id	sid	tid	token	lemma	pos
arjefm-72	1	1	american	american	PROPN
arjefm-72	1	2	research	research	PROPN
arjefm-72	1	3	journal	journal	PROPN
arjefm-72	1	4	of	of	ADP
arjefm-72	1	5	economics	economic	NOUN
arjefm-72	1	6	,	,	PUNCT
arjefm-72	1	7	finance	finance	NOUN
arjefm-72	1	8	and	and	CCONJ
arjefm-72	1	9	management	management	NOUN
arjefm-72	1	10	volume	volume	NOUN
arjefm-72	1	11	10	10	NUM
arjefm-72	1	12	issue	issue	NOUN
arjefm-72	1	13	4	4	NUM
arjefm-72	1	14	,	,	PUNCT
arjefm-72	1	15	october	october	PROPN
arjefm-72	1	16	-	-	PUNCT
arjefm-72	1	17	december	december	PROPN
arjefm-72	1	18	2022	2022	NUM
arjefm-72	1	19	issn	issn	NOUN
arjefm-72	1	20	:	:	PUNCT
arjefm-72	1	21	2836	2836	NUM
arjefm-72	1	22	-	-	SYM
arjefm-72	1	23	9416	9416	NUM
arjefm-72	1	24	impact	impact	NOUN
arjefm-72	1	25	factor	factor	NOUN
arjefm-72	1	26	:	:	PUNCT
arjefm-72	1	27	4.85	4.85	NUM
arjefm-72	1	28	journal	journal	NOUN
arjefm-72	1	29	homepage	homepage	NOUN
arjefm-72	1	30	:	:	PUNCT
arjefm-72	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	1	32	,	,	PUNCT
arjefm-72	1	33	email	email	NOUN
arjefm-72	1	34	:	:	PUNCT
arjefm-72	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	1	36	official	official	ADJ
arjefm-72	1	37	journal	journal	PROPN
arjefm-72	1	38	of	of	ADP
arjefm-72	1	39	america	america	PROPN
arjefm-72	1	40	serial	serial	PROPN
arjefm-72	1	41	publication	publication	NOUN
arjefm-72	1	42	american	american	PROPN
arjefm-72	1	43	research	research	PROPN
arjefm-72	1	44	journal	journal	PROPN
arjefm-72	1	45	of	of	ADP
arjefm-72	1	46	economics	economic	NOUN
arjefm-72	1	47	,	,	PUNCT
arjefm-72	1	48	finance	finance	NOUN
arjefm-72	1	49	and	and	CCONJ
arjefm-72	1	50	management	management	NOUN
arjefm-72	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	1	52	,	,	PUNCT
arjefm-72	1	53	email	email	NOUN
arjefm-72	1	54	:	:	PUNCT
arjefm-72	2	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	2	2	1	1	NUM
arjefm-72	3	1	|	|	ADV
arjefm-72	3	2	p	p	X
arjefm-72	3	3	a	a	DET
arjefm-72	3	4	g	g	NOUN
arjefm-72	3	5	e	e	NOUN
arjefm-72	3	6	accruals	accrual	NOUN
arjefm-72	3	7	and	and	CCONJ
arjefm-72	3	8	earnings	earning	NOUN
arjefm-72	3	9	management	management	NOUN
arjefm-72	3	10	:	:	PUNCT
arjefm-72	3	11	implications	implication	NOUN
arjefm-72	3	12	for	for	ADP
arjefm-72	3	13	stock	stock	NOUN
arjefm-72	3	14	liquidity	liquidity	NOUN
arjefm-72	3	15	1dr	1dr	NOUN
arjefm-72	3	16	.	.	PUNCT
arjefm-72	4	1	samir	samir	PROPN
arjefm-72	4	2	a.	a.	PROPN
arjefm-72	4	3	ben	ben	PROPN
arjefm-72	4	4	ammar	ammar	PROPN
arjefm-72	4	5	and	and	CCONJ
arjefm-72	4	6	2dr	2dr	ADJ
arjefm-72	4	7	.	.	PUNCT
arjefm-72	5	1	nadia	nadia	PROPN
arjefm-72	5	2	r.	r.	PROPN
arjefm-72	5	3	chaouch	chaouch	VERB
arjefm-72	5	4	1associate	1associate	NUM
arjefm-72	5	5	professor	professor	NOUN
arjefm-72	5	6	at	at	ADP
arjefm-72	5	7	the	the	DET
arjefm-72	5	8	graduate	graduate	PROPN
arjefm-72	5	9	institute	institute	PROPN
arjefm-72	5	10	of	of	ADP
arjefm-72	5	11	accounting	accounting	PROPN
arjefm-72	5	12	and	and	CCONJ
arjefm-72	5	13	business	business	NOUN
arjefm-72	5	14	administration	administration	NOUN
arjefm-72	5	15	,	,	PUNCT
arjefm-72	5	16	university	university	NOUN
arjefm-72	5	17	of	of	ADP
arjefm-72	5	18	mannouba	mannouba	PROPN
arjefm-72	5	19	,	,	PUNCT
arjefm-72	5	20	tunisia	tunisia	PROPN
arjefm-72	5	21	2professor	2professor	NUM
arjefm-72	5	22	in	in	ADP
arjefm-72	5	23	the	the	DET
arjefm-72	5	24	graduate	graduate	PROPN
arjefm-72	5	25	institute	institute	PROPN
arjefm-72	5	26	of	of	ADP
arjefm-72	5	27	management	management	NOUN
arjefm-72	5	28	and	and	CCONJ
arjefm-72	5	29	president	president	NOUN
arjefm-72	5	30	of	of	ADP
arjefm-72	5	31	the	the	DET
arjefm-72	5	32	research	research	NOUN
arjefm-72	5	33	laboratory	laboratory	PROPN
arjefm-72	5	34	gouvernance	gouvernance	PROPN
arjefm-72	5	35	d'entreprise	d'entreprise	PROPN
arjefm-72	5	36	,	,	PUNCT
arjefm-72	5	37	finance	finance	NOUN
arjefm-72	5	38	appliquée	appliquée	PROPN
arjefm-72	5	39	et	et	NOUN
arjefm-72	5	40	audit	audit	NOUN
arjefm-72	5	41	.	.	PUNCT
arjefm-72	6	1	abstract	abstract	ADJ
arjefm-72	6	2	:	:	PUNCT
arjefm-72	6	3	the	the	DET
arjefm-72	6	4	quality	quality	NOUN
arjefm-72	6	5	of	of	ADP
arjefm-72	6	6	financial	financial	ADJ
arjefm-72	6	7	information	information	NOUN
arjefm-72	6	8	is	be	AUX
arjefm-72	6	9	a	a	DET
arjefm-72	6	10	central	central	ADJ
arjefm-72	6	11	theme	theme	NOUN
arjefm-72	6	12	in	in	ADP
arjefm-72	6	13	accounting	accounting	NOUN
arjefm-72	6	14	and	and	CCONJ
arjefm-72	6	15	finance	finance	NOUN
arjefm-72	6	16	literature	literature	NOUN
arjefm-72	6	17	,	,	PUNCT
arjefm-72	6	18	with	with	ADP
arjefm-72	6	19	significant	significant	ADJ
arjefm-72	6	20	implications	implication	NOUN
arjefm-72	6	21	for	for	ADP
arjefm-72	6	22	market	market	NOUN
arjefm-72	6	23	efficiency	efficiency	NOUN
arjefm-72	6	24	and	and	CCONJ
arjefm-72	6	25	liquidity	liquidity	NOUN
arjefm-72	6	26	.	.	PUNCT
arjefm-72	7	1	as	as	SCONJ
arjefm-72	7	2	emphasized	emphasize	VERB
arjefm-72	7	3	by	by	ADP
arjefm-72	7	4	levitt	levitt	PROPN
arjefm-72	7	5	(	(	PUNCT
arjefm-72	7	6	2000	2000	NUM
arjefm-72	7	7	)	)	PUNCT
arjefm-72	7	8	,	,	PUNCT
arjefm-72	7	9	high	high	ADJ
arjefm-72	7	10	-	-	PUNCT
arjefm-72	7	11	quality	quality	NOUN
arjefm-72	7	12	financial	financial	ADJ
arjefm-72	7	13	information	information	NOUN
arjefm-72	7	14	serves	serve	VERB
arjefm-72	7	15	as	as	ADP
arjefm-72	7	16	the	the	DET
arjefm-72	7	17	cornerstone	cornerstone	NOUN
arjefm-72	7	18	of	of	ADP
arjefm-72	7	19	a	a	DET
arjefm-72	7	20	robust	robust	ADJ
arjefm-72	7	21	and	and	CCONJ
arjefm-72	7	22	efficient	efficient	ADJ
arjefm-72	7	23	market	market	NOUN
arjefm-72	7	24	,	,	PUNCT
arjefm-72	7	25	essential	essential	ADJ
arjefm-72	7	26	for	for	ADP
arjefm-72	7	27	maintaining	maintain	VERB
arjefm-72	7	28	liquidity	liquidity	NOUN
arjefm-72	7	29	and	and	CCONJ
arjefm-72	7	30	market	market	NOUN
arjefm-72	7	31	efficiency	efficiency	NOUN
arjefm-72	7	32	.	.	PUNCT
arjefm-72	8	1	quality	quality	NOUN
arjefm-72	8	2	accounting	accounting	NOUN
arjefm-72	8	3	standards	standard	NOUN
arjefm-72	8	4	,	,	PUNCT
arjefm-72	8	5	according	accord	VERB
arjefm-72	8	6	to	to	ADP
arjefm-72	8	7	levitt	levitt	PROPN
arjefm-72	8	8	,	,	PUNCT
arjefm-72	8	9	contribute	contribute	VERB
arjefm-72	8	10	to	to	ADP
arjefm-72	8	11	improved	improve	VERB
arjefm-72	8	12	liquidity	liquidity	NOUN
arjefm-72	8	13	and	and	CCONJ
arjefm-72	8	14	reduced	reduced	ADJ
arjefm-72	8	15	capital	capital	NOUN
arjefm-72	8	16	costs	cost	NOUN
arjefm-72	8	17	,	,	PUNCT
arjefm-72	8	18	making	make	VERB
arjefm-72	8	19	them	they	PRON
arjefm-72	8	20	vital	vital	ADJ
arjefm-72	8	21	for	for	ADP
arjefm-72	8	22	market	market	NOUN
arjefm-72	8	23	health	health	NOUN
arjefm-72	8	24	.	.	PUNCT
arjefm-72	9	1	this	this	DET
arjefm-72	9	2	study	study	NOUN
arjefm-72	9	3	delves	delve	VERB
arjefm-72	9	4	into	into	ADP
arjefm-72	9	5	the	the	DET
arjefm-72	9	6	role	role	NOUN
arjefm-72	9	7	of	of	ADP
arjefm-72	9	8	accounting	accounting	NOUN
arjefm-72	9	9	figures	figure	NOUN
arjefm-72	9	10	as	as	ADP
arjefm-72	9	11	critical	critical	ADJ
arjefm-72	9	12	financial	financial	ADJ
arjefm-72	9	13	indicators	indicator	NOUN
arjefm-72	9	14	that	that	PRON
arjefm-72	9	15	enhance	enhance	VERB
arjefm-72	9	16	information	information	NOUN
arjefm-72	9	17	efficiency	efficiency	NOUN
arjefm-72	9	18	and	and	CCONJ
arjefm-72	9	19	bolster	bolster	VERB
arjefm-72	9	20	market	market	NOUN
arjefm-72	9	21	outlook	outlook	NOUN
arjefm-72	9	22	and	and	CCONJ
arjefm-72	9	23	liquidity	liquidity	NOUN
arjefm-72	9	24	.	.	PUNCT
arjefm-72	10	1	drawing	draw	VERB
arjefm-72	10	2	on	on	ADP
arjefm-72	10	3	the	the	DET
arjefm-72	10	4	insights	insight	NOUN
arjefm-72	10	5	of	of	ADP
arjefm-72	10	6	chung	chung	PROPN
arjefm-72	10	7	(	(	PUNCT
arjefm-72	10	8	2009	2009	NUM
arjefm-72	10	9	)	)	PUNCT
arjefm-72	10	10	and	and	CCONJ
arjefm-72	10	11	bachtiar	bachtiar	NOUN
arjefm-72	10	12	(	(	PUNCT
arjefm-72	10	13	2008	2008	NUM
arjefm-72	10	14	)	)	PUNCT
arjefm-72	10	15	,	,	PUNCT
arjefm-72	10	16	it	it	PRON
arjefm-72	10	17	explores	explore	VERB
arjefm-72	10	18	how	how	SCONJ
arjefm-72	10	19	high	high	ADJ
arjefm-72	10	20	-	-	PUNCT
arjefm-72	10	21	quality	quality	NOUN
arjefm-72	10	22	accounting	accounting	NOUN
arjefm-72	10	23	standards	standard	NOUN
arjefm-72	10	24	,	,	PUNCT
arjefm-72	10	25	when	when	SCONJ
arjefm-72	10	26	effectively	effectively	ADV
arjefm-72	10	27	disclosed	disclose	VERB
arjefm-72	10	28	,	,	PUNCT
arjefm-72	10	29	can	can	AUX
arjefm-72	10	30	lead	lead	VERB
arjefm-72	10	31	to	to	ADP
arjefm-72	10	32	higher	high	ADJ
arjefm-72	10	33	returns	return	NOUN
arjefm-72	10	34	,	,	PUNCT
arjefm-72	10	35	improved	improve	VERB
arjefm-72	10	36	liquidity	liquidity	NOUN
arjefm-72	10	37	,	,	PUNCT
arjefm-72	10	38	and	and	CCONJ
arjefm-72	10	39	reduced	reduce	VERB
arjefm-72	10	40	capital	capital	NOUN
arjefm-72	10	41	costs	cost	NOUN
arjefm-72	10	42	.	.	PUNCT
arjefm-72	11	1	the	the	DET
arjefm-72	11	2	investigation	investigation	NOUN
arjefm-72	11	3	further	far	ADV
arjefm-72	11	4	examines	examine	VERB
arjefm-72	11	5	the	the	DET
arjefm-72	11	6	link	link	NOUN
arjefm-72	11	7	between	between	ADP
arjefm-72	11	8	the	the	DET
arjefm-72	11	9	quality	quality	NOUN
arjefm-72	11	10	of	of	ADP
arjefm-72	11	11	disclosed	disclose	VERB
arjefm-72	11	12	earnings	earning	NOUN
arjefm-72	11	13	and	and	CCONJ
arjefm-72	11	14	stock	stock	NOUN
arjefm-72	11	15	liquidity	liquidity	NOUN
arjefm-72	11	16	through	through	ADP
arjefm-72	11	17	the	the	DET
arjefm-72	11	18	ask	ask	VERB
arjefm-72	11	19	-	-	PUNCT
arjefm-72	11	20	bid	bid	NOUN
arjefm-72	11	21	spread	spread	NOUN
arjefm-72	11	22	,	,	PUNCT
arjefm-72	11	23	as	as	SCONJ
arjefm-72	11	24	proposed	propose	VERB
arjefm-72	11	25	by	by	ADP
arjefm-72	11	26	bachtiar	bachtiar	PROPN
arjefm-72	11	27	.	.	PUNCT
arjefm-72	12	1	in	in	ADP
arjefm-72	12	2	the	the	DET
arjefm-72	12	3	context	context	NOUN
arjefm-72	12	4	of	of	ADP
arjefm-72	12	5	emerging	emerge	VERB
arjefm-72	12	6	markets	market	NOUN
arjefm-72	12	7	like	like	ADP
arjefm-72	12	8	tunisia	tunisia	PROPN
arjefm-72	12	9	,	,	PUNCT
arjefm-72	12	10	liquidity	liquidity	NOUN
arjefm-72	12	11	is	be	AUX
arjefm-72	12	12	of	of	ADP
arjefm-72	12	13	paramount	paramount	ADJ
arjefm-72	12	14	importance	importance	NOUN
arjefm-72	12	15	and	and	CCONJ
arjefm-72	12	16	directly	directly	ADV
arjefm-72	12	17	influences	influence	VERB
arjefm-72	12	18	the	the	DET
arjefm-72	12	19	pricing	pricing	NOUN
arjefm-72	12	20	process	process	NOUN
arjefm-72	12	21	.	.	PUNCT
arjefm-72	13	1	this	this	DET
arjefm-72	13	2	research	research	NOUN
arjefm-72	13	3	adds	add	VERB
arjefm-72	13	4	depth	depth	NOUN
arjefm-72	13	5	to	to	ADP
arjefm-72	13	6	the	the	DET
arjefm-72	13	7	literature	literature	NOUN
arjefm-72	13	8	by	by	ADP
arjefm-72	13	9	examining	examine	VERB
arjefm-72	13	10	the	the	DET
arjefm-72	13	11	relationship	relationship	NOUN
arjefm-72	13	12	between	between	ADP
arjefm-72	13	13	earnings	earning	NOUN
arjefm-72	13	14	management	management	NOUN
arjefm-72	13	15	,	,	PUNCT
arjefm-72	13	16	information	information	NOUN
arjefm-72	13	17	disclosure	disclosure	NOUN
arjefm-72	13	18	,	,	PUNCT
arjefm-72	13	19	and	and	CCONJ
arjefm-72	13	20	stock	stock	NOUN
arjefm-72	13	21	liquidity	liquidity	NOUN
arjefm-72	13	22	,	,	PUNCT
arjefm-72	13	23	as	as	SCONJ
arjefm-72	13	24	explored	explore	VERB
arjefm-72	13	25	in	in	ADP
arjefm-72	13	26	studies	study	NOUN
arjefm-72	13	27	by	by	ADP
arjefm-72	13	28	allayannis	allayanni	NOUN
arjefm-72	13	29	et	et	PROPN
arjefm-72	13	30	al	al	PROPN
arjefm-72	13	31	.	.	PROPN
arjefm-72	14	1	(	(	PUNCT
arjefm-72	14	2	2009	2009	NUM
arjefm-72	14	3	)	)	PUNCT
arjefm-72	14	4	,	,	PUNCT
arjefm-72	14	5	iatridis	iatridis	PROPN
arjefm-72	14	6	et	et	PROPN
arjefm-72	14	7	al	al	PROPN
arjefm-72	14	8	.	.	PROPN
arjefm-72	15	1	(	(	PUNCT
arjefm-72	15	2	2009	2009	NUM
arjefm-72	15	3	)	)	PUNCT
arjefm-72	15	4	,	,	PUNCT
arjefm-72	15	5	matoussi	matoussi	PROPN
arjefm-72	15	6	,	,	PUNCT
arjefm-72	15	7	karaa	karaa	NOUN
arjefm-72	15	8	,	,	PUNCT
arjefm-72	15	9	and	and	CCONJ
arjefm-72	15	10	maghraoui	maghraoui	NOUN
arjefm-72	15	11	(	(	PUNCT
arjefm-72	15	12	2004	2004	NUM
arjefm-72	15	13	)	)	PUNCT
arjefm-72	15	14	,	,	PUNCT
arjefm-72	15	15	bhattacharya	bhattacharya	PROPN
arjefm-72	15	16	,	,	PUNCT
arjefm-72	15	17	desai	desai	PROPN
arjefm-72	15	18	,	,	PUNCT
arjefm-72	15	19	and	and	CCONJ
arjefm-72	15	20	venkataraman	venkataraman	NOUN
arjefm-72	15	21	(	(	PUNCT
arjefm-72	15	22	2013	2013	NUM
arjefm-72	15	23	)	)	PUNCT
arjefm-72	15	24	,	,	PUNCT
arjefm-72	15	25	and	and	CCONJ
arjefm-72	15	26	fizazi	fizazi	NOUN
arjefm-72	15	27	et	et	PROPN
arjefm-72	15	28	al	al	PROPN
arjefm-72	15	29	.	.	PROPN
arjefm-72	15	30	(	(	PUNCT
arjefm-72	15	31	2009	2009	NUM
arjefm-72	15	32	)	)	PUNCT
arjefm-72	15	33	.	.	PUNCT
arjefm-72	16	1	keywords	keyword	NOUN
arjefm-72	16	2	:	:	PUNCT
arjefm-72	16	3	financial	financial	ADJ
arjefm-72	16	4	information	information	NOUN
arjefm-72	16	5	quality	quality	NOUN
arjefm-72	16	6	,	,	PUNCT
arjefm-72	16	7	market	market	NOUN
arjefm-72	16	8	efficiency	efficiency	NOUN
arjefm-72	16	9	,	,	PUNCT
arjefm-72	16	10	stock	stock	NOUN
arjefm-72	16	11	liquidity	liquidity	NOUN
arjefm-72	16	12	,	,	PUNCT
arjefm-72	16	13	accounting	accounting	NOUN
arjefm-72	16	14	standards	standard	NOUN
arjefm-72	16	15	,	,	PUNCT
arjefm-72	16	16	emerging	emerge	VERB
arjefm-72	16	17	markets	market	NOUN
arjefm-72	16	18	.	.	PUNCT
arjefm-72	17	1	i.	i.	NOUN
arjefm-72	17	2	introduction	introduction	NOUN
arjefm-72	17	3	quality	quality	NOUN
arjefm-72	17	4	of	of	ADP
arjefm-72	17	5	financial	financial	ADJ
arjefm-72	17	6	information	information	NOUN
arjefm-72	17	7	has	have	AUX
arjefm-72	17	8	been	be	AUX
arjefm-72	17	9	the	the	DET
arjefm-72	17	10	topic	topic	NOUN
arjefm-72	17	11	of	of	ADP
arjefm-72	17	12	countless	countless	ADJ
arjefm-72	17	13	debates	debate	NOUN
arjefm-72	17	14	in	in	ADP
arjefm-72	17	15	the	the	DET
arjefm-72	17	16	accounting	accounting	NOUN
arjefm-72	17	17	and	and	CCONJ
arjefm-72	17	18	financial	financial	ADJ
arjefm-72	17	19	literature	literature	NOUN
arjefm-72	17	20	.	.	PUNCT
arjefm-72	18	1	indeed	indeed	ADV
arjefm-72	18	2	,	,	PUNCT
arjefm-72	18	3	according	accord	VERB
arjefm-72	18	4	to	to	ADP
arjefm-72	18	5	levitt	levitt	PROPN
arjefm-72	18	6	(	(	PUNCT
arjefm-72	18	7	2000	2000	NUM
arjefm-72	18	8	)	)	PUNCT
arjefm-72	18	9	,	,	PUNCT
arjefm-72	18	10	it	it	PRON
arjefm-72	18	11	is	be	AUX
arjefm-72	18	12	the	the	DET
arjefm-72	18	13	driving	drive	VERB
arjefm-72	18	14	force	force	NOUN
arjefm-72	18	15	of	of	ADP
arjefm-72	18	16	a	a	DET
arjefm-72	18	17	powerful	powerful	ADJ
arjefm-72	18	18	and	and	CCONJ
arjefm-72	18	19	an	an	DET
arjefm-72	18	20	efficient	efficient	ADJ
arjefm-72	18	21	market	market	NOUN
arjefm-72	18	22	.	.	PUNCT
arjefm-72	19	1	without	without	ADP
arjefm-72	19	2	it	it	PRON
arjefm-72	19	3	,	,	PUNCT
arjefm-72	19	4	liquidity	liquidity	NOUN
arjefm-72	19	5	diminishes	diminish	VERB
arjefm-72	19	6	and	and	CCONJ
arjefm-72	19	7	market	market	NOUN
arjefm-72	19	8	efficiency	efficiency	NOUN
arjefm-72	19	9	ceases	cease	VERB
arjefm-72	19	10	to	to	PART
arjefm-72	19	11	exist	exist	VERB
arjefm-72	19	12	.	.	PUNCT
arjefm-72	20	1	the	the	DET
arjefm-72	20	2	author	author	NOUN
arjefm-72	20	3	adds	add	VERB
arjefm-72	20	4	that	that	SCONJ
arjefm-72	20	5	high	high	ADJ
arjefm-72	20	6	quality	quality	NOUN
arjefm-72	20	7	accounting	accounting	NOUN
arjefm-72	20	8	standards	standard	NOUN
arjefm-72	20	9	consist	consist	VERB
arjefm-72	20	10	in	in	ADP
arjefm-72	20	11	improving	improve	VERB
arjefm-72	20	12	liquidity	liquidity	NOUN
arjefm-72	20	13	and	and	CCONJ
arjefm-72	20	14	reducing	reduce	VERB
arjefm-72	20	15	capital	capital	NOUN
arjefm-72	20	16	cost	cost	NOUN
arjefm-72	20	17	.	.	PUNCT
arjefm-72	21	1	accounting	accounting	NOUN
arjefm-72	21	2	figures	figure	NOUN
arjefm-72	21	3	,	,	PUNCT
arjefm-72	21	4	as	as	ADP
arjefm-72	21	5	one	one	NUM
arjefm-72	21	6	of	of	ADP
arjefm-72	21	7	the	the	DET
arjefm-72	21	8	financial	financial	ADJ
arjefm-72	21	9	indicators	indicator	NOUN
arjefm-72	21	10	,	,	PUNCT
arjefm-72	21	11	reduce	reduce	VERB
arjefm-72	21	12	inefficiency	inefficiency	NOUN
arjefm-72	21	13	of	of	ADP
arjefm-72	21	14	information	information	NOUN
arjefm-72	21	15	and	and	CCONJ
arjefm-72	21	16	contributes	contribute	VERB
arjefm-72	21	17	to	to	ADP
arjefm-72	21	18	improving	improve	VERB
arjefm-72	21	19	market	market	NOUN
arjefm-72	21	20	outlook	outlook	NOUN
arjefm-72	21	21	and	and	CCONJ
arjefm-72	21	22	liquidity	liquidity	NOUN
arjefm-72	21	23	.	.	PUNCT
arjefm-72	22	1	stocks	stock	NOUN
arjefm-72	22	2	liquidity	liquidity	NOUN
arjefm-72	22	3	can	can	AUX
arjefm-72	22	4	thus	thus	ADV
arjefm-72	22	5	be	be	AUX
arjefm-72	22	6	perceived	perceive	VERB
arjefm-72	22	7	as	as	ADP
arjefm-72	22	8	a	a	DET
arjefm-72	22	9	measure	measure	NOUN
arjefm-72	22	10	of	of	ADP
arjefm-72	22	11	market	market	NOUN
arjefm-72	22	12	efficiency	efficiency	NOUN
arjefm-72	22	13	and	and	CCONJ
arjefm-72	22	14	used	use	VERB
arjefm-72	22	15	as	as	ADP
arjefm-72	22	16	an	an	DET
arjefm-72	22	17	effective	effective	ADJ
arjefm-72	22	18	tool	tool	NOUN
arjefm-72	22	19	of	of	ADP
arjefm-72	22	20	disseminating	disseminate	VERB
arjefm-72	22	21	useful	useful	ADJ
arjefm-72	22	22	information	information	NOUN
arjefm-72	22	23	(	(	PUNCT
arjefm-72	22	24	chung	chung	PROPN
arjefm-72	22	25	2009	2009	NUM
arjefm-72	22	26	)	)	PUNCT
arjefm-72	22	27	.	.	PUNCT
arjefm-72	23	1	bachtiar	bachtiar	NOUN
arjefm-72	23	2	(	(	PUNCT
arjefm-72	23	3	2008	2008	NUM
arjefm-72	23	4	)	)	PUNCT
arjefm-72	23	5	argues	argue	VERB
arjefm-72	23	6	that	that	SCONJ
arjefm-72	23	7	high	high	ADJ
arjefm-72	23	8	returns	return	NOUN
arjefm-72	23	9	disclosed	disclose	VERB
arjefm-72	23	10	through	through	ADP
arjefm-72	23	11	high	high	ADJ
arjefm-72	23	12	quality	quality	NOUN
arjefm-72	23	13	accounting	accounting	NOUN
arjefm-72	23	14	standards	standard	NOUN
arjefm-72	23	15	can	can	AUX
arjefm-72	23	16	eventually	eventually	ADV
arjefm-72	23	17	improve	improve	VERB
arjefm-72	23	18	liquidity	liquidity	NOUN
arjefm-72	23	19	and	and	CCONJ
arjefm-72	23	20	reduce	reduce	VERB
arjefm-72	23	21	capital	capital	NOUN
arjefm-72	23	22	cost	cost	NOUN
arjefm-72	23	23	.	.	PUNCT
arjefm-72	24	1	furthermore	furthermore	ADV
arjefm-72	24	2	,	,	PUNCT
arjefm-72	24	3	bachtiar	bachtiar	PROPN
arjefm-72	24	4	checked	check	VERB
arjefm-72	24	5	the	the	DET
arjefm-72	24	6	inherent	inherent	ADJ
arjefm-72	24	7	hypothesis	hypothesis	NOUN
arjefm-72	24	8	of	of	ADP
arjefm-72	24	9	a	a	DET
arjefm-72	24	10	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	24	11	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	24	12	american	american	PROPN
arjefm-72	24	13	research	research	PROPN
arjefm-72	24	14	journal	journal	PROPN
arjefm-72	24	15	of	of	ADP
arjefm-72	24	16	economics	economic	NOUN
arjefm-72	24	17	,	,	PUNCT
arjefm-72	24	18	finance	finance	NOUN
arjefm-72	24	19	and	and	CCONJ
arjefm-72	24	20	management	management	NOUN
arjefm-72	24	21	volume	volume	NOUN
arjefm-72	24	22	10	10	NUM
arjefm-72	24	23	issue	issue	NOUN
arjefm-72	24	24	4	4	NUM
arjefm-72	24	25	,	,	PUNCT
arjefm-72	24	26	october	october	PROPN
arjefm-72	24	27	-	-	PUNCT
arjefm-72	24	28	december	december	PROPN
arjefm-72	24	29	2022	2022	NUM
arjefm-72	24	30	issn	issn	NOUN
arjefm-72	24	31	:	:	PUNCT
arjefm-72	24	32	2836	2836	NUM
arjefm-72	24	33	-	-	SYM
arjefm-72	24	34	9416	9416	NUM
arjefm-72	24	35	impact	impact	NOUN
arjefm-72	24	36	factor	factor	NOUN
arjefm-72	24	37	:	:	PUNCT
arjefm-72	24	38	4.85	4.85	NUM
arjefm-72	24	39	journal	journal	NOUN
arjefm-72	24	40	homepage	homepage	NOUN
arjefm-72	24	41	:	:	PUNCT
arjefm-72	24	42	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	24	43	,	,	PUNCT
arjefm-72	24	44	email	email	NOUN
arjefm-72	24	45	:	:	PUNCT
arjefm-72	24	46	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	24	47	official	official	ADJ
arjefm-72	24	48	journal	journal	PROPN
arjefm-72	24	49	of	of	ADP
arjefm-72	24	50	america	america	PROPN
arjefm-72	24	51	serial	serial	PROPN
arjefm-72	24	52	publication	publication	NOUN
arjefm-72	24	53	american	american	PROPN
arjefm-72	24	54	research	research	PROPN
arjefm-72	24	55	journal	journal	PROPN
arjefm-72	24	56	of	of	ADP
arjefm-72	24	57	economics	economic	NOUN
arjefm-72	24	58	,	,	PUNCT
arjefm-72	24	59	finance	finance	NOUN
arjefm-72	24	60	and	and	CCONJ
arjefm-72	24	61	management	management	NOUN
arjefm-72	24	62	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	24	63	,	,	PUNCT
arjefm-72	24	64	email	email	NOUN
arjefm-72	24	65	:	:	PUNCT
arjefm-72	24	66	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	25	1	2	2	NUM
arjefm-72	26	1	|	|	ADV
arjefm-72	26	2	p	p	X
arjefm-72	26	3	a	a	DET
arjefm-72	26	4	g	g	NOUN
arjefm-72	26	5	e	e	X
arjefm-72	26	6	positive	positive	ADJ
arjefm-72	26	7	relationship	relationship	NOUN
arjefm-72	26	8	between	between	ADP
arjefm-72	26	9	the	the	DET
arjefm-72	26	10	quality	quality	NOUN
arjefm-72	26	11	of	of	ADP
arjefm-72	26	12	disclosed	disclose	VERB
arjefm-72	26	13	earnings	earning	NOUN
arjefm-72	26	14	of	of	ADP
arjefm-72	26	15	firms	firm	NOUN
arjefm-72	26	16	and	and	CCONJ
arjefm-72	26	17	the	the	DET
arjefm-72	26	18	liquidity	liquidity	NOUN
arjefm-72	26	19	of	of	ADP
arjefm-72	26	20	their	their	PRON
arjefm-72	26	21	stocks	stock	NOUN
arjefm-72	26	22	through	through	ADP
arjefm-72	26	23	the	the	DET
arjefm-72	26	24	ask	ask	VERB
arjefm-72	26	25	-	-	PUNCT
arjefm-72	26	26	bid	bid	NOUN
arjefm-72	26	27	spread	spread	NOUN
arjefm-72	26	28	.	.	PUNCT
arjefm-72	27	1	by	by	ADP
arjefm-72	27	2	increasing	increase	VERB
arjefm-72	27	3	the	the	DET
arjefm-72	27	4	liquidity	liquidity	NOUN
arjefm-72	27	5	of	of	ADP
arjefm-72	27	6	stocks	stock	NOUN
arjefm-72	27	7	,	,	PUNCT
arjefm-72	27	8	transaction	transaction	NOUN
arjefm-72	27	9	costs	cost	NOUN
arjefm-72	27	10	may	may	AUX
arjefm-72	27	11	decrease	decrease	VERB
arjefm-72	27	12	.	.	PUNCT
arjefm-72	28	1	liquidity	liquidity	NOUN
arjefm-72	28	2	plays	play	VERB
arjefm-72	28	3	also	also	ADV
arjefm-72	28	4	an	an	DET
arjefm-72	28	5	important	important	ADJ
arjefm-72	28	6	role	role	NOUN
arjefm-72	28	7	in	in	ADP
arjefm-72	28	8	the	the	DET
arjefm-72	28	9	pricing	pricing	NOUN
arjefm-72	28	10	process	process	NOUN
arjefm-72	28	11	.	.	PUNCT
arjefm-72	29	1	it	it	PRON
arjefm-72	29	2	represents	represent	VERB
arjefm-72	29	3	a	a	DET
arjefm-72	29	4	key	key	ADJ
arjefm-72	29	5	concept	concept	NOUN
arjefm-72	29	6	in	in	ADP
arjefm-72	29	7	emerging	emerge	VERB
arjefm-72	29	8	markets	market	NOUN
arjefm-72	29	9	like	like	ADP
arjefm-72	29	10	tunisia	tunisia	PROPN
arjefm-72	29	11	.	.	PUNCT
arjefm-72	30	1	numerous	numerous	ADJ
arjefm-72	30	2	studies	study	NOUN
arjefm-72	30	3	have	have	AUX
arjefm-72	30	4	focused	focus	VERB
arjefm-72	30	5	on	on	ADP
arjefm-72	30	6	the	the	DET
arjefm-72	30	7	relationship	relationship	NOUN
arjefm-72	30	8	between	between	ADP
arjefm-72	30	9	earnings	earning	NOUN
arjefm-72	30	10	management	management	NOUN
arjefm-72	30	11	and	and	CCONJ
arjefm-72	30	12	disclosure	disclosure	NOUN
arjefm-72	30	13	(	(	PUNCT
arjefm-72	30	14	allayannis	allayanni	NOUN
arjefm-72	30	15	et	et	PROPN
arjefm-72	30	16	al	al	PROPN
arjefm-72	30	17	.	.	PROPN
arjefm-72	30	18	,	,	PUNCT
arjefm-72	31	1	2009;iatridis	2009;iatridis	NUM
arjefm-72	31	2	et	et	NOUN
arjefm-72	31	3	al	al	PROPN
arjefm-72	31	4	.	.	PROPN
arjefm-72	31	5	,	,	PUNCT
arjefm-72	31	6	2009	2009	NUM
arjefm-72	31	7	)	)	PUNCT
arjefm-72	31	8	,	,	PUNCT
arjefm-72	31	9	while	while	SCONJ
arjefm-72	31	10	others	other	NOUN
arjefm-72	31	11	have	have	AUX
arjefm-72	31	12	examined	examine	VERB
arjefm-72	31	13	the	the	DET
arjefm-72	31	14	relationship	relationship	NOUN
arjefm-72	31	15	between	between	ADP
arjefm-72	31	16	information	information	NOUN
arjefm-72	31	17	disclosure	disclosure	NOUN
arjefm-72	31	18	and	and	CCONJ
arjefm-72	31	19	stocks	stock	NOUN
arjefm-72	31	20	liquidity(matoussi	liquidity(matoussi	PROPN
arjefm-72	31	21	,	,	PUNCT
arjefm-72	31	22	karaa	karaa	NOUN
arjefm-72	31	23	,	,	PUNCT
arjefm-72	31	24	and	and	CCONJ
arjefm-72	31	25	maghraoui	maghraoui	NOUN
arjefm-72	31	26	2004	2004	NUM
arjefm-72	31	27	;	;	PUNCT
arjefm-72	31	28	bhattacharya	bhattacharya	PROPN
arjefm-72	31	29	,	,	PUNCT
arjefm-72	31	30	desai	desai	PROPN
arjefm-72	31	31	,	,	PUNCT
arjefm-72	31	32	and	and	CCONJ
arjefm-72	31	33	venkataraman,2013	venkataraman,2013	NOUN
arjefm-72	31	34	;	;	PUNCT
arjefm-72	31	35	fizazi	fizazi	NOUN
arjefm-72	31	36	et	et	PROPN
arjefm-72	31	37	al	al	PROPN
arjefm-72	31	38	.	.	PROPN
arjefm-72	31	39	2009	2009	NUM
arjefm-72	31	40	)	)	PUNCT
arjefm-72	31	41	.	.	PUNCT
arjefm-72	32	1	nevertheless	nevertheless	ADV
arjefm-72	32	2	,	,	PUNCT
arjefm-72	32	3	studies	study	NOUN
arjefm-72	32	4	of	of	ADP
arjefm-72	32	5	the	the	DET
arjefm-72	32	6	relationship	relationship	NOUN
arjefm-72	32	7	between	between	ADP
arjefm-72	32	8	earnings	earning	NOUN
arjefm-72	32	9	and	and	CCONJ
arjefm-72	32	10	liquidity	liquidity	NOUN
arjefm-72	32	11	management	management	NOUN
arjefm-72	32	12	remain	remain	VERB
arjefm-72	32	13	rare	rare	ADJ
arjefm-72	32	14	,	,	PUNCT
arjefm-72	32	15	especially	especially	ADV
arjefm-72	32	16	in	in	ADP
arjefm-72	32	17	emerging	emerge	VERB
arjefm-72	32	18	markets	market	NOUN
arjefm-72	32	19	(	(	PUNCT
arjefm-72	32	20	beneish	beneish	PROPN
arjefm-72	32	21	et	et	PROPN
arjefm-72	32	22	al	al	PROPN
arjefm-72	32	23	.	.	PROPN
arjefm-72	32	24	,	,	PUNCT
arjefm-72	32	25	2012	2012	NUM
arjefm-72	32	26	,	,	PUNCT
arjefm-72	32	27	peterson	peterson	PROPN
arjefm-72	32	28	et	et	PROPN
arjefm-72	32	29	al	al	PROPN
arjefm-72	32	30	.	.	PROPN
arjefm-72	32	31	,	,	PUNCT
arjefm-72	32	32	2015	2015	NUM
arjefm-72	32	33	,	,	PUNCT
arjefm-72	32	34	sohn	sohn	PROPN
arjefm-72	32	35	2016	2016	NUM
arjefm-72	32	36	)	)	PUNCT
arjefm-72	32	37	.	.	PUNCT
arjefm-72	33	1	thus	thus	ADV
arjefm-72	33	2	,	,	PUNCT
arjefm-72	33	3	our	our	PRON
arjefm-72	33	4	study	study	NOUN
arjefm-72	33	5	will	will	AUX
arjefm-72	33	6	aims	aim	VERB
arjefm-72	33	7	inextending	inextende	VERB
arjefm-72	33	8	the	the	DET
arjefm-72	33	9	debate	debate	NOUN
arjefm-72	33	10	on	on	ADP
arjefm-72	33	11	this	this	DET
arjefm-72	33	12	issue	issue	NOUN
arjefm-72	33	13	by	by	ADP
arjefm-72	33	14	examining	examine	VERB
arjefm-72	33	15	the	the	DET
arjefm-72	33	16	impact	impact	NOUN
arjefm-72	33	17	of	of	ADP
arjefm-72	33	18	earnings	earning	NOUN
arjefm-72	33	19	management	management	NOUN
arjefm-72	33	20	on	on	ADP
arjefm-72	33	21	market	market	NOUN
arjefm-72	33	22	liquidity	liquidity	NOUN
arjefm-72	33	23	in	in	ADP
arjefm-72	33	24	the	the	DET
arjefm-72	33	25	tunisian	tunisian	ADJ
arjefm-72	33	26	context	context	NOUN
arjefm-72	33	27	.	.	PUNCT
arjefm-72	34	1	in	in	ADP
arjefm-72	34	2	tunisia	tunisia	PROPN
arjefm-72	34	3	,	,	PUNCT
arjefm-72	34	4	few	few	ADJ
arjefm-72	34	5	researches	research	NOUN
arjefm-72	34	6	have	have	AUX
arjefm-72	34	7	been	be	AUX
arjefm-72	34	8	focused	focus	VERB
arjefm-72	34	9	on	on	ADP
arjefm-72	34	10	the	the	DET
arjefm-72	34	11	relationship	relationship	NOUN
arjefm-72	34	12	between	between	ADP
arjefm-72	34	13	the	the	DET
arjefm-72	34	14	practice	practice	NOUN
arjefm-72	34	15	of	of	ADP
arjefm-72	34	16	earnings	earning	NOUN
arjefm-72	34	17	management	management	NOUN
arjefm-72	34	18	and	and	CCONJ
arjefm-72	34	19	liquidity	liquidity	NOUN
arjefm-72	34	20	,	,	PUNCT
arjefm-72	34	21	while	while	SCONJ
arjefm-72	34	22	the	the	DET
arjefm-72	34	23	issue	issue	NOUN
arjefm-72	34	24	of	of	ADP
arjefm-72	34	25	accounting	accounting	NOUN
arjefm-72	34	26	manipulation	manipulation	NOUN
arjefm-72	34	27	was	be	AUX
arjefm-72	34	28	regularly	regularly	ADV
arjefm-72	34	29	addressed	address	VERB
arjefm-72	34	30	by	by	ADP
arjefm-72	34	31	researchers	researcher	NOUN
arjefm-72	34	32	.	.	PUNCT
arjefm-72	35	1	in	in	ADP
arjefm-72	35	2	the	the	DET
arjefm-72	35	3	united	united	PROPN
arjefm-72	35	4	states	states	PROPN
arjefm-72	35	5	,	,	PUNCT
arjefm-72	35	6	many	many	ADJ
arjefm-72	35	7	researchers	researcher	NOUN
arjefm-72	35	8	have	have	AUX
arjefm-72	35	9	explicitly	explicitly	ADV
arjefm-72	35	10	addressed	address	VERB
arjefm-72	35	11	the	the	DET
arjefm-72	35	12	practices	practice	NOUN
arjefm-72	35	13	of	of	ADP
arjefm-72	35	14	earnings	earning	NOUN
arjefm-72	35	15	management	management	NOUN
arjefm-72	35	16	.	.	PUNCT
arjefm-72	36	1	several	several	ADJ
arjefm-72	36	2	recent	recent	ADJ
arjefm-72	36	3	studies	study	NOUN
arjefm-72	36	4	,	,	PUNCT
arjefm-72	36	5	such	such	ADJ
arjefm-72	36	6	as	as	ADP
arjefm-72	36	7	those	those	PRON
arjefm-72	36	8	of	of	ADP
arjefm-72	36	9	mastumra	mastumra	NOUN
arjefm-72	36	10	(	(	PUNCT
arjefm-72	36	11	2003	2003	NUM
arjefm-72	36	12	)	)	PUNCT
arjefm-72	36	13	and	and	CCONJ
arjefm-72	36	14	young	young	ADJ
arjefm-72	36	15	(	(	PUNCT
arjefm-72	36	16	2005	2005	NUM
arjefm-72	36	17	)	)	PUNCT
arjefm-72	36	18	have	have	AUX
arjefm-72	36	19	attempted	attempt	VERB
arjefm-72	36	20	to	to	PART
arjefm-72	36	21	determine	determine	VERB
arjefm-72	36	22	the	the	DET
arjefm-72	36	23	impact	impact	NOUN
arjefm-72	36	24	of	of	ADP
arjefm-72	36	25	an	an	DET
arjefm-72	36	26	earnings	earning	NOUN
arjefm-72	36	27	management	management	NOUN
arjefm-72	36	28	policy	policy	NOUN
arjefm-72	36	29	on	on	ADP
arjefm-72	36	30	the	the	DET
arjefm-72	36	31	financial	financial	ADJ
arjefm-72	36	32	market	market	NOUN
arjefm-72	36	33	.	.	PUNCT
arjefm-72	37	1	therefore	therefore	ADV
arjefm-72	37	2	,	,	PUNCT
arjefm-72	37	3	it	it	PRON
arjefm-72	37	4	seems	seem	VERB
arjefm-72	37	5	appropriate	appropriate	ADJ
arjefm-72	37	6	to	to	PART
arjefm-72	37	7	investigate	investigate	VERB
arjefm-72	37	8	this	this	DET
arjefm-72	37	9	relationship	relationship	NOUN
arjefm-72	37	10	in	in	ADP
arjefm-72	37	11	a	a	DET
arjefm-72	37	12	sample	sample	NOUN
arjefm-72	37	13	of	of	ADP
arjefm-72	37	14	listed	list	VERB
arjefm-72	37	15	tunisian	tunisian	ADJ
arjefm-72	37	16	companies	company	NOUN
arjefm-72	37	17	.	.	PUNCT
arjefm-72	38	1	indeed	indeed	ADV
arjefm-72	38	2	,	,	PUNCT
arjefm-72	38	3	studying	study	VERB
arjefm-72	38	4	emerging	emerge	VERB
arjefm-72	38	5	markets	market	NOUN
arjefm-72	38	6	like	like	ADP
arjefm-72	38	7	the	the	DET
arjefm-72	38	8	tunis	tunis	PROPN
arjefm-72	38	9	stock	stock	PROPN
arjefm-72	38	10	exchange	exchange	PROPN
arjefm-72	38	11	(	(	PUNCT
arjefm-72	38	12	tse	tse	PROPN
arjefm-72	38	13	)	)	PUNCT
arjefm-72	38	14	,	,	PUNCT
arjefm-72	38	15	earnings	earning	NOUN
arjefm-72	38	16	management	management	NOUN
arjefm-72	38	17	may	may	AUX
arjefm-72	38	18	be	be	AUX
arjefm-72	38	19	very	very	ADV
arjefm-72	38	20	revealing	revealing	ADJ
arjefm-72	38	21	because	because	SCONJ
arjefm-72	38	22	it	it	PRON
arjefm-72	38	23	traces	trace	VERB
arjefm-72	38	24	the	the	DET
arjefm-72	38	25	specificity	specificity	NOUN
arjefm-72	38	26	most	most	ADV
arjefm-72	38	27	pursued	pursue	VERB
arjefm-72	38	28	by	by	ADP
arjefm-72	38	29	stock	stock	NOUN
arjefm-72	38	30	market	market	NOUN
arjefm-72	38	31	investors	investor	NOUN
arjefm-72	38	32	.	.	PUNCT
arjefm-72	39	1	indeed	indeed	ADV
arjefm-72	39	2	,	,	PUNCT
arjefm-72	39	3	our	our	PRON
arjefm-72	39	4	study	study	NOUN
arjefm-72	39	5	of	of	ADP
arjefm-72	39	6	the	the	DET
arjefm-72	39	7	tunisian	tunisian	ADJ
arjefm-72	39	8	stock	stock	NOUN
arjefm-72	39	9	market	market	NOUN
arjefm-72	39	10	comes	come	VERB
arjefm-72	39	11	under	under	ADP
arjefm-72	39	12	this	this	DET
arjefm-72	39	13	perspective	perspective	NOUN
arjefm-72	39	14	.	.	PUNCT
arjefm-72	40	1	this	this	DET
arjefm-72	40	2	emerging	emerge	VERB
arjefm-72	40	3	and	and	CCONJ
arjefm-72	40	4	recent	recent	ADJ
arjefm-72	40	5	market	market	NOUN
arjefm-72	40	6	is	be	AUX
arjefm-72	40	7	known	know	VERB
arjefm-72	40	8	by	by	ADP
arjefm-72	40	9	a	a	DET
arjefm-72	40	10	strong	strong	ADJ
arjefm-72	40	11	information	information	NOUN
arjefm-72	40	12	asymmetry	asymmetry	NOUN
arjefm-72	40	13	and	and	CCONJ
arjefm-72	40	14	very	very	ADV
arjefm-72	40	15	low	low	ADJ
arjefm-72	40	16	information	information	NOUN
arjefm-72	40	17	efficiency	efficiency	NOUN
arjefm-72	40	18	.	.	PUNCT
arjefm-72	41	1	these	these	DET
arjefm-72	41	2	specificities	specificity	NOUN
arjefm-72	41	3	may	may	AUX
arjefm-72	41	4	lead	lead	VERB
arjefm-72	41	5	us	we	PRON
arjefm-72	41	6	to	to	PART
arjefm-72	41	7	identify	identify	VERB
arjefm-72	41	8	earnings	earning	NOUN
arjefm-72	41	9	management	management	NOUN
arjefm-72	41	10	practices	practice	NOUN
arjefm-72	41	11	specific	specific	ADJ
arjefm-72	41	12	to	to	ADP
arjefm-72	41	13	the	the	DET
arjefm-72	41	14	tunisian	tunisian	ADJ
arjefm-72	41	15	market	market	NOUN
arjefm-72	41	16	.	.	PUNCT
arjefm-72	42	1	therefore	therefore	ADV
arjefm-72	42	2	,	,	PUNCT
arjefm-72	42	3	we	we	PRON
arjefm-72	42	4	can	can	AUX
arjefm-72	42	5	determine	determine	VERB
arjefm-72	42	6	the	the	DET
arjefm-72	42	7	degree	degree	NOUN
arjefm-72	42	8	of	of	ADP
arjefm-72	42	9	impact	impact	NOUN
arjefm-72	42	10	of	of	ADP
arjefm-72	42	11	these	these	DET
arjefm-72	42	12	accounting	accounting	NOUN
arjefm-72	42	13	practices	practice	NOUN
arjefm-72	42	14	on	on	ADP
arjefm-72	42	15	investor	investor	NOUN
arjefm-72	42	16	behavior	behavior	NOUN
arjefm-72	42	17	via	via	ADP
arjefm-72	42	18	stocks	stock	NOUN
arjefm-72	42	19	liquidity	liquidity	NOUN
arjefm-72	42	20	.	.	PUNCT
arjefm-72	43	1	the	the	DET
arjefm-72	43	2	aim	aim	NOUN
arjefm-72	43	3	of	of	ADP
arjefm-72	43	4	this	this	DET
arjefm-72	43	5	paper	paper	NOUN
arjefm-72	43	6	is	be	AUX
arjefm-72	43	7	to	to	PART
arjefm-72	43	8	determine	determine	VERB
arjefm-72	43	9	whether	whether	SCONJ
arjefm-72	43	10	earnings	earning	NOUN
arjefm-72	43	11	management	management	NOUN
arjefm-72	43	12	has	have	VERB
arjefm-72	43	13	an	an	DET
arjefm-72	43	14	impact	impact	NOUN
arjefm-72	43	15	on	on	ADP
arjefm-72	43	16	stocks	stock	NOUN
arjefm-72	43	17	liquidity	liquidity	NOUN
arjefm-72	43	18	for	for	ADP
arjefm-72	43	19	the	the	DET
arjefm-72	43	20	case	case	NOUN
arjefm-72	43	21	of	of	ADP
arjefm-72	43	22	tunisian	tunisian	ADJ
arjefm-72	43	23	firms	firm	NOUN
arjefm-72	43	24	.	.	PUNCT
arjefm-72	44	1	this	this	PRON
arjefm-72	44	2	amounts	amount	VERB
arjefm-72	44	3	to	to	ADP
arjefm-72	44	4	studying	study	VERB
arjefm-72	44	5	the	the	DET
arjefm-72	44	6	relationship	relationship	NOUN
arjefm-72	44	7	between	between	ADP
arjefm-72	44	8	liquidity	liquidity	NOUN
arjefm-72	44	9	(	(	PUNCT
arjefm-72	44	10	via	via	ADP
arjefm-72	44	11	the	the	DET
arjefm-72	44	12	askbid	askbid	NOUN
arjefm-72	44	13	spread	spread	NOUN
arjefm-72	44	14	)	)	PUNCT
arjefm-72	44	15	and	and	CCONJ
arjefm-72	44	16	accruals	accrual	NOUN
arjefm-72	44	17	using	use	VERB
arjefm-72	44	18	the	the	DET
arjefm-72	44	19	modified	modify	VERB
arjefm-72	44	20	models	model	NOUN
arjefm-72	44	21	of	of	ADP
arjefm-72	44	22	jones	jones	PROPN
arjefm-72	44	23	(	(	PUNCT
arjefm-72	44	24	1995	1995	NUM
arjefm-72	44	25	)	)	PUNCT
arjefm-72	44	26	.	.	PUNCT
arjefm-72	45	1	therefore	therefore	ADV
arjefm-72	45	2	,	,	PUNCT
arjefm-72	45	3	this	this	DET
arjefm-72	45	4	paper	paper	NOUN
arjefm-72	45	5	is	be	AUX
arjefm-72	45	6	structured	structure	VERB
arjefm-72	45	7	as	as	SCONJ
arjefm-72	45	8	follows	follow	VERB
arjefm-72	45	9	:	:	PUNCT
arjefm-72	45	10	the	the	DET
arjefm-72	45	11	first	first	ADJ
arjefm-72	45	12	section	section	NOUN
arjefm-72	45	13	reviews	review	VERB
arjefm-72	45	14	the	the	DET
arjefm-72	45	15	relevant	relevant	ADJ
arjefm-72	45	16	literature	literature	NOUN
arjefm-72	45	17	.	.	PUNCT
arjefm-72	46	1	the	the	DET
arjefm-72	46	2	second	second	ADJ
arjefm-72	46	3	section	section	NOUN
arjefm-72	46	4	presents	present	VERB
arjefm-72	46	5	our	our	PRON
arjefm-72	46	6	research	research	NOUN
arjefm-72	46	7	hypotheses	hypothesis	NOUN
arjefm-72	46	8	and	and	CCONJ
arjefm-72	46	9	methodology	methodology	NOUN
arjefm-72	46	10	,	,	PUNCT
arjefm-72	46	11	while	while	SCONJ
arjefm-72	46	12	the	the	DET
arjefm-72	46	13	third	third	ADJ
arjefm-72	46	14	section	section	NOUN
arjefm-72	46	15	focus	focus	VERB
arjefm-72	46	16	on	on	ADP
arjefm-72	46	17	the	the	DET
arjefm-72	46	18	results	result	NOUN
arjefm-72	46	19	obtained	obtain	VERB
arjefm-72	46	20	on	on	ADP
arjefm-72	46	21	the	the	DET
arjefm-72	46	22	tunisian	tunisian	ADJ
arjefm-72	46	23	stock	stock	NOUN
arjefm-72	46	24	market	market	NOUN
arjefm-72	46	25	.	.	PUNCT
arjefm-72	47	1	in	in	ADP
arjefm-72	47	2	the	the	DET
arjefm-72	47	3	last	last	ADJ
arjefm-72	47	4	section	section	NOUN
arjefm-72	47	5	,	,	PUNCT
arjefm-72	47	6	a	a	DET
arjefm-72	47	7	discussion	discussion	NOUN
arjefm-72	47	8	of	of	ADP
arjefm-72	47	9	the	the	DET
arjefm-72	47	10	results	result	NOUN
arjefm-72	47	11	and	and	CCONJ
arjefm-72	47	12	a	a	DET
arjefm-72	47	13	conclusion	conclusion	NOUN
arjefm-72	47	14	will	will	AUX
arjefm-72	47	15	be	be	AUX
arjefm-72	47	16	proposed	propose	VERB
arjefm-72	47	17	.	.	PUNCT
arjefm-72	48	1	ii	ii	X
arjefm-72	48	2	.	.	PUNCT
arjefm-72	49	1	literature	literature	PROPN
arjefm-72	49	2	review	review	NOUN
arjefm-72	49	3	1	1	NUM
arjefm-72	49	4	.	.	PUNCT
arjefm-72	50	1	earnings	earning	NOUN
arjefm-72	50	2	management	management	NOUN
arjefm-72	50	3	theories	theorie	VERB
arjefm-72	50	4	the	the	DET
arjefm-72	50	5	earnings	earning	NOUN
arjefm-72	50	6	management	management	NOUN
arjefm-72	50	7	theories	theory	NOUN
arjefm-72	50	8	are	be	AUX
arjefm-72	50	9	based	base	VERB
arjefm-72	50	10	on	on	ADP
arjefm-72	50	11	two	two	NUM
arjefm-72	50	12	main	main	ADJ
arjefm-72	50	13	hypotheses	hypothesis	NOUN
arjefm-72	50	14	.	.	PUNCT
arjefm-72	51	1	the	the	DET
arjefm-72	51	2	first	first	ADJ
arjefm-72	51	3	hypothesis	hypothesis	NOUN
arjefm-72	51	4	assumes	assume	VERB
arjefm-72	51	5	that	that	SCONJ
arjefm-72	51	6	information	information	NOUN
arjefm-72	51	7	asymmetry	asymmetry	NOUN
arjefm-72	51	8	between	between	ADP
arjefm-72	51	9	informed	informed	ADJ
arjefm-72	51	10	and	and	CCONJ
arjefm-72	51	11	less	less	ADV
arjefm-72	51	12	informed	informed	ADJ
arjefm-72	51	13	shareholders	shareholder	NOUN
arjefm-72	51	14	is	be	AUX
arjefm-72	51	15	likely	likely	ADJ
arjefm-72	51	16	to	to	PART
arjefm-72	51	17	be	be	AUX
arjefm-72	51	18	reduced	reduce	VERB
arjefm-72	51	19	by	by	ADP
arjefm-72	51	20	disseminating	disseminate	VERB
arjefm-72	51	21	information	information	NOUN
arjefm-72	51	22	(	(	PUNCT
arjefm-72	51	23	glosten	glosten	ADJ
arjefm-72	51	24	and	and	CCONJ
arjefm-72	51	25	milgrom	milgrom	ADP
arjefm-72	51	26	1985	1985	NUM
arjefm-72	51	27	)	)	PUNCT
arjefm-72	51	28	.	.	PUNCT
arjefm-72	52	1	such	such	DET
arjefm-72	52	2	an	an	DET
arjefm-72	52	3	accounting	accounting	NOUN
arjefm-72	52	4	policy	policy	NOUN
arjefm-72	52	5	-	-	PUNCT
arjefm-72	52	6	based	base	VERB
arjefm-72	52	7	signaling	signaling	NOUN
arjefm-72	52	8	leads	lead	NOUN
arjefm-72	52	9	to	to	ADP
arjefm-72	52	10	a	a	DET
arjefm-72	52	11	reduction	reduction	NOUN
arjefm-72	52	12	in	in	ADP
arjefm-72	52	13	the	the	DET
arjefm-72	52	14	askbid	askbid	NOUN
arjefm-72	52	15	spread	spread	NOUN
arjefm-72	52	16	and	and	CCONJ
arjefm-72	52	17	an	an	DET
arjefm-72	52	18	increase	increase	NOUN
arjefm-72	52	19	in	in	ADP
arjefm-72	52	20	liquidity	liquidity	NOUN
arjefm-72	52	21	.	.	PUNCT
arjefm-72	53	1	the	the	DET
arjefm-72	53	2	second	second	ADJ
arjefm-72	53	3	hypothesis	hypothesis	NOUN
arjefm-72	53	4	assumes	assume	VERB
arjefm-72	53	5	that	that	SCONJ
arjefm-72	53	6	an	an	DET
arjefm-72	53	7	information	information	NOUN
arjefm-72	53	8	disclosure	disclosure	NOUN
arjefm-72	53	9	policy	policy	NOUN
arjefm-72	53	10	reduces	reduce	VERB
arjefm-72	53	11	information	information	NOUN
arjefm-72	53	12	-	-	PUNCT
arjefm-72	53	13	searching	search	VERB
arjefm-72	53	14	costs	cost	NOUN
arjefm-72	53	15	.	.	PUNCT
arjefm-72	54	1	this	this	DET
arjefm-72	54	2	results	result	NOUN
arjefm-72	54	3	in	in	ADP
arjefm-72	54	4	lower	low	ADJ
arjefm-72	54	5	transaction	transaction	NOUN
arjefm-72	54	6	costs	cost	NOUN
arjefm-72	54	7	and	and	CCONJ
arjefm-72	54	8	a	a	DET
arjefm-72	54	9	higher	high	ADJ
arjefm-72	54	10	transaction	transaction	NOUN
arjefm-72	54	11	volume	volume	NOUN
arjefm-72	54	12	.	.	PUNCT
arjefm-72	55	1	kraft	kraft	NOUN
arjefm-72	55	2	et	et	PROPN
arjefm-72	55	3	al	al	PROPN
arjefm-72	55	4	.	.	PROPN
arjefm-72	56	1	(	(	PUNCT
arjefm-72	56	2	2014	2014	NUM
arjefm-72	56	3	)	)	PUNCT
arjefm-72	56	4	show	show	VERB
arjefm-72	56	5	that	that	SCONJ
arjefm-72	56	6	reducing	reduce	VERB
arjefm-72	56	7	information	information	NOUN
arjefm-72	56	8	asymmetry	asymmetry	NOUN
arjefm-72	56	9	is	be	AUX
arjefm-72	56	10	a	a	DET
arjefm-72	56	11	basic	basic	ADJ
arjefm-72	56	12	fundamental	fundamental	ADJ
arjefm-72	56	13	to	to	ADP
arjefm-72	56	14	the	the	DET
arjefm-72	56	15	decision	decision	NOUN
arjefm-72	56	16	to	to	PART
arjefm-72	56	17	publish	publish	VERB
arjefm-72	56	18	manipulated	manipulate	VERB
arjefm-72	56	19	earnings	earning	NOUN
arjefm-72	56	20	.	.	PUNCT
arjefm-72	57	1	liquidity	liquidity	NOUN
arjefm-72	57	2	is	be	AUX
arjefm-72	57	3	considered	consider	VERB
arjefm-72	57	4	as	as	ADP
arjefm-72	57	5	the	the	DET
arjefm-72	57	6	facility	facility	NOUN
arjefm-72	57	7	to	to	PART
arjefm-72	57	8	trade	trade	VERB
arjefm-72	57	9	large	large	ADJ
arjefm-72	57	10	volumes	volume	NOUN
arjefm-72	57	11	of	of	ADP
arjefm-72	57	12	stocks	stock	NOUN
arjefm-72	57	13	without	without	ADP
arjefm-72	57	14	causing	cause	VERB
arjefm-72	57	15	a	a	DET
arjefm-72	57	16	significant	significant	ADJ
arjefm-72	57	17	price	price	NOUN
arjefm-72	57	18	shift	shift	NOUN
arjefm-72	57	19	during	during	ADP
arjefm-72	57	20	a	a	DET
arjefm-72	57	21	narrow	narrow	ADJ
arjefm-72	57	22	time	time	NOUN
arjefm-72	57	23	span	span	NOUN
arjefm-72	57	24	(	(	PUNCT
arjefm-72	57	25	etemadi	etemadi	NOUN
arjefm-72	57	26	and	and	CCONJ
arjefm-72	57	27	resayian	resayian	NOUN
arjefm-72	57	28	2010	2010	NUM
arjefm-72	57	29	)	)	PUNCT
arjefm-72	57	30	.	.	PUNCT
arjefm-72	58	1	this	this	DET
arjefm-72	58	2	concept	concept	NOUN
arjefm-72	58	3	heavily	heavily	ADV
arjefm-72	58	4	depends	depend	VERB
arjefm-72	58	5	on	on	ADP
arjefm-72	58	6	informational	informational	ADJ
arjefm-72	58	7	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	58	8	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	58	9	american	american	PROPN
arjefm-72	58	10	research	research	PROPN
arjefm-72	58	11	journal	journal	PROPN
arjefm-72	58	12	of	of	ADP
arjefm-72	58	13	economics	economic	NOUN
arjefm-72	58	14	,	,	PUNCT
arjefm-72	58	15	finance	finance	NOUN
arjefm-72	58	16	and	and	CCONJ
arjefm-72	58	17	management	management	NOUN
arjefm-72	58	18	volume	volume	NOUN
arjefm-72	58	19	10	10	NUM
arjefm-72	58	20	issue	issue	NOUN
arjefm-72	58	21	4	4	NUM
arjefm-72	58	22	,	,	PUNCT
arjefm-72	58	23	october	october	PROPN
arjefm-72	58	24	-	-	PUNCT
arjefm-72	58	25	december	december	PROPN
arjefm-72	58	26	2022	2022	NUM
arjefm-72	58	27	issn	issn	NOUN
arjefm-72	58	28	:	:	PUNCT
arjefm-72	58	29	2836	2836	NUM
arjefm-72	58	30	-	-	SYM
arjefm-72	58	31	9416	9416	NUM
arjefm-72	58	32	impact	impact	NOUN
arjefm-72	58	33	factor	factor	NOUN
arjefm-72	58	34	:	:	PUNCT
arjefm-72	58	35	4.85	4.85	NUM
arjefm-72	58	36	journal	journal	NOUN
arjefm-72	58	37	homepage	homepage	NOUN
arjefm-72	58	38	:	:	PUNCT
arjefm-72	58	39	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	58	40	,	,	PUNCT
arjefm-72	58	41	email	email	NOUN
arjefm-72	58	42	:	:	PUNCT
arjefm-72	58	43	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	58	44	official	official	ADJ
arjefm-72	58	45	journal	journal	PROPN
arjefm-72	58	46	of	of	ADP
arjefm-72	58	47	america	america	PROPN
arjefm-72	58	48	serial	serial	PROPN
arjefm-72	58	49	publication	publication	NOUN
arjefm-72	58	50	american	american	PROPN
arjefm-72	58	51	research	research	PROPN
arjefm-72	58	52	journal	journal	PROPN
arjefm-72	58	53	of	of	ADP
arjefm-72	58	54	economics	economic	NOUN
arjefm-72	58	55	,	,	PUNCT
arjefm-72	58	56	finance	finance	NOUN
arjefm-72	58	57	and	and	CCONJ
arjefm-72	58	58	management	management	NOUN
arjefm-72	58	59	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	58	60	,	,	PUNCT
arjefm-72	58	61	email	email	NOUN
arjefm-72	58	62	:	:	PUNCT
arjefm-72	59	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	59	2	3	3	NUM
arjefm-72	60	1	|	|	ADV
arjefm-72	60	2	p	p	X
arjefm-72	60	3	a	a	DET
arjefm-72	60	4	g	g	NOUN
arjefm-72	60	5	e	e	NOUN
arjefm-72	60	6	transparency	transparency	NOUN
arjefm-72	60	7	.	.	PUNCT
arjefm-72	61	1	indeed	indeed	ADV
arjefm-72	61	2	,	,	PUNCT
arjefm-72	61	3	information	information	NOUN
arjefm-72	61	4	asymmetry	asymmetry	NOUN
arjefm-72	61	5	between	between	ADP
arjefm-72	61	6	investors	investor	NOUN
arjefm-72	61	7	reduces	reduce	VERB
arjefm-72	61	8	transparency	transparency	NOUN
arjefm-72	61	9	of	of	ADP
arjefm-72	61	10	market	market	NOUN
arjefm-72	61	11	transactions	transaction	NOUN
arjefm-72	61	12	and	and	CCONJ
arjefm-72	61	13	may	may	AUX
arjefm-72	61	14	lead	lead	VERB
arjefm-72	61	15	to	to	ADP
arjefm-72	61	16	dysfunctions	dysfunction	NOUN
arjefm-72	61	17	.	.	PUNCT
arjefm-72	62	1	botosan	botosan	NOUN
arjefm-72	62	2	and	and	CCONJ
arjefm-72	62	3	plumlee	plumlee	PROPN
arjefm-72	62	4	(	(	PUNCT
arjefm-72	62	5	2002	2002	NUM
arjefm-72	62	6	)	)	PUNCT
arjefm-72	62	7	argue	argue	VERB
arjefm-72	62	8	that	that	SCONJ
arjefm-72	62	9	information	information	NOUN
arjefm-72	62	10	inefficiency	inefficiency	NOUN
arjefm-72	62	11	reduces	reduce	VERB
arjefm-72	62	12	market	market	NOUN
arjefm-72	62	13	liquidity	liquidity	NOUN
arjefm-72	62	14	and	and	CCONJ
arjefm-72	62	15	increases	increase	VERB
arjefm-72	62	16	capital	capital	NOUN
arjefm-72	62	17	cost	cost	NOUN
arjefm-72	62	18	.	.	PUNCT
arjefm-72	63	1	earnings	earning	NOUN
arjefm-72	63	2	management	management	NOUN
arjefm-72	63	3	also	also	ADV
arjefm-72	63	4	helps	help	VERB
arjefm-72	63	5	to	to	PART
arjefm-72	63	6	moderate	moderate	VERB
arjefm-72	63	7	information	information	NOUN
arjefm-72	63	8	asymmetry	asymmetry	NOUN
arjefm-72	63	9	,	,	PUNCT
arjefm-72	63	10	since	since	SCONJ
arjefm-72	63	11	stocks	stock	NOUN
arjefm-72	63	12	become	become	VERB
arjefm-72	63	13	more	more	ADV
arjefm-72	63	14	liquid	liquid	ADJ
arjefm-72	63	15	(	(	PUNCT
arjefm-72	63	16	chung	chung	PROPN
arjefm-72	63	17	,	,	PUNCT
arjefm-72	63	18	2009	2009	NUM
arjefm-72	63	19	)	)	PUNCT
arjefm-72	63	20	.	.	PUNCT
arjefm-72	64	1	at	at	ADP
arjefm-72	64	2	present	present	ADJ
arjefm-72	64	3	,	,	PUNCT
arjefm-72	64	4	only	only	ADV
arjefm-72	64	5	few	few	ADJ
arjefm-72	64	6	studies	study	NOUN
arjefm-72	64	7	have	have	AUX
arjefm-72	64	8	explored	explore	VERB
arjefm-72	64	9	the	the	DET
arjefm-72	64	10	relationship	relationship	NOUN
arjefm-72	64	11	between	between	ADP
arjefm-72	64	12	earnings	earning	NOUN
arjefm-72	64	13	management	management	NOUN
arjefm-72	64	14	and	and	CCONJ
arjefm-72	64	15	stocks	stock	NOUN
arjefm-72	64	16	liquidity	liquidity	NOUN
arjefm-72	64	17	.	.	PUNCT
arjefm-72	65	1	richardson	richardson	PROPN
arjefm-72	65	2	(	(	PUNCT
arjefm-72	65	3	2000	2000	NUM
arjefm-72	65	4	)	)	PUNCT
arjefm-72	65	5	found	find	VERB
arjefm-72	65	6	that	that	SCONJ
arjefm-72	65	7	managers	manager	NOUN
arjefm-72	65	8	tend	tend	VERB
arjefm-72	65	9	to	to	PART
arjefm-72	65	10	manipulate	manipulate	VERB
arjefm-72	65	11	earnings	earning	NOUN
arjefm-72	65	12	when	when	SCONJ
arjefm-72	65	13	there	there	PRON
arjefm-72	65	14	is	be	VERB
arjefm-72	65	15	a	a	DET
arjefm-72	65	16	strong	strong	ADJ
arjefm-72	65	17	information	information	NOUN
arjefm-72	65	18	asymmetry	asymmetry	NOUN
arjefm-72	65	19	.	.	PUNCT
arjefm-72	66	1	2	2	X
arjefm-72	66	2	.	.	X
arjefm-72	66	3	earnings	earning	NOUN
arjefm-72	66	4	and	and	CCONJ
arjefm-72	66	5	liquidity	liquidity	NOUN
arjefm-72	66	6	management	management	NOUN
arjefm-72	66	7	research	research	NOUN
arjefm-72	66	8	in	in	ADP
arjefm-72	66	9	the	the	DET
arjefm-72	66	10	literature	literature	NOUN
arjefm-72	66	11	,	,	PUNCT
arjefm-72	66	12	there	there	PRON
arjefm-72	66	13	are	be	VERB
arjefm-72	66	14	several	several	ADJ
arjefm-72	66	15	measures	measure	NOUN
arjefm-72	66	16	of	of	ADP
arjefm-72	66	17	market	market	NOUN
arjefm-72	66	18	liquidity	liquidity	NOUN
arjefm-72	66	19	.	.	PUNCT
arjefm-72	67	1	some	some	PRON
arjefm-72	67	2	of	of	ADP
arjefm-72	67	3	them	they	PRON
arjefm-72	67	4	are	be	AUX
arjefm-72	67	5	the	the	DET
arjefm-72	67	6	transactions	transaction	NOUN
arjefm-72	67	7	volume	volume	NOUN
arjefm-72	67	8	,	,	PUNCT
arjefm-72	67	9	the	the	DET
arjefm-72	67	10	turnover	turnover	NOUN
arjefm-72	67	11	ratio	ratio	NOUN
arjefm-72	67	12	and	and	CCONJ
arjefm-72	67	13	the	the	DET
arjefm-72	67	14	ask	ask	NOUN
arjefm-72	67	15	-	-	PUNCT
arjefm-72	67	16	bid	bid	NOUN
arjefm-72	67	17	spread	spread	NOUN
arjefm-72	67	18	.	.	PUNCT
arjefm-72	68	1	in	in	ADP
arjefm-72	68	2	this	this	DET
arjefm-72	68	3	context	context	NOUN
arjefm-72	68	4	,	,	PUNCT
arjefm-72	68	5	relevant	relevant	ADJ
arjefm-72	68	6	empirical	empirical	ADJ
arjefm-72	68	7	research	research	NOUN
arjefm-72	68	8	can	can	AUX
arjefm-72	68	9	be	be	AUX
arjefm-72	68	10	classified	classify	VERB
arjefm-72	68	11	into	into	ADP
arjefm-72	68	12	two	two	NUM
arjefm-72	68	13	main	main	ADJ
arjefm-72	68	14	trends	trend	NOUN
arjefm-72	68	15	:	:	PUNCT
arjefm-72	68	16	the	the	DET
arjefm-72	68	17	first	first	ADJ
arjefm-72	68	18	trend	trend	NOUN
arjefm-72	68	19	included	include	VERB
arjefm-72	68	20	studies	study	NOUN
arjefm-72	68	21	on	on	ADP
arjefm-72	68	22	measuring	measure	VERB
arjefm-72	68	23	liquidity	liquidity	NOUN
arjefm-72	68	24	through	through	ADP
arjefm-72	68	25	the	the	DET
arjefm-72	68	26	ask	ask	VERB
arjefm-72	68	27	-	-	PUNCT
arjefm-72	68	28	bid	bid	NOUN
arjefm-72	68	29	spread	spread	NOUN
arjefm-72	68	30	(	(	PUNCT
arjefm-72	68	31	ascioglu	ascioglu	PROPN
arjefm-72	68	32	et	et	PROPN
arjefm-72	68	33	al	al	PROPN
arjefm-72	68	34	.	.	PROPN
arjefm-72	68	35	,	,	PUNCT
arjefm-72	68	36	2012	2012	NUM
arjefm-72	68	37	,	,	PUNCT
arjefm-72	68	38	kan	kan	PROPN
arjefm-72	68	39	,	,	PUNCT
arjefm-72	68	40	2013	2013	NUM
arjefm-72	68	41	,	,	PUNCT
arjefm-72	68	42	bafghi	bafghi	PROPN
arjefm-72	68	43	et	et	PROPN
arjefm-72	68	44	al	al	PROPN
arjefm-72	68	45	.	.	PROPN
arjefm-72	69	1	(	(	PUNCT
arjefm-72	69	2	2014	2014	NUM
arjefm-72	69	3	)	)	PUNCT
arjefm-72	69	4	)	)	PUNCT
arjefm-72	69	5	.	.	PUNCT
arjefm-72	70	1	these	these	DET
arjefm-72	70	2	studies	study	NOUN
arjefm-72	70	3	consider	consider	VERB
arjefm-72	70	4	the	the	DET
arjefm-72	70	5	ask	ask	NOUN
arjefm-72	70	6	-	-	PUNCT
arjefm-72	70	7	bid	bid	NOUN
arjefm-72	70	8	spread	spread	NOUN
arjefm-72	70	9	as	as	ADP
arjefm-72	70	10	the	the	DET
arjefm-72	70	11	best	good	ADJ
arjefm-72	70	12	estimator	estimator	NOUN
arjefm-72	70	13	of	of	ADP
arjefm-72	70	14	stocks	stock	NOUN
arjefm-72	70	15	liquidity	liquidity	NOUN
arjefm-72	70	16	,	,	PUNCT
arjefm-72	70	17	and	and	CCONJ
arjefm-72	70	18	they	they	PRON
arjefm-72	70	19	focused	focus	VERB
arjefm-72	70	20	on	on	ADP
arjefm-72	70	21	the	the	DET
arjefm-72	70	22	adverse	adverse	ADJ
arjefm-72	70	23	selection	selection	NOUN
arjefm-72	70	24	dimension	dimension	NOUN
arjefm-72	70	25	of	of	ADP
arjefm-72	70	26	the	the	DET
arjefm-72	70	27	ask	ask	NOUN
arjefm-72	70	28	-	-	PUNCT
arjefm-72	70	29	bid	bid	NOUN
arjefm-72	70	30	spread	spread	NOUN
arjefm-72	70	31	.	.	PUNCT
arjefm-72	71	1	they	they	PRON
arjefm-72	71	2	concluded	conclude	VERB
arjefm-72	71	3	that	that	SCONJ
arjefm-72	71	4	companies	company	NOUN
arjefm-72	71	5	that	that	PRON
arjefm-72	71	6	use	use	VERB
arjefm-72	71	7	earnings	earning	NOUN
arjefm-72	71	8	management	management	NOUN
arjefm-72	71	9	as	as	SCONJ
arjefm-72	71	10	their	their	PRON
arjefm-72	71	11	performance	performance	NOUN
arjefm-72	71	12	measurement	measurement	NOUN
arjefm-72	71	13	disclose	disclose	VERB
arjefm-72	71	14	higher	high	ADJ
arjefm-72	71	15	adverse	adverse	ADJ
arjefm-72	71	16	selection	selection	NOUN
arjefm-72	71	17	costs	cost	NOUN
arjefm-72	71	18	.	.	PUNCT
arjefm-72	72	1	as	as	ADP
arjefm-72	72	2	a	a	DET
arjefm-72	72	3	direct	direct	ADJ
arjefm-72	72	4	result	result	NOUN
arjefm-72	72	5	of	of	ADP
arjefm-72	72	6	these	these	DET
arjefm-72	72	7	costs	cost	NOUN
arjefm-72	72	8	,	,	PUNCT
arjefm-72	72	9	liquidity	liquidity	NOUN
arjefm-72	72	10	providers	provider	NOUN
arjefm-72	72	11	widen	widen	VERB
arjefm-72	72	12	their	their	PRON
arjefm-72	72	13	spreads	spread	NOUN
arjefm-72	72	14	,	,	PUNCT
arjefm-72	72	15	reducing	reduce	VERB
arjefm-72	72	16	thus	thus	ADV
arjefm-72	72	17	liquidity	liquidity	NOUN
arjefm-72	72	18	.	.	PUNCT
arjefm-72	73	1	in	in	ADP
arjefm-72	73	2	the	the	DET
arjefm-72	73	3	spanish	spanish	ADJ
arjefm-72	73	4	context	context	NOUN
arjefm-72	73	5	,	,	PUNCT
arjefm-72	73	6	livnat	livnat	PROPN
arjefm-72	73	7	et	et	PROPN
arjefm-72	73	8	al	al	PROPN
arjefm-72	73	9	.	.	PROPN
arjefm-72	74	1	(	(	PUNCT
arjefm-72	74	2	2008	2008	NUM
arjefm-72	74	3	)	)	PUNCT
arjefm-72	74	4	investigate	investigate	VERB
arjefm-72	74	5	on	on	ADP
arjefm-72	74	6	the	the	DET
arjefm-72	74	7	relationship	relationship	NOUN
arjefm-72	74	8	between	between	ADP
arjefm-72	74	9	disclosure	disclosure	NOUN
arjefm-72	74	10	and	and	CCONJ
arjefm-72	74	11	stocks	stock	NOUN
arjefm-72	74	12	liquidity	liquidity	NOUN
arjefm-72	74	13	over	over	ADP
arjefm-72	74	14	the	the	DET
arjefm-72	74	15	1994	1994	NUM
arjefm-72	74	16	-	-	SYM
arjefm-72	74	17	2000period	2000period	NUM
arjefm-72	74	18	.	.	PUNCT
arjefm-72	75	1	the	the	DET
arjefm-72	75	2	authors	author	NOUN
arjefm-72	75	3	found	find	VERB
arjefm-72	75	4	a	a	DET
arjefm-72	75	5	positive	positive	ADJ
arjefm-72	75	6	relationship	relationship	NOUN
arjefm-72	75	7	between	between	ADP
arjefm-72	75	8	liquidity	liquidity	NOUN
arjefm-72	75	9	and	and	CCONJ
arjefm-72	75	10	financial	financial	ADJ
arjefm-72	75	11	disclosure	disclosure	NOUN
arjefm-72	75	12	.	.	PUNCT
arjefm-72	76	1	lakhal	lakhal	INTJ
arjefm-72	76	2	(	(	PUNCT
arjefm-72	76	3	2008	2008	NUM
arjefm-72	76	4	)	)	PUNCT
arjefm-72	76	5	examined	examine	VERB
arjefm-72	76	6	the	the	DET
arjefm-72	76	7	effect	effect	NOUN
arjefm-72	76	8	of	of	ADP
arjefm-72	76	9	quarterly	quarterly	ADJ
arjefm-72	76	10	earnings	earning	NOUN
arjefm-72	76	11	disclosure	disclosure	NOUN
arjefm-72	76	12	on	on	ADP
arjefm-72	76	13	market	market	NOUN
arjefm-72	76	14	liquidity	liquidity	NOUN
arjefm-72	76	15	to	to	PART
arjefm-72	76	16	show	show	VERB
arjefm-72	76	17	that	that	SCONJ
arjefm-72	76	18	they	they	PRON
arjefm-72	76	19	reduced	reduce	VERB
arjefm-72	76	20	information	information	NOUN
arjefm-72	76	21	asymmetry	asymmetry	NOUN
arjefm-72	76	22	between	between	ADP
arjefm-72	76	23	different	different	ADJ
arjefm-72	76	24	market	market	NOUN
arjefm-72	76	25	participants	participant	NOUN
arjefm-72	76	26	and	and	CCONJ
arjefm-72	76	27	improved	improve	VERB
arjefm-72	76	28	stocks	stock	NOUN
arjefm-72	76	29	liquidity	liquidity	NOUN
arjefm-72	76	30	.	.	PUNCT
arjefm-72	77	1	in	in	ADP
arjefm-72	77	2	the	the	DET
arjefm-72	77	3	german	german	ADJ
arjefm-72	77	4	context	context	NOUN
arjefm-72	77	5	,	,	PUNCT
arjefm-72	77	6	grüning	grüne	VERB
arjefm-72	77	7	et	et	PROPN
arjefm-72	77	8	al	al	PROPN
arjefm-72	77	9	.	.	PUNCT
arjefm-72	78	1	(	(	PUNCT
arjefm-72	78	2	2010	2010	NUM
arjefm-72	78	3	)	)	PUNCT
arjefm-72	78	4	found	find	VERB
arjefm-72	78	5	that	that	SCONJ
arjefm-72	78	6	information	information	NOUN
arjefm-72	78	7	disclosure	disclosure	NOUN
arjefm-72	78	8	in	in	ADP
arjefm-72	78	9	annual	annual	ADJ
arjefm-72	78	10	reports	report	NOUN
arjefm-72	78	11	improves	improve	VERB
arjefm-72	78	12	liquidity	liquidity	NOUN
arjefm-72	78	13	by	by	ADP
arjefm-72	78	14	acting	act	VERB
arjefm-72	78	15	on	on	ADP
arjefm-72	78	16	investor	investor	NOUN
arjefm-72	78	17	forecasts	forecast	NOUN
arjefm-72	78	18	who	who	PRON
arjefm-72	78	19	adjust	adjust	VERB
arjefm-72	78	20	their	their	PRON
arjefm-72	78	21	portfolios	portfolio	NOUN
arjefm-72	78	22	.	.	PUNCT
arjefm-72	79	1	in	in	ADP
arjefm-72	79	2	the	the	DET
arjefm-72	79	3	tunisian	tunisian	ADJ
arjefm-72	79	4	context	context	NOUN
arjefm-72	79	5	,	,	PUNCT
arjefm-72	79	6	triki	triki	PROPN
arjefm-72	79	7	and	and	CCONJ
arjefm-72	79	8	omri	omri	PROPN
arjefm-72	79	9	(	(	PUNCT
arjefm-72	79	10	2008	2008	NUM
arjefm-72	79	11	)	)	PUNCT
arjefm-72	79	12	,	,	PUNCT
arjefm-72	79	13	examining	examine	VERB
arjefm-72	79	14	a	a	DET
arjefm-72	79	15	sample	sample	NOUN
arjefm-72	79	16	of	of	ADP
arjefm-72	79	17	20	20	NUM
arjefm-72	79	18	tunisian	tunisian	ADJ
arjefm-72	79	19	firms	firm	NOUN
arjefm-72	79	20	over	over	ADP
arjefm-72	79	21	the	the	DET
arjefm-72	79	22	2000	2000	NUM
arjefm-72	79	23	-	-	SYM
arjefm-72	79	24	2005period	2005period	NUM
arjefm-72	79	25	,	,	PUNCT
arjefm-72	79	26	found	find	VERB
arjefm-72	79	27	a	a	DET
arjefm-72	79	28	negative	negative	ADJ
arjefm-72	79	29	relationship	relationship	NOUN
arjefm-72	79	30	between	between	ADP
arjefm-72	79	31	earnings	earning	NOUN
arjefm-72	79	32	quality	quality	NOUN
arjefm-72	79	33	and	and	CCONJ
arjefm-72	79	34	the	the	DET
arjefm-72	79	35	ask	ask	NOUN
arjefm-72	79	36	-	-	PUNCT
arjefm-72	79	37	bid	bid	NOUN
arjefm-72	79	38	spread	spread	VERB
arjefm-72	79	39	the	the	DET
arjefm-72	79	40	second	second	ADJ
arjefm-72	79	41	trend	trend	NOUN
arjefm-72	79	42	included	include	VERB
arjefm-72	79	43	studies	study	NOUN
arjefm-72	79	44	that	that	PRON
arjefm-72	79	45	examined	examine	VERB
arjefm-72	79	46	liquidity	liquidity	NOUN
arjefm-72	79	47	through	through	ADP
arjefm-72	79	48	transaction	transaction	NOUN
arjefm-72	79	49	volume	volume	NOUN
arjefm-72	79	50	.	.	PUNCT
arjefm-72	80	1	these	these	DET
arjefm-72	80	2	studies	study	NOUN
arjefm-72	80	3	found	find	VERB
arjefm-72	80	4	a	a	DET
arjefm-72	80	5	positive	positive	ADJ
arjefm-72	80	6	correlation	correlation	NOUN
arjefm-72	80	7	between	between	ADP
arjefm-72	80	8	the	the	DET
arjefm-72	80	9	amount	amount	NOUN
arjefm-72	80	10	of	of	ADP
arjefm-72	80	11	ias	ia	NOUN
arjefm-72	80	12	to	to	ADP
arjefm-72	80	13	us	us	PROPN
arjefm-72	80	14	gaap	gaap	PROPN
arjefm-72	80	15	-	-	PUNCT
arjefm-72	80	16	recon	recon	NOUN
arjefm-72	80	17	ciliated	ciliated	ADJ
arjefm-72	80	18	earnings	earning	NOUN
arjefm-72	80	19	and	and	CCONJ
arjefm-72	80	20	transaction	transaction	NOUN
arjefm-72	80	21	volume	volume	NOUN
arjefm-72	80	22	(	(	PUNCT
arjefm-72	80	23	peterson	peterson	PROPN
arjefm-72	80	24	et	et	PROPN
arjefm-72	80	25	al	al	PROPN
arjefm-72	80	26	.	.	PROPN
arjefm-72	80	27	,	,	PUNCT
arjefm-72	80	28	2015	2015	NUM
arjefm-72	80	29	,	,	PUNCT
arjefm-72	80	30	yuan	yuan	NOUN
arjefm-72	80	31	and	and	CCONJ
arjefm-72	80	32	cheng	cheng	PROPN
arjefm-72	80	33	,	,	PUNCT
arjefm-72	80	34	2016	2016	NUM
arjefm-72	80	35	)	)	PUNCT
arjefm-72	80	36	.	.	PUNCT
arjefm-72	81	1	chen	chen	PROPN
arjefm-72	81	2	and	and	CCONJ
arjefm-72	81	3	sami	sami	PROPN
arjefm-72	81	4	(	(	PUNCT
arjefm-72	81	5	2006	2006	NUM
arjefm-72	81	6	)	)	PUNCT
arjefm-72	81	7	studied	study	VERB
arjefm-72	81	8	the	the	DET
arjefm-72	81	9	reaction	reaction	NOUN
arjefm-72	81	10	of	of	ADP
arjefm-72	81	11	the	the	DET
arjefm-72	81	12	us	us	PROPN
arjefm-72	81	13	financial	financial	ADJ
arjefm-72	81	14	market	market	NOUN
arjefm-72	81	15	in	in	ADP
arjefm-72	81	16	terms	term	NOUN
arjefm-72	81	17	of	of	ADP
arjefm-72	81	18	transaction	transaction	NOUN
arjefm-72	81	19	volume	volume	NOUN
arjefm-72	81	20	when	when	SCONJ
arjefm-72	81	21	changing	change	VERB
arjefm-72	81	22	accounting	accounting	NOUN
arjefm-72	81	23	tools	tool	NOUN
arjefm-72	81	24	.	.	PUNCT
arjefm-72	82	1	the	the	DET
arjefm-72	82	2	studied	studied	ADJ
arjefm-72	82	3	sample	sample	NOUN
arjefm-72	82	4	consists	consist	VERB
arjefm-72	82	5	of	of	ADP
arjefm-72	82	6	38	38	NUM
arjefm-72	82	7	non	non	ADJ
arjefm-72	82	8	-	-	ADJ
arjefm-72	82	9	us	us	ADJ
arjefm-72	82	10	companies	company	NOUN
arjefm-72	82	11	(	(	PUNCT
arjefm-72	82	12	ten	ten	NUM
arjefm-72	82	13	countries	country	NOUN
arjefm-72	82	14	)	)	PUNCT
arjefm-72	82	15	listed	list	VERB
arjefm-72	82	16	on	on	ADP
arjefm-72	82	17	the	the	DET
arjefm-72	82	18	american	american	ADJ
arjefm-72	82	19	market	market	NOUN
arjefm-72	82	20	between	between	ADP
arjefm-72	82	21	1995	1995	NUM
arjefm-72	82	22	and	and	CCONJ
arjefm-72	82	23	2001	2001	NUM
arjefm-72	82	24	.	.	PUNCT
arjefm-72	83	1	after	after	ADP
arjefm-72	83	2	running	run	VERB
arjefm-72	83	3	several	several	ADJ
arjefm-72	83	4	statistical	statistical	ADJ
arjefm-72	83	5	tests	test	NOUN
arjefm-72	83	6	,	,	PUNCT
arjefm-72	83	7	positive	positive	ADJ
arjefm-72	83	8	correlation	correlation	NOUN
arjefm-72	83	9	was	be	AUX
arjefm-72	83	10	found	find	VERB
arjefm-72	83	11	between	between	ADP
arjefm-72	83	12	the	the	DET
arjefm-72	83	13	amount	amount	NOUN
arjefm-72	83	14	of	of	ADP
arjefm-72	83	15	readjusted	readjust	VERB
arjefm-72	83	16	earnings	earning	NOUN
arjefm-72	83	17	and	and	CCONJ
arjefm-72	83	18	transaction	transaction	NOUN
arjefm-72	83	19	volume	volume	NOUN
arjefm-72	83	20	.	.	PUNCT
arjefm-72	84	1	thus	thus	ADV
arjefm-72	84	2	,	,	PUNCT
arjefm-72	84	3	it	it	PRON
arjefm-72	84	4	was	be	AUX
arjefm-72	84	5	concluded	conclude	VERB
arjefm-72	84	6	that	that	SCONJ
arjefm-72	84	7	us	we	PRON
arjefm-72	84	8	investors	investor	NOUN
arjefm-72	84	9	take	take	VERB
arjefm-72	84	10	into	into	ADP
arjefm-72	84	11	account	account	NOUN
arjefm-72	84	12	earnings	earning	NOUN
arjefm-72	84	13	informational	informational	ADJ
arjefm-72	84	14	content	content	NOUN
arjefm-72	84	15	in	in	ADP
arjefm-72	84	16	their	their	PRON
arjefm-72	84	17	investment	investment	NOUN
arjefm-72	84	18	decisions	decision	NOUN
arjefm-72	84	19	.	.	PUNCT
arjefm-72	85	1	most	most	ADJ
arjefm-72	85	2	studies	study	NOUN
arjefm-72	85	3	taking	take	VERB
arjefm-72	85	4	transaction	transaction	NOUN
arjefm-72	85	5	volume	volume	NOUN
arjefm-72	85	6	as	as	ADP
arjefm-72	85	7	a	a	DET
arjefm-72	85	8	liquidity	liquidity	NOUN
arjefm-72	85	9	measure	measure	NOUN
arjefm-72	85	10	expand	expand	VERB
arjefm-72	85	11	in	in	ADP
arjefm-72	85	12	three	three	NUM
arjefm-72	85	13	main	main	ADJ
arjefm-72	85	14	directions	direction	NOUN
arjefm-72	85	15	:	:	PUNCT
arjefm-72	85	16	its	its	PRON
arjefm-72	85	17	relationship	relationship	NOUN
arjefm-72	85	18	to	to	ADP
arjefm-72	85	19	the	the	DET
arjefm-72	85	20	ask	ask	VERB
arjefm-72	85	21	-	-	PUNCT
arjefm-72	85	22	bid	bid	NOUN
arjefm-72	85	23	spread	spread	NOUN
arjefm-72	85	24	,	,	PUNCT
arjefm-72	85	25	price	price	NOUN
arjefm-72	85	26	change	change	NOUN
arjefm-72	85	27	and	and	CCONJ
arjefm-72	85	28	information	information	NOUN
arjefm-72	85	29	.	.	PUNCT
arjefm-72	86	1	subscribing	subscribe	VERB
arjefm-72	86	2	to	to	ADP
arjefm-72	86	3	this	this	DET
arjefm-72	86	4	perspective	perspective	NOUN
arjefm-72	86	5	,	,	PUNCT
arjefm-72	86	6	several	several	ADJ
arjefm-72	86	7	studies	study	NOUN
arjefm-72	86	8	conducted	conduct	VERB
arjefm-72	86	9	on	on	ADP
arjefm-72	86	10	the	the	DET
arjefm-72	86	11	us	us	PROPN
arjefm-72	86	12	market	market	NOUN
arjefm-72	86	13	examined	examine	VERB
arjefm-72	86	14	the	the	DET
arjefm-72	86	15	reaction	reaction	NOUN
arjefm-72	86	16	of	of	ADP
arjefm-72	86	17	stock	stock	NOUN
arjefm-72	86	18	prices	price	NOUN
arjefm-72	86	19	following	follow	VERB
arjefm-72	86	20	a	a	DET
arjefm-72	86	21	disclosure	disclosure	NOUN
arjefm-72	86	22	of	of	ADP
arjefm-72	86	23	manipulated	manipulate	VERB
arjefm-72	86	24	earnings	earning	NOUN
arjefm-72	86	25	as	as	ADP
arjefm-72	86	26	information	information	NOUN
arjefm-72	86	27	to	to	ADP
arjefm-72	86	28	investors	investor	NOUN
arjefm-72	86	29	.	.	PUNCT
arjefm-72	87	1	this	this	DET
arjefm-72	87	2	methodology	methodology	NOUN
arjefm-72	87	3	consisted	consist	VERB
arjefm-72	87	4	of	of	ADP
arjefm-72	87	5	determining	determine	VERB
arjefm-72	87	6	the	the	DET
arjefm-72	87	7	abnormal	abnormal	ADJ
arjefm-72	87	8	volumes	volume	NOUN
arjefm-72	87	9	around	around	ADP
arjefm-72	87	10	the	the	DET
arjefm-72	87	11	disclosure	disclosure	NOUN
arjefm-72	87	12	date	date	NOUN
arjefm-72	87	13	of	of	ADP
arjefm-72	87	14	managed	manage	VERB
arjefm-72	87	15	earnings	earning	NOUN
arjefm-72	87	16	.	.	PUNCT
arjefm-72	88	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-72	88	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	89	1	american	american	PROPN
arjefm-72	89	2	research	research	PROPN
arjefm-72	89	3	journal	journal	PROPN
arjefm-72	89	4	of	of	ADP
arjefm-72	89	5	economics	economic	NOUN
arjefm-72	89	6	,	,	PUNCT
arjefm-72	89	7	finance	finance	NOUN
arjefm-72	89	8	and	and	CCONJ
arjefm-72	89	9	management	management	NOUN
arjefm-72	89	10	volume	volume	NOUN
arjefm-72	89	11	10	10	NUM
arjefm-72	89	12	issue	issue	NOUN
arjefm-72	89	13	4	4	NUM
arjefm-72	89	14	,	,	PUNCT
arjefm-72	89	15	october	october	PROPN
arjefm-72	89	16	-	-	PUNCT
arjefm-72	89	17	december	december	PROPN
arjefm-72	89	18	2022	2022	NUM
arjefm-72	89	19	issn	issn	NOUN
arjefm-72	89	20	:	:	PUNCT
arjefm-72	89	21	2836	2836	NUM
arjefm-72	89	22	-	-	SYM
arjefm-72	89	23	9416	9416	NUM
arjefm-72	89	24	impact	impact	NOUN
arjefm-72	89	25	factor	factor	NOUN
arjefm-72	89	26	:	:	PUNCT
arjefm-72	89	27	4.85	4.85	NUM
arjefm-72	89	28	journal	journal	NOUN
arjefm-72	89	29	homepage	homepage	NOUN
arjefm-72	89	30	:	:	PUNCT
arjefm-72	89	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	89	32	,	,	PUNCT
arjefm-72	89	33	email	email	NOUN
arjefm-72	89	34	:	:	PUNCT
arjefm-72	89	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	89	36	official	official	ADJ
arjefm-72	89	37	journal	journal	PROPN
arjefm-72	89	38	of	of	ADP
arjefm-72	89	39	america	america	PROPN
arjefm-72	89	40	serial	serial	PROPN
arjefm-72	89	41	publication	publication	NOUN
arjefm-72	89	42	american	american	PROPN
arjefm-72	89	43	research	research	PROPN
arjefm-72	89	44	journal	journal	PROPN
arjefm-72	89	45	of	of	ADP
arjefm-72	89	46	economics	economic	NOUN
arjefm-72	89	47	,	,	PUNCT
arjefm-72	89	48	finance	finance	NOUN
arjefm-72	89	49	and	and	CCONJ
arjefm-72	89	50	management	management	NOUN
arjefm-72	89	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	89	52	,	,	PUNCT
arjefm-72	89	53	email	email	NOUN
arjefm-72	89	54	:	:	PUNCT
arjefm-72	89	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	90	1	4	4	NUM
arjefm-72	90	2	|	|	ADV
arjefm-72	90	3	p	p	X
arjefm-72	90	4	a	a	DET
arjefm-72	90	5	g	g	PROPN
arjefm-72	90	6	e	e	PROPN
arjefm-72	90	7	iii	iii	PROPN
arjefm-72	90	8	.	.	PROPN
arjefm-72	90	9	methodology	methodology	NOUN
arjefm-72	90	10	focusing	focus	VERB
arjefm-72	90	11	on	on	ADP
arjefm-72	90	12	the	the	DET
arjefm-72	90	13	tunisian	tunisian	ADJ
arjefm-72	90	14	context	context	NOUN
arjefm-72	90	15	,	,	PUNCT
arjefm-72	90	16	the	the	DET
arjefm-72	90	17	stocks	stock	NOUN
arjefm-72	90	18	liquidity	liquidity	NOUN
arjefm-72	90	19	will	will	AUX
arjefm-72	90	20	be	be	AUX
arjefm-72	90	21	investigated	investigate	VERB
arjefm-72	90	22	through	through	ADP
arjefm-72	90	23	the	the	DET
arjefm-72	90	24	ask	ask	VERB
arjefm-72	90	25	-	-	PUNCT
arjefm-72	90	26	bid	bid	NOUN
arjefm-72	90	27	spread	spread	NOUN
arjefm-72	90	28	and	and	CCONJ
arjefm-72	90	29	discretionary	discretionary	ADJ
arjefm-72	90	30	accruals	accrual	NOUN
arjefm-72	90	31	according	accord	VERB
arjefm-72	90	32	to	to	ADP
arjefm-72	90	33	the	the	DET
arjefm-72	90	34	modified	modify	VERB
arjefm-72	90	35	models	model	NOUN
arjefm-72	90	36	of	of	ADP
arjefm-72	90	37	jones	jones	PROPN
arjefm-72	90	38	.	.	PUNCT
arjefm-72	91	1	1	1	X
arjefm-72	91	2	.	.	X
arjefm-72	91	3	tunisian	tunisian	ADJ
arjefm-72	91	4	context	context	NOUN
arjefm-72	91	5	in	in	ADP
arjefm-72	91	6	tunisia	tunisia	PROPN
arjefm-72	91	7	,	,	PUNCT
arjefm-72	91	8	as	as	ADV
arjefm-72	91	9	soon	soon	ADV
arjefm-72	91	10	as	as	SCONJ
arjefm-72	91	11	the	the	DET
arjefm-72	91	12	new	new	ADJ
arjefm-72	91	13	market	market	NOUN
arjefm-72	91	14	is	be	AUX
arjefm-72	91	15	created	create	VERB
arjefm-72	91	16	in	in	ADP
arjefm-72	91	17	1996	1996	NUM
arjefm-72	91	18	,	,	PUNCT
arjefm-72	91	19	new	new	ADJ
arjefm-72	91	20	companies	company	NOUN
arjefm-72	91	21	,	,	PUNCT
arjefm-72	91	22	small	small	ADJ
arjefm-72	91	23	and	and	CCONJ
arjefm-72	91	24	with	with	ADP
arjefm-72	91	25	a	a	DET
arjefm-72	91	26	high	high	ADJ
arjefm-72	91	27	growth	growth	NOUN
arjefm-72	91	28	potential	potential	NOUN
arjefm-72	91	29	,	,	PUNCT
arjefm-72	91	30	can	can	AUX
arjefm-72	91	31	access	access	VERB
arjefm-72	91	32	equity	equity	NOUN
arjefm-72	91	33	markets	market	NOUN
arjefm-72	91	34	in	in	ADP
arjefm-72	91	35	order	order	NOUN
arjefm-72	91	36	to	to	PART
arjefm-72	91	37	raise	raise	VERB
arjefm-72	91	38	funds	fund	NOUN
arjefm-72	91	39	such	such	ADJ
arjefm-72	91	40	as	as	ADP
arjefm-72	91	41	to	to	PART
arjefm-72	91	42	ensure	ensure	VERB
arjefm-72	91	43	their	their	PRON
arjefm-72	91	44	growth	growth	NOUN
arjefm-72	91	45	(	(	PUNCT
arjefm-72	91	46	matoussi	matoussi	PROPN
arjefm-72	91	47	2004	2004	NUM
arjefm-72	91	48	)	)	PUNCT
arjefm-72	91	49	.	.	PUNCT
arjefm-72	92	1	these	these	DET
arjefm-72	92	2	companies	company	NOUN
arjefm-72	92	3	seemed	seem	VERB
arjefm-72	92	4	to	to	PART
arjefm-72	92	5	be	be	AUX
arjefm-72	92	6	highly	highly	ADV
arjefm-72	92	7	motivated	motivated	ADJ
arjefm-72	92	8	to	to	PART
arjefm-72	92	9	manage	manage	VERB
arjefm-72	92	10	their	their	PRON
arjefm-72	92	11	earnings	earning	NOUN
arjefm-72	92	12	.	.	PUNCT
arjefm-72	93	1	tunisian	tunisian	ADJ
arjefm-72	93	2	accounting	accounting	NOUN
arjefm-72	93	3	regulations	regulation	NOUN
arjefm-72	93	4	are	be	AUX
arjefm-72	93	5	mainly	mainly	ADV
arjefm-72	93	6	legal	legal	ADJ
arjefm-72	93	7	in	in	ADP
arjefm-72	93	8	origin	origin	NOUN
arjefm-72	93	9	.	.	PUNCT
arjefm-72	94	1	in	in	ADP
arjefm-72	94	2	addition	addition	NOUN
arjefm-72	94	3	to	to	ADP
arjefm-72	94	4	the	the	DET
arjefm-72	94	5	regulatory	regulatory	ADJ
arjefm-72	94	6	framework	framework	NOUN
arjefm-72	94	7	,	,	PUNCT
arjefm-72	94	8	companies	company	NOUN
arjefm-72	94	9	should	should	AUX
arjefm-72	94	10	comply	comply	VERB
arjefm-72	94	11	with	with	ADP
arjefm-72	94	12	the	the	DET
arjefm-72	94	13	code	code	NOUN
arjefm-72	94	14	of	of	ADP
arjefm-72	94	15	commercial	commercial	ADJ
arjefm-72	94	16	rules	rule	NOUN
arjefm-72	94	17	,	,	PUNCT
arjefm-72	94	18	which	which	PRON
arjefm-72	94	19	contains	contain	VERB
arjefm-72	94	20	few	few	ADJ
arjefm-72	94	21	accounting	accounting	NOUN
arjefm-72	94	22	rules	rule	NOUN
arjefm-72	94	23	or	or	CCONJ
arjefm-72	94	24	principles	principle	NOUN
arjefm-72	94	25	.	.	PUNCT
arjefm-72	95	1	in	in	ADP
arjefm-72	95	2	theory	theory	NOUN
arjefm-72	95	3	,	,	PUNCT
arjefm-72	95	4	such	such	DET
arjefm-72	95	5	an	an	DET
arjefm-72	95	6	absence	absence	NOUN
arjefm-72	95	7	of	of	ADP
arjefm-72	95	8	legal	legal	ADJ
arjefm-72	95	9	constraints	constraint	NOUN
arjefm-72	95	10	offers	offer	VERB
arjefm-72	95	11	companies	company	NOUN
arjefm-72	95	12	a	a	DET
arjefm-72	95	13	large	large	ADJ
arjefm-72	95	14	number	number	NOUN
arjefm-72	95	15	of	of	ADP
arjefm-72	95	16	accounting	accounting	NOUN
arjefm-72	95	17	tools	tool	NOUN
arjefm-72	95	18	.	.	PUNCT
arjefm-72	96	1	this	this	DET
arjefm-72	96	2	situation	situation	NOUN
arjefm-72	96	3	makes	make	VERB
arjefm-72	96	4	the	the	DET
arjefm-72	96	5	tunisian	tunisian	ADJ
arjefm-72	96	6	context	context	NOUN
arjefm-72	96	7	as	as	ADP
arjefm-72	96	8	an	an	DET
arjefm-72	96	9	interesting	interesting	ADJ
arjefm-72	96	10	ground	ground	NOUN
arjefm-72	96	11	to	to	PART
arjefm-72	96	12	study	study	VERB
arjefm-72	96	13	earnings	earning	NOUN
arjefm-72	96	14	management	management	NOUN
arjefm-72	96	15	practice	practice	NOUN
arjefm-72	96	16	.	.	PUNCT
arjefm-72	97	1	first	first	ADV
arjefm-72	97	2	,	,	PUNCT
arjefm-72	97	3	tunisian	tunisian	ADJ
arjefm-72	97	4	accounting	accounting	NOUN
arjefm-72	97	5	standards	standard	NOUN
arjefm-72	97	6	offer	offer	VERB
arjefm-72	97	7	managers	manager	NOUN
arjefm-72	97	8	considerable	considerable	ADJ
arjefm-72	97	9	flexibility	flexibility	NOUN
arjefm-72	97	10	to	to	PART
arjefm-72	97	11	choose	choose	VERB
arjefm-72	97	12	accounting	accounting	NOUN
arjefm-72	97	13	practices	practice	NOUN
arjefm-72	97	14	.	.	PUNCT
arjefm-72	98	1	moreover	moreover	ADV
arjefm-72	98	2	,	,	PUNCT
arjefm-72	98	3	the	the	DET
arjefm-72	98	4	tunisian	tunisian	ADJ
arjefm-72	98	5	context	context	NOUN
arjefm-72	98	6	is	be	AUX
arjefm-72	98	7	known	know	VERB
arjefm-72	98	8	by	by	ADP
arjefm-72	98	9	a	a	DET
arjefm-72	98	10	concentration	concentration	NOUN
arjefm-72	98	11	of	of	ADP
arjefm-72	98	12	corporate	corporate	ADJ
arjefm-72	98	13	ownership	ownership	NOUN
arjefm-72	98	14	and	and	CCONJ
arjefm-72	98	15	a	a	DET
arjefm-72	98	16	relatively	relatively	ADV
arjefm-72	98	17	illiquid	illiquid	ADJ
arjefm-72	98	18	financial	financial	ADJ
arjefm-72	98	19	market	market	NOUN
arjefm-72	98	20	.	.	PUNCT
arjefm-72	99	1	in	in	ADP
arjefm-72	99	2	tunisia	tunisia	PROPN
arjefm-72	99	3	,	,	PUNCT
arjefm-72	99	4	unlike	unlike	ADP
arjefm-72	99	5	other	other	ADJ
arjefm-72	99	6	countries	country	NOUN
arjefm-72	99	7	like	like	ADP
arjefm-72	99	8	north	north	PROPN
arjefm-72	99	9	america	america	PROPN
arjefm-72	99	10	,	,	PUNCT
arjefm-72	99	11	earnings	earning	NOUN
arjefm-72	99	12	disclosure	disclosure	NOUN
arjefm-72	99	13	attracted	attract	VERB
arjefm-72	99	14	particularly	particularly	ADV
arjefm-72	99	15	investors	investor	NOUN
arjefm-72	99	16	‘	'	PUNCT
arjefm-72	99	17	attention	attention	NOUN
arjefm-72	99	18	,	,	PUNCT
arjefm-72	99	19	motivating	motivate	VERB
arjefm-72	99	20	thus	thus	ADV
arjefm-72	99	21	firms	firm	NOUN
arjefm-72	99	22	to	to	PART
arjefm-72	99	23	engage	engage	VERB
arjefm-72	99	24	in	in	ADP
arjefm-72	99	25	earnings	earning	NOUN
arjefm-72	99	26	management	management	NOUN
arjefm-72	99	27	.	.	PUNCT
arjefm-72	100	1	our	our	PRON
arjefm-72	100	2	assumption	assumption	NOUN
arjefm-72	100	3	is	be	AUX
arjefm-72	100	4	that	that	SCONJ
arjefm-72	100	5	the	the	DET
arjefm-72	100	6	tunisian	tunisian	ADJ
arjefm-72	100	7	market	market	NOUN
arjefm-72	100	8	is	be	AUX
arjefm-72	100	9	likely	likely	ADJ
arjefm-72	100	10	to	to	PART
arjefm-72	100	11	represent	represent	VERB
arjefm-72	100	12	a	a	DET
arjefm-72	100	13	fertile	fertile	ADJ
arjefm-72	100	14	ground	ground	NOUN
arjefm-72	100	15	in	in	ADP
arjefm-72	100	16	terms	term	NOUN
arjefm-72	100	17	of	of	ADP
arjefm-72	100	18	an	an	DET
arjefm-72	100	19	upward	upward	ADJ
arjefm-72	100	20	earnings	earning	NOUN
arjefm-72	100	21	management	management	NOUN
arjefm-72	100	22	.	.	PUNCT
arjefm-72	101	1	2	2	X
arjefm-72	101	2	.	.	X
arjefm-72	101	3	research	research	NOUN
arjefm-72	101	4	hypotheses	hypothesis	NOUN
arjefm-72	101	5	based	base	VERB
arjefm-72	101	6	on	on	ADP
arjefm-72	101	7	previously	previously	ADV
arjefm-72	101	8	mentioned	mention	VERB
arjefm-72	101	9	theoretical	theoretical	ADJ
arjefm-72	101	10	and	and	CCONJ
arjefm-72	101	11	empirical	empirical	ADJ
arjefm-72	101	12	foundations	foundation	NOUN
arjefm-72	101	13	,	,	PUNCT
arjefm-72	101	14	some	some	DET
arjefm-72	101	15	hypotheses	hypothesis	NOUN
arjefm-72	101	16	can	can	AUX
arjefm-72	101	17	be	be	AUX
arjefm-72	101	18	deduced	deduce	VERB
arjefm-72	101	19	such	such	ADJ
arjefm-72	101	20	as	as	ADP
arjefm-72	101	21	:	:	PUNCT
arjefm-72	101	22	•	•	NUM
arjefm-72	101	23	h1	h1	NOUN
arjefm-72	101	24	:	:	PUNCT
arjefm-72	101	25	there	there	PRON
arjefm-72	101	26	is	be	VERB
arjefm-72	101	27	a	a	DET
arjefm-72	101	28	negative	negative	ADJ
arjefm-72	101	29	relationship	relationship	NOUN
arjefm-72	101	30	between	between	ADP
arjefm-72	101	31	discretionary	discretionary	ADJ
arjefm-72	101	32	accruals	accrual	NOUN
arjefm-72	101	33	and	and	CCONJ
arjefm-72	101	34	market	market	NOUN
arjefm-72	101	35	liquidity	liquidity	NOUN
arjefm-72	101	36	chung	chung	PROPN
arjefm-72	101	37	et	et	PROPN
arjefm-72	101	38	al	al	PROPN
arjefm-72	101	39	(	(	PUNCT
arjefm-72	101	40	2009	2009	NUM
arjefm-72	101	41	)	)	PUNCT
arjefm-72	101	42	examined	examine	VERB
arjefm-72	101	43	a	a	DET
arjefm-72	101	44	sample	sample	NOUN
arjefm-72	101	45	of	of	ADP
arjefm-72	101	46	us	us	PROPN
arjefm-72	101	47	companies	company	NOUN
arjefm-72	101	48	,	,	PUNCT
arjefm-72	101	49	assuming	assume	VERB
arjefm-72	101	50	that	that	SCONJ
arjefm-72	101	51	earnings	earning	NOUN
arjefm-72	101	52	management	management	NOUN
arjefm-72	101	53	reduces	reduce	VERB
arjefm-72	101	54	stock	stock	NOUN
arjefm-72	101	55	liquidity	liquidity	NOUN
arjefm-72	101	56	.	.	PUNCT
arjefm-72	102	1	they	they	PRON
arjefm-72	102	2	measured	measure	VERB
arjefm-72	102	3	earnings	earning	NOUN
arjefm-72	102	4	management	management	NOUN
arjefm-72	102	5	through	through	ADP
arjefm-72	102	6	discretionary	discretionary	ADJ
arjefm-72	102	7	accruals	accrual	NOUN
arjefm-72	102	8	over	over	ADP
arjefm-72	102	9	the	the	DET
arjefm-72	102	10	october	october	PROPN
arjefm-72	102	11	2001	2001	NUM
arjefm-72	102	12	to	to	ADP
arjefm-72	102	13	december	december	PROPN
arjefm-72	102	14	2002period	2002period	NUM
arjefm-72	102	15	.	.	PUNCT
arjefm-72	103	1	the	the	DET
arjefm-72	103	2	price	price	NOUN
arjefm-72	103	3	range	range	NOUN
arjefm-72	103	4	was	be	AUX
arjefm-72	103	5	also	also	ADV
arjefm-72	103	6	used	use	VERB
arjefm-72	103	7	as	as	ADP
arjefm-72	103	8	a	a	DET
arjefm-72	103	9	liquidity	liquidity	NOUN
arjefm-72	103	10	indicator	indicator	NOUN
arjefm-72	103	11	.	.	PUNCT
arjefm-72	104	1	dumontier	dumontier	PROPN
arjefm-72	104	2	et	et	PROPN
arjefm-72	104	3	al	al	PROPN
arjefm-72	104	4	.	.	PUNCT
arjefm-72	105	1	(	(	PUNCT
arjefm-72	105	2	2002	2002	NUM
arjefm-72	105	3	)	)	PUNCT
arjefm-72	105	4	,	,	PUNCT
arjefm-72	105	5	studying	study	VERB
arjefm-72	105	6	the	the	DET
arjefm-72	105	7	french	french	ADJ
arjefm-72	105	8	market	market	NOUN
arjefm-72	105	9	found	find	VERB
arjefm-72	105	10	that	that	SCONJ
arjefm-72	105	11	investors	investor	NOUN
arjefm-72	105	12	admit	admit	VERB
arjefm-72	105	13	manipulations	manipulation	NOUN
arjefm-72	105	14	as	as	ADV
arjefm-72	105	15	soon	soon	ADV
arjefm-72	105	16	as	as	SCONJ
arjefm-72	105	17	they	they	PRON
arjefm-72	105	18	have	have	VERB
arjefm-72	105	19	the	the	DET
arjefm-72	105	20	means	mean	NOUN
arjefm-72	105	21	to	to	PART
arjefm-72	105	22	detect	detect	VERB
arjefm-72	105	23	them	they	PRON
arjefm-72	105	24	.	.	PUNCT
arjefm-72	106	1	accordingly	accordingly	ADV
arjefm-72	106	2	,	,	PUNCT
arjefm-72	106	3	ascioglu	ascioglu	PROPN
arjefm-72	106	4	et	et	PROPN
arjefm-72	106	5	al	al	PROPN
arjefm-72	106	6	.	.	PROPN
arjefm-72	107	1	(	(	PUNCT
arjefm-72	107	2	2011	2011	NUM
arjefm-72	107	3	)	)	PUNCT
arjefm-72	107	4	used	use	VERB
arjefm-72	107	5	a	a	DET
arjefm-72	107	6	triple	triple	ADJ
arjefm-72	107	7	measure	measure	NOUN
arjefm-72	107	8	to	to	PART
arjefm-72	107	9	determine	determine	VERB
arjefm-72	107	10	the	the	DET
arjefm-72	107	11	impact	impact	NOUN
arjefm-72	107	12	of	of	ADP
arjefm-72	107	13	earnings	earning	NOUN
arjefm-72	107	14	management	management	NOUN
arjefm-72	107	15	on	on	ADP
arjefm-72	107	16	stock	stock	NOUN
arjefm-72	107	17	market	market	NOUN
arjefm-72	107	18	liquidity	liquidity	NOUN
arjefm-72	107	19	.	.	PUNCT
arjefm-72	108	1	the	the	DET
arjefm-72	108	2	first	first	ADJ
arjefm-72	108	3	measure	measure	NOUN
arjefm-72	108	4	consists	consist	VERB
arjefm-72	108	5	of	of	ADP
arjefm-72	108	6	accounting	accounting	NOUN
arjefm-72	108	7	data	datum	NOUN
arjefm-72	108	8	while	while	SCONJ
arjefm-72	108	9	the	the	DET
arjefm-72	108	10	other	other	ADJ
arjefm-72	108	11	two	two	NUM
arjefm-72	108	12	relate	relate	NOUN
arjefm-72	108	13	to	to	ADP
arjefm-72	108	14	real	real	ADJ
arjefm-72	108	15	earnings	earning	NOUN
arjefm-72	108	16	management	management	NOUN
arjefm-72	108	17	,	,	PUNCT
arjefm-72	108	18	which	which	PRON
arjefm-72	108	19	included	include	VERB
arjefm-72	108	20	operating	operate	VERB
arjefm-72	108	21	cash	cash	NOUN
arjefm-72	108	22	flow	flow	NOUN
arjefm-72	108	23	and	and	CCONJ
arjefm-72	108	24	discretionary	discretionary	ADJ
arjefm-72	108	25	costs	cost	NOUN
arjefm-72	108	26	.	.	PUNCT
arjefm-72	109	1	the	the	DET
arjefm-72	109	2	results	result	NOUN
arjefm-72	109	3	point	point	VERB
arjefm-72	109	4	to	to	ADP
arjefm-72	109	5	a	a	DET
arjefm-72	109	6	direct	direct	ADJ
arjefm-72	109	7	relationship	relationship	NOUN
arjefm-72	109	8	between	between	ADP
arjefm-72	109	9	illiquidity	illiquidity	NOUN
arjefm-72	109	10	measure	measure	NOUN
arjefm-72	109	11	and	and	CCONJ
arjefm-72	109	12	earnings	earning	NOUN
arjefm-72	109	13	management	management	NOUN
arjefm-72	109	14	through	through	ADP
arjefm-72	109	15	discretionary	discretionary	ADJ
arjefm-72	109	16	accruals	accrual	NOUN
arjefm-72	109	17	.	.	PUNCT
arjefm-72	110	1	•	•	NUM
arjefm-72	110	2	h2	h2	NOUN
arjefm-72	110	3	:	:	PUNCT
arjefm-72	110	4	discretionary	discretionary	ADJ
arjefm-72	110	5	accruals	accrual	NOUN
arjefm-72	110	6	explain	explain	VERB
arjefm-72	110	7	liquidity	liquidity	NOUN
arjefm-72	110	8	better	well	ADJ
arjefm-72	110	9	than	than	ADP
arjefm-72	110	10	non	non	ADJ
arjefm-72	110	11	-	-	ADJ
arjefm-72	110	12	discretionary	discretionary	ADJ
arjefm-72	110	13	accruals	accrual	NOUN
arjefm-72	110	14	.	.	PUNCT
arjefm-72	111	1	a	a	DET
arjefm-72	111	2	number	number	NOUN
arjefm-72	111	3	of	of	ADP
arjefm-72	111	4	univariate	univariate	ADJ
arjefm-72	111	5	regressions	regression	NOUN
arjefm-72	111	6	in	in	ADP
arjefm-72	111	7	which	which	PRON
arjefm-72	111	8	the	the	DET
arjefm-72	111	9	dependent	dependent	ADJ
arjefm-72	111	10	variable	variable	NOUN
arjefm-72	111	11	is	be	AUX
arjefm-72	111	12	liquidity	liquidity	NOUN
arjefm-72	111	13	should	should	AUX
arjefm-72	111	14	be	be	AUX
arjefm-72	111	15	run	run	VERB
arjefm-72	111	16	whereas	whereas	SCONJ
arjefm-72	111	17	the	the	DET
arjefm-72	111	18	independent	independent	ADJ
arjefm-72	111	19	variable	variable	NOUN
arjefm-72	111	20	is	be	AUX
arjefm-72	111	21	one	one	NUM
arjefm-72	111	22	of	of	ADP
arjefm-72	111	23	earnings	earning	NOUN
arjefm-72	111	24	management	management	NOUN
arjefm-72	111	25	components	component	NOUN
arjefm-72	111	26	(	(	PUNCT
arjefm-72	111	27	discretionary	discretionary	ADJ
arjefm-72	111	28	,	,	PUNCT
arjefm-72	111	29	non	non	ADJ
arjefm-72	111	30	-	-	ADJ
arjefm-72	111	31	discretionary	discretionary	ADJ
arjefm-72	111	32	accruals	accrual	NOUN
arjefm-72	111	33	)	)	PUNCT
arjefm-72	111	34	in	in	ADP
arjefm-72	111	35	each	each	DET
arjefm-72	111	36	regression	regression	NOUN
arjefm-72	111	37	.	.	PUNCT
arjefm-72	112	1	•	•	NUM
arjefm-72	112	2	h3	h3	NOUN
arjefm-72	112	3	:	:	PUNCT
arjefm-72	112	4	structuring	structure	VERB
arjefm-72	112	5	total	total	ADJ
arjefm-72	112	6	accruals	accrual	NOUN
arjefm-72	112	7	into	into	ADP
arjefm-72	112	8	discretionary	discretionary	ADJ
arjefm-72	112	9	and	and	CCONJ
arjefm-72	112	10	non	non	ADJ
arjefm-72	112	11	-	-	ADJ
arjefm-72	112	12	discretionary	discretionary	ADJ
arjefm-72	112	13	accruals	accrual	NOUN
arjefm-72	112	14	better	well	ADV
arjefm-72	112	15	explains	explain	VERB
arjefm-72	112	16	liquidity	liquidity	NOUN
arjefm-72	112	17	.	.	PUNCT
arjefm-72	113	1	by	by	ADP
arjefm-72	113	2	decomposing	decompose	VERB
arjefm-72	113	3	total	total	ADJ
arjefm-72	113	4	accruals	accrual	NOUN
arjefm-72	113	5	into	into	ADP
arjefm-72	113	6	discretionary	discretionary	ADJ
arjefm-72	113	7	and	and	CCONJ
arjefm-72	113	8	non	non	ADJ
arjefm-72	113	9	-	-	ADJ
arjefm-72	113	10	discretionary	discretionary	ADJ
arjefm-72	113	11	accruals	accrual	NOUN
arjefm-72	113	12	,	,	PUNCT
arjefm-72	113	13	their	their	PRON
arjefm-72	113	14	explanatory	explanatory	ADJ
arjefm-72	113	15	power	power	NOUN
arjefm-72	113	16	improves	improve	VERB
arjefm-72	113	17	.	.	PUNCT
arjefm-72	114	1	•	•	NUM
arjefm-72	114	2	h4	h4	NOUN
arjefm-72	114	3	:	:	PUNCT
arjefm-72	114	4	investors	investor	NOUN
arjefm-72	114	5	react	react	VERB
arjefm-72	114	6	according	accord	VERB
arjefm-72	114	7	to	to	ADP
arjefm-72	114	8	the	the	DET
arjefm-72	114	9	direction	direction	NOUN
arjefm-72	114	10	of	of	ADP
arjefm-72	114	11	earnings	earning	NOUN
arjefm-72	114	12	management	management	NOUN
arjefm-72	114	13	(	(	PUNCT
arjefm-72	114	14	upward	upward	ADJ
arjefm-72	114	15	or	or	CCONJ
arjefm-72	114	16	downward	downward	ADJ
arjefm-72	114	17	)	)	PUNCT
arjefm-72	114	18	.	.	PUNCT
arjefm-72	115	1	3	3	X
arjefm-72	115	2	.	.	X
arjefm-72	115	3	variables	variable	NOUN
arjefm-72	115	4	and	and	CCONJ
arjefm-72	115	5	model	model	VERB
arjefm-72	115	6	a	a	DET
arjefm-72	115	7	panel	panel	NOUN
arjefm-72	115	8	data	data	NOUN
arjefm-72	115	9	estimation	estimation	NOUN
arjefm-72	115	10	technique	technique	NOUN
arjefm-72	115	11	was	be	AUX
arjefm-72	115	12	used	use	VERB
arjefm-72	115	13	in	in	ADP
arjefm-72	115	14	order	order	NOUN
arjefm-72	115	15	to	to	PART
arjefm-72	115	16	test	test	VERB
arjefm-72	115	17	the	the	DET
arjefm-72	115	18	proposed	propose	VERB
arjefm-72	115	19	hypothesis	hypothesis	NOUN
arjefm-72	115	20	on	on	ADP
arjefm-72	115	21	the	the	DET
arjefm-72	115	22	relation	relation	NOUN
arjefm-72	115	23	between	between	ADP
arjefm-72	115	24	earnings	earning	NOUN
arjefm-72	115	25	management	management	NOUN
arjefm-72	115	26	and	and	CCONJ
arjefm-72	115	27	market	market	NOUN
arjefm-72	115	28	liquidity	liquidity	NOUN
arjefm-72	115	29	.	.	PUNCT
arjefm-72	116	1	specifically	specifically	ADV
arjefm-72	116	2	,	,	PUNCT
arjefm-72	116	3	we	we	PRON
arjefm-72	116	4	exploited	exploit	VERB
arjefm-72	116	5	the	the	DET
arjefm-72	116	6	models	model	NOUN
arjefm-72	116	7	of	of	ADP
arjefm-72	116	8	chung	chung	PROPN
arjefm-72	116	9	et	et	PROPN
arjefm-72	116	10	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	116	11	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	116	12	american	american	PROPN
arjefm-72	116	13	research	research	PROPN
arjefm-72	116	14	journal	journal	PROPN
arjefm-72	116	15	of	of	ADP
arjefm-72	116	16	economics	economic	NOUN
arjefm-72	116	17	,	,	PUNCT
arjefm-72	116	18	finance	finance	NOUN
arjefm-72	116	19	and	and	CCONJ
arjefm-72	116	20	management	management	NOUN
arjefm-72	116	21	volume	volume	NOUN
arjefm-72	116	22	10	10	NUM
arjefm-72	116	23	issue	issue	NOUN
arjefm-72	116	24	4	4	NUM
arjefm-72	116	25	,	,	PUNCT
arjefm-72	116	26	october	october	PROPN
arjefm-72	116	27	-	-	PUNCT
arjefm-72	116	28	december	december	PROPN
arjefm-72	116	29	2022	2022	NUM
arjefm-72	116	30	issn	issn	NOUN
arjefm-72	116	31	:	:	PUNCT
arjefm-72	116	32	2836	2836	NUM
arjefm-72	116	33	-	-	SYM
arjefm-72	116	34	9416	9416	NUM
arjefm-72	116	35	impact	impact	NOUN
arjefm-72	116	36	factor	factor	NOUN
arjefm-72	116	37	:	:	PUNCT
arjefm-72	116	38	4.85	4.85	NUM
arjefm-72	116	39	journal	journal	NOUN
arjefm-72	116	40	homepage	homepage	NOUN
arjefm-72	116	41	:	:	PUNCT
arjefm-72	116	42	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	116	43	,	,	PUNCT
arjefm-72	116	44	email	email	NOUN
arjefm-72	116	45	:	:	PUNCT
arjefm-72	116	46	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	116	47	official	official	ADJ
arjefm-72	116	48	journal	journal	PROPN
arjefm-72	116	49	of	of	ADP
arjefm-72	116	50	america	america	PROPN
arjefm-72	116	51	serial	serial	PROPN
arjefm-72	116	52	publication	publication	NOUN
arjefm-72	116	53	american	american	PROPN
arjefm-72	116	54	research	research	PROPN
arjefm-72	116	55	journal	journal	PROPN
arjefm-72	116	56	of	of	ADP
arjefm-72	116	57	economics	economic	NOUN
arjefm-72	116	58	,	,	PUNCT
arjefm-72	116	59	finance	finance	NOUN
arjefm-72	116	60	and	and	CCONJ
arjefm-72	116	61	management	management	NOUN
arjefm-72	116	62	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	116	63	,	,	PUNCT
arjefm-72	116	64	email	email	NOUN
arjefm-72	116	65	:	:	PUNCT
arjefm-72	117	1	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	117	2	5	5	NUM
arjefm-72	118	1	|	|	ADV
arjefm-72	118	2	p	p	X
arjefm-72	118	3	a	a	DET
arjefm-72	118	4	g	g	NOUN
arjefm-72	118	5	e	e	PROPN
arjefm-72	118	6	al	al	PROPN
arjefm-72	118	7	.	.	PROPN
arjefm-72	119	1	(	(	PUNCT
arjefm-72	119	2	2009	2009	NUM
arjefm-72	119	3	)	)	PUNCT
arjefm-72	119	4	and	and	CCONJ
arjefm-72	119	5	bafghi	bafghi	PROPN
arjefm-72	119	6	et	et	PROPN
arjefm-72	119	7	al	al	PROPN
arjefm-72	119	8	.	.	PROPN
arjefm-72	120	1	(	(	PUNCT
arjefm-72	120	2	2014	2014	NUM
arjefm-72	120	3	)	)	PUNCT
arjefm-72	120	4	,	,	PUNCT
arjefm-72	120	5	based	base	VERB
arjefm-72	120	6	on	on	ADP
arjefm-72	120	7	the	the	DET
arjefm-72	120	8	ask	ask	NOUN
arjefm-72	120	9	-	-	PUNCT
arjefm-72	120	10	bid	bid	NOUN
arjefm-72	120	11	spread	spread	NOUN
arjefm-72	120	12	as	as	ADP
arjefm-72	120	13	a	a	DET
arjefm-72	120	14	measure	measure	NOUN
arjefm-72	120	15	of	of	ADP
arjefm-72	120	16	liquidity	liquidity	NOUN
arjefm-72	120	17	.	.	PUNCT
arjefm-72	121	1	the	the	DET
arjefm-72	121	2	ask	ask	NOUN
arjefm-72	121	3	-	-	PUNCT
arjefm-72	121	4	bid	bid	NOUN
arjefm-72	121	5	spread	spread	NOUN
arjefm-72	121	6	is	be	AUX
arjefm-72	121	7	interesting	interesting	ADJ
arjefm-72	121	8	in	in	SCONJ
arjefm-72	121	9	that	that	SCONJ
arjefm-72	121	10	it	it	PRON
arjefm-72	121	11	takes	take	VERB
arjefm-72	121	12	into	into	ADP
arjefm-72	121	13	account	account	NOUN
arjefm-72	121	14	the	the	DET
arjefm-72	121	15	notion	notion	NOUN
arjefm-72	121	16	information	information	NOUN
arjefm-72	121	17	asymmetry	asymmetry	NOUN
arjefm-72	121	18	.	.	PUNCT
arjefm-72	122	1	the	the	DET
arjefm-72	122	2	market	market	NOUN
arjefm-72	122	3	is	be	AUX
arjefm-72	122	4	all	all	DET
arjefm-72	122	5	the	the	DET
arjefm-72	122	6	more	more	ADV
arjefm-72	122	7	liquid	liquid	ADJ
arjefm-72	122	8	because	because	SCONJ
arjefm-72	122	9	the	the	DET
arjefm-72	122	10	difference	difference	NOUN
arjefm-72	122	11	between	between	ADP
arjefm-72	122	12	the	the	DET
arjefm-72	122	13	best	good	ADJ
arjefm-72	122	14	selling	selling	NOUN
arjefm-72	122	15	price	price	NOUN
arjefm-72	122	16	and	and	CCONJ
arjefm-72	122	17	the	the	DET
arjefm-72	122	18	best	good	ADJ
arjefm-72	122	19	purchasing	purchasing	NOUN
arjefm-72	122	20	price	price	NOUN
arjefm-72	122	21	is	be	AUX
arjefm-72	122	22	small	small	ADJ
arjefm-72	122	23	(	(	PUNCT
arjefm-72	122	24	ascioglu	ascioglu	PROPN
arjefm-72	122	25	et	et	PROPN
arjefm-72	122	26	al	al	PROPN
arjefm-72	122	27	.	.	PROPN
arjefm-72	122	28	,	,	PUNCT
arjefm-72	122	29	2012	2012	NUM
arjefm-72	122	30	,	,	PUNCT
arjefm-72	122	31	kan	kan	PROPN
arjefm-72	122	32	2013	2013	NUM
arjefm-72	122	33	)	)	PUNCT
arjefm-72	122	34	.	.	PUNCT
arjefm-72	123	1	it	it	PRON
arjefm-72	123	2	was	be	AUX
arjefm-72	123	3	proved	prove	VERB
arjefm-72	123	4	to	to	PART
arjefm-72	123	5	be	be	AUX
arjefm-72	123	6	the	the	DET
arjefm-72	123	7	most	most	ADV
arjefm-72	123	8	appropriate	appropriate	ADJ
arjefm-72	123	9	measure	measure	NOUN
arjefm-72	123	10	for	for	ADP
arjefm-72	123	11	the	the	DET
arjefm-72	123	12	tunisian	tunisian	ADJ
arjefm-72	123	13	context	context	NOUN
arjefm-72	123	14	and	and	CCONJ
arjefm-72	123	15	the	the	DET
arjefm-72	123	16	most	most	ADV
arjefm-72	123	17	important	important	ADJ
arjefm-72	123	18	determinant	determinant	ADJ
arjefm-72	123	19	of	of	ADP
arjefm-72	123	20	liquidity	liquidity	NOUN
arjefm-72	123	21	of	of	ADP
arjefm-72	123	22	the	the	DET
arjefm-72	123	23	tunis	tunis	PROPN
arjefm-72	123	24	stock	stock	NOUN
arjefm-72	123	25	exchange	exchange	PROPN
arjefm-72	123	26	(	(	PUNCT
arjefm-72	123	27	matoussi	matoussi	PROPN
arjefm-72	123	28	and	and	CCONJ
arjefm-72	123	29	zemzem	zemzem	NOUN
arjefm-72	123	30	2004	2004	NUM
arjefm-72	123	31	)	)	PUNCT
arjefm-72	123	32	.	.	PUNCT
arjefm-72	124	1	the	the	DET
arjefm-72	124	2	proposed	propose	VERB
arjefm-72	124	3	models	model	NOUN
arjefm-72	124	4	are	be	AUX
arjefm-72	124	5	as	as	SCONJ
arjefm-72	124	6	follows	follow	VERB
arjefm-72	124	7	(	(	PUNCT
arjefm-72	124	8	1	1	NUM
arjefm-72	124	9	-	-	SYM
arjefm-72	124	10	3	3	NUM
arjefm-72	124	11	):	):	PUNCT
arjefm-72	124	12	liqit	liqit	NOUN
arjefm-72	124	13	0	0	PUNCT
arjefm-72	125	1	1tacit	1tacit	NUM
arjefm-72	125	2	2sizeit	2sizeit	NUM
arjefm-72	125	3	3volit	3volit	NUM
arjefm-72	125	4	4spit	4spit	NUM
arjefm-72	126	1	5rit	5rit	NUM
arjefm-72	126	2	6vrit	6vrit	NUM
arjefm-72	126	3	it	it	PRON
arjefm-72	126	4	(	(	PUNCT
arjefm-72	126	5	1	1	X
arjefm-72	126	6	)	)	PUNCT
arjefm-72	126	7	liqit	liqit	NOUN
arjefm-72	126	8	0	0	NUM
arjefm-72	127	1	1dacit	1dacit	NUM
arjefm-72	127	2	2sizeit	2sizeit	NUM
arjefm-72	127	3	3volit	3volit	NUM
arjefm-72	127	4	4spit	4spit	NUM
arjefm-72	128	1	5rit	5rit	NUM
arjefm-72	128	2	6vrit	6vrit	NUM
arjefm-72	128	3	it	it	PRON
arjefm-72	128	4	(	(	PUNCT
arjefm-72	128	5	2	2	X
arjefm-72	128	6	)	)	PUNCT
arjefm-72	128	7	liqit	liqit	NOUN
arjefm-72	128	8	0	0	NUM
arjefm-72	129	1	1ndacit	1ndacit	NUM
arjefm-72	129	2	2sizeit	2sizeit	NUM
arjefm-72	129	3	3volit	3volit	NUM
arjefm-72	129	4	4spit	4spit	NUM
arjefm-72	130	1	5rit	5rit	NUM
arjefm-72	130	2	6vrit	6vrit	NUM
arjefm-72	130	3	it	it	PRON
arjefm-72	130	4	(	(	PUNCT
arjefm-72	130	5	3	3	NUM
arjefm-72	130	6	)	)	PUNCT
arjefm-72	130	7	where	where	SCONJ
arjefm-72	130	8	:	:	PUNCT
arjefm-72	130	9	liqit	liqit	PROPN
arjefm-72	130	10	:	:	PUNCT
arjefm-72	130	11	spread	spread	VERB
arjefm-72	130	12	of	of	ADP
arjefm-72	130	13	firm	firm	ADJ
arjefm-72	130	14	i	i	PRON
arjefm-72	130	15	at	at	ADP
arjefm-72	130	16	moment	moment	NOUN
arjefm-72	130	17	t.	t.	PROPN
arjefm-72	130	18	tac	tac	PROPN
arjefm-72	130	19	:	:	PUNCT
arjefm-72	130	20	total	total	ADJ
arjefm-72	130	21	accruals	accrual	NOUN
arjefm-72	130	22	of	of	ADP
arjefm-72	130	23	firm	firm	ADJ
arjefm-72	130	24	i	i	PRON
arjefm-72	130	25	at	at	ADP
arjefm-72	130	26	moment	moment	NOUN
arjefm-72	130	27	t.	t.	PROPN
arjefm-72	130	28	dacit	dacit	PROPN
arjefm-72	130	29	:	:	PUNCT
arjefm-72	130	30	discretionary	discretionary	ADJ
arjefm-72	130	31	accruals	accrual	NOUN
arjefm-72	130	32	of	of	ADP
arjefm-72	130	33	firm	firm	ADJ
arjefm-72	130	34	i	i	PRON
arjefm-72	130	35	at	at	ADP
arjefm-72	130	36	moment	moment	NOUN
arjefm-72	130	37	t.	t.	PROPN
arjefm-72	130	38	ndacit	ndacit	PROPN
arjefm-72	130	39	:	:	PUNCT
arjefm-72	130	40	non	non	ADJ
arjefm-72	130	41	-	-	ADJ
arjefm-72	130	42	discretionary	discretionary	ADJ
arjefm-72	130	43	accruals	accrual	NOUN
arjefm-72	130	44	of	of	ADP
arjefm-72	130	45	firm	firm	ADJ
arjefm-72	130	46	i	i	PRON
arjefm-72	130	47	at	at	ADP
arjefm-72	130	48	moment	moment	NOUN
arjefm-72	131	1	t.	t.	PROPN
arjefm-72	131	2	sizeit	sizeit	PROPN
arjefm-72	131	3	:	:	PUNCT
arjefm-72	131	4	market	market	NOUN
arjefm-72	131	5	value	value	NOUN
arjefm-72	131	6	of	of	ADP
arjefm-72	131	7	firm	firm	NOUN
arjefm-72	131	8	i	i	PRON
arjefm-72	131	9	at	at	ADP
arjefm-72	131	10	moment	moment	NOUN
arjefm-72	131	11	t.	t.	PROPN
arjefm-72	131	12	volit	volit	PROPN
arjefm-72	131	13	:	:	PUNCT
arjefm-72	131	14	average	average	ADJ
arjefm-72	131	15	trading	trading	NOUN
arjefm-72	131	16	volume	volume	NOUN
arjefm-72	131	17	of	of	ADP
arjefm-72	131	18	firm	firm	ADJ
arjefm-72	131	19	i	i	PRON
arjefm-72	131	20	at	at	ADP
arjefm-72	131	21	moment	moment	NOUN
arjefm-72	131	22	t.	t.	PROPN
arjefm-72	131	23	spit	spit	PROPN
arjefm-72	131	24	:	:	PUNCT
arjefm-72	131	25	average	average	ADJ
arjefm-72	131	26	stock	stock	NOUN
arjefm-72	131	27	price	price	NOUN
arjefm-72	131	28	of	of	ADP
arjefm-72	131	29	firm	firm	NOUN
arjefm-72	131	30	i	i	PRON
arjefm-72	131	31	at	at	ADP
arjefm-72	131	32	moment	moment	NOUN
arjefm-72	131	33	t.	t.	PROPN
arjefm-72	131	34	rit	rit	PROPN
arjefm-72	131	35	:	:	PUNCT
arjefm-72	131	36	stock	stock	NOUN
arjefm-72	131	37	return	return	NOUN
arjefm-72	131	38	of	of	ADP
arjefm-72	131	39	firm	firm	ADJ
arjefm-72	131	40	i	i	PRON
arjefm-72	131	41	at	at	ADP
arjefm-72	131	42	moment	moment	NOUN
arjefm-72	131	43	t.	t.	NOUN
arjefm-72	131	44	vrit	vrit	NOUN
arjefm-72	131	45	:	:	PUNCT
arjefm-72	131	46	stock	stock	NOUN
arjefm-72	131	47	return	return	NOUN
arjefm-72	131	48	volatility	volatility	NOUN
arjefm-72	131	49	of	of	ADP
arjefm-72	131	50	firm	firm	ADJ
arjefm-72	131	51	i	i	PRON
arjefm-72	131	52	at	at	ADP
arjefm-72	131	53	moment	moment	NOUN
arjefm-72	131	54	t.	t.	NOUN
arjefm-72	131	55	opting	opt	VERB
arjefm-72	131	56	for	for	ADP
arjefm-72	131	57	the	the	DET
arjefm-72	131	58	decomposition	decomposition	NOUN
arjefm-72	131	59	method	method	NOUN
arjefm-72	131	60	is	be	AUX
arjefm-72	131	61	almost	almost	ADV
arjefm-72	131	62	motivated	motivate	VERB
arjefm-72	131	63	by	by	ADP
arjefm-72	131	64	the	the	DET
arjefm-72	131	65	specificity	specificity	NOUN
arjefm-72	131	66	of	of	ADP
arjefm-72	131	67	the	the	DET
arjefm-72	131	68	tunisian	tunisian	ADJ
arjefm-72	131	69	context	context	NOUN
arjefm-72	131	70	,	,	PUNCT
arjefm-72	131	71	as	as	ADP
arjefm-72	131	72	a	a	DET
arjefm-72	131	73	controlled	control	VERB
arjefm-72	131	74	market	market	NOUN
arjefm-72	131	75	.	.	PUNCT
arjefm-72	132	1	therefore	therefore	ADV
arjefm-72	132	2	,	,	PUNCT
arjefm-72	132	3	we	we	PRON
arjefm-72	132	4	have	have	AUX
arjefm-72	132	5	chosen	choose	VERB
arjefm-72	132	6	the	the	DET
arjefm-72	132	7	model	model	NOUN
arjefm-72	132	8	of	of	ADP
arjefm-72	132	9	chung	chung	PROPN
arjefm-72	132	10	,	,	PUNCT
arjefm-72	132	11	sheu	sheu	NOUN
arjefm-72	132	12	,	,	PUNCT
arjefm-72	132	13	and	and	CCONJ
arjefm-72	132	14	wang	wang	PROPN
arjefm-72	132	15	(	(	PUNCT
arjefm-72	132	16	2009	2009	NUM
arjefm-72	132	17	)	)	PUNCT
arjefm-72	132	18	.	.	PUNCT
arjefm-72	133	1	bafghi	bafghi	PROPN
arjefm-72	133	2	et	et	PROPN
arjefm-72	133	3	al	al	PROPN
arjefm-72	133	4	.	.	PROPN
arjefm-72	133	5	(	(	PUNCT
arjefm-72	133	6	2014	2014	NUM
arjefm-72	133	7	)	)	PUNCT
arjefm-72	133	8	,	,	PUNCT
arjefm-72	133	9	considered	consider	VERB
arjefm-72	133	10	to	to	PART
arjefm-72	133	11	be	be	AUX
arjefm-72	133	12	among	among	ADP
arjefm-72	133	13	the	the	DET
arjefm-72	133	14	most	most	ADV
arjefm-72	133	15	suitable	suitable	ADJ
arjefm-72	133	16	models	model	NOUN
arjefm-72	133	17	to	to	PART
arjefm-72	133	18	estimate	estimate	VERB
arjefm-72	133	19	the	the	DET
arjefm-72	133	20	ask	ask	NOUN
arjefm-72	133	21	-	-	PUNCT
arjefm-72	133	22	bid	bid	NOUN
arjefm-72	133	23	spread	spread	NOUN
arjefm-72	133	24	.	.	PUNCT
arjefm-72	134	1	moreover	moreover	ADV
arjefm-72	134	2	,	,	PUNCT
arjefm-72	134	3	the	the	DET
arjefm-72	134	4	authors	author	NOUN
arjefm-72	134	5	believe	believe	VERB
arjefm-72	134	6	that	that	SCONJ
arjefm-72	134	7	this	this	DET
arjefm-72	134	8	model	model	NOUN
arjefm-72	134	9	provides	provide	VERB
arjefm-72	134	10	the	the	DET
arjefm-72	134	11	best	good	ADJ
arjefm-72	134	12	liquidity	liquidity	NOUN
arjefm-72	134	13	estimators	estimator	NOUN
arjefm-72	134	14	.	.	PUNCT
arjefm-72	135	1	our	our	PRON
arjefm-72	135	2	models	model	NOUN
arjefm-72	135	3	relate	relate	VERB
arjefm-72	135	4	total	total	ADJ
arjefm-72	135	5	accruals	accrual	NOUN
arjefm-72	135	6	,	,	PUNCT
arjefm-72	135	7	discretionary	discretionary	ADJ
arjefm-72	135	8	and	and	CCONJ
arjefm-72	135	9	non	non	ADJ
arjefm-72	135	10	-	-	ADJ
arjefm-72	135	11	discretionary	discretionary	ADJ
arjefm-72	135	12	accruals	accrual	NOUN
arjefm-72	135	13	to	to	ADP
arjefm-72	135	14	firms	firm	NOUN
arjefm-72	135	15	'	'	PART
arjefm-72	135	16	stocks	stock	NOUN
arjefm-72	135	17	liquidity	liquidity	NOUN
arjefm-72	135	18	after	after	ADP
arjefm-72	135	19	checking	check	VERB
arjefm-72	135	20	for	for	ADP
arjefm-72	135	21	the	the	DET
arjefm-72	135	22	contribution	contribution	NOUN
arjefm-72	135	23	of	of	ADP
arjefm-72	135	24	each	each	PRON
arjefm-72	135	25	.	.	PUNCT
arjefm-72	136	1	they	they	PRON
arjefm-72	136	2	also	also	ADV
arjefm-72	136	3	enable	enable	VERB
arjefm-72	136	4	to	to	PART
arjefm-72	136	5	estimate	estimate	VERB
arjefm-72	136	6	the	the	DET
arjefm-72	136	7	effect	effect	NOUN
arjefm-72	136	8	of	of	ADP
arjefm-72	136	9	earnings	earning	NOUN
arjefm-72	136	10	management	management	NOUN
arjefm-72	136	11	on	on	ADP
arjefm-72	136	12	liquidity	liquidity	NOUN
arjefm-72	136	13	.	.	PUNCT
arjefm-72	137	1	first	first	ADV
arjefm-72	137	2	,	,	PUNCT
arjefm-72	137	3	they	they	PRON
arjefm-72	137	4	distinguish	distinguish	VERB
arjefm-72	137	5	between	between	ADP
arjefm-72	137	6	discretionary	discretionary	ADJ
arjefm-72	137	7	and	and	CCONJ
arjefm-72	137	8	non	non	ADJ
arjefm-72	137	9	-	-	ADJ
arjefm-72	137	10	discretionary	discretionary	ADJ
arjefm-72	137	11	accruals	accrual	NOUN
arjefm-72	137	12	as	as	ADV
arjefm-72	137	13	well	well	ADV
arjefm-72	137	14	as	as	ADP
arjefm-72	137	15	the	the	DET
arjefm-72	137	16	perception	perception	NOUN
arjefm-72	137	17	of	of	ADP
arjefm-72	137	18	their	their	PRON
arjefm-72	137	19	effect	effect	NOUN
arjefm-72	137	20	on	on	ADP
arjefm-72	137	21	firm	firm	ADJ
arjefm-72	137	22	liquidity	liquidity	NOUN
arjefm-72	137	23	.	.	PUNCT
arjefm-72	138	1	second	second	ADJ
arjefm-72	138	2	,	,	PUNCT
arjefm-72	138	3	they	they	PRON
arjefm-72	138	4	take	take	VERB
arjefm-72	138	5	into	into	ADP
arjefm-72	138	6	account	account	NOUN
arjefm-72	138	7	the	the	DET
arjefm-72	138	8	effect	effect	NOUN
arjefm-72	138	9	of	of	ADP
arjefm-72	138	10	other	other	ADJ
arjefm-72	138	11	variables	variable	NOUN
arjefm-72	138	12	likely	likely	ADJ
arjefm-72	138	13	to	to	PART
arjefm-72	138	14	affect	affect	VERB
arjefm-72	138	15	stocks	stock	NOUN
arjefm-72	138	16	liquidity	liquidity	NOUN
arjefm-72	138	17	.	.	PUNCT
arjefm-72	139	1	comparing	compare	VERB
arjefm-72	139	2	the	the	DET
arjefm-72	139	3	coefficients	coefficient	NOUN
arjefm-72	139	4	of	of	ADP
arjefm-72	139	5	determination	determination	NOUN
arjefm-72	139	6	(	(	PUNCT
arjefm-72	139	7	r²	r²	NOUN
arjefm-72	139	8	)	)	PUNCT
arjefm-72	139	9	of	of	ADP
arjefm-72	139	10	the	the	DET
arjefm-72	139	11	models	model	NOUN
arjefm-72	139	12	in	in	ADP
arjefm-72	139	13	(	(	PUNCT
arjefm-72	139	14	1	1	NUM
arjefm-72	139	15	)	)	PUNCT
arjefm-72	139	16	and	and	CCONJ
arjefm-72	139	17	(	(	PUNCT
arjefm-72	139	18	2	2	X
arjefm-72	139	19	)	)	PUNCT
arjefm-72	139	20	will	will	AUX
arjefm-72	139	21	allow	allow	VERB
arjefm-72	139	22	us	we	PRON
arjefm-72	139	23	to	to	PART
arjefm-72	139	24	check	check	VERB
arjefm-72	139	25	whether	whether	SCONJ
arjefm-72	139	26	the	the	DET
arjefm-72	139	27	variable	variable	ADJ
arjefm-72	139	28	"	"	PUNCT
arjefm-72	139	29	discretionary	discretionary	ADJ
arjefm-72	139	30	accruals	accrual	NOUN
arjefm-72	139	31	(	(	PUNCT
arjefm-72	139	32	dac	dac	NOUN
arjefm-72	139	33	)	)	PUNCT
arjefm-72	139	34	"	"	PUNCT
arjefm-72	139	35	explains	explain	VERB
arjefm-72	139	36	liquidity	liquidity	NOUN
arjefm-72	139	37	and	and	CCONJ
arjefm-72	139	38	detects	detect	NOUN
arjefm-72	139	39	any	any	DET
arjefm-72	139	40	additional	additional	ADJ
arjefm-72	139	41	information	information	NOUN
arjefm-72	139	42	contained	contain	VERB
arjefm-72	139	43	in	in	ADP
arjefm-72	139	44	the	the	DET
arjefm-72	139	45	discretionary	discretionary	ADJ
arjefm-72	139	46	accruals	accrual	NOUN
arjefm-72	139	47	likely	likely	ADJ
arjefm-72	139	48	to	to	PART
arjefm-72	139	49	affect	affect	VERB
arjefm-72	139	50	total	total	ADJ
arjefm-72	139	51	accruals	accrual	NOUN
arjefm-72	139	52	(	(	PUNCT
arjefm-72	139	53	tacs	tacs	PROPN
arjefm-72	139	54	)	)	PUNCT
arjefm-72	139	55	.	.	PUNCT
arjefm-72	140	1	to	to	ADP
arjefm-72	140	2	this	this	DET
arjefm-72	140	3	end	end	NOUN
arjefm-72	140	4	,	,	PUNCT
arjefm-72	140	5	the	the	DET
arjefm-72	140	6	modified	modified	ADJ
arjefm-72	140	7	model	model	NOUN
arjefm-72	140	8	of	of	ADP
arjefm-72	140	9	jones	jones	PROPN
arjefm-72	140	10	’s	’s	PART
arjefm-72	140	11	for	for	ADP
arjefm-72	140	12	earnings	earning	NOUN
arjefm-72	140	13	management	management	NOUN
arjefm-72	140	14	was	be	AUX
arjefm-72	140	15	selected	select	VERB
arjefm-72	140	16	for	for	ADP
arjefm-72	140	17	this	this	DET
arjefm-72	140	18	study	study	NOUN
arjefm-72	140	19	.	.	PUNCT
arjefm-72	141	1	in	in	ADP
arjefm-72	141	2	summary	summary	NOUN
arjefm-72	141	3	,	,	PUNCT
arjefm-72	141	4	total	total	ADJ
arjefm-72	141	5	accruals	accrual	NOUN
arjefm-72	141	6	are	be	AUX
arjefm-72	141	7	decomposed	decompose	VERB
arjefm-72	141	8	in	in	ADP
arjefm-72	141	9	equations	equation	NOUN
arjefm-72	141	10	(	(	PUNCT
arjefm-72	141	11	2	2	NUM
arjefm-72	141	12	)	)	PUNCT
arjefm-72	141	13	and	and	CCONJ
arjefm-72	141	14	(	(	PUNCT
arjefm-72	141	15	3	3	X
arjefm-72	141	16	)	)	PUNCT
arjefm-72	141	17	into	into	ADP
arjefm-72	141	18	nondiscretionary	nondiscretionary	ADJ
arjefm-72	141	19	accruals	accrual	NOUN
arjefm-72	141	20	(	(	PUNCT
arjefm-72	141	21	ndacs	ndac	NOUN
arjefm-72	141	22	)	)	PUNCT
arjefm-72	141	23	and	and	CCONJ
arjefm-72	141	24	discretionary	discretionary	ADJ
arjefm-72	141	25	accruals	accrual	NOUN
arjefm-72	141	26	(	(	PUNCT
arjefm-72	141	27	dacs	dac	NOUN
arjefm-72	141	28	)	)	PUNCT
arjefm-72	141	29	.	.	PUNCT
arjefm-72	142	1	this	this	PRON
arjefm-72	142	2	will	will	AUX
arjefm-72	142	3	determine	determine	VERB
arjefm-72	142	4	the	the	DET
arjefm-72	142	5	additional	additional	ADJ
arjefm-72	142	6	explanatory	explanatory	ADJ
arjefm-72	142	7	power	power	NOUN
arjefm-72	142	8	of	of	ADP
arjefm-72	142	9	the	the	DET
arjefm-72	142	10	discretionary	discretionary	ADJ
arjefm-72	142	11	(	(	PUNCT
arjefm-72	142	12	non	non	ADJ
arjefm-72	142	13	-	-	ADJ
arjefm-72	142	14	discretionary	discretionary	ADJ
arjefm-72	142	15	)	)	PUNCT
arjefm-72	142	16	component	component	NOUN
arjefm-72	142	17	of	of	ADP
arjefm-72	142	18	accruals	accrual	NOUN
arjefm-72	142	19	in	in	ADP
arjefm-72	142	20	our	our	PRON
arjefm-72	142	21	liquidity	liquidity	NOUN
arjefm-72	142	22	measurement	measurement	NOUN
arjefm-72	142	23	model	model	NOUN
arjefm-72	142	24	.	.	PUNCT
arjefm-72	143	1	a.	a.	NOUN
arjefm-72	144	1	the	the	DET
arjefm-72	144	2	endogenous	endogenous	ADJ
arjefm-72	144	3	variables	variable	NOUN
arjefm-72	144	4	market	market	NOUN
arjefm-72	144	5	liquidity	liquidity	NOUN
arjefm-72	144	6	the	the	DET
arjefm-72	144	7	theory	theory	NOUN
arjefm-72	144	8	provides	provide	VERB
arjefm-72	144	9	a	a	DET
arjefm-72	144	10	number	number	NOUN
arjefm-72	144	11	of	of	ADP
arjefm-72	144	12	liquidity	liquidity	NOUN
arjefm-72	144	13	measures	measure	NOUN
arjefm-72	144	14	:	:	PUNCT
arjefm-72	144	15	the	the	DET
arjefm-72	144	16	ask	ask	NOUN
arjefm-72	144	17	-	-	PUNCT
arjefm-72	144	18	bid	bid	ADJ
arjefm-72	144	19	spread	spread	NOUN
arjefm-72	144	20	of	of	ADP
arjefm-72	144	21	illiquidity	illiquidity	NOUN
arjefm-72	144	22	ratio	ratio	NOUN
arjefm-72	144	23	,	,	PUNCT
arjefm-72	144	24	transaction	transaction	NOUN
arjefm-72	144	25	volume	volume	NOUN
arjefm-72	144	26	,	,	PUNCT
arjefm-72	144	27	etc	etc	X
arjefm-72	144	28	.	.	X
arjefm-72	144	29	in	in	ADP
arjefm-72	144	30	our	our	PRON
arjefm-72	144	31	study	study	NOUN
arjefm-72	144	32	,	,	PUNCT
arjefm-72	144	33	we	we	PRON
arjefm-72	144	34	measured	measure	VERB
arjefm-72	144	35	this	this	DET
arjefm-72	144	36	variable	variable	NOUN
arjefm-72	144	37	by	by	ADP
arjefm-72	144	38	the	the	DET
arjefm-72	144	39	average	average	ADJ
arjefm-72	144	40	annual	annual	ADJ
arjefm-72	144	41	spread	spread	NOUN
arjefm-72	144	42	(	(	PUNCT
arjefm-72	144	43	attig	attig	NOUN
arjefm-72	144	44	and	and	CCONJ
arjefm-72	144	45	al	al	PROPN
arjefm-72	144	46	.	.	PROPN
arjefm-72	144	47	2006	2006	NUM
arjefm-72	144	48	and	and	CCONJ
arjefm-72	144	49	bafghi	bafghi	PROPN
arjefm-72	144	50	et	et	PROPN
arjefm-72	144	51	al	al	PROPN
arjefm-72	144	52	.	.	PROPN
arjefm-72	144	53	,	,	PUNCT
arjefm-72	144	54	2014	2014	NUM
arjefm-72	144	55	)	)	PUNCT
arjefm-72	144	56	,	,	PUNCT
arjefm-72	144	57	as	as	SCONJ
arjefm-72	144	58	it	it	PRON
arjefm-72	144	59	had	have	AUX
arjefm-72	144	60	been	be	AUX
arjefm-72	144	61	shown	show	VERB
arjefm-72	144	62	that	that	SCONJ
arjefm-72	144	63	it	it	PRON
arjefm-72	144	64	was	be	AUX
arjefm-72	144	65	the	the	DET
arjefm-72	144	66	most	most	ADV
arjefm-72	144	67	appropriate	appropriate	ADJ
arjefm-72	144	68	measure	measure	NOUN
arjefm-72	144	69	for	for	ADP
arjefm-72	144	70	the	the	DET
arjefm-72	144	71	tunisian	tunisian	ADJ
arjefm-72	144	72	context	context	NOUN
arjefm-72	144	73	and	and	CCONJ
arjefm-72	144	74	most	most	ADV
arjefm-72	144	75	likely	likely	ADJ
arjefm-72	144	76	to	to	PART
arjefm-72	144	77	determine	determine	VERB
arjefm-72	144	78	liquidity	liquidity	NOUN
arjefm-72	144	79	of	of	ADP
arjefm-72	144	80	the	the	DET
arjefm-72	144	81	tunis	tunis	PROPN
arjefm-72	144	82	stock	stock	NOUN
arjefm-72	144	83	exchange	exchange	PROPN
arjefm-72	144	84	(	(	PUNCT
arjefm-72	144	85	matoussi	matoussi	PROPN
arjefm-72	144	86	and	and	CCONJ
arjefm-72	144	87	al	al	PROPN
arjefm-72	144	88	.	.	PROPN
arjefm-72	144	89	,	,	PUNCT
arjefm-72	144	90	2004	2004	NUM
arjefm-72	144	91	)	)	PUNCT
arjefm-72	144	92	.	.	PUNCT
arjefm-72	145	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-72	146	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	147	1	american	american	PROPN
arjefm-72	147	2	research	research	PROPN
arjefm-72	147	3	journal	journal	PROPN
arjefm-72	147	4	of	of	ADP
arjefm-72	147	5	economics	economic	NOUN
arjefm-72	147	6	,	,	PUNCT
arjefm-72	147	7	finance	finance	NOUN
arjefm-72	147	8	and	and	CCONJ
arjefm-72	147	9	management	management	NOUN
arjefm-72	147	10	volume	volume	NOUN
arjefm-72	147	11	10	10	NUM
arjefm-72	147	12	issue	issue	NOUN
arjefm-72	147	13	4	4	NUM
arjefm-72	147	14	,	,	PUNCT
arjefm-72	147	15	october	october	PROPN
arjefm-72	147	16	-	-	PUNCT
arjefm-72	147	17	december	december	PROPN
arjefm-72	147	18	2022	2022	NUM
arjefm-72	147	19	issn	issn	NOUN
arjefm-72	147	20	:	:	PUNCT
arjefm-72	147	21	2836	2836	NUM
arjefm-72	147	22	-	-	SYM
arjefm-72	147	23	9416	9416	NUM
arjefm-72	147	24	impact	impact	NOUN
arjefm-72	147	25	factor	factor	NOUN
arjefm-72	147	26	:	:	PUNCT
arjefm-72	147	27	4.85	4.85	NUM
arjefm-72	147	28	journal	journal	NOUN
arjefm-72	147	29	homepage	homepage	NOUN
arjefm-72	147	30	:	:	PUNCT
arjefm-72	147	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	147	32	,	,	PUNCT
arjefm-72	147	33	email	email	NOUN
arjefm-72	147	34	:	:	PUNCT
arjefm-72	147	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	147	36	official	official	ADJ
arjefm-72	147	37	journal	journal	PROPN
arjefm-72	147	38	of	of	ADP
arjefm-72	147	39	america	america	PROPN
arjefm-72	147	40	serial	serial	PROPN
arjefm-72	147	41	publication	publication	NOUN
arjefm-72	147	42	american	american	PROPN
arjefm-72	147	43	research	research	PROPN
arjefm-72	147	44	journal	journal	PROPN
arjefm-72	147	45	of	of	ADP
arjefm-72	147	46	economics	economic	NOUN
arjefm-72	147	47	,	,	PUNCT
arjefm-72	147	48	finance	finance	NOUN
arjefm-72	147	49	and	and	CCONJ
arjefm-72	147	50	management	management	NOUN
arjefm-72	147	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	147	52	,	,	PUNCT
arjefm-72	147	53	email	email	NOUN
arjefm-72	147	54	:	:	PUNCT
arjefm-72	147	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	148	1	6	6	NUM
arjefm-72	148	2	|	|	ADV
arjefm-72	148	3	p	p	X
arjefm-72	148	4	a	a	DET
arjefm-72	148	5	g	g	NOUN
arjefm-72	148	6	e	e	NOUN
arjefm-72	148	7	the	the	DET
arjefm-72	148	8	spread	spread	NOUN
arjefm-72	148	9	was	be	AUX
arjefm-72	148	10	calculated	calculate	VERB
arjefm-72	148	11	for	for	ADP
arjefm-72	148	12	each	each	DET
arjefm-72	148	13	sample	sample	NOUN
arjefm-72	148	14	value	value	NOUN
arjefm-72	148	15	and	and	CCONJ
arjefm-72	148	16	for	for	ADP
arjefm-72	148	17	each	each	DET
arjefm-72	148	18	day	day	NOUN
arjefm-72	148	19	,	,	PUNCT
arjefm-72	148	20	as	as	ADP
arjefm-72	148	21	the	the	DET
arjefm-72	148	22	difference	difference	NOUN
arjefm-72	148	23	between	between	ADP
arjefm-72	148	24	the	the	DET
arjefm-72	148	25	best	good	ADJ
arjefm-72	148	26	purchasing	purchasing	NOUN
arjefm-72	148	27	price	price	NOUN
arjefm-72	148	28	and	and	CCONJ
arjefm-72	148	29	the	the	DET
arjefm-72	148	30	best	good	ADJ
arjefm-72	148	31	selling	selling	NOUN
arjefm-72	148	32	price	price	NOUN
arjefm-72	148	33	divided	divide	VERB
arjefm-72	148	34	by	by	ADP
arjefm-72	148	35	the	the	DET
arjefm-72	148	36	average	average	NOUN
arjefm-72	148	37	of	of	ADP
arjefm-72	148	38	the	the	DET
arjefm-72	148	39	two	two	NUM
arjefm-72	148	40	prices	price	NOUN
arjefm-72	148	41	.	.	PUNCT
arjefm-72	149	1	the	the	DET
arjefm-72	149	2	spread	spread	NOUN
arjefm-72	149	3	of	of	ADP
arjefm-72	149	4	the	the	DET
arjefm-72	149	5	tunis	tunis	NOUN
arjefm-72	149	6	stock	stock	NOUN
arjefm-72	149	7	exchange	exchange	NOUN
arjefm-72	149	8	that	that	PRON
arjefm-72	149	9	corresponds	correspond	VERB
arjefm-72	149	10	to	to	ADP
arjefm-72	149	11	the	the	DET
arjefm-72	149	12	indicated	indicate	VERB
arjefm-72	149	13	market	market	NOUN
arjefm-72	149	14	costs	cost	NOUN
arjefm-72	149	15	was	be	AUX
arjefm-72	149	16	selected	select	VERB
arjefm-72	149	17	to	to	PART
arjefm-72	149	18	measure	measure	VERB
arjefm-72	149	19	liquidity	liquidity	NOUN
arjefm-72	149	20	(	(	PUNCT
arjefm-72	149	21	4	4	NUM
arjefm-72	149	22	)	)	PUNCT
arjefm-72	149	23	.	.	PUNCT
arjefm-72	150	1	askit	askit	PROPN
arjefm-72	150	2	bid	bid	VERB
arjefm-72	150	3	it	it	PRON
arjefm-72	150	4	sprdit=	sprdit=	NUM
arjefm-72	150	5	ask	ask	VERB
arjefm-72	150	6	it	it	PRON
arjefm-72	150	7	bid	bid	VERB
arjefm-72	150	8	it	it	PRON
arjefm-72	150	9	(	(	PUNCT
arjefm-72	150	10	4	4	NUM
arjefm-72	150	11	)	)	PUNCT
arjefm-72	150	12	2	2	NUM
arjefm-72	150	13	with	with	ADP
arjefm-72	150	14	:	:	PUNCT
arjefm-72	150	15	askit	askit	PROPN
arjefm-72	150	16	=	=	PUNCT
arjefm-72	151	1	the	the	DET
arjefm-72	151	2	price	price	NOUN
arjefm-72	151	3	ask	ask	NOUN
arjefm-72	151	4	of	of	ADP
arjefm-72	151	5	stocki	stocki	NOUN
arjefm-72	151	6	on	on	ADP
arjefm-72	151	7	day	day	NOUN
arjefm-72	151	8	t.	t.	NOUN
arjefm-72	151	9	bidit	bidit	NOUN
arjefm-72	151	10	=	=	PUNCT
arjefm-72	151	11	the	the	DET
arjefm-72	151	12	price	price	NOUN
arjefm-72	151	13	bid	bid	NOUN
arjefm-72	151	14	of	of	ADP
arjefm-72	151	15	stocki	stocki	NOUN
arjefm-72	151	16	on	on	ADP
arjefm-72	151	17	day	day	NOUN
arjefm-72	151	18	t.	t.	NOUN
arjefm-72	151	19	earnings	earning	NOUN
arjefm-72	151	20	management	management	NOUN
arjefm-72	151	21	component	component	NOUN
arjefm-72	151	22	as	as	SCONJ
arjefm-72	151	23	indicated	indicate	VERB
arjefm-72	151	24	above	above	ADV
arjefm-72	151	25	,	,	PUNCT
arjefm-72	151	26	the	the	DET
arjefm-72	151	27	modified	modify	VERB
arjefm-72	151	28	models	model	NOUN
arjefm-72	151	29	of	of	ADP
arjefm-72	151	30	jones	jones	PROPN
arjefm-72	151	31	(	(	PUNCT
arjefm-72	151	32	1995	1995	NUM
arjefm-72	151	33	)	)	PUNCT
arjefm-72	151	34	were	be	AUX
arjefm-72	151	35	adopted	adopt	VERB
arjefm-72	151	36	for	for	ADP
arjefm-72	151	37	the	the	DET
arjefm-72	151	38	earnings	earning	NOUN
arjefm-72	151	39	management	management	NOUN
arjefm-72	151	40	measurement	measurement	NOUN
arjefm-72	151	41	(	(	PUNCT
arjefm-72	151	42	5	5	NUM
arjefm-72	151	43	)	)	PUNCT
arjefm-72	151	44	.	.	PUNCT
arjefm-72	152	1	tacit	tacit	ADJ
arjefm-72	152	2	/	/	SYM
arjefm-72	152	3	ait	ait	NOUN
arjefm-72	152	4	1	1	NUM
arjefm-72	152	5	(	(	PUNCT
arjefm-72	152	6	1/	1/	NUM
arjefm-72	152	7	ait	ait	NOUN
arjefm-72	152	8	1	1	NUM
arjefm-72	152	9	)	)	PUNCT
arjefm-72	152	10	1	1	NUM
arjefm-72	152	11	(	(	PUNCT
arjefm-72	152	12	reit	reit	NOUN
arjefm-72	152	13	/	/	SYM
arjefm-72	152	14	ait	ait	PROPN
arjefm-72	152	15	1	1	NUM
arjefm-72	152	16	)	)	PUNCT
arjefm-72	152	17	2(ppeit	2(ppeit	PROPN
arjefm-72	152	18	/	/	SYM
arjefm-72	152	19	ait	ait	NOUN
arjefm-72	152	20	1	1	NUM
arjefm-72	152	21	)	)	PUNCT
arjefm-72	153	1	e	e	VERB
arjefm-72	153	2	it	it	PRON
arjefm-72	153	3	(	(	PUNCT
arjefm-72	153	4	5	5	NUM
arjefm-72	153	5	)	)	PUNCT
arjefm-72	153	6	with	with	ADP
arjefm-72	153	7	:	:	PUNCT
arjefm-72	153	8	tacit	tacit	ADJ
arjefm-72	153	9	:	:	PUNCT
arjefm-72	153	10	total	total	ADJ
arjefm-72	153	11	accruals	accrual	NOUN
arjefm-72	153	12	of	of	ADP
arjefm-72	153	13	firm	firm	ADJ
arjefm-72	153	14	i	i	PRON
arjefm-72	153	15	in	in	ADP
arjefm-72	153	16	year	year	NOUN
arjefm-72	153	17	t.	t.	PROPN
arjefm-72	153	18	ait-1	ait-1	PUNCT
arjefm-72	153	19	:	:	PUNCT
arjefm-72	153	20	total	total	ADJ
arjefm-72	153	21	assets	asset	NOUN
arjefm-72	153	22	at	at	ADP
arjefm-72	153	23	the	the	DET
arjefm-72	153	24	end	end	NOUN
arjefm-72	153	25	of	of	ADP
arjefm-72	153	26	year	year	NOUN
arjefm-72	153	27	t-1	t-1	PROPN
arjefm-72	153	28	.	.	PUNCT
arjefm-72	154	1	δreit	δreit	PROPN
arjefm-72	154	2	:(	:(	PROPN
arjefm-72	154	3	ca	ca	NOUN
arjefm-72	154	4	)	)	PUNCT
arjefm-72	154	5	net	net	ADJ
arjefm-72	154	6	total	total	ADJ
arjefm-72	154	7	revenues	revenue	NOUN
arjefm-72	154	8	between	between	ADP
arjefm-72	154	9	t	t	PROPN
arjefm-72	154	10	and	and	CCONJ
arjefm-72	154	11	t-1	t-1	PROPN
arjefm-72	154	12	of	of	ADP
arjefm-72	154	13	firm	firm	PROPN
arjefm-72	154	14	i.	i.	PROPN
arjefm-72	154	15	reit	reit	PROPN
arjefm-72	154	16	revit	revit	PROPN
arjefm-72	154	17	rec	rec	VERB
arjefm-72	154	18	it	it	PRON
arjefm-72	154	19	δrevit	δrevit	ADV
arjefm-72	154	20	:	:	PUNCT
arjefm-72	154	21	total	total	ADJ
arjefm-72	154	22	revenues	revenue	NOUN
arjefm-72	154	23	variation	variation	NOUN
arjefm-72	154	24	between	between	ADP
arjefm-72	154	25	t	t	PROPN
arjefm-72	154	26	and	and	CCONJ
arjefm-72	154	27	t-1	t-1	PROPN
arjefm-72	154	28	of	of	ADP
arjefm-72	154	29	firm	firm	ADJ
arjefm-72	154	30	i.	i.	PROPN
arjefm-72	154	31	δrecit	δrecit	PROPN
arjefm-72	154	32	:	:	PUNCT
arjefm-72	154	33	receiveables	receiveable	NOUN
arjefm-72	154	34	variation	variation	NOUN
arjefm-72	154	35	between	between	ADP
arjefm-72	154	36	t	t	PROPN
arjefm-72	154	37	and	and	CCONJ
arjefm-72	154	38	t-1	t-1	PROPN
arjefm-72	154	39	of	of	ADP
arjefm-72	154	40	firm	firm	ADJ
arjefm-72	154	41	i.	i.	PROPN
arjefm-72	154	42	ppeit	ppeit	NOUN
arjefm-72	154	43	:	:	PUNCT
arjefm-72	154	44	gross	gross	ADJ
arjefm-72	154	45	provisions	provision	NOUN
arjefm-72	154	46	of	of	ADP
arjefm-72	154	47	firm	firm	ADJ
arjefm-72	154	48	i	i	PRON
arjefm-72	154	49	at	at	ADP
arjefm-72	154	50	moment	moment	NOUN
arjefm-72	154	51	t.	t.	PROPN
arjefm-72	154	52	eit	eit	PROPN
arjefm-72	155	1	:	:	PUNCT
arjefm-72	155	2	residuals	residual	NOUN
arjefm-72	155	3	of	of	ADP
arjefm-72	155	4	discretionary	discretionary	ADJ
arjefm-72	155	5	accruals	accrual	NOUN
arjefm-72	155	6	model	model	NOUN
arjefm-72	155	7	of	of	ADP
arjefm-72	155	8	firm	firm	ADJ
arjefm-72	155	9	i	i	PRON
arjefm-72	155	10	in	in	ADP
arjefm-72	155	11	year	year	NOUN
arjefm-72	155	12	t	t	PROPN
arjefm-72	155	13	(	(	PUNCT
arjefm-72	155	14	dacit	dacit	PROPN
arjefm-72	155	15	)	)	PUNCT
arjefm-72	155	16	.	.	PUNCT
arjefm-72	156	1	βi	βi	PRON
arjefm-72	156	2	:	:	PUNCT
arjefm-72	156	3	coefficients	coefficient	NOUN
arjefm-72	156	4	estimated	estimate	VERB
arjefm-72	156	5	for	for	ADP
arjefm-72	156	6	firm	firm	ADJ
arjefm-72	156	7	i.	i.	PROPN
arjefm-72	156	8	α	α	PROPN
arjefm-72	156	9	:	:	PUNCT
arjefm-72	156	10	constant	constant	ADJ
arjefm-72	156	11	term	term	NOUN
arjefm-72	156	12	b.	b.	PROPN
arjefm-72	157	1	the	the	DET
arjefm-72	157	2	control	control	NOUN
arjefm-72	157	3	variables	variable	NOUN
arjefm-72	157	4	according	accord	VERB
arjefm-72	157	5	to	to	ADP
arjefm-72	157	6	the	the	DET
arjefm-72	157	7	literature	literature	NOUN
arjefm-72	157	8	many	many	ADJ
arjefm-72	157	9	determinants	determinant	NOUN
arjefm-72	157	10	of	of	ADP
arjefm-72	157	11	the	the	DET
arjefm-72	157	12	ask	ask	NOUN
arjefm-72	157	13	-	-	PUNCT
arjefm-72	157	14	bid	bid	NOUN
arjefm-72	157	15	spread	spread	NOUN
arjefm-72	157	16	,	,	PUNCT
arjefm-72	157	17	including	include	VERB
arjefm-72	157	18	transaction	transaction	NOUN
arjefm-72	157	19	volume	volume	NOUN
arjefm-72	157	20	,	,	PUNCT
arjefm-72	157	21	price	price	NOUN
arjefm-72	157	22	volatility	volatility	NOUN
arjefm-72	157	23	,	,	PUNCT
arjefm-72	157	24	stock	stock	NOUN
arjefm-72	157	25	price	price	NOUN
arjefm-72	157	26	and	and	CCONJ
arjefm-72	157	27	firm	firm	ADJ
arjefm-72	157	28	size	size	NOUN
arjefm-72	157	29	(	(	PUNCT
arjefm-72	157	30	amihud	amihud	PROPN
arjefm-72	157	31	2002	2002	NUM
arjefm-72	157	32	,	,	PUNCT
arjefm-72	157	33	brockman	brockman	PROPN
arjefm-72	157	34	and	and	CCONJ
arjefm-72	157	35	chung	chung	PROPN
arjefm-72	157	36	2001	2001	NUM
arjefm-72	157	37	)	)	PUNCT
arjefm-72	157	38	could	could	AUX
arjefm-72	157	39	be	be	AUX
arjefm-72	157	40	provided	provide	VERB
arjefm-72	157	41	.	.	PUNCT
arjefm-72	158	1	a	a	DET
arjefm-72	158	2	fortiori	fortiori	PROPN
arjefm-72	158	3	,	,	PUNCT
arjefm-72	158	4	ascioglu	ascioglu	PROPN
arjefm-72	158	5	et	et	NOUN
arjefm-72	158	6	al	al	PROPN
arjefm-72	158	7	.	.	PROPN
arjefm-72	158	8	(	(	PUNCT
arjefm-72	158	9	2012	2012	NUM
arjefm-72	158	10	)	)	PUNCT
arjefm-72	158	11	highlighted	highlight	VERB
arjefm-72	158	12	the	the	DET
arjefm-72	158	13	positive	positive	ADJ
arjefm-72	158	14	relationship	relationship	NOUN
arjefm-72	158	15	between	between	ADP
arjefm-72	158	16	transaction	transaction	NOUN
arjefm-72	158	17	volume	volume	NOUN
arjefm-72	158	18	and	and	CCONJ
arjefm-72	158	19	liquidity	liquidity	NOUN
arjefm-72	158	20	level	level	NOUN
arjefm-72	158	21	,	,	PUNCT
arjefm-72	158	22	while	while	SCONJ
arjefm-72	158	23	others	other	NOUN
arjefm-72	158	24	found	find	VERB
arjefm-72	158	25	a	a	DET
arjefm-72	158	26	negative	negative	ADJ
arjefm-72	158	27	relationship	relationship	NOUN
arjefm-72	158	28	with	with	ADP
arjefm-72	158	29	size	size	NOUN
arjefm-72	158	30	and	and	CCONJ
arjefm-72	158	31	price	price	NOUN
arjefm-72	158	32	(	(	PUNCT
arjefm-72	158	33	amihud	amihud	PROPN
arjefm-72	158	34	2002	2002	NUM
arjefm-72	158	35	)	)	PUNCT
arjefm-72	158	36	.	.	PUNCT
arjefm-72	159	1	transaction	transaction	NOUN
arjefm-72	159	2	volume	volume	NOUN
arjefm-72	159	3	an	an	DET
arjefm-72	159	4	increase	increase	NOUN
arjefm-72	159	5	in	in	ADP
arjefm-72	159	6	transaction	transaction	NOUN
arjefm-72	159	7	volume	volume	NOUN
arjefm-72	159	8	involves	involve	VERB
arjefm-72	159	9	a	a	DET
arjefm-72	159	10	serious	serious	ADJ
arjefm-72	159	11	disequilibrium	disequilibrium	NOUN
arjefm-72	159	12	in	in	ADP
arjefm-72	159	13	the	the	DET
arjefm-72	159	14	equity	equity	NOUN
arjefm-72	159	15	market	market	NOUN
arjefm-72	159	16	.	.	PUNCT
arjefm-72	160	1	it	it	PRON
arjefm-72	160	2	implies	imply	VERB
arjefm-72	160	3	additional	additional	ADJ
arjefm-72	160	4	costs	cost	NOUN
arjefm-72	160	5	that	that	PRON
arjefm-72	160	6	should	should	AUX
arjefm-72	160	7	be	be	AUX
arjefm-72	160	8	compensated	compensate	VERB
arjefm-72	160	9	by	by	ADP
arjefm-72	160	10	widening	widen	VERB
arjefm-72	160	11	the	the	DET
arjefm-72	160	12	spread	spread	NOUN
arjefm-72	160	13	.	.	PUNCT
arjefm-72	161	1	atiase	atiase	PROPN
arjefm-72	161	2	and	and	CCONJ
arjefm-72	161	3	bamber(1994	bamber(1994	NOUN
arjefm-72	161	4	)	)	PUNCT
arjefm-72	161	5	considered	consider	VERB
arjefm-72	161	6	transactions	transaction	NOUN
arjefm-72	161	7	volume	volume	NOUN
arjefm-72	161	8	s	s	VERB
arjefm-72	161	9	a	a	DET
arjefm-72	161	10	proxy	proxy	NOUN
arjefm-72	161	11	of	of	ADP
arjefm-72	161	12	information	information	NOUN
arjefm-72	161	13	asymmetry	asymmetry	NOUN
arjefm-72	161	14	.	.	PUNCT
arjefm-72	162	1	moreover	moreover	ADV
arjefm-72	162	2	,	,	PUNCT
arjefm-72	162	3	stoll	stoll	PROPN
arjefm-72	162	4	(	(	PUNCT
arjefm-72	162	5	1978	1978	NUM
arjefm-72	162	6	)	)	PUNCT
arjefm-72	162	7	shown	show	VERB
arjefm-72	162	8	that	that	SCONJ
arjefm-72	162	9	transaction	transaction	NOUN
arjefm-72	162	10	volume	volume	NOUN
arjefm-72	162	11	and	and	CCONJ
arjefm-72	162	12	risk	risk	NOUN
arjefm-72	162	13	affect	affect	VERB
arjefm-72	162	14	the	the	DET
arjefm-72	162	15	stock	stock	NOUN
arjefm-72	162	16	holding	hold	VERB
arjefm-72	162	17	cost	cost	NOUN
arjefm-72	162	18	and	and	CCONJ
arjefm-72	162	19	that	that	SCONJ
arjefm-72	162	20	stock	stock	NOUN
arjefm-72	162	21	price	price	NOUN
arjefm-72	162	22	was	be	AUX
arjefm-72	162	23	a	a	DET
arjefm-72	162	24	proxy	proxy	NOUN
arjefm-72	162	25	for	for	ADP
arjefm-72	162	26	the	the	DET
arjefm-72	162	27	unobservable	unobservable	ADJ
arjefm-72	162	28	minimum	minimum	ADJ
arjefm-72	162	29	cost	cost	NOUN
arjefm-72	162	30	.	.	PUNCT
arjefm-72	163	1	the	the	DET
arjefm-72	163	2	authors	author	NOUN
arjefm-72	163	3	argued	argue	VERB
arjefm-72	163	4	that	that	SCONJ
arjefm-72	163	5	spreads	spread	NOUN
arjefm-72	163	6	negatively	negatively	ADV
arjefm-72	163	7	relate	relate	VERB
arjefm-72	163	8	to	to	ADP
arjefm-72	163	9	transaction	transaction	NOUN
arjefm-72	163	10	volume	volume	NOUN
arjefm-72	163	11	.	.	PUNCT
arjefm-72	164	1	similarly	similarly	ADV
arjefm-72	164	2	,	,	PUNCT
arjefm-72	164	3	(	(	PUNCT
arjefm-72	164	4	chen	chen	PROPN
arjefm-72	164	5	et	et	PROPN
arjefm-72	164	6	al	al	PROPN
arjefm-72	164	7	.	.	PROPN
arjefm-72	164	8	,	,	PUNCT
arjefm-72	164	9	2007	2007	NUM
arjefm-72	164	10	)	)	PUNCT
arjefm-72	164	11	found	find	VERB
arjefm-72	164	12	that	that	SCONJ
arjefm-72	164	13	liquidity	liquidity	NOUN
arjefm-72	164	14	is	be	AUX
arjefm-72	164	15	an	an	DET
arjefm-72	164	16	increasing	increase	VERB
arjefm-72	164	17	function	function	NOUN
arjefm-72	164	18	of	of	ADP
arjefm-72	164	19	transaction	transaction	NOUN
arjefm-72	164	20	volume	volume	NOUN
arjefm-72	164	21	.	.	PUNCT
arjefm-72	165	1	stock	stock	NOUN
arjefm-72	165	2	price	price	NOUN
arjefm-72	165	3	the	the	DET
arjefm-72	165	4	financial	financial	ADJ
arjefm-72	165	5	literature	literature	NOUN
arjefm-72	165	6	assumes	assume	VERB
arjefm-72	165	7	that	that	SCONJ
arjefm-72	165	8	price	price	NOUN
arjefm-72	165	9	significantly	significantly	ADV
arjefm-72	165	10	explains	explain	VERB
arjefm-72	165	11	stock	stock	NOUN
arjefm-72	165	12	liquidity	liquidity	NOUN
arjefm-72	165	13	.	.	PUNCT
arjefm-72	166	1	indeed	indeed	ADV
arjefm-72	166	2	,	,	PUNCT
arjefm-72	166	3	the	the	DET
arjefm-72	166	4	studies	study	NOUN
arjefm-72	166	5	of	of	ADP
arjefm-72	166	6	attig	attig	PROPN
arjefm-72	166	7	et	et	PROPN
arjefm-72	166	8	al	al	PROPN
arjefm-72	166	9	.	.	PROPN
arjefm-72	166	10	,	,	PUNCT
arjefm-72	166	11	(	(	PUNCT
arjefm-72	166	12	2006	2006	NUM
arjefm-72	166	13	)	)	PUNCT
arjefm-72	166	14	,	,	PUNCT
arjefm-72	166	15	brockman	brockman	PROPN
arjefm-72	166	16	and	and	CCONJ
arjefm-72	166	17	chung	chung	PROPN
arjefm-72	166	18	(	(	PUNCT
arjefm-72	166	19	2001	2001	NUM
arjefm-72	166	20	)	)	PUNCT
arjefm-72	166	21	,	,	PUNCT
arjefm-72	166	22	and	and	CCONJ
arjefm-72	166	23	ajina	ajina	NOUN
arjefm-72	166	24	et	et	PROPN
arjefm-72	166	25	al	al	PROPN
arjefm-72	166	26	.	.	PROPN
arjefm-72	166	27	,	,	PUNCT
arjefm-72	166	28	(	(	PUNCT
arjefm-72	166	29	2015	2015	NUM
arjefm-72	166	30	)	)	PUNCT
arjefm-72	166	31	found	find	VERB
arjefm-72	166	32	that	that	SCONJ
arjefm-72	166	33	stock	stock	NOUN
arjefm-72	166	34	price	price	NOUN
arjefm-72	166	35	positively	positively	ADV
arjefm-72	166	36	correlates	correlate	VERB
arjefm-72	166	37	with	with	ADP
arjefm-72	166	38	liquidity	liquidity	NOUN
arjefm-72	166	39	.	.	PUNCT
arjefm-72	167	1	stock	stock	NOUN
arjefm-72	167	2	returns	return	NOUN
arjefm-72	167	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-72	168	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	168	2	american	american	PROPN
arjefm-72	168	3	research	research	PROPN
arjefm-72	168	4	journal	journal	PROPN
arjefm-72	168	5	of	of	ADP
arjefm-72	168	6	economics	economic	NOUN
arjefm-72	168	7	,	,	PUNCT
arjefm-72	168	8	finance	finance	NOUN
arjefm-72	168	9	and	and	CCONJ
arjefm-72	168	10	management	management	NOUN
arjefm-72	168	11	volume	volume	NOUN
arjefm-72	168	12	10	10	NUM
arjefm-72	168	13	issue	issue	NOUN
arjefm-72	168	14	4	4	NUM
arjefm-72	168	15	,	,	PUNCT
arjefm-72	168	16	october	october	PROPN
arjefm-72	168	17	-	-	PUNCT
arjefm-72	168	18	december	december	PROPN
arjefm-72	168	19	2022	2022	NUM
arjefm-72	168	20	issn	issn	NOUN
arjefm-72	168	21	:	:	PUNCT
arjefm-72	168	22	2836	2836	NUM
arjefm-72	168	23	-	-	SYM
arjefm-72	168	24	9416	9416	NUM
arjefm-72	168	25	impact	impact	NOUN
arjefm-72	168	26	factor	factor	NOUN
arjefm-72	168	27	:	:	PUNCT
arjefm-72	168	28	4.85	4.85	NUM
arjefm-72	168	29	journal	journal	NOUN
arjefm-72	168	30	homepage	homepage	NOUN
arjefm-72	168	31	:	:	PUNCT
arjefm-72	168	32	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	168	33	,	,	PUNCT
arjefm-72	168	34	email	email	NOUN
arjefm-72	168	35	:	:	PUNCT
arjefm-72	168	36	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	168	37	official	official	ADJ
arjefm-72	168	38	journal	journal	PROPN
arjefm-72	168	39	of	of	ADP
arjefm-72	168	40	america	america	PROPN
arjefm-72	168	41	serial	serial	PROPN
arjefm-72	168	42	publication	publication	NOUN
arjefm-72	168	43	american	american	PROPN
arjefm-72	168	44	research	research	PROPN
arjefm-72	168	45	journal	journal	PROPN
arjefm-72	168	46	of	of	ADP
arjefm-72	168	47	economics	economic	NOUN
arjefm-72	168	48	,	,	PUNCT
arjefm-72	168	49	finance	finance	NOUN
arjefm-72	168	50	and	and	CCONJ
arjefm-72	168	51	management	management	NOUN
arjefm-72	168	52	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	168	53	,	,	PUNCT
arjefm-72	168	54	email	email	NOUN
arjefm-72	168	55	:	:	PUNCT
arjefm-72	168	56	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	168	57	7	7	NUM
arjefm-72	169	1	|	|	ADV
arjefm-72	169	2	p	p	X
arjefm-72	169	3	a	a	DET
arjefm-72	169	4	g	g	NOUN
arjefm-72	169	5	e	e	NOUN
arjefm-72	169	6	numerous	numerous	ADJ
arjefm-72	169	7	models	model	NOUN
arjefm-72	169	8	studying	study	VERB
arjefm-72	169	9	the	the	DET
arjefm-72	169	10	relationship	relationship	NOUN
arjefm-72	169	11	between	between	ADP
arjefm-72	169	12	returns	return	NOUN
arjefm-72	169	13	and	and	CCONJ
arjefm-72	169	14	liquidity	liquidity	NOUN
arjefm-72	169	15	have	have	AUX
arjefm-72	169	16	been	be	AUX
arjefm-72	169	17	developed	develop	VERB
arjefm-72	169	18	in	in	ADP
arjefm-72	169	19	the	the	DET
arjefm-72	169	20	literature	literature	NOUN
arjefm-72	169	21	.	.	PUNCT
arjefm-72	170	1	most	most	ADJ
arjefm-72	170	2	of	of	ADP
arjefm-72	170	3	them	they	PRON
arjefm-72	170	4	indicate	indicate	VERB
arjefm-72	170	5	that	that	SCONJ
arjefm-72	170	6	the	the	DET
arjefm-72	170	7	expected	expect	VERB
arjefm-72	170	8	returns	return	NOUN
arjefm-72	170	9	negatively	negatively	ADV
arjefm-72	170	10	correlate	correlate	VERB
arjefm-72	170	11	with	with	ADP
arjefm-72	170	12	liquidity	liquidity	NOUN
arjefm-72	170	13	(	(	PUNCT
arjefm-72	170	14	amihud	amihud	PROPN
arjefm-72	170	15	2002	2002	NUM
arjefm-72	170	16	)	)	PUNCT
arjefm-72	170	17	.	.	PUNCT
arjefm-72	171	1	indeed	indeed	ADV
arjefm-72	171	2	,	,	PUNCT
arjefm-72	171	3	this	this	DET
arjefm-72	171	4	negative	negative	ADJ
arjefm-72	171	5	sign	sign	NOUN
arjefm-72	171	6	was	be	AUX
arjefm-72	171	7	explained	explain	VERB
arjefm-72	171	8	by	by	ADP
arjefm-72	171	9	investors	investor	NOUN
arjefm-72	171	10	requiring	require	VERB
arjefm-72	171	11	a	a	DET
arjefm-72	171	12	liquidity	liquidity	NOUN
arjefm-72	171	13	premium	premium	NOUN
arjefm-72	171	14	to	to	PART
arjefm-72	171	15	compensate	compensate	VERB
arjefm-72	171	16	the	the	DET
arjefm-72	171	17	high	high	ADJ
arjefm-72	171	18	transaction	transaction	NOUN
arjefm-72	171	19	costs	cost	NOUN
arjefm-72	171	20	.	.	PUNCT
arjefm-72	172	1	thus	thus	ADV
arjefm-72	172	2	,	,	PUNCT
arjefm-72	172	3	under	under	ADP
arjefm-72	172	4	equilibrium	equilibrium	NOUN
arjefm-72	172	5	uninformed	uninformed	ADJ
arjefm-72	172	6	investors	investor	NOUN
arjefm-72	172	7	require	require	VERB
arjefm-72	172	8	compensation	compensation	NOUN
arjefm-72	172	9	for	for	ADP
arjefm-72	172	10	holding	hold	VERB
arjefm-72	172	11	stocks	stock	NOUN
arjefm-72	172	12	with	with	ADP
arjefm-72	172	13	high	high	ADJ
arjefm-72	172	14	private	private	ADJ
arjefm-72	172	15	information	information	NOUN
arjefm-72	172	16	.	.	PUNCT
arjefm-72	173	1	returns	return	NOUN
arjefm-72	173	2	volatility	volatility	NOUN
arjefm-72	173	3	asymmetry	asymmetry	NOUN
arjefm-72	173	4	of	of	ADP
arjefm-72	173	5	market	market	NOUN
arjefm-72	173	6	information	information	NOUN
arjefm-72	173	7	is	be	AUX
arjefm-72	173	8	measured	measure	VERB
arjefm-72	173	9	by	by	ADP
arjefm-72	173	10	returns	return	NOUN
arjefm-72	173	11	volatility	volatility	NOUN
arjefm-72	173	12	.	.	PUNCT
arjefm-72	174	1	accordingly	accordingly	ADV
arjefm-72	174	2	,	,	PUNCT
arjefm-72	174	3	any	any	DET
arjefm-72	174	4	change	change	NOUN
arjefm-72	174	5	in	in	ADP
arjefm-72	174	6	price	price	NOUN
arjefm-72	174	7	produced	produce	VERB
arjefm-72	174	8	by	by	ADP
arjefm-72	174	9	a	a	DET
arjefm-72	174	10	change	change	NOUN
arjefm-72	174	11	in	in	ADP
arjefm-72	174	12	investor	investor	NOUN
arjefm-72	174	13	forecasts	forecast	NOUN
arjefm-72	174	14	results	result	VERB
arjefm-72	174	15	in	in	ADP
arjefm-72	174	16	an	an	DET
arjefm-72	174	17	increase	increase	NOUN
arjefm-72	174	18	in	in	ADP
arjefm-72	174	19	returns	return	NOUN
arjefm-72	174	20	variance	variance	NOUN
arjefm-72	174	21	(	(	PUNCT
arjefm-72	174	22	or	or	CCONJ
arjefm-72	174	23	volatility	volatility	NOUN
arjefm-72	174	24	)	)	PUNCT
arjefm-72	174	25	.	.	PUNCT
arjefm-72	175	1	in	in	ADP
arjefm-72	175	2	this	this	DET
arjefm-72	175	3	regard	regard	NOUN
arjefm-72	175	4	,	,	PUNCT
arjefm-72	175	5	ascioglu	ascioglu	PROPN
arjefm-72	175	6	et	et	NOUN
arjefm-72	175	7	al	al	PROPN
arjefm-72	175	8	.	.	PUNCT
arjefm-72	176	1	(	(	PUNCT
arjefm-72	176	2	2007	2007	NUM
arjefm-72	176	3	)	)	PUNCT
arjefm-72	176	4	shown	show	VERB
arjefm-72	176	5	that	that	SCONJ
arjefm-72	176	6	volatility	volatility	NOUN
arjefm-72	176	7	had	have	VERB
arjefm-72	176	8	an	an	DET
arjefm-72	176	9	impact	impact	NOUN
arjefm-72	176	10	on	on	ADP
arjefm-72	176	11	inventory	inventory	NOUN
arjefm-72	176	12	cost	cost	NOUN
arjefm-72	176	13	and	and	CCONJ
arjefm-72	176	14	stock	stock	NOUN
arjefm-72	176	15	risk	risk	NOUN
arjefm-72	176	16	management	management	NOUN
arjefm-72	176	17	,	,	PUNCT
arjefm-72	176	18	and	and	CCONJ
arjefm-72	176	19	therefore	therefore	ADV
arjefm-72	176	20	widened	widen	VERB
arjefm-72	176	21	the	the	DET
arjefm-72	176	22	spread	spread	NOUN
arjefm-72	176	23	.	.	PUNCT
arjefm-72	177	1	empirical	empirical	ADJ
arjefm-72	177	2	studies	study	NOUN
arjefm-72	177	3	in	in	ADP
arjefm-72	177	4	the	the	DET
arjefm-72	177	5	us	us	PROPN
arjefm-72	177	6	market	market	NOUN
arjefm-72	177	7	such	such	ADJ
arjefm-72	177	8	as	as	ADP
arjefm-72	177	9	those	those	PRON
arjefm-72	177	10	of	of	ADP
arjefm-72	177	11	stoll	stoll	PROPN
arjefm-72	177	12	(	(	PUNCT
arjefm-72	177	13	1978	1978	NUM
arjefm-72	177	14	)	)	PUNCT
arjefm-72	177	15	,	,	PUNCT
arjefm-72	177	16	roulstone	roulstone	NOUN
arjefm-72	177	17	(	(	PUNCT
arjefm-72	177	18	2003	2003	NUM
arjefm-72	177	19	)	)	PUNCT
arjefm-72	177	20	and	and	CCONJ
arjefm-72	177	21	wang	wang	PROPN
arjefm-72	177	22	et	et	PROPN
arjefm-72	177	23	al	al	PROPN
arjefm-72	177	24	.	.	PROPN
arjefm-72	178	1	(	(	PUNCT
arjefm-72	178	2	2009	2009	NUM
arjefm-72	178	3	)	)	PUNCT
arjefm-72	178	4	revealed	reveal	VERB
arjefm-72	178	5	a	a	DET
arjefm-72	178	6	positive	positive	ADJ
arjefm-72	178	7	relationship	relationship	NOUN
arjefm-72	178	8	between	between	ADP
arjefm-72	178	9	volatility	volatility	NOUN
arjefm-72	178	10	and	and	CCONJ
arjefm-72	178	11	ask	ask	NOUN
arjefm-72	178	12	-	-	PUNCT
arjefm-72	178	13	bid	bid	NOUN
arjefm-72	178	14	spread	spread	NOUN
arjefm-72	178	15	.	.	PUNCT
arjefm-72	179	1	firm	firm	ADJ
arjefm-72	179	2	size	size	NOUN
arjefm-72	179	3	firm	firm	NOUN
arjefm-72	179	4	size	size	NOUN
arjefm-72	179	5	is	be	AUX
arjefm-72	179	6	considered	consider	VERB
arjefm-72	179	7	to	to	PART
arjefm-72	179	8	approximate	approximate	VERB
arjefm-72	179	9	the	the	DET
arjefm-72	179	10	degree	degree	NOUN
arjefm-72	179	11	of	of	ADP
arjefm-72	179	12	information	information	NOUN
arjefm-72	179	13	asymmetry	asymmetry	NOUN
arjefm-72	179	14	and	and	CCONJ
arjefm-72	179	15	therefore	therefore	ADV
arjefm-72	179	16	adverse	adverse	ADJ
arjefm-72	179	17	selection	selection	NOUN
arjefm-72	179	18	costs	cost	NOUN
arjefm-72	179	19	.	.	PUNCT
arjefm-72	180	1	under	under	ADP
arjefm-72	180	2	the	the	DET
arjefm-72	180	3	same	same	ADJ
arjefm-72	180	4	perspective	perspective	NOUN
arjefm-72	180	5	,	,	PUNCT
arjefm-72	180	6	bhattacharya	bhattacharya	NOUN
arjefm-72	180	7	et	et	PROPN
arjefm-72	180	8	al	al	PROPN
arjefm-72	180	9	.	.	PROPN
arjefm-72	181	1	(	(	PUNCT
arjefm-72	181	2	2013	2013	NUM
arjefm-72	181	3	)	)	PUNCT
arjefm-72	181	4	shown	show	VERB
arjefm-72	181	5	that	that	SCONJ
arjefm-72	181	6	small	small	ADJ
arjefm-72	181	7	firms	firm	NOUN
arjefm-72	181	8	presented	present	VERB
arjefm-72	181	9	a	a	DET
arjefm-72	181	10	larger	large	ADJ
arjefm-72	181	11	information	information	NOUN
arjefm-72	181	12	asymmetry	asymmetry	NOUN
arjefm-72	181	13	than	than	ADP
arjefm-72	181	14	large	large	ADJ
arjefm-72	181	15	firms	firm	NOUN
arjefm-72	181	16	.	.	PUNCT
arjefm-72	182	1	on	on	ADP
arjefm-72	182	2	the	the	DET
arjefm-72	182	3	other	other	ADJ
arjefm-72	182	4	hand	hand	NOUN
arjefm-72	182	5	,	,	PUNCT
arjefm-72	182	6	stocks	stock	NOUN
arjefm-72	182	7	of	of	ADP
arjefm-72	182	8	smallcapitalized	smallcapitalized	ADJ
arjefm-72	182	9	firms	firm	NOUN
arjefm-72	182	10	were	be	AUX
arjefm-72	182	11	less	less	ADV
arjefm-72	182	12	liquid	liquid	ADJ
arjefm-72	182	13	than	than	ADP
arjefm-72	182	14	stocks	stock	NOUN
arjefm-72	182	15	of	of	ADP
arjefm-72	182	16	largecapitalized	largecapitalize	VERB
arjefm-72	182	17	firms	firm	NOUN
arjefm-72	182	18	(	(	PUNCT
arjefm-72	182	19	brown	brown	ADJ
arjefm-72	182	20	and	and	CCONJ
arjefm-72	182	21	hillegeist	hillegeist	NOUN
arjefm-72	182	22	2007	2007	NUM
arjefm-72	182	23	)	)	PUNCT
arjefm-72	182	24	.	.	PUNCT
arjefm-72	183	1	indeed	indeed	ADV
arjefm-72	183	2	,	,	PUNCT
arjefm-72	183	3	stock	stock	NOUN
arjefm-72	183	4	liquidity	liquidity	NOUN
arjefm-72	183	5	depended	depend	VERB
arjefm-72	183	6	on	on	ADP
arjefm-72	183	7	firm	firm	ADJ
arjefm-72	183	8	size	size	NOUN
arjefm-72	183	9	for	for	ADP
arjefm-72	183	10	two	two	NUM
arjefm-72	183	11	reasons	reason	NOUN
arjefm-72	183	12	.	.	PUNCT
arjefm-72	184	1	first	first	ADV
arjefm-72	184	2	,	,	PUNCT
arjefm-72	184	3	a	a	DET
arjefm-72	184	4	large	large	ADJ
arjefm-72	184	5	firm	firm	NOUN
arjefm-72	184	6	attracts	attract	VERB
arjefm-72	184	7	the	the	DET
arjefm-72	184	8	interest	interest	NOUN
arjefm-72	184	9	of	of	ADP
arjefm-72	184	10	analysts	analyst	NOUN
arjefm-72	184	11	and	and	CCONJ
arjefm-72	184	12	investors	investor	NOUN
arjefm-72	184	13	.	.	PUNCT
arjefm-72	185	1	second	second	ADJ
arjefm-72	185	2	,	,	PUNCT
arjefm-72	185	3	its	its	PRON
arjefm-72	185	4	size	size	NOUN
arjefm-72	185	5	allows	allow	VERB
arjefm-72	185	6	it	it	PRON
arjefm-72	185	7	to	to	PART
arjefm-72	185	8	disseminate	disseminate	VERB
arjefm-72	185	9	a	a	DET
arjefm-72	185	10	large	large	ADJ
arjefm-72	185	11	amount	amount	NOUN
arjefm-72	185	12	of	of	ADP
arjefm-72	185	13	information	information	NOUN
arjefm-72	185	14	that	that	PRON
arjefm-72	185	15	leads	lead	VERB
arjefm-72	185	16	to	to	ADP
arjefm-72	185	17	reducing	reduce	VERB
arjefm-72	185	18	information	information	NOUN
arjefm-72	185	19	asymmetry	asymmetry	NOUN
arjefm-72	185	20	and	and	CCONJ
arjefm-72	185	21	improving	improve	VERB
arjefm-72	185	22	liquidity	liquidity	NOUN
arjefm-72	185	23	.	.	PUNCT
arjefm-72	186	1	c.	c.	PROPN
arjefm-72	186	2	sample	sample	PROPN
arjefm-72	186	3	and	and	CCONJ
arjefm-72	186	4	study	study	NOUN
arjefm-72	186	5	period	period	NOUN
arjefm-72	186	6	with	with	ADP
arjefm-72	186	7	the	the	DET
arjefm-72	186	8	aim	aim	NOUN
arjefm-72	186	9	of	of	ADP
arjefm-72	186	10	avoiding	avoid	VERB
arjefm-72	186	11	missing	miss	VERB
arjefm-72	186	12	data	datum	NOUN
arjefm-72	186	13	problems	problem	NOUN
arjefm-72	186	14	that	that	PRON
arjefm-72	186	15	may	may	AUX
arjefm-72	186	16	result	result	VERB
arjefm-72	186	17	in	in	ADP
arjefm-72	186	18	biased	biased	ADJ
arjefm-72	186	19	estimations	estimation	NOUN
arjefm-72	186	20	,	,	PUNCT
arjefm-72	186	21	stocks	stock	NOUN
arjefm-72	186	22	with	with	ADP
arjefm-72	186	23	a	a	DET
arjefm-72	186	24	low	low	ADJ
arjefm-72	186	25	number	number	NOUN
arjefm-72	186	26	of	of	ADP
arjefm-72	186	27	trading	trading	NOUN
arjefm-72	186	28	days	day	NOUN
arjefm-72	186	29	in	in	ADP
arjefm-72	186	30	our	our	PRON
arjefm-72	186	31	sample	sample	NOUN
arjefm-72	186	32	were	be	AUX
arjefm-72	186	33	disregarded	disregard	VERB
arjefm-72	186	34	,	,	PUNCT
arjefm-72	186	35	allowing	allow	VERB
arjefm-72	186	36	us	we	PRON
arjefm-72	186	37	to	to	PART
arjefm-72	186	38	retain	retain	VERB
arjefm-72	186	39	the	the	DET
arjefm-72	186	40	23	23	NUM
arjefm-72	186	41	most	most	ADV
arjefm-72	186	42	liquid	liquid	ADJ
arjefm-72	186	43	stocks	stock	NOUN
arjefm-72	186	44	for	for	ADP
arjefm-72	186	45	our	our	PRON
arjefm-72	186	46	study	study	NOUN
arjefm-72	186	47	.	.	PUNCT
arjefm-72	187	1	then	then	ADV
arjefm-72	187	2	,	,	PUNCT
arjefm-72	187	3	only	only	ADV
arjefm-72	187	4	299	299	NUM
arjefm-72	187	5	observations	observation	NOUN
arjefm-72	187	6	were	be	AUX
arjefm-72	187	7	considered	consider	VERB
arjefm-72	187	8	to	to	PART
arjefm-72	187	9	represent	represent	VERB
arjefm-72	187	10	23	23	NUM
arjefm-72	187	11	firms	firm	NOUN
arjefm-72	187	12	over	over	ADP
arjefm-72	187	13	the	the	DET
arjefm-72	187	14	20102012period	20102012period	NUM
arjefm-72	187	15	.	.	PUNCT
arjefm-72	188	1	as	as	ADP
arjefm-72	188	2	for	for	ADP
arjefm-72	188	3	the	the	DET
arjefm-72	188	4	tunisian	tunisian	ADJ
arjefm-72	188	5	data	datum	NOUN
arjefm-72	188	6	,	,	PUNCT
arjefm-72	188	7	firm	firm	ADJ
arjefm-72	188	8	liquidity	liquidity	NOUN
arjefm-72	188	9	data	datum	NOUN
arjefm-72	188	10	was	be	AUX
arjefm-72	188	11	collected	collect	VERB
arjefm-72	188	12	from	from	ADP
arjefm-72	188	13	the	the	DET
arjefm-72	188	14	tunis	tunis	PROPN
arjefm-72	188	15	stock	stock	NOUN
arjefm-72	188	16	exchange	exchange	NOUN
arjefm-72	188	17	,	,	PUNCT
arjefm-72	188	18	and	and	CCONJ
arjefm-72	188	19	the	the	DET
arjefm-72	188	20	accounting	accounting	NOUN
arjefm-72	188	21	figures	figure	NOUN
arjefm-72	188	22	were	be	AUX
arjefm-72	188	23	extracted	extract	VERB
arjefm-72	188	24	from	from	ADP
arjefm-72	188	25	the	the	DET
arjefm-72	188	26	official	official	ADJ
arjefm-72	188	27	bulletins	bulletin	NOUN
arjefm-72	188	28	published	publish	VERB
arjefm-72	188	29	by	by	ADP
arjefm-72	188	30	the	the	DET
arjefm-72	188	31	financial	financial	ADJ
arjefm-72	188	32	market	market	NOUN
arjefm-72	188	33	council	council	NOUN
arjefm-72	188	34	(	(	PUNCT
arjefm-72	188	35	cmf	cmf	PROPN
arjefm-72	188	36	)	)	PUNCT
arjefm-72	188	37	.	.	PUNCT
arjefm-72	189	1	iv	iv	X
arjefm-72	189	2	.	.	PUNCT
arjefm-72	189	3	results	result	NOUN
arjefm-72	189	4	and	and	CCONJ
arjefm-72	189	5	discussion	discussion	VERB
arjefm-72	189	6	the	the	DET
arjefm-72	189	7	descriptive	descriptive	ADJ
arjefm-72	189	8	statistics	statistic	NOUN
arjefm-72	189	9	of	of	ADP
arjefm-72	189	10	the	the	DET
arjefm-72	189	11	studied	study	VERB
arjefm-72	189	12	variables	variable	NOUN
arjefm-72	189	13	will	will	AUX
arjefm-72	189	14	be	be	AUX
arjefm-72	189	15	detailed	detail	VERB
arjefm-72	189	16	,	,	PUNCT
arjefm-72	189	17	with	with	ADP
arjefm-72	189	18	respect	respect	NOUN
arjefm-72	189	19	to	to	ADP
arjefm-72	189	20	various	various	ADJ
arjefm-72	189	21	relevant	relevant	ADJ
arjefm-72	189	22	tests	test	NOUN
arjefm-72	189	23	.	.	PUNCT
arjefm-72	190	1	the	the	DET
arjefm-72	190	2	models	model	NOUN
arjefm-72	190	3	parameters	parameter	NOUN
arjefm-72	190	4	will	will	AUX
arjefm-72	190	5	be	be	AUX
arjefm-72	190	6	estimated	estimate	VERB
arjefm-72	190	7	and	and	CCONJ
arjefm-72	190	8	the	the	DET
arjefm-72	190	9	contribution	contribution	NOUN
arjefm-72	190	10	of	of	ADP
arjefm-72	190	11	discretionary	discretionary	ADJ
arjefm-72	190	12	(	(	PUNCT
arjefm-72	190	13	non	non	ADJ
arjefm-72	190	14	-	-	ADJ
arjefm-72	190	15	discretionary	discretionary	ADJ
arjefm-72	190	16	)	)	PUNCT
arjefm-72	190	17	accruals	accrual	NOUN
arjefm-72	190	18	to	to	PART
arjefm-72	190	19	stock	stock	NOUN
arjefm-72	190	20	spreads	spread	NOUN
arjefm-72	190	21	will	will	AUX
arjefm-72	190	22	be	be	AUX
arjefm-72	190	23	determined	determine	VERB
arjefm-72	190	24	.	.	PUNCT
arjefm-72	191	1	1	1	X
arjefm-72	191	2	.	.	X
arjefm-72	191	3	descriptive	descriptive	ADJ
arjefm-72	191	4	statistics	statistic	NOUN
arjefm-72	191	5	a	a	DET
arjefm-72	191	6	descriptive	descriptive	ADJ
arjefm-72	191	7	analysis	analysis	NOUN
arjefm-72	191	8	of	of	ADP
arjefm-72	191	9	the	the	DET
arjefm-72	191	10	studied	study	VERB
arjefm-72	191	11	variables	variable	NOUN
arjefm-72	191	12	was	be	AUX
arjefm-72	191	13	carried	carry	VERB
arjefm-72	191	14	out	out	ADP
arjefm-72	191	15	initially	initially	ADV
arjefm-72	191	16	(	(	PUNCT
arjefm-72	191	17	table	table	NOUN
arjefm-72	191	18	1	1	NUM
arjefm-72	191	19	)	)	PUNCT
arjefm-72	191	20	.	.	PUNCT
arjefm-72	192	1	it	it	PRON
arjefm-72	192	2	resulted	result	VERB
arjefm-72	192	3	in	in	ADP
arjefm-72	192	4	the	the	DET
arjefm-72	192	5	following	follow	VERB
arjefm-72	192	6	observations	observation	NOUN
arjefm-72	192	7	:	:	PUNCT
arjefm-72	192	8	•	•	NUM
arjefm-72	192	9	accounting	accounting	NOUN
arjefm-72	192	10	results	result	NOUN
arjefm-72	192	11	disclosed	disclose	VERB
arjefm-72	192	12	by	by	ADP
arjefm-72	192	13	tunisian	tunisian	ADJ
arjefm-72	192	14	firms	firm	NOUN
arjefm-72	192	15	seems	seem	VERB
arjefm-72	192	16	to	to	PART
arjefm-72	192	17	be	be	AUX
arjefm-72	192	18	lower	low	ADJ
arjefm-72	192	19	than	than	ADP
arjefm-72	192	20	cash	cash	NOUN
arjefm-72	192	21	flow	flow	NOUN
arjefm-72	192	22	,	,	PUNCT
arjefm-72	192	23	which	which	PRON
arjefm-72	192	24	explains	explain	VERB
arjefm-72	192	25	the	the	DET
arjefm-72	192	26	negative	negative	ADJ
arjefm-72	192	27	sign	sign	NOUN
arjefm-72	192	28	of	of	ADP
arjefm-72	192	29	total	total	ADJ
arjefm-72	192	30	accruals	accrual	NOUN
arjefm-72	192	31	.	.	PUNCT
arjefm-72	193	1	this	this	DET
arjefm-72	193	2	negative	negative	ADJ
arjefm-72	193	3	sign	sign	NOUN
arjefm-72	193	4	is	be	AUX
arjefm-72	193	5	mainly	mainly	ADV
arjefm-72	193	6	generated	generate	VERB
arjefm-72	193	7	by	by	ADP
arjefm-72	193	8	non	non	ADJ
arjefm-72	193	9	-	-	ADJ
arjefm-72	193	10	discretionary	discretionary	ADJ
arjefm-72	193	11	accruals	accrual	NOUN
arjefm-72	193	12	.	.	PUNCT
arjefm-72	194	1	•	•	NUM
arjefm-72	194	2	earnings	earning	NOUN
arjefm-72	194	3	management	management	NOUN
arjefm-72	194	4	through	through	ADP
arjefm-72	194	5	discretionary	discretionary	ADJ
arjefm-72	194	6	accruals	accrual	NOUN
arjefm-72	194	7	carries	carry	VERB
arjefm-72	194	8	additional	additional	ADJ
arjefm-72	194	9	information	information	NOUN
arjefm-72	194	10	that	that	PRON
arjefm-72	194	11	does	do	AUX
arjefm-72	194	12	not	not	PART
arjefm-72	194	13	necessarily	necessarily	ADV
arjefm-72	194	14	exist	exist	VERB
arjefm-72	194	15	in	in	ADP
arjefm-72	194	16	non	non	ADJ
arjefm-72	194	17	-	-	ADJ
arjefm-72	194	18	discretionary	discretionary	ADJ
arjefm-72	194	19	accruals	accrual	NOUN
arjefm-72	194	20	,	,	PUNCT
arjefm-72	194	21	which	which	PRON
arjefm-72	194	22	confirms	confirm	VERB
arjefm-72	194	23	our	our	PRON
arjefm-72	194	24	hypotheses	hypothesis	NOUN
arjefm-72	194	25	formulated	formulate	VERB
arjefm-72	194	26	above	above	ADV
arjefm-72	194	27	.	.	PUNCT
arjefm-72	194	28	table	table	NOUN
arjefm-72	194	29	1	1	NUM
arjefm-72	194	30	.	.	PUNCT
arjefm-72	195	1	descriptive	descriptive	ADJ
arjefm-72	195	2	statistics	statistic	NOUN
arjefm-72	195	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	195	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	196	1	american	american	PROPN
arjefm-72	196	2	research	research	PROPN
arjefm-72	196	3	journal	journal	PROPN
arjefm-72	196	4	of	of	ADP
arjefm-72	196	5	economics	economic	NOUN
arjefm-72	196	6	,	,	PUNCT
arjefm-72	196	7	finance	finance	NOUN
arjefm-72	196	8	and	and	CCONJ
arjefm-72	196	9	management	management	NOUN
arjefm-72	196	10	volume	volume	NOUN
arjefm-72	196	11	10	10	NUM
arjefm-72	196	12	issue	issue	NOUN
arjefm-72	196	13	4	4	NUM
arjefm-72	196	14	,	,	PUNCT
arjefm-72	196	15	october	october	PROPN
arjefm-72	196	16	-	-	PUNCT
arjefm-72	196	17	december	december	PROPN
arjefm-72	196	18	2022	2022	NUM
arjefm-72	196	19	issn	issn	NOUN
arjefm-72	196	20	:	:	PUNCT
arjefm-72	196	21	2836	2836	NUM
arjefm-72	196	22	-	-	SYM
arjefm-72	196	23	9416	9416	NUM
arjefm-72	196	24	impact	impact	NOUN
arjefm-72	196	25	factor	factor	NOUN
arjefm-72	196	26	:	:	PUNCT
arjefm-72	196	27	4.85	4.85	NUM
arjefm-72	196	28	journal	journal	NOUN
arjefm-72	196	29	homepage	homepage	NOUN
arjefm-72	196	30	:	:	PUNCT
arjefm-72	196	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	196	32	,	,	PUNCT
arjefm-72	196	33	email	email	NOUN
arjefm-72	196	34	:	:	PUNCT
arjefm-72	196	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	196	36	official	official	ADJ
arjefm-72	196	37	journal	journal	PROPN
arjefm-72	196	38	of	of	ADP
arjefm-72	196	39	america	america	PROPN
arjefm-72	196	40	serial	serial	PROPN
arjefm-72	196	41	publication	publication	NOUN
arjefm-72	196	42	american	american	PROPN
arjefm-72	196	43	research	research	PROPN
arjefm-72	196	44	journal	journal	PROPN
arjefm-72	196	45	of	of	ADP
arjefm-72	196	46	economics	economic	NOUN
arjefm-72	196	47	,	,	PUNCT
arjefm-72	196	48	finance	finance	NOUN
arjefm-72	196	49	and	and	CCONJ
arjefm-72	196	50	management	management	NOUN
arjefm-72	196	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	196	52	,	,	PUNCT
arjefm-72	196	53	email	email	NOUN
arjefm-72	196	54	:	:	PUNCT
arjefm-72	196	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	196	56	8	8	NUM
arjefm-72	197	1	|	|	ADV
arjefm-72	197	2	p	p	X
arjefm-72	197	3	a	a	DET
arjefm-72	197	4	g	g	NOUN
arjefm-72	197	5	e	e	NOUN
arjefm-72	197	6	variables	variable	NOUN
arjefm-72	197	7	average	average	ADJ
arjefm-72	197	8	standard	standard	ADJ
arjefm-72	197	9	deviation	deviation	NOUN
arjefm-72	197	10	min	min	NOUN
arjefm-72	197	11	max	max	PROPN
arjefm-72	197	12	dependent	dependent	ADJ
arjefm-72	197	13	variable	variable	ADJ
arjefm-72	197	14	liq	liq	NOUN
arjefm-72	197	15	0.676	0.676	NUM
arjefm-72	197	16	1.242	1.242	NUM
arjefm-72	197	17	-2.207	-2.207	NOUN
arjefm-72	197	18	7.821	7.821	NUM
arjefm-72	197	19	independent	independent	ADJ
arjefm-72	197	20	variables	variable	NOUN
arjefm-72	197	21	tac1	tac1	PROPN
arjefm-72	197	22	tac2	tac2	PROPN
arjefm-72	197	23	ndac1	ndac1	PROPN
arjefm-72	197	24	ndac2	ndac2	X
arjefm-72	198	1	0.0576	0.0576	NUM
arjefm-72	198	2	0.0576	0.0576	NUM
arjefm-72	198	3	0.0576	0.0576	NUM
arjefm-72	198	4	0.0552	0.0552	NUM
arjefm-72	198	5	0.130	0.130	NUM
arjefm-72	198	6	0.130	0.130	NUM
arjefm-72	198	7	0.0341	0.0341	NUM
arjefm-72	198	8	0.0225	0.0225	NUM
arjefm-72	198	9	-0.256	-0.256	PUNCT
arjefm-72	198	10	-0.256	-0.256	PUNCT
arjefm-72	198	11	-0.149	-0.149	PUNCT
arjefm-72	198	12	0.0156	0.0156	NUM
arjefm-72	198	13	0.892	0.892	NUM
arjefm-72	198	14	0.892	0.892	NUM
arjefm-72	198	15	0.122	0.122	NUM
arjefm-72	198	16	0.100	0.100	NUM
arjefm-72	198	17	dac1	dac1	NOUN
arjefm-72	198	18	6.11e-09	6.11e-09	NUM
arjefm-72	198	19	0.125	0.125	NUM
arjefm-72	198	20	-0.325	-0.325	NOUN
arjefm-72	198	21	0.811	0.811	NUM
arjefm-72	198	22	dac2	dac2	NOUN
arjefm-72	198	23	0.00240	0.00240	NUM
arjefm-72	198	24	0.127	0.127	NUM
arjefm-72	198	25	-0.271	-0.271	NOUN
arjefm-72	198	26	0.796	0.796	NUM
arjefm-72	198	27	control	control	NOUN
arjefm-72	198	28	variables	variable	NOUN
arjefm-72	198	29	size	size	NOUN
arjefm-72	198	30	r	r	NOUN
arjefm-72	198	31	sp	sp	ADP
arjefm-72	198	32	16.37	16.37	NUM
arjefm-72	198	33	18.53	18.53	NUM
arjefm-72	198	34	31.00	31.00	NUM
arjefm-72	198	35	1.707	1.707	NUM
arjefm-72	198	36	34.38	34.38	NUM
arjefm-72	198	37	39.70	39.70	NUM
arjefm-72	198	38	12.13	12.13	NUM
arjefm-72	198	39	-40.46	-40.46	NUM
arjefm-72	198	40	1.370	1.370	NUM
arjefm-72	198	41	19.83	19.83	NUM
arjefm-72	198	42	380.7	380.7	NUM
arjefm-72	198	43	203.4	203.4	NUM
arjefm-72	198	44	vol	vol	NOUN
arjefm-72	198	45	2.700	2.700	NUM
arjefm-72	198	46	0.169	0.169	NUM
arjefm-72	198	47	2.212	2.212	NUM
arjefm-72	198	48	2.886	2.886	NUM
arjefm-72	198	49	2	2	NUM
arjefm-72	198	50	.	.	PUNCT
arjefm-72	199	1	tests	test	NOUN
arjefm-72	199	2	specific	specific	ADJ
arjefm-72	199	3	to	to	ADP
arjefm-72	199	4	panel	panel	NOUN
arjefm-72	199	5	data	datum	NOUN
arjefm-72	199	6	to	to	PART
arjefm-72	199	7	investigate	investigate	VERB
arjefm-72	199	8	the	the	DET
arjefm-72	199	9	components	component	NOUN
arjefm-72	199	10	of	of	ADP
arjefm-72	199	11	earnings	earning	NOUN
arjefm-72	199	12	management	management	NOUN
arjefm-72	199	13	that	that	PRON
arjefm-72	199	14	explain	explain	VERB
arjefm-72	199	15	stock	stock	NOUN
arjefm-72	199	16	liquidity	liquidity	NOUN
arjefm-72	199	17	of	of	ADP
arjefm-72	199	18	tunisian	tunisian	ADJ
arjefm-72	199	19	firms	firm	NOUN
arjefm-72	199	20	,	,	PUNCT
arjefm-72	199	21	econometric	econometric	ADJ
arjefm-72	199	22	regressions	regression	NOUN
arjefm-72	199	23	on	on	ADP
arjefm-72	199	24	panel	panel	NOUN
arjefm-72	199	25	data	datum	NOUN
arjefm-72	199	26	covering	cover	VERB
arjefm-72	199	27	the	the	DET
arjefm-72	199	28	2000	2000	NUM
arjefm-72	199	29	-	-	PUNCT
arjefm-72	199	30	2012period	2012period	NUM
arjefm-72	199	31	was	be	AUX
arjefm-72	199	32	carried	carry	VERB
arjefm-72	199	33	out	out	ADP
arjefm-72	199	34	in	in	ADP
arjefm-72	199	35	order	order	NOUN
arjefm-72	199	36	to	to	PART
arjefm-72	199	37	deduce	deduce	VERB
arjefm-72	199	38	the	the	DET
arjefm-72	199	39	appropriate	appropriate	ADJ
arjefm-72	199	40	estimation	estimation	NOUN
arjefm-72	199	41	methods	method	NOUN
arjefm-72	199	42	.	.	PUNCT
arjefm-72	200	1	to	to	ADP
arjefm-72	200	2	this	this	DET
arjefm-72	200	3	end	end	NOUN
arjefm-72	200	4	,	,	PUNCT
arjefm-72	200	5	we	we	PRON
arjefm-72	200	6	proceed	proceed	VERB
arjefm-72	200	7	in	in	ADP
arjefm-72	200	8	two	two	NUM
arjefm-72	200	9	steps	step	NOUN
arjefm-72	200	10	:	:	PUNCT
arjefm-72	200	11	first	first	ADV
arjefm-72	200	12	,	,	PUNCT
arjefm-72	200	13	the	the	DET
arjefm-72	200	14	absence	absence	NOUN
arjefm-72	200	15	of	of	ADP
arjefm-72	200	16	any	any	DET
arjefm-72	200	17	multi	multi	X
arjefm-72	200	18	co	co	ADJ
arjefm-72	200	19	linearity	linearity	PROPN
arjefm-72	200	20	problem	problem	NOUN
arjefm-72	200	21	between	between	ADP
arjefm-72	200	22	the	the	DET
arjefm-72	200	23	independent	independent	ADJ
arjefm-72	200	24	variables	variable	NOUN
arjefm-72	200	25	was	be	AUX
arjefm-72	200	26	checked	check	VERB
arjefm-72	200	27	,	,	PUNCT
arjefm-72	200	28	using	use	VERB
arjefm-72	200	29	the	the	DET
arjefm-72	200	30	pearson	pearson	NOUN
arjefm-72	200	31	correlation	correlation	NOUN
arjefm-72	200	32	test	test	NOUN
arjefm-72	200	33	between	between	ADP
arjefm-72	200	34	the	the	DET
arjefm-72	200	35	continuous	continuous	ADJ
arjefm-72	200	36	variables	variable	NOUN
arjefm-72	200	37	and	and	CCONJ
arjefm-72	200	38	the	the	DET
arjefm-72	200	39	variance	variance	NOUN
arjefm-72	200	40	inflation	inflation	NOUN
arjefm-72	200	41	factor	factor	NOUN
arjefm-72	200	42	(	(	PUNCT
arjefm-72	200	43	vif	vif	NOUN
arjefm-72	200	44	)	)	PUNCT
arjefm-72	200	45	test	test	NOUN
arjefm-72	200	46	.	.	PUNCT
arjefm-72	201	1	the	the	DET
arjefm-72	201	2	vif	vif	PROPN
arjefm-72	201	3	values	value	NOUN
arjefm-72	201	4	were	be	AUX
arjefm-72	201	5	much	much	ADV
arjefm-72	201	6	lower	low	ADJ
arjefm-72	201	7	than	than	ADP
arjefm-72	201	8	the	the	DET
arjefm-72	201	9	generally	generally	ADV
arjefm-72	201	10	required	require	VERB
arjefm-72	201	11	5	5	NUM
arjefm-72	201	12	%	%	NOUN
arjefm-72	201	13	or	or	CCONJ
arjefm-72	201	14	even	even	ADV
arjefm-72	201	15	10	10	NUM
arjefm-72	201	16	%	%	NOUN
arjefm-72	201	17	significance	significance	NOUN
arjefm-72	201	18	level	level	NOUN
arjefm-72	201	19	.	.	PUNCT
arjefm-72	202	1	therefore	therefore	ADV
arjefm-72	202	2	,	,	PUNCT
arjefm-72	202	3	correction	correction	NOUN
arjefm-72	202	4	can	can	AUX
arjefm-72	202	5	be	be	AUX
arjefm-72	202	6	avoided	avoid	VERB
arjefm-72	202	7	(	(	PUNCT
arjefm-72	202	8	tables	table	NOUN
arjefm-72	202	9	1	1	NUM
arjefm-72	202	10	and	and	CCONJ
arjefm-72	202	11	2	2	NUM
arjefm-72	202	12	,	,	PUNCT
arjefm-72	202	13	appendix	appendix	NOUN
arjefm-72	202	14	i-1	i-1	NUM
arjefm-72	202	15	)	)	PUNCT
arjefm-72	202	16	.	.	PUNCT
arjefm-72	203	1	table	table	NOUN
arjefm-72	203	2	2	2	NUM
arjefm-72	203	3	illustrates	illustrate	VERB
arjefm-72	203	4	the	the	DET
arjefm-72	203	5	pearson	pearson	PROPN
arjefm-72	203	6	correlation	correlation	NOUN
arjefm-72	203	7	matrix	matrix	NOUN
arjefm-72	203	8	,	,	PUNCT
arjefm-72	203	9	reporting	report	VERB
arjefm-72	203	10	the	the	DET
arjefm-72	203	11	relationships	relationship	NOUN
arjefm-72	203	12	between	between	ADP
arjefm-72	203	13	the	the	DET
arjefm-72	203	14	variables	variable	NOUN
arjefm-72	203	15	of	of	ADP
arjefm-72	203	16	the	the	DET
arjefm-72	203	17	models	model	NOUN
arjefm-72	203	18	(	(	PUNCT
arjefm-72	203	19	m1	m1	PROPN
arjefm-72	203	20	,	,	PUNCT
arjefm-72	203	21	m2	m2	PROPN
arjefm-72	203	22	and	and	CCONJ
arjefm-72	203	23	m3	m3	PROPN
arjefm-72	203	24	)	)	PUNCT
arjefm-72	203	25	the	the	DET
arjefm-72	203	26	vif	vif	NOUN
arjefm-72	203	27	(	(	PUNCT
arjefm-72	203	28	variance	variance	NOUN
arjefm-72	203	29	inflation	inflation	NOUN
arjefm-72	203	30	factor	factor	NOUN
arjefm-72	203	31	)	)	PUNCT
arjefm-72	203	32	and	and	CCONJ
arjefm-72	203	33	pearson	pearson	NOUN
arjefm-72	203	34	correlation	correlation	NOUN
arjefm-72	203	35	tests	test	NOUN
arjefm-72	203	36	indicate	indicate	VERB
arjefm-72	203	37	that	that	SCONJ
arjefm-72	203	38	the	the	DET
arjefm-72	203	39	correlation	correlation	NOUN
arjefm-72	203	40	between	between	ADP
arjefm-72	203	41	the	the	DET
arjefm-72	203	42	variables	variable	NOUN
arjefm-72	203	43	is	be	AUX
arjefm-72	203	44	acceptable	acceptable	ADJ
arjefm-72	203	45	since	since	SCONJ
arjefm-72	203	46	the	the	DET
arjefm-72	203	47	variance	variance	NOUN
arjefm-72	203	48	inflation	inflation	NOUN
arjefm-72	203	49	factors	factor	NOUN
arjefm-72	203	50	(	(	PUNCT
arjefm-72	203	51	vif	vif	NOUN
arjefm-72	203	52	)	)	PUNCT
arjefm-72	203	53	have	have	VERB
arjefm-72	203	54	values	value	NOUN
arjefm-72	203	55	below	below	ADP
arjefm-72	203	56	10	10	NUM
arjefm-72	203	57	.	.	PUNCT
arjefm-72	204	1	all	all	DET
arjefm-72	204	2	pearson	pearson	PROPN
arjefm-72	204	3	correlation	correlation	NOUN
arjefm-72	204	4	coefficients	coefficient	NOUN
arjefm-72	204	5	do	do	AUX
arjefm-72	204	6	not	not	PART
arjefm-72	204	7	exceed	exceed	VERB
arjefm-72	204	8	0.8(tables	0.8(table	NOUN
arjefm-72	204	9	2	2	NUM
arjefm-72	204	10	)	)	PUNCT
arjefm-72	204	11	.	.	PUNCT
arjefm-72	205	1	variables	variable	NOUN
arjefm-72	205	2	.	.	PUNCT
arjefm-72	206	1	in	in	ADP
arjefm-72	206	2	addition	addition	NOUN
arjefm-72	206	3	,	,	PUNCT
arjefm-72	206	4	the	the	DET
arjefm-72	206	5	correlation	correlation	NOUN
arjefm-72	206	6	coefficients	coefficient	NOUN
arjefm-72	206	7	are	be	AUX
arjefm-72	206	8	small	small	ADJ
arjefm-72	206	9	(	(	PUNCT
arjefm-72	206	10	maximum	maximum	NOUN
arjefm-72	206	11	of	of	ADP
arjefm-72	206	12	0.3453	0.3453	NUM
arjefm-72	206	13	for	for	ADP
arjefm-72	206	14	prices	price	NOUN
arjefm-72	206	15	and	and	CCONJ
arjefm-72	206	16	liq).this	liq).this	PROPN
arjefm-72	206	17	indicates	indicate	VERB
arjefm-72	206	18	a	a	DET
arjefm-72	206	19	direct	direct	ADJ
arjefm-72	206	20	relationship	relationship	NOUN
arjefm-72	206	21	between	between	ADP
arjefm-72	206	22	the	the	DET
arjefm-72	206	23	dependent	dependent	ADJ
arjefm-72	206	24	variables	variable	NOUN
arjefm-72	206	25	and	and	CCONJ
arjefm-72	206	26	the	the	DET
arjefm-72	206	27	control	control	NOUN
arjefm-72	206	28	variables	variable	NOUN
arjefm-72	206	29	.	.	PUNCT
arjefm-72	207	1	table	table	NOUN
arjefm-72	207	2	2	2	NUM
arjefm-72	207	3	:	:	PUNCT
arjefm-72	207	4	results	result	VERB
arjefm-72	207	5	o	o	NOUN
arjefm-72	207	6	f	f	PROPN
arjefm-72	208	1	the	the	DET
arjefm-72	208	2	pearson	pearson	PROPN
arjefm-72	208	3	correlation	correlation	NOUN
arjefm-72	208	4	test	test	NOUN
arjefm-72	208	5	(	(	PUNCT
arjefm-72	208	6	modified	modify	VERB
arjefm-72	208	7	models	model	NOUN
arjefm-72	208	8	of	of	ADP
arjefm-72	208	9	jones	jones	NOUN
arjefm-72	208	10	)	)	PUNCT
arjefm-72	208	11	liq	liq	NOUN
arjefm-72	208	12	tac1	tac1	PROPN
arjefm-72	208	13	dac1	dac1	PROPN
arjefm-72	208	14	ndac1	ndac1	PROPN
arjefm-72	208	15	size	size	NOUN
arjefm-72	208	16	vol	vol	NOUN
arjefm-72	208	17	sp	sp	ADP
arjefm-72	208	18	r	r	NOUN
arjefm-72	208	19	vr	vr	NOUN
arjefm-72	208	20	liq	liq	NOUN
arjefm-72	208	21	1.0000	1.0000	NUM
arjefm-72	208	22	tac1	tac1	NOUN
arjefm-72	208	23	0.0117	0.0117	NUM
arjefm-72	208	24	1.0000	1.0000	NUM
arjefm-72	208	25	dac1	dac1	NOUN
arjefm-72	208	26	0.0231	0.0231	NUM
arjefm-72	208	27	0.9650	0.9650	NUM
arjefm-72	208	28	1.0000	1.0000	NUM
arjefm-72	208	29	ndac1	ndac1	NOUN
arjefm-72	208	30	0.0405	0.0405	NUM
arjefm-72	208	31	0.2608	0.2608	NUM
arjefm-72	208	32	0.0015	0.0015	NUM
arjefm-72	208	33	1.0000	1.0000	NUM
arjefm-72	208	34	size	size	NOUN
arjefm-72	208	35	0.0682	0.0682	NOUN
arjefm-72	208	36	0.3658	0.3658	NUM
arjefm-72	208	37	0.1649	0.1649	NUM
arjefm-72	208	38	0.7878	0.7878	NUM
arjefm-72	208	39	1.0000	1.0000	NUM
arjefm-72	208	40	vol	vol	NOUN
arjefm-72	208	41	0.2556	0.2556	NUM
arjefm-72	208	42	0.0391	0.0391	NUM
arjefm-72	208	43	0.0400	0.0400	NUM
arjefm-72	208	44	0.0017	0.0017	NUM
arjefm-72	208	45	0.0024	0.0024	NUM
arjefm-72	208	46	1.0000	1.0000	NUM
arjefm-72	208	47	sp	sp	ADP
arjefm-72	208	48	0.3453	0.3453	NUM
arjefm-72	208	49	0.0505	0.0505	NUM
arjefm-72	208	50	0.0649	0.0649	NUM
arjefm-72	208	51	0.0465	0.0465	NUM
arjefm-72	208	52	0.0551	0.0551	NUM
arjefm-72	208	53	0.2247	0.2247	NUM
arjefm-72	208	54	1.0000	1.0000	NUM
arjefm-72	208	55	r	r	NOUN
arjefm-72	208	56	0.0247	0.0247	NUM
arjefm-72	208	57	0.0426	0.0426	NUM
arjefm-72	208	58	0.0543	0.0543	NUM
arjefm-72	208	59	0.0375	0.0375	NUM
arjefm-72	208	60	0.0525	0.0525	NUM
arjefm-72	208	61	0.0379	0.0379	NUM
arjefm-72	208	62	0.0801	0.0801	NUM
arjefm-72	208	63	1.0000	1.0000	NUM
arjefm-72	208	64	vr	vr	NOUN
arjefm-72	208	65	0.1295	0.1295	NUM
arjefm-72	208	66	0.0135	0.0135	NUM
arjefm-72	208	67	0.0052	0.0052	NUM
arjefm-72	208	68	0.0321	0.0321	NUM
arjefm-72	208	69	0.0459	0.0459	NUM
arjefm-72	208	70	0.0200	0.0200	NUM
arjefm-72	208	71	0.1123	0.1123	NUM
arjefm-72	208	72	0.0389	0.0389	NUM
arjefm-72	208	73	1.0000	1.0000	NUM
arjefm-72	208	74	as	as	SCONJ
arjefm-72	208	75	shown	show	VERB
arjefm-72	208	76	in	in	ADP
arjefm-72	208	77	table	table	NOUN
arjefm-72	208	78	2	2	NUM
arjefm-72	208	79	above	above	ADV
arjefm-72	208	80	,	,	PUNCT
arjefm-72	208	81	no	no	DET
arjefm-72	208	82	significant	significant	ADJ
arjefm-72	208	83	correlation	correlation	NOUN
arjefm-72	208	84	was	be	AUX
arjefm-72	208	85	found	find	VERB
arjefm-72	208	86	between	between	ADP
arjefm-72	208	87	the	the	DET
arjefm-72	208	88	dependent	dependent	ADJ
arjefm-72	208	89	and	and	CCONJ
arjefm-72	208	90	independen	independen	ADJ
arjefm-72	208	91	t	t	PROPN
arjefm-72	208	92	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	208	93	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	209	1	american	american	PROPN
arjefm-72	209	2	research	research	PROPN
arjefm-72	209	3	journal	journal	PROPN
arjefm-72	209	4	of	of	ADP
arjefm-72	209	5	economics	economic	NOUN
arjefm-72	209	6	,	,	PUNCT
arjefm-72	209	7	finance	finance	NOUN
arjefm-72	209	8	and	and	CCONJ
arjefm-72	209	9	management	management	NOUN
arjefm-72	209	10	volume	volume	NOUN
arjefm-72	209	11	10	10	NUM
arjefm-72	209	12	issue	issue	NOUN
arjefm-72	209	13	4	4	NUM
arjefm-72	209	14	,	,	PUNCT
arjefm-72	209	15	october	october	PROPN
arjefm-72	209	16	-	-	PUNCT
arjefm-72	209	17	december	december	PROPN
arjefm-72	209	18	2022	2022	NUM
arjefm-72	209	19	issn	issn	NOUN
arjefm-72	209	20	:	:	PUNCT
arjefm-72	209	21	2836	2836	NUM
arjefm-72	209	22	-	-	SYM
arjefm-72	209	23	9416	9416	NUM
arjefm-72	209	24	impact	impact	NOUN
arjefm-72	209	25	factor	factor	NOUN
arjefm-72	209	26	:	:	PUNCT
arjefm-72	209	27	4.85	4.85	NUM
arjefm-72	209	28	journal	journal	NOUN
arjefm-72	209	29	homepage	homepage	NOUN
arjefm-72	209	30	:	:	PUNCT
arjefm-72	209	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	209	32	,	,	PUNCT
arjefm-72	209	33	email	email	NOUN
arjefm-72	209	34	:	:	PUNCT
arjefm-72	209	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	209	36	official	official	ADJ
arjefm-72	209	37	journal	journal	PROPN
arjefm-72	209	38	of	of	ADP
arjefm-72	209	39	america	america	PROPN
arjefm-72	209	40	serial	serial	PROPN
arjefm-72	209	41	publication	publication	NOUN
arjefm-72	209	42	american	american	PROPN
arjefm-72	209	43	research	research	PROPN
arjefm-72	209	44	journal	journal	PROPN
arjefm-72	209	45	of	of	ADP
arjefm-72	209	46	economics	economic	NOUN
arjefm-72	209	47	,	,	PUNCT
arjefm-72	209	48	finance	finance	NOUN
arjefm-72	209	49	and	and	CCONJ
arjefm-72	209	50	management	management	NOUN
arjefm-72	209	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	209	52	,	,	PUNCT
arjefm-72	209	53	email	email	NOUN
arjefm-72	209	54	:	:	PUNCT
arjefm-72	209	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	210	1	9	9	NUM
arjefm-72	210	2	|	|	ADV
arjefm-72	210	3	p	p	X
arjefm-72	210	4	a	a	DET
arjefm-72	210	5	g	g	NOUN
arjefm-72	210	6	e	e	NOUN
arjefm-72	210	7	the	the	DET
arjefm-72	210	8	results	result	NOUN
arjefm-72	210	9	conclude	conclude	VERB
arjefm-72	210	10	to	to	ADP
arjefm-72	210	11	a	a	DET
arjefm-72	210	12	positive	positive	ADJ
arjefm-72	210	13	relationship	relationship	NOUN
arjefm-72	210	14	between	between	ADP
arjefm-72	210	15	stock	stock	NOUN
arjefm-72	210	16	spreads	spread	NOUN
arjefm-72	210	17	and	and	CCONJ
arjefm-72	210	18	discretionary	discretionary	ADJ
arjefm-72	210	19	accruals	accrual	NOUN
arjefm-72	210	20	(	(	PUNCT
arjefm-72	210	21	2	2	NUM
arjefm-72	210	22	)	)	PUNCT
arjefm-72	210	23	.	.	PUNCT
arjefm-72	211	1	this	this	DET
arjefm-72	211	2	result	result	NOUN
arjefm-72	211	3	validates	validate	VERB
arjefm-72	211	4	the	the	DET
arjefm-72	211	5	considered	consider	VERB
arjefm-72	211	6	hypothesizes	hypothesize	NOUN
arjefm-72	211	7	.	.	PUNCT
arjefm-72	212	1	a	a	DET
arjefm-72	212	2	second	second	ADJ
arjefm-72	212	3	measure	measure	NOUN
arjefm-72	212	4	of	of	ADP
arjefm-72	212	5	multi	multi	ADJ
arjefm-72	212	6	co	co	X
arjefm-72	212	7	linearity	linearity	PROPN
arjefm-72	212	8	was	be	AUX
arjefm-72	212	9	thus	thus	ADV
arjefm-72	212	10	used	use	VERB
arjefm-72	212	11	basing	base	VERB
arjefm-72	212	12	on	on	ADP
arjefm-72	212	13	vif	vif	NOUN
arjefm-72	212	14	values	value	NOUN
arjefm-72	212	15	.	.	PUNCT
arjefm-72	213	1	vif	vif	NOUN
arjefm-72	213	2	values	value	NOUN
arjefm-72	213	3	were	be	AUX
arjefm-72	213	4	ranged	range	VERB
arjefm-72	213	5	within	within	ADP
arjefm-72	213	6	1.02	1.02	NUM
arjefm-72	213	7	and	and	CCONJ
arjefm-72	213	8	2.69	2.69	NUM
arjefm-72	213	9	when	when	SCONJ
arjefm-72	213	10	using	use	VERB
arjefm-72	213	11	the	the	DET
arjefm-72	213	12	modified	modify	VERB
arjefm-72	213	13	models	model	NOUN
arjefm-72	213	14	of	of	ADP
arjefm-72	213	15	jones	jones	PROPN
arjefm-72	213	16	.	.	PUNCT
arjefm-72	214	1	these	these	DET
arjefm-72	214	2	values	value	NOUN
arjefm-72	214	3	are	be	AUX
arjefm-72	214	4	perfectly	perfectly	ADV
arjefm-72	214	5	below	below	ADP
arjefm-72	214	6	the	the	DET
arjefm-72	214	7	accepted	accept	VERB
arjefm-72	214	8	critical	critical	ADJ
arjefm-72	214	9	value	value	NOUN
arjefm-72	214	10	of	of	ADP
arjefm-72	214	11	10	10	NUM
arjefm-72	214	12	,	,	PUNCT
arjefm-72	214	13	which	which	PRON
arjefm-72	214	14	leads	lead	VERB
arjefm-72	214	15	us	we	PRON
arjefm-72	214	16	to	to	PART
arjefm-72	214	17	conclude	conclude	VERB
arjefm-72	214	18	that	that	SCONJ
arjefm-72	214	19	there	there	PRON
arjefm-72	214	20	is	be	VERB
arjefm-72	214	21	no	no	DET
arjefm-72	214	22	multi	multi	ADJ
arjefm-72	214	23	co	co	ADJ
arjefm-72	214	24	linearity	linearity	PROPN
arjefm-72	214	25	problem	problem	NOUN
arjefm-72	214	26	.	.	PUNCT
arjefm-72	215	1	second	second	ADJ
arjefm-72	215	2	,	,	PUNCT
arjefm-72	215	3	before	before	ADP
arjefm-72	215	4	estimating	estimate	VERB
arjefm-72	215	5	our	our	PRON
arjefm-72	215	6	models	model	NOUN
arjefm-72	215	7	it	it	PRON
arjefm-72	215	8	is	be	AUX
arjefm-72	215	9	necessary	necessary	ADJ
arjefm-72	215	10	to	to	PART
arjefm-72	215	11	run	run	VERB
arjefm-72	215	12	different	different	ADJ
arjefm-72	215	13	preliminary	preliminary	ADJ
arjefm-72	215	14	tests	test	NOUN
arjefm-72	215	15	in	in	ADP
arjefm-72	215	16	order	order	NOUN
arjefm-72	215	17	to	to	PART
arjefm-72	215	18	ensure	ensure	VERB
arjefm-72	215	19	an	an	DET
arjefm-72	215	20	efficient	efficient	ADJ
arjefm-72	215	21	use	use	NOUN
arjefm-72	215	22	of	of	ADP
arjefm-72	215	23	data	datum	NOUN
arjefm-72	215	24	.	.	PUNCT
arjefm-72	216	1	indeed	indeed	ADV
arjefm-72	216	2	,	,	PUNCT
arjefm-72	216	3	panel	panel	NOUN
arjefm-72	216	4	data	datum	NOUN
arjefm-72	216	5	requires	require	VERB
arjefm-72	216	6	adapted	adapt	VERB
arjefm-72	216	7	estimation	estimation	NOUN
arjefm-72	216	8	methods	method	NOUN
arjefm-72	216	9	.	.	PUNCT
arjefm-72	217	1	the	the	DET
arjefm-72	217	2	results	result	NOUN
arjefm-72	217	3	of	of	ADP
arjefm-72	217	4	these	these	DET
arjefm-72	217	5	tests	test	NOUN
arjefm-72	217	6	are	be	AUX
arjefm-72	217	7	presented	present	VERB
arjefm-72	217	8	in	in	ADP
arjefm-72	217	9	table	table	NOUN
arjefm-72	217	10	4	4	NUM
arjefm-72	217	11	.	.	PUNCT
arjefm-72	217	12	table	table	NOUN
arjefm-72	217	13	4	4	NUM
arjefm-72	217	14	:	:	PUNCT
arjefm-72	217	15	results	result	NOUN
arjefm-72	217	16	of	of	ADP
arjefm-72	217	17	the	the	DET
arjefm-72	217	18	hausman	hausman	ADJ
arjefm-72	217	19	test	test	NOUN
arjefm-72	217	20	and	and	CCONJ
arjefm-72	217	21	the	the	DET
arjefm-72	217	22	validity	validity	NOUN
arjefm-72	217	23	of	of	ADP
arjefm-72	217	24	specific	specific	ADJ
arjefm-72	217	25	,	,	PUNCT
arjefm-72	217	26	heteroscedasticity	heteroscedasticity	NOUN
arjefm-72	217	27	,	,	PUNCT
arjefm-72	217	28	autocorrelation	autocorrelation	NOUN
arjefm-72	217	29	effects	effect	NOUN
arjefm-72	217	30	f	f	PROPN
arjefm-72	217	31	1.26	1.26	NUM
arjefm-72	217	32	1.938	1.938	NUM
arjefm-72	217	33	the	the	DET
arjefm-72	217	34	linearization	linearization	NOUN
arjefm-72	217	35	of	of	ADP
arjefm-72	217	36	the	the	DET
arjefm-72	217	37	panel	panel	NOUN
arjefm-72	217	38	data	datum	NOUN
arjefm-72	217	39	was	be	AUX
arjefm-72	217	40	performed	perform	VERB
arjefm-72	217	41	and	and	CCONJ
arjefm-72	217	42	included	include	VERB
arjefm-72	217	43	the	the	DET
arjefm-72	217	44	dependent	dependent	ADJ
arjefm-72	217	45	variable	variable	ADJ
arjefm-72	217	46	ask	ask	NOUN
arjefm-72	217	47	-	-	PUNCT
arjefm-72	217	48	bid	bid	NOUN
arjefm-72	217	49	spread	spread	NOUN
arjefm-72	217	50	(	(	PUNCT
arjefm-72	217	51	liq	liq	NOUN
arjefm-72	217	52	)	)	PUNCT
arjefm-72	217	53	.	.	PUNCT
arjefm-72	218	1	thus	thus	ADV
arjefm-72	218	2	,	,	PUNCT
arjefm-72	218	3	the	the	DET
arjefm-72	218	4	stata	stata	PROPN
arjefm-72	218	5	software	software	PROPN
arjefm-72	218	6	version	version	NOUN
arjefm-72	218	7	13.0	13.0	NUM
arjefm-72	218	8	for	for	ADP
arjefm-72	218	9	windows	window	NOUN
arjefm-72	218	10	was	be	AUX
arjefm-72	218	11	used	use	VERB
arjefm-72	218	12	.	.	PUNCT
arjefm-72	219	1	at	at	ADP
arjefm-72	219	2	the	the	DET
arjefm-72	219	3	beginning	beginning	NOUN
arjefm-72	219	4	,	,	PUNCT
arjefm-72	219	5	the	the	DET
arjefm-72	219	6	presence	presence	NOUN
arjefm-72	219	7	of	of	ADP
arjefm-72	219	8	specific	specific	ADJ
arjefm-72	219	9	effects	effect	NOUN
arjefm-72	219	10	was	be	AUX
arjefm-72	219	11	conducted	conduct	VERB
arjefm-72	219	12	and	and	CCONJ
arjefm-72	219	13	based	base	VERB
arjefm-72	219	14	on	on	ADP
arjefm-72	219	15	various	various	ADJ
arjefm-72	219	16	homogeneity	homogeneity	NOUN
arjefm-72	219	17	tests	test	NOUN
arjefm-72	219	18	.	.	PUNCT
arjefm-72	220	1	the	the	DET
arjefm-72	220	2	collected	collect	VERB
arjefm-72	220	3	results	result	NOUN
arjefm-72	220	4	led	lead	VERB
arjefm-72	220	5	us	we	PRON
arjefm-72	220	6	reject	reject	VERB
arjefm-72	220	7	the	the	DET
arjefm-72	220	8	null	null	ADJ
arjefm-72	220	9	hypothesis	hypothesis	NOUN
arjefm-72	220	10	of	of	ADP
arjefm-72	220	11	homogeneity	homogeneity	NOUN
arjefm-72	220	12	of	of	ADP
arjefm-72	220	13	all	all	DET
arjefm-72	220	14	the	the	DET
arjefm-72	220	15	parameters	parameter	NOUN
arjefm-72	220	16	.	.	PUNCT
arjefm-72	221	1	the	the	DET
arjefm-72	221	2	calculated	calculate	VERB
arjefm-72	221	3	fisher	fisher	PROPN
arjefm-72	221	4	statistics	statistic	NOUN
arjefm-72	221	5	clearly	clearly	ADV
arjefm-72	221	6	exceed	exceed	VERB
arjefm-72	221	7	the	the	DET
arjefm-72	221	8	tabulated	tabulate	VERB
arjefm-72	221	9	threshold	threshold	NOUN
arjefm-72	221	10	with	with	ADP
arjefm-72	221	11	zero	zero	NUM
arjefm-72	221	12	probabilities	probability	NOUN
arjefm-72	221	13	(	(	PUNCT
arjefm-72	221	14	prob	prob	NOUN
arjefm-72	221	15	>	>	X
arjefm-72	221	16	f	f	PROPN
arjefm-72	221	17	=	=	SYM
arjefm-72	221	18	0).therefore	0).therefore	NOUN
arjefm-72	221	19	,	,	PUNCT
arjefm-72	221	20	panel	panel	NOUN
arjefm-72	221	21	data	datum	NOUN
arjefm-72	221	22	estimation	estimation	NOUN
arjefm-72	221	23	method	method	NOUN
arjefm-72	221	24	is	be	AUX
arjefm-72	221	25	that	that	SCONJ
arjefm-72	221	26	with	with	ADP
arjefm-72	221	27	specific	specific	ADJ
arjefm-72	221	28	effects	effect	NOUN
arjefm-72	221	29	.	.	PUNCT
arjefm-72	222	1	thus	thus	ADV
arjefm-72	222	2	,	,	PUNCT
arjefm-72	222	3	fixed	fix	VERB
arjefm-72	222	4	and	and	CCONJ
arjefm-72	222	5	random	random	ADJ
arjefm-72	222	6	effects	effect	NOUN
arjefm-72	222	7	models	model	NOUN
arjefm-72	222	8	were	be	AUX
arjefm-72	222	9	estimated	estimate	VERB
arjefm-72	222	10	in	in	ADP
arjefm-72	222	11	order	order	NOUN
arjefm-72	222	12	to	to	PART
arjefm-72	222	13	test	test	VERB
arjefm-72	222	14	whether	whether	SCONJ
arjefm-72	222	15	the	the	DET
arjefm-72	222	16	specific	specific	ADJ
arjefm-72	222	17	effects	effect	NOUN
arjefm-72	222	18	result	result	VERB
arjefm-72	222	19	from	from	ADP
arjefm-72	222	20	the	the	DET
arjefm-72	222	21	heterogeneity	heterogeneity	NOUN
arjefm-72	222	22	of	of	ADP
arjefm-72	222	23	the	the	DET
arjefm-72	222	24	constants	constant	NOUN
arjefm-72	222	25	or	or	CCONJ
arjefm-72	222	26	that	that	PRON
arjefm-72	222	27	of	of	ADP
arjefm-72	222	28	the	the	DET
arjefm-72	222	29	coefficients	coefficient	NOUN
arjefm-72	222	30	.	.	PUNCT
arjefm-72	223	1	accordingly	accordingly	ADV
arjefm-72	223	2	,	,	PUNCT
arjefm-72	223	3	the	the	DET
arjefm-72	223	4	hausman	hausman	ADJ
arjefm-72	223	5	test	test	NOUN
arjefm-72	223	6	was	be	AUX
arjefm-72	223	7	applied	apply	VERB
arjefm-72	223	8	.	.	PUNCT
arjefm-72	224	1	the	the	DET
arjefm-72	224	2	probability	probability	NOUN
arjefm-72	224	3	of	of	ADP
arjefm-72	224	4	the	the	DET
arjefm-72	224	5	chi	chi	ADJ
arjefm-72	224	6	-	-	PUNCT
arjefm-72	224	7	square	square	ADJ
arjefm-72	224	8	statistics	statistic	NOUN
arjefm-72	224	9	shows	show	VERB
arjefm-72	224	10	zero	zero	NUM
arjefm-72	224	11	values	value	NOUN
arjefm-72	224	12	for	for	ADP
arjefm-72	224	13	the	the	DET
arjefm-72	224	14	modified	modify	VERB
arjefm-72	224	15	models	model	NOUN
arjefm-72	224	16	of	of	ADP
arjefm-72	224	17	jones	jones	PROPN
arjefm-72	224	18	(	(	PUNCT
arjefm-72	224	19	1	1	NUM
arjefm-72	224	20	)	)	PUNCT
arjefm-72	224	21	,	,	PUNCT
arjefm-72	224	22	(	(	PUNCT
arjefm-72	224	23	2	2	X
arjefm-72	224	24	)	)	PUNCT
arjefm-72	224	25	and	and	CCONJ
arjefm-72	224	26	(	(	PUNCT
arjefm-72	224	27	3)leading	3)leading	NUM
arjefm-72	224	28	us	we	PRON
arjefm-72	224	29	to	to	PART
arjefm-72	224	30	select	select	VERB
arjefm-72	224	31	the	the	DET
arjefm-72	224	32	fixed	fix	VERB
arjefm-72	224	33	effects	effect	NOUN
arjefm-72	224	34	model	model	NOUN
arjefm-72	224	35	.	.	PUNCT
arjefm-72	225	1	finally	finally	ADV
arjefm-72	225	2	,	,	PUNCT
arjefm-72	225	3	the	the	DET
arjefm-72	225	4	breush	breush	NOUN
arjefm-72	225	5	-	-	PUNCT
arjefm-72	225	6	pagan	pagan	VERB
arjefm-72	225	7	and	and	CCONJ
arjefm-72	225	8	wooldridge	wooldridge	PROPN
arjefm-72	225	9	tests	test	NOUN
arjefm-72	225	10	were	be	AUX
arjefm-72	225	11	conducted	conduct	VERB
arjefm-72	225	12	to	to	PART
arjefm-72	225	13	control	control	VERB
arjefm-72	225	14	for	for	ADP
arjefm-72	225	15	heteroscedasticity	heteroscedasticity	NOUN
arjefm-72	225	16	and	and	CCONJ
arjefm-72	225	17	errors	error	NOUN
arjefm-72	225	18	autocorrelation	autocorrelation	NOUN
arjefm-72	225	19	.	.	PUNCT
arjefm-72	226	1	the	the	DET
arjefm-72	226	2	probabilities	probability	NOUN
arjefm-72	226	3	of	of	ADP
arjefm-72	226	4	each	each	DET
arjefm-72	226	5	lr2test	lr2t	ADJ
arjefm-72	226	6	point	point	NOUN
arjefm-72	226	7	to	to	ADP
arjefm-72	226	8	an	an	DET
arjefm-72	226	9	errors	error	NOUN
arjefm-72	226	10	heteroscedasticity	heteroscedasticity	NOUN
arjefm-72	226	11	problem	problem	NOUN
arjefm-72	226	12	and	and	CCONJ
arjefm-72	226	13	an	an	DET
arjefm-72	226	14	absence	absence	NOUN
arjefm-72	226	15	of	of	ADP
arjefm-72	226	16	autocorrelation	autocorrelation	NOUN
arjefm-72	226	17	.	.	PUNCT
arjefm-72	227	1	a	a	DET
arjefm-72	227	2	re	re	NOUN
arjefm-72	227	3	-	-	NOUN
arjefm-72	227	4	estimation	estimation	NOUN
arjefm-72	227	5	of	of	ADP
arjefm-72	227	6	the	the	DET
arjefm-72	227	7	model	model	NOUN
arjefm-72	227	8	after	after	ADP
arjefm-72	227	9	correction	correction	NOUN
arjefm-72	227	10	using	use	VERB
arjefm-72	227	11	the	the	DET
arjefm-72	227	12	white	white	ADJ
arjefm-72	227	13	method	method	NOUN
arjefm-72	227	14	with	with	ADP
arjefm-72	227	15	the	the	DET
arjefm-72	227	16	robust	robust	ADJ
arjefm-72	227	17	command	command	NOUN
arjefm-72	227	18	(	(	PUNCT
arjefm-72	227	19	petersen	petersen	PROPN
arjefm-72	227	20	,	,	PUNCT
arjefm-72	227	21	2009	2009	NUM
arjefm-72	227	22	)	)	PUNCT
arjefm-72	227	23	,	,	PUNCT
arjefm-72	227	24	was	be	AUX
arjefm-72	227	25	finally	finally	ADV
arjefm-72	227	26	done	do	VERB
arjefm-72	227	27	.	.	PUNCT
arjefm-72	228	1	3	3	X
arjefm-72	228	2	.	.	X
arjefm-72	228	3	results	result	NOUN
arjefm-72	228	4	of	of	ADP
arjefm-72	228	5	the	the	DET
arjefm-72	228	6	regressions	regression	NOUN
arjefm-72	228	7	the	the	DET
arjefm-72	228	8	coefficients	coefficient	NOUN
arjefm-72	228	9	of	of	ADP
arjefm-72	228	10	determination	determination	NOUN
arjefm-72	228	11	(	(	PUNCT
arjefm-72	228	12	r²	r²	NOUN
arjefm-72	228	13	)	)	PUNCT
arjefm-72	228	14	of	of	ADP
arjefm-72	228	15	the	the	DET
arjefm-72	228	16	first	first	ADJ
arjefm-72	228	17	three	three	NUM
arjefm-72	228	18	models	model	NOUN
arjefm-72	228	19	were	be	AUX
arjefm-72	228	20	compared	compare	VERB
arjefm-72	228	21	when	when	SCONJ
arjefm-72	228	22	running	run	VERB
arjefm-72	228	23	multiple	multiple	ADJ
arjefm-72	228	24	regressions	regression	NOUN
arjefm-72	228	25	,	,	PUNCT
arjefm-72	228	26	with	with	ADP
arjefm-72	228	27	the	the	DET
arjefm-72	228	28	aim	aim	NOUN
arjefm-72	228	29	of	of	ADP
arjefm-72	228	30	identifying	identify	VERB
arjefm-72	228	31	the	the	DET
arjefm-72	228	32	variables	variable	NOUN
arjefm-72	228	33	determining	determine	VERB
arjefm-72	228	34	stock	stock	NOUN
arjefm-72	228	35	liquidity	liquidity	NOUN
arjefm-72	228	36	.	.	PUNCT
arjefm-72	229	1	these	these	DET
arjefm-72	229	2	variables	variable	NOUN
arjefm-72	229	3	are	be	AUX
arjefm-72	229	4	total	total	ADJ
arjefm-72	229	5	accruals	accrual	NOUN
arjefm-72	229	6	,	,	PUNCT
arjefm-72	229	7	discretionary	discretionary	ADJ
arjefm-72	229	8	accruals	accrual	NOUN
arjefm-72	229	9	and	and	CCONJ
arjefm-72	229	10	non	non	ADJ
arjefm-72	229	11	-	-	ADJ
arjefm-72	229	12	discretionary	discretionary	ADJ
arjefm-72	229	13	accruals	accrual	NOUN
arjefm-72	229	14	.	.	PUNCT
arjefm-72	230	1	it	it	PRON
arjefm-72	230	2	aims	aim	VERB
arjefm-72	230	3	at	at	ADP
arjefm-72	230	4	assessing	assess	VERB
arjefm-72	230	5	the	the	DET
arjefm-72	230	6	p	p	NOUN
arjefm-72	230	7	-	-	PUNCT
arjefm-72	230	8	value	value	NOUN
arjefm-72	230	9	0	0	NUM
arjefm-72	230	10	wooldridge	wooldridge	PROPN
arjefm-72	230	11	test	test	PROPN
arjefm-72	230	12	(	(	PUNCT
arjefm-72	230	13	1	1	X
arjefm-72	230	14	)	)	PUNCT
arjefm-72	230	15	(	(	PUNCT
arjefm-72	230	16	2	2	X
arjefm-72	230	17	)	)	PUNCT
arjefm-72	230	18	(	(	PUNCT
arjefm-72	230	19	3	3	X
arjefm-72	230	20	)	)	PUNCT
arjefm-72	230	21	hausman	hausman	PROPN
arjefm-72	230	22	test	test	PROPN
arjefm-72	230	23	chi	chi	PROPN
arjefm-72	230	24	deux	deux	PROPN
arjefm-72	230	25	40.30	40.30	NUM
arjefm-72	230	26	41.51	41.51	NUM
arjefm-72	230	27	61.09	61.09	NUM
arjefm-72	230	28	p	p	NOUN
arjefm-72	230	29	value	value	NOUN
arjefm-72	230	30	0	0	NUM
arjefm-72	230	31	0	0	NUM
arjefm-72	230	32	0	0	NUM
arjefm-72	230	33	breuch	breuch	PROPN
arjefm-72	230	34	pagan	pagan	PROPN
arjefm-72	230	35	test	test	PROPN
arjefm-72	230	36	lr2	lr2	PROPN
arjefm-72	230	37	53.34	53.34	NUM
arjefm-72	230	38	53.44	53.44	NUM
arjefm-72	230	39	52.40	52.40	NUM
arjefm-72	230	40	0	0	NUM
arjefm-72	230	41	0	0	NUM
arjefm-72	230	42	0.978	0.978	NUM
arjefm-72	230	43	p	p	NOUN
arjefm-72	230	44	value	value	NOUN
arjefm-72	231	1	0.301	0.301	NUM
arjefm-72	231	2	0.334	0.334	NUM
arjefm-72	231	3	0.179	0.179	NUM
arjefm-72	231	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-72	231	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	232	1	american	american	PROPN
arjefm-72	232	2	research	research	PROPN
arjefm-72	232	3	journal	journal	PROPN
arjefm-72	232	4	of	of	ADP
arjefm-72	232	5	economics	economic	NOUN
arjefm-72	232	6	,	,	PUNCT
arjefm-72	232	7	finance	finance	NOUN
arjefm-72	232	8	and	and	CCONJ
arjefm-72	232	9	management	management	NOUN
arjefm-72	232	10	volume	volume	NOUN
arjefm-72	232	11	10	10	NUM
arjefm-72	232	12	issue	issue	NOUN
arjefm-72	232	13	4	4	NUM
arjefm-72	232	14	,	,	PUNCT
arjefm-72	232	15	october	october	PROPN
arjefm-72	232	16	-	-	PUNCT
arjefm-72	232	17	december	december	PROPN
arjefm-72	232	18	2022	2022	NUM
arjefm-72	232	19	issn	issn	NOUN
arjefm-72	232	20	:	:	PUNCT
arjefm-72	232	21	2836	2836	NUM
arjefm-72	232	22	-	-	SYM
arjefm-72	232	23	9416	9416	NUM
arjefm-72	232	24	impact	impact	NOUN
arjefm-72	232	25	factor	factor	NOUN
arjefm-72	232	26	:	:	PUNCT
arjefm-72	232	27	4.85	4.85	NUM
arjefm-72	232	28	journal	journal	NOUN
arjefm-72	232	29	homepage	homepage	NOUN
arjefm-72	232	30	:	:	PUNCT
arjefm-72	232	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	232	32	,	,	PUNCT
arjefm-72	232	33	email	email	NOUN
arjefm-72	232	34	:	:	PUNCT
arjefm-72	232	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	232	36	official	official	ADJ
arjefm-72	232	37	journal	journal	PROPN
arjefm-72	232	38	of	of	ADP
arjefm-72	232	39	america	america	PROPN
arjefm-72	232	40	serial	serial	PROPN
arjefm-72	232	41	publication	publication	NOUN
arjefm-72	232	42	american	american	PROPN
arjefm-72	232	43	research	research	PROPN
arjefm-72	232	44	journal	journal	PROPN
arjefm-72	232	45	of	of	ADP
arjefm-72	232	46	economics	economic	NOUN
arjefm-72	232	47	,	,	PUNCT
arjefm-72	232	48	finance	finance	NOUN
arjefm-72	232	49	and	and	CCONJ
arjefm-72	232	50	management	management	NOUN
arjefm-72	232	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	232	52	,	,	PUNCT
arjefm-72	232	53	email	email	NOUN
arjefm-72	232	54	:	:	PUNCT
arjefm-72	232	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	233	1	10	10	NUM
arjefm-72	234	1	|	|	ADV
arjefm-72	234	2	p	p	X
arjefm-72	234	3	a	a	DET
arjefm-72	234	4	g	g	NOUN
arjefm-72	234	5	e	e	NOUN
arjefm-72	234	6	explanatory	explanatory	ADJ
arjefm-72	234	7	power	power	NOUN
arjefm-72	234	8	of	of	ADP
arjefm-72	234	9	the	the	DET
arjefm-72	234	10	three	three	NUM
arjefm-72	234	11	models	model	NOUN
arjefm-72	234	12	(	(	PUNCT
arjefm-72	234	13	1	1	NUM
arjefm-72	234	14	)	)	PUNCT
arjefm-72	234	15	,	,	PUNCT
arjefm-72	234	16	(	(	PUNCT
arjefm-72	234	17	2	2	X
arjefm-72	234	18	)	)	PUNCT
arjefm-72	234	19	and	and	CCONJ
arjefm-72	234	20	(	(	PUNCT
arjefm-72	234	21	3	3	X
arjefm-72	234	22	)	)	PUNCT
arjefm-72	234	23	in	in	ADP
arjefm-72	234	24	the	the	DET
arjefm-72	234	25	tunisian	tunisian	ADJ
arjefm-72	234	26	context	context	NOUN
arjefm-72	234	27	.	.	PUNCT
arjefm-72	235	1	multiple	multiple	ADJ
arjefm-72	235	2	regressions	regression	NOUN
arjefm-72	235	3	were	be	AUX
arjefm-72	235	4	run	run	VERB
arjefm-72	235	5	by	by	ADP
arjefm-72	235	6	disaggregating	disaggregate	VERB
arjefm-72	235	7	total	total	ADJ
arjefm-72	235	8	accruals	accrual	NOUN
arjefm-72	235	9	into	into	ADP
arjefm-72	235	10	discretionary	discretionary	ADJ
arjefm-72	235	11	and	and	CCONJ
arjefm-72	235	12	non	non	ADJ
arjefm-72	235	13	-	-	ADJ
arjefm-72	235	14	discretionary	discretionary	ADJ
arjefm-72	235	15	components	component	NOUN
arjefm-72	235	16	(	(	PUNCT
arjefm-72	235	17	dac	dac	NOUN
arjefm-72	235	18	and	and	CCONJ
arjefm-72	235	19	ndac	ndac	NUM
arjefm-72	235	20	)	)	PUNCT
arjefm-72	235	21	in	in	ADP
arjefm-72	235	22	order	order	NOUN
arjefm-72	235	23	to	to	PART
arjefm-72	235	24	test	test	VERB
arjefm-72	235	25	the	the	DET
arjefm-72	235	26	suggested	suggest	VERB
arjefm-72	235	27	hypotheses	hypothesis	NOUN
arjefm-72	235	28	h1	h1	ADJ
arjefm-72	235	29	and	and	CCONJ
arjefm-72	235	30	h2	h2	NOUN
arjefm-72	235	31	.	.	PUNCT
arjefm-72	236	1	the	the	DET
arjefm-72	236	2	results	result	NOUN
arjefm-72	236	3	are	be	AUX
arjefm-72	236	4	presented	present	VERB
arjefm-72	236	5	in	in	ADP
arjefm-72	236	6	table	table	NOUN
arjefm-72	236	7	5	5	NUM
arjefm-72	236	8	.	.	PUNCT
arjefm-72	236	9	table	table	NOUN
arjefm-72	236	10	5	5	NUM
arjefm-72	236	11	:	:	PUNCT
arjefm-72	236	12	results	result	NOUN
arjefm-72	236	13	of	of	ADP
arjefm-72	236	14	the	the	DET
arjefm-72	236	15	regressions	regression	NOUN
arjefm-72	236	16	:	:	PUNCT
arjefm-72	236	17	liquidity	liquidity	NOUN
arjefm-72	236	18	and	and	CCONJ
arjefm-72	236	19	acruals	acrual	NOUN
arjefm-72	236	20	modified	modify	VERB
arjefm-72	236	21	models	model	NOUN
arjefm-72	236	22	of	of	ADP
arjefm-72	236	23	jones	jones	PROPN
arjefm-72	236	24	earnings	earning	NOUN
arjefm-72	236	25	management	management	NOUN
arjefm-72	236	26	measures	measure	VERB
arjefm-72	236	27	total	total	ADJ
arjefm-72	236	28	accruals	accrual	NOUN
arjefm-72	236	29	discretionary	discretionary	ADJ
arjefm-72	236	30	accruals	accrual	NOUN
arjefm-72	236	31	nondiscretionary	nondiscretionary	ADJ
arjefm-72	236	32	accruals	accrual	NOUN
arjefm-72	236	33	(	(	PUNCT
arjefm-72	236	34	1	1	NUM
arjefm-72	236	35	)	)	PUNCT
arjefm-72	236	36	(	(	PUNCT
arjefm-72	236	37	2	2	NUM
arjefm-72	236	38	)	)	PUNCT
arjefm-72	236	39	(	(	PUNCT
arjefm-72	236	40	3	3	X
arjefm-72	236	41	)	)	PUNCT
arjefm-72	236	42	variable	variable	ADJ
arjefm-72	236	43	liq	liq	NOUN
arjefm-72	236	44	liq	liq	NOUN
arjefm-72	236	45	liq	liq	NOUN
arjefm-72	236	46	earnings	earning	NOUN
arjefm-72	236	47	management	management	NOUN
arjefm-72	236	48	1.287	1.287	NUM
arjefm-72	236	49	1.243	1.243	NUM
arjefm-72	236	50	01.411	01.411	NUM
arjefm-72	236	51	(	(	PUNCT
arjefm-72	236	52	2.32	2.32	NUM
arjefm-72	236	53	)	)	PUNCT
arjefm-72	236	54	*	*	PUNCT
arjefm-72	236	55	*	*	PUNCT
arjefm-72	236	56	(	(	PUNCT
arjefm-72	236	57	2.32	2.32	NUM
arjefm-72	236	58	)	)	PUNCT
arjefm-72	236	59	*	*	PUNCT
arjefm-72	236	60	*	*	PUNCT
arjefm-72	236	61	(	(	PUNCT
arjefm-72	236	62	0.12	0.12	NUM
arjefm-72	236	63	)	)	PUNCT
arjefm-72	236	64	size	size	NOUN
arjefm-72	236	65	-1.273	-1.273	PROPN
arjefm-72	236	66	-1.293	-1.293	NOUN
arjefm-72	236	67	-1.315	-1.315	NOUN
arjefm-72	236	68	(	(	PUNCT
arjefm-72	236	69	41.06	41.06	NUM
arjefm-72	236	70	)	)	PUNCT
arjefm-72	236	71	*	*	PUNCT
arjefm-72	237	1	*	*	PUNCT
arjefm-72	237	2	*	*	PUNCT
arjefm-72	237	3	(	(	PUNCT
arjefm-72	237	4	47.11	47.11	NUM
arjefm-72	237	5	)	)	PUNCT
arjefm-72	237	6	*	*	PUNCT
arjefm-72	238	1	*	*	PUNCT
arjefm-72	238	2	*	*	PUNCT
arjefm-72	238	3	(	(	PUNCT
arjefm-72	238	4	18.59	18.59	NUM
arjefm-72	238	5	)	)	PUNCT
arjefm-72	238	6	*	*	PUNCT
arjefm-72	239	1	*	*	PUNCT
arjefm-72	239	2	*	*	PUNCT
arjefm-72	239	3	sp	sp	ADP
arjefm-72	239	4	0.002	0.002	NUM
arjefm-72	239	5	0.002	0.002	NUM
arjefm-72	239	6	0.002	0.002	NUM
arjefm-72	239	7	(	(	PUNCT
arjefm-72	239	8	1.09	1.09	NUM
arjefm-72	239	9	)	)	PUNCT
arjefm-72	239	10	(	(	PUNCT
arjefm-72	239	11	1.08	1.08	NUM
arjefm-72	239	12	)	)	PUNCT
arjefm-72	239	13	(	(	PUNCT
arjefm-72	239	14	1.19	1.19	NUM
arjefm-72	239	15	)	)	PUNCT
arjefm-72	239	16	vol	vol	NOUN
arjefm-72	239	17	0.052	0.052	NUM
arjefm-72	239	18	0.052	0.052	NUM
arjefm-72	239	19	0.053	0.053	NUM
arjefm-72	239	20	(	(	PUNCT
arjefm-72	239	21	1.95	1.95	NUM
arjefm-72	239	22	)	)	PUNCT
arjefm-72	239	23	*	*	PUNCT
arjefm-72	239	24	(	(	PUNCT
arjefm-72	239	25	1.96	1.96	NUM
arjefm-72	239	26	)	)	PUNCT
arjefm-72	239	27	*	*	PUNCT
arjefm-72	239	28	(	(	PUNCT
arjefm-72	239	29	1.76	1.76	NUM
arjefm-72	239	30	)	)	PUNCT
arjefm-72	239	31	*	*	PUNCT
arjefm-72	239	32	return	return	PROPN
arjefm-72	239	33	-0.006	-0.006	X
arjefm-72	239	34	-0.006	-0.006	X
arjefm-72	239	35	-0.006	-0.006	X
arjefm-72	239	36	(	(	PUNCT
arjefm-72	239	37	1.56	1.56	NUM
arjefm-72	239	38	)	)	PUNCT
arjefm-72	239	39	(	(	PUNCT
arjefm-72	239	40	1.54	1.54	NUM
arjefm-72	239	41	)	)	PUNCT
arjefm-72	239	42	(	(	PUNCT
arjefm-72	239	43	0.19	0.19	NUM
arjefm-72	239	44	)	)	PUNCT
arjefm-72	239	45	vr	vr	NOUN
arjefm-72	239	46	0.005	0.005	NUM
arjefm-72	239	47	0.005	0.005	NUM
arjefm-72	239	48	0.006	0.006	NUM
arjefm-72	239	49	(	(	PUNCT
arjefm-72	239	50	0.14	0.14	NUM
arjefm-72	239	51	)	)	PUNCT
arjefm-72	239	52	(	(	PUNCT
arjefm-72	239	53	0.15	0.15	NUM
arjefm-72	239	54	)	)	PUNCT
arjefm-72	239	55	(	(	PUNCT
arjefm-72	239	56	0.19	0.19	NUM
arjefm-72	239	57	)	)	PUNCT
arjefm-72	239	58	constant	constant	ADJ
arjefm-72	239	59	-6.646	-6.646	NOUN
arjefm-72	239	60	-6.918	-6.918	NOUN
arjefm-72	239	61	-7.280	-7.280	PUNCT
arjefm-72	239	62	(	(	PUNCT
arjefm-72	239	63	10.04	10.04	NUM
arjefm-72	239	64	)	)	PUNCT
arjefm-72	239	65	*	*	PUNCT
arjefm-72	240	1	*	*	PUNCT
arjefm-72	240	2	*	*	PUNCT
arjefm-72	240	3	(	(	PUNCT
arjefm-72	240	4	11.01	11.01	NUM
arjefm-72	240	5	)	)	PUNCT
arjefm-72	240	6	*	*	PUNCT
arjefm-72	240	7	*	*	PUNCT
arjefm-72	240	8	*	*	PUNCT
arjefm-72	240	9	(	(	PUNCT
arjefm-72	240	10	6.59	6.59	NUM
arjefm-72	240	11	)	)	PUNCT
arjefm-72	240	12	*	*	PUNCT
arjefm-72	240	13	*	*	PUNCT
arjefm-72	240	14	*	*	VERB
arjefm-72	240	15	observations	observation	NOUN
arjefm-72	240	16	299	299	NUM
arjefm-72	240	17	299	299	NUM
arjefm-72	240	18	299	299	NUM
arjefm-72	240	19	number	number	NOUN
arjefm-72	240	20	of	of	ADP
arjefm-72	240	21	firmes	firme	NOUN
arjefm-72	240	22	23	23	NUM
arjefm-72	240	23	23	23	NUM
arjefm-72	240	24	23	23	NUM
arjefm-72	240	25	r²	r²	NOUN
arjefm-72	240	26	(	(	PUNCT
arjefm-72	240	27	0.82	0.82	NUM
arjefm-72	240	28	)	)	PUNCT
arjefm-72	240	29	(	(	PUNCT
arjefm-72	240	30	0.76	0.76	NUM
arjefm-72	240	31	)	)	PUNCT
arjefm-72	240	32	(	(	PUNCT
arjefm-72	240	33	0.70	0.70	NUM
arjefm-72	240	34	)	)	PUNCT
arjefm-72	240	35	stat	stat	NOUN
arjefm-72	240	36	-f	-f	NUM
arjefm-72	240	37	4.93	4.93	NUM
arjefm-72	240	38	4.86	4.86	NUM
arjefm-72	240	39	6.54	6.54	NUM
arjefm-72	240	40	f	f	PROPN
arjefm-72	240	41	prob	prob	NOUN
arjefm-72	240	42	0	0	NUM
arjefm-72	240	43	0	0	NUM
arjefm-72	240	44	0	0	NUM
arjefm-72	240	45	notes	note	NOUN
arjefm-72	240	46	:	:	PUNCT
arjefm-72	240	47	*	*	PUNCT
arjefm-72	240	48	*	*	PUNCT
arjefm-72	240	49	*	*	PUNCT
arjefm-72	240	50	,	,	PUNCT
arjefm-72	240	51	*	*	PUNCT
arjefm-72	240	52	*	*	PUNCT
arjefm-72	240	53	and	and	CCONJ
arjefm-72	240	54	*	*	PUNCT
arjefm-72	240	55	denote	denote	NOUN
arjefm-72	240	56	significance	significance	NOUN
arjefm-72	240	57	levels	level	NOUN
arjefm-72	240	58	of	of	ADP
arjefm-72	240	59	1	1	NUM
arjefm-72	240	60	%	%	NOUN
arjefm-72	240	61	,	,	PUNCT
arjefm-72	240	62	5	5	NUM
arjefm-72	240	63	%	%	NOUN
arjefm-72	240	64	and	and	CCONJ
arjefm-72	240	65	10	10	NUM
arjefm-72	240	66	%	%	NOUN
arjefm-72	240	67	respectively	respectively	ADV
arjefm-72	240	68	.	.	PUNCT
arjefm-72	241	1	values	value	NOUN
arjefm-72	241	2	in	in	ADP
arjefm-72	241	3	parentheses	parenthesis	NOUN
arjefm-72	241	4	are	be	AUX
arjefm-72	241	5	"	"	PUNCT
arjefm-72	241	6	t	t	NOUN
arjefm-72	241	7	-	-	PUNCT
arjefm-72	241	8	student	student	NOUN
arjefm-72	241	9	"	"	PUNCT
arjefm-72	241	10	.	.	PUNCT
arjefm-72	242	1	the	the	DET
arjefm-72	242	2	investigated	investigate	VERB
arjefm-72	242	3	model	model	NOUN
arjefm-72	242	4	has	have	VERB
arjefm-72	242	5	considerable	considerable	ADJ
arjefm-72	242	6	explanatory	explanatory	ADJ
arjefm-72	242	7	powers	power	NOUN
arjefm-72	242	8	.	.	PUNCT
arjefm-72	243	1	indeed	indeed	ADV
arjefm-72	243	2	,	,	PUNCT
arjefm-72	243	3	the	the	DET
arjefm-72	243	4	respective	respective	ADJ
arjefm-72	243	5	coefficients	coefficient	NOUN
arjefm-72	243	6	of	of	ADP
arjefm-72	243	7	determination	determination	NOUN
arjefm-72	243	8	r2	r2	PROPN
arjefm-72	243	9	are	be	AUX
arjefm-72	243	10	82	82	NUM
arjefm-72	243	11	%	%	NOUN
arjefm-72	243	12	for	for	ADP
arjefm-72	243	13	(	(	PUNCT
arjefm-72	243	14	1	1	NUM
arjefm-72	243	15	)	)	PUNCT
arjefm-72	243	16	,	,	PUNCT
arjefm-72	243	17	76	76	NUM
arjefm-72	243	18	%	%	NOUN
arjefm-72	243	19	for	for	ADP
arjefm-72	243	20	(	(	PUNCT
arjefm-72	243	21	2	2	NUM
arjefm-72	243	22	)	)	PUNCT
arjefm-72	243	23	and	and	CCONJ
arjefm-72	243	24	076	076	NUM
arjefm-72	243	25	%	%	NOUN
arjefm-72	243	26	for	for	ADP
arjefm-72	243	27	(	(	PUNCT
arjefm-72	243	28	3	3	NUM
arjefm-72	243	29	)	)	PUNCT
arjefm-72	243	30	.	.	PUNCT
arjefm-72	244	1	the	the	DET
arjefm-72	244	2	fisher	fisher	PROPN
arjefm-72	244	3	test	test	NOUN
arjefm-72	244	4	on	on	ADP
arjefm-72	244	5	the	the	DET
arjefm-72	244	6	overall	overall	ADJ
arjefm-72	244	7	model	model	NOUN
arjefm-72	244	8	significance	significance	NOUN
arjefm-72	244	9	shows	show	VERB
arjefm-72	244	10	that	that	SCONJ
arjefm-72	244	11	at	at	ADP
arjefm-72	244	12	the	the	DET
arjefm-72	244	13	1	1	NUM
arjefm-72	244	14	%	%	NOUN
arjefm-72	244	15	level	level	NOUN
arjefm-72	244	16	there	there	PRON
arjefm-72	244	17	is	be	VERB
arjefm-72	244	18	at	at	ADV
arjefm-72	244	19	least	least	ADJ
arjefm-72	244	20	one	one	NUM
arjefm-72	244	21	independent	independent	ADJ
arjefm-72	244	22	variable	variable	NOUN
arjefm-72	244	23	whose	whose	DET
arjefm-72	244	24	impact	impact	NOUN
arjefm-72	244	25	on	on	ADP
arjefm-72	244	26	the	the	DET
arjefm-72	244	27	dependent	dependent	ADJ
arjefm-72	244	28	variable	variable	NOUN
arjefm-72	244	29	is	be	AUX
arjefm-72	244	30	significant	significant	ADJ
arjefm-72	244	31	.	.	PUNCT
arjefm-72	245	1	the	the	DET
arjefm-72	245	2	respective	respective	ADJ
arjefm-72	245	3	fisher	fisher	PROPN
arjefm-72	245	4	's	's	PART
arjefm-72	245	5	statistics	statistic	NOUN
arjefm-72	245	6	for	for	ADP
arjefm-72	245	7	both	both	DET
arjefm-72	245	8	models	model	NOUN
arjefm-72	245	9	are	be	AUX
arjefm-72	245	10	f	f	X
arjefm-72	245	11	(	(	PUNCT
arjefm-72	245	12	6	6	NUM
arjefm-72	245	13	,	,	PUNCT
arjefm-72	245	14	270	270	NUM
arjefm-72	245	15	)	)	PUNCT
arjefm-72	245	16	=	=	SYM
arjefm-72	245	17	4.93	4.93	NUM
arjefm-72	245	18	for	for	ADP
arjefm-72	245	19	(	(	PUNCT
arjefm-72	245	20	1	1	NUM
arjefm-72	245	21	)	)	PUNCT
arjefm-72	245	22	,	,	PUNCT
arjefm-72	245	23	4.86	4.86	NUM
arjefm-72	245	24	for	for	ADP
arjefm-72	245	25	(	(	PUNCT
arjefm-72	245	26	2	2	NUM
arjefm-72	245	27	)	)	PUNCT
arjefm-72	245	28	and	and	CCONJ
arjefm-72	245	29	6.54	6.54	NUM
arjefm-72	245	30	for	for	ADP
arjefm-72	245	31	(	(	PUNCT
arjefm-72	245	32	3	3	NUM
arjefm-72	245	33	)	)	PUNCT
arjefm-72	245	34	.	.	PUNCT
arjefm-72	246	1	the	the	DET
arjefm-72	246	2	coefficients	coefficient	NOUN
arjefm-72	246	3	of	of	ADP
arjefm-72	246	4	determination	determination	NOUN
arjefm-72	246	5	of	of	ADP
arjefm-72	246	6	these	these	DET
arjefm-72	246	7	regressions	regression	NOUN
arjefm-72	246	8	reveal	reveal	VERB
arjefm-72	246	9	the	the	DET
arjefm-72	246	10	relevance	relevance	NOUN
arjefm-72	246	11	of	of	ADP
arjefm-72	246	12	the	the	DET
arjefm-72	246	13	different	different	ADJ
arjefm-72	246	14	components	component	NOUN
arjefm-72	246	15	of	of	ADP
arjefm-72	246	16	accruals	accrual	NOUN
arjefm-72	246	17	in	in	ADP
arjefm-72	246	18	explaining	explain	VERB
arjefm-72	246	19	the	the	DET
arjefm-72	246	20	ask	ask	VERB
arjefm-72	246	21	-	-	PUNCT
arjefm-72	246	22	bid	bid	NOUN
arjefm-72	246	23	spread	spread	NOUN
arjefm-72	246	24	.	.	PUNCT
arjefm-72	247	1	if	if	SCONJ
arjefm-72	247	2	the	the	DET
arjefm-72	247	3	coefficients	coefficient	NOUN
arjefm-72	247	4	are	be	AUX
arjefm-72	247	5	all	all	ADV
arjefm-72	247	6	significant	significant	ADJ
arjefm-72	247	7	,	,	PUNCT
arjefm-72	247	8	then	then	ADV
arjefm-72	247	9	each	each	DET
arjefm-72	247	10	accruals	accrual	NOUN
arjefm-72	247	11	component	component	NOUN
arjefm-72	247	12	carries	carry	VERB
arjefm-72	247	13	information	information	NOUN
arjefm-72	247	14	about	about	ADP
arjefm-72	247	15	the	the	DET
arjefm-72	247	16	ask	ask	NOUN
arjefm-72	247	17	-	-	PUNCT
arjefm-72	247	18	bid	bid	NOUN
arjefm-72	247	19	spread	spread	NOUN
arjefm-72	247	20	.	.	PUNCT
arjefm-72	248	1	the	the	DET
arjefm-72	248	2	regressions	regression	NOUN
arjefm-72	248	3	in	in	ADP
arjefm-72	248	4	tables	table	NOUN
arjefm-72	248	5	n	n	CCONJ
arjefm-72	248	6	°	°	ADV
arjefm-72	248	7	5	5	NUM
arjefm-72	248	8	estimate	estimate	VERB
arjefm-72	248	9	the	the	DET
arjefm-72	248	10	effect	effect	NOUN
arjefm-72	248	11	of	of	ADP
arjefm-72	248	12	earnings	earning	NOUN
arjefm-72	248	13	management	management	NOUN
arjefm-72	248	14	on	on	ADP
arjefm-72	248	15	stock	stock	NOUN
arjefm-72	248	16	liquidity	liquidity	NOUN
arjefm-72	248	17	.	.	PUNCT
arjefm-72	249	1	the	the	DET
arjefm-72	249	2	results	result	NOUN
arjefm-72	249	3	indicate	indicate	VERB
arjefm-72	249	4	a	a	DET
arjefm-72	249	5	positive	positive	ADJ
arjefm-72	249	6	and	and	CCONJ
arjefm-72	249	7	a	a	DET
arjefm-72	249	8	significant	significant	ADJ
arjefm-72	249	9	relationship	relationship	NOUN
arjefm-72	249	10	between	between	ADP
arjefm-72	249	11	accruals	accrual	NOUN
arjefm-72	249	12	(	(	PUNCT
arjefm-72	249	13	tac	tac	NOUN
arjefm-72	249	14	,	,	PUNCT
arjefm-72	249	15	cad	cad	PROPN
arjefm-72	249	16	)	)	PUNCT
arjefm-72	249	17	and	and	CCONJ
arjefm-72	249	18	the	the	DET
arjefm-72	249	19	ask	ask	NOUN
arjefm-72	249	20	-	-	PUNCT
arjefm-72	249	21	bid	bid	VERB
arjefm-72	249	22	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	249	23	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	249	24	american	american	PROPN
arjefm-72	249	25	research	research	PROPN
arjefm-72	249	26	journal	journal	PROPN
arjefm-72	249	27	of	of	ADP
arjefm-72	249	28	economics	economic	NOUN
arjefm-72	249	29	,	,	PUNCT
arjefm-72	249	30	finance	finance	NOUN
arjefm-72	249	31	and	and	CCONJ
arjefm-72	249	32	management	management	NOUN
arjefm-72	249	33	volume	volume	NOUN
arjefm-72	249	34	10	10	NUM
arjefm-72	249	35	issue	issue	NOUN
arjefm-72	249	36	4	4	NUM
arjefm-72	249	37	,	,	PUNCT
arjefm-72	249	38	october	october	PROPN
arjefm-72	249	39	-	-	PUNCT
arjefm-72	249	40	december	december	PROPN
arjefm-72	249	41	2022	2022	NUM
arjefm-72	249	42	issn	issn	NOUN
arjefm-72	249	43	:	:	PUNCT
arjefm-72	249	44	2836	2836	NUM
arjefm-72	249	45	-	-	SYM
arjefm-72	249	46	9416	9416	NUM
arjefm-72	249	47	impact	impact	NOUN
arjefm-72	249	48	factor	factor	NOUN
arjefm-72	249	49	:	:	PUNCT
arjefm-72	249	50	4.85	4.85	NUM
arjefm-72	249	51	journal	journal	NOUN
arjefm-72	249	52	homepage	homepage	NOUN
arjefm-72	249	53	:	:	PUNCT
arjefm-72	249	54	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	249	55	,	,	PUNCT
arjefm-72	249	56	email	email	NOUN
arjefm-72	249	57	:	:	PUNCT
arjefm-72	249	58	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	249	59	official	official	ADJ
arjefm-72	249	60	journal	journal	PROPN
arjefm-72	249	61	of	of	ADP
arjefm-72	249	62	america	america	PROPN
arjefm-72	249	63	serial	serial	PROPN
arjefm-72	249	64	publication	publication	NOUN
arjefm-72	249	65	american	american	PROPN
arjefm-72	249	66	research	research	PROPN
arjefm-72	249	67	journal	journal	PROPN
arjefm-72	249	68	of	of	ADP
arjefm-72	249	69	economics	economic	NOUN
arjefm-72	249	70	,	,	PUNCT
arjefm-72	249	71	finance	finance	NOUN
arjefm-72	249	72	and	and	CCONJ
arjefm-72	249	73	management	management	NOUN
arjefm-72	249	74	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	249	75	,	,	PUNCT
arjefm-72	249	76	email	email	NOUN
arjefm-72	249	77	:	:	PUNCT
arjefm-72	249	78	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	250	1	11	11	NUM
arjefm-72	251	1	|	|	ADV
arjefm-72	251	2	p	p	X
arjefm-72	251	3	a	a	DET
arjefm-72	251	4	g	g	NOUN
arjefm-72	251	5	e	e	NOUN
arjefm-72	251	6	spread	spread	NOUN
arjefm-72	251	7	.	.	PUNCT
arjefm-72	252	1	however	however	ADV
arjefm-72	252	2	,	,	PUNCT
arjefm-72	252	3	the	the	DET
arjefm-72	252	4	relationship	relationship	NOUN
arjefm-72	252	5	between	between	ADP
arjefm-72	252	6	non	non	ADJ
arjefm-72	252	7	-	-	ADJ
arjefm-72	252	8	discretionary	discretionary	ADJ
arjefm-72	252	9	accruals	accrual	NOUN
arjefm-72	252	10	and	and	CCONJ
arjefm-72	252	11	the	the	DET
arjefm-72	252	12	ask	ask	NOUN
arjefm-72	252	13	-	-	PUNCT
arjefm-72	252	14	bid	bid	NOUN
arjefm-72	252	15	is	be	AUX
arjefm-72	252	16	insignificant	insignificant	ADJ
arjefm-72	252	17	(	(	PUNCT
arjefm-72	252	18	3	3	NUM
arjefm-72	252	19	)	)	PUNCT
arjefm-72	252	20	.	.	PUNCT
arjefm-72	253	1	in	in	ADP
arjefm-72	253	2	line	line	NOUN
arjefm-72	253	3	with	with	ADP
arjefm-72	253	4	previous	previous	ADJ
arjefm-72	253	5	research	research	NOUN
arjefm-72	253	6	,	,	PUNCT
arjefm-72	253	7	the	the	DET
arjefm-72	253	8	results	result	NOUN
arjefm-72	253	9	of	of	ADP
arjefm-72	253	10	the	the	DET
arjefm-72	253	11	proposed	propose	VERB
arjefm-72	253	12	study	study	NOUN
arjefm-72	253	13	validate	validate	VERB
arjefm-72	253	14	the	the	DET
arjefm-72	253	15	hypothesis	hypothesis	NOUN
arjefm-72	253	16	that	that	PRON
arjefm-72	253	17	market	market	NOUN
arjefm-72	253	18	liquidity	liquidity	NOUN
arjefm-72	253	19	is	be	AUX
arjefm-72	253	20	a	a	DET
arjefm-72	253	21	decreasing	decrease	VERB
arjefm-72	253	22	function	function	NOUN
arjefm-72	253	23	of	of	ADP
arjefm-72	253	24	earnings	earning	NOUN
arjefm-72	253	25	management	management	NOUN
arjefm-72	253	26	.	.	PUNCT
arjefm-72	254	1	these	these	DET
arjefm-72	254	2	results	result	NOUN
arjefm-72	254	3	are	be	AUX
arjefm-72	254	4	consistent	consistent	ADJ
arjefm-72	254	5	with	with	ADP
arjefm-72	254	6	studies	study	NOUN
arjefm-72	254	7	on	on	ADP
arjefm-72	254	8	the	the	DET
arjefm-72	254	9	us	us	PROPN
arjefm-72	254	10	market	market	NOUN
arjefm-72	254	11	.	.	PUNCT
arjefm-72	255	1	this	this	DET
arjefm-72	255	2	result	result	NOUN
arjefm-72	255	3	corroborates	corroborate	VERB
arjefm-72	255	4	those	those	PRON
arjefm-72	255	5	of	of	ADP
arjefm-72	255	6	ascioglu	ascioglu	PROPN
arjefm-72	255	7	et	et	PROPN
arjefm-72	255	8	al	al	PROPN
arjefm-72	255	9	.	.	PROPN
arjefm-72	256	1	(	(	PUNCT
arjefm-72	256	2	2012	2012	NUM
arjefm-72	256	3	)	)	PUNCT
arjefm-72	256	4	;	;	PUNCT
arjefm-72	256	5	bafghi	bafghi	PROPN
arjefm-72	256	6	et	et	PROPN
arjefm-72	256	7	al	al	PROPN
arjefm-72	256	8	.	.	PROPN
arjefm-72	257	1	(	(	PUNCT
arjefm-72	257	2	2014	2014	NUM
arjefm-72	257	3	)	)	PUNCT
arjefm-72	257	4	;	;	PUNCT
arjefm-72	257	5	peterson	peterson	PROPN
arjefm-72	257	6	et	et	PROPN
arjefm-72	257	7	al	al	PROPN
arjefm-72	257	8	.	.	PROPN
arjefm-72	258	1	(	(	PUNCT
arjefm-72	258	2	2015	2015	NUM
arjefm-72	258	3	)	)	PUNCT
arjefm-72	258	4	and	and	CCONJ
arjefm-72	258	5	sohn	sohn	PROPN
arjefm-72	258	6	(	(	PUNCT
arjefm-72	258	7	2016	2016	NUM
arjefm-72	258	8	)	)	PUNCT
arjefm-72	258	9	.	.	PUNCT
arjefm-72	259	1	similarly	similarly	ADV
arjefm-72	259	2	,	,	PUNCT
arjefm-72	259	3	aharony	aharony	PROPN
arjefm-72	259	4	,	,	PUNCT
arjefm-72	259	5	lee	lee	PROPN
arjefm-72	259	6	,	,	PUNCT
arjefm-72	259	7	and	and	CCONJ
arjefm-72	259	8	wong	wong	PROPN
arjefm-72	259	9	,	,	PUNCT
arjefm-72	259	10	(	(	PUNCT
arjefm-72	259	11	2000	2000	NUM
arjefm-72	259	12	)	)	PUNCT
arjefm-72	259	13	indicated	indicate	VERB
arjefm-72	259	14	that	that	SCONJ
arjefm-72	259	15	chinese	chinese	ADJ
arjefm-72	259	16	firms	firm	NOUN
arjefm-72	259	17	do	do	AUX
arjefm-72	259	18	not	not	PART
arjefm-72	259	19	have	have	VERB
arjefm-72	259	20	the	the	DET
arjefm-72	259	21	same	same	ADJ
arjefm-72	259	22	motivations	motivation	NOUN
arjefm-72	259	23	for	for	ADP
arjefm-72	259	24	managing	manage	VERB
arjefm-72	259	25	earnings	earning	NOUN
arjefm-72	259	26	like	like	ADP
arjefm-72	259	27	us	us	PROPN
arjefm-72	259	28	firms	firm	NOUN
arjefm-72	259	29	.	.	PUNCT
arjefm-72	260	1	worth	worth	ADJ
arjefm-72	260	2	noting	note	VERB
arjefm-72	260	3	is	be	AUX
arjefm-72	260	4	that	that	SCONJ
arjefm-72	260	5	the	the	DET
arjefm-72	260	6	manager	manager	NOUN
arjefm-72	260	7	is	be	AUX
arjefm-72	260	8	not	not	PART
arjefm-72	260	9	a	a	DET
arjefm-72	260	10	shareholder	shareholder	NOUN
arjefm-72	260	11	in	in	ADP
arjefm-72	260	12	the	the	DET
arjefm-72	260	13	chinese	chinese	ADJ
arjefm-72	260	14	sample	sample	NOUN
arjefm-72	260	15	.	.	PUNCT
arjefm-72	261	1	these	these	DET
arjefm-72	261	2	firms	firm	NOUN
arjefm-72	261	3	have	have	VERB
arjefm-72	261	4	no	no	DET
arjefm-72	261	5	interest	interest	NOUN
arjefm-72	261	6	in	in	ADP
arjefm-72	261	7	managing	manage	VERB
arjefm-72	261	8	earnings	earning	NOUN
arjefm-72	261	9	.	.	PUNCT
arjefm-72	262	1	in	in	ADP
arjefm-72	262	2	such	such	DET
arjefm-72	262	3	a	a	DET
arjefm-72	262	4	context	context	NOUN
arjefm-72	262	5	,	,	PUNCT
arjefm-72	262	6	it	it	PRON
arjefm-72	262	7	is	be	AUX
arjefm-72	262	8	the	the	DET
arjefm-72	262	9	state	state	NOUN
arjefm-72	262	10	which	which	PRON
arjefm-72	262	11	encourages	encourage	VERB
arjefm-72	262	12	firms	firm	NOUN
arjefm-72	262	13	to	to	PART
arjefm-72	262	14	manage	manage	VERB
arjefm-72	262	15	earnings	earning	NOUN
arjefm-72	262	16	in	in	ADP
arjefm-72	262	17	order	order	NOUN
arjefm-72	262	18	to	to	PART
arjefm-72	262	19	increase	increase	VERB
arjefm-72	262	20	profits	profit	NOUN
arjefm-72	262	21	earned	earn	VERB
arjefm-72	262	22	in	in	ADP
arjefm-72	262	23	terms	term	NOUN
arjefm-72	262	24	of	of	ADP
arjefm-72	262	25	foreign	foreign	ADJ
arjefm-72	262	26	currencies	currency	NOUN
arjefm-72	262	27	through	through	ADP
arjefm-72	262	28	selling	sell	VERB
arjefm-72	262	29	stocks	stock	NOUN
arjefm-72	262	30	to	to	ADP
arjefm-72	262	31	foreign	foreign	ADJ
arjefm-72	262	32	investors	investor	NOUN
arjefm-72	262	33	.	.	PUNCT
arjefm-72	263	1	moreover	moreover	ADV
arjefm-72	263	2	,	,	PUNCT
arjefm-72	263	3	hepworth	hepworth	PROPN
arjefm-72	263	4	(	(	PUNCT
arjefm-72	263	5	1953	1953	NUM
arjefm-72	263	6	)	)	PUNCT
arjefm-72	263	7	argued	argue	VERB
arjefm-72	263	8	that	that	SCONJ
arjefm-72	263	9	investors	investor	NOUN
arjefm-72	263	10	show	show	VERB
arjefm-72	263	11	more	more	ADJ
arjefm-72	263	12	confidence	confidence	NOUN
arjefm-72	263	13	to	to	ADP
arjefm-72	263	14	firms	firm	NOUN
arjefm-72	263	15	that	that	PRON
arjefm-72	263	16	generate	generate	VERB
arjefm-72	263	17	stable	stable	ADJ
arjefm-72	263	18	and	and	CCONJ
arjefm-72	263	19	regular	regular	ADJ
arjefm-72	263	20	profits	profit	NOUN
arjefm-72	263	21	.	.	PUNCT
arjefm-72	264	1	similarly	similarly	ADV
arjefm-72	264	2	,	,	PUNCT
arjefm-72	264	3	faez	faez	PROPN
arjefm-72	264	4	et	et	PROPN
arjefm-72	264	5	al	al	PROPN
arjefm-72	264	6	.	.	PROPN
arjefm-72	264	7	(	(	PUNCT
arjefm-72	264	8	2014	2014	NUM
arjefm-72	264	9	)	)	PUNCT
arjefm-72	264	10	,	,	PUNCT
arjefm-72	264	11	using	use	VERB
arjefm-72	264	12	the	the	DET
arjefm-72	264	13	modified	modify	VERB
arjefm-72	264	14	models	model	NOUN
arjefm-72	264	15	of	of	ADP
arjefm-72	264	16	jones	jones	PROPN
arjefm-72	264	17	on	on	ADP
arjefm-72	264	18	a	a	DET
arjefm-72	264	19	sample	sample	NOUN
arjefm-72	264	20	of	of	ADP
arjefm-72	264	21	72	72	NUM
arjefm-72	264	22	firms	firm	NOUN
arjefm-72	264	23	examined	examine	VERB
arjefm-72	264	24	over	over	ADP
arjefm-72	264	25	the	the	DET
arjefm-72	264	26	2005	2005	NUM
arjefm-72	264	27	-	-	SYM
arjefm-72	264	28	2013period	2013period	NOUN
arjefm-72	264	29	found	find	VERB
arjefm-72	264	30	that	that	SCONJ
arjefm-72	264	31	earnings	earning	NOUN
arjefm-72	264	32	management	management	NOUN
arjefm-72	264	33	enhances	enhance	VERB
arjefm-72	264	34	information	information	NOUN
arjefm-72	264	35	asymmetry	asymmetry	NOUN
arjefm-72	264	36	and	and	CCONJ
arjefm-72	264	37	reduces	reduce	VERB
arjefm-72	264	38	liquidity	liquidity	NOUN
arjefm-72	264	39	.	.	PUNCT
arjefm-72	265	1	indeed	indeed	ADV
arjefm-72	265	2	,	,	PUNCT
arjefm-72	265	3	studying	study	VERB
arjefm-72	265	4	an	an	DET
arjefm-72	265	5	american	american	ADJ
arjefm-72	265	6	sample	sample	NOUN
arjefm-72	265	7	,	,	PUNCT
arjefm-72	265	8	ascioglu	ascioglu	PROPN
arjefm-72	265	9	et	et	NOUN
arjefm-72	265	10	al	al	PROPN
arjefm-72	265	11	.	.	PROPN
arjefm-72	266	1	(	(	PUNCT
arjefm-72	266	2	2012	2012	NUM
arjefm-72	266	3	)	)	PUNCT
arjefm-72	266	4	found	find	VERB
arjefm-72	266	5	the	the	DET
arjefm-72	266	6	same	same	ADJ
arjefm-72	266	7	result	result	NOUN
arjefm-72	266	8	using	use	VERB
arjefm-72	266	9	two	two	NUM
arjefm-72	266	10	measures	measure	NOUN
arjefm-72	266	11	of	of	ADP
arjefm-72	266	12	liquidity	liquidity	NOUN
arjefm-72	266	13	:	:	PUNCT
arjefm-72	266	14	ask	ask	VERB
arjefm-72	266	15	-	-	PUNCT
arjefm-72	266	16	bid	bid	NOUN
arjefm-72	266	17	spread	spread	NOUN
arjefm-72	266	18	and	and	CCONJ
arjefm-72	266	19	transaction	transaction	NOUN
arjefm-72	266	20	volume	volume	NOUN
arjefm-72	266	21	.	.	PUNCT
arjefm-72	267	1	the	the	DET
arjefm-72	267	2	impact	impact	NOUN
arjefm-72	267	3	of	of	ADP
arjefm-72	267	4	the	the	DET
arjefm-72	267	5	control	control	NOUN
arjefm-72	267	6	variables	variable	VERB
arjefm-72	267	7	on	on	ADP
arjefm-72	267	8	the	the	DET
arjefm-72	267	9	ask	ask	NOUN
arjefm-72	267	10	-	-	PUNCT
arjefm-72	267	11	bid	bid	ADJ
arjefm-72	267	12	spread	spread	NOUN
arjefm-72	267	13	is	be	AUX
arjefm-72	267	14	assessed	assess	VERB
arjefm-72	267	15	by	by	ADP
arjefm-72	267	16	the	the	DET
arjefm-72	267	17	modified	modify	VERB
arjefm-72	267	18	models	model	NOUN
arjefm-72	267	19	of	of	ADP
arjefm-72	267	20	jones	jones	PROPN
arjefm-72	267	21	(	(	PUNCT
arjefm-72	267	22	2	2	NUM
arjefm-72	267	23	)	)	PUNCT
arjefm-72	267	24	.	.	PUNCT
arjefm-72	268	1	the	the	DET
arjefm-72	268	2	t	t	PROPN
arjefm-72	268	3	-	-	PUNCT
arjefm-72	268	4	student	student	NOUN
arjefm-72	268	5	test	test	NOUN
arjefm-72	268	6	of	of	ADP
arjefm-72	268	7	the	the	DET
arjefm-72	268	8	individual	individual	ADJ
arjefm-72	268	9	significance	significance	NOUN
arjefm-72	268	10	of	of	ADP
arjefm-72	268	11	the	the	DET
arjefm-72	268	12	variables	variable	NOUN
arjefm-72	268	13	shows	show	VERB
arjefm-72	268	14	that	that	SCONJ
arjefm-72	268	15	firm	firm	ADJ
arjefm-72	268	16	size	size	NOUN
arjefm-72	268	17	and	and	CCONJ
arjefm-72	268	18	volume	volume	NOUN
arjefm-72	268	19	significantly	significantly	ADV
arjefm-72	268	20	affect	affect	VERB
arjefm-72	268	21	the	the	DET
arjefm-72	268	22	ask	ask	NOUN
arjefm-72	268	23	-	-	PUNCT
arjefm-72	268	24	bid	bid	NOUN
arjefm-72	268	25	spread	spread	NOUN
arjefm-72	268	26	respective	respective	ADJ
arjefm-72	268	27	at	at	ADP
arjefm-72	268	28	the	the	DET
arjefm-72	268	29	1	1	NUM
arjefm-72	268	30	%	%	NOUN
arjefm-72	268	31	and	and	CCONJ
arjefm-72	268	32	5	5	NUM
arjefm-72	268	33	%	%	NOUN
arjefm-72	268	34	significance	significance	NOUN
arjefm-72	268	35	levels	level	NOUN
arjefm-72	268	36	.	.	PUNCT
arjefm-72	269	1	this	this	PRON
arjefm-72	269	2	validates	validate	VERB
arjefm-72	269	3	the	the	DET
arjefm-72	269	4	hypothesis	hypothesis	NOUN
arjefm-72	269	5	that	that	PRON
arjefm-72	269	6	firm	firm	ADJ
arjefm-72	269	7	size	size	NOUN
arjefm-72	269	8	and	and	CCONJ
arjefm-72	269	9	transaction	transaction	NOUN
arjefm-72	269	10	volume	volume	NOUN
arjefm-72	269	11	are	be	AUX
arjefm-72	269	12	complementary	complementary	ADJ
arjefm-72	269	13	tools	tool	NOUN
arjefm-72	269	14	to	to	ADP
arjefm-72	269	15	the	the	DET
arjefm-72	269	16	ask	ask	VERB
arjefm-72	269	17	-	-	PUNCT
arjefm-72	269	18	bid	bid	NOUN
arjefm-72	269	19	spread	spread	NOUN
arjefm-72	269	20	.	.	PUNCT
arjefm-72	270	1	consistent	consistent	ADJ
arjefm-72	270	2	with	with	ADP
arjefm-72	270	3	our	our	PRON
arjefm-72	270	4	predictions	prediction	NOUN
arjefm-72	270	5	,	,	PUNCT
arjefm-72	270	6	size	size	NOUN
arjefm-72	270	7	of	of	ADP
arjefm-72	270	8	tunisian	tunisian	ADJ
arjefm-72	270	9	firms	firm	NOUN
arjefm-72	270	10	negatively	negatively	ADV
arjefm-72	270	11	affects	affect	VERB
arjefm-72	270	12	the	the	DET
arjefm-72	270	13	ask	ask	NOUN
arjefm-72	270	14	-	-	PUNCT
arjefm-72	270	15	bid	bid	NOUN
arjefm-72	270	16	spread	spread	NOUN
arjefm-72	270	17	.	.	PUNCT
arjefm-72	271	1	this	this	PRON
arjefm-72	271	2	is	be	AUX
arjefm-72	271	3	consistent	consistent	ADJ
arjefm-72	271	4	with	with	ADP
arjefm-72	271	5	several	several	ADJ
arjefm-72	271	6	studies	study	NOUN
arjefm-72	271	7	where	where	SCONJ
arjefm-72	271	8	size	size	NOUN
arjefm-72	271	9	has	have	VERB
arjefm-72	271	10	a	a	DET
arjefm-72	271	11	negative	negative	ADJ
arjefm-72	271	12	effect	effect	NOUN
arjefm-72	271	13	on	on	ADP
arjefm-72	271	14	the	the	DET
arjefm-72	271	15	ask	ask	NOUN
arjefm-72	271	16	-	-	PUNCT
arjefm-72	271	17	bid	bid	NOUN
arjefm-72	271	18	spread	spread	NOUN
arjefm-72	271	19	.	.	PUNCT
arjefm-72	272	1	many	many	ADJ
arjefm-72	272	2	authors	author	NOUN
arjefm-72	272	3	found	find	VERB
arjefm-72	272	4	similar	similar	ADJ
arjefm-72	272	5	results	result	NOUN
arjefm-72	272	6	,	,	PUNCT
arjefm-72	272	7	like	like	ADP
arjefm-72	272	8	durnev	durnev	NOUN
arjefm-72	272	9	and	and	CCONJ
arjefm-72	272	10	kim	kim	PROPN
arjefm-72	272	11	(	(	PUNCT
arjefm-72	272	12	2003	2003	NUM
arjefm-72	272	13	)	)	PUNCT
arjefm-72	272	14	.	.	PUNCT
arjefm-72	273	1	these	these	DET
arjefm-72	273	2	studies	study	NOUN
arjefm-72	273	3	in	in	ADP
arjefm-72	273	4	different	different	ADJ
arjefm-72	273	5	contexts	context	NOUN
arjefm-72	273	6	found	find	VERB
arjefm-72	273	7	a	a	DET
arjefm-72	273	8	negative	negative	ADJ
arjefm-72	273	9	relationship	relationship	NOUN
arjefm-72	273	10	between	between	ADP
arjefm-72	273	11	size	size	NOUN
arjefm-72	273	12	and	and	CCONJ
arjefm-72	273	13	the	the	DET
arjefm-72	273	14	ask	ask	NOUN
arjefm-72	273	15	-	-	PUNCT
arjefm-72	273	16	bid	bid	NOUN
arjefm-72	273	17	spread	spread	NOUN
arjefm-72	273	18	.	.	PUNCT
arjefm-72	274	1	the	the	DET
arjefm-72	274	2	obtained	obtain	VERB
arjefm-72	274	3	results	result	NOUN
arjefm-72	274	4	also	also	ADV
arjefm-72	274	5	show	show	VERB
arjefm-72	274	6	that	that	SCONJ
arjefm-72	274	7	stock	stock	NOUN
arjefm-72	274	8	price	price	NOUN
arjefm-72	274	9	,	,	PUNCT
arjefm-72	274	10	returns	return	NOUN
arjefm-72	274	11	and	and	CCONJ
arjefm-72	274	12	volatility	volatility	NOUN
arjefm-72	274	13	do	do	AUX
arjefm-72	274	14	not	not	PART
arjefm-72	274	15	significantly	significantly	ADV
arjefm-72	274	16	affect	affect	VERB
arjefm-72	274	17	the	the	DET
arjefm-72	274	18	askbid	askbid	NOUN
arjefm-72	274	19	spread	spread	NOUN
arjefm-72	274	20	.	.	PUNCT
arjefm-72	275	1	moreover	moreover	ADV
arjefm-72	275	2	,	,	PUNCT
arjefm-72	275	3	we	we	PRON
arjefm-72	275	4	found	find	VERB
arjefm-72	275	5	that	that	SCONJ
arjefm-72	275	6	total	total	ADJ
arjefm-72	275	7	accruals	accrual	NOUN
arjefm-72	275	8	better	well	ADV
arjefm-72	275	9	explain	explain	VERB
arjefm-72	275	10	the	the	DET
arjefm-72	275	11	ask	ask	NOUN
arjefm-72	275	12	-	-	PUNCT
arjefm-72	275	13	bid	bid	NOUN
arjefm-72	275	14	spread	spread	NOUN
arjefm-72	275	15	than	than	ADP
arjefm-72	275	16	nondiscretionary	nondiscretionary	ADJ
arjefm-72	275	17	accruals	accrual	NOUN
arjefm-72	275	18	.	.	PUNCT
arjefm-72	276	1	furthermore	furthermore	ADV
arjefm-72	276	2	the	the	DET
arjefm-72	276	3	collected	collect	VERB
arjefm-72	276	4	results	result	NOUN
arjefm-72	276	5	reveal	reveal	VERB
arjefm-72	276	6	that	that	SCONJ
arjefm-72	276	7	earnings	earning	NOUN
arjefm-72	276	8	management	management	NOUN
arjefm-72	276	9	increases	increase	VERB
arjefm-72	276	10	agency	agency	NOUN
arjefm-72	276	11	costs	cost	NOUN
arjefm-72	276	12	and	and	CCONJ
arjefm-72	276	13	information	information	NOUN
arjefm-72	276	14	asymmetry	asymmetry	NOUN
arjefm-72	276	15	.	.	PUNCT
arjefm-72	277	1	therefore	therefore	ADV
arjefm-72	277	2	,	,	PUNCT
arjefm-72	277	3	liquidity	liquidity	NOUN
arjefm-72	277	4	providers	provider	NOUN
arjefm-72	277	5	bear	bear	VERB
arjefm-72	277	6	higher	high	ADJ
arjefm-72	277	7	costs	cost	NOUN
arjefm-72	277	8	and	and	CCONJ
arjefm-72	277	9	therefore	therefore	ADV
arjefm-72	277	10	a	a	DET
arjefm-72	277	11	higher	high	ADJ
arjefm-72	277	12	ask	ask	NOUN
arjefm-72	277	13	-	-	PUNCT
arjefm-72	277	14	bid	bid	NOUN
arjefm-72	277	15	spread	spread	NOUN
arjefm-72	277	16	and	and	CCONJ
arjefm-72	277	17	a	a	DET
arjefm-72	277	18	less	less	ADV
arjefm-72	277	19	liquid	liquid	ADJ
arjefm-72	277	20	market	market	NOUN
arjefm-72	277	21	.	.	PUNCT
arjefm-72	278	1	these	these	DET
arjefm-72	278	2	results	result	NOUN
arjefm-72	278	3	allowed	allow	VERB
arjefm-72	278	4	us	we	PRON
arjefm-72	278	5	to	to	PART
arjefm-72	278	6	conclude	conclude	VERB
arjefm-72	278	7	that	that	SCONJ
arjefm-72	278	8	liquidity	liquidity	NOUN
arjefm-72	278	9	providers	provider	NOUN
arjefm-72	278	10	are	be	AUX
arjefm-72	278	11	aware	aware	ADJ
arjefm-72	278	12	that	that	SCONJ
arjefm-72	278	13	earnings	earning	NOUN
arjefm-72	278	14	management	management	NOUN
arjefm-72	278	15	of	of	ADP
arjefm-72	278	16	the	the	DET
arjefm-72	278	17	tunisian	tunisian	ADJ
arjefm-72	278	18	firms	firm	NOUN
arjefm-72	278	19	of	of	ADP
arjefm-72	278	20	our	our	PRON
arjefm-72	278	21	sample	sample	NOUN
arjefm-72	278	22	is	be	AUX
arjefm-72	278	23	not	not	PART
arjefm-72	278	24	very	very	ADV
arjefm-72	278	25	high	high	ADJ
arjefm-72	278	26	.	.	PUNCT
arjefm-72	279	1	moreover	moreover	ADV
arjefm-72	279	2	,	,	PUNCT
arjefm-72	279	3	this	this	DET
arjefm-72	279	4	result	result	NOUN
arjefm-72	279	5	is	be	AUX
arjefm-72	279	6	in	in	ADP
arjefm-72	279	7	line	line	NOUN
arjefm-72	279	8	with	with	ADP
arjefm-72	279	9	the	the	DET
arjefm-72	279	10	thesis	thesis	NOUN
arjefm-72	279	11	that	that	SCONJ
arjefm-72	279	12	investors	investor	NOUN
arjefm-72	279	13	prefer	prefer	VERB
arjefm-72	279	14	firms	firm	NOUN
arjefm-72	279	15	with	with	ADP
arjefm-72	279	16	more	more	ADV
arjefm-72	279	17	stable	stable	ADJ
arjefm-72	279	18	earnings	earning	NOUN
arjefm-72	279	19	.	.	PUNCT
arjefm-72	280	1	such	such	DET
arjefm-72	280	2	a	a	DET
arjefm-72	280	3	finding	finding	NOUN
arjefm-72	280	4	encourages	encourage	VERB
arjefm-72	280	5	us	we	PRON
arjefm-72	280	6	to	to	PART
arjefm-72	280	7	test	test	VERB
arjefm-72	280	8	in	in	ADP
arjefm-72	280	9	a	a	DET
arjefm-72	280	10	second	second	ADJ
arjefm-72	280	11	phase	phase	NOUN
arjefm-72	280	12	the	the	DET
arjefm-72	280	13	type	type	NOUN
arjefm-72	280	14	of	of	ADP
arjefm-72	280	15	relationship	relationship	NOUN
arjefm-72	280	16	between	between	ADP
arjefm-72	280	17	the	the	DET
arjefm-72	280	18	direction	direction	NOUN
arjefm-72	280	19	of	of	ADP
arjefm-72	280	20	earnings	earning	NOUN
arjefm-72	280	21	management	management	NOUN
arjefm-72	280	22	and	and	CCONJ
arjefm-72	280	23	market	market	NOUN
arjefm-72	280	24	liquidity	liquidity	NOUN
arjefm-72	280	25	.	.	PUNCT
arjefm-72	281	1	researchers	researcher	NOUN
arjefm-72	281	2	like	like	ADP
arjefm-72	281	3	easton	easton	PROPN
arjefm-72	281	4	,	,	PUNCT
arjefm-72	281	5	harris	harris	PROPN
arjefm-72	281	6	and	and	CCONJ
arjefm-72	281	7	ohlson	ohlson	PROPN
arjefm-72	281	8	(	(	PUNCT
arjefm-72	281	9	1992	1992	NUM
arjefm-72	281	10	)	)	PUNCT
arjefm-72	281	11	argued	argue	VERB
arjefm-72	281	12	that	that	SCONJ
arjefm-72	281	13	investors	investor	NOUN
arjefm-72	281	14	buy	buy	VERB
arjefm-72	281	15	profits	profit	NOUN
arjefm-72	281	16	.	.	PUNCT
arjefm-72	282	1	institutional	institutional	ADJ
arjefm-72	282	2	investors	investor	NOUN
arjefm-72	282	3	are	be	AUX
arjefm-72	282	4	not	not	PART
arjefm-72	282	5	attracted	attract	VERB
arjefm-72	282	6	by	by	ADP
arjefm-72	282	7	firms	firm	NOUN
arjefm-72	282	8	with	with	ADP
arjefm-72	282	9	highly	highly	ADV
arjefm-72	282	10	volatile	volatile	ADJ
arjefm-72	282	11	earnings	earning	NOUN
arjefm-72	282	12	and	and	CCONJ
arjefm-72	282	13	are	be	AUX
arjefm-72	282	14	considered	consider	VERB
arjefm-72	282	15	to	to	PART
arjefm-72	282	16	be	be	AUX
arjefm-72	282	17	risky	risky	ADJ
arjefm-72	282	18	.	.	PUNCT
arjefm-72	283	1	thus	thus	ADV
arjefm-72	283	2	,	,	PUNCT
arjefm-72	283	3	institutional	institutional	ADJ
arjefm-72	283	4	investors	investor	NOUN
arjefm-72	283	5	tend	tend	VERB
arjefm-72	283	6	to	to	PART
arjefm-72	283	7	favor	favor	VERB
arjefm-72	283	8	firms	firm	NOUN
arjefm-72	283	9	that	that	PRON
arjefm-72	283	10	increase	increase	VERB
arjefm-72	283	11	their	their	PRON
arjefm-72	283	12	profits	profit	NOUN
arjefm-72	283	13	.	.	PUNCT
arjefm-72	284	1	the	the	DET
arjefm-72	284	2	finding	finding	NOUN
arjefm-72	284	3	on	on	ADP
arjefm-72	284	4	the	the	DET
arjefm-72	284	5	study	study	NOUN
arjefm-72	284	6	of	of	ADP
arjefm-72	284	7	the	the	DET
arjefm-72	284	8	relationship	relationship	NOUN
arjefm-72	284	9	between	between	ADP
arjefm-72	284	10	non	non	ADJ
arjefm-72	284	11	-	-	ADJ
arjefm-72	284	12	discretionary	discretionary	ADJ
arjefm-72	284	13	earnings	earning	NOUN
arjefm-72	284	14	and	and	CCONJ
arjefm-72	284	15	the	the	DET
arjefm-72	284	16	ask	ask	NOUN
arjefm-72	284	17	-	-	PUNCT
arjefm-72	284	18	bid	bid	ADJ
arjefm-72	284	19	spread	spread	NOUN
arjefm-72	284	20	is	be	AUX
arjefm-72	284	21	that	that	SCONJ
arjefm-72	284	22	tunisian	tunisian	ADJ
arjefm-72	284	23	investors	investor	NOUN
arjefm-72	284	24	do	do	AUX
arjefm-72	284	25	not	not	PART
arjefm-72	284	26	give	give	VERB
arjefm-72	284	27	non	non	ADJ
arjefm-72	284	28	-	-	ADJ
arjefm-72	284	29	discretionary	discretionary	ADJ
arjefm-72	284	30	accruals	accrual	NOUN
arjefm-72	284	31	its	its	PRON
arjefm-72	284	32	fair	fair	ADJ
arjefm-72	284	33	value	value	NOUN
arjefm-72	284	34	.	.	PUNCT
arjefm-72	285	1	the	the	DET
arjefm-72	285	2	explanatory	explanatory	ADJ
arjefm-72	285	3	power	power	NOUN
arjefm-72	285	4	increases	increase	VERB
arjefm-72	285	5	from	from	ADP
arjefm-72	285	6	82	82	NUM
arjefm-72	285	7	%	%	NOUN
arjefm-72	285	8	(	(	PUNCT
arjefm-72	285	9	r²	r²	NOUN
arjefm-72	285	10	)	)	PUNCT
arjefm-72	285	11	for	for	ADP
arjefm-72	285	12	model	model	NOUN
arjefm-72	285	13	(	(	PUNCT
arjefm-72	285	14	1	1	NUM
arjefm-72	285	15	)	)	PUNCT
arjefm-72	285	16	to	to	ADP
arjefm-72	285	17	70	70	NUM
arjefm-72	285	18	%	%	NOUN
arjefm-72	285	19	for	for	ADP
arjefm-72	285	20	model	model	NOUN
arjefm-72	285	21	(	(	PUNCT
arjefm-72	285	22	3	3	NUM
arjefm-72	285	23	)	)	PUNCT
arjefm-72	285	24	(	(	PUNCT
arjefm-72	285	25	table	table	NOUN
arjefm-72	285	26	n	n	ADV
arjefm-72	285	27	°	°	NUM
arjefm-72	285	28	5	5	NUM
arjefm-72	285	29	)	)	PUNCT
arjefm-72	285	30	.	.	PUNCT
arjefm-72	286	1	however	however	ADV
arjefm-72	286	2	,	,	PUNCT
arjefm-72	286	3	the	the	DET
arjefm-72	286	4	relationship	relationship	NOUN
arjefm-72	286	5	between	between	ADP
arjefm-72	286	6	discretionary	discretionary	ADJ
arjefm-72	286	7	accruals	accrual	NOUN
arjefm-72	286	8	and	and	CCONJ
arjefm-72	286	9	the	the	DET
arjefm-72	286	10	ask	ask	NOUN
arjefm-72	286	11	-	-	PUNCT
arjefm-72	286	12	bid	bid	ADJ
arjefm-72	286	13	spread	spread	NOUN
arjefm-72	286	14	could	could	AUX
arjefm-72	286	15	be	be	AUX
arjefm-72	286	16	studied	study	VERB
arjefm-72	286	17	.	.	PUNCT
arjefm-72	287	1	the	the	DET
arjefm-72	287	2	results	result	NOUN
arjefm-72	287	3	presented	present	VERB
arjefm-72	287	4	above	above	ADP
arjefm-72	287	5	show	show	VERB
arjefm-72	287	6	that	that	SCONJ
arjefm-72	287	7	the	the	DET
arjefm-72	287	8	amounts	amount	NOUN
arjefm-72	287	9	manipulated	manipulate	VERB
arjefm-72	287	10	by	by	ADP
arjefm-72	287	11	tunisian	tunisian	ADJ
arjefm-72	287	12	firms	firm	NOUN
arjefm-72	287	13	positively	positively	ADV
arjefm-72	287	14	correlate	correlate	VERB
arjefm-72	287	15	with	with	ADP
arjefm-72	287	16	the	the	DET
arjefm-72	287	17	ask	ask	NOUN
arjefm-72	287	18	-	-	PUNCT
arjefm-72	287	19	bid	bid	NOUN
arjefm-72	287	20	spread	spread	NOUN
arjefm-72	287	21	.	.	PUNCT
arjefm-72	288	1	nevertheless	nevertheless	ADV
arjefm-72	288	2	,	,	PUNCT
arjefm-72	288	3	the	the	DET
arjefm-72	288	4	importance	importance	NOUN
arjefm-72	288	5	given	give	VERB
arjefm-72	288	6	by	by	ADP
arjefm-72	288	7	tunisian	tunisian	ADJ
arjefm-72	288	8	investors	investor	NOUN
arjefm-72	288	9	to	to	ADP
arjefm-72	288	10	these	these	DET
arjefm-72	288	11	accruals	accrual	NOUN
arjefm-72	288	12	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-72	288	13	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	288	14	american	american	PROPN
arjefm-72	288	15	research	research	PROPN
arjefm-72	288	16	journal	journal	PROPN
arjefm-72	288	17	of	of	ADP
arjefm-72	288	18	economics	economic	NOUN
arjefm-72	288	19	,	,	PUNCT
arjefm-72	288	20	finance	finance	NOUN
arjefm-72	288	21	and	and	CCONJ
arjefm-72	288	22	management	management	NOUN
arjefm-72	288	23	volume	volume	NOUN
arjefm-72	288	24	10	10	NUM
arjefm-72	288	25	issue	issue	NOUN
arjefm-72	288	26	4	4	NUM
arjefm-72	288	27	,	,	PUNCT
arjefm-72	288	28	october	october	PROPN
arjefm-72	288	29	-	-	PUNCT
arjefm-72	288	30	december	december	PROPN
arjefm-72	288	31	2022	2022	NUM
arjefm-72	288	32	issn	issn	NOUN
arjefm-72	288	33	:	:	PUNCT
arjefm-72	288	34	2836	2836	NUM
arjefm-72	288	35	-	-	SYM
arjefm-72	288	36	9416	9416	NUM
arjefm-72	288	37	impact	impact	NOUN
arjefm-72	288	38	factor	factor	NOUN
arjefm-72	288	39	:	:	PUNCT
arjefm-72	288	40	4.85	4.85	NUM
arjefm-72	288	41	journal	journal	NOUN
arjefm-72	288	42	homepage	homepage	NOUN
arjefm-72	288	43	:	:	PUNCT
arjefm-72	288	44	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	288	45	,	,	PUNCT
arjefm-72	288	46	email	email	NOUN
arjefm-72	288	47	:	:	PUNCT
arjefm-72	288	48	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	288	49	official	official	ADJ
arjefm-72	288	50	journal	journal	PROPN
arjefm-72	288	51	of	of	ADP
arjefm-72	288	52	america	america	PROPN
arjefm-72	288	53	serial	serial	PROPN
arjefm-72	288	54	publication	publication	NOUN
arjefm-72	288	55	american	american	PROPN
arjefm-72	288	56	research	research	PROPN
arjefm-72	288	57	journal	journal	PROPN
arjefm-72	288	58	of	of	ADP
arjefm-72	288	59	economics	economic	NOUN
arjefm-72	288	60	,	,	PUNCT
arjefm-72	288	61	finance	finance	NOUN
arjefm-72	288	62	and	and	CCONJ
arjefm-72	288	63	management	management	NOUN
arjefm-72	288	64	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	288	65	,	,	PUNCT
arjefm-72	288	66	email	email	NOUN
arjefm-72	288	67	:	:	PUNCT
arjefm-72	288	68	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	289	1	12	12	NUM
arjefm-72	290	1	|	|	ADV
arjefm-72	290	2	p	p	ADP
arjefm-72	290	3	a	a	DET
arjefm-72	290	4	g	g	NOUN
arjefm-72	290	5	e	e	NOUN
arjefm-72	290	6	remains	remain	VERB
arjefm-72	290	7	lower	low	ADJ
arjefm-72	290	8	than	than	ADP
arjefm-72	290	9	that	that	PRON
arjefm-72	290	10	given	give	VERB
arjefm-72	290	11	to	to	ADP
arjefm-72	290	12	non	non	ADJ
arjefm-72	290	13	-	-	ADJ
arjefm-72	290	14	discretionary	discretionary	ADJ
arjefm-72	290	15	accruals	accrual	NOUN
arjefm-72	290	16	insofar	insofar	ADV
arjefm-72	290	17	as	as	SCONJ
arjefm-72	290	18	the	the	DET
arjefm-72	290	19	coefficient	coefficient	NOUN
arjefm-72	290	20	of	of	ADP
arjefm-72	290	21	discretionary	discretionary	ADJ
arjefm-72	290	22	accruals	accrual	NOUN
arjefm-72	290	23	is	be	AUX
arjefm-72	290	24	1,243	1,243	NUM
arjefm-72	290	25	in	in	ADP
arjefm-72	290	26	model	model	NOUN
arjefm-72	290	27	(	(	PUNCT
arjefm-72	290	28	2)and	2)and	NUM
arjefm-72	290	29	significant	significant	ADJ
arjefm-72	290	30	at	at	ADP
arjefm-72	290	31	the	the	DET
arjefm-72	290	32	5	5	NUM
arjefm-72	290	33	%	%	NOUN
arjefm-72	290	34	level	level	NOUN
arjefm-72	290	35	,	,	PUNCT
arjefm-72	290	36	while	while	SCONJ
arjefm-72	290	37	the	the	DET
arjefm-72	290	38	coefficient	coefficient	NOUN
arjefm-72	290	39	of	of	ADP
arjefm-72	290	40	non	non	ADJ
arjefm-72	290	41	-	-	ADJ
arjefm-72	290	42	discretionary	discretionary	ADJ
arjefm-72	290	43	accruals	accrual	NOUN
arjefm-72	290	44	,	,	PUNCT
arjefm-72	290	45	which	which	PRON
arjefm-72	290	46	is	be	AUX
arjefm-72	290	47	1.411(3	1.411(3	NUM
arjefm-72	290	48	)	)	PUNCT
arjefm-72	290	49	,	,	PUNCT
arjefm-72	290	50	is	be	AUX
arjefm-72	290	51	not	not	PART
arjefm-72	290	52	significant	significant	ADJ
arjefm-72	290	53	.	.	PUNCT
arjefm-72	291	1	it	it	PRON
arjefm-72	291	2	should	should	AUX
arjefm-72	291	3	be	be	AUX
arjefm-72	291	4	mentioned	mention	VERB
arjefm-72	291	5	that	that	SCONJ
arjefm-72	291	6	our	our	PRON
arjefm-72	291	7	interpretations	interpretation	NOUN
arjefm-72	291	8	rely	rely	VERB
arjefm-72	291	9	on	on	ADP
arjefm-72	291	10	the	the	DET
arjefm-72	291	11	ability	ability	NOUN
arjefm-72	291	12	of	of	ADP
arjefm-72	291	13	the	the	DET
arjefm-72	291	14	models	model	NOUN
arjefm-72	291	15	of	of	ADP
arjefm-72	291	16	jones	jones	PROPN
arjefm-72	291	17	(	(	PUNCT
arjefm-72	291	18	1995	1995	NUM
arjefm-72	291	19	)	)	PUNCT
arjefm-72	291	20	to	to	PART
arjefm-72	291	21	detect	detect	VERB
arjefm-72	291	22	such	such	ADJ
arjefm-72	291	23	accounting	accounting	NOUN
arjefm-72	291	24	practices	practice	NOUN
arjefm-72	291	25	.	.	PUNCT
arjefm-72	292	1	thus	thus	ADV
arjefm-72	292	2	,	,	PUNCT
arjefm-72	292	3	we	we	PRON
arjefm-72	292	4	validate	validate	VERB
arjefm-72	292	5	the	the	DET
arjefm-72	292	6	suggested	suggest	VERB
arjefm-72	292	7	second	second	ADJ
arjefm-72	292	8	and	and	CCONJ
arjefm-72	292	9	third	third	ADJ
arjefm-72	292	10	hypotheses	hypothesis	NOUN
arjefm-72	292	11	indicating	indicate	VERB
arjefm-72	292	12	that	that	SCONJ
arjefm-72	292	13	the	the	DET
arjefm-72	292	14	discretionary	discretionary	ADJ
arjefm-72	292	15	accruals	accrual	NOUN
arjefm-72	292	16	of	of	ADP
arjefm-72	292	17	tunisian	tunisian	ADJ
arjefm-72	292	18	firms	firm	NOUN
arjefm-72	292	19	have	have	VERB
arjefm-72	292	20	an	an	DET
arjefm-72	292	21	additional	additional	ADJ
arjefm-72	292	22	information	information	NOUN
arjefm-72	292	23	content	content	NOUN
arjefm-72	292	24	compared	compare	VERB
arjefm-72	292	25	to	to	ADP
arjefm-72	292	26	the	the	DET
arjefm-72	292	27	non	non	ADJ
arjefm-72	292	28	-	-	ADJ
arjefm-72	292	29	discretionary	discretionary	ADJ
arjefm-72	292	30	accruals	accrual	NOUN
arjefm-72	292	31	and	and	CCONJ
arjefm-72	292	32	better	well	ADV
arjefm-72	292	33	explain	explain	VERB
arjefm-72	292	34	stock	stock	NOUN
arjefm-72	292	35	liquidity	liquidity	NOUN
arjefm-72	292	36	.	.	PUNCT
arjefm-72	293	1	it	it	PRON
arjefm-72	293	2	should	should	AUX
arjefm-72	293	3	be	be	AUX
arjefm-72	293	4	noted	note	VERB
arjefm-72	293	5	that	that	SCONJ
arjefm-72	293	6	most	most	ADJ
arjefm-72	293	7	of	of	ADP
arjefm-72	293	8	the	the	DET
arjefm-72	293	9	studies	study	NOUN
arjefm-72	293	10	,	,	PUNCT
arjefm-72	293	11	which	which	PRON
arjefm-72	293	12	used	use	VERB
arjefm-72	293	13	the	the	DET
arjefm-72	293	14	ask	ask	NOUN
arjefm-72	293	15	-	-	PUNCT
arjefm-72	293	16	bid	bid	NOUN
arjefm-72	293	17	spread	spread	NOUN
arjefm-72	293	18	as	as	ADP
arjefm-72	293	19	a	a	DET
arjefm-72	293	20	measure	measure	NOUN
arjefm-72	293	21	of	of	ADP
arjefm-72	293	22	liquidity	liquidity	NOUN
arjefm-72	293	23	,	,	PUNCT
arjefm-72	293	24	found	find	VERB
arjefm-72	293	25	a	a	DET
arjefm-72	293	26	significant	significant	ADJ
arjefm-72	293	27	relationship	relationship	NOUN
arjefm-72	293	28	with	with	ADP
arjefm-72	293	29	earnings	earning	NOUN
arjefm-72	293	30	management	management	NOUN
arjefm-72	293	31	.	.	PUNCT
arjefm-72	294	1	however	however	ADV
arjefm-72	294	2	,	,	PUNCT
arjefm-72	294	3	using	use	VERB
arjefm-72	294	4	transaction	transaction	NOUN
arjefm-72	294	5	volume	volume	NOUN
arjefm-72	294	6	as	as	ADP
arjefm-72	294	7	a	a	DET
arjefm-72	294	8	measure	measure	NOUN
arjefm-72	294	9	of	of	ADP
arjefm-72	294	10	liquidity	liquidity	NOUN
arjefm-72	294	11	,	,	PUNCT
arjefm-72	294	12	some	some	DET
arjefm-72	294	13	studies	study	NOUN
arjefm-72	294	14	,	,	PUNCT
arjefm-72	294	15	such	such	ADJ
arjefm-72	294	16	as	as	ADP
arjefm-72	294	17	those	those	PRON
arjefm-72	294	18	of	of	ADP
arjefm-72	294	19	nowghabi	nowghabi	NOUN
arjefm-72	294	20	et	et	PROPN
arjefm-72	294	21	al	al	PROPN
arjefm-72	294	22	.	.	PROPN
arjefm-72	295	1	(	(	PUNCT
arjefm-72	295	2	2015	2015	NUM
arjefm-72	295	3	)	)	PUNCT
arjefm-72	295	4	foundnonsignificant	foundnonsignificant	NOUN
arjefm-72	295	5	results	result	NOUN
arjefm-72	295	6	.	.	PUNCT
arjefm-72	296	1	v.	v.	ADP
arjefm-72	296	2	conclusion	conclusion	NOUN
arjefm-72	296	3	this	this	DET
arjefm-72	296	4	paper	paper	NOUN
arjefm-72	296	5	is	be	AUX
arjefm-72	296	6	focused	focus	VERB
arjefm-72	296	7	on	on	ADP
arjefm-72	296	8	empirically	empirically	ADV
arjefm-72	296	9	evaluation	evaluation	NOUN
arjefm-72	296	10	of	of	ADP
arjefm-72	296	11	the	the	DET
arjefm-72	296	12	impact	impact	NOUN
arjefm-72	296	13	of	of	ADP
arjefm-72	296	14	discretionary	discretionary	ADJ
arjefm-72	296	15	accruals	accrual	NOUN
arjefm-72	296	16	on	on	ADP
arjefm-72	296	17	liquidity	liquidity	NOUN
arjefm-72	296	18	through	through	ADP
arjefm-72	296	19	the	the	DET
arjefm-72	296	20	ask	ask	VERB
arjefm-72	296	21	-	-	PUNCT
arjefm-72	296	22	bid	bid	NOUN
arjefm-72	296	23	spread	spread	NOUN
arjefm-72	296	24	and	and	CCONJ
arjefm-72	296	25	the	the	DET
arjefm-72	296	26	effect	effect	NOUN
arjefm-72	296	27	of	of	ADP
arjefm-72	296	28	discretionary	discretionary	ADJ
arjefm-72	296	29	accruals	accrual	NOUN
arjefm-72	296	30	direction	direction	NOUN
arjefm-72	296	31	.	.	PUNCT
arjefm-72	297	1	to	to	ADP
arjefm-72	297	2	this	this	DET
arjefm-72	297	3	end	end	NOUN
arjefm-72	297	4	,	,	PUNCT
arjefm-72	297	5	a	a	DET
arjefm-72	297	6	research	research	NOUN
arjefm-72	297	7	modified	modify	VERB
arjefm-72	297	8	model	model	NOUN
arjefm-72	297	9	of	of	ADP
arjefm-72	297	10	jones	jones	PROPN
arjefm-72	297	11	was	be	AUX
arjefm-72	297	12	selected	select	VERB
arjefm-72	297	13	to	to	PART
arjefm-72	297	14	evaluate	evaluate	VERB
arjefm-72	297	15	the	the	DET
arjefm-72	297	16	linear	linear	ADJ
arjefm-72	297	17	relationship	relationship	NOUN
arjefm-72	297	18	and	and	CCONJ
arjefm-72	297	19	the	the	DET
arjefm-72	297	20	effect	effect	NOUN
arjefm-72	297	21	of	of	ADP
arjefm-72	297	22	earnings	earning	NOUN
arjefm-72	297	23	management	management	NOUN
arjefm-72	297	24	direction	direction	NOUN
arjefm-72	297	25	on	on	ADP
arjefm-72	297	26	the	the	DET
arjefm-72	297	27	relationship	relationship	NOUN
arjefm-72	297	28	between	between	ADP
arjefm-72	297	29	the	the	DET
arjefm-72	297	30	spread	spread	NOUN
arjefm-72	297	31	and	and	CCONJ
arjefm-72	297	32	accruals	accrual	NOUN
arjefm-72	297	33	by	by	ADP
arjefm-72	297	34	integrating	integrate	VERB
arjefm-72	297	35	a	a	DET
arjefm-72	297	36	dichotomous	dichotomous	ADJ
arjefm-72	297	37	variable	variable	NOUN
arjefm-72	297	38	.	.	PUNCT
arjefm-72	298	1	an	an	DET
arjefm-72	298	2	explanation	explanation	NOUN
arjefm-72	298	3	of	of	ADP
arjefm-72	298	4	the	the	DET
arjefm-72	298	5	value	value	NOUN
arjefm-72	298	6	of	of	ADP
arjefm-72	298	7	questioning	question	VERB
arjefm-72	298	8	the	the	DET
arjefm-72	298	9	classical	classical	ADJ
arjefm-72	298	10	framework	framework	NOUN
arjefm-72	298	11	treating	treat	VERB
arjefm-72	298	12	the	the	DET
arjefm-72	298	13	relationship	relationship	NOUN
arjefm-72	298	14	between	between	ADP
arjefm-72	298	15	liquidity	liquidity	NOUN
arjefm-72	298	16	and	and	CCONJ
arjefm-72	298	17	earnings	earning	NOUN
arjefm-72	298	18	management	management	NOUN
arjefm-72	298	19	was	be	AUX
arjefm-72	298	20	done	do	VERB
arjefm-72	298	21	,	,	PUNCT
arjefm-72	298	22	such	such	ADJ
arjefm-72	298	23	as	as	ADP
arjefm-72	298	24	to	to	PART
arjefm-72	298	25	validate	validate	VERB
arjefm-72	298	26	the	the	DET
arjefm-72	298	27	negative	negative	ADJ
arjefm-72	298	28	relationship	relationship	NOUN
arjefm-72	298	29	between	between	ADP
arjefm-72	298	30	these	these	DET
arjefm-72	298	31	two	two	NUM
arjefm-72	298	32	variables	variable	NOUN
arjefm-72	298	33	in	in	ADP
arjefm-72	298	34	an	an	DET
arjefm-72	298	35	emerging	emerge	VERB
arjefm-72	298	36	country	country	NOUN
arjefm-72	298	37	like	like	ADP
arjefm-72	298	38	tunisia	tunisia	PROPN
arjefm-72	298	39	.	.	PUNCT
arjefm-72	299	1	moreover	moreover	ADV
arjefm-72	299	2	,	,	PUNCT
arjefm-72	299	3	a	a	DET
arjefm-72	299	4	study	study	NOUN
arjefm-72	299	5	of	of	ADP
arjefm-72	299	6	various	various	ADJ
arjefm-72	299	7	approaches	approach	NOUN
arjefm-72	299	8	was	be	AUX
arjefm-72	299	9	proposed	propose	VERB
arjefm-72	299	10	,	,	PUNCT
arjefm-72	299	11	and	and	CCONJ
arjefm-72	299	12	motivated	motivate	VERB
arjefm-72	299	13	by	by	ADP
arjefm-72	299	14	a	a	DET
arjefm-72	299	15	wide	wide	ADJ
arjefm-72	299	16	range	range	NOUN
arjefm-72	299	17	of	of	ADP
arjefm-72	299	18	theoretical	theoretical	ADJ
arjefm-72	299	19	arguments	argument	NOUN
arjefm-72	299	20	.	.	PUNCT
arjefm-72	300	1	in	in	ADP
arjefm-72	300	2	addition	addition	NOUN
arjefm-72	300	3	to	to	ADP
arjefm-72	300	4	high	high	ADJ
arjefm-72	300	5	risk	risk	NOUN
arjefm-72	300	6	and	and	CCONJ
arjefm-72	300	7	returns	return	NOUN
arjefm-72	300	8	,	,	PUNCT
arjefm-72	300	9	liquidity	liquidity	NOUN
arjefm-72	300	10	is	be	AUX
arjefm-72	300	11	another	another	DET
arjefm-72	300	12	factor	factor	NOUN
arjefm-72	300	13	that	that	PRON
arjefm-72	300	14	motivates	motivate	VERB
arjefm-72	300	15	investors	investor	NOUN
arjefm-72	300	16	to	to	PART
arjefm-72	300	17	purchase	purchase	VERB
arjefm-72	300	18	a	a	DET
arjefm-72	300	19	given	give	VERB
arjefm-72	300	20	stock	stock	NOUN
arjefm-72	300	21	or	or	CCONJ
arjefm-72	300	22	reduce	reduce	VERB
arjefm-72	300	23	their	their	PRON
arjefm-72	300	24	ownership	ownership	NOUN
arjefm-72	300	25	of	of	ADP
arjefm-72	300	26	another	another	PRON
arjefm-72	300	27	.	.	PUNCT
arjefm-72	301	1	this	this	PRON
arjefm-72	301	2	is	be	AUX
arjefm-72	301	3	particularly	particularly	ADV
arjefm-72	301	4	important	important	ADJ
arjefm-72	301	5	for	for	ADP
arjefm-72	301	6	investors	investor	NOUN
arjefm-72	301	7	insofar	insofar	ADV
arjefm-72	301	8	as	as	SCONJ
arjefm-72	301	9	it	it	PRON
arjefm-72	301	10	motivates	motivate	VERB
arjefm-72	301	11	them	they	PRON
arjefm-72	301	12	to	to	PART
arjefm-72	301	13	compensate	compensate	VERB
arjefm-72	301	14	for	for	ADP
arjefm-72	301	15	their	their	PRON
arjefm-72	301	16	lack	lack	NOUN
arjefm-72	301	17	of	of	ADP
arjefm-72	301	18	liquidity	liquidity	NOUN
arjefm-72	301	19	.	.	PUNCT
arjefm-72	302	1	referring	refer	VERB
arjefm-72	302	2	to	to	ADP
arjefm-72	302	3	experts	expert	NOUN
arjefm-72	302	4	'	'	PART
arjefm-72	302	5	opinions	opinion	NOUN
arjefm-72	302	6	,	,	PUNCT
arjefm-72	302	7	managing	manage	VERB
arjefm-72	302	8	earnings	earning	NOUN
arjefm-72	302	9	is	be	AUX
arjefm-72	302	10	one	one	NUM
arjefm-72	302	11	of	of	ADP
arjefm-72	302	12	the	the	DET
arjefm-72	302	13	factors	factor	NOUN
arjefm-72	302	14	that	that	PRON
arjefm-72	302	15	best	well	ADV
arjefm-72	302	16	determines	determine	VERB
arjefm-72	302	17	liquidity	liquidity	NOUN
arjefm-72	302	18	.	.	PUNCT
arjefm-72	303	1	in	in	ADP
arjefm-72	303	2	the	the	DET
arjefm-72	303	3	same	same	ADJ
arjefm-72	303	4	vein	vein	NOUN
arjefm-72	303	5	,	,	PUNCT
arjefm-72	303	6	it	it	PRON
arjefm-72	303	7	is	be	AUX
arjefm-72	303	8	likely	likely	ADJ
arjefm-72	303	9	that	that	SCONJ
arjefm-72	303	10	upward	upward	ADJ
arjefm-72	303	11	earnings	earning	NOUN
arjefm-72	303	12	management	management	NOUN
arjefm-72	303	13	will	will	AUX
arjefm-72	303	14	result	result	VERB
arjefm-72	303	15	in	in	ADP
arjefm-72	303	16	higher	high	ADJ
arjefm-72	303	17	liquidity	liquidity	NOUN
arjefm-72	303	18	costs	cost	NOUN
arjefm-72	303	19	and	and	CCONJ
arjefm-72	303	20	lower	low	ADJ
arjefm-72	303	21	stock	stock	NOUN
arjefm-72	303	22	liquidity	liquidity	NOUN
arjefm-72	303	23	.	.	PUNCT
arjefm-72	304	1	as	as	ADP
arjefm-72	304	2	a	a	DET
arjefm-72	304	3	result	result	NOUN
arjefm-72	304	4	,	,	PUNCT
arjefm-72	304	5	aggressive	aggressive	ADJ
arjefm-72	304	6	earnings	earning	NOUN
arjefm-72	304	7	management	management	NOUN
arjefm-72	304	8	reflects	reflect	VERB
arjefm-72	304	9	low	low	ADJ
arjefm-72	304	10	accounting	accounting	NOUN
arjefm-72	304	11	information	information	NOUN
arjefm-72	304	12	quality	quality	NOUN
arjefm-72	304	13	.	.	PUNCT
arjefm-72	305	1	as	as	ADP
arjefm-72	305	2	a	a	DET
arjefm-72	305	3	first	first	ADJ
arjefm-72	305	4	hypothesis	hypothesis	NOUN
arjefm-72	305	5	,	,	PUNCT
arjefm-72	305	6	the	the	DET
arjefm-72	305	7	relationship	relationship	NOUN
arjefm-72	305	8	between	between	ADP
arjefm-72	305	9	earnings	earning	NOUN
arjefm-72	305	10	management	management	NOUN
arjefm-72	305	11	(	(	PUNCT
arjefm-72	305	12	the	the	DET
arjefm-72	305	13	various	various	ADJ
arjefm-72	305	14	components	component	NOUN
arjefm-72	305	15	of	of	ADP
arjefm-72	305	16	accruals	accrual	NOUN
arjefm-72	305	17	)	)	PUNCT
arjefm-72	305	18	and	and	CCONJ
arjefm-72	305	19	the	the	DET
arjefm-72	305	20	ask	ask	NOUN
arjefm-72	305	21	-	-	PUNCT
arjefm-72	305	22	bid	bid	ADJ
arjefm-72	305	23	spread	spread	NOUN
arjefm-72	305	24	was	be	AUX
arjefm-72	305	25	examined	examine	VERB
arjefm-72	305	26	.	.	PUNCT
arjefm-72	306	1	we	we	PRON
arjefm-72	306	2	found	find	VERB
arjefm-72	306	3	that	that	SCONJ
arjefm-72	306	4	each	each	PRON
arjefm-72	306	5	of	of	ADP
arjefm-72	306	6	these	these	DET
arjefm-72	306	7	earnings	earning	NOUN
arjefm-72	306	8	management	management	NOUN
arjefm-72	306	9	components	component	NOUN
arjefm-72	306	10	significantly	significantly	ADV
arjefm-72	306	11	informs	inform	VERB
arjefm-72	306	12	about	about	ADP
arjefm-72	306	13	firm	firm	ADJ
arjefm-72	306	14	liquidity	liquidity	NOUN
arjefm-72	306	15	.	.	PUNCT
arjefm-72	307	1	in	in	ADP
arjefm-72	307	2	line	line	NOUN
arjefm-72	307	3	with	with	ADP
arjefm-72	307	4	previous	previous	ADJ
arjefm-72	307	5	research	research	NOUN
arjefm-72	307	6	,	,	PUNCT
arjefm-72	307	7	the	the	DET
arjefm-72	307	8	obtained	obtain	VERB
arjefm-72	307	9	results	result	NOUN
arjefm-72	307	10	reveal	reveal	VERB
arjefm-72	307	11	the	the	DET
arjefm-72	307	12	positive	positive	ADJ
arjefm-72	307	13	relationship	relationship	NOUN
arjefm-72	307	14	between	between	ADP
arjefm-72	307	15	the	the	DET
arjefm-72	307	16	ask	ask	NOUN
arjefm-72	307	17	-	-	PUNCT
arjefm-72	307	18	bid	bid	NOUN
arjefm-72	307	19	spread	spread	NOUN
arjefm-72	307	20	and	and	CCONJ
arjefm-72	307	21	earnings	earning	NOUN
arjefm-72	307	22	management	management	NOUN
arjefm-72	307	23	of	of	ADP
arjefm-72	307	24	tunisian	tunisian	ADJ
arjefm-72	307	25	firms	firm	NOUN
arjefm-72	307	26	.	.	PUNCT
arjefm-72	308	1	an	an	DET
arjefm-72	308	2	increase	increase	NOUN
arjefm-72	308	3	in	in	ADP
arjefm-72	308	4	discretionary	discretionary	ADJ
arjefm-72	308	5	accruals	accrual	NOUN
arjefm-72	308	6	is	be	AUX
arjefm-72	308	7	perceived	perceive	VERB
arjefm-72	308	8	as	as	ADP
arjefm-72	308	9	an	an	DET
arjefm-72	308	10	earnings	earning	NOUN
arjefm-72	308	11	management	management	NOUN
arjefm-72	308	12	reflecting	reflect	VERB
arjefm-72	308	13	an	an	DET
arjefm-72	308	14	unethical	unethical	ADJ
arjefm-72	308	15	behavior	behavior	NOUN
arjefm-72	308	16	or	or	CCONJ
arjefm-72	308	17	an	an	DET
arjefm-72	308	18	unsatisfactory	unsatisfactory	ADJ
arjefm-72	308	19	source	source	NOUN
arjefm-72	308	20	of	of	ADP
arjefm-72	308	21	information	information	NOUN
arjefm-72	308	22	.	.	PUNCT
arjefm-72	309	1	moreover	moreover	ADV
arjefm-72	309	2	,	,	PUNCT
arjefm-72	309	3	our	our	PRON
arjefm-72	309	4	results	result	NOUN
arjefm-72	309	5	corroborate	corroborate	VERB
arjefm-72	309	6	those	those	PRON
arjefm-72	309	7	of	of	ADP
arjefm-72	309	8	ascioglu	ascioglu	PROPN
arjefm-72	309	9	et	et	PROPN
arjefm-72	309	10	al	al	PROPN
arjefm-72	309	11	.	.	PROPN
arjefm-72	310	1	(	(	PUNCT
arjefm-72	310	2	2012	2012	NUM
arjefm-72	310	3	)	)	PUNCT
arjefm-72	310	4	kan	kan	PROPN
arjefm-72	310	5	(	(	PUNCT
arjefm-72	310	6	2013	2013	NUM
arjefm-72	310	7	)	)	PUNCT
arjefm-72	310	8	and	and	CCONJ
arjefm-72	310	9	bafghi	bafghi	PROPN
arjefm-72	310	10	et	et	PROPN
arjefm-72	310	11	al	al	PROPN
arjefm-72	310	12	.	.	PROPN
arjefm-72	310	13	(	(	PUNCT
arjefm-72	310	14	2014	2014	NUM
arjefm-72	310	15	)	)	PUNCT
arjefm-72	310	16	,	,	PUNCT
arjefm-72	310	17	who	who	PRON
arjefm-72	310	18	used	use	VERB
arjefm-72	310	19	the	the	DET
arjefm-72	310	20	ask	ask	NOUN
arjefm-72	310	21	-	-	PUNCT
arjefm-72	310	22	bid	bid	NOUN
arjefm-72	310	23	spread	spread	NOUN
arjefm-72	310	24	as	as	ADP
arjefm-72	310	25	a	a	DET
arjefm-72	310	26	measure	measure	NOUN
arjefm-72	310	27	of	of	ADP
arjefm-72	310	28	liquidity	liquidity	NOUN
arjefm-72	310	29	.	.	PUNCT
arjefm-72	311	1	the	the	DET
arjefm-72	311	2	authors	author	NOUN
arjefm-72	311	3	found	find	VERB
arjefm-72	311	4	that	that	SCONJ
arjefm-72	311	5	earnings	earning	NOUN
arjefm-72	311	6	management	management	NOUN
arjefm-72	311	7	increases	increase	VERB
arjefm-72	311	8	agency	agency	NOUN
arjefm-72	311	9	costs	cost	NOUN
arjefm-72	311	10	and	and	CCONJ
arjefm-72	311	11	information	information	NOUN
arjefm-72	311	12	asymmetry	asymmetry	NOUN
arjefm-72	311	13	.	.	PUNCT
arjefm-72	312	1	according	accord	VERB
arjefm-72	312	2	to	to	ADP
arjefm-72	312	3	this	this	DET
arjefm-72	312	4	finding	finding	NOUN
arjefm-72	312	5	,	,	PUNCT
arjefm-72	312	6	liquidity	liquidity	NOUN
arjefm-72	312	7	providers	provider	NOUN
arjefm-72	312	8	bear	bear	VERB
arjefm-72	312	9	higher	high	ADJ
arjefm-72	312	10	costs	cost	NOUN
arjefm-72	312	11	and	and	CCONJ
arjefm-72	312	12	thus	thus	ADV
arjefm-72	312	13	a	a	DET
arjefm-72	312	14	wider	wide	ADJ
arjefm-72	312	15	spread	spread	NOUN
arjefm-72	312	16	and	and	CCONJ
arjefm-72	312	17	a	a	DET
arjefm-72	312	18	less	less	ADV
arjefm-72	312	19	liquid	liquid	ADJ
arjefm-72	312	20	market	market	NOUN
arjefm-72	312	21	.	.	PUNCT
arjefm-72	313	1	these	these	DET
arjefm-72	313	2	results	result	NOUN
arjefm-72	313	3	allowed	allow	VERB
arjefm-72	313	4	us	we	PRON
arjefm-72	313	5	to	to	PART
arjefm-72	313	6	conclude	conclude	VERB
arjefm-72	313	7	that	that	SCONJ
arjefm-72	313	8	liquidity	liquidity	NOUN
arjefm-72	313	9	providers	provider	NOUN
arjefm-72	313	10	are	be	AUX
arjefm-72	313	11	aware	aware	ADJ
arjefm-72	313	12	of	of	ADP
arjefm-72	313	13	earnings	earning	NOUN
arjefm-72	313	14	management	management	NOUN
arjefm-72	313	15	and	and	CCONJ
arjefm-72	313	16	they	they	PRON
arjefm-72	313	17	prefer	prefer	VERB
arjefm-72	313	18	firms	firm	NOUN
arjefm-72	313	19	which	which	PRON
arjefm-72	313	20	generate	generate	VERB
arjefm-72	313	21	more	more	ADV
arjefm-72	313	22	stable	stable	ADJ
arjefm-72	313	23	profits	profit	NOUN
arjefm-72	313	24	.	.	PUNCT
arjefm-72	314	1	in	in	ADP
arjefm-72	314	2	particular	particular	ADJ
arjefm-72	314	3	,	,	PUNCT
arjefm-72	314	4	such	such	DET
arjefm-72	314	5	a	a	DET
arjefm-72	314	6	practice	practice	NOUN
arjefm-72	314	7	is	be	AUX
arjefm-72	314	8	not	not	PART
arjefm-72	314	9	observed	observe	VERB
arjefm-72	314	10	in	in	ADP
arjefm-72	314	11	the	the	DET
arjefm-72	314	12	tunisian	tunisian	ADJ
arjefm-72	314	13	firms	firm	NOUN
arjefm-72	314	14	of	of	ADP
arjefm-72	314	15	our	our	PRON
arjefm-72	314	16	sample	sample	NOUN
arjefm-72	314	17	.	.	PUNCT
arjefm-72	315	1	to	to	PART
arjefm-72	315	2	support	support	VERB
arjefm-72	315	3	this	this	DET
arjefm-72	315	4	observation	observation	NOUN
arjefm-72	315	5	,	,	PUNCT
arjefm-72	315	6	the	the	DET
arjefm-72	315	7	relationship	relationship	NOUN
arjefm-72	315	8	between	between	ADP
arjefm-72	315	9	earnings	earning	NOUN
arjefm-72	315	10	management	management	NOUN
arjefm-72	315	11	direction	direction	NOUN
arjefm-72	315	12	and	and	CCONJ
arjefm-72	315	13	liquidity	liquidity	NOUN
arjefm-72	315	14	through	through	ADP
arjefm-72	315	15	the	the	DET
arjefm-72	315	16	ask	ask	VERB
arjefm-72	315	17	-	-	PUNCT
arjefm-72	315	18	bid	bid	NOUN
arjefm-72	315	19	spread	spread	NOUN
arjefm-72	315	20	and	and	CCONJ
arjefm-72	315	21	the	the	DET
arjefm-72	315	22	different	different	ADJ
arjefm-72	315	23	control	control	NOUN
arjefm-72	315	24	variables	variable	NOUN
arjefm-72	315	25	(	(	PUNCT
arjefm-72	315	26	size	size	NOUN
arjefm-72	315	27	,	,	PUNCT
arjefm-72	315	28	returns	return	NOUN
arjefm-72	315	29	and	and	CCONJ
arjefm-72	315	30	transaction	transaction	NOUN
arjefm-72	315	31	volume	volume	NOUN
arjefm-72	315	32	)	)	PUNCT
arjefm-72	315	33	was	be	AUX
arjefm-72	315	34	examined	examine	VERB
arjefm-72	315	35	.	.	PUNCT
arjefm-72	316	1	the	the	DET
arjefm-72	316	2	results	result	NOUN
arjefm-72	316	3	pointed	point	VERB
arjefm-72	316	4	to	to	ADP
arjefm-72	316	5	a	a	DET
arjefm-72	316	6	significant	significant	ADJ
arjefm-72	316	7	relationship	relationship	NOUN
arjefm-72	316	8	between	between	ADP
arjefm-72	316	9	earnings	earning	NOUN
arjefm-72	316	10	management	management	NOUN
arjefm-72	316	11	and	and	CCONJ
arjefm-72	316	12	the	the	DET
arjefm-72	316	13	ask	ask	NOUN
arjefm-72	316	14	-	-	PUNCT
arjefm-72	316	15	bid	bid	NOUN
arjefm-72	316	16	spread	spread	NOUN
arjefm-72	316	17	.	.	PUNCT
arjefm-72	317	1	explicitly	explicitly	ADV
arjefm-72	317	2	,	,	PUNCT
arjefm-72	317	3	investors	investor	NOUN
arjefm-72	317	4	react	react	VERB
arjefm-72	317	5	according	accord	VERB
arjefm-72	317	6	to	to	ADP
arjefm-72	317	7	earnings	earning	NOUN
arjefm-72	317	8	management	management	NOUN
arjefm-72	317	9	direction	direction	NOUN
arjefm-72	317	10	.	.	PUNCT
arjefm-72	318	1	as	as	ADP
arjefm-72	318	2	for	for	ADP
arjefm-72	318	3	the	the	DET
arjefm-72	318	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	318	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	318	6	american	american	PROPN
arjefm-72	318	7	research	research	PROPN
arjefm-72	318	8	journal	journal	PROPN
arjefm-72	318	9	of	of	ADP
arjefm-72	318	10	economics	economic	NOUN
arjefm-72	318	11	,	,	PUNCT
arjefm-72	318	12	finance	finance	NOUN
arjefm-72	318	13	and	and	CCONJ
arjefm-72	318	14	management	management	NOUN
arjefm-72	318	15	volume	volume	NOUN
arjefm-72	318	16	10	10	NUM
arjefm-72	318	17	issue	issue	NOUN
arjefm-72	318	18	4	4	NUM
arjefm-72	318	19	,	,	PUNCT
arjefm-72	318	20	october	october	PROPN
arjefm-72	318	21	-	-	PUNCT
arjefm-72	318	22	december	december	PROPN
arjefm-72	318	23	2022	2022	NUM
arjefm-72	318	24	issn	issn	NOUN
arjefm-72	318	25	:	:	PUNCT
arjefm-72	318	26	2836	2836	NUM
arjefm-72	318	27	-	-	SYM
arjefm-72	318	28	9416	9416	NUM
arjefm-72	318	29	impact	impact	NOUN
arjefm-72	318	30	factor	factor	NOUN
arjefm-72	318	31	:	:	PUNCT
arjefm-72	318	32	4.85	4.85	NUM
arjefm-72	318	33	journal	journal	NOUN
arjefm-72	318	34	homepage	homepage	NOUN
arjefm-72	318	35	:	:	PUNCT
arjefm-72	318	36	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	318	37	,	,	PUNCT
arjefm-72	318	38	email	email	NOUN
arjefm-72	318	39	:	:	PUNCT
arjefm-72	318	40	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	318	41	official	official	ADJ
arjefm-72	318	42	journal	journal	PROPN
arjefm-72	318	43	of	of	ADP
arjefm-72	318	44	america	america	PROPN
arjefm-72	318	45	serial	serial	PROPN
arjefm-72	318	46	publication	publication	NOUN
arjefm-72	318	47	american	american	PROPN
arjefm-72	318	48	research	research	PROPN
arjefm-72	318	49	journal	journal	PROPN
arjefm-72	318	50	of	of	ADP
arjefm-72	318	51	economics	economic	NOUN
arjefm-72	318	52	,	,	PUNCT
arjefm-72	318	53	finance	finance	NOUN
arjefm-72	318	54	and	and	CCONJ
arjefm-72	318	55	management	management	NOUN
arjefm-72	318	56	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	318	57	,	,	PUNCT
arjefm-72	318	58	email	email	NOUN
arjefm-72	318	59	:	:	PUNCT
arjefm-72	318	60	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	318	61	13	13	NUM
arjefm-72	319	1	|	|	ADV
arjefm-72	319	2	p	p	X
arjefm-72	319	3	a	a	DET
arjefm-72	319	4	g	g	PROPN
arjefm-72	319	5	e	e	PROPN
arjefm-72	319	6	control	control	NOUN
arjefm-72	319	7	variables	variable	NOUN
arjefm-72	319	8	,	,	PUNCT
arjefm-72	319	9	the	the	DET
arjefm-72	319	10	correlation	correlation	NOUN
arjefm-72	319	11	analysis	analysis	NOUN
arjefm-72	319	12	confirmed	confirm	VERB
arjefm-72	319	13	our	our	PRON
arjefm-72	319	14	conclusions	conclusion	NOUN
arjefm-72	319	15	as	as	SCONJ
arjefm-72	319	16	we	we	PRON
arjefm-72	319	17	found	find	VERB
arjefm-72	319	18	a	a	DET
arjefm-72	319	19	negative	negative	ADJ
arjefm-72	319	20	and	and	CCONJ
arjefm-72	319	21	a	a	DET
arjefm-72	319	22	significant	significant	ADJ
arjefm-72	319	23	correlation	correlation	NOUN
arjefm-72	319	24	between	between	ADP
arjefm-72	319	25	the	the	DET
arjefm-72	319	26	ask	ask	NOUN
arjefm-72	319	27	-	-	PUNCT
arjefm-72	319	28	bid	bid	NOUN
arjefm-72	319	29	spread	spread	NOUN
arjefm-72	319	30	and	and	CCONJ
arjefm-72	319	31	firm	firm	ADJ
arjefm-72	319	32	size	size	NOUN
arjefm-72	319	33	in	in	ADP
arjefm-72	319	34	the	the	DET
arjefm-72	319	35	two	two	NUM
arjefm-72	319	36	measurement	measurement	NOUN
arjefm-72	319	37	models	model	NOUN
arjefm-72	319	38	.	.	PUNCT
arjefm-72	320	1	this	this	DET
arjefm-72	320	2	negative	negative	ADJ
arjefm-72	320	3	effect	effect	NOUN
arjefm-72	320	4	can	can	AUX
arjefm-72	320	5	be	be	AUX
arjefm-72	320	6	attributed	attribute	VERB
arjefm-72	320	7	to	to	ADP
arjefm-72	320	8	the	the	DET
arjefm-72	320	9	substantial	substantial	ADJ
arjefm-72	320	10	control	control	NOUN
arjefm-72	320	11	practiced	practice	VERB
arjefm-72	320	12	over	over	ADP
arjefm-72	320	13	large	large	ADJ
arjefm-72	320	14	firms	firm	NOUN
arjefm-72	320	15	.	.	PUNCT
arjefm-72	321	1	appendix	appendix	NOUN
arjefm-72	321	2	.	.	PUNCT
arjefm-72	322	1	earnings	earning	NOUN
arjefm-72	322	2	management	management	NOUN
arjefm-72	322	3	and	and	CCONJ
arjefm-72	322	4	liquidity	liquidity	NOUN
arjefm-72	322	5	appendixi-1.vif	appendixi-1.vif	PROPN
arjefm-72	322	6	tests	test	VERB
arjefm-72	322	7	references	reference	NOUN
arjefm-72	322	8	aharony	aharony	NOUN
arjefm-72	322	9	,	,	PUNCT
arjefm-72	322	10	joseph	joseph	PROPN
arjefm-72	322	11	,	,	PUNCT
arjefm-72	322	12	chi	chi	PROPN
arjefm-72	322	13	-	-	PUNCT
arjefm-72	322	14	wen	wen	PROPN
arjefm-72	322	15	jevons	jevons	PROPN
arjefm-72	322	16	lee	lee	PROPN
arjefm-72	322	17	,	,	PUNCT
arjefm-72	322	18	and	and	CCONJ
arjefm-72	322	19	tak	tak	PROPN
arjefm-72	322	20	jun	jun	PROPN
arjefm-72	322	21	wong	wong	PROPN
arjefm-72	322	22	.	.	PROPN
arjefm-72	322	23	2000	2000	NUM
arjefm-72	322	24	.	.	PUNCT
arjefm-72	323	1	“	"	PUNCT
arjefm-72	323	2	financial	financial	ADJ
arjefm-72	323	3	packaging	packaging	NOUN
arjefm-72	323	4	of	of	ADP
arjefm-72	323	5	ipo	ipo	NOUN
arjefm-72	323	6	firms	firm	NOUN
arjefm-72	323	7	in	in	ADP
arjefm-72	323	8	china	china	PROPN
arjefm-72	323	9	.	.	PUNCT
arjefm-72	323	10	”	"	PUNCT
arjefm-72	324	1	journal	journal	NOUN
arjefm-72	324	2	of	of	ADP
arjefm-72	324	3	accounting	accounting	NOUN
arjefm-72	324	4	research	research	NOUN
arjefm-72	324	5	38	38	NUM
arjefm-72	324	6	(	(	PUNCT
arjefm-72	324	7	1	1	NUM
arjefm-72	324	8	):	):	PUNCT
arjefm-72	324	9	103–26	103–26	NUM
arjefm-72	324	10	.	.	PUNCT
arjefm-72	325	1	ajina	ajina	PROPN
arjefm-72	325	2	,	,	PUNCT
arjefm-72	325	3	aymen	ayman	NOUN
arjefm-72	325	4	,	,	PUNCT
arjefm-72	325	5	faten	faten	ADJ
arjefm-72	325	6	lakhal	lakhal	NOUN
arjefm-72	325	7	,	,	PUNCT
arjefm-72	325	8	and	and	CCONJ
arjefm-72	325	9	danielle	danielle	PROPN
arjefm-72	325	10	sougné	sougné	ADV
arjefm-72	325	11	.	.	PUNCT
arjefm-72	326	1	2015	2015	NUM
arjefm-72	326	2	.	.	PUNCT
arjefm-72	327	1	“	"	PUNCT
arjefm-72	327	2	institutional	institutional	ADJ
arjefm-72	327	3	investors	investor	NOUN
arjefm-72	327	4	,	,	PUNCT
arjefm-72	327	5	information	information	NOUN
arjefm-72	327	6	asymmetry	asymmetry	NOUN
arjefm-72	327	7	and	and	CCONJ
arjefm-72	327	8	stock	stock	NOUN
arjefm-72	327	9	market	market	NOUN
arjefm-72	327	10	liquidity	liquidity	NOUN
arjefm-72	327	11	in	in	ADP
arjefm-72	327	12	france	france	PROPN
arjefm-72	327	13	.	.	PUNCT
arjefm-72	327	14	”	"	PUNCT
arjefm-72	328	1	international	international	ADJ
arjefm-72	328	2	journal	journal	NOUN
arjefm-72	328	3	of	of	ADP
arjefm-72	328	4	managerial	managerial	ADJ
arjefm-72	328	5	finance	finance	NOUN
arjefm-72	328	6	11	11	NUM
arjefm-72	328	7	(	(	PUNCT
arjefm-72	328	8	1	1	NUM
arjefm-72	328	9	):	):	PUNCT
arjefm-72	328	10	44–59	44–59	PROPN
arjefm-72	328	11	.	.	PUNCT
arjefm-72	329	1	allayannis	allayannis	PROPN
arjefm-72	329	2	,	,	PUNCT
arjefm-72	329	3	george	george	PROPN
arjefm-72	329	4	,	,	PUNCT
arjefm-72	329	5	and	and	CCONJ
arjefm-72	329	6	paul	paul	PROPN
arjefm-72	329	7	j.	j.	PROPN
arjefm-72	329	8	simko	simko	PROPN
arjefm-72	329	9	.	.	PUNCT
arjefm-72	329	10	2009	2009	NUM
arjefm-72	329	11	.	.	PUNCT
arjefm-72	330	1	“	"	PUNCT
arjefm-72	330	2	earnings	earning	NOUN
arjefm-72	330	3	smoothing	smoothing	NOUN
arjefm-72	330	4	,	,	PUNCT
arjefm-72	330	5	analyst	analyst	NOUN
arjefm-72	330	6	following	following	NOUN
arjefm-72	330	7	,	,	PUNCT
arjefm-72	330	8	and	and	CCONJ
arjefm-72	330	9	firm	firm	ADJ
arjefm-72	330	10	value	value	NOUN
arjefm-72	330	11	.	.	PUNCT
arjefm-72	330	12	”	"	PUNCT
arjefm-72	331	1	analyst	analyst	NOUN
arjefm-72	331	2	following	following	NOUN
arjefm-72	331	3	,	,	PUNCT
arjefm-72	331	4	and	and	CCONJ
arjefm-72	331	5	firm	firm	ADJ
arjefm-72	331	6	value	value	NOUN
arjefm-72	331	7	(	(	PUNCT
arjefm-72	331	8	august	august	PROPN
arjefm-72	331	9	25	25	NUM
arjefm-72	331	10	,	,	PUNCT
arjefm-72	331	11	2009	2009	NUM
arjefm-72	331	12	)	)	PUNCT
arjefm-72	331	13	.	.	PUNCT
arjefm-72	332	1	amihud	amihud	PROPN
arjefm-72	332	2	,	,	PUNCT
arjefm-72	332	3	yakov	yakov	PROPN
arjefm-72	332	4	.	.	PROPN
arjefm-72	332	5	2002a	2002a	PROPN
arjefm-72	332	6	.	.	PUNCT
arjefm-72	333	1	“	"	PUNCT
arjefm-72	333	2	illiquidity	illiquidity	NOUN
arjefm-72	333	3	and	and	CCONJ
arjefm-72	333	4	stock	stock	NOUN
arjefm-72	333	5	returns	return	NOUN
arjefm-72	333	6	:	:	PUNCT
arjefm-72	333	7	cross	cross	NOUN
arjefm-72	333	8	-	-	NOUN
arjefm-72	333	9	section	section	NOUN
arjefm-72	333	10	and	and	CCONJ
arjefm-72	333	11	time	time	NOUN
arjefm-72	333	12	-	-	PUNCT
arjefm-72	333	13	series	series	NOUN
arjefm-72	333	14	effects	effect	NOUN
arjefm-72	333	15	.	.	PUNCT
arjefm-72	333	16	”	"	PUNCT
arjefm-72	334	1	journal	journal	NOUN
arjefm-72	334	2	of	of	ADP
arjefm-72	334	3	financial	financial	ADJ
arjefm-72	334	4	markets	market	NOUN
arjefm-72	334	5	5	5	NUM
arjefm-72	334	6	(	(	PUNCT
arjefm-72	334	7	1	1	NUM
arjefm-72	334	8	):	):	PUNCT
arjefm-72	334	9	31–56	31–56	NUM
arjefm-72	334	10	.	.	PUNCT
arjefm-72	335	1	model	model	NOUN
arjefm-72	335	2	(	(	PUNCT
arjefm-72	335	3	1	1	X
arjefm-72	335	4	)	)	PUNCT
arjefm-72	335	5	variable	variable	ADJ
arjefm-72	335	6	vif	vif	NOUN
arjefm-72	335	7	1	1	NUM
arjefm-72	335	8	/vif	/vif	SYM
arjefm-72	335	9	size	size	NOUN
arjefm-72	335	10	1.17	1.17	NUM
arjefm-72	335	11	0.857231	0.857231	NUM
arjefm-72	335	12	tac	tac	NOUN
arjefm-72	335	13	sp	sp	ADP
arjefm-72	335	14	vol	vol	NOUN
arjefm-72	335	15	vr	vr	PROPN
arjefm-72	335	16	r	r	NOUN
arjefm-72	335	17	1.16	1.16	NUM
arjefm-72	335	18	1.09	1.09	NUM
arjefm-72	335	19	1.06	1.06	NUM
arjefm-72	335	20	1.02	1.02	NUM
arjefm-72	335	21	1.01	1.01	NUM
arjefm-72	335	22	0.859804	0.859804	NUM
arjefm-72	335	23	0.920805	0.920805	NUM
arjefm-72	335	24	0.943766	0.943766	NUM
arjefm-72	335	25	0.981432	0.981432	NUM
arjefm-72	336	1	0.986284	0.986284	NUM
arjefm-72	336	2	mean	mean	VERB
arjefm-72	336	3	vif	vif	PROPN
arjefm-72	336	4	1.08	1.08	NUM
arjefm-72	336	5	model	model	NOUN
arjefm-72	336	6	(	(	PUNCT
arjefm-72	336	7	2	2	NUM
arjefm-72	336	8	)	)	PUNCT
arjefm-72	336	9	variable	variable	ADJ
arjefm-72	336	10	vif	vif	NOUN
arjefm-72	336	11	1	1	NUM
arjefm-72	336	12	/vif	/vif	SYM
arjefm-72	336	13	size	size	NOUN
arjefm-72	336	14	2.69	2.69	NUM
arjefm-72	336	15	0.371893	0.371893	NUM
arjefm-72	336	16	tac	tac	NOUN
arjefm-72	336	17	sp	sp	ADP
arjefm-72	336	18	vol	vol	NOUN
arjefm-72	336	19	vr	vr	PROPN
arjefm-72	336	20	r	r	NOUN
arjefm-72	336	21	2.68	2.68	NUM
arjefm-72	336	22	1.08	1.08	NUM
arjefm-72	336	23	1.06	1.06	NUM
arjefm-72	336	24	1.03	1.03	NUM
arjefm-72	336	25	1.02	1.02	NUM
arjefm-72	336	26	0.373029	0.373029	NUM
arjefm-72	336	27	0.925347	0.925347	NUM
arjefm-72	336	28	0.944182	0.944182	NUM
arjefm-72	336	29	0.970599	0.970599	NUM
arjefm-72	336	30	0.981440	0.981440	NUM
arjefm-72	336	31	mean	mean	NOUN
arjefm-72	336	32	vif	vif	NOUN
arjefm-72	336	33	1.59	1.59	NUM
arjefm-72	336	34	model	model	NOUN
arjefm-72	336	35	(	(	PUNCT
arjefm-72	336	36	3	3	NUM
arjefm-72	336	37	)	)	PUNCT
arjefm-72	336	38	variable	variable	ADJ
arjefm-72	336	39	vif	vif	NOUN
arjefm-72	336	40	1	1	NUM
arjefm-72	336	41	/vif	/vif	SYM
arjefm-72	336	42	size	size	NOUN
arjefm-72	336	43	1.09	1.09	NUM
arjefm-72	336	44	0.920669	0.920669	NUM
arjefm-72	336	45	tac	tac	NOUN
arjefm-72	336	46	sp	sp	ADP
arjefm-72	336	47	vol	vol	NOUN
arjefm-72	336	48	vr	vr	PROPN
arjefm-72	336	49	r	r	NOUN
arjefm-72	336	50	1.06	1.06	NUM
arjefm-72	336	51	1.04	1.04	NUM
arjefm-72	336	52	1.04	1.04	NUM
arjefm-72	336	53	1.02	1.02	NUM
arjefm-72	336	54	1.02	1.02	NUM
arjefm-72	336	55	0.943840	0.943840	NUM
arjefm-72	336	56	0.963947	0.963947	NUM
arjefm-72	336	57	0.964137	0.964137	NUM
arjefm-72	336	58	0.981468	0.981468	NUM
arjefm-72	336	59	0.984587	0.984587	NUM
arjefm-72	336	60	mean	mean	NOUN
arjefm-72	336	61	vif	vif	NOUN
arjefm-72	337	1	1.04	1.04	NUM
arjefm-72	337	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-72	337	3	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	337	4	american	american	PROPN
arjefm-72	337	5	research	research	PROPN
arjefm-72	337	6	journal	journal	PROPN
arjefm-72	337	7	of	of	ADP
arjefm-72	337	8	economics	economic	NOUN
arjefm-72	337	9	,	,	PUNCT
arjefm-72	337	10	finance	finance	NOUN
arjefm-72	337	11	and	and	CCONJ
arjefm-72	337	12	management	management	NOUN
arjefm-72	337	13	volume	volume	NOUN
arjefm-72	337	14	10	10	NUM
arjefm-72	337	15	issue	issue	NOUN
arjefm-72	337	16	4	4	NUM
arjefm-72	337	17	,	,	PUNCT
arjefm-72	337	18	october	october	PROPN
arjefm-72	337	19	-	-	PUNCT
arjefm-72	337	20	december	december	PROPN
arjefm-72	337	21	2022	2022	NUM
arjefm-72	337	22	issn	issn	NOUN
arjefm-72	337	23	:	:	PUNCT
arjefm-72	337	24	2836	2836	NUM
arjefm-72	337	25	-	-	SYM
arjefm-72	337	26	9416	9416	NUM
arjefm-72	337	27	impact	impact	NOUN
arjefm-72	337	28	factor	factor	NOUN
arjefm-72	337	29	:	:	PUNCT
arjefm-72	337	30	4.85	4.85	NUM
arjefm-72	337	31	journal	journal	NOUN
arjefm-72	337	32	homepage	homepage	NOUN
arjefm-72	337	33	:	:	PUNCT
arjefm-72	337	34	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	337	35	,	,	PUNCT
arjefm-72	337	36	email	email	NOUN
arjefm-72	337	37	:	:	PUNCT
arjefm-72	337	38	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	337	39	official	official	ADJ
arjefm-72	337	40	journal	journal	PROPN
arjefm-72	337	41	of	of	ADP
arjefm-72	337	42	america	america	PROPN
arjefm-72	337	43	serial	serial	PROPN
arjefm-72	337	44	publication	publication	NOUN
arjefm-72	337	45	american	american	PROPN
arjefm-72	337	46	research	research	PROPN
arjefm-72	337	47	journal	journal	PROPN
arjefm-72	337	48	of	of	ADP
arjefm-72	337	49	economics	economic	NOUN
arjefm-72	337	50	,	,	PUNCT
arjefm-72	337	51	finance	finance	NOUN
arjefm-72	337	52	and	and	CCONJ
arjefm-72	337	53	management	management	NOUN
arjefm-72	337	54	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	337	55	,	,	PUNCT
arjefm-72	337	56	email	email	NOUN
arjefm-72	337	57	:	:	PUNCT
arjefm-72	337	58	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	338	1	14	14	NUM
arjefm-72	339	1	|	|	ADV
arjefm-72	339	2	p	p	X
arjefm-72	339	3	a	a	DET
arjefm-72	339	4	g	g	NOUN
arjefm-72	339	5	e	e	PROPN
arjefm-72	339	6	ascioglu	ascioglu	PROPN
arjefm-72	339	7	,	,	PUNCT
arjefm-72	339	8	asli	asli	PROPN
arjefm-72	339	9	,	,	PUNCT
arjefm-72	339	10	carole	carole	PROPN
arjefm-72	339	11	comerton	comerton	PROPN
arjefm-72	339	12	-	-	PUNCT
arjefm-72	339	13	forde	forde	NOUN
arjefm-72	339	14	,	,	PUNCT
arjefm-72	339	15	and	and	CCONJ
arjefm-72	339	16	thomas	thomas	PROPN
arjefm-72	339	17	h.	h.	PROPN
arjefm-72	339	18	mcinish	mcinish	PROPN
arjefm-72	339	19	.	.	PUNCT
arjefm-72	340	1	2011	2011	NUM
arjefm-72	340	2	.	.	PUNCT
arjefm-72	341	1	“	"	PUNCT
arjefm-72	341	2	stealth	stealth	ADJ
arjefm-72	341	3	trading	trading	NOUN
arjefm-72	341	4	:	:	PUNCT
arjefm-72	341	5	the	the	DET
arjefm-72	341	6	case	case	NOUN
arjefm-72	341	7	of	of	ADP
arjefm-72	341	8	the	the	DET
arjefm-72	341	9	tokyo	tokyo	PROPN
arjefm-72	341	10	stock	stock	NOUN
arjefm-72	341	11	exchange	exchange	NOUN
arjefm-72	341	12	.	.	PUNCT
arjefm-72	341	13	”	"	PUNCT
arjefm-72	342	1	pacific	pacific	ADJ
arjefm-72	342	2	-	-	PUNCT
arjefm-72	342	3	basin	basin	NOUN
arjefm-72	342	4	finance	finance	NOUN
arjefm-72	342	5	journal	journal	NOUN
arjefm-72	342	6	19	19	NUM
arjefm-72	342	7	(	(	PUNCT
arjefm-72	342	8	2	2	NUM
arjefm-72	342	9	):	):	PUNCT
arjefm-72	342	10	194–207	194–207	NUM
arjefm-72	342	11	.	.	PUNCT
arjefm-72	343	1	ascioglu	ascioglu	PROPN
arjefm-72	343	2	,	,	PUNCT
arjefm-72	343	3	asli	asli	PROPN
arjefm-72	343	4	,	,	PUNCT
arjefm-72	343	5	shantaram	shantaram	PROPN
arjefm-72	343	6	p.	p.	PROPN
arjefm-72	343	7	hegde	hegde	PROPN
arjefm-72	343	8	,	,	PUNCT
arjefm-72	343	9	gopal	gopal	PROPN
arjefm-72	343	10	v.	v.	PROPN
arjefm-72	343	11	krishnan	krishnan	PROPN
arjefm-72	343	12	,	,	PUNCT
arjefm-72	343	13	and	and	CCONJ
arjefm-72	343	14	john	john	PROPN
arjefm-72	343	15	b.	b.	PROPN
arjefm-72	343	16	mcdermott	mcdermott	PROPN
arjefm-72	343	17	.	.	PROPN
arjefm-72	343	18	2012	2012	NUM
arjefm-72	343	19	.	.	PUNCT
arjefm-72	344	1	“	"	PUNCT
arjefm-72	344	2	earnings	earning	NOUN
arjefm-72	344	3	management	management	NOUN
arjefm-72	344	4	and	and	CCONJ
arjefm-72	344	5	market	market	NOUN
arjefm-72	344	6	liquidity	liquidity	NOUN
arjefm-72	344	7	.	.	PUNCT
arjefm-72	344	8	”	"	PUNCT
arjefm-72	345	1	review	review	NOUN
arjefm-72	345	2	of	of	ADP
arjefm-72	345	3	quantitative	quantitative	ADJ
arjefm-72	345	4	finance	finance	NOUN
arjefm-72	345	5	and	and	CCONJ
arjefm-72	345	6	accounting	account	VERB
arjefm-72	345	7	38	38	NUM
arjefm-72	345	8	(	(	PUNCT
arjefm-72	345	9	2	2	NUM
arjefm-72	345	10	):	):	PUNCT
arjefm-72	345	11	257–74	257–74	NUM
arjefm-72	345	12	.	.	PUNCT
arjefm-72	346	1	atiase	atiase	PROPN
arjefm-72	346	2	,	,	PUNCT
arjefm-72	346	3	rowland	rowland	PROPN
arjefm-72	346	4	k.	k.	PROPN
arjefm-72	346	5	,	,	PUNCT
arjefm-72	346	6	and	and	CCONJ
arjefm-72	346	7	linda	linda	PROPN
arjefm-72	346	8	smith	smith	PROPN
arjefm-72	346	9	bamber	bamber	PROPN
arjefm-72	346	10	.	.	PUNCT
arjefm-72	346	11	1994	1994	NUM
arjefm-72	346	12	.	.	PUNCT
arjefm-72	347	1	“	"	PUNCT
arjefm-72	347	2	trading	trade	VERB
arjefm-72	347	3	volume	volume	NOUN
arjefm-72	347	4	reactions	reaction	NOUN
arjefm-72	347	5	to	to	ADP
arjefm-72	347	6	annual	annual	ADJ
arjefm-72	347	7	accounting	accounting	NOUN
arjefm-72	347	8	earnings	earning	NOUN
arjefm-72	347	9	announcements	announcement	NOUN
arjefm-72	347	10	:	:	PUNCT
arjefm-72	347	11	the	the	DET
arjefm-72	347	12	incremental	incremental	ADJ
arjefm-72	347	13	role	role	NOUN
arjefm-72	347	14	of	of	ADP
arjefm-72	347	15	predisclosure	predisclosure	NOUN
arjefm-72	347	16	information	information	NOUN
arjefm-72	347	17	asymmetry	asymmetry	NOUN
arjefm-72	347	18	.	.	PUNCT
arjefm-72	347	19	”	"	PUNCT
arjefm-72	348	1	journal	journal	NOUN
arjefm-72	348	2	of	of	ADP
arjefm-72	348	3	accounting	accounting	NOUN
arjefm-72	348	4	and	and	CCONJ
arjefm-72	348	5	economics	economic	NOUN
arjefm-72	348	6	17	17	NUM
arjefm-72	348	7	(	(	PUNCT
arjefm-72	348	8	3	3	NUM
arjefm-72	348	9	):	):	PUNCT
arjefm-72	348	10	309–29	309–29	NUM
arjefm-72	348	11	.	.	PUNCT
arjefm-72	348	12	attig	attig	PROPN
arjefm-72	348	13	,	,	PUNCT
arjefm-72	348	14	najah	najah	PROPN
arjefm-72	348	15	,	,	PUNCT
arjefm-72	348	16	wai	wai	PROPN
arjefm-72	348	17	-	-	PUNCT
arjefm-72	348	18	ming	ming	PROPN
arjefm-72	348	19	fong	fong	PROPN
arjefm-72	348	20	,	,	PUNCT
arjefm-72	348	21	yoser	yoser	PROPN
arjefm-72	348	22	gadhoum	gadhoum	NOUN
arjefm-72	348	23	,	,	PUNCT
arjefm-72	348	24	and	and	CCONJ
arjefm-72	348	25	larry	larry	PROPN
arjefm-72	348	26	hp	hp	PROPN
arjefm-72	348	27	lang	lang	PROPN
arjefm-72	348	28	.	.	PUNCT
arjefm-72	348	29	2006a	2006a	NOUN
arjefm-72	348	30	.	.	PUNCT
arjefm-72	349	1	“	"	PUNCT
arjefm-72	349	2	effects	effect	NOUN
arjefm-72	349	3	of	of	ADP
arjefm-72	349	4	large	large	ADJ
arjefm-72	349	5	shareholding	shareholding	NOUN
arjefm-72	349	6	on	on	ADP
arjefm-72	349	7	information	information	NOUN
arjefm-72	349	8	asymmetry	asymmetry	NOUN
arjefm-72	349	9	and	and	CCONJ
arjefm-72	349	10	stock	stock	NOUN
arjefm-72	349	11	liquidity	liquidity	NOUN
arjefm-72	349	12	.	.	PUNCT
arjefm-72	349	13	”	"	PUNCT
arjefm-72	349	14	journal	journal	NOUN
arjefm-72	349	15	of	of	ADP
arjefm-72	349	16	banking	banking	NOUN
arjefm-72	349	17	&	&	CCONJ
arjefm-72	349	18	finance	finance	PROPN
arjefm-72	349	19	30	30	NUM
arjefm-72	349	20	(	(	PUNCT
arjefm-72	349	21	10	10	NUM
arjefm-72	349	22	):	):	PUNCT
arjefm-72	349	23	2875–92	2875–92	NUM
arjefm-72	349	24	.	.	PUNCT
arjefm-72	350	1	beneish	beneish	PROPN
arjefm-72	350	2	,	,	PUNCT
arjefm-72	350	3	messod	messod	PROPN
arjefm-72	350	4	d.	d.	PROPN
arjefm-72	350	5	,	,	PUNCT
arjefm-72	350	6	eric	eric	PROPN
arjefm-72	350	7	press	press	PROPN
arjefm-72	350	8	,	,	PUNCT
arjefm-72	350	9	and	and	CCONJ
arjefm-72	350	10	mark	mark	PROPN
arjefm-72	350	11	e.	e.	PROPN
arjefm-72	350	12	vargus	vargus	PROPN
arjefm-72	350	13	.	.	PUNCT
arjefm-72	351	1	2012	2012	NUM
arjefm-72	351	2	.	.	PUNCT
arjefm-72	352	1	“	"	PUNCT
arjefm-72	352	2	insider	insider	NOUN
arjefm-72	352	3	trading	trading	NOUN
arjefm-72	352	4	and	and	CCONJ
arjefm-72	352	5	earnings	earning	NOUN
arjefm-72	352	6	management	management	NOUN
arjefm-72	352	7	in	in	ADP
arjefm-72	352	8	distressed	distressed	ADJ
arjefm-72	352	9	firms	firm	NOUN
arjefm-72	352	10	*	*	PUNCT
arjefm-72	352	11	.	.	PUNCT
arjefm-72	352	12	”	"	PUNCT
arjefm-72	353	1	contemporary	contemporary	ADJ
arjefm-72	353	2	accounting	accounting	NOUN
arjefm-72	353	3	research	research	NOUN
arjefm-72	353	4	29	29	NUM
arjefm-72	353	5	(	(	PUNCT
arjefm-72	353	6	1	1	NUM
arjefm-72	353	7	):	):	PUNCT
arjefm-72	353	8	191–220	191–220	NUM
arjefm-72	353	9	.	.	PUNCT
arjefm-72	354	1	bhattacharya	bhattacharya	PROPN
arjefm-72	354	2	,	,	PUNCT
arjefm-72	354	3	nilabhra	nilabhra	PROPN
arjefm-72	354	4	,	,	PUNCT
arjefm-72	354	5	hemang	hemang	PROPN
arjefm-72	354	6	desai	desai	PROPN
arjefm-72	354	7	,	,	PUNCT
arjefm-72	354	8	and	and	CCONJ
arjefm-72	354	9	kumar	kumar	PROPN
arjefm-72	354	10	venkataraman	venkataraman	PROPN
arjefm-72	354	11	.	.	PUNCT
arjefm-72	355	1	2013	2013	NUM
arjefm-72	355	2	.	.	PUNCT
arjefm-72	356	1	“	"	PUNCT
arjefm-72	356	2	does	do	AUX
arjefm-72	356	3	earnings	earning	NOUN
arjefm-72	356	4	quality	quality	NOUN
arjefm-72	356	5	affect	affect	VERB
arjefm-72	356	6	information	information	NOUN
arjefm-72	356	7	asymmetry	asymmetry	NOUN
arjefm-72	356	8	?	?	PUNCT
arjefm-72	357	1	evidence	evidence	NOUN
arjefm-72	357	2	from	from	ADP
arjefm-72	357	3	trading	trading	NOUN
arjefm-72	357	4	costs	cost	NOUN
arjefm-72	357	5	.	.	PUNCT
arjefm-72	357	6	”	"	PUNCT
arjefm-72	358	1	contemporary	contemporary	ADJ
arjefm-72	358	2	accounting	accounting	NOUN
arjefm-72	358	3	research	research	NOUN
arjefm-72	358	4	30	30	NUM
arjefm-72	358	5	(	(	PUNCT
arjefm-72	358	6	2	2	NUM
arjefm-72	358	7	):	):	PUNCT
arjefm-72	358	8	482–516	482–516	NUM
arjefm-72	358	9	.	.	PUNCT
arjefm-72	359	1	biais	biais	PROPN
arjefm-72	359	2	,	,	PUNCT
arjefm-72	359	3	bruno	bruno	PROPN
arjefm-72	359	4	,	,	PUNCT
arjefm-72	359	5	larry	larry	PROPN
arjefm-72	359	6	glosten	glosten	PROPN
arjefm-72	359	7	,	,	PUNCT
arjefm-72	359	8	and	and	CCONJ
arjefm-72	359	9	chester	chester	PROPN
arjefm-72	359	10	spatt	spatt	PROPN
arjefm-72	359	11	.	.	PUNCT
arjefm-72	359	12	2005	2005	NUM
arjefm-72	359	13	.	.	PUNCT
arjefm-72	360	1	“	"	PUNCT
arjefm-72	360	2	market	market	NOUN
arjefm-72	360	3	microstructure	microstructure	NOUN
arjefm-72	360	4	:	:	PUNCT
arjefm-72	360	5	a	a	DET
arjefm-72	360	6	survey	survey	NOUN
arjefm-72	360	7	of	of	ADP
arjefm-72	360	8	microfoundations	microfoundation	NOUN
arjefm-72	360	9	,	,	PUNCT
arjefm-72	360	10	empirical	empirical	ADJ
arjefm-72	360	11	results	result	NOUN
arjefm-72	360	12	,	,	PUNCT
arjefm-72	360	13	and	and	CCONJ
arjefm-72	360	14	policy	policy	NOUN
arjefm-72	360	15	implications	implication	NOUN
arjefm-72	360	16	.	.	PUNCT
arjefm-72	360	17	”	"	PUNCT
arjefm-72	361	1	journal	journal	NOUN
arjefm-72	361	2	of	of	ADP
arjefm-72	361	3	financial	financial	ADJ
arjefm-72	361	4	markets	market	NOUN
arjefm-72	361	5	8	8	NUM
arjefm-72	361	6	(	(	PUNCT
arjefm-72	361	7	2	2	NUM
arjefm-72	361	8	):	):	PUNCT
arjefm-72	361	9	217–64	217–64	NUM
arjefm-72	361	10	.	.	PUNCT
arjefm-72	362	1	botosan	botosan	PROPN
arjefm-72	362	2	,	,	PUNCT
arjefm-72	362	3	christine	christine	PROPN
arjefm-72	362	4	a.	a.	PROPN
arjefm-72	362	5	,	,	PUNCT
arjefm-72	362	6	and	and	CCONJ
arjefm-72	362	7	marlene	marlene	PROPN
arjefm-72	362	8	a.	a.	PROPN
arjefm-72	362	9	plumlee	plumlee	PROPN
arjefm-72	362	10	.	.	PUNCT
arjefm-72	363	1	2002	2002	NUM
arjefm-72	363	2	.	.	PUNCT
arjefm-72	364	1	“	"	PUNCT
arjefm-72	364	2	a	a	DET
arjefm-72	364	3	re	re	NOUN
arjefm-72	364	4	examination	examination	NOUN
arjefm-72	364	5	of	of	ADP
arjefm-72	364	6	disclosure	disclosure	NOUN
arjefm-72	364	7	level	level	NOUN
arjefm-72	364	8	and	and	CCONJ
arjefm-72	364	9	the	the	DET
arjefm-72	364	10	expected	expect	VERB
arjefm-72	364	11	cost	cost	NOUN
arjefm-72	364	12	of	of	ADP
arjefm-72	364	13	equity	equity	NOUN
arjefm-72	364	14	capital	capital	NOUN
arjefm-72	364	15	.	.	PUNCT
arjefm-72	364	16	”	"	PUNCT
arjefm-72	365	1	journal	journal	NOUN
arjefm-72	365	2	of	of	ADP
arjefm-72	365	3	accounting	accounting	NOUN
arjefm-72	365	4	research	research	NOUN
arjefm-72	365	5	40	40	NUM
arjefm-72	365	6	(	(	PUNCT
arjefm-72	365	7	1	1	NUM
arjefm-72	365	8	):	):	PUNCT
arjefm-72	365	9	21–40	21–40	NUM
arjefm-72	365	10	.	.	PUNCT
arjefm-72	366	1	brockman	brockman	PROPN
arjefm-72	366	2	,	,	PUNCT
arjefm-72	366	3	paul	paul	PROPN
arjefm-72	366	4	,	,	PUNCT
arjefm-72	366	5	and	and	CCONJ
arjefm-72	366	6	dennis	dennis	PROPN
arjefm-72	366	7	y.	y.	PROPN
arjefm-72	366	8	chung	chung	PROPN
arjefm-72	366	9	.	.	PUNCT
arjefm-72	366	10	2001a	2001a	NOUN
arjefm-72	366	11	.	.	PUNCT
arjefm-72	367	1	“	"	PUNCT
arjefm-72	367	2	managerial	managerial	ADJ
arjefm-72	367	3	timing	timing	NOUN
arjefm-72	367	4	and	and	CCONJ
arjefm-72	367	5	corporate	corporate	ADJ
arjefm-72	367	6	liquidity	liquidity	NOUN
arjefm-72	367	7	:	:	PUNCT
arjefm-72	367	8	:	:	PUNCT
arjefm-72	367	9	evidence	evidence	NOUN
arjefm-72	367	10	from	from	ADP
arjefm-72	367	11	actual	actual	ADJ
arjefm-72	367	12	share	share	NOUN
arjefm-72	367	13	repurchases	repurchase	NOUN
arjefm-72	367	14	.	.	PUNCT
arjefm-72	367	15	”	"	PUNCT
arjefm-72	367	16	journal	journal	NOUN
arjefm-72	367	17	of	of	ADP
arjefm-72	367	18	financial	financial	ADJ
arjefm-72	367	19	economics	economic	NOUN
arjefm-72	367	20	61	61	NUM
arjefm-72	367	21	(	(	PUNCT
arjefm-72	367	22	3	3	NUM
arjefm-72	367	23	):	):	PUNCT
arjefm-72	367	24	417–48	417–48	NOUN
arjefm-72	367	25	.	.	PUNCT
arjefm-72	368	1	brown	brown	PROPN
arjefm-72	368	2	,	,	PUNCT
arjefm-72	368	3	stephen	stephen	PROPN
arjefm-72	368	4	,	,	PUNCT
arjefm-72	368	5	and	and	CCONJ
arjefm-72	368	6	stephen	stephen	PROPN
arjefm-72	368	7	a.	a.	NOUN
arjefm-72	368	8	hillegeist	hillegeist	NOUN
arjefm-72	368	9	.	.	PUNCT
arjefm-72	369	1	2007	2007	NUM
arjefm-72	369	2	.	.	PUNCT
arjefm-72	370	1	“	"	PUNCT
arjefm-72	370	2	how	how	SCONJ
arjefm-72	370	3	disclosure	disclosure	NOUN
arjefm-72	370	4	quality	quality	NOUN
arjefm-72	370	5	affects	affect	VERB
arjefm-72	370	6	the	the	DET
arjefm-72	370	7	level	level	NOUN
arjefm-72	370	8	of	of	ADP
arjefm-72	370	9	information	information	NOUN
arjefm-72	370	10	asymmetry	asymmetry	NOUN
arjefm-72	370	11	.	.	PUNCT
arjefm-72	370	12	”	"	PUNCT
arjefm-72	371	1	review	review	NOUN
arjefm-72	371	2	of	of	ADP
arjefm-72	371	3	accounting	accounting	NOUN
arjefm-72	371	4	studies	study	NOUN
arjefm-72	371	5	12	12	NUM
arjefm-72	371	6	(	(	PUNCT
arjefm-72	371	7	2–3	2–3	NUM
arjefm-72	371	8	):	):	PUNCT
arjefm-72	371	9	443–77	443–77	PROPN
arjefm-72	371	10	.	.	PUNCT
arjefm-72	372	1	chan	chan	PROPN
arjefm-72	372	2	,	,	PUNCT
arjefm-72	372	3	justin	justin	PROPN
arjefm-72	372	4	sp	sp	PROPN
arjefm-72	372	5	,	,	PUNCT
arjefm-72	372	6	dong	dong	PROPN
arjefm-72	372	7	hong	hong	PROPN
arjefm-72	372	8	,	,	PUNCT
arjefm-72	372	9	and	and	CCONJ
arjefm-72	372	10	marti	marti	PROPN
arjefm-72	372	11	g.	g.	PROPN
arjefm-72	372	12	subrahmanyam	subrahmanyam	PROPN
arjefm-72	372	13	.	.	PUNCT
arjefm-72	373	1	2008	2008	NUM
arjefm-72	373	2	.	.	PUNCT
arjefm-72	374	1	“	"	PUNCT
arjefm-72	374	2	a	a	DET
arjefm-72	374	3	tale	tale	NOUN
arjefm-72	374	4	of	of	ADP
arjefm-72	374	5	two	two	NUM
arjefm-72	374	6	prices	price	NOUN
arjefm-72	374	7	:	:	PUNCT
arjefm-72	374	8	liquidity	liquidity	NOUN
arjefm-72	374	9	and	and	CCONJ
arjefm-72	374	10	asset	asset	NOUN
arjefm-72	374	11	prices	price	NOUN
arjefm-72	374	12	in	in	ADP
arjefm-72	374	13	multiple	multiple	ADJ
arjefm-72	374	14	markets	market	NOUN
arjefm-72	374	15	.	.	PUNCT
arjefm-72	374	16	”	"	PUNCT
arjefm-72	375	1	journal	journal	NOUN
arjefm-72	375	2	of	of	ADP
arjefm-72	375	3	banking	banking	NOUN
arjefm-72	375	4	&	&	CCONJ
arjefm-72	375	5	finance	finance	PROPN
arjefm-72	375	6	32	32	NUM
arjefm-72	375	7	(	(	PUNCT
arjefm-72	375	8	6	6	NUM
arjefm-72	375	9	):	):	PUNCT
arjefm-72	375	10	947–60	947–60	PROPN
arjefm-72	375	11	.	.	PUNCT
arjefm-72	376	1	chen	chen	PROPN
arjefm-72	376	2	,	,	PUNCT
arjefm-72	376	3	wei	wei	PROPN
arjefm-72	376	4	-	-	PROPN
arjefm-72	376	5	peng	peng	PROPN
arjefm-72	376	6	,	,	PUNCT
arjefm-72	376	7	huimin	huimin	PROPN
arjefm-72	376	8	chung	chung	PROPN
arjefm-72	376	9	,	,	PUNCT
arjefm-72	376	10	chengfew	chengfew	PROPN
arjefm-72	376	11	lee	lee	PROPN
arjefm-72	376	12	,	,	PUNCT
arjefm-72	376	13	and	and	CCONJ
arjefm-72	376	14	wei	wei	PROPN
arjefm-72	376	15	-	-	PROPN
arjefm-72	376	16	li	li	PROPN
arjefm-72	376	17	liao	liao	PROPN
arjefm-72	376	18	.	.	PROPN
arjefm-72	376	19	2007	2007	NUM
arjefm-72	376	20	.	.	PUNCT
arjefm-72	377	1	“	"	PUNCT
arjefm-72	377	2	corporate	corporate	ADJ
arjefm-72	377	3	governance	governance	NOUN
arjefm-72	377	4	and	and	CCONJ
arjefm-72	377	5	equity	equity	NOUN
arjefm-72	377	6	liquidity	liquidity	NOUN
arjefm-72	377	7	:	:	PUNCT
arjefm-72	377	8	analysis	analysis	NOUN
arjefm-72	377	9	of	of	ADP
arjefm-72	377	10	s&p	s&p	PROPN
arjefm-72	377	11	transparency	transparency	NOUN
arjefm-72	377	12	and	and	CCONJ
arjefm-72	377	13	disclosure	disclosure	NOUN
arjefm-72	377	14	rankings	ranking	NOUN
arjefm-72	377	15	.	.	PUNCT
arjefm-72	377	16	”	"	PUNCT
arjefm-72	378	1	corporate	corporate	ADJ
arjefm-72	378	2	governance	governance	NOUN
arjefm-72	378	3	:	:	PUNCT
arjefm-72	378	4	an	an	DET
arjefm-72	378	5	international	international	ADJ
arjefm-72	378	6	review	review	NOUN
arjefm-72	378	7	15	15	NUM
arjefm-72	378	8	(	(	PUNCT
arjefm-72	378	9	4	4	NUM
arjefm-72	378	10	):	):	PUNCT
arjefm-72	378	11	644–60	644–60	NOUN
arjefm-72	378	12	.	.	PUNCT
arjefm-72	379	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-72	379	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	380	1	american	american	PROPN
arjefm-72	380	2	research	research	PROPN
arjefm-72	380	3	journal	journal	PROPN
arjefm-72	380	4	of	of	ADP
arjefm-72	380	5	economics	economic	NOUN
arjefm-72	380	6	,	,	PUNCT
arjefm-72	380	7	finance	finance	NOUN
arjefm-72	380	8	and	and	CCONJ
arjefm-72	380	9	management	management	NOUN
arjefm-72	380	10	volume	volume	NOUN
arjefm-72	380	11	10	10	NUM
arjefm-72	380	12	issue	issue	NOUN
arjefm-72	380	13	4	4	NUM
arjefm-72	380	14	,	,	PUNCT
arjefm-72	380	15	october	october	PROPN
arjefm-72	380	16	-	-	PUNCT
arjefm-72	380	17	december	december	PROPN
arjefm-72	380	18	2022	2022	NUM
arjefm-72	380	19	issn	issn	NOUN
arjefm-72	380	20	:	:	PUNCT
arjefm-72	380	21	2836	2836	NUM
arjefm-72	380	22	-	-	SYM
arjefm-72	380	23	9416	9416	NUM
arjefm-72	380	24	impact	impact	NOUN
arjefm-72	380	25	factor	factor	NOUN
arjefm-72	380	26	:	:	PUNCT
arjefm-72	380	27	4.85	4.85	NUM
arjefm-72	380	28	journal	journal	NOUN
arjefm-72	380	29	homepage	homepage	NOUN
arjefm-72	380	30	:	:	PUNCT
arjefm-72	380	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	380	32	,	,	PUNCT
arjefm-72	380	33	email	email	NOUN
arjefm-72	380	34	:	:	PUNCT
arjefm-72	380	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	380	36	official	official	ADJ
arjefm-72	380	37	journal	journal	PROPN
arjefm-72	380	38	of	of	ADP
arjefm-72	380	39	america	america	PROPN
arjefm-72	380	40	serial	serial	PROPN
arjefm-72	380	41	publication	publication	NOUN
arjefm-72	380	42	american	american	PROPN
arjefm-72	380	43	research	research	PROPN
arjefm-72	380	44	journal	journal	PROPN
arjefm-72	380	45	of	of	ADP
arjefm-72	380	46	economics	economic	NOUN
arjefm-72	380	47	,	,	PUNCT
arjefm-72	380	48	finance	finance	NOUN
arjefm-72	380	49	and	and	CCONJ
arjefm-72	380	50	management	management	NOUN
arjefm-72	380	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	380	52	,	,	PUNCT
arjefm-72	380	53	email	email	NOUN
arjefm-72	380	54	:	:	PUNCT
arjefm-72	380	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	381	1	15	15	NUM
arjefm-72	382	1	|	|	ADV
arjefm-72	382	2	p	p	X
arjefm-72	382	3	a	a	DET
arjefm-72	382	4	g	g	PROPN
arjefm-72	382	5	e	e	PROPN
arjefm-72	382	6	chung	chung	PROPN
arjefm-72	382	7	,	,	PUNCT
arjefm-72	382	8	huimin	huimin	PROPN
arjefm-72	382	9	,	,	PUNCT
arjefm-72	382	10	her	her	PROPN
arjefm-72	382	11	-	-	PUNCT
arjefm-72	382	12	jiun	jiun	ADJ
arjefm-72	382	13	sheu	sheu	ADJ
arjefm-72	382	14	,	,	PUNCT
arjefm-72	382	15	and	and	CCONJ
arjefm-72	382	16	juo	juo	ADJ
arjefm-72	382	17	-	-	PUNCT
arjefm-72	382	18	lien	lien	PROPN
arjefm-72	382	19	wang	wang	PROPN
arjefm-72	382	20	.	.	PUNCT
arjefm-72	382	21	2009	2009	NUM
arjefm-72	382	22	.	.	PUNCT
arjefm-72	383	1	“	"	PUNCT
arjefm-72	383	2	do	do	AUX
arjefm-72	383	3	firms	firm	NOUN
arjefm-72	383	4	’	’	PART
arjefm-72	383	5	earnings	earning	NOUN
arjefm-72	383	6	management	management	NOUN
arjefm-72	383	7	practices	practice	NOUN
arjefm-72	383	8	affect	affect	VERB
arjefm-72	383	9	their	their	PRON
arjefm-72	383	10	equity	equity	NOUN
arjefm-72	383	11	liquidity	liquidity	NOUN
arjefm-72	383	12	?	?	PUNCT
arjefm-72	383	13	”	"	PUNCT
arjefm-72	383	14	finance	finance	NOUN
arjefm-72	383	15	research	research	NOUN
arjefm-72	383	16	letters	letter	NOUN
arjefm-72	383	17	6	6	NUM
arjefm-72	383	18	(	(	PUNCT
arjefm-72	383	19	3	3	NUM
arjefm-72	383	20	):	):	PUNCT
arjefm-72	383	21	152–58	152–58	NUM
arjefm-72	383	22	.	.	PUNCT
arjefm-72	384	1	cohen	cohen	PROPN
arjefm-72	384	2	,	,	PUNCT
arjefm-72	384	3	daniel	daniel	PROPN
arjefm-72	384	4	a.	a.	PROPN
arjefm-72	384	5	,	,	PUNCT
arjefm-72	384	6	aiyesha	aiyesha	PROPN
arjefm-72	384	7	dey	dey	PROPN
arjefm-72	384	8	,	,	PUNCT
arjefm-72	384	9	and	and	CCONJ
arjefm-72	384	10	thomas	thomas	PROPN
arjefm-72	384	11	z.	z.	PROPN
arjefm-72	384	12	lys	lys	PROPN
arjefm-72	384	13	.	.	PROPN
arjefm-72	384	14	2008	2008	NUM
arjefm-72	384	15	.	.	PUNCT
arjefm-72	385	1	“	"	PUNCT
arjefm-72	385	2	real	real	ADJ
arjefm-72	385	3	and	and	CCONJ
arjefm-72	385	4	accrual	accrual	ADJ
arjefm-72	385	5	-	-	PUNCT
arjefm-72	385	6	based	base	VERB
arjefm-72	385	7	earnings	earning	NOUN
arjefm-72	385	8	management	management	NOUN
arjefm-72	385	9	in	in	ADP
arjefm-72	385	10	the	the	DET
arjefm-72	385	11	pre	pre	NOUN
arjefm-72	385	12	-	-	ADJ
arjefm-72	385	13	and	and	CCONJ
arjefm-72	385	14	post	post	ADJ
arjefm-72	385	15	-	-	ADJ
arjefm-72	385	16	sarbanes	sarbanes	ADJ
arjefm-72	385	17	-	-	PUNCT
arjefm-72	385	18	oxley	oxley	ADJ
arjefm-72	385	19	periods	period	NOUN
arjefm-72	385	20	.	.	PUNCT
arjefm-72	385	21	”	"	PUNCT
arjefm-72	386	1	the	the	DET
arjefm-72	386	2	accounting	accounting	NOUN
arjefm-72	386	3	review	review	NOUN
arjefm-72	386	4	83	83	NUM
arjefm-72	386	5	(	(	PUNCT
arjefm-72	386	6	3	3	NUM
arjefm-72	386	7	):	):	PUNCT
arjefm-72	386	8	757	757	NUM
arjefm-72	386	9	–	–	PUNCT
arjefm-72	386	10	87	87	NUM
arjefm-72	386	11	.	.	PUNCT
arjefm-72	387	1	cohen	cohen	PROPN
arjefm-72	387	2	,	,	PUNCT
arjefm-72	387	3	daniel	daniel	PROPN
arjefm-72	387	4	a.	a.	PROPN
arjefm-72	387	5	,	,	PUNCT
arjefm-72	387	6	and	and	CCONJ
arjefm-72	387	7	thomas	thomas	PROPN
arjefm-72	387	8	z.	z.	PROPN
arjefm-72	387	9	lys	lys	PROPN
arjefm-72	387	10	.	.	PUNCT
arjefm-72	387	11	2006	2006	NUM
arjefm-72	387	12	.	.	PUNCT
arjefm-72	388	1	“	"	PUNCT
arjefm-72	388	2	weighing	weigh	VERB
arjefm-72	388	3	the	the	DET
arjefm-72	388	4	evidence	evidence	NOUN
arjefm-72	388	5	on	on	ADP
arjefm-72	388	6	the	the	DET
arjefm-72	388	7	relation	relation	NOUN
arjefm-72	388	8	between	between	ADP
arjefm-72	388	9	external	external	ADJ
arjefm-72	388	10	corporate	corporate	ADJ
arjefm-72	388	11	financing	financing	NOUN
arjefm-72	388	12	activities	activity	NOUN
arjefm-72	388	13	,	,	PUNCT
arjefm-72	388	14	accruals	accrual	NOUN
arjefm-72	388	15	and	and	CCONJ
arjefm-72	388	16	stock	stock	NOUN
arjefm-72	388	17	returns	return	NOUN
arjefm-72	388	18	.	.	PUNCT
arjefm-72	388	19	”	"	PUNCT
arjefm-72	388	20	journal	journal	NOUN
arjefm-72	388	21	of	of	ADP
arjefm-72	388	22	accounting	accounting	NOUN
arjefm-72	388	23	and	and	CCONJ
arjefm-72	388	24	economics	economic	NOUN
arjefm-72	388	25	42	42	NUM
arjefm-72	388	26	(	(	PUNCT
arjefm-72	388	27	1	1	NUM
arjefm-72	388	28	):	):	PUNCT
arjefm-72	389	1	87–105	87–105	NUM
arjefm-72	389	2	.	.	PUNCT
arjefm-72	389	3	datar	datar	PROPN
arjefm-72	389	4	,	,	PUNCT
arjefm-72	389	5	vinay	vinay	PROPN
arjefm-72	389	6	t.	t.	PROPN
arjefm-72	389	7	,	,	PUNCT
arjefm-72	389	8	narayan	narayan	PROPN
arjefm-72	389	9	y.	y.	PROPN
arjefm-72	389	10	naik	naik	PROPN
arjefm-72	389	11	,	,	PUNCT
arjefm-72	389	12	and	and	CCONJ
arjefm-72	389	13	robert	robert	PROPN
arjefm-72	389	14	radcliffe	radcliffe	PROPN
arjefm-72	389	15	.	.	PUNCT
arjefm-72	390	1	1998	1998	NUM
arjefm-72	390	2	.	.	PUNCT
arjefm-72	391	1	“	"	PUNCT
arjefm-72	391	2	liquidity	liquidity	NOUN
arjefm-72	391	3	and	and	CCONJ
arjefm-72	391	4	stock	stock	NOUN
arjefm-72	391	5	returns	return	NOUN
arjefm-72	391	6	:	:	PUNCT
arjefm-72	391	7	an	an	DET
arjefm-72	391	8	alternative	alternative	ADJ
arjefm-72	391	9	test	test	NOUN
arjefm-72	391	10	.	.	PUNCT
arjefm-72	391	11	”	"	PUNCT
arjefm-72	392	1	journal	journal	NOUN
arjefm-72	392	2	of	of	ADP
arjefm-72	392	3	financial	financial	ADJ
arjefm-72	392	4	markets	market	NOUN
arjefm-72	392	5	1	1	NUM
arjefm-72	392	6	(	(	PUNCT
arjefm-72	392	7	2	2	NUM
arjefm-72	392	8	):	):	PUNCT
arjefm-72	392	9	203–19	203–19	NUM
arjefm-72	392	10	.	.	PUNCT
arjefm-72	393	1	demsetz	demsetz	PROPN
arjefm-72	393	2	,	,	PUNCT
arjefm-72	393	3	harold	harold	PROPN
arjefm-72	393	4	.	.	PROPN
arjefm-72	393	5	1968	1968	NUM
arjefm-72	393	6	.	.	PUNCT
arjefm-72	394	1	“	"	PUNCT
arjefm-72	394	2	why	why	SCONJ
arjefm-72	394	3	regulate	regulate	VERB
arjefm-72	394	4	utilities	utility	NOUN
arjefm-72	394	5	?	?	PUNCT
arjefm-72	394	6	”	"	PUNCT
arjefm-72	395	1	the	the	DET
arjefm-72	395	2	journal	journal	NOUN
arjefm-72	395	3	of	of	ADP
arjefm-72	395	4	law	law	PROPN
arjefm-72	395	5	&	&	CCONJ
arjefm-72	395	6	economics	economics	PROPN
arjefm-72	395	7	11	11	NUM
arjefm-72	395	8	(	(	PUNCT
arjefm-72	395	9	1	1	NUM
arjefm-72	395	10	):	):	PUNCT
arjefm-72	395	11	55–65	55–65	NUM
arjefm-72	395	12	.	.	PUNCT
arjefm-72	396	1	etemadi	etemadi	PROPN
arjefm-72	396	2	,	,	PUNCT
arjefm-72	396	3	h.	h.	PROPN
arjefm-72	396	4	,	,	PUNCT
arjefm-72	396	5	and	and	CCONJ
arjefm-72	396	6	a.	a.	NOUN
arjefm-72	396	7	resayian	resayian	NOUN
arjefm-72	396	8	.	.	PUNCT
arjefm-72	397	1	2010	2010	NUM
arjefm-72	397	2	.	.	PUNCT
arjefm-72	398	1	“	"	PUNCT
arjefm-72	398	2	the	the	DET
arjefm-72	398	3	relationship	relationship	NOUN
arjefm-72	398	4	between	between	ADP
arjefm-72	398	5	some	some	DET
arjefm-72	398	6	corporate	corporate	ADJ
arjefm-72	398	7	governance	governance	NOUN
arjefm-72	398	8	mechanisms	mechanism	NOUN
arjefm-72	398	9	and	and	CCONJ
arjefm-72	398	10	stock	stock	NOUN
arjefm-72	398	11	liquidity	liquidity	NOUN
arjefm-72	398	12	”	"	PUNCT
arjefm-72	398	13	.	.	PUNCT
arjefm-72	398	14	”	"	PUNCT
arjefm-72	399	1	development	development	NOUN
arjefm-72	399	2	and	and	CCONJ
arjefm-72	399	3	capital	capital	NOUN
arjefm-72	399	4	journal	journal	NOUN
arjefm-72	399	5	,	,	PUNCT
arjefm-72	399	6	31–59	31–59	NUM
arjefm-72	399	7	.	.	PUNCT
arjefm-72	400	1	faez	faez	PROPN
arjefm-72	400	2	,	,	PUNCT
arjefm-72	400	3	ali	ali	PROPN
arjefm-72	400	4	,	,	PUNCT
arjefm-72	400	5	mohammad	mohammad	PROPN
arjefm-72	400	6	mirzaei	mirzaei	PROPN
arjefm-72	400	7	,	,	PUNCT
arjefm-72	400	8	mehran	mehran	PROPN
arjefm-72	400	9	orooei	orooei	PROPN
arjefm-72	400	10	,	,	PUNCT
arjefm-72	400	11	and	and	CCONJ
arjefm-72	400	12	asghar	asghar	PROPN
arjefm-72	400	13	ariyanpoor	ariyanpoor	PROPN
arjefm-72	400	14	.	.	PUNCT
arjefm-72	401	1	2014a	2014a	NOUN
arjefm-72	401	2	.	.	PUNCT
arjefm-72	402	1	“	"	PUNCT
arjefm-72	402	2	examining	examine	VERB
arjefm-72	402	3	relationship	relationship	NOUN
arjefm-72	402	4	between	between	ADP
arjefm-72	402	5	earnings	earning	NOUN
arjefm-72	402	6	management	management	NOUN
arjefm-72	402	7	and	and	CCONJ
arjefm-72	402	8	stock	stock	NOUN
arjefm-72	402	9	liquidity	liquidity	NOUN
arjefm-72	402	10	using	use	VERB
arjefm-72	402	11	modified	modify	VERB
arjefm-72	402	12	jones	jones	PROPN
arjefm-72	402	13	model	model	PROPN
arjefm-72	402	14	:	:	PUNCT
arjefm-72	402	15	evidence	evidence	NOUN
arjefm-72	402	16	from	from	ADP
arjefm-72	402	17	listed	list	VERB
arjefm-72	402	18	companies	company	NOUN
arjefm-72	402	19	in	in	ADP
arjefm-72	402	20	tehran	tehran	PROPN
arjefm-72	402	21	stock	stock	PROPN
arjefm-72	402	22	exchange	exchange	PROPN
arjefm-72	402	23	.	.	PUNCT
arjefm-72	402	24	”	"	PUNCT
arjefm-72	403	1	advances	advance	NOUN
arjefm-72	403	2	in	in	ADP
arjefm-72	403	3	environmental	environmental	ADJ
arjefm-72	403	4	biology	biology	NOUN
arjefm-72	403	5	,	,	PUNCT
arjefm-72	403	6	1903–9	1903–9	NUM
arjefm-72	403	7	.	.	PUNCT
arjefm-72	404	1	fizazi	fizazi	PROPN
arjefm-72	404	2	,	,	PUNCT
arjefm-72	404	3	karim	karim	PROPN
arjefm-72	404	4	,	,	PUNCT
arjefm-72	404	5	philippe	philippe	PROPN
arjefm-72	404	6	beuzeboc	beuzeboc	NOUN
arjefm-72	404	7	,	,	PUNCT
arjefm-72	404	8	jean	jean	PROPN
arjefm-72	404	9	lumbroso	lumbroso	PROPN
arjefm-72	404	10	,	,	PUNCT
arjefm-72	404	11	vincent	vincent	PROPN
arjefm-72	404	12	haddad	haddad	PROPN
arjefm-72	404	13	,	,	PUNCT
arjefm-72	404	14	christophe	christophe	PROPN
arjefm-72	404	15	massard	massard	NOUN
arjefm-72	404	16	,	,	PUNCT
arjefm-72	404	17	marine	marine	ADJ
arjefm-72	404	18	gross	gross	ADJ
arjefm-72	404	19	-	-	PUNCT
arjefm-72	404	20	goupil	goupil	NOUN
arjefm-72	404	21	,	,	PUNCT
arjefm-72	404	22	mario	mario	PROPN
arjefm-72	404	23	di	di	PROPN
arjefm-72	404	24	palma	palma	PROPN
arjefm-72	404	25	,	,	PUNCT
arjefm-72	404	26	bernard	bernard	PROPN
arjefm-72	404	27	escudier	escudier	PROPN
arjefm-72	404	28	,	,	PUNCT
arjefm-72	404	29	christine	christine	PROPN
arjefm-72	404	30	theodore	theodore	PROPN
arjefm-72	404	31	,	,	PUNCT
arjefm-72	404	32	and	and	CCONJ
arjefm-72	404	33	yohann	yohann	PROPN
arjefm-72	404	34	loriot	loriot	NOUN
arjefm-72	404	35	.	.	PUNCT
arjefm-72	405	1	2009	2009	NUM
arjefm-72	405	2	.	.	PUNCT
arjefm-72	406	1	“	"	PUNCT
arjefm-72	406	2	phase	phase	NOUN
arjefm-72	406	3	ii	ii	NOUN
arjefm-72	406	4	trial	trial	NOUN
arjefm-72	406	5	of	of	ADP
arjefm-72	406	6	consolidation	consolidation	NOUN
arjefm-72	406	7	docetaxel	docetaxel	NOUN
arjefm-72	406	8	and	and	CCONJ
arjefm-72	406	9	samarium-153	samarium-153	VERB
arjefm-72	406	10	in	in	ADP
arjefm-72	406	11	patients	patient	NOUN
arjefm-72	406	12	with	with	ADP
arjefm-72	406	13	bone	bone	NOUN
arjefm-72	406	14	metastases	metastasis	NOUN
arjefm-72	406	15	from	from	ADP
arjefm-72	406	16	castration	castration	NOUN
arjefm-72	406	17	-	-	PUNCT
arjefm-72	406	18	resistant	resistant	ADJ
arjefm-72	406	19	prostate	prostate	NOUN
arjefm-72	406	20	cancer	cancer	NOUN
arjefm-72	406	21	.	.	PUNCT
arjefm-72	406	22	”	"	PUNCT
arjefm-72	407	1	journal	journal	NOUN
arjefm-72	407	2	of	of	ADP
arjefm-72	407	3	clinical	clinical	ADJ
arjefm-72	407	4	oncology	oncology	NOUN
arjefm-72	407	5	27	27	NUM
arjefm-72	407	6	(	(	PUNCT
arjefm-72	407	7	15	15	NUM
arjefm-72	407	8	):	):	PUNCT
arjefm-72	407	9	2429–35	2429–35	NUM
arjefm-72	407	10	.	.	PUNCT
arjefm-72	408	1	francis	francis	PROPN
arjefm-72	408	2	,	,	PUNCT
arjefm-72	408	3	jennifer	jennifer	PROPN
arjefm-72	408	4	,	,	PUNCT
arjefm-72	408	5	ryan	ryan	PROPN
arjefm-72	408	6	lafond	lafond	PROPN
arjefm-72	408	7	,	,	PUNCT
arjefm-72	408	8	per	per	ADP
arjefm-72	408	9	olsson	olsson	NOUN
arjefm-72	408	10	,	,	PUNCT
arjefm-72	408	11	and	and	CCONJ
arjefm-72	408	12	katherine	katherine	PROPN
arjefm-72	408	13	schipper	schipper	PROPN
arjefm-72	408	14	.	.	PROPN
arjefm-72	408	15	2007	2007	NUM
arjefm-72	408	16	.	.	PUNCT
arjefm-72	409	1	“	"	PUNCT
arjefm-72	409	2	information	information	NOUN
arjefm-72	409	3	uncertainty	uncertainty	NOUN
arjefm-72	409	4	and	and	CCONJ
arjefm-72	409	5	post	post	VERB
arjefm-72	409	6	earnings	earning	NOUN
arjefm-72	409	7	announcement	announcement	NOUN
arjefm-72	409	8	drift	drift	NOUN
arjefm-72	409	9	.	.	PUNCT
arjefm-72	409	10	”	"	PUNCT
arjefm-72	409	11	journal	journal	NOUN
arjefm-72	409	12	of	of	ADP
arjefm-72	409	13	business	business	NOUN
arjefm-72	409	14	finance	finance	PROPN
arjefm-72	409	15	&	&	CCONJ
arjefm-72	409	16	accounting	account	VERB
arjefm-72	409	17	34	34	NUM
arjefm-72	409	18	(	(	PUNCT
arjefm-72	409	19	3	3	NUM
arjefm-72	409	20	4	4	NUM
arjefm-72	409	21	):	):	PUNCT
arjefm-72	409	22	403–33	403–33	NUM
arjefm-72	409	23	.	.	PUNCT
arjefm-72	410	1	glosten	glosten	ADJ
arjefm-72	410	2	,	,	PUNCT
arjefm-72	410	3	lawrence	lawrence	PROPN
arjefm-72	410	4	r.	r.	PROPN
arjefm-72	410	5	,	,	PUNCT
arjefm-72	410	6	and	and	CCONJ
arjefm-72	410	7	paul	paul	PROPN
arjefm-72	410	8	r.	r.	PROPN
arjefm-72	410	9	milgrom	milgrom	PROPN
arjefm-72	410	10	.	.	PUNCT
arjefm-72	411	1	1985	1985	NUM
arjefm-72	411	2	.	.	PUNCT
arjefm-72	412	1	“	"	PUNCT
arjefm-72	412	2	bid	bid	VERB
arjefm-72	412	3	,	,	PUNCT
arjefm-72	412	4	ask	ask	NOUN
arjefm-72	412	5	and	and	CCONJ
arjefm-72	412	6	transaction	transaction	NOUN
arjefm-72	412	7	prices	price	NOUN
arjefm-72	412	8	in	in	ADP
arjefm-72	412	9	a	a	DET
arjefm-72	412	10	specialist	specialist	ADJ
arjefm-72	412	11	market	market	NOUN
arjefm-72	412	12	with	with	ADP
arjefm-72	412	13	heterogeneously	heterogeneously	ADV
arjefm-72	412	14	informed	inform	VERB
arjefm-72	412	15	traders	trader	NOUN
arjefm-72	412	16	.	.	PUNCT
arjefm-72	412	17	”	"	PUNCT
arjefm-72	413	1	journal	journal	NOUN
arjefm-72	413	2	of	of	ADP
arjefm-72	413	3	financial	financial	ADJ
arjefm-72	413	4	economics	economic	NOUN
arjefm-72	413	5	14	14	NUM
arjefm-72	413	6	(	(	PUNCT
arjefm-72	413	7	1	1	NUM
arjefm-72	413	8	):	):	PUNCT
arjefm-72	413	9	71	71	NUM
arjefm-72	413	10	–	–	SYM
arjefm-72	413	11	100	100	NUM
arjefm-72	413	12	.	.	PUNCT
arjefm-72	414	1	grüning	grüne	VERB
arjefm-72	414	2	,	,	PUNCT
arjefm-72	414	3	nana	nana	PROPN
arjefm-72	414	4	-	-	PUNCT
arjefm-72	414	5	maria	maria	PROPN
arjefm-72	414	6	,	,	PUNCT
arjefm-72	414	7	hans	hans	PROPN
arjefm-72	414	8	lehrach	lehrach	VERB
arjefm-72	414	9	,	,	PUNCT
arjefm-72	414	10	and	and	CCONJ
arjefm-72	414	11	markus	markus	NOUN
arjefm-72	414	12	ralser	ralser	NOUN
arjefm-72	414	13	.	.	PUNCT
arjefm-72	415	1	2010	2010	NUM
arjefm-72	415	2	.	.	PUNCT
arjefm-72	416	1	“	"	PUNCT
arjefm-72	416	2	regulatory	regulatory	ADJ
arjefm-72	416	3	crosstalk	crosstalk	NOUN
arjefm-72	416	4	of	of	ADP
arjefm-72	416	5	the	the	DET
arjefm-72	416	6	metabolic	metabolic	NOUN
arjefm-72	416	7	network	network	NOUN
arjefm-72	416	8	.	.	PUNCT
arjefm-72	416	9	”	"	PUNCT
arjefm-72	417	1	trends	trend	NOUN
arjefm-72	417	2	in	in	ADP
arjefm-72	417	3	biochemical	biochemical	ADJ
arjefm-72	417	4	sciences	science	NOUN
arjefm-72	417	5	35	35	NUM
arjefm-72	417	6	(	(	PUNCT
arjefm-72	417	7	4	4	NUM
arjefm-72	417	8	):	):	PUNCT
arjefm-72	417	9	220–27	220–27	NUM
arjefm-72	417	10	.	.	PUNCT
arjefm-72	418	1	hakim	hakim	PROPN
arjefm-72	418	2	,	,	PUNCT
arjefm-72	418	3	faten	faten	NOUN
arjefm-72	418	4	,	,	PUNCT
arjefm-72	418	5	fatma	fatma	PROPN
arjefm-72	418	6	triki	triki	PROPN
arjefm-72	418	7	,	,	PUNCT
arjefm-72	418	8	and	and	CCONJ
arjefm-72	418	9	abdelwahed	abdelwahed	ADJ
arjefm-72	418	10	omri	omri	PROPN
arjefm-72	418	11	.	.	PUNCT
arjefm-72	418	12	2008	2008	NUM
arjefm-72	418	13	.	.	PUNCT
arjefm-72	419	1	“	"	PUNCT
arjefm-72	419	2	earnings	earning	NOUN
arjefm-72	419	3	quality	quality	NOUN
arjefm-72	419	4	and	and	CCONJ
arjefm-72	419	5	equity	equity	NOUN
arjefm-72	419	6	liquidity	liquidity	NOUN
arjefm-72	419	7	:	:	PUNCT
arjefm-72	419	8	evidence	evidence	NOUN
arjefm-72	419	9	from	from	ADP
arjefm-72	419	10	tunisia	tunisia	PROPN
arjefm-72	419	11	.	.	PUNCT
arjefm-72	419	12	”	"	PUNCT
arjefm-72	420	1	international	international	ADJ
arjefm-72	420	2	journal	journal	NOUN
arjefm-72	420	3	of	of	ADP
arjefm-72	420	4	managerial	managerial	ADJ
arjefm-72	420	5	and	and	CCONJ
arjefm-72	420	6	financial	financial	ADJ
arjefm-72	420	7	accounting	accounting	NOUN
arjefm-72	420	8	1	1	NUM
arjefm-72	420	9	(	(	PUNCT
arjefm-72	420	10	2	2	NUM
arjefm-72	420	11	):	):	PUNCT
arjefm-72	420	12	147–65	147–65	NUM
arjefm-72	420	13	.	.	PUNCT
arjefm-72	421	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-72	421	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	422	1	american	american	PROPN
arjefm-72	422	2	research	research	PROPN
arjefm-72	422	3	journal	journal	PROPN
arjefm-72	422	4	of	of	ADP
arjefm-72	422	5	economics	economic	NOUN
arjefm-72	422	6	,	,	PUNCT
arjefm-72	422	7	finance	finance	NOUN
arjefm-72	422	8	and	and	CCONJ
arjefm-72	422	9	management	management	NOUN
arjefm-72	422	10	volume	volume	NOUN
arjefm-72	422	11	10	10	NUM
arjefm-72	422	12	issue	issue	NOUN
arjefm-72	422	13	4	4	NUM
arjefm-72	422	14	,	,	PUNCT
arjefm-72	422	15	october	october	PROPN
arjefm-72	422	16	-	-	PUNCT
arjefm-72	422	17	december	december	PROPN
arjefm-72	422	18	2022	2022	NUM
arjefm-72	422	19	issn	issn	NOUN
arjefm-72	422	20	:	:	PUNCT
arjefm-72	422	21	2836	2836	NUM
arjefm-72	422	22	-	-	SYM
arjefm-72	422	23	9416	9416	NUM
arjefm-72	422	24	impact	impact	NOUN
arjefm-72	422	25	factor	factor	NOUN
arjefm-72	422	26	:	:	PUNCT
arjefm-72	422	27	4.85	4.85	NUM
arjefm-72	422	28	journal	journal	NOUN
arjefm-72	422	29	homepage	homepage	NOUN
arjefm-72	422	30	:	:	PUNCT
arjefm-72	422	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	422	32	,	,	PUNCT
arjefm-72	422	33	email	email	NOUN
arjefm-72	422	34	:	:	PUNCT
arjefm-72	422	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	422	36	official	official	ADJ
arjefm-72	422	37	journal	journal	PROPN
arjefm-72	422	38	of	of	ADP
arjefm-72	422	39	america	america	PROPN
arjefm-72	422	40	serial	serial	PROPN
arjefm-72	422	41	publication	publication	NOUN
arjefm-72	422	42	american	american	PROPN
arjefm-72	422	43	research	research	PROPN
arjefm-72	422	44	journal	journal	PROPN
arjefm-72	422	45	of	of	ADP
arjefm-72	422	46	economics	economic	NOUN
arjefm-72	422	47	,	,	PUNCT
arjefm-72	422	48	finance	finance	NOUN
arjefm-72	422	49	and	and	CCONJ
arjefm-72	422	50	management	management	NOUN
arjefm-72	422	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	422	52	,	,	PUNCT
arjefm-72	422	53	email	email	NOUN
arjefm-72	422	54	:	:	PUNCT
arjefm-72	422	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	423	1	16	16	NUM
arjefm-72	424	1	|	|	ADV
arjefm-72	424	2	p	p	X
arjefm-72	424	3	a	a	DET
arjefm-72	424	4	g	g	PROPN
arjefm-72	424	5	e	e	PROPN
arjefm-72	424	6	healy	healy	PROPN
arjefm-72	424	7	,	,	PUNCT
arjefm-72	424	8	paul	paul	PROPN
arjefm-72	424	9	m.	m.	PROPN
arjefm-72	424	10	,	,	PUNCT
arjefm-72	424	11	and	and	CCONJ
arjefm-72	424	12	krishna	krishna	PROPN
arjefm-72	424	13	g.	g.	NOUN
arjefm-72	424	14	palepu	palepu	PROPN
arjefm-72	424	15	.	.	PUNCT
arjefm-72	425	1	2001	2001	NUM
arjefm-72	425	2	.	.	PUNCT
arjefm-72	426	1	“	"	PUNCT
arjefm-72	426	2	information	information	NOUN
arjefm-72	426	3	asymmetry	asymmetry	NOUN
arjefm-72	426	4	,	,	PUNCT
arjefm-72	426	5	corporate	corporate	ADJ
arjefm-72	426	6	disclosure	disclosure	NOUN
arjefm-72	426	7	,	,	PUNCT
arjefm-72	426	8	and	and	CCONJ
arjefm-72	426	9	the	the	DET
arjefm-72	426	10	capital	capital	NOUN
arjefm-72	426	11	markets	market	NOUN
arjefm-72	426	12	:	:	PUNCT
arjefm-72	426	13	a	a	DET
arjefm-72	426	14	review	review	NOUN
arjefm-72	426	15	of	of	ADP
arjefm-72	426	16	the	the	DET
arjefm-72	426	17	empirical	empirical	ADJ
arjefm-72	426	18	disclosure	disclosure	NOUN
arjefm-72	426	19	literature	literature	NOUN
arjefm-72	426	20	.	.	PUNCT
arjefm-72	426	21	”	"	PUNCT
arjefm-72	426	22	journal	journal	NOUN
arjefm-72	426	23	of	of	ADP
arjefm-72	426	24	accounting	accounting	NOUN
arjefm-72	426	25	and	and	CCONJ
arjefm-72	426	26	economics	economic	NOUN
arjefm-72	426	27	31	31	NUM
arjefm-72	426	28	(	(	PUNCT
arjefm-72	426	29	1	1	NUM
arjefm-72	426	30	):	):	PUNCT
arjefm-72	426	31	405–40	405–40	NUM
arjefm-72	426	32	.	.	PUNCT
arjefm-72	427	1	hepworth	hepworth	PROPN
arjefm-72	427	2	,	,	PUNCT
arjefm-72	427	3	samuel	samuel	PROPN
arjefm-72	427	4	r.	r.	PROPN
arjefm-72	427	5	1953	1953	NUM
arjefm-72	427	6	.	.	PUNCT
arjefm-72	428	1	“	"	PUNCT
arjefm-72	428	2	smoothing	smooth	VERB
arjefm-72	428	3	periodic	periodic	ADJ
arjefm-72	428	4	income	income	NOUN
arjefm-72	428	5	.	.	PUNCT
arjefm-72	428	6	”	"	PUNCT
arjefm-72	429	1	the	the	DET
arjefm-72	429	2	accounting	accounting	NOUN
arjefm-72	429	3	review	review	NOUN
arjefm-72	429	4	28	28	NUM
arjefm-72	429	5	(	(	PUNCT
arjefm-72	429	6	1	1	NUM
arjefm-72	429	7	):	):	PUNCT
arjefm-72	429	8	32–39	32–39	NUM
arjefm-72	429	9	.	.	PUNCT
arjefm-72	429	10	hirshleifer	hirshleifer	PROPN
arjefm-72	429	11	,	,	PUNCT
arjefm-72	429	12	david	david	PROPN
arjefm-72	429	13	,	,	PUNCT
arjefm-72	429	14	siew	siew	PROPN
arjefm-72	429	15	hong	hong	PROPN
arjefm-72	429	16	teoh	teoh	PROPN
arjefm-72	429	17	,	,	PUNCT
arjefm-72	429	18	and	and	CCONJ
arjefm-72	429	19	jeff	jeff	PROPN
arjefm-72	429	20	jiewei	jiewei	PROPN
arjefm-72	429	21	yu	yu	PROPN
arjefm-72	429	22	.	.	PROPN
arjefm-72	429	23	2011	2011	NUM
arjefm-72	429	24	.	.	PUNCT
arjefm-72	430	1	“	"	PUNCT
arjefm-72	430	2	short	short	ADJ
arjefm-72	430	3	arbitrage	arbitrage	NOUN
arjefm-72	430	4	,	,	PUNCT
arjefm-72	430	5	return	return	VERB
arjefm-72	430	6	asymmetry	asymmetry	NOUN
arjefm-72	430	7	,	,	PUNCT
arjefm-72	430	8	and	and	CCONJ
arjefm-72	430	9	the	the	DET
arjefm-72	430	10	accrual	accrual	ADJ
arjefm-72	430	11	anomaly	anomaly	NOUN
arjefm-72	430	12	.	.	PUNCT
arjefm-72	430	13	”	"	PUNCT
arjefm-72	431	1	review	review	NOUN
arjefm-72	431	2	of	of	ADP
arjefm-72	431	3	financial	financial	ADJ
arjefm-72	431	4	studies	study	NOUN
arjefm-72	431	5	24	24	NUM
arjefm-72	431	6	(	(	PUNCT
arjefm-72	431	7	7	7	NUM
arjefm-72	431	8	):	):	PUNCT
arjefm-72	431	9	2429–61	2429–61	NUM
arjefm-72	431	10	.	.	PUNCT
arjefm-72	432	1	iatridis	iatridis	PROPN
arjefm-72	432	2	,	,	PUNCT
arjefm-72	432	3	george	george	PROPN
arjefm-72	432	4	,	,	PUNCT
arjefm-72	432	5	and	and	CCONJ
arjefm-72	432	6	george	george	PROPN
arjefm-72	432	7	kadorinis	kadorinis	PROPN
arjefm-72	432	8	.	.	PUNCT
arjefm-72	432	9	2009	2009	NUM
arjefm-72	432	10	.	.	PUNCT
arjefm-72	433	1	“	"	PUNCT
arjefm-72	433	2	earnings	earning	NOUN
arjefm-72	433	3	management	management	NOUN
arjefm-72	433	4	and	and	CCONJ
arjefm-72	433	5	firm	firm	ADJ
arjefm-72	433	6	financial	financial	ADJ
arjefm-72	433	7	motives	motive	NOUN
arjefm-72	433	8	:	:	PUNCT
arjefm-72	433	9	a	a	DET
arjefm-72	433	10	financial	financial	ADJ
arjefm-72	433	11	investigation	investigation	NOUN
arjefm-72	433	12	of	of	ADP
arjefm-72	433	13	uk	uk	PROPN
arjefm-72	433	14	listed	list	VERB
arjefm-72	433	15	firms	firm	NOUN
arjefm-72	433	16	.	.	PUNCT
arjefm-72	433	17	”	"	PUNCT
arjefm-72	434	1	international	international	ADJ
arjefm-72	434	2	review	review	NOUN
arjefm-72	434	3	of	of	ADP
arjefm-72	434	4	financial	financial	ADJ
arjefm-72	434	5	analysis	analysis	NOUN
arjefm-72	434	6	18	18	NUM
arjefm-72	434	7	(	(	PUNCT
arjefm-72	434	8	4	4	NUM
arjefm-72	434	9	):	):	PUNCT
arjefm-72	434	10	164–73	164–73	NUM
arjefm-72	434	11	.	.	PUNCT
arjefm-72	435	1	jones	jones	PROPN
arjefm-72	435	2	,	,	PUNCT
arjefm-72	435	3	charles	charles	PROPN
arjefm-72	435	4	i.	i.	PROPN
arjefm-72	435	5	1995	1995	NUM
arjefm-72	435	6	.	.	PUNCT
arjefm-72	436	1	“	"	PUNCT
arjefm-72	436	2	r	r	NOUN
arjefm-72	436	3	&	&	CCONJ
arjefm-72	436	4	d	d	ADV
arjefm-72	436	5	-	-	PUNCT
arjefm-72	436	6	based	base	VERB
arjefm-72	436	7	models	model	NOUN
arjefm-72	436	8	of	of	ADP
arjefm-72	436	9	economic	economic	ADJ
arjefm-72	436	10	growth	growth	NOUN
arjefm-72	436	11	.	.	PUNCT
arjefm-72	436	12	”	"	PUNCT
arjefm-72	437	1	journal	journal	NOUN
arjefm-72	437	2	of	of	ADP
arjefm-72	437	3	political	political	ADJ
arjefm-72	437	4	economy	economy	NOUN
arjefm-72	437	5	,	,	PUNCT
arjefm-72	437	6	759	759	NUM
arjefm-72	437	7	–	–	PUNCT
arjefm-72	437	8	84	84	NUM
arjefm-72	437	9	.	.	PUNCT
arjefm-72	438	1	kothari	kothari	PROPN
arjefm-72	438	2	,	,	PUNCT
arjefm-72	438	3	sagar	sagar	PROPN
arjefm-72	438	4	p.	p.	PROPN
arjefm-72	438	5	,	,	PUNCT
arjefm-72	438	6	andrew	andrew	PROPN
arjefm-72	438	7	j.	j.	PROPN
arjefm-72	438	8	leone	leone	PROPN
arjefm-72	438	9	,	,	PUNCT
arjefm-72	438	10	and	and	CCONJ
arjefm-72	438	11	charles	charles	PROPN
arjefm-72	438	12	e.	e.	PROPN
arjefm-72	438	13	wasley	wasley	PROPN
arjefm-72	438	14	.	.	PUNCT
arjefm-72	439	1	2005	2005	NUM
arjefm-72	439	2	.	.	PUNCT
arjefm-72	440	1	“	"	PUNCT
arjefm-72	440	2	performance	performance	NOUN
arjefm-72	440	3	matched	match	VERB
arjefm-72	440	4	discretionary	discretionary	ADJ
arjefm-72	440	5	accrual	accrual	ADJ
arjefm-72	440	6	measures	measure	NOUN
arjefm-72	440	7	.	.	PUNCT
arjefm-72	440	8	”	"	PUNCT
arjefm-72	440	9	journal	journal	NOUN
arjefm-72	440	10	of	of	ADP
arjefm-72	440	11	accounting	accounting	NOUN
arjefm-72	440	12	and	and	CCONJ
arjefm-72	440	13	economics	economic	NOUN
arjefm-72	440	14	39	39	NUM
arjefm-72	440	15	(	(	PUNCT
arjefm-72	440	16	1	1	NUM
arjefm-72	440	17	):	):	PUNCT
arjefm-72	440	18	163–97	163–97	NUM
arjefm-72	440	19	.	.	PUNCT
arjefm-72	441	1	kraft	kraft	PROPN
arjefm-72	441	2	,	,	PUNCT
arjefm-72	441	3	anastasia	anastasia	PROPN
arjefm-72	441	4	,	,	PUNCT
arjefm-72	441	5	bong	bong	NOUN
arjefm-72	441	6	soo	soo	PROPN
arjefm-72	441	7	lee	lee	PROPN
arjefm-72	441	8	,	,	PUNCT
arjefm-72	441	9	and	and	CCONJ
arjefm-72	441	10	kerstin	kerstin	PROPN
arjefm-72	441	11	lopatta	lopatta	PROPN
arjefm-72	441	12	.	.	PUNCT
arjefm-72	442	1	2014	2014	NUM
arjefm-72	442	2	.	.	PUNCT
arjefm-72	443	1	“	"	PUNCT
arjefm-72	443	2	management	management	NOUN
arjefm-72	443	3	earnings	earning	NOUN
arjefm-72	443	4	forecasts	forecast	NOUN
arjefm-72	443	5	,	,	PUNCT
arjefm-72	443	6	insider	insider	NOUN
arjefm-72	443	7	trading	trading	NOUN
arjefm-72	443	8	,	,	PUNCT
arjefm-72	443	9	and	and	CCONJ
arjefm-72	443	10	information	information	NOUN
arjefm-72	443	11	asymmetry	asymmetry	NOUN
arjefm-72	443	12	.	.	PUNCT
arjefm-72	443	13	”	"	PUNCT
arjefm-72	444	1	journal	journal	NOUN
arjefm-72	444	2	of	of	ADP
arjefm-72	444	3	corporate	corporate	ADJ
arjefm-72	444	4	finance	finance	NOUN
arjefm-72	444	5	26	26	NUM
arjefm-72	444	6	:	:	PUNCT
arjefm-72	445	1	96–123	96–123	NUM
arjefm-72	445	2	.	.	PUNCT
arjefm-72	446	1	lafond	lafond	PROPN
arjefm-72	446	2	,	,	PUNCT
arjefm-72	446	3	ryan	ryan	PROPN
arjefm-72	446	4	,	,	PUNCT
arjefm-72	446	5	mark	mark	PROPN
arjefm-72	446	6	h.	h.	PROPN
arjefm-72	446	7	lang	lang	PROPN
arjefm-72	446	8	,	,	PUNCT
arjefm-72	446	9	and	and	CCONJ
arjefm-72	446	10	hollis	hollis	PROPN
arjefm-72	446	11	ashbaugh	ashbaugh	PROPN
arjefm-72	446	12	skaife	skaife	PROPN
arjefm-72	446	13	.	.	PUNCT
arjefm-72	447	1	2007	2007	NUM
arjefm-72	447	2	.	.	PUNCT
arjefm-72	448	1	“	"	PUNCT
arjefm-72	448	2	earnings	earning	NOUN
arjefm-72	448	3	smoothing	smoothing	NOUN
arjefm-72	448	4	,	,	PUNCT
arjefm-72	448	5	governance	governance	NOUN
arjefm-72	448	6	and	and	CCONJ
arjefm-72	448	7	liquidity	liquidity	NOUN
arjefm-72	448	8	:	:	PUNCT
arjefm-72	448	9	international	international	ADJ
arjefm-72	448	10	evidence	evidence	NOUN
arjefm-72	448	11	.	.	PUNCT
arjefm-72	448	12	”	"	PUNCT
arjefm-72	448	13	governance	governance	NOUN
arjefm-72	448	14	and	and	CCONJ
arjefm-72	448	15	liquidity	liquidity	NOUN
arjefm-72	448	16	:	:	PUNCT
arjefm-72	448	17	international	international	ADJ
arjefm-72	448	18	evidence	evidence	NOUN
arjefm-72	448	19	(	(	PUNCT
arjefm-72	448	20	march	march	PROPN
arjefm-72	448	21	2007	2007	NUM
arjefm-72	448	22	)	)	PUNCT
arjefm-72	448	23	.	.	PUNCT
arjefm-72	449	1	livnat	livnat	PROPN
arjefm-72	449	2	,	,	PUNCT
arjefm-72	449	3	joshua	joshua	PROPN
arjefm-72	449	4	,	,	PUNCT
arjefm-72	449	5	and	and	CCONJ
arjefm-72	449	6	germán	germán	NOUN
arjefm-72	449	7	lópez	lópez	PROPN
arjefm-72	449	8	-	-	PUNCT
arjefm-72	449	9	espinosa	espinosa	PROPN
arjefm-72	449	10	.	.	PUNCT
arjefm-72	449	11	2008a	2008a	NUM
arjefm-72	449	12	.	.	PUNCT
arjefm-72	450	1	“	"	PUNCT
arjefm-72	450	2	quarterly	quarterly	ADJ
arjefm-72	450	3	accruals	accrual	NOUN
arjefm-72	450	4	or	or	CCONJ
arjefm-72	450	5	cash	cash	NOUN
arjefm-72	450	6	flows	flow	NOUN
arjefm-72	450	7	in	in	ADP
arjefm-72	450	8	portfolio	portfolio	NOUN
arjefm-72	450	9	construction	construction	NOUN
arjefm-72	450	10	?	?	PUNCT
arjefm-72	450	11	”	"	PUNCT
arjefm-72	450	12	financial	financial	ADJ
arjefm-72	450	13	analysts	analyst	NOUN
arjefm-72	450	14	journal	journal	VERB
arjefm-72	450	15	64	64	NUM
arjefm-72	450	16	(	(	PUNCT
arjefm-72	450	17	3	3	NUM
arjefm-72	450	18	):	):	PUNCT
arjefm-72	450	19	67–79	67–79	NOUN
arjefm-72	450	20	.	.	PUNCT
arjefm-72	451	1	matoussi	matoussi	ADJ
arjefm-72	451	2	,	,	PUNCT
arjefm-72	451	3	hamadi	hamadi	NOUN
arjefm-72	451	4	,	,	PUNCT
arjefm-72	451	5	adel	adel	PROPN
arjefm-72	451	6	karaa	karaa	PROPN
arjefm-72	451	7	,	,	PUNCT
arjefm-72	451	8	and	and	CCONJ
arjefm-72	451	9	randa	randa	PROPN
arjefm-72	451	10	maghraoui	maghraoui	PROPN
arjefm-72	451	11	.	.	PUNCT
arjefm-72	452	1	2004	2004	NUM
arjefm-72	452	2	.	.	PUNCT
arjefm-72	453	1	“	"	PUNCT
arjefm-72	453	2	information	information	NOUN
arjefm-72	453	3	asymmetry	asymmetry	NOUN
arjefm-72	453	4	,	,	PUNCT
arjefm-72	453	5	disclosure	disclosure	NOUN
arjefm-72	453	6	level	level	NOUN
arjefm-72	453	7	and	and	CCONJ
arjefm-72	453	8	securities	security	NOUN
arjefm-72	453	9	liquidity	liquidity	NOUN
arjefm-72	453	10	in	in	ADP
arjefm-72	453	11	the	the	DET
arjefm-72	453	12	bvmt	bvmt	NOUN
arjefm-72	453	13	.	.	PUNCT
arjefm-72	453	14	”	"	PUNCT
arjefm-72	454	1	finance	finance	NOUN
arjefm-72	454	2	india	india	PROPN
arjefm-72	454	3	18	18	NUM
arjefm-72	454	4	:	:	PUNCT
arjefm-72	454	5	547–58	547–58	NUM
arjefm-72	454	6	.	.	PUNCT
arjefm-72	455	1	matoussi	matoussi	ADJ
arjefm-72	455	2	,	,	PUNCT
arjefm-72	455	3	hamadi	hamadi	NOUN
arjefm-72	455	4	,	,	PUNCT
arjefm-72	455	5	and	and	CCONJ
arjefm-72	455	6	ahmed	ahmed	PROPN
arjefm-72	455	7	zemzem	zemzem	PROPN
arjefm-72	455	8	.	.	PUNCT
arjefm-72	456	1	2004	2004	NUM
arjefm-72	456	2	.	.	PUNCT
arjefm-72	457	1	“	"	PUNCT
arjefm-72	457	2	investissements	investissement	NOUN
arjefm-72	457	3	immatériels	immatériel	NOUN
arjefm-72	457	4	et	et	PROPN
arjefm-72	457	5	création	création	PROPN
arjefm-72	457	6	de	de	PROPN
arjefm-72	457	7	valeur	valeur	PROPN
arjefm-72	457	8	etude	etude	X
arjefm-72	457	9	empirique	empirique	PROPN
arjefm-72	457	10	sur	sur	PROPN
arjefm-72	457	11	le	le	PROPN
arjefm-72	457	12	marché	marché	PROPN
arjefm-72	457	13	français	français	PROPN
arjefm-72	457	14	.	.	PUNCT
arjefm-72	457	15	”	"	PUNCT
arjefm-72	457	16	in	in	ADP
arjefm-72	457	17	normes	norme	NOUN
arjefm-72	457	18	et	et	PROPN
arjefm-72	457	19	mondialisation	mondialisation	PROPN
arjefm-72	457	20	,	,	PUNCT
arjefm-72	457	21	cd	cd	PROPN
arjefm-72	457	22	-	-	PUNCT
arjefm-72	457	23	rom	rom	NOUN
arjefm-72	457	24	.	.	PUNCT
arjefm-72	458	1	nowghabi	nowghabi	PROPN
arjefm-72	458	2	,	,	PUNCT
arjefm-72	458	3	mohammad	mohammad	PROPN
arjefm-72	458	4	hossein	hossein	PROPN
arjefm-72	458	5	vadiei	vadiei	PROPN
arjefm-72	458	6	,	,	PUNCT
arjefm-72	458	7	ali	ali	PROPN
arjefm-72	458	8	shirazd	shirazd	PROPN
arjefm-72	458	9	,	,	PUNCT
arjefm-72	458	10	shaban	shaban	PROPN
arjefm-72	458	11	mohammadi	mohammadi	NOUN
arjefm-72	458	12	,	,	PUNCT
arjefm-72	458	13	and	and	CCONJ
arjefm-72	458	14	alireza	alireza	PROPN
arjefm-72	458	15	khorshidi	khorshidi	PROPN
arjefm-72	458	16	.	.	PUNCT
arjefm-72	459	1	2015	2015	NUM
arjefm-72	459	2	.	.	PUNCT
arjefm-72	460	1	“	"	PUNCT
arjefm-72	460	2	the	the	DET
arjefm-72	460	3	effect	effect	NOUN
arjefm-72	460	4	of	of	ADP
arjefm-72	460	5	earnings	earning	NOUN
arjefm-72	460	6	management	management	NOUN
arjefm-72	460	7	on	on	ADP
arjefm-72	460	8	liquidity	liquidity	NOUN
arjefm-72	460	9	criteria	criterion	NOUN
arjefm-72	460	10	and	and	CCONJ
arjefm-72	460	11	lack	lack	NOUN
arjefm-72	460	12	of	of	ADP
arjefm-72	460	13	liquidity	liquidity	NOUN
arjefm-72	460	14	stock	stock	NOUN
arjefm-72	460	15	.	.	PUNCT
arjefm-72	460	16	”	"	PUNCT
arjefm-72	461	1	peterson	peterson	PROPN
arjefm-72	461	2	,	,	PUNCT
arjefm-72	461	3	kyle	kyle	PROPN
arjefm-72	461	4	,	,	PUNCT
arjefm-72	461	5	roy	roy	PROPN
arjefm-72	461	6	schmardebeck	schmardebeck	NOUN
arjefm-72	461	7	,	,	PUNCT
arjefm-72	461	8	and	and	CCONJ
arjefm-72	461	9	t.	t.	PROPN
arjefm-72	461	10	jeffrey	jeffrey	PROPN
arjefm-72	461	11	wilks	wilks	PROPN
arjefm-72	461	12	.	.	PUNCT
arjefm-72	461	13	2015	2015	NUM
arjefm-72	461	14	.	.	PUNCT
arjefm-72	462	1	“	"	PUNCT
arjefm-72	462	2	the	the	DET
arjefm-72	462	3	earnings	earning	NOUN
arjefm-72	462	4	quality	quality	NOUN
arjefm-72	462	5	and	and	CCONJ
arjefm-72	462	6	information	information	NOUN
arjefm-72	462	7	processing	processing	NOUN
arjefm-72	462	8	effects	effect	NOUN
arjefm-72	462	9	of	of	ADP
arjefm-72	462	10	accounting	accounting	NOUN
arjefm-72	462	11	consistency	consistency	NOUN
arjefm-72	462	12	.	.	PUNCT
arjefm-72	462	13	”	"	PUNCT
arjefm-72	463	1	the	the	DET
arjefm-72	463	2	accounting	accounting	NOUN
arjefm-72	463	3	review	review	NOUN
arjefm-72	463	4	90	90	NUM
arjefm-72	463	5	(	(	PUNCT
arjefm-72	463	6	6	6	NUM
arjefm-72	463	7	):	):	PUNCT
arjefm-72	463	8	2483–2514	2483–2514	NUM
arjefm-72	463	9	.	.	PUNCT
arjefm-72	464	1	richardson	richardson	PROPN
arjefm-72	464	2	,	,	PUNCT
arjefm-72	464	3	scott	scott	PROPN
arjefm-72	464	4	a.	a.	PROPN
arjefm-72	464	5	2000	2000	NUM
arjefm-72	464	6	.	.	PUNCT
arjefm-72	465	1	“	"	PUNCT
arjefm-72	465	2	accruals	accrual	NOUN
arjefm-72	465	3	and	and	CCONJ
arjefm-72	465	4	short	short	ADJ
arjefm-72	465	5	selling	selling	NOUN
arjefm-72	465	6	:	:	PUNCT
arjefm-72	465	7	an	an	DET
arjefm-72	465	8	opportunity	opportunity	NOUN
arjefm-72	465	9	foregone	foregone	NOUN
arjefm-72	465	10	?	?	PUNCT
arjefm-72	465	11	”	"	PUNCT
arjefm-72	466	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	466	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-72	467	1	american	american	PROPN
arjefm-72	467	2	research	research	PROPN
arjefm-72	467	3	journal	journal	PROPN
arjefm-72	467	4	of	of	ADP
arjefm-72	467	5	economics	economic	NOUN
arjefm-72	467	6	,	,	PUNCT
arjefm-72	467	7	finance	finance	NOUN
arjefm-72	467	8	and	and	CCONJ
arjefm-72	467	9	management	management	NOUN
arjefm-72	467	10	volume	volume	NOUN
arjefm-72	467	11	10	10	NUM
arjefm-72	467	12	issue	issue	NOUN
arjefm-72	467	13	4	4	NUM
arjefm-72	467	14	,	,	PUNCT
arjefm-72	467	15	october	october	PROPN
arjefm-72	467	16	-	-	PUNCT
arjefm-72	467	17	december	december	PROPN
arjefm-72	467	18	2022	2022	NUM
arjefm-72	467	19	issn	issn	NOUN
arjefm-72	467	20	:	:	PUNCT
arjefm-72	467	21	2836	2836	NUM
arjefm-72	467	22	-	-	SYM
arjefm-72	467	23	9416	9416	NUM
arjefm-72	467	24	impact	impact	NOUN
arjefm-72	467	25	factor	factor	NOUN
arjefm-72	467	26	:	:	PUNCT
arjefm-72	467	27	4.85	4.85	NUM
arjefm-72	467	28	journal	journal	NOUN
arjefm-72	467	29	homepage	homepage	NOUN
arjefm-72	467	30	:	:	PUNCT
arjefm-72	467	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	467	32	,	,	PUNCT
arjefm-72	467	33	email	email	NOUN
arjefm-72	467	34	:	:	PUNCT
arjefm-72	467	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-72	467	36	official	official	ADJ
arjefm-72	467	37	journal	journal	PROPN
arjefm-72	467	38	of	of	ADP
arjefm-72	467	39	america	america	PROPN
arjefm-72	467	40	serial	serial	PROPN
arjefm-72	467	41	publication	publication	NOUN
arjefm-72	467	42	american	american	PROPN
arjefm-72	467	43	research	research	PROPN
arjefm-72	467	44	journal	journal	PROPN
arjefm-72	467	45	of	of	ADP
arjefm-72	467	46	economics	economic	NOUN
arjefm-72	467	47	,	,	PUNCT
arjefm-72	467	48	finance	finance	NOUN
arjefm-72	467	49	and	and	CCONJ
arjefm-72	467	50	management	management	NOUN
arjefm-72	467	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-72	467	52	,	,	PUNCT
arjefm-72	467	53	email	email	NOUN
arjefm-72	467	54	:	:	PUNCT
arjefm-72	467	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-72	468	1	17	17	NUM
arjefm-72	469	1	|	|	ADV
arjefm-72	469	2	p	p	X
arjefm-72	469	3	a	a	DET
arjefm-72	469	4	g	g	NOUN
arjefm-72	469	5	e	e	X
arjefm-72	469	6	roulstone	roulstone	NOUN
arjefm-72	469	7	,	,	PUNCT
arjefm-72	469	8	darren	darren	PROPN
arjefm-72	469	9	t.	t.	PROPN
arjefm-72	469	10	2003	2003	NUM
arjefm-72	469	11	.	.	PUNCT
arjefm-72	470	1	“	"	PUNCT
arjefm-72	470	2	analyst	analyst	NOUN
arjefm-72	470	3	following	following	NOUN
arjefm-72	470	4	and	and	CCONJ
arjefm-72	470	5	market	market	NOUN
arjefm-72	470	6	liquidity	liquidity	NOUN
arjefm-72	470	7	*	*	PUNCT
arjefm-72	470	8	.	.	PUNCT
arjefm-72	470	9	”	"	PUNCT
arjefm-72	471	1	contemporary	contemporary	ADJ
arjefm-72	471	2	accounting	accounting	NOUN
arjefm-72	471	3	research	research	NOUN
arjefm-72	471	4	20	20	NUM
arjefm-72	471	5	(	(	PUNCT
arjefm-72	471	6	3	3	NUM
arjefm-72	471	7	):	):	PUNCT
arjefm-72	471	8	552–78	552–78	NUM
arjefm-72	471	9	.	.	PUNCT
arjefm-72	472	1	shiri	shiri	PROPN
arjefm-72	472	2	,	,	PUNCT
arjefm-72	472	3	mahmoud	mahmoud	PROPN
arjefm-72	472	4	mousavi	mousavi	PROPN
arjefm-72	472	5	,	,	PUNCT
arjefm-72	472	6	and	and	CCONJ
arjefm-72	472	7	masomeh	masomeh	NOUN
arjefm-72	472	8	roshandel	roshandel	NOUN
arjefm-72	472	9	.	.	PUNCT
arjefm-72	472	10	2015	2015	NUM
arjefm-72	472	11	.	.	PUNCT
arjefm-72	473	1	“	"	PUNCT
arjefm-72	473	2	the	the	DET
arjefm-72	473	3	relationship	relationship	NOUN
arjefm-72	473	4	between	between	ADP
arjefm-72	473	5	stock	stock	NOUN
arjefm-72	473	6	liquidity	liquidity	NOUN
arjefm-72	473	7	risk	risk	NOUN
arjefm-72	473	8	and	and	CCONJ
arjefm-72	473	9	financial	financial	ADJ
arjefm-72	473	10	information	information	NOUN
arjefm-72	473	11	quality	quality	NOUN
arjefm-72	473	12	criteria	criterion	NOUN
arjefm-72	473	13	in	in	ADP
arjefm-72	473	14	tehran	tehran	PROPN
arjefm-72	473	15	stock	stock	PROPN
arjefm-72	473	16	exchange	exchange	PROPN
arjefm-72	473	17	.	.	PUNCT
arjefm-72	473	18	”	"	PUNCT
arjefm-72	473	19	iranian	iranian	PROPN
arjefm-72	473	20	journal	journal	PROPN
arjefm-72	473	21	of	of	ADP
arjefm-72	473	22	management	management	NOUN
arjefm-72	473	23	studies	study	NOUN
arjefm-72	473	24	8	8	NUM
arjefm-72	473	25	(	(	PUNCT
arjefm-72	473	26	4	4	NUM
arjefm-72	473	27	):	):	PUNCT
arjefm-72	473	28	503	503	NUM
arjefm-72	473	29	.	.	PUNCT
arjefm-72	474	1	so	so	ADV
arjefm-72	474	2	,	,	PUNCT
arjefm-72	474	3	eric	eric	PROPN
arjefm-72	474	4	c.	c.	PROPN
arjefm-72	474	5	,	,	PUNCT
arjefm-72	474	6	and	and	CCONJ
arjefm-72	474	7	sean	sean	PROPN
arjefm-72	474	8	wang	wang	PROPN
arjefm-72	474	9	.	.	PUNCT
arjefm-72	474	10	2014	2014	NUM
arjefm-72	474	11	.	.	PUNCT
arjefm-72	475	1	“	"	PUNCT
arjefm-72	475	2	news	news	NOUN
arjefm-72	475	3	-	-	PUNCT
arjefm-72	475	4	driven	drive	VERB
arjefm-72	475	5	return	return	NOUN
arjefm-72	475	6	reversals	reversal	NOUN
arjefm-72	475	7	:	:	PUNCT
arjefm-72	475	8	liquidity	liquidity	NOUN
arjefm-72	475	9	provision	provision	NOUN
arjefm-72	475	10	ahead	ahead	ADV
arjefm-72	475	11	of	of	ADP
arjefm-72	475	12	earnings	earning	NOUN
arjefm-72	475	13	announcements	announcement	NOUN
arjefm-72	475	14	.	.	PUNCT
arjefm-72	475	15	”	"	PUNCT
arjefm-72	476	1	journal	journal	NOUN
arjefm-72	476	2	of	of	ADP
arjefm-72	476	3	financial	financial	ADJ
arjefm-72	476	4	economics	economic	NOUN
arjefm-72	476	5	114	114	NUM
arjefm-72	476	6	(	(	PUNCT
arjefm-72	476	7	1	1	NUM
arjefm-72	476	8	):	):	PUNCT
arjefm-72	476	9	20–35	20–35	NUM
arjefm-72	476	10	.	.	PUNCT
arjefm-72	477	1	sohn	sohn	PROPN
arjefm-72	477	2	,	,	PUNCT
arjefm-72	477	3	byungcherl	byungcherl	VERB
arjefm-72	477	4	charlie	charlie	NOUN
arjefm-72	477	5	.	.	PROPN
arjefm-72	478	1	2016	2016	NUM
arjefm-72	478	2	.	.	PUNCT
arjefm-72	479	1	“	"	PUNCT
arjefm-72	479	2	the	the	DET
arjefm-72	479	3	effect	effect	NOUN
arjefm-72	479	4	of	of	ADP
arjefm-72	479	5	accounting	accounting	NOUN
arjefm-72	479	6	comparability	comparability	NOUN
arjefm-72	479	7	on	on	ADP
arjefm-72	479	8	the	the	DET
arjefm-72	479	9	accrual	accrual	ADJ
arjefm-72	479	10	-	-	PUNCT
arjefm-72	479	11	based	base	VERB
arjefm-72	479	12	and	and	CCONJ
arjefm-72	479	13	real	real	ADJ
arjefm-72	479	14	earnings	earning	NOUN
arjefm-72	479	15	management	management	NOUN
arjefm-72	479	16	.	.	PUNCT
arjefm-72	479	17	”	"	PUNCT
arjefm-72	480	1	journal	journal	NOUN
arjefm-72	480	2	of	of	ADP
arjefm-72	480	3	accounting	accounting	NOUN
arjefm-72	480	4	and	and	CCONJ
arjefm-72	480	5	public	public	ADJ
arjefm-72	480	6	policy	policy	NOUN
arjefm-72	480	7	35	35	NUM
arjefm-72	480	8	(	(	PUNCT
arjefm-72	480	9	5	5	NUM
arjefm-72	480	10	):	):	PUNCT
arjefm-72	480	11	513–39	513–39	NUM
arjefm-72	480	12	.	.	PUNCT
arjefm-72	481	1	stoll	stoll	PROPN
arjefm-72	481	2	,	,	PUNCT
arjefm-72	481	3	hans	hans	PROPN
arjefm-72	481	4	r.	r.	PROPN
arjefm-72	481	5	1978	1978	NUM
arjefm-72	481	6	.	.	PUNCT
arjefm-72	482	1	“	"	PUNCT
arjefm-72	482	2	the	the	DET
arjefm-72	482	3	supply	supply	NOUN
arjefm-72	482	4	of	of	ADP
arjefm-72	482	5	dealer	dealer	NOUN
arjefm-72	482	6	services	service	NOUN
arjefm-72	482	7	in	in	ADP
arjefm-72	482	8	securities	security	NOUN
arjefm-72	482	9	markets	market	NOUN
arjefm-72	482	10	.	.	PUNCT
arjefm-72	482	11	”	"	PUNCT
arjefm-72	483	1	the	the	DET
arjefm-72	483	2	journal	journal	NOUN
arjefm-72	483	3	of	of	ADP
arjefm-72	483	4	finance	finance	PROPN
arjefm-72	483	5	33	33	NUM
arjefm-72	483	6	(	(	PUNCT
arjefm-72	483	7	4	4	NUM
arjefm-72	483	8	):	):	PUNCT
arjefm-72	483	9	1133–51	1133–51	NUM
arjefm-72	483	10	.	.	PUNCT
arjefm-72	484	1	wang	wang	PROPN
arjefm-72	484	2	,	,	PUNCT
arjefm-72	484	3	ashley	ashley	PROPN
arjefm-72	484	4	w.	w.	PROPN
arjefm-72	484	5	,	,	PUNCT
arjefm-72	484	6	and	and	CCONJ
arjefm-72	484	7	gaiyan	gaiyan	PROPN
arjefm-72	484	8	zhang	zhang	PROPN
arjefm-72	484	9	.	.	PROPN
arjefm-72	484	10	2009	2009	NUM
arjefm-72	484	11	.	.	PUNCT
arjefm-72	485	1	“	"	PUNCT
arjefm-72	485	2	institutional	institutional	ADJ
arjefm-72	485	3	ownership	ownership	NOUN
arjefm-72	485	4	and	and	CCONJ
arjefm-72	485	5	credit	credit	NOUN
arjefm-72	485	6	spreads	spread	NOUN
arjefm-72	485	7	:	:	PUNCT
arjefm-72	485	8	an	an	DET
arjefm-72	485	9	information	information	NOUN
arjefm-72	485	10	asymmetry	asymmetry	NOUN
arjefm-72	485	11	perspective	perspective	NOUN
arjefm-72	485	12	.	.	PUNCT
arjefm-72	485	13	”	"	PUNCT
arjefm-72	486	1	journal	journal	NOUN
arjefm-72	486	2	of	of	ADP
arjefm-72	486	3	empirical	empirical	ADJ
arjefm-72	486	4	finance	finance	NOUN
arjefm-72	486	5	16	16	NUM
arjefm-72	486	6	(	(	PUNCT
arjefm-72	486	7	4	4	NUM
arjefm-72	486	8	):	):	PUNCT
arjefm-72	486	9	597–612	597–612	NUM
arjefm-72	486	10	.	.	PUNCT
arjefm-72	487	1	xu	xu	PROPN
arjefm-72	487	2	,	,	PUNCT
arjefm-72	487	3	xiaogang	xiaogang	PROPN
arjefm-72	487	4	,	,	PUNCT
arjefm-72	487	5	dongfang	dongfang	PROPN
arjefm-72	487	6	lin	lin	PROPN
arjefm-72	487	7	,	,	PUNCT
arjefm-72	487	8	guoquan	guoquan	PROPN
arjefm-72	487	9	yan	yan	PROPN
arjefm-72	487	10	,	,	PUNCT
arjefm-72	487	11	xinyu	xinyu	PROPN
arjefm-72	487	12	ye	ye	PROPN
arjefm-72	487	13	,	,	PUNCT
arjefm-72	487	14	shi	shi	PROPN
arjefm-72	487	15	wu	wu	PROPN
arjefm-72	487	16	,	,	PUNCT
arjefm-72	487	17	yan	yan	PROPN
arjefm-72	487	18	guo	guo	PROPN
arjefm-72	487	19	,	,	PUNCT
arjefm-72	487	20	demei	demei	PROPN
arjefm-72	487	21	zhu	zhu	PROPN
arjefm-72	487	22	,	,	PUNCT
arjefm-72	487	23	fupin	fupin	PROPN
arjefm-72	487	24	hu	hu	PROPN
arjefm-72	487	25	,	,	PUNCT
arjefm-72	487	26	yingyuan	yingyuan	PROPN
arjefm-72	487	27	zhang	zhang	PROPN
arjefm-72	487	28	,	,	PUNCT
arjefm-72	487	29	and	and	CCONJ
arjefm-72	487	30	fu	fu	PROPN
arjefm-72	487	31	wang	wang	PROPN
arjefm-72	487	32	.	.	PUNCT
arjefm-72	488	1	2010	2010	NUM
arjefm-72	488	2	.	.	PUNCT
arjefm-72	489	1	“	"	PUNCT
arjefm-72	489	2	vanm	vanm	VERB
arjefm-72	489	3	,	,	PUNCT
arjefm-72	489	4	a	a	DET
arjefm-72	489	5	new	new	ADJ
arjefm-72	489	6	glycopeptide	glycopeptide	NOUN
arjefm-72	489	7	resistance	resistance	NOUN
arjefm-72	489	8	gene	gene	NOUN
arjefm-72	489	9	cluster	cluster	NOUN
arjefm-72	489	10	found	find	VERB
arjefm-72	489	11	in	in	ADP
arjefm-72	489	12	enterococcus	enterococcus	NOUN
arjefm-72	489	13	faecium	faecium	NOUN
arjefm-72	489	14	.	.	PUNCT
arjefm-72	489	15	”	"	PUNCT
arjefm-72	489	16	antimicrobial	antimicrobial	ADJ
arjefm-72	489	17	agents	agent	NOUN
arjefm-72	489	18	and	and	CCONJ
arjefm-72	489	19	chemotherapy	chemotherapy	NOUN
arjefm-72	489	20	54	54	NUM
arjefm-72	489	21	(	(	PUNCT
arjefm-72	489	22	11	11	NUM
arjefm-72	489	23	):	):	PUNCT
arjefm-72	489	24	4643–47	4643–47	NOUN
arjefm-72	489	25	.	.	PUNCT
arjefm-72	490	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-72	490	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X