id	sid	tid	token	lemma	pos
asfbr-256	1	1	copyright	copyright	NOUN
asfbr-256	1	2	©	©	PROPN
asfbr-256	1	3	cc	cc	PROPN
asfbr-256	1	4	-	-	PUNCT
asfbr-256	1	5	by	by	ADP
asfbr-256	1	6	-	-	PUNCT
asfbr-256	1	7	nc	nc	PROPN
asfbr-256	1	8	2019	2019	NUM
asfbr-256	1	9	,	,	PUNCT
asfbr-256	1	10	cribfb	cribfb	PROPN
asfbr-256	1	11	|	|	ADV
asfbr-256	1	12	afbr	afbr	PROPN
asfbr-256	1	13	asian	asian	ADJ
asfbr-256	1	14	finance	finance	PROPN
asfbr-256	1	15	&	&	CCONJ
asfbr-256	1	16	banking	banking	PROPN
asfbr-256	1	17	review	review	PROPN
asfbr-256	1	18	;	;	PUNCT
asfbr-256	1	19	vol	vol	NOUN
asfbr-256	1	20	.	.	PROPN
asfbr-256	2	1	3	3	NUM
asfbr-256	2	2	,	,	PUNCT
asfbr-256	2	3	no	no	INTJ
asfbr-256	2	4	.	.	NOUN
asfbr-256	2	5	1	1	NUM
asfbr-256	2	6	;	;	PUNCT
asfbr-256	2	7	2019	2019	NUM
asfbr-256	2	8	issn	issn	VERB
asfbr-256	2	9	2576	2576	NUM
asfbr-256	2	10	-	-	SYM
asfbr-256	2	11	1161	1161	NUM
asfbr-256	2	12	e	e	NOUN
asfbr-256	2	13	-	-	NOUN
asfbr-256	2	14	issn	issn	VERB
asfbr-256	2	15	2576	2576	NUM
asfbr-256	2	16	-	-	SYM
asfbr-256	2	17	1188	1188	NUM
asfbr-256	2	18	research	research	NOUN
asfbr-256	2	19	article	article	NOUN
asfbr-256	2	20	published	publish	VERB
asfbr-256	2	21	by	by	ADP
asfbr-256	2	22	centre	centre	NOUN
asfbr-256	2	23	for	for	ADP
asfbr-256	2	24	research	research	NOUN
asfbr-256	2	25	on	on	ADP
asfbr-256	2	26	islamic	islamic	ADJ
asfbr-256	2	27	banking	banking	PROPN
asfbr-256	2	28	&	&	CCONJ
asfbr-256	2	29	finance	finance	PROPN
asfbr-256	2	30	and	and	CCONJ
asfbr-256	2	31	business	business	NOUN
asfbr-256	2	32	,	,	PUNCT
asfbr-256	2	33	usa	usa	PROPN
asfbr-256	2	34	12	12	NUM
asfbr-256	2	35	cost	cost	NOUN
asfbr-256	2	36	of	of	ADP
asfbr-256	2	37	capital	capital	NOUN
asfbr-256	2	38	and	and	CCONJ
asfbr-256	2	39	optimal	optimal	ADJ
asfbr-256	2	40	financing	financing	NOUN
asfbr-256	2	41	of	of	ADP
asfbr-256	2	42	corporate	corporate	ADJ
asfbr-256	2	43	growth	growth	NOUN
asfbr-256	2	44	of	of	ADP
asfbr-256	2	45	selected	select	VERB
asfbr-256	2	46	manufacturing	manufacturing	NOUN
asfbr-256	2	47	firms	firm	NOUN
asfbr-256	2	48	listed	list	VERB
asfbr-256	2	49	on	on	ADP
asfbr-256	2	50	the	the	DET
asfbr-256	2	51	floor	floor	NOUN
asfbr-256	2	52	of	of	ADP
asfbr-256	2	53	nigerian	nigerian	ADJ
asfbr-256	2	54	stock	stock	NOUN
asfbr-256	2	55	exchange	exchange	PROPN
asfbr-256	2	56	achebelema	achebelema	PROPN
asfbr-256	2	57	damiebi	damiebi	PROPN
asfbr-256	2	58	sam	sam	PROPN
asfbr-256	2	59	department	department	PROPN
asfbr-256	2	60	of	of	ADP
asfbr-256	2	61	banking	banking	NOUN
asfbr-256	2	62	and	and	CCONJ
asfbr-256	2	63	finance	finance	NOUN
asfbr-256	2	64	rivers	river	NOUN
asfbr-256	2	65	state	state	PROPN
asfbr-256	2	66	university	university	PROPN
asfbr-256	2	67	,	,	PUNCT
asfbr-256	2	68	port	port	NOUN
asfbr-256	2	69	harcourt	harcourt	PROPN
asfbr-256	2	70	rivers	river	NOUN
asfbr-256	2	71	state	state	PROPN
asfbr-256	2	72	,	,	PUNCT
asfbr-256	2	73	nigeria	nigeria	PROPN
asfbr-256	2	74	abstract	abstract	ADV
asfbr-256	2	75	this	this	DET
asfbr-256	2	76	dissertation	dissertation	NOUN
asfbr-256	2	77	empirically	empirically	ADV
asfbr-256	2	78	investigated	investigate	VERB
asfbr-256	2	79	the	the	DET
asfbr-256	2	80	relationship	relationship	NOUN
asfbr-256	2	81	between	between	ADP
asfbr-256	2	82	cost	cost	NOUN
asfbr-256	2	83	of	of	ADP
asfbr-256	2	84	capital	capital	NOUN
asfbr-256	2	85	and	and	CCONJ
asfbr-256	2	86	optimal	optimal	ADJ
asfbr-256	2	87	financing	financing	NOUN
asfbr-256	2	88	of	of	ADP
asfbr-256	2	89	corporate	corporate	ADJ
asfbr-256	2	90	growth	growth	NOUN
asfbr-256	2	91	of	of	ADP
asfbr-256	2	92	selected	select	VERB
asfbr-256	2	93	manufacturing	manufacturing	NOUN
asfbr-256	2	94	firms	firm	NOUN
asfbr-256	2	95	listed	list	VERB
asfbr-256	2	96	on	on	ADP
asfbr-256	2	97	the	the	DET
asfbr-256	2	98	floor	floor	NOUN
asfbr-256	2	99	of	of	ADP
asfbr-256	2	100	nigerian	nigerian	ADJ
asfbr-256	2	101	stock	stock	NOUN
asfbr-256	2	102	exchange	exchange	PROPN
asfbr-256	2	103	.	.	PUNCT
asfbr-256	3	1	annual	annual	ADJ
asfbr-256	3	2	time	time	NOUN
asfbr-256	3	3	series	series	PROPN
asfbr-256	3	4	data	datum	NOUN
asfbr-256	3	5	were	be	AUX
asfbr-256	3	6	generated	generate	VERB
asfbr-256	3	7	from	from	ADP
asfbr-256	3	8	the	the	DET
asfbr-256	3	9	annual	annual	ADJ
asfbr-256	3	10	reports	report	NOUN
asfbr-256	3	11	of	of	ADP
asfbr-256	3	12	the	the	DET
asfbr-256	3	13	quoted	quote	VERB
asfbr-256	3	14	firms	firm	NOUN
asfbr-256	3	15	and	and	CCONJ
asfbr-256	3	16	stock	stock	NOUN
asfbr-256	3	17	exchange	exchange	PROPN
asfbr-256	3	18	fact	fact	NOUN
asfbr-256	3	19	book	book	NOUN
asfbr-256	3	20	.	.	PUNCT
asfbr-256	4	1	fifty	fifty	NUM
asfbr-256	4	2	manufacturing	manufacturing	NOUN
asfbr-256	4	3	firms	firm	NOUN
asfbr-256	4	4	were	be	AUX
asfbr-256	4	5	selected	select	VERB
asfbr-256	4	6	from	from	ADP
asfbr-256	4	7	the	the	DET
asfbr-256	4	8	population	population	NOUN
asfbr-256	4	9	of	of	ADP
asfbr-256	4	10	quoted	quote	VERB
asfbr-256	4	11	manufacturing	manufacturing	NOUN
asfbr-256	4	12	firms	firm	NOUN
asfbr-256	4	13	.	.	PUNCT
asfbr-256	5	1	four	four	NUM
asfbr-256	5	2	multiple	multiple	ADJ
asfbr-256	5	3	regression	regression	NOUN
asfbr-256	5	4	models	model	NOUN
asfbr-256	5	5	were	be	AUX
asfbr-256	5	6	specified	specify	VERB
asfbr-256	5	7	and	and	CCONJ
asfbr-256	5	8	estimated	estimate	VERB
asfbr-256	5	9	with	with	ADP
asfbr-256	5	10	the	the	DET
asfbr-256	5	11	aid	aid	NOUN
asfbr-256	5	12	of	of	ADP
asfbr-256	5	13	software	software	NOUN
asfbr-256	5	14	package	package	NOUN
asfbr-256	5	15	for	for	ADP
asfbr-256	5	16	social	social	ADJ
asfbr-256	5	17	services	service	NOUN
asfbr-256	5	18	(	(	PUNCT
asfbr-256	5	19	spss	spss	PROPN
asfbr-256	5	20	)	)	PUNCT
asfbr-256	5	21	.	.	PUNCT
asfbr-256	6	1	equity	equity	NOUN
asfbr-256	6	2	financing	financing	NOUN
asfbr-256	6	3	measured	measure	VERB
asfbr-256	6	4	as	as	ADP
asfbr-256	6	5	equity	equity	NOUN
asfbr-256	6	6	capital	capital	NOUN
asfbr-256	6	7	to	to	ADP
asfbr-256	6	8	total	total	ADJ
asfbr-256	6	9	capital	capital	NOUN
asfbr-256	6	10	,	,	PUNCT
asfbr-256	6	11	debt	debt	NOUN
asfbr-256	6	12	financing	financing	NOUN
asfbr-256	6	13	measured	measure	VERB
asfbr-256	6	14	as	as	ADP
asfbr-256	6	15	debt	debt	NOUN
asfbr-256	6	16	capital	capital	NOUN
asfbr-256	6	17	to	to	ADP
asfbr-256	6	18	total	total	ADJ
asfbr-256	6	19	capital	capital	NOUN
asfbr-256	6	20	and	and	CCONJ
asfbr-256	6	21	return	return	VERB
asfbr-256	6	22	on	on	ADP
asfbr-256	6	23	investment	investment	NOUN
asfbr-256	6	24	were	be	AUX
asfbr-256	6	25	modeled	model	VERB
asfbr-256	6	26	as	as	ADP
asfbr-256	6	27	the	the	DET
asfbr-256	6	28	function	function	NOUN
asfbr-256	6	29	of	of	ADP
asfbr-256	6	30	cost	cost	NOUN
asfbr-256	6	31	of	of	ADP
asfbr-256	6	32	debt	debt	NOUN
asfbr-256	6	33	,	,	PUNCT
asfbr-256	6	34	cost	cost	NOUN
asfbr-256	6	35	of	of	ADP
asfbr-256	6	36	equity	equity	NOUN
asfbr-256	6	37	and	and	CCONJ
asfbr-256	6	38	weighted	weight	VERB
asfbr-256	6	39	average	average	ADJ
asfbr-256	6	40	cost	cost	NOUN
asfbr-256	6	41	of	of	ADP
asfbr-256	6	42	capital	capital	NOUN
asfbr-256	6	43	.	.	PUNCT
asfbr-256	7	1	the	the	DET
asfbr-256	7	2	generated	generate	VERB
asfbr-256	7	3	collinearity	collinearity	NOUN
asfbr-256	7	4	diagnostics	diagnostic	NOUN
asfbr-256	7	5	result	result	NOUN
asfbr-256	7	6	shows	show	VERB
asfbr-256	7	7	that	that	SCONJ
asfbr-256	7	8	the	the	DET
asfbr-256	7	9	eigen	eigen	PROPN
asfbr-256	7	10	values	value	NOUN
asfbr-256	7	11	that	that	PRON
asfbr-256	7	12	correspond	correspond	VERB
asfbr-256	7	13	to	to	ADP
asfbr-256	7	14	the	the	DET
asfbr-256	7	15	highest	high	ADJ
asfbr-256	7	16	condition	condition	NOUN
asfbr-256	7	17	index	index	NOUN
asfbr-256	7	18	and	and	CCONJ
asfbr-256	7	19	variable	variable	ADJ
asfbr-256	7	20	constant	constant	ADJ
asfbr-256	7	21	are	be	AUX
asfbr-256	7	22	less	less	ADJ
asfbr-256	7	23	than	than	ADP
asfbr-256	7	24	0.5	0.5	NUM
asfbr-256	7	25	rule	rule	NOUN
asfbr-256	7	26	of	of	ADP
asfbr-256	7	27	thumb	thumb	NOUN
asfbr-256	7	28	.	.	PUNCT
asfbr-256	8	1	the	the	DET
asfbr-256	8	2	durbin	durbin	PROPN
asfbr-256	8	3	watson	watson	PROPN
asfbr-256	8	4	test	test	NOUN
asfbr-256	8	5	shows	show	VERB
asfbr-256	8	6	absence	absence	NOUN
asfbr-256	8	7	of	of	ADP
asfbr-256	8	8	auto	auto	NOUN
asfbr-256	8	9	-	-	PUNCT
asfbr-256	8	10	correlation	correlation	NOUN
asfbr-256	8	11	.	.	PUNCT
asfbr-256	9	1	the	the	DET
asfbr-256	9	2	regression	regression	NOUN
asfbr-256	9	3	coefficient	coefficient	NOUN
asfbr-256	9	4	shows	show	VERB
asfbr-256	9	5	that	that	SCONJ
asfbr-256	9	6	cost	cost	NOUN
asfbr-256	9	7	of	of	ADP
asfbr-256	9	8	debt	debt	NOUN
asfbr-256	9	9	and	and	CCONJ
asfbr-256	9	10	cost	cost	NOUN
asfbr-256	9	11	of	of	ADP
asfbr-256	9	12	equity	equity	NOUN
asfbr-256	9	13	have	have	VERB
asfbr-256	9	14	negative	negative	ADJ
asfbr-256	9	15	relationship	relationship	NOUN
asfbr-256	9	16	on	on	ADP
asfbr-256	9	17	equity	equity	NOUN
asfbr-256	9	18	financing	financing	NOUN
asfbr-256	9	19	while	while	SCONJ
asfbr-256	9	20	weighted	weight	VERB
asfbr-256	9	21	average	average	ADJ
asfbr-256	9	22	cost	cost	NOUN
asfbr-256	9	23	of	of	ADP
asfbr-256	9	24	capital	capital	NOUN
asfbr-256	9	25	have	have	VERB
asfbr-256	9	26	negative	negative	ADJ
asfbr-256	9	27	effect	effect	NOUN
asfbr-256	9	28	,	,	PUNCT
asfbr-256	9	29	cost	cost	NOUN
asfbr-256	9	30	of	of	ADP
asfbr-256	9	31	debt	debt	NOUN
asfbr-256	9	32	and	and	CCONJ
asfbr-256	9	33	weighted	weight	VERB
asfbr-256	9	34	average	average	ADJ
asfbr-256	9	35	cost	cost	NOUN
asfbr-256	9	36	of	of	ADP
asfbr-256	9	37	capital	capital	NOUN
asfbr-256	9	38	have	have	VERB
asfbr-256	9	39	positive	positive	ADJ
asfbr-256	9	40	relationship	relationship	NOUN
asfbr-256	9	41	with	with	ADP
asfbr-256	9	42	debt	debt	NOUN
asfbr-256	9	43	financing	financing	NOUN
asfbr-256	9	44	while	while	SCONJ
asfbr-256	9	45	cost	cost	NOUN
asfbr-256	9	46	of	of	ADP
asfbr-256	9	47	equity	equity	NOUN
asfbr-256	9	48	have	have	VERB
asfbr-256	9	49	negative	negative	ADJ
asfbr-256	9	50	effect	effect	NOUN
asfbr-256	9	51	on	on	ADP
asfbr-256	9	52	the	the	DET
asfbr-256	9	53	dependent	dependent	ADJ
asfbr-256	9	54	variable	variable	NOUN
asfbr-256	9	55	.	.	PUNCT
asfbr-256	10	1	cost	cost	NOUN
asfbr-256	10	2	of	of	ADP
asfbr-256	10	3	debt	debt	NOUN
asfbr-256	10	4	and	and	CCONJ
asfbr-256	10	5	reweighted	reweighte	VERB
asfbr-256	10	6	average	average	ADJ
asfbr-256	10	7	cost	cost	NOUN
asfbr-256	10	8	of	of	ADP
asfbr-256	10	9	capital	capital	NOUN
asfbr-256	10	10	have	have	VERB
asfbr-256	10	11	positive	positive	ADJ
asfbr-256	10	12	effect	effect	NOUN
asfbr-256	10	13	on	on	ADP
asfbr-256	10	14	return	return	NOUN
asfbr-256	10	15	on	on	ADP
asfbr-256	10	16	investment	investment	NOUN
asfbr-256	10	17	while	while	SCONJ
asfbr-256	10	18	cost	cost	NOUN
asfbr-256	10	19	of	of	ADP
asfbr-256	10	20	equity	equity	NOUN
asfbr-256	10	21	has	have	VERB
asfbr-256	10	22	negative	negative	ADJ
asfbr-256	10	23	effect	effect	NOUN
asfbr-256	10	24	.	.	PUNCT
asfbr-256	11	1	model	model	NOUN
asfbr-256	11	2	four	four	NUM
asfbr-256	11	3	found	find	VERB
asfbr-256	11	4	that	that	SCONJ
asfbr-256	11	5	cost	cost	NOUN
asfbr-256	11	6	of	of	ADP
asfbr-256	11	7	capital	capital	NOUN
asfbr-256	11	8	have	have	VERB
asfbr-256	11	9	positive	positive	ADJ
asfbr-256	11	10	relationship	relationship	NOUN
asfbr-256	11	11	with	with	ADP
asfbr-256	11	12	financing	financing	NOUN
asfbr-256	11	13	mix	mix	NOUN
asfbr-256	11	14	of	of	ADP
asfbr-256	11	15	the	the	DET
asfbr-256	11	16	quoted	quote	VERB
asfbr-256	11	17	firms	firm	NOUN
asfbr-256	11	18	.	.	PUNCT
asfbr-256	12	1	from	from	ADP
asfbr-256	12	2	the	the	DET
asfbr-256	12	3	model	model	NOUN
asfbr-256	12	4	summary	summary	NOUN
asfbr-256	12	5	,	,	PUNCT
asfbr-256	12	6	the	the	DET
asfbr-256	12	7	study	study	NOUN
asfbr-256	12	8	conclude	conclude	VERB
asfbr-256	12	9	that	that	SCONJ
asfbr-256	12	10	cost	cost	NOUN
asfbr-256	12	11	of	of	ADP
asfbr-256	12	12	capital	capital	NOUN
asfbr-256	12	13	have	have	VERB
asfbr-256	12	14	no	no	DET
asfbr-256	12	15	significant	significant	ADJ
asfbr-256	12	16	effect	effect	NOUN
asfbr-256	12	17	on	on	ADP
asfbr-256	12	18	equity	equity	NOUN
asfbr-256	12	19	financing	financing	NOUN
asfbr-256	12	20	and	and	CCONJ
asfbr-256	12	21	return	return	VERB
asfbr-256	12	22	on	on	ADP
asfbr-256	12	23	investment	investment	NOUN
asfbr-256	12	24	but	but	CCONJ
asfbr-256	12	25	significantly	significantly	ADV
asfbr-256	12	26	affect	affect	VERB
asfbr-256	12	27	debt	debt	NOUN
asfbr-256	12	28	financing	financing	NOUN
asfbr-256	12	29	.	.	PUNCT
asfbr-256	13	1	it	it	PRON
asfbr-256	13	2	therefore	therefore	ADV
asfbr-256	13	3	recommends	recommend	VERB
asfbr-256	13	4	that	that	SCONJ
asfbr-256	13	5	management	management	NOUN
asfbr-256	13	6	should	should	AUX
asfbr-256	13	7	formulate	formulate	VERB
asfbr-256	13	8	internal	internal	ADJ
asfbr-256	13	9	policy	policy	NOUN
asfbr-256	13	10	that	that	PRON
asfbr-256	13	11	will	will	AUX
asfbr-256	13	12	enhance	enhance	VERB
asfbr-256	13	13	the	the	DET
asfbr-256	13	14	realization	realization	NOUN
asfbr-256	13	15	of	of	ADP
asfbr-256	13	16	optimal	optimal	ADJ
asfbr-256	13	17	capital	capital	NOUN
asfbr-256	13	18	structure	structure	NOUN
asfbr-256	13	19	of	of	ADP
asfbr-256	13	20	the	the	DET
asfbr-256	13	21	firms	firm	NOUN
asfbr-256	13	22	,	,	PUNCT
asfbr-256	13	23	formulating	formulate	VERB
asfbr-256	13	24	capital	capital	NOUN
asfbr-256	13	25	structure	structure	NOUN
asfbr-256	13	26	of	of	ADP
asfbr-256	13	27	the	the	DET
asfbr-256	13	28	firm	firm	NOUN
asfbr-256	13	29	should	should	AUX
asfbr-256	13	30	be	be	AUX
asfbr-256	13	31	well	well	ADV
asfbr-256	13	32	examined	examine	VERB
asfbr-256	13	33	with	with	ADP
asfbr-256	13	34	the	the	DET
asfbr-256	13	35	investment	investment	NOUN
asfbr-256	13	36	policy	policy	NOUN
asfbr-256	13	37	of	of	ADP
asfbr-256	13	38	the	the	DET
asfbr-256	13	39	firms	firm	NOUN
asfbr-256	13	40	,	,	PUNCT
asfbr-256	13	41	the	the	DET
asfbr-256	13	42	environmental	environmental	ADJ
asfbr-256	13	43	factors	factor	NOUN
asfbr-256	13	44	should	should	AUX
asfbr-256	13	45	be	be	AUX
asfbr-256	13	46	acknowledged	acknowledge	VERB
asfbr-256	13	47	in	in	ADP
asfbr-256	13	48	formulating	formulate	VERB
asfbr-256	13	49	cost	cost	NOUN
asfbr-256	13	50	of	of	ADP
asfbr-256	13	51	capital	capital	NOUN
asfbr-256	13	52	to	to	PART
asfbr-256	13	53	avoid	avoid	VERB
asfbr-256	13	54	risk	risk	NOUN
asfbr-256	13	55	associated	associate	VERB
asfbr-256	13	56	with	with	ADP
asfbr-256	13	57	inadequate	inadequate	ADJ
asfbr-256	13	58	or	or	CCONJ
asfbr-256	13	59	wrong	wrong	ADJ
asfbr-256	13	60	capital	capital	NOUN
asfbr-256	13	61	structure	structure	NOUN
asfbr-256	13	62	,	,	PUNCT
asfbr-256	13	63	external	external	ADJ
asfbr-256	13	64	source	source	NOUN
asfbr-256	13	65	of	of	ADP
asfbr-256	13	66	capital	capital	NOUN
asfbr-256	13	67	such	such	ADJ
asfbr-256	13	68	as	as	ADP
asfbr-256	13	69	debt	debt	NOUN
asfbr-256	13	70	should	should	AUX
asfbr-256	13	71	be	be	AUX
asfbr-256	13	72	properly	properly	ADV
asfbr-256	13	73	appraised	appraise	VERB
asfbr-256	13	74	and	and	CCONJ
asfbr-256	13	75	integrated	integrate	VERB
asfbr-256	13	76	with	with	ADP
asfbr-256	13	77	the	the	DET
asfbr-256	13	78	investment	investment	NOUN
asfbr-256	13	79	policy	policy	NOUN
asfbr-256	13	80	and	and	CCONJ
asfbr-256	13	81	cost	cost	NOUN
asfbr-256	13	82	of	of	ADP
asfbr-256	13	83	equity	equity	NOUN
asfbr-256	13	84	should	should	AUX
asfbr-256	13	85	be	be	AUX
asfbr-256	13	86	integrated	integrate	VERB
asfbr-256	13	87	with	with	ADP
asfbr-256	13	88	the	the	DET
asfbr-256	13	89	objective	objective	NOUN
asfbr-256	13	90	of	of	ADP
asfbr-256	13	91	maximizing	maximize	VERB
asfbr-256	13	92	shareholders	shareholder	NOUN
asfbr-256	13	93	’	’	PART
asfbr-256	13	94	wealth	wealth	NOUN
asfbr-256	13	95	through	through	ADP
asfbr-256	13	96	investment	investment	NOUN
asfbr-256	13	97	policies	policy	NOUN
asfbr-256	13	98	.	.	PUNCT
asfbr-256	14	1	keywords	keyword	NOUN
asfbr-256	14	2	:	:	PUNCT
asfbr-256	14	3	cost	cost	NOUN
asfbr-256	14	4	of	of	ADP
asfbr-256	14	5	capital	capital	NOUN
asfbr-256	14	6	,	,	PUNCT
asfbr-256	14	7	optimal	optimal	ADJ
asfbr-256	14	8	financing	financing	NOUN
asfbr-256	14	9	,	,	PUNCT
asfbr-256	14	10	of	of	ADP
asfbr-256	14	11	corporate	corporate	ADJ
asfbr-256	14	12	growth	growth	NOUN
asfbr-256	14	13	,	,	PUNCT
asfbr-256	14	14	manufacturing	manufacturing	NOUN
asfbr-256	14	15	firms	firm	NOUN
asfbr-256	14	16	,	,	PUNCT
asfbr-256	14	17	nigerian	nigerian	ADJ
asfbr-256	14	18	stock	stock	NOUN
asfbr-256	14	19	exchange	exchange	NOUN
asfbr-256	14	20	.	.	PUNCT
asfbr-256	15	1	1	1	X
asfbr-256	15	2	.	.	X
asfbr-256	15	3	introduction	introduction	NOUN
asfbr-256	15	4	the	the	DET
asfbr-256	15	5	finance	finance	NOUN
asfbr-256	15	6	management	management	NOUN
asfbr-256	15	7	function	function	NOUN
asfbr-256	15	8	is	be	AUX
asfbr-256	15	9	a	a	DET
asfbr-256	15	10	critical	critical	ADJ
asfbr-256	15	11	success	success	NOUN
asfbr-256	15	12	factor	factor	NOUN
asfbr-256	15	13	and	and	CCONJ
asfbr-256	15	14	determines	determine	VERB
asfbr-256	15	15	the	the	DET
asfbr-256	15	16	growth	growth	NOUN
asfbr-256	15	17	,	,	PUNCT
asfbr-256	15	18	profitability	profitability	NOUN
asfbr-256	15	19	and	and	CCONJ
asfbr-256	15	20	survival	survival	NOUN
asfbr-256	15	21	of	of	ADP
asfbr-256	15	22	firms	firm	NOUN
asfbr-256	15	23	.	.	PUNCT
asfbr-256	16	1	these	these	DET
asfbr-256	16	2	functions	function	NOUN
asfbr-256	16	3	include	include	VERB
asfbr-256	16	4	the	the	DET
asfbr-256	16	5	dividend	dividend	NOUN
asfbr-256	16	6	and	and	CCONJ
asfbr-256	16	7	the	the	DET
asfbr-256	16	8	financing	financing	NOUN
asfbr-256	16	9	decision	decision	NOUN
asfbr-256	16	10	.	.	PUNCT
asfbr-256	17	1	while	while	SCONJ
asfbr-256	17	2	the	the	DET
asfbr-256	17	3	dividend	dividend	NOUN
asfbr-256	17	4	decision	decision	NOUN
asfbr-256	17	5	determines	determine	VERB
asfbr-256	17	6	the	the	DET
asfbr-256	17	7	proportion	proportion	NOUN
asfbr-256	17	8	of	of	ADP
asfbr-256	17	9	earnings	earning	NOUN
asfbr-256	17	10	to	to	PART
asfbr-256	17	11	be	be	AUX
asfbr-256	17	12	distributed	distribute	VERB
asfbr-256	17	13	to	to	ADP
asfbr-256	17	14	shareholders	shareholder	NOUN
asfbr-256	17	15	and	and	CCONJ
asfbr-256	17	16	proportion	proportion	NOUN
asfbr-256	17	17	to	to	PART
asfbr-256	17	18	retain	retain	VERB
asfbr-256	17	19	,	,	PUNCT
asfbr-256	17	20	the	the	DET
asfbr-256	17	21	financing	financing	NOUN
asfbr-256	17	22	decision	decision	NOUN
asfbr-256	17	23	determine	determine	VERB
asfbr-256	17	24	the	the	DET
asfbr-256	17	25	optimal	optimal	ADJ
asfbr-256	17	26	combination	combination	NOUN
asfbr-256	17	27	of	of	ADP
asfbr-256	17	28	debt	debt	NOUN
asfbr-256	17	29	and	and	CCONJ
asfbr-256	17	30	equity	equity	NOUN
asfbr-256	17	31	to	to	PART
asfbr-256	17	32	maximize	maximize	VERB
asfbr-256	17	33	shareholders	shareholder	NOUN
asfbr-256	17	34	wealth	wealth	NOUN
asfbr-256	17	35	.	.	PUNCT
asfbr-256	18	1	the	the	DET
asfbr-256	18	2	two	two	NUM
asfbr-256	18	3	main	main	ADJ
asfbr-256	18	4	sources	source	NOUN
asfbr-256	18	5	of	of	ADP
asfbr-256	18	6	capital	capital	NOUN
asfbr-256	18	7	are	be	AUX
asfbr-256	18	8	the	the	DET
asfbr-256	18	9	equity	equity	NOUN
asfbr-256	18	10	and	and	CCONJ
asfbr-256	18	11	debt	debt	NOUN
asfbr-256	18	12	which	which	PRON
asfbr-256	18	13	both	both	PRON
asfbr-256	18	14	needs	need	VERB
asfbr-256	18	15	to	to	PART
asfbr-256	18	16	be	be	AUX
asfbr-256	18	17	remunerated	remunerate	VERB
asfbr-256	18	18	at	at	ADP
asfbr-256	18	19	their	their	PRON
asfbr-256	18	20	own	own	ADJ
asfbr-256	18	21	lost	lose	VERB
asfbr-256	18	22	of	of	ADP
asfbr-256	18	23	capital	capital	NOUN
asfbr-256	18	24	.	.	PUNCT
asfbr-256	19	1	the	the	DET
asfbr-256	19	2	cost	cost	NOUN
asfbr-256	19	3	of	of	ADP
asfbr-256	19	4	equity	equity	NOUN
asfbr-256	19	5	can	can	AUX
asfbr-256	19	6	be	be	AUX
asfbr-256	19	7	defined	define	VERB
asfbr-256	19	8	as	as	ADP
asfbr-256	19	9	the	the	DET
asfbr-256	19	10	return	return	NOUN
asfbr-256	19	11	expected	expect	VERB
asfbr-256	19	12	on	on	ADP
asfbr-256	19	13	a	a	DET
asfbr-256	19	14	firm	firm	NOUN
asfbr-256	19	15	’s	’s	PART
asfbr-256	19	16	common	common	ADJ
asfbr-256	19	17	stock	stock	NOUN
asfbr-256	19	18	in	in	ADP
asfbr-256	19	19	the	the	DET
asfbr-256	19	20	capital	capital	NOUN
asfbr-256	19	21	market	market	NOUN
asfbr-256	19	22	.	.	PUNCT
asfbr-256	20	1	it	it	PRON
asfbr-256	20	2	represents	represent	VERB
asfbr-256	20	3	the	the	DET
asfbr-256	20	4	composition	composition	NOUN
asfbr-256	20	5	demanded	demand	VERB
asfbr-256	20	6	by	by	ADP
asfbr-256	20	7	shareholders	shareholder	NOUN
asfbr-256	20	8	for	for	ADP
asfbr-256	20	9	providing	provide	VERB
asfbr-256	20	10	capital	capital	NOUN
asfbr-256	20	11	and	and	CCONJ
asfbr-256	20	12	assuming	assume	VERB
asfbr-256	20	13	the	the	DET
asfbr-256	20	14	risk	risk	NOUN
asfbr-256	20	15	of	of	ADP
asfbr-256	20	16	waiting	wait	VERB
asfbr-256	20	17	for	for	ADP
asfbr-256	20	18	this	this	DET
asfbr-256	20	19	return	return	NOUN
asfbr-256	20	20	.	.	PUNCT
asfbr-256	21	1	this	this	PRON
asfbr-256	21	2	implies	imply	VERB
asfbr-256	21	3	that	that	SCONJ
asfbr-256	21	4	cost	cost	NOUN
asfbr-256	21	5	of	of	ADP
asfbr-256	21	6	equity	equity	NOUN
asfbr-256	21	7	reflects	reflect	VERB
asfbr-256	21	8	the	the	DET
asfbr-256	21	9	opportunity	opportunity	NOUN
asfbr-256	21	10	cost	cost	NOUN
asfbr-256	21	11	of	of	ADP
asfbr-256	21	12	investigating	investigate	VERB
asfbr-256	21	13	in	in	ADP
asfbr-256	21	14	a	a	DET
asfbr-256	21	15	firm	firm	NOUN
asfbr-256	21	16	’s	’s	PART
asfbr-256	21	17	stock	stock	NOUN
asfbr-256	21	18	as	as	SCONJ
asfbr-256	21	19	opposed	oppose	VERB
asfbr-256	21	20	to	to	ADP
asfbr-256	21	21	potential	potential	ADJ
asfbr-256	21	22	investments	investment	NOUN
asfbr-256	21	23	with	with	ADP
asfbr-256	21	24	similar	similar	ADJ
asfbr-256	21	25	risks	risk	NOUN
asfbr-256	21	26	(	(	PUNCT
asfbr-256	21	27	tushaj	tushaj	ADJ
asfbr-256	21	28	,	,	PUNCT
asfbr-256	21	29	2010	2010	NUM
asfbr-256	21	30	)	)	PUNCT
asfbr-256	21	31	.	.	PUNCT
asfbr-256	22	1	cost	cost	NOUN
asfbr-256	22	2	of	of	ADP
asfbr-256	22	3	debt	debt	NOUN
asfbr-256	22	4	refers	refer	VERB
asfbr-256	22	5	to	to	ADP
asfbr-256	22	6	cost	cost	NOUN
asfbr-256	22	7	of	of	ADP
asfbr-256	22	8	external	external	ADJ
asfbr-256	22	9	source	source	NOUN
asfbr-256	22	10	of	of	ADP
asfbr-256	22	11	fund	fund	NOUN
asfbr-256	22	12	such	such	ADJ
asfbr-256	22	13	as	as	ADP
asfbr-256	22	14	cost	cost	NOUN
asfbr-256	22	15	of	of	ADP
asfbr-256	22	16	long	long	ADJ
asfbr-256	22	17	term	term	NOUN
asfbr-256	22	18	debt	debt	NOUN
asfbr-256	22	19	and	and	CCONJ
asfbr-256	22	20	cost	cost	NOUN
asfbr-256	22	21	of	of	ADP
asfbr-256	22	22	short	short	ADJ
asfbr-256	22	23	term	term	NOUN
asfbr-256	22	24	borrowings	borrowing	NOUN
asfbr-256	22	25	.	.	PUNCT
asfbr-256	23	1	scholars	scholar	NOUN
asfbr-256	23	2	,	,	PUNCT
asfbr-256	23	3	business	business	NOUN
asfbr-256	23	4	executives	executive	NOUN
asfbr-256	23	5	and	and	CCONJ
asfbr-256	23	6	government	government	NOUN
asfbr-256	23	7	decision	decision	NOUN
asfbr-256	23	8	-	-	PUNCT
asfbr-256	23	9	makers	maker	NOUN
asfbr-256	23	10	all	all	PRON
asfbr-256	23	11	widely	widely	ADV
asfbr-256	23	12	acknowledge	acknowledge	VERB
asfbr-256	23	13	the	the	DET
asfbr-256	23	14	importance	importance	NOUN
asfbr-256	23	15	of	of	ADP
asfbr-256	23	16	corporate	corporate	ADJ
asfbr-256	23	17	financing	financing	NOUN
asfbr-256	23	18	on	on	ADP
asfbr-256	23	19	the	the	DET
asfbr-256	23	20	growth	growth	NOUN
asfbr-256	23	21	of	of	ADP
asfbr-256	23	22	the	the	DET
asfbr-256	23	23	firm	firm	NOUN
asfbr-256	23	24	and	and	CCONJ
asfbr-256	23	25	the	the	DET
asfbr-256	23	26	economy	economy	NOUN
asfbr-256	23	27	at	at	ADP
asfbr-256	23	28	large	large	ADJ
asfbr-256	23	29	.	.	PUNCT
asfbr-256	24	1	financing	financing	NOUN
asfbr-256	24	2	decisions	decision	NOUN
asfbr-256	24	3	involve	involve	VERB
asfbr-256	24	4	the	the	DET
asfbr-256	24	5	selection	selection	NOUN
asfbr-256	24	6	of	of	ADP
asfbr-256	24	7	a	a	DET
asfbr-256	24	8	capital	capital	NOUN
asfbr-256	24	9	structure	structure	NOUN
asfbr-256	24	10	that	that	PRON
asfbr-256	24	11	would	would	AUX
asfbr-256	24	12	minimize	minimize	VERB
asfbr-256	24	13	the	the	DET
asfbr-256	24	14	cost	cost	NOUN
asfbr-256	24	15	of	of	ADP
asfbr-256	24	16	capital	capital	NOUN
asfbr-256	24	17	of	of	ADP
asfbr-256	24	18	the	the	DET
asfbr-256	24	19	firm	firm	NOUN
asfbr-256	24	20	.	.	PUNCT
asfbr-256	25	1	apart	apart	ADV
asfbr-256	25	2	from	from	ADP
asfbr-256	25	3	the	the	DET
asfbr-256	25	4	investment	investment	NOUN
asfbr-256	25	5	and	and	CCONJ
asfbr-256	25	6	financing	financing	NOUN
asfbr-256	25	7	decisions	decision	NOUN
asfbr-256	25	8	,	,	PUNCT
asfbr-256	25	9	managers	manager	NOUN
asfbr-256	25	10	need	need	VERB
asfbr-256	25	11	to	to	PART
asfbr-256	25	12	decide	decide	VERB
asfbr-256	25	13	on	on	ADP
asfbr-256	25	14	the	the	DET
asfbr-256	25	15	optimal	optimal	ADJ
asfbr-256	25	16	combination	combination	NOUN
asfbr-256	25	17	of	of	ADP
asfbr-256	25	18	equity	equity	NOUN
asfbr-256	25	19	and	and	CCONJ
asfbr-256	25	20	debt	debt	NOUN
asfbr-256	25	21	for	for	ADP
asfbr-256	25	22	financing	finance	VERB
asfbr-256	25	23	corporate	corporate	ADJ
asfbr-256	25	24	growth	growth	NOUN
asfbr-256	25	25	.	.	PUNCT
asfbr-256	26	1	however	however	ADV
asfbr-256	26	2	,	,	PUNCT
asfbr-256	26	3	copyright	copyright	NOUN
asfbr-256	26	4	©	©	PROPN
asfbr-256	26	5	cc	cc	PROPN
asfbr-256	26	6	-	-	PUNCT
asfbr-256	26	7	by	by	ADP
asfbr-256	26	8	-	-	PUNCT
asfbr-256	26	9	nc	nc	PROPN
asfbr-256	26	10	2019	2019	NUM
asfbr-256	26	11	,	,	PUNCT
asfbr-256	26	12	cribfb	cribfb	PROPN
asfbr-256	26	13	|	|	ADV
asfbr-256	26	14	afbr	afbr	ADV
asfbr-256	26	15	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	26	16	asian	asian	ADJ
asfbr-256	26	17	finance	finance	PROPN
asfbr-256	26	18	&	&	CCONJ
asfbr-256	26	19	banking	banking	PROPN
asfbr-256	26	20	review	review	PROPN
asfbr-256	26	21	vol	vol	NOUN
asfbr-256	26	22	.	.	PROPN
asfbr-256	27	1	3	3	NUM
asfbr-256	27	2	,	,	PUNCT
asfbr-256	27	3	no	no	INTJ
asfbr-256	27	4	.	.	NOUN
asfbr-256	27	5	1	1	NUM
asfbr-256	27	6	;	;	PUNCT
asfbr-256	27	7	2019	2019	NUM
asfbr-256	27	8	13	13	NUM
asfbr-256	27	9	the	the	DET
asfbr-256	27	10	challenge	challenge	NOUN
asfbr-256	27	11	is	be	AUX
asfbr-256	27	12	determining	determine	VERB
asfbr-256	27	13	the	the	DET
asfbr-256	27	14	optimal	optimal	ADJ
asfbr-256	27	15	combination	combination	NOUN
asfbr-256	27	16	of	of	ADP
asfbr-256	27	17	equity	equity	NOUN
asfbr-256	27	18	and	and	CCONJ
asfbr-256	27	19	debt	debt	NOUN
asfbr-256	27	20	that	that	PRON
asfbr-256	27	21	reduces	reduce	VERB
asfbr-256	27	22	the	the	DET
asfbr-256	27	23	cost	cost	NOUN
asfbr-256	27	24	of	of	ADP
asfbr-256	27	25	capital	capital	NOUN
asfbr-256	27	26	for	for	ADP
asfbr-256	27	27	financing	finance	VERB
asfbr-256	27	28	corporate	corporate	ADJ
asfbr-256	27	29	growth	growth	NOUN
asfbr-256	27	30	.	.	PUNCT
asfbr-256	28	1	the	the	DET
asfbr-256	28	2	relationship	relationship	NOUN
asfbr-256	28	3	between	between	ADP
asfbr-256	28	4	capital	capital	NOUN
asfbr-256	28	5	structure	structure	NOUN
asfbr-256	28	6	and	and	CCONJ
asfbr-256	28	7	the	the	DET
asfbr-256	28	8	growth	growth	NOUN
asfbr-256	28	9	of	of	ADP
asfbr-256	28	10	corporate	corporate	ADJ
asfbr-256	28	11	firms	firm	NOUN
asfbr-256	28	12	has	have	AUX
asfbr-256	28	13	been	be	AUX
asfbr-256	28	14	a	a	DET
asfbr-256	28	15	point	point	NOUN
asfbr-256	28	16	of	of	ADP
asfbr-256	28	17	departure	departure	NOUN
asfbr-256	28	18	amongst	amongst	ADP
asfbr-256	28	19	scholars	scholar	NOUN
asfbr-256	28	20	in	in	ADP
asfbr-256	28	21	the	the	DET
asfbr-256	28	22	field	field	NOUN
asfbr-256	28	23	of	of	ADP
asfbr-256	28	24	finance	finance	NOUN
asfbr-256	28	25	.	.	PUNCT
asfbr-256	29	1	as	as	SCONJ
asfbr-256	29	2	oppose	oppose	VERB
asfbr-256	29	3	to	to	ADP
asfbr-256	29	4	the	the	DET
asfbr-256	29	5	relevance	relevance	NOUN
asfbr-256	29	6	theory	theory	NOUN
asfbr-256	29	7	,	,	PUNCT
asfbr-256	29	8	of	of	ADP
asfbr-256	29	9	gordon	gordon	PROPN
asfbr-256	29	10	1958	1958	NUM
asfbr-256	29	11	,	,	PUNCT
asfbr-256	29	12	miller	miller	PROPN
asfbr-256	29	13	and	and	CCONJ
asfbr-256	29	14	modigliani	modigliani	PROPN
asfbr-256	29	15	known	know	VERB
asfbr-256	29	16	as	as	ADP
asfbr-256	29	17	the	the	DET
asfbr-256	29	18	mm	mm	PROPN
asfbr-256	29	19	hypothesis	hypothesis	NOUN
asfbr-256	29	20	opined	opine	VERB
asfbr-256	29	21	that	that	SCONJ
asfbr-256	29	22	capital	capital	NOUN
asfbr-256	29	23	structure	structure	NOUN
asfbr-256	29	24	is	be	AUX
asfbr-256	29	25	irrelevant	irrelevant	ADJ
asfbr-256	29	26	given	give	VERB
asfbr-256	29	27	some	some	DET
asfbr-256	29	28	sets	set	NOUN
asfbr-256	29	29	of	of	ADP
asfbr-256	29	30	assumption	assumption	NOUN
asfbr-256	29	31	.	.	PUNCT
asfbr-256	30	1	this	this	DET
asfbr-256	30	2	debate	debate	NOUN
asfbr-256	30	3	has	have	AUX
asfbr-256	30	4	deepened	deepen	VERB
asfbr-256	30	5	in	in	ADP
asfbr-256	30	6	modern	modern	ADJ
asfbr-256	30	7	empirical	empirical	ADJ
asfbr-256	30	8	findings	finding	NOUN
asfbr-256	30	9	as	as	SCONJ
asfbr-256	30	10	many	many	ADJ
asfbr-256	30	11	are	be	AUX
asfbr-256	30	12	in	in	ADP
asfbr-256	30	13	view	view	NOUN
asfbr-256	30	14	of	of	ADP
asfbr-256	30	15	gordon	gordon	PROPN
asfbr-256	30	16	while	while	SCONJ
asfbr-256	30	17	few	few	ADJ
asfbr-256	30	18	support	support	VERB
asfbr-256	30	19	the	the	DET
asfbr-256	30	20	mm	mm	PROPN
asfbr-256	30	21	hypothesis	hypothesis	NOUN
asfbr-256	30	22	.	.	PUNCT
asfbr-256	31	1	this	this	PRON
asfbr-256	31	2	is	be	AUX
asfbr-256	31	3	because	because	SCONJ
asfbr-256	31	4	the	the	DET
asfbr-256	31	5	assumptions	assumption	NOUN
asfbr-256	31	6	of	of	ADP
asfbr-256	31	7	miller	miller	PROPN
asfbr-256	31	8	and	and	CCONJ
asfbr-256	31	9	modigliani	modigliani	PROPN
asfbr-256	31	10	are	be	AUX
asfbr-256	31	11	seen	see	VERB
asfbr-256	31	12	not	not	PART
asfbr-256	31	13	to	to	PART
asfbr-256	31	14	exist	exist	VERB
asfbr-256	31	15	in	in	ADP
asfbr-256	31	16	real	real	ADJ
asfbr-256	31	17	world	world	NOUN
asfbr-256	31	18	but	but	CCONJ
asfbr-256	31	19	in	in	ADP
asfbr-256	31	20	an	an	DET
asfbr-256	31	21	abstract	abstract	ADJ
asfbr-256	31	22	world	world	NOUN
asfbr-256	31	23	(	(	PUNCT
asfbr-256	31	24	maina	maina	PROPN
asfbr-256	31	25	&	&	CCONJ
asfbr-256	31	26	kondongo	kondongo	PROPN
asfbr-256	31	27	,	,	PUNCT
asfbr-256	31	28	2013	2013	NUM
asfbr-256	31	29	)	)	PUNCT
asfbr-256	31	30	,	,	PUNCT
asfbr-256	31	31	(	(	PUNCT
asfbr-256	31	32	kaunbuthu	kaunbuthu	PROPN
asfbr-256	31	33	,	,	PUNCT
asfbr-256	31	34	2011	2011	NUM
asfbr-256	31	35	)	)	PUNCT
asfbr-256	31	36	,	,	PUNCT
asfbr-256	31	37	(	(	PUNCT
asfbr-256	31	38	abor	abor	NOUN
asfbr-256	31	39	,	,	PUNCT
asfbr-256	31	40	2005	2005	NUM
asfbr-256	31	41	)	)	PUNCT
asfbr-256	31	42	,	,	PUNCT
asfbr-256	31	43	(	(	PUNCT
asfbr-256	31	44	ongore	ongore	NOUN
asfbr-256	31	45	,	,	PUNCT
asfbr-256	31	46	2011	2011	NUM
asfbr-256	31	47	)	)	PUNCT
asfbr-256	31	48	.	.	PUNCT
asfbr-256	32	1	for	for	ADP
asfbr-256	32	2	instance	instance	NOUN
asfbr-256	32	3	capm	capm	PROPN
asfbr-256	32	4	has	have	AUX
asfbr-256	32	5	been	be	AUX
asfbr-256	32	6	criticize	criticize	ADJ
asfbr-256	32	7	that	that	SCONJ
asfbr-256	32	8	it	it	PRON
asfbr-256	32	9	is	be	AUX
asfbr-256	32	10	based	base	VERB
asfbr-256	32	11	on	on	ADP
asfbr-256	32	12	many	many	ADJ
asfbr-256	32	13	unrealistic	unrealistic	ADJ
asfbr-256	32	14	simplifying	simplifying	NOUN
asfbr-256	32	15	assumptions	assumption	NOUN
asfbr-256	32	16	(	(	PUNCT
asfbr-256	32	17	fama	fama	PROPN
asfbr-256	32	18	&	&	CCONJ
asfbr-256	32	19	french	french	ADJ
asfbr-256	32	20	2004	2004	NUM
asfbr-256	32	21	,	,	PUNCT
asfbr-256	32	22	young	young	PROPN
asfbr-256	32	23	&	&	CCONJ
asfbr-256	32	24	saade	saade	PROPN
asfbr-256	32	25	2011	2011	NUM
asfbr-256	32	26	,	,	PUNCT
asfbr-256	32	27	berkman	berkman	NOUN
asfbr-256	32	28	2013	2013	NUM
asfbr-256	32	29	)	)	PUNCT
asfbr-256	32	30	example	example	NOUN
asfbr-256	32	31	all	all	DET
asfbr-256	32	32	the	the	DET
asfbr-256	32	33	behave	behave	VERB
asfbr-256	32	34	rationally	rationally	ADV
asfbr-256	32	35	according	accord	VERB
asfbr-256	32	36	to	to	ADP
asfbr-256	32	37	their	their	PRON
asfbr-256	32	38	utility	utility	NOUN
asfbr-256	32	39	function	function	NOUN
asfbr-256	32	40	that	that	SCONJ
asfbr-256	32	41	they	they	PRON
asfbr-256	32	42	have	have	VERB
asfbr-256	32	43	homogeneous	homogeneous	ADJ
asfbr-256	32	44	expectations	expectation	NOUN
asfbr-256	32	45	and	and	CCONJ
asfbr-256	32	46	that	that	SCONJ
asfbr-256	32	47	funds	fund	NOUN
asfbr-256	32	48	can	can	AUX
asfbr-256	32	49	be	be	AUX
asfbr-256	32	50	borrowed	borrow	VERB
asfbr-256	32	51	or	or	CCONJ
asfbr-256	32	52	cent	cent	NOUN
asfbr-256	32	53	at	at	ADP
asfbr-256	32	54	the	the	DET
asfbr-256	32	55	same	same	ADJ
asfbr-256	32	56	interest	interest	NOUN
asfbr-256	32	57	rate	rate	NOUN
asfbr-256	32	58	.	.	PUNCT
asfbr-256	33	1	this	this	PRON
asfbr-256	33	2	is	be	AUX
asfbr-256	33	3	frequently	frequently	ADV
asfbr-256	33	4	used	use	VERB
asfbr-256	33	5	in	in	ADP
asfbr-256	33	6	settings	setting	NOUN
asfbr-256	33	7	such	such	ADJ
asfbr-256	33	8	as	as	ADP
asfbr-256	33	9	estimation	estimation	NOUN
asfbr-256	33	10	of	of	ADP
asfbr-256	33	11	equity	equity	NOUN
asfbr-256	33	12	risk	risk	NOUN
asfbr-256	33	13	premiums	premium	NOUN
asfbr-256	33	14	,	,	PUNCT
asfbr-256	33	15	firm	firm	ADJ
asfbr-256	33	16	valuation	valuation	NOUN
asfbr-256	33	17	and	and	CCONJ
asfbr-256	33	18	capital	capital	NOUN
asfbr-256	33	19	budgeting	budgeting	NOUN
asfbr-256	33	20	,	,	PUNCT
asfbr-256	33	21	and	and	CCONJ
asfbr-256	33	22	investment	investment	NOUN
asfbr-256	33	23	management	management	NOUN
asfbr-256	33	24	practices	practice	NOUN
asfbr-256	33	25	such	such	ADJ
asfbr-256	33	26	as	as	ADP
asfbr-256	33	27	portfolio	portfolio	NOUN
asfbr-256	33	28	allocation	allocation	NOUN
asfbr-256	33	29	,	,	PUNCT
asfbr-256	33	30	performance	performance	NOUN
asfbr-256	33	31	evaluation	evaluation	NOUN
asfbr-256	33	32	,	,	PUNCT
asfbr-256	33	33	active	active	ADJ
asfbr-256	33	34	risk	risk	NOUN
asfbr-256	33	35	management	management	NOUN
asfbr-256	33	36	and	and	CCONJ
asfbr-256	33	37	attribution	attribution	NOUN
asfbr-256	33	38	analysis	analysis	NOUN
asfbr-256	33	39	(	(	PUNCT
asfbr-256	33	40	hou	hou	NOUN
asfbr-256	33	41	et	et	PROPN
asfbr-256	33	42	al	al	PROPN
asfbr-256	33	43	.	.	PROPN
asfbr-256	33	44	2012	2012	NUM
asfbr-256	33	45	;	;	PUNCT
asfbr-256	33	46	câmara	câmara	NOUN
asfbr-256	33	47	et	et	PROPN
asfbr-256	33	48	al	al	PROPN
asfbr-256	33	49	.	.	PROPN
asfbr-256	33	50	2009	2009	NUM
asfbr-256	33	51	)	)	PUNCT
asfbr-256	33	52	.	.	PUNCT
asfbr-256	34	1	therefore	therefore	ADV
asfbr-256	34	2	,	,	PUNCT
asfbr-256	34	3	the	the	DET
asfbr-256	34	4	cost	cost	NOUN
asfbr-256	34	5	of	of	ADP
asfbr-256	34	6	capital	capital	NOUN
asfbr-256	34	7	needs	need	NOUN
asfbr-256	34	8	to	to	PART
asfbr-256	34	9	be	be	AUX
asfbr-256	34	10	given	give	VERB
asfbr-256	34	11	attention	attention	NOUN
asfbr-256	34	12	in	in	ADP
asfbr-256	34	13	relationship	relationship	NOUN
asfbr-256	34	14	to	to	ADP
asfbr-256	34	15	optimal	optimal	ADJ
asfbr-256	34	16	financing	financing	NOUN
asfbr-256	34	17	of	of	ADP
asfbr-256	34	18	corporate	corporate	ADJ
asfbr-256	34	19	growth	growth	NOUN
asfbr-256	34	20	.	.	PUNCT
asfbr-256	35	1	furthermore	furthermore	ADV
asfbr-256	35	2	,	,	PUNCT
asfbr-256	35	3	an	an	DET
asfbr-256	35	4	important	important	ADJ
asfbr-256	35	5	condition	condition	NOUN
asfbr-256	35	6	for	for	SCONJ
asfbr-256	35	7	corporations	corporation	NOUN
asfbr-256	35	8	to	to	PART
asfbr-256	35	9	grow	grow	VERB
asfbr-256	35	10	is	be	AUX
asfbr-256	35	11	that	that	SCONJ
asfbr-256	35	12	they	they	PRON
asfbr-256	35	13	have	have	VERB
asfbr-256	35	14	access	access	NOUN
asfbr-256	35	15	to	to	ADP
asfbr-256	35	16	capital	capital	NOUN
asfbr-256	35	17	for	for	ADP
asfbr-256	35	18	investment	investment	NOUN
asfbr-256	35	19	in	in	ADP
asfbr-256	35	20	tangible	tangible	ADJ
asfbr-256	35	21	as	as	ADV
asfbr-256	35	22	well	well	ADV
asfbr-256	35	23	as	as	ADP
asfbr-256	35	24	intangible	intangible	ADJ
asfbr-256	35	25	assets	asset	NOUN
asfbr-256	35	26	.	.	PUNCT
asfbr-256	36	1	this	this	PRON
asfbr-256	36	2	requires	require	VERB
asfbr-256	36	3	first	first	ADV
asfbr-256	36	4	of	of	ADP
asfbr-256	36	5	all	all	PRON
asfbr-256	36	6	that	that	PRON
asfbr-256	36	7	capital	capital	NOUN
asfbr-256	36	8	markets	market	NOUN
asfbr-256	36	9	are	be	AUX
asfbr-256	36	10	fit	fit	ADJ
asfbr-256	36	11	for	for	ADP
asfbr-256	36	12	purpose	purpose	NOUN
asfbr-256	36	13	.	.	PUNCT
asfbr-256	37	1	that	that	SCONJ
asfbr-256	37	2	actors	actor	NOUN
asfbr-256	37	3	and	and	CCONJ
asfbr-256	37	4	institutions	institution	NOUN
asfbr-256	37	5	in	in	ADP
asfbr-256	37	6	capital	capital	NOUN
asfbr-256	37	7	markets	market	NOUN
asfbr-256	37	8	,	,	PUNCT
asfbr-256	37	9	such	such	ADJ
asfbr-256	37	10	as	as	ADP
asfbr-256	37	11	banks	bank	NOUN
asfbr-256	37	12	,	,	PUNCT
asfbr-256	37	13	investment	investment	NOUN
asfbr-256	37	14	funds	fund	NOUN
asfbr-256	37	15	and	and	CCONJ
asfbr-256	37	16	stock	stock	NOUN
asfbr-256	37	17	markets	market	NOUN
asfbr-256	37	18	,	,	PUNCT
asfbr-256	37	19	have	have	VERB
asfbr-256	37	20	the	the	DET
asfbr-256	37	21	incentives	incentive	NOUN
asfbr-256	37	22	to	to	PART
asfbr-256	37	23	properly	properly	ADV
asfbr-256	37	24	integrate	integrate	VERB
asfbr-256	37	25	the	the	DET
asfbr-256	37	26	internal	internal	ADJ
asfbr-256	37	27	objective	objective	NOUN
asfbr-256	37	28	of	of	ADP
asfbr-256	37	29	optimizing	optimize	VERB
asfbr-256	37	30	cost	cost	NOUN
asfbr-256	37	31	of	of	ADP
asfbr-256	37	32	capital	capital	NOUN
asfbr-256	37	33	.	.	PUNCT
asfbr-256	38	1	an	an	DET
asfbr-256	38	2	examination	examination	NOUN
asfbr-256	38	3	in	in	ADP
asfbr-256	38	4	the	the	DET
asfbr-256	38	5	nigerian	nigerian	ADJ
asfbr-256	38	6	capital	capital	NOUN
asfbr-256	38	7	market	market	NOUN
asfbr-256	38	8	which	which	PRON
asfbr-256	38	9	is	be	AUX
asfbr-256	38	10	supposed	suppose	VERB
asfbr-256	38	11	to	to	PART
asfbr-256	38	12	be	be	AUX
asfbr-256	38	13	an	an	DET
asfbr-256	38	14	avenue	avenue	NOUN
asfbr-256	38	15	for	for	ADP
asfbr-256	38	16	sourcing	sourcing	NOUN
asfbr-256	38	17	of	of	ADP
asfbr-256	38	18	long	long	ADJ
asfbr-256	38	19	-	-	PUNCT
asfbr-256	38	20	term	term	NOUN
asfbr-256	38	21	funds	fund	NOUN
asfbr-256	38	22	to	to	PART
asfbr-256	38	23	finance	finance	VERB
asfbr-256	38	24	long	long	ADJ
asfbr-256	38	25	-	-	PUNCT
asfbr-256	38	26	term	term	NOUN
asfbr-256	38	27	project	project	NOUN
asfbr-256	38	28	is	be	AUX
asfbr-256	38	29	not	not	PART
asfbr-256	38	30	developed	develop	VERB
asfbr-256	38	31	as	as	ADP
asfbr-256	38	32	her	her	PRON
asfbr-256	38	33	foreign	foreign	ADJ
asfbr-256	38	34	counterpart	counterpart	NOUN
asfbr-256	38	35	.	.	PUNCT
asfbr-256	39	1	it	it	PRON
asfbr-256	39	2	has	have	AUX
asfbr-256	39	3	therefore	therefore	ADV
asfbr-256	39	4	not	not	PART
asfbr-256	39	5	been	be	AUX
asfbr-256	39	6	able	able	ADJ
asfbr-256	39	7	to	to	PART
asfbr-256	39	8	judiciously	judiciously	ADV
asfbr-256	39	9	perform	perform	VERB
asfbr-256	39	10	its	its	PRON
asfbr-256	39	11	primary	primary	ADJ
asfbr-256	39	12	obligation	obligation	NOUN
asfbr-256	39	13	of	of	ADP
asfbr-256	39	14	meeting	meet	VERB
asfbr-256	39	15	long	long	ADJ
asfbr-256	39	16	-	-	PUNCT
asfbr-256	39	17	term	term	NOUN
asfbr-256	39	18	capital	capital	NOUN
asfbr-256	39	19	needs	need	NOUN
asfbr-256	39	20	of	of	ADP
asfbr-256	39	21	the	the	DET
asfbr-256	39	22	deficits	deficit	NOUN
asfbr-256	39	23	sectors	sector	NOUN
asfbr-256	39	24	through	through	ADP
asfbr-256	39	25	efficient	efficient	ADJ
asfbr-256	39	26	accumulation	accumulation	NOUN
asfbr-256	39	27	of	of	ADP
asfbr-256	39	28	capital	capital	NOUN
asfbr-256	39	29	or	or	CCONJ
asfbr-256	39	30	mobilization	mobilization	NOUN
asfbr-256	39	31	of	of	ADP
asfbr-256	39	32	fund	fund	NOUN
asfbr-256	39	33	from	from	ADP
asfbr-256	39	34	the	the	DET
asfbr-256	39	35	surplus	surplus	ADJ
asfbr-256	39	36	units	unit	NOUN
asfbr-256	39	37	of	of	ADP
asfbr-256	39	38	the	the	DET
asfbr-256	39	39	economy	economy	NOUN
asfbr-256	39	40	and	and	CCONJ
asfbr-256	39	41	effectively	effectively	ADV
asfbr-256	39	42	channel	channel	NOUN
asfbr-256	39	43	mobilized	mobilize	VERB
asfbr-256	39	44	funds	fund	NOUN
asfbr-256	39	45	for	for	ADP
asfbr-256	39	46	economic	economic	ADJ
asfbr-256	39	47	use	use	NOUN
asfbr-256	39	48	(	(	PUNCT
asfbr-256	39	49	ojo	ojo	NOUN
asfbr-256	39	50	,	,	PUNCT
asfbr-256	39	51	2012	2012	NUM
asfbr-256	39	52	)	)	PUNCT
asfbr-256	39	53	for	for	ADP
asfbr-256	39	54	instance	instance	NOUN
asfbr-256	39	55	the	the	DET
asfbr-256	39	56	nigeria	nigeria	PROPN
asfbr-256	39	57	capital	capital	NOUN
asfbr-256	39	58	market	market	NOUN
asfbr-256	39	59	is	be	AUX
asfbr-256	39	60	very	very	ADV
asfbr-256	39	61	illiquid	illiquid	ADJ
asfbr-256	39	62	,	,	PUNCT
asfbr-256	39	63	few	few	ADJ
asfbr-256	39	64	listed	list	VERB
asfbr-256	39	65	companies	company	NOUN
asfbr-256	39	66	with	with	ADP
asfbr-256	39	67	low	low	ADJ
asfbr-256	39	68	volume	volume	NOUN
asfbr-256	39	69	of	of	ADP
asfbr-256	39	70	equity	equity	NOUN
asfbr-256	39	71	transaction	transaction	NOUN
asfbr-256	39	72	with	with	ADP
asfbr-256	39	73	low	low	ADJ
asfbr-256	39	74	market	market	NOUN
asfbr-256	39	75	capitalization	capitalization	NOUN
asfbr-256	39	76	which	which	PRON
asfbr-256	39	77	led	lead	VERB
asfbr-256	39	78	to	to	ADP
asfbr-256	39	79	the	the	DET
asfbr-256	39	80	increasing	increase	VERB
asfbr-256	39	81	cost	cost	NOUN
asfbr-256	39	82	of	of	ADP
asfbr-256	39	83	equity	equity	NOUN
asfbr-256	39	84	capital	capital	NOUN
asfbr-256	39	85	.	.	PUNCT
asfbr-256	40	1	however	however	ADV
asfbr-256	40	2	,	,	PUNCT
asfbr-256	40	3	the	the	DET
asfbr-256	40	4	financial	financial	ADJ
asfbr-256	40	5	sector	sector	NOUN
asfbr-256	40	6	reforms	reform	NOUN
asfbr-256	40	7	such	such	ADJ
asfbr-256	40	8	as	as	ADP
asfbr-256	40	9	the	the	DET
asfbr-256	40	10	bank	bank	NOUN
asfbr-256	40	11	consolidation	consolidation	NOUN
asfbr-256	40	12	and	and	CCONJ
asfbr-256	40	13	recapitalization	recapitalization	NOUN
asfbr-256	40	14	also	also	ADV
asfbr-256	40	15	aim	aim	VERB
asfbr-256	40	16	at	at	ADP
asfbr-256	40	17	making	make	VERB
asfbr-256	40	18	available	available	ADJ
asfbr-256	40	19	easy	easy	ADJ
asfbr-256	40	20	source	source	NOUN
asfbr-256	40	21	of	of	ADP
asfbr-256	40	22	debt	debt	NOUN
asfbr-256	40	23	financing	financing	NOUN
asfbr-256	40	24	to	to	ADP
asfbr-256	40	25	investors	investor	NOUN
asfbr-256	40	26	.	.	PUNCT
asfbr-256	41	1	a	a	DET
asfbr-256	41	2	critical	critical	ADJ
asfbr-256	41	3	examination	examination	NOUN
asfbr-256	41	4	of	of	ADP
asfbr-256	41	5	the	the	DET
asfbr-256	41	6	function	function	NOUN
asfbr-256	41	7	of	of	ADP
asfbr-256	41	8	the	the	DET
asfbr-256	41	9	institution	institution	NOUN
asfbr-256	41	10	prove	prove	VERB
asfbr-256	41	11	that	that	SCONJ
asfbr-256	41	12	this	this	DET
asfbr-256	41	13	objective	objective	NOUN
asfbr-256	41	14	is	be	AUX
asfbr-256	41	15	yet	yet	ADV
asfbr-256	41	16	to	to	PART
asfbr-256	41	17	be	be	AUX
asfbr-256	41	18	determined	determine	VERB
asfbr-256	41	19	in	in	ADP
asfbr-256	41	20	relationship	relationship	NOUN
asfbr-256	41	21	with	with	ADP
asfbr-256	41	22	cost	cost	NOUN
asfbr-256	41	23	of	of	ADP
asfbr-256	41	24	capital	capital	NOUN
asfbr-256	41	25	and	and	CCONJ
asfbr-256	41	26	financing	finance	VERB
asfbr-256	41	27	corporate	corporate	ADJ
asfbr-256	41	28	growth	growth	NOUN
asfbr-256	41	29	.	.	PUNCT
asfbr-256	42	1	despite	despite	SCONJ
asfbr-256	42	2	the	the	DET
asfbr-256	42	3	growing	grow	VERB
asfbr-256	42	4	literature	literature	NOUN
asfbr-256	42	5	,	,	PUNCT
asfbr-256	42	6	the	the	DET
asfbr-256	42	7	relationship	relationship	NOUN
asfbr-256	42	8	between	between	ADP
asfbr-256	42	9	cost	cost	NOUN
asfbr-256	42	10	of	of	ADP
asfbr-256	42	11	capital	capital	NOUN
asfbr-256	42	12	and	and	CCONJ
asfbr-256	42	13	optimal	optimal	ADJ
asfbr-256	42	14	financing	financing	NOUN
asfbr-256	42	15	of	of	ADP
asfbr-256	42	16	corporate	corporate	ADJ
asfbr-256	42	17	growth	growth	NOUN
asfbr-256	42	18	remain	remain	VERB
asfbr-256	42	19	a	a	DET
asfbr-256	42	20	knowledge	knowledge	NOUN
asfbr-256	42	21	gap	gap	NOUN
asfbr-256	42	22	as	as	SCONJ
asfbr-256	42	23	existing	exist	VERB
asfbr-256	42	24	studies	study	NOUN
asfbr-256	42	25	focused	focus	VERB
asfbr-256	42	26	on	on	ADP
asfbr-256	42	27	cost	cost	NOUN
asfbr-256	42	28	of	of	ADP
asfbr-256	42	29	capital	capital	NOUN
asfbr-256	42	30	and	and	CCONJ
asfbr-256	42	31	corporate	corporate	ADJ
asfbr-256	42	32	profitability	profitability	NOUN
asfbr-256	42	33	of	of	ADP
asfbr-256	42	34	listed	list	VERB
asfbr-256	42	35	firms	firm	NOUN
asfbr-256	42	36	.	.	PUNCT
asfbr-256	43	1	given	give	VERB
asfbr-256	43	2	the	the	DET
asfbr-256	43	3	above	above	ADJ
asfbr-256	43	4	problems	problem	NOUN
asfbr-256	43	5	,	,	PUNCT
asfbr-256	43	6	the	the	DET
asfbr-256	43	7	controversies	controversy	NOUN
asfbr-256	43	8	surrounding	surround	VERB
asfbr-256	43	9	the	the	DET
asfbr-256	43	10	impact	impact	NOUN
asfbr-256	43	11	of	of	ADP
asfbr-256	43	12	capital	capital	NOUN
asfbr-256	43	13	structure	structure	NOUN
asfbr-256	43	14	on	on	ADP
asfbr-256	43	15	corporate	corporate	ADJ
asfbr-256	43	16	performance	performance	NOUN
asfbr-256	43	17	and	and	CCONJ
asfbr-256	43	18	the	the	DET
asfbr-256	43	19	knowledge	knowledge	NOUN
asfbr-256	43	20	gap	gap	NOUN
asfbr-256	43	21	,	,	PUNCT
asfbr-256	43	22	this	this	DET
asfbr-256	43	23	study	study	NOUN
asfbr-256	43	24	seek	seek	VERB
asfbr-256	43	25	to	to	PART
asfbr-256	43	26	examine	examine	VERB
asfbr-256	43	27	the	the	DET
asfbr-256	43	28	existing	exist	VERB
asfbr-256	43	29	relationship	relationship	NOUN
asfbr-256	43	30	between	between	ADP
asfbr-256	43	31	optimal	optimal	ADJ
asfbr-256	43	32	cost	cost	NOUN
asfbr-256	43	33	of	of	ADP
asfbr-256	43	34	capital	capital	NOUN
asfbr-256	43	35	and	and	CCONJ
asfbr-256	43	36	financing	financing	NOUN
asfbr-256	43	37	of	of	ADP
asfbr-256	43	38	corporate	corporate	ADJ
asfbr-256	43	39	growth	growth	NOUN
asfbr-256	43	40	among	among	ADP
asfbr-256	43	41	quoted	quote	VERB
asfbr-256	43	42	firms	firm	NOUN
asfbr-256	43	43	in	in	ADP
asfbr-256	43	44	nigerian	nigerian	ADJ
asfbr-256	43	45	stock	stock	NOUN
asfbr-256	43	46	exchange	exchange	NOUN
asfbr-256	43	47	.	.	PUNCT
asfbr-256	44	1	2	2	X
asfbr-256	44	2	.	.	X
asfbr-256	44	3	literature	literature	NOUN
asfbr-256	44	4	review	review	VERB
asfbr-256	44	5	2.1	2.1	NUM
asfbr-256	44	6	cost	cost	NOUN
asfbr-256	44	7	of	of	ADP
asfbr-256	44	8	capital	capital	NOUN
asfbr-256	44	9	a	a	DET
asfbr-256	44	10	firm	firm	NOUN
asfbr-256	44	11	raises	raise	VERB
asfbr-256	44	12	funds	fund	NOUN
asfbr-256	44	13	from	from	ADP
asfbr-256	44	14	various	various	ADJ
asfbr-256	44	15	sources	source	NOUN
asfbr-256	44	16	,	,	PUNCT
asfbr-256	44	17	which	which	PRON
asfbr-256	44	18	are	be	AUX
asfbr-256	44	19	called	call	VERB
asfbr-256	44	20	the	the	DET
asfbr-256	44	21	components	component	NOUN
asfbr-256	44	22	of	of	ADP
asfbr-256	44	23	capital	capital	NOUN
asfbr-256	44	24	.	.	PUNCT
asfbr-256	45	1	different	different	ADJ
asfbr-256	45	2	sources	source	NOUN
asfbr-256	45	3	of	of	ADP
asfbr-256	45	4	fund	fund	NOUN
asfbr-256	45	5	or	or	CCONJ
asfbr-256	45	6	the	the	DET
asfbr-256	45	7	components	component	NOUN
asfbr-256	45	8	of	of	ADP
asfbr-256	45	9	capital	capital	NOUN
asfbr-256	45	10	have	have	VERB
asfbr-256	45	11	different	different	ADJ
asfbr-256	45	12	costs	cost	NOUN
asfbr-256	45	13	.	.	PUNCT
asfbr-256	46	1	for	for	ADP
asfbr-256	46	2	example	example	NOUN
asfbr-256	46	3	,	,	PUNCT
asfbr-256	46	4	the	the	DET
asfbr-256	46	5	cost	cost	NOUN
asfbr-256	46	6	of	of	ADP
asfbr-256	46	7	raising	raise	VERB
asfbr-256	46	8	funds	fund	NOUN
asfbr-256	46	9	through	through	ADP
asfbr-256	46	10	issuing	issue	VERB
asfbr-256	46	11	equity	equity	NOUN
asfbr-256	46	12	shares	share	NOUN
asfbr-256	46	13	is	be	AUX
asfbr-256	46	14	different	different	ADJ
asfbr-256	46	15	from	from	ADP
asfbr-256	46	16	that	that	PRON
asfbr-256	46	17	of	of	ADP
asfbr-256	46	18	raising	raise	VERB
asfbr-256	46	19	funds	fund	NOUN
asfbr-256	46	20	through	through	ADP
asfbr-256	46	21	issuing	issue	VERB
asfbr-256	46	22	preference	preference	NOUN
asfbr-256	46	23	shares	share	NOUN
asfbr-256	46	24	.	.	PUNCT
asfbr-256	47	1	the	the	DET
asfbr-256	47	2	cost	cost	NOUN
asfbr-256	47	3	of	of	ADP
asfbr-256	47	4	each	each	DET
asfbr-256	47	5	source	source	NOUN
asfbr-256	47	6	is	be	AUX
asfbr-256	47	7	the	the	DET
asfbr-256	47	8	specific	specific	ADJ
asfbr-256	47	9	cost	cost	NOUN
asfbr-256	47	10	of	of	ADP
asfbr-256	47	11	that	that	DET
asfbr-256	47	12	source	source	NOUN
asfbr-256	47	13	,	,	PUNCT
asfbr-256	47	14	the	the	DET
asfbr-256	47	15	average	average	NOUN
asfbr-256	47	16	of	of	ADP
asfbr-256	47	17	which	which	PRON
asfbr-256	47	18	gives	give	VERB
asfbr-256	47	19	the	the	DET
asfbr-256	47	20	overall	overall	ADJ
asfbr-256	47	21	cost	cost	NOUN
asfbr-256	47	22	for	for	ADP
asfbr-256	47	23	acquiring	acquire	VERB
asfbr-256	47	24	capital	capital	NOUN
asfbr-256	47	25	.	.	PUNCT
asfbr-256	48	1	the	the	DET
asfbr-256	48	2	firm	firm	NOUN
asfbr-256	48	3	invests	invest	VERB
asfbr-256	48	4	the	the	DET
asfbr-256	48	5	funds	fund	NOUN
asfbr-256	48	6	in	in	ADP
asfbr-256	48	7	various	various	ADJ
asfbr-256	48	8	assets	asset	NOUN
asfbr-256	48	9	.	.	PUNCT
asfbr-256	49	1	so	so	ADV
asfbr-256	49	2	it	it	PRON
asfbr-256	49	3	should	should	AUX
asfbr-256	49	4	earn	earn	VERB
asfbr-256	49	5	returns	return	NOUN
asfbr-256	49	6	that	that	PRON
asfbr-256	49	7	are	be	AUX
asfbr-256	49	8	higher	high	ADJ
asfbr-256	49	9	than	than	ADP
asfbr-256	49	10	the	the	DET
asfbr-256	49	11	cost	cost	NOUN
asfbr-256	49	12	of	of	ADP
asfbr-256	49	13	raising	raise	VERB
asfbr-256	49	14	the	the	DET
asfbr-256	49	15	funds	fund	NOUN
asfbr-256	49	16	.	.	PUNCT
asfbr-256	50	1	in	in	ADP
asfbr-256	50	2	this	this	DET
asfbr-256	50	3	sense	sense	NOUN
asfbr-256	50	4	the	the	DET
asfbr-256	50	5	minimum	minimum	ADJ
asfbr-256	50	6	return	return	NOUN
asfbr-256	50	7	a	a	DET
asfbr-256	50	8	firm	firm	NOUN
asfbr-256	50	9	earns	earn	VERB
asfbr-256	50	10	must	must	AUX
asfbr-256	50	11	be	be	AUX
asfbr-256	50	12	equal	equal	ADJ
asfbr-256	50	13	to	to	ADP
asfbr-256	50	14	the	the	DET
asfbr-256	50	15	cost	cost	NOUN
asfbr-256	50	16	of	of	ADP
asfbr-256	50	17	raising	raise	VERB
asfbr-256	50	18	the	the	DET
asfbr-256	50	19	fund	fund	NOUN
asfbr-256	50	20	.	.	PUNCT
asfbr-256	51	1	so	so	ADV
asfbr-256	51	2	the	the	DET
asfbr-256	51	3	cost	cost	NOUN
asfbr-256	51	4	of	of	ADP
asfbr-256	51	5	capital	capital	NOUN
asfbr-256	51	6	may	may	AUX
asfbr-256	51	7	be	be	AUX
asfbr-256	51	8	viewed	view	VERB
asfbr-256	51	9	from	from	ADP
asfbr-256	51	10	two	two	NUM
asfbr-256	51	11	viewpoints	viewpoint	NOUN
asfbr-256	51	12	acquisition	acquisition	NOUN
asfbr-256	51	13	of	of	ADP
asfbr-256	51	14	funds	fund	NOUN
asfbr-256	51	15	and	and	CCONJ
asfbr-256	51	16	application	application	NOUN
asfbr-256	51	17	of	of	ADP
asfbr-256	51	18	funds	fund	NOUN
asfbr-256	51	19	.	.	PUNCT
asfbr-256	52	1	from	from	ADP
asfbr-256	52	2	the	the	DET
asfbr-256	52	3	viewpoint	viewpoint	NOUN
asfbr-256	52	4	of	of	ADP
asfbr-256	52	5	acquisition	acquisition	NOUN
asfbr-256	52	6	of	of	ADP
asfbr-256	52	7	funds	fund	NOUN
asfbr-256	52	8	,	,	PUNCT
asfbr-256	52	9	it	it	PRON
asfbr-256	52	10	is	be	AUX
asfbr-256	52	11	the	the	DET
asfbr-256	52	12	borrowing	borrowing	NOUN
asfbr-256	52	13	rate	rate	NOUN
asfbr-256	52	14	that	that	PRON
asfbr-256	52	15	a	a	DET
asfbr-256	52	16	firm	firm	NOUN
asfbr-256	52	17	will	will	AUX
asfbr-256	52	18	try	try	VERB
asfbr-256	52	19	to	to	PART
asfbr-256	52	20	minimize	minimize	VERB
asfbr-256	52	21	.	.	PUNCT
asfbr-256	53	1	on	on	ADP
asfbr-256	53	2	the	the	DET
asfbr-256	53	3	other	other	ADJ
asfbr-256	53	4	hand	hand	NOUN
asfbr-256	53	5	from	from	ADP
asfbr-256	53	6	the	the	DET
asfbr-256	53	7	viewpoint	viewpoint	NOUN
asfbr-256	53	8	of	of	ADP
asfbr-256	53	9	application	application	NOUN
asfbr-256	53	10	of	of	ADP
asfbr-256	53	11	funds	fund	NOUN
asfbr-256	53	12	,	,	PUNCT
asfbr-256	53	13	it	it	PRON
asfbr-256	53	14	is	be	AUX
asfbr-256	53	15	the	the	DET
asfbr-256	53	16	required	require	VERB
asfbr-256	53	17	rate	rate	NOUN
asfbr-256	53	18	of	of	ADP
asfbr-256	53	19	return	return	NOUN
asfbr-256	53	20	that	that	SCONJ
asfbr-256	53	21	a	a	DET
asfbr-256	53	22	firm	firm	NOUN
asfbr-256	53	23	tries	try	VERB
asfbr-256	53	24	to	to	PART
asfbr-256	53	25	achieve	achieve	VERB
asfbr-256	53	26	.	.	PUNCT
asfbr-256	54	1	the	the	DET
asfbr-256	54	2	cost	cost	NOUN
asfbr-256	54	3	of	of	ADP
asfbr-256	54	4	capital	capital	NOUN
asfbr-256	54	5	is	be	AUX
asfbr-256	54	6	the	the	DET
asfbr-256	54	7	average	average	ADJ
asfbr-256	54	8	rate	rate	NOUN
asfbr-256	54	9	of	of	ADP
asfbr-256	54	10	return	return	NOUN
asfbr-256	54	11	required	require	VERB
asfbr-256	54	12	by	by	ADP
asfbr-256	54	13	the	the	DET
asfbr-256	54	14	investors	investor	NOUN
asfbr-256	54	15	who	who	PRON
asfbr-256	54	16	provide	provide	VERB
asfbr-256	54	17	long	long	ADJ
asfbr-256	54	18	-	-	PUNCT
asfbr-256	54	19	term	term	NOUN
asfbr-256	54	20	funds	fund	NOUN
asfbr-256	54	21	.	.	PUNCT
asfbr-256	55	1	in	in	ADP
asfbr-256	55	2	other	other	ADJ
asfbr-256	55	3	words	word	NOUN
asfbr-256	55	4	,	,	PUNCT
asfbr-256	55	5	cost	cost	NOUN
asfbr-256	55	6	of	of	ADP
asfbr-256	55	7	capital	capital	NOUN
asfbr-256	55	8	refers	refer	VERB
asfbr-256	55	9	to	to	ADP
asfbr-256	55	10	the	the	DET
asfbr-256	55	11	minimum	minimum	ADJ
asfbr-256	55	12	rate	rate	NOUN
asfbr-256	55	13	of	of	ADP
asfbr-256	55	14	return	return	NOUN
asfbr-256	55	15	a	a	DET
asfbr-256	55	16	firm	firm	NOUN
asfbr-256	55	17	must	must	AUX
asfbr-256	55	18	earn	earn	VERB
asfbr-256	55	19	on	on	ADP
asfbr-256	55	20	its	its	PRON
asfbr-256	55	21	investment	investment	NOUN
asfbr-256	55	22	so	so	SCONJ
asfbr-256	55	23	that	that	SCONJ
asfbr-256	55	24	the	the	DET
asfbr-256	55	25	market	market	NOUN
asfbr-256	55	26	value	value	NOUN
asfbr-256	55	27	of	of	ADP
asfbr-256	55	28	company	company	NOUN
asfbr-256	55	29	’s	’s	PART
asfbr-256	55	30	equity	equity	NOUN
asfbr-256	55	31	shareholders	shareholder	NOUN
asfbr-256	55	32	does	do	AUX
asfbr-256	55	33	not	not	PART
asfbr-256	55	34	fall	fall	VERB
asfbr-256	55	35	.	.	PUNCT
asfbr-256	56	1	2.1.1	2.1.1	NUM
asfbr-256	56	2	estimating	estimate	VERB
asfbr-256	56	3	the	the	DET
asfbr-256	56	4	cost	cost	NOUN
asfbr-256	56	5	of	of	ADP
asfbr-256	56	6	equity	equity	NOUN
asfbr-256	56	7	capital	capital	NOUN
asfbr-256	56	8	estimating	estimate	VERB
asfbr-256	56	9	the	the	DET
asfbr-256	56	10	cost	cost	NOUN
asfbr-256	56	11	of	of	ADP
asfbr-256	56	12	equity	equity	NOUN
asfbr-256	56	13	involves	involve	VERB
asfbr-256	56	14	estimating	estimate	VERB
asfbr-256	56	15	the	the	DET
asfbr-256	56	16	expected	expect	VERB
asfbr-256	56	17	return	return	NOUN
asfbr-256	56	18	on	on	ADP
asfbr-256	56	19	a	a	DET
asfbr-256	56	20	firm	firm	NOUN
asfbr-256	56	21	’s	’s	PART
asfbr-256	56	22	common	common	ADJ
asfbr-256	56	23	stock	stock	NOUN
asfbr-256	56	24	.	.	PUNCT
asfbr-256	57	1	the	the	DET
asfbr-256	57	2	cost	cost	NOUN
asfbr-256	57	3	of	of	ADP
asfbr-256	57	4	equity	equity	NOUN
asfbr-256	57	5	includes	include	VERB
asfbr-256	57	6	a	a	DET
asfbr-256	57	7	risk	risk	NOUN
asfbr-256	57	8	premium	premium	NOUN
asfbr-256	57	9	to	to	PART
asfbr-256	57	10	compensate	compensate	VERB
asfbr-256	57	11	shareholders	shareholder	NOUN
asfbr-256	57	12	for	for	ADP
asfbr-256	57	13	holding	hold	VERB
asfbr-256	57	14	a	a	DET
asfbr-256	57	15	risky	risky	ADJ
asfbr-256	57	16	equity	equity	NOUN
asfbr-256	57	17	security	security	NOUN
asfbr-256	57	18	rather	rather	ADV
asfbr-256	57	19	than	than	ADP
asfbr-256	57	20	a	a	DET
asfbr-256	57	21	risk	risk	NOUN
asfbr-256	57	22	-	-	PUNCT
asfbr-256	57	23	free	free	ADJ
asfbr-256	57	24	security	security	NOUN
asfbr-256	57	25	:	:	PUNCT
asfbr-256	57	26	coei	coei	NOUN
asfbr-256	57	27	=	=	PUNCT
asfbr-256	57	28	e(ri	e(ri	NUM
asfbr-256	57	29	)	)	PUNCT
asfbr-256	57	30	=	=	SYM
asfbr-256	57	31	rf	rf	PRON
asfbr-256	57	32	+	+	CCONJ
asfbr-256	57	33	rpi	rpi	ADJ
asfbr-256	57	34	(	(	PUNCT
asfbr-256	57	35	1	1	NUM
asfbr-256	57	36	)	)	PUNCT
asfbr-256	58	1	where	where	SCONJ
asfbr-256	58	2	coei	coei	NOUN
asfbr-256	58	3	=	=	SYM
asfbr-256	58	4	firm	firm	NOUN
asfbr-256	59	1	i	i	PRON
asfbr-256	59	2	’s	’	VERB
asfbr-256	59	3	cost	cost	NOUN
asfbr-256	59	4	of	of	ADP
asfbr-256	59	5	equity	equity	NOUN
asfbr-256	59	6	,	,	PUNCT
asfbr-256	59	7	e(ri	e(ri	PROPN
asfbr-256	59	8	)	)	PUNCT
asfbr-256	59	9	=	=	PUNCT
asfbr-256	60	1	the	the	DET
asfbr-256	60	2	expected	expect	VERB
asfbr-256	60	3	future	future	ADJ
asfbr-256	60	4	return	return	NOUN
asfbr-256	60	5	on	on	ADP
asfbr-256	60	6	firm	firm	ADJ
asfbr-256	60	7	i	i	PRON
asfbr-256	60	8	’s	’	VERB
asfbr-256	60	9	equity	equity	NOUN
asfbr-256	60	10	,	,	PUNCT
asfbr-256	60	11	where	where	SCONJ
asfbr-256	60	12	returns	return	NOUN
asfbr-256	60	13	include	include	VERB
asfbr-256	60	14	capital	capital	NOUN
asfbr-256	60	15	gains	gain	NOUN
asfbr-256	60	16	and	and	CCONJ
asfbr-256	60	17	dividends	dividend	NOUN
asfbr-256	60	18	,	,	PUNCT
asfbr-256	60	19	rf	rf	NOUN
asfbr-256	60	20	=	=	PUNCT
asfbr-256	60	21	the	the	DET
asfbr-256	60	22	risk	risk	NOUN
asfbr-256	60	23	-	-	PUNCT
asfbr-256	60	24	free	free	ADJ
asfbr-256	60	25	rate	rate	NOUN
asfbr-256	60	26	,	,	PUNCT
asfbr-256	60	27	and	and	CCONJ
asfbr-256	60	28	copyright	copyright	NOUN
asfbr-256	60	29	©	©	PROPN
asfbr-256	60	30	cc	cc	PROPN
asfbr-256	60	31	-	-	PUNCT
asfbr-256	60	32	by	by	ADP
asfbr-256	60	33	-	-	PUNCT
asfbr-256	60	34	nc	nc	PROPN
asfbr-256	60	35	2019	2019	NUM
asfbr-256	60	36	,	,	PUNCT
asfbr-256	60	37	cribfb	cribfb	PROPN
asfbr-256	60	38	|	|	ADV
asfbr-256	60	39	afbr	afbr	ADV
asfbr-256	60	40	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	60	41	asian	asian	ADJ
asfbr-256	60	42	finance	finance	PROPN
asfbr-256	60	43	&	&	CCONJ
asfbr-256	60	44	banking	banking	PROPN
asfbr-256	60	45	review	review	PROPN
asfbr-256	60	46	vol	vol	NOUN
asfbr-256	60	47	.	.	PROPN
asfbr-256	61	1	3	3	NUM
asfbr-256	61	2	,	,	PUNCT
asfbr-256	61	3	no	no	INTJ
asfbr-256	61	4	.	.	NOUN
asfbr-256	61	5	1	1	NUM
asfbr-256	61	6	;	;	PUNCT
asfbr-256	61	7	2019	2019	NUM
asfbr-256	61	8	14	14	NUM
asfbr-256	61	9	rpi	rpi	NOUN
asfbr-256	61	10	=	=	PUNCT
asfbr-256	61	11	the	the	DET
asfbr-256	61	12	equity	equity	NOUN
asfbr-256	61	13	risk	risk	NOUN
asfbr-256	61	14	premium	premium	NOUN
asfbr-256	61	15	for	for	ADP
asfbr-256	61	16	holding	hold	VERB
asfbr-256	61	17	firm	firm	NOUN
asfbr-256	62	1	i	i	PRON
asfbr-256	62	2	’s	’	VERB
asfbr-256	62	3	stock	stock	NOUN
asfbr-256	62	4	.	.	PUNCT
asfbr-256	63	1	there	there	PRON
asfbr-256	63	2	are	be	VERB
asfbr-256	63	3	two	two	NUM
asfbr-256	63	4	general	general	ADJ
asfbr-256	63	5	approaches	approach	NOUN
asfbr-256	63	6	for	for	ADP
asfbr-256	63	7	estimating	estimate	VERB
asfbr-256	63	8	the	the	DET
asfbr-256	63	9	cost	cost	NOUN
asfbr-256	63	10	of	of	ADP
asfbr-256	63	11	equity	equity	NOUN
asfbr-256	63	12	at	at	ADP
asfbr-256	63	13	a	a	DET
asfbr-256	63	14	firm	firm	ADJ
asfbr-256	63	15	level	level	NOUN
asfbr-256	63	16	.	.	PUNCT
asfbr-256	64	1	we	we	PRON
asfbr-256	64	2	use	use	VERB
asfbr-256	64	3	an	an	DET
asfbr-256	64	4	implied	imply	VERB
asfbr-256	64	5	approach	approach	NOUN
asfbr-256	64	6	which	which	PRON
asfbr-256	64	7	measures	measure	VERB
asfbr-256	64	8	the	the	DET
asfbr-256	64	9	cost	cost	NOUN
asfbr-256	64	10	of	of	ADP
asfbr-256	64	11	equity	equity	NOUN
asfbr-256	64	12	as	as	ADP
asfbr-256	64	13	the	the	DET
asfbr-256	64	14	internal	internal	ADJ
asfbr-256	64	15	rate	rate	NOUN
asfbr-256	64	16	of	of	ADP
asfbr-256	64	17	return	return	NOUN
asfbr-256	64	18	that	that	PRON
asfbr-256	64	19	equates	equate	VERB
asfbr-256	64	20	the	the	DET
asfbr-256	64	21	present	present	ADJ
asfbr-256	64	22	value	value	NOUN
asfbr-256	64	23	of	of	ADP
asfbr-256	64	24	forecasted	forecast	VERB
asfbr-256	64	25	future	future	ADJ
asfbr-256	64	26	cash	cash	NOUN
asfbr-256	64	27	flows	flow	NOUN
asfbr-256	64	28	to	to	ADP
asfbr-256	64	29	equity	equity	NOUN
asfbr-256	64	30	holders	holder	NOUN
asfbr-256	64	31	with	with	ADP
asfbr-256	64	32	the	the	DET
asfbr-256	64	33	current	current	ADJ
asfbr-256	64	34	stock	stock	NOUN
asfbr-256	64	35	price	price	NOUN
asfbr-256	64	36	.	.	PUNCT
asfbr-256	65	1	in	in	ADP
asfbr-256	65	2	comparison	comparison	NOUN
asfbr-256	65	3	,	,	PUNCT
asfbr-256	65	4	the	the	DET
asfbr-256	65	5	realized	realize	VERB
asfbr-256	65	6	returns	return	NOUN
asfbr-256	65	7	approach	approach	NOUN
asfbr-256	65	8	uses	use	VERB
asfbr-256	65	9	information	information	NOUN
asfbr-256	65	10	in	in	ADP
asfbr-256	65	11	realized	realize	VERB
asfbr-256	65	12	ex	ex	ADJ
asfbr-256	65	13	-	-	ADJ
asfbr-256	65	14	post	post	ADJ
asfbr-256	65	15	stock	stock	NOUN
asfbr-256	65	16	returns	return	NOUN
asfbr-256	65	17	to	to	PART
asfbr-256	65	18	generate	generate	VERB
asfbr-256	65	19	a	a	DET
asfbr-256	65	20	cost	cost	NOUN
asfbr-256	65	21	of	of	ADP
asfbr-256	65	22	equity	equity	NOUN
asfbr-256	65	23	.	.	PUNCT
asfbr-256	66	1	in	in	ADP
asfbr-256	66	2	this	this	DET
asfbr-256	66	3	section	section	NOUN
asfbr-256	66	4	we	we	PRON
asfbr-256	66	5	discuss	discuss	VERB
asfbr-256	66	6	the	the	DET
asfbr-256	66	7	different	different	ADJ
asfbr-256	66	8	implied	imply	VERB
asfbr-256	66	9	cost	cost	NOUN
asfbr-256	66	10	of	of	ADP
asfbr-256	66	11	equity	equity	NOUN
asfbr-256	66	12	models	model	NOUN
asfbr-256	66	13	and	and	CCONJ
asfbr-256	66	14	explain	explain	VERB
asfbr-256	66	15	our	our	PRON
asfbr-256	66	16	choice	choice	NOUN
asfbr-256	66	17	of	of	ADP
asfbr-256	66	18	the	the	DET
asfbr-256	66	19	implied	imply	VERB
asfbr-256	66	20	approach	approach	NOUN
asfbr-256	66	21	over	over	ADP
asfbr-256	66	22	the	the	DET
asfbr-256	66	23	realized	realize	VERB
asfbr-256	66	24	returns	return	NOUN
asfbr-256	66	25	approach	approach	VERB
asfbr-256	66	26	.	.	PUNCT
asfbr-256	67	1	2.2	2.2	NUM
asfbr-256	67	2	implied	imply	VERB
asfbr-256	67	3	approach	approach	NOUN
asfbr-256	67	4	determining	determine	VERB
asfbr-256	67	5	the	the	DET
asfbr-256	67	6	cost	cost	NOUN
asfbr-256	67	7	of	of	ADP
asfbr-256	67	8	equity	equity	NOUN
asfbr-256	67	9	using	use	VERB
asfbr-256	67	10	the	the	DET
asfbr-256	67	11	implied	imply	VERB
asfbr-256	67	12	approach	approach	NOUN
asfbr-256	67	13	is	be	AUX
asfbr-256	67	14	analogous	analogous	ADJ
asfbr-256	67	15	to	to	ADP
asfbr-256	67	16	determining	determine	VERB
asfbr-256	67	17	the	the	DET
asfbr-256	67	18	nominal	nominal	ADJ
asfbr-256	67	19	yield	yield	NOUN
asfbr-256	67	20	to	to	ADP
asfbr-256	67	21	maturity	maturity	NOUN
asfbr-256	67	22	on	on	ADP
asfbr-256	67	23	a	a	DET
asfbr-256	67	24	bond	bond	NOUN
asfbr-256	67	25	;	;	PUNCT
asfbr-256	67	26	i.e.	i.e.	X
asfbr-256	67	27	,	,	PUNCT
asfbr-256	67	28	finding	find	VERB
asfbr-256	67	29	the	the	DET
asfbr-256	67	30	discount	discount	NOUN
asfbr-256	67	31	rate	rate	NOUN
asfbr-256	67	32	that	that	PRON
asfbr-256	67	33	sets	set	VERB
asfbr-256	67	34	the	the	DET
asfbr-256	67	35	bond	bond	NOUN
asfbr-256	67	36	’s	’s	PART
asfbr-256	67	37	price	price	NOUN
asfbr-256	67	38	equal	equal	ADJ
asfbr-256	67	39	to	to	ADP
asfbr-256	67	40	the	the	DET
asfbr-256	67	41	present	present	ADJ
asfbr-256	67	42	value	value	NOUN
asfbr-256	67	43	of	of	ADP
asfbr-256	67	44	future	future	ADJ
asfbr-256	67	45	cash	cash	NOUN
asfbr-256	67	46	flows	flow	NOUN
asfbr-256	67	47	.	.	PUNCT
asfbr-256	68	1	similarly	similarly	ADV
asfbr-256	68	2	,	,	PUNCT
asfbr-256	68	3	the	the	DET
asfbr-256	68	4	implied	imply	VERB
asfbr-256	68	5	cost	cost	NOUN
asfbr-256	68	6	of	of	ADP
asfbr-256	68	7	equity	equity	NOUN
asfbr-256	68	8	is	be	AUX
asfbr-256	68	9	the	the	DET
asfbr-256	68	10	discount	discount	NOUN
asfbr-256	68	11	rate	rate	NOUN
asfbr-256	68	12	that	that	PRON
asfbr-256	68	13	sets	set	VERB
asfbr-256	68	14	the	the	DET
asfbr-256	68	15	current	current	ADJ
asfbr-256	68	16	stock	stock	NOUN
asfbr-256	68	17	price	price	NOUN
asfbr-256	68	18	equal	equal	ADJ
asfbr-256	68	19	to	to	ADP
asfbr-256	68	20	the	the	DET
asfbr-256	68	21	present	present	ADJ
asfbr-256	68	22	value	value	NOUN
asfbr-256	68	23	of	of	ADP
asfbr-256	68	24	expected	expect	VERB
asfbr-256	68	25	future	future	ADJ
asfbr-256	68	26	dividends	dividend	NOUN
asfbr-256	68	27	per	per	ADP
asfbr-256	68	28	share	share	NOUN
asfbr-256	68	29	.	.	PUNCT
asfbr-256	69	1	the	the	DET
asfbr-256	69	2	relation	relation	NOUN
asfbr-256	69	3	between	between	ADP
asfbr-256	69	4	the	the	DET
asfbr-256	69	5	current	current	ADJ
asfbr-256	69	6	stock	stock	NOUN
asfbr-256	69	7	price	price	NOUN
asfbr-256	69	8	(	(	PUNCT
asfbr-256	69	9	p0	p0	NOUN
asfbr-256	69	10	)	)	PUNCT
asfbr-256	69	11	,	,	PUNCT
asfbr-256	69	12	the	the	DET
asfbr-256	69	13	cost	cost	NOUN
asfbr-256	69	14	of	of	ADP
asfbr-256	69	15	equity	equity	NOUN
asfbr-256	69	16	(	(	PUNCT
asfbr-256	69	17	r	r	NOUN
asfbr-256	69	18	)	)	PUNCT
asfbr-256	69	19	,	,	PUNCT
asfbr-256	69	20	and	and	CCONJ
asfbr-256	69	21	future	future	ADJ
asfbr-256	69	22	expected	expect	VERB
asfbr-256	69	23	dividends	dividend	NOUN
asfbr-256	69	24	per	per	ADP
asfbr-256	69	25	share	share	NOUN
asfbr-256	69	26	(	(	PUNCT
asfbr-256	69	27	d1	d1	PROPN
asfbr-256	69	28	,	,	PUNCT
asfbr-256	69	29	d2	d2	PROPN
asfbr-256	69	30	,	,	PUNCT
asfbr-256	69	31	d3	d3	PROPN
asfbr-256	69	32	…	…	PUNCT
asfbr-256	69	33	)	)	PUNCT
asfbr-256	69	34	is	be	AUX
asfbr-256	69	35	represented	represent	VERB
asfbr-256	69	36	by	by	ADP
asfbr-256	69	37	the	the	DET
asfbr-256	69	38	dividend	dividend	NOUN
asfbr-256	69	39	discount	discount	NOUN
asfbr-256	69	40	model	model	NOUN
asfbr-256	69	41	(	(	PUNCT
asfbr-256	69	42	ddm	ddm	PROPN
asfbr-256	69	43	)	)	PUNCT
asfbr-256	69	44	.	.	PUNCT
asfbr-256	70	1	3	3	NUM
asfbr-256	70	2	3	3	NUM
asfbr-256	70	3	2	2	NUM
asfbr-256	70	4	21	21	NUM
asfbr-256	70	5	)	)	PUNCT
asfbr-256	70	6	1()1()1	1()1()1	NUM
asfbr-256	70	7	(	(	PUNCT
asfbr-256	70	8	r	r	NOUN
asfbr-256	70	9	d	d	NOUN
asfbr-256	70	10	r	r	NOUN
asfbr-256	70	11	d	d	NOUN
asfbr-256	70	12	r	r	NOUN
asfbr-256	70	13	d	d	PROPN
asfbr-256	70	14	po	po	PROPN
asfbr-256	70	15			PROPN
asfbr-256	70	16			PROPN
asfbr-256	70	17			PROPN
asfbr-256	70	18			PUNCT
asfbr-256	70	19			PUNCT
asfbr-256	70	20			PROPN
asfbr-256	70	21	(	(	PUNCT
asfbr-256	70	22	2	2	NUM
asfbr-256	70	23	)	)	PUNCT
asfbr-256	70	24	in	in	ADP
asfbr-256	70	25	practice	practice	NOUN
asfbr-256	70	26	,	,	PUNCT
asfbr-256	70	27	determining	determine	VERB
asfbr-256	70	28	a	a	DET
asfbr-256	70	29	bond	bond	NOUN
asfbr-256	70	30	’s	’s	PART
asfbr-256	70	31	nominal	nominal	ADJ
asfbr-256	70	32	yield	yield	NOUN
asfbr-256	70	33	to	to	ADP
asfbr-256	70	34	maturity	maturity	NOUN
asfbr-256	70	35	is	be	AUX
asfbr-256	70	36	easier	easy	ADJ
asfbr-256	70	37	,	,	PUNCT
asfbr-256	70	38	since	since	SCONJ
asfbr-256	70	39	future	future	ADJ
asfbr-256	70	40	coupon	coupon	NOUN
asfbr-256	70	41	and	and	CCONJ
asfbr-256	70	42	principal	principal	ADJ
asfbr-256	70	43	payments	payment	NOUN
asfbr-256	70	44	are	be	AUX
asfbr-256	70	45	known	know	VERB
asfbr-256	70	46	.	.	PUNCT
asfbr-256	71	1	finding	find	VERB
asfbr-256	71	2	the	the	DET
asfbr-256	71	3	implied	imply	VERB
asfbr-256	71	4	cost	cost	NOUN
asfbr-256	71	5	of	of	ADP
asfbr-256	71	6	equity	equity	NOUN
asfbr-256	71	7	is	be	AUX
asfbr-256	71	8	much	much	ADV
asfbr-256	71	9	more	more	ADV
asfbr-256	71	10	difficult	difficult	ADJ
asfbr-256	71	11	since	since	SCONJ
asfbr-256	71	12	future	future	ADJ
asfbr-256	71	13	dividends	dividend	NOUN
asfbr-256	71	14	must	must	AUX
asfbr-256	71	15	be	be	AUX
asfbr-256	71	16	forecasted	forecast	VERB
asfbr-256	71	17	into	into	ADP
asfbr-256	71	18	infinity	infinity	NOUN
asfbr-256	71	19	.	.	PUNCT
asfbr-256	72	1	the	the	DET
asfbr-256	72	2	various	various	ADJ
asfbr-256	72	3	implied	imply	VERB
asfbr-256	72	4	models	model	NOUN
asfbr-256	72	5	differ	differ	VERB
asfbr-256	72	6	in	in	ADP
asfbr-256	72	7	terms	term	NOUN
asfbr-256	72	8	of	of	ADP
asfbr-256	72	9	how	how	SCONJ
asfbr-256	72	10	this	this	DET
asfbr-256	72	11	stream	stream	NOUN
asfbr-256	72	12	of	of	ADP
asfbr-256	72	13	dividends	dividend	NOUN
asfbr-256	72	14	evolves	evolve	VERB
asfbr-256	72	15	.	.	PUNCT
asfbr-256	73	1	2.3	2.3	NUM
asfbr-256	73	2	gordon	gordon	PROPN
asfbr-256	73	3	dividend	dividend	NOUN
asfbr-256	73	4	growth	growth	NOUN
asfbr-256	73	5	model	model	NOUN
asfbr-256	73	6	the	the	DET
asfbr-256	73	7	simplest	simple	ADJ
asfbr-256	73	8	form	form	NOUN
asfbr-256	73	9	of	of	ADP
asfbr-256	73	10	the	the	DET
asfbr-256	73	11	ddm	ddm	PROPN
asfbr-256	73	12	,	,	PUNCT
asfbr-256	73	13	the	the	DET
asfbr-256	73	14	gordon	gordon	PROPN
asfbr-256	73	15	dividend	dividend	NOUN
asfbr-256	73	16	growth	growth	NOUN
asfbr-256	73	17	model	model	NOUN
asfbr-256	73	18	,	,	PUNCT
asfbr-256	73	19	assumes	assume	VERB
asfbr-256	73	20	a	a	DET
asfbr-256	73	21	constant	constant	ADJ
asfbr-256	73	22	perpetual	perpetual	ADJ
asfbr-256	73	23	rate	rate	NOUN
asfbr-256	73	24	of	of	ADP
asfbr-256	73	25	growth	growth	NOUN
asfbr-256	73	26	(	(	PUNCT
asfbr-256	73	27	g	g	NOUN
asfbr-256	73	28	)	)	PUNCT
asfbr-256	73	29	in	in	ADP
asfbr-256	73	30	expected	expect	VERB
asfbr-256	73	31	dividends	dividend	NOUN
asfbr-256	73	32	per	per	ADP
asfbr-256	73	33	share	share	NOUN
asfbr-256	73	34	.	.	PUNCT
asfbr-256	74	1	with	with	ADP
asfbr-256	74	2	this	this	DET
asfbr-256	74	3	assumption	assumption	NOUN
asfbr-256	74	4	,	,	PUNCT
asfbr-256	74	5	dividends	dividend	NOUN
asfbr-256	74	6	are	be	AUX
asfbr-256	74	7	an	an	DET
asfbr-256	74	8	infinite	infinite	ADJ
asfbr-256	74	9	geometric	geometric	ADJ
asfbr-256	74	10	series	series	NOUN
asfbr-256	74	11	,	,	PUNCT
asfbr-256	74	12	and	and	CCONJ
asfbr-256	74	13	the	the	DET
asfbr-256	74	14	cost	cost	NOUN
asfbr-256	74	15	of	of	ADP
asfbr-256	74	16	equity	equity	NOUN
asfbr-256	74	17	can	can	AUX
asfbr-256	74	18	be	be	AUX
asfbr-256	74	19	written	write	VERB
asfbr-256	74	20	as	as	ADP
asfbr-256	74	21	a	a	DET
asfbr-256	74	22	function	function	NOUN
asfbr-256	74	23	of	of	ADP
asfbr-256	74	24	the	the	DET
asfbr-256	74	25	dividend	dividend	NOUN
asfbr-256	74	26	yield	yield	NOUN
asfbr-256	74	27	plus	plus	CCONJ
asfbr-256	74	28	the	the	DET
asfbr-256	74	29	constant	constant	ADJ
asfbr-256	74	30	growth	growth	NOUN
asfbr-256	74	31	rate	rate	NOUN
asfbr-256	74	32	:	:	PUNCT
asfbr-256	75	1	g	g	PROPN
asfbr-256	75	2	p	p	X
asfbr-256	76	1	d	d	X
asfbr-256	76	2	r	r	NOUN
asfbr-256	76	3	o	o	X
asfbr-256	76	4			ADJ
asfbr-256	76	5	1	1	NUM
asfbr-256	76	6	(	(	PUNCT
asfbr-256	76	7	3	3	NUM
asfbr-256	76	8	)	)	PUNCT
asfbr-256	76	9	two	two	NUM
asfbr-256	76	10	problems	problem	NOUN
asfbr-256	76	11	are	be	AUX
asfbr-256	76	12	encountered	encounter	VERB
asfbr-256	76	13	when	when	SCONJ
asfbr-256	76	14	estimating	estimate	VERB
asfbr-256	76	15	the	the	DET
asfbr-256	76	16	cost	cost	NOUN
asfbr-256	76	17	of	of	ADP
asfbr-256	76	18	equity	equity	NOUN
asfbr-256	76	19	using	use	VERB
asfbr-256	76	20	the	the	DET
asfbr-256	76	21	gordon	gordon	PROPN
asfbr-256	76	22	dividend	dividend	NOUN
asfbr-256	76	23	growth	growth	NOUN
asfbr-256	76	24	model	model	NOUN
asfbr-256	76	25	.	.	PUNCT
asfbr-256	77	1	first	first	ADV
asfbr-256	77	2	,	,	PUNCT
asfbr-256	77	3	it	it	PRON
asfbr-256	77	4	is	be	AUX
asfbr-256	77	5	difficult	difficult	ADJ
asfbr-256	77	6	to	to	PART
asfbr-256	77	7	estimate	estimate	VERB
asfbr-256	77	8	a	a	DET
asfbr-256	77	9	long	long	ADJ
asfbr-256	77	10	-	-	PUNCT
asfbr-256	77	11	term	term	NOUN
asfbr-256	77	12	growth	growth	NOUN
asfbr-256	77	13	rate	rate	NOUN
asfbr-256	77	14	as	as	SCONJ
asfbr-256	77	15	typically	typically	ADV
asfbr-256	77	16	only	only	ADV
asfbr-256	77	17	shorter	short	ADJ
asfbr-256	77	18	-	-	PUNCT
asfbr-256	77	19	term	term	NOUN
asfbr-256	77	20	forecasts	forecast	NOUN
asfbr-256	77	21	are	be	AUX
asfbr-256	77	22	available	available	ADJ
asfbr-256	77	23	.	.	PUNCT
asfbr-256	78	1	in	in	ADP
asfbr-256	78	2	practice	practice	NOUN
asfbr-256	78	3	,	,	PUNCT
asfbr-256	78	4	many	many	ADJ
asfbr-256	78	5	use	use	VERB
asfbr-256	78	6	the	the	DET
asfbr-256	78	7	five	five	NUM
asfbr-256	78	8	-	-	PUNCT
asfbr-256	78	9	year	year	NOUN
asfbr-256	78	10	dividend	dividend	NOUN
asfbr-256	78	11	growth	growth	NOUN
asfbr-256	78	12	rate	rate	NOUN
asfbr-256	78	13	as	as	ADP
asfbr-256	78	14	a	a	DET
asfbr-256	78	15	proxy	proxy	NOUN
asfbr-256	78	16	for	for	ADP
asfbr-256	78	17	the	the	DET
asfbr-256	78	18	long	long	ADJ
asfbr-256	78	19	-	-	PUNCT
asfbr-256	78	20	term	term	NOUN
asfbr-256	78	21	rate	rate	NOUN
asfbr-256	78	22	.	.	PUNCT
asfbr-256	79	1	second	second	ADJ
asfbr-256	79	2	,	,	PUNCT
asfbr-256	79	3	in	in	ADP
asfbr-256	79	4	the	the	DET
asfbr-256	79	5	gordon	gordon	PROPN
asfbr-256	79	6	model	model	NOUN
asfbr-256	79	7	it	it	PRON
asfbr-256	79	8	is	be	AUX
asfbr-256	79	9	possible	possible	ADJ
asfbr-256	79	10	to	to	PART
asfbr-256	79	11	specify	specify	VERB
asfbr-256	79	12	that	that	SCONJ
asfbr-256	79	13	dividends	dividend	NOUN
asfbr-256	79	14	grow	grow	VERB
asfbr-256	79	15	at	at	ADP
asfbr-256	79	16	a	a	DET
asfbr-256	79	17	rate	rate	NOUN
asfbr-256	79	18	that	that	PRON
asfbr-256	79	19	is	be	AUX
asfbr-256	79	20	greater	great	ADJ
asfbr-256	79	21	than	than	ADP
asfbr-256	79	22	economic	economic	ADJ
asfbr-256	79	23	growth	growth	NOUN
asfbr-256	79	24	,	,	PUNCT
asfbr-256	79	25	which	which	PRON
asfbr-256	79	26	implies	imply	VERB
asfbr-256	79	27	that	that	SCONJ
asfbr-256	79	28	dividends	dividend	NOUN
asfbr-256	79	29	will	will	AUX
asfbr-256	79	30	be	be	AUX
asfbr-256	79	31	larger	large	ADJ
asfbr-256	79	32	than	than	ADP
asfbr-256	79	33	the	the	DET
asfbr-256	79	34	economy	economy	NOUN
asfbr-256	79	35	at	at	ADP
asfbr-256	79	36	some	some	DET
asfbr-256	79	37	future	future	ADJ
asfbr-256	79	38	point	point	NOUN
asfbr-256	79	39	.	.	PUNCT
asfbr-256	80	1	we	we	PRON
asfbr-256	80	2	do	do	AUX
asfbr-256	80	3	not	not	PART
asfbr-256	80	4	use	use	VERB
asfbr-256	80	5	the	the	DET
asfbr-256	80	6	gordon	gordon	PROPN
asfbr-256	80	7	growth	growth	NOUN
asfbr-256	80	8	model	model	NOUN
asfbr-256	80	9	in	in	ADP
asfbr-256	80	10	our	our	PRON
asfbr-256	80	11	analysis	analysis	NOUN
asfbr-256	80	12	,	,	PUNCT
asfbr-256	80	13	but	but	CCONJ
asfbr-256	80	14	discuss	discuss	VERB
asfbr-256	80	15	it	it	PRON
asfbr-256	80	16	here	here	ADV
asfbr-256	80	17	to	to	PART
asfbr-256	80	18	provide	provide	VERB
asfbr-256	80	19	a	a	DET
asfbr-256	80	20	simple	simple	ADJ
asfbr-256	80	21	intuition	intuition	NOUN
asfbr-256	80	22	as	as	ADP
asfbr-256	80	23	to	to	ADP
asfbr-256	80	24	how	how	SCONJ
asfbr-256	80	25	growth	growth	NOUN
asfbr-256	80	26	and	and	CCONJ
asfbr-256	80	27	dividend	dividend	NOUN
asfbr-256	80	28	assumptions	assumption	NOUN
asfbr-256	80	29	impact	impact	VERB
asfbr-256	80	30	the	the	DET
asfbr-256	80	31	cost	cost	NOUN
asfbr-256	80	32	of	of	ADP
asfbr-256	80	33	equity	equity	NOUN
asfbr-256	80	34	.	.	PUNCT
asfbr-256	81	1	2.4	2.4	NUM
asfbr-256	81	2	residual	residual	ADJ
asfbr-256	81	3	income	income	NOUN
asfbr-256	81	4	valuation	valuation	NOUN
asfbr-256	81	5	models	model	VERB
asfbr-256	81	6	residual	residual	ADJ
asfbr-256	81	7	income	income	NOUN
asfbr-256	81	8	valuation	valuation	NOUN
asfbr-256	81	9	(	(	PUNCT
asfbr-256	81	10	riv	riv	NOUN
asfbr-256	81	11	)	)	PUNCT
asfbr-256	81	12	models	model	NOUN
asfbr-256	81	13	address	address	VERB
asfbr-256	81	14	the	the	DET
asfbr-256	81	15	difficulties	difficulty	NOUN
asfbr-256	81	16	in	in	ADP
asfbr-256	81	17	estimating	estimate	VERB
asfbr-256	81	18	a	a	DET
asfbr-256	81	19	long	long	ADJ
asfbr-256	81	20	term	term	NOUN
asfbr-256	81	21	growth	growth	NOUN
asfbr-256	81	22	rate	rate	NOUN
asfbr-256	81	23	by	by	ADP
asfbr-256	81	24	utilizing	utilize	VERB
asfbr-256	81	25	accounting	accounting	NOUN
asfbr-256	81	26	information	information	NOUN
asfbr-256	81	27	.	.	PUNCT
asfbr-256	82	1	these	these	DET
asfbr-256	82	2	models	model	NOUN
asfbr-256	82	3	equate	equate	VERB
asfbr-256	82	4	the	the	DET
asfbr-256	82	5	current	current	ADJ
asfbr-256	82	6	share	share	NOUN
asfbr-256	82	7	price	price	NOUN
asfbr-256	82	8	to	to	ADP
asfbr-256	82	9	the	the	DET
asfbr-256	82	10	sum	sum	NOUN
asfbr-256	82	11	of	of	ADP
asfbr-256	82	12	two	two	NUM
asfbr-256	82	13	components	component	NOUN
asfbr-256	82	14	:	:	PUNCT
asfbr-256	82	15	(	(	PUNCT
asfbr-256	82	16	1	1	X
asfbr-256	82	17	)	)	PUNCT
asfbr-256	82	18	the	the	DET
asfbr-256	82	19	present	present	ADJ
asfbr-256	82	20	value	value	NOUN
asfbr-256	82	21	of	of	ADP
asfbr-256	82	22	expected	expect	VERB
asfbr-256	82	23	dividends	dividend	NOUN
asfbr-256	82	24	per	per	ADP
asfbr-256	82	25	share	share	NOUN
asfbr-256	82	26	over	over	ADP
asfbr-256	82	27	a	a	DET
asfbr-256	82	28	short	short	ADJ
asfbr-256	82	29	or	or	CCONJ
asfbr-256	82	30	medium	medium	ADJ
asfbr-256	82	31	-	-	PUNCT
asfbr-256	82	32	term	term	NOUN
asfbr-256	82	33	horizon	horizon	NOUN
asfbr-256	82	34	(	(	PUNCT
asfbr-256	82	35	n	n	CCONJ
asfbr-256	82	36	)	)	PUNCT
asfbr-256	82	37	;	;	PUNCT
asfbr-256	82	38	and	and	CCONJ
asfbr-256	82	39	(	(	PUNCT
asfbr-256	82	40	2	2	X
asfbr-256	82	41	)	)	PUNCT
asfbr-256	82	42	a	a	DET
asfbr-256	82	43	discounted	discount	VERB
asfbr-256	82	44	terminal	terminal	ADJ
asfbr-256	82	45	value	value	NOUN
asfbr-256	82	46	,	,	PUNCT
asfbr-256	82	47	which	which	PRON
asfbr-256	82	48	is	be	AUX
asfbr-256	82	49	the	the	DET
asfbr-256	82	50	present	present	ADJ
asfbr-256	82	51	value	value	NOUN
asfbr-256	82	52	of	of	ADP
asfbr-256	82	53	the	the	DET
asfbr-256	82	54	expected	expect	VERB
asfbr-256	82	55	share	share	NOUN
asfbr-256	82	56	price	price	NOUN
asfbr-256	82	57	at	at	ADP
asfbr-256	82	58	the	the	DET
asfbr-256	82	59	end	end	NOUN
asfbr-256	82	60	of	of	ADP
asfbr-256	82	61	the	the	DET
asfbr-256	82	62	forecast	forecast	NOUN
asfbr-256	82	63	period	period	NOUN
asfbr-256	82	64	,	,	PUNCT
asfbr-256	82	65	assuming	assume	VERB
asfbr-256	82	66	that	that	SCONJ
asfbr-256	82	67	dividends	dividend	NOUN
asfbr-256	82	68	then	then	ADV
asfbr-256	82	69	grow	grow	VERB
asfbr-256	82	70	at	at	ADP
asfbr-256	82	71	a	a	DET
asfbr-256	82	72	constant	constant	ADJ
asfbr-256	82	73	rate	rate	NOUN
asfbr-256	82	74	(	(	PUNCT
asfbr-256	82	75	gl	gl	NOUN
asfbr-256	82	76	)	)	PUNCT
asfbr-256	82	77	in	in	ADP
asfbr-256	82	78	perpetuity	perpetuity	NOUN
asfbr-256	82	79	:	:	PUNCT
asfbr-256	82	80	n	n	CCONJ
asfbr-256	82	81	n	n	CCONJ
asfbr-256	82	82	n	n	PROPN
asfbr-256	82	83	t	t	NOUN
asfbr-256	82	84	t	t	NOUN
asfbr-256	82	85	t	t	X
asfbr-256	82	86	o	o	X
asfbr-256	82	87	rglr	rglr	ADJ
asfbr-256	83	1	d	d	NOUN
asfbr-256	83	2	r	r	NOUN
asfbr-256	83	3	d	d	PROPN
asfbr-256	83	4	p	p	NOUN
asfbr-256	83	5	)	)	PUNCT
asfbr-256	83	6	1)(()1	1)(()1	NUM
asfbr-256	83	7	(	(	PUNCT
asfbr-256	83	8	1	1	NUM
asfbr-256	83	9	1	1	NUM
asfbr-256	83	10			NOUN
asfbr-256	83	11			ADV
asfbr-256	83	12			PROPN
asfbr-256	83	13			PROPN
asfbr-256	83	14			SCONJ
asfbr-256	83	15			NUM
asfbr-256	83	16			X
asfbr-256	83	17	(	(	PUNCT
asfbr-256	83	18	4	4	X
asfbr-256	83	19	)	)	PUNCT
asfbr-256	83	20	riv	riv	NOUN
asfbr-256	83	21	models	model	NOUN
asfbr-256	83	22	assume	assume	VERB
asfbr-256	83	23	clean	clean	ADJ
asfbr-256	83	24	surplus	surplus	NOUN
asfbr-256	83	25	accounting	accounting	NOUN
asfbr-256	83	26	which	which	PRON
asfbr-256	83	27	requires	require	VERB
asfbr-256	83	28	that	that	SCONJ
asfbr-256	83	29	earnings	earning	NOUN
asfbr-256	83	30	are	be	AUX
asfbr-256	83	31	fully	fully	ADV
asfbr-256	83	32	allocated	allocate	VERB
asfbr-256	83	33	between	between	ADP
asfbr-256	83	34	dividends	dividend	NOUN
asfbr-256	83	35	and	and	CCONJ
asfbr-256	83	36	retained	retain	VERB
asfbr-256	83	37	earnings	earning	NOUN
asfbr-256	83	38	;	;	PUNCT
asfbr-256	83	39	i.e.	i.e.	X
asfbr-256	83	40	,	,	PUNCT
asfbr-256	83	41	whatever	whatever	DET
asfbr-256	83	42	portion	portion	NOUN
asfbr-256	83	43	of	of	ADP
asfbr-256	83	44	earnings	earning	NOUN
asfbr-256	83	45	that	that	PRON
asfbr-256	83	46	is	be	AUX
asfbr-256	83	47	not	not	PART
asfbr-256	83	48	paid	pay	VERB
asfbr-256	83	49	out	out	ADP
asfbr-256	83	50	in	in	ADP
asfbr-256	83	51	dividends	dividend	NOUN
asfbr-256	83	52	is	be	AUX
asfbr-256	83	53	added	add	VERB
asfbr-256	83	54	to	to	ADP
asfbr-256	83	55	book	book	NOUN
asfbr-256	83	56	value	value	NOUN
asfbr-256	83	57	of	of	ADP
asfbr-256	83	58	equity	equity	NOUN
asfbr-256	83	59	.	.	PUNCT
asfbr-256	84	1	hence	hence	ADV
asfbr-256	84	2	,	,	PUNCT
asfbr-256	84	3	book	book	NOUN
asfbr-256	84	4	value	value	NOUN
asfbr-256	84	5	per	per	ADP
asfbr-256	84	6	share	share	NOUN
asfbr-256	84	7	(	(	PUNCT
asfbr-256	84	8	bvt	bvt	PROPN
asfbr-256	84	9	)	)	PUNCT
asfbr-256	84	10	evolves	evolve	NOUN
asfbr-256	84	11	according	accord	VERB
asfbr-256	84	12	to	to	ADP
asfbr-256	84	13	the	the	DET
asfbr-256	84	14	following	follow	VERB
asfbr-256	84	15	equation	equation	NOUN
asfbr-256	84	16	:	:	PUNCT
asfbr-256	84	17	111	111	NUM
asfbr-256	84	18			NOUN
asfbr-256	84	19			PRON
asfbr-256	84	20	tttt	tttt	NOUN
asfbr-256	84	21	debvbv	debvbv	NOUN
asfbr-256	84	22	(	(	PUNCT
asfbr-256	84	23	5	5	NUM
asfbr-256	84	24	)	)	PUNCT
asfbr-256	84	25	and	and	CCONJ
asfbr-256	84	26	as	as	ADP
asfbr-256	84	27	roet	roet	ADJ
asfbr-256	84	28	=	=	SYM
asfbr-256	84	29	return	return	NOUN
asfbr-256	84	30	on	on	ADP
asfbr-256	84	31	book	book	NOUN
asfbr-256	84	32	equity	equity	NOUN
asfbr-256	84	33	=	=	PROPN
asfbr-256	84	34	et	et	NOUN
asfbr-256	84	35	/	/	PUNCT
asfbr-256	84	36	bvt-1	bvt-1	PUNCT
asfbr-256	84	37	then	then	ADV
asfbr-256	84	38	bvt+1	bvt+1	NOUN
asfbr-256	84	39	)	)	PUNCT
asfbr-256	84	40	1(1	1(1	NUM
asfbr-256	84	41	(	(	PUNCT
asfbr-256	84	42	1	1	NUM
asfbr-256	84	43	1	1	NUM
asfbr-256	84	44	1	1	NUM
asfbr-256	84	45			ADV
asfbr-256	84	46			PROPN
asfbr-256	84	47			PUNCT
asfbr-256	84	48			PRON
asfbr-256	84	49	t	t	X
asfbr-256	84	50	t	t	X
asfbr-256	84	51	tt	tt	X
asfbr-256	84	52	e	e	PROPN
asfbr-256	84	53	d	d	X
asfbr-256	84	54	roebv	roebv	PROPN
asfbr-256	84	55	(	(	PUNCT
asfbr-256	84	56	6	6	NUM
asfbr-256	84	57	)	)	PUNCT
asfbr-256	84	58	assuming	assume	VERB
asfbr-256	84	59	that	that	SCONJ
asfbr-256	84	60	return	return	NOUN
asfbr-256	84	61	on	on	ADP
asfbr-256	84	62	book	book	NOUN
asfbr-256	84	63	equity	equity	NOUN
asfbr-256	84	64	and	and	CCONJ
asfbr-256	84	65	the	the	DET
asfbr-256	84	66	dividend	dividend	NOUN
asfbr-256	84	67	payout	payout	NOUN
asfbr-256	84	68	ratio	ratio	NOUN
asfbr-256	84	69	after	after	ADP
asfbr-256	84	70	time	time	NOUN
asfbr-256	84	71	n+1	n+1	NUM
asfbr-256	84	72	remain	remain	VERB
asfbr-256	84	73	constant	constant	ADJ
asfbr-256	84	74	,	,	PUNCT
asfbr-256	84	75	the	the	DET
asfbr-256	84	76	following	follow	VERB
asfbr-256	84	77	constraint	constraint	NOUN
asfbr-256	84	78	is	be	AUX
asfbr-256	84	79	imposed	impose	VERB
asfbr-256	84	80	on	on	ADP
asfbr-256	84	81	the	the	DET
asfbr-256	84	82	long	long	ADJ
asfbr-256	84	83	-	-	PUNCT
asfbr-256	84	84	term	term	NOUN
asfbr-256	84	85	growth	growth	NOUN
asfbr-256	84	86	rate	rate	NOUN
asfbr-256	84	87	of	of	ADP
asfbr-256	84	88	dividends	dividend	NOUN
asfbr-256	84	89	per	per	ADP
asfbr-256	84	90	share	share	NOUN
asfbr-256	84	91	(	(	PUNCT
asfbr-256	84	92	gl	gl	NOUN
asfbr-256	84	93	)	)	PUNCT
asfbr-256	84	94	in	in	ADP
asfbr-256	84	95	equation	equation	NOUN
asfbr-256	84	96	(	(	PUNCT
asfbr-256	84	97	4	4	X
asfbr-256	84	98	)	)	PUNCT
asfbr-256	84	99	copyright	copyright	NOUN
asfbr-256	85	1	©	©	PROPN
asfbr-256	85	2	cc	cc	PROPN
asfbr-256	85	3	-	-	PUNCT
asfbr-256	85	4	by	by	ADP
asfbr-256	85	5	-	-	PUNCT
asfbr-256	85	6	nc	nc	PROPN
asfbr-256	85	7	2019	2019	NUM
asfbr-256	85	8	,	,	PUNCT
asfbr-256	85	9	cribfb	cribfb	PROPN
asfbr-256	85	10	|	|	ADV
asfbr-256	85	11	afbr	afbr	ADV
asfbr-256	85	12	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	85	13	asian	asian	ADJ
asfbr-256	85	14	finance	finance	PROPN
asfbr-256	85	15	&	&	CCONJ
asfbr-256	85	16	banking	banking	PROPN
asfbr-256	85	17	review	review	PROPN
asfbr-256	85	18	vol	vol	NOUN
asfbr-256	85	19	.	.	PROPN
asfbr-256	86	1	3	3	NUM
asfbr-256	86	2	,	,	PUNCT
asfbr-256	86	3	no	no	INTJ
asfbr-256	86	4	.	.	NOUN
asfbr-256	86	5	1	1	NUM
asfbr-256	86	6	;	;	PUNCT
asfbr-256	87	1	2019	2019	NUM
asfbr-256	87	2	15	15	NUM
asfbr-256	87	3	)	)	SYM
asfbr-256	87	4	1	1	NUM
asfbr-256	87	5	(	(	PUNCT
asfbr-256	87	6	1	1	NUM
asfbr-256	87	7	1	1	NUM
asfbr-256	87	8	1	1	NUM
asfbr-256	87	9			ADV
asfbr-256	87	10			PROPN
asfbr-256	87	11			VERB
asfbr-256	87	12			PROPN
asfbr-256	87	13	n	n	CCONJ
asfbr-256	87	14	n	n	CCONJ
asfbr-256	87	15	nl	nl	NOUN
asfbr-256	87	16	e	e	PROPN
asfbr-256	87	17	d	d	X
asfbr-256	87	18	roeg	roeg	X
asfbr-256	87	19	(	(	PUNCT
asfbr-256	87	20	7	7	NUM
asfbr-256	87	21	)	)	PUNCT
asfbr-256	87	22	claus	claus	NOUN
asfbr-256	87	23	and	and	CCONJ
asfbr-256	87	24	thomas	thomas	PROPN
asfbr-256	87	25	(	(	PUNCT
asfbr-256	87	26	2001	2001	NUM
asfbr-256	87	27	)	)	PUNCT
asfbr-256	87	28	implement	implement	VERB
asfbr-256	87	29	the	the	DET
asfbr-256	87	30	riv	riv	NOUN
asfbr-256	87	31	model	model	NOUN
asfbr-256	87	32	using	use	VERB
asfbr-256	87	33	a	a	DET
asfbr-256	87	34	four	four	NUM
asfbr-256	87	35	-	-	PUNCT
asfbr-256	87	36	year	year	NOUN
asfbr-256	87	37	forecasting	forecasting	NOUN
asfbr-256	87	38	horizon	horizon	NOUN
asfbr-256	87	39	(	(	PUNCT
asfbr-256	87	40	n=4	n=4	NOUN
asfbr-256	87	41	)	)	PUNCT
asfbr-256	87	42	and	and	CCONJ
asfbr-256	87	43	set	set	VERB
asfbr-256	87	44	the	the	DET
asfbr-256	87	45	growth	growth	NOUN
asfbr-256	87	46	rate	rate	NOUN
asfbr-256	87	47	(	(	PUNCT
asfbr-256	87	48	gl	gl	NOUN
asfbr-256	87	49	)	)	PUNCT
asfbr-256	87	50	equal	equal	ADJ
asfbr-256	87	51	to	to	ADP
asfbr-256	87	52	the	the	DET
asfbr-256	87	53	expected	expect	VERB
asfbr-256	87	54	inflation	inflation	NOUN
asfbr-256	87	55	rate	rate	NOUN
asfbr-256	87	56	(	(	PUNCT
asfbr-256	87	57	pe	pe	INTJ
asfbr-256	87	58	)	)	PUNCT
asfbr-256	87	59	in	in	ADP
asfbr-256	87	60	order	order	NOUN
asfbr-256	87	61	to	to	PART
asfbr-256	87	62	calculate	calculate	VERB
asfbr-256	87	63	a	a	DET
asfbr-256	87	64	nominal	nominal	ADJ
asfbr-256	87	65	cost	cost	NOUN
asfbr-256	87	66	of	of	ADP
asfbr-256	87	67	equity.8	equity.8	ADJ
asfbr-256	87	68	dividends	dividend	NOUN
asfbr-256	87	69	per	per	ADP
asfbr-256	87	70	share	share	NOUN
asfbr-256	87	71	in	in	ADP
asfbr-256	87	72	year	year	NOUN
asfbr-256	87	73	five	five	NUM
asfbr-256	87	74	are	be	AUX
asfbr-256	87	75	backed	back	VERB
asfbr-256	87	76	out	out	ADP
asfbr-256	87	77	from	from	ADP
asfbr-256	87	78	equation	equation	NOUN
asfbr-256	87	79	(	(	PUNCT
asfbr-256	87	80	6	6	NUM
asfbr-256	87	81	)	)	PUNCT
asfbr-256	87	82	as	as	SCONJ
asfbr-256	87	83	follows	follow	VERB
asfbr-256	87	84	:	:	PUNCT
asfbr-256	87	85	55	55	NUM
asfbr-256	87	86	1()1	1()1	NUM
asfbr-256	87	87	(	(	PUNCT
asfbr-256	87	88	roe	roe	PROPN
asfbr-256	87	89	es	es	PROPN
asfbr-256	87	90	roe	roe	PROPN
asfbr-256	87	91	g	g	PROPN
asfbr-256	87	92	ed	ed	PROPN
asfbr-256	87	93	el	el	PROPN
asfbr-256	87	94	ss	ss	PROPN
asfbr-256	88	1			PROPN
asfbr-256	88	2			PROPN
asfbr-256	88	3	(	(	PUNCT
asfbr-256	88	4	8)	8)	NUM
asfbr-256	88	5	so	so	CCONJ
asfbr-256	88	6	the	the	DET
asfbr-256	88	7	cost	cost	NOUN
asfbr-256	88	8	of	of	ADP
asfbr-256	88	9	equity	equity	NOUN
asfbr-256	88	10	in	in	ADP
asfbr-256	88	11	the	the	DET
asfbr-256	88	12	claus	claus	NOUN
asfbr-256	88	13	and	and	CCONJ
asfbr-256	88	14	thomas	thomas	PROPN
asfbr-256	88	15	model	model	NOUN
asfbr-256	88	16	is	be	AUX
asfbr-256	88	17	the	the	DET
asfbr-256	88	18	value	value	NOUN
asfbr-256	88	19	of	of	ADP
asfbr-256	88	20	r	r	NOUN
asfbr-256	88	21	that	that	PRON
asfbr-256	88	22	solves	solve	VERB
asfbr-256	88	23	the	the	DET
asfbr-256	88	24	following	follow	VERB
asfbr-256	88	25	equation	equation	NOUN
asfbr-256	88	26	:	:	PUNCT
asfbr-256	88	27	4	4	NUM
asfbr-256	88	28	5	5	NUM
asfbr-256	88	29	4	4	NUM
asfbr-256	88	30	1	1	NUM
asfbr-256	88	31	)	)	PUNCT
asfbr-256	88	32	1)(()1	1)(()1	NUM
asfbr-256	88	33	(	(	PUNCT
asfbr-256	89	1	rr	rr	NOUN
asfbr-256	89	2	d	d	NOUN
asfbr-256	89	3	r	r	NOUN
asfbr-256	89	4	d	d	X
asfbr-256	89	5	p	p	X
asfbr-256	89	6	et	et	NOUN
asfbr-256	89	7	t	t	NOUN
asfbr-256	89	8	t	t	NOUN
asfbr-256	89	9	o	o	PROPN
asfbr-256	89	10			PROPN
asfbr-256	89	11			ADV
asfbr-256	89	12			PROPN
asfbr-256	89	13			NUM
asfbr-256	89	14			X
asfbr-256	90	1			NUM
asfbr-256	90	2			PROPN
asfbr-256	90	3	(	(	PUNCT
asfbr-256	90	4	9	9	NUM
asfbr-256	90	5	)	)	PUNCT
asfbr-256	90	6	if	if	SCONJ
asfbr-256	90	7	dividends	dividend	NOUN
asfbr-256	90	8	are	be	AUX
asfbr-256	90	9	all	all	ADV
asfbr-256	90	10	positive	positive	ADJ
asfbr-256	90	11	and	and	CCONJ
asfbr-256	90	12	the	the	DET
asfbr-256	90	13	cost	cost	NOUN
asfbr-256	90	14	of	of	ADP
asfbr-256	90	15	equity	equity	NOUN
asfbr-256	90	16	is	be	AUX
asfbr-256	90	17	greater	great	ADJ
asfbr-256	90	18	than	than	ADP
asfbr-256	90	19	the	the	DET
asfbr-256	90	20	expected	expect	VERB
asfbr-256	90	21	inflation	inflation	NOUN
asfbr-256	90	22	rate	rate	NOUN
asfbr-256	90	23	,	,	PUNCT
asfbr-256	90	24	there	there	PRON
asfbr-256	90	25	is	be	VERB
asfbr-256	90	26	only	only	ADV
asfbr-256	90	27	one	one	NUM
asfbr-256	90	28	value	value	NOUN
asfbr-256	90	29	of	of	ADP
asfbr-256	90	30	r	r	NOUN
asfbr-256	90	31	that	that	PRON
asfbr-256	90	32	will	will	AUX
asfbr-256	90	33	solve	solve	VERB
asfbr-256	90	34	this	this	DET
asfbr-256	90	35	equation	equation	NOUN
asfbr-256	90	36	.	.	PUNCT
asfbr-256	91	1	2.5	2.5	NUM
asfbr-256	91	2	abnormal	abnormal	ADJ
asfbr-256	91	3	earnings	earning	NOUN
asfbr-256	91	4	growth	growth	NOUN
asfbr-256	91	5	models	model	VERB
asfbr-256	91	6	another	another	DET
asfbr-256	91	7	class	class	NOUN
asfbr-256	91	8	of	of	ADP
asfbr-256	91	9	implied	imply	VERB
asfbr-256	91	10	models	model	NOUN
asfbr-256	91	11	assumes	assume	VERB
asfbr-256	91	12	that	that	SCONJ
asfbr-256	91	13	the	the	DET
asfbr-256	91	14	change	change	NOUN
asfbr-256	91	15	in	in	ADP
asfbr-256	91	16	abnormal	abnormal	ADJ
asfbr-256	91	17	earnings	earning	NOUN
asfbr-256	91	18	from	from	ADP
asfbr-256	91	19	year	year	NOUN
asfbr-256	91	20	to	to	ADP
asfbr-256	91	21	year	year	NOUN
asfbr-256	91	22	grows	grow	VERB
asfbr-256	91	23	at	at	ADP
asfbr-256	91	24	a	a	DET
asfbr-256	91	25	constant	constant	ADJ
asfbr-256	91	26	rate	rate	NOUN
asfbr-256	91	27	into	into	ADP
asfbr-256	91	28	perpetuity	perpetuity	NOUN
asfbr-256	91	29	.	.	PUNCT
asfbr-256	92	1	this	this	PRON
asfbr-256	92	2	is	be	AUX
asfbr-256	92	3	similar	similar	ADJ
asfbr-256	92	4	to	to	ADP
asfbr-256	92	5	assuming	assume	VERB
asfbr-256	92	6	that	that	SCONJ
asfbr-256	92	7	the	the	DET
asfbr-256	92	8	forecasted	forecast	VERB
asfbr-256	92	9	change	change	NOUN
asfbr-256	92	10	in	in	ADP
asfbr-256	92	11	dividends	dividend	NOUN
asfbr-256	92	12	grows	grow	VERB
asfbr-256	92	13	at	at	ADP
asfbr-256	92	14	a	a	DET
asfbr-256	92	15	constant	constant	ADJ
asfbr-256	92	16	rate	rate	NOUN
asfbr-256	92	17	,	,	PUNCT
asfbr-256	92	18	if	if	SCONJ
asfbr-256	92	19	the	the	DET
asfbr-256	92	20	change	change	NOUN
asfbr-256	92	21	in	in	ADP
asfbr-256	92	22	dividends	dividend	NOUN
asfbr-256	92	23	is	be	AUX
asfbr-256	92	24	calculated	calculate	VERB
asfbr-256	92	25	as	as	ADP
asfbr-256	92	26	:	:	PUNCT
asfbr-256	92	27	)	)	PUNCT
asfbr-256	92	28	(	(	PUNCT
asfbr-256	92	29	)	)	PUNCT
asfbr-256	92	30	(	(	PUNCT
asfbr-256	92	31	111212	111212	NUM
asfbr-256	92	32	degeedd	degeedd	PROPN
asfbr-256	92	33	l	l	PROPN
asfbr-256	92	34			PROPN
asfbr-256	92	35	(	(	PUNCT
asfbr-256	92	36	10	10	NUM
asfbr-256	92	37	)	)	PUNCT
asfbr-256	92	38	in	in	ADP
asfbr-256	92	39	the	the	DET
asfbr-256	92	40	ohlson	ohlson	NOUN
asfbr-256	92	41	and	and	CCONJ
asfbr-256	92	42	juettner	juettner	NOUN
asfbr-256	92	43	-	-	PUNCT
asfbr-256	92	44	nauroth	nauroth	PROPN
asfbr-256	92	45	(	(	PUNCT
asfbr-256	92	46	2003	2003	NUM
asfbr-256	92	47	)	)	PUNCT
asfbr-256	92	48	version	version	NOUN
asfbr-256	92	49	,	,	PUNCT
asfbr-256	92	50	a	a	DET
asfbr-256	92	51	closed	closed	ADJ
asfbr-256	92	52	form	form	NOUN
asfbr-256	92	53	solution	solution	NOUN
asfbr-256	92	54	for	for	ADP
asfbr-256	92	55	the	the	DET
asfbr-256	92	56	cost	cost	NOUN
asfbr-256	92	57	of	of	ADP
asfbr-256	92	58	equity	equity	NOUN
asfbr-256	92	59	can	can	AUX
asfbr-256	92	60	be	be	AUX
asfbr-256	92	61	backed	back	VERB
asfbr-256	92	62	out	out	ADP
asfbr-256	92	63	from	from	ADP
asfbr-256	92	64	the	the	DET
asfbr-256	92	65	following	follow	VERB
asfbr-256	92	66	relation	relation	NOUN
asfbr-256	92	67	between	between	ADP
asfbr-256	92	68	price	price	NOUN
asfbr-256	92	69	,	,	PUNCT
asfbr-256	92	70	next	next	ADJ
asfbr-256	92	71	year	year	NOUN
asfbr-256	92	72	’s	’s	PART
asfbr-256	92	73	earnings	earning	NOUN
asfbr-256	92	74	per	per	ADP
asfbr-256	92	75	share	share	NOUN
asfbr-256	92	76	estimate	estimate	NOUN
asfbr-256	92	77	and	and	CCONJ
asfbr-256	92	78	next	next	ADJ
asfbr-256	92	79	year	year	NOUN
asfbr-256	92	80	’s	’s	PART
asfbr-256	92	81	expected	expect	VERB
asfbr-256	92	82	dividends	dividend	NOUN
asfbr-256	92	83	per	per	ADP
asfbr-256	92	84	share	share	NOUN
asfbr-256	92	85	:	:	PUNCT
asfbr-256	92	86	)	)	PUNCT
asfbr-256	92	87	(	(	PUNCT
asfbr-256	92	88	)	)	PUNCT
asfbr-256	92	89	(	(	PUNCT
asfbr-256	92	90	11	11	NUM
asfbr-256	92	91	l	l	NOUN
asfbr-256	93	1	ls	ls	PROPN
asfbr-256	93	2	l	l	NOUN
asfbr-256	93	3	o	o	X
asfbr-256	94	1	grr	grr	PROPN
asfbr-256	94	2	gge	gge	NOUN
asfbr-256	94	3	gr	gr	PROPN
asfbr-256	95	1	d	d	PROPN
asfbr-256	95	2	p	p	X
asfbr-256	95	3			PROPN
asfbr-256	95	4			PROPN
asfbr-256	95	5			VERB
asfbr-256	95	6			PROPN
asfbr-256	95	7			PROPN
asfbr-256	95	8	(	(	PUNCT
asfbr-256	95	9	11	11	NUM
asfbr-256	95	10	)	)	PUNCT
asfbr-256	96	1	where	where	SCONJ
asfbr-256	96	2	gs	gs	NOUN
asfbr-256	96	3	=	=	VERB
asfbr-256	96	4	short	short	ADJ
asfbr-256	96	5	-	-	PUNCT
asfbr-256	96	6	term	term	NOUN
asfbr-256	96	7	dividends	dividend	NOUN
asfbr-256	96	8	per	per	ADP
asfbr-256	96	9	share	share	NOUN
asfbr-256	96	10	growth	growth	NOUN
asfbr-256	96	11	rate	rate	NOUN
asfbr-256	96	12	=	=	PUNCT
asfbr-256	96	13	(	(	PUNCT
asfbr-256	96	14	e2e1)/e1	e2e1)/e1	PROPN
asfbr-256	96	15	gl	gl	NOUN
asfbr-256	96	16	=	=	PUNCT
asfbr-256	96	17	a	a	DET
asfbr-256	96	18	long	long	ADJ
asfbr-256	96	19	-	-	PUNCT
asfbr-256	96	20	term	term	NOUN
asfbr-256	96	21	dividends	dividend	NOUN
asfbr-256	96	22	per	per	ADP
asfbr-256	96	23	share	share	NOUN
asfbr-256	96	24	growth	growth	NOUN
asfbr-256	96	25	rate	rate	NOUN
asfbr-256	96	26	gode	gode	PROPN
asfbr-256	96	27	and	and	CCONJ
asfbr-256	96	28	mohanram	mohanram	PROPN
asfbr-256	96	29	(	(	PUNCT
asfbr-256	96	30	2003	2003	NUM
asfbr-256	96	31	)	)	PUNCT
asfbr-256	96	32	implement	implement	VERB
asfbr-256	96	33	this	this	DET
asfbr-256	96	34	theoretical	theoretical	ADJ
asfbr-256	96	35	model	model	NOUN
asfbr-256	96	36	of	of	ADP
asfbr-256	96	37	ohlson	ohlson	NOUN
asfbr-256	96	38	and	and	CCONJ
asfbr-256	96	39	juetnner	juetnner	NOUN
asfbr-256	96	40	-	-	PUNCT
asfbr-256	96	41	nauroth	nauroth	ADJ
asfbr-256	96	42	by	by	ADP
asfbr-256	96	43	assuming	assume	VERB
asfbr-256	96	44	that	that	SCONJ
asfbr-256	96	45	the	the	DET
asfbr-256	96	46	short	short	ADJ
asfbr-256	96	47	-	-	PUNCT
asfbr-256	96	48	term	term	NOUN
asfbr-256	96	49	growth	growth	NOUN
asfbr-256	96	50	rate	rate	NOUN
asfbr-256	96	51	(	(	PUNCT
asfbr-256	96	52	gs	gs	NOUN
asfbr-256	96	53	)	)	PUNCT
asfbr-256	96	54	is	be	AUX
asfbr-256	96	55	equal	equal	ADJ
asfbr-256	96	56	to	to	ADP
asfbr-256	96	57	the	the	DET
asfbr-256	96	58	average	average	NOUN
asfbr-256	96	59	of	of	ADP
asfbr-256	96	60	the	the	DET
asfbr-256	96	61	forecasted	forecast	VERB
asfbr-256	96	62	growth	growth	NOUN
asfbr-256	96	63	rate	rate	NOUN
asfbr-256	96	64	between	between	ADP
asfbr-256	96	65	year	year	NOUN
asfbr-256	96	66	one	one	NUM
asfbr-256	96	67	and	and	CCONJ
asfbr-256	96	68	year	year	NOUN
asfbr-256	96	69	two	two	NUM
asfbr-256	96	70	and	and	CCONJ
asfbr-256	96	71	the	the	DET
asfbr-256	96	72	average	average	ADJ
asfbr-256	96	73	five	five	NUM
asfbr-256	96	74	-	-	PUNCT
asfbr-256	96	75	year	year	NOUN
asfbr-256	96	76	growth	growth	NOUN
asfbr-256	96	77	rate	rate	NOUN
asfbr-256	96	78	provided	provide	VERB
asfbr-256	96	79	by	by	ADP
asfbr-256	96	80	analysts	analyst	NOUN
asfbr-256	96	81	.	.	PUNCT
asfbr-256	97	1	furthermore	furthermore	ADV
asfbr-256	97	2	,	,	PUNCT
asfbr-256	97	3	they	they	PRON
asfbr-256	97	4	assume	assume	VERB
asfbr-256	97	5	that	that	SCONJ
asfbr-256	97	6	the	the	DET
asfbr-256	97	7	long	long	ADJ
asfbr-256	97	8	-	-	PUNCT
asfbr-256	97	9	term	term	NOUN
asfbr-256	97	10	growth	growth	NOUN
asfbr-256	97	11	rate	rate	NOUN
asfbr-256	97	12	(	(	PUNCT
asfbr-256	97	13	gl	gl	NOUN
asfbr-256	97	14	)	)	PUNCT
asfbr-256	97	15	is	be	AUX
asfbr-256	97	16	equal	equal	ADJ
asfbr-256	97	17	to	to	AUX
asfbr-256	97	18	expected	expect	VERB
asfbr-256	97	19	inflation	inflation	NOUN
asfbr-256	97	20	for	for	ADP
asfbr-256	97	21	all	all	DET
asfbr-256	97	22	firms	firm	NOUN
asfbr-256	97	23	.	.	PUNCT
asfbr-256	98	1	easton	easton	PROPN
asfbr-256	98	2	’s	’s	PART
asfbr-256	98	3	(	(	PUNCT
asfbr-256	98	4	2003	2003	NUM
asfbr-256	98	5	)	)	PUNCT
asfbr-256	98	6	model	model	NOUN
asfbr-256	98	7	,	,	PUNCT
asfbr-256	98	8	called	call	VERB
asfbr-256	98	9	the	the	DET
asfbr-256	98	10	modified	modify	VERB
asfbr-256	98	11	-	-	PUNCT
asfbr-256	98	12	peg	peg	NOUN
asfbr-256	98	13	ratio	ratio	NOUN
asfbr-256	98	14	model,10	model,10	NOUN
asfbr-256	98	15	is	be	AUX
asfbr-256	98	16	just	just	ADV
asfbr-256	98	17	a	a	DET
asfbr-256	98	18	special	special	ADJ
asfbr-256	98	19	case	case	NOUN
asfbr-256	98	20	of	of	ADP
asfbr-256	98	21	the	the	DET
asfbr-256	98	22	ohlson	ohlson	NOUN
asfbr-256	98	23	and	and	CCONJ
asfbr-256	98	24	juettnernauroth	juettnernauroth	PROPN
asfbr-256	98	25	model	model	NOUN
asfbr-256	98	26	,	,	PUNCT
asfbr-256	98	27	where	where	SCONJ
asfbr-256	98	28	the	the	DET
asfbr-256	98	29	growth	growth	NOUN
asfbr-256	98	30	rate	rate	NOUN
asfbr-256	98	31	in	in	ADP
asfbr-256	98	32	the	the	DET
asfbr-256	98	33	change	change	NOUN
asfbr-256	98	34	in	in	ADP
asfbr-256	98	35	dividends	dividend	NOUN
asfbr-256	98	36	is	be	AUX
asfbr-256	98	37	set	set	VERB
asfbr-256	98	38	equal	equal	ADJ
asfbr-256	98	39	to	to	ADP
asfbr-256	98	40	zero	zero	NUM
asfbr-256	98	41	(	(	PUNCT
asfbr-256	98	42	gl	gl	NOUN
asfbr-256	98	43	=	=	SYM
asfbr-256	98	44	0	0	NUM
asfbr-256	98	45	)	)	PUNCT
asfbr-256	98	46	so	so	SCONJ
asfbr-256	98	47	that	that	SCONJ
asfbr-256	98	48	dividends	dividend	NOUN
asfbr-256	98	49	grow	grow	VERB
asfbr-256	98	50	by	by	ADP
asfbr-256	98	51	the	the	DET
asfbr-256	98	52	same	same	ADJ
asfbr-256	98	53	dollar	dollar	NOUN
asfbr-256	98	54	amount	amount	NOUN
asfbr-256	98	55	every	every	DET
asfbr-256	98	56	year	year	NOUN
asfbr-256	98	57	into	into	ADP
asfbr-256	98	58	perpetuity	perpetuity	NOUN
asfbr-256	98	59	.	.	PUNCT
asfbr-256	99	1	the	the	DET
asfbr-256	99	2	current	current	ADJ
asfbr-256	99	3	stock	stock	NOUN
asfbr-256	99	4	price	price	NOUN
asfbr-256	99	5	is	be	AUX
asfbr-256	99	6	related	relate	VERB
asfbr-256	99	7	to	to	ADP
asfbr-256	99	8	the	the	DET
asfbr-256	99	9	cost	cost	NOUN
asfbr-256	99	10	of	of	ADP
asfbr-256	99	11	equity	equity	NOUN
asfbr-256	99	12	,	,	PUNCT
asfbr-256	99	13	the	the	DET
asfbr-256	99	14	next	next	ADJ
asfbr-256	99	15	two	two	NUM
asfbr-256	99	16	year	year	NOUN
asfbr-256	99	17	’s	’s	PART
asfbr-256	99	18	forecasted	forecast	VERB
asfbr-256	99	19	earnings	earning	NOUN
asfbr-256	99	20	,	,	PUNCT
asfbr-256	99	21	as	as	ADV
asfbr-256	99	22	well	well	ADV
asfbr-256	99	23	as	as	ADP
asfbr-256	99	24	the	the	DET
asfbr-256	99	25	next	next	ADJ
asfbr-256	99	26	year	year	NOUN
asfbr-256	99	27	’s	’s	PART
asfbr-256	99	28	dividend	dividend	NOUN
asfbr-256	99	29	:	:	PUNCT
asfbr-256	99	30	2	2	NUM
asfbr-256	99	31	1	1	NUM
asfbr-256	99	32	1	1	NUM
asfbr-256	99	33	r	r	NOUN
asfbr-256	99	34	ge	ge	NOUN
asfbr-256	100	1	r	r	NOUN
asfbr-256	101	1	d	d	PROPN
asfbr-256	101	2	p	p	X
asfbr-256	101	3	s	s	X
asfbr-256	101	4	o	o	X
asfbr-256	101	5			ADJ
asfbr-256	101	6	(	(	PUNCT
asfbr-256	101	7	12	12	NUM
asfbr-256	101	8	)	)	PUNCT
asfbr-256	101	9	the	the	DET
asfbr-256	101	10	advantage	advantage	NOUN
asfbr-256	101	11	of	of	ADP
asfbr-256	101	12	the	the	DET
asfbr-256	101	13	easton	easton	PROPN
asfbr-256	101	14	and	and	CCONJ
asfbr-256	101	15	ohlson	ohlson	NOUN
asfbr-256	101	16	-	-	PUNCT
asfbr-256	101	17	juettner	juettner	NOUN
asfbr-256	101	18	-	-	PUNCT
asfbr-256	101	19	nauroth	nauroth	NOUN
asfbr-256	101	20	models	model	NOUN
asfbr-256	101	21	over	over	ADP
asfbr-256	101	22	riv	riv	NOUN
asfbr-256	101	23	models	model	NOUN
asfbr-256	101	24	is	be	AUX
asfbr-256	101	25	that	that	SCONJ
asfbr-256	101	26	they	they	PRON
asfbr-256	101	27	yield	yield	VERB
asfbr-256	101	28	simple	simple	ADJ
asfbr-256	101	29	formulas	formula	NOUN
asfbr-256	101	30	for	for	ADP
asfbr-256	101	31	the	the	DET
asfbr-256	101	32	cost	cost	NOUN
asfbr-256	101	33	of	of	ADP
asfbr-256	101	34	equity	equity	NOUN
asfbr-256	101	35	.	.	PUNCT
asfbr-256	102	1	riv	riv	PROPN
asfbr-256	102	2	models	model	NOUN
asfbr-256	102	3	have	have	VERB
asfbr-256	102	4	more	more	ADJ
asfbr-256	102	5	terms	term	NOUN
asfbr-256	102	6	because	because	SCONJ
asfbr-256	102	7	they	they	PRON
asfbr-256	102	8	explicitly	explicitly	ADV
asfbr-256	102	9	forecast	forecast	VERB
asfbr-256	102	10	variables	variable	NOUN
asfbr-256	102	11	over	over	ADP
asfbr-256	102	12	the	the	DET
asfbr-256	102	13	short	short	ADJ
asfbr-256	102	14	-	-	PUNCT
asfbr-256	102	15	term	term	NOUN
asfbr-256	102	16	before	before	ADP
asfbr-256	102	17	calculating	calculate	VERB
asfbr-256	102	18	a	a	DET
asfbr-256	102	19	terminal	terminal	ADJ
asfbr-256	102	20	value	value	NOUN
asfbr-256	102	21	.	.	PUNCT
asfbr-256	103	1	in	in	ADP
asfbr-256	103	2	contrast	contrast	NOUN
asfbr-256	103	3	,	,	PUNCT
asfbr-256	103	4	the	the	DET
asfbr-256	103	5	abnormal	abnormal	ADJ
asfbr-256	103	6	earnings	earning	NOUN
asfbr-256	103	7	growth	growth	NOUN
asfbr-256	103	8	models	model	NOUN
asfbr-256	103	9	make	make	VERB
asfbr-256	103	10	assumptions	assumption	NOUN
asfbr-256	103	11	so	so	SCONJ
asfbr-256	103	12	that	that	SCONJ
asfbr-256	103	13	the	the	DET
asfbr-256	103	14	terminal	terminal	ADJ
asfbr-256	103	15	value	value	NOUN
asfbr-256	103	16	is	be	AUX
asfbr-256	103	17	calculated	calculate	VERB
asfbr-256	103	18	immediately	immediately	ADV
asfbr-256	103	19	,	,	PUNCT
asfbr-256	103	20	which	which	PRON
asfbr-256	103	21	allows	allow	VERB
asfbr-256	103	22	them	they	PRON
asfbr-256	103	23	to	to	PART
asfbr-256	103	24	be	be	AUX
asfbr-256	103	25	easily	easily	ADV
asfbr-256	103	26	inverted	invert	VERB
asfbr-256	103	27	to	to	PART
asfbr-256	103	28	solve	solve	VERB
asfbr-256	103	29	for	for	ADP
asfbr-256	103	30	the	the	DET
asfbr-256	103	31	cost	cost	NOUN
asfbr-256	103	32	of	of	ADP
asfbr-256	103	33	equity	equity	NOUN
asfbr-256	103	34	.	.	PUNCT
asfbr-256	104	1	2.6	2.6	NUM
asfbr-256	104	2	hedging	hedging	NOUN
asfbr-256	104	3	and	and	CCONJ
asfbr-256	104	4	the	the	DET
asfbr-256	104	5	cost	cost	NOUN
asfbr-256	104	6	of	of	ADP
asfbr-256	104	7	capital	capital	NOUN
asfbr-256	104	8	corporate	corporate	ADJ
asfbr-256	104	9	finance	finance	NOUN
asfbr-256	104	10	theory	theory	NOUN
asfbr-256	104	11	formulates	formulate	VERB
asfbr-256	104	12	that	that	SCONJ
asfbr-256	104	13	firm	firm	ADJ
asfbr-256	104	14	value	value	NOUN
asfbr-256	104	15	is	be	AUX
asfbr-256	104	16	the	the	DET
asfbr-256	104	17	present	present	ADJ
asfbr-256	104	18	value	value	NOUN
asfbr-256	104	19	of	of	ADP
asfbr-256	104	20	future	future	ADJ
asfbr-256	104	21	cash	cash	NOUN
asfbr-256	104	22	flows	flow	NOUN
asfbr-256	104	23	.	.	PUNCT
asfbr-256	105	1	therefore	therefore	ADV
asfbr-256	105	2	,	,	PUNCT
asfbr-256	105	3	the	the	DET
asfbr-256	105	4	impacts	impact	NOUN
asfbr-256	105	5	of	of	ADP
asfbr-256	105	6	hedging	hedging	NOUN
asfbr-256	105	7	on	on	ADP
asfbr-256	105	8	firm	firm	ADJ
asfbr-256	105	9	value	value	NOUN
asfbr-256	105	10	can	can	AUX
asfbr-256	105	11	be	be	AUX
asfbr-256	105	12	from	from	ADP
asfbr-256	105	13	:	:	PUNCT
asfbr-256	105	14	the	the	DET
asfbr-256	105	15	effect	effect	NOUN
asfbr-256	105	16	on	on	ADP
asfbr-256	105	17	the	the	DET
asfbr-256	105	18	cash	cash	NOUN
asfbr-256	105	19	flow	flow	NOUN
asfbr-256	105	20	stream	stream	NOUN
asfbr-256	105	21	and/or	and/or	CCONJ
asfbr-256	105	22	the	the	DET
asfbr-256	105	23	impact	impact	NOUN
asfbr-256	105	24	on	on	ADP
asfbr-256	105	25	the	the	DET
asfbr-256	105	26	cost	cost	NOUN
asfbr-256	105	27	of	of	ADP
asfbr-256	105	28	capital	capital	NOUN
asfbr-256	105	29	by	by	ADP
asfbr-256	105	30	which	which	PRON
asfbr-256	105	31	future	future	ADJ
asfbr-256	105	32	cash	cash	NOUN
asfbr-256	105	33	flows	flow	NOUN
asfbr-256	105	34	are	be	AUX
asfbr-256	105	35	discounted	discount	VERB
asfbr-256	105	36	.	.	PUNCT
asfbr-256	106	1	easley	easley	PROPN
asfbr-256	106	2	and	and	CCONJ
asfbr-256	106	3	o’hara	o’hara	PROPN
asfbr-256	106	4	(	(	PUNCT
asfbr-256	106	5	2004	2004	NUM
asfbr-256	106	6	)	)	PUNCT
asfbr-256	106	7	highlight	highlight	VERB
asfbr-256	106	8	that	that	SCONJ
asfbr-256	106	9	the	the	DET
asfbr-256	106	10	cost	cost	NOUN
asfbr-256	106	11	of	of	ADP
asfbr-256	106	12	capital	capital	NOUN
asfbr-256	106	13	is	be	AUX
asfbr-256	106	14	fundamental	fundamental	ADJ
asfbr-256	106	15	in	in	ADP
asfbr-256	106	16	corporate	corporate	ADJ
asfbr-256	106	17	policies	policy	NOUN
asfbr-256	106	18	because	because	SCONJ
asfbr-256	106	19	of	of	ADP
asfbr-256	106	20	its	its	PRON
asfbr-256	106	21	impact	impact	NOUN
asfbr-256	106	22	on	on	ADP
asfbr-256	106	23	profitability	profitability	NOUN
asfbr-256	106	24	,	,	PUNCT
asfbr-256	106	25	and	and	CCONJ
asfbr-256	106	26	hence	hence	ADV
asfbr-256	106	27	investment	investment	NOUN
asfbr-256	106	28	decisions	decision	NOUN
asfbr-256	106	29	.	.	PUNCT
asfbr-256	107	1	recent	recent	ADJ
asfbr-256	107	2	studies	study	NOUN
asfbr-256	107	3	suggest	suggest	VERB
asfbr-256	107	4	that	that	SCONJ
asfbr-256	107	5	hedging	hedging	NOUN
asfbr-256	107	6	has	have	VERB
asfbr-256	107	7	notable	notable	ADJ
asfbr-256	107	8	influences	influence	NOUN
asfbr-256	107	9	on	on	ADP
asfbr-256	107	10	the	the	DET
asfbr-256	107	11	cost	cost	NOUN
asfbr-256	107	12	of	of	ADP
asfbr-256	107	13	equity	equity	NOUN
asfbr-256	107	14	.	.	PUNCT
asfbr-256	108	1	for	for	ADP
asfbr-256	108	2	example	example	NOUN
asfbr-256	108	3	,	,	PUNCT
asfbr-256	108	4	gay	gay	PROPN
asfbr-256	108	5	,	,	PUNCT
asfbr-256	108	6	lin	lin	PROPN
asfbr-256	108	7	,	,	PUNCT
asfbr-256	108	8	and	and	CCONJ
asfbr-256	108	9	smith	smith	PROPN
asfbr-256	108	10	(	(	PUNCT
asfbr-256	108	11	2010	2010	NUM
asfbr-256	108	12	)	)	PUNCT
asfbr-256	108	13	report	report	NOUN
asfbr-256	108	14	that	that	SCONJ
asfbr-256	108	15	hedging	hedge	VERB
asfbr-256	108	16	copyright	copyright	NOUN
asfbr-256	108	17	©	©	PROPN
asfbr-256	108	18	cc	cc	PROPN
asfbr-256	108	19	-	-	PUNCT
asfbr-256	108	20	by	by	ADP
asfbr-256	108	21	-	-	PUNCT
asfbr-256	108	22	nc	nc	PROPN
asfbr-256	108	23	2019	2019	NUM
asfbr-256	108	24	,	,	PUNCT
asfbr-256	108	25	cribfb	cribfb	PROPN
asfbr-256	108	26	|	|	ADV
asfbr-256	108	27	afbr	afbr	ADV
asfbr-256	108	28	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	108	29	asian	asian	ADJ
asfbr-256	108	30	finance	finance	PROPN
asfbr-256	108	31	&	&	CCONJ
asfbr-256	108	32	banking	banking	PROPN
asfbr-256	108	33	review	review	PROPN
asfbr-256	108	34	vol	vol	NOUN
asfbr-256	108	35	.	.	PROPN
asfbr-256	109	1	3	3	NUM
asfbr-256	109	2	,	,	PUNCT
asfbr-256	109	3	no	no	INTJ
asfbr-256	109	4	.	.	NOUN
asfbr-256	109	5	1	1	NUM
asfbr-256	109	6	;	;	PUNCT
asfbr-256	109	7	2019	2019	NUM
asfbr-256	109	8	16	16	NUM
asfbr-256	109	9	affects	affect	VERB
asfbr-256	109	10	the	the	DET
asfbr-256	109	11	cost	cost	NOUN
asfbr-256	109	12	of	of	ADP
asfbr-256	109	13	equity	equity	NOUN
asfbr-256	109	14	through	through	ADP
asfbr-256	109	15	a	a	DET
asfbr-256	109	16	reduction	reduction	NOUN
asfbr-256	109	17	in	in	ADP
asfbr-256	109	18	the	the	DET
asfbr-256	109	19	covariance	covariance	NOUN
asfbr-256	109	20	of	of	ADP
asfbr-256	109	21	future	future	ADJ
asfbr-256	109	22	cash	cash	NOUN
asfbr-256	109	23	flows	flow	NOUN
asfbr-256	109	24	.	.	PUNCT
asfbr-256	110	1	in	in	ADP
asfbr-256	110	2	particular	particular	ADJ
asfbr-256	110	3	,	,	PUNCT
asfbr-256	110	4	the	the	DET
asfbr-256	110	5	cost	cost	NOUN
asfbr-256	110	6	of	of	ADP
asfbr-256	110	7	equity	equity	NOUN
asfbr-256	110	8	is	be	AUX
asfbr-256	110	9	reduced	reduce	VERB
asfbr-256	110	10	when	when	SCONJ
asfbr-256	110	11	hedging	hedging	NOUN
asfbr-256	110	12	lowers	lower	VERB
asfbr-256	110	13	the	the	DET
asfbr-256	110	14	effective	effective	ADJ
asfbr-256	110	15	discount	discount	NOUN
asfbr-256	110	16	factor	factor	NOUN
asfbr-256	110	17	of	of	ADP
asfbr-256	110	18	future	future	ADJ
asfbr-256	110	19	investment	investment	NOUN
asfbr-256	110	20	payoffs	payoff	NOUN
asfbr-256	110	21	.	.	PUNCT
asfbr-256	111	1	they	they	PRON
asfbr-256	111	2	document	document	VERB
asfbr-256	111	3	that	that	SCONJ
asfbr-256	111	4	the	the	DET
asfbr-256	111	5	cost	cost	NOUN
asfbr-256	111	6	of	of	ADP
asfbr-256	111	7	equity	equity	NOUN
asfbr-256	111	8	for	for	ADP
asfbr-256	111	9	hedging	hedging	NOUN
asfbr-256	111	10	firms	firm	NOUN
asfbr-256	111	11	is	be	AUX
asfbr-256	111	12	24	24	NUM
asfbr-256	111	13	to	to	ADP
asfbr-256	111	14	78	78	NUM
asfbr-256	111	15	bps	bps	NOUN
asfbr-256	111	16	lower	low	ADJ
asfbr-256	111	17	than	than	ADP
asfbr-256	111	18	those	those	DET
asfbr-256	111	19	firms	firm	NOUN
asfbr-256	111	20	that	that	PRON
asfbr-256	111	21	do	do	AUX
asfbr-256	111	22	not	not	PART
asfbr-256	111	23	hedge	hedge	VERB
asfbr-256	111	24	.	.	PUNCT
asfbr-256	112	1	2.7	2.7	NUM
asfbr-256	112	2	reduced	reduce	VERB
asfbr-256	112	3	bankruptcy	bankruptcy	NOUN
asfbr-256	112	4	cost	cost	VERB
asfbr-256	112	5	the	the	DET
asfbr-256	112	6	probability	probability	NOUN
asfbr-256	112	7	of	of	ADP
asfbr-256	112	8	bankruptcy	bankruptcy	NOUN
asfbr-256	112	9	or	or	CCONJ
asfbr-256	112	10	financial	financial	ADJ
asfbr-256	112	11	distress	distress	NOUN
asfbr-256	112	12	is	be	AUX
asfbr-256	112	13	considerably	considerably	ADV
asfbr-256	112	14	higher	high	ADJ
asfbr-256	112	15	when	when	SCONJ
asfbr-256	112	16	a	a	DET
asfbr-256	112	17	firm	firm	NOUN
asfbr-256	112	18	’s	’s	PART
asfbr-256	112	19	earnings	earning	NOUN
asfbr-256	112	20	or	or	CCONJ
asfbr-256	112	21	cash	cash	NOUN
asfbr-256	112	22	flows	flow	NOUN
asfbr-256	112	23	are	be	AUX
asfbr-256	112	24	more	more	ADV
asfbr-256	112	25	volatile	volatile	ADJ
asfbr-256	112	26	.	.	PUNCT
asfbr-256	113	1	because	because	SCONJ
asfbr-256	113	2	hedging	hedging	NOUN
asfbr-256	113	3	smoothes	smooth	VERB
asfbr-256	113	4	corporate	corporate	ADJ
asfbr-256	113	5	income	income	NOUN
asfbr-256	113	6	or	or	CCONJ
asfbr-256	113	7	cash	cash	NOUN
asfbr-256	113	8	flows	flow	NOUN
asfbr-256	113	9	,	,	PUNCT
asfbr-256	113	10	bankruptcy	bankruptcy	NOUN
asfbr-256	113	11	risk	risk	NOUN
asfbr-256	113	12	is	be	AUX
asfbr-256	113	13	reduced	reduce	VERB
asfbr-256	113	14	.	.	PUNCT
asfbr-256	114	1	in	in	ADP
asfbr-256	114	2	particular	particular	ADJ
asfbr-256	114	3	,	,	PUNCT
asfbr-256	114	4	smith	smith	NOUN
asfbr-256	114	5	and	and	CCONJ
asfbr-256	114	6	stulz	stulz	ADJ
asfbr-256	114	7	(	(	PUNCT
asfbr-256	114	8	1985	1985	NUM
asfbr-256	114	9	)	)	PUNCT
asfbr-256	114	10	suggest	suggest	VERB
asfbr-256	114	11	that	that	SCONJ
asfbr-256	114	12	hedging	hedging	NOUN
asfbr-256	114	13	reduces	reduce	VERB
asfbr-256	114	14	a	a	DET
asfbr-256	114	15	firm	firm	NOUN
asfbr-256	114	16	’s	’s	PART
asfbr-256	114	17	cash	cash	NOUN
asfbr-256	114	18	flow	flow	NOUN
asfbr-256	114	19	volatility	volatility	NOUN
asfbr-256	114	20	and	and	CCONJ
asfbr-256	114	21	consequently	consequently	ADV
asfbr-256	114	22	lowers	lower	VERB
asfbr-256	114	23	the	the	DET
asfbr-256	114	24	expected	expect	VERB
asfbr-256	114	25	cost	cost	NOUN
asfbr-256	114	26	of	of	ADP
asfbr-256	114	27	financial	financial	ADJ
asfbr-256	114	28	distress	distress	NOUN
asfbr-256	114	29	.	.	PUNCT
asfbr-256	115	1	as	as	ADP
asfbr-256	115	2	a	a	DET
asfbr-256	115	3	result	result	NOUN
asfbr-256	115	4	,	,	PUNCT
asfbr-256	115	5	we	we	PRON
asfbr-256	115	6	conjecture	conjecture	VERB
asfbr-256	115	7	that	that	SCONJ
asfbr-256	115	8	hedging	hedging	NOUN
asfbr-256	115	9	should	should	AUX
asfbr-256	115	10	lead	lead	VERB
asfbr-256	115	11	to	to	ADP
asfbr-256	115	12	a	a	DET
asfbr-256	115	13	lower	low	ADJ
asfbr-256	115	14	cost	cost	NOUN
asfbr-256	115	15	of	of	ADP
asfbr-256	115	16	debt	debt	NOUN
asfbr-256	115	17	.	.	PUNCT
asfbr-256	116	1	in	in	ADP
asfbr-256	116	2	addition	addition	NOUN
asfbr-256	116	3	,	,	PUNCT
asfbr-256	116	4	highly	highly	ADV
asfbr-256	116	5	leveraged	leveraged	ADJ
asfbr-256	116	6	firms	firm	NOUN
asfbr-256	116	7	often	often	ADV
asfbr-256	116	8	can	can	AUX
asfbr-256	116	9	not	not	PART
asfbr-256	116	10	afford	afford	VERB
asfbr-256	116	11	a	a	DET
asfbr-256	116	12	large	large	ADJ
asfbr-256	116	13	debt	debt	NOUN
asfbr-256	116	14	capacity	capacity	NOUN
asfbr-256	116	15	since	since	SCONJ
asfbr-256	116	16	the	the	DET
asfbr-256	116	17	cost	cost	NOUN
asfbr-256	116	18	of	of	ADP
asfbr-256	116	19	debt	debt	NOUN
asfbr-256	116	20	is	be	AUX
asfbr-256	116	21	high	high	ADJ
asfbr-256	116	22	.	.	PUNCT
asfbr-256	117	1	graham	graham	PROPN
asfbr-256	117	2	and	and	CCONJ
asfbr-256	117	3	rogers	rogers	PROPN
asfbr-256	117	4	(	(	PUNCT
asfbr-256	117	5	2002	2002	NUM
asfbr-256	117	6	)	)	PUNCT
asfbr-256	117	7	find	find	VERB
asfbr-256	117	8	that	that	SCONJ
asfbr-256	117	9	hedging	hedging	NOUN
asfbr-256	117	10	helps	help	VERB
asfbr-256	117	11	increase	increase	VERB
asfbr-256	117	12	debt	debt	NOUN
asfbr-256	117	13	capacity	capacity	NOUN
asfbr-256	117	14	,	,	PUNCT
asfbr-256	117	15	leading	lead	VERB
asfbr-256	117	16	to	to	ADP
asfbr-256	117	17	an	an	DET
asfbr-256	117	18	average	average	ADJ
asfbr-256	117	19	increase	increase	NOUN
asfbr-256	117	20	of	of	ADP
asfbr-256	117	21	1.1	1.1	NUM
asfbr-256	117	22	%	%	NOUN
asfbr-256	117	23	in	in	ADP
asfbr-256	117	24	firm	firm	ADJ
asfbr-256	117	25	value	value	NOUN
asfbr-256	117	26	.	.	PUNCT
asfbr-256	118	1	2.8	2.8	NUM
asfbr-256	118	2	lower	low	ADJ
asfbr-256	118	3	agency	agency	NOUN
asfbr-256	118	4	cost	cost	NOUN
asfbr-256	118	5	of	of	ADP
asfbr-256	118	6	debt	debt	NOUN
asfbr-256	118	7	myers	myer	NOUN
asfbr-256	118	8	(	(	PUNCT
asfbr-256	118	9	1977	1977	NUM
asfbr-256	118	10	)	)	PUNCT
asfbr-256	118	11	suggests	suggest	VERB
asfbr-256	118	12	that	that	SCONJ
asfbr-256	118	13	firms	firm	NOUN
asfbr-256	118	14	with	with	ADP
asfbr-256	118	15	risky	risky	ADJ
asfbr-256	118	16	debt	debt	NOUN
asfbr-256	118	17	may	may	AUX
asfbr-256	118	18	forgo	forgo	VERB
asfbr-256	118	19	positive	positive	ADJ
asfbr-256	118	20	npv	npv	NOUN
asfbr-256	118	21	projects	project	NOUN
asfbr-256	118	22	if	if	SCONJ
asfbr-256	118	23	some	some	PRON
asfbr-256	118	24	or	or	CCONJ
asfbr-256	118	25	all	all	PRON
asfbr-256	118	26	of	of	ADP
asfbr-256	118	27	the	the	DET
asfbr-256	118	28	value	value	NOUN
asfbr-256	118	29	of	of	ADP
asfbr-256	118	30	the	the	DET
asfbr-256	118	31	project	project	NOUN
asfbr-256	118	32	goes	go	VERB
asfbr-256	118	33	toward	toward	ADP
asfbr-256	118	34	the	the	DET
asfbr-256	118	35	bondholders	bondholder	NOUN
asfbr-256	118	36	when	when	SCONJ
asfbr-256	118	37	poor	poor	ADJ
asfbr-256	118	38	states	state	NOUN
asfbr-256	118	39	occur	occur	VERB
asfbr-256	118	40	.	.	PUNCT
asfbr-256	119	1	hedging	hedging	NOUN
asfbr-256	119	2	alleviates	alleviate	VERB
asfbr-256	119	3	the	the	DET
asfbr-256	119	4	underinvestment	underinvestment	ADJ
asfbr-256	119	5	problem	problem	NOUN
asfbr-256	119	6	by	by	ADP
asfbr-256	119	7	reducing	reduce	VERB
asfbr-256	119	8	the	the	DET
asfbr-256	119	9	probability	probability	NOUN
asfbr-256	119	10	of	of	ADP
asfbr-256	119	11	the	the	DET
asfbr-256	119	12	poor	poor	ADJ
asfbr-256	119	13	states	state	NOUN
asfbr-256	119	14	occurring	occur	VERB
asfbr-256	119	15	.	.	PUNCT
asfbr-256	120	1	therefore	therefore	ADV
asfbr-256	120	2	,	,	PUNCT
asfbr-256	120	3	shareholders	shareholder	NOUN
asfbr-256	120	4	have	have	VERB
asfbr-256	120	5	greater	great	ADJ
asfbr-256	120	6	incentives	incentive	NOUN
asfbr-256	120	7	to	to	PART
asfbr-256	120	8	invest	invest	VERB
asfbr-256	120	9	in	in	ADP
asfbr-256	120	10	value	value	NOUN
asfbr-256	120	11	-	-	PUNCT
asfbr-256	120	12	enhancing	enhance	VERB
asfbr-256	120	13	projects	project	NOUN
asfbr-256	120	14	(	(	PUNCT
asfbr-256	120	15	bessembinder	bessembinder	NOUN
asfbr-256	120	16	(	(	PUNCT
asfbr-256	120	17	1991	1991	NUM
asfbr-256	120	18	)	)	PUNCT
asfbr-256	120	19	.	.	PUNCT
asfbr-256	121	1	froot	froot	PROPN
asfbr-256	121	2	,	,	PUNCT
asfbr-256	121	3	scharfstein	scharfstein	PROPN
asfbr-256	121	4	,	,	PUNCT
asfbr-256	121	5	and	and	CCONJ
asfbr-256	121	6	stein	stein	PROPN
asfbr-256	121	7	(	(	PUNCT
asfbr-256	121	8	1993	1993	NUM
asfbr-256	121	9	)	)	PUNCT
asfbr-256	121	10	theorize	theorize	VERB
asfbr-256	121	11	that	that	SCONJ
asfbr-256	121	12	hedging	hedging	NOUN
asfbr-256	121	13	curtails	curtail	VERB
asfbr-256	121	14	the	the	DET
asfbr-256	121	15	underinvestment	underinvestment	ADJ
asfbr-256	121	16	problem	problem	NOUN
asfbr-256	121	17	when	when	SCONJ
asfbr-256	121	18	a	a	DET
asfbr-256	121	19	firm	firm	NOUN
asfbr-256	121	20	faces	face	VERB
asfbr-256	121	21	growth	growth	NOUN
asfbr-256	121	22	opportunities	opportunity	NOUN
asfbr-256	121	23	and	and	CCONJ
asfbr-256	121	24	a	a	DET
asfbr-256	121	25	high	high	ADJ
asfbr-256	121	26	cost	cost	NOUN
asfbr-256	121	27	of	of	ADP
asfbr-256	121	28	external	external	ADJ
asfbr-256	121	29	financing	financing	NOUN
asfbr-256	121	30	.	.	PUNCT
asfbr-256	122	1	in	in	ADP
asfbr-256	122	2	this	this	DET
asfbr-256	122	3	case	case	NOUN
asfbr-256	122	4	,	,	PUNCT
asfbr-256	122	5	hedging	hedging	NOUN
asfbr-256	122	6	leads	lead	VERB
asfbr-256	122	7	to	to	ADP
asfbr-256	122	8	managers	manager	NOUN
asfbr-256	122	9	following	follow	VERB
asfbr-256	122	10	the	the	DET
asfbr-256	122	11	optimal	optimal	ADJ
asfbr-256	122	12	investment	investment	NOUN
asfbr-256	122	13	policy	policy	NOUN
asfbr-256	122	14	by	by	ADP
asfbr-256	122	15	generating	generate	VERB
asfbr-256	122	16	sufficient	sufficient	ADJ
asfbr-256	122	17	internal	internal	ADJ
asfbr-256	122	18	funds	fund	NOUN
asfbr-256	122	19	and	and	CCONJ
asfbr-256	122	20	having	have	VERB
asfbr-256	122	21	a	a	DET
asfbr-256	122	22	low	low	ADJ
asfbr-256	122	23	cost	cost	NOUN
asfbr-256	122	24	of	of	ADP
asfbr-256	122	25	capital	capital	NOUN
asfbr-256	122	26	.	.	PUNCT
asfbr-256	123	1	second	second	ADJ
asfbr-256	123	2	,	,	PUNCT
asfbr-256	123	3	hedging	hedging	NOUN
asfbr-256	123	4	mitigates	mitigate	VERB
asfbr-256	123	5	the	the	DET
asfbr-256	123	6	risk	risk	NOUN
asfbr-256	123	7	-	-	PUNCT
asfbr-256	123	8	shifting	shift	VERB
asfbr-256	123	9	problem	problem	NOUN
asfbr-256	123	10	(	(	PUNCT
asfbr-256	123	11	campbell	campbell	PROPN
asfbr-256	123	12	and	and	CCONJ
asfbr-256	123	13	kracaw	kracaw	PROPN
asfbr-256	123	14	,	,	PUNCT
asfbr-256	123	15	1990	1990	NUM
asfbr-256	123	16	)	)	PUNCT
asfbr-256	123	17	.	.	PUNCT
asfbr-256	124	1	2.9	2.9	NUM
asfbr-256	124	2	lower	low	ADJ
asfbr-256	124	3	level	level	NOUN
asfbr-256	124	4	of	of	ADP
asfbr-256	124	5	information	information	NOUN
asfbr-256	124	6	asymmetry	asymmetry	NOUN
asfbr-256	124	7	literature	literature	NOUN
asfbr-256	124	8	indicates	indicate	VERB
asfbr-256	124	9	that	that	SCONJ
asfbr-256	124	10	managers	manager	NOUN
asfbr-256	124	11	have	have	VERB
asfbr-256	124	12	better	well	ADJ
asfbr-256	124	13	information	information	NOUN
asfbr-256	124	14	about	about	ADP
asfbr-256	124	15	firm	firm	ADJ
asfbr-256	124	16	performance	performance	NOUN
asfbr-256	124	17	than	than	ADP
asfbr-256	124	18	outsiders	outsider	NOUN
asfbr-256	124	19	.	.	PUNCT
asfbr-256	125	1	as	as	SCONJ
asfbr-256	125	2	the	the	DET
asfbr-256	125	3	release	release	NOUN
asfbr-256	125	4	of	of	ADP
asfbr-256	125	5	information	information	NOUN
asfbr-256	125	6	is	be	AUX
asfbr-256	125	7	costly	costly	ADJ
asfbr-256	125	8	and	and	CCONJ
asfbr-256	125	9	managers	manager	NOUN
asfbr-256	125	10	may	may	AUX
asfbr-256	125	11	have	have	VERB
asfbr-256	125	12	incentives	incentive	NOUN
asfbr-256	125	13	to	to	PART
asfbr-256	125	14	distort	distort	VERB
asfbr-256	125	15	or	or	CCONJ
asfbr-256	125	16	not	not	PART
asfbr-256	125	17	fully	fully	ADV
asfbr-256	125	18	disclose	disclose	VERB
asfbr-256	125	19	information	information	NOUN
asfbr-256	125	20	for	for	ADP
asfbr-256	125	21	private	private	ADJ
asfbr-256	125	22	benefits	benefit	NOUN
asfbr-256	125	23	,	,	PUNCT
asfbr-256	125	24	investors	investor	NOUN
asfbr-256	125	25	do	do	AUX
asfbr-256	125	26	not	not	PART
asfbr-256	125	27	have	have	VERB
asfbr-256	125	28	full	full	ADJ
asfbr-256	125	29	information	information	NOUN
asfbr-256	125	30	on	on	ADP
asfbr-256	125	31	asset	asset	NOUN
asfbr-256	125	32	values	value	NOUN
asfbr-256	125	33	or	or	CCONJ
asfbr-256	125	34	their	their	PRON
asfbr-256	125	35	information	information	NOUN
asfbr-256	125	36	set	set	VERB
asfbr-256	125	37	is	be	AUX
asfbr-256	125	38	noisy	noisy	ADJ
asfbr-256	125	39	.	.	PUNCT
asfbr-256	126	1	as	as	ADP
asfbr-256	126	2	a	a	DET
asfbr-256	126	3	result	result	NOUN
asfbr-256	126	4	,	,	PUNCT
asfbr-256	126	5	information	information	NOUN
asfbr-256	126	6	asymmetry	asymmetry	NOUN
asfbr-256	126	7	affects	affect	VERB
asfbr-256	126	8	equilibrium	equilibrium	NOUN
asfbr-256	126	9	asset	asset	NOUN
asfbr-256	126	10	prices	price	NOUN
asfbr-256	126	11	and	and	CCONJ
asfbr-256	126	12	expected	expect	VERB
asfbr-256	126	13	rates	rate	NOUN
asfbr-256	126	14	of	of	ADP
asfbr-256	126	15	return	return	NOUN
asfbr-256	126	16	by	by	ADP
asfbr-256	126	17	influencing	influence	VERB
asfbr-256	126	18	the	the	DET
asfbr-256	126	19	investors	investor	NOUN
asfbr-256	126	20	’	’	PART
asfbr-256	126	21	assessments	assessment	NOUN
asfbr-256	126	22	regarding	regard	VERB
asfbr-256	126	23	the	the	DET
asfbr-256	126	24	distribution	distribution	NOUN
asfbr-256	126	25	of	of	ADP
asfbr-256	126	26	future	future	ADJ
asfbr-256	126	27	cash	cash	NOUN
asfbr-256	126	28	flows	flow	NOUN
asfbr-256	126	29	.	.	PUNCT
asfbr-256	127	1	easley	easley	PROPN
asfbr-256	127	2	and	and	CCONJ
asfbr-256	127	3	o’hara	o’hara	PROPN
asfbr-256	127	4	(	(	PUNCT
asfbr-256	127	5	2004	2004	NUM
asfbr-256	127	6	)	)	PUNCT
asfbr-256	127	7	demonstrate	demonstrate	VERB
asfbr-256	127	8	that	that	SCONJ
asfbr-256	127	9	investors	investor	NOUN
asfbr-256	127	10	demand	demand	VERB
asfbr-256	127	11	a	a	DET
asfbr-256	127	12	higher	high	ADJ
asfbr-256	127	13	return	return	NOUN
asfbr-256	127	14	on	on	ADP
asfbr-256	127	15	stocks	stock	NOUN
asfbr-256	127	16	with	with	ADP
asfbr-256	127	17	more	more	ADV
asfbr-256	127	18	private	private	ADJ
asfbr-256	127	19	information	information	NOUN
asfbr-256	127	20	.	.	PUNCT
asfbr-256	128	1	duffie	duffie	PROPN
asfbr-256	128	2	and	and	CCONJ
asfbr-256	128	3	lando	lando	NOUN
asfbr-256	128	4	(	(	PUNCT
asfbr-256	128	5	2001	2001	NUM
asfbr-256	128	6	)	)	PUNCT
asfbr-256	128	7	argue	argue	VERB
asfbr-256	128	8	that	that	SCONJ
asfbr-256	128	9	information	information	NOUN
asfbr-256	128	10	content	content	NOUN
asfbr-256	128	11	and	and	CCONJ
asfbr-256	128	12	quality	quality	NOUN
asfbr-256	128	13	based	base	VERB
asfbr-256	128	14	on	on	ADP
asfbr-256	128	15	accounting	accounting	NOUN
asfbr-256	128	16	disclosure	disclosure	NOUN
asfbr-256	128	17	are	be	AUX
asfbr-256	128	18	critical	critical	ADJ
asfbr-256	128	19	for	for	SCONJ
asfbr-256	128	20	bondholders	bondholder	NOUN
asfbr-256	128	21	to	to	PART
asfbr-256	128	22	retrieve	retrieve	VERB
asfbr-256	128	23	a	a	DET
asfbr-256	128	24	conditional	conditional	ADJ
asfbr-256	128	25	distribution	distribution	NOUN
asfbr-256	128	26	of	of	ADP
asfbr-256	128	27	an	an	DET
asfbr-256	128	28	issuer	issuer	NOUN
asfbr-256	128	29	’s	’s	PART
asfbr-256	128	30	asset	asset	NOUN
asfbr-256	128	31	value	value	NOUN
asfbr-256	128	32	.	.	PUNCT
asfbr-256	129	1	2.10	2.10	NUM
asfbr-256	129	2	empirical	empirical	ADJ
asfbr-256	129	3	review	review	NOUN
asfbr-256	129	4	khaled	khale	VERB
asfbr-256	129	5	and	and	CCONJ
asfbr-256	129	6	samer	samer	PROPN
asfbr-256	129	7	(	(	PUNCT
asfbr-256	129	8	2014	2014	NUM
asfbr-256	129	9	)	)	PUNCT
asfbr-256	129	10	examined	examine	VERB
asfbr-256	129	11	the	the	DET
asfbr-256	129	12	determinants	determinant	NOUN
asfbr-256	129	13	of	of	ADP
asfbr-256	129	14	the	the	DET
asfbr-256	129	15	rate	rate	NOUN
asfbr-256	129	16	of	of	ADP
asfbr-256	129	17	return	return	NOUN
asfbr-256	129	18	on	on	ADP
asfbr-256	129	19	investment	investment	NOUN
asfbr-256	129	20	in	in	ADP
asfbr-256	129	21	stocks	stock	NOUN
asfbr-256	129	22	and	and	CCONJ
asfbr-256	129	23	the	the	DET
asfbr-256	129	24	application	application	NOUN
asfbr-256	129	25	of	of	ADP
asfbr-256	129	26	it	it	PRON
asfbr-256	129	27	on	on	ADP
asfbr-256	129	28	industrial	industrial	ADJ
asfbr-256	129	29	enterprises	enterprise	NOUN
asfbr-256	129	30	,	,	PUNCT
asfbr-256	129	31	contributed	contribute	VERB
asfbr-256	129	32	to	to	ADP
asfbr-256	129	33	the	the	DET
asfbr-256	129	34	ase	ase	NOUN
asfbr-256	129	35	,	,	PUNCT
asfbr-256	129	36	which	which	PRON
asfbr-256	129	37	consists	consist	VERB
asfbr-256	129	38	of	of	ADP
asfbr-256	129	39	91	91	NUM
asfbr-256	129	40	industrial	industrial	ADJ
asfbr-256	129	41	companies	company	NOUN
asfbr-256	129	42	during	during	ADP
asfbr-256	129	43	the	the	DET
asfbr-256	129	44	study	study	NOUN
asfbr-256	129	45	period	period	NOUN
asfbr-256	129	46	from	from	ADP
asfbr-256	129	47	19972009	19972009	NUM
asfbr-256	129	48	.	.	PUNCT
asfbr-256	130	1	the	the	DET
asfbr-256	130	2	study	study	NOUN
asfbr-256	130	3	used	use	VERB
asfbr-256	130	4	multiple	multiple	ADJ
asfbr-256	130	5	linear	linear	ADJ
asfbr-256	130	6	regression	regression	NOUN
asfbr-256	130	7	analysis	analysis	NOUN
asfbr-256	130	8	.	.	PUNCT
asfbr-256	131	1	the	the	DET
asfbr-256	131	2	model	model	NOUN
asfbr-256	131	3	included	include	VERB
asfbr-256	131	4	a	a	DET
asfbr-256	131	5	number	number	NOUN
asfbr-256	131	6	of	of	ADP
asfbr-256	131	7	independent	independent	ADJ
asfbr-256	131	8	variables	variable	NOUN
asfbr-256	131	9	which	which	PRON
asfbr-256	131	10	are	be	AUX
asfbr-256	131	11	the	the	DET
asfbr-256	131	12	cost	cost	NOUN
asfbr-256	131	13	of	of	ADP
asfbr-256	131	14	capital	capital	NOUN
asfbr-256	131	15	,	,	PUNCT
asfbr-256	131	16	financial	financial	ADJ
asfbr-256	131	17	leverage	leverage	NOUN
asfbr-256	131	18	,	,	PUNCT
asfbr-256	131	19	and	and	CCONJ
asfbr-256	131	20	growth	growth	NOUN
asfbr-256	131	21	rate	rate	NOUN
asfbr-256	131	22	of	of	ADP
asfbr-256	131	23	dividends	dividend	NOUN
asfbr-256	131	24	.	.	PUNCT
asfbr-256	132	1	the	the	DET
asfbr-256	132	2	results	result	NOUN
asfbr-256	132	3	of	of	ADP
asfbr-256	132	4	the	the	DET
asfbr-256	132	5	study	study	NOUN
asfbr-256	132	6	showed	show	VERB
asfbr-256	132	7	that	that	SCONJ
asfbr-256	132	8	there	there	PRON
asfbr-256	132	9	is	be	VERB
asfbr-256	132	10	appositive	appositive	ADJ
asfbr-256	132	11	effect	effect	NOUN
asfbr-256	132	12	and	and	CCONJ
asfbr-256	132	13	statistically	statistically	ADV
asfbr-256	132	14	significant	significant	ADJ
asfbr-256	132	15	for	for	ADP
asfbr-256	132	16	growth	growth	NOUN
asfbr-256	132	17	rate	rate	NOUN
asfbr-256	132	18	of	of	ADP
asfbr-256	132	19	dividends	dividend	NOUN
asfbr-256	132	20	on	on	ADP
asfbr-256	132	21	rate	rate	NOUN
asfbr-256	132	22	of	of	ADP
asfbr-256	132	23	return	return	NOUN
asfbr-256	132	24	on	on	ADP
asfbr-256	132	25	investment	investment	NOUN
asfbr-256	132	26	(	(	PUNCT
asfbr-256	132	27	dependent	dependent	ADJ
asfbr-256	132	28	variable	variable	NOUN
asfbr-256	132	29	)	)	PUNCT
asfbr-256	132	30	.	.	PUNCT
asfbr-256	133	1	on	on	ADP
asfbr-256	133	2	the	the	DET
asfbr-256	133	3	other	other	ADJ
asfbr-256	133	4	hand	hand	NOUN
asfbr-256	133	5	,	,	PUNCT
asfbr-256	133	6	the	the	DET
asfbr-256	133	7	study	study	NOUN
asfbr-256	133	8	showed	show	VERB
asfbr-256	133	9	no	no	DET
asfbr-256	133	10	effect	effect	NOUN
asfbr-256	133	11	with	with	ADP
asfbr-256	133	12	statistical	statistical	ADJ
asfbr-256	133	13	significance	significance	NOUN
asfbr-256	133	14	for	for	ADP
asfbr-256	133	15	each	each	PRON
asfbr-256	133	16	of	of	ADP
asfbr-256	133	17	the	the	DET
asfbr-256	133	18	cost	cost	NOUN
asfbr-256	133	19	of	of	ADP
asfbr-256	133	20	capital	capital	NOUN
asfbr-256	133	21	and	and	CCONJ
asfbr-256	133	22	financial	financial	ADJ
asfbr-256	133	23	leverage	leverage	NOUN
asfbr-256	133	24	on	on	ADP
asfbr-256	133	25	rate	rate	NOUN
asfbr-256	133	26	of	of	ADP
asfbr-256	133	27	return	return	NOUN
asfbr-256	133	28	on	on	ADP
asfbr-256	133	29	investment	investment	NOUN
asfbr-256	133	30	(	(	PUNCT
asfbr-256	133	31	dependent	dependent	ADJ
asfbr-256	133	32	variable	variable	NOUN
asfbr-256	133	33	)	)	PUNCT
asfbr-256	133	34	.	.	PUNCT
asfbr-256	134	1	it	it	PRON
asfbr-256	134	2	turns	turn	VERB
asfbr-256	134	3	out	out	ADP
asfbr-256	134	4	that	that	SCONJ
asfbr-256	134	5	the	the	DET
asfbr-256	134	6	effect	effect	NOUN
asfbr-256	134	7	of	of	ADP
asfbr-256	134	8	the	the	DET
asfbr-256	134	9	growth	growth	NOUN
asfbr-256	134	10	rate	rate	NOUN
asfbr-256	134	11	of	of	ADP
asfbr-256	134	12	dividends	dividend	NOUN
asfbr-256	134	13	on	on	ADP
asfbr-256	134	14	the	the	DET
asfbr-256	134	15	rate	rate	NOUN
asfbr-256	134	16	of	of	ADP
asfbr-256	134	17	return	return	NOUN
asfbr-256	134	18	on	on	ADP
asfbr-256	134	19	investment	investment	NOUN
asfbr-256	134	20	is	be	AUX
asfbr-256	134	21	not	not	PART
asfbr-256	134	22	compatible	compatible	ADJ
asfbr-256	134	23	with	with	ADP
asfbr-256	134	24	the	the	DET
asfbr-256	134	25	hypotheses	hypothesis	NOUN
asfbr-256	134	26	of	of	ADP
asfbr-256	134	27	the	the	DET
asfbr-256	134	28	study	study	NOUN
asfbr-256	134	29	,	,	PUNCT
asfbr-256	134	30	while	while	SCONJ
asfbr-256	134	31	that	that	SCONJ
asfbr-256	134	32	the	the	DET
asfbr-256	134	33	effect	effect	NOUN
asfbr-256	134	34	of	of	ADP
asfbr-256	134	35	each	each	PRON
asfbr-256	134	36	of	of	ADP
asfbr-256	134	37	cost	cost	NOUN
asfbr-256	134	38	of	of	ADP
asfbr-256	134	39	capital	capital	NOUN
asfbr-256	134	40	and	and	CCONJ
asfbr-256	134	41	financial	financial	ADJ
asfbr-256	134	42	leverage	leverage	NOUN
asfbr-256	134	43	on	on	ADP
asfbr-256	134	44	rate	rate	NOUN
asfbr-256	134	45	of	of	ADP
asfbr-256	134	46	return	return	NOUN
asfbr-256	134	47	on	on	ADP
asfbr-256	134	48	investment	investment	NOUN
asfbr-256	134	49	in	in	ADP
asfbr-256	134	50	the	the	DET
asfbr-256	134	51	stock	stock	NOUN
asfbr-256	134	52	,	,	PUNCT
asfbr-256	134	53	consistent	consistent	ADJ
asfbr-256	134	54	with	with	ADP
asfbr-256	134	55	the	the	DET
asfbr-256	134	56	hypothesis	hypothesis	NOUN
asfbr-256	134	57	of	of	ADP
asfbr-256	134	58	the	the	DET
asfbr-256	134	59	study	study	NOUN
asfbr-256	134	60	.	.	PUNCT
asfbr-256	135	1	casmir	casmir	PROPN
asfbr-256	135	2	and	and	CCONJ
asfbr-256	135	3	anthony	anthony	PROPN
asfbr-256	135	4	(	(	PUNCT
asfbr-256	135	5	2012	2012	NUM
asfbr-256	135	6	)	)	PUNCT
asfbr-256	135	7	found	find	VERB
asfbr-256	135	8	that	that	SCONJ
asfbr-256	135	9	a	a	DET
asfbr-256	135	10	capital	capital	NOUN
asfbr-256	135	11	structure	structure	NOUN
asfbr-256	135	12	of	of	ADP
asfbr-256	135	13	a	a	DET
asfbr-256	135	14	firm	firm	NOUN
asfbr-256	135	15	has	have	VERB
asfbr-256	135	16	a	a	DET
asfbr-256	135	17	negative	negative	ADJ
asfbr-256	135	18	impact	impact	NOUN
asfbr-256	135	19	on	on	ADP
asfbr-256	135	20	firm	firm	NOUN
asfbr-256	135	21	’s	’s	PART
asfbr-256	135	22	performance	performance	NOUN
asfbr-256	135	23	.	.	PUNCT
asfbr-256	136	1	they	they	PRON
asfbr-256	136	2	proved	prove	VERB
asfbr-256	136	3	that	that	SCONJ
asfbr-256	136	4	highly	highly	ADV
asfbr-256	136	5	leverage	leverage	NOUN
asfbr-256	136	6	capital	capital	NOUN
asfbr-256	136	7	structure	structure	NOUN
asfbr-256	136	8	caused	cause	VERB
asfbr-256	136	9	negative	negative	ADJ
asfbr-256	136	10	impact	impact	NOUN
asfbr-256	136	11	on	on	ADP
asfbr-256	136	12	firm	firm	NOUN
asfbr-256	136	13	’s	’s	PART
asfbr-256	136	14	performance	performance	NOUN
asfbr-256	136	15	but	but	CCONJ
asfbr-256	136	16	it	it	PRON
asfbr-256	136	17	also	also	ADV
asfbr-256	136	18	provides	provide	VERB
asfbr-256	136	19	tax	tax	NOUN
asfbr-256	136	20	rebate	rebate	NOUN
asfbr-256	136	21	on	on	ADP
asfbr-256	136	22	interest	interest	NOUN
asfbr-256	136	23	expenses	expense	NOUN
asfbr-256	136	24	.	.	PUNCT
asfbr-256	137	1	they	they	PRON
asfbr-256	137	2	used	use	VERB
asfbr-256	137	3	different	different	ADJ
asfbr-256	137	4	variables	variable	NOUN
asfbr-256	137	5	to	to	PART
asfbr-256	137	6	obtain	obtain	VERB
asfbr-256	137	7	results	result	NOUN
asfbr-256	137	8	such	such	ADJ
asfbr-256	137	9	as	as	ADP
asfbr-256	137	10	return	return	NOUN
asfbr-256	137	11	on	on	ADP
asfbr-256	137	12	assets	asset	NOUN
asfbr-256	137	13	,	,	PUNCT
asfbr-256	137	14	return	return	VERB
asfbr-256	137	15	on	on	ADP
asfbr-256	137	16	equity	equity	NOUN
asfbr-256	137	17	,	,	PUNCT
asfbr-256	137	18	debt	debt	NOUN
asfbr-256	137	19	to	to	ADP
asfbr-256	137	20	equity	equity	NOUN
asfbr-256	137	21	ratio	ratio	NOUN
asfbr-256	137	22	,	,	PUNCT
asfbr-256	137	23	assets	asset	NOUN
asfbr-256	137	24	turnover	turnover	NOUN
asfbr-256	137	25	ratio	ratio	NOUN
asfbr-256	137	26	,	,	PUNCT
asfbr-256	137	27	firm	firm	NOUN
asfbr-256	137	28	’s	’s	PART
asfbr-256	137	29	size	size	NOUN
asfbr-256	137	30	and	and	CCONJ
asfbr-256	137	31	age	age	NOUN
asfbr-256	137	32	,	,	PUNCT
asfbr-256	137	33	asset	asset	NOUN
asfbr-256	137	34	tangibility	tangibility	NOUN
asfbr-256	137	35	,	,	PUNCT
asfbr-256	137	36	growth	growth	NOUN
asfbr-256	137	37	and	and	CCONJ
asfbr-256	137	38	industrial	industrial	ADJ
asfbr-256	137	39	sector	sector	NOUN
asfbr-256	137	40	.	.	PUNCT
asfbr-256	138	1	they	they	PRON
asfbr-256	138	2	used	use	VERB
asfbr-256	138	3	ordinary	ordinary	ADJ
asfbr-256	138	4	least	least	ADJ
asfbr-256	138	5	square	square	ADJ
asfbr-256	138	6	(	(	PUNCT
asfbr-256	138	7	ols	ols	PROPN
asfbr-256	138	8	)	)	PUNCT
asfbr-256	138	9	model	model	NOUN
asfbr-256	138	10	of	of	ADP
asfbr-256	138	11	estimation	estimation	NOUN
asfbr-256	138	12	.	.	PUNCT
asfbr-256	139	1	they	they	PRON
asfbr-256	139	2	proved	prove	VERB
asfbr-256	139	3	that	that	PRON
asfbr-256	139	4	roa	roa	PROPN
asfbr-256	139	5	,	,	PUNCT
asfbr-256	139	6	roe	roe	NOUN
asfbr-256	139	7	and	and	CCONJ
asfbr-256	139	8	asset	asset	NOUN
asfbr-256	139	9	turnover	turnover	NOUN
asfbr-256	139	10	are	be	AUX
asfbr-256	139	11	important	important	ADJ
asfbr-256	139	12	measure	measure	NOUN
asfbr-256	139	13	of	of	ADP
asfbr-256	139	14	firm	firm	NOUN
asfbr-256	139	15	’s	’s	PART
asfbr-256	139	16	financial	financial	ADJ
asfbr-256	139	17	performance	performance	NOUN
asfbr-256	139	18	.	.	PUNCT
asfbr-256	140	1	they	they	PRON
asfbr-256	140	2	also	also	ADV
asfbr-256	140	3	concluded	conclude	VERB
asfbr-256	140	4	that	that	SCONJ
asfbr-256	140	5	tangibility	tangibility	NOUN
asfbr-256	140	6	of	of	ADP
asfbr-256	140	7	assets	asset	NOUN
asfbr-256	140	8	have	have	VERB
asfbr-256	140	9	great	great	ADJ
asfbr-256	140	10	impact	impact	NOUN
asfbr-256	140	11	on	on	ADP
asfbr-256	140	12	firm	firm	NOUN
asfbr-256	140	13	’s	’s	PART
asfbr-256	140	14	performance	performance	NOUN
asfbr-256	140	15	.	.	PUNCT
asfbr-256	141	1	they	they	PRON
asfbr-256	141	2	concluded	conclude	VERB
asfbr-256	141	3	that	that	SCONJ
asfbr-256	141	4	the	the	DET
asfbr-256	141	5	firms	firm	NOUN
asfbr-256	141	6	of	of	ADP
asfbr-256	141	7	their	their	PRON
asfbr-256	141	8	sample	sample	NOUN
asfbr-256	141	9	size	size	NOUN
asfbr-256	141	10	are	be	AUX
asfbr-256	141	11	not	not	PART
asfbr-256	141	12	utilizing	utilize	VERB
asfbr-256	141	13	their	their	PRON
asfbr-256	141	14	tangible	tangible	ADJ
asfbr-256	141	15	assets	asset	NOUN
asfbr-256	141	16	up	up	ADP
asfbr-256	141	17	to	to	ADP
asfbr-256	141	18	their	their	PRON
asfbr-256	141	19	maximum	maximum	ADJ
asfbr-256	141	20	capacity	capacity	NOUN
asfbr-256	141	21	.	.	PUNCT
asfbr-256	142	1	so	so	ADV
asfbr-256	142	2	,	,	PUNCT
asfbr-256	142	3	assets	asset	NOUN
asfbr-256	142	4	tangibility	tangibility	NOUN
asfbr-256	142	5	is	be	AUX
asfbr-256	142	6	also	also	ADV
asfbr-256	142	7	a	a	DET
asfbr-256	142	8	vital	vital	ADJ
asfbr-256	142	9	measure	measure	NOUN
asfbr-256	142	10	of	of	ADP
asfbr-256	142	11	firm	firm	NOUN
asfbr-256	142	12	’s	’s	PART
asfbr-256	142	13	performance	performance	NOUN
asfbr-256	142	14	.	.	PUNCT
asfbr-256	143	1	they	they	PRON
asfbr-256	143	2	could	could	AUX
asfbr-256	143	3	not	not	PART
asfbr-256	143	4	prove	prove	VERB
asfbr-256	143	5	the	the	DET
asfbr-256	143	6	result	result	NOUN
asfbr-256	143	7	of	of	ADP
asfbr-256	143	8	industry	industry	NOUN
asfbr-256	143	9	growth	growth	NOUN
asfbr-256	143	10	.	.	PUNCT
asfbr-256	144	1	ahmad	ahmad	PROPN
asfbr-256	144	2	,	,	PUNCT
asfbr-256	144	3	abdullah	abdullah	PROPN
asfbr-256	144	4	and	and	CCONJ
asfbr-256	144	5	roslan	roslan	PROPN
asfbr-256	144	6	(	(	PUNCT
asfbr-256	144	7	2012	2012	NUM
asfbr-256	144	8	)	)	PUNCT
asfbr-256	144	9	proved	prove	VERB
asfbr-256	144	10	that	that	SCONJ
asfbr-256	144	11	capital	capital	NOUN
asfbr-256	144	12	structure	structure	NOUN
asfbr-256	144	13	decision	decision	NOUN
asfbr-256	144	14	has	have	VERB
asfbr-256	144	15	a	a	DET
asfbr-256	144	16	vital	vital	ADJ
asfbr-256	144	17	importance	importance	NOUN
asfbr-256	144	18	.	.	PUNCT
asfbr-256	145	1	a	a	DET
asfbr-256	145	2	wrong	wrong	ADJ
asfbr-256	145	3	decision	decision	NOUN
asfbr-256	145	4	may	may	AUX
asfbr-256	145	5	cause	cause	VERB
asfbr-256	145	6	a	a	DET
asfbr-256	145	7	negative	negative	ADJ
asfbr-256	145	8	impact	impact	NOUN
asfbr-256	145	9	so	so	ADV
asfbr-256	145	10	;	;	PUNCT
asfbr-256	145	11	great	great	ADJ
asfbr-256	145	12	care	care	NOUN
asfbr-256	145	13	is	be	AUX
asfbr-256	145	14	required	require	VERB
asfbr-256	145	15	.	.	PUNCT
asfbr-256	146	1	there	there	PRON
asfbr-256	146	2	are	be	VERB
asfbr-256	146	3	different	different	ADJ
asfbr-256	146	4	theories	theory	NOUN
asfbr-256	146	5	of	of	ADP
asfbr-256	146	6	capital	capital	NOUN
asfbr-256	146	7	structure	structure	NOUN
asfbr-256	146	8	such	such	ADJ
asfbr-256	146	9	as	as	ADP
asfbr-256	146	10	modigliani	modigliani	PROPN
asfbr-256	146	11	miller	miller	PROPN
asfbr-256	146	12	theorem	theorem	PROPN
asfbr-256	146	13	,	,	PUNCT
asfbr-256	146	14	pecking	pecking	NOUN
asfbr-256	146	15	order	order	NOUN
asfbr-256	146	16	theory	theory	NOUN
asfbr-256	146	17	,	,	PUNCT
asfbr-256	146	18	static	static	ADJ
asfbr-256	146	19	trade	trade	NOUN
asfbr-256	146	20	off	off	ADP
asfbr-256	146	21	theory	theory	NOUN
asfbr-256	146	22	and	and	CCONJ
asfbr-256	146	23	agency	agency	NOUN
asfbr-256	146	24	cost	cost	NOUN
asfbr-256	146	25	theory	theory	NOUN
asfbr-256	146	26	.	.	PUNCT
asfbr-256	147	1	pecking	pecking	NOUN
asfbr-256	147	2	order	order	NOUN
asfbr-256	147	3	theory	theory	NOUN
asfbr-256	147	4	focuses	focus	VERB
asfbr-256	147	5	on	on	ADP
asfbr-256	147	6	the	the	DET
asfbr-256	147	7	use	use	NOUN
asfbr-256	147	8	of	of	ADP
asfbr-256	147	9	an	an	DET
asfbr-256	147	10	organization	organization	NOUN
asfbr-256	147	11	’s	’s	PART
asfbr-256	147	12	internal	internal	ADJ
asfbr-256	147	13	funds	fund	NOUN
asfbr-256	147	14	.	.	PUNCT
asfbr-256	148	1	they	they	PRON
asfbr-256	148	2	used	use	VERB
asfbr-256	148	3	return	return	NOUN
asfbr-256	148	4	on	on	ADP
asfbr-256	148	5	assets	asset	NOUN
asfbr-256	148	6	,	,	PUNCT
asfbr-256	148	7	return	return	VERB
asfbr-256	148	8	on	on	ADP
asfbr-256	148	9	equity	equity	NOUN
asfbr-256	148	10	with	with	ADP
asfbr-256	148	11	short	short	ADJ
asfbr-256	148	12	term	term	NOUN
asfbr-256	148	13	and	and	CCONJ
asfbr-256	148	14	long	long	ADJ
asfbr-256	148	15	term	term	NOUN
asfbr-256	148	16	debt	debt	NOUN
asfbr-256	148	17	and	and	CCONJ
asfbr-256	148	18	total	total	ADJ
asfbr-256	148	19	debt	debt	NOUN
asfbr-256	148	20	,	,	PUNCT
asfbr-256	148	21	size	size	NOUN
asfbr-256	148	22	,	,	PUNCT
asfbr-256	148	23	asset	asset	NOUN
asfbr-256	148	24	growth	growth	NOUN
asfbr-256	148	25	,	,	PUNCT
asfbr-256	148	26	firm	firm	ADJ
asfbr-256	148	27	growth	growth	NOUN
asfbr-256	148	28	and	and	CCONJ
asfbr-256	148	29	efficiency	efficiency	NOUN
asfbr-256	148	30	.	.	PUNCT
asfbr-256	149	1	they	they	PRON
asfbr-256	149	2	used	use	VERB
asfbr-256	149	3	series	series	NOUN
asfbr-256	149	4	of	of	ADP
asfbr-256	149	5	regression	regression	NOUN
asfbr-256	149	6	analysis	analysis	NOUN
asfbr-256	149	7	to	to	PART
asfbr-256	149	8	measure	measure	VERB
asfbr-256	149	9	the	the	DET
asfbr-256	149	10	desired	desire	VERB
asfbr-256	149	11	results	result	NOUN
asfbr-256	149	12	.	.	PUNCT
asfbr-256	150	1	they	they	PRON
asfbr-256	150	2	studied	study	VERB
asfbr-256	150	3	pecking	pecking	NOUN
asfbr-256	150	4	order	order	NOUN
asfbr-256	150	5	theory	theory	NOUN
asfbr-256	150	6	,	,	PUNCT
asfbr-256	150	7	modigliani	modigliani	PROPN
asfbr-256	150	8	miller	miller	PROPN
asfbr-256	150	9	theorem	theorem	PROPN
asfbr-256	150	10	and	and	CCONJ
asfbr-256	150	11	static	static	ADJ
asfbr-256	150	12	trade	trade	NOUN
asfbr-256	150	13	off	off	ADP
asfbr-256	150	14	theory	theory	NOUN
asfbr-256	150	15	to	to	PART
asfbr-256	150	16	understand	understand	VERB
asfbr-256	150	17	the	the	DET
asfbr-256	150	18	relationship	relationship	NOUN
asfbr-256	150	19	between	between	ADP
asfbr-256	150	20	capital	capital	NOUN
asfbr-256	150	21	structure	structure	NOUN
asfbr-256	150	22	and	and	CCONJ
asfbr-256	150	23	firm	firm	NOUN
asfbr-256	150	24	’s	’s	PART
asfbr-256	150	25	performance	performance	NOUN
asfbr-256	150	26	.	.	PUNCT
asfbr-256	151	1	the	the	DET
asfbr-256	151	2	study	study	NOUN
asfbr-256	151	3	found	find	VERB
asfbr-256	151	4	that	that	SCONJ
asfbr-256	151	5	short	short	ADJ
asfbr-256	151	6	and	and	CCONJ
asfbr-256	151	7	long	long	ADJ
asfbr-256	151	8	term	term	NOUN
asfbr-256	151	9	debts	debt	NOUN
asfbr-256	151	10	with	with	ADP
asfbr-256	151	11	roa	roa	PROPN
asfbr-256	151	12	and	and	CCONJ
asfbr-256	151	13	roe	roe	PROPN
asfbr-256	151	14	and	and	CCONJ
asfbr-256	151	15	total	total	ADJ
asfbr-256	151	16	debt	debt	NOUN
asfbr-256	151	17	of	of	ADP
asfbr-256	151	18	capital	capital	NOUN
asfbr-256	151	19	structure	structure	NOUN
asfbr-256	151	20	has	have	VERB
asfbr-256	151	21	great	great	ADJ
asfbr-256	151	22	impact	impact	NOUN
asfbr-256	151	23	on	on	ADP
asfbr-256	151	24	firm	firm	NOUN
asfbr-256	151	25	’s	’s	PART
asfbr-256	151	26	performance	performance	NOUN
asfbr-256	151	27	.	.	PUNCT
asfbr-256	152	1	copyright	copyright	NOUN
asfbr-256	152	2	©	©	PROPN
asfbr-256	152	3	cc	cc	PROPN
asfbr-256	152	4	-	-	PUNCT
asfbr-256	152	5	by	by	ADP
asfbr-256	152	6	-	-	PUNCT
asfbr-256	152	7	nc	nc	PROPN
asfbr-256	152	8	2019	2019	NUM
asfbr-256	152	9	,	,	PUNCT
asfbr-256	152	10	cribfb	cribfb	PROPN
asfbr-256	152	11	|	|	ADV
asfbr-256	152	12	afbr	afbr	ADV
asfbr-256	152	13	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	152	14	asian	asian	ADJ
asfbr-256	152	15	finance	finance	PROPN
asfbr-256	152	16	&	&	CCONJ
asfbr-256	152	17	banking	banking	PROPN
asfbr-256	152	18	review	review	PROPN
asfbr-256	152	19	vol	vol	NOUN
asfbr-256	152	20	.	.	PROPN
asfbr-256	153	1	3	3	NUM
asfbr-256	153	2	,	,	PUNCT
asfbr-256	153	3	no	no	INTJ
asfbr-256	153	4	.	.	NOUN
asfbr-256	153	5	1	1	NUM
asfbr-256	153	6	;	;	PUNCT
asfbr-256	153	7	2019	2019	NUM
asfbr-256	153	8	17	17	NUM
asfbr-256	153	9	chowdhury	chowdhury	PROPN
asfbr-256	153	10	and	and	CCONJ
asfbr-256	153	11	paul	paul	PROPN
asfbr-256	153	12	(	(	PUNCT
asfbr-256	153	13	2010	2010	NUM
asfbr-256	153	14	)	)	PUNCT
asfbr-256	153	15	found	find	VERB
asfbr-256	153	16	that	that	SCONJ
asfbr-256	153	17	a	a	DET
asfbr-256	153	18	company	company	NOUN
asfbr-256	153	19	injects	inject	VERB
asfbr-256	153	20	capital	capital	NOUN
asfbr-256	153	21	to	to	PART
asfbr-256	153	22	generate	generate	VERB
asfbr-256	153	23	revenue	revenue	NOUN
asfbr-256	153	24	.	.	PUNCT
asfbr-256	154	1	if	if	SCONJ
asfbr-256	154	2	capital	capital	NOUN
asfbr-256	154	3	of	of	ADP
asfbr-256	154	4	a	a	DET
asfbr-256	154	5	company	company	NOUN
asfbr-256	154	6	is	be	AUX
asfbr-256	154	7	100	100	NUM
asfbr-256	154	8	%	%	NOUN
asfbr-256	154	9	equity	equity	NOUN
asfbr-256	154	10	than	than	ADP
asfbr-256	154	11	all	all	DET
asfbr-256	154	12	the	the	DET
asfbr-256	154	13	earnings	earning	NOUN
asfbr-256	154	14	after	after	SCONJ
asfbr-256	154	15	tax	tax	NOUN
asfbr-256	154	16	goes	go	VERB
asfbr-256	154	17	to	to	ADP
asfbr-256	154	18	shareholders	shareholder	NOUN
asfbr-256	154	19	if	if	SCONJ
asfbr-256	154	20	capital	capital	NOUN
asfbr-256	154	21	structure	structure	NOUN
asfbr-256	154	22	consists	consist	VERB
asfbr-256	154	23	debt	debt	NOUN
asfbr-256	154	24	than	than	ADP
asfbr-256	154	25	a	a	DET
asfbr-256	154	26	part	part	NOUN
asfbr-256	154	27	of	of	ADP
asfbr-256	154	28	profit	profit	NOUN
asfbr-256	154	29	is	be	AUX
asfbr-256	154	30	also	also	ADV
asfbr-256	154	31	given	give	VERB
asfbr-256	154	32	to	to	ADP
asfbr-256	154	33	creditors	creditor	NOUN
asfbr-256	154	34	as	as	ADP
asfbr-256	154	35	a	a	DET
asfbr-256	154	36	rent	rent	NOUN
asfbr-256	154	37	of	of	ADP
asfbr-256	154	38	their	their	PRON
asfbr-256	154	39	funds	fund	NOUN
asfbr-256	154	40	’	'	PUNCT
asfbr-256	154	41	use	use	NOUN
asfbr-256	154	42	.	.	PUNCT
asfbr-256	155	1	according	accord	VERB
asfbr-256	155	2	to	to	ADP
asfbr-256	155	3	financial	financial	ADJ
asfbr-256	155	4	experts	expert	NOUN
asfbr-256	155	5	use	use	NOUN
asfbr-256	155	6	of	of	ADP
asfbr-256	155	7	debt	debt	NOUN
asfbr-256	155	8	up	up	ADP
asfbr-256	155	9	to	to	ADP
asfbr-256	155	10	specific	specific	ADJ
asfbr-256	155	11	point	point	NOUN
asfbr-256	155	12	is	be	AUX
asfbr-256	155	13	profitable	profitable	ADJ
asfbr-256	155	14	otherwise	otherwise	ADV
asfbr-256	155	15	it	it	PRON
asfbr-256	155	16	is	be	AUX
asfbr-256	155	17	harmful	harmful	ADJ
asfbr-256	155	18	.	.	PUNCT
asfbr-256	156	1	they	they	PRON
asfbr-256	156	2	used	use	VERB
asfbr-256	156	3	different	different	ADJ
asfbr-256	156	4	variables	variable	NOUN
asfbr-256	156	5	as	as	ADP
asfbr-256	156	6	;	;	PUNCT
asfbr-256	156	7	share	share	NOUN
asfbr-256	156	8	price	price	NOUN
asfbr-256	156	9	,	,	PUNCT
asfbr-256	156	10	firm	firm	ADJ
asfbr-256	156	11	size	size	NOUN
asfbr-256	156	12	,	,	PUNCT
asfbr-256	156	13	profitability	profitability	NOUN
asfbr-256	156	14	,	,	PUNCT
asfbr-256	156	15	public	public	ADJ
asfbr-256	156	16	european	european	ADJ
asfbr-256	156	17	journal	journal	PROPN
asfbr-256	156	18	of	of	ADP
asfbr-256	156	19	business	business	NOUN
asfbr-256	156	20	and	and	CCONJ
asfbr-256	156	21	management	management	NOUN
asfbr-256	156	22	ownership	ownership	NOUN
asfbr-256	156	23	in	in	ADP
asfbr-256	156	24	capital	capital	NOUN
asfbr-256	156	25	structure	structure	NOUN
asfbr-256	156	26	,	,	PUNCT
asfbr-256	156	27	dividend	dividend	NOUN
asfbr-256	156	28	payout	payout	NOUN
asfbr-256	156	29	,	,	PUNCT
asfbr-256	156	30	asset	asset	NOUN
asfbr-256	156	31	and	and	CCONJ
asfbr-256	156	32	operating	operating	NOUN
asfbr-256	156	33	efficiency	efficiency	NOUN
asfbr-256	156	34	,	,	PUNCT
asfbr-256	156	35	growth	growth	NOUN
asfbr-256	156	36	rate	rate	NOUN
asfbr-256	156	37	,	,	PUNCT
asfbr-256	156	38	liquidity	liquidity	NOUN
asfbr-256	156	39	and	and	CCONJ
asfbr-256	156	40	business	business	NOUN
asfbr-256	156	41	risk	risk	NOUN
asfbr-256	156	42	.	.	PUNCT
asfbr-256	157	1	they	they	PRON
asfbr-256	157	2	used	use	VERB
asfbr-256	157	3	cross	cross	PROPN
asfbr-256	157	4	sectional	sectional	PROPN
asfbr-256	157	5	times	times	PROPN
asfbr-256	157	6	series	series	PROPN
asfbr-256	157	7	regression	regression	PROPN
asfbr-256	157	8	model	model	NOUN
asfbr-256	157	9	to	to	PART
asfbr-256	157	10	measure	measure	VERB
asfbr-256	157	11	the	the	DET
asfbr-256	157	12	relationship	relationship	NOUN
asfbr-256	157	13	of	of	ADP
asfbr-256	157	14	all	all	DET
asfbr-256	157	15	these	these	DET
asfbr-256	157	16	variables	variable	NOUN
asfbr-256	157	17	.	.	PUNCT
asfbr-256	158	1	on	on	ADP
asfbr-256	158	2	the	the	DET
asfbr-256	158	3	basis	basis	NOUN
asfbr-256	158	4	of	of	ADP
asfbr-256	158	5	their	their	PRON
asfbr-256	158	6	analysis	analysis	NOUN
asfbr-256	158	7	they	they	PRON
asfbr-256	158	8	concluded	conclude	VERB
asfbr-256	158	9	that	that	SCONJ
asfbr-256	158	10	if	if	SCONJ
asfbr-256	158	11	capital	capital	NOUN
asfbr-256	158	12	structure	structure	NOUN
asfbr-256	158	13	of	of	ADP
asfbr-256	158	14	a	a	DET
asfbr-256	158	15	firm	firm	NOUN
asfbr-256	158	16	is	be	AUX
asfbr-256	158	17	designed	design	VERB
asfbr-256	158	18	in	in	ADP
asfbr-256	158	19	a	a	DET
asfbr-256	158	20	good	good	ADJ
asfbr-256	158	21	manner	manner	NOUN
asfbr-256	158	22	it	it	PRON
asfbr-256	158	23	multiplies	multiply	VERB
asfbr-256	158	24	the	the	DET
asfbr-256	158	25	value	value	NOUN
asfbr-256	158	26	of	of	ADP
asfbr-256	158	27	firm	firm	NOUN
asfbr-256	158	28	.	.	PUNCT
asfbr-256	159	1	they	they	PRON
asfbr-256	159	2	also	also	ADV
asfbr-256	159	3	proved	prove	VERB
asfbr-256	159	4	that	that	SCONJ
asfbr-256	159	5	if	if	SCONJ
asfbr-256	159	6	a	a	DET
asfbr-256	159	7	firm	firm	NOUN
asfbr-256	159	8	makes	make	VERB
asfbr-256	159	9	amendments	amendment	NOUN
asfbr-256	159	10	in	in	ADP
asfbr-256	159	11	its	its	PRON
asfbr-256	159	12	capital	capital	NOUN
asfbr-256	159	13	structures	structure	NOUN
asfbr-256	159	14	it	it	PRON
asfbr-256	159	15	also	also	ADV
asfbr-256	159	16	causes	cause	VERB
asfbr-256	159	17	a	a	DET
asfbr-256	159	18	positive	positive	ADJ
asfbr-256	159	19	impact	impact	NOUN
asfbr-256	159	20	on	on	ADP
asfbr-256	159	21	its	its	PRON
asfbr-256	159	22	value	value	NOUN
asfbr-256	159	23	.	.	PUNCT
asfbr-256	160	1	umar	umar	PROPN
asfbr-256	160	2	,	,	PUNCT
asfbr-256	160	3	tanveer	tanveer	PROPN
asfbr-256	160	4	,	,	PUNCT
asfbr-256	160	5	aslam	aslam	PROPN
asfbr-256	160	6	and	and	CCONJ
asfbr-256	160	7	sajid	sajid	PROPN
asfbr-256	160	8	(	(	PUNCT
asfbr-256	160	9	2012	2012	NUM
asfbr-256	160	10	)	)	PUNCT
asfbr-256	160	11	proved	prove	VERB
asfbr-256	160	12	that	that	SCONJ
asfbr-256	160	13	capital	capital	NOUN
asfbr-256	160	14	structure	structure	NOUN
asfbr-256	160	15	has	have	VERB
asfbr-256	160	16	a	a	DET
asfbr-256	160	17	vivid	vivid	ADJ
asfbr-256	160	18	impact	impact	NOUN
asfbr-256	160	19	on	on	ADP
asfbr-256	160	20	firm	firm	NOUN
asfbr-256	160	21	’s	’s	PART
asfbr-256	160	22	financial	financial	ADJ
asfbr-256	160	23	performance	performance	NOUN
asfbr-256	160	24	.	.	PUNCT
asfbr-256	161	1	it	it	PRON
asfbr-256	161	2	is	be	AUX
asfbr-256	161	3	a	a	DET
asfbr-256	161	4	way	way	NOUN
asfbr-256	161	5	through	through	ADP
asfbr-256	161	6	which	which	PRON
asfbr-256	161	7	a	a	DET
asfbr-256	161	8	firm	firm	NOUN
asfbr-256	161	9	is	be	AUX
asfbr-256	161	10	financed	finance	VERB
asfbr-256	161	11	.	.	PUNCT
asfbr-256	162	1	they	they	PRON
asfbr-256	162	2	used	use	VERB
asfbr-256	162	3	different	different	ADJ
asfbr-256	162	4	variables	variable	NOUN
asfbr-256	162	5	of	of	ADP
asfbr-256	162	6	financial	financial	ADJ
asfbr-256	162	7	measure	measure	NOUN
asfbr-256	162	8	such	such	ADJ
asfbr-256	162	9	as	as	ADP
asfbr-256	162	10	return	return	NOUN
asfbr-256	162	11	on	on	ADP
asfbr-256	162	12	asset	asset	NOUN
asfbr-256	162	13	,	,	PUNCT
asfbr-256	162	14	return	return	VERB
asfbr-256	162	15	on	on	ADP
asfbr-256	162	16	equity	equity	NOUN
asfbr-256	162	17	,	,	PUNCT
asfbr-256	162	18	earning	earn	VERB
asfbr-256	162	19	per	per	ADP
asfbr-256	162	20	share	share	NOUN
asfbr-256	162	21	,	,	PUNCT
asfbr-256	162	22	price	price	NOUN
asfbr-256	162	23	earnings	earning	NOUN
asfbr-256	162	24	ratio	ratio	NOUN
asfbr-256	162	25	,	,	PUNCT
asfbr-256	162	26	earnings	earning	NOUN
asfbr-256	162	27	before	before	ADP
asfbr-256	162	28	interest	interest	NOUN
asfbr-256	162	29	and	and	CCONJ
asfbr-256	162	30	tax	tax	NOUN
asfbr-256	162	31	and	and	CCONJ
asfbr-256	162	32	net	net	ADJ
asfbr-256	162	33	profit	profit	NOUN
asfbr-256	162	34	margin	margin	NOUN
asfbr-256	162	35	.	.	PUNCT
asfbr-256	163	1	p	p	X
asfbr-256	163	2	-	-	PUNCT
asfbr-256	163	3	eriotis	eriotis	PROPN
asfbr-256	163	4	,	,	PUNCT
asfbr-256	163	5	frangouli	frangouli	NOUN
asfbr-256	163	6	and	and	CCONJ
asfbr-256	163	7	ventoura	ventoura	NOUN
asfbr-256	163	8	(	(	PUNCT
asfbr-256	163	9	2011	2011	NUM
asfbr-256	163	10	)	)	PUNCT
asfbr-256	163	11	noted	note	VERB
asfbr-256	163	12	that	that	SCONJ
asfbr-256	163	13	firms	firm	NOUN
asfbr-256	163	14	financed	finance	VERB
asfbr-256	163	15	with	with	ADP
asfbr-256	163	16	equity	equity	NOUN
asfbr-256	163	17	are	be	AUX
asfbr-256	163	18	more	more	ADV
asfbr-256	163	19	profitable	profitable	ADJ
asfbr-256	163	20	as	as	ADP
asfbr-256	163	21	compare	compare	VERB
asfbr-256	163	22	to	to	ADP
asfbr-256	163	23	those	those	PRON
asfbr-256	163	24	financed	finance	VERB
asfbr-256	163	25	by	by	ADP
asfbr-256	163	26	debt	debt	NOUN
asfbr-256	163	27	.	.	PUNCT
asfbr-256	164	1	if	if	SCONJ
asfbr-256	164	2	debt	debt	NOUN
asfbr-256	164	3	amount	amount	NOUN
asfbr-256	164	4	is	be	AUX
asfbr-256	164	5	high	high	ADJ
asfbr-256	164	6	than	than	ADP
asfbr-256	164	7	a	a	DET
asfbr-256	164	8	part	part	NOUN
asfbr-256	164	9	of	of	ADP
asfbr-256	164	10	its	its	PRON
asfbr-256	164	11	profits	profit	NOUN
asfbr-256	164	12	is	be	AUX
asfbr-256	164	13	given	give	VERB
asfbr-256	164	14	as	as	ADP
asfbr-256	164	15	interest	interest	NOUN
asfbr-256	164	16	which	which	PRON
asfbr-256	164	17	ultimately	ultimately	ADV
asfbr-256	164	18	reduces	reduce	VERB
asfbr-256	164	19	its	its	PRON
asfbr-256	164	20	profits	profit	NOUN
asfbr-256	164	21	.	.	PUNCT
asfbr-256	165	1	so	so	ADV
asfbr-256	165	2	,	,	PUNCT
asfbr-256	165	3	capital	capital	NOUN
asfbr-256	165	4	structure	structure	NOUN
asfbr-256	165	5	choice	choice	NOUN
asfbr-256	165	6	has	have	VERB
asfbr-256	165	7	vital	vital	ADJ
asfbr-256	165	8	importance	importance	NOUN
asfbr-256	165	9	.	.	PUNCT
asfbr-256	166	1	debt	debt	NOUN
asfbr-256	166	2	to	to	ADP
asfbr-256	166	3	equity	equity	NOUN
asfbr-256	166	4	ratio	ratio	NOUN
asfbr-256	166	5	is	be	AUX
asfbr-256	166	6	used	use	VERB
asfbr-256	166	7	in	in	ADP
asfbr-256	166	8	order	order	NOUN
asfbr-256	166	9	to	to	PART
asfbr-256	166	10	examine	examine	VERB
asfbr-256	166	11	its	its	PRON
asfbr-256	166	12	impact	impact	NOUN
asfbr-256	166	13	on	on	ADP
asfbr-256	166	14	firm	firm	NOUN
asfbr-256	166	15	’s	’s	PART
asfbr-256	166	16	profitability	profitability	NOUN
asfbr-256	166	17	.	.	PUNCT
asfbr-256	167	1	fix	fix	NOUN
asfbr-256	167	2	effect	effect	NOUN
asfbr-256	167	3	model	model	NOUN
asfbr-256	167	4	and	and	CCONJ
asfbr-256	167	5	random	random	ADJ
asfbr-256	167	6	effect	effect	NOUN
asfbr-256	167	7	model	model	NOUN
asfbr-256	167	8	are	be	AUX
asfbr-256	167	9	used	use	VERB
asfbr-256	167	10	.	.	PUNCT
asfbr-256	168	1	it	it	PRON
asfbr-256	168	2	is	be	AUX
asfbr-256	168	3	analyzed	analyze	VERB
asfbr-256	168	4	that	that	SCONJ
asfbr-256	168	5	debt	debt	NOUN
asfbr-256	168	6	negatively	negatively	ADV
asfbr-256	168	7	impacts	impact	VERB
asfbr-256	168	8	a	a	DET
asfbr-256	168	9	firm	firm	NOUN
asfbr-256	168	10	’s	’s	PART
asfbr-256	168	11	profitability	profitability	NOUN
asfbr-256	168	12	because	because	SCONJ
asfbr-256	168	13	mostly	mostly	ADV
asfbr-256	168	14	the	the	DET
asfbr-256	168	15	cost	cost	NOUN
asfbr-256	168	16	of	of	ADP
asfbr-256	168	17	debt	debt	NOUN
asfbr-256	168	18	is	be	AUX
asfbr-256	168	19	high	high	ADJ
asfbr-256	168	20	than	than	ADP
asfbr-256	168	21	profits	profit	NOUN
asfbr-256	168	22	of	of	ADP
asfbr-256	168	23	the	the	DET
asfbr-256	168	24	firm	firm	NOUN
asfbr-256	168	25	.	.	PUNCT
asfbr-256	169	1	they	they	PRON
asfbr-256	169	2	also	also	ADV
asfbr-256	169	3	concluded	conclude	VERB
asfbr-256	169	4	that	that	SCONJ
asfbr-256	169	5	firms	firm	NOUN
asfbr-256	169	6	liked	like	VERB
asfbr-256	169	7	to	to	PART
asfbr-256	169	8	compete	compete	VERB
asfbr-256	169	9	with	with	ADP
asfbr-256	169	10	one	one	NUM
asfbr-256	169	11	and	and	CCONJ
asfbr-256	169	12	another	another	PRON
asfbr-256	169	13	rather	rather	ADV
asfbr-256	169	14	than	than	ADP
asfbr-256	169	15	cooperating	cooperate	VERB
asfbr-256	169	16	.	.	PUNCT
asfbr-256	170	1	imran	imran	PROPN
asfbr-256	170	2	(	(	PUNCT
asfbr-256	170	3	2012	2012	NUM
asfbr-256	170	4	)	)	PUNCT
asfbr-256	170	5	investigated	investigate	VERB
asfbr-256	170	6	a	a	DET
asfbr-256	170	7	relationship	relationship	NOUN
asfbr-256	170	8	between	between	ADP
asfbr-256	170	9	a	a	DET
asfbr-256	170	10	firm	firm	NOUN
asfbr-256	170	11	’s	’s	PART
asfbr-256	170	12	performances	performance	NOUN
asfbr-256	170	13	,	,	PUNCT
asfbr-256	170	14	equity	equity	NOUN
asfbr-256	170	15	ownership	ownership	NOUN
asfbr-256	170	16	and	and	CCONJ
asfbr-256	170	17	capital	capital	NOUN
asfbr-256	170	18	structure	structure	NOUN
asfbr-256	170	19	.	.	PUNCT
asfbr-256	171	1	many	many	ADJ
asfbr-256	171	2	organizations	organization	NOUN
asfbr-256	171	3	use	use	VERB
asfbr-256	171	4	debt	debt	NOUN
asfbr-256	171	5	as	as	ADP
asfbr-256	171	6	a	a	DET
asfbr-256	171	7	controlling	control	VERB
asfbr-256	171	8	measure	measure	NOUN
asfbr-256	171	9	.	.	PUNCT
asfbr-256	172	1	the	the	DET
asfbr-256	172	2	external	external	ADJ
asfbr-256	172	3	parties	party	NOUN
asfbr-256	172	4	keep	keep	VERB
asfbr-256	172	5	check	check	NOUN
asfbr-256	172	6	and	and	CCONJ
asfbr-256	172	7	balance	balance	NOUN
asfbr-256	172	8	on	on	ADP
asfbr-256	172	9	management	management	NOUN
asfbr-256	172	10	’s	’s	PART
asfbr-256	172	11	decision	decision	NOUN
asfbr-256	172	12	making	make	VERB
asfbr-256	172	13	and	and	CCONJ
asfbr-256	172	14	generate	generate	VERB
asfbr-256	172	15	better	well	ADJ
asfbr-256	172	16	results	result	NOUN
asfbr-256	172	17	.	.	PUNCT
asfbr-256	173	1	debt	debt	NOUN
asfbr-256	173	2	to	to	ADP
asfbr-256	173	3	equity	equity	NOUN
asfbr-256	173	4	ratio	ratio	NOUN
asfbr-256	173	5	to	to	PART
asfbr-256	173	6	measure	measure	VERB
asfbr-256	173	7	leverage	leverage	NOUN
asfbr-256	173	8	(	(	PUNCT
asfbr-256	173	9	capital	capital	NOUN
asfbr-256	173	10	structure	structure	NOUN
asfbr-256	173	11	)	)	PUNCT
asfbr-256	173	12	.	.	PUNCT
asfbr-256	174	1	regression	regression	NOUN
asfbr-256	174	2	model	model	NOUN
asfbr-256	174	3	is	be	AUX
asfbr-256	174	4	used	use	VERB
asfbr-256	174	5	to	to	PART
asfbr-256	174	6	calculate	calculate	VERB
asfbr-256	174	7	desired	desire	VERB
asfbr-256	174	8	outcomes	outcome	NOUN
asfbr-256	174	9	.	.	PUNCT
asfbr-256	175	1	the	the	DET
asfbr-256	175	2	results	result	NOUN
asfbr-256	175	3	of	of	ADP
asfbr-256	175	4	this	this	DET
asfbr-256	175	5	study	study	NOUN
asfbr-256	175	6	showed	show	VERB
asfbr-256	175	7	that	that	SCONJ
asfbr-256	175	8	organizations	organization	NOUN
asfbr-256	175	9	with	with	ADP
asfbr-256	175	10	high	high	ADJ
asfbr-256	175	11	leveraged	leverage	VERB
asfbr-256	175	12	showed	show	VERB
asfbr-256	175	13	more	more	ADJ
asfbr-256	175	14	profit	profit	NOUN
asfbr-256	175	15	of	of	ADP
asfbr-256	175	16	those	those	DET
asfbr-256	175	17	firm	firm	NOUN
asfbr-256	175	18	which	which	PRON
asfbr-256	175	19	use	use	VERB
asfbr-256	175	20	their	their	PRON
asfbr-256	175	21	extra	extra	ADJ
asfbr-256	175	22	cash	cash	NOUN
asfbr-256	175	23	and	and	CCONJ
asfbr-256	175	24	reduce	reduce	VERB
asfbr-256	175	25	it	it	PRON
asfbr-256	175	26	from	from	ADP
asfbr-256	175	27	management	management	NOUN
asfbr-256	175	28	.	.	PUNCT
asfbr-256	176	1	family	family	NOUN
asfbr-256	176	2	ownership	ownership	NOUN
asfbr-256	176	3	has	have	VERB
asfbr-256	176	4	a	a	DET
asfbr-256	176	5	positive	positive	ADJ
asfbr-256	176	6	relationship	relationship	NOUN
asfbr-256	176	7	with	with	ADP
asfbr-256	176	8	performance	performance	NOUN
asfbr-256	176	9	.	.	PUNCT
asfbr-256	177	1	adeyemi	adeyemi	ADV
asfbr-256	177	2	and	and	CCONJ
asfbr-256	177	3	oboh	oboh	NOUN
asfbr-256	177	4	(	(	PUNCT
asfbr-256	177	5	2011	2011	NUM
asfbr-256	177	6	)	)	PUNCT
asfbr-256	177	7	studied	study	VERB
asfbr-256	177	8	a	a	DET
asfbr-256	177	9	sample	sample	NOUN
asfbr-256	177	10	size	size	NOUN
asfbr-256	177	11	of	of	ADP
asfbr-256	177	12	66	66	NUM
asfbr-256	177	13	companies	company	NOUN
asfbr-256	177	14	quoted	quote	VERB
asfbr-256	177	15	in	in	ADP
asfbr-256	177	16	the	the	DET
asfbr-256	177	17	nigerian	nigerian	ADJ
asfbr-256	177	18	stock	stock	NOUN
asfbr-256	177	19	exchange	exchange	PROPN
asfbr-256	177	20	and	and	CCONJ
asfbr-256	177	21	found	find	VERB
asfbr-256	177	22	that	that	SCONJ
asfbr-256	177	23	a	a	DET
asfbr-256	177	24	significant	significant	ADJ
asfbr-256	177	25	relationship	relationship	NOUN
asfbr-256	177	26	between	between	ADP
asfbr-256	177	27	capital	capital	NOUN
asfbr-256	177	28	structure	structure	NOUN
asfbr-256	177	29	and	and	CCONJ
asfbr-256	177	30	the	the	DET
asfbr-256	177	31	performance	performance	NOUN
asfbr-256	177	32	of	of	ADP
asfbr-256	177	33	quoted	quote	VERB
asfbr-256	177	34	firms	firm	NOUN
asfbr-256	177	35	in	in	ADP
asfbr-256	177	36	nigeria	nigeria	PROPN
asfbr-256	177	37	using	use	VERB
asfbr-256	177	38	primary	primary	ADJ
asfbr-256	177	39	data	datum	NOUN
asfbr-256	177	40	from	from	ADP
asfbr-256	177	41	questionnaire	questionnaire	NOUN
asfbr-256	177	42	.	.	PUNCT
asfbr-256	178	1	nosa	nosa	PROPN
asfbr-256	178	2	and	and	CCONJ
asfbr-256	178	3	ose	ose	PROPN
asfbr-256	178	4	(	(	PUNCT
asfbr-256	178	5	2010	2010	NUM
asfbr-256	178	6	)	)	PUNCT
asfbr-256	178	7	used	use	VERB
asfbr-256	178	8	growth	growth	NOUN
asfbr-256	178	9	opportunity	opportunity	NOUN
asfbr-256	178	10	,	,	PUNCT
asfbr-256	178	11	non	non	X
asfbr-256	178	12	debt	debt	NOUN
asfbr-256	178	13	task	task	NOUN
asfbr-256	178	14	shield	shield	NOUN
asfbr-256	178	15	,	,	PUNCT
asfbr-256	178	16	tangibility	tangibility	NOUN
asfbr-256	178	17	,	,	PUNCT
asfbr-256	178	18	profitability	profitability	NOUN
asfbr-256	178	19	and	and	CCONJ
asfbr-256	178	20	earning	earn	VERB
asfbr-256	178	21	volatility	volatility	NOUN
asfbr-256	178	22	also	also	ADV
asfbr-256	178	23	found	find	VERB
asfbr-256	178	24	positive	positive	ADJ
asfbr-256	178	25	and	and	CCONJ
asfbr-256	178	26	significant	significant	ADJ
asfbr-256	178	27	relationship	relationship	NOUN
asfbr-256	178	28	with	with	ADP
asfbr-256	178	29	the	the	DET
asfbr-256	178	30	dependent	dependent	ADJ
asfbr-256	178	31	variable	variable	NOUN
asfbr-256	178	32	which	which	PRON
asfbr-256	178	33	is	be	AUX
asfbr-256	178	34	corporate	corporate	ADJ
asfbr-256	178	35	performance	performance	NOUN
asfbr-256	178	36	.	.	PUNCT
asfbr-256	179	1	nicholas	nicholas	PROPN
asfbr-256	179	2	et	et	PROPN
asfbr-256	179	3	al	al	PROPN
asfbr-256	179	4	,	,	PUNCT
asfbr-256	179	5	(	(	PUNCT
asfbr-256	179	6	2013	2013	NUM
asfbr-256	179	7	)	)	PUNCT
asfbr-256	179	8	examined	examine	VERB
asfbr-256	179	9	accounting	accounting	NOUN
asfbr-256	179	10	information	information	NOUN
asfbr-256	179	11	and	and	CCONJ
asfbr-256	179	12	cost	cost	NOUN
asfbr-256	179	13	of	of	ADP
asfbr-256	179	14	capital	capital	NOUN
asfbr-256	179	15	:	:	PUNCT
asfbr-256	179	16	a	a	DET
asfbr-256	179	17	theoretical	theoretical	ADJ
asfbr-256	179	18	approach	approach	NOUN
asfbr-256	179	19	.	.	PUNCT
asfbr-256	180	1	the	the	DET
asfbr-256	180	2	primary	primary	ADJ
asfbr-256	180	3	goal	goal	NOUN
asfbr-256	180	4	of	of	ADP
asfbr-256	180	5	the	the	DET
asfbr-256	180	6	study	study	NOUN
asfbr-256	180	7	is	be	AUX
asfbr-256	180	8	to	to	PART
asfbr-256	180	9	provide	provide	VERB
asfbr-256	180	10	a	a	DET
asfbr-256	180	11	theoretical	theoretical	ADJ
asfbr-256	180	12	model	model	NOUN
asfbr-256	180	13	that	that	PRON
asfbr-256	180	14	shows	show	VERB
asfbr-256	180	15	explicit	explicit	ADJ
asfbr-256	180	16	solutions	solution	NOUN
asfbr-256	180	17	for	for	ADP
asfbr-256	180	18	equilibrium	equilibrium	NOUN
asfbr-256	180	19	prices	price	NOUN
asfbr-256	180	20	and	and	CCONJ
asfbr-256	180	21	derives	derive	VERB
asfbr-256	180	22	the	the	DET
asfbr-256	180	23	equilibrium	equilibrium	NOUN
asfbr-256	180	24	required	require	VERB
asfbr-256	180	25	return	return	NOUN
asfbr-256	180	26	for	for	ADP
asfbr-256	180	27	the	the	DET
asfbr-256	180	28	firm	firm	NOUN
asfbr-256	180	29	’s	’s	PART
asfbr-256	180	30	stock	stock	NOUN
asfbr-256	180	31	price	price	NOUN
asfbr-256	180	32	.	.	PUNCT
asfbr-256	181	1	in	in	ADP
asfbr-256	181	2	other	other	ADJ
asfbr-256	181	3	words	word	NOUN
asfbr-256	181	4	,	,	PUNCT
asfbr-256	181	5	this	this	DET
asfbr-256	181	6	theoretical	theoretical	ADJ
asfbr-256	181	7	study	study	NOUN
asfbr-256	181	8	provides	provide	VERB
asfbr-256	181	9	a	a	DET
asfbr-256	181	10	direct	direct	ADJ
asfbr-256	181	11	link	link	NOUN
asfbr-256	181	12	between	between	ADP
asfbr-256	181	13	accounting	accounting	NOUN
asfbr-256	181	14	information	information	NOUN
asfbr-256	181	15	,	,	PUNCT
asfbr-256	181	16	related	relate	VERB
asfbr-256	181	17	to	to	ADP
asfbr-256	181	18	the	the	DET
asfbr-256	181	19	firm	firm	NOUN
asfbr-256	181	20	’s	’s	PART
asfbr-256	181	21	reports	report	NOUN
asfbr-256	181	22	,	,	PUNCT
asfbr-256	181	23	and	and	CCONJ
asfbr-256	181	24	the	the	DET
asfbr-256	181	25	cost	cost	NOUN
asfbr-256	181	26	of	of	ADP
asfbr-256	181	27	capital	capital	NOUN
asfbr-256	181	28	within	within	ADP
asfbr-256	181	29	an	an	DET
asfbr-256	181	30	equilibrium	equilibrium	NOUN
asfbr-256	181	31	setting	setting	NOUN
asfbr-256	181	32	.	.	PUNCT
asfbr-256	182	1	accounting	accounting	NOUN
asfbr-256	182	2	information	information	NOUN
asfbr-256	182	3	is	be	AUX
asfbr-256	182	4	judged	judge	VERB
asfbr-256	182	5	to	to	PART
asfbr-256	182	6	be	be	AUX
asfbr-256	182	7	of	of	ADP
asfbr-256	182	8	high	high	ADJ
asfbr-256	182	9	value	value	NOUN
asfbr-256	182	10	because	because	SCONJ
asfbr-256	182	11	it	it	PRON
asfbr-256	182	12	affects	affect	VERB
asfbr-256	182	13	the	the	DET
asfbr-256	182	14	market	market	NOUN
asfbr-256	182	15	’s	’s	PART
asfbr-256	182	16	ability	ability	NOUN
asfbr-256	182	17	to	to	PART
asfbr-256	182	18	direct	direct	VERB
asfbr-256	182	19	firms	firm	NOUN
asfbr-256	182	20	’	’	PART
asfbr-256	182	21	capital	capital	NOUN
asfbr-256	182	22	allocation	allocation	NOUN
asfbr-256	182	23	choices	choice	NOUN
asfbr-256	182	24	.	.	PUNCT
asfbr-256	183	1	the	the	DET
asfbr-256	183	2	findings	finding	NOUN
asfbr-256	183	3	showed	show	VERB
asfbr-256	183	4	that	that	SCONJ
asfbr-256	183	5	an	an	DET
asfbr-256	183	6	increase	increase	NOUN
asfbr-256	183	7	in	in	ADP
asfbr-256	183	8	expected	expect	VERB
asfbr-256	183	9	cash	cash	NOUN
asfbr-256	183	10	flows	flow	NOUN
asfbr-256	183	11	,	,	PUNCT
asfbr-256	183	12	coming	come	VERB
asfbr-256	183	13	from	from	ADP
asfbr-256	183	14	improvements	improvement	NOUN
asfbr-256	183	15	in	in	ADP
asfbr-256	183	16	the	the	DET
asfbr-256	183	17	quality	quality	NOUN
asfbr-256	183	18	of	of	ADP
asfbr-256	183	19	accounting	accounting	NOUN
asfbr-256	183	20	information	information	NOUN
asfbr-256	183	21	,	,	PUNCT
asfbr-256	183	22	leads	lead	VERB
asfbr-256	183	23	to	to	ADP
asfbr-256	183	24	a	a	DET
asfbr-256	183	25	reduction	reduction	NOUN
asfbr-256	183	26	in	in	ADP
asfbr-256	183	27	the	the	DET
asfbr-256	183	28	firm	firm	NOUN
asfbr-256	183	29	’s	’s	PART
asfbr-256	183	30	cost	cost	NOUN
asfbr-256	183	31	of	of	ADP
asfbr-256	183	32	capital	capital	NOUN
asfbr-256	183	33	.	.	PUNCT
asfbr-256	184	1	3	3	X
asfbr-256	184	2	.	.	X
asfbr-256	184	3	research	research	NOUN
asfbr-256	184	4	methods	method	NOUN
asfbr-256	184	5	this	this	DET
asfbr-256	184	6	study	study	NOUN
asfbr-256	184	7	used	use	VERB
asfbr-256	184	8	secondary	secondary	ADJ
asfbr-256	184	9	data	datum	NOUN
asfbr-256	184	10	which	which	PRON
asfbr-256	184	11	was	be	AUX
asfbr-256	184	12	handpicked	handpicke	VERB
asfbr-256	184	13	from	from	ADP
asfbr-256	184	14	the	the	DET
asfbr-256	184	15	annual	annual	ADJ
asfbr-256	184	16	report	report	NOUN
asfbr-256	184	17	and	and	CCONJ
asfbr-256	184	18	statement	statement	NOUN
asfbr-256	184	19	of	of	ADP
asfbr-256	184	20	account	account	NOUN
asfbr-256	184	21	of	of	ADP
asfbr-256	184	22	selected	select	VERB
asfbr-256	184	23	quoted	quote	VERB
asfbr-256	184	24	firms	firm	NOUN
asfbr-256	184	25	on	on	ADP
asfbr-256	184	26	the	the	DET
asfbr-256	184	27	nigerian	nigerian	ADJ
asfbr-256	184	28	stock	stock	NOUN
asfbr-256	184	29	exchange	exchange	NOUN
asfbr-256	184	30	for	for	ADP
asfbr-256	184	31	the	the	DET
asfbr-256	184	32	period	period	NOUN
asfbr-256	184	33	.	.	PUNCT
asfbr-256	185	1	3.1	3.1	NUM
asfbr-256	185	2	model	model	NOUN
asfbr-256	185	3	specification	specification	NOUN
asfbr-256	185	4	summary	summary	NOUN
asfbr-256	185	5	statistics	statistic	NOUN
asfbr-256	185	6	for	for	ADP
asfbr-256	185	7	the	the	DET
asfbr-256	185	8	variables	variable	NOUN
asfbr-256	185	9	was	be	AUX
asfbr-256	185	10	calculated	calculate	VERB
asfbr-256	185	11	.	.	PUNCT
asfbr-256	186	1	the	the	DET
asfbr-256	186	2	analysis	analysis	NOUN
asfbr-256	186	3	utilized	utilize	VERB
asfbr-256	186	4	time	time	NOUN
asfbr-256	186	5	series	series	PROPN
asfbr-256	186	6	data	datum	NOUN
asfbr-256	186	7	with	with	ADP
asfbr-256	186	8	generalized	generalized	ADJ
asfbr-256	186	9	least	least	ADJ
asfbr-256	186	10	squares	square	NOUN
asfbr-256	186	11	regression	regression	NOUN
asfbr-256	186	12	.	.	PUNCT
asfbr-256	187	1	the	the	DET
asfbr-256	187	2	most	most	ADV
asfbr-256	187	3	basic	basic	ADJ
asfbr-256	187	4	test	test	NOUN
asfbr-256	187	5	involved	involve	VERB
asfbr-256	187	6	regressing	regress	VERB
asfbr-256	187	7	the	the	DET
asfbr-256	187	8	dependent	dependent	ADJ
asfbr-256	187	9	variable	variable	NOUN
asfbr-256	187	10	,	,	PUNCT
asfbr-256	187	11	equity	equity	NOUN
asfbr-256	187	12	financing	financing	NOUN
asfbr-256	187	13	,	,	PUNCT
asfbr-256	187	14	debt	debt	NOUN
asfbr-256	187	15	financing	financing	NOUN
asfbr-256	187	16	and	and	CCONJ
asfbr-256	187	17	corporate	corporate	ADJ
asfbr-256	187	18	growth	growth	NOUN
asfbr-256	187	19	proxy	proxy	NOUN
asfbr-256	187	20	by	by	ADP
asfbr-256	187	21	profitability	profitability	NOUN
asfbr-256	187	22	of	of	ADP
asfbr-256	187	23	the	the	DET
asfbr-256	187	24	quoted	quote	VERB
asfbr-256	187	25	firms	firm	NOUN
asfbr-256	187	26	against	against	ADP
asfbr-256	187	27	the	the	DET
asfbr-256	187	28	four	four	NUM
asfbr-256	187	29	independent	independent	ADJ
asfbr-256	187	30	variables	variable	NOUN
asfbr-256	187	31	which	which	PRON
asfbr-256	187	32	are	be	AUX
asfbr-256	187	33	cost	cost	NOUN
asfbr-256	187	34	of	of	ADP
asfbr-256	187	35	equity	equity	NOUN
asfbr-256	187	36	,	,	PUNCT
asfbr-256	187	37	cost	cost	NOUN
asfbr-256	187	38	of	of	ADP
asfbr-256	187	39	debt	debt	NOUN
asfbr-256	187	40	,	,	PUNCT
asfbr-256	187	41	cost	cost	NOUN
asfbr-256	187	42	of	of	ADP
asfbr-256	187	43	preference	preference	NOUN
asfbr-256	187	44	share	share	NOUN
asfbr-256	187	45	and	and	CCONJ
asfbr-256	187	46	weighted	weight	VERB
asfbr-256	187	47	average	average	ADJ
asfbr-256	187	48	cost	cost	NOUN
asfbr-256	187	49	of	of	ADP
asfbr-256	187	50	capital	capital	NOUN
asfbr-256	187	51	.	.	PUNCT
asfbr-256	188	1	thus	thus	ADV
asfbr-256	188	2	,	,	PUNCT
asfbr-256	188	3	in	in	ADP
asfbr-256	188	4	line	line	NOUN
asfbr-256	188	5	with	with	ADP
asfbr-256	188	6	the	the	DET
asfbr-256	188	7	objectives	objective	NOUN
asfbr-256	188	8	of	of	ADP
asfbr-256	188	9	the	the	DET
asfbr-256	188	10	study	study	NOUN
asfbr-256	188	11	,	,	PUNCT
asfbr-256	188	12	the	the	DET
asfbr-256	188	13	following	follow	VERB
asfbr-256	188	14	models	model	NOUN
asfbr-256	188	15	are	be	AUX
asfbr-256	188	16	formulated	formulate	VERB
asfbr-256	188	17	:	:	PUNCT
asfbr-256	188	18	model	model	NOUN
asfbr-256	188	19	i	i	PRON
asfbr-256	188	20	eqf	eqf	VERB
asfbr-256	188	21	=	=	SYM
asfbr-256	188	22	f(cdc	f(cdc	PROPN
asfbr-256	188	23	,	,	PUNCT
asfbr-256	188	24	ceqc	ceqc	PROPN
asfbr-256	188	25	,	,	PUNCT
asfbr-256	188	26	wacc	wacc	PROPN
asfbr-256	188	27	)	)	PUNCT
asfbr-256	188	28	(	(	PUNCT
asfbr-256	188	29	1	1	X
asfbr-256	188	30	)	)	PUNCT
asfbr-256	188	31	eqf	eqf	NOUN
asfbr-256	188	32	=	=	SYM
asfbr-256	188	33	α0	α0	ADJ
asfbr-256	188	34	+	+	CCONJ
asfbr-256	188	35	β1cdc	β1cdc	PROPN
asfbr-256	189	1	+	+	NUM
asfbr-256	189	2	β2ceqc	β2ceqc	PROPN
asfbr-256	190	1	+	+	CCONJ
asfbr-256	190	2	β3wacc	β3wacc	PROPN
asfbr-256	190	3	+	+	CCONJ
asfbr-256	190	4	i	i	ADJ
asfbr-256	190	5	(	(	PUNCT
asfbr-256	190	6	2	2	NUM
asfbr-256	190	7	)	)	PUNCT
asfbr-256	190	8	model	model	NOUN
asfbr-256	190	9	ii	ii	PROPN
asfbr-256	190	10	df	df	PROPN
asfbr-256	190	11	=	=	PROPN
asfbr-256	190	12	f(cdc	f(cdc	PROPN
asfbr-256	190	13	,	,	PUNCT
asfbr-256	190	14	ceqc	ceqc	PROPN
asfbr-256	190	15	,	,	PUNCT
asfbr-256	190	16	wacc	wacc	PROPN
asfbr-256	190	17	)	)	PUNCT
asfbr-256	190	18	(	(	PUNCT
asfbr-256	190	19	3	3	X
asfbr-256	190	20	)	)	PUNCT
asfbr-256	190	21	df	df	NOUN
asfbr-256	190	22	=	=	SYM
asfbr-256	190	23	α0	α0	PROPN
asfbr-256	190	24	+	+	CCONJ
asfbr-256	190	25	β1cdc	β1cdc	PROPN
asfbr-256	191	1	+	+	NUM
asfbr-256	191	2	β2ceqc	β2ceqc	PROPN
asfbr-256	192	1	+	+	CCONJ
asfbr-256	192	2	β3wacc	β3wacc	PROPN
asfbr-256	192	3	+	+	CCONJ
asfbr-256	192	4	i	i	ADJ
asfbr-256	192	5	(	(	PUNCT
asfbr-256	192	6	4	4	NUM
asfbr-256	192	7	)	)	PUNCT
asfbr-256	192	8	model	model	NOUN
asfbr-256	192	9	iii	iii	PROPN
asfbr-256	192	10	roi	roi	PROPN
asfbr-256	192	11	=	=	SYM
asfbr-256	192	12	f(cdc	f(cdc	PROPN
asfbr-256	192	13	,	,	PUNCT
asfbr-256	192	14	ceqc	ceqc	PROPN
asfbr-256	192	15	,	,	PUNCT
asfbr-256	192	16	wacc	wacc	PROPN
asfbr-256	192	17	)	)	PUNCT
asfbr-256	192	18	(	(	PUNCT
asfbr-256	192	19	5	5	X
asfbr-256	192	20	)	)	PUNCT
asfbr-256	192	21	copyright	copyright	NOUN
asfbr-256	192	22	©	©	PROPN
asfbr-256	192	23	cc	cc	PROPN
asfbr-256	192	24	-	-	PUNCT
asfbr-256	192	25	by	by	ADP
asfbr-256	192	26	-	-	PUNCT
asfbr-256	192	27	nc	nc	PROPN
asfbr-256	192	28	2019	2019	NUM
asfbr-256	192	29	,	,	PUNCT
asfbr-256	192	30	cribfb	cribfb	PROPN
asfbr-256	192	31	|	|	ADV
asfbr-256	192	32	afbr	afbr	ADV
asfbr-256	192	33	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	192	34	asian	asian	ADJ
asfbr-256	192	35	finance	finance	PROPN
asfbr-256	192	36	&	&	CCONJ
asfbr-256	192	37	banking	banking	PROPN
asfbr-256	192	38	review	review	PROPN
asfbr-256	192	39	vol	vol	NOUN
asfbr-256	192	40	.	.	PROPN
asfbr-256	193	1	3	3	NUM
asfbr-256	193	2	,	,	PUNCT
asfbr-256	193	3	no	no	INTJ
asfbr-256	193	4	.	.	NOUN
asfbr-256	193	5	1	1	NUM
asfbr-256	193	6	;	;	PUNCT
asfbr-256	193	7	2019	2019	NUM
asfbr-256	193	8	18	18	NUM
asfbr-256	193	9	roi	roi	NOUN
asfbr-256	193	10	=	=	SYM
asfbr-256	193	11	α0	α0	ADJ
asfbr-256	193	12	+	+	CCONJ
asfbr-256	193	13	β1cdc	β1cdc	PROPN
asfbr-256	194	1	+	+	NUM
asfbr-256	194	2	β2ceqc	β2ceqc	PROPN
asfbr-256	195	1	+	+	CCONJ
asfbr-256	195	2	β3wacc	β3wacc	PROPN
asfbr-256	195	3	+	+	CCONJ
asfbr-256	195	4	i	i	ADJ
asfbr-256	195	5	(	(	PUNCT
asfbr-256	195	6	6	6	NUM
asfbr-256	195	7	)	)	PUNCT
asfbr-256	195	8	model	model	NOUN
asfbr-256	195	9	iv	iv	NUM
asfbr-256	195	10	fm	fm	PROPN
asfbr-256	195	11	=	=	PROPN
asfbr-256	195	12	f(cdc	f(cdc	PROPN
asfbr-256	195	13	,	,	PUNCT
asfbr-256	195	14	ceqc	ceqc	PROPN
asfbr-256	195	15	,	,	PUNCT
asfbr-256	195	16	wacc	wacc	PROPN
asfbr-256	195	17	)	)	PUNCT
asfbr-256	195	18	(	(	PUNCT
asfbr-256	195	19	6	6	X
asfbr-256	195	20	)	)	PUNCT
asfbr-256	195	21	fm	fm	NOUN
asfbr-256	196	1	=	=	SYM
asfbr-256	196	2	α0	α0	PROPN
asfbr-256	196	3	+	+	CCONJ
asfbr-256	196	4	β1cdc	β1cdc	PROPN
asfbr-256	197	1	+	+	NUM
asfbr-256	197	2	β2ceqc	β2ceqc	PROPN
asfbr-256	198	1	+	+	CCONJ
asfbr-256	198	2	β3wacc	β3wacc	PROPN
asfbr-256	198	3	+	+	CCONJ
asfbr-256	198	4	i	i	ADJ
asfbr-256	198	5	(	(	PUNCT
asfbr-256	198	6	7	7	NUM
asfbr-256	198	7	)	)	PUNCT
asfbr-256	198	8	where	where	SCONJ
asfbr-256	198	9	:	:	PUNCT
asfbr-256	198	10	eqf	eqf	VERB
asfbr-256	198	11	=	=	NOUN
asfbr-256	198	12	equity	equity	NOUN
asfbr-256	198	13	financing	financing	NOUN
asfbr-256	198	14	df	df	NOUN
asfbr-256	198	15	=	=	SYM
asfbr-256	198	16	debt	debt	NOUN
asfbr-256	198	17	financing	financing	NOUN
asfbr-256	198	18	roi	roi	NOUN
asfbr-256	198	19	=	=	NOUN
asfbr-256	198	20	return	return	NOUN
asfbr-256	198	21	on	on	ADP
asfbr-256	198	22	investment	investment	NOUN
asfbr-256	198	23	fm	fm	NOUN
asfbr-256	199	1	=	=	NOUN
asfbr-256	199	2	financing	finance	VERB
asfbr-256	199	3	mix	mix	NOUN
asfbr-256	199	4	proxy	proxy	NOUN
asfbr-256	199	5	by	by	ADP
asfbr-256	199	6	debt	debt	NOUN
asfbr-256	199	7	equity	equity	NOUN
asfbr-256	199	8	ratio	ratio	NOUN
asfbr-256	199	9	cdc	cdc	PROPN
asfbr-256	199	10	=	=	PUNCT
asfbr-256	199	11	cost	cost	NOUN
asfbr-256	199	12	of	of	ADP
asfbr-256	199	13	debt	debt	NOUN
asfbr-256	199	14	capital	capital	NOUN
asfbr-256	199	15	ceqc	ceqc	NOUN
asfbr-256	199	16	=	=	PUNCT
asfbr-256	199	17	cost	cost	NOUN
asfbr-256	199	18	of	of	ADP
asfbr-256	199	19	equity	equity	NOUN
asfbr-256	199	20	capital	capital	PROPN
asfbr-256	199	21	wacc	wacc	PROPN
asfbr-256	199	22	=	=	PRON
asfbr-256	199	23	weighted	weight	VERB
asfbr-256	199	24	average	average	ADJ
asfbr-256	199	25	cost	cost	NOUN
asfbr-256	199	26	of	of	ADP
asfbr-256	199	27	capital	capital	NOUN
asfbr-256	199	28	α	α	NOUN
asfbr-256	199	29	=	=	PUNCT
asfbr-256	199	30	regression	regression	NOUN
asfbr-256	199	31	constant	constant	ADJ
asfbr-256	199	32	β1	β1	NOUN
asfbr-256	199	33	–	–	PUNCT
asfbr-256	199	34	β3	β3	VERB
asfbr-256	199	35	=	=	SYM
asfbr-256	199	36	regression	regression	NOUN
asfbr-256	199	37	coefficient	coefficient	NOUN
asfbr-256	199	38	i	i	NOUN
asfbr-256	199	39	=	=	NOUN
asfbr-256	199	40	error	error	NOUN
asfbr-256	199	41	term	term	NOUN
asfbr-256	199	42	4	4	NUM
asfbr-256	199	43	.	.	PUNCT
asfbr-256	200	1	techniques	technique	NOUN
asfbr-256	200	2	of	of	ADP
asfbr-256	200	3	analysis	analysis	NOUN
asfbr-256	200	4	the	the	DET
asfbr-256	200	5	models	model	NOUN
asfbr-256	200	6	stated	state	VERB
asfbr-256	200	7	will	will	AUX
asfbr-256	200	8	be	be	AUX
asfbr-256	200	9	analyzed	analyze	VERB
asfbr-256	200	10	using	use	VERB
asfbr-256	200	11	the	the	DET
asfbr-256	200	12	multiple	multiple	ADJ
asfbr-256	200	13	regression	regression	NOUN
asfbr-256	200	14	models	model	NOUN
asfbr-256	200	15	.	.	PUNCT
asfbr-256	201	1	the	the	DET
asfbr-256	201	2	statistical	statistical	ADJ
asfbr-256	201	3	package	package	NOUN
asfbr-256	201	4	for	for	ADP
asfbr-256	201	5	social	social	ADJ
asfbr-256	201	6	science	science	NOUN
asfbr-256	201	7	(	(	PUNCT
asfbr-256	201	8	spss	spss	PROPN
asfbr-256	201	9	)	)	PUNCT
asfbr-256	201	10	will	will	AUX
asfbr-256	201	11	be	be	AUX
asfbr-256	201	12	used	use	VERB
asfbr-256	201	13	to	to	PART
asfbr-256	201	14	examine	examine	VERB
asfbr-256	201	15	the	the	DET
asfbr-256	201	16	relationship	relationship	NOUN
asfbr-256	201	17	between	between	ADP
asfbr-256	201	18	the	the	DET
asfbr-256	201	19	dependent	dependent	ADJ
asfbr-256	201	20	and	and	CCONJ
asfbr-256	201	21	the	the	DET
asfbr-256	201	22	independent	independent	ADJ
asfbr-256	201	23	variables	variable	NOUN
asfbr-256	201	24	as	as	SCONJ
asfbr-256	201	25	formulated	formulate	VERB
asfbr-256	201	26	in	in	ADP
asfbr-256	201	27	the	the	DET
asfbr-256	201	28	models	model	NOUN
asfbr-256	201	29	.	.	PUNCT
asfbr-256	202	1	the	the	DET
asfbr-256	202	2	idea	idea	NOUN
asfbr-256	202	3	behind	behind	ADP
asfbr-256	202	4	regression	regression	NOUN
asfbr-256	202	5	analysis	analysis	NOUN
asfbr-256	202	6	is	be	AUX
asfbr-256	202	7	the	the	DET
asfbr-256	202	8	statistical	statistical	ADJ
asfbr-256	202	9	dependence	dependence	NOUN
asfbr-256	202	10	of	of	ADP
asfbr-256	202	11	one	one	NUM
asfbr-256	202	12	variable	variable	NOUN
asfbr-256	202	13	,	,	PUNCT
asfbr-256	202	14	the	the	DET
asfbr-256	202	15	dependent	dependent	ADJ
asfbr-256	202	16	variable	variable	NOUN
asfbr-256	202	17	,	,	PUNCT
asfbr-256	202	18	on	on	ADP
asfbr-256	202	19	one	one	NUM
asfbr-256	202	20	or	or	CCONJ
asfbr-256	202	21	more	more	ADJ
asfbr-256	202	22	variables	variable	NOUN
asfbr-256	202	23	,	,	PUNCT
asfbr-256	202	24	the	the	DET
asfbr-256	202	25	independent	independent	ADJ
asfbr-256	202	26	or	or	CCONJ
asfbr-256	202	27	explanatory	explanatory	ADJ
asfbr-256	202	28	variables	variable	NOUN
asfbr-256	202	29	.	.	PUNCT
asfbr-256	203	1	the	the	DET
asfbr-256	203	2	objectives	objective	NOUN
asfbr-256	203	3	of	of	ADP
asfbr-256	203	4	such	such	ADJ
asfbr-256	203	5	analysis	analysis	NOUN
asfbr-256	203	6	are	be	AUX
asfbr-256	203	7	to	to	PART
asfbr-256	203	8	estimate	estimate	VERB
asfbr-256	203	9	or	or	CCONJ
asfbr-256	203	10	predict	predict	VERB
asfbr-256	203	11	the	the	DET
asfbr-256	203	12	mean	mean	ADJ
asfbr-256	203	13	or	or	CCONJ
asfbr-256	203	14	average	average	ADJ
asfbr-256	203	15	value	value	NOUN
asfbr-256	203	16	of	of	ADP
asfbr-256	203	17	the	the	DET
asfbr-256	203	18	dependent	dependent	ADJ
asfbr-256	203	19	variable	variable	NOUN
asfbr-256	203	20	on	on	ADP
asfbr-256	203	21	the	the	DET
asfbr-256	203	22	basis	basis	NOUN
asfbr-256	203	23	of	of	ADP
asfbr-256	203	24	the	the	DET
asfbr-256	203	25	known	know	VERB
asfbr-256	203	26	or	or	CCONJ
asfbr-256	203	27	fixed	fix	VERB
asfbr-256	203	28	values	value	NOUN
asfbr-256	203	29	of	of	ADP
asfbr-256	203	30	the	the	DET
asfbr-256	203	31	explanatory	explanatory	ADJ
asfbr-256	203	32	variables	variable	NOUN
asfbr-256	203	33	(	(	PUNCT
asfbr-256	203	34	gujarati	gujarati	NOUN
asfbr-256	203	35	and	and	CCONJ
asfbr-256	203	36	porter	porter	NOUN
asfbr-256	203	37	,	,	PUNCT
asfbr-256	203	38	2009	2009	NUM
asfbr-256	203	39	)	)	PUNCT
asfbr-256	203	40	.	.	PUNCT
asfbr-256	204	1	5	5	X
asfbr-256	204	2	.	.	X
asfbr-256	204	3	presentation	presentation	NOUN
asfbr-256	204	4	and	and	CCONJ
asfbr-256	204	5	analyses	analysis	NOUN
asfbr-256	204	6	of	of	ADP
asfbr-256	204	7	results	result	NOUN
asfbr-256	204	8	table	table	VERB
asfbr-256	204	9	1	1	NUM
asfbr-256	204	10	:	:	PUNCT
asfbr-256	204	11	tolerance	tolerance	NOUN
asfbr-256	204	12	and	and	CCONJ
asfbr-256	204	13	variance	variance	NOUN
asfbr-256	204	14	inflation	inflation	NOUN
asfbr-256	204	15	factor	factor	NOUN
asfbr-256	204	16	(	(	PUNCT
asfbr-256	204	17	vif	vif	PROPN
asfbr-256	204	18	)	)	PUNCT
asfbr-256	204	19	model	model	NOUN
asfbr-256	204	20	i	i	PRON
asfbr-256	204	21	tolerance	tolerance	NOUN
asfbr-256	204	22	vif	vif	X
asfbr-256	204	23	cdc	cdc	PROPN
asfbr-256	204	24	.229	.229	NUM
asfbr-256	204	25	4.369	4.369	NUM
asfbr-256	204	26	cec	cec	PROPN
asfbr-256	204	27	.294	.294	NUM
asfbr-256	204	28	3.399	3.399	NUM
asfbr-256	204	29	wacc	wacc	PROPN
asfbr-256	204	30	.280	.280	NUM
asfbr-256	204	31	3.574	3.574	NUM
asfbr-256	204	32	source	source	NOUN
asfbr-256	204	33	:	:	PUNCT
asfbr-256	204	34	spss	spss	PROPN
asfbr-256	204	35	print	print	VERB
asfbr-256	204	36	out	out	ADP
asfbr-256	204	37	22.0	22.0	NUM
asfbr-256	204	38	(	(	PUNCT
asfbr-256	204	39	2019	2019	NUM
asfbr-256	204	40	)	)	PUNCT
asfbr-256	204	41	the	the	DET
asfbr-256	204	42	variance	variance	NOUN
asfbr-256	204	43	inflation	inflation	NOUN
asfbr-256	204	44	factor	factor	NOUN
asfbr-256	204	45	result	result	NOUN
asfbr-256	204	46	shows	show	VERB
asfbr-256	204	47	that	that	SCONJ
asfbr-256	204	48	all	all	DET
asfbr-256	204	49	the	the	DET
asfbr-256	204	50	variables	variable	NOUN
asfbr-256	204	51	fall	fall	VERB
asfbr-256	204	52	below	below	ADP
asfbr-256	204	53	4.0	4.0	NUM
asfbr-256	204	54	and	and	CCONJ
asfbr-256	204	55	10.0	10.0	NUM
asfbr-256	204	56	which	which	PRON
asfbr-256	204	57	is	be	AUX
asfbr-256	204	58	the	the	DET
asfbr-256	204	59	minimum	minimum	NOUN
asfbr-256	204	60	and	and	CCONJ
asfbr-256	204	61	the	the	DET
asfbr-256	204	62	maximum	maximum	ADJ
asfbr-256	204	63	variance	variance	NOUN
asfbr-256	204	64	inflation	inflation	NOUN
asfbr-256	204	65	coefficient	coefficient	NOUN
asfbr-256	204	66	.	.	PUNCT
asfbr-256	205	1	from	from	ADP
asfbr-256	205	2	the	the	DET
asfbr-256	205	3	above	above	NOUN
asfbr-256	205	4	,	,	PUNCT
asfbr-256	205	5	the	the	DET
asfbr-256	205	6	study	study	NOUN
asfbr-256	205	7	conductively	conductively	ADV
asfbr-256	205	8	conclude	conclude	VERB
asfbr-256	205	9	that	that	SCONJ
asfbr-256	205	10	the	the	DET
asfbr-256	205	11	variance	variance	NOUN
asfbr-256	205	12	inflation	inflation	NOUN
asfbr-256	205	13	factor	factor	NOUN
asfbr-256	205	14	.	.	PUNCT
asfbr-256	206	1	table	table	NOUN
asfbr-256	206	2	2	2	NUM
asfbr-256	206	3	:	:	PUNCT
asfbr-256	206	4	colinearity	colinearity	NOUN
asfbr-256	206	5	diagnostic	diagnostic	ADJ
asfbr-256	206	6	and	and	CCONJ
asfbr-256	206	7	durbin	durbin	PROPN
asfbr-256	206	8	watson	watson	PROPN
asfbr-256	206	9	test	test	PROPN
asfbr-256	206	10	model	model	PROPN
asfbr-256	206	11	eigen	eigen	PROPN
asfbr-256	206	12	value	value	PROPN
asfbr-256	206	13	cond	cond	NOUN
asfbr-256	206	14	index	index	NOUN
asfbr-256	206	15	constant	constant	ADJ
asfbr-256	206	16	variables	variable	NOUN
asfbr-256	206	17	proportion	proportion	NOUN
asfbr-256	206	18	cdc	cdc	PROPN
asfbr-256	206	19	ceq	ceq	PROPN
asfbr-256	206	20	wacc	wacc	PROPN
asfbr-256	206	21	1	1	NUM
asfbr-256	206	22	6.321	6.321	NUM
asfbr-256	206	23	1.000	1.000	NUM
asfbr-256	206	24	.00	.00	NUM
asfbr-256	206	25	.00	.00	NUM
asfbr-256	206	26	.00	.00	NUM
asfbr-256	206	27	.00	.00	NUM
asfbr-256	206	28	2	2	NUM
asfbr-256	206	29	.418	.418	NUM
asfbr-256	206	30	3.890	3.890	NUM
asfbr-256	206	31	.51	.51	NUM
asfbr-256	206	32	.11	.11	NUM
asfbr-256	206	33	.04	.04	NUM
asfbr-256	206	34	.00	.00	NUM
asfbr-256	206	35	3	3	NUM
asfbr-256	206	36	.174	.174	NUM
asfbr-256	206	37	6.030	6.030	NUM
asfbr-256	206	38	.01	.01	NUM
asfbr-256	206	39	.40	.40	NUM
asfbr-256	206	40	.95	.95	NUM
asfbr-256	206	41	.06	.06	NUM
asfbr-256	206	42	4	4	NUM
asfbr-256	206	43	.057	.057	NUM
asfbr-256	206	44	10.497	10.497	NUM
asfbr-256	206	45	.49	.49	NUM
asfbr-256	206	46	.49	.49	NUM
asfbr-256	206	47	.00	.00	NUM
asfbr-256	206	48	.00	.00	NUM
asfbr-256	206	49	durbin	durbin	PROPN
asfbr-256	206	50	watson	watson	PROPN
asfbr-256	206	51	test	test	NOUN
asfbr-256	206	52	1.771	1.771	NUM
asfbr-256	206	53	source	source	NOUN
asfbr-256	206	54	:	:	PUNCT
asfbr-256	206	55	spss	spss	PROPN
asfbr-256	206	56	print	print	VERB
asfbr-256	206	57	out	out	ADP
asfbr-256	206	58	22.0	22.0	NUM
asfbr-256	206	59	(	(	PUNCT
asfbr-256	206	60	2019	2019	NUM
asfbr-256	206	61	)	)	PUNCT
asfbr-256	206	62	the	the	DET
asfbr-256	206	63	eigen	eigen	PROPN
asfbr-256	206	64	value	value	NOUN
asfbr-256	206	65	provides	provide	VERB
asfbr-256	206	66	an	an	DET
asfbr-256	206	67	indication	indication	NOUN
asfbr-256	206	68	of	of	ADP
asfbr-256	206	69	how	how	SCONJ
asfbr-256	206	70	many	many	ADJ
asfbr-256	206	71	distinct	distinct	ADJ
asfbr-256	206	72	dimensions	dimension	NOUN
asfbr-256	206	73	they	they	PRON
asfbr-256	206	74	are	be	AUX
asfbr-256	206	75	among	among	ADP
asfbr-256	206	76	the	the	DET
asfbr-256	206	77	independent	independent	ADJ
asfbr-256	206	78	variables	variable	NOUN
asfbr-256	206	79	,	,	PUNCT
asfbr-256	206	80	when	when	SCONJ
asfbr-256	206	81	several	several	ADJ
asfbr-256	206	82	eigen	eigen	PROPN
asfbr-256	206	83	value	value	NOUN
asfbr-256	206	84	are	be	AUX
asfbr-256	206	85	close	close	ADJ
asfbr-256	206	86	to	to	ADP
asfbr-256	206	87	0	0	NUM
asfbr-256	206	88	,	,	PUNCT
asfbr-256	206	89	the	the	DET
asfbr-256	206	90	variables	variable	NOUN
asfbr-256	206	91	are	be	AUX
asfbr-256	206	92	highly	highly	ADV
asfbr-256	206	93	intercorrelated	intercorrelate	VERB
asfbr-256	206	94	and	and	CCONJ
asfbr-256	206	95	the	the	DET
asfbr-256	206	96	market	market	NOUN
asfbr-256	206	97	is	be	AUX
asfbr-256	206	98	said	say	VERB
asfbr-256	206	99	to	to	PART
asfbr-256	206	100	be	be	AUX
asfbr-256	206	101	unconditioned	unconditione	VERB
asfbr-256	206	102	;	;	PUNCT
asfbr-256	206	103	which	which	PRON
asfbr-256	206	104	means	mean	VERB
asfbr-256	206	105	small	small	ADJ
asfbr-256	206	106	changes	change	NOUN
asfbr-256	206	107	in	in	ADP
asfbr-256	206	108	data	datum	NOUN
asfbr-256	206	109	values	value	NOUN
asfbr-256	206	110	will	will	AUX
asfbr-256	206	111	lead	lead	VERB
asfbr-256	206	112	changes	change	NOUN
asfbr-256	206	113	in	in	ADP
asfbr-256	206	114	the	the	DET
asfbr-256	206	115	estimates	estimate	NOUN
asfbr-256	206	116	of	of	ADP
asfbr-256	206	117	the	the	DET
asfbr-256	206	118	coefficients	coefficient	NOUN
asfbr-256	206	119	.	.	PUNCT
asfbr-256	207	1	from	from	ADP
asfbr-256	207	2	the	the	DET
asfbr-256	207	3	table	table	NOUN
asfbr-256	207	4	above	above	ADV
asfbr-256	207	5	,	,	PUNCT
asfbr-256	207	6	the	the	DET
asfbr-256	207	7	eigen	eigen	PROPN
asfbr-256	207	8	values	value	NOUN
asfbr-256	207	9	are	be	AUX
asfbr-256	207	10	greater	great	ADJ
asfbr-256	207	11	than	than	ADP
asfbr-256	207	12	0	0	NUM
asfbr-256	207	13	,	,	PUNCT
asfbr-256	207	14	this	this	PRON
asfbr-256	207	15	proves	prove	VERB
asfbr-256	207	16	that	that	SCONJ
asfbr-256	207	17	the	the	DET
asfbr-256	207	18	variables	variable	NOUN
asfbr-256	207	19	are	be	AUX
asfbr-256	207	20	not	not	PART
asfbr-256	207	21	highly	highly	ADV
asfbr-256	207	22	correlated	correlate	VERB
asfbr-256	207	23	,	,	PUNCT
asfbr-256	207	24	this	this	PRON
asfbr-256	207	25	means	mean	VERB
asfbr-256	207	26	the	the	DET
asfbr-256	207	27	absence	absence	NOUN
asfbr-256	207	28	of	of	ADP
asfbr-256	207	29	multicolinearity	multicolinearity	NOUN
asfbr-256	207	30	.	.	PUNCT
asfbr-256	208	1	a	a	DET
asfbr-256	208	2	condition	condition	NOUN
asfbr-256	208	3	index	index	NOUN
asfbr-256	208	4	greater	great	ADJ
asfbr-256	208	5	than	than	ADP
asfbr-256	208	6	15	15	NUM
asfbr-256	208	7	indicates	indicate	VERB
asfbr-256	208	8	a	a	DET
asfbr-256	208	9	possible	possible	ADJ
asfbr-256	208	10	problem	problem	NOUN
asfbr-256	208	11	and	and	CCONJ
asfbr-256	208	12	an	an	DET
asfbr-256	208	13	index	index	NOUN
asfbr-256	208	14	greater	great	ADJ
asfbr-256	208	15	than	than	ADP
asfbr-256	208	16	30	30	NUM
asfbr-256	208	17	suggests	suggest	VERB
asfbr-256	208	18	a	a	DET
asfbr-256	208	19	serious	serious	ADJ
asfbr-256	208	20	problem	problem	NOUN
asfbr-256	208	21	.	.	PUNCT
asfbr-256	209	1	from	from	ADP
asfbr-256	209	2	the	the	DET
asfbr-256	209	3	table	table	NOUN
asfbr-256	209	4	above	above	ADV
asfbr-256	209	5	,	,	PUNCT
asfbr-256	209	6	the	the	DET
asfbr-256	209	7	condition	condition	NOUN
asfbr-256	209	8	index	index	NOUN
asfbr-256	209	9	are	be	AUX
asfbr-256	209	10	less	less	ADJ
asfbr-256	209	11	than	than	ADP
asfbr-256	209	12	15	15	NUM
asfbr-256	209	13	and	and	CCONJ
asfbr-256	209	14	30	30	NUM
asfbr-256	209	15	that	that	SCONJ
asfbr-256	209	16	copyright	copyright	NOUN
asfbr-256	209	17	©	©	PROPN
asfbr-256	209	18	cc	cc	PROPN
asfbr-256	209	19	-	-	PUNCT
asfbr-256	209	20	by	by	ADP
asfbr-256	209	21	-	-	PUNCT
asfbr-256	209	22	nc	nc	PROPN
asfbr-256	209	23	2019	2019	NUM
asfbr-256	209	24	,	,	PUNCT
asfbr-256	209	25	cribfb	cribfb	PROPN
asfbr-256	209	26	|	|	ADV
asfbr-256	209	27	afbr	afbr	ADV
asfbr-256	209	28	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	209	29	asian	asian	ADJ
asfbr-256	209	30	finance	finance	PROPN
asfbr-256	209	31	&	&	CCONJ
asfbr-256	209	32	banking	banking	PROPN
asfbr-256	209	33	review	review	PROPN
asfbr-256	209	34	vol	vol	NOUN
asfbr-256	209	35	.	.	PROPN
asfbr-256	210	1	3	3	NUM
asfbr-256	210	2	,	,	PUNCT
asfbr-256	210	3	no	no	INTJ
asfbr-256	210	4	.	.	NOUN
asfbr-256	210	5	1	1	NUM
asfbr-256	210	6	;	;	PUNCT
asfbr-256	210	7	2019	2019	NUM
asfbr-256	210	8	19	19	NUM
asfbr-256	210	9	means	mean	VERB
asfbr-256	210	10	the	the	DET
asfbr-256	210	11	absence	absence	NOUN
asfbr-256	210	12	of	of	ADP
asfbr-256	210	13	serial	serial	ADJ
asfbr-256	210	14	autocorrelation	autocorrelation	NOUN
asfbr-256	210	15	among	among	ADP
asfbr-256	210	16	the	the	DET
asfbr-256	210	17	variables	variable	NOUN
asfbr-256	210	18	.	.	PUNCT
asfbr-256	211	1	the	the	DET
asfbr-256	211	2	durbin	durbin	PROPN
asfbr-256	211	3	watson	watson	PROPN
asfbr-256	211	4	statistics	statistic	NOUN
asfbr-256	211	5	for	for	ADP
asfbr-256	211	6	the	the	DET
asfbr-256	211	7	models	model	NOUN
asfbr-256	211	8	are	be	AUX
asfbr-256	211	9	greater	great	ADJ
asfbr-256	211	10	than	than	ADP
asfbr-256	211	11	1.00	1.00	NUM
asfbr-256	211	12	but	but	CCONJ
asfbr-256	211	13	less	less	ADJ
asfbr-256	211	14	than	than	ADP
asfbr-256	211	15	2.00	2.00	NUM
asfbr-256	211	16	which	which	PRON
asfbr-256	211	17	means	mean	VERB
asfbr-256	211	18	the	the	DET
asfbr-256	211	19	presence	presence	NOUN
asfbr-256	211	20	of	of	ADP
asfbr-256	211	21	positive	positive	ADJ
asfbr-256	211	22	autocorrelation	autocorrelation	NOUN
asfbr-256	211	23	among	among	ADP
asfbr-256	211	24	the	the	DET
asfbr-256	211	25	variables	variable	NOUN
asfbr-256	211	26	.	.	PUNCT
asfbr-256	212	1	table	table	NOUN
asfbr-256	212	2	3	3	NUM
asfbr-256	212	3	:	:	PUNCT
asfbr-256	212	4	effect	effect	NOUN
asfbr-256	212	5	of	of	ADP
asfbr-256	212	6	cost	cost	NOUN
asfbr-256	212	7	of	of	ADP
asfbr-256	212	8	capital	capital	NOUN
asfbr-256	212	9	on	on	ADP
asfbr-256	212	10	equity	equity	NOUN
asfbr-256	212	11	financing	financing	NOUN
asfbr-256	212	12	variables	variable	NOUN
asfbr-256	212	13	cdc	cdc	PROPN
asfbr-256	212	14	cec	cec	PROPN
asfbr-256	212	15	wacc	wacc	PROPN
asfbr-256	212	16	unstandarized	unstandarize	VERB
asfbr-256	212	17	β	β	X
asfbr-256	212	18	-5.302	-5.302	NOUN
asfbr-256	212	19	-17.776	-17.776	PROPN
asfbr-256	213	1	762.808	762.808	NUM
asfbr-256	213	2	standarized	standarize	VERB
asfbr-256	213	3	β	β	PROPN
asfbr-256	213	4	-.208	-.208	ADJ
asfbr-256	213	5	.534	.534	NUM
asfbr-256	213	6	.758	.758	NUM
asfbr-256	213	7	standard	standard	ADJ
asfbr-256	213	8	error	error	NOUN
asfbr-256	213	9	13.836	13.836	NUM
asfbr-256	213	10	15.927	15.927	NUM
asfbr-256	213	11	493.540	493.540	NUM
asfbr-256	213	12	partial	partial	ADJ
asfbr-256	213	13	correlation	correlation	NOUN
asfbr-256	213	14	-.110	-.110	PROPN
asfbr-256	213	15	.307	.307	NUM
asfbr-256	213	16	.407	.407	NUM
asfbr-256	213	17	zero	zero	NUM
asfbr-256	213	18	order	order	NOUN
asfbr-256	213	19	-.016	-.016	DET
asfbr-256	213	20	-.115	-.115	PROPN
asfbr-256	213	21	-.169	-.169	PROPN
asfbr-256	213	22	t	t	PROPN
asfbr-256	213	23	-	-	PUNCT
asfbr-256	213	24	statistics	statistic	NOUN
asfbr-256	213	25	-.383	-.383	NOUN
asfbr-256	213	26	-1.116	-1.116	PROPN
asfbr-256	213	27	1.546	1.546	NUM
asfbr-256	213	28	t	t	NOUN
asfbr-256	213	29	-	-	PUNCT
asfbr-256	213	30	significant	significant	ADJ
asfbr-256	213	31	.708	.708	NUM
asfbr-256	213	32	.286	.286	NUM
asfbr-256	213	33	.146	.146	NUM
asfbr-256	213	34	r2	r2	PROPN
asfbr-256	213	35	.439	.439	NUM
asfbr-256	213	36	r2	r2	PROPN
asfbr-256	213	37	.193	.193	NUM
asfbr-256	214	1	f	f	X
asfbr-256	214	2	-	-	PUNCT
asfbr-256	214	3	ratio	ratio	NOUN
asfbr-256	214	4	.956	.956	NUM
asfbr-256	215	1	f	f	PROPN
asfbr-256	215	2	-	-	PUNCT
asfbr-256	215	3	sig	sig	ADJ
asfbr-256	215	4	.445	.445	NUM
asfbr-256	215	5	source	source	NOUN
asfbr-256	215	6	:	:	PUNCT
asfbr-256	215	7	extracts	extract	NOUN
asfbr-256	215	8	from	from	ADP
asfbr-256	215	9	spss	spss	PROPN
asfbr-256	215	10	window	window	NOUN
asfbr-256	215	11	(	(	PUNCT
asfbr-256	215	12	22.0	22.0	NUM
asfbr-256	215	13	)	)	PUNCT
asfbr-256	215	14	6	6	NUM
asfbr-256	215	15	.	.	PUNCT
asfbr-256	216	1	interpretation	interpretation	NOUN
asfbr-256	216	2	of	of	ADP
asfbr-256	216	3	regression	regression	NOUN
asfbr-256	216	4	results	result	VERB
asfbr-256	216	5	the	the	DET
asfbr-256	216	6	regression	regression	NOUN
asfbr-256	216	7	result	result	NOUN
asfbr-256	216	8	presented	present	VERB
asfbr-256	216	9	in	in	ADP
asfbr-256	216	10	the	the	DET
asfbr-256	216	11	above	above	ADJ
asfbr-256	216	12	table	table	NOUN
asfbr-256	216	13	shows	show	VERB
asfbr-256	216	14	that	that	SCONJ
asfbr-256	216	15	cost	cost	NOUN
asfbr-256	216	16	of	of	ADP
asfbr-256	216	17	debt	debt	NOUN
asfbr-256	216	18	capital	capital	NOUN
asfbr-256	216	19	and	and	CCONJ
asfbr-256	216	20	cost	cost	NOUN
asfbr-256	216	21	of	of	ADP
asfbr-256	216	22	equity	equity	NOUN
asfbr-256	216	23	capital	capital	NOUN
asfbr-256	216	24	have	have	VERB
asfbr-256	216	25	negative	negative	ADJ
asfbr-256	216	26	relationship	relationship	NOUN
asfbr-256	216	27	on	on	ADP
asfbr-256	216	28	equity	equity	NOUN
asfbr-256	216	29	financing	financing	NOUN
asfbr-256	216	30	,	,	PUNCT
asfbr-256	216	31	this	this	PRON
asfbr-256	216	32	means	mean	VERB
asfbr-256	216	33	that	that	SCONJ
asfbr-256	216	34	the	the	DET
asfbr-256	216	35	negative	negative	ADJ
asfbr-256	216	36	coefficient	coefficient	NOUN
asfbr-256	216	37	of	of	ADP
asfbr-256	216	38	5.302cdc	5.302cdc	NOUN
asfbr-256	216	39	and	and	CCONJ
asfbr-256	216	40	17.776cec	17.776cec	PROPN
asfbr-256	216	41	would	would	AUX
asfbr-256	216	42	reduce	reduce	VERB
asfbr-256	216	43	equity	equity	NOUN
asfbr-256	216	44	financing	financing	NOUN
asfbr-256	216	45	by	by	ADP
asfbr-256	216	46	5.3	5.3	NUM
asfbr-256	216	47	%	%	NOUN
asfbr-256	216	48	and	and	CCONJ
asfbr-256	216	49	17.7	17.7	NUM
asfbr-256	216	50	%	%	NOUN
asfbr-256	216	51	for	for	ADP
asfbr-256	216	52	a	a	DET
asfbr-256	216	53	unit	unit	NOUN
asfbr-256	216	54	increase	increase	NOUN
asfbr-256	216	55	in	in	ADP
asfbr-256	216	56	the	the	DET
asfbr-256	216	57	independent	independent	ADJ
asfbr-256	216	58	variables	variable	NOUN
asfbr-256	216	59	while	while	SCONJ
asfbr-256	216	60	the	the	DET
asfbr-256	216	61	positive	positive	ADJ
asfbr-256	216	62	coefficient	coefficient	NOUN
asfbr-256	216	63	of	of	ADP
asfbr-256	216	64	762.808wacc	762.808wacc	NUM
asfbr-256	216	65	will	will	AUX
asfbr-256	216	66	add	add	VERB
asfbr-256	216	67	to	to	ADP
asfbr-256	216	68	equity	equity	NOUN
asfbr-256	216	69	financing	financing	NOUN
asfbr-256	216	70	for	for	ADP
asfbr-256	216	71	a	a	DET
asfbr-256	216	72	unit	unit	NOUN
asfbr-256	216	73	increase	increase	NOUN
asfbr-256	216	74	in	in	ADP
asfbr-256	216	75	weight	weight	NOUN
asfbr-256	216	76	average	average	ADJ
asfbr-256	216	77	cost	cost	NOUN
asfbr-256	216	78	of	of	ADP
asfbr-256	216	79	capital	capital	NOUN
asfbr-256	216	80	.	.	PUNCT
asfbr-256	217	1	the	the	DET
asfbr-256	217	2	models	model	NOUN
asfbr-256	217	3	show	show	VERB
asfbr-256	217	4	that	that	SCONJ
asfbr-256	217	5	the	the	DET
asfbr-256	217	6	independent	independent	ADJ
asfbr-256	217	7	variables	variable	NOUN
asfbr-256	217	8	can	can	AUX
asfbr-256	217	9	explain	explain	VERB
asfbr-256	217	10	19.3	19.3	NUM
asfbr-256	217	11	%	%	NOUN
asfbr-256	217	12	variation	variation	NOUN
asfbr-256	217	13	on	on	ADP
asfbr-256	217	14	the	the	DET
asfbr-256	217	15	dependent	dependent	ADJ
asfbr-256	217	16	variable	variable	NOUN
asfbr-256	217	17	.	.	PUNCT
asfbr-256	218	1	the	the	DET
asfbr-256	218	2	t	t	PROPN
asfbr-256	218	3	-	-	PUNCT
asfbr-256	218	4	statistics	statistic	NOUN
asfbr-256	218	5	and	and	CCONJ
asfbr-256	218	6	the	the	DET
asfbr-256	218	7	t	t	NOUN
asfbr-256	218	8	-	-	PUNCT
asfbr-256	218	9	significant	significant	NOUN
asfbr-256	218	10	shows	show	VERB
asfbr-256	218	11	that	that	SCONJ
asfbr-256	218	12	the	the	DET
asfbr-256	218	13	models	model	NOUN
asfbr-256	218	14	are	be	AUX
asfbr-256	218	15	statistically	statistically	ADV
asfbr-256	218	16	not	not	PART
asfbr-256	218	17	significant	significant	ADJ
asfbr-256	218	18	.	.	PUNCT
asfbr-256	219	1	the	the	DET
asfbr-256	219	2	correlation	correlation	NOUN
asfbr-256	219	3	coefficient	coefficient	NOUN
asfbr-256	219	4	shows	show	VERB
asfbr-256	219	5	that	that	SCONJ
asfbr-256	219	6	the	the	DET
asfbr-256	219	7	relationship	relationship	NOUN
asfbr-256	219	8	between	between	ADP
asfbr-256	219	9	the	the	DET
asfbr-256	219	10	dependent	dependent	ADJ
asfbr-256	219	11	and	and	CCONJ
asfbr-256	219	12	the	the	DET
asfbr-256	219	13	independent	independent	ADJ
asfbr-256	219	14	variable	variable	NOUN
asfbr-256	219	15	is	be	AUX
asfbr-256	219	16	proxy	proxy	ADJ
asfbr-256	219	17	by	by	ADP
asfbr-256	219	18	43.9	43.9	NUM
asfbr-256	219	19	%	%	NOUN
asfbr-256	219	20	.	.	PUNCT
asfbr-256	220	1	the	the	DET
asfbr-256	220	2	correlation	correlation	NOUN
asfbr-256	220	3	coefficient	coefficient	NOUN
asfbr-256	220	4	of	of	ADP
asfbr-256	220	5	the	the	DET
asfbr-256	220	6	independent	independent	ADJ
asfbr-256	220	7	variables	variable	NOUN
asfbr-256	220	8	confirms	confirm	VERB
asfbr-256	220	9	the	the	DET
asfbr-256	220	10	relationship	relationship	NOUN
asfbr-256	220	11	as	as	SCONJ
asfbr-256	220	12	reveal	reveal	VERB
asfbr-256	220	13	by	by	ADP
asfbr-256	220	14	the	the	DET
asfbr-256	220	15	unstandardized	unstandardized	ADJ
asfbr-256	220	16	and	and	CCONJ
asfbr-256	220	17	standardize	standardize	VERB
asfbr-256	220	18	β	β	NOUN
asfbr-256	220	19	coefficient	coefficient	NOUN
asfbr-256	220	20	.	.	PUNCT
asfbr-256	221	1	the	the	DET
asfbr-256	221	2	f	f	X
asfbr-256	221	3	-	-	PUNCT
asfbr-256	221	4	ratio	ratio	NOUN
asfbr-256	221	5	found	find	VERB
asfbr-256	221	6	that	that	SCONJ
asfbr-256	221	7	the	the	DET
asfbr-256	221	8	regression	regression	NOUN
asfbr-256	221	9	model	model	NOUN
asfbr-256	221	10	is	be	AUX
asfbr-256	221	11	statistically	statistically	ADV
asfbr-256	221	12	not	not	PART
asfbr-256	221	13	significant	significant	ADJ
asfbr-256	221	14	.	.	PUNCT
asfbr-256	222	1	table	table	NOUN
asfbr-256	222	2	5	5	NUM
asfbr-256	222	3	:	:	PUNCT
asfbr-256	222	4	effect	effect	NOUN
asfbr-256	222	5	of	of	ADP
asfbr-256	222	6	cost	cost	NOUN
asfbr-256	222	7	of	of	ADP
asfbr-256	222	8	capital	capital	NOUN
asfbr-256	222	9	on	on	ADP
asfbr-256	222	10	debt	debt	NOUN
asfbr-256	222	11	financing	financing	NOUN
asfbr-256	222	12	variables	variable	NOUN
asfbr-256	222	13	cdc	cdc	PROPN
asfbr-256	222	14	cec	cec	PROPN
asfbr-256	222	15	wacc	wacc	PROPN
asfbr-256	222	16	unstandarized	unstandarize	VERB
asfbr-256	222	17	β	β	PROPN
asfbr-256	222	18	1.865	1.865	NUM
asfbr-256	222	19	-.843	-.843	PROPN
asfbr-256	222	20	17.463	17.463	NUM
asfbr-256	222	21	standarized	standarize	VERB
asfbr-256	222	22	β	β	X
asfbr-256	222	23	.878	.878	NUM
asfbr-256	222	24	-.304	-.304	PROPN
asfbr-256	222	25	.208	.208	NUM
asfbr-256	222	26	standard	standard	ADJ
asfbr-256	222	27	error	error	NOUN
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asfbr-256	222	29	.844	.844	NUM
asfbr-256	222	30	26.157	26.157	NUM
asfbr-256	222	31	partial	partial	ADJ
asfbr-256	222	32	correlation	correlation	NOUN
asfbr-256	222	33	.592	.592	NUM
asfbr-256	223	1	-.277	-.277	NOUN
asfbr-256	223	2	.189	.189	NUM
asfbr-256	223	3	zero	zero	NUM
asfbr-256	223	4	order	order	NOUN
asfbr-256	223	5	.801	.801	NUM
asfbr-256	223	6	.581	.581	NUM
asfbr-256	223	7	.703	.703	NUM
asfbr-256	223	8	t	t	PROPN
asfbr-256	223	9	-	-	PUNCT
asfbr-256	223	10	statistics	statistic	NOUN
asfbr-256	223	11	2.543	2.543	NUM
asfbr-256	223	12	-.999	-.999	NOUN
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asfbr-256	223	14	t	t	PROPN
asfbr-256	223	15	-	-	PUNCT
asfbr-256	223	16	significant	significant	ADJ
asfbr-256	223	17	.026	.026	NUM
asfbr-256	223	18	.338	.338	NUM
asfbr-256	223	19	.517	.517	NUM
asfbr-256	223	20	r2	r2	PROPN
asfbr-256	223	21	.820	.820	NUM
asfbr-256	223	22	r2	r2	PROPN
asfbr-256	223	23	.673	.673	NUM
asfbr-256	224	1	f	f	X
asfbr-256	224	2	-	-	PUNCT
asfbr-256	224	3	ratio	ratio	VERB
asfbr-256	224	4	8.227	8.227	NUM
asfbr-256	224	5	f	f	NOUN
asfbr-256	224	6	-	-	PUNCT
asfbr-256	224	7	sig	sig	NOUN
asfbr-256	224	8	.003	.003	NUM
asfbr-256	224	9	constant	constant	ADJ
asfbr-256	224	10	α0	α0	PROPN
asfbr-256	224	11	708.880	708.880	NUM
asfbr-256	224	12	st	st	PROPN
asfbr-256	224	13	-	-	PUNCT
asfbr-256	224	14	statistics	statistics	PROPN
asfbr-256	224	15	2.022	2.022	NUM
asfbr-256	224	16	sig	sig	NOUN
asfbr-256	224	17	.	.	PROPN
asfbr-256	224	18	.668	.668	NUM
asfbr-256	225	1	source	source	NOUN
asfbr-256	225	2	:	:	PUNCT
asfbr-256	225	3	extracts	extract	NOUN
asfbr-256	225	4	from	from	ADP
asfbr-256	225	5	spss	spss	PROPN
asfbr-256	225	6	window	window	NOUN
asfbr-256	225	7	(	(	PUNCT
asfbr-256	225	8	22.0	22.0	NUM
asfbr-256	225	9	)	)	PUNCT
asfbr-256	225	10	7	7	NUM
asfbr-256	225	11	.	.	X
asfbr-256	226	1	interpretation	interpretation	NOUN
asfbr-256	226	2	of	of	ADP
asfbr-256	226	3	regression	regression	NOUN
asfbr-256	226	4	results	result	VERB
asfbr-256	226	5	the	the	DET
asfbr-256	226	6	regression	regression	NOUN
asfbr-256	226	7	result	result	NOUN
asfbr-256	226	8	presented	present	VERB
asfbr-256	226	9	in	in	ADP
asfbr-256	226	10	the	the	DET
asfbr-256	226	11	above	above	ADJ
asfbr-256	226	12	table	table	NOUN
asfbr-256	226	13	shows	show	VERB
asfbr-256	226	14	that	that	SCONJ
asfbr-256	226	15	cost	cost	NOUN
asfbr-256	226	16	of	of	ADP
asfbr-256	226	17	debt	debt	NOUN
asfbr-256	226	18	and	and	CCONJ
asfbr-256	226	19	weighted	weight	VERB
asfbr-256	226	20	average	average	ADJ
asfbr-256	226	21	cost	cost	NOUN
asfbr-256	226	22	of	of	ADP
asfbr-256	226	23	capital	capital	NOUN
asfbr-256	226	24	have	have	VERB
asfbr-256	226	25	positive	positive	ADJ
asfbr-256	226	26	effect	effect	NOUN
asfbr-256	226	27	on	on	ADP
asfbr-256	226	28	debt	debt	NOUN
asfbr-256	226	29	financing	financing	NOUN
asfbr-256	226	30	,	,	PUNCT
asfbr-256	226	31	this	this	PRON
asfbr-256	226	32	means	mean	VERB
asfbr-256	226	33	that	that	SCONJ
asfbr-256	226	34	the	the	DET
asfbr-256	226	35	negative	negative	ADJ
asfbr-256	226	36	coefficient	coefficient	NOUN
asfbr-256	226	37	of	of	ADP
asfbr-256	226	38	1865cdc	1865cdc	NUM
asfbr-256	226	39	and	and	CCONJ
asfbr-256	226	40	17.463wacc	17.463wacc	PROPN
asfbr-256	226	41	proved	prove	VERB
asfbr-256	226	42	that	that	SCONJ
asfbr-256	226	43	an	an	DET
asfbr-256	226	44	increase	increase	NOUN
asfbr-256	226	45	of	of	ADP
asfbr-256	226	46	10	10	NUM
asfbr-256	226	47	%	%	NOUN
asfbr-256	226	48	will	will	AUX
asfbr-256	226	49	lead	lead	VERB
asfbr-256	226	50	to	to	ADP
asfbr-256	226	51	18.6	18.6	NUM
asfbr-256	226	52	%	%	NOUN
asfbr-256	226	53	increase	increase	NOUN
asfbr-256	226	54	and	and	CCONJ
asfbr-256	226	55	17.4	17.4	NUM
asfbr-256	226	56	%	%	NOUN
asfbr-256	226	57	in	in	ADP
asfbr-256	226	58	debt	debt	NOUN
asfbr-256	226	59	financing	financing	NOUN
asfbr-256	226	60	while	while	SCONJ
asfbr-256	226	61	the	the	DET
asfbr-256	226	62	negative	negative	ADJ
asfbr-256	226	63	coefficient	coefficient	NOUN
asfbr-256	226	64	of	of	ADP
asfbr-256	226	65	.843cec	.843cec	PUNCT
asfbr-256	226	66	will	will	AUX
asfbr-256	226	67	reduce	reduce	VERB
asfbr-256	226	68	debt	debt	NOUN
asfbr-256	226	69	financing	financing	NOUN
asfbr-256	226	70	by	by	ADP
asfbr-256	226	71	8.4	8.4	NUM
asfbr-256	226	72	%	%	NOUN
asfbr-256	226	73	for	for	ADP
asfbr-256	226	74	a	a	DET
asfbr-256	226	75	unit	unit	NOUN
asfbr-256	226	76	increase	increase	NOUN
asfbr-256	226	77	in	in	ADP
asfbr-256	226	78	the	the	DET
asfbr-256	226	79	variables	variable	NOUN
asfbr-256	226	80	cost	cost	NOUN
asfbr-256	226	81	of	of	ADP
asfbr-256	226	82	capital	capital	NOUN
asfbr-256	226	83	.	.	PUNCT
asfbr-256	227	1	the	the	DET
asfbr-256	227	2	models	model	NOUN
asfbr-256	227	3	show	show	VERB
asfbr-256	227	4	that	that	SCONJ
asfbr-256	227	5	the	the	DET
asfbr-256	227	6	independent	independent	ADJ
asfbr-256	227	7	variables	variable	NOUN
asfbr-256	227	8	can	can	AUX
asfbr-256	227	9	explain	explain	VERB
asfbr-256	227	10	67.3	67.3	NUM
asfbr-256	227	11	%	%	NOUN
asfbr-256	227	12	variation	variation	NOUN
asfbr-256	227	13	on	on	ADP
asfbr-256	227	14	the	the	DET
asfbr-256	227	15	dependent	dependent	ADJ
asfbr-256	227	16	variable	variable	NOUN
asfbr-256	227	17	.	.	PUNCT
asfbr-256	228	1	the	the	DET
asfbr-256	228	2	t	t	PROPN
asfbr-256	228	3	-	-	PUNCT
asfbr-256	228	4	statistics	statistic	NOUN
asfbr-256	228	5	and	and	CCONJ
asfbr-256	228	6	the	the	DET
asfbr-256	228	7	tsignificant	tsignificant	NOUN
asfbr-256	228	8	shows	show	VERB
asfbr-256	228	9	that	that	SCONJ
asfbr-256	228	10	cdc	cdc	PROPN
asfbr-256	228	11	is	be	AUX
asfbr-256	228	12	statistically	statistically	ADV
asfbr-256	228	13	significant	significant	ADJ
asfbr-256	228	14	while	while	SCONJ
asfbr-256	228	15	cec	cec	PROPN
asfbr-256	228	16	and	and	CCONJ
asfbr-256	228	17	wacc	wacc	PROPN
asfbr-256	228	18	are	be	AUX
asfbr-256	228	19	statistically	statistically	ADV
asfbr-256	228	20	not	not	PART
asfbr-256	228	21	significant	significant	ADJ
asfbr-256	228	22	.	.	PUNCT
asfbr-256	229	1	the	the	DET
asfbr-256	229	2	correlation	correlation	NOUN
asfbr-256	229	3	coefficient	coefficient	NOUN
asfbr-256	229	4	shows	show	VERB
asfbr-256	229	5	that	that	SCONJ
asfbr-256	229	6	the	the	DET
asfbr-256	229	7	relationship	relationship	NOUN
asfbr-256	229	8	between	between	ADP
asfbr-256	229	9	the	the	DET
asfbr-256	229	10	dependent	dependent	ADJ
asfbr-256	229	11	and	and	CCONJ
asfbr-256	229	12	the	the	DET
asfbr-256	229	13	independent	independent	ADJ
asfbr-256	229	14	variable	variable	NOUN
asfbr-256	229	15	is	be	AUX
asfbr-256	229	16	proxy	proxy	VERB
asfbr-256	229	17	by	by	ADP
asfbr-256	229	18	82	82	NUM
asfbr-256	229	19	%	%	NOUN
asfbr-256	229	20	correlation	correlation	NOUN
asfbr-256	229	21	coefficient	coefficient	NOUN
asfbr-256	229	22	of	of	ADP
asfbr-256	229	23	the	the	DET
asfbr-256	229	24	independent	independent	ADJ
asfbr-256	229	25	variables	variable	NOUN
asfbr-256	229	26	confirms	confirm	VERB
asfbr-256	229	27	the	the	DET
asfbr-256	229	28	relationship	relationship	NOUN
asfbr-256	229	29	as	as	SCONJ
asfbr-256	229	30	reveal	reveal	VERB
asfbr-256	229	31	by	by	ADP
asfbr-256	229	32	the	the	DET
asfbr-256	229	33	unstandardized	unstandardized	ADJ
asfbr-256	229	34	and	and	CCONJ
asfbr-256	229	35	standardize	standardize	VERB
asfbr-256	229	36	β	β	NOUN
asfbr-256	229	37	coefficient	coefficient	NOUN
asfbr-256	229	38	.	.	PUNCT
asfbr-256	230	1	the	the	DET
asfbr-256	230	2	f	f	X
asfbr-256	230	3	-	-	PUNCT
asfbr-256	230	4	ratio	ratio	NOUN
asfbr-256	230	5	found	find	VERB
asfbr-256	230	6	that	that	SCONJ
asfbr-256	230	7	the	the	DET
asfbr-256	230	8	regression	regression	NOUN
asfbr-256	230	9	model	model	NOUN
asfbr-256	230	10	is	be	AUX
asfbr-256	230	11	statistically	statistically	ADV
asfbr-256	230	12	significant	significant	ADJ
asfbr-256	230	13	.	.	PUNCT
asfbr-256	231	1	copyright	copyright	NOUN
asfbr-256	231	2	©	©	PROPN
asfbr-256	231	3	cc	cc	PROPN
asfbr-256	231	4	-	-	PUNCT
asfbr-256	231	5	by	by	ADP
asfbr-256	231	6	-	-	PUNCT
asfbr-256	231	7	nc	nc	PROPN
asfbr-256	231	8	2019	2019	NUM
asfbr-256	231	9	,	,	PUNCT
asfbr-256	231	10	cribfb	cribfb	PROPN
asfbr-256	231	11	|	|	ADV
asfbr-256	231	12	afbr	afbr	ADV
asfbr-256	231	13	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	231	14	asian	asian	ADJ
asfbr-256	231	15	finance	finance	PROPN
asfbr-256	231	16	&	&	CCONJ
asfbr-256	231	17	banking	banking	PROPN
asfbr-256	231	18	review	review	PROPN
asfbr-256	231	19	vol	vol	NOUN
asfbr-256	231	20	.	.	PROPN
asfbr-256	232	1	3	3	NUM
asfbr-256	232	2	,	,	PUNCT
asfbr-256	232	3	no	no	INTJ
asfbr-256	232	4	.	.	NOUN
asfbr-256	232	5	1	1	NUM
asfbr-256	232	6	;	;	PUNCT
asfbr-256	232	7	2019	2019	NUM
asfbr-256	232	8	20	20	NUM
asfbr-256	232	9	table	table	NOUN
asfbr-256	232	10	6	6	NUM
asfbr-256	232	11	:	:	PUNCT
asfbr-256	232	12	effect	effect	NOUN
asfbr-256	232	13	of	of	ADP
asfbr-256	232	14	cost	cost	NOUN
asfbr-256	232	15	of	of	ADP
asfbr-256	232	16	capital	capital	NOUN
asfbr-256	232	17	on	on	ADP
asfbr-256	232	18	return	return	NOUN
asfbr-256	232	19	on	on	ADP
asfbr-256	232	20	investment	investment	NOUN
asfbr-256	232	21	variable	variable	NOUN
asfbr-256	232	22	cdc	cdc	PROPN
asfbr-256	232	23	cec	cec	PROPN
asfbr-256	232	24	wacc	wacc	PROPN
asfbr-256	232	25	unstandarized	unstandarize	VERB
asfbr-256	232	26	β	β	X
asfbr-256	232	27	.104	.104	NUM
asfbr-256	233	1	-.299	-.299	ADP
asfbr-256	233	2	120.197	120.197	NUM
asfbr-256	233	3	standarized	standarize	VERB
asfbr-256	233	4	β	β	X
asfbr-256	233	5	.008	.008	NUM
asfbr-256	233	6	-.018	-.018	PROPN
asfbr-256	233	7	.244	.244	NUM
asfbr-256	233	8	standard	standard	ADJ
asfbr-256	233	9	error	error	NOUN
asfbr-256	233	10	7.312	7.312	NUM
asfbr-256	233	11	8.417	8.417	NUM
asfbr-256	233	12	260.838	260.838	NUM
asfbr-256	233	13	partial	partial	ADJ
asfbr-256	233	14	correlation	correlation	NOUN
asfbr-256	233	15	.004	.004	NUM
asfbr-256	233	16	-.010	-.010	PROPN
asfbr-256	233	17	.132	.132	NUM
asfbr-256	233	18	zero	zero	NUM
asfbr-256	233	19	order	order	NOUN
asfbr-256	233	20	correlation	correlation	NOUN
asfbr-256	233	21	.197	.197	NUM
asfbr-256	233	22	.179	.179	NUM
asfbr-256	233	23	.237	.237	NUM
asfbr-256	233	24	t	t	PROPN
asfbr-256	233	25	-	-	PUNCT
asfbr-256	233	26	statistics	statistic	NOUN
asfbr-256	233	27	.014	.014	NUM
asfbr-256	233	28	-.036	-.036	PROPN
asfbr-256	233	29	.461	.461	NUM
asfbr-256	233	30	t	t	PROPN
asfbr-256	233	31	-	-	PUNCT
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asfbr-256	233	33	.989	.989	NUM
asfbr-256	233	34	.972	.972	NUM
asfbr-256	233	35	.653	.653	NUM
asfbr-256	233	36	r2	r2	PROPN
asfbr-256	233	37	.237	.237	NUM
asfbr-256	233	38	r2	r2	PROPN
asfbr-256	233	39	.056	.056	NUM
asfbr-256	233	40	f	f	X
asfbr-256	233	41	-	-	PUNCT
asfbr-256	233	42	ratio	ratio	NOUN
asfbr-256	233	43	.868	.868	NUM
asfbr-256	233	44	f	f	X
asfbr-256	233	45	-	-	PUNCT
asfbr-256	233	46	sig	sig	ADJ
asfbr-256	233	47	.868	.868	NUM
asfbr-256	233	48	constant	constant	ADJ
asfbr-256	233	49	α0	α0	ADJ
asfbr-256	233	50	-1958.976	-1958.976	PUNCT
asfbr-256	233	51	t	t	PROPN
asfbr-256	233	52	-	-	PUNCT
asfbr-256	233	53	statistics	statistic	NOUN
asfbr-256	233	54	-.560	-.560	ADJ
asfbr-256	233	55	significant	significant	ADJ
asfbr-256	233	56	.586	.586	NUM
asfbr-256	233	57	source	source	NOUN
asfbr-256	233	58	:	:	PUNCT
asfbr-256	233	59	extracts	extract	NOUN
asfbr-256	233	60	from	from	ADP
asfbr-256	233	61	spss	spss	PROPN
asfbr-256	233	62	window	window	NOUN
asfbr-256	233	63	(	(	PUNCT
asfbr-256	233	64	22.0	22.0	NUM
asfbr-256	233	65	)	)	PUNCT
asfbr-256	233	66	8	8	NUM
asfbr-256	233	67	.	.	PUNCT
asfbr-256	234	1	interpretation	interpretation	NOUN
asfbr-256	234	2	of	of	ADP
asfbr-256	234	3	regression	regression	NOUN
asfbr-256	234	4	results	result	VERB
asfbr-256	234	5	the	the	DET
asfbr-256	234	6	regression	regression	NOUN
asfbr-256	234	7	result	result	NOUN
asfbr-256	234	8	presented	present	VERB
asfbr-256	234	9	in	in	ADP
asfbr-256	234	10	the	the	DET
asfbr-256	234	11	above	above	ADJ
asfbr-256	234	12	table	table	NOUN
asfbr-256	234	13	shows	show	VERB
asfbr-256	234	14	that	that	SCONJ
asfbr-256	234	15	cost	cost	NOUN
asfbr-256	234	16	of	of	ADP
asfbr-256	234	17	debt	debt	NOUN
asfbr-256	234	18	and	and	CCONJ
asfbr-256	234	19	weighted	weight	VERB
asfbr-256	234	20	average	average	ADJ
asfbr-256	234	21	cost	cost	NOUN
asfbr-256	234	22	of	of	ADP
asfbr-256	234	23	capital	capital	NOUN
asfbr-256	234	24	have	have	VERB
asfbr-256	234	25	positive	positive	ADJ
asfbr-256	234	26	effect	effect	NOUN
asfbr-256	234	27	on	on	ADP
asfbr-256	234	28	debt	debt	NOUN
asfbr-256	234	29	financing	financing	NOUN
asfbr-256	234	30	,	,	PUNCT
asfbr-256	234	31	this	this	PRON
asfbr-256	234	32	means	mean	VERB
asfbr-256	234	33	that	that	SCONJ
asfbr-256	234	34	the	the	DET
asfbr-256	234	35	positive	positive	ADJ
asfbr-256	234	36	coefficient	coefficient	NOUN
asfbr-256	234	37	of	of	ADP
asfbr-256	234	38	.104cdc	.104cdc	PUNCT
asfbr-256	234	39	and	and	CCONJ
asfbr-256	234	40	120.197wacc	120.197wacc	NUM
asfbr-256	234	41	proved	prove	VERB
asfbr-256	234	42	that	that	SCONJ
asfbr-256	234	43	an	an	DET
asfbr-256	234	44	increase	increase	NOUN
asfbr-256	234	45	of	of	ADP
asfbr-256	234	46	10	10	NUM
asfbr-256	234	47	%	%	NOUN
asfbr-256	234	48	will	will	AUX
asfbr-256	234	49	lead	lead	VERB
asfbr-256	234	50	to	to	ADP
asfbr-256	234	51	0.4	0.4	NUM
asfbr-256	234	52	%	%	NOUN
asfbr-256	234	53	increase	increase	NOUN
asfbr-256	234	54	and	and	CCONJ
asfbr-256	234	55	120	120	NUM
asfbr-256	234	56	%	%	NOUN
asfbr-256	234	57	in	in	ADP
asfbr-256	234	58	return	return	NOUN
asfbr-256	234	59	on	on	ADP
asfbr-256	234	60	investment	investment	NOUN
asfbr-256	234	61	and	and	CCONJ
asfbr-256	234	62	weighted	weight	VERB
asfbr-256	234	63	average	average	ADJ
asfbr-256	234	64	cost	cost	NOUN
asfbr-256	234	65	of	of	ADP
asfbr-256	234	66	capital	capital	NOUN
asfbr-256	234	67	while	while	SCONJ
asfbr-256	234	68	the	the	DET
asfbr-256	234	69	negative	negative	ADJ
asfbr-256	234	70	coefficient	coefficient	NOUN
asfbr-256	234	71	of	of	ADP
asfbr-256	234	72	.229cec	.229cec	PUNCT
asfbr-256	234	73	will	will	AUX
asfbr-256	234	74	reduce	reduce	VERB
asfbr-256	234	75	return	return	NOUN
asfbr-256	234	76	on	on	ADP
asfbr-256	234	77	investment	investment	NOUN
asfbr-256	234	78	by	by	ADP
asfbr-256	234	79	2	2	NUM
asfbr-256	234	80	%	%	NOUN
asfbr-256	234	81	for	for	ADP
asfbr-256	234	82	a	a	DET
asfbr-256	234	83	unit	unit	NOUN
asfbr-256	234	84	increase	increase	NOUN
asfbr-256	234	85	in	in	ADP
asfbr-256	234	86	the	the	DET
asfbr-256	234	87	variables	variable	NOUN
asfbr-256	234	88	cost	cost	NOUN
asfbr-256	234	89	of	of	ADP
asfbr-256	234	90	capital	capital	NOUN
asfbr-256	234	91	.	.	PUNCT
asfbr-256	235	1	the	the	DET
asfbr-256	235	2	models	model	NOUN
asfbr-256	235	3	show	show	VERB
asfbr-256	235	4	that	that	SCONJ
asfbr-256	235	5	the	the	DET
asfbr-256	235	6	independent	independent	ADJ
asfbr-256	235	7	variables	variable	NOUN
asfbr-256	235	8	can	can	AUX
asfbr-256	235	9	explain	explain	VERB
asfbr-256	235	10	5	5	NUM
asfbr-256	235	11	%	%	NOUN
asfbr-256	235	12	variation	variation	NOUN
asfbr-256	235	13	on	on	ADP
asfbr-256	235	14	the	the	DET
asfbr-256	235	15	dependent	dependent	ADJ
asfbr-256	235	16	variable	variable	NOUN
asfbr-256	235	17	.	.	PUNCT
asfbr-256	236	1	the	the	DET
asfbr-256	236	2	t	t	PROPN
asfbr-256	236	3	-	-	PUNCT
asfbr-256	236	4	statistics	statistic	NOUN
asfbr-256	236	5	and	and	CCONJ
asfbr-256	236	6	the	the	DET
asfbr-256	236	7	t	t	NOUN
asfbr-256	236	8	-	-	PUNCT
asfbr-256	236	9	significant	significant	NOUN
asfbr-256	236	10	shows	show	VERB
asfbr-256	236	11	that	that	SCONJ
asfbr-256	236	12	all	all	DET
asfbr-256	236	13	the	the	DET
asfbr-256	236	14	independent	independent	ADJ
asfbr-256	236	15	variables	variable	NOUN
asfbr-256	236	16	are	be	AUX
asfbr-256	236	17	statistically	statistically	ADV
asfbr-256	236	18	not	not	PART
asfbr-256	236	19	significant	significant	ADJ
asfbr-256	236	20	.	.	PUNCT
asfbr-256	237	1	the	the	DET
asfbr-256	237	2	correlation	correlation	NOUN
asfbr-256	237	3	coefficient	coefficient	NOUN
asfbr-256	237	4	shows	show	VERB
asfbr-256	237	5	that	that	SCONJ
asfbr-256	237	6	the	the	DET
asfbr-256	237	7	relationship	relationship	NOUN
asfbr-256	237	8	between	between	ADP
asfbr-256	237	9	the	the	DET
asfbr-256	237	10	dependent	dependent	ADJ
asfbr-256	237	11	and	and	CCONJ
asfbr-256	237	12	the	the	DET
asfbr-256	237	13	independent	independent	ADJ
asfbr-256	237	14	variable	variable	NOUN
asfbr-256	237	15	is	be	AUX
asfbr-256	237	16	proxy	proxy	ADJ
asfbr-256	237	17	by	by	ADP
asfbr-256	237	18	23.7	23.7	NUM
asfbr-256	237	19	%	%	NOUN
asfbr-256	237	20	correlation	correlation	NOUN
asfbr-256	237	21	coefficient	coefficient	NOUN
asfbr-256	237	22	of	of	ADP
asfbr-256	237	23	the	the	DET
asfbr-256	237	24	independent	independent	ADJ
asfbr-256	237	25	variables	variable	NOUN
asfbr-256	237	26	confirms	confirm	VERB
asfbr-256	237	27	the	the	DET
asfbr-256	237	28	relationship	relationship	NOUN
asfbr-256	237	29	as	as	SCONJ
asfbr-256	237	30	reveal	reveal	VERB
asfbr-256	237	31	by	by	ADP
asfbr-256	237	32	the	the	DET
asfbr-256	237	33	unstandardized	unstandardized	ADJ
asfbr-256	237	34	and	and	CCONJ
asfbr-256	237	35	standardize	standardize	VERB
asfbr-256	237	36	β	β	NOUN
asfbr-256	237	37	coefficient	coefficient	NOUN
asfbr-256	237	38	.	.	PUNCT
asfbr-256	238	1	the	the	DET
asfbr-256	238	2	f	f	X
asfbr-256	238	3	-	-	PUNCT
asfbr-256	238	4	ratio	ratio	NOUN
asfbr-256	238	5	found	find	VERB
asfbr-256	238	6	that	that	SCONJ
asfbr-256	238	7	the	the	DET
asfbr-256	238	8	regression	regression	NOUN
asfbr-256	238	9	model	model	NOUN
asfbr-256	238	10	is	be	AUX
asfbr-256	238	11	statistically	statistically	ADV
asfbr-256	238	12	not	not	PART
asfbr-256	238	13	significant	significant	ADJ
asfbr-256	238	14	.	.	PUNCT
asfbr-256	239	1	table	table	NOUN
asfbr-256	239	2	7	7	NUM
asfbr-256	239	3	:	:	PUNCT
asfbr-256	239	4	colinearity	colinearity	NOUN
asfbr-256	239	5	diagnostic	diagnostic	ADJ
asfbr-256	239	6	and	and	CCONJ
asfbr-256	239	7	durbin	durbin	PROPN
asfbr-256	239	8	watson	watson	PROPN
asfbr-256	239	9	test	test	PROPN
asfbr-256	239	10	model	model	PROPN
asfbr-256	239	11	eigen	eigen	PROPN
asfbr-256	239	12	value	value	PROPN
asfbr-256	239	13	cond	cond	NOUN
asfbr-256	239	14	index	index	NOUN
asfbr-256	239	15	constant	constant	ADJ
asfbr-256	239	16	variables	variable	NOUN
asfbr-256	239	17	proportion	proportion	NOUN
asfbr-256	239	18	cdc	cdc	PROPN
asfbr-256	239	19	ceq	ceq	PROPN
asfbr-256	239	20	wacc	wacc	PROPN
asfbr-256	239	21	1	1	NUM
asfbr-256	239	22	3.998	3.998	NUM
asfbr-256	239	23	1.000	1.000	NUM
asfbr-256	239	24	.00	.00	NUM
asfbr-256	239	25	.00	.00	NUM
asfbr-256	239	26	.00	.00	NUM
asfbr-256	239	27	.00	.00	NUM
asfbr-256	239	28	2	2	NUM
asfbr-256	239	29	.002	.002	NUM
asfbr-256	239	30	48.747	48.747	NUM
asfbr-256	239	31	.51	.51	NUM
asfbr-256	239	32	.11	.11	NUM
asfbr-256	239	33	.04	.04	NUM
asfbr-256	239	34	.00	.00	NUM
asfbr-256	239	35	3	3	NUM
asfbr-256	239	36	.000	.000	NUM
asfbr-256	239	37	90.351	90.351	NUM
asfbr-256	239	38	.00	.00	NUM
asfbr-256	239	39	.40	.40	NUM
asfbr-256	239	40	.95	.95	NUM
asfbr-256	239	41	.06	.06	NUM
asfbr-256	239	42	4	4	NUM
asfbr-256	239	43	.000	.000	NUM
asfbr-256	239	44	117.075	117.075	NUM
asfbr-256	239	45	.49	.49	NUM
asfbr-256	239	46	.49	.49	NUM
asfbr-256	239	47	.00	.00	NUM
asfbr-256	239	48	.94	.94	NUM
asfbr-256	239	49	durbin	durbin	PROPN
asfbr-256	239	50	watson	watson	PROPN
asfbr-256	239	51	test	test	NOUN
asfbr-256	239	52	1327	1327	NUM
asfbr-256	239	53	source	source	NOUN
asfbr-256	239	54	:	:	PUNCT
asfbr-256	239	55	spss	spss	PROPN
asfbr-256	239	56	print	print	VERB
asfbr-256	239	57	out	out	ADP
asfbr-256	239	58	22.0	22.0	NUM
asfbr-256	239	59	(	(	PUNCT
asfbr-256	239	60	2019	2019	NUM
asfbr-256	239	61	)	)	PUNCT
asfbr-256	239	62	the	the	DET
asfbr-256	239	63	eigen	eigen	PROPN
asfbr-256	239	64	value	value	NOUN
asfbr-256	239	65	provides	provide	VERB
asfbr-256	239	66	an	an	DET
asfbr-256	239	67	indication	indication	NOUN
asfbr-256	239	68	of	of	ADP
asfbr-256	239	69	how	how	SCONJ
asfbr-256	239	70	many	many	ADJ
asfbr-256	239	71	distinct	distinct	ADJ
asfbr-256	239	72	dimensions	dimension	NOUN
asfbr-256	239	73	they	they	PRON
asfbr-256	239	74	are	be	AUX
asfbr-256	239	75	among	among	ADP
asfbr-256	239	76	the	the	DET
asfbr-256	239	77	independent	independent	ADJ
asfbr-256	239	78	variables	variable	NOUN
asfbr-256	239	79	,	,	PUNCT
asfbr-256	239	80	when	when	SCONJ
asfbr-256	239	81	several	several	ADJ
asfbr-256	239	82	eigen	eigen	PROPN
asfbr-256	239	83	value	value	NOUN
asfbr-256	239	84	are	be	AUX
asfbr-256	239	85	close	close	ADJ
asfbr-256	239	86	to	to	ADP
asfbr-256	239	87	0	0	NUM
asfbr-256	239	88	,	,	PUNCT
asfbr-256	239	89	the	the	DET
asfbr-256	239	90	variables	variable	NOUN
asfbr-256	239	91	are	be	AUX
asfbr-256	239	92	highly	highly	ADV
asfbr-256	239	93	intercorrelated	intercorrelate	VERB
asfbr-256	239	94	and	and	CCONJ
asfbr-256	239	95	the	the	DET
asfbr-256	239	96	market	market	NOUN
asfbr-256	239	97	is	be	AUX
asfbr-256	239	98	said	say	VERB
asfbr-256	239	99	to	to	PART
asfbr-256	239	100	be	be	AUX
asfbr-256	239	101	unconditioned	unconditione	VERB
asfbr-256	239	102	;	;	PUNCT
asfbr-256	239	103	which	which	PRON
asfbr-256	239	104	means	mean	VERB
asfbr-256	239	105	small	small	ADJ
asfbr-256	239	106	changes	change	NOUN
asfbr-256	239	107	in	in	ADP
asfbr-256	239	108	data	datum	NOUN
asfbr-256	239	109	values	value	NOUN
asfbr-256	239	110	will	will	AUX
asfbr-256	239	111	lead	lead	VERB
asfbr-256	239	112	changes	change	NOUN
asfbr-256	239	113	in	in	ADP
asfbr-256	239	114	the	the	DET
asfbr-256	239	115	estimates	estimate	NOUN
asfbr-256	239	116	of	of	ADP
asfbr-256	239	117	the	the	DET
asfbr-256	239	118	coefficients	coefficient	NOUN
asfbr-256	239	119	.	.	PUNCT
asfbr-256	240	1	from	from	ADP
asfbr-256	240	2	the	the	DET
asfbr-256	240	3	table	table	NOUN
asfbr-256	240	4	above	above	ADV
asfbr-256	240	5	,	,	PUNCT
asfbr-256	240	6	the	the	DET
asfbr-256	240	7	eigen	eigen	PROPN
asfbr-256	240	8	values	value	NOUN
asfbr-256	240	9	are	be	AUX
asfbr-256	240	10	greater	great	ADJ
asfbr-256	240	11	than	than	ADP
asfbr-256	240	12	0	0	NUM
asfbr-256	240	13	,	,	PUNCT
asfbr-256	240	14	this	this	PRON
asfbr-256	240	15	proves	prove	VERB
asfbr-256	240	16	that	that	SCONJ
asfbr-256	240	17	the	the	DET
asfbr-256	240	18	variables	variable	NOUN
asfbr-256	240	19	are	be	AUX
asfbr-256	240	20	not	not	PART
asfbr-256	240	21	highly	highly	ADV
asfbr-256	240	22	correlated	correlate	VERB
asfbr-256	240	23	,	,	PUNCT
asfbr-256	240	24	this	this	PRON
asfbr-256	240	25	means	mean	VERB
asfbr-256	240	26	the	the	DET
asfbr-256	240	27	absence	absence	NOUN
asfbr-256	240	28	of	of	ADP
asfbr-256	240	29	multicolinearity	multicolinearity	NOUN
asfbr-256	240	30	.	.	PUNCT
asfbr-256	241	1	a	a	DET
asfbr-256	241	2	condition	condition	NOUN
asfbr-256	241	3	index	index	NOUN
asfbr-256	241	4	greater	great	ADJ
asfbr-256	241	5	than	than	ADP
asfbr-256	241	6	15	15	NUM
asfbr-256	241	7	indicates	indicate	VERB
asfbr-256	241	8	a	a	DET
asfbr-256	241	9	possible	possible	ADJ
asfbr-256	241	10	problem	problem	NOUN
asfbr-256	241	11	and	and	CCONJ
asfbr-256	241	12	an	an	DET
asfbr-256	241	13	index	index	NOUN
asfbr-256	241	14	greater	great	ADJ
asfbr-256	241	15	than	than	ADP
asfbr-256	241	16	30	30	NUM
asfbr-256	241	17	suggests	suggest	VERB
asfbr-256	241	18	a	a	DET
asfbr-256	241	19	serious	serious	ADJ
asfbr-256	241	20	problem	problem	NOUN
asfbr-256	241	21	.	.	PUNCT
asfbr-256	242	1	from	from	ADP
asfbr-256	242	2	the	the	DET
asfbr-256	242	3	table	table	NOUN
asfbr-256	242	4	above	above	ADV
asfbr-256	242	5	,	,	PUNCT
asfbr-256	242	6	the	the	DET
asfbr-256	242	7	condition	condition	NOUN
asfbr-256	242	8	index	index	NOUN
asfbr-256	242	9	are	be	AUX
asfbr-256	242	10	less	less	ADJ
asfbr-256	242	11	than	than	ADP
asfbr-256	242	12	15	15	NUM
asfbr-256	242	13	and	and	CCONJ
asfbr-256	242	14	30	30	NUM
asfbr-256	242	15	that	that	PRON
asfbr-256	242	16	means	mean	VERB
asfbr-256	242	17	the	the	DET
asfbr-256	242	18	absence	absence	NOUN
asfbr-256	242	19	of	of	ADP
asfbr-256	242	20	serial	serial	ADJ
asfbr-256	242	21	autocorrelation	autocorrelation	NOUN
asfbr-256	242	22	among	among	ADP
asfbr-256	242	23	the	the	DET
asfbr-256	242	24	variables	variable	NOUN
asfbr-256	242	25	except	except	SCONJ
asfbr-256	242	26	weighted	weight	VERB
asfbr-256	242	27	average	average	ADJ
asfbr-256	242	28	cost	cost	NOUN
asfbr-256	242	29	of	of	ADP
asfbr-256	242	30	capital	capital	NOUN
asfbr-256	242	31	with	with	ADP
asfbr-256	242	32	the	the	DET
asfbr-256	242	33	condition	condition	NOUN
asfbr-256	242	34	index	index	NOUN
asfbr-256	242	35	of	of	ADP
asfbr-256	242	36	117.075	117.075	NUM
asfbr-256	242	37	.	.	PUNCT
asfbr-256	243	1	the	the	DET
asfbr-256	243	2	durbin	durbin	PROPN
asfbr-256	243	3	watson	watson	PROPN
asfbr-256	243	4	statistics	statistic	NOUN
asfbr-256	243	5	for	for	ADP
asfbr-256	243	6	the	the	DET
asfbr-256	243	7	models	model	NOUN
asfbr-256	243	8	are	be	AUX
asfbr-256	243	9	greater	great	ADJ
asfbr-256	243	10	than	than	ADP
asfbr-256	243	11	1.00	1.00	NUM
asfbr-256	243	12	but	but	CCONJ
asfbr-256	243	13	less	less	ADJ
asfbr-256	243	14	than	than	ADP
asfbr-256	243	15	2.00	2.00	NUM
asfbr-256	243	16	which	which	PRON
asfbr-256	243	17	means	mean	VERB
asfbr-256	243	18	the	the	DET
asfbr-256	243	19	presence	presence	NOUN
asfbr-256	243	20	of	of	ADP
asfbr-256	243	21	positive	positive	ADJ
asfbr-256	243	22	autocorrelation	autocorrelation	NOUN
asfbr-256	243	23	among	among	ADP
asfbr-256	243	24	the	the	DET
asfbr-256	243	25	variables	variable	NOUN
asfbr-256	243	26	.	.	PUNCT
asfbr-256	244	1	table	table	NOUN
asfbr-256	244	2	8	8	NUM
asfbr-256	244	3	:	:	PUNCT
asfbr-256	244	4	effect	effect	NOUN
asfbr-256	244	5	of	of	ADP
asfbr-256	244	6	cost	cost	NOUN
asfbr-256	244	7	of	of	ADP
asfbr-256	244	8	capital	capital	NOUN
asfbr-256	244	9	on	on	ADP
asfbr-256	244	10	financing	financing	NOUN
asfbr-256	244	11	mix	mix	NOUN
asfbr-256	244	12	variables	variable	VERB
asfbr-256	244	13	cdc	cdc	PROPN
asfbr-256	244	14	cec	cec	PROPN
asfbr-256	244	15	wacc	wacc	PROPN
asfbr-256	244	16	unstandarized	unstandarize	VERB
asfbr-256	244	17	β	β	PROPN
asfbr-256	244	18	1.201	1.201	NUM
asfbr-256	244	19	3.832	3.832	NUM
asfbr-256	244	20	46.058	46.058	NUM
asfbr-256	244	21	standarized	standarize	VERB
asfbr-256	244	22	β	β	PROPN
asfbr-256	244	23	.230	.230	NUM
asfbr-256	244	24	.563	.563	NUM
asfbr-256	244	25	224	224	NUM
asfbr-256	244	26	standard	standard	ADJ
asfbr-256	244	27	error	error	NOUN
asfbr-256	244	28	.911	.911	NUM
asfbr-256	244	29	1.049	1.049	NUM
asfbr-256	244	30	32.497	32.497	NUM
asfbr-256	244	31	partial	partial	ADJ
asfbr-256	244	32	correlation	correlation	NOUN
asfbr-256	244	33	.356	.356	NUM
asfbr-256	244	34	.726	.726	NUM
asfbr-256	244	35	.379	.379	NUM
asfbr-256	244	36	copyright	copyright	NOUN
asfbr-256	244	37	©	©	PROPN
asfbr-256	244	38	cc	cc	PROPN
asfbr-256	244	39	-	-	PUNCT
asfbr-256	244	40	by	by	ADP
asfbr-256	244	41	-	-	PUNCT
asfbr-256	244	42	nc	nc	PROPN
asfbr-256	244	43	2019	2019	NUM
asfbr-256	244	44	,	,	PUNCT
asfbr-256	244	45	cribfb	cribfb	PROPN
asfbr-256	244	46	|	|	ADV
asfbr-256	244	47	afbr	afbr	ADV
asfbr-256	244	48	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	244	49	asian	asian	ADJ
asfbr-256	244	50	finance	finance	PROPN
asfbr-256	244	51	&	&	CCONJ
asfbr-256	244	52	banking	banking	PROPN
asfbr-256	244	53	review	review	PROPN
asfbr-256	244	54	vol	vol	NOUN
asfbr-256	244	55	.	.	PROPN
asfbr-256	245	1	3	3	NUM
asfbr-256	245	2	,	,	PUNCT
asfbr-256	245	3	no	no	INTJ
asfbr-256	245	4	.	.	NOUN
asfbr-256	245	5	1	1	NUM
asfbr-256	245	6	;	;	PUNCT
asfbr-256	245	7	2019	2019	NUM
asfbr-256	245	8	21	21	NUM
asfbr-256	245	9	zero	zero	NUM
asfbr-256	245	10	order	order	NOUN
asfbr-256	245	11	.880	.880	NUM
asfbr-256	245	12	.927	.927	NUM
asfbr-256	245	13	.854	.854	NUM
asfbr-256	246	1	t	t	PROPN
asfbr-256	246	2	-	-	PUNCT
asfbr-256	246	3	statistics	statistic	NOUN
asfbr-256	246	4	1.318	1.318	NUM
asfbr-256	246	5	3.654	3.654	NUM
asfbr-256	246	6	1.417	1.417	NUM
asfbr-256	246	7	t	t	PROPN
asfbr-256	246	8	-	-	PUNCT
asfbr-256	246	9	significant	significant	ADJ
asfbr-256	246	10	.212	.212	NUM
asfbr-256	246	11	.003	.003	NUM
asfbr-256	246	12	.182	.182	NUM
asfbr-256	246	13	r2	r2	PROPN
asfbr-256	246	14	.196	.196	NUM
asfbr-256	246	15	adj	adj	PROPN
asfbr-256	246	16	.	.	PUNCT
asfbr-256	247	1	r2	r2	PROPN
asfbr-256	247	2	.895	.895	NUM
asfbr-256	248	1	f	f	X
asfbr-256	248	2	-	-	PUNCT
asfbr-256	248	3	ratio	ratio	NOUN
asfbr-256	248	4	43.705	43.705	NUM
asfbr-256	248	5	f	f	X
asfbr-256	248	6	-	-	PUNCT
asfbr-256	248	7	sig	sig	NOUN
asfbr-256	248	8	.000	.000	NUM
asfbr-256	248	9	constant	constant	ADJ
asfbr-256	248	10	α0	α0	ADJ
asfbr-256	248	11	-1420.280	-1420.280	PUNCT
asfbr-256	248	12	t	t	PROPN
asfbr-256	248	13	-	-	PUNCT
asfbr-256	248	14	statistics	statistic	NOUN
asfbr-256	248	15	-3.261	-3.261	X
asfbr-256	248	16	significant	significant	ADJ
asfbr-256	248	17	.007	.007	NUM
asfbr-256	248	18	source	source	NOUN
asfbr-256	248	19	:	:	PUNCT
asfbr-256	248	20	extracts	extract	NOUN
asfbr-256	248	21	from	from	ADP
asfbr-256	248	22	spss	spss	PROPN
asfbr-256	248	23	window	window	NOUN
asfbr-256	248	24	(	(	PUNCT
asfbr-256	248	25	22.0	22.0	NUM
asfbr-256	248	26	)	)	PUNCT
asfbr-256	248	27	9	9	NUM
asfbr-256	248	28	.	.	X
asfbr-256	248	29	interpretation	interpretation	NOUN
asfbr-256	248	30	of	of	ADP
asfbr-256	248	31	regression	regression	NOUN
asfbr-256	248	32	results	result	VERB
asfbr-256	248	33	analyses	analysis	NOUN
asfbr-256	248	34	in	in	ADP
asfbr-256	248	35	the	the	DET
asfbr-256	248	36	regression	regression	NOUN
asfbr-256	248	37	results	result	NOUN
asfbr-256	248	38	presented	present	VERB
asfbr-256	248	39	in	in	ADP
asfbr-256	248	40	the	the	DET
asfbr-256	248	41	above	above	ADJ
asfbr-256	248	42	table	table	NOUN
asfbr-256	248	43	indicates	indicate	VERB
asfbr-256	248	44	that	that	SCONJ
asfbr-256	248	45	cost	cost	NOUN
asfbr-256	248	46	of	of	ADP
asfbr-256	248	47	capital	capital	NOUN
asfbr-256	248	48	such	such	ADJ
asfbr-256	248	49	as	as	ADP
asfbr-256	248	50	cost	cost	NOUN
asfbr-256	248	51	of	of	ADP
asfbr-256	248	52	debt	debt	NOUN
asfbr-256	248	53	,	,	PUNCT
asfbr-256	248	54	cost	cost	NOUN
asfbr-256	248	55	of	of	ADP
asfbr-256	248	56	equity	equity	NOUN
asfbr-256	248	57	and	and	CCONJ
asfbr-256	248	58	weighted	weight	VERB
asfbr-256	248	59	average	average	ADJ
asfbr-256	248	60	cost	cost	NOUN
asfbr-256	248	61	of	of	ADP
asfbr-256	248	62	capital	capital	NOUN
asfbr-256	248	63	of	of	ADP
asfbr-256	248	64	the	the	DET
asfbr-256	248	65	selected	select	VERB
asfbr-256	248	66	firms	firm	NOUN
asfbr-256	248	67	have	have	VERB
asfbr-256	248	68	positive	positive	ADJ
asfbr-256	248	69	relationship	relationship	NOUN
asfbr-256	248	70	with	with	ADP
asfbr-256	248	71	the	the	DET
asfbr-256	248	72	financing	financing	NOUN
asfbr-256	248	73	mix	mix	NOUN
asfbr-256	248	74	of	of	ADP
asfbr-256	248	75	the	the	DET
asfbr-256	248	76	firms	firm	NOUN
asfbr-256	248	77	.	.	PUNCT
asfbr-256	249	1	the	the	DET
asfbr-256	249	2	positive	positive	ADJ
asfbr-256	249	3	coefficient	coefficient	NOUN
asfbr-256	249	4	of	of	ADP
asfbr-256	249	5	1.201	1.201	NUM
asfbr-256	249	6	as	as	ADP
asfbr-256	249	7	the	the	DET
asfbr-256	249	8	regression	regression	NOUN
asfbr-256	249	9	parameter	parameter	NOUN
asfbr-256	249	10	for	for	ADP
asfbr-256	249	11	cost	cost	NOUN
asfbr-256	249	12	of	of	ADP
asfbr-256	249	13	debt	debt	NOUN
asfbr-256	249	14	,	,	PUNCT
asfbr-256	249	15	3.832	3.832	NUM
asfbr-256	249	16	for	for	ADP
asfbr-256	249	17	cost	cost	NOUN
asfbr-256	249	18	of	of	ADP
asfbr-256	249	19	equity	equity	NOUN
asfbr-256	249	20	and	and	CCONJ
asfbr-256	249	21	46.058	46.058	NUM
asfbr-256	249	22	for	for	ADP
asfbr-256	249	23	weighted	weight	VERB
asfbr-256	249	24	average	average	ADJ
asfbr-256	249	25	cost	cost	NOUN
asfbr-256	249	26	of	of	ADP
asfbr-256	249	27	capital	capital	NOUN
asfbr-256	249	28	reveal	reveal	VERB
asfbr-256	249	29	that	that	SCONJ
asfbr-256	249	30	a	a	DET
asfbr-256	249	31	unit	unit	NOUN
asfbr-256	249	32	increase	increase	NOUN
asfbr-256	249	33	on	on	ADP
asfbr-256	249	34	the	the	DET
asfbr-256	249	35	independent	independent	ADJ
asfbr-256	249	36	variable	variable	NOUN
asfbr-256	249	37	will	will	AUX
asfbr-256	249	38	lead	lead	VERB
asfbr-256	249	39	to	to	ADP
asfbr-256	249	40	significant	significant	ADJ
asfbr-256	249	41	increase	increase	NOUN
asfbr-256	249	42	such	such	ADJ
asfbr-256	249	43	as	as	ADP
asfbr-256	249	44	12.0	12.0	NUM
asfbr-256	249	45	%	%	NOUN
asfbr-256	249	46	,	,	PUNCT
asfbr-256	249	47	38.3	38.3	NUM
asfbr-256	249	48	%	%	NOUN
asfbr-256	249	49	and	and	CCONJ
asfbr-256	249	50	460.5	460.5	NUM
asfbr-256	249	51	%	%	NOUN
asfbr-256	249	52	increase	increase	NOUN
asfbr-256	249	53	on	on	ADP
asfbr-256	249	54	the	the	DET
asfbr-256	249	55	dependent	dependent	ADJ
asfbr-256	249	56	variable	variable	NOUN
asfbr-256	249	57	.	.	PUNCT
asfbr-256	250	1	the	the	DET
asfbr-256	250	2	r2	r2	PROPN
asfbr-256	250	3	and	and	CCONJ
asfbr-256	250	4	the	the	DET
asfbr-256	250	5	adjusted	adjust	VERB
asfbr-256	250	6	r2	r2	NOUN
asfbr-256	250	7	reveal	reveal	VERB
asfbr-256	250	8	that	that	SCONJ
asfbr-256	250	9	91.6	91.6	NUM
asfbr-256	250	10	%	%	NOUN
asfbr-256	250	11	and	and	CCONJ
asfbr-256	250	12	89.5	89.5	NUM
asfbr-256	250	13	%	%	NOUN
asfbr-256	250	14	variation	variation	NOUN
asfbr-256	250	15	on	on	ADP
asfbr-256	250	16	the	the	DET
asfbr-256	250	17	dependent	dependent	ADJ
asfbr-256	250	18	variable	variable	NOUN
asfbr-256	250	19	can	can	AUX
asfbr-256	250	20	be	be	AUX
asfbr-256	250	21	traced	trace	VERB
asfbr-256	250	22	to	to	ADP
asfbr-256	250	23	variation	variation	NOUN
asfbr-256	250	24	on	on	ADP
asfbr-256	250	25	cost	cost	NOUN
asfbr-256	250	26	of	of	ADP
asfbr-256	250	27	capital	capital	NOUN
asfbr-256	250	28	.	.	PUNCT
asfbr-256	251	1	the	the	DET
asfbr-256	251	2	f	f	PROPN
asfbr-256	251	3	-	-	PUNCT
asfbr-256	251	4	statistics	statistic	NOUN
asfbr-256	251	5	and	and	CCONJ
asfbr-256	251	6	f	f	X
asfbr-256	251	7	-	-	PUNCT
asfbr-256	251	8	significant	significant	ADJ
asfbr-256	251	9	justifies	justify	VERB
asfbr-256	251	10	that	that	SCONJ
asfbr-256	251	11	the	the	DET
asfbr-256	251	12	model	model	NOUN
asfbr-256	251	13	is	be	AUX
asfbr-256	251	14	adequate	adequate	ADJ
asfbr-256	251	15	in	in	ADP
asfbr-256	251	16	predicting	predict	VERB
asfbr-256	251	17	variation	variation	NOUN
asfbr-256	251	18	on	on	ADP
asfbr-256	251	19	the	the	DET
asfbr-256	251	20	dependent	dependent	ADJ
asfbr-256	251	21	variable	variable	NOUN
asfbr-256	251	22	.	.	PUNCT
asfbr-256	252	1	the	the	DET
asfbr-256	252	2	findings	finding	NOUN
asfbr-256	252	3	of	of	ADP
asfbr-256	252	4	the	the	DET
asfbr-256	252	5	model	model	NOUN
asfbr-256	252	6	proved	prove	VERB
asfbr-256	252	7	that	that	DET
asfbr-256	252	8	increase	increase	NOUN
asfbr-256	252	9	in	in	ADP
asfbr-256	252	10	cost	cost	NOUN
asfbr-256	252	11	of	of	ADP
asfbr-256	252	12	capital	capital	NOUN
asfbr-256	252	13	increase	increase	VERB
asfbr-256	252	14	the	the	DET
asfbr-256	252	15	financial	financial	ADJ
asfbr-256	252	16	mix	mix	NOUN
asfbr-256	252	17	of	of	ADP
asfbr-256	252	18	the	the	DET
asfbr-256	252	19	quoted	quote	VERB
asfbr-256	252	20	firms	firm	NOUN
asfbr-256	252	21	.	.	PUNCT
asfbr-256	253	1	this	this	PRON
asfbr-256	253	2	is	be	AUX
asfbr-256	253	3	contrary	contrary	ADJ
asfbr-256	253	4	to	to	ADP
asfbr-256	253	5	the	the	DET
asfbr-256	253	6	expectation	expectation	NOUN
asfbr-256	253	7	of	of	ADP
asfbr-256	253	8	the	the	DET
asfbr-256	253	9	results	result	NOUN
asfbr-256	253	10	but	but	CCONJ
asfbr-256	253	11	justifies	justify	VERB
asfbr-256	253	12	the	the	DET
asfbr-256	253	13	opinion	opinion	NOUN
asfbr-256	253	14	of	of	ADP
asfbr-256	253	15	miller	miller	PROPN
asfbr-256	253	16	and	and	CCONJ
asfbr-256	253	17	modigliani	modigliani	PROPN
asfbr-256	253	18	as	as	ADP
asfbr-256	253	19	against	against	ADP
asfbr-256	253	20	the	the	DET
asfbr-256	253	21	gordon	gordon	PROPN
asfbr-256	253	22	.	.	PUNCT
asfbr-256	254	1	the	the	DET
asfbr-256	254	2	positive	positive	ADJ
asfbr-256	254	3	relationship	relationship	NOUN
asfbr-256	254	4	between	between	ADP
asfbr-256	254	5	the	the	DET
asfbr-256	254	6	variables	variable	NOUN
asfbr-256	254	7	could	could	AUX
asfbr-256	254	8	be	be	AUX
asfbr-256	254	9	traceable	traceable	ADJ
asfbr-256	254	10	to	to	ADP
asfbr-256	254	11	the	the	DET
asfbr-256	254	12	inability	inability	NOUN
asfbr-256	254	13	of	of	ADP
asfbr-256	254	14	the	the	DET
asfbr-256	254	15	firms	firm	NOUN
asfbr-256	254	16	to	to	PART
asfbr-256	254	17	source	source	VERB
asfbr-256	254	18	alternate	alternate	ADJ
asfbr-256	254	19	source	source	NOUN
asfbr-256	254	20	of	of	ADP
asfbr-256	254	21	capital	capital	NOUN
asfbr-256	254	22	for	for	ADP
asfbr-256	254	23	investment	investment	NOUN
asfbr-256	254	24	but	but	CCONJ
asfbr-256	254	25	force	force	NOUN
asfbr-256	254	26	to	to	PART
asfbr-256	254	27	borrow	borrow	VERB
asfbr-256	254	28	or	or	CCONJ
asfbr-256	254	29	float	float	VERB
asfbr-256	254	30	equity	equity	NOUN
asfbr-256	254	31	without	without	ADP
asfbr-256	254	32	considering	consider	VERB
asfbr-256	254	33	the	the	DET
asfbr-256	254	34	cost	cost	NOUN
asfbr-256	254	35	.	.	PUNCT
asfbr-256	255	1	10	10	NUM
asfbr-256	255	2	.	.	PUNCT
asfbr-256	255	3	discussion	discussion	NOUN
asfbr-256	255	4	of	of	ADP
asfbr-256	255	5	findings	finding	NOUN
asfbr-256	255	6	the	the	DET
asfbr-256	255	7	relationship	relationship	NOUN
asfbr-256	255	8	between	between	ADP
asfbr-256	255	9	corporate	corporate	ADJ
asfbr-256	255	10	capital	capital	NOUN
asfbr-256	255	11	structure	structure	NOUN
asfbr-256	255	12	and	and	CCONJ
asfbr-256	255	13	the	the	DET
asfbr-256	255	14	performance	performance	NOUN
asfbr-256	255	15	of	of	ADP
asfbr-256	255	16	quoted	quote	VERB
asfbr-256	255	17	firms	firm	NOUN
asfbr-256	255	18	has	have	AUX
asfbr-256	255	19	long	long	ADV
asfbr-256	255	20	been	be	AUX
asfbr-256	255	21	a	a	DET
asfbr-256	255	22	point	point	NOUN
asfbr-256	255	23	of	of	ADP
asfbr-256	255	24	controversy	controversy	NOUN
asfbr-256	255	25	among	among	ADP
asfbr-256	255	26	scholars	scholar	NOUN
asfbr-256	255	27	in	in	ADP
asfbr-256	255	28	corporate	corporate	ADJ
asfbr-256	255	29	finance	finance	NOUN
asfbr-256	255	30	.	.	PUNCT
asfbr-256	256	1	unlike	unlike	ADP
asfbr-256	256	2	the	the	DET
asfbr-256	256	3	dividend	dividend	NOUN
asfbr-256	256	4	policy	policy	NOUN
asfbr-256	256	5	that	that	PRON
asfbr-256	256	6	determines	determine	VERB
asfbr-256	256	7	the	the	DET
asfbr-256	256	8	rate	rate	NOUN
asfbr-256	256	9	at	at	ADP
asfbr-256	256	10	which	which	PRON
asfbr-256	256	11	the	the	DET
asfbr-256	256	12	management	management	NOUN
asfbr-256	256	13	determines	determine	VERB
asfbr-256	256	14	the	the	DET
asfbr-256	256	15	proportion	proportion	NOUN
asfbr-256	256	16	of	of	ADP
asfbr-256	256	17	its	its	PRON
asfbr-256	256	18	capital	capital	NOUN
asfbr-256	256	19	that	that	PRON
asfbr-256	256	20	will	will	AUX
asfbr-256	256	21	be	be	AUX
asfbr-256	256	22	distributed	distribute	VERB
asfbr-256	256	23	to	to	ADP
asfbr-256	256	24	shareholders	shareholder	NOUN
asfbr-256	256	25	and	and	CCONJ
asfbr-256	256	26	the	the	DET
asfbr-256	256	27	proportion	proportion	NOUN
asfbr-256	256	28	to	to	PART
asfbr-256	256	29	be	be	AUX
asfbr-256	256	30	retain	retain	VERB
asfbr-256	256	31	,	,	PUNCT
asfbr-256	256	32	capital	capital	NOUN
asfbr-256	256	33	structure	structure	NOUN
asfbr-256	256	34	determine	determine	VERB
asfbr-256	256	35	the	the	DET
asfbr-256	256	36	proportion	proportion	NOUN
asfbr-256	256	37	of	of	ADP
asfbr-256	256	38	the	the	DET
asfbr-256	256	39	company	company	NOUN
asfbr-256	256	40	’s	’s	PART
asfbr-256	256	41	capital	capital	NOUN
asfbr-256	256	42	that	that	PRON
asfbr-256	256	43	is	be	AUX
asfbr-256	256	44	internally	internally	ADV
asfbr-256	256	45	generated	generated	AUX
asfbr-256	256	46	known	know	VERB
asfbr-256	256	47	as	as	ADP
asfbr-256	256	48	equity	equity	NOUN
asfbr-256	256	49	capital	capital	NOUN
asfbr-256	256	50	and	and	CCONJ
asfbr-256	256	51	the	the	DET
asfbr-256	256	52	proportion	proportion	NOUN
asfbr-256	256	53	that	that	PRON
asfbr-256	256	54	is	be	AUX
asfbr-256	256	55	borrowed	borrow	VERB
asfbr-256	256	56	outside	outside	ADP
asfbr-256	256	57	the	the	DET
asfbr-256	256	58	firm	firm	NOUN
asfbr-256	256	59	known	know	VERB
asfbr-256	256	60	as	as	ADP
asfbr-256	256	61	debt	debt	NOUN
asfbr-256	256	62	capital	capital	NOUN
asfbr-256	256	63	.	.	PUNCT
asfbr-256	257	1	optimal	optimal	ADJ
asfbr-256	257	2	combination	combination	NOUN
asfbr-256	257	3	of	of	ADP
asfbr-256	257	4	the	the	DET
asfbr-256	257	5	two	two	NUM
asfbr-256	257	6	components	component	NOUN
asfbr-256	257	7	of	of	ADP
asfbr-256	257	8	capital	capital	NOUN
asfbr-256	257	9	determines	determine	VERB
asfbr-256	257	10	the	the	DET
asfbr-256	257	11	cost	cost	NOUN
asfbr-256	257	12	of	of	ADP
asfbr-256	257	13	capital	capital	NOUN
asfbr-256	257	14	and	and	CCONJ
asfbr-256	257	15	the	the	DET
asfbr-256	257	16	financial	financial	ADJ
asfbr-256	257	17	structure	structure	NOUN
asfbr-256	257	18	of	of	ADP
asfbr-256	257	19	the	the	DET
asfbr-256	257	20	corporate	corporate	ADJ
asfbr-256	257	21	organization	organization	NOUN
asfbr-256	257	22	.	.	PUNCT
asfbr-256	258	1	higher	high	ADJ
asfbr-256	258	2	cost	cost	NOUN
asfbr-256	258	3	of	of	ADP
asfbr-256	258	4	debt	debt	NOUN
asfbr-256	258	5	capital	capital	NOUN
asfbr-256	258	6	will	will	AUX
asfbr-256	258	7	results	result	VERB
asfbr-256	258	8	in	in	ADP
asfbr-256	258	9	formulating	formulate	VERB
asfbr-256	258	10	policies	policy	NOUN
asfbr-256	258	11	that	that	PRON
asfbr-256	258	12	will	will	AUX
asfbr-256	258	13	enhance	enhance	VERB
asfbr-256	258	14	internally	internally	ADV
asfbr-256	258	15	generate	generate	VERB
asfbr-256	258	16	capital	capital	NOUN
asfbr-256	258	17	such	such	ADJ
asfbr-256	258	18	as	as	ADP
asfbr-256	258	19	higher	high	ADJ
asfbr-256	258	20	retention	retention	NOUN
asfbr-256	258	21	ratio	ratio	NOUN
asfbr-256	258	22	and	and	CCONJ
asfbr-256	258	23	lower	low	ADJ
asfbr-256	258	24	dividend	dividend	NOUN
asfbr-256	258	25	payout	payout	NOUN
asfbr-256	258	26	ratio	ratio	NOUN
asfbr-256	258	27	or	or	CCONJ
asfbr-256	258	28	increasing	increase	VERB
asfbr-256	258	29	the	the	DET
asfbr-256	258	30	equity	equity	NOUN
asfbr-256	258	31	share	share	NOUN
asfbr-256	258	32	capital	capital	NOUN
asfbr-256	258	33	through	through	ADP
asfbr-256	258	34	floatation	floatation	NOUN
asfbr-256	258	35	of	of	ADP
asfbr-256	258	36	equities	equity	NOUN
asfbr-256	258	37	by	by	ADP
asfbr-256	258	38	rights	right	NOUN
asfbr-256	258	39	issues	issue	NOUN
asfbr-256	258	40	or	or	CCONJ
asfbr-256	258	41	by	by	ADP
asfbr-256	258	42	public	public	ADJ
asfbr-256	258	43	offer	offer	NOUN
asfbr-256	258	44	(	(	PUNCT
asfbr-256	258	45	pandey	pandey	PROPN
asfbr-256	258	46	,	,	PUNCT
asfbr-256	258	47	2005	2005	NUM
asfbr-256	258	48	)	)	PUNCT
asfbr-256	258	49	.	.	PUNCT
asfbr-256	259	1	this	this	PRON
asfbr-256	259	2	illustrates	illustrate	VERB
asfbr-256	259	3	the	the	DET
asfbr-256	259	4	trade	trade	NOUN
asfbr-256	259	5	-	-	PUNCT
asfbr-256	259	6	off	off	ADP
asfbr-256	259	7	theory	theory	NOUN
asfbr-256	259	8	as	as	SCONJ
asfbr-256	259	9	formulated	formulate	VERB
asfbr-256	259	10	by	by	ADP
asfbr-256	259	11	meyer	meyer	PROPN
asfbr-256	259	12	.	.	PROPN
asfbr-256	259	13	regression	regression	PROPN
asfbr-256	259	14	results	result	NOUN
asfbr-256	259	15	from	from	ADP
asfbr-256	259	16	model	model	NOUN
asfbr-256	259	17	i	i	PRON
asfbr-256	259	18	of	of	ADP
asfbr-256	259	19	this	this	DET
asfbr-256	259	20	study	study	NOUN
asfbr-256	259	21	found	find	VERB
asfbr-256	259	22	that	that	SCONJ
asfbr-256	259	23	cost	cost	NOUN
asfbr-256	259	24	of	of	ADP
asfbr-256	259	25	capital	capital	NOUN
asfbr-256	259	26	have	have	VERB
asfbr-256	259	27	no	no	DET
asfbr-256	259	28	significant	significant	ADJ
asfbr-256	259	29	effect	effect	NOUN
asfbr-256	259	30	on	on	ADP
asfbr-256	259	31	equity	equity	NOUN
asfbr-256	259	32	financing	financing	NOUN
asfbr-256	259	33	of	of	ADP
asfbr-256	259	34	the	the	DET
asfbr-256	259	35	selected	select	VERB
asfbr-256	259	36	manufacturing	manufacturing	NOUN
asfbr-256	259	37	firms	firm	NOUN
asfbr-256	259	38	in	in	ADP
asfbr-256	259	39	the	the	DET
asfbr-256	259	40	study	study	NOUN
asfbr-256	259	41	as	as	SCONJ
asfbr-256	259	42	the	the	DET
asfbr-256	259	43	explained	explain	VERB
asfbr-256	259	44	variation	variation	NOUN
asfbr-256	259	45	reveals	reveal	VERB
asfbr-256	259	46	that	that	SCONJ
asfbr-256	259	47	the	the	DET
asfbr-256	259	48	independent	independent	ADJ
asfbr-256	259	49	variables	variable	NOUN
asfbr-256	259	50	which	which	PRON
asfbr-256	259	51	are	be	AUX
asfbr-256	259	52	cost	cost	NOUN
asfbr-256	259	53	of	of	ADP
asfbr-256	259	54	debt	debt	NOUN
asfbr-256	259	55	,	,	PUNCT
asfbr-256	259	56	cost	cost	NOUN
asfbr-256	259	57	of	of	ADP
asfbr-256	259	58	equity	equity	NOUN
asfbr-256	259	59	and	and	CCONJ
asfbr-256	259	60	weighted	weight	VERB
asfbr-256	259	61	average	average	ADJ
asfbr-256	259	62	cost	cost	NOUN
asfbr-256	259	63	of	of	ADP
asfbr-256	259	64	capital	capital	NOUN
asfbr-256	259	65	can	can	AUX
asfbr-256	259	66	only	only	ADV
asfbr-256	259	67	explain	explain	VERB
asfbr-256	259	68	19.3	19.3	NUM
asfbr-256	259	69	%	%	NOUN
asfbr-256	259	70	explained	explain	VERB
asfbr-256	259	71	variation	variation	NOUN
asfbr-256	259	72	on	on	ADP
asfbr-256	259	73	the	the	DET
asfbr-256	259	74	dependent	dependent	ADJ
asfbr-256	259	75	variable	variable	NOUN
asfbr-256	259	76	.	.	PUNCT
asfbr-256	260	1	the	the	DET
asfbr-256	260	2	β	β	PROPN
asfbr-256	260	3	coefficient	coefficient	NOUN
asfbr-256	260	4	of	of	ADP
asfbr-256	260	5	the	the	DET
asfbr-256	260	6	variables	variable	NOUN
asfbr-256	260	7	proved	prove	VERB
asfbr-256	260	8	that	that	SCONJ
asfbr-256	260	9	cost	cost	NOUN
asfbr-256	260	10	of	of	ADP
asfbr-256	260	11	debt	debt	NOUN
asfbr-256	260	12	and	and	CCONJ
asfbr-256	260	13	cost	cost	NOUN
asfbr-256	260	14	of	of	ADP
asfbr-256	260	15	equity	equity	NOUN
asfbr-256	260	16	capital	capital	NOUN
asfbr-256	260	17	have	have	VERB
asfbr-256	260	18	negative	negative	ADJ
asfbr-256	260	19	relationship	relationship	NOUN
asfbr-256	260	20	with	with	ADP
asfbr-256	260	21	equity	equity	NOUN
asfbr-256	260	22	financing	financing	NOUN
asfbr-256	260	23	while	while	SCONJ
asfbr-256	260	24	weighted	weight	VERB
asfbr-256	260	25	average	average	ADJ
asfbr-256	260	26	cost	cost	NOUN
asfbr-256	260	27	of	of	ADP
asfbr-256	260	28	capital	capital	NOUN
asfbr-256	260	29	have	have	VERB
asfbr-256	260	30	positive	positive	ADJ
asfbr-256	260	31	relationship	relationship	NOUN
asfbr-256	260	32	.	.	PUNCT
asfbr-256	261	1	the	the	DET
asfbr-256	261	2	negative	negative	ADJ
asfbr-256	261	3	effect	effect	NOUN
asfbr-256	261	4	of	of	ADP
asfbr-256	261	5	the	the	DET
asfbr-256	261	6	variables	variable	NOUN
asfbr-256	261	7	confirms	confirm	VERB
asfbr-256	261	8	the	the	DET
asfbr-256	261	9	apiriori	apiriori	ADJ
asfbr-256	261	10	expectation	expectation	NOUN
asfbr-256	261	11	of	of	ADP
asfbr-256	261	12	the	the	DET
asfbr-256	261	13	results	result	NOUN
asfbr-256	261	14	as	as	ADP
asfbr-256	261	15	increase	increase	NOUN
asfbr-256	261	16	in	in	ADP
asfbr-256	261	17	cost	cost	NOUN
asfbr-256	261	18	of	of	ADP
asfbr-256	261	19	capital	capital	NOUN
asfbr-256	261	20	discourages	discourage	VERB
asfbr-256	261	21	investment	investment	NOUN
asfbr-256	261	22	according	accord	VERB
asfbr-256	261	23	to	to	ADP
asfbr-256	261	24	economic	economic	ADJ
asfbr-256	261	25	theory	theory	NOUN
asfbr-256	261	26	.	.	PUNCT
asfbr-256	262	1	this	this	PRON
asfbr-256	262	2	means	mean	VERB
asfbr-256	262	3	that	that	PRON
asfbr-256	262	4	increase	increase	NOUN
asfbr-256	262	5	in	in	ADP
asfbr-256	262	6	cost	cost	NOUN
asfbr-256	262	7	of	of	ADP
asfbr-256	262	8	capital	capital	NOUN
asfbr-256	262	9	will	will	AUX
asfbr-256	262	10	discourage	discourage	VERB
asfbr-256	262	11	investment	investment	NOUN
asfbr-256	262	12	of	of	ADP
asfbr-256	262	13	the	the	DET
asfbr-256	262	14	selected	select	VERB
asfbr-256	262	15	manufacturing	manufacturing	NOUN
asfbr-256	262	16	firms	firm	NOUN
asfbr-256	262	17	.	.	PUNCT
asfbr-256	263	1	the	the	DET
asfbr-256	263	2	findings	finding	NOUN
asfbr-256	263	3	confirm	confirm	VERB
asfbr-256	263	4	the	the	DET
asfbr-256	263	5	findings	finding	NOUN
asfbr-256	263	6	of	of	ADP
asfbr-256	263	7	lotfi	lotfi	PROPN
asfbr-256	263	8	(	(	PUNCT
asfbr-256	263	9	2004	2004	NUM
asfbr-256	263	10	)	)	PUNCT
asfbr-256	263	11	on	on	ADP
asfbr-256	263	12	the	the	DET
asfbr-256	263	13	negative	negative	ADJ
asfbr-256	263	14	effect	effect	NOUN
asfbr-256	263	15	of	of	ADP
asfbr-256	263	16	cost	cost	NOUN
asfbr-256	263	17	of	of	ADP
asfbr-256	263	18	capital	capital	NOUN
asfbr-256	263	19	on	on	ADP
asfbr-256	263	20	fixed	fix	VERB
asfbr-256	263	21	assets	asset	NOUN
asfbr-256	263	22	of	of	ADP
asfbr-256	263	23	selected	select	VERB
asfbr-256	263	24	firms	firm	NOUN
asfbr-256	263	25	on	on	ADP
asfbr-256	263	26	the	the	DET
asfbr-256	263	27	floor	floor	NOUN
asfbr-256	263	28	of	of	ADP
asfbr-256	263	29	kenya	kenya	PROPN
asfbr-256	263	30	stock	stock	PROPN
asfbr-256	263	31	exchange	exchange	PROPN
asfbr-256	263	32	.	.	PUNCT
asfbr-256	264	1	it	it	PRON
asfbr-256	264	2	also	also	ADV
asfbr-256	264	3	validates	validate	VERB
asfbr-256	264	4	the	the	DET
asfbr-256	264	5	findings	finding	NOUN
asfbr-256	264	6	of	of	ADP
asfbr-256	264	7	hussain	hussain	PROPN
asfbr-256	264	8	et	et	PROPN
asfbr-256	264	9	al	al	PROPN
asfbr-256	264	10	.	.	PROPN
asfbr-256	264	11	,	,	PUNCT
asfbr-256	264	12	(	(	PUNCT
asfbr-256	264	13	2012	2012	NUM
asfbr-256	264	14	)	)	PUNCT
asfbr-256	264	15	on	on	ADP
asfbr-256	264	16	the	the	DET
asfbr-256	264	17	effect	effect	NOUN
asfbr-256	264	18	of	of	ADP
asfbr-256	264	19	cost	cost	NOUN
asfbr-256	264	20	of	of	ADP
asfbr-256	264	21	capital	capital	NOUN
asfbr-256	264	22	on	on	ADP
asfbr-256	264	23	corporate	corporate	ADJ
asfbr-256	264	24	profitability	profitability	NOUN
asfbr-256	264	25	of	of	ADP
asfbr-256	264	26	selected	select	VERB
asfbr-256	264	27	manufacturing	manufacturing	NOUN
asfbr-256	264	28	firms	firm	NOUN
asfbr-256	264	29	in	in	ADP
asfbr-256	264	30	india	india	PROPN
asfbr-256	264	31	.	.	PUNCT
asfbr-256	265	1	the	the	DET
asfbr-256	265	2	positive	positive	ADJ
asfbr-256	265	3	effect	effect	NOUN
asfbr-256	265	4	of	of	ADP
asfbr-256	265	5	weighted	weight	VERB
asfbr-256	265	6	average	average	ADJ
asfbr-256	265	7	cost	cost	NOUN
asfbr-256	265	8	of	of	ADP
asfbr-256	265	9	capital	capital	NOUN
asfbr-256	265	10	can	can	AUX
asfbr-256	265	11	be	be	AUX
asfbr-256	265	12	traced	trace	VERB
asfbr-256	265	13	to	to	ADP
asfbr-256	265	14	management	management	NOUN
asfbr-256	265	15	factors	factor	NOUN
asfbr-256	265	16	and	and	CCONJ
asfbr-256	265	17	policies	policy	NOUN
asfbr-256	265	18	formulated	formulate	VERB
asfbr-256	265	19	to	to	PART
asfbr-256	265	20	leverage	leverage	VERB
asfbr-256	265	21	the	the	DET
asfbr-256	265	22	cost	cost	NOUN
asfbr-256	265	23	of	of	ADP
asfbr-256	265	24	capital	capital	NOUN
asfbr-256	265	25	and	and	CCONJ
asfbr-256	265	26	decreasing	decrease	VERB
asfbr-256	265	27	dividend	dividend	NOUN
asfbr-256	265	28	payout	payout	NOUN
asfbr-256	265	29	ratio	ratio	NOUN
asfbr-256	265	30	and	and	CCONJ
asfbr-256	265	31	increasing	increase	VERB
asfbr-256	265	32	retention	retention	NOUN
asfbr-256	265	33	ratio	ratio	NOUN
asfbr-256	265	34	.	.	PUNCT
asfbr-256	266	1	model	model	PROPN
asfbr-256	266	2	ii	ii	PROPN
asfbr-256	266	3	was	be	AUX
asfbr-256	266	4	formulated	formulate	VERB
asfbr-256	266	5	to	to	PART
asfbr-256	266	6	examine	examine	VERB
asfbr-256	266	7	the	the	DET
asfbr-256	266	8	relationship	relationship	NOUN
asfbr-256	266	9	between	between	ADP
asfbr-256	266	10	cost	cost	NOUN
asfbr-256	266	11	of	of	ADP
asfbr-256	266	12	capital	capital	NOUN
asfbr-256	266	13	and	and	CCONJ
asfbr-256	266	14	debt	debt	NOUN
asfbr-256	266	15	financing	financing	NOUN
asfbr-256	266	16	.	.	PUNCT
asfbr-256	267	1	the	the	DET
asfbr-256	267	2	regression	regression	NOUN
asfbr-256	267	3	result	result	NOUN
asfbr-256	267	4	found	find	VERB
asfbr-256	267	5	that	that	SCONJ
asfbr-256	267	6	cost	cost	NOUN
asfbr-256	267	7	of	of	ADP
asfbr-256	267	8	debt	debt	NOUN
asfbr-256	267	9	and	and	CCONJ
asfbr-256	267	10	weighted	weight	VERB
asfbr-256	267	11	average	average	ADJ
asfbr-256	267	12	cost	cost	NOUN
asfbr-256	267	13	of	of	ADP
asfbr-256	267	14	capital	capital	NOUN
asfbr-256	267	15	have	have	VERB
asfbr-256	267	16	positive	positive	ADJ
asfbr-256	267	17	but	but	CCONJ
asfbr-256	267	18	insignificant	insignificant	ADJ
asfbr-256	267	19	relationship	relationship	NOUN
asfbr-256	267	20	with	with	ADP
asfbr-256	267	21	debt	debt	NOUN
asfbr-256	267	22	financing	financing	NOUN
asfbr-256	267	23	.	.	PUNCT
asfbr-256	268	1	it	it	PRON
asfbr-256	268	2	reveals	reveal	VERB
asfbr-256	268	3	that	that	SCONJ
asfbr-256	268	4	an	an	DET
asfbr-256	268	5	increase	increase	NOUN
asfbr-256	268	6	in	in	ADP
asfbr-256	268	7	cost	cost	NOUN
asfbr-256	268	8	of	of	ADP
asfbr-256	268	9	debt	debt	NOUN
asfbr-256	268	10	and	and	CCONJ
asfbr-256	268	11	weighted	weight	VERB
asfbr-256	268	12	average	average	ADJ
asfbr-256	268	13	cost	cost	NOUN
asfbr-256	268	14	of	of	ADP
asfbr-256	268	15	capital	capital	NOUN
asfbr-256	268	16	will	will	AUX
asfbr-256	268	17	enhance	enhance	VERB
asfbr-256	268	18	cost	cost	NOUN
asfbr-256	268	19	of	of	ADP
asfbr-256	268	20	debt	debt	NOUN
asfbr-256	268	21	financing	financing	NOUN
asfbr-256	268	22	.	.	PUNCT
asfbr-256	269	1	this	this	DET
asfbr-256	269	2	finding	finding	NOUN
asfbr-256	269	3	is	be	AUX
asfbr-256	269	4	contrary	contrary	ADJ
asfbr-256	269	5	to	to	ADP
asfbr-256	269	6	the	the	DET
asfbr-256	269	7	expectation	expectation	NOUN
asfbr-256	269	8	of	of	ADP
asfbr-256	269	9	the	the	DET
asfbr-256	269	10	study	study	NOUN
asfbr-256	269	11	as	as	SCONJ
asfbr-256	269	12	the	the	DET
asfbr-256	269	13	variables	variable	NOUN
asfbr-256	269	14	are	be	AUX
asfbr-256	269	15	expected	expect	VERB
asfbr-256	269	16	to	to	PART
asfbr-256	269	17	have	have	VERB
asfbr-256	269	18	a	a	DET
asfbr-256	269	19	negative	negative	ADJ
asfbr-256	269	20	effect	effect	NOUN
asfbr-256	269	21	on	on	ADP
asfbr-256	269	22	the	the	DET
asfbr-256	269	23	dependent	dependent	ADJ
asfbr-256	269	24	variable	variable	NOUN
asfbr-256	269	25	.	.	PUNCT
asfbr-256	270	1	the	the	DET
asfbr-256	270	2	positive	positive	ADJ
asfbr-256	270	3	effect	effect	NOUN
asfbr-256	270	4	can	can	AUX
asfbr-256	270	5	be	be	AUX
asfbr-256	270	6	traced	trace	VERB
asfbr-256	270	7	to	to	ADP
asfbr-256	270	8	opinion	opinion	NOUN
asfbr-256	270	9	of	of	ADP
asfbr-256	270	10	oseigbu	oseigbu	NOUN
asfbr-256	270	11	(	(	PUNCT
asfbr-256	270	12	2005	2005	NUM
asfbr-256	270	13	)	)	PUNCT
asfbr-256	270	14	that	that	PRON
asfbr-256	270	15	found	find	VERB
asfbr-256	270	16	positive	positive	ADJ
asfbr-256	270	17	relationship	relationship	NOUN
asfbr-256	270	18	between	between	ADP
asfbr-256	270	19	interest	interest	NOUN
asfbr-256	270	20	rate	rate	NOUN
asfbr-256	270	21	and	and	CCONJ
asfbr-256	270	22	bank	bank	NOUN
asfbr-256	270	23	lending	lending	NOUN
asfbr-256	270	24	and	and	CCONJ
asfbr-256	270	25	was	be	AUX
asfbr-256	270	26	blamed	blame	VERB
asfbr-256	270	27	on	on	ADP
asfbr-256	270	28	the	the	DET
asfbr-256	270	29	ineffectiveness	ineffectiveness	NOUN
asfbr-256	270	30	of	of	ADP
asfbr-256	270	31	the	the	DET
asfbr-256	270	32	financial	financial	ADJ
asfbr-256	270	33	sector	sector	NOUN
asfbr-256	270	34	and	and	CCONJ
asfbr-256	270	35	the	the	DET
asfbr-256	270	36	inability	inability	NOUN
asfbr-256	270	37	of	of	ADP
asfbr-256	270	38	the	the	DET
asfbr-256	270	39	corporate	corporate	ADJ
asfbr-256	270	40	firms	firm	NOUN
asfbr-256	270	41	to	to	PART
asfbr-256	270	42	formulate	formulate	VERB
asfbr-256	270	43	polices	police	NOUN
asfbr-256	270	44	that	that	PRON
asfbr-256	270	45	will	will	AUX
asfbr-256	270	46	leverage	leverage	VERB
asfbr-256	270	47	the	the	DET
asfbr-256	270	48	challenging	challenging	ADJ
asfbr-256	270	49	effect	effect	NOUN
asfbr-256	270	50	of	of	ADP
asfbr-256	270	51	cost	cost	NOUN
asfbr-256	270	52	of	of	ADP
asfbr-256	270	53	capital	capital	NOUN
asfbr-256	270	54	within	within	ADP
asfbr-256	270	55	the	the	DET
asfbr-256	270	56	business	business	NOUN
asfbr-256	270	57	environment	environment	NOUN
asfbr-256	270	58	.	.	PUNCT
asfbr-256	271	1	however	however	ADV
asfbr-256	271	2	,	,	PUNCT
asfbr-256	271	3	cost	cost	NOUN
asfbr-256	271	4	of	of	ADP
asfbr-256	271	5	debt	debt	NOUN
asfbr-256	271	6	has	have	VERB
asfbr-256	271	7	positive	positive	ADJ
asfbr-256	271	8	and	and	CCONJ
asfbr-256	271	9	significant	significant	ADJ
asfbr-256	271	10	effect	effect	NOUN
asfbr-256	271	11	on	on	ADP
asfbr-256	271	12	debt	debt	NOUN
asfbr-256	271	13	financing	financing	NOUN
asfbr-256	271	14	.	.	PUNCT
asfbr-256	272	1	this	this	DET
asfbr-256	272	2	finding	finding	NOUN
asfbr-256	272	3	confirms	confirm	VERB
asfbr-256	272	4	the	the	DET
asfbr-256	272	5	findings	finding	NOUN
asfbr-256	272	6	of	of	ADP
asfbr-256	272	7	akani	akani	NOUN
asfbr-256	272	8	and	and	CCONJ
asfbr-256	272	9	lucky	lucky	ADJ
asfbr-256	272	10	(	(	PUNCT
asfbr-256	272	11	2016	2016	NUM
asfbr-256	272	12	)	)	PUNCT
asfbr-256	272	13	on	on	ADP
asfbr-256	272	14	the	the	DET
asfbr-256	272	15	positive	positive	ADJ
asfbr-256	272	16	effect	effect	NOUN
asfbr-256	272	17	of	of	ADP
asfbr-256	272	18	capital	capital	NOUN
asfbr-256	272	19	structure	structure	NOUN
asfbr-256	272	20	and	and	CCONJ
asfbr-256	272	21	shareholders	shareholder	NOUN
asfbr-256	272	22	’	'	PUNCT
asfbr-256	272	23	value	value	NOUN
asfbr-256	272	24	of	of	ADP
asfbr-256	272	25	quoted	quote	VERB
asfbr-256	272	26	commercial	commercial	ADJ
asfbr-256	272	27	banks	bank	NOUN
asfbr-256	272	28	in	in	ADP
asfbr-256	272	29	nigeria	nigeria	PROPN
asfbr-256	272	30	.	.	PUNCT
asfbr-256	273	1	copyright	copyright	NOUN
asfbr-256	273	2	©	©	PROPN
asfbr-256	273	3	cc	cc	PROPN
asfbr-256	273	4	-	-	PUNCT
asfbr-256	273	5	by	by	ADP
asfbr-256	273	6	-	-	PUNCT
asfbr-256	273	7	nc	nc	PROPN
asfbr-256	273	8	2019	2019	NUM
asfbr-256	273	9	,	,	PUNCT
asfbr-256	273	10	cribfb	cribfb	PROPN
asfbr-256	273	11	|	|	ADV
asfbr-256	273	12	afbr	afbr	ADV
asfbr-256	273	13	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	273	14	asian	asian	ADJ
asfbr-256	273	15	finance	finance	PROPN
asfbr-256	273	16	&	&	CCONJ
asfbr-256	273	17	banking	banking	PROPN
asfbr-256	273	18	review	review	PROPN
asfbr-256	273	19	vol	vol	NOUN
asfbr-256	273	20	.	.	PROPN
asfbr-256	274	1	3	3	NUM
asfbr-256	274	2	,	,	PUNCT
asfbr-256	274	3	no	no	INTJ
asfbr-256	274	4	.	.	NOUN
asfbr-256	274	5	1	1	NUM
asfbr-256	274	6	;	;	PUNCT
asfbr-256	274	7	2019	2019	NUM
asfbr-256	274	8	22	22	NUM
asfbr-256	274	9	model	model	NOUN
asfbr-256	274	10	iii	iii	PROPN
asfbr-256	274	11	was	be	AUX
asfbr-256	274	12	formulated	formulate	VERB
asfbr-256	274	13	to	to	PART
asfbr-256	274	14	investigate	investigate	VERB
asfbr-256	274	15	the	the	DET
asfbr-256	274	16	effect	effect	NOUN
asfbr-256	274	17	of	of	ADP
asfbr-256	274	18	cost	cost	NOUN
asfbr-256	274	19	of	of	ADP
asfbr-256	274	20	capital	capital	NOUN
asfbr-256	274	21	on	on	ADP
asfbr-256	274	22	the	the	DET
asfbr-256	274	23	profitability	profitability	NOUN
asfbr-256	274	24	of	of	ADP
asfbr-256	274	25	selected	select	VERB
asfbr-256	274	26	manufacturing	manufacturing	NOUN
asfbr-256	274	27	companies	company	NOUN
asfbr-256	274	28	and	and	CCONJ
asfbr-256	274	29	the	the	DET
asfbr-256	274	30	regression	regression	NOUN
asfbr-256	274	31	results	result	NOUN
asfbr-256	274	32	found	find	VERB
asfbr-256	274	33	that	that	SCONJ
asfbr-256	274	34	cost	cost	NOUN
asfbr-256	274	35	of	of	ADP
asfbr-256	274	36	debt	debt	NOUN
asfbr-256	274	37	and	and	CCONJ
asfbr-256	274	38	weighted	weight	VERB
asfbr-256	274	39	average	average	ADJ
asfbr-256	274	40	cost	cost	NOUN
asfbr-256	274	41	of	of	ADP
asfbr-256	274	42	capital	capital	NOUN
asfbr-256	274	43	have	have	VERB
asfbr-256	274	44	positive	positive	ADJ
asfbr-256	274	45	but	but	CCONJ
asfbr-256	274	46	insignificant	insignificant	ADJ
asfbr-256	274	47	effect	effect	NOUN
asfbr-256	274	48	while	while	SCONJ
asfbr-256	274	49	cost	cost	NOUN
asfbr-256	274	50	of	of	ADP
asfbr-256	274	51	equity	equity	NOUN
asfbr-256	274	52	have	have	VERB
asfbr-256	274	53	negative	negative	ADJ
asfbr-256	274	54	but	but	CCONJ
asfbr-256	274	55	insignificant	insignificant	ADJ
asfbr-256	274	56	effect	effect	NOUN
asfbr-256	274	57	.	.	PUNCT
asfbr-256	275	1	the	the	DET
asfbr-256	275	2	results	result	NOUN
asfbr-256	275	3	reveal	reveal	VERB
asfbr-256	275	4	that	that	SCONJ
asfbr-256	275	5	the	the	DET
asfbr-256	275	6	independent	independent	ADJ
asfbr-256	275	7	variable	variable	NOUN
asfbr-256	275	8	can	can	AUX
asfbr-256	275	9	only	only	ADV
asfbr-256	275	10	explain	explain	VERB
asfbr-256	275	11	5	5	NUM
asfbr-256	275	12	%	%	NOUN
asfbr-256	275	13	variation	variation	NOUN
asfbr-256	275	14	on	on	ADP
asfbr-256	275	15	the	the	DET
asfbr-256	275	16	dependent	dependent	ADJ
asfbr-256	275	17	variable	variable	NOUN
asfbr-256	275	18	;	;	PUNCT
asfbr-256	275	19	this	this	PRON
asfbr-256	275	20	shows	show	VERB
asfbr-256	275	21	that	that	SCONJ
asfbr-256	275	22	cost	cost	NOUN
asfbr-256	275	23	of	of	ADP
asfbr-256	275	24	capital	capital	NOUN
asfbr-256	275	25	is	be	AUX
asfbr-256	275	26	statistically	statistically	ADV
asfbr-256	275	27	not	not	PART
asfbr-256	275	28	significant	significant	ADJ
asfbr-256	275	29	on	on	ADP
asfbr-256	275	30	the	the	DET
asfbr-256	275	31	profitability	profitability	NOUN
asfbr-256	275	32	of	of	ADP
asfbr-256	275	33	the	the	DET
asfbr-256	275	34	selected	select	VERB
asfbr-256	275	35	manufacturing	manufacturing	NOUN
asfbr-256	275	36	firms	firm	NOUN
asfbr-256	275	37	.	.	PUNCT
asfbr-256	276	1	theoretically	theoretically	ADV
asfbr-256	276	2	,	,	PUNCT
asfbr-256	276	3	increase	increase	VERB
asfbr-256	276	4	in	in	ADP
asfbr-256	276	5	cost	cost	NOUN
asfbr-256	276	6	of	of	ADP
asfbr-256	276	7	capital	capital	NOUN
asfbr-256	276	8	discourage	discourage	NOUN
asfbr-256	276	9	investment	investment	NOUN
asfbr-256	276	10	and	and	CCONJ
asfbr-256	276	11	therefore	therefore	ADV
asfbr-256	276	12	the	the	DET
asfbr-256	276	13	negative	negative	ADJ
asfbr-256	276	14	effect	effect	NOUN
asfbr-256	276	15	of	of	ADP
asfbr-256	276	16	the	the	DET
asfbr-256	276	17	variable	variable	NOUN
asfbr-256	276	18	on	on	ADP
asfbr-256	276	19	profitability	profitability	NOUN
asfbr-256	276	20	confirm	confirm	VERB
asfbr-256	276	21	the	the	DET
asfbr-256	276	22	a	a	PRON
asfbr-256	276	23	-	-	PUNCT
asfbr-256	276	24	priori	priori	ADJ
asfbr-256	276	25	expectation	expectation	NOUN
asfbr-256	276	26	of	of	ADP
asfbr-256	276	27	the	the	DET
asfbr-256	276	28	results	result	NOUN
asfbr-256	276	29	while	while	SCONJ
asfbr-256	276	30	the	the	DET
asfbr-256	276	31	positive	positive	ADJ
asfbr-256	276	32	effect	effect	NOUN
asfbr-256	276	33	can	can	AUX
asfbr-256	276	34	be	be	AUX
asfbr-256	276	35	traced	trace	VERB
asfbr-256	276	36	to	to	ADP
asfbr-256	276	37	the	the	DET
asfbr-256	276	38	fact	fact	NOUN
asfbr-256	276	39	that	that	SCONJ
asfbr-256	276	40	corporate	corporate	ADJ
asfbr-256	276	41	firms	firm	NOUN
asfbr-256	276	42	has	have	AUX
asfbr-256	276	43	no	no	DET
asfbr-256	276	44	valid	valid	ADJ
asfbr-256	276	45	option	option	NOUN
asfbr-256	276	46	on	on	ADP
asfbr-256	276	47	source	source	NOUN
asfbr-256	276	48	of	of	ADP
asfbr-256	276	49	capital	capital	NOUN
asfbr-256	276	50	and	and	CCONJ
asfbr-256	276	51	are	be	AUX
asfbr-256	276	52	forced	force	VERB
asfbr-256	276	53	to	to	PART
asfbr-256	276	54	obtain	obtain	VERB
asfbr-256	276	55	fund	fund	NOUN
asfbr-256	276	56	whether	whether	SCONJ
asfbr-256	276	57	the	the	DET
asfbr-256	276	58	cost	cost	NOUN
asfbr-256	276	59	is	be	AUX
asfbr-256	276	60	high	high	ADJ
asfbr-256	276	61	or	or	CCONJ
asfbr-256	276	62	not	not	PART
asfbr-256	276	63	.	.	PUNCT
asfbr-256	277	1	11	11	NUM
asfbr-256	277	2	.	.	X
asfbr-256	278	1	conclusion	conclusion	NOUN
asfbr-256	278	2	and	and	CCONJ
asfbr-256	278	3	recommendation	recommendation	NOUN
asfbr-256	278	4	11.1	11.1	NUM
asfbr-256	278	5	conclusion	conclusion	NOUN
asfbr-256	278	6	this	this	DET
asfbr-256	278	7	study	study	NOUN
asfbr-256	278	8	investigated	investigate	VERB
asfbr-256	278	9	the	the	DET
asfbr-256	278	10	relationship	relationship	NOUN
asfbr-256	278	11	between	between	ADP
asfbr-256	278	12	cost	cost	NOUN
asfbr-256	278	13	of	of	ADP
asfbr-256	278	14	capital	capital	NOUN
asfbr-256	278	15	and	and	CCONJ
asfbr-256	278	16	financing	financing	NOUN
asfbr-256	278	17	of	of	ADP
asfbr-256	278	18	corporate	corporate	ADJ
asfbr-256	278	19	growth	growth	NOUN
asfbr-256	278	20	of	of	ADP
asfbr-256	278	21	50	50	NUM
asfbr-256	278	22	selected	select	VERB
asfbr-256	278	23	manufacturing	manufacturing	NOUN
asfbr-256	278	24	firms	firm	NOUN
asfbr-256	278	25	listed	list	VERB
asfbr-256	278	26	on	on	ADP
asfbr-256	278	27	the	the	DET
asfbr-256	278	28	floor	floor	NOUN
asfbr-256	278	29	of	of	ADP
asfbr-256	278	30	nigerian	nigerian	ADJ
asfbr-256	278	31	stock	stock	NOUN
asfbr-256	278	32	exchange	exchange	NOUN
asfbr-256	278	33	using	use	VERB
asfbr-256	278	34	time	time	NOUN
asfbr-256	278	35	series	series	PROPN
asfbr-256	278	36	data	datum	NOUN
asfbr-256	278	37	from	from	ADP
asfbr-256	278	38	2000	2000	NUM
asfbr-256	278	39	–	–	PUNCT
asfbr-256	278	40	2015	2015	NUM
asfbr-256	278	41	.	.	PUNCT
asfbr-256	279	1	financing	financing	NOUN
asfbr-256	279	2	of	of	ADP
asfbr-256	279	3	corporate	corporate	ADJ
asfbr-256	279	4	growth	growth	NOUN
asfbr-256	279	5	was	be	AUX
asfbr-256	279	6	proxy	proxy	NOUN
asfbr-256	279	7	as	as	ADP
asfbr-256	279	8	equity	equity	NOUN
asfbr-256	279	9	capital	capital	NOUN
asfbr-256	279	10	to	to	ADP
asfbr-256	279	11	total	total	ADJ
asfbr-256	279	12	capital	capital	NOUN
asfbr-256	279	13	,	,	PUNCT
asfbr-256	279	14	debt	debt	NOUN
asfbr-256	279	15	capital	capital	NOUN
asfbr-256	279	16	to	to	AUX
asfbr-256	279	17	total	total	ADJ
asfbr-256	279	18	capital	capital	NOUN
asfbr-256	279	19	and	and	CCONJ
asfbr-256	279	20	return	return	VERB
asfbr-256	279	21	on	on	ADP
asfbr-256	279	22	investment	investment	NOUN
asfbr-256	279	23	while	while	SCONJ
asfbr-256	279	24	cost	cost	NOUN
asfbr-256	279	25	of	of	ADP
asfbr-256	279	26	capital	capital	NOUN
asfbr-256	279	27	was	be	AUX
asfbr-256	279	28	proxy	proxy	VERB
asfbr-256	279	29	by	by	ADP
asfbr-256	279	30	the	the	DET
asfbr-256	279	31	traditional	traditional	ADJ
asfbr-256	279	32	method	method	NOUN
asfbr-256	279	33	as	as	SCONJ
asfbr-256	279	34	formulated	formulate	VERB
asfbr-256	279	35	by	by	ADP
asfbr-256	279	36	pandey	pandey	PROPN
asfbr-256	279	37	(	(	PUNCT
asfbr-256	279	38	2005	2005	NUM
asfbr-256	279	39	)	)	PUNCT
asfbr-256	279	40	as	as	ADP
asfbr-256	279	41	cost	cost	NOUN
asfbr-256	279	42	of	of	ADP
asfbr-256	279	43	debt	debt	NOUN
asfbr-256	279	44	,	,	PUNCT
asfbr-256	279	45	cost	cost	NOUN
asfbr-256	279	46	of	of	ADP
asfbr-256	279	47	equity	equity	NOUN
asfbr-256	279	48	and	and	CCONJ
asfbr-256	279	49	weighted	weight	VERB
asfbr-256	279	50	average	average	ADJ
asfbr-256	279	51	cost	cost	NOUN
asfbr-256	279	52	of	of	ADP
asfbr-256	279	53	capital	capital	NOUN
asfbr-256	279	54	.	.	PUNCT
asfbr-256	280	1	from	from	ADP
asfbr-256	280	2	the	the	DET
asfbr-256	280	3	findings	finding	NOUN
asfbr-256	280	4	of	of	ADP
asfbr-256	280	5	the	the	DET
asfbr-256	280	6	study	study	NOUN
asfbr-256	280	7	,	,	PUNCT
asfbr-256	280	8	we	we	PRON
asfbr-256	280	9	draw	draw	VERB
asfbr-256	280	10	the	the	DET
asfbr-256	280	11	following	follow	VERB
asfbr-256	280	12	conclusion	conclusion	NOUN
asfbr-256	280	13	:	:	PUNCT
asfbr-256	280	14			ADP
asfbr-256	280	15	that	that	SCONJ
asfbr-256	280	16	the	the	DET
asfbr-256	280	17	relationship	relationship	NOUN
asfbr-256	280	18	between	between	ADP
asfbr-256	280	19	cost	cost	NOUN
asfbr-256	280	20	of	of	ADP
asfbr-256	280	21	capital	capital	NOUN
asfbr-256	280	22	and	and	CCONJ
asfbr-256	280	23	equity	equity	NOUN
asfbr-256	280	24	financing	financing	NOUN
asfbr-256	280	25	is	be	AUX
asfbr-256	280	26	statistically	statistically	ADV
asfbr-256	280	27	not	not	PART
asfbr-256	280	28	significant	significant	ADJ
asfbr-256	280	29	.	.	PUNCT
asfbr-256	281	1	cost	cost	NOUN
asfbr-256	281	2	of	of	ADP
asfbr-256	281	3	debt	debt	NOUN
asfbr-256	281	4	and	and	CCONJ
asfbr-256	281	5	cost	cost	NOUN
asfbr-256	281	6	of	of	ADP
asfbr-256	281	7	equity	equity	NOUN
asfbr-256	281	8	have	have	VERB
asfbr-256	281	9	negative	negative	ADJ
asfbr-256	281	10	and	and	CCONJ
asfbr-256	281	11	insignificant	insignificant	ADJ
asfbr-256	281	12	effect	effect	NOUN
asfbr-256	281	13	while	while	SCONJ
asfbr-256	281	14	weighted	weight	VERB
asfbr-256	281	15	average	average	ADJ
asfbr-256	281	16	cost	cost	NOUN
asfbr-256	281	17	of	of	ADP
asfbr-256	281	18	capital	capital	NOUN
asfbr-256	281	19	has	have	VERB
asfbr-256	281	20	positive	positive	ADJ
asfbr-256	281	21	but	but	CCONJ
asfbr-256	281	22	insignificant	insignificant	ADJ
asfbr-256	281	23	effect	effect	NOUN
asfbr-256	281	24	on	on	ADP
asfbr-256	281	25	the	the	DET
asfbr-256	281	26	dependent	dependent	ADJ
asfbr-256	281	27	variable	variable	NOUN
asfbr-256	281	28	.	.	PUNCT
asfbr-256	282	1	the	the	DET
asfbr-256	282	2	model	model	NOUN
asfbr-256	282	3	summary	summary	NOUN
asfbr-256	282	4	shows	show	VERB
asfbr-256	282	5	that	that	SCONJ
asfbr-256	282	6	the	the	DET
asfbr-256	282	7	independent	independent	ADJ
asfbr-256	282	8	variables	variable	NOUN
asfbr-256	282	9	could	could	AUX
asfbr-256	282	10	only	only	ADV
asfbr-256	282	11	attest	attest	VERB
asfbr-256	282	12	19.3	19.3	NUM
asfbr-256	282	13	%	%	NOUN
asfbr-256	282	14	variation	variation	NOUN
asfbr-256	282	15	while	while	SCONJ
asfbr-256	282	16	the	the	DET
asfbr-256	282	17	f	f	PROPN
asfbr-256	282	18	-	-	PUNCT
asfbr-256	282	19	statistics	statistic	NOUN
asfbr-256	282	20	shows	show	VERB
asfbr-256	282	21	that	that	SCONJ
asfbr-256	282	22	the	the	DET
asfbr-256	282	23	model	model	NOUN
asfbr-256	282	24	is	be	AUX
asfbr-256	282	25	statistically	statistically	ADV
asfbr-256	282	26	not	not	PART
asfbr-256	282	27	significant	significant	ADJ
asfbr-256	282	28	.	.	PUNCT
asfbr-256	282	29			PUNCT
asfbr-256	283	1	that	that	DET
asfbr-256	283	2	cost	cost	NOUN
asfbr-256	283	3	of	of	ADP
asfbr-256	283	4	capital	capital	NOUN
asfbr-256	283	5	has	have	VERB
asfbr-256	283	6	significant	significant	ADJ
asfbr-256	283	7	relationship	relationship	NOUN
asfbr-256	283	8	on	on	ADP
asfbr-256	283	9	debt	debt	NOUN
asfbr-256	283	10	financing	financing	NOUN
asfbr-256	283	11	as	as	SCONJ
asfbr-256	283	12	the	the	DET
asfbr-256	283	13	model	model	NOUN
asfbr-256	283	14	summary	summary	NOUN
asfbr-256	283	15	portray	portray	VERB
asfbr-256	283	16	that	that	SCONJ
asfbr-256	283	17	the	the	DET
asfbr-256	283	18	independent	independent	ADJ
asfbr-256	283	19	variables	variable	NOUN
asfbr-256	283	20	have	have	VERB
asfbr-256	283	21	a	a	DET
asfbr-256	283	22	correlation	correlation	NOUN
asfbr-256	283	23	coefficient	coefficient	NOUN
asfbr-256	283	24	of	of	ADP
asfbr-256	283	25	82	82	NUM
asfbr-256	283	26	%	%	NOUN
asfbr-256	283	27	,	,	PUNCT
asfbr-256	283	28	an	an	DET
asfbr-256	283	29	r2	r2	NOUN
asfbr-256	283	30	of	of	ADP
asfbr-256	283	31	67.3	67.3	NUM
asfbr-256	283	32	%	%	NOUN
asfbr-256	283	33	and	and	CCONJ
asfbr-256	283	34	the	the	DET
asfbr-256	283	35	model	model	NOUN
asfbr-256	283	36	is	be	AUX
asfbr-256	283	37	statistically	statistically	ADV
asfbr-256	283	38	significant	significant	ADJ
asfbr-256	283	39	.	.	PUNCT
asfbr-256	284	1	cost	cost	NOUN
asfbr-256	284	2	of	of	ADP
asfbr-256	284	3	equity	equity	NOUN
asfbr-256	284	4	capital	capital	NOUN
asfbr-256	284	5	has	have	VERB
asfbr-256	284	6	negative	negative	ADJ
asfbr-256	284	7	effect	effect	NOUN
asfbr-256	284	8	while	while	SCONJ
asfbr-256	284	9	cost	cost	NOUN
asfbr-256	284	10	of	of	ADP
asfbr-256	284	11	debt	debt	NOUN
asfbr-256	284	12	and	and	CCONJ
asfbr-256	284	13	weighted	weight	VERB
asfbr-256	284	14	average	average	ADJ
asfbr-256	284	15	cost	cost	NOUN
asfbr-256	284	16	of	of	ADP
asfbr-256	284	17	capital	capital	NOUN
asfbr-256	284	18	have	have	VERB
asfbr-256	284	19	negative	negative	ADJ
asfbr-256	284	20	effect	effect	NOUN
asfbr-256	284	21	.	.	PUNCT
asfbr-256	285	1			PUNCT
asfbr-256	286	1	that	that	DET
asfbr-256	286	2	cost	cost	NOUN
asfbr-256	286	3	of	of	ADP
asfbr-256	286	4	capital	capital	NOUN
asfbr-256	286	5	has	have	VERB
asfbr-256	286	6	no	no	DET
asfbr-256	286	7	significant	significant	ADJ
asfbr-256	286	8	effect	effect	NOUN
asfbr-256	286	9	on	on	ADP
asfbr-256	286	10	return	return	NOUN
asfbr-256	286	11	on	on	ADP
asfbr-256	286	12	investment	investment	NOUN
asfbr-256	286	13	of	of	ADP
asfbr-256	286	14	the	the	DET
asfbr-256	286	15	selected	select	VERB
asfbr-256	286	16	manufacturing	manufacturing	NOUN
asfbr-256	286	17	companies	company	NOUN
asfbr-256	286	18	as	as	SCONJ
asfbr-256	286	19	the	the	DET
asfbr-256	286	20	multiple	multiple	ADJ
asfbr-256	286	21	r	r	NOUN
asfbr-256	286	22	shows	show	VERB
asfbr-256	286	23	23.7	23.7	NUM
asfbr-256	286	24	%	%	NOUN
asfbr-256	286	25	,	,	PUNCT
asfbr-256	286	26	r2	r2	PROPN
asfbr-256	286	27	of	of	ADP
asfbr-256	286	28	5.6	5.6	NUM
asfbr-256	286	29	%	%	NOUN
asfbr-256	286	30	and	and	CCONJ
asfbr-256	286	31	the	the	DET
asfbr-256	286	32	model	model	NOUN
asfbr-256	286	33	tested	test	VERB
asfbr-256	286	34	not	not	PART
asfbr-256	286	35	significant	significant	ADJ
asfbr-256	286	36	despite	despite	SCONJ
asfbr-256	286	37	the	the	DET
asfbr-256	286	38	positive	positive	ADJ
asfbr-256	286	39	effect	effect	NOUN
asfbr-256	286	40	of	of	ADP
asfbr-256	286	41	cost	cost	NOUN
asfbr-256	286	42	of	of	ADP
asfbr-256	286	43	debt	debt	NOUN
asfbr-256	286	44	and	and	CCONJ
asfbr-256	286	45	weighted	weight	VERB
asfbr-256	286	46	average	average	ADJ
asfbr-256	286	47	cost	cost	NOUN
asfbr-256	286	48	of	of	ADP
asfbr-256	286	49	capital	capital	NOUN
asfbr-256	286	50	.	.	PUNCT
asfbr-256	287	1	11.2	11.2	NUM
asfbr-256	287	2	recommendation	recommendation	NOUN
asfbr-256	287	3			NOUN
asfbr-256	287	4	management	management	NOUN
asfbr-256	287	5	should	should	AUX
asfbr-256	287	6	formulate	formulate	VERB
asfbr-256	287	7	internal	internal	ADJ
asfbr-256	287	8	policy	policy	NOUN
asfbr-256	287	9	that	that	PRON
asfbr-256	287	10	will	will	AUX
asfbr-256	287	11	enhance	enhance	VERB
asfbr-256	287	12	the	the	DET
asfbr-256	287	13	realization	realization	NOUN
asfbr-256	287	14	of	of	ADP
asfbr-256	287	15	optimal	optimal	ADJ
asfbr-256	287	16	capital	capital	NOUN
asfbr-256	287	17	structure	structure	NOUN
asfbr-256	287	18	of	of	ADP
asfbr-256	287	19	the	the	DET
asfbr-256	287	20	firm	firm	NOUN
asfbr-256	287	21	which	which	PRON
asfbr-256	287	22	determines	determine	VERB
asfbr-256	287	23	the	the	DET
asfbr-256	287	24	combination	combination	NOUN
asfbr-256	287	25	of	of	ADP
asfbr-256	287	26	equity	equity	NOUN
asfbr-256	287	27	capital	capital	NOUN
asfbr-256	287	28	and	and	CCONJ
asfbr-256	287	29	debt	debt	NOUN
asfbr-256	287	30	capital	capital	NOUN
asfbr-256	287	31	as	as	ADP
asfbr-256	287	32	the	the	DET
asfbr-256	287	33	capital	capital	NOUN
asfbr-256	287	34	structure	structure	NOUN
asfbr-256	287	35	of	of	ADP
asfbr-256	287	36	the	the	DET
asfbr-256	287	37	firm	firm	NOUN
asfbr-256	287	38	and	and	CCONJ
asfbr-256	287	39	the	the	DET
asfbr-256	287	40	business	business	NOUN
asfbr-256	287	41	environment	environment	NOUN
asfbr-256	287	42	should	should	AUX
asfbr-256	287	43	be	be	AUX
asfbr-256	287	44	well	well	ADV
asfbr-256	287	45	diagnosed	diagnose	VERB
asfbr-256	287	46	and	and	CCONJ
asfbr-256	287	47	tactical	tactical	ADJ
asfbr-256	287	48	measures	measure	NOUN
asfbr-256	287	49	used	use	VERB
asfbr-256	287	50	to	to	PART
asfbr-256	287	51	ensure	ensure	VERB
asfbr-256	287	52	that	that	SCONJ
asfbr-256	287	53	cost	cost	NOUN
asfbr-256	287	54	of	of	ADP
asfbr-256	287	55	capital	capital	NOUN
asfbr-256	287	56	does	do	AUX
asfbr-256	287	57	not	not	PART
asfbr-256	287	58	affect	affect	VERB
asfbr-256	287	59	the	the	DET
asfbr-256	287	60	investment	investment	NOUN
asfbr-256	287	61	decision	decision	NOUN
asfbr-256	287	62	of	of	ADP
asfbr-256	287	63	the	the	DET
asfbr-256	287	64	firms	firm	NOUN
asfbr-256	287	65	and	and	CCONJ
asfbr-256	287	66	the	the	DET
asfbr-256	287	67	profitability	profitability	NOUN
asfbr-256	287	68	.	.	PUNCT
asfbr-256	288	1			X
asfbr-256	288	2	formulating	formulate	VERB
asfbr-256	288	3	capital	capital	NOUN
asfbr-256	288	4	structure	structure	NOUN
asfbr-256	288	5	of	of	ADP
asfbr-256	288	6	the	the	DET
asfbr-256	288	7	firm	firm	NOUN
asfbr-256	288	8	should	should	AUX
asfbr-256	288	9	be	be	AUX
asfbr-256	288	10	well	well	ADV
asfbr-256	288	11	examined	examine	VERB
asfbr-256	288	12	with	with	ADP
asfbr-256	288	13	the	the	DET
asfbr-256	288	14	investment	investment	NOUN
asfbr-256	288	15	policy	policy	NOUN
asfbr-256	288	16	of	of	ADP
asfbr-256	288	17	the	the	DET
asfbr-256	288	18	firms	firm	NOUN
asfbr-256	288	19	to	to	PART
asfbr-256	288	20	avoid	avoid	VERB
asfbr-256	288	21	high	high	ADJ
asfbr-256	288	22	cost	cost	NOUN
asfbr-256	288	23	of	of	ADP
asfbr-256	288	24	capital	capital	NOUN
asfbr-256	288	25	that	that	PRON
asfbr-256	288	26	will	will	AUX
asfbr-256	288	27	not	not	PART
asfbr-256	288	28	enhance	enhance	VERB
asfbr-256	288	29	investment	investment	NOUN
asfbr-256	288	30	financing	financing	NOUN
asfbr-256	288	31	of	of	ADP
asfbr-256	288	32	the	the	DET
asfbr-256	288	33	firms	firm	NOUN
asfbr-256	288	34	and	and	CCONJ
asfbr-256	288	35	the	the	DET
asfbr-256	288	36	environmental	environmental	ADJ
asfbr-256	288	37	factors	factor	NOUN
asfbr-256	288	38	should	should	AUX
asfbr-256	288	39	be	be	AUX
asfbr-256	288	40	acknowledged	acknowledge	VERB
asfbr-256	288	41	in	in	ADP
asfbr-256	288	42	formulating	formulate	VERB
asfbr-256	288	43	cost	cost	NOUN
asfbr-256	288	44	of	of	ADP
asfbr-256	288	45	capital	capital	NOUN
asfbr-256	288	46	to	to	PART
asfbr-256	288	47	avoid	avoid	VERB
asfbr-256	288	48	risk	risk	NOUN
asfbr-256	288	49	associated	associate	VERB
asfbr-256	288	50	with	with	ADP
asfbr-256	288	51	inadequate	inadequate	ADJ
asfbr-256	288	52	or	or	CCONJ
asfbr-256	288	53	wrong	wrong	ADJ
asfbr-256	288	54	capital	capital	NOUN
asfbr-256	288	55	structure	structure	NOUN
asfbr-256	288	56	of	of	ADP
asfbr-256	288	57	the	the	DET
asfbr-256	288	58	firm	firm	NOUN
asfbr-256	288	59	to	to	PART
asfbr-256	288	60	enhance	enhance	VERB
asfbr-256	288	61	profitability	profitability	NOUN
asfbr-256	288	62	.	.	PUNCT
asfbr-256	289	1			X
asfbr-256	290	1	external	external	ADJ
asfbr-256	290	2	source	source	NOUN
asfbr-256	290	3	of	of	ADP
asfbr-256	290	4	capital	capital	NOUN
asfbr-256	290	5	such	such	ADJ
asfbr-256	290	6	as	as	ADP
asfbr-256	290	7	debt	debt	NOUN
asfbr-256	290	8	should	should	AUX
asfbr-256	290	9	be	be	AUX
asfbr-256	290	10	properly	properly	ADV
asfbr-256	290	11	appraised	appraise	VERB
asfbr-256	290	12	and	and	CCONJ
asfbr-256	290	13	integrated	integrate	VERB
asfbr-256	290	14	with	with	ADP
asfbr-256	290	15	the	the	DET
asfbr-256	290	16	investment	investment	NOUN
asfbr-256	290	17	policy	policy	NOUN
asfbr-256	290	18	of	of	ADP
asfbr-256	290	19	the	the	DET
asfbr-256	290	20	firms	firm	NOUN
asfbr-256	290	21	to	to	PART
asfbr-256	290	22	leverage	leverage	VERB
asfbr-256	290	23	the	the	DET
asfbr-256	290	24	high	high	ADJ
asfbr-256	290	25	cost	cost	NOUN
asfbr-256	290	26	of	of	ADP
asfbr-256	290	27	debt	debt	NOUN
asfbr-256	290	28	and	and	CCONJ
asfbr-256	290	29	its	its	PRON
asfbr-256	290	30	effect	effect	NOUN
asfbr-256	290	31	on	on	ADP
asfbr-256	290	32	investment	investment	NOUN
asfbr-256	290	33	and	and	CCONJ
asfbr-256	290	34	profitability	profitability	NOUN
asfbr-256	290	35	and	and	CCONJ
asfbr-256	290	36	cost	cost	NOUN
asfbr-256	290	37	of	of	ADP
asfbr-256	290	38	equity	equity	NOUN
asfbr-256	290	39	should	should	AUX
asfbr-256	290	40	be	be	AUX
asfbr-256	290	41	integrated	integrate	VERB
asfbr-256	290	42	with	with	ADP
asfbr-256	290	43	the	the	DET
asfbr-256	290	44	objective	objective	NOUN
asfbr-256	290	45	of	of	ADP
asfbr-256	290	46	maximizing	maximize	VERB
asfbr-256	290	47	shareholders	shareholder	NOUN
asfbr-256	290	48	’	’	PART
asfbr-256	290	49	wealth	wealth	NOUN
asfbr-256	290	50	through	through	ADP
asfbr-256	290	51	investment	investment	NOUN
asfbr-256	290	52	policies	policy	NOUN
asfbr-256	290	53	.	.	PUNCT
asfbr-256	291	1			PUNCT
asfbr-256	292	1	the	the	DET
asfbr-256	292	2	regulatory	regulatory	ADJ
asfbr-256	292	3	authorities	authority	NOUN
asfbr-256	292	4	should	should	AUX
asfbr-256	292	5	formulate	formulate	VERB
asfbr-256	292	6	policies	policy	NOUN
asfbr-256	292	7	of	of	ADP
asfbr-256	292	8	minimizing	minimize	VERB
asfbr-256	292	9	the	the	DET
asfbr-256	292	10	cost	cost	NOUN
asfbr-256	292	11	of	of	ADP
asfbr-256	292	12	capital	capital	NOUN
asfbr-256	292	13	on	on	ADP
asfbr-256	292	14	the	the	DET
asfbr-256	292	15	investment	investment	NOUN
asfbr-256	292	16	decision	decision	NOUN
asfbr-256	292	17	of	of	ADP
asfbr-256	292	18	the	the	DET
asfbr-256	292	19	listed	list	VERB
asfbr-256	292	20	firms	firm	NOUN
asfbr-256	292	21	and	and	CCONJ
asfbr-256	292	22	the	the	DET
asfbr-256	292	23	macroeconomic	macroeconomic	ADJ
asfbr-256	292	24	and	and	CCONJ
asfbr-256	292	25	the	the	DET
asfbr-256	292	26	monetary	monetary	ADJ
asfbr-256	292	27	policy	policy	NOUN
asfbr-256	292	28	should	should	AUX
asfbr-256	292	29	be	be	AUX
asfbr-256	292	30	considered	consider	VERB
asfbr-256	292	31	and	and	CCONJ
asfbr-256	292	32	appraised	appraise	VERB
asfbr-256	292	33	in	in	ADP
asfbr-256	292	34	determining	determine	VERB
asfbr-256	292	35	the	the	DET
asfbr-256	292	36	capital	capital	NOUN
asfbr-256	292	37	structure	structure	NOUN
asfbr-256	292	38	of	of	ADP
asfbr-256	292	39	the	the	DET
asfbr-256	292	40	firms	firm	NOUN
asfbr-256	292	41	.	.	PUNCT
asfbr-256	293	1	references	reference	NOUN
asfbr-256	293	2	abor	abor	PROPN
asfbr-256	293	3	,	,	PUNCT
asfbr-256	293	4	j.	j.	PROPN
asfbr-256	293	5	,	,	PUNCT
asfbr-256	293	6	(	(	PUNCT
asfbr-256	293	7	2005	2005	NUM
asfbr-256	293	8	)	)	PUNCT
asfbr-256	293	9	.	.	PUNCT
asfbr-256	294	1	the	the	DET
asfbr-256	294	2	effect	effect	NOUN
asfbr-256	294	3	of	of	ADP
asfbr-256	294	4	capital	capital	NOUN
asfbr-256	294	5	structure	structure	NOUN
asfbr-256	294	6	on	on	ADP
asfbr-256	294	7	profitability	profitability	NOUN
asfbr-256	294	8	:	:	PUNCT
asfbr-256	294	9	empirical	empirical	ADJ
asfbr-256	294	10	analysis	analysis	NOUN
asfbr-256	294	11	of	of	ADP
asfbr-256	294	12	listed	list	VERB
asfbr-256	294	13	firms	firm	NOUN
asfbr-256	294	14	in	in	ADP
asfbr-256	294	15	ghana	ghana	PROPN
asfbr-256	294	16	.	.	PUNCT
asfbr-256	295	1	international	international	ADJ
asfbr-256	295	2	research	research	PROPN
asfbr-256	295	3	journal	journal	NOUN
asfbr-256	295	4	of	of	ADP
asfbr-256	295	5	finance	finance	NOUN
asfbr-256	295	6	and	and	CCONJ
asfbr-256	295	7	economics,15(2),56	economics,15(2),56	PROPN
asfbr-256	295	8	-	-	PUNCT
asfbr-256	295	9	59	59	NUM
asfbr-256	295	10	.	.	PUNCT
asfbr-256	296	1	adeyemi	adeyemi	ADV
asfbr-256	296	2	,	,	PUNCT
asfbr-256	296	3	s.	s.	PROPN
asfbr-256	296	4	b.	b.	PROPN
asfbr-256	296	5	,	,	PUNCT
asfbr-256	296	6	&	&	CCONJ
asfbr-256	296	7	oboh	oboh	PROPN
asfbr-256	296	8	,	,	PUNCT
asfbr-256	296	9	c.	c.	PROPN
asfbr-256	296	10	s.	s.	PROPN
asfbr-256	296	11	(	(	PUNCT
asfbr-256	296	12	2011	2011	NUM
asfbr-256	296	13	)	)	PUNCT
asfbr-256	296	14	.	.	PUNCT
asfbr-256	297	1	perceived	perceive	VERB
asfbr-256	297	2	relationship	relationship	NOUN
asfbr-256	297	3	between	between	ADP
asfbr-256	297	4	corporate	corporate	ADJ
asfbr-256	297	5	capital	capital	NOUN
asfbr-256	297	6	structure	structure	NOUN
asfbr-256	297	7	and	and	CCONJ
asfbr-256	297	8	firm	firm	ADJ
asfbr-256	297	9	value	value	NOUN
asfbr-256	297	10	in	in	ADP
asfbr-256	297	11	nigeria	nigeria	PROPN
asfbr-256	297	12	.	.	PUNCT
asfbr-256	298	1	international	international	ADJ
asfbr-256	298	2	journal	journal	PROPN
asfbr-256	298	3	of	of	ADP
asfbr-256	298	4	business	business	NOUN
asfbr-256	298	5	and	and	CCONJ
asfbr-256	298	6	social	social	ADJ
asfbr-256	298	7	science	science	NOUN
asfbr-256	298	8	,	,	PUNCT
asfbr-256	298	9	2(19	2(19	NUM
asfbr-256	298	10	)	)	PUNCT
asfbr-256	298	11	,	,	PUNCT
asfbr-256	298	12	131	131	NUM
asfbr-256	298	13	-	-	SYM
asfbr-256	298	14	143	143	NUM
asfbr-256	298	15	.	.	PUNCT
asfbr-256	299	1	ahmad	ahmad	PROPN
asfbr-256	299	2	,	,	PUNCT
asfbr-256	299	3	z.	z.	PROPN
asfbr-256	299	4	,	,	PUNCT
asfbr-256	299	5	abdullah	abdullah	PROPN
asfbr-256	299	6	,	,	PUNCT
asfbr-256	299	7	n.	n.	PROPN
asfbr-256	299	8	m.	m.	PROPN
asfbr-256	299	9	h.	h.	PROPN
asfbr-256	299	10	,	,	PUNCT
asfbr-256	299	11	&	&	CCONJ
asfbr-256	299	12	roslan	roslan	PROPN
asfbr-256	299	13	,	,	PUNCT
asfbr-256	299	14	s.	s.	PROPN
asfbr-256	299	15	(	(	PUNCT
asfbr-256	299	16	2012	2012	NUM
asfbr-256	299	17	)	)	PUNCT
asfbr-256	299	18	.	.	PUNCT
asfbr-256	300	1	capital	capital	NOUN
asfbr-256	300	2	structure	structure	NOUN
asfbr-256	300	3	effect	effect	NOUN
asfbr-256	300	4	on	on	ADP
asfbr-256	300	5	firms	firm	NOUN
asfbr-256	300	6	performance	performance	NOUN
asfbr-256	300	7	;	;	PUNCT
asfbr-256	300	8	focusing	focus	VERB
asfbr-256	300	9	on	on	ADP
asfbr-256	300	10	consumers	consumer	NOUN
asfbr-256	300	11	and	and	CCONJ
asfbr-256	300	12	industrial	industrial	ADJ
asfbr-256	300	13	sectors	sector	NOUN
asfbr-256	300	14	on	on	ADP
asfbr-256	300	15	malaysian	malaysian	ADJ
asfbr-256	300	16	firms	firm	NOUN
asfbr-256	300	17	.	.	PUNCT
asfbr-256	301	1	international	international	ADJ
asfbr-256	301	2	review	review	NOUN
asfbr-256	301	3	of	of	ADP
asfbr-256	301	4	business	business	NOUN
asfbr-256	301	5	research	research	NOUN
asfbr-256	301	6	papers	paper	NOUN
asfbr-256	301	7	,	,	PUNCT
asfbr-256	301	8	8(5	8(5	NUM
asfbr-256	301	9	)	)	PUNCT
asfbr-256	301	10	,	,	PUNCT
asfbr-256	301	11	137	137	NUM
asfbr-256	301	12	-	-	SYM
asfbr-256	301	13	155	155	NUM
asfbr-256	301	14	.	.	PUNCT
asfbr-256	301	15	bessembinder	bessembinder	PROPN
asfbr-256	301	16	,	,	PUNCT
asfbr-256	301	17	h.	h.	PROPN
asfbr-256	301	18	(	(	PUNCT
asfbr-256	301	19	1991	1991	NUM
asfbr-256	301	20	)	)	PUNCT
asfbr-256	301	21	.	.	PUNCT
asfbr-256	302	1	forward	forward	ADJ
asfbr-256	302	2	contracts	contract	NOUN
asfbr-256	302	3	and	and	CCONJ
asfbr-256	302	4	firm	firm	ADJ
asfbr-256	302	5	value	value	NOUN
asfbr-256	302	6	:	:	PUNCT
asfbr-256	302	7	investment	investment	NOUN
asfbr-256	302	8	incentive	incentive	NOUN
asfbr-256	302	9	and	and	CCONJ
asfbr-256	302	10	contracting	contracting	NOUN
asfbr-256	302	11	effects	effect	NOUN
asfbr-256	302	12	.	.	PUNCT
asfbr-256	303	1	journal	journal	NOUN
asfbr-256	303	2	of	of	ADP
asfbr-256	303	3	financial	financial	PROPN
asfbr-256	303	4	&	&	CCONJ
asfbr-256	303	5	quantitative	quantitative	ADJ
asfbr-256	303	6	analysis	analysis	NOUN
asfbr-256	303	7	26	26	NUM
asfbr-256	303	8	,	,	PUNCT
asfbr-256	303	9	4	4	NUM
asfbr-256	303	10	(	(	PUNCT
asfbr-256	303	11	12	12	NUM
asfbr-256	303	12	)	)	PUNCT
asfbr-256	303	13	,	,	PUNCT
asfbr-256	303	14	519	519	NUM
asfbr-256	303	15	-	-	SYM
asfbr-256	303	16	532	532	NUM
asfbr-256	303	17	.	.	PUNCT
asfbr-256	304	1	camara	camara	PROPN
asfbr-256	304	2	,	,	PUNCT
asfbr-256	304	3	b	b	PROPN
asfbr-256	304	4	,	,	PUNCT
asfbr-256	304	5	(	(	PUNCT
asfbr-256	304	6	2009	2009	NUM
asfbr-256	304	7	)	)	PUNCT
asfbr-256	304	8	.	.	PUNCT
asfbr-256	305	1	changes	change	NOUN
asfbr-256	305	2	in	in	ADP
asfbr-256	305	3	capital	capital	NOUN
asfbr-256	305	4	and	and	CCONJ
asfbr-256	305	5	risk	risk	NOUN
asfbr-256	305	6	:	:	PUNCT
asfbr-256	305	7	an	an	DET
asfbr-256	305	8	empirical	empirical	ADJ
asfbr-256	305	9	study	study	NOUN
asfbr-256	305	10	of	of	ADP
asfbr-256	305	11	european	european	ADJ
asfbr-256	305	12	banks	bank	NOUN
asfbr-256	305	13	,	,	PUNCT
asfbr-256	305	14	working	working	NOUN
asfbr-256	305	15	paper	paper	NOUN
asfbr-256	305	16	.	.	PUNCT
asfbr-256	306	1	copyright	copyright	NOUN
asfbr-256	306	2	©	©	PROPN
asfbr-256	306	3	cc	cc	PROPN
asfbr-256	306	4	-	-	PUNCT
asfbr-256	306	5	by	by	ADP
asfbr-256	306	6	-	-	PUNCT
asfbr-256	306	7	nc	nc	PROPN
asfbr-256	306	8	2019	2019	NUM
asfbr-256	306	9	,	,	PUNCT
asfbr-256	306	10	cribfb	cribfb	PROPN
asfbr-256	306	11	|	|	ADV
asfbr-256	306	12	afbr	afbr	ADV
asfbr-256	306	13	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-256	306	14	asian	asian	ADJ
asfbr-256	306	15	finance	finance	PROPN
asfbr-256	306	16	&	&	CCONJ
asfbr-256	306	17	banking	banking	PROPN
asfbr-256	306	18	review	review	PROPN
asfbr-256	306	19	vol	vol	NOUN
asfbr-256	306	20	.	.	PROPN
asfbr-256	307	1	3	3	NUM
asfbr-256	307	2	,	,	PUNCT
asfbr-256	307	3	no	no	INTJ
asfbr-256	307	4	.	.	NOUN
asfbr-256	307	5	1	1	NUM
asfbr-256	307	6	;	;	PUNCT
asfbr-256	307	7	2019	2019	NUM
asfbr-256	307	8	23	23	NUM
asfbr-256	307	9	campbell	campbell	PROPN
asfbr-256	307	10	,	,	PUNCT
asfbr-256	307	11	t.	t.	PROPN
asfbr-256	307	12	s.	s.	PROPN
asfbr-256	307	13	,	,	PUNCT
asfbr-256	307	14	&	&	CCONJ
asfbr-256	307	15	kracaw	kracaw	PROPN
asfbr-256	307	16	,	,	PUNCT
asfbr-256	307	17	w.a	w.a	PROPN
asfbr-256	307	18	(	(	PUNCT
asfbr-256	307	19	1990	1990	NUM
asfbr-256	307	20	)	)	PUNCT
asfbr-256	307	21	.	.	PUNCT
asfbr-256	308	1	corporate	corporate	ADJ
asfbr-256	308	2	risk	risk	NOUN
asfbr-256	308	3	management	management	NOUN
asfbr-256	308	4	and	and	CCONJ
asfbr-256	308	5	incentive	incentive	NOUN
asfbr-256	308	6	effects	effect	NOUN
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asfbr-256	308	8	debt	debt	NOUN
asfbr-256	308	9	.	.	PUNCT
asfbr-256	309	1	journal	journal	PROPN
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asfbr-256	309	3	finance	finance	NOUN
asfbr-256	309	4	,	,	PUNCT
asfbr-256	309	5	45	45	NUM
asfbr-256	309	6	(	(	PUNCT
asfbr-256	309	7	1	1	NUM
asfbr-256	309	8	)	)	PUNCT
asfbr-256	309	9	,	,	PUNCT
asfbr-256	309	10	1673	1673	NUM
asfbr-256	309	11	-	-	SYM
asfbr-256	309	12	1686	1686	NUM
asfbr-256	309	13	.	.	PUNCT
asfbr-256	310	1	chowdhury	chowdhury	PROPN
asfbr-256	310	2	s.	s.	PROPN
asfbr-256	310	3	p.	p.	PROPN
asfbr-256	310	4	and	and	CCONJ
asfbr-256	310	5	paul	paul	PROPN
asfbr-256	310	6	(	(	PUNCT
asfbr-256	310	7	2010	2010	NUM
asfbr-256	310	8	)	)	PUNCT
asfbr-256	310	9	.	.	PUNCT
asfbr-256	311	1	impact	impact	NOUN
asfbr-256	311	2	of	of	ADP
asfbr-256	311	3	capital	capital	NOUN
asfbr-256	311	4	structure	structure	NOUN
asfbr-256	311	5	on	on	ADP
asfbr-256	311	6	firm	firm	NOUN
asfbr-256	311	7	’s	’s	PART
asfbr-256	311	8	value	value	NOUN
asfbr-256	311	9	:	:	PUNCT
asfbr-256	311	10	evidence	evidence	NOUN
asfbr-256	311	11	from	from	ADP
asfbr-256	311	12	bangladesh	bangladesh	PROPN
asfbr-256	311	13	.	.	PUNCT
asfbr-256	312	1	business	business	NOUN
asfbr-256	312	2	and	and	CCONJ
asfbr-256	312	3	economic	economic	ADJ
asfbr-256	312	4	horizons,3(3),111	horizons,3(3),111	PROPN
asfbr-256	312	5	-	-	PUNCT
asfbr-256	312	6	122	122	NUM
asfbr-256	312	7	.	.	PUNCT
asfbr-256	312	8	claus	claus	PROPN
asfbr-256	312	9	,	,	PUNCT
asfbr-256	312	10	j.	j.	PROPN
asfbr-256	312	11	&	&	CCONJ
asfbr-256	312	12	thomas	thomas	PROPN
asfbr-256	312	13	,	,	PUNCT
asfbr-256	312	14	j.	j.	PROPN
asfbr-256	312	15	(	(	PUNCT
asfbr-256	312	16	2001	2001	NUM
asfbr-256	312	17	)	)	PUNCT
asfbr-256	312	18	.	.	PUNCT
asfbr-256	313	1	equity	equity	NOUN
asfbr-256	313	2	risk	risk	NOUN
asfbr-256	313	3	premium	premium	NOUN
asfbr-256	313	4	as	as	ADV
asfbr-256	313	5	low	low	ADJ
asfbr-256	313	6	as	as	ADP
asfbr-256	313	7	three	three	NUM
asfbr-256	313	8	percent	percent	NOUN
asfbr-256	313	9	?	?	PUNCT
asfbr-256	314	1	evidence	evidence	NOUN
asfbr-256	314	2	from	from	ADP
asfbr-256	314	3	analysts	analyst	NOUN
asfbr-256	314	4	’	’	PART
asfbr-256	314	5	earnings	earning	NOUN
asfbr-256	314	6	forecasts	forecast	NOUN
asfbr-256	314	7	for	for	ADP
asfbr-256	314	8	domestic	domestic	ADJ
asfbr-256	314	9	and	and	CCONJ
asfbr-256	314	10	international	international	ADJ
asfbr-256	314	11	stocks	stock	NOUN
asfbr-256	314	12	.	.	PUNCT
asfbr-256	315	1	journal	journal	PROPN
asfbr-256	315	2	of	of	ADP
asfbr-256	315	3	finance	finance	NOUN
asfbr-256	315	4	,	,	PUNCT
asfbr-256	315	5	56	56	NUM
asfbr-256	315	6	(	(	PUNCT
asfbr-256	315	7	5	5	NUM
asfbr-256	315	8	)	)	PUNCT
asfbr-256	315	9	,	,	PUNCT
asfbr-256	315	10	1629	1629	NUM
asfbr-256	315	11	-	-	SYM
asfbr-256	315	12	1666	1666	NUM
asfbr-256	315	13	.	.	PUNCT
asfbr-256	316	1	duffie	duffie	PROPN
asfbr-256	316	2	d	d	NOUN
asfbr-256	316	3	,	,	PUNCT
asfbr-256	316	4	,	,	PUNCT
asfbr-256	316	5	d	d	X
asfbr-256	316	6	,	,	PUNCT
asfbr-256	316	7	lando	lando	PROPN
asfbr-256	316	8	(	(	PUNCT
asfbr-256	316	9	2001	2001	NUM
asfbr-256	316	10	):	):	PUNCT
asfbr-256	316	11	tenn	tenn	PROPN
asfbr-256	316	12	strueture	strueture	NOUN
asfbr-256	316	13	of	of	ADP
asfbr-256	316	14	credit	credit	NOUN
asfbr-256	316	15	spreads	spread	NOUN
asfbr-256	316	16	with	with	ADP
asfbr-256	316	17	incomplete	incomplete	ADJ
asfbr-256	316	18	accounting	accounting	NOUN
asfbr-256	316	19	information	information	NOUN
asfbr-256	316	20	.	.	PUNCT
asfbr-256	317	1	econometrica	econometrica	PROPN
asfbr-256	317	2	.	.	PUNCT
asfbr-256	318	1	(	(	PUNCT
asfbr-256	318	2	69	69	NUM
asfbr-256	318	3	)	)	PUNCT
asfbr-256	318	4	633	633	NUM
asfbr-256	318	5	-	-	PUNCT
asfbr-256	318	6	664	664	NUM
asfbr-256	318	7	.	.	PUNCT
asfbr-256	319	1	easley	easley	PROPN
asfbr-256	319	2	d.	d.	PROPN
asfbr-256	319	3	and	and	CCONJ
asfbr-256	319	4	o’hara	o’hara	PROPN
asfbr-256	319	5	m.(2004	m.(2004	PROPN
asfbr-256	319	6	)	)	PUNCT
asfbr-256	319	7	.	.	PUNCT
asfbr-256	320	1	information	information	NOUN
asfbr-256	320	2	and	and	CCONJ
asfbr-256	320	3	the	the	DET
asfbr-256	320	4	cost	cost	NOUN
asfbr-256	320	5	of	of	ADP
asfbr-256	320	6	capital	capital	NOUN
asfbr-256	320	7	,	,	PUNCT
asfbr-256	320	8	”	"	PUNCT
asfbr-256	320	9	journal	journal	NOUN
asfbr-256	320	10	of	of	ADP
asfbr-256	320	11	finance	finance	NOUN
asfbr-256	320	12	,	,	PUNCT
asfbr-256	320	13	59,(4)1553	59,(4)1553	NUM
asfbr-256	320	14	-	-	SYM
asfbr-256	320	15	1584	1584	NUM
asfbr-256	320	16	.	.	PUNCT
asfbr-256	321	1	easton	easton	PROPN
asfbr-256	321	2	,	,	PUNCT
asfbr-256	321	3	p.	p.	PROPN
asfbr-256	321	4	d.	d.	PROPN
asfbr-256	321	5	(	(	PUNCT
asfbr-256	321	6	2003	2003	NUM
asfbr-256	321	7	)	)	PUNCT
asfbr-256	321	8	.	.	PUNCT
asfbr-256	322	1	pe	pe	PROPN
asfbr-256	322	2	ratios	ratio	NOUN
asfbr-256	322	3	,	,	PUNCT
asfbr-256	322	4	peg	peg	NOUN
asfbr-256	322	5	ratios	ratio	NOUN
asfbr-256	322	6	,	,	PUNCT
asfbr-256	322	7	and	and	CCONJ
asfbr-256	322	8	estimating	estimate	VERB
asfbr-256	322	9	the	the	DET
asfbr-256	322	10	implied	imply	VERB
asfbr-256	322	11	expected	expect	VERB
asfbr-256	322	12	rate	rate	NOUN
asfbr-256	322	13	of	of	ADP
asfbr-256	322	14	return	return	NOUN
asfbr-256	322	15	on	on	ADP
asfbr-256	322	16	equity	equity	NOUN
asfbr-256	322	17	capital	capital	NOUN
asfbr-256	322	18	.	.	PUNCT
asfbr-256	323	1	the	the	DET
asfbr-256	323	2	accounting	accounting	NOUN
asfbr-256	323	3	review	review	NOUN
asfbr-256	323	4	79	79	NUM
asfbr-256	323	5	(	(	PUNCT
asfbr-256	323	6	1)73	1)73	NUM
asfbr-256	323	7	-	-	SYM
asfbr-256	323	8	95	95	NUM
asfbr-256	323	9	fama	fama	NOUN
asfbr-256	323	10	,	,	PUNCT
asfbr-256	323	11	e.	e.	PROPN
asfbr-256	323	12	f.	f.	PROPN
asfbr-256	323	13	,	,	PUNCT
asfbr-256	323	14	&	&	CCONJ
asfbr-256	323	15	french	french	PROPN
asfbr-256	323	16	,	,	PUNCT
asfbr-256	323	17	k.	k.	PROPN
asfbr-256	323	18	r.	r.	PROPN
asfbr-256	323	19	,	,	PUNCT
asfbr-256	323	20	(	(	PUNCT
asfbr-256	323	21	2004	2004	NUM
asfbr-256	323	22	)	)	PUNCT
asfbr-256	323	23	.	.	PUNCT
asfbr-256	324	1	testing	test	VERB
asfbr-256	324	2	tradeoff	tradeoff	NOUN
asfbr-256	324	3	and	and	CCONJ
asfbr-256	324	4	pecking	pecking	NOUN
asfbr-256	324	5	order	order	NOUN
asfbr-256	324	6	predictions	prediction	NOUN
asfbr-256	324	7	about	about	ADP
asfbr-256	324	8	dividends	dividend	NOUN
asfbr-256	324	9	and	and	CCONJ
asfbr-256	324	10	debt	debt	NOUN
asfbr-256	324	11	,	,	PUNCT
asfbr-256	324	12	review	review	NOUN
asfbr-256	324	13	of	of	ADP
asfbr-256	324	14	financial	financial	ADJ
asfbr-256	324	15	studies	study	NOUN
asfbr-256	324	16	,	,	PUNCT
asfbr-256	324	17	15	15	NUM
asfbr-256	324	18	(	(	PUNCT
asfbr-256	324	19	1	1	NUM
asfbr-256	324	20	)	)	PUNCT
asfbr-256	324	21	,	,	PUNCT
asfbr-256	324	22	1	1	NUM
asfbr-256	324	23	-	-	SYM
asfbr-256	324	24	33	33	NUM
asfbr-256	324	25	.	.	PUNCT
asfbr-256	324	26	froot	froot	PROPN
asfbr-256	324	27	,	,	PUNCT
asfbr-256	324	28	k.	k.	PROPN
asfbr-256	324	29	a.	a.	PROPN
asfbr-256	324	30	,	,	PUNCT
asfbr-256	324	31	d.	d.	PROPN
asfbr-256	324	32	s.	s.	PROPN
asfbr-256	324	33	scharfstein	scharfstein	PROPN
asfbr-256	324	34	&	&	CCONJ
asfbr-256	324	35	j.c	j.c	PROPN
asfbr-256	324	36	.	.	PROPN
asfbr-256	324	37	stein	stein	PROPN
asfbr-256	324	38	,	,	PUNCT
asfbr-256	324	39	(	(	PUNCT
asfbr-256	324	40	1993	1993	NUM
asfbr-256	324	41	)	)	PUNCT
asfbr-256	324	42	.	.	PUNCT
asfbr-256	325	1	risk	risk	NOUN
asfbr-256	325	2	management	management	NOUN
asfbr-256	325	3	:	:	PUNCT
asfbr-256	325	4	coordinating	coordinate	VERB
asfbr-256	325	5	corporate	corporate	ADJ
asfbr-256	325	6	investments	investment	NOUN
asfbr-256	325	7	and	and	CCONJ
asfbr-256	325	8	financing	financing	NOUN
asfbr-256	325	9	policies	policy	NOUN
asfbr-256	325	10	,	,	PUNCT
asfbr-256	325	11	journal	journal	NOUN
asfbr-256	325	12	of	of	ADP
asfbr-256	325	13	finance	finance	NOUN
asfbr-256	325	14	5(2	5(2	NUM
asfbr-256	325	15	)	)	PUNCT
asfbr-256	325	16	,	,	PUNCT
asfbr-256	325	17	1629	1629	NUM
asfbr-256	325	18	-	-	SYM
asfbr-256	325	19	1658	1658	NUM
asfbr-256	325	20	gay	gay	NOUN
asfbr-256	325	21	,	,	PUNCT
asfbr-256	325	22	g.	g.	PROPN
asfbr-256	325	23	d.	d.	PROPN
asfbr-256	325	24	,	,	PUNCT
asfbr-256	325	25	lin	lin	PROPN
asfbr-256	325	26	,	,	PUNCT
asfbr-256	325	27	c.	c.	PROPN
asfbr-256	325	28	m.	m.	PROPN
asfbr-256	325	29	,	,	PUNCT
asfbr-256	325	30	&	&	CCONJ
asfbr-256	325	31	smith	smith	PROPN
asfbr-256	325	32	,	,	PUNCT
asfbr-256	325	33	s.	s.	PROPN
asfbr-256	325	34	d.	d.	PROPN
asfbr-256	325	35	,	,	PUNCT
asfbr-256	325	36	(	(	PUNCT
asfbr-256	325	37	2010	2010	NUM
asfbr-256	325	38	)	)	PUNCT
asfbr-256	325	39	.	.	PUNCT
asfbr-256	326	1	corporate	corporate	ADJ
asfbr-256	326	2	derivatives	derivative	NOUN
asfbr-256	326	3	use	use	VERB
asfbr-256	326	4	and	and	CCONJ
asfbr-256	326	5	the	the	DET
asfbr-256	326	6	cost	cost	NOUN
asfbr-256	326	7	of	of	ADP
asfbr-256	326	8	equity	equity	NOUN
asfbr-256	326	9	,	,	PUNCT
asfbr-256	326	10	journal	journal	NOUN
asfbr-256	326	11	of	of	ADP
asfbr-256	326	12	banking	banking	NOUN
asfbr-256	326	13	and	and	CCONJ
asfbr-256	326	14	finance	finance	NOUN
asfbr-256	326	15	,	,	PUNCT
asfbr-256	326	16	35	35	NUM
asfbr-256	326	17	,	,	PUNCT
asfbr-256	326	18	1491	1491	NUM
asfbr-256	326	19	-	-	SYM
asfbr-256	326	20	1506	1506	NUM
asfbr-256	326	21	gode	gode	PROPN
asfbr-256	326	22	,	,	PUNCT
asfbr-256	326	23	d.	d.	PROPN
asfbr-256	326	24	,	,	PUNCT
asfbr-256	326	25	&	&	CCONJ
asfbr-256	326	26	mohanram	mohanram	PROPN
asfbr-256	326	27	,	,	PUNCT
asfbr-256	326	28	p.	p.	NOUN
asfbr-256	326	29	(	(	PUNCT
asfbr-256	326	30	2003	2003	NUM
asfbr-256	326	31	)	)	PUNCT
asfbr-256	326	32	.	.	PUNCT
asfbr-256	327	1	inferring	infer	VERB
asfbr-256	327	2	the	the	DET
asfbr-256	327	3	cost	cost	NOUN
asfbr-256	327	4	of	of	ADP
asfbr-256	327	5	capital	capital	NOUN
asfbr-256	327	6	using	use	VERB
asfbr-256	327	7	the	the	DET
asfbr-256	327	8	ohlson	ohlson	NOUN
asfbr-256	327	9	-	-	PUNCT
asfbr-256	327	10	juettner	juettner	NOUN
asfbr-256	327	11	model	model	NOUN
asfbr-256	327	12	.	.	PUNCT
asfbr-256	328	1	review	review	NOUN
asfbr-256	328	2	of	of	ADP
asfbr-256	328	3	accounting	accounting	NOUN
asfbr-256	328	4	studies	study	NOUN
asfbr-256	328	5	,	,	PUNCT
asfbr-256	328	6	8(4	8(4	NUM
asfbr-256	328	7	)	)	PUNCT
asfbr-256	328	8	,	,	PUNCT
asfbr-256	328	9	399	399	NUM
asfbr-256	328	10	-	-	SYM
asfbr-256	328	11	431	431	NUM
asfbr-256	328	12	.	.	PUNCT
asfbr-256	329	1	http://dx.doi.org/10.1023/a:1027378728141	http://dx.doi.org/10.1023/a:1027378728141	PROPN
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asfbr-256	329	5	.	.	PROPN
asfbr-256	329	6	and	and	CCONJ
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asfbr-256	329	8	(	(	PUNCT
asfbr-256	329	9	2002	2002	NUM
asfbr-256	329	10	)	)	PUNCT
asfbr-256	329	11	.	.	PUNCT
asfbr-256	330	1	do	do	AUX
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asfbr-256	330	3	taxes	taxis	NOUN
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asfbr-256	330	5	corporate	corporate	ADJ
asfbr-256	330	6	financing	financing	NOUN
asfbr-256	330	7	decisions	decision	NOUN
asfbr-256	330	8	?	?	PUNCT
asfbr-256	331	1	journal	journal	NOUN
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asfbr-256	331	5	,	,	PUNCT
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asfbr-256	331	7	,	,	PUNCT
asfbr-256	331	8	73	73	NUM
asfbr-256	331	9	:	:	PUNCT
asfbr-256	331	10	41–73	41–73	NUM
asfbr-256	331	11	gujarati	gujarati	PROPN
asfbr-256	331	12	,	,	PUNCT
asfbr-256	331	13	d.	d.	PROPN
asfbr-256	331	14	n.	n.	PROPN
asfbr-256	331	15	,	,	PUNCT
asfbr-256	331	16	and	and	CCONJ
asfbr-256	331	17	porter	porter	NOUN
asfbr-256	331	18	,	,	PUNCT
asfbr-256	331	19	d.	d.	PROPN
asfbr-256	331	20	c.	c.	PROPN
asfbr-256	331	21	,	,	PUNCT
asfbr-256	331	22	(	(	PUNCT
asfbr-256	331	23	2009	2009	NUM
asfbr-256	331	24	)	)	PUNCT
asfbr-256	331	25	,	,	PUNCT
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asfbr-256	331	29	edition	edition	PROPN
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asfbr-256	331	31	singapore	singapore	PROPN
asfbr-256	331	32	:	:	PUNCT
asfbr-256	331	33	mcgraw	mcgraw	PROPN
asfbr-256	331	34	-	-	PUNCT
asfbr-256	331	35	hill	hill	NOUN
asfbr-256	331	36	.	.	PUNCT
asfbr-256	332	1	khaled	khaled	PROPN
asfbr-256	332	2	,	,	PUNCT
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asfbr-256	332	5	,	,	PUNCT
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asfbr-256	332	7	samer	samer	PROPN
asfbr-256	332	8	,	,	PUNCT
asfbr-256	332	9	f.	f.	PROPN
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asfbr-256	332	11	,	,	PUNCT
asfbr-256	332	12	(	(	PUNCT
asfbr-256	332	13	2014	2014	NUM
asfbr-256	332	14	)	)	PUNCT
asfbr-256	332	15	.	.	PUNCT
asfbr-256	333	1	impact	impact	NOUN
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asfbr-256	333	5	capital	capital	NOUN
asfbr-256	333	6	,	,	PUNCT
asfbr-256	333	7	financial	financial	ADJ
asfbr-256	333	8	leverage	leverage	NOUN
asfbr-256	333	9	,	,	PUNCT
asfbr-256	333	10	and	and	CCONJ
asfbr-256	333	11	the	the	DET
asfbr-256	333	12	growth	growth	NOUN
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asfbr-256	333	17	rate	rate	NOUN
asfbr-256	333	18	of	of	ADP
asfbr-256	333	19	return	return	NOUN
asfbr-256	333	20	on	on	ADP
asfbr-256	333	21	investment	investment	NOUN
asfbr-256	333	22	:	:	PUNCT
asfbr-256	333	23	an	an	DET
asfbr-256	333	24	empirical	empirical	ADJ
asfbr-256	333	25	study	study	NOUN
asfbr-256	333	26	of	of	ADP
asfbr-256	333	27	amman	amman	PROPN
asfbr-256	333	28	stock	stock	PROPN
asfbr-256	333	29	exchange	exchange	PROPN
asfbr-256	333	30	.	.	PUNCT
asfbr-256	334	1	maina	maina	PROPN
asfbr-256	334	2	,	,	PUNCT
asfbr-256	334	3	l.	l.	PROPN
asfbr-256	334	4	,	,	PUNCT
asfbr-256	334	5	&	&	CCONJ
asfbr-256	334	6	kondongo	kondongo	PROPN
asfbr-256	334	7	,	,	PUNCT
asfbr-256	334	8	o.	o.	PROPN
asfbr-256	334	9	(	(	PUNCT
asfbr-256	334	10	2013	2013	NUM
asfbr-256	334	11	)	)	PUNCT
asfbr-256	334	12	.	.	PUNCT
asfbr-256	335	1	capital	capital	NOUN
asfbr-256	335	2	structure	structure	NOUN
asfbr-256	335	3	and	and	CCONJ
asfbr-256	335	4	financial	financial	ADJ
asfbr-256	335	5	performance	performance	NOUN
asfbr-256	335	6	in	in	ADP
asfbr-256	335	7	kenya	kenya	PROPN
asfbr-256	335	8	:	:	PUNCT
asfbr-256	335	9	evidence	evidence	NOUN
asfbr-256	335	10	from	from	ADP
asfbr-256	335	11	firms	firm	NOUN
asfbr-256	335	12	listed	list	VERB
asfbr-256	335	13	at	at	ADP
asfbr-256	335	14	the	the	DET
asfbr-256	335	15	nairobi	nairobi	PROPN
asfbr-256	335	16	securities	securities	PROPN
asfbr-256	335	17	exchange	exchange	PROPN
asfbr-256	335	18	.	.	PUNCT
asfbr-256	336	1	paper	paper	NOUN
asfbr-256	336	2	presented	present	VERB
asfbr-256	336	3	at	at	ADP
asfbr-256	336	4	the	the	DET
asfbr-256	336	5	jomo	jomo	PROPN
asfbr-256	336	6	kenyatta	kenyatta	PROPN
asfbr-256	336	7	university	university	PROPN
asfbr-256	336	8	of	of	ADP
asfbr-256	336	9	science	science	PROPN
asfbr-256	336	10	&	&	CCONJ
asfbr-256	336	11	technology	technology	PROPN
asfbr-256	336	12	research	research	NOUN
asfbr-256	336	13	conference	conference	NOUN
asfbr-256	336	14	.	.	PUNCT
asfbr-256	337	1	kenya	kenya	PROPN
asfbr-256	337	2	myers	myers	PROPN
asfbr-256	337	3	,	,	PUNCT
asfbr-256	337	4	s.c.(1977	s.c.(1977	PROPN
asfbr-256	337	5	)	)	PUNCT
asfbr-256	337	6	the	the	DET
asfbr-256	337	7	capital	capital	NOUN
asfbr-256	337	8	structure	structure	NOUN
asfbr-256	337	9	puzzle	puzzle	NOUN
asfbr-256	337	10	.	.	PUNCT
asfbr-256	338	1	the	the	DET
asfbr-256	338	2	journal	journal	NOUN
asfbr-256	338	3	of	of	ADP
asfbr-256	338	4	finance	finance	NOUN
asfbr-256	338	5	.	.	PUNCT
asfbr-256	339	1	39(3	39(3	NUM
asfbr-256	339	2	)	)	PUNCT
asfbr-256	339	3	,	,	PUNCT
asfbr-256	339	4	575	575	NUM
asfbr-256	339	5	-	-	SYM
asfbr-256	339	6	592	592	NUM
asfbr-256	339	7	nicholas	nichola	NOUN
asfbr-256	339	8	,	,	PUNCT
asfbr-256	339	9	a	a	PRON
asfbr-256	339	10	,	,	PUNCT
asfbr-256	339	11	(	(	PUNCT
asfbr-256	339	12	2013	2013	NUM
asfbr-256	339	13	)	)	PUNCT
asfbr-256	339	14	.	.	PUNCT
asfbr-256	340	1	accounting	accounting	NOUN
asfbr-256	340	2	information	information	NOUN
asfbr-256	340	3	and	and	CCONJ
asfbr-256	340	4	cost	cost	NOUN
asfbr-256	340	5	of	of	ADP
asfbr-256	340	6	capital	capital	NOUN
asfbr-256	340	7	.	.	PUNCT
asfbr-256	341	1	a	a	DET
asfbr-256	341	2	theoretical	theoretical	ADJ
asfbr-256	341	3	approach	approach	NOUN
asfbr-256	341	4	:	:	PUNCT
asfbr-256	341	5	modern	modern	ADJ
asfbr-256	341	6	economy	economy	NOUN
asfbr-256	341	7	,	,	PUNCT
asfbr-256	341	8	6	6	NUM
asfbr-256	341	9	(	(	PUNCT
asfbr-256	341	10	8)	8)	NUM
asfbr-256	341	11	,	,	PUNCT
asfbr-256	341	12	589	589	NUM
asfbr-256	341	13	–	–	PUNCT
asfbr-256	341	14	596	596	NUM
asfbr-256	341	15	.	.	X
asfbr-256	341	16	ohlson	ohlson	PROPN
asfbr-256	341	17	,	,	PUNCT
asfbr-256	341	18	j.	j.	PROPN
asfbr-256	341	19	,	,	PUNCT
asfbr-256	341	20	&	&	CCONJ
asfbr-256	341	21	juettner	juettner	PROPN
asfbr-256	341	22	-	-	PUNCT
asfbr-256	341	23	nauroth	nauroth	PROPN
asfbr-256	341	24	,	,	PUNCT
asfbr-256	341	25	b.	b.	PROPN
asfbr-256	341	26	(	(	PUNCT
asfbr-256	341	27	2003	2003	NUM
asfbr-256	341	28	)	)	PUNCT
asfbr-256	341	29	.	.	PUNCT
asfbr-256	342	1	expected	expect	VERB
asfbr-256	342	2	eps	eps	PROPN
asfbr-256	342	3	and	and	CCONJ
asfbr-256	342	4	eps	eps	PROPN
asfbr-256	342	5	growth	growth	NOUN
asfbr-256	342	6	as	as	ADP
asfbr-256	342	7	determinants	determinant	NOUN
asfbr-256	342	8	of	of	ADP
asfbr-256	342	9	value	value	NOUN
asfbr-256	342	10	,	,	PUNCT
asfbr-256	342	11	working	working	NOUN
asfbr-256	342	12	paper	paper	NOUN
asfbr-256	342	13	,	,	PUNCT
asfbr-256	342	14	new	new	PROPN
asfbr-256	342	15	york	york	PROPN
asfbr-256	342	16	university	university	PROPN
asfbr-256	342	17	.	.	PUNCT
asfbr-256	343	1	ongore	ongore	PROPN
asfbr-256	343	2	,	,	PUNCT
asfbr-256	343	3	v.o	v.o	PROPN
asfbr-256	343	4	.	.	PROPN
asfbr-256	343	5	(	(	PUNCT
asfbr-256	343	6	2011	2011	NUM
asfbr-256	343	7	)	)	PUNCT
asfbr-256	343	8	.	.	PUNCT
asfbr-256	344	1	the	the	DET
asfbr-256	344	2	relationship	relationship	NOUN
asfbr-256	344	3	between	between	ADP
asfbr-256	344	4	ownership	ownership	NOUN
asfbr-256	344	5	structure	structure	NOUN
asfbr-256	344	6	and	and	CCONJ
asfbr-256	344	7	firm	firm	ADJ
asfbr-256	344	8	performance	performance	NOUN
asfbr-256	344	9	:	:	PUNCT
asfbr-256	344	10	an	an	DET
asfbr-256	344	11	empirical	empirical	ADJ
asfbr-256	344	12	analysis	analysis	NOUN
asfbr-256	344	13	of	of	ADP
asfbr-256	344	14	listed	list	VERB
asfbr-256	344	15	companies	company	NOUN
asfbr-256	344	16	in	in	ADP
asfbr-256	344	17	kenya	kenya	PROPN
asfbr-256	344	18	.	.	PUNCT
asfbr-256	345	1	african	african	ADJ
asfbr-256	345	2	journal	journal	PROPN
asfbr-256	345	3	of	of	ADP
asfbr-256	345	4	business	business	NOUN
asfbr-256	345	5	management	management	NOUN
asfbr-256	345	6	,	,	PUNCT
asfbr-256	345	7	5	5	NUM
asfbr-256	345	8	,	,	PUNCT
asfbr-256	345	9	(	(	PUNCT
asfbr-256	345	10	6	6	NUM
asfbr-256	345	11	)	)	PUNCT
asfbr-256	345	12	,	,	PUNCT
asfbr-256	345	13	2120	2120	NUM
asfbr-256	345	14	-	-	SYM
asfbr-256	345	15	8	8	NUM
asfbr-256	345	16	.	.	PUNCT
asfbr-256	346	1	penrose	penrose	PROPN
asfbr-256	346	2	,	,	PUNCT
asfbr-256	346	3	e.	e.	PROPN
asfbr-256	346	4	t.	t.	PROPN
asfbr-256	346	5	(	(	PUNCT
asfbr-256	346	6	1959	1959	NUM
asfbr-256	346	7	)	)	PUNCT
asfbr-256	346	8	.	.	PUNCT
asfbr-256	347	1	the	the	DET
asfbr-256	347	2	theory	theory	NOUN
asfbr-256	347	3	of	of	ADP
asfbr-256	347	4	the	the	DET
asfbr-256	347	5	growth	growth	NOUN
asfbr-256	347	6	of	of	ADP
asfbr-256	347	7	the	the	DET
asfbr-256	347	8	firm	firm	NOUN
asfbr-256	347	9	.	.	PUNCT
asfbr-256	348	1	new	new	PROPN
asfbr-256	348	2	york	york	PROPN
asfbr-256	348	3	:	:	PUNCT
asfbr-256	348	4	john	john	PROPN
asfbr-256	348	5	wiley	wiley	PROPN
asfbr-256	348	6	models	model	NOUN
asfbr-256	348	7	of	of	ADP
asfbr-256	348	8	consumption	consumption	NOUN
asfbr-256	348	9	and	and	CCONJ
asfbr-256	348	10	leisure	leisure	NOUN
asfbr-256	348	11	choice	choice	NOUN
asfbr-256	348	12	under	under	ADP
asfbr-256	348	13	uncertainty	uncertainty	NOUN
asfbr-256	348	14	.	.	PUNCT
asfbr-256	349	1	the	the	DET
asfbr-256	349	2	quarterly	quarterly	ADJ
asfbr-256	349	3	journal	journal	NOUN
asfbr-256	349	4	of	of	ADP
asfbr-256	349	5	economics	economic	NOUN
asfbr-256	349	6	,	,	PUNCT
asfbr-256	349	7	103(1	103(1	NUM
asfbr-256	349	8	)	)	PUNCT
asfbr-256	349	9	,	,	PUNCT
asfbr-256	349	10	51	51	NUM
asfbr-256	349	11	-	-	SYM
asfbr-256	349	12	78	78	NUM
asfbr-256	349	13	.	.	PUNCT
asfbr-256	350	1	p	p	X
asfbr-256	350	2	-	-	PUNCT
asfbr-256	350	3	eroitis	eroitis	PROPN
asfbr-256	350	4	,	,	PUNCT
asfbr-256	350	5	f.	f.	PROPN
asfbr-256	350	6	,	,	PUNCT
asfbr-256	350	7	&	&	CCONJ
asfbr-256	350	8	ventoura	ventoura	PROPN
asfbr-256	350	9	,	,	PUNCT
asfbr-256	350	10	h.	h.	PROPN
asfbr-256	350	11	(	(	PUNCT
asfbr-256	350	12	2011	2011	NUM
asfbr-256	350	13	)	)	PUNCT
asfbr-256	350	14	.	.	PUNCT
asfbr-256	351	1	profit	profit	NOUN
asfbr-256	351	2	margin	margin	NOUN
asfbr-256	351	3	and	and	CCONJ
asfbr-256	351	4	capital	capital	NOUN
asfbr-256	351	5	structure	structure	NOUN
asfbr-256	351	6	.	.	PUNCT
asfbr-256	352	1	the	the	DET
asfbr-256	352	2	journal	journal	NOUN
asfbr-256	352	3	of	of	ADP
asfbr-256	352	4	applied	apply	VERB
asfbr-256	352	5	research	research	NOUN
asfbr-256	352	6	.	.	PUNCT
asfbr-256	353	1	24(5	24(5	NUM
asfbr-256	353	2	)	)	PUNCT
asfbr-256	353	3	,	,	PUNCT
asfbr-256	353	4	111	111	NUM
asfbr-256	353	5	-	-	SYM
asfbr-256	353	6	119	119	NUM
asfbr-256	353	7	.	.	PUNCT
asfbr-256	354	1	smith	smith	PROPN
asfbr-256	354	2	,	,	PUNCT
asfbr-256	354	3	c.w	c.w	PROPN
asfbr-256	354	4	.	.	PROPN
asfbr-256	354	5	,	,	PUNCT
asfbr-256	354	6	&	&	CCONJ
asfbr-256	354	7	stulz	stulz	ADJ
asfbr-256	354	8	(	(	PUNCT
asfbr-256	354	9	1985	1985	NUM
asfbr-256	354	10	)	)	PUNCT
asfbr-256	354	11	.	.	PUNCT
asfbr-256	355	1	the	the	DET
asfbr-256	355	2	determinants	determinant	NOUN
asfbr-256	355	3	of	of	ADP
asfbr-256	355	4	firms	firm	NOUN
asfbr-256	355	5	'	'	PART
asfbr-256	355	6	hedging	hedging	NOUN
asfbr-256	355	7	policies	policy	NOUN
asfbr-256	355	8	.	.	PUNCT
asfbr-256	356	1	journal	journal	NOUN
asfbr-256	356	2	of	of	ADP
asfbr-256	356	3	financial	financial	ADJ
asfbr-256	356	4	and	and	CCONJ
asfbr-256	356	5	quantitative	quantitative	ADJ
asfbr-256	356	6	analysis	analysis	NOUN
asfbr-256	356	7	,	,	PUNCT
asfbr-256	356	8	20	20	NUM
asfbr-256	356	9	(	(	PUNCT
asfbr-256	356	10	4	4	NUM
asfbr-256	356	11	)	)	PUNCT
asfbr-256	356	12	,	,	PUNCT
asfbr-256	356	13	391	391	NUM
asfbr-256	356	14	-	-	SYM
asfbr-256	356	15	405	405	NUM
asfbr-256	356	16	tushaj	tushaj	ADJ
asfbr-256	356	17	,	,	PUNCT
asfbr-256	356	18	a.	a.	NOUN
asfbr-256	356	19	,	,	PUNCT
asfbr-256	356	20	(	(	PUNCT
asfbr-256	356	21	2010	2010	NUM
asfbr-256	356	22	)	)	PUNCT
asfbr-256	356	23	.	.	PUNCT
asfbr-256	357	1	market	market	NOUN
asfbr-256	357	2	concentration	concentration	NOUN
asfbr-256	357	3	in	in	ADP
asfbr-256	357	4	the	the	DET
asfbr-256	357	5	banking	banking	NOUN
asfbr-256	357	6	industry	industry	NOUN
asfbr-256	357	7	”	"	PUNCT
asfbr-256	357	8	:	:	PUNCT
asfbr-256	357	9	evidence	evidence	NOUN
asfbr-256	357	10	from	from	ADP
asfbr-256	357	11	albania	albania	PROPN
asfbr-256	357	12	,	,	PUNCT
asfbr-256	357	13	working	working	NOUN
asfbr-256	357	14	paper	paper	NOUN
asfbr-256	357	15	,	,	PUNCT
asfbr-256	357	16	73	73	NUM
asfbr-256	357	17	(	(	PUNCT
asfbr-256	357	18	9	9	NUM
asfbr-256	357	19	)	)	PUNCT
asfbr-256	357	20	,	,	PUNCT
asfbr-256	357	21	1	1	NUM
asfbr-256	357	22	-	-	SYM
asfbr-256	357	23	32	32	NUM
asfbr-256	357	24	.	.	PUNCT
asfbr-256	358	1	umar	umar	PROPN
asfbr-256	358	2	,	,	PUNCT
asfbr-256	358	3	m.	m.	NOUN
asfbr-256	358	4	,	,	PUNCT
asfbr-256	358	5	tanveer	tanveer	PROPN
asfbr-256	358	6	,	,	PUNCT
asfbr-256	358	7	z.	z.	PROPN
asfbr-256	358	8	,	,	PUNCT
asfbr-256	358	9	aslam	aslam	PROPN
asfbr-256	358	10	,	,	PUNCT
asfbr-256	358	11	s.	s.	PROPN
asfbr-256	358	12	,	,	PUNCT
asfbr-256	358	13	&	&	CCONJ
asfbr-256	358	14	sajid	sajid	PROPN
asfbr-256	358	15	,	,	PUNCT
asfbr-256	358	16	m.	m.	NOUN
asfbr-256	358	17	(	(	PUNCT
asfbr-256	358	18	2012	2012	NUM
asfbr-256	358	19	)	)	PUNCT
asfbr-256	358	20	.	.	PUNCT
asfbr-256	359	1	impact	impact	NOUN
asfbr-256	359	2	of	of	ADP
asfbr-256	359	3	capital	capital	NOUN
asfbr-256	359	4	structure	structure	NOUN
asfbr-256	359	5	on	on	ADP
asfbr-256	359	6	firm	firm	NOUN
asfbr-256	359	7	's	's	PART
asfbr-256	359	8	financial	financial	ADJ
asfbr-256	359	9	.	.	PUNCT
asfbr-256	360	1	research	research	NOUN
asfbr-256	360	2	journal	journal	PROPN
asfbr-256	360	3	of	of	ADP
asfbr-256	360	4	finance	finance	NOUN
asfbr-256	360	5	and	and	CCONJ
asfbr-256	360	6	accounting	accounting	NOUN
asfbr-256	360	7	,	,	PUNCT
asfbr-256	360	8	3(9	3(9	NUM
asfbr-256	360	9	)	)	PUNCT
asfbr-256	360	10	,	,	PUNCT
asfbr-256	360	11	1	1	NUM
asfbr-256	360	12	-	-	SYM
asfbr-256	360	13	12	12	NUM
asfbr-256	360	14	.	.	PUNCT
asfbr-256	361	1	young	young	ADJ
asfbr-256	361	2	,	,	PUNCT
asfbr-256	361	3	s.	s.	PROPN
asfbr-256	361	4	d	d	PROPN
asfbr-256	361	5	,	,	PUNCT
asfbr-256	361	6	&	&	CCONJ
asfbr-256	361	7	saadi	saadi	PROPN
asfbr-256	361	8	,	,	PUNCT
asfbr-256	361	9	s.	s.	PROPN
asfbr-256	361	10	(	(	PUNCT
asfbr-256	361	11	2011	2011	NUM
asfbr-256	361	12	)	)	PUNCT
asfbr-256	361	13	.	.	PUNCT
asfbr-256	362	1	using	use	VERB
asfbr-256	362	2	the	the	DET
asfbr-256	362	3	capital	capital	NOUN
asfbr-256	362	4	asset	asset	NOUN
asfbr-256	362	5	pricing	pricing	NOUN
asfbr-256	362	6	model	model	NOUN
asfbr-256	362	7	and	and	CCONJ
asfbr-256	362	8	arbitrage	arbitrage	NOUN
asfbr-256	362	9	pricing	pricing	NOUN
asfbr-256	362	10	theory	theory	NOUN
asfbr-256	362	11	in	in	ADP
asfbr-256	362	12	capital	capital	NOUN
asfbr-256	362	13	budgeting	budgeting	NOUN
asfbr-256	362	14	.	.	PUNCT
asfbr-256	363	1	in	in	ADP
asfbr-256	363	2	:	:	PUNCT
asfbr-256	363	3	baker	baker	PROPN
asfbr-256	363	4	hk	hk	PROPN
asfbr-256	363	5	,	,	PUNCT
asfbr-256	363	6	english	english	PROPN
asfbr-256	363	7	p	p	X
asfbr-256	363	8	(	(	PUNCT
asfbr-256	363	9	eds	ed	NOUN
asfbr-256	363	10	)	)	PUNCT
asfbr-256	363	11	capital	capital	NOUN
asfbr-256	363	12	budgeting	budgeting	NOUN
asfbr-256	363	13	valuation	valuation	NOUN
asfbr-256	363	14	.	.	PUNCT
asfbr-256	364	1	financial	financial	ADJ
asfbr-256	364	2	analysis	analysis	NOUN
asfbr-256	364	3	for	for	ADP
asfbr-256	364	4	today	today	NOUN
asfbr-256	364	5	’s	’s	PART
asfbr-256	364	6	investment	investment	NOUN
asfbr-256	364	7	projects	project	NOUN
asfbr-256	364	8	.	.	PUNCT
asfbr-256	365	1	wiley	wiley	PROPN
asfbr-256	365	2	,	,	PUNCT
asfbr-256	365	3	hoboken	hoboken	PROPN
asfbr-256	365	4	,	,	PUNCT
asfbr-256	365	5	nj	nj	PROPN
asfbr-256	365	6	,	,	PUNCT
asfbr-256	365	7	363–380	363–380	NUM
asfbr-256	365	8	copyrights	copyright	VERB
asfbr-256	365	9	copyright	copyright	NOUN
asfbr-256	365	10	for	for	ADP
asfbr-256	365	11	this	this	DET
asfbr-256	365	12	article	article	NOUN
asfbr-256	365	13	is	be	AUX
asfbr-256	365	14	retained	retain	VERB
asfbr-256	365	15	by	by	ADP
asfbr-256	365	16	the	the	DET
asfbr-256	365	17	author(s	author(s	PROPN
asfbr-256	365	18	)	)	PUNCT
asfbr-256	365	19	,	,	PUNCT
asfbr-256	365	20	with	with	ADP
asfbr-256	365	21	first	first	ADJ
asfbr-256	365	22	publication	publication	NOUN
asfbr-256	365	23	rights	right	NOUN
asfbr-256	365	24	granted	grant	VERB
asfbr-256	365	25	to	to	ADP
asfbr-256	365	26	the	the	DET
asfbr-256	365	27	journal	journal	NOUN
asfbr-256	365	28	.	.	PUNCT
asfbr-256	366	1	this	this	PRON
asfbr-256	366	2	is	be	AUX
asfbr-256	366	3	an	an	DET
asfbr-256	366	4	open	open	ADJ
asfbr-256	366	5	-	-	PUNCT
asfbr-256	366	6	access	access	NOUN
asfbr-256	366	7	article	article	NOUN
asfbr-256	366	8	distributed	distribute	VERB
asfbr-256	366	9	under	under	ADP
asfbr-256	366	10	the	the	DET
asfbr-256	366	11	terms	term	NOUN
asfbr-256	366	12	and	and	CCONJ
asfbr-256	366	13	conditions	condition	NOUN
asfbr-256	366	14	of	of	ADP
asfbr-256	366	15	the	the	DET
asfbr-256	366	16	creative	creative	ADJ
asfbr-256	366	17	commons	common	NOUN
asfbr-256	366	18	attribution	attribution	NOUN
asfbr-256	366	19	license	license	NOUN
asfbr-256	366	20	(	(	PUNCT
asfbr-256	366	21	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
asfbr-256	366	22	)	)	PUNCT
asfbr-256	366	23	.	.	PUNCT
