id	sid	tid	token	lemma	pos
asfbr-370	1	1	copyright	copyright	NOUN
asfbr-370	1	2	©	©	PROPN
asfbr-370	1	3	cc	cc	PROPN
asfbr-370	1	4	-	-	PUNCT
asfbr-370	1	5	by	by	ADP
asfbr-370	1	6	-	-	PUNCT
asfbr-370	1	7	nc	nc	PROPN
asfbr-370	1	8	2019	2019	NUM
asfbr-370	1	9	,	,	PUNCT
asfbr-370	1	10	cribfb	cribfb	VERB
asfbr-370	1	11	|	|	ADV
asfbr-370	1	12	asfbr	asfbr	VERB
asfbr-370	1	13	asian	asian	ADJ
asfbr-370	1	14	finance	finance	PROPN
asfbr-370	1	15	&	&	CCONJ
asfbr-370	1	16	banking	banking	PROPN
asfbr-370	1	17	review	review	PROPN
asfbr-370	1	18	;	;	PUNCT
asfbr-370	1	19	vol	vol	NOUN
asfbr-370	1	20	.	.	PROPN
asfbr-370	2	1	3	3	NUM
asfbr-370	2	2	,	,	PUNCT
asfbr-370	2	3	no	no	INTJ
asfbr-370	2	4	.	.	NOUN
asfbr-370	2	5	2	2	NUM
asfbr-370	2	6	;	;	PUNCT
asfbr-370	2	7	2019	2019	NUM
asfbr-370	2	8	issn	issn	VERB
asfbr-370	2	9	2576	2576	NUM
asfbr-370	2	10	-	-	SYM
asfbr-370	2	11	1161	1161	NUM
asfbr-370	2	12	e	e	NOUN
asfbr-370	2	13	-	-	NOUN
asfbr-370	2	14	issn	issn	PROPN
asfbr-370	2	15	2576	2576	NUM
asfbr-370	2	16	-	-	SYM
asfbr-370	2	17	1188	1188	NUM
asfbr-370	2	18	published	publish	VERB
asfbr-370	2	19	by	by	ADP
asfbr-370	2	20	centre	centre	NOUN
asfbr-370	2	21	for	for	ADP
asfbr-370	2	22	research	research	NOUN
asfbr-370	2	23	on	on	ADP
asfbr-370	2	24	islamic	islamic	ADJ
asfbr-370	2	25	banking	banking	PROPN
asfbr-370	2	26	&	&	CCONJ
asfbr-370	2	27	finance	finance	PROPN
asfbr-370	2	28	and	and	CCONJ
asfbr-370	2	29	business	business	NOUN
asfbr-370	2	30	,	,	PUNCT
asfbr-370	2	31	usa	usa	PROPN
asfbr-370	2	32	26	26	NUM
asfbr-370	2	33	leverage	leverage	NOUN
asfbr-370	2	34	and	and	CCONJ
asfbr-370	2	35	corporate	corporate	ADJ
asfbr-370	2	36	financial	financial	ADJ
asfbr-370	2	37	distress	distress	NOUN
asfbr-370	2	38	in	in	ADP
asfbr-370	2	39	nigeria	nigeria	PROPN
asfbr-370	2	40	:	:	PUNCT
asfbr-370	2	41	a	a	DET
asfbr-370	2	42	panel	panel	NOUN
asfbr-370	2	43	data	data	VERB
asfbr-370	2	44	analysis	analysis	NOUN
asfbr-370	2	45	lucky	lucky	ADJ
asfbr-370	2	46	anyike	anyike	ADP
asfbr-370	2	47	lucky	lucky	ADJ
asfbr-370	2	48	department	department	NOUN
asfbr-370	2	49	of	of	ADP
asfbr-370	2	50	banking	banking	NOUN
asfbr-370	2	51	and	and	CCONJ
asfbr-370	2	52	finance	finance	NOUN
asfbr-370	2	53	rivers	river	NOUN
asfbr-370	2	54	state	state	PROPN
asfbr-370	2	55	university	university	PROPN
asfbr-370	2	56	,	,	PUNCT
asfbr-370	2	57	port	port	NOUN
asfbr-370	2	58	harcourt	harcourt	PROPN
asfbr-370	2	59	,	,	PUNCT
asfbr-370	2	60	nigeria	nigeria	PROPN
asfbr-370	2	61	email	email	NOUN
asfbr-370	2	62	:	:	PUNCT
asfbr-370	2	63	lucky.anyike@yahoo.com	lucky.anyike@yahoo.com	X
asfbr-370	2	64	agilebu	agilebu	PROPN
asfbr-370	2	65	ogechi	ogechi	PROPN
asfbr-370	2	66	michael	michael	PROPN
asfbr-370	2	67	department	department	PROPN
asfbr-370	2	68	of	of	ADP
asfbr-370	2	69	banking	banking	NOUN
asfbr-370	2	70	and	and	CCONJ
asfbr-370	2	71	finance	finance	NOUN
asfbr-370	2	72	rivers	river	NOUN
asfbr-370	2	73	state	state	PROPN
asfbr-370	2	74	university	university	PROPN
asfbr-370	2	75	,	,	PUNCT
asfbr-370	2	76	port	port	NOUN
asfbr-370	2	77	harcourt	harcourt	PROPN
asfbr-370	2	78	,	,	PUNCT
asfbr-370	2	79	nigeria	nigeria	PROPN
asfbr-370	2	80	email	email	NOUN
asfbr-370	2	81	:	:	PUNCT
asfbr-370	2	82	ogeberth2003@gmail.com	ogeberth2003@gmail.com	X
asfbr-370	3	1	abstract	abstract	ADJ
asfbr-370	3	2	this	this	DET
asfbr-370	3	3	study	study	NOUN
asfbr-370	3	4	examined	examine	VERB
asfbr-370	3	5	the	the	DET
asfbr-370	3	6	effect	effect	NOUN
asfbr-370	3	7	leverage	leverage	NOUN
asfbr-370	3	8	on	on	ADP
asfbr-370	3	9	corporate	corporate	ADJ
asfbr-370	3	10	financial	financial	ADJ
asfbr-370	3	11	distress	distress	NOUN
asfbr-370	3	12	of	of	ADP
asfbr-370	3	13	quoted	quote	VERB
asfbr-370	3	14	manufacturing	manufacturing	NOUN
asfbr-370	3	15	firms	firm	NOUN
asfbr-370	3	16	in	in	ADP
asfbr-370	3	17	nigeria	nigeria	PROPN
asfbr-370	3	18	.	.	PUNCT
asfbr-370	4	1	the	the	DET
asfbr-370	4	2	objective	objective	NOUN
asfbr-370	4	3	is	be	AUX
asfbr-370	4	4	to	to	PART
asfbr-370	4	5	examine	examine	VERB
asfbr-370	4	6	if	if	SCONJ
asfbr-370	4	7	financial	financial	ADJ
asfbr-370	4	8	leverage	leverage	NOUN
asfbr-370	4	9	have	have	VERB
asfbr-370	4	10	any	any	DET
asfbr-370	4	11	effect	effect	NOUN
asfbr-370	4	12	on	on	ADP
asfbr-370	4	13	financial	financial	ADJ
asfbr-370	4	14	distress	distress	NOUN
asfbr-370	4	15	of	of	ADP
asfbr-370	4	16	the	the	DET
asfbr-370	4	17	nigeria	nigeria	PROPN
asfbr-370	4	18	firms	firm	NOUN
asfbr-370	4	19	.	.	PUNCT
asfbr-370	5	1	cross	cross	PROPN
asfbr-370	5	2	sectional	sectional	ADJ
asfbr-370	5	3	data	datum	NOUN
asfbr-370	5	4	was	be	AUX
asfbr-370	5	5	sourced	source	VERB
asfbr-370	5	6	from	from	ADP
asfbr-370	5	7	financial	financial	ADJ
asfbr-370	5	8	statement	statement	NOUN
asfbr-370	5	9	of	of	ADP
asfbr-370	5	10	ten	ten	NUM
asfbr-370	5	11	quoted	quote	VERB
asfbr-370	5	12	manufacturing	manufacturing	NOUN
asfbr-370	5	13	firms	firm	NOUN
asfbr-370	5	14	.	.	PUNCT
asfbr-370	6	1	z	z	X
asfbr-370	6	2	-	-	PUNCT
asfbr-370	6	3	score	score	NOUN
asfbr-370	6	4	and	and	CCONJ
asfbr-370	6	5	changes	change	NOUN
asfbr-370	6	6	in	in	ADP
asfbr-370	6	7	operating	operating	NOUN
asfbr-370	6	8	profits	profit	NOUN
asfbr-370	6	9	was	be	AUX
asfbr-370	6	10	proxy	proxy	ADJ
asfbr-370	6	11	for	for	ADP
asfbr-370	6	12	corporate	corporate	ADJ
asfbr-370	6	13	financial	financial	ADJ
asfbr-370	6	14	distress	distress	NOUN
asfbr-370	6	15	while	while	SCONJ
asfbr-370	6	16	debt	debt	NOUN
asfbr-370	6	17	equity	equity	NOUN
asfbr-370	6	18	ratio	ratio	NOUN
asfbr-370	6	19	,	,	PUNCT
asfbr-370	6	20	short	short	ADJ
asfbr-370	6	21	,	,	PUNCT
asfbr-370	6	22	long	long	ADJ
asfbr-370	6	23	term	term	NOUN
asfbr-370	6	24	debt	debt	NOUN
asfbr-370	6	25	and	and	CCONJ
asfbr-370	6	26	total	total	ADJ
asfbr-370	6	27	debt	debt	NOUN
asfbr-370	6	28	to	to	ADP
asfbr-370	6	29	total	total	ADJ
asfbr-370	6	30	assets	asset	NOUN
asfbr-370	6	31	were	be	AUX
asfbr-370	6	32	proxy	proxy	ADJ
asfbr-370	6	33	for	for	ADP
asfbr-370	6	34	leverage	leverage	NOUN
asfbr-370	6	35	.	.	PUNCT
asfbr-370	7	1	after	after	ADP
asfbr-370	7	2	cross	cross	NOUN
asfbr-370	7	3	examination	examination	NOUN
asfbr-370	7	4	of	of	ADP
asfbr-370	7	5	the	the	DET
asfbr-370	7	6	validity	validity	NOUN
asfbr-370	7	7	of	of	ADP
asfbr-370	7	8	the	the	DET
asfbr-370	7	9	pooled	pooled	ADJ
asfbr-370	7	10	effect	effect	NOUN
asfbr-370	7	11	,	,	PUNCT
asfbr-370	7	12	fixed	fix	VERB
asfbr-370	7	13	effect	effect	NOUN
asfbr-370	7	14	and	and	CCONJ
asfbr-370	7	15	the	the	DET
asfbr-370	7	16	random	random	ADJ
asfbr-370	7	17	effect	effect	NOUN
asfbr-370	7	18	,	,	PUNCT
asfbr-370	7	19	the	the	DET
asfbr-370	7	20	study	study	NOUN
asfbr-370	7	21	accepts	accept	VERB
asfbr-370	7	22	the	the	DET
asfbr-370	7	23	fixed	fixed	ADJ
asfbr-370	7	24	effect	effect	NOUN
asfbr-370	7	25	model	model	NOUN
asfbr-370	7	26	.	.	PUNCT
asfbr-370	8	1	findings	finding	NOUN
asfbr-370	8	2	reveal	reveal	VERB
asfbr-370	8	3	that	that	SCONJ
asfbr-370	8	4	financial	financial	ADJ
asfbr-370	8	5	leverage	leverage	NOUN
asfbr-370	8	6	have	have	VERB
asfbr-370	8	7	positive	positive	ADJ
asfbr-370	8	8	effect	effect	NOUN
asfbr-370	8	9	on	on	ADP
asfbr-370	8	10	financial	financial	ADJ
asfbr-370	8	11	distress	distress	NOUN
asfbr-370	8	12	measured	measure	VERB
asfbr-370	8	13	by	by	ADP
asfbr-370	8	14	the	the	DET
asfbr-370	8	15	z	z	NOUN
asfbr-370	8	16	-	-	PUNCT
asfbr-370	8	17	score	score	NOUN
asfbr-370	8	18	while	while	SCONJ
asfbr-370	8	19	total	total	ADJ
asfbr-370	8	20	debt	debt	NOUN
asfbr-370	8	21	ratio	ratio	NOUN
asfbr-370	8	22	and	and	CCONJ
asfbr-370	8	23	debt	debt	NOUN
asfbr-370	8	24	equity	equity	NOUN
asfbr-370	8	25	ratio	ratio	NOUN
asfbr-370	8	26	have	have	VERB
asfbr-370	8	27	positive	positive	ADJ
asfbr-370	8	28	effect	effect	NOUN
asfbr-370	8	29	on	on	ADP
asfbr-370	8	30	financial	financial	ADJ
asfbr-370	8	31	distress	distress	NOUN
asfbr-370	8	32	measured	measure	VERB
asfbr-370	8	33	by	by	ADP
asfbr-370	8	34	changes	change	NOUN
asfbr-370	8	35	on	on	ADP
asfbr-370	8	36	operating	operating	NOUN
asfbr-370	8	37	profits	profit	NOUN
asfbr-370	8	38	while	while	SCONJ
asfbr-370	8	39	short	short	ADJ
asfbr-370	8	40	term	term	NOUN
asfbr-370	8	41	debt	debt	NOUN
asfbr-370	8	42	and	and	CCONJ
asfbr-370	8	43	long	long	ADJ
asfbr-370	8	44	term	term	NOUN
asfbr-370	8	45	debt	debt	NOUN
asfbr-370	8	46	have	have	VERB
asfbr-370	8	47	negative	negative	ADJ
asfbr-370	8	48	effect	effect	NOUN
asfbr-370	8	49	on	on	ADP
asfbr-370	8	50	operating	operating	NOUN
asfbr-370	8	51	profits	profit	NOUN
asfbr-370	8	52	.	.	PUNCT
asfbr-370	9	1	from	from	ADP
asfbr-370	9	2	the	the	DET
asfbr-370	9	3	regression	regression	NOUN
asfbr-370	9	4	summary	summary	NOUN
asfbr-370	9	5	,	,	PUNCT
asfbr-370	9	6	the	the	DET
asfbr-370	9	7	study	study	NOUN
asfbr-370	9	8	concludes	conclude	VERB
asfbr-370	9	9	that	that	SCONJ
asfbr-370	9	10	leverage	leverage	NOUN
asfbr-370	9	11	have	have	VERB
asfbr-370	9	12	significant	significant	ADJ
asfbr-370	9	13	effect	effect	NOUN
asfbr-370	9	14	on	on	ADP
asfbr-370	9	15	corporate	corporate	ADJ
asfbr-370	9	16	financial	financial	ADJ
asfbr-370	9	17	distress	distress	NOUN
asfbr-370	9	18	.	.	PUNCT
asfbr-370	10	1	we	we	PRON
asfbr-370	10	2	recommend	recommend	VERB
asfbr-370	10	3	that	that	SCONJ
asfbr-370	10	4	financial	financial	ADJ
asfbr-370	10	5	structure	structure	NOUN
asfbr-370	10	6	of	of	ADP
asfbr-370	10	7	the	the	DET
asfbr-370	10	8	manufacturing	manufacturing	NOUN
asfbr-370	10	9	firms	firm	NOUN
asfbr-370	10	10	ought	ought	AUX
asfbr-370	10	11	to	to	PART
asfbr-370	10	12	be	be	AUX
asfbr-370	10	13	adequately	adequately	ADV
asfbr-370	10	14	planned	plan	VERB
asfbr-370	10	15	to	to	PART
asfbr-370	10	16	safeguard	safeguard	VERB
asfbr-370	10	17	the	the	DET
asfbr-370	10	18	interest	interest	NOUN
asfbr-370	10	19	of	of	ADP
asfbr-370	10	20	the	the	DET
asfbr-370	10	21	equity	equity	NOUN
asfbr-370	10	22	holders	holder	NOUN
asfbr-370	10	23	,	,	PUNCT
asfbr-370	10	24	shareholders	shareholder	NOUN
asfbr-370	10	25	and	and	CCONJ
asfbr-370	10	26	financial	financial	ADJ
asfbr-370	10	27	requirements	requirement	NOUN
asfbr-370	10	28	of	of	ADP
asfbr-370	10	29	the	the	DET
asfbr-370	10	30	firm	firm	NOUN
asfbr-370	10	31	and	and	CCONJ
asfbr-370	10	32	the	the	DET
asfbr-370	10	33	firms	firm	NOUN
asfbr-370	10	34	should	should	AUX
asfbr-370	10	35	formulate	formulate	VERB
asfbr-370	10	36	policies	policy	NOUN
asfbr-370	10	37	of	of	ADP
asfbr-370	10	38	increasing	increase	VERB
asfbr-370	10	39	its	its	PRON
asfbr-370	10	40	equity	equity	NOUN
asfbr-370	10	41	capital	capital	NOUN
asfbr-370	10	42	as	as	SCONJ
asfbr-370	10	43	oppose	oppose	VERB
asfbr-370	10	44	to	to	ADP
asfbr-370	10	45	debt	debt	NOUN
asfbr-370	10	46	and	and	CCONJ
asfbr-370	10	47	that	that	PRON
asfbr-370	10	48	implementable	implementable	ADJ
asfbr-370	10	49	investment	investment	NOUN
asfbr-370	10	50	policies	policy	NOUN
asfbr-370	10	51	should	should	AUX
asfbr-370	10	52	be	be	AUX
asfbr-370	10	53	formulated	formulate	VERB
asfbr-370	10	54	and	and	CCONJ
asfbr-370	10	55	the	the	DET
asfbr-370	10	56	business	business	NOUN
asfbr-370	10	57	environment	environment	NOUN
asfbr-370	10	58	should	should	AUX
asfbr-370	10	59	be	be	AUX
asfbr-370	10	60	well	well	ADV
asfbr-370	10	61	examined	examine	VERB
asfbr-370	10	62	.	.	PUNCT
asfbr-370	11	1	recognizing	recognize	VERB
asfbr-370	11	2	faults	fault	NOUN
asfbr-370	11	3	of	of	ADP
asfbr-370	11	4	investment	investment	NOUN
asfbr-370	11	5	might	might	AUX
asfbr-370	11	6	be	be	AUX
asfbr-370	11	7	paramount	paramount	ADJ
asfbr-370	11	8	to	to	PART
asfbr-370	11	9	develop	develop	VERB
asfbr-370	11	10	the	the	DET
asfbr-370	11	11	business	business	NOUN
asfbr-370	11	12	’s	’s	PART
asfbr-370	11	13	financial	financial	ADJ
asfbr-370	11	14	performance	performance	NOUN
asfbr-370	11	15	,	,	PUNCT
asfbr-370	11	16	since	since	SCONJ
asfbr-370	11	17	it	it	PRON
asfbr-370	11	18	specifies	specify	VERB
asfbr-370	11	19	the	the	DET
asfbr-370	11	20	loopholes	loophole	NOUN
asfbr-370	11	21	which	which	PRON
asfbr-370	11	22	corrective	corrective	ADJ
asfbr-370	11	23	decision	decision	NOUN
asfbr-370	11	24	can	can	AUX
asfbr-370	11	25	be	be	AUX
asfbr-370	11	26	applied	apply	VERB
asfbr-370	11	27	.	.	PUNCT
asfbr-370	12	1	keywords	keyword	NOUN
asfbr-370	12	2	:	:	PUNCT
asfbr-370	12	3	leverage	leverage	NOUN
asfbr-370	12	4	,	,	PUNCT
asfbr-370	12	5	corporate	corporate	ADJ
asfbr-370	12	6	financial	financial	ADJ
asfbr-370	12	7	distress	distress	NOUN
asfbr-370	12	8	,	,	PUNCT
asfbr-370	12	9	nigeria	nigeria	PROPN
asfbr-370	12	10	,	,	PUNCT
asfbr-370	12	11	panel	panel	NOUN
asfbr-370	12	12	data	data	VERB
asfbr-370	12	13	analysis	analysis	NOUN
asfbr-370	12	14	.	.	PUNCT
asfbr-370	13	1	1	1	X
asfbr-370	13	2	.	.	X
asfbr-370	13	3	introduction	introduction	NOUN
asfbr-370	13	4	traditional	traditional	ADJ
asfbr-370	13	5	views	view	NOUN
asfbr-370	13	6	of	of	ADP
asfbr-370	13	7	the	the	DET
asfbr-370	13	8	causes	cause	NOUN
asfbr-370	13	9	of	of	ADP
asfbr-370	13	10	financial	financial	ADJ
asfbr-370	13	11	distress	distress	NOUN
asfbr-370	13	12	,	,	PUNCT
asfbr-370	13	13	which	which	PRON
asfbr-370	13	14	have	have	AUX
asfbr-370	13	15	over	over	ADP
asfbr-370	13	16	time	time	NOUN
asfbr-370	13	17	been	be	AUX
asfbr-370	13	18	partially	partially	ADV
asfbr-370	13	19	confirmed	confirm	VERB
asfbr-370	13	20	by	by	ADP
asfbr-370	13	21	empirical	empirical	ADJ
asfbr-370	13	22	results	result	NOUN
asfbr-370	13	23	,	,	PUNCT
asfbr-370	13	24	provide	provide	VERB
asfbr-370	13	25	some	some	DET
asfbr-370	13	26	evidence	evidence	NOUN
asfbr-370	13	27	that	that	SCONJ
asfbr-370	13	28	financial	financial	ADJ
asfbr-370	13	29	distress	distress	NOUN
asfbr-370	13	30	arises	arise	VERB
asfbr-370	13	31	in	in	ADP
asfbr-370	13	32	many	many	ADJ
asfbr-370	13	33	cases	case	NOUN
asfbr-370	13	34	from	from	ADP
asfbr-370	13	35	endogenous	endogenous	ADJ
asfbr-370	13	36	risk	risk	NOUN
asfbr-370	13	37	factors	factor	NOUN
asfbr-370	13	38	,	,	PUNCT
asfbr-370	13	39	such	such	ADJ
asfbr-370	13	40	as	as	ADP
asfbr-370	13	41	mismanagement	mismanagement	NOUN
asfbr-370	13	42	,	,	PUNCT
asfbr-370	13	43	high	high	ADJ
asfbr-370	13	44	leverage	leverage	NOUN
asfbr-370	13	45	and	and	CCONJ
asfbr-370	13	46	a	a	DET
asfbr-370	13	47	non	non	ADJ
asfbr-370	13	48	-	-	ADJ
asfbr-370	13	49	efficient	efficient	ADJ
asfbr-370	13	50	operating	operating	NOUN
asfbr-370	13	51	structure	structure	NOUN
asfbr-370	13	52	in	in	ADP
asfbr-370	13	53	place	place	NOUN
asfbr-370	13	54	.	.	PUNCT
asfbr-370	14	1	the	the	DET
asfbr-370	14	2	correlation	correlation	NOUN
asfbr-370	14	3	of	of	ADP
asfbr-370	14	4	these	these	DET
asfbr-370	14	5	factors	factor	NOUN
asfbr-370	14	6	and	and	CCONJ
asfbr-370	14	7	financial	financial	ADJ
asfbr-370	14	8	distress	distress	NOUN
asfbr-370	14	9	is	be	AUX
asfbr-370	14	10	,	,	PUNCT
asfbr-370	14	11	according	accord	VERB
asfbr-370	14	12	to	to	ADP
asfbr-370	14	13	capital	capital	NOUN
asfbr-370	14	14	market	market	NOUN
asfbr-370	14	15	theory	theory	NOUN
asfbr-370	14	16	,	,	PUNCT
asfbr-370	14	17	of	of	ADP
asfbr-370	14	18	unsystematic	unsystematic	ADJ
asfbr-370	14	19	nature	nature	NOUN
asfbr-370	14	20	(	(	PUNCT
asfbr-370	14	21	celli	celli	NOUN
asfbr-370	14	22	,	,	PUNCT
asfbr-370	14	23	m.	m.	NOUN
asfbr-370	14	24	(	(	PUNCT
asfbr-370	14	25	2015	2015	NUM
asfbr-370	14	26	)	)	PUNCT
asfbr-370	14	27	.	.	PUNCT
asfbr-370	15	1	the	the	DET
asfbr-370	15	2	term	term	NOUN
asfbr-370	15	3	financial	financial	ADJ
asfbr-370	15	4	distress	distress	NOUN
asfbr-370	15	5	is	be	AUX
asfbr-370	15	6	used	use	VERB
asfbr-370	15	7	in	in	ADP
asfbr-370	15	8	a	a	DET
asfbr-370	15	9	negative	negative	ADJ
asfbr-370	15	10	connotation	connotation	NOUN
asfbr-370	15	11	in	in	ADP
asfbr-370	15	12	order	order	NOUN
asfbr-370	15	13	to	to	PART
asfbr-370	15	14	describe	describe	VERB
asfbr-370	15	15	the	the	DET
asfbr-370	15	16	financial	financial	ADJ
asfbr-370	15	17	situation	situation	NOUN
asfbr-370	15	18	of	of	ADP
asfbr-370	15	19	a	a	DET
asfbr-370	15	20	company	company	NOUN
asfbr-370	15	21	confronted	confront	VERB
asfbr-370	15	22	with	with	ADP
asfbr-370	15	23	a	a	DET
asfbr-370	15	24	temporary	temporary	ADJ
asfbr-370	15	25	lack	lack	NOUN
asfbr-370	15	26	of	of	ADP
asfbr-370	15	27	liquidity	liquidity	NOUN
asfbr-370	15	28	and	and	CCONJ
asfbr-370	15	29	with	with	ADP
asfbr-370	15	30	the	the	DET
asfbr-370	15	31	difficulties	difficulty	NOUN
asfbr-370	15	32	that	that	PRON
asfbr-370	15	33	ensue	ensue	VERB
asfbr-370	15	34	in	in	ADP
asfbr-370	15	35	fulfilling	fulfil	VERB
asfbr-370	15	36	financial	financial	ADJ
asfbr-370	15	37	obligations	obligation	NOUN
asfbr-370	15	38	on	on	ADP
asfbr-370	15	39	schedule	schedule	NOUN
asfbr-370	15	40	and	and	CCONJ
asfbr-370	15	41	to	to	ADP
asfbr-370	15	42	the	the	DET
asfbr-370	15	43	full	full	ADJ
asfbr-370	15	44	extent	extent	NOUN
asfbr-370	15	45	.	.	PUNCT
asfbr-370	16	1	very	very	ADV
asfbr-370	16	2	often	often	ADV
asfbr-370	16	3	,	,	PUNCT
asfbr-370	16	4	financial	financial	ADJ
asfbr-370	16	5	distress	distress	NOUN
asfbr-370	16	6	is	be	AUX
asfbr-370	16	7	determined	determine	VERB
asfbr-370	16	8	in	in	ADP
asfbr-370	16	9	terms	term	NOUN
asfbr-370	16	10	of	of	ADP
asfbr-370	16	11	failure	failure	NOUN
asfbr-370	16	12	,	,	PUNCT
asfbr-370	16	13	default	default	NOUN
asfbr-370	16	14	,	,	PUNCT
asfbr-370	16	15	bankruptcy	bankruptcy	NOUN
asfbr-370	16	16	,	,	PUNCT
asfbr-370	16	17	or	or	CCONJ
asfbr-370	16	18	distressed	distressed	ADJ
asfbr-370	16	19	restructuring	restructuring	NOUN
asfbr-370	16	20	,	,	PUNCT
asfbr-370	16	21	dependent	dependent	ADJ
asfbr-370	16	22	on	on	ADP
asfbr-370	16	23	the	the	DET
asfbr-370	16	24	underlying	underlie	VERB
asfbr-370	16	25	methodology	methodology	NOUN
asfbr-370	16	26	and	and	CCONJ
asfbr-370	16	27	the	the	DET
asfbr-370	16	28	objectives	objective	NOUN
asfbr-370	16	29	of	of	ADP
asfbr-370	16	30	the	the	DET
asfbr-370	16	31	overall	overall	ADJ
asfbr-370	16	32	research	research	NOUN
asfbr-370	16	33	.	.	PUNCT
asfbr-370	17	1	corporate	corporate	ADJ
asfbr-370	17	2	organizations	organization	NOUN
asfbr-370	17	3	have	have	VERB
asfbr-370	17	4	financial	financial	ADJ
asfbr-370	17	5	goals	goal	NOUN
asfbr-370	17	6	and	and	CCONJ
asfbr-370	17	7	strategy	strategy	NOUN
asfbr-370	17	8	which	which	PRON
asfbr-370	17	9	are	be	AUX
asfbr-370	17	10	the	the	DET
asfbr-370	17	11	expression	expression	NOUN
asfbr-370	17	12	of	of	ADP
asfbr-370	17	13	a	a	DET
asfbr-370	17	14	corporate	corporate	ADJ
asfbr-370	17	15	mission	mission	NOUN
asfbr-370	17	16	and	and	CCONJ
asfbr-370	17	17	strategy	strategy	NOUN
asfbr-370	17	18	that	that	PRON
asfbr-370	17	19	are	be	AUX
asfbr-370	17	20	determined	determine	VERB
asfbr-370	17	21	by	by	ADP
asfbr-370	17	22	the	the	DET
asfbr-370	17	23	long	long	ADJ
asfbr-370	17	24	-	-	PUNCT
asfbr-370	17	25	term	term	NOUN
asfbr-370	17	26	planning	planning	NOUN
asfbr-370	17	27	system	system	NOUN
asfbr-370	17	28	as	as	ADP
asfbr-370	17	29	a	a	DET
asfbr-370	17	30	trade	trade	NOUN
asfbr-370	17	31	-	-	PUNCT
asfbr-370	17	32	off	off	NOUN
asfbr-370	17	33	between	between	ADP
asfbr-370	17	34	conflicting	conflict	VERB
asfbr-370	17	35	and	and	CCONJ
asfbr-370	17	36	competing	compete	VERB
asfbr-370	17	37	interests	interest	NOUN
asfbr-370	17	38	.	.	PUNCT
asfbr-370	18	1	corporate	corporate	ADJ
asfbr-370	18	2	objective	objective	NOUN
asfbr-370	18	3	relates	relate	VERB
asfbr-370	18	4	to	to	ADP
asfbr-370	18	5	four	four	NUM
asfbr-370	18	6	corporate	corporate	ADJ
asfbr-370	18	7	fundamental	fundamental	ADJ
asfbr-370	18	8	goals	goal	NOUN
asfbr-370	18	9	of	of	ADP
asfbr-370	18	10	maximizing	maximize	VERB
asfbr-370	18	11	corporate	corporate	ADJ
asfbr-370	18	12	profitability	profitability	NOUN
asfbr-370	18	13	,	,	PUNCT
asfbr-370	18	14	maximizing	maximize	VERB
asfbr-370	18	15	returns	return	NOUN
asfbr-370	18	16	on	on	ADP
asfbr-370	18	17	investment	investment	NOUN
asfbr-370	18	18	,	,	PUNCT
asfbr-370	18	19	maximizing	maximize	VERB
asfbr-370	18	20	corporate	corporate	ADJ
asfbr-370	18	21	growth	growth	NOUN
asfbr-370	18	22	and	and	CCONJ
asfbr-370	18	23	availability	availability	NOUN
asfbr-370	18	24	of	of	ADP
asfbr-370	18	25	fund	fund	NOUN
asfbr-370	18	26	(	(	PUNCT
asfbr-370	18	27	pandey	pandey	PROPN
asfbr-370	18	28	,	,	PUNCT
asfbr-370	18	29	2005	2005	NUM
asfbr-370	18	30	)	)	PUNCT
asfbr-370	18	31	.	.	PUNCT
asfbr-370	19	1	the	the	DET
asfbr-370	19	2	financial	financial	ADJ
asfbr-370	19	3	leverage	leverage	NOUN
asfbr-370	19	4	degree	degree	NOUN
asfbr-370	19	5	is	be	AUX
asfbr-370	19	6	increased	increase	VERB
asfbr-370	19	7	by	by	ADP
asfbr-370	19	8	increasing	increase	VERB
asfbr-370	19	9	use	use	NOUN
asfbr-370	19	10	of	of	ADP
asfbr-370	19	11	external	external	ADJ
asfbr-370	19	12	financing	financing	NOUN
asfbr-370	19	13	sources	source	NOUN
asfbr-370	19	14	,	,	PUNCT
asfbr-370	19	15	and	and	CCONJ
asfbr-370	19	16	financial	financial	ADJ
asfbr-370	19	17	leverage	leverage	NOUN
asfbr-370	19	18	can	can	AUX
asfbr-370	19	19	be	be	AUX
asfbr-370	19	20	increased	increase	VERB
asfbr-370	19	21	by	by	ADP
asfbr-370	19	22	non	non	ADJ
asfbr-370	19	23	-	-	ADJ
asfbr-370	19	24	traditional	traditional	ADJ
asfbr-370	19	25	financial	financial	ADJ
asfbr-370	19	26	instruments	instrument	NOUN
asfbr-370	19	27	,	,	PUNCT
asfbr-370	19	28	such	such	ADJ
asfbr-370	19	29	as	as	ADP
asfbr-370	19	30	the	the	DET
asfbr-370	19	31	use	use	NOUN
asfbr-370	19	32	of	of	ADP
asfbr-370	19	33	financial	financial	ADJ
asfbr-370	19	34	options	option	NOUN
asfbr-370	19	35	and	and	CCONJ
asfbr-370	19	36	futures	future	NOUN
asfbr-370	19	37	contracts	contract	NOUN
asfbr-370	19	38	.	.	PUNCT
asfbr-370	20	1	(	(	PUNCT
asfbr-370	20	2	fahmi.2008	fahmi.2008	NOUN
asfbr-370	20	3	)	)	PUNCT
asfbr-370	20	4	.	.	PUNCT
asfbr-370	21	1	some	some	PRON
asfbr-370	21	2	consider	consider	VERB
asfbr-370	21	3	financial	financial	ADJ
asfbr-370	21	4	leverage	leverage	NOUN
asfbr-370	21	5	as	as	ADP
asfbr-370	21	6	one	one	NUM
asfbr-370	21	7	if	if	SCONJ
asfbr-370	21	8	the	the	DET
asfbr-370	21	9	terms	term	NOUN
asfbr-370	21	10	invented	invent	VERB
asfbr-370	21	11	by	by	ADP
asfbr-370	21	12	institutional	institutional	ADJ
asfbr-370	21	13	mental	mental	NOUN
asfbr-370	21	14	for	for	ADP
asfbr-370	21	15	packaging	packaging	NOUN
asfbr-370	21	16	undesired	undesired	ADJ
asfbr-370	21	17	or	or	CCONJ
asfbr-370	21	18	negative	negative	ADJ
asfbr-370	21	19	things	thing	NOUN
asfbr-370	21	20	or	or	CCONJ
asfbr-370	21	21	to	to	PART
asfbr-370	21	22	give	give	VERB
asfbr-370	21	23	a	a	DET
asfbr-370	21	24	nice	nice	ADJ
asfbr-370	21	25	appearance	appearance	NOUN
asfbr-370	21	26	,	,	PUNCT
asfbr-370	21	27	instead	instead	ADV
asfbr-370	21	28	of	of	ADP
asfbr-370	21	29	saying	say	VERB
asfbr-370	21	30	borrowing	borrowing	NOUN
asfbr-370	21	31	or	or	CCONJ
asfbr-370	21	32	indebtedness	indebtedness	NOUN
asfbr-370	21	33	which	which	PRON
asfbr-370	21	34	is	be	AUX
asfbr-370	21	35	a	a	DET
asfbr-370	21	36	term	term	NOUN
asfbr-370	21	37	that	that	PRON
asfbr-370	21	38	inspires	inspire	VERB
asfbr-370	21	39	risk	risk	NOUN
asfbr-370	21	40	and	and	CCONJ
asfbr-370	21	41	weakness	weakness	NOUN
asfbr-370	21	42	(	(	PUNCT
asfbr-370	21	43	nibal	nibal	ADJ
asfbr-370	21	44	,	,	PUNCT
asfbr-370	21	45	qasaba	qasaba	PROPN
asfbr-370	21	46	,	,	PUNCT
asfbr-370	21	47	2010).the	2010).the	DET
asfbr-370	21	48	preliminary	preliminary	ADJ
asfbr-370	21	49	review	review	NOUN
asfbr-370	21	50	of	of	ADP
asfbr-370	21	51	the	the	DET
asfbr-370	21	52	theory	theory	NOUN
asfbr-370	21	53	and	and	CCONJ
asfbr-370	21	54	empiricism	empiricism	NOUN
asfbr-370	21	55	has	have	AUX
asfbr-370	21	56	highlighted	highlight	VERB
asfbr-370	21	57	that	that	SCONJ
asfbr-370	21	58	the	the	DET
asfbr-370	21	59	analysis	analysis	NOUN
asfbr-370	21	60	of	of	ADP
asfbr-370	21	61	financial	financial	ADJ
asfbr-370	21	62	distress	distress	NOUN
asfbr-370	21	63	from	from	ADP
asfbr-370	21	64	the	the	DET
asfbr-370	21	65	capital	capital	NOUN
asfbr-370	21	66	market	market	NOUN
asfbr-370	21	67	perspective	perspective	NOUN
asfbr-370	21	68	produces	produce	VERB
asfbr-370	21	69	more	more	ADJ
asfbr-370	21	70	questions	question	NOUN
asfbr-370	21	71	than	than	SCONJ
asfbr-370	21	72	it	it	PRON
asfbr-370	21	73	is	be	AUX
asfbr-370	21	74	capable	capable	ADJ
asfbr-370	21	75	of	of	ADP
asfbr-370	21	76	answering	answer	VERB
asfbr-370	21	77	(	(	PUNCT
asfbr-370	21	78	celli	celli	NOUN
asfbr-370	21	79	,	,	PUNCT
asfbr-370	21	80	2015	2015	NUM
asfbr-370	21	81	)	)	PUNCT
asfbr-370	21	82	.	.	PUNCT
asfbr-370	22	1	default	default	NOUN
asfbr-370	22	2	risk	risk	NOUN
asfbr-370	22	3	embedded	embed	VERB
asfbr-370	22	4	in	in	ADP
asfbr-370	22	5	the	the	DET
asfbr-370	22	6	context	context	NOUN
asfbr-370	22	7	of	of	ADP
asfbr-370	22	8	the	the	DET
asfbr-370	22	9	traditional	traditional	ADJ
asfbr-370	22	10	portfolio	portfolio	NOUN
asfbr-370	22	11	theory	theory	NOUN
asfbr-370	22	12	does	do	AUX
asfbr-370	22	13	not	not	PART
asfbr-370	22	14	capture	capture	VERB
asfbr-370	22	15	its	its	PRON
asfbr-370	22	16	specific	specific	ADJ
asfbr-370	22	17	attributes	attribute	NOUN
asfbr-370	22	18	associated	associate	VERB
asfbr-370	22	19	with	with	ADP
asfbr-370	22	20	financial	financial	ADJ
asfbr-370	22	21	distress	distress	NOUN
asfbr-370	22	22	and	and	CCONJ
asfbr-370	22	23	,	,	PUNCT
asfbr-370	22	24	copyright	copyright	NOUN
asfbr-370	22	25	©	©	PROPN
asfbr-370	22	26	cc	cc	PROPN
asfbr-370	22	27	-	-	PUNCT
asfbr-370	22	28	by	by	ADP
asfbr-370	22	29	-	-	PUNCT
asfbr-370	22	30	nc	nc	PROPN
asfbr-370	22	31	2019	2019	NUM
asfbr-370	22	32	,	,	PUNCT
asfbr-370	22	33	cribfb	cribfb	VERB
asfbr-370	23	1	|	|	ADV
asfbr-370	23	2	asfbr	asfbr	NOUN
asfbr-370	23	3	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	23	4	asian	asian	ADJ
asfbr-370	23	5	finance	finance	PROPN
asfbr-370	23	6	&	&	CCONJ
asfbr-370	23	7	banking	banking	PROPN
asfbr-370	23	8	review	review	PROPN
asfbr-370	23	9	vol	vol	NOUN
asfbr-370	23	10	.	.	PROPN
asfbr-370	24	1	3	3	NUM
asfbr-370	24	2	,	,	PUNCT
asfbr-370	24	3	no	no	INTJ
asfbr-370	24	4	.	.	NOUN
asfbr-370	24	5	2	2	NUM
asfbr-370	24	6	;	;	PUNCT
asfbr-370	24	7	2019	2019	NUM
asfbr-370	24	8	27	27	NUM
asfbr-370	24	9	consequently	consequently	ADV
asfbr-370	24	10	,	,	PUNCT
asfbr-370	24	11	provides	provide	VERB
asfbr-370	24	12	incorrect	incorrect	ADJ
asfbr-370	24	13	information	information	NOUN
asfbr-370	24	14	in	in	ADP
asfbr-370	24	15	the	the	DET
asfbr-370	24	16	case	case	NOUN
asfbr-370	24	17	of	of	ADP
asfbr-370	24	18	the	the	DET
asfbr-370	24	19	valuation	valuation	NOUN
asfbr-370	24	20	of	of	ADP
asfbr-370	24	21	distressed	distressed	ADJ
asfbr-370	24	22	companies	company	NOUN
asfbr-370	24	23	.	.	PUNCT
asfbr-370	25	1	rare	rare	ADJ
asfbr-370	25	2	empirical	empirical	ADJ
asfbr-370	25	3	studies	study	NOUN
asfbr-370	25	4	account	account	VERB
asfbr-370	25	5	for	for	ADP
asfbr-370	25	6	distress	distress	NOUN
asfbr-370	25	7	risk	risk	NOUN
asfbr-370	25	8	and	and	CCONJ
asfbr-370	25	9	show	show	VERB
asfbr-370	25	10	a	a	DET
asfbr-370	25	11	negative	negative	ADJ
asfbr-370	25	12	deviation	deviation	NOUN
asfbr-370	25	13	in	in	ADP
asfbr-370	25	14	value	value	NOUN
asfbr-370	25	15	of	of	ADP
asfbr-370	25	16	up	up	ADP
asfbr-370	25	17	to	to	PART
asfbr-370	25	18	36	36	NUM
asfbr-370	25	19	%	%	NOUN
asfbr-370	25	20	in	in	ADP
asfbr-370	25	21	comparison	comparison	NOUN
asfbr-370	25	22	to	to	ADP
asfbr-370	25	23	the	the	DET
asfbr-370	25	24	value	value	NOUN
asfbr-370	25	25	estimated	estimate	VERB
asfbr-370	25	26	according	accord	VERB
asfbr-370	25	27	to	to	ADP
asfbr-370	25	28	classic	classic	ADJ
asfbr-370	25	29	portfolio	portfolio	NOUN
asfbr-370	25	30	theory	theory	NOUN
asfbr-370	25	31	and	and	CCONJ
asfbr-370	25	32	the	the	DET
asfbr-370	25	33	capm	capm	PROPN
asfbr-370	25	34	.	.	PUNCT
asfbr-370	26	1	theoretically	theoretically	ADV
asfbr-370	26	2	,	,	PUNCT
asfbr-370	26	3	m&m	m&m	PROPN
asfbr-370	26	4	indicate	indicate	VERB
asfbr-370	26	5	that	that	SCONJ
asfbr-370	26	6	companies	company	NOUN
asfbr-370	26	7	can	can	AUX
asfbr-370	26	8	maximize	maximize	VERB
asfbr-370	26	9	their	their	PRON
asfbr-370	26	10	value	value	NOUN
asfbr-370	26	11	by	by	ADP
asfbr-370	26	12	employing	employ	VERB
asfbr-370	26	13	more	more	ADJ
asfbr-370	26	14	debt	debt	NOUN
asfbr-370	26	15	due	due	ADP
asfbr-370	26	16	to	to	ADP
asfbr-370	26	17	tax	tax	NOUN
asfbr-370	26	18	shield	shield	NOUN
asfbr-370	26	19	benefits	benefit	NOUN
asfbr-370	26	20	allied	ally	VERB
asfbr-370	26	21	with	with	ADP
asfbr-370	26	22	the	the	DET
asfbr-370	26	23	use	use	NOUN
asfbr-370	26	24	of	of	ADP
asfbr-370	26	25	debt	debt	NOUN
asfbr-370	26	26	.	.	PUNCT
asfbr-370	27	1	firms	firm	NOUN
asfbr-370	27	2	benefit	benefit	VERB
asfbr-370	27	3	from	from	ADP
asfbr-370	27	4	taking	take	VERB
asfbr-370	27	5	on	on	ADP
asfbr-370	27	6	more	more	ADJ
asfbr-370	27	7	leverage	leverage	NOUN
asfbr-370	27	8	.	.	PUNCT
asfbr-370	28	1	m&m	m&m	NOUN
asfbr-370	28	2	show	show	VERB
asfbr-370	28	3	that	that	SCONJ
asfbr-370	28	4	firm	firm	ADJ
asfbr-370	28	5	value	value	NOUN
asfbr-370	28	6	and	and	CCONJ
asfbr-370	28	7	firm	firm	ADJ
asfbr-370	28	8	performance	performance	NOUN
asfbr-370	28	9	is	be	AUX
asfbr-370	28	10	an	an	DET
asfbr-370	28	11	increasing	increase	VERB
asfbr-370	28	12	function	function	NOUN
asfbr-370	28	13	of	of	ADP
asfbr-370	28	14	leverage	leverage	NOUN
asfbr-370	28	15	due	due	ADP
asfbr-370	28	16	to	to	ADP
asfbr-370	28	17	the	the	DET
asfbr-370	28	18	tax	tax	NOUN
asfbr-370	28	19	deductibility	deductibility	NOUN
asfbr-370	28	20	of	of	ADP
asfbr-370	28	21	the	the	DET
asfbr-370	28	22	interest	interest	NOUN
asfbr-370	28	23	payments	payment	NOUN
asfbr-370	28	24	at	at	ADP
asfbr-370	28	25	the	the	DET
asfbr-370	28	26	corporate	corporate	ADJ
asfbr-370	28	27	level	level	NOUN
asfbr-370	28	28	(	(	PUNCT
asfbr-370	28	29	modigliani	modigliani	PROPN
asfbr-370	28	30	&	&	CCONJ
asfbr-370	28	31	miller	miller	PROPN
asfbr-370	28	32	,	,	PUNCT
asfbr-370	28	33	1963	1963	NUM
asfbr-370	28	34	)	)	PUNCT
asfbr-370	28	35	.	.	PUNCT
asfbr-370	29	1	in	in	ADP
asfbr-370	29	2	reality	reality	NOUN
asfbr-370	29	3	,	,	PUNCT
asfbr-370	29	4	markets	market	NOUN
asfbr-370	29	5	are	be	AUX
asfbr-370	29	6	inefficient	inefficient	ADJ
asfbr-370	29	7	,	,	PUNCT
asfbr-370	29	8	due	due	ADP
asfbr-370	29	9	to	to	ADP
asfbr-370	29	10	taxes	taxis	NOUN
asfbr-370	29	11	,	,	PUNCT
asfbr-370	29	12	information	information	NOUN
asfbr-370	29	13	asymmetry	asymmetry	NOUN
asfbr-370	29	14	,	,	PUNCT
asfbr-370	29	15	transaction	transaction	NOUN
asfbr-370	29	16	costs	cost	NOUN
asfbr-370	29	17	,	,	PUNCT
asfbr-370	29	18	bankruptcy	bankruptcy	NOUN
asfbr-370	29	19	costs	cost	NOUN
asfbr-370	29	20	,	,	PUNCT
asfbr-370	29	21	agency	agency	NOUN
asfbr-370	29	22	conflicts	conflict	NOUN
asfbr-370	29	23	and	and	CCONJ
asfbr-370	29	24	any	any	DET
asfbr-370	29	25	other	other	ADJ
asfbr-370	29	26	imperfect	imperfect	ADJ
asfbr-370	29	27	elements	element	NOUN
asfbr-370	29	28	.	.	PUNCT
asfbr-370	30	1	the	the	DET
asfbr-370	30	2	static	static	ADJ
asfbr-370	30	3	trade	trade	NOUN
asfbr-370	30	4	-	-	PUNCT
asfbr-370	30	5	off	off	ADP
asfbr-370	30	6	theory	theory	NOUN
asfbr-370	30	7	by	by	ADP
asfbr-370	30	8	kraus	kraus	PROPN
asfbr-370	30	9	and	and	CCONJ
asfbr-370	30	10	litzenberger	litzenberger	NOUN
asfbr-370	30	11	(	(	PUNCT
asfbr-370	30	12	1973	1973	NUM
asfbr-370	30	13	)	)	PUNCT
asfbr-370	30	14	opined	opine	VERB
asfbr-370	30	15	that	that	SCONJ
asfbr-370	30	16	the	the	DET
asfbr-370	30	17	static	static	ADJ
asfbr-370	30	18	trade	trade	NOUN
asfbr-370	30	19	-	-	PUNCT
asfbr-370	30	20	off	off	ADP
asfbr-370	30	21	theory	theory	NOUN
asfbr-370	30	22	assumes	assume	VERB
asfbr-370	30	23	that	that	SCONJ
asfbr-370	30	24	firm	firm	NOUN
asfbr-370	30	25	’s	’s	PART
asfbr-370	30	26	trade	trade	NOUN
asfbr-370	30	27	-	-	PUNCT
asfbr-370	30	28	off	off	NOUN
asfbr-370	30	29	the	the	DET
asfbr-370	30	30	benefits	benefit	NOUN
asfbr-370	30	31	and	and	CCONJ
asfbr-370	30	32	costs	cost	NOUN
asfbr-370	30	33	of	of	ADP
asfbr-370	30	34	debt	debt	NOUN
asfbr-370	30	35	and	and	CCONJ
asfbr-370	30	36	equity	equity	NOUN
asfbr-370	30	37	financing	financing	NOUN
asfbr-370	30	38	and	and	CCONJ
asfbr-370	30	39	find	find	VERB
asfbr-370	30	40	an	an	DET
asfbr-370	30	41	optimal	optimal	ADJ
asfbr-370	30	42	capital	capital	NOUN
asfbr-370	30	43	structure	structure	NOUN
asfbr-370	30	44	after	after	ADP
asfbr-370	30	45	accounting	account	VERB
asfbr-370	30	46	for	for	ADP
asfbr-370	30	47	market	market	NOUN
asfbr-370	30	48	imperfections	imperfection	NOUN
asfbr-370	30	49	such	such	ADJ
asfbr-370	30	50	as	as	ADP
asfbr-370	30	51	taxes	taxis	NOUN
asfbr-370	30	52	,	,	PUNCT
asfbr-370	30	53	bankruptcy	bankruptcy	NOUN
asfbr-370	30	54	costs	cost	NOUN
asfbr-370	30	55	and	and	CCONJ
asfbr-370	30	56	agency	agency	NOUN
asfbr-370	30	57	costs	cost	NOUN
asfbr-370	30	58	.	.	PUNCT
asfbr-370	31	1	the	the	DET
asfbr-370	31	2	theory	theory	NOUN
asfbr-370	31	3	stated	state	VERB
asfbr-370	31	4	that	that	SCONJ
asfbr-370	31	5	there	there	PRON
asfbr-370	31	6	is	be	VERB
asfbr-370	31	7	a	a	DET
asfbr-370	31	8	benefit	benefit	NOUN
asfbr-370	31	9	to	to	ADP
asfbr-370	31	10	financing	financing	NOUN
asfbr-370	31	11	with	with	ADP
asfbr-370	31	12	debt	debt	NOUN
asfbr-370	31	13	,	,	PUNCT
asfbr-370	31	14	specifically	specifically	ADV
asfbr-370	31	15	the	the	DET
asfbr-370	31	16	tax	tax	NOUN
asfbr-370	31	17	benefit	benefit	NOUN
asfbr-370	31	18	.	.	PUNCT
asfbr-370	32	1	however	however	ADV
asfbr-370	32	2	there	there	PRON
asfbr-370	32	3	is	be	VERB
asfbr-370	32	4	also	also	ADV
asfbr-370	32	5	a	a	DET
asfbr-370	32	6	cost	cost	NOUN
asfbr-370	32	7	of	of	ADP
asfbr-370	32	8	financing	financing	NOUN
asfbr-370	32	9	with	with	ADP
asfbr-370	32	10	debt	debt	NOUN
asfbr-370	32	11	,	,	PUNCT
asfbr-370	32	12	namely	namely	ADV
asfbr-370	32	13	the	the	DET
asfbr-370	32	14	indirect	indirect	ADJ
asfbr-370	32	15	bankruptcy	bankruptcy	NOUN
asfbr-370	32	16	costs	cost	NOUN
asfbr-370	32	17	and	and	CCONJ
asfbr-370	32	18	the	the	DET
asfbr-370	32	19	more	more	ADV
asfbr-370	32	20	direct	direct	ADJ
asfbr-370	32	21	financial	financial	ADJ
asfbr-370	32	22	distress	distress	NOUN
asfbr-370	32	23	costs	cost	NOUN
asfbr-370	32	24	of	of	ADP
asfbr-370	32	25	debt	debt	NOUN
asfbr-370	32	26	.	.	PUNCT
asfbr-370	33	1	the	the	DET
asfbr-370	33	2	theories	theory	NOUN
asfbr-370	33	3	are	be	AUX
asfbr-370	33	4	appealing	appeal	VERB
asfbr-370	33	5	but	but	CCONJ
asfbr-370	33	6	failed	fail	VERB
asfbr-370	33	7	to	to	PART
asfbr-370	33	8	explain	explain	VERB
asfbr-370	33	9	the	the	DET
asfbr-370	33	10	issue	issue	NOUN
asfbr-370	33	11	of	of	ADP
asfbr-370	33	12	financial	financial	ADJ
asfbr-370	33	13	distress	distress	NOUN
asfbr-370	33	14	in	in	ADP
asfbr-370	33	15	a	a	DET
asfbr-370	33	16	developing	develop	VERB
asfbr-370	33	17	financial	financial	ADJ
asfbr-370	33	18	market	market	NOUN
asfbr-370	33	19	like	like	ADP
asfbr-370	33	20	nigeria	nigeria	PROPN
asfbr-370	33	21	.	.	PUNCT
asfbr-370	34	1	lucky	lucky	ADJ
asfbr-370	34	2	(	(	PUNCT
asfbr-370	34	3	2017	2017	NUM
asfbr-370	34	4	)	)	PUNCT
asfbr-370	34	5	have	have	AUX
asfbr-370	34	6	considered	consider	VERB
asfbr-370	34	7	the	the	DET
asfbr-370	34	8	classical	classical	ADJ
asfbr-370	34	9	assumption	assumption	NOUN
asfbr-370	34	10	of	of	ADP
asfbr-370	34	11	perfect	perfect	ADJ
asfbr-370	34	12	market	market	NOUN
asfbr-370	34	13	as	as	ADP
asfbr-370	34	14	an	an	DET
asfbr-370	34	15	irony	irony	NOUN
asfbr-370	34	16	.	.	PUNCT
asfbr-370	35	1	while	while	SCONJ
asfbr-370	35	2	factors	factor	NOUN
asfbr-370	35	3	that	that	PRON
asfbr-370	35	4	determine	determine	VERB
asfbr-370	35	5	financial	financial	ADJ
asfbr-370	35	6	distress	distress	NOUN
asfbr-370	35	7	has	have	AUX
asfbr-370	35	8	well	well	ADV
asfbr-370	35	9	been	be	AUX
asfbr-370	35	10	studied	study	VERB
asfbr-370	35	11	(	(	PUNCT
asfbr-370	35	12	celli	celli	NOUN
asfbr-370	35	13	,	,	PUNCT
asfbr-370	35	14	2015	2015	NUM
asfbr-370	35	15	)	)	PUNCT
asfbr-370	35	16	.	.	PUNCT
asfbr-370	36	1	the	the	DET
asfbr-370	36	2	effect	effect	NOUN
asfbr-370	36	3	of	of	ADP
asfbr-370	36	4	financial	financial	ADJ
asfbr-370	36	5	leverage	leverage	NOUN
asfbr-370	36	6	on	on	ADP
asfbr-370	36	7	corporate	corporate	ADJ
asfbr-370	36	8	financial	financial	ADJ
asfbr-370	36	9	distress	distress	NOUN
asfbr-370	36	10	in	in	ADP
asfbr-370	36	11	nigeria	nigeria	PROPN
asfbr-370	36	12	is	be	AUX
asfbr-370	36	13	scanty	scanty	ADJ
asfbr-370	36	14	.	.	PUNCT
asfbr-370	37	1	this	this	DET
asfbr-370	37	2	study	study	NOUN
asfbr-370	37	3	therefore	therefore	ADV
asfbr-370	37	4	examined	examine	VERB
asfbr-370	37	5	the	the	DET
asfbr-370	37	6	effect	effect	NOUN
asfbr-370	37	7	of	of	ADP
asfbr-370	37	8	leverage	leverage	NOUN
asfbr-370	37	9	on	on	ADP
asfbr-370	37	10	corporate	corporate	ADJ
asfbr-370	37	11	financial	financial	ADJ
asfbr-370	37	12	distress	distress	NOUN
asfbr-370	37	13	of	of	ADP
asfbr-370	37	14	quoted	quote	VERB
asfbr-370	37	15	nigeria	nigeria	PROPN
asfbr-370	37	16	manufacturing	manufacturing	NOUN
asfbr-370	37	17	firms	firm	NOUN
asfbr-370	37	18	.	.	PUNCT
asfbr-370	38	1	2	2	X
asfbr-370	38	2	.	.	X
asfbr-370	38	3	literature	literature	NOUN
asfbr-370	38	4	review	review	VERB
asfbr-370	38	5	2.1	2.1	NUM
asfbr-370	38	6	conceptual	conceptual	ADJ
asfbr-370	38	7	review	review	NOUN
asfbr-370	38	8	financial	financial	ADJ
asfbr-370	38	9	distress	distress	NOUN
asfbr-370	38	10	is	be	AUX
asfbr-370	38	11	defined	define	VERB
asfbr-370	38	12	as	as	ADP
asfbr-370	38	13	the	the	DET
asfbr-370	38	14	inability	inability	NOUN
asfbr-370	38	15	of	of	ADP
asfbr-370	38	16	a	a	DET
asfbr-370	38	17	firm	firm	NOUN
asfbr-370	38	18	to	to	PART
asfbr-370	38	19	pay	pay	VERB
asfbr-370	38	20	its	its	PRON
asfbr-370	38	21	financial	financial	ADJ
asfbr-370	38	22	obligations	obligation	NOUN
asfbr-370	38	23	as	as	SCONJ
asfbr-370	38	24	they	they	PRON
asfbr-370	38	25	mature	mature	VERB
asfbr-370	38	26	beaver	beaver	NOUN
asfbr-370	38	27	(	(	PUNCT
asfbr-370	38	28	1966	1966	NUM
asfbr-370	38	29	)	)	PUNCT
asfbr-370	38	30	was	be	AUX
asfbr-370	38	31	one	one	NUM
asfbr-370	38	32	of	of	ADP
asfbr-370	38	33	the	the	DET
asfbr-370	38	34	first	first	ADJ
asfbr-370	38	35	researchers	researcher	NOUN
asfbr-370	38	36	to	to	PART
asfbr-370	38	37	point	point	VERB
asfbr-370	38	38	out	out	ADP
asfbr-370	38	39	that	that	SCONJ
asfbr-370	38	40	financial	financial	ADJ
asfbr-370	38	41	distress	distress	NOUN
asfbr-370	38	42	can	can	AUX
asfbr-370	38	43	have	have	VERB
asfbr-370	38	44	different	different	ADJ
asfbr-370	38	45	forms	form	NOUN
asfbr-370	38	46	of	of	ADP
asfbr-370	38	47	appearance	appearance	NOUN
asfbr-370	38	48	.	.	PUNCT
asfbr-370	39	1	dependent	dependent	ADJ
asfbr-370	39	2	on	on	ADP
asfbr-370	39	3	the	the	DET
asfbr-370	39	4	type	type	NOUN
asfbr-370	39	5	of	of	ADP
asfbr-370	39	6	the	the	DET
asfbr-370	39	7	event	event	NOUN
asfbr-370	39	8	occurring	occur	VERB
asfbr-370	39	9	,	,	PUNCT
asfbr-370	39	10	bankruptcy	bankruptcy	NOUN
asfbr-370	39	11	,	,	PUNCT
asfbr-370	39	12	bond	bond	NOUN
asfbr-370	39	13	default	default	NOUN
asfbr-370	39	14	,	,	PUNCT
asfbr-370	39	15	an	an	DET
asfbr-370	39	16	overdrawn	overdrawn	ADJ
asfbr-370	39	17	bank	bank	NOUN
asfbr-370	39	18	account	account	NOUN
asfbr-370	39	19	,	,	PUNCT
asfbr-370	39	20	or	or	CCONJ
asfbr-370	39	21	nonpayment	nonpayment	NOUN
asfbr-370	39	22	of	of	ADP
asfbr-370	39	23	a	a	DET
asfbr-370	39	24	preferred	prefer	VERB
asfbr-370	39	25	stock	stock	NOUN
asfbr-370	39	26	dividend	dividend	NOUN
asfbr-370	39	27	can	can	AUX
asfbr-370	39	28	represent	represent	VERB
asfbr-370	39	29	the	the	DET
asfbr-370	39	30	operational	operational	ADJ
asfbr-370	39	31	form	form	NOUN
asfbr-370	39	32	of	of	ADP
asfbr-370	39	33	financial	financial	ADJ
asfbr-370	39	34	distress	distress	NOUN
asfbr-370	39	35	.	.	PUNCT
asfbr-370	40	1	similar	similar	ADJ
asfbr-370	40	2	definitions	definition	NOUN
asfbr-370	40	3	of	of	ADP
asfbr-370	40	4	financial	financial	ADJ
asfbr-370	40	5	distress	distress	NOUN
asfbr-370	40	6	can	can	AUX
asfbr-370	40	7	be	be	AUX
asfbr-370	40	8	found	find	VERB
asfbr-370	40	9	in	in	ADP
asfbr-370	40	10	andrade	andrade	PROPN
asfbr-370	40	11	and	and	CCONJ
asfbr-370	40	12	kaplan	kaplan	PROPN
asfbr-370	40	13	(	(	PUNCT
asfbr-370	40	14	1998	1998	NUM
asfbr-370	40	15	)	)	PUNCT
asfbr-370	40	16	,	,	PUNCT
asfbr-370	40	17	baldwin	baldwin	PROPN
asfbr-370	40	18	and	and	CCONJ
asfbr-370	40	19	mason	mason	PROPN
asfbr-370	40	20	(	(	PUNCT
asfbr-370	40	21	1983	1983	NUM
asfbr-370	40	22	)	)	PUNCT
asfbr-370	40	23	,	,	PUNCT
asfbr-370	40	24	and	and	CCONJ
asfbr-370	40	25	brown	brown	PROPN
asfbr-370	40	26	,	,	PUNCT
asfbr-370	40	27	james	james	PROPN
asfbr-370	40	28	and	and	CCONJ
asfbr-370	40	29	mooradian	mooradian	PROPN
asfbr-370	40	30	(	(	PUNCT
asfbr-370	40	31	1992	1992	NUM
asfbr-370	40	32	)	)	PUNCT
asfbr-370	40	33	.	.	PUNCT
asfbr-370	41	1	these	these	DET
asfbr-370	41	2	authors	author	NOUN
asfbr-370	41	3	interpret	interpret	VERB
asfbr-370	41	4	financial	financial	ADJ
asfbr-370	41	5	distress	distress	NOUN
asfbr-370	41	6	as	as	ADP
asfbr-370	41	7	a	a	DET
asfbr-370	41	8	crucial	crucial	ADJ
asfbr-370	41	9	event	event	NOUN
asfbr-370	41	10	whose	whose	DET
asfbr-370	41	11	occurrences	occurrence	NOUN
asfbr-370	41	12	separates	separate	VERB
asfbr-370	41	13	the	the	DET
asfbr-370	41	14	time	time	NOUN
asfbr-370	41	15	of	of	ADP
asfbr-370	41	16	a	a	DET
asfbr-370	41	17	company	company	NOUN
asfbr-370	41	18	’s	’s	PART
asfbr-370	41	19	financial	financial	ADJ
asfbr-370	41	20	health	health	NOUN
asfbr-370	41	21	from	from	ADP
asfbr-370	41	22	the	the	DET
asfbr-370	41	23	period	period	NOUN
asfbr-370	41	24	of	of	ADP
asfbr-370	41	25	financial	financial	ADJ
asfbr-370	41	26	illness	illness	NOUN
asfbr-370	41	27	and	and	CCONJ
asfbr-370	41	28	requires	require	VERB
asfbr-370	41	29	undertaking	undertake	VERB
asfbr-370	41	30	corrective	corrective	ADJ
asfbr-370	41	31	actions	action	NOUN
asfbr-370	41	32	in	in	ADP
asfbr-370	41	33	order	order	NOUN
asfbr-370	41	34	to	to	PART
asfbr-370	41	35	overcome	overcome	VERB
asfbr-370	41	36	the	the	DET
asfbr-370	41	37	troubled	troubled	ADJ
asfbr-370	41	38	situation	situation	NOUN
asfbr-370	41	39	.	.	PUNCT
asfbr-370	42	1	andrade	andrade	PROPN
asfbr-370	42	2	and	and	CCONJ
asfbr-370	42	3	kaplan	kaplan	PROPN
asfbr-370	42	4	(	(	PUNCT
asfbr-370	42	5	1998	1998	NUM
asfbr-370	42	6	)	)	PUNCT
asfbr-370	42	7	identify	identify	VERB
asfbr-370	42	8	two	two	NUM
asfbr-370	42	9	forms	form	NOUN
asfbr-370	42	10	of	of	ADP
asfbr-370	42	11	financial	financial	ADJ
asfbr-370	42	12	distress	distress	NOUN
asfbr-370	42	13	:	:	PUNCT
asfbr-370	42	14	the	the	DET
asfbr-370	42	15	first	first	ADJ
asfbr-370	42	16	one	one	NOUN
asfbr-370	42	17	is	be	AUX
asfbr-370	42	18	default	default	NOUN
asfbr-370	42	19	on	on	ADP
asfbr-370	42	20	a	a	DET
asfbr-370	42	21	debt	debt	NOUN
asfbr-370	42	22	payment	payment	NOUN
asfbr-370	42	23	,	,	PUNCT
asfbr-370	42	24	and	and	CCONJ
asfbr-370	42	25	the	the	DET
asfbr-370	42	26	second	second	ADJ
asfbr-370	42	27	one	one	NOUN
asfbr-370	42	28	is	be	AUX
asfbr-370	42	29	an	an	DET
asfbr-370	42	30	attempt	attempt	NOUN
asfbr-370	42	31	to	to	PART
asfbr-370	42	32	restructure	restructure	VERB
asfbr-370	42	33	the	the	DET
asfbr-370	42	34	debt	debt	NOUN
asfbr-370	42	35	in	in	ADP
asfbr-370	42	36	order	order	NOUN
asfbr-370	42	37	to	to	PART
asfbr-370	42	38	prevent	prevent	VERB
asfbr-370	42	39	the	the	DET
asfbr-370	42	40	de	de	ADJ
asfbr-370	42	41	-	-	NOUN
asfbr-370	42	42	fault	fault	ADJ
asfbr-370	42	43	situation	situation	NOUN
asfbr-370	42	44	.	.	PUNCT
asfbr-370	43	1	brown	brown	PROPN
asfbr-370	43	2	,	,	PUNCT
asfbr-370	43	3	james	james	PROPN
asfbr-370	43	4	and	and	CCONJ
asfbr-370	43	5	mooradian	mooradian	PROPN
asfbr-370	43	6	(	(	PUNCT
asfbr-370	43	7	1992	1992	NUM
asfbr-370	43	8	)	)	PUNCT
asfbr-370	43	9	classify	classify	VERB
asfbr-370	43	10	a	a	DET
asfbr-370	43	11	company	company	NOUN
asfbr-370	43	12	as	as	ADV
asfbr-370	43	13	financially	financially	ADV
asfbr-370	43	14	distressed	distressed	ADJ
asfbr-370	43	15	if	if	SCONJ
asfbr-370	43	16	it	it	PRON
asfbr-370	43	17	is	be	AUX
asfbr-370	43	18	going	go	VERB
asfbr-370	43	19	to	to	PART
asfbr-370	43	20	implement	implement	VERB
asfbr-370	43	21	restructuring	restructuring	NOUN
asfbr-370	43	22	measures	measure	NOUN
asfbr-370	43	23	with	with	ADP
asfbr-370	43	24	the	the	DET
asfbr-370	43	25	purpose	purpose	NOUN
asfbr-370	43	26	to	to	PART
asfbr-370	43	27	avoid	avoid	VERB
asfbr-370	43	28	a	a	DET
asfbr-370	43	29	default	default	NOUN
asfbr-370	43	30	or	or	CCONJ
asfbr-370	43	31	as	as	ADP
asfbr-370	43	32	a	a	DET
asfbr-370	43	33	response	response	NOUN
asfbr-370	43	34	to	to	ADP
asfbr-370	43	35	the	the	DET
asfbr-370	43	36	anticipated	anticipated	ADJ
asfbr-370	43	37	default	default	NOUN
asfbr-370	43	38	on	on	ADP
asfbr-370	43	39	a	a	DET
asfbr-370	43	40	debt	debt	NOUN
asfbr-370	43	41	contract	contract	NOUN
asfbr-370	43	42	.	.	PUNCT
asfbr-370	44	1	opler	opl	ADJ
asfbr-370	44	2	and	and	CCONJ
asfbr-370	44	3	titman	titman	NOUN
asfbr-370	44	4	(	(	PUNCT
asfbr-370	44	5	1994	1994	NUM
asfbr-370	44	6	)	)	PUNCT
asfbr-370	44	7	defined	define	VERB
asfbr-370	44	8	financial	financial	ADJ
asfbr-370	44	9	distress	distress	NOUN
asfbr-370	44	10	more	more	ADV
asfbr-370	44	11	broadly	broadly	ADV
asfbr-370	44	12	as	as	ADP
asfbr-370	44	13	a	a	DET
asfbr-370	44	14	costly	costly	ADJ
asfbr-370	44	15	event	event	NOUN
asfbr-370	44	16	that	that	PRON
asfbr-370	44	17	affects	affect	VERB
asfbr-370	44	18	the	the	DET
asfbr-370	44	19	relationship	relationship	NOUN
asfbr-370	44	20	to	to	ADP
asfbr-370	44	21	debt	debt	NOUN
asfbr-370	44	22	holders	holder	NOUN
asfbr-370	44	23	and	and	CCONJ
asfbr-370	44	24	non	non	ADJ
asfbr-370	44	25	-	-	ADJ
asfbr-370	44	26	financial	financial	ADJ
asfbr-370	44	27	stakeholders	stakeholder	NOUN
asfbr-370	44	28	.	.	PUNCT
asfbr-370	45	1	as	as	ADP
asfbr-370	45	2	a	a	DET
asfbr-370	45	3	consequence	consequence	NOUN
asfbr-370	45	4	,	,	PUNCT
asfbr-370	45	5	a	a	DET
asfbr-370	45	6	company	company	NOUN
asfbr-370	45	7	gains	gain	VERB
asfbr-370	45	8	an	an	DET
asfbr-370	45	9	impaired	impaired	ADJ
asfbr-370	45	10	access	access	NOUN
asfbr-370	45	11	to	to	ADP
asfbr-370	45	12	new	new	ADJ
asfbr-370	45	13	capital	capital	NOUN
asfbr-370	45	14	and	and	CCONJ
asfbr-370	45	15	bears	bear	VERB
asfbr-370	45	16	the	the	DET
asfbr-370	45	17	increasing	increase	VERB
asfbr-370	45	18	costs	cost	NOUN
asfbr-370	45	19	of	of	ADP
asfbr-370	45	20	maintaining	maintain	VERB
asfbr-370	45	21	this	this	DET
asfbr-370	45	22	stricken	stricken	VERB
asfbr-370	45	23	relationship	relationship	NOUN
asfbr-370	45	24	.	.	PUNCT
asfbr-370	46	1	gestel	gestel	PROPN
asfbr-370	46	2	et	et	PROPN
asfbr-370	46	3	al	al	PROPN
asfbr-370	46	4	.	.	PROPN
asfbr-370	47	1	(	(	PUNCT
asfbr-370	47	2	2006	2006	NUM
asfbr-370	47	3	)	)	PUNCT
asfbr-370	47	4	characterize	characterize	VERB
asfbr-370	47	5	financial	financial	ADJ
asfbr-370	47	6	distress	distress	NOUN
asfbr-370	47	7	and	and	CCONJ
asfbr-370	47	8	failure	failure	NOUN
asfbr-370	47	9	as	as	ADP
asfbr-370	47	10	the	the	DET
asfbr-370	47	11	result	result	NOUN
asfbr-370	47	12	of	of	ADP
asfbr-370	47	13	chronic	chronic	ADJ
asfbr-370	47	14	losses	loss	NOUN
asfbr-370	47	15	which	which	PRON
asfbr-370	47	16	cause	cause	VERB
asfbr-370	47	17	a	a	DET
asfbr-370	47	18	disproportionate	disproportionate	ADJ
asfbr-370	47	19	increase	increase	NOUN
asfbr-370	47	20	in	in	ADP
asfbr-370	47	21	liabilities	liability	NOUN
asfbr-370	47	22	accompanied	accompany	VERB
asfbr-370	47	23	by	by	ADP
asfbr-370	47	24	shrinkage	shrinkage	NOUN
asfbr-370	47	25	in	in	ADP
asfbr-370	47	26	the	the	DET
asfbr-370	47	27	asset	asset	NOUN
asfbr-370	47	28	value	value	NOUN
asfbr-370	47	29	.	.	PUNCT
asfbr-370	48	1	hendel	hendel	PROPN
asfbr-370	48	2	(	(	PUNCT
asfbr-370	48	3	1996	1996	NUM
asfbr-370	48	4	)	)	PUNCT
asfbr-370	48	5	gives	give	VERB
asfbr-370	48	6	a	a	DET
asfbr-370	48	7	probabilistic	probabilistic	ADJ
asfbr-370	48	8	definition	definition	NOUN
asfbr-370	48	9	of	of	ADP
asfbr-370	48	10	financial	financial	ADJ
asfbr-370	48	11	distress	distress	NOUN
asfbr-370	48	12	as	as	ADP
asfbr-370	48	13	“	"	PUNCT
asfbr-370	48	14	the	the	DET
asfbr-370	48	15	likelihood	likelihood	NOUN
asfbr-370	48	16	of	of	ADP
asfbr-370	48	17	bankruptcy	bankruptcy	NOUN
asfbr-370	48	18	,	,	PUNCT
asfbr-370	48	19	which	which	PRON
asfbr-370	48	20	depends	depend	VERB
asfbr-370	48	21	on	on	ADP
asfbr-370	48	22	the	the	DET
asfbr-370	48	23	level	level	NOUN
asfbr-370	48	24	of	of	ADP
asfbr-370	48	25	liquid	liquid	ADJ
asfbr-370	48	26	assets	asset	NOUN
asfbr-370	48	27	as	as	ADV
asfbr-370	48	28	well	well	ADV
asfbr-370	48	29	as	as	ADP
asfbr-370	48	30	on	on	ADP
asfbr-370	48	31	credit	credit	NOUN
asfbr-370	48	32	availability	availability	NOUN
asfbr-370	48	33	.	.	PUNCT
asfbr-370	49	1	the	the	DET
asfbr-370	49	2	development	development	NOUN
asfbr-370	49	3	of	of	ADP
asfbr-370	49	4	the	the	DET
asfbr-370	49	5	theory	theory	NOUN
asfbr-370	49	6	of	of	ADP
asfbr-370	49	7	financial	financial	ADJ
asfbr-370	49	8	distress	distress	NOUN
asfbr-370	49	9	as	as	ADP
asfbr-370	49	10	a	a	DET
asfbr-370	49	11	process	process	NOUN
asfbr-370	49	12	having	have	VERB
asfbr-370	49	13	specific	specific	ADJ
asfbr-370	49	14	dynamics	dynamic	NOUN
asfbr-370	49	15	began	begin	VERB
asfbr-370	49	16	with	with	ADP
asfbr-370	49	17	an	an	DET
asfbr-370	49	18	article	article	NOUN
asfbr-370	49	19	by	by	ADP
asfbr-370	49	20	gordon	gordon	PROPN
asfbr-370	49	21	(	(	PUNCT
asfbr-370	49	22	1971	1971	NUM
asfbr-370	49	23	)	)	PUNCT
asfbr-370	49	24	.	.	PUNCT
asfbr-370	50	1	gordon	gordon	PROPN
asfbr-370	50	2	highlights	highlight	VERB
asfbr-370	50	3	that	that	SCONJ
asfbr-370	50	4	financial	financial	ADJ
asfbr-370	50	5	distress	distress	NOUN
asfbr-370	50	6	is	be	AUX
asfbr-370	50	7	only	only	ADV
asfbr-370	50	8	one	one	NUM
asfbr-370	50	9	state	state	NOUN
asfbr-370	50	10	of	of	ADP
asfbr-370	50	11	the	the	DET
asfbr-370	50	12	process	process	NOUN
asfbr-370	50	13	,	,	PUNCT
asfbr-370	50	14	followed	follow	VERB
asfbr-370	50	15	by	by	ADP
asfbr-370	50	16	failure	failure	NOUN
asfbr-370	50	17	and	and	CCONJ
asfbr-370	50	18	restructuring	restructuring	NOUN
asfbr-370	50	19	,	,	PUNCT
asfbr-370	50	20	and	and	CCONJ
asfbr-370	50	21	should	should	AUX
asfbr-370	50	22	be	be	AUX
asfbr-370	50	23	defined	define	VERB
asfbr-370	50	24	in	in	ADP
asfbr-370	50	25	terms	term	NOUN
asfbr-370	50	26	of	of	ADP
asfbr-370	50	27	financial	financial	ADJ
asfbr-370	50	28	structure	structure	NOUN
asfbr-370	50	29	and	and	CCONJ
asfbr-370	50	30	security	security	NOUN
asfbr-370	50	31	valuation	valuation	NOUN
asfbr-370	50	32	.	.	PUNCT
asfbr-370	51	1	the	the	DET
asfbr-370	51	2	corporation	corporation	NOUN
asfbr-370	51	3	enters	enter	VERB
asfbr-370	51	4	this	this	DET
asfbr-370	51	5	state	state	NOUN
asfbr-370	51	6	when	when	SCONJ
asfbr-370	51	7	its	its	PRON
asfbr-370	51	8	power	power	NOUN
asfbr-370	51	9	to	to	PART
asfbr-370	51	10	generate	generate	VERB
asfbr-370	51	11	earnings	earning	NOUN
asfbr-370	51	12	is	be	AUX
asfbr-370	51	13	becoming	become	VERB
asfbr-370	51	14	weak	weak	ADJ
asfbr-370	51	15	and	and	CCONJ
asfbr-370	51	16	the	the	DET
asfbr-370	51	17	amount	amount	NOUN
asfbr-370	51	18	of	of	ADP
asfbr-370	51	19	debt	debt	NOUN
asfbr-370	51	20	exceeds	exceed	VERB
asfbr-370	51	21	the	the	DET
asfbr-370	51	22	value	value	NOUN
asfbr-370	51	23	of	of	ADP
asfbr-370	51	24	the	the	DET
asfbr-370	51	25	company	company	NOUN
asfbr-370	51	26	’s	’s	PART
asfbr-370	51	27	total	total	ADJ
asfbr-370	51	28	assets	asset	NOUN
asfbr-370	51	29	.	.	PUNCT
asfbr-370	52	1	financial	financial	ADJ
asfbr-370	52	2	distress	distress	NOUN
asfbr-370	52	3	is	be	AUX
asfbr-370	52	4	characterized	characterize	VERB
asfbr-370	52	5	by	by	ADP
asfbr-370	52	6	yields	yield	NOUN
asfbr-370	52	7	of	of	ADP
asfbr-370	52	8	bonds	bond	NOUN
asfbr-370	52	9	lower	low	ADJ
asfbr-370	52	10	than	than	ADP
asfbr-370	52	11	the	the	DET
asfbr-370	52	12	risk	risk	NOUN
asfbr-370	52	13	free	free	ADJ
asfbr-370	52	14	interest	interest	NOUN
asfbr-370	52	15	rate	rate	NOUN
asfbr-370	52	16	and	and	CCONJ
asfbr-370	52	17	significant	significant	ADJ
asfbr-370	52	18	difficulties	difficulty	NOUN
asfbr-370	52	19	in	in	ADP
asfbr-370	52	20	obtaining	obtain	VERB
asfbr-370	52	21	additional	additional	ADJ
asfbr-370	52	22	external	external	ADJ
asfbr-370	52	23	financing	financing	NOUN
asfbr-370	52	24	.	.	PUNCT
asfbr-370	53	1	2.2	2.2	NUM
asfbr-370	53	2	financial	financial	ADJ
asfbr-370	53	3	leverage	leverage	NOUN
asfbr-370	53	4	financial	financial	ADJ
asfbr-370	53	5	leverage	leverage	NOUN
asfbr-370	53	6	is	be	AUX
asfbr-370	53	7	a	a	DET
asfbr-370	53	8	measure	measure	NOUN
asfbr-370	53	9	of	of	ADP
asfbr-370	53	10	how	how	SCONJ
asfbr-370	53	11	much	much	ADJ
asfbr-370	53	12	firm	firm	NOUN
asfbr-370	53	13	uses	use	VERB
asfbr-370	53	14	equity	equity	NOUN
asfbr-370	53	15	and	and	CCONJ
asfbr-370	53	16	debt	debt	NOUN
asfbr-370	53	17	to	to	PART
asfbr-370	53	18	finance	finance	VERB
asfbr-370	53	19	its	its	PRON
asfbr-370	53	20	assets	asset	NOUN
asfbr-370	53	21	.	.	PUNCT
asfbr-370	54	1	as	as	ADP
asfbr-370	54	2	debt	debt	NOUN
asfbr-370	54	3	increases	increase	NOUN
asfbr-370	54	4	,	,	PUNCT
asfbr-370	54	5	financial	financial	ADJ
asfbr-370	54	6	leverage	leverage	NOUN
asfbr-370	54	7	increases	increase	NOUN
asfbr-370	54	8	.	.	PUNCT
asfbr-370	55	1	management	management	NOUN
asfbr-370	55	2	tends	tend	VERB
asfbr-370	55	3	to	to	PART
asfbr-370	55	4	prefer	prefer	VERB
asfbr-370	55	5	equity	equity	NOUN
asfbr-370	55	6	financing	financing	NOUN
asfbr-370	55	7	over	over	ADP
asfbr-370	55	8	debt	debt	NOUN
asfbr-370	55	9	since	since	SCONJ
asfbr-370	55	10	it	it	PRON
asfbr-370	55	11	carries	carry	VERB
asfbr-370	55	12	less	less	ADJ
asfbr-370	55	13	risk	risk	NOUN
asfbr-370	55	14	(	(	PUNCT
asfbr-370	55	15	matt	matt	PROPN
asfbr-370	55	16	,	,	PUNCT
asfbr-370	55	17	2000	2000	NUM
asfbr-370	55	18	)	)	PUNCT
asfbr-370	55	19	.	.	PUNCT
asfbr-370	56	1	financial	financial	ADJ
asfbr-370	56	2	leverage	leverage	NOUN
asfbr-370	56	3	takes	take	VERB
asfbr-370	56	4	the	the	DET
asfbr-370	56	5	form	form	NOUN
asfbr-370	56	6	of	of	ADP
asfbr-370	56	7	a	a	DET
asfbr-370	56	8	loan	loan	NOUN
asfbr-370	56	9	or	or	CCONJ
asfbr-370	56	10	other	other	ADJ
asfbr-370	56	11	borrowing	borrowing	NOUN
asfbr-370	56	12	(	(	PUNCT
asfbr-370	56	13	debt	debt	NOUN
asfbr-370	56	14	)	)	PUNCT
asfbr-370	56	15	,	,	PUNCT
asfbr-370	56	16	the	the	DET
asfbr-370	56	17	proceeds	proceed	NOUN
asfbr-370	56	18	of	of	ADP
asfbr-370	56	19	which	which	PRON
asfbr-370	56	20	are	be	AUX
asfbr-370	56	21	re	re	VERB
asfbr-370	56	22	-	-	VERB
asfbr-370	56	23	invested	invest	VERB
asfbr-370	56	24	with	with	ADP
asfbr-370	56	25	the	the	DET
asfbr-370	56	26	intent	intent	NOUN
asfbr-370	56	27	to	to	PART
asfbr-370	56	28	earn	earn	VERB
asfbr-370	56	29	a	a	DET
asfbr-370	56	30	greater	great	ADJ
asfbr-370	56	31	rate	rate	NOUN
asfbr-370	56	32	of	of	ADP
asfbr-370	56	33	return	return	NOUN
asfbr-370	56	34	than	than	ADP
asfbr-370	56	35	cost	cost	NOUN
asfbr-370	56	36	of	of	ADP
asfbr-370	56	37	interest	interest	NOUN
asfbr-370	56	38	.	.	PUNCT
asfbr-370	57	1	an	an	DET
asfbr-370	57	2	unlevered	unlevered	ADJ
asfbr-370	57	3	firm	firm	NOUN
asfbr-370	57	4	is	be	AUX
asfbr-370	57	5	an	an	DET
asfbr-370	57	6	all	all	DET
asfbr-370	57	7	-	-	PUNCT
asfbr-370	57	8	equity	equity	NOUN
asfbr-370	57	9	firm	firm	NOUN
asfbr-370	57	10	,	,	PUNCT
asfbr-370	57	11	whereas	whereas	SCONJ
asfbr-370	57	12	a	a	DET
asfbr-370	57	13	levered	lever	VERB
asfbr-370	57	14	firm	firm	NOUN
asfbr-370	57	15	is	be	AUX
asfbr-370	57	16	made	make	VERB
asfbr-370	57	17	up	up	ADP
asfbr-370	57	18	of	of	ADP
asfbr-370	57	19	ownership	ownership	NOUN
asfbr-370	57	20	equity	equity	NOUN
asfbr-370	57	21	and	and	CCONJ
asfbr-370	57	22	debt	debt	NOUN
asfbr-370	57	23	(	(	PUNCT
asfbr-370	57	24	andy	andy	PROPN
asfbr-370	57	25	,	,	PUNCT
asfbr-370	57	26	chuck	chuck	PROPN
asfbr-370	57	27	&	&	CCONJ
asfbr-370	57	28	alison	alison	PROPN
asfbr-370	57	29	,	,	PUNCT
asfbr-370	57	30	2002	2002	NUM
asfbr-370	57	31	)	)	PUNCT
asfbr-370	57	32	.	.	PUNCT
asfbr-370	58	1	leverage	leverage	NOUN
asfbr-370	58	2	allows	allow	VERB
asfbr-370	58	3	a	a	DET
asfbr-370	58	4	greater	great	ADJ
asfbr-370	58	5	potential	potential	ADJ
asfbr-370	58	6	returns	return	NOUN
asfbr-370	58	7	to	to	ADP
asfbr-370	58	8	the	the	DET
asfbr-370	58	9	investor	investor	NOUN
asfbr-370	58	10	than	than	SCONJ
asfbr-370	58	11	otherwise	otherwise	ADV
asfbr-370	58	12	would	would	AUX
asfbr-370	58	13	have	have	AUX
asfbr-370	58	14	been	be	AUX
asfbr-370	58	15	available	available	ADJ
asfbr-370	58	16	,	,	PUNCT
asfbr-370	58	17	but	but	CCONJ
asfbr-370	58	18	the	the	DET
asfbr-370	58	19	potential	potential	ADJ
asfbr-370	58	20	loss	loss	NOUN
asfbr-370	58	21	is	be	AUX
asfbr-370	58	22	also	also	ADV
asfbr-370	58	23	greater	great	ADJ
asfbr-370	58	24	if	if	SCONJ
asfbr-370	58	25	the	the	DET
asfbr-370	58	26	investment	investment	NOUN
asfbr-370	58	27	becomes	become	VERB
asfbr-370	58	28	worthless	worthless	ADJ
asfbr-370	58	29	,	,	PUNCT
asfbr-370	58	30	the	the	DET
asfbr-370	58	31	loan	loan	NOUN
asfbr-370	58	32	principal	principal	NOUN
asfbr-370	58	33	and	and	CCONJ
asfbr-370	58	34	all	all	DET
asfbr-370	58	35	accrued	accrue	VERB
asfbr-370	58	36	interest	interest	NOUN
asfbr-370	58	37	on	on	ADP
asfbr-370	58	38	the	the	DET
asfbr-370	58	39	loan	loan	NOUN
asfbr-370	58	40	still	still	ADV
asfbr-370	58	41	need	need	VERB
asfbr-370	58	42	to	to	PART
asfbr-370	58	43	be	be	AUX
asfbr-370	58	44	repaid	repay	VERB
asfbr-370	58	45	(	(	PUNCT
asfbr-370	58	46	andy	andy	PROPN
asfbr-370	58	47	et	et	PROPN
asfbr-370	58	48	.	.	PUNCT
asfbr-370	59	1	al	al	PROPN
asfbr-370	59	2	.	.	PROPN
asfbr-370	59	3	,	,	PUNCT
asfbr-370	59	4	2002	2002	NUM
asfbr-370	59	5	)	)	PUNCT
asfbr-370	59	6	.	.	PUNCT
asfbr-370	60	1	pandey	pandey	PROPN
asfbr-370	60	2	(	(	PUNCT
asfbr-370	60	3	2010	2010	NUM
asfbr-370	60	4	)	)	PUNCT
asfbr-370	60	5	opined	opine	VERB
asfbr-370	60	6	that	that	SCONJ
asfbr-370	60	7	the	the	DET
asfbr-370	60	8	financial	financial	ADJ
asfbr-370	60	9	leverage	leverage	NOUN
asfbr-370	60	10	employed	employ	VERB
asfbr-370	60	11	by	by	ADP
asfbr-370	60	12	a	a	DET
asfbr-370	60	13	company	company	NOUN
asfbr-370	60	14	is	be	AUX
asfbr-370	60	15	intended	intend	VERB
asfbr-370	60	16	to	to	PART
asfbr-370	60	17	earn	earn	VERB
asfbr-370	60	18	more	more	ADJ
asfbr-370	60	19	return	return	NOUN
asfbr-370	60	20	on	on	ADP
asfbr-370	60	21	the	the	DET
asfbr-370	60	22	fixedcharge	fixedcharge	NOUN
asfbr-370	60	23	funds	fund	NOUN
asfbr-370	60	24	than	than	ADP
asfbr-370	60	25	their	their	PRON
asfbr-370	60	26	costs	cost	NOUN
asfbr-370	60	27	.	.	PUNCT
asfbr-370	61	1	the	the	DET
asfbr-370	61	2	surplus	surplus	NOUN
asfbr-370	61	3	(	(	PUNCT
asfbr-370	61	4	or	or	CCONJ
asfbr-370	61	5	deficit	deficit	NOUN
asfbr-370	61	6	)	)	PUNCT
asfbr-370	61	7	will	will	AUX
asfbr-370	61	8	increase	increase	VERB
asfbr-370	61	9	(	(	PUNCT
asfbr-370	61	10	or	or	CCONJ
asfbr-370	61	11	decrease	decrease	VERB
asfbr-370	61	12	)	)	PUNCT
asfbr-370	61	13	the	the	DET
asfbr-370	61	14	return	return	NOUN
asfbr-370	61	15	on	on	ADP
asfbr-370	61	16	the	the	DET
asfbr-370	61	17	owners	owner	NOUN
asfbr-370	61	18	’	'	PUNCT
asfbr-370	61	19	equity	equity	NOUN
asfbr-370	61	20	.	.	PUNCT
asfbr-370	62	1	the	the	DET
asfbr-370	62	2	rate	rate	NOUN
asfbr-370	62	3	of	of	ADP
asfbr-370	62	4	return	return	NOUN
asfbr-370	62	5	on	on	ADP
asfbr-370	62	6	the	the	DET
asfbr-370	62	7	owners	owner	NOUN
asfbr-370	62	8	’	'	PUNCT
asfbr-370	62	9	equity	equity	NOUN
asfbr-370	62	10	is	be	AUX
asfbr-370	62	11	levered	lever	VERB
asfbr-370	62	12	above	above	ADP
asfbr-370	62	13	or	or	CCONJ
asfbr-370	62	14	below	below	ADP
asfbr-370	62	15	the	the	DET
asfbr-370	62	16	rate	rate	NOUN
asfbr-370	62	17	of	of	ADP
asfbr-370	62	18	return	return	NOUN
asfbr-370	62	19	on	on	ADP
asfbr-370	62	20	total	total	ADJ
asfbr-370	62	21	assets	asset	NOUN
asfbr-370	62	22	.	.	PUNCT
asfbr-370	63	1	thus	thus	ADV
asfbr-370	63	2	,	,	PUNCT
asfbr-370	63	3	financial	financial	ADJ
asfbr-370	63	4	leverage	leverage	NOUN
asfbr-370	63	5	is	be	AUX
asfbr-370	63	6	considered	consider	VERB
asfbr-370	63	7	as	as	ADP
asfbr-370	63	8	a	a	DET
asfbr-370	63	9	double	double	ADJ
asfbr-370	63	10	-	-	PUNCT
asfbr-370	63	11	edged	edge	VERB
asfbr-370	63	12	sword	sword	NOUN
asfbr-370	63	13	because	because	SCONJ
asfbr-370	63	14	it	it	PRON
asfbr-370	63	15	provides	provide	VERB
asfbr-370	63	16	the	the	DET
asfbr-370	63	17	potentials	potential	NOUN
asfbr-370	63	18	of	of	ADP
asfbr-370	63	19	increasing	increase	VERB
asfbr-370	63	20	the	the	DET
asfbr-370	63	21	shareholders	shareholder	NOUN
asfbr-370	63	22	’	’	PART
asfbr-370	63	23	earnings	earning	NOUN
asfbr-370	63	24	as	as	ADV
asfbr-370	63	25	well	well	ADV
asfbr-370	63	26	as	as	ADP
asfbr-370	63	27	creating	create	VERB
asfbr-370	63	28	the	the	DET
asfbr-370	63	29	risks	risk	NOUN
asfbr-370	63	30	of	of	ADP
asfbr-370	63	31	loss	loss	NOUN
asfbr-370	63	32	to	to	ADP
asfbr-370	63	33	them	they	PRON
asfbr-370	63	34	.	.	PUNCT
asfbr-370	64	1	copyright	copyright	NOUN
asfbr-370	64	2	©	©	PROPN
asfbr-370	64	3	cc	cc	PROPN
asfbr-370	64	4	-	-	PUNCT
asfbr-370	64	5	by	by	ADP
asfbr-370	64	6	-	-	PUNCT
asfbr-370	64	7	nc	nc	PROPN
asfbr-370	64	8	2019	2019	NUM
asfbr-370	64	9	,	,	PUNCT
asfbr-370	64	10	cribfb	cribfb	VERB
asfbr-370	65	1	|	|	ADV
asfbr-370	65	2	asfbr	asfbr	NOUN
asfbr-370	65	3	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	65	4	asian	asian	ADJ
asfbr-370	65	5	finance	finance	PROPN
asfbr-370	65	6	&	&	CCONJ
asfbr-370	65	7	banking	banking	PROPN
asfbr-370	65	8	review	review	PROPN
asfbr-370	65	9	vol	vol	NOUN
asfbr-370	65	10	.	.	PROPN
asfbr-370	66	1	3	3	NUM
asfbr-370	66	2	,	,	PUNCT
asfbr-370	66	3	no	no	INTJ
asfbr-370	66	4	.	.	NOUN
asfbr-370	66	5	2	2	NUM
asfbr-370	66	6	;	;	PUNCT
asfbr-370	66	7	2019	2019	NUM
asfbr-370	66	8	28	28	NUM
asfbr-370	66	9	2.3	2.3	NUM
asfbr-370	66	10	measures	measure	NOUN
asfbr-370	66	11	of	of	ADP
asfbr-370	66	12	financial	financial	ADJ
asfbr-370	66	13	leverage	leverage	NOUN
asfbr-370	66	14	2.3.1	2.3.1	NUM
asfbr-370	66	15	total	total	ADJ
asfbr-370	66	16	debt	debt	NOUN
asfbr-370	66	17	ratio	ratio	NOUN
asfbr-370	66	18	total	total	ADJ
asfbr-370	66	19	debt	debt	NOUN
asfbr-370	66	20	ratio	ratio	NOUN
asfbr-370	66	21	measures	measure	VERB
asfbr-370	66	22	the	the	DET
asfbr-370	66	23	amount	amount	NOUN
asfbr-370	66	24	of	of	ADP
asfbr-370	66	25	a	a	DET
asfbr-370	66	26	firm	firm	NOUN
asfbr-370	66	27	’s	’s	PART
asfbr-370	66	28	total	total	ADJ
asfbr-370	66	29	assets	asset	NOUN
asfbr-370	66	30	that	that	PRON
asfbr-370	66	31	is	be	AUX
asfbr-370	66	32	financed	finance	VERB
asfbr-370	66	33	with	with	ADP
asfbr-370	66	34	external	external	ADJ
asfbr-370	66	35	debt	debt	NOUN
asfbr-370	66	36	.	.	PUNCT
asfbr-370	67	1	this	this	DET
asfbr-370	67	2	measure	measure	NOUN
asfbr-370	67	3	encompasses	encompass	VERB
asfbr-370	67	4	a	a	DET
asfbr-370	67	5	ll	ll	NOUN
asfbr-370	67	6	short	short	ADJ
asfbr-370	67	7	term	term	NOUN
asfbr-370	67	8	liabilities	liability	NOUN
asfbr-370	67	9	and	and	CCONJ
asfbr-370	67	10	long	long	ADJ
asfbr-370	67	11	-	-	PUNCT
asfbr-370	67	12	term	term	NOUN
asfbr-370	67	13	liabilities	liability	NOUN
asfbr-370	67	14	.	.	PUNCT
asfbr-370	68	1	nwude	nwude	PROPN
asfbr-370	68	2	(	(	PUNCT
asfbr-370	68	3	2003	2003	NUM
asfbr-370	68	4	)	)	PUNCT
asfbr-370	68	5	contend	contend	VERB
asfbr-370	68	6	that	that	SCONJ
asfbr-370	68	7	this	this	DET
asfbr-370	68	8	measures	measure	NOUN
asfbr-370	68	9	portion	portion	NOUN
asfbr-370	68	10	of	of	ADP
asfbr-370	68	11	the	the	DET
asfbr-370	68	12	firm	firm	NOUN
asfbr-370	68	13	’s	’s	PART
asfbr-370	68	14	assets	asset	NOUN
asfbr-370	68	15	that	that	PRON
asfbr-370	68	16	is	be	AUX
asfbr-370	68	17	financed	finance	VERB
asfbr-370	68	18	by	by	ADP
asfbr-370	68	19	creditors	creditor	NOUN
asfbr-370	68	20	.	.	PUNCT
asfbr-370	69	1	as	as	ADP
asfbr-370	69	2	the	the	DET
asfbr-370	69	3	total	total	ADJ
asfbr-370	69	4	debt	debt	NOUN
asfbr-370	69	5	ratio	ratio	NOUN
asfbr-370	69	6	increase	increase	NOUN
asfbr-370	69	7	,	,	PUNCT
asfbr-370	69	8	so	so	ADV
asfbr-370	69	9	do	do	VERB
asfbr-370	69	10	a	a	DET
asfbr-370	69	11	firm	firm	NOUN
asfbr-370	69	12	’s	’s	PART
asfbr-370	69	13	fixed	fix	VERB
asfbr-370	69	14	-	-	PUNCT
asfbr-370	69	15	interest	interest	NOUN
asfbr-370	69	16	charges	charge	NOUN
asfbr-370	69	17	,	,	PUNCT
asfbr-370	69	18	if	if	SCONJ
asfbr-370	69	19	the	the	DET
asfbr-370	69	20	total	total	ADJ
asfbr-370	69	21	debt	debt	NOUN
asfbr-370	69	22	ratio	ratio	NOUN
asfbr-370	69	23	becomes	become	VERB
asfbr-370	69	24	too	too	ADV
asfbr-370	69	25	high	high	ADJ
asfbr-370	69	26	,	,	PUNCT
asfbr-370	69	27	the	the	DET
asfbr-370	69	28	cash	cash	NOUN
asfbr-370	69	29	flow	flow	NOUN
asfbr-370	69	30	the	the	DET
asfbr-370	69	31	firm	firm	NOUN
asfbr-370	69	32	generates	generate	VERB
asfbr-370	69	33	during	during	ADP
asfbr-370	69	34	economic	economic	ADJ
asfbr-370	69	35	recessions	recession	NOUN
asfbr-370	69	36	may	may	AUX
asfbr-370	69	37	not	not	PART
asfbr-370	69	38	be	be	AUX
asfbr-370	69	39	sufficient	sufficient	ADJ
asfbr-370	69	40	to	to	PART
asfbr-370	69	41	meet	meet	VERB
asfbr-370	69	42	interest	interest	NOUN
asfbr-370	69	43	payments	payment	NOUN
asfbr-370	69	44	.	.	PUNCT
asfbr-370	70	1	in	in	ADP
asfbr-370	70	2	terms	term	NOUN
asfbr-370	70	3	of	of	ADP
asfbr-370	70	4	its	its	PRON
asfbr-370	70	5	significance	significance	NOUN
asfbr-370	70	6	to	to	ADP
asfbr-370	70	7	a	a	DET
asfbr-370	70	8	firm	firm	NOUN
asfbr-370	70	9	,	,	PUNCT
asfbr-370	70	10	theoretical	theoretical	ADJ
asfbr-370	70	11	literatures	literature	NOUN
asfbr-370	70	12	predict	predict	VERB
asfbr-370	70	13	that	that	SCONJ
asfbr-370	70	14	debt	debt	NOUN
asfbr-370	70	15	is	be	AUX
asfbr-370	70	16	positively	positively	ADV
asfbr-370	70	17	correlated	correlate	VERB
asfbr-370	70	18	with	with	ADP
asfbr-370	70	19	level	level	NOUN
asfbr-370	70	20	of	of	ADP
asfbr-370	70	21	investment	investment	NOUN
asfbr-370	70	22	.	.	PUNCT
asfbr-370	71	1	for	for	ADP
asfbr-370	71	2	example	example	NOUN
asfbr-370	71	3	,	,	PUNCT
asfbr-370	71	4	long	long	ADJ
asfbr-370	71	5	and	and	CCONJ
asfbr-370	71	6	malitz	malitz	PROPN
asfbr-370	71	7	(	(	PUNCT
asfbr-370	71	8	1985	1985	NUM
asfbr-370	71	9	)	)	PUNCT
asfbr-370	71	10	found	find	VERB
asfbr-370	71	11	a	a	DET
asfbr-370	71	12	significant	significant	ADJ
asfbr-370	71	13	positive	positive	ADJ
asfbr-370	71	14	relationship	relationship	NOUN
asfbr-370	71	15	between	between	ADP
asfbr-370	71	16	the	the	DET
asfbr-370	71	17	rate	rate	NOUN
asfbr-370	71	18	of	of	ADP
asfbr-370	71	19	investment	investment	NOUN
asfbr-370	71	20	in	in	ADP
asfbr-370	71	21	fixed	fix	VERB
asfbr-370	71	22	plant	plant	NOUN
asfbr-370	71	23	and	and	CCONJ
asfbr-370	71	24	equipment	equipment	NOUN
asfbr-370	71	25	and	and	CCONJ
asfbr-370	71	26	level	level	NOUN
asfbr-370	71	27	of	of	ADP
asfbr-370	71	28	borrowing	borrowing	NOUN
asfbr-370	71	29	.	.	PUNCT
asfbr-370	72	1	the	the	DET
asfbr-370	72	2	total	total	ADJ
asfbr-370	72	3	debt	debt	NOUN
asfbr-370	72	4	ratio	ratio	NOUN
asfbr-370	72	5	is	be	AUX
asfbr-370	72	6	measured	measure	VERB
asfbr-370	72	7	by	by	ADP
asfbr-370	72	8	dividing	divide	VERB
asfbr-370	72	9	total	total	ADJ
asfbr-370	72	10	debt	debt	NOUN
asfbr-370	72	11	with	with	ADP
asfbr-370	72	12	the	the	DET
asfbr-370	72	13	total	total	ADJ
asfbr-370	72	14	assets	asset	NOUN
asfbr-370	72	15	of	of	ADP
asfbr-370	72	16	the	the	DET
asfbr-370	72	17	firm	firm	NOUN
asfbr-370	72	18	.	.	PUNCT
asfbr-370	73	1	this	this	DET
asfbr-370	73	2	proxy	proxy	ADJ
asfbr-370	73	3	variable	variable	NOUN
asfbr-370	73	4	remained	remain	VERB
asfbr-370	73	5	most	most	ADV
asfbr-370	73	6	notable	notable	ADJ
asfbr-370	73	7	measure	measure	NOUN
asfbr-370	73	8	of	of	ADP
asfbr-370	73	9	leverage	leverage	NOUN
asfbr-370	73	10	ratio	ratio	NOUN
asfbr-370	73	11	of	of	ADP
asfbr-370	73	12	a	a	DET
asfbr-370	73	13	firm	firm	NOUN
asfbr-370	73	14	as	as	SCONJ
asfbr-370	73	15	adopted	adopt	VERB
asfbr-370	73	16	in	in	ADP
asfbr-370	73	17	many	many	ADJ
asfbr-370	73	18	empirical	empirical	ADJ
asfbr-370	73	19	studies	study	NOUN
asfbr-370	73	20	(	(	PUNCT
asfbr-370	73	21	zeitun	zeitun	NOUN
asfbr-370	73	22	and	and	CCONJ
asfbr-370	73	23	tian	tian	ADJ
asfbr-370	73	24	,	,	PUNCT
asfbr-370	73	25	2007	2007	NUM
asfbr-370	73	26	;	;	PUNCT
asfbr-370	73	27	onaolapo	onaolapo	PROPN
asfbr-370	73	28	and	and	CCONJ
asfbr-370	73	29	kajola	kajola	PROPN
asfbr-370	73	30	,	,	PUNCT
asfbr-370	73	31	2010	2010	NUM
asfbr-370	73	32	;	;	PUNCT
asfbr-370	73	33	tze	tze	X
asfbr-370	73	34	-	-	PUNCT
asfbr-370	73	35	sam	sam	PROPN
asfbr-370	73	36	and	and	CCONJ
asfbr-370	73	37	heng	heng	PROPN
asfbr-370	73	38	,	,	PUNCT
asfbr-370	73	39	2011	2011	NUM
asfbr-370	73	40	;	;	PUNCT
asfbr-370	73	41	kasozi	kasozi	NOUN
asfbr-370	73	42	and	and	CCONJ
asfbr-370	73	43	ngwenya	ngwenya	PROPN
asfbr-370	73	44	,	,	PUNCT
asfbr-370	73	45	2010	2010	NUM
asfbr-370	73	46	;	;	PUNCT
asfbr-370	73	47	baker	baker	PROPN
asfbr-370	73	48	and	and	CCONJ
asfbr-370	73	49	wurgler	wurgler	NOUN
asfbr-370	73	50	,	,	PUNCT
asfbr-370	73	51	2002	2002	NUM
asfbr-370	73	52	;	;	PUNCT
asfbr-370	73	53	ju	ju	PROPN
asfbr-370	73	54	et	et	PROPN
asfbr-370	73	55	al	al	PROPN
asfbr-370	73	56	.	.	PROPN
asfbr-370	73	57	,	,	PUNCT
asfbr-370	73	58	2004	2004	NUM
asfbr-370	73	59	;	;	PUNCT
asfbr-370	73	60	and	and	CCONJ
asfbr-370	73	61	booth	booth	NOUN
asfbr-370	73	62	et	et	PROPN
asfbr-370	73	63	al	al	PROPN
asfbr-370	73	64	.	.	PROPN
asfbr-370	73	65	,	,	PUNCT
asfbr-370	73	66	1999	1999	NUM
asfbr-370	73	67	;	;	PUNCT
asfbr-370	73	68	khan	khan	PROPN
asfbr-370	73	69	,	,	PUNCT
asfbr-370	73	70	2012	2012	NUM
asfbr-370	73	71	;	;	PUNCT
asfbr-370	73	72	azhagaiah	azhagaiah	NOUN
asfbr-370	73	73	and	and	CCONJ
asfbr-370	73	74	gavoury	gavoury	NOUN
asfbr-370	73	75	,	,	PUNCT
asfbr-370	73	76	2011	2011	NUM
asfbr-370	73	77	)	)	PUNCT
asfbr-370	73	78	.	.	PUNCT
asfbr-370	74	1	total	total	ADJ
asfbr-370	74	2	debt	debt	NOUN
asfbr-370	74	3	ratio	ratio	NOUN
asfbr-370	74	4	=	=	PUNCT
asfbr-370	74	5	total	total	ADJ
asfbr-370	74	6	assets	asset	NOUN
asfbr-370	74	7	total	total	ADJ
asfbr-370	74	8	debt	debt	NOUN
asfbr-370	74	9	1	1	NUM
asfbr-370	74	10	2.3.2	2.3.2	NUM
asfbr-370	74	11	debt	debt	NOUN
asfbr-370	74	12	equity	equity	NOUN
asfbr-370	74	13	ratio	ratio	PROPN
asfbr-370	74	14	debt	debt	NOUN
asfbr-370	74	15	equity	equity	NOUN
asfbr-370	74	16	ratio	ratio	NOUN
asfbr-370	74	17	is	be	AUX
asfbr-370	74	18	similar	similar	ADJ
asfbr-370	74	19	to	to	ADP
asfbr-370	74	20	the	the	DET
asfbr-370	74	21	debt	debt	NOUN
asfbr-370	74	22	ratio	ratio	NOUN
asfbr-370	74	23	and	and	CCONJ
asfbr-370	74	24	relates	relate	VERB
asfbr-370	74	25	the	the	DET
asfbr-370	74	26	amount	amount	NOUN
asfbr-370	74	27	of	of	ADP
asfbr-370	74	28	a	a	DET
asfbr-370	74	29	firm	firm	NOUN
asfbr-370	74	30	’s	’s	PART
asfbr-370	74	31	debt	debt	NOUN
asfbr-370	74	32	financing	financing	NOUN
asfbr-370	74	33	to	to	ADP
asfbr-370	74	34	the	the	DET
asfbr-370	74	35	amount	amount	NOUN
asfbr-370	74	36	of	of	ADP
asfbr-370	74	37	equity	equity	NOUN
asfbr-370	74	38	financing	financing	NOUN
asfbr-370	74	39	.	.	PUNCT
asfbr-370	75	1	actually	actually	ADV
asfbr-370	75	2	,	,	PUNCT
asfbr-370	75	3	this	this	DET
asfbr-370	75	4	measure	measure	NOUN
asfbr-370	75	5	of	of	ADP
asfbr-370	75	6	leverage	leverage	NOUN
asfbr-370	75	7	ratio	ratio	NOUN
asfbr-370	75	8	is	be	AUX
asfbr-370	75	9	not	not	PART
asfbr-370	75	10	actually	actually	ADV
asfbr-370	75	11	a	a	DET
asfbr-370	75	12	new	new	ADJ
asfbr-370	75	13	measure	measure	NOUN
asfbr-370	75	14	;	;	PUNCT
asfbr-370	75	15	it	it	PRON
asfbr-370	75	16	is	be	AUX
asfbr-370	75	17	simply	simply	ADV
asfbr-370	75	18	the	the	DET
asfbr-370	75	19	debt	debt	NOUN
asfbr-370	75	20	ratio	ratio	NOUN
asfbr-370	75	21	in	in	ADP
asfbr-370	75	22	a	a	DET
asfbr-370	75	23	different	different	ADJ
asfbr-370	75	24	format	format	NOUN
asfbr-370	75	25	.	.	PUNCT
asfbr-370	76	1	debt	debt	NOUN
asfbr-370	76	2	equity	equity	NOUN
asfbr-370	76	3	ratio	ratio	NOUN
asfbr-370	76	4	is	be	AUX
asfbr-370	76	5	the	the	DET
asfbr-370	76	6	quantitative	quantitative	ADJ
asfbr-370	76	7	measures	measure	NOUN
asfbr-370	76	8	of	of	ADP
asfbr-370	76	9	the	the	DET
asfbr-370	76	10	proportion	proportion	NOUN
asfbr-370	76	11	of	of	ADP
asfbr-370	76	12	the	the	DET
asfbr-370	76	13	total	total	ADJ
asfbr-370	76	14	debt	debt	NOUN
asfbr-370	76	15	to	to	ADP
asfbr-370	76	16	residual	residual	ADJ
asfbr-370	76	17	owners	owner	NOUN
asfbr-370	76	18	’	'	PUNCT
asfbr-370	76	19	equity	equity	NOUN
asfbr-370	76	20	(	(	PUNCT
asfbr-370	76	21	nwude	nwude	NOUN
asfbr-370	76	22	,	,	PUNCT
asfbr-370	76	23	2003	2003	NUM
asfbr-370	76	24	)	)	PUNCT
asfbr-370	76	25	.	.	PUNCT
asfbr-370	77	1	thus	thus	ADV
asfbr-370	77	2	,	,	PUNCT
asfbr-370	77	3	it	it	PRON
asfbr-370	77	4	is	be	AUX
asfbr-370	77	5	an	an	DET
asfbr-370	77	6	indicator	indicator	NOUN
asfbr-370	77	7	of	of	ADP
asfbr-370	77	8	company	company	NOUN
asfbr-370	77	9	’s	’s	PART
asfbr-370	77	10	financial	financial	ADJ
asfbr-370	77	11	structure	structure	NOUN
asfbr-370	77	12	and	and	CCONJ
asfbr-370	77	13	whether	whether	SCONJ
asfbr-370	77	14	the	the	DET
asfbr-370	77	15	company	company	NOUN
asfbr-370	77	16	is	be	AUX
asfbr-370	77	17	more	more	ADV
asfbr-370	77	18	reliant	reliant	ADJ
asfbr-370	77	19	on	on	ADP
asfbr-370	77	20	borrowing	borrowing	NOUN
asfbr-370	77	21	(	(	PUNCT
asfbr-370	77	22	debt	debt	NOUN
asfbr-370	77	23	)	)	PUNCT
asfbr-370	77	24	or	or	CCONJ
asfbr-370	77	25	shareholders	shareholder	NOUN
asfbr-370	77	26	capita	capita	X
asfbr-370	77	27	l	l	NOUN
asfbr-370	77	28	(	(	PUNCT
asfbr-370	77	29	equity	equity	NOUN
asfbr-370	77	30	)	)	PUNCT
asfbr-370	77	31	to	to	PART
asfbr-370	77	32	fund	fund	VERB
asfbr-370	77	33	assets	asset	NOUN
asfbr-370	77	34	and	and	CCONJ
asfbr-370	77	35	activities	activity	NOUN
asfbr-370	77	36	.	.	PUNCT
asfbr-370	78	1	many	many	ADJ
asfbr-370	78	2	empirical	empirical	ADJ
asfbr-370	78	3	studies	study	NOUN
asfbr-370	78	4	in	in	ADP
asfbr-370	78	5	different	different	ADJ
asfbr-370	78	6	jurisdictions	jurisdiction	NOUN
asfbr-370	78	7	have	have	AUX
asfbr-370	78	8	employed	employ	VERB
asfbr-370	78	9	this	this	DET
asfbr-370	78	10	measure	measure	NOUN
asfbr-370	78	11	of	of	ADP
asfbr-370	78	12	financial	financial	ADJ
asfbr-370	78	13	structure	structure	NOUN
asfbr-370	78	14	in	in	ADP
asfbr-370	78	15	their	their	PRON
asfbr-370	78	16	various	various	ADJ
asfbr-370	78	17	studies	study	NOUN
asfbr-370	78	18	(	(	PUNCT
asfbr-370	78	19	zeitun	zeitun	NOUN
asfbr-370	78	20	and	and	CCONJ
asfbr-370	78	21	tian	tian	ADJ
asfbr-370	78	22	,	,	PUNCT
asfbr-370	78	23	2007	2007	NUM
asfbr-370	78	24	;	;	PUNCT
asfbr-370	78	25	majumdar	majumdar	PROPN
asfbr-370	78	26	and	and	CCONJ
asfbr-370	78	27	chhibber	chhibber	PROPN
asfbr-370	78	28	,	,	PUNCT
asfbr-370	78	29	1999	1999	NUM
asfbr-370	78	30	;	;	PUNCT
asfbr-370	78	31	azhagaiah	azhagaiah	NOUN
asfbr-370	78	32	and	and	CCONJ
asfbr-370	78	33	gavoury	gavoury	NOUN
asfbr-370	78	34	,	,	PUNCT
asfbr-370	78	35	2011	2011	NUM
asfbr-370	78	36	)	)	PUNCT
asfbr-370	78	37	among	among	ADP
asfbr-370	78	38	others	other	NOUN
asfbr-370	78	39	.	.	PUNCT
asfbr-370	79	1	debt	debt	NOUN
asfbr-370	79	2	equity	equity	NOUN
asfbr-370	79	3	ratio	ratio	NOUN
asfbr-370	79	4	=	=	PUNCT
asfbr-370	79	5	shareholders	shareholder	NOUN
asfbr-370	79	6	funds	fund	NOUN
asfbr-370	79	7	total	total	ADJ
asfbr-370	79	8	debt	debt	NOUN
asfbr-370	79	9	2	2	NUM
asfbr-370	79	10	2.3.3	2.3.3	NUM
asfbr-370	79	11	long	long	ADJ
asfbr-370	79	12	term	term	NOUN
asfbr-370	79	13	debt	debt	NOUN
asfbr-370	79	14	ratio	ratio	NOUN
asfbr-370	79	15	although	although	SCONJ
asfbr-370	79	16	this	this	DET
asfbr-370	79	17	measure	measure	NOUN
asfbr-370	79	18	is	be	AUX
asfbr-370	79	19	incorporated	incorporate	VERB
asfbr-370	79	20	in	in	ADP
asfbr-370	79	21	the	the	DET
asfbr-370	79	22	last	last	ADJ
asfbr-370	79	23	two	two	NUM
asfbr-370	79	24	measures	measure	NOUN
asfbr-370	79	25	highlighted	highlight	VERB
asfbr-370	79	26	above	above	ADV
asfbr-370	79	27	,	,	PUNCT
asfbr-370	79	28	some	some	DET
asfbr-370	79	29	analysts	analyst	NOUN
asfbr-370	79	30	generally	generally	ADV
asfbr-370	79	31	use	use	VERB
asfbr-370	79	32	this	this	DET
asfbr-370	79	33	measure	measure	NOUN
asfbr-370	79	34	because	because	SCONJ
asfbr-370	79	35	most	most	ADJ
asfbr-370	79	36	interest	interest	NOUN
asfbr-370	79	37	costs	cost	NOUN
asfbr-370	79	38	are	be	AUX
asfbr-370	79	39	incurred	incur	VERB
asfbr-370	79	40	on	on	ADP
asfbr-370	79	41	long	long	ADJ
asfbr-370	79	42	-	-	PUNCT
asfbr-370	79	43	term	term	NOUN
asfbr-370	79	44	borrowed	borrow	VERB
asfbr-370	79	45	funds	fund	NOUN
asfbr-370	79	46	,	,	PUNCT
asfbr-370	79	47	and	and	CCONJ
asfbr-370	79	48	because	because	SCONJ
asfbr-370	79	49	long	long	ADJ
asfbr-370	79	50	-	-	PUNCT
asfbr-370	79	51	term	term	NOUN
asfbr-370	79	52	borrowing	borrowing	NOUN
asfbr-370	79	53	places	place	NOUN
asfbr-370	79	54	multi	multi	ADJ
asfbr-370	79	55	-	-	NOUN
asfbr-370	79	56	year	year	NOUN
asfbr-370	79	57	,	,	PUNCT
asfbr-370	79	58	fixed	fix	VERB
asfbr-370	79	59	financial	financial	ADJ
asfbr-370	79	60	obligations	obligation	NOUN
asfbr-370	79	61	on	on	ADP
asfbr-370	79	62	a	a	DET
asfbr-370	79	63	firm	firm	NOUN
asfbr-370	79	64	.	.	PUNCT
asfbr-370	80	1	titman	titman	PROPN
asfbr-370	80	2	and	and	CCONJ
asfbr-370	80	3	wessels	wessels	PROPN
asfbr-370	80	4	(	(	PUNCT
asfbr-370	80	5	1988	1988	NUM
asfbr-370	80	6	)	)	PUNCT
asfbr-370	80	7	contend	contend	VERB
asfbr-370	80	8	that	that	SCONJ
asfbr-370	80	9	significant	significant	ADJ
asfbr-370	80	10	results	result	NOUN
asfbr-370	80	11	are	be	AUX
asfbr-370	80	12	good	good	ADJ
asfbr-370	80	13	reason	reason	NOUN
asfbr-370	80	14	for	for	ADP
asfbr-370	80	15	employment	employment	NOUN
asfbr-370	80	16	of	of	ADP
asfbr-370	80	17	different	different	ADJ
asfbr-370	80	18	measures	measure	NOUN
asfbr-370	80	19	of	of	ADP
asfbr-370	80	20	leverage	leverage	NOUN
asfbr-370	80	21	ratio	ratio	NOUN
asfbr-370	80	22	because	because	SCONJ
asfbr-370	80	23	some	some	PRON
asfbr-370	80	24	of	of	ADP
asfbr-370	80	25	the	the	DET
asfbr-370	80	26	theories	theory	NOUN
asfbr-370	80	27	of	of	ADP
asfbr-370	80	28	financial	financial	ADJ
asfbr-370	80	29	structure	structure	NOUN
asfbr-370	80	30	have	have	VERB
asfbr-370	80	31	different	different	ADJ
asfbr-370	80	32	implications	implication	NOUN
asfbr-370	80	33	for	for	ADP
asfbr-370	80	34	not	not	PART
asfbr-370	80	35	combining	combine	VERB
asfbr-370	80	36	them	they	PRON
asfbr-370	80	37	as	as	ADP
asfbr-370	80	38	aggregate	aggregate	ADJ
asfbr-370	80	39	“	"	PUNCT
asfbr-370	80	40	debt	debt	NOUN
asfbr-370	80	41	ratio	ratio	NOUN
asfbr-370	80	42	”	"	PUNCT
asfbr-370	80	43	.	.	PUNCT
asfbr-370	81	1	long	long	ADJ
asfbr-370	81	2	term	term	NOUN
asfbr-370	81	3	debt	debt	NOUN
asfbr-370	81	4	ratio	ratio	NOUN
asfbr-370	81	5	is	be	AUX
asfbr-370	81	6	measured	measure	VERB
asfbr-370	81	7	by	by	ADP
asfbr-370	81	8	dividing	divide	VERB
asfbr-370	81	9	long	long	ADJ
asfbr-370	81	10	term	term	NOUN
asfbr-370	81	11	debt	debt	NOUN
asfbr-370	81	12	with	with	ADP
asfbr-370	81	13	the	the	DET
asfbr-370	81	14	total	total	ADJ
asfbr-370	81	15	assets	asset	NOUN
asfbr-370	81	16	of	of	ADP
asfbr-370	81	17	the	the	DET
asfbr-370	81	18	firm	firm	NOUN
asfbr-370	81	19	,	,	PUNCT
asfbr-370	81	20	and	and	CCONJ
asfbr-370	81	21	has	have	AUX
asfbr-370	81	22	been	be	AUX
asfbr-370	81	23	adopted	adopt	VERB
asfbr-370	81	24	in	in	ADP
asfbr-370	81	25	several	several	ADJ
asfbr-370	81	26	empirical	empirical	ADJ
asfbr-370	81	27	studies	study	NOUN
asfbr-370	81	28	(	(	PUNCT
asfbr-370	81	29	titman	titman	NOUN
asfbr-370	81	30	and	and	CCONJ
asfbr-370	81	31	wessels	wessels	PROPN
asfbr-370	81	32	,	,	PUNCT
asfbr-370	81	33	1988	1988	NUM
asfbr-370	81	34	;	;	PUNCT
asfbr-370	81	35	zeitun	zeitun	NOUN
asfbr-370	81	36	and	and	CCONJ
asfbr-370	81	37	tian	tian	PROPN
asfbr-370	81	38	,	,	PUNCT
asfbr-370	81	39	2007	2007	NUM
asfbr-370	81	40	;	;	PUNCT
asfbr-370	81	41	tze	tze	X
asfbr-370	81	42	-	-	PUNCT
asfbr-370	81	43	sam	sam	PROPN
asfbr-370	81	44	and	and	CCONJ
asfbr-370	81	45	heng	heng	PROPN
asfbr-370	81	46	,	,	PUNCT
asfbr-370	81	47	2011	2011	NUM
asfbr-370	81	48	;	;	PUNCT
asfbr-370	81	49	long	long	ADJ
asfbr-370	81	50	and	and	CCONJ
asfbr-370	81	51	malitz	malitz	PROPN
asfbr-370	81	52	,	,	PUNCT
asfbr-370	81	53	1985	1985	NUM
asfbr-370	81	54	;	;	PUNCT
asfbr-370	82	1	booth	booth	NOUN
asfbr-370	82	2	et	et	PROPN
asfbr-370	82	3	al	al	PROPN
asfbr-370	82	4	.	.	PROPN
asfbr-370	82	5	,	,	PUNCT
asfbr-370	82	6	1999	1999	NUM
asfbr-370	82	7	)	)	PUNCT
asfbr-370	82	8	.	.	PUNCT
asfbr-370	83	1	long	long	ADJ
asfbr-370	83	2	term	term	NOUN
asfbr-370	83	3	debt	debt	NOUN
asfbr-370	83	4	ratio	ratio	NOUN
asfbr-370	83	5	=	=	PUNCT
asfbr-370	83	6	total	total	ADJ
asfbr-370	83	7	assets	asset	NOUN
asfbr-370	83	8	long	long	ADJ
asfbr-370	83	9	term	term	NOUN
asfbr-370	83	10	debt	debt	NOUN
asfbr-370	83	11	3	3	NUM
asfbr-370	83	12	2.3.4	2.3.4	NUM
asfbr-370	83	13	short	short	ADJ
asfbr-370	83	14	term	term	NOUN
asfbr-370	83	15	debt	debt	NOUN
asfbr-370	83	16	ratio	ratio	NOUN
asfbr-370	83	17	short	short	ADJ
asfbr-370	83	18	term	term	NOUN
asfbr-370	83	19	debts	debt	NOUN
asfbr-370	83	20	are	be	AUX
asfbr-370	83	21	debt	debt	NOUN
asfbr-370	83	22	obligations	obligation	NOUN
asfbr-370	83	23	that	that	PRON
asfbr-370	83	24	mature	mature	VERB
asfbr-370	83	25	within	within	ADP
asfbr-370	83	26	one	one	NUM
asfbr-370	83	27	accounting	accounting	NOUN
asfbr-370	83	28	year	year	NOUN
asfbr-370	83	29	.	.	PUNCT
asfbr-370	84	1	this	this	DET
asfbr-370	84	2	measure	measure	NOUN
asfbr-370	84	3	is	be	AUX
asfbr-370	84	4	very	very	ADV
asfbr-370	84	5	appropriate	appropriate	ADJ
asfbr-370	84	6	to	to	PART
asfbr-370	84	7	be	be	AUX
asfbr-370	84	8	included	include	VERB
asfbr-370	84	9	in	in	ADP
asfbr-370	84	10	the	the	DET
asfbr-370	84	11	measures	measure	NOUN
asfbr-370	84	12	of	of	ADP
asfbr-370	84	13	leverage	leverage	NOUN
asfbr-370	84	14	ratio	ratio	NOUN
asfbr-370	84	15	due	due	ADP
asfbr-370	84	16	to	to	ADP
asfbr-370	84	17	the	the	DET
asfbr-370	84	18	important	important	ADJ
asfbr-370	84	19	of	of	ADP
asfbr-370	84	20	short	short	ADJ
asfbr-370	84	21	term	term	NOUN
asfbr-370	84	22	funding	funding	NOUN
asfbr-370	84	23	to	to	ADP
asfbr-370	84	24	a	a	DET
asfbr-370	84	25	firm	firm	NOUN
asfbr-370	84	26	.	.	PUNCT
asfbr-370	85	1	this	this	PRON
asfbr-370	85	2	may	may	AUX
asfbr-370	85	3	be	be	AUX
asfbr-370	85	4	one	one	NUM
asfbr-370	85	5	of	of	ADP
asfbr-370	85	6	the	the	DET
asfbr-370	85	7	reasons	reason	NOUN
asfbr-370	85	8	that	that	PRON
asfbr-370	85	9	led	lead	VERB
asfbr-370	85	10	to	to	ADP
asfbr-370	85	11	adoption	adoption	NOUN
asfbr-370	85	12	of	of	ADP
asfbr-370	85	13	different	different	ADJ
asfbr-370	85	14	measures	measure	NOUN
asfbr-370	85	15	of	of	ADP
asfbr-370	85	16	leverage	leverage	NOUN
asfbr-370	85	17	ratio	ratio	NOUN
asfbr-370	85	18	rather	rather	ADV
asfbr-370	85	19	than	than	ADP
asfbr-370	85	20	narrow	narrow	ADJ
asfbr-370	85	21	measure	measure	NOUN
asfbr-370	85	22	of	of	ADP
asfbr-370	85	23	financial	financial	ADJ
asfbr-370	85	24	structure	structure	NOUN
asfbr-370	85	25	by	by	ADP
asfbr-370	85	26	some	some	DET
asfbr-370	85	27	scholars	scholar	NOUN
asfbr-370	85	28	.	.	PUNCT
asfbr-370	86	1	titman	titman	NOUN
asfbr-370	86	2	and	and	CCONJ
asfbr-370	86	3	wessels	wessels	PROPN
asfbr-370	86	4	(	(	PUNCT
asfbr-370	86	5	1988	1988	NUM
asfbr-370	86	6	)	)	PUNCT
asfbr-370	86	7	contend	contend	VERB
asfbr-370	86	8	that	that	SCONJ
asfbr-370	86	9	theories	theory	NOUN
asfbr-370	86	10	have	have	VERB
asfbr-370	86	11	different	different	ADJ
asfbr-370	86	12	empirical	empirical	ADJ
asfbr-370	86	13	implications	implication	NOUN
asfbr-370	86	14	in	in	ADP
asfbr-370	86	15	regard	regard	NOUN
asfbr-370	86	16	to	to	ADP
asfbr-370	86	17	different	different	ADJ
asfbr-370	86	18	types	type	NOUN
asfbr-370	86	19	of	of	ADP
asfbr-370	86	20	debt	debt	NOUN
asfbr-370	86	21	instruments	instrument	NOUN
asfbr-370	86	22	.	.	PUNCT
asfbr-370	87	1	thus	thus	ADV
asfbr-370	87	2	,	,	PUNCT
asfbr-370	87	3	mismatching	mismatching	ADJ
asfbr-370	87	4	funds	fund	NOUN
asfbr-370	87	5	is	be	AUX
asfbr-370	87	6	a	a	DET
asfbr-370	87	7	situation	situation	NOUN
asfbr-370	87	8	when	when	SCONJ
asfbr-370	87	9	long	long	ADJ
asfbr-370	87	10	term	term	NOUN
asfbr-370	87	11	investments	investment	NOUN
asfbr-370	87	12	are	be	AUX
asfbr-370	87	13	financed	finance	VERB
asfbr-370	87	14	by	by	ADP
asfbr-370	87	15	short	short	ADJ
asfbr-370	87	16	term	term	NOUN
asfbr-370	87	17	debt	debt	NOUN
asfbr-370	87	18	rather	rather	ADV
asfbr-370	87	19	than	than	ADP
asfbr-370	87	20	long	long	ADJ
asfbr-370	87	21	term	term	NOUN
asfbr-370	87	22	debt	debt	NOUN
asfbr-370	87	23	.	.	PUNCT
asfbr-370	88	1	apparently	apparently	ADV
asfbr-370	88	2	,	,	PUNCT
asfbr-370	88	3	the	the	DET
asfbr-370	88	4	occurrence	occurrence	NOUN
asfbr-370	88	5	of	of	ADP
asfbr-370	88	6	this	this	PRON
asfbr-370	88	7	is	be	AUX
asfbr-370	88	8	prone	prone	ADJ
asfbr-370	88	9	to	to	PART
asfbr-370	88	10	default	default	VERB
asfbr-370	88	11	as	as	ADP
asfbr-370	88	12	payment	payment	NOUN
asfbr-370	88	13	of	of	ADP
asfbr-370	88	14	interest	interest	NOUN
asfbr-370	88	15	and	and	CCONJ
asfbr-370	88	16	repayment	repayment	NOUN
asfbr-370	88	17	of	of	ADP
asfbr-370	88	18	principal	principal	NOUN
asfbr-370	88	19	may	may	AUX
asfbr-370	88	20	fall	fall	VERB
asfbr-370	88	21	due	due	ADJ
asfbr-370	88	22	when	when	SCONJ
asfbr-370	88	23	the	the	DET
asfbr-370	88	24	proceeds	proceed	NOUN
asfbr-370	88	25	(	(	PUNCT
asfbr-370	88	26	cash	cash	NOUN
asfbr-370	88	27	inflow	inflow	NOUN
asfbr-370	88	28	)	)	PUNCT
asfbr-370	88	29	from	from	ADP
asfbr-370	88	30	the	the	DET
asfbr-370	88	31	investment	investment	NOUN
asfbr-370	88	32	are	be	AUX
asfbr-370	88	33	not	not	PART
asfbr-370	88	34	readily	readily	ADV
asfbr-370	88	35	available	available	ADJ
asfbr-370	88	36	.	.	PUNCT
asfbr-370	89	1	the	the	DET
asfbr-370	89	2	inability	inability	NOUN
asfbr-370	89	3	of	of	ADP
asfbr-370	89	4	the	the	DET
asfbr-370	89	5	firm	firm	NOUN
asfbr-370	89	6	to	to	PART
asfbr-370	89	7	repay	repay	VERB
asfbr-370	89	8	the	the	DET
asfbr-370	89	9	principal	principal	NOUN
asfbr-370	89	10	will	will	AUX
asfbr-370	89	11	expose	expose	VERB
asfbr-370	89	12	it	it	PRON
asfbr-370	89	13	to	to	ADP
asfbr-370	89	14	the	the	DET
asfbr-370	89	15	embarrassments	embarrassment	NOUN
asfbr-370	89	16	resulting	result	VERB
asfbr-370	89	17	from	from	ADP
asfbr-370	89	18	legal	legal	ADJ
asfbr-370	89	19	actions	action	NOUN
asfbr-370	89	20	.	.	PUNCT
asfbr-370	90	1	this	this	DET
asfbr-370	90	2	measure	measure	NOUN
asfbr-370	90	3	however	however	ADV
asfbr-370	90	4	,	,	PUNCT
asfbr-370	90	5	indicates	indicate	VERB
asfbr-370	90	6	the	the	DET
asfbr-370	90	7	magnitude	magnitude	NOUN
asfbr-370	90	8	of	of	ADP
asfbr-370	90	9	current	current	ADJ
asfbr-370	90	10	liabilities	liability	NOUN
asfbr-370	90	11	(	(	PUNCT
asfbr-370	90	12	obligations	obligation	NOUN
asfbr-370	90	13	)	)	PUNCT
asfbr-370	90	14	to	to	ADP
asfbr-370	90	15	changes	change	NOUN
asfbr-370	90	16	in	in	ADP
asfbr-370	90	17	the	the	DET
asfbr-370	90	18	value	value	NOUN
asfbr-370	90	19	of	of	ADP
asfbr-370	90	20	overall	overall	ADJ
asfbr-370	90	21	assets	asset	NOUN
asfbr-370	90	22	of	of	ADP
asfbr-370	90	23	a	a	DET
asfbr-370	90	24	firm	firm	NOUN
asfbr-370	90	25	.	.	PUNCT
asfbr-370	91	1	schinasi	schinasi	PROPN
asfbr-370	91	2	(	(	PUNCT
asfbr-370	91	3	2000	2000	NUM
asfbr-370	91	4	)	)	PUNCT
asfbr-370	91	5	contends	contend	VERB
asfbr-370	91	6	that	that	SCONJ
asfbr-370	91	7	leverage	leverage	NOUN
asfbr-370	91	8	is	be	AUX
asfbr-370	91	9	the	the	DET
asfbr-370	91	10	magnification	magnification	NOUN
asfbr-370	91	11	of	of	ADP
asfbr-370	91	12	the	the	DET
asfbr-370	91	13	rate	rate	NOUN
asfbr-370	91	14	of	of	ADP
asfbr-370	91	15	return	return	NOUN
asfbr-370	91	16	whether	whether	SCONJ
asfbr-370	91	17	positive	positive	ADJ
asfbr-370	91	18	or	or	CCONJ
asfbr-370	91	19	negative	negative	ADJ
asfbr-370	91	20	on	on	ADP
asfbr-370	91	21	a	a	DET
asfbr-370	91	22	position	position	NOUN
asfbr-370	91	23	or	or	CCONJ
asfbr-370	91	24	investment	investment	NOUN
asfbr-370	91	25	beyond	beyond	ADP
asfbr-370	91	26	the	the	DET
asfbr-370	91	27	rate	rate	NOUN
asfbr-370	91	28	obtained	obtain	VERB
asfbr-370	91	29	by	by	ADP
asfbr-370	91	30	a	a	DET
asfbr-370	91	31	direct	direct	ADJ
asfbr-370	91	32	investment	investment	NOUN
asfbr-370	91	33	of	of	ADP
asfbr-370	91	34	own	own	ADJ
asfbr-370	91	35	funds	fund	NOUN
asfbr-370	91	36	in	in	ADP
asfbr-370	91	37	the	the	DET
asfbr-370	91	38	market	market	NOUN
asfbr-370	91	39	.	.	PUNCT
asfbr-370	92	1	theoretically	theoretically	ADV
asfbr-370	92	2	,	,	PUNCT
asfbr-370	92	3	it	it	PRON
asfbr-370	92	4	is	be	AUX
asfbr-370	92	5	argued	argue	VERB
asfbr-370	92	6	that	that	SCONJ
asfbr-370	92	7	short	short	ADJ
asfbr-370	92	8	term	term	NOUN
asfbr-370	92	9	measure	measure	NOUN
asfbr-370	92	10	is	be	AUX
asfbr-370	92	11	a	a	DET
asfbr-370	92	12	good	good	ADJ
asfbr-370	92	13	measure	measure	NOUN
asfbr-370	92	14	of	of	ADP
asfbr-370	92	15	leverage	leverage	NOUN
asfbr-370	92	16	ratio	ratio	NOUN
asfbr-370	92	17	in	in	ADP
asfbr-370	92	18	transition	transition	NOUN
asfbr-370	92	19	economy	economy	NOUN
asfbr-370	92	20	with	with	ADP
asfbr-370	92	21	less	less	ADV
asfbr-370	92	22	developed	developed	ADJ
asfbr-370	92	23	debt	debt	NOUN
asfbr-370	92	24	market	market	NOUN
asfbr-370	92	25	where	where	SCONJ
asfbr-370	92	26	most	most	ADJ
asfbr-370	92	27	firms	firm	NOUN
asfbr-370	92	28	’	’	PART
asfbr-370	92	29	external	external	ADJ
asfbr-370	92	30	debt	debt	NOUN
asfbr-370	92	31	finance	finance	NOUN
asfbr-370	92	32	are	be	AUX
asfbr-370	92	33	majorly	majorly	ADV
asfbr-370	92	34	commercial	commercial	ADJ
asfbr-370	92	35	bank	bank	NOUN
asfbr-370	92	36	loans	loan	NOUN
asfbr-370	92	37	.	.	PUNCT
asfbr-370	93	1	lucey	lucey	PROPN
asfbr-370	93	2	and	and	CCONJ
asfbr-370	93	3	zhang	zhang	PROPN
asfbr-370	93	4	(	(	PUNCT
asfbr-370	93	5	2011	2011	NUM
asfbr-370	93	6	)	)	PUNCT
asfbr-370	93	7	are	be	AUX
asfbr-370	93	8	of	of	ADP
asfbr-370	93	9	the	the	DET
asfbr-370	93	10	view	view	NOUN
asfbr-370	93	11	that	that	SCONJ
asfbr-370	93	12	market	market	NOUN
asfbr-370	93	13	liberalization	liberalization	NOUN
asfbr-370	93	14	at	at	ADP
asfbr-370	93	15	the	the	DET
asfbr-370	93	16	country	country	NOUN
asfbr-370	93	17	level	level	NOUN
asfbr-370	93	18	decreases	decrease	VERB
asfbr-370	93	19	the	the	DET
asfbr-370	93	20	use	use	NOUN
asfbr-370	93	21	of	of	ADP
asfbr-370	93	22	long	long	ADJ
asfbr-370	93	23	-	-	PUNCT
asfbr-370	93	24	term	term	NOUN
asfbr-370	93	25	debt	debt	NOUN
asfbr-370	93	26	,	,	PUNCT
asfbr-370	93	27	and	and	CCONJ
asfbr-370	93	28	debt	debt	NOUN
asfbr-370	93	29	maturity	maturity	NOUN
asfbr-370	93	30	shifts	shift	NOUN
asfbr-370	93	31	to	to	ADP
asfbr-370	93	32	short	short	ADJ
asfbr-370	93	33	term	term	NOUN
asfbr-370	93	34	.	.	PUNCT
asfbr-370	94	1	empirical	empirical	ADJ
asfbr-370	94	2	investigation	investigation	NOUN
asfbr-370	94	3	by	by	ADP
asfbr-370	94	4	khan	khan	PROPN
asfbr-370	94	5	(	(	PUNCT
asfbr-370	94	6	2012	2012	NUM
asfbr-370	94	7	)	)	PUNCT
asfbr-370	94	8	revealed	reveal	VERB
asfbr-370	94	9	that	that	SCONJ
asfbr-370	94	10	engineering	engineering	NOUN
asfbr-370	94	11	sector	sector	NOUN
asfbr-370	94	12	firms	firm	NOUN
asfbr-370	94	13	in	in	ADP
asfbr-370	94	14	pakistan	pakistan	PROPN
asfbr-370	94	15	are	be	AUX
asfbr-370	94	16	largely	largely	ADV
asfbr-370	94	17	dependent	dependent	ADJ
asfbr-370	94	18	on	on	ADP
asfbr-370	94	19	short	short	ADJ
asfbr-370	94	20	debt	debt	NOUN
asfbr-370	94	21	but	but	CCONJ
asfbr-370	94	22	debts	debt	NOUN
asfbr-370	94	23	are	be	AUX
asfbr-370	94	24	attached	attach	VERB
asfbr-370	94	25	with	with	ADP
asfbr-370	94	26	strong	strong	ADJ
asfbr-370	94	27	covenants	covenant	NOUN
asfbr-370	94	28	which	which	PRON
asfbr-370	94	29	affect	affect	VERB
asfbr-370	94	30	the	the	DET
asfbr-370	94	31	performance	performance	NOUN
asfbr-370	94	32	of	of	ADP
asfbr-370	94	33	the	the	DET
asfbr-370	94	34	firm	firm	NOUN
asfbr-370	94	35	.	.	PUNCT
asfbr-370	95	1	a	a	DET
asfbr-370	95	2	good	good	ADJ
asfbr-370	95	3	number	number	NOUN
asfbr-370	95	4	of	of	ADP
asfbr-370	95	5	authors	author	NOUN
asfbr-370	95	6	have	have	VERB
asfbr-370	95	7	copyright	copyright	NOUN
asfbr-370	95	8	©	©	PROPN
asfbr-370	95	9	cc	cc	NOUN
asfbr-370	95	10	-	-	PUNCT
asfbr-370	95	11	by	by	ADP
asfbr-370	95	12	-	-	PUNCT
asfbr-370	95	13	nc	nc	PROPN
asfbr-370	95	14	2019	2019	NUM
asfbr-370	95	15	,	,	PUNCT
asfbr-370	95	16	cribfb	cribfb	VERB
asfbr-370	96	1	|	|	ADV
asfbr-370	96	2	asfbr	asfbr	NOUN
asfbr-370	96	3	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	96	4	asian	asian	ADJ
asfbr-370	96	5	finance	finance	PROPN
asfbr-370	96	6	&	&	CCONJ
asfbr-370	96	7	banking	banking	PROPN
asfbr-370	96	8	review	review	PROPN
asfbr-370	96	9	vol	vol	NOUN
asfbr-370	96	10	.	.	PROPN
asfbr-370	97	1	3	3	NUM
asfbr-370	97	2	,	,	PUNCT
asfbr-370	97	3	no	no	INTJ
asfbr-370	97	4	.	.	NOUN
asfbr-370	97	5	2	2	NUM
asfbr-370	97	6	;	;	PUNCT
asfbr-370	97	7	2019	2019	NUM
asfbr-370	97	8	29	29	NUM
asfbr-370	97	9	employed	employ	VERB
asfbr-370	97	10	this	this	DET
asfbr-370	97	11	measure	measure	NOUN
asfbr-370	97	12	in	in	ADP
asfbr-370	97	13	their	their	PRON
asfbr-370	97	14	empirical	empirical	ADJ
asfbr-370	97	15	studies	study	NOUN
asfbr-370	97	16	(	(	PUNCT
asfbr-370	97	17	timan	timan	NOUN
asfbr-370	97	18	and	and	CCONJ
asfbr-370	97	19	wessels	wessels	PROPN
asfbr-370	97	20	,	,	PUNCT
asfbr-370	97	21	1988	1988	NUM
asfbr-370	97	22	;	;	PUNCT
asfbr-370	97	23	zeitun	zeitun	NOUN
asfbr-370	97	24	and	and	CCONJ
asfbr-370	97	25	tian	tian	PROPN
asfbr-370	97	26	,	,	PUNCT
asfbr-370	97	27	2007	2007	NUM
asfbr-370	97	28	;	;	PUNCT
asfbr-370	97	29	long	long	ADJ
asfbr-370	97	30	and	and	CCONJ
asfbr-370	97	31	malitz	malitz	PROPN
asfbr-370	97	32	,	,	PUNCT
asfbr-370	97	33	1995	1995	NUM
asfbr-370	97	34	;	;	PUNCT
asfbr-370	97	35	khan	khan	PROPN
asfbr-370	97	36	,	,	PUNCT
asfbr-370	97	37	2012	2012	NUM
asfbr-370	97	38	)	)	PUNCT
asfbr-370	97	39	among	among	ADP
asfbr-370	97	40	others	other	NOUN
asfbr-370	97	41	.	.	PUNCT
asfbr-370	98	1	this	this	PRON
asfbr-370	98	2	is	be	AUX
asfbr-370	98	3	measured	measure	VERB
asfbr-370	98	4	thus	thus	ADV
asfbr-370	98	5	;	;	PUNCT
asfbr-370	98	6	short	short	ADJ
asfbr-370	98	7	term	term	NOUN
asfbr-370	98	8	debt	debt	NOUN
asfbr-370	98	9	=	=	PUNCT
asfbr-370	98	10	total	total	ADJ
asfbr-370	98	11	assets	asset	NOUN
asfbr-370	98	12	short	short	ADJ
asfbr-370	98	13	term	term	NOUN
asfbr-370	98	14	debt	debt	NOUN
asfbr-370	98	15	4	4	NUM
asfbr-370	98	16	2.4	2.4	NUM
asfbr-370	98	17	theoretical	theoretical	ADJ
asfbr-370	98	18	review	review	NOUN
asfbr-370	98	19	2.4.1	2.4.1	NUM
asfbr-370	98	20	modigliani	modigliani	ADJ
asfbr-370	98	21	-	-	PUNCT
asfbr-370	98	22	miller	miller	PROPN
asfbr-370	98	23	hypothesis	hypothesis	NOUN
asfbr-370	98	24	the	the	DET
asfbr-370	98	25	origin	origin	NOUN
asfbr-370	98	26	of	of	ADP
asfbr-370	98	27	the	the	DET
asfbr-370	98	28	early	early	ADJ
asfbr-370	98	29	literature	literature	NOUN
asfbr-370	98	30	on	on	ADP
asfbr-370	98	31	the	the	DET
asfbr-370	98	32	relationship	relationship	NOUN
asfbr-370	98	33	between	between	ADP
asfbr-370	98	34	bankruptcy	bankruptcy	NOUN
asfbr-370	98	35	and	and	CCONJ
asfbr-370	98	36	corporate	corporate	ADJ
asfbr-370	98	37	capital	capital	NOUN
asfbr-370	98	38	structure	structure	NOUN
asfbr-370	98	39	decisions	decision	NOUN
asfbr-370	98	40	can	can	AUX
asfbr-370	98	41	be	be	AUX
asfbr-370	98	42	found	find	VERB
asfbr-370	98	43	in	in	ADP
asfbr-370	98	44	the	the	DET
asfbr-370	98	45	seminal	seminal	ADJ
asfbr-370	98	46	work	work	NOUN
asfbr-370	98	47	of	of	ADP
asfbr-370	98	48	modigliani	modigliani	PROPN
asfbr-370	98	49	and	and	CCONJ
asfbr-370	98	50	miller	miller	PROPN
asfbr-370	98	51	(	(	PUNCT
asfbr-370	98	52	1958	1958	NUM
asfbr-370	98	53	,	,	PUNCT
asfbr-370	98	54	1963	1963	NUM
asfbr-370	98	55	)	)	PUNCT
asfbr-370	98	56	.	.	PUNCT
asfbr-370	99	1	their	their	PRON
asfbr-370	99	2	initial	initial	ADJ
asfbr-370	99	3	analysis	analysis	NOUN
asfbr-370	99	4	establishes	establish	VERB
asfbr-370	99	5	that	that	SCONJ
asfbr-370	99	6	,	,	PUNCT
asfbr-370	99	7	in	in	ADP
asfbr-370	99	8	perfect	perfect	ADJ
asfbr-370	99	9	and	and	CCONJ
asfbr-370	99	10	frictionless	frictionless	ADJ
asfbr-370	99	11	capital	capital	NOUN
asfbr-370	99	12	markets	market	NOUN
asfbr-370	99	13	,	,	PUNCT
asfbr-370	99	14	firm	firm	ADJ
asfbr-370	99	15	value	value	NOUN
asfbr-370	99	16	is	be	AUX
asfbr-370	99	17	unaffected	unaffected	ADJ
asfbr-370	99	18	by	by	ADP
asfbr-370	99	19	financial	financial	ADJ
asfbr-370	99	20	policy	policy	NOUN
asfbr-370	99	21	.	.	PUNCT
asfbr-370	100	1	the	the	DET
asfbr-370	100	2	original	original	ADJ
asfbr-370	100	3	proof	proof	NOUN
asfbr-370	100	4	of	of	ADP
asfbr-370	100	5	the	the	DET
asfbr-370	100	6	celebrated	celebrate	VERB
asfbr-370	100	7	modigliani	modigliani	PROPN
asfbr-370	100	8	-	-	PUNCT
asfbr-370	100	9	miller	miller	PROPN
asfbr-370	100	10	(	(	PUNCT
asfbr-370	100	11	mm	mm	NOUN
asfbr-370	100	12	)	)	PUNCT
asfbr-370	100	13	theorem	theorem	NOUN
asfbr-370	100	14	is	be	AUX
asfbr-370	100	15	predicated	predicate	VERB
asfbr-370	100	16	on	on	ADP
asfbr-370	100	17	the	the	DET
asfbr-370	100	18	assumption	assumption	NOUN
asfbr-370	100	19	of	of	ADP
asfbr-370	100	20	riskless	riskless	NOUN
asfbr-370	100	21	debt	debt	NOUN
asfbr-370	100	22	.	.	PUNCT
asfbr-370	101	1	the	the	DET
asfbr-370	101	2	theorem	theorem	NOUN
asfbr-370	101	3	was	be	AUX
asfbr-370	101	4	later	later	ADV
asfbr-370	101	5	generalized	generalize	VERB
asfbr-370	101	6	by	by	ADP
asfbr-370	101	7	stiglitz	stiglitz	PROPN
asfbr-370	101	8	(	(	PUNCT
asfbr-370	101	9	1974	1974	NUM
asfbr-370	101	10	)	)	PUNCT
asfbr-370	101	11	and	and	CCONJ
asfbr-370	101	12	others	other	NOUN
asfbr-370	101	13	who	who	PRON
asfbr-370	101	14	argue	argue	VERB
asfbr-370	101	15	that	that	SCONJ
asfbr-370	101	16	,	,	PUNCT
asfbr-370	101	17	in	in	ADP
asfbr-370	101	18	perfect	perfect	ADJ
asfbr-370	101	19	and	and	CCONJ
asfbr-370	101	20	frictionless	frictionless	NOUN
asfbr-370	101	21	markets	market	NOUN
asfbr-370	101	22	,	,	PUNCT
asfbr-370	101	23	the	the	DET
asfbr-370	101	24	irrelevance	irrelevance	NOUN
asfbr-370	101	25	of	of	ADP
asfbr-370	101	26	corporate	corporate	ADJ
asfbr-370	101	27	financial	financial	ADJ
asfbr-370	101	28	policy	policy	NOUN
asfbr-370	101	29	extends	extend	VERB
asfbr-370	101	30	beyond	beyond	ADP
asfbr-370	101	31	the	the	DET
asfbr-370	101	32	issuance	issuance	NOUN
asfbr-370	101	33	of	of	ADP
asfbr-370	101	34	riskless	riskless	NOUN
asfbr-370	101	35	debt	debt	NOUN
asfbr-370	101	36	and	and	CCONJ
asfbr-370	101	37	equity	equity	NOUN
asfbr-370	101	38	securities	security	NOUN
asfbr-370	101	39	to	to	ADP
asfbr-370	101	40	other	other	ADJ
asfbr-370	101	41	forms	form	NOUN
asfbr-370	101	42	of	of	ADP
asfbr-370	101	43	securities	security	NOUN
asfbr-370	101	44	,	,	PUNCT
asfbr-370	101	45	including	include	VERB
asfbr-370	101	46	risky	risky	ADJ
asfbr-370	101	47	debt	debt	NOUN
asfbr-370	101	48	,	,	PUNCT
asfbr-370	101	49	preferred	preferred	ADJ
asfbr-370	101	50	stock	stock	NOUN
asfbr-370	101	51	,	,	PUNCT
asfbr-370	101	52	and	and	CCONJ
asfbr-370	101	53	all	all	DET
asfbr-370	101	54	kinds	kind	NOUN
asfbr-370	101	55	of	of	ADP
asfbr-370	101	56	hybrid	hybrid	ADJ
asfbr-370	101	57	securities	security	NOUN
asfbr-370	101	58	.	.	PUNCT
asfbr-370	102	1	the	the	DET
asfbr-370	102	2	theorem	theorem	NOUN
asfbr-370	102	3	holds	hold	VERB
asfbr-370	102	4	in	in	ADP
asfbr-370	102	5	both	both	CCONJ
asfbr-370	102	6	a	a	DET
asfbr-370	102	7	single	single	ADJ
asfbr-370	102	8	-	-	PUNCT
asfbr-370	102	9	period	period	NOUN
asfbr-370	102	10	framework	framework	NOUN
asfbr-370	102	11	and	and	CCONJ
asfbr-370	102	12	a	a	DET
asfbr-370	102	13	multi	multi	ADJ
asfbr-370	102	14	-	-	ADJ
asfbr-370	102	15	period	period	NOUN
asfbr-370	102	16	framework	framework	NOUN
asfbr-370	102	17	so	so	SCONJ
asfbr-370	102	18	that	that	DET
asfbr-370	102	19	firm	firm	ADJ
asfbr-370	102	20	value	value	NOUN
asfbr-370	102	21	is	be	AUX
asfbr-370	102	22	also	also	ADV
asfbr-370	102	23	independent	independent	ADJ
asfbr-370	102	24	of	of	ADP
asfbr-370	102	25	debt	debt	NOUN
asfbr-370	102	26	maturity	maturity	NOUN
asfbr-370	102	27	structure	structure	NOUN
asfbr-370	102	28	decisions	decision	NOUN
asfbr-370	102	29	.	.	PUNCT
asfbr-370	103	1	the	the	DET
asfbr-370	103	2	corollary	corollary	NOUN
asfbr-370	103	3	of	of	ADP
asfbr-370	103	4	the	the	DET
asfbr-370	103	5	mm	mm	PROPN
asfbr-370	103	6	theorem	theorem	NOUN
asfbr-370	103	7	is	be	AUX
asfbr-370	103	8	that	that	PRON
asfbr-370	103	9	corporate	corporate	ADJ
asfbr-370	103	10	bankruptcy	bankruptcy	NOUN
asfbr-370	103	11	is	be	AUX
asfbr-370	103	12	inconsequential	inconsequential	ADJ
asfbr-370	103	13	to	to	ADP
asfbr-370	103	14	firm	firm	ADJ
asfbr-370	103	15	value	value	NOUN
asfbr-370	103	16	,	,	PUNCT
asfbr-370	103	17	since	since	SCONJ
asfbr-370	103	18	the	the	DET
asfbr-370	103	19	investment	investment	NOUN
asfbr-370	103	20	decisions	decision	NOUN
asfbr-370	103	21	are	be	AUX
asfbr-370	103	22	completely	completely	ADV
asfbr-370	103	23	separable	separable	ADJ
asfbr-370	103	24	from	from	ADP
asfbr-370	103	25	the	the	DET
asfbr-370	103	26	financing	financing	NOUN
asfbr-370	103	27	decisions	decision	NOUN
asfbr-370	103	28	.	.	PUNCT
asfbr-370	104	1	in	in	ADP
asfbr-370	104	2	the	the	DET
asfbr-370	104	3	perfect	perfect	ADJ
asfbr-370	104	4	and	and	CCONJ
asfbr-370	104	5	frictionless	frictionless	ADJ
asfbr-370	104	6	mm	mm	PROPN
asfbr-370	104	7	world	world	NOUN
asfbr-370	104	8	,	,	PUNCT
asfbr-370	104	9	the	the	DET
asfbr-370	104	10	amount	amount	NOUN
asfbr-370	104	11	of	of	ADP
asfbr-370	104	12	corporate	corporate	ADJ
asfbr-370	104	13	indebtedness	indebtedness	NOUN
asfbr-370	104	14	has	have	VERB
asfbr-370	104	15	no	no	DET
asfbr-370	104	16	effect	effect	NOUN
asfbr-370	104	17	on	on	ADP
asfbr-370	104	18	the	the	DET
asfbr-370	104	19	value	value	NOUN
asfbr-370	104	20	of	of	ADP
asfbr-370	104	21	the	the	DET
asfbr-370	104	22	firm	firm	NOUN
asfbr-370	104	23	’s	’s	PART
asfbr-370	104	24	assets	asset	NOUN
asfbr-370	104	25	or	or	CCONJ
asfbr-370	104	26	on	on	ADP
asfbr-370	104	27	the	the	DET
asfbr-370	104	28	risk	risk	NOUN
asfbr-370	104	29	of	of	ADP
asfbr-370	104	30	the	the	DET
asfbr-370	104	31	total	total	ADJ
asfbr-370	104	32	cash	cash	NOUN
asfbr-370	104	33	flow	flow	NOUN
asfbr-370	104	34	stream	stream	NOUN
asfbr-370	104	35	generated	generate	VERB
asfbr-370	104	36	by	by	ADP
asfbr-370	104	37	the	the	DET
asfbr-370	104	38	firm	firm	NOUN
asfbr-370	104	39	’s	’s	PART
asfbr-370	104	40	assets	asset	NOUN
asfbr-370	104	41	.	.	PUNCT
asfbr-370	105	1	the	the	DET
asfbr-370	105	2	capital	capital	NOUN
asfbr-370	105	3	structure	structure	NOUN
asfbr-370	105	4	of	of	ADP
asfbr-370	105	5	the	the	DET
asfbr-370	105	6	firm	firm	NOUN
asfbr-370	105	7	simply	simply	ADV
asfbr-370	105	8	determines	determine	VERB
asfbr-370	105	9	how	how	SCONJ
asfbr-370	105	10	the	the	DET
asfbr-370	105	11	total	total	ADJ
asfbr-370	105	12	cash	cash	NOUN
asfbr-370	105	13	flow	flow	NOUN
asfbr-370	105	14	is	be	AUX
asfbr-370	105	15	partitioned	partition	VERB
asfbr-370	105	16	between	between	ADP
asfbr-370	105	17	equity	equity	NOUN
asfbr-370	105	18	holders	holder	NOUN
asfbr-370	105	19	and	and	CCONJ
asfbr-370	105	20	debt	debt	NOUN
asfbr-370	105	21	holders	holder	NOUN
asfbr-370	105	22	and	and	CCONJ
asfbr-370	105	23	thus	thus	ADV
asfbr-370	105	24	the	the	DET
asfbr-370	105	25	risk	risk	NOUN
asfbr-370	105	26	borne	bear	VERB
asfbr-370	105	27	by	by	ADP
asfbr-370	105	28	each	each	DET
asfbr-370	105	29	class	class	NOUN
asfbr-370	105	30	of	of	ADP
asfbr-370	105	31	capital	capital	NOUN
asfbr-370	105	32	providers	provider	NOUN
asfbr-370	105	33	.	.	PUNCT
asfbr-370	106	1	bankruptcy	bankruptcy	NOUN
asfbr-370	106	2	is	be	AUX
asfbr-370	106	3	essentially	essentially	ADV
asfbr-370	106	4	a	a	DET
asfbr-370	106	5	transfer	transfer	NOUN
asfbr-370	106	6	of	of	ADP
asfbr-370	106	7	ownership	ownership	NOUN
asfbr-370	106	8	from	from	ADP
asfbr-370	106	9	equity	equity	NOUN
asfbr-370	106	10	holders	holder	NOUN
asfbr-370	106	11	to	to	ADP
asfbr-370	106	12	debt	debt	NOUN
asfbr-370	106	13	holders	holder	NOUN
asfbr-370	106	14	when	when	SCONJ
asfbr-370	106	15	the	the	DET
asfbr-370	106	16	value	value	NOUN
asfbr-370	106	17	of	of	ADP
asfbr-370	106	18	assets	asset	NOUN
asfbr-370	106	19	drops	drop	VERB
asfbr-370	106	20	below	below	ADP
asfbr-370	106	21	the	the	DET
asfbr-370	106	22	value	value	NOUN
asfbr-370	106	23	of	of	ADP
asfbr-370	106	24	debt	debt	NOUN
asfbr-370	106	25	.	.	PUNCT
asfbr-370	107	1	the	the	DET
asfbr-370	107	2	complete	complete	ADJ
asfbr-370	107	3	separation	separation	NOUN
asfbr-370	107	4	between	between	ADP
asfbr-370	107	5	financing	financing	NOUN
asfbr-370	107	6	decisions	decision	NOUN
asfbr-370	107	7	and	and	CCONJ
asfbr-370	107	8	investment	investment	NOUN
asfbr-370	107	9	decisions	decision	NOUN
asfbr-370	107	10	implies	imply	VERB
asfbr-370	107	11	that	that	SCONJ
asfbr-370	107	12	there	there	PRON
asfbr-370	107	13	is	be	VERB
asfbr-370	107	14	no	no	DET
asfbr-370	107	15	necessary	necessary	ADJ
asfbr-370	107	16	linkage	linkage	NOUN
asfbr-370	107	17	between	between	ADP
asfbr-370	107	18	bankruptcy	bankruptcy	NOUN
asfbr-370	107	19	and	and	CCONJ
asfbr-370	107	20	the	the	DET
asfbr-370	107	21	firm	firm	NOUN
asfbr-370	107	22	’s	’s	PART
asfbr-370	107	23	operating	operating	NOUN
asfbr-370	107	24	performance	performance	NOUN
asfbr-370	107	25	.	.	PUNCT
asfbr-370	108	1	bankruptcy	bankruptcy	NOUN
asfbr-370	108	2	does	do	AUX
asfbr-370	108	3	not	not	PART
asfbr-370	108	4	cause	cause	VERB
asfbr-370	108	5	economic	economic	ADJ
asfbr-370	108	6	distress	distress	NOUN
asfbr-370	108	7	or	or	CCONJ
asfbr-370	108	8	poor	poor	ADJ
asfbr-370	108	9	economic	economic	ADJ
asfbr-370	108	10	performance	performance	NOUN
asfbr-370	108	11	.	.	PUNCT
asfbr-370	109	1	the	the	DET
asfbr-370	109	2	crucial	crucial	ADJ
asfbr-370	109	3	consideration	consideration	NOUN
asfbr-370	109	4	is	be	AUX
asfbr-370	109	5	whether	whether	SCONJ
asfbr-370	109	6	an	an	DET
asfbr-370	109	7	identical	identical	ADJ
asfbr-370	109	8	but	but	CCONJ
asfbr-370	109	9	otherwise	otherwise	ADV
asfbr-370	109	10	not	not	PART
asfbr-370	109	11	financially	financially	ADV
asfbr-370	109	12	distressed	distressed	ADJ
asfbr-370	109	13	firm	firm	NOUN
asfbr-370	109	14	(	(	PUNCT
asfbr-370	109	15	due	due	ADP
asfbr-370	109	16	to	to	ADP
asfbr-370	109	17	low	low	ADJ
asfbr-370	109	18	financial	financial	ADJ
asfbr-370	109	19	leverage	leverage	NOUN
asfbr-370	109	20	)	)	PUNCT
asfbr-370	109	21	would	would	AUX
asfbr-370	109	22	face	face	VERB
asfbr-370	109	23	similar	similar	ADJ
asfbr-370	109	24	deterioration	deterioration	NOUN
asfbr-370	109	25	in	in	ADP
asfbr-370	109	26	its	its	PRON
asfbr-370	109	27	operating	operating	NOUN
asfbr-370	109	28	performance	performance	NOUN
asfbr-370	109	29	.	.	PUNCT
asfbr-370	110	1	it	it	PRON
asfbr-370	110	2	is	be	AUX
asfbr-370	110	3	also	also	ADV
asfbr-370	110	4	worthwhile	worthwhile	ADJ
asfbr-370	110	5	to	to	PART
asfbr-370	110	6	note	note	VERB
asfbr-370	110	7	that	that	SCONJ
asfbr-370	110	8	financial	financial	ADJ
asfbr-370	110	9	distress	distress	NOUN
asfbr-370	110	10	is	be	AUX
asfbr-370	110	11	distinct	distinct	ADJ
asfbr-370	110	12	from	from	ADP
asfbr-370	110	13	financial	financial	ADJ
asfbr-370	110	14	constraint	constraint	NOUN
asfbr-370	110	15	.	.	PUNCT
asfbr-370	111	1	confusion	confusion	NOUN
asfbr-370	111	2	about	about	ADP
asfbr-370	111	3	the	the	DET
asfbr-370	111	4	two	two	NUM
asfbr-370	111	5	may	may	AUX
asfbr-370	111	6	arise	arise	VERB
asfbr-370	111	7	because	because	SCONJ
asfbr-370	111	8	financially	financially	ADV
asfbr-370	111	9	distressed	distressed	ADJ
asfbr-370	111	10	firms	firm	NOUN
asfbr-370	111	11	are	be	AUX
asfbr-370	111	12	usually	usually	ADV
asfbr-370	111	13	also	also	ADV
asfbr-370	111	14	financially	financially	ADV
asfbr-370	111	15	constrained	constrain	VERB
asfbr-370	111	16	.	.	PUNCT
asfbr-370	112	1	financial	financial	ADJ
asfbr-370	112	2	constraint	constraint	NOUN
asfbr-370	112	3	refers	refer	VERB
asfbr-370	112	4	to	to	ADP
asfbr-370	112	5	a	a	DET
asfbr-370	112	6	case	case	NOUN
asfbr-370	112	7	when	when	SCONJ
asfbr-370	112	8	it	it	PRON
asfbr-370	112	9	is	be	AUX
asfbr-370	112	10	costly	costly	ADJ
asfbr-370	112	11	or	or	CCONJ
asfbr-370	112	12	even	even	ADV
asfbr-370	112	13	impossible	impossible	ADJ
asfbr-370	112	14	for	for	SCONJ
asfbr-370	112	15	the	the	DET
asfbr-370	112	16	firm	firm	NOUN
asfbr-370	112	17	to	to	PART
asfbr-370	112	18	access	access	VERB
asfbr-370	112	19	external	external	ADJ
asfbr-370	112	20	financing	financing	NOUN
asfbr-370	112	21	due	due	ADP
asfbr-370	112	22	to	to	ADP
asfbr-370	112	23	reasons	reason	NOUN
asfbr-370	112	24	such	such	ADJ
asfbr-370	112	25	as	as	ADP
asfbr-370	112	26	asymmetric	asymmetric	ADJ
asfbr-370	112	27	information	information	NOUN
asfbr-370	112	28	,	,	PUNCT
asfbr-370	112	29	intangibility	intangibility	NOUN
asfbr-370	112	30	of	of	ADP
asfbr-370	112	31	assets	asset	NOUN
asfbr-370	112	32	,	,	PUNCT
asfbr-370	112	33	and	and	CCONJ
asfbr-370	112	34	risk	risk	NOUN
asfbr-370	112	35	.	.	PUNCT
asfbr-370	113	1	in	in	ADP
asfbr-370	113	2	fact	fact	NOUN
asfbr-370	113	3	,	,	PUNCT
asfbr-370	113	4	the	the	DET
asfbr-370	113	5	firm	firm	NOUN
asfbr-370	113	6	can	can	AUX
asfbr-370	113	7	be	be	AUX
asfbr-370	113	8	financially	financially	ADV
asfbr-370	113	9	constrained	constrain	VERB
asfbr-370	113	10	even	even	ADV
asfbr-370	113	11	without	without	ADP
asfbr-370	113	12	any	any	DET
asfbr-370	113	13	debt	debt	NOUN
asfbr-370	113	14	on	on	ADP
asfbr-370	113	15	its	its	PRON
asfbr-370	113	16	balance	balance	NOUN
asfbr-370	113	17	sheet	sheet	NOUN
asfbr-370	113	18	.	.	PUNCT
asfbr-370	114	1	thus	thus	ADV
asfbr-370	114	2	,	,	PUNCT
asfbr-370	114	3	a	a	DET
asfbr-370	114	4	financially	financially	ADV
asfbr-370	114	5	constrained	constrain	VERB
asfbr-370	114	6	firm	firm	NOUN
asfbr-370	114	7	is	be	AUX
asfbr-370	114	8	not	not	PART
asfbr-370	114	9	necessarily	necessarily	ADV
asfbr-370	114	10	financially	financially	ADV
asfbr-370	114	11	distressed	distressed	ADJ
asfbr-370	114	12	.	.	PUNCT
asfbr-370	115	1	moreover	moreover	ADV
asfbr-370	115	2	,	,	PUNCT
asfbr-370	115	3	liquidation	liquidation	NOUN
asfbr-370	115	4	and	and	CCONJ
asfbr-370	115	5	bankruptcy	bankruptcy	NOUN
asfbr-370	115	6	are	be	AUX
asfbr-370	115	7	often	often	ADV
asfbr-370	115	8	discussed	discuss	VERB
asfbr-370	115	9	in	in	ADP
asfbr-370	115	10	the	the	DET
asfbr-370	115	11	literature	literature	NOUN
asfbr-370	115	12	as	as	SCONJ
asfbr-370	115	13	though	though	SCONJ
asfbr-370	115	14	they	they	PRON
asfbr-370	115	15	are	be	AUX
asfbr-370	115	16	related	relate	VERB
asfbr-370	115	17	.	.	PUNCT
asfbr-370	116	1	liquidation	liquidation	NOUN
asfbr-370	116	2	is	be	AUX
asfbr-370	116	3	the	the	DET
asfbr-370	116	4	process	process	NOUN
asfbr-370	116	5	of	of	ADP
asfbr-370	116	6	dismantling	dismantle	VERB
asfbr-370	116	7	the	the	DET
asfbr-370	116	8	firm	firm	NOUN
asfbr-370	116	9	’s	’s	PART
asfbr-370	116	10	assets	asset	NOUN
asfbr-370	116	11	and	and	CCONJ
asfbr-370	116	12	selling	sell	VERB
asfbr-370	116	13	them	they	PRON
asfbr-370	116	14	(	(	PUNCT
asfbr-370	116	15	either	either	CCONJ
asfbr-370	116	16	piecemeal	piecemeal	ADJ
asfbr-370	116	17	or	or	CCONJ
asfbr-370	116	18	in	in	ADP
asfbr-370	116	19	their	their	PRON
asfbr-370	116	20	entirety	entirety	NOUN
asfbr-370	116	21	)	)	PUNCT
asfbr-370	116	22	to	to	ADP
asfbr-370	116	23	new	new	ADJ
asfbr-370	116	24	management	management	NOUN
asfbr-370	116	25	teams	team	NOUN
asfbr-370	116	26	.	.	PUNCT
asfbr-370	117	1	liquidation	liquidation	NOUN
asfbr-370	117	2	is	be	AUX
asfbr-370	117	3	optimal	optimal	ADJ
asfbr-370	117	4	when	when	SCONJ
asfbr-370	117	5	the	the	DET
asfbr-370	117	6	value	value	NOUN
asfbr-370	117	7	of	of	ADP
asfbr-370	117	8	the	the	DET
asfbr-370	117	9	firm	firm	NOUN
asfbr-370	117	10	’s	’s	PART
asfbr-370	117	11	existing	exist	VERB
asfbr-370	117	12	resources	resource	NOUN
asfbr-370	117	13	is	be	AUX
asfbr-370	117	14	higher	high	ADJ
asfbr-370	117	15	in	in	ADP
asfbr-370	117	16	alternative	alternative	ADJ
asfbr-370	117	17	uses	use	NOUN
asfbr-370	117	18	.	.	PUNCT
asfbr-370	118	1	hence	hence	ADV
asfbr-370	118	2	liquidation	liquidation	NOUN
asfbr-370	118	3	should	should	AUX
asfbr-370	118	4	be	be	AUX
asfbr-370	118	5	viewed	view	VERB
asfbr-370	118	6	as	as	ADP
asfbr-370	118	7	a	a	DET
asfbr-370	118	8	capital	capital	NOUN
asfbr-370	118	9	budgeting	budget	VERB
asfbr-370	118	10	decision	decision	NOUN
asfbr-370	118	11	that	that	PRON
asfbr-370	118	12	is	be	AUX
asfbr-370	118	13	independent	independent	ADJ
asfbr-370	118	14	of	of	ADP
asfbr-370	118	15	the	the	DET
asfbr-370	118	16	way	way	NOUN
asfbr-370	118	17	in	in	ADP
asfbr-370	118	18	which	which	PRON
asfbr-370	118	19	the	the	DET
asfbr-370	118	20	firm	firm	NOUN
asfbr-370	118	21	is	be	AUX
asfbr-370	118	22	financed	finance	VERB
asfbr-370	118	23	.	.	PUNCT
asfbr-370	119	1	liquidation	liquidation	NOUN
asfbr-370	119	2	and	and	CCONJ
asfbr-370	119	3	bankruptcy	bankruptcy	NOUN
asfbr-370	119	4	are	be	AUX
asfbr-370	119	5	separate	separate	ADJ
asfbr-370	119	6	,	,	PUNCT
asfbr-370	119	7	independent	independent	ADJ
asfbr-370	119	8	events	event	NOUN
asfbr-370	119	9	(	(	PUNCT
asfbr-370	119	10	haugen	haugen	PROPN
asfbr-370	119	11	and	and	CCONJ
asfbr-370	119	12	senbet	senbet	PROPN
asfbr-370	119	13	(	(	PUNCT
asfbr-370	119	14	1978	1978	NUM
asfbr-370	119	15	)	)	PUNCT
asfbr-370	119	16	for	for	ADP
asfbr-370	119	17	further	further	ADJ
asfbr-370	119	18	discussion	discussion	NOUN
asfbr-370	119	19	on	on	ADP
asfbr-370	119	20	this	this	DET
asfbr-370	119	21	issue	issue	NOUN
asfbr-370	119	22	)	)	PUNCT
asfbr-370	119	23	.	.	PUNCT
asfbr-370	120	1	2.4.2	2.4.2	NUM
asfbr-370	120	2	capital	capital	NOUN
asfbr-370	120	3	structure	structure	NOUN
asfbr-370	120	4	theory	theory	NOUN
asfbr-370	120	5	the	the	DET
asfbr-370	120	6	tradeoff	tradeoff	NOUN
asfbr-370	120	7	theory	theory	NOUN
asfbr-370	120	8	if	if	SCONJ
asfbr-370	120	9	corporate	corporate	ADJ
asfbr-370	120	10	bankruptcy	bankruptcy	NOUN
asfbr-370	120	11	is	be	AUX
asfbr-370	120	12	costly	costly	ADJ
asfbr-370	120	13	and	and	CCONJ
asfbr-370	120	14	then	then	ADV
asfbr-370	120	15	it	it	PRON
asfbr-370	120	16	fills	fill	VERB
asfbr-370	120	17	an	an	DET
asfbr-370	120	18	important	important	ADJ
asfbr-370	120	19	void	void	NOUN
asfbr-370	120	20	between	between	ADP
asfbr-370	120	21	the	the	DET
asfbr-370	120	22	corner	corner	NOUN
asfbr-370	120	23	result	result	NOUN
asfbr-370	120	24	of	of	ADP
asfbr-370	120	25	the	the	DET
asfbr-370	120	26	modigliani	modigliani	PROPN
asfbr-370	120	27	-	-	PUNCT
asfbr-370	120	28	miller	miller	PROPN
asfbr-370	120	29	tax	tax	NOUN
asfbr-370	120	30	-	-	PUNCT
asfbr-370	120	31	adjusted	adjust	VERB
asfbr-370	120	32	model	model	NOUN
asfbr-370	120	33	and	and	CCONJ
asfbr-370	120	34	the	the	DET
asfbr-370	120	35	observed	observe	VERB
asfbr-370	120	36	limitations	limitation	NOUN
asfbr-370	120	37	on	on	ADP
asfbr-370	120	38	the	the	DET
asfbr-370	120	39	amount	amount	NOUN
asfbr-370	120	40	of	of	ADP
asfbr-370	120	41	debt	debt	NOUN
asfbr-370	120	42	financing	financing	NOUN
asfbr-370	120	43	employed	employ	VERB
asfbr-370	120	44	in	in	ADP
asfbr-370	120	45	practice	practice	NOUN
asfbr-370	120	46	.	.	PUNCT
asfbr-370	121	1	although	although	SCONJ
asfbr-370	121	2	corporate	corporate	ADJ
asfbr-370	121	3	capital	capital	NOUN
asfbr-370	121	4	structure	structure	NOUN
asfbr-370	121	5	decision	decision	NOUN
asfbr-370	121	6	is	be	AUX
asfbr-370	121	7	not	not	PART
asfbr-370	121	8	the	the	DET
asfbr-370	121	9	primary	primary	ADJ
asfbr-370	121	10	subject	subject	NOUN
asfbr-370	121	11	of	of	ADP
asfbr-370	121	12	this	this	DET
asfbr-370	121	13	paper	paper	NOUN
asfbr-370	121	14	,	,	PUNCT
asfbr-370	121	15	it	it	PRON
asfbr-370	121	16	is	be	AUX
asfbr-370	121	17	appropriate	appropriate	ADJ
asfbr-370	121	18	to	to	PART
asfbr-370	121	19	highlight	highlight	VERB
asfbr-370	121	20	what	what	PRON
asfbr-370	121	21	has	have	AUX
asfbr-370	121	22	come	come	VERB
asfbr-370	121	23	to	to	PART
asfbr-370	121	24	be	be	AUX
asfbr-370	121	25	known	know	VERB
asfbr-370	121	26	as	as	ADP
asfbr-370	121	27	the	the	DET
asfbr-370	121	28	‘	'	PUNCT
asfbr-370	121	29	trade	trade	NOUN
asfbr-370	121	30	-	-	PUNCT
asfbr-370	121	31	off	off	ADP
asfbr-370	121	32	theory	theory	NOUN
asfbr-370	121	33	’	'	PUNCT
asfbr-370	121	34	of	of	ADP
asfbr-370	121	35	capital	capital	NOUN
asfbr-370	121	36	structure	structure	NOUN
asfbr-370	121	37	.	.	PUNCT
asfbr-370	122	1	modigliani	modigliani	PROPN
asfbr-370	122	2	and	and	CCONJ
asfbr-370	122	3	miller	miller	PROPN
asfbr-370	122	4	(	(	PUNCT
asfbr-370	122	5	1963	1963	NUM
asfbr-370	122	6	)	)	PUNCT
asfbr-370	122	7	argue	argue	VERB
asfbr-370	122	8	that	that	SCONJ
asfbr-370	122	9	the	the	DET
asfbr-370	122	10	tax	tax	NOUN
asfbr-370	122	11	code	code	NOUN
asfbr-370	122	12	favors	favor	VERB
asfbr-370	122	13	debt	debt	NOUN
asfbr-370	122	14	over	over	ADP
asfbr-370	122	15	equity	equity	NOUN
asfbr-370	122	16	financing	financing	NOUN
asfbr-370	122	17	by	by	ADP
asfbr-370	122	18	allowing	allow	VERB
asfbr-370	122	19	the	the	DET
asfbr-370	122	20	firm	firm	NOUN
asfbr-370	122	21	’s	’s	PART
asfbr-370	122	22	interest	interest	NOUN
asfbr-370	122	23	expense	expense	NOUN
asfbr-370	122	24	to	to	PART
asfbr-370	122	25	be	be	AUX
asfbr-370	122	26	deducted	deduct	VERB
asfbr-370	122	27	from	from	ADP
asfbr-370	122	28	gross	gross	ADJ
asfbr-370	122	29	income	income	NOUN
asfbr-370	122	30	for	for	ADP
asfbr-370	122	31	corporate	corporate	ADJ
asfbr-370	122	32	tax	tax	NOUN
asfbr-370	122	33	purposes	purpose	NOUN
asfbr-370	122	34	,	,	PUNCT
asfbr-370	122	35	but	but	CCONJ
asfbr-370	122	36	disallowing	disallow	VERB
asfbr-370	122	37	deductibility	deductibility	NOUN
asfbr-370	122	38	of	of	ADP
asfbr-370	122	39	payments	payment	NOUN
asfbr-370	122	40	to	to	ADP
asfbr-370	122	41	equity	equity	NOUN
asfbr-370	122	42	holders	holder	NOUN
asfbr-370	122	43	(	(	PUNCT
asfbr-370	122	44	dividends	dividend	NOUN
asfbr-370	122	45	are	be	AUX
asfbr-370	122	46	not	not	PART
asfbr-370	122	47	tax	tax	NOUN
asfbr-370	122	48	deductible	deductible	ADJ
asfbr-370	122	49	on	on	ADP
asfbr-370	122	50	the	the	DET
asfbr-370	122	51	personal	personal	ADJ
asfbr-370	122	52	account	account	NOUN
asfbr-370	122	53	)	)	PUNCT
asfbr-370	122	54	.	.	PUNCT
asfbr-370	123	1	since	since	SCONJ
asfbr-370	123	2	an	an	DET
asfbr-370	123	3	additional	additional	ADJ
asfbr-370	123	4	dollar	dollar	NOUN
asfbr-370	123	5	of	of	ADP
asfbr-370	123	6	debt	debt	NOUN
asfbr-370	123	7	generates	generate	VERB
asfbr-370	123	8	the	the	DET
asfbr-370	123	9	marginal	marginal	ADJ
asfbr-370	123	10	benefit	benefit	NOUN
asfbr-370	123	11	of	of	ADP
asfbr-370	123	12	a	a	DET
asfbr-370	123	13	tax	tax	NOUN
asfbr-370	123	14	deduction	deduction	NOUN
asfbr-370	123	15	without	without	ADP
asfbr-370	123	16	any	any	DET
asfbr-370	123	17	offsetting	offset	VERB
asfbr-370	123	18	cost	cost	NOUN
asfbr-370	123	19	in	in	ADP
asfbr-370	123	20	this	this	DET
asfbr-370	123	21	framework	framework	NOUN
asfbr-370	123	22	,	,	PUNCT
asfbr-370	123	23	the	the	DET
asfbr-370	123	24	firm	firm	ADJ
asfbr-370	123	25	value	value	NOUN
asfbr-370	123	26	is	be	AUX
asfbr-370	123	27	maximized	maximize	VERB
asfbr-370	123	28	by	by	ADP
asfbr-370	123	29	utilizing	utilize	VERB
asfbr-370	123	30	as	as	ADV
asfbr-370	123	31	much	much	ADJ
asfbr-370	123	32	debt	debt	NOUN
asfbr-370	123	33	as	as	ADP
asfbr-370	123	34	possible	possible	ADJ
asfbr-370	123	35	to	to	PART
asfbr-370	123	36	finance	finance	VERB
asfbr-370	123	37	corporate	corporate	ADJ
asfbr-370	123	38	investment	investment	NOUN
asfbr-370	123	39	decisions	decision	NOUN
asfbr-370	123	40	.	.	PUNCT
asfbr-370	124	1	leland	leland	PROPN
asfbr-370	124	2	(	(	PUNCT
asfbr-370	124	3	1994	1994	NUM
asfbr-370	124	4	)	)	PUNCT
asfbr-370	124	5	develops	develop	VERB
asfbr-370	124	6	a	a	DET
asfbr-370	124	7	unified	unified	ADJ
asfbr-370	124	8	analytical	analytical	ADJ
asfbr-370	124	9	framework	framework	NOUN
asfbr-370	124	10	with	with	ADP
asfbr-370	124	11	closed	closed	ADJ
asfbr-370	124	12	-	-	PUNCT
asfbr-370	124	13	form	form	NOUN
asfbr-370	124	14	solutions	solution	NOUN
asfbr-370	124	15	to	to	PART
asfbr-370	124	16	understand	understand	VERB
asfbr-370	124	17	the	the	DET
asfbr-370	124	18	value	value	NOUN
asfbr-370	124	19	of	of	ADP
asfbr-370	124	20	corporate	corporate	ADJ
asfbr-370	124	21	debt	debt	NOUN
asfbr-370	124	22	and	and	CCONJ
asfbr-370	124	23	optimal	optimal	ADJ
asfbr-370	124	24	capital	capital	NOUN
asfbr-370	124	25	structure	structure	NOUN
asfbr-370	124	26	.	.	PUNCT
asfbr-370	125	1	leland	leland	PROPN
asfbr-370	125	2	’s	’s	PART
asfbr-370	125	3	model	model	NOUN
asfbr-370	125	4	is	be	AUX
asfbr-370	125	5	rich	rich	ADJ
asfbr-370	125	6	enough	enough	ADV
asfbr-370	125	7	to	to	PART
asfbr-370	125	8	permit	permit	VERB
asfbr-370	125	9	a	a	DET
asfbr-370	125	10	detailed	detailed	ADJ
asfbr-370	125	11	analysis	analysis	NOUN
asfbr-370	125	12	of	of	ADP
asfbr-370	125	13	the	the	DET
asfbr-370	125	14	behavior	behavior	NOUN
asfbr-370	125	15	of	of	ADP
asfbr-370	125	16	corporate	corporate	ADJ
asfbr-370	125	17	bond	bond	NOUN
asfbr-370	125	18	prices	price	NOUN
asfbr-370	125	19	and	and	CCONJ
asfbr-370	125	20	optimal	optimal	ADJ
asfbr-370	125	21	leverage	leverage	NOUN
asfbr-370	125	22	ratios	ratio	NOUN
asfbr-370	125	23	as	as	ADP
asfbr-370	125	24	corporate	corporate	ADJ
asfbr-370	125	25	tax	tax	NOUN
asfbr-370	125	26	rates	rate	NOUN
asfbr-370	125	27	,	,	PUNCT
asfbr-370	125	28	bankruptcy	bankruptcy	NOUN
asfbr-370	125	29	costs	cost	NOUN
asfbr-370	125	30	,	,	PUNCT
asfbr-370	125	31	firm	firm	ADJ
asfbr-370	125	32	asset	asset	NOUN
asfbr-370	125	33	value	value	NOUN
asfbr-370	125	34	,	,	PUNCT
asfbr-370	125	35	firm	firm	ADJ
asfbr-370	125	36	risk	risk	NOUN
asfbr-370	125	37	,	,	PUNCT
asfbr-370	125	38	and	and	CCONJ
asfbr-370	125	39	riskfree	riskfree	VERB
asfbr-370	125	40	interest	interest	NOUN
asfbr-370	125	41	rate	rate	NOUN
asfbr-370	125	42	change	change	NOUN
asfbr-370	125	43	.	.	PUNCT
asfbr-370	126	1	in	in	ADP
asfbr-370	126	2	leland	leland	PROPN
asfbr-370	126	3	’s	’s	PART
asfbr-370	126	4	framework	framework	NOUN
asfbr-370	126	5	bankruptcy	bankruptcy	NOUN
asfbr-370	126	6	can	can	AUX
asfbr-370	126	7	either	either	CCONJ
asfbr-370	126	8	be	be	AUX
asfbr-370	126	9	determined	determine	VERB
asfbr-370	126	10	endogenously	endogenously	ADV
asfbr-370	126	11	as	as	ADP
asfbr-370	126	12	the	the	DET
asfbr-370	126	13	result	result	NOUN
asfbr-370	126	14	of	of	ADP
asfbr-370	126	15	an	an	DET
asfbr-370	126	16	optima	optima	PROPN
asfbr-370	126	17	l	l	NOUN
asfbr-370	126	18	decision	decision	NOUN
asfbr-370	126	19	by	by	ADP
asfbr-370	126	20	equity	equity	NOUN
asfbr-370	126	21	holders	holder	NOUN
asfbr-370	126	22	or	or	CCONJ
asfbr-370	126	23	be	be	AUX
asfbr-370	126	24	triggered	trigger	VERB
asfbr-370	126	25	by	by	ADP
asfbr-370	126	26	the	the	DET
asfbr-370	126	27	violation	violation	NOUN
asfbr-370	126	28	of	of	ADP
asfbr-370	126	29	a	a	DET
asfbr-370	126	30	positive	positive	ADJ
asfbr-370	126	31	net	net	ADJ
asfbr-370	126	32	-	-	PUNCT
asfbr-370	126	33	worth	worth	NOUN
asfbr-370	126	34	covenant	covenant	NOUN
asfbr-370	126	35	.	.	PUNCT
asfbr-370	127	1	the	the	DET
asfbr-370	127	2	author	author	NOUN
asfbr-370	127	3	shows	show	VERB
asfbr-370	127	4	that	that	SCONJ
asfbr-370	127	5	the	the	DET
asfbr-370	127	6	tradeoff	tradeoff	NOUN
asfbr-370	127	7	between	between	ADP
asfbr-370	127	8	the	the	DET
asfbr-370	127	9	tax	tax	NOUN
asfbr-370	127	10	benefit	benefit	NOUN
asfbr-370	127	11	of	of	ADP
asfbr-370	127	12	debt	debt	NOUN
asfbr-370	127	13	and	and	CCONJ
asfbr-370	127	14	the	the	DET
asfbr-370	127	15	bankruptcy	bankruptcy	NOUN
asfbr-370	127	16	costs	cost	VERB
asfbr-370	127	17	determines	determine	VERB
asfbr-370	127	18	the	the	DET
asfbr-370	127	19	value	value	NOUN
asfbr-370	127	20	of	of	ADP
asfbr-370	127	21	corporate	corporate	ADJ
asfbr-370	127	22	bond	bond	NOUN
asfbr-370	127	23	,	,	PUNCT
asfbr-370	127	24	the	the	DET
asfbr-370	127	25	bond	bond	NOUN
asfbr-370	127	26	yield	yield	NOUN
asfbr-370	127	27	,	,	PUNCT
asfbr-370	127	28	the	the	DET
asfbr-370	127	29	optimal	optimal	ADJ
asfbr-370	127	30	leverage	leverage	NOUN
asfbr-370	127	31	ratio	ratio	NOUN
asfbr-370	127	32	,	,	PUNCT
asfbr-370	127	33	and	and	CCONJ
asfbr-370	127	34	the	the	DET
asfbr-370	127	35	optimal	optimal	ADJ
asfbr-370	127	36	timing	timing	NOUN
asfbr-370	127	37	of	of	ADP
asfbr-370	127	38	bankruptcy	bankruptcy	NOUN
asfbr-370	127	39	.	.	PUNCT
asfbr-370	128	1	leland	leland	PROPN
asfbr-370	128	2	’s	’s	PART
asfbr-370	128	3	model	model	NOUN
asfbr-370	128	4	also	also	ADV
asfbr-370	128	5	provides	provide	VERB
asfbr-370	128	6	important	important	ADJ
asfbr-370	128	7	insights	insight	NOUN
asfbr-370	128	8	about	about	ADP
asfbr-370	128	9	the	the	DET
asfbr-370	128	10	tradeoff	tradeoff	NOUN
asfbr-370	128	11	between	between	ADP
asfbr-370	128	12	the	the	DET
asfbr-370	128	13	tax	tax	NOUN
asfbr-370	128	14	benefit	benefit	NOUN
asfbr-370	128	15	of	of	ADP
asfbr-370	128	16	debt	debt	NOUN
asfbr-370	128	17	and	and	CCONJ
asfbr-370	128	18	the	the	DET
asfbr-370	128	19	agency	agency	NOUN
asfbr-370	128	20	cost	cost	NOUN
asfbr-370	128	21	of	of	ADP
asfbr-370	128	22	debt	debt	NOUN
asfbr-370	128	23	.	.	PUNCT
asfbr-370	129	1	when	when	SCONJ
asfbr-370	129	2	the	the	DET
asfbr-370	129	3	firm	firm	NOUN
asfbr-370	129	4	is	be	AUX
asfbr-370	129	5	in	in	ADP
asfbr-370	129	6	the	the	DET
asfbr-370	129	7	vicinity	vicinity	NOUN
asfbr-370	129	8	of	of	ADP
asfbr-370	129	9	financial	financial	ADJ
asfbr-370	129	10	distress	distress	NOUN
asfbr-370	129	11	and	and	CCONJ
asfbr-370	129	12	bankruptcy	bankruptcy	NOUN
asfbr-370	129	13	,	,	PUNCT
asfbr-370	129	14	equity	equity	NOUN
asfbr-370	129	15	holders	holder	NOUN
asfbr-370	129	16	have	have	VERB
asfbr-370	129	17	incentives	incentive	NOUN
asfbr-370	129	18	to	to	PART
asfbr-370	129	19	increase	increase	VERB
asfbr-370	129	20	the	the	DET
asfbr-370	129	21	firm	firm	NOUN
asfbr-370	129	22	’s	’s	PART
asfbr-370	129	23	risk	risk	NOUN
asfbr-370	129	24	through	through	ADP
asfbr-370	129	25	asset	asset	NOUN
asfbr-370	129	26	substitution	substitution	NOUN
asfbr-370	129	27	,	,	PUNCT
asfbr-370	129	28	which	which	PRON
asfbr-370	129	29	transfers	transfer	VERB
asfbr-370	129	30	wealth	wealth	NOUN
asfbr-370	129	31	from	from	ADP
asfbr-370	129	32	bondholders	bondholder	NOUN
asfbr-370	129	33	to	to	ADP
asfbr-370	129	34	equity	equity	NOUN
asfbr-370	129	35	holders	holder	NOUN
asfbr-370	129	36	.	.	PUNCT
asfbr-370	130	1	corporate	corporate	ADJ
asfbr-370	130	2	bonds	bond	NOUN
asfbr-370	130	3	with	with	ADP
asfbr-370	130	4	positive	positive	ADJ
asfbr-370	130	5	net	net	ADJ
asfbr-370	130	6	-	-	PUNCT
asfbr-370	130	7	worth	worth	ADJ
asfbr-370	130	8	covenants	covenant	NOUN
asfbr-370	130	9	(	(	PUNCT
asfbr-370	130	10	or	or	CCONJ
asfbr-370	130	11	short	short	ADJ
asfbr-370	130	12	-	-	PUNCT
asfbr-370	130	13	term	term	NOUN
asfbr-370	130	14	rollover	rollover	NOUN
asfbr-370	130	15	debt	debt	NOUN
asfbr-370	130	16	financing	financing	NOUN
asfbr-370	130	17	)	)	PUNCT
asfbr-370	130	18	tend	tend	VERB
asfbr-370	130	19	to	to	PART
asfbr-370	130	20	mitigate	mitigate	VERB
asfbr-370	130	21	this	this	DET
asfbr-370	130	22	agency	agency	NOUN
asfbr-370	130	23	problem	problem	NOUN
asfbr-370	130	24	,	,	PUNCT
asfbr-370	130	25	because	because	SCONJ
asfbr-370	130	26	stockholders	stockholder	NOUN
asfbr-370	130	27	can	can	AUX
asfbr-370	130	28	not	not	PART
asfbr-370	130	29	gain	gain	VERB
asfbr-370	130	30	by	by	ADP
asfbr-370	130	31	increasing	increase	VERB
asfbr-370	130	32	firm	firm	ADJ
asfbr-370	130	33	risk	risk	NOUN
asfbr-370	130	34	when	when	SCONJ
asfbr-370	130	35	debt	debt	NOUN
asfbr-370	130	36	is	be	AUX
asfbr-370	130	37	protected	protect	VERB
asfbr-370	130	38	by	by	ADP
asfbr-370	130	39	the	the	DET
asfbr-370	130	40	covenant	covenant	NOUN
asfbr-370	130	41	.	.	PUNCT
asfbr-370	131	1	thus	thus	ADV
asfbr-370	131	2	,	,	PUNCT
asfbr-370	131	3	protected	protect	VERB
asfbr-370	131	4	debt	debt	NOUN
asfbr-370	131	5	copyright	copyright	NOUN
asfbr-370	131	6	©	©	PROPN
asfbr-370	131	7	cc	cc	PROPN
asfbr-370	131	8	-	-	PUNCT
asfbr-370	131	9	by	by	ADP
asfbr-370	131	10	-	-	PUNCT
asfbr-370	131	11	nc	nc	PROPN
asfbr-370	131	12	2019	2019	NUM
asfbr-370	131	13	,	,	PUNCT
asfbr-370	131	14	cribfb	cribfb	VERB
asfbr-370	132	1	|	|	ADV
asfbr-370	132	2	asfbr	asfbr	NOUN
asfbr-370	132	3	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	132	4	asian	asian	ADJ
asfbr-370	132	5	finance	finance	PROPN
asfbr-370	132	6	&	&	CCONJ
asfbr-370	132	7	banking	banking	PROPN
asfbr-370	132	8	review	review	PROPN
asfbr-370	132	9	vol	vol	NOUN
asfbr-370	132	10	.	.	PROPN
asfbr-370	133	1	3	3	NUM
asfbr-370	133	2	,	,	PUNCT
asfbr-370	133	3	no	no	INTJ
asfbr-370	133	4	.	.	NOUN
asfbr-370	133	5	2	2	NUM
asfbr-370	133	6	;	;	PUNCT
asfbr-370	133	7	2019	2019	NUM
asfbr-370	133	8	30	30	NUM
asfbr-370	133	9	may	may	AUX
asfbr-370	133	10	be	be	AUX
asfbr-370	133	11	the	the	DET
asfbr-370	133	12	preferred	preferred	ADJ
asfbr-370	133	13	form	form	NOUN
asfbr-370	133	14	of	of	ADP
asfbr-370	133	15	financing	financing	NOUN
asfbr-370	133	16	for	for	ADP
asfbr-370	133	17	firms	firm	NOUN
asfbr-370	133	18	that	that	PRON
asfbr-370	133	19	are	be	AUX
asfbr-370	133	20	more	more	ADV
asfbr-370	133	21	exposed	expose	VERB
asfbr-370	133	22	to	to	ADP
asfbr-370	133	23	the	the	DET
asfbr-370	133	24	agency	agency	NOUN
asfbr-370	133	25	cost	cost	NOUN
asfbr-370	133	26	of	of	ADP
asfbr-370	133	27	debt	debt	NOUN
asfbr-370	133	28	,	,	PUNCT
asfbr-370	133	29	despite	despite	SCONJ
asfbr-370	133	30	having	have	VERB
asfbr-370	133	31	lower	low	ADJ
asfbr-370	133	32	potential	potential	ADJ
asfbr-370	133	33	tax	tax	NOUN
asfbr-370	133	34	benefits	benefit	NOUN
asfbr-370	133	35	.	.	PUNCT
asfbr-370	134	1	2.4.3	2.4.3	NUM
asfbr-370	134	2	information	information	NOUN
asfbr-370	134	3	asymmetry	asymmetry	NOUN
asfbr-370	134	4	asymmetric	asymmetric	ADJ
asfbr-370	134	5	information	information	NOUN
asfbr-370	134	6	exists	exist	VERB
asfbr-370	134	7	in	in	ADP
asfbr-370	134	8	any	any	DET
asfbr-370	134	9	transaction	transaction	NOUN
asfbr-370	134	10	where	where	SCONJ
asfbr-370	134	11	one	one	NUM
asfbr-370	134	12	party	party	NOUN
asfbr-370	134	13	knows	know	VERB
asfbr-370	134	14	more	more	ADJ
asfbr-370	134	15	about	about	ADP
asfbr-370	134	16	the	the	DET
asfbr-370	134	17	true	true	ADJ
asfbr-370	134	18	value	value	NOUN
asfbr-370	134	19	of	of	ADP
asfbr-370	134	20	the	the	DET
asfbr-370	134	21	asset	asset	NOUN
asfbr-370	134	22	than	than	SCONJ
asfbr-370	134	23	does	do	VERB
asfbr-370	134	24	another	another	DET
asfbr-370	134	25	party	party	NOUN
asfbr-370	134	26	.	.	PUNCT
asfbr-370	135	1	in	in	ADP
asfbr-370	135	2	corporate	corporate	ADJ
asfbr-370	135	3	finance	finance	NOUN
asfbr-370	135	4	,	,	PUNCT
asfbr-370	135	5	corporate	corporate	ADJ
asfbr-370	135	6	managers	manager	NOUN
asfbr-370	135	7	are	be	AUX
asfbr-370	135	8	typically	typically	ADV
asfbr-370	135	9	assumed	assume	VERB
asfbr-370	135	10	to	to	PART
asfbr-370	135	11	possess	possess	VERB
asfbr-370	135	12	private	private	ADJ
asfbr-370	135	13	information	information	NOUN
asfbr-370	135	14	about	about	ADP
asfbr-370	135	15	the	the	DET
asfbr-370	135	16	true	true	ADJ
asfbr-370	135	17	economic	economic	ADJ
asfbr-370	135	18	value	value	NOUN
asfbr-370	135	19	of	of	ADP
asfbr-370	135	20	the	the	DET
asfbr-370	135	21	firm	firm	NOUN
asfbr-370	135	22	.	.	PUNCT
asfbr-370	136	1	in	in	ADP
asfbr-370	136	2	the	the	DET
asfbr-370	136	3	case	case	NOUN
asfbr-370	136	4	of	of	ADP
asfbr-370	136	5	financially	financially	ADV
asfbr-370	136	6	distressed	distressed	ADJ
asfbr-370	136	7	firms	firm	NOUN
asfbr-370	136	8	,	,	PUNCT
asfbr-370	136	9	corporate	corporate	ADJ
asfbr-370	136	10	insiders	insider	NOUN
asfbr-370	136	11	and	and	CCONJ
asfbr-370	136	12	outside	outside	ADJ
asfbr-370	136	13	investors	investor	NOUN
asfbr-370	136	14	may	may	AUX
asfbr-370	136	15	simply	simply	ADV
asfbr-370	136	16	disagree	disagree	VERB
asfbr-370	136	17	about	about	ADP
asfbr-370	136	18	the	the	DET
asfbr-370	136	19	true	true	ADJ
asfbr-370	136	20	value	value	NOUN
asfbr-370	136	21	of	of	ADP
asfbr-370	136	22	the	the	DET
asfbr-370	136	23	firm	firm	NOUN
asfbr-370	136	24	because	because	SCONJ
asfbr-370	136	25	they	they	PRON
asfbr-370	136	26	have	have	VERB
asfbr-370	136	27	different	different	ADJ
asfbr-370	136	28	information	information	NOUN
asfbr-370	136	29	.	.	PUNCT
asfbr-370	137	1	insiders	insider	NOUN
asfbr-370	137	2	may	may	AUX
asfbr-370	137	3	also	also	ADV
asfbr-370	137	4	have	have	VERB
asfbr-370	137	5	an	an	DET
asfbr-370	137	6	incentive	incentive	NOUN
asfbr-370	137	7	to	to	PART
asfbr-370	137	8	intentionally	intentionally	ADV
asfbr-370	137	9	misrepresent	misrepresent	VERB
asfbr-370	137	10	the	the	DET
asfbr-370	137	11	firm	firm	ADJ
asfbr-370	137	12	value	value	NOUN
asfbr-370	137	13	in	in	ADP
asfbr-370	137	14	order	order	NOUN
asfbr-370	137	15	to	to	PART
asfbr-370	137	16	convince	convince	VERB
asfbr-370	137	17	bondholders	bondholder	NOUN
asfbr-370	137	18	to	to	PART
asfbr-370	137	19	agree	agree	VERB
asfbr-370	137	20	to	to	PART
asfbr-370	137	21	exchange	exchange	VERB
asfbr-370	137	22	their	their	PRON
asfbr-370	137	23	existing	exist	VERB
asfbr-370	137	24	claims	claim	NOUN
asfbr-370	137	25	for	for	ADP
asfbr-370	137	26	lower	low	ADJ
asfbr-370	137	27	valued	value	VERB
asfbr-370	137	28	securities	security	NOUN
asfbr-370	137	29	.	.	PUNCT
asfbr-370	138	1	the	the	DET
asfbr-370	138	2	asymmetric	asymmetric	ADJ
asfbr-370	138	3	information	information	NOUN
asfbr-370	138	4	problem	problem	NOUN
asfbr-370	138	5	suggests	suggest	VERB
asfbr-370	138	6	that	that	SCONJ
asfbr-370	138	7	a	a	DET
asfbr-370	138	8	greater	great	ADJ
asfbr-370	138	9	proportion	proportion	NOUN
asfbr-370	138	10	of	of	ADP
asfbr-370	138	11	the	the	DET
asfbr-370	138	12	securities	security	NOUN
asfbr-370	138	13	offered	offer	VERB
asfbr-370	138	14	in	in	ADP
asfbr-370	138	15	a	a	DET
asfbr-370	138	16	distressed	distressed	ADJ
asfbr-370	138	17	exchange	exchange	NOUN
asfbr-370	138	18	offer	offer	NOUN
asfbr-370	138	19	should	should	AUX
asfbr-370	138	20	contain	contain	VERB
asfbr-370	138	21	contingent	contingent	ADJ
asfbr-370	138	22	payment	payment	NOUN
asfbr-370	138	23	features	feature	NOUN
asfbr-370	138	24	.	.	PUNCT
asfbr-370	139	1	the	the	DET
asfbr-370	139	2	reason	reason	NOUN
asfbr-370	139	3	is	be	AUX
asfbr-370	139	4	that	that	SCONJ
asfbr-370	139	5	the	the	DET
asfbr-370	139	6	future	future	ADJ
asfbr-370	139	7	values	value	NOUN
asfbr-370	139	8	of	of	ADP
asfbr-370	139	9	contingent	contingent	ADJ
asfbr-370	139	10	payment	payment	NOUN
asfbr-370	139	11	securities	security	NOUN
asfbr-370	139	12	will	will	AUX
asfbr-370	139	13	adjust	adjust	VERB
asfbr-370	139	14	more	more	ADV
asfbr-370	139	15	readily	readily	ADV
asfbr-370	139	16	to	to	ADP
asfbr-370	139	17	the	the	DET
asfbr-370	139	18	revelation	revelation	NOUN
asfbr-370	139	19	of	of	ADP
asfbr-370	139	20	information	information	NOUN
asfbr-370	139	21	about	about	ADP
asfbr-370	139	22	the	the	DET
asfbr-370	139	23	true	true	ADJ
asfbr-370	139	24	value	value	NOUN
asfbr-370	139	25	of	of	ADP
asfbr-370	139	26	the	the	DET
asfbr-370	139	27	firm	firm	NOUN
asfbr-370	139	28	.	.	PUNCT
asfbr-370	140	1	2.5	2.5	NUM
asfbr-370	140	2	empirical	empirical	ADJ
asfbr-370	140	3	review	review	NOUN
asfbr-370	140	4	gennaioli	gennaioli	NOUN
asfbr-370	140	5	and	and	CCONJ
asfbr-370	140	6	rossi	rossi	ADJ
asfbr-370	140	7	(	(	PUNCT
asfbr-370	140	8	2011	2011	NUM
asfbr-370	140	9	)	)	PUNCT
asfbr-370	140	10	showed	show	VERB
asfbr-370	140	11	that	that	SCONJ
asfbr-370	140	12	judicial	judicial	ADJ
asfbr-370	140	13	biases	bias	NOUN
asfbr-370	140	14	may	may	AUX
asfbr-370	140	15	not	not	PART
asfbr-370	140	16	be	be	AUX
asfbr-370	140	17	random	random	ADJ
asfbr-370	140	18	,	,	PUNCT
asfbr-370	140	19	because	because	SCONJ
asfbr-370	140	20	career	career	NOUN
asfbr-370	140	21	concerns	concern	NOUN
asfbr-370	140	22	of	of	ADP
asfbr-370	140	23	bankruptcy	bankruptcy	NOUN
asfbr-370	140	24	judges	judge	NOUN
asfbr-370	140	25	induce	induce	VERB
asfbr-370	140	26	a	a	DET
asfbr-370	140	27	pro	pro	ADJ
asfbr-370	140	28	-	-	ADJ
asfbr-370	140	29	debtor	debtor	ADJ
asfbr-370	140	30	bias	bias	NOUN
asfbr-370	140	31	.	.	PUNCT
asfbr-370	141	1	judges	judge	NOUN
asfbr-370	141	2	would	would	AUX
asfbr-370	141	3	over	over	ADV
asfbr-370	141	4	-	-	PUNCT
asfbr-370	141	5	reorganize	reorganize	VERB
asfbr-370	141	6	bankrupt	bankrupt	ADJ
asfbr-370	141	7	firms	firm	NOUN
asfbr-370	141	8	to	to	PART
asfbr-370	141	9	establish	establish	VERB
asfbr-370	141	10	a	a	DET
asfbr-370	141	11	pro	pro	ADJ
asfbr-370	141	12	-	-	ADJ
asfbr-370	141	13	debtor	debtor	ADJ
asfbr-370	141	14	reputation	reputation	NOUN
asfbr-370	141	15	so	so	SCONJ
asfbr-370	141	16	as	as	SCONJ
asfbr-370	141	17	to	to	PART
asfbr-370	141	18	attract	attract	VERB
asfbr-370	141	19	future	future	ADJ
asfbr-370	141	20	bankruptcy	bankruptcy	NOUN
asfbr-370	141	21	filings	filing	NOUN
asfbr-370	141	22	(	(	PUNCT
asfbr-370	141	23	by	by	ADP
asfbr-370	141	24	debtors	debtor	NOUN
asfbr-370	141	25	)	)	PUNCT
asfbr-370	141	26	.	.	PUNCT
asfbr-370	142	1	the	the	DET
asfbr-370	142	2	authors	author	NOUN
asfbr-370	142	3	show	show	VERB
asfbr-370	142	4	that	that	SCONJ
asfbr-370	142	5	strong	strong	ADJ
asfbr-370	142	6	creditor	creditor	NOUN
asfbr-370	142	7	protection	protection	NOUN
asfbr-370	142	8	in	in	ADP
asfbr-370	142	9	reorganization	reorganization	NOUN
asfbr-370	142	10	is	be	AUX
asfbr-370	142	11	crucial	crucial	ADJ
asfbr-370	142	12	to	to	PART
asfbr-370	142	13	improve	improve	VERB
asfbr-370	142	14	judicial	judicial	ADJ
asfbr-370	142	15	incentives	incentive	NOUN
asfbr-370	142	16	to	to	PART
asfbr-370	142	17	resolve	resolve	VERB
asfbr-370	142	18	financial	financial	ADJ
asfbr-370	142	19	distress	distress	NOUN
asfbr-370	142	20	efficiently	efficiently	ADV
asfbr-370	142	21	.	.	PUNCT
asfbr-370	143	1	lubben	lubben	PROPN
asfbr-370	143	2	(	(	PUNCT
asfbr-370	143	3	2000	2000	NUM
asfbr-370	143	4	)	)	PUNCT
asfbr-370	143	5	used	use	VERB
asfbr-370	143	6	a	a	DET
asfbr-370	143	7	sample	sample	NOUN
asfbr-370	143	8	of	of	ADP
asfbr-370	143	9	22	22	NUM
asfbr-370	143	10	firms	firm	NOUN
asfbr-370	143	11	from	from	ADP
asfbr-370	143	12	1994	1994	NUM
asfbr-370	143	13	and	and	CCONJ
asfbr-370	143	14	calculates	calculate	VERB
asfbr-370	143	15	that	that	SCONJ
asfbr-370	143	16	the	the	DET
asfbr-370	143	17	cost	cost	NOUN
asfbr-370	143	18	of	of	ADP
asfbr-370	143	19	legal	legal	ADJ
asfbr-370	143	20	counsel	counsel	NOUN
asfbr-370	143	21	in	in	ADP
asfbr-370	143	22	chapter	chapter	NOUN
asfbr-370	143	23	11	11	NUM
asfbr-370	143	24	bankruptcy	bankruptcy	NOUN
asfbr-370	143	25	is	be	AUX
asfbr-370	143	26	on	on	ADP
asfbr-370	143	27	average	average	ADJ
asfbr-370	143	28	about	about	ADV
asfbr-370	143	29	1.8	1.8	NUM
asfbr-370	143	30	%	%	NOUN
asfbr-370	143	31	of	of	ADP
asfbr-370	143	32	the	the	DET
asfbr-370	143	33	distressed	distressed	ADJ
asfbr-370	143	34	firm	firm	NOUN
asfbr-370	143	35	’s	’s	PART
asfbr-370	143	36	total	total	ADJ
asfbr-370	143	37	assets	asset	NOUN
asfbr-370	143	38	,	,	PUNCT
asfbr-370	143	39	and	and	CCONJ
asfbr-370	143	40	can	can	AUX
asfbr-370	143	41	be	be	AUX
asfbr-370	143	42	as	as	ADV
asfbr-370	143	43	high	high	ADJ
asfbr-370	143	44	as	as	ADP
asfbr-370	143	45	5	5	NUM
asfbr-370	143	46	%	%	NOUN
asfbr-370	143	47	.	.	PUNCT
asfbr-370	144	1	altman	altman	PROPN
asfbr-370	144	2	and	and	CCONJ
asfbr-370	144	3	hotchkiss	hotchkiss	PROPN
asfbr-370	144	4	(	(	PUNCT
asfbr-370	144	5	2006	2006	NUM
asfbr-370	144	6	)	)	PUNCT
asfbr-370	144	7	provide	provide	VERB
asfbr-370	144	8	a	a	DET
asfbr-370	144	9	nice	nice	ADJ
asfbr-370	144	10	summary	summary	NOUN
asfbr-370	144	11	of	of	ADP
asfbr-370	144	12	the	the	DET
asfbr-370	144	13	estimates	estimate	NOUN
asfbr-370	144	14	of	of	ADP
asfbr-370	144	15	the	the	DET
asfbr-370	144	16	direct	direct	ADJ
asfbr-370	144	17	bankruptcy	bankruptcy	NOUN
asfbr-370	144	18	costs	cost	NOUN
asfbr-370	144	19	in	in	ADP
asfbr-370	144	20	the	the	DET
asfbr-370	144	21	literature	literature	NOUN
asfbr-370	144	22	.	.	PUNCT
asfbr-370	145	1	the	the	DET
asfbr-370	145	2	findings	finding	NOUN
asfbr-370	145	3	in	in	ADP
asfbr-370	145	4	all	all	DET
asfbr-370	145	5	these	these	DET
asfbr-370	145	6	studies	study	NOUN
asfbr-370	145	7	suggest	suggest	VERB
asfbr-370	145	8	that	that	SCONJ
asfbr-370	145	9	direct	direct	ADJ
asfbr-370	145	10	bankruptcy	bankruptcy	NOUN
asfbr-370	145	11	costs	cost	NOUN
asfbr-370	145	12	are	be	AUX
asfbr-370	145	13	unlikely	unlikely	ADJ
asfbr-370	145	14	to	to	PART
asfbr-370	145	15	represent	represent	VERB
asfbr-370	145	16	a	a	DET
asfbr-370	145	17	significant	significant	ADJ
asfbr-370	145	18	determinant	determinant	NOUN
asfbr-370	145	19	of	of	ADP
asfbr-370	145	20	the	the	DET
asfbr-370	145	21	firm	firm	NOUN
asfbr-370	145	22	’s	’s	PART
asfbr-370	145	23	capital	capital	NOUN
asfbr-370	145	24	structure	structure	NOUN
asfbr-370	145	25	decision	decision	NOUN
asfbr-370	145	26	.	.	PUNCT
asfbr-370	146	1	gilson	gilson	PROPN
asfbr-370	146	2	,	,	PUNCT
asfbr-370	146	3	john	john	PROPN
asfbr-370	146	4	and	and	CCONJ
asfbr-370	146	5	lang	lang	PROPN
asfbr-370	146	6	(	(	PUNCT
asfbr-370	146	7	1990	1990	NUM
asfbr-370	146	8	)	)	PUNCT
asfbr-370	146	9	provided	provide	VERB
asfbr-370	146	10	extensive	extensive	ADJ
asfbr-370	146	11	evidence	evidence	NOUN
asfbr-370	146	12	on	on	ADP
asfbr-370	146	13	the	the	DET
asfbr-370	146	14	incentives	incentive	NOUN
asfbr-370	146	15	of	of	ADP
asfbr-370	146	16	financially	financially	ADV
asfbr-370	146	17	distressed	distressed	ADJ
asfbr-370	146	18	firms	firm	NOUN
asfbr-370	146	19	to	to	PART
asfbr-370	146	20	choose	choose	VERB
asfbr-370	146	21	between	between	ADP
asfbr-370	146	22	private	private	ADJ
asfbr-370	146	23	debt	debt	NOUN
asfbr-370	146	24	restructurings	restructuring	NOUN
asfbr-370	146	25	and	and	CCONJ
asfbr-370	146	26	formal	formal	ADJ
asfbr-370	146	27	bankruptcy	bankruptcy	NOUN
asfbr-370	146	28	proceedings	proceeding	NOUN
asfbr-370	146	29	.	.	PUNCT
asfbr-370	147	1	their	their	PRON
asfbr-370	147	2	sample	sample	NOUN
asfbr-370	147	3	consists	consist	VERB
asfbr-370	147	4	of	of	ADP
asfbr-370	147	5	169	169	NUM
asfbr-370	147	6	distress	distress	NOUN
asfbr-370	147	7	reorganizations	reorganization	NOUN
asfbr-370	147	8	during	during	ADP
asfbr-370	147	9	1978–1987	1978–1987	NUM
asfbr-370	147	10	.	.	PUNCT
asfbr-370	148	1	they	they	PRON
asfbr-370	148	2	find	find	VERB
asfbr-370	148	3	that	that	SCONJ
asfbr-370	148	4	a	a	DET
asfbr-370	148	5	private	private	ADJ
asfbr-370	148	6	workout	workout	NOUN
asfbr-370	148	7	is	be	AUX
asfbr-370	148	8	more	more	ADV
asfbr-370	148	9	likely	likely	ADJ
asfbr-370	148	10	when	when	SCONJ
asfbr-370	148	11	the	the	DET
asfbr-370	148	12	distressed	distressed	ADJ
asfbr-370	148	13	firm	firm	NOUN
asfbr-370	148	14	has	have	VERB
asfbr-370	148	15	fewer	few	ADJ
asfbr-370	148	16	distinct	distinct	ADJ
asfbr-370	148	17	classes	class	NOUN
asfbr-370	148	18	of	of	ADP
asfbr-370	148	19	debt	debt	NOUN
asfbr-370	148	20	outstanding	outstanding	ADJ
asfbr-370	148	21	and	and	CCONJ
asfbr-370	148	22	the	the	DET
asfbr-370	148	23	firm	firm	NOUN
asfbr-370	148	24	relies	rely	VERB
asfbr-370	148	25	more	more	ADV
asfbr-370	148	26	heavily	heavily	ADV
asfbr-370	148	27	on	on	ADP
asfbr-370	148	28	bank	bank	NOUN
asfbr-370	148	29	debt	debt	NOUN
asfbr-370	148	30	than	than	ADP
asfbr-370	148	31	public	public	ADJ
asfbr-370	148	32	debt	debt	NOUN
asfbr-370	148	33	,	,	PUNCT
asfbr-370	148	34	both	both	PRON
asfbr-370	148	35	of	of	ADP
asfbr-370	148	36	which	which	PRON
asfbr-370	148	37	indicate	indicate	VERB
asfbr-370	148	38	a	a	DET
asfbr-370	148	39	less	less	ADV
asfbr-370	148	40	severe	severe	ADJ
asfbr-370	148	41	holdout	holdout	NOUN
asfbr-370	148	42	problem	problem	NOUN
asfbr-370	148	43	and	and	CCONJ
asfbr-370	148	44	less	less	ADJ
asfbr-370	148	45	information	information	NOUN
asfbr-370	148	46	asymmetry	asymmetry	NOUN
asfbr-370	148	47	.	.	PUNCT
asfbr-370	149	1	private	private	ADJ
asfbr-370	149	2	reorganization	reorganization	NOUN
asfbr-370	149	3	is	be	AUX
asfbr-370	149	4	also	also	ADV
asfbr-370	149	5	more	more	ADV
asfbr-370	149	6	likely	likely	ADJ
asfbr-370	149	7	when	when	SCONJ
asfbr-370	149	8	a	a	DET
asfbr-370	149	9	greater	great	ADJ
asfbr-370	149	10	proportion	proportion	NOUN
asfbr-370	149	11	of	of	ADP
asfbr-370	149	12	the	the	DET
asfbr-370	149	13	firm	firm	NOUN
asfbr-370	149	14	’s	’s	PART
asfbr-370	149	15	assets	asset	NOUN
asfbr-370	149	16	are	be	AUX
asfbr-370	149	17	intangible	intangible	ADJ
asfbr-370	149	18	.	.	PUNCT
asfbr-370	150	1	for	for	ADP
asfbr-370	150	2	such	such	DET
asfbr-370	150	3	a	a	DET
asfbr-370	150	4	firm	firm	ADJ
asfbr-370	150	5	,	,	PUNCT
asfbr-370	150	6	failure	failure	NOUN
asfbr-370	150	7	to	to	PART
asfbr-370	150	8	renegotiate	renegotiate	VERB
asfbr-370	150	9	the	the	DET
asfbr-370	150	10	firm	firm	NOUN
asfbr-370	150	11	’s	’s	PART
asfbr-370	150	12	impaired	impair	VERB
asfbr-370	150	13	credit	credit	NOUN
asfbr-370	150	14	obligations	obligation	NOUN
asfbr-370	150	15	will	will	AUX
asfbr-370	150	16	result	result	VERB
asfbr-370	150	17	in	in	ADP
asfbr-370	150	18	substantial	substantial	ADJ
asfbr-370	150	19	destruction	destruction	NOUN
asfbr-370	150	20	of	of	ADP
asfbr-370	150	21	going	go	VERB
asfbr-370	150	22	concern	concern	NOUN
asfbr-370	150	23	firm	firm	ADJ
asfbr-370	150	24	value	value	NOUN
asfbr-370	150	25	.	.	PUNCT
asfbr-370	151	1	this	this	PRON
asfbr-370	151	2	creates	create	VERB
asfbr-370	151	3	a	a	DET
asfbr-370	151	4	strong	strong	ADJ
asfbr-370	151	5	incentive	incentive	NOUN
asfbr-370	151	6	for	for	ADP
asfbr-370	151	7	different	different	ADJ
asfbr-370	151	8	classes	class	NOUN
asfbr-370	151	9	of	of	ADP
asfbr-370	151	10	creditors	creditor	NOUN
asfbr-370	151	11	to	to	PART
asfbr-370	151	12	reach	reach	VERB
asfbr-370	151	13	agreement	agreement	NOUN
asfbr-370	151	14	and	and	CCONJ
asfbr-370	151	15	avoid	avoid	VERB
asfbr-370	151	16	costly	costly	ADJ
asfbr-370	151	17	bankruptcy	bankruptcy	NOUN
asfbr-370	151	18	reorganization	reorganization	NOUN
asfbr-370	151	19	.	.	PUNCT
asfbr-370	152	1	their	their	PRON
asfbr-370	152	2	findings	finding	NOUN
asfbr-370	152	3	suggest	suggest	VERB
asfbr-370	152	4	that	that	SCONJ
asfbr-370	152	5	asset	asset	NOUN
asfbr-370	152	6	and	and	CCONJ
asfbr-370	152	7	financial	financial	ADJ
asfbr-370	152	8	characteristics	characteristic	NOUN
asfbr-370	152	9	jointly	jointly	ADV
asfbr-370	152	10	affect	affect	VERB
asfbr-370	152	11	the	the	DET
asfbr-370	152	12	firm	firm	NOUN
asfbr-370	152	13	’s	’s	PART
asfbr-370	152	14	choice	choice	NOUN
asfbr-370	152	15	between	between	ADP
asfbr-370	152	16	these	these	DET
asfbr-370	152	17	alternative	alternative	ADJ
asfbr-370	152	18	reorganization	reorganization	NOUN
asfbr-370	152	19	mechanisms	mechanism	NOUN
asfbr-370	152	20	.	.	PUNCT
asfbr-370	153	1	eberhart	eberhart	NOUN
asfbr-370	153	2	et	et	PROPN
asfbr-370	153	3	al.(1990	al.(1990	PROPN
asfbr-370	153	4	)	)	PUNCT
asfbr-370	153	5	examined	examine	VERB
asfbr-370	153	6	the	the	DET
asfbr-370	153	7	relationship	relationship	NOUN
asfbr-370	153	8	between	between	ADP
asfbr-370	153	9	share	share	NOUN
asfbr-370	153	10	price	price	NOUN
asfbr-370	153	11	reactions	reaction	NOUN
asfbr-370	153	12	and	and	CCONJ
asfbr-370	153	13	subsequent	subsequent	ADJ
asfbr-370	153	14	apr	apr	NOUN
asfbr-370	153	15	violations	violation	NOUN
asfbr-370	153	16	,	,	PUNCT
asfbr-370	153	17	and	and	CCONJ
asfbr-370	153	18	find	find	VERB
asfbr-370	153	19	that	that	SCONJ
asfbr-370	153	20	the	the	DET
asfbr-370	153	21	equity	equity	NOUN
asfbr-370	153	22	markets	market	NOUN
asfbr-370	153	23	generally	generally	ADV
asfbr-370	153	24	anticipate	anticipate	VERB
asfbr-370	153	25	and	and	CCONJ
asfbr-370	153	26	price	price	VERB
asfbr-370	153	27	these	these	DET
asfbr-370	153	28	deviations	deviation	NOUN
asfbr-370	153	29	.	.	PUNCT
asfbr-370	154	1	garlappi	garlappi	PROPN
asfbr-370	154	2	,	,	PUNCT
asfbr-370	154	3	shu	shu	PROPN
asfbr-370	154	4	,	,	PUNCT
asfbr-370	154	5	and	and	CCONJ
asfbr-370	154	6	yan	yan	PROPN
asfbr-370	154	7	(	(	PUNCT
asfbr-370	154	8	2008	2008	NUM
asfbr-370	154	9	)	)	PUNCT
asfbr-370	154	10	showed	show	VERB
asfbr-370	154	11	that	that	SCONJ
asfbr-370	154	12	shareholder	shareholder	NOUN
asfbr-370	154	13	advantage	advantage	NOUN
asfbr-370	154	14	,	,	PUNCT
asfbr-370	154	15	in	in	ADP
asfbr-370	154	16	violation	violation	NOUN
asfbr-370	154	17	of	of	ADP
asfbr-370	154	18	the	the	DET
asfbr-370	154	19	apr	apr	NOUN
asfbr-370	154	20	,	,	PUNCT
asfbr-370	154	21	can	can	AUX
asfbr-370	154	22	explain	explain	VERB
asfbr-370	154	23	the	the	DET
asfbr-370	154	24	cross	cross	NOUN
asfbr-370	154	25	-	-	NOUN
asfbr-370	154	26	section	section	NOUN
asfbr-370	154	27	of	of	ADP
asfbr-370	154	28	equity	equity	NOUN
asfbr-370	154	29	returns	return	NOUN
asfbr-370	154	30	.	.	PUNCT
asfbr-370	155	1	for	for	ADP
asfbr-370	155	2	firms	firm	NOUN
asfbr-370	155	3	with	with	ADP
asfbr-370	155	4	strong	strong	ADJ
asfbr-370	155	5	shareholder	shareholder	NOUN
asfbr-370	155	6	advantage	advantage	NOUN
asfbr-370	155	7	(	(	PUNCT
asfbr-370	155	8	e.g.	e.g.	ADV
asfbr-370	155	9	,	,	PUNCT
asfbr-370	155	10	those	those	PRON
asfbr-370	155	11	subject	subject	ADJ
asfbr-370	155	12	to	to	ADP
asfbr-370	155	13	large	large	ADJ
asfbr-370	155	14	magnitudes	magnitude	NOUN
asfbr-370	155	15	of	of	ADP
asfbr-370	155	16	apr	apr	NOUN
asfbr-370	155	17	violations	violation	NOUN
asfbr-370	155	18	)	)	PUNCT
asfbr-370	155	19	,	,	PUNCT
asfbr-370	155	20	a	a	DET
asfbr-370	155	21	higher	high	ADJ
asfbr-370	155	22	probability	probability	NOUN
asfbr-370	155	23	of	of	ADP
asfbr-370	155	24	default	default	NOUN
asfbr-370	155	25	can	can	AUX
asfbr-370	155	26	be	be	AUX
asfbr-370	155	27	associated	associate	VERB
asfbr-370	155	28	with	with	ADP
asfbr-370	155	29	a	a	DET
asfbr-370	155	30	lower	low	ADJ
asfbr-370	155	31	expected	expect	VERB
asfbr-370	155	32	equity	equity	NOUN
asfbr-370	155	33	return	return	NOUN
asfbr-370	155	34	.	.	PUNCT
asfbr-370	156	1	this	this	PRON
asfbr-370	156	2	is	be	AUX
asfbr-370	156	3	because	because	SCONJ
asfbr-370	156	4	in	in	ADP
asfbr-370	156	5	the	the	DET
asfbr-370	156	6	presence	presence	NOUN
asfbr-370	156	7	of	of	ADP
asfbr-370	156	8	37	37	NUM
asfbr-370	156	9	shareholder	shareholder	NOUN
asfbr-370	156	10	advantage	advantage	NOUN
asfbr-370	156	11	,	,	PUNCT
asfbr-370	156	12	default	default	NOUN
asfbr-370	156	13	probability	probability	NOUN
asfbr-370	156	14	does	do	AUX
asfbr-370	156	15	not	not	PART
asfbr-370	156	16	adequately	adequately	ADV
asfbr-370	156	17	represent	represent	VERB
asfbr-370	156	18	the	the	DET
asfbr-370	156	19	risk	risk	NOUN
asfbr-370	156	20	of	of	ADP
asfbr-370	156	21	default	default	NOUN
asfbr-370	156	22	to	to	ADP
asfbr-370	156	23	equity	equity	NOUN
asfbr-370	156	24	holders	holder	NOUN
asfbr-370	156	25	.	.	PUNCT
asfbr-370	157	1	bharath	bharath	NOUN
asfbr-370	157	2	,	,	PUNCT
asfbr-370	157	3	panchapegesan	panchapegesan	ADJ
asfbr-370	157	4	,	,	PUNCT
asfbr-370	157	5	and	and	CCONJ
asfbr-370	157	6	werner	werner	PROPN
asfbr-370	157	7	(	(	PUNCT
asfbr-370	157	8	2010	2010	NUM
asfbr-370	157	9	)	)	PUNCT
asfbr-370	157	10	documented	document	VERB
asfbr-370	157	11	a	a	DET
asfbr-370	157	12	secular	secular	ADJ
asfbr-370	157	13	decline	decline	NOUN
asfbr-370	157	14	in	in	ADP
asfbr-370	157	15	the	the	DET
asfbr-370	157	16	frequency	frequency	NOUN
asfbr-370	157	17	of	of	ADP
asfbr-370	157	18	apr	apr	NOUN
asfbr-370	157	19	violations	violation	NOUN
asfbr-370	157	20	from	from	ADP
asfbr-370	157	21	64	64	NUM
asfbr-370	157	22	%	%	NOUN
asfbr-370	157	23	before	before	ADP
asfbr-370	157	24	1990	1990	NUM
asfbr-370	157	25	to	to	ADP
asfbr-370	157	26	26	26	NUM
asfbr-370	157	27	%	%	NOUN
asfbr-370	157	28	in	in	ADP
asfbr-370	157	29	the	the	DET
asfbr-370	157	30	1990s	1990	NOUN
asfbr-370	157	31	,	,	PUNCT
asfbr-370	157	32	and	and	CCONJ
asfbr-370	157	33	to	to	ADP
asfbr-370	157	34	about	about	ADV
asfbr-370	157	35	9	9	NUM
asfbr-370	157	36	%	%	NOUN
asfbr-370	157	37	in	in	ADP
asfbr-370	157	38	the	the	DET
asfbr-370	157	39	2000	2000	NUM
asfbr-370	157	40	─	─	SYM
asfbr-370	157	41	2005	2005	NUM
asfbr-370	157	42	period	period	NOUN
asfbr-370	157	43	.	.	PUNCT
asfbr-370	158	1	the	the	DET
asfbr-370	158	2	average	average	ADJ
asfbr-370	158	3	value	value	NOUN
asfbr-370	158	4	received	receive	VERB
asfbr-370	158	5	by	by	ADP
asfbr-370	158	6	equity	equity	NOUN
asfbr-370	158	7	holders	holder	NOUN
asfbr-370	158	8	in	in	ADP
asfbr-370	158	9	the	the	DET
asfbr-370	158	10	apr	apr	NOUN
asfbr-370	158	11	violations	violation	NOUN
asfbr-370	158	12	also	also	ADV
asfbr-370	158	13	declines	decline	VERB
asfbr-370	158	14	from	from	ADP
asfbr-370	158	15	3.6	3.6	NUM
asfbr-370	158	16	%	%	NOUN
asfbr-370	158	17	before	before	ADP
asfbr-370	158	18	1990	1990	NUM
asfbr-370	158	19	to	to	ADP
asfbr-370	158	20	0.6	0.6	NUM
asfbr-370	158	21	%	%	NOUN
asfbr-370	158	22	in	in	ADP
asfbr-370	158	23	the	the	DET
asfbr-370	158	24	1990s	1990	NOUN
asfbr-370	158	25	and	and	CCONJ
asfbr-370	158	26	to	to	ADP
asfbr-370	158	27	0.44	0.44	NUM
asfbr-370	158	28	%	%	NOUN
asfbr-370	158	29	in	in	ADP
asfbr-370	158	30	the	the	DET
asfbr-370	158	31	2000s	2000s	NUM
asfbr-370	158	32	.	.	PUNCT
asfbr-370	159	1	at	at	ADP
asfbr-370	159	2	the	the	DET
asfbr-370	159	3	same	same	ADJ
asfbr-370	159	4	time	time	NOUN
asfbr-370	159	5	,	,	PUNCT
asfbr-370	159	6	management	management	NOUN
asfbr-370	159	7	turnover	turnover	NOUN
asfbr-370	159	8	is	be	AUX
asfbr-370	159	9	observed	observe	VERB
asfbr-370	159	10	in	in	ADP
asfbr-370	159	11	about	about	ADV
asfbr-370	159	12	38	38	NUM
asfbr-370	159	13	%	%	NOUN
asfbr-370	159	14	of	of	ADP
asfbr-370	159	15	the	the	DET
asfbr-370	159	16	cases	case	NOUN
asfbr-370	159	17	,	,	PUNCT
asfbr-370	159	18	a	a	DET
asfbr-370	159	19	65	65	NUM
asfbr-370	159	20	%	%	NOUN
asfbr-370	159	21	increase	increase	NOUN
asfbr-370	159	22	from	from	ADP
asfbr-370	159	23	the	the	DET
asfbr-370	159	24	level	level	NOUN
asfbr-370	159	25	before	before	ADP
asfbr-370	159	26	1990	1990	NUM
asfbr-370	159	27	.	.	PUNCT
asfbr-370	160	1	ayotte	ayotte	PROPN
asfbr-370	160	2	and	and	CCONJ
asfbr-370	160	3	morrison	morrison	PROPN
asfbr-370	160	4	(	(	PUNCT
asfbr-370	160	5	2009	2009	NUM
asfbr-370	160	6	)	)	PUNCT
asfbr-370	160	7	examined	examine	VERB
asfbr-370	160	8	153	153	NUM
asfbr-370	160	9	bankruptcy	bankruptcy	NOUN
asfbr-370	160	10	filings	filing	NOUN
asfbr-370	160	11	by	by	ADP
asfbr-370	160	12	both	both	CCONJ
asfbr-370	160	13	private	private	ADJ
asfbr-370	160	14	and	and	CCONJ
asfbr-370	160	15	public	public	ADJ
asfbr-370	160	16	companies	company	NOUN
asfbr-370	160	17	in	in	ADP
asfbr-370	160	18	the	the	DET
asfbr-370	160	19	latter	latter	ADJ
asfbr-370	160	20	half	half	NOUN
asfbr-370	160	21	of	of	ADP
asfbr-370	160	22	2001	2001	NUM
asfbr-370	160	23	.	.	PUNCT
asfbr-370	161	1	the	the	DET
asfbr-370	161	2	authors	author	NOUN
asfbr-370	161	3	also	also	ADV
asfbr-370	161	4	find	find	VERB
asfbr-370	161	5	that	that	SCONJ
asfbr-370	161	6	apr	apr	NOUN
asfbr-370	161	7	violations	violation	NOUN
asfbr-370	161	8	are	be	AUX
asfbr-370	161	9	rare	rare	ADJ
asfbr-370	161	10	,	,	PUNCT
asfbr-370	161	11	occurring	occur	VERB
asfbr-370	161	12	in	in	ADP
asfbr-370	161	13	only	only	ADV
asfbr-370	161	14	8	8	NUM
asfbr-370	161	15	%	%	NOUN
asfbr-370	161	16	of	of	ADP
asfbr-370	161	17	the	the	DET
asfbr-370	161	18	cases	case	NOUN
asfbr-370	161	19	.	.	PUNCT
asfbr-370	162	1	in	in	ADP
asfbr-370	162	2	82	82	NUM
asfbr-370	162	3	%	%	NOUN
asfbr-370	162	4	of	of	ADP
asfbr-370	162	5	the	the	DET
asfbr-370	162	6	confirmed	confirm	VERB
asfbr-370	162	7	reorganization	reorganization	NOUN
asfbr-370	162	8	plans	plan	NOUN
asfbr-370	162	9	,	,	PUNCT
asfbr-370	162	10	equity	equity	NOUN
asfbr-370	162	11	holders	holder	NOUN
asfbr-370	162	12	receive	receive	VERB
asfbr-370	162	13	nothing	nothing	PRON
asfbr-370	162	14	.	.	PUNCT
asfbr-370	163	1	if	if	SCONJ
asfbr-370	163	2	apr	apr	NOUN
asfbr-370	163	3	violations	violation	NOUN
asfbr-370	163	4	mainly	mainly	ADV
asfbr-370	163	5	result	result	VERB
asfbr-370	163	6	from	from	ADP
asfbr-370	163	7	the	the	DET
asfbr-370	163	8	debtor	debtor	NOUN
asfbr-370	163	9	-	-	PUNCT
asfbr-370	163	10	friendly	friendly	ADJ
asfbr-370	163	11	features	feature	NOUN
asfbr-370	163	12	of	of	ADP
asfbr-370	163	13	the	the	DET
asfbr-370	163	14	bankruptcy	bankruptcy	NOUN
asfbr-370	163	15	code	code	NOUN
asfbr-370	163	16	,	,	PUNCT
asfbr-370	163	17	then	then	ADV
asfbr-370	163	18	the	the	DET
asfbr-370	163	19	substantial	substantial	ADJ
asfbr-370	163	20	decrease	decrease	NOUN
asfbr-370	163	21	in	in	ADP
asfbr-370	163	22	the	the	DET
asfbr-370	163	23	frequency	frequency	NOUN
asfbr-370	163	24	and	and	CCONJ
asfbr-370	163	25	magnitude	magnitude	NOUN
asfbr-370	163	26	of	of	ADP
asfbr-370	163	27	apr	apr	NOUN
asfbr-370	163	28	violations	violation	NOUN
asfbr-370	163	29	in	in	ADP
asfbr-370	163	30	the	the	DET
asfbr-370	163	31	last	last	ADJ
asfbr-370	163	32	two	two	NUM
asfbr-370	163	33	decades	decade	NOUN
asfbr-370	163	34	should	should	AUX
asfbr-370	163	35	reflect	reflect	VERB
asfbr-370	163	36	growing	grow	VERB
asfbr-370	163	37	power	power	NOUN
asfbr-370	163	38	of	of	ADP
asfbr-370	163	39	creditors	creditor	NOUN
asfbr-370	163	40	in	in	ADP
asfbr-370	163	41	the	the	DET
asfbr-370	163	42	us	us	PROPN
asfbr-370	163	43	corporate	corporate	ADJ
asfbr-370	163	44	bankruptcies	bankruptcy	NOUN
asfbr-370	163	45	.	.	PUNCT
asfbr-370	164	1	dahiya	dahiya	NOUN
asfbr-370	164	2	et	et	PROPN
asfbr-370	164	3	al	al	PROPN
asfbr-370	164	4	.	.	PROPN
asfbr-370	165	1	(	(	PUNCT
asfbr-370	165	2	2003	2003	NUM
asfbr-370	165	3	)	)	PUNCT
asfbr-370	165	4	found	find	VERB
asfbr-370	165	5	that	that	SCONJ
asfbr-370	165	6	firms	firm	NOUN
asfbr-370	165	7	,	,	PUNCT
asfbr-370	165	8	that	that	PRON
asfbr-370	165	9	obtain	obtain	VERB
asfbr-370	165	10	dip	dip	NOUN
asfbr-370	165	11	financing	financing	NOUN
asfbr-370	165	12	,	,	PUNCT
asfbr-370	165	13	are	be	AUX
asfbr-370	165	14	more	more	ADV
asfbr-370	165	15	likely	likely	ADJ
asfbr-370	165	16	to	to	PART
asfbr-370	165	17	emerge	emerge	VERB
asfbr-370	165	18	from	from	ADP
asfbr-370	165	19	bankruptcy	bankruptcy	NOUN
asfbr-370	165	20	than	than	ADP
asfbr-370	165	21	firms	firm	NOUN
asfbr-370	165	22	that	that	PRON
asfbr-370	165	23	do	do	VERB
asfbr-370	165	24	not	not	PART
asfbr-370	165	25	.	.	PUNCT
asfbr-370	166	1	they	they	PRON
asfbr-370	166	2	also	also	ADV
asfbr-370	166	3	take	take	VERB
asfbr-370	166	4	a	a	DET
asfbr-370	166	5	shorter	short	ADJ
asfbr-370	166	6	time	time	NOUN
asfbr-370	166	7	to	to	PART
asfbr-370	166	8	resolve	resolve	VERB
asfbr-370	166	9	their	their	PRON
asfbr-370	166	10	bankruptcy	bankruptcy	NOUN
asfbr-370	166	11	filing	filing	NOUN
asfbr-370	166	12	.	.	PUNCT
asfbr-370	167	1	these	these	DET
asfbr-370	167	2	findings	finding	NOUN
asfbr-370	167	3	are	be	AUX
asfbr-370	167	4	even	even	ADV
asfbr-370	167	5	more	more	ADV
asfbr-370	167	6	pronounced	pronounced	ADJ
asfbr-370	167	7	if	if	SCONJ
asfbr-370	167	8	the	the	DET
asfbr-370	167	9	dip	dip	NOUN
asfbr-370	167	10	lenders	lender	NOUN
asfbr-370	167	11	are	be	AUX
asfbr-370	167	12	well	well	ADV
asfbr-370	167	13	informed	informed	ADJ
asfbr-370	167	14	about	about	ADP
asfbr-370	167	15	the	the	DET
asfbr-370	167	16	debtor	debtor	NOUN
asfbr-370	167	17	through	through	ADP
asfbr-370	167	18	prior	prior	ADJ
asfbr-370	167	19	lending	lending	NOUN
asfbr-370	167	20	relationship	relationship	NOUN
asfbr-370	167	21	.	.	PUNCT
asfbr-370	168	1	these	these	DET
asfbr-370	168	2	results	result	NOUN
asfbr-370	168	3	are	be	AUX
asfbr-370	168	4	consistent	consistent	ADJ
asfbr-370	168	5	with	with	ADP
asfbr-370	168	6	both	both	CCONJ
asfbr-370	168	7	a	a	DET
asfbr-370	168	8	screening	screening	NOUN
asfbr-370	168	9	role	role	NOUN
asfbr-370	168	10	and	and	CCONJ
asfbr-370	168	11	a	a	DET
asfbr-370	168	12	monitoring	monitoring	NOUN
asfbr-370	168	13	role	role	NOUN
asfbr-370	168	14	played	play	VERB
asfbr-370	168	15	by	by	ADP
asfbr-370	168	16	dip	dip	NOUN
asfbr-370	168	17	lenders	lender	NOUN
asfbr-370	168	18	.	.	PUNCT
asfbr-370	169	1	skeel	skeel	PROPN
asfbr-370	169	2	(	(	PUNCT
asfbr-370	169	3	2004	2004	NUM
asfbr-370	169	4	)	)	PUNCT
asfbr-370	169	5	argued	argue	VERB
asfbr-370	169	6	that	that	SCONJ
asfbr-370	169	7	the	the	DET
asfbr-370	169	8	control	control	NOUN
asfbr-370	169	9	and	and	CCONJ
asfbr-370	169	10	governance	governance	NOUN
asfbr-370	169	11	by	by	ADP
asfbr-370	169	12	dip	dip	NOUN
asfbr-370	169	13	lenders	lender	NOUN
asfbr-370	169	14	is	be	AUX
asfbr-370	169	15	achieved	achieve	VERB
asfbr-370	169	16	mainly	mainly	ADV
asfbr-370	169	17	through	through	ADP
asfbr-370	169	18	the	the	DET
asfbr-370	169	19	lenders	lender	NOUN
asfbr-370	169	20	’	’	PART
asfbr-370	169	21	influence	influence	NOUN
asfbr-370	169	22	over	over	ADP
asfbr-370	169	23	managerial	managerial	ADJ
asfbr-370	169	24	personnel	personnel	NOUN
asfbr-370	169	25	in	in	ADP
asfbr-370	169	26	the	the	DET
asfbr-370	169	27	distressed	distressed	ADJ
asfbr-370	169	28	debtor	debtor	NOUN
asfbr-370	169	29	,	,	PUNCT
asfbr-370	169	30	and	and	CCONJ
asfbr-370	169	31	the	the	DET
asfbr-370	169	32	active	active	ADJ
asfbr-370	169	33	use	use	NOUN
asfbr-370	169	34	of	of	ADP
asfbr-370	169	35	affirmative	affirmative	ADJ
asfbr-370	169	36	and	and	CCONJ
asfbr-370	169	37	negative	negative	ADJ
asfbr-370	169	38	covenants	covenant	NOUN
asfbr-370	169	39	in	in	ADP
asfbr-370	169	40	the	the	DET
asfbr-370	169	41	loan	loan	NOUN
asfbr-370	169	42	agreement	agreement	NOUN
asfbr-370	169	43	.	.	PUNCT
asfbr-370	170	1	dip	dip	NOUN
asfbr-370	170	2	lenders	lender	NOUN
asfbr-370	170	3	can	can	AUX
asfbr-370	170	4	insist	insist	VERB
asfbr-370	170	5	on	on	ADP
asfbr-370	170	6	changing	change	VERB
asfbr-370	170	7	the	the	DET
asfbr-370	170	8	management	management	NOUN
asfbr-370	170	9	of	of	ADP
asfbr-370	170	10	the	the	DET
asfbr-370	170	11	distressed	distressed	ADJ
asfbr-370	170	12	debtor	debtor	NOUN
asfbr-370	170	13	at	at	ADP
asfbr-370	170	14	the	the	DET
asfbr-370	170	15	outset	outset	NOUN
asfbr-370	170	16	of	of	ADP
asfbr-370	170	17	the	the	DET
asfbr-370	170	18	loan	loan	NOUN
asfbr-370	170	19	.	.	PUNCT
asfbr-370	171	1	several	several	ADJ
asfbr-370	171	2	studies	study	NOUN
asfbr-370	171	3	find	find	VERB
asfbr-370	171	4	evidence	evidence	NOUN
asfbr-370	171	5	of	of	ADP
asfbr-370	171	6	a	a	DET
asfbr-370	171	7	sharp	sharp	ADJ
asfbr-370	171	8	increase	increase	NOUN
asfbr-370	171	9	in	in	ADP
asfbr-370	171	10	ceo	ceo	NOUN
asfbr-370	171	11	turnover	turnover	NOUN
asfbr-370	171	12	in	in	ADP
asfbr-370	171	13	recent	recent	ADJ
asfbr-370	171	14	bankruptcy	bankruptcy	NOUN
asfbr-370	171	15	reorganizations	reorganization	NOUN
asfbr-370	171	16	.	.	PUNCT
asfbr-370	172	1	copyright	copyright	NOUN
asfbr-370	172	2	©	©	PROPN
asfbr-370	172	3	cc	cc	PROPN
asfbr-370	172	4	-	-	PUNCT
asfbr-370	172	5	by	by	ADP
asfbr-370	172	6	-	-	PUNCT
asfbr-370	172	7	nc	nc	PROPN
asfbr-370	172	8	2019	2019	NUM
asfbr-370	172	9	,	,	PUNCT
asfbr-370	172	10	cribfb	cribfb	VERB
asfbr-370	172	11	|	|	ADV
asfbr-370	172	12	asfbr	asfbr	NOUN
asfbr-370	172	13	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	172	14	asian	asian	ADJ
asfbr-370	172	15	finance	finance	PROPN
asfbr-370	172	16	&	&	CCONJ
asfbr-370	172	17	banking	banking	PROPN
asfbr-370	172	18	review	review	PROPN
asfbr-370	172	19	vol	vol	NOUN
asfbr-370	172	20	.	.	PROPN
asfbr-370	173	1	3	3	NUM
asfbr-370	173	2	,	,	PUNCT
asfbr-370	173	3	no	no	INTJ
asfbr-370	173	4	.	.	NOUN
asfbr-370	173	5	2	2	NUM
asfbr-370	173	6	;	;	PUNCT
asfbr-370	173	7	2019	2019	NUM
asfbr-370	173	8	31	31	NUM
asfbr-370	173	9	bharath	bharath	PROPN
asfbr-370	173	10	et	et	PROPN
asfbr-370	173	11	al	al	PROPN
asfbr-370	173	12	.	.	PROPN
asfbr-370	174	1	(	(	PUNCT
asfbr-370	174	2	2010	2010	NUM
asfbr-370	174	3	)	)	PUNCT
asfbr-370	174	4	found	find	VERB
asfbr-370	174	5	that	that	SCONJ
asfbr-370	174	6	management	management	NOUN
asfbr-370	174	7	turnover	turnover	NOUN
asfbr-370	174	8	is	be	AUX
asfbr-370	174	9	observed	observe	VERB
asfbr-370	174	10	in	in	ADP
asfbr-370	174	11	38	38	NUM
asfbr-370	174	12	%	%	NOUN
asfbr-370	174	13	of	of	ADP
asfbr-370	174	14	the	the	DET
asfbr-370	174	15	cases	case	NOUN
asfbr-370	174	16	after	after	ADP
asfbr-370	174	17	2000	2000	NUM
asfbr-370	174	18	,	,	PUNCT
asfbr-370	174	19	a	a	DET
asfbr-370	174	20	65	65	NUM
asfbr-370	174	21	%	%	NOUN
asfbr-370	174	22	increase	increase	NOUN
asfbr-370	174	23	from	from	ADP
asfbr-370	174	24	the	the	DET
asfbr-370	174	25	level	level	NOUN
asfbr-370	174	26	before	before	ADP
asfbr-370	174	27	1990	1990	NUM
asfbr-370	174	28	.	.	PUNCT
asfbr-370	175	1	the	the	DET
asfbr-370	175	2	turnover	turnover	NOUN
asfbr-370	175	3	rate	rate	NOUN
asfbr-370	175	4	is	be	AUX
asfbr-370	175	5	significant	significant	ADJ
asfbr-370	175	6	even	even	ADV
asfbr-370	175	7	among	among	ADP
asfbr-370	175	8	bernstein	bernstein	PROPN
asfbr-370	175	9	(	(	PUNCT
asfbr-370	175	10	2006	2006	NUM
asfbr-370	175	11	)	)	PUNCT
asfbr-370	175	12	finds	find	VERB
asfbr-370	175	13	that	that	SCONJ
asfbr-370	175	14	48	48	NUM
asfbr-370	175	15	%	%	NOUN
asfbr-370	175	16	of	of	ADP
asfbr-370	175	17	the	the	DET
asfbr-370	175	18	bankrupt	bankrupt	ADJ
asfbr-370	175	19	firms	firm	NOUN
asfbr-370	175	20	in	in	ADP
asfbr-370	175	21	his	his	PRON
asfbr-370	175	22	sample	sample	NOUN
asfbr-370	175	23	experience	experience	NOUN
asfbr-370	175	24	ceo	ceo	NOUN
asfbr-370	175	25	turnover	turnover	NOUN
asfbr-370	175	26	within	within	ADP
asfbr-370	175	27	two	two	NUM
asfbr-370	175	28	years	year	NOUN
asfbr-370	175	29	of	of	ADP
asfbr-370	175	30	the	the	DET
asfbr-370	175	31	filing	filing	NOUN
asfbr-370	175	32	.	.	PUNCT
asfbr-370	176	1	ayotte	ayotte	PROPN
asfbr-370	176	2	and	and	CCONJ
asfbr-370	176	3	morrisen	morrisen	PROPN
asfbr-370	176	4	(	(	PUNCT
asfbr-370	176	5	2009	2009	NUM
asfbr-370	176	6	)	)	PUNCT
asfbr-370	176	7	found	find	VERB
asfbr-370	176	8	that	that	SCONJ
asfbr-370	176	9	70	70	NUM
asfbr-370	176	10	%	%	NOUN
asfbr-370	176	11	of	of	ADP
asfbr-370	176	12	ceos	ceos	NOUN
asfbr-370	176	13	in	in	ADP
asfbr-370	176	14	their	their	PRON
asfbr-370	176	15	sample	sample	NOUN
asfbr-370	176	16	are	be	AUX
asfbr-370	176	17	replaced	replace	VERB
asfbr-370	176	18	within	within	ADP
asfbr-370	176	19	two	two	NUM
asfbr-370	176	20	years	year	NOUN
asfbr-370	176	21	of	of	ADP
asfbr-370	176	22	the	the	DET
asfbr-370	176	23	bankruptcy	bankruptcy	NOUN
asfbr-370	176	24	filing	filing	NOUN
asfbr-370	176	25	.	.	PUNCT
asfbr-370	177	1	all	all	DET
asfbr-370	177	2	these	these	DET
asfbr-370	177	3	studies	study	NOUN
asfbr-370	177	4	suggest	suggest	VERB
asfbr-370	177	5	that	that	SCONJ
asfbr-370	177	6	no	no	ADV
asfbr-370	177	7	longer	long	ADV
asfbr-370	177	8	provides	provide	VERB
asfbr-370	177	9	a	a	DET
asfbr-370	177	10	safe	safe	ADJ
asfbr-370	177	11	harbor	harbor	NOUN
asfbr-370	177	12	for	for	ADP
asfbr-370	177	13	entrenched	entrenched	ADJ
asfbr-370	177	14	managers	manager	NOUN
asfbr-370	177	15	.	.	PUNCT
asfbr-370	178	1	dip	dip	NOUN
asfbr-370	178	2	lenders	lender	NOUN
asfbr-370	178	3	do	do	AUX
asfbr-370	178	4	exert	exert	VERB
asfbr-370	178	5	control	control	NOUN
asfbr-370	178	6	and	and	CCONJ
asfbr-370	178	7	governance	governance	NOUN
asfbr-370	178	8	in	in	ADP
asfbr-370	178	9	the	the	DET
asfbr-370	178	10	distressed	distressed	ADJ
asfbr-370	178	11	firms	firm	NOUN
asfbr-370	178	12	by	by	ADP
asfbr-370	178	13	pressing	press	VERB
asfbr-370	178	14	for	for	ADP
asfbr-370	178	15	a	a	DET
asfbr-370	178	16	change	change	NOUN
asfbr-370	178	17	in	in	ADP
asfbr-370	178	18	the	the	DET
asfbr-370	178	19	management	management	NOUN
asfbr-370	178	20	.	.	PUNCT
asfbr-370	179	1	a	a	DET
asfbr-370	179	2	dip	dip	NOUN
asfbr-370	179	3	loan	loan	NOUN
asfbr-370	179	4	is	be	AUX
asfbr-370	179	5	generally	generally	ADV
asfbr-370	179	6	structured	structure	VERB
asfbr-370	179	7	as	as	ADP
asfbr-370	179	8	a	a	DET
asfbr-370	179	9	revolving	revolve	VERB
asfbr-370	179	10	credit	credit	NOUN
asfbr-370	179	11	agreement	agreement	NOUN
asfbr-370	179	12	with	with	ADP
asfbr-370	179	13	short	short	ADJ
asfbr-370	179	14	maturity	maturity	NOUN
asfbr-370	179	15	(	(	PUNCT
asfbr-370	179	16	the	the	DET
asfbr-370	179	17	median	median	ADJ
asfbr-370	179	18	loan	loan	NOUN
asfbr-370	179	19	maturity	maturity	NOUN
asfbr-370	179	20	is	be	AUX
asfbr-370	179	21	1.5	1.5	NUM
asfbr-370	179	22	years	year	NOUN
asfbr-370	179	23	)	)	PUNCT
asfbr-370	179	24	and	and	CCONJ
asfbr-370	179	25	strict	strict	ADJ
asfbr-370	179	26	conditions	condition	NOUN
asfbr-370	179	27	on	on	ADP
asfbr-370	179	28	each	each	DET
asfbr-370	179	29	new	new	ADJ
asfbr-370	179	30	round	round	NOUN
asfbr-370	179	31	of	of	ADP
asfbr-370	179	32	financing	financing	NOUN
asfbr-370	179	33	.	.	PUNCT
asfbr-370	180	1	this	this	DET
asfbr-370	180	2	loan	loan	NOUN
asfbr-370	180	3	structure	structure	NOUN
asfbr-370	180	4	gives	give	VERB
asfbr-370	180	5	the	the	DET
asfbr-370	180	6	lender	lender	NOUN
asfbr-370	180	7	significant	significant	ADJ
asfbr-370	180	8	leverage	leverage	NOUN
asfbr-370	180	9	over	over	ADP
asfbr-370	180	10	the	the	DET
asfbr-370	180	11	debtor	debtor	NOUN
asfbr-370	180	12	’s	’s	PART
asfbr-370	180	13	decision	decision	NOUN
asfbr-370	180	14	-	-	PUNCT
asfbr-370	180	15	making	making	NOUN
asfbr-370	180	16	throughout	throughout	ADP
asfbr-370	180	17	the	the	DET
asfbr-370	180	18	reorganization	reorganization	NOUN
asfbr-370	180	19	process	process	NOUN
asfbr-370	180	20	.	.	PUNCT
asfbr-370	181	1	altman	altman	PROPN
asfbr-370	181	2	(	(	PUNCT
asfbr-370	181	3	2000	2000	NUM
asfbr-370	181	4	)	)	PUNCT
asfbr-370	181	5	amended	amend	VERB
asfbr-370	181	6	z	z	ADJ
asfbr-370	181	7	-	-	PUNCT
asfbr-370	181	8	score	score	NOUN
asfbr-370	181	9	model	model	NOUN
asfbr-370	181	10	to	to	PART
asfbr-370	181	11	develop	develop	VERB
asfbr-370	181	12	zeta	zeta	NOUN
asfbr-370	181	13	model	model	NOUN
asfbr-370	181	14	for	for	ADP
asfbr-370	181	15	appraising	appraise	VERB
asfbr-370	181	16	bankruptcy	bankruptcy	NOUN
asfbr-370	181	17	risk	risk	NOUN
asfbr-370	181	18	of	of	ADP
asfbr-370	181	19	firms	firm	NOUN
asfbr-370	181	20	.	.	PUNCT
asfbr-370	182	1	it	it	PRON
asfbr-370	182	2	is	be	AUX
asfbr-370	182	3	based	base	VERB
asfbr-370	182	4	on	on	ADP
asfbr-370	182	5	data	datum	NOUN
asfbr-370	182	6	more	more	ADV
asfbr-370	182	7	relevant	relevant	ADJ
asfbr-370	182	8	to	to	ADP
asfbr-370	182	9	current	current	ADJ
asfbr-370	182	10	conditions	condition	NOUN
asfbr-370	182	11	and	and	CCONJ
asfbr-370	182	12	to	to	ADP
asfbr-370	182	13	a	a	DET
asfbr-370	182	14	larger	large	ADJ
asfbr-370	182	15	number	number	NOUN
asfbr-370	182	16	of	of	ADP
asfbr-370	182	17	industrial	industrial	ADJ
asfbr-370	182	18	firms	firm	NOUN
asfbr-370	182	19	.	.	PUNCT
asfbr-370	183	1	the	the	DET
asfbr-370	183	2	potential	potential	ADJ
asfbr-370	183	3	applications	application	NOUN
asfbr-370	183	4	of	of	ADP
asfbr-370	183	5	the	the	DET
asfbr-370	183	6	zeta	zeta	PROPN
asfbr-370	183	7	bankruptcy	bankruptcy	NOUN
asfbr-370	183	8	identification	identification	NOUN
asfbr-370	183	9	model	model	NOUN
asfbr-370	183	10	are	be	AUX
asfbr-370	183	11	to	to	PART
asfbr-370	183	12	assure	assure	VERB
asfbr-370	183	13	credit	credit	NOUN
asfbr-370	183	14	worthiness	worthiness	NOUN
asfbr-370	183	15	of	of	ADP
asfbr-370	183	16	firms	firm	NOUN
asfbr-370	183	17	for	for	ADP
asfbr-370	183	18	financial	financial	ADJ
asfbr-370	183	19	and	and	CCONJ
asfbr-370	183	20	non	non	ADJ
asfbr-370	183	21	-	-	ADJ
asfbr-370	183	22	financial	financial	ADJ
asfbr-370	183	23	institutions	institution	NOUN
asfbr-370	183	24	,	,	PUNCT
asfbr-370	183	25	identification	identification	NOUN
asfbr-370	183	26	of	of	ADP
asfbr-370	183	27	undesirable	undesirable	ADJ
asfbr-370	183	28	investment	investment	NOUN
asfbr-370	183	29	risk	risk	NOUN
asfbr-370	183	30	for	for	ADP
asfbr-370	183	31	portfolio	portfolio	NOUN
asfbr-370	183	32	managers	manager	NOUN
asfbr-370	183	33	and	and	CCONJ
asfbr-370	183	34	individual	individual	ADJ
asfbr-370	183	35	investors	investor	NOUN
asfbr-370	183	36	and	and	CCONJ
asfbr-370	183	37	to	to	PART
asfbr-370	183	38	aid	aid	VERB
asfbr-370	183	39	in	in	ADP
asfbr-370	183	40	more	more	ADV
asfbr-370	183	41	effective	effective	ADJ
asfbr-370	183	42	internal	internal	ADJ
asfbr-370	183	43	and	and	CCONJ
asfbr-370	183	44	external	external	ADJ
asfbr-370	183	45	audits	audits	NOUN
asfbr-370	183	46	of	of	ADP
asfbr-370	183	47	firms	firm	NOUN
asfbr-370	183	48	with	with	ADP
asfbr-370	183	49	respect	respect	NOUN
asfbr-370	183	50	to	to	ADP
asfbr-370	183	51	going	going	NOUN
asfbr-370	183	52	-	-	PUNCT
asfbr-370	183	53	concern	concern	NOUN
asfbr-370	183	54	considerations	consideration	NOUN
asfbr-370	183	55	,	,	PUNCT
asfbr-370	183	56	among	among	ADP
asfbr-370	183	57	others	other	NOUN
asfbr-370	183	58	.	.	PUNCT
asfbr-370	184	1	grice	grice	PROPN
asfbr-370	184	2	et	et	PROPN
asfbr-370	184	3	al	al	PROPN
asfbr-370	184	4	;	;	PUNCT
asfbr-370	184	5	(	(	PUNCT
asfbr-370	184	6	2001	2001	NUM
asfbr-370	184	7	)	)	PUNCT
asfbr-370	184	8	seeks	seek	VERB
asfbr-370	184	9	to	to	PART
asfbr-370	184	10	validate	validate	VERB
asfbr-370	184	11	the	the	DET
asfbr-370	184	12	application	application	NOUN
asfbr-370	184	13	of	of	ADP
asfbr-370	184	14	z	z	NOUN
asfbr-370	184	15	-	-	PUNCT
asfbr-370	184	16	score	score	NOUN
asfbr-370	184	17	model	model	NOUN
asfbr-370	184	18	current	current	ADJ
asfbr-370	184	19	scenario	scenario	NOUN
asfbr-370	184	20	.	.	PUNCT
asfbr-370	185	1	they	they	PRON
asfbr-370	185	2	tested	test	VERB
asfbr-370	185	3	the	the	DET
asfbr-370	185	4	model	model	NOUN
asfbr-370	185	5	for	for	ADP
asfbr-370	185	6	predicting	predict	VERB
asfbr-370	185	7	bankruptcy	bankruptcy	NOUN
asfbr-370	185	8	of	of	ADP
asfbr-370	185	9	non	non	ADJ
asfbr-370	185	10	-	-	ADJ
asfbr-370	185	11	manufacturing	manufacturing	ADJ
asfbr-370	185	12	firms	firm	NOUN
asfbr-370	185	13	as	as	SCONJ
asfbr-370	185	14	it	it	PRON
asfbr-370	185	15	was	be	AUX
asfbr-370	185	16	originally	originally	ADV
asfbr-370	185	17	developed	develop	VERB
asfbr-370	185	18	for	for	ADP
asfbr-370	185	19	manufacturing	manufacturing	NOUN
asfbr-370	185	20	firms	firm	NOUN
asfbr-370	185	21	.	.	PUNCT
asfbr-370	186	1	they	they	PRON
asfbr-370	186	2	also	also	ADV
asfbr-370	186	3	examined	examine	VERB
asfbr-370	186	4	whether	whether	SCONJ
asfbr-370	186	5	the	the	DET
asfbr-370	186	6	model	model	NOUN
asfbr-370	186	7	was	be	AUX
asfbr-370	186	8	useful	useful	ADJ
asfbr-370	186	9	for	for	ADP
asfbr-370	186	10	predicting	predict	VERB
asfbr-370	186	11	financial	financial	ADJ
asfbr-370	186	12	stress	stress	NOUN
asfbr-370	186	13	other	other	ADJ
asfbr-370	186	14	than	than	ADP
asfbr-370	186	15	bankruptcy	bankruptcy	NOUN
asfbr-370	186	16	.	.	PUNCT
asfbr-370	187	1	they	they	PRON
asfbr-370	187	2	established	establish	VERB
asfbr-370	187	3	the	the	DET
asfbr-370	187	4	fact	fact	NOUN
asfbr-370	187	5	that	that	SCONJ
asfbr-370	187	6	the	the	DET
asfbr-370	187	7	model	model	NOUN
asfbr-370	187	8	was	be	AUX
asfbr-370	187	9	more	more	ADV
asfbr-370	187	10	subtle	subtle	ADJ
asfbr-370	187	11	in	in	ADP
asfbr-370	187	12	estimating	estimate	VERB
asfbr-370	187	13	bankruptcy	bankruptcy	NOUN
asfbr-370	187	14	of	of	ADP
asfbr-370	187	15	manufacturing	manufacturing	NOUN
asfbr-370	187	16	firms	firm	NOUN
asfbr-370	187	17	com	com	NOUN
asfbr-370	187	18	-	-	PUNCT
asfbr-370	187	19	pared	pare	VERB
asfbr-370	187	20	to	to	ADP
asfbr-370	187	21	non	non	ADJ
asfbr-370	187	22	-	-	ADJ
asfbr-370	187	23	manufacturing	manufacturing	ADJ
asfbr-370	187	24	firms	firm	NOUN
asfbr-370	187	25	.	.	PUNCT
asfbr-370	188	1	also	also	ADV
asfbr-370	188	2	the	the	DET
asfbr-370	188	3	model	model	NOUN
asfbr-370	188	4	was	be	AUX
asfbr-370	188	5	insensitive	insensitive	ADJ
asfbr-370	188	6	to	to	PART
asfbr-370	188	7	predict	predict	VERB
asfbr-370	188	8	other	other	ADJ
asfbr-370	188	9	forms	form	NOUN
asfbr-370	188	10	of	of	ADP
asfbr-370	188	11	distress	distress	NOUN
asfbr-370	188	12	.	.	PUNCT
asfbr-370	189	1	platt	platt	PROPN
asfbr-370	189	2	et	et	PROPN
asfbr-370	189	3	al	al	PROPN
asfbr-370	189	4	;	;	PUNCT
asfbr-370	189	5	(	(	PUNCT
asfbr-370	189	6	2002	2002	NUM
asfbr-370	189	7	)	)	PUNCT
asfbr-370	189	8	analyzed	analyze	VERB
asfbr-370	189	9	automotive	automotive	ADJ
asfbr-370	189	10	supplier	supplier	NOUN
asfbr-370	189	11	industry	industry	NOUN
asfbr-370	189	12	and	and	CCONJ
asfbr-370	189	13	suggested	suggest	VERB
asfbr-370	189	14	that	that	SCONJ
asfbr-370	189	15	the	the	DET
asfbr-370	189	16	early	early	ADJ
asfbr-370	189	17	warning	warning	NOUN
asfbr-370	189	18	model	model	NOUN
asfbr-370	189	19	successfully	successfully	ADV
asfbr-370	189	20	discriminated	discriminate	VERB
asfbr-370	189	21	between	between	ADP
asfbr-370	189	22	distressed	distressed	ADJ
asfbr-370	189	23	firms	firm	NOUN
asfbr-370	189	24	and	and	CCONJ
asfbr-370	189	25	healthy	healthy	ADJ
asfbr-370	189	26	firms	firm	NOUN
asfbr-370	189	27	.	.	PUNCT
asfbr-370	190	1	they	they	PRON
asfbr-370	190	2	claimed	claim	VERB
asfbr-370	190	3	that	that	DET
asfbr-370	190	4	model	model	NOUN
asfbr-370	190	5	should	should	AUX
asfbr-370	190	6	include	include	VERB
asfbr-370	190	7	all	all	DET
asfbr-370	190	8	firms	firm	NOUN
asfbr-370	190	9	within	within	ADP
asfbr-370	190	10	a	a	DET
asfbr-370	190	11	population	population	NOUN
asfbr-370	190	12	;	;	PUNCT
asfbr-370	190	13	otherwise	otherwise	ADV
asfbr-370	190	14	it	it	PRON
asfbr-370	190	15	could	could	AUX
asfbr-370	190	16	result	result	VERB
asfbr-370	190	17	in	in	ADP
asfbr-370	190	18	choice	choice	NOUN
asfbr-370	190	19	-	-	PUNCT
asfbr-370	190	20	based	base	VERB
asfbr-370	190	21	sample	sample	NOUN
asfbr-370	190	22	bias.chava	bias.chava	PROPN
asfbr-370	190	23	et	et	NOUN
asfbr-370	190	24	al	al	PROPN
asfbr-370	190	25	;	;	PUNCT
asfbr-370	190	26	(	(	PUNCT
asfbr-370	190	27	2004	2004	NUM
asfbr-370	190	28	)	)	PUNCT
asfbr-370	190	29	paper	paper	NOUN
asfbr-370	190	30	scrutinized	scrutinize	VERB
asfbr-370	190	31	the	the	DET
asfbr-370	190	32	dominance	dominance	NOUN
asfbr-370	190	33	of	of	ADP
asfbr-370	190	34	shumway	shumway	PROPN
asfbr-370	190	35	’s	’s	PART
asfbr-370	190	36	model	model	NOUN
asfbr-370	190	37	(	(	PUNCT
asfbr-370	190	38	2001	2001	NUM
asfbr-370	190	39	)	)	PUNCT
asfbr-370	190	40	over	over	ADP
asfbr-370	190	41	altman	altman	PROPN
asfbr-370	190	42	’s	’s	PART
asfbr-370	190	43	model	model	NOUN
asfbr-370	190	44	(	(	PUNCT
asfbr-370	190	45	1968	1968	NUM
asfbr-370	190	46	)	)	PUNCT
asfbr-370	190	47	and	and	CCONJ
asfbr-370	190	48	zmijewski	zmijewski	PROPN
asfbr-370	190	49	’s	’s	X
asfbr-370	190	50	in	in	ADP
asfbr-370	190	51	forecasting	forecasting	NOUN
asfbr-370	190	52	bankruptcy	bankruptcy	NOUN
asfbr-370	190	53	by	by	ADP
asfbr-370	190	54	collecting	collect	VERB
asfbr-370	190	55	extensive	extensive	ADJ
asfbr-370	190	56	data	datum	NOUN
asfbr-370	190	57	.	.	PUNCT
asfbr-370	191	1	they	they	PRON
asfbr-370	191	2	substantiate	substantiate	VERB
asfbr-370	191	3	the	the	DET
asfbr-370	191	4	fact	fact	NOUN
asfbr-370	191	5	that	that	SCONJ
asfbr-370	191	6	industry	industry	NOUN
asfbr-370	191	7	groupings	grouping	NOUN
asfbr-370	191	8	will	will	AUX
asfbr-370	191	9	remarkably	remarkably	ADV
asfbr-370	191	10	influence	influence	VERB
asfbr-370	191	11	the	the	DET
asfbr-370	191	12	bankruptcy	bankruptcy	NOUN
asfbr-370	191	13	risk	risk	NOUN
asfbr-370	191	14	rate	rate	NOUN
asfbr-370	191	15	in	in	ADP
asfbr-370	191	16	the	the	DET
asfbr-370	191	17	model	model	NOUN
asfbr-370	191	18	.	.	PUNCT
asfbr-370	192	1	kwak	kwak	PROPN
asfbr-370	192	2	et.al	et.al	PROPN
asfbr-370	192	3	.	.	PUNCT
asfbr-370	193	1	(	(	PUNCT
asfbr-370	193	2	2005	2005	NUM
asfbr-370	193	3	)	)	PUNCT
asfbr-370	193	4	employed	employ	VERB
asfbr-370	193	5	data	data	NOUN
asfbr-370	193	6	mining	mining	NOUN
asfbr-370	193	7	technique	technique	NOUN
asfbr-370	193	8	called	call	VERB
asfbr-370	193	9	multiple	multiple	ADJ
asfbr-370	193	10	criteria	criterion	NOUN
asfbr-370	193	11	linear	linear	NOUN
asfbr-370	193	12	programming	programming	NOUN
asfbr-370	193	13	(	(	PUNCT
asfbr-370	193	14	mclp	mclp	PROPN
asfbr-370	193	15	)	)	PUNCT
asfbr-370	193	16	to	to	PART
asfbr-370	193	17	identify	identify	VERB
asfbr-370	193	18	the	the	DET
asfbr-370	193	19	bankrupt	bankrupt	ADJ
asfbr-370	193	20	firms	firm	NOUN
asfbr-370	193	21	.	.	PUNCT
asfbr-370	194	1	the	the	DET
asfbr-370	194	2	outcome	outcome	NOUN
asfbr-370	194	3	was	be	AUX
asfbr-370	194	4	com	com	NOUN
asfbr-370	194	5	-	-	PUNCT
asfbr-370	194	6	pared	pare	VERB
asfbr-370	194	7	with	with	ADP
asfbr-370	194	8	altman	altman	PROPN
asfbr-370	194	9	’s	’s	PART
asfbr-370	194	10	multi	multi	ADJ
asfbr-370	194	11	discriminant	discriminant	PROPN
asfbr-370	194	12	model	model	NOUN
asfbr-370	194	13	and	and	CCONJ
asfbr-370	194	14	ohlson	ohlson	NOUN
asfbr-370	194	15	’s	’s	PART
asfbr-370	194	16	logit	logit	PROPN
asfbr-370	194	17	model	model	PROPN
asfbr-370	194	18	.	.	PUNCT
asfbr-370	195	1	they	they	PRON
asfbr-370	195	2	claim	claim	VERB
asfbr-370	195	3	that	that	SCONJ
asfbr-370	195	4	mclp	mclp	PROPN
asfbr-370	195	5	model	model	NOUN
asfbr-370	195	6	has	have	VERB
asfbr-370	195	7	superior	superior	ADJ
asfbr-370	195	8	prediction	prediction	NOUN
asfbr-370	195	9	rate	rate	NOUN
asfbr-370	195	10	than	than	ADP
asfbr-370	195	11	altman	altman	PROPN
asfbr-370	195	12	model	model	NOUN
asfbr-370	195	13	and	and	CCONJ
asfbr-370	195	14	similar	similar	ADJ
asfbr-370	195	15	result	result	NOUN
asfbr-370	195	16	as	as	ADP
asfbr-370	195	17	ohlson	ohlson	NOUN
asfbr-370	195	18	’s	’s	PART
asfbr-370	195	19	model.dawkins	model.dawkin	NOUN
asfbr-370	195	20	et	et	PROPN
asfbr-370	195	21	al	al	PROPN
asfbr-370	195	22	.	.	PROPN
asfbr-370	195	23	,	,	PUNCT
asfbr-370	195	24	(	(	PUNCT
asfbr-370	195	25	2007	2007	NUM
asfbr-370	195	26	)	)	PUNCT
asfbr-370	195	27	analysed	analyse	VERB
asfbr-370	195	28	the	the	DET
asfbr-370	195	29	fluctuations	fluctuation	NOUN
asfbr-370	195	30	in	in	ADP
asfbr-370	195	31	share	share	NOUN
asfbr-370	195	32	price	price	NOUN
asfbr-370	195	33	after	after	SCONJ
asfbr-370	195	34	firm	firm	NOUN
asfbr-370	195	35	has	have	AUX
asfbr-370	195	36	filled	fill	VERB
asfbr-370	195	37	bankruptcy	bankruptcy	NOUN
asfbr-370	195	38	.	.	PUNCT
asfbr-370	196	1	they	they	PRON
asfbr-370	196	2	employed	employ	VERB
asfbr-370	196	3	event	event	NOUN
asfbr-370	196	4	study	study	NOUN
asfbr-370	196	5	methodology	methodology	NOUN
asfbr-370	196	6	and	and	CCONJ
asfbr-370	196	7	controlled	control	VERB
asfbr-370	196	8	firms	firm	NOUN
asfbr-370	196	9	’	’	PART
asfbr-370	196	10	financial	financial	ADJ
asfbr-370	196	11	condition	condition	NOUN
asfbr-370	196	12	by	by	ADP
asfbr-370	196	13	using	use	VERB
asfbr-370	196	14	altman	altman	PROPN
asfbr-370	196	15	’s	’s	PART
asfbr-370	196	16	z	z	PROPN
asfbr-370	196	17	-	-	PUNCT
asfbr-370	196	18	score	score	NOUN
asfbr-370	196	19	model	model	NOUN
asfbr-370	196	20	.	.	PUNCT
asfbr-370	197	1	it	it	PRON
asfbr-370	197	2	was	be	AUX
asfbr-370	197	3	observed	observe	VERB
asfbr-370	197	4	that	that	SCONJ
asfbr-370	197	5	there	there	PRON
asfbr-370	197	6	was	be	VERB
asfbr-370	197	7	increase	increase	NOUN
asfbr-370	197	8	in	in	ADP
asfbr-370	197	9	share	share	NOUN
asfbr-370	197	10	price	price	NOUN
asfbr-370	197	11	even	even	ADV
asfbr-370	197	12	when	when	SCONJ
asfbr-370	197	13	firm	firm	NOUN
asfbr-370	197	14	filed	file	VERB
asfbr-370	197	15	bankruptcy	bankruptcy	NOUN
asfbr-370	197	16	because	because	SCONJ
asfbr-370	197	17	of	of	ADP
asfbr-370	197	18	prevailing	prevail	VERB
asfbr-370	197	19	bull	bull	NOUN
asfbr-370	197	20	market	market	NOUN
asfbr-370	197	21	conditions	condition	NOUN
asfbr-370	197	22	.	.	PUNCT
asfbr-370	198	1	huge	huge	ADJ
asfbr-370	198	2	transactions	transaction	NOUN
asfbr-370	198	3	were	be	AUX
asfbr-370	198	4	commanded	command	VERB
asfbr-370	198	5	by	by	ADP
asfbr-370	198	6	large	large	ADJ
asfbr-370	198	7	trader	trader	NOUN
asfbr-370	198	8	’s	’s	PART
asfbr-370	198	9	postbankruptcy	postbankruptcy	NOUN
asfbr-370	198	10	filing	filing	NOUN
asfbr-370	198	11	as	as	SCONJ
asfbr-370	198	12	investors	investor	NOUN
asfbr-370	198	13	were	be	AUX
asfbr-370	198	14	abnormally	abnormally	ADV
asfbr-370	198	15	optimistic	optimistic	ADJ
asfbr-370	198	16	.	.	PUNCT
asfbr-370	199	1	fich	fich	NOUN
asfbr-370	199	2	et	et	PROPN
asfbr-370	199	3	al	al	PROPN
asfbr-370	199	4	;	;	PUNCT
asfbr-370	199	5	(	(	PUNCT
asfbr-370	199	6	2008	2008	NUM
asfbr-370	199	7	)	)	PUNCT
asfbr-370	199	8	investigated	investigate	VERB
asfbr-370	199	9	the	the	DET
asfbr-370	199	10	association	association	NOUN
asfbr-370	199	11	between	between	ADP
asfbr-370	199	12	firm	firm	NOUN
asfbr-370	199	13	’s	’s	PART
asfbr-370	199	14	governance	governance	NOUN
asfbr-370	199	15	practices	practice	NOUN
asfbr-370	199	16	and	and	CCONJ
asfbr-370	199	17	capability	capability	NOUN
asfbr-370	199	18	to	to	PART
asfbr-370	199	19	avoid	avoid	VERB
asfbr-370	199	20	bankruptcy	bankruptcy	NOUN
asfbr-370	199	21	.	.	PUNCT
asfbr-370	200	1	they	they	PRON
asfbr-370	200	2	predicted	predict	VERB
asfbr-370	200	3	the	the	DET
asfbr-370	200	4	bankruptcy	bankruptcy	NOUN
asfbr-370	200	5	of	of	ADP
asfbr-370	200	6	firms	firm	NOUN
asfbr-370	200	7	using	use	VERB
asfbr-370	200	8	altman	altman	PROPN
asfbr-370	200	9	’s	’s	PART
asfbr-370	200	10	z	z	PROPN
asfbr-370	200	11	-	-	PUNCT
asfbr-370	200	12	score	score	NOUN
asfbr-370	200	13	model	model	NOUN
asfbr-370	200	14	along	along	ADP
asfbr-370	200	15	with	with	ADP
asfbr-370	200	16	interest	interest	NOUN
asfbr-370	200	17	coverage	coverage	NOUN
asfbr-370	200	18	ratio	ratio	NOUN
asfbr-370	200	19	.	.	PUNCT
asfbr-370	201	1	it	it	PRON
asfbr-370	201	2	was	be	AUX
asfbr-370	201	3	found	find	VERB
asfbr-370	201	4	that	that	SCONJ
asfbr-370	201	5	during	during	ADP
asfbr-370	201	6	firm	firm	ADJ
asfbr-370	201	7	distress	distress	NOUN
asfbr-370	201	8	situation	situation	NOUN
asfbr-370	201	9	bad	bad	ADJ
asfbr-370	201	10	governance	governance	NOUN
asfbr-370	201	11	will	will	AUX
asfbr-370	201	12	misrepresent	misrepresent	VERB
asfbr-370	201	13	accounting	accounting	NOUN
asfbr-370	201	14	information	information	NOUN
asfbr-370	201	15	and	and	CCONJ
asfbr-370	201	16	will	will	AUX
asfbr-370	201	17	not	not	PART
asfbr-370	201	18	have	have	VERB
asfbr-370	201	19	ability	ability	NOUN
asfbr-370	201	20	to	to	PART
asfbr-370	201	21	handle	handle	VERB
asfbr-370	201	22	the	the	DET
asfbr-370	201	23	situation	situation	NOUN
asfbr-370	201	24	.	.	PUNCT
asfbr-370	202	1	this	this	PRON
asfbr-370	202	2	often	often	ADV
asfbr-370	202	3	occurs	occur	VERB
asfbr-370	202	4	if	if	SCONJ
asfbr-370	202	5	they	they	PRON
asfbr-370	202	6	are	be	AUX
asfbr-370	202	7	independent	independent	ADJ
asfbr-370	202	8	boards	board	NOUN
asfbr-370	202	9	than	than	ADP
asfbr-370	202	10	inside	inside	ADP
asfbr-370	202	11	directors	director	NOUN
asfbr-370	202	12	.	.	PUNCT
asfbr-370	203	1	agarwal	agarwal	PROPN
asfbr-370	203	2	et	et	PROPN
asfbr-370	203	3	al	al	PROPN
asfbr-370	203	4	;	;	PUNCT
asfbr-370	203	5	(	(	PUNCT
asfbr-370	203	6	2008	2008	NUM
asfbr-370	203	7	)	)	PUNCT
asfbr-370	203	8	compared	compare	VERB
asfbr-370	203	9	the	the	DET
asfbr-370	203	10	accuracy	accuracy	NOUN
asfbr-370	203	11	of	of	ADP
asfbr-370	203	12	predicting	predict	VERB
asfbr-370	203	13	bankruptcy	bankruptcy	NOUN
asfbr-370	203	14	using	use	VERB
asfbr-370	203	15	market	market	NOUN
asfbr-370	203	16	base	base	NOUN
asfbr-370	203	17	model	model	NOUN
asfbr-370	203	18	with	with	ADP
asfbr-370	203	19	accounting	accounting	NOUN
asfbr-370	203	20	zscore	zscore	NOUN
asfbr-370	203	21	model	model	NOUN
asfbr-370	203	22	.	.	PUNCT
asfbr-370	204	1	it	it	PRON
asfbr-370	204	2	was	be	AUX
asfbr-370	204	3	found	find	VERB
asfbr-370	204	4	that	that	SCONJ
asfbr-370	204	5	neither	neither	PRON
asfbr-370	204	6	of	of	ADP
asfbr-370	204	7	the	the	DET
asfbr-370	204	8	models	model	NOUN
asfbr-370	204	9	had	have	VERB
asfbr-370	204	10	adequate	adequate	ADJ
asfbr-370	204	11	information	information	NOUN
asfbr-370	204	12	for	for	ADP
asfbr-370	204	13	predicting	predict	VERB
asfbr-370	204	14	failure	failure	NOUN
asfbr-370	204	15	as	as	SCONJ
asfbr-370	204	16	they	they	PRON
asfbr-370	204	17	were	be	AUX
asfbr-370	204	18	unique	unique	ADJ
asfbr-370	204	19	.	.	PUNCT
asfbr-370	205	1	however	however	ADV
asfbr-370	205	2	,	,	PUNCT
asfbr-370	205	3	it	it	PRON
asfbr-370	205	4	was	be	AUX
asfbr-370	205	5	concluded	conclude	VERB
asfbr-370	205	6	that	that	SCONJ
asfbr-370	205	7	accounting	accounting	NOUN
asfbr-370	205	8	based	base	VERB
asfbr-370	205	9	models	model	NOUN
asfbr-370	205	10	account	account	VERB
asfbr-370	205	11	for	for	ADP
asfbr-370	205	12	credit	credit	NOUN
asfbr-370	205	13	risk	risk	NOUN
asfbr-370	205	14	since	since	SCONJ
asfbr-370	205	15	accounting	accounting	NOUN
asfbr-370	205	16	statements	statement	NOUN
asfbr-370	205	17	capture	capture	NOUN
asfbr-370	205	18	performance	performance	NOUN
asfbr-370	205	19	for	for	ADP
asfbr-370	205	20	several	several	ADJ
asfbr-370	205	21	years	year	NOUN
asfbr-370	205	22	.	.	PUNCT
asfbr-370	206	1	shen	shen	PROPN
asfbr-370	206	2	,	,	PUNCT
asfbr-370	206	3	et	et	PROPN
asfbr-370	206	4	al	al	PROPN
asfbr-370	206	5	;	;	PUNCT
asfbr-370	206	6	(	(	PUNCT
asfbr-370	206	7	2010	2010	NUM
asfbr-370	206	8	)	)	PUNCT
asfbr-370	206	9	compares	compare	VERB
asfbr-370	206	10	logit	logit	PROPN
asfbr-370	206	11	model	model	NOUN
asfbr-370	206	12	with	with	ADP
asfbr-370	206	13	robust	robust	ADJ
asfbr-370	206	14	logit	logit	NOUN
asfbr-370	206	15	developed	develop	VERB
asfbr-370	206	16	based	base	VERB
asfbr-370	206	17	on	on	ADP
asfbr-370	206	18	altman	altman	PROPN
asfbr-370	206	19	’s	’s	PART
asfbr-370	206	20	z	z	PROPN
asfbr-370	206	21	-	-	PUNCT
asfbr-370	206	22	score	score	NOUN
asfbr-370	206	23	.	.	PUNCT
asfbr-370	207	1	they	they	PRON
asfbr-370	207	2	found	find	VERB
asfbr-370	207	3	robust	robust	ADJ
asfbr-370	207	4	logit	logit	NOUN
asfbr-370	207	5	model	model	NOUN
asfbr-370	207	6	was	be	AUX
asfbr-370	207	7	superior	superior	ADJ
asfbr-370	207	8	even	even	ADV
asfbr-370	207	9	when	when	SCONJ
asfbr-370	207	10	the	the	DET
asfbr-370	207	11	sample	sample	NOUN
asfbr-370	207	12	included	include	VERB
asfbr-370	207	13	statistical	statistical	ADJ
asfbr-370	207	14	outliers	outlier	NOUN
asfbr-370	207	15	(	(	PUNCT
asfbr-370	207	16	firms	firm	NOUN
asfbr-370	207	17	that	that	PRON
asfbr-370	207	18	are	be	AUX
asfbr-370	207	19	doing	do	VERB
asfbr-370	207	20	extremely	extremely	ADV
asfbr-370	207	21	good	good	ADJ
asfbr-370	207	22	or	or	CCONJ
asfbr-370	207	23	bad	bad	ADJ
asfbr-370	207	24	)	)	PUNCT
asfbr-370	207	25	.	.	PUNCT
asfbr-370	208	1	however	however	ADV
asfbr-370	208	2	,	,	PUNCT
asfbr-370	208	3	robust	robust	ADJ
asfbr-370	208	4	logit	logit	NOUN
asfbr-370	208	5	model	model	NOUN
asfbr-370	208	6	was	be	AUX
asfbr-370	208	7	vigorously	vigorously	ADV
asfbr-370	208	8	allocating	allocate	VERB
asfbr-370	208	9	firms	firm	NOUN
asfbr-370	208	10	as	as	ADP
asfbr-370	208	11	default	default	NOUN
asfbr-370	208	12	.	.	PUNCT
asfbr-370	209	1	ray	ray	NOUN
asfbr-370	209	2	(	(	PUNCT
asfbr-370	209	3	2011	2011	NUM
asfbr-370	209	4	)	)	PUNCT
asfbr-370	209	5	evaluates	evaluate	VERB
asfbr-370	209	6	financial	financial	ADJ
asfbr-370	209	7	health	health	NOUN
asfbr-370	209	8	of	of	ADP
asfbr-370	209	9	automobile	automobile	NOUN
asfbr-370	209	10	industry	industry	NOUN
asfbr-370	209	11	during	during	ADP
asfbr-370	209	12	from	from	ADP
asfbr-370	209	13	2003	2003	NUM
asfbr-370	209	14	to	to	ADP
asfbr-370	209	15	2010	2010	NUM
asfbr-370	209	16	in	in	ADP
asfbr-370	209	17	india	india	PROPN
asfbr-370	209	18	using	use	VERB
asfbr-370	209	19	z	z	NOUN
asfbr-370	209	20	-	-	PUNCT
asfbr-370	209	21	score	score	NOUN
asfbr-370	209	22	model	model	NOUN
asfbr-370	209	23	.	.	PUNCT
asfbr-370	210	1	the	the	DET
asfbr-370	210	2	multiple	multiple	ADJ
asfbr-370	210	3	discriminant	discriminant	ADJ
asfbr-370	210	4	frameworks	framework	NOUN
asfbr-370	210	5	has	have	AUX
asfbr-370	210	6	depicted	depict	VERB
asfbr-370	210	7	moderate	moderate	ADJ
asfbr-370	210	8	picture	picture	NOUN
asfbr-370	210	9	.	.	PUNCT
asfbr-370	211	1	the	the	DET
asfbr-370	211	2	z	z	NOUN
asfbr-370	211	3	-	-	PUNCT
asfbr-370	211	4	score	score	NOUN
asfbr-370	211	5	lies	lie	VERB
asfbr-370	211	6	within	within	ADP
asfbr-370	211	7	“	"	PUNCT
asfbr-370	211	8	grey	grey	ADJ
asfbr-370	211	9	zone	zone	NOUN
asfbr-370	211	10	”	"	PUNCT
asfbr-370	211	11	suggesting	suggest	VERB
asfbr-370	211	12	credit	credit	NOUN
asfbr-370	211	13	risk	risk	NOUN
asfbr-370	211	14	associated	associate	VERB
asfbr-370	211	15	with	with	ADP
asfbr-370	211	16	the	the	DET
asfbr-370	211	17	industry	industry	NOUN
asfbr-370	211	18	.	.	PUNCT
asfbr-370	212	1	the	the	DET
asfbr-370	212	2	study	study	NOUN
asfbr-370	212	3	indicates	indicate	VERB
asfbr-370	212	4	alarming	alarming	ADJ
asfbr-370	212	5	situation	situation	NOUN
asfbr-370	212	6	where	where	SCONJ
asfbr-370	212	7	z	z	NOUN
asfbr-370	212	8	score	score	NOUN
asfbr-370	212	9	is	be	AUX
asfbr-370	212	10	declining	decline	VERB
asfbr-370	212	11	after	after	SCONJ
asfbr-370	212	12	global	global	ADJ
asfbr-370	212	13	recession	recession	NOUN
asfbr-370	212	14	hits	hit	VERB
asfbr-370	212	15	indian	indian	ADJ
asfbr-370	212	16	economy	economy	NOUN
asfbr-370	212	17	(	(	PUNCT
asfbr-370	212	18	2007	2007	NUM
asfbr-370	212	19	)	)	PUNCT
asfbr-370	212	20	.	.	PUNCT
asfbr-370	213	1	chen	chen	PROPN
asfbr-370	213	2	et	et	PROPN
asfbr-370	213	3	al	al	PROPN
asfbr-370	213	4	.	.	PROPN
asfbr-370	213	5	,	,	PUNCT
asfbr-370	213	6	(	(	PUNCT
asfbr-370	213	7	2012	2012	NUM
asfbr-370	213	8	)	)	PUNCT
asfbr-370	213	9	analyzed	analyze	VERB
asfbr-370	213	10	the	the	DET
asfbr-370	213	11	effect	effect	NOUN
asfbr-370	213	12	of	of	ADP
asfbr-370	213	13	pricing	pricing	NOUN
asfbr-370	213	14	of	of	ADP
asfbr-370	213	15	corporate	corporate	ADJ
asfbr-370	213	16	debt	debt	NOUN
asfbr-370	213	17	due	due	ADJ
asfbr-370	213	18	to	to	ADP
asfbr-370	213	19	“	"	PUNCT
asfbr-370	213	20	unionized	unionized	ADJ
asfbr-370	213	21	workers	worker	NOUN
asfbr-370	213	22	”	"	PUNCT
asfbr-370	213	23	in	in	ADP
asfbr-370	213	24	financially	financially	ADV
asfbr-370	213	25	distressed	distressed	ADJ
asfbr-370	213	26	and	and	CCONJ
asfbr-370	213	27	healthy	healthy	ADJ
asfbr-370	213	28	firms	firm	NOUN
asfbr-370	213	29	.	.	PUNCT
asfbr-370	214	1	they	they	PRON
asfbr-370	214	2	employed	employ	VERB
asfbr-370	214	3	five	five	NUM
asfbr-370	214	4	different	different	ADJ
asfbr-370	214	5	indicators	indicator	NOUN
asfbr-370	214	6	including	include	VERB
asfbr-370	214	7	altman	altman	PROPN
asfbr-370	214	8	’s	’s	PART
asfbr-370	214	9	z	z	PROPN
asfbr-370	214	10	-	-	PUNCT
asfbr-370	214	11	score	score	NOUN
asfbr-370	214	12	model	model	NOUN
asfbr-370	214	13	to	to	PART
asfbr-370	214	14	identify	identify	VERB
asfbr-370	214	15	if	if	SCONJ
asfbr-370	214	16	firm	firm	ADJ
asfbr-370	214	17	is	be	AUX
asfbr-370	214	18	in	in	ADP
asfbr-370	214	19	distress	distress	NOUN
asfbr-370	214	20	.	.	PUNCT
asfbr-370	215	1	using	use	VERB
asfbr-370	215	2	all	all	DET
asfbr-370	215	3	five	five	NUM
asfbr-370	215	4	alternative	alternative	ADJ
asfbr-370	215	5	models	model	NOUN
asfbr-370	215	6	of	of	ADP
asfbr-370	215	7	distress	distress	NOUN
asfbr-370	215	8	,	,	PUNCT
asfbr-370	215	9	it	it	PRON
asfbr-370	215	10	was	be	AUX
asfbr-370	215	11	found	find	VERB
asfbr-370	215	12	that	that	SCONJ
asfbr-370	215	13	“	"	PUNCT
asfbr-370	215	14	unionized	unionized	ADJ
asfbr-370	215	15	workers	worker	NOUN
asfbr-370	215	16	”	"	PUNCT
asfbr-370	215	17	and	and	CCONJ
asfbr-370	215	18	distress	distress	NOUN
asfbr-370	215	19	has	have	VERB
asfbr-370	215	20	negative	negative	ADJ
asfbr-370	215	21	relation	relation	NOUN
asfbr-370	215	22	which	which	PRON
asfbr-370	215	23	is	be	AUX
asfbr-370	215	24	statistically	statistically	ADV
asfbr-370	215	25	significant	significant	ADJ
asfbr-370	215	26	.	.	PUNCT
asfbr-370	216	1	this	this	PRON
asfbr-370	216	2	is	be	AUX
asfbr-370	216	3	because	because	SCONJ
asfbr-370	216	4	labour	labour	ADJ
asfbr-370	216	5	unions	union	NOUN
asfbr-370	216	6	try	try	VERB
asfbr-370	216	7	to	to	PART
asfbr-370	216	8	shield	shield	VERB
asfbr-370	216	9	creditor	creditor	NOUN
asfbr-370	216	10	’s	’s	PART
asfbr-370	216	11	wealth	wealth	NOUN
asfbr-370	216	12	even	even	ADV
asfbr-370	216	13	though	though	SCONJ
asfbr-370	216	14	they	they	PRON
asfbr-370	216	15	support	support	VERB
asfbr-370	216	16	firm	firm	ADJ
asfbr-370	216	17	policy	policy	NOUN
asfbr-370	216	18	to	to	PART
asfbr-370	216	19	reduce	reduce	VERB
asfbr-370	216	20	creditors	creditor	NOUN
asfbr-370	216	21	’	’	PART
asfbr-370	216	22	wealth	wealth	NOUN
asfbr-370	216	23	during	during	ADP
asfbr-370	216	24	distress	distress	NOUN
asfbr-370	216	25	.	.	PUNCT
asfbr-370	217	1	singhal	singhal	PROPN
asfbr-370	217	2	et	et	PROPN
asfbr-370	217	3	al	al	PROPN
asfbr-370	217	4	;	;	PUNCT
asfbr-370	217	5	(	(	PUNCT
asfbr-370	217	6	2013	2013	NUM
asfbr-370	217	7	)	)	PUNCT
asfbr-370	217	8	examined	examine	VERB
asfbr-370	217	9	the	the	DET
asfbr-370	217	10	relationship	relationship	NOUN
asfbr-370	217	11	between	between	ADP
asfbr-370	217	12	bankruptcy	bankruptcy	NOUN
asfbr-370	217	13	and	and	CCONJ
asfbr-370	217	14	diversification	diversification	NOUN
asfbr-370	217	15	strategy	strategy	NOUN
asfbr-370	217	16	of	of	ADP
asfbr-370	217	17	firms	firm	NOUN
asfbr-370	217	18	.	.	PUNCT
asfbr-370	218	1	altman	altman	PROPN
asfbr-370	218	2	zscore	zscore	PROPN
asfbr-370	218	3	used	use	VERB
asfbr-370	218	4	to	to	PART
asfbr-370	218	5	represent	represent	VERB
asfbr-370	218	6	the	the	DET
asfbr-370	218	7	likelihood	likelihood	NOUN
asfbr-370	218	8	of	of	ADP
asfbr-370	218	9	bankruptcy	bankruptcy	NOUN
asfbr-370	218	10	which	which	PRON
asfbr-370	218	11	is	be	AUX
asfbr-370	218	12	highly	highly	ADV
asfbr-370	218	13	correlated	correlate	VERB
asfbr-370	218	14	with	with	ADP
asfbr-370	218	15	leverage	leverage	NOUN
asfbr-370	218	16	.	.	PUNCT
asfbr-370	219	1	it	it	PRON
asfbr-370	219	2	was	be	AUX
asfbr-370	219	3	found	find	VERB
asfbr-370	219	4	that	that	SCONJ
asfbr-370	219	5	focused	focused	ADJ
asfbr-370	219	6	firms	firm	NOUN
asfbr-370	219	7	are	be	AUX
asfbr-370	219	8	more	more	ADV
asfbr-370	219	9	likely	likely	ADJ
asfbr-370	219	10	to	to	PART
asfbr-370	219	11	go	go	VERB
asfbr-370	219	12	bankrupt	bankrupt	ADJ
asfbr-370	219	13	than	than	ADP
asfbr-370	219	14	diversified	diversified	ADJ
asfbr-370	219	15	firms	firm	NOUN
asfbr-370	219	16	.	.	PUNCT
asfbr-370	220	1	li	li	PROPN
asfbr-370	220	2	(	(	PUNCT
asfbr-370	220	3	2014	2014	NUM
asfbr-370	220	4	)	)	PUNCT
asfbr-370	220	5	explored	explore	VERB
asfbr-370	220	6	the	the	DET
asfbr-370	220	7	application	application	NOUN
asfbr-370	220	8	of	of	ADP
asfbr-370	220	9	altman	altman	PROPN
asfbr-370	220	10	’s	’s	PART
asfbr-370	220	11	bankruptcy	bankruptcy	NOUN
asfbr-370	220	12	model	model	NOUN
asfbr-370	220	13	in	in	ADP
asfbr-370	220	14	construction	construction	NOUN
asfbr-370	220	15	industry	industry	NOUN
asfbr-370	220	16	.	.	PUNCT
asfbr-370	221	1	the	the	DET
asfbr-370	221	2	origi	origi	ADV
asfbr-370	221	3	-	-	PUNCT
asfbr-370	221	4	nal	nal	ADJ
asfbr-370	221	5	five	five	NUM
asfbr-370	221	6	set	set	VERB
asfbr-370	221	7	variable	variable	NOUN
asfbr-370	221	8	is	be	AUX
asfbr-370	221	9	expanded	expand	VERB
asfbr-370	221	10	to	to	ADP
asfbr-370	221	11	14	14	NUM
asfbr-370	221	12	set	set	ADJ
asfbr-370	221	13	variable	variable	NOUN
asfbr-370	221	14	.	.	PUNCT
asfbr-370	222	1	the	the	DET
asfbr-370	222	2	conclusion	conclusion	NOUN
asfbr-370	222	3	drawn	draw	VERB
asfbr-370	222	4	is	be	AUX
asfbr-370	222	5	that	that	SCONJ
asfbr-370	222	6	altman	altman	PROPN
asfbr-370	222	7	’s	’s	PART
asfbr-370	222	8	model	model	NOUN
asfbr-370	222	9	stands	stand	VERB
asfbr-370	222	10	both	both	PRON
asfbr-370	222	11	valid	valid	ADJ
asfbr-370	222	12	and	and	CCONJ
asfbr-370	222	13	effective	effective	ADJ
asfbr-370	222	14	in	in	ADP
asfbr-370	222	15	context	context	NOUN
asfbr-370	222	16	of	of	ADP
asfbr-370	222	17	bankruptcy	bankruptcy	NOUN
asfbr-370	222	18	prediction	prediction	NOUN
asfbr-370	222	19	for	for	ADP
asfbr-370	222	20	sample	sample	NOUN
asfbr-370	222	21	selected	select	VERB
asfbr-370	222	22	.	.	PUNCT
asfbr-370	223	1	celli	celli	NOUN
asfbr-370	223	2	(	(	PUNCT
asfbr-370	223	3	2015	2015	NUM
asfbr-370	223	4	)	)	PUNCT
asfbr-370	223	5	found	find	VERB
asfbr-370	223	6	that	that	SCONJ
asfbr-370	223	7	the	the	DET
asfbr-370	223	8	z	z	NOUN
asfbr-370	223	9	-	-	PUNCT
asfbr-370	223	10	score	score	NOUN
asfbr-370	223	11	degree	degree	NOUN
asfbr-370	223	12	of	of	ADP
asfbr-370	223	13	reliability	reliability	NOUN
asfbr-370	223	14	is	be	AUX
asfbr-370	223	15	relatively	relatively	ADV
asfbr-370	223	16	high	high	ADJ
asfbr-370	223	17	and	and	CCONJ
asfbr-370	223	18	still	still	ADV
asfbr-370	223	19	copyright	copyright	NOUN
asfbr-370	223	20	©	©	PROPN
asfbr-370	223	21	cc	cc	PROPN
asfbr-370	223	22	-	-	PUNCT
asfbr-370	223	23	by	by	ADP
asfbr-370	223	24	-	-	PUNCT
asfbr-370	223	25	nc	nc	PROPN
asfbr-370	223	26	2019	2019	NUM
asfbr-370	223	27	,	,	PUNCT
asfbr-370	223	28	cribfb	cribfb	VERB
asfbr-370	224	1	|	|	ADV
asfbr-370	224	2	asfbr	asfbr	NOUN
asfbr-370	224	3	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	224	4	asian	asian	ADJ
asfbr-370	224	5	finance	finance	PROPN
asfbr-370	224	6	&	&	CCONJ
asfbr-370	224	7	banking	banking	PROPN
asfbr-370	224	8	review	review	PROPN
asfbr-370	224	9	vol	vol	NOUN
asfbr-370	224	10	.	.	PROPN
asfbr-370	225	1	3	3	NUM
asfbr-370	225	2	,	,	PUNCT
asfbr-370	225	3	no	no	INTJ
asfbr-370	225	4	.	.	NOUN
asfbr-370	225	5	2	2	NUM
asfbr-370	225	6	;	;	PUNCT
asfbr-370	225	7	2019	2019	NUM
asfbr-370	225	8	32	32	NUM
asfbr-370	225	9	works	work	VERB
asfbr-370	225	10	quite	quite	ADV
asfbr-370	225	11	adequately	adequately	ADV
asfbr-370	225	12	in	in	ADP
asfbr-370	225	13	predicting	predict	VERB
asfbr-370	225	14	listed	list	VERB
asfbr-370	225	15	industrial	industrial	ADJ
asfbr-370	225	16	company	company	NOUN
asfbr-370	225	17	failure	failure	NOUN
asfbr-370	225	18	in	in	ADP
asfbr-370	225	19	italy	italy	PROPN
asfbr-370	225	20	.	.	PUNCT
asfbr-370	226	1	it	it	PRON
asfbr-370	226	2	proved	prove	VERB
asfbr-370	226	3	a	a	DET
asfbr-370	226	4	precious	precious	ADJ
asfbr-370	226	5	tool	tool	NOUN
asfbr-370	226	6	in	in	ADP
asfbr-370	226	7	the	the	DET
asfbr-370	226	8	detection	detection	NOUN
asfbr-370	226	9	of	of	ADP
asfbr-370	226	10	company	company	NOUN
asfbr-370	226	11	operating	operate	VERB
asfbr-370	226	12	and	and	CCONJ
asfbr-370	226	13	financial	financial	ADJ
asfbr-370	226	14	difficulties	difficulty	NOUN
asfbr-370	226	15	up	up	ADP
asfbr-370	226	16	to	to	PART
asfbr-370	226	17	3	3	NUM
asfbr-370	226	18	years	year	NOUN
asfbr-370	226	19	before	before	ADP
asfbr-370	226	20	the	the	DET
asfbr-370	226	21	default	default	NOUN
asfbr-370	226	22	.	.	PUNCT
asfbr-370	227	1	altman	altman	PROPN
asfbr-370	227	2	et	et	PROPN
asfbr-370	227	3	al	al	PROPN
asfbr-370	227	4	.	.	PROPN
asfbr-370	228	1	(	(	PUNCT
asfbr-370	228	2	2016	2016	NUM
asfbr-370	228	3	)	)	PUNCT
asfbr-370	228	4	re	re	VERB
asfbr-370	228	5	-	-	VERB
asfbr-370	228	6	examined	examine	VERB
asfbr-370	228	7	the	the	DET
asfbr-370	228	8	original	original	ADJ
asfbr-370	228	9	version	version	NOUN
asfbr-370	228	10	of	of	ADP
asfbr-370	228	11	the	the	DET
asfbr-370	228	12	z	z	NOUN
asfbr-370	228	13	-	-	PUNCT
asfbr-370	228	14	score	score	NOUN
asfbr-370	228	15	model	model	NOUN
asfbr-370	228	16	using	use	VERB
asfbr-370	228	17	data	datum	NOUN
asfbr-370	228	18	of	of	ADP
asfbr-370	228	19	different	different	ADJ
asfbr-370	228	20	countries	country	NOUN
asfbr-370	228	21	.	.	PUNCT
asfbr-370	229	1	they	they	PRON
asfbr-370	229	2	reestimated	reestimate	VERB
asfbr-370	229	3	values	value	NOUN
asfbr-370	229	4	using	use	VERB
asfbr-370	229	5	another	another	DET
asfbr-370	229	6	statistical	statistical	ADJ
asfbr-370	229	7	method	method	NOUN
asfbr-370	229	8	and	and	CCONJ
asfbr-370	229	9	additional	additional	ADJ
asfbr-370	229	10	variables	variable	NOUN
asfbr-370	229	11	to	to	PART
asfbr-370	229	12	assess	assess	VERB
asfbr-370	229	13	the	the	DET
asfbr-370	229	14	effect	effect	NOUN
asfbr-370	229	15	of	of	ADP
asfbr-370	229	16	classification	classification	NOUN
asfbr-370	229	17	performance	performance	NOUN
asfbr-370	229	18	when	when	SCONJ
asfbr-370	229	19	the	the	DET
asfbr-370	229	20	data	datum	NOUN
asfbr-370	229	21	are	be	AUX
asfbr-370	229	22	heterogeneous	heterogeneous	ADJ
asfbr-370	229	23	.	.	PUNCT
asfbr-370	230	1	the	the	DET
asfbr-370	230	2	evidence	evidence	NOUN
asfbr-370	230	3	indicates	indicate	VERB
asfbr-370	230	4	that	that	SCONJ
asfbr-370	230	5	the	the	DET
asfbr-370	230	6	original	original	ADJ
asfbr-370	230	7	z	z	ADJ
asfbr-370	230	8	-	-	PUNCT
asfbr-370	230	9	score	score	NOUN
asfbr-370	230	10	model	model	NOUN
asfbr-370	230	11	executes	execute	VERB
asfbr-370	230	12	well	well	ADV
asfbr-370	230	13	at	at	ADP
asfbr-370	230	14	an	an	DET
asfbr-370	230	15	international	international	ADJ
asfbr-370	230	16	context	context	NOUN
asfbr-370	230	17	till	till	SCONJ
asfbr-370	230	18	date	date	NOUN
asfbr-370	230	19	.	.	PUNCT
asfbr-370	231	1	the	the	DET
asfbr-370	231	2	conclusion	conclusion	NOUN
asfbr-370	231	3	from	from	ADP
asfbr-370	231	4	the	the	DET
asfbr-370	231	5	review	review	NOUN
asfbr-370	231	6	is	be	AUX
asfbr-370	231	7	that	that	SCONJ
asfbr-370	231	8	although	although	SCONJ
asfbr-370	231	9	the	the	DET
asfbr-370	231	10	z	z	NOUN
asfbr-370	231	11	-	-	PUNCT
asfbr-370	231	12	score	score	NOUN
asfbr-370	231	13	model	model	NOUN
asfbr-370	231	14	was	be	AUX
asfbr-370	231	15	developed	develop	VERB
asfbr-370	231	16	nearly	nearly	ADV
asfbr-370	231	17	five	five	NUM
asfbr-370	231	18	decades	decade	NOUN
asfbr-370	231	19	ago	ago	ADV
asfbr-370	231	20	and	and	CCONJ
asfbr-370	231	21	many	many	ADJ
asfbr-370	231	22	alternative	alternative	ADJ
asfbr-370	231	23	failure	failure	NOUN
asfbr-370	231	24	prediction	prediction	NOUN
asfbr-370	231	25	models	model	NOUN
asfbr-370	231	26	exist	exist	VERB
asfbr-370	231	27	,	,	PUNCT
asfbr-370	231	28	the	the	DET
asfbr-370	231	29	z	z	NOUN
asfbr-370	231	30	-	-	PUNCT
asfbr-370	231	31	score	score	NOUN
asfbr-370	231	32	model	model	NOUN
asfbr-370	231	33	continues	continue	VERB
asfbr-370	231	34	to	to	PART
asfbr-370	231	35	be	be	AUX
asfbr-370	231	36	used	use	VERB
asfbr-370	231	37	worldwide	worldwide	ADV
asfbr-370	231	38	as	as	ADP
asfbr-370	231	39	a	a	DET
asfbr-370	231	40	main	main	ADJ
asfbr-370	231	41	or	or	CCONJ
asfbr-370	231	42	supporting	support	VERB
asfbr-370	231	43	tool	tool	NOUN
asfbr-370	231	44	for	for	ADP
asfbr-370	231	45	bankruptcy	bankruptcy	NOUN
asfbr-370	231	46	or	or	CCONJ
asfbr-370	231	47	financial	financial	ADJ
asfbr-370	231	48	distress	distress	NOUN
asfbr-370	231	49	prediction	prediction	NOUN
asfbr-370	231	50	and	and	CCONJ
asfbr-370	231	51	analysis	analysis	NOUN
asfbr-370	231	52	;	;	PUNCT
asfbr-370	231	53	both	both	PRON
asfbr-370	231	54	in	in	ADP
asfbr-370	231	55	research	research	NOUN
asfbr-370	231	56	and	and	CCONJ
asfbr-370	231	57	in	in	ADP
asfbr-370	231	58	practice	practice	NOUN
asfbr-370	231	59	.	.	PUNCT
asfbr-370	232	1	this	this	DET
asfbr-370	232	2	paper	paper	NOUN
asfbr-370	232	3	focuses	focus	VERB
asfbr-370	232	4	on	on	ADP
asfbr-370	232	5	accounting	accounting	NOUN
asfbr-370	232	6	-	-	PUNCT
asfbr-370	232	7	based	base	VERB
asfbr-370	232	8	versions	version	NOUN
asfbr-370	232	9	of	of	ADP
asfbr-370	232	10	the	the	DET
asfbr-370	232	11	z	z	NOUN
asfbr-370	232	12	-	-	PUNCT
asfbr-370	232	13	score	score	NOUN
asfbr-370	232	14	models	model	NOUN
asfbr-370	232	15	,	,	PUNCT
asfbr-370	232	16	which	which	PRON
asfbr-370	232	17	even	even	ADV
asfbr-370	232	18	though	though	SCONJ
asfbr-370	232	19	they	they	PRON
asfbr-370	232	20	are	be	AUX
asfbr-370	232	21	occasionally	occasionally	ADV
asfbr-370	232	22	outperformed	outperform	VERB
asfbr-370	232	23	by	by	ADP
asfbr-370	232	24	other	other	ADJ
asfbr-370	232	25	models	model	NOUN
asfbr-370	232	26	,	,	PUNCT
asfbr-370	232	27	do	do	AUX
asfbr-370	232	28	not	not	PART
asfbr-370	232	29	rely	rely	VERB
asfbr-370	232	30	on	on	ADP
asfbr-370	232	31	market	market	NOUN
asfbr-370	232	32	data	datum	NOUN
asfbr-370	232	33	.	.	PUNCT
asfbr-370	233	1	3	3	X
asfbr-370	233	2	.	.	X
asfbr-370	233	3	research	research	NOUN
asfbr-370	233	4	methodology	methodology	NOUN
asfbr-370	233	5	descriptive	descriptive	ADJ
asfbr-370	233	6	and	and	CCONJ
asfbr-370	233	7	longitudinal	longitudinal	ADJ
asfbr-370	233	8	design	design	NOUN
asfbr-370	233	9	was	be	AUX
asfbr-370	233	10	employed	employ	VERB
asfbr-370	233	11	with	with	ADP
asfbr-370	233	12	a	a	DET
asfbr-370	233	13	view	view	NOUN
asfbr-370	233	14	to	to	ADP
asfbr-370	233	15	making	make	VERB
asfbr-370	233	16	statistical	statistical	ADJ
asfbr-370	233	17	inferences	inference	NOUN
asfbr-370	233	18	on	on	ADP
asfbr-370	233	19	the	the	DET
asfbr-370	233	20	effect	effect	NOUN
asfbr-370	233	21	leverage	leverage	NOUN
asfbr-370	233	22	on	on	ADP
asfbr-370	233	23	corporate	corporate	ADJ
asfbr-370	233	24	financial	financial	ADJ
asfbr-370	233	25	distress	distress	NOUN
asfbr-370	233	26	of	of	ADP
asfbr-370	233	27	manufacturing	manufacturing	NOUN
asfbr-370	233	28	firms	firm	NOUN
asfbr-370	233	29	.	.	PUNCT
asfbr-370	234	1	a	a	DET
asfbr-370	234	2	sampling	sample	VERB
asfbr-370	234	3	frame	frame	NOUN
asfbr-370	234	4	of	of	ADP
asfbr-370	234	5	15	15	NUM
asfbr-370	234	6	quoted	quote	VERB
asfbr-370	234	7	manufacturing	manufacturing	NOUN
asfbr-370	234	8	firms	firm	NOUN
asfbr-370	234	9	was	be	AUX
asfbr-370	234	10	selected	select	VERB
asfbr-370	234	11	using	use	VERB
asfbr-370	234	12	random	random	ADJ
asfbr-370	234	13	sampling	sampling	NOUN
asfbr-370	234	14	techniques	technique	NOUN
asfbr-370	234	15	.	.	PUNCT
asfbr-370	235	1	the	the	DET
asfbr-370	235	2	required	require	VERB
asfbr-370	235	3	cross	cross	ADJ
asfbr-370	235	4	-	-	ADJ
asfbr-370	235	5	sectional	sectional	ADJ
asfbr-370	235	6	data	datum	NOUN
asfbr-370	235	7	were	be	AUX
asfbr-370	235	8	sourced	source	VERB
asfbr-370	235	9	from	from	ADP
asfbr-370	235	10	annual	annual	ADJ
asfbr-370	235	11	reports	report	NOUN
asfbr-370	235	12	of	of	ADP
asfbr-370	235	13	the	the	DET
asfbr-370	235	14	firms	firm	NOUN
asfbr-370	235	15	and	and	CCONJ
asfbr-370	235	16	stock	stock	NOUN
asfbr-370	235	17	exchange	exchange	PROPN
asfbr-370	235	18	fact	fact	NOUN
asfbr-370	235	19	book	book	NOUN
asfbr-370	235	20	from	from	ADP
asfbr-370	235	21	2008	2008	NUM
asfbr-370	235	22	-	-	SYM
asfbr-370	235	23	2017	2017	NUM
asfbr-370	235	24	.	.	PUNCT
asfbr-370	236	1	3.1	3.1	NUM
asfbr-370	236	2	analytical	analytical	ADJ
asfbr-370	236	3	framework	framework	NOUN
asfbr-370	236	4	and	and	CCONJ
asfbr-370	236	5	empirical	empirical	ADJ
asfbr-370	236	6	model	model	NOUN
asfbr-370	236	7	specification	specification	NOUN
asfbr-370	236	8	this	this	DET
asfbr-370	236	9	analysis	analysis	NOUN
asfbr-370	236	10	is	be	AUX
asfbr-370	236	11	carried	carry	VERB
asfbr-370	236	12	out	out	ADP
asfbr-370	236	13	within	within	ADP
asfbr-370	236	14	a	a	DET
asfbr-370	236	15	panel	panel	NOUN
asfbr-370	236	16	data	data	NOUN
asfbr-370	236	17	estimation	estimation	NOUN
asfbr-370	236	18	framework	framework	NOUN
asfbr-370	236	19	.	.	PUNCT
asfbr-370	237	1	the	the	DET
asfbr-370	237	2	preference	preference	NOUN
asfbr-370	237	3	of	of	ADP
asfbr-370	237	4	this	this	DET
asfbr-370	237	5	estimation	estimation	NOUN
asfbr-370	237	6	method	method	NOUN
asfbr-370	237	7	is	be	AUX
asfbr-370	237	8	not	not	PART
asfbr-370	237	9	only	only	ADV
asfbr-370	237	10	because	because	SCONJ
asfbr-370	237	11	it	it	PRON
asfbr-370	237	12	enables	enable	VERB
asfbr-370	237	13	a	a	DET
asfbr-370	237	14	cross	cross	ADJ
asfbr-370	237	15	-	-	ADJ
asfbr-370	237	16	sectional	sectional	ADJ
asfbr-370	237	17	time	time	NOUN
asfbr-370	237	18	series	series	PROPN
asfbr-370	237	19	analysis	analysis	NOUN
asfbr-370	237	20	which	which	PRON
asfbr-370	237	21	usually	usually	ADV
asfbr-370	237	22	makes	make	VERB
asfbr-370	237	23	provision	provision	NOUN
asfbr-370	237	24	for	for	ADP
asfbr-370	237	25	broader	broad	ADJ
asfbr-370	237	26	set	set	NOUN
asfbr-370	237	27	of	of	ADP
asfbr-370	237	28	data	datum	NOUN
asfbr-370	237	29	points	point	NOUN
asfbr-370	237	30	,	,	PUNCT
asfbr-370	237	31	but	but	CCONJ
asfbr-370	237	32	also	also	ADV
asfbr-370	237	33	because	because	SCONJ
asfbr-370	237	34	of	of	ADP
asfbr-370	237	35	its	its	PRON
asfbr-370	237	36	ability	ability	NOUN
asfbr-370	237	37	to	to	PART
asfbr-370	237	38	control	control	VERB
asfbr-370	237	39	for	for	ADP
asfbr-370	237	40	heterogeneity	heterogeneity	NOUN
asfbr-370	237	41	and	and	CCONJ
asfbr-370	237	42	endogencity	endogencity	NOUN
asfbr-370	237	43	issues	issue	NOUN
asfbr-370	237	44	.	.	PUNCT
asfbr-370	238	1	hence	hence	ADV
asfbr-370	238	2	panel	panel	NOUN
asfbr-370	238	3	data	datum	NOUN
asfbr-370	238	4	estimation	estimation	NOUN
asfbr-370	238	5	allows	allow	VERB
asfbr-370	238	6	for	for	ADP
asfbr-370	238	7	the	the	DET
asfbr-370	238	8	control	control	NOUN
asfbr-370	238	9	of	of	ADP
asfbr-370	238	10	individual	individual	ADJ
asfbr-370	238	11	-	-	PUNCT
asfbr-370	238	12	specific	specific	ADJ
asfbr-370	238	13	effects	effect	NOUN
asfbr-370	238	14	usually	usually	ADV
asfbr-370	238	15	unobservable	unobservable	ADJ
asfbr-370	238	16	which	which	PRON
asfbr-370	238	17	may	may	AUX
asfbr-370	238	18	be	be	AUX
asfbr-370	238	19	correlated	correlate	VERB
asfbr-370	238	20	with	with	ADP
asfbr-370	238	21	other	other	ADJ
asfbr-370	238	22	explanatory	explanatory	ADJ
asfbr-370	238	23	variables	variable	NOUN
asfbr-370	238	24	included	include	VERB
asfbr-370	238	25	in	in	ADP
asfbr-370	238	26	the	the	DET
asfbr-370	238	27	specification	specification	NOUN
asfbr-370	238	28	of	of	ADP
asfbr-370	238	29	the	the	DET
asfbr-370	238	30	relationship	relationship	NOUN
asfbr-370	238	31	between	between	ADP
asfbr-370	238	32	dependent	dependent	ADJ
asfbr-370	238	33	and	and	CCONJ
asfbr-370	238	34	explanatory	explanatory	ADJ
asfbr-370	238	35	variables	variable	NOUN
asfbr-370	238	36	(	(	PUNCT
asfbr-370	238	37	hausman	hausman	NOUN
asfbr-370	238	38	and	and	CCONJ
asfbr-370	238	39	taylor	taylor	PROPN
asfbr-370	238	40	,	,	PUNCT
asfbr-370	238	41	1981	1981	NUM
asfbr-370	238	42	)	)	PUNCT
asfbr-370	238	43	.	.	PUNCT
asfbr-370	239	1	the	the	DET
asfbr-370	239	2	basic	basic	ADJ
asfbr-370	239	3	framework	framework	NOUN
asfbr-370	239	4	for	for	ADP
asfbr-370	239	5	panel	panel	NOUN
asfbr-370	239	6	data	datum	NOUN
asfbr-370	239	7	regression	regression	NOUN
asfbr-370	239	8	takes	take	VERB
asfbr-370	239	9	the	the	DET
asfbr-370	239	10	form	form	NOUN
asfbr-370	239	11	:	:	PUNCT
asfbr-370	240	1	where	where	SCONJ
asfbr-370	240	2	:	:	PUNCT
asfbr-370	240	3	y	y	NOUN
asfbr-370	240	4	=	=	PUNCT
asfbr-370	240	5	dependent	dependent	ADJ
asfbr-370	240	6	variable	variable	ADJ
asfbr-370	240	7	d	d	NOUN
asfbr-370	240	8	=	=	SYM
asfbr-370	240	9	independent	independent	ADJ
asfbr-370	240	10	variable	variable	NOUN
asfbr-370	240	11	o	o	PROPN
asfbr-370	240	12	=	=	PUNCT
asfbr-370	240	13	intercept	intercept	VERB
asfbr-370	240	14	i	i	X
asfbr-370	240	15	=	=	SYM
asfbr-370	240	16	coefficient	coefficient	NOUN
asfbr-370	240	17	of	of	ADP
asfbr-370	240	18	the	the	DET
asfbr-370	240	19	explanatory	explanatory	ADJ
asfbr-370	240	20	variable	variable	ADJ
asfbr-370	240	21	e	e	NOUN
asfbr-370	240	22	=	=	NOUN
asfbr-370	240	23	error	error	NOUN
asfbr-370	240	24	term	term	NOUN
asfbr-370	240	25	i	i	PRON
asfbr-370	240	26	=	=	PUNCT
asfbr-370	240	27	cross	cross	ADJ
asfbr-370	240	28	-	-	ADJ
asfbr-370	240	29	sectional	sectional	ADJ
asfbr-370	240	30	variable	variable	ADJ
asfbr-370	240	31	t	t	NOUN
asfbr-370	240	32	=	=	PUNCT
asfbr-370	240	33	time	time	NOUN
asfbr-370	240	34	series	series	PROPN
asfbr-370	240	35	variable	variable	NOUN
asfbr-370	240	36	in	in	ADP
asfbr-370	240	37	the	the	DET
asfbr-370	240	38	equation	equation	NOUN
asfbr-370	240	39	above	above	ADV
asfbr-370	240	40	,	,	PUNCT
asfbr-370	240	41	the	the	DET
asfbr-370	240	42	heterogeneity	heterogeneity	NOUN
asfbr-370	240	43	or	or	CCONJ
asfbr-370	240	44	individual	individual	ADJ
asfbr-370	240	45	effect	effect	NOUN
asfbr-370	240	46	is	be	AUX
asfbr-370	240	47	iz	iz	ADP
asfbr-370	240	48	which	which	PRON
asfbr-370	240	49	may	may	AUX
asfbr-370	240	50	represent	represent	VERB
asfbr-370	240	51	a	a	DET
asfbr-370	240	52	constant	constant	ADJ
asfbr-370	240	53	term	term	NOUN
asfbr-370	240	54	and	and	CCONJ
asfbr-370	240	55	a	a	DET
asfbr-370	240	56	set	set	NOUN
asfbr-370	240	57	of	of	ADP
asfbr-370	240	58	observable	observable	ADJ
asfbr-370	240	59	and	and	CCONJ
asfbr-370	240	60	unobservable	unobservable	ADJ
asfbr-370	240	61	variables	variable	NOUN
asfbr-370	240	62	.	.	PUNCT
asfbr-370	241	1	when	when	SCONJ
asfbr-370	241	2	the	the	DET
asfbr-370	241	3	individual	individual	ADJ
asfbr-370	241	4	effect	effect	NOUN
asfbr-370	241	5	iz	iz	INTJ
asfbr-370	241	6	,	,	PUNCT
asfbr-370	241	7	contains	contain	VERB
asfbr-370	241	8	only	only	ADV
asfbr-370	241	9	a	a	DET
asfbr-370	241	10	constant	constant	ADJ
asfbr-370	241	11	term	term	NOUN
asfbr-370	241	12	,	,	PUNCT
asfbr-370	241	13	ols	ol	NOUN
asfbr-370	241	14	estimation	estimation	NOUN
asfbr-370	241	15	provides	provide	VERB
asfbr-370	241	16	a	a	DET
asfbr-370	241	17	consistent	consistent	ADJ
asfbr-370	241	18	and	and	CCONJ
asfbr-370	241	19	efficient	efficient	ADJ
asfbr-370	241	20	estimates	estimate	NOUN
asfbr-370	241	21	of	of	ADP
asfbr-370	241	22	the	the	DET
asfbr-370	241	23	underlying	underlie	VERB
asfbr-370	241	24	parameters	parameter	NOUN
asfbr-370	241	25	(	(	PUNCT
asfbr-370	241	26	kyereboah	kyereboah	PROPN
asfbr-370	241	27	-	-	PUNCT
asfbr-370	241	28	coleman	coleman	NOUN
asfbr-370	241	29	,	,	PUNCT
asfbr-370	241	30	2007	2007	NUM
asfbr-370	241	31	)	)	PUNCT
asfbr-370	241	32	;	;	PUNCT
asfbr-370	241	33	hut	hut	NOUN
asfbr-370	241	34	if	if	SCONJ
asfbr-370	241	35	iz	iz	INTJ
asfbr-370	241	36	,	,	PUNCT
asfbr-370	241	37	is	be	AUX
asfbr-370	241	38	un	un	ADJ
asfbr-370	241	39	-	-	ADJ
asfbr-370	241	40	observable	observable	ADJ
asfbr-370	241	41	and	and	CCONJ
asfbr-370	241	42	correlated	correlate	VERB
asfbr-370	241	43	with	with	ADP
asfbr-370	241	44	itx	itx	NOUN
asfbr-370	241	45	,	,	PUNCT
asfbr-370	241	46	then	then	ADV
asfbr-370	241	47	emerges	emerge	VERB
asfbr-370	241	48	the	the	DET
asfbr-370	241	49	need	need	NOUN
asfbr-370	241	50	to	to	PART
asfbr-370	241	51	use	use	VERB
asfbr-370	241	52	other	other	ADJ
asfbr-370	241	53	estimation	estimation	NOUN
asfbr-370	241	54	method	method	NOUN
asfbr-370	241	55	because	because	SCONJ
asfbr-370	241	56	ols	ol	NOUN
asfbr-370	241	57	will	will	AUX
asfbr-370	241	58	give	give	VERB
asfbr-370	241	59	rise	rise	NOUN
asfbr-370	241	60	to	to	ADP
asfbr-370	241	61	biased	biased	ADJ
asfbr-370	241	62	and	and	CCONJ
asfbr-370	241	63	inconsistent	inconsistent	ADJ
asfbr-370	241	64	estimates	estimate	NOUN
asfbr-370	241	65	.	.	PUNCT
asfbr-370	242	1	similarly	similarly	ADV
asfbr-370	242	2	for	for	ADP
asfbr-370	242	3	endogeneity	endogeneity	NOUN
asfbr-370	242	4	issues	issue	NOUN
asfbr-370	242	5	,	,	PUNCT
asfbr-370	242	6	it	it	PRON
asfbr-370	242	7	is	be	AUX
asfbr-370	242	8	generally	generally	ADV
asfbr-370	242	9	assumed	assume	VERB
asfbr-370	242	10	that	that	SCONJ
asfbr-370	242	11	the	the	DET
asfbr-370	242	12	explanatory	explanatory	ADJ
asfbr-370	242	13	variables	variable	NOUN
asfbr-370	242	14	located	locate	VERB
asfbr-370	242	15	on	on	ADP
asfbr-370	242	16	the	the	DET
asfbr-370	242	17	right	right	ADJ
asfbr-370	242	18	hand	hand	NOUN
asfbr-370	242	19	side	side	NOUN
asfbr-370	242	20	of	of	ADP
asfbr-370	242	21	the	the	DET
asfbr-370	242	22	regression	regression	NOUN
asfbr-370	242	23	equation	equation	NOUN
asfbr-370	242	24	are	be	AUX
asfbr-370	242	25	statistically	statistically	ADV
asfbr-370	242	26	independent	independent	ADJ
asfbr-370	242	27	of	of	ADP
asfbr-370	242	28	the	the	DET
asfbr-370	242	29	disturbance	disturbance	NOUN
asfbr-370	242	30	it	it	NOUN
asfbr-370	242	31	such	such	ADJ
asfbr-370	242	32	that	that	SCONJ
asfbr-370	242	33	the	the	DET
asfbr-370	242	34	disturbance	disturbance	NOUN
asfbr-370	242	35	term	term	NOUN
asfbr-370	242	36	it	it	NUM
asfbr-370	242	37	is	be	AUX
asfbr-370	242	38	assumed	assume	VERB
asfbr-370	242	39	to	to	PART
asfbr-370	242	40	be	be	AUX
asfbr-370	242	41	uncorrelated	uncorrelate	VERB
asfbr-370	242	42	with	with	ADP
asfbr-370	242	43	columns	column	NOUN
asfbr-370	242	44	of	of	ADP
asfbr-370	242	45	’	'	PUNCT
asfbr-370	242	46	the	the	DET
asfbr-370	242	47	parameters	parameter	NOUN
asfbr-370	242	48	itx	itx	VERB
asfbr-370	242	49	and	and	CCONJ
asfbr-370	242	50	itz	itz	PROPN
asfbr-370	242	51	as	as	SCONJ
asfbr-370	242	52	stated	state	VERB
asfbr-370	242	53	in	in	ADP
asfbr-370	242	54	equation	equation	NOUN
asfbr-370	242	55	(	(	PUNCT
asfbr-370	242	56	1	1	NUM
asfbr-370	242	57	)	)	PUNCT
asfbr-370	242	58	,	,	PUNCT
asfbr-370	242	59	and	and	CCONJ
asfbr-370	242	60	has	have	VERB
asfbr-370	242	61	zero	zero	NUM
asfbr-370	242	62	mean	mean	ADJ
asfbr-370	242	63	and	and	CCONJ
asfbr-370	242	64	constant	constant	ADJ
asfbr-370	242	65	variance	variance	NOUN
asfbr-370	242	66			PROPN
asfbr-370	242	67	2	2	NUM
asfbr-370	242	68	(	(	PUNCT
asfbr-370	242	69	hausman	hausman	NOUN
asfbr-370	242	70	and	and	CCONJ
asfbr-370	242	71	taylor	taylor	PROPN
asfbr-370	242	72	,	,	PUNCT
asfbr-370	242	73	198	198	NUM
asfbr-370	242	74	)	)	PUNCT
asfbr-370	242	75	.	.	PUNCT
asfbr-370	243	1	if	if	SCONJ
asfbr-370	243	2	this	this	DET
asfbr-370	243	3	assumption	assumption	NOUN
asfbr-370	243	4	is	be	AUX
asfbr-370	243	5	violated	violate	VERB
asfbr-370	243	6	,	,	PUNCT
asfbr-370	243	7	then	then	ADV
asfbr-370	243	8	ols	ol	NOUN
asfbr-370	243	9	estimation	estimation	NOUN
asfbr-370	243	10	will	will	AUX
asfbr-370	243	11	yield	yield	VERB
asfbr-370	243	12	biased	biased	ADJ
asfbr-370	243	13	estimates	estimate	NOUN
asfbr-370	243	14	of	of	ADP
asfbr-370	243	15	the	the	DET
asfbr-370	243	16	underlying	underlie	VERB
asfbr-370	243	17	parameters	parameter	NOUN
asfbr-370	243	18	of	of	ADP
asfbr-370	243	19			PROPN
asfbr-370	243	20	(	(	PUNCT
asfbr-370	243	21	mayston	mayston	PROPN
asfbr-370	243	22	,	,	PUNCT
asfbr-370	243	23	2002).hence	2002).hence	NUM
asfbr-370	243	24	,	,	PUNCT
asfbr-370	243	25	endogeneitv	endogeneitv	NOUN
asfbr-370	243	26	problems	problem	NOUN
asfbr-370	243	27	arise	arise	VERB
asfbr-370	243	28	when	when	SCONJ
asfbr-370	243	29	the	the	DET
asfbr-370	243	30	explanatory	explanatory	ADJ
asfbr-370	243	31	variables	variable	NOUN
asfbr-370	243	32	are	be	AUX
asfbr-370	243	33	correlated	correlate	VERB
asfbr-370	243	34	with	with	ADP
asfbr-370	243	35	the	the	DET
asfbr-370	243	36	disturbance	disturbance	NOUN
asfbr-370	243	37	term	term	NOUN
asfbr-370	243	38	it	it	PROPN
asfbr-370	243	39	(	(	PUNCT
asfbr-370	243	40	mayston	mayston	PROPN
asfbr-370	243	41	,	,	PUNCT
asfbr-370	243	42	2002	2002	NUM
asfbr-370	243	43	;	;	PUNCT
asfbr-370	243	44	hausman	hausman	PROPN
asfbr-370	243	45	and	and	CCONJ
asfbr-370	243	46	taylor	taylor	PROPN
asfbr-370	243	47	,	,	PUNCT
asfbr-370	243	48	1981	1981	NUM
asfbr-370	243	49	)	)	PUNCT
asfbr-370	243	50	.	.	PUNCT
asfbr-370	244	1	in	in	ADP
asfbr-370	244	2	order	order	NOUN
asfbr-370	244	3	to	to	PART
asfbr-370	244	4	circumvent	circumvent	VERB
asfbr-370	244	5	these	these	DET
asfbr-370	244	6	problems	problem	NOUN
asfbr-370	244	7	,	,	PUNCT
asfbr-370	244	8	panel	panel	NOUN
asfbr-370	244	9	estimation	estimation	NOUN
asfbr-370	244	10	techniques	technique	NOUN
asfbr-370	244	11	of	of	ADP
asfbr-370	244	12	fixed	fix	VERB
asfbr-370	244	13	and	and	CCONJ
asfbr-370	244	14	random	random	ADJ
asfbr-370	244	15	effects	effect	NOUN
asfbr-370	244	16	will	will	AUX
asfbr-370	244	17	be	be	AUX
asfbr-370	244	18	adopted	adopt	VERB
asfbr-370	244	19	in	in	ADP
asfbr-370	244	20	this	this	DET
asfbr-370	244	21	study	study	NOUN
asfbr-370	244	22	,	,	PUNCT
asfbr-370	244	23	in	in	ADP
asfbr-370	244	24	addition	addition	NOUN
asfbr-370	244	25	to	to	ADP
asfbr-370	244	26	the	the	DET
asfbr-370	244	27	traditional	traditional	ADJ
asfbr-370	244	28	pooled	pool	VERB
asfbr-370	244	29	regression	regression	NOUN
asfbr-370	244	30	estimation	estimation	NOUN
asfbr-370	244	31	.	.	PUNCT
asfbr-370	245	1	decisions	decision	NOUN
asfbr-370	245	2	will	will	AUX
asfbr-370	245	3	be	be	AUX
asfbr-370	245	4	made	make	VERB
asfbr-370	245	5	between	between	ADP
asfbr-370	245	6	the	the	DET
asfbr-370	245	7	fixed	fix	VERB
asfbr-370	245	8	and	and	CCONJ
asfbr-370	245	9	random	random	ADJ
asfbr-370	245	10	effect	effect	NOUN
asfbr-370	245	11	models	model	NOUN
asfbr-370	245	12	using	use	VERB
asfbr-370	245	13	the	the	DET
asfbr-370	245	14	hausman	hausman	ADJ
asfbr-370	245	15	specification	specification	NOUN
asfbr-370	245	16	test	test	NOUN
asfbr-370	245	17	.	.	PUNCT
asfbr-370	246	1	the	the	DET
asfbr-370	246	2	panel	panel	NOUN
asfbr-370	246	3	model	model	NOUN
asfbr-370	246	4	for	for	ADP
asfbr-370	246	5	the	the	DET
asfbr-370	246	6	study	study	NOUN
asfbr-370	246	7	is	be	AUX
asfbr-370	246	8	specified	specify	VERB
asfbr-370	246	9	base	base	NOUN
asfbr-370	246	10	on	on	ADP
asfbr-370	246	11	the	the	DET
asfbr-370	246	12	modified	modify	VERB
asfbr-370	246	13	model	model	NOUN
asfbr-370	246	14	of	of	ADP
asfbr-370	246	15	lucky	lucky	ADJ
asfbr-370	246	16	(	(	PUNCT
asfbr-370	246	17	2018	2018	NUM
asfbr-370	246	18	)	)	PUNCT
asfbr-370	246	19	.	.	PUNCT
asfbr-370	247	1	5	5	NUM
asfbr-370	247	2	,	,	PUNCT
asfbr-370	247	3	,	,	PUNCT
asfbr-370	247	4	itiitit	itiitit	PROPN
asfbr-370	247	5	zxy	zxy	PROPN
asfbr-370	247	6			PROPN
asfbr-370	247	7			VERB
asfbr-370	247	8	copyright	copyright	NOUN
asfbr-370	247	9	©	©	PROPN
asfbr-370	247	10	cc	cc	NOUN
asfbr-370	247	11	-	-	PUNCT
asfbr-370	247	12	by	by	ADP
asfbr-370	247	13	-	-	PUNCT
asfbr-370	247	14	nc	nc	PROPN
asfbr-370	247	15	2019	2019	NUM
asfbr-370	247	16	,	,	PUNCT
asfbr-370	247	17	cribfb	cribfb	VERB
asfbr-370	248	1	|	|	ADV
asfbr-370	248	2	asfbr	asfbr	NOUN
asfbr-370	248	3	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	248	4	asian	asian	ADJ
asfbr-370	248	5	finance	finance	PROPN
asfbr-370	248	6	&	&	CCONJ
asfbr-370	248	7	banking	banking	PROPN
asfbr-370	248	8	review	review	PROPN
asfbr-370	248	9	vol	vol	NOUN
asfbr-370	248	10	.	.	PROPN
asfbr-370	249	1	3	3	NUM
asfbr-370	249	2	,	,	PUNCT
asfbr-370	249	3	no	no	INTJ
asfbr-370	249	4	.	.	NOUN
asfbr-370	249	5	2	2	NUM
asfbr-370	249	6	;	;	PUNCT
asfbr-370	249	7	2019	2019	NUM
asfbr-370	249	8	33	33	NUM
asfbr-370	249	9	3.2	3.2	NUM
asfbr-370	249	10	model	model	NOUN
asfbr-370	249	11	specification	specification	NOUN
asfbr-370	249	12	3.2.1	3.2.1	NUM
asfbr-370	249	13	pooled	pool	VERB
asfbr-370	249	14	regression	regression	NOUN
asfbr-370	249	15	specification	specification	NOUN
asfbr-370	249	16			PROPN
asfbr-370	249	17	ititiii	ititiii	VERB
asfbr-370	249	18	tatdltdstdderoscorez	tatdltdstdderoscorez	PROPN
asfbr-370	249	19	4332211	4332211	NUM
asfbr-370	249	20	/	/	SYM
asfbr-370	249	21	µ	µ	PROPN
asfbr-370	249	22	6	6	NUM
asfbr-370	249	23			PROPN
asfbr-370	249	24	ititiii	ititiii	PROPN
asfbr-370	249	25	tatdltdstdderoop	tatdltdstdderoop	NOUN
asfbr-370	249	26	4332211	4332211	NUM
asfbr-370	249	27	/	/	PUNCT
asfbr-370	250	1	µ	µ	VERB
asfbr-370	250	2	7	7	NUM
asfbr-370	250	3	3.2.2	3.2.2	NUM
asfbr-370	250	4	fixed	fix	VERB
asfbr-370	250	5	effect	effect	NOUN
asfbr-370	250	6	model	model	NOUN
asfbr-370	250	7	specification	specification	PROPN
asfbr-370	250	8	itiiititiiit	itiiititiiit	PROPN
asfbr-370	250	9	idumtatdltdstdderoscorez	idumtatdltdstdderoscorez	NOUN
asfbr-370	250	10	11/	11/	NUM
asfbr-370	250	11	9	9	NUM
asfbr-370	250	12	4332211	4332211	NUM
asfbr-370	250	13			PROPN
asfbr-370	250	14			NOUN
asfbr-370	250	15			X
asfbr-370	250	16	8	8	NUM
asfbr-370	250	17	911/	911/	NUM
asfbr-370	250	18	9	9	NUM
asfbr-370	250	19	4332211	4332211	NUM
asfbr-370	250	20	itiiititiiit	itiiititiiit	PROPN
asfbr-370	250	21	idumtatdltdstdderoop	idumtatdltdstdderoop	PROPN
asfbr-370	250	22			PROPN
asfbr-370	250	23			PROPN
asfbr-370	250	24			X
asfbr-370	250	25	3.2.3	3.2.3	NUM
asfbr-370	250	26	random	random	ADJ
asfbr-370	250	27	effect	effect	NOUN
asfbr-370	250	28	model	model	NOUN
asfbr-370	250	29	specification	specification	NOUN
asfbr-370	250	30	101/	101/	NUM
asfbr-370	250	31	43322111	43322111	NUM
asfbr-370	250	32	itititiiit	itititiiit	VERB
asfbr-370	250	33	itatdltdstdderoscorez	itatdltdstdderoscorez	NOUN
asfbr-370	250	34			PROPN
asfbr-370	250	35			PROPN
asfbr-370	250	36	111/	111/	NUM
asfbr-370	250	37	43322111	43322111	NUM
asfbr-370	250	38	itititiiit	itititiiit	NOUN
asfbr-370	250	39	itatdltdstdderoop	itatdltdstdderoop	PROPN
asfbr-370	250	40			PROPN
asfbr-370	250	41			PROPN
asfbr-370	250	42	where	where	SCONJ
asfbr-370	250	43	z	z	NOUN
asfbr-370	250	44	-	-	PUNCT
asfbr-370	250	45	score	score	NOUN
asfbr-370	250	46	=	=	PUNCT
asfbr-370	250	47	altman	altman	PROPN
asfbr-370	250	48	z	z	PROPN
asfbr-370	250	49	-	-	PUNCT
asfbr-370	250	50	score	score	NOUN
asfbr-370	250	51	measure	measure	NOUN
asfbr-370	250	52	for	for	ADP
asfbr-370	250	53	financial	financial	ADJ
asfbr-370	250	54	distress	distress	NOUN
asfbr-370	250	55	δop	δop	ADV
asfbr-370	250	56	=	=	SYM
asfbr-370	250	57	variation	variation	NOUN
asfbr-370	250	58	in	in	ADP
asfbr-370	250	59	operating	operate	VERB
asfbr-370	250	60	profits	profit	NOUN
asfbr-370	250	61	of	of	ADP
asfbr-370	250	62	the	the	DET
asfbr-370	250	63	manufacturing	manufacturing	NOUN
asfbr-370	250	64	firms	firm	NOUN
asfbr-370	250	65	der	der	NOUN
asfbr-370	250	66	=	=	SYM
asfbr-370	250	67	debt	debt	NOUN
asfbr-370	250	68	equity	equity	NOUN
asfbr-370	250	69	ratio	ratio	NOUN
asfbr-370	250	70	std	std	NOUN
asfbr-370	250	71	=	=	PUNCT
asfbr-370	250	72	short	short	ADJ
asfbr-370	250	73	term	term	NOUN
asfbr-370	250	74	debt	debt	NOUN
asfbr-370	250	75	ltd	ltd	PROPN
asfbr-370	251	1	=	=	SYM
asfbr-370	251	2	long	long	ADJ
asfbr-370	251	3	term	term	NOUN
asfbr-370	251	4	debt	debt	NOUN
asfbr-370	251	5	td	td	NOUN
asfbr-370	251	6	/	/	SYM
asfbr-370	251	7	ta	ta	NOUN
asfbr-370	251	8	=	=	NOUN
asfbr-370	251	9	total	total	ADJ
asfbr-370	251	10	debt	debt	NOUN
asfbr-370	251	11	to	to	ADP
asfbr-370	251	12	total	total	ADJ
asfbr-370	251	13	assets	asset	NOUN
asfbr-370	251	14	µ	µ	X
asfbr-370	251	15	=	=	SYM
asfbr-370	251	16	stochastic	stochastic	NOUN
asfbr-370	251	17	or	or	CCONJ
asfbr-370	251	18	disturbance	disturbance	NOUN
asfbr-370	251	19	/	/	SYM
asfbr-370	251	20	error	error	NOUN
asfbr-370	251	21	term	term	NOUN
asfbr-370	251	22	.	.	PUNCT
asfbr-370	252	1	t	t	NOUN
asfbr-370	252	2	=	=	PUNCT
asfbr-370	252	3	time	time	NOUN
asfbr-370	252	4	dimension	dimension	NOUN
asfbr-370	252	5	of	of	ADP
asfbr-370	252	6	the	the	DET
asfbr-370	252	7	variables	variable	NOUN
asfbr-370	252	8	α	α	NOUN
asfbr-370	252	9	0	0	X
asfbr-370	253	1	=	=	SYM
asfbr-370	253	2	constant	constant	ADJ
asfbr-370	253	3	or	or	CCONJ
asfbr-370	253	4	intercept	intercept	NOUN
asfbr-370	253	5	.	.	PUNCT
asfbr-370	254	1	3.3	3.3	NUM
asfbr-370	254	2	estimation	estimation	NOUN
asfbr-370	254	3	techniques	technique	VERB
asfbr-370	254	4	3.3.1	3.3.1	NUM
asfbr-370	254	5	panel	panel	NOUN
asfbr-370	254	6	unit	unit	NOUN
asfbr-370	254	7	root	root	PROPN
asfbr-370	254	8	test	test	NOUN
asfbr-370	254	9	result	result	VERB
asfbr-370	254	10	the	the	DET
asfbr-370	254	11	data	datum	NOUN
asfbr-370	254	12	were	be	AUX
asfbr-370	254	13	checked	check	VERB
asfbr-370	254	14	for	for	ADP
asfbr-370	254	15	the	the	DET
asfbr-370	254	16	presence	presence	NOUN
asfbr-370	254	17	of	of	ADP
asfbr-370	254	18	unit	unit	NOUN
asfbr-370	254	19	root	root	NOUN
asfbr-370	254	20	using	use	VERB
asfbr-370	254	21	the	the	DET
asfbr-370	254	22	adf	adf	PROPN
asfbr-370	254	23	fisher	fisher	PROPN
asfbr-370	254	24	chi	chi	PROPN
asfbr-370	254	25	-	-	PUNCT
asfbr-370	254	26	square	square	PROPN
asfbr-370	254	27	andphiliperon	andphiliperon	PROPN
asfbr-370	254	28	fisher	fisher	PROPN
asfbr-370	254	29	chi	chi	PROPN
asfbr-370	254	30	-	-	PUNCT
asfbr-370	254	31	square	square	NOUN
asfbr-370	254	32	,	,	PUNCT
asfbr-370	254	33	which	which	PRON
asfbr-370	254	34	is	be	AUX
asfbr-370	254	35	based	base	VERB
asfbr-370	254	36	on	on	ADP
asfbr-370	254	37	the	the	DET
asfbr-370	254	38	well	well	ADV
asfbr-370	254	39	-	-	PUNCT
asfbr-370	254	40	known	know	VERB
asfbr-370	254	41	dickey	dickey	NOUN
asfbr-370	254	42	–	–	PUNCT
asfbr-370	254	43	fuller	full	ADJ
asfbr-370	254	44	procedure	procedure	NOUN
asfbr-370	254	45	.	.	PUNCT
asfbr-370	255	1	the	the	DET
asfbr-370	255	2	null	null	ADJ
asfbr-370	255	3	hypothesis	hypothesis	NOUN
asfbr-370	255	4	for	for	ADP
asfbr-370	255	5	these	these	DET
asfbr-370	255	6	tests	test	NOUN
asfbr-370	255	7	is	be	AUX
asfbr-370	255	8	that	that	SCONJ
asfbr-370	255	9	there	there	PRON
asfbr-370	255	10	is	be	VERB
asfbr-370	255	11	a	a	DET
asfbr-370	255	12	presence	presence	NOUN
asfbr-370	255	13	of	of	ADP
asfbr-370	255	14	nonstationary	nonstationary	ADJ
asfbr-370	255	15	series	series	NOUN
asfbr-370	255	16	against	against	ADP
asfbr-370	255	17	the	the	DET
asfbr-370	255	18	alternative	alternative	ADJ
asfbr-370	255	19	hypothesis	hypothesis	NOUN
asfbr-370	255	20	of	of	ADP
asfbr-370	255	21	stationary	stationary	ADJ
asfbr-370	255	22	series	series	NOUN
asfbr-370	255	23	.	.	PUNCT
asfbr-370	256	1	the	the	DET
asfbr-370	256	2	unit	unit	NOUN
asfbr-370	256	3	root	root	NOUN
asfbr-370	256	4	test	test	NOUN
asfbr-370	256	5	is	be	AUX
asfbr-370	256	6	important	important	ADJ
asfbr-370	256	7	because	because	SCONJ
asfbr-370	256	8	non	non	ADJ
asfbr-370	256	9	-	-	ADJ
asfbr-370	256	10	stationary	stationary	ADJ
asfbr-370	256	11	series	series	NOUN
asfbr-370	256	12	regression	regression	NOUN
asfbr-370	256	13	estimation	estimation	NOUN
asfbr-370	256	14	leads	lead	VERB
asfbr-370	256	15	to	to	ADP
asfbr-370	256	16	spurious	spurious	ADJ
asfbr-370	256	17	regression	regression	NOUN
asfbr-370	256	18	estimations	estimation	NOUN
asfbr-370	256	19	with	with	ADP
asfbr-370	256	20	the	the	DET
asfbr-370	256	21	wrong	wrong	ADJ
asfbr-370	256	22	magnitude	magnitude	NOUN
asfbr-370	256	23	and	and	CCONJ
asfbr-370	256	24	sign	sign	NOUN
asfbr-370	256	25	of	of	ADP
asfbr-370	256	26	the	the	DET
asfbr-370	256	27	parameter	parameter	NOUN
asfbr-370	256	28	of	of	ADP
asfbr-370	256	29	the	the	DET
asfbr-370	256	30	regressors	regressor	NOUN
asfbr-370	256	31	,	,	PUNCT
asfbr-370	256	32	with	with	ADP
asfbr-370	256	33	wrongly	wrongly	ADV
asfbr-370	256	34	inferred	infer	VERB
asfbr-370	256	35	implications	implication	NOUN
asfbr-370	256	36	.	.	PUNCT
asfbr-370	257	1	the	the	DET
asfbr-370	257	2	study	study	NOUN
asfbr-370	257	3	assumes	assume	VERB
asfbr-370	257	4	an	an	DET
asfbr-370	257	5	absence	absence	NOUN
asfbr-370	257	6	of	of	ADP
asfbr-370	257	7	a	a	DET
asfbr-370	257	8	time	time	NOUN
asfbr-370	257	9	trend	trend	NOUN
asfbr-370	257	10	;	;	PUNCT
asfbr-370	257	11	hence	hence	ADV
asfbr-370	257	12	it	it	PRON
asfbr-370	257	13	is	be	AUX
asfbr-370	257	14	tested	test	VERB
asfbr-370	257	15	for	for	ADP
asfbr-370	257	16	stationarity	stationarity	NOUN
asfbr-370	257	17	allowing	allow	VERB
asfbr-370	257	18	for	for	ADP
asfbr-370	257	19	constant	constant	ADJ
asfbr-370	257	20	only	only	ADV
asfbr-370	257	21	.	.	PUNCT
asfbr-370	258	1	stationarity	stationarity	NOUN
asfbr-370	258	2	denotes	denote	VERB
asfbr-370	258	3	the	the	DET
asfbr-370	258	4	non	non	NOUN
asfbr-370	258	5	-	-	NOUN
asfbr-370	258	6	existence	existence	NOUN
asfbr-370	258	7	of	of	ADP
asfbr-370	258	8	unit	unit	NOUN
asfbr-370	258	9	root	root	NOUN
asfbr-370	258	10	.	.	PUNCT
asfbr-370	259	1	we	we	PRON
asfbr-370	259	2	shall	shall	AUX
asfbr-370	259	3	therefore	therefore	ADV
asfbr-370	259	4	subject	subject	VERB
asfbr-370	259	5	all	all	DET
asfbr-370	259	6	the	the	DET
asfbr-370	259	7	variables	variable	NOUN
asfbr-370	259	8	to	to	ADP
asfbr-370	259	9	unit	unit	NOUN
asfbr-370	259	10	root	root	NOUN
asfbr-370	259	11	test	test	NOUN
asfbr-370	259	12	using	use	VERB
asfbr-370	259	13	the	the	DET
asfbr-370	259	14	augmented	augment	VERB
asfbr-370	259	15	dickey	dickey	PROPN
asfbr-370	259	16	fuller	full	ADJ
asfbr-370	259	17	(	(	PUNCT
asfbr-370	259	18	adf	adf	NOUN
asfbr-370	259	19	)	)	PUNCT
asfbr-370	259	20	test	test	NOUN
asfbr-370	259	21	specified	specify	VERB
asfbr-370	259	22	in	in	ADP
asfbr-370	259	23	gujarati	gujarati	PROPN
asfbr-370	259	24	(	(	PUNCT
asfbr-370	259	25	2004	2004	NUM
asfbr-370	259	26	)	)	PUNCT
asfbr-370	259	27	as	as	SCONJ
asfbr-370	259	28	follows	follow	VERB
asfbr-370	259	29	.	.	PUNCT
asfbr-370	260	1	etyiyy	etyiyy	PROPN
asfbr-370	260	2	t	t	PROPN
asfbr-370	260	3	m	m	VERB
asfbr-370	260	4	i	i	PRON
asfbr-370	260	5	tt	tt	PROPN
asfbr-370	260	6			ADJ
asfbr-370	260	7			PROPN
asfbr-370	260	8			PROPN
asfbr-370	260	9			NOUN
asfbr-370	260	10	1	1	NUM
asfbr-370	260	11	1	1	NUM
asfbr-370	260	12	121	121	NUM
asfbr-370	260	13			NOUN
asfbr-370	260	14	12	12	NUM
asfbr-370	260	15	where	where	SCONJ
asfbr-370	260	16	:	:	PUNCT
asfbr-370	260	17	ty	ty	NOUN
asfbr-370	260	18	=	=	PUNCT
asfbr-370	260	19	change	change	NOUN
asfbr-370	260	20	time	time	NOUN
asfbr-370	260	21	t	t	PROPN
asfbr-370	260	22	1	1	NUM
asfbr-370	260	23	ty	ty	INTJ
asfbr-370	260	24	=	=	PUNCT
asfbr-370	260	25	the	the	DET
asfbr-370	260	26	lagged	lag	VERB
asfbr-370	260	27	value	value	NOUN
asfbr-370	260	28	of	of	ADP
asfbr-370	260	29	the	the	DET
asfbr-370	260	30	dependent	dependent	ADJ
asfbr-370	260	31	variables	variable	NOUN
asfbr-370	260	32	t	t	ADP
asfbr-370	260	33	=	=	PUNCT
asfbr-370	260	34	white	white	ADJ
asfbr-370	260	35	noise	noise	NOUN
asfbr-370	260	36	error	error	NOUN
asfbr-370	260	37	term	term	NOUN
asfbr-370	260	38	if	if	SCONJ
asfbr-370	260	39	in	in	ADP
asfbr-370	260	40	the	the	DET
asfbr-370	260	41	above	above	ADJ
asfbr-370	260	42			PROPN
asfbr-370	260	43	=	=	NOUN
asfbr-370	260	44	0	0	NUM
asfbr-370	260	45	,	,	PUNCT
asfbr-370	260	46	then	then	ADV
asfbr-370	260	47	we	we	PRON
asfbr-370	260	48	conclude	conclude	VERB
asfbr-370	260	49	that	that	SCONJ
asfbr-370	260	50	there	there	PRON
asfbr-370	260	51	is	be	VERB
asfbr-370	260	52	a	a	DET
asfbr-370	260	53	unit	unit	NOUN
asfbr-370	260	54	root	root	NOUN
asfbr-370	260	55	.	.	PUNCT
asfbr-370	261	1	otherwise	otherwise	ADV
asfbr-370	261	2	there	there	PRON
asfbr-370	261	3	is	be	VERB
asfbr-370	261	4	no	no	DET
asfbr-370	261	5	unit	unit	NOUN
asfbr-370	261	6	root	root	NOUN
asfbr-370	261	7	,	,	PUNCT
asfbr-370	261	8	meaning	mean	VERB
asfbr-370	261	9	that	that	SCONJ
asfbr-370	261	10	it	it	PRON
asfbr-370	261	11	is	be	AUX
asfbr-370	261	12	stationary	stationary	ADJ
asfbr-370	261	13	.	.	PUNCT
asfbr-370	262	1	the	the	DET
asfbr-370	262	2	choice	choice	NOUN
asfbr-370	262	3	of	of	ADP
asfbr-370	262	4	lag	lag	NOUN
asfbr-370	262	5	will	will	AUX
asfbr-370	262	6	be	be	AUX
asfbr-370	262	7	determined	determine	VERB
asfbr-370	262	8	by	by	ADP
asfbr-370	262	9	akaike	akaike	ADJ
asfbr-370	262	10	information	information	NOUN
asfbr-370	262	11	criteria	criterion	NOUN
asfbr-370	262	12	.	.	PUNCT
asfbr-370	263	1	3.3.2	3.3.2	NUM
asfbr-370	263	2	decision	decision	NOUN
asfbr-370	263	3	rule	rule	NOUN
asfbr-370	263	4	t	t	PROPN
asfbr-370	263	5	-	-	PUNCT
asfbr-370	263	6	adf	adf	PROPN
asfbr-370	263	7	(	(	PUNCT
asfbr-370	263	8	absolute	absolute	ADJ
asfbr-370	263	9	value	value	NOUN
asfbr-370	263	10	)	)	PUNCT
asfbr-370	263	11	>	>	X
asfbr-370	263	12	t	t	PROPN
asfbr-370	263	13	-	-	PUNCT
asfbr-370	263	14	adf	adf	PROPN
asfbr-370	263	15	(	(	PUNCT
asfbr-370	263	16	critical	critical	ADJ
asfbr-370	263	17	value	value	NOUN
asfbr-370	263	18	)	)	PUNCT
asfbr-370	263	19	:	:	PUNCT
asfbr-370	263	20	reject	reject	VERB
asfbr-370	263	21	ho	ho	PROPN
asfbr-370	263	22	(	(	PUNCT
asfbr-370	263	23	otherwise	otherwise	ADV
asfbr-370	263	24	accept	accept	VERB
asfbr-370	263	25	h1	h1	PROPN
asfbr-370	263	26	)	)	PUNCT
asfbr-370	263	27	note	note	VERB
asfbr-370	263	28	that	that	SCONJ
asfbr-370	263	29	each	each	DET
asfbr-370	263	30	variable	variable	NOUN
asfbr-370	263	31	will	will	AUX
asfbr-370	263	32	have	have	VERB
asfbr-370	263	33	its	its	PRON
asfbr-370	263	34	own	own	ADJ
asfbr-370	263	35	adf	adf	NOUN
asfbr-370	263	36	test	test	NOUN
asfbr-370	263	37	value	value	NOUN
asfbr-370	263	38	.	.	PUNCT
asfbr-370	264	1	if	if	SCONJ
asfbr-370	264	2	the	the	DET
asfbr-370	264	3	variables	variable	NOUN
asfbr-370	264	4	are	be	AUX
asfbr-370	264	5	stationary	stationary	ADJ
asfbr-370	264	6	at	at	ADP
asfbr-370	264	7	level	level	NOUN
asfbr-370	264	8	,	,	PUNCT
asfbr-370	264	9	then	then	ADV
asfbr-370	264	10	they	they	PRON
asfbr-370	264	11	are	be	AUX
asfbr-370	264	12	integrated	integrate	VERB
asfbr-370	264	13	of	of	ADP
asfbr-370	264	14	order	order	NOUN
asfbr-370	264	15	zero	zero	NUM
asfbr-370	264	16	i.e	i.e	PRON
asfbr-370	264	17	1(0	1(0	NUM
asfbr-370	264	18	)	)	PUNCT
asfbr-370	264	19	.	.	PUNCT
asfbr-370	265	1	the	the	DET
asfbr-370	265	2	unit	unit	NOUN
asfbr-370	265	3	root	root	NOUN
asfbr-370	265	4	problem	problem	NOUN
asfbr-370	265	5	earlier	early	ADV
asfbr-370	265	6	mentioned	mention	VERB
asfbr-370	265	7	can	can	AUX
asfbr-370	265	8	be	be	AUX
asfbr-370	265	9	explained	explain	VERB
asfbr-370	265	10	using	use	VERB
asfbr-370	265	11	the	the	DET
asfbr-370	265	12	model	model	NOUN
asfbr-370	265	13	:	:	PUNCT
asfbr-370	265	14	copyright	copyright	NOUN
asfbr-370	265	15	©	©	PROPN
asfbr-370	265	16	cc	cc	PROPN
asfbr-370	265	17	-	-	PUNCT
asfbr-370	265	18	by	by	ADP
asfbr-370	265	19	-	-	PUNCT
asfbr-370	265	20	nc	nc	PROPN
asfbr-370	265	21	2019	2019	NUM
asfbr-370	265	22	,	,	PUNCT
asfbr-370	265	23	cribfb	cribfb	VERB
asfbr-370	265	24	|	|	ADV
asfbr-370	265	25	asfbr	asfbr	NOUN
asfbr-370	265	26	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	265	27	asian	asian	ADJ
asfbr-370	265	28	finance	finance	PROPN
asfbr-370	265	29	&	&	CCONJ
asfbr-370	265	30	banking	banking	PROPN
asfbr-370	265	31	review	review	PROPN
asfbr-370	265	32	vol	vol	NOUN
asfbr-370	265	33	.	.	PROPN
asfbr-370	266	1	3	3	NUM
asfbr-370	266	2	,	,	PUNCT
asfbr-370	266	3	no	no	INTJ
asfbr-370	266	4	.	.	NOUN
asfbr-370	266	5	2	2	NUM
asfbr-370	266	6	;	;	PUNCT
asfbr-370	266	7	2019	2019	NUM
asfbr-370	266	8	34	34	NUM
asfbr-370	266	9	y=	y=	NUM
asfbr-370	266	10	yt-1	yt-1	PUNCT
asfbr-370	267	1	+	+	CCONJ
asfbr-370	267	2	i	i	PROPN
asfbr-370	267	3	13	13	NUM
asfbr-370	267	4	where	where	SCONJ
asfbr-370	267	5	yt	yt	PROPN
asfbr-370	267	6	is	be	AUX
asfbr-370	267	7	the	the	DET
asfbr-370	267	8	variable	variable	NOUN
asfbr-370	267	9	in	in	ADP
asfbr-370	267	10	question	question	NOUN
asfbr-370	267	11	;	;	PUNCT
asfbr-370	267	12	i	i	PROPN
asfbr-370	267	13	is	be	AUX
asfbr-370	267	14	stochastic	stochastic	ADJ
asfbr-370	267	15	error	error	NOUN
asfbr-370	267	16	term	term	NOUN
asfbr-370	267	17	.	.	PUNCT
asfbr-370	268	1	equation	equation	NOUN
asfbr-370	268	2	(	(	PUNCT
asfbr-370	268	3	a	a	X
asfbr-370	268	4	)	)	PUNCT
asfbr-370	268	5	is	be	AUX
asfbr-370	268	6	termed	term	VERB
asfbr-370	268	7	first	first	ADJ
asfbr-370	268	8	order	order	NOUN
asfbr-370	268	9	regression	regression	NOUN
asfbr-370	268	10	because	because	SCONJ
asfbr-370	268	11	we	we	PRON
asfbr-370	268	12	regress	regress	VERB
asfbr-370	268	13	the	the	DET
asfbr-370	268	14	value	value	NOUN
asfbr-370	268	15	y	y	PROPN
asfbr-370	268	16	at	at	ADP
asfbr-370	268	17	time	time	NOUN
asfbr-370	268	18	“	"	PUNCT
asfbr-370	268	19	t	t	PROPN
asfbr-370	268	20	”	"	PUNCT
asfbr-370	268	21	on	on	ADP
asfbr-370	268	22	its	its	PRON
asfbr-370	268	23	value	value	NOUN
asfbr-370	268	24	at	at	ADP
asfbr-370	268	25	time	time	NOUN
asfbr-370	268	26	(	(	PUNCT
asfbr-370	268	27	t1	t1	NOUN
asfbr-370	268	28	)	)	PUNCT
asfbr-370	268	29	.	.	PUNCT
asfbr-370	269	1	if	if	SCONJ
asfbr-370	269	2	the	the	DET
asfbr-370	269	3	coefficient	coefficient	NOUN
asfbr-370	269	4	of	of	ADP
asfbr-370	269	5	yt	yt	PROPN
asfbr-370	269	6	-	-	PUNCT
asfbr-370	269	7	i	i	PRON
asfbr-370	269	8	is	be	AUX
asfbr-370	269	9	equal	equal	ADJ
asfbr-370	269	10	to	to	ADP
asfbr-370	269	11	1	1	NUM
asfbr-370	269	12	,	,	PUNCT
asfbr-370	269	13	then	then	ADV
asfbr-370	269	14	we	we	PRON
asfbr-370	269	15	have	have	VERB
asfbr-370	269	16	a	a	DET
asfbr-370	269	17	unit	unit	NOUN
asfbr-370	269	18	root	root	NOUN
asfbr-370	269	19	problem	problem	NOUN
asfbr-370	269	20	(	(	PUNCT
asfbr-370	269	21	non	non	X
asfbr-370	269	22	stationary	stationary	ADJ
asfbr-370	269	23	situation	situation	NOUN
asfbr-370	269	24	)	)	PUNCT
asfbr-370	269	25	.	.	PUNCT
asfbr-370	270	1	this	this	PRON
asfbr-370	270	2	means	mean	VERB
asfbr-370	270	3	that	that	SCONJ
asfbr-370	270	4	if	if	SCONJ
asfbr-370	270	5	the	the	DET
asfbr-370	270	6	regression	regression	NOUN
asfbr-370	270	7	.	.	PUNCT
asfbr-370	271	1	y=	y=	PRON
asfbr-370	271	2	yt-1	yt-1	PUNCT
asfbr-370	272	1	+	+	CCONJ
asfbr-370	272	2	i	i	PROPN
asfbr-370	272	3	14	14	NUM
asfbr-370	272	4	is	be	AUX
asfbr-370	272	5	run	run	VERB
asfbr-370	272	6	and	and	CCONJ
asfbr-370	272	7	l	l	NOUN
asfbr-370	272	8	is	be	AUX
asfbr-370	272	9	found	find	VERB
asfbr-370	272	10	to	to	PART
asfbr-370	272	11	be	be	AUX
asfbr-370	272	12	equal	equal	ADJ
asfbr-370	272	13	to	to	ADP
asfbr-370	272	14	1	1	NUM
asfbr-370	272	15	then	then	ADV
asfbr-370	272	16	the	the	DET
asfbr-370	272	17	variable	variable	ADJ
asfbr-370	272	18	yt	yt	NOUN
asfbr-370	272	19	has	have	VERB
asfbr-370	272	20	a	a	DET
asfbr-370	272	21	unit	unit	NOUN
asfbr-370	272	22	root	root	NOUN
asfbr-370	272	23	(	(	PUNCT
asfbr-370	272	24	random	random	ADJ
asfbr-370	272	25	work	work	NOUN
asfbr-370	272	26	in	in	ADP
asfbr-370	272	27	time	time	NOUN
asfbr-370	272	28	series	series	PROPN
asfbr-370	272	29	econometrics	econometrics	PROPN
asfbr-370	272	30	)	)	PUNCT
asfbr-370	272	31	.	.	PUNCT
asfbr-370	273	1	if	if	SCONJ
asfbr-370	273	2	a	a	DET
asfbr-370	273	3	time	time	NOUN
asfbr-370	273	4	series	series	NOUN
asfbr-370	273	5	has	have	VERB
asfbr-370	273	6	a	a	DET
asfbr-370	273	7	unit	unit	NOUN
asfbr-370	273	8	root	root	NOUN
asfbr-370	273	9	,	,	PUNCT
asfbr-370	273	10	the	the	DET
asfbr-370	273	11	first	first	ADJ
asfbr-370	273	12	difference	difference	NOUN
asfbr-370	273	13	of	of	ADP
asfbr-370	273	14	such	such	ADJ
asfbr-370	273	15	time	time	NOUN
asfbr-370	273	16	series	series	NOUN
asfbr-370	273	17	are	be	AUX
asfbr-370	273	18	usually	usually	ADV
asfbr-370	273	19	stationary	stationary	ADJ
asfbr-370	273	20	.	.	PUNCT
asfbr-370	274	1	therefore	therefore	ADV
asfbr-370	274	2	to	to	PART
asfbr-370	274	3	salve	salve	VERB
asfbr-370	274	4	the	the	DET
asfbr-370	274	5	problem	problem	NOUN
asfbr-370	274	6	,	,	PUNCT
asfbr-370	274	7	take	take	VERB
asfbr-370	274	8	the	the	DET
asfbr-370	274	9	first	first	ADJ
asfbr-370	274	10	difference	difference	NOUN
asfbr-370	274	11	of	of	ADP
asfbr-370	274	12	the	the	DET
asfbr-370	274	13	time	time	NOUN
asfbr-370	274	14	series	series	NOUN
asfbr-370	274	15	.	.	PUNCT
asfbr-370	275	1	the	the	DET
asfbr-370	275	2	first	first	ADJ
asfbr-370	275	3	difference	difference	NOUN
asfbr-370	275	4	operation	operation	NOUN
asfbr-370	275	5	is	be	AUX
asfbr-370	275	6	shown	show	VERB
asfbr-370	275	7	in	in	ADP
asfbr-370	275	8	the	the	DET
asfbr-370	275	9	following	following	ADJ
asfbr-370	275	10	model	model	NOUN
asfbr-370	275	11	:	:	PUNCT
asfbr-370	275	12	y=	y=	NOUN
asfbr-370	275	13	(	(	PUNCT
asfbr-370	275	14	l-1	l-1	NUM
asfbr-370	275	15	)	)	PUNCT
asfbr-370	275	16	yt-1	yt-1	PUNCT
asfbr-370	276	1	+	+	CCONJ
asfbr-370	276	2	i	i	PROPN
asfbr-370	276	3	15	15	NUM
asfbr-370	276	4	yt-1	yt-1	NOUN
asfbr-370	276	5	+	+	CCONJ
asfbr-370	276	6	i	i	PROPN
asfbr-370	276	7	16	16	NUM
asfbr-370	276	8	(	(	PUNCT
asfbr-370	276	9	note	note	NOUN
asfbr-370	276	10	:	:	PUNCT
asfbr-370	276	11			NUM
asfbr-370	276	12	=	=	ADJ
asfbr-370	276	13	1	1	NUM
asfbr-370	276	14	-	-	PUNCT
asfbr-370	276	15	1=	1=	NOUN
asfbr-370	276	16	0	0	NUM
asfbr-370	276	17	;	;	PUNCT
asfbr-370	276	18	where	where	SCONJ
asfbr-370	276	19	l	l	NOUN
asfbr-370	276	20	=	=	NOUN
asfbr-370	276	21	1	1	NUM
asfbr-370	276	22	;	;	PUNCT
asfbr-370	276	23	yt	yt	NOUN
asfbr-370	276	24	=	=	PUNCT
asfbr-370	276	25	yt	yt	PRON
asfbr-370	276	26	yt	yt	PROPN
asfbr-370	276	27	-	-	PUNCT
asfbr-370	276	28	i	i	PROPN
asfbr-370	276	29	)	)	PUNCT
asfbr-370	276	30	17	17	NUM
asfbr-370	276	31	integrated	integrate	VERB
asfbr-370	276	32	of	of	ADP
asfbr-370	276	33	order	order	NOUN
asfbr-370	276	34	1	1	NUM
asfbr-370	276	35	or	or	CCONJ
asfbr-370	276	36	i(i	i(i	NUM
asfbr-370	276	37	)	)	PUNCT
asfbr-370	276	38	given	give	VERB
asfbr-370	276	39	that	that	SCONJ
asfbr-370	276	40	the	the	DET
asfbr-370	276	41	original	original	ADJ
asfbr-370	276	42	(	(	PUNCT
asfbr-370	276	43	random	random	ADJ
asfbr-370	276	44	walk	walk	NOUN
asfbr-370	276	45	)	)	PUNCT
asfbr-370	276	46	series	series	NOUN
asfbr-370	276	47	is	be	AUX
asfbr-370	276	48	differenced	difference	VERB
asfbr-370	276	49	once	once	ADV
asfbr-370	276	50	and	and	CCONJ
asfbr-370	276	51	the	the	DET
asfbr-370	276	52	differenced	differenced	ADJ
asfbr-370	276	53	series	series	NOUN
asfbr-370	276	54	becomes	become	VERB
asfbr-370	276	55	stationary	stationary	ADJ
asfbr-370	276	56	,	,	PUNCT
asfbr-370	276	57	then	then	ADV
asfbr-370	276	58	the	the	DET
asfbr-370	276	59	original	original	ADJ
asfbr-370	276	60	series	series	NOUN
asfbr-370	276	61	is	be	AUX
asfbr-370	276	62	said	say	VERB
asfbr-370	276	63	to	to	PART
asfbr-370	276	64	be	be	AUX
asfbr-370	276	65	integrated	integrate	VERB
asfbr-370	276	66	of	of	ADP
asfbr-370	276	67	order	order	NOUN
asfbr-370	277	1	i	i	PRON
asfbr-370	277	2	or	or	CCONJ
asfbr-370	277	3	i	i	PRON
asfbr-370	277	4	(	(	PUNCT
asfbr-370	277	5	1	1	NUM
asfbr-370	277	6	)	)	PUNCT
asfbr-370	277	7	.	.	PUNCT
asfbr-370	278	1	integrated	integrate	VERB
asfbr-370	278	2	of	of	ADP
asfbr-370	278	3	order	order	NOUN
asfbr-370	278	4	2	2	NUM
asfbr-370	278	5	or	or	CCONJ
asfbr-370	278	6	i	i	PRON
asfbr-370	278	7	(	(	PUNCT
asfbr-370	278	8	2	2	X
asfbr-370	278	9	)	)	PUNCT
asfbr-370	278	10	given	give	VERB
asfbr-370	278	11	that	that	SCONJ
asfbr-370	278	12	the	the	DET
asfbr-370	278	13	original	original	ADJ
asfbr-370	278	14	series	series	NOUN
asfbr-370	278	15	is	be	AUX
asfbr-370	278	16	differenced	difference	VERB
asfbr-370	278	17	twice	twice	ADV
asfbr-370	278	18	before	before	SCONJ
asfbr-370	278	19	it	it	PRON
asfbr-370	278	20	becomes	become	VERB
asfbr-370	278	21	stationary	stationary	ADJ
asfbr-370	278	22	(	(	PUNCT
asfbr-370	278	23	the	the	DET
asfbr-370	278	24	first	first	ADJ
asfbr-370	278	25	difference	difference	NOUN
asfbr-370	278	26	of	of	ADP
asfbr-370	278	27	the	the	DET
asfbr-370	278	28	first	first	ADJ
asfbr-370	278	29	difference	difference	NOUN
asfbr-370	278	30	)	)	PUNCT
asfbr-370	278	31	,	,	PUNCT
asfbr-370	278	32	then	then	ADV
asfbr-370	278	33	the	the	DET
asfbr-370	278	34	original	original	ADJ
asfbr-370	278	35	series	series	NOUN
asfbr-370	278	36	is	be	AUX
asfbr-370	278	37	integrated	integrate	VERB
asfbr-370	278	38	of	of	ADP
asfbr-370	278	39	order	order	NOUN
asfbr-370	278	40	2	2	NUM
asfbr-370	278	41	or	or	CCONJ
asfbr-370	278	42	1(2	1(2	NUM
asfbr-370	278	43	)	)	PUNCT
asfbr-370	278	44	.	.	PUNCT
asfbr-370	279	1	therefore	therefore	ADV
asfbr-370	279	2	,	,	PUNCT
asfbr-370	279	3	given	give	VERB
asfbr-370	279	4	a	a	DET
asfbr-370	279	5	time	time	NOUN
asfbr-370	279	6	series	series	NOUN
asfbr-370	279	7	has	have	VERB
asfbr-370	279	8	to	to	PART
asfbr-370	279	9	be	be	AUX
asfbr-370	279	10	differenced	difference	VERB
asfbr-370	279	11	q	q	ADJ
asfbr-370	279	12	times	time	NOUN
asfbr-370	279	13	before	before	ADP
asfbr-370	279	14	becoming	become	VERB
asfbr-370	279	15	stationary	stationary	ADJ
asfbr-370	279	16	it	it	PRON
asfbr-370	279	17	said	say	VERB
asfbr-370	279	18	to	to	PART
asfbr-370	279	19	be	be	AUX
asfbr-370	279	20	integrated	integrate	VERB
asfbr-370	279	21	of	of	ADP
asfbr-370	279	22	order	order	NOUN
asfbr-370	279	23	q	q	NOUN
asfbr-370	279	24	or	or	CCONJ
asfbr-370	279	25	i	i	PRON
asfbr-370	279	26	(	(	PUNCT
asfbr-370	279	27	q	q	NOUN
asfbr-370	279	28	)	)	PUNCT
asfbr-370	279	29	.	.	PUNCT
asfbr-370	280	1	hence	hence	ADV
asfbr-370	280	2	,	,	PUNCT
asfbr-370	280	3	non	non	ADJ
asfbr-370	280	4	stationary	stationary	ADJ
asfbr-370	280	5	time	time	NOUN
asfbr-370	280	6	series	series	PROPN
asfbr-370	280	7	are	be	AUX
asfbr-370	280	8	those	those	PRON
asfbr-370	280	9	that	that	PRON
asfbr-370	280	10	are	be	AUX
asfbr-370	280	11	integrated	integrate	VERB
asfbr-370	280	12	of	of	ADP
asfbr-370	280	13	order	order	NOUN
asfbr-370	280	14	1	1	NUM
asfbr-370	280	15	or	or	CCONJ
asfbr-370	280	16	greater	great	ADJ
asfbr-370	280	17	.	.	PUNCT
asfbr-370	281	1	the	the	DET
asfbr-370	281	2	null	null	ADJ
asfbr-370	281	3	hypothesis	hypothesis	NOUN
asfbr-370	281	4	for	for	ADP
asfbr-370	281	5	the	the	DET
asfbr-370	281	6	unit	unit	NOUN
asfbr-370	281	7	root	root	NOUN
asfbr-370	281	8	is	be	AUX
asfbr-370	281	9	:	:	PUNCT
asfbr-370	281	10	ho	ho	ADJ
asfbr-370	281	11	:	:	PUNCT
asfbr-370	281	12	a	a	DET
asfbr-370	281	13	=	=	NOUN
asfbr-370	281	14	1	1	NUM
asfbr-370	281	15	;	;	PUNCT
asfbr-370	281	16	the	the	DET
asfbr-370	281	17	alternative	alternative	ADJ
asfbr-370	281	18	hypothesis	hypothesis	NOUN
asfbr-370	281	19	is	be	AUX
asfbr-370	281	20	hi	hi	ADJ
asfbr-370	281	21	:	:	PUNCT
asfbr-370	281	22	a	a	DET
asfbr-370	281	23	<	<	X
asfbr-370	281	24	1	1	NUM
asfbr-370	281	25	.	.	PUNCT
asfbr-370	282	1	we	we	PRON
asfbr-370	282	2	shall	shall	AUX
asfbr-370	282	3	test	test	VERB
asfbr-370	282	4	the	the	DET
asfbr-370	282	5	stationarity	stationarity	NOUN
asfbr-370	282	6	of	of	ADP
asfbr-370	282	7	our	our	PRON
asfbr-370	282	8	data	datum	NOUN
asfbr-370	282	9	using	use	VERB
asfbr-370	282	10	the	the	DET
asfbr-370	282	11	adf	adf	PROPN
asfbr-370	282	12	test	test	NOUN
asfbr-370	282	13	.	.	PUNCT
asfbr-370	283	1	3.4	3.4	NUM
asfbr-370	283	2	granger	granger	PROPN
asfbr-370	283	3	causality	causality	PROPN
asfbr-370	283	4	test	test	NOUN
asfbr-370	283	5	thus	thus	ADV
asfbr-370	283	6	,	,	PUNCT
asfbr-370	283	7	granger	granger	PROPN
asfbr-370	283	8	causality	causality	PROPN
asfbr-370	283	9	test	test	NOUN
asfbr-370	283	10	helps	help	VERB
asfbr-370	283	11	in	in	ADP
asfbr-370	283	12	adequate	adequate	ADJ
asfbr-370	283	13	specification	specification	NOUN
asfbr-370	283	14	of	of	ADP
asfbr-370	283	15	model	model	NOUN
asfbr-370	283	16	.	.	PUNCT
asfbr-370	284	1	in	in	ADP
asfbr-370	284	2	granger	granger	PROPN
asfbr-370	284	3	causality	causality	PROPN
asfbr-370	284	4	,	,	PUNCT
asfbr-370	284	5	test	test	NOUN
asfbr-370	284	6	,	,	PUNCT
asfbr-370	284	7	the	the	DET
asfbr-370	284	8	null	null	ADJ
asfbr-370	284	9	hypothesis	hypothesis	NOUN
asfbr-370	284	10	is	be	AUX
asfbr-370	284	11	that	that	SCONJ
asfbr-370	284	12	no	no	DET
asfbr-370	284	13	causality	causality	NOUN
asfbr-370	284	14	between	between	ADP
asfbr-370	284	15	two	two	NUM
asfbr-370	284	16	variables	variable	NOUN
asfbr-370	284	17	.	.	PUNCT
asfbr-370	285	1	the	the	DET
asfbr-370	285	2	null	null	ADJ
asfbr-370	285	3	hypotheses	hypothesis	NOUN
asfbr-370	285	4	is	be	AUX
asfbr-370	285	5	rejected	reject	VERB
asfbr-370	285	6	if	if	SCONJ
asfbr-370	285	7	the	the	DET
asfbr-370	285	8	probability	probability	NOUN
asfbr-370	285	9	of	of	ADP
asfbr-370	285	10	f	f	PROPN
asfbr-370	285	11	*	*	PROPN
asfbr-370	285	12	statistics	statistic	NOUN
asfbr-370	285	13	given	give	VERB
asfbr-370	285	14	in	in	ADP
asfbr-370	285	15	the	the	DET
asfbr-370	285	16	granger	granger	PROPN
asfbr-370	285	17	causality	causality	PROPN
asfbr-370	285	18	result	result	NOUN
asfbr-370	285	19	is	be	AUX
asfbr-370	285	20	less	less	ADJ
asfbr-370	285	21	than	than	ADP
asfbr-370	285	22	0.05	0.05	NUM
asfbr-370	285	23	.	.	PUNCT
asfbr-370	286	1	the	the	DET
asfbr-370	286	2	pair	pair	NOUN
asfbr-370	286	3	-	-	PUNCT
asfbr-370	286	4	wise	wise	ADJ
asfbr-370	286	5	granger	granger	PROPN
asfbr-370	286	6	causality	causality	NOUN
asfbr-370	286	7	test	test	NOUN
asfbr-370	286	8	is	be	AUX
asfbr-370	286	9	mathematically	mathematically	ADV
asfbr-370	286	10	expressed	express	VERB
asfbr-370	286	11	as	as	ADP
asfbr-370	286	12	:	:	SYM
asfbr-370	286	13	111	111	NUM
asfbr-370	286	14	1	1	NUM
asfbr-370	286	15	11	11	NUM
asfbr-370	286	16	1	1	NUM
asfbr-370	286	17	uxyxy	uxyxy	NOUN
asfbr-370	286	18	t	t	NOUN
asfbr-370	286	19	x	x	PUNCT
asfbr-370	287	1	n	n	INTJ
asfbr-370	287	2	i	i	PRON
asfbr-370	287	3	t	t	VERB
asfbr-370	288	1	y	y	PROPN
asfbr-370	289	1	n	n	INTJ
asfbr-370	290	1	i	i	PRON
asfbr-370	290	2	ot	ot	VERB
asfbr-370	290	3			ADJ
asfbr-370	290	4			PROPN
asfbr-370	290	5			PROPN
asfbr-370	290	6			PROPN
asfbr-370	290	7			NOUN
asfbr-370	290	8			PROPN
asfbr-370	291	1			PROPN
asfbr-370	291	2	18	18	NUM
asfbr-370	291	3	and	and	CCONJ
asfbr-370	291	4	1	1	NUM
asfbr-370	291	5	v	v	NUM
asfbr-370	291	6	1y	1y	NUM
asfbr-370	291	7	xxdp1	xxdp1	PROPN
asfbr-370	292	1	n	n	PROPN
asfbr-370	292	2	1i	1i	NOUN
asfbr-370	292	3	1yt	1yt	NOUN
asfbr-370	293	1	y	y	PROPN
asfbr-370	293	2	1	1	NUM
asfbr-370	293	3	dp	dp	NOUN
asfbr-370	293	4	n	n	NUM
asfbr-370	293	5	1i	1i	NOUN
asfbr-370	293	6	o	o	NOUN
asfbr-370	294	1	dp	dp	NOUN
asfbr-370	294	2	t	t	PROPN
asfbr-370	294	3	x	x	PROPN
asfbr-370	294	4			PROPN
asfbr-370	294	5			X
asfbr-370	294	6			X
asfbr-370	294	7			NUM
asfbr-370	295	1			VERB
asfbr-370	296	1			PROPN
asfbr-370	296	2			SYM
asfbr-370	296	3	19	19	NUM
asfbr-370	296	4	where	where	SCONJ
asfbr-370	296	5	xt	xt	PUNCT
asfbr-370	296	6	and	and	CCONJ
asfbr-370	296	7	yt	yt	PROPN
asfbr-370	296	8	are	be	AUX
asfbr-370	296	9	the	the	DET
asfbr-370	296	10	variables	variable	NOUN
asfbr-370	296	11	to	to	PART
asfbr-370	296	12	be	be	AUX
asfbr-370	296	13	tested	test	VERB
asfbr-370	296	14	white	white	PROPN
asfbr-370	296	15	ut	ut	PROPN
asfbr-370	296	16	and	and	CCONJ
asfbr-370	296	17	vt	vt	PROPN
asfbr-370	296	18	are	be	AUX
asfbr-370	296	19	the	the	DET
asfbr-370	296	20	white	white	ADJ
asfbr-370	296	21	noise	noise	NOUN
asfbr-370	296	22	disturbance	disturbance	NOUN
asfbr-370	296	23	terms	term	NOUN
asfbr-370	296	24	.	.	PUNCT
asfbr-370	297	1	the	the	DET
asfbr-370	297	2	null	null	ADJ
asfbr-370	297	3	hypothesis	hypothesis	NOUN
asfbr-370	297	4	011	011	NUM
asfbr-370	297	5			NUM
asfbr-370	297	6	yy	yy	PROPN
asfbr-370	297	7	dp	dp	PROPN
asfbr-370	297	8	,	,	PUNCT
asfbr-370	297	9	for	for	ADP
asfbr-370	297	10	all	all	PRON
asfbr-370	297	11	i	i	PRON
asfbr-370	297	12	’s	’	VERB
asfbr-370	297	13	is	be	AUX
asfbr-370	297	14	tested	test	VERB
asfbr-370	297	15	against	against	ADP
asfbr-370	297	16	the	the	DET
asfbr-370	297	17	alternative	alternative	ADJ
asfbr-370	297	18	hypothesis	hypothesis	NOUN
asfbr-370	297	19	01	01	NUM
asfbr-370	297	20	x	x	PUNCT
asfbr-370	297	21	and	and	CCONJ
asfbr-370	297	22	.01	.01	NUM
asfbr-370	297	23	ydp	ydp	PROPN
asfbr-370	297	24	if	if	SCONJ
asfbr-370	297	25	the	the	DET
asfbr-370	297	26	co	co	NOUN
asfbr-370	297	27	-	-	ADJ
asfbr-370	297	28	efficient	efficient	ADJ
asfbr-370	297	29	of	of	ADP
asfbr-370	297	30	x	x	SYM
asfbr-370	297	31	1	1	NUM
asfbr-370	297	32	copyright	copyright	NOUN
asfbr-370	297	33	©	©	PROPN
asfbr-370	297	34	cc	cc	NOUN
asfbr-370	297	35	-	-	PUNCT
asfbr-370	297	36	by	by	ADP
asfbr-370	297	37	-	-	PUNCT
asfbr-370	297	38	nc	nc	PROPN
asfbr-370	297	39	2019	2019	NUM
asfbr-370	297	40	,	,	PUNCT
asfbr-370	297	41	cribfb	cribfb	VERB
asfbr-370	298	1	|	|	ADV
asfbr-370	298	2	asfbr	asfbr	NOUN
asfbr-370	298	3	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	298	4	asian	asian	ADJ
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asfbr-370	298	6	&	&	CCONJ
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asfbr-370	299	1	3	3	NUM
asfbr-370	299	2	,	,	PUNCT
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asfbr-370	299	4	.	.	NOUN
asfbr-370	299	5	2	2	NUM
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asfbr-370	299	8	35	35	NUM
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asfbr-370	299	13	that	that	PRON
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asfbr-370	299	23	if	if	SCONJ
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asfbr-370	299	25	reverse	reverse	NOUN
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asfbr-370	299	27	true	true	ADJ
asfbr-370	299	28	then	then	ADV
asfbr-370	299	29	y	y	PROPN
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asfbr-370	299	31	x.	x.	NOUN
asfbr-370	299	32	however	however	ADV
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asfbr-370	299	34	where	where	SCONJ
asfbr-370	299	35	both	both	DET
asfbr-370	299	36	co	co	ADJ
asfbr-370	299	37	-	-	ADJ
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asfbr-370	299	39	of	of	ADP
asfbr-370	299	40	x	x	SYM
asfbr-370	299	41	1	1	NUM
asfbr-370	299	42	and	and	CCONJ
asfbr-370	299	43	ydp1	ydp1	NOUN
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asfbr-370	299	45	significant	significant	ADJ
asfbr-370	299	46	then	then	ADV
asfbr-370	299	47	causality	causality	NOUN
asfbr-370	299	48	is	be	AUX
asfbr-370	299	49	bi	bi	ADJ
asfbr-370	299	50	–	–	PUNCT
asfbr-370	299	51	directional	directional	ADJ
asfbr-370	299	52	4	4	NUM
asfbr-370	299	53	.	.	NOUN
asfbr-370	299	54	presentation	presentation	NOUN
asfbr-370	299	55	of	of	ADP
asfbr-370	299	56	results	result	NOUN
asfbr-370	299	57	and	and	CCONJ
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asfbr-370	299	62	following	follow	VERB
asfbr-370	299	63	tables	table	NOUN
asfbr-370	299	64	explain	explain	VERB
asfbr-370	299	65	the	the	DET
asfbr-370	299	66	dynamic	dynamic	ADJ
asfbr-370	299	67	relationship	relationship	NOUN
asfbr-370	299	68	between	between	ADP
asfbr-370	299	69	leverage	leverage	NOUN
asfbr-370	299	70	and	and	CCONJ
asfbr-370	299	71	corporate	corporate	ADJ
asfbr-370	299	72	financial	financial	ADJ
asfbr-370	299	73	distress	distress	NOUN
asfbr-370	299	74	of	of	ADP
asfbr-370	299	75	the	the	DET
asfbr-370	299	76	selected	select	VERB
asfbr-370	299	77	manufacturing	manufacturing	NOUN
asfbr-370	299	78	firms	firm	NOUN
asfbr-370	299	79	in	in	ADP
asfbr-370	299	80	nigeria	nigeria	PROPN
asfbr-370	299	81	.	.	PUNCT
asfbr-370	300	1	table	table	NOUN
asfbr-370	300	2	1	1	NUM
asfbr-370	300	3	:	:	PUNCT
asfbr-370	300	4	presentation	presentation	NOUN
asfbr-370	300	5	of	of	ADP
asfbr-370	300	6	level	level	NOUN
asfbr-370	300	7	series	series	NOUN
asfbr-370	300	8	result	result	VERB
asfbr-370	300	9	variable	variable	NOUN
asfbr-370	300	10	pooled	pool	VERB
asfbr-370	300	11	effect	effect	NOUN
asfbr-370	300	12	fixed	fix	VERB
asfbr-370	300	13	effect	effect	NOUN
asfbr-370	300	14	random	random	ADJ
asfbr-370	300	15	effect	effect	NOUN
asfbr-370	300	16	model	model	NOUN
asfbr-370	301	1	i	i	PRON
asfbr-370	301	2	β	β	PROPN
asfbr-370	301	3	coefficient	coefficient	VERB
asfbr-370	301	4	t.	t.	PROPN
asfbr-370	301	5	stat	stat	PROPN
asfbr-370	301	6	p.	p.	PROPN
asfbr-370	301	7	value	value	NOUN
asfbr-370	301	8	β	β	PROPN
asfbr-370	301	9	coefficient	coefficient	NOUN
asfbr-370	301	10	t.	t.	PROPN
asfbr-370	301	11	stat	stat	PROPN
asfbr-370	301	12	p.	p.	PROPN
asfbr-370	301	13	value	value	NOUN
asfbr-370	301	14	β	β	PROPN
asfbr-370	301	15	coefficient	coefficient	NOUN
asfbr-370	301	16	t.	t.	PROPN
asfbr-370	301	17	stat	stat	PROPN
asfbr-370	301	18	p.	p.	PROPN
asfbr-370	301	19	value	value	NOUN
asfbr-370	301	20	td_ta	td_ta	PROPN
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asfbr-370	301	22	-0.600153	-0.600153	VERB
asfbr-370	302	1	0.5500	0.5500	NUM
asfbr-370	303	1	0.001555	0.001555	NUM
asfbr-370	303	2	0.131724	0.131724	NUM
asfbr-370	303	3	0.8956	0.8956	NUM
asfbr-370	303	4	-0.000197	-0.000197	NOUN
asfbr-370	303	5	-0.016947	-0.016947	NOUN
asfbr-370	304	1	0.9865	0.9865	NUM
asfbr-370	304	2	std	std	NOUN
asfbr-370	304	3	-7.03e-05	-7.03e-05	PROPN
asfbr-370	304	4	-0.274588	-0.274588	X
asfbr-370	304	5	0.7843	0.7843	NUM
asfbr-370	304	6	5.05e-05	5.05e-05	NUM
asfbr-370	304	7	0.248474	0.248474	NUM
asfbr-370	304	8	0.8045	0.8045	NUM
asfbr-370	304	9	3.06e-05	3.06e-05	NUM
asfbr-370	304	10	0.152246	0.152246	NUM
asfbr-370	304	11	0.8794	0.8794	NUM
asfbr-370	304	12	ltd	ltd	PROPN
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asfbr-370	304	16	0.004891	0.004891	NUM
asfbr-370	304	17	0.371851	0.371851	NUM
asfbr-370	304	18	0.7111	0.7111	NUM
asfbr-370	304	19	0.005817	0.005817	NUM
asfbr-370	304	20	0.453857	0.453857	NUM
asfbr-370	304	21	0.6511	0.6511	NUM
asfbr-370	304	22	der	der	NOUN
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asfbr-370	304	29	0.012597	0.012597	NUM
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asfbr-370	304	32	c	c	NOUN
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asfbr-370	304	38	0.0054	0.0054	NUM
asfbr-370	304	39	2.389538	2.389538	NUM
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asfbr-370	304	52	f	f	X
asfbr-370	304	53	-	-	PUNCT
asfbr-370	304	54	sstatistic	sstatistic	ADJ
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asfbr-370	304	56	5.266306	5.266306	NUM
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asfbr-370	304	58	fprob	fprob	ADP
asfbr-370	304	59	0.489742	0.489742	NUM
asfbr-370	304	60	0.000000	0.000000	NUM
asfbr-370	304	61	0.774709	0.774709	NUM
asfbr-370	305	1	d	d	X
asfbr-370	305	2	w	w	PROPN
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asfbr-370	305	7	ii	ii	PROPN
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asfbr-370	305	11	fixed	fix	VERB
asfbr-370	305	12	effect	effect	NOUN
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asfbr-370	305	14	effect	effect	NOUN
asfbr-370	305	15	β	β	X
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asfbr-370	305	17	t.	t.	PROPN
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asfbr-370	306	1	β	β	PROPN
asfbr-370	306	2	coefficient	coefficient	NOUN
asfbr-370	306	3	t.	t.	PROPN
asfbr-370	306	4	stat	stat	PROPN
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asfbr-370	306	7	β	β	PROPN
asfbr-370	306	8	coefficient	coefficient	NOUN
asfbr-370	306	9	t.	t.	PROPN
asfbr-370	306	10	stat	stat	PROPN
asfbr-370	306	11	p.	p.	PROPN
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asfbr-370	306	13	td_ta	td_ta	NOUN
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asfbr-370	307	10	std	std	NOUN
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asfbr-370	310	18	c	c	NOUN
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asfbr-370	310	21	0.0000	0.0000	NUM
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asfbr-370	310	24	0.0000	0.0000	NUM
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asfbr-370	310	34	adjr2	adjr2	NOUN
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asfbr-370	310	38	f	f	X
asfbr-370	310	39	-	-	PUNCT
asfbr-370	310	40	statistic	statistic	NOUN
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asfbr-370	310	42	2.736936	2.736936	NUM
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asfbr-370	310	44	fprob	fprob	ADP
asfbr-370	310	45	0.001357	0.001357	NUM
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asfbr-370	310	47	0.283076	0.283076	NUM
asfbr-370	310	48	d	d	NOUN
asfbr-370	310	49	w	w	ADP
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asfbr-370	310	54	:	:	PUNCT
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asfbr-370	310	56	from	from	ADP
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asfbr-370	310	73	:	:	PUNCT
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asfbr-370	310	88	)	)	PUNCT
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asfbr-370	310	94	-	-	PUNCT
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asfbr-370	310	97	14	14	NUM
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asfbr-370	310	99	test	test	NOUN
asfbr-370	310	100	:	:	PUNCT
asfbr-370	310	101	hausman	hausman	PROPN
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asfbr-370	310	104	sq	sq	INTJ
asfbr-370	310	105	stat	stat	PROPN
asfbr-370	310	106	df	df	PROPN
asfbr-370	310	107	prob	prob	PROPN
asfbr-370	310	108	cross	cross	PROPN
asfbr-370	310	109	-	-	NOUN
asfbr-370	310	110	section	section	ADJ
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asfbr-370	310	115	model	model	NOUN
asfbr-370	310	116	ii	ii	PROPN
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asfbr-370	310	118	-	-	NOUN
asfbr-370	310	119	section	section	ADJ
asfbr-370	310	120	f	f	PROPN
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asfbr-370	310	122	(	(	PUNCT
asfbr-370	310	123	14,71	14,71	NUM
asfbr-370	310	124	)	)	PUNCT
asfbr-370	310	125	0.0011	0.0011	NUM
asfbr-370	310	126	cross	cross	ADJ
asfbr-370	310	127	-	-	ADJ
asfbr-370	310	128	section	section	ADJ
asfbr-370	310	129	chi	chi	ADJ
asfbr-370	310	130	-	-	PUNCT
asfbr-370	310	131	square	square	ADJ
asfbr-370	310	132	42.064478	42.064478	NUM
asfbr-370	310	133	14	14	NUM
asfbr-370	310	134	0.0001	0.0001	NUM
asfbr-370	310	135	test	test	NOUN
asfbr-370	310	136	:	:	PUNCT
asfbr-370	310	137	hausman	hausman	PROPN
asfbr-370	310	138	chi	chi	PROPN
asfbr-370	310	139	–	–	PUNCT
asfbr-370	310	140	sq	sq	INTJ
asfbr-370	310	141	stat	stat	PROPN
asfbr-370	310	142	df	df	PROPN
asfbr-370	310	143	prob	prob	PROPN
asfbr-370	310	144	copyright	copyright	PROPN
asfbr-370	310	145	©	©	PROPN
asfbr-370	310	146	cc	cc	PROPN
asfbr-370	310	147	-	-	PUNCT
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asfbr-370	310	149	-	-	PUNCT
asfbr-370	310	150	nc	nc	PROPN
asfbr-370	310	151	2019	2019	NUM
asfbr-370	310	152	,	,	PUNCT
asfbr-370	310	153	cribfb	cribfb	VERB
asfbr-370	310	154	|	|	ADV
asfbr-370	310	155	asfbr	asfbr	NOUN
asfbr-370	310	156	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	310	157	asian	asian	ADJ
asfbr-370	310	158	finance	finance	PROPN
asfbr-370	310	159	&	&	CCONJ
asfbr-370	310	160	banking	banking	PROPN
asfbr-370	310	161	review	review	PROPN
asfbr-370	310	162	vol	vol	NOUN
asfbr-370	310	163	.	.	PROPN
asfbr-370	311	1	3	3	NUM
asfbr-370	311	2	,	,	PUNCT
asfbr-370	311	3	no	no	INTJ
asfbr-370	311	4	.	.	NOUN
asfbr-370	311	5	2	2	NUM
asfbr-370	311	6	;	;	PUNCT
asfbr-370	311	7	2019	2019	NUM
asfbr-370	311	8	36	36	NUM
asfbr-370	311	9	cross	cross	ADJ
asfbr-370	311	10	-	-	ADJ
asfbr-370	311	11	section	section	ADJ
asfbr-370	311	12	random	random	ADJ
asfbr-370	311	13	7.624983	7.624983	NUM
asfbr-370	311	14	4	4	NUM
asfbr-370	311	15	0.1063	0.1063	NUM
asfbr-370	311	16	source	source	NOUN
asfbr-370	311	17	:	:	PUNCT
asfbr-370	311	18	extract	extract	NOUN
asfbr-370	311	19	from	from	ADP
asfbr-370	311	20	e	e	NOUN
asfbr-370	311	21	-	-	NOUN
asfbr-370	311	22	view	view	NOUN
asfbr-370	311	23	(	(	PUNCT
asfbr-370	311	24	9.0	9.0	NUM
asfbr-370	311	25	)	)	PUNCT
asfbr-370	311	26	,	,	PUNCT
asfbr-370	311	27	2019	2019	NUM
asfbr-370	311	28	in	in	ADP
asfbr-370	311	29	testing	test	VERB
asfbr-370	311	30	the	the	DET
asfbr-370	311	31	validity	validity	NOUN
asfbr-370	311	32	of	of	ADP
asfbr-370	311	33	the	the	DET
asfbr-370	311	34	models	model	NOUN
asfbr-370	311	35	,	,	PUNCT
asfbr-370	311	36	the	the	DET
asfbr-370	311	37	fixed	fix	VERB
asfbr-370	311	38	effects	effect	NOUN
asfbr-370	311	39	on	on	ADP
asfbr-370	311	40	the	the	DET
asfbr-370	311	41	cross	cross	NOUN
asfbr-370	311	42	section	section	NOUN
asfbr-370	311	43	redundant	redundant	VERB
asfbr-370	311	44	fixed	fix	VERB
asfbr-370	311	45	effectlikelihood	effectlikelihood	NOUN
asfbr-370	311	46	ratio	ratio	NOUN
asfbr-370	311	47	,	,	PUNCT
asfbr-370	311	48	the	the	DET
asfbr-370	311	49	p	p	NOUN
asfbr-370	311	50	value	value	NOUN
asfbr-370	311	51	is	be	AUX
asfbr-370	311	52	0.000	0.000	NUM
asfbr-370	311	53	indicating	indicate	VERB
asfbr-370	311	54	that	that	SCONJ
asfbr-370	311	55	the	the	DET
asfbr-370	311	56	effects	effect	NOUN
asfbr-370	311	57	are	be	AUX
asfbr-370	311	58	significant	significant	ADJ
asfbr-370	311	59	.	.	PUNCT
asfbr-370	312	1	select	select	VERB
asfbr-370	312	2	the	the	DET
asfbr-370	312	3	random	random	ADJ
asfbr-370	312	4	effect	effect	NOUN
asfbr-370	312	5	and	and	CCONJ
asfbr-370	312	6	perform	perform	VERB
asfbr-370	312	7	the	the	DET
asfbr-370	312	8	correlated	correlate	VERB
asfbr-370	312	9	random	random	ADJ
asfbr-370	312	10	effects	effect	NOUN
asfbr-370	312	11	hausman	hausman	ADJ
asfbr-370	312	12	test	test	NOUN
asfbr-370	312	13	,	,	PUNCT
asfbr-370	312	14	testing	test	VERB
asfbr-370	312	15	the	the	DET
asfbr-370	312	16	random	random	ADJ
asfbr-370	312	17	effects	effect	NOUN
asfbr-370	312	18	model	model	NOUN
asfbr-370	312	19	against	against	ADP
asfbr-370	312	20	the	the	DET
asfbr-370	312	21	fixed	fix	VERB
asfbr-370	312	22	effects	effect	NOUN
asfbr-370	312	23	model	model	NOUN
asfbr-370	312	24	.	.	PUNCT
asfbr-370	313	1	the	the	DET
asfbr-370	313	2	null	null	ADJ
asfbr-370	313	3	hypothesis	hypothesis	NOUN
asfbr-370	313	4	in	in	ADP
asfbr-370	313	5	that	that	DET
asfbr-370	313	6	case	case	NOUN
asfbr-370	313	7	is	be	AUX
asfbr-370	313	8	that	that	SCONJ
asfbr-370	313	9	both	both	DET
asfbr-370	313	10	tests	test	NOUN
asfbr-370	313	11	are	be	AUX
asfbr-370	313	12	consistent	consistent	ADJ
asfbr-370	313	13	estimators	estimator	NOUN
asfbr-370	313	14	and	and	CCONJ
asfbr-370	313	15	the	the	DET
asfbr-370	313	16	random	random	ADJ
asfbr-370	313	17	effects	effect	NOUN
asfbr-370	313	18	model	model	NOUN
asfbr-370	313	19	is	be	AUX
asfbr-370	313	20	efficient	efficient	ADJ
asfbr-370	313	21	.	.	PUNCT
asfbr-370	314	1	under	under	ADP
asfbr-370	314	2	the	the	DET
asfbr-370	314	3	alternative	alternative	ADJ
asfbr-370	314	4	hypothesis	hypothesis	NOUN
asfbr-370	314	5	,	,	PUNCT
asfbr-370	314	6	only	only	ADV
asfbr-370	314	7	the	the	DET
asfbr-370	314	8	fixed	fix	VERB
asfbr-370	314	9	effect	effect	NOUN
asfbr-370	314	10	is	be	AUX
asfbr-370	314	11	consistent	consistent	ADJ
asfbr-370	314	12	.	.	PUNCT
asfbr-370	315	1	since	since	SCONJ
asfbr-370	315	2	the	the	DET
asfbr-370	315	3	pvalue	pvalue	NOUN
asfbr-370	315	4	is	be	AUX
asfbr-370	315	5	0.000	0.000	NUM
asfbr-370	315	6	,	,	PUNCT
asfbr-370	315	7	the	the	DET
asfbr-370	315	8	null	null	ADJ
asfbr-370	315	9	hypothesis	hypothesis	NOUN
asfbr-370	315	10	is	be	AUX
asfbr-370	315	11	rejected	reject	VERB
asfbr-370	315	12	and	and	CCONJ
asfbr-370	315	13	,	,	PUNCT
asfbr-370	315	14	therefore	therefore	ADV
asfbr-370	315	15	,	,	PUNCT
asfbr-370	315	16	the	the	DET
asfbr-370	315	17	fixed	fix	VERB
asfbr-370	315	18	effects	effect	NOUN
asfbr-370	315	19	model	model	NOUN
asfbr-370	315	20	is	be	AUX
asfbr-370	315	21	to	to	PART
asfbr-370	315	22	be	be	AUX
asfbr-370	315	23	preferred	prefer	VERB
asfbr-370	315	24	.	.	PUNCT
asfbr-370	316	1	table3	table3	PROPN
asfbr-370	316	2	:	:	PUNCT
asfbr-370	317	1	test	test	NOUN
asfbr-370	317	2	for	for	ADP
asfbr-370	317	3	stationarity	stationarity	NOUN
asfbr-370	317	4	variables	variable	NOUN
asfbr-370	317	5	adf	adf	PROPN
asfbr-370	317	6	fisher	fisher	PROPN
asfbr-370	317	7	chi	chi	PROPN
asfbr-370	317	8	-	-	PUNCT
asfbr-370	317	9	square/	square/	PROPN
asfbr-370	317	10	pp	pp	PROPN
asfbr-370	317	11	fisher	fisher	PROPN
asfbr-370	317	12	chi	chi	ADJ
asfbr-370	317	13	-	-	PUNCT
asfbr-370	317	14	square	square	ADJ
asfbr-370	317	15	statistics	statistic	NOUN
asfbr-370	317	16	probability	probability	NOUN
asfbr-370	317	17	remark	remark	NOUN
asfbr-370	317	18	decision	decision	NOUN
asfbr-370	317	19	z	z	NOUN
asfbr-370	317	20	-	-	PUNCT
asfbr-370	317	21	score	score	NOUN
asfbr-370	317	22	pp	pp	ADP
asfbr-370	317	23	fisher	fisher	PROPN
asfbr-370	317	24	chi	chi	PROPN
asfbr-370	317	25	-	-	PUNCT
asfbr-370	317	26	square	square	ADJ
asfbr-370	317	27	67.3305	67.3305	NUM
asfbr-370	317	28	0.0001	0.0001	NUM
asfbr-370	317	29	stationary	stationary	ADJ
asfbr-370	317	30	reject	reject	NOUN
asfbr-370	317	31	h0	h0	NOUN
asfbr-370	317	32	pp	pp	ADP
asfbr-370	317	33	choi	choi	PROPN
asfbr-370	317	34	z	z	PROPN
asfbr-370	317	35	-	-	PUNCT
asfbr-370	317	36	stat	stat	PROPN
asfbr-370	317	37	-3.67792	-3.67792	NOUN
asfbr-370	317	38	0.0001	0.0001	NUM
asfbr-370	317	39	stationary	stationary	ADJ
asfbr-370	317	40	reject	reject	NOUN
asfbr-370	317	41	h0	h0	NOUN
asfbr-370	317	42	op	op	NOUN
asfbr-370	317	43	pp	pp	PROPN
asfbr-370	317	44	fisher	fisher	PROPN
asfbr-370	317	45	chi	chi	PROPN
asfbr-370	317	46	-	-	PUNCT
asfbr-370	317	47	square	square	ADJ
asfbr-370	317	48	73.4606	73.4606	NUM
asfbr-370	317	49	0.0000	0.0000	NUM
asfbr-370	317	50	stationary	stationary	ADJ
asfbr-370	317	51	reject	reject	NOUN
asfbr-370	317	52	h0	h0	NOUN
asfbr-370	317	53	pp	pp	ADP
asfbr-370	317	54	choi	choi	PROPN
asfbr-370	317	55	z	z	PROPN
asfbr-370	317	56	-	-	PUNCT
asfbr-370	317	57	stat	stat	PROPN
asfbr-370	317	58	-2.69812	-2.69812	NOUN
asfbr-370	317	59	0.0035	0.0035	NUM
asfbr-370	317	60	stationary	stationary	ADJ
asfbr-370	317	61	reject	reject	NOUN
asfbr-370	317	62	h0	h0	NOUN
asfbr-370	317	63	td_ta	td_ta	PROPN
asfbr-370	317	64	pp	pp	PROPN
asfbr-370	317	65	fisher	fisher	PROPN
asfbr-370	317	66	chi	chi	PROPN
asfbr-370	317	67	-	-	PUNCT
asfbr-370	317	68	square	square	ADJ
asfbr-370	317	69	88.0559	88.0559	NUM
asfbr-370	317	70	0.0000	0.0000	NUM
asfbr-370	317	71	stationary	stationary	ADJ
asfbr-370	317	72	reject	reject	NOUN
asfbr-370	317	73	h0	h0	NOUN
asfbr-370	317	74	pp	pp	ADP
asfbr-370	317	75	choi	choi	PROPN
asfbr-370	317	76	z	z	PROPN
asfbr-370	317	77	-	-	PUNCT
asfbr-370	317	78	stat	stat	ADJ
asfbr-370	317	79	-5.30916	-5.30916	NOUN
asfbr-370	317	80	0.0000	0.0000	NUM
asfbr-370	317	81	stationary	stationary	ADJ
asfbr-370	317	82	reject	reject	NOUN
asfbr-370	317	83	h0	h0	NOUN
asfbr-370	317	84	std	std	PROPN
asfbr-370	317	85	pp	pp	PROPN
asfbr-370	317	86	fisher	fisher	PROPN
asfbr-370	317	87	chi	chi	PROPN
asfbr-370	317	88	-	-	PUNCT
asfbr-370	317	89	square	square	ADJ
asfbr-370	317	90	100.329	100.329	NUM
asfbr-370	317	91	0.0000	0.0000	NUM
asfbr-370	317	92	stationary	stationary	ADJ
asfbr-370	317	93	reject	reject	NOUN
asfbr-370	317	94	h0	h0	NOUN
asfbr-370	317	95	pp	pp	ADP
asfbr-370	317	96	choi	choi	PROPN
asfbr-370	317	97	z	z	PROPN
asfbr-370	317	98	-	-	PUNCT
asfbr-370	317	99	stat	stat	ADJ
asfbr-370	317	100	-4.89214	-4.89214	PROPN
asfbr-370	317	101	0.0000	0.0000	NUM
asfbr-370	317	102	stationary	stationary	ADJ
asfbr-370	317	103	reject	reject	PROPN
asfbr-370	317	104	h0	h0	PROPN
asfbr-370	317	105	ltd	ltd	PROPN
asfbr-370	318	1	pp	pp	PROPN
asfbr-370	318	2	fisher	fisher	PROPN
asfbr-370	318	3	chi	chi	PROPN
asfbr-370	318	4	-	-	PUNCT
asfbr-370	318	5	square	square	ADJ
asfbr-370	318	6	67.2248	67.2248	NUM
asfbr-370	318	7	0.0001	0.0001	NUM
asfbr-370	318	8	stationary	stationary	ADJ
asfbr-370	318	9	reject	reject	NOUN
asfbr-370	318	10	h0	h0	NOUN
asfbr-370	318	11	pp	pp	ADP
asfbr-370	318	12	choi	choi	PROPN
asfbr-370	318	13	z	z	PROPN
asfbr-370	318	14	-	-	PUNCT
asfbr-370	318	15	stat	stat	NOUN
asfbr-370	318	16	-2.32101	-2.32101	PROPN
asfbr-370	318	17	0.0101	0.0101	NUM
asfbr-370	318	18	stationary	stationary	ADJ
asfbr-370	318	19	reject	reject	PROPN
asfbr-370	318	20	h0	h0	PROPN
asfbr-370	318	21	der	der	NOUN
asfbr-370	318	22	pp	pp	PROPN
asfbr-370	318	23	fisher	fisher	PROPN
asfbr-370	318	24	chi	chi	PROPN
asfbr-370	318	25	-	-	PUNCT
asfbr-370	318	26	square	square	ADJ
asfbr-370	318	27	92.7698	92.7698	NUM
asfbr-370	318	28	0.0000	0.0000	NUM
asfbr-370	318	29	stationary	stationary	ADJ
asfbr-370	318	30	reject	reject	NOUN
asfbr-370	318	31	h0	h0	NOUN
asfbr-370	318	32	pp	pp	ADP
asfbr-370	318	33	choi	choi	PROPN
asfbr-370	318	34	z	z	PROPN
asfbr-370	318	35	-	-	PUNCT
asfbr-370	318	36	stat	stat	NOUN
asfbr-370	318	37	-4.39812	-4.39812	NOUN
asfbr-370	318	38	0.0000	0.0000	NUM
asfbr-370	318	39	stationary	stationary	ADJ
asfbr-370	318	40	reject	reject	PROPN
asfbr-370	318	41	h0	h0	PROPN
asfbr-370	318	42	source	source	NOUN
asfbr-370	318	43	:	:	PUNCT
asfbr-370	318	44	extract	extract	NOUN
asfbr-370	318	45	from	from	ADP
asfbr-370	318	46	e	e	NOUN
asfbr-370	318	47	-	-	NOUN
asfbr-370	318	48	view	view	VERB
asfbr-370	318	49	9.0	9.0	NUM
asfbr-370	318	50	the	the	DET
asfbr-370	318	51	table	table	NOUN
asfbr-370	318	52	above	above	ADP
asfbr-370	318	53	presents	present	VERB
asfbr-370	318	54	the	the	DET
asfbr-370	318	55	summary	summary	NOUN
asfbr-370	318	56	results	result	NOUN
asfbr-370	318	57	of	of	ADP
asfbr-370	318	58	the	the	DET
asfbr-370	318	59	adf	adf	NOUN
asfbr-370	318	60	and	and	CCONJ
asfbr-370	318	61	pp	pp	PROPN
asfbr-370	318	62	panel	panel	NOUN
asfbr-370	318	63	unit	unit	NOUN
asfbr-370	318	64	root	root	NOUN
asfbr-370	318	65	tests	test	NOUN
asfbr-370	318	66	.	.	PUNCT
asfbr-370	319	1	the	the	DET
asfbr-370	319	2	results	result	NOUN
asfbr-370	319	3	show	show	VERB
asfbr-370	319	4	that	that	SCONJ
asfbr-370	319	5	the	the	DET
asfbr-370	319	6	null	null	ADJ
asfbr-370	319	7	hypotheses	hypothesis	NOUN
asfbr-370	319	8	of	of	ADP
asfbr-370	319	9	a	a	DET
asfbr-370	319	10	unit	unit	NOUN
asfbr-370	319	11	root	root	NOUN
asfbr-370	319	12	test	test	NOUN
asfbr-370	319	13	for	for	ADP
asfbr-370	319	14	first	first	ADJ
asfbr-370	319	15	difference	difference	NOUN
asfbr-370	319	16	series	series	NOUN
asfbr-370	319	17	for	for	ADP
asfbr-370	319	18	all	all	DET
asfbr-370	319	19	the	the	DET
asfbr-370	319	20	variables	variable	NOUN
asfbr-370	319	21	can	can	AUX
asfbr-370	319	22	be	be	AUX
asfbr-370	319	23	rejected	reject	VERB
asfbr-370	319	24	at	at	ADP
asfbr-370	319	25	all	all	DET
asfbr-370	319	26	the	the	DET
asfbr-370	319	27	critical	critical	ADJ
asfbr-370	319	28	values	value	NOUN
asfbr-370	319	29	indicating	indicate	VERB
asfbr-370	319	30	that	that	SCONJ
asfbr-370	319	31	the	the	DET
asfbr-370	319	32	level	level	NOUN
asfbr-370	319	33	series	series	NOUN
asfbr-370	319	34	which	which	PRON
asfbr-370	319	35	is	be	AUX
asfbr-370	319	36	largely	largely	ADV
asfbr-370	319	37	time	time	NOUN
asfbr-370	319	38	-	-	PUNCT
asfbr-370	319	39	dependent	dependent	ADJ
asfbr-370	319	40	and	and	CCONJ
asfbr-370	319	41	non	non	ADJ
asfbr-370	319	42	-	-	ADJ
asfbr-370	319	43	stationary	stationary	ADJ
asfbr-370	319	44	can	can	AUX
asfbr-370	319	45	be	be	AUX
asfbr-370	319	46	made	make	VERB
asfbr-370	319	47	stationary	stationary	ADJ
asfbr-370	319	48	at	at	ADP
asfbr-370	319	49	the	the	DET
asfbr-370	319	50	first	first	ADJ
asfbr-370	319	51	difference	difference	NOUN
asfbr-370	319	52	and	and	CCONJ
asfbr-370	319	53	maximum	maximum	ADJ
asfbr-370	319	54	lag	lag	NOUN
asfbr-370	319	55	of	of	ADP
asfbr-370	319	56	one	one	NUM
asfbr-370	319	57	.	.	PUNCT
asfbr-370	320	1	thus	thus	ADV
asfbr-370	320	2	,	,	PUNCT
asfbr-370	320	3	the	the	DET
asfbr-370	320	4	reduced	reduce	VERB
asfbr-370	320	5	form	form	NOUN
asfbr-370	320	6	model	model	NOUN
asfbr-370	320	7	follows	follow	VERB
asfbr-370	320	8	an	an	DET
asfbr-370	320	9	integrating	integrating	NOUN
asfbr-370	320	10	order	order	NOUN
asfbr-370	320	11	of	of	ADP
asfbr-370	320	12	1(1	1(1	NUM
asfbr-370	320	13	)	)	PUNCT
asfbr-370	320	14	process	process	NOUN
asfbr-370	320	15	and	and	CCONJ
asfbr-370	320	16	is	be	AUX
asfbr-370	320	17	therefore	therefore	ADV
asfbr-370	320	18	a	a	DET
asfbr-370	320	19	stationary	stationary	ADJ
asfbr-370	320	20	process	process	NOUN
asfbr-370	320	21	.	.	PUNCT
asfbr-370	321	1	it	it	PRON
asfbr-370	321	2	also	also	ADV
asfbr-370	321	3	reveals	reveal	VERB
asfbr-370	321	4	that	that	SCONJ
asfbr-370	321	5	the	the	DET
asfbr-370	321	6	test	test	NOUN
asfbr-370	321	7	of	of	ADP
asfbr-370	321	8	stationarity	stationarity	NOUN
asfbr-370	321	9	in	in	ADP
asfbr-370	321	10	the	the	DET
asfbr-370	321	11	residuals	residual	NOUN
asfbr-370	321	12	from	from	ADP
asfbr-370	321	13	the	the	DET
asfbr-370	321	14	level	level	NOUN
asfbr-370	321	15	series	series	NOUN
asfbr-370	321	16	regression	regression	NOUN
asfbr-370	321	17	is	be	AUX
asfbr-370	321	18	significant	significant	ADJ
asfbr-370	321	19	at	at	ADP
asfbr-370	321	20	all	all	DET
asfbr-370	321	21	lags	lag	NOUN
asfbr-370	321	22	.	.	PUNCT
asfbr-370	322	1	furthermore	furthermore	ADV
asfbr-370	322	2	,	,	PUNCT
asfbr-370	322	3	this	this	PRON
asfbr-370	322	4	indicates	indicate	VERB
asfbr-370	322	5	that	that	SCONJ
asfbr-370	322	6	the	the	DET
asfbr-370	322	7	regression	regression	NOUN
asfbr-370	322	8	is	be	AUX
asfbr-370	322	9	no	no	PRON
asfbr-370	322	10	more	more	ADV
asfbr-370	322	11	spurious	spurious	ADJ
asfbr-370	322	12	but	but	CCONJ
asfbr-370	322	13	real	real	ADJ
asfbr-370	322	14	.	.	PUNCT
asfbr-370	323	1	that	that	PRON
asfbr-370	323	2	is	be	AUX
asfbr-370	323	3	to	to	PART
asfbr-370	323	4	say	say	VERB
asfbr-370	323	5	,	,	PUNCT
asfbr-370	323	6	all	all	DET
asfbr-370	323	7	the	the	DET
asfbr-370	323	8	variables	variable	NOUN
asfbr-370	323	9	are	be	AUX
asfbr-370	323	10	individually	individually	ADV
asfbr-370	323	11	stationary	stationary	ADJ
asfbr-370	323	12	and	and	CCONJ
asfbr-370	323	13	stable	stable	ADJ
asfbr-370	323	14	.	.	PUNCT
asfbr-370	324	1	at	at	ADP
asfbr-370	324	2	this	this	DET
asfbr-370	324	3	level	level	NOUN
asfbr-370	324	4	,	,	PUNCT
asfbr-370	324	5	all	all	DET
asfbr-370	324	6	the	the	DET
asfbr-370	324	7	t	t	PROPN
asfbr-370	324	8	-	-	PUNCT
asfbr-370	324	9	statistic	statistic	NOUN
asfbr-370	324	10	became	become	VERB
asfbr-370	324	11	significant	significant	ADJ
asfbr-370	324	12	at	at	ADP
asfbr-370	324	13	5	5	NUM
asfbr-370	324	14	percent	percent	NOUN
asfbr-370	324	15	.	.	PUNCT
asfbr-370	325	1	table	table	NOUN
asfbr-370	325	2	4	4	NUM
asfbr-370	325	3	:	:	PUNCT
asfbr-370	325	4	test	test	NOUN
asfbr-370	325	5	for	for	ADP
asfbr-370	325	6	stationarity	stationarity	NOUN
asfbr-370	325	7	null	null	ADJ
asfbr-370	325	8	hypothesis	hypothesis	NOUN
asfbr-370	325	9	:	:	PUNCT
asfbr-370	326	1	obs	obs	PROPN
asfbr-370	326	2	f	f	NOUN
asfbr-370	326	3	-	-	PUNCT
asfbr-370	326	4	statistic	statistic	ADJ
asfbr-370	326	5	prob	prob	NOUN
asfbr-370	326	6	.	.	PUNCT
asfbr-370	327	1	td_ta	td_ta	PROPN
asfbr-370	327	2	does	do	AUX
asfbr-370	327	3	not	not	PART
asfbr-370	327	4	granger	granger	AUX
asfbr-370	327	5	cause	cause	VERB
asfbr-370	327	6	z_score	z_score	NOUN
asfbr-370	327	7	60	60	NUM
asfbr-370	327	8	1.71074	1.71074	NUM
asfbr-370	327	9	0.1902	0.1902	NUM
asfbr-370	327	10	z_score	z_score	NOUN
asfbr-370	327	11	does	do	AUX
asfbr-370	327	12	not	not	PART
asfbr-370	327	13	granger	granger	AUX
asfbr-370	327	14	cause	cause	VERB
asfbr-370	327	15	td_ta	td_ta	PRON
asfbr-370	327	16	0.00783	0.00783	NUM
asfbr-370	327	17	0.9922	0.9922	NUM
asfbr-370	327	18	std	std	NOUN
asfbr-370	327	19	does	do	AUX
asfbr-370	327	20	not	not	PART
asfbr-370	327	21	granger	granger	AUX
asfbr-370	327	22	cause	cause	VERB
asfbr-370	327	23	z_score	z_score	NOUN
asfbr-370	327	24	60	60	NUM
asfbr-370	327	25	3.28627	3.28627	NUM
asfbr-370	327	26	0.0449	0.0449	NUM
asfbr-370	327	27	z_score	z_score	NOUN
asfbr-370	327	28	does	do	AUX
asfbr-370	327	29	not	not	PART
asfbr-370	327	30	granger	granger	AUX
asfbr-370	327	31	cause	cause	VERB
asfbr-370	327	32	std	std	NOUN
asfbr-370	327	33	5.68099	5.68099	NUM
asfbr-370	327	34	0.0057	0.0057	NUM
asfbr-370	327	35	ltd	ltd	NOUN
asfbr-370	327	36	does	do	AUX
asfbr-370	327	37	not	not	PART
asfbr-370	327	38	granger	granger	AUX
asfbr-370	327	39	cause	cause	VERB
asfbr-370	327	40	z_score	z_score	NOUN
asfbr-370	327	41	60	60	NUM
asfbr-370	327	42	1.05415	1.05415	NUM
asfbr-370	327	43	0.3554	0.3554	NUM
asfbr-370	327	44	z_score	z_score	NOUN
asfbr-370	327	45	does	do	AUX
asfbr-370	327	46	not	not	PART
asfbr-370	327	47	granger	granger	VERB
asfbr-370	327	48	cause	cause	VERB
asfbr-370	327	49	ltd	ltd	PROPN
asfbr-370	327	50	0.36213	0.36213	NUM
asfbr-370	327	51	0.6978	0.6978	NUM
asfbr-370	327	52	der	der	NOUN
asfbr-370	327	53	does	do	AUX
asfbr-370	327	54	not	not	PART
asfbr-370	327	55	granger	granger	AUX
asfbr-370	327	56	cause	cause	VERB
asfbr-370	327	57	z_score	z_score	NOUN
asfbr-370	327	58	60	60	NUM
asfbr-370	327	59	2.97105	2.97105	NUM
asfbr-370	327	60	0.0595	0.0595	NUM
asfbr-370	327	61	z_score	z_score	NOUN
asfbr-370	327	62	does	do	AUX
asfbr-370	327	63	not	not	PART
asfbr-370	327	64	granger	granger	AUX
asfbr-370	327	65	cause	cause	VERB
asfbr-370	327	66	der	der	ADJ
asfbr-370	327	67	1.28828	1.28828	NUM
asfbr-370	327	68	0.2839	0.2839	NUM
asfbr-370	327	69	null	null	ADJ
asfbr-370	327	70	hypothesis	hypothesis	NOUN
asfbr-370	327	71	:	:	PUNCT
asfbr-370	327	72	obs	obs	PROPN
asfbr-370	327	73	f	f	NOUN
asfbr-370	327	74	-	-	PUNCT
asfbr-370	327	75	statistic	statistic	ADJ
asfbr-370	327	76	prob	prob	NOUN
asfbr-370	327	77	.	.	PUNCT
asfbr-370	328	1	der	der	NOUN
asfbr-370	328	2	does	do	AUX
asfbr-370	328	3	not	not	PART
asfbr-370	328	4	granger	granger	AUX
asfbr-370	328	5	cause	cause	VERB
asfbr-370	328	6	op	op	NOUN
asfbr-370	328	7	60	60	NUM
asfbr-370	328	8	1.17250	1.17250	NUM
asfbr-370	328	9	0.3172	0.3172	NUM
asfbr-370	328	10	op	op	NOUN
asfbr-370	328	11	does	do	AUX
asfbr-370	328	12	not	not	PART
asfbr-370	328	13	granger	granger	PROPN
asfbr-370	328	14	cause	cause	VERB
asfbr-370	328	15	der	der	ADJ
asfbr-370	328	16	3.31461	3.31461	NUM
asfbr-370	328	17	0.0437	0.0437	NUM
asfbr-370	328	18	ltd	ltd	PROPN
asfbr-370	328	19	does	do	AUX
asfbr-370	328	20	not	not	PART
asfbr-370	328	21	granger	granger	AUX
asfbr-370	328	22	cause	cause	VERB
asfbr-370	328	23	op	op	NOUN
asfbr-370	328	24	60	60	NUM
asfbr-370	328	25	0.68677	0.68677	NUM
asfbr-370	328	26	0.5075	0.5075	NUM
asfbr-370	328	27	op	op	NOUN
asfbr-370	328	28	does	do	AUX
asfbr-370	328	29	not	not	PART
asfbr-370	328	30	granger	granger	AUX
asfbr-370	328	31	cause	cause	VERB
asfbr-370	328	32	ltd	ltd	PROPN
asfbr-370	328	33	0.36610	0.36610	NUM
asfbr-370	328	34	0.6951	0.6951	ADJ
asfbr-370	328	35	std	std	NOUN
asfbr-370	328	36	does	do	AUX
asfbr-370	328	37	not	not	PART
asfbr-370	328	38	granger	granger	AUX
asfbr-370	328	39	cause	cause	VERB
asfbr-370	328	40	op	op	NOUN
asfbr-370	328	41	60	60	NUM
asfbr-370	328	42	0.44158	0.44158	NUM
asfbr-370	328	43	0.6453	0.6453	NUM
asfbr-370	328	44	op	op	NOUN
asfbr-370	328	45	does	do	AUX
asfbr-370	328	46	not	not	PART
asfbr-370	328	47	granger	granger	AUX
asfbr-370	328	48	cause	cause	VERB
asfbr-370	328	49	std	std	NOUN
asfbr-370	328	50	1.12467	1.12467	NUM
asfbr-370	328	51	0.3321	0.3321	NUM
asfbr-370	328	52	td_ta	td_ta	NOUN
asfbr-370	328	53	does	do	AUX
asfbr-370	328	54	not	not	PART
asfbr-370	328	55	granger	granger	AUX
asfbr-370	328	56	cause	cause	VERB
asfbr-370	328	57	op	op	NOUN
asfbr-370	328	58	60	60	NUM
asfbr-370	328	59	5.54936	5.54936	NUM
asfbr-370	328	60	0.0064	0.0064	NUM
asfbr-370	328	61	op	op	NOUN
asfbr-370	328	62	does	do	AUX
asfbr-370	328	63	not	not	PART
asfbr-370	328	64	granger	granger	AUX
asfbr-370	328	65	cause	cause	VERB
asfbr-370	328	66	td_ta	td_ta	PRON
asfbr-370	328	67	0.35931	0.35931	NUM
asfbr-370	328	68	0.6998	0.6998	NUM
asfbr-370	328	69	source	source	NOUN
asfbr-370	328	70	:	:	PUNCT
asfbr-370	328	71	extract	extract	NOUN
asfbr-370	328	72	from	from	ADP
asfbr-370	328	73	e	e	NOUN
asfbr-370	328	74	-	-	NOUN
asfbr-370	328	75	view	view	ADJ
asfbr-370	328	76	9.0	9.0	NUM
asfbr-370	328	77	copyright	copyright	NOUN
asfbr-370	328	78	©	©	PROPN
asfbr-370	328	79	cc	cc	PROPN
asfbr-370	328	80	-	-	PUNCT
asfbr-370	328	81	by	by	ADP
asfbr-370	328	82	-	-	PUNCT
asfbr-370	328	83	nc	nc	PROPN
asfbr-370	328	84	2019	2019	NUM
asfbr-370	328	85	,	,	PUNCT
asfbr-370	328	86	cribfb	cribfb	VERB
asfbr-370	329	1	|	|	ADV
asfbr-370	329	2	asfbr	asfbr	NOUN
asfbr-370	329	3	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	329	4	asian	asian	ADJ
asfbr-370	329	5	finance	finance	PROPN
asfbr-370	329	6	&	&	CCONJ
asfbr-370	329	7	banking	banking	PROPN
asfbr-370	329	8	review	review	PROPN
asfbr-370	329	9	vol	vol	NOUN
asfbr-370	329	10	.	.	PROPN
asfbr-370	330	1	3	3	NUM
asfbr-370	330	2	,	,	PUNCT
asfbr-370	330	3	no	no	INTJ
asfbr-370	330	4	.	.	NOUN
asfbr-370	330	5	2	2	NUM
asfbr-370	330	6	;	;	PUNCT
asfbr-370	331	1	2019	2019	NUM
asfbr-370	331	2	37	37	NUM
asfbr-370	331	3	5	5	NUM
asfbr-370	331	4	.	.	PUNCT
asfbr-370	331	5	discussion	discussion	NOUN
asfbr-370	331	6	of	of	ADP
asfbr-370	331	7	findings	finding	NOUN
asfbr-370	331	8	the	the	DET
asfbr-370	331	9	panel	panel	NOUN
asfbr-370	331	10	corrected	correct	VERB
asfbr-370	331	11	standard	standard	ADJ
asfbr-370	331	12	error	error	NOUN
asfbr-370	331	13	result	result	NOUN
asfbr-370	331	14	shown	show	VERB
asfbr-370	331	15	in	in	ADP
asfbr-370	331	16	table	table	NOUN
asfbr-370	331	17	1	1	NUM
asfbr-370	331	18	reveals	reveal	VERB
asfbr-370	331	19	that	that	SCONJ
asfbr-370	331	20	leverage	leverage	NOUN
asfbr-370	331	21	affects	affect	VERB
asfbr-370	331	22	corporate	corporate	ADJ
asfbr-370	331	23	financial	financial	ADJ
asfbr-370	331	24	distress	distress	NOUN
asfbr-370	331	25	significantly	significantly	ADV
asfbr-370	331	26	.	.	PUNCT
asfbr-370	332	1	the	the	DET
asfbr-370	332	2	result	result	NOUN
asfbr-370	332	3	of	of	ADP
asfbr-370	332	4	the	the	DET
asfbr-370	332	5	research	research	NOUN
asfbr-370	332	6	could	could	AUX
asfbr-370	332	7	be	be	AUX
asfbr-370	332	8	linked	link	VERB
asfbr-370	332	9	to	to	ADP
asfbr-370	332	10	the	the	DET
asfbr-370	332	11	high	high	ADJ
asfbr-370	332	12	cost	cost	NOUN
asfbr-370	332	13	of	of	ADP
asfbr-370	332	14	debt	debt	NOUN
asfbr-370	332	15	financing	financing	NOUN
asfbr-370	332	16	in	in	ADP
asfbr-370	332	17	the	the	DET
asfbr-370	332	18	country	country	NOUN
asfbr-370	332	19	due	due	ADP
asfbr-370	332	20	to	to	ADP
asfbr-370	332	21	the	the	DET
asfbr-370	332	22	high	high	ADJ
asfbr-370	332	23	-	-	PUNCT
asfbr-370	332	24	interest	interest	NOUN
asfbr-370	332	25	rate	rate	NOUN
asfbr-370	332	26	charged	charge	VERB
asfbr-370	332	27	on	on	ADP
asfbr-370	332	28	the	the	DET
asfbr-370	332	29	borrowed	borrow	VERB
asfbr-370	332	30	fund	fund	NOUN
asfbr-370	332	31	.	.	PUNCT
asfbr-370	333	1	majority	majority	NOUN
asfbr-370	333	2	of	of	ADP
asfbr-370	333	3	the	the	DET
asfbr-370	333	4	manufacturing	manufacture	VERB
asfbr-370	333	5	firm	firm	NOUN
asfbr-370	333	6	utilizes	utilize	VERB
asfbr-370	333	7	bank	bank	NOUN
asfbr-370	333	8	loan	loan	NOUN
asfbr-370	333	9	in	in	ADP
asfbr-370	333	10	financing	finance	VERB
asfbr-370	333	11	their	their	PRON
asfbr-370	333	12	operation	operation	NOUN
asfbr-370	333	13	which	which	PRON
asfbr-370	333	14	results	result	VERB
asfbr-370	333	15	in	in	ADP
asfbr-370	333	16	a	a	DET
asfbr-370	333	17	high	high	ADJ
asfbr-370	333	18	leverage	leverage	NOUN
asfbr-370	333	19	;	;	PUNCT
asfbr-370	333	20	however	however	ADV
asfbr-370	333	21	,	,	PUNCT
asfbr-370	333	22	over	over	ADP
asfbr-370	333	23	-	-	PUNCT
asfbr-370	333	24	reliance	reliance	NOUN
asfbr-370	333	25	on	on	ADP
asfbr-370	333	26	debt	debt	NOUN
asfbr-370	333	27	financing	financing	NOUN
asfbr-370	333	28	exposes	expose	VERB
asfbr-370	333	29	the	the	DET
asfbr-370	333	30	firms	firm	NOUN
asfbr-370	333	31	to	to	ADP
asfbr-370	333	32	financial	financial	ADJ
asfbr-370	333	33	distress	distress	NOUN
asfbr-370	333	34	.	.	PUNCT
asfbr-370	334	1	the	the	DET
asfbr-370	334	2	result	result	NOUN
asfbr-370	334	3	of	of	ADP
asfbr-370	334	4	the	the	DET
asfbr-370	334	5	research	research	NOUN
asfbr-370	334	6	findings	finding	NOUN
asfbr-370	334	7	corroborates	corroborate	VERB
asfbr-370	334	8	with	with	ADP
asfbr-370	334	9	previous	previous	ADJ
asfbr-370	334	10	research	research	NOUN
asfbr-370	334	11	work	work	NOUN
asfbr-370	334	12	done	do	VERB
asfbr-370	334	13	by	by	ADP
asfbr-370	334	14	(	(	PUNCT
asfbr-370	334	15	umar	umar	PROPN
asfbr-370	334	16	et	et	PROPN
asfbr-370	334	17	al	al	PROPN
asfbr-370	334	18	.	.	PROPN
asfbr-370	334	19	,	,	PUNCT
asfbr-370	334	20	2012	2012	NUM
asfbr-370	334	21	;	;	PUNCT
asfbr-370	334	22	perinpanatham	perinpanatham	NOUN
asfbr-370	334	23	,	,	PUNCT
asfbr-370	334	24	2014	2014	NUM
asfbr-370	334	25	;	;	PUNCT
asfbr-370	334	26	vishnu	vishnu	PROPN
asfbr-370	334	27	et	et	PROPN
asfbr-370	334	28	al	al	PROPN
asfbr-370	334	29	.	.	PROPN
asfbr-370	334	30	,	,	PUNCT
asfbr-370	334	31	2014	2014	NUM
asfbr-370	334	32	;	;	PUNCT
asfbr-370	334	33	muigai	muigai	PROPN
asfbr-370	334	34	and	and	CCONJ
asfbr-370	334	35	muriithi	muriithi	NOUN
asfbr-370	334	36	,	,	PUNCT
asfbr-370	334	37	2017	2017	NUM
asfbr-370	334	38	)	)	PUNCT
asfbr-370	334	39	.	.	PUNCT
asfbr-370	335	1	the	the	DET
asfbr-370	335	2	result	result	NOUN
asfbr-370	335	3	further	far	ADV
asfbr-370	335	4	showed	show	VERB
asfbr-370	335	5	that	that	SCONJ
asfbr-370	335	6	the	the	DET
asfbr-370	335	7	coefficient	coefficient	NOUN
asfbr-370	335	8	of	of	ADP
asfbr-370	335	9	all	all	DET
asfbr-370	335	10	the	the	DET
asfbr-370	335	11	leverage	leverage	NOUN
asfbr-370	335	12	measures	measure	NOUN
asfbr-370	335	13	have	have	VERB
asfbr-370	335	14	positive	positive	ADJ
asfbr-370	335	15	effect	effect	NOUN
asfbr-370	335	16	on	on	ADP
asfbr-370	335	17	corporate	corporate	ADJ
asfbr-370	335	18	financial	financial	ADJ
asfbr-370	335	19	distress	distress	NOUN
asfbr-370	335	20	of	of	ADP
asfbr-370	335	21	the	the	DET
asfbr-370	335	22	selected	select	VERB
asfbr-370	335	23	manufacturing	manufacturing	NOUN
asfbr-370	335	24	firms	firm	NOUN
asfbr-370	335	25	.	.	PUNCT
asfbr-370	336	1	this	this	PRON
asfbr-370	336	2	implies	imply	VERB
asfbr-370	336	3	that	that	PRON
asfbr-370	336	4	increase	increase	NOUN
asfbr-370	336	5	in	in	ADP
asfbr-370	336	6	financial	financial	ADJ
asfbr-370	336	7	leverage	leverage	NOUN
asfbr-370	336	8	will	will	AUX
asfbr-370	336	9	increase	increase	VERB
asfbr-370	336	10	financial	financial	ADJ
asfbr-370	336	11	distress	distress	NOUN
asfbr-370	336	12	of	of	ADP
asfbr-370	336	13	the	the	DET
asfbr-370	336	14	firms	firm	NOUN
asfbr-370	336	15	.	.	PUNCT
asfbr-370	337	1	this	this	DET
asfbr-370	337	2	finding	finding	NOUN
asfbr-370	337	3	confirms	confirm	VERB
asfbr-370	337	4	the	the	DET
asfbr-370	337	5	static	static	ADJ
asfbr-370	337	6	trade	trade	NOUN
asfbr-370	337	7	-	-	PUNCT
asfbr-370	337	8	off	off	ADP
asfbr-370	337	9	theory	theory	NOUN
asfbr-370	337	10	.	.	PUNCT
asfbr-370	338	1	furthermore	furthermore	ADV
asfbr-370	338	2	,	,	PUNCT
asfbr-370	338	3	the	the	DET
asfbr-370	338	4	result	result	NOUN
asfbr-370	338	5	showed	show	VERB
asfbr-370	338	6	that	that	SCONJ
asfbr-370	338	7	revenue	revenue	NOUN
asfbr-370	338	8	growth	growth	NOUN
asfbr-370	338	9	affects	affect	VERB
asfbr-370	338	10	corporate	corporate	ADJ
asfbr-370	338	11	financial	financial	ADJ
asfbr-370	338	12	distress	distress	NOUN
asfbr-370	338	13	negatively	negatively	ADV
asfbr-370	338	14	.	.	PUNCT
asfbr-370	339	1	the	the	DET
asfbr-370	339	2	implication	implication	NOUN
asfbr-370	339	3	of	of	ADP
asfbr-370	339	4	this	this	PRON
asfbr-370	339	5	is	be	AUX
asfbr-370	339	6	that	that	SCONJ
asfbr-370	339	7	firms	firm	NOUN
asfbr-370	339	8	with	with	ADP
asfbr-370	339	9	positive	positive	ADJ
asfbr-370	339	10	earnings	earning	NOUN
asfbr-370	339	11	growth	growth	NOUN
asfbr-370	339	12	employ	employ	VERB
asfbr-370	339	13	less	less	ADJ
asfbr-370	339	14	debt	debt	NOUN
asfbr-370	339	15	financing	financing	NOUN
asfbr-370	339	16	,	,	PUNCT
asfbr-370	339	17	hence	hence	ADV
asfbr-370	339	18	they	they	PRON
asfbr-370	339	19	experience	experience	VERB
asfbr-370	339	20	a	a	DET
asfbr-370	339	21	lower	low	ADJ
asfbr-370	339	22	level	level	NOUN
asfbr-370	339	23	of	of	ADP
asfbr-370	339	24	financial	financial	ADJ
asfbr-370	339	25	distress	distress	NOUN
asfbr-370	339	26	(	(	PUNCT
asfbr-370	339	27	thim	thim	PROPN
asfbr-370	339	28	et	et	PROPN
asfbr-370	339	29	al	al	PROPN
asfbr-370	339	30	.	.	PROPN
asfbr-370	339	31	,	,	PUNCT
asfbr-370	339	32	2011	2011	NUM
asfbr-370	339	33	)	)	PUNCT
asfbr-370	339	34	.	.	PUNCT
asfbr-370	340	1	the	the	DET
asfbr-370	340	2	research	research	NOUN
asfbr-370	340	3	is	be	AUX
asfbr-370	340	4	consistent	consistent	ADJ
asfbr-370	340	5	with	with	ADP
asfbr-370	340	6	the	the	DET
asfbr-370	340	7	trade	trade	NOUN
asfbr-370	340	8	-	-	PUNCT
asfbr-370	340	9	off	off	ADP
asfbr-370	340	10	theory	theory	NOUN
asfbr-370	340	11	which	which	PRON
asfbr-370	340	12	posits	posit	VERB
asfbr-370	340	13	a	a	DET
asfbr-370	340	14	positive	positive	ADJ
asfbr-370	340	15	relationship	relationship	NOUN
asfbr-370	340	16	between	between	ADP
asfbr-370	340	17	leverage	leverage	NOUN
asfbr-370	340	18	since	since	SCONJ
asfbr-370	340	19	tangible	tangible	ADJ
asfbr-370	340	20	assets	asset	NOUN
asfbr-370	340	21	are	be	AUX
asfbr-370	340	22	easier	easy	ADJ
asfbr-370	340	23	to	to	PART
asfbr-370	340	24	collateralize	collateralize	VERB
asfbr-370	340	25	and	and	CCONJ
asfbr-370	340	26	they	they	PRON
asfbr-370	340	27	suffer	suffer	VERB
asfbr-370	340	28	less	less	ADJ
asfbr-370	340	29	loss	loss	NOUN
asfbr-370	340	30	in	in	ADP
asfbr-370	340	31	value	value	NOUN
asfbr-370	340	32	when	when	SCONJ
asfbr-370	340	33	firms	firm	NOUN
asfbr-370	340	34	go	go	VERB
asfbr-370	340	35	into	into	ADP
asfbr-370	340	36	distress	distress	NOUN
asfbr-370	340	37	(	(	PUNCT
asfbr-370	340	38	harc	harc	PROPN
asfbr-370	340	39	,	,	PUNCT
asfbr-370	340	40	2015	2015	NUM
asfbr-370	340	41	)	)	PUNCT
asfbr-370	340	42	.	.	PUNCT
asfbr-370	341	1	the	the	DET
asfbr-370	341	2	findings	finding	NOUN
asfbr-370	341	3	negate	negate	VERB
asfbr-370	341	4	the	the	DET
asfbr-370	341	5	research	research	NOUN
asfbr-370	341	6	outcome	outcome	NOUN
asfbr-370	341	7	of	of	ADP
asfbr-370	341	8	maina	maina	PROPN
asfbr-370	341	9	and	and	CCONJ
asfbr-370	341	10	ishmail	ishmail	NOUN
asfbr-370	341	11	,	,	PUNCT
asfbr-370	341	12	(	(	PUNCT
asfbr-370	341	13	2014	2014	NUM
asfbr-370	341	14	)	)	PUNCT
asfbr-370	341	15	as	as	ADV
asfbr-370	341	16	well	well	ADV
asfbr-370	341	17	as	as	ADP
asfbr-370	341	18	muigai	muigai	NOUN
asfbr-370	341	19	and	and	CCONJ
asfbr-370	341	20	muriithi	muriithi	NOUN
asfbr-370	341	21	(	(	PUNCT
asfbr-370	341	22	2017	2017	NUM
asfbr-370	341	23	)	)	PUNCT
asfbr-370	341	24	.	.	PUNCT
asfbr-370	342	1	the	the	DET
asfbr-370	342	2	panel	panel	NOUN
asfbr-370	342	3	data	datum	NOUN
asfbr-370	342	4	estimates	estimate	NOUN
asfbr-370	342	5	also	also	ADV
asfbr-370	342	6	showed	show	VERB
asfbr-370	342	7	from	from	ADP
asfbr-370	342	8	the	the	DET
asfbr-370	342	9	second	second	ADJ
asfbr-370	342	10	model	model	NOUN
asfbr-370	342	11	that	that	PRON
asfbr-370	342	12	total	total	VERB
asfbr-370	342	13	debt	debt	NOUN
asfbr-370	342	14	to	to	ADP
asfbr-370	342	15	total	total	ADJ
asfbr-370	342	16	assets	asset	NOUN
asfbr-370	342	17	and	and	CCONJ
asfbr-370	342	18	debt	debt	NOUN
asfbr-370	342	19	equity	equity	NOUN
asfbr-370	342	20	ratio	ratio	NOUN
asfbr-370	342	21	have	have	VERB
asfbr-370	342	22	positive	positive	ADJ
asfbr-370	342	23	relationship	relationship	NOUN
asfbr-370	342	24	with	with	ADP
asfbr-370	342	25	the	the	DET
asfbr-370	342	26	operating	operate	VERB
asfbr-370	342	27	profits	profit	NOUN
asfbr-370	342	28	of	of	ADP
asfbr-370	342	29	the	the	DET
asfbr-370	342	30	selected	select	VERB
asfbr-370	342	31	manufacturing	manufacturing	NOUN
asfbr-370	342	32	firms	firm	NOUN
asfbr-370	342	33	while	while	SCONJ
asfbr-370	342	34	short	short	ADJ
asfbr-370	342	35	and	and	CCONJ
asfbr-370	342	36	long	long	ADJ
asfbr-370	342	37	term	term	NOUN
asfbr-370	342	38	debt	debt	NOUN
asfbr-370	342	39	have	have	VERB
asfbr-370	342	40	negative	negative	ADJ
asfbr-370	342	41	effect	effect	NOUN
asfbr-370	342	42	on	on	ADP
asfbr-370	342	43	operating	operating	NOUN
asfbr-370	342	44	profits	profit	NOUN
asfbr-370	342	45	of	of	ADP
asfbr-370	342	46	the	the	DET
asfbr-370	342	47	firms	firm	NOUN
asfbr-370	342	48	.	.	PUNCT
asfbr-370	343	1	the	the	DET
asfbr-370	343	2	durbin	durbin	PROPN
asfbr-370	343	3	watson	watson	PROPN
asfbr-370	343	4	figure	figure	NOUN
asfbr-370	343	5	of	of	ADP
asfbr-370	343	6	1.83	1.83	NUM
asfbr-370	343	7	indicates	indicate	VERB
asfbr-370	343	8	that	that	SCONJ
asfbr-370	343	9	the	the	DET
asfbr-370	343	10	model	model	NOUN
asfbr-370	343	11	is	be	AUX
asfbr-370	343	12	free	free	ADJ
asfbr-370	343	13	from	from	ADP
asfbr-370	343	14	autocorrelation	autocorrelation	NOUN
asfbr-370	343	15	.	.	PUNCT
asfbr-370	344	1	in	in	ADP
asfbr-370	344	2	addition	addition	NOUN
asfbr-370	344	3	,	,	PUNCT
asfbr-370	344	4	the	the	DET
asfbr-370	344	5	p	p	NOUN
asfbr-370	344	6	-	-	PUNCT
asfbr-370	344	7	value	value	NOUN
asfbr-370	344	8	of	of	ADP
asfbr-370	344	9	the	the	DET
asfbr-370	344	10	f	f	PROPN
asfbr-370	344	11	-	-	PUNCT
asfbr-370	344	12	statistics	statistic	NOUN
asfbr-370	344	13	showed	show	VERB
asfbr-370	344	14	that	that	SCONJ
asfbr-370	344	15	the	the	DET
asfbr-370	344	16	whole	whole	ADJ
asfbr-370	344	17	regression	regression	NOUN
asfbr-370	344	18	is	be	AUX
asfbr-370	344	19	significant	significant	ADJ
asfbr-370	344	20	and	and	CCONJ
asfbr-370	344	21	a	a	DET
asfbr-370	344	22	good	good	ADJ
asfbr-370	344	23	fit	fit	NOUN
asfbr-370	344	24	.	.	PUNCT
asfbr-370	345	1	the	the	DET
asfbr-370	345	2	stationarity	stationarity	NOUN
asfbr-370	345	3	properties	property	NOUN
asfbr-370	345	4	of	of	ADP
asfbr-370	345	5	the	the	DET
asfbr-370	345	6	variables	variable	NOUN
asfbr-370	345	7	were	be	AUX
asfbr-370	345	8	examined	examine	VERB
asfbr-370	345	9	as	as	ADP
asfbr-370	345	10	a	a	DET
asfbr-370	345	11	preliminary	preliminary	ADJ
asfbr-370	345	12	test	test	NOUN
asfbr-370	345	13	prior	prior	ADV
asfbr-370	345	14	to	to	ADP
asfbr-370	345	15	investigating	investigate	VERB
asfbr-370	345	16	the	the	DET
asfbr-370	345	17	effect	effect	NOUN
asfbr-370	345	18	of	of	ADP
asfbr-370	345	19	capital	capital	NOUN
asfbr-370	345	20	structure	structure	NOUN
asfbr-370	345	21	on	on	ADP
asfbr-370	345	22	financial	financial	ADJ
asfbr-370	345	23	distress	distress	NOUN
asfbr-370	345	24	.	.	PUNCT
asfbr-370	346	1	as	as	SCONJ
asfbr-370	346	2	shown	show	VERB
asfbr-370	346	3	in	in	ADP
asfbr-370	346	4	table	table	NOUN
asfbr-370	346	5	iii	iii	NOUN
asfbr-370	346	6	,	,	PUNCT
asfbr-370	346	7	the	the	DET
asfbr-370	346	8	result	result	NOUN
asfbr-370	346	9	showed	show	VERB
asfbr-370	346	10	that	that	SCONJ
asfbr-370	346	11	all	all	DET
asfbr-370	346	12	the	the	DET
asfbr-370	346	13	variables	variable	NOUN
asfbr-370	346	14	became	become	VERB
asfbr-370	346	15	stationary	stationary	ADJ
asfbr-370	346	16	at	at	ADP
asfbr-370	346	17	the	the	DET
asfbr-370	346	18	first	first	ADJ
asfbr-370	346	19	difference	difference	NOUN
asfbr-370	346	20	;	;	PUNCT
asfbr-370	346	21	hence	hence	ADV
asfbr-370	346	22	,	,	PUNCT
asfbr-370	346	23	the	the	DET
asfbr-370	346	24	null	null	ADJ
asfbr-370	346	25	hypothesis	hypothesis	NOUN
asfbr-370	346	26	of	of	ADP
asfbr-370	346	27	the	the	DET
asfbr-370	346	28	existence	existence	NOUN
asfbr-370	346	29	of	of	ADP
asfbr-370	346	30	unit	unit	NOUN
asfbr-370	346	31	root	root	NOUN
asfbr-370	346	32	test	test	NOUN
asfbr-370	346	33	is	be	AUX
asfbr-370	346	34	rejected	reject	VERB
asfbr-370	346	35	,	,	PUNCT
asfbr-370	346	36	the	the	DET
asfbr-370	346	37	granger	granger	PROPN
asfbr-370	346	38	causality	causality	PROPN
asfbr-370	346	39	test	test	NOUN
asfbr-370	346	40	in	in	ADP
asfbr-370	346	41	table	table	NOUN
asfbr-370	346	42	iii	iii	NUM
asfbr-370	346	43	show	show	NOUN
asfbr-370	346	44	bidirectional	bidirectional	ADJ
asfbr-370	346	45	causality	causality	NOUN
asfbr-370	346	46	from	from	ADP
asfbr-370	346	47	short	short	ADJ
asfbr-370	346	48	term	term	NOUN
asfbr-370	346	49	debt	debt	NOUN
asfbr-370	346	50	z	z	NOUN
asfbr-370	346	51	-	-	PUNCT
asfbr-370	346	52	score	score	NOUN
asfbr-370	346	53	and	and	CCONJ
asfbr-370	346	54	unit	unit	NOUN
asfbr-370	346	55	directional	directional	ADJ
asfbr-370	346	56	causality	causality	NOUN
asfbr-370	346	57	from	from	ADP
asfbr-370	346	58	operating	operate	VERB
asfbr-370	346	59	profit	profit	NOUN
asfbr-370	346	60	to	to	ADP
asfbr-370	346	61	debt	debt	NOUN
asfbr-370	346	62	equity	equity	NOUN
asfbr-370	346	63	ratio	ratio	NOUN
asfbr-370	346	64	and	and	CCONJ
asfbr-370	346	65	total	total	ADJ
asfbr-370	346	66	debt/	debt/	PROPN
asfbr-370	346	67	total	total	ADJ
asfbr-370	346	68	assets	asset	NOUN
asfbr-370	346	69	to	to	ADP
asfbr-370	346	70	operating	operating	NOUN
asfbr-370	346	71	profit	profit	NOUN
asfbr-370	346	72	.	.	PUNCT
asfbr-370	347	1	6	6	X
asfbr-370	347	2	.	.	X
asfbr-370	347	3	conclusion	conclusion	NOUN
asfbr-370	347	4	the	the	DET
asfbr-370	347	5	study	study	NOUN
asfbr-370	347	6	examined	examine	VERB
asfbr-370	347	7	the	the	DET
asfbr-370	347	8	effects	effect	NOUN
asfbr-370	347	9	of	of	ADP
asfbr-370	347	10	leverage	leverage	NOUN
asfbr-370	347	11	on	on	ADP
asfbr-370	347	12	corporate	corporate	ADJ
asfbr-370	347	13	financial	financial	ADJ
asfbr-370	347	14	distress	distress	NOUN
asfbr-370	347	15	of	of	ADP
asfbr-370	347	16	manufacturing	manufacturing	NOUN
asfbr-370	347	17	in	in	ADP
asfbr-370	347	18	nigeria	nigeria	PROPN
asfbr-370	347	19	between	between	ADP
asfbr-370	347	20	the	the	DET
asfbr-370	347	21	periods	period	NOUN
asfbr-370	347	22	of	of	ADP
asfbr-370	347	23	2008	2008	NUM
asfbr-370	347	24	and	and	CCONJ
asfbr-370	347	25	20167	20167	NUM
asfbr-370	347	26	by	by	ADP
asfbr-370	347	27	employing	employ	VERB
asfbr-370	347	28	the	the	DET
asfbr-370	347	29	panel	panel	NOUN
asfbr-370	347	30	corrected	correct	VERB
asfbr-370	347	31	standard	standard	ADJ
asfbr-370	347	32	error	error	NOUN
asfbr-370	347	33	technique	technique	NOUN
asfbr-370	347	34	.	.	PUNCT
asfbr-370	348	1	the	the	DET
asfbr-370	348	2	outcome	outcome	NOUN
asfbr-370	348	3	of	of	ADP
asfbr-370	348	4	the	the	DET
asfbr-370	348	5	research	research	NOUN
asfbr-370	348	6	revealed	reveal	VERB
asfbr-370	348	7	that	that	SCONJ
asfbr-370	348	8	leverage	leverage	NOUN
asfbr-370	348	9	affects	affect	VERB
asfbr-370	348	10	corporate	corporate	ADJ
asfbr-370	348	11	financial	financial	ADJ
asfbr-370	348	12	distress	distress	NOUN
asfbr-370	348	13	significantly	significantly	ADV
asfbr-370	348	14	.	.	PUNCT
asfbr-370	349	1	the	the	DET
asfbr-370	349	2	result	result	NOUN
asfbr-370	349	3	further	far	ADV
asfbr-370	349	4	revealed	reveal	VERB
asfbr-370	349	5	that	that	SCONJ
asfbr-370	349	6	total	total	ADJ
asfbr-370	349	7	debt	debt	NOUN
asfbr-370	349	8	/	/	SYM
asfbr-370	349	9	total	total	ADJ
asfbr-370	349	10	assets	asset	NOUN
asfbr-370	349	11	and	and	CCONJ
asfbr-370	349	12	debt	debt	NOUN
asfbr-370	349	13	equity	equity	NOUN
asfbr-370	349	14	ratio	ratio	NOUN
asfbr-370	349	15	effect	effect	NOUN
asfbr-370	349	16	positively	positively	ADV
asfbr-370	349	17	changes	change	VERB
asfbr-370	349	18	in	in	ADP
asfbr-370	349	19	operating	operating	NOUN
asfbr-370	349	20	profit	profit	NOUN
asfbr-370	349	21	while	while	SCONJ
asfbr-370	349	22	short	short	ADJ
asfbr-370	349	23	and	and	CCONJ
asfbr-370	349	24	long	long	ADJ
asfbr-370	349	25	term	term	NOUN
asfbr-370	349	26	debt	debt	NOUN
asfbr-370	349	27	effect	effect	NOUN
asfbr-370	349	28	negatively	negatively	ADV
asfbr-370	349	29	changes	change	VERB
asfbr-370	349	30	in	in	ADP
asfbr-370	349	31	operating	operate	VERB
asfbr-370	349	32	profits	profit	NOUN
asfbr-370	349	33	of	of	ADP
asfbr-370	349	34	the	the	DET
asfbr-370	349	35	manufacturing	manufacturing	NOUN
asfbr-370	349	36	firms	firm	NOUN
asfbr-370	349	37	.	.	PUNCT
asfbr-370	350	1	from	from	ADP
asfbr-370	350	2	the	the	DET
asfbr-370	350	3	findings	finding	NOUN
asfbr-370	350	4	the	the	DET
asfbr-370	350	5	study	study	NOUN
asfbr-370	350	6	concludes	conclude	VERB
asfbr-370	350	7	that	that	SCONJ
asfbr-370	350	8	leverage	leverage	NOUN
asfbr-370	350	9	affect	affect	VERB
asfbr-370	350	10	significantly	significantly	ADV
asfbr-370	350	11	corporate	corporate	ADJ
asfbr-370	350	12	financial	financial	ADJ
asfbr-370	350	13	distress	distress	NOUN
asfbr-370	350	14	of	of	ADP
asfbr-370	350	15	the	the	DET
asfbr-370	350	16	quoted	quote	VERB
asfbr-370	350	17	manufacturing	manufacturing	NOUN
asfbr-370	350	18	firms	firm	NOUN
asfbr-370	350	19	in	in	ADP
asfbr-370	350	20	nigeria	nigeria	PROPN
asfbr-370	350	21	.	.	PUNCT
asfbr-370	351	1	7	7	X
asfbr-370	351	2	.	.	X
asfbr-370	351	3	recommendation	recommendation	NOUN
asfbr-370	351	4	based	base	VERB
asfbr-370	351	5	on	on	ADP
asfbr-370	351	6	the	the	DET
asfbr-370	351	7	research	research	NOUN
asfbr-370	351	8	,	,	PUNCT
asfbr-370	351	9	the	the	DET
asfbr-370	351	10	following	follow	VERB
asfbr-370	351	11	recommendations	recommendation	NOUN
asfbr-370	351	12	have	have	AUX
asfbr-370	351	13	been	be	AUX
asfbr-370	351	14	provided	provide	VERB
asfbr-370	351	15	:	:	PUNCT
asfbr-370	351	16			X
asfbr-370	351	17	financial	financial	ADJ
asfbr-370	351	18	structure	structure	NOUN
asfbr-370	351	19	of	of	ADP
asfbr-370	351	20	the	the	DET
asfbr-370	351	21	manufacturing	manufacturing	NOUN
asfbr-370	351	22	firms	firm	NOUN
asfbr-370	351	23	ought	ought	AUX
asfbr-370	351	24	to	to	PART
asfbr-370	351	25	be	be	AUX
asfbr-370	351	26	adequately	adequately	ADV
asfbr-370	351	27	planned	plan	VERB
asfbr-370	351	28	to	to	PART
asfbr-370	351	29	safeguard	safeguard	VERB
asfbr-370	351	30	the	the	DET
asfbr-370	351	31	interest	interest	NOUN
asfbr-370	351	32	of	of	ADP
asfbr-370	351	33	the	the	DET
asfbr-370	351	34	equity	equity	NOUN
asfbr-370	351	35	holders	holder	NOUN
asfbr-370	351	36	,	,	PUNCT
asfbr-370	351	37	shareholders	shareholder	NOUN
asfbr-370	351	38	and	and	CCONJ
asfbr-370	351	39	financial	financial	ADJ
asfbr-370	351	40	requirements	requirement	NOUN
asfbr-370	351	41	of	of	ADP
asfbr-370	351	42	the	the	DET
asfbr-370	351	43	firm	firm	NOUN
asfbr-370	351	44	and	and	CCONJ
asfbr-370	351	45	the	the	DET
asfbr-370	351	46	firms	firm	NOUN
asfbr-370	351	47	should	should	AUX
asfbr-370	351	48	formulate	formulate	VERB
asfbr-370	351	49	policies	policy	NOUN
asfbr-370	351	50	of	of	ADP
asfbr-370	351	51	increasing	increase	VERB
asfbr-370	351	52	its	its	PRON
asfbr-370	351	53	equity	equity	NOUN
asfbr-370	351	54	capital	capital	NOUN
asfbr-370	351	55	as	as	SCONJ
asfbr-370	351	56	oppose	oppose	VERB
asfbr-370	351	57	to	to	ADP
asfbr-370	351	58	debt	debt	NOUN
asfbr-370	351	59	.	.	PUNCT
asfbr-370	352	1			PROPN
asfbr-370	353	1	implementable	implementable	ADJ
asfbr-370	353	2	investment	investment	NOUN
asfbr-370	353	3	policies	policy	NOUN
asfbr-370	353	4	should	should	AUX
asfbr-370	353	5	be	be	AUX
asfbr-370	353	6	formulated	formulate	VERB
asfbr-370	353	7	and	and	CCONJ
asfbr-370	353	8	the	the	DET
asfbr-370	353	9	business	business	NOUN
asfbr-370	353	10	environment	environment	NOUN
asfbr-370	353	11	should	should	AUX
asfbr-370	353	12	be	be	AUX
asfbr-370	353	13	well	well	ADV
asfbr-370	353	14	examined	examine	VERB
asfbr-370	353	15	.	.	PUNCT
asfbr-370	354	1	recognizing	recognize	VERB
asfbr-370	354	2	faults	fault	NOUN
asfbr-370	354	3	of	of	ADP
asfbr-370	354	4	investment	investment	NOUN
asfbr-370	354	5	might	might	AUX
asfbr-370	354	6	be	be	AUX
asfbr-370	354	7	paramount	paramount	ADJ
asfbr-370	354	8	to	to	PART
asfbr-370	354	9	develop	develop	VERB
asfbr-370	354	10	the	the	DET
asfbr-370	354	11	business	business	NOUN
asfbr-370	354	12	’s	’s	PART
asfbr-370	354	13	financial	financial	ADJ
asfbr-370	354	14	performance	performance	NOUN
asfbr-370	354	15	,	,	PUNCT
asfbr-370	354	16	since	since	SCONJ
asfbr-370	354	17	it	it	PRON
asfbr-370	354	18	specifies	specify	VERB
asfbr-370	354	19	the	the	DET
asfbr-370	354	20	loopholes	loophole	NOUN
asfbr-370	354	21	which	which	PRON
asfbr-370	354	22	corrective	corrective	ADJ
asfbr-370	354	23	decision	decision	NOUN
asfbr-370	354	24	can	can	AUX
asfbr-370	354	25	be	be	AUX
asfbr-370	354	26	applied	apply	VERB
asfbr-370	354	27	.	.	PUNCT
asfbr-370	355	1			PUNCT
asfbr-370	356	1	companies	company	NOUN
asfbr-370	356	2	should	should	AUX
asfbr-370	356	3	depend	depend	VERB
asfbr-370	356	4	less	less	ADJ
asfbr-370	356	5	on	on	ADP
asfbr-370	356	6	short	short	ADJ
asfbr-370	356	7	term	term	NOUN
asfbr-370	356	8	debt	debt	NOUN
asfbr-370	356	9	,	,	PUNCT
asfbr-370	356	10	which	which	PRON
asfbr-370	356	11	made	make	VERB
asfbr-370	356	12	the	the	DET
asfbr-370	356	13	main	main	ADJ
asfbr-370	356	14	portion	portion	NOUN
asfbr-370	356	15	of	of	ADP
asfbr-370	356	16	their	their	PRON
asfbr-370	356	17	leverage	leverage	NOUN
asfbr-370	356	18	and	and	CCONJ
asfbr-370	356	19	emphasis	emphasis	NOUN
asfbr-370	356	20	on	on	ADP
asfbr-370	356	21	developing	develop	VERB
asfbr-370	356	22	internal	internal	ADJ
asfbr-370	356	23	schemes	scheme	NOUN
asfbr-370	356	24	to	to	PART
asfbr-370	356	25	improve	improve	VERB
asfbr-370	356	26	on	on	ADP
asfbr-370	356	27	their	their	PRON
asfbr-370	356	28	financial	financial	ADJ
asfbr-370	356	29	performance	performance	NOUN
asfbr-370	356	30	.	.	PUNCT
asfbr-370	357	1			PART
asfbr-370	358	1	capital	capital	NOUN
asfbr-370	358	2	market	market	NOUN
asfbr-370	358	3	regulators	regulator	NOUN
asfbr-370	358	4	in	in	ADP
asfbr-370	358	5	nigeria	nigeria	PROPN
asfbr-370	358	6	should	should	AUX
asfbr-370	358	7	enhance	enhance	VERB
asfbr-370	358	8	the	the	DET
asfbr-370	358	9	operational	operational	ADJ
asfbr-370	358	10	efficiency	efficiency	NOUN
asfbr-370	358	11	of	of	ADP
asfbr-370	358	12	the	the	DET
asfbr-370	358	13	capital	capital	NOUN
asfbr-370	358	14	market	market	NOUN
asfbr-370	358	15	for	for	ADP
asfbr-370	358	16	better	well	ADJ
asfbr-370	358	17	equity	equity	NOUN
asfbr-370	358	18	financing	financing	NOUN
asfbr-370	358	19	and	and	CCONJ
asfbr-370	358	20	government	government	NOUN
asfbr-370	358	21	should	should	AUX
asfbr-370	358	22	encourage	encourage	VERB
asfbr-370	358	23	firms	firm	NOUN
asfbr-370	358	24	to	to	PART
asfbr-370	358	25	use	use	VERB
asfbr-370	358	26	internally	internally	ADV
asfbr-370	358	27	generated	generate	VERB
asfbr-370	358	28	fund	fund	NOUN
asfbr-370	358	29	than	than	SCONJ
asfbr-370	358	30	externally	externally	ADV
asfbr-370	358	31	generated	generate	VERB
asfbr-370	358	32	fund	fund	NOUN
asfbr-370	358	33	by	by	ADP
asfbr-370	358	34	granting	grant	VERB
asfbr-370	358	35	preferential	preferential	ADJ
asfbr-370	358	36	tax	tax	NOUN
asfbr-370	358	37	treatment	treatment	NOUN
asfbr-370	358	38	on	on	ADP
asfbr-370	358	39	their	their	PRON
asfbr-370	358	40	retained	retain	VERB
asfbr-370	358	41	earnings	earning	NOUN
asfbr-370	358	42	.	.	PUNCT
asfbr-370	359	1	references	reference	NOUN
asfbr-370	359	2	altman	altman	PROPN
asfbr-370	359	3	,	,	PUNCT
asfbr-370	359	4	e.	e.	PROPN
asfbr-370	359	5	(	(	PUNCT
asfbr-370	359	6	2016	2016	NUM
asfbr-370	359	7	)	)	PUNCT
asfbr-370	359	8	.	.	PUNCT
asfbr-370	360	1	a	a	DET
asfbr-370	360	2	further	far	ADV
asfbr-370	360	3	empirical	empirical	ADJ
asfbr-370	360	4	investigation	investigation	NOUN
asfbr-370	360	5	of	of	ADP
asfbr-370	360	6	the	the	DET
asfbr-370	360	7	bankruptcy	bankruptcy	NOUN
asfbr-370	360	8	cost	cost	NOUN
asfbr-370	360	9	question	question	NOUN
asfbr-370	360	10	.	.	PUNCT
asfbr-370	361	1	journal	journal	NOUN
asfbr-370	361	2	of	of	ADP
asfbr-370	361	3	finance	finance	NOUN
asfbr-370	361	4	39	39	NUM
asfbr-370	361	5	,	,	PUNCT
asfbr-370	361	6	1067–1089	1067–1089	NUM
asfbr-370	361	7	.	.	PUNCT
asfbr-370	362	1	altman	altman	PROPN
asfbr-370	362	2	,	,	PUNCT
asfbr-370	362	3	e.	e.	PROPN
asfbr-370	362	4	(	(	PUNCT
asfbr-370	362	5	2000	2000	NUM
asfbr-370	362	6	)	)	PUNCT
asfbr-370	362	7	.	.	PUNCT
asfbr-370	363	1	corporate	corporate	ADJ
asfbr-370	363	2	financial	financial	ADJ
asfbr-370	363	3	distress	distress	NOUN
asfbr-370	363	4	and	and	CCONJ
asfbr-370	363	5	bankruptcy	bankruptcy	NOUN
asfbr-370	363	6	,	,	PUNCT
asfbr-370	363	7	3rd	3rd	ADJ
asfbr-370	363	8	edition	edition	NOUN
asfbr-370	363	9	.	.	PUNCT
asfbr-370	364	1	altman	altman	PROPN
asfbr-370	364	2	,	,	PUNCT
asfbr-370	364	3	e.	e.	PROPN
asfbr-370	364	4	,	,	PUNCT
asfbr-370	364	5	hotchkiss	hotchkiss	PROPN
asfbr-370	364	6	,	,	PUNCT
asfbr-370	364	7	e.	e.	PROPN
asfbr-370	364	8	(	(	PUNCT
asfbr-370	364	9	2005	2005	NUM
asfbr-370	364	10	)	)	PUNCT
asfbr-370	364	11	.	.	PUNCT
asfbr-370	365	1	corporate	corporate	ADJ
asfbr-370	365	2	financial	financial	ADJ
asfbr-370	365	3	distress	distress	NOUN
asfbr-370	365	4	and	and	CCONJ
asfbr-370	365	5	bankruptcy	bankruptcy	NOUN
asfbr-370	365	6	:	:	PUNCT
asfbr-370	365	7	predict	predict	VERB
asfbr-370	365	8	and	and	CCONJ
asfbr-370	365	9	avoid	avoid	VERB
asfbr-370	365	10	bankruptcy	bankruptcy	NOUN
asfbr-370	365	11	.	.	PUNCT
asfbr-370	366	1	analyze	analyze	VERB
asfbr-370	366	2	and	and	CCONJ
asfbr-370	366	3	invest	invest	VERB
asfbr-370	366	4	in	in	ADP
asfbr-370	366	5	distressed	distressed	ADJ
asfbr-370	366	6	debt	debt	NOUN
asfbr-370	366	7	3rd	3rd	PROPN
asfbr-370	366	8	edition	edition	NOUN
asfbr-370	366	9	.	.	PUNCT
asfbr-370	367	1	new	new	PROPN
asfbr-370	367	2	jersey	jersey	PROPN
asfbr-370	367	3	:	:	PUNCT
asfbr-370	367	4	john	john	PROPN
asfbr-370	367	5	wiley	wiley	PROPN
asfbr-370	367	6	&	&	CCONJ
asfbr-370	367	7	sons	son	NOUN
asfbr-370	367	8	.	.	PUNCT
asfbr-370	368	1	andrade	andrade	PROPN
asfbr-370	368	2	,	,	PUNCT
asfbr-370	368	3	g.	g.	PROPN
asfbr-370	368	4	,	,	PUNCT
asfbr-370	368	5	kaplan	kaplan	PROPN
asfbr-370	368	6	,	,	PUNCT
asfbr-370	368	7	s.	s.	PROPN
asfbr-370	368	8	(	(	PUNCT
asfbr-370	368	9	1998	1998	NUM
asfbr-370	368	10	)	)	PUNCT
asfbr-370	368	11	.	.	PUNCT
asfbr-370	369	1	how	how	SCONJ
asfbr-370	369	2	costly	costly	ADJ
asfbr-370	369	3	is	be	AUX
asfbr-370	369	4	financial	financial	ADJ
asfbr-370	369	5	(	(	PUNCT
asfbr-370	369	6	not	not	PART
asfbr-370	369	7	economic	economic	ADJ
asfbr-370	369	8	)	)	PUNCT
asfbr-370	369	9	distress	distress	NOUN
asfbr-370	369	10	?	?	PUNCT
asfbr-370	370	1	evidence	evidence	NOUN
asfbr-370	370	2	from	from	ADP
asfbr-370	370	3	highly	highly	ADV
asfbr-370	370	4	leveraged	leverage	VERB
asfbr-370	370	5	transactions	transaction	NOUN
asfbr-370	370	6	that	that	PRON
asfbr-370	370	7	became	become	VERB
asfbr-370	370	8	distressed	distressed	ADJ
asfbr-370	370	9	.	.	PUNCT
asfbr-370	371	1	the	the	DET
asfbr-370	371	2	journal	journal	PROPN
asfbr-370	371	3	of	of	ADP
asfbr-370	371	4	finance	finance	NOUN
asfbr-370	371	5	,	,	PUNCT
asfbr-370	371	6	53(5	53(5	NUM
asfbr-370	371	7	)	)	PUNCT
asfbr-370	371	8	,	,	PUNCT
asfbr-370	371	9	1443	1443	NUM
asfbr-370	371	10	-	-	SYM
asfbr-370	371	11	1493	1493	NUM
asfbr-370	371	12	.	.	PUNCT
asfbr-370	372	1	copyright	copyright	NOUN
asfbr-370	372	2	©	©	PROPN
asfbr-370	372	3	cc	cc	PROPN
asfbr-370	372	4	-	-	PUNCT
asfbr-370	372	5	by	by	ADP
asfbr-370	372	6	-	-	PUNCT
asfbr-370	372	7	nc	nc	PROPN
asfbr-370	372	8	2019	2019	NUM
asfbr-370	372	9	,	,	PUNCT
asfbr-370	372	10	cribfb	cribfb	VERB
asfbr-370	372	11	|	|	ADV
asfbr-370	372	12	asfbr	asfbr	NOUN
asfbr-370	372	13	www.cribfb.com/journal/index.php/asfbr	www.cribfb.com/journal/index.php/asfbr	VERB
asfbr-370	372	14	asian	asian	ADJ
asfbr-370	372	15	finance	finance	PROPN
asfbr-370	372	16	&	&	CCONJ
asfbr-370	372	17	banking	banking	PROPN
asfbr-370	372	18	review	review	PROPN
asfbr-370	372	19	vol	vol	NOUN
asfbr-370	372	20	.	.	PROPN
asfbr-370	373	1	3	3	NUM
asfbr-370	373	2	,	,	PUNCT
asfbr-370	373	3	no	no	INTJ
asfbr-370	373	4	.	.	NOUN
asfbr-370	373	5	2	2	NUM
asfbr-370	373	6	;	;	PUNCT
asfbr-370	373	7	2019	2019	NUM
asfbr-370	373	8	38	38	NUM
asfbr-370	373	9	asquith	asquith	NOUN
asfbr-370	373	10	,	,	PUNCT
asfbr-370	373	11	(	(	PUNCT
asfbr-370	373	12	1994	1994	NUM
asfbr-370	373	13	)	)	PUNCT
asfbr-370	373	14	.	.	PUNCT
asfbr-370	374	1	anatomy	anatomy	NOUN
asfbr-370	374	2	of	of	ADP
asfbr-370	374	3	financial	financial	ADJ
asfbr-370	374	4	distress	distress	NOUN
asfbr-370	374	5	:	:	PUNCT
asfbr-370	374	6	an	an	DET
asfbr-370	374	7	examination	examination	NOUN
asfbr-370	374	8	of	of	ADP
asfbr-370	374	9	junk	junk	NOUN
asfbr-370	374	10	bond	bond	NOUN
asfbr-370	374	11	issuers	issuer	NOUN
asfbr-370	374	12	.	.	PUNCT
asfbr-370	375	1	quarterly	quarterly	ADJ
asfbr-370	375	2	journal	journal	NOUN
asfbr-370	375	3	of	of	ADP
asfbr-370	375	4	economics	economic	NOUN
asfbr-370	375	5	109	109	NUM
asfbr-370	375	6	,	,	PUNCT
asfbr-370	375	7	625–658	625–658	NUM
asfbr-370	375	8	.	.	PUNCT
asfbr-370	376	1	beaver	beaver	PROPN
asfbr-370	376	2	,	,	PUNCT
asfbr-370	376	3	w.	w.	PROPN
asfbr-370	376	4	(	(	PUNCT
asfbr-370	376	5	1966	1966	NUM
asfbr-370	376	6	)	)	PUNCT
asfbr-370	376	7	.	.	PUNCT
asfbr-370	377	1	financial	financial	ADJ
asfbr-370	377	2	ratios	ratio	NOUN
asfbr-370	377	3	as	as	ADP
asfbr-370	377	4	predictors	predictor	NOUN
asfbr-370	377	5	of	of	ADP
asfbr-370	377	6	failure	failure	NOUN
asfbr-370	377	7	.	.	PUNCT
asfbr-370	378	1	in	in	ADP
asfbr-370	378	2	journal	journal	NOUN
asfbr-370	378	3	of	of	ADP
asfbr-370	378	4	accounting	accounting	NOUN
asfbr-370	378	5	research	research	NOUN
asfbr-370	378	6	,	,	PUNCT
asfbr-370	378	7	5	5	NUM
asfbr-370	378	8	,	,	PUNCT
asfbr-370	378	9	71	71	NUM
asfbr-370	378	10	-	-	SYM
asfbr-370	378	11	111	111	NUM
asfbr-370	378	12	.	.	PUNCT
asfbr-370	378	13	bebchuk	bebchuk	PROPN
asfbr-370	378	14	,	,	PUNCT
asfbr-370	378	15	l.	l.	PROPN
asfbr-370	378	16	(	(	PUNCT
asfbr-370	378	17	2002	2002	NUM
asfbr-370	378	18	)	)	PUNCT
asfbr-370	378	19	.	.	PUNCT
asfbr-370	379	1	ex	ex	PROPN
asfbr-370	379	2	-	-	NOUN
asfbr-370	379	3	ante	ante	NOUN
asfbr-370	379	4	costs	cost	NOUN
asfbr-370	379	5	of	of	ADP
asfbr-370	379	6	violating	violate	VERB
asfbr-370	379	7	absolute	absolute	ADJ
asfbr-370	379	8	priority	priority	NOUN
asfbr-370	379	9	in	in	ADP
asfbr-370	379	10	bankruptcy	bankruptcy	NOUN
asfbr-370	379	11	.	.	PUNCT
asfbr-370	380	1	journal	journal	PROPN
asfbr-370	380	2	of	of	ADP
asfbr-370	380	3	finance	finance	NOUN
asfbr-370	380	4	,	,	PUNCT
asfbr-370	380	5	57(1	57(1	NUM
asfbr-370	380	6	)	)	PUNCT
asfbr-370	380	7	,	,	PUNCT
asfbr-370	380	8	445	445	NUM
asfbr-370	380	9	-	-	SYM
asfbr-370	380	10	460	460	NUM
asfbr-370	380	11	.	.	PUNCT
asfbr-370	381	1	brown	brown	PROPN
asfbr-370	381	2	,	,	PUNCT
asfbr-370	381	3	d.	d.	PROPN
asfbr-370	381	4	,	,	PUNCT
asfbr-370	381	5	james	james	PROPN
asfbr-370	381	6	,	,	PUNCT
asfbr-370	381	7	c.	c.	PROPN
asfbr-370	381	8	,	,	PUNCT
asfbr-370	381	9	mooradian	mooradian	PROPN
asfbr-370	381	10	,	,	PUNCT
asfbr-370	381	11	r.	r.	PROPN
asfbr-370	381	12	(	(	PUNCT
asfbr-370	381	13	1992	1992	NUM
asfbr-370	381	14	)	)	PUNCT
asfbr-370	381	15	.	.	PUNCT
asfbr-370	382	1	the	the	DET
asfbr-370	382	2	information	information	NOUN
asfbr-370	382	3	content	content	NOUN
asfbr-370	382	4	of	of	ADP
asfbr-370	382	5	distressed	distressed	ADJ
asfbr-370	382	6	restructurings	restructuring	NOUN
asfbr-370	382	7	involving	involve	VERB
asfbr-370	382	8	public	public	ADJ
asfbr-370	382	9	and	and	CCONJ
asfbr-370	382	10	private	private	ADJ
asfbr-370	382	11	debt	debt	NOUN
asfbr-370	382	12	claims	claim	NOUN
asfbr-370	382	13	.	.	PUNCT
asfbr-370	383	1	journal	journal	NOUN
asfbr-370	383	2	of	of	ADP
asfbr-370	383	3	financial	financial	ADJ
asfbr-370	383	4	economics	economic	NOUN
asfbr-370	383	5	,	,	PUNCT
asfbr-370	383	6	33	33	NUM
asfbr-370	383	7	,	,	PUNCT
asfbr-370	383	8	93	93	NUM
asfbr-370	383	9	-	-	SYM
asfbr-370	383	10	118	118	NUM
asfbr-370	383	11	.	.	PUNCT
asfbr-370	383	12	celli	celli	NOUN
asfbr-370	383	13	,	,	PUNCT
asfbr-370	383	14	m.	m.	NOUN
asfbr-370	383	15	(	(	PUNCT
asfbr-370	383	16	2015	2015	NUM
asfbr-370	383	17	)	)	PUNCT
asfbr-370	383	18	.	.	PUNCT
asfbr-370	384	1	can	can	AUX
asfbr-370	384	2	z	z	X
asfbr-370	384	3	-	-	PUNCT
asfbr-370	384	4	score	score	NOUN
asfbr-370	384	5	model	model	NOUN
asfbr-370	384	6	predict	predict	VERB
asfbr-370	384	7	listed	list	VERB
asfbr-370	384	8	companies	company	NOUN
asfbr-370	384	9	’	'	PUNCT
asfbr-370	384	10	failures	failure	NOUN
asfbr-370	384	11	in	in	ADP
asfbr-370	384	12	italy	italy	PROPN
asfbr-370	384	13	?	?	PUNCT
asfbr-370	385	1	an	an	DET
asfbr-370	385	2	empirical	empirical	ADJ
asfbr-370	385	3	test	test	NOUN
asfbr-370	385	4	.	.	PUNCT
asfbr-370	386	1	international	international	ADJ
asfbr-370	386	2	journal	journal	PROPN
asfbr-370	386	3	of	of	ADP
asfbr-370	386	4	business	business	NOUN
asfbr-370	386	5	and	and	CCONJ
asfbr-370	386	6	management	management	NOUN
asfbr-370	386	7	,	,	PUNCT
asfbr-370	386	8	10(3	10(3	NUM
asfbr-370	386	9	)	)	PUNCT
asfbr-370	386	10	,	,	PUNCT
asfbr-370	386	11	57	57	NUM
asfbr-370	386	12	-	-	SYM
asfbr-370	386	13	69	69	NUM
asfbr-370	386	14	.	.	PUNCT
asfbr-370	387	1	chava	chava	PROPN
asfbr-370	387	2	,	,	PUNCT
asfbr-370	387	3	s	s	PROPN
asfbr-370	387	4	,	,	PUNCT
asfbr-370	387	5	(	(	PUNCT
asfbr-370	387	6	2004	2004	NUM
asfbr-370	387	7	)	)	PUNCT
asfbr-370	387	8	.	.	PUNCT
asfbr-370	388	1	bankruptcy	bankruptcy	NOUN
asfbr-370	388	2	prediction	prediction	NOUN
asfbr-370	388	3	with	with	ADP
asfbr-370	388	4	industry	industry	NOUN
asfbr-370	388	5	effects	effect	NOUN
asfbr-370	388	6	.	.	PUNCT
asfbr-370	389	1	review	review	NOUN
asfbr-370	389	2	of	of	ADP
asfbr-370	389	3	finance	finance	NOUN
asfbr-370	389	4	,	,	PUNCT
asfbr-370	389	5	8(4	8(4	NUM
asfbr-370	389	6	)	)	PUNCT
asfbr-370	389	7	,	,	PUNCT
asfbr-370	389	8	537–569	537–569	NUM
asfbr-370	389	9	.	.	PUNCT
asfbr-370	390	1	fich	fich	PROPN
asfbr-370	390	2	,	,	PUNCT
asfbr-370	390	3	e.	e.	PROPN
asfbr-370	390	4	m.	m.	PROPN
asfbr-370	390	5	(	(	PUNCT
asfbr-370	390	6	2008	2008	NUM
asfbr-370	390	7	)	)	PUNCT
asfbr-370	390	8	.	.	PUNCT
asfbr-370	391	1	can	can	AUX
asfbr-370	391	2	corporate	corporate	ADJ
asfbr-370	391	3	governance	governance	NOUN
asfbr-370	391	4	save	save	VERB
asfbr-370	391	5	distressed	distressed	ADJ
asfbr-370	391	6	firms	firm	NOUN
asfbr-370	391	7	from	from	ADP
asfbr-370	391	8	bankruptcy	bankruptcy	NOUN
asfbr-370	391	9	?	?	PUNCT
asfbr-370	392	1	an	an	DET
asfbr-370	392	2	empirical	empirical	ADJ
asfbr-370	392	3	analysis	analysis	NOUN
asfbr-370	392	4	.	.	PUNCT
asfbr-370	393	1	review	review	NOUN
asfbr-370	393	2	of	of	ADP
asfbr-370	393	3	quantitative	quantitative	ADJ
asfbr-370	393	4	finance	finance	NOUN
asfbr-370	393	5	and	and	CCONJ
asfbr-370	393	6	accounting	accounting	NOUN
asfbr-370	393	7	,	,	PUNCT
asfbr-370	393	8	30(2	30(2	NUM
asfbr-370	393	9	)	)	PUNCT
asfbr-370	393	10	,	,	PUNCT
asfbr-370	393	11	225–251	225–251	NUM
asfbr-370	393	12	.	.	PUNCT
asfbr-370	394	1	gilbert	gilbert	PROPN
asfbr-370	394	2	,	,	PUNCT
asfbr-370	394	3	l	l	PROPN
asfbr-370	394	4	,	,	PUNCT
asfbr-370	394	5	(	(	PUNCT
asfbr-370	394	6	1990	1990	NUM
asfbr-370	394	7	)	)	PUNCT
asfbr-370	394	8	.	.	PUNCT
asfbr-370	395	1	predicting	predict	VERB
asfbr-370	395	2	bankruptcy	bankruptcy	NOUN
asfbr-370	395	3	for	for	ADP
asfbr-370	395	4	firms	firm	NOUN
asfbr-370	395	5	in	in	ADP
asfbr-370	395	6	financial	financial	ADJ
asfbr-370	395	7	distress	distress	NOUN
asfbr-370	395	8	.	.	PUNCT
asfbr-370	396	1	journal	journal	PROPN
asfbr-370	396	2	of	of	ADP
asfbr-370	396	3	business	business	NOUN
asfbr-370	396	4	finance	finance	PROPN
asfbr-370	396	5	&	&	CCONJ
asfbr-370	396	6	accounting	accounting	PROPN
asfbr-370	396	7	,	,	PUNCT
asfbr-370	396	8	17	17	NUM
asfbr-370	396	9	,	,	PUNCT
asfbr-370	396	10	161171	161171	NUM
asfbr-370	396	11	.	.	PUNCT
asfbr-370	397	1	grice	grice	PROPN
asfbr-370	397	2	,	,	PUNCT
asfbr-370	397	3	j.	j.	PROPN
asfbr-370	397	4	s.	s.	PROPN
asfbr-370	397	5	(	(	PUNCT
asfbr-370	397	6	2001	2001	NUM
asfbr-370	397	7	)	)	PUNCT
asfbr-370	397	8	.	.	PUNCT
asfbr-370	398	1	tests	test	NOUN
asfbr-370	398	2	of	of	ADP
asfbr-370	398	3	the	the	DET
asfbr-370	398	4	generaliz	generaliz	NOUN
asfbr-370	398	5	-	-	PUNCT
asfbr-370	398	6	ability	ability	NOUN
asfbr-370	398	7	of	of	ADP
asfbr-370	398	8	altman	altman	PROPN
asfbr-370	398	9	’s	’s	PART
asfbr-370	398	10	bankruptcy	bankruptcy	PROPN
asfbr-370	398	11	prediction	prediction	NOUN
asfbr-370	398	12	model	model	PROPN
asfbr-370	398	13	.	.	PUNCT
asfbr-370	399	1	journal	journal	PROPN
asfbr-370	399	2	of	of	ADP
asfbr-370	399	3	business	business	NOUN
asfbr-370	399	4	research	research	NOUN
asfbr-370	399	5	,	,	PUNCT
asfbr-370	399	6	54(1	54(1	NUM
asfbr-370	399	7	)	)	PUNCT
asfbr-370	399	8	,	,	PUNCT
asfbr-370	399	9	53–61	53–61	NUM
asfbr-370	399	10	.	.	PUNCT
asfbr-370	400	1	john	john	PROPN
asfbr-370	400	2	wiley	wiley	PROPN
asfbr-370	400	3	&	&	CCONJ
asfbr-370	400	4	sons	sons	PROPN
asfbr-370	400	5	,	,	PUNCT
asfbr-370	400	6	hoboken	hoboken	PROPN
asfbr-370	400	7	,	,	PUNCT
asfbr-370	400	8	nj	nj	PROPN
asfbr-370	400	9	.	.	PROPN
asfbr-370	400	10	andrade	andrade	PROPN
asfbr-370	400	11	,	,	PUNCT
asfbr-370	400	12	gregor	gregor	PROPN
asfbr-370	400	13	,	,	PUNCT
asfbr-370	400	14	and	and	CCONJ
asfbr-370	400	15	steven	steven	PROPN
asfbr-370	400	16	n.	n.	PROPN
asfbr-370	400	17	kaplan	kaplan	PROPN
asfbr-370	400	18	,	,	PUNCT
asfbr-370	400	19	(	(	PUNCT
asfbr-370	400	20	1998	1998	NUM
asfbr-370	400	21	)	)	PUNCT
asfbr-370	400	22	.	.	PUNCT
asfbr-370	401	1	how	how	SCONJ
asfbr-370	401	2	costly	costly	ADJ
asfbr-370	401	3	is	be	AUX
asfbr-370	401	4	financial	financial	ADJ
asfbr-370	401	5	(	(	PUNCT
asfbr-370	401	6	not	not	PART
asfbr-370	401	7	economic	economic	ADJ
asfbr-370	401	8	)	)	PUNCT
asfbr-370	401	9	distress	distress	NOUN
asfbr-370	401	10	?	?	PUNCT
asfbr-370	402	1	evidence	evidence	NOUN
asfbr-370	402	2	from	from	ADP
asfbr-370	402	3	highly	highly	ADV
asfbr-370	402	4	leverage	leverage	NOUN
asfbr-370	402	5	transactions	transaction	NOUN
asfbr-370	402	6	that	that	PRON
asfbr-370	402	7	became	become	VERB
asfbr-370	402	8	distressed	distressed	ADJ
asfbr-370	402	9	.	.	PUNCT
asfbr-370	403	1	journal	journal	NOUN
asfbr-370	403	2	of	of	ADP
asfbr-370	403	3	finance	finance	NOUN
asfbr-370	403	4	53	53	NUM
asfbr-370	403	5	,	,	PUNCT
asfbr-370	403	6	1443–1493	1443–1493	NUM
asfbr-370	403	7	.	.	PUNCT
asfbr-370	404	1	kwak	kwak	PROPN
asfbr-370	404	2	,	,	PUNCT
asfbr-370	404	3	w	w	PROPN
asfbr-370	404	4	,	,	PUNCT
asfbr-370	404	5	(	(	PUNCT
asfbr-370	404	6	2005	2005	NUM
asfbr-370	404	7	)	)	PUNCT
asfbr-370	404	8	.	.	PUNCT
asfbr-370	405	1	multiple	multiple	ADJ
asfbr-370	405	2	criteria	criterion	NOUN
asfbr-370	405	3	linear	linear	PROPN
asfbr-370	405	4	programming	programming	NOUN
asfbr-370	405	5	data	data	NOUN
asfbr-370	405	6	mining	mining	NOUN
asfbr-370	405	7	approach	approach	NOUN
asfbr-370	405	8	:	:	PUNCT
asfbr-370	405	9	an	an	DET
asfbr-370	405	10	application	application	NOUN
asfbr-370	405	11	for	for	ADP
asfbr-370	405	12	bankruptcy	bankruptcy	NOUN
asfbr-370	405	13	prediction	prediction	NOUN
asfbr-370	405	14	.	.	PUNCT
asfbr-370	406	1	data	datum	NOUN
asfbr-370	406	2	mining	mining	NOUN
asfbr-370	406	3	and	and	CCONJ
asfbr-370	406	4	knowledge	knowledge	NOUN
asfbr-370	406	5	management	management	NOUN
asfbr-370	406	6	,	,	PUNCT
asfbr-370	406	7	3(1),164–173	3(1),164–173	NUM
asfbr-370	406	8	.	.	PUNCT
asfbr-370	407	1	li	li	PROPN
asfbr-370	407	2	,	,	PUNCT
asfbr-370	407	3	w.	w.	PROPN
asfbr-370	407	4	g.	g.	PROPN
asfbr-370	407	5	(	(	PUNCT
asfbr-370	407	6	2014	2014	NUM
asfbr-370	407	7	)	)	PUNCT
asfbr-370	407	8	.	.	PUNCT
asfbr-370	408	1	corporate	corporate	ADJ
asfbr-370	408	2	financial	financial	ADJ
asfbr-370	408	3	distress	distress	NOUN
asfbr-370	408	4	and	and	CCONJ
asfbr-370	408	5	bankruptcy	bankruptcy	NOUN
asfbr-370	408	6	prediction	prediction	NOUN
asfbr-370	408	7	in	in	ADP
asfbr-370	408	8	the	the	DET
asfbr-370	408	9	north	north	ADJ
asfbr-370	408	10	american	american	ADJ
asfbr-370	408	11	construction	construction	NOUN
asfbr-370	408	12	industry	industry	NOUN
asfbr-370	408	13	.	.	PUNCT
asfbr-370	409	1	data	datum	NOUN
asfbr-370	409	2	mining	mining	NOUN
asfbr-370	409	3	and	and	CCONJ
asfbr-370	409	4	knowledge	knowledge	NOUN
asfbr-370	409	5	management	management	NOUN
asfbr-370	409	6	,	,	PUNCT
asfbr-370	409	7	3(1	3(1	NUM
asfbr-370	409	8	)	)	PUNCT
asfbr-370	409	9	,	,	PUNCT
asfbr-370	409	10	164–173	164–173	NUM
asfbr-370	409	11	.	.	PUNCT
asfbr-370	410	1	lucky	lucky	ADJ
asfbr-370	410	2	,	,	PUNCT
asfbr-370	410	3	a.	a.	PROPN
asfbr-370	410	4	l.	l.	PROPN
asfbr-370	410	5	,	,	PUNCT
asfbr-370	410	6	(	(	PUNCT
asfbr-370	410	7	2017	2017	NUM
asfbr-370	410	8	)	)	PUNCT
asfbr-370	410	9	.	.	PUNCT
asfbr-370	411	1	cost	cost	NOUN
asfbr-370	411	2	of	of	ADP
asfbr-370	411	3	capital	capital	NOUN
asfbr-370	411	4	and	and	CCONJ
asfbr-370	411	5	corporate	corporate	ADJ
asfbr-370	411	6	earning	earning	NOUN
asfbr-370	411	7	of	of	ADP
asfbr-370	411	8	quoted	quote	VERB
asfbr-370	411	9	firms	firm	NOUN
asfbr-370	411	10	in	in	ADP
asfbr-370	411	11	nigeria	nigeria	PROPN
asfbr-370	411	12	:	:	PUNCT
asfbr-370	411	13	a	a	DET
asfbr-370	411	14	multi	multi	ADJ
asfbr-370	411	15	-	-	ADJ
asfbr-370	411	16	dimensional	dimensional	ADJ
asfbr-370	411	17	analysis	analysis	NOUN
asfbr-370	411	18	of	of	ADP
asfbr-370	411	19	quoted	quote	VERB
asfbr-370	411	20	firms	firm	NOUN
asfbr-370	411	21	in	in	ADP
asfbr-370	411	22	nigeria	nigeria	PROPN
asfbr-370	411	23	.	.	PUNCT
asfbr-370	412	1	australian	australian	ADJ
asfbr-370	412	2	journal	journal	NOUN
asfbr-370	412	3	of	of	ADP
asfbr-370	412	4	finance	finance	NOUN
asfbr-370	412	5	and	and	CCONJ
asfbr-370	412	6	banking	banking	NOUN
asfbr-370	412	7	review	review	NOUN
asfbr-370	412	8	,	,	PUNCT
asfbr-370	412	9	1(1	1(1	NUM
asfbr-370	412	10	)	)	PUNCT
asfbr-370	412	11	,	,	PUNCT
asfbr-370	412	12	41	41	NUM
asfbr-370	412	13	-	-	SYM
asfbr-370	412	14	65	65	NUM
asfbr-370	412	15	.	.	PUNCT
asfbr-370	413	1	majumdar	majumdar	PROPN
asfbr-370	413	2	,	,	PUNCT
asfbr-370	413	3	s.k	s.k	PROPN
asfbr-370	413	4	.	.	PROPN
asfbr-370	413	5	,	,	PUNCT
asfbr-370	413	6	&	&	CCONJ
asfbr-370	413	7	chhibber	chhibber	PROPN
asfbr-370	413	8	,	,	PUNCT
asfbr-370	413	9	p.	p.	PROPN
asfbr-370	413	10	,	,	PUNCT
asfbr-370	413	11	(	(	PUNCT
asfbr-370	413	12	1999	1999	NUM
asfbr-370	413	13	)	)	PUNCT
asfbr-370	413	14	.	.	PUNCT
asfbr-370	414	1	capital	capital	NOUN
asfbr-370	414	2	structure	structure	NOUN
asfbr-370	414	3	and	and	CCONJ
asfbr-370	414	4	performance	performance	NOUN
asfbr-370	414	5	:	:	PUNCT
asfbr-370	414	6	evidence	evidence	NOUN
asfbr-370	414	7	from	from	ADP
asfbr-370	414	8	a	a	DET
asfbr-370	414	9	transition	transition	NOUN
asfbr-370	414	10	economy	economy	NOUN
asfbr-370	414	11	on	on	ADP
asfbr-370	414	12	an	an	DET
asfbr-370	414	13	aspect	aspect	NOUN
asfbr-370	414	14	of	of	ADP
asfbr-370	414	15	corporate	corporate	ADJ
asfbr-370	414	16	governance	governance	NOUN
asfbr-370	414	17	.	.	PUNCT
asfbr-370	415	1	public	public	ADJ
asfbr-370	415	2	choice	choice	NOUN
asfbr-370	415	3	,	,	PUNCT
asfbr-370	415	4	98	98	NUM
asfbr-370	415	5	(	(	PUNCT
asfbr-370	415	6	3	3	NUM
asfbr-370	415	7	)	)	PUNCT
asfbr-370	415	8	,	,	PUNCT
asfbr-370	415	9	287305	287305	NUM
asfbr-370	415	10	.	.	PUNCT
asfbr-370	416	1	matt	matt	PROPN
asfbr-370	416	2	,	,	PUNCT
asfbr-370	416	3	h.e	h.e	PROPN
asfbr-370	416	4	.	.	PROPN
asfbr-370	416	5	,	,	PUNCT
asfbr-370	416	6	(	(	PUNCT
asfbr-370	416	7	2000	2000	NUM
asfbr-370	416	8	)	)	PUNCT
asfbr-370	416	9	.	.	PUNCT
asfbr-370	417	1	excellence	excellence	NOUN
asfbr-370	417	2	in	in	ADP
asfbr-370	417	3	financial	financial	ADJ
asfbr-370	417	4	management	management	NOUN
asfbr-370	417	5	.	.	PUNCT
asfbr-370	418	1	course	course	NOUN
asfbr-370	418	2	1	1	NUM
asfbr-370	418	3	:	:	PUNCT
asfbr-370	418	4	evaluating	evaluate	VERB
asfbr-370	418	5	financial	financial	ADJ
asfbr-370	418	6	performance	performance	NOUN
asfbr-370	418	7	.	.	PUNCT
asfbr-370	419	1	modigliani	modigliani	PROPN
asfbr-370	419	2	,	,	PUNCT
asfbr-370	419	3	f.	f.	PROPN
asfbr-370	419	4	and	and	CCONJ
asfbr-370	419	5	miller	miller	PROPN
asfbr-370	419	6	,	,	PUNCT
asfbr-370	419	7	m.h	m.h	PROPN
asfbr-370	419	8	.	.	PROPN
asfbr-370	419	9	,	,	PUNCT
asfbr-370	419	10	(	(	PUNCT
asfbr-370	419	11	1963	1963	NUM
asfbr-370	419	12	)	)	PUNCT
asfbr-370	419	13	.	.	PUNCT
asfbr-370	420	1	corporation	corporation	NOUN
asfbr-370	420	2	income	income	NOUN
asfbr-370	420	3	taxes	taxis	NOUN
asfbr-370	420	4	and	and	CCONJ
asfbr-370	420	5	the	the	DET
asfbr-370	420	6	cost	cost	NOUN
asfbr-370	420	7	of	of	ADP
asfbr-370	420	8	capital	capital	NOUN
asfbr-370	420	9	;	;	PUNCT
asfbr-370	420	10	a	a	DET
asfbr-370	420	11	correction	correction	NOUN
asfbr-370	420	12	.	.	PUNCT
asfbr-370	421	1	american	american	PROPN
asfbr-370	421	2	economic	economic	PROPN
asfbr-370	421	3	review	review	PROPN
asfbr-370	421	4	,	,	PUNCT
asfbr-370	421	5	5(3	5(3	NUM
asfbr-370	421	6	)	)	PUNCT
asfbr-370	421	7	,	,	PUNCT
asfbr-370	421	8	433	433	NUM
asfbr-370	421	9	-	-	SYM
asfbr-370	421	10	443	443	NUM
asfbr-370	421	11	.	.	PUNCT
asfbr-370	422	1	modiglini	modiglini	PROPN
asfbr-370	422	2	,	,	PUNCT
asfbr-370	422	3	f.	f.	PROPN
asfbr-370	422	4	,	,	PUNCT
asfbr-370	422	5	&	&	CCONJ
asfbr-370	422	6	miller	miller	PROPN
asfbr-370	422	7	,	,	PUNCT
asfbr-370	422	8	m.	m.	NOUN
asfbr-370	422	9	,	,	PUNCT
asfbr-370	422	10	h.	h.	PROPN
asfbr-370	422	11	,(1958	,(1958	PROPN
asfbr-370	422	12	)	)	PUNCT
asfbr-370	422	13	.	.	PUNCT
asfbr-370	423	1	the	the	DET
asfbr-370	423	2	cost	cost	NOUN
asfbr-370	423	3	of	of	ADP
asfbr-370	423	4	capital	capital	NOUN
asfbr-370	423	5	,	,	PUNCT
asfbr-370	423	6	corporate	corporate	ADJ
asfbr-370	423	7	finance	finance	NOUN
asfbr-370	423	8	and	and	CCONJ
asfbr-370	423	9	the	the	DET
asfbr-370	423	10	theory	theory	NOUN
asfbr-370	423	11	of	of	ADP
asfbr-370	423	12	investment	investment	NOUN
asfbr-370	423	13	.	.	PUNCT
asfbr-370	424	1	american	american	PROPN
asfbr-370	424	2	economic	economic	PROPN
asfbr-370	424	3	review	review	PROPN
asfbr-370	424	4	4(8	4(8	NUM
asfbr-370	424	5	)	)	PUNCT
asfbr-370	424	6	,	,	PUNCT
asfbr-370	424	7	261	261	NUM
asfbr-370	424	8	-	-	SYM
asfbr-370	424	9	297	297	NUM
asfbr-370	424	10	.	.	PUNCT
asfbr-370	425	1	onaolapo	onaolapo	PROPN
asfbr-370	425	2	,	,	PUNCT
asfbr-370	425	3	a.a	a.a	PROPN
asfbr-370	425	4	.	.	PROPN
asfbr-370	425	5	,	,	PUNCT
asfbr-370	425	6	&	&	CCONJ
asfbr-370	425	7	kajola	kajola	PROPN
asfbr-370	425	8	,	,	PUNCT
asfbr-370	425	9	s.o	s.o	PROPN
asfbr-370	425	10	.	.	PROPN
asfbr-370	425	11	,	,	PUNCT
asfbr-370	425	12	(	(	PUNCT
asfbr-370	425	13	2010	2010	NUM
asfbr-370	425	14	)	)	PUNCT
asfbr-370	425	15	.	.	PUNCT
asfbr-370	426	1	capital	capital	NOUN
asfbr-370	426	2	structure	structure	NOUN
asfbr-370	426	3	and	and	CCONJ
asfbr-370	426	4	firm	firm	ADJ
asfbr-370	426	5	performance	performance	NOUN
asfbr-370	426	6	:	:	PUNCT
asfbr-370	426	7	evidence	evidence	NOUN
asfbr-370	426	8	from	from	ADP
asfbr-370	426	9	nigeria	nigeria	PROPN
asfbr-370	426	10	.	.	PUNCT
asfbr-370	427	1	journal	journal	PROPN
asfbr-370	427	2	of	of	ADP
asfbr-370	427	3	economics	economic	NOUN
asfbr-370	427	4	,	,	PUNCT
asfbr-370	427	5	finance	finance	NOUN
asfbr-370	427	6	and	and	CCONJ
asfbr-370	427	7	administrative	administrative	ADJ
asfbr-370	427	8	sciences	science	NOUN
asfbr-370	427	9	,	,	PUNCT
asfbr-370	427	10	25	25	NUM
asfbr-370	427	11	,	,	PUNCT
asfbr-370	427	12	7082	7082	NUM
asfbr-370	427	13	.	.	PUNCT
asfbr-370	428	1	opler	opler	PROPN
asfbr-370	428	2	and	and	CCONJ
asfbr-370	428	3	sheridan	sheridan	PROPN
asfbr-370	428	4	titman	titman	PROPN
asfbr-370	428	5	,	,	PUNCT
asfbr-370	428	6	(	(	PUNCT
asfbr-370	428	7	1994	1994	NUM
asfbr-370	428	8	)	)	PUNCT
asfbr-370	428	9	.	.	PUNCT
asfbr-370	429	1	financial	financial	ADJ
asfbr-370	429	2	distress	distress	NOUN
asfbr-370	429	3	and	and	CCONJ
asfbr-370	429	4	corporate	corporate	ADJ
asfbr-370	429	5	performance	performance	NOUN
asfbr-370	429	6	.	.	PUNCT
asfbr-370	430	1	journal	journal	NOUN
asfbr-370	430	2	of	of	ADP
asfbr-370	430	3	finance	finance	NOUN
asfbr-370	430	4	49	49	NUM
asfbr-370	430	5	,	,	PUNCT
asfbr-370	430	6	1015–1040	1015–1040	NUM
asfbr-370	430	7	.	.	PUNCT
asfbr-370	431	1	pandey	pandey	PROPN
asfbr-370	431	2	,	,	PUNCT
asfbr-370	431	3	i.m	i.m	PROPN
asfbr-370	431	4	.	.	PUNCT
asfbr-370	431	5	,	,	PUNCT
asfbr-370	431	6	(	(	PUNCT
asfbr-370	431	7	2010	2010	NUM
asfbr-370	431	8	)	)	PUNCT
asfbr-370	431	9	.	.	PUNCT
asfbr-370	432	1	financial	financial	ADJ
asfbr-370	432	2	management	management	NOUN
asfbr-370	432	3	.	.	PUNCT
asfbr-370	433	1	10th	10th	ADJ
asfbr-370	433	2	ed	ed	NOUN
asfbr-370	433	3	;	;	PUNCT
asfbr-370	433	4	new	new	ADJ
asfbr-370	433	5	delhi	delhi	PROPN
asfbr-370	433	6	:	:	PUNCT
asfbr-370	433	7	vikas	vikas	PROPN
asfbr-370	433	8	publishing	publishing	PROPN
asfbr-370	433	9	house	house	PROPN
asfbr-370	433	10	pvt	pvt	PROPN
asfbr-370	433	11	ltd	ltd	PROPN
asfbr-370	433	12	.	.	PROPN
asfbr-370	434	1	platt	platt	PROPN
asfbr-370	434	2	h.	h.	PROPN
asfbr-370	434	3	d.(2002	d.(2002	PROPN
asfbr-370	434	4	)	)	PUNCT
asfbr-370	434	5	.	.	PUNCT
asfbr-370	435	1	predicting	predict	VERB
asfbr-370	435	2	corporate	corporate	ADJ
asfbr-370	435	3	financial	financial	ADJ
asfbr-370	435	4	distress	distress	NOUN
asfbr-370	435	5	:	:	PUNCT
asfbr-370	435	6	reflections	reflection	NOUN
asfbr-370	435	7	on	on	ADP
asfbr-370	435	8	choice	choice	NOUN
asfbr-370	435	9	-	-	PUNCT
asfbr-370	435	10	based	base	VERB
asfbr-370	435	11	sample	sample	NOUN
asfbr-370	435	12	bias	bias	NOUN
asfbr-370	435	13	.	.	PUNCT
asfbr-370	436	1	journal	journal	PROPN
asfbr-370	436	2	of	of	ADP
asfbr-370	436	3	economics	economic	NOUN
asfbr-370	436	4	and	and	CCONJ
asfbr-370	436	5	finance	finance	NOUN
asfbr-370	436	6	,	,	PUNCT
asfbr-370	436	7	26(2	26(2	NUM
asfbr-370	436	8	)	)	PUNCT
asfbr-370	436	9	,	,	PUNCT
asfbr-370	436	10	184–199	184–199	NUM
asfbr-370	436	11	.	.	PUNCT
asfbr-370	437	1	shen	shen	PROPN
asfbr-370	437	2	,	,	PUNCT
asfbr-370	437	3	c.-h	c.-h	PROPN
asfbr-370	437	4	,	,	PUNCT
asfbr-370	437	5	(	(	PUNCT
asfbr-370	437	6	2010	2010	NUM
asfbr-370	437	7	)	)	PUNCT
asfbr-370	437	8	.	.	PUNCT
asfbr-370	438	1	the	the	DET
asfbr-370	438	2	prediction	prediction	NOUN
asfbr-370	438	3	of	of	ADP
asfbr-370	438	4	default	default	NOUN
asfbr-370	438	5	with	with	ADP
asfbr-370	438	6	outliers	outlier	NOUN
asfbr-370	438	7	:	:	PUNCT
asfbr-370	438	8	robust	robust	ADJ
asfbr-370	438	9	logistic	logistic	ADJ
asfbr-370	438	10	regression	regression	NOUN
asfbr-370	438	11	.	.	PUNCT
asfbr-370	439	1	handbook	handbook	NOUN
asfbr-370	439	2	of	of	ADP
asfbr-370	439	3	quantitative	quantitative	ADJ
asfbr-370	439	4	finance	finance	NOUN
asfbr-370	439	5	and	and	CCONJ
asfbr-370	439	6	risk	risk	VERB
asfbr-370	439	7	management,7(2	management,7(2	PRON
asfbr-370	439	8	)	)	PUNCT
asfbr-370	439	9	,	,	PUNCT
asfbr-370	439	10	965–977	965–977	NUM
asfbr-370	439	11	.	.	PUNCT
asfbr-370	440	1	singhal	singhal	NOUN
asfbr-370	440	2	,	,	PUNCT
asfbr-370	440	3	r	r	PROPN
asfbr-370	440	4	,	,	PUNCT
asfbr-370	440	5	(	(	PUNCT
asfbr-370	440	6	2013	2013	NUM
asfbr-370	440	7	)	)	PUNCT
asfbr-370	440	8	.	.	PUNCT
asfbr-370	441	1	bankruptcy	bankruptcy	NOUN
asfbr-370	441	2	risk	risk	NOUN
asfbr-370	441	3	,	,	PUNCT
asfbr-370	441	4	costs	cost	NOUN
asfbr-370	441	5	and	and	CCONJ
asfbr-370	441	6	corporate	corporate	ADJ
asfbr-370	441	7	diversification	diversification	NOUN
asfbr-370	441	8	.	.	PUNCT
asfbr-370	442	1	journal	journal	NOUN
asfbr-370	442	2	of	of	ADP
asfbr-370	442	3	banking	banking	NOUN
asfbr-370	442	4	&	&	CCONJ
asfbr-370	442	5	finance	finance	PROPN
asfbr-370	442	6	,	,	PUNCT
asfbr-370	442	7	37(5	37(5	NUM
asfbr-370	442	8	)	)	PUNCT
asfbr-370	442	9	,	,	PUNCT
asfbr-370	442	10	1475–1489	1475–1489	NUM
asfbr-370	442	11	.	.	PUNCT
asfbr-370	443	1	skeel	skeel	PROPN
asfbr-370	443	2	,	,	PUNCT
asfbr-370	443	3	(	(	PUNCT
asfbr-370	443	4	2004	2004	NUM
asfbr-370	443	5	)	)	PUNCT
asfbr-370	443	6	.	.	PUNCT
asfbr-370	444	1	the	the	DET
asfbr-370	444	2	past	past	NOUN
asfbr-370	444	3	,	,	PUNCT
asfbr-370	444	4	present	present	ADJ
asfbr-370	444	5	,	,	PUNCT
asfbr-370	444	6	and	and	CCONJ
asfbr-370	444	7	future	future	NOUN
asfbr-370	444	8	of	of	ADP
asfbr-370	444	9	debtor	debtor	NOUN
asfbr-370	444	10	-	-	PUNCT
asfbr-370	444	11	in	in	ADP
asfbr-370	444	12	-	-	PUNCT
asfbr-370	444	13	possession	possession	NOUN
asfbr-370	444	14	financing	financing	NOUN
asfbr-370	444	15	.	.	PUNCT
asfbr-370	445	1	cardozo	cardozo	PROPN
asfbr-370	445	2	law	law	PROPN
asfbr-370	445	3	review	review	NOUN
asfbr-370	445	4	25	25	NUM
asfbr-370	445	5	,	,	PUNCT
asfbr-370	445	6	1905–1934	1905–1934	NUM
asfbr-370	445	7	.	.	PUNCT
asfbr-370	446	1	stiglitz	stiglitz	PROPN
asfbr-370	446	2	,	,	PUNCT
asfbr-370	446	3	(	(	PUNCT
asfbr-370	446	4	1974	1974	NUM
asfbr-370	446	5	)	)	PUNCT
asfbr-370	446	6	.	.	PUNCT
asfbr-370	447	1	on	on	ADP
asfbr-370	447	2	the	the	DET
asfbr-370	447	3	irrelevance	irrelevance	NOUN
asfbr-370	447	4	of	of	ADP
asfbr-370	447	5	corporate	corporate	ADJ
asfbr-370	447	6	financial	financial	ADJ
asfbr-370	447	7	policy	policy	NOUN
asfbr-370	447	8	.	.	PUNCT
asfbr-370	448	1	american	american	PROPN
asfbr-370	448	2	economic	economic	PROPN
asfbr-370	448	3	review	review	NOUN
asfbr-370	448	4	64	64	NUM
asfbr-370	448	5	,	,	PUNCT
asfbr-370	448	6	851–866	851–866	NUM
asfbr-370	448	7	.	.	PUNCT
asfbr-370	448	8	titman	titman	PROPN
asfbr-370	448	9	,	,	PUNCT
asfbr-370	448	10	s.	s.	PROPN
asfbr-370	448	11	,	,	PUNCT
asfbr-370	448	12	&	&	CCONJ
asfbr-370	448	13	wessels	wessels	PROPN
asfbr-370	448	14	,	,	PUNCT
asfbr-370	448	15	r.	r.	PROPN
asfbr-370	448	16	(	(	PUNCT
asfbr-370	448	17	1988	1988	NUM
asfbr-370	448	18	)	)	PUNCT
asfbr-370	448	19	.	.	PUNCT
asfbr-370	449	1	the	the	DET
asfbr-370	449	2	determinants	determinant	NOUN
asfbr-370	449	3	of	of	ADP
asfbr-370	449	4	capital	capital	NOUN
asfbr-370	449	5	structure	structure	NOUN
asfbr-370	449	6	choice	choice	NOUN
asfbr-370	449	7	.	.	PUNCT
asfbr-370	450	1	the	the	DET
asfbr-370	450	2	journal	journal	PROPN
asfbr-370	450	3	of	of	ADP
asfbr-370	450	4	finance	finance	NOUN
asfbr-370	450	5	,	,	PUNCT
asfbr-370	450	6	4(3	4(3	NUM
asfbr-370	450	7	)	)	PUNCT
asfbr-370	450	8	,	,	PUNCT
asfbr-370	450	9	1	1	NUM
asfbr-370	450	10	-	-	SYM
asfbr-370	450	11	19	19	NUM
asfbr-370	450	12	.	.	PUNCT
asfbr-370	450	13	weiss	weiss	PROPN
asfbr-370	450	14	,	,	PUNCT
asfbr-370	450	15	a.	a.	NOUN
asfbr-370	450	16	(	(	PUNCT
asfbr-370	450	17	1988	1988	NUM
asfbr-370	450	18	)	)	PUNCT
asfbr-370	450	19	.	.	PUNCT
asfbr-370	451	1	information	information	NOUN
asfbr-370	451	2	problems	problem	NOUN
asfbr-370	451	3	,	,	PUNCT
asfbr-370	451	4	conflicts	conflict	NOUN
asfbr-370	451	5	of	of	ADP
asfbr-370	451	6	interest	interest	NOUN
asfbr-370	451	7	,	,	PUNCT
asfbr-370	451	8	and	and	CCONJ
asfbr-370	451	9	asset	asset	NOUN
asfbr-370	451	10	stripping	strip	VERB
asfbr-370	451	11	:	:	PUNCT
asfbr-370	451	12	chapter	chapter	NOUN
asfbr-370	451	13	11	11	NUM
asfbr-370	451	14	’s	’s	PART
asfbr-370	451	15	failure	failure	NOUN
asfbr-370	451	16	in	in	ADP
asfbr-370	451	17	the	the	DET
asfbr-370	451	18	case	case	NOUN
asfbr-370	451	19	of	of	ADP
asfbr-370	451	20	eastern	eastern	ADJ
asfbr-370	451	21	airlines	airlines	PROPN
asfbr-370	451	22	.	.	PUNCT
asfbr-370	452	1	journal	journal	PROPN
asfbr-370	452	2	of	of	ADP
asfbr-370	452	3	financial	financial	ADJ
asfbr-370	452	4	economics	economic	NOUN
asfbr-370	452	5	48	48	NUM
asfbr-370	452	6	,	,	PUNCT
asfbr-370	452	7	55	55	NUM
asfbr-370	452	8	-	-	SYM
asfbr-370	452	9	97	97	NUM
asfbr-370	452	10	.	.	PUNCT
asfbr-370	453	1	zeitun	zeitun	PROPN
asfbr-370	453	2	,	,	PUNCT
asfbr-370	453	3	r.	r.	PROPN
asfbr-370	453	4	&	&	CCONJ
asfbr-370	453	5	tian	tian	PROPN
asfbr-370	453	6	,	,	PUNCT
asfbr-370	453	7	g.g	g.g	PROPN
asfbr-370	453	8	.	.	PROPN
asfbr-370	453	9	(	(	PUNCT
asfbr-370	453	10	2007	2007	NUM
asfbr-370	453	11	)	)	PUNCT
asfbr-370	453	12	.	.	PUNCT
asfbr-370	454	1	capital	capital	NOUN
asfbr-370	454	2	structure	structure	NOUN
asfbr-370	454	3	and	and	CCONJ
asfbr-370	454	4	corporate	corporate	ADJ
asfbr-370	454	5	performance	performance	NOUN
asfbr-370	454	6	:	:	PUNCT
asfbr-370	454	7	evidence	evidence	NOUN
asfbr-370	454	8	from	from	ADP
asfbr-370	454	9	jordan	jordan	PROPN
asfbr-370	454	10	.	.	PUNCT
asfbr-370	455	1	australian	australian	ADJ
asfbr-370	455	2	,	,	PUNCT
asfbr-370	455	3	accounting	accounting	NOUN
asfbr-370	455	4	,	,	PUNCT
asfbr-370	455	5	business	business	NOUN
asfbr-370	455	6	and	and	CCONJ
asfbr-370	455	7	finance	finance	NOUN
asfbr-370	455	8	journal	journal	NOUN
asfbr-370	455	9	,	,	PUNCT
asfbr-370	455	10	1(4	1(4	NUM
asfbr-370	455	11	)	)	PUNCT
asfbr-370	455	12	,	,	PUNCT
asfbr-370	455	13	4053	4053	NUM
asfbr-370	455	14	.	.	PUNCT
asfbr-370	456	1	copyrights	copyright	VERB
asfbr-370	456	2	copyright	copyright	NOUN
asfbr-370	456	3	for	for	ADP
asfbr-370	456	4	this	this	DET
asfbr-370	456	5	article	article	NOUN
asfbr-370	456	6	is	be	AUX
asfbr-370	456	7	retained	retain	VERB
asfbr-370	456	8	by	by	ADP
asfbr-370	456	9	the	the	DET
asfbr-370	456	10	author(s	author(s	PROPN
asfbr-370	456	11	)	)	PUNCT
asfbr-370	456	12	,	,	PUNCT
asfbr-370	456	13	with	with	ADP
asfbr-370	456	14	first	first	ADJ
asfbr-370	456	15	publication	publication	NOUN
asfbr-370	456	16	rights	right	NOUN
asfbr-370	456	17	granted	grant	VERB
asfbr-370	456	18	to	to	ADP
asfbr-370	456	19	the	the	DET
asfbr-370	456	20	journal	journal	NOUN
asfbr-370	456	21	.	.	PUNCT
asfbr-370	457	1	this	this	PRON
asfbr-370	457	2	is	be	AUX
asfbr-370	457	3	an	an	DET
asfbr-370	457	4	open	open	ADJ
asfbr-370	457	5	-	-	PUNCT
asfbr-370	457	6	access	access	NOUN
asfbr-370	457	7	article	article	NOUN
asfbr-370	457	8	distributed	distribute	VERB
asfbr-370	457	9	under	under	ADP
asfbr-370	457	10	the	the	DET
asfbr-370	457	11	terms	term	NOUN
asfbr-370	457	12	and	and	CCONJ
asfbr-370	457	13	conditions	condition	NOUN
asfbr-370	457	14	of	of	ADP
asfbr-370	457	15	the	the	DET
asfbr-370	457	16	creative	creative	ADJ
asfbr-370	457	17	commons	common	NOUN
asfbr-370	457	18	attribution	attribution	NOUN
asfbr-370	457	19	license	license	NOUN
asfbr-370	457	20	(	(	PUNCT
asfbr-370	457	21	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
asfbr-370	457	22	)	)	PUNCT
asfbr-370	457	23	.	.	PUNCT