id sid tid token lemma pos aisthesis-1842 1 1 aisthesis aisthesis NOUN aisthesis-1842 1 2 volume volume NOUN aisthesis-1842 1 3 10 10 NUM aisthesis-1842 1 4 , , PUNCT aisthesis-1842 1 5 20191 20191 NUM aisthesis-1842 1 6 trading trading NOUN aisthesis-1842 1 7 on on ADP aisthesis-1842 1 8 tax tax NOUN aisthesis-1842 1 9 avoidance avoidance NOUN aisthesis-1842 1 10 by by ADP aisthesis-1842 1 11 jaden jaden PROPN aisthesis-1842 1 12 t. t. PROPN aisthesis-1842 1 13 wright wright PROPN aisthesis-1842 1 14 i. i. PROPN aisthesis-1842 1 15 introduction introduction PROPN aisthesis-1842 1 16 corporate corporate ADJ aisthesis-1842 1 17 tax tax NOUN aisthesis-1842 1 18 avoidance avoidance NOUN aisthesis-1842 1 19 has have AUX aisthesis-1842 1 20 caused cause VERB aisthesis-1842 1 21 a a DET aisthesis-1842 1 22 lot lot NOUN aisthesis-1842 1 23 of of ADP aisthesis-1842 1 24 controversy controversy NOUN aisthesis-1842 1 25 among among ADP aisthesis-1842 1 26 investors investor NOUN aisthesis-1842 1 27 and and CCONJ aisthesis-1842 1 28 analysts analyst NOUN aisthesis-1842 1 29 . . PUNCT aisthesis-1842 2 1 while while SCONJ aisthesis-1842 2 2 avoidance avoidance NOUN aisthesis-1842 2 3 activities activity NOUN aisthesis-1842 2 4 can can AUX aisthesis-1842 2 5 range range VERB aisthesis-1842 2 6 from from ADP aisthesis-1842 2 7 relatively relatively ADV aisthesis-1842 2 8 benign benign ADJ aisthesis-1842 2 9 actions action NOUN aisthesis-1842 2 10 like like ADP aisthesis-1842 2 11 accelerating accelerate VERB aisthesis-1842 2 12 depreciations depreciation NOUN aisthesis-1842 2 13 and and CCONJ aisthesis-1842 2 14 deferrals deferral NOUN aisthesis-1842 2 15 to to ADP aisthesis-1842 2 16 more more ADV aisthesis-1842 2 17 aggressive aggressive ADJ aisthesis-1842 2 18 strategies strategy NOUN aisthesis-1842 2 19 such such ADJ aisthesis-1842 2 20 as as ADP aisthesis-1842 2 21 income income NOUN aisthesis-1842 2 22 shifting shifting NOUN aisthesis-1842 2 23 and and CCONJ aisthesis-1842 2 24 tax tax NOUN aisthesis-1842 2 25 - - PUNCT aisthesis-1842 2 26 haven haven NOUN aisthesis-1842 2 27 operations operation NOUN aisthesis-1842 2 28 ( ( PUNCT aisthesis-1842 2 29 hanlon hanlon NOUN aisthesis-1842 2 30 & & CCONJ aisthesis-1842 2 31 slemrod slemrod PROPN aisthesis-1842 2 32 , , PUNCT aisthesis-1842 2 33 2009 2009 NUM aisthesis-1842 2 34 ; ; PUNCT aisthesis-1842 2 35 wilson wilson PROPN aisthesis-1842 2 36 , , PUNCT aisthesis-1842 2 37 2009 2009 NUM aisthesis-1842 2 38 ) ) PUNCT aisthesis-1842 2 39 , , PUNCT aisthesis-1842 2 40 tax tax NOUN aisthesis-1842 2 41 avoidance avoidance NOUN aisthesis-1842 2 42 of of ADP aisthesis-1842 2 43 any any DET aisthesis-1842 2 44 form form NOUN aisthesis-1842 2 45 can can AUX aisthesis-1842 2 46 be be AUX aisthesis-1842 2 47 considered consider VERB aisthesis-1842 2 48 a a DET aisthesis-1842 2 49 transfer transfer NOUN aisthesis-1842 2 50 of of ADP aisthesis-1842 2 51 wealth wealth NOUN aisthesis-1842 2 52 away away ADV aisthesis-1842 2 53 from from ADP aisthesis-1842 2 54 the the DET aisthesis-1842 2 55 government government NOUN aisthesis-1842 2 56 to to ADP aisthesis-1842 2 57 a a DET aisthesis-1842 2 58 firm firm NOUN aisthesis-1842 2 59 ’s ’s PART aisthesis-1842 2 60 shareholders shareholder NOUN aisthesis-1842 2 61 . . PUNCT aisthesis-1842 3 1 however however ADV aisthesis-1842 3 2 , , PUNCT aisthesis-1842 3 3 tax tax NOUN aisthesis-1842 3 4 avoidance avoidance NOUN aisthesis-1842 3 5 may may AUX aisthesis-1842 3 6 also also ADV aisthesis-1842 3 7 be be AUX aisthesis-1842 3 8 costly costly ADJ aisthesis-1842 3 9 for for ADP aisthesis-1842 3 10 firms firm NOUN aisthesis-1842 3 11 , , PUNCT aisthesis-1842 3 12 as as SCONJ aisthesis-1842 3 13 it it PRON aisthesis-1842 3 14 increases increase VERB aisthesis-1842 3 15 confusion confusion NOUN aisthesis-1842 3 16 about about ADP aisthesis-1842 3 17 companies company NOUN aisthesis-1842 3 18 ’ ' PUNCT aisthesis-1842 3 19 expected expect VERB aisthesis-1842 3 20 cash cash NOUN aisthesis-1842 3 21 flows flow NOUN aisthesis-1842 3 22 due due ADJ aisthesis-1842 3 23 to to ADP aisthesis-1842 3 24 increased increase VERB aisthesis-1842 3 25 uncertainty uncertainty NOUN aisthesis-1842 3 26 about about ADP aisthesis-1842 3 27 future future ADJ aisthesis-1842 3 28 tax tax NOUN aisthesis-1842 3 29 savings saving NOUN aisthesis-1842 3 30 ( ( PUNCT aisthesis-1842 3 31 blouin blouin NOUN aisthesis-1842 3 32 , , PUNCT aisthesis-1842 3 33 2014 2014 NUM aisthesis-1842 3 34 ) ) PUNCT aisthesis-1842 3 35 ; ; PUNCT aisthesis-1842 3 36 decreases decrease VERB aisthesis-1842 3 37 the the DET aisthesis-1842 3 38 transparency transparency NOUN aisthesis-1842 3 39 of of ADP aisthesis-1842 3 40 the the DET aisthesis-1842 3 41 firm firm NOUN aisthesis-1842 3 42 , , PUNCT aisthesis-1842 3 43 making make VERB aisthesis-1842 3 44 valuation valuation NOUN aisthesis-1842 3 45 and and CCONJ aisthesis-1842 3 46 forecasting forecast VERB aisthesis-1842 3 47 more more ADV aisthesis-1842 3 48 difficult difficult ADJ aisthesis-1842 3 49 ( ( PUNCT aisthesis-1842 3 50 weber weber PROPN aisthesis-1842 3 51 , , PUNCT aisthesis-1842 3 52 2009 2009 NUM aisthesis-1842 3 53 ) ) PUNCT aisthesis-1842 3 54 ; ; PUNCT aisthesis-1842 3 55 and and CCONJ aisthesis-1842 3 56 potentially potentially ADV aisthesis-1842 3 57 raises raise VERB aisthesis-1842 3 58 concerns concern NOUN aisthesis-1842 3 59 from from ADP aisthesis-1842 3 60 regulatory regulatory ADJ aisthesis-1842 3 61 bodies body NOUN aisthesis-1842 3 62 such such ADJ aisthesis-1842 3 63 as as ADP aisthesis-1842 3 64 the the DET aisthesis-1842 3 65 internal internal ADJ aisthesis-1842 3 66 revenue revenue NOUN aisthesis-1842 3 67 service service NOUN aisthesis-1842 3 68 ( ( PUNCT aisthesis-1842 3 69 irs irs PROPN aisthesis-1842 3 70 ) ) PUNCT aisthesis-1842 3 71 . . PUNCT aisthesis-1842 4 1 thus thus ADV aisthesis-1842 4 2 , , PUNCT aisthesis-1842 4 3 whether whether SCONJ aisthesis-1842 4 4 tax tax NOUN aisthesis-1842 4 5 avoidance avoidance NOUN aisthesis-1842 4 6 is be AUX aisthesis-1842 4 7 net net ADJ aisthesis-1842 4 8 positive positive ADJ aisthesis-1842 4 9 for for ADP aisthesis-1842 4 10 investors investor NOUN aisthesis-1842 4 11 remains remain VERB aisthesis-1842 4 12 an an DET aisthesis-1842 4 13 open open ADJ aisthesis-1842 4 14 question question NOUN aisthesis-1842 4 15 . . PUNCT aisthesis-1842 5 1 the the DET aisthesis-1842 5 2 purpose purpose NOUN aisthesis-1842 5 3 of of ADP aisthesis-1842 5 4 this this DET aisthesis-1842 5 5 study study NOUN aisthesis-1842 5 6 is be AUX aisthesis-1842 5 7 to to PART aisthesis-1842 5 8 determine determine VERB aisthesis-1842 5 9 whether whether SCONJ aisthesis-1842 5 10 equity equity NOUN aisthesis-1842 5 11 investors investor NOUN aisthesis-1842 5 12 can can AUX aisthesis-1842 5 13 generate generate VERB aisthesis-1842 5 14 abnormal abnormal ADJ aisthesis-1842 5 15 returns return NOUN aisthesis-1842 5 16 from from ADP aisthesis-1842 5 17 trading trade VERB aisthesis-1842 5 18 on on ADP aisthesis-1842 5 19 the the DET aisthesis-1842 5 20 tax tax NOUN aisthesis-1842 5 21 avoidance avoidance NOUN aisthesis-1842 5 22 aggressiveness aggressiveness NOUN aisthesis-1842 5 23 of of ADP aisthesis-1842 5 24 publicly publicly ADV aisthesis-1842 5 25 - - PUNCT aisthesis-1842 5 26 traded trade VERB aisthesis-1842 5 27 firms firm NOUN aisthesis-1842 5 28 . . PUNCT aisthesis-1842 6 1 given give VERB aisthesis-1842 6 2 the the DET aisthesis-1842 6 3 inherent inherent ADJ aisthesis-1842 6 4 difficulty difficulty NOUN aisthesis-1842 6 5 analysts analyst NOUN aisthesis-1842 6 6 and and CCONJ aisthesis-1842 6 7 investors investor NOUN aisthesis-1842 6 8 have have VERB aisthesis-1842 6 9 in in ADP aisthesis-1842 6 10 impounding impound VERB aisthesis-1842 6 11 tax tax NOUN aisthesis-1842 6 12 information information NOUN aisthesis-1842 6 13 into into ADP aisthesis-1842 6 14 stock stock NOUN aisthesis-1842 6 15 prices price NOUN aisthesis-1842 6 16 ( ( PUNCT aisthesis-1842 6 17 weber weber PROPN aisthesis-1842 6 18 , , PUNCT aisthesis-1842 6 19 2009 2009 NUM aisthesis-1842 6 20 ; ; PUNCT aisthesis-1842 6 21 powers power NOUN aisthesis-1842 6 22 , , PUNCT aisthesis-1842 6 23 schmidt schmidt NOUN aisthesis-1842 6 24 , , PUNCT aisthesis-1842 6 25 seidman seidman PROPN aisthesis-1842 6 26 , , PUNCT aisthesis-1842 6 27 & & CCONJ aisthesis-1842 6 28 stomberg stomberg PROPN aisthesis-1842 6 29 , , PUNCT aisthesis-1842 6 30 2017 2017 NUM aisthesis-1842 6 31 ) ) PUNCT aisthesis-1842 6 32 , , PUNCT aisthesis-1842 6 33 it it PRON aisthesis-1842 6 34 is be AUX aisthesis-1842 6 35 straightforward straightforward ADJ aisthesis-1842 6 36 to to PART aisthesis-1842 6 37 assume assume VERB aisthesis-1842 6 38 that that SCONJ aisthesis-1842 6 39 complex complex ADJ aisthesis-1842 6 40 tax tax NOUN aisthesis-1842 6 41 avoidance avoidance NOUN aisthesis-1842 6 42 strategies strategy NOUN aisthesis-1842 6 43 can can AUX aisthesis-1842 6 44 create create VERB aisthesis-1842 6 45 profitable profitable ADJ aisthesis-1842 6 46 opportunities opportunity NOUN aisthesis-1842 6 47 for for ADP aisthesis-1842 6 48 investors investor NOUN aisthesis-1842 6 49 . . PUNCT aisthesis-1842 7 1 in in ADP aisthesis-1842 7 2 particular particular ADJ aisthesis-1842 7 3 , , PUNCT aisthesis-1842 7 4 i i PRON aisthesis-1842 7 5 hypothesize hypothesize VERB aisthesis-1842 7 6 that that SCONJ aisthesis-1842 7 7 aggressive aggressive ADJ aisthesis-1842 7 8 tax tax NOUN aisthesis-1842 7 9 - - PUNCT aisthesis-1842 7 10 avoiding avoid VERB aisthesis-1842 7 11 firms firm NOUN aisthesis-1842 7 12 will will AUX aisthesis-1842 7 13 generate generate VERB aisthesis-1842 7 14 positive positive ADJ aisthesis-1842 7 15 abnormal abnormal ADJ aisthesis-1842 7 16 returns return NOUN aisthesis-1842 7 17 as as SCONJ aisthesis-1842 7 18 investors investor NOUN aisthesis-1842 7 19 fail fail VERB aisthesis-1842 7 20 to to PART aisthesis-1842 7 21 immediately immediately ADV aisthesis-1842 7 22 appreciate appreciate VERB aisthesis-1842 7 23 the the DET aisthesis-1842 7 24 cash cash NOUN aisthesis-1842 7 25 flow flow NOUN aisthesis-1842 7 26 savings saving NOUN aisthesis-1842 7 27 this this DET aisthesis-1842 7 28 tax tax NOUN aisthesis-1842 7 29 - - PUNCT aisthesis-1842 7 30 avoiding avoid VERB aisthesis-1842 7 31 strategy strategy NOUN aisthesis-1842 7 32 will will AUX aisthesis-1842 7 33 produce produce VERB aisthesis-1842 7 34 . . PUNCT aisthesis-1842 8 1 additionally additionally ADV aisthesis-1842 8 2 , , PUNCT aisthesis-1842 8 3 based base VERB aisthesis-1842 8 4 on on ADP aisthesis-1842 8 5 the the DET aisthesis-1842 8 6 findings finding NOUN aisthesis-1842 8 7 of of ADP aisthesis-1842 8 8 studies study NOUN aisthesis-1842 8 9 such such ADJ aisthesis-1842 8 10 as as ADP aisthesis-1842 8 11 guenther guenther PROPN aisthesis-1842 8 12 , , PUNCT aisthesis-1842 8 13 matsunaga matsunaga NOUN aisthesis-1842 8 14 , , PUNCT aisthesis-1842 8 15 and and CCONJ aisthesis-1842 8 16 williams williams PROPN aisthesis-1842 8 17 ( ( PUNCT aisthesis-1842 8 18 2017 2017 NUM aisthesis-1842 8 19 ) ) PUNCT aisthesis-1842 8 20 , , PUNCT aisthesis-1842 8 21 i i PRON aisthesis-1842 8 22 expect expect VERB aisthesis-1842 8 23 firms firm NOUN aisthesis-1842 8 24 with with ADP aisthesis-1842 8 25 greater great ADJ aisthesis-1842 8 26 amounts amount NOUN aisthesis-1842 8 27 of of ADP aisthesis-1842 8 28 uncertainty uncertainty NOUN aisthesis-1842 8 29 surrounding surround VERB aisthesis-1842 8 30 their their PRON aisthesis-1842 8 31 tax tax NOUN aisthesis-1842 8 32 rates rate NOUN aisthesis-1842 8 33 ( ( PUNCT aisthesis-1842 8 34 i.e. i.e. X aisthesis-1842 8 35 tax tax NOUN aisthesis-1842 8 36 risk risk NOUN aisthesis-1842 8 37 ) ) PUNCT aisthesis-1842 8 38 to to PART aisthesis-1842 8 39 earn earn VERB aisthesis-1842 8 40 higher high ADJ aisthesis-1842 8 41 stock stock NOUN aisthesis-1842 8 42 returns return NOUN aisthesis-1842 8 43 as as ADP aisthesis-1842 8 44 a a DET aisthesis-1842 8 45 means means NOUN aisthesis-1842 8 46 of of ADP aisthesis-1842 8 47 compensating compensate VERB aisthesis-1842 8 48 equity equity NOUN aisthesis-1842 8 49 investors investor NOUN aisthesis-1842 8 50 for for ADP aisthesis-1842 8 51 increasing increase VERB aisthesis-1842 8 52 the the DET aisthesis-1842 8 53 riskiness riskiness NOUN aisthesis-1842 8 54 of of ADP aisthesis-1842 8 55 the the DET aisthesis-1842 8 56 firm firm NOUN aisthesis-1842 8 57 . . PUNCT aisthesis-1842 9 1 previous previous ADJ aisthesis-1842 9 2 work work NOUN aisthesis-1842 9 3 has have AUX aisthesis-1842 9 4 predominantly predominantly ADV aisthesis-1842 9 5 focused focus VERB aisthesis-1842 9 6 on on ADP aisthesis-1842 9 7 how how SCONJ aisthesis-1842 9 8 tax tax NOUN aisthesis-1842 9 9 avoidance avoidance NOUN aisthesis-1842 9 10 affects affect VERB aisthesis-1842 9 11 the the DET aisthesis-1842 9 12 valuation valuation NOUN aisthesis-1842 9 13 of of ADP aisthesis-1842 9 14 companies company NOUN aisthesis-1842 9 15 without without ADP aisthesis-1842 9 16 necessarily necessarily ADV aisthesis-1842 9 17 attempting attempt VERB aisthesis-1842 9 18 to to PART aisthesis-1842 9 19 identify identify VERB aisthesis-1842 9 20 whether whether SCONJ aisthesis-1842 9 21 tax tax NOUN aisthesis-1842 9 22 - - PUNCT aisthesis-1842 9 23 avoiding avoid VERB aisthesis-1842 9 24 firms firm NOUN aisthesis-1842 9 25 are be AUX aisthesis-1842 9 26 mispriced misprice VERB aisthesis-1842 9 27 . . PUNCT aisthesis-1842 10 1 for for ADP aisthesis-1842 10 2 example example NOUN aisthesis-1842 10 3 , , PUNCT aisthesis-1842 10 4 desai desai PROPN aisthesis-1842 10 5 and and CCONJ aisthesis-1842 10 6 dharmapala dharmapala PROPN aisthesis-1842 10 7 ( ( PUNCT aisthesis-1842 10 8 2009 2009 NUM aisthesis-1842 10 9 ) ) PUNCT aisthesis-1842 10 10 find find VERB aisthesis-1842 10 11 that that SCONJ aisthesis-1842 10 12 tax tax NOUN aisthesis-1842 10 13 avoidance avoidance NOUN aisthesis-1842 10 14 does do AUX aisthesis-1842 10 15 not not PART aisthesis-1842 10 16 increase increase VERB aisthesis-1842 10 17 a a DET aisthesis-1842 10 18 firm firm NOUN aisthesis-1842 10 19 ’s ’s PART aisthesis-1842 10 20 value value NOUN aisthesis-1842 10 21 unless unless SCONJ aisthesis-1842 10 22 it it PRON aisthesis-1842 10 23 is be AUX aisthesis-1842 10 24 coupled couple VERB aisthesis-1842 10 25 with with ADP aisthesis-1842 10 26 a a DET aisthesis-1842 10 27 strong strong ADJ aisthesis-1842 10 28 corporate corporate ADJ aisthesis-1842 10 29 governance governance NOUN aisthesis-1842 10 30 framework.1 framework.1 PROPN aisthesis-1842 10 31 kim kim PROPN aisthesis-1842 10 32 , , PUNCT aisthesis-1842 10 33 li li PROPN aisthesis-1842 10 34 , , PUNCT aisthesis-1842 10 35 and and CCONJ aisthesis-1842 10 36 zhang zhang PROPN aisthesis-1842 10 37 ( ( PUNCT aisthesis-1842 10 38 2011 2011 NUM aisthesis-1842 10 39 ) ) PUNCT aisthesis-1842 10 40 demonstrate demonstrate VERB aisthesis-1842 10 41 that that SCONJ aisthesis-1842 10 42 tax tax NOUN aisthesis-1842 10 43 avoidance avoidance NOUN aisthesis-1842 10 44 aggressiveness aggressiveness NOUN aisthesis-1842 10 45 is be AUX aisthesis-1842 10 46 associated associate VERB aisthesis-1842 10 47 with with ADP aisthesis-1842 10 48 higher high ADJ aisthesis-1842 10 49 stock stock NOUN aisthesis-1842 10 50 price price NOUN aisthesis-1842 10 51 crash crash NOUN aisthesis-1842 10 52 risk risk NOUN aisthesis-1842 10 53 , , PUNCT aisthesis-1842 10 54 suggesting suggest VERB aisthesis-1842 10 55 that that SCONJ aisthesis-1842 10 56 tax tax NOUN aisthesis-1842 10 57 aggressive aggressive ADJ aisthesis-1842 10 58 firms firm NOUN aisthesis-1842 10 59 may may AUX aisthesis-1842 10 60 have have VERB aisthesis-1842 10 61 lower low ADJ aisthesis-1842 10 62 valuations valuation NOUN aisthesis-1842 10 63 relative relative ADJ aisthesis-1842 10 64 to to ADP aisthesis-1842 10 65 less less ADJ aisthesis-1842 10 66 tax tax NOUN aisthesis-1842 10 67 aggressive aggressive ADJ aisthesis-1842 10 68 firms firm NOUN aisthesis-1842 10 69 due due ADJ aisthesis-1842 10 70 to to ADP aisthesis-1842 10 71 increased increase VERB aisthesis-1842 10 72 riskiness riskiness NOUN aisthesis-1842 10 73 . . PUNCT aisthesis-1842 11 1 however however ADV aisthesis-1842 11 2 , , PUNCT aisthesis-1842 11 3 the the DET aisthesis-1842 11 4 findings finding NOUN aisthesis-1842 11 5 of of ADP aisthesis-1842 11 6 goh goh PROPN aisthesis-1842 11 7 , , PUNCT aisthesis-1842 11 8 lee lee PROPN aisthesis-1842 11 9 , , PUNCT aisthesis-1842 11 10 lim lim PROPN aisthesis-1842 11 11 , , PUNCT aisthesis-1842 11 12 and and CCONJ aisthesis-1842 11 13 shevlin shevlin PROPN aisthesis-1842 11 14 ( ( PUNCT aisthesis-1842 11 15 2016 2016 NUM aisthesis-1842 11 16 ) ) PUNCT aisthesis-1842 11 17 show show VERB aisthesis-1842 11 18 that that SCONJ aisthesis-1842 11 19 tax tax NOUN aisthesis-1842 11 20 avoidance avoidance NOUN aisthesis-1842 11 21 causes cause VERB aisthesis-1842 11 22 firms firm NOUN aisthesis-1842 11 23 to to PART aisthesis-1842 11 24 have have VERB aisthesis-1842 11 25 a a DET aisthesis-1842 11 26 lower low ADJ aisthesis-1842 11 27 equity equity NOUN aisthesis-1842 11 28 cost cost NOUN aisthesis-1842 11 29 of of ADP aisthesis-1842 11 30 capital capital NOUN aisthesis-1842 11 31 , , PUNCT aisthesis-1842 11 32 implying imply VERB aisthesis-1842 11 33 that that SCONJ aisthesis-1842 11 34 they they PRON aisthesis-1842 11 35 are be AUX aisthesis-1842 11 36 actually actually ADV aisthesis-1842 11 37 less less ADV aisthesis-1842 11 38 risky risky ADJ aisthesis-1842 11 39 , , PUNCT aisthesis-1842 11 40 and and CCONJ aisthesis-1842 11 41 guenther guenther PROPN aisthesis-1842 11 42 et et PROPN aisthesis-1842 11 43 al al PROPN aisthesis-1842 11 44 . . PROPN aisthesis-1842 12 1 ( ( PUNCT aisthesis-1842 12 2 2017 2017 NUM aisthesis-1842 12 3 ) ) PUNCT aisthesis-1842 12 4 suggest suggest VERB aisthesis-1842 12 5 that that SCONJ aisthesis-1842 12 6 tax tax NOUN aisthesis-1842 12 7 avoidance avoidance NOUN aisthesis-1842 12 8 does do AUX aisthesis-1842 12 9 not not PART aisthesis-1842 12 10 contribute contribute VERB aisthesis-1842 12 11 to to ADP aisthesis-1842 12 12 firm firm ADJ aisthesis-1842 12 13 risk risk NOUN aisthesis-1842 12 14 , , PUNCT aisthesis-1842 12 15 but but CCONJ aisthesis-1842 12 16 rather rather ADV aisthesis-1842 12 17 it it PRON aisthesis-1842 12 18 is be AUX aisthesis-1842 12 19 the the DET aisthesis-1842 12 20 stability stability NOUN aisthesis-1842 12 21 of of ADP aisthesis-1842 12 22 tax tax NOUN aisthesis-1842 12 23 avoidance avoidance NOUN aisthesis-1842 12 24 aggressiveness aggressiveness NOUN aisthesis-1842 12 25 that that PRON aisthesis-1842 12 26 matters matter VERB aisthesis-1842 12 27 . . PUNCT aisthesis-1842 13 1 in in ADP aisthesis-1842 13 2 more more ADV aisthesis-1842 13 3 recent recent ADJ aisthesis-1842 13 4 work work NOUN aisthesis-1842 13 5 , , PUNCT aisthesis-1842 13 6 jacob jacob PROPN aisthesis-1842 13 7 and and CCONJ aisthesis-1842 13 8 schütt schütt PROPN aisthesis-1842 13 9 ( ( PUNCT aisthesis-1842 13 10 2016 2016 NUM aisthesis-1842 13 11 ) ) PUNCT aisthesis-1842 13 12 and and CCONJ aisthesis-1842 13 13 drake drake PROPN aisthesis-1842 13 14 , , PUNCT aisthesis-1842 13 15 lusch lusch NOUN aisthesis-1842 13 16 , , PUNCT aisthesis-1842 13 17 and and CCONJ aisthesis-1842 13 18 stekelberg stekelberg PROPN aisthesis-1842 13 19 ( ( PUNCT aisthesis-1842 13 20 2017 2017 NUM aisthesis-1842 13 21 ) ) PUNCT aisthesis-1842 13 22 show show VERB aisthesis-1842 13 23 that that SCONJ aisthesis-1842 13 24 tax tax NOUN aisthesis-1842 13 25 avoidance avoidance NOUN aisthesis-1842 13 26 increases increase VERB aisthesis-1842 13 27 a a DET aisthesis-1842 13 28 firm firm NOUN aisthesis-1842 13 29 ’s ’s PART aisthesis-1842 13 30 value value NOUN aisthesis-1842 13 31 . . PUNCT aisthesis-1842 14 1 this this PRON aisthesis-1842 14 2 suggests suggest VERB aisthesis-1842 14 3 that that SCONJ aisthesis-1842 14 4 that that SCONJ aisthesis-1842 14 5 investors investor NOUN aisthesis-1842 14 6 positively positively ADV aisthesis-1842 14 7 value value VERB aisthesis-1842 14 8 tax tax NOUN aisthesis-1842 14 9 avoidance avoidance NOUN aisthesis-1842 14 10 activities activity NOUN aisthesis-1842 14 11 , , PUNCT aisthesis-1842 14 12 but but CCONJ aisthesis-1842 14 13 also also ADV aisthesis-1842 14 14 demonstrate demonstrate VERB aisthesis-1842 14 15 that that SCONJ aisthesis-1842 14 16 increased increase VERB aisthesis-1842 14 17 tax tax NOUN aisthesis-1842 14 18 risk risk NOUN aisthesis-1842 14 19 , , PUNCT aisthesis-1842 14 20 as as SCONJ aisthesis-1842 14 21 measured measure VERB aisthesis-1842 14 22 by by ADP aisthesis-1842 14 23 the the DET aisthesis-1842 14 24 volatility volatility NOUN aisthesis-1842 14 25 of of ADP aisthesis-1842 14 26 a a DET aisthesis-1842 14 27 firm firm NOUN aisthesis-1842 14 28 ’s ’s PART aisthesis-1842 14 29 tax tax NOUN aisthesis-1842 14 30 rates rate NOUN aisthesis-1842 14 31 , , PUNCT aisthesis-1842 14 32 lowers lower VERB aisthesis-1842 14 33 investors investor NOUN aisthesis-1842 14 34 ’ ' PUNCT aisthesis-1842 14 35 valuations valuation NOUN aisthesis-1842 14 36 , , PUNCT aisthesis-1842 14 37 implying imply VERB aisthesis-1842 14 38 that that SCONJ aisthesis-1842 14 39 uncertainty uncertainty NOUN aisthesis-1842 14 40 surrounding surround VERB aisthesis-1842 14 41 taxes taxis NOUN aisthesis-1842 14 42 harms harm VERB aisthesis-1842 14 43 shareholder shareholder NOUN aisthesis-1842 14 44 value value NOUN aisthesis-1842 14 45 . . PUNCT aisthesis-1842 15 1 while while SCONJ aisthesis-1842 15 2 the the DET aisthesis-1842 15 3 aforementioned aforementioned ADJ aisthesis-1842 15 4 papers paper NOUN aisthesis-1842 15 5 show show VERB aisthesis-1842 15 6 that that SCONJ aisthesis-1842 15 7 tax tax NOUN aisthesis-1842 15 8 avoidance avoidance NOUN aisthesis-1842 15 9 aggressiveness aggressiveness NOUN aisthesis-1842 15 10 and and CCONJ aisthesis-1842 15 11 tax tax NOUN aisthesis-1842 15 12 risk risk NOUN aisthesis-1842 15 13 can can AUX aisthesis-1842 15 14 affect affect VERB aisthesis-1842 15 15 the the DET aisthesis-1842 15 16 worth worth NOUN aisthesis-1842 15 17 of of ADP aisthesis-1842 15 18 a a DET aisthesis-1842 15 19 corporation corporation NOUN aisthesis-1842 15 20 , , PUNCT aisthesis-1842 15 21 they they PRON aisthesis-1842 15 22 do do AUX aisthesis-1842 15 23 not not PART aisthesis-1842 15 24 demonstrate demonstrate VERB aisthesis-1842 15 25 whether whether SCONJ aisthesis-1842 15 26 the the DET aisthesis-1842 15 27 stock stock NOUN aisthesis-1842 15 28 market market NOUN aisthesis-1842 15 29 fully fully ADV aisthesis-1842 15 30 impounds impound VERB aisthesis-1842 15 31 this this DET aisthesis-1842 15 32 value value NOUN aisthesis-1842 15 33 - - PUNCT aisthesis-1842 15 34 relevant relevant ADJ aisthesis-1842 15 35 information information NOUN aisthesis-1842 15 36 into into ADP aisthesis-1842 15 37 a a DET aisthesis-1842 15 38 firm firm NOUN aisthesis-1842 15 39 ’s ’s PART aisthesis-1842 15 40 share share NOUN aisthesis-1842 15 41 prices price NOUN aisthesis-1842 15 42 . . PUNCT aisthesis-1842 16 1 indeed indeed ADV aisthesis-1842 16 2 , , PUNCT aisthesis-1842 16 3 as as SCONJ aisthesis-1842 16 4 my my PRON aisthesis-1842 16 5 results result NOUN aisthesis-1842 16 6 show show VERB aisthesis-1842 16 7 , , PUNCT aisthesis-1842 16 8 it it PRON aisthesis-1842 16 9 is be AUX aisthesis-1842 16 10 possible possible ADJ aisthesis-1842 16 11 to to PART aisthesis-1842 16 12 design design VERB aisthesis-1842 16 13 simple simple ADJ aisthesis-1842 16 14 trading trading NOUN aisthesis-1842 16 15 strategies strategy NOUN aisthesis-1842 16 16 based base VERB aisthesis-1842 16 17 on on ADP aisthesis-1842 16 18 measures measure NOUN aisthesis-1842 16 19 of of ADP aisthesis-1842 16 20 a a DET aisthesis-1842 16 21 firm firm NOUN aisthesis-1842 16 22 ’s ’s PART aisthesis-1842 16 23 tax tax NOUN aisthesis-1842 16 24 avoidance avoidance NOUN aisthesis-1842 16 25 aggressiveness aggressiveness NOUN aisthesis-1842 16 26 and and CCONJ aisthesis-1842 16 27 tax tax NOUN aisthesis-1842 16 28 risk risk NOUN aisthesis-1842 16 29 that that PRON aisthesis-1842 16 30 generate generate VERB aisthesis-1842 16 31 economically economically ADV aisthesis-1842 16 32 meaningful meaningful ADJ aisthesis-1842 16 33 profits profit NOUN aisthesis-1842 16 34 . . PUNCT aisthesis-1842 17 1 specifically specifically ADV aisthesis-1842 17 2 , , PUNCT aisthesis-1842 17 3 i i PRON aisthesis-1842 17 4 show show VERB aisthesis-1842 17 5 that that SCONJ aisthesis-1842 17 6 tax tax NOUN aisthesis-1842 17 7 aggressive aggressive ADJ aisthesis-1842 17 8 firms firm NOUN aisthesis-1842 17 9 produce produce VERB aisthesis-1842 17 10 higher high ADJ aisthesis-1842 17 11 returns return NOUN aisthesis-1842 17 12 than than ADP aisthesis-1842 17 13 less less ADV aisthesis-1842 17 14 aggressive aggressive ADJ aisthesis-1842 17 15 firms firm NOUN aisthesis-1842 17 16 . . PUNCT aisthesis-1842 18 1 these these DET aisthesis-1842 18 2 results result NOUN aisthesis-1842 18 3 suggest suggest VERB aisthesis-1842 18 4 that that SCONJ aisthesis-1842 18 5 increased increase VERB aisthesis-1842 18 6 tax tax NOUN aisthesis-1842 18 7 savings saving NOUN aisthesis-1842 18 8 may may AUX aisthesis-1842 18 9 have have VERB aisthesis-1842 18 10 a a DET aisthesis-1842 18 11 positive positive ADJ aisthesis-1842 18 12 effect effect NOUN aisthesis-1842 18 13 on on ADP aisthesis-1842 18 14 firm firm ADJ aisthesis-1842 18 15 valuation valuation NOUN aisthesis-1842 18 16 . . PUNCT aisthesis-1842 19 1 in in ADP aisthesis-1842 19 2 some some DET aisthesis-1842 19 3 cases case NOUN aisthesis-1842 19 4 , , PUNCT aisthesis-1842 19 5 the the DET aisthesis-1842 19 6 difference difference NOUN aisthesis-1842 19 7 in in ADP aisthesis-1842 19 8 returns return NOUN aisthesis-1842 19 9 amounted amount VERB aisthesis-1842 19 10 to to ADP aisthesis-1842 19 11 over over ADP aisthesis-1842 19 12 800 800 NUM aisthesis-1842 19 13 1 1 NUM aisthesis-1842 19 14 firms firm NOUN aisthesis-1842 19 15 with with ADP aisthesis-1842 19 16 strong strong ADJ aisthesis-1842 19 17 corporate corporate ADJ aisthesis-1842 19 18 governance governance NOUN aisthesis-1842 19 19 exhibit exhibit NOUN aisthesis-1842 19 20 balanced balanced ADJ aisthesis-1842 19 21 board board NOUN aisthesis-1842 19 22 control control NOUN aisthesis-1842 19 23 , , PUNCT aisthesis-1842 19 24 unconcealed unconcealed ADJ aisthesis-1842 19 25 manager manager NOUN aisthesis-1842 19 26 decision decision NOUN aisthesis-1842 19 27 - - PUNCT aisthesis-1842 19 28 making making NOUN aisthesis-1842 19 29 , , PUNCT aisthesis-1842 19 30 and and CCONJ aisthesis-1842 19 31 extensive extensive ADJ aisthesis-1842 19 32 information information NOUN aisthesis-1842 19 33 sharing share VERB aisthesis-1842 19 34 to to ADP aisthesis-1842 19 35 shareholders shareholder NOUN aisthesis-1842 19 36 and and CCONJ aisthesis-1842 19 37 analysts analyst NOUN aisthesis-1842 19 38 . . PUNCT aisthesis-1842 20 1 trading trade VERB aisthesis-1842 20 2 on on ADP aisthesis-1842 20 3 tax tax NOUN aisthesis-1842 20 4 avoidance avoidance NOUN aisthesis-1842 20 5 aisthesis aisthesis NOUN aisthesis-1842 20 6 volume volume NOUN aisthesis-1842 20 7 10 10 NUM aisthesis-1842 20 8 , , PUNCT aisthesis-1842 20 9 20192 20192 NUM aisthesis-1842 20 10 basis basis NOUN aisthesis-1842 20 11 points point NOUN aisthesis-1842 20 12 ( ( PUNCT aisthesis-1842 20 13 bps bps NOUN aisthesis-1842 20 14 ) ) PUNCT aisthesis-1842 20 15 a a DET aisthesis-1842 20 16 year year NOUN aisthesis-1842 20 17 . . PUNCT aisthesis-1842 21 1 i i PRON aisthesis-1842 21 2 find find VERB aisthesis-1842 21 3 this this PRON aisthesis-1842 21 4 to to PART aisthesis-1842 21 5 be be AUX aisthesis-1842 21 6 a a DET aisthesis-1842 21 7 significant significant ADJ aisthesis-1842 21 8 variable variable NOUN aisthesis-1842 21 9 for for ADP aisthesis-1842 21 10 making make VERB aisthesis-1842 21 11 equity equity NOUN aisthesis-1842 21 12 investment investment NOUN aisthesis-1842 21 13 decisions decision NOUN aisthesis-1842 21 14 . . PUNCT aisthesis-1842 22 1 this this PRON aisthesis-1842 22 2 refutes refute VERB aisthesis-1842 22 3 the the DET aisthesis-1842 22 4 findings finding NOUN aisthesis-1842 22 5 of of ADP aisthesis-1842 22 6 guenther guenther PROPN aisthesis-1842 22 7 et et PROPN aisthesis-1842 22 8 al al PROPN aisthesis-1842 22 9 . . PROPN aisthesis-1842 23 1 ( ( PUNCT aisthesis-1842 23 2 2017 2017 NUM aisthesis-1842 23 3 ) ) PUNCT aisthesis-1842 23 4 that that PRON aisthesis-1842 23 5 show show VERB aisthesis-1842 23 6 tax tax NOUN aisthesis-1842 23 7 avoidance avoidance NOUN aisthesis-1842 23 8 levels level NOUN aisthesis-1842 23 9 are be AUX aisthesis-1842 23 10 not not PART aisthesis-1842 23 11 associated associate VERB aisthesis-1842 23 12 with with ADP aisthesis-1842 23 13 differences difference NOUN aisthesis-1842 23 14 in in ADP aisthesis-1842 23 15 returns return NOUN aisthesis-1842 23 16 . . PUNCT aisthesis-1842 24 1 while while SCONJ aisthesis-1842 24 2 these these DET aisthesis-1842 24 3 results result NOUN aisthesis-1842 24 4 are be AUX aisthesis-1842 24 5 substantial substantial ADJ aisthesis-1842 24 6 , , PUNCT aisthesis-1842 24 7 i i PRON aisthesis-1842 24 8 follow follow VERB aisthesis-1842 24 9 previous previous ADJ aisthesis-1842 24 10 consensus consensus NOUN aisthesis-1842 24 11 that that SCONJ aisthesis-1842 24 12 tax tax NOUN aisthesis-1842 24 13 avoidance avoidance NOUN aisthesis-1842 24 14 aggressiveness aggressiveness NOUN aisthesis-1842 24 15 should should AUX aisthesis-1842 24 16 not not PART aisthesis-1842 24 17 be be AUX aisthesis-1842 24 18 the the DET aisthesis-1842 24 19 sole sole ADJ aisthesis-1842 24 20 measurement measurement NOUN aisthesis-1842 24 21 for for ADP aisthesis-1842 24 22 firm firm ADJ aisthesis-1842 24 23 valuation valuation NOUN aisthesis-1842 24 24 and and CCONJ aisthesis-1842 24 25 , , PUNCT aisthesis-1842 24 26 thus thus ADV aisthesis-1842 24 27 , , PUNCT aisthesis-1842 24 28 i i PRON aisthesis-1842 24 29 capture capture VERB aisthesis-1842 24 30 a a DET aisthesis-1842 24 31 risk risk NOUN aisthesis-1842 24 32 component component NOUN aisthesis-1842 24 33 of of ADP aisthesis-1842 24 34 tax tax NOUN aisthesis-1842 24 35 avoidance avoidance NOUN aisthesis-1842 24 36 . . PUNCT aisthesis-1842 24 37     SPACE aisthesis-1842 24 38 with with ADP aisthesis-1842 24 39 regard regard NOUN aisthesis-1842 24 40 to to ADP aisthesis-1842 24 41 avoidance avoidance NOUN aisthesis-1842 24 42 volatility volatility NOUN aisthesis-1842 24 43 ( ( PUNCT aisthesis-1842 24 44 i.e. i.e. X aisthesis-1842 24 45 tax tax NOUN aisthesis-1842 24 46 risk risk NOUN aisthesis-1842 24 47 ) ) PUNCT aisthesis-1842 24 48 , , PUNCT aisthesis-1842 24 49 i i PRON aisthesis-1842 24 50 find find VERB aisthesis-1842 24 51 firms firm NOUN aisthesis-1842 24 52 with with ADP aisthesis-1842 24 53 higher high ADJ aisthesis-1842 24 54 tax tax NOUN aisthesis-1842 24 55 risk risk NOUN aisthesis-1842 24 56 to to PART aisthesis-1842 24 57 earn earn VERB aisthesis-1842 24 58 greater great ADJ aisthesis-1842 24 59 returns return NOUN aisthesis-1842 24 60 than than ADP aisthesis-1842 24 61 low low ADJ aisthesis-1842 24 62 tax tax NOUN aisthesis-1842 24 63 risk risk NOUN aisthesis-1842 24 64 firms firm NOUN aisthesis-1842 24 65 . . PUNCT aisthesis-1842 25 1 i i PRON aisthesis-1842 25 2 find find VERB aisthesis-1842 25 3 tax tax NOUN aisthesis-1842 25 4 risk risk NOUN aisthesis-1842 25 5 to to PART aisthesis-1842 25 6 be be AUX aisthesis-1842 25 7 a a DET aisthesis-1842 25 8 significant significant ADJ aisthesis-1842 25 9 variable variable NOUN aisthesis-1842 25 10 in in ADP aisthesis-1842 25 11 the the DET aisthesis-1842 25 12 valuation valuation NOUN aisthesis-1842 25 13 of of ADP aisthesis-1842 25 14 firms firm NOUN aisthesis-1842 25 15 . . PUNCT aisthesis-1842 26 1 specifically specifically ADV aisthesis-1842 26 2 , , PUNCT aisthesis-1842 26 3 because because SCONJ aisthesis-1842 26 4 aggressive aggressive ADJ aisthesis-1842 26 5 tax tax NOUN aisthesis-1842 26 6 avoidance avoidance NOUN aisthesis-1842 26 7 seems seem VERB aisthesis-1842 26 8 to to PART aisthesis-1842 26 9 cause cause VERB aisthesis-1842 26 10 uncertainty uncertainty NOUN aisthesis-1842 26 11 in in ADP aisthesis-1842 26 12 future future ADJ aisthesis-1842 26 13 cash cash NOUN aisthesis-1842 26 14 flow flow NOUN aisthesis-1842 26 15 , , PUNCT aisthesis-1842 26 16 high high ADJ aisthesis-1842 26 17 tax tax NOUN aisthesis-1842 26 18 avoidance avoidance NOUN aisthesis-1842 26 19 yields yield VERB aisthesis-1842 26 20 higher high ADJ aisthesis-1842 26 21 levels level NOUN aisthesis-1842 26 22 of of ADP aisthesis-1842 26 23 tax tax NOUN aisthesis-1842 26 24 risk risk NOUN aisthesis-1842 26 25 . . PUNCT aisthesis-1842 27 1 it it PRON aisthesis-1842 27 2 is be AUX aisthesis-1842 27 3 the the DET aisthesis-1842 27 4 volatile volatile ADJ aisthesis-1842 27 5 firms firm NOUN aisthesis-1842 27 6 that that PRON aisthesis-1842 27 7 carry carry VERB aisthesis-1842 27 8 the the DET aisthesis-1842 27 9 highest high ADJ aisthesis-1842 27 10 returns return NOUN aisthesis-1842 27 11 with with ADP aisthesis-1842 27 12 volatile volatile ADJ aisthesis-1842 27 13 effective effective ADJ aisthesis-1842 27 14 tax tax NOUN aisthesis-1842 27 15 rates rate NOUN aisthesis-1842 27 16 earning earn VERB aisthesis-1842 27 17 over over ADP aisthesis-1842 27 18 700 700 NUM aisthesis-1842 27 19 bps bps NOUN aisthesis-1842 27 20 more more ADV aisthesis-1842 27 21 a a DET aisthesis-1842 27 22 year year NOUN aisthesis-1842 27 23 than than ADP aisthesis-1842 27 24 less less ADV aisthesis-1842 27 25 volatile volatile ADJ aisthesis-1842 27 26 effective effective ADJ aisthesis-1842 27 27 tax tax NOUN aisthesis-1842 27 28 rates rate NOUN aisthesis-1842 27 29 . . PUNCT aisthesis-1842 28 1 while while SCONJ aisthesis-1842 28 2 drake drake VERB aisthesis-1842 28 3 et et PROPN aisthesis-1842 28 4 al al PROPN aisthesis-1842 28 5 . . PROPN aisthesis-1842 29 1 ( ( PUNCT aisthesis-1842 29 2 2017 2017 NUM aisthesis-1842 29 3 ) ) PUNCT aisthesis-1842 29 4 show show VERB aisthesis-1842 29 5 the the DET aisthesis-1842 29 6 mitigative mitigative NOUN aisthesis-1842 29 7 effects effect NOUN aisthesis-1842 29 8 of of ADP aisthesis-1842 29 9 tax tax NOUN aisthesis-1842 29 10 risk risk NOUN aisthesis-1842 29 11 on on ADP aisthesis-1842 29 12 valuation valuation NOUN aisthesis-1842 29 13 , , PUNCT aisthesis-1842 29 14 i i PRON aisthesis-1842 29 15 find find VERB aisthesis-1842 29 16 a a DET aisthesis-1842 29 17 positive positive ADJ aisthesis-1842 29 18 result result NOUN aisthesis-1842 29 19 of of ADP aisthesis-1842 29 20 tax tax NOUN aisthesis-1842 29 21 risk risk NOUN aisthesis-1842 29 22 on on ADP aisthesis-1842 29 23 firm firm ADJ aisthesis-1842 29 24 return return NOUN aisthesis-1842 29 25 . . PUNCT aisthesis-1842 30 1 equity equity NOUN aisthesis-1842 30 2 investors investor NOUN aisthesis-1842 30 3 appear appear VERB aisthesis-1842 30 4 to to PART aisthesis-1842 30 5 be be AUX aisthesis-1842 30 6 compensated compensate VERB aisthesis-1842 30 7 for for ADP aisthesis-1842 30 8 carrying carry VERB aisthesis-1842 30 9 more more ADJ aisthesis-1842 30 10 risk risk NOUN aisthesis-1842 30 11 . . PUNCT aisthesis-1842 30 12       SPACE aisthesis-1842 31 1 one one NUM aisthesis-1842 31 2 inference inference NOUN aisthesis-1842 31 3 that that PRON aisthesis-1842 31 4 could could AUX aisthesis-1842 31 5 be be AUX aisthesis-1842 31 6 made make VERB aisthesis-1842 31 7 is be AUX aisthesis-1842 31 8 that that SCONJ aisthesis-1842 31 9 these these DET aisthesis-1842 31 10 results result NOUN aisthesis-1842 31 11 follow follow VERB aisthesis-1842 31 12 a a DET aisthesis-1842 31 13 basic basic ADJ aisthesis-1842 31 14 trend trend NOUN aisthesis-1842 31 15 in in ADP aisthesis-1842 31 16 which which PRON aisthesis-1842 31 17 equity equity NOUN aisthesis-1842 31 18 investors investor NOUN aisthesis-1842 31 19 are be AUX aisthesis-1842 31 20 compensated compensate VERB aisthesis-1842 31 21 for for ADP aisthesis-1842 31 22 holding hold VERB aisthesis-1842 31 23 more more ADJ aisthesis-1842 31 24 firm firm ADJ aisthesis-1842 31 25 risk risk NOUN aisthesis-1842 31 26 . . PUNCT aisthesis-1842 32 1 i i PRON aisthesis-1842 32 2 adjust adjust VERB aisthesis-1842 32 3 for for ADP aisthesis-1842 32 4 this this DET aisthesis-1842 32 5 relationship relationship NOUN aisthesis-1842 32 6 by by ADP aisthesis-1842 32 7 controlling control VERB aisthesis-1842 32 8 for for ADP aisthesis-1842 32 9 systematic systematic ADJ aisthesis-1842 32 10 risk risk NOUN aisthesis-1842 32 11 along along ADP aisthesis-1842 32 12 with with ADP aisthesis-1842 32 13 other other ADJ aisthesis-1842 32 14 performance performance NOUN aisthesis-1842 32 15 variables variable NOUN aisthesis-1842 32 16 . . PUNCT aisthesis-1842 33 1 even even ADV aisthesis-1842 33 2 after after ADP aisthesis-1842 33 3 controlling control VERB aisthesis-1842 33 4 for for ADP aisthesis-1842 33 5 the the DET aisthesis-1842 33 6 risk risk NOUN aisthesis-1842 33 7 premium premium NOUN aisthesis-1842 33 8 , , PUNCT aisthesis-1842 33 9 i i PRON aisthesis-1842 33 10 find find VERB aisthesis-1842 33 11 firms firm NOUN aisthesis-1842 33 12 with with ADP aisthesis-1842 33 13 low low ADJ aisthesis-1842 33 14 tax tax NOUN aisthesis-1842 33 15 risk risk NOUN aisthesis-1842 33 16 and and CCONJ aisthesis-1842 33 17 high high ADJ aisthesis-1842 33 18 rates rate NOUN aisthesis-1842 33 19 earn earn VERB aisthesis-1842 33 20 very very ADV aisthesis-1842 33 21 low low ADJ aisthesis-1842 33 22 returns return NOUN aisthesis-1842 33 23 , , PUNCT aisthesis-1842 33 24 while while SCONJ aisthesis-1842 33 25 firms firm NOUN aisthesis-1842 33 26 that that PRON aisthesis-1842 33 27 have have VERB aisthesis-1842 33 28 low low ADJ aisthesis-1842 33 29 tax tax NOUN aisthesis-1842 33 30 rates rate NOUN aisthesis-1842 33 31 and and CCONJ aisthesis-1842 33 32 high high ADJ aisthesis-1842 33 33 risk risk NOUN aisthesis-1842 33 34 generate generate VERB aisthesis-1842 33 35 higher high ADJ aisthesis-1842 33 36 returns return NOUN aisthesis-1842 33 37 . . PUNCT aisthesis-1842 34 1 i i PRON aisthesis-1842 34 2 regress regress VERB aisthesis-1842 34 3 each each DET aisthesis-1842 34 4 portfolio portfolio NOUN aisthesis-1842 34 5 against against ADP aisthesis-1842 34 6 an an DET aisthesis-1842 34 7 asset asset NOUN aisthesis-1842 34 8 pricing pricing NOUN aisthesis-1842 34 9 model model NOUN aisthesis-1842 34 10 to to PART aisthesis-1842 34 11 capture capture VERB aisthesis-1842 34 12 mispricing misprice VERB aisthesis-1842 34 13 within within ADP aisthesis-1842 34 14 tax tax NOUN aisthesis-1842 34 15 aggressive aggressive ADJ aisthesis-1842 34 16 firms firm NOUN aisthesis-1842 34 17 . . PUNCT aisthesis-1842 35 1 my my PRON aisthesis-1842 35 2 results result NOUN aisthesis-1842 35 3 suggest suggest VERB aisthesis-1842 35 4 that that SCONJ aisthesis-1842 35 5 the the DET aisthesis-1842 35 6 market market NOUN aisthesis-1842 35 7 discounts discount NOUN aisthesis-1842 35 8 firms firm NOUN aisthesis-1842 35 9 with with ADP aisthesis-1842 35 10 inconsistently inconsistently ADV aisthesis-1842 35 11 low low ADJ aisthesis-1842 35 12 tax tax NOUN aisthesis-1842 35 13 rates rate NOUN aisthesis-1842 35 14 too too ADV aisthesis-1842 35 15 much much ADV aisthesis-1842 35 16 , , PUNCT aisthesis-1842 35 17 leading lead VERB aisthesis-1842 35 18 to to ADP aisthesis-1842 35 19 an an DET aisthesis-1842 35 20 undervaluation undervaluation NOUN aisthesis-1842 35 21 . . PUNCT aisthesis-1842 36 1 these these DET aisthesis-1842 36 2 results result NOUN aisthesis-1842 36 3 support support VERB aisthesis-1842 36 4 the the DET aisthesis-1842 36 5 idea idea NOUN aisthesis-1842 36 6 that that SCONJ aisthesis-1842 36 7 investors investor NOUN aisthesis-1842 36 8 do do AUX aisthesis-1842 36 9 not not PART aisthesis-1842 36 10 completely completely ADV aisthesis-1842 36 11 realize realize VERB aisthesis-1842 36 12 the the DET aisthesis-1842 36 13 tax tax NOUN aisthesis-1842 36 14 cash cash NOUN aisthesis-1842 36 15 savings saving NOUN aisthesis-1842 36 16 of of ADP aisthesis-1842 36 17 high high ADJ aisthesis-1842 36 18 taxavoiding taxavoide VERB aisthesis-1842 36 19 firms firm NOUN aisthesis-1842 36 20 . . PUNCT aisthesis-1842 37 1 my my PRON aisthesis-1842 37 2 research research NOUN aisthesis-1842 37 3 contributes contribute VERB aisthesis-1842 37 4 to to ADP aisthesis-1842 37 5 the the DET aisthesis-1842 37 6 literature literature NOUN aisthesis-1842 37 7 by by ADP aisthesis-1842 37 8 presenting present VERB aisthesis-1842 37 9 a a DET aisthesis-1842 37 10 material material NOUN aisthesis-1842 37 11 trading trading NOUN aisthesis-1842 37 12 strategy strategy NOUN aisthesis-1842 37 13 based base VERB aisthesis-1842 37 14 on on ADP aisthesis-1842 37 15 a a DET aisthesis-1842 37 16 firm firm NOUN aisthesis-1842 37 17 ’s ’s PART aisthesis-1842 37 18 tax tax NOUN aisthesis-1842 37 19 avoidance avoidance NOUN aisthesis-1842 37 20 aggressiveness aggressiveness NOUN aisthesis-1842 37 21 . . PUNCT aisthesis-1842 38 1 i i PRON aisthesis-1842 38 2 empirically empirically ADV aisthesis-1842 38 3 show show VERB aisthesis-1842 38 4 a a DET aisthesis-1842 38 5 mispricing mispricing NOUN aisthesis-1842 38 6 between between ADP aisthesis-1842 38 7 tax tax NOUN aisthesis-1842 38 8 avoidance avoidance NOUN aisthesis-1842 38 9 portfolios portfolio NOUN aisthesis-1842 38 10 based base VERB aisthesis-1842 38 11 on on ADP aisthesis-1842 38 12 firms firm NOUN aisthesis-1842 38 13 ’ ' PUNCT aisthesis-1842 38 14 returns return NOUN aisthesis-1842 38 15 . . PUNCT aisthesis-1842 39 1 i i PRON aisthesis-1842 39 2 further far ADV aisthesis-1842 39 3 contribute contribute VERB aisthesis-1842 39 4 to to ADP aisthesis-1842 39 5 the the DET aisthesis-1842 39 6 encompassing encompass VERB aisthesis-1842 39 7 research research NOUN aisthesis-1842 39 8 on on ADP aisthesis-1842 39 9 tax tax NOUN aisthesis-1842 39 10 avoidance avoidance NOUN aisthesis-1842 39 11 and and CCONJ aisthesis-1842 39 12 its its PRON aisthesis-1842 39 13 relationship relationship NOUN aisthesis-1842 39 14 with with ADP aisthesis-1842 39 15 firm firm ADJ aisthesis-1842 39 16 valuation valuation NOUN aisthesis-1842 39 17 . . PUNCT aisthesis-1842 40 1 the the DET aisthesis-1842 40 2 rest rest NOUN aisthesis-1842 40 3 of of ADP aisthesis-1842 40 4 the the DET aisthesis-1842 40 5 paper paper NOUN aisthesis-1842 40 6 is be AUX aisthesis-1842 40 7 structured structure VERB aisthesis-1842 40 8 in in ADP aisthesis-1842 40 9 the the DET aisthesis-1842 40 10 following following ADJ aisthesis-1842 40 11 way way NOUN aisthesis-1842 40 12 : : PUNCT aisthesis-1842 40 13 section section NOUN aisthesis-1842 40 14 two two NUM aisthesis-1842 40 15 formulates formulate VERB aisthesis-1842 40 16 my my PRON aisthesis-1842 40 17 hypothesis hypothesis NOUN aisthesis-1842 40 18 ; ; PUNCT aisthesis-1842 40 19 section section NOUN aisthesis-1842 40 20 three three NUM aisthesis-1842 40 21 describes describe VERB aisthesis-1842 40 22 my my PRON aisthesis-1842 40 23 research research NOUN aisthesis-1842 40 24 method method NOUN aisthesis-1842 40 25 and and CCONJ aisthesis-1842 40 26 data datum NOUN aisthesis-1842 40 27 ; ; PUNCT aisthesis-1842 40 28 section section NOUN aisthesis-1842 40 29 four four NUM aisthesis-1842 40 30 presents present VERB aisthesis-1842 40 31 my my PRON aisthesis-1842 40 32 results result NOUN aisthesis-1842 40 33 ; ; PUNCT aisthesis-1842 40 34 and and CCONJ aisthesis-1842 40 35 section section NOUN aisthesis-1842 40 36 five five NUM aisthesis-1842 40 37 offers offer VERB aisthesis-1842 40 38 conclusions conclusion NOUN aisthesis-1842 40 39 from from ADP aisthesis-1842 40 40 the the DET aisthesis-1842 40 41 study study NOUN aisthesis-1842 40 42 . . PUNCT aisthesis-1842 41 1 ii ii PROPN aisthesis-1842 41 2 . . PUNCT aisthesis-1842 41 3 hypothesis hypothesis NOUN aisthesis-1842 41 4 formation formation NOUN aisthesis-1842 41 5 the the DET aisthesis-1842 41 6 ability ability NOUN aisthesis-1842 41 7 of of ADP aisthesis-1842 41 8 investors investor NOUN aisthesis-1842 41 9 to to PART aisthesis-1842 41 10 fully fully ADV aisthesis-1842 41 11 incorporate incorporate VERB aisthesis-1842 41 12 complex complex ADJ aisthesis-1842 41 13 tax tax NOUN aisthesis-1842 41 14 environments environment NOUN aisthesis-1842 41 15 has have AUX aisthesis-1842 41 16 been be AUX aisthesis-1842 41 17 a a DET aisthesis-1842 41 18 subject subject NOUN aisthesis-1842 41 19 of of ADP aisthesis-1842 41 20 interest interest NOUN aisthesis-1842 41 21 in in ADP aisthesis-1842 41 22 recent recent ADJ aisthesis-1842 41 23 literature literature NOUN aisthesis-1842 41 24 . . PUNCT aisthesis-1842 42 1 this this DET aisthesis-1842 42 2 study study NOUN aisthesis-1842 42 3 provides provide VERB aisthesis-1842 42 4 evidence evidence NOUN aisthesis-1842 42 5 of of ADP aisthesis-1842 42 6 significant significant ADJ aisthesis-1842 42 7 earning earning NOUN aisthesis-1842 42 8 differentials differential NOUN aisthesis-1842 42 9 between between ADP aisthesis-1842 42 10 aggressive aggressive ADJ aisthesis-1842 42 11 avoiding avoiding NOUN aisthesis-1842 42 12 and and CCONJ aisthesis-1842 42 13 non non ADJ aisthesis-1842 42 14 - - ADJ aisthesis-1842 42 15 aggressive aggressive ADJ aisthesis-1842 42 16 avoiding avoid VERB aisthesis-1842 42 17 firms firm NOUN aisthesis-1842 42 18 . . PUNCT aisthesis-1842 43 1 investors investor NOUN aisthesis-1842 43 2 often often ADV aisthesis-1842 43 3 ignore ignore VERB aisthesis-1842 43 4 firm firm ADJ aisthesis-1842 43 5 - - PUNCT aisthesis-1842 43 6 specific specific ADJ aisthesis-1842 43 7 tax tax NOUN aisthesis-1842 43 8 information information NOUN aisthesis-1842 43 9 and and CCONJ aisthesis-1842 43 10 rely rely VERB aisthesis-1842 43 11 heavily heavily ADV aisthesis-1842 43 12 on on ADP aisthesis-1842 43 13 the the DET aisthesis-1842 43 14 statutory statutory ADJ aisthesis-1842 43 15 tax tax NOUN aisthesis-1842 43 16 rate rate NOUN aisthesis-1842 43 17 when when SCONJ aisthesis-1842 43 18 making make VERB aisthesis-1842 43 19 valuation valuation NOUN aisthesis-1842 43 20 decisions decision NOUN aisthesis-1842 43 21 ( ( PUNCT aisthesis-1842 43 22 powers power NOUN aisthesis-1842 43 23 , , PUNCT aisthesis-1842 43 24 seidman seidman PROPN aisthesis-1842 43 25 , , PUNCT aisthesis-1842 43 26 & & CCONJ aisthesis-1842 43 27 stomberg stomberg PROPN aisthesis-1842 43 28 , , PUNCT aisthesis-1842 43 29 2015 2015 NUM aisthesis-1842 43 30 ) ) PUNCT aisthesis-1842 43 31 . . PUNCT aisthesis-1842 44 1 interim interim ADJ aisthesis-1842 44 2 or or CCONJ aisthesis-1842 44 3 even even ADV aisthesis-1842 44 4 permanent permanent ADJ aisthesis-1842 44 5 tax tax NOUN aisthesis-1842 44 6 fluctuations fluctuation NOUN aisthesis-1842 44 7 may may AUX aisthesis-1842 44 8 be be AUX aisthesis-1842 44 9 ignored ignore VERB aisthesis-1842 44 10 when when SCONJ aisthesis-1842 44 11 pricing price VERB aisthesis-1842 44 12 a a DET aisthesis-1842 44 13 firm firm NOUN aisthesis-1842 44 14 ’s ’s PART aisthesis-1842 44 15 stock stock NOUN aisthesis-1842 44 16 . . PUNCT aisthesis-1842 45 1 kim kim PROPN aisthesis-1842 45 2 , , PUNCT aisthesis-1842 45 3 schmidt schmidt NOUN aisthesis-1842 45 4 , , PUNCT aisthesis-1842 45 5 and and CCONJ aisthesis-1842 45 6 wentland wentland NOUN aisthesis-1842 45 7 ( ( PUNCT aisthesis-1842 45 8 2015 2015 NUM aisthesis-1842 45 9 ) ) PUNCT aisthesis-1842 45 10 find find VERB aisthesis-1842 45 11 that that SCONJ aisthesis-1842 45 12 analysts analyst NOUN aisthesis-1842 45 13 underreact underreact VERB aisthesis-1842 45 14 to to ADP aisthesis-1842 45 15 tax tax NOUN aisthesis-1842 45 16 change change NOUN aisthesis-1842 45 17 components component NOUN aisthesis-1842 45 18 more more ADJ aisthesis-1842 45 19 than than ADP aisthesis-1842 45 20 other other ADJ aisthesis-1842 45 21 earnings earning NOUN aisthesis-1842 45 22 components component NOUN aisthesis-1842 45 23 of of ADP aisthesis-1842 45 24 a a DET aisthesis-1842 45 25 firm firm NOUN aisthesis-1842 45 26 . . PUNCT aisthesis-1842 46 1 they they PRON aisthesis-1842 46 2 attribute attribute VERB aisthesis-1842 46 3 this this DET aisthesis-1842 46 4 underreaction underreaction NOUN aisthesis-1842 46 5 to to ADP aisthesis-1842 46 6 analysts analyst NOUN aisthesis-1842 46 7 ’ ' PUNCT aisthesis-1842 46 8 failure failure NOUN aisthesis-1842 46 9 to to PART aisthesis-1842 46 10 fully fully ADV aisthesis-1842 46 11 recognize recognize VERB aisthesis-1842 46 12 the the DET aisthesis-1842 46 13 difference difference NOUN aisthesis-1842 46 14 between between ADP aisthesis-1842 46 15 permanent permanent ADJ aisthesis-1842 46 16 and and CCONJ aisthesis-1842 46 17 temporary temporary ADJ aisthesis-1842 46 18 effective effective ADJ aisthesis-1842 46 19 tax tax NOUN aisthesis-1842 46 20 rate rate NOUN aisthesis-1842 46 21 changes change NOUN aisthesis-1842 46 22 . . PUNCT aisthesis-1842 47 1 clearly clearly ADV aisthesis-1842 47 2 , , PUNCT aisthesis-1842 47 3 there there PRON aisthesis-1842 47 4 is be VERB aisthesis-1842 47 5 evidence evidence NOUN aisthesis-1842 47 6 that that SCONJ aisthesis-1842 47 7 a a DET aisthesis-1842 47 8 firm firm NOUN aisthesis-1842 47 9 ’s ’s PART aisthesis-1842 47 10 tax tax NOUN aisthesis-1842 47 11 environment environment NOUN aisthesis-1842 47 12 may may AUX aisthesis-1842 47 13 be be AUX aisthesis-1842 47 14 overlooked overlook VERB aisthesis-1842 47 15 in in ADP aisthesis-1842 47 16 valuation valuation NOUN aisthesis-1842 47 17 . . PUNCT aisthesis-1842 48 1 both both PRON aisthesis-1842 48 2 management management NOUN aisthesis-1842 48 3 and and CCONJ aisthesis-1842 48 4 analyst analyst NOUN aisthesis-1842 48 5 accuracy accuracy NOUN aisthesis-1842 48 6 in in ADP aisthesis-1842 48 7 predicting predict VERB aisthesis-1842 48 8 effective effective ADJ aisthesis-1842 48 9 tax tax NOUN aisthesis-1842 48 10 rates rate NOUN aisthesis-1842 48 11 have have AUX aisthesis-1842 48 12 been be AUX aisthesis-1842 48 13 shown show VERB aisthesis-1842 48 14 to to PART aisthesis-1842 48 15 decrease decrease VERB aisthesis-1842 48 16 as as ADP aisthesis-1842 48 17 a a DET aisthesis-1842 48 18 firm firm NOUN aisthesis-1842 48 19 ’s ’s PART aisthesis-1842 48 20 tax tax NOUN aisthesis-1842 48 21 complexity complexity NOUN aisthesis-1842 48 22 increases increase NOUN aisthesis-1842 48 23 ( ( PUNCT aisthesis-1842 48 24 bratten bratten PROPN aisthesis-1842 48 25 , , PUNCT aisthesis-1842 48 26 gleason gleason PROPN aisthesis-1842 48 27 , , PUNCT aisthesis-1842 48 28 larocque larocque ADJ aisthesis-1842 48 29 , , PUNCT aisthesis-1842 48 30 & & CCONJ aisthesis-1842 48 31 mills mill NOUN aisthesis-1842 48 32 , , PUNCT aisthesis-1842 48 33 2017 2017 NUM aisthesis-1842 48 34 ) ) PUNCT aisthesis-1842 48 35 . . PUNCT aisthesis-1842 49 1 as as SCONJ aisthesis-1842 49 2 the the DET aisthesis-1842 49 3 aggressive aggressive ADJ aisthesis-1842 49 4 tax tax NOUN aisthesis-1842 49 5 - - PUNCT aisthesis-1842 49 6 avoiding avoid VERB aisthesis-1842 49 7 firms firm NOUN aisthesis-1842 49 8 operate operate VERB aisthesis-1842 49 9 in in ADP aisthesis-1842 49 10 complexity complexity NOUN aisthesis-1842 49 11 and and CCONJ aisthesis-1842 49 12 uncertainty uncertainty NOUN aisthesis-1842 49 13 with with ADP aisthesis-1842 49 14 regards regard NOUN aisthesis-1842 49 15 to to ADP aisthesis-1842 49 16 future future ADJ aisthesis-1842 49 17 tax tax NOUN aisthesis-1842 49 18 cash cash NOUN aisthesis-1842 49 19 flow flow NOUN aisthesis-1842 49 20 effectiveness effectiveness NOUN aisthesis-1842 49 21 , , PUNCT aisthesis-1842 49 22 it it PRON aisthesis-1842 49 23 can can AUX aisthesis-1842 49 24 be be AUX aisthesis-1842 49 25 assumed assume VERB aisthesis-1842 49 26 that that SCONJ aisthesis-1842 49 27 aggressive aggressive ADJ aisthesis-1842 49 28 - - PUNCT aisthesis-1842 49 29 avoiding avoid VERB aisthesis-1842 49 30 firms firm NOUN aisthesis-1842 49 31 create create VERB aisthesis-1842 49 32 more more ADJ aisthesis-1842 49 33 complex complex ADJ aisthesis-1842 49 34 tax tax NOUN aisthesis-1842 49 35 information information NOUN aisthesis-1842 49 36 environments environment NOUN aisthesis-1842 49 37 . . PUNCT aisthesis-1842 50 1 given give VERB aisthesis-1842 50 2 the the DET aisthesis-1842 50 3 inherent inherent ADJ aisthesis-1842 50 4 difficulty difficulty NOUN aisthesis-1842 50 5 analysts analyst NOUN aisthesis-1842 50 6 and and CCONJ aisthesis-1842 50 7 investors investor NOUN aisthesis-1842 50 8 have have VERB aisthesis-1842 50 9 in in ADP aisthesis-1842 50 10 impounding impound VERB aisthesis-1842 50 11 tax tax NOUN aisthesis-1842 50 12 information information NOUN aisthesis-1842 50 13 into into ADP aisthesis-1842 50 14 the the DET aisthesis-1842 50 15 stock stock NOUN aisthesis-1842 50 16 prices price NOUN aisthesis-1842 50 17 of of ADP aisthesis-1842 50 18 complex complex ADJ aisthesis-1842 50 19 tax tax NOUN aisthesis-1842 50 20 - - PUNCT aisthesis-1842 50 21 situated situate VERB aisthesis-1842 50 22 firms firm NOUN aisthesis-1842 50 23 , , PUNCT aisthesis-1842 50 24 i i PRON aisthesis-1842 50 25 hypothesize hypothesize VERB aisthesis-1842 50 26 that that SCONJ aisthesis-1842 50 27 aggressive aggressive ADJ aisthesis-1842 50 28 tax tax NOUN aisthesis-1842 50 29 avoidance avoidance NOUN aisthesis-1842 50 30 strategies strategy NOUN aisthesis-1842 50 31 can can AUX aisthesis-1842 50 32 create create VERB aisthesis-1842 50 33 profitable profitable ADJ aisthesis-1842 50 34 mispricing misprice VERB aisthesis-1842 50 35 opportunities opportunity NOUN aisthesis-1842 50 36 for for ADP aisthesis-1842 50 37 investors investor NOUN aisthesis-1842 50 38 . . PUNCT aisthesis-1842 51 1 h1 h1 PROPN aisthesis-1842 51 2 : : PUNCT aisthesis-1842 51 3 aggressive aggressive ADJ aisthesis-1842 51 4 tax tax NOUN aisthesis-1842 51 5 - - PUNCT aisthesis-1842 51 6 avoiding avoid VERB aisthesis-1842 51 7 firms firm NOUN aisthesis-1842 51 8 generate generate VERB aisthesis-1842 51 9 positive positive ADJ aisthesis-1842 51 10 abnormal abnormal ADJ aisthesis-1842 51 11 returns return NOUN aisthesis-1842 51 12 . . PUNCT aisthesis-1842 52 1 this this DET aisthesis-1842 52 2 tax tax NOUN aisthesis-1842 52 3 complexity complexity NOUN aisthesis-1842 52 4 refers refer VERB aisthesis-1842 52 5 , , PUNCT aisthesis-1842 52 6 in in ADP aisthesis-1842 52 7 part part NOUN aisthesis-1842 52 8 , , PUNCT aisthesis-1842 52 9 to to ADP aisthesis-1842 52 10 the the DET aisthesis-1842 52 11 uncertainty uncertainty NOUN aisthesis-1842 52 12 of of ADP aisthesis-1842 52 13 future future ADJ aisthesis-1842 52 14 tax tax NOUN aisthesis-1842 52 15 strategies strategy NOUN aisthesis-1842 52 16 or or CCONJ aisthesis-1842 52 17 tactics tactic NOUN aisthesis-1842 52 18 having have VERB aisthesis-1842 52 19 their their PRON aisthesis-1842 52 20 desired desire VERB aisthesis-1842 52 21 effect effect NOUN aisthesis-1842 52 22 . . PUNCT aisthesis-1842 53 1 avoidance avoidance NOUN aisthesis-1842 53 2 activities activity NOUN aisthesis-1842 53 3 can can AUX aisthesis-1842 53 4 be be AUX aisthesis-1842 53 5 challenged challenge VERB aisthesis-1842 53 6 and and CCONJ aisthesis-1842 53 7 overruled overrule VERB aisthesis-1842 53 8 by by ADP aisthesis-1842 53 9 u.s u.s PROPN aisthesis-1842 53 10 courts court NOUN aisthesis-1842 53 11 and and CCONJ aisthesis-1842 53 12 , , PUNCT aisthesis-1842 53 13 for for ADP aisthesis-1842 53 14 an an DET aisthesis-1842 53 15 aggressive aggressive ADJ aisthesis-1842 53 16 tax tax NOUN aisthesis-1842 53 17 - - PUNCT aisthesis-1842 53 18 avoiding avoid VERB aisthesis-1842 53 19 firm firm NOUN aisthesis-1842 53 20 , , PUNCT aisthesis-1842 53 21 the the DET aisthesis-1842 53 22 effective effective ADJ aisthesis-1842 53 23 rates rate NOUN aisthesis-1842 53 24 can can AUX aisthesis-1842 53 25 fluctuate fluctuate VERB aisthesis-1842 53 26 period period NOUN aisthesis-1842 53 27 to to ADP aisthesis-1842 53 28 period period NOUN aisthesis-1842 53 29 . . PUNCT aisthesis-1842 54 1 this this PRON aisthesis-1842 54 2 causes cause VERB aisthesis-1842 54 3 uncertainty uncertainty NOUN aisthesis-1842 54 4 in in ADP aisthesis-1842 54 5 the the DET aisthesis-1842 54 6 tax tax NOUN aisthesis-1842 54 7 savings saving NOUN aisthesis-1842 54 8 and and CCONJ aisthesis-1842 54 9 cash cash NOUN aisthesis-1842 54 10 flows flow NOUN aisthesis-1842 54 11 which which PRON aisthesis-1842 54 12 is be AUX aisthesis-1842 54 13 the the DET aisthesis-1842 54 14 tax tax NOUN aisthesis-1842 54 15 trading trading NOUN aisthesis-1842 54 16 on on ADP aisthesis-1842 54 17 tax tax NOUN aisthesis-1842 54 18 avoidance avoidance NOUN aisthesis-1842 54 19 aisthesis aisthesis NOUN aisthesis-1842 54 20 volume volume NOUN aisthesis-1842 54 21 10 10 NUM aisthesis-1842 54 22 , , PUNCT aisthesis-1842 54 23 20193 20193 NUM aisthesis-1842 54 24 risk risk NOUN aisthesis-1842 54 25 component component NOUN aisthesis-1842 54 26 of of ADP aisthesis-1842 54 27 a a DET aisthesis-1842 54 28 firm firm NOUN aisthesis-1842 54 29 . . PUNCT aisthesis-1842 55 1 guenther guenther PROPN aisthesis-1842 55 2 et et PROPN aisthesis-1842 55 3 al al PROPN aisthesis-1842 55 4 . . PROPN aisthesis-1842 56 1 ( ( PUNCT aisthesis-1842 56 2 2017 2017 NUM aisthesis-1842 56 3 ) ) PUNCT aisthesis-1842 56 4 found find VERB aisthesis-1842 56 5 a a DET aisthesis-1842 56 6 positive positive ADJ aisthesis-1842 56 7 relationship relationship NOUN aisthesis-1842 56 8 between between ADP aisthesis-1842 56 9 tax tax NOUN aisthesis-1842 56 10 risk risk NOUN aisthesis-1842 56 11 and and CCONJ aisthesis-1842 56 12 overall overall ADJ aisthesis-1842 56 13 firm firm ADJ aisthesis-1842 56 14 risk risk NOUN aisthesis-1842 56 15 . . PUNCT aisthesis-1842 57 1 because because SCONJ aisthesis-1842 57 2 investors investor NOUN aisthesis-1842 57 3 are be AUX aisthesis-1842 57 4 compensated compensate VERB aisthesis-1842 57 5 for for ADP aisthesis-1842 57 6 holding hold VERB aisthesis-1842 57 7 more more ADJ aisthesis-1842 57 8 risk risk NOUN aisthesis-1842 57 9 , , PUNCT aisthesis-1842 57 10 i i PRON aisthesis-1842 57 11 assert assert VERB aisthesis-1842 57 12 that that SCONJ aisthesis-1842 57 13 aggressive aggressive ADJ aisthesis-1842 57 14 taxavoiding taxavoide VERB aisthesis-1842 57 15 firms firm NOUN aisthesis-1842 57 16 follow follow VERB aisthesis-1842 57 17 this this DET aisthesis-1842 57 18 investment investment NOUN aisthesis-1842 57 19 relationship relationship NOUN aisthesis-1842 57 20 . . PUNCT aisthesis-1842 58 1 h2 h2 PROPN aisthesis-1842 58 2 : : PUNCT aisthesis-1842 59 1 investors investor NOUN aisthesis-1842 59 2 are be AUX aisthesis-1842 59 3 compensated compensate VERB aisthesis-1842 59 4 for for ADP aisthesis-1842 59 5 holding hold VERB aisthesis-1842 59 6 firms firm NOUN aisthesis-1842 59 7 with with ADP aisthesis-1842 59 8 higher high ADJ aisthesis-1842 59 9 tax tax NOUN aisthesis-1842 59 10 risk risk NOUN aisthesis-1842 59 11 . . PUNCT aisthesis-1842 60 1 iii iii X aisthesis-1842 60 2 . . PUNCT aisthesis-1842 60 3 data datum NOUN aisthesis-1842 60 4 and and CCONJ aisthesis-1842 60 5 methodology methodology NOUN aisthesis-1842 60 6 i i PRON aisthesis-1842 60 7 follow follow VERB aisthesis-1842 60 8 dyreng dyreng PROPN aisthesis-1842 60 9 , , PUNCT aisthesis-1842 60 10 hanlon hanlon NOUN aisthesis-1842 60 11 , , PUNCT aisthesis-1842 60 12 and and CCONJ aisthesis-1842 60 13 maydew maydew NOUN aisthesis-1842 60 14 ( ( PUNCT aisthesis-1842 60 15 2008 2008 NUM aisthesis-1842 60 16 ) ) PUNCT aisthesis-1842 60 17 and and CCONJ aisthesis-1842 60 18 goh goh PROPN aisthesis-1842 60 19 et et PROPN aisthesis-1842 60 20 al al PROPN aisthesis-1842 60 21 . . PROPN aisthesis-1842 60 22 ’s ’s PART aisthesis-1842 61 1 ( ( PUNCT aisthesis-1842 61 2 2016 2016 NUM aisthesis-1842 61 3 ) ) PUNCT aisthesis-1842 61 4 definitions definition NOUN aisthesis-1842 61 5 of of ADP aisthesis-1842 61 6 tax tax NOUN aisthesis-1842 61 7 avoidance avoidance NOUN aisthesis-1842 61 8 to to PART aisthesis-1842 61 9 include include VERB aisthesis-1842 61 10 all all DET aisthesis-1842 61 11 activities activity NOUN aisthesis-1842 61 12 that that PRON aisthesis-1842 61 13 lower lower VERB aisthesis-1842 61 14 a a DET aisthesis-1842 61 15 firm firm NOUN aisthesis-1842 61 16 ’s ’s PART aisthesis-1842 61 17 tax tax NOUN aisthesis-1842 61 18 liability liability NOUN aisthesis-1842 61 19 and and CCONJ aisthesis-1842 61 20 effective effective ADJ aisthesis-1842 61 21 tax tax NOUN aisthesis-1842 61 22 rate rate NOUN aisthesis-1842 61 23 . . PUNCT aisthesis-1842 62 1 i i PRON aisthesis-1842 62 2 use use VERB aisthesis-1842 62 3 predefined predefine VERB aisthesis-1842 62 4 tax tax NOUN aisthesis-1842 62 5 avoidance avoidance NOUN aisthesis-1842 62 6 measures measure NOUN aisthesis-1842 62 7 to to PART aisthesis-1842 62 8 capture capture VERB aisthesis-1842 62 9 the the DET aisthesis-1842 62 10 range range NOUN aisthesis-1842 62 11 of of ADP aisthesis-1842 62 12 tax tax NOUN aisthesis-1842 62 13 avoidance avoidance NOUN aisthesis-1842 62 14 aggressiveness aggressiveness NOUN aisthesis-1842 62 15 . . PUNCT aisthesis-1842 63 1 tax tax NOUN aisthesis-1842 63 2 - - PUNCT aisthesis-1842 63 3 avoiding avoid VERB aisthesis-1842 63 4 activities activity NOUN aisthesis-1842 63 5 can can AUX aisthesis-1842 63 6 be be AUX aisthesis-1842 63 7 permanent permanent ADJ aisthesis-1842 63 8 or or CCONJ aisthesis-1842 63 9 temporary temporary ADJ aisthesis-1842 63 10 in in ADP aisthesis-1842 63 11 nature nature NOUN aisthesis-1842 63 12 , , PUNCT aisthesis-1842 63 13 and and CCONJ aisthesis-1842 63 14 it it PRON aisthesis-1842 63 15 may may AUX aisthesis-1842 63 16 be be AUX aisthesis-1842 63 17 unclear unclear ADJ aisthesis-1842 63 18 which which DET aisthesis-1842 63 19 category category NOUN aisthesis-1842 63 20 it it PRON aisthesis-1842 63 21 falls fall VERB aisthesis-1842 63 22 into into ADP aisthesis-1842 63 23 when when SCONJ aisthesis-1842 63 24 a a DET aisthesis-1842 63 25 firm firm NOUN aisthesis-1842 63 26 implements implement VERB aisthesis-1842 63 27 it it PRON aisthesis-1842 63 28 , , PUNCT aisthesis-1842 63 29 which which PRON aisthesis-1842 63 30 supports support VERB aisthesis-1842 63 31 the the DET aisthesis-1842 63 32 idea idea NOUN aisthesis-1842 63 33 that that SCONJ aisthesis-1842 63 34 tax tax NOUN aisthesis-1842 63 35 avoidance avoidance NOUN aisthesis-1842 63 36 is be AUX aisthesis-1842 63 37 often often ADV aisthesis-1842 63 38 misunderstood.2 misunderstood.2 NOUN aisthesis-1842 63 39 simone simone NOUN aisthesis-1842 63 40 , , PUNCT aisthesis-1842 63 41 nickerson nickerson PROPN aisthesis-1842 63 42 , , PUNCT aisthesis-1842 63 43 seidman seidman PROPN aisthesis-1842 63 44 , , PUNCT aisthesis-1842 63 45 and and CCONJ aisthesis-1842 63 46 stomberg stomberg PROPN aisthesis-1842 63 47 ( ( PUNCT aisthesis-1842 63 48 2016 2016 NUM aisthesis-1842 63 49 ) ) PUNCT aisthesis-1842 63 50 examine examine VERB aisthesis-1842 63 51 the the DET aisthesis-1842 63 52 ability ability NOUN aisthesis-1842 63 53 of of ADP aisthesis-1842 63 54 different different ADJ aisthesis-1842 63 55 tax tax NOUN aisthesis-1842 63 56 avoidance avoidance NOUN aisthesis-1842 63 57 measures measure NOUN aisthesis-1842 63 58 to to PART aisthesis-1842 63 59 capture capture VERB aisthesis-1842 63 60 these these DET aisthesis-1842 63 61 strategies strategy NOUN aisthesis-1842 63 62 . . PUNCT aisthesis-1842 64 1 they they PRON aisthesis-1842 64 2 find find VERB aisthesis-1842 64 3 permanent permanent ADJ aisthesis-1842 64 4 strategies strategy NOUN aisthesis-1842 64 5 to to PART aisthesis-1842 64 6 be be AUX aisthesis-1842 64 7 the the DET aisthesis-1842 64 8 most most ADV aisthesis-1842 64 9 easily easily ADV aisthesis-1842 64 10 detectable detectable ADJ aisthesis-1842 64 11 . . PUNCT aisthesis-1842 65 1 when when SCONJ aisthesis-1842 65 2 a a DET aisthesis-1842 65 3 firm firm NOUN aisthesis-1842 65 4 participates participate VERB aisthesis-1842 65 5 in in ADP aisthesis-1842 65 6 tax tax NOUN aisthesis-1842 65 7 avoidance avoidance NOUN aisthesis-1842 65 8 , , PUNCT aisthesis-1842 65 9 the the DET aisthesis-1842 65 10 effect effect NOUN aisthesis-1842 65 11 it it PRON aisthesis-1842 65 12 has have VERB aisthesis-1842 65 13 on on ADP aisthesis-1842 65 14 a a DET aisthesis-1842 65 15 firm firm NOUN aisthesis-1842 65 16 can can AUX aisthesis-1842 65 17 usually usually ADV aisthesis-1842 65 18 be be AUX aisthesis-1842 65 19 observed observe VERB aisthesis-1842 65 20 and and CCONJ aisthesis-1842 65 21 measured measure VERB aisthesis-1842 65 22 . . PUNCT aisthesis-1842 66 1 differences difference NOUN aisthesis-1842 66 2 arise arise VERB aisthesis-1842 66 3 between between ADP aisthesis-1842 66 4 the the DET aisthesis-1842 66 5 amount amount NOUN aisthesis-1842 66 6 of of ADP aisthesis-1842 66 7 income income NOUN aisthesis-1842 66 8 and and CCONJ aisthesis-1842 66 9 tax tax NOUN aisthesis-1842 66 10 expense expense NOUN aisthesis-1842 66 11 on on ADP aisthesis-1842 66 12 a a DET aisthesis-1842 66 13 company company NOUN aisthesis-1842 66 14 ’s ’s PART aisthesis-1842 66 15 financial financial ADJ aisthesis-1842 66 16 statements statement NOUN aisthesis-1842 66 17 and and CCONJ aisthesis-1842 66 18 its its PRON aisthesis-1842 66 19 tax tax NOUN aisthesis-1842 66 20 return return NOUN aisthesis-1842 66 21 . . PUNCT aisthesis-1842 67 1 these these DET aisthesis-1842 67 2 differences difference NOUN aisthesis-1842 67 3 can can AUX aisthesis-1842 67 4 be be AUX aisthesis-1842 67 5 described describe VERB aisthesis-1842 67 6 as as ADP aisthesis-1842 67 7 book book NOUN aisthesis-1842 67 8 - - PUNCT aisthesis-1842 67 9 to to ADP aisthesis-1842 67 10 - - PUNCT aisthesis-1842 67 11 tax tax NOUN aisthesis-1842 67 12 differences difference NOUN aisthesis-1842 67 13 ( ( PUNCT aisthesis-1842 67 14 btd btd PROPN aisthesis-1842 67 15 ) ) PUNCT aisthesis-1842 67 16 . . PUNCT aisthesis-1842 68 1 firms firm NOUN aisthesis-1842 68 2 involved involve VERB aisthesis-1842 68 3 in in ADP aisthesis-1842 68 4 tax tax NOUN aisthesis-1842 68 5 sheltering sheltering NOUN aisthesis-1842 68 6 often often ADV aisthesis-1842 68 7 have have VERB aisthesis-1842 68 8 larger large ADJ aisthesis-1842 68 9 btds btds NOUN aisthesis-1842 68 10 . . PUNCT aisthesis-1842 69 1 the the DET aisthesis-1842 69 2 effective effective ADJ aisthesis-1842 69 3 tax tax NOUN aisthesis-1842 69 4 rate rate NOUN aisthesis-1842 69 5 ( ( PUNCT aisthesis-1842 69 6 etr etr PROPN aisthesis-1842 69 7 ) ) PUNCT aisthesis-1842 69 8 refers refer VERB aisthesis-1842 69 9 to to ADP aisthesis-1842 69 10 a a DET aisthesis-1842 69 11 firm firm NOUN aisthesis-1842 69 12 ’s ’s PART aisthesis-1842 69 13 tax tax NOUN aisthesis-1842 69 14 rate rate NOUN aisthesis-1842 69 15 on on ADP aisthesis-1842 69 16 taxable taxable ADJ aisthesis-1842 69 17 income income NOUN aisthesis-1842 69 18 . . PUNCT aisthesis-1842 70 1 i i PRON aisthesis-1842 70 2 use use VERB aisthesis-1842 70 3 compustat compustat NOUN aisthesis-1842 70 4 to to PART aisthesis-1842 70 5 analyze analyze VERB aisthesis-1842 70 6 company company NOUN aisthesis-1842 70 7 financial financial ADJ aisthesis-1842 70 8 data datum NOUN aisthesis-1842 70 9 for for ADP aisthesis-1842 70 10 firm firm ADJ aisthesis-1842 70 11 - - PUNCT aisthesis-1842 70 12 years year NOUN aisthesis-1842 70 13 with with ADP aisthesis-1842 70 14 positive positive ADJ aisthesis-1842 70 15 pre pre ADJ aisthesis-1842 70 16 - - ADJ aisthesis-1842 70 17 tax tax ADJ aisthesis-1842 70 18 income income NOUN aisthesis-1842 70 19 over over ADP aisthesis-1842 70 20 the the DET aisthesis-1842 70 21 period period NOUN aisthesis-1842 70 22 1992–2015 1992–2015 NUM aisthesis-1842 70 23 . . PUNCT aisthesis-1842 71 1 negative negative ADJ aisthesis-1842 71 2 values value NOUN aisthesis-1842 71 3 of of ADP aisthesis-1842 71 4 pretax pretax ADJ aisthesis-1842 71 5 income income NOUN aisthesis-1842 71 6 would would AUX aisthesis-1842 71 7 distort distort VERB aisthesis-1842 71 8 the the DET aisthesis-1842 71 9 measurement measurement NOUN aisthesis-1842 71 10 variables variable NOUN aisthesis-1842 71 11 and and CCONJ aisthesis-1842 71 12 , , PUNCT aisthesis-1842 71 13 though though SCONJ aisthesis-1842 71 14 firms firm NOUN aisthesis-1842 71 15 may may AUX aisthesis-1842 71 16 have have VERB aisthesis-1842 71 17 an an DET aisthesis-1842 71 18 operating operating NOUN aisthesis-1842 71 19 loss loss NOUN aisthesis-1842 71 20 during during ADP aisthesis-1842 71 21 a a DET aisthesis-1842 71 22 period period NOUN aisthesis-1842 71 23 , , PUNCT aisthesis-1842 71 24 this this PRON aisthesis-1842 71 25 is be AUX aisthesis-1842 71 26 not not PART aisthesis-1842 71 27 likely likely ADJ aisthesis-1842 71 28 to to PART aisthesis-1842 71 29 persist persist VERB aisthesis-1842 71 30 in in ADP aisthesis-1842 71 31 the the DET aisthesis-1842 71 32 longrun longrun NOUN aisthesis-1842 71 33 . . PUNCT aisthesis-1842 71 34     SPACE aisthesis-1842 72 1 following follow VERB aisthesis-1842 72 2 prior prior ADJ aisthesis-1842 72 3 studies study NOUN aisthesis-1842 72 4 , , PUNCT aisthesis-1842 72 5 i i PRON aisthesis-1842 72 6 exclude exclude VERB aisthesis-1842 72 7 financial financial ADJ aisthesis-1842 72 8 ( ( PUNCT aisthesis-1842 72 9 sic sic ADJ aisthesis-1842 72 10 codes code NOUN aisthesis-1842 72 11 6000 6000 NUM aisthesis-1842 72 12 - - SYM aisthesis-1842 72 13 6999 6999 NUM aisthesis-1842 72 14 ) ) PUNCT aisthesis-1842 72 15 and and CCONJ aisthesis-1842 72 16 utility utility NOUN aisthesis-1842 72 17 ( ( PUNCT aisthesis-1842 72 18 sic sic ADJ aisthesis-1842 72 19 codes code NOUN aisthesis-1842 72 20 4900 4900 NUM aisthesis-1842 72 21 - - SYM aisthesis-1842 72 22 4999 4999 NUM aisthesis-1842 72 23 ) ) PUNCT aisthesis-1842 72 24 firms firm NOUN aisthesis-1842 72 25 . . PUNCT aisthesis-1842 73 1 these these DET aisthesis-1842 73 2 types type NOUN aisthesis-1842 73 3 of of ADP aisthesis-1842 73 4 firms firm NOUN aisthesis-1842 73 5 are be AUX aisthesis-1842 73 6 heavily heavily ADV aisthesis-1842 73 7 regulated regulate VERB aisthesis-1842 73 8 and and CCONJ aisthesis-1842 73 9 have have VERB aisthesis-1842 73 10 a a DET aisthesis-1842 73 11 variety variety NOUN aisthesis-1842 73 12 of of ADP aisthesis-1842 73 13 different different ADJ aisthesis-1842 73 14 tax tax NOUN aisthesis-1842 73 15 regulations regulation NOUN aisthesis-1842 73 16 imposed impose VERB aisthesis-1842 73 17 2 2 NUM aisthesis-1842 73 18 activities activity NOUN aisthesis-1842 73 19 that that PRON aisthesis-1842 73 20 recognize recognize VERB aisthesis-1842 73 21 a a DET aisthesis-1842 73 22 tax tax NOUN aisthesis-1842 73 23 benefit benefit NOUN aisthesis-1842 73 24 in in ADP aisthesis-1842 73 25 a a DET aisthesis-1842 73 26 current current ADJ aisthesis-1842 73 27 period period NOUN aisthesis-1842 73 28 , , PUNCT aisthesis-1842 73 29 with with ADP aisthesis-1842 73 30 the the DET aisthesis-1842 73 31 benefit benefit NOUN aisthesis-1842 73 32 having have VERB aisthesis-1842 73 33 to to PART aisthesis-1842 73 34 be be AUX aisthesis-1842 73 35 repaid repay VERB aisthesis-1842 73 36 in in ADP aisthesis-1842 73 37 a a DET aisthesis-1842 73 38 later later ADJ aisthesis-1842 73 39 one one NUM aisthesis-1842 73 40 , , PUNCT aisthesis-1842 73 41 are be AUX aisthesis-1842 73 42 temporary temporary ADJ aisthesis-1842 73 43 activities activity NOUN aisthesis-1842 73 44 . . PUNCT aisthesis-1842 74 1 under under ADP aisthesis-1842 74 2 a a DET aisthesis-1842 74 3 permanent permanent ADJ aisthesis-1842 74 4 strategy strategy NOUN aisthesis-1842 74 5 , , PUNCT aisthesis-1842 74 6 a a DET aisthesis-1842 74 7 firm firm NOUN aisthesis-1842 74 8 uses use VERB aisthesis-1842 74 9 a a DET aisthesis-1842 74 10 tax tax NOUN aisthesis-1842 74 11 deduction deduction NOUN aisthesis-1842 74 12 activity activity NOUN aisthesis-1842 74 13 that that PRON aisthesis-1842 74 14 permanently permanently ADV aisthesis-1842 74 15 lowers lower VERB aisthesis-1842 74 16 its its PRON aisthesis-1842 74 17 effective effective ADJ aisthesis-1842 74 18 tax tax NOUN aisthesis-1842 74 19 rate rate NOUN aisthesis-1842 74 20 . . PUNCT aisthesis-1842 75 1 upon upon SCONJ aisthesis-1842 75 2 them they PRON aisthesis-1842 75 3 . . PUNCT aisthesis-1842 76 1 i i PRON aisthesis-1842 76 2 further far ADV aisthesis-1842 76 3 censor censor VERB aisthesis-1842 76 4 etr etr PROPN aisthesis-1842 76 5 , , PUNCT aisthesis-1842 76 6 cetr cetr NOUN aisthesis-1842 76 7 , , PUNCT aisthesis-1842 76 8 and and CCONJ aisthesis-1842 76 9 the the DET aisthesis-1842 76 10 5 5 NUM aisthesis-1842 76 11 - - PUNCT aisthesis-1842 76 12 year year NOUN aisthesis-1842 76 13 cetr cetr NOUN aisthesis-1842 76 14 at at ADP aisthesis-1842 76 15 0 0 NUM aisthesis-1842 76 16 and and CCONJ aisthesis-1842 76 17 1 1 NUM aisthesis-1842 76 18 . . PUNCT aisthesis-1842 77 1 this this PRON aisthesis-1842 77 2 removes remove VERB aisthesis-1842 77 3 outliers outlier NOUN aisthesis-1842 77 4 in in ADP aisthesis-1842 77 5 the the DET aisthesis-1842 77 6 data datum NOUN aisthesis-1842 77 7 that that PRON aisthesis-1842 77 8 could could AUX aisthesis-1842 77 9 skew skew VERB aisthesis-1842 77 10 the the DET aisthesis-1842 77 11 results result NOUN aisthesis-1842 77 12 . . PUNCT aisthesis-1842 78 1 also also ADV aisthesis-1842 78 2 , , PUNCT aisthesis-1842 78 3 the the DET aisthesis-1842 78 4 number number NOUN aisthesis-1842 78 5 of of ADP aisthesis-1842 78 6 observations observation NOUN aisthesis-1842 78 7 removed remove VERB aisthesis-1842 78 8 by by ADP aisthesis-1842 78 9 this this DET aisthesis-1842 78 10 censoring censor VERB aisthesis-1842 78 11 is be AUX aisthesis-1842 78 12 trivial trivial ADJ aisthesis-1842 78 13 . . PUNCT aisthesis-1842 79 1 btd btd NOUN aisthesis-1842 79 2 and and CCONJ aisthesis-1842 79 3 permanent permanent ADJ aisthesis-1842 79 4 btd btd PROPN aisthesis-1842 79 5 variables variable NOUN aisthesis-1842 79 6 are be AUX aisthesis-1842 79 7 winsorized winsorize VERB aisthesis-1842 79 8 at at ADP aisthesis-1842 79 9 1 1 NUM aisthesis-1842 79 10 and and CCONJ aisthesis-1842 79 11 99 99 NUM aisthesis-1842 79 12 percent percent NOUN aisthesis-1842 79 13 . . PUNCT aisthesis-1842 80 1 table table NOUN aisthesis-1842 80 2 1 1 NUM aisthesis-1842 80 3 displays display VERB aisthesis-1842 80 4 the the DET aisthesis-1842 80 5 sample sample NOUN aisthesis-1842 80 6 of of ADP aisthesis-1842 80 7 observations observation NOUN aisthesis-1842 80 8 for for ADP aisthesis-1842 80 9 the the DET aisthesis-1842 80 10 data datum NOUN aisthesis-1842 80 11 . . PUNCT aisthesis-1842 81 1 for for ADP aisthesis-1842 81 2 certain certain ADJ aisthesis-1842 81 3 variables variable NOUN aisthesis-1842 81 4 , , PUNCT aisthesis-1842 81 5 five five NUM aisthesis-1842 81 6 consecutive consecutive ADJ aisthesis-1842 81 7 years year NOUN aisthesis-1842 81 8 of of ADP aisthesis-1842 81 9 observable observable ADJ aisthesis-1842 81 10 tax tax NOUN aisthesis-1842 81 11 measurements measurement NOUN aisthesis-1842 81 12 are be AUX aisthesis-1842 81 13 required require VERB aisthesis-1842 81 14 , , PUNCT aisthesis-1842 81 15 which which PRON aisthesis-1842 81 16 reduces reduce VERB aisthesis-1842 81 17 the the DET aisthesis-1842 81 18 number number NOUN aisthesis-1842 81 19 of of ADP aisthesis-1842 81 20 observations observation NOUN aisthesis-1842 81 21 . . PUNCT aisthesis-1842 82 1 this this DET aisthesis-1842 82 2 research research NOUN aisthesis-1842 82 3 is be AUX aisthesis-1842 82 4 formulated formulate VERB aisthesis-1842 82 5 from from ADP aisthesis-1842 82 6 previously previously ADV aisthesis-1842 82 7 established establish VERB aisthesis-1842 82 8 tax tax NOUN aisthesis-1842 82 9 avoidance avoidance NOUN aisthesis-1842 82 10 measurements measurement NOUN aisthesis-1842 82 11 . . PUNCT aisthesis-1842 83 1 i i PRON aisthesis-1842 83 2 use use VERB aisthesis-1842 83 3 a a DET aisthesis-1842 83 4 variety variety NOUN aisthesis-1842 83 5 of of ADP aisthesis-1842 83 6 measurements measurement NOUN aisthesis-1842 83 7 to to PART aisthesis-1842 83 8 distinguish distinguish VERB aisthesis-1842 83 9 between between ADP aisthesis-1842 83 10 low low ADJ aisthesis-1842 83 11 tax tax NOUN aisthesis-1842 83 12 avoiders avoider NOUN aisthesis-1842 83 13 and and CCONJ aisthesis-1842 83 14 high high ADJ aisthesis-1842 83 15 tax tax NOUN aisthesis-1842 83 16 avoiders avoider NOUN aisthesis-1842 83 17 . . PUNCT aisthesis-1842 84 1 specifically specifically ADV aisthesis-1842 84 2 , , PUNCT aisthesis-1842 84 3 these these DET aisthesis-1842 84 4 measures measure NOUN aisthesis-1842 84 5 identify identify VERB aisthesis-1842 84 6 firms firm NOUN aisthesis-1842 84 7 that that PRON aisthesis-1842 84 8 likely likely ADV aisthesis-1842 84 9 participate participate VERB aisthesis-1842 84 10 in in ADP aisthesis-1842 84 11 tax tax NOUN aisthesis-1842 84 12 avoidance avoidance NOUN aisthesis-1842 84 13 and and CCONJ aisthesis-1842 84 14 , , PUNCT aisthesis-1842 84 15 based base VERB aisthesis-1842 84 16 on on ADP aisthesis-1842 84 17 the the DET aisthesis-1842 84 18 work work NOUN aisthesis-1842 84 19 of of ADP aisthesis-1842 84 20 simone simone PROPN aisthesis-1842 84 21 et et PROPN aisthesis-1842 84 22 al al PROPN aisthesis-1842 84 23 . . PROPN aisthesis-1842 84 24     SPACE aisthesis-1842 84 25 ( ( PUNCT aisthesis-1842 84 26 2016 2016 NUM aisthesis-1842 84 27 ) ) PUNCT aisthesis-1842 84 28 , , PUNCT aisthesis-1842 84 29 the the DET aisthesis-1842 84 30 type type NOUN aisthesis-1842 84 31 of of ADP aisthesis-1842 84 32 tax tax NOUN aisthesis-1842 84 33 strategy strategy NOUN aisthesis-1842 84 34 . . PUNCT aisthesis-1842 85 1 i i PRON aisthesis-1842 85 2 start start VERB aisthesis-1842 85 3 by by ADP aisthesis-1842 85 4 examining examine VERB aisthesis-1842 85 5 the the DET aisthesis-1842 85 6 etrs etrs ADJ aisthesis-1842 85 7 of of ADP aisthesis-1842 85 8 a a DET aisthesis-1842 85 9 firm firm NOUN aisthesis-1842 85 10 . . PUNCT aisthesis-1842 86 1 these these DET aisthesis-1842 86 2 rates rate NOUN aisthesis-1842 86 3 indicate indicate VERB aisthesis-1842 86 4 the the DET aisthesis-1842 86 5 level level NOUN aisthesis-1842 86 6 of of ADP aisthesis-1842 86 7 tax tax NOUN aisthesis-1842 86 8 expense expense NOUN aisthesis-1842 86 9 a a DET aisthesis-1842 86 10 firm firm ADJ aisthesis-1842 86 11 faces face VERB aisthesis-1842 86 12 in in ADP aisthesis-1842 86 13 relation relation NOUN aisthesis-1842 86 14 to to ADP aisthesis-1842 86 15 their their PRON aisthesis-1842 86 16 pre pre ADJ aisthesis-1842 86 17 - - ADJ aisthesis-1842 86 18 tax tax ADJ aisthesis-1842 86 19 income income NOUN aisthesis-1842 86 20 . . PUNCT aisthesis-1842 87 1 i i PRON aisthesis-1842 87 2 follow follow VERB aisthesis-1842 87 3 the the DET aisthesis-1842 87 4 equation equation NOUN aisthesis-1842 87 5 used use VERB aisthesis-1842 87 6 by by ADP aisthesis-1842 87 7 simone simone PROPN aisthesis-1842 87 8 et et PROPN aisthesis-1842 87 9 al al PROPN aisthesis-1842 87 10 . . PROPN aisthesis-1842 88 1 ( ( PUNCT aisthesis-1842 88 2 2016 2016 NUM aisthesis-1842 88 3 ) ) PUNCT aisthesis-1842 89 1 to to PART aisthesis-1842 89 2 study study VERB aisthesis-1842 89 3 this this DET aisthesis-1842 89 4 variable variable NOUN aisthesis-1842 89 5 . . PUNCT aisthesis-1842 90 1 where where SCONJ aisthesis-1842 90 2 : : PUNCT aisthesis-1842 90 3 txt txt NOUN aisthesis-1842 90 4 is be AUX aisthesis-1842 90 5 total total ADJ aisthesis-1842 90 6 income income NOUN aisthesis-1842 90 7 tax tax NOUN aisthesis-1842 90 8 expense expense NOUN aisthesis-1842 90 9 and and CCONJ aisthesis-1842 90 10 pi pi NOUN aisthesis-1842 90 11 is be AUX aisthesis-1842 90 12 pre pre ADJ aisthesis-1842 90 13 - - ADJ aisthesis-1842 90 14 tax tax ADJ aisthesis-1842 90 15 income income NOUN aisthesis-1842 90 16 . . PUNCT aisthesis-1842 91 1 recognizing recognize VERB aisthesis-1842 91 2 that that SCONJ aisthesis-1842 91 3 the the DET aisthesis-1842 91 4 effective effective ADJ aisthesis-1842 91 5 tax tax NOUN aisthesis-1842 91 6 rate rate NOUN aisthesis-1842 91 7 is be AUX aisthesis-1842 91 8 representative representative NOUN aisthesis-1842 91 9 of of ADP aisthesis-1842 91 10 the the DET aisthesis-1842 91 11 amount amount NOUN aisthesis-1842 91 12 of of ADP aisthesis-1842 91 13 tax tax NOUN aisthesis-1842 91 14 a a DET aisthesis-1842 91 15 firm firm NOUN aisthesis-1842 91 16 ’s ’s PART aisthesis-1842 91 17 income income NOUN aisthesis-1842 91 18 is be AUX aisthesis-1842 91 19 subject subject ADJ aisthesis-1842 91 20 to to ADP aisthesis-1842 91 21 , , PUNCT aisthesis-1842 91 22 we we PRON aisthesis-1842 91 23 should should AUX aisthesis-1842 91 24 see see VERB aisthesis-1842 91 25 high high ADJ aisthesis-1842 91 26 tax tax NOUN aisthesis-1842 91 27 - - PUNCT aisthesis-1842 91 28 aggressive aggressive ADJ aisthesis-1842 91 29 firms firm NOUN aisthesis-1842 91 30 having have VERB aisthesis-1842 91 31 a a DET aisthesis-1842 91 32 low low ADJ aisthesis-1842 91 33 effective effective ADJ aisthesis-1842 91 34 tax tax NOUN aisthesis-1842 91 35 rate rate NOUN aisthesis-1842 91 36 , , PUNCT aisthesis-1842 91 37 all all DET aisthesis-1842 91 38 things thing NOUN aisthesis-1842 91 39 equal equal ADJ aisthesis-1842 91 40 . . PUNCT aisthesis-1842 92 1 this this DET aisthesis-1842 92 2 measurement measurement NOUN aisthesis-1842 92 3 is be AUX aisthesis-1842 92 4 also also ADV aisthesis-1842 92 5 known know VERB aisthesis-1842 92 6 as as ADP aisthesis-1842 92 7 the the DET aisthesis-1842 92 8 gaap gaap PROPN aisthesis-1842 92 9 effective effective ADJ aisthesis-1842 92 10 tax tax NOUN aisthesis-1842 92 11 rate rate NOUN aisthesis-1842 92 12 . . PUNCT aisthesis-1842 93 1 this this DET aisthesis-1842 93 2 measurement measurement NOUN aisthesis-1842 93 3 shows show VERB aisthesis-1842 93 4 permanent permanent ADJ aisthesis-1842 93 5 tax tax NOUN aisthesis-1842 93 6 strategies strategy NOUN aisthesis-1842 93 7 but but CCONJ aisthesis-1842 93 8 falls fall VERB aisthesis-1842 93 9 short short ADV aisthesis-1842 93 10 in in ADP aisthesis-1842 93 11 detecting detect VERB aisthesis-1842 93 12 temporary temporary ADJ aisthesis-1842 93 13 tax tax NOUN aisthesis-1842 93 14 savings saving NOUN aisthesis-1842 93 15 . . PUNCT aisthesis-1842 94 1 tests test NOUN aisthesis-1842 94 2 using use VERB aisthesis-1842 94 3 etr etr PROPN aisthesis-1842 94 4 are be AUX aisthesis-1842 94 5 vulnerable vulnerable ADJ aisthesis-1842 94 6 to to ADP aisthesis-1842 94 7 errors error NOUN aisthesis-1842 94 8 caused cause VERB aisthesis-1842 94 9 by by ADP aisthesis-1842 94 10 low low ADJ aisthesis-1842 94 11 levels level NOUN aisthesis-1842 94 12 of of ADP aisthesis-1842 94 13 pre pre ADJ aisthesis-1842 94 14 - - ADJ aisthesis-1842 94 15 tax tax ADJ aisthesis-1842 94 16 income income NOUN aisthesis-1842 94 17 , , PUNCT aisthesis-1842 94 18 differences difference NOUN aisthesis-1842 94 19 in in ADP aisthesis-1842 94 20 financial financial ADJ aisthesis-1842 94 21 reporting reporting NOUN aisthesis-1842 94 22 related relate VERB aisthesis-1842 94 23 to to ADP aisthesis-1842 94 24 tax tax NOUN aisthesis-1842 94 25 reserves reserve NOUN aisthesis-1842 94 26 , , PUNCT aisthesis-1842 94 27 and/ and/ NOUN aisthesis-1842 94 28 trading trading NOUN aisthesis-1842 94 29 on on ADP aisthesis-1842 94 30 tax tax NOUN aisthesis-1842 94 31 avoidance avoidance NOUN aisthesis-1842 94 32 aisthesis aisthesis NOUN aisthesis-1842 94 33 volume volume NOUN aisthesis-1842 94 34 10 10 NUM aisthesis-1842 94 35 , , PUNCT aisthesis-1842 94 36 20194 20194 NUM aisthesis-1842 94 37 or or CCONJ aisthesis-1842 94 38 reinvested reinveste VERB aisthesis-1842 94 39 foreign foreign ADJ aisthesis-1842 94 40 earnings.3 earnings.3 NOUN aisthesis-1842 94 41 for for ADP aisthesis-1842 94 42 this this PRON aisthesis-1842 94 43 , , PUNCT aisthesis-1842 94 44 the the DET aisthesis-1842 94 45 cash cash NOUN aisthesis-1842 94 46 effective effective ADJ aisthesis-1842 94 47 tax tax NOUN aisthesis-1842 94 48 rate rate NOUN aisthesis-1842 94 49 is be AUX aisthesis-1842 94 50 more more ADV aisthesis-1842 94 51 commonly commonly ADV aisthesis-1842 94 52 used use VERB aisthesis-1842 94 53 to to PART aisthesis-1842 94 54 capture capture VERB aisthesis-1842 94 55 the the DET aisthesis-1842 94 56 true true ADJ aisthesis-1842 94 57 aggressiveness aggressiveness NOUN aisthesis-1842 94 58 of of ADP aisthesis-1842 94 59 a a DET aisthesis-1842 94 60 firm firm NOUN aisthesis-1842 94 61 ’s ’s PART aisthesis-1842 94 62 tax tax NOUN aisthesis-1842 94 63 avoidance avoidance NOUN aisthesis-1842 94 64 . . PUNCT aisthesis-1842 95 1 again again ADV aisthesis-1842 95 2 , , PUNCT aisthesis-1842 95 3 i i PRON aisthesis-1842 95 4 apply apply VERB aisthesis-1842 95 5 simone simone PROPN aisthesis-1842 95 6 et et PROPN aisthesis-1842 95 7 al al PROPN aisthesis-1842 95 8 . . PROPN aisthesis-1842 95 9 ’s ’s PART aisthesis-1842 96 1 ( ( PUNCT aisthesis-1842 96 2 2016 2016 NUM aisthesis-1842 96 3 ) ) PUNCT aisthesis-1842 96 4 cetr cetr NOUN aisthesis-1842 96 5 as as ADP aisthesis-1842 96 6 a a DET aisthesis-1842 96 7 variable variable NOUN aisthesis-1842 96 8 for for ADP aisthesis-1842 96 9 tax tax NOUN aisthesis-1842 96 10 avoidance avoidance NOUN aisthesis-1842 96 11 . . PUNCT aisthesis-1842 97 1 where where SCONJ aisthesis-1842 97 2 : : PUNCT aisthesis-1842 97 3 txpd txpd PROPN aisthesis-1842 97 4 is be AUX aisthesis-1842 97 5 income income NOUN aisthesis-1842 97 6 taxes taxis NOUN aisthesis-1842 97 7 paid pay VERB aisthesis-1842 97 8 and and CCONJ aisthesis-1842 97 9 pi pi NOUN aisthesis-1842 97 10 is be AUX aisthesis-1842 97 11 pre pre ADJ aisthesis-1842 97 12 - - ADJ aisthesis-1842 97 13 tax tax ADJ aisthesis-1842 97 14 income income NOUN aisthesis-1842 97 15 . . PUNCT aisthesis-1842 98 1 this this PRON aisthesis-1842 98 2 shows show VERB aisthesis-1842 98 3 the the DET aisthesis-1842 98 4 actual actual ADJ aisthesis-1842 98 5 amount amount NOUN aisthesis-1842 98 6 of of ADP aisthesis-1842 98 7 tax tax NOUN aisthesis-1842 98 8 cash cash NOUN aisthesis-1842 98 9 flow flow NOUN aisthesis-1842 98 10 that that PRON aisthesis-1842 98 11 a a DET aisthesis-1842 98 12 firm firm NOUN aisthesis-1842 98 13 recognizes recognize VERB aisthesis-1842 98 14 . . PUNCT aisthesis-1842 99 1 these these DET aisthesis-1842 99 2 measurements measurement NOUN aisthesis-1842 99 3 can can AUX aisthesis-1842 99 4 be be AUX aisthesis-1842 99 5 positive positive ADJ aisthesis-1842 99 6 or or CCONJ aisthesis-1842 99 7 negative negative ADJ aisthesis-1842 99 8 and and CCONJ aisthesis-1842 99 9 can can AUX aisthesis-1842 99 10 be be AUX aisthesis-1842 99 11 greater great ADJ aisthesis-1842 99 12 than than ADP aisthesis-1842 99 13 one one NUM aisthesis-1842 99 14 , , PUNCT aisthesis-1842 99 15 which which PRON aisthesis-1842 99 16 would would AUX aisthesis-1842 99 17 reflect reflect VERB aisthesis-1842 99 18 tax tax NOUN aisthesis-1842 99 19 payments payment NOUN aisthesis-1842 99 20 exceeding exceed VERB aisthesis-1842 99 21 pre pre ADJ aisthesis-1842 99 22 - - ADJ aisthesis-1842 99 23 tax tax ADJ aisthesis-1842 99 24 income income NOUN aisthesis-1842 99 25 , , PUNCT aisthesis-1842 99 26 leading lead VERB aisthesis-1842 99 27 to to ADP aisthesis-1842 99 28 the the DET aisthesis-1842 99 29 censoring censoring NOUN aisthesis-1842 99 30 of of ADP aisthesis-1842 99 31 these these DET aisthesis-1842 99 32 variables variable NOUN aisthesis-1842 99 33 . . PUNCT aisthesis-1842 100 1 analyzing analyze VERB aisthesis-1842 100 2 monthly monthly ADJ aisthesis-1842 100 3 cetr cetr NOUN aisthesis-1842 100 4 measurements measurement NOUN aisthesis-1842 100 5 may may AUX aisthesis-1842 100 6 capture capture VERB aisthesis-1842 100 7 alternative alternative ADJ aisthesis-1842 100 8 variables variable NOUN aisthesis-1842 100 9 that that PRON aisthesis-1842 100 10 affect affect VERB aisthesis-1842 100 11 cetr cetr NOUN aisthesis-1842 100 12 but but CCONJ aisthesis-1842 100 13 may may AUX aisthesis-1842 100 14 not not PART aisthesis-1842 100 15 be be AUX aisthesis-1842 100 16 associated associate VERB aisthesis-1842 100 17 with with ADP aisthesis-1842 100 18 tax tax NOUN aisthesis-1842 100 19 avoidance avoidance NOUN aisthesis-1842 100 20 . . PUNCT aisthesis-1842 101 1 because because SCONJ aisthesis-1842 101 2 of of ADP aisthesis-1842 101 3 this this PRON aisthesis-1842 101 4 , , PUNCT aisthesis-1842 101 5 i i PRON aisthesis-1842 101 6 take take VERB aisthesis-1842 101 7 multiple multiple ADJ aisthesis-1842 101 8 period period NOUN aisthesis-1842 101 9 averages average NOUN aisthesis-1842 101 10 to to PART aisthesis-1842 101 11 formulate formulate VERB aisthesis-1842 101 12 results result NOUN aisthesis-1842 101 13 and and CCONJ aisthesis-1842 101 14 smooth smooth VERB aisthesis-1842 101 15 out out ADP aisthesis-1842 101 16 the the DET aisthesis-1842 101 17 tax tax NOUN aisthesis-1842 101 18 avoidance avoidance NOUN aisthesis-1842 101 19 measure measure NOUN aisthesis-1842 101 20 . . PUNCT aisthesis-1842 102 1 dyreng dyreng PROPN aisthesis-1842 102 2 et et PROPN aisthesis-1842 102 3 al al PROPN aisthesis-1842 102 4 . . PROPN aisthesis-1842 103 1 ( ( PUNCT aisthesis-1842 103 2 2008 2008 NUM aisthesis-1842 103 3 ) ) PUNCT aisthesis-1842 103 4 develop develop VERB aisthesis-1842 103 5 a a DET aisthesis-1842 103 6 long long ADV aisthesis-1842 103 7 - - PUNCT aisthesis-1842 103 8 run run VERB aisthesis-1842 103 9 tax tax NOUN aisthesis-1842 103 10 avoidance avoidance NOUN aisthesis-1842 103 11 measure measure NOUN aisthesis-1842 103 12 for for ADP aisthesis-1842 103 13 cash cash NOUN aisthesis-1842 103 14 etr etr PROPN aisthesis-1842 103 15 . . PUNCT aisthesis-1842 104 1 combining combine VERB aisthesis-1842 104 2 this this PRON aisthesis-1842 104 3 with with ADP aisthesis-1842 104 4 the the DET aisthesis-1842 104 5 research research NOUN aisthesis-1842 104 6 of of ADP aisthesis-1842 104 7 simone simone PROPN aisthesis-1842 104 8 et et PROPN aisthesis-1842 104 9 al al PROPN aisthesis-1842 104 10 . . PUNCT aisthesis-1842 105 1 ( ( PUNCT aisthesis-1842 105 2 2016 2016 NUM aisthesis-1842 105 3 ) ) PUNCT aisthesis-1842 105 4 , , PUNCT aisthesis-1842 105 5 i i PRON aisthesis-1842 105 6 measure measure VERB aisthesis-1842 105 7 long long ADV aisthesis-1842 105 8 - - PUNCT aisthesis-1842 105 9 run run VERB aisthesis-1842 105 10 tax tax NOUN aisthesis-1842 105 11 avoidance avoidance NOUN aisthesis-1842 105 12 as as SCONJ aisthesis-1842 105 13 follows follow VERB aisthesis-1842 105 14 : : PUNCT aisthesis-1842 105 15 here here ADV aisthesis-1842 105 16 , , PUNCT aisthesis-1842 105 17 the the DET aisthesis-1842 105 18 five five NUM aisthesis-1842 105 19 - - PUNCT aisthesis-1842 105 20 year year NOUN aisthesis-1842 105 21 total total ADJ aisthesis-1842 105 22 income income NOUN aisthesis-1842 105 23 taxes taxis NOUN aisthesis-1842 105 24 paid pay VERB aisthesis-1842 105 25 is be AUX aisthesis-1842 105 26 divided divide VERB aisthesis-1842 105 27 by by ADP aisthesis-1842 105 28 the the DET aisthesis-1842 105 29 five five NUM aisthesis-1842 105 30 - - PUNCT aisthesis-1842 105 31 year year NOUN aisthesis-1842 105 32 total total ADJ aisthesis-1842 105 33 pre pre ADJ aisthesis-1842 105 34 - - ADJ aisthesis-1842 105 35 tax tax ADJ aisthesis-1842 105 36 income income NOUN aisthesis-1842 105 37 form form NOUN aisthesis-1842 105 38 the the DET aisthesis-1842 105 39 same same ADJ aisthesis-1842 105 40 period period NOUN aisthesis-1842 105 41 . . PUNCT aisthesis-1842 106 1 this this DET aisthesis-1842 106 2 measurement measurement NOUN aisthesis-1842 106 3 is be AUX aisthesis-1842 106 4 the the DET aisthesis-1842 106 5 preferred preferred ADJ aisthesis-1842 106 6 variable variable NOUN aisthesis-1842 106 7 in in ADP aisthesis-1842 106 8 prior prior ADJ aisthesis-1842 106 9 tax tax NOUN aisthesis-1842 106 10 avoidance avoidance NOUN aisthesis-1842 106 11 studies.4 studies.4 PROPN aisthesis-1842 106 12 grouping group VERB aisthesis-1842 106 13 firm firm ADJ aisthesis-1842 106 14 - - PUNCT aisthesis-1842 106 15 years year NOUN aisthesis-1842 106 16 together together ADV aisthesis-1842 106 17 should should AUX aisthesis-1842 106 18 lower lower VERB aisthesis-1842 106 19 the the DET aisthesis-1842 106 20 volatility volatility NOUN aisthesis-1842 106 21 of of ADP aisthesis-1842 106 22 cetr cetr NOUN aisthesis-1842 106 23 over over ADP aisthesis-1842 106 24 these these DET aisthesis-1842 106 25 five five NUM aisthesis-1842 106 26 - - PUNCT aisthesis-1842 106 27 year year NOUN aisthesis-1842 106 28 periods period NOUN aisthesis-1842 106 29 . . PUNCT aisthesis-1842 107 1 another another DET aisthesis-1842 107 2 common common ADJ aisthesis-1842 107 3 way way NOUN aisthesis-1842 107 4 to to PART aisthesis-1842 107 5 measure measure VERB aisthesis-1842 107 6 tax tax NOUN aisthesis-1842 107 7 avoidance avoidance NOUN aisthesis-1842 107 8 is be AUX aisthesis-1842 107 9 by by ADP aisthesis-1842 107 10 looking look VERB aisthesis-1842 107 11 at at ADP aisthesis-1842 107 12 the the DET aisthesis-1842 107 13 btds btds NOUN aisthesis-1842 107 14 of of ADP aisthesis-1842 107 15 a a DET aisthesis-1842 107 16 firm firm NOUN aisthesis-1842 107 17 . . PUNCT aisthesis-1842 108 1 these these PRON aisthesis-1842 108 2 are be AUX aisthesis-1842 108 3 the the DET aisthesis-1842 108 4 differences difference NOUN aisthesis-1842 108 5 between between ADP aisthesis-1842 108 6 the the DET aisthesis-1842 108 7 income income NOUN aisthesis-1842 108 8 reported report VERB aisthesis-1842 108 9 to to ADP aisthesis-1842 108 10 capital capital NOUN aisthesis-1842 108 11 3 3 NUM aisthesis-1842 108 12 as as ADP aisthesis-1842 108 13 simone simone PROPN aisthesis-1842 108 14 et et PROPN aisthesis-1842 108 15 al al PROPN aisthesis-1842 108 16 . . PROPN aisthesis-1842 109 1 ( ( PUNCT aisthesis-1842 109 2 2016 2016 NUM aisthesis-1842 109 3 ) ) PUNCT aisthesis-1842 109 4 explain explain VERB aisthesis-1842 109 5 : : PUNCT aisthesis-1842 109 6 “ " PUNCT aisthesis-1842 109 7 u.s u.s PROPN aisthesis-1842 109 8 . . PROPN aisthesis-1842 109 9 multinationals multinational NOUN aisthesis-1842 109 10 that that PRON aisthesis-1842 109 11 earn earn VERB aisthesis-1842 109 12 income income NOUN aisthesis-1842 109 13 abroad abroad ADV aisthesis-1842 109 14 can can AUX aisthesis-1842 109 15 choose choose VERB aisthesis-1842 109 16 to to PART aisthesis-1842 109 17 either either CCONJ aisthesis-1842 109 18 defer defer VERB aisthesis-1842 109 19 u.s u.s PROPN aisthesis-1842 109 20 . . PROPN aisthesis-1842 109 21 taxation taxation NOUN aisthesis-1842 109 22 on on ADP aisthesis-1842 109 23 qualified qualified ADJ aisthesis-1842 109 24 foreign foreign ADJ aisthesis-1842 109 25 earnings earning NOUN aisthesis-1842 109 26 until until SCONJ aisthesis-1842 109 27 they they PRON aisthesis-1842 109 28 are be AUX aisthesis-1842 109 29 repatriated repatriate VERB aisthesis-1842 109 30 back back ADV aisthesis-1842 109 31 to to ADP aisthesis-1842 109 32 the the DET aisthesis-1842 109 33 u.s u.s PROPN aisthesis-1842 109 34 . . PROPN aisthesis-1842 109 35 ( ( PUNCT aisthesis-1842 109 36 which which PRON aisthesis-1842 109 37 reflects reflect VERB aisthesis-1842 109 38 a a DET aisthesis-1842 109 39 temporary temporary ADJ aisthesis-1842 109 40 strategy strategy NOUN aisthesis-1842 109 41 that that PRON aisthesis-1842 109 42 does do AUX aisthesis-1842 109 43 not not PART aisthesis-1842 109 44 affect affect VERB aisthesis-1842 109 45 etr etr PROPN aisthesis-1842 109 46 ) ) PUNCT aisthesis-1842 109 47 or or CCONJ aisthesis-1842 109 48 assert assert VERB aisthesis-1842 109 49 their their PRON aisthesis-1842 109 50 intention intention NOUN aisthesis-1842 109 51 to to PART aisthesis-1842 109 52 permanently permanently ADV aisthesis-1842 109 53 reinvest reinvest VERB aisthesis-1842 109 54 these these DET aisthesis-1842 109 55 foreign foreign ADJ aisthesis-1842 109 56 earnings earning NOUN aisthesis-1842 109 57 and and CCONJ aisthesis-1842 109 58 avoid avoid VERB aisthesis-1842 109 59 accruing accrue VERB aisthesis-1842 109 60 the the DET aisthesis-1842 109 61 incremental incremental ADJ aisthesis-1842 109 62 u.s u.s PROPN aisthesis-1842 109 63 . . PROPN aisthesis-1842 109 64 tax tax NOUN aisthesis-1842 109 65 ( ( PUNCT aisthesis-1842 109 66 which which PRON aisthesis-1842 109 67 reflects reflect VERB aisthesis-1842 109 68 a a DET aisthesis-1842 109 69 permanent permanent ADJ aisthesis-1842 109 70 strategy strategy NOUN aisthesis-1842 109 71 that that PRON aisthesis-1842 109 72 lowers lower VERB aisthesis-1842 109 73 etr etr PROPN aisthesis-1842 109 74 ) ) PUNCT aisthesis-1842 109 75 . . PUNCT aisthesis-1842 109 76 ” " PUNCT aisthesis-1842 110 1 4 4 NUM aisthesis-1842 110 2 studies study NOUN aisthesis-1842 110 3 such such ADJ aisthesis-1842 110 4 as as ADP aisthesis-1842 110 5 drake drake PROPN aisthesis-1842 110 6 et et PROPN aisthesis-1842 110 7 al al PROPN aisthesis-1842 110 8 . . PROPN aisthesis-1842 110 9 ( ( PUNCT aisthesis-1842 110 10 2017 2017 NUM aisthesis-1842 110 11 ) ) PUNCT aisthesis-1842 110 12 ; ; PUNCT aisthesis-1842 110 13 goh goh PROPN aisthesis-1842 110 14 et et PROPN aisthesis-1842 110 15 al al PROPN aisthesis-1842 110 16 . . PUNCT aisthesis-1842 111 1 ( ( PUNCT aisthesis-1842 111 2 2016 2016 NUM aisthesis-1842 111 3 ) ) PUNCT aisthesis-1842 111 4 ; ; PUNCT aisthesis-1842 111 5 guenther guenther PROPN aisthesis-1842 111 6 et et PROPN aisthesis-1842 111 7 al al PROPN aisthesis-1842 111 8 . . PROPN aisthesis-1842 112 1 ( ( PUNCT aisthesis-1842 112 2 2017 2017 NUM aisthesis-1842 112 3 ) ) PUNCT aisthesis-1842 112 4 ; ; PUNCT aisthesis-1842 112 5 and and CCONJ aisthesis-1842 112 6 kim kim PROPN aisthesis-1842 112 7 et et PROPN aisthesis-1842 112 8 al al PROPN aisthesis-1842 112 9 . . PROPN aisthesis-1842 113 1 ( ( PUNCT aisthesis-1842 113 2 2011 2011 NUM aisthesis-1842 113 3 ) ) PUNCT aisthesis-1842 113 4 use use VERB aisthesis-1842 113 5 the the DET aisthesis-1842 113 6 long long ADV aisthesis-1842 113 7 - - PUNCT aisthesis-1842 113 8 run run VERB aisthesis-1842 113 9 tax tax NOUN aisthesis-1842 113 10 avoidance avoidance NOUN aisthesis-1842 113 11 measure measure NOUN aisthesis-1842 113 12 laid lay VERB aisthesis-1842 113 13 out out ADP aisthesis-1842 113 14 by by ADP aisthesis-1842 113 15 dyreng dyreng PROPN aisthesis-1842 113 16 et et PROPN aisthesis-1842 113 17 al al PROPN aisthesis-1842 113 18 . . PROPN aisthesis-1842 114 1 ( ( PUNCT aisthesis-1842 114 2 2008 2008 NUM aisthesis-1842 114 3 ) ) PUNCT aisthesis-1842 114 4 . . PUNCT aisthesis-1842 115 1 markets market NOUN aisthesis-1842 115 2 and and CCONJ aisthesis-1842 115 3 the the DET aisthesis-1842 115 4 irs irs PROPN aisthesis-1842 115 5 . . PUNCT aisthesis-1842 116 1 like like ADP aisthesis-1842 116 2 etr etr PROPN aisthesis-1842 116 3 , , PUNCT aisthesis-1842 116 4 this this DET aisthesis-1842 116 5 measure measure NOUN aisthesis-1842 116 6 can can AUX aisthesis-1842 116 7 capture capture VERB aisthesis-1842 116 8 many many ADJ aisthesis-1842 116 9 different different ADJ aisthesis-1842 116 10 aspects aspect NOUN aisthesis-1842 116 11 of of ADP aisthesis-1842 116 12 tax tax NOUN aisthesis-1842 116 13 avoidance avoidance NOUN aisthesis-1842 116 14 . . PUNCT aisthesis-1842 117 1 my my PRON aisthesis-1842 117 2 use use NOUN aisthesis-1842 117 3 of of ADP aisthesis-1842 117 4 this this DET aisthesis-1842 117 5 measurement measurement NOUN aisthesis-1842 117 6 is be AUX aisthesis-1842 117 7 closest close ADJ aisthesis-1842 117 8 to to ADP aisthesis-1842 117 9 that that PRON aisthesis-1842 117 10 of of ADP aisthesis-1842 117 11 goh goh PROPN aisthesis-1842 117 12 et et PROPN aisthesis-1842 117 13 al al PROPN aisthesis-1842 117 14 . . PUNCT aisthesis-1842 118 1 ( ( PUNCT aisthesis-1842 118 2 2016 2016 NUM aisthesis-1842 118 3 ) ) PUNCT aisthesis-1842 118 4 . . PUNCT aisthesis-1842 119 1 where where SCONJ aisthesis-1842 119 2 : : PUNCT aisthesis-1842 119 3 pi pi NOUN aisthesis-1842 119 4 refers refer VERB aisthesis-1842 119 5 to to ADP aisthesis-1842 119 6 pre pre ADJ aisthesis-1842 119 7 - - ADJ aisthesis-1842 119 8 tax tax ADJ aisthesis-1842 119 9 income income NOUN aisthesis-1842 119 10 , , PUNCT aisthesis-1842 119 11 txfo txfo PROPN aisthesis-1842 119 12 refers refer VERB aisthesis-1842 119 13 to to ADP aisthesis-1842 119 14 foreign foreign ADJ aisthesis-1842 119 15 tax tax NOUN aisthesis-1842 119 16 expense expense NOUN aisthesis-1842 119 17 , , PUNCT aisthesis-1842 119 18 txfed txfe VERB aisthesis-1842 119 19 refers refer NOUN aisthesis-1842 119 20 to to ADP aisthesis-1842 119 21 federal federal ADJ aisthesis-1842 119 22 tax tax NOUN aisthesis-1842 119 23 expense expense NOUN aisthesis-1842 119 24 , , PUNCT aisthesis-1842 119 25 0.35 0.35 NUM aisthesis-1842 119 26 is be AUX aisthesis-1842 119 27 used use VERB aisthesis-1842 119 28 as as ADP aisthesis-1842 119 29 the the DET aisthesis-1842 119 30 statutory statutory ADJ aisthesis-1842 119 31 tax tax NOUN aisthesis-1842 119 32 rate rate NOUN aisthesis-1842 119 33 , , PUNCT aisthesis-1842 119 34 and and CCONJ aisthesis-1842 119 35 at at ADP aisthesis-1842 119 36 refers refer NOUN aisthesis-1842 119 37 to to ADP aisthesis-1842 119 38 total total ADJ aisthesis-1842 119 39 assets asset NOUN aisthesis-1842 119 40 . . PUNCT aisthesis-1842 120 1 this this DET aisthesis-1842 120 2 tax tax NOUN aisthesis-1842 120 3 measurement measurement NOUN aisthesis-1842 120 4 is be AUX aisthesis-1842 120 5 used use VERB aisthesis-1842 120 6 in in ADP aisthesis-1842 120 7 the the DET aisthesis-1842 120 8 research research NOUN aisthesis-1842 120 9 of of ADP aisthesis-1842 120 10 desai desai PROPN aisthesis-1842 120 11 et et PROPN aisthesis-1842 120 12 al al PROPN aisthesis-1842 120 13 . . PROPN aisthesis-1842 121 1 ( ( PUNCT aisthesis-1842 121 2 2009 2009 NUM aisthesis-1842 121 3 ) ) PUNCT aisthesis-1842 121 4 and and CCONJ aisthesis-1842 121 5 guenther guenther PROPN aisthesis-1842 121 6 et et PROPN aisthesis-1842 121 7 al al PROPN aisthesis-1842 121 8 . . PROPN aisthesis-1842 122 1 ( ( PUNCT aisthesis-1842 122 2 2017 2017 NUM aisthesis-1842 122 3 ) ) PUNCT aisthesis-1842 122 4 . . PUNCT aisthesis-1842 123 1 btds btds PROPN aisthesis-1842 123 2 can can AUX aisthesis-1842 123 3 be be AUX aisthesis-1842 123 4 positive positive ADJ aisthesis-1842 123 5 or or CCONJ aisthesis-1842 123 6 negative negative ADJ aisthesis-1842 123 7 and and CCONJ aisthesis-1842 123 8 are be AUX aisthesis-1842 123 9 often often ADV aisthesis-1842 123 10 winsorized winsorize VERB aisthesis-1842 123 11 at at ADP aisthesis-1842 123 12 1 1 NUM aisthesis-1842 123 13 and and CCONJ aisthesis-1842 123 14 99 99 NUM aisthesis-1842 123 15 percent percent NOUN aisthesis-1842 123 16 . . PUNCT aisthesis-1842 124 1 they they PRON aisthesis-1842 124 2 detect detect VERB aisthesis-1842 124 3 various various ADJ aisthesis-1842 124 4 tax tax NOUN aisthesis-1842 124 5 avoidance avoidance NOUN aisthesis-1842 124 6 strategies strategy NOUN aisthesis-1842 124 7 but but CCONJ aisthesis-1842 124 8 may may AUX aisthesis-1842 124 9 be be AUX aisthesis-1842 124 10 impaired impair VERB aisthesis-1842 124 11 by by ADP aisthesis-1842 124 12 low low ADJ aisthesis-1842 124 13 levels level NOUN aisthesis-1842 124 14 of of ADP aisthesis-1842 124 15 assets asset NOUN aisthesis-1842 124 16 in in ADP aisthesis-1842 124 17 a a DET aisthesis-1842 124 18 firm firm NOUN aisthesis-1842 124 19 ( ( PUNCT aisthesis-1842 124 20 simone simone NOUN aisthesis-1842 124 21 et et PROPN aisthesis-1842 124 22 al al PROPN aisthesis-1842 124 23 . . PROPN aisthesis-1842 124 24 , , PUNCT aisthesis-1842 124 25 2016 2016 NUM aisthesis-1842 124 26 ) ) PUNCT aisthesis-1842 124 27 . . PUNCT aisthesis-1842 125 1 frank frank PROPN aisthesis-1842 125 2 , , PUNCT aisthesis-1842 125 3 lynch lynch PROPN aisthesis-1842 125 4 , , PUNCT aisthesis-1842 125 5 and and CCONJ aisthesis-1842 125 6 rego rego PROPN aisthesis-1842 125 7 ( ( PUNCT aisthesis-1842 125 8 2009 2009 NUM aisthesis-1842 125 9 ) ) PUNCT aisthesis-1842 125 10 develop develop VERB aisthesis-1842 125 11 an an DET aisthesis-1842 125 12 alternative alternative ADJ aisthesis-1842 125 13 calculation calculation NOUN aisthesis-1842 125 14 of of ADP aisthesis-1842 125 15 btds btds NOUN aisthesis-1842 125 16 intended intend VERB aisthesis-1842 125 17 to to PART aisthesis-1842 125 18 separate separate VERB aisthesis-1842 125 19 permanent permanent ADJ aisthesis-1842 125 20 and and CCONJ aisthesis-1842 125 21 temporary temporary ADJ aisthesis-1842 125 22 differences difference NOUN aisthesis-1842 125 23 . . PUNCT aisthesis-1842 126 1 i i PRON aisthesis-1842 126 2 utilize utilize VERB aisthesis-1842 126 3 this this PRON aisthesis-1842 126 4 as as ADP aisthesis-1842 126 5 a a DET aisthesis-1842 126 6 further further ADJ aisthesis-1842 126 7 proxy proxy NOUN aisthesis-1842 126 8 for for ADP aisthesis-1842 126 9 measuring measure VERB aisthesis-1842 126 10 tax tax NOUN aisthesis-1842 126 11 avoidance avoidance NOUN aisthesis-1842 126 12 within within ADP aisthesis-1842 126 13 btds btds NOUN aisthesis-1842 126 14 . . PUNCT aisthesis-1842 127 1 simply simply ADV aisthesis-1842 127 2 , , PUNCT aisthesis-1842 127 3 this this PRON aisthesis-1842 127 4 is be AUX aisthesis-1842 127 5 the the DET aisthesis-1842 127 6 difference difference NOUN aisthesis-1842 127 7 between between ADP aisthesis-1842 127 8 total total ADJ aisthesis-1842 127 9 btds btds NOUN aisthesis-1842 127 10 and and CCONJ aisthesis-1842 127 11 temporary temporary ADJ aisthesis-1842 127 12 btds btds NOUN aisthesis-1842 127 13 , , PUNCT aisthesis-1842 127 14 where where SCONJ aisthesis-1842 127 15 txdi txdi PROPN aisthesis-1842 127 16 is be AUX aisthesis-1842 127 17 total total ADJ aisthesis-1842 127 18 deferred deferred ADJ aisthesis-1842 127 19 tax tax NOUN aisthesis-1842 127 20 expense expense NOUN aisthesis-1842 127 21 . . PUNCT aisthesis-1842 128 1 goh goh PROPN aisthesis-1842 128 2 et et PROPN aisthesis-1842 128 3 al al PROPN aisthesis-1842 128 4 . . PROPN aisthesis-1842 129 1 ( ( PUNCT aisthesis-1842 129 2 2016 2016 NUM aisthesis-1842 129 3 ) ) PUNCT aisthesis-1842 129 4 use use VERB aisthesis-1842 129 5 this this DET aisthesis-1842 129 6 measurement measurement NOUN aisthesis-1842 129 7 in in ADP aisthesis-1842 129 8 detecting detect VERB aisthesis-1842 129 9 tax tax NOUN aisthesis-1842 129 10 avoidance avoidance NOUN aisthesis-1842 129 11 , , PUNCT aisthesis-1842 129 12 and and CCONJ aisthesis-1842 129 13 simone simone NOUN aisthesis-1842 129 14 et et PROPN aisthesis-1842 129 15 al al PROPN aisthesis-1842 129 16 . . PUNCT aisthesis-1842 130 1 ( ( PUNCT aisthesis-1842 130 2 2016 2016 NUM aisthesis-1842 130 3 ) ) PUNCT aisthesis-1842 130 4 find find VERB aisthesis-1842 130 5 that that SCONJ aisthesis-1842 130 6 tests test NOUN aisthesis-1842 130 7 using use VERB aisthesis-1842 130 8 total total ADJ aisthesis-1842 130 9 btds btds NOUN aisthesis-1842 130 10 have have VERB aisthesis-1842 130 11 the the DET aisthesis-1842 130 12 best good ADJ aisthesis-1842 130 13 ability ability NOUN aisthesis-1842 130 14 to to PART aisthesis-1842 130 15 detect detect VERB aisthesis-1842 130 16 the the DET aisthesis-1842 130 17 effects effect NOUN aisthesis-1842 130 18 of of ADP aisthesis-1842 130 19 a a DET aisthesis-1842 130 20 hybrid hybrid ADJ aisthesis-1842 130 21 tax tax NOUN aisthesis-1842 130 22 avoidance avoidance NOUN aisthesis-1842 130 23 strategy.5 strategy.5 PROPN aisthesis-1842 130 24 permanent permanent ADJ aisthesis-1842 130 25 tax tax NOUN aisthesis-1842 130 26 avoidance avoidance NOUN aisthesis-1842 130 27 is be AUX aisthesis-1842 130 28 best well ADV aisthesis-1842 130 29 detected detect VERB aisthesis-1842 130 30 while while SCONJ aisthesis-1842 130 31 studying study VERB aisthesis-1842 130 32 a a DET aisthesis-1842 130 33 firm firm NOUN aisthesis-1842 130 34 ’s ’s PART aisthesis-1842 130 35 etr etr PROPN aisthesis-1842 130 36 , , PUNCT aisthesis-1842 130 37 and and CCONJ aisthesis-1842 130 38 temporary temporary ADJ aisthesis-1842 130 39 strategies strategy NOUN aisthesis-1842 130 40 are be AUX aisthesis-1842 130 41 most most ADV aisthesis-1842 130 42 easily easily ADV aisthesis-1842 130 43 detected detect VERB aisthesis-1842 130 44 by by ADP aisthesis-1842 130 45 analyzing analyze VERB aisthesis-1842 130 46 cash cash NOUN aisthesis-1842 130 47 etr etr PROPN aisthesis-1842 130 48 . . PUNCT aisthesis-1842 131 1 studies study NOUN aisthesis-1842 131 2 of of ADP aisthesis-1842 131 3 tax tax NOUN aisthesis-1842 131 4 avoidance avoidance NOUN aisthesis-1842 131 5 ultimately ultimately ADV aisthesis-1842 131 6 deal deal VERB aisthesis-1842 131 7 with with ADP aisthesis-1842 131 8 the the DET aisthesis-1842 131 9 question question NOUN aisthesis-1842 131 10 of of ADP aisthesis-1842 131 11 tax tax NOUN aisthesis-1842 131 12 risk risk NOUN aisthesis-1842 131 13 and and CCONJ aisthesis-1842 131 14 measure measure VERB aisthesis-1842 131 15 it it PRON aisthesis-1842 131 16 as as ADP aisthesis-1842 131 17 the the DET aisthesis-1842 131 18 volatility volatility NOUN aisthesis-1842 131 19 of of ADP aisthesis-1842 131 20 a a DET aisthesis-1842 131 21 firm firm NOUN aisthesis-1842 131 22 ’s ’s PART aisthesis-1842 131 23 tax tax NOUN aisthesis-1842 131 24 rates rate NOUN aisthesis-1842 131 25 . . PUNCT aisthesis-1842 132 1 following follow VERB aisthesis-1842 132 2 drake drake NOUN aisthesis-1842 132 3 et et PROPN aisthesis-1842 132 4 al al PROPN aisthesis-1842 132 5 . . PROPN aisthesis-1842 133 1 ( ( PUNCT aisthesis-1842 133 2 2017 2017 NUM aisthesis-1842 133 3 ) ) PUNCT aisthesis-1842 134 1 , , PUNCT aisthesis-1842 134 2 guenther guenther PROPN aisthesis-1842 134 3 et et PROPN aisthesis-1842 134 4 al al PROPN aisthesis-1842 134 5 . . PROPN aisthesis-1842 134 6 ( ( PUNCT aisthesis-1842 134 7 2017 2017 NUM aisthesis-1842 134 8 ) ) PUNCT aisthesis-1842 134 9 , , PUNCT aisthesis-1842 134 10 and and CCONJ aisthesis-1842 134 11 jacob jacob PROPN aisthesis-1842 134 12 et et PROPN aisthesis-1842 134 13 al al PROPN aisthesis-1842 134 14 . . PROPN aisthesis-1842 134 15 ( ( PUNCT aisthesis-1842 134 16 2015 2015 NUM aisthesis-1842 134 17 ) ) PUNCT aisthesis-1842 134 18 , , PUNCT aisthesis-1842 134 19 i i PRON aisthesis-1842 134 20 measure measure VERB aisthesis-1842 134 21 tax tax NOUN aisthesis-1842 134 22 risk risk NOUN aisthesis-1842 134 23 as as ADP aisthesis-1842 134 24 the the DET aisthesis-1842 134 25 standard standard ADJ aisthesis-1842 134 26 deviation deviation NOUN aisthesis-1842 134 27 of of ADP aisthesis-1842 134 28 each each PRON aisthesis-1842 134 29 of of ADP aisthesis-1842 134 30 the the DET aisthesis-1842 134 31 aforementioned aforementioned ADJ aisthesis-1842 134 32 tax tax NOUN aisthesis-1842 134 33 measurements measurement NOUN aisthesis-1842 134 34 . . PUNCT aisthesis-1842 135 1 the the DET aisthesis-1842 135 2 volatility volatility NOUN aisthesis-1842 135 3 of of ADP aisthesis-1842 135 4 these these DET aisthesis-1842 135 5 measurements measurement NOUN aisthesis-1842 135 6 represents represent VERB aisthesis-1842 135 7 the the DET aisthesis-1842 135 8 level level NOUN aisthesis-1842 135 9 of of ADP aisthesis-1842 135 10 uncertainty uncertainty NOUN aisthesis-1842 135 11 in in ADP aisthesis-1842 135 12 a a DET aisthesis-1842 135 13 tax tax NOUN aisthesis-1842 135 14 strategy strategy NOUN aisthesis-1842 135 15 resulting result VERB aisthesis-1842 135 16 in in ADP aisthesis-1842 135 17 the the DET aisthesis-1842 135 18 desired desire VERB aisthesis-1842 135 19 tax tax NOUN aisthesis-1842 135 20 savings saving NOUN aisthesis-1842 135 21 . . PUNCT aisthesis-1842 136 1 this this DET aisthesis-1842 136 2 tax tax NOUN aisthesis-1842 136 3 uncertainty uncertainty NOUN aisthesis-1842 136 4 is be AUX aisthesis-1842 136 5 well well ADV aisthesis-1842 136 6 documented document VERB aisthesis-1842 136 7 5 5 NUM aisthesis-1842 136 8 simone simone NOUN aisthesis-1842 136 9 et et PROPN aisthesis-1842 136 10 al al PROPN aisthesis-1842 136 11 . . PROPN aisthesis-1842 137 1 ( ( PUNCT aisthesis-1842 137 2 2016 2016 NUM aisthesis-1842 137 3 ) ) PUNCT aisthesis-1842 137 4 denote denote VERB aisthesis-1842 137 5 hybrid hybrid ADJ aisthesis-1842 137 6 strategies strategy NOUN aisthesis-1842 137 7 as as ADP aisthesis-1842 137 8 having have VERB aisthesis-1842 137 9 both both CCONJ aisthesis-1842 137 10 temporary temporary ADJ aisthesis-1842 137 11 and and CCONJ aisthesis-1842 137 12 permanent permanent ADJ aisthesis-1842 137 13 components component NOUN aisthesis-1842 137 14 to to ADP aisthesis-1842 137 15 it it PRON aisthesis-1842 137 16 , , PUNCT aisthesis-1842 137 17 such such ADJ aisthesis-1842 137 18 as as ADP aisthesis-1842 137 19 income income NOUN aisthesis-1842 137 20 shifting shift VERB aisthesis-1842 137 21 that that PRON aisthesis-1842 137 22 requires require VERB aisthesis-1842 137 23 temporary temporary ADJ aisthesis-1842 137 24 deferral deferral NOUN aisthesis-1842 137 25 and and CCONJ aisthesis-1842 137 26 generates generate VERB aisthesis-1842 137 27 permanent permanent ADJ aisthesis-1842 137 28 tax tax NOUN aisthesis-1842 137 29 credits credit NOUN aisthesis-1842 137 30 . . PUNCT aisthesis-1842 138 1 trading trade VERB aisthesis-1842 138 2 on on ADP aisthesis-1842 138 3 tax tax NOUN aisthesis-1842 138 4 avoidance avoidance NOUN aisthesis-1842 138 5 aisthesis aisthesis NOUN aisthesis-1842 138 6 volume volume NOUN aisthesis-1842 138 7 10 10 NUM aisthesis-1842 138 8 , , PUNCT aisthesis-1842 138 9 20195 20195 NUM aisthesis-1842 138 10 in in ADP aisthesis-1842 138 11 the the DET aisthesis-1842 138 12 literature literature NOUN aisthesis-1842 138 13 . . PUNCT aisthesis-1842 139 1 drake drake PROPN aisthesis-1842 139 2 et et PROPN aisthesis-1842 139 3 . . PUNCT aisthesis-1842 140 1 al al PROPN aisthesis-1842 140 2 ( ( PUNCT aisthesis-1842 140 3 2017 2017 NUM aisthesis-1842 140 4 ) ) PUNCT aisthesis-1842 140 5 assert assert VERB aisthesis-1842 140 6 that that SCONJ aisthesis-1842 140 7 tax tax NOUN aisthesis-1842 140 8 avoidance avoidance NOUN aisthesis-1842 140 9 and and CCONJ aisthesis-1842 140 10 tax tax NOUN aisthesis-1842 140 11 risk risk NOUN aisthesis-1842 140 12 should should AUX aisthesis-1842 140 13 be be AUX aisthesis-1842 140 14 mutually mutually ADV aisthesis-1842 140 15 considered consider VERB aisthesis-1842 140 16 in in ADP aisthesis-1842 140 17 valuation valuation NOUN aisthesis-1842 140 18 . . PUNCT aisthesis-1842 141 1 each each DET aisthesis-1842 141 2 tax tax NOUN aisthesis-1842 141 3 risk risk NOUN aisthesis-1842 141 4 variable variable NOUN aisthesis-1842 141 5 is be AUX aisthesis-1842 141 6 measured measure VERB aisthesis-1842 141 7 on on ADP aisthesis-1842 141 8 a a DET aisthesis-1842 141 9 five five NUM aisthesis-1842 141 10 - - PUNCT aisthesis-1842 141 11 year year NOUN aisthesis-1842 141 12 rolling roll VERB aisthesis-1842 141 13 average average NOUN aisthesis-1842 141 14 to to AUX aisthesis-1842 141 15 better well ADV aisthesis-1842 141 16 capture capture VERB aisthesis-1842 141 17 long long ADV aisthesis-1842 141 18 - - PUNCT aisthesis-1842 141 19 run run VERB aisthesis-1842 141 20 tax tax NOUN aisthesis-1842 141 21 risk risk NOUN aisthesis-1842 141 22 . . PUNCT aisthesis-1842 142 1 table table NOUN aisthesis-1842 142 2 2 2 NUM aisthesis-1842 142 3 describes describe VERB aisthesis-1842 142 4 the the DET aisthesis-1842 142 5 correlation correlation NOUN aisthesis-1842 142 6 between between ADP aisthesis-1842 142 7 the the DET aisthesis-1842 142 8 variables variable NOUN aisthesis-1842 142 9 . . PUNCT aisthesis-1842 143 1 my my PRON aisthesis-1842 143 2 results result NOUN aisthesis-1842 143 3 indicate indicate VERB aisthesis-1842 143 4 a a DET aisthesis-1842 143 5 positive positive ADJ aisthesis-1842 143 6 relationship relationship NOUN aisthesis-1842 143 7 between between ADP aisthesis-1842 143 8 tax tax NOUN aisthesis-1842 143 9 risk risk NOUN aisthesis-1842 143 10 and and CCONJ aisthesis-1842 143 11 firm firm ADJ aisthesis-1842 143 12 return return NOUN aisthesis-1842 143 13 , , PUNCT aisthesis-1842 143 14 which which PRON aisthesis-1842 143 15 is be AUX aisthesis-1842 143 16 observed observe VERB aisthesis-1842 143 17 in in ADP aisthesis-1842 143 18 the the DET aisthesis-1842 143 19 portfolio portfolio NOUN aisthesis-1842 143 20 regressions regression NOUN aisthesis-1842 143 21 . . PUNCT aisthesis-1842 144 1 my my PRON aisthesis-1842 144 2 avoidance avoidance NOUN aisthesis-1842 144 3 portfolios portfolio NOUN aisthesis-1842 144 4 represent represent VERB aisthesis-1842 144 5 different different ADJ aisthesis-1842 144 6 levels level NOUN aisthesis-1842 144 7 of of ADP aisthesis-1842 144 8 tax tax NOUN aisthesis-1842 144 9 avoidance avoidance NOUN aisthesis-1842 144 10 aggressiveness aggressiveness NOUN aisthesis-1842 144 11 from from ADP aisthesis-1842 144 12 one one NUM aisthesis-1842 144 13 to to PART aisthesis-1842 144 14 ten ten NUM aisthesis-1842 144 15 . . PUNCT aisthesis-1842 145 1 for for ADP aisthesis-1842 145 2 etrs etrs ADJ aisthesis-1842 145 3 , , PUNCT aisthesis-1842 145 4 firms firm NOUN aisthesis-1842 145 5 in in ADP aisthesis-1842 145 6 portfolio portfolio NOUN aisthesis-1842 145 7 one one NUM aisthesis-1842 145 8 , , PUNCT aisthesis-1842 145 9 p1 p1 NOUN aisthesis-1842 145 10 , , PUNCT aisthesis-1842 145 11 carry carry VERB aisthesis-1842 145 12 the the DET aisthesis-1842 145 13 lowest low ADJ aisthesis-1842 145 14 tax tax NOUN aisthesis-1842 145 15 rates rate NOUN aisthesis-1842 145 16 and and CCONJ aisthesis-1842 145 17 are be AUX aisthesis-1842 145 18 observed observe VERB aisthesis-1842 145 19 to to PART aisthesis-1842 145 20 be be AUX aisthesis-1842 145 21 the the DET aisthesis-1842 145 22 most most ADV aisthesis-1842 145 23 aggressive aggressive ADJ aisthesis-1842 145 24 tax tax NOUN aisthesis-1842 145 25 avoiders avoider NOUN aisthesis-1842 145 26 . . PUNCT aisthesis-1842 146 1 firms firm NOUN aisthesis-1842 146 2 in in ADP aisthesis-1842 146 3 portfolio portfolio NOUN aisthesis-1842 146 4 ten ten NUM aisthesis-1842 146 5 , , PUNCT aisthesis-1842 146 6 p10 p10 NOUN aisthesis-1842 146 7 , , PUNCT aisthesis-1842 146 8 carry carry VERB aisthesis-1842 146 9 the the DET aisthesis-1842 146 10 highest high ADJ aisthesis-1842 146 11 tax tax NOUN aisthesis-1842 146 12 rates rate NOUN aisthesis-1842 146 13 and and CCONJ aisthesis-1842 146 14 are be AUX aisthesis-1842 146 15 observed observe VERB aisthesis-1842 146 16 to to PART aisthesis-1842 146 17 be be AUX aisthesis-1842 146 18 the the DET aisthesis-1842 146 19 least least ADV aisthesis-1842 146 20 aggressive aggressive ADJ aisthesis-1842 146 21 tax tax NOUN aisthesis-1842 146 22 avoiders avoider NOUN aisthesis-1842 146 23 . . PUNCT aisthesis-1842 147 1 this this PRON aisthesis-1842 147 2 is be AUX aisthesis-1842 147 3 reversed reverse VERB aisthesis-1842 147 4 for for ADP aisthesis-1842 147 5 btd btd ADJ aisthesis-1842 147 6 portfolios portfolio NOUN aisthesis-1842 147 7 , , PUNCT aisthesis-1842 147 8 as as SCONJ aisthesis-1842 147 9 lower low ADJ aisthesis-1842 147 10 differences difference NOUN aisthesis-1842 147 11 are be AUX aisthesis-1842 147 12 associated associate VERB aisthesis-1842 147 13 with with ADP aisthesis-1842 147 14 less less ADV aisthesis-1842 147 15 aggressive aggressive ADJ aisthesis-1842 147 16 tax tax NOUN aisthesis-1842 147 17 avoidance avoidance NOUN aisthesis-1842 147 18 . . PUNCT aisthesis-1842 148 1 i i PRON aisthesis-1842 148 2 sort sort ADV aisthesis-1842 148 3 firm firm ADJ aisthesis-1842 148 4 years year NOUN aisthesis-1842 148 5 into into ADP aisthesis-1842 148 6 these these DET aisthesis-1842 148 7 portfolios portfolio NOUN aisthesis-1842 148 8 by by ADP aisthesis-1842 148 9 measuring measure VERB aisthesis-1842 148 10 their their PRON aisthesis-1842 148 11 tax tax NOUN aisthesis-1842 148 12 rates rate NOUN aisthesis-1842 148 13 and and CCONJ aisthesis-1842 148 14 book book NOUN aisthesis-1842 148 15 - - PUNCT aisthesis-1842 148 16 to to ADP aisthesis-1842 148 17 - - PUNCT aisthesis-1842 148 18 tax tax NOUN aisthesis-1842 148 19 differences difference NOUN aisthesis-1842 148 20 . . PUNCT aisthesis-1842 149 1 each each DET aisthesis-1842 149 2 measurement measurement NOUN aisthesis-1842 149 3 produces produce VERB aisthesis-1842 149 4 a a DET aisthesis-1842 149 5 robust robust ADJ aisthesis-1842 149 6 distribution distribution NOUN aisthesis-1842 149 7 within within ADP aisthesis-1842 149 8 each each DET aisthesis-1842 149 9 portfolio portfolio NOUN aisthesis-1842 149 10 . . PUNCT aisthesis-1842 150 1 the the DET aisthesis-1842 150 2 average average ADJ aisthesis-1842 150 3 measure measure NOUN aisthesis-1842 150 4 of of ADP aisthesis-1842 150 5 each each DET aisthesis-1842 150 6 portfolio portfolio NOUN aisthesis-1842 150 7 is be AUX aisthesis-1842 150 8 presented present VERB aisthesis-1842 150 9 in in ADP aisthesis-1842 150 10 tables table NOUN aisthesis-1842 150 11 3 3 NUM aisthesis-1842 150 12 and and CCONJ aisthesis-1842 150 13 4 4 NUM aisthesis-1842 150 14 . . X aisthesis-1842 151 1 as as SCONJ aisthesis-1842 151 2 i i PRON aisthesis-1842 151 3 will will AUX aisthesis-1842 151 4 show show VERB aisthesis-1842 151 5 , , PUNCT aisthesis-1842 151 6 the the DET aisthesis-1842 151 7 highest high ADJ aisthesis-1842 151 8 returns return NOUN aisthesis-1842 151 9 are be AUX aisthesis-1842 151 10 present present ADJ aisthesis-1842 151 11 in in ADP aisthesis-1842 151 12 the the DET aisthesis-1842 151 13 most most ADV aisthesis-1842 151 14 aggressive aggressive ADJ aisthesis-1842 151 15 tax tax NOUN aisthesis-1842 151 16 - - PUNCT aisthesis-1842 151 17 avoiding avoid VERB aisthesis-1842 151 18 portfolios portfolio NOUN aisthesis-1842 151 19 . . PUNCT aisthesis-1842 152 1 this this DET aisthesis-1842 152 2 type type NOUN aisthesis-1842 152 3 of of ADP aisthesis-1842 152 4 relationship relationship NOUN aisthesis-1842 152 5 is be AUX aisthesis-1842 152 6 consistent consistent ADJ aisthesis-1842 152 7 with with ADP aisthesis-1842 152 8 the the DET aisthesis-1842 152 9 tax tax NOUN aisthesis-1842 152 10 cash cash NOUN aisthesis-1842 152 11 savings saving NOUN aisthesis-1842 152 12 principle principle NOUN aisthesis-1842 152 13 described describe VERB aisthesis-1842 152 14 by by ADP aisthesis-1842 152 15 goh goh PROPN aisthesis-1842 152 16 et et PROPN aisthesis-1842 152 17 al al PROPN aisthesis-1842 152 18 . . PUNCT aisthesis-1842 153 1 ( ( PUNCT aisthesis-1842 153 2 2016 2016 NUM aisthesis-1842 153 3 ) ) PUNCT aisthesis-1842 153 4 . . PUNCT aisthesis-1842 154 1 because because SCONJ aisthesis-1842 154 2 my my PRON aisthesis-1842 154 3 research research NOUN aisthesis-1842 154 4 seeks seek VERB aisthesis-1842 154 5 to to PART aisthesis-1842 154 6 analyze analyze VERB aisthesis-1842 154 7 the the DET aisthesis-1842 154 8 influence influence NOUN aisthesis-1842 154 9 of of ADP aisthesis-1842 154 10 tax tax NOUN aisthesis-1842 154 11 risk risk NOUN aisthesis-1842 154 12 , , PUNCT aisthesis-1842 154 13 i i PRON aisthesis-1842 154 14 separate separate VERB aisthesis-1842 154 15 firms firm NOUN aisthesis-1842 154 16 into into ADP aisthesis-1842 154 17 portfolios portfolio NOUN aisthesis-1842 154 18 by by ADP aisthesis-1842 154 19 the the DET aisthesis-1842 154 20 level level NOUN aisthesis-1842 154 21 of of ADP aisthesis-1842 154 22 tax tax NOUN aisthesis-1842 154 23 volatility volatility NOUN aisthesis-1842 154 24 . . PUNCT aisthesis-1842 155 1 this this PRON aisthesis-1842 155 2 is be AUX aisthesis-1842 155 3 measured measure VERB aisthesis-1842 155 4 as as ADP aisthesis-1842 155 5 the the DET aisthesis-1842 155 6 standard standard ADJ aisthesis-1842 155 7 deviation deviation NOUN aisthesis-1842 155 8 of of ADP aisthesis-1842 155 9 each each DET aisthesis-1842 155 10 measurement measurement NOUN aisthesis-1842 155 11 over over ADP aisthesis-1842 155 12 fiveyear fiveyear NOUN aisthesis-1842 155 13 periods period NOUN aisthesis-1842 155 14 . . PUNCT aisthesis-1842 156 1 firms firm NOUN aisthesis-1842 156 2 in in ADP aisthesis-1842 156 3 portfolio portfolio PROPN aisthesis-1842 156 4 one one NUM aisthesis-1842 156 5 , , PUNCT aisthesis-1842 156 6 rp1 rp1 PROPN aisthesis-1842 156 7 , , PUNCT aisthesis-1842 156 8 have have VERB aisthesis-1842 156 9 the the DET aisthesis-1842 156 10 lowest low ADJ aisthesis-1842 156 11 level level NOUN aisthesis-1842 156 12 of of ADP aisthesis-1842 156 13 avoidance avoidance NOUN aisthesis-1842 156 14 volatility volatility NOUN aisthesis-1842 156 15 ( ( PUNCT aisthesis-1842 156 16 lowest low ADJ aisthesis-1842 156 17 tax tax NOUN aisthesis-1842 156 18 risk risk NOUN aisthesis-1842 156 19 ) ) PUNCT aisthesis-1842 156 20 . . PUNCT aisthesis-1842 157 1 firms firm NOUN aisthesis-1842 157 2 in in ADP aisthesis-1842 157 3 portfolio portfolio NOUN aisthesis-1842 157 4 ten ten NUM aisthesis-1842 157 5 , , PUNCT aisthesis-1842 157 6 rp10 rp10 PROPN aisthesis-1842 157 7 , , PUNCT aisthesis-1842 157 8 have have VERB aisthesis-1842 157 9 the the DET aisthesis-1842 157 10 highest high ADJ aisthesis-1842 157 11 level level NOUN aisthesis-1842 157 12 of of ADP aisthesis-1842 157 13 avoidance avoidance NOUN aisthesis-1842 157 14 volatility volatility NOUN aisthesis-1842 157 15 ( ( PUNCT aisthesis-1842 157 16 highest high ADJ aisthesis-1842 157 17 tax tax NOUN aisthesis-1842 157 18 risk risk NOUN aisthesis-1842 157 19 ) ) PUNCT aisthesis-1842 157 20 . . PUNCT aisthesis-1842 158 1 table table NOUN aisthesis-1842 158 2 5 5 NUM aisthesis-1842 158 3 describes describe VERB aisthesis-1842 158 4 the the DET aisthesis-1842 158 5 measures measure NOUN aisthesis-1842 158 6 of of ADP aisthesis-1842 158 7 the the DET aisthesis-1842 158 8 tax tax NOUN aisthesis-1842 158 9 risk risk NOUN aisthesis-1842 158 10 portfolio portfolio NOUN aisthesis-1842 158 11 allocation allocation NOUN aisthesis-1842 158 12 . . PUNCT aisthesis-1842 159 1 i i PRON aisthesis-1842 159 2 find find VERB aisthesis-1842 159 3 the the DET aisthesis-1842 159 4 highest high ADJ aisthesis-1842 159 5 tax tax NOUN aisthesis-1842 159 6 risk risk NOUN aisthesis-1842 159 7 portfolios portfolio NOUN aisthesis-1842 159 8 to to PART aisthesis-1842 159 9 produce produce VERB aisthesis-1842 159 10 the the DET aisthesis-1842 159 11 highest high ADJ aisthesis-1842 159 12 returns return NOUN aisthesis-1842 159 13 . . PUNCT aisthesis-1842 160 1 as as SCONJ aisthesis-1842 160 2 i i PRON aisthesis-1842 160 3 will will AUX aisthesis-1842 160 4 show show VERB aisthesis-1842 160 5 in in ADP aisthesis-1842 160 6 my my PRON aisthesis-1842 160 7 regression regression NOUN aisthesis-1842 160 8 analysis analysis NOUN aisthesis-1842 160 9 , , PUNCT aisthesis-1842 160 10 this this PRON aisthesis-1842 160 11 is be AUX aisthesis-1842 160 12 still still ADV aisthesis-1842 160 13 present present ADJ aisthesis-1842 160 14 after after ADP aisthesis-1842 160 15 adjusting adjust VERB aisthesis-1842 160 16 for for ADP aisthesis-1842 160 17 systematic systematic ADJ aisthesis-1842 160 18 risk risk NOUN aisthesis-1842 160 19 . . PUNCT aisthesis-1842 161 1 while while SCONJ aisthesis-1842 161 2 portfolio portfolio NOUN aisthesis-1842 161 3 sorts sort NOUN aisthesis-1842 161 4 are be AUX aisthesis-1842 161 5 helpful helpful ADJ aisthesis-1842 161 6 in in ADP aisthesis-1842 161 7 determining determine VERB aisthesis-1842 161 8 whether whether SCONJ aisthesis-1842 161 9 expected expect VERB aisthesis-1842 161 10 returns return NOUN aisthesis-1842 161 11 vary vary VERB aisthesis-1842 161 12 based base VERB aisthesis-1842 161 13 on on ADP aisthesis-1842 161 14 a a DET aisthesis-1842 161 15 firm firm NOUN aisthesis-1842 161 16 ’s ’s PART aisthesis-1842 161 17 tax tax NOUN aisthesis-1842 161 18 rates rate NOUN aisthesis-1842 161 19 or or CCONJ aisthesis-1842 161 20 levels level NOUN aisthesis-1842 161 21 of of ADP aisthesis-1842 161 22 tax tax NOUN aisthesis-1842 161 23 risk risk NOUN aisthesis-1842 161 24 , , PUNCT aisthesis-1842 161 25 they they PRON aisthesis-1842 161 26 fail fail VERB aisthesis-1842 161 27 to to PART aisthesis-1842 161 28 account account VERB aisthesis-1842 161 29 for for ADP aisthesis-1842 161 30 differences difference NOUN aisthesis-1842 161 31 in in ADP aisthesis-1842 161 32 expected expect VERB aisthesis-1842 161 33 returns return NOUN aisthesis-1842 161 34 due due ADJ aisthesis-1842 161 35 to to ADP aisthesis-1842 161 36 the the DET aisthesis-1842 161 37 exposure exposure NOUN aisthesis-1842 161 38 to to ADP aisthesis-1842 161 39 systematic systematic ADJ aisthesis-1842 161 40 risk risk NOUN aisthesis-1842 161 41 . . PUNCT aisthesis-1842 162 1 for for ADP aisthesis-1842 162 2 example example NOUN aisthesis-1842 162 3 , , PUNCT aisthesis-1842 162 4 if if SCONJ aisthesis-1842 162 5 the the DET aisthesis-1842 162 6 return return NOUN aisthesis-1842 162 7 differential differential NOUN aisthesis-1842 162 8 between between ADP aisthesis-1842 162 9 portfolios portfolio NOUN aisthesis-1842 162 10 sorted sort VERB aisthesis-1842 162 11 on on ADP aisthesis-1842 162 12 tax tax NOUN aisthesis-1842 162 13 risk risk NOUN aisthesis-1842 162 14 is be AUX aisthesis-1842 162 15 simply simply ADV aisthesis-1842 162 16 due due ADJ aisthesis-1842 162 17 to to ADP aisthesis-1842 162 18 increased increase VERB aisthesis-1842 162 19 exposure exposure NOUN aisthesis-1842 162 20 to to ADP aisthesis-1842 162 21 systematic systematic ADJ aisthesis-1842 162 22 risk risk NOUN aisthesis-1842 162 23 , , PUNCT aisthesis-1842 162 24 then then ADV aisthesis-1842 162 25 investors investor NOUN aisthesis-1842 162 26 can can AUX aisthesis-1842 162 27 not not PART aisthesis-1842 162 28 enjoy enjoy VERB aisthesis-1842 162 29 abnormal abnormal ADJ aisthesis-1842 162 30 returns return NOUN aisthesis-1842 162 31 by by ADP aisthesis-1842 162 32 investing invest VERB aisthesis-1842 162 33 in in ADP aisthesis-1842 162 34 high high ADJ aisthesis-1842 162 35 tax tax NOUN aisthesis-1842 162 36 risk risk NOUN aisthesis-1842 162 37 portfolios portfolio NOUN aisthesis-1842 162 38 and and CCONJ aisthesis-1842 162 39 shorting shorting NOUN aisthesis-1842 162 40 low low ADJ aisthesis-1842 162 41 tax tax NOUN aisthesis-1842 162 42 risk risk NOUN aisthesis-1842 162 43 portfolios portfolio NOUN aisthesis-1842 162 44 . . PUNCT aisthesis-1842 163 1 to to PART aisthesis-1842 163 2 address address VERB aisthesis-1842 163 3 these these DET aisthesis-1842 163 4 concerns concern NOUN aisthesis-1842 163 5 , , PUNCT aisthesis-1842 163 6 i i PRON aisthesis-1842 163 7 regress regress VERB aisthesis-1842 163 8 the the DET aisthesis-1842 163 9 monthly monthly ADJ aisthesis-1842 163 10 returns return NOUN aisthesis-1842 163 11 of of ADP aisthesis-1842 163 12 the the DET aisthesis-1842 163 13 portfolios portfolio NOUN aisthesis-1842 163 14 , , PUNCT aisthesis-1842 163 15 discussed discuss VERB aisthesis-1842 163 16 in in ADP aisthesis-1842 163 17 the the DET aisthesis-1842 163 18 section section NOUN aisthesis-1842 163 19 above above ADV aisthesis-1842 163 20 , , PUNCT aisthesis-1842 163 21 against against ADP aisthesis-1842 163 22 the the DET aisthesis-1842 163 23 five five NUM aisthesis-1842 163 24 - - PUNCT aisthesis-1842 163 25 factor factor NOUN aisthesis-1842 163 26 asset asset NOUN aisthesis-1842 163 27 pricing pricing NOUN aisthesis-1842 163 28 model model NOUN aisthesis-1842 163 29 , , PUNCT aisthesis-1842 163 30 developed develop VERB aisthesis-1842 163 31 in in ADP aisthesis-1842 163 32 fama fama PROPN aisthesis-1842 163 33 and and CCONJ aisthesis-1842 163 34 french french NOUN aisthesis-1842 163 35 ’s ’s PART aisthesis-1842 163 36 ( ( PUNCT aisthesis-1842 163 37 2015 2015 NUM aisthesis-1842 163 38 ) ) PUNCT aisthesis-1842 163 39 study study NOUN aisthesis-1842 163 40 , , PUNCT aisthesis-1842 163 41 to to PART aisthesis-1842 163 42 control control VERB aisthesis-1842 163 43 for for ADP aisthesis-1842 163 44 variables variable NOUN aisthesis-1842 163 45 that that PRON aisthesis-1842 163 46 are be AUX aisthesis-1842 163 47 widely widely ADV aisthesis-1842 163 48 accepted accept VERB aisthesis-1842 163 49 indications indication NOUN aisthesis-1842 163 50 of of ADP aisthesis-1842 163 51 stock stock NOUN aisthesis-1842 163 52 performance performance NOUN aisthesis-1842 163 53 . . PUNCT aisthesis-1842 164 1 for for ADP aisthesis-1842 164 2 the the DET aisthesis-1842 164 3 risk risk NOUN aisthesis-1842 164 4 component component NOUN aisthesis-1842 164 5 , , PUNCT aisthesis-1842 164 6 i i PRON aisthesis-1842 164 7 regress regress VERB aisthesis-1842 164 8 the the DET aisthesis-1842 164 9 returns return NOUN aisthesis-1842 164 10 of of ADP aisthesis-1842 164 11 the the DET aisthesis-1842 164 12 tax tax NOUN aisthesis-1842 164 13 avoidance avoidance NOUN aisthesis-1842 164 14 portfolios portfolio NOUN aisthesis-1842 164 15 in in ADP aisthesis-1842 164 16 excess excess NOUN aisthesis-1842 164 17 of of ADP aisthesis-1842 164 18 the the DET aisthesis-1842 164 19 risk risk NOUN aisthesis-1842 164 20 - - PUNCT aisthesis-1842 164 21 free free ADJ aisthesis-1842 164 22 rate rate NOUN aisthesis-1842 164 23 ( ( PUNCT aisthesis-1842 164 24 assumed assume VERB aisthesis-1842 164 25 to to PART aisthesis-1842 164 26 be be AUX aisthesis-1842 164 27 the the DET aisthesis-1842 164 28 return return NOUN aisthesis-1842 164 29 on on ADP aisthesis-1842 164 30 the the DET aisthesis-1842 164 31 one one NUM aisthesis-1842 164 32 - - PUNCT aisthesis-1842 164 33 month month NOUN aisthesis-1842 164 34 treasury treasury NOUN aisthesis-1842 164 35 bill bill NOUN aisthesis-1842 164 36 ) ) PUNCT aisthesis-1842 164 37 against against ADP aisthesis-1842 164 38 the the DET aisthesis-1842 164 39 fama fama NOUN aisthesis-1842 164 40 - - PUNCT aisthesis-1842 164 41 french french ADJ aisthesis-1842 164 42 five five NUM aisthesis-1842 164 43 factors factor NOUN aisthesis-1842 164 44 : : PUNCT aisthesis-1842 164 45 where where SCONJ aisthesis-1842 164 46 : : PUNCT aisthesis-1842 164 47 mkt mkt PROPN aisthesis-1842 164 48 is be AUX aisthesis-1842 164 49 the the DET aisthesis-1842 164 50 market market NOUN aisthesis-1842 164 51 risk risk NOUN aisthesis-1842 164 52 premium premium NOUN aisthesis-1842 164 53 , , PUNCT aisthesis-1842 164 54 defined define VERB aisthesis-1842 164 55 to to PART aisthesis-1842 164 56 be be AUX aisthesis-1842 164 57 the the DET aisthesis-1842 164 58 return return NOUN aisthesis-1842 164 59 of of ADP aisthesis-1842 164 60 the the DET aisthesis-1842 164 61 center center NOUN aisthesis-1842 164 62 for for ADP aisthesis-1842 164 63 research research NOUN aisthesis-1842 164 64 in in ADP aisthesis-1842 164 65 security security NOUN aisthesis-1842 164 66 prices price NOUN aisthesis-1842 164 67 ( ( PUNCT aisthesis-1842 164 68 crsp crsp NOUN aisthesis-1842 164 69 ) ) PUNCT aisthesis-1842 164 70 value value NOUN aisthesis-1842 164 71 - - PUNCT aisthesis-1842 164 72 weighted weight VERB aisthesis-1842 164 73 stock stock NOUN aisthesis-1842 164 74 index index NOUN aisthesis-1842 164 75 minus minus ADP aisthesis-1842 164 76 the the DET aisthesis-1842 164 77 return return NOUN aisthesis-1842 164 78 of of ADP aisthesis-1842 164 79 the the DET aisthesis-1842 164 80 one one NUM aisthesis-1842 164 81 - - PUNCT aisthesis-1842 164 82 month month NOUN aisthesis-1842 164 83 treasury treasury NOUN aisthesis-1842 164 84 bill bill NOUN aisthesis-1842 164 85 . . PUNCT aisthesis-1842 165 1 smb smb PROPN aisthesis-1842 165 2 is be AUX aisthesis-1842 165 3 a a DET aisthesis-1842 165 4 trading trading NOUN aisthesis-1842 165 5 on on ADP aisthesis-1842 165 6 tax tax NOUN aisthesis-1842 165 7 avoidance avoidance NOUN aisthesis-1842 165 8 aisthesis aisthesis NOUN aisthesis-1842 165 9 volume volume NOUN aisthesis-1842 165 10 10 10 NUM aisthesis-1842 165 11 , , PUNCT aisthesis-1842 165 12 20196 20196 NUM aisthesis-1842 165 13 well well ADV aisthesis-1842 165 14 - - PUNCT aisthesis-1842 165 15 diversified diversify VERB aisthesis-1842 165 16 portfolio portfolio NOUN aisthesis-1842 165 17 that that PRON aisthesis-1842 165 18 is be AUX aisthesis-1842 165 19 long long ADJ aisthesis-1842 165 20 on on ADP aisthesis-1842 165 21 stocks stock NOUN aisthesis-1842 165 22 with with ADP aisthesis-1842 165 23 low low ADJ aisthesis-1842 165 24 market market NOUN aisthesis-1842 165 25 capitalizations capitalization NOUN aisthesis-1842 165 26 and and CCONJ aisthesis-1842 165 27 short short ADJ aisthesis-1842 165 28 sells sell VERB aisthesis-1842 165 29 assets asset NOUN aisthesis-1842 165 30 with with ADP aisthesis-1842 165 31 high high ADJ aisthesis-1842 165 32 market market NOUN aisthesis-1842 165 33 capitalizations capitalization NOUN aisthesis-1842 165 34 . . PUNCT aisthesis-1842 166 1 hml hml PROPN aisthesis-1842 166 2 is be AUX aisthesis-1842 166 3 a a DET aisthesis-1842 166 4 well well ADV aisthesis-1842 166 5 - - PUNCT aisthesis-1842 166 6 diversified diversify VERB aisthesis-1842 166 7 portfolio portfolio NOUN aisthesis-1842 166 8 that that PRON aisthesis-1842 166 9 is be AUX aisthesis-1842 166 10 long long ADV aisthesis-1842 166 11 on on ADP aisthesis-1842 166 12 value value NOUN aisthesis-1842 166 13 stocks stock NOUN aisthesis-1842 166 14 ( ( PUNCT aisthesis-1842 166 15 i.e. i.e. X aisthesis-1842 166 16 stocks stock NOUN aisthesis-1842 166 17 with with ADP aisthesis-1842 166 18 high high ADJ aisthesis-1842 166 19 book book NOUN aisthesis-1842 166 20 - - PUNCT aisthesis-1842 166 21 to to ADP aisthesis-1842 166 22 - - PUNCT aisthesis-1842 166 23 market market NOUN aisthesis-1842 166 24 ratios ratio NOUN aisthesis-1842 166 25 ) ) PUNCT aisthesis-1842 166 26 and and CCONJ aisthesis-1842 166 27 short short ADJ aisthesis-1842 166 28 sells sell VERB aisthesis-1842 166 29 growth growth NOUN aisthesis-1842 166 30 stocks stock NOUN aisthesis-1842 166 31 ( ( PUNCT aisthesis-1842 166 32 i.e. i.e. X aisthesis-1842 166 33 firms firm NOUN aisthesis-1842 166 34 with with ADP aisthesis-1842 166 35 low low ADJ aisthesis-1842 166 36 book book NOUN aisthesis-1842 166 37 - - PUNCT aisthesis-1842 166 38 to to ADP aisthesis-1842 166 39 - - PUNCT aisthesis-1842 166 40 market market NOUN aisthesis-1842 166 41 ratios ratio NOUN aisthesis-1842 166 42 ) ) PUNCT aisthesis-1842 166 43 . . PUNCT aisthesis-1842 167 1 rmw rmw PROPN aisthesis-1842 167 2 is be AUX aisthesis-1842 167 3 a a DET aisthesis-1842 167 4 well well ADV aisthesis-1842 167 5 - - PUNCT aisthesis-1842 167 6 diversified diversify VERB aisthesis-1842 167 7 portfolio portfolio NOUN aisthesis-1842 167 8 that that PRON aisthesis-1842 167 9 is be AUX aisthesis-1842 167 10 long long ADJ aisthesis-1842 167 11 on on ADP aisthesis-1842 167 12 stocks stock NOUN aisthesis-1842 167 13 with with ADP aisthesis-1842 167 14 robust robust ADJ aisthesis-1842 167 15 operating operating NOUN aisthesis-1842 167 16 profitability profitability NOUN aisthesis-1842 167 17 and and CCONJ aisthesis-1842 167 18 short short ADJ aisthesis-1842 167 19 sells sell VERB aisthesis-1842 167 20 stocks stock NOUN aisthesis-1842 167 21 with with ADP aisthesis-1842 167 22 weak weak ADJ aisthesis-1842 167 23 operating operating NOUN aisthesis-1842 167 24 profitability profitability NOUN aisthesis-1842 167 25 . . PUNCT aisthesis-1842 168 1 cma cma PROPN aisthesis-1842 168 2 is be AUX aisthesis-1842 168 3 a a DET aisthesis-1842 168 4 well well ADV aisthesis-1842 168 5 - - PUNCT aisthesis-1842 168 6 diversified diversify VERB aisthesis-1842 168 7 portfolio portfolio NOUN aisthesis-1842 168 8 that that PRON aisthesis-1842 168 9 is be AUX aisthesis-1842 168 10 long long ADJ aisthesis-1842 168 11 on on ADP aisthesis-1842 168 12 stocks stock NOUN aisthesis-1842 168 13 that that PRON aisthesis-1842 168 14 invest invest VERB aisthesis-1842 168 15 conservatively conservatively ADV aisthesis-1842 168 16 and and CCONJ aisthesis-1842 168 17 short short ADJ aisthesis-1842 168 18 sells sell VERB aisthesis-1842 168 19 stocks stock NOUN aisthesis-1842 168 20 that that PRON aisthesis-1842 168 21 invest invest VERB aisthesis-1842 168 22 aggressively aggressively ADV aisthesis-1842 168 23 . . PUNCT aisthesis-1842 169 1 data datum NOUN aisthesis-1842 169 2 on on ADP aisthesis-1842 169 3 the the DET aisthesis-1842 169 4 five five NUM aisthesis-1842 169 5 factors factor NOUN aisthesis-1842 169 6 and and CCONJ aisthesis-1842 169 7 the the DET aisthesis-1842 169 8 risk risk NOUN aisthesis-1842 169 9 - - PUNCT aisthesis-1842 169 10 free free ADJ aisthesis-1842 169 11 rate rate NOUN aisthesis-1842 169 12 are be AUX aisthesis-1842 169 13 available available ADJ aisthesis-1842 169 14 on on ADP aisthesis-1842 169 15 ken ken PROPN aisthesis-1842 169 16 french french PROPN aisthesis-1842 169 17 ’s ’s PART aisthesis-1842 169 18 website.6 website.6 NOUN aisthesis-1842 169 19 as as SCONJ aisthesis-1842 169 20 my my PRON aisthesis-1842 169 21 regression regression NOUN aisthesis-1842 169 22 model model NOUN aisthesis-1842 169 23 features feature VERB aisthesis-1842 169 24 excess excess ADJ aisthesis-1842 169 25 returns return NOUN aisthesis-1842 169 26 on on ADP aisthesis-1842 169 27 the the DET aisthesis-1842 169 28 left left ADJ aisthesis-1842 169 29 - - PUNCT aisthesis-1842 169 30 hand hand NOUN aisthesis-1842 169 31 side side NOUN aisthesis-1842 169 32 and and CCONJ aisthesis-1842 169 33 returns return NOUN aisthesis-1842 169 34 - - PUNCT aisthesis-1842 169 35 based base VERB aisthesis-1842 169 36 factors factor NOUN aisthesis-1842 169 37 on on ADP aisthesis-1842 169 38 the the DET aisthesis-1842 169 39 right right ADJ aisthesis-1842 169 40 - - PUNCT aisthesis-1842 169 41 hand hand NOUN aisthesis-1842 169 42 side side NOUN aisthesis-1842 169 43 , , PUNCT aisthesis-1842 169 44 the the DET aisthesis-1842 169 45 vertical vertical ADJ aisthesis-1842 169 46 intercept intercept NOUN aisthesis-1842 169 47 of of ADP aisthesis-1842 169 48 the the DET aisthesis-1842 169 49 regression regression NOUN aisthesis-1842 169 50 ( ( PUNCT aisthesis-1842 169 51 i.e. i.e. X aisthesis-1842 169 52 αp αp NOUN aisthesis-1842 169 53 ) ) PUNCT aisthesis-1842 169 54 can can AUX aisthesis-1842 169 55 be be AUX aisthesis-1842 169 56 interpreted interpret VERB aisthesis-1842 169 57 as as SCONJ aisthesis-1842 169 58 jensen jensen PROPN aisthesis-1842 169 59 ’s ’s PART aisthesis-1842 169 60 alpha alpha NOUN aisthesis-1842 169 61 ( ( PUNCT aisthesis-1842 169 62 e.g. e.g. ADV aisthesis-1842 169 63 , , PUNCT aisthesis-1842 169 64 jensen jensen PROPN aisthesis-1842 169 65 , , PUNCT aisthesis-1842 169 66 1968 1968 NUM aisthesis-1842 169 67 ) ) PUNCT aisthesis-1842 169 68 , , PUNCT aisthesis-1842 169 69 a a DET aisthesis-1842 169 70 measure measure NOUN aisthesis-1842 169 71 of of ADP aisthesis-1842 169 72 the the DET aisthesis-1842 169 73 portfolio portfolio NOUN aisthesis-1842 169 74 ’s ’s PART aisthesis-1842 169 75 performance performance NOUN aisthesis-1842 169 76 above above ADP aisthesis-1842 169 77 or or CCONJ aisthesis-1842 169 78 below below ADP aisthesis-1842 169 79 what what PRON aisthesis-1842 169 80 the the DET aisthesis-1842 169 81 benchmark benchmark ADJ aisthesis-1842 169 82 asset asset NOUN aisthesis-1842 169 83 pricing pricing NOUN aisthesis-1842 169 84 model model NOUN aisthesis-1842 169 85 estimates estimate VERB aisthesis-1842 169 86 the the DET aisthesis-1842 169 87 portfolio portfolio NOUN aisthesis-1842 169 88 return return NOUN aisthesis-1842 169 89 ought ought AUX aisthesis-1842 169 90 to to PART aisthesis-1842 169 91 be be AUX aisthesis-1842 169 92 , , PUNCT aisthesis-1842 169 93 given give VERB aisthesis-1842 169 94 its its PRON aisthesis-1842 169 95 exposure exposure NOUN aisthesis-1842 169 96 to to ADP aisthesis-1842 169 97 systematic systematic ADJ aisthesis-1842 169 98 risk risk NOUN aisthesis-1842 169 99 as as SCONJ aisthesis-1842 169 100 proxied proxie VERB aisthesis-1842 169 101 by by ADP aisthesis-1842 169 102 the the DET aisthesis-1842 169 103 famafrench famafrench NOUN aisthesis-1842 169 104 factors factor NOUN aisthesis-1842 169 105 . . PUNCT aisthesis-1842 170 1 accordingly accordingly ADV aisthesis-1842 170 2 , , PUNCT aisthesis-1842 170 3 jensen jensen PROPN aisthesis-1842 170 4 ’s ’s PART aisthesis-1842 170 5 alpha alpha NOUN aisthesis-1842 170 6 can can AUX aisthesis-1842 170 7 be be AUX aisthesis-1842 170 8 used use VERB aisthesis-1842 170 9 as as ADP aisthesis-1842 170 10 a a DET aisthesis-1842 170 11 measure measure NOUN aisthesis-1842 170 12 of of ADP aisthesis-1842 170 13 the the DET aisthesis-1842 170 14 abnormal abnormal ADJ aisthesis-1842 170 15 returns return NOUN aisthesis-1842 170 16 an an DET aisthesis-1842 170 17 investor investor NOUN aisthesis-1842 170 18 can can AUX aisthesis-1842 170 19 expect expect VERB aisthesis-1842 170 20 to to PART aisthesis-1842 170 21 earn earn VERB aisthesis-1842 170 22 in in ADP aisthesis-1842 170 23 excess excess NOUN aisthesis-1842 170 24 of of ADP aisthesis-1842 170 25 the the DET aisthesis-1842 170 26 risk risk NOUN aisthesis-1842 170 27 the the DET aisthesis-1842 170 28 portfolio portfolio NOUN aisthesis-1842 170 29 carries carry VERB aisthesis-1842 170 30 . . PUNCT aisthesis-1842 171 1 as as SCONJ aisthesis-1842 171 2 the the DET aisthesis-1842 171 3 results result NOUN aisthesis-1842 171 4 show show VERB aisthesis-1842 171 5 , , PUNCT aisthesis-1842 171 6 this this DET aisthesis-1842 171 7 pricing pricing NOUN aisthesis-1842 171 8 model model NOUN aisthesis-1842 171 9 reveals reveal VERB aisthesis-1842 171 10 abnormal abnormal ADJ aisthesis-1842 171 11 returns return NOUN aisthesis-1842 171 12 for for ADP aisthesis-1842 171 13 equity equity NOUN aisthesis-1842 171 14 investment investment NOUN aisthesis-1842 171 15 in in ADP aisthesis-1842 171 16 aggressive aggressive ADJ aisthesis-1842 171 17 tax tax NOUN aisthesis-1842 171 18 - - PUNCT aisthesis-1842 171 19 avoiding avoid VERB aisthesis-1842 171 20 portfolios portfolio NOUN aisthesis-1842 171 21 . . PUNCT aisthesis-1842 172 1 iv iv X aisthesis-1842 172 2 . . PUNCT aisthesis-1842 173 1 empirical empirical ADJ aisthesis-1842 173 2 results result NOUN aisthesis-1842 173 3 my my PRON aisthesis-1842 173 4 research research NOUN aisthesis-1842 173 5 produces produce VERB aisthesis-1842 173 6 significant significant ADJ aisthesis-1842 173 7 results result NOUN aisthesis-1842 173 8 for for ADP aisthesis-1842 173 9 the the DET aisthesis-1842 173 10 portfolio portfolio NOUN aisthesis-1842 173 11 analysis analysis NOUN aisthesis-1842 173 12 and and CCONJ aisthesis-1842 173 13 residual residual ADJ aisthesis-1842 173 14 regression regression NOUN aisthesis-1842 173 15 analysis analysis NOUN aisthesis-1842 173 16 . . PUNCT aisthesis-1842 174 1 i i PRON aisthesis-1842 174 2 confirm confirm VERB aisthesis-1842 174 3 tax tax NOUN aisthesis-1842 174 4 avoidance avoidance NOUN aisthesis-1842 174 5 aggressiveness aggressiveness NOUN aisthesis-1842 174 6 to to PART aisthesis-1842 174 7 have have VERB aisthesis-1842 174 8 positive positive ADJ aisthesis-1842 174 9 results result NOUN aisthesis-1842 174 10 for for ADP aisthesis-1842 174 11 equity equity NOUN aisthesis-1842 174 12 investors investor NOUN aisthesis-1842 174 13 . . PUNCT aisthesis-1842 175 1 an an DET aisthesis-1842 175 2 analysis analysis NOUN aisthesis-1842 175 3 of of ADP aisthesis-1842 175 4 the the DET aisthesis-1842 175 5 portfolio portfolio NOUN aisthesis-1842 175 6 performance performance NOUN aisthesis-1842 175 7 identifies identify VERB aisthesis-1842 175 8 useful useful ADJ aisthesis-1842 175 9 information information NOUN aisthesis-1842 175 10 for for ADP aisthesis-1842 175 11 equity equity NOUN aisthesis-1842 175 12 trading trading NOUN aisthesis-1842 175 13 . . PUNCT aisthesis-1842 176 1 table table NOUN aisthesis-1842 176 2 6 6 NUM aisthesis-1842 176 3 identifies identify VERB aisthesis-1842 176 4 the the DET aisthesis-1842 176 5 monthly monthly ADJ aisthesis-1842 176 6 returns return NOUN aisthesis-1842 176 7 of of ADP aisthesis-1842 176 8 each each DET aisthesis-1842 176 9 portfolio portfolio NOUN aisthesis-1842 176 10 described describe VERB aisthesis-1842 176 11 above above ADV aisthesis-1842 176 12 , , PUNCT aisthesis-1842 176 13 while while SCONJ aisthesis-1842 176 14 table table NOUN aisthesis-1842 176 15 7 7 NUM aisthesis-1842 176 16 indicates indicate VERB aisthesis-1842 176 17 the the DET aisthesis-1842 176 18 statistical statistical ADJ aisthesis-1842 176 19 significance significance NOUN aisthesis-1842 176 20 of of ADP aisthesis-1842 176 21 the the DET aisthesis-1842 176 22 highest high ADJ aisthesis-1842 176 23 and and CCONJ aisthesis-1842 176 24 lowest low ADJ aisthesis-1842 176 25 portfolios portfolio NOUN aisthesis-1842 176 26 measured measure VERB aisthesis-1842 176 27 against against ADP aisthesis-1842 176 28 the the DET aisthesis-1842 176 29 five five NUM aisthesis-1842 176 30 - - PUNCT aisthesis-1842 176 31 factor factor NOUN aisthesis-1842 176 32 model model NOUN aisthesis-1842 176 33 . . PUNCT aisthesis-1842 177 1 under under ADP aisthesis-1842 177 2 etr etr PROPN aisthesis-1842 177 3 portfolio portfolio PROPN aisthesis-1842 177 4 allocation allocation NOUN aisthesis-1842 177 5 , , PUNCT aisthesis-1842 177 6 i i PRON aisthesis-1842 177 7 find find VERB aisthesis-1842 177 8 that that SCONJ aisthesis-1842 177 9 firms firm NOUN aisthesis-1842 177 10 with with ADP aisthesis-1842 177 11 lower low ADJ aisthesis-1842 177 12 effective effective ADJ aisthesis-1842 177 13 tax tax NOUN aisthesis-1842 177 14 rates rate NOUN aisthesis-1842 177 15 produce produce VERB aisthesis-1842 177 16 higher high ADJ aisthesis-1842 177 17 returns return NOUN aisthesis-1842 177 18 . . PUNCT aisthesis-1842 178 1 p1 p1 NOUN aisthesis-1842 178 2 yields yield VERB aisthesis-1842 178 3 804 804 NUM aisthesis-1842 178 4 bps bps NOUN aisthesis-1842 178 5 more more ADV aisthesis-1842 178 6 per per ADP aisthesis-1842 178 7 year year NOUN aisthesis-1842 178 8 than than ADP aisthesis-1842 178 9 p10 p10 PROPN aisthesis-1842 178 10 . . PUNCT aisthesis-1842 179 1 this this PRON aisthesis-1842 179 2 supports support VERB aisthesis-1842 179 3 drake drake PROPN aisthesis-1842 179 4 et et PROPN aisthesis-1842 179 5 al al PROPN aisthesis-1842 179 6 . . PROPN aisthesis-1842 179 7 ’s ’s PART aisthesis-1842 179 8 ( ( PUNCT aisthesis-1842 179 9 2017 2017 NUM aisthesis-1842 179 10 ) ) PUNCT aisthesis-1842 179 11 finding find VERB aisthesis-1842 179 12 that that SCONJ aisthesis-1842 179 13 6 6 NUM aisthesis-1842 179 14 this this DET aisthesis-1842 179 15 site site NOUN aisthesis-1842 179 16 forms form VERB aisthesis-1842 179 17 portfolios portfolio NOUN aisthesis-1842 179 18 of of ADP aisthesis-1842 179 19 firms firm NOUN aisthesis-1842 179 20 based base VERB aisthesis-1842 179 21 on on ADP aisthesis-1842 179 22 a a DET aisthesis-1842 179 23 wide wide ADJ aisthesis-1842 179 24 range range NOUN aisthesis-1842 179 25 of of ADP aisthesis-1842 179 26 economic economic ADJ aisthesis-1842 179 27 and and CCONJ aisthesis-1842 179 28 firm firm ADJ aisthesis-1842 179 29 - - PUNCT aisthesis-1842 179 30 specific specific ADJ aisthesis-1842 179 31 variables variable NOUN aisthesis-1842 179 32 : : PUNCT aisthesis-1842 179 33 http://mba.tuck http://mba.tuck X aisthesis-1842 179 34 . . PUNCT aisthesis-1842 179 35 dartmouth.edu/pages/faculty/ken.french/data_library dartmouth.edu/pages/faculty/ken.french/data_library PROPN aisthesis-1842 179 36 . . PUNCT aisthesis-1842 180 1 html html PROPN aisthesis-1842 180 2 aggressive aggressive ADJ aisthesis-1842 180 3 tax tax NOUN aisthesis-1842 180 4 - - PUNCT aisthesis-1842 180 5 avoiding avoid VERB aisthesis-1842 180 6 firms firm NOUN aisthesis-1842 180 7 earn earn VERB aisthesis-1842 180 8 higher high ADJ aisthesis-1842 180 9 returns return NOUN aisthesis-1842 180 10 through through ADP aisthesis-1842 180 11 tax tax NOUN aisthesis-1842 180 12 savings saving NOUN aisthesis-1842 180 13 . . PUNCT aisthesis-1842 181 1 i i PRON aisthesis-1842 181 2 also also ADV aisthesis-1842 181 3 find find VERB aisthesis-1842 181 4 that that SCONJ aisthesis-1842 181 5 firms firm NOUN aisthesis-1842 181 6 with with ADP aisthesis-1842 181 7 more more ADV aisthesis-1842 181 8 volatile volatile ADJ aisthesis-1842 181 9 etrs etrs ADJ aisthesis-1842 181 10 earn earn VERB aisthesis-1842 181 11 higher high ADJ aisthesis-1842 181 12 returns return NOUN aisthesis-1842 181 13 than than ADP aisthesis-1842 181 14 those those PRON aisthesis-1842 181 15 with with ADP aisthesis-1842 181 16 less less ADV aisthesis-1842 181 17 volatile volatile ADJ aisthesis-1842 181 18 etrs etrs ADJ aisthesis-1842 181 19 . . PUNCT aisthesis-1842 182 1 rp10 rp10 PROPN aisthesis-1842 182 2 outperforms outperform VERB aisthesis-1842 182 3 rp1 rp1 NOUN aisthesis-1842 182 4 by by ADP aisthesis-1842 182 5 540 540 NUM aisthesis-1842 182 6 bps bps NOUN aisthesis-1842 182 7 a a DET aisthesis-1842 182 8 year year NOUN aisthesis-1842 182 9 . . PUNCT aisthesis-1842 183 1 intuitively intuitively ADV aisthesis-1842 183 2 , , PUNCT aisthesis-1842 183 3 these these DET aisthesis-1842 183 4 firms firm NOUN aisthesis-1842 183 5 may may AUX aisthesis-1842 183 6 be be AUX aisthesis-1842 183 7 compensating compensate VERB aisthesis-1842 183 8 investors investor NOUN aisthesis-1842 183 9 for for ADP aisthesis-1842 183 10 higher high ADJ aisthesis-1842 183 11 levels level NOUN aisthesis-1842 183 12 of of ADP aisthesis-1842 183 13 risk risk NOUN aisthesis-1842 183 14 . . PUNCT aisthesis-1842 184 1 the the DET aisthesis-1842 184 2 most most ADV aisthesis-1842 184 3 volatile volatile ADJ aisthesis-1842 184 4 firms firm NOUN aisthesis-1842 184 5 are be AUX aisthesis-1842 184 6 situated situate VERB aisthesis-1842 184 7 in in ADP aisthesis-1842 184 8 the the DET aisthesis-1842 184 9 low low ADJ aisthesis-1842 184 10 etr etr PROPN aisthesis-1842 184 11 portfolios portfolio NOUN aisthesis-1842 184 12 , , PUNCT aisthesis-1842 184 13 which which PRON aisthesis-1842 184 14 describes describe VERB aisthesis-1842 184 15 the the DET aisthesis-1842 184 16 correlation correlation NOUN aisthesis-1842 184 17 between between ADP aisthesis-1842 184 18 tax tax NOUN aisthesis-1842 184 19 aggressive aggressive ADJ aisthesis-1842 184 20 firms firm NOUN aisthesis-1842 184 21 . . PUNCT aisthesis-1842 185 1 the the DET aisthesis-1842 185 2 opposite opposite ADJ aisthesis-1842 185 3 holds hold VERB aisthesis-1842 185 4 true true ADJ aisthesis-1842 185 5 with with ADP aisthesis-1842 185 6 the the DET aisthesis-1842 185 7 least least ADJ aisthesis-1842 185 8 volatile volatile ADJ aisthesis-1842 185 9 firms firm NOUN aisthesis-1842 185 10 having have VERB aisthesis-1842 185 11 the the DET aisthesis-1842 185 12 highest high ADJ aisthesis-1842 185 13 etrs etrs ADJ aisthesis-1842 185 14 . . PUNCT aisthesis-1842 186 1 returns return NOUN aisthesis-1842 186 2 seem seem VERB aisthesis-1842 186 3 to to PART aisthesis-1842 186 4 increase increase VERB aisthesis-1842 186 5 more more ADJ aisthesis-1842 186 6 as as ADP aisthesis-1842 186 7 a a DET aisthesis-1842 186 8 firm firm ADJ aisthesis-1842 186 9 moves move VERB aisthesis-1842 186 10 from from ADP aisthesis-1842 186 11 rp1 rp1 NOUN aisthesis-1842 186 12 to to ADP aisthesis-1842 186 13 rp10 rp10 PROPN aisthesis-1842 186 14 than than SCONJ aisthesis-1842 186 15 they they PRON aisthesis-1842 186 16 do do VERB aisthesis-1842 186 17 as as SCONJ aisthesis-1842 186 18 they they PRON aisthesis-1842 186 19 move move VERB aisthesis-1842 186 20 from from ADP aisthesis-1842 186 21 p10 p10 NOUN aisthesis-1842 186 22 to to ADP aisthesis-1842 186 23 p1 p1 PROPN aisthesis-1842 186 24 . . PROPN aisthesis-1842 187 1 based base VERB aisthesis-1842 187 2 on on ADP aisthesis-1842 187 3 this this PRON aisthesis-1842 187 4 , , PUNCT aisthesis-1842 187 5 i i PRON aisthesis-1842 187 6 find find VERB aisthesis-1842 187 7 the the DET aisthesis-1842 187 8 volatility volatility NOUN aisthesis-1842 187 9 of of ADP aisthesis-1842 187 10 a a DET aisthesis-1842 187 11 firm firm NOUN aisthesis-1842 187 12 ’s ’s PART aisthesis-1842 187 13 etr etr PROPN aisthesis-1842 187 14 to to PART aisthesis-1842 187 15 be be AUX aisthesis-1842 187 16 a a DET aisthesis-1842 187 17 larger large ADJ aisthesis-1842 187 18 determinant determinant NOUN aisthesis-1842 187 19 of of ADP aisthesis-1842 187 20 returns return NOUN aisthesis-1842 187 21 than than ADP aisthesis-1842 187 22 the the DET aisthesis-1842 187 23 firm firm NOUN aisthesis-1842 187 24 ’s ’s PART aisthesis-1842 187 25 etr etr PROPN aisthesis-1842 187 26 . . PUNCT aisthesis-1842 188 1 however however ADV aisthesis-1842 188 2 , , PUNCT aisthesis-1842 188 3 the the DET aisthesis-1842 188 4 largest large ADJ aisthesis-1842 188 5 returns return NOUN aisthesis-1842 188 6 of of ADP aisthesis-1842 188 7 the the DET aisthesis-1842 188 8 portfolios portfolio NOUN aisthesis-1842 188 9 are be AUX aisthesis-1842 188 10 earned earn VERB aisthesis-1842 188 11 by by ADP aisthesis-1842 188 12 firms firm NOUN aisthesis-1842 188 13 with with ADP aisthesis-1842 188 14 low low ADJ aisthesis-1842 188 15 etr etr PROPN aisthesis-1842 188 16 . . PUNCT aisthesis-1842 189 1 portfolio portfolio NOUN aisthesis-1842 189 2 allocation allocation NOUN aisthesis-1842 189 3 on on ADP aisthesis-1842 189 4 cetrs cetrs PROPN aisthesis-1842 189 5 reaffirm reaffirm VERB aisthesis-1842 189 6 the the DET aisthesis-1842 189 7 etr etr PROPN aisthesis-1842 189 8 tests test NOUN aisthesis-1842 189 9 . . PUNCT aisthesis-1842 190 1 p1 p1 NOUN aisthesis-1842 190 2 earns earn VERB aisthesis-1842 190 3 a a DET aisthesis-1842 190 4 monthly monthly ADJ aisthesis-1842 190 5 return return NOUN aisthesis-1842 190 6 of of ADP aisthesis-1842 190 7 1.99 1.99 NUM aisthesis-1842 190 8 percent percent NOUN aisthesis-1842 190 9 compared compare VERB aisthesis-1842 190 10 to to ADP aisthesis-1842 190 11 a a DET aisthesis-1842 190 12 monthly monthly ADJ aisthesis-1842 190 13 return return NOUN aisthesis-1842 190 14 of of ADP aisthesis-1842 190 15 1.72 1.72 NUM aisthesis-1842 190 16 percent percent NOUN aisthesis-1842 190 17 for for ADP aisthesis-1842 190 18 p10 p10 NOUN aisthesis-1842 190 19 . . PUNCT aisthesis-1842 191 1 this this PRON aisthesis-1842 191 2 leads lead VERB aisthesis-1842 191 3 to to ADP aisthesis-1842 191 4 low low ADJ aisthesis-1842 191 5 cetr cetr NOUN aisthesis-1842 191 6 firms firm NOUN aisthesis-1842 191 7 earning earn VERB aisthesis-1842 191 8 324 324 NUM aisthesis-1842 191 9 bps bps NOUN aisthesis-1842 191 10 more more ADV aisthesis-1842 191 11 a a DET aisthesis-1842 191 12 year year NOUN aisthesis-1842 191 13 than than ADP aisthesis-1842 191 14 high high ADJ aisthesis-1842 191 15 cetr cetr NOUN aisthesis-1842 191 16 firms firm NOUN aisthesis-1842 191 17 . . PUNCT aisthesis-1842 192 1 highly highly ADV aisthesis-1842 192 2 volatile volatile ADJ aisthesis-1842 192 3 cetr cetr NOUN aisthesis-1842 192 4 firms firm NOUN aisthesis-1842 192 5 also also ADV aisthesis-1842 192 6 earn earn VERB aisthesis-1842 192 7 larger large ADJ aisthesis-1842 192 8 returns return NOUN aisthesis-1842 192 9 as as SCONJ aisthesis-1842 192 10 rp10 rp10 PROPN aisthesis-1842 192 11 outperforms outperform VERB aisthesis-1842 192 12 rp1 rp1 NOUN aisthesis-1842 192 13 by by ADP aisthesis-1842 192 14 204 204 NUM aisthesis-1842 192 15 bps bps NOUN aisthesis-1842 192 16 a a DET aisthesis-1842 192 17 year year NOUN aisthesis-1842 192 18 . . PUNCT aisthesis-1842 193 1 smoothing smooth VERB aisthesis-1842 193 2 this this DET aisthesis-1842 193 3 measurement measurement NOUN aisthesis-1842 193 4 out out ADP aisthesis-1842 193 5 over over ADP aisthesis-1842 193 6 a a DET aisthesis-1842 193 7 five five NUM aisthesis-1842 193 8 - - PUNCT aisthesis-1842 193 9 year year NOUN aisthesis-1842 193 10 average average NOUN aisthesis-1842 193 11 ( ( PUNCT aisthesis-1842 193 12 cetr5 cetr5 NOUN aisthesis-1842 193 13 ) ) PUNCT aisthesis-1842 193 14 produces produce VERB aisthesis-1842 193 15 the the DET aisthesis-1842 193 16 same same ADJ aisthesis-1842 193 17 relationship relationship NOUN aisthesis-1842 193 18 . . PUNCT aisthesis-1842 194 1 p1 p1 PROPN aisthesis-1842 194 2 outperforms outperform VERB aisthesis-1842 194 3 p10 p10 NOUN aisthesis-1842 194 4 , , PUNCT aisthesis-1842 194 5 and and CCONJ aisthesis-1842 194 6 rp10 rp10 PROPN aisthesis-1842 194 7 outperforms outperform VERB aisthesis-1842 194 8 rp1 rp1 NOUN aisthesis-1842 194 9 by by ADP aisthesis-1842 194 10 552 552 NUM aisthesis-1842 194 11 bps bps NOUN aisthesis-1842 194 12 and and CCONJ aisthesis-1842 194 13 324 324 NUM aisthesis-1842 194 14 bps bps NOUN aisthesis-1842 194 15 a a DET aisthesis-1842 194 16 year year NOUN aisthesis-1842 194 17 , , PUNCT aisthesis-1842 194 18 respectively respectively ADV aisthesis-1842 194 19 . . PUNCT aisthesis-1842 195 1 book book NOUN aisthesis-1842 195 2 - - PUNCT aisthesis-1842 195 3 to to ADP aisthesis-1842 195 4 - - PUNCT aisthesis-1842 195 5 tax tax NOUN aisthesis-1842 195 6 differences difference NOUN aisthesis-1842 195 7 yield yield VERB aisthesis-1842 195 8 less less ADJ aisthesis-1842 195 9 of of ADP aisthesis-1842 195 10 a a DET aisthesis-1842 195 11 significant significant ADJ aisthesis-1842 195 12 result result NOUN aisthesis-1842 195 13 . . PUNCT aisthesis-1842 196 1 in in ADP aisthesis-1842 196 2 fact fact NOUN aisthesis-1842 196 3 , , PUNCT aisthesis-1842 196 4 portfolios portfolio NOUN aisthesis-1842 196 5 allocated allocate VERB aisthesis-1842 196 6 by by ADP aisthesis-1842 196 7 btd btd PROPN aisthesis-1842 196 8 seem seem VERB aisthesis-1842 196 9 to to PART aisthesis-1842 196 10 behave behave VERB aisthesis-1842 196 11 the the DET aisthesis-1842 196 12 opposite opposite NOUN aisthesis-1842 196 13 of of ADP aisthesis-1842 196 14 portfolios portfolio NOUN aisthesis-1842 196 15 allocated allocate VERB aisthesis-1842 196 16 by by ADP aisthesis-1842 196 17 tax tax NOUN aisthesis-1842 196 18 rates rate NOUN aisthesis-1842 196 19 . . PUNCT aisthesis-1842 197 1 p1 p1 PROPN aisthesis-1842 197 2 , , PUNCT aisthesis-1842 197 3 which which PRON aisthesis-1842 197 4 consists consist VERB aisthesis-1842 197 5 of of ADP aisthesis-1842 197 6 low low ADJ aisthesis-1842 197 7 avoiders avoider NOUN aisthesis-1842 197 8 , , PUNCT aisthesis-1842 197 9 outperforms outperform VERB aisthesis-1842 197 10 trading trading NOUN aisthesis-1842 197 11 on on ADP aisthesis-1842 197 12 tax tax NOUN aisthesis-1842 197 13 avoidance avoidance NOUN aisthesis-1842 197 14 aisthesis aisthesis NOUN aisthesis-1842 197 15 volume volume NOUN aisthesis-1842 197 16 10 10 NUM aisthesis-1842 197 17 , , PUNCT aisthesis-1842 197 18 2019 2019 NUM aisthesis-1842 197 19 p10 p10 NOUN aisthesis-1842 197 20 , , PUNCT aisthesis-1842 197 21 which which PRON aisthesis-1842 197 22 are be AUX aisthesis-1842 197 23 aggressive aggressive ADJ aisthesis-1842 197 24 avoiders avoider NOUN aisthesis-1842 197 25 , , PUNCT aisthesis-1842 197 26 by by ADP aisthesis-1842 197 27 384 384 NUM aisthesis-1842 197 28 bps bps NOUN aisthesis-1842 197 29 a a DET aisthesis-1842 197 30 year year NOUN aisthesis-1842 197 31 . . PUNCT aisthesis-1842 198 1 firms firm NOUN aisthesis-1842 198 2 with with ADP aisthesis-1842 198 3 low low ADJ aisthesis-1842 198 4 btds btds NOUN aisthesis-1842 198 5 earn earn NOUN aisthesis-1842 198 6 , , PUNCT aisthesis-1842 198 7 on on ADP aisthesis-1842 198 8 average average ADJ aisthesis-1842 198 9 , , PUNCT aisthesis-1842 198 10 higher high ADJ aisthesis-1842 198 11 returns return NOUN aisthesis-1842 198 12 than than ADP aisthesis-1842 198 13 firms firm NOUN aisthesis-1842 198 14 with with ADP aisthesis-1842 198 15 high high ADJ aisthesis-1842 198 16 btds btds NOUN aisthesis-1842 198 17 . . PUNCT aisthesis-1842 199 1 under under ADP aisthesis-1842 199 2 this this DET aisthesis-1842 199 3 measurement measurement NOUN aisthesis-1842 199 4 , , PUNCT aisthesis-1842 199 5 aggressive aggressive ADJ aisthesis-1842 199 6 tax tax NOUN aisthesis-1842 199 7 - - PUNCT aisthesis-1842 199 8 avoiding avoid VERB aisthesis-1842 199 9 firms firm NOUN aisthesis-1842 199 10 are be AUX aisthesis-1842 199 11 earning earn VERB aisthesis-1842 199 12 less less ADJ aisthesis-1842 199 13 returns return NOUN aisthesis-1842 199 14 than than ADP aisthesis-1842 199 15 non non ADJ aisthesis-1842 199 16 - - ADJ aisthesis-1842 199 17 aggressive aggressive ADJ aisthesis-1842 199 18 ones one NOUN aisthesis-1842 199 19 . . PUNCT aisthesis-1842 200 1 btd btd ADJ aisthesis-1842 200 2 tax tax NOUN aisthesis-1842 200 3 risk risk NOUN aisthesis-1842 200 4 portfolios portfolio NOUN aisthesis-1842 200 5 follow follow VERB aisthesis-1842 200 6 the the DET aisthesis-1842 200 7 same same ADJ aisthesis-1842 200 8 relationship relationship NOUN aisthesis-1842 200 9 as as ADP aisthesis-1842 200 10 the the DET aisthesis-1842 200 11 others other NOUN aisthesis-1842 200 12 , , PUNCT aisthesis-1842 200 13 where where SCONJ aisthesis-1842 200 14 highly highly ADV aisthesis-1842 200 15 volatile volatile ADJ aisthesis-1842 200 16 btds btds NOUN aisthesis-1842 200 17 yield yield VERB aisthesis-1842 200 18 the the DET aisthesis-1842 200 19 highest high ADJ aisthesis-1842 200 20 returns return NOUN aisthesis-1842 200 21 . . PUNCT aisthesis-1842 201 1 again again ADV aisthesis-1842 201 2 , , PUNCT aisthesis-1842 201 3 the the DET aisthesis-1842 201 4 returns return NOUN aisthesis-1842 201 5 seem seem VERB aisthesis-1842 201 6 to to PART aisthesis-1842 201 7 fluctuate fluctuate VERB aisthesis-1842 201 8 more more ADJ aisthesis-1842 201 9 from from ADP aisthesis-1842 201 10 the the DET aisthesis-1842 201 11 volatility volatility NOUN aisthesis-1842 201 12 than than ADP aisthesis-1842 201 13 by by ADP aisthesis-1842 201 14 the the DET aisthesis-1842 201 15 level level NOUN aisthesis-1842 201 16 of of ADP aisthesis-1842 201 17 btd btd PROPN aisthesis-1842 201 18 . . PUNCT aisthesis-1842 202 1 this this PRON aisthesis-1842 202 2 supports support VERB aisthesis-1842 202 3 the the DET aisthesis-1842 202 4 idea idea NOUN aisthesis-1842 202 5 that that SCONJ aisthesis-1842 202 6 tax tax NOUN aisthesis-1842 202 7 risk risk NOUN aisthesis-1842 202 8 is be AUX aisthesis-1842 202 9 more more ADV aisthesis-1842 202 10 influential influential ADJ aisthesis-1842 202 11 than than ADP aisthesis-1842 202 12 avoidance avoidance NOUN aisthesis-1842 202 13 levels level NOUN aisthesis-1842 202 14 . . PUNCT aisthesis-1842 203 1 permanent permanent ADJ aisthesis-1842 203 2 btds btds NOUN aisthesis-1842 203 3 are be AUX aisthesis-1842 203 4 less less ADV aisthesis-1842 203 5 descriptive descriptive ADJ aisthesis-1842 203 6 , , PUNCT aisthesis-1842 203 7 as as SCONJ aisthesis-1842 203 8 no no DET aisthesis-1842 203 9 heterogeneity heterogeneity NOUN aisthesis-1842 203 10 exists exist VERB aisthesis-1842 203 11 in in ADP aisthesis-1842 203 12 returns return NOUN aisthesis-1842 203 13 for for ADP aisthesis-1842 203 14 the the DET aisthesis-1842 203 15 pbtd pbtd NOUN aisthesis-1842 203 16 portfolios portfolio NOUN aisthesis-1842 203 17 . . PUNCT aisthesis-1842 204 1 higher high ADJ aisthesis-1842 204 2 returns return NOUN aisthesis-1842 204 3 do do AUX aisthesis-1842 204 4 exist exist VERB aisthesis-1842 204 5 for for ADP aisthesis-1842 204 6 volatile volatile ADJ aisthesis-1842 204 7 pbtds pbtds NOUN aisthesis-1842 204 8 , , PUNCT aisthesis-1842 204 9 with with ADP aisthesis-1842 204 10 rp10 rp10 PROPN aisthesis-1842 204 11 yielding yield VERB aisthesis-1842 204 12 804 804 NUM aisthesis-1842 204 13 bps bps NOUN aisthesis-1842 204 14 more more ADJ aisthesis-1842 204 15 than than ADP aisthesis-1842 204 16 rp1 rp1 NOUN aisthesis-1842 204 17 . . PUNCT aisthesis-1842 205 1 while while SCONJ aisthesis-1842 205 2 examining examine VERB aisthesis-1842 205 3 the the DET aisthesis-1842 205 4 raw raw ADJ aisthesis-1842 205 5 returns return NOUN aisthesis-1842 205 6 of of ADP aisthesis-1842 205 7 portfolios portfolio NOUN aisthesis-1842 205 8 sorted sort VERB aisthesis-1842 205 9 on on ADP aisthesis-1842 205 10 tax tax NOUN aisthesis-1842 205 11 avoidance avoidance NOUN aisthesis-1842 205 12 aggressiveness aggressiveness NOUN aisthesis-1842 205 13 is be AUX aisthesis-1842 205 14 useful useful ADJ aisthesis-1842 205 15 , , PUNCT aisthesis-1842 205 16 it it PRON aisthesis-1842 205 17 is be AUX aisthesis-1842 205 18 insufficient insufficient ADJ aisthesis-1842 205 19 due due ADP aisthesis-1842 205 20 to to ADP aisthesis-1842 205 21 the the DET aisthesis-1842 205 22 fact fact NOUN aisthesis-1842 205 23 that that SCONJ aisthesis-1842 205 24 it it PRON aisthesis-1842 205 25 does do AUX aisthesis-1842 205 26 not not PART aisthesis-1842 205 27 control control VERB aisthesis-1842 205 28 for for ADP aisthesis-1842 205 29 differences difference NOUN aisthesis-1842 205 30 in in ADP aisthesis-1842 205 31 systematic systematic ADJ aisthesis-1842 205 32 risk risk NOUN aisthesis-1842 205 33 exposure exposure NOUN aisthesis-1842 205 34 across across ADP aisthesis-1842 205 35 the the DET aisthesis-1842 205 36 portfolios portfolio NOUN aisthesis-1842 205 37 . . PUNCT aisthesis-1842 206 1 regressing regress VERB aisthesis-1842 206 2 these these DET aisthesis-1842 206 3 portfolios portfolio NOUN aisthesis-1842 206 4 against against ADP aisthesis-1842 206 5 an an DET aisthesis-1842 206 6 asset asset NOUN aisthesis-1842 206 7 pricing pricing NOUN aisthesis-1842 206 8 model model NOUN aisthesis-1842 206 9 allows allow VERB aisthesis-1842 206 10 me i PRON aisthesis-1842 206 11 to to PART aisthesis-1842 206 12 adjust adjust VERB aisthesis-1842 206 13 for for ADP aisthesis-1842 206 14 factors factor NOUN aisthesis-1842 206 15 that that PRON aisthesis-1842 206 16 have have AUX aisthesis-1842 206 17 been be AUX aisthesis-1842 206 18 observed observe VERB aisthesis-1842 206 19 to to PART aisthesis-1842 206 20 be be AUX aisthesis-1842 206 21 strong strong ADJ aisthesis-1842 206 22 indicators indicator NOUN aisthesis-1842 206 23 of of ADP aisthesis-1842 206 24 stock stock NOUN aisthesis-1842 206 25 performance performance NOUN aisthesis-1842 206 26 , , PUNCT aisthesis-1842 206 27 including include VERB aisthesis-1842 206 28 a a DET aisthesis-1842 206 29 systematic systematic ADJ aisthesis-1842 206 30 risk risk NOUN aisthesis-1842 206 31 factor factor NOUN aisthesis-1842 206 32 to to PART aisthesis-1842 206 33 capture capture VERB aisthesis-1842 206 34 mispricing misprice VERB aisthesis-1842 206 35 . . PUNCT aisthesis-1842 207 1 table table NOUN aisthesis-1842 207 2 8 8 NUM aisthesis-1842 207 3 describes describe VERB aisthesis-1842 207 4 the the DET aisthesis-1842 207 5 residual residual ADJ aisthesis-1842 207 6 alphas alpha NOUN aisthesis-1842 207 7 within within ADP aisthesis-1842 207 8 portfolios portfolio NOUN aisthesis-1842 207 9 sorted sort VERB aisthesis-1842 207 10 on on ADP aisthesis-1842 207 11 etr etr PROPN aisthesis-1842 207 12 and and CCONJ aisthesis-1842 207 13 σetr σetr NOUN aisthesis-1842 207 14 along along ADP aisthesis-1842 207 15 with with ADP aisthesis-1842 207 16 the the DET aisthesis-1842 207 17 corresponding corresponding ADJ aisthesis-1842 207 18 level level NOUN aisthesis-1842 207 19 of of ADP aisthesis-1842 207 20 significance significance NOUN aisthesis-1842 207 21 . . PUNCT aisthesis-1842 208 1 the the DET aisthesis-1842 208 2 same same ADJ aisthesis-1842 208 3 allocation allocation NOUN aisthesis-1842 208 4 of of ADP aisthesis-1842 208 5 portfolios portfolio NOUN aisthesis-1842 208 6 exists exist VERB aisthesis-1842 208 7 with with ADP aisthesis-1842 208 8 p1 p1 NOUN aisthesis-1842 208 9 representing represent VERB aisthesis-1842 208 10 low low ADJ aisthesis-1842 208 11 levels level NOUN aisthesis-1842 208 12 and and CCONJ aisthesis-1842 208 13 p5 p5 NOUN aisthesis-1842 208 14 representing represent VERB aisthesis-1842 208 15 high high ADJ aisthesis-1842 208 16 levels level NOUN aisthesis-1842 208 17 . . PUNCT aisthesis-1842 208 18     SPACE aisthesis-1842 209 1 firms firm NOUN aisthesis-1842 209 2 with with ADP aisthesis-1842 209 3 low low ADJ aisthesis-1842 209 4 tax tax NOUN aisthesis-1842 209 5 risk risk NOUN aisthesis-1842 209 6 but but CCONJ aisthesis-1842 209 7 high high ADJ aisthesis-1842 209 8 rates rate NOUN aisthesis-1842 209 9 earn earn VERB aisthesis-1842 209 10 very very ADV aisthesis-1842 209 11 low low ADJ aisthesis-1842 209 12 alphas alpha NOUN aisthesis-1842 209 13 , , PUNCT aisthesis-1842 209 14 but but CCONJ aisthesis-1842 209 15 firms firm NOUN aisthesis-1842 209 16 that that PRON aisthesis-1842 209 17 have have VERB aisthesis-1842 209 18 low low ADJ aisthesis-1842 209 19 tax tax NOUN aisthesis-1842 209 20 rates rate NOUN aisthesis-1842 209 21 and and CCONJ aisthesis-1842 209 22 high high ADJ aisthesis-1842 209 23 risk risk NOUN aisthesis-1842 209 24 generate generate VERB aisthesis-1842 209 25 very very ADV aisthesis-1842 209 26 high high ADJ aisthesis-1842 209 27 alphas alpha NOUN aisthesis-1842 209 28 . . PUNCT aisthesis-1842 210 1 the the DET aisthesis-1842 210 2 largest large ADJ aisthesis-1842 210 3 residual residual ADJ aisthesis-1842 210 4 alpha alpha NOUN aisthesis-1842 210 5 is be AUX aisthesis-1842 210 6 seen see VERB aisthesis-1842 210 7 in in ADP aisthesis-1842 210 8 p1 p1 PROPN aisthesis-1842 210 9 for for ADP aisthesis-1842 210 10 etr etr PROPN aisthesis-1842 210 11 ( ( PUNCT aisthesis-1842 210 12 low low PROPN aisthesis-1842 210 13 etr etr PROPN aisthesis-1842 210 14 ) ) PUNCT aisthesis-1842 210 15 and and CCONJ aisthesis-1842 210 16 p5 p5 ADJ aisthesis-1842 210 17 for for ADP aisthesis-1842 210 18 σetr σetr NOUN aisthesis-1842 210 19 ( ( PUNCT aisthesis-1842 210 20 high high ADJ aisthesis-1842 210 21 tax tax NOUN aisthesis-1842 210 22 risk risk NOUN aisthesis-1842 210 23 ) ) PUNCT aisthesis-1842 210 24 . . PUNCT aisthesis-1842 211 1 because because SCONJ aisthesis-1842 211 2 alpha alpha NOUN aisthesis-1842 211 3 is be AUX aisthesis-1842 211 4 a a DET aisthesis-1842 211 5 measure measure NOUN aisthesis-1842 211 6 of of ADP aisthesis-1842 211 7 excess excess ADJ aisthesis-1842 211 8 , , PUNCT aisthesis-1842 211 9 or or CCONJ aisthesis-1842 211 10 abnormal abnormal ADJ aisthesis-1842 211 11 , , PUNCT aisthesis-1842 211 12 return return VERB aisthesis-1842 211 13 over over ADP aisthesis-1842 211 14 what what PRON aisthesis-1842 211 15 an an DET aisthesis-1842 211 16 investor investor NOUN aisthesis-1842 211 17 should should AUX aisthesis-1842 211 18 receive receive VERB aisthesis-1842 211 19 , , PUNCT aisthesis-1842 211 20 there there PRON aisthesis-1842 211 21 is be VERB aisthesis-1842 211 22 significant significant ADJ aisthesis-1842 211 23 mispricing mispricing NOUN aisthesis-1842 211 24 present present ADJ aisthesis-1842 211 25 in in ADP aisthesis-1842 211 26 aggressive aggressive ADJ aisthesis-1842 211 27 tax tax NOUN aisthesis-1842 211 28 - - PUNCT aisthesis-1842 211 29 avoiding avoid VERB aisthesis-1842 211 30 firms firm NOUN aisthesis-1842 211 31 . . PUNCT aisthesis-1842 212 1 this this PRON aisthesis-1842 212 2 seems seem VERB aisthesis-1842 212 3 to to PART aisthesis-1842 212 4 suggest suggest VERB aisthesis-1842 212 5 that that SCONJ aisthesis-1842 212 6 the the DET aisthesis-1842 212 7 market market NOUN aisthesis-1842 212 8 discounts discount NOUN aisthesis-1842 212 9 firms firm NOUN aisthesis-1842 212 10 with with ADP aisthesis-1842 212 11 inconsistently inconsistently ADV aisthesis-1842 212 12 low low ADJ aisthesis-1842 212 13 tax tax NOUN aisthesis-1842 212 14 rates rate NOUN aisthesis-1842 212 15 too too ADV aisthesis-1842 212 16 much much ADV aisthesis-1842 212 17 , , PUNCT aisthesis-1842 212 18 leading lead VERB aisthesis-1842 212 19 to to ADP aisthesis-1842 212 20 an an DET aisthesis-1842 212 21 undervaluation undervaluation NOUN aisthesis-1842 212 22 . . PUNCT aisthesis-1842 213 1 running run VERB aisthesis-1842 213 2 this this DET aisthesis-1842 213 3 regression regression NOUN aisthesis-1842 213 4 provides provide VERB aisthesis-1842 213 5 information information NOUN aisthesis-1842 213 6 about about ADP aisthesis-1842 213 7 the the DET aisthesis-1842 213 8 types type NOUN aisthesis-1842 213 9 of of ADP aisthesis-1842 213 10 firms firm NOUN aisthesis-1842 213 11 that that PRON aisthesis-1842 213 12 are be AUX aisthesis-1842 213 13 earning earn VERB aisthesis-1842 213 14 these these DET aisthesis-1842 213 15 higher high ADJ aisthesis-1842 213 16 returns return NOUN aisthesis-1842 213 17 and and CCONJ aisthesis-1842 213 18 are be AUX aisthesis-1842 213 19 being be AUX aisthesis-1842 213 20 mispriced misprice VERB aisthesis-1842 213 21 . . PUNCT aisthesis-1842 214 1 highly highly ADV aisthesis-1842 214 2 profitable profitable ADJ aisthesis-1842 214 3 firms firm NOUN aisthesis-1842 214 4 appear appear VERB aisthesis-1842 214 5 to to PART aisthesis-1842 214 6 make make VERB aisthesis-1842 214 7 up up ADP aisthesis-1842 214 8 a a DET aisthesis-1842 214 9 larger large ADJ aisthesis-1842 214 10 portion portion NOUN aisthesis-1842 214 11 of of ADP aisthesis-1842 214 12 the the DET aisthesis-1842 214 13 high high ADJ aisthesis-1842 214 14 etr etr PROPN aisthesis-1842 214 15 portfolio portfolio NOUN aisthesis-1842 214 16 , , PUNCT aisthesis-1842 214 17 yielding yield VERB aisthesis-1842 214 18 less less ADJ aisthesis-1842 214 19 return return NOUN aisthesis-1842 214 20 than than ADP aisthesis-1842 214 21 lower low ADJ aisthesis-1842 214 22 profit profit NOUN aisthesis-1842 214 23 firms firm NOUN aisthesis-1842 214 24 . . PUNCT aisthesis-1842 215 1 high high ADJ aisthesis-1842 215 2 profit profit NOUN aisthesis-1842 215 3 firms firm NOUN aisthesis-1842 215 4 may may AUX aisthesis-1842 215 5 face face VERB aisthesis-1842 215 6 more more ADJ aisthesis-1842 215 7 difficulty difficulty NOUN aisthesis-1842 215 8 with with ADP aisthesis-1842 215 9 avoiding avoid VERB aisthesis-1842 215 10 taxes taxis NOUN aisthesis-1842 215 11 which which PRON aisthesis-1842 215 12 places place VERB aisthesis-1842 215 13 them they PRON aisthesis-1842 215 14 in in ADP aisthesis-1842 215 15 the the DET aisthesis-1842 215 16 lower low ADJ aisthesis-1842 215 17 return return NOUN aisthesis-1842 215 18 portfolio portfolio NOUN aisthesis-1842 215 19 . . PUNCT aisthesis-1842 216 1 these these DET aisthesis-1842 216 2 firms firm NOUN aisthesis-1842 216 3 also also ADV aisthesis-1842 216 4 seem seem VERB aisthesis-1842 216 5 to to PART aisthesis-1842 216 6 be be AUX aisthesis-1842 216 7 present present ADJ aisthesis-1842 216 8 in in ADP aisthesis-1842 216 9 the the DET aisthesis-1842 216 10 low low ADJ aisthesis-1842 216 11 tax tax NOUN aisthesis-1842 216 12 risk risk NOUN aisthesis-1842 216 13 portfolios portfolio NOUN aisthesis-1842 216 14 . . PUNCT aisthesis-1842 217 1 these these DET aisthesis-1842 217 2 results result NOUN aisthesis-1842 217 3 become become VERB aisthesis-1842 217 4 inconsistent inconsistent ADJ aisthesis-1842 217 5 for for ADP aisthesis-1842 217 6 book book NOUN aisthesis-1842 217 7 - - PUNCT aisthesis-1842 217 8 to to ADP aisthesis-1842 217 9 - - PUNCT aisthesis-1842 217 10 tax tax NOUN aisthesis-1842 217 11 differences difference NOUN aisthesis-1842 217 12 , , PUNCT aisthesis-1842 217 13 as as SCONJ aisthesis-1842 217 14 profitable profitable ADJ aisthesis-1842 217 15 firms firm NOUN aisthesis-1842 217 16 seem seem VERB aisthesis-1842 217 17 to to PART aisthesis-1842 217 18 have have VERB aisthesis-1842 217 19 high high ADJ aisthesis-1842 217 20 btds btds NOUN aisthesis-1842 217 21 . . PUNCT aisthesis-1842 218 1 high high ADJ aisthesis-1842 218 2 cetr cetr NOUN aisthesis-1842 218 3 portfolios portfolio NOUN aisthesis-1842 218 4 hold hold VERB aisthesis-1842 218 5 conservative conservative ADJ aisthesis-1842 218 6 investing investing NOUN aisthesis-1842 218 7 firms firm NOUN aisthesis-1842 218 8 . . PUNCT aisthesis-1842 219 1 growth growth NOUN aisthesis-1842 219 2 stocks stock NOUN aisthesis-1842 219 3 make make VERB aisthesis-1842 219 4 up up ADP aisthesis-1842 219 5 the the DET aisthesis-1842 219 6 higher high ADJ aisthesis-1842 219 7 return return NOUN aisthesis-1842 219 8 portfolios portfolio NOUN aisthesis-1842 219 9 , , PUNCT aisthesis-1842 219 10 which which PRON aisthesis-1842 219 11 counteracts counteract VERB aisthesis-1842 219 12 the the DET aisthesis-1842 219 13 tendency tendency NOUN aisthesis-1842 219 14 for for SCONJ aisthesis-1842 219 15 value value NOUN aisthesis-1842 219 16 to to PART aisthesis-1842 219 17 outperform outperform VERB aisthesis-1842 219 18 growth growth NOUN aisthesis-1842 219 19 . . PUNCT aisthesis-1842 220 1 small small ADJ aisthesis-1842 220 2 - - PUNCT aisthesis-1842 220 3 cap cap NOUN aisthesis-1842 220 4 firms firm NOUN aisthesis-1842 220 5 seem seem VERB aisthesis-1842 220 6 to to PART aisthesis-1842 220 7 carry carry VERB aisthesis-1842 220 8 more more ADJ aisthesis-1842 220 9 tax tax NOUN aisthesis-1842 220 10 risk risk NOUN aisthesis-1842 220 11 than than ADP aisthesis-1842 220 12 large large ADJ aisthesis-1842 220 13 - - PUNCT aisthesis-1842 220 14 cap cap NOUN aisthesis-1842 220 15 firms firm NOUN aisthesis-1842 220 16 and and CCONJ aisthesis-1842 220 17 follow follow VERB aisthesis-1842 220 18 the the DET aisthesis-1842 220 19 tendency tendency NOUN aisthesis-1842 220 20 to to PART aisthesis-1842 220 21 outperform outperform VERB aisthesis-1842 220 22 them they PRON aisthesis-1842 220 23 . . PUNCT aisthesis-1842 221 1 further further ADJ aisthesis-1842 221 2 research research NOUN aisthesis-1842 221 3 of of ADP aisthesis-1842 221 4 these these DET aisthesis-1842 221 5 relationships relationship NOUN aisthesis-1842 221 6 with with ADP aisthesis-1842 221 7 tax tax NOUN aisthesis-1842 221 8 aggressiveness aggressiveness NOUN aisthesis-1842 221 9 is be AUX aisthesis-1842 221 10 needed need VERB aisthesis-1842 221 11 in in ADP aisthesis-1842 221 12 order order NOUN aisthesis-1842 221 13 to to PART aisthesis-1842 221 14 better well ADV aisthesis-1842 221 15 understand understand VERB aisthesis-1842 221 16 the the DET aisthesis-1842 221 17 types type NOUN aisthesis-1842 221 18 of of ADP aisthesis-1842 221 19 firms firm NOUN aisthesis-1842 221 20 that that PRON aisthesis-1842 221 21 exhibit exhibit VERB aisthesis-1842 221 22 tax tax NOUN aisthesis-1842 221 23 aggressiveness aggressiveness NOUN aisthesis-1842 221 24 . . PUNCT aisthesis-1842 222 1 because because SCONJ aisthesis-1842 222 2 portfolios portfolio NOUN aisthesis-1842 222 3 with with ADP aisthesis-1842 222 4 higher high ADJ aisthesis-1842 222 5 tax tax NOUN aisthesis-1842 222 6 risk risk NOUN aisthesis-1842 222 7 outperform outperform NOUN aisthesis-1842 222 8 portfolios portfolio NOUN aisthesis-1842 222 9 with with ADP aisthesis-1842 222 10 lower low ADJ aisthesis-1842 222 11 tax tax NOUN aisthesis-1842 222 12 risk risk NOUN aisthesis-1842 222 13 , , PUNCT aisthesis-1842 222 14 i i PRON aisthesis-1842 222 15 find find VERB aisthesis-1842 222 16 that that SCONJ aisthesis-1842 222 17 investors investor NOUN aisthesis-1842 222 18 are be AUX aisthesis-1842 222 19 compensated compensate VERB aisthesis-1842 222 20 for for ADP aisthesis-1842 222 21 holding hold VERB aisthesis-1842 222 22 the the DET aisthesis-1842 222 23 tax tax NOUN aisthesis-1842 222 24 risk risk NOUN aisthesis-1842 222 25 of of ADP aisthesis-1842 222 26 tax tax NOUN aisthesis-1842 222 27 aggressive aggressive ADJ aisthesis-1842 222 28 firms firm NOUN aisthesis-1842 222 29 after after ADP aisthesis-1842 222 30 adjusting adjust VERB aisthesis-1842 222 31 for for ADP aisthesis-1842 222 32 the the DET aisthesis-1842 222 33 risk risk NOUN aisthesis-1842 222 34 premium premium NOUN aisthesis-1842 222 35 . . PUNCT aisthesis-1842 223 1 these these DET aisthesis-1842 223 2 results result NOUN aisthesis-1842 223 3 support support VERB aisthesis-1842 223 4 my my PRON aisthesis-1842 223 5 hypothesis hypothesis NOUN aisthesis-1842 223 6 and and CCONJ aisthesis-1842 223 7 the the DET aisthesis-1842 223 8 tax tax NOUN aisthesis-1842 223 9 risk risk NOUN aisthesis-1842 223 10 effect effect NOUN aisthesis-1842 223 11 on on ADP aisthesis-1842 223 12 return return NOUN aisthesis-1842 223 13 framework framework NOUN aisthesis-1842 223 14 offered offer VERB aisthesis-1842 223 15 by by ADP aisthesis-1842 223 16 guenther guenther PROPN aisthesis-1842 223 17 et et PROPN aisthesis-1842 223 18 al al PROPN aisthesis-1842 223 19 . . PROPN aisthesis-1842 224 1 ( ( PUNCT aisthesis-1842 224 2 2017 2017 NUM aisthesis-1842 224 3 ) ) PUNCT aisthesis-1842 224 4 . . PUNCT aisthesis-1842 225 1 furthermore furthermore ADV aisthesis-1842 225 2 , , PUNCT aisthesis-1842 225 3 adjusting adjust VERB aisthesis-1842 225 4 for for ADP aisthesis-1842 225 5 the the DET aisthesis-1842 225 6 various various ADJ aisthesis-1842 225 7 components component NOUN aisthesis-1842 225 8 of of ADP aisthesis-1842 225 9 expected expect VERB aisthesis-1842 225 10 returns return NOUN aisthesis-1842 225 11 , , PUNCT aisthesis-1842 225 12 i i PRON aisthesis-1842 225 13 find find VERB aisthesis-1842 225 14 residual residual ADJ aisthesis-1842 225 15 levels level NOUN aisthesis-1842 225 16 of of ADP aisthesis-1842 225 17 return return NOUN aisthesis-1842 225 18 that that PRON aisthesis-1842 225 19 are be AUX aisthesis-1842 225 20 most most ADV aisthesis-1842 225 21 abundantly abundantly ADV aisthesis-1842 225 22 present present ADJ aisthesis-1842 225 23 within within ADP aisthesis-1842 225 24 highly highly ADV aisthesis-1842 225 25 aggressive aggressive ADJ aisthesis-1842 225 26 tax tax NOUN aisthesis-1842 225 27 - - PUNCT aisthesis-1842 225 28 avoiding avoid VERB aisthesis-1842 225 29 firms firm NOUN aisthesis-1842 225 30 . . PUNCT aisthesis-1842 226 1 this this DET aisthesis-1842 226 2 undervaluation undervaluation NOUN aisthesis-1842 226 3 affirms affirm VERB aisthesis-1842 226 4 my my PRON aisthesis-1842 226 5 hypothesis hypothesis NOUN aisthesis-1842 226 6 that that PRON aisthesis-1842 226 7 aggressive aggressive ADJ aisthesis-1842 226 8 tax tax NOUN aisthesis-1842 226 9 - - PUNCT aisthesis-1842 226 10 avoiding avoid VERB aisthesis-1842 226 11 firms firm NOUN aisthesis-1842 226 12 generate generate VERB aisthesis-1842 226 13 positive positive ADJ aisthesis-1842 226 14 abnormal abnormal ADJ aisthesis-1842 226 15 returns return NOUN aisthesis-1842 226 16 . . PUNCT aisthesis-1842 227 1 based base VERB aisthesis-1842 227 2 on on ADP aisthesis-1842 227 3 the the DET aisthesis-1842 227 4 findings finding NOUN aisthesis-1842 227 5 of of ADP aisthesis-1842 227 6 powers power NOUN aisthesis-1842 227 7 et et PROPN aisthesis-1842 227 8 al al PROPN aisthesis-1842 227 9 . . PROPN aisthesis-1842 228 1 ( ( PUNCT aisthesis-1842 228 2 2015 2015 NUM aisthesis-1842 228 3 ) ) PUNCT aisthesis-1842 228 4 , , PUNCT aisthesis-1842 228 5 kim kim PROPN aisthesis-1842 228 6 et et PROPN aisthesis-1842 228 7 al al PROPN aisthesis-1842 228 8 . . PROPN aisthesis-1842 229 1 ( ( PUNCT aisthesis-1842 229 2 2015 2015 NUM aisthesis-1842 229 3 ) ) PUNCT aisthesis-1842 229 4 , , PUNCT aisthesis-1842 229 5 and and CCONJ aisthesis-1842 229 6 bratten bratten VERB aisthesis-1842 229 7 et et PROPN aisthesis-1842 229 8 al al PROPN aisthesis-1842 229 9 . . PROPN aisthesis-1842 230 1 ( ( PUNCT aisthesis-1842 230 2 2017 2017 NUM aisthesis-1842 230 3 ) ) PUNCT aisthesis-1842 230 4 , , PUNCT aisthesis-1842 230 5 this this DET aisthesis-1842 230 6 mispricing mispricing NOUN aisthesis-1842 230 7 may may AUX aisthesis-1842 230 8 be be AUX aisthesis-1842 230 9 due due ADJ aisthesis-1842 230 10 to to ADP aisthesis-1842 230 11 the the DET aisthesis-1842 230 12 inability inability NOUN aisthesis-1842 230 13 of of ADP aisthesis-1842 230 14 investors investor NOUN aisthesis-1842 230 15 to to PART aisthesis-1842 230 16 fully fully ADV aisthesis-1842 230 17 implement implement VERB aisthesis-1842 230 18 the the DET aisthesis-1842 230 19 cash cash NOUN aisthesis-1842 230 20 flows flow NOUN aisthesis-1842 230 21 from from ADP aisthesis-1842 230 22 tax tax NOUN aisthesis-1842 230 23 savings saving NOUN aisthesis-1842 230 24 of of ADP aisthesis-1842 230 25 highly highly ADV aisthesis-1842 230 26 aggressive aggressive ADJ aisthesis-1842 230 27 tax tax NOUN aisthesis-1842 230 28 - - PUNCT aisthesis-1842 230 29 avoiding avoid VERB aisthesis-1842 230 30 firms firm NOUN aisthesis-1842 230 31 . . PUNCT aisthesis-1842 231 1 v. v. ADP aisthesis-1842 231 2 conclusion conclusion NOUN aisthesis-1842 231 3 in in ADP aisthesis-1842 231 4 conclusion conclusion NOUN aisthesis-1842 231 5 , , PUNCT aisthesis-1842 231 6 this this DET aisthesis-1842 231 7 study study NOUN aisthesis-1842 231 8 empirically empirically ADV aisthesis-1842 231 9 shows show VERB aisthesis-1842 231 10 that that SCONJ aisthesis-1842 231 11 equity equity NOUN aisthesis-1842 231 12 investors investor NOUN aisthesis-1842 231 13 can can AUX aisthesis-1842 231 14 generate generate VERB aisthesis-1842 231 15 abnormal abnormal ADJ aisthesis-1842 231 16 returns return NOUN aisthesis-1842 231 17 from from ADP aisthesis-1842 231 18 trading trade VERB aisthesis-1842 231 19 on on ADP aisthesis-1842 231 20 the the DET aisthesis-1842 231 21 tax tax NOUN aisthesis-1842 231 22 avoidance avoidance NOUN aisthesis-1842 231 23 aggressiveness aggressiveness NOUN aisthesis-1842 231 24 of of ADP aisthesis-1842 231 25 publicly publicly ADV aisthesis-1842 231 26 - - PUNCT aisthesis-1842 231 27 traded trade VERB aisthesis-1842 231 28 firms firm NOUN aisthesis-1842 231 29 . . PUNCT aisthesis-1842 232 1 my my PRON aisthesis-1842 232 2 research research NOUN aisthesis-1842 232 3 contributes contribute VERB aisthesis-1842 232 4 to to ADP aisthesis-1842 232 5 the the DET aisthesis-1842 232 6 literature literature NOUN aisthesis-1842 232 7 of of ADP aisthesis-1842 232 8 corporate corporate ADJ aisthesis-1842 232 9 tax tax NOUN aisthesis-1842 232 10 avoidance avoidance NOUN aisthesis-1842 232 11 by by ADP aisthesis-1842 232 12 indicating indicate VERB aisthesis-1842 232 13 that that SCONJ aisthesis-1842 232 14 not not PART aisthesis-1842 232 15 only only ADV aisthesis-1842 232 16 are be AUX aisthesis-1842 232 17 investors investor NOUN aisthesis-1842 232 18 compensated compensate VERB aisthesis-1842 232 19 for for ADP aisthesis-1842 232 20 holding hold VERB aisthesis-1842 232 21 tax tax NOUN aisthesis-1842 232 22 risk risk NOUN aisthesis-1842 232 23 , , PUNCT aisthesis-1842 232 24 but but CCONJ aisthesis-1842 232 25 they they PRON aisthesis-1842 232 26 can can AUX aisthesis-1842 232 27 take take VERB aisthesis-1842 232 28 advantage advantage NOUN aisthesis-1842 232 29 of of ADP aisthesis-1842 232 30 mispricing misprice VERB aisthesis-1842 232 31 within within ADP aisthesis-1842 232 32 aggressive aggressive ADJ aisthesis-1842 232 33 tax tax NOUN aisthesis-1842 232 34 - - PUNCT aisthesis-1842 232 35 avoiding avoid VERB aisthesis-1842 232 36 firms firm NOUN aisthesis-1842 232 37 . . PUNCT aisthesis-1842 233 1 i i PRON aisthesis-1842 233 2 offer offer VERB aisthesis-1842 233 3 further further ADJ aisthesis-1842 233 4 opportunity opportunity NOUN aisthesis-1842 233 5 for for SCONJ aisthesis-1842 233 6 research research NOUN aisthesis-1842 233 7 into into ADP aisthesis-1842 233 8 firm firm ADJ aisthesis-1842 233 9 - - PUNCT aisthesis-1842 233 10 specific specific ADJ aisthesis-1842 233 11 7 7 NUM aisthesis-1842 233 12 trading trading NOUN aisthesis-1842 233 13 on on ADP aisthesis-1842 233 14 tax tax NOUN aisthesis-1842 233 15 avoidance avoidance NOUN aisthesis-1842 233 16 aisthesis aisthesis NOUN aisthesis-1842 233 17 volume volume NOUN aisthesis-1842 233 18 10 10 NUM aisthesis-1842 233 19 , , PUNCT aisthesis-1842 233 20 2019 2019 NUM aisthesis-1842 233 21 characteristics characteristic NOUN aisthesis-1842 233 22 of of ADP aisthesis-1842 233 23 tax tax NOUN aisthesis-1842 233 24 avoidance avoidance NOUN aisthesis-1842 233 25 aggressiveness aggressiveness NOUN aisthesis-1842 233 26 to to PART aisthesis-1842 233 27 develop develop VERB aisthesis-1842 233 28 a a DET aisthesis-1842 233 29 better well ADJ aisthesis-1842 233 30 understanding understanding NOUN aisthesis-1842 233 31 of of ADP aisthesis-1842 233 32 tax tax NOUN aisthesis-1842 233 33 avoidance avoidance NOUN aisthesis-1842 233 34 . . PUNCT aisthesis-1842 234 1 this this DET aisthesis-1842 234 2 paper paper NOUN aisthesis-1842 234 3 and and CCONJ aisthesis-1842 234 4 the the DET aisthesis-1842 234 5 findings finding NOUN aisthesis-1842 234 6 of of ADP aisthesis-1842 234 7 goh goh PROPN aisthesis-1842 234 8 et et PROPN aisthesis-1842 234 9 al al PROPN aisthesis-1842 234 10 . . PUNCT aisthesis-1842 235 1 ( ( PUNCT aisthesis-1842 235 2 2016 2016 NUM aisthesis-1842 235 3 ) ) PUNCT aisthesis-1842 235 4 , , PUNCT aisthesis-1842 235 5 jacob jacob PROPN aisthesis-1842 235 6 et et PROPN aisthesis-1842 235 7 al al PROPN aisthesis-1842 235 8 . . PUNCT aisthesis-1842 236 1 ( ( PUNCT aisthesis-1842 236 2 2016 2016 NUM aisthesis-1842 236 3 ) ) PUNCT aisthesis-1842 236 4 , , PUNCT aisthesis-1842 236 5 and and CCONJ aisthesis-1842 236 6 drake drake VERB aisthesis-1842 236 7 et et PROPN aisthesis-1842 236 8 al al PROPN aisthesis-1842 236 9 . . PROPN aisthesis-1842 237 1 ( ( PUNCT aisthesis-1842 237 2 2017 2017 NUM aisthesis-1842 237 3 ) ) PUNCT aisthesis-1842 237 4 suggest suggest VERB aisthesis-1842 237 5 that that SCONJ aisthesis-1842 237 6 corporate corporate ADJ aisthesis-1842 237 7 tax tax NOUN aisthesis-1842 237 8 avoidance avoidance NOUN aisthesis-1842 237 9 is be AUX aisthesis-1842 237 10 a a DET aisthesis-1842 237 11 net net ADJ aisthesis-1842 237 12 positive positive ADJ aisthesis-1842 237 13 attribute attribute NOUN aisthesis-1842 237 14 in in ADP aisthesis-1842 237 15 capital capital NOUN aisthesis-1842 237 16 markets market NOUN aisthesis-1842 237 17 . . PUNCT aisthesis-1842 237 18     SPACE aisthesis-1842 238 1 references reference NOUN aisthesis-1842 238 2 bratten bratten VERB aisthesis-1842 238 3 , , PUNCT aisthesis-1842 238 4 b. b. PROPN aisthesis-1842 238 5 , , PUNCT aisthesis-1842 238 6 gleason gleason PROPN aisthesis-1842 238 7 , , PUNCT aisthesis-1842 238 8 c. c. PROPN aisthesis-1842 238 9 a. a. PROPN aisthesis-1842 238 10 , , PUNCT aisthesis-1842 238 11 larocque larocque PROPN aisthesis-1842 238 12 , , PUNCT aisthesis-1842 238 13 s. s. PROPN aisthesis-1842 238 14 a. a. PROPN aisthesis-1842 238 15 , , PUNCT aisthesis-1842 238 16 & & CCONJ aisthesis-1842 238 17 mills mills PROPN aisthesis-1842 238 18 , , PUNCT aisthesis-1842 238 19 l. l. PROPN aisthesis-1842 238 20 f. f. PROPN aisthesis-1842 238 21 ( ( PUNCT aisthesis-1842 238 22 2017 2017 NUM aisthesis-1842 238 23 ) ) PUNCT aisthesis-1842 238 24 . . PUNCT aisthesis-1842 239 1 forecasting forecast VERB aisthesis-1842 239 2 taxes taxis NOUN aisthesis-1842 239 3 : : PUNCT aisthesis-1842 239 4 new new ADJ aisthesis-1842 239 5 evidence evidence NOUN aisthesis-1842 239 6 from from ADP aisthesis-1842 239 7 analysts analyst NOUN aisthesis-1842 239 8 . . PUNCT aisthesis-1842 239 9     SPACE aisthesis-1842 240 1 the the DET aisthesis-1842 240 2 accounting accounting NOUN aisthesis-1842 240 3 review review NOUN aisthesis-1842 240 4 , , PUNCT aisthesis-1842 240 5 92(3 92(3 NOUN aisthesis-1842 240 6 ) ) PUNCT aisthesis-1842 240 7 , , PUNCT aisthesis-1842 240 8 1–29 1–29 PROPN aisthesis-1842 240 9 . . PUNCT aisthesis-1842 240 10 blouin blouin PROPN aisthesis-1842 240 11 , , PUNCT aisthesis-1842 240 12 j. j. PROPN aisthesis-1842 240 13 ( ( PUNCT aisthesis-1842 240 14 2014 2014 NUM aisthesis-1842 240 15 ) ) PUNCT aisthesis-1842 240 16 . . PUNCT aisthesis-1842 241 1 defining define VERB aisthesis-1842 241 2 and and CCONJ aisthesis-1842 241 3 measuring measure VERB aisthesis-1842 241 4 tax tax NOUN aisthesis-1842 241 5 planning planning NOUN aisthesis-1842 241 6 aggressiveness aggressiveness NOUN aisthesis-1842 241 7 . . PUNCT aisthesis-1842 242 1 national national ADJ aisthesis-1842 242 2 tax tax PROPN aisthesis-1842 242 3 journal journal PROPN aisthesis-1842 242 4 , , PUNCT aisthesis-1842 242 5 67 67 NUM aisthesis-1842 242 6 ( ( PUNCT aisthesis-1842 242 7 4 4 NUM aisthesis-1842 242 8 ) ) PUNCT aisthesis-1842 242 9 , , PUNCT aisthesis-1842 242 10 875–900 875–900 NUM aisthesis-1842 242 11 . . PUNCT aisthesis-1842 243 1 de de X aisthesis-1842 243 2 simone simone PROPN aisthesis-1842 243 3 , , PUNCT aisthesis-1842 243 4 l. l. PROPN aisthesis-1842 243 5 , , PUNCT aisthesis-1842 243 6 nickerson nickerson PROPN aisthesis-1842 243 7 , , PUNCT aisthesis-1842 243 8 j. j. PROPN aisthesis-1842 243 9 , , PUNCT aisthesis-1842 243 10 seidman seidman PROPN aisthesis-1842 243 11 j. j. PROPN aisthesis-1842 243 12 k. k. PROPN aisthesis-1842 243 13 , , PUNCT aisthesis-1842 243 14 & & CCONJ aisthesis-1842 243 15 stomberg stomberg PROPN aisthesis-1842 243 16 , , PUNCT aisthesis-1842 243 17 b. b. PROPN aisthesis-1842 243 18 ( ( PUNCT aisthesis-1842 243 19 2016 2016 NUM aisthesis-1842 243 20 ) ) PUNCT aisthesis-1842 243 21 . . PUNCT aisthesis-1842 244 1 how how SCONJ aisthesis-1842 244 2 reliably reliably ADV aisthesis-1842 244 3 do do AUX aisthesis-1842 244 4 empirical empirical ADJ aisthesis-1842 244 5 tests test NOUN aisthesis-1842 244 6 identify identify VERB aisthesis-1842 244 7 tax tax NOUN aisthesis-1842 244 8 avoidance avoidance NOUN aisthesis-1842 244 9 ? ? PUNCT aisthesis-1842 244 10     SPACE aisthesis-1842 244 11 ( ( PUNCT aisthesis-1842 244 12 working work VERB aisthesis-1842 244 13 paper paper NOUN aisthesis-1842 244 14 3446 3446 NUM aisthesis-1842 244 15 ) ) PUNCT aisthesis-1842 244 16 . . PUNCT aisthesis-1842 245 1 stanford stanford PROPN aisthesis-1842 245 2 , , PUNCT aisthesis-1842 245 3 ca can AUX aisthesis-1842 245 4 : : PUNCT aisthesis-1842 245 5 stanford stanford PROPN aisthesis-1842 245 6 graduate graduate PROPN aisthesis-1842 245 7 school school NOUN aisthesis-1842 245 8 of of ADP aisthesis-1842 245 9 business business NOUN aisthesis-1842 245 10 . . PUNCT aisthesis-1842 246 1 desai desai PROPN aisthesis-1842 246 2 , , PUNCT aisthesis-1842 246 3 m. m. NOUN aisthesis-1842 246 4 a. a. PROPN aisthesis-1842 246 5 , , PUNCT aisthesis-1842 246 6 & & CCONJ aisthesis-1842 246 7 dharmapala dharmapala PROPN aisthesis-1842 246 8 , , PUNCT aisthesis-1842 246 9 d. d. PROPN aisthesis-1842 246 10     SPACE aisthesis-1842 246 11 ( ( PUNCT aisthesis-1842 246 12 2009 2009 NUM aisthesis-1842 246 13 ) ) PUNCT aisthesis-1842 246 14 . . PUNCT aisthesis-1842 247 1 corporate corporate ADJ aisthesis-1842 247 2 tax tax NOUN aisthesis-1842 247 3 avoidance avoidance NOUN aisthesis-1842 247 4 and and CCONJ aisthesis-1842 247 5 firm firm ADJ aisthesis-1842 247 6 value value NOUN aisthesis-1842 247 7 . . PUNCT aisthesis-1842 248 1 review review NOUN aisthesis-1842 248 2 of of ADP aisthesis-1842 248 3 economics economic NOUN aisthesis-1842 248 4 and and CCONJ aisthesis-1842 248 5 statistics statistic NOUN aisthesis-1842 248 6 , , PUNCT aisthesis-1842 248 7 91(3 91(3 NUM aisthesis-1842 248 8 ) ) PUNCT aisthesis-1842 248 9 , , PUNCT aisthesis-1842 248 10 537 537 NUM aisthesis-1842 248 11 - - SYM aisthesis-1842 248 12 546 546 NUM aisthesis-1842 248 13 . . PUNCT aisthesis-1842 249 1 drake drake PROPN aisthesis-1842 249 2 , , PUNCT aisthesis-1842 249 3 k. k. PROPN aisthesis-1842 249 4 d. d. PROPN aisthesis-1842 249 5 , , PUNCT aisthesis-1842 249 6 lusch lusch PROPN aisthesis-1842 249 7 , , PUNCT aisthesis-1842 249 8 s. s. PROPN aisthesis-1842 249 9 j. j. PROPN aisthesis-1842 249 10 , , PUNCT aisthesis-1842 249 11 & & CCONJ aisthesis-1842 249 12 stekelberg stekelberg PROPN aisthesis-1842 249 13 , , PUNCT aisthesis-1842 249 14 j. j. PROPN aisthesis-1842 249 15 ( ( PUNCT aisthesis-1842 249 16 2017 2017 NUM aisthesis-1842 249 17 ) ) PUNCT aisthesis-1842 249 18 . . PUNCT aisthesis-1842 250 1 does do AUX aisthesis-1842 250 2 tax tax NOUN aisthesis-1842 250 3 risk risk NOUN aisthesis-1842 250 4 affect affect VERB aisthesis-1842 250 5 investor investor NOUN aisthesis-1842 250 6 valuation valuation NOUN aisthesis-1842 250 7 of of ADP aisthesis-1842 250 8 tax tax NOUN aisthesis-1842 250 9 avoidance avoidance NOUN aisthesis-1842 250 10 ? ? PUNCT aisthesis-1842 251 1 journal journal NOUN aisthesis-1842 251 2 of of ADP aisthesis-1842 251 3 accounting accounting NOUN aisthesis-1842 251 4 , , PUNCT aisthesis-1842 251 5 auditing auditing NOUN aisthesis-1842 251 6 & & CCONJ aisthesis-1842 251 7 finance finance NOUN aisthesis-1842 251 8 , , PUNCT aisthesis-1842 251 9 1–26 1–26 NOUN aisthesis-1842 251 10 . . PUNCT aisthesis-1842 252 1 dyreng dyreng PROPN aisthesis-1842 252 2 , , PUNCT aisthesis-1842 252 3 s. s. PROPN aisthesis-1842 252 4 d. d. PROPN aisthesis-1842 252 5 , , PUNCT aisthesis-1842 252 6 hanlon hanlon PROPN aisthesis-1842 252 7 , , PUNCT aisthesis-1842 252 8 m. m. NOUN aisthesis-1842 252 9 , , PUNCT aisthesis-1842 252 10 & & CCONJ aisthesis-1842 252 11 maydew maydew PROPN aisthesis-1842 252 12 , , PUNCT aisthesis-1842 252 13 e. e. PROPN aisthesis-1842 252 14 l. l. PROPN aisthesis-1842 252 15 ( ( PUNCT aisthesis-1842 252 16 2008 2008 NUM aisthesis-1842 252 17 ) ) PUNCT aisthesis-1842 252 18 . . PUNCT aisthesis-1842 253 1 long long ADV aisthesis-1842 253 2 - - PUNCT aisthesis-1842 253 3 run run VERB aisthesis-1842 253 4 corporate corporate ADJ aisthesis-1842 253 5 tax tax NOUN aisthesis-1842 253 6 avoidance avoidance NOUN aisthesis-1842 253 7 . . PUNCT aisthesis-1842 253 8     SPACE aisthesis-1842 254 1 the the DET aisthesis-1842 254 2 accounting accounting NOUN aisthesis-1842 254 3 review review NOUN aisthesis-1842 254 4 , , PUNCT aisthesis-1842 254 5 83 83 NUM aisthesis-1842 254 6 ( ( PUNCT aisthesis-1842 254 7 1 1 NUM aisthesis-1842 254 8 ) ) PUNCT aisthesis-1842 254 9 , , PUNCT aisthesis-1842 254 10 61–82 61–82 NUM aisthesis-1842 254 11 . . PUNCT aisthesis-1842 255 1 fama fama PROPN aisthesis-1842 255 2 , , PUNCT aisthesis-1842 255 3 e. e. PROPN aisthesis-1842 255 4 , , PUNCT aisthesis-1842 255 5 & & CCONJ aisthesis-1842 255 6 french french PROPN aisthesis-1842 255 7 , , PUNCT aisthesis-1842 255 8 k. k. PROPN aisthesis-1842 255 9 ( ( PUNCT aisthesis-1842 255 10 2015 2015 NUM aisthesis-1842 255 11 ) ) PUNCT aisthesis-1842 255 12 . . PUNCT aisthesis-1842 256 1 a a DET aisthesis-1842 256 2 five five NUM aisthesis-1842 256 3 - - PUNCT aisthesis-1842 256 4 factor factor NOUN aisthesis-1842 256 5 asset asset NOUN aisthesis-1842 256 6 pricing pricing NOUN aisthesis-1842 256 7 model model NOUN aisthesis-1842 256 8 . . PUNCT aisthesis-1842 257 1 journal journal PROPN aisthesis-1842 257 2 of of ADP aisthesis-1842 257 3 financial financial ADJ aisthesis-1842 257 4 economics economic NOUN aisthesis-1842 257 5 , , PUNCT aisthesis-1842 257 6 116 116 NUM aisthesis-1842 257 7 , , PUNCT aisthesis-1842 257 8 1 1 NUM aisthesis-1842 257 9 - - SYM aisthesis-1842 257 10 22 22 NUM aisthesis-1842 257 11 . . PUNCT aisthesis-1842 258 1 frank frank PROPN aisthesis-1842 258 2 , , PUNCT aisthesis-1842 258 3 m. m. NOUN aisthesis-1842 258 4 m. m. NOUN aisthesis-1842 258 5 , , PUNCT aisthesis-1842 258 6 lynch lynch PROPN aisthesis-1842 258 7 , , PUNCT aisthesis-1842 258 8 l. l. PROPN aisthesis-1842 258 9 j. j. PROPN aisthesis-1842 258 10 , , PUNCT aisthesis-1842 258 11 rego rego PROPN aisthesis-1842 258 12 , , PUNCT aisthesis-1842 259 1 s. s. PROPN aisthesis-1842 259 2 o. o. PROPN aisthesis-1842 259 3 ( ( PUNCT aisthesis-1842 259 4 2009 2009 NUM aisthesis-1842 259 5 ) ) PUNCT aisthesis-1842 259 6 . . PUNCT aisthesis-1842 260 1 tax tax NOUN aisthesis-1842 260 2 reporting reporting NOUN aisthesis-1842 260 3 aggressiveness aggressiveness NOUN aisthesis-1842 260 4 and and CCONJ aisthesis-1842 260 5 its its PRON aisthesis-1842 260 6 relation relation NOUN aisthesis-1842 260 7 to to ADP aisthesis-1842 260 8 aggressive aggressive ADJ aisthesis-1842 260 9 financial financial ADJ aisthesis-1842 260 10 reporting reporting NOUN aisthesis-1842 260 11 . . PUNCT aisthesis-1842 261 1 the the DET aisthesis-1842 261 2 accounting accounting NOUN aisthesis-1842 261 3 review review NOUN aisthesis-1842 261 4 , , PUNCT aisthesis-1842 261 5 84 84 NUM aisthesis-1842 261 6 ( ( PUNCT aisthesis-1842 261 7 2 2 NUM aisthesis-1842 261 8 ) ) PUNCT aisthesis-1842 261 9 , , PUNCT aisthesis-1842 261 10 pp pp PROPN aisthesis-1842 261 11 . . PUNCT aisthesis-1842 261 12 467 467 NUM aisthesis-1842 261 13 - - SYM aisthesis-1842 261 14 496 496 NUM aisthesis-1842 261 15 . . PUNCT aisthesis-1842 262 1 goh goh PROPN aisthesis-1842 262 2 , , PUNCT aisthesis-1842 262 3 b. b. PROPN aisthesis-1842 262 4 w. w. PROPN aisthesis-1842 262 5 , , PUNCT aisthesis-1842 262 6 lee lee PROPN aisthesis-1842 262 7 , , PUNCT aisthesis-1842 262 8 j. j. PROPN aisthesis-1842 262 9 , , PUNCT aisthesis-1842 262 10 lim lim PROPN aisthesis-1842 262 11 , , PUNCT aisthesis-1842 262 12 c. c. PROPN aisthesis-1842 262 13 y. y. PROPN aisthesis-1842 262 14 , , PUNCT aisthesis-1842 262 15 & & CCONJ aisthesis-1842 262 16 shevlin shevlin PROPN aisthesis-1842 262 17 , , PUNCT aisthesis-1842 262 18 t. t. PROPN aisthesis-1842 262 19 ( ( PUNCT aisthesis-1842 262 20 2016 2016 NUM aisthesis-1842 262 21 ) ) PUNCT aisthesis-1842 262 22 . . PUNCT aisthesis-1842 263 1 the the DET aisthesis-1842 263 2 effect effect NOUN aisthesis-1842 263 3 of of ADP aisthesis-1842 263 4 corporate corporate ADJ aisthesis-1842 263 5 tax tax NOUN aisthesis-1842 263 6 avoidance avoidance NOUN aisthesis-1842 263 7 on on ADP aisthesis-1842 263 8 the the DET aisthesis-1842 263 9 cost cost NOUN aisthesis-1842 263 10 of of ADP aisthesis-1842 263 11 equity equity NOUN aisthesis-1842 263 12 . . PUNCT aisthesis-1842 263 13     SPACE aisthesis-1842 264 1 the the DET aisthesis-1842 264 2 accounting accounting NOUN aisthesis-1842 264 3 review review NOUN aisthesis-1842 264 4 , , PUNCT aisthesis-1842 264 5     SPACE aisthesis-1842 264 6 91(6 91(6 NOUN aisthesis-1842 264 7 ) ) PUNCT aisthesis-1842 264 8 , , PUNCT aisthesis-1842 264 9 1647670 1647670 NUM aisthesis-1842 264 10 . . PUNCT aisthesis-1842 265 1 guenther guenther PROPN aisthesis-1842 265 2 , , PUNCT aisthesis-1842 265 3 d. d. PROPN aisthesis-1842 265 4 a. a. PROPN aisthesis-1842 265 5 , , PUNCT aisthesis-1842 265 6 matsunaga matsunaga PROPN aisthesis-1842 265 7 , , PUNCT aisthesis-1842 265 8 s. s. PROPN aisthesis-1842 265 9 r. r. PROPN aisthesis-1842 265 10 , , PUNCT aisthesis-1842 265 11 & & CCONJ aisthesis-1842 265 12 william william PROPN aisthesis-1842 265 13 , , PUNCT aisthesis-1842 265 14 b. b. PROPN aisthesis-1842 265 15 m. m. PROPN aisthesis-1842 265 16 ( ( PUNCT aisthesis-1842 265 17 2017 2017 NUM aisthesis-1842 265 18 ) ) PUNCT aisthesis-1842 265 19 . . PUNCT aisthesis-1842 265 20 is be AUX aisthesis-1842 265 21 tax tax NOUN aisthesis-1842 265 22 avoidance avoidance NOUN aisthesis-1842 265 23 related relate VERB aisthesis-1842 265 24 to to ADP aisthesis-1842 265 25 firm firm ADJ aisthesis-1842 265 26 risk risk NOUN aisthesis-1842 265 27 ? ? PUNCT aisthesis-1842 265 28     SPACE aisthesis-1842 266 1 the the DET aisthesis-1842 266 2 accounting accounting NOUN aisthesis-1842 266 3 review review NOUN aisthesis-1842 266 4 , , PUNCT aisthesis-1842 266 5     SPACE aisthesis-1842 266 6 92(1 92(1 NOUN aisthesis-1842 266 7 ) ) PUNCT aisthesis-1842 266 8 , , PUNCT aisthesis-1842 266 9 115 115 NUM aisthesis-1842 266 10 - - SYM aisthesis-1842 266 11 36 36 NUM aisthesis-1842 266 12 . . PUNCT aisthesis-1842 266 13     SPACE aisthesis-1842 266 14 hanlon hanlon PROPN aisthesis-1842 266 15 , , PUNCT aisthesis-1842 266 16 m. m. NOUN aisthesis-1842 266 17 , , PUNCT aisthesis-1842 266 18 & & CCONJ aisthesis-1842 266 19 slemrod slemrod PROPN aisthesis-1842 266 20 , , PUNCT aisthesis-1842 266 21 j. j. PROPN aisthesis-1842 266 22 ( ( PUNCT aisthesis-1842 266 23 2009 2009 NUM aisthesis-1842 266 24 ) ) PUNCT aisthesis-1842 266 25 . . PUNCT aisthesis-1842 267 1 what what PRON aisthesis-1842 267 2 does do AUX aisthesis-1842 267 3 tax tax NOUN aisthesis-1842 267 4 aggressiveness aggressiveness NOUN aisthesis-1842 267 5 signal signal NOUN aisthesis-1842 267 6 ? ? PUNCT aisthesis-1842 268 1 evidence evidence NOUN aisthesis-1842 268 2 from from ADP aisthesis-1842 268 3 stock stock NOUN aisthesis-1842 268 4 price price NOUN aisthesis-1842 268 5 reactions reaction NOUN aisthesis-1842 268 6 to to ADP aisthesis-1842 268 7 news news NOUN aisthesis-1842 268 8 about about ADP aisthesis-1842 268 9 tax tax NOUN aisthesis-1842 268 10 shelter shelter NOUN aisthesis-1842 268 11 involvement involvement NOUN aisthesis-1842 268 12 . . PUNCT aisthesis-1842 268 13     SPACE aisthesis-1842 269 1 journal journal NOUN aisthesis-1842 269 2 of of ADP aisthesis-1842 269 3 public public ADJ aisthesis-1842 269 4 economics economic NOUN aisthesis-1842 269 5 , , PUNCT aisthesis-1842 269 6 93 93 NUM aisthesis-1842 269 7 ( ( PUNCT aisthesis-1842 269 8 12 12 NUM aisthesis-1842 269 9 ) ) PUNCT aisthesis-1842 269 10 , , PUNCT aisthesis-1842 269 11 126 126 NUM aisthesis-1842 269 12 - - SYM aisthesis-1842 269 13 141 141 NUM aisthesis-1842 269 14 . . PUNCT aisthesis-1842 269 15     SPACE aisthesis-1842 269 16 jacob jacob PROPN aisthesis-1842 269 17 , , PUNCT aisthesis-1842 269 18 m. m. NOUN aisthesis-1842 269 19 , , PUNCT aisthesis-1842 269 20 & & CCONJ aisthesis-1842 269 21 schutt schutt PROPN aisthesis-1842 269 22 , , PUNCT aisthesis-1842 269 23 h. h. PROPN aisthesis-1842 269 24 h. h. PROPN aisthesis-1842 269 25 ( ( PUNCT aisthesis-1842 269 26 2015 2015 NUM aisthesis-1842 269 27 ) ) PUNCT aisthesis-1842 269 28 . . PUNCT aisthesis-1842 270 1 firm firm ADJ aisthesis-1842 270 2 valuation valuation NOUN aisthesis-1842 270 3 and and CCONJ aisthesis-1842 270 4 the the DET aisthesis-1842 270 5 uncertainty uncertainty NOUN aisthesis-1842 270 6 of of ADP aisthesis-1842 270 7 future future ADJ aisthesis-1842 270 8 tax tax NOUN aisthesis-1842 270 9 avoidance avoidance NOUN aisthesis-1842 270 10 . . PUNCT aisthesis-1842 270 11     SPACE aisthesis-1842 271 1 otto otto PROPN aisthesis-1842 271 2 beisheim beisheim PROPN aisthesis-1842 271 3 school school PROPN aisthesis-1842 271 4 of of ADP aisthesis-1842 271 5 management management NOUN aisthesis-1842 271 6 , , PUNCT aisthesis-1842 271 7 1–48 1–48 PROPN aisthesis-1842 271 8 . . PUNCT aisthesis-1842 272 1 jensen jensen PROPN aisthesis-1842 272 2 , , PUNCT aisthesis-1842 272 3 m. m. NOUN aisthesis-1842 272 4 ( ( PUNCT aisthesis-1842 272 5 1968 1968 NUM aisthesis-1842 272 6 ) ) PUNCT aisthesis-1842 272 7 . . PUNCT aisthesis-1842 273 1 the the DET aisthesis-1842 273 2 performance performance NOUN aisthesis-1842 273 3 of of ADP aisthesis-1842 273 4 mutual mutual ADJ aisthesis-1842 273 5 funds fund NOUN aisthesis-1842 273 6 in in ADP aisthesis-1842 273 7 the the DET aisthesis-1842 273 8 period period NOUN aisthesis-1842 273 9 1945 1945 NUM aisthesis-1842 273 10 1964 1964 NUM aisthesis-1842 273 11 . . PUNCT aisthesis-1842 274 1 journal journal PROPN aisthesis-1842 274 2 of of ADP aisthesis-1842 274 3 finance finance NOUN aisthesis-1842 274 4 , , PUNCT aisthesis-1842 274 5 23 23 NUM aisthesis-1842 274 6 , , PUNCT aisthesis-1842 274 7 389 389 NUM aisthesis-1842 274 8 - - SYM aisthesis-1842 274 9 416 416 NUM aisthesis-1842 274 10 kim kim PROPN aisthesis-1842 274 11 , , PUNCT aisthesis-1842 274 12 j. j. PROPN aisthesis-1842 274 13 b. b. PROPN aisthesis-1842 274 14 , , PUNCT aisthesis-1842 274 15 li li PROPN aisthesis-1842 274 16 , , PUNCT aisthesis-1842 274 17 y. y. PROPN aisthesis-1842 274 18 , , PUNCT aisthesis-1842 274 19 & & CCONJ aisthesis-1842 274 20 zhang zhang PROPN aisthesis-1842 274 21 , , PUNCT aisthesis-1842 274 22 l. l. PROPN aisthesis-1842 274 23 ( ( PUNCT aisthesis-1842 274 24 2011 2011 NUM aisthesis-1842 274 25 ) ) PUNCT aisthesis-1842 274 26 . . PUNCT aisthesis-1842 275 1 corporate corporate ADJ aisthesis-1842 275 2 tax tax NOUN aisthesis-1842 275 3 avoidance avoidance NOUN aisthesis-1842 275 4 and and CCONJ aisthesis-1842 275 5 stock stock NOUN aisthesis-1842 275 6 price price NOUN aisthesis-1842 275 7 crash crash NOUN aisthesis-1842 275 8 risk risk NOUN aisthesis-1842 275 9 : : PUNCT aisthesis-1842 275 10 firm firm ADJ aisthesis-1842 275 11 - - PUNCT aisthesis-1842 275 12 level level NOUN aisthesis-1842 275 13 analysis analysis NOUN aisthesis-1842 275 14 . . PUNCT aisthesis-1842 275 15 ” " PUNCT aisthesis-1842 275 16     SPACE aisthesis-1842 275 17 journal journal NOUN aisthesis-1842 275 18 of of ADP aisthesis-1842 275 19 financial financial ADJ aisthesis-1842 275 20 economics economic NOUN aisthesis-1842 275 21 , , PUNCT aisthesis-1842 275 22 100(3 100(3 NUM aisthesis-1842 275 23 ) ) PUNCT aisthesis-1842 275 24 , , PUNCT aisthesis-1842 275 25 639–662 639–662 NUM aisthesis-1842 275 26 . . PUNCT aisthesis-1842 276 1 kim kim PROPN aisthesis-1842 276 2 , , PUNCT aisthesis-1842 276 3 s. s. PROPN aisthesis-1842 276 4 , , PUNCT aisthesis-1842 276 5 schmidt schmidt PROPN aisthesis-1842 276 6 , , PUNCT aisthesis-1842 276 7 a. a. NOUN aisthesis-1842 276 8 p. p. NOUN aisthesis-1842 276 9 , , PUNCT aisthesis-1842 276 10 & & CCONJ aisthesis-1842 276 11 wentland wentland PROPN aisthesis-1842 276 12 , , PUNCT aisthesis-1842 276 13 k. k. PROPN aisthesis-1842 276 14 ( ( PUNCT aisthesis-1842 276 15 2015 2015 NUM aisthesis-1842 276 16 ) ) PUNCT aisthesis-1842 276 17 . . PUNCT aisthesis-1842 277 1 analysts analyst NOUN aisthesis-1842 277 2 and and CCONJ aisthesis-1842 277 3 taxes taxis NOUN aisthesis-1842 277 4 . . PUNCT aisthesis-1842 277 5     SPACE aisthesis-1842 278 1 ssrn ssrn PROPN aisthesis-1842 278 2 electronic electronic ADJ aisthesis-1842 278 3 journal journal NOUN aisthesis-1842 278 4 , , PUNCT aisthesis-1842 278 5 1–48 1–48 PROPN aisthesis-1842 278 6 . . PUNCT aisthesis-1842 279 1 powers power NOUN aisthesis-1842 279 2 , , PUNCT aisthesis-1842 279 3 k. k. PROPN aisthesis-1842 279 4 , , PUNCT aisthesis-1842 279 5 schmidt schmidt PROPN aisthesis-1842 279 6 , , PUNCT aisthesis-1842 279 7 a. a. PROPN aisthesis-1842 279 8 , , PUNCT aisthesis-1842 279 9 seidman seidman PROPN aisthesis-1842 279 10 , , PUNCT aisthesis-1842 279 11 j. j. PROPN aisthesis-1842 279 12 , , PUNCT aisthesis-1842 279 13 & & CCONJ aisthesis-1842 279 14 stomberg stomberg PROPN aisthesis-1842 279 15 , , PUNCT aisthesis-1842 279 16 b. b. PROPN aisthesis-1842 279 17 ( ( PUNCT aisthesis-1842 279 18 2017 2017 NUM aisthesis-1842 279 19 ) ) PUNCT aisthesis-1842 279 20 . . PUNCT aisthesis-1842 280 1 examining examine VERB aisthesis-1842 280 2 which which DET aisthesis-1842 280 3 tax tax NOUN aisthesis-1842 280 4 rates rate NOUN aisthesis-1842 280 5 investors investor NOUN aisthesis-1842 280 6 use use VERB aisthesis-1842 280 7 for for ADP aisthesis-1842 280 8 equity equity NOUN aisthesis-1842 280 9 valuation valuation NOUN aisthesis-1842 280 10 . . PUNCT aisthesis-1842 281 1 working work VERB aisthesis-1842 281 2 paper paper NOUN aisthesis-1842 281 3 . . PUNCT aisthesis-1842 282 1 ssrn ssrn PROPN aisthesis-1842 282 2 electronic electronic ADJ aisthesis-1842 282 3 journal journal PROPN aisthesis-1842 282 4 . . PUNCT aisthesis-1842 283 1 powers power NOUN aisthesis-1842 283 2 , , PUNCT aisthesis-1842 283 3 k. k. PROPN aisthesis-1842 283 4 , , PUNCT aisthesis-1842 283 5 seidman seidman PROPN aisthesis-1842 283 6 , , PUNCT aisthesis-1842 283 7 j. j. PROPN aisthesis-1842 283 8 , , PUNCT aisthesis-1842 283 9 & & CCONJ aisthesis-1842 283 10 stomberg stomberg PROPN aisthesis-1842 283 11 , , PUNCT aisthesis-1842 283 12 b. b. PROPN aisthesis-1842 283 13 ( ( PUNCT aisthesis-1842 283 14 sept sept PROPN aisthesis-1842 283 15 . . PROPN aisthesis-1842 283 16 2015 2015 NUM aisthesis-1842 283 17 ) ) PUNCT aisthesis-1842 283 18 . . PUNCT aisthesis-1842 284 1 examining examine VERB aisthesis-1842 284 2 which which PRON aisthesis-1842 284 3 benchmarks benchmark VERB aisthesis-1842 284 4 investors investor NOUN aisthesis-1842 284 5 use use VERB aisthesis-1842 284 6 to to PART aisthesis-1842 284 7 evaluate evaluate VERB aisthesis-1842 284 8 tax tax NOUN aisthesis-1842 284 9 expense expense NOUN aisthesis-1842 284 10 . . PUNCT aisthesis-1842 284 11     SPACE aisthesis-1842 285 1 ssrn ssrn PROPN aisthesis-1842 285 2 electronic electronic ADJ aisthesis-1842 285 3 journal journal NOUN aisthesis-1842 285 4 , , PUNCT aisthesis-1842 285 5 1–41 1–41 PROPN aisthesis-1842 285 6 . . PUNCT aisthesis-1842 286 1 weber weber PROPN aisthesis-1842 286 2 , , PUNCT aisthesis-1842 286 3 d. d. PROPN aisthesis-1842 286 4 ( ( PUNCT aisthesis-1842 286 5 2009 2009 NUM aisthesis-1842 286 6 ) ) PUNCT aisthesis-1842 286 7 . . PUNCT aisthesis-1842 287 1 do do AUX aisthesis-1842 287 2 analysts analyst NOUN aisthesis-1842 287 3 and and CCONJ aisthesis-1842 287 4 investors investor NOUN aisthesis-1842 287 5 fully fully ADV aisthesis-1842 287 6 appreciate appreciate VERB aisthesis-1842 287 7 the the DET aisthesis-1842 287 8 implications implication NOUN aisthesis-1842 287 9 of of ADP aisthesis-1842 287 10 book book NOUN aisthesis-1842 287 11 - - PUNCT aisthesis-1842 287 12 tax tax NOUN aisthesis-1842 287 13 differences difference NOUN aisthesis-1842 287 14 for for ADP aisthesis-1842 287 15 future future ADJ aisthesis-1842 287 16 earnings earning NOUN aisthesis-1842 287 17 ? ? PUNCT aisthesis-1842 288 1 contemporary contemporary ADJ aisthesis-1842 288 2 accounting accounting NOUN aisthesis-1842 288 3 research research NOUN aisthesis-1842 288 4 , , PUNCT aisthesis-1842 288 5 26 26 NUM aisthesis-1842 288 6 , , PUNCT aisthesis-1842 288 7 1175 1175 NUM aisthesis-1842 288 8 - - SYM aisthesis-1842 288 9 206 206 NUM aisthesis-1842 288 10 . . PUNCT aisthesis-1842 289 1 wilson wilson PROPN aisthesis-1842 289 2 , , PUNCT aisthesis-1842 289 3 r. r. PROPN aisthesis-1842 289 4 j. j. PROPN aisthesis-1842 289 5 ( ( PUNCT aisthesis-1842 289 6 2009 2009 NUM aisthesis-1842 289 7 ) ) PUNCT aisthesis-1842 289 8 . . PUNCT aisthesis-1842 290 1 an an DET aisthesis-1842 290 2 examination examination NOUN aisthesis-1842 290 3 of of ADP aisthesis-1842 290 4 corporate corporate ADJ aisthesis-1842 290 5 tax tax NOUN aisthesis-1842 290 6 shelter shelter NOUN aisthesis-1842 290 7 participants participant NOUN aisthesis-1842 290 8 . . PUNCT aisthesis-1842 290 9     SPACE aisthesis-1842 291 1 the the DET aisthesis-1842 291 2 accounting accounting NOUN aisthesis-1842 291 3 review review NOUN aisthesis-1842 291 4 , , PUNCT aisthesis-1842 291 5 84 84 NUM aisthesis-1842 291 6 ( ( PUNCT aisthesis-1842 291 7 3 3 NUM aisthesis-1842 291 8 ) ) PUNCT aisthesis-1842 291 9 , , PUNCT aisthesis-1842 291 10 969 969 NUM aisthesis-1842 291 11 - - SYM aisthesis-1842 291 12 99 99 NUM aisthesis-1842 291 13 . . NOUN aisthesis-1842 291 14 8 8 NUM aisthesis-1842 291 15 trading trading NOUN aisthesis-1842 291 16 on on ADP aisthesis-1842 291 17 tax tax NOUN aisthesis-1842 291 18 avoidance avoidance NOUN aisthesis-1842 291 19 appendix appendix VERB aisthesis-1842 291 20 aisthesis aisthesis NOUN aisthesis-1842 291 21 volume volume NOUN aisthesis-1842 291 22 10 10 NUM aisthesis-1842 291 23 , , PUNCT aisthesis-1842 291 24 20199 20199 NUM