	19	t	t	PROPN
abr-37	152	20	)	)	PUNCT
abr-37	152	21	,	,	PUNCT
abr-37	152	22	(	(	PUNCT
abr-37	152	23	pvcorrg	pvcorrg	PROPN
abr-37	152	24	t	t	PROPN
abr-37	152	25	difference	difference	NOUN
abr-37	152	26	1986	1986	NUM
abr-37	152	27	0.72	0.72	NUM
abr-37	152	28	0.59	0.59	NUM
abr-37	152	29	0.13	0.13	NUM
abr-37	152	30	1987	1987	NUM
abr-37	152	31	0.65	0.65	NUM
abr-37	152	32	0.51	0.51	NUM
abr-37	152	33	0.13	0.13	NUM
abr-37	152	34	1988	1988	NUM
abr-37	152	35	0.70	0.70	NUM
abr-37	152	36	0.68	0.68	NUM
abr-37	152	37	0.01	0.01	NUM
abr-37	152	38	1989	1989	NUM
abr-37	152	39	0.60	0.60	NUM
abr-37	152	40	0.56	0.56	NUM
abr-37	152	41	0.04	0.04	NUM
abr-37	152	42	1990	1990	NUM
abr-37	152	43	0.61	0.61	NUM
abr-37	152	44	0.52	0.52	NUM
abr-37	152	45	0.09	0.09	NUM
abr-37	152	46	1991	1991	NUM
abr-37	152	47	0.54	0.54	NUM
abr-37	152	48	0.32	0.32	NUM
abr-37	152	49	0.22	0.22	NUM
abr-37	152	50	1992	1992	NUM
abr-37	152	51	0.64	0.64	NUM
abr-37	152	52	0.58	0.58	NUM
abr-37	152	53	0.07	0.07	NUM
abr-37	152	54	1993	1993	NUM
abr-37	152	55	0.72	0.72	NUM
abr-37	152	56	0.50	0.50	NUM
abr-37	152	57	0.22	0.22	NUM
abr-37	152	58	1994	1994	NUM
abr-37	152	59	0.62	0.62	NUM
abr-37	152	60	0.38	0.38	NUM
abr-37	152	61	0.24	0.24	NUM
abr-37	152	62	1995	1995	NUM
abr-37	152	63	0.61	0.61	NUM
abr-37	152	64	0.40	0.40	NUM
abr-37	152	65	0.21	0.21	NUM
abr-37	152	66	1996	1996	NUM
abr-37	152	67	0.62	0.62	NUM
abr-37	152	68	0.54	0.54	NUM
abr-37	152	69	0.08	0.08	NUM
abr-37	152	70	1997	1997	NUM
abr-37	152	71	0.67	0.67	NUM
abr-37	152	72	0.53	0.53	NUM
abr-37	152	73	0.14	0.14	NUM
abr-37	152	74	1998	1998	NUM
abr-37	152	75	0.58	0.58	NUM
abr-37	152	76	0.21	0.21	NUM
abr-37	152	77	0.38	0.38	NUM
abr-37	152	78	1999	1999	NUM
abr-37	152	79	0.22	0.22	NUM
abr-37	152	80	0.13	0.13	NUM
abr-37	152	81	0.09	0.09	NUM
abr-37	152	82	2000	2000	NUM
abr-37	152	83	0.38	0.38	NUM
abr-37	152	84	0.32	0.32	NUM
abr-37	152	85	0.07	0.07	NUM
abr-37	152	86	2001	2001	NUM
abr-37	152	87	0.49	0.49	NUM
abr-37	152	88	0.41	0.41	NUM
abr-37	152	89	0.09	0.09	NUM
abr-37	152	90	2002	2002	NUM
abr-37	152	91	0.46	0.46	NUM
abr-37	152	92	0.46	0.46	NUM
abr-37	152	93	0.00	0.00	NUM
abr-37	152	94	2003	2003	NUM
abr-37	152	95	0.49	0.49	NUM
abr-37	152	96	0.54	0.54	NUM
abr-37	152	97	-0.05	-0.05	NUM
abr-37	152	98	2004	2004	NUM
abr-37	152	99	0.63	0.63	NUM
abr-37	152	100	0.60	0.60	NUM
abr-37	152	101	0.03	0.03	NUM
abr-37	152	102	2005	2005	NUM
abr-37	152	103	0.61	0.61	NUM
abr-37	152	104	0.60	0.60	NUM
abr-37	152	105	0.01	0.01	NUM
abr-37	152	106	2006	2006	NUM
abr-37	152	107	0.66	0.66	NUM
abr-37	152	108	0.58	0.58	NUM
abr-37	152	109	0.08	0.08	NUM
abr-37	152	110	2007	2007	NUM
abr-37	152	111	0.50	0.50	NUM
abr-37	152	112	0.43	0.43	NUM
abr-37	152	113	0.07	0.07	NUM
abr-37	152	114	all	all	DET
abr-37	152	115	years	year	NOUN
abr-37	152	116	0.58	0.58	NUM
abr-37	152	117	0.47	0.47	NUM
abr-37	152	118	0.11	0.11	NUM
abr-37	152	119	*	*	PUNCT
abr-37	152	120	*	*	PUNCT
abr-37	152	121	*	*	PUNCT
abr-37	152	122	(	(	PUNCT
abr-37	152	123	t=2.81	t=2.81	NOUN
abr-37	152	124	)	)	PUNCT
abr-37	152	125	table	table	NOUN
abr-37	153	1	3	3	NUM
abr-37	153	2	reports	report	VERB
abr-37	153	3	the	the	DET
abr-37	153	4	conditional	conditional	ADJ
abr-37	153	5	correlation	correlation	NOUN
abr-37	153	6	statistics	statistic	NOUN
abr-37	153	7	between	between	ADP
abr-37	153	8	v	v	NOUN
abr-37	153	9	and	and	CCONJ
abr-37	153	10	p	p	NOUN
abr-37	153	11	,	,	PUNCT
abr-37	153	12	controlling	control	VERB
abr-37	153	13	for	for	ADP
abr-37	153	14	the	the	DET
abr-37	153	15	effects	effect	NOUN
abr-37	153	16	of	of	ADP
abr-37	153	17	firm	firm	ADJ
abr-37	153	18	size	size	NOUN
abr-37	153	19	(	(	PUNCT
abr-37	153	20	book	book	NOUN
abr-37	153	21	value	value	NOUN
abr-37	153	22	of	of	ADP
abr-37	153	23	equity	equity	NOUN
abr-37	153	24	)	)	PUNCT
abr-37	153	25	,	,	PUNCT
abr-37	153	26	earnings	earning	NOUN
abr-37	153	27	performance	performance	NOUN
abr-37	153	28	(	(	PUNCT
abr-37	153	29	esp	esp	ADJ
abr-37	153	30	)	)	PUNCT
abr-37	153	31	,	,	PUNCT
abr-37	153	32	book	book	NOUN
abr-37	153	33	-	-	PUNCT
abr-37	153	34	to	to	ADP
abr-37	153	35	-	-	PUNCT
abr-37	153	36	market	market	NOUN
abr-37	153	37	(	(	PUNCT
abr-37	153	38	b	b	NOUN
abr-37	153	39	/	/	SYM
abr-37	153	40	m	m	NOUN
abr-37	153	41	)	)	PUNCT
abr-37	153	42	ratio	ratio	NOUN
abr-37	153	43	,	,	PUNCT
abr-37	153	44	and	and	CCONJ
abr-37	153	45	forecast	forecast	NOUN
abr-37	153	46	errors	error	NOUN
abr-37	153	47	,	,	PUNCT
abr-37	153	48	one	one	NUM
abr-37	153	49	factor	factor	NOUN
abr-37	153	50	at	at	ADP
abr-37	153	51	a	a	DET
abr-37	153	52	time	time	NOUN
abr-37	153	53	.	.	PUNCT
abr-37	154	1	the	the	DET
abr-37	154	2	last	last	ADJ
abr-37	154	3	row	row	NOUN
abr-37	154	4	of	of	ADP
abr-37	154	5	the	the	DET
abr-37	154	6	panel	panel	NOUN
abr-37	154	7	reports	report	VERB
abr-37	154	8	the	the	DET
abr-37	154	9	conditional	conditional	ADJ
abr-37	154	10	correlation	correlation	NOUN
abr-37	154	11	between	between	ADP
abr-37	154	12	v	v	NOUN
abr-37	154	13	and	and	CCONJ
abr-37	154	14	p	p	NOUN
abr-37	154	15	after	after	ADP
abr-37	154	16	controlling	control	VERB
abr-37	154	17	for	for	ADP
abr-37	154	18	these	these	DET
abr-37	154	19	factors	factor	NOUN
abr-37	154	20	together	together	ADV
abr-37	154	21	.	.	PUNCT
abr-37	155	1	all	all	DET
abr-37	155	2	statistics	statistic	NOUN
abr-37	155	3	reported	report	VERB
abr-37	155	4	are	be	AUX
abr-37	155	5	the	the	DET
abr-37	155	6	time	time	NOUN
abr-37	155	7	-	-	PUNCT
abr-37	155	8	series	series	NOUN
abr-37	155	9	means	mean	NOUN
abr-37	155	10	of	of	ADP
abr-37	155	11	the	the	DET
abr-37	155	12	annual	annual	ADJ
abr-37	155	13	statistics	statistic	NOUN
abr-37	155	14	.	.	PUNCT
abr-37	156	1	results	result	NOUN
abr-37	156	2	in	in	ADP
abr-37	156	3	table	table	NOUN
abr-37	156	4	3	3	NUM
abr-37	156	5	show	show	VERB
abr-37	156	6	that	that	SCONJ
abr-37	156	7	the	the	DET
abr-37	156	8	conditional	conditional	ADJ
abr-37	156	9	correlations	correlation	NOUN
abr-37	156	10	for	for	ADP
abr-37	156	11	the	the	DET
abr-37	156	12	guider	guider	NOUN
abr-37	156	13	sample	sample	NOUN
abr-37	156	14	are	be	AUX
abr-37	156	15	significantly	significantly	ADV
abr-37	156	16	lower	low	ADJ
abr-37	156	17	than	than	ADP
abr-37	156	18	the	the	DET
abr-37	156	19	conditional	conditional	ADJ
abr-37	156	20	correlations	correlation	NOUN
abr-37	156	21	for	for	ADP
abr-37	156	22	the	the	DET
abr-37	156	23	non	non	ADJ
abr-37	156	24	-	-	ADJ
abr-37	156	25	guider	guider	ADJ
abr-37	156	26	sample	sample	NOUN
abr-37	156	27	.	.	PUNCT
abr-37	157	1	this	this	PRON
abr-37	157	2	suggests	suggest	VERB
abr-37	157	3	that	that	SCONJ
abr-37	157	4	the	the	DET
abr-37	157	5	difference	difference	NOUN
abr-37	157	6	in	in	ADP
abr-37	157	7	correlations	correlation	NOUN
abr-37	157	8	between	between	ADP
abr-37	157	9	the	the	DET
abr-37	157	10	two	two	NUM
abr-37	157	11	samples	sample	NOUN
abr-37	157	12	can	can	AUX
abr-37	157	13	not	not	PART
abr-37	157	14	be	be	AUX
abr-37	157	15	explained	explain	VERB
abr-37	157	16	by	by	ADP
abr-37	157	17	their	their	PRON
abr-37	157	18	differences	difference	NOUN
abr-37	157	19	in	in	ADP
abr-37	157	20	firm	firm	ADJ
abr-37	157	21	size	size	NOUN
abr-37	157	22	,	,	PUNCT
abr-37	157	23	earnings	earning	NOUN
abr-37	157	24	performance	performance	NOUN
abr-37	157	25	,	,	PUNCT
abr-37	157	26	b	b	X
abr-37	157	27	/	/	SYM
abr-37	157	28	m	m	NOUN
abr-37	157	29	ratio	ratio	NOUN
abr-37	157	30	,	,	PUNCT
abr-37	157	31	or	or	CCONJ
abr-37	157	32	forecast	forecast	NOUN
abr-37	157	33	accuracy	accuracy	NOUN
abr-37	157	34	.	.	PUNCT
abr-37	158	1	table	table	NOUN
abr-37	158	2	3	3	NUM
abr-37	158	3	usefulness	usefulness	NOUN
abr-37	158	4	of	of	ADP
abr-37	158	5	analyst	analyst	NOUN
abr-37	158	6	forecasts	forecast	NOUN
abr-37	158	7	in	in	ADP
abr-37	158	8	firm	firm	ADJ
abr-37	158	9	valuation	valuation	NOUN
abr-37	158	10	10	10	NUM
abr-37	158	11	conditional	conditional	ADJ
abr-37	158	12	correlations	correlation	NOUN
abr-37	158	13	conditional	conditional	ADJ
abr-37	158	14	correlation	correlation	NOUN
abr-37	158	15	(	(	PUNCT
abr-37	158	16	v	v	NOUN
abr-37	158	17	,	,	PUNCT
abr-37	158	18	p	p	NOUN
abr-37	158	19	)	)	PUNCT
abr-37	158	20	n	n	CCONJ
abr-37	158	21	g	g	PROPN
abr-37	158	22	n	n	CCONJ
abr-37	158	23	-	-	PUNCT
abr-37	158	24	g	g	NOUN
abr-37	158	25	t	t	NOUN
abr-37	158	26	value	value	NOUN
abr-37	158	27	control	control	NOUN
abr-37	158	28	for	for	ADP
abr-37	158	29	firm	firm	ADJ
abr-37	158	30	size	size	NOUN
abr-37	158	31	(	(	PUNCT
abr-37	158	32	bv	bv	PROPN
abr-37	158	33	)	)	PUNCT
abr-37	158	34	0.50	0.50	NUM
abr-37	158	35	0.39	0.39	NUM
abr-37	158	36	0.11	0.11	NUM
abr-37	158	37	*	*	PUNCT
abr-37	158	38	*	*	PUNCT
abr-37	158	39	*	*	PUNCT
abr-37	158	40	2.48	2.48	NUM
abr-37	158	41	control	control	NOUN
abr-37	158	42	for	for	ADP
abr-37	158	43	earnings	earning	NOUN
abr-37	158	44	performance	performance	NOUN
abr-37	158	45	(	(	PUNCT
abr-37	158	46	eps	eps	PROPN
abr-37	158	47	)	)	PUNCT
abr-37	158	48	0.42	0.42	NUM
abr-37	158	49	0.31	0.31	NUM
abr-37	158	50	0.11	0.11	NUM
abr-37	158	51	*	*	PUNCT
abr-37	158	52	*	*	PUNCT
abr-37	158	53	*	*	PUNCT
abr-37	158	54	2.23	2.23	NUM
abr-37	158	55	control	control	NOUN
abr-37	158	56	for	for	ADP
abr-37	158	57	book	book	NOUN
abr-37	158	58	-	-	PUNCT
abr-37	158	59	to	to	ADP
abr-37	158	60	-	-	PUNCT
abr-37	158	61	market	market	NOUN
abr-37	158	62	(	(	PUNCT
abr-37	158	63	b	b	X
abr-37	158	64	/	/	SYM
abr-37	158	65	m	m	NOUN
abr-37	158	66	)	)	PUNCT
abr-37	158	67	ratio	ratio	NOUN
abr-37	158	68	0.64	0.64	NUM
abr-37	158	69	0.53	0.53	NUM
abr-37	158	70	0.11	0.11	NUM
abr-37	158	71	*	*	PUNCT
abr-37	158	72	*	*	PUNCT
abr-37	158	73	*	*	X
abr-37	158	74	2.82	2.82	NUM
abr-37	158	75	control	control	NOUN
abr-37	158	76	for	for	ADP
abr-37	158	77	forecast	forecast	NOUN
abr-37	158	78	accuracy	accuracy	NOUN
abr-37	158	79	(	(	PUNCT
abr-37	158	80	fe	fe	NOUN
abr-37	158	81	)	)	PUNCT
abr-37	158	82	0.58	0.58	NUM
abr-37	158	83	0.47	0.47	NUM
abr-37	158	84	0.11	0.11	NUM
abr-37	158	85	*	*	PUNCT
abr-37	158	86	*	*	PUNCT
abr-37	158	87	*	*	PUNCT
abr-37	158	88	2.82	2.82	NUM
abr-37	158	89	control	control	NOUN
abr-37	158	90	for	for	ADP
abr-37	158	91	size	size	NOUN
abr-37	158	92	,	,	PUNCT
abr-37	158	93	eps	eps	PROPN
abr-37	158	94	,	,	PUNCT
abr-37	158	95	b	b	PROPN
abr-37	158	96	/	/	SYM
abr-37	158	97	m	m	PROPN
abr-37	158	98	,	,	PUNCT
abr-37	158	99	fe	fe	X
abr-37	158	100	0.44	0.44	NUM
abr-37	158	101	0.35	0.35	NUM
abr-37	158	102	0.09	0.09	NUM
abr-37	158	103	*	*	PUNCT
abr-37	158	104	*	*	PUNCT
abr-37	158	105	*	*	PUNCT
abr-37	158	106	2.06	2.06	NUM
abr-37	158	107	*	*	PUNCT
abr-37	158	108	significant	significant	ADJ
abr-37	158	109	at	at	ADP
abr-37	158	110	the	the	DET
abr-37	158	111	10	10	NUM
abr-37	158	112	%	%	NOUN
abr-37	158	113	level	level	NOUN
abr-37	158	114	.	.	PUNCT
abr-37	159	1	*	*	PUNCT
abr-37	159	2	*	*	PUNCT
abr-37	159	3	significant	significant	ADJ
abr-37	159	4	at	at	ADP
abr-37	159	5	the	the	DET
abr-37	159	6	5	5	NUM
abr-37	159	7	%	%	NOUN
abr-37	159	8	level	level	NOUN
abr-37	159	9	.	.	PUNCT
abr-37	160	1	*	*	PUNCT
abr-37	161	1	*	*	PUNCT
abr-37	161	2	*	*	PUNCT
abr-37	161	3	significant	significant	ADJ
abr-37	161	4	at	at	ADP
abr-37	161	5	the	the	DET
abr-37	161	6	1	1	NUM
abr-37	161	7	%	%	NOUN
abr-37	161	8	level	level	NOUN
abr-37	161	9	.	.	PUNCT
abr-37	162	1	in	in	ADP
abr-37	162	2	summary	summary	NOUN
abr-37	162	3	,	,	PUNCT
abr-37	162	4	results	result	VERB
abr-37	162	5	from	from	ADP
abr-37	162	6	the	the	DET
abr-37	162	7	correlation	correlation	NOUN
abr-37	162	8	analyses	analysis	NOUN
abr-37	162	9	provide	provide	VERB
abr-37	162	10	consistent	consistent	ADJ
abr-37	162	11	evidence	evidence	NOUN
abr-37	162	12	that	that	SCONJ
abr-37	162	13	v	v	ADP
abr-37	162	14	estimated	estimate	VERB
abr-37	162	15	using	use	VERB
abr-37	162	16	guided	guide	VERB
abr-37	162	17	forecasts	forecast	NOUN
abr-37	162	18	have	have	AUX
abr-37	162	19	less	less	ADJ
abr-37	162	20	ability	ability	NOUN
abr-37	162	21	to	to	PART
abr-37	162	22	explain	explain	VERB
abr-37	162	23	contemporaneous	contemporaneous	ADJ
abr-37	162	24	stock	stock	NOUN
abr-37	162	25	price	price	NOUN
abr-37	162	26	than	than	SCONJ
abr-37	162	27	v	v	ADP
abr-37	162	28	estimated	estimate	VERB
abr-37	162	29	using	use	VERB
abr-37	162	30	non	non	ADJ
abr-37	162	31	-	-	ADJ
abr-37	162	32	guided	guide	VERB
abr-37	162	33	forecasts	forecast	NOUN
abr-37	162	34	.	.	PUNCT
abr-37	163	1	prediction	prediction	NOUN
abr-37	163	2	of	of	ADP
abr-37	163	3	future	future	ADJ
abr-37	163	4	returns	return	NOUN
abr-37	163	5	through	through	ADP
abr-37	163	6	v	v	ADP
abr-37	163	7	/	/	SYM
abr-37	163	8	p	p	NOUN
abr-37	163	9	ratios	ratio	NOUN
abr-37	163	10	the	the	DET
abr-37	163	11	returns	return	NOUN
abr-37	163	12	prediction	prediction	NOUN
abr-37	163	13	analysis	analysis	NOUN
abr-37	163	14	examines	examine	VERB
abr-37	163	15	the	the	DET
abr-37	163	16	returns	return	NOUN
abr-37	163	17	to	to	ADP
abr-37	163	18	the	the	DET
abr-37	163	19	v	v	NOUN
abr-37	163	20	/	/	SYM
abr-37	163	21	p	p	NOUN
abr-37	163	22	ratio	ratio	NOUN
abr-37	163	23	portfolio	portfolio	NOUN
abr-37	163	24	strategy	strategy	NOUN
abr-37	163	25	for	for	ADP
abr-37	163	26	forecast	forecast	NOUN
abr-37	163	27	guiders	guider	NOUN
abr-37	163	28	and	and	CCONJ
abr-37	163	29	non	non	ADJ
abr-37	163	30	-	-	ADJ
abr-37	163	31	guiders	guider	NOUN
abr-37	163	32	.	.	PUNCT
abr-37	164	1	table	table	NOUN
abr-37	164	2	4	4	NUM
abr-37	164	3	reports	report	NOUN
abr-37	164	4	,	,	PUNCT
abr-37	164	5	for	for	ADP
abr-37	164	6	the	the	DET
abr-37	164	7	guiders	guider	NOUN
abr-37	164	8	and	and	CCONJ
abr-37	164	9	non	non	ADJ
abr-37	164	10	-	-	ADJ
abr-37	164	11	guiders	guider	NOUN
abr-37	164	12	separately	separately	ADV
abr-37	164	13	,	,	PUNCT
abr-37	164	14	the	the	DET
abr-37	164	15	12month	12month	NUM
abr-37	164	16	cumulative	cumulative	ADJ
abr-37	164	17	return	return	NOUN
abr-37	164	18	to	to	ADP
abr-37	164	19	each	each	DET
abr-37	164	20	v	v	ADP
abr-37	164	21	/	/	SYM
abr-37	164	22	p	p	NOUN
abr-37	164	23	quintile	quintile	NOUN
abr-37	164	24	portfolio	portfolio	NOUN
abr-37	164	25	and	and	CCONJ
abr-37	164	26	the	the	DET
abr-37	164	27	hedge	hedge	NOUN
abr-37	164	28	portfolio	portfolio	NOUN
abr-37	164	29	.	.	PUNCT
abr-37	165	1	in	in	ADP
abr-37	165	2	february	february	PROPN
abr-37	165	3	of	of	ADP
abr-37	165	4	each	each	DET
abr-37	165	5	year	year	NOUN
abr-37	165	6	,	,	PUNCT
abr-37	165	7	for	for	ADP
abr-37	165	8	the	the	DET
abr-37	165	9	guiders	guider	NOUN
abr-37	165	10	and	and	CCONJ
abr-37	165	11	non	non	ADJ
abr-37	165	12	-	-	ADJ
abr-37	165	13	guiders	guider	NOUN
abr-37	165	14	separately	separately	ADV
abr-37	165	15	,	,	PUNCT
abr-37	165	16	observations	observation	NOUN
abr-37	165	17	are	be	AUX
abr-37	165	18	ranked	rank	VERB
abr-37	165	19	by	by	ADP
abr-37	165	20	v	v	NOUN
abr-37	165	21	/	/	SYM
abr-37	165	22	p	p	NOUN
abr-37	165	23	ratios	ratio	NOUN
abr-37	165	24	and	and	CCONJ
abr-37	165	25	partitioned	partition	VERB
abr-37	165	26	into	into	ADP
abr-37	165	27	quintiles	quintile	NOUN
abr-37	165	28	.	.	PUNCT
abr-37	166	1	returns	return	NOUN
abr-37	166	2	are	be	AUX
abr-37	166	3	accumulated	accumulate	VERB
abr-37	166	4	for	for	ADP
abr-37	166	5	each	each	DET
abr-37	166	6	quintile	quintile	NOUN
abr-37	166	7	portfolio	portfolio	NOUN
abr-37	166	8	for	for	ADP
abr-37	166	9	the	the	DET
abr-37	166	10	subsequent	subsequent	ADJ
abr-37	166	11	12	12	NUM
abr-37	166	12	months	month	NOUN
abr-37	166	13	.	.	PUNCT
abr-37	167	1	table	table	NOUN
abr-37	167	2	4	4	NUM
abr-37	167	3	reports	report	NOUN
abr-37	167	4	,	,	PUNCT
abr-37	167	5	for	for	ADP
abr-37	167	6	the	the	DET
abr-37	167	7	guider	guider	NOUN
abr-37	167	8	and	and	CCONJ
abr-37	167	9	non	non	ADJ
abr-37	167	10	-	-	ADJ
abr-37	167	11	guider	guider	ADJ
abr-37	167	12	samples	sample	NOUN
abr-37	167	13	separately	separately	ADV
abr-37	167	14	,	,	PUNCT
abr-37	167	15	the	the	DET
abr-37	167	16	cumulative	cumulative	ADJ
abr-37	167	17	return	return	NOUN
abr-37	167	18	to	to	ADP
abr-37	167	19	each	each	DET
abr-37	167	20	v	v	ADP
abr-37	167	21	/	/	SYM
abr-37	167	22	p	p	NOUN
abr-37	167	23	quintile	quintile	NOUN
abr-37	167	24	portfolio	portfolio	NOUN
abr-37	167	25	(	(	PUNCT
abr-37	167	26	q1	q1	PROPN
abr-37	167	27	to	to	ADP
abr-37	167	28	q5	q5	PROPN
abr-37	167	29	)	)	PUNCT
abr-37	167	30	and	and	CCONJ
abr-37	167	31	the	the	DET
abr-37	167	32	hedged	hedge	VERB
abr-37	167	33	portfolio	portfolio	NOUN
abr-37	167	34	.	.	PUNCT
abr-37	168	1	the	the	DET
abr-37	168	2	hedge	hedge	NOUN
abr-37	168	3	portfolio	portfolio	NOUN
abr-37	168	4	return	return	NOUN
abr-37	168	5	(	(	PUNCT
abr-37	168	6	thret	thret	NOUN
abr-37	168	7	)	)	PUNCT
abr-37	168	8	is	be	AUX
abr-37	168	9	computed	compute	VERB
abr-37	168	10	as	as	ADP
abr-37	168	11	the	the	DET
abr-37	168	12	difference	difference	NOUN
abr-37	168	13	in	in	ADP
abr-37	168	14	returns	return	NOUN
abr-37	168	15	between	between	ADP
abr-37	168	16	the	the	DET
abr-37	168	17	top	top	ADJ
abr-37	168	18	and	and	CCONJ
abr-37	168	19	bottom	bottom	ADJ
abr-37	168	20	v	v	NOUN
abr-37	168	21	/	/	SYM
abr-37	168	22	p	p	NOUN
abr-37	168	23	quintiles	quintile	NOUN
abr-37	168	24	(	(	PUNCT
abr-37	168	25	retq5	retq5	NOUN
abr-37	168	26	-	-	PUNCT
abr-37	168	27	retq1	retq1	NOUN
abr-37	168	28	)	)	PUNCT
abr-37	168	29	.	.	PUNCT
abr-37	169	1	the	the	DET
abr-37	169	2	last	last	ADJ
abr-37	169	3	row	row	NOUN
abr-37	169	4	of	of	ADP
abr-37	169	5	the	the	DET
abr-37	169	6	table	table	NOUN
abr-37	169	7	reports	report	VERB
abr-37	169	8	the	the	DET
abr-37	169	9	difference	difference	NOUN
abr-37	169	10	in	in	ADP
abr-37	169	11	hedge	hedge	NOUN
abr-37	169	12	portfolio	portfolio	NOUN
abr-37	169	13	returns	return	NOUN
abr-37	169	14	between	between	ADP
abr-37	169	15	the	the	DET
abr-37	169	16	non	non	ADJ
abr-37	169	17	-	-	ADJ
abr-37	169	18	guider	guider	ADJ
abr-37	169	19	and	and	CCONJ
abr-37	169	20	guider	guider	NOUN
abr-37	169	21	samples	sample	NOUN
abr-37	169	22	.	.	PUNCT
abr-37	170	1	t	t	PROPN
abr-37	170	2	-	-	PUNCT
abr-37	170	3	statistics	statistic	NOUN
abr-37	170	4	are	be	AUX
abr-37	170	5	based	base	VERB
abr-37	170	6	on	on	ADP
abr-37	170	7	the	the	DET
abr-37	170	8	time	time	NOUN
abr-37	170	9	-	-	PUNCT
abr-37	170	10	series	series	NOUN
abr-37	170	11	standard	standard	ADJ
abr-37	170	12	errors	error	NOUN
abr-37	170	13	of	of	ADP
abr-37	170	14	the	the	DET
abr-37	170	15	annual	annual	ADJ
abr-37	170	16	portfolio	portfolio	NOUN
abr-37	170	17	returns	return	NOUN
abr-37	170	18	.	.	PUNCT
abr-37	171	1	table	table	NOUN
abr-37	171	2	4	4	NUM
abr-37	171	3	:	:	PUNCT
abr-37	171	4	buy	buy	VERB
abr-37	171	5	-	-	PUNCT
abr-37	171	6	and	and	CCONJ
abr-37	171	7	-	-	PUNCT
abr-37	171	8	hold	hold	VERB
abr-37	171	9	returns	return	NOUN
abr-37	171	10	to	to	ADP
abr-37	171	11	the	the	DET
abr-37	171	12	v	v	NOUN
abr-37	171	13	/	/	SYM
abr-37	171	14	p	p	NOUN
abr-37	171	15	-	-	PUNCT
abr-37	171	16	ratio	ratio	NOUN
abr-37	171	17	portfolio	portfolio	NOUN
abr-37	171	18	strategies	strategy	NOUN
abr-37	171	19	(	(	PUNCT
abr-37	171	20	g	g	NOUN
abr-37	171	21	vs.	vs.	X
abr-37	171	22	n	n	CCONJ
abr-37	171	23	)	)	PUNCT
abr-37	171	24	v	v	ADP
abr-37	171	25	/	/	SYM
abr-37	171	26	p	p	NOUN
abr-37	171	27	quintile	quintile	NOUN
abr-37	171	28	portfolio	portfolio	NOUN
abr-37	171	29	returns	return	NOUN
abr-37	171	30	q1	q1	PROPN
abr-37	171	31	(	(	PUNCT
abr-37	171	32	low	low	ADJ
abr-37	171	33	v	v	NOUN
abr-37	171	34	/	/	SYM
abr-37	171	35	p	p	NOUN
abr-37	171	36	)	)	PUNCT
abr-37	171	37	q2	q2	NOUN
abr-37	171	38	q3	q3	PROPN
abr-37	171	39	q4	q4	PROPN
abr-37	171	40	q5	q5	PROPN
abr-37	171	41	(	(	PUNCT
abr-37	171	42	high	high	PROPN
abr-37	171	43	v	v	NOUN
abr-37	171	44	/	/	SYM
abr-37	171	45	p	p	NOUN
abr-37	171	46	)	)	PUNCT
abr-37	171	47	q5	q5	PROPN
abr-37	171	48	-	-	PUNCT
abr-37	171	49	q1	q1	PROPN
abr-37	171	50	(	(	PUNCT
abr-37	171	51	thret	thret	NOUN
abr-37	171	52	)	)	PUNCT
abr-37	171	53	non	non	ADJ
abr-37	171	54	-	-	ADJ
abr-37	171	55	guider	guider	ADJ
abr-37	171	56	(	(	PUNCT
abr-37	171	57	n	n	CCONJ
abr-37	171	58	)	)	PUNCT
abr-37	171	59	0.10	0.10	NUM
abr-37	171	60	0.14	0.14	NUM
abr-37	171	61	0.11	0.11	NUM
abr-37	171	62	0.14	0.14	NUM
abr-37	171	63	0.21	0.21	NUM
abr-37	171	64	0.12	0.12	NUM
abr-37	171	65	*	*	PUNCT
abr-37	171	66	(	(	PUNCT
abr-37	171	67	t=1.89	t=1.89	NOUN
abr-37	171	68	)	)	PUNCT
abr-37	171	69	guider	guider	NOUN
abr-37	171	70	(	(	PUNCT
abr-37	171	71	g	g	NOUN
abr-37	171	72	)	)	PUNCT
abr-37	171	73	0.21	0.21	NUM
abr-37	171	74	0.12	0.12	NUM
abr-37	171	75	0.14	0.14	NUM
abr-37	171	76	0.13	0.13	NUM
abr-37	171	77	0.15	0.15	NUM
abr-37	171	78	-0.06	-0.06	NUM
abr-37	171	79	(	(	PUNCT
abr-37	171	80	t=-0.98	t=-0.98	NUM
abr-37	171	81	)	)	PUNCT
abr-37	171	82	difference	difference	NOUN
abr-37	171	83	(	(	PUNCT
abr-37	171	84	g	g	NOUN
abr-37	171	85	-	-	PUNCT
abr-37	171	86	n	n	CCONJ
abr-37	171	87	)	)	PUNCT
abr-37	171	88	0.18	0.18	NUM
abr-37	171	89	*	*	PUNCT
abr-37	171	90	*	*	PUNCT
abr-37	171	91	*	*	PUNCT
abr-37	171	92	(	(	PUNCT
abr-37	171	93	t=3.01	t=3.01	NOUN
abr-37	171	94	)	)	PUNCT
abr-37	171	95	*	*	PUNCT
abr-37	171	96	significant	significant	ADJ
abr-37	171	97	at	at	ADP
abr-37	171	98	the	the	DET
abr-37	171	99	10	10	NUM
abr-37	171	100	%	%	NOUN
abr-37	171	101	level	level	NOUN
abr-37	171	102	.	.	PUNCT
abr-37	172	1	*	*	PUNCT
abr-37	172	2	*	*	PUNCT
abr-37	172	3	significant	significant	ADJ
abr-37	172	4	at	at	ADP
abr-37	172	5	the	the	DET
abr-37	172	6	5	5	NUM
abr-37	172	7	%	%	NOUN
abr-37	172	8	level	level	NOUN
abr-37	172	9	.	.	PUNCT
abr-37	173	1	*	*	PUNCT
abr-37	174	1	*	*	PUNCT
abr-37	174	2	*	*	PUNCT
abr-37	174	3	significant	significant	ADJ
abr-37	174	4	at	at	ADP
abr-37	174	5	the	the	DET
abr-37	174	6	1	1	NUM
abr-37	174	7	%	%	NOUN
abr-37	174	8	level	level	NOUN
abr-37	174	9	.	.	PUNCT
abr-37	175	1	as	as	SCONJ
abr-37	175	2	shown	show	VERB
abr-37	175	3	in	in	ADP
abr-37	175	4	table	table	NOUN
abr-37	175	5	4	4	NUM
abr-37	175	6	,	,	PUNCT
abr-37	175	7	over	over	ADP
abr-37	175	8	a	a	DET
abr-37	175	9	12	12	NUM
abr-37	175	10	-	-	PUNCT
abr-37	175	11	month	month	NOUN
abr-37	175	12	interval	interval	NOUN
abr-37	175	13	,	,	PUNCT
abr-37	175	14	the	the	DET
abr-37	175	15	average	average	ADJ
abr-37	175	16	hedge	hedge	NOUN
abr-37	175	17	portfolio	portfolio	NOUN
abr-37	175	18	return	return	VERB
abr-37	175	19	for	for	ADP
abr-37	175	20	the	the	DET
abr-37	175	21	non	non	ADJ
abr-37	175	22	-	-	ADJ
abr-37	175	23	guider	guider	ADJ
abr-37	175	24	sample	sample	NOUN
abr-37	175	25	is	be	AUX
abr-37	175	26	12	12	NUM
abr-37	175	27	%	%	NOUN
abr-37	175	28	.	.	PUNCT
abr-37	176	1	with	with	ADP
abr-37	176	2	a	a	DET
abr-37	176	3	t	t	NOUN
abr-37	176	4	-	-	PUNCT
abr-37	176	5	statistic	statistic	NOUN
abr-37	176	6	of	of	ADP
abr-37	176	7	1.89	1.89	NUM
abr-37	176	8	,	,	PUNCT
abr-37	176	9	this	this	DET
abr-37	176	10	return	return	NOUN
abr-37	176	11	is	be	AUX
abr-37	176	12	significant	significant	ADJ
abr-37	176	13	at	at	ADP
abr-37	176	14	the	the	DET
abr-37	176	15	7	7	NUM
abr-37	176	16	%	%	NOUN
abr-37	176	17	level.3	level.3	NOUN
abr-37	176	18	this	this	DET
abr-37	176	19	3	3	NUM
abr-37	176	20	the	the	DET
abr-37	176	21	v	v	NOUN
abr-37	176	22	/	/	SYM
abr-37	176	23	p	p	NOUN
abr-37	176	24	ratio	ratio	NOUN
abr-37	176	25	portfolio	portfolio	NOUN
abr-37	176	26	returns	return	NOUN
abr-37	176	27	to	to	ADP
abr-37	176	28	the	the	DET
abr-37	176	29	non	non	ADJ
abr-37	176	30	-	-	ADJ
abr-37	176	31	guider	guider	ADJ
abr-37	176	32	sample	sample	NOUN
abr-37	176	33	is	be	AUX
abr-37	176	34	larger	large	ADJ
abr-37	176	35	in	in	ADP
abr-37	176	36	magnitude	magnitude	NOUN
abr-37	176	37	(	(	PUNCT
abr-37	176	38	11.7	11.7	NUM
abr-37	176	39	%	%	NOUN
abr-37	176	40	versus	versus	ADP
abr-37	176	41	7.1	7.1	NUM
abr-37	176	42	%	%	NOUN
abr-37	176	43	)	)	PUNCT
abr-37	176	44	,	,	PUNCT
abr-37	176	45	and	and	CCONJ
abr-37	176	46	slighter	slighter	ADV
abr-37	176	47	higher	high	ADJ
abr-37	176	48	in	in	ADP
abr-37	176	49	statistical	statistical	ADJ
abr-37	176	50	significance	significance	NOUN
abr-37	176	51	(	(	PUNCT
abr-37	176	52	t=1.89	t=1.89	NOUN
abr-37	176	53	versus	versus	ADP
abr-37	176	54	t=1.77	t=1.77	NOUN
abr-37	176	55	)	)	PUNCT
abr-37	176	56	than	than	ADP
abr-37	176	57	results	result	NOUN
abr-37	176	58	reported	report	VERB
abr-37	176	59	in	in	ADP
abr-37	176	60	dechow	dechow	PROPN
abr-37	176	61	et	et	PROPN
abr-37	176	62	al	al	PROPN
abr-37	176	63	.	.	PROPN
abr-37	177	1	following	follow	VERB
abr-37	177	2	frankel	frankel	PROPN
abr-37	177	3	and	and	CCONJ
abr-37	177	4	lee	lee	PROPN
abr-37	177	5	(	(	PUNCT
abr-37	177	6	1998	1998	NUM
abr-37	177	7	)	)	PUNCT
abr-37	177	8	,	,	PUNCT
abr-37	177	9	tian	tian	ADJ
abr-37	177	10	11	11	NUM
abr-37	177	11	result	result	NOUN
abr-37	177	12	provides	provide	VERB
abr-37	177	13	some	some	DET
abr-37	177	14	evidence	evidence	NOUN
abr-37	177	15	that	that	SCONJ
abr-37	177	16	,	,	PUNCT
abr-37	177	17	in	in	ADP
abr-37	177	18	the	the	DET
abr-37	177	19	absence	absence	NOUN
abr-37	177	20	of	of	ADP
abr-37	177	21	forecast	forecast	NOUN
abr-37	177	22	guidance	guidance	NOUN
abr-37	177	23	,	,	PUNCT
abr-37	177	24	the	the	DET
abr-37	177	25	forecast	forecast	NOUN
abr-37	177	26	-	-	PUNCT
abr-37	177	27	based	base	VERB
abr-37	177	28	v	v	NOUN
abr-37	177	29	is	be	AUX
abr-37	177	30	a	a	DET
abr-37	177	31	superior	superior	ADJ
abr-37	177	32	measure	measure	NOUN
abr-37	177	33	for	for	ADP
abr-37	177	34	firm	firm	ADJ
abr-37	177	35	value	value	NOUN
abr-37	177	36	than	than	ADP
abr-37	177	37	stock	stock	NOUN
abr-37	177	38	price	price	NOUN
abr-37	177	39	and	and	CCONJ
abr-37	177	40	can	can	AUX
abr-37	177	41	therefore	therefore	ADV
abr-37	177	42	predict	predict	VERB
abr-37	177	43	future	future	ADJ
abr-37	177	44	returns	return	NOUN
abr-37	177	45	through	through	ADP
abr-37	177	46	v	v	ADP
abr-37	177	47	/	/	SYM
abr-37	178	1	p	p	NOUN
abr-37	179	1	ratios	ratio	NOUN
abr-37	179	2	.	.	PUNCT
abr-37	180	1	in	in	ADP
abr-37	180	2	contrast	contrast	NOUN
abr-37	180	3	,	,	PUNCT
abr-37	180	4	the	the	DET
abr-37	180	5	average	average	ADJ
abr-37	180	6	hedge	hedge	NOUN
abr-37	180	7	portfolio	portfolio	NOUN
abr-37	180	8	return	return	NOUN
abr-37	180	9	for	for	ADP
abr-37	180	10	the	the	DET
abr-37	180	11	guider	guider	NOUN
abr-37	180	12	sample	sample	NOUN
abr-37	180	13	is	be	AUX
abr-37	180	14	-6.0	-6.0	NUM
abr-37	180	15	%	%	NOUN
abr-37	180	16	,	,	PUNCT
abr-37	180	17	statistically	statistically	ADV
abr-37	180	18	insignificant	insignificant	ADJ
abr-37	180	19	(	(	PUNCT
abr-37	180	20	t=-0.98	t=-0.98	NUM
abr-37	180	21	)	)	PUNCT
abr-37	180	22	.	.	PUNCT
abr-37	181	1	this	this	DET
abr-37	181	2	result	result	NOUN
abr-37	181	3	suggests	suggest	VERB
abr-37	181	4	that	that	SCONJ
abr-37	181	5	when	when	SCONJ
abr-37	181	6	v	v	NOUN
abr-37	181	7	is	be	AUX
abr-37	181	8	estimated	estimate	VERB
abr-37	181	9	using	use	VERB
abr-37	181	10	guided	guide	VERB
abr-37	181	11	forecasts	forecast	NOUN
abr-37	181	12	,	,	PUNCT
abr-37	181	13	v	v	NOUN
abr-37	181	14	becomes	become	VERB
abr-37	181	15	a	a	DET
abr-37	181	16	less	less	ADV
abr-37	181	17	accurate	accurate	ADJ
abr-37	181	18	measure	measure	NOUN
abr-37	181	19	for	for	ADP
abr-37	181	20	firm	firm	ADJ
abr-37	181	21	value	value	NOUN
abr-37	181	22	and	and	CCONJ
abr-37	181	23	can	can	AUX
abr-37	181	24	no	no	ADV
abr-37	181	25	longer	long	ADV
abr-37	181	26	predict	predict	VERB
abr-37	181	27	future	future	ADJ
abr-37	181	28	returns	return	NOUN
abr-37	181	29	through	through	ADP
abr-37	181	30	v	v	ADP
abr-37	181	31	/	/	SYM
abr-37	181	32	p	p	NOUN
abr-37	181	33	ratios	ratio	NOUN
abr-37	181	34	.	.	PUNCT
abr-37	182	1	the	the	DET
abr-37	182	2	difference	difference	NOUN
abr-37	182	3	in	in	ADP
abr-37	182	4	the	the	DET
abr-37	182	5	hedge	hedge	NOUN
abr-37	182	6	portfolio	portfolio	NOUN
abr-37	182	7	returns	return	NOUN
abr-37	182	8	between	between	ADP
abr-37	182	9	the	the	DET
abr-37	182	10	non	non	ADJ
abr-37	182	11	-	-	ADJ
abr-37	182	12	guider	guider	ADJ
abr-37	182	13	and	and	CCONJ
abr-37	182	14	guider	guider	NOUN
abr-37	182	15	samples	sample	NOUN
abr-37	182	16	is	be	AUX
abr-37	182	17	18	18	NUM
abr-37	182	18	%	%	NOUN
abr-37	182	19	.	.	PUNCT
abr-37	183	1	with	with	ADP
abr-37	183	2	a	a	DET
abr-37	183	3	t	t	NOUN
abr-37	183	4	-	-	PUNCT
abr-37	183	5	statistic	statistic	NOUN
abr-37	183	6	of	of	ADP
abr-37	183	7	3.01	3.01	NUM
abr-37	183	8	,	,	PUNCT
abr-37	183	9	this	this	DET
abr-37	183	10	return	return	NOUN
abr-37	183	11	difference	difference	NOUN
abr-37	183	12	is	be	AUX
abr-37	183	13	statistically	statistically	ADV
abr-37	183	14	significant	significant	ADJ
abr-37	183	15	at	at	ADP
abr-37	183	16	the	the	DET
abr-37	183	17	1	1	NUM
abr-37	183	18	%	%	NOUN
abr-37	183	19	level	level	NOUN
abr-37	183	20	.	.	PUNCT
abr-37	184	1	this	this	PRON
abr-37	184	2	suggests	suggest	VERB
abr-37	184	3	that	that	SCONJ
abr-37	184	4	v	v	ADP
abr-37	184	5	estimated	estimate	VERB
abr-37	184	6	using	use	VERB
abr-37	184	7	guided	guide	VERB
abr-37	184	8	forecasts	forecast	NOUN
abr-37	184	9	have	have	VERB
abr-37	184	10	less	less	ADJ
abr-37	184	11	power	power	NOUN
abr-37	184	12	to	to	PART
abr-37	184	13	predict	predict	VERB
abr-37	184	14	future	future	ADJ
abr-37	184	15	returns	return	NOUN
abr-37	184	16	through	through	ADP
abr-37	184	17	v	v	ADP
abr-37	184	18	/	/	SYM
abr-37	184	19	p	p	NOUN
abr-37	184	20	ratios	ratio	NOUN
abr-37	184	21	than	than	ADP
abr-37	184	22	those	those	PRON
abr-37	184	23	estimated	estimate	VERB
abr-37	184	24	using	use	VERB
abr-37	184	25	non	non	ADJ
abr-37	184	26	-	-	ADJ
abr-37	184	27	guided	guide	VERB
abr-37	184	28	forecasts	forecast	NOUN
abr-37	184	29	.	.	PUNCT
abr-37	185	1	as	as	ADP
abr-37	185	2	a	a	DET
abr-37	185	3	robustness	robustness	NOUN
abr-37	185	4	check	check	NOUN
abr-37	185	5	,	,	PUNCT
abr-37	185	6	this	this	DET
abr-37	185	7	study	study	NOUN
abr-37	185	8	uses	use	VERB
abr-37	185	9	the	the	DET
abr-37	185	10	fama	fama	NOUN
abr-37	185	11	and	and	CCONJ
abr-37	185	12	french	french	ADJ
abr-37	185	13	three	three	NUM
abr-37	185	14	-	-	PUNCT
abr-37	185	15	factor	factor	NOUN
abr-37	185	16	model	model	NOUN
abr-37	185	17	to	to	PART
abr-37	185	18	control	control	VERB
abr-37	185	19	for	for	ADP
abr-37	185	20	risks	risk	NOUN
abr-37	185	21	and	and	CCONJ
abr-37	185	22	examine	examine	VERB
abr-37	185	23	the	the	DET
abr-37	185	24	risk	risk	NOUN
abr-37	185	25	-	-	PUNCT
abr-37	185	26	adjusted	adjust	VERB
abr-37	185	27	returns	return	NOUN
abr-37	185	28	.	.	PUNCT
abr-37	186	1	table	table	NOUN
abr-37	186	2	5	5	NUM
abr-37	186	3	panel	panel	NOUN
abr-37	186	4	a	a	DET
abr-37	186	5	reports	report	NOUN
abr-37	186	6	the	the	DET
abr-37	186	7	risk	risk	NOUN
abr-37	186	8	-	-	PUNCT
abr-37	186	9	adjusted	adjust	VERB
abr-37	186	10	returns	return	NOUN
abr-37	186	11	to	to	ADP
abr-37	186	12	the	the	DET
abr-37	186	13	v	v	NOUN
abr-37	186	14	/	/	SYM
abr-37	186	15	p	p	NOUN
abr-37	186	16	ratio	ratio	NOUN
abr-37	186	17	portfolio	portfolio	NOUN
abr-37	186	18	strategy	strategy	NOUN
abr-37	186	19	for	for	ADP
abr-37	186	20	the	the	DET
abr-37	186	21	guider	guider	NOUN
abr-37	186	22	and	and	CCONJ
abr-37	186	23	non	non	ADJ
abr-37	186	24	-	-	ADJ
abr-37	186	25	guider	guider	ADJ
abr-37	186	26	samples	sample	NOUN
abr-37	186	27	separately	separately	ADV
abr-37	186	28	.	.	PUNCT
abr-37	187	1	for	for	ADP
abr-37	187	2	each	each	DET
abr-37	187	3	sample	sample	NOUN
abr-37	187	4	(	(	PUNCT
abr-37	187	5	i.e.	i.e.	X
abr-37	187	6	,	,	PUNCT
abr-37	187	7	guiders	guider	NOUN
abr-37	187	8	and	and	CCONJ
abr-37	187	9	non	non	ADJ
abr-37	187	10	-	-	ADJ
abr-37	187	11	guiders	guider	NOUN
abr-37	187	12	)	)	PUNCT
abr-37	187	13	,	,	PUNCT
abr-37	187	14	firms	firm	NOUN
abr-37	187	15	are	be	AUX
abr-37	187	16	ranked	rank	VERB
abr-37	187	17	by	by	ADP
abr-37	187	18	v	v	NOUN
abr-37	187	19	/	/	SYM
abr-37	187	20	p	p	NOUN
abr-37	187	21	ratios	ratio	NOUN
abr-37	187	22	and	and	CCONJ
abr-37	187	23	partitioned	partition	VERB
abr-37	187	24	into	into	ADP
abr-37	187	25	quintiles	quintile	NOUN
abr-37	187	26	.	.	PUNCT
abr-37	188	1	the	the	DET
abr-37	188	2	average	average	ADJ
abr-37	188	3	monthly	monthly	ADJ
abr-37	188	4	return	return	NOUN
abr-37	188	5	is	be	AUX
abr-37	188	6	computed	compute	VERB
abr-37	188	7	for	for	ADP
abr-37	188	8	each	each	DET
abr-37	188	9	v	v	ADP
abr-37	188	10	/	/	SYM
abr-37	188	11	p	p	NOUN
abr-37	188	12	quintile	quintile	NOUN
abr-37	188	13	.	.	PUNCT
abr-37	189	1	the	the	DET
abr-37	189	2	monthly	monthly	ADJ
abr-37	189	3	hedge	hedge	NOUN
abr-37	189	4	portfolio	portfolio	NOUN
abr-37	189	5	return	return	NOUN
abr-37	189	6	is	be	AUX
abr-37	189	7	defined	define	VERB
abr-37	189	8	to	to	PART
abr-37	189	9	be	be	AUX
abr-37	189	10	the	the	DET
abr-37	189	11	difference	difference	NOUN
abr-37	189	12	in	in	ADP
abr-37	189	13	the	the	DET
abr-37	189	14	monthly	monthly	ADJ
abr-37	189	15	returns	return	NOUN
abr-37	189	16	between	between	ADP
abr-37	189	17	the	the	DET
abr-37	189	18	top	top	ADJ
abr-37	189	19	and	and	CCONJ
abr-37	189	20	bottom	bottom	ADJ
abr-37	189	21	v	v	ADP
abr-37	189	22	/	/	SYM
abr-37	189	23	p	p	NOUN
abr-37	189	24	quintiles	quintile	NOUN
abr-37	189	25	.	.	PUNCT
abr-37	190	1	these	these	DET
abr-37	190	2	monthly	monthly	ADJ
abr-37	190	3	hedge	hedge	NOUN
abr-37	190	4	portfolio	portfolio	NOUN
abr-37	190	5	returns	return	NOUN
abr-37	190	6	are	be	AUX
abr-37	190	7	regressed	regress	VERB
abr-37	190	8	on	on	ADP
abr-37	190	9	the	the	DET
abr-37	190	10	three	three	NUM
abr-37	190	11	fama	fama	NOUN
abr-37	190	12	and	and	CCONJ
abr-37	190	13	french	french	ADJ
abr-37	190	14	risk	risk	NOUN
abr-37	190	15	factors	factor	NOUN
abr-37	190	16	and	and	CCONJ
abr-37	190	17	the	the	DET
abr-37	190	18	momentum	momentum	NOUN
abr-37	190	19	factor	factor	NOUN
abr-37	190	20	to	to	PART
abr-37	190	21	obtain	obtain	VERB
abr-37	190	22	the	the	DET
abr-37	190	23	risk	risk	NOUN
abr-37	190	24	adjusted	adjust	VERB
abr-37	190	25	returns	return	NOUN
abr-37	190	26	.	.	PUNCT
abr-37	191	1	to	to	PART
abr-37	191	2	examine	examine	VERB
abr-37	191	3	the	the	DET
abr-37	191	4	risk	risk	NOUN
abr-37	191	5	-	-	PUNCT
abr-37	191	6	adjusted	adjust	VERB
abr-37	191	7	return	return	NOUN
abr-37	191	8	differences	difference	NOUN
abr-37	191	9	between	between	ADP
abr-37	191	10	the	the	DET
abr-37	191	11	guider	guider	NOUN
abr-37	191	12	and	and	CCONJ
abr-37	191	13	non	non	ADJ
abr-37	191	14	-	-	ADJ
abr-37	191	15	guider	guider	ADJ
abr-37	191	16	samples	sample	NOUN
abr-37	191	17	,	,	PUNCT
abr-37	191	18	this	this	DET
abr-37	191	19	study	study	NOUN
abr-37	191	20	takes	take	VERB
abr-37	191	21	the	the	DET
abr-37	191	22	difference	difference	NOUN
abr-37	191	23	in	in	ADP
abr-37	191	24	the	the	DET
abr-37	191	25	monthly	monthly	ADJ
abr-37	191	26	hedge	hedge	NOUN
abr-37	191	27	returns	return	NOUN
abr-37	191	28	between	between	ADP
abr-37	191	29	the	the	DET
abr-37	191	30	two	two	NUM
abr-37	191	31	samples	sample	NOUN
abr-37	191	32	and	and	CCONJ
abr-37	191	33	regress	regress	NOUN
abr-37	191	34	these	these	DET
abr-37	191	35	monthly	monthly	ADJ
abr-37	191	36	return	return	NOUN
abr-37	191	37	differences	difference	NOUN
abr-37	191	38	on	on	ADP
abr-37	191	39	the	the	DET
abr-37	191	40	monthly	monthly	ADJ
abr-37	191	41	fama	fama	NOUN
abr-37	191	42	and	and	CCONJ
abr-37	191	43	french	french	ADJ
abr-37	191	44	risk	risk	NOUN
abr-37	191	45	factors	factor	NOUN
abr-37	191	46	and	and	CCONJ
abr-37	191	47	the	the	DET
abr-37	191	48	momentum	momentum	NOUN
abr-37	191	49	factor	factor	NOUN
abr-37	191	50	.	.	PUNCT
abr-37	192	1	the	the	DET
abr-37	192	2	estimated	estimate	VERB
abr-37	192	3	intercept	intercept	NOUN
abr-37	192	4	term	term	NOUN
abr-37	192	5	from	from	ADP
abr-37	192	6	the	the	DET
abr-37	192	7	following	follow	VERB
abr-37	192	8	regression	regression	NOUN
abr-37	192	9	model	model	NOUN
abr-37	192	10	captures	capture	VERB
abr-37	192	11	the	the	DET
abr-37	192	12	risk	risk	NOUN
abr-37	192	13	-	-	PUNCT
abr-37	192	14	adjusted	adjust	VERB
abr-37	192	15	return	return	NOUN
abr-37	192	16	differences	difference	NOUN
abr-37	192	17	between	between	ADP
abr-37	192	18	the	the	DET
abr-37	192	19	guiders	guider	NOUN
abr-37	192	20	and	and	CCONJ
abr-37	192	21	non	non	ADJ
abr-37	192	22	-	-	ADJ
abr-37	192	23	guiders	guider	NOUN
abr-37	192	24	.	.	PUNCT
abr-37	193	1	table	table	NOUN
abr-37	193	2	5	5	NUM
abr-37	193	3	panel	panel	NOUN
abr-37	193	4	b	b	PROPN
abr-37	193	5	reports	report	VERB
abr-37	193	6	the	the	DET
abr-37	193	7	difference	difference	NOUN
abr-37	193	8	in	in	ADP
abr-37	193	9	risk	risk	NOUN
abr-37	193	10	-	-	PUNCT
abr-37	193	11	adjusted	adjust	VERB
abr-37	193	12	returns	return	NOUN
abr-37	193	13	between	between	ADP
abr-37	193	14	guiders	guider	NOUN
abr-37	193	15	and	and	CCONJ
abr-37	193	16	non	non	NOUN
abr-37	193	17	-	-	NOUN
abr-37	193	18	guiders	guider	NOUN
abr-37	193	19	.	.	PUNCT
abr-37	194	1	as	as	SCONJ
abr-37	194	2	shown	show	VERB
abr-37	194	3	in	in	ADP
abr-37	194	4	panel	panel	NOUN
abr-37	194	5	a	a	PRON
abr-37	194	6	,	,	PUNCT
abr-37	194	7	the	the	DET
abr-37	194	8	risk	risk	NOUN
abr-37	194	9	-	-	PUNCT
abr-37	194	10	adjusted	adjust	VERB
abr-37	194	11	return	return	NOUN
abr-37	194	12	for	for	ADP
abr-37	194	13	the	the	DET
abr-37	194	14	non	non	ADJ
abr-37	194	15	-	-	ADJ
abr-37	194	16	guider	guider	ADJ
abr-37	194	17	sample	sample	NOUN
abr-37	194	18	(	(	PUNCT
abr-37	194	19	n	n	CCONJ
abr-37	194	20	tm,	tm,	PRON
abr-37	194	21	)	)	PUNCT
abr-37	194	22	is	be	AUX
abr-37	194	23	1.0	1.0	NUM
abr-37	194	24	%	%	NOUN
abr-37	194	25	,	,	PUNCT
abr-37	194	26	statistically	statistically	ADV
abr-37	194	27	significant	significant	ADJ
abr-37	194	28	at	at	ADP
abr-37	194	29	the	the	DET
abr-37	194	30	1	1	NUM
abr-37	194	31	%	%	NOUN
abr-37	194	32	level	level	NOUN
abr-37	194	33	.	.	PUNCT
abr-37	195	1	in	in	ADP
abr-37	195	2	contrast	contrast	NOUN
abr-37	195	3	,	,	PUNCT
abr-37	195	4	the	the	DET
abr-37	195	5	risk	risk	NOUN
abr-37	195	6	-	-	PUNCT
abr-37	195	7	adjusted	adjust	VERB
abr-37	195	8	return	return	NOUN
abr-37	195	9	to	to	ADP
abr-37	195	10	the	the	DET
abr-37	195	11	guider	guider	NOUN
abr-37	195	12	sample	sample	NOUN
abr-37	195	13	(	(	PUNCT
abr-37	195	14	g	g	PROPN
abr-37	195	15	tm,	tm,	NUM
abr-37	195	16	)	)	PUNCT
abr-37	195	17	is	be	AUX
abr-37	195	18	-0.6	-0.6	NUM
abr-37	195	19	%	%	NOUN
abr-37	195	20	,	,	PUNCT
abr-37	195	21	statistically	statistically	ADV
abr-37	195	22	significant	significant	ADJ
abr-37	195	23	at	at	ADP
abr-37	195	24	the	the	DET
abr-37	195	25	10	10	NUM
abr-37	195	26	%	%	NOUN
abr-37	195	27	level	level	NOUN
abr-37	195	28	.	.	PUNCT
abr-37	196	1	the	the	DET
abr-37	196	2	difference	difference	NOUN
abr-37	196	3	in	in	ADP
abr-37	196	4	the	the	DET
abr-37	196	5	risk	risk	NOUN
abr-37	196	6	-	-	PUNCT
abr-37	196	7	adjusted	adjust	VERB
abr-37	196	8	returns	return	NOUN
abr-37	196	9	between	between	ADP
abr-37	196	10	the	the	DET
abr-37	196	11	two	two	NUM
abr-37	196	12	samples	sample	NOUN
abr-37	196	13	,	,	PUNCT
abr-37	196	14	as	as	SCONJ
abr-37	196	15	shown	show	VERB
abr-37	196	16	in	in	ADP
abr-37	196	17	panel	panel	NOUN
abr-37	196	18	b	b	NOUN
abr-37	196	19	,	,	PUNCT
abr-37	196	20	is	be	AUX
abr-37	196	21	1.6	1.6	NUM
abr-37	196	22	%	%	NOUN
abr-37	196	23	,	,	PUNCT
abr-37	196	24	statistically	statistically	ADV
abr-37	196	25	significant	significant	ADJ
abr-37	196	26	at	at	ADP
abr-37	196	27	the	the	DET
abr-37	196	28	1	1	NUM
abr-37	196	29	%	%	NOUN
abr-37	196	30	level	level	NOUN
abr-37	196	31	.	.	PUNCT
abr-37	197	1	these	these	DET
abr-37	197	2	results	result	NOUN
abr-37	197	3	suggest	suggest	VERB
abr-37	197	4	that	that	SCONJ
abr-37	197	5	,	,	PUNCT
abr-37	197	6	after	after	ADP
abr-37	197	7	controlling	control	VERB
abr-37	197	8	for	for	ADP
abr-37	197	9	risks	risk	NOUN
abr-37	197	10	,	,	PUNCT
abr-37	197	11	the	the	DET
abr-37	197	12	v	v	NOUN
abr-37	197	13	/	/	SYM
abr-37	197	14	p	p	NOUN
abr-37	197	15	ratio	ratio	NOUN
abr-37	197	16	portfolio	portfolio	NOUN
abr-37	197	17	strategy	strategy	NOUN
abr-37	197	18	for	for	ADP
abr-37	197	19	the	the	DET
abr-37	197	20	non	non	ADJ
abr-37	197	21	-	-	ADJ
abr-37	197	22	guider	guider	ADJ
abr-37	197	23	sample	sample	NOUN
abr-37	197	24	is	be	AUX
abr-37	197	25	still	still	ADV
abr-37	197	26	able	able	ADJ
abr-37	197	27	to	to	PART
abr-37	197	28	earn	earn	VERB
abr-37	197	29	a	a	DET
abr-37	197	30	significantly	significantly	ADV
abr-37	197	31	higher	high	ADJ
abr-37	197	32	return	return	NOUN
abr-37	197	33	than	than	ADP
abr-37	197	34	that	that	PRON
abr-37	197	35	for	for	ADP
abr-37	197	36	the	the	DET
abr-37	197	37	guider	guider	NOUN
abr-37	197	38	sample	sample	NOUN
abr-37	197	39	.	.	PUNCT
abr-37	198	1	overall	overall	ADV
abr-37	198	2	,	,	PUNCT
abr-37	198	3	the	the	DET
abr-37	198	4	returns	return	NOUN
abr-37	198	5	prediction	prediction	NOUN
abr-37	198	6	results	result	NOUN
abr-37	198	7	suggest	suggest	VERB
abr-37	198	8	that	that	SCONJ
abr-37	198	9	management	management	NOUN
abr-37	198	10	forecast	forecast	NOUN
abr-37	198	11	guidance	guidance	NOUN
abr-37	198	12	tends	tend	VERB
abr-37	198	13	to	to	PART
abr-37	198	14	reduce	reduce	VERB
abr-37	198	15	the	the	DET
abr-37	198	16	ability	ability	NOUN
abr-37	198	17	of	of	ADP
abr-37	198	18	forecastbased	forecastbase	VERB
abr-37	198	19	v	v	NOUN
abr-37	198	20	to	to	PART
abr-37	198	21	predict	predict	VERB
abr-37	198	22	future	future	ADJ
abr-37	198	23	returns	return	NOUN
abr-37	198	24	through	through	ADP
abr-37	198	25	v	v	ADP
abr-37	198	26	/	/	SYM
abr-37	199	1	p	p	NOUN
abr-37	199	2	ratios	ratio	NOUN
abr-37	199	3	.	.	PUNCT
abr-37	200	1	this	this	DET
abr-37	200	2	study	study	NOUN
abr-37	200	3	also	also	ADV
abr-37	200	4	assesses	assess	VERB
abr-37	200	5	the	the	DET
abr-37	200	6	statistical	statistical	ADJ
abr-37	200	7	significance	significance	NOUN
abr-37	200	8	of	of	ADP
abr-37	200	9	the	the	DET
abr-37	200	10	returns	return	NOUN
abr-37	200	11	using	use	VERB
abr-37	200	12	monte	monte	PROPN
abr-37	200	13	carlo	carlo	PROPN
abr-37	200	14	simulations	simulation	NOUN
abr-37	200	15	;	;	PUNCT
abr-37	200	16	results	result	NOUN
abr-37	200	17	from	from	ADP
abr-37	200	18	this	this	DET
abr-37	200	19	analysis	analysis	NOUN
abr-37	200	20	show	show	VERB
abr-37	200	21	that	that	SCONJ
abr-37	200	22	the	the	DET
abr-37	200	23	v	v	NOUN
abr-37	200	24	/	/	SYM
abr-37	200	25	p	p	NOUN
abr-37	200	26	ratio	ratio	NOUN
abr-37	200	27	portfolio	portfolio	NOUN
abr-37	200	28	returns	return	NOUN
abr-37	200	29	to	to	ADP
abr-37	200	30	the	the	DET
abr-37	200	31	non	non	ADJ
abr-37	200	32	-	-	ADJ
abr-37	200	33	guider	guider	ADJ
abr-37	200	34	sample	sample	NOUN
abr-37	200	35	are	be	AUX
abr-37	200	36	statistically	statistically	ADV
abr-37	200	37	significant	significant	ADJ
abr-37	200	38	at	at	ADP
abr-37	200	39	the	the	DET
abr-37	200	40	1	1	NUM
abr-37	200	41	%	%	NOUN
abr-37	200	42	level	level	NOUN
abr-37	200	43	.	.	PUNCT
abr-37	201	1	usefulness	usefulness	NOUN
abr-37	201	2	of	of	ADP
abr-37	201	3	analyst	analyst	NOUN
abr-37	201	4	forecasts	forecast	NOUN
abr-37	201	5	in	in	ADP
abr-37	201	6	firm	firm	ADJ
abr-37	201	7	valuation	valuation	NOUN
abr-37	201	8	12	12	NUM
abr-37	201	9	table	table	NOUN
abr-37	201	10	5	5	NUM
abr-37	201	11	risk	risk	NOUN
abr-37	201	12	-	-	PUNCT
abr-37	201	13	adjusted	adjust	VERB
abr-37	201	14	returns	return	NOUN
abr-37	201	15	to	to	ADP
abr-37	201	16	the	the	DET
abr-37	201	17	v	v	NOUN
abr-37	201	18	/	/	SYM
abr-37	201	19	p	p	NOUN
abr-37	201	20	ratio	ratio	NOUN
abr-37	201	21	portfolio	portfolio	NOUN
abr-37	201	22	strategies	strategy	NOUN
abr-37	201	23	(	(	PUNCT
abr-37	201	24	g	g	NOUN
abr-37	201	25	vs.	vs.	X
abr-37	201	26	n	n	CCONJ
abr-37	201	27	)	)	PUNCT
abr-37	201	28	panel	panel	NOUN
abr-37	201	29	a	a	DET
abr-37	201	30	:	:	PUNCT
abr-37	201	31	risk	risk	NOUN
abr-37	201	32	-	-	PUNCT
abr-37	201	33	adjusted	adjust	VERB
abr-37	201	34	returns	return	NOUN
abr-37	201	35	to	to	ADP
abr-37	201	36	the	the	DET
abr-37	201	37	v	v	NOUN
abr-37	201	38	/	/	SYM
abr-37	201	39	p	p	NOUN
abr-37	201	40	ratio	ratio	NOUN
abr-37	201	41	portfolio	portfolio	NOUN
abr-37	201	42	strategy	strategy	NOUN
abr-37	201	43	for	for	ADP
abr-37	201	44	g	g	PROPN
abr-37	201	45	and	and	CCONJ
abr-37	201	46	n	n	CCONJ
abr-37	201	47	separately	separately	ADV
abr-37	201	48	non	non	ADJ
abr-37	201	49	-	-	ADJ
abr-37	201	50	guider	guider	ADJ
abr-37	201	51	(	(	PUNCT
abr-37	201	52	n	n	CCONJ
abr-37	201	53	)	)	PUNCT
abr-37	201	54	variable	variable	ADJ
abr-37	201	55	parameter	parameter	NOUN
abr-37	201	56	estimate	estimate	VERB
abr-37	201	57	standard	standard	ADJ
abr-37	201	58	deviation	deviation	NOUN
abr-37	201	59	t	t	NOUN
abr-37	201	60	value	value	NOUN
abr-37	201	61	intercept	intercept	NOUN
abr-37	201	62	(	(	PUNCT
abr-37	201	63	n	n	CCONJ
abr-37	201	64	tm,	tm,	PRON
abr-37	201	65	)	)	PUNCT
abr-37	201	66	0.010	0.010	NUM
abr-37	201	67	*	*	PUNCT
abr-37	201	68	*	*	PUNCT
abr-37	202	1	*	*	PUNCT
abr-37	202	2	0.004	0.004	NUM
abr-37	202	3	2.59	2.59	NUM
abr-37	202	4	market	market	NOUN
abr-37	202	5	–	–	PUNCT
abr-37	202	6	risk	risk	NOUN
abr-37	202	7	free	free	ADJ
abr-37	202	8	rate	rate	NOUN
abr-37	202	9	0.989	0.989	PRON
abr-37	202	10	*	*	PUNCT
abr-37	202	11	*	*	PUNCT
abr-37	202	12	*	*	PUNCT
abr-37	202	13	0.096	0.096	NUM
abr-37	202	14	10.31	10.31	NUM
abr-37	202	15	small	small	ADJ
abr-37	202	16	–	–	PUNCT
abr-37	202	17	big	big	ADJ
abr-37	202	18	0.992	0.992	NUM
abr-37	202	19	*	*	PUNCT
abr-37	202	20	*	*	PUNCT
abr-37	202	21	*	*	PUNCT
abr-37	202	22	0.113	0.113	NUM
abr-37	202	23	8.77	8.77	NUM
abr-37	202	24	high	high	ADJ
abr-37	202	25	–	–	PUNCT
abr-37	202	26	low	low	ADJ
abr-37	202	27	0.451	0.451	NUM
abr-37	202	28	*	*	PUNCT
abr-37	202	29	*	*	PUNCT
abr-37	202	30	*	*	PUNCT
abr-37	202	31	0.138	0.138	NUM
abr-37	202	32	3.26	3.26	NUM
abr-37	202	33	momentum	momentum	NOUN
abr-37	202	34	-0.744	-0.744	ADJ
abr-37	202	35	*	*	PUNCT
abr-37	202	36	*	*	PUNCT
abr-37	202	37	*	*	X
abr-37	202	38	0.081	0.081	NUM
abr-37	202	39	-9.17	-9.17	PRON
abr-37	202	40	guider	guider	NOUN
abr-37	202	41	(	(	PUNCT
abr-37	202	42	g	g	NOUN
abr-37	202	43	)	)	PUNCT
abr-37	202	44	variable	variable	ADJ
abr-37	202	45	parameter	parameter	NOUN
abr-37	202	46	estimate	estimate	VERB
abr-37	202	47	standard	standard	ADJ
abr-37	202	48	deviation	deviation	NOUN
abr-37	202	49	t	t	NOUN
abr-37	202	50	value	value	NOUN
abr-37	202	51	intercept	intercept	NOUN
abr-37	202	52	(	(	PUNCT
abr-37	202	53	g	g	PROPN
abr-37	202	54	tm,	tm,	NUM
abr-37	202	55	)	)	PUNCT
abr-37	202	56	-0.006	-0.006	X
abr-37	202	57	*	*	NOUN
abr-37	202	58	0.004	0.004	NUM
abr-37	202	59	-1.66	-1.66	NUM
abr-37	202	60	market	market	NOUN
abr-37	202	61	–	–	PUNCT
abr-37	202	62	risk	risk	NOUN
abr-37	202	63	free	free	ADJ
abr-37	202	64	rate	rate	NOUN
abr-37	202	65	ree	ree	NOUN
abr-37	202	66	0.092	0.092	NUM
abr-37	202	67	0.093	0.093	NUM
abr-37	202	68	0.99	0.99	NUM
abr-37	202	69	small	small	ADJ
abr-37	202	70	–	–	PUNCT
abr-37	202	71	big	big	ADJ
abr-37	202	72	0.240	0.240	NUM
abr-37	202	73	*	*	PUNCT
abr-37	202	74	*	*	PUNCT
abr-37	202	75	0.109	0.109	NUM
abr-37	202	76	2.19	2.19	NUM
abr-37	202	77	high	high	ADJ
abr-37	202	78	–	–	PUNCT
abr-37	202	79	low	low	ADJ
abr-37	202	80	1.384	1.384	NUM
abr-37	202	81	*	*	NOUN
abr-37	202	82	*	*	PUNCT
abr-37	202	83	*	*	PUNCT
abr-37	202	84	0.134	0.134	NUM
abr-37	202	85	10.37	10.37	NUM
abr-37	202	86	momentum	momentum	NOUN
abr-37	202	87	-0.509	-0.509	NOUN
abr-37	202	88	*	*	PUNCT
abr-37	202	89	*	*	PUNCT
abr-37	202	90	*	*	PUNCT
abr-37	202	91	0.078	0.078	NUM
abr-37	202	92	-6.49	-6.49	ADP
abr-37	202	93	panel	panel	PROPN
abr-37	202	94	b	b	NOUN
abr-37	202	95	:	:	PUNCT
abr-37	202	96	risk	risk	NOUN
abr-37	202	97	-	-	PUNCT
abr-37	202	98	adjusted	adjust	VERB
abr-37	202	99	return	return	NOUN
abr-37	202	100	difference	difference	NOUN
abr-37	202	101	between	between	ADP
abr-37	202	102	guiders	guider	NOUN
abr-37	202	103	and	and	CCONJ
abr-37	202	104	non	non	NOUN
abr-37	202	105	-	-	ADJ
abr-37	202	106	guiders	guiders	ADJ
abr-37	202	107	gn	gn	PROPN
abr-37	202	108	itttt	itttt	PROPN
abr-37	202	109	gn	gn	PROPN
abr-37	202	110	t	t	PROPN
abr-37	202	111	g	g	PROPN
abr-37	202	112	t	t	PROPN
abr-37	202	113	n	n	PROPN
abr-37	202	114	t	t	PROPN
abr-37	202	115	umdhmlsmbmktrfhrethret	umdhmlsmbmktrfhrethret	PROPN
abr-37	202	116			PROPN
abr-37	202	117			PROPN
abr-37	202	118			PROPN
abr-37	202	119	4321	4321	NUM
abr-37	202	120	variable	variable	ADJ
abr-37	202	121	parameter	parameter	NOUN
abr-37	202	122	estimate	estimate	NOUN
abr-37	202	123	standard	standard	ADJ
abr-37	202	124	deviation	deviation	NOUN
abr-37	202	125	t	t	NOUN
abr-37	202	126	value	value	NOUN
abr-37	202	127	intercept	intercept	NOUN
abr-37	202	128	(	(	PUNCT
abr-37	202	129	gn	gn	INTJ
abr-37	202	130	tm	tm	PRON
abr-37	202	131			PROPN
abr-37	202	132	,	,	PUNCT
abr-37	202	133			X
abr-37	202	134	)	)	PUNCT
abr-37	202	135	0.016	0.016	NUM
abr-37	202	136	*	*	PUNCT
abr-37	202	137	*	*	PUNCT
abr-37	202	138	*	*	PUNCT
abr-37	202	139	0.006	0.006	NUM
abr-37	202	140	2.90	2.90	NUM
abr-37	202	141	market	market	NOUN
abr-37	202	142	–	–	PUNCT
abr-37	202	143	risk	risk	NOUN
abr-37	202	144	free	free	ADJ
abr-37	202	145	-0.290	-0.290	PROPN
abr-37	202	146	*	*	PUNCT
abr-37	202	147	*	*	PUNCT
abr-37	202	148	0.145	0.145	NUM
abr-37	202	149	-2.00	-2.00	NUM
abr-37	202	150	small	small	ADJ
abr-37	202	151	–	–	PUNCT
abr-37	202	152	big	big	ADJ
abr-37	202	153	-0.388	-0.388	NOUN
abr-37	202	154	*	*	PUNCT
abr-37	202	155	*	*	PUNCT
abr-37	202	156	*	*	X
abr-37	202	157	0.171	0.171	NUM
abr-37	202	158	-2.27	-2.27	NUM
abr-37	202	159	high	high	ADJ
abr-37	202	160	–	–	PUNCT
abr-37	202	161	low	low	ADJ
abr-37	202	162	-0.585	-0.585	NOUN
abr-37	202	163	*	*	PUNCT
abr-37	202	164	*	*	PUNCT
abr-37	202	165	*	*	PUNCT
abr-37	202	166	0.209	0.209	NUM
abr-37	203	1	-2.80	-2.80	PRON
abr-37	203	2	momentum	momentum	NOUN
abr-37	203	3	-0.189	-0.189	PUNCT
abr-37	204	1	0.122	0.122	NUM
abr-37	204	2	-1.55	-1.55	NUM
abr-37	204	3	tian	tian	ADJ
abr-37	204	4	13	13	NUM
abr-37	204	5	conclusion	conclusion	NOUN
abr-37	204	6	prior	prior	ADJ
abr-37	204	7	valuation	valuation	NOUN
abr-37	204	8	studies	study	NOUN
abr-37	204	9	provide	provide	VERB
abr-37	204	10	consistent	consistent	ADJ
abr-37	204	11	evidence	evidence	NOUN
abr-37	204	12	for	for	ADP
abr-37	204	13	the	the	DET
abr-37	204	14	usefulness	usefulness	NOUN
abr-37	204	15	of	of	ADP
abr-37	204	16	analyst	analyst	NOUN
abr-37	204	17	forecasts	forecast	NOUN
abr-37	204	18	and	and	CCONJ
abr-37	204	19	the	the	DET
abr-37	204	20	superior	superior	ADJ
abr-37	204	21	ability	ability	NOUN
abr-37	204	22	of	of	ADP
abr-37	204	23	forecast	forecast	NOUN
abr-37	204	24	-	-	PUNCT
abr-37	204	25	based	base	VERB
abr-37	204	26	valuation	valuation	NOUN
abr-37	204	27	models	model	NOUN
abr-37	204	28	to	to	PART
abr-37	204	29	predict	predict	VERB
abr-37	204	30	firm	firm	ADJ
abr-37	204	31	value	value	NOUN
abr-37	204	32	.	.	PUNCT
abr-37	205	1	this	this	DET
abr-37	205	2	study	study	NOUN
abr-37	205	3	shows	show	VERB
abr-37	205	4	that	that	SCONJ
abr-37	205	5	analyst	analyst	NOUN
abr-37	205	6	forecasts	forecast	NOUN
abr-37	205	7	are	be	AUX
abr-37	205	8	less	less	ADV
abr-37	205	9	useful	useful	ADJ
abr-37	205	10	than	than	ADP
abr-37	205	11	previously	previously	ADV
abr-37	205	12	documented	document	VERB
abr-37	205	13	because	because	SCONJ
abr-37	205	14	of	of	ADP
abr-37	205	15	the	the	DET
abr-37	205	16	increased	increase	VERB
abr-37	205	17	management	management	NOUN
abr-37	205	18	forecast	forecast	NOUN
abr-37	205	19	guidance	guidance	NOUN
abr-37	205	20	.	.	PUNCT
abr-37	206	1	in	in	ADP
abr-37	206	2	particular	particular	ADJ
abr-37	206	3	,	,	PUNCT
abr-37	206	4	this	this	DET
abr-37	206	5	study	study	NOUN
abr-37	206	6	examines	examine	VERB
abr-37	206	7	the	the	DET
abr-37	206	8	impact	impact	NOUN
abr-37	206	9	of	of	ADP
abr-37	206	10	management	management	NOUN
abr-37	206	11	forecast	forecast	NOUN
abr-37	206	12	guidance	guidance	NOUN
abr-37	206	13	on	on	ADP
abr-37	206	14	the	the	DET
abr-37	206	15	usefulness	usefulness	NOUN
abr-37	206	16	of	of	ADP
abr-37	206	17	analyst	analyst	NOUN
abr-37	206	18	forecasts	forecast	NOUN
abr-37	206	19	in	in	ADP
abr-37	206	20	firm	firm	ADJ
abr-37	206	21	valuation	valuation	NOUN
abr-37	206	22	by	by	ADP
abr-37	206	23	empirically	empirically	ADV
abr-37	206	24	comparing	compare	VERB
abr-37	206	25	the	the	DET
abr-37	206	26	performance	performance	NOUN
abr-37	206	27	of	of	ADP
abr-37	206	28	intrinsic	intrinsic	ADJ
abr-37	206	29	value	value	NOUN
abr-37	206	30	metrics	metric	NOUN
abr-37	206	31	estimated	estimate	VERB
abr-37	206	32	using	use	VERB
abr-37	206	33	guided	guide	VERB
abr-37	206	34	versus	versus	ADP
abr-37	206	35	non	non	ADJ
abr-37	206	36	-	-	ADJ
abr-37	206	37	guided	guide	VERB
abr-37	206	38	forecasts	forecast	NOUN
abr-37	206	39	to	to	PART
abr-37	206	40	explain	explain	VERB
abr-37	206	41	stock	stock	NOUN
abr-37	206	42	price	price	NOUN
abr-37	206	43	and	and	CCONJ
abr-37	206	44	predicting	predict	VERB
abr-37	206	45	future	future	ADJ
abr-37	206	46	returns	return	NOUN
abr-37	206	47	through	through	ADP
abr-37	206	48	v	v	ADP
abr-37	206	49	/	/	SYM
abr-37	206	50	p	p	NOUN
abr-37	206	51	ratios	ratio	NOUN
abr-37	206	52	.	.	PUNCT
abr-37	207	1	the	the	DET
abr-37	207	2	results	result	NOUN
abr-37	207	3	show	show	VERB
abr-37	207	4	that	that	SCONJ
abr-37	207	5	v	v	ADP
abr-37	207	6	estimated	estimate	VERB
abr-37	207	7	using	use	VERB
abr-37	207	8	guided	guide	VERB
abr-37	207	9	forecasts	forecast	NOUN
abr-37	207	10	have	have	VERB
abr-37	207	11	significantly	significantly	ADV
abr-37	207	12	lower	low	ADJ
abr-37	207	13	correlations	correlation	NOUN
abr-37	207	14	with	with	ADP
abr-37	207	15	p	p	NOUN
abr-37	207	16	than	than	ADP
abr-37	207	17	those	those	PRON
abr-37	207	18	estimated	estimate	VERB
abr-37	207	19	using	use	VERB
abr-37	207	20	non	non	ADJ
abr-37	207	21	-	-	ADJ
abr-37	207	22	guided	guide	VERB
abr-37	207	23	forecasts	forecast	NOUN
abr-37	207	24	.	.	PUNCT
abr-37	208	1	the	the	DET
abr-37	208	2	lower	low	ADJ
abr-37	208	3	correlations	correlation	NOUN
abr-37	208	4	can	can	AUX
abr-37	208	5	not	not	PART
abr-37	208	6	be	be	AUX
abr-37	208	7	explained	explain	VERB
abr-37	208	8	by	by	ADP
abr-37	208	9	factors	factor	NOUN
abr-37	208	10	such	such	ADJ
abr-37	208	11	as	as	ADP
abr-37	208	12	firm	firm	ADJ
abr-37	208	13	size	size	NOUN
abr-37	208	14	,	,	PUNCT
abr-37	208	15	earnings	earning	NOUN
abr-37	208	16	performance	performance	NOUN
abr-37	208	17	,	,	PUNCT
abr-37	208	18	b	b	X
abr-37	208	19	/	/	SYM
abr-37	208	20	m	m	NOUN
abr-37	208	21	ratio	ratio	NOUN
abr-37	208	22	,	,	PUNCT
abr-37	208	23	or	or	CCONJ
abr-37	208	24	forecast	forecast	NOUN
abr-37	208	25	accuracy	accuracy	NOUN
abr-37	208	26	.	.	PUNCT
abr-37	209	1	in	in	ADP
abr-37	209	2	addition	addition	NOUN
abr-37	209	3	,	,	PUNCT
abr-37	209	4	the	the	DET
abr-37	209	5	returns	return	NOUN
abr-37	209	6	to	to	ADP
abr-37	209	7	the	the	DET
abr-37	209	8	v	v	NOUN
abr-37	209	9	/	/	SYM
abr-37	209	10	p	p	NOUN
abr-37	209	11	ratio	ratio	NOUN
abr-37	209	12	portfolio	portfolio	NOUN
abr-37	209	13	strategy	strategy	NOUN
abr-37	209	14	for	for	ADP
abr-37	209	15	the	the	DET
abr-37	209	16	guider	guider	NOUN
abr-37	209	17	sample	sample	NOUN
abr-37	209	18	are	be	AUX
abr-37	209	19	significantly	significantly	ADV
abr-37	209	20	lower	low	ADJ
abr-37	209	21	than	than	ADP
abr-37	209	22	those	those	PRON
abr-37	209	23	for	for	ADP
abr-37	209	24	the	the	DET
abr-37	209	25	non	non	ADJ
abr-37	209	26	-	-	ADJ
abr-37	209	27	guider	guider	ADJ
abr-37	209	28	sample	sample	NOUN
abr-37	209	29	,	,	PUNCT
abr-37	209	30	and	and	CCONJ
abr-37	209	31	this	this	DET
abr-37	209	32	return	return	NOUN
abr-37	209	33	difference	difference	NOUN
abr-37	209	34	can	can	AUX
abr-37	209	35	not	not	PART
abr-37	209	36	be	be	AUX
abr-37	209	37	explained	explain	VERB
abr-37	209	38	by	by	ADP
abr-37	209	39	the	the	DET
abr-37	209	40	risk	risk	NOUN
abr-37	209	41	differences	difference	NOUN
abr-37	209	42	between	between	ADP
abr-37	209	43	the	the	DET
abr-37	209	44	two	two	NUM
abr-37	209	45	samples	sample	NOUN
abr-37	209	46	.	.	PUNCT
abr-37	210	1	together	together	ADV
abr-37	210	2	,	,	PUNCT
abr-37	210	3	these	these	DET
abr-37	210	4	results	result	NOUN
abr-37	210	5	suggest	suggest	VERB
abr-37	210	6	that	that	SCONJ
abr-37	210	7	management	management	NOUN
abr-37	210	8	forecast	forecast	NOUN
abr-37	210	9	guidance	guidance	NOUN
abr-37	210	10	tends	tend	VERB
abr-37	210	11	to	to	PART
abr-37	210	12	reduce	reduce	VERB
abr-37	210	13	the	the	DET
abr-37	210	14	ability	ability	NOUN
abr-37	210	15	of	of	ADP
abr-37	210	16	forecast	forecast	NOUN
abr-37	210	17	-	-	PUNCT
abr-37	210	18	based	base	VERB
abr-37	210	19	v	v	NOUN
abr-37	210	20	to	to	PART
abr-37	210	21	track	track	VERB
abr-37	210	22	stock	stock	NOUN
abr-37	210	23	price	price	NOUN
abr-37	210	24	and	and	CCONJ
abr-37	210	25	predict	predict	VERB
abr-37	210	26	future	future	ADJ
abr-37	210	27	returns	return	NOUN
abr-37	210	28	through	through	ADP
abr-37	210	29	v	v	ADP
abr-37	210	30	/	/	SYM
abr-37	211	1	p	p	NOUN
abr-37	211	2	ratios	ratio	NOUN
abr-37	211	3	.	.	PUNCT
abr-37	212	1	this	this	DET
abr-37	212	2	study	study	NOUN
abr-37	212	3	therefore	therefore	ADV
abr-37	212	4	concludes	conclude	VERB
abr-37	212	5	that	that	SCONJ
abr-37	212	6	forecast	forecast	NOUN
abr-37	212	7	guidance	guidance	NOUN
abr-37	212	8	reduces	reduce	VERB
abr-37	212	9	the	the	DET
abr-37	212	10	usefulness	usefulness	NOUN
abr-37	212	11	of	of	ADP
abr-37	212	12	analyst	analyst	NOUN
abr-37	212	13	forecasts	forecast	NOUN
abr-37	212	14	in	in	ADP
abr-37	212	15	firm	firm	ADJ
abr-37	212	16	valuation	valuation	NOUN
abr-37	212	17	.	.	PUNCT
abr-37	213	1	this	this	DET
abr-37	213	2	study	study	NOUN
abr-37	213	3	contributes	contribute	VERB
abr-37	213	4	to	to	ADP
abr-37	213	5	the	the	DET
abr-37	213	6	financial	financial	ADJ
abr-37	213	7	analyst	analyst	NOUN
abr-37	213	8	and	and	CCONJ
abr-37	213	9	expectations	expectation	NOUN
abr-37	213	10	management	management	NOUN
abr-37	213	11	literature	literature	NOUN
abr-37	213	12	by	by	ADP
abr-37	213	13	documenting	document	VERB
abr-37	213	14	the	the	DET
abr-37	213	15	impact	impact	NOUN
abr-37	213	16	of	of	ADP
abr-37	213	17	management	management	NOUN
abr-37	213	18	forecast	forecast	NOUN
abr-37	213	19	guidance	guidance	NOUN
abr-37	213	20	on	on	ADP
abr-37	213	21	the	the	DET
abr-37	213	22	usefulness	usefulness	NOUN
abr-37	213	23	of	of	ADP
abr-37	213	24	analyst	analyst	NOUN
abr-37	213	25	forecast	forecast	NOUN
abr-37	213	26	in	in	ADP
abr-37	213	27	firm	firm	ADJ
abr-37	213	28	valuation	valuation	NOUN
abr-37	213	29	.	.	PUNCT
abr-37	214	1	it	it	PRON
abr-37	214	2	extends	extend	VERB
abr-37	214	3	the	the	DET
abr-37	214	4	valuation	valuation	NOUN
abr-37	214	5	literature	literature	NOUN
abr-37	214	6	by	by	ADP
abr-37	214	7	conditioning	condition	VERB
abr-37	214	8	model	model	NOUN
abr-37	214	9	performance	performance	NOUN
abr-37	214	10	on	on	ADP
abr-37	214	11	the	the	DET
abr-37	214	12	quality	quality	NOUN
abr-37	214	13	of	of	ADP
abr-37	214	14	model	model	NOUN
abr-37	214	15	inputs	input	NOUN
abr-37	214	16	and	and	CCONJ
abr-37	214	17	documenting	document	VERB
abr-37	214	18	the	the	DET
abr-37	214	19	adverse	adverse	ADJ
abr-37	214	20	impact	impact	NOUN
abr-37	214	21	of	of	ADP
abr-37	214	22	management	management	NOUN
abr-37	214	23	forecast	forecast	NOUN
abr-37	214	24	guidance	guidance	NOUN
abr-37	214	25	on	on	ADP
abr-37	214	26	valuation	valuation	NOUN
abr-37	214	27	model	model	NOUN
abr-37	214	28	performance	performance	NOUN
abr-37	214	29	.	.	PUNCT
abr-37	215	1	results	result	NOUN
abr-37	215	2	from	from	ADP
abr-37	215	3	this	this	DET
abr-37	215	4	study	study	NOUN
abr-37	215	5	raise	raise	VERB
abr-37	215	6	awareness	awareness	NOUN
abr-37	215	7	among	among	ADP
abr-37	215	8	researchers	researcher	NOUN
abr-37	215	9	,	,	PUNCT
abr-37	215	10	practitioners	practitioner	NOUN
abr-37	215	11	,	,	PUNCT
abr-37	215	12	and	and	CCONJ
abr-37	215	13	investors	investor	NOUN
abr-37	215	14	about	about	ADP
abr-37	215	15	the	the	DET
abr-37	215	16	pitfalls	pitfall	NOUN
abr-37	215	17	of	of	ADP
abr-37	215	18	taking	take	VERB
abr-37	215	19	analyst	analyst	NOUN
abr-37	215	20	forecasts	forecast	NOUN
abr-37	215	21	at	at	ADP
abr-37	215	22	face	face	NOUN
abr-37	215	23	value	value	NOUN
abr-37	215	24	and	and	CCONJ
abr-37	215	25	using	use	VERB
abr-37	215	26	them	they	PRON
abr-37	215	27	directly	directly	ADV
abr-37	215	28	in	in	ADP
abr-37	215	29	firm	firm	ADJ
abr-37	215	30	valuation	valuation	NOUN
abr-37	215	31	.	.	PUNCT
abr-37	216	1	this	this	DET
abr-37	216	2	study	study	NOUN
abr-37	216	3	has	have	VERB
abr-37	216	4	one	one	NUM
abr-37	216	5	major	major	ADJ
abr-37	216	6	limitation	limitation	NOUN
abr-37	216	7	.	.	PUNCT
abr-37	217	1	in	in	ADP
abr-37	217	2	particular	particular	ADJ
abr-37	217	3	,	,	PUNCT
abr-37	217	4	this	this	DET
abr-37	217	5	study	study	NOUN
abr-37	217	6	examines	examine	VERB
abr-37	217	7	only	only	ADV
abr-37	217	8	one	one	NUM
abr-37	217	9	input	input	NOUN
abr-37	217	10	to	to	ADP
abr-37	217	11	the	the	DET
abr-37	217	12	rim	rim	PROPN
abr-37	217	13	valuation	valuation	PROPN
abr-37	217	14	model	model	NOUN
abr-37	217	15	(	(	PUNCT
abr-37	217	16	i.e.	i.e.	X
abr-37	217	17	,	,	PUNCT
abr-37	217	18	analyst	analyst	NOUN
abr-37	217	19	earnings	earning	NOUN
abr-37	217	20	forecast	forecast	NOUN
abr-37	217	21	)	)	PUNCT
abr-37	217	22	,	,	PUNCT
abr-37	217	23	while	while	SCONJ
abr-37	217	24	holding	hold	VERB
abr-37	217	25	other	other	ADJ
abr-37	217	26	model	model	NOUN
abr-37	217	27	inputs	input	NOUN
abr-37	217	28	(	(	PUNCT
abr-37	217	29	i.e.	i.e.	X
abr-37	217	30	,	,	PUNCT
abr-37	217	31	book	book	NOUN
abr-37	217	32	value	value	NOUN
abr-37	217	33	of	of	ADP
abr-37	217	34	equity	equity	NOUN
abr-37	217	35	and	and	CCONJ
abr-37	217	36	earnings	earning	NOUN
abr-37	217	37	)	)	PUNCT
abr-37	217	38	constant	constant	ADJ
abr-37	217	39	.	.	PUNCT
abr-37	218	1	since	since	SCONJ
abr-37	218	2	firm	firm	ADJ
abr-37	218	3	managers	manager	NOUN
abr-37	218	4	can	can	AUX
abr-37	218	5	manipulate	manipulate	VERB
abr-37	218	6	other	other	ADJ
abr-37	218	7	model	model	NOUN
abr-37	218	8	inputs	input	NOUN
abr-37	218	9	,	,	PUNCT
abr-37	218	10	this	this	DET
abr-37	218	11	study	study	NOUN
abr-37	218	12	suggest	suggest	VERB
abr-37	218	13	future	future	ADJ
abr-37	218	14	research	research	NOUN
abr-37	218	15	to	to	PART
abr-37	218	16	further	far	ADV
abr-37	218	17	investigate	investigate	VERB
abr-37	218	18	the	the	DET
abr-37	218	19	impact	impact	NOUN
abr-37	218	20	of	of	ADP
abr-37	218	21	management	management	NOUN
abr-37	218	22	manipulation	manipulation	NOUN
abr-37	218	23	of	of	ADP
abr-37	218	24	other	other	ADJ
abr-37	218	25	model	model	NOUN
abr-37	218	26	inputs	input	NOUN
abr-37	218	27	on	on	ADP
abr-37	218	28	the	the	DET
abr-37	218	29	performance	performance	NOUN
abr-37	218	30	of	of	ADP
abr-37	218	31	earnings	earning	NOUN
abr-37	218	32	-	-	PUNCT
abr-37	218	33	based	base	VERB
abr-37	218	34	valuation	valuation	NOUN
abr-37	218	35	models	model	NOUN
abr-37	218	36	.	.	PUNCT
abr-37	219	1	references	reference	NOUN
abr-37	219	2	abarbanell	abarbanell	PROPN
abr-37	219	3	,	,	PUNCT
abr-37	219	4	j.	j.	PROPN
abr-37	219	5	,	,	PUNCT
abr-37	219	6	&	&	CCONJ
abr-37	219	7	bernard	bernard	PROPN
abr-37	219	8	,	,	PUNCT
abr-37	219	9	v.	v.	PROPN
abr-37	219	10	(	(	PUNCT
abr-37	219	11	1991	1991	NUM
abr-37	219	12	)	)	PUNCT
abr-37	219	13	.	.	PUNCT
abr-37	220	1	tests	test	NOUN
abr-37	220	2	of	of	ADP
abr-37	220	3	analysts	analyst	NOUN
abr-37	220	4	’	’	PART
abr-37	220	5	overreaction	overreaction	NOUN
abr-37	220	6	/	/	SYM
abr-37	220	7	undereaction	undereaction	NOUN
abr-37	220	8	to	to	ADP
abr-37	220	9	earnings	earning	NOUN
abr-37	220	10	information	information	NOUN
abr-37	220	11	as	as	ADP
abr-37	220	12	an	an	DET
abr-37	220	13	explanation	explanation	NOUN
abr-37	220	14	for	for	ADP
abr-37	220	15	anomalous	anomalous	ADJ
abr-37	220	16	stock	stock	NOUN
abr-37	220	17	price	price	NOUN
abr-37	220	18	behavior	behavior	NOUN
abr-37	220	19	.	.	PUNCT
abr-37	221	1	journal	journal	PROPN
abr-37	221	2	of	of	ADP
abr-37	221	3	finance	finance	NOUN
abr-37	221	4	,	,	PUNCT
abr-37	221	5	47	47	NUM
abr-37	221	6	,	,	PUNCT
abr-37	221	7	1181	1181	NUM
abr-37	221	8	-	-	SYM
abr-37	221	9	1207	1207	NUM
abr-37	221	10	.	.	PUNCT
abr-37	222	1	athanasakou	athanasakou	VERB
abr-37	222	2	,	,	PUNCT
abr-37	222	3	v.	v.	ADV
abr-37	222	4	,	,	PUNCT
abr-37	222	5	strong	strong	ADJ
abr-37	222	6	,	,	PUNCT
abr-37	222	7	n.	n.	NOUN
abr-37	222	8	,	,	PUNCT
abr-37	222	9	&	&	CCONJ
abr-37	222	10	walker	walker	PROPN
abr-37	222	11	,	,	PUNCT
abr-37	222	12	m.	m.	NOUN
abr-37	222	13	(	(	PUNCT
abr-37	222	14	2009	2009	NUM
abr-37	222	15	)	)	PUNCT
abr-37	222	16	.	.	PUNCT
abr-37	223	1	earnings	earning	NOUN
abr-37	223	2	management	management	NOUN
abr-37	223	3	or	or	CCONJ
abr-37	223	4	forecast	forecast	NOUN
abr-37	223	5	guidance	guidance	NOUN
abr-37	223	6	to	to	PART
abr-37	223	7	meet	meet	VERB
abr-37	223	8	analyst	analyst	NOUN
abr-37	223	9	expectations	expectation	NOUN
abr-37	223	10	?	?	PUNCT
abr-37	224	1	accounting	accounting	NOUN
abr-37	224	2	and	and	CCONJ
abr-37	224	3	business	business	NOUN
abr-37	224	4	research	research	NOUN
abr-37	224	5	,	,	PUNCT
abr-37	224	6	39	39	NUM
abr-37	224	7	(	(	PUNCT
abr-37	224	8	1	1	NUM
abr-37	224	9	)	)	PUNCT
abr-37	224	10	,	,	PUNCT
abr-37	224	11	3	3	NUM
abr-37	224	12	-	-	SYM
abr-37	224	13	35	35	NUM
abr-37	224	14	.	.	PUNCT
abr-37	225	1	bartov	bartov	PROPN
abr-37	225	2	,	,	PUNCT
abr-37	225	3	e.	e.	PROPN
abr-37	225	4	,	,	PUNCT
abr-37	225	5	givoly	givoly	NOUN
abr-37	225	6	,	,	PUNCT
abr-37	225	7	d.	d.	PROPN
abr-37	225	8	,	,	PUNCT
abr-37	225	9	&	&	CCONJ
abr-37	225	10	hayn	hayn	NOUN
abr-37	225	11	,	,	PUNCT
abr-37	225	12	c.	c.	PROPN
abr-37	225	13	(	(	PUNCT
abr-37	225	14	2002	2002	NUM
abr-37	225	15	)	)	PUNCT
abr-37	225	16	.	.	PUNCT
abr-37	226	1	the	the	DET
abr-37	226	2	rewards	reward	NOUN
abr-37	226	3	to	to	ADP
abr-37	226	4	meeting	meet	VERB
abr-37	226	5	or	or	CCONJ
abr-37	226	6	beating	beat	VERB
abr-37	226	7	earnings	earning	NOUN
abr-37	226	8	expectations	expectation	NOUN
abr-37	226	9	.	.	PUNCT
abr-37	227	1	journal	journal	NOUN
abr-37	227	2	of	of	ADP
abr-37	227	3	accounting	accounting	NOUN
abr-37	227	4	and	and	CCONJ
abr-37	227	5	economics	economic	NOUN
abr-37	227	6	,	,	PUNCT
abr-37	227	7	33	33	NUM
abr-37	227	8	,	,	PUNCT
abr-37	227	9	173–204	173–204	NUM
abr-37	227	10	.	.	PUNCT
abr-37	228	1	bartov	bartov	PROPN
abr-37	228	2	,	,	PUNCT
abr-37	228	3	e.	e.	PROPN
abr-37	228	4	,	,	PUNCT
abr-37	228	5	&	&	CCONJ
abr-37	228	6	cohen	cohen	PROPN
abr-37	228	7	,	,	PUNCT
abr-37	228	8	d.a	d.a	PROPN
abr-37	228	9	.	.	PROPN
abr-37	228	10	(	(	PUNCT
abr-37	228	11	2009	2009	NUM
abr-37	228	12	)	)	PUNCT
abr-37	228	13	.	.	PUNCT
abr-37	229	1	the	the	DET
abr-37	229	2	“	"	PUNCT
abr-37	229	3	numbers	number	NOUN
abr-37	229	4	game	game	NOUN
abr-37	229	5	”	"	PUNCT
abr-37	229	6	in	in	ADP
abr-37	229	7	the	the	DET
abr-37	229	8	preand	preand	NOUN
abr-37	229	9	post	post	ADJ
abr-37	229	10	-	-	ADJ
abr-37	229	11	sarbanes	sarbanes	ADJ
abr-37	229	12	-	-	PUNCT
abr-37	229	13	oxley	oxley	ADJ
abr-37	229	14	eras	era	NOUN
abr-37	229	15	.	.	PUNCT
abr-37	230	1	journal	journal	NOUN
abr-37	230	2	of	of	ADP
abr-37	230	3	accounting	accounting	NOUN
abr-37	230	4	,	,	PUNCT
abr-37	230	5	auditing	auditing	NOUN
abr-37	230	6	and	and	CCONJ
abr-37	230	7	finance	finance	NOUN
abr-37	230	8	,	,	PUNCT
abr-37	230	9	24	24	NUM
abr-37	230	10	,	,	PUNCT
abr-37	230	11	505	505	NUM
abr-37	230	12	-	-	SYM
abr-37	230	13	534	534	NUM
abr-37	230	14	.	.	PUNCT
abr-37	231	1	brown	brown	PROPN
abr-37	231	2	,	,	PUNCT
abr-37	231	3	l.	l.	PROPN
abr-37	231	4	,	,	PUNCT
abr-37	231	5	&	&	CCONJ
abr-37	231	6	higgins	higgins	PROPN
abr-37	231	7	,	,	PUNCT
abr-37	231	8	h.n	h.n	PROPN
abr-37	231	9	.	.	PROPN
abr-37	231	10	(	(	PUNCT
abr-37	231	11	2005	2005	NUM
abr-37	231	12	)	)	PUNCT
abr-37	231	13	.	.	PUNCT
abr-37	232	1	managers	manager	NOUN
abr-37	232	2	’	’	PART
abr-37	232	3	forecast	forecast	NOUN
abr-37	232	4	guidance	guidance	NOUN
abr-37	232	5	of	of	ADP
abr-37	232	6	analysts	analyst	NOUN
abr-37	232	7	:	:	PUNCT
abr-37	232	8	international	international	ADJ
abr-37	232	9	evidence	evidence	NOUN
abr-37	232	10	.	.	PUNCT
abr-37	233	1	journal	journal	NOUN
abr-37	233	2	of	of	ADP
abr-37	233	3	accounting	accounting	NOUN
abr-37	233	4	and	and	CCONJ
abr-37	233	5	public	public	ADJ
abr-37	233	6	policy	policy	NOUN
abr-37	233	7	,	,	PUNCT
abr-37	233	8	24	24	NUM
abr-37	233	9	,	,	PUNCT
abr-37	233	10	280	280	NUM
abr-37	233	11	-	-	SYM
abr-37	233	12	299	299	NUM
abr-37	233	13	.	.	PUNCT
abr-37	234	1	brown	brown	PROPN
abr-37	234	2	,	,	PUNCT
abr-37	234	3	r.m	r.m	PROPN
abr-37	234	4	.	.	PROPN
abr-37	234	5	,	,	PUNCT
abr-37	234	6	&	&	CCONJ
abr-37	234	7	pinello	pinello	PROPN
abr-37	234	8	,	,	PUNCT
abr-37	234	9	a.s	a.s	PROPN
abr-37	234	10	.	.	PROPN
abr-37	234	11	(	(	PUNCT
abr-37	234	12	2007	2007	NUM
abr-37	234	13	)	)	PUNCT
abr-37	234	14	.	.	PUNCT
abr-37	235	1	to	to	ADP
abr-37	235	2	what	what	DET
abr-37	235	3	extent	extent	NOUN
abr-37	235	4	does	do	AUX
abr-37	235	5	the	the	DET
abr-37	235	6	financial	financial	ADJ
abr-37	235	7	reporting	reporting	NOUN
abr-37	235	8	process	process	NOUN
abr-37	235	9	curb	curb	VERB
abr-37	235	10	earnings	earning	NOUN
abr-37	235	11	surprise	surprise	NOUN
abr-37	235	12	games	game	NOUN
abr-37	235	13	?	?	PUNCT
abr-37	236	1	journal	journal	NOUN
abr-37	236	2	of	of	ADP
abr-37	236	3	accounting	accounting	NOUN
abr-37	236	4	research	research	NOUN
abr-37	236	5	,	,	PUNCT
abr-37	236	6	45(5	45(5	NOUN
abr-37	236	7	)	)	PUNCT
abr-37	236	8	,	,	PUNCT
abr-37	236	9	947	947	NUM
abr-37	236	10	-	-	SYM
abr-37	236	11	981	981	NUM
abr-37	236	12	.	.	PUNCT
abr-37	237	1	usefulness	usefulness	NOUN
abr-37	237	2	of	of	ADP
abr-37	237	3	analyst	analyst	NOUN
abr-37	237	4	forecasts	forecast	NOUN
abr-37	237	5	in	in	ADP
abr-37	237	6	firm	firm	ADJ
abr-37	237	7	valuation	valuation	NOUN
abr-37	237	8	14	14	NUM
abr-37	237	9	burgstahler	burgstahler	NOUN
abr-37	237	10	,	,	PUNCT
abr-37	237	11	d.	d.	PROPN
abr-37	237	12	,	,	PUNCT
abr-37	237	13	&	&	CCONJ
abr-37	237	14	eames	eames	PROPN
abr-37	237	15	,	,	PUNCT
abr-37	237	16	m.	m.	NOUN
abr-37	237	17	(	(	PUNCT
abr-37	237	18	2006	2006	NUM
abr-37	237	19	)	)	PUNCT
abr-37	237	20	.	.	PUNCT
abr-37	238	1	management	management	NOUN
abr-37	238	2	of	of	ADP
abr-37	238	3	earnings	earning	NOUN
abr-37	238	4	and	and	CCONJ
abr-37	238	5	analysts	analyst	NOUN
abr-37	238	6	'	'	PART
abr-37	238	7	forecasts	forecast	NOUN
abr-37	238	8	to	to	PART
abr-37	238	9	achieve	achieve	VERB
abr-37	238	10	zero	zero	NUM
abr-37	238	11	and	and	CCONJ
abr-37	238	12	small	small	ADJ
abr-37	238	13	positive	positive	ADJ
abr-37	238	14	earnings	earning	NOUN
abr-37	238	15	surprises	surprise	NOUN
abr-37	238	16	.	.	PUNCT
abr-37	239	1	journal	journal	PROPN
abr-37	239	2	of	of	ADP
abr-37	239	3	business	business	NOUN
abr-37	239	4	finance	finance	NOUN
abr-37	239	5	and	and	CCONJ
abr-37	239	6	accounting	accounting	NOUN
abr-37	239	7	,	,	PUNCT
abr-37	239	8	33	33	NUM
abr-37	239	9	,	,	PUNCT
abr-37	239	10	633652	633652	NUM
abr-37	239	11	.	.	PUNCT
abr-37	240	1	coller	coller	PROPN
abr-37	240	2	,	,	PUNCT
abr-37	240	3	m.	m.	NOUN
abr-37	240	4	,	,	PUNCT
abr-37	240	5	&	&	CCONJ
abr-37	240	6	yohn	yohn	PROPN
abr-37	240	7	,	,	PUNCT
abr-37	240	8	t.l	t.l	PROPN
abr-37	240	9	.	.	PUNCT
abr-37	240	10	(	(	PUNCT
abr-37	240	11	1997	1997	NUM
abr-37	240	12	)	)	PUNCT
abr-37	240	13	.	.	PUNCT
abr-37	241	1	management	management	NOUN
abr-37	241	2	forecasts	forecast	NOUN
abr-37	241	3	and	and	CCONJ
abr-37	241	4	information	information	NOUN
abr-37	241	5	asymmetry	asymmetry	NOUN
abr-37	241	6	:	:	PUNCT
abr-37	241	7	an	an	DET
abr-37	241	8	examination	examination	NOUN
abr-37	241	9	of	of	ADP
abr-37	241	10	bid	bid	NOUN
abr-37	241	11	-	-	PUNCT
abr-37	241	12	ask	ask	NOUN
abr-37	241	13	spreads	spread	NOUN
abr-37	241	14	.	.	PUNCT
abr-37	242	1	journal	journal	NOUN
abr-37	242	2	of	of	ADP
abr-37	242	3	accounting	accounting	NOUN
abr-37	242	4	research	research	NOUN
abr-37	242	5	,	,	PUNCT
abr-37	242	6	35(2	35(2	NUM
abr-37	242	7	)	)	PUNCT
abr-37	242	8	,	,	PUNCT
abr-37	242	9	181	181	NUM
abr-37	242	10	-	-	SYM
abr-37	242	11	191	191	NUM
abr-37	242	12	.	.	PUNCT
abr-37	243	1	dechow	dechow	ADJ
abr-37	243	2	,	,	PUNCT
abr-37	243	3	p.m.	p.m.	NOUN
abr-37	243	4	,	,	PUNCT
abr-37	243	5	hutton	hutton	PROPN
abr-37	243	6	,	,	PUNCT
abr-37	243	7	a.p	a.p	PROPN
abr-37	243	8	.	.	PROPN
abr-37	243	9	,	,	PUNCT
abr-37	243	10	&	&	CCONJ
abr-37	243	11	sloan	sloan	PROPN
abr-37	243	12	,	,	PUNCT
abr-37	243	13	r.g	r.g	PROPN
abr-37	243	14	.	.	PROPN
abr-37	243	15	(	(	PUNCT
abr-37	243	16	1999	1999	NUM
abr-37	243	17	)	)	PUNCT
abr-37	243	18	.	.	PUNCT
abr-37	244	1	an	an	DET
abr-37	244	2	empirical	empirical	ADJ
abr-37	244	3	assessment	assessment	NOUN
abr-37	244	4	of	of	ADP
abr-37	244	5	the	the	DET
abr-37	244	6	residual	residual	ADJ
abr-37	244	7	income	income	NOUN
abr-37	244	8	valuation	valuation	NOUN
abr-37	244	9	model	model	PROPN
abr-37	244	10	.	.	PUNCT
abr-37	245	1	journal	journal	PROPN
abr-37	245	2	of	of	ADP
abr-37	245	3	accounting	accounting	PROPN
abr-37	245	4	&	&	CCONJ
abr-37	245	5	economics	economic	NOUN
abr-37	245	6	,	,	PUNCT
abr-37	245	7	26	26	NUM
abr-37	245	8	,	,	PUNCT
abr-37	245	9	1–34	1–34	PROPN
abr-37	245	10	.	.	PUNCT
abr-37	246	1	easton	easton	PROPN
abr-37	246	2	,	,	PUNCT
abr-37	246	3	p.	p.	PROPN
abr-37	246	4	,	,	PUNCT
abr-37	246	5	&	&	CCONJ
abr-37	246	6	sommers	sommers	PROPN
abr-37	246	7	,	,	PUNCT
abr-37	246	8	g.	g.	PROPN
abr-37	246	9	(	(	PUNCT
abr-37	246	10	2007	2007	NUM
abr-37	246	11	)	)	PUNCT
abr-37	246	12	.	.	PUNCT
abr-37	247	1	effect	effect	NOUN
abr-37	247	2	of	of	ADP
abr-37	247	3	analysts	analyst	NOUN
abr-37	247	4	’	’	PART
abr-37	247	5	optimism	optimism	NOUN
abr-37	247	6	on	on	ADP
abr-37	247	7	estimates	estimate	NOUN
abr-37	247	8	of	of	ADP
abr-37	247	9	the	the	DET
abr-37	247	10	expected	expect	VERB
abr-37	247	11	eate	eate	NOUN
abr-37	247	12	of	of	ADP
abr-37	247	13	return	return	NOUN
abr-37	247	14	implied	imply	VERB
abr-37	247	15	by	by	ADP
abr-37	247	16	earnings	earning	NOUN
abr-37	247	17	forecasts	forecast	NOUN
abr-37	247	18	.	.	PUNCT
abr-37	248	1	journal	journal	NOUN
abr-37	248	2	of	of	ADP
abr-37	248	3	accounting	accounting	NOUN
abr-37	248	4	research	research	NOUN
abr-37	248	5	,	,	PUNCT
abr-37	248	6	45	45	NUM
abr-37	248	7	,	,	PUNCT
abr-37	248	8	983	983	NUM
abr-37	248	9	-	-	SYM
abr-37	248	10	1015	1015	NUM
abr-37	248	11	fama	fama	NOUN
abr-37	248	12	,	,	PUNCT
abr-37	248	13	e.	e.	PROPN
abr-37	248	14	,	,	PUNCT
abr-37	248	15	&	&	CCONJ
abr-37	248	16	french	french	PROPN
abr-37	248	17	,	,	PUNCT
abr-37	248	18	k.	k.	PROPN
abr-37	248	19	r.	r.	PROPN
abr-37	248	20	(	(	PUNCT
abr-37	248	21	1993	1993	NUM
abr-37	248	22	)	)	PUNCT
abr-37	248	23	.	.	PUNCT
abr-37	249	1	common	common	ADJ
abr-37	249	2	risk	risk	NOUN
abr-37	249	3	factors	factor	NOUN
abr-37	249	4	in	in	ADP
abr-37	249	5	the	the	DET
abr-37	249	6	returns	return	NOUN
abr-37	249	7	on	on	ADP
abr-37	249	8	stocks	stock	NOUN
abr-37	249	9	and	and	CCONJ
abr-37	249	10	bonds	bond	NOUN
abr-37	249	11	.	.	PUNCT
abr-37	250	1	journal	journal	NOUN
abr-37	250	2	of	of	ADP
abr-37	250	3	financial	financial	ADJ
abr-37	250	4	economics	economic	NOUN
abr-37	250	5	33	33	NUM
abr-37	250	6	:	:	SYM
abr-37	250	7	3	3	NUM
abr-37	250	8	.	.	X
abr-37	250	9	frankel	frankel	PROPN
abr-37	250	10	,	,	PUNCT
abr-37	250	11	r.	r.	PROPN
abr-37	250	12	,	,	PUNCT
abr-37	250	13	&	&	CCONJ
abr-37	250	14	lee	lee	PROPN
abr-37	250	15	,	,	PUNCT
abr-37	250	16	c.m.c	c.m.c	PROPN
abr-37	250	17	.	.	PUNCT
abr-37	251	1	(	(	PUNCT
abr-37	251	2	1998	1998	NUM
abr-37	251	3	)	)	PUNCT
abr-37	251	4	.	.	PUNCT
abr-37	252	1	accounting	accounting	NOUN
abr-37	252	2	valuation	valuation	NOUN
abr-37	252	3	,	,	PUNCT
abr-37	252	4	market	market	NOUN
abr-37	252	5	expectation	expectation	NOUN
abr-37	252	6	,	,	PUNCT
abr-37	252	7	and	and	CCONJ
abr-37	252	8	cross	cross	ADJ
abr-37	252	9	-	-	ADJ
abr-37	252	10	sectional	sectional	ADJ
abr-37	252	11	stock	stock	NOUN
abr-37	252	12	returns	return	NOUN
abr-37	252	13	.	.	PUNCT
abr-37	253	1	journal	journal	NOUN
abr-37	253	2	of	of	ADP
abr-37	253	3	accounting	accounting	NOUN
abr-37	253	4	and	and	CCONJ
abr-37	253	5	economics	economic	NOUN
abr-37	253	6	,	,	PUNCT
abr-37	253	7	25	25	NUM
abr-37	253	8	,	,	PUNCT
abr-37	253	9	283–319	283–319	NUM
abr-37	253	10	.	.	PUNCT
abr-37	254	1	gaio	gaio	PROPN
abr-37	254	2	,	,	PUNCT
abr-37	254	3	c.	c.	PROPN
abr-37	254	4	,	,	PUNCT
abr-37	254	5	&	&	CCONJ
abr-37	254	6	raposo	raposo	PROPN
abr-37	254	7	,	,	PUNCT
abr-37	254	8	c.	c.	PROPN
abr-37	254	9	c.	c.	PROPN
abr-37	254	10	(	(	PUNCT
abr-37	254	11	2014	2014	NUM
abr-37	254	12	)	)	PUNCT
abr-37	254	13	.	.	PUNCT
abr-37	255	1	corporate	corporate	ADJ
abr-37	255	2	governance	governance	NOUN
abr-37	255	3	and	and	CCONJ
abr-37	255	4	earnings	earning	NOUN
abr-37	255	5	quality	quality	NOUN
abr-37	255	6	–	–	PUNCT
abr-37	255	7	international	international	ADJ
abr-37	255	8	evidence	evidence	NOUN
abr-37	255	9	.	.	PUNCT
abr-37	256	1	journal	journal	NOUN
abr-37	256	2	of	of	ADP
abr-37	256	3	accounting	accounting	NOUN
abr-37	256	4	and	and	CCONJ
abr-37	256	5	finance	finance	NOUN
abr-37	256	6	:	:	PUNCT
abr-37	256	7	14	14	NUM
abr-37	256	8	(	(	PUNCT
abr-37	256	9	3	3	NUM
abr-37	256	10	)	)	PUNCT
abr-37	256	11	,	,	PUNCT
abr-37	256	12	52	52	NUM
abr-37	256	13	-	-	SYM
abr-37	256	14	74	74	NUM
abr-37	256	15	.	.	PUNCT
abr-37	257	1	graham	graham	PROPN
abr-37	257	2	,	,	PUNCT
abr-37	257	3	r.	r.	PROPN
abr-37	257	4	j.	j.	PROPN
abr-37	257	5	,	,	PUNCT
abr-37	257	6	harvey	harvey	PROPN
abr-37	257	7	,	,	PUNCT
abr-37	257	8	r.	r.	PROPN
abr-37	257	9	c	c	PROPN
abr-37	257	10	,	,	PUNCT
abr-37	257	11	&	&	CCONJ
abr-37	257	12	rajgopal	rajgopal	NOUN
abr-37	257	13	,	,	PUNCT
abr-37	257	14	s.	s.	PROPN
abr-37	257	15	(	(	PUNCT
abr-37	257	16	2005	2005	NUM
abr-37	257	17	)	)	PUNCT
abr-37	257	18	.	.	PUNCT
abr-37	258	1	the	the	DET
abr-37	258	2	economic	economic	ADJ
abr-37	258	3	implications	implication	NOUN
abr-37	258	4	of	of	ADP
abr-37	258	5	corporate	corporate	ADJ
abr-37	258	6	financial	financial	ADJ
abr-37	258	7	reporting	reporting	NOUN
abr-37	258	8	.	.	PUNCT
abr-37	259	1	journal	journal	NOUN
abr-37	259	2	of	of	ADP
abr-37	259	3	accounting	accounting	NOUN
abr-37	259	4	and	and	CCONJ
abr-37	259	5	economics	economic	NOUN
abr-37	259	6	,	,	PUNCT
abr-37	259	7	40	40	NUM
abr-37	259	8	,	,	PUNCT
abr-37	259	9	3	3	NUM
abr-37	259	10	-	-	SYM
abr-37	259	11	73	73	NUM
abr-37	259	12	.	.	PUNCT
abr-37	260	1	hutton	hutton	PROPN
abr-37	260	2	,	,	PUNCT
abr-37	260	3	a.	a.	PROPN
abr-37	260	4	,	,	PUNCT
abr-37	260	5	miller	miller	PROPN
abr-37	260	6	,	,	PUNCT
abr-37	260	7	g.s	g.s	PROPN
abr-37	260	8	.	.	PROPN
abr-37	260	9	,	,	PUNCT
abr-37	260	10	&	&	CCONJ
abr-37	260	11	skinner	skinner	PROPN
abr-37	260	12	,	,	PUNCT
abr-37	260	13	d.	d.	PROPN
abr-37	260	14	(	(	PUNCT
abr-37	260	15	2003	2003	NUM
abr-37	260	16	)	)	PUNCT
abr-37	260	17	.	.	PUNCT
abr-37	261	1	the	the	DET
abr-37	261	2	role	role	NOUN
abr-37	261	3	of	of	ADP
abr-37	261	4	supplementary	supplementary	ADJ
abr-37	261	5	statements	statement	NOUN
abr-37	261	6	with	with	ADP
abr-37	261	7	management	management	NOUN
abr-37	261	8	earnings	earning	NOUN
abr-37	261	9	forecasts	forecast	NOUN
abr-37	261	10	.	.	PUNCT
abr-37	262	1	journal	journal	NOUN
abr-37	262	2	of	of	ADP
abr-37	262	3	accounting	accounting	NOUN
abr-37	262	4	research	research	NOUN
abr-37	262	5	,	,	PUNCT
abr-37	262	6	41	41	NUM
abr-37	262	7	,	,	PUNCT
abr-37	262	8	867	867	NUM
abr-37	262	9	-	-	SYM
abr-37	262	10	890	890	NUM
abr-37	262	11	.	.	PUNCT
abr-37	263	1	koh	koh	PROPN
abr-37	263	2	,	,	PUNCT
abr-37	263	3	k.	k.	PROPN
abr-37	263	4	,	,	PUNCT
abr-37	263	5	matsumoto	matsumoto	PROPN
abr-37	263	6	,	,	PUNCT
abr-37	263	7	d.a	d.a	PROPN
abr-37	263	8	.	.	PROPN
abr-37	263	9	,	,	PUNCT
abr-37	263	10	&	&	CCONJ
abr-37	263	11	rajgopal	rajgopal	PROPN
abr-37	263	12	,	,	PUNCT
abr-37	263	13	s.	s.	PROPN
abr-37	263	14	(	(	PUNCT
abr-37	263	15	2008	2008	NUM
abr-37	263	16	)	)	PUNCT
abr-37	263	17	.	.	PUNCT
abr-37	264	1	meeting	meet	VERB
abr-37	264	2	or	or	CCONJ
abr-37	264	3	beating	beat	VERB
abr-37	264	4	analyst	analyst	NOUN
abr-37	264	5	expectations	expectation	NOUN
abr-37	264	6	in	in	ADP
abr-37	264	7	the	the	DET
abr-37	264	8	post	post	ADJ
abr-37	264	9	-	-	ADJ
abr-37	264	10	scandals	scandal	NOUN
abr-37	264	11	world	world	NOUN
abr-37	264	12	:	:	PUNCT
abr-37	264	13	changes	change	NOUN
abr-37	264	14	in	in	ADP
abr-37	264	15	stock	stock	NOUN
abr-37	264	16	market	market	NOUN
abr-37	264	17	rewards	reward	NOUN
abr-37	264	18	and	and	CCONJ
abr-37	264	19	managerial	managerial	ADJ
abr-37	264	20	actions	action	NOUN
abr-37	264	21	.	.	PUNCT
abr-37	265	1	contemporary	contemporary	ADJ
abr-37	265	2	accounting	accounting	PROPN
abr-37	265	3	research	research	NOUN
abr-37	265	4	,	,	PUNCT
abr-37	265	5	25	25	NUM
abr-37	265	6	(	(	PUNCT
abr-37	265	7	4	4	NUM
abr-37	265	8	)	)	PUNCT
abr-37	265	9	,	,	PUNCT
abr-37	265	10	1067	1067	NUM
abr-37	265	11	-	-	SYM
abr-37	265	12	1098	1098	NUM
abr-37	265	13	.	.	PUNCT
abr-37	266	1	kasznik	kasznik	PROPN
abr-37	266	2	,	,	PUNCT
abr-37	266	3	r.	r.	PROPN
abr-37	266	4	,	,	PUNCT
abr-37	266	5	&	&	CCONJ
abr-37	266	6	lev	lev	PROPN
abr-37	266	7	,	,	PUNCT
abr-37	266	8	b.	b.	PROPN
abr-37	266	9	(	(	PUNCT
abr-37	266	10	1995	1995	NUM
abr-37	266	11	)	)	PUNCT
abr-37	266	12	.	.	PUNCT
abr-37	267	1	to	to	PART
abr-37	267	2	warn	warn	VERB
abr-37	267	3	or	or	CCONJ
abr-37	267	4	not	not	PART
abr-37	267	5	to	to	PART
abr-37	267	6	warn	warn	VERB
abr-37	267	7	:	:	PUNCT
abr-37	267	8	management	management	NOUN
abr-37	267	9	disclosures	disclosure	NOUN
abr-37	267	10	in	in	ADP
abr-37	267	11	the	the	DET
abr-37	267	12	face	face	NOUN
abr-37	267	13	of	of	ADP
abr-37	267	14	an	an	DET
abr-37	267	15	earnings	earning	NOUN
abr-37	267	16	surprise	surprise	NOUN
abr-37	267	17	.	.	PUNCT
abr-37	268	1	the	the	DET
abr-37	268	2	accounting	accounting	NOUN
abr-37	268	3	review	review	NOUN
abr-37	268	4	,	,	PUNCT
abr-37	268	5	70	70	NUM
abr-37	268	6	(	(	PUNCT
abr-37	268	7	1	1	NUM
abr-37	268	8	)	)	PUNCT
abr-37	268	9	,	,	PUNCT
abr-37	268	10	113	113	NUM
abr-37	268	11	-	-	SYM
abr-37	268	12	134	134	NUM
abr-37	268	13	.	.	PUNCT
abr-37	269	1	kasznik	kasznik	PROPN
abr-37	269	2	,	,	PUNCT
abr-37	269	3	r.	r.	PROPN
abr-37	269	4	,	,	PUNCT
abr-37	269	5	&	&	CCONJ
abr-37	269	6	mcnichols	mcnichols	PROPN
abr-37	269	7	,	,	PUNCT
abr-37	269	8	m.	m.	NOUN
abr-37	269	9	(	(	PUNCT
abr-37	269	10	2002	2002	NUM
abr-37	269	11	)	)	PUNCT
abr-37	269	12	.	.	PUNCT
abr-37	270	1	does	do	AUX
abr-37	270	2	meeting	meet	VERB
abr-37	270	3	earnings	earning	NOUN
abr-37	270	4	expectations	expectation	NOUN
abr-37	270	5	matter	matter	NOUN
abr-37	270	6	?	?	PUNCT
abr-37	271	1	evidence	evidence	NOUN
abr-37	271	2	from	from	ADP
abr-37	271	3	analyst	analyst	NOUN
abr-37	271	4	forecasts	forecast	NOUN
abr-37	271	5	revisions	revision	NOUN
abr-37	271	6	and	and	CCONJ
abr-37	271	7	share	share	NOUN
abr-37	271	8	prices	price	NOUN
abr-37	271	9	.	.	PUNCT
abr-37	272	1	journal	journal	NOUN
abr-37	272	2	of	of	ADP
abr-37	272	3	accounting	accounting	NOUN
abr-37	272	4	research	research	NOUN
abr-37	272	5	,	,	PUNCT
abr-37	272	6	40	40	NUM
abr-37	272	7	,	,	PUNCT
abr-37	272	8	727–759	727–759	NUM
abr-37	272	9	.	.	PUNCT
abr-37	273	1	kross	kross	PROPN
abr-37	273	2	,	,	PUNCT
abr-37	273	3	w.j	w.j	PROPN
abr-37	273	4	.	.	PROPN
abr-37	273	5	,	,	PUNCT
abr-37	273	6	ro	ro	PROPN
abr-37	273	7	,	,	PUNCT
abr-37	273	8	b.r	b.r	PROPN
abr-37	273	9	.	.	PROPN
abr-37	273	10	,	,	PUNCT
abr-37	273	11	&	&	CCONJ
abr-37	273	12	suk	suk	PROPN
abr-37	273	13	,	,	PUNCT
abr-37	273	14	i.	i.	NOUN
abr-37	273	15	(	(	PUNCT
abr-37	273	16	2011	2011	NUM
abr-37	273	17	)	)	PUNCT
abr-37	273	18	.	.	PUNCT
abr-37	274	1	consistency	consistency	NOUN
abr-37	274	2	in	in	ADP
abr-37	274	3	meeting	meet	VERB
abr-37	274	4	or	or	CCONJ
abr-37	274	5	beating	beat	VERB
abr-37	274	6	earnings	earning	NOUN
abr-37	274	7	expectations	expectation	NOUN
abr-37	274	8	and	and	CCONJ
abr-37	274	9	management	management	NOUN
abr-37	274	10	earnings	earning	NOUN
abr-37	274	11	forecasts	forecast	NOUN
abr-37	274	12	.	.	PUNCT
abr-37	275	1	journal	journal	NOUN
abr-37	275	2	of	of	ADP
abr-37	275	3	accounting	accounting	NOUN
abr-37	275	4	and	and	CCONJ
abr-37	275	5	economics	economic	NOUN
abr-37	275	6	,	,	PUNCT
abr-37	275	7	51	51	NUM
abr-37	275	8	,	,	PUNCT
abr-37	275	9	37	37	NUM
abr-37	275	10	-	-	SYM
abr-37	275	11	57	57	NUM
abr-37	275	12	.	.	PUNCT
abr-37	276	1	lansford	lansford	PROPN
abr-37	276	2	,	,	PUNCT
abr-37	276	3	b.	b.	PROPN
abr-37	276	4	,	,	PUNCT
abr-37	276	5	lev	lev	PROPN
abr-37	276	6	,	,	PUNCT
abr-37	276	7	b.	b.	PROPN
abr-37	276	8	,	,	PUNCT
abr-37	276	9	&	&	CCONJ
abr-37	276	10	tucker	tucker	PROPN
abr-37	276	11	,	,	PUNCT
abr-37	276	12	w.	w.	PROPN
abr-37	276	13	j.	j.	PROPN
abr-37	276	14	(	(	PUNCT
abr-37	276	15	2013	2013	NUM
abr-37	276	16	)	)	PUNCT
abr-37	276	17	.	.	PUNCT
abr-37	277	1	causes	cause	NOUN
abr-37	277	2	and	and	CCONJ
abr-37	277	3	consequences	consequence	NOUN
abr-37	277	4	of	of	ADP
abr-37	277	5	disaggregating	disaggregate	VERB
abr-37	277	6	earnings	earning	NOUN
abr-37	277	7	guidance	guidance	NOUN
abr-37	277	8	.	.	PUNCT
abr-37	278	1	journal	journal	PROPN
abr-37	278	2	of	of	ADP
abr-37	278	3	business	business	NOUN
abr-37	278	4	,	,	PUNCT
abr-37	278	5	finance	finance	NOUN
abr-37	278	6	and	and	CCONJ
abr-37	278	7	accounting	accounting	NOUN
abr-37	278	8	,	,	PUNCT
abr-37	278	9	40	40	NUM
abr-37	278	10	:	:	SYM
abr-37	278	11	26	26	NUM
abr-37	278	12	-	-	SYM
abr-37	278	13	54	54	NUM
abr-37	278	14	.	.	PUNCT
abr-37	279	1	lang	lang	PROPN
abr-37	279	2	,	,	PUNCT
abr-37	279	3	m.h	m.h	PROPN
abr-37	279	4	.	.	PROPN
abr-37	279	5	,	,	PUNCT
abr-37	279	6	&	&	CCONJ
abr-37	279	7	lundholm	lundholm	PROPN
abr-37	279	8	,	,	PUNCT
abr-37	279	9	r.j	r.j	PROPN
abr-37	279	10	.	.	PROPN
abr-37	279	11	(	(	PUNCT
abr-37	279	12	1996	1996	NUM
abr-37	279	13	)	)	PUNCT
abr-37	279	14	.	.	PUNCT
abr-37	280	1	corporate	corporate	ADJ
abr-37	280	2	disclosure	disclosure	NOUN
abr-37	280	3	policy	policy	NOUN
abr-37	280	4	and	and	CCONJ
abr-37	280	5	analyst	analyst	NOUN
abr-37	280	6	behaviour	behaviour	NOUN
abr-37	280	7	.	.	PUNCT
abr-37	281	1	the	the	DET
abr-37	281	2	accounting	accounting	NOUN
abr-37	281	3	review	review	NOUN
abr-37	281	4	,	,	PUNCT
abr-37	281	5	71	71	NUM
abr-37	281	6	(	(	PUNCT
abr-37	281	7	4	4	NUM
abr-37	281	8	)	)	PUNCT
abr-37	281	9	,	,	PUNCT
abr-37	281	10	467	467	NUM
abr-37	281	11	-	-	SYM
abr-37	281	12	492	492	NUM
abr-37	281	13	.	.	PUNCT
abr-37	282	1	lee	lee	PROPN
abr-37	282	2	,	,	PUNCT
abr-37	282	3	c.m.c	c.m.c	PROPN
abr-37	282	4	.	.	PROPN
abr-37	282	5	,	,	PUNCT
abr-37	282	6	myers	myers	PROPN
abr-37	282	7	,	,	PUNCT
abr-37	282	8	j.	j.	PROPN
abr-37	282	9	,	,	PUNCT
abr-37	282	10	&	&	CCONJ
abr-37	282	11	swaminathan	swaminathan	PROPN
abr-37	282	12	,	,	PUNCT
abr-37	282	13	b.	b.	PROPN
abr-37	282	14	(	(	PUNCT
abr-37	282	15	1999	1999	NUM
abr-37	282	16	)	)	PUNCT
abr-37	282	17	.	.	PUNCT
abr-37	283	1	what	what	PRON
abr-37	283	2	is	be	AUX
abr-37	283	3	the	the	DET
abr-37	283	4	intrinsic	intrinsic	ADJ
abr-37	283	5	value	value	NOUN
abr-37	283	6	of	of	ADP
abr-37	283	7	the	the	DET
abr-37	283	8	dow	dow	NOUN
abr-37	283	9	?	?	PUNCT
abr-37	284	1	the	the	DET
abr-37	284	2	journal	journal	NOUN
abr-37	284	3	of	of	ADP
abr-37	284	4	finance	finance	NOUN
abr-37	284	5	,	,	PUNCT
abr-37	284	6	54	54	NUM
abr-37	284	7	,	,	PUNCT
abr-37	284	8	1693–1741	1693–1741	NUM
abr-37	284	9	.	.	PUNCT
abr-37	285	1	matsumoto	matsumoto	PROPN
abr-37	285	2	,	,	PUNCT
abr-37	285	3	d.	d.	PROPN
abr-37	285	4	(	(	PUNCT
abr-37	285	5	2002	2002	NUM
abr-37	285	6	)	)	PUNCT
abr-37	285	7	.	.	PUNCT
abr-37	286	1	management	management	NOUN
abr-37	286	2	’s	’s	PART
abr-37	286	3	incentive	incentive	NOUN
abr-37	286	4	to	to	PART
abr-37	286	5	avoid	avoid	VERB
abr-37	286	6	negative	negative	ADJ
abr-37	286	7	earnings	earning	NOUN
abr-37	286	8	surprises	surprise	NOUN
abr-37	286	9	.	.	PUNCT
abr-37	287	1	the	the	DET
abr-37	287	2	accounting	accounting	NOUN
abr-37	287	3	review	review	NOUN
abr-37	287	4	,	,	PUNCT
abr-37	287	5	77	77	NUM
abr-37	287	6	,	,	PUNCT
abr-37	287	7	483–514	483–514	NUM
abr-37	287	8	.	.	PUNCT
abr-37	288	1	ohlson	ohlson	PROPN
abr-37	288	2	,	,	PUNCT
abr-37	288	3	j.a	j.a	PROPN
abr-37	288	4	.	.	PROPN
abr-37	288	5	(	(	PUNCT
abr-37	288	6	1995	1995	NUM
abr-37	288	7	)	)	PUNCT
abr-37	288	8	.	.	PUNCT
abr-37	289	1	earnings	earning	NOUN
abr-37	289	2	,	,	PUNCT
abr-37	289	3	book	book	NOUN
abr-37	289	4	values	value	NOUN
abr-37	289	5	,	,	PUNCT
abr-37	289	6	and	and	CCONJ
abr-37	289	7	dividends	dividend	NOUN
abr-37	289	8	in	in	ADP
abr-37	289	9	equity	equity	NOUN
abr-37	289	10	valuation	valuation	NOUN
abr-37	289	11	.	.	PUNCT
abr-37	290	1	contemporary	contemporary	ADJ
abr-37	290	2	accounting	accounting	PROPN
abr-37	290	3	research	research	PROPN
abr-37	290	4	11	11	NUM
abr-37	290	5	,	,	PUNCT
abr-37	290	6	661–687	661–687	NUM
abr-37	290	7	.	.	PUNCT
abr-37	291	1	richardson	richardson	PROPN
abr-37	291	2	,	,	PUNCT
abr-37	291	3	s.	s.	PROPN
abr-37	291	4	,	,	PUNCT
abr-37	291	5	teoh	teoh	PROPN
abr-37	291	6	,	,	PUNCT
abr-37	291	7	s.	s.	PROPN
abr-37	291	8	,	,	PUNCT
abr-37	291	9	&	&	CCONJ
abr-37	291	10	wysocki	wysocki	PROPN
abr-37	291	11	,	,	PUNCT
abr-37	291	12	p.	p.	NOUN
abr-37	291	13	(	(	PUNCT
abr-37	291	14	2004	2004	NUM
abr-37	291	15	)	)	PUNCT
abr-37	291	16	.	.	PUNCT
abr-37	292	1	the	the	DET
abr-37	292	2	walk	walk	NOUN
abr-37	292	3	-	-	PUNCT
abr-37	292	4	down	down	NOUN
abr-37	292	5	to	to	ADP
abr-37	292	6	beatable	beatable	ADJ
abr-37	292	7	analyst	analyst	NOUN
abr-37	292	8	forecasts	forecast	NOUN
abr-37	292	9	:	:	PUNCT
abr-37	292	10	the	the	DET
abr-37	292	11	role	role	NOUN
abr-37	292	12	of	of	ADP
abr-37	292	13	equity	equity	NOUN
abr-37	292	14	issuances	issuance	NOUN
abr-37	292	15	and	and	CCONJ
abr-37	292	16	insider	insider	NOUN
abr-37	292	17	trading	trading	NOUN
abr-37	292	18	incentives	incentive	NOUN
abr-37	292	19	.	.	PUNCT
abr-37	293	1	contemporary	contemporary	ADJ
abr-37	293	2	accounting	accounting	NOUN
abr-37	293	3	research	research	PROPN
abr-37	293	4	21	21	NUM
abr-37	293	5	,	,	PUNCT
abr-37	293	6	885	885	NUM
abr-37	293	7	–	–	PUNCT
abr-37	293	8	924	924	NUM
abr-37	293	9	.	.	PUNCT
abr-37	294	1	sohn	sohn	PROPN
abr-37	294	2	,	,	PUNCT
abr-37	294	3	b.c	b.c	PROPN
abr-37	294	4	.	.	PROPN
abr-37	294	5	(	(	PUNCT
abr-37	294	6	2012	2012	NUM
abr-37	294	7	)	)	PUNCT
abr-37	294	8	.	.	PUNCT
abr-37	295	1	analyst	analyst	NOUN
abr-37	295	2	forecast	forecast	PROPN
abr-37	295	3	,	,	PUNCT
abr-37	295	4	accounting	account	VERB
abr-37	295	5	conservatism	conservatism	NOUN
abr-37	295	6	and	and	CCONJ
abr-37	295	7	the	the	DET
abr-37	295	8	related	relate	VERB
abr-37	295	9	valuation	valuation	NOUN
abr-37	295	10	implications	implication	NOUN
abr-37	295	11	.	.	PUNCT
abr-37	296	1	accounting	accounting	NOUN
abr-37	296	2	and	and	CCONJ
abr-37	296	3	finance	finance	NOUN
abr-37	296	4	52	52	NUM
abr-37	296	5	,	,	PUNCT
abr-37	296	6	311	311	NUM
abr-37	296	7	-	-	SYM
abr-37	296	8	341	341	NUM
abr-37	296	9	.	.	PUNCT
abr-37	297	1	xie	xie	PROPN
abr-37	297	2	,	,	PUNCT
abr-37	297	3	y.	y.	PROPN
abr-37	297	4	(	(	PUNCT
abr-37	297	5	2011	2011	NUM
abr-37	297	6	)	)	PUNCT
abr-37	297	7	.	.	PUNCT
abr-37	298	1	the	the	DET
abr-37	298	2	market	market	NOUN
abr-37	298	3	effects	effect	NOUN
abr-37	298	4	of	of	ADP
abr-37	298	5	breaking	break	VERB
abr-37	298	6	a	a	DET
abr-37	298	7	string	string	NOUN
abr-37	298	8	of	of	ADP
abr-37	298	9	meeting	meeting	NOUN
abr-37	298	10	or	or	CCONJ
abr-37	298	11	beating	beat	VERB
abr-37	298	12	analysts	analyst	NOUN
abr-37	298	13	'	'	PART
abr-37	298	14	expectations	expectation	NOUN
abr-37	298	15	:	:	PUNCT
abr-37	298	16	downward	downward	ADJ
abr-37	298	17	revision	revision	NOUN
abr-37	298	18	of	of	ADP
abr-37	298	19	future	future	ADJ
abr-37	298	20	cash	cash	NOUN
abr-37	298	21	flows	flow	NOUN
abr-37	298	22	or	or	CCONJ
abr-37	298	23	increase	increase	VERB
abr-37	298	24	in	in	ADP
abr-37	298	25	cost	cost	NOUN
abr-37	298	26	of	of	ADP
abr-37	298	27	equity	equity	NOUN
abr-37	298	28	capital	capital	NOUN
abr-37	298	29	?	?	PUNCT
abr-37	299	1	journal	journal	NOUN
abr-37	299	2	of	of	ADP
abr-37	299	3	business	business	NOUN
abr-37	299	4	finance	finance	NOUN
abr-37	299	5	and	and	CCONJ
abr-37	299	6	accounting	account	VERB
abr-37	299	7	38	38	NUM
abr-37	299	8	(	(	PUNCT
abr-37	299	9	1)&(2	1)&(2	NUM
abr-37	299	10	)	)	PUNCT
abr-37	299	11	,	,	PUNCT
abr-37	299	12	95	95	NUM
abr-37	299	13	-	-	SYM
abr-37	299	14	11	11	NUM
abr-37	299	15	.	.	PUNCT
abr-37	300	1	tian	tian	ADJ
abr-37	300	2	15	15	NUM
abr-37	300	3	yao	yao	NOUN
abr-37	300	4	tian	tian	PROPN
abr-37	300	5	is	be	AUX
abr-37	300	6	an	an	DET
abr-37	300	7	assistant	assistant	ADJ
abr-37	300	8	professor	professor	NOUN
abr-37	300	9	at	at	ADP
abr-37	300	10	san	san	PROPN
abr-37	300	11	jose	jose	PROPN
abr-37	300	12	state	state	PROPN
abr-37	300	13	university	university	PROPN
abr-37	300	14	.	.	PUNCT
abr-37	301	1	dr	dr	PROPN
abr-37	301	2	.	.	PROPN
abr-37	301	3	tian	tian	PROPN
abr-37	301	4	obtained	obtain	VERB
abr-37	301	5	her	her	PRON
abr-37	301	6	ph.d	ph.d	PROPN
abr-37	301	7	.	.	PUNCT
abr-37	301	8	degree	degree	NOUN
abr-37	301	9	in	in	ADP
abr-37	301	10	accounting	accounting	NOUN
abr-37	301	11	at	at	ADP
abr-37	301	12	the	the	DET
abr-37	301	13	university	university	NOUN
abr-37	301	14	of	of	ADP
abr-37	301	15	waterloo	waterloo	PROPN
abr-37	301	16	in	in	ADP
abr-37	301	17	2008	2008	NUM
abr-37	301	18	.	.	PUNCT
abr-37	302	1	she	she	PRON
abr-37	302	2	served	serve	VERB
abr-37	302	3	as	as	ADP
abr-37	302	4	an	an	DET
abr-37	302	5	assistant	assistant	NOUN
abr-37	302	6	professor	professor	NOUN
abr-37	302	7	at	at	ADP
abr-37	302	8	the	the	DET
abr-37	302	9	university	university	PROPN
abr-37	302	10	of	of	ADP
abr-37	302	11	alberta	alberta	PROPN
abr-37	302	12	from	from	ADP
abr-37	302	13	2008	2008	NUM
abr-37	302	14	-	-	SYM
abr-37	302	15	2011	2011	NUM
abr-37	302	16	.	.	PUNCT
abr-37	303	1	dr	dr	PROPN
abr-37	303	2	.	.	PROPN
abr-37	303	3	tian	tian	PROPN
abr-37	303	4	has	have	AUX
abr-37	303	5	published	publish	VERB
abr-37	303	6	seven	seven	NUM
abr-37	303	7	research	research	NOUN
abr-37	303	8	papers	paper	NOUN
abr-37	303	9	in	in	ADP
abr-37	303	10	leading	lead	VERB
abr-37	303	11	accounting	accounting	NOUN
abr-37	303	12	and	and	CCONJ
abr-37	303	13	finance	finance	NOUN
abr-37	303	14	journals	journal	NOUN
abr-37	303	15	,	,	PUNCT
abr-37	303	16	including	include	VERB
abr-37	303	17	the	the	DET
abr-37	303	18	accounting	accounting	NOUN
abr-37	303	19	review	review	NOUN
abr-37	303	20	and	and	CCONJ
abr-37	303	21	journal	journal	NOUN
abr-37	303	22	of	of	ADP
abr-37	303	23	business	business	NOUN
abr-37	303	24	,	,	PUNCT
abr-37	303	25	finance	finance	NOUN
abr-37	303	26	,	,	PUNCT
abr-37	303	27	and	and	CCONJ
abr-37	303	28	accounting	accounting	NOUN
abr-37	303	29	.	.	PUNCT