id	sid	tid	token	lemma	pos
abr-51	1	1	advances	advance	NOUN
abr-51	1	2	in	in	ADP
abr-51	1	3	business	business	NOUN
abr-51	1	4	research	research	NOUN
abr-51	1	5	2011	2011	NUM
abr-51	1	6	volume	volume	NOUN
abr-51	1	7	2.pdf	2.pdf	PROPN
abr-51	1	8	lifland	lifland	VERB
abr-51	1	9	advances	advance	NOUN
abr-51	1	10	in	in	ADP
abr-51	1	11	business	business	NOUN
abr-51	1	12	research	research	NOUN
abr-51	1	13	2011	2011	NUM
abr-51	1	14	,	,	PUNCT
abr-51	1	15	vol	vol	NOUN
abr-51	1	16	.	.	PROPN
abr-51	2	1	2	2	NUM
abr-51	2	2	,	,	PUNCT
abr-51	2	3	no	no	INTJ
abr-51	2	4	.	.	NOUN
abr-51	2	5	1	1	NUM
abr-51	2	6	,	,	PUNCT
abr-51	2	7	57	57	NUM
abr-51	2	8	-	-	SYM
abr-51	2	9	70	70	NUM
abr-51	2	10	57	57	NUM
abr-51	2	11	the	the	DET
abr-51	2	12	impact	impact	NOUN
abr-51	2	13	of	of	ADP
abr-51	2	14	working	work	VERB
abr-51	2	15	capital	capital	NOUN
abr-51	2	16	efficiencies	efficiency	NOUN
abr-51	2	17	on	on	ADP
abr-51	2	18	the	the	DET
abr-51	2	19	enterprise	enterprise	NOUN
abr-51	2	20	value	value	NOUN
abr-51	2	21	option	option	NOUN
abr-51	2	22	:	:	PUNCT
abr-51	2	23	empirical	empirical	ADJ
abr-51	2	24	analysis	analysis	NOUN
abr-51	2	25	from	from	ADP
abr-51	2	26	the	the	DET
abr-51	2	27	energy	energy	NOUN
abr-51	2	28	sector	sector	NOUN
abr-51	2	29	steven	steven	PROPN
abr-51	2	30	lifland	lifland	PROPN
abr-51	2	31	,	,	PUNCT
abr-51	2	32	high	high	ADJ
abr-51	2	33	point	point	NOUN
abr-51	2	34	university	university	NOUN
abr-51	2	35	this	this	DET
abr-51	2	36	paper	paper	NOUN
abr-51	2	37	,	,	PUNCT
abr-51	2	38	looking	look	VERB
abr-51	2	39	within	within	ADP
abr-51	2	40	the	the	DET
abr-51	2	41	energy	energy	NOUN
abr-51	2	42	sector	sector	NOUN
abr-51	2	43	,	,	PUNCT
abr-51	2	44	empirically	empirically	ADV
abr-51	2	45	tests	test	VERB
abr-51	2	46	the	the	DET
abr-51	2	47	hypotheses	hypothesis	NOUN
abr-51	2	48	that	that	PRON
abr-51	2	49	individual	individual	ADJ
abr-51	2	50	and/or	and/or	CCONJ
abr-51	2	51	net	net	ADJ
abr-51	2	52	working	working	NOUN
abr-51	2	53	capital	capital	NOUN
abr-51	2	54	efficiencies	efficiency	NOUN
abr-51	2	55	impact	impact	VERB
abr-51	2	56	a	a	DET
abr-51	2	57	company	company	NOUN
abr-51	2	58	’s	’s	PART
abr-51	2	59	enterprise	enterprise	NOUN
abr-51	2	60	value	value	NOUN
abr-51	2	61	(	(	PUNCT
abr-51	2	62	ev	ev	NOUN
abr-51	2	63	)	)	PUNCT
abr-51	2	64	.	.	PUNCT
abr-51	3	1	the	the	DET
abr-51	3	2	ev	ev	PROPN
abr-51	3	3	metric	metric	NOUN
abr-51	3	4	is	be	AUX
abr-51	3	5	unique	unique	ADJ
abr-51	3	6	for	for	SCONJ
abr-51	3	7	it	it	PRON
abr-51	3	8	allows	allow	VERB
abr-51	3	9	an	an	DET
abr-51	3	10	equity	equity	NOUN
abr-51	3	11	investor	investor	NOUN
abr-51	3	12	to	to	PART
abr-51	3	13	assess	assess	VERB
abr-51	3	14	the	the	DET
abr-51	3	15	firm	firm	NOUN
abr-51	3	16	on	on	ADP
abr-51	3	17	the	the	DET
abr-51	3	18	same	same	ADJ
abr-51	3	19	basis	basis	NOUN
abr-51	3	20	as	as	ADP
abr-51	3	21	an	an	DET
abr-51	3	22	acquirer	acquirer	NOUN
abr-51	3	23	in	in	ADP
abr-51	3	24	a	a	DET
abr-51	3	25	merger	merger	NOUN
abr-51	3	26	-	-	PUNCT
abr-51	3	27	acquisition	acquisition	NOUN
abr-51	3	28	transaction	transaction	NOUN
abr-51	3	29	.	.	PUNCT
abr-51	4	1	it	it	PRON
abr-51	4	2	represents	represent	VERB
abr-51	4	3	an	an	DET
abr-51	4	4	option	option	NOUN
abr-51	4	5	or	or	CCONJ
abr-51	4	6	‘	'	PUNCT
abr-51	4	7	right	right	NOUN
abr-51	4	8	’	'	PUNCT
abr-51	4	9	to	to	PART
abr-51	4	10	buy	buy	VERB
abr-51	4	11	a	a	DET
abr-51	4	12	firm	firm	NOUN
abr-51	4	13	’s	’s	PART
abr-51	4	14	core	core	ADJ
abr-51	4	15	cash	cash	NOUN
abr-51	4	16	flow	flow	NOUN
abr-51	4	17	or	or	CCONJ
abr-51	4	18	the	the	DET
abr-51	4	19	value	value	NOUN
abr-51	4	20	of	of	ADP
abr-51	4	21	claims	claim	NOUN
abr-51	4	22	on	on	ADP
abr-51	4	23	that	that	DET
abr-51	4	24	cash	cash	NOUN
abr-51	4	25	flow	flow	NOUN
abr-51	4	26	.	.	PUNCT
abr-51	5	1	the	the	DET
abr-51	5	2	results	result	NOUN
abr-51	5	3	show	show	VERB
abr-51	5	4	there	there	PRON
abr-51	5	5	are	be	VERB
abr-51	5	6	significant	significant	ADJ
abr-51	5	7	negative	negative	ADJ
abr-51	5	8	associations	association	NOUN
abr-51	5	9	between	between	ADP
abr-51	5	10	the	the	DET
abr-51	5	11	net	net	ADJ
abr-51	5	12	working	work	VERB
abr-51	5	13	capital	capital	NOUN
abr-51	5	14	efficiencies	efficiency	NOUN
abr-51	5	15	and	and	CCONJ
abr-51	5	16	enterprise	enterprise	NOUN
abr-51	5	17	value	value	NOUN
abr-51	5	18	for	for	ADP
abr-51	5	19	large	large	ADJ
abr-51	5	20	and	and	CCONJ
abr-51	5	21	mid	mid	ADJ
abr-51	5	22	-	-	ADJ
abr-51	5	23	cap	cap	ADJ
abr-51	5	24	firms	firm	NOUN
abr-51	5	25	.	.	PUNCT
abr-51	6	1	from	from	ADP
abr-51	6	2	the	the	DET
abr-51	6	3	perspective	perspective	NOUN
abr-51	6	4	of	of	ADP
abr-51	6	5	the	the	DET
abr-51	6	6	investoracquirer	investoracquirer	NOUN
abr-51	6	7	,	,	PUNCT
abr-51	6	8	the	the	DET
abr-51	6	9	acquisition	acquisition	NOUN
abr-51	6	10	cost	cost	NOUN
abr-51	6	11	of	of	ADP
abr-51	6	12	a	a	DET
abr-51	6	13	company	company	NOUN
abr-51	6	14	is	be	AUX
abr-51	6	15	directly	directly	ADV
abr-51	6	16	impacted	impact	VERB
abr-51	6	17	and	and	CCONJ
abr-51	6	18	it	it	PRON
abr-51	6	19	shows	show	VERB
abr-51	6	20	why	why	SCONJ
abr-51	6	21	they	they	PRON
abr-51	6	22	need	need	VERB
abr-51	6	23	to	to	PART
abr-51	6	24	pay	pay	VERB
abr-51	6	25	attention	attention	NOUN
abr-51	6	26	as	as	ADP
abr-51	6	27	to	to	ADP
abr-51	6	28	how	how	SCONJ
abr-51	6	29	well	well	ADV
abr-51	6	30	firms	firm	NOUN
abr-51	6	31	simultaneously	simultaneously	ADV
abr-51	6	32	turn	turn	VERB
abr-51	6	33	over	over	ADP
abr-51	6	34	their	their	PRON
abr-51	6	35	inventories	inventory	NOUN
abr-51	6	36	,	,	PUNCT
abr-51	6	37	collect	collect	VERB
abr-51	6	38	on	on	ADP
abr-51	6	39	trade	trade	NOUN
abr-51	6	40	receivables	receivable	NOUN
abr-51	6	41	,	,	PUNCT
abr-51	6	42	and	and	CCONJ
abr-51	6	43	service	service	VERB
abr-51	6	44	their	their	PRON
abr-51	6	45	trade	trade	NOUN
abr-51	6	46	creditors	creditor	NOUN
abr-51	6	47	.	.	PUNCT
abr-51	7	1	there	there	PRON
abr-51	7	2	is	be	VERB
abr-51	7	3	a	a	DET
abr-51	7	4	trend	trend	NOUN
abr-51	7	5	in	in	ADP
abr-51	7	6	business	business	NOUN
abr-51	7	7	where	where	SCONJ
abr-51	7	8	firms	firm	NOUN
abr-51	7	9	are	be	AUX
abr-51	7	10	starting	start	VERB
abr-51	7	11	to	to	PART
abr-51	7	12	switch	switch	VERB
abr-51	7	13	their	their	PRON
abr-51	7	14	focus	focus	NOUN
abr-51	7	15	from	from	ADP
abr-51	7	16	the	the	DET
abr-51	7	17	uncertainty	uncertainty	NOUN
abr-51	7	18	of	of	ADP
abr-51	7	19	the	the	DET
abr-51	7	20	profit	profit	NOUN
abr-51	7	21	and	and	CCONJ
abr-51	7	22	loss	loss	NOUN
abr-51	7	23	statement	statement	NOUN
abr-51	7	24	onto	onto	ADP
abr-51	7	25	the	the	DET
abr-51	7	26	balance	balance	NOUN
abr-51	7	27	sheet	sheet	NOUN
abr-51	7	28	.	.	PUNCT
abr-51	8	1	this	this	DET
abr-51	8	2	reluctance	reluctance	NOUN
abr-51	8	3	from	from	ADP
abr-51	8	4	moving	move	VERB
abr-51	8	5	away	away	ADV
abr-51	8	6	from	from	ADP
abr-51	8	7	the	the	DET
abr-51	8	8	proverbial	proverbial	ADJ
abr-51	8	9	‘	'	PUNCT
abr-51	8	10	bottom	bottom	ADJ
abr-51	8	11	-	-	PUNCT
abr-51	8	12	line	line	NOUN
abr-51	8	13	’	'	PUNCT
abr-51	8	14	may	may	AUX
abr-51	8	15	be	be	AUX
abr-51	8	16	due	due	ADJ
abr-51	8	17	to	to	ADP
abr-51	8	18	companies	company	NOUN
abr-51	8	19	underestimating	underestimate	VERB
abr-51	8	20	the	the	DET
abr-51	8	21	role	role	NOUN
abr-51	8	22	of	of	ADP
abr-51	8	23	the	the	DET
abr-51	8	24	firm	firm	NOUN
abr-51	8	25	’s	’s	PART
abr-51	8	26	working	work	VERB
abr-51	8	27	capital	capital	NOUN
abr-51	8	28	.	.	PUNCT
abr-51	9	1	working	work	VERB
abr-51	9	2	capital	capital	NOUN
abr-51	9	3	is	be	AUX
abr-51	9	4	considered	consider	VERB
abr-51	9	5	to	to	PART
abr-51	9	6	be	be	AUX
abr-51	9	7	the	the	DET
abr-51	9	8	excess	excess	NOUN
abr-51	9	9	of	of	ADP
abr-51	9	10	current	current	ADJ
abr-51	9	11	assets	asset	NOUN
abr-51	9	12	over	over	ADP
abr-51	9	13	current	current	ADJ
abr-51	9	14	liabilities	liability	NOUN
abr-51	9	15	and	and	CCONJ
abr-51	9	16	as	as	ADP
abr-51	9	17	such	such	ADJ
abr-51	9	18	is	be	AUX
abr-51	9	19	a	a	DET
abr-51	9	20	financial	financial	ADJ
abr-51	9	21	metric	metric	ADJ
abr-51	9	22	measuring	measure	VERB
abr-51	9	23	operating	operate	VERB
abr-51	9	24	liquidity	liquidity	NOUN
abr-51	9	25	.	.	PUNCT
abr-51	10	1	management	management	NOUN
abr-51	10	2	should	should	AUX
abr-51	10	3	be	be	AUX
abr-51	10	4	looking	look	VERB
abr-51	10	5	at	at	ADP
abr-51	10	6	working	work	VERB
abr-51	10	7	capital	capital	NOUN
abr-51	10	8	that	that	PRON
abr-51	10	9	‘	'	PUNCT
abr-51	10	10	nets	net	NOUN
abr-51	10	11	’	'	PUNCT
abr-51	10	12	out	out	ADP
abr-51	10	13	cash	cash	NOUN
abr-51	10	14	,	,	PUNCT
abr-51	10	15	allowing	allow	VERB
abr-51	10	16	them	they	PRON
abr-51	10	17	to	to	PART
abr-51	10	18	focus	focus	VERB
abr-51	10	19	on	on	ADP
abr-51	10	20	the	the	DET
abr-51	10	21	operating	operate	VERB
abr-51	10	22	assets	asset	NOUN
abr-51	10	23	of	of	ADP
abr-51	10	24	the	the	DET
abr-51	10	25	firm	firm	NOUN
abr-51	10	26	.	.	PUNCT
abr-51	11	1	the	the	DET
abr-51	11	2	intuition	intuition	NOUN
abr-51	11	3	is	be	AUX
abr-51	11	4	to	to	PART
abr-51	11	5	determine	determine	VERB
abr-51	11	6	how	how	SCONJ
abr-51	11	7	cash	cash	NOUN
abr-51	11	8	has	have	AUX
abr-51	11	9	changed	change	VERB
abr-51	11	10	over	over	ADP
abr-51	11	11	the	the	DET
abr-51	11	12	period	period	NOUN
abr-51	11	13	based	base	VERB
abr-51	11	14	upon	upon	SCONJ
abr-51	11	15	changes	change	NOUN
abr-51	11	16	in	in	ADP
abr-51	11	17	inventory	inventory	NOUN
abr-51	11	18	,	,	PUNCT
abr-51	11	19	accounts	account	VERB
abr-51	11	20	receivable	receivable	ADJ
abr-51	11	21	,	,	PUNCT
abr-51	11	22	and	and	CCONJ
abr-51	11	23	accounts	account	VERB
abr-51	11	24	payable	payable	ADJ
abr-51	11	25	.	.	PUNCT
abr-51	12	1	this	this	DET
abr-51	12	2	paper	paper	NOUN
abr-51	12	3	posits	posit	NOUN
abr-51	12	4	that	that	SCONJ
abr-51	12	5	by	by	ADP
abr-51	12	6	effectively	effectively	ADV
abr-51	12	7	managing	manage	VERB
abr-51	12	8	the	the	DET
abr-51	12	9	components	component	NOUN
abr-51	12	10	of	of	ADP
abr-51	12	11	net	net	ADJ
abr-51	12	12	working	working	NOUN
abr-51	12	13	capital	capital	NOUN
abr-51	12	14	,	,	PUNCT
abr-51	12	15	companies	company	NOUN
abr-51	12	16	can	can	AUX
abr-51	12	17	enjoy	enjoy	VERB
abr-51	12	18	financial	financial	ADJ
abr-51	12	19	flexibility	flexibility	NOUN
abr-51	12	20	and	and	CCONJ
abr-51	12	21	influence	influence	NOUN
abr-51	12	22	a	a	DET
abr-51	12	23	company	company	NOUN
abr-51	12	24	’s	’s	PART
abr-51	12	25	enterprise	enterprise	NOUN
abr-51	12	26	value	value	NOUN
abr-51	12	27	(	(	PUNCT
abr-51	12	28	ev	ev	INTJ
abr-51	12	29	)	)	PUNCT
abr-51	12	30	through	through	ADP
abr-51	12	31	a	a	DET
abr-51	12	32	reduction	reduction	NOUN
abr-51	12	33	in	in	ADP
abr-51	12	34	capital	capital	NOUN
abr-51	12	35	employed	employ	VERB
abr-51	12	36	and	and	CCONJ
abr-51	12	37	subsequent	subsequent	ADJ
abr-51	12	38	asset	asset	NOUN
abr-51	12	39	productivity	productivity	NOUN
abr-51	12	40	.	.	PUNCT
abr-51	13	1	as	as	SCONJ
abr-51	13	2	discussed	discuss	VERB
abr-51	13	3	later	later	ADV
abr-51	13	4	,	,	PUNCT
abr-51	13	5	this	this	DET
abr-51	13	6	approach	approach	NOUN
abr-51	13	7	is	be	AUX
abr-51	13	8	reinforced	reinforce	VERB
abr-51	13	9	by	by	ADP
abr-51	13	10	the	the	DET
abr-51	13	11	fact	fact	NOUN
abr-51	13	12	that	that	SCONJ
abr-51	13	13	the	the	DET
abr-51	13	14	calculation	calculation	NOUN
abr-51	13	15	of	of	ADP
abr-51	13	16	the	the	DET
abr-51	13	17	enterprise	enterprise	NOUN
abr-51	13	18	value	value	NOUN
abr-51	13	19	is	be	AUX
abr-51	13	20	dependent	dependent	ADJ
abr-51	13	21	upon	upon	SCONJ
abr-51	13	22	including	include	VERB
abr-51	13	23	the	the	DET
abr-51	13	24	value	value	NOUN
abr-51	13	25	of	of	ADP
abr-51	13	26	all	all	DET
abr-51	13	27	the	the	DET
abr-51	13	28	non	non	ADJ
abr-51	13	29	-	-	ADJ
abr-51	13	30	operating	operate	VERB
abr-51	13	31	assets	asset	NOUN
abr-51	13	32	that	that	PRON
abr-51	13	33	have	have	AUX
abr-51	13	34	been	be	AUX
abr-51	13	35	netted	net	VERB
abr-51	13	36	against	against	ADP
abr-51	13	37	cash	cash	NOUN
abr-51	13	38	.	.	PUNCT
abr-51	14	1	the	the	DET
abr-51	14	2	determination	determination	NOUN
abr-51	14	3	of	of	ADP
abr-51	14	4	the	the	DET
abr-51	14	5	enterprise	enterprise	NOUN
abr-51	14	6	value	value	NOUN
abr-51	14	7	(	(	PUNCT
abr-51	14	8	ev	ev	INTJ
abr-51	14	9	)	)	PUNCT
abr-51	14	10	metric	metric	NOUN
abr-51	14	11	allows	allow	VERB
abr-51	14	12	investors	investor	NOUN
abr-51	14	13	to	to	PART
abr-51	14	14	assess	assess	VERB
abr-51	14	15	the	the	DET
abr-51	14	16	firm	firm	NOUN
abr-51	14	17	on	on	ADP
abr-51	14	18	the	the	DET
abr-51	14	19	same	same	ADJ
abr-51	14	20	basis	basis	NOUN
abr-51	14	21	as	as	ADP
abr-51	14	22	an	an	DET
abr-51	14	23	acquirer	acquirer	NOUN
abr-51	14	24	.	.	PUNCT
abr-51	15	1	it	it	PRON
abr-51	15	2	can	can	AUX
abr-51	15	3	be	be	AUX
abr-51	15	4	viewed	view	VERB
abr-51	15	5	as	as	ADP
abr-51	15	6	a	a	DET
abr-51	15	7	theoretical	theoretical	ADJ
abr-51	15	8	takeover	takeover	NOUN
abr-51	15	9	price	price	NOUN
abr-51	15	10	where	where	SCONJ
abr-51	15	11	the	the	DET
abr-51	15	12	acquirer	acquirer	NOUN
abr-51	15	13	accepts	accept	VERB
abr-51	15	14	the	the	DET
abr-51	15	15	debt	debt	NOUN
abr-51	15	16	of	of	ADP
abr-51	15	17	the	the	DET
abr-51	15	18	firm	firm	NOUN
abr-51	15	19	but	but	CCONJ
abr-51	15	20	is	be	AUX
abr-51	15	21	also	also	ADV
abr-51	15	22	entitled	entitle	VERB
abr-51	15	23	to	to	ADP
abr-51	15	24	its	its	PRON
abr-51	15	25	cash	cash	NOUN
abr-51	15	26	.	.	PUNCT
abr-51	16	1	this	this	DET
abr-51	16	2	paper	paper	NOUN
abr-51	16	3	argues	argue	VERB
abr-51	16	4	that	that	SCONJ
abr-51	16	5	in	in	ADP
abr-51	16	6	an	an	DET
abr-51	16	7	attempt	attempt	NOUN
abr-51	16	8	to	to	PART
abr-51	16	9	place	place	VERB
abr-51	16	10	a	a	DET
abr-51	16	11	value	value	NOUN
abr-51	16	12	on	on	ADP
abr-51	16	13	a	a	DET
abr-51	16	14	company	company	NOUN
abr-51	16	15	,	,	PUNCT
abr-51	16	16	the	the	DET
abr-51	16	17	buyer	buyer	NOUN
abr-51	16	18	or	or	CCONJ
abr-51	16	19	seller	seller	NOUN
abr-51	16	20	has	have	VERB
abr-51	16	21	to	to	PART
abr-51	16	22	reconcile	reconcile	VERB
abr-51	16	23	the	the	DET
abr-51	16	24	purchase	purchase	NOUN
abr-51	16	25	price	price	NOUN
abr-51	16	26	(	(	PUNCT
abr-51	16	27	i.e.	i.e.	X
abr-51	16	28	,	,	PUNCT
abr-51	16	29	enterprise	enterprise	NOUN
abr-51	16	30	value	value	NOUN
abr-51	16	31	)	)	PUNCT
abr-51	16	32	to	to	ADP
abr-51	16	33	the	the	DET
abr-51	16	34	periodic	periodic	ADJ
abr-51	16	35	fluctuations	fluctuation	NOUN
abr-51	16	36	in	in	ADP
abr-51	16	37	the	the	DET
abr-51	16	38	working	work	VERB
abr-51	16	39	capital	capital	NOUN
abr-51	16	40	investment	investment	NOUN
abr-51	16	41	that	that	PRON
abr-51	16	42	is	be	AUX
abr-51	16	43	needed	need	VERB
abr-51	16	44	to	to	PART
abr-51	16	45	support	support	VERB
abr-51	16	46	the	the	DET
abr-51	16	47	operations	operation	NOUN
abr-51	16	48	of	of	ADP
abr-51	16	49	the	the	DET
abr-51	16	50	company	company	NOUN
abr-51	16	51	.	.	PUNCT
abr-51	17	1	generally	generally	ADV
abr-51	17	2	,	,	PUNCT
abr-51	17	3	the	the	DET
abr-51	17	4	goal	goal	NOUN
abr-51	17	5	is	be	AUX
abr-51	17	6	to	to	PART
abr-51	17	7	minimize	minimize	VERB
abr-51	17	8	the	the	DET
abr-51	17	9	capital	capital	NOUN
abr-51	17	10	earmarked	earmark	VERB
abr-51	17	11	to	to	ADP
abr-51	17	12	a	a	DET
abr-51	17	13	company	company	NOUN
abr-51	17	14	’s	’s	PART
abr-51	17	15	turnover	turnover	NOUN
abr-51	17	16	process	process	NOUN
abr-51	17	17	by	by	ADP
abr-51	17	18	reducing	reduce	VERB
abr-51	17	19	accounts	account	NOUN
abr-51	17	20	receivable	receivable	ADJ
abr-51	17	21	and	and	CCONJ
abr-51	17	22	inventory	inventory	NOUN
abr-51	17	23	,	,	PUNCT
abr-51	17	24	while	while	SCONJ
abr-51	17	25	extending	extend	VERB
abr-51	17	26	accounts	account	NOUN
abr-51	17	27	payable	payable	ADJ
abr-51	17	28	(	(	PUNCT
abr-51	17	29	rafuse,1996	rafuse,1996	NOUN
abr-51	17	30	)	)	PUNCT
abr-51	17	31	.	.	PUNCT
abr-51	18	1	as	as	SCONJ
abr-51	18	2	stated	state	VERB
abr-51	18	3	previously	previously	ADV
abr-51	18	4	,	,	PUNCT
abr-51	18	5	working	work	VERB
abr-51	18	6	capital	capital	NOUN
abr-51	18	7	can	can	AUX
abr-51	18	8	be	be	AUX
abr-51	18	9	seen	see	VERB
abr-51	18	10	as	as	ADP
abr-51	18	11	a	a	DET
abr-51	18	12	means	mean	NOUN
abr-51	18	13	for	for	ADP
abr-51	18	14	evaluating	evaluate	VERB
abr-51	18	15	the	the	DET
abr-51	18	16	operating	operating	NOUN
abr-51	18	17	liquidity	liquidity	NOUN
abr-51	18	18	of	of	ADP
abr-51	18	19	a	a	DET
abr-51	18	20	corporation	corporation	NOUN
abr-51	18	21	.	.	PUNCT
abr-51	19	1	however	however	ADV
abr-51	19	2	,	,	PUNCT
abr-51	19	3	it	it	PRON
abr-51	19	4	also	also	ADV
abr-51	19	5	can	can	AUX
abr-51	19	6	signal	signal	VERB
abr-51	19	7	its	its	PRON
abr-51	19	8	operational	operational	ADJ
abr-51	19	9	efficiency	efficiency	NOUN
abr-51	19	10	.	.	PUNCT
abr-51	20	1	a	a	DET
abr-51	20	2	positive	positive	ADJ
abr-51	20	3	working	work	VERB
abr-51	20	4	capital	capital	NOUN
abr-51	20	5	position	position	NOUN
abr-51	20	6	implies	imply	VERB
abr-51	20	7	the	the	DET
abr-51	20	8	ability	ability	NOUN
abr-51	20	9	of	of	ADP
abr-51	20	10	the	the	DET
abr-51	20	11	firm	firm	NOUN
abr-51	20	12	to	to	PART
abr-51	20	13	cover	cover	VERB
abr-51	20	14	its	its	PRON
abr-51	20	15	current	current	ADJ
abr-51	20	16	obligations	obligation	NOUN
abr-51	20	17	while	while	SCONJ
abr-51	20	18	an	an	DET
abr-51	20	19	increase	increase	NOUN
abr-51	20	20	in	in	ADP
abr-51	20	21	the	the	DET
abr-51	20	22	levels	level	NOUN
abr-51	20	23	of	of	ADP
abr-51	20	24	the	the	DET
abr-51	20	25	working	work	VERB
abr-51	20	26	capital	capital	NOUN
abr-51	20	27	accounts	account	NOUN
abr-51	20	28	can	can	AUX
abr-51	20	29	mean	mean	VERB
abr-51	20	30	that	that	SCONJ
abr-51	20	31	too	too	ADV
abr-51	20	32	much	much	ADJ
abr-51	20	33	money	money	NOUN
abr-51	20	34	is	be	AUX
abr-51	20	35	tied	tie	VERB
abr-51	20	36	up	up	ADP
abr-51	20	37	in	in	ADP
abr-51	20	38	the	the	DET
abr-51	20	39	business	business	NOUN
abr-51	20	40	.	.	PUNCT
abr-51	21	1	an	an	DET
abr-51	21	2	effective	effective	ADJ
abr-51	21	3	management	management	NOUN
abr-51	21	4	of	of	ADP
abr-51	21	5	working	work	VERB
abr-51	21	6	capital	capital	NOUN
abr-51	21	7	centers	center	NOUN
abr-51	21	8	on	on	ADP
abr-51	21	9	operational	operational	ADJ
abr-51	21	10	asset	asset	NOUN
abr-51	21	11	positions	position	NOUN
abr-51	21	12	in	in	ADP
abr-51	21	13	inventory	inventory	NOUN
abr-51	21	14	,	,	PUNCT
abr-51	21	15	accounts	account	VERB
abr-51	21	16	receivable	receivable	ADJ
abr-51	21	17	,	,	PUNCT
abr-51	21	18	and	and	CCONJ
abr-51	21	19	accounts	account	VERB
abr-51	21	20	payable	payable	ADJ
abr-51	21	21	.	.	PUNCT
abr-51	22	1	excess	excess	ADJ
abr-51	22	2	cash	cash	NOUN
abr-51	22	3	and	and	CCONJ
abr-51	22	4	non	non	ADJ
abr-51	22	5	-	-	ADJ
abr-51	22	6	operational	operational	ADJ
abr-51	22	7	items	item	NOUN
abr-51	22	8	are	be	AUX
abr-51	22	9	excluded	exclude	VERB
abr-51	22	10	.	.	PUNCT
abr-51	23	1	this	this	DET
abr-51	23	2	paper	paper	NOUN
abr-51	23	3	posits	posit	NOUN
abr-51	23	4	that	that	SCONJ
abr-51	23	5	the	the	DET
abr-51	23	6	enterprise	enterprise	NOUN
abr-51	23	7	value	value	NOUN
abr-51	23	8	metric	metric	NOUN
abr-51	23	9	for	for	ADP
abr-51	23	10	an	an	DET
abr-51	23	11	investment	investment	NOUN
abr-51	23	12	opportunity	opportunity	NOUN
abr-51	23	13	acts	act	VERB
abr-51	23	14	as	as	ADP
abr-51	23	15	a	a	DET
abr-51	23	16	real	real	ADJ
abr-51	23	17	option	option	NOUN
abr-51	23	18	.	.	PUNCT
abr-51	24	1	it	it	PRON
abr-51	24	2	represents	represent	VERB
abr-51	24	3	the	the	DET
abr-51	24	4	cost	cost	NOUN
abr-51	24	5	of	of	ADP
abr-51	24	6	buying	buy	VERB
abr-51	24	7	the	the	DET
abr-51	24	8	right	right	NOUN
abr-51	24	9	to	to	ADP
abr-51	24	10	a	a	DET
abr-51	24	11	company	company	NOUN
abr-51	24	12	’s	’s	PART
abr-51	24	13	core	core	ADJ
abr-51	24	14	cash	cash	NOUN
abr-51	24	15	flows	flow	NOUN
abr-51	24	16	or	or	CCONJ
abr-51	24	17	the	the	DET
abr-51	24	18	value	value	NOUN
abr-51	24	19	of	of	ADP
abr-51	24	20	the	the	DET
abr-51	24	21	claims	claim	NOUN
abr-51	24	22	on	on	ADP
abr-51	24	23	those	those	DET
abr-51	24	24	cash	cash	NOUN
abr-51	24	25	flows	flow	NOUN
abr-51	24	26	.	.	PUNCT
abr-51	25	1	when	when	SCONJ
abr-51	25	2	a	a	DET
abr-51	25	3	buyer	buyer	NOUN
abr-51	25	4	assesses	assess	VERB
abr-51	25	5	a	a	DET
abr-51	25	6	firm	firm	NOUN
abr-51	25	7	on	on	ADP
abr-51	25	8	the	the	DET
abr-51	25	9	same	same	ADJ
abr-51	25	10	basis	basis	NOUN
abr-51	25	11	as	as	ADP
abr-51	25	12	that	that	PRON
abr-51	25	13	of	of	ADP
abr-51	25	14	an	an	DET
abr-51	25	15	acquirer	acquirer	NOUN
abr-51	25	16	,	,	PUNCT
abr-51	25	17	the	the	DET
abr-51	25	18	enterprise	enterprise	NOUN
abr-51	25	19	value	value	NOUN
abr-51	25	20	(	(	PUNCT
abr-51	25	21	ev	ev	INTJ
abr-51	25	22	)	)	PUNCT
abr-51	25	23	is	be	AUX
abr-51	25	24	analogous	analogous	ADJ
abr-51	25	25	to	to	ADP
abr-51	25	26	a	a	DET
abr-51	25	27	call	call	NOUN
abr-51	25	28	option	option	NOUN
abr-51	25	29	on	on	ADP
abr-51	25	30	the	the	DET
abr-51	25	31	total	total	ADJ
abr-51	25	32	value	value	NOUN
abr-51	25	33	of	of	ADP
abr-51	25	34	the	the	DET
abr-51	25	35	firm	firm	NOUN
abr-51	25	36	’s	’s	PART
abr-51	25	37	operations	operation	NOUN
abr-51	25	38	that	that	PRON
abr-51	25	39	is	be	AUX
abr-51	25	40	measured	measure	VERB
abr-51	25	41	by	by	ADP
abr-51	25	42	taking	take	VERB
abr-51	25	43	the	the	DET
abr-51	25	44	market	market	NOUN
abr-51	25	45	capitalization	capitalization	NOUN
abr-51	25	46	of	of	ADP
abr-51	25	47	the	the	DET
abr-51	25	48	firm	firm	NOUN
abr-51	25	49	and	and	CCONJ
abr-51	25	50	adjusting	adjust	VERB
abr-51	25	51	it	it	PRON
abr-51	25	52	for	for	ADP
abr-51	25	53	debt	debt	NOUN
abr-51	25	54	,	,	PUNCT
abr-51	25	55	minority	minority	NOUN
abr-51	25	56	interests	interest	NOUN
abr-51	25	57	,	,	PUNCT
abr-51	25	58	preferred	preferred	ADJ
abr-51	25	59	stock	stock	NOUN
abr-51	25	60	,	,	PUNCT
abr-51	25	61	and	and	CCONJ
abr-51	25	62	other	other	ADJ
abr-51	25	63	provisions	provision	NOUN
abr-51	25	64	deemed	deem	VERB
abr-51	25	65	debt	debt	NOUN
abr-51	25	66	and	and	CCONJ
abr-51	25	67	reducing	reduce	VERB
abr-51	25	68	it	it	PRON
abr-51	25	69	by	by	ADP
abr-51	25	70	the	the	DET
abr-51	25	71	excess	excess	ADJ
abr-51	25	72	cash	cash	NOUN
abr-51	25	73	of	of	ADP
abr-51	25	74	the	the	DET
abr-51	25	75	firm	firm	NOUN
abr-51	25	76	.	.	PUNCT
abr-51	26	1	in	in	ADP
abr-51	26	2	other	other	ADJ
abr-51	26	3	words	word	NOUN
abr-51	26	4	,	,	PUNCT
abr-51	26	5	it	it	PRON
abr-51	26	6	represents	represent	VERB
abr-51	26	7	an	an	DET
abr-51	26	8	option	option	NOUN
abr-51	26	9	to	to	PART
abr-51	26	10	buy	buy	VERB
abr-51	26	11	the	the	DET
abr-51	26	12	debt	debt	NOUN
abr-51	26	13	and	and	CCONJ
abr-51	26	14	other	other	ADJ
abr-51	26	15	liabilities	liability	NOUN
abr-51	26	16	of	of	ADP
abr-51	26	17	a	a	DET
abr-51	26	18	firm	firm	NOUN
abr-51	26	19	after	after	ADP
abr-51	26	20	cash	cash	NOUN
abr-51	26	21	flow	flow	NOUN
abr-51	26	22	considerations	consideration	NOUN
abr-51	26	23	.	.	PUNCT
abr-51	27	1	major	major	ADJ
abr-51	27	2	determinants	determinant	NOUN
abr-51	27	3	of	of	ADP
abr-51	27	4	this	this	DET
abr-51	27	5	excess	excess	ADJ
abr-51	27	6	cash	cash	NOUN
abr-51	27	7	are	be	AUX
abr-51	27	8	the	the	DET
abr-51	27	9	components	component	NOUN
abr-51	27	10	of	of	ADP
abr-51	27	11	the	the	DET
abr-51	27	12	working	work	VERB
abr-51	27	13	capital	capital	NOUN
abr-51	27	14	cycle	cycle	NOUN
abr-51	27	15	.	.	PUNCT
abr-51	28	1	cash	cash	NOUN
abr-51	28	2	flows	flow	NOUN
abr-51	28	3	improve	improve	VERB
abr-51	28	4	when	when	SCONJ
abr-51	28	5	companies	company	NOUN
abr-51	28	6	utilize	utilize	VERB
abr-51	28	7	the	the	DET
abr-51	28	8	right	right	ADJ
abr-51	28	9	level	level	NOUN
abr-51	28	10	of	of	ADP
abr-51	28	11	working	work	VERB
abr-51	28	12	capital	capital	NOUN
abr-51	28	13	that	that	PRON
abr-51	28	14	tends	tend	VERB
abr-51	28	15	to	to	PART
abr-51	28	16	release	release	VERB
abr-51	28	17	funds	fund	NOUN
abr-51	28	18	that	that	PRON
abr-51	28	19	are	be	AUX
abr-51	28	20	bound	bind	VERB
abr-51	28	21	up	up	ADP
abr-51	28	22	in	in	ADP
abr-51	28	23	operating	operating	NOUN
abr-51	28	24	accounts	account	NOUN
abr-51	28	25	.	.	PUNCT
abr-51	29	1	it	it	PRON
abr-51	29	2	is	be	AUX
abr-51	29	3	‘	'	PUNCT
abr-51	29	4	found	find	VERB
abr-51	29	5	’	'	PUNCT
abr-51	29	6	capital	capital	NOUN
abr-51	29	7	.	.	PUNCT
abr-51	30	1	lifland	lifland	PROPN
abr-51	30	2	advances	advance	NOUN
abr-51	30	3	in	in	ADP
abr-51	30	4	business	business	NOUN
abr-51	30	5	research	research	NOUN
abr-51	30	6	2011	2011	NUM
abr-51	30	7	,	,	PUNCT
abr-51	30	8	vol	vol	NOUN
abr-51	30	9	.	.	PROPN
abr-51	31	1	2	2	NUM
abr-51	31	2	,	,	PUNCT
abr-51	31	3	no	no	INTJ
abr-51	31	4	.	.	NOUN
abr-51	31	5	1	1	NUM
abr-51	31	6	,	,	PUNCT
abr-51	31	7	57	57	NUM
abr-51	31	8	-	-	SYM
abr-51	31	9	70	70	NUM
abr-51	31	10	58	58	NUM
abr-51	31	11	the	the	DET
abr-51	31	12	observation	observation	NOUN
abr-51	31	13	of	of	ADP
abr-51	31	14	the	the	DET
abr-51	31	15	working	work	VERB
abr-51	31	16	capital	capital	NOUN
abr-51	31	17	habits	habit	NOUN
abr-51	31	18	of	of	ADP
abr-51	31	19	firms	firm	NOUN
abr-51	31	20	will	will	AUX
abr-51	31	21	tell	tell	VERB
abr-51	31	22	us	we	PRON
abr-51	31	23	how	how	SCONJ
abr-51	31	24	well	well	ADV
abr-51	31	25	they	they	PRON
abr-51	31	26	are	be	AUX
abr-51	31	27	approaching	approach	VERB
abr-51	31	28	this	this	DET
abr-51	31	29	subject	subject	NOUN
abr-51	31	30	and	and	CCONJ
abr-51	31	31	if	if	SCONJ
abr-51	31	32	they	they	PRON
abr-51	31	33	are	be	AUX
abr-51	31	34	efficiently	efficiently	ADV
abr-51	31	35	managing	manage	VERB
abr-51	31	36	the	the	DET
abr-51	31	37	process	process	NOUN
abr-51	31	38	.	.	PUNCT
abr-51	32	1	with	with	ADP
abr-51	32	2	the	the	DET
abr-51	32	3	latter	latter	ADJ
abr-51	32	4	found	find	VERB
abr-51	32	5	capital	capital	NOUN
abr-51	32	6	,	,	PUNCT
abr-51	32	7	companies	company	NOUN
abr-51	32	8	can	can	AUX
abr-51	32	9	invest	invest	VERB
abr-51	32	10	in	in	ADP
abr-51	32	11	future	future	ADJ
abr-51	32	12	growth	growth	NOUN
abr-51	32	13	,	,	PUNCT
abr-51	32	14	pay	pay	VERB
abr-51	32	15	down	down	ADP
abr-51	32	16	debt	debt	NOUN
abr-51	32	17	,	,	PUNCT
abr-51	32	18	or	or	CCONJ
abr-51	32	19	pay	pay	VERB
abr-51	32	20	dividends	dividend	NOUN
abr-51	32	21	.	.	PUNCT
abr-51	33	1	this	this	PRON
abr-51	33	2	would	would	AUX
abr-51	33	3	be	be	AUX
abr-51	33	4	expected	expect	VERB
abr-51	33	5	to	to	PART
abr-51	33	6	impact	impact	VERB
abr-51	33	7	the	the	DET
abr-51	33	8	enterprise	enterprise	NOUN
abr-51	33	9	value	value	NOUN
abr-51	33	10	in	in	ADP
abr-51	33	11	a	a	DET
abr-51	33	12	positive	positive	ADJ
abr-51	33	13	manner	manner	NOUN
abr-51	33	14	.	.	PUNCT
abr-51	34	1	literature	literature	NOUN
abr-51	34	2	review	review	VERB
abr-51	34	3	the	the	DET
abr-51	34	4	existence	existence	NOUN
abr-51	34	5	and	and	CCONJ
abr-51	34	6	maintenance	maintenance	NOUN
abr-51	34	7	of	of	ADP
abr-51	34	8	working	work	VERB
abr-51	34	9	capital	capital	NOUN
abr-51	34	10	is	be	AUX
abr-51	34	11	the	the	DET
abr-51	34	12	lifeblood	lifeblood	NOUN
abr-51	34	13	of	of	ADP
abr-51	34	14	a	a	DET
abr-51	34	15	corporation	corporation	NOUN
abr-51	34	16	.	.	PUNCT
abr-51	35	1	it	it	PRON
abr-51	35	2	is	be	AUX
abr-51	35	3	the	the	DET
abr-51	35	4	cash	cash	NOUN
abr-51	35	5	flow	flow	NOUN
abr-51	35	6	that	that	PRON
abr-51	35	7	revitalizes	revitalize	VERB
abr-51	35	8	operations	operation	NOUN
abr-51	35	9	or	or	CCONJ
abr-51	35	10	slows	slow	VERB
abr-51	35	11	it	it	PRON
abr-51	35	12	down	down	ADP
abr-51	35	13	to	to	ADP
abr-51	35	14	inoperable	inoperable	ADJ
abr-51	35	15	levels	level	NOUN
abr-51	35	16	.	.	PUNCT
abr-51	36	1	regardless	regardless	ADV
abr-51	36	2	of	of	ADP
abr-51	36	3	the	the	DET
abr-51	36	4	size	size	NOUN
abr-51	36	5	of	of	ADP
abr-51	36	6	the	the	DET
abr-51	36	7	company	company	NOUN
abr-51	36	8	,	,	PUNCT
abr-51	36	9	the	the	DET
abr-51	36	10	management	management	NOUN
abr-51	36	11	of	of	ADP
abr-51	36	12	working	work	VERB
abr-51	36	13	capital	capital	NOUN
abr-51	36	14	accounts	account	NOUN
abr-51	36	15	should	should	AUX
abr-51	36	16	influence	influence	VERB
abr-51	36	17	its	its	PRON
abr-51	36	18	financial	financial	ADJ
abr-51	36	19	health	health	NOUN
abr-51	36	20	.	.	PUNCT
abr-51	37	1	kargar	kargar	NOUN
abr-51	37	2	and	and	CCONJ
abr-51	37	3	blumenthal	blumenthal	PROPN
abr-51	37	4	,	,	PUNCT
abr-51	37	5	(	(	PUNCT
abr-51	37	6	1994	1994	NUM
abr-51	37	7	)	)	PUNCT
abr-51	37	8	found	find	VERB
abr-51	37	9	that	that	SCONJ
abr-51	37	10	small	small	ADJ
abr-51	37	11	businesses	business	NOUN
abr-51	37	12	were	be	AUX
abr-51	37	13	significantly	significantly	ADV
abr-51	37	14	impacted	impact	VERB
abr-51	37	15	by	by	ADP
abr-51	37	16	management	management	NOUN
abr-51	37	17	’s	’s	PART
abr-51	37	18	ability	ability	NOUN
abr-51	37	19	to	to	PART
abr-51	37	20	successfully	successfully	ADV
abr-51	37	21	plan	plan	VERB
abr-51	37	22	the	the	DET
abr-51	37	23	cash	cash	NOUN
abr-51	37	24	requirements	requirement	NOUN
abr-51	37	25	of	of	ADP
abr-51	37	26	the	the	DET
abr-51	37	27	firm	firm	NOUN
abr-51	37	28	.	.	PUNCT
abr-51	38	1	managers	manager	NOUN
abr-51	38	2	need	need	VERB
abr-51	38	3	to	to	PART
abr-51	38	4	monitor	monitor	VERB
abr-51	38	5	the	the	DET
abr-51	38	6	ratio	ratio	NOUN
abr-51	38	7	of	of	ADP
abr-51	38	8	total	total	ADJ
abr-51	38	9	working	work	VERB
abr-51	38	10	capital	capital	NOUN
abr-51	38	11	to	to	AUX
abr-51	38	12	total	total	ADJ
abr-51	38	13	company	company	NOUN
abr-51	38	14	assets	asset	NOUN
abr-51	38	15	,	,	PUNCT
abr-51	38	16	as	as	ADP
abr-51	38	17	a	a	DET
abr-51	38	18	relatively	relatively	ADV
abr-51	38	19	high	high	ADJ
abr-51	38	20	figure	figure	NOUN
abr-51	38	21	can	can	AUX
abr-51	38	22	signal	signal	VERB
abr-51	38	23	future	future	ADJ
abr-51	38	24	strains	strain	NOUN
abr-51	38	25	on	on	ADP
abr-51	38	26	the	the	DET
abr-51	38	27	operational	operational	ADJ
abr-51	38	28	financial	financial	ADJ
abr-51	38	29	health	health	NOUN
abr-51	38	30	of	of	ADP
abr-51	38	31	the	the	DET
abr-51	38	32	firm	firm	NOUN
abr-51	38	33	.	.	PUNCT
abr-51	39	1	filbeck	filbeck	NOUN
abr-51	39	2	and	and	CCONJ
abr-51	39	3	krueger	krueger	PROPN
abr-51	39	4	(	(	PUNCT
abr-51	39	5	2004	2004	NUM
abr-51	39	6	)	)	PUNCT
abr-51	39	7	report	report	VERB
abr-51	39	8	the	the	DET
abr-51	39	9	ordinal	ordinal	ADJ
abr-51	39	10	rankings	ranking	NOUN
abr-51	39	11	of	of	ADP
abr-51	39	12	industries	industry	NOUN
abr-51	39	13	across	across	ADP
abr-51	39	14	working	work	VERB
abr-51	39	15	capital	capital	NOUN
abr-51	39	16	management	management	NOUN
abr-51	39	17	variables	variable	NOUN
abr-51	39	18	for	for	ADP
abr-51	39	19	the	the	DET
abr-51	39	20	period	period	NOUN
abr-51	39	21	of	of	ADP
abr-51	39	22	1996	1996	NUM
abr-51	39	23	-	-	SYM
abr-51	39	24	1999	1999	NUM
abr-51	39	25	as	as	SCONJ
abr-51	39	26	reported	report	VERB
abr-51	39	27	by	by	ADP
abr-51	39	28	cfo	cfo	PROPN
abr-51	39	29	magazine	magazine	NOUN
abr-51	39	30	survey	survey	NOUN
abr-51	39	31	.	.	PUNCT
abr-51	40	1	the	the	DET
abr-51	40	2	working	work	VERB
abr-51	40	3	capital	capital	NOUN
abr-51	40	4	measures	measure	NOUN
abr-51	40	5	were	be	AUX
abr-51	40	6	not	not	PART
abr-51	40	7	static	static	ADJ
abr-51	40	8	but	but	CCONJ
abr-51	40	9	the	the	DET
abr-51	40	10	specific	specific	ADJ
abr-51	40	11	ratios	ratio	NOUN
abr-51	40	12	for	for	ADP
abr-51	40	13	different	different	ADJ
abr-51	40	14	industries	industry	NOUN
abr-51	40	15	were	be	AUX
abr-51	40	16	stable	stable	ADJ
abr-51	40	17	over	over	ADP
abr-51	40	18	time	time	NOUN
abr-51	40	19	.	.	PUNCT
abr-51	41	1	the	the	DET
abr-51	41	2	majority	majority	NOUN
abr-51	41	3	of	of	ADP
abr-51	41	4	the	the	DET
abr-51	41	5	empirical	empirical	ADJ
abr-51	41	6	studies	study	NOUN
abr-51	41	7	on	on	ADP
abr-51	41	8	the	the	DET
abr-51	41	9	management	management	NOUN
abr-51	41	10	of	of	ADP
abr-51	41	11	working	work	VERB
abr-51	41	12	capital	capital	NOUN
abr-51	41	13	has	have	AUX
abr-51	41	14	centered	center	VERB
abr-51	41	15	on	on	ADP
abr-51	41	16	the	the	DET
abr-51	41	17	possible	possible	ADJ
abr-51	41	18	link	link	NOUN
abr-51	41	19	to	to	ADP
abr-51	41	20	profitability	profitability	NOUN
abr-51	41	21	.	.	PUNCT
abr-51	42	1	jose	jose	PROPN
abr-51	42	2	et	et	PROPN
abr-51	42	3	al	al	PROPN
abr-51	42	4	.	.	PROPN
abr-51	42	5	,	,	PUNCT
abr-51	42	6	(	(	PUNCT
abr-51	42	7	1996	1996	NUM
abr-51	42	8	)	)	PUNCT
abr-51	42	9	found	find	VERB
abr-51	42	10	evidence	evidence	NOUN
abr-51	42	11	that	that	SCONJ
abr-51	42	12	u.s	u.s	PROPN
abr-51	42	13	.	.	PROPN
abr-51	42	14	firms	firm	NOUN
abr-51	42	15	following	follow	VERB
abr-51	42	16	an	an	DET
abr-51	42	17	aggressive	aggressive	ADJ
abr-51	42	18	working	work	VERB
abr-51	42	19	capital	capital	NOUN
abr-51	42	20	policy	policy	NOUN
abr-51	42	21	saw	see	VERB
abr-51	42	22	their	their	PRON
abr-51	42	23	profits	profit	NOUN
abr-51	42	24	enhanced	enhance	VERB
abr-51	42	25	.	.	PUNCT
abr-51	43	1	there	there	PRON
abr-51	43	2	was	be	VERB
abr-51	43	3	a	a	DET
abr-51	43	4	significant	significant	ADJ
abr-51	43	5	negative	negative	ADJ
abr-51	43	6	relationship	relationship	NOUN
abr-51	43	7	between	between	ADP
abr-51	43	8	the	the	DET
abr-51	43	9	cash	cash	NOUN
abr-51	43	10	conversion	conversion	NOUN
abr-51	43	11	cycle	cycle	NOUN
abr-51	43	12	of	of	ADP
abr-51	43	13	a	a	DET
abr-51	43	14	firm	firm	NOUN
abr-51	43	15	and	and	CCONJ
abr-51	43	16	its	its	PRON
abr-51	43	17	profitability	profitability	NOUN
abr-51	43	18	.	.	PUNCT
abr-51	44	1	looking	look	VERB
abr-51	44	2	at	at	ADP
abr-51	44	3	us	us	PROPN
abr-51	44	4	firms	firm	NOUN
abr-51	44	5	during	during	ADP
abr-51	44	6	the	the	DET
abr-51	44	7	period	period	NOUN
abr-51	44	8	of	of	ADP
abr-51	44	9	19741994	19741994	NUM
abr-51	44	10	,	,	PUNCT
abr-51	44	11	shin	shin	NOUN
abr-51	44	12	and	and	CCONJ
abr-51	44	13	soenen	soenen	NOUN
abr-51	44	14	(	(	PUNCT
abr-51	44	15	1998	1998	NUM
abr-51	44	16	)	)	PUNCT
abr-51	44	17	found	find	VERB
abr-51	44	18	evidence	evidence	NOUN
abr-51	44	19	that	that	SCONJ
abr-51	44	20	the	the	DET
abr-51	44	21	reduction	reduction	NOUN
abr-51	44	22	of	of	ADP
abr-51	44	23	net	net	ADJ
abr-51	44	24	trade	trade	NOUN
abr-51	44	25	credit	credit	NOUN
abr-51	44	26	increases	increase	VERB
abr-51	44	27	profitability	profitability	NOUN
abr-51	44	28	.	.	PUNCT
abr-51	45	1	when	when	SCONJ
abr-51	45	2	they	they	PRON
abr-51	45	3	focused	focus	VERB
abr-51	45	4	on	on	ADP
abr-51	45	5	individual	individual	ADJ
abr-51	45	6	industries	industry	NOUN
abr-51	45	7	,	,	PUNCT
abr-51	45	8	that	that	DET
abr-51	45	9	connection	connection	NOUN
abr-51	45	10	was	be	AUX
abr-51	45	11	not	not	PART
abr-51	45	12	that	that	ADV
abr-51	45	13	strong	strong	ADJ
abr-51	45	14	.	.	PUNCT
abr-51	46	1	deloof	deloof	PROPN
abr-51	46	2	(	(	PUNCT
abr-51	46	3	2003	2003	NUM
abr-51	46	4	)	)	PUNCT
abr-51	46	5	studied	study	VERB
abr-51	46	6	a	a	DET
abr-51	46	7	sample	sample	NOUN
abr-51	46	8	of	of	ADP
abr-51	46	9	large	large	ADJ
abr-51	46	10	belgian	belgian	ADJ
abr-51	46	11	public	public	ADJ
abr-51	46	12	firms	firm	NOUN
abr-51	46	13	between	between	ADP
abr-51	46	14	1992	1992	NUM
abr-51	46	15	-	-	SYM
abr-51	46	16	1996	1996	NUM
abr-51	46	17	and	and	CCONJ
abr-51	46	18	found	find	VERB
abr-51	46	19	their	their	PRON
abr-51	46	20	profits	profit	NOUN
abr-51	46	21	improved	improve	VERB
abr-51	46	22	as	as	SCONJ
abr-51	46	23	they	they	PRON
abr-51	46	24	reduced	reduce	VERB
abr-51	46	25	their	their	PRON
abr-51	46	26	days	day	NOUN
abr-51	46	27	of	of	ADP
abr-51	46	28	receivables	receivables	NOUN
abr-51	46	29	and	and	CCONJ
abr-51	46	30	inventories	inventory	NOUN
abr-51	46	31	.	.	PUNCT
abr-51	47	1	in	in	ADP
abr-51	47	2	a	a	DET
abr-51	47	3	sample	sample	NOUN
abr-51	47	4	of	of	ADP
abr-51	47	5	58	58	NUM
abr-51	47	6	small	small	ADJ
abr-51	47	7	manufacturing	manufacturing	NOUN
abr-51	47	8	firms	firm	NOUN
abr-51	47	9	in	in	ADP
abr-51	47	10	mauritius	mauritius	PROPN
abr-51	47	11	,	,	PUNCT
abr-51	47	12	over	over	ADP
abr-51	47	13	the	the	DET
abr-51	47	14	period	period	NOUN
abr-51	47	15	of	of	ADP
abr-51	47	16	1998	1998	NUM
abr-51	47	17	-	-	SYM
abr-51	47	18	2003	2003	NUM
abr-51	47	19	,	,	PUNCT
abr-51	47	20	padachi	padachi	ADJ
abr-51	47	21	(	(	PUNCT
abr-51	47	22	2006	2006	NUM
abr-51	47	23	)	)	PUNCT
abr-51	47	24	,	,	PUNCT
abr-51	47	25	found	find	VERB
abr-51	47	26	that	that	SCONJ
abr-51	47	27	the	the	DET
abr-51	47	28	companies	company	NOUN
abr-51	47	29	with	with	ADP
abr-51	47	30	aggressive	aggressive	ADJ
abr-51	47	31	working	work	VERB
abr-51	47	32	capital	capital	NOUN
abr-51	47	33	policies	policy	NOUN
abr-51	47	34	were	be	AUX
abr-51	47	35	met	meet	VERB
abr-51	47	36	with	with	ADP
abr-51	47	37	lower	low	ADJ
abr-51	47	38	profitability	profitability	NOUN
abr-51	47	39	.	.	PUNCT
abr-51	48	1	ganesan	ganesan	PROPN
abr-51	48	2	(	(	PUNCT
abr-51	48	3	2007	2007	NUM
abr-51	48	4	)	)	PUNCT
abr-51	48	5	studied	study	VERB
abr-51	48	6	a	a	DET
abr-51	48	7	sample	sample	NOUN
abr-51	48	8	of	of	ADP
abr-51	48	9	firms	firm	NOUN
abr-51	48	10	from	from	ADP
abr-51	48	11	the	the	DET
abr-51	48	12	telecommunication	telecommunication	NOUN
abr-51	48	13	equipment	equipment	NOUN
abr-51	48	14	industry	industry	NOUN
abr-51	48	15	and	and	CCONJ
abr-51	48	16	while	while	SCONJ
abr-51	48	17	he	he	PRON
abr-51	48	18	found	find	VERB
abr-51	48	19	a	a	DET
abr-51	48	20	negative	negative	ADJ
abr-51	48	21	relationship	relationship	NOUN
abr-51	48	22	between	between	ADP
abr-51	48	23	working	work	VERB
abr-51	48	24	capital	capital	NOUN
abr-51	48	25	efficiency	efficiency	NOUN
abr-51	48	26	and	and	CCONJ
abr-51	48	27	profit	profit	NOUN
abr-51	48	28	margins	margin	NOUN
abr-51	48	29	,	,	PUNCT
abr-51	48	30	the	the	DET
abr-51	48	31	results	result	NOUN
abr-51	48	32	were	be	AUX
abr-51	48	33	not	not	PART
abr-51	48	34	significant	significant	ADJ
abr-51	48	35	for	for	ADP
abr-51	48	36	that	that	DET
abr-51	48	37	industry	industry	NOUN
abr-51	48	38	.	.	PUNCT
abr-51	49	1	in	in	ADP
abr-51	49	2	a	a	DET
abr-51	49	3	more	more	ADV
abr-51	49	4	general	general	ADJ
abr-51	49	5	study	study	NOUN
abr-51	49	6	,	,	PUNCT
abr-51	49	7	raheman	raheman	NOUN
abr-51	49	8	and	and	CCONJ
abr-51	49	9	nasr	nasr	PROPN
abr-51	49	10	(	(	PUNCT
abr-51	49	11	2007	2007	NUM
abr-51	49	12	)	)	PUNCT
abr-51	49	13	analyzed	analyze	VERB
abr-51	49	14	94	94	NUM
abr-51	49	15	pakistani	pakistani	ADJ
abr-51	49	16	public	public	ADJ
abr-51	49	17	firms	firm	NOUN
abr-51	49	18	from	from	ADP
abr-51	49	19	1999	1999	NUM
abr-51	49	20	-	-	SYM
abr-51	49	21	2004	2004	NUM
abr-51	49	22	and	and	CCONJ
abr-51	49	23	found	find	VERB
abr-51	49	24	a	a	DET
abr-51	49	25	significant	significant	ADJ
abr-51	49	26	negative	negative	ADJ
abr-51	49	27	relationship	relationship	NOUN
abr-51	49	28	between	between	ADP
abr-51	49	29	a	a	DET
abr-51	49	30	high	high	ADJ
abr-51	49	31	investment	investment	NOUN
abr-51	49	32	in	in	ADP
abr-51	49	33	liquid	liquid	ADJ
abr-51	49	34	assets	asset	NOUN
abr-51	49	35	and	and	CCONJ
abr-51	49	36	profitability	profitability	NOUN
abr-51	49	37	.	.	PUNCT
abr-51	50	1	ramachandran	ramachandran	PROPN
abr-51	50	2	and	and	CCONJ
abr-51	50	3	janakiraman	janakiraman	PROPN
abr-51	50	4	(	(	PUNCT
abr-51	50	5	2007	2007	NUM
abr-51	50	6	)	)	PUNCT
abr-51	50	7	found	find	VERB
abr-51	50	8	that	that	SCONJ
abr-51	50	9	the	the	DET
abr-51	50	10	operating	operate	VERB
abr-51	50	11	profit	profit	NOUN
abr-51	50	12	of	of	ADP
abr-51	50	13	the	the	DET
abr-51	50	14	firm	firm	NOUN
abr-51	50	15	had	have	VERB
abr-51	50	16	a	a	DET
abr-51	50	17	negative	negative	ADJ
abr-51	50	18	relationship	relationship	NOUN
abr-51	50	19	with	with	ADP
abr-51	50	20	the	the	DET
abr-51	50	21	days	day	NOUN
abr-51	50	22	of	of	ADP
abr-51	50	23	accounts	account	NOUN
abr-51	50	24	payable	payable	ADJ
abr-51	50	25	.	.	PUNCT
abr-51	51	1	they	they	PRON
abr-51	51	2	felt	feel	VERB
abr-51	51	3	it	it	PRON
abr-51	51	4	implied	imply	VERB
abr-51	51	5	that	that	SCONJ
abr-51	51	6	the	the	DET
abr-51	51	7	less	less	ADV
abr-51	51	8	profitable	profitable	ADJ
abr-51	51	9	firms	firm	NOUN
abr-51	51	10	waited	wait	VERB
abr-51	51	11	longer	long	ADV
abr-51	51	12	to	to	PART
abr-51	51	13	pay	pay	VERB
abr-51	51	14	their	their	PRON
abr-51	51	15	bills	bill	NOUN
abr-51	51	16	.	.	PUNCT
abr-51	52	1	in	in	ADP
abr-51	52	2	a	a	DET
abr-51	52	3	current	current	ADJ
abr-51	52	4	work	work	NOUN
abr-51	52	5	,	,	PUNCT
abr-51	52	6	mohamad	mohamad	PROPN
abr-51	52	7	and	and	CCONJ
abr-51	52	8	saad	saad	PROPN
abr-51	52	9	(	(	PUNCT
abr-51	52	10	2010	2010	NUM
abr-51	52	11	)	)	PUNCT
abr-51	52	12	obtained	obtain	VERB
abr-51	52	13	a	a	DET
abr-51	52	14	sample	sample	NOUN
abr-51	52	15	of	of	ADP
abr-51	52	16	172	172	NUM
abr-51	52	17	firms	firm	NOUN
abr-51	52	18	listed	list	VERB
abr-51	52	19	on	on	ADP
abr-51	52	20	the	the	DET
abr-51	52	21	bursa	bursa	NOUN
abr-51	52	22	malaysia	malaysia	PROPN
abr-51	52	23	exchange	exchange	PROPN
abr-51	52	24	over	over	ADP
abr-51	52	25	the	the	DET
abr-51	52	26	time	time	NOUN
abr-51	52	27	period	period	NOUN
abr-51	52	28	of	of	ADP
abr-51	52	29	2003	2003	NUM
abr-51	52	30	-	-	SYM
abr-51	52	31	2007	2007	NUM
abr-51	52	32	and	and	CCONJ
abr-51	52	33	found	find	VERB
abr-51	52	34	significant	significant	ADJ
abr-51	52	35	negative	negative	ADJ
abr-51	52	36	associations	association	NOUN
abr-51	52	37	between	between	ADP
abr-51	52	38	working	work	VERB
abr-51	52	39	capital	capital	NOUN
abr-51	52	40	variables	variable	NOUN
abr-51	52	41	and	and	CCONJ
abr-51	52	42	a	a	DET
abr-51	52	43	firm	firm	NOUN
abr-51	52	44	’s	’s	PART
abr-51	52	45	return	return	NOUN
abr-51	52	46	on	on	ADP
abr-51	52	47	assets	asset	NOUN
abr-51	52	48	and	and	CCONJ
abr-51	52	49	return	return	VERB
abr-51	52	50	on	on	ADP
abr-51	52	51	invested	invest	VERB
abr-51	52	52	capital	capital	NOUN
abr-51	52	53	.	.	PUNCT
abr-51	53	1	in	in	ADP
abr-51	53	2	a	a	DET
abr-51	53	3	study	study	NOUN
abr-51	53	4	of	of	ADP
abr-51	53	5	the	the	DET
abr-51	53	6	aggregate	aggregate	ADJ
abr-51	53	7	cash	cash	NOUN
abr-51	53	8	conversion	conversion	NOUN
abr-51	53	9	cycle	cycle	NOUN
abr-51	53	10	,	,	PUNCT
abr-51	53	11	moss	moss	NOUN
abr-51	53	12	and	and	CCONJ
abr-51	53	13	stine	stine	PROPN
abr-51	53	14	(	(	PUNCT
abr-51	53	15	1993	1993	NUM
abr-51	53	16	)	)	PUNCT
abr-51	53	17	found	find	VERB
abr-51	53	18	that	that	SCONJ
abr-51	53	19	a	a	DET
abr-51	53	20	negative	negative	ADJ
abr-51	53	21	relationship	relationship	NOUN
abr-51	53	22	existed	exist	VERB
abr-51	53	23	between	between	ADP
abr-51	53	24	the	the	DET
abr-51	53	25	size	size	NOUN
abr-51	53	26	of	of	ADP
abr-51	53	27	the	the	DET
abr-51	53	28	firm	firm	NOUN
abr-51	53	29	and	and	CCONJ
abr-51	53	30	the	the	DET
abr-51	53	31	length	length	NOUN
abr-51	53	32	of	of	ADP
abr-51	53	33	the	the	DET
abr-51	53	34	cycle	cycle	NOUN
abr-51	53	35	.	.	PUNCT
abr-51	54	1	larger	large	ADJ
abr-51	54	2	firms	firm	NOUN
abr-51	54	3	tend	tend	VERB
abr-51	54	4	to	to	PART
abr-51	54	5	have	have	VERB
abr-51	54	6	shorter	short	ADJ
abr-51	54	7	conversion	conversion	NOUN
abr-51	54	8	cycles	cycle	NOUN
abr-51	54	9	.	.	PUNCT
abr-51	55	1	taking	take	VERB
abr-51	55	2	a	a	DET
abr-51	55	3	survey	survey	NOUN
abr-51	55	4	of	of	ADP
abr-51	55	5	78	78	NUM
abr-51	55	6	domestic	domestic	ADJ
abr-51	55	7	firms	firm	NOUN
abr-51	55	8	and	and	CCONJ
abr-51	55	9	58	58	NUM
abr-51	55	10	foreign	foreign	ADJ
abr-51	55	11	firms	firm	NOUN
abr-51	55	12	,	,	PUNCT
abr-51	55	13	maxwell	maxwell	PROPN
abr-51	55	14	et	et	PROPN
abr-51	55	15	al	al	PROPN
abr-51	55	16	.	.	PROPN
abr-51	55	17	,	,	PUNCT
abr-51	55	18	(	(	PUNCT
abr-51	55	19	1998	1998	NUM
abr-51	55	20	)	)	PUNCT
abr-51	55	21	found	find	VERB
abr-51	55	22	that	that	SCONJ
abr-51	55	23	the	the	DET
abr-51	55	24	majority	majority	NOUN
abr-51	55	25	of	of	ADP
abr-51	55	26	the	the	DET
abr-51	55	27	sample	sample	NOUN
abr-51	55	28	took	take	VERB
abr-51	55	29	advantage	advantage	NOUN
abr-51	55	30	of	of	ADP
abr-51	55	31	float	float	NOUN
abr-51	55	32	to	to	PART
abr-51	55	33	control	control	VERB
abr-51	55	34	their	their	PRON
abr-51	55	35	disbursements	disbursement	NOUN
abr-51	55	36	and	and	CCONJ
abr-51	55	37	collections	collection	NOUN
abr-51	55	38	but	but	CCONJ
abr-51	55	39	only	only	ADV
abr-51	55	40	the	the	DET
abr-51	55	41	foreign	foreign	ADJ
abr-51	55	42	firms	firm	NOUN
abr-51	55	43	had	have	VERB
abr-51	55	44	significant	significant	ADJ
abr-51	55	45	usage	usage	NOUN
abr-51	55	46	.	.	PUNCT
abr-51	56	1	some	some	DET
abr-51	56	2	firms	firm	NOUN
abr-51	56	3	took	take	VERB
abr-51	56	4	no	no	DET
abr-51	56	5	advantage	advantage	NOUN
abr-51	56	6	of	of	ADP
abr-51	56	7	float	float	NOUN
abr-51	56	8	in	in	ADP
abr-51	56	9	handling	handle	VERB
abr-51	56	10	their	their	PRON
abr-51	56	11	working	work	VERB
abr-51	56	12	capital	capital	NOUN
abr-51	56	13	needs	need	NOUN
abr-51	56	14	.	.	PUNCT
abr-51	57	1	looking	look	VERB
abr-51	57	2	at	at	ADP
abr-51	57	3	a	a	DET
abr-51	57	4	sample	sample	NOUN
abr-51	57	5	of	of	ADP
abr-51	57	6	merchandising	merchandising	NOUN
abr-51	57	7	and	and	CCONJ
abr-51	57	8	manufacturing	manufacturing	NOUN
abr-51	57	9	firms	firm	NOUN
abr-51	57	10	,	,	PUNCT
abr-51	57	11	uyar	uyar	NOUN
abr-51	57	12	(	(	PUNCT
abr-51	57	13	2009	2009	NUM
abr-51	57	14	)	)	PUNCT
abr-51	57	15	found	find	VERB
abr-51	57	16	that	that	SCONJ
abr-51	57	17	the	the	DET
abr-51	57	18	latter	latter	ADJ
abr-51	57	19	group	group	NOUN
abr-51	57	20	had	have	VERB
abr-51	57	21	longer	long	ADJ
abr-51	57	22	conversion	conversion	NOUN
abr-51	57	23	cycles	cycle	NOUN
abr-51	57	24	and	and	CCONJ
abr-51	57	25	that	that	SCONJ
abr-51	57	26	there	there	PRON
abr-51	57	27	was	be	VERB
abr-51	57	28	a	a	DET
abr-51	57	29	negative	negative	ADJ
abr-51	57	30	relationship	relationship	NOUN
abr-51	57	31	between	between	ADP
abr-51	57	32	the	the	DET
abr-51	57	33	size	size	NOUN
abr-51	57	34	of	of	ADP
abr-51	57	35	the	the	DET
abr-51	57	36	firm	firm	NOUN
abr-51	57	37	and	and	CCONJ
abr-51	57	38	the	the	DET
abr-51	57	39	length	length	NOUN
abr-51	57	40	of	of	ADP
abr-51	57	41	the	the	DET
abr-51	57	42	cycle	cycle	NOUN
abr-51	57	43	.	.	PUNCT
abr-51	58	1	the	the	DET
abr-51	58	2	determinants	determinant	NOUN
abr-51	58	3	of	of	ADP
abr-51	58	4	working	work	VERB
abr-51	58	5	capital	capital	NOUN
abr-51	58	6	management	management	NOUN
abr-51	58	7	were	be	AUX
abr-51	58	8	explored	explore	VERB
abr-51	58	9	by	by	ADP
abr-51	58	10	chiou	chiou	NOUN
abr-51	58	11	and	and	CCONJ
abr-51	58	12	cheng	cheng	PROPN
abr-51	58	13	(	(	PUNCT
abr-51	58	14	2006	2006	NUM
abr-51	58	15	)	)	PUNCT
abr-51	58	16	where	where	SCONJ
abr-51	58	17	factors	factor	NOUN
abr-51	58	18	such	such	ADJ
abr-51	58	19	as	as	ADP
abr-51	58	20	an	an	DET
abr-51	58	21	industry	industry	NOUN
abr-51	58	22	effect	effect	NOUN
abr-51	58	23	,	,	PUNCT
abr-51	58	24	firm	firm	ADJ
abr-51	58	25	performance	performance	NOUN
abr-51	58	26	,	,	PUNCT
abr-51	58	27	and	and	CCONJ
abr-51	58	28	firm	firm	ADJ
abr-51	58	29	size	size	NOUN
abr-51	58	30	did	do	AUX
abr-51	58	31	not	not	PART
abr-51	58	32	provide	provide	VERB
abr-51	58	33	consistent	consistent	ADJ
abr-51	58	34	conclusions	conclusion	NOUN
abr-51	58	35	.	.	PUNCT
abr-51	59	1	two	two	NUM
abr-51	59	2	factors	factor	NOUN
abr-51	59	3	that	that	PRON
abr-51	59	4	did	do	AUX
abr-51	59	5	prove	prove	VERB
abr-51	59	6	to	to	PART
abr-51	59	7	be	be	AUX
abr-51	59	8	consistent	consistent	ADJ
abr-51	59	9	were	be	AUX
abr-51	59	10	operating	operate	VERB
abr-51	59	11	cash	cash	NOUN
abr-51	59	12	flow	flow	NOUN
abr-51	59	13	and	and	CCONJ
abr-51	59	14	leverage	leverage	NOUN
abr-51	59	15	.	.	PUNCT
abr-51	60	1	padachi	padachi	ADJ
abr-51	60	2	(	(	PUNCT
abr-51	60	3	2006	2006	NUM
abr-51	60	4	)	)	PUNCT
abr-51	60	5	found	find	VERB
abr-51	60	6	that	that	SCONJ
abr-51	60	7	there	there	PRON
abr-51	60	8	was	be	VERB
abr-51	60	9	an	an	DET
abr-51	60	10	increasing	increase	VERB
abr-51	60	11	trend	trend	NOUN
abr-51	60	12	in	in	ADP
abr-51	60	13	the	the	DET
abr-51	60	14	short	short	ADJ
abr-51	60	15	-	-	PUNCT
abr-51	60	16	term	term	NOUN
abr-51	60	17	component	component	NOUN
abr-51	60	18	of	of	ADP
abr-51	60	19	working	work	VERB
abr-51	60	20	capital	capital	NOUN
abr-51	60	21	financing	financing	NOUN
abr-51	60	22	.	.	PUNCT
abr-51	61	1	in	in	ADP
abr-51	61	2	another	another	DET
abr-51	61	3	test	test	NOUN
abr-51	61	4	of	of	ADP
abr-51	61	5	the	the	DET
abr-51	61	6	components	component	NOUN
abr-51	61	7	of	of	ADP
abr-51	61	8	working	work	VERB
abr-51	61	9	capital	capital	NOUN
abr-51	61	10	management	management	NOUN
abr-51	61	11	,	,	PUNCT
abr-51	61	12	nazir	nazir	PROPN
abr-51	61	13	and	and	CCONJ
abr-51	61	14	talet	talet	PROPN
abr-51	61	15	(	(	PUNCT
abr-51	61	16	2008	2008	NUM
abr-51	61	17	)	)	PUNCT
abr-51	61	18	looked	look	VERB
abr-51	61	19	at	at	ADP
abr-51	61	20	the	the	DET
abr-51	61	21	operating	operating	NOUN
abr-51	61	22	cycle	cycle	NOUN
abr-51	61	23	,	,	PUNCT
abr-51	61	24	operating	operate	VERB
abr-51	61	25	cash	cash	NOUN
abr-51	61	26	flow	flow	NOUN
abr-51	61	27	,	,	PUNCT
abr-51	61	28	size	size	NOUN
abr-51	61	29	,	,	PUNCT
abr-51	61	30	roa	roa	NOUN
abr-51	61	31	,	,	PUNCT
abr-51	61	32	and	and	CCONJ
abr-51	61	33	leverage	leverage	NOUN
abr-51	61	34	and	and	CCONJ
abr-51	61	35	found	find	VERB
abr-51	61	36	that	that	SCONJ
abr-51	61	37	the	the	DET
abr-51	61	38	operating	operate	VERB
abr-51	61	39	cycle	cycle	NOUN
abr-51	61	40	,	,	PUNCT
abr-51	61	41	roa	roa	NOUN
abr-51	61	42	,	,	PUNCT
abr-51	61	43	and	and	CCONJ
abr-51	61	44	leverage	leverage	NOUN
abr-51	61	45	were	be	AUX
abr-51	61	46	significant	significant	ADJ
abr-51	61	47	.	.	PUNCT
abr-51	62	1	charitou	charitou	NOUN
abr-51	62	2	et	et	PROPN
abr-51	62	3	al	al	PROPN
abr-51	62	4	.	.	PROPN
abr-51	62	5	,	,	PUNCT
abr-51	62	6	(	(	PUNCT
abr-51	62	7	2010	2010	NUM
abr-51	62	8	)	)	PUNCT
abr-51	62	9	empirically	empirically	ADV
abr-51	62	10	investigated	investigate	VERB
abr-51	62	11	the	the	DET
abr-51	62	12	effect	effect	NOUN
abr-51	62	13	of	of	ADP
abr-51	62	14	working	work	VERB
abr-51	62	15	capital	capital	NOUN
abr-51	62	16	management	management	NOUN
abr-51	62	17	on	on	ADP
abr-51	62	18	the	the	DET
abr-51	62	19	performance	performance	NOUN
abr-51	62	20	of	of	ADP
abr-51	62	21	firms	firm	NOUN
abr-51	62	22	lifland	lifland	VERB
abr-51	62	23	advances	advance	NOUN
abr-51	62	24	in	in	ADP
abr-51	62	25	business	business	NOUN
abr-51	62	26	research	research	NOUN
abr-51	62	27	2011	2011	NUM
abr-51	62	28	,	,	PUNCT
abr-51	62	29	vol	vol	NOUN
abr-51	62	30	.	.	PROPN
abr-51	63	1	2	2	NUM
abr-51	63	2	,	,	PUNCT
abr-51	63	3	no	no	INTJ
abr-51	63	4	.	.	NOUN
abr-51	63	5	1	1	NUM
abr-51	63	6	,	,	PUNCT
abr-51	63	7	57	57	NUM
abr-51	63	8	-	-	SYM
abr-51	63	9	70	70	NUM
abr-51	63	10	59	59	NUM
abr-51	63	11	in	in	ADP
abr-51	63	12	emerging	emerge	VERB
abr-51	63	13	markets	market	NOUN
abr-51	63	14	.	.	PUNCT
abr-51	64	1	they	they	PRON
abr-51	64	2	find	find	VERB
abr-51	64	3	a	a	DET
abr-51	64	4	negative	negative	ADJ
abr-51	64	5	relationship	relationship	NOUN
abr-51	64	6	between	between	ADP
abr-51	64	7	the	the	DET
abr-51	64	8	cash	cash	NOUN
abr-51	64	9	conversion	conversion	NOUN
abr-51	64	10	cycle	cycle	NOUN
abr-51	64	11	and	and	CCONJ
abr-51	64	12	profitability	profitability	NOUN
abr-51	64	13	.	.	PUNCT
abr-51	65	1	in	in	ADP
abr-51	65	2	a	a	DET
abr-51	65	3	study	study	NOUN
abr-51	65	4	of	of	ADP
abr-51	65	5	how	how	SCONJ
abr-51	65	6	efficiently	efficiently	ADV
abr-51	65	7	working	work	VERB
abr-51	65	8	capital	capital	NOUN
abr-51	65	9	is	be	AUX
abr-51	65	10	being	be	AUX
abr-51	65	11	managed	manage	VERB
abr-51	65	12	,	,	PUNCT
abr-51	65	13	lifland	lifland	X
abr-51	65	14	(	(	PUNCT
abr-51	65	15	2011	2011	NUM
abr-51	65	16	)	)	PUNCT
abr-51	65	17	found	find	VERB
abr-51	65	18	that	that	SCONJ
abr-51	65	19	during	during	ADP
abr-51	65	20	the	the	DET
abr-51	65	21	six	six	NUM
abr-51	65	22	-	-	PUNCT
abr-51	65	23	year	year	NOUN
abr-51	65	24	period	period	NOUN
abr-51	65	25	of	of	ADP
abr-51	65	26	2004	2004	NUM
abr-51	65	27	-	-	SYM
abr-51	65	28	2009	2009	NUM
abr-51	65	29	,	,	PUNCT
abr-51	65	30	three	three	NUM
abr-51	65	31	out	out	ADP
abr-51	65	32	of	of	ADP
abr-51	65	33	five	five	NUM
abr-51	65	34	industry	industry	NOUN
abr-51	65	35	samples	sample	NOUN
abr-51	65	36	reported	report	VERB
abr-51	65	37	statistically	statistically	ADV
abr-51	65	38	significant	significant	ADJ
abr-51	65	39	declines	decline	NOUN
abr-51	65	40	in	in	ADP
abr-51	65	41	their	their	PRON
abr-51	65	42	days	day	NOUN
abr-51	65	43	of	of	ADP
abr-51	65	44	the	the	DET
abr-51	65	45	working	work	VERB
abr-51	65	46	capital	capital	NOUN
abr-51	65	47	cycle	cycle	NOUN
abr-51	65	48	.	.	PUNCT
abr-51	66	1	these	these	DET
abr-51	66	2	firms	firm	NOUN
abr-51	66	3	were	be	AUX
abr-51	66	4	able	able	ADJ
abr-51	66	5	to	to	PART
abr-51	66	6	reduce	reduce	VERB
abr-51	66	7	the	the	DET
abr-51	66	8	number	number	NOUN
abr-51	66	9	of	of	ADP
abr-51	66	10	days	day	NOUN
abr-51	66	11	that	that	PRON
abr-51	66	12	cash	cash	NOUN
abr-51	66	13	had	have	VERB
abr-51	66	14	to	to	PART
abr-51	66	15	be	be	AUX
abr-51	66	16	earmarked	earmark	VERB
abr-51	66	17	for	for	ADP
abr-51	66	18	the	the	DET
abr-51	66	19	support	support	NOUN
abr-51	66	20	of	of	ADP
abr-51	66	21	the	the	DET
abr-51	66	22	firm	firm	NOUN
abr-51	66	23	’s	’s	PART
abr-51	66	24	working	working	NOUN
abr-51	66	25	capital	capital	NOUN
abr-51	66	26	.	.	PUNCT
abr-51	67	1	additionally	additionally	ADV
abr-51	67	2	,	,	PUNCT
abr-51	67	3	within	within	ADP
abr-51	67	4	this	this	DET
abr-51	67	5	time	time	NOUN
abr-51	67	6	frame	frame	NOUN
abr-51	67	7	,	,	PUNCT
abr-51	67	8	all	all	DET
abr-51	67	9	the	the	DET
abr-51	67	10	industries	industry	NOUN
abr-51	67	11	in	in	ADP
abr-51	67	12	the	the	DET
abr-51	67	13	study	study	NOUN
abr-51	67	14	reflected	reflect	VERB
abr-51	67	15	positive	positive	ADJ
abr-51	67	16	changes	change	NOUN
abr-51	67	17	in	in	ADP
abr-51	67	18	their	their	PRON
abr-51	67	19	estimated	estimate	VERB
abr-51	67	20	external	external	ADJ
abr-51	67	21	financing	financing	NOUN
abr-51	67	22	as	as	SCONJ
abr-51	67	23	it	it	PRON
abr-51	67	24	related	relate	VERB
abr-51	67	25	to	to	ADP
abr-51	67	26	working	working	NOUN
abr-51	67	27	capital	capital	NOUN
abr-51	67	28	.	.	PUNCT
abr-51	68	1	the	the	DET
abr-51	68	2	net	net	ADJ
abr-51	68	3	effect	effect	NOUN
abr-51	68	4	was	be	AUX
abr-51	68	5	that	that	SCONJ
abr-51	68	6	as	as	SCONJ
abr-51	68	7	some	some	DET
abr-51	68	8	asset	asset	NOUN
abr-51	68	9	turnovers	turnover	NOUN
abr-51	68	10	decreased	decrease	VERB
abr-51	68	11	,	,	PUNCT
abr-51	68	12	the	the	DET
abr-51	68	13	days	day	NOUN
abr-51	68	14	of	of	ADP
abr-51	68	15	working	work	VERB
abr-51	68	16	capital	capital	NOUN
abr-51	68	17	increased	increase	VERB
abr-51	68	18	,	,	PUNCT
abr-51	68	19	placing	place	VERB
abr-51	68	20	a	a	DET
abr-51	68	21	burden	burden	NOUN
abr-51	68	22	on	on	ADP
abr-51	68	23	the	the	DET
abr-51	68	24	need	need	NOUN
abr-51	68	25	for	for	ADP
abr-51	68	26	external	external	ADJ
abr-51	68	27	financing	financing	NOUN
abr-51	68	28	.	.	PUNCT
abr-51	69	1	smith	smith	PROPN
abr-51	69	2	(	(	PUNCT
abr-51	69	3	1987	1987	NUM
abr-51	69	4	)	)	PUNCT
abr-51	69	5	echoes	echo	VERB
abr-51	69	6	the	the	DET
abr-51	69	7	importance	importance	NOUN
abr-51	69	8	of	of	ADP
abr-51	69	9	looking	look	VERB
abr-51	69	10	at	at	ADP
abr-51	69	11	the	the	DET
abr-51	69	12	relationship	relationship	NOUN
abr-51	69	13	between	between	ADP
abr-51	69	14	working	work	VERB
abr-51	69	15	capital	capital	NOUN
abr-51	69	16	management	management	NOUN
abr-51	69	17	and	and	CCONJ
abr-51	69	18	profitability	profitability	NOUN
abr-51	69	19	but	but	CCONJ
abr-51	69	20	also	also	ADV
abr-51	69	21	stresses	stress	VERB
abr-51	69	22	its	its	PRON
abr-51	69	23	consequence	consequence	NOUN
abr-51	69	24	on	on	ADP
abr-51	69	25	value	value	NOUN
abr-51	69	26	.	.	PUNCT
abr-51	70	1	a	a	DET
abr-51	70	2	critical	critical	ADJ
abr-51	70	3	factor	factor	NOUN
abr-51	70	4	in	in	ADP
abr-51	70	5	assessing	assess	VERB
abr-51	70	6	the	the	DET
abr-51	70	7	success	success	NOUN
abr-51	70	8	of	of	ADP
abr-51	70	9	the	the	DET
abr-51	70	10	management	management	NOUN
abr-51	70	11	of	of	ADP
abr-51	70	12	working	work	VERB
abr-51	70	13	capital	capital	NOUN
abr-51	70	14	is	be	AUX
abr-51	70	15	the	the	DET
abr-51	70	16	use	use	NOUN
abr-51	70	17	of	of	ADP
abr-51	70	18	the	the	DET
abr-51	70	19	cash	cash	NOUN
abr-51	70	20	conversion	conversion	NOUN
abr-51	70	21	cycle	cycle	NOUN
abr-51	70	22	(	(	PUNCT
abr-51	70	23	gitman	gitman	NOUN
abr-51	70	24	,	,	PUNCT
abr-51	70	25	1974	1974	NUM
abr-51	70	26	)	)	PUNCT
abr-51	70	27	.	.	PUNCT
abr-51	71	1	shin	shin	PROPN
abr-51	71	2	and	and	CCONJ
abr-51	71	3	soenen	soenen	NOUN
abr-51	71	4	(	(	PUNCT
abr-51	71	5	1998	1998	NUM
abr-51	71	6	)	)	PUNCT
abr-51	71	7	found	find	VERB
abr-51	71	8	a	a	DET
abr-51	71	9	strong	strong	ADJ
abr-51	71	10	negative	negative	ADJ
abr-51	71	11	association	association	NOUN
abr-51	71	12	between	between	ADP
abr-51	71	13	a	a	DET
abr-51	71	14	firm	firm	NOUN
abr-51	71	15	’s	’s	PART
abr-51	71	16	net	net	ADJ
abr-51	71	17	trade	trade	NOUN
abr-51	71	18	cycle	cycle	NOUN
abr-51	71	19	(	(	PUNCT
abr-51	71	20	ntc	ntc	NOUN
abr-51	71	21	)	)	PUNCT
abr-51	71	22	and	and	CCONJ
abr-51	71	23	its	its	PRON
abr-51	71	24	profitability	profitability	NOUN
abr-51	71	25	.	.	PUNCT
abr-51	72	1	they	they	PRON
abr-51	72	2	conjectured	conjecture	VERB
abr-51	72	3	that	that	SCONJ
abr-51	72	4	by	by	ADP
abr-51	72	5	decreasing	decrease	VERB
abr-51	72	6	the	the	DET
abr-51	72	7	ntc	ntc	NOUN
abr-51	72	8	to	to	ADP
abr-51	72	9	a	a	DET
abr-51	72	10	reasonable	reasonable	ADJ
abr-51	72	11	minimum	minimum	NOUN
abr-51	72	12	,	,	PUNCT
abr-51	72	13	it	it	PRON
abr-51	72	14	would	would	AUX
abr-51	72	15	result	result	VERB
abr-51	72	16	in	in	ADP
abr-51	72	17	creating	create	VERB
abr-51	72	18	shareholder	shareholder	NOUN
abr-51	72	19	value	value	NOUN
abr-51	72	20	.	.	PUNCT
abr-51	73	1	looking	look	VERB
abr-51	73	2	at	at	ADP
abr-51	73	3	working	work	VERB
abr-51	73	4	capital	capital	NOUN
abr-51	73	5	management	management	NOUN
abr-51	73	6	routines	routine	NOUN
abr-51	73	7	in	in	ADP
abr-51	73	8	small	small	ADJ
abr-51	73	9	uk	uk	PROPN
abr-51	73	10	firms	firm	NOUN
abr-51	73	11	,	,	PUNCT
abr-51	73	12	howorth	howorth	ADJ
abr-51	73	13	and	and	CCONJ
abr-51	73	14	westhead	westhead	ADJ
abr-51	73	15	(	(	PUNCT
abr-51	73	16	2003	2003	NUM
abr-51	73	17	)	)	PUNCT
abr-51	73	18	concluded	conclude	VERB
abr-51	73	19	that	that	SCONJ
abr-51	73	20	more	more	ADJ
abr-51	73	21	research	research	NOUN
abr-51	73	22	was	be	AUX
abr-51	73	23	needed	need	VERB
abr-51	73	24	to	to	PART
abr-51	73	25	determine	determine	VERB
abr-51	73	26	if	if	SCONJ
abr-51	73	27	the	the	DET
abr-51	73	28	working	work	VERB
abr-51	73	29	capital	capital	NOUN
abr-51	73	30	routines	routine	NOUN
abr-51	73	31	lead	lead	VERB
abr-51	73	32	to	to	ADP
abr-51	73	33	any	any	DET
abr-51	73	34	superior	superior	ADJ
abr-51	73	35	levels	level	NOUN
abr-51	73	36	of	of	ADP
abr-51	73	37	performance	performance	NOUN
abr-51	73	38	.	.	PUNCT
abr-51	74	1	teruel	teruel	PROPN
abr-51	74	2	and	and	CCONJ
abr-51	74	3	solano	solano	PROPN
abr-51	74	4	(	(	PUNCT
abr-51	74	5	2007	2007	NUM
abr-51	74	6	)	)	PUNCT
abr-51	74	7	studied	study	VERB
abr-51	74	8	the	the	DET
abr-51	74	9	effects	effect	NOUN
abr-51	74	10	of	of	ADP
abr-51	74	11	working	work	VERB
abr-51	74	12	capital	capital	NOUN
abr-51	74	13	management	management	NOUN
abr-51	74	14	on	on	ADP
abr-51	74	15	small	small	ADJ
abr-51	74	16	and	and	CCONJ
abr-51	74	17	medium	medium	ADJ
abr-51	74	18	enterprises	enterprise	NOUN
abr-51	74	19	(	(	PUNCT
abr-51	74	20	smes	sme	NOUN
abr-51	74	21	)	)	PUNCT
abr-51	74	22	between	between	ADP
abr-51	74	23	1996	1996	NUM
abr-51	74	24	and	and	CCONJ
abr-51	74	25	2002	2002	NUM
abr-51	74	26	and	and	CCONJ
abr-51	74	27	found	find	VERB
abr-51	74	28	that	that	SCONJ
abr-51	74	29	shortening	shorten	VERB
abr-51	74	30	the	the	DET
abr-51	74	31	cash	cash	NOUN
abr-51	74	32	conversion	conversion	NOUN
abr-51	74	33	cycle	cycle	NOUN
abr-51	74	34	improved	improve	VERB
abr-51	74	35	the	the	DET
abr-51	74	36	firm	firm	NOUN
abr-51	74	37	’s	’s	PART
abr-51	74	38	profitability	profitability	NOUN
abr-51	74	39	and	and	CCONJ
abr-51	74	40	could	could	AUX
abr-51	74	41	also	also	ADV
abr-51	74	42	create	create	VERB
abr-51	74	43	value	value	NOUN
abr-51	74	44	(	(	PUNCT
abr-51	74	45	their	their	PRON
abr-51	74	46	dependent	dependent	ADJ
abr-51	74	47	variable	variable	NOUN
abr-51	74	48	was	be	AUX
abr-51	74	49	the	the	DET
abr-51	74	50	return	return	NOUN
abr-51	74	51	on	on	ADP
abr-51	74	52	assets	asset	NOUN
abr-51	74	53	with	with	ADP
abr-51	74	54	which	which	PRON
abr-51	74	55	they	they	PRON
abr-51	74	56	acknowledged	acknowledge	VERB
abr-51	74	57	endogeneity	endogeneity	NOUN
abr-51	74	58	concerns	concern	NOUN
abr-51	74	59	)	)	PUNCT
abr-51	74	60	.	.	PUNCT
abr-51	75	1	charitou	charitou	NOUN
abr-51	75	2	et	et	PROPN
abr-51	75	3	al	al	PROPN
abr-51	75	4	.	.	PROPN
abr-51	75	5	,	,	PUNCT
abr-51	75	6	(	(	PUNCT
abr-51	75	7	2010	2010	NUM
abr-51	75	8	)	)	PUNCT
abr-51	75	9	claim	claim	VERB
abr-51	75	10	that	that	SCONJ
abr-51	75	11	if	if	SCONJ
abr-51	75	12	the	the	DET
abr-51	75	13	components	component	NOUN
abr-51	75	14	of	of	ADP
abr-51	75	15	the	the	DET
abr-51	75	16	cash	cash	NOUN
abr-51	75	17	conversion	conversion	NOUN
abr-51	75	18	cycle	cycle	NOUN
abr-51	75	19	are	be	AUX
abr-51	75	20	managed	manage	VERB
abr-51	75	21	efficiently	efficiently	ADV
abr-51	75	22	,	,	PUNCT
abr-51	75	23	it	it	PRON
abr-51	75	24	should	should	AUX
abr-51	75	25	add	add	VERB
abr-51	75	26	value	value	NOUN
abr-51	75	27	to	to	ADP
abr-51	75	28	the	the	DET
abr-51	75	29	firm	firm	NOUN
abr-51	75	30	because	because	SCONJ
abr-51	75	31	it	it	PRON
abr-51	75	32	increased	increase	VERB
abr-51	75	33	the	the	DET
abr-51	75	34	profitability	profitability	NOUN
abr-51	75	35	of	of	ADP
abr-51	75	36	the	the	DET
abr-51	75	37	firm	firm	NOUN
abr-51	75	38	.	.	PUNCT
abr-51	76	1	mohammed	mohammed	PROPN
abr-51	76	2	and	and	CCONJ
abr-51	76	3	saad	saad	PROPN
abr-51	76	4	(	(	PUNCT
abr-51	76	5	2010	2010	NUM
abr-51	76	6	)	)	PUNCT
abr-51	76	7	perform	perform	VERB
abr-51	76	8	an	an	DET
abr-51	76	9	empirical	empirical	ADJ
abr-51	76	10	study	study	NOUN
abr-51	76	11	trying	try	VERB
abr-51	76	12	to	to	PART
abr-51	76	13	link	link	VERB
abr-51	76	14	working	work	VERB
abr-51	76	15	capital	capital	NOUN
abr-51	76	16	management	management	NOUN
abr-51	76	17	to	to	ADP
abr-51	76	18	market	market	NOUN
abr-51	76	19	valuation	valuation	NOUN
abr-51	76	20	and	and	CCONJ
abr-51	76	21	profitability	profitability	NOUN
abr-51	76	22	.	.	PUNCT
abr-51	77	1	reviewing	review	VERB
abr-51	77	2	172	172	NUM
abr-51	77	3	firms	firm	NOUN
abr-51	77	4	over	over	ADP
abr-51	77	5	the	the	DET
abr-51	77	6	period	period	NOUN
abr-51	77	7	of	of	ADP
abr-51	77	8	2003	2003	NUM
abr-51	77	9	to	to	ADP
abr-51	77	10	2007	2007	NUM
abr-51	77	11	in	in	ADP
abr-51	77	12	bursa	bursa	PROPN
abr-51	77	13	malaysia	malaysia	PROPN
abr-51	77	14	,	,	PUNCT
abr-51	77	15	the	the	DET
abr-51	77	16	cash	cash	NOUN
abr-51	77	17	conversion	conversion	NOUN
abr-51	77	18	cycle	cycle	NOUN
abr-51	77	19	had	have	VERB
abr-51	77	20	a	a	DET
abr-51	77	21	significant	significant	ADJ
abr-51	77	22	negative	negative	ADJ
abr-51	77	23	relationship	relationship	NOUN
abr-51	77	24	with	with	ADP
abr-51	77	25	tobin	tobin	PROPN
abr-51	77	26	’s	’s	PART
abr-51	77	27	q	q	X
abr-51	77	28	,	,	PUNCT
abr-51	77	29	their	their	PRON
abr-51	77	30	proxy	proxy	NOUN
abr-51	77	31	for	for	ADP
abr-51	77	32	the	the	DET
abr-51	77	33	firm	firm	NOUN
abr-51	77	34	’s	’s	PART
abr-51	77	35	market	market	NOUN
abr-51	77	36	value	value	NOUN
abr-51	77	37	,	,	PUNCT
abr-51	77	38	and	and	CCONJ
abr-51	77	39	profitability	profitability	NOUN
abr-51	77	40	.	.	PUNCT
abr-51	78	1	tobin	tobin	PROPN
abr-51	78	2	’s	’s	PART
abr-51	78	3	q	q	PROPN
abr-51	78	4	is	be	AUX
abr-51	78	5	the	the	DET
abr-51	78	6	ratio	ratio	NOUN
abr-51	78	7	of	of	ADP
abr-51	78	8	the	the	DET
abr-51	78	9	firm	firm	NOUN
abr-51	78	10	’s	’s	PART
abr-51	78	11	market	market	NOUN
abr-51	78	12	value	value	NOUN
abr-51	78	13	over	over	ADP
abr-51	78	14	the	the	DET
abr-51	78	15	book	book	NOUN
abr-51	78	16	value	value	NOUN
abr-51	78	17	of	of	ADP
abr-51	78	18	its	its	PRON
abr-51	78	19	assets	asset	NOUN
abr-51	78	20	.	.	PUNCT
abr-51	79	1	market	market	NOUN
abr-51	79	2	value	value	NOUN
abr-51	79	3	is	be	AUX
abr-51	79	4	defined	define	VERB
abr-51	79	5	as	as	ADP
abr-51	79	6	just	just	ADV
abr-51	79	7	the	the	DET
abr-51	79	8	market	market	NOUN
abr-51	79	9	capitalization	capitalization	NOUN
abr-51	79	10	.	.	PUNCT
abr-51	80	1	an	an	DET
abr-51	80	2	increasing	increase	VERB
abr-51	80	3	conversion	conversion	NOUN
abr-51	80	4	cycle	cycle	NOUN
abr-51	80	5	led	lead	VERB
abr-51	80	6	to	to	ADP
abr-51	80	7	a	a	DET
abr-51	80	8	reduction	reduction	NOUN
abr-51	80	9	in	in	ADP
abr-51	80	10	firm	firm	ADJ
abr-51	80	11	value	value	NOUN
abr-51	80	12	.	.	PUNCT
abr-51	81	1	they	they	PRON
abr-51	81	2	also	also	ADV
abr-51	81	3	state	state	VERB
abr-51	81	4	their	their	PRON
abr-51	81	5	findings	finding	NOUN
abr-51	81	6	imply	imply	VERB
abr-51	81	7	that	that	SCONJ
abr-51	81	8	most	most	ADJ
abr-51	81	9	of	of	ADP
abr-51	81	10	the	the	DET
abr-51	81	11	profitable	profitable	ADJ
abr-51	81	12	firms	firm	NOUN
abr-51	81	13	are	be	AUX
abr-51	81	14	characterized	characterize	VERB
abr-51	81	15	as	as	ADP
abr-51	81	16	having	have	VERB
abr-51	81	17	relative	relative	ADJ
abr-51	81	18	shorter	short	ADJ
abr-51	81	19	cash	cash	NOUN
abr-51	81	20	conversion	conversion	NOUN
abr-51	81	21	cycles	cycle	NOUN
abr-51	81	22	.	.	PUNCT
abr-51	82	1	this	this	DET
abr-51	82	2	paper	paper	NOUN
abr-51	82	3	extends	extend	VERB
abr-51	82	4	the	the	DET
abr-51	82	5	literature	literature	NOUN
abr-51	82	6	on	on	ADP
abr-51	82	7	the	the	DET
abr-51	82	8	relationship	relationship	NOUN
abr-51	82	9	between	between	ADP
abr-51	82	10	working	work	VERB
abr-51	82	11	capital	capital	NOUN
abr-51	82	12	management	management	NOUN
abr-51	82	13	efficiencies	efficiency	NOUN
abr-51	82	14	and	and	CCONJ
abr-51	82	15	firm	firm	ADJ
abr-51	82	16	value	value	NOUN
abr-51	82	17	by	by	ADP
abr-51	82	18	introducing	introduce	VERB
abr-51	82	19	a	a	DET
abr-51	82	20	more	more	ADV
abr-51	82	21	robust	robust	ADJ
abr-51	82	22	proxy	proxy	NOUN
abr-51	82	23	for	for	ADP
abr-51	82	24	firm	firm	ADJ
abr-51	82	25	value	value	NOUN
abr-51	82	26	,	,	PUNCT
abr-51	82	27	the	the	DET
abr-51	82	28	enterprise	enterprise	NOUN
abr-51	82	29	value	value	NOUN
abr-51	82	30	(	(	PUNCT
abr-51	82	31	ev	ev	NOUN
abr-51	82	32	)	)	PUNCT
abr-51	82	33	.	.	PUNCT
abr-51	83	1	the	the	DET
abr-51	83	2	ev	ev	PROPN
abr-51	83	3	is	be	AUX
abr-51	83	4	a	a	DET
abr-51	83	5	relatively	relatively	ADV
abr-51	83	6	more	more	ADV
abr-51	83	7	comprehensive	comprehensive	ADJ
abr-51	83	8	alternative	alternative	NOUN
abr-51	83	9	to	to	ADP
abr-51	83	10	market	market	NOUN
abr-51	83	11	capitalization	capitalization	NOUN
abr-51	83	12	as	as	SCONJ
abr-51	83	13	it	it	PRON
abr-51	83	14	measures	measure	VERB
abr-51	83	15	the	the	DET
abr-51	83	16	entire	entire	ADJ
abr-51	83	17	cost	cost	NOUN
abr-51	83	18	of	of	ADP
abr-51	83	19	the	the	DET
abr-51	83	20	firm	firm	NOUN
abr-51	83	21	as	as	SCONJ
abr-51	83	22	if	if	SCONJ
abr-51	83	23	someone	someone	PRON
abr-51	83	24	were	be	AUX
abr-51	83	25	to	to	PART
abr-51	83	26	acquire	acquire	VERB
abr-51	83	27	it	it	PRON
abr-51	83	28	.	.	PUNCT
abr-51	84	1	it	it	PRON
abr-51	84	2	’s	’	VERB
abr-51	84	3	a	a	DET
abr-51	84	4	more	more	ADV
abr-51	84	5	accurate	accurate	ADJ
abr-51	84	6	estimate	estimate	NOUN
abr-51	84	7	of	of	ADP
abr-51	84	8	the	the	DET
abr-51	84	9	value	value	NOUN
abr-51	84	10	of	of	ADP
abr-51	84	11	a	a	DET
abr-51	84	12	company	company	NOUN
abr-51	84	13	viewed	view	VERB
abr-51	84	14	as	as	ADP
abr-51	84	15	a	a	DET
abr-51	84	16	going	go	VERB
abr-51	84	17	concern	concern	NOUN
abr-51	84	18	than	than	ADP
abr-51	84	19	market	market	NOUN
abr-51	84	20	capitalization	capitalization	NOUN
abr-51	84	21	.	.	PUNCT
abr-51	85	1	enterprise	enterprise	NOUN
abr-51	85	2	value	value	NOUN
abr-51	85	3	incorporates	incorporate	VERB
abr-51	85	4	critical	critical	ADJ
abr-51	85	5	factors	factor	NOUN
abr-51	85	6	such	such	ADJ
abr-51	85	7	as	as	ADP
abr-51	85	8	debt	debt	NOUN
abr-51	85	9	,	,	PUNCT
abr-51	85	10	preferred	preferred	ADJ
abr-51	85	11	stock	stock	NOUN
abr-51	85	12	,	,	PUNCT
abr-51	85	13	minority	minority	NOUN
abr-51	85	14	interests	interest	NOUN
abr-51	85	15	,	,	PUNCT
abr-51	85	16	and	and	CCONJ
abr-51	85	17	cash	cash	NOUN
abr-51	85	18	reserves	reserve	NOUN
abr-51	85	19	.	.	PUNCT
abr-51	86	1	it	it	PRON
abr-51	86	2	tends	tend	VERB
abr-51	86	3	to	to	PART
abr-51	86	4	be	be	AUX
abr-51	86	5	less	less	ADV
abr-51	86	6	impacted	impact	VERB
abr-51	86	7	by	by	ADP
abr-51	86	8	changes	change	NOUN
abr-51	86	9	in	in	ADP
abr-51	86	10	a	a	DET
abr-51	86	11	firm	firm	NOUN
abr-51	86	12	’s	’s	PART
abr-51	86	13	capital	capital	NOUN
abr-51	86	14	structure	structure	NOUN
abr-51	86	15	because	because	SCONJ
abr-51	86	16	it	it	PRON
abr-51	86	17	is	be	AUX
abr-51	86	18	the	the	DET
abr-51	86	19	unlevered	unlevered	ADJ
abr-51	86	20	value	value	NOUN
abr-51	86	21	of	of	ADP
abr-51	86	22	the	the	DET
abr-51	86	23	firm	firm	NOUN
abr-51	86	24	that	that	PRON
abr-51	86	25	is	be	AUX
abr-51	86	26	being	be	AUX
abr-51	86	27	measured	measure	VERB
abr-51	86	28	.	.	PUNCT
abr-51	87	1	sample	sample	NOUN
abr-51	87	2	data	datum	NOUN
abr-51	87	3	in	in	ADP
abr-51	87	4	order	order	NOUN
abr-51	87	5	to	to	PART
abr-51	87	6	analyze	analyze	VERB
abr-51	87	7	a	a	DET
abr-51	87	8	company	company	NOUN
abr-51	87	9	using	use	VERB
abr-51	87	10	the	the	DET
abr-51	87	11	enterprise	enterprise	NOUN
abr-51	87	12	value	value	NOUN
abr-51	87	13	variable	variable	NOUN
abr-51	87	14	,	,	PUNCT
abr-51	87	15	there	there	PRON
abr-51	87	16	are	be	VERB
abr-51	87	17	two	two	NUM
abr-51	87	18	critical	critical	ADJ
abr-51	87	19	things	thing	NOUN
abr-51	87	20	to	to	PART
abr-51	87	21	consider	consider	VERB
abr-51	87	22	.	.	PUNCT
abr-51	88	1	first	first	ADV
abr-51	88	2	,	,	PUNCT
abr-51	88	3	the	the	DET
abr-51	88	4	variable	variable	NOUN
abr-51	88	5	must	must	AUX
abr-51	88	6	be	be	AUX
abr-51	88	7	constructed	construct	VERB
abr-51	88	8	in	in	ADP
abr-51	88	9	a	a	DET
abr-51	88	10	consistent	consistent	ADJ
abr-51	88	11	manner	manner	NOUN
abr-51	88	12	.	.	PUNCT
abr-51	89	1	the	the	DET
abr-51	89	2	market	market	NOUN
abr-51	89	3	capitalization	capitalization	NOUN
abr-51	89	4	,	,	PUNCT
abr-51	89	5	total	total	ADJ
abr-51	89	6	debt	debt	NOUN
abr-51	89	7	,	,	PUNCT
abr-51	89	8	and	and	CCONJ
abr-51	89	9	preferred	preferred	ADJ
abr-51	89	10	stock	stock	NOUN
abr-51	89	11	values	value	NOUN
abr-51	89	12	must	must	AUX
abr-51	89	13	be	be	AUX
abr-51	89	14	based	base	VERB
abr-51	89	15	on	on	ADP
abr-51	89	16	the	the	DET
abr-51	89	17	same	same	ADJ
abr-51	89	18	underlying	underlying	ADJ
abr-51	89	19	assets	asset	NOUN
abr-51	89	20	.	.	PUNCT
abr-51	90	1	second	second	ADJ
abr-51	90	2	,	,	PUNCT
abr-51	90	3	an	an	DET
abr-51	90	4	appropriate	appropriate	ADJ
abr-51	90	5	peer	peer	NOUN
abr-51	90	6	group	group	NOUN
abr-51	90	7	must	must	AUX
abr-51	90	8	be	be	AUX
abr-51	90	9	chosen	choose	VERB
abr-51	90	10	.	.	PUNCT
abr-51	91	1	where	where	SCONJ
abr-51	91	2	the	the	DET
abr-51	91	3	enterprise	enterprise	NOUN
abr-51	91	4	value	value	NOUN
abr-51	91	5	(	(	PUNCT
abr-51	91	6	ev	ev	INTJ
abr-51	91	7	)	)	PUNCT
abr-51	91	8	variable	variable	NOUN
abr-51	91	9	is	be	AUX
abr-51	91	10	being	be	AUX
abr-51	91	11	considered	consider	VERB
abr-51	91	12	,	,	PUNCT
abr-51	91	13	it	it	PRON
abr-51	91	14	is	be	AUX
abr-51	91	15	most	most	ADV
abr-51	91	16	useful	useful	ADJ
abr-51	91	17	when	when	SCONJ
abr-51	91	18	there	there	PRON
abr-51	91	19	are	be	VERB
abr-51	91	20	generally	generally	ADV
abr-51	91	21	small	small	ADJ
abr-51	91	22	differences	difference	NOUN
abr-51	91	23	in	in	ADP
abr-51	91	24	accounting	accounting	NOUN
abr-51	91	25	treatment	treatment	NOUN
abr-51	91	26	of	of	ADP
abr-51	91	27	depreciation	depreciation	NOUN
abr-51	91	28	among	among	ADP
abr-51	91	29	the	the	DET
abr-51	91	30	comparable	comparable	ADJ
abr-51	91	31	companies	company	NOUN
abr-51	91	32	.	.	PUNCT
abr-51	92	1	choosing	choose	VERB
abr-51	92	2	a	a	DET
abr-51	92	3	group	group	NOUN
abr-51	92	4	of	of	ADP
abr-51	92	5	industry	industry	NOUN
abr-51	92	6	peers	peer	NOUN
abr-51	92	7	and	and	CCONJ
abr-51	92	8	refining	refine	VERB
abr-51	92	9	that	that	DET
abr-51	92	10	group	group	NOUN
abr-51	92	11	to	to	PART
abr-51	92	12	reflect	reflect	VERB
abr-51	92	13	similar	similar	ADJ
abr-51	92	14	views	view	NOUN
abr-51	92	15	about	about	ADP
abr-51	92	16	long	long	ADJ
abr-51	92	17	-	-	PUNCT
abr-51	92	18	term	term	NOUN
abr-51	92	19	growth	growth	NOUN
abr-51	92	20	and	and	CCONJ
abr-51	92	21	returns	return	NOUN
abr-51	92	22	on	on	ADP
abr-51	92	23	invested	invest	VERB
abr-51	92	24	debt	debt	NOUN
abr-51	92	25	and	and	CCONJ
abr-51	92	26	equity	equity	NOUN
abr-51	92	27	is	be	AUX
abr-51	92	28	critical	critical	ADJ
abr-51	92	29	.	.	PUNCT
abr-51	93	1	this	this	DET
abr-51	93	2	paper	paper	NOUN
abr-51	93	3	looks	look	VERB
abr-51	93	4	at	at	ADP
abr-51	93	5	the	the	DET
abr-51	93	6	energy	energy	NOUN
abr-51	93	7	sector	sector	NOUN
abr-51	93	8	where	where	SCONJ
abr-51	93	9	the	the	DET
abr-51	93	10	sample	sample	NOUN
abr-51	93	11	is	be	AUX
abr-51	93	12	created	create	VERB
abr-51	93	13	through	through	ADP
abr-51	93	14	the	the	DET
abr-51	93	15	global	global	ADJ
abr-51	93	16	industry	industry	NOUN
abr-51	93	17	classification	classification	NOUN
abr-51	93	18	standard	standard	NOUN
abr-51	93	19	(	(	PUNCT
abr-51	93	20	gics	gic	NOUN
abr-51	93	21	)	)	PUNCT
abr-51	93	22	system	system	NOUN
abr-51	93	23	developed	develop	VERB
abr-51	93	24	by	by	ADP
abr-51	93	25	standard	standard	PROPN
abr-51	93	26	&	&	CCONJ
abr-51	93	27	poor	poor	PROPN
abr-51	93	28	’s	’s	PART
abr-51	93	29	and	and	CCONJ
abr-51	93	30	morgan	morgan	PROPN
abr-51	93	31	stanley	stanley	PROPN
abr-51	93	32	.	.	PUNCT
abr-51	94	1	bhojraj	bhojraj	PROPN
abr-51	94	2	,	,	PUNCT
abr-51	94	3	lee	lee	PROPN
abr-51	94	4	,	,	PUNCT
abr-51	94	5	and	and	CCONJ
abr-51	94	6	oler	ol	ADJ
abr-51	94	7	(	(	PUNCT
abr-51	94	8	2003	2003	NUM
abr-51	94	9	)	)	PUNCT
abr-51	94	10	found	find	VERB
abr-51	94	11	that	that	SCONJ
abr-51	94	12	gics	gic	NOUN
abr-51	94	13	classifications	classification	NOUN
abr-51	94	14	were	be	AUX
abr-51	94	15	better	well	ADJ
abr-51	94	16	than	than	ADP
abr-51	94	17	the	the	DET
abr-51	94	18	standard	standard	ADJ
abr-51	94	19	industrial	industrial	ADJ
abr-51	94	20	code	code	NOUN
abr-51	94	21	(	(	PUNCT
abr-51	94	22	sic	sic	ADJ
abr-51	94	23	)	)	PUNCT
abr-51	94	24	in	in	ADP
abr-51	94	25	explaining	explain	VERB
abr-51	94	26	cross	cross	ADJ
abr-51	94	27	-	-	ADJ
abr-51	94	28	sectional	sectional	ADJ
abr-51	94	29	variations	variation	NOUN
abr-51	94	30	in	in	ADP
abr-51	94	31	valuation	valuation	NOUN
abr-51	94	32	multiples	multiple	NOUN
abr-51	94	33	,	,	PUNCT
abr-51	94	34	realized	realize	VERB
abr-51	94	35	growth	growth	NOUN
abr-51	94	36	rates	rate	NOUN
abr-51	94	37	,	,	PUNCT
abr-51	94	38	expenditures	expenditure	NOUN
abr-51	94	39	in	in	ADP
abr-51	94	40	research	research	NOUN
abr-51	94	41	and	and	CCONJ
abr-51	94	42	development	development	NOUN
abr-51	94	43	(	(	PUNCT
abr-51	94	44	r&d	r&d	NOUN
abr-51	94	45	)	)	PUNCT
abr-51	94	46	,	,	PUNCT
abr-51	94	47	and	and	CCONJ
abr-51	94	48	common	common	ADJ
abr-51	94	49	financial	financial	ADJ
abr-51	94	50	ratios	ratio	NOUN
abr-51	94	51	.	.	PUNCT
abr-51	95	1	even	even	ADV
abr-51	95	2	though	though	SCONJ
abr-51	95	3	peers	peer	NOUN
abr-51	95	4	within	within	ADP
abr-51	95	5	an	an	DET
abr-51	95	6	industry	industry	NOUN
abr-51	95	7	may	may	AUX
abr-51	95	8	trade	trade	VERB
abr-51	95	9	at	at	ADP
abr-51	95	10	similar	similar	ADJ
abr-51	95	11	evs	evs	NOUN
abr-51	95	12	,	,	PUNCT
abr-51	95	13	they	they	PRON
abr-51	95	14	still	still	ADV
abr-51	95	15	can	can	AUX
abr-51	95	16	show	show	VERB
abr-51	95	17	variation	variation	NOUN
abr-51	95	18	over	over	ADP
abr-51	95	19	time	time	NOUN
abr-51	95	20	.	.	PUNCT
abr-51	96	1	even	even	ADV
abr-51	96	2	as	as	SCONJ
abr-51	96	3	peers	peer	NOUN
abr-51	96	4	are	be	AUX
abr-51	96	5	likely	likely	ADJ
abr-51	96	6	to	to	PART
abr-51	96	7	have	have	VERB
abr-51	96	8	similar	similar	ADJ
abr-51	96	9	risk	risk	NOUN
abr-51	96	10	profiles	profile	NOUN
abr-51	96	11	,	,	PUNCT
abr-51	96	12	cost	cost	NOUN
abr-51	96	13	structures	structure	NOUN
abr-51	96	14	,	,	PUNCT
abr-51	96	15	and	and	CCONJ
abr-51	96	16	tax	tax	NOUN
abr-51	96	17	lifland	lifland	NOUN
abr-51	96	18	advances	advance	VERB
abr-51	96	19	in	in	ADP
abr-51	96	20	business	business	NOUN
abr-51	96	21	research	research	NOUN
abr-51	96	22	2011	2011	NUM
abr-51	96	23	,	,	PUNCT
abr-51	96	24	vol	vol	NOUN
abr-51	96	25	.	.	PROPN
abr-51	97	1	2	2	NUM
abr-51	97	2	,	,	PUNCT
abr-51	97	3	no	no	INTJ
abr-51	97	4	.	.	NOUN
abr-51	97	5	1	1	NUM
abr-51	97	6	,	,	PUNCT
abr-51	97	7	57	57	NUM
abr-51	97	8	-	-	SYM
abr-51	97	9	70	70	NUM
abr-51	97	10	60	60	NUM
abr-51	97	11	rates	rate	NOUN
abr-51	97	12	,	,	PUNCT
abr-51	97	13	the	the	DET
abr-51	97	14	growth	growth	NOUN
abr-51	97	15	rate	rate	NOUN
abr-51	97	16	in	in	ADP
abr-51	97	17	earnings	earning	NOUN
abr-51	97	18	and	and	CCONJ
abr-51	97	19	value	value	NOUN
abr-51	97	20	can	can	AUX
abr-51	97	21	vary	vary	VERB
abr-51	97	22	within	within	ADP
abr-51	97	23	an	an	DET
abr-51	97	24	industry	industry	NOUN
abr-51	97	25	.	.	PUNCT
abr-51	98	1	this	this	DET
abr-51	98	2	data	datum	NOUN
abr-51	98	3	set	set	VERB
abr-51	98	4	is	be	AUX
abr-51	98	5	further	far	ADV
abr-51	98	6	defined	define	VERB
abr-51	98	7	according	accord	VERB
abr-51	98	8	to	to	ADP
abr-51	98	9	market	market	NOUN
abr-51	98	10	capitalization	capitalization	NOUN
abr-51	98	11	.	.	PUNCT
abr-51	99	1	firms	firm	NOUN
abr-51	99	2	with	with	ADP
abr-51	99	3	market	market	NOUN
abr-51	99	4	capitalizations	capitalization	NOUN
abr-51	99	5	greater	great	ADJ
abr-51	99	6	than	than	ADP
abr-51	99	7	$	$	SYM
abr-51	99	8	5	5	NUM
abr-51	99	9	billion	billion	NUM
abr-51	99	10	are	be	AUX
abr-51	99	11	deemed	deem	VERB
abr-51	99	12	to	to	PART
abr-51	99	13	be	be	AUX
abr-51	99	14	large	large	ADJ
abr-51	99	15	–	–	PUNCT
abr-51	99	16	cap	cap	NOUN
abr-51	99	17	stocks	stock	NOUN
abr-51	99	18	,	,	PUNCT
abr-51	99	19	those	those	PRON
abr-51	99	20	with	with	ADP
abr-51	99	21	markets	market	NOUN
abr-51	99	22	caps	cap	NOUN
abr-51	99	23	between	between	ADP
abr-51	99	24	$	$	SYM
abr-51	99	25	1	1	NUM
abr-51	99	26	and	and	CCONJ
abr-51	99	27	$	$	SYM
abr-51	99	28	5	5	NUM
abr-51	99	29	billion	billion	NUM
abr-51	99	30	are	be	AUX
abr-51	99	31	termed	term	VERB
abr-51	99	32	mid	mid	ADJ
abr-51	99	33	-	-	ADJ
abr-51	99	34	cap	cap	ADJ
abr-51	99	35	stocks	stock	NOUN
abr-51	99	36	,	,	PUNCT
abr-51	99	37	and	and	CCONJ
abr-51	99	38	companies	company	NOUN
abr-51	99	39	having	have	VERB
abr-51	99	40	market	market	NOUN
abr-51	99	41	caps	cap	NOUN
abr-51	99	42	below	below	ADP
abr-51	99	43	$	$	SYM
abr-51	99	44	1	1	NUM
abr-51	99	45	billion	billion	NUM
abr-51	99	46	are	be	AUX
abr-51	99	47	small	small	ADJ
abr-51	99	48	-	-	PUNCT
abr-51	99	49	cap	cap	NOUN
abr-51	99	50	securities	security	NOUN
abr-51	99	51	.	.	PUNCT
abr-51	100	1	covering	cover	VERB
abr-51	100	2	the	the	DET
abr-51	100	3	time	time	NOUN
abr-51	100	4	period	period	NOUN
abr-51	100	5	of	of	ADP
abr-51	100	6	2004	2004	NUM
abr-51	100	7	through	through	ADP
abr-51	100	8	2009	2009	NUM
abr-51	100	9	for	for	ADP
abr-51	100	10	the	the	DET
abr-51	100	11	energy	energy	NOUN
abr-51	100	12	sector	sector	NOUN
abr-51	100	13	,	,	PUNCT
abr-51	100	14	504	504	NUM
abr-51	100	15	firms	firm	NOUN
abr-51	100	16	were	be	AUX
abr-51	100	17	initially	initially	ADV
abr-51	100	18	collected	collect	VERB
abr-51	100	19	from	from	ADP
abr-51	100	20	compustat	compustat	NOUN
abr-51	100	21	.	.	PUNCT
abr-51	101	1	through	through	ADP
abr-51	101	2	a	a	DET
abr-51	101	3	filtering	filter	VERB
abr-51	101	4	process	process	NOUN
abr-51	101	5	,	,	PUNCT
abr-51	101	6	looking	look	VERB
abr-51	101	7	for	for	ADP
abr-51	101	8	missing	miss	VERB
abr-51	101	9	values	value	NOUN
abr-51	101	10	,	,	PUNCT
abr-51	101	11	the	the	DET
abr-51	101	12	final	final	ADJ
abr-51	101	13	sample	sample	NOUN
abr-51	101	14	data	datum	NOUN
abr-51	101	15	set	set	VERB
abr-51	101	16	resulted	result	VERB
abr-51	101	17	in	in	ADP
abr-51	101	18	222	222	NUM
abr-51	101	19	firms	firm	NOUN
abr-51	101	20	.	.	PUNCT
abr-51	102	1	specifically	specifically	ADV
abr-51	102	2	,	,	PUNCT
abr-51	102	3	the	the	DET
abr-51	102	4	sample	sample	NOUN
abr-51	102	5	contains	contain	VERB
abr-51	102	6	72	72	NUM
abr-51	102	7	large	large	ADJ
abr-51	102	8	-	-	PUNCT
abr-51	102	9	cap	cap	NOUN
abr-51	102	10	,	,	PUNCT
abr-51	102	11	65	65	NUM
abr-51	102	12	mid	mid	NOUN
abr-51	102	13	-	-	NOUN
abr-51	102	14	cap	cap	NOUN
abr-51	102	15	,	,	PUNCT
abr-51	102	16	and	and	CCONJ
abr-51	102	17	85	85	NUM
abr-51	102	18	small	small	ADJ
abr-51	102	19	-	-	PUNCT
abr-51	102	20	cap	cap	NOUN
abr-51	102	21	companies	company	NOUN
abr-51	102	22	.	.	PUNCT
abr-51	103	1	the	the	DET
abr-51	103	2	largest	large	ADJ
abr-51	103	3	attrition	attrition	NOUN
abr-51	103	4	of	of	ADP
abr-51	103	5	firms	firm	NOUN
abr-51	103	6	occurred	occur	VERB
abr-51	103	7	in	in	ADP
abr-51	103	8	small	small	ADJ
abr-51	103	9	caps	cap	NOUN
abr-51	103	10	as	as	SCONJ
abr-51	103	11	304	304	NUM
abr-51	103	12	firms	firm	NOUN
abr-51	103	13	were	be	AUX
abr-51	103	14	filtered	filter	VERB
abr-51	103	15	down	down	ADV
abr-51	103	16	to	to	ADP
abr-51	103	17	85	85	NUM
abr-51	103	18	firms	firm	NOUN
abr-51	103	19	.	.	PUNCT
abr-51	104	1	there	there	PRON
abr-51	104	2	were	be	VERB
abr-51	104	3	219	219	NUM
abr-51	104	4	companies	company	NOUN
abr-51	104	5	that	that	PRON
abr-51	104	6	either	either	CCONJ
abr-51	104	7	did	do	AUX
abr-51	104	8	not	not	PART
abr-51	104	9	report	report	VERB
abr-51	104	10	an	an	DET
abr-51	104	11	enterprise	enterprise	NOUN
abr-51	104	12	value	value	NOUN
abr-51	104	13	or	or	CCONJ
abr-51	104	14	an	an	DET
abr-51	104	15	inventory	inventory	NOUN
abr-51	104	16	figure	figure	NOUN
abr-51	104	17	.	.	PUNCT
abr-51	105	1	this	this	DET
abr-51	105	2	paper	paper	NOUN
abr-51	105	3	,	,	PUNCT
abr-51	105	4	building	build	VERB
abr-51	105	5	on	on	ADP
abr-51	105	6	the	the	DET
abr-51	105	7	formation	formation	NOUN
abr-51	105	8	of	of	ADP
abr-51	105	9	three	three	NUM
abr-51	105	10	unique	unique	ADJ
abr-51	105	11	peer	peer	NOUN
abr-51	105	12	groups	group	NOUN
abr-51	105	13	,	,	PUNCT
abr-51	105	14	tests	test	VERB
abr-51	105	15	the	the	DET
abr-51	105	16	enterprise	enterprise	NOUN
abr-51	105	17	value	value	NOUN
abr-51	105	18	(	(	PUNCT
abr-51	105	19	ev	ev	INTJ
abr-51	105	20	)	)	PUNCT
abr-51	105	21	as	as	ADP
abr-51	105	22	an	an	DET
abr-51	105	23	option	option	NOUN
abr-51	105	24	on	on	ADP
abr-51	105	25	the	the	DET
abr-51	105	26	assets	asset	NOUN
abr-51	105	27	of	of	ADP
abr-51	105	28	the	the	DET
abr-51	105	29	firm	firm	NOUN
abr-51	105	30	and	and	CCONJ
abr-51	105	31	its	its	PRON
abr-51	105	32	relationship	relationship	NOUN
abr-51	105	33	with	with	ADP
abr-51	105	34	the	the	DET
abr-51	105	35	management	management	NOUN
abr-51	105	36	of	of	ADP
abr-51	105	37	net	net	ADJ
abr-51	105	38	working	work	VERB
abr-51	105	39	capital	capital	NOUN
abr-51	105	40	efficiencies	efficiency	NOUN
abr-51	105	41	.	.	PUNCT
abr-51	106	1	measures	measure	NOUN
abr-51	106	2	of	of	ADP
abr-51	106	3	performance	performance	NOUN
abr-51	106	4	the	the	DET
abr-51	106	5	enterprise	enterprise	NOUN
abr-51	106	6	value	value	NOUN
abr-51	106	7	option	option	NOUN
abr-51	106	8	in	in	ADP
abr-51	106	9	the	the	DET
abr-51	106	10	area	area	NOUN
abr-51	106	11	of	of	ADP
abr-51	106	12	real	real	ADJ
abr-51	106	13	options	option	NOUN
abr-51	106	14	literature	literature	NOUN
abr-51	106	15	,	,	PUNCT
abr-51	106	16	early	early	ADJ
abr-51	106	17	works	work	NOUN
abr-51	106	18	looked	look	VERB
abr-51	106	19	at	at	ADP
abr-51	106	20	how	how	SCONJ
abr-51	106	21	choices	choice	NOUN
abr-51	106	22	of	of	ADP
abr-51	106	23	controlled	control	VERB
abr-51	106	24	opportunities	opportunity	NOUN
abr-51	106	25	(	(	PUNCT
abr-51	106	26	i.e.	i.e.	X
abr-51	106	27	,	,	PUNCT
abr-51	106	28	firm	firm	ADJ
abr-51	106	29	shut	shut	VERB
abr-51	106	30	downs	down	NOUN
abr-51	106	31	,	,	PUNCT
abr-51	106	32	new	new	ADJ
abr-51	106	33	constructions	construction	NOUN
abr-51	106	34	)	)	PUNCT
abr-51	106	35	were	be	AUX
abr-51	106	36	a	a	DET
abr-51	106	37	significant	significant	ADJ
abr-51	106	38	part	part	NOUN
abr-51	106	39	of	of	ADP
abr-51	106	40	investment	investment	NOUN
abr-51	106	41	decisions	decision	NOUN
abr-51	106	42	(	(	PUNCT
abr-51	106	43	mcdonald	mcdonald	NOUN
abr-51	106	44	and	and	CCONJ
abr-51	106	45	siegel	siegel	PROPN
abr-51	106	46	,	,	PUNCT
abr-51	106	47	1986	1986	NUM
abr-51	106	48	;	;	PUNCT
abr-51	106	49	majd	majd	PROPN
abr-51	106	50	and	and	CCONJ
abr-51	106	51	pindyck	pindyck	ADJ
abr-51	106	52	,	,	PUNCT
abr-51	106	53	1987	1987	NUM
abr-51	106	54	)	)	PUNCT
abr-51	106	55	.	.	PUNCT
abr-51	107	1	these	these	DET
abr-51	107	2	latter	latter	ADJ
abr-51	107	3	works	work	NOUN
abr-51	107	4	were	be	AUX
abr-51	107	5	theoretical	theoretical	ADJ
abr-51	107	6	developments	development	NOUN
abr-51	107	7	of	of	ADP
abr-51	107	8	real	real	ADJ
abr-51	107	9	optionpricing	optionpricing	ADJ
abr-51	107	10	models	model	NOUN
abr-51	107	11	;	;	PUNCT
abr-51	107	12	examples	example	NOUN
abr-51	107	13	of	of	ADP
abr-51	107	14	works	work	NOUN
abr-51	107	15	that	that	PRON
abr-51	107	16	examined	examine	VERB
abr-51	107	17	the	the	DET
abr-51	107	18	empirical	empirical	ADJ
abr-51	107	19	implications	implication	NOUN
abr-51	107	20	of	of	ADP
abr-51	107	21	these	these	DET
abr-51	107	22	models	model	NOUN
abr-51	107	23	were	be	AUX
abr-51	107	24	paddick	paddick	ADJ
abr-51	107	25	et	et	PROPN
abr-51	107	26	al	al	PROPN
abr-51	107	27	.	.	PROPN
abr-51	107	28	,	,	PUNCT
abr-51	107	29	(	(	PUNCT
abr-51	107	30	1988	1988	NUM
abr-51	107	31	)	)	PUNCT
abr-51	107	32	and	and	CCONJ
abr-51	107	33	quigg	quigg	PROPN
abr-51	107	34	(	(	PUNCT
abr-51	107	35	1993	1993	NUM
abr-51	107	36	)	)	PUNCT
abr-51	107	37	.	.	PUNCT
abr-51	108	1	the	the	DET
abr-51	108	2	area	area	NOUN
abr-51	108	3	of	of	ADP
abr-51	108	4	real	real	ADJ
abr-51	108	5	options	option	NOUN
abr-51	108	6	dealing	deal	VERB
abr-51	108	7	with	with	ADP
abr-51	108	8	the	the	DET
abr-51	108	9	relation	relation	NOUN
abr-51	108	10	between	between	ADP
abr-51	108	11	balance	balance	NOUN
abr-51	108	12	sheet	sheet	NOUN
abr-51	108	13	items	item	NOUN
abr-51	108	14	and	and	CCONJ
abr-51	108	15	stock	stock	NOUN
abr-51	108	16	prices	price	NOUN
abr-51	108	17	has	have	AUX
abr-51	108	18	received	receive	VERB
abr-51	108	19	less	less	ADJ
abr-51	108	20	attention	attention	NOUN
abr-51	108	21	.	.	PUNCT
abr-51	109	1	foster	foster	PROPN
abr-51	109	2	(	(	PUNCT
abr-51	109	3	1986	1986	NUM
abr-51	109	4	)	)	PUNCT
abr-51	109	5	stated	state	VERB
abr-51	109	6	that	that	SCONJ
abr-51	109	7	a	a	DET
abr-51	109	8	critical	critical	ADJ
abr-51	109	9	area	area	NOUN
abr-51	109	10	of	of	ADP
abr-51	109	11	research	research	NOUN
abr-51	109	12	needed	need	VERB
abr-51	109	13	to	to	PART
abr-51	109	14	be	be	AUX
abr-51	109	15	focused	focus	VERB
abr-51	109	16	on	on	ADP
abr-51	109	17	the	the	DET
abr-51	109	18	valuation	valuation	NOUN
abr-51	109	19	effects	effect	NOUN
abr-51	109	20	of	of	ADP
abr-51	109	21	balance	balance	NOUN
abr-51	109	22	sheet	sheet	NOUN
abr-51	109	23	items	item	NOUN
abr-51	109	24	.	.	PUNCT
abr-51	110	1	berger	berger	PROPN
abr-51	110	2	et	et	PROPN
abr-51	110	3	al	al	PROPN
abr-51	110	4	.	.	PROPN
abr-51	110	5	,	,	PUNCT
abr-51	110	6	(	(	PUNCT
abr-51	110	7	1995	1995	NUM
abr-51	110	8	)	)	PUNCT
abr-51	110	9	assessed	assess	VERB
abr-51	110	10	the	the	DET
abr-51	110	11	extent	extent	NOUN
abr-51	110	12	that	that	PRON
abr-51	110	13	balance	balance	NOUN
abr-51	110	14	sheet	sheet	NOUN
abr-51	110	15	information	information	NOUN
abr-51	110	16	impacts	impact	VERB
abr-51	110	17	firm	firm	ADJ
abr-51	110	18	value	value	NOUN
abr-51	110	19	given	give	VERB
abr-51	110	20	the	the	DET
abr-51	110	21	expected	expect	VERB
abr-51	110	22	cash	cash	NOUN
abr-51	110	23	flows	flow	NOUN
abr-51	110	24	of	of	ADP
abr-51	110	25	the	the	DET
abr-51	110	26	firm	firm	NOUN
abr-51	110	27	.	.	PUNCT
abr-51	111	1	while	while	SCONJ
abr-51	111	2	it	it	PRON
abr-51	111	3	is	be	AUX
abr-51	111	4	beyond	beyond	ADP
abr-51	111	5	the	the	DET
abr-51	111	6	scope	scope	NOUN
abr-51	111	7	of	of	ADP
abr-51	111	8	this	this	DET
abr-51	111	9	paper	paper	NOUN
abr-51	111	10	to	to	PART
abr-51	111	11	empirically	empirically	ADV
abr-51	111	12	test	test	VERB
abr-51	111	13	an	an	DET
abr-51	111	14	enterprise	enterprise	NOUN
abr-51	111	15	value	value	NOUN
abr-51	111	16	option	option	NOUN
abr-51	111	17	model	model	NOUN
abr-51	111	18	,	,	PUNCT
abr-51	111	19	this	this	DET
abr-51	111	20	study	study	NOUN
abr-51	111	21	still	still	ADV
abr-51	111	22	contributes	contribute	VERB
abr-51	111	23	to	to	ADP
abr-51	111	24	the	the	DET
abr-51	111	25	real	real	ADJ
abr-51	111	26	options	option	NOUN
abr-51	111	27	literature	literature	NOUN
abr-51	111	28	.	.	PUNCT
abr-51	112	1	when	when	SCONJ
abr-51	112	2	a	a	DET
abr-51	112	3	firm	firm	NOUN
abr-51	112	4	encounters	encounter	VERB
abr-51	112	5	an	an	DET
abr-51	112	6	investment	investment	NOUN
abr-51	112	7	opportunity	opportunity	NOUN
abr-51	112	8	,	,	PUNCT
abr-51	112	9	it	it	PRON
abr-51	112	10	’s	’	VERB
abr-51	112	11	analogous	analogous	ADJ
abr-51	112	12	to	to	ADP
abr-51	112	13	a	a	DET
abr-51	112	14	call	call	NOUN
abr-51	112	15	option	option	NOUN
abr-51	112	16	as	as	SCONJ
abr-51	112	17	the	the	DET
abr-51	112	18	company	company	NOUN
abr-51	112	19	has	have	VERB
abr-51	112	20	the	the	DET
abr-51	112	21	right	right	NOUN
abr-51	112	22	,	,	PUNCT
abr-51	112	23	but	but	CCONJ
abr-51	112	24	not	not	PART
abr-51	112	25	the	the	DET
abr-51	112	26	obligation	obligation	NOUN
abr-51	112	27	,	,	PUNCT
abr-51	112	28	to	to	PART
abr-51	112	29	acquire	acquire	VERB
abr-51	112	30	the	the	DET
abr-51	112	31	operating	operate	VERB
abr-51	112	32	assets	asset	NOUN
abr-51	112	33	of	of	ADP
abr-51	112	34	another	another	DET
abr-51	112	35	company	company	NOUN
abr-51	112	36	.	.	PUNCT
abr-51	113	1	the	the	DET
abr-51	113	2	enterprise	enterprise	NOUN
abr-51	113	3	value	value	NOUN
abr-51	113	4	metric	metric	NOUN
abr-51	113	5	allows	allow	VERB
abr-51	113	6	an	an	DET
abr-51	113	7	equity	equity	NOUN
abr-51	113	8	investor	investor	NOUN
abr-51	113	9	to	to	PART
abr-51	113	10	assess	assess	VERB
abr-51	113	11	the	the	DET
abr-51	113	12	firm	firm	NOUN
abr-51	113	13	on	on	ADP
abr-51	113	14	the	the	DET
abr-51	113	15	same	same	ADJ
abr-51	113	16	basis	basis	NOUN
abr-51	113	17	as	as	ADP
abr-51	113	18	an	an	DET
abr-51	113	19	acquirer	acquirer	NOUN
abr-51	113	20	in	in	ADP
abr-51	113	21	a	a	DET
abr-51	113	22	mergeracquisition	mergeracquisition	NOUN
abr-51	113	23	transaction	transaction	NOUN
abr-51	113	24	.	.	PUNCT
abr-51	114	1	the	the	DET
abr-51	114	2	ideal	ideal	ADJ
abr-51	114	3	situation	situation	NOUN
abr-51	114	4	would	would	AUX
abr-51	114	5	be	be	AUX
abr-51	114	6	to	to	PART
abr-51	114	7	find	find	VERB
abr-51	114	8	a	a	DET
abr-51	114	9	call	call	NOUN
abr-51	114	10	option	option	NOUN
abr-51	114	11	that	that	PRON
abr-51	114	12	is	be	AUX
abr-51	114	13	similar	similar	ADJ
abr-51	114	14	to	to	ADP
abr-51	114	15	the	the	DET
abr-51	114	16	investment	investment	NOUN
abr-51	114	17	so	so	SCONJ
abr-51	114	18	that	that	SCONJ
abr-51	114	19	the	the	DET
abr-51	114	20	value	value	NOUN
abr-51	114	21	of	of	ADP
abr-51	114	22	the	the	DET
abr-51	114	23	option	option	NOUN
abr-51	114	24	would	would	AUX
abr-51	114	25	tell	tell	VERB
abr-51	114	26	the	the	DET
abr-51	114	27	investor	investor	NOUN
abr-51	114	28	something	something	PRON
abr-51	114	29	about	about	ADP
abr-51	114	30	the	the	DET
abr-51	114	31	value	value	NOUN
abr-51	114	32	of	of	ADP
abr-51	114	33	the	the	DET
abr-51	114	34	opportunity	opportunity	NOUN
abr-51	114	35	at	at	ADP
abr-51	114	36	hand	hand	NOUN
abr-51	114	37	(	(	PUNCT
abr-51	114	38	luehrman	luehrman	NOUN
abr-51	114	39	,	,	PUNCT
abr-51	114	40	1998	1998	NUM
abr-51	114	41	)	)	PUNCT
abr-51	114	42	.	.	PUNCT
abr-51	115	1	the	the	DET
abr-51	115	2	enterprise	enterprise	NOUN
abr-51	115	3	value	value	NOUN
abr-51	115	4	can	can	AUX
abr-51	115	5	be	be	AUX
abr-51	115	6	viewed	view	VERB
abr-51	115	7	as	as	ADP
abr-51	115	8	a	a	DET
abr-51	115	9	takeover	takeover	NOUN
abr-51	115	10	price	price	NOUN
abr-51	115	11	where	where	SCONJ
abr-51	115	12	the	the	DET
abr-51	115	13	acquirer	acquirer	NOUN
abr-51	115	14	accepts	accept	VERB
abr-51	115	15	the	the	DET
abr-51	115	16	debt	debt	NOUN
abr-51	115	17	obligations	obligation	NOUN
abr-51	115	18	of	of	ADP
abr-51	115	19	the	the	DET
abr-51	115	20	firm	firm	NOUN
abr-51	115	21	but	but	CCONJ
abr-51	115	22	is	be	AUX
abr-51	115	23	also	also	ADV
abr-51	115	24	entitled	entitle	VERB
abr-51	115	25	to	to	ADP
abr-51	115	26	its	its	PRON
abr-51	115	27	cash	cash	NOUN
abr-51	115	28	inflows	inflow	NOUN
abr-51	115	29	;	;	PUNCT
abr-51	115	30	the	the	DET
abr-51	115	31	net	net	ADJ
abr-51	115	32	balance	balance	NOUN
abr-51	115	33	of	of	ADP
abr-51	115	34	debt	debt	NOUN
abr-51	115	35	or	or	CCONJ
abr-51	115	36	the	the	DET
abr-51	115	37	value	value	NOUN
abr-51	115	38	of	of	ADP
abr-51	115	39	claims	claim	NOUN
abr-51	115	40	on	on	ADP
abr-51	115	41	the	the	DET
abr-51	115	42	firm	firm	NOUN
abr-51	115	43	’s	’s	PART
abr-51	115	44	cash	cash	NOUN
abr-51	115	45	flow	flow	NOUN
abr-51	115	46	becomes	become	VERB
abr-51	115	47	the	the	DET
abr-51	115	48	strike	strike	NOUN
abr-51	115	49	price	price	NOUN
abr-51	115	50	of	of	ADP
abr-51	115	51	the	the	DET
abr-51	115	52	ev	ev	ADJ
abr-51	115	53	option	option	NOUN
abr-51	115	54	.	.	PUNCT
abr-51	116	1	the	the	DET
abr-51	116	2	mapping	mapping	NOUN
abr-51	116	3	of	of	ADP
abr-51	116	4	the	the	DET
abr-51	116	5	investment	investment	NOUN
abr-51	116	6	opportunity	opportunity	NOUN
abr-51	116	7	on	on	ADP
abr-51	116	8	the	the	DET
abr-51	116	9	call	call	NOUN
abr-51	116	10	option	option	NOUN
abr-51	116	11	leads	lead	VERB
abr-51	116	12	to	to	ADP
abr-51	116	13	the	the	DET
abr-51	116	14	following	follow	VERB
abr-51	116	15	call	call	NOUN
abr-51	116	16	option	option	NOUN
abr-51	116	17	value	value	NOUN
abr-51	116	18	rule	rule	NOUN
abr-51	116	19	.	.	PUNCT
abr-51	117	1	let	let	VERB
abr-51	117	2	s	s	PRON
abr-51	117	3	be	be	AUX
abr-51	117	4	the	the	DET
abr-51	117	5	value	value	NOUN
abr-51	117	6	of	of	ADP
abr-51	117	7	the	the	DET
abr-51	117	8	firm	firm	NOUN
abr-51	117	9	’s	’s	PART
abr-51	117	10	assets	asset	NOUN
abr-51	117	11	and	and	CCONJ
abr-51	117	12	x	x	PART
abr-51	117	13	represent	represent	VERB
abr-51	117	14	the	the	DET
abr-51	117	15	entire	entire	ADJ
abr-51	117	16	cost	cost	NOUN
abr-51	117	17	of	of	ADP
abr-51	117	18	the	the	DET
abr-51	117	19	company	company	NOUN
abr-51	117	20	,	,	PUNCT
abr-51	117	21	the	the	DET
abr-51	117	22	enterprise	enterprise	NOUN
abr-51	117	23	value	value	NOUN
abr-51	117	24	(	(	PUNCT
abr-51	117	25	ev	ev	NOUN
abr-51	117	26	)	)	PUNCT
abr-51	117	27	.	.	PUNCT
abr-51	118	1	the	the	DET
abr-51	118	2	call	call	NOUN
abr-51	118	3	option	option	NOUN
abr-51	118	4	value	value	NOUN
abr-51	118	5	=	=	PUNCT
abr-51	118	6	(	(	PUNCT
abr-51	118	7	s	s	X
abr-51	118	8	–	–	PUNCT
abr-51	118	9	x	x	NOUN
abr-51	118	10	,	,	PUNCT
abr-51	118	11	0	0	NUM
abr-51	118	12	)	)	PUNCT
abr-51	118	13	.	.	PUNCT
abr-51	119	1	when	when	SCONJ
abr-51	119	2	the	the	DET
abr-51	119	3	investment	investment	NOUN
abr-51	119	4	opportunity	opportunity	NOUN
abr-51	119	5	decision	decision	NOUN
abr-51	119	6	can	can	AUX
abr-51	119	7	no	no	ADV
abr-51	119	8	longer	long	ADV
abr-51	119	9	be	be	AUX
abr-51	119	10	deferred	defer	VERB
abr-51	119	11	,	,	PUNCT
abr-51	119	12	the	the	DET
abr-51	119	13	call	call	NOUN
abr-51	119	14	option	option	NOUN
abr-51	119	15	value	value	NOUN
abr-51	119	16	is	be	AUX
abr-51	119	17	(	(	PUNCT
abr-51	119	18	s	s	X
abr-51	119	19	–	–	PUNCT
abr-51	119	20	x	x	NOUN
abr-51	119	21	)	)	PUNCT
abr-51	119	22	or	or	CCONJ
abr-51	119	23	0	0	NUM
abr-51	119	24	whichever	whichever	PRON
abr-51	119	25	is	be	AUX
abr-51	119	26	greater	great	ADJ
abr-51	119	27	.	.	PUNCT
abr-51	120	1	the	the	DET
abr-51	120	2	enterprise	enterprise	NOUN
abr-51	120	3	value	value	NOUN
abr-51	120	4	represents	represent	VERB
abr-51	120	5	the	the	DET
abr-51	120	6	‘	'	PUNCT
abr-51	120	7	right	right	NOUN
abr-51	120	8	’	'	PUNCT
abr-51	120	9	to	to	PART
abr-51	120	10	buy	buy	VERB
abr-51	120	11	a	a	DET
abr-51	120	12	firm	firm	NOUN
abr-51	120	13	’s	’s	PART
abr-51	120	14	core	core	ADJ
abr-51	120	15	cash	cash	NOUN
abr-51	120	16	flow	flow	NOUN
abr-51	120	17	;	;	PUNCT
abr-51	120	18	it	it	PRON
abr-51	120	19	’s	’	VERB
abr-51	120	20	the	the	DET
abr-51	120	21	acquisition	acquisition	NOUN
abr-51	120	22	cost	cost	NOUN
abr-51	120	23	of	of	ADP
abr-51	120	24	the	the	DET
abr-51	120	25	firm	firm	NOUN
abr-51	120	26	.	.	PUNCT
abr-51	121	1	as	as	ADP
abr-51	121	2	such	such	ADJ
abr-51	121	3	,	,	PUNCT
abr-51	121	4	it	it	PRON
abr-51	121	5	must	must	AUX
abr-51	121	6	incorporate	incorporate	VERB
abr-51	121	7	not	not	PART
abr-51	121	8	just	just	ADV
abr-51	121	9	the	the	DET
abr-51	121	10	market	market	NOUN
abr-51	121	11	capitalization	capitalization	NOUN
abr-51	121	12	but	but	CCONJ
abr-51	121	13	also	also	ADV
abr-51	121	14	the	the	DET
abr-51	121	15	net	net	ADJ
abr-51	121	16	debt	debt	NOUN
abr-51	121	17	and	and	CCONJ
abr-51	121	18	all	all	DET
abr-51	121	19	claims	claim	NOUN
abr-51	121	20	pertaining	pertain	VERB
abr-51	121	21	to	to	ADP
abr-51	121	22	preferred	preferred	ADJ
abr-51	121	23	stock	stock	NOUN
abr-51	121	24	and	and	CCONJ
abr-51	121	25	non	non	ADJ
abr-51	121	26	-	-	ADJ
abr-51	121	27	controlling	controlling	ADJ
abr-51	121	28	minority	minority	NOUN
abr-51	121	29	interests	interest	NOUN
abr-51	121	30	as	as	ADV
abr-51	121	31	well	well	ADV
abr-51	121	32	.	.	PUNCT
abr-51	122	1	the	the	DET
abr-51	122	2	non	non	ADJ
abr-51	122	3	-	-	ADJ
abr-51	122	4	operating	operate	VERB
abr-51	122	5	assets	asset	NOUN
abr-51	122	6	(	(	PUNCT
abr-51	122	7	i.e.	i.e.	X
abr-51	122	8	,	,	PUNCT
abr-51	122	9	net	net	ADJ
abr-51	122	10	cash	cash	NOUN
abr-51	122	11	balances	balance	NOUN
abr-51	122	12	)	)	PUNCT
abr-51	122	13	that	that	PRON
abr-51	122	14	do	do	AUX
abr-51	122	15	not	not	PART
abr-51	122	16	contribute	contribute	VERB
abr-51	122	17	to	to	ADP
abr-51	122	18	the	the	DET
abr-51	122	19	day	day	NOUN
abr-51	122	20	-	-	PUNCT
abr-51	122	21	to	to	ADP
abr-51	122	22	-	-	PUNCT
abr-51	122	23	day	day	NOUN
abr-51	122	24	-	-	PUNCT
abr-51	122	25	operations	operation	NOUN
abr-51	122	26	of	of	ADP
abr-51	122	27	the	the	DET
abr-51	122	28	firm	firm	NOUN
abr-51	122	29	need	need	VERB
abr-51	122	30	to	to	PART
abr-51	122	31	be	be	AUX
abr-51	122	32	deducted	deduct	VERB
abr-51	122	33	.	.	PUNCT
abr-51	123	1	one	one	NUM
abr-51	123	2	method	method	NOUN
abr-51	123	3	of	of	ADP
abr-51	123	4	predicting	predict	VERB
abr-51	123	5	the	the	DET
abr-51	123	6	ev	ev	PROPN
abr-51	123	7	is	be	AUX
abr-51	123	8	based	base	VERB
abr-51	123	9	upon	upon	SCONJ
abr-51	123	10	the	the	DET
abr-51	123	11	projection	projection	NOUN
abr-51	123	12	of	of	ADP
abr-51	123	13	expected	expect	VERB
abr-51	123	14	future	future	ADJ
abr-51	123	15	after	after	ADP
abr-51	123	16	-	-	PUNCT
abr-51	123	17	tax	tax	NOUN
abr-51	123	18	cash	cash	NOUN
abr-51	123	19	flows	flow	VERB
abr-51	123	20	,	,	PUNCT
abr-51	123	21	after	after	ADP
abr-51	123	22	taking	take	VERB
abr-51	123	23	into	into	ADP
abr-51	123	24	account	account	NOUN
abr-51	123	25	investments	investment	NOUN
abr-51	123	26	in	in	ADP
abr-51	123	27	capital	capital	NOUN
abr-51	123	28	assets	asset	NOUN
abr-51	123	29	and	and	CCONJ
abr-51	123	30	net	net	ADJ
abr-51	123	31	working	working	NOUN
abr-51	123	32	capital	capital	NOUN
abr-51	123	33	.	.	PUNCT
abr-51	124	1	it	it	PRON
abr-51	124	2	’s	’s	AUX
abr-51	124	3	treated	treat	VERB
abr-51	124	4	as	as	ADP
abr-51	124	5	a	a	DET
abr-51	124	6	perpetuity	perpetuity	NOUN
abr-51	124	7	that	that	PRON
abr-51	124	8	grows	grow	VERB
abr-51	124	9	at	at	ADP
abr-51	124	10	a	a	DET
abr-51	124	11	constant	constant	ADJ
abr-51	124	12	growth	growth	NOUN
abr-51	124	13	rate	rate	NOUN
abr-51	124	14	and	and	CCONJ
abr-51	124	15	is	be	AUX
abr-51	124	16	discounted	discount	VERB
abr-51	124	17	at	at	ADP
abr-51	124	18	a	a	DET
abr-51	124	19	weighted	weighted	ADJ
abr-51	124	20	average	average	ADJ
abr-51	124	21	cost	cost	NOUN
abr-51	124	22	of	of	ADP
abr-51	124	23	capital	capital	NOUN
abr-51	124	24	.	.	PUNCT
abr-51	125	1	however	however	ADV
abr-51	125	2	,	,	PUNCT
abr-51	125	3	this	this	DET
abr-51	125	4	paper	paper	NOUN
abr-51	125	5	utilizes	utilize	VERB
abr-51	125	6	a	a	DET
abr-51	125	7	linear	linear	ADJ
abr-51	125	8	operational	operational	ADJ
abr-51	125	9	model	model	NOUN
abr-51	125	10	that	that	PRON
abr-51	125	11	can	can	AUX
abr-51	125	12	be	be	AUX
abr-51	125	13	expressed	express	VERB
abr-51	125	14	as	as	ADP
abr-51	125	15	:	:	PUNCT
abr-51	125	16	enterprise	enterprise	NOUN
abr-51	125	17	value	value	NOUN
abr-51	125	18	(	(	PUNCT
abr-51	125	19	ev	ev	NOUN
abr-51	125	20	)	)	PUNCT
abr-51	125	21	=	=	NOUN
abr-51	125	22	market	market	NOUN
abr-51	125	23	capitalization	capitalization	NOUN
abr-51	125	24	(	(	PUNCT
abr-51	125	25	mc	mc	NOUN
abr-51	125	26	)	)	PUNCT
abr-51	126	1	+	+	CCONJ
abr-51	126	2	debt	debt	NOUN
abr-51	126	3	(	(	PUNCT
abr-51	126	4	d	d	NOUN
abr-51	126	5	)	)	PUNCT
abr-51	127	1	+	+	CCONJ
abr-51	127	2	non	non	ADJ
abr-51	127	3	-	-	ADJ
abr-51	127	4	controlling	controlling	ADJ
abr-51	127	5	minority	minority	NOUN
abr-51	127	6	interest	interest	NOUN
abr-51	127	7	(	(	PUNCT
abr-51	127	8	mi	mi	NOUN
abr-51	127	9	)	)	PUNCT
abr-51	127	10	+	+	CCONJ
abr-51	127	11	preferred	preferred	ADJ
abr-51	127	12	shares	share	NOUN
abr-51	127	13	(	(	PUNCT
abr-51	127	14	ps	ps	NOUN
abr-51	127	15	)	)	PUNCT
abr-51	127	16	–	–	PUNCT
abr-51	127	17	excess	excess	ADJ
abr-51	127	18	cash	cash	NOUN
abr-51	127	19	(	(	PUNCT
abr-51	127	20	ec	ec	PROPN
abr-51	127	21	)	)	PUNCT
abr-51	127	22	these	these	DET
abr-51	127	23	components	component	NOUN
abr-51	127	24	are	be	AUX
abr-51	127	25	examined	examine	VERB
abr-51	127	26	below	below	ADV
abr-51	127	27	:	:	PUNCT
abr-51	127	28	lifland	lifland	NOUN
abr-51	127	29	advances	advance	NOUN
abr-51	127	30	in	in	ADP
abr-51	127	31	business	business	NOUN
abr-51	127	32	research	research	NOUN
abr-51	127	33	2011	2011	NUM
abr-51	127	34	,	,	PUNCT
abr-51	127	35	vol	vol	NOUN
abr-51	127	36	.	.	PROPN
abr-51	128	1	2	2	NUM
abr-51	128	2	,	,	PUNCT
abr-51	128	3	no	no	INTJ
abr-51	128	4	.	.	NOUN
abr-51	128	5	1	1	NUM
abr-51	128	6	,	,	PUNCT
abr-51	128	7	57	57	NUM
abr-51	128	8	-	-	SYM
abr-51	128	9	70	70	NUM
abr-51	128	10	61	61	NUM
abr-51	128	11	the	the	DET
abr-51	128	12	market	market	NOUN
abr-51	128	13	capitalization	capitalization	NOUN
abr-51	128	14	(	(	PUNCT
abr-51	128	15	mc	mc	PROPN
abr-51	128	16	)	)	PUNCT
abr-51	128	17	is	be	AUX
abr-51	128	18	the	the	DET
abr-51	128	19	number	number	NOUN
abr-51	128	20	of	of	ADP
abr-51	128	21	common	common	ADJ
abr-51	128	22	diluted	diluted	ADJ
abr-51	128	23	shares	share	NOUN
abr-51	128	24	outstanding	outstanding	ADJ
abr-51	128	25	multiplied	multiply	VERB
abr-51	128	26	by	by	ADP
abr-51	128	27	the	the	DET
abr-51	128	28	share	share	NOUN
abr-51	128	29	price	price	NOUN
abr-51	128	30	.	.	PUNCT
abr-51	129	1	the	the	DET
abr-51	129	2	diluted	dilute	VERB
abr-51	129	3	shares	share	NOUN
abr-51	129	4	reflect	reflect	VERB
abr-51	129	5	any	any	DET
abr-51	129	6	changes	change	NOUN
abr-51	129	7	from	from	ADP
abr-51	129	8	the	the	DET
abr-51	129	9	exercise	exercise	NOUN
abr-51	129	10	or	or	CCONJ
abr-51	129	11	conversion	conversion	NOUN
abr-51	129	12	of	of	ADP
abr-51	129	13	options	option	NOUN
abr-51	129	14	,	,	PUNCT
abr-51	129	15	warrants	warrant	NOUN
abr-51	129	16	,	,	PUNCT
abr-51	129	17	and	and	CCONJ
abr-51	129	18	convertible	convertible	ADJ
abr-51	129	19	securities	security	NOUN
abr-51	129	20	.	.	PUNCT
abr-51	130	1	the	the	DET
abr-51	130	2	debt	debt	NOUN
abr-51	130	3	(	(	PUNCT
abr-51	130	4	d	d	X
abr-51	130	5	)	)	PUNCT
abr-51	130	6	comprises	comprise	VERB
abr-51	130	7	all	all	DET
abr-51	130	8	long	long	ADJ
abr-51	130	9	-	-	PUNCT
abr-51	130	10	term	term	NOUN
abr-51	130	11	debt	debt	NOUN
abr-51	130	12	and	and	CCONJ
abr-51	130	13	the	the	DET
abr-51	130	14	current	current	ADJ
abr-51	130	15	portion	portion	NOUN
abr-51	130	16	of	of	ADP
abr-51	130	17	long	long	ADJ
abr-51	130	18	-	-	PUNCT
abr-51	130	19	term	term	NOUN
abr-51	130	20	debt	debt	NOUN
abr-51	130	21	.	.	PUNCT
abr-51	131	1	capital	capital	NOUN
abr-51	131	2	leases	lease	NOUN
abr-51	131	3	are	be	AUX
abr-51	131	4	also	also	ADV
abr-51	131	5	included	include	VERB
abr-51	131	6	.	.	PUNCT
abr-51	132	1	once	once	ADV
abr-51	132	2	a	a	DET
abr-51	132	3	business	business	NOUN
abr-51	132	4	is	be	AUX
abr-51	132	5	acquired	acquire	VERB
abr-51	132	6	,	,	PUNCT
abr-51	132	7	its	its	PRON
abr-51	132	8	debt	debt	NOUN
abr-51	132	9	has	have	AUX
abr-51	132	10	also	also	ADV
abr-51	132	11	been	be	AUX
abr-51	132	12	acquired	acquire	VERB
abr-51	132	13	.	.	PUNCT
abr-51	133	1	the	the	DET
abr-51	133	2	non	non	ADJ
abr-51	133	3	-	-	ADJ
abr-51	133	4	controlling	controlling	ADJ
abr-51	133	5	(	(	PUNCT
abr-51	133	6	minority	minority	NOUN
abr-51	133	7	)	)	PUNCT
abr-51	133	8	interest	interest	NOUN
abr-51	133	9	(	(	PUNCT
abr-51	133	10	mi	mi	NOUN
abr-51	133	11	)	)	PUNCT
abr-51	133	12	represents	represent	VERB
abr-51	133	13	the	the	DET
abr-51	133	14	interest	interest	NOUN
abr-51	133	15	of	of	ADP
abr-51	133	16	non	non	ADJ
abr-51	133	17	-	-	ADJ
abr-51	133	18	controlling	controlling	ADJ
abr-51	133	19	shareholders	shareholder	NOUN
abr-51	133	20	in	in	ADP
abr-51	133	21	the	the	DET
abr-51	133	22	net	net	ADJ
abr-51	133	23	assets	asset	NOUN
abr-51	133	24	of	of	ADP
abr-51	133	25	a	a	DET
abr-51	133	26	company	company	NOUN
abr-51	133	27	.	.	PUNCT
abr-51	134	1	a	a	DET
abr-51	134	2	parent	parent	NOUN
abr-51	134	3	company	company	NOUN
abr-51	134	4	has	have	VERB
abr-51	134	5	a	a	DET
abr-51	134	6	70	70	NUM
abr-51	134	7	%	%	NOUN
abr-51	134	8	controlling	control	VERB
abr-51	134	9	interest	interest	NOUN
abr-51	134	10	in	in	ADP
abr-51	134	11	a	a	DET
abr-51	134	12	consolidated	consolidated	ADJ
abr-51	134	13	subsidiary	subsidiary	NOUN
abr-51	134	14	,	,	PUNCT
abr-51	134	15	while	while	SCONJ
abr-51	134	16	the	the	DET
abr-51	134	17	remaining	remain	VERB
abr-51	134	18	30	30	NUM
abr-51	134	19	%	%	NOUN
abr-51	134	20	non	non	ADJ
abr-51	134	21	-	-	ADJ
abr-51	134	22	controlling	controlling	ADJ
abr-51	134	23	interest	interest	NOUN
abr-51	134	24	is	be	AUX
abr-51	134	25	owned	own	VERB
abr-51	134	26	by	by	ADP
abr-51	134	27	another	another	DET
abr-51	134	28	company	company	NOUN
abr-51	134	29	.	.	PUNCT
abr-51	135	1	the	the	DET
abr-51	135	2	non	non	ADJ
abr-51	135	3	-	-	ADJ
abr-51	135	4	controlling	controlling	ADJ
abr-51	135	5	interest	interest	NOUN
abr-51	135	6	is	be	AUX
abr-51	135	7	excluded	exclude	VERB
abr-51	135	8	from	from	ADP
abr-51	135	9	the	the	DET
abr-51	135	10	enterprise	enterprise	NOUN
abr-51	135	11	value	value	NOUN
abr-51	135	12	.	.	PUNCT
abr-51	136	1	the	the	DET
abr-51	136	2	preferred	preferred	ADJ
abr-51	136	3	stock	stock	NOUN
abr-51	136	4	(	(	PUNCT
abr-51	136	5	ps	ps	NOUN
abr-51	136	6	)	)	PUNCT
abr-51	136	7	that	that	PRON
abr-51	136	8	is	be	AUX
abr-51	136	9	not	not	PART
abr-51	136	10	convertible	convertible	ADJ
abr-51	136	11	into	into	ADP
abr-51	136	12	common	common	ADJ
abr-51	136	13	stock	stock	NOUN
abr-51	136	14	must	must	AUX
abr-51	136	15	be	be	AUX
abr-51	136	16	redeemed	redeem	VERB
abr-51	136	17	at	at	ADP
abr-51	136	18	a	a	DET
abr-51	136	19	certain	certain	ADJ
abr-51	136	20	date	date	NOUN
abr-51	136	21	and	and	CCONJ
abr-51	136	22	price	price	NOUN
abr-51	136	23	and	and	CCONJ
abr-51	136	24	is	be	AUX
abr-51	136	25	treated	treat	VERB
abr-51	136	26	as	as	ADP
abr-51	136	27	debt	debt	NOUN
abr-51	136	28	.	.	PUNCT
abr-51	137	1	its	its	PRON
abr-51	137	2	existence	existence	NOUN
abr-51	137	3	represents	represent	VERB
abr-51	137	4	a	a	DET
abr-51	137	5	claim	claim	NOUN
abr-51	137	6	on	on	ADP
abr-51	137	7	the	the	DET
abr-51	137	8	business	business	NOUN
abr-51	137	9	,	,	PUNCT
abr-51	137	10	a	a	DET
abr-51	137	11	financial	financial	ADJ
abr-51	137	12	liability	liability	NOUN
abr-51	137	13	,	,	PUNCT
abr-51	137	14	and	and	CCONJ
abr-51	137	15	is	be	AUX
abr-51	137	16	included	include	VERB
abr-51	137	17	in	in	ADP
abr-51	137	18	net	net	ADJ
abr-51	137	19	debt	debt	NOUN
abr-51	137	20	.	.	PUNCT
abr-51	138	1	the	the	DET
abr-51	138	2	excess	excess	ADJ
abr-51	138	3	cash	cash	NOUN
abr-51	138	4	(	(	PUNCT
abr-51	138	5	ec	ec	PROPN
abr-51	138	6	)	)	PUNCT
abr-51	138	7	reflects	reflect	VERB
abr-51	138	8	the	the	DET
abr-51	138	9	cash	cash	NOUN
abr-51	138	10	remaining	remain	VERB
abr-51	138	11	after	after	SCONJ
abr-51	138	12	the	the	DET
abr-51	138	13	firm	firm	NOUN
abr-51	138	14	has	have	AUX
abr-51	138	15	met	meet	VERB
abr-51	138	16	all	all	PRON
abr-51	138	17	of	of	ADP
abr-51	138	18	its	its	PRON
abr-51	138	19	short	short	ADJ
abr-51	138	20	-	-	PUNCT
abr-51	138	21	term	term	NOUN
abr-51	138	22	liabilities	liability	NOUN
abr-51	138	23	.	.	PUNCT
abr-51	139	1	it	it	PRON
abr-51	139	2	generally	generally	ADV
abr-51	139	3	is	be	AUX
abr-51	139	4	cash	cash	NOUN
abr-51	139	5	and	and	CCONJ
abr-51	139	6	marketable	marketable	ADJ
abr-51	139	7	securities	security	NOUN
abr-51	139	8	.	.	PUNCT
abr-51	140	1	it	it	PRON
abr-51	140	2	serves	serve	VERB
abr-51	140	3	to	to	PART
abr-51	140	4	reduce	reduce	VERB
abr-51	140	5	the	the	DET
abr-51	140	6	debt	debt	NOUN
abr-51	140	7	and	and	CCONJ
abr-51	140	8	hence	hence	ADV
abr-51	140	9	the	the	DET
abr-51	140	10	acquisition	acquisition	NOUN
abr-51	140	11	cost	cost	NOUN
abr-51	140	12	.	.	PUNCT
abr-51	141	1	it	it	PRON
abr-51	141	2	is	be	AUX
abr-51	141	3	not	not	PART
abr-51	141	4	likely	likely	ADJ
abr-51	141	5	that	that	SCONJ
abr-51	141	6	you	you	PRON
abr-51	141	7	would	would	AUX
abr-51	141	8	buy	buy	VERB
abr-51	141	9	an	an	DET
abr-51	141	10	asset	asset	NOUN
abr-51	141	11	without	without	ADP
abr-51	141	12	considering	consider	VERB
abr-51	141	13	the	the	DET
abr-51	141	14	total	total	ADJ
abr-51	141	15	amount	amount	NOUN
abr-51	141	16	that	that	PRON
abr-51	141	17	you	you	PRON
abr-51	141	18	have	have	VERB
abr-51	141	19	to	to	PART
abr-51	141	20	pay	pay	VERB
abr-51	141	21	to	to	PART
abr-51	141	22	acquire	acquire	VERB
abr-51	141	23	that	that	DET
abr-51	141	24	asset	asset	NOUN
abr-51	141	25	.	.	PUNCT
abr-51	142	1	this	this	DET
abr-51	142	2	paper	paper	NOUN
abr-51	142	3	considers	consider	VERB
abr-51	142	4	the	the	DET
abr-51	142	5	enterprise	enterprise	NOUN
abr-51	142	6	value	value	NOUN
abr-51	142	7	as	as	ADP
abr-51	142	8	a	a	DET
abr-51	142	9	call	call	NOUN
abr-51	142	10	option	option	NOUN
abr-51	142	11	on	on	ADP
abr-51	142	12	the	the	DET
abr-51	142	13	firm	firm	NOUN
abr-51	142	14	’s	’s	PART
abr-51	142	15	equity	equity	NOUN
abr-51	142	16	value	value	NOUN
abr-51	142	17	with	with	ADP
abr-51	142	18	the	the	DET
abr-51	142	19	strike	strike	NOUN
abr-51	142	20	price	price	NOUN
abr-51	142	21	being	be	AUX
abr-51	142	22	the	the	DET
abr-51	142	23	core	core	ADJ
abr-51	142	24	cash	cash	NOUN
abr-51	142	25	flows	flow	NOUN
abr-51	142	26	or	or	CCONJ
abr-51	142	27	the	the	DET
abr-51	142	28	value	value	NOUN
abr-51	142	29	of	of	ADP
abr-51	142	30	claims	claim	NOUN
abr-51	142	31	on	on	ADP
abr-51	142	32	that	that	DET
abr-51	142	33	cash	cash	NOUN
abr-51	142	34	flow	flow	NOUN
abr-51	142	35	.	.	PUNCT
abr-51	143	1	the	the	DET
abr-51	143	2	handling	handling	NOUN
abr-51	143	3	of	of	ADP
abr-51	143	4	the	the	DET
abr-51	143	5	components	component	NOUN
abr-51	143	6	of	of	ADP
abr-51	143	7	market	market	NOUN
abr-51	143	8	capitalization	capitalization	NOUN
abr-51	143	9	,	,	PUNCT
abr-51	143	10	debt	debt	NOUN
abr-51	143	11	,	,	PUNCT
abr-51	143	12	minority	minority	NOUN
abr-51	143	13	interest	interest	NOUN
abr-51	143	14	,	,	PUNCT
abr-51	143	15	preferred	preferred	ADJ
abr-51	143	16	stock	stock	NOUN
abr-51	143	17	,	,	PUNCT
abr-51	143	18	and	and	CCONJ
abr-51	143	19	excess	excess	ADJ
abr-51	143	20	cash	cash	NOUN
abr-51	143	21	imply	imply	VERB
abr-51	143	22	that	that	SCONJ
abr-51	143	23	in	in	ADP
abr-51	143	24	maximizing	maximize	VERB
abr-51	143	25	the	the	DET
abr-51	143	26	value	value	NOUN
abr-51	143	27	of	of	ADP
abr-51	143	28	the	the	DET
abr-51	143	29	business	business	NOUN
abr-51	143	30	,	,	PUNCT
abr-51	143	31	it	it	PRON
abr-51	143	32	in	in	ADP
abr-51	143	33	turn	turn	NOUN
abr-51	143	34	achieves	achieve	VERB
abr-51	143	35	the	the	DET
abr-51	143	36	overall	overall	ADJ
abr-51	143	37	financial	financial	ADJ
abr-51	143	38	goal	goal	NOUN
abr-51	143	39	of	of	ADP
abr-51	143	40	maximizing	maximize	VERB
abr-51	143	41	stockholders	stockholder	NOUN
abr-51	143	42	’	'	PUNCT
abr-51	143	43	wealth	wealth	NOUN
abr-51	143	44	.	.	PUNCT
abr-51	144	1	working	work	VERB
abr-51	144	2	capital	capital	NOUN
abr-51	144	3	efficiencies	efficiency	NOUN
abr-51	144	4	the	the	DET
abr-51	144	5	accounting	accounting	NOUN
abr-51	144	6	definition	definition	NOUN
abr-51	144	7	of	of	ADP
abr-51	144	8	working	work	VERB
abr-51	144	9	capital	capital	NOUN
abr-51	144	10	is	be	AUX
abr-51	144	11	the	the	DET
abr-51	144	12	difference	difference	NOUN
abr-51	144	13	between	between	ADP
abr-51	144	14	current	current	ADJ
abr-51	144	15	assets	asset	NOUN
abr-51	144	16	and	and	CCONJ
abr-51	144	17	current	current	ADJ
abr-51	144	18	liabilities	liability	NOUN
abr-51	144	19	.	.	PUNCT
abr-51	145	1	typical	typical	ADJ
abr-51	145	2	current	current	ADJ
abr-51	145	3	assets	asset	NOUN
abr-51	145	4	are	be	AUX
abr-51	145	5	cash	cash	NOUN
abr-51	145	6	,	,	PUNCT
abr-51	145	7	receivables	receivables	NOUN
abr-51	145	8	,	,	PUNCT
abr-51	145	9	inventory	inventory	NOUN
abr-51	145	10	,	,	PUNCT
abr-51	145	11	and	and	CCONJ
abr-51	145	12	prepaid	prepaid	ADJ
abr-51	145	13	expenses	expense	NOUN
abr-51	145	14	while	while	SCONJ
abr-51	145	15	accounts	account	NOUN
abr-51	145	16	such	such	ADJ
abr-51	145	17	as	as	ADP
abr-51	145	18	trade	trade	NOUN
abr-51	145	19	payables	payable	NOUN
abr-51	145	20	and	and	CCONJ
abr-51	145	21	accrued	accrue	VERB
abr-51	145	22	operating	operating	NOUN
abr-51	145	23	expenses	expense	NOUN
abr-51	145	24	make	make	VERB
abr-51	145	25	up	up	ADP
abr-51	145	26	current	current	ADJ
abr-51	145	27	liabilities	liability	NOUN
abr-51	145	28	.	.	PUNCT
abr-51	146	1	for	for	ADP
abr-51	146	2	the	the	DET
abr-51	146	3	purposes	purpose	NOUN
abr-51	146	4	of	of	ADP
abr-51	146	5	valuation	valuation	NOUN
abr-51	146	6	,	,	PUNCT
abr-51	146	7	however	however	ADV
abr-51	146	8	,	,	PUNCT
abr-51	146	9	working	work	VERB
abr-51	146	10	capital	capital	NOUN
abr-51	146	11	excludes	exclude	VERB
abr-51	146	12	cash	cash	NOUN
abr-51	146	13	and	and	CCONJ
abr-51	146	14	interest	interest	NOUN
abr-51	146	15	bearing	bear	VERB
abr-51	146	16	debt	debt	NOUN
abr-51	146	17	(	(	PUNCT
abr-51	146	18	i.e.	i.e.	X
abr-51	146	19	,	,	PUNCT
abr-51	146	20	short	short	ADJ
abr-51	146	21	-	-	PUNCT
abr-51	146	22	term	term	NOUN
abr-51	146	23	portion	portion	NOUN
abr-51	146	24	of	of	ADP
abr-51	146	25	long	long	ADJ
abr-51	146	26	-	-	PUNCT
abr-51	146	27	term	term	NOUN
abr-51	146	28	debt	debt	NOUN
abr-51	146	29	and	and	CCONJ
abr-51	146	30	line	line	NOUN
abr-51	146	31	of	of	ADP
abr-51	146	32	credit	credit	NOUN
abr-51	146	33	outstanding	outstanding	ADJ
abr-51	146	34	balances	balance	NOUN
abr-51	146	35	)	)	PUNCT
abr-51	146	36	.	.	PUNCT
abr-51	147	1	the	the	DET
abr-51	147	2	reason	reason	NOUN
abr-51	147	3	being	be	AUX
abr-51	147	4	is	be	AUX
abr-51	147	5	that	that	SCONJ
abr-51	147	6	these	these	DET
abr-51	147	7	items	item	NOUN
abr-51	147	8	are	be	AUX
abr-51	147	9	associated	associate	VERB
abr-51	147	10	with	with	ADP
abr-51	147	11	the	the	DET
abr-51	147	12	firm	firm	NOUN
abr-51	147	13	’s	’s	PART
abr-51	147	14	capital	capital	NOUN
abr-51	147	15	structure	structure	NOUN
abr-51	147	16	and	and	CCONJ
abr-51	147	17	not	not	PART
abr-51	147	18	the	the	DET
abr-51	147	19	company	company	NOUN
abr-51	147	20	’s	’s	PART
abr-51	147	21	normal	normal	ADJ
abr-51	147	22	cash	cash	NOUN
abr-51	147	23	cycle	cycle	NOUN
abr-51	147	24	.	.	PUNCT
abr-51	148	1	in	in	ADP
abr-51	148	2	order	order	NOUN
abr-51	148	3	to	to	PART
abr-51	148	4	optimize	optimize	VERB
abr-51	148	5	working	work	VERB
abr-51	148	6	capital	capital	NOUN
abr-51	148	7	analysis	analysis	NOUN
abr-51	148	8	,	,	PUNCT
abr-51	148	9	current	current	ADJ
abr-51	148	10	turnover	turnover	NOUN
abr-51	148	11	ratios	ratio	NOUN
abr-51	148	12	are	be	AUX
abr-51	148	13	converted	convert	VERB
abr-51	148	14	into	into	ADP
abr-51	148	15	a	a	DET
abr-51	148	16	measurement	measurement	NOUN
abr-51	148	17	of	of	ADP
abr-51	148	18	the	the	DET
abr-51	148	19	number	number	NOUN
abr-51	148	20	of	of	ADP
abr-51	148	21	days	day	NOUN
abr-51	148	22	that	that	SCONJ
abr-51	148	23	(	(	PUNCT
abr-51	148	24	1	1	X
abr-51	148	25	)	)	PUNCT
abr-51	148	26	inventory	inventory	NOUN
abr-51	148	27	is	be	AUX
abr-51	148	28	on	on	ADP
abr-51	148	29	hand	hand	NOUN
abr-51	148	30	,	,	PUNCT
abr-51	148	31	(	(	PUNCT
abr-51	148	32	2	2	X
abr-51	148	33	)	)	PUNCT
abr-51	148	34	it	it	PRON
abr-51	148	35	takes	take	VERB
abr-51	148	36	to	to	PART
abr-51	148	37	receive	receive	VERB
abr-51	148	38	payment	payment	NOUN
abr-51	148	39	on	on	ADP
abr-51	148	40	trade	trade	NOUN
abr-51	148	41	receivables	receivable	NOUN
abr-51	148	42	,	,	PUNCT
abr-51	148	43	and	and	CCONJ
abr-51	148	44	(	(	PUNCT
abr-51	148	45	3	3	X
abr-51	148	46	)	)	PUNCT
abr-51	148	47	a	a	DET
abr-51	148	48	firm	firm	NOUN
abr-51	148	49	waits	wait	VERB
abr-51	148	50	until	until	SCONJ
abr-51	148	51	it	it	PRON
abr-51	148	52	pays	pay	VERB
abr-51	148	53	its	its	PRON
abr-51	148	54	trade	trade	NOUN
abr-51	148	55	obligations	obligation	NOUN
abr-51	148	56	.	.	PUNCT
abr-51	149	1	the	the	DET
abr-51	149	2	net	net	ADJ
abr-51	149	3	effect	effect	NOUN
abr-51	149	4	of	of	ADP
abr-51	149	5	these	these	DET
abr-51	149	6	ratios	ratio	NOUN
abr-51	149	7	is	be	AUX
abr-51	149	8	an	an	DET
abr-51	149	9	important	important	ADJ
abr-51	149	10	indicator	indicator	NOUN
abr-51	149	11	and	and	CCONJ
abr-51	149	12	measurement	measurement	NOUN
abr-51	149	13	parameter	parameter	NOUN
abr-51	149	14	(	(	PUNCT
abr-51	149	15	richards	richard	NOUN
abr-51	149	16	and	and	CCONJ
abr-51	149	17	laughlin	laughlin	PROPN
abr-51	149	18	,	,	PUNCT
abr-51	149	19	1980	1980	NUM
abr-51	149	20	)	)	PUNCT
abr-51	149	21	.	.	PUNCT
abr-51	150	1	how	how	SCONJ
abr-51	150	2	long	long	ADV
abr-51	150	3	is	be	AUX
abr-51	150	4	cash	cash	NOUN
abr-51	150	5	tied	tie	VERB
abr-51	150	6	-	-	PUNCT
abr-51	150	7	up	up	NOUN
abr-51	150	8	in	in	ADP
abr-51	150	9	support	support	NOUN
abr-51	150	10	of	of	ADP
abr-51	150	11	working	work	VERB
abr-51	150	12	capital	capital	NOUN
abr-51	150	13	needs	need	NOUN
abr-51	150	14	?	?	PUNCT
abr-51	151	1	what	what	PRON
abr-51	151	2	is	be	AUX
abr-51	151	3	the	the	DET
abr-51	151	4	time	time	NOUN
abr-51	151	5	between	between	ADP
abr-51	151	6	cash	cash	NOUN
abr-51	151	7	outlay	outlay	NOUN
abr-51	151	8	and	and	CCONJ
abr-51	151	9	cash	cash	NOUN
abr-51	151	10	recovery	recovery	NOUN
abr-51	151	11	?	?	PUNCT
abr-51	152	1	following	follow	VERB
abr-51	152	2	the	the	DET
abr-51	152	3	works	work	NOUN
abr-51	152	4	of	of	ADP
abr-51	152	5	farris	farris	PROPN
abr-51	152	6	and	and	CCONJ
abr-51	152	7	hutchison	hutchison	PROPN
abr-51	152	8	(	(	PUNCT
abr-51	152	9	2003	2003	NUM
abr-51	152	10	)	)	PUNCT
abr-51	152	11	and	and	CCONJ
abr-51	152	12	soenen	soenen	NOUN
abr-51	152	13	(	(	PUNCT
abr-51	152	14	1993	1993	NUM
abr-51	152	15	)	)	PUNCT
abr-51	152	16	a	a	DET
abr-51	152	17	measure	measure	NOUN
abr-51	152	18	for	for	ADP
abr-51	152	19	effective	effective	ADJ
abr-51	152	20	working	work	VERB
abr-51	152	21	capital	capital	NOUN
abr-51	152	22	management	management	NOUN
abr-51	152	23	is	be	AUX
abr-51	152	24	applied	apply	VERB
abr-51	152	25	here	here	ADV
abr-51	152	26	.	.	PUNCT
abr-51	153	1	it	it	PRON
abr-51	153	2	is	be	AUX
abr-51	153	3	an	an	DET
abr-51	153	4	operational	operational	ADJ
abr-51	153	5	metric	metric	ADJ
abr-51	153	6	definition	definition	NOUN
abr-51	153	7	where	where	SCONJ
abr-51	153	8	the	the	DET
abr-51	153	9	cash	cash	NOUN
abr-51	153	10	conversion	conversion	NOUN
abr-51	153	11	cycle	cycle	NOUN
abr-51	153	12	reflects	reflect	VERB
abr-51	153	13	the	the	DET
abr-51	153	14	net	net	ADJ
abr-51	153	15	days	day	NOUN
abr-51	153	16	it	it	PRON
abr-51	153	17	takes	take	VERB
abr-51	153	18	a	a	DET
abr-51	153	19	firm	firm	NOUN
abr-51	153	20	to	to	PART
abr-51	153	21	recover	recover	VERB
abr-51	153	22	a	a	DET
abr-51	153	23	dollar	dollar	NOUN
abr-51	153	24	spent	spend	VERB
abr-51	153	25	in	in	ADP
abr-51	153	26	operations	operation	NOUN
abr-51	153	27	.	.	PUNCT
abr-51	154	1	this	this	DET
abr-51	154	2	net	net	ADJ
abr-51	154	3	position	position	NOUN
abr-51	154	4	(	(	PUNCT
abr-51	154	5	translated	translate	VERB
abr-51	154	6	into	into	ADP
abr-51	154	7	days	day	NOUN
abr-51	154	8	outstanding	outstanding	ADJ
abr-51	154	9	)	)	PUNCT
abr-51	154	10	shows	show	VERB
abr-51	154	11	the	the	DET
abr-51	154	12	number	number	NOUN
abr-51	154	13	of	of	ADP
abr-51	154	14	days	day	NOUN
abr-51	154	15	that	that	PRON
abr-51	154	16	cash	cash	NOUN
abr-51	154	17	is	be	AUX
abr-51	154	18	bound	bind	VERB
abr-51	154	19	in	in	ADP
abr-51	154	20	receivables	receivables	NOUN
abr-51	154	21	and	and	CCONJ
abr-51	154	22	inventory	inventory	NOUN
abr-51	154	23	or	or	CCONJ
abr-51	154	24	financed	finance	VERB
abr-51	154	25	through	through	ADP
abr-51	154	26	payables	payable	NOUN
abr-51	154	27	.	.	PUNCT
abr-51	155	1	this	this	DET
abr-51	155	2	paper	paper	NOUN
abr-51	155	3	extends	extend	VERB
abr-51	155	4	the	the	DET
abr-51	155	5	works	work	NOUN
abr-51	155	6	of	of	ADP
abr-51	155	7	lazaridis	lazaridi	NOUN
abr-51	155	8	and	and	CCONJ
abr-51	155	9	tryfonidis	tryfonidi	NOUN
abr-51	155	10	(	(	PUNCT
abr-51	155	11	2005	2005	NUM
abr-51	155	12	)	)	PUNCT
abr-51	155	13	,	,	PUNCT
abr-51	155	14	padachi	padachi	ADJ
abr-51	155	15	(	(	PUNCT
abr-51	155	16	2006	2006	NUM
abr-51	155	17	)	)	PUNCT
abr-51	155	18	,	,	PUNCT
abr-51	155	19	and	and	CCONJ
abr-51	155	20	truel	truel	NOUN
abr-51	155	21	and	and	CCONJ
abr-51	155	22	solano	solano	PROPN
abr-51	155	23	(	(	PUNCT
abr-51	155	24	2007	2007	NUM
abr-51	155	25	)	)	PUNCT
abr-51	155	26	,	,	PUNCT
abr-51	155	27	by	by	ADP
abr-51	155	28	creating	create	VERB
abr-51	155	29	metrics	metric	NOUN
abr-51	155	30	that	that	PRON
abr-51	155	31	are	be	AUX
abr-51	155	32	all	all	PRON
abr-51	155	33	expressed	express	VERB
abr-51	155	34	as	as	ADP
abr-51	155	35	a	a	DET
abr-51	155	36	percentage	percentage	NOUN
abr-51	155	37	of	of	ADP
abr-51	155	38	sales	sale	NOUN
abr-51	155	39	.	.	PUNCT
abr-51	156	1	this	this	PRON
abr-51	156	2	brings	bring	VERB
abr-51	156	3	about	about	ADP
abr-51	156	4	a	a	DET
abr-51	156	5	balanced	balanced	ADJ
abr-51	156	6	comparison	comparison	NOUN
abr-51	156	7	across	across	ADP
abr-51	156	8	each	each	DET
abr-51	156	9	element	element	NOUN
abr-51	156	10	of	of	ADP
abr-51	156	11	the	the	DET
abr-51	156	12	model	model	NOUN
abr-51	156	13	,	,	PUNCT
abr-51	156	14	provides	provide	VERB
abr-51	156	15	true	true	ADJ
abr-51	156	16	comparisons	comparison	NOUN
abr-51	156	17	between	between	ADP
abr-51	156	18	industries	industry	NOUN
abr-51	156	19	,	,	PUNCT
abr-51	156	20	and	and	CCONJ
abr-51	156	21	indicates	indicate	VERB
abr-51	156	22	the	the	DET
abr-51	156	23	number	number	NOUN
abr-51	156	24	of	of	ADP
abr-51	156	25	“	"	PUNCT
abr-51	156	26	days	day	NOUN
abr-51	156	27	sales	sale	NOUN
abr-51	156	28	”	"	PUNCT
abr-51	156	29	the	the	DET
abr-51	156	30	firm	firm	NOUN
abr-51	156	31	has	have	VERB
abr-51	156	32	to	to	PART
abr-51	156	33	finance	finance	VERB
abr-51	156	34	its	its	PRON
abr-51	156	35	working	work	VERB
abr-51	156	36	capital	capital	NOUN
abr-51	156	37	(	(	PUNCT
abr-51	156	38	shin	shin	NOUN
abr-51	156	39	and	and	CCONJ
abr-51	156	40	soenen	soenen	NOUN
abr-51	156	41	,	,	PUNCT
abr-51	156	42	1998	1998	NUM
abr-51	156	43	)	)	PUNCT
abr-51	156	44	.	.	PUNCT
abr-51	157	1	the	the	DET
abr-51	157	2	model	model	NOUN
abr-51	157	3	used	use	VERB
abr-51	157	4	to	to	PART
abr-51	157	5	measure	measure	VERB
abr-51	157	6	working	work	VERB
abr-51	157	7	capital	capital	NOUN
abr-51	157	8	asset	asset	NOUN
abr-51	157	9	efficiency	efficiency	NOUN
abr-51	157	10	is	be	AUX
abr-51	157	11	as	as	SCONJ
abr-51	157	12	follows	follow	VERB
abr-51	157	13	:	:	PUNCT
abr-51	157	14	dwc	dwc	PROPN
abr-51	157	15	=	=	SYM
abr-51	157	16	(	(	PUNCT
abr-51	157	17	din	din	NOUN
abr-51	157	18	)	)	PUNCT
abr-51	157	19	+	+	CCONJ
abr-51	157	20	(	(	PUNCT
abr-51	157	21	dar	dar	NOUN
abr-51	157	22	)	)	PUNCT
abr-51	157	23	(	(	PUNCT
abr-51	157	24	dap	dap	PROPN
abr-51	157	25	)	)	PUNCT
abr-51	157	26	the	the	DET
abr-51	157	27	formulas	formula	NOUN
abr-51	157	28	,	,	PUNCT
abr-51	157	29	definitions	definition	NOUN
abr-51	157	30	and	and	CCONJ
abr-51	157	31	expected	expect	VERB
abr-51	157	32	directional	directional	ADJ
abr-51	157	33	effects	effect	NOUN
abr-51	157	34	of	of	ADP
abr-51	157	35	these	these	DET
abr-51	157	36	variables	variable	NOUN
abr-51	157	37	on	on	ADP
abr-51	157	38	enterprise	enterprise	NOUN
abr-51	157	39	value	value	NOUN
abr-51	157	40	(	(	PUNCT
abr-51	157	41	ev	ev	INTJ
abr-51	157	42	)	)	PUNCT
abr-51	157	43	are	be	AUX
abr-51	157	44	presented	present	VERB
abr-51	157	45	below	below	ADP
abr-51	157	46	:	:	PUNCT
abr-51	157	47	lifland	lifland	NOUN
abr-51	157	48	advances	advance	NOUN
abr-51	157	49	in	in	ADP
abr-51	157	50	business	business	NOUN
abr-51	157	51	research	research	NOUN
abr-51	157	52	2011	2011	NUM
abr-51	157	53	,	,	PUNCT
abr-51	157	54	vol	vol	NOUN
abr-51	157	55	.	.	PROPN
abr-51	158	1	2	2	NUM
abr-51	158	2	,	,	PUNCT
abr-51	158	3	no	no	INTJ
abr-51	158	4	.	.	NOUN
abr-51	158	5	1	1	NUM
abr-51	158	6	,	,	PUNCT
abr-51	158	7	57	57	NUM
abr-51	158	8	-	-	SYM
abr-51	158	9	70	70	NUM
abr-51	158	10	62	62	NUM
abr-51	158	11	(	(	PUNCT
abr-51	158	12	din	din	NOUN
abr-51	158	13	)	)	PUNCT
abr-51	158	14	days	day	NOUN
abr-51	158	15	of	of	ADP
abr-51	158	16	inventory	inventory	NOUN
abr-51	158	17	=	=	NOUN
abr-51	158	18	inv/(net	inv/(net	PROPN
abr-51	158	19	sales/365	sales/365	NOUN
abr-51	158	20	)	)	PUNCT
abr-51	158	21	.	.	PUNCT
abr-51	159	1	this	this	DET
abr-51	159	2	ratio	ratio	NOUN
abr-51	159	3	is	be	AUX
abr-51	159	4	calculated	calculate	VERB
abr-51	159	5	by	by	ADP
abr-51	159	6	dividing	divide	VERB
abr-51	159	7	the	the	DET
abr-51	159	8	year	year	NOUN
abr-51	159	9	-	-	PUNCT
abr-51	159	10	end	end	NOUN
abr-51	159	11	inventories	inventory	NOUN
abr-51	159	12	by	by	ADP
abr-51	159	13	net	net	ADJ
abr-51	159	14	daily	daily	ADJ
abr-51	159	15	sales	sale	NOUN
abr-51	159	16	.	.	PUNCT
abr-51	160	1	it	it	PRON
abr-51	160	2	reflects	reflect	VERB
abr-51	160	3	the	the	DET
abr-51	160	4	average	average	ADJ
abr-51	160	5	number	number	NOUN
abr-51	160	6	of	of	ADP
abr-51	160	7	days	day	NOUN
abr-51	160	8	that	that	SCONJ
abr-51	160	9	inventories	inventory	NOUN
abr-51	160	10	are	be	AUX
abr-51	160	11	held	hold	VERB
abr-51	160	12	by	by	ADP
abr-51	160	13	the	the	DET
abr-51	160	14	company	company	NOUN
abr-51	160	15	.	.	PUNCT
abr-51	161	1	there	there	PRON
abr-51	161	2	is	be	VERB
abr-51	161	3	an	an	DET
abr-51	161	4	expected	expect	VERB
abr-51	161	5	negative	negative	ADJ
abr-51	161	6	directional	directional	ADJ
abr-51	161	7	effect	effect	NOUN
abr-51	161	8	on	on	ADP
abr-51	161	9	the	the	DET
abr-51	161	10	enterprise	enterprise	NOUN
abr-51	161	11	value	value	NOUN
abr-51	161	12	.	.	PUNCT
abr-51	162	1	when	when	SCONJ
abr-51	162	2	it	it	PRON
abr-51	162	3	increases	increase	VERB
abr-51	162	4	,	,	PUNCT
abr-51	162	5	monies	monie	NOUN
abr-51	162	6	tied	tie	VERB
abr-51	162	7	up	up	ADP
abr-51	162	8	in	in	ADP
abr-51	162	9	inventory	inventory	NOUN
abr-51	162	10	are	be	AUX
abr-51	162	11	not	not	PART
abr-51	162	12	being	be	AUX
abr-51	162	13	recycled	recycle	VERB
abr-51	162	14	adequately	adequately	ADV
abr-51	162	15	during	during	ADP
abr-51	162	16	the	the	DET
abr-51	162	17	operating	operating	NOUN
abr-51	162	18	period	period	NOUN
abr-51	162	19	.	.	PUNCT
abr-51	163	1	this	this	DET
abr-51	163	2	constraint	constraint	NOUN
abr-51	163	3	on	on	ADP
abr-51	163	4	cash	cash	NOUN
abr-51	163	5	flows	flow	NOUN
abr-51	163	6	impacts	impact	VERB
abr-51	163	7	the	the	DET
abr-51	163	8	firm	firm	NOUN
abr-51	163	9	’s	’s	PART
abr-51	163	10	ability	ability	NOUN
abr-51	163	11	to	to	PART
abr-51	163	12	manage	manage	VERB
abr-51	163	13	debt	debt	NOUN
abr-51	163	14	and	and	CCONJ
abr-51	163	15	other	other	ADJ
abr-51	163	16	nonoperational	nonoperational	ADJ
abr-51	163	17	items	item	NOUN
abr-51	163	18	.	.	PUNCT
abr-51	164	1	a	a	DET
abr-51	164	2	decrease	decrease	NOUN
abr-51	164	3	in	in	ADP
abr-51	164	4	(	(	PUNCT
abr-51	164	5	din	din	NOUN
abr-51	164	6	)	)	PUNCT
abr-51	164	7	is	be	AUX
abr-51	164	8	an	an	DET
abr-51	164	9	improvement	improvement	NOUN
abr-51	164	10	in	in	ADP
abr-51	164	11	the	the	DET
abr-51	164	12	time	time	NOUN
abr-51	164	13	that	that	PRON
abr-51	164	14	inventory	inventory	NOUN
abr-51	164	15	is	be	AUX
abr-51	164	16	held	hold	VERB
abr-51	164	17	and	and	CCONJ
abr-51	164	18	helps	help	VERB
abr-51	164	19	to	to	PART
abr-51	164	20	curb	curb	VERB
abr-51	164	21	stale	stale	ADJ
abr-51	164	22	or	or	CCONJ
abr-51	164	23	obsolete	obsolete	ADJ
abr-51	164	24	levels	level	NOUN
abr-51	164	25	of	of	ADP
abr-51	164	26	inventory	inventory	NOUN
abr-51	164	27	.	.	PUNCT
abr-51	165	1	the	the	DET
abr-51	165	2	improvement	improvement	NOUN
abr-51	165	3	in	in	ADP
abr-51	165	4	cash	cash	NOUN
abr-51	165	5	inflow	inflow	NOUN
abr-51	165	6	from	from	ADP
abr-51	165	7	the	the	DET
abr-51	165	8	timely	timely	ADJ
abr-51	165	9	sale	sale	NOUN
abr-51	165	10	of	of	ADP
abr-51	165	11	inventory	inventory	NOUN
abr-51	165	12	can	can	AUX
abr-51	165	13	be	be	AUX
abr-51	165	14	used	use	VERB
abr-51	165	15	to	to	PART
abr-51	165	16	reduce	reduce	VERB
abr-51	165	17	the	the	DET
abr-51	165	18	net	net	ADJ
abr-51	165	19	debt	debt	NOUN
abr-51	165	20	position	position	NOUN
abr-51	165	21	and	and	CCONJ
abr-51	165	22	enhance	enhance	VERB
abr-51	165	23	the	the	DET
abr-51	165	24	enterprise	enterprise	NOUN
abr-51	165	25	value	value	NOUN
abr-51	165	26	.	.	PUNCT
abr-51	166	1	(	(	PUNCT
abr-51	166	2	dar	dar	NOUN
abr-51	166	3	)	)	PUNCT
abr-51	166	4	days	day	NOUN
abr-51	166	5	of	of	ADP
abr-51	166	6	receivables	receivables	NOUN
abr-51	166	7	=	=	NOUN
abr-51	166	8	a	a	DET
abr-51	166	9	/	/	SYM
abr-51	166	10	r/(net	r/(net	NOUN
abr-51	166	11	sales/365	sales/365	NOUN
abr-51	166	12	)	)	PUNCT
abr-51	166	13	.	.	PUNCT
abr-51	167	1	it	it	PRON
abr-51	167	2	’s	’	VERB
abr-51	167	3	the	the	DET
abr-51	167	4	year	year	NOUN
abr-51	167	5	-	-	PUNCT
abr-51	167	6	end	end	NOUN
abr-51	167	7	accounts	account	NOUN
abr-51	167	8	receivables	receivables	NOUN
abr-51	167	9	net	net	NOUN
abr-51	167	10	of	of	ADP
abr-51	167	11	allowance	allowance	NOUN
abr-51	167	12	for	for	ADP
abr-51	167	13	doubtful	doubtful	ADJ
abr-51	167	14	accounts	account	NOUN
abr-51	167	15	divided	divide	VERB
abr-51	167	16	by	by	ADP
abr-51	167	17	average	average	ADJ
abr-51	167	18	daily	daily	ADJ
abr-51	167	19	sales	sale	NOUN
abr-51	167	20	.	.	PUNCT
abr-51	168	1	in	in	ADP
abr-51	168	2	other	other	ADJ
abr-51	168	3	words	word	NOUN
abr-51	168	4	,	,	PUNCT
abr-51	168	5	the	the	DET
abr-51	168	6	average	average	ADJ
abr-51	168	7	number	number	NOUN
abr-51	168	8	of	of	ADP
abr-51	168	9	days	day	NOUN
abr-51	168	10	that	that	PRON
abr-51	168	11	it	it	PRON
abr-51	168	12	takes	take	VERB
abr-51	168	13	a	a	DET
abr-51	168	14	firm	firm	NOUN
abr-51	168	15	to	to	PART
abr-51	168	16	collect	collect	VERB
abr-51	168	17	payments	payment	NOUN
abr-51	168	18	from	from	ADP
abr-51	168	19	its	its	PRON
abr-51	168	20	customers	customer	NOUN
abr-51	168	21	on	on	ADP
abr-51	168	22	its	its	PRON
abr-51	168	23	credit	credit	NOUN
abr-51	168	24	sales	sale	NOUN
abr-51	168	25	.	.	PUNCT
abr-51	169	1	the	the	DET
abr-51	169	2	expected	expect	VERB
abr-51	169	3	directional	directional	ADJ
abr-51	169	4	effect	effect	NOUN
abr-51	169	5	on	on	ADP
abr-51	169	6	enterprise	enterprise	NOUN
abr-51	169	7	value	value	NOUN
abr-51	169	8	is	be	AUX
abr-51	169	9	negative	negative	ADJ
abr-51	169	10	.	.	PUNCT
abr-51	170	1	if	if	SCONJ
abr-51	170	2	the	the	DET
abr-51	170	3	days	day	NOUN
abr-51	170	4	of	of	ADP
abr-51	170	5	receivables	receivables	NOUN
abr-51	170	6	increase	increase	NOUN
abr-51	170	7	,	,	PUNCT
abr-51	170	8	it	it	PRON
abr-51	170	9	represents	represent	VERB
abr-51	170	10	a	a	DET
abr-51	170	11	lost	lost	ADJ
abr-51	170	12	opportunity	opportunity	NOUN
abr-51	170	13	of	of	ADP
abr-51	170	14	utilizing	utilize	VERB
abr-51	170	15	cash	cash	NOUN
abr-51	170	16	to	to	PART
abr-51	170	17	help	help	VERB
abr-51	170	18	reduce	reduce	VERB
abr-51	170	19	the	the	DET
abr-51	170	20	debt	debt	NOUN
abr-51	170	21	burden	burden	NOUN
abr-51	170	22	of	of	ADP
abr-51	170	23	a	a	DET
abr-51	170	24	corporation	corporation	NOUN
abr-51	170	25	,	,	PUNCT
abr-51	170	26	making	make	VERB
abr-51	170	27	it	it	PRON
abr-51	170	28	more	more	ADV
abr-51	170	29	costly	costly	ADJ
abr-51	170	30	from	from	ADP
abr-51	170	31	an	an	DET
abr-51	170	32	enterprise	enterprise	NOUN
abr-51	170	33	value	value	NOUN
abr-51	170	34	perspective	perspective	NOUN
abr-51	170	35	.	.	PUNCT
abr-51	171	1	increasing	increase	VERB
abr-51	171	2	days	day	NOUN
abr-51	171	3	signal	signal	VERB
abr-51	171	4	an	an	DET
abr-51	171	5	inefficient	inefficient	ADJ
abr-51	171	6	use	use	NOUN
abr-51	171	7	of	of	ADP
abr-51	171	8	receivables	receivables	NOUN
abr-51	171	9	and	and	CCONJ
abr-51	171	10	related	related	ADJ
abr-51	171	11	credit	credit	NOUN
abr-51	171	12	policies	policy	NOUN
abr-51	171	13	.	.	PUNCT
abr-51	172	1	a	a	DET
abr-51	172	2	decrease	decrease	NOUN
abr-51	172	3	in	in	ADP
abr-51	172	4	(	(	PUNCT
abr-51	172	5	dar	dar	NOUN
abr-51	172	6	)	)	PUNCT
abr-51	172	7	signals	signal	VERB
abr-51	172	8	acceleration	acceleration	NOUN
abr-51	172	9	in	in	ADP
abr-51	172	10	cash	cash	NOUN
abr-51	172	11	collection	collection	NOUN
abr-51	172	12	that	that	PRON
abr-51	172	13	can	can	AUX
abr-51	172	14	be	be	AUX
abr-51	172	15	put	put	VERB
abr-51	172	16	against	against	ADP
abr-51	172	17	debt	debt	NOUN
abr-51	172	18	obligations	obligation	NOUN
abr-51	172	19	of	of	ADP
abr-51	172	20	the	the	DET
abr-51	172	21	firm	firm	NOUN
abr-51	172	22	,	,	PUNCT
abr-51	172	23	improving	improve	VERB
abr-51	172	24	ev	ev	ADP
abr-51	172	25	.	.	PROPN
abr-51	172	26	(	(	PUNCT
abr-51	172	27	dap	dap	PROPN
abr-51	172	28	)	)	PUNCT
abr-51	172	29	days	day	NOUN
abr-51	172	30	of	of	ADP
abr-51	172	31	payables	payable	NOUN
abr-51	172	32	=	=	PUNCT
abr-51	172	33	a	a	DET
abr-51	172	34	/	/	SYM
abr-51	172	35	p/(net	p/(net	ADJ
abr-51	172	36	sales/365	sales/365	NOUN
abr-51	172	37	)	)	PUNCT
abr-51	172	38	.	.	PUNCT
abr-51	173	1	this	this	DET
abr-51	173	2	ratio	ratio	NOUN
abr-51	173	3	is	be	AUX
abr-51	173	4	calculated	calculate	VERB
abr-51	173	5	by	by	ADP
abr-51	173	6	dividing	divide	VERB
abr-51	173	7	average	average	ADJ
abr-51	173	8	accounts	account	NOUN
abr-51	173	9	payables	payable	NOUN
abr-51	173	10	by	by	ADP
abr-51	173	11	average	average	ADJ
abr-51	173	12	daily	daily	ADJ
abr-51	173	13	sales	sale	NOUN
abr-51	173	14	.	.	PUNCT
abr-51	174	1	it	it	PRON
abr-51	174	2	reflects	reflect	VERB
abr-51	174	3	the	the	DET
abr-51	174	4	average	average	ADJ
abr-51	174	5	time	time	NOUN
abr-51	174	6	that	that	PRON
abr-51	174	7	it	it	PRON
abr-51	174	8	takes	take	VERB
abr-51	174	9	for	for	SCONJ
abr-51	174	10	companies	company	NOUN
abr-51	174	11	to	to	PART
abr-51	174	12	pay	pay	VERB
abr-51	174	13	their	their	PRON
abr-51	174	14	suppliers	supplier	NOUN
abr-51	174	15	and	and	CCONJ
abr-51	174	16	vendors	vendor	NOUN
abr-51	174	17	.	.	PUNCT
abr-51	175	1	there	there	PRON
abr-51	175	2	is	be	VERB
abr-51	175	3	an	an	DET
abr-51	175	4	expected	expect	VERB
abr-51	175	5	positive	positive	ADJ
abr-51	175	6	directional	directional	ADJ
abr-51	175	7	effect	effect	NOUN
abr-51	175	8	on	on	ADP
abr-51	175	9	the	the	DET
abr-51	175	10	enterprise	enterprise	NOUN
abr-51	175	11	value	value	NOUN
abr-51	175	12	.	.	PUNCT
abr-51	176	1	as	as	ADP
abr-51	176	2	(	(	PUNCT
abr-51	176	3	dap	dap	NOUN
abr-51	176	4	)	)	PUNCT
abr-51	176	5	increases	increase	NOUN
abr-51	176	6	,	,	PUNCT
abr-51	176	7	it	it	PRON
abr-51	176	8	means	mean	VERB
abr-51	176	9	that	that	SCONJ
abr-51	176	10	the	the	DET
abr-51	176	11	firm	firm	NOUN
abr-51	176	12	takes	take	VERB
abr-51	176	13	a	a	DET
abr-51	176	14	relative	relative	ADJ
abr-51	176	15	longer	long	ADJ
abr-51	176	16	time	time	NOUN
abr-51	176	17	period	period	NOUN
abr-51	176	18	to	to	PART
abr-51	176	19	settle	settle	VERB
abr-51	176	20	their	their	PRON
abr-51	176	21	payment	payment	NOUN
abr-51	176	22	commitments	commitment	NOUN
abr-51	176	23	.	.	PUNCT
abr-51	177	1	it	it	PRON
abr-51	177	2	’s	’s	AUX
abr-51	177	3	interpreted	interpret	VERB
abr-51	177	4	as	as	ADP
abr-51	177	5	an	an	DET
abr-51	177	6	improvement	improvement	NOUN
abr-51	177	7	as	as	SCONJ
abr-51	177	8	the	the	DET
abr-51	177	9	firm	firm	NOUN
abr-51	177	10	is	be	AUX
abr-51	177	11	using	use	VERB
abr-51	177	12	the	the	DET
abr-51	177	13	money	money	NOUN
abr-51	177	14	of	of	ADP
abr-51	177	15	others	other	NOUN
abr-51	177	16	to	to	PART
abr-51	177	17	devote	devote	VERB
abr-51	177	18	to	to	ADP
abr-51	177	19	non	non	ADJ
abr-51	177	20	-	-	ADJ
abr-51	177	21	operational	operational	ADJ
abr-51	177	22	obligations	obligation	NOUN
abr-51	177	23	.	.	PUNCT
abr-51	178	1	the	the	DET
abr-51	178	2	expectation	expectation	NOUN
abr-51	178	3	is	be	AUX
abr-51	178	4	that	that	SCONJ
abr-51	178	5	firms	firm	NOUN
abr-51	178	6	will	will	AUX
abr-51	178	7	increase	increase	VERB
abr-51	178	8	this	this	DET
abr-51	178	9	ratio	ratio	NOUN
abr-51	178	10	up	up	ADP
abr-51	178	11	to	to	ADP
abr-51	178	12	a	a	DET
abr-51	178	13	level	level	NOUN
abr-51	178	14	that	that	PRON
abr-51	178	15	reflects	reflect	VERB
abr-51	178	16	that	that	SCONJ
abr-51	178	17	the	the	DET
abr-51	178	18	incentives	incentive	NOUN
abr-51	178	19	of	of	ADP
abr-51	178	20	purchase	purchase	NOUN
abr-51	178	21	discounts	discount	NOUN
abr-51	178	22	are	be	AUX
abr-51	178	23	beneficial	beneficial	ADJ
abr-51	178	24	.	.	PUNCT
abr-51	179	1	(	(	PUNCT
abr-51	179	2	dwc	dwc	PROPN
abr-51	179	3	)	)	PUNCT
abr-51	179	4	days	day	NOUN
abr-51	179	5	of	of	ADP
abr-51	179	6	working	work	VERB
abr-51	179	7	capital	capital	NOUN
abr-51	179	8	=	=	PUNCT
abr-51	179	9	din	din	PROPN
abr-51	179	10	+	+	PROPN
abr-51	179	11	dar	dar	PROPN
abr-51	179	12	–	–	PUNCT
abr-51	179	13	dap	dap	PROPN
abr-51	179	14	.	.	PUNCT
abr-51	180	1	this	this	DET
abr-51	180	2	variable	variable	NOUN
abr-51	180	3	represents	represent	VERB
abr-51	180	4	the	the	DET
abr-51	180	5	net	net	ADJ
abr-51	180	6	effect	effect	NOUN
abr-51	180	7	of	of	ADP
abr-51	180	8	adding	add	VERB
abr-51	180	9	the	the	DET
abr-51	180	10	din	din	PROPN
abr-51	180	11	and	and	CCONJ
abr-51	180	12	dar	dar	NOUN
abr-51	180	13	and	and	CCONJ
abr-51	180	14	subtracting	subtract	VERB
abr-51	180	15	the	the	DET
abr-51	180	16	dap	dap	PROPN
abr-51	180	17	.	.	PUNCT
abr-51	181	1	this	this	DET
abr-51	181	2	net	net	ADJ
abr-51	181	3	figure	figure	NOUN
abr-51	181	4	allows	allow	VERB
abr-51	181	5	for	for	ADP
abr-51	181	6	better	well	ADJ
abr-51	181	7	benchmarking	benchmarking	NOUN
abr-51	181	8	of	of	ADP
abr-51	181	9	operating	operate	VERB
abr-51	181	10	efficiency	efficiency	NOUN
abr-51	181	11	for	for	ADP
abr-51	181	12	peer	peer	NOUN
abr-51	181	13	firms	firm	NOUN
abr-51	181	14	within	within	ADP
abr-51	181	15	and	and	CCONJ
abr-51	181	16	outside	outside	ADP
abr-51	181	17	a	a	DET
abr-51	181	18	given	give	VERB
abr-51	181	19	industry	industry	NOUN
abr-51	181	20	.	.	PUNCT
abr-51	182	1	the	the	DET
abr-51	182	2	directional	directional	ADJ
abr-51	182	3	effect	effect	NOUN
abr-51	182	4	is	be	AUX
abr-51	182	5	expected	expect	VERB
abr-51	182	6	to	to	PART
abr-51	182	7	be	be	AUX
abr-51	182	8	negative	negative	ADJ
abr-51	182	9	with	with	ADP
abr-51	182	10	respect	respect	NOUN
abr-51	182	11	to	to	ADP
abr-51	182	12	enterprise	enterprise	NOUN
abr-51	182	13	value	value	NOUN
abr-51	182	14	.	.	PUNCT
abr-51	183	1	simultaneously	simultaneously	ADV
abr-51	183	2	optimizing	optimize	VERB
abr-51	183	3	the	the	DET
abr-51	183	4	three	three	NUM
abr-51	183	5	components	component	NOUN
abr-51	183	6	of	of	ADP
abr-51	183	7	the	the	DET
abr-51	183	8	operative	operative	ADJ
abr-51	183	9	(	(	PUNCT
abr-51	183	10	dwc	dwc	PROPN
abr-51	183	11	)	)	PUNCT
abr-51	183	12	(	(	PUNCT
abr-51	183	13	a	a	DET
abr-51	183	14	net	net	ADJ
abr-51	183	15	decrease	decrease	NOUN
abr-51	183	16	in	in	ADP
abr-51	183	17	the	the	DET
abr-51	183	18	total	total	ADJ
abr-51	183	19	days	day	NOUN
abr-51	183	20	of	of	ADP
abr-51	183	21	the	the	DET
abr-51	183	22	working	work	VERB
abr-51	183	23	capital	capital	NOUN
abr-51	183	24	cycle	cycle	NOUN
abr-51	183	25	)	)	PUNCT
abr-51	183	26	frees	free	VERB
abr-51	183	27	up	up	ADP
abr-51	183	28	capital	capital	NOUN
abr-51	183	29	that	that	PRON
abr-51	183	30	can	can	AUX
abr-51	183	31	subsequently	subsequently	ADV
abr-51	183	32	reduce	reduce	VERB
abr-51	183	33	the	the	DET
abr-51	183	34	debt	debt	NOUN
abr-51	183	35	obligation	obligation	NOUN
abr-51	183	36	and	and	CCONJ
abr-51	183	37	other	other	ADJ
abr-51	183	38	non	non	ADJ
abr-51	183	39	-	-	ADJ
abr-51	183	40	operational	operational	ADJ
abr-51	183	41	concerns	concern	NOUN
abr-51	183	42	of	of	ADP
abr-51	183	43	the	the	DET
abr-51	183	44	investor	investor	NOUN
abr-51	183	45	-	-	PUNCT
abr-51	183	46	acquirer	acquirer	NOUN
abr-51	183	47	that	that	PRON
abr-51	183	48	will	will	AUX
abr-51	183	49	improve	improve	VERB
abr-51	183	50	the	the	DET
abr-51	183	51	enterprise	enterprise	NOUN
abr-51	183	52	value	value	NOUN
abr-51	183	53	.	.	PUNCT
abr-51	184	1	the	the	DET
abr-51	184	2	efficient	efficient	ADJ
abr-51	184	3	management	management	NOUN
abr-51	184	4	of	of	ADP
abr-51	184	5	these	these	DET
abr-51	184	6	working	work	VERB
abr-51	184	7	capital	capital	NOUN
abr-51	184	8	assets	asset	NOUN
abr-51	184	9	includes	include	VERB
abr-51	184	10	maintaining	maintain	VERB
abr-51	184	11	adequate	adequate	ADJ
abr-51	184	12	product	product	NOUN
abr-51	184	13	levels	level	NOUN
abr-51	184	14	and	and	CCONJ
abr-51	184	15	appropriate	appropriate	ADJ
abr-51	184	16	credit	credit	NOUN
abr-51	184	17	/	/	SYM
abr-51	184	18	payment	payment	NOUN
abr-51	184	19	terms	term	NOUN
abr-51	184	20	.	.	PUNCT
abr-51	185	1	it	it	PRON
abr-51	185	2	involves	involve	VERB
abr-51	185	3	mitigating	mitigate	VERB
abr-51	185	4	any	any	DET
abr-51	185	5	situation	situation	NOUN
abr-51	185	6	where	where	SCONJ
abr-51	185	7	the	the	DET
abr-51	185	8	servicing	servicing	NOUN
abr-51	185	9	of	of	ADP
abr-51	185	10	the	the	DET
abr-51	185	11	working	work	VERB
abr-51	185	12	capital	capital	NOUN
abr-51	185	13	results	result	NOUN
abr-51	185	14	in	in	ADP
abr-51	185	15	cash	cash	NOUN
abr-51	185	16	constraints	constraint	NOUN
abr-51	185	17	that	that	PRON
abr-51	185	18	would	would	AUX
abr-51	185	19	negatively	negatively	ADV
abr-51	185	20	impact	impact	VERB
abr-51	185	21	the	the	DET
abr-51	185	22	enterprise	enterprise	NOUN
abr-51	185	23	value	value	NOUN
abr-51	185	24	.	.	PUNCT
abr-51	186	1	methodology	methodology	NOUN
abr-51	186	2	prior	prior	ADJ
abr-51	186	3	works	work	NOUN
abr-51	186	4	are	be	AUX
abr-51	186	5	extended	extend	VERB
abr-51	186	6	as	as	SCONJ
abr-51	186	7	this	this	DET
abr-51	186	8	paper	paper	NOUN
abr-51	186	9	examines	examine	VERB
abr-51	186	10	the	the	DET
abr-51	186	11	impact	impact	NOUN
abr-51	186	12	of	of	ADP
abr-51	186	13	the	the	DET
abr-51	186	14	working	work	VERB
abr-51	186	15	capital	capital	NOUN
abr-51	186	16	cycle	cycle	NOUN
abr-51	186	17	and	and	CCONJ
abr-51	186	18	its	its	PRON
abr-51	186	19	components	component	NOUN
abr-51	186	20	over	over	ADP
abr-51	186	21	a	a	DET
abr-51	186	22	six	six	NUM
abr-51	186	23	-	-	PUNCT
abr-51	186	24	year	year	NOUN
abr-51	186	25	period	period	NOUN
abr-51	186	26	.	.	PUNCT
abr-51	187	1	it	it	PRON
abr-51	187	2	relates	relate	VERB
abr-51	187	3	these	these	DET
abr-51	187	4	components	component	NOUN
abr-51	187	5	to	to	ADP
abr-51	187	6	a	a	DET
abr-51	187	7	‘	'	PUNCT
abr-51	187	8	going	go	VERB
abr-51	187	9	concern	concern	NOUN
abr-51	187	10	’	'	PUNCT
abr-51	187	11	value	value	NOUN
abr-51	187	12	,	,	PUNCT
abr-51	187	13	the	the	DET
abr-51	187	14	enterprise	enterprise	NOUN
abr-51	187	15	value	value	NOUN
abr-51	187	16	is	be	AUX
abr-51	187	17	its	its	PRON
abr-51	187	18	proxy	proxy	NOUN
abr-51	187	19	,	,	PUNCT
abr-51	187	20	versus	versus	ADP
abr-51	187	21	market	market	NOUN
abr-51	187	22	capitalization	capitalization	NOUN
abr-51	187	23	.	.	PUNCT
abr-51	188	1	the	the	DET
abr-51	188	2	majority	majority	NOUN
abr-51	188	3	of	of	ADP
abr-51	188	4	the	the	DET
abr-51	188	5	literature	literature	NOUN
abr-51	188	6	centers	center	NOUN
abr-51	188	7	on	on	ADP
abr-51	188	8	the	the	DET
abr-51	188	9	relationship	relationship	NOUN
abr-51	188	10	between	between	ADP
abr-51	188	11	working	work	VERB
abr-51	188	12	capital	capital	NOUN
abr-51	188	13	and	and	CCONJ
abr-51	188	14	profitability	profitability	NOUN
abr-51	188	15	.	.	PUNCT
abr-51	189	1	the	the	DET
abr-51	189	2	examination	examination	NOUN
abr-51	189	3	by	by	ADP
abr-51	189	4	this	this	DET
abr-51	189	5	paper	paper	NOUN
abr-51	189	6	follows	follow	VERB
abr-51	189	7	a	a	DET
abr-51	189	8	similar	similar	ADJ
abr-51	189	9	empirical	empirical	ADJ
abr-51	189	10	framework	framework	NOUN
abr-51	189	11	as	as	SCONJ
abr-51	189	12	used	use	VERB
abr-51	189	13	by	by	ADP
abr-51	189	14	deloof	deloof	NOUN
abr-51	189	15	(	(	PUNCT
abr-51	189	16	2003	2003	NUM
abr-51	189	17	)	)	PUNCT
abr-51	189	18	,	,	PUNCT
abr-51	189	19	lazaridis	lazaridi	NOUN
abr-51	189	20	and	and	CCONJ
abr-51	189	21	tryfonidis	tryfonidi	NOUN
abr-51	189	22	(	(	PUNCT
abr-51	189	23	2006	2006	NUM
abr-51	189	24	)	)	PUNCT
abr-51	189	25	,	,	PUNCT
abr-51	189	26	truel	truel	NOUN
abr-51	189	27	and	and	CCONJ
abr-51	189	28	solano	solano	PROPN
abr-51	189	29	(	(	PUNCT
abr-51	189	30	2007	2007	NUM
abr-51	189	31	)	)	PUNCT
abr-51	189	32	,	,	PUNCT
abr-51	189	33	charitou	charitou	NOUN
abr-51	189	34	et	et	PROPN
abr-51	189	35	al	al	PROPN
abr-51	189	36	(	(	PUNCT
abr-51	189	37	2010	2010	NUM
abr-51	189	38	)	)	PUNCT
abr-51	189	39	and	and	CCONJ
abr-51	189	40	mohammad	mohammad	PROPN
abr-51	189	41	and	and	CCONJ
abr-51	189	42	saad	saad	PROPN
abr-51	189	43	(	(	PUNCT
abr-51	189	44	2010	2010	NUM
abr-51	189	45	)	)	PUNCT
abr-51	189	46	.	.	PUNCT
abr-51	190	1	in	in	ADP
abr-51	190	2	order	order	NOUN
abr-51	190	3	to	to	PART
abr-51	190	4	determine	determine	VERB
abr-51	190	5	if	if	SCONJ
abr-51	190	6	there	there	PRON
abr-51	190	7	were	be	VERB
abr-51	190	8	significant	significant	ADJ
abr-51	190	9	associations	association	NOUN
abr-51	190	10	between	between	ADP
abr-51	190	11	the	the	DET
abr-51	190	12	working	work	VERB
abr-51	190	13	capital	capital	NOUN
abr-51	190	14	efficiencies	efficiency	NOUN
abr-51	190	15	and	and	CCONJ
abr-51	190	16	the	the	DET
abr-51	190	17	enterprise	enterprise	NOUN
abr-51	190	18	value	value	NOUN
abr-51	190	19	of	of	ADP
abr-51	190	20	firms	firm	NOUN
abr-51	190	21	over	over	ADP
abr-51	190	22	the	the	DET
abr-51	190	23	years	year	NOUN
abr-51	190	24	of	of	ADP
abr-51	190	25	2004	2004	NUM
abr-51	190	26	through	through	ADP
abr-51	190	27	2009	2009	NUM
abr-51	190	28	,	,	PUNCT
abr-51	190	29	this	this	DET
abr-51	190	30	paper	paper	NOUN
abr-51	190	31	creates	create	VERB
abr-51	190	32	a	a	DET
abr-51	190	33	pearson	pearson	NOUN
abr-51	190	34	correlation	correlation	NOUN
abr-51	190	35	table	table	NOUN
abr-51	190	36	and	and	CCONJ
abr-51	190	37	conducts	conduct	VERB
abr-51	190	38	a	a	DET
abr-51	190	39	panel	panel	NOUN
abr-51	190	40	data	datum	NOUN
abr-51	190	41	regression	regression	NOUN
abr-51	190	42	methodology	methodology	NOUN
abr-51	190	43	.	.	PUNCT
abr-51	191	1	the	the	DET
abr-51	191	2	hypotheses	hypothesis	NOUN
abr-51	191	3	state	state	VERB
abr-51	191	4	that	that	SCONJ
abr-51	191	5	there	there	PRON
abr-51	191	6	is	be	VERB
abr-51	191	7	an	an	DET
abr-51	191	8	association	association	NOUN
abr-51	191	9	between	between	ADP
abr-51	191	10	the	the	DET
abr-51	191	11	enterprise	enterprise	NOUN
abr-51	191	12	value	value	NOUN
abr-51	191	13	of	of	ADP
abr-51	191	14	the	the	DET
abr-51	191	15	firm	firm	NOUN
abr-51	191	16	and	and	CCONJ
abr-51	191	17	each	each	PRON
abr-51	191	18	of	of	ADP
abr-51	191	19	the	the	DET
abr-51	191	20	components	component	NOUN
abr-51	191	21	of	of	ADP
abr-51	191	22	the	the	DET
abr-51	191	23	working	work	VERB
abr-51	191	24	capital	capital	NOUN
abr-51	191	25	cycle	cycle	NOUN
abr-51	191	26	as	as	ADV
abr-51	191	27	well	well	ADV
abr-51	191	28	as	as	ADP
abr-51	191	29	the	the	DET
abr-51	191	30	net	net	ADJ
abr-51	191	31	days	day	NOUN
abr-51	191	32	of	of	ADP
abr-51	191	33	the	the	DET
abr-51	191	34	working	work	VERB
abr-51	191	35	capital	capital	NOUN
abr-51	191	36	cycle	cycle	NOUN
abr-51	191	37	.	.	PUNCT
abr-51	192	1	h1	h1	PROPN
abr-51	192	2	:	:	PUNCT
abr-51	192	3	there	there	PRON
abr-51	192	4	is	be	VERB
abr-51	192	5	an	an	DET
abr-51	192	6	association	association	NOUN
abr-51	192	7	between	between	ADP
abr-51	192	8	enterprise	enterprise	NOUN
abr-51	192	9	value	value	NOUN
abr-51	192	10	and	and	CCONJ
abr-51	192	11	days	day	NOUN
abr-51	192	12	of	of	ADP
abr-51	192	13	inventory	inventory	NOUN
abr-51	192	14	.	.	PUNCT
abr-51	193	1	h2	h2	NOUN
abr-51	193	2	:	:	PUNCT
abr-51	193	3	there	there	PRON
abr-51	193	4	is	be	VERB
abr-51	193	5	an	an	DET
abr-51	193	6	association	association	NOUN
abr-51	193	7	between	between	ADP
abr-51	193	8	enterprise	enterprise	NOUN
abr-51	193	9	value	value	NOUN
abr-51	193	10	and	and	CCONJ
abr-51	193	11	days	day	NOUN
abr-51	193	12	of	of	ADP
abr-51	193	13	receivables	receivables	NOUN
abr-51	193	14	.	.	PUNCT
abr-51	194	1	lifland	lifland	PROPN
abr-51	194	2	advances	advance	NOUN
abr-51	194	3	in	in	ADP
abr-51	194	4	business	business	NOUN
abr-51	194	5	research	research	NOUN
abr-51	194	6	2011	2011	NUM
abr-51	194	7	,	,	PUNCT
abr-51	194	8	vol	vol	NOUN
abr-51	194	9	.	.	PROPN
abr-51	195	1	2	2	NUM
abr-51	195	2	,	,	PUNCT
abr-51	195	3	no	no	INTJ
abr-51	195	4	.	.	NOUN
abr-51	195	5	1	1	NUM
abr-51	195	6	,	,	PUNCT
abr-51	195	7	57	57	NUM
abr-51	195	8	-	-	SYM
abr-51	195	9	70	70	NUM
abr-51	195	10	63	63	NUM
abr-51	195	11	h3	h3	NOUN
abr-51	195	12	:	:	PUNCT
abr-51	195	13	there	there	PRON
abr-51	195	14	is	be	VERB
abr-51	195	15	an	an	DET
abr-51	195	16	association	association	NOUN
abr-51	195	17	between	between	ADP
abr-51	195	18	enterprise	enterprise	NOUN
abr-51	195	19	value	value	NOUN
abr-51	195	20	and	and	CCONJ
abr-51	195	21	days	day	NOUN
abr-51	195	22	of	of	ADP
abr-51	195	23	payables	payable	NOUN
abr-51	195	24	.	.	PUNCT
abr-51	196	1	h4	h4	NOUN
abr-51	196	2	:	:	PUNCT
abr-51	196	3	there	there	PRON
abr-51	196	4	is	be	VERB
abr-51	196	5	an	an	DET
abr-51	196	6	association	association	NOUN
abr-51	196	7	between	between	ADP
abr-51	196	8	enterprise	enterprise	NOUN
abr-51	196	9	value	value	NOUN
abr-51	196	10	and	and	CCONJ
abr-51	196	11	net	net	ADJ
abr-51	196	12	working	work	VERB
abr-51	196	13	capital	capital	NOUN
abr-51	196	14	cycle	cycle	NOUN
abr-51	196	15	.	.	PUNCT
abr-51	197	1	in	in	ADP
abr-51	197	2	order	order	NOUN
abr-51	197	3	to	to	PART
abr-51	197	4	test	test	VERB
abr-51	197	5	the	the	DET
abr-51	197	6	propositions	proposition	NOUN
abr-51	197	7	of	of	ADP
abr-51	197	8	the	the	DET
abr-51	197	9	associations	association	NOUN
abr-51	197	10	between	between	ADP
abr-51	197	11	enterprise	enterprise	NOUN
abr-51	197	12	value	value	NOUN
abr-51	197	13	and	and	CCONJ
abr-51	197	14	the	the	DET
abr-51	197	15	working	work	VERB
abr-51	197	16	capital	capital	NOUN
abr-51	197	17	efficiencies	efficiency	NOUN
abr-51	197	18	,	,	PUNCT
abr-51	197	19	this	this	DET
abr-51	197	20	paper	paper	NOUN
abr-51	197	21	employs	employ	VERB
abr-51	197	22	a	a	DET
abr-51	197	23	regression	regression	NOUN
abr-51	197	24	analysis	analysis	NOUN
abr-51	197	25	using	use	VERB
abr-51	197	26	a	a	DET
abr-51	197	27	panel	panel	NOUN
abr-51	197	28	data	data	NOUN
abr-51	197	29	methodology	methodology	NOUN
abr-51	197	30	(	(	PUNCT
abr-51	197	31	deloof	deloof	NOUN
abr-51	197	32	,	,	PUNCT
abr-51	197	33	2003	2003	NUM
abr-51	197	34	)	)	PUNCT
abr-51	197	35	,	,	PUNCT
abr-51	197	36	(	(	PUNCT
abr-51	197	37	padachi	padachi	ADJ
abr-51	197	38	,	,	PUNCT
abr-51	197	39	2006	2006	NUM
abr-51	197	40	)	)	PUNCT
abr-51	197	41	,	,	PUNCT
abr-51	197	42	(	(	PUNCT
abr-51	197	43	teruel	teruel	PROPN
abr-51	197	44	and	and	CCONJ
abr-51	197	45	solano	solano	PROPN
abr-51	197	46	,	,	PUNCT
abr-51	197	47	2007	2007	NUM
abr-51	197	48	)	)	PUNCT
abr-51	197	49	.	.	PUNCT
abr-51	198	1	the	the	DET
abr-51	198	2	use	use	NOUN
abr-51	198	3	of	of	ADP
abr-51	198	4	the	the	DET
abr-51	198	5	panel	panel	NOUN
abr-51	198	6	methodology	methodology	NOUN
abr-51	198	7	provides	provide	VERB
abr-51	198	8	more	more	ADV
abr-51	198	9	informative	informative	ADJ
abr-51	198	10	data	datum	NOUN
abr-51	198	11	,	,	PUNCT
abr-51	198	12	less	less	ADJ
abr-51	198	13	collinearity	collinearity	NOUN
abr-51	198	14	among	among	ADP
abr-51	198	15	variables	variable	NOUN
abr-51	198	16	,	,	PUNCT
abr-51	198	17	more	more	ADJ
abr-51	198	18	degrees	degree	NOUN
abr-51	198	19	of	of	ADP
abr-51	198	20	freedom	freedom	NOUN
abr-51	198	21	and	and	CCONJ
abr-51	198	22	more	more	ADJ
abr-51	198	23	efficiency	efficiency	NOUN
abr-51	198	24	(	(	PUNCT
abr-51	198	25	baltagi	baltagi	NOUN
abr-51	198	26	et	et	PROPN
abr-51	198	27	al	al	PROPN
abr-51	198	28	.	.	PROPN
abr-51	198	29	,	,	PUNCT
abr-51	198	30	2003	2003	NUM
abr-51	198	31	)	)	PUNCT
abr-51	198	32	.	.	PUNCT
abr-51	199	1	the	the	DET
abr-51	199	2	following	follow	VERB
abr-51	199	3	models	model	NOUN
abr-51	199	4	will	will	AUX
abr-51	199	5	be	be	AUX
abr-51	199	6	tested	test	VERB
abr-51	199	7	:	:	PUNCT
abr-51	199	8	!	!	PUNCT
abr-51	200	1	"	"	PUNCT
abr-51	200	2	#	#	SYM
abr-51	200	3	$	$	SYM
abr-51	200	4	%	%	NOUN
abr-51	200	5	#	#	SYM
abr-51	200	6	&	&	CCONJ
abr-51	200	7	#	#	SYM
abr-51	200	8	'	'	NOUN
abr-51	200	9	0	0	NUM
abr-51	200	10	(	(	PUNCT
abr-51	200	11	#	#	SYM
abr-51	200	12	'	'	PROPN
abr-51	200	13	1)*+,#(#'2)-.,#(##'3)-/0,#(#1	1)*+,#(#'2)-.,#(##'3)-/0,#(#1	NUM
abr-51	200	14	2"#$%#&#'0	2"#$%#&#'0	NUM
abr-51	200	15	(	(	PUNCT
abr-51	200	16	#	#	SYM
abr-51	200	17	'	'	NUM
abr-51	200	18	1)*+,#(#'2)-.,#(##'3)-.3,#(#1	1)*+,#(#'2)-.,#(##'3)-.3,#(#1	NUM
abr-51	200	19	4"#$%#&#'0	4"#$%#&#'0	NUM
abr-51	200	20	(	(	PUNCT
abr-51	200	21	#	#	SYM
abr-51	200	22	'	'	NUM
abr-51	200	23	1)*+,#(#'2)-.,#(###'3)-.5,#(#1	1)*+,#(#'2)-.,#(###'3)-.5,#(#1	NUM
abr-51	200	24	6"#$%#&#'0	6"#$%#&#'0	NUM
abr-51	200	25	(	(	PUNCT
abr-51	200	26	#	#	SYM
abr-51	200	27	'	'	NOUN
abr-51	200	28	1)*+,#(#'2)-.,#(###'3)-78,##(#1	1)*+,#(#'2)-.,#(###'3)-78,##(#1	NUM
abr-51	200	29	the	the	DET
abr-51	200	30	dependent	dependent	ADJ
abr-51	200	31	variable	variable	NOUN
abr-51	200	32	,	,	PUNCT
abr-51	200	33	ev	ev	INTJ
abr-51	200	34	,	,	PUNCT
abr-51	200	35	measures	measure	VERB
abr-51	200	36	the	the	DET
abr-51	200	37	firm	firm	NOUN
abr-51	200	38	’s	’s	PART
abr-51	200	39	enterprise	enterprise	NOUN
abr-51	200	40	value	value	NOUN
abr-51	200	41	;	;	PUNCT
abr-51	200	42	it	it	PRON
abr-51	200	43	’s	’	VERB
abr-51	200	44	the	the	DET
abr-51	200	45	net	net	NOUN
abr-51	200	46	of	of	ADP
abr-51	200	47	the	the	DET
abr-51	200	48	market	market	NOUN
abr-51	200	49	capitalization	capitalization	NOUN
abr-51	200	50	,	,	PUNCT
abr-51	200	51	debt	debt	NOUN
abr-51	200	52	,	,	PUNCT
abr-51	200	53	minority	minority	NOUN
abr-51	200	54	interests	interest	NOUN
abr-51	200	55	,	,	PUNCT
abr-51	200	56	preferred	preferred	ADJ
abr-51	200	57	shares	share	NOUN
abr-51	200	58	and	and	CCONJ
abr-51	200	59	excess	excess	ADJ
abr-51	200	60	cash	cash	NOUN
abr-51	200	61	.	.	PUNCT
abr-51	201	1	din	din	NOUN
abr-51	201	2	represents	represent	VERB
abr-51	201	3	the	the	DET
abr-51	201	4	number	number	NOUN
abr-51	201	5	of	of	ADP
abr-51	201	6	days	day	NOUN
abr-51	201	7	that	that	PRON
abr-51	201	8	inventory	inventory	NOUN
abr-51	201	9	is	be	AUX
abr-51	201	10	held	hold	VERB
abr-51	201	11	while	while	SCONJ
abr-51	201	12	dar	dar	PROPN
abr-51	201	13	is	be	AUX
abr-51	201	14	the	the	DET
abr-51	201	15	number	number	NOUN
abr-51	201	16	of	of	ADP
abr-51	201	17	days	day	NOUN
abr-51	201	18	it	it	PRON
abr-51	201	19	takes	take	VERB
abr-51	201	20	to	to	PART
abr-51	201	21	collect	collect	VERB
abr-51	201	22	on	on	ADP
abr-51	201	23	accounts	account	NOUN
abr-51	201	24	receivable	receivable	ADJ
abr-51	201	25	.	.	PUNCT
abr-51	202	1	the	the	DET
abr-51	202	2	directional	directional	ADJ
abr-51	202	3	effect	effect	NOUN
abr-51	202	4	of	of	ADP
abr-51	202	5	both	both	PRON
abr-51	202	6	are	be	AUX
abr-51	202	7	expected	expect	VERB
abr-51	202	8	to	to	PART
abr-51	202	9	be	be	AUX
abr-51	202	10	negative	negative	ADJ
abr-51	202	11	as	as	SCONJ
abr-51	202	12	an	an	DET
abr-51	202	13	increase	increase	NOUN
abr-51	202	14	will	will	AUX
abr-51	202	15	extend	extend	VERB
abr-51	202	16	the	the	DET
abr-51	202	17	number	number	NOUN
abr-51	202	18	of	of	ADP
abr-51	202	19	days	day	NOUN
abr-51	202	20	that	that	PRON
abr-51	202	21	cash	cash	NOUN
abr-51	202	22	is	be	AUX
abr-51	202	23	tied	tie	VERB
abr-51	202	24	-	-	PUNCT
abr-51	202	25	up	up	NOUN
abr-51	202	26	in	in	ADP
abr-51	202	27	working	work	VERB
abr-51	202	28	capital	capital	NOUN
abr-51	202	29	.	.	PUNCT
abr-51	203	1	dap	dap	PROPN
abr-51	203	2	measures	measure	VERB
abr-51	203	3	the	the	DET
abr-51	203	4	average	average	ADJ
abr-51	203	5	number	number	NOUN
abr-51	203	6	of	of	ADP
abr-51	203	7	days	day	NOUN
abr-51	203	8	a	a	DET
abr-51	203	9	firm	firm	NOUN
abr-51	203	10	takes	take	VERB
abr-51	203	11	to	to	PART
abr-51	203	12	pay	pay	VERB
abr-51	203	13	its	its	PRON
abr-51	203	14	trade	trade	NOUN
abr-51	203	15	payables	payable	NOUN
abr-51	203	16	.	.	PUNCT
abr-51	204	1	its	its	PRON
abr-51	204	2	hypothesized	hypothesized	ADJ
abr-51	204	3	sign	sign	NOUN
abr-51	204	4	is	be	AUX
abr-51	204	5	positive	positive	ADJ
abr-51	204	6	as	as	ADP
abr-51	204	7	firms	firm	NOUN
abr-51	204	8	that	that	PRON
abr-51	204	9	can	can	AUX
abr-51	204	10	further	far	ADV
abr-51	204	11	delay	delay	VERB
abr-51	204	12	their	their	PRON
abr-51	204	13	payments	payment	NOUN
abr-51	204	14	to	to	ADP
abr-51	204	15	suppliers	supplier	NOUN
abr-51	204	16	-	-	PUNCT
abr-51	204	17	creditors	creditor	NOUN
abr-51	204	18	can	can	AUX
abr-51	204	19	enhance	enhance	VERB
abr-51	204	20	enterprise	enterprise	NOUN
abr-51	204	21	value	value	NOUN
abr-51	204	22	.	.	PUNCT
abr-51	205	1	the	the	DET
abr-51	205	2	days	day	NOUN
abr-51	205	3	of	of	ADP
abr-51	205	4	the	the	DET
abr-51	205	5	working	work	VERB
abr-51	205	6	capital	capital	NOUN
abr-51	205	7	cycle	cycle	NOUN
abr-51	205	8	(	(	PUNCT
abr-51	205	9	dwc	dwc	PROPN
abr-51	205	10	)	)	PUNCT
abr-51	205	11	presents	present	VERB
abr-51	205	12	the	the	DET
abr-51	205	13	net	net	ADJ
abr-51	205	14	number	number	NOUN
abr-51	205	15	of	of	ADP
abr-51	205	16	days	day	NOUN
abr-51	205	17	that	that	PRON
abr-51	205	18	capital	capital	NOUN
abr-51	205	19	is	be	AUX
abr-51	205	20	constrained	constrain	VERB
abr-51	205	21	in	in	ADP
abr-51	205	22	the	the	DET
abr-51	205	23	working	work	VERB
abr-51	205	24	capital	capital	NOUN
abr-51	205	25	process	process	NOUN
abr-51	205	26	.	.	PUNCT
abr-51	206	1	it	it	PRON
abr-51	206	2	’s	’s	AUX
abr-51	206	3	calculated	calculate	VERB
abr-51	206	4	as	as	ADP
abr-51	206	5	the	the	DET
abr-51	206	6	sum	sum	NOUN
abr-51	206	7	of	of	ADP
abr-51	206	8	din	din	PROPN
abr-51	206	9	and	and	CCONJ
abr-51	206	10	dar	dar	PROPN
abr-51	206	11	less	less	ADV
abr-51	206	12	dap	dap	PROPN
abr-51	206	13	.	.	PUNCT
abr-51	207	1	the	the	DET
abr-51	207	2	expected	expect	VERB
abr-51	207	3	effect	effect	NOUN
abr-51	207	4	is	be	AUX
abr-51	207	5	negative	negative	ADJ
abr-51	207	6	as	as	ADP
abr-51	207	7	an	an	DET
abr-51	207	8	increase	increase	NOUN
abr-51	207	9	in	in	ADP
abr-51	207	10	the	the	DET
abr-51	207	11	total	total	ADJ
abr-51	207	12	net	net	ADJ
abr-51	207	13	days	day	NOUN
abr-51	207	14	that	that	PRON
abr-51	207	15	management	management	NOUN
abr-51	207	16	has	have	VERB
abr-51	207	17	to	to	PART
abr-51	207	18	devote	devote	VERB
abr-51	207	19	to	to	ADP
abr-51	207	20	servicing	service	VERB
abr-51	207	21	their	their	PRON
abr-51	207	22	working	work	VERB
abr-51	207	23	capital	capital	NOUN
abr-51	207	24	needs	need	NOUN
abr-51	207	25	,	,	PUNCT
abr-51	207	26	will	will	AUX
abr-51	207	27	divert	divert	VERB
abr-51	207	28	funds	fund	NOUN
abr-51	207	29	that	that	PRON
abr-51	207	30	could	could	AUX
abr-51	207	31	have	have	AUX
abr-51	207	32	gone	go	VERB
abr-51	207	33	to	to	ADP
abr-51	207	34	reducing	reduce	VERB
abr-51	207	35	non	non	ADJ
abr-51	207	36	-	-	ADJ
abr-51	207	37	operational	operational	ADJ
abr-51	207	38	accounts	account	NOUN
abr-51	207	39	and	and	CCONJ
abr-51	207	40	enhancing	enhance	VERB
abr-51	207	41	the	the	DET
abr-51	207	42	enterprise	enterprise	NOUN
abr-51	207	43	value	value	NOUN
abr-51	207	44	.	.	PUNCT
abr-51	208	1	two	two	NUM
abr-51	208	2	control	control	NOUN
abr-51	208	3	variables	variable	NOUN
abr-51	208	4	are	be	AUX
abr-51	208	5	introduced	introduce	VERB
abr-51	208	6	into	into	ADP
abr-51	208	7	the	the	DET
abr-51	208	8	model	model	NOUN
abr-51	208	9	(	(	PUNCT
abr-51	208	10	lazaridis	lazaridi	NOUN
abr-51	208	11	and	and	CCONJ
abr-51	208	12	tryfonidis	tryfonidi	NOUN
abr-51	208	13	,	,	PUNCT
abr-51	208	14	2006	2006	NUM
abr-51	208	15	)	)	PUNCT
abr-51	208	16	,	,	PUNCT
abr-51	208	17	(	(	PUNCT
abr-51	208	18	teruel	teruel	PROPN
abr-51	208	19	and	and	CCONJ
abr-51	208	20	solano	solano	PROPN
abr-51	208	21	,	,	PUNCT
abr-51	208	22	2007	2007	NUM
abr-51	208	23	)	)	PUNCT
abr-51	208	24	,	,	PUNCT
abr-51	208	25	(	(	PUNCT
abr-51	208	26	charitou	charitou	NOUN
abr-51	208	27	et	et	PROPN
abr-51	208	28	al	al	PROPN
abr-51	208	29	.	.	PROPN
abr-51	208	30	,	,	PUNCT
abr-51	208	31	2010	2010	NUM
abr-51	208	32	)	)	PUNCT
abr-51	208	33	.	.	PUNCT
abr-51	209	1	sg	sg	PROPN
abr-51	209	2	is	be	AUX
abr-51	209	3	the	the	DET
abr-51	209	4	sales	sale	NOUN
abr-51	209	5	growth	growth	NOUN
abr-51	209	6	and	and	CCONJ
abr-51	209	7	is	be	AUX
abr-51	209	8	calculated	calculate	VERB
abr-51	209	9	as	as	ADP
abr-51	209	10	the	the	DET
abr-51	209	11	differential	differential	NOUN
abr-51	209	12	between	between	ADP
abr-51	209	13	current	current	ADJ
abr-51	209	14	year	year	NOUN
abr-51	209	15	sales	sale	NOUN
abr-51	209	16	and	and	CCONJ
abr-51	209	17	prior	prior	ADJ
abr-51	209	18	year	year	NOUN
abr-51	209	19	sales	sale	NOUN
abr-51	209	20	divided	divide	VERB
abr-51	209	21	by	by	ADP
abr-51	209	22	prior	prior	ADJ
abr-51	209	23	year	year	NOUN
abr-51	209	24	sales	sale	NOUN
abr-51	209	25	[	[	X
abr-51	209	26	(	(	PUNCT
abr-51	209	27	s1	s1	PROPN
abr-51	209	28	s0)/s0	s0)/s0	PROPN
abr-51	209	29	]	]	PUNCT
abr-51	209	30	.	.	PUNCT
abr-51	210	1	the	the	DET
abr-51	210	2	expected	expect	VERB
abr-51	210	3	direction	direction	NOUN
abr-51	210	4	of	of	ADP
abr-51	210	5	this	this	DET
abr-51	210	6	variable	variable	NOUN
abr-51	210	7	is	be	AUX
abr-51	210	8	negative	negative	ADJ
abr-51	210	9	in	in	ADP
abr-51	210	10	that	that	PRON
abr-51	210	11	given	give	VERB
abr-51	210	12	an	an	DET
abr-51	210	13	increase	increase	NOUN
abr-51	210	14	in	in	ADP
abr-51	210	15	the	the	DET
abr-51	210	16	growth	growth	NOUN
abr-51	210	17	of	of	ADP
abr-51	210	18	sales	sale	NOUN
abr-51	210	19	,	,	PUNCT
abr-51	210	20	while	while	SCONJ
abr-51	210	21	a	a	DET
abr-51	210	22	good	good	ADJ
abr-51	210	23	thing	thing	NOUN
abr-51	210	24	,	,	PUNCT
abr-51	210	25	also	also	ADV
abr-51	210	26	puts	put	VERB
abr-51	210	27	pressure	pressure	NOUN
abr-51	210	28	on	on	ADP
abr-51	210	29	a	a	DET
abr-51	210	30	firm	firm	NOUN
abr-51	210	31	to	to	PART
abr-51	210	32	have	have	VERB
abr-51	210	33	the	the	DET
abr-51	210	34	appropriate	appropriate	ADJ
abr-51	210	35	mix	mix	NOUN
abr-51	210	36	of	of	ADP
abr-51	210	37	working	work	VERB
abr-51	210	38	capital	capital	NOUN
abr-51	210	39	accounts	account	NOUN
abr-51	210	40	to	to	PART
abr-51	210	41	support	support	VERB
abr-51	210	42	it	it	PRON
abr-51	210	43	.	.	PUNCT
abr-51	211	1	da	da	PROPN
abr-51	211	2	is	be	AUX
abr-51	211	3	the	the	DET
abr-51	211	4	ratio	ratio	NOUN
abr-51	211	5	of	of	ADP
abr-51	211	6	debt	debt	NOUN
abr-51	211	7	to	to	ADP
abr-51	211	8	total	total	ADJ
abr-51	211	9	assets	asset	NOUN
abr-51	211	10	.	.	PUNCT
abr-51	212	1	the	the	DET
abr-51	212	2	expected	expect	VERB
abr-51	212	3	directional	directional	ADJ
abr-51	212	4	effect	effect	NOUN
abr-51	212	5	is	be	AUX
abr-51	212	6	negative	negative	ADJ
abr-51	212	7	as	as	SCONJ
abr-51	212	8	an	an	DET
abr-51	212	9	increase	increase	NOUN
abr-51	212	10	can	can	AUX
abr-51	212	11	make	make	VERB
abr-51	212	12	a	a	DET
abr-51	212	13	firm	firm	NOUN
abr-51	212	14	more	more	ADV
abr-51	212	15	costly	costly	ADJ
abr-51	212	16	and	and	CCONJ
abr-51	212	17	can	can	AUX
abr-51	212	18	weaken	weaken	VERB
abr-51	212	19	the	the	DET
abr-51	212	20	enterprise	enterprise	NOUN
abr-51	212	21	value	value	NOUN
abr-51	212	22	.	.	PUNCT
abr-51	213	1	empirical	empirical	ADJ
abr-51	213	2	results	result	NOUN
abr-51	213	3	the	the	DET
abr-51	213	4	first	first	ADJ
abr-51	213	5	step	step	NOUN
abr-51	213	6	before	before	ADP
abr-51	213	7	performing	perform	VERB
abr-51	213	8	a	a	DET
abr-51	213	9	regression	regression	NOUN
abr-51	213	10	analysis	analysis	NOUN
abr-51	213	11	on	on	ADP
abr-51	213	12	the	the	DET
abr-51	213	13	four	four	NUM
abr-51	213	14	panel	panel	NOUN
abr-51	213	15	data	data	NOUN
abr-51	213	16	models	model	NOUN
abr-51	213	17	is	be	AUX
abr-51	213	18	to	to	PART
abr-51	213	19	determine	determine	VERB
abr-51	213	20	if	if	SCONJ
abr-51	213	21	there	there	PRON
abr-51	213	22	exists	exist	VERB
abr-51	213	23	a	a	DET
abr-51	213	24	correlation	correlation	NOUN
abr-51	213	25	between	between	ADP
abr-51	213	26	the	the	DET
abr-51	213	27	unobservable	unobservable	ADJ
abr-51	213	28	heterogeneity	heterogeneity	NOUN
abr-51	213	29	of	of	ADP
abr-51	213	30	each	each	DET
abr-51	213	31	firm	firm	NOUN
abr-51	213	32	and	and	CCONJ
abr-51	213	33	the	the	DET
abr-51	213	34	independent	independent	ADJ
abr-51	213	35	variables	variable	NOUN
abr-51	213	36	of	of	ADP
abr-51	213	37	the	the	DET
abr-51	213	38	model	model	NOUN
abr-51	213	39	.	.	PUNCT
abr-51	214	1	to	to	PART
abr-51	214	2	accomplish	accomplish	VERB
abr-51	214	3	this	this	PRON
abr-51	214	4	,	,	PUNCT
abr-51	214	5	the	the	DET
abr-51	214	6	pearson	pearson	PROPN
abr-51	214	7	correlation	correlation	NOUN
abr-51	214	8	test	test	NOUN
abr-51	214	9	(	(	PUNCT
abr-51	214	10	shin	shin	NOUN
abr-51	214	11	and	and	CCONJ
abr-51	214	12	soenen	soenen	NOUN
abr-51	214	13	,	,	PUNCT
abr-51	214	14	1998	1998	NUM
abr-51	214	15	)	)	PUNCT
abr-51	214	16	,	,	PUNCT
abr-51	214	17	(	(	PUNCT
abr-51	214	18	deloof	deloof	NOUN
abr-51	214	19	,	,	PUNCT
abr-51	214	20	2003	2003	NUM
abr-51	214	21	)	)	PUNCT
abr-51	214	22	,	,	PUNCT
abr-51	214	23	(	(	PUNCT
abr-51	214	24	padachi	padachi	ADJ
abr-51	214	25	,	,	PUNCT
abr-51	214	26	2006	2006	NUM
abr-51	214	27	)	)	PUNCT
abr-51	214	28	,	,	PUNCT
abr-51	214	29	(	(	PUNCT
abr-51	214	30	charitou	charitou	NOUN
abr-51	214	31	et	et	PROPN
abr-51	214	32	al	al	PROPN
abr-51	214	33	.	.	PROPN
abr-51	214	34	,	,	PUNCT
abr-51	214	35	2010	2010	NUM
abr-51	214	36	)	)	PUNCT
abr-51	214	37	for	for	ADP
abr-51	214	38	the	the	DET
abr-51	214	39	variables	variable	NOUN
abr-51	214	40	that	that	PRON
abr-51	214	41	will	will	AUX
abr-51	214	42	be	be	AUX
abr-51	214	43	included	include	VERB
abr-51	214	44	in	in	ADP
abr-51	214	45	the	the	DET
abr-51	214	46	regression	regression	NOUN
abr-51	214	47	model	model	NOUN
abr-51	214	48	is	be	AUX
abr-51	214	49	presented	present	VERB
abr-51	214	50	in	in	ADP
abr-51	214	51	exhibit	exhibit	NOUN
abr-51	214	52	1	1	NUM
abr-51	214	53	below	below	ADV
abr-51	214	54	.	.	PUNCT
abr-51	215	1	the	the	DET
abr-51	215	2	energy	energy	NOUN
abr-51	215	3	sector	sector	NOUN
abr-51	215	4	data	datum	NOUN
abr-51	215	5	sample	sample	NOUN
abr-51	215	6	is	be	AUX
abr-51	215	7	broken	break	VERB
abr-51	215	8	out	out	ADP
abr-51	215	9	into	into	ADP
abr-51	215	10	three	three	NUM
abr-51	215	11	groups	group	NOUN
abr-51	215	12	based	base	VERB
abr-51	215	13	upon	upon	SCONJ
abr-51	215	14	market	market	NOUN
abr-51	215	15	capitalization	capitalization	NOUN
abr-51	215	16	.	.	PUNCT
abr-51	216	1	these	these	PRON
abr-51	216	2	are	be	AUX
abr-51	216	3	the	the	DET
abr-51	216	4	large	large	ADJ
abr-51	216	5	-	-	PUNCT
abr-51	216	6	cap	cap	NOUN
abr-51	216	7	firms	firm	NOUN
abr-51	216	8	,	,	PUNCT
abr-51	216	9	mid	mid	ADJ
abr-51	216	10	-	-	ADJ
abr-51	216	11	cap	cap	ADJ
abr-51	216	12	firms	firm	NOUN
abr-51	216	13	,	,	PUNCT
abr-51	216	14	and	and	CCONJ
abr-51	216	15	small	small	ADJ
abr-51	216	16	-	-	PUNCT
abr-51	216	17	cap	cap	NOUN
abr-51	216	18	firms	firm	NOUN
abr-51	216	19	.	.	PUNCT
abr-51	217	1	exhibit	exhibit	VERB
abr-51	217	2	1	1	NUM
abr-51	217	3	:	:	PUNCT
abr-51	217	4	pearson	pearson	NOUN
abr-51	217	5	correlation	correlation	NOUN
abr-51	217	6	coefficients	coefficient	VERB
abr-51	217	7	energy	energy	NOUN
abr-51	217	8	sector	sector	NOUN
abr-51	217	9	(	(	PUNCT
abr-51	217	10	time	time	NOUN
abr-51	217	11	period	period	NOUN
abr-51	217	12	of	of	ADP
abr-51	217	13	2004	2004	NUM
abr-51	217	14	through	through	ADP
abr-51	217	15	2009	2009	NUM
abr-51	217	16	)	)	PUNCT
abr-51	217	17	panel	panel	NOUN
abr-51	217	18	a	a	DET
abr-51	217	19	:	:	SYM
abr-51	217	20	72	72	NUM
abr-51	217	21	large	large	ADJ
abr-51	217	22	-	-	PUNCT
abr-51	217	23	cap	cap	NOUN
abr-51	217	24	corporations	corporation	NOUN
abr-51	217	25	and	and	CCONJ
abr-51	217	26	360	360	NUM
abr-51	217	27	firm	firm	ADJ
abr-51	217	28	year	year	NOUN
abr-51	217	29	observations	observation	NOUN
abr-51	217	30	ev	ev	INTJ
abr-51	217	31	sg	sg	PROPN
abr-51	217	32	da	da	PROPN
abr-51	217	33	din	din	PROPN
abr-51	217	34	dar	dar	PROPN
abr-51	217	35	dap	dap	PROPN
abr-51	217	36	dwc	dwc	PROPN
abr-51	217	37	ev	ev	PROPN
abr-51	217	38	1.000	1.000	NUM
abr-51	217	39	-0.097	-0.097	X
abr-51	217	40	-0.275	-0.275	PUNCT
abr-51	217	41	-0.030	-0.030	PUNCT
abr-51	217	42	0.022	0.022	NUM
abr-51	217	43	0.025	0.025	NUM
abr-51	217	44	-0.055	-0.055	VERB
abr-51	217	45	sg	sg	ADP
abr-51	217	46	1.000	1.000	NUM
abr-51	217	47	-0.020	-0.020	NUM
abr-51	217	48	0.035	0.035	NUM
abr-51	217	49	0.145	0.145	NUM
abr-51	217	50	0.144	0.144	NUM
abr-51	217	51	-0.139	-0.139	PUNCT
abr-51	217	52	da	da	NUM
abr-51	217	53	1.000	1.000	NUM
abr-51	217	54	-0.162	-0.162	NOUN
abr-51	217	55	-0.061	-0.061	PUNCT
abr-51	217	56	-0.058	-0.058	X
abr-51	217	57	-0.068	-0.068	PUNCT
abr-51	217	58	din	din	VERB
abr-51	217	59	1.000	1.000	NUM
abr-51	217	60	0.318	0.318	NUM
abr-51	217	61	0.302	0.302	NUM
abr-51	217	62	-0.142	-0.142	X
abr-51	217	63	dar	dar	NOUN
abr-51	217	64	1.000	1.000	NUM
abr-51	217	65	0.997	0.997	NUM
abr-51	217	66	-0.892	-0.892	NOUN
abr-51	217	67	dap	dap	PROPN
abr-51	217	68	1.000	1.000	NUM
abr-51	217	69	-0.906	-0.906	NUM
abr-51	217	70	dwc	dwc	PROPN
abr-51	217	71	1.000	1.000	NUM
abr-51	217	72	lifland	lifland	NOUN
abr-51	217	73	advances	advance	NOUN
abr-51	217	74	in	in	ADP
abr-51	217	75	business	business	NOUN
abr-51	217	76	research	research	NOUN
abr-51	217	77	2011	2011	NUM
abr-51	217	78	,	,	PUNCT
abr-51	217	79	vol	vol	NOUN
abr-51	217	80	.	.	PROPN
abr-51	218	1	2	2	NUM
abr-51	218	2	,	,	PUNCT
abr-51	218	3	no	no	INTJ
abr-51	218	4	.	.	NOUN
abr-51	218	5	1	1	NUM
abr-51	218	6	,	,	PUNCT
abr-51	218	7	57	57	NUM
abr-51	218	8	-	-	SYM
abr-51	218	9	70	70	NUM
abr-51	218	10	64	64	NUM
abr-51	218	11	panel	panel	NOUN
abr-51	218	12	b	b	NOUN
abr-51	218	13	:	:	PUNCT
abr-51	218	14	65	65	NUM
abr-51	218	15	mid	mid	ADJ
abr-51	218	16	-	-	ADJ
abr-51	218	17	cap	cap	NOUN
abr-51	218	18	corporations	corporation	NOUN
abr-51	218	19	and	and	CCONJ
abr-51	218	20	315	315	NUM
abr-51	218	21	firm	firm	ADJ
abr-51	218	22	year	year	NOUN
abr-51	218	23	observations	observation	NOUN
abr-51	218	24	ev	ev	INTJ
abr-51	218	25	sg	sg	PROPN
abr-51	218	26	da	da	PROPN
abr-51	218	27	din	din	PROPN
abr-51	218	28	dar	dar	PROPN
abr-51	218	29	dap	dap	PROPN
abr-51	218	30	dwc	dwc	PROPN
abr-51	218	31	ev	ev	PROPN
abr-51	218	32	1.000	1.000	NUM
abr-51	218	33	-0.075	-0.075	NUM
abr-51	218	34	0.156	0.156	NUM
abr-51	218	35	-0.054	-0.054	NOUN
abr-51	218	36	-0.044	-0.044	PROPN
abr-51	219	1	0.109	0.109	NUM
abr-51	219	2	-0.170	-0.170	PUNCT
abr-51	219	3	sg	sg	ADP
abr-51	219	4	1.000	1.000	NUM
abr-51	219	5	0.071	0.071	NUM
abr-51	219	6	-0.070	-0.070	NUM
abr-51	219	7	-0.122	-0.122	PROPN
abr-51	220	1	0.016	0.016	NUM
abr-51	220	2	-0.051	-0.051	PROPN
abr-51	220	3	da	da	PROPN
abr-51	220	4	1.000	1.000	NUM
abr-51	220	5	-0.166	-0.166	PUNCT
abr-51	220	6	-0.179	-0.179	NUM
abr-51	220	7	0.125	0.125	NUM
abr-51	220	8	-0.246	-0.246	NOUN
abr-51	220	9	din	din	VERB
abr-51	220	10	1.000	1.000	NUM
abr-51	220	11	0.190	0.190	NUM
abr-51	220	12	-0.069	-0.069	SYM
abr-51	220	13	0.441	0.441	NUM
abr-51	220	14	dar	dar	NOUN
abr-51	220	15	1.000	1.000	NUM
abr-51	220	16	0.204	0.204	NUM
abr-51	220	17	0.329	0.329	NUM
abr-51	220	18	dap	dap	NOUN
abr-51	220	19	1.000	1.000	NUM
abr-51	220	20	-0.157	-0.157	NUM
abr-51	220	21	dwc	dwc	PROPN
abr-51	220	22	1.000	1.000	NUM
abr-51	220	23	panel	panel	NOUN
abr-51	220	24	c	c	NOUN
abr-51	220	25	:	:	PUNCT
abr-51	220	26	85	85	NUM
abr-51	220	27	small	small	ADJ
abr-51	220	28	-	-	PUNCT
abr-51	220	29	cap	cap	NOUN
abr-51	220	30	corporations	corporation	NOUN
abr-51	220	31	and	and	CCONJ
abr-51	220	32	425	425	NUM
abr-51	220	33	firm	firm	ADJ
abr-51	220	34	year	year	NOUN
abr-51	220	35	observations	observation	NOUN
abr-51	220	36	ev	ev	INTJ
abr-51	220	37	sg	sg	PROPN
abr-51	220	38	da	da	PROPN
abr-51	220	39	din	din	PROPN
abr-51	220	40	dar	dar	PROPN
abr-51	220	41	dap	dap	PROPN
abr-51	220	42	dwc	dwc	PROPN
abr-51	220	43	ev	ev	ADP
abr-51	220	44	1.000	1.000	NUM
abr-51	220	45	-0.032	-0.032	ADP
abr-51	220	46	0.076	0.076	NUM
abr-51	220	47	-0.049	-0.049	NUM
abr-51	220	48	0.107	0.107	NUM
abr-51	220	49	-0.073	-0.073	PUNCT
abr-51	220	50	0.214	0.214	NUM
abr-51	220	51	sg	sg	ADP
abr-51	220	52	1.000	1.000	NUM
abr-51	220	53	0.025	0.025	NUM
abr-51	220	54	-0.080	-0.080	PUNCT
abr-51	220	55	-0.004	-0.004	PUNCT
abr-51	220	56	0.036	0.036	NUM
abr-51	220	57	-0.005	-0.005	PUNCT
abr-51	221	1	da	da	NOUN
abr-51	221	2	1.000	1.000	NUM
abr-51	221	3	0.015	0.015	NUM
abr-51	221	4	0.029	0.029	NUM
abr-51	221	5	0.071	0.071	NUM
abr-51	221	6	-0.023	-0.023	PUNCT
abr-51	221	7	din	din	VERB
abr-51	221	8	1.000	1.000	NUM
abr-51	221	9	0.187	0.187	NUM
abr-51	221	10	0.918	0.918	NUM
abr-51	221	11	-0.750	-0.750	NOUN
abr-51	221	12	dar	dar	NOUN
abr-51	221	13	1.000	1.000	NUM
abr-51	221	14	0.169	0.169	NUM
abr-51	221	15	0.679	0.679	NUM
abr-51	221	16	dap	dap	PROPN
abr-51	221	17	1.000	1.000	NUM
abr-51	221	18	0.104	0.104	NUM
abr-51	221	19	dwc	dwc	PROPN
abr-51	221	20	1.000	1.000	NUM
abr-51	221	21	where	where	SCONJ
abr-51	221	22	:	:	PUNCT
abr-51	221	23	ev	ev	X
abr-51	221	24	=	=	PUNCT
abr-51	221	25	the	the	DET
abr-51	221	26	enterprise	enterprise	NOUN
abr-51	221	27	value	value	NOUN
abr-51	221	28	of	of	ADP
abr-51	221	29	the	the	DET
abr-51	221	30	firm	firm	NOUN
abr-51	221	31	.	.	PUNCT
abr-51	222	1	sg	sg	PROPN
abr-51	222	2	=	=	PUNCT
abr-51	222	3	the	the	DET
abr-51	222	4	yearly	yearly	ADJ
abr-51	222	5	sales	sale	NOUN
abr-51	222	6	growth	growth	NOUN
abr-51	222	7	for	for	ADP
abr-51	222	8	each	each	DET
abr-51	222	9	firm	firm	NOUN
abr-51	222	10	.	.	PUNCT
abr-51	223	1	da	da	PUNCT
abr-51	224	1	=	=	PUNCT
abr-51	224	2	the	the	DET
abr-51	224	3	annual	annual	ADJ
abr-51	224	4	debt	debt	NOUN
abr-51	224	5	to	to	ADP
abr-51	224	6	total	total	ADJ
abr-51	224	7	assets	asset	NOUN
abr-51	224	8	ratio	ratio	NOUN
abr-51	224	9	.	.	PUNCT
abr-51	225	1	din	din	NOUN
abr-51	226	1	=	=	PUNCT
abr-51	226	2	average	average	ADJ
abr-51	226	3	days	day	NOUN
abr-51	226	4	that	that	PRON
abr-51	226	5	inventory	inventory	NOUN
abr-51	226	6	is	be	AUX
abr-51	226	7	held	hold	VERB
abr-51	226	8	.	.	PUNCT
abr-51	227	1	dar	dar	NOUN
abr-51	227	2	=	=	PUNCT
abr-51	227	3	average	average	ADJ
abr-51	227	4	days	day	NOUN
abr-51	227	5	that	that	PRON
abr-51	227	6	takes	take	VERB
abr-51	227	7	to	to	PART
abr-51	227	8	collect	collect	VERB
abr-51	227	9	on	on	ADP
abr-51	227	10	trade	trade	NOUN
abr-51	227	11	receivables	receivable	NOUN
abr-51	227	12	.	.	PUNCT
abr-51	228	1	dap	dap	PROPN
abr-51	229	1	=	=	PUNCT
abr-51	229	2	average	average	ADJ
abr-51	229	3	days	day	NOUN
abr-51	229	4	that	that	PRON
abr-51	229	5	it	it	PRON
abr-51	229	6	takes	take	VERB
abr-51	229	7	to	to	PART
abr-51	229	8	pay	pay	VERB
abr-51	229	9	trade	trade	NOUN
abr-51	229	10	payables	payable	NOUN
abr-51	229	11	.	.	PUNCT
abr-51	230	1	dwc	dwc	PROPN
abr-51	230	2	=	=	SYM
abr-51	230	3	average	average	ADJ
abr-51	230	4	annual	annual	ADJ
abr-51	230	5	days	day	NOUN
abr-51	230	6	of	of	ADP
abr-51	230	7	working	work	VERB
abr-51	230	8	capital	capital	NOUN
abr-51	230	9	;	;	PUNCT
abr-51	230	10	it	it	PRON
abr-51	230	11	is	be	AUX
abr-51	230	12	din	din	VERB
abr-51	230	13	+	+	PROPN
abr-51	230	14	dar	dar	PROPN
abr-51	230	15	–	–	PUNCT
abr-51	230	16	dap	dap	PROPN
abr-51	230	17	.	.	PUNCT
abr-51	231	1	the	the	DET
abr-51	231	2	large	large	ADJ
abr-51	231	3	cap	cap	NOUN
abr-51	231	4	companies	company	NOUN
abr-51	231	5	(	(	PUNCT
abr-51	231	6	panel	panel	NOUN
abr-51	231	7	a	a	NOUN
abr-51	231	8	)	)	PUNCT
abr-51	231	9	in	in	ADP
abr-51	231	10	the	the	DET
abr-51	231	11	energy	energy	NOUN
abr-51	231	12	sector	sector	NOUN
abr-51	231	13	show	show	VERB
abr-51	231	14	a	a	DET
abr-51	231	15	negative	negative	ADJ
abr-51	231	16	relation	relation	NOUN
abr-51	231	17	between	between	ADP
abr-51	231	18	the	the	DET
abr-51	231	19	days	day	NOUN
abr-51	231	20	of	of	ADP
abr-51	231	21	inventory	inventory	NOUN
abr-51	231	22	and	and	CCONJ
abr-51	231	23	enterprise	enterprise	NOUN
abr-51	231	24	value	value	NOUN
abr-51	231	25	that	that	PRON
abr-51	231	26	is	be	AUX
abr-51	231	27	consistent	consistent	ADJ
abr-51	231	28	with	with	ADP
abr-51	231	29	the	the	DET
abr-51	231	30	hypothesized	hypothesized	ADJ
abr-51	231	31	directional	directional	ADJ
abr-51	231	32	effect	effect	NOUN
abr-51	231	33	.	.	PUNCT
abr-51	232	1	an	an	DET
abr-51	232	2	increase	increase	NOUN
abr-51	232	3	in	in	ADP
abr-51	232	4	the	the	DET
abr-51	232	5	days	day	NOUN
abr-51	232	6	of	of	ADP
abr-51	232	7	inventory	inventory	NOUN
abr-51	232	8	held	hold	VERB
abr-51	232	9	would	would	AUX
abr-51	232	10	decrease	decrease	VERB
abr-51	232	11	cash	cash	NOUN
abr-51	232	12	flow	flow	NOUN
abr-51	232	13	and	and	CCONJ
abr-51	232	14	that	that	PRON
abr-51	232	15	would	would	AUX
abr-51	232	16	impede	impede	VERB
abr-51	232	17	the	the	DET
abr-51	232	18	covering	covering	NOUN
abr-51	232	19	of	of	ADP
abr-51	232	20	nonoperational	nonoperational	ADJ
abr-51	232	21	accounts	account	NOUN
abr-51	232	22	.	.	PUNCT
abr-51	233	1	the	the	DET
abr-51	233	2	average	average	ADJ
abr-51	233	3	days	day	NOUN
abr-51	233	4	-	-	PUNCT
abr-51	233	5	to	to	PART
abr-51	233	6	-	-	PUNCT
abr-51	233	7	collect	collect	VERB
abr-51	233	8	on	on	ADP
abr-51	233	9	trade	trade	NOUN
abr-51	233	10	receivables	receivables	NOUN
abr-51	233	11	has	have	VERB
abr-51	233	12	a	a	DET
abr-51	233	13	positive	positive	ADJ
abr-51	233	14	sign	sign	NOUN
abr-51	233	15	that	that	PRON
abr-51	233	16	is	be	AUX
abr-51	233	17	not	not	PART
abr-51	233	18	consistent	consistent	ADJ
abr-51	233	19	with	with	ADP
abr-51	233	20	the	the	DET
abr-51	233	21	expected	expect	VERB
abr-51	233	22	direction	direction	NOUN
abr-51	233	23	.	.	PUNCT
abr-51	234	1	it	it	PRON
abr-51	234	2	’s	’	VERB
abr-51	234	3	possible	possible	ADJ
abr-51	234	4	that	that	SCONJ
abr-51	234	5	less	less	ADV
abr-51	234	6	profitable	profitable	ADJ
abr-51	234	7	firms	firm	NOUN
abr-51	234	8	(	(	PUNCT
abr-51	234	9	deloof	deloof	NOUN
abr-51	234	10	,	,	PUNCT
abr-51	234	11	2003	2003	NUM
abr-51	234	12	)	)	PUNCT
abr-51	234	13	seek	seek	VERB
abr-51	234	14	to	to	PART
abr-51	234	15	increase	increase	VERB
abr-51	234	16	their	their	PRON
abr-51	234	17	credit	credit	NOUN
abr-51	234	18	sales	sale	NOUN
abr-51	234	19	even	even	ADV
abr-51	234	20	if	if	SCONJ
abr-51	234	21	the	the	DET
abr-51	234	22	days	day	NOUN
abr-51	234	23	’	'	PUNCT
abr-51	234	24	sales	sale	NOUN
abr-51	234	25	outstanding	outstanding	ADJ
abr-51	234	26	are	be	AUX
abr-51	234	27	extended	extend	VERB
abr-51	234	28	.	.	PUNCT
abr-51	235	1	the	the	DET
abr-51	235	2	average	average	ADJ
abr-51	235	3	number	number	NOUN
abr-51	235	4	of	of	ADP
abr-51	235	5	days	day	NOUN
abr-51	235	6	that	that	PRON
abr-51	235	7	the	the	DET
abr-51	235	8	large	large	ADJ
abr-51	235	9	caps	cap	NOUN
abr-51	235	10	take	take	VERB
abr-51	235	11	to	to	PART
abr-51	235	12	pay	pay	VERB
abr-51	235	13	their	their	PRON
abr-51	235	14	trade	trade	NOUN
abr-51	235	15	payables	payable	NOUN
abr-51	235	16	has	have	VERB
abr-51	235	17	the	the	DET
abr-51	235	18	expected	expect	VERB
abr-51	235	19	positive	positive	ADJ
abr-51	235	20	sign	sign	NOUN
abr-51	235	21	.	.	PUNCT
abr-51	236	1	the	the	DET
abr-51	236	2	ability	ability	NOUN
abr-51	236	3	to	to	PART
abr-51	236	4	extend	extend	VERB
abr-51	236	5	their	their	PRON
abr-51	236	6	payments	payment	NOUN
abr-51	236	7	to	to	ADP
abr-51	236	8	supplier	supplier	NOUN
abr-51	236	9	-	-	PUNCT
abr-51	236	10	creditors	creditor	NOUN
abr-51	236	11	generates	generate	VERB
abr-51	236	12	capital	capital	NOUN
abr-51	236	13	to	to	PART
abr-51	236	14	improve	improve	VERB
abr-51	236	15	the	the	DET
abr-51	236	16	enterprise	enterprise	NOUN
abr-51	236	17	value	value	NOUN
abr-51	236	18	.	.	PUNCT
abr-51	237	1	the	the	DET
abr-51	237	2	days	day	NOUN
abr-51	237	3	of	of	ADP
abr-51	237	4	the	the	DET
abr-51	237	5	working	work	VERB
abr-51	237	6	capital	capital	NOUN
abr-51	237	7	cycle	cycle	NOUN
abr-51	237	8	,	,	PUNCT
abr-51	237	9	the	the	DET
abr-51	237	10	net	net	NOUN
abr-51	237	11	of	of	ADP
abr-51	237	12	the	the	DET
abr-51	237	13	latter	latter	ADJ
abr-51	237	14	three	three	NUM
abr-51	237	15	variables	variable	NOUN
abr-51	237	16	,	,	PUNCT
abr-51	237	17	displays	display	VERB
abr-51	237	18	the	the	DET
abr-51	237	19	expected	expect	VERB
abr-51	237	20	hypothesized	hypothesize	VERB
abr-51	237	21	negative	negative	ADJ
abr-51	237	22	sign	sign	NOUN
abr-51	237	23	.	.	PUNCT
abr-51	238	1	an	an	DET
abr-51	238	2	overall	overall	ADJ
abr-51	238	3	increase	increase	NOUN
abr-51	238	4	in	in	ADP
abr-51	238	5	the	the	DET
abr-51	238	6	number	number	NOUN
abr-51	238	7	of	of	ADP
abr-51	238	8	days	day	NOUN
abr-51	238	9	that	that	PRON
abr-51	238	10	capital	capital	NOUN
abr-51	238	11	must	must	AUX
abr-51	238	12	be	be	AUX
abr-51	238	13	tied	tie	VERB
abr-51	238	14	up	up	ADP
abr-51	238	15	in	in	ADP
abr-51	238	16	maintaining	maintain	VERB
abr-51	238	17	working	working	NOUN
abr-51	238	18	capital	capital	NOUN
abr-51	238	19	does	do	AUX
abr-51	238	20	not	not	PART
abr-51	238	21	strengthen	strengthen	VERB
abr-51	238	22	the	the	DET
abr-51	238	23	enterprise	enterprise	NOUN
abr-51	238	24	value	value	NOUN
abr-51	238	25	.	.	PUNCT
abr-51	239	1	the	the	DET
abr-51	239	2	negative	negative	ADJ
abr-51	239	3	value	value	NOUN
abr-51	239	4	of	of	ADP
abr-51	239	5	sales	sale	NOUN
abr-51	239	6	growth	growth	NOUN
abr-51	239	7	reflects	reflect	VERB
abr-51	239	8	the	the	DET
abr-51	239	9	fact	fact	NOUN
abr-51	239	10	that	that	SCONJ
abr-51	239	11	growing	grow	VERB
abr-51	239	12	sales	sale	NOUN
abr-51	239	13	place	place	NOUN
abr-51	239	14	an	an	DET
abr-51	239	15	increasing	increase	VERB
abr-51	239	16	burden	burden	NOUN
abr-51	239	17	on	on	ADP
abr-51	239	18	the	the	DET
abr-51	239	19	working	work	VERB
abr-51	239	20	capital	capital	NOUN
abr-51	239	21	of	of	ADP
abr-51	239	22	the	the	DET
abr-51	239	23	firm	firm	NOUN
abr-51	239	24	.	.	PUNCT
abr-51	240	1	maintaining	maintain	VERB
abr-51	240	2	efficiencies	efficiency	NOUN
abr-51	240	3	become	become	VERB
abr-51	240	4	more	more	ADV
abr-51	240	5	difficult	difficult	ADJ
abr-51	240	6	.	.	PUNCT
abr-51	241	1	the	the	DET
abr-51	241	2	negative	negative	ADJ
abr-51	241	3	sign	sign	NOUN
abr-51	241	4	of	of	ADP
abr-51	241	5	the	the	DET
abr-51	241	6	debt	debt	NOUN
abr-51	241	7	control	control	NOUN
abr-51	241	8	variable	variable	NOUN
abr-51	241	9	is	be	AUX
abr-51	241	10	expected	expect	VERB
abr-51	241	11	because	because	SCONJ
abr-51	241	12	an	an	DET
abr-51	241	13	increase	increase	NOUN
abr-51	241	14	in	in	ADP
abr-51	241	15	debt	debt	NOUN
abr-51	241	16	makes	make	VERB
abr-51	241	17	the	the	DET
abr-51	241	18	firm	firm	NOUN
abr-51	241	19	more	more	ADV
abr-51	241	20	costly	costly	ADJ
abr-51	241	21	to	to	PART
abr-51	241	22	acquire	acquire	VERB
abr-51	241	23	.	.	PUNCT
abr-51	242	1	the	the	DET
abr-51	242	2	mid	mid	ADJ
abr-51	242	3	-	-	ADJ
abr-51	242	4	cap	cap	ADJ
abr-51	242	5	stocks	stock	NOUN
abr-51	242	6	of	of	ADP
abr-51	242	7	panel	panel	NOUN
abr-51	242	8	b	b	PROPN
abr-51	242	9	reflect	reflect	VERB
abr-51	242	10	results	result	NOUN
abr-51	242	11	as	as	SCONJ
abr-51	242	12	hypothesized	hypothesize	VERB
abr-51	242	13	;	;	PUNCT
abr-51	242	14	enterprise	enterprise	NOUN
abr-51	242	15	value	value	NOUN
abr-51	242	16	has	have	VERB
abr-51	242	17	an	an	DET
abr-51	242	18	inverse	inverse	NOUN
abr-51	242	19	relationship	relationship	NOUN
abr-51	242	20	with	with	ADP
abr-51	242	21	two	two	NUM
abr-51	242	22	of	of	ADP
abr-51	242	23	the	the	DET
abr-51	242	24	components	component	NOUN
abr-51	242	25	of	of	ADP
abr-51	242	26	the	the	DET
abr-51	242	27	days	day	NOUN
abr-51	242	28	of	of	ADP
abr-51	242	29	working	work	VERB
abr-51	242	30	capital	capital	NOUN
abr-51	242	31	cycle	cycle	NOUN
abr-51	242	32	(	(	PUNCT
abr-51	242	33	dwc	dwc	PROPN
abr-51	242	34	):	):	PUNCT
abr-51	242	35	the	the	DET
abr-51	242	36	days	day	NOUN
abr-51	242	37	of	of	ADP
abr-51	242	38	inventory	inventory	NOUN
abr-51	242	39	(	(	PUNCT
abr-51	242	40	din	din	NOUN
abr-51	242	41	)	)	PUNCT
abr-51	242	42	and	and	CCONJ
abr-51	242	43	the	the	DET
abr-51	242	44	days	day	NOUN
abr-51	242	45	of	of	ADP
abr-51	242	46	receivables	receivables	NOUN
abr-51	242	47	(	(	PUNCT
abr-51	242	48	dar	dar	NOUN
abr-51	242	49	)	)	PUNCT
abr-51	242	50	.	.	PUNCT
abr-51	243	1	it	it	PRON
abr-51	243	2	has	have	VERB
abr-51	243	3	the	the	DET
abr-51	243	4	expected	expect	VERB
abr-51	243	5	positive	positive	ADJ
abr-51	243	6	relationship	relationship	NOUN
abr-51	243	7	with	with	ADP
abr-51	243	8	the	the	DET
abr-51	243	9	days	day	NOUN
abr-51	243	10	of	of	ADP
abr-51	243	11	payables	payable	NOUN
abr-51	243	12	(	(	PUNCT
abr-51	243	13	dap	dap	PROPN
abr-51	243	14	)	)	PUNCT
abr-51	243	15	.	.	PUNCT
abr-51	244	1	the	the	DET
abr-51	244	2	net	net	ADJ
abr-51	244	3	days	day	NOUN
abr-51	244	4	of	of	ADP
abr-51	244	5	the	the	DET
abr-51	244	6	working	work	VERB
abr-51	244	7	capital	capital	NOUN
abr-51	244	8	cycle	cycle	NOUN
abr-51	244	9	(	(	PUNCT
abr-51	244	10	dwc	dwc	PROPN
abr-51	244	11	)	)	PUNCT
abr-51	244	12	has	have	VERB
abr-51	244	13	the	the	DET
abr-51	244	14	expected	expect	VERB
abr-51	244	15	negative	negative	ADJ
abr-51	244	16	directional	directional	ADJ
abr-51	244	17	effect	effect	NOUN
abr-51	244	18	as	as	ADV
abr-51	244	19	well	well	ADV
abr-51	244	20	.	.	PUNCT
abr-51	245	1	this	this	DET
abr-51	245	2	result	result	NOUN
abr-51	245	3	is	be	AUX
abr-51	245	4	consistent	consistent	ADJ
abr-51	245	5	with	with	ADP
abr-51	245	6	the	the	DET
abr-51	245	7	notion	notion	NOUN
abr-51	245	8	that	that	SCONJ
abr-51	245	9	an	an	DET
abr-51	245	10	increase	increase	NOUN
abr-51	245	11	in	in	ADP
abr-51	245	12	the	the	DET
abr-51	245	13	net	net	ADJ
abr-51	245	14	number	number	NOUN
abr-51	245	15	of	of	ADP
abr-51	245	16	days	day	NOUN
abr-51	245	17	that	that	PRON
abr-51	245	18	a	a	DET
abr-51	245	19	corporation	corporation	NOUN
abr-51	245	20	must	must	AUX
abr-51	245	21	commit	commit	VERB
abr-51	245	22	its	its	PRON
abr-51	245	23	cash	cash	NOUN
abr-51	245	24	to	to	ADP
abr-51	245	25	working	work	VERB
abr-51	245	26	capital	capital	NOUN
abr-51	245	27	needs	need	NOUN
abr-51	245	28	hinders	hinder	VERB
abr-51	245	29	its	its	PRON
abr-51	245	30	ability	ability	NOUN
abr-51	245	31	to	to	PART
abr-51	245	32	cover	cover	VERB
abr-51	245	33	nonoperational	nonoperational	ADJ
abr-51	245	34	accounts	account	NOUN
abr-51	245	35	in	in	ADP
abr-51	245	36	the	the	DET
abr-51	245	37	enterprise	enterprise	NOUN
abr-51	245	38	value	value	NOUN
abr-51	245	39	.	.	PUNCT
abr-51	246	1	the	the	DET
abr-51	246	2	negative	negative	ADJ
abr-51	246	3	value	value	NOUN
abr-51	246	4	of	of	ADP
abr-51	246	5	sales	sale	NOUN
abr-51	246	6	growth	growth	NOUN
abr-51	246	7	has	have	VERB
abr-51	246	8	the	the	DET
abr-51	246	9	expected	expect	VERB
abr-51	246	10	negative	negative	ADJ
abr-51	246	11	direction	direction	NOUN
abr-51	246	12	while	while	SCONJ
abr-51	246	13	the	the	DET
abr-51	246	14	debt	debt	NOUN
abr-51	246	15	ratio	ratio	NOUN
abr-51	246	16	shows	show	VERB
abr-51	246	17	an	an	DET
abr-51	246	18	unanticipated	unanticipated	ADJ
abr-51	246	19	positive	positive	ADJ
abr-51	246	20	relation	relation	NOUN
abr-51	246	21	.	.	PUNCT
abr-51	247	1	the	the	DET
abr-51	247	2	small	small	ADJ
abr-51	247	3	-	-	PUNCT
abr-51	247	4	cap	cap	NOUN
abr-51	247	5	stocks	stock	NOUN
abr-51	247	6	of	of	ADP
abr-51	247	7	panel	panel	NOUN
abr-51	247	8	c	c	AUX
abr-51	247	9	have	have	VERB
abr-51	247	10	mixed	mixed	ADJ
abr-51	247	11	results	result	NOUN
abr-51	247	12	.	.	PUNCT
abr-51	248	1	the	the	DET
abr-51	248	2	days	day	NOUN
abr-51	248	3	of	of	ADP
abr-51	248	4	inventory	inventory	NOUN
abr-51	248	5	(	(	PUNCT
abr-51	248	6	din	din	NOUN
abr-51	248	7	)	)	PUNCT
abr-51	248	8	and	and	CCONJ
abr-51	248	9	the	the	DET
abr-51	248	10	control	control	NOUN
abr-51	248	11	variable	variable	NOUN
abr-51	248	12	of	of	ADP
abr-51	248	13	sales	sale	NOUN
abr-51	248	14	growth	growth	NOUN
abr-51	248	15	(	(	PUNCT
abr-51	248	16	sg	sg	PROPN
abr-51	248	17	)	)	PUNCT
abr-51	248	18	both	both	PRON
abr-51	248	19	have	have	VERB
abr-51	248	20	the	the	DET
abr-51	248	21	expected	expect	VERB
abr-51	248	22	hypothesized	hypothesize	VERB
abr-51	248	23	negative	negative	ADJ
abr-51	248	24	sign	sign	NOUN
abr-51	248	25	.	.	PUNCT
abr-51	249	1	the	the	DET
abr-51	249	2	dar	dar	PROPN
abr-51	249	3	,	,	PUNCT
abr-51	249	4	dap	dap	PROPN
abr-51	249	5	,	,	PUNCT
abr-51	249	6	and	and	CCONJ
abr-51	249	7	da	da	PROPN
abr-51	249	8	variables	variable	NOUN
abr-51	249	9	reflect	reflect	VERB
abr-51	249	10	positive	positive	ADJ
abr-51	249	11	directions	direction	NOUN
abr-51	249	12	with	with	ADP
abr-51	249	13	the	the	DET
abr-51	249	14	enterprise	enterprise	NOUN
abr-51	249	15	value	value	NOUN
abr-51	249	16	.	.	PUNCT
abr-51	250	1	the	the	DET
abr-51	250	2	dwc	dwc	PROPN
abr-51	250	3	has	have	VERB
abr-51	250	4	a	a	DET
abr-51	250	5	positive	positive	ADJ
abr-51	250	6	sign	sign	NOUN
abr-51	250	7	,	,	PUNCT
abr-51	250	8	too	too	ADV
abr-51	250	9	.	.	PUNCT
abr-51	251	1	there	there	PRON
abr-51	251	2	are	be	VERB
abr-51	251	3	possible	possible	ADJ
abr-51	251	4	reasons	reason	NOUN
abr-51	251	5	for	for	ADP
abr-51	251	6	this	this	DET
abr-51	251	7	result	result	NOUN
abr-51	251	8	,	,	PUNCT
abr-51	251	9	however	however	ADV
abr-51	251	10	,	,	PUNCT
abr-51	251	11	and	and	CCONJ
abr-51	251	12	they	they	PRON
abr-51	251	13	are	be	AUX
abr-51	251	14	addressed	address	VERB
abr-51	251	15	in	in	ADP
abr-51	251	16	the	the	DET
abr-51	251	17	regression	regression	NOUN
abr-51	251	18	analysis	analysis	NOUN
abr-51	251	19	that	that	PRON
abr-51	251	20	follows	follow	VERB
abr-51	251	21	.	.	PUNCT
abr-51	252	1	lifland	lifland	PROPN
abr-51	252	2	advances	advance	NOUN
abr-51	252	3	in	in	ADP
abr-51	252	4	business	business	NOUN
abr-51	252	5	research	research	NOUN
abr-51	252	6	2011	2011	NUM
abr-51	252	7	,	,	PUNCT
abr-51	252	8	vol	vol	NOUN
abr-51	252	9	.	.	PROPN
abr-51	253	1	2	2	NUM
abr-51	253	2	,	,	PUNCT
abr-51	253	3	no	no	INTJ
abr-51	253	4	.	.	NOUN
abr-51	253	5	1	1	NUM
abr-51	253	6	,	,	PUNCT
abr-51	253	7	57	57	NUM
abr-51	253	8	-	-	SYM
abr-51	253	9	70	70	NUM
abr-51	253	10	65	65	NUM
abr-51	253	11	regression	regression	NOUN
abr-51	253	12	analysis	analysis	NOUN
abr-51	253	13	this	this	DET
abr-51	253	14	paper	paper	NOUN
abr-51	253	15	has	have	AUX
abr-51	253	16	presented	present	VERB
abr-51	253	17	a	a	DET
abr-51	253	18	literature	literature	NOUN
abr-51	253	19	background	background	NOUN
abr-51	253	20	and	and	CCONJ
abr-51	253	21	data	datum	NOUN
abr-51	253	22	analysis	analysis	NOUN
abr-51	253	23	in	in	ADP
abr-51	253	24	examining	examine	VERB
abr-51	253	25	the	the	DET
abr-51	253	26	impact	impact	NOUN
abr-51	253	27	of	of	ADP
abr-51	253	28	working	work	VERB
abr-51	253	29	capital	capital	NOUN
abr-51	253	30	efficiencies	efficiency	NOUN
abr-51	253	31	on	on	ADP
abr-51	253	32	enterprise	enterprise	NOUN
abr-51	253	33	value	value	NOUN
abr-51	253	34	.	.	PUNCT
abr-51	254	1	in	in	ADP
abr-51	254	2	order	order	NOUN
abr-51	254	3	to	to	PART
abr-51	254	4	test	test	VERB
abr-51	254	5	the	the	DET
abr-51	254	6	related	relate	VERB
abr-51	254	7	hypotheses	hypothesis	NOUN
abr-51	254	8	,	,	PUNCT
abr-51	254	9	a	a	DET
abr-51	254	10	panel	panel	NOUN
abr-51	254	11	data	datum	NOUN
abr-51	254	12	regression	regression	NOUN
abr-51	254	13	methodology	methodology	NOUN
abr-51	254	14	is	be	AUX
abr-51	254	15	used	use	VERB
abr-51	254	16	(	(	PUNCT
abr-51	254	17	padachi	padachi	ADJ
abr-51	254	18	,	,	PUNCT
abr-51	254	19	2006	2006	NUM
abr-51	254	20	)	)	PUNCT
abr-51	254	21	,	,	PUNCT
abr-51	254	22	(	(	PUNCT
abr-51	254	23	teruel	teruel	PROPN
abr-51	254	24	and	and	CCONJ
abr-51	254	25	solano	solano	PROPN
abr-51	254	26	,	,	PUNCT
abr-51	254	27	2007	2007	NUM
abr-51	254	28	)	)	PUNCT
abr-51	254	29	,	,	PUNCT
abr-51	254	30	(	(	PUNCT
abr-51	254	31	charitou	charitou	NOUN
abr-51	254	32	et	et	PROPN
abr-51	254	33	al	al	PROPN
abr-51	254	34	.	.	PROPN
abr-51	254	35	,	,	PUNCT
abr-51	254	36	2010	2010	NUM
abr-51	254	37	)	)	PUNCT
abr-51	254	38	and	and	CCONJ
abr-51	254	39	(	(	PUNCT
abr-51	254	40	mohammad	mohammad	PROPN
abr-51	254	41	and	and	CCONJ
abr-51	254	42	saad	saad	NOUN
abr-51	254	43	,	,	PUNCT
abr-51	254	44	2010	2010	NUM
abr-51	254	45	)	)	PUNCT
abr-51	254	46	.	.	PUNCT
abr-51	255	1	a	a	DET
abr-51	255	2	scatter	scatter	NOUN
abr-51	255	3	plot	plot	NOUN
abr-51	255	4	revealed	reveal	VERB
abr-51	255	5	that	that	SCONJ
abr-51	255	6	the	the	DET
abr-51	255	7	residuals	residual	NOUN
abr-51	255	8	were	be	AUX
abr-51	255	9	fairly	fairly	ADV
abr-51	255	10	straight	straight	ADJ
abr-51	255	11	with	with	ADP
abr-51	255	12	no	no	DET
abr-51	255	13	extreme	extreme	ADJ
abr-51	255	14	values	value	NOUN
abr-51	255	15	.	.	PUNCT
abr-51	256	1	this	this	PRON
abr-51	256	2	allows	allow	VERB
abr-51	256	3	an	an	DET
abr-51	256	4	assumption	assumption	NOUN
abr-51	256	5	of	of	ADP
abr-51	256	6	normality	normality	NOUN
abr-51	256	7	.	.	PUNCT
abr-51	257	1	when	when	SCONJ
abr-51	257	2	fitting	fit	VERB
abr-51	257	3	the	the	DET
abr-51	257	4	line	line	NOUN
abr-51	257	5	to	to	ADP
abr-51	257	6	the	the	DET
abr-51	257	7	data	datum	NOUN
abr-51	257	8	,	,	PUNCT
abr-51	257	9	the	the	DET
abr-51	257	10	estimates	estimate	NOUN
abr-51	257	11	of	of	ADP
abr-51	257	12	the	the	DET
abr-51	257	13	coefficients	coefficient	NOUN
abr-51	257	14	were	be	AUX
abr-51	257	15	determined	determine	VERB
abr-51	257	16	using	use	VERB
abr-51	257	17	the	the	DET
abr-51	257	18	operating	operate	VERB
abr-51	257	19	least	least	ADJ
abr-51	257	20	squares	square	NOUN
abr-51	257	21	method	method	NOUN
abr-51	257	22	(	(	PUNCT
abr-51	257	23	ols	ol	NOUN
abr-51	257	24	)	)	PUNCT
abr-51	257	25	.	.	PUNCT
abr-51	258	1	the	the	DET
abr-51	258	2	independent	independent	ADJ
abr-51	258	3	variables	variable	NOUN
abr-51	258	4	are	be	AUX
abr-51	258	5	din	din	PROPN
abr-51	258	6	,	,	PUNCT
abr-51	258	7	dar	dar	PROPN
abr-51	258	8	,	,	PUNCT
abr-51	258	9	dap	dap	PROPN
abr-51	258	10	,	,	PUNCT
abr-51	258	11	dwc	dwc	PROPN
abr-51	258	12	,	,	PUNCT
abr-51	258	13	sg	sg	PROPN
abr-51	258	14	,	,	PUNCT
abr-51	258	15	and	and	CCONJ
abr-51	258	16	da	da	NOUN
abr-51	258	17	.	.	PUNCT
abr-51	259	1	the	the	DET
abr-51	259	2	dependent	dependent	ADJ
abr-51	259	3	variable	variable	NOUN
abr-51	259	4	is	be	AUX
abr-51	259	5	enterprise	enterprise	NOUN
abr-51	259	6	value	value	NOUN
abr-51	259	7	(	(	PUNCT
abr-51	259	8	ev	ev	NOUN
abr-51	259	9	)	)	PUNCT
abr-51	259	10	.	.	PUNCT
abr-51	260	1	specifically	specifically	ADV
abr-51	260	2	,	,	PUNCT
abr-51	260	3	the	the	DET
abr-51	260	4	hypotheses	hypothesis	NOUN
abr-51	260	5	state	state	VERB
abr-51	260	6	that	that	SCONJ
abr-51	260	7	the	the	DET
abr-51	260	8	components	component	NOUN
abr-51	260	9	of	of	ADP
abr-51	260	10	the	the	DET
abr-51	260	11	working	work	VERB
abr-51	260	12	capital	capital	NOUN
abr-51	260	13	cycle	cycle	NOUN
abr-51	260	14	and	and	CCONJ
abr-51	260	15	the	the	DET
abr-51	260	16	net	net	ADJ
abr-51	260	17	cycle	cycle	NOUN
abr-51	260	18	itself	itself	PRON
abr-51	260	19	affect	affect	VERB
abr-51	260	20	a	a	DET
abr-51	260	21	firm	firm	NOUN
abr-51	260	22	’s	’s	PART
abr-51	260	23	enterprise	enterprise	NOUN
abr-51	260	24	value	value	NOUN
abr-51	260	25	.	.	PUNCT
abr-51	261	1	the	the	DET
abr-51	261	2	total	total	ADJ
abr-51	261	3	number	number	NOUN
abr-51	261	4	of	of	ADP
abr-51	261	5	observations	observation	NOUN
abr-51	261	6	is	be	AUX
abr-51	261	7	1,100	1,100	NUM
abr-51	261	8	,	,	PUNCT
abr-51	261	9	which	which	PRON
abr-51	261	10	represented	represent	VERB
abr-51	261	11	stacked	stack	VERB
abr-51	261	12	data	datum	NOUN
abr-51	261	13	for	for	ADP
abr-51	261	14	the	the	DET
abr-51	261	15	period	period	NOUN
abr-51	261	16	2004	2004	NUM
abr-51	261	17	–	–	PUNCT
abr-51	261	18	2009	2009	NUM
abr-51	261	19	for	for	ADP
abr-51	261	20	222	222	NUM
abr-51	261	21	firms	firm	NOUN
abr-51	261	22	in	in	ADP
abr-51	261	23	the	the	DET
abr-51	261	24	energy	energy	NOUN
abr-51	261	25	sector	sector	NOUN
abr-51	261	26	.	.	PUNCT
abr-51	262	1	the	the	DET
abr-51	262	2	sample	sample	NOUN
abr-51	262	3	is	be	AUX
abr-51	262	4	segmented	segment	VERB
abr-51	262	5	into	into	ADP
abr-51	262	6	three	three	NUM
abr-51	262	7	categories	category	NOUN
abr-51	262	8	:	:	PUNCT
abr-51	262	9	largecap	largecap	NOUN
abr-51	262	10	,	,	PUNCT
abr-51	262	11	mid	mid	NOUN
abr-51	262	12	-	-	NOUN
abr-51	262	13	cap	cap	NOUN
abr-51	262	14	,	,	PUNCT
abr-51	262	15	and	and	CCONJ
abr-51	262	16	small	small	ADJ
abr-51	262	17	-	-	PUNCT
abr-51	262	18	cap	cap	NOUN
abr-51	262	19	firms	firm	NOUN
abr-51	262	20	.	.	PUNCT
abr-51	263	1	the	the	DET
abr-51	263	2	results	result	NOUN
abr-51	263	3	are	be	AUX
abr-51	263	4	presented	present	VERB
abr-51	263	5	in	in	ADP
abr-51	263	6	exhibit	exhibit	NOUN
abr-51	263	7	2	2	NUM
abr-51	263	8	below	below	ADV
abr-51	263	9	.	.	PUNCT
abr-51	264	1	exhibit	exhibit	VERB
abr-51	264	2	2	2	NUM
abr-51	264	3	:	:	PUNCT
abr-51	264	4	regression	regression	NOUN
abr-51	264	5	table	table	NOUN
abr-51	264	6	energy	energy	NOUN
abr-51	264	7	sector	sector	NOUN
abr-51	264	8	firms	firm	NOUN
abr-51	264	9	dependent	dependent	ADJ
abr-51	264	10	variable	variable	NOUN
abr-51	264	11	:	:	PUNCT
abr-51	264	12	enterprise	enterprise	NOUN
abr-51	264	13	value	value	NOUN
abr-51	264	14	time	time	NOUN
abr-51	264	15	period	period	NOUN
abr-51	264	16	2004	2004	NUM
abr-51	264	17	2009	2009	NUM
abr-51	264	18	panel	panel	NOUN
abr-51	264	19	a	a	DET
abr-51	264	20	:	:	SYM
abr-51	264	21	72	72	NUM
abr-51	264	22	large	large	ADJ
abr-51	264	23	-	-	PUNCT
abr-51	264	24	cap	cap	NOUN
abr-51	264	25	corporations	corporation	NOUN
abr-51	264	26	and	and	CCONJ
abr-51	264	27	360	360	NUM
abr-51	264	28	firm	firm	ADJ
abr-51	264	29	year	year	NOUN
abr-51	264	30	observations	observation	NOUN
abr-51	265	1	[	[	X
abr-51	265	2	1	1	X
abr-51	265	3	]	]	X
abr-51	265	4	[	[	X
abr-51	265	5	2	2	X
abr-51	265	6	]	]	X
abr-51	265	7	[	[	X
abr-51	265	8	3	3	X
abr-51	265	9	]	]	X
abr-51	265	10	[	[	X
abr-51	265	11	4	4	X
abr-51	265	12	]	]	X
abr-51	265	13	din	din	VERB
abr-51	265	14	-198.7	-198.7	X
abr-51	265	15	(	(	PUNCT
abr-51	265	16	0.1514	0.1514	NUM
abr-51	265	17	)	)	PUNCT
abr-51	265	18	dar	dar	NOUN
abr-51	265	19	3.82	3.82	NUM
abr-51	265	20	(	(	PUNCT
abr-51	265	21	0.6846	0.6846	NUM
abr-51	265	22	)	)	PUNCT
abr-51	265	23	dap	dap	PROPN
abr-51	265	24	3.71	3.71	NUM
abr-51	265	25	(	(	PUNCT
abr-51	265	26	0.6354	0.6354	NUM
abr-51	265	27	)	)	PUNCT
abr-51	265	28	dwc	dwc	PROPN
abr-51	265	29	-35.43	-35.43	PROPN
abr-51	265	30	(	(	PUNCT
abr-51	265	31	0.0789	0.0789	NUM
abr-51	265	32	)	)	PUNCT
abr-51	265	33	*	*	PUNCT
abr-51	266	1	*	*	PUNCT
abr-51	266	2	*	*	PUNCT
abr-51	266	3	sg	sg	INTJ
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abr-51	266	5	(	(	PUNCT
abr-51	266	6	0.0492	0.0492	NUM
abr-51	266	7	)	)	PUNCT
abr-51	266	8	*	*	PUNCT
abr-51	266	9	*	*	PUNCT
abr-51	266	10	-16,859	-16,859	PUNCT
abr-51	266	11	(	(	PUNCT
abr-51	266	12	0.0408	0.0408	NUM
abr-51	266	13	)	)	PUNCT
abr-51	266	14	*	*	PUNCT
abr-51	266	15	*	*	PUNCT
abr-51	266	16	-16,939	-16,939	PUNCT
abr-51	266	17	(	(	PUNCT
abr-51	266	18	0,0398	0,0398	NOUN
abr-51	266	19	)	)	PUNCT
abr-51	266	20	*	*	PUNCT
abr-51	266	21	*	*	PUNCT
abr-51	266	22	-18,405	-18,405	INTJ
abr-51	266	23	(	(	PUNCT
abr-51	266	24	0.0249	0.0249	NUM
abr-51	266	25	)	)	PUNCT
abr-51	266	26	*	*	PUNCT
abr-51	266	27	*	*	PUNCT
abr-51	266	28	da	da	X
abr-51	266	29	-139446	-139446	PROPN
abr-51	266	30	(	(	PUNCT
abr-51	266	31	<	<	NOUN
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abr-51	266	33	)	)	PUNCT
abr-51	266	34	*	*	PUNCT
abr-51	267	1	-133,142	-133,142	PUNCT
abr-51	267	2	(	(	PUNCT
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abr-51	267	4	0.0001	0.0001	NUM
abr-51	267	5	)	)	PUNCT
abr-51	267	6	*	*	PUNCT
abr-51	267	7	-133,083	-133,083	PUNCT
abr-51	267	8	(	(	PUNCT
abr-51	267	9	<	<	NOUN
abr-51	267	10	0.001	0.001	NUM
abr-51	267	11	)	)	PUNCT
abr-51	267	12	*	*	PUNCT
abr-51	267	13	-136,810	-136,810	PUNCT
abr-51	267	14	(	(	PUNCT
abr-51	267	15	<	<	NOUN
abr-51	267	16	0.001	0.001	NUM
abr-51	267	17	)	)	PUNCT
abr-51	267	18	*	*	VERB
abr-51	267	19	adjusted	adjust	VERB
abr-51	267	20	r	r	NOUN
abr-51	267	21	-	-	PUNCT
abr-51	267	22	square	square	ADJ
abr-51	267	23	8.39	8.39	NUM
abr-51	267	24	%	%	NOUN
abr-51	267	25	7.90	7.90	NUM
abr-51	267	26	%	%	NOUN
abr-51	267	27	7.92	7.92	NUM
abr-51	267	28	%	%	NOUN
abr-51	267	29	8.65	8.65	NUM
abr-51	267	30	%	%	NOUN
abr-51	267	31	panel	panel	NOUN
abr-51	267	32	b	b	NOUN
abr-51	267	33	:	:	PUNCT
abr-51	267	34	65	65	NUM
abr-51	267	35	mid	mid	ADJ
abr-51	267	36	-	-	ADJ
abr-51	267	37	cap	cap	NOUN
abr-51	267	38	corporations	corporation	NOUN
abr-51	267	39	and	and	CCONJ
abr-51	267	40	315	315	NUM
abr-51	267	41	firm	firm	ADJ
abr-51	267	42	year	year	NOUN
abr-51	267	43	observations	observation	NOUN
abr-51	267	44	[	[	X
abr-51	267	45	1	1	X
abr-51	267	46	]	]	X
abr-51	267	47	[	[	X
abr-51	267	48	2	2	X
abr-51	267	49	]	]	X
abr-51	267	50	[	[	X
abr-51	267	51	3	3	X
abr-51	267	52	]	]	X
abr-51	267	53	[	[	X
abr-51	267	54	4	4	X
abr-51	267	55	]	]	X
abr-51	267	56	din	din	VERB
abr-51	267	57	-2.32	-2.32	X
abr-51	267	58	(	(	PUNCT
abr-51	267	59	0.5472	0.5472	NUM
abr-51	267	60	)	)	PUNCT
abr-51	267	61	dar	dar	NOUN
abr-51	267	62	-1.43	-1.43	NUM
abr-51	267	63	(	(	PUNCT
abr-51	267	64	0.6430	0.6430	NUM
abr-51	267	65	)	)	PUNCT
abr-51	267	66	dap	dap	PROPN
abr-51	267	67	6.27	6.27	NUM
abr-51	267	68	(	(	PUNCT
abr-51	267	69	0.1017	0.1017	NUM
abr-51	267	70	)	)	PUNCT
abr-51	267	71	dwc	dwc	PROPN
abr-51	267	72	-2.94	-2.94	PROPN
abr-51	267	73	(	(	PUNCT
abr-51	267	74	0.0124	0.0124	NUM
abr-51	267	75	)	)	PUNCT
abr-51	267	76	*	*	PUNCT
abr-51	267	77	*	*	PUNCT
abr-51	267	78	sg	sg	ADP
abr-51	267	79	-201.6	-201.6	PROPN
abr-51	267	80	(	(	PUNCT
abr-51	267	81	0.1123	0.1123	NUM
abr-51	267	82	)	)	PUNCT
abr-51	267	83	-203.6	-203.6	PROPN
abr-51	267	84	(	(	PUNCT
abr-51	267	85	0.1104	0.1104	NUM
abr-51	267	86	)	)	PUNCT
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abr-51	267	88	(	(	PUNCT
abr-51	267	89	0.1160	0.1160	NUM
abr-51	267	90	)	)	PUNCT
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abr-51	267	92	(	(	PUNCT
abr-51	267	93	0.0977	0.0977	NUM
abr-51	267	94	)	)	PUNCT
abr-51	268	1	*	*	PUNCT
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abr-51	268	3	*	*	PUNCT
abr-51	268	4	da	da	X
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abr-51	268	6	(	(	PUNCT
abr-51	268	7	0.005	0.005	NUM
abr-51	268	8	)	)	PUNCT
abr-51	268	9	*	*	X
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abr-51	268	11	(	(	PUNCT
abr-51	268	12	0.0056	0.0056	NUM
abr-51	268	13	)	)	PUNCT
abr-51	268	14	*	*	X
abr-51	268	15	1,472.4	1,472.4	NUM
abr-51	268	16	(	(	PUNCT
abr-51	268	17	0.0073	0.0073	NUM
abr-51	268	18	)	)	PUNCT
abr-51	268	19	*	*	PROPN
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abr-51	268	21	(	(	PUNCT
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abr-51	268	23	)	)	PUNCT
abr-51	269	1	*	*	PUNCT
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abr-51	269	5	-	-	PUNCT
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abr-51	269	7	2.38	2.38	NUM
abr-51	269	8	%	%	NOUN
abr-51	269	9	2.33	2.33	NUM
abr-51	269	10	%	%	NOUN
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abr-51	269	12	%	%	NOUN
abr-51	269	13	4.20	4.20	NUM
abr-51	269	14	%	%	NOUN
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abr-51	269	16	c	c	NOUN
abr-51	269	17	:	:	PUNCT
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abr-51	269	20	-	-	PUNCT
abr-51	269	21	cap	cap	NOUN
abr-51	269	22	corporations	corporation	NOUN
abr-51	269	23	and	and	CCONJ
abr-51	269	24	425	425	NUM
abr-51	269	25	firm	firm	ADJ
abr-51	269	26	year	year	NOUN
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abr-51	270	1	[	[	X
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abr-51	270	3	]	]	X
abr-51	270	4	[	[	X
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abr-51	270	6	]	]	X
abr-51	270	7	[	[	X
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abr-51	270	9	]	]	X
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abr-51	270	11	4	4	X
abr-51	270	12	]	]	X
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abr-51	270	17	)	)	PUNCT
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abr-51	270	22	)	)	PUNCT
abr-51	270	23	dap	dap	PROPN
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abr-51	270	25	(	(	PUNCT
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abr-51	270	27	)	)	PUNCT
abr-51	270	28	*	*	PUNCT
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abr-51	270	30	0.016	0.016	NUM
abr-51	270	31	(	(	PUNCT
abr-51	270	32	0.4796	0.4796	NUM
abr-51	270	33	)	)	PUNCT
abr-51	270	34	sg	sg	ADP
abr-51	270	35	-1.16	-1.16	PROPN
abr-51	270	36	(	(	PUNCT
abr-51	270	37	0.5472	0.5472	NUM
abr-51	270	38	)	)	PUNCT
abr-51	270	39	-1.08	-1.08	NOUN
abr-51	270	40	(	(	PUNCT
abr-51	270	41	0.5744	0.5744	NUM
abr-51	270	42	)	)	PUNCT
abr-51	270	43	-1.06	-1.06	X
abr-51	270	44	(	(	PUNCT
abr-51	270	45	0.5787	0.5787	NUM
abr-51	270	46	)	)	PUNCT
abr-51	270	47	-1.08	-1.08	NOUN
abr-51	270	48	(	(	PUNCT
abr-51	270	49	0.5762	0.5762	NUM
abr-51	270	50	)	)	PUNCT
abr-51	270	51	da	da	NOUN
abr-51	270	52	23.38	23.38	NUM
abr-51	270	53	(	(	PUNCT
abr-51	270	54	0.6458	0.6458	NUM
abr-51	270	55	)	)	PUNCT
abr-51	270	56	22.32	22.32	NUM
abr-51	270	57	(	(	PUNCT
abr-51	270	58	0.6610	0.6610	NUM
abr-51	270	59	)	)	PUNCT
abr-51	270	60	41.38	41.38	NUM
abr-51	270	61	(	(	PUNCT
abr-51	270	62	0.4150	0.4150	NUM
abr-51	270	63	)	)	PUNCT
abr-51	270	64	34.97	34.97	NUM
abr-51	270	65	(	(	PUNCT
abr-51	270	66	0.5033	0.5033	NUM
abr-51	270	67	)	)	PUNCT
abr-51	270	68	adjusted	adjust	VERB
abr-51	270	69	r	r	NOUN
abr-51	270	70	-	-	PUNCT
abr-51	270	71	square	square	ADJ
abr-51	270	72	.50	.50	NUM
abr-51	270	73	%	%	NOUN
abr-51	270	74	.56	.56	NUM
abr-51	270	75	%	%	NOUN
abr-51	270	76	1.18	1.18	NUM
abr-51	270	77	%	%	NOUN
abr-51	270	78	.26	.26	NUM
abr-51	270	79	%	%	NOUN
abr-51	270	80	lifland	lifland	NOUN
abr-51	270	81	advances	advance	NOUN
abr-51	270	82	in	in	ADP
abr-51	270	83	business	business	NOUN
abr-51	270	84	research	research	NOUN
abr-51	270	85	2011	2011	NUM
abr-51	270	86	,	,	PUNCT
abr-51	270	87	vol	vol	NOUN
abr-51	270	88	.	.	PROPN
abr-51	271	1	2	2	NUM
abr-51	271	2	,	,	PUNCT
abr-51	271	3	no	no	INTJ
abr-51	271	4	.	.	NOUN
abr-51	271	5	1	1	NUM
abr-51	271	6	,	,	PUNCT
abr-51	271	7	57	57	NUM
abr-51	271	8	-	-	SYM
abr-51	271	9	70	70	NUM
abr-51	271	10	66	66	NUM
abr-51	271	11	notes	note	NOUN
abr-51	271	12	to	to	PART
abr-51	271	13	regression	regression	VERB
abr-51	271	14	table	table	NOUN
abr-51	271	15	:	:	PUNCT
abr-51	271	16	the	the	DET
abr-51	271	17	industry	industry	NOUN
abr-51	271	18	is	be	AUX
abr-51	271	19	categorized	categorize	VERB
abr-51	271	20	according	accord	VERB
abr-51	271	21	to	to	ADP
abr-51	271	22	the	the	DET
abr-51	271	23	global	global	ADJ
abr-51	271	24	industry	industry	NOUN
abr-51	271	25	classification	classification	NOUN
abr-51	271	26	standard	standard	NOUN
abr-51	271	27	(	(	PUNCT
abr-51	271	28	gics	gic	NOUN
abr-51	271	29	)	)	PUNCT
abr-51	271	30	for	for	ADP
abr-51	271	31	the	the	DET
abr-51	271	32	energy	energy	NOUN
abr-51	271	33	sector	sector	NOUN
abr-51	271	34	.	.	PUNCT
abr-51	272	1	p	p	X
abr-51	272	2	-	-	PUNCT
abr-51	272	3	values	value	NOUN
abr-51	272	4	(	(	PUNCT
abr-51	272	5	robust	robust	ADJ
abr-51	272	6	for	for	ADP
abr-51	272	7	heteroscedasticity	heteroscedasticity	NOUN
abr-51	272	8	)	)	PUNCT
abr-51	272	9	in	in	ADP
abr-51	272	10	parentheses	parenthesis	NOUN
abr-51	272	11	.	.	PUNCT
abr-51	273	1	(	(	PUNCT
abr-51	273	2	*	*	PUNCT
abr-51	273	3	)	)	PUNCT
abr-51	273	4	=	=	VERB
abr-51	273	5	significant	significant	ADJ
abr-51	273	6	at	at	ADP
abr-51	273	7	the	the	DET
abr-51	273	8	99	99	NUM
abr-51	273	9	%	%	NOUN
abr-51	273	10	confidence	confidence	NOUN
abr-51	273	11	level	level	NOUN
abr-51	273	12	(	(	PUNCT
abr-51	273	13	*	*	PUNCT
abr-51	273	14	*	*	PUNCT
abr-51	273	15	)	)	PUNCT
abr-51	274	1	=	=	SYM
abr-51	274	2	significant	significant	ADJ
abr-51	274	3	at	at	ADP
abr-51	274	4	the	the	DET
abr-51	274	5	95	95	NUM
abr-51	274	6	%	%	NOUN
abr-51	274	7	confidence	confidence	NOUN
abr-51	274	8	level	level	NOUN
abr-51	274	9	(	(	PUNCT
abr-51	274	10	*	*	PUNCT
abr-51	274	11	*	*	PUNCT
abr-51	274	12	*	*	PUNCT
abr-51	274	13	)	)	PUNCT
abr-51	275	1	=	=	SYM
abr-51	275	2	significant	significant	ADJ
abr-51	275	3	at	at	ADP
abr-51	275	4	the	the	DET
abr-51	275	5	90	90	NUM
abr-51	275	6	%	%	NOUN
abr-51	275	7	confidence	confidence	NOUN
abr-51	275	8	level	level	NOUN
abr-51	275	9	ols	ol	NOUN
abr-51	275	10	regression	regression	NOUN
abr-51	275	11	includes	include	VERB
abr-51	275	12	the	the	DET
abr-51	275	13	following	following	ADJ
abr-51	275	14	variables	variable	NOUN
abr-51	275	15	:	:	PUNCT
abr-51	275	16	number	number	NOUN
abr-51	275	17	of	of	ADP
abr-51	275	18	days	day	NOUN
abr-51	275	19	inventories	inventory	NOUN
abr-51	275	20	(	(	PUNCT
abr-51	275	21	din	din	NOUN
abr-51	275	22	)	)	PUNCT
abr-51	275	23	is	be	AUX
abr-51	275	24	(	(	PUNCT
abr-51	275	25	inventories	inventory	NOUN
abr-51	275	26	x	x	SYM
abr-51	275	27	365)/sales	365)/sale	NOUN
abr-51	275	28	.	.	PUNCT
abr-51	275	29	number	number	NOUN
abr-51	275	30	of	of	ADP
abr-51	275	31	days	day	NOUN
abr-51	275	32	of	of	ADP
abr-51	275	33	accounts	account	NOUN
abr-51	275	34	receivable	receivable	ADJ
abr-51	275	35	(	(	PUNCT
abr-51	275	36	dar	dar	NOUN
abr-51	275	37	)	)	PUNCT
abr-51	275	38	is	be	AUX
abr-51	275	39	(	(	PUNCT
abr-51	275	40	accounts	account	NOUN
abr-51	275	41	receivable	receivable	ADJ
abr-51	275	42	x	x	SYM
abr-51	275	43	365)/sales	365)/sale	NOUN
abr-51	275	44	.	.	PUNCT
abr-51	276	1	number	number	NOUN
abr-51	276	2	of	of	ADP
abr-51	276	3	days	day	NOUN
abr-51	276	4	accounts	account	NOUN
abr-51	276	5	payable	payable	ADJ
abr-51	276	6	(	(	PUNCT
abr-51	276	7	dap	dap	PROPN
abr-51	276	8	)	)	PUNCT
abr-51	276	9	is	be	AUX
abr-51	276	10	(	(	PUNCT
abr-51	276	11	accounts	account	NOUN
abr-51	276	12	payable	payable	ADJ
abr-51	276	13	x	x	ADP
abr-51	276	14	365)/sales	365)/sale	NOUN
abr-51	276	15	.	.	PUNCT
abr-51	277	1	days	day	NOUN
abr-51	277	2	of	of	ADP
abr-51	277	3	working	work	VERB
abr-51	277	4	capital	capital	NOUN
abr-51	277	5	(	(	PUNCT
abr-51	277	6	dwc	dwc	PROPN
abr-51	277	7	)	)	PUNCT
abr-51	277	8	is	be	AUX
abr-51	277	9	(	(	PUNCT
abr-51	277	10	dar	dar	NOUN
abr-51	277	11	+	+	CCONJ
abr-51	277	12	din	din	PROPN
abr-51	277	13	–	–	PUNCT
abr-51	277	14	dap	dap	NOUN
abr-51	277	15	)	)	PUNCT
abr-51	277	16	.	.	PUNCT
abr-51	278	1	sales	sale	NOUN
abr-51	278	2	growth	growth	NOUN
abr-51	278	3	(	(	PUNCT
abr-51	278	4	sg	sg	PROPN
abr-51	278	5	)	)	PUNCT
abr-51	278	6	is	be	AUX
abr-51	278	7	(	(	PUNCT
abr-51	278	8	current	current	ADJ
abr-51	278	9	revenues	revenue	NOUN
abr-51	278	10	–	–	PUNCT
abr-51	278	11	last	last	ADJ
abr-51	278	12	year	year	NOUN
abr-51	278	13	’s	’s	PART
abr-51	278	14	revenues)/last	revenues)/last	ADJ
abr-51	278	15	year	year	NOUN
abr-51	278	16	’s	’s	PART
abr-51	278	17	revenues	revenue	NOUN
abr-51	278	18	.	.	PUNCT
abr-51	279	1	debt	debt	NOUN
abr-51	279	2	to	to	ADP
abr-51	279	3	total	total	ADJ
abr-51	279	4	assets	asset	NOUN
abr-51	279	5	(	(	PUNCT
abr-51	279	6	da	da	NOUN
abr-51	279	7	)	)	PUNCT
abr-51	279	8	is	be	AUX
abr-51	279	9	(	(	PUNCT
abr-51	279	10	financial	financial	ADJ
abr-51	279	11	debt	debt	NOUN
abr-51	279	12	/	/	SYM
abr-51	279	13	total	total	ADJ
abr-51	279	14	assets	asset	NOUN
abr-51	279	15	)	)	PUNCT
abr-51	279	16	.	.	PUNCT
abr-51	280	1	within	within	ADP
abr-51	280	2	panel	panel	NOUN
abr-51	280	3	a	a	PRON
abr-51	280	4	,	,	PUNCT
abr-51	280	5	the	the	DET
abr-51	280	6	large	large	ADJ
abr-51	280	7	cap	cap	NOUN
abr-51	280	8	firms	firm	NOUN
abr-51	280	9	show	show	VERB
abr-51	280	10	a	a	DET
abr-51	280	11	negative	negative	ADJ
abr-51	280	12	relationship	relationship	NOUN
abr-51	280	13	between	between	ADP
abr-51	280	14	the	the	DET
abr-51	280	15	days	day	NOUN
abr-51	280	16	of	of	ADP
abr-51	280	17	inventory	inventory	NOUN
abr-51	280	18	(	(	PUNCT
abr-51	280	19	din	din	NOUN
abr-51	280	20	)	)	PUNCT
abr-51	280	21	and	and	CCONJ
abr-51	280	22	enterprise	enterprise	NOUN
abr-51	280	23	value	value	NOUN
abr-51	280	24	(	(	PUNCT
abr-51	280	25	ev	ev	INTJ
abr-51	280	26	)	)	PUNCT
abr-51	280	27	that	that	PRON
abr-51	280	28	is	be	AUX
abr-51	280	29	consistent	consistent	ADJ
abr-51	280	30	with	with	ADP
abr-51	280	31	the	the	DET
abr-51	280	32	hypothesized	hypothesized	ADJ
abr-51	280	33	directional	directional	ADJ
abr-51	280	34	effect	effect	NOUN
abr-51	280	35	.	.	PUNCT
abr-51	281	1	an	an	DET
abr-51	281	2	increase	increase	NOUN
abr-51	281	3	in	in	ADP
abr-51	281	4	the	the	DET
abr-51	281	5	days	day	NOUN
abr-51	281	6	of	of	ADP
abr-51	281	7	inventory	inventory	NOUN
abr-51	281	8	held	hold	VERB
abr-51	281	9	reduces	reduce	VERB
abr-51	281	10	cash	cash	NOUN
abr-51	281	11	in	in	ADP
abr-51	281	12	-	-	PUNCT
abr-51	281	13	flows	flow	NOUN
abr-51	281	14	that	that	PRON
abr-51	281	15	would	would	AUX
abr-51	281	16	impede	impede	VERB
abr-51	281	17	the	the	DET
abr-51	281	18	covering	covering	NOUN
abr-51	281	19	of	of	ADP
abr-51	281	20	non	non	ADJ
abr-51	281	21	-	-	ADJ
abr-51	281	22	operational	operational	ADJ
abr-51	281	23	accounts	account	NOUN
abr-51	281	24	.	.	PUNCT
abr-51	282	1	the	the	DET
abr-51	282	2	coefficient	coefficient	NOUN
abr-51	282	3	is	be	AUX
abr-51	282	4	not	not	PART
abr-51	282	5	significant	significant	ADJ
abr-51	282	6	,	,	PUNCT
abr-51	282	7	however	however	ADV
abr-51	282	8	.	.	PUNCT
abr-51	283	1	the	the	DET
abr-51	283	2	average	average	ADJ
abr-51	283	3	days	day	NOUN
abr-51	283	4	-	-	PUNCT
abr-51	283	5	to	to	PART
abr-51	283	6	-	-	PUNCT
abr-51	283	7	collect	collect	VERB
abr-51	283	8	on	on	ADP
abr-51	283	9	trade	trade	NOUN
abr-51	283	10	receivables	receivables	NOUN
abr-51	283	11	(	(	PUNCT
abr-51	283	12	dar	dar	NOUN
abr-51	283	13	)	)	PUNCT
abr-51	283	14	has	have	VERB
abr-51	283	15	a	a	DET
abr-51	283	16	statistically	statistically	ADV
abr-51	283	17	insignificant	insignificant	ADJ
abr-51	283	18	positive	positive	ADJ
abr-51	283	19	sign	sign	NOUN
abr-51	283	20	that	that	PRON
abr-51	283	21	is	be	AUX
abr-51	283	22	not	not	PART
abr-51	283	23	consistent	consistent	ADJ
abr-51	283	24	with	with	ADP
abr-51	283	25	the	the	DET
abr-51	283	26	expected	expect	VERB
abr-51	283	27	direction	direction	NOUN
abr-51	283	28	.	.	PUNCT
abr-51	284	1	it	it	PRON
abr-51	284	2	is	be	AUX
abr-51	284	3	possible	possible	ADJ
abr-51	284	4	that	that	SCONJ
abr-51	284	5	the	the	DET
abr-51	284	6	less	less	ADV
abr-51	284	7	profitable	profitable	ADJ
abr-51	284	8	firms	firm	NOUN
abr-51	284	9	seek	seek	VERB
abr-51	284	10	to	to	PART
abr-51	284	11	increase	increase	VERB
abr-51	284	12	their	their	PRON
abr-51	284	13	credit	credit	NOUN
abr-51	284	14	sales	sale	NOUN
abr-51	284	15	even	even	ADV
abr-51	284	16	if	if	SCONJ
abr-51	284	17	it	it	PRON
abr-51	284	18	extends	extend	VERB
abr-51	284	19	the	the	DET
abr-51	284	20	days	day	NOUN
abr-51	284	21	’	'	PUNCT
abr-51	284	22	sales	sale	NOUN
abr-51	284	23	outstanding	outstanding	ADJ
abr-51	284	24	(	(	PUNCT
abr-51	284	25	deloof	deloof	NOUN
abr-51	284	26	,	,	PUNCT
abr-51	284	27	2003	2003	NUM
abr-51	284	28	)	)	PUNCT
abr-51	284	29	.	.	PUNCT
abr-51	285	1	the	the	DET
abr-51	285	2	average	average	ADJ
abr-51	285	3	number	number	NOUN
abr-51	285	4	of	of	ADP
abr-51	285	5	days	day	NOUN
abr-51	285	6	that	that	PRON
abr-51	285	7	the	the	DET
abr-51	285	8	large	large	ADJ
abr-51	285	9	caps	cap	NOUN
abr-51	285	10	take	take	VERB
abr-51	285	11	to	to	PART
abr-51	285	12	pay	pay	VERB
abr-51	285	13	their	their	PRON
abr-51	285	14	trade	trade	NOUN
abr-51	285	15	payables	payable	NOUN
abr-51	285	16	(	(	PUNCT
abr-51	285	17	dap	dap	PROPN
abr-51	285	18	)	)	PUNCT
abr-51	285	19	has	have	VERB
abr-51	285	20	the	the	DET
abr-51	285	21	expected	expect	VERB
abr-51	285	22	positive	positive	ADJ
abr-51	285	23	sign	sign	NOUN
abr-51	285	24	.	.	PUNCT
abr-51	286	1	the	the	DET
abr-51	286	2	ability	ability	NOUN
abr-51	286	3	to	to	PART
abr-51	286	4	extend	extend	VERB
abr-51	286	5	their	their	PRON
abr-51	286	6	payments	payment	NOUN
abr-51	286	7	to	to	ADP
abr-51	286	8	supplier	supplier	NOUN
abr-51	286	9	-	-	PUNCT
abr-51	286	10	creditors	creditor	NOUN
abr-51	286	11	generates	generate	VERB
abr-51	286	12	capital	capital	NOUN
abr-51	286	13	to	to	PART
abr-51	286	14	improve	improve	VERB
abr-51	286	15	the	the	DET
abr-51	286	16	enterprise	enterprise	NOUN
abr-51	286	17	value	value	NOUN
abr-51	286	18	.	.	PUNCT
abr-51	287	1	it	it	PRON
abr-51	287	2	was	be	AUX
abr-51	287	3	not	not	PART
abr-51	287	4	statistically	statistically	ADV
abr-51	287	5	significant	significant	ADJ
abr-51	287	6	.	.	PUNCT
abr-51	288	1	the	the	DET
abr-51	288	2	days	day	NOUN
abr-51	288	3	of	of	ADP
abr-51	288	4	the	the	DET
abr-51	288	5	working	work	VERB
abr-51	288	6	capital	capital	NOUN
abr-51	288	7	cycle	cycle	NOUN
abr-51	288	8	,	,	PUNCT
abr-51	288	9	the	the	DET
abr-51	288	10	net	net	NOUN
abr-51	288	11	of	of	ADP
abr-51	288	12	din	din	PROPN
abr-51	288	13	,	,	PUNCT
abr-51	288	14	dar	dar	PROPN
abr-51	288	15	,	,	PUNCT
abr-51	288	16	and	and	CCONJ
abr-51	288	17	dap	dap	PROPN
abr-51	288	18	,	,	PUNCT
abr-51	288	19	displays	display	VERB
abr-51	288	20	the	the	DET
abr-51	288	21	expected	expect	VERB
abr-51	288	22	hypothesized	hypothesize	VERB
abr-51	288	23	negative	negative	ADJ
abr-51	288	24	direction	direction	NOUN
abr-51	288	25	and	and	CCONJ
abr-51	288	26	is	be	AUX
abr-51	288	27	significant	significant	ADJ
abr-51	288	28	at	at	ADP
abr-51	288	29	the	the	DET
abr-51	288	30	10	10	NUM
abr-51	288	31	%	%	NOUN
abr-51	288	32	level	level	NOUN
abr-51	288	33	.	.	PUNCT
abr-51	289	1	a	a	DET
abr-51	289	2	net	net	ADJ
abr-51	289	3	increase	increase	NOUN
abr-51	289	4	in	in	ADP
abr-51	289	5	the	the	DET
abr-51	289	6	number	number	NOUN
abr-51	289	7	of	of	ADP
abr-51	289	8	days	day	NOUN
abr-51	289	9	that	that	PRON
abr-51	289	10	funds	fund	NOUN
abr-51	289	11	must	must	AUX
abr-51	289	12	be	be	AUX
abr-51	289	13	committed	commit	VERB
abr-51	289	14	to	to	ADP
abr-51	289	15	maintaining	maintain	VERB
abr-51	289	16	working	work	VERB
abr-51	289	17	capital	capital	NOUN
abr-51	289	18	will	will	AUX
abr-51	289	19	cause	cause	VERB
abr-51	289	20	the	the	DET
abr-51	289	21	core	core	NOUN
abr-51	289	22	cash	cash	NOUN
abr-51	289	23	flows	flow	VERB
abr-51	289	24	within	within	ADP
abr-51	289	25	the	the	DET
abr-51	289	26	enterprise	enterprise	NOUN
abr-51	289	27	value	value	NOUN
abr-51	289	28	to	to	PART
abr-51	289	29	decline	decline	VERB
abr-51	289	30	.	.	PUNCT
abr-51	290	1	it	it	PRON
abr-51	290	2	does	do	AUX
abr-51	290	3	not	not	PART
abr-51	290	4	strengthen	strengthen	VERB
abr-51	290	5	the	the	DET
abr-51	290	6	enterprise	enterprise	NOUN
abr-51	290	7	value	value	NOUN
abr-51	290	8	as	as	SCONJ
abr-51	290	9	there	there	PRON
abr-51	290	10	is	be	VERB
abr-51	290	11	less	less	ADJ
abr-51	290	12	cash	cash	NOUN
abr-51	290	13	to	to	PART
abr-51	290	14	apply	apply	VERB
abr-51	290	15	towards	towards	ADP
abr-51	290	16	the	the	DET
abr-51	290	17	reduction	reduction	NOUN
abr-51	290	18	of	of	ADP
abr-51	290	19	debt	debt	NOUN
abr-51	290	20	and	and	CCONJ
abr-51	290	21	other	other	ADJ
abr-51	290	22	nonoperating	nonoperating	ADJ
abr-51	290	23	accounts	account	NOUN
abr-51	290	24	.	.	PUNCT
abr-51	291	1	the	the	DET
abr-51	291	2	control	control	NOUN
abr-51	291	3	variable	variable	NOUN
abr-51	291	4	,	,	PUNCT
abr-51	291	5	sales	sale	NOUN
abr-51	291	6	growth	growth	NOUN
abr-51	291	7	,	,	PUNCT
abr-51	291	8	reveals	reveal	VERB
abr-51	291	9	a	a	DET
abr-51	291	10	negative	negative	ADJ
abr-51	291	11	value	value	NOUN
abr-51	291	12	that	that	PRON
abr-51	291	13	is	be	AUX
abr-51	291	14	significant	significant	ADJ
abr-51	291	15	at	at	ADP
abr-51	291	16	a	a	DET
abr-51	291	17	5	5	NUM
abr-51	291	18	%	%	NOUN
abr-51	291	19	level	level	NOUN
abr-51	291	20	.	.	PUNCT
abr-51	292	1	agreeing	agree	VERB
abr-51	292	2	with	with	ADP
abr-51	292	3	the	the	DET
abr-51	292	4	model	model	NOUN
abr-51	292	5	expectations	expectation	NOUN
abr-51	292	6	,	,	PUNCT
abr-51	292	7	the	the	DET
abr-51	292	8	implication	implication	NOUN
abr-51	292	9	is	be	AUX
abr-51	292	10	that	that	SCONJ
abr-51	292	11	growing	grow	VERB
abr-51	292	12	sales	sale	NOUN
abr-51	292	13	place	place	NOUN
abr-51	292	14	an	an	DET
abr-51	292	15	increasing	increase	VERB
abr-51	292	16	burden	burden	NOUN
abr-51	292	17	on	on	ADP
abr-51	292	18	the	the	DET
abr-51	292	19	working	work	VERB
abr-51	292	20	capital	capital	NOUN
abr-51	292	21	of	of	ADP
abr-51	292	22	the	the	DET
abr-51	292	23	firm	firm	NOUN
abr-51	292	24	.	.	PUNCT
abr-51	293	1	maintaining	maintain	VERB
abr-51	293	2	efficiencies	efficiency	NOUN
abr-51	293	3	become	become	VERB
abr-51	293	4	more	more	ADV
abr-51	293	5	difficult	difficult	ADJ
abr-51	293	6	and	and	CCONJ
abr-51	293	7	require	require	VERB
abr-51	293	8	a	a	DET
abr-51	293	9	redirection	redirection	NOUN
abr-51	293	10	of	of	ADP
abr-51	293	11	funds	fund	NOUN
abr-51	293	12	.	.	PUNCT
abr-51	294	1	the	the	DET
abr-51	294	2	negative	negative	ADJ
abr-51	294	3	sign	sign	NOUN
abr-51	294	4	of	of	ADP
abr-51	294	5	the	the	DET
abr-51	294	6	debt	debt	NOUN
abr-51	294	7	control	control	NOUN
abr-51	294	8	variable	variable	NOUN
abr-51	294	9	agrees	agree	VERB
abr-51	294	10	with	with	ADP
abr-51	294	11	the	the	DET
abr-51	294	12	hypothesized	hypothesized	ADJ
abr-51	294	13	direction	direction	NOUN
abr-51	294	14	as	as	ADP
abr-51	294	15	an	an	DET
abr-51	294	16	increase	increase	NOUN
abr-51	294	17	in	in	ADP
abr-51	294	18	debt	debt	NOUN
abr-51	294	19	makes	make	VERB
abr-51	294	20	the	the	DET
abr-51	294	21	firm	firm	NOUN
abr-51	294	22	more	more	ADV
abr-51	294	23	costly	costly	ADJ
abr-51	294	24	to	to	PART
abr-51	294	25	acquire	acquire	VERB
abr-51	294	26	.	.	PUNCT
abr-51	295	1	it	it	PRON
abr-51	295	2	is	be	AUX
abr-51	295	3	significant	significant	ADJ
abr-51	295	4	at	at	ADP
abr-51	295	5	a	a	DET
abr-51	295	6	1	1	NUM
abr-51	295	7	%	%	NOUN
abr-51	295	8	level	level	NOUN
abr-51	295	9	.	.	PUNCT
abr-51	296	1	within	within	ADP
abr-51	296	2	panel	panel	NOUN
abr-51	296	3	b	b	PROPN
abr-51	296	4	,	,	PUNCT
abr-51	296	5	the	the	DET
abr-51	296	6	mid	mid	ADJ
abr-51	296	7	cap	cap	NOUN
abr-51	296	8	companies	company	NOUN
abr-51	296	9	reflect	reflect	VERB
abr-51	296	10	the	the	DET
abr-51	296	11	hypothesized	hypothesized	ADJ
abr-51	296	12	directional	directional	ADJ
abr-51	296	13	effect	effect	NOUN
abr-51	296	14	for	for	ADP
abr-51	296	15	each	each	PRON
abr-51	296	16	of	of	ADP
abr-51	296	17	the	the	DET
abr-51	296	18	components	component	NOUN
abr-51	296	19	of	of	ADP
abr-51	296	20	the	the	DET
abr-51	296	21	working	work	VERB
abr-51	296	22	capital	capital	NOUN
abr-51	296	23	cycle	cycle	NOUN
abr-51	296	24	and	and	CCONJ
abr-51	296	25	the	the	DET
abr-51	296	26	net	net	ADJ
abr-51	296	27	cycle	cycle	NOUN
abr-51	296	28	itself	itself	PRON
abr-51	296	29	.	.	PUNCT
abr-51	297	1	there	there	PRON
abr-51	297	2	is	be	VERB
abr-51	297	3	a	a	DET
abr-51	297	4	negative	negative	ADJ
abr-51	297	5	relationship	relationship	NOUN
abr-51	297	6	between	between	ADP
abr-51	297	7	the	the	DET
abr-51	297	8	average	average	ADJ
abr-51	297	9	days	day	NOUN
abr-51	297	10	that	that	PRON
abr-51	297	11	inventory	inventory	NOUN
abr-51	297	12	is	be	AUX
abr-51	297	13	held	hold	VERB
abr-51	297	14	(	(	PUNCT
abr-51	297	15	din	din	NOUN
abr-51	297	16	)	)	PUNCT
abr-51	297	17	and	and	CCONJ
abr-51	297	18	enterprise	enterprise	NOUN
abr-51	297	19	value	value	NOUN
abr-51	297	20	(	(	PUNCT
abr-51	297	21	ev	ev	INTJ
abr-51	297	22	)	)	PUNCT
abr-51	297	23	as	as	ADP
abr-51	297	24	an	an	DET
abr-51	297	25	increase	increase	NOUN
abr-51	297	26	in	in	ADP
abr-51	297	27	this	this	DET
abr-51	297	28	independent	independent	ADJ
abr-51	297	29	variable	variable	NOUN
abr-51	297	30	reduces	reduce	VERB
abr-51	297	31	cash	cash	NOUN
abr-51	297	32	inflows	inflow	NOUN
abr-51	297	33	that	that	PRON
abr-51	297	34	would	would	AUX
abr-51	297	35	impede	impede	VERB
abr-51	297	36	the	the	DET
abr-51	297	37	covering	covering	NOUN
abr-51	297	38	of	of	ADP
abr-51	297	39	non	non	ADJ
abr-51	297	40	-	-	ADJ
abr-51	297	41	operational	operational	ADJ
abr-51	297	42	accounts	account	NOUN
abr-51	297	43	.	.	PUNCT
abr-51	298	1	the	the	DET
abr-51	298	2	coefficient	coefficient	NOUN
abr-51	298	3	is	be	AUX
abr-51	298	4	not	not	PART
abr-51	298	5	significant	significant	ADJ
abr-51	298	6	.	.	PUNCT
abr-51	299	1	the	the	DET
abr-51	299	2	average	average	ADJ
abr-51	299	3	days	day	NOUN
abr-51	299	4	-	-	PUNCT
abr-51	299	5	to	to	PART
abr-51	299	6	-	-	PUNCT
abr-51	299	7	collect	collect	VERB
abr-51	299	8	on	on	ADP
abr-51	299	9	trade	trade	NOUN
abr-51	299	10	receivables	receivables	NOUN
abr-51	299	11	(	(	PUNCT
abr-51	299	12	dar	dar	NOUN
abr-51	299	13	)	)	PUNCT
abr-51	299	14	has	have	VERB
abr-51	299	15	a	a	DET
abr-51	299	16	statistically	statistically	ADV
abr-51	299	17	insignificant	insignificant	ADJ
abr-51	299	18	negative	negative	ADJ
abr-51	299	19	sign	sign	NOUN
abr-51	299	20	.	.	PUNCT
abr-51	300	1	this	this	DET
abr-51	300	2	negative	negative	ADJ
abr-51	300	3	direction	direction	NOUN
abr-51	300	4	is	be	AUX
abr-51	300	5	consistent	consistent	ADJ
abr-51	300	6	with	with	ADP
abr-51	300	7	the	the	DET
abr-51	300	8	idea	idea	NOUN
abr-51	300	9	that	that	SCONJ
abr-51	300	10	increasing	increase	VERB
abr-51	300	11	the	the	DET
abr-51	300	12	number	number	NOUN
abr-51	300	13	of	of	ADP
abr-51	300	14	days	day	NOUN
abr-51	300	15	that	that	PRON
abr-51	300	16	a	a	DET
abr-51	300	17	company	company	NOUN
abr-51	300	18	allows	allow	VERB
abr-51	300	19	others	other	NOUN
abr-51	300	20	to	to	PART
abr-51	300	21	use	use	VERB
abr-51	300	22	their	their	PRON
abr-51	300	23	money	money	NOUN
abr-51	300	24	puts	put	VERB
abr-51	300	25	a	a	DET
abr-51	300	26	drain	drain	NOUN
abr-51	300	27	on	on	ADP
abr-51	300	28	a	a	DET
abr-51	300	29	firm	firm	NOUN
abr-51	300	30	’s	’s	PART
abr-51	300	31	funds	fund	NOUN
abr-51	300	32	available	available	ADJ
abr-51	300	33	to	to	PART
abr-51	300	34	cover	cover	VERB
abr-51	300	35	non	non	ADJ
abr-51	300	36	-	-	ADJ
abr-51	300	37	operational	operational	ADJ
abr-51	300	38	items	item	NOUN
abr-51	300	39	such	such	ADJ
abr-51	300	40	as	as	ADP
abr-51	300	41	debt	debt	NOUN
abr-51	300	42	.	.	PUNCT
abr-51	301	1	the	the	DET
abr-51	301	2	average	average	ADJ
abr-51	301	3	number	number	NOUN
abr-51	301	4	of	of	ADP
abr-51	301	5	days	day	NOUN
abr-51	301	6	that	that	SCONJ
abr-51	301	7	the	the	DET
abr-51	301	8	mid	mid	NOUN
abr-51	301	9	-	-	ADJ
abr-51	301	10	caps	cap	NOUN
abr-51	301	11	take	take	VERB
abr-51	301	12	to	to	PART
abr-51	301	13	pay	pay	VERB
abr-51	301	14	their	their	PRON
abr-51	301	15	trade	trade	NOUN
abr-51	301	16	payables	payable	NOUN
abr-51	301	17	(	(	PUNCT
abr-51	301	18	dap	dap	PROPN
abr-51	301	19	)	)	PUNCT
abr-51	301	20	has	have	VERB
abr-51	301	21	the	the	DET
abr-51	301	22	expected	expect	VERB
abr-51	301	23	positive	positive	ADJ
abr-51	301	24	sign	sign	NOUN
abr-51	301	25	but	but	CCONJ
abr-51	301	26	it	it	PRON
abr-51	301	27	is	be	AUX
abr-51	301	28	not	not	PART
abr-51	301	29	statistically	statistically	ADV
abr-51	301	30	significant	significant	ADJ
abr-51	301	31	.	.	PUNCT
abr-51	302	1	their	their	PRON
abr-51	302	2	ability	ability	NOUN
abr-51	302	3	to	to	PART
abr-51	302	4	extend	extend	VERB
abr-51	302	5	their	their	PRON
abr-51	302	6	payments	payment	NOUN
abr-51	302	7	to	to	ADP
abr-51	302	8	supplier	supplier	NOUN
abr-51	302	9	-	-	PUNCT
abr-51	302	10	creditors	creditor	NOUN
abr-51	302	11	generates	generate	VERB
abr-51	302	12	capital	capital	NOUN
abr-51	302	13	to	to	PART
abr-51	302	14	improve	improve	VERB
abr-51	302	15	the	the	DET
abr-51	302	16	enterprise	enterprise	NOUN
abr-51	302	17	value	value	NOUN
abr-51	302	18	.	.	PUNCT
abr-51	303	1	consistent	consistent	ADJ
abr-51	303	2	with	with	ADP
abr-51	303	3	the	the	DET
abr-51	303	4	large	large	ADJ
abr-51	303	5	-	-	PUNCT
abr-51	303	6	cap	cap	NOUN
abr-51	303	7	results	result	NOUN
abr-51	303	8	,	,	PUNCT
abr-51	303	9	the	the	DET
abr-51	303	10	days	day	NOUN
abr-51	303	11	of	of	ADP
abr-51	303	12	the	the	DET
abr-51	303	13	net	net	ADJ
abr-51	303	14	working	work	VERB
abr-51	303	15	capital	capital	NOUN
abr-51	303	16	cycle	cycle	NOUN
abr-51	303	17	(	(	PUNCT
abr-51	303	18	dwc	dwc	PROPN
abr-51	303	19	)	)	PUNCT
abr-51	303	20	for	for	ADP
abr-51	303	21	the	the	DET
abr-51	303	22	mid	mid	ADJ
abr-51	303	23	-	-	ADJ
abr-51	303	24	cap	cap	ADJ
abr-51	303	25	firms	firm	NOUN
abr-51	303	26	carries	carry	VERB
abr-51	303	27	the	the	DET
abr-51	303	28	expected	expect	VERB
abr-51	303	29	hypothesized	hypothesized	ADJ
abr-51	303	30	negative	negative	ADJ
abr-51	303	31	sign	sign	NOUN
abr-51	303	32	and	and	CCONJ
abr-51	303	33	is	be	AUX
abr-51	303	34	significant	significant	ADJ
abr-51	303	35	at	at	ADP
abr-51	303	36	a	a	DET
abr-51	303	37	5	5	NUM
abr-51	303	38	%	%	NOUN
abr-51	303	39	level	level	NOUN
abr-51	303	40	of	of	ADP
abr-51	303	41	confidence	confidence	NOUN
abr-51	303	42	.	.	PUNCT
abr-51	304	1	the	the	DET
abr-51	304	2	implication	implication	NOUN
abr-51	304	3	is	be	AUX
abr-51	304	4	that	that	SCONJ
abr-51	304	5	firms	firm	NOUN
abr-51	304	6	that	that	PRON
abr-51	304	7	allow	allow	VERB
abr-51	304	8	their	their	PRON
abr-51	304	9	working	work	VERB
abr-51	304	10	capital	capital	NOUN
abr-51	304	11	cycle	cycle	NOUN
abr-51	304	12	to	to	PART
abr-51	304	13	increase	increase	VERB
abr-51	304	14	,	,	PUNCT
abr-51	304	15	face	face	VERB
abr-51	304	16	a	a	DET
abr-51	304	17	situation	situation	NOUN
abr-51	304	18	of	of	ADP
abr-51	304	19	having	have	VERB
abr-51	304	20	to	to	PART
abr-51	304	21	earmark	earmark	VERB
abr-51	304	22	more	more	ADJ
abr-51	304	23	of	of	ADP
abr-51	304	24	their	their	PRON
abr-51	304	25	cash	cash	NOUN
abr-51	304	26	to	to	PART
abr-51	304	27	maintain	maintain	VERB
abr-51	304	28	their	their	PRON
abr-51	304	29	working	work	VERB
abr-51	304	30	capital	capital	NOUN
abr-51	304	31	needs	need	NOUN
abr-51	304	32	and	and	CCONJ
abr-51	304	33	that	that	PRON
abr-51	304	34	will	will	AUX
abr-51	304	35	ultimately	ultimately	ADV
abr-51	304	36	reduce	reduce	VERB
abr-51	304	37	their	their	PRON
abr-51	304	38	excess	excess	ADJ
abr-51	304	39	cash	cash	NOUN
abr-51	304	40	.	.	PUNCT
abr-51	305	1	similar	similar	ADJ
abr-51	305	2	to	to	ADP
abr-51	305	3	the	the	DET
abr-51	305	4	results	result	NOUN
abr-51	305	5	for	for	ADP
abr-51	305	6	large	large	ADJ
abr-51	305	7	-	-	PUNCT
abr-51	305	8	cap	cap	NOUN
abr-51	305	9	companies	company	NOUN
abr-51	305	10	,	,	PUNCT
abr-51	305	11	an	an	DET
abr-51	305	12	increase	increase	NOUN
abr-51	305	13	in	in	ADP
abr-51	305	14	the	the	DET
abr-51	305	15	net	net	ADJ
abr-51	305	16	number	number	NOUN
abr-51	305	17	of	of	ADP
abr-51	305	18	days	day	NOUN
abr-51	305	19	that	that	PRON
abr-51	305	20	a	a	DET
abr-51	305	21	corporation	corporation	NOUN
abr-51	305	22	must	must	AUX
abr-51	305	23	commit	commit	VERB
abr-51	305	24	its	its	PRON
abr-51	305	25	cash	cash	NOUN
abr-51	305	26	to	to	ADP
abr-51	305	27	working	work	VERB
abr-51	305	28	capital	capital	NOUN
abr-51	305	29	requirements	requirement	NOUN
abr-51	305	30	hinders	hinder	VERB
abr-51	305	31	its	its	PRON
abr-51	305	32	ability	ability	NOUN
abr-51	305	33	to	to	PART
abr-51	305	34	cover	cover	VERB
abr-51	305	35	non	non	ADJ
abr-51	305	36	-	-	ADJ
abr-51	305	37	operational	operational	ADJ
abr-51	305	38	accounts	account	NOUN
abr-51	305	39	in	in	ADP
abr-51	305	40	the	the	DET
abr-51	305	41	enterprise	enterprise	NOUN
abr-51	305	42	value	value	NOUN
abr-51	305	43	.	.	PUNCT
abr-51	306	1	the	the	DET
abr-51	306	2	sales	sale	NOUN
abr-51	306	3	-	-	PUNCT
abr-51	306	4	growth	growth	NOUN
abr-51	306	5	control	control	NOUN
abr-51	306	6	variable	variable	NOUN
abr-51	306	7	was	be	AUX
abr-51	306	8	negative	negative	ADJ
abr-51	306	9	and	and	CCONJ
abr-51	306	10	statistically	statistically	ADV
abr-51	306	11	significant	significant	ADJ
abr-51	306	12	at	at	ADP
abr-51	306	13	the	the	DET
abr-51	306	14	1	1	NUM
abr-51	306	15	%	%	NOUN
abr-51	306	16	level	level	NOUN
abr-51	306	17	.	.	PUNCT
abr-51	307	1	as	as	SCONJ
abr-51	307	2	a	a	DET
abr-51	307	3	firm	firm	ADJ
abr-51	307	4	experiences	experience	VERB
abr-51	307	5	growing	grow	VERB
abr-51	307	6	sales	sale	NOUN
abr-51	307	7	,	,	PUNCT
abr-51	307	8	it	it	PRON
abr-51	307	9	must	must	AUX
abr-51	307	10	be	be	AUX
abr-51	307	11	accompanied	accompany	VERB
abr-51	307	12	by	by	ADP
abr-51	307	13	increasing	increase	VERB
abr-51	307	14	working	work	VERB
abr-51	307	15	capital	capital	NOUN
abr-51	307	16	needs	need	NOUN
abr-51	307	17	.	.	PUNCT
abr-51	308	1	lifland	lifland	PROPN
abr-51	308	2	advances	advance	NOUN
abr-51	308	3	in	in	ADP
abr-51	308	4	business	business	NOUN
abr-51	308	5	research	research	NOUN
abr-51	308	6	2011	2011	NUM
abr-51	308	7	,	,	PUNCT
abr-51	308	8	vol	vol	NOUN
abr-51	308	9	.	.	PROPN
abr-51	309	1	2	2	NUM
abr-51	309	2	,	,	PUNCT
abr-51	309	3	no	no	INTJ
abr-51	309	4	.	.	NOUN
abr-51	309	5	1	1	NUM
abr-51	309	6	,	,	PUNCT
abr-51	309	7	57	57	NUM
abr-51	309	8	-	-	SYM
abr-51	309	9	70	70	NUM
abr-51	309	10	67	67	NUM
abr-51	309	11	this	this	DET
abr-51	309	12	situation	situation	NOUN
abr-51	309	13	puts	put	VERB
abr-51	309	14	additional	additional	ADJ
abr-51	309	15	demands	demand	NOUN
abr-51	309	16	on	on	ADP
abr-51	309	17	excess	excess	ADJ
abr-51	309	18	cash	cash	NOUN
abr-51	309	19	that	that	PRON
abr-51	309	20	could	could	AUX
abr-51	309	21	have	have	AUX
abr-51	309	22	been	be	AUX
abr-51	309	23	part	part	NOUN
abr-51	309	24	of	of	ADP
abr-51	309	25	the	the	DET
abr-51	309	26	enterprise	enterprise	NOUN
abr-51	309	27	value	value	NOUN
abr-51	309	28	.	.	PUNCT
abr-51	310	1	the	the	DET
abr-51	310	2	debt	debt	NOUN
abr-51	310	3	control	control	NOUN
abr-51	310	4	variable	variable	NOUN
abr-51	310	5	has	have	VERB
abr-51	310	6	an	an	DET
abr-51	310	7	insignificant	insignificant	ADJ
abr-51	310	8	positive	positive	ADJ
abr-51	310	9	value	value	NOUN
abr-51	310	10	.	.	PUNCT
abr-51	311	1	the	the	DET
abr-51	311	2	expected	expect	VERB
abr-51	311	3	sign	sign	NOUN
abr-51	311	4	was	be	AUX
abr-51	311	5	negative	negative	ADJ
abr-51	311	6	.	.	PUNCT
abr-51	312	1	the	the	DET
abr-51	312	2	regression	regression	NOUN
abr-51	312	3	results	result	VERB
abr-51	312	4	for	for	ADP
abr-51	312	5	the	the	DET
abr-51	312	6	small	small	ADJ
abr-51	312	7	-	-	PUNCT
abr-51	312	8	cap	cap	NOUN
abr-51	312	9	companies	company	NOUN
abr-51	312	10	of	of	ADP
abr-51	312	11	the	the	DET
abr-51	312	12	energy	energy	NOUN
abr-51	312	13	sector	sector	NOUN
abr-51	312	14	,	,	PUNCT
abr-51	312	15	found	find	VERB
abr-51	312	16	in	in	ADP
abr-51	312	17	panel	panel	NOUN
abr-51	312	18	c	c	NOUN
abr-51	312	19	,	,	PUNCT
abr-51	312	20	reported	report	VERB
abr-51	312	21	none	none	NOUN
abr-51	312	22	of	of	ADP
abr-51	312	23	the	the	DET
abr-51	312	24	components	component	NOUN
abr-51	312	25	within	within	ADP
abr-51	312	26	the	the	DET
abr-51	312	27	four	four	NUM
abr-51	312	28	regression	regression	NOUN
abr-51	312	29	models	model	NOUN
abr-51	312	30	as	as	ADP
abr-51	312	31	having	have	VERB
abr-51	312	32	any	any	DET
abr-51	312	33	statistical	statistical	ADJ
abr-51	312	34	significance	significance	NOUN
abr-51	312	35	.	.	PUNCT
abr-51	313	1	the	the	DET
abr-51	313	2	independent	independent	ADJ
abr-51	313	3	variables	variable	NOUN
abr-51	313	4	of	of	ADP
abr-51	313	5	din	din	PROPN
abr-51	313	6	and	and	CCONJ
abr-51	313	7	dar	dar	PROPN
abr-51	313	8	reported	report	VERB
abr-51	313	9	anticipated	anticipate	VERB
abr-51	313	10	negative	negative	ADJ
abr-51	313	11	directional	directional	ADJ
abr-51	313	12	effects	effect	NOUN
abr-51	313	13	while	while	SCONJ
abr-51	313	14	the	the	DET
abr-51	313	15	sg	sg	PROPN
abr-51	313	16	control	control	PROPN
abr-51	313	17	variable	variable	NOUN
abr-51	313	18	had	have	VERB
abr-51	313	19	an	an	DET
abr-51	313	20	expected	expect	VERB
abr-51	313	21	negative	negative	ADJ
abr-51	313	22	sign	sign	NOUN
abr-51	313	23	.	.	PUNCT
abr-51	314	1	the	the	DET
abr-51	314	2	adjusted	adjusted	ADJ
abr-51	314	3	r	r	NOUN
abr-51	314	4	-	-	PUNCT
abr-51	314	5	square	square	ADJ
abr-51	314	6	figures	figure	NOUN
abr-51	314	7	are	be	AUX
abr-51	314	8	substantially	substantially	ADV
abr-51	314	9	lower	low	ADJ
abr-51	314	10	than	than	ADP
abr-51	314	11	those	those	PRON
abr-51	314	12	found	find	VERB
abr-51	314	13	for	for	ADP
abr-51	314	14	large	large	ADJ
abr-51	314	15	-	-	PUNCT
abr-51	314	16	cap	cap	NOUN
abr-51	314	17	and	and	CCONJ
abr-51	314	18	mid	mid	ADJ
abr-51	314	19	-	-	ADJ
abr-51	314	20	cap	cap	ADJ
abr-51	314	21	firms	firm	NOUN
abr-51	314	22	.	.	PUNCT
abr-51	315	1	this	this	DET
abr-51	315	2	data	data	NOUN
abr-51	315	3	sample	sample	NOUN
abr-51	315	4	started	start	VERB
abr-51	315	5	out	out	ADP
abr-51	315	6	with	with	ADP
abr-51	315	7	304	304	NUM
abr-51	315	8	companies	company	NOUN
abr-51	315	9	and	and	CCONJ
abr-51	315	10	filtered	filter	VERB
abr-51	315	11	down	down	ADV
abr-51	315	12	to	to	ADP
abr-51	315	13	85	85	NUM
abr-51	315	14	.	.	PUNCT
abr-51	316	1	the	the	DET
abr-51	316	2	majority	majority	NOUN
abr-51	316	3	of	of	ADP
abr-51	316	4	lost	lose	VERB
abr-51	316	5	firms	firm	NOUN
abr-51	316	6	were	be	AUX
abr-51	316	7	due	due	ADJ
abr-51	316	8	to	to	ADP
abr-51	316	9	their	their	PRON
abr-51	316	10	lack	lack	NOUN
abr-51	316	11	of	of	ADP
abr-51	316	12	inventory	inventory	NOUN
abr-51	316	13	and/or	and/or	CCONJ
abr-51	316	14	an	an	DET
abr-51	316	15	enterprise	enterprise	NOUN
abr-51	316	16	value	value	NOUN
abr-51	316	17	.	.	PUNCT
abr-51	317	1	small	small	ADJ
abr-51	317	2	-	-	PUNCT
abr-51	317	3	cap	cap	NOUN
abr-51	317	4	firms	firm	NOUN
abr-51	317	5	tend	tend	VERB
abr-51	317	6	to	to	PART
abr-51	317	7	have	have	VERB
abr-51	317	8	limited	limit	VERB
abr-51	317	9	access	access	NOUN
abr-51	317	10	to	to	ADP
abr-51	317	11	long	long	ADJ
abr-51	317	12	-	-	PUNCT
abr-51	317	13	term	term	NOUN
abr-51	317	14	capital	capital	NOUN
abr-51	317	15	markets	market	NOUN
abr-51	317	16	and	and	CCONJ
abr-51	317	17	experience	experience	VERB
abr-51	317	18	relatively	relatively	ADV
abr-51	317	19	poor	poor	ADJ
abr-51	317	20	working	working	NOUN
abr-51	317	21	capital	capital	NOUN
abr-51	317	22	management	management	NOUN
abr-51	317	23	(	(	PUNCT
abr-51	317	24	padachi	padachi	ADJ
abr-51	317	25	2006	2006	NUM
abr-51	317	26	)	)	PUNCT
abr-51	317	27	.	.	PUNCT
abr-51	318	1	internal	internal	ADJ
abr-51	318	2	factors	factor	NOUN
abr-51	318	3	such	such	ADJ
abr-51	318	4	as	as	ADP
abr-51	318	5	skills	skill	NOUN
abr-51	318	6	of	of	ADP
abr-51	318	7	management	management	NOUN
abr-51	318	8	,	,	PUNCT
abr-51	318	9	the	the	DET
abr-51	318	10	workforce	workforce	NOUN
abr-51	318	11	,	,	PUNCT
abr-51	318	12	and	and	CCONJ
abr-51	318	13	financial	financial	ADJ
abr-51	318	14	management	management	NOUN
abr-51	318	15	practices	practice	NOUN
abr-51	318	16	may	may	AUX
abr-51	318	17	cause	cause	VERB
abr-51	318	18	differences	difference	NOUN
abr-51	318	19	within	within	ADP
abr-51	318	20	an	an	DET
abr-51	318	21	industry	industry	NOUN
abr-51	318	22	group	group	NOUN
abr-51	318	23	and	and	CCONJ
abr-51	318	24	are	be	AUX
abr-51	318	25	likely	likely	ADJ
abr-51	318	26	to	to	PART
abr-51	318	27	have	have	AUX
abr-51	318	28	led	lead	VERB
abr-51	318	29	to	to	ADP
abr-51	318	30	the	the	DET
abr-51	318	31	results	result	NOUN
abr-51	318	32	seen	see	VERB
abr-51	318	33	here	here	ADV
abr-51	318	34	(	(	PUNCT
abr-51	318	35	shin	shin	NOUN
abr-51	318	36	and	and	CCONJ
abr-51	318	37	soenen	soenen	NOUN
abr-51	318	38	,	,	PUNCT
abr-51	318	39	1998	1998	NUM
abr-51	318	40	;	;	PUNCT
abr-51	318	41	deloof	deloof	NOUN
abr-51	318	42	,	,	PUNCT
abr-51	318	43	2003	2003	NUM
abr-51	318	44	)	)	PUNCT
abr-51	318	45	.	.	PUNCT
abr-51	319	1	howorth	howorth	ADJ
abr-51	319	2	and	and	CCONJ
abr-51	319	3	westhead	westhead	ADJ
abr-51	319	4	(	(	PUNCT
abr-51	319	5	2003	2003	NUM
abr-51	319	6	)	)	PUNCT
abr-51	319	7	looked	look	VERB
abr-51	319	8	at	at	ADP
abr-51	319	9	a	a	DET
abr-51	319	10	sample	sample	NOUN
abr-51	319	11	of	of	ADP
abr-51	319	12	small	small	ADJ
abr-51	319	13	companies	company	NOUN
abr-51	319	14	in	in	ADP
abr-51	319	15	the	the	DET
abr-51	319	16	uk	uk	PROPN
abr-51	319	17	and	and	CCONJ
abr-51	319	18	divided	divide	VERB
abr-51	319	19	it	it	PRON
abr-51	319	20	into	into	ADP
abr-51	319	21	four	four	NUM
abr-51	319	22	types	type	NOUN
abr-51	319	23	of	of	ADP
abr-51	319	24	companies	company	NOUN
abr-51	319	25	based	base	VERB
abr-51	319	26	on	on	ADP
abr-51	319	27	their	their	PRON
abr-51	319	28	attention	attention	NOUN
abr-51	319	29	to	to	ADP
abr-51	319	30	the	the	DET
abr-51	319	31	process	process	NOUN
abr-51	319	32	of	of	ADP
abr-51	319	33	managing	manage	VERB
abr-51	319	34	their	their	PRON
abr-51	319	35	working	work	VERB
abr-51	319	36	capital	capital	NOUN
abr-51	319	37	needs	need	NOUN
abr-51	319	38	.	.	PUNCT
abr-51	320	1	the	the	DET
abr-51	320	2	fourth	fourth	ADJ
abr-51	320	3	type	type	NOUN
abr-51	320	4	were	be	AUX
abr-51	320	5	firms	firm	NOUN
abr-51	320	6	that	that	PRON
abr-51	320	7	did	do	AUX
abr-51	320	8	not	not	PART
abr-51	320	9	follow	follow	VERB
abr-51	320	10	any	any	DET
abr-51	320	11	working	work	VERB
abr-51	320	12	capital	capital	NOUN
abr-51	320	13	management	management	NOUN
abr-51	320	14	routines	routine	NOUN
abr-51	320	15	.	.	PUNCT
abr-51	321	1	the	the	DET
abr-51	321	2	small	small	ADJ
abr-51	321	3	-	-	PUNCT
abr-51	321	4	cap	cap	NOUN
abr-51	321	5	firms	firm	NOUN
abr-51	321	6	tend	tend	VERB
abr-51	321	7	to	to	PART
abr-51	321	8	focus	focus	VERB
abr-51	321	9	only	only	ADV
abr-51	321	10	on	on	ADP
abr-51	321	11	the	the	DET
abr-51	321	12	management	management	NOUN
abr-51	321	13	of	of	ADP
abr-51	321	14	working	work	VERB
abr-51	321	15	capital	capital	NOUN
abr-51	321	16	that	that	PRON
abr-51	321	17	is	be	AUX
abr-51	321	18	expected	expect	VERB
abr-51	321	19	to	to	PART
abr-51	321	20	improve	improve	VERB
abr-51	321	21	marginal	marginal	ADJ
abr-51	321	22	returns	return	NOUN
abr-51	321	23	.	.	PUNCT
abr-51	322	1	conclusion	conclusion	NOUN
abr-51	322	2	much	much	ADJ
abr-51	322	3	of	of	ADP
abr-51	322	4	financial	financial	ADJ
abr-51	322	5	literature	literature	NOUN
abr-51	322	6	on	on	ADP
abr-51	322	7	working	work	VERB
abr-51	322	8	capital	capital	NOUN
abr-51	322	9	management	management	NOUN
abr-51	322	10	has	have	AUX
abr-51	322	11	centered	center	VERB
abr-51	322	12	on	on	ADP
abr-51	322	13	its	its	PRON
abr-51	322	14	relationship	relationship	NOUN
abr-51	322	15	with	with	ADP
abr-51	322	16	the	the	DET
abr-51	322	17	profitability	profitability	NOUN
abr-51	322	18	of	of	ADP
abr-51	322	19	the	the	DET
abr-51	322	20	firm	firm	NOUN
abr-51	322	21	.	.	PUNCT
abr-51	323	1	the	the	DET
abr-51	323	2	majority	majority	NOUN
abr-51	323	3	of	of	ADP
abr-51	323	4	research	research	NOUN
abr-51	323	5	finds	find	VERB
abr-51	323	6	that	that	SCONJ
abr-51	323	7	there	there	PRON
abr-51	323	8	exists	exist	VERB
abr-51	323	9	a	a	DET
abr-51	323	10	significant	significant	ADJ
abr-51	323	11	negative	negative	ADJ
abr-51	323	12	relationship	relationship	NOUN
abr-51	323	13	between	between	ADP
abr-51	323	14	the	the	DET
abr-51	323	15	two	two	NUM
abr-51	323	16	variables	variable	NOUN
abr-51	323	17	as	as	ADP
abr-51	323	18	increases	increase	NOUN
abr-51	323	19	in	in	ADP
abr-51	323	20	the	the	DET
abr-51	323	21	components	component	NOUN
abr-51	323	22	of	of	ADP
abr-51	323	23	the	the	DET
abr-51	323	24	working	work	VERB
abr-51	323	25	capital	capital	NOUN
abr-51	323	26	cycle	cycle	NOUN
abr-51	323	27	reduce	reduce	VERB
abr-51	323	28	the	the	DET
abr-51	323	29	cash	cash	NOUN
abr-51	323	30	flows	flow	NOUN
abr-51	323	31	available	available	ADJ
abr-51	323	32	to	to	ADP
abr-51	323	33	the	the	DET
abr-51	323	34	company	company	NOUN
abr-51	323	35	and	and	CCONJ
abr-51	323	36	subsequently	subsequently	ADV
abr-51	323	37	lead	lead	VERB
abr-51	323	38	to	to	ADP
abr-51	323	39	a	a	DET
abr-51	323	40	reduction	reduction	NOUN
abr-51	323	41	in	in	ADP
abr-51	323	42	profits	profit	NOUN
abr-51	323	43	.	.	PUNCT
abr-51	324	1	teruel	teruel	PROPN
abr-51	324	2	and	and	CCONJ
abr-51	324	3	solano	solano	PROPN
abr-51	324	4	(	(	PUNCT
abr-51	324	5	2007	2007	NUM
abr-51	324	6	)	)	PUNCT
abr-51	324	7	argue	argue	VERB
abr-51	324	8	that	that	SCONJ
abr-51	324	9	profits	profit	NOUN
abr-51	324	10	are	be	AUX
abr-51	324	11	enhanced	enhance	VERB
abr-51	324	12	when	when	SCONJ
abr-51	324	13	firms	firm	NOUN
abr-51	324	14	pay	pay	VERB
abr-51	324	15	suppliers	supplier	NOUN
abr-51	324	16	on	on	ADP
abr-51	324	17	time	time	NOUN
abr-51	324	18	,	,	PUNCT
abr-51	324	19	collect	collect	VERB
abr-51	324	20	receivables	receivables	NOUN
abr-51	324	21	early	early	ADV
abr-51	324	22	,	,	PUNCT
abr-51	324	23	and	and	CCONJ
abr-51	324	24	keep	keep	VERB
abr-51	324	25	inventory	inventory	NOUN
abr-51	324	26	in	in	ADP
abr-51	324	27	stock	stock	NOUN
abr-51	324	28	for	for	ADP
abr-51	324	29	shorter	short	ADJ
abr-51	324	30	periods	period	NOUN
abr-51	324	31	of	of	ADP
abr-51	324	32	time	time	NOUN
abr-51	324	33	.	.	PUNCT
abr-51	325	1	the	the	DET
abr-51	325	2	finding	finding	NOUN
abr-51	325	3	of	of	ADP
abr-51	325	4	a	a	DET
abr-51	325	5	negative	negative	ADJ
abr-51	325	6	relationship	relationship	NOUN
abr-51	325	7	has	have	AUX
abr-51	325	8	been	be	AUX
abr-51	325	9	consistent	consistent	ADJ
abr-51	325	10	given	give	VERB
abr-51	325	11	various	various	ADJ
abr-51	325	12	definitions	definition	NOUN
abr-51	325	13	of	of	ADP
abr-51	325	14	profitability	profitability	NOUN
abr-51	325	15	.	.	PUNCT
abr-51	326	1	lazaridis	lazaridi	NOUN
abr-51	326	2	and	and	CCONJ
abr-51	326	3	tryfonidis	tryfonidi	NOUN
abr-51	326	4	(	(	PUNCT
abr-51	326	5	2006	2006	NUM
abr-51	326	6	)	)	PUNCT
abr-51	326	7	and	and	CCONJ
abr-51	326	8	deloof	deloof	NOUN
abr-51	326	9	(	(	PUNCT
abr-51	326	10	2003	2003	NUM
abr-51	326	11	)	)	PUNCT
abr-51	326	12	and	and	CCONJ
abr-51	326	13	shin	shin	NOUN
abr-51	326	14	and	and	CCONJ
abr-51	326	15	soenen	soenen	NOUN
abr-51	326	16	(	(	PUNCT
abr-51	326	17	1998	1998	NUM
abr-51	326	18	)	)	PUNCT
abr-51	326	19	measured	measure	VERB
abr-51	326	20	it	it	PRON
abr-51	326	21	through	through	ADP
abr-51	326	22	gross	gross	ADJ
abr-51	326	23	operating	operating	NOUN
abr-51	326	24	profit	profit	NOUN
abr-51	326	25	.	.	PUNCT
abr-51	327	1	uyar	uyar	NOUN
abr-51	327	2	(	(	PUNCT
abr-51	327	3	2009	2009	NUM
abr-51	327	4	)	)	PUNCT
abr-51	327	5	and	and	CCONJ
abr-51	327	6	padachi	padachi	ADJ
abr-51	327	7	(	(	PUNCT
abr-51	327	8	2006	2006	NUM
abr-51	327	9	)	)	PUNCT
abr-51	327	10	chose	choose	VERB
abr-51	327	11	the	the	DET
abr-51	327	12	return	return	NOUN
abr-51	327	13	on	on	ADP
abr-51	327	14	assets	asset	NOUN
abr-51	327	15	to	to	PART
abr-51	327	16	test	test	VERB
abr-51	327	17	for	for	ADP
abr-51	327	18	the	the	DET
abr-51	327	19	correlation	correlation	NOUN
abr-51	327	20	with	with	ADP
abr-51	327	21	the	the	DET
abr-51	327	22	cash	cash	NOUN
abr-51	327	23	conversion	conversion	NOUN
abr-51	327	24	cycle	cycle	NOUN
abr-51	327	25	.	.	PUNCT
abr-51	328	1	missing	miss	VERB
abr-51	328	2	from	from	ADP
abr-51	328	3	the	the	DET
abr-51	328	4	literature	literature	NOUN
abr-51	328	5	is	be	AUX
abr-51	328	6	the	the	DET
abr-51	328	7	focus	focus	NOUN
abr-51	328	8	on	on	ADP
abr-51	328	9	whether	whether	SCONJ
abr-51	328	10	the	the	DET
abr-51	328	11	efficient	efficient	ADJ
abr-51	328	12	management	management	NOUN
abr-51	328	13	of	of	ADP
abr-51	328	14	working	work	VERB
abr-51	328	15	capital	capital	NOUN
abr-51	328	16	impacts	impact	VERB
abr-51	328	17	market	market	NOUN
abr-51	328	18	value	value	NOUN
abr-51	328	19	in	in	ADP
abr-51	328	20	a	a	DET
abr-51	328	21	significant	significant	ADJ
abr-51	328	22	manner	manner	NOUN
abr-51	328	23	.	.	PUNCT
abr-51	329	1	mohammed	mohammed	PROPN
abr-51	329	2	and	and	CCONJ
abr-51	329	3	saad	saad	PROPN
abr-51	329	4	(	(	PUNCT
abr-51	329	5	2010	2010	NUM
abr-51	329	6	)	)	PUNCT
abr-51	329	7	proxy	proxy	NOUN
abr-51	329	8	firm	firm	NOUN
abr-51	329	9	value	value	NOUN
abr-51	329	10	with	with	ADP
abr-51	329	11	tobin	tobin	PROPN
abr-51	329	12	’s	’s	PART
abr-51	329	13	q	q	PUNCT
abr-51	329	14	and	and	CCONJ
abr-51	329	15	found	find	VERB
abr-51	329	16	a	a	DET
abr-51	329	17	significant	significant	ADJ
abr-51	329	18	negative	negative	ADJ
abr-51	329	19	relationship	relationship	NOUN
abr-51	329	20	with	with	ADP
abr-51	329	21	a	a	DET
abr-51	329	22	firm	firm	NOUN
abr-51	329	23	’s	’s	PART
abr-51	329	24	cash	cash	NOUN
abr-51	329	25	conversion	conversion	NOUN
abr-51	329	26	cycle	cycle	NOUN
abr-51	329	27	.	.	PUNCT
abr-51	330	1	this	this	DET
abr-51	330	2	paper	paper	NOUN
abr-51	330	3	supports	support	VERB
abr-51	330	4	and	and	CCONJ
abr-51	330	5	extends	extend	VERB
abr-51	330	6	the	the	DET
abr-51	330	7	financial	financial	ADJ
abr-51	330	8	literature	literature	NOUN
abr-51	330	9	by	by	ADP
abr-51	330	10	incorporating	incorporate	VERB
abr-51	330	11	the	the	DET
abr-51	330	12	components	component	NOUN
abr-51	330	13	of	of	ADP
abr-51	330	14	the	the	DET
abr-51	330	15	net	net	ADJ
abr-51	330	16	working	work	VERB
abr-51	330	17	capital	capital	NOUN
abr-51	330	18	cycle	cycle	NOUN
abr-51	330	19	as	as	ADP
abr-51	330	20	proxies	proxy	NOUN
abr-51	330	21	for	for	ADP
abr-51	330	22	working	work	VERB
abr-51	330	23	capital	capital	NOUN
abr-51	330	24	efficiencies	efficiency	NOUN
abr-51	330	25	and	and	CCONJ
abr-51	330	26	interjects	interject	VERB
abr-51	330	27	the	the	DET
abr-51	330	28	more	more	ADV
abr-51	330	29	robust	robust	ADJ
abr-51	330	30	enterprise	enterprise	NOUN
abr-51	330	31	value	value	NOUN
abr-51	330	32	(	(	PUNCT
abr-51	330	33	ev	ev	INTJ
abr-51	330	34	)	)	PUNCT
abr-51	330	35	as	as	ADP
abr-51	330	36	the	the	DET
abr-51	330	37	market	market	NOUN
abr-51	330	38	value	value	NOUN
abr-51	330	39	proxy	proxy	NOUN
abr-51	330	40	.	.	PUNCT
abr-51	331	1	while	while	SCONJ
abr-51	331	2	it	it	PRON
abr-51	331	3	is	be	AUX
abr-51	331	4	beyond	beyond	ADP
abr-51	331	5	the	the	DET
abr-51	331	6	scope	scope	NOUN
abr-51	331	7	of	of	ADP
abr-51	331	8	this	this	DET
abr-51	331	9	paper	paper	NOUN
abr-51	331	10	to	to	PART
abr-51	331	11	empirically	empirically	ADV
abr-51	331	12	test	test	VERB
abr-51	331	13	an	an	DET
abr-51	331	14	enterprise	enterprise	NOUN
abr-51	331	15	value	value	NOUN
abr-51	331	16	option	option	NOUN
abr-51	331	17	model	model	NOUN
abr-51	331	18	,	,	PUNCT
abr-51	331	19	this	this	DET
abr-51	331	20	study	study	NOUN
abr-51	331	21	still	still	ADV
abr-51	331	22	contributes	contribute	VERB
abr-51	331	23	to	to	ADP
abr-51	331	24	the	the	DET
abr-51	331	25	real	real	ADJ
abr-51	331	26	options	option	NOUN
abr-51	331	27	literature	literature	NOUN
abr-51	331	28	.	.	PUNCT
abr-51	332	1	when	when	SCONJ
abr-51	332	2	a	a	DET
abr-51	332	3	firm	firm	NOUN
abr-51	332	4	encounters	encounter	VERB
abr-51	332	5	an	an	DET
abr-51	332	6	investment	investment	NOUN
abr-51	332	7	opportunity	opportunity	NOUN
abr-51	332	8	,	,	PUNCT
abr-51	332	9	it	it	PRON
abr-51	332	10	’s	’	VERB
abr-51	332	11	analogous	analogous	ADJ
abr-51	332	12	to	to	ADP
abr-51	332	13	a	a	DET
abr-51	332	14	call	call	NOUN
abr-51	332	15	option	option	NOUN
abr-51	332	16	as	as	SCONJ
abr-51	332	17	the	the	DET
abr-51	332	18	company	company	NOUN
abr-51	332	19	has	have	VERB
abr-51	332	20	the	the	DET
abr-51	332	21	right	right	NOUN
abr-51	332	22	,	,	PUNCT
abr-51	332	23	but	but	CCONJ
abr-51	332	24	not	not	PART
abr-51	332	25	the	the	DET
abr-51	332	26	obligation	obligation	NOUN
abr-51	332	27	,	,	PUNCT
abr-51	332	28	to	to	PART
abr-51	332	29	acquire	acquire	VERB
abr-51	332	30	the	the	DET
abr-51	332	31	operating	operate	VERB
abr-51	332	32	assets	asset	NOUN
abr-51	332	33	of	of	ADP
abr-51	332	34	another	another	DET
abr-51	332	35	company	company	NOUN
abr-51	332	36	.	.	PUNCT
abr-51	333	1	the	the	DET
abr-51	333	2	enterprise	enterprise	NOUN
abr-51	333	3	value	value	NOUN
abr-51	333	4	(	(	PUNCT
abr-51	333	5	ev	ev	INTJ
abr-51	333	6	)	)	PUNCT
abr-51	333	7	metric	metric	NOUN
abr-51	333	8	allows	allow	VERB
abr-51	333	9	an	an	DET
abr-51	333	10	equity	equity	NOUN
abr-51	333	11	investor	investor	NOUN
abr-51	333	12	to	to	PART
abr-51	333	13	assess	assess	VERB
abr-51	333	14	the	the	DET
abr-51	333	15	firm	firm	NOUN
abr-51	333	16	on	on	ADP
abr-51	333	17	the	the	DET
abr-51	333	18	same	same	ADJ
abr-51	333	19	basis	basis	NOUN
abr-51	333	20	as	as	ADP
abr-51	333	21	an	an	DET
abr-51	333	22	acquirer	acquirer	NOUN
abr-51	333	23	in	in	ADP
abr-51	333	24	a	a	DET
abr-51	333	25	merger	merger	NOUN
abr-51	333	26	-	-	PUNCT
abr-51	333	27	acquisition	acquisition	NOUN
abr-51	333	28	transaction	transaction	NOUN
abr-51	333	29	.	.	PUNCT
abr-51	334	1	unlike	unlike	ADP
abr-51	334	2	the	the	DET
abr-51	334	3	tobin	tobin	NOUN
abr-51	334	4	’s	’s	PART
abr-51	334	5	q	q	PUNCT
abr-51	334	6	used	use	VERB
abr-51	334	7	by	by	ADP
abr-51	334	8	mohammed	mohammed	PROPN
abr-51	334	9	and	and	CCONJ
abr-51	334	10	saad	saad	PROPN
abr-51	334	11	(	(	PUNCT
abr-51	334	12	2010	2010	NUM
abr-51	334	13	)	)	PUNCT
abr-51	334	14	,	,	PUNCT
abr-51	334	15	the	the	DET
abr-51	334	16	enterprise	enterprise	NOUN
abr-51	334	17	value	value	NOUN
abr-51	334	18	represents	represent	VERB
abr-51	334	19	the	the	DET
abr-51	334	20	‘	'	PUNCT
abr-51	334	21	right	right	NOUN
abr-51	334	22	’	'	PUNCT
abr-51	334	23	to	to	PART
abr-51	334	24	buy	buy	VERB
abr-51	334	25	a	a	DET
abr-51	334	26	firm	firm	NOUN
abr-51	334	27	’s	’s	PART
abr-51	334	28	core	core	ADJ
abr-51	334	29	cash	cash	NOUN
abr-51	334	30	flow	flow	NOUN
abr-51	334	31	.	.	PUNCT
abr-51	335	1	it	it	PRON
abr-51	335	2	actually	actually	ADV
abr-51	335	3	represents	represent	VERB
abr-51	335	4	the	the	DET
abr-51	335	5	acquisition	acquisition	NOUN
abr-51	335	6	cost	cost	NOUN
abr-51	335	7	of	of	ADP
abr-51	335	8	the	the	DET
abr-51	335	9	firm	firm	NOUN
abr-51	335	10	.	.	PUNCT
abr-51	336	1	as	as	ADP
abr-51	336	2	such	such	ADJ
abr-51	336	3	,	,	PUNCT
abr-51	336	4	it	it	PRON
abr-51	336	5	incorporates	incorporate	VERB
abr-51	336	6	not	not	PART
abr-51	336	7	just	just	ADV
abr-51	336	8	the	the	DET
abr-51	336	9	market	market	NOUN
abr-51	336	10	capitalization	capitalization	NOUN
abr-51	336	11	but	but	CCONJ
abr-51	336	12	also	also	ADV
abr-51	336	13	the	the	DET
abr-51	336	14	net	net	ADJ
abr-51	336	15	debt	debt	NOUN
abr-51	336	16	and	and	CCONJ
abr-51	336	17	all	all	DET
abr-51	336	18	claims	claim	NOUN
abr-51	336	19	pertaining	pertain	VERB
abr-51	336	20	to	to	ADP
abr-51	336	21	preferred	preferred	ADJ
abr-51	336	22	stock	stock	NOUN
abr-51	336	23	and	and	CCONJ
abr-51	336	24	non	non	ADJ
abr-51	336	25	-	-	ADJ
abr-51	336	26	controlling	controlling	ADJ
abr-51	336	27	minority	minority	NOUN
abr-51	336	28	interests	interest	NOUN
abr-51	336	29	as	as	ADV
abr-51	336	30	well	well	ADV
abr-51	336	31	.	.	PUNCT
abr-51	337	1	this	this	DET
abr-51	337	2	paper	paper	NOUN
abr-51	337	3	finds	find	VERB
abr-51	337	4	a	a	DET
abr-51	337	5	significant	significant	ADJ
abr-51	337	6	negative	negative	ADJ
abr-51	337	7	relationship	relationship	NOUN
abr-51	337	8	between	between	ADP
abr-51	337	9	the	the	DET
abr-51	337	10	net	net	ADJ
abr-51	337	11	working	work	VERB
abr-51	337	12	capital	capital	NOUN
abr-51	337	13	cycle	cycle	NOUN
abr-51	337	14	and	and	CCONJ
abr-51	337	15	the	the	DET
abr-51	337	16	enterprise	enterprise	NOUN
abr-51	337	17	value	value	NOUN
abr-51	337	18	for	for	ADP
abr-51	337	19	both	both	CCONJ
abr-51	337	20	large	large	ADJ
abr-51	337	21	-	-	PUNCT
abr-51	337	22	cap	cap	NOUN
abr-51	337	23	and	and	CCONJ
abr-51	337	24	mid	mid	ADJ
abr-51	337	25	-	-	ADJ
abr-51	337	26	cap	cap	ADJ
abr-51	337	27	firms	firm	NOUN
abr-51	337	28	within	within	ADP
abr-51	337	29	the	the	DET
abr-51	337	30	energy	energy	NOUN
abr-51	337	31	sector	sector	NOUN
abr-51	337	32	.	.	PUNCT
abr-51	338	1	an	an	DET
abr-51	338	2	increase	increase	NOUN
abr-51	338	3	in	in	ADP
abr-51	338	4	the	the	DET
abr-51	338	5	length	length	NOUN
abr-51	338	6	of	of	ADP
abr-51	338	7	time	time	NOUN
abr-51	338	8	that	that	PRON
abr-51	338	9	funds	fund	NOUN
abr-51	338	10	are	be	AUX
abr-51	338	11	committed	commit	VERB
abr-51	338	12	to	to	ADP
abr-51	338	13	maintaining	maintain	VERB
abr-51	338	14	the	the	DET
abr-51	338	15	net	net	ADJ
abr-51	338	16	working	work	VERB
abr-51	338	17	capital	capital	NOUN
abr-51	338	18	position	position	NOUN
abr-51	338	19	(	(	PUNCT
abr-51	338	20	cash	cash	NOUN
abr-51	338	21	outlay	outlay	NOUN
abr-51	338	22	and	and	CCONJ
abr-51	338	23	cash	cash	NOUN
abr-51	338	24	recovery	recovery	NOUN
abr-51	338	25	)	)	PUNCT
abr-51	338	26	can	can	AUX
abr-51	338	27	lead	lead	VERB
abr-51	338	28	to	to	ADP
abr-51	338	29	the	the	DET
abr-51	338	30	erosion	erosion	NOUN
abr-51	338	31	of	of	ADP
abr-51	338	32	the	the	DET
abr-51	338	33	firm	firm	NOUN
abr-51	338	34	’s	’s	PART
abr-51	338	35	core	core	ADJ
abr-51	338	36	cash	cash	NOUN
abr-51	338	37	flow	flow	NOUN
abr-51	338	38	and	and	CCONJ
abr-51	338	39	enterprise	enterprise	NOUN
abr-51	338	40	value	value	NOUN
abr-51	338	41	.	.	PUNCT
abr-51	339	1	many	many	ADJ
abr-51	339	2	companies	company	NOUN
abr-51	339	3	still	still	ADV
abr-51	339	4	underestimate	underestimate	VERB
abr-51	339	5	the	the	DET
abr-51	339	6	importance	importance	NOUN
abr-51	339	7	of	of	ADP
abr-51	339	8	improving	improve	VERB
abr-51	339	9	the	the	DET
abr-51	339	10	handling	handling	NOUN
abr-51	339	11	of	of	ADP
abr-51	339	12	their	their	PRON
abr-51	339	13	working	work	VERB
abr-51	339	14	capital	capital	NOUN
abr-51	339	15	accounts	account	NOUN
abr-51	339	16	as	as	ADP
abr-51	339	17	a	a	DET
abr-51	339	18	way	way	NOUN
abr-51	339	19	to	to	ADP
abr-51	339	20	free	free	ADJ
abr-51	339	21	-	-	PUNCT
abr-51	339	22	up	up	ADP
abr-51	339	23	cash	cash	NOUN
abr-51	339	24	.	.	PUNCT
abr-51	340	1	upon	upon	SCONJ
abr-51	340	2	finding	find	VERB
abr-51	340	3	optimum	optimum	ADJ
abr-51	340	4	efficiencies	efficiency	NOUN
abr-51	340	5	of	of	ADP
abr-51	340	6	working	work	VERB
abr-51	340	7	capital	capital	NOUN
abr-51	340	8	,	,	PUNCT
abr-51	340	9	the	the	DET
abr-51	340	10	cash	cash	NOUN
abr-51	340	11	flows	flow	VERB
abr-51	340	12	improve	improve	VERB
abr-51	340	13	and	and	CCONJ
abr-51	340	14	result	result	VERB
abr-51	340	15	in	in	ADP
abr-51	340	16	releasing	release	VERB
abr-51	340	17	capital	capital	NOUN
abr-51	340	18	from	from	ADP
abr-51	340	19	the	the	DET
abr-51	340	20	balance	balance	NOUN
abr-51	340	21	sheet	sheet	NOUN
abr-51	340	22	.	.	PUNCT
abr-51	341	1	reducing	reduce	VERB
abr-51	341	2	the	the	DET
abr-51	341	3	funds	fund	NOUN
abr-51	341	4	employed	employ	VERB
abr-51	341	5	in	in	ADP
abr-51	341	6	working	work	VERB
abr-51	341	7	capital	capital	NOUN
abr-51	341	8	leads	lead	VERB
abr-51	341	9	to	to	ADP
abr-51	341	10	asset	asset	NOUN
abr-51	341	11	productivity	productivity	NOUN
abr-51	341	12	.	.	PUNCT
abr-51	342	1	having	have	VERB
abr-51	342	2	this	this	DET
abr-51	342	3	financial	financial	ADJ
abr-51	342	4	flexibility	flexibility	NOUN
abr-51	342	5	,	,	PUNCT
abr-51	342	6	allows	allow	VERB
abr-51	342	7	a	a	DET
abr-51	342	8	company	company	NOUN
abr-51	342	9	to	to	PART
abr-51	342	10	pare	pare	VERB
abr-51	342	11	down	down	ADP
abr-51	342	12	non	non	ADJ
abr-51	342	13	-	-	ADJ
abr-51	342	14	operational	operational	ADJ
abr-51	342	15	items	item	NOUN
abr-51	342	16	such	such	ADJ
abr-51	342	17	as	as	ADP
abr-51	342	18	debt	debt	NOUN
abr-51	342	19	that	that	PRON
abr-51	342	20	make	make	VERB
abr-51	342	21	a	a	DET
abr-51	342	22	firm	firm	NOUN
abr-51	342	23	more	more	ADV
abr-51	342	24	costly	costly	ADJ
abr-51	342	25	and	and	CCONJ
abr-51	342	26	in	in	ADP
abr-51	342	27	turn	turn	NOUN
abr-51	342	28	impact	impact	VERB
abr-51	342	29	a	a	DET
abr-51	342	30	company	company	NOUN
abr-51	342	31	’s	’s	PART
abr-51	342	32	enterprise	enterprise	NOUN
abr-51	342	33	value	value	NOUN
abr-51	342	34	.	.	PUNCT
abr-51	343	1	lifland	lifland	PROPN
abr-51	343	2	advances	advance	VERB
abr-51	343	3	in	in	ADP
abr-51	343	4	business	business	NOUN
abr-51	343	5	research	research	NOUN
abr-51	343	6	2011	2011	NUM
abr-51	343	7	,	,	PUNCT
abr-51	343	8	vol	vol	NOUN
abr-51	343	9	.	.	PROPN
abr-51	344	1	2	2	NUM
abr-51	344	2	,	,	PUNCT
abr-51	344	3	no	no	INTJ
abr-51	344	4	.	.	NOUN
abr-51	344	5	1	1	NUM
abr-51	344	6	,	,	PUNCT
abr-51	344	7	57	57	NUM
abr-51	344	8	-	-	SYM
abr-51	344	9	70	70	NUM
abr-51	344	10	68	68	NUM
abr-51	344	11	the	the	DET
abr-51	344	12	results	result	NOUN
abr-51	344	13	of	of	ADP
abr-51	344	14	this	this	DET
abr-51	344	15	paper	paper	NOUN
abr-51	344	16	highlight	highlight	VERB
abr-51	344	17	the	the	DET
abr-51	344	18	importance	importance	NOUN
abr-51	344	19	for	for	SCONJ
abr-51	344	20	the	the	DET
abr-51	344	21	management	management	NOUN
abr-51	344	22	of	of	ADP
abr-51	344	23	a	a	DET
abr-51	344	24	company	company	NOUN
abr-51	344	25	to	to	PART
abr-51	344	26	maintain	maintain	VERB
abr-51	344	27	working	work	VERB
abr-51	344	28	capital	capital	NOUN
abr-51	344	29	efficiencies	efficiency	NOUN
abr-51	344	30	to	to	PART
abr-51	344	31	insure	insure	VERB
abr-51	344	32	improvement	improvement	NOUN
abr-51	344	33	in	in	ADP
abr-51	344	34	an	an	DET
abr-51	344	35	enterprise	enterprise	NOUN
abr-51	344	36	’s	’s	PART
abr-51	344	37	core	core	ADJ
abr-51	344	38	cash	cash	NOUN
abr-51	344	39	flow	flow	NOUN
abr-51	344	40	.	.	PUNCT
abr-51	345	1	from	from	ADP
abr-51	345	2	the	the	DET
abr-51	345	3	perspective	perspective	NOUN
abr-51	345	4	of	of	ADP
abr-51	345	5	the	the	DET
abr-51	345	6	investor	investor	NOUN
abr-51	345	7	-	-	PUNCT
abr-51	345	8	acquirer	acquirer	NOUN
abr-51	345	9	,	,	PUNCT
abr-51	345	10	the	the	DET
abr-51	345	11	acquisition	acquisition	NOUN
abr-51	345	12	cost	cost	NOUN
abr-51	345	13	of	of	ADP
abr-51	345	14	a	a	DET
abr-51	345	15	company	company	NOUN
abr-51	345	16	is	be	AUX
abr-51	345	17	directly	directly	ADV
abr-51	345	18	impacted	impact	VERB
abr-51	345	19	and	and	CCONJ
abr-51	345	20	it	it	PRON
abr-51	345	21	shows	show	VERB
abr-51	345	22	why	why	SCONJ
abr-51	345	23	they	they	PRON
abr-51	345	24	need	need	VERB
abr-51	345	25	to	to	PART
abr-51	345	26	pay	pay	VERB
abr-51	345	27	attention	attention	NOUN
abr-51	345	28	as	as	ADP
abr-51	345	29	to	to	ADP
abr-51	345	30	how	how	SCONJ
abr-51	345	31	well	well	ADV
abr-51	345	32	firms	firm	NOUN
abr-51	345	33	simultaneously	simultaneously	ADV
abr-51	345	34	turn	turn	VERB
abr-51	345	35	over	over	ADP
abr-51	345	36	their	their	PRON
abr-51	345	37	inventories	inventory	NOUN
abr-51	345	38	,	,	PUNCT
abr-51	345	39	collect	collect	VERB
abr-51	345	40	on	on	ADP
abr-51	345	41	trade	trade	NOUN
abr-51	345	42	receivables	receivable	NOUN
abr-51	345	43	,	,	PUNCT
abr-51	345	44	and	and	CCONJ
abr-51	345	45	service	service	VERB
abr-51	345	46	their	their	PRON
abr-51	345	47	trade	trade	NOUN
abr-51	345	48	creditors	creditor	NOUN
abr-51	345	49	.	.	PUNCT
abr-51	346	1	here	here	ADV
abr-51	346	2	,	,	PUNCT
abr-51	346	3	the	the	DET
abr-51	346	4	enterprise	enterprise	NOUN
abr-51	346	5	value	value	NOUN
abr-51	346	6	represents	represent	VERB
abr-51	346	7	an	an	DET
abr-51	346	8	option	option	NOUN
abr-51	346	9	on	on	ADP
abr-51	346	10	the	the	DET
abr-51	346	11	assets	asset	NOUN
abr-51	346	12	of	of	ADP
abr-51	346	13	the	the	DET
abr-51	346	14	firm	firm	NOUN
abr-51	346	15	where	where	SCONJ
abr-51	346	16	the	the	DET
abr-51	346	17	value	value	NOUN
abr-51	346	18	of	of	ADP
abr-51	346	19	the	the	DET
abr-51	346	20	claims	claim	NOUN
abr-51	346	21	on	on	ADP
abr-51	346	22	a	a	DET
abr-51	346	23	firm	firm	NOUN
abr-51	346	24	’s	’s	PART
abr-51	346	25	excess	excess	ADJ
abr-51	346	26	cash	cash	NOUN
abr-51	346	27	flows	flow	NOUN
abr-51	346	28	act	act	VERB
abr-51	346	29	as	as	ADP
abr-51	346	30	the	the	DET
abr-51	346	31	strike	strike	NOUN
abr-51	346	32	price	price	NOUN
abr-51	346	33	.	.	PUNCT
abr-51	347	1	an	an	DET
abr-51	347	2	investor	investor	NOUN
abr-51	347	3	infers	infer	NOUN
abr-51	347	4	either	either	CCONJ
abr-51	347	5	that	that	SCONJ
abr-51	347	6	the	the	DET
abr-51	347	7	enterprise	enterprise	NOUN
abr-51	347	8	value	value	NOUN
abr-51	347	9	option	option	NOUN
abr-51	347	10	is	be	AUX
abr-51	347	11	becoming	become	VERB
abr-51	347	12	expensive	expensive	ADJ
abr-51	347	13	(	(	PUNCT
abr-51	347	14	out	out	ADV
abr-51	347	15	-	-	PUNCT
abr-51	347	16	of	of	ADP
abr-51	347	17	-	-	PUNCT
abr-51	347	18	the	the	DET
abr-51	347	19	-	-	PUNCT
abr-51	347	20	money	money	NOUN
abr-51	347	21	)	)	PUNCT
abr-51	347	22	or	or	CCONJ
abr-51	347	23	the	the	DET
abr-51	347	24	enterprise	enterprise	NOUN
abr-51	347	25	value	value	NOUN
abr-51	347	26	option	option	NOUN
abr-51	347	27	is	be	AUX
abr-51	347	28	becoming	become	VERB
abr-51	347	29	less	less	ADV
abr-51	347	30	expensive	expensive	ADJ
abr-51	347	31	(	(	PUNCT
abr-51	347	32	in	in	ADP
abr-51	347	33	-	-	PUNCT
abr-51	347	34	the	the	DET
abr-51	347	35	-	-	PUNCT
abr-51	347	36	money	money	NOUN
abr-51	347	37	)	)	PUNCT
abr-51	347	38	and	and	CCONJ
abr-51	347	39	acts	act	VERB
abr-51	347	40	upon	upon	SCONJ
abr-51	347	41	this	this	PRON
abr-51	347	42	through	through	ADP
abr-51	347	43	a	a	DET
abr-51	347	44	short	short	ADJ
abr-51	347	45	sale	sale	NOUN
abr-51	347	46	or	or	CCONJ
abr-51	347	47	purchase	purchase	NOUN
abr-51	347	48	,	,	PUNCT
abr-51	347	49	respectively	respectively	ADV
abr-51	347	50	.	.	PUNCT
abr-51	348	1	references	reference	NOUN
abr-51	348	2	baltagi	baltagi	PROPN
abr-51	348	3	,	,	PUNCT
abr-51	348	4	b.	b.	PROPN
abr-51	348	5	,	,	PUNCT
abr-51	348	6	seng	seng	PROPN
abr-51	348	7	,	,	PUNCT
abr-51	348	8	s.	s.	PROPN
abr-51	348	9	,	,	PUNCT
abr-51	348	10	&	&	CCONJ
abr-51	348	11	koh	koh	PROPN
abr-51	348	12	,	,	PUNCT
abr-51	348	13	w.	w.	PROPN
abr-51	348	14	2003	2003	NUM
abr-51	348	15	.	.	PUNCT
abr-51	349	1	testing	testing	NOUN
abr-51	349	2	panel	panel	NOUN
abr-51	349	3	data	datum	NOUN
abr-51	349	4	regression	regression	NOUN
abr-51	349	5	models	model	NOUN
abr-51	349	6	with	with	ADP
abr-51	349	7	spatial	spatial	ADJ
abr-51	349	8	error	error	NOUN
abr-51	349	9	correlation	correlation	NOUN
abr-51	349	10	.	.	PUNCT
abr-51	350	1	journal	journal	PROPN
abr-51	350	2	of	of	ADP
abr-51	350	3	econometrica	econometrica	PROPN
abr-51	350	4	,	,	PUNCT
abr-51	350	5	17	17	NUM
abr-51	350	6	:	:	SYM
abr-51	350	7	123	123	NUM
abr-51	350	8	-	-	SYM
abr-51	350	9	150	150	NUM
abr-51	350	10	.	.	PUNCT
abr-51	351	1	berger	berger	PROPN
abr-51	351	2	,	,	PUNCT
abr-51	351	3	p.	p.	PROPN
abr-51	351	4	,	,	PUNCT
abr-51	351	5	ofek	ofek	PROPN
abr-51	351	6	,	,	PUNCT
abr-51	351	7	e.	e.	PROPN
abr-51	351	8	,	,	PUNCT
abr-51	351	9	&	&	CCONJ
abr-51	351	10	swary	swary	ADJ
abr-51	351	11	,	,	PUNCT
abr-51	351	12	i.	i.	PROPN
abr-51	351	13	1995	1995	NUM
abr-51	351	14	.	.	PUNCT
abr-51	352	1	investor	investor	NOUN
abr-51	352	2	valuation	valuation	NOUN
abr-51	352	3	of	of	ADP
abr-51	352	4	the	the	DET
abr-51	352	5	abandonment	abandonment	NOUN
abr-51	352	6	option	option	NOUN
abr-51	352	7	.	.	PUNCT
abr-51	353	1	journal	journal	NOUN
abr-51	353	2	of	of	ADP
abr-51	353	3	financial	financial	ADJ
abr-51	353	4	economics	economic	NOUN
abr-51	353	5	,	,	PUNCT
abr-51	353	6	42	42	NUM
abr-51	353	7	:	:	PUNCT
abr-51	353	8	257	257	NUM
abr-51	353	9	-	-	SYM
abr-51	353	10	287	287	NUM
abr-51	353	11	.	.	PUNCT
abr-51	354	1	bhojraj	bhojraj	PROPN
abr-51	354	2	,	,	PUNCT
abr-51	354	3	s.	s.	PROPN
abr-51	354	4	,	,	PUNCT
abr-51	354	5	lee	lee	PROPN
abr-51	354	6	,	,	PUNCT
abr-51	354	7	c.	c.	PROPN
abr-51	354	8	,	,	PUNCT
abr-51	354	9	&	&	CCONJ
abr-51	354	10	oler	ol	ADJ
abr-51	354	11	,	,	PUNCT
abr-51	354	12	d.	d.	PROPN
abr-51	354	13	2003	2003	NUM
abr-51	354	14	.	.	PUNCT
abr-51	355	1	what	what	PRON
abr-51	355	2	’s	’	VERB
abr-51	355	3	my	my	PRON
abr-51	355	4	line	line	NOUN
abr-51	355	5	?	?	PUNCT
abr-51	356	1	a	a	DET
abr-51	356	2	comparison	comparison	NOUN
abr-51	356	3	of	of	ADP
abr-51	356	4	industry	industry	NOUN
abr-51	356	5	classification	classification	NOUN
abr-51	356	6	schemes	scheme	NOUN
abr-51	356	7	for	for	ADP
abr-51	356	8	capital	capital	NOUN
abr-51	356	9	market	market	NOUN
abr-51	356	10	research	research	NOUN
abr-51	356	11	.	.	PUNCT
abr-51	357	1	working	work	VERB
abr-51	357	2	paper	paper	NOUN
abr-51	357	3	,	,	PUNCT
abr-51	357	4	ithaca	ithaca	PROPN
abr-51	357	5	ny	ny	PROPN
abr-51	357	6	:	:	PUNCT
abr-51	357	7	cornell	cornell	PROPN
abr-51	357	8	university	university	PROPN
abr-51	357	9	.	.	PUNCT
abr-51	358	1	charitou	charitou	PROPN
abr-51	358	2	,	,	PUNCT
abr-51	358	3	m.	m.	NOUN
abr-51	358	4	,	,	PUNCT
abr-51	358	5	elfani	elfani	ADJ
abr-51	358	6	,	,	PUNCT
abr-51	358	7	m.	m.	NOUN
abr-51	358	8	,	,	PUNCT
abr-51	358	9	&	&	CCONJ
abr-51	358	10	lois	lois	PROPN
abr-51	358	11	,	,	PUNCT
abr-51	358	12	p.	p.	NOUN
abr-51	358	13	2010	2010	NUM
abr-51	358	14	.	.	PUNCT
abr-51	359	1	the	the	DET
abr-51	359	2	effect	effect	NOUN
abr-51	359	3	of	of	ADP
abr-51	359	4	working	work	VERB
abr-51	359	5	capital	capital	NOUN
abr-51	359	6	management	management	NOUN
abr-51	359	7	on	on	ADP
abr-51	359	8	firm	firm	NOUN
abr-51	359	9	’s	’s	PART
abr-51	359	10	profitability	profitability	NOUN
abr-51	359	11	:	:	PUNCT
abr-51	359	12	empirical	empirical	ADJ
abr-51	359	13	evidence	evidence	NOUN
abr-51	359	14	from	from	ADP
abr-51	359	15	an	an	DET
abr-51	359	16	emerging	emerge	VERB
abr-51	359	17	market	market	NOUN
abr-51	359	18	.	.	PUNCT
abr-51	360	1	journal	journal	PROPN
abr-51	360	2	of	of	ADP
abr-51	360	3	business	business	PROPN
abr-51	360	4	&	&	CCONJ
abr-51	360	5	economics	economics	PROPN
abr-51	360	6	research	research	NOUN
abr-51	360	7	,	,	PUNCT
abr-51	360	8	8	8	NUM
abr-51	360	9	:	:	SYM
abr-51	360	10	63	63	NUM
abr-51	360	11	-	-	SYM
abr-51	360	12	68	68	NUM
abr-51	360	13	.	.	PUNCT
abr-51	361	1	chiou	chiou	NOUN
abr-51	361	2	,	,	PUNCT
abr-51	361	3	j.	j.	PROPN
abr-51	361	4	,	,	PUNCT
abr-51	361	5	&	&	CCONJ
abr-51	361	6	cheng	cheng	PROPN
abr-51	361	7	,	,	PUNCT
abr-51	361	8	l.	l.	PROPN
abr-51	361	9	2006	2006	NUM
abr-51	361	10	.	.	PUNCT
abr-51	362	1	the	the	DET
abr-51	362	2	determinants	determinant	NOUN
abr-51	362	3	of	of	ADP
abr-51	362	4	working	work	VERB
abr-51	362	5	capital	capital	NOUN
abr-51	362	6	management	management	NOUN
abr-51	362	7	.	.	PUNCT
abr-51	363	1	journal	journal	PROPN
abr-51	363	2	of	of	ADP
abr-51	363	3	american	american	PROPN
abr-51	363	4	academy	academy	PROPN
abr-51	363	5	of	of	ADP
abr-51	363	6	business	business	NOUN
abr-51	363	7	,	,	PUNCT
abr-51	363	8	10	10	NUM
abr-51	363	9	:	:	SYM
abr-51	363	10	149	149	NUM
abr-51	363	11	-	-	SYM
abr-51	363	12	155	155	NUM
abr-51	363	13	.	.	PUNCT
abr-51	363	14	deloof	deloof	PROPN
abr-51	363	15	,	,	PUNCT
abr-51	363	16	m.	m.	NOUN
abr-51	363	17	2003	2003	NUM
abr-51	363	18	.	.	PUNCT
abr-51	364	1	does	do	AUX
abr-51	364	2	working	work	VERB
abr-51	364	3	capital	capital	NOUN
abr-51	364	4	management	management	NOUN
abr-51	364	5	affect	affect	VERB
abr-51	364	6	profitability	profitability	NOUN
abr-51	364	7	of	of	ADP
abr-51	364	8	belgian	belgian	ADJ
abr-51	364	9	firms	firm	NOUN
abr-51	364	10	.	.	PUNCT
abr-51	365	1	journal	journal	PROPN
abr-51	365	2	of	of	ADP
abr-51	365	3	business	business	NOUN
abr-51	365	4	finance	finance	PROPN
abr-51	365	5	&	&	CCONJ
abr-51	365	6	accounting	accounting	PROPN
abr-51	365	7	,	,	PUNCT
abr-51	365	8	30	30	NUM
abr-51	365	9	:	:	PUNCT
abr-51	365	10	573	573	NUM
abr-51	365	11	-	-	SYM
abr-51	365	12	587	587	NUM
abr-51	365	13	.	.	PUNCT
abr-51	366	1	farris	farris	PROPN
abr-51	366	2	,	,	PUNCT
abr-51	366	3	m.	m.	NOUN
abr-51	366	4	,	,	PUNCT
abr-51	366	5	&	&	CCONJ
abr-51	366	6	hutchison	hutchison	PROPN
abr-51	366	7	,	,	PUNCT
abr-51	366	8	p.	p.	NOUN
abr-51	366	9	2003	2003	NUM
abr-51	366	10	.	.	PUNCT
abr-51	367	1	measuring	measure	VERB
abr-51	367	2	cash	cash	NOUN
abr-51	367	3	-	-	PUNCT
abr-51	367	4	to	to	ADP
abr-51	367	5	-	-	PUNCT
abr-51	367	6	cash	cash	NOUN
abr-51	367	7	performance	performance	NOUN
abr-51	367	8	.	.	PUNCT
abr-51	368	1	international	international	ADJ
abr-51	368	2	journal	journal	NOUN
abr-51	368	3	of	of	ADP
abr-51	368	4	logistical	logistical	ADJ
abr-51	368	5	management	management	NOUN
abr-51	368	6	,	,	PUNCT
abr-51	368	7	14	14	NUM
abr-51	368	8	:	:	SYM
abr-51	368	9	83	83	NUM
abr-51	368	10	-	-	SYM
abr-51	368	11	91	91	NUM
abr-51	368	12	.	.	PUNCT
abr-51	369	1	foster	foster	PROPN
abr-51	369	2	,	,	PUNCT
abr-51	369	3	g.	g.	PROPN
abr-51	369	4	1986	1986	NUM
abr-51	369	5	.	.	PUNCT
abr-51	370	1	financial	financial	ADJ
abr-51	370	2	statement	statement	NOUN
abr-51	370	3	analysis	analysis	NOUN
abr-51	370	4	.	.	PUNCT
abr-51	371	1	englewood	englewood	PROPN
abr-51	371	2	cliffs	cliffs	PROPN
abr-51	371	3	,	,	PUNCT
abr-51	371	4	n.j	n.j	PROPN
abr-51	371	5	:	:	PUNCT
abr-51	371	6	prentice	prentice	NOUN
abr-51	371	7	-	-	PUNCT
abr-51	371	8	hall	hall	NOUN
abr-51	371	9	.	.	PUNCT
abr-51	372	1	filbeck	filbeck	PROPN
abr-51	372	2	,	,	PUNCT
abr-51	372	3	g.	g.	PROPN
abr-51	372	4	,	,	PUNCT
abr-51	372	5	&	&	CCONJ
abr-51	372	6	krueger	krueger	PROPN
abr-51	372	7	,	,	PUNCT
abr-51	372	8	t.	t.	PROPN
abr-51	372	9	2004	2004	NUM
abr-51	372	10	.	.	PUNCT
abr-51	373	1	an	an	DET
abr-51	373	2	analysis	analysis	NOUN
abr-51	373	3	of	of	ADP
abr-51	373	4	working	work	VERB
abr-51	373	5	capital	capital	NOUN
abr-51	373	6	management	management	NOUN
abr-51	373	7	results	result	NOUN
abr-51	373	8	across	across	ADP
abr-51	373	9	industries	industry	NOUN
abr-51	373	10	.	.	PUNCT
abr-51	374	1	mid	mid	ADJ
abr-51	374	2	-	-	ADJ
abr-51	374	3	american	american	ADJ
abr-51	374	4	journal	journal	PROPN
abr-51	374	5	of	of	ADP
abr-51	374	6	business	business	NOUN
abr-51	374	7	,	,	PUNCT
abr-51	374	8	20	20	NUM
abr-51	374	9	:	:	SYM
abr-51	374	10	11	11	NUM
abr-51	374	11	-	-	SYM
abr-51	374	12	18	18	NUM
abr-51	374	13	.	.	PUNCT
abr-51	375	1	ganesan	ganesan	PROPN
abr-51	375	2	,	,	PUNCT
abr-51	375	3	v.	v.	ADP
abr-51	375	4	2007	2007	NUM
abr-51	375	5	.	.	PUNCT
abr-51	376	1	an	an	DET
abr-51	376	2	analysis	analysis	NOUN
abr-51	376	3	of	of	ADP
abr-51	376	4	working	work	VERB
abr-51	376	5	capital	capital	NOUN
abr-51	376	6	efficiency	efficiency	NOUN
abr-51	376	7	in	in	ADP
abr-51	376	8	telecommunication	telecommunication	NOUN
abr-51	376	9	equipment	equipment	NOUN
abr-51	376	10	industry	industry	NOUN
abr-51	376	11	.	.	PUNCT
abr-51	377	1	river	river	NOUN
abr-51	377	2	academic	academic	ADJ
abr-51	377	3	journal	journal	NOUN
abr-51	377	4	,	,	PUNCT
abr-51	377	5	3	3	NUM
abr-51	377	6	:	:	SYM
abr-51	377	7	1	1	NUM
abr-51	377	8	-	-	SYM
abr-51	377	9	10	10	NUM
abr-51	377	10	.	.	PUNCT
abr-51	378	1	garcia	garcia	PROPN
abr-51	378	2	-	-	PUNCT
abr-51	378	3	teruel	teruel	PROPN
abr-51	378	4	,	,	PUNCT
abr-51	378	5	p.	p.	PROPN
abr-51	378	6	,	,	PUNCT
abr-51	378	7	&	&	CCONJ
abr-51	378	8	martinez	martinez	PROPN
abr-51	378	9	-	-	PUNCT
abr-51	378	10	solano	solano	PROPN
abr-51	378	11	,	,	PUNCT
abr-51	378	12	p.	p.	NOUN
abr-51	378	13	2007	2007	NUM
abr-51	378	14	.	.	PUNCT
abr-51	379	1	effects	effect	NOUN
abr-51	379	2	of	of	ADP
abr-51	379	3	working	work	VERB
abr-51	379	4	capital	capital	NOUN
abr-51	379	5	management	management	NOUN
abr-51	379	6	on	on	ADP
abr-51	379	7	sme	sme	NOUN
abr-51	379	8	profitability	profitability	NOUN
abr-51	379	9	.	.	PUNCT
abr-51	380	1	international	international	ADJ
abr-51	380	2	journal	journal	PROPN
abr-51	380	3	of	of	ADP
abr-51	380	4	managerial	managerial	ADJ
abr-51	380	5	finance	finance	NOUN
abr-51	380	6	,	,	PUNCT
abr-51	380	7	3	3	NUM
abr-51	380	8	:	:	SYM
abr-51	380	9	164	164	NUM
abr-51	380	10	-	-	SYM
abr-51	380	11	177	177	NUM
abr-51	380	12	.	.	PUNCT
abr-51	381	1	gitman	gitman	PROPN
abr-51	381	2	,	,	PUNCT
abr-51	381	3	l.	l.	PROPN
abr-51	381	4	1974	1974	NUM
abr-51	381	5	.	.	PUNCT
abr-51	382	1	estimating	estimate	VERB
abr-51	382	2	corporate	corporate	ADJ
abr-51	382	3	liquidity	liquidity	NOUN
abr-51	382	4	requirements	requirement	NOUN
abr-51	382	5	:	:	PUNCT
abr-51	382	6	a	a	DET
abr-51	382	7	simplified	simplified	ADJ
abr-51	382	8	approach	approach	NOUN
abr-51	382	9	.	.	PUNCT
abr-51	383	1	financial	financial	ADJ
abr-51	383	2	review	review	PROPN
abr-51	383	3	,	,	PUNCT
abr-51	383	4	9	9	NUM
abr-51	383	5	:	:	SYM
abr-51	383	6	79	79	NUM
abr-51	383	7	-	-	SYM
abr-51	383	8	88	88	NUM
abr-51	383	9	.	.	PUNCT
abr-51	384	1	howarth	howarth	PROPN
abr-51	384	2	,	,	PUNCT
abr-51	384	3	c.	c.	PROPN
abr-51	384	4	,	,	PUNCT
abr-51	384	5	&	&	CCONJ
abr-51	384	6	westhead	westhead	PROPN
abr-51	384	7	,	,	PUNCT
abr-51	384	8	p.	p.	NOUN
abr-51	384	9	2003	2003	NUM
abr-51	384	10	.	.	PUNCT
abr-51	385	1	the	the	DET
abr-51	385	2	focus	focus	NOUN
abr-51	385	3	of	of	ADP
abr-51	385	4	working	work	VERB
abr-51	385	5	capital	capital	NOUN
abr-51	385	6	management	management	NOUN
abr-51	385	7	in	in	ADP
abr-51	385	8	uk	uk	PROPN
abr-51	385	9	small	small	ADJ
abr-51	385	10	firms	firm	NOUN
abr-51	385	11	.	.	PUNCT
abr-51	386	1	management	management	NOUN
abr-51	386	2	accounting	accounting	NOUN
abr-51	386	3	research	research	NOUN
abr-51	386	4	,	,	PUNCT
abr-51	386	5	14	14	NUM
abr-51	386	6	:	:	SYM
abr-51	386	7	94	94	NUM
abr-51	386	8	-	-	SYM
abr-51	386	9	111	111	NUM
abr-51	386	10	.	.	PUNCT
abr-51	387	1	jose	jose	PROPN
abr-51	387	2	,	,	PUNCT
abr-51	387	3	m.	m.	NOUN
abr-51	387	4	,	,	PUNCT
abr-51	387	5	lancaste	lancaste	PROPN
abr-51	387	6	,	,	PUNCT
abr-51	387	7	c.	c.	PROPN
abr-51	387	8	,	,	PUNCT
abr-51	387	9	&	&	CCONJ
abr-51	387	10	stevens	stevens	PROPN
abr-51	387	11	,	,	PUNCT
abr-51	387	12	j.	j.	PROPN
abr-51	387	13	1996	1996	NUM
abr-51	387	14	.	.	PUNCT
abr-51	388	1	corporate	corporate	ADJ
abr-51	388	2	return	return	NOUN
abr-51	388	3	and	and	CCONJ
abr-51	388	4	cash	cash	NOUN
abr-51	388	5	conversion	conversion	NOUN
abr-51	388	6	cycle	cycle	NOUN
abr-51	388	7	.	.	PUNCT
abr-51	389	1	journal	journal	PROPN
abr-51	389	2	of	of	ADP
abr-51	389	3	economics	economic	NOUN
abr-51	389	4	and	and	CCONJ
abr-51	389	5	finance	finance	NOUN
abr-51	389	6	,	,	PUNCT
abr-51	389	7	vol	vol	NOUN
abr-51	389	8	.	.	PROPN
abr-51	389	9	20	20	NUM
abr-51	389	10	,	,	PUNCT
abr-51	389	11	33	33	NUM
abr-51	389	12	-	-	SYM
abr-51	389	13	46	46	NUM
abr-51	389	14	.	.	PUNCT
abr-51	390	1	lifland	lifland	PROPN
abr-51	390	2	advances	advance	NOUN
abr-51	390	3	in	in	ADP
abr-51	390	4	business	business	NOUN
abr-51	390	5	research	research	NOUN
abr-51	390	6	2011	2011	NUM
abr-51	390	7	,	,	PUNCT
abr-51	390	8	vol	vol	NOUN
abr-51	390	9	.	.	PROPN
abr-51	391	1	2	2	NUM
abr-51	391	2	,	,	PUNCT
abr-51	391	3	no	no	INTJ
abr-51	391	4	.	.	NOUN
abr-51	391	5	1	1	NUM
abr-51	391	6	,	,	PUNCT
abr-51	391	7	57	57	NUM
abr-51	391	8	-	-	SYM
abr-51	391	9	70	70	NUM
abr-51	391	10	69	69	NUM
abr-51	391	11	karger	karger	NOUN
abr-51	391	12	,	,	PUNCT
abr-51	391	13	j.	j.	PROPN
abr-51	391	14	,	,	PUNCT
abr-51	391	15	&	&	CCONJ
abr-51	391	16	blumemthal	blumemthal	PROPN
abr-51	391	17	,	,	PUNCT
abr-51	391	18	r.	r.	PROPN
abr-51	391	19	1994	1994	NUM
abr-51	391	20	.	.	PUNCT
abr-51	392	1	leverage	leverage	NOUN
abr-51	392	2	impact	impact	NOUN
abr-51	392	3	of	of	ADP
abr-51	392	4	working	work	VERB
abr-51	392	5	capital	capital	NOUN
abr-51	392	6	in	in	ADP
abr-51	392	7	small	small	ADJ
abr-51	392	8	business	business	NOUN
abr-51	392	9	.	.	PUNCT
abr-51	393	1	tma	tma	PROPN
abr-51	393	2	journal	journal	PROPN
abr-51	393	3	,	,	PUNCT
abr-51	393	4	14	14	NUM
abr-51	393	5	:	:	SYM
abr-51	393	6	46	46	NUM
abr-51	393	7	53	53	NUM
abr-51	393	8	.	.	PUNCT
abr-51	394	1	krueger	krueger	PROPN
abr-51	394	2	,	,	PUNCT
abr-51	394	3	t.	t.	PROPN
abr-51	394	4	2000	2000	NUM
abr-51	394	5	.	.	PUNCT
abr-51	395	1	an	an	DET
abr-51	395	2	analysis	analysis	NOUN
abr-51	395	3	of	of	ADP
abr-51	395	4	working	work	VERB
abr-51	395	5	capital	capital	NOUN
abr-51	395	6	management	management	NOUN
abr-51	395	7	results	result	NOUN
abr-51	395	8	across	across	ADP
abr-51	395	9	industries	industry	NOUN
abr-51	395	10	.	.	PUNCT
abr-51	396	1	mid	mid	ADJ
abr-51	396	2	-	-	ADJ
abr-51	396	3	american	american	ADJ
abr-51	396	4	journal	journal	PROPN
abr-51	396	5	of	of	ADP
abr-51	396	6	business	business	NOUN
abr-51	396	7	,	,	PUNCT
abr-51	396	8	20	20	NUM
abr-51	396	9	:	:	SYM
abr-51	396	10	11	11	NUM
abr-51	396	11	-	-	SYM
abr-51	396	12	18	18	NUM
abr-51	396	13	.	.	PUNCT
abr-51	397	1	lazaridis	lazaridis	PROPN
abr-51	397	2	,	,	PUNCT
abr-51	397	3	l.	l.	PROPN
abr-51	397	4	,	,	PUNCT
abr-51	397	5	&	&	CCONJ
abr-51	397	6	tryfonidis	tryfonidis	PROPN
abr-51	397	7	,	,	PUNCT
abr-51	397	8	d.	d.	PROPN
abr-51	397	9	2006	2006	NUM
abr-51	397	10	.	.	PUNCT
abr-51	398	1	the	the	DET
abr-51	398	2	relationship	relationship	NOUN
abr-51	398	3	between	between	ADP
abr-51	398	4	working	work	VERB
abr-51	398	5	capital	capital	NOUN
abr-51	398	6	management	management	NOUN
abr-51	398	7	and	and	CCONJ
abr-51	398	8	profitability	profitability	NOUN
abr-51	398	9	of	of	ADP
abr-51	398	10	listed	list	VERB
abr-51	398	11	companies	company	NOUN
abr-51	398	12	in	in	ADP
abr-51	398	13	the	the	DET
abr-51	398	14	athens	athens	PROPN
abr-51	398	15	stock	stock	PROPN
abr-51	398	16	exchange	exchange	PROPN
abr-51	398	17	.	.	PUNCT
abr-51	399	1	journal	journal	NOUN
abr-51	399	2	of	of	ADP
abr-51	399	3	financial	financial	ADJ
abr-51	399	4	management	management	NOUN
abr-51	399	5	and	and	CCONJ
abr-51	399	6	analysis	analysis	NOUN
abr-51	399	7	,	,	PUNCT
abr-51	399	8	19	19	NUM
abr-51	399	9	:	:	SYM
abr-51	399	10	26	26	NUM
abr-51	399	11	-	-	SYM
abr-51	399	12	35	35	NUM
abr-51	399	13	.	.	PUNCT
abr-51	400	1	lifland	lifland	PROPN
abr-51	400	2	,	,	PUNCT
abr-51	400	3	s.	s.	PROPN
abr-51	400	4	2011	2011	NUM
abr-51	400	5	.	.	PUNCT
abr-51	401	1	the	the	DET
abr-51	401	2	corporate	corporate	ADJ
abr-51	401	3	soap	soap	NOUN
abr-51	401	4	opera	opera	NOUN
abr-51	401	5	“	"	PUNCT
abr-51	401	6	as	as	SCONJ
abr-51	401	7	the	the	DET
abr-51	401	8	cash	cash	NOUN
abr-51	401	9	turns	turn	VERB
abr-51	401	10	”	"	PUNCT
abr-51	401	11	.	.	PUNCT
abr-51	402	1	management	management	NOUN
abr-51	402	2	of	of	ADP
abr-51	402	3	working	work	VERB
abr-51	402	4	capital	capital	NOUN
abr-51	402	5	and	and	CCONJ
abr-51	402	6	potential	potential	ADJ
abr-51	402	7	external	external	ADJ
abr-51	402	8	financing	financing	NOUN
abr-51	402	9	needs	need	NOUN
abr-51	402	10	.	.	PUNCT
abr-51	403	1	review	review	NOUN
abr-51	403	2	of	of	ADP
abr-51	403	3	business	business	NOUN
abr-51	403	4	,	,	PUNCT
abr-51	403	5	forthcoming	forthcoming	ADJ
abr-51	403	6	.	.	PUNCT
abr-51	404	1	luehrman	luehrman	NOUN
abr-51	404	2	,	,	PUNCT
abr-51	404	3	t.	t.	NOUN
abr-51	404	4	1998	1998	NUM
abr-51	404	5	.	.	PUNCT
abr-51	405	1	investment	investment	NOUN
abr-51	405	2	opportunities	opportunity	NOUN
abr-51	405	3	as	as	ADP
abr-51	405	4	real	real	ADJ
abr-51	405	5	options	option	NOUN
abr-51	405	6	:	:	PUNCT
abr-51	405	7	getting	getting	AUX
abr-51	405	8	started	start	VERB
abr-51	405	9	on	on	ADP
abr-51	405	10	the	the	DET
abr-51	405	11	numbers	number	NOUN
abr-51	405	12	.	.	PUNCT
abr-51	406	1	harvard	harvard	PROPN
abr-51	406	2	business	business	PROPN
abr-51	406	3	review	review	PROPN
abr-51	406	4	,	,	PUNCT
abr-51	406	5	july	july	PROPN
abr-51	406	6	-	-	PUNCT
abr-51	406	7	august	august	PROPN
abr-51	406	8	:	:	PUNCT
abr-51	406	9	1	1	NUM
abr-51	406	10	-	-	SYM
abr-51	406	11	14	14	NUM
abr-51	406	12	.	.	PUNCT
abr-51	407	1	majd	majd	PROPN
abr-51	407	2	,	,	PUNCT
abr-51	407	3	s.	s.	PROPN
abr-51	407	4	,	,	PUNCT
abr-51	407	5	&	&	CCONJ
abr-51	407	6	pindyck	pindyck	PROPN
abr-51	407	7	,	,	PUNCT
abr-51	407	8	r.	r.	PROPN
abr-51	407	9	1987	1987	NUM
abr-51	407	10	.	.	PUNCT
abr-51	408	1	time	time	NOUN
abr-51	408	2	to	to	PART
abr-51	408	3	build	build	VERB
abr-51	408	4	,	,	PUNCT
abr-51	408	5	option	option	NOUN
abr-51	408	6	value	value	NOUN
abr-51	408	7	,	,	PUNCT
abr-51	408	8	and	and	CCONJ
abr-51	408	9	investment	investment	NOUN
abr-51	408	10	decisions	decision	NOUN
abr-51	408	11	.	.	PUNCT
abr-51	409	1	journal	journal	NOUN
abr-51	409	2	of	of	ADP
abr-51	409	3	financial	financial	ADJ
abr-51	409	4	economics	economic	NOUN
abr-51	409	5	,	,	PUNCT
abr-51	409	6	18	18	NUM
abr-51	409	7	:	:	SYM
abr-51	409	8	7	7	NUM
abr-51	409	9	-	-	SYM
abr-51	409	10	27	27	NUM
abr-51	409	11	.	.	PUNCT
abr-51	410	1	maxwell	maxwell	PROPN
abr-51	410	2	,	,	PUNCT
abr-51	410	3	c.	c.	PROPN
abr-51	410	4	,	,	PUNCT
abr-51	410	5	gitman	gitman	PROPN
abr-51	410	6	,	,	PUNCT
abr-51	410	7	l.	l.	PROPN
abr-51	410	8	,	,	PUNCT
abr-51	410	9	&	&	CCONJ
abr-51	410	10	smith	smith	PROPN
abr-51	410	11	,	,	PUNCT
abr-51	410	12	s.	s.	PROPN
abr-51	410	13	1998	1998	NUM
abr-51	410	14	.	.	PUNCT
abr-51	411	1	working	work	VERB
abr-51	411	2	capital	capital	NOUN
abr-51	411	3	management	management	NOUN
abr-51	411	4	and	and	CCONJ
abr-51	411	5	financial	financial	ADJ
abr-51	411	6	-	-	PUNCT
abr-51	411	7	service	service	NOUN
abr-51	411	8	consumption	consumption	NOUN
abr-51	411	9	preferences	preference	NOUN
abr-51	411	10	of	of	ADP
abr-51	411	11	us	we	PRON
abr-51	411	12	and	and	CCONJ
abr-51	411	13	foreign	foreign	ADJ
abr-51	411	14	firms	firm	NOUN
abr-51	411	15	:	:	PUNCT
abr-51	411	16	a	a	DET
abr-51	411	17	comparison	comparison	NOUN
abr-51	411	18	of	of	ADP
abr-51	411	19	1979	1979	NUM
abr-51	411	20	and	and	CCONJ
abr-51	411	21	1996	1996	NUM
abr-51	411	22	preferences	preference	NOUN
abr-51	411	23	.	.	PUNCT
abr-51	412	1	financial	financial	ADJ
abr-51	412	2	practice	practice	NOUN
abr-51	412	3	and	and	CCONJ
abr-51	412	4	education	education	NOUN
abr-51	412	5	,	,	PUNCT
abr-51	412	6	8	8	NUM
abr-51	412	7	:	:	SYM
abr-51	412	8	46	46	NUM
abr-51	412	9	-	-	SYM
abr-51	412	10	52	52	NUM
abr-51	412	11	.	.	PUNCT
abr-51	413	1	mcdonald	mcdonald	PROPN
abr-51	413	2	,	,	PUNCT
abr-51	413	3	r.	r.	PROPN
abr-51	413	4	,	,	PUNCT
abr-51	413	5	&	&	CCONJ
abr-51	413	6	siegel	siegel	PROPN
abr-51	413	7	,	,	PUNCT
abr-51	413	8	d.	d.	PROPN
abr-51	413	9	1985	1985	NUM
abr-51	413	10	.	.	PUNCT
abr-51	414	1	investment	investment	NOUN
abr-51	414	2	and	and	CCONJ
abr-51	414	3	the	the	DET
abr-51	414	4	valuation	valuation	NOUN
abr-51	414	5	of	of	ADP
abr-51	414	6	firms	firm	NOUN
abr-51	414	7	when	when	SCONJ
abr-51	414	8	there	there	PRON
abr-51	414	9	is	be	VERB
abr-51	414	10	an	an	DET
abr-51	414	11	option	option	NOUN
abr-51	414	12	to	to	PART
abr-51	414	13	shut	shut	VERB
abr-51	414	14	down	down	ADP
abr-51	414	15	.	.	PUNCT
abr-51	415	1	international	international	ADJ
abr-51	415	2	economic	economic	PROPN
abr-51	415	3	review	review	NOUN
abr-51	415	4	,	,	PUNCT
abr-51	415	5	26	26	NUM
abr-51	415	6	:	:	PUNCT
abr-51	415	7	331	331	NUM
abr-51	415	8	-	-	SYM
abr-51	415	9	349	349	NUM
abr-51	415	10	.	.	PUNCT
abr-51	416	1	mohamad	mohamad	PROPN
abr-51	416	2	,	,	PUNCT
abr-51	416	3	n.	n.	NOUN
abr-51	416	4	,	,	PUNCT
abr-51	416	5	&	&	CCONJ
abr-51	416	6	saad	saad	PROPN
abr-51	416	7	,	,	PUNCT
abr-51	416	8	n.	n.	PROPN
abr-51	416	9	2010	2010	NUM
abr-51	416	10	.	.	PUNCT
abr-51	417	1	working	work	VERB
abr-51	417	2	capital	capital	NOUN
abr-51	417	3	management	management	NOUN
abr-51	417	4	:	:	PUNCT
abr-51	417	5	the	the	DET
abr-51	417	6	effect	effect	NOUN
abr-51	417	7	of	of	ADP
abr-51	417	8	market	market	NOUN
abr-51	417	9	valuation	valuation	NOUN
abr-51	417	10	and	and	CCONJ
abr-51	417	11	profitability	profitability	NOUN
abr-51	417	12	in	in	ADP
abr-51	417	13	malaysia	malaysia	PROPN
abr-51	417	14	.	.	PUNCT
abr-51	418	1	international	international	ADJ
abr-51	418	2	journal	journal	PROPN
abr-51	418	3	of	of	ADP
abr-51	418	4	business	business	NOUN
abr-51	418	5	and	and	CCONJ
abr-51	418	6	management	management	NOUN
abr-51	418	7	,	,	PUNCT
abr-51	418	8	5	5	NUM
abr-51	418	9	:	:	SYM
abr-51	418	10	140	140	NUM
abr-51	418	11	-	-	SYM
abr-51	418	12	147	147	NUM
abr-51	418	13	.	.	PUNCT
abr-51	419	1	moss	moss	PROPN
abr-51	419	2	,	,	PUNCT
abr-51	419	3	j.	j.	PROPN
abr-51	419	4	,	,	PUNCT
abr-51	419	5	&	&	CCONJ
abr-51	419	6	stine	stine	PROPN
abr-51	419	7	,	,	PUNCT
abr-51	419	8	b.	b.	PROPN
abr-51	419	9	1993	1993	NUM
abr-51	419	10	.	.	PUNCT
abr-51	420	1	cash	cash	NOUN
abr-51	420	2	conversion	conversion	NOUN
abr-51	420	3	cycle	cycle	NOUN
abr-51	420	4	and	and	CCONJ
abr-51	420	5	firm	firm	ADJ
abr-51	420	6	size	size	NOUN
abr-51	420	7	:	:	PUNCT
abr-51	420	8	a	a	DET
abr-51	420	9	study	study	NOUN
abr-51	420	10	of	of	ADP
abr-51	420	11	retail	retail	ADJ
abr-51	420	12	firms	firm	NOUN
abr-51	420	13	.	.	PUNCT
abr-51	421	1	managerial	managerial	ADJ
abr-51	421	2	finance	finance	NOUN
abr-51	421	3	,	,	PUNCT
abr-51	421	4	19	19	NUM
abr-51	421	5	:	:	SYM
abr-51	421	6	25	25	NUM
abr-51	421	7	-	-	SYM
abr-51	421	8	34	34	NUM
abr-51	421	9	.	.	PUNCT
abr-51	422	1	paddock	paddock	NOUN
abr-51	422	2	,	,	PUNCT
abr-51	422	3	j.	j.	PROPN
abr-51	422	4	,	,	PUNCT
abr-51	422	5	siegel	siegel	PROPN
abr-51	422	6	,	,	PUNCT
abr-51	422	7	d.	d.	PROPN
abr-51	422	8	,	,	PUNCT
abr-51	422	9	&	&	CCONJ
abr-51	422	10	smith	smith	PROPN
abr-51	422	11	j.	j.	PROPN
abr-51	422	12	1988	1988	NUM
abr-51	422	13	.	.	PUNCT
abr-51	423	1	option	option	NOUN
abr-51	423	2	valuation	valuation	NOUN
abr-51	423	3	on	on	ADP
abr-51	423	4	claims	claim	NOUN
abr-51	423	5	on	on	ADP
abr-51	423	6	real	real	ADJ
abr-51	423	7	assets	asset	NOUN
abr-51	423	8	:	:	PUNCT
abr-51	423	9	the	the	DET
abr-51	423	10	case	case	NOUN
abr-51	423	11	of	of	ADP
abr-51	423	12	offshore	offshore	ADJ
abr-51	423	13	petroleum	petroleum	NOUN
abr-51	423	14	leases	lease	NOUN
abr-51	423	15	.	.	PUNCT
abr-51	424	1	quarterly	quarterly	ADJ
abr-51	424	2	journal	journal	NOUN
abr-51	424	3	of	of	ADP
abr-51	424	4	economics	economic	NOUN
abr-51	424	5	,	,	PUNCT
abr-51	424	6	103	103	NUM
abr-51	424	7	:	:	SYM
abr-51	424	8	479	479	NUM
abr-51	424	9	-	-	SYM
abr-51	424	10	508	508	NUM
abr-51	424	11	.	.	PUNCT
abr-51	425	1	nazir	nazir	PROPN
abr-51	425	2	,	,	PUNCT
abr-51	425	3	m.	m.	NOUN
abr-51	425	4	,	,	PUNCT
abr-51	425	5	&	&	CCONJ
abr-51	425	6	talet	talet	NOUN
abr-51	425	7	,	,	PUNCT
abr-51	425	8	a.	a.	NOUN
abr-51	425	9	2008	2008	NUM
abr-51	425	10	.	.	PUNCT
abr-51	426	1	on	on	ADP
abr-51	426	2	the	the	DET
abr-51	426	3	factor	factor	NOUN
abr-51	426	4	determining	determine	VERB
abr-51	426	5	working	work	VERB
abr-51	426	6	capital	capital	NOUN
abr-51	426	7	requirements	requirement	NOUN
abr-51	426	8	.	.	PUNCT
abr-51	427	1	asbbs	asbb	NOUN
abr-51	427	2	,	,	PUNCT
abr-51	427	3	15	15	NUM
abr-51	427	4	:	:	SYM
abr-51	427	5	293301	293301	NUM
abr-51	427	6	.	.	PUNCT
abr-51	428	1	padachi	padachi	ADJ
abr-51	428	2	,	,	PUNCT
abr-51	428	3	k.	k.	PROPN
abr-51	428	4	2006	2006	NUM
abr-51	428	5	.	.	PUNCT
abr-51	429	1	trends	trend	NOUN
abr-51	429	2	in	in	ADP
abr-51	429	3	working	work	VERB
abr-51	429	4	capital	capital	NOUN
abr-51	429	5	management	management	NOUN
abr-51	429	6	and	and	CCONJ
abr-51	429	7	its	its	PRON
abr-51	429	8	impact	impact	NOUN
abr-51	429	9	on	on	ADP
abr-51	429	10	firm	firm	NOUN
abr-51	429	11	’s	’s	PART
abr-51	429	12	performance	performance	NOUN
abr-51	429	13	:	:	PUNCT
abr-51	429	14	an	an	DET
abr-51	429	15	analysis	analysis	NOUN
abr-51	429	16	of	of	ADP
abr-51	429	17	mauritian	mauritian	ADJ
abr-51	429	18	small	small	ADJ
abr-51	429	19	manufacturing	manufacturing	NOUN
abr-51	429	20	firms	firm	NOUN
abr-51	429	21	.	.	PUNCT
abr-51	430	1	international	international	ADJ
abr-51	430	2	review	review	NOUN
abr-51	430	3	of	of	ADP
abr-51	430	4	business	business	NOUN
abr-51	430	5	research	research	NOUN
abr-51	430	6	papers	paper	NOUN
abr-51	430	7	,	,	PUNCT
abr-51	430	8	2	2	NUM
abr-51	430	9	:	:	SYM
abr-51	430	10	45	45	NUM
abr-51	430	11	-	-	SYM
abr-51	430	12	58	58	NUM
abr-51	430	13	.	.	PUNCT
abr-51	431	1	rafuse	rafuse	NOUN
abr-51	431	2	,	,	PUNCT
abr-51	431	3	m.	m.	NOUN
abr-51	431	4	1996	1996	NUM
abr-51	431	5	.	.	PUNCT
abr-51	432	1	working	work	VERB
abr-51	432	2	capital	capital	NOUN
abr-51	432	3	management	management	NOUN
abr-51	432	4	:	:	PUNCT
abr-51	432	5	an	an	DET
abr-51	432	6	urgent	urgent	ADJ
abr-51	432	7	need	need	NOUN
abr-51	432	8	to	to	PART
abr-51	432	9	refocus	refocus	VERB
abr-51	432	10	.	.	PUNCT
abr-51	433	1	management	management	NOUN
abr-51	433	2	decisions	decision	NOUN
abr-51	433	3	,	,	PUNCT
abr-51	433	4	34	34	NUM
abr-51	433	5	:	:	SYM
abr-51	433	6	59	59	NUM
abr-51	433	7	-	-	SYM
abr-51	433	8	63	63	NUM
abr-51	433	9	.	.	PUNCT
abr-51	434	1	richards	richard	NOUN
abr-51	434	2	,	,	PUNCT
abr-51	434	3	v.	v.	PROPN
abr-51	434	4	,	,	PUNCT
abr-51	434	5	&	&	CCONJ
abr-51	434	6	laughlin	laughlin	PROPN
abr-51	434	7	,	,	PUNCT
abr-51	434	8	e.	e.	PROPN
abr-51	434	9	1980	1980	NUM
abr-51	434	10	.	.	PUNCT
abr-51	435	1	a	a	DET
abr-51	435	2	cash	cash	NOUN
abr-51	435	3	conversion	conversion	NOUN
abr-51	435	4	cycle	cycle	NOUN
abr-51	435	5	approach	approach	NOUN
abr-51	435	6	to	to	ADP
abr-51	435	7	liquidity	liquidity	NOUN
abr-51	435	8	analysis	analysis	NOUN
abr-51	435	9	.	.	PUNCT
abr-51	436	1	financial	financial	ADJ
abr-51	436	2	management	management	NOUN
abr-51	436	3	,	,	PUNCT
abr-51	436	4	9	9	NUM
abr-51	436	5	:	:	SYM
abr-51	436	6	32	32	NUM
abr-51	436	7	-	-	SYM
abr-51	436	8	38	38	NUM
abr-51	436	9	.	.	PUNCT
abr-51	437	1	quigg	quigg	PROPN
abr-51	437	2	,	,	PUNCT
abr-51	437	3	l.	l.	PROPN
abr-51	437	4	1993	1993	NUM
abr-51	437	5	.	.	PUNCT
abr-51	438	1	empirical	empirical	ADJ
abr-51	438	2	testing	testing	NOUN
abr-51	438	3	of	of	ADP
abr-51	438	4	real	real	ADJ
abr-51	438	5	option	option	NOUN
abr-51	438	6	-	-	PUNCT
abr-51	438	7	pricing	pricing	NOUN
abr-51	438	8	models	model	NOUN
abr-51	438	9	.	.	PUNCT
abr-51	439	1	journal	journal	NOUN
abr-51	439	2	of	of	ADP
abr-51	439	3	finance	finance	NOUN
abr-51	439	4	,	,	PUNCT
abr-51	439	5	48	48	NUM
abr-51	439	6	:	:	PUNCT
abr-51	439	7	621	621	NUM
abr-51	439	8	-	-	SYM
abr-51	439	9	640	640	NUM
abr-51	439	10	.	.	PUNCT
abr-51	440	1	raheman	raheman	NOUN
abr-51	440	2	,	,	PUNCT
abr-51	440	3	a.	a.	PROPN
abr-51	440	4	,	,	PUNCT
abr-51	440	5	&	&	CCONJ
abr-51	440	6	nasr	nasr	PROPN
abr-51	440	7	,	,	PUNCT
abr-51	440	8	m.	m.	NOUN
abr-51	440	9	2007	2007	NUM
abr-51	440	10	.	.	PUNCT
abr-51	441	1	working	work	VERB
abr-51	441	2	capital	capital	NOUN
abr-51	441	3	management	management	NOUN
abr-51	441	4	and	and	CCONJ
abr-51	441	5	profitability	profitability	NOUN
abr-51	441	6	case	case	NOUN
abr-51	441	7	of	of	ADP
abr-51	441	8	pakistani	pakistani	ADJ
abr-51	441	9	firms	firm	NOUN
abr-51	441	10	.	.	PUNCT
abr-51	442	1	international	international	ADJ
abr-51	442	2	review	review	NOUN
abr-51	442	3	of	of	ADP
abr-51	442	4	business	business	NOUN
abr-51	442	5	research	research	NOUN
abr-51	442	6	papers	paper	NOUN
abr-51	442	7	,	,	PUNCT
abr-51	442	8	3	3	NUM
abr-51	442	9	:	:	SYM
abr-51	442	10	279	279	NUM
abr-51	442	11	-	-	SYM
abr-51	442	12	300	300	NUM
abr-51	442	13	.	.	PUNCT
abr-51	443	1	ramachandran	ramachandran	PROPN
abr-51	443	2	,	,	PUNCT
abr-51	443	3	a.	a.	PROPN
abr-51	443	4	,	,	PUNCT
abr-51	443	5	&	&	CCONJ
abr-51	443	6	janakiraman	janakiraman	PROPN
abr-51	443	7	,	,	PUNCT
abr-51	443	8	m.	m.	NOUN
abr-51	443	9	2009	2009	NUM
abr-51	443	10	.	.	PUNCT
abr-51	444	1	the	the	DET
abr-51	444	2	relationship	relationship	NOUN
abr-51	444	3	between	between	ADP
abr-51	444	4	working	work	VERB
abr-51	444	5	capital	capital	NOUN
abr-51	444	6	management	management	NOUN
abr-51	444	7	efficiency	efficiency	NOUN
abr-51	444	8	and	and	CCONJ
abr-51	444	9	ebit	ebit	NOUN
abr-51	444	10	.	.	PUNCT
abr-51	445	1	managing	manage	VERB
abr-51	445	2	global	global	ADJ
abr-51	445	3	transitions	transition	NOUN
abr-51	445	4	,	,	PUNCT
abr-51	445	5	7	7	NUM
abr-51	445	6	:	:	SYM
abr-51	445	7	61	61	NUM
abr-51	445	8	-	-	SYM
abr-51	445	9	74	74	NUM
abr-51	445	10	.	.	PUNCT
abr-51	446	1	lifland	lifland	PROPN
abr-51	446	2	advances	advance	NOUN
abr-51	446	3	in	in	ADP
abr-51	446	4	business	business	NOUN
abr-51	446	5	research	research	NOUN
abr-51	446	6	2011	2011	NUM
abr-51	446	7	,	,	PUNCT
abr-51	446	8	vol	vol	NOUN
abr-51	446	9	.	.	PROPN
abr-51	447	1	2	2	NUM
abr-51	447	2	,	,	PUNCT
abr-51	447	3	no	no	INTJ
abr-51	447	4	.	.	NOUN
abr-51	447	5	1	1	NUM
abr-51	447	6	,	,	PUNCT
abr-51	447	7	57	57	NUM
abr-51	447	8	-	-	SYM
abr-51	447	9	70	70	NUM
abr-51	447	10	70	70	NUM
abr-51	447	11	smith	smith	PROPN
abr-51	447	12	,	,	PUNCT
abr-51	447	13	j.	j.	PROPN
abr-51	447	14	1987	1987	NUM
abr-51	447	15	.	.	PUNCT
abr-51	448	1	trade	trade	NOUN
abr-51	448	2	credit	credit	NOUN
abr-51	448	3	and	and	CCONJ
abr-51	448	4	informational	informational	ADJ
abr-51	448	5	asymmetry	asymmetry	NOUN
abr-51	448	6	.	.	PUNCT
abr-51	449	1	journal	journal	PROPN
abr-51	449	2	of	of	ADP
abr-51	449	3	finance	finance	NOUN
abr-51	449	4	,	,	PUNCT
abr-51	449	5	42	42	NUM
abr-51	449	6	:	:	SYM
abr-51	449	7	863	863	NUM
abr-51	449	8	-	-	SYM
abr-51	449	9	872	872	NUM
abr-51	449	10	.	.	PUNCT
abr-51	450	1	soenen	soenen	PROPN
abr-51	450	2	,	,	PUNCT
abr-51	450	3	l.	l.	PROPN
abr-51	450	4	1993	1993	NUM
abr-51	450	5	.	.	PUNCT
abr-51	451	1	cash	cash	NOUN
abr-51	451	2	conversion	conversion	NOUN
abr-51	451	3	cycle	cycle	NOUN
abr-51	451	4	and	and	CCONJ
abr-51	451	5	corporate	corporate	ADJ
abr-51	451	6	profitability	profitability	NOUN
abr-51	451	7	.	.	PUNCT
abr-51	452	1	journal	journal	NOUN
abr-51	452	2	of	of	ADP
abr-51	452	3	cash	cash	NOUN
abr-51	452	4	management	management	NOUN
abr-51	452	5	,	,	PUNCT
abr-51	452	6	13	13	NUM
abr-51	452	7	:	:	SYM
abr-51	452	8	53	53	NUM
abr-51	452	9	-	-	SYM
abr-51	452	10	58	58	NUM
abr-51	452	11	.	.	PUNCT
abr-51	453	1	shin	shin	PROPN
abr-51	453	2	,	,	PUNCT
abr-51	453	3	h.	h.	PROPN
abr-51	453	4	,	,	PUNCT
abr-51	453	5	&	&	CCONJ
abr-51	453	6	soenen	soenen	PROPN
abr-51	453	7	,	,	PUNCT
abr-51	453	8	l.	l.	PROPN
abr-51	453	9	1998	1998	NUM
abr-51	453	10	.	.	PUNCT
abr-51	454	1	efficiency	efficiency	NOUN
abr-51	454	2	of	of	ADP
abr-51	454	3	working	work	VERB
abr-51	454	4	capital	capital	NOUN
abr-51	454	5	management	management	NOUN
abr-51	454	6	and	and	CCONJ
abr-51	454	7	corporate	corporate	ADJ
abr-51	454	8	profitability	profitability	NOUN
abr-51	454	9	.	.	PUNCT
abr-51	455	1	financial	financial	ADJ
abr-51	455	2	practice	practice	NOUN
abr-51	455	3	and	and	CCONJ
abr-51	455	4	education	education	NOUN
abr-51	455	5	,	,	PUNCT
abr-51	455	6	8	8	NUM
abr-51	455	7	:	:	SYM
abr-51	455	8	37	37	NUM
abr-51	455	9	-	-	SYM
abr-51	455	10	45	45	NUM
abr-51	455	11	.	.	PUNCT
abr-51	456	1	uyar	uyar	NOUN
abr-51	456	2	,	,	PUNCT
abr-51	456	3	a.	a.	NOUN
abr-51	456	4	2009	2009	NUM
abr-51	456	5	.	.	PUNCT
abr-51	457	1	the	the	DET
abr-51	457	2	relationship	relationship	NOUN
abr-51	457	3	of	of	ADP
abr-51	457	4	cash	cash	NOUN
abr-51	457	5	conversion	conversion	NOUN
abr-51	457	6	cycle	cycle	NOUN
abr-51	457	7	with	with	ADP
abr-51	457	8	firm	firm	ADJ
abr-51	457	9	size	size	NOUN
abr-51	457	10	and	and	CCONJ
abr-51	457	11	profitability	profitability	NOUN
abr-51	457	12	:	:	PUNCT
abr-51	457	13	an	an	DET
abr-51	457	14	empirical	empirical	ADJ
abr-51	457	15	investigation	investigation	NOUN
abr-51	457	16	in	in	ADP
abr-51	457	17	turkey	turkey	PROPN
abr-51	457	18	.	.	PUNCT
abr-51	458	1	international	international	ADJ
abr-51	458	2	research	research	PROPN
abr-51	458	3	journal	journal	NOUN
abr-51	458	4	of	of	ADP
abr-51	458	5	finance	finance	NOUN
abr-51	458	6	and	and	CCONJ
abr-51	458	7	economics	economic	NOUN
abr-51	458	8	,	,	PUNCT
abr-51	458	9	24	24	NUM
abr-51	458	10	:	:	SYM
abr-51	458	11	186	186	NUM
abr-51	458	12	-	-	SYM
abr-51	458	13	193	193	NUM
abr-51	458	14	.	.	PUNCT
abr-51	459	1	steven	steven	PROPN
abr-51	459	2	lifland	lifland	PROPN
abr-51	459	3	is	be	AUX
abr-51	459	4	an	an	DET
abr-51	459	5	associate	associate	ADJ
abr-51	459	6	professor	professor	NOUN
abr-51	459	7	of	of	ADP
abr-51	459	8	finance	finance	NOUN
abr-51	459	9	at	at	ADP
abr-51	459	10	high	high	ADJ
abr-51	459	11	point	point	NOUN
abr-51	459	12	university	university	NOUN
abr-51	459	13	.	.	PUNCT
abr-51	460	1	he	he	PRON
abr-51	460	2	received	receive	VERB
abr-51	460	3	his	his	PRON
abr-51	460	4	ph.d	ph.d	NOUN
abr-51	460	5	.	.	PUNCT
abr-51	461	1	in	in	ADP
abr-51	461	2	finance	finance	NOUN
abr-51	461	3	from	from	ADP
abr-51	461	4	old	old	ADJ
abr-51	461	5	dominion	dominion	NOUN
abr-51	461	6	university	university	NOUN
abr-51	461	7	.	.	PUNCT
abr-51	462	1	his	his	PRON
abr-51	462	2	current	current	ADJ
abr-51	462	3	research	research	NOUN
abr-51	462	4	interests	interest	NOUN
abr-51	462	5	include	include	VERB
abr-51	462	6	working	work	VERB
abr-51	462	7	capital	capital	NOUN
abr-51	462	8	management	management	NOUN
abr-51	462	9	,	,	PUNCT
abr-51	462	10	real	real	ADJ
abr-51	462	11	estate	estate	NOUN
abr-51	462	12	valuation	valuation	NOUN
abr-51	462	13	,	,	PUNCT
abr-51	462	14	corporate	corporate	ADJ
abr-51	462	15	innovation	innovation	NOUN
abr-51	462	16	:	:	PUNCT
abr-51	462	17	r&d	r&d	NOUN
abr-51	462	18	and	and	CCONJ
abr-51	462	19	patents	patent	NOUN
abr-51	462	20	,	,	PUNCT
abr-51	462	21	etfs	etfs	PROPN
abr-51	462	22	,	,	PUNCT
abr-51	462	23	reits	reit	NOUN
abr-51	462	24	,	,	PUNCT
abr-51	462	25	and	and	CCONJ
abr-51	462	26	financial	financial	ADJ
abr-51	462	27	education	education	NOUN
abr-51	462	28	.	.	PUNCT
abr-51	463	1	he	he	PRON
abr-51	463	2	has	have	AUX
abr-51	463	3	published	publish	VERB
abr-51	463	4	in	in	ADP
abr-51	463	5	journal	journal	NOUN
abr-51	463	6	of	of	ADP
abr-51	463	7	managerial	managerial	ADJ
abr-51	463	8	finance	finance	NOUN
abr-51	463	9	,	,	PUNCT
abr-51	463	10	journal	journal	NOUN
abr-51	463	11	of	of	ADP
abr-51	463	12	academy	academy	PROPN
abr-51	463	13	of	of	ADP
abr-51	463	14	business	business	NOUN
abr-51	463	15	and	and	CCONJ
abr-51	463	16	economics	economic	NOUN
abr-51	463	17	,	,	PUNCT
abr-51	463	18	advances	advance	NOUN
abr-51	463	19	in	in	ADP
abr-51	463	20	business	business	NOUN
abr-51	463	21	research	research	NOUN
abr-51	463	22	,	,	PUNCT
abr-51	463	23	journal	journal	NOUN
abr-51	463	24	of	of	ADP
abr-51	463	25	accounting	accounting	NOUN
abr-51	463	26	and	and	CCONJ
abr-51	463	27	finance	finance	NOUN
abr-51	463	28	,	,	PUNCT
abr-51	463	29	and	and	CCONJ
abr-51	463	30	review	review	NOUN
abr-51	463	31	of	of	ADP
abr-51	463	32	business	business	NOUN
abr-51	463	33	.	.	PUNCT