id	sid	tid	token	lemma	pos
ajeer-197	1	1	asian	asian	PROPN
ajeer-197	1	2	journal	journal	PROPN
ajeer-197	1	3	of	of	ADP
ajeer-197	1	4	economics	economic	NOUN
ajeer-197	1	5	and	and	CCONJ
ajeer-197	1	6	empirical	empirical	ADJ
ajeer-197	1	7	research	research	NOUN
ajeer-197	1	8	issn	issn	NOUN
ajeer-197	1	9	:	:	PUNCT
ajeer-197	1	10	2409	2409	NUM
ajeer-197	1	11	-	-	SYM
ajeer-197	1	12	2622	2622	NUM
ajeer-197	1	13	vol	vol	NOUN
ajeer-197	1	14	.	.	PROPN
ajeer-197	2	1	2	2	NUM
ajeer-197	2	2	,	,	PUNCT
ajeer-197	2	3	no	no	INTJ
ajeer-197	2	4	.	.	NOUN
ajeer-197	2	5	1	1	NUM
ajeer-197	2	6	,	,	PUNCT
ajeer-197	2	7	39	39	NUM
ajeer-197	2	8	-	-	SYM
ajeer-197	2	9	46	46	NUM
ajeer-197	2	10	,	,	PUNCT
ajeer-197	2	11	2015	2015	NUM
ajeer-197	2	12	http://asianonlinejournals.com/index.php/ajeer	http://asianonlinejournals.com/index.php/ajeer	NOUN
ajeer-197	2	13	*	*	PUNCT
ajeer-197	2	14	corresponding	correspond	VERB
ajeer-197	2	15	author	author	NOUN
ajeer-197	2	16	39	39	NUM
ajeer-197	2	17	taxation	taxation	NOUN
ajeer-197	2	18	and	and	CCONJ
ajeer-197	2	19	capital	capital	NOUN
ajeer-197	2	20	structure	structure	NOUN
ajeer-197	2	21	:	:	PUNCT
ajeer-197	2	22	evidence	evidence	NOUN
ajeer-197	2	23	from	from	ADP
ajeer-197	2	24	russian	russian	ADJ
ajeer-197	2	25	companies	company	NOUN
ajeer-197	2	26	elena	elena	VERB
ajeer-197	2	27	makeeva	makeeva	PROPN
ajeer-197	2	28	1	1	NUM
ajeer-197	2	29	*	*	AUX
ajeer-197	2	30	--tatiana	--tatiana	NUM
ajeer-197	2	31	kozenkova	kozenkova	PROPN
ajeer-197	2	32	2	2	NUM
ajeer-197	2	33	1	1	NUM
ajeer-197	2	34	department	department	NOUN
ajeer-197	2	35	of	of	ADP
ajeer-197	2	36	finance	finance	NOUN
ajeer-197	2	37	,	,	PUNCT
ajeer-197	2	38	national	national	PROPN
ajeer-197	2	39	research	research	PROPN
ajeer-197	2	40	university	university	PROPN
ajeer-197	2	41	higher	high	ADJ
ajeer-197	2	42	school	school	NOUN
ajeer-197	2	43	of	of	ADP
ajeer-197	2	44	economic	economic	ADJ
ajeer-197	2	45	,	,	PUNCT
ajeer-197	2	46	russia	russia	PROPN
ajeer-197	2	47	2	2	NUM
ajeer-197	2	48	department	department	NOUN
ajeer-197	2	49	of	of	ADP
ajeer-197	2	50	financial	financial	ADJ
ajeer-197	2	51	management	management	NOUN
ajeer-197	2	52	,	,	PUNCT
ajeer-197	2	53	financial	financial	ADJ
ajeer-197	2	54	university	university	NOUN
ajeer-197	2	55	under	under	ADP
ajeer-197	2	56	the	the	DET
ajeer-197	2	57	government	government	NOUN
ajeer-197	2	58	of	of	ADP
ajeer-197	2	59	the	the	DET
ajeer-197	2	60	russian	russian	PROPN
ajeer-197	2	61	federation	federation	PROPN
ajeer-197	2	62	abstract	abstract	NOUN
ajeer-197	2	63	this	this	DET
ajeer-197	2	64	work	work	NOUN
ajeer-197	2	65	is	be	AUX
ajeer-197	2	66	licensed	license	VERB
ajeer-197	2	67	under	under	ADP
ajeer-197	2	68	a	a	DET
ajeer-197	2	69	creative	creative	ADJ
ajeer-197	2	70	commons	common	NOUN
ajeer-197	2	71	attribution	attribution	NOUN
ajeer-197	2	72	3.0	3.0	NUM
ajeer-197	2	73	license	license	NOUN
ajeer-197	2	74	asian	asian	ADJ
ajeer-197	2	75	online	online	PROPN
ajeer-197	2	76	journal	journal	PROPN
ajeer-197	2	77	publishing	publishing	NOUN
ajeer-197	2	78	group	group	NOUN
ajeer-197	2	79	contents	content	VERB
ajeer-197	2	80	1	1	NUM
ajeer-197	2	81	.	.	PUNCT
ajeer-197	3	1	introduction	introduction	NOUN
ajeer-197	3	2	...............................................................................................................................................................................	...............................................................................................................................................................................	PROPN
ajeer-197	4	1	40	40	NUM
ajeer-197	4	2	2	2	NUM
ajeer-197	4	3	.	.	PUNCT
ajeer-197	4	4	literature	literature	PROPN
ajeer-197	4	5	review	review	PROPN
ajeer-197	4	6	......................................................................................................................................................................	......................................................................................................................................................................	PROPN
ajeer-197	4	7	40	40	NUM
ajeer-197	4	8	3	3	NUM
ajeer-197	4	9	.	.	PUNCT
ajeer-197	5	1	data	datum	NOUN
ajeer-197	5	2	and	and	CCONJ
ajeer-197	5	3	empirical	empirical	ADJ
ajeer-197	5	4	methodology	methodology	NOUN
ajeer-197	5	5	............................................................................................................................................	............................................................................................................................................	PUNCT
ajeer-197	6	1	42	42	NUM
ajeer-197	6	2	4	4	NUM
ajeer-197	6	3	.	.	PUNCT
ajeer-197	7	1	conclusions	conclusion	NOUN
ajeer-197	7	2	................................................................................................................................................................................	................................................................................................................................................................................	VERB
ajeer-197	7	3	45	45	NUM
ajeer-197	7	4	5	5	NUM
ajeer-197	7	5	.	.	PUNCT
ajeer-197	8	1	acknowledgement	acknowledgement	NOUN
ajeer-197	8	2	.....................................................................................................................................................................	.....................................................................................................................................................................	PUNCT
ajeer-197	9	1	46	46	NUM
ajeer-197	9	2	references	reference	NOUN
ajeer-197	9	3	......................................................................................................................................................................................	......................................................................................................................................................................................	PUNCT
ajeer-197	10	1	46	46	NUM
ajeer-197	10	2	this	this	DET
ajeer-197	10	3	paper	paper	NOUN
ajeer-197	10	4	presents	present	VERB
ajeer-197	10	5	a	a	DET
ajeer-197	10	6	study	study	NOUN
ajeer-197	10	7	of	of	ADP
ajeer-197	10	8	the	the	DET
ajeer-197	10	9	impact	impact	NOUN
ajeer-197	10	10	of	of	ADP
ajeer-197	10	11	taxation	taxation	NOUN
ajeer-197	10	12	on	on	ADP
ajeer-197	10	13	the	the	DET
ajeer-197	10	14	capital	capital	NOUN
ajeer-197	10	15	structure	structure	NOUN
ajeer-197	10	16	of	of	ADP
ajeer-197	10	17	russian	russian	ADJ
ajeer-197	10	18	companies	company	NOUN
ajeer-197	10	19	,	,	PUNCT
ajeer-197	10	20	based	base	VERB
ajeer-197	10	21	on	on	ADP
ajeer-197	10	22	the	the	DET
ajeer-197	10	23	graham	graham	PROPN
ajeer-197	10	24	model	model	PROPN
ajeer-197	10	25	.	.	PUNCT
ajeer-197	11	1	the	the	DET
ajeer-197	11	2	study	study	NOUN
ajeer-197	11	3	revealed	reveal	VERB
ajeer-197	11	4	that	that	SCONJ
ajeer-197	11	5	it	it	PRON
ajeer-197	11	6	is	be	AUX
ajeer-197	11	7	more	more	ADV
ajeer-197	11	8	appropriate	appropriate	ADJ
ajeer-197	11	9	to	to	PART
ajeer-197	11	10	include	include	VERB
ajeer-197	11	11	the	the	DET
ajeer-197	11	12	effective	effective	ADJ
ajeer-197	11	13	tax	tax	NOUN
ajeer-197	11	14	rate	rate	NOUN
ajeer-197	11	15	in	in	ADP
ajeer-197	11	16	the	the	DET
ajeer-197	11	17	model	model	NOUN
ajeer-197	11	18	,	,	PUNCT
ajeer-197	11	19	rather	rather	ADV
ajeer-197	11	20	than	than	SCONJ
ajeer-197	11	21	use	use	VERB
ajeer-197	11	22	the	the	DET
ajeer-197	11	23	marginal	marginal	ADJ
ajeer-197	11	24	tax	tax	NOUN
ajeer-197	11	25	rate	rate	NOUN
ajeer-197	11	26	since	since	SCONJ
ajeer-197	11	27	it	it	PRON
ajeer-197	11	28	is	be	AUX
ajeer-197	11	29	more	more	ADV
ajeer-197	11	30	applicable	applicable	ADJ
ajeer-197	11	31	for	for	ADP
ajeer-197	11	32	the	the	DET
ajeer-197	11	33	russian	russian	ADJ
ajeer-197	11	34	companies	company	NOUN
ajeer-197	11	35	.	.	PUNCT
ajeer-197	12	1	keywords	keyword	NOUN
ajeer-197	12	2	:	:	PUNCT
ajeer-197	12	3	taxation	taxation	NOUN
ajeer-197	12	4	,	,	PUNCT
ajeer-197	12	5	capital	capital	NOUN
ajeer-197	12	6	structure	structure	NOUN
ajeer-197	12	7	,	,	PUNCT
ajeer-197	12	8	russian	russian	ADJ
ajeer-197	12	9	companies	company	NOUN
ajeer-197	12	10	,	,	PUNCT
ajeer-197	12	11	bankruptcy	bankruptcy	NOUN
ajeer-197	12	12	probability	probability	NOUN
ajeer-197	12	13	,	,	PUNCT
ajeer-197	12	14	effective	effective	ADJ
ajeer-197	12	15	tax	tax	NOUN
ajeer-197	12	16	rate	rate	NOUN
ajeer-197	12	17	,	,	PUNCT
ajeer-197	12	18	debt	debt	NOUN
ajeer-197	12	19	.	.	PUNCT
ajeer-197	13	1	jel	jel	PROPN
ajeer-197	13	2	classification	classification	NOUN
ajeer-197	13	3	:	:	PUNCT
ajeer-197	13	4	g32	g32	NOUN
ajeer-197	13	5	,	,	PUNCT
ajeer-197	13	6	g38	g38	NOUN
ajeer-197	13	7	and	and	CCONJ
ajeer-197	13	8	r3	r3	PROPN
ajeer-197	13	9	.	.	PUNCT
ajeer-197	14	1	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajeer-197	14	2	asian	asian	PROPN
ajeer-197	14	3	journal	journal	PROPN
ajeer-197	14	4	of	of	ADP
ajeer-197	14	5	economics	economic	NOUN
ajeer-197	14	6	and	and	CCONJ
ajeer-197	14	7	empirical	empirical	ADJ
ajeer-197	14	8	research	research	NOUN
ajeer-197	14	9	,	,	PUNCT
ajeer-197	14	10	2015	2015	NUM
ajeer-197	14	11	,	,	PUNCT
ajeer-197	14	12	2(1):39	2(1):39	NUM
ajeer-197	14	13	-	-	SYM
ajeer-197	14	14	46	46	NUM
ajeer-197	14	15	40	40	NUM
ajeer-197	14	16	1	1	NUM
ajeer-197	14	17	.	.	PUNCT
ajeer-197	14	18	introduction	introduction	NOUN
ajeer-197	14	19	to	to	ADP
ajeer-197	14	20	date	date	NOUN
ajeer-197	14	21	,	,	PUNCT
ajeer-197	14	22	the	the	DET
ajeer-197	14	23	possibility	possibility	NOUN
ajeer-197	14	24	of	of	ADP
ajeer-197	14	25	having	have	VERB
ajeer-197	14	26	a	a	DET
ajeer-197	14	27	definitive	definitive	ADJ
ajeer-197	14	28	capital	capital	NOUN
ajeer-197	14	29	structure	structure	NOUN
ajeer-197	14	30	for	for	ADP
ajeer-197	14	31	each	each	DET
ajeer-197	14	32	company	company	NOUN
ajeer-197	14	33	,	,	PUNCT
ajeer-197	14	34	by	by	ADP
ajeer-197	14	35	itself	itself	PRON
ajeer-197	14	36	,	,	PUNCT
ajeer-197	14	37	has	have	AUX
ajeer-197	14	38	caused	cause	VERB
ajeer-197	14	39	much	much	ADJ
ajeer-197	14	40	controversy	controversy	NOUN
ajeer-197	14	41	,	,	PUNCT
ajeer-197	14	42	as	as	ADV
ajeer-197	14	43	well	well	ADV
ajeer-197	14	44	as	as	ADP
ajeer-197	14	45	the	the	DET
ajeer-197	14	46	question	question	NOUN
ajeer-197	14	47	:	:	PUNCT
ajeer-197	14	48	do	do	AUX
ajeer-197	14	49	the	the	DET
ajeer-197	14	50	companies	company	NOUN
ajeer-197	14	51	,	,	PUNCT
ajeer-197	14	52	issuing	issue	VERB
ajeer-197	14	53	debt	debt	NOUN
ajeer-197	14	54	or	or	CCONJ
ajeer-197	14	55	equity	equity	NOUN
ajeer-197	14	56	,	,	PUNCT
ajeer-197	14	57	try	try	VERB
ajeer-197	14	58	to	to	PART
ajeer-197	14	59	make	make	VERB
ajeer-197	14	60	their	their	PRON
ajeer-197	14	61	ratio	ratio	NOUN
ajeer-197	14	62	unified	unify	VERB
ajeer-197	14	63	,	,	PUNCT
ajeer-197	14	64	or	or	CCONJ
ajeer-197	14	65	do	do	AUX
ajeer-197	14	66	they	they	PRON
ajeer-197	14	67	only	only	ADV
ajeer-197	14	68	have	have	VERB
ajeer-197	14	69	instantaneous	instantaneous	ADJ
ajeer-197	14	70	motifs	motif	NOUN
ajeer-197	14	71	and	and	CCONJ
ajeer-197	14	72	pay	pay	VERB
ajeer-197	14	73	attention	attention	NOUN
ajeer-197	14	74	to	to	ADP
ajeer-197	14	75	exogenous	exogenous	ADJ
ajeer-197	14	76	factors	factor	NOUN
ajeer-197	14	77	that	that	PRON
ajeer-197	14	78	change	change	VERB
ajeer-197	14	79	with	with	ADP
ajeer-197	14	80	time	time	NOUN
ajeer-197	14	81	?	?	PUNCT
ajeer-197	15	1	considering	consider	VERB
ajeer-197	15	2	that	that	SCONJ
ajeer-197	15	3	companies	company	NOUN
ajeer-197	15	4	,	,	PUNCT
ajeer-197	15	5	by	by	ADP
ajeer-197	15	6	virtue	virtue	NOUN
ajeer-197	15	7	of	of	ADP
ajeer-197	15	8	their	their	PRON
ajeer-197	15	9	nature	nature	NOUN
ajeer-197	15	10	,	,	PUNCT
ajeer-197	15	11	are	be	AUX
ajeer-197	15	12	economically	economically	ADV
ajeer-197	15	13	rational	rational	ADJ
ajeer-197	15	14	,	,	PUNCT
ajeer-197	15	15	it	it	PRON
ajeer-197	15	16	is	be	AUX
ajeer-197	15	17	supposed	suppose	VERB
ajeer-197	15	18	that	that	SCONJ
ajeer-197	15	19	,	,	PUNCT
ajeer-197	15	20	by	by	ADP
ajeer-197	15	21	taking	take	VERB
ajeer-197	15	22	one	one	NUM
ajeer-197	15	23	or	or	CCONJ
ajeer-197	15	24	another	another	DET
ajeer-197	15	25	decision	decision	NOUN
ajeer-197	15	26	,	,	PUNCT
ajeer-197	15	27	the	the	DET
ajeer-197	15	28	company	company	NOUN
ajeer-197	15	29	aspires	aspire	VERB
ajeer-197	15	30	to	to	PART
ajeer-197	15	31	maximize	maximize	VERB
ajeer-197	15	32	its	its	PRON
ajeer-197	15	33	price	price	NOUN
ajeer-197	15	34	.	.	PUNCT
ajeer-197	16	1	hence	hence	ADV
ajeer-197	16	2	these	these	DET
ajeer-197	16	3	considerations	consideration	NOUN
ajeer-197	16	4	also	also	ADV
ajeer-197	16	5	define	define	VERB
ajeer-197	16	6	the	the	DET
ajeer-197	16	7	decision	decision	NOUN
ajeer-197	16	8	about	about	ADP
ajeer-197	16	9	their	their	PRON
ajeer-197	16	10	capital	capital	NOUN
ajeer-197	16	11	structure	structure	NOUN
ajeer-197	16	12	.	.	PUNCT
ajeer-197	17	1	in	in	ADP
ajeer-197	17	2	this	this	DET
ajeer-197	17	3	respect	respect	NOUN
ajeer-197	17	4	,	,	PUNCT
ajeer-197	17	5	it	it	PRON
ajeer-197	17	6	is	be	AUX
ajeer-197	17	7	n’t	not	PART
ajeer-197	17	8	surprising	surprising	ADJ
ajeer-197	17	9	that	that	SCONJ
ajeer-197	17	10	this	this	DET
ajeer-197	17	11	question	question	NOUN
ajeer-197	17	12	is	be	AUX
ajeer-197	17	13	widely	widely	ADV
ajeer-197	17	14	discussed	discuss	VERB
ajeer-197	17	15	among	among	ADP
ajeer-197	17	16	the	the	DET
ajeer-197	17	17	economists	economist	NOUN
ajeer-197	17	18	in	in	ADP
ajeer-197	17	19	different	different	ADJ
ajeer-197	17	20	countries	country	NOUN
ajeer-197	17	21	,	,	PUNCT
ajeer-197	17	22	since	since	SCONJ
ajeer-197	17	23	it	it	PRON
ajeer-197	17	24	is	be	AUX
ajeer-197	17	25	the	the	DET
ajeer-197	17	26	key	key	NOUN
ajeer-197	17	27	to	to	PART
ajeer-197	17	28	understand	understand	VERB
ajeer-197	17	29	the	the	DET
ajeer-197	17	30	companies	company	NOUN
ajeer-197	17	31	’	’	PART
ajeer-197	17	32	motivation	motivation	NOUN
ajeer-197	17	33	,	,	PUNCT
ajeer-197	17	34	as	as	ADV
ajeer-197	17	35	well	well	ADV
ajeer-197	17	36	as	as	ADP
ajeer-197	17	37	to	to	PART
ajeer-197	17	38	develop	develop	VERB
ajeer-197	17	39	a	a	DET
ajeer-197	17	40	definitive	definitive	ADJ
ajeer-197	17	41	strategy	strategy	NOUN
ajeer-197	17	42	assuring	assure	VERB
ajeer-197	17	43	the	the	DET
ajeer-197	17	44	best	good	ADJ
ajeer-197	17	45	results	result	NOUN
ajeer-197	17	46	.	.	PUNCT
ajeer-197	18	1	as	as	ADV
ajeer-197	18	2	early	early	ADV
ajeer-197	18	3	as	as	ADP
ajeer-197	18	4	in	in	ADP
ajeer-197	18	5	1958	1958	NUM
ajeer-197	18	6	,	,	PUNCT
ajeer-197	18	7	modigliani	modigliani	PROPN
ajeer-197	18	8	and	and	CCONJ
ajeer-197	18	9	miller	miller	PROPN
ajeer-197	18	10	(	(	PUNCT
ajeer-197	18	11	1958	1958	NUM
ajeer-197	18	12	)	)	PUNCT
ajeer-197	18	13	put	put	VERB
ajeer-197	18	14	forward	forward	ADV
ajeer-197	18	15	a	a	DET
ajeer-197	18	16	hypothesis	hypothesis	NOUN
ajeer-197	18	17	that	that	PRON
ajeer-197	18	18	the	the	DET
ajeer-197	18	19	company	company	NOUN
ajeer-197	18	20	’s	’s	PART
ajeer-197	18	21	price	price	NOUN
ajeer-197	18	22	did	do	AUX
ajeer-197	18	23	n’t	not	PART
ajeer-197	18	24	depend	depend	VERB
ajeer-197	18	25	on	on	ADP
ajeer-197	18	26	the	the	DET
ajeer-197	18	27	corporate	corporate	ADJ
ajeer-197	18	28	securities	security	NOUN
ajeer-197	18	29	’	'	PUNCT
ajeer-197	18	30	structure	structure	NOUN
ajeer-197	18	31	(	(	PUNCT
ajeer-197	18	32	the	the	DET
ajeer-197	18	33	equity	equity	NOUN
ajeer-197	18	34	to	to	ADP
ajeer-197	18	35	debt	debt	NOUN
ajeer-197	18	36	ratio	ratio	NOUN
ajeer-197	18	37	)	)	PUNCT
ajeer-197	18	38	,	,	PUNCT
ajeer-197	18	39	with	with	ADP
ajeer-197	18	40	allowance	allowance	NOUN
ajeer-197	18	41	for	for	ADP
ajeer-197	18	42	a	a	DET
ajeer-197	18	43	«	«	PUNCT
ajeer-197	18	44	perfect	perfect	ADJ
ajeer-197	18	45	capital	capital	NOUN
ajeer-197	18	46	market	market	NOUN
ajeer-197	18	47	»	»	NOUN
ajeer-197	18	48	,	,	PUNCT
ajeer-197	18	49	absence	absence	NOUN
ajeer-197	18	50	of	of	ADP
ajeer-197	18	51	information	information	NOUN
ajeer-197	18	52	asymmetry	asymmetry	NOUN
ajeer-197	18	53	,	,	PUNCT
ajeer-197	18	54	corporate	corporate	ADJ
ajeer-197	18	55	and	and	CCONJ
ajeer-197	18	56	individual	individual	ADJ
ajeer-197	18	57	income	income	NOUN
ajeer-197	18	58	taxes	taxis	NOUN
ajeer-197	18	59	,	,	PUNCT
ajeer-197	18	60	transaction	transaction	NOUN
ajeer-197	18	61	costs	cost	NOUN
ajeer-197	18	62	etc	etc	X
ajeer-197	18	63	.	.	PUNCT
ajeer-197	19	1	but	but	CCONJ
ajeer-197	19	2	soon	soon	ADV
ajeer-197	19	3	the	the	DET
ajeer-197	19	4	researchers	researcher	NOUN
ajeer-197	19	5	published	publish	VERB
ajeer-197	19	6	another	another	DET
ajeer-197	19	7	scientific	scientific	ADJ
ajeer-197	19	8	effort	effort	NOUN
ajeer-197	19	9	(	(	PUNCT
ajeer-197	19	10	modigliani	modigliani	NOUN
ajeer-197	19	11	and	and	CCONJ
ajeer-197	19	12	miller	miller	PROPN
ajeer-197	19	13	,	,	PUNCT
ajeer-197	19	14	1963	1963	NUM
ajeer-197	19	15	)	)	PUNCT
ajeer-197	19	16	,	,	PUNCT
ajeer-197	19	17	aimed	aim	VERB
ajeer-197	19	18	at	at	ADP
ajeer-197	19	19	amending	amend	VERB
ajeer-197	19	20	the	the	DET
ajeer-197	19	21	previous	previous	ADJ
ajeer-197	19	22	one	one	NUM
ajeer-197	19	23	,	,	PUNCT
ajeer-197	19	24	where	where	SCONJ
ajeer-197	19	25	they	they	PRON
ajeer-197	19	26	introduced	introduce	VERB
ajeer-197	19	27	the	the	DET
ajeer-197	19	28	pre	pre	NOUN
ajeer-197	19	29	-	-	NOUN
ajeer-197	19	30	condition	condition	NOUN
ajeer-197	19	31	about	about	ADP
ajeer-197	19	32	corporate	corporate	ADJ
ajeer-197	19	33	income	income	NOUN
ajeer-197	19	34	taxes	taxis	NOUN
ajeer-197	19	35	.	.	PUNCT
ajeer-197	20	1	this	this	DET
ajeer-197	20	2	time	time	NOUN
ajeer-197	20	3	,	,	PUNCT
ajeer-197	20	4	they	they	PRON
ajeer-197	20	5	came	come	VERB
ajeer-197	20	6	to	to	ADP
ajeer-197	20	7	the	the	DET
ajeer-197	20	8	conclusion	conclusion	NOUN
ajeer-197	20	9	that	that	SCONJ
ajeer-197	20	10	taxes	taxis	NOUN
ajeer-197	20	11	influence	influence	VERB
ajeer-197	20	12	directly	directly	ADV
ajeer-197	20	13	the	the	DET
ajeer-197	20	14	capital	capital	NOUN
ajeer-197	20	15	structure	structure	NOUN
ajeer-197	20	16	of	of	ADP
ajeer-197	20	17	the	the	DET
ajeer-197	20	18	company	company	NOUN
ajeer-197	20	19	,	,	PUNCT
ajeer-197	20	20	because	because	SCONJ
ajeer-197	20	21	when	when	SCONJ
ajeer-197	20	22	using	use	VERB
ajeer-197	20	23	debt	debt	NOUN
ajeer-197	20	24	,	,	PUNCT
ajeer-197	20	25	the	the	DET
ajeer-197	20	26	so	so	ADV
ajeer-197	20	27	-	-	PUNCT
ajeer-197	20	28	called	call	VERB
ajeer-197	20	29	tax	tax	NOUN
ajeer-197	20	30	shield	shield	NOUN
ajeer-197	20	31	appears	appear	VERB
ajeer-197	20	32	that	that	PRON
ajeer-197	20	33	appreciates	appreciate	VERB
ajeer-197	20	34	the	the	DET
ajeer-197	20	35	company	company	NOUN
ajeer-197	20	36	’s	’s	PART
ajeer-197	20	37	price	price	NOUN
ajeer-197	20	38	,	,	PUNCT
ajeer-197	20	39	being	be	AUX
ajeer-197	20	40	directly	directly	ADV
ajeer-197	20	41	dependent	dependent	ADJ
ajeer-197	20	42	on	on	ADP
ajeer-197	20	43	the	the	DET
ajeer-197	20	44	amount	amount	NOUN
ajeer-197	20	45	of	of	ADP
ajeer-197	20	46	debt	debt	NOUN
ajeer-197	20	47	.	.	PUNCT
ajeer-197	21	1	the	the	DET
ajeer-197	21	2	present	present	ADJ
ajeer-197	21	3	conclusion	conclusion	NOUN
ajeer-197	21	4	implies	imply	VERB
ajeer-197	21	5	that	that	SCONJ
ajeer-197	21	6	in	in	ADP
ajeer-197	21	7	theory	theory	NOUN
ajeer-197	21	8	every	every	DET
ajeer-197	21	9	company	company	NOUN
ajeer-197	21	10	should	should	AUX
ajeer-197	21	11	omit	omit	VERB
ajeer-197	21	12	the	the	DET
ajeer-197	21	13	ownership	ownership	NOUN
ajeer-197	21	14	equity	equity	NOUN
ajeer-197	21	15	and	and	CCONJ
ajeer-197	21	16	convert	convert	NOUN
ajeer-197	21	17	to	to	ADP
ajeer-197	21	18	debt	debt	NOUN
ajeer-197	21	19	financing	financing	NOUN
ajeer-197	21	20	,	,	PUNCT
ajeer-197	21	21	in	in	ADP
ajeer-197	21	22	an	an	DET
ajeer-197	21	23	effort	effort	NOUN
ajeer-197	21	24	to	to	PART
ajeer-197	21	25	increase	increase	VERB
ajeer-197	21	26	their	their	PRON
ajeer-197	21	27	price	price	NOUN
ajeer-197	21	28	.	.	PUNCT
ajeer-197	22	1	however	however	ADV
ajeer-197	22	2	,	,	PUNCT
ajeer-197	22	3	that	that	PRON
ajeer-197	22	4	was	be	AUX
ajeer-197	22	5	not	not	PART
ajeer-197	22	6	the	the	DET
ajeer-197	22	7	case	case	NOUN
ajeer-197	22	8	in	in	ADP
ajeer-197	22	9	reality	reality	NOUN
ajeer-197	22	10	.	.	PUNCT
ajeer-197	23	1	from	from	ADP
ajeer-197	23	2	this	this	DET
ajeer-197	23	3	point	point	NOUN
ajeer-197	23	4	on	on	ADP
ajeer-197	23	5	,	,	PUNCT
ajeer-197	23	6	many	many	ADJ
ajeer-197	23	7	researchers	researcher	NOUN
ajeer-197	23	8	have	have	AUX
ajeer-197	23	9	tried	try	VERB
ajeer-197	23	10	to	to	PART
ajeer-197	23	11	loosen	loosen	VERB
ajeer-197	23	12	the	the	DET
ajeer-197	23	13	original	original	ADJ
ajeer-197	23	14	terms	term	NOUN
ajeer-197	23	15	of	of	ADP
ajeer-197	23	16	the	the	DET
ajeer-197	23	17	modigliani	modigliani	ADJ
ajeer-197	23	18	–	–	PUNCT
ajeer-197	23	19	miller	miller	PROPN
ajeer-197	23	20	hypothesis	hypothesis	NOUN
ajeer-197	23	21	by	by	ADP
ajeer-197	23	22	indicating	indicate	VERB
ajeer-197	23	23	the	the	DET
ajeer-197	23	24	imperfections	imperfection	NOUN
ajeer-197	23	25	in	in	ADP
ajeer-197	23	26	the	the	DET
ajeer-197	23	27	model	model	NOUN
ajeer-197	23	28	,	,	PUNCT
ajeer-197	23	29	such	such	ADJ
ajeer-197	23	30	as	as	ADP
ajeer-197	23	31	individual	individual	ADJ
ajeer-197	23	32	income	income	NOUN
ajeer-197	23	33	taxes	taxis	NOUN
ajeer-197	23	34	,	,	PUNCT
ajeer-197	23	35	costs	cost	NOUN
ajeer-197	23	36	of	of	ADP
ajeer-197	23	37	financial	financial	ADJ
ajeer-197	23	38	distress	distress	NOUN
ajeer-197	23	39	,	,	PUNCT
ajeer-197	23	40	caused	cause	VERB
ajeer-197	23	41	by	by	ADP
ajeer-197	23	42	the	the	DET
ajeer-197	23	43	usage	usage	NOUN
ajeer-197	23	44	of	of	ADP
ajeer-197	23	45	debt	debt	NOUN
ajeer-197	23	46	etc	etc	X
ajeer-197	23	47	.	.	PUNCT
ajeer-197	24	1	most	most	ADJ
ajeer-197	24	2	of	of	ADP
ajeer-197	24	3	the	the	DET
ajeer-197	24	4	theories	theory	NOUN
ajeer-197	24	5	,	,	PUNCT
ajeer-197	24	6	however	however	ADV
ajeer-197	24	7	,	,	PUNCT
ajeer-197	24	8	could	could	AUX
ajeer-197	24	9	n’t	not	PART
ajeer-197	24	10	explain	explain	VERB
ajeer-197	24	11	and	and	CCONJ
ajeer-197	24	12	,	,	PUNCT
ajeer-197	24	13	what	what	PRON
ajeer-197	24	14	’s	’	VERB
ajeer-197	24	15	the	the	DET
ajeer-197	24	16	most	most	ADV
ajeer-197	24	17	important	important	ADJ
ajeer-197	24	18	,	,	PUNCT
ajeer-197	24	19	establish	establish	VERB
ajeer-197	24	20	a	a	DET
ajeer-197	24	21	prognosis	prognosis	NOUN
ajeer-197	24	22	for	for	ADP
ajeer-197	24	23	the	the	DET
ajeer-197	24	24	amount	amount	NOUN
ajeer-197	24	25	of	of	ADP
ajeer-197	24	26	used	use	VERB
ajeer-197	24	27	debt	debt	NOUN
ajeer-197	24	28	for	for	ADP
ajeer-197	24	29	different	different	ADJ
ajeer-197	24	30	companies	company	NOUN
ajeer-197	24	31	.	.	PUNCT
ajeer-197	25	1	the	the	DET
ajeer-197	25	2	influence	influence	NOUN
ajeer-197	25	3	of	of	ADP
ajeer-197	25	4	corporate	corporate	ADJ
ajeer-197	25	5	income	income	NOUN
ajeer-197	25	6	taxes	taxis	NOUN
ajeer-197	25	7	on	on	ADP
ajeer-197	25	8	the	the	DET
ajeer-197	25	9	capital	capital	NOUN
ajeer-197	25	10	structure	structure	NOUN
ajeer-197	25	11	is	be	AUX
ajeer-197	25	12	,	,	PUNCT
ajeer-197	25	13	nevertheless	nevertheless	ADV
ajeer-197	25	14	,	,	PUNCT
ajeer-197	25	15	is	be	AUX
ajeer-197	25	16	indubitable	indubitable	ADJ
ajeer-197	25	17	,	,	PUNCT
ajeer-197	25	18	which	which	PRON
ajeer-197	25	19	is	be	AUX
ajeer-197	25	20	why	why	SCONJ
ajeer-197	25	21	the	the	DET
ajeer-197	25	22	majority	majority	NOUN
ajeer-197	25	23	of	of	ADP
ajeer-197	25	24	the	the	DET
ajeer-197	25	25	researchers	researcher	NOUN
ajeer-197	25	26	were	be	AUX
ajeer-197	25	27	guided	guide	VERB
ajeer-197	25	28	exactly	exactly	ADV
ajeer-197	25	29	by	by	ADP
ajeer-197	25	30	this	this	DET
ajeer-197	25	31	condition	condition	NOUN
ajeer-197	25	32	,	,	PUNCT
ajeer-197	25	33	when	when	SCONJ
ajeer-197	25	34	trying	try	VERB
ajeer-197	25	35	to	to	PART
ajeer-197	25	36	explain	explain	VERB
ajeer-197	25	37	the	the	DET
ajeer-197	25	38	choice	choice	NOUN
ajeer-197	25	39	of	of	ADP
ajeer-197	25	40	the	the	DET
ajeer-197	25	41	company	company	NOUN
ajeer-197	25	42	’s	’s	PART
ajeer-197	25	43	capital	capital	NOUN
ajeer-197	25	44	structure	structure	NOUN
ajeer-197	25	45	.	.	PUNCT
ajeer-197	26	1	this	this	DET
ajeer-197	26	2	work	work	NOUN
ajeer-197	26	3	presents	present	VERB
ajeer-197	26	4	the	the	DET
ajeer-197	26	5	approach	approach	NOUN
ajeer-197	26	6	of	of	ADP
ajeer-197	26	7	different	different	ADJ
ajeer-197	26	8	researchers	researcher	NOUN
ajeer-197	26	9	to	to	ADP
ajeer-197	26	10	this	this	DET
ajeer-197	26	11	issue	issue	NOUN
ajeer-197	26	12	,	,	PUNCT
ajeer-197	26	13	it	it	PRON
ajeer-197	26	14	follows	follow	VERB
ajeer-197	26	15	the	the	DET
ajeer-197	26	16	scientific	scientific	ADJ
ajeer-197	26	17	thought	thought	NOUN
ajeer-197	26	18	in	in	ADP
ajeer-197	26	19	its	its	PRON
ajeer-197	26	20	effort	effort	NOUN
ajeer-197	26	21	to	to	PART
ajeer-197	26	22	explain	explain	VERB
ajeer-197	26	23	empirical	empirical	ADJ
ajeer-197	26	24	observations	observation	NOUN
ajeer-197	26	25	,	,	PUNCT
ajeer-197	26	26	and	and	CCONJ
ajeer-197	26	27	thoroughly	thoroughly	ADV
ajeer-197	26	28	examines	examine	VERB
ajeer-197	26	29	the	the	DET
ajeer-197	26	30	model	model	NOUN
ajeer-197	26	31	,	,	PUNCT
ajeer-197	26	32	created	create	VERB
ajeer-197	26	33	by	by	ADP
ajeer-197	26	34	graham	graham	PROPN
ajeer-197	26	35	(	(	PUNCT
ajeer-197	26	36	1996	1996	NUM
ajeer-197	26	37	)	)	PUNCT
ajeer-197	26	38	,	,	PUNCT
ajeer-197	26	39	as	as	ADV
ajeer-197	26	40	well	well	ADV
ajeer-197	26	41	as	as	ADP
ajeer-197	26	42	gives	give	VERB
ajeer-197	26	43	the	the	DET
ajeer-197	26	44	own	own	ADJ
ajeer-197	26	45	approach	approach	NOUN
ajeer-197	26	46	,	,	PUNCT
ajeer-197	26	47	based	base	VERB
ajeer-197	26	48	on	on	ADP
ajeer-197	26	49	graham	graham	PROPN
ajeer-197	26	50	’s	’s	PART
ajeer-197	26	51	concept	concept	NOUN
ajeer-197	26	52	.	.	PUNCT
ajeer-197	27	1	2	2	X
ajeer-197	27	2	.	.	X
ajeer-197	27	3	literature	literature	PROPN
ajeer-197	27	4	review	review	PROPN
ajeer-197	27	5	graham	graham	PROPN
ajeer-197	27	6	put	put	VERB
ajeer-197	27	7	a	a	DET
ajeer-197	27	8	lot	lot	NOUN
ajeer-197	27	9	of	of	ADP
ajeer-197	27	10	effort	effort	NOUN
ajeer-197	27	11	(	(	PUNCT
ajeer-197	27	12	graham	graham	PROPN
ajeer-197	27	13	,	,	PUNCT
ajeer-197	27	14	1996	1996	NUM
ajeer-197	27	15	;	;	PUNCT
ajeer-197	27	16	2000	2000	NUM
ajeer-197	27	17	)	)	PUNCT
ajeer-197	27	18	trying	try	VERB
ajeer-197	27	19	to	to	PART
ajeer-197	27	20	show	show	VERB
ajeer-197	27	21	the	the	DET
ajeer-197	27	22	influence	influence	NOUN
ajeer-197	27	23	of	of	ADP
ajeer-197	27	24	tax	tax	NOUN
ajeer-197	27	25	factors	factor	NOUN
ajeer-197	27	26	on	on	ADP
ajeer-197	27	27	the	the	DET
ajeer-197	27	28	company	company	NOUN
ajeer-197	27	29	’s	’s	PART
ajeer-197	27	30	strategy	strategy	NOUN
ajeer-197	27	31	about	about	ADP
ajeer-197	27	32	changing	change	VERB
ajeer-197	27	33	of	of	ADP
ajeer-197	27	34	its	its	PRON
ajeer-197	27	35	capital	capital	NOUN
ajeer-197	27	36	structure	structure	NOUN
ajeer-197	27	37	.	.	PUNCT
ajeer-197	28	1	in	in	ADP
ajeer-197	28	2	particular	particular	ADJ
ajeer-197	28	3	,	,	PUNCT
ajeer-197	28	4	he	he	PRON
ajeer-197	28	5	concluded	conclude	VERB
ajeer-197	28	6	that	that	SCONJ
ajeer-197	28	7	companies	company	NOUN
ajeer-197	28	8	with	with	ADP
ajeer-197	28	9	high	high	ADJ
ajeer-197	28	10	taxation	taxation	NOUN
ajeer-197	28	11	rate	rate	NOUN
ajeer-197	28	12	resort	resort	NOUN
ajeer-197	28	13	to	to	ADP
ajeer-197	28	14	debt	debt	NOUN
ajeer-197	28	15	more	more	ADV
ajeer-197	28	16	frequently	frequently	ADV
ajeer-197	28	17	than	than	ADP
ajeer-197	28	18	the	the	DET
ajeer-197	28	19	other	other	ADJ
ajeer-197	28	20	ones	one	NOUN
ajeer-197	28	21	.	.	PUNCT
ajeer-197	29	1	as	as	ADP
ajeer-197	29	2	the	the	DET
ajeer-197	29	3	main	main	ADJ
ajeer-197	29	4	tax	tax	NOUN
ajeer-197	29	5	factor	factor	NOUN
ajeer-197	29	6	,	,	PUNCT
ajeer-197	29	7	graham	graham	PROPN
ajeer-197	29	8	uses	use	VERB
ajeer-197	29	9	the	the	DET
ajeer-197	29	10	marginal	marginal	ADJ
ajeer-197	29	11	tax	tax	NOUN
ajeer-197	29	12	rate	rate	NOUN
ajeer-197	29	13	(	(	PUNCT
ajeer-197	29	14	mtr	mtr	NOUN
ajeer-197	29	15	)	)	PUNCT
ajeer-197	29	16	that	that	PRON
ajeer-197	29	17	fairly	fairly	ADV
ajeer-197	29	18	defines	define	VERB
ajeer-197	29	19	the	the	DET
ajeer-197	29	20	taxable	taxable	ADJ
ajeer-197	29	21	status	status	NOUN
ajeer-197	29	22	of	of	ADP
ajeer-197	29	23	the	the	DET
ajeer-197	29	24	company	company	NOUN
ajeer-197	29	25	.	.	PUNCT
ajeer-197	30	1	by	by	ADP
ajeer-197	30	2	the	the	DET
ajeer-197	30	3	marginal	marginal	ADJ
ajeer-197	30	4	tax	tax	NOUN
ajeer-197	30	5	rate	rate	NOUN
ajeer-197	30	6	we	we	PRON
ajeer-197	30	7	mean	mean	VERB
ajeer-197	30	8	present	present	ADJ
ajeer-197	30	9	tax	tax	NOUN
ajeer-197	30	10	value	value	NOUN
ajeer-197	30	11	the	the	DET
ajeer-197	30	12	company	company	NOUN
ajeer-197	30	13	should	should	AUX
ajeer-197	30	14	pay	pay	VERB
ajeer-197	30	15	additionally	additionally	ADV
ajeer-197	30	16	during	during	ADP
ajeer-197	30	17	the	the	DET
ajeer-197	30	18	running	running	NOUN
ajeer-197	30	19	and	and	CCONJ
ajeer-197	30	20	the	the	DET
ajeer-197	30	21	forward	forward	ADJ
ajeer-197	30	22	period	period	NOUN
ajeer-197	30	23	,	,	PUNCT
ajeer-197	30	24	in	in	ADP
ajeer-197	30	25	case	case	NOUN
ajeer-197	30	26	of	of	ADP
ajeer-197	30	27	a	a	DET
ajeer-197	30	28	$	$	SYM
ajeer-197	30	29	1	1	NUM
ajeer-197	30	30	increase	increase	NOUN
ajeer-197	30	31	in	in	ADP
ajeer-197	30	32	income	income	NOUN
ajeer-197	30	33	in	in	ADP
ajeer-197	30	34	the	the	DET
ajeer-197	30	35	running	running	NOUN
ajeer-197	30	36	period	period	NOUN
ajeer-197	30	37	.	.	PUNCT
ajeer-197	31	1	in	in	ADP
ajeer-197	31	2	contrast	contrast	NOUN
ajeer-197	31	3	to	to	ADP
ajeer-197	31	4	effective	effective	ADJ
ajeer-197	31	5	tax	tax	NOUN
ajeer-197	31	6	rate	rate	NOUN
ajeer-197	31	7	,	,	PUNCT
ajeer-197	31	8	calculated	calculate	VERB
ajeer-197	31	9	as	as	ADP
ajeer-197	31	10	ratio	ratio	NOUN
ajeer-197	31	11	of	of	ADP
ajeer-197	31	12	effective	effective	ADJ
ajeer-197	31	13	paid	pay	VERB
ajeer-197	31	14	taxes	taxis	NOUN
ajeer-197	31	15	to	to	ADP
ajeer-197	31	16	the	the	DET
ajeer-197	31	17	taxable	taxable	ADJ
ajeer-197	31	18	base	base	NOUN
ajeer-197	31	19	for	for	ADP
ajeer-197	31	20	a	a	DET
ajeer-197	31	21	certain	certain	ADJ
ajeer-197	31	22	period	period	NOUN
ajeer-197	31	23	,	,	PUNCT
ajeer-197	31	24	the	the	DET
ajeer-197	31	25	mtr	mtr	NOUN
ajeer-197	31	26	ca	can	AUX
ajeer-197	31	27	n’t	not	PART
ajeer-197	31	28	take	take	VERB
ajeer-197	31	29	negative	negative	ADJ
ajeer-197	31	30	values	value	NOUN
ajeer-197	31	31	.	.	PUNCT
ajeer-197	32	1	it	it	PRON
ajeer-197	32	2	also	also	ADV
ajeer-197	32	3	depends	depend	VERB
ajeer-197	32	4	on	on	ADP
ajeer-197	32	5	such	such	ADJ
ajeer-197	32	6	specific	specific	ADJ
ajeer-197	32	7	factors	factor	NOUN
ajeer-197	32	8	of	of	ADP
ajeer-197	32	9	the	the	DET
ajeer-197	32	10	tax	tax	NOUN
ajeer-197	32	11	system	system	NOUN
ajeer-197	32	12	,	,	PUNCT
ajeer-197	32	13	as	as	SCONJ
ajeer-197	32	14	tax	tax	NOUN
ajeer-197	32	15	loss	loss	NOUN
ajeer-197	32	16	carryforward	carryforward	NOUN
ajeer-197	32	17	/	/	SYM
ajeer-197	32	18	carryback	carryback	NOUN
ajeer-197	32	19	,	,	PUNCT
ajeer-197	32	20	investment	investment	NOUN
ajeer-197	32	21	tax	tax	NOUN
ajeer-197	32	22	credits	credit	NOUN
ajeer-197	32	23	,	,	PUNCT
ajeer-197	32	24	and	and	CCONJ
ajeer-197	32	25	the	the	DET
ajeer-197	32	26	alternative	alternative	ADJ
ajeer-197	32	27	minimum	minimum	ADJ
ajeer-197	32	28	tax	tax	NOUN
ajeer-197	32	29	,	,	PUNCT
ajeer-197	32	30	considered	consider	VERB
ajeer-197	32	31	below	below	ADV
ajeer-197	32	32	.	.	PUNCT
ajeer-197	33	1	if	if	SCONJ
ajeer-197	33	2	the	the	DET
ajeer-197	33	3	company	company	NOUN
ajeer-197	33	4	has	have	VERB
ajeer-197	33	5	enough	enough	ADJ
ajeer-197	33	6	similar	similar	ADJ
ajeer-197	33	7	non	non	ADJ
ajeer-197	33	8	-	-	ADJ
ajeer-197	33	9	debt	debt	ADJ
ajeer-197	33	10	tax	tax	NOUN
ajeer-197	33	11	shields	shield	NOUN
ajeer-197	33	12	(	(	PUNCT
ajeer-197	33	13	ndts	ndts	PROPN
ajeer-197	33	14	)	)	PUNCT
ajeer-197	33	15	to	to	PART
ajeer-197	33	16	decrease	decrease	VERB
ajeer-197	33	17	the	the	DET
ajeer-197	33	18	estimated	estimate	VERB
ajeer-197	33	19	mtr	mtr	PROPN
ajeer-197	33	20	,	,	PUNCT
ajeer-197	33	21	the	the	DET
ajeer-197	33	22	company	company	NOUN
ajeer-197	33	23	will	will	AUX
ajeer-197	33	24	issue	issue	VERB
ajeer-197	33	25	less	less	ADJ
ajeer-197	33	26	debt	debt	NOUN
ajeer-197	33	27	,	,	PUNCT
ajeer-197	33	28	than	than	ADP
ajeer-197	33	29	a	a	DET
ajeer-197	33	30	similar	similar	ADJ
ajeer-197	33	31	company	company	NOUN
ajeer-197	33	32	that	that	PRON
ajeer-197	33	33	does	do	AUX
ajeer-197	33	34	n’t	not	PART
ajeer-197	33	35	take	take	VERB
ajeer-197	33	36	advantage	advantage	NOUN
ajeer-197	33	37	of	of	ADP
ajeer-197	33	38	ndts	ndts	NOUN
ajeer-197	33	39	.	.	PUNCT
ajeer-197	34	1	the	the	DET
ajeer-197	34	2	author	author	NOUN
ajeer-197	34	3	uses	use	VERB
ajeer-197	34	4	incremental	incremental	ADJ
ajeer-197	34	5	changes	change	NOUN
ajeer-197	34	6	in	in	ADP
ajeer-197	34	7	the	the	DET
ajeer-197	34	8	debt	debt	NOUN
ajeer-197	34	9	,	,	PUNCT
ajeer-197	34	10	in	in	ADP
ajeer-197	34	11	contrast	contrast	NOUN
ajeer-197	34	12	to	to	ADP
ajeer-197	34	13	the	the	DET
ajeer-197	34	14	cumulative	cumulative	ADJ
ajeer-197	34	15	level	level	NOUN
ajeer-197	34	16	.	.	PUNCT
ajeer-197	35	1	to	to	PART
ajeer-197	35	2	illustrate	illustrate	VERB
ajeer-197	35	3	it	it	PRON
ajeer-197	35	4	,	,	PUNCT
ajeer-197	35	5	he	he	PRON
ajeer-197	35	6	gives	give	VERB
ajeer-197	35	7	us	we	PRON
ajeer-197	35	8	the	the	DET
ajeer-197	35	9	following	follow	VERB
ajeer-197	35	10	example	example	NOUN
ajeer-197	35	11	:	:	PUNCT
ajeer-197	35	12	the	the	DET
ajeer-197	35	13	company	company	NOUN
ajeer-197	35	14	that	that	PRON
ajeer-197	35	15	does	do	AUX
ajeer-197	35	16	n’t	not	PART
ajeer-197	35	17	use	use	VERB
ajeer-197	35	18	debt	debt	NOUN
ajeer-197	35	19	faces	face	VERB
ajeer-197	35	20	a	a	DET
ajeer-197	35	21	high	high	ADJ
ajeer-197	35	22	mtr	mtr	NOUN
ajeer-197	35	23	and	and	CCONJ
ajeer-197	35	24	decides	decide	VERB
ajeer-197	35	25	to	to	PART
ajeer-197	35	26	issue	issue	VERB
ajeer-197	35	27	debt	debt	NOUN
ajeer-197	35	28	for	for	ADP
ajeer-197	35	29	further	further	ADJ
ajeer-197	35	30	use	use	NOUN
ajeer-197	35	31	of	of	ADP
ajeer-197	35	32	interest	interest	NOUN
ajeer-197	35	33	deductions	deduction	NOUN
ajeer-197	35	34	.	.	PUNCT
ajeer-197	36	1	at	at	ADP
ajeer-197	36	2	that	that	PRON
ajeer-197	36	3	,	,	PUNCT
ajeer-197	36	4	the	the	DET
ajeer-197	36	5	dependency	dependency	NOUN
ajeer-197	36	6	between	between	ADP
ajeer-197	36	7	the	the	DET
ajeer-197	36	8	tax	tax	NOUN
ajeer-197	36	9	rate	rate	NOUN
ajeer-197	36	10	and	and	CCONJ
ajeer-197	36	11	the	the	DET
ajeer-197	36	12	debt	debt	NOUN
ajeer-197	36	13	option	option	NOUN
ajeer-197	36	14	takes	take	VERB
ajeer-197	36	15	a	a	DET
ajeer-197	36	16	positive	positive	ADJ
ajeer-197	36	17	value	value	NOUN
ajeer-197	36	18	,	,	PUNCT
ajeer-197	36	19	as	as	SCONJ
ajeer-197	36	20	is	be	AUX
ajeer-197	36	21	evident	evident	ADJ
ajeer-197	36	22	.	.	PUNCT
ajeer-197	37	1	at	at	ADP
ajeer-197	37	2	the	the	DET
ajeer-197	37	3	same	same	ADJ
ajeer-197	37	4	time	time	NOUN
ajeer-197	37	5	,	,	PUNCT
ajeer-197	37	6	increase	increase	NOUN
ajeer-197	37	7	of	of	ADP
ajeer-197	37	8	debt	debt	NOUN
ajeer-197	37	9	obligations	obligation	NOUN
ajeer-197	37	10	reduces	reduce	VERB
ajeer-197	37	11	the	the	DET
ajeer-197	37	12	expected	expect	VERB
ajeer-197	37	13	marginal	marginal	ADJ
ajeer-197	37	14	rate	rate	NOUN
ajeer-197	37	15	,	,	PUNCT
ajeer-197	37	16	because	because	SCONJ
ajeer-197	37	17	the	the	DET
ajeer-197	37	18	probability	probability	NOUN
ajeer-197	37	19	goes	go	VERB
ajeer-197	37	20	higher	high	ADJ
ajeer-197	37	21	that	that	SCONJ
ajeer-197	37	22	the	the	DET
ajeer-197	37	23	company	company	NOUN
ajeer-197	37	24	is	be	AUX
ajeer-197	37	25	at	at	ADP
ajeer-197	37	26	a	a	DET
ajeer-197	37	27	loss	loss	NOUN
ajeer-197	37	28	and	and	CCONJ
ajeer-197	37	29	wo	will	AUX
ajeer-197	37	30	n’t	not	PART
ajeer-197	37	31	pay	pay	VERB
ajeer-197	37	32	out	out	ADP
ajeer-197	37	33	the	the	DET
ajeer-197	37	34	debt	debt	NOUN
ajeer-197	37	35	.	.	PUNCT
ajeer-197	38	1	the	the	DET
ajeer-197	38	2	result	result	NOUN
ajeer-197	38	3	is	be	AUX
ajeer-197	38	4	that	that	SCONJ
ajeer-197	38	5	the	the	DET
ajeer-197	38	6	observations	observation	NOUN
ajeer-197	38	7	can	can	AUX
ajeer-197	38	8	contribute	contribute	VERB
ajeer-197	38	9	to	to	ADP
ajeer-197	38	10	finding	find	VERB
ajeer-197	38	11	the	the	DET
ajeer-197	38	12	inaccurate	inaccurate	ADJ
ajeer-197	38	13	negative	negative	ADJ
ajeer-197	38	14	dependency	dependency	NOUN
ajeer-197	38	15	between	between	ADP
ajeer-197	38	16	the	the	DET
ajeer-197	38	17	tax	tax	NOUN
ajeer-197	38	18	rate	rate	NOUN
ajeer-197	38	19	and	and	CCONJ
ajeer-197	38	20	the	the	DET
ajeer-197	38	21	mtr	mtr	NOUN
ajeer-197	38	22	.	.	PUNCT
ajeer-197	39	1	the	the	DET
ajeer-197	39	2	principle	principle	NOUN
ajeer-197	39	3	of	of	ADP
ajeer-197	39	4	tax	tax	NOUN
ajeer-197	39	5	loss	loss	NOUN
ajeer-197	39	6	carryforward	carryforward	NOUN
ajeer-197	39	7	/	/	SYM
ajeer-197	39	8	carryback	carryback	PROPN
ajeer-197	39	9	says	say	VERB
ajeer-197	39	10	that	that	SCONJ
ajeer-197	39	11	if	if	SCONJ
ajeer-197	39	12	the	the	DET
ajeer-197	39	13	company	company	NOUN
ajeer-197	39	14	has	have	VERB
ajeer-197	39	15	a	a	DET
ajeer-197	39	16	negative	negative	ADJ
ajeer-197	39	17	profit	profit	NOUN
ajeer-197	39	18	in	in	ADP
ajeer-197	39	19	the	the	DET
ajeer-197	39	20	running	running	NOUN
ajeer-197	39	21	period	period	NOUN
ajeer-197	39	22	,	,	PUNCT
ajeer-197	39	23	it	it	PRON
ajeer-197	39	24	has	have	VERB
ajeer-197	39	25	the	the	DET
ajeer-197	39	26	right	right	NOUN
ajeer-197	39	27	to	to	PART
ajeer-197	39	28	offset	offset	VERB
ajeer-197	39	29	losses	loss	NOUN
ajeer-197	39	30	against	against	ADP
ajeer-197	39	31	taxable	taxable	ADJ
ajeer-197	39	32	gains	gain	NOUN
ajeer-197	39	33	for	for	ADP
ajeer-197	39	34	the	the	DET
ajeer-197	39	35	last	last	ADJ
ajeer-197	39	36	3	3	NUM
ajeer-197	39	37	years	year	NOUN
ajeer-197	39	38	(	(	PUNCT
ajeer-197	39	39	until	until	SCONJ
ajeer-197	39	40	all	all	DET
ajeer-197	39	41	the	the	DET
ajeer-197	39	42	losses	loss	NOUN
ajeer-197	39	43	are	be	AUX
ajeer-197	39	44	offset	offset	VERB
ajeer-197	39	45	against	against	ADP
ajeer-197	39	46	gains	gain	NOUN
ajeer-197	39	47	)	)	PUNCT
ajeer-197	39	48	,	,	PUNCT
ajeer-197	39	49	thereby	thereby	ADV
ajeer-197	39	50	refunding	refund	VERB
ajeer-197	39	51	the	the	DET
ajeer-197	39	52	tax	tax	NOUN
ajeer-197	39	53	on	on	ADP
ajeer-197	39	54	income	income	NOUN
ajeer-197	39	55	from	from	ADP
ajeer-197	39	56	the	the	DET
ajeer-197	39	57	budget	budget	NOUN
ajeer-197	39	58	.	.	PUNCT
ajeer-197	40	1	if	if	SCONJ
ajeer-197	40	2	a	a	DET
ajeer-197	40	3	part	part	NOUN
ajeer-197	40	4	of	of	ADP
ajeer-197	40	5	losses	loss	NOUN
ajeer-197	40	6	still	still	ADV
ajeer-197	40	7	remains	remain	VERB
ajeer-197	40	8	after	after	ADP
ajeer-197	40	9	the	the	DET
ajeer-197	40	10	setoff	setoff	NOUN
ajeer-197	40	11	,	,	PUNCT
ajeer-197	40	12	it	it	PRON
ajeer-197	40	13	can	can	AUX
ajeer-197	40	14	be	be	AUX
ajeer-197	40	15	carried	carry	VERB
ajeer-197	40	16	forward	forward	ADV
ajeer-197	40	17	in	in	ADP
ajeer-197	40	18	the	the	DET
ajeer-197	40	19	following	follow	VERB
ajeer-197	40	20	15	15	NUM
ajeer-197	40	21	years	year	NOUN
ajeer-197	40	22	.	.	PUNCT
ajeer-197	41	1	so	so	ADV
ajeer-197	41	2	,	,	PUNCT
ajeer-197	41	3	tax	tax	NOUN
ajeer-197	41	4	loss	loss	NOUN
ajeer-197	41	5	carryforward	carryforward	NOUN
ajeer-197	41	6	is	be	AUX
ajeer-197	41	7	only	only	ADV
ajeer-197	41	8	possible	possible	ADJ
ajeer-197	41	9	if	if	SCONJ
ajeer-197	41	10	there	there	PRON
ajeer-197	41	11	are	be	VERB
ajeer-197	41	12	no	no	DET
ajeer-197	41	13	possibilities	possibility	NOUN
ajeer-197	41	14	for	for	ADP
ajeer-197	41	15	its	its	PRON
ajeer-197	41	16	carryback	carryback	NOUN
ajeer-197	41	17	.	.	PUNCT
ajeer-197	42	1	the	the	DET
ajeer-197	42	2	dependency	dependency	NOUN
ajeer-197	42	3	between	between	ADP
ajeer-197	42	4	losses	loss	NOUN
ajeer-197	42	5	and	and	CCONJ
ajeer-197	42	6	the	the	DET
ajeer-197	42	7	mtr	mtr	NOUN
ajeer-197	42	8	can	can	AUX
ajeer-197	42	9	take	take	VERB
ajeer-197	42	10	positive	positive	ADJ
ajeer-197	42	11	value	value	NOUN
ajeer-197	42	12	.	.	PUNCT
ajeer-197	43	1	for	for	ADP
ajeer-197	43	2	example	example	NOUN
ajeer-197	43	3	,	,	PUNCT
ajeer-197	43	4	the	the	DET
ajeer-197	43	5	company	company	NOUN
ajeer-197	43	6	’s	’s	PART
ajeer-197	43	7	losses	loss	NOUN
ajeer-197	43	8	in	in	ADP
ajeer-197	43	9	the	the	DET
ajeer-197	43	10	running	run	VERB
ajeer-197	43	11	period	period	NOUN
ajeer-197	43	12	are	be	AUX
ajeer-197	43	13	exactly	exactly	ADV
ajeer-197	43	14	the	the	DET
ajeer-197	43	15	same	same	ADJ
ajeer-197	43	16	as	as	ADP
ajeer-197	43	17	the	the	DET
ajeer-197	43	18	amount	amount	NOUN
ajeer-197	43	19	of	of	ADP
ajeer-197	43	20	gains	gain	NOUN
ajeer-197	43	21	for	for	ADP
ajeer-197	43	22	the	the	DET
ajeer-197	43	23	last	last	ADJ
ajeer-197	43	24	3	3	NUM
ajeer-197	43	25	years	year	NOUN
ajeer-197	43	26	.	.	PUNCT
ajeer-197	44	1	in	in	ADP
ajeer-197	44	2	this	this	DET
ajeer-197	44	3	case	case	NOUN
ajeer-197	44	4	,	,	PUNCT
ajeer-197	44	5	one	one	NUM
ajeer-197	44	6	earned	earn	VERB
ajeer-197	44	7	dollar	dollar	NOUN
ajeer-197	44	8	reduces	reduce	VERB
ajeer-197	44	9	the	the	DET
ajeer-197	44	10	amount	amount	NOUN
ajeer-197	44	11	of	of	ADP
ajeer-197	44	12	refunded	refunded	ADJ
ajeer-197	44	13	taxes	taxis	NOUN
ajeer-197	44	14	for	for	ADP
ajeer-197	44	15	the	the	DET
ajeer-197	44	16	prior	prior	ADJ
ajeer-197	44	17	periods	period	NOUN
ajeer-197	44	18	by	by	ADP
ajeer-197	44	19	the	the	DET
ajeer-197	44	20	amount	amount	NOUN
ajeer-197	44	21	tc	tc	X
ajeer-197	44	22	(	(	PUNCT
ajeer-197	44	23	corporate	corporate	ADJ
ajeer-197	44	24	income	income	NOUN
ajeer-197	44	25	tax	tax	NOUN
ajeer-197	44	26	rate	rate	NOUN
ajeer-197	44	27	)	)	PUNCT
ajeer-197	44	28	.	.	PUNCT
ajeer-197	45	1	in	in	ADP
ajeer-197	45	2	other	other	ADJ
ajeer-197	45	3	words	word	NOUN
ajeer-197	45	4	,	,	PUNCT
ajeer-197	45	5	the	the	DET
ajeer-197	45	6	mtr	mtr	NOUN
ajeer-197	45	7	can	can	AUX
ajeer-197	45	8	be	be	AUX
ajeer-197	45	9	high	high	ADJ
ajeer-197	45	10	,	,	PUNCT
ajeer-197	45	11	even	even	ADV
ajeer-197	45	12	if	if	SCONJ
ajeer-197	45	13	there	there	PRON
ajeer-197	45	14	are	be	VERB
ajeer-197	45	15	losses	loss	NOUN
ajeer-197	45	16	in	in	ADP
ajeer-197	45	17	the	the	DET
ajeer-197	45	18	running	running	NOUN
ajeer-197	45	19	period	period	NOUN
ajeer-197	45	20	.	.	PUNCT
ajeer-197	46	1	reverse	reverse	ADJ
ajeer-197	46	2	situation	situation	NOUN
ajeer-197	46	3	is	be	AUX
ajeer-197	46	4	also	also	ADV
ajeer-197	46	5	possible	possible	ADJ
ajeer-197	46	6	,	,	PUNCT
ajeer-197	46	7	when	when	SCONJ
ajeer-197	46	8	the	the	DET
ajeer-197	46	9	company	company	NOUN
ajeer-197	46	10	is	be	AUX
ajeer-197	46	11	profit	profit	NOUN
ajeer-197	46	12	-	-	PUNCT
ajeer-197	46	13	making	making	NOUN
ajeer-197	46	14	in	in	ADP
ajeer-197	46	15	the	the	DET
ajeer-197	46	16	running	running	NOUN
ajeer-197	46	17	period	period	NOUN
ajeer-197	46	18	but	but	CCONJ
ajeer-197	46	19	expects	expect	VERB
ajeer-197	46	20	losses	loss	NOUN
ajeer-197	46	21	in	in	ADP
ajeer-197	46	22	the	the	DET
ajeer-197	46	23	forward	forward	ADJ
ajeer-197	46	24	periods	period	NOUN
ajeer-197	46	25	,	,	PUNCT
ajeer-197	46	26	so	so	SCONJ
ajeer-197	46	27	the	the	DET
ajeer-197	46	28	taxes	taxis	NOUN
ajeer-197	46	29	for	for	ADP
ajeer-197	46	30	the	the	DET
ajeer-197	46	31	running	run	VERB
ajeer-197	46	32	period	period	NOUN
ajeer-197	46	33	will	will	AUX
ajeer-197	46	34	be	be	AUX
ajeer-197	46	35	refunded	refund	VERB
ajeer-197	46	36	from	from	ADP
ajeer-197	46	37	the	the	DET
ajeer-197	46	38	budget	budget	NOUN
ajeer-197	46	39	during	during	ADP
ajeer-197	46	40	the	the	DET
ajeer-197	46	41	next	next	ADJ
ajeer-197	46	42	period	period	NOUN
ajeer-197	46	43	.	.	PUNCT
ajeer-197	47	1	in	in	ADP
ajeer-197	47	2	this	this	DET
ajeer-197	47	3	case	case	NOUN
ajeer-197	47	4	the	the	DET
ajeer-197	47	5	mtr	mtr	NOUN
ajeer-197	47	6	equals	equal	VERB
ajeer-197	47	7	the	the	DET
ajeer-197	47	8	difference	difference	NOUN
ajeer-197	47	9	between	between	ADP
ajeer-197	47	10	tc	tc	NOUN
ajeer-197	47	11	and	and	CCONJ
ajeer-197	47	12	tc	tc	NOUN
ajeer-197	47	13	,	,	PUNCT
ajeer-197	47	14	discounted	discount	VERB
ajeer-197	47	15	for	for	ADP
ajeer-197	47	16	one	one	NUM
ajeer-197	47	17	period	period	NOUN
ajeer-197	47	18	,	,	PUNCT
ajeer-197	47	19	namely	namely	ADV
ajeer-197	47	20	in	in	ADP
ajeer-197	47	21	absolute	absolute	ADJ
ajeer-197	47	22	terms	term	NOUN
ajeer-197	47	23	it	it	PRON
ajeer-197	47	24	’s	’	VERB
ajeer-197	47	25	a	a	DET
ajeer-197	47	26	relatively	relatively	ADV
ajeer-197	47	27	low	low	ADJ
ajeer-197	47	28	rate	rate	NOUN
ajeer-197	47	29	,	,	PUNCT
ajeer-197	47	30	in	in	ADP
ajeer-197	47	31	spite	spite	NOUN
ajeer-197	47	32	of	of	ADP
ajeer-197	47	33	positive	positive	ADJ
ajeer-197	47	34	profit	profit	NOUN
ajeer-197	47	35	in	in	ADP
ajeer-197	47	36	the	the	DET
ajeer-197	47	37	running	running	NOUN
ajeer-197	47	38	period	period	NOUN
ajeer-197	47	39	.	.	PUNCT
ajeer-197	48	1	one	one	NUM
ajeer-197	48	2	of	of	ADP
ajeer-197	48	3	allowances	allowance	NOUN
ajeer-197	48	4	specific	specific	ADJ
ajeer-197	48	5	for	for	ADP
ajeer-197	48	6	the	the	DET
ajeer-197	48	7	american	american	ADJ
ajeer-197	48	8	tax	tax	NOUN
ajeer-197	48	9	system	system	NOUN
ajeer-197	48	10	is	be	AUX
ajeer-197	48	11	the	the	DET
ajeer-197	48	12	investment	investment	NOUN
ajeer-197	48	13	allowance	allowance	NOUN
ajeer-197	48	14	.	.	PUNCT
ajeer-197	49	1	it	it	PRON
ajeer-197	49	2	is	be	AUX
ajeer-197	49	3	based	base	VERB
ajeer-197	49	4	on	on	ADP
ajeer-197	49	5	the	the	DET
ajeer-197	49	6	principle	principle	NOUN
ajeer-197	49	7	,	,	PUNCT
ajeer-197	49	8	according	accord	VERB
ajeer-197	49	9	to	to	ADP
ajeer-197	49	10	which	which	PRON
ajeer-197	49	11	the	the	DET
ajeer-197	49	12	company	company	NOUN
ajeer-197	49	13	can	can	AUX
ajeer-197	49	14	offset	offset	VERB
ajeer-197	49	15	7	7	NUM
ajeer-197	49	16	%	%	NOUN
ajeer-197	49	17	of	of	ADP
ajeer-197	49	18	capital	capital	NOUN
ajeer-197	49	19	costs	cost	NOUN
ajeer-197	49	20	for	for	ADP
ajeer-197	49	21	the	the	DET
ajeer-197	49	22	first	first	ADJ
ajeer-197	49	23	$	$	SYM
ajeer-197	49	24	25	25	NUM
ajeer-197	49	25	000	000	NUM
ajeer-197	49	26	of	of	ADP
ajeer-197	49	27	the	the	DET
ajeer-197	49	28	tax	tax	NOUN
ajeer-197	49	29	and	and	CCONJ
ajeer-197	49	30	for	for	ADP
ajeer-197	49	31	85	85	NUM
ajeer-197	49	32	%	%	NOUN
ajeer-197	49	33	of	of	ADP
ajeer-197	49	34	the	the	DET
ajeer-197	49	35	amount	amount	NOUN
ajeer-197	49	36	of	of	ADP
ajeer-197	49	37	tax	tax	NOUN
ajeer-197	49	38	over	over	ADP
ajeer-197	49	39	$	$	SYM
ajeer-197	49	40	25	25	NUM
ajeer-197	49	41	000	000	NUM
ajeer-197	49	42	.	.	PUNCT
ajeer-197	50	1	the	the	DET
ajeer-197	50	2	present	present	ADJ
ajeer-197	50	3	allowances	allowance	NOUN
ajeer-197	50	4	can	can	AUX
ajeer-197	50	5	be	be	AUX
ajeer-197	50	6	also	also	ADV
ajeer-197	50	7	carried	carry	VERB
ajeer-197	50	8	back	back	ADV
ajeer-197	50	9	/	/	SYM
ajeer-197	50	10	forward	forward	ADV
ajeer-197	50	11	during	during	ADP
ajeer-197	50	12	3	3	NUM
ajeer-197	50	13	(	(	PUNCT
ajeer-197	50	14	15	15	NUM
ajeer-197	50	15	)	)	PUNCT
ajeer-197	50	16	years	year	NOUN
ajeer-197	50	17	.	.	PUNCT
ajeer-197	51	1	later	later	ADV
ajeer-197	51	2	on	on	ADV
ajeer-197	51	3	,	,	PUNCT
ajeer-197	51	4	the	the	DET
ajeer-197	51	5	particularities	particularity	NOUN
ajeer-197	51	6	of	of	ADP
ajeer-197	51	7	this	this	DET
ajeer-197	51	8	legislative	legislative	ADJ
ajeer-197	51	9	act	act	NOUN
ajeer-197	51	10	have	have	AUX
ajeer-197	51	11	changed	change	VERB
ajeer-197	51	12	,	,	PUNCT
ajeer-197	51	13	but	but	CCONJ
ajeer-197	51	14	,	,	PUNCT
ajeer-197	51	15	as	as	SCONJ
ajeer-197	51	16	the	the	DET
ajeer-197	51	17	graham	graham	PROPN
ajeer-197	51	18	’s	’s	PART
ajeer-197	51	19	research	research	NOUN
ajeer-197	51	20	concentrates	concentrate	VERB
ajeer-197	51	21	on	on	ADP
ajeer-197	51	22	the	the	DET
ajeer-197	51	23	period	period	NOUN
ajeer-197	51	24	from	from	ADP
ajeer-197	51	25	1980	1980	NUM
ajeer-197	51	26	to	to	ADP
ajeer-197	51	27	1992	1992	NUM
ajeer-197	51	28	,	,	PUNCT
ajeer-197	51	29	the	the	DET
ajeer-197	51	30	present	present	ADJ
ajeer-197	51	31	provisions	provision	NOUN
ajeer-197	51	32	seriously	seriously	ADV
ajeer-197	51	33	influence	influence	VERB
ajeer-197	51	34	the	the	DET
ajeer-197	51	35	mtr	mtr	NOUN
ajeer-197	51	36	.	.	PUNCT
ajeer-197	52	1	speaking	speak	VERB
ajeer-197	52	2	about	about	ADP
ajeer-197	52	3	the	the	DET
ajeer-197	52	4	alternative	alternative	ADJ
ajeer-197	52	5	minimum	minimum	ADJ
ajeer-197	52	6	tax	tax	NOUN
ajeer-197	52	7	(	(	PUNCT
ajeer-197	52	8	amt	amt	PROPN
ajeer-197	52	9	)	)	PUNCT
ajeer-197	52	10	,	,	PUNCT
ajeer-197	52	11	introduced	introduce	VERB
ajeer-197	52	12	during	during	ADP
ajeer-197	52	13	the	the	DET
ajeer-197	52	14	1986	1986	NUM
ajeer-197	52	15	tax	tax	NOUN
ajeer-197	52	16	reform	reform	NOUN
ajeer-197	52	17	,	,	PUNCT
ajeer-197	52	18	the	the	DET
ajeer-197	52	19	present	present	ADJ
ajeer-197	52	20	principle	principle	NOUN
ajeer-197	52	21	was	be	AUX
ajeer-197	52	22	used	use	VERB
ajeer-197	52	23	to	to	PART
ajeer-197	52	24	make	make	VERB
ajeer-197	52	25	sure	sure	ADJ
ajeer-197	52	26	that	that	SCONJ
ajeer-197	52	27	companies	company	NOUN
ajeer-197	52	28	with	with	ADP
ajeer-197	52	29	positive	positive	ADJ
ajeer-197	52	30	profits	profit	NOUN
ajeer-197	52	31	pay	pay	VERB
ajeer-197	52	32	the	the	DET
ajeer-197	52	33	taxes	taxis	NOUN
ajeer-197	52	34	anyway	anyway	ADV
ajeer-197	52	35	.	.	PUNCT
ajeer-197	53	1	for	for	ADP
ajeer-197	53	2	such	such	ADJ
ajeer-197	53	3	tax	tax	NOUN
ajeer-197	53	4	,	,	PUNCT
ajeer-197	53	5	the	the	DET
ajeer-197	53	6	taxable	taxable	ADJ
ajeer-197	53	7	base	base	NOUN
ajeer-197	53	8	was	be	AUX
ajeer-197	53	9	calculated	calculate	VERB
ajeer-197	53	10	a	a	DET
ajeer-197	53	11	bit	bit	NOUN
ajeer-197	53	12	differently	differently	ADV
ajeer-197	53	13	for	for	ADP
ajeer-197	53	14	such	such	ADJ
ajeer-197	53	15	tax	tax	NOUN
ajeer-197	53	16	,	,	PUNCT
ajeer-197	53	17	and	and	CCONJ
ajeer-197	53	18	the	the	DET
ajeer-197	53	19	tax	tax	NOUN
ajeer-197	53	20	rate	rate	NOUN
ajeer-197	53	21	amounted	amount	VERB
ajeer-197	53	22	to	to	ADP
ajeer-197	53	23	20	20	NUM
ajeer-197	53	24	%	%	NOUN
ajeer-197	53	25	at	at	ADP
ajeer-197	53	26	the	the	DET
ajeer-197	53	27	time	time	NOUN
ajeer-197	53	28	.	.	PUNCT
ajeer-197	54	1	furthermore	furthermore	ADV
ajeer-197	54	2	,	,	PUNCT
ajeer-197	54	3	the	the	DET
ajeer-197	54	4	companies	company	NOUN
ajeer-197	54	5	were	be	AUX
ajeer-197	54	6	obliged	oblige	VERB
ajeer-197	54	7	to	to	PART
ajeer-197	54	8	pay	pay	VERB
ajeer-197	54	9	out	out	ADP
ajeer-197	54	10	the	the	DET
ajeer-197	54	11	biggest	big	ADJ
ajeer-197	54	12	amount	amount	NOUN
ajeer-197	54	13	out	out	ADP
ajeer-197	54	14	of	of	ADP
ajeer-197	54	15	two	two	NUM
ajeer-197	54	16	–	–	PUNCT
ajeer-197	54	17	the	the	DET
ajeer-197	54	18	effective	effective	ADJ
ajeer-197	54	19	income	income	NOUN
ajeer-197	54	20	tax	tax	NOUN
ajeer-197	54	21	or	or	CCONJ
ajeer-197	54	22	the	the	DET
ajeer-197	54	23	alternative	alternative	ADJ
ajeer-197	54	24	minimum	minimum	ADJ
ajeer-197	54	25	tax	tax	NOUN
ajeer-197	54	26	,	,	PUNCT
ajeer-197	54	27	calculated	calculate	VERB
ajeer-197	54	28	according	accord	VERB
ajeer-197	54	29	to	to	ADP
ajeer-197	54	30	the	the	DET
ajeer-197	54	31	specified	specify	VERB
ajeer-197	54	32	method	method	NOUN
ajeer-197	54	33	.	.	PUNCT
ajeer-197	55	1	it	it	PRON
ajeer-197	55	2	was	be	AUX
ajeer-197	55	3	evident	evident	ADJ
ajeer-197	55	4	that	that	SCONJ
ajeer-197	55	5	companies	company	NOUN
ajeer-197	55	6	with	with	ADP
ajeer-197	55	7	profits	profit	NOUN
ajeer-197	55	8	being	be	AUX
ajeer-197	55	9	about	about	ADP
ajeer-197	55	10	zero	zero	NUM
ajeer-197	55	11	were	be	AUX
ajeer-197	55	12	the	the	DET
ajeer-197	55	13	most	most	ADV
ajeer-197	55	14	often	often	ADV
ajeer-197	55	15	subjects	subject	NOUN
ajeer-197	55	16	to	to	ADP
ajeer-197	55	17	this	this	DET
ajeer-197	55	18	principle	principle	NOUN
ajeer-197	55	19	.	.	PUNCT
ajeer-197	56	1	asian	asian	ADJ
ajeer-197	56	2	journal	journal	PROPN
ajeer-197	56	3	of	of	ADP
ajeer-197	56	4	economics	economic	NOUN
ajeer-197	56	5	and	and	CCONJ
ajeer-197	56	6	empirical	empirical	ADJ
ajeer-197	56	7	research	research	NOUN
ajeer-197	56	8	,	,	PUNCT
ajeer-197	56	9	2015	2015	NUM
ajeer-197	56	10	,	,	PUNCT
ajeer-197	56	11	2(1):39	2(1):39	NUM
ajeer-197	56	12	-	-	SYM
ajeer-197	56	13	46	46	NUM
ajeer-197	56	14	41	41	NUM
ajeer-197	56	15	the	the	DET
ajeer-197	56	16	option	option	NOUN
ajeer-197	56	17	of	of	ADP
ajeer-197	56	18	tax	tax	NOUN
ajeer-197	56	19	loss	loss	NOUN
ajeer-197	56	20	carryforward	carryforward	NOUN
ajeer-197	56	21	/	/	SYM
ajeer-197	56	22	carryback	carryback	NOUN
ajeer-197	56	23	brings	bring	VERB
ajeer-197	56	24	us	we	PRON
ajeer-197	56	25	to	to	ADP
ajeer-197	56	26	rational	rational	ADJ
ajeer-197	56	27	examination	examination	NOUN
ajeer-197	56	28	of	of	ADP
ajeer-197	56	29	profits	profit	NOUN
ajeer-197	56	30	during	during	ADP
ajeer-197	56	31	the	the	DET
ajeer-197	56	32	18	18	NUM
ajeer-197	56	33	year	year	NOUN
ajeer-197	56	34	period	period	NOUN
ajeer-197	56	35	for	for	ADP
ajeer-197	56	36	each	each	DET
ajeer-197	56	37	particular	particular	ADJ
ajeer-197	56	38	company	company	NOUN
ajeer-197	56	39	,	,	PUNCT
ajeer-197	56	40	to	to	PART
ajeer-197	56	41	calculate	calculate	VERB
ajeer-197	56	42	the	the	DET
ajeer-197	56	43	mtr	mtr	NOUN
ajeer-197	56	44	more	more	ADV
ajeer-197	56	45	objectively	objectively	ADV
ajeer-197	56	46	.	.	PUNCT
ajeer-197	57	1	to	to	PART
ajeer-197	57	2	forecast	forecast	VERB
ajeer-197	57	3	taxable	taxable	ADJ
ajeer-197	57	4	profit	profit	NOUN
ajeer-197	57	5	,	,	PUNCT
ajeer-197	57	6	graham	graham	PROPN
ajeer-197	57	7	judges	judge	NOUN
ajeer-197	57	8	on	on	ADP
ajeer-197	57	9	the	the	DET
ajeer-197	57	10	observed	observed	ADJ
ajeer-197	57	11	average	average	ADJ
ajeer-197	57	12	profit	profit	NOUN
ajeer-197	57	13	changes	change	NOUN
ajeer-197	57	14	in	in	ADP
ajeer-197	57	15	the	the	DET
ajeer-197	57	16	sample	sample	NOUN
ajeer-197	57	17	,	,	PUNCT
ajeer-197	57	18	as	as	ADV
ajeer-197	57	19	well	well	ADV
ajeer-197	57	20	as	as	ADP
ajeer-197	57	21	on	on	ADP
ajeer-197	57	22	a	a	DET
ajeer-197	57	23	normally	normally	ADV
ajeer-197	57	24	distributed	distribute	VERB
ajeer-197	57	25	random	random	ADJ
ajeer-197	57	26	variable	variable	NOUN
ajeer-197	57	27	with	with	ADP
ajeer-197	57	28	expected	expect	VERB
ajeer-197	57	29	value	value	NOUN
ajeer-197	57	30	0	0	NUM
ajeer-197	57	31	and	and	CCONJ
ajeer-197	57	32	a	a	DET
ajeer-197	57	33	dispersion	dispersion	NOUN
ajeer-197	57	34	equivalent	equivalent	ADJ
ajeer-197	57	35	to	to	ADP
ajeer-197	57	36	the	the	DET
ajeer-197	57	37	one	one	NOUN
ajeer-197	57	38	in	in	ADP
ajeer-197	57	39	the	the	DET
ajeer-197	57	40	sample	sample	NOUN
ajeer-197	57	41	of	of	ADP
ajeer-197	57	42	average	average	ADJ
ajeer-197	57	43	changes	change	NOUN
ajeer-197	57	44	.	.	PUNCT
ajeer-197	58	1	when	when	SCONJ
ajeer-197	58	2	calculating	calculate	VERB
ajeer-197	58	3	the	the	DET
ajeer-197	58	4	mtr	mtr	NOUN
ajeer-197	58	5	for	for	ADP
ajeer-197	58	6	the	the	DET
ajeer-197	58	7	running	running	NOUN
ajeer-197	58	8	period	period	NOUN
ajeer-197	58	9	,	,	PUNCT
ajeer-197	58	10	in	in	ADP
ajeer-197	58	11	the	the	DET
ajeer-197	58	12	first	first	ADJ
ajeer-197	58	13	place	place	NOUN
ajeer-197	58	14	you	you	PRON
ajeer-197	58	15	should	should	AUX
ajeer-197	58	16	find	find	VERB
ajeer-197	58	17	the	the	DET
ajeer-197	58	18	anticipated	anticipate	VERB
ajeer-197	58	19	levels	level	NOUN
ajeer-197	58	20	of	of	ADP
ajeer-197	58	21	taxable	taxable	ADJ
ajeer-197	58	22	profit	profit	NOUN
ajeer-197	58	23	in	in	ADP
ajeer-197	58	24	the	the	DET
ajeer-197	58	25	next	next	ADJ
ajeer-197	58	26	18	18	NUM
ajeer-197	58	27	periods	period	NOUN
ajeer-197	58	28	.	.	PUNCT
ajeer-197	59	1	then	then	ADV
ajeer-197	59	2	you	you	PRON
ajeer-197	59	3	take	take	VERB
ajeer-197	59	4	into	into	ADP
ajeer-197	59	5	account	account	NOUN
ajeer-197	59	6	the	the	DET
ajeer-197	59	7	tax	tax	NOUN
ajeer-197	59	8	loss	loss	NOUN
ajeer-197	59	9	carryforward	carryforward	NOUN
ajeer-197	59	10	/	/	SYM
ajeer-197	59	11	carryback	carryback	NOUN
ajeer-197	59	12	and	and	CCONJ
ajeer-197	59	13	calculate	calculate	VERB
ajeer-197	59	14	the	the	DET
ajeer-197	59	15	effective	effective	ADJ
ajeer-197	59	16	income	income	NOUN
ajeer-197	59	17	tax	tax	NOUN
ajeer-197	59	18	liability	liability	NOUN
ajeer-197	59	19	in	in	ADP
ajeer-197	59	20	each	each	PRON
ajeer-197	59	21	of	of	ADP
ajeer-197	59	22	the	the	DET
ajeer-197	59	23	3	3	NUM
ajeer-197	59	24	periods	period	NOUN
ajeer-197	59	25	prior	prior	ADV
ajeer-197	59	26	to	to	ADP
ajeer-197	59	27	the	the	DET
ajeer-197	59	28	running	running	NOUN
ajeer-197	59	29	period	period	NOUN
ajeer-197	59	30	,	,	PUNCT
ajeer-197	59	31	and	and	CCONJ
ajeer-197	59	32	of	of	ADP
ajeer-197	59	33	the	the	DET
ajeer-197	59	34	18	18	NUM
ajeer-197	59	35	periods	period	NOUN
ajeer-197	59	36	following	follow	VERB
ajeer-197	59	37	.	.	PUNCT
ajeer-197	60	1	the	the	DET
ajeer-197	60	2	tax	tax	NOUN
ajeer-197	60	3	liabilities	liability	NOUN
ajeer-197	60	4	,	,	PUNCT
ajeer-197	60	5	due	due	ADJ
ajeer-197	60	6	to	to	PART
ajeer-197	60	7	be	be	AUX
ajeer-197	60	8	paid	pay	VERB
ajeer-197	60	9	out	out	ADP
ajeer-197	60	10	after	after	ADP
ajeer-197	60	11	the	the	DET
ajeer-197	60	12	running	running	NOUN
ajeer-197	60	13	period	period	NOUN
ajeer-197	60	14	,	,	PUNCT
ajeer-197	60	15	are	be	AUX
ajeer-197	60	16	discounted	discount	VERB
ajeer-197	60	17	according	accord	VERB
ajeer-197	60	18	to	to	ADP
ajeer-197	60	19	the	the	DET
ajeer-197	60	20	average	average	ADJ
ajeer-197	60	21	yield	yield	NOUN
ajeer-197	60	22	rate	rate	NOUN
ajeer-197	60	23	of	of	ADP
ajeer-197	60	24	corporate	corporate	ADJ
ajeer-197	60	25	bonds	bond	NOUN
ajeer-197	60	26	.	.	PUNCT
ajeer-197	61	1	then	then	ADV
ajeer-197	61	2	you	you	PRON
ajeer-197	61	3	proceed	proceed	VERB
ajeer-197	61	4	to	to	ADP
ajeer-197	61	5	conversion	conversion	NOUN
ajeer-197	61	6	of	of	ADP
ajeer-197	61	7	present	present	ADJ
ajeer-197	61	8	value	value	NOUN
ajeer-197	61	9	of	of	ADP
ajeer-197	61	10	payable	payable	ADJ
ajeer-197	61	11	taxes	taxis	NOUN
ajeer-197	61	12	,	,	PUNCT
ajeer-197	61	13	due	due	ADJ
ajeer-197	61	14	to	to	ADP
ajeer-197	61	15	adding	add	VERB
ajeer-197	61	16	$	$	SYM
ajeer-197	61	17	1	1	NUM
ajeer-197	61	18	to	to	ADP
ajeer-197	61	19	the	the	DET
ajeer-197	61	20	running	run	VERB
ajeer-197	61	21	period	period	NOUN
ajeer-197	61	22	’s	’s	PART
ajeer-197	61	23	profits	profit	NOUN
ajeer-197	61	24	.	.	PUNCT
ajeer-197	62	1	the	the	DET
ajeer-197	62	2	difference	difference	NOUN
ajeer-197	62	3	between	between	ADP
ajeer-197	62	4	the	the	DET
ajeer-197	62	5	two	two	NUM
ajeer-197	62	6	values	value	NOUN
ajeer-197	62	7	is	be	AUX
ajeer-197	62	8	exactly	exactly	ADV
ajeer-197	62	9	the	the	DET
ajeer-197	62	10	marginal	marginal	ADJ
ajeer-197	62	11	tax	tax	NOUN
ajeer-197	62	12	rate	rate	NOUN
ajeer-197	62	13	for	for	ADP
ajeer-197	62	14	the	the	DET
ajeer-197	62	15	company	company	NOUN
ajeer-197	62	16	,	,	PUNCT
ajeer-197	62	17	for	for	ADP
ajeer-197	62	18	the	the	DET
ajeer-197	62	19	present	present	ADJ
ajeer-197	62	20	period	period	NOUN
ajeer-197	62	21	,	,	PUNCT
ajeer-197	62	22	based	base	VERB
ajeer-197	62	23	on	on	ADP
ajeer-197	62	24	the	the	DET
ajeer-197	62	25	simulation	simulation	NOUN
ajeer-197	62	26	of	of	ADP
ajeer-197	62	27	profits	profit	NOUN
ajeer-197	62	28	.	.	PUNCT
ajeer-197	63	1	this	this	DET
ajeer-197	63	2	procedure	procedure	NOUN
ajeer-197	63	3	is	be	AUX
ajeer-197	63	4	performed	perform	VERB
ajeer-197	63	5	50	50	NUM
ajeer-197	63	6	times	time	NOUN
ajeer-197	63	7	to	to	PART
ajeer-197	63	8	generate	generate	VERB
ajeer-197	63	9	different	different	ADJ
ajeer-197	63	10	variations	variation	NOUN
ajeer-197	63	11	of	of	ADP
ajeer-197	63	12	the	the	DET
ajeer-197	63	13	estimated	estimate	VERB
ajeer-197	63	14	profit	profit	NOUN
ajeer-197	63	15	in	in	ADP
ajeer-197	63	16	following	follow	VERB
ajeer-197	63	17	periods	period	NOUN
ajeer-197	63	18	.	.	PUNCT
ajeer-197	64	1	later	later	ADV
ajeer-197	64	2	on	on	ADV
ajeer-197	64	3	,	,	PUNCT
ajeer-197	64	4	you	you	PRON
ajeer-197	64	5	calculate	calculate	VERB
ajeer-197	64	6	the	the	DET
ajeer-197	64	7	average	average	ADJ
ajeer-197	64	8	rate	rate	NOUN
ajeer-197	64	9	basing	base	VERB
ajeer-197	64	10	on	on	ADP
ajeer-197	64	11	the	the	DET
ajeer-197	64	12	50	50	NUM
ajeer-197	64	13	previously	previously	ADV
ajeer-197	64	14	generated	generate	VERB
ajeer-197	64	15	,	,	PUNCT
ajeer-197	64	16	which	which	PRON
ajeer-197	64	17	is	be	AUX
ajeer-197	64	18	exactly	exactly	ADV
ajeer-197	64	19	the	the	DET
ajeer-197	64	20	estimated	estimate	VERB
ajeer-197	64	21	mtr	mtr	NOUN
ajeer-197	64	22	for	for	ADP
ajeer-197	64	23	the	the	DET
ajeer-197	64	24	company	company	NOUN
ajeer-197	64	25	,	,	PUNCT
ajeer-197	64	26	for	for	ADP
ajeer-197	64	27	the	the	DET
ajeer-197	64	28	present	present	ADJ
ajeer-197	64	29	period	period	NOUN
ajeer-197	64	30	.	.	PUNCT
ajeer-197	65	1	2.1	2.1	NUM
ajeer-197	65	2	.	.	PUNCT
ajeer-197	66	1	the	the	DET
ajeer-197	66	2	dependent	dependent	ADJ
ajeer-197	66	3	variable	variable	NOUN
ajeer-197	66	4	the	the	DET
ajeer-197	66	5	author	author	NOUN
ajeer-197	66	6	uses	use	VERB
ajeer-197	66	7	change	change	NOUN
ajeer-197	66	8	in	in	ADP
ajeer-197	66	9	the	the	DET
ajeer-197	66	10	book	book	NOUN
ajeer-197	66	11	cost	cost	NOUN
ajeer-197	66	12	of	of	ADP
ajeer-197	66	13	the	the	DET
ajeer-197	66	14	long	long	ADJ
ajeer-197	66	15	-	-	PUNCT
ajeer-197	66	16	term	term	NOUN
ajeer-197	66	17	debt	debt	NOUN
ajeer-197	66	18	for	for	ADP
ajeer-197	66	19	the	the	DET
ajeer-197	66	20	running	run	VERB
ajeer-197	66	21	period	period	NOUN
ajeer-197	66	22	,	,	PUNCT
ajeer-197	66	23	divided	divide	VERB
ajeer-197	66	24	by	by	ADP
ajeer-197	66	25	the	the	DET
ajeer-197	66	26	sum	sum	NOUN
ajeer-197	66	27	of	of	ADP
ajeer-197	66	28	the	the	DET
ajeer-197	66	29	company	company	NOUN
ajeer-197	66	30	’s	’s	PART
ajeer-197	66	31	market	market	NOUN
ajeer-197	66	32	price	price	NOUN
ajeer-197	66	33	for	for	ADP
ajeer-197	66	34	the	the	DET
ajeer-197	66	35	previous	previous	ADJ
ajeer-197	66	36	period	period	NOUN
ajeer-197	66	37	,	,	PUNCT
ajeer-197	66	38	as	as	ADP
ajeer-197	66	39	the	the	DET
ajeer-197	66	40	dependent	dependent	ADJ
ajeer-197	66	41	variable	variable	NOUN
ajeer-197	66	42	.	.	PUNCT
ajeer-197	67	1	the	the	DET
ajeer-197	67	2	company	company	NOUN
ajeer-197	67	3	’s	’s	PART
ajeer-197	67	4	market	market	NOUN
ajeer-197	67	5	price	price	NOUN
ajeer-197	67	6	is	be	AUX
ajeer-197	67	7	the	the	DET
ajeer-197	67	8	sum	sum	NOUN
ajeer-197	67	9	of	of	ADP
ajeer-197	67	10	book	book	NOUN
ajeer-197	67	11	cost	cost	NOUN
ajeer-197	67	12	of	of	ADP
ajeer-197	67	13	debt	debt	NOUN
ajeer-197	67	14	and	and	CCONJ
ajeer-197	67	15	the	the	DET
ajeer-197	67	16	market	market	NOUN
ajeer-197	67	17	price	price	NOUN
ajeer-197	67	18	of	of	ADP
ajeer-197	67	19	the	the	DET
ajeer-197	67	20	stockholders	stockholder	NOUN
ajeer-197	67	21	equity	equity	NOUN
ajeer-197	67	22	.	.	PUNCT
ajeer-197	68	1	2.2	2.2	NUM
ajeer-197	68	2	.	.	PUNCT
ajeer-197	69	1	explanatory	explanatory	ADJ
ajeer-197	69	2	variable	variable	NOUN
ajeer-197	69	3	:	:	PUNCT
ajeer-197	69	4	marginal	marginal	ADJ
ajeer-197	69	5	tax	tax	NOUN
ajeer-197	69	6	rate	rate	NOUN
ajeer-197	69	7	mtr	mtr	PROPN
ajeer-197	69	8	is	be	AUX
ajeer-197	69	9	used	use	VERB
ajeer-197	69	10	as	as	ADP
ajeer-197	69	11	one	one	NUM
ajeer-197	69	12	of	of	ADP
ajeer-197	69	13	the	the	DET
ajeer-197	69	14	explanatory	explanatory	ADJ
ajeer-197	69	15	variables	variable	NOUN
ajeer-197	69	16	.	.	PUNCT
ajeer-197	70	1	the	the	DET
ajeer-197	70	2	technology	technology	NOUN
ajeer-197	70	3	for	for	ADP
ajeer-197	70	4	its	its	PRON
ajeer-197	70	5	calculation	calculation	NOUN
ajeer-197	70	6	has	have	AUX
ajeer-197	70	7	been	be	AUX
ajeer-197	70	8	described	describe	VERB
ajeer-197	70	9	earlier	early	ADV
ajeer-197	70	10	.	.	PUNCT
ajeer-197	71	1	what	what	PRON
ajeer-197	71	2	is	be	AUX
ajeer-197	71	3	more	more	ADJ
ajeer-197	71	4	,	,	PUNCT
ajeer-197	71	5	to	to	PART
ajeer-197	71	6	avoid	avoid	VERB
ajeer-197	71	7	the	the	DET
ajeer-197	71	8	situation	situation	NOUN
ajeer-197	71	9	when	when	SCONJ
ajeer-197	71	10	the	the	DET
ajeer-197	71	11	debt	debt	NOUN
ajeer-197	71	12	changes	change	NOUN
ajeer-197	71	13	reduce	reduce	VERB
ajeer-197	71	14	the	the	DET
ajeer-197	71	15	marginal	marginal	ADJ
ajeer-197	71	16	tax	tax	NOUN
ajeer-197	71	17	rate	rate	NOUN
ajeer-197	71	18	by	by	ADP
ajeer-197	71	19	artificial	artificial	ADJ
ajeer-197	71	20	means	mean	NOUN
ajeer-197	71	21	,	,	PUNCT
ajeer-197	71	22	which	which	PRON
ajeer-197	71	23	can	can	AUX
ajeer-197	71	24	affect	affect	VERB
ajeer-197	71	25	the	the	DET
ajeer-197	71	26	faithfulness	faithfulness	NOUN
ajeer-197	71	27	of	of	ADP
ajeer-197	71	28	the	the	DET
ajeer-197	71	29	results	result	NOUN
ajeer-197	71	30	,	,	PUNCT
ajeer-197	71	31	the	the	DET
ajeer-197	71	32	author	author	NOUN
ajeer-197	71	33	resorts	resort	VERB
ajeer-197	71	34	to	to	PART
ajeer-197	71	35	isolated	isolated	ADJ
ajeer-197	71	36	lag	lag	NOUN
ajeer-197	71	37	for	for	ADP
ajeer-197	71	38	the	the	DET
ajeer-197	71	39	mtr	mtr	PROPN
ajeer-197	71	40	.	.	PUNCT
ajeer-197	72	1	income	income	NOUN
ajeer-197	72	2	volatility	volatility	NOUN
ajeer-197	72	3	also	also	ADV
ajeer-197	72	4	impacts	impact	VERB
ajeer-197	72	5	the	the	DET
ajeer-197	72	6	debt	debt	NOUN
ajeer-197	72	7	policy	policy	NOUN
ajeer-197	72	8	,	,	PUNCT
ajeer-197	72	9	which	which	PRON
ajeer-197	72	10	is	be	AUX
ajeer-197	72	11	very	very	ADV
ajeer-197	72	12	relevant	relevant	ADJ
ajeer-197	72	13	for	for	ADP
ajeer-197	72	14	companies	company	NOUN
ajeer-197	72	15	facing	face	VERB
ajeer-197	72	16	the	the	DET
ajeer-197	72	17	nonresidue	nonresidue	NOUN
ajeer-197	72	18	of	of	ADP
ajeer-197	72	19	interest	interest	NOUN
ajeer-197	72	20	expenditures	expenditure	NOUN
ajeer-197	72	21	.	.	PUNCT
ajeer-197	73	1	volatility	volatility	NOUN
ajeer-197	73	2	reduces	reduce	VERB
ajeer-197	73	3	the	the	DET
ajeer-197	73	4	mtr	mtr	NOUN
ajeer-197	73	5	of	of	ADP
ajeer-197	73	6	the	the	DET
ajeer-197	73	7	companies	company	NOUN
ajeer-197	73	8	that	that	PRON
ajeer-197	73	9	ca	can	AUX
ajeer-197	73	10	n’t	not	PART
ajeer-197	73	11	exclude	exclude	VERB
ajeer-197	73	12	interest	interest	NOUN
ajeer-197	73	13	expenditures	expenditure	NOUN
ajeer-197	73	14	because	because	SCONJ
ajeer-197	73	15	of	of	ADP
ajeer-197	73	16	the	the	DET
ajeer-197	73	17	loss	loss	NOUN
ajeer-197	73	18	carryforward	carryforward	NOUN
ajeer-197	73	19	.	.	PUNCT
ajeer-197	74	1	in	in	ADP
ajeer-197	74	2	this	this	DET
ajeer-197	74	3	case	case	NOUN
ajeer-197	74	4	,	,	PUNCT
ajeer-197	74	5	a	a	DET
ajeer-197	74	6	high	high	ADJ
ajeer-197	74	7	standard	standard	ADJ
ajeer-197	74	8	deviation	deviation	NOUN
ajeer-197	74	9	of	of	ADP
ajeer-197	74	10	the	the	DET
ajeer-197	74	11	mtr	mtr	NOUN
ajeer-197	74	12	can	can	AUX
ajeer-197	74	13	be	be	AUX
ajeer-197	74	14	indicative	indicative	ADJ
ajeer-197	74	15	of	of	ADP
ajeer-197	74	16	higher	high	ADJ
ajeer-197	74	17	tax	tax	NOUN
ajeer-197	74	18	payable	payable	NOUN
ajeer-197	74	19	,	,	PUNCT
ajeer-197	74	20	and	and	CCONJ
ajeer-197	74	21	provoke	provoke	VERB
ajeer-197	74	22	a	a	DET
ajeer-197	74	23	more	more	ADV
ajeer-197	74	24	aggressive	aggressive	ADJ
ajeer-197	74	25	debt	debt	NOUN
ajeer-197	74	26	policy	policy	NOUN
ajeer-197	74	27	(	(	PUNCT
ajeer-197	74	28	in	in	ADP
ajeer-197	74	29	other	other	ADJ
ajeer-197	74	30	words	word	NOUN
ajeer-197	74	31	,	,	PUNCT
ajeer-197	74	32	the	the	DET
ajeer-197	74	33	coefficient	coefficient	NOUN
ajeer-197	74	34	before	before	ADP
ajeer-197	74	35	the	the	DET
ajeer-197	74	36	σmtr	σmtr	NOUN
ajeer-197	74	37	should	should	AUX
ajeer-197	74	38	take	take	VERB
ajeer-197	74	39	positive	positive	ADJ
ajeer-197	74	40	value	value	NOUN
ajeer-197	74	41	)	)	PUNCT
ajeer-197	74	42	.	.	PUNCT
ajeer-197	75	1	at	at	ADP
ajeer-197	75	2	last	last	ADV
ajeer-197	75	3	,	,	PUNCT
ajeer-197	75	4	graham	graham	PROPN
ajeer-197	75	5	uses	use	VERB
ajeer-197	75	6	the	the	DET
ajeer-197	75	7	difference	difference	NOUN
ajeer-197	75	8	between	between	ADP
ajeer-197	75	9	the	the	DET
ajeer-197	75	10	active	active	ADJ
ajeer-197	75	11	and	and	CCONJ
ajeer-197	75	12	the	the	DET
ajeer-197	75	13	marginal	marginal	ADJ
ajeer-197	75	14	tax	tax	NOUN
ajeer-197	75	15	rate	rate	NOUN
ajeer-197	75	16	for	for	ADP
ajeer-197	75	17	the	the	DET
ajeer-197	75	18	previous	previous	ADJ
ajeer-197	75	19	period	period	NOUN
ajeer-197	75	20	as	as	ADP
ajeer-197	75	21	explanatory	explanatory	ADJ
ajeer-197	75	22	variable	variable	NOUN
ajeer-197	75	23	,	,	PUNCT
ajeer-197	75	24	explaining	explain	VERB
ajeer-197	75	25	that	that	SCONJ
ajeer-197	75	26	the	the	DET
ajeer-197	75	27	managers	manager	NOUN
ajeer-197	75	28	of	of	ADP
ajeer-197	75	29	certain	certain	ADJ
ajeer-197	75	30	companies	company	NOUN
ajeer-197	75	31	,	,	PUNCT
ajeer-197	75	32	while	while	SCONJ
ajeer-197	75	33	choosing	choose	VERB
ajeer-197	75	34	the	the	DET
ajeer-197	75	35	financial	financial	ADJ
ajeer-197	75	36	policy	policy	NOUN
ajeer-197	75	37	,	,	PUNCT
ajeer-197	75	38	draw	draw	VERB
ajeer-197	75	39	on	on	ADP
ajeer-197	75	40	the	the	DET
ajeer-197	75	41	active	active	ADJ
ajeer-197	75	42	,	,	PUNCT
ajeer-197	75	43	official	official	ADJ
ajeer-197	75	44	tax	tax	NOUN
ajeer-197	75	45	rate	rate	NOUN
ajeer-197	75	46	.	.	PUNCT
ajeer-197	76	1	so	so	ADV
ajeer-197	76	2	,	,	PUNCT
ajeer-197	76	3	for	for	ADP
ajeer-197	76	4	companies	company	NOUN
ajeer-197	76	5	with	with	ADP
ajeer-197	76	6	higher	high	ADJ
ajeer-197	76	7	difference	difference	NOUN
ajeer-197	76	8	between	between	ADP
ajeer-197	76	9	these	these	DET
ajeer-197	76	10	two	two	NUM
ajeer-197	76	11	rates	rate	NOUN
ajeer-197	76	12	,	,	PUNCT
ajeer-197	76	13	the	the	DET
ajeer-197	76	14	probability	probability	NOUN
ajeer-197	76	15	of	of	ADP
ajeer-197	76	16	debt	debt	NOUN
ajeer-197	76	17	issue	issue	NOUN
ajeer-197	76	18	is	be	AUX
ajeer-197	76	19	higher	high	ADJ
ajeer-197	76	20	than	than	ADP
ajeer-197	76	21	for	for	ADP
ajeer-197	76	22	companies	company	NOUN
ajeer-197	76	23	with	with	ADP
ajeer-197	76	24	equal	equal	ADJ
ajeer-197	76	25	marginal	marginal	ADJ
ajeer-197	76	26	and	and	CCONJ
ajeer-197	76	27	fixed	fix	VERB
ajeer-197	76	28	rates	rate	NOUN
ajeer-197	76	29	.	.	PUNCT
ajeer-197	77	1	2.3	2.3	NUM
ajeer-197	77	2	.	.	PUNCT
ajeer-197	78	1	explanatory	explanatory	ADJ
ajeer-197	78	2	variables	variable	NOUN
ajeer-197	78	3	:	:	PUNCT
ajeer-197	78	4	individual	individual	ADJ
ajeer-197	78	5	tax	tax	NOUN
ajeer-197	78	6	assessment	assessment	NOUN
ajeer-197	78	7	this	this	DET
ajeer-197	78	8	variable	variable	NOUN
ajeer-197	78	9	adds	add	VERB
ajeer-197	78	10	to	to	ADP
ajeer-197	78	11	the	the	DET
ajeer-197	78	12	dependency	dependency	NOUN
ajeer-197	78	13	the	the	DET
ajeer-197	78	14	investor	investor	NOUN
ajeer-197	78	15	’s	’s	PART
ajeer-197	78	16	attitude	attitude	NOUN
ajeer-197	78	17	towards	towards	ADP
ajeer-197	78	18	the	the	DET
ajeer-197	78	19	debt	debt	NOUN
ajeer-197	78	20	,	,	PUNCT
ajeer-197	78	21	namely	namely	ADV
ajeer-197	78	22	his	his	PRON
ajeer-197	78	23	estimates	estimate	NOUN
ajeer-197	78	24	for	for	ADP
ajeer-197	78	25	profitability	profitability	NOUN
ajeer-197	78	26	of	of	ADP
ajeer-197	78	27	different	different	ADJ
ajeer-197	78	28	kinds	kind	NOUN
ajeer-197	78	29	of	of	ADP
ajeer-197	78	30	securities	security	NOUN
ajeer-197	78	31	.	.	PUNCT
ajeer-197	79	1	to	to	PART
ajeer-197	79	2	return	return	VERB
ajeer-197	79	3	to	to	ADP
ajeer-197	79	4	the	the	DET
ajeer-197	79	5	earlier	early	ADV
ajeer-197	79	6	described	describe	VERB
ajeer-197	79	7	works	work	NOUN
ajeer-197	79	8	of	of	ADP
ajeer-197	79	9	miller	miller	PROPN
ajeer-197	79	10	(	(	PUNCT
ajeer-197	79	11	1977	1977	NUM
ajeer-197	79	12	)	)	PUNCT
ajeer-197	79	13	,	,	PUNCT
ajeer-197	79	14	deangelo	deangelo	PROPN
ajeer-197	79	15	and	and	CCONJ
ajeer-197	79	16	masulis	masulis	PROPN
ajeer-197	79	17	(	(	PUNCT
ajeer-197	79	18	1980	1980	NUM
ajeer-197	79	19	)	)	PUNCT
ajeer-197	79	20	,	,	PUNCT
ajeer-197	79	21	for	for	ADP
ajeer-197	79	22	an	an	DET
ajeer-197	79	23	investor	investor	NOUN
ajeer-197	79	24	who	who	PRON
ajeer-197	79	25	does	do	AUX
ajeer-197	79	26	n’t	not	PART
ajeer-197	79	27	care	care	VERB
ajeer-197	79	28	for	for	ADP
ajeer-197	79	29	choice	choice	NOUN
ajeer-197	79	30	of	of	ADP
ajeer-197	79	31	securities	security	NOUN
ajeer-197	79	32	,	,	PUNCT
ajeer-197	79	33	the	the	DET
ajeer-197	79	34	condition	condition	NOUN
ajeer-197	79	35	of	of	ADP
ajeer-197	79	36	the	the	DET
ajeer-197	79	37	balance	balance	NOUN
ajeer-197	79	38	:	:	PUNCT
ajeer-197	79	39	(	(	PUNCT
ajeer-197	79	40	)	)	PUNCT
ajeer-197	79	41	(	(	PUNCT
ajeer-197	79	42	)	)	PUNCT
ajeer-197	79	43	(	(	PUNCT
ajeer-197	79	44	)	)	PUNCT
ajeer-197	80	1	[	[	X
ajeer-197	80	2	1	1	X
ajeer-197	80	3	]	]	PUNCT
ajeer-197	80	4	where	where	SCONJ
ajeer-197	80	5	the	the	DET
ajeer-197	80	6	mtr	mtr	PROPN
ajeer-197	80	7	*	*	PUNCT
ajeer-197	80	8	is	be	AUX
ajeer-197	80	9	the	the	DET
ajeer-197	80	10	marginal	marginal	ADJ
ajeer-197	80	11	tax	tax	NOUN
ajeer-197	80	12	rate	rate	NOUN
ajeer-197	80	13	,	,	PUNCT
ajeer-197	80	14	so	so	SCONJ
ajeer-197	80	15	that	that	SCONJ
ajeer-197	80	16	it	it	PRON
ajeer-197	80	17	does	do	AUX
ajeer-197	80	18	n’t	not	PART
ajeer-197	80	19	matter	matter	VERB
ajeer-197	80	20	for	for	ADP
ajeer-197	80	21	the	the	DET
ajeer-197	80	22	company	company	NOUN
ajeer-197	80	23	,	,	PUNCT
ajeer-197	80	24	which	which	PRON
ajeer-197	80	25	kind	kind	NOUN
ajeer-197	80	26	of	of	ADP
ajeer-197	80	27	securities	security	NOUN
ajeer-197	80	28	should	should	AUX
ajeer-197	80	29	be	be	AUX
ajeer-197	80	30	issued	issue	VERB
ajeer-197	80	31	.	.	PUNCT
ajeer-197	81	1	so	so	ADV
ajeer-197	81	2	,	,	PUNCT
ajeer-197	81	3	if	if	SCONJ
ajeer-197	81	4	the	the	DET
ajeer-197	81	5	effective	effective	ADJ
ajeer-197	81	6	mtr	mtr	NOUN
ajeer-197	81	7	is	be	AUX
ajeer-197	81	8	higher	high	ADJ
ajeer-197	81	9	than	than	ADP
ajeer-197	81	10	mtr	mtr	NOUN
ajeer-197	81	11	*	*	PROPN
ajeer-197	81	12	,	,	PUNCT
ajeer-197	81	13	the	the	DET
ajeer-197	81	14	company	company	NOUN
ajeer-197	81	15	has	have	VERB
ajeer-197	81	16	the	the	DET
ajeer-197	81	17	motivation	motivation	NOUN
ajeer-197	81	18	to	to	PART
ajeer-197	81	19	issue	issue	VERB
ajeer-197	81	20	debt	debt	NOUN
ajeer-197	81	21	,	,	PUNCT
ajeer-197	81	22	in	in	ADP
ajeer-197	81	23	contrast	contrast	NOUN
ajeer-197	81	24	to	to	ADP
ajeer-197	81	25	issuing	issue	VERB
ajeer-197	81	26	securities	security	NOUN
ajeer-197	81	27	.	.	PUNCT
ajeer-197	82	1	to	to	PART
ajeer-197	82	2	include	include	VERB
ajeer-197	82	3	this	this	DET
ajeer-197	82	4	effect	effect	NOUN
ajeer-197	82	5	into	into	ADP
ajeer-197	82	6	the	the	DET
ajeer-197	82	7	model	model	NOUN
ajeer-197	82	8	,	,	PUNCT
ajeer-197	82	9	graham	graham	PROPN
ajeer-197	82	10	uses	use	VERB
ajeer-197	82	11	the	the	DET
ajeer-197	82	12	advdebt	advdebt	PROPN
ajeer-197	82	13	variable	variable	NOUN
ajeer-197	82	14	,	,	PUNCT
ajeer-197	82	15	defined	define	VERB
ajeer-197	82	16	as	as	ADP
ajeer-197	82	17	:	:	PUNCT
ajeer-197	82	18	(	(	PUNCT
ajeer-197	82	19	)	)	PUNCT
ajeer-197	82	20	(	(	PUNCT
ajeer-197	82	21	)	)	PUNCT
ajeer-197	82	22	(	(	PUNCT
ajeer-197	82	23	)	)	PUNCT
ajeer-197	83	1	[	[	X
ajeer-197	83	2	2	2	X
ajeer-197	83	3	]	]	PUNCT
ajeer-197	83	4	is	be	AUX
ajeer-197	83	5	the	the	DET
ajeer-197	83	6	difference	difference	NOUN
ajeer-197	83	7	between	between	ADP
ajeer-197	83	8	the	the	DET
ajeer-197	83	9	annualized	annualize	VERB
ajeer-197	83	10	gain	gain	NOUN
ajeer-197	83	11	for	for	ADP
ajeer-197	83	12	the	the	DET
ajeer-197	83	13	municipal	municipal	ADJ
ajeer-197	83	14	and	and	CCONJ
ajeer-197	83	15	taxable	taxable	ADJ
ajeer-197	83	16	securities	security	NOUN
ajeer-197	83	17	for	for	ADP
ajeer-197	83	18	the	the	DET
ajeer-197	83	19	previous	previous	ADJ
ajeer-197	83	20	period	period	NOUN
ajeer-197	83	21	,	,	PUNCT
ajeer-197	83	22	is	be	AUX
ajeer-197	83	23	the	the	DET
ajeer-197	83	24	income	income	NOUN
ajeer-197	83	25	tax	tax	NOUN
ajeer-197	83	26	rate	rate	NOUN
ajeer-197	83	27	for	for	ADP
ajeer-197	83	28	capital	capital	NOUN
ajeer-197	83	29	gains	gain	NOUN
ajeer-197	83	30	for	for	ADP
ajeer-197	83	31	the	the	DET
ajeer-197	83	32	previous	previous	ADJ
ajeer-197	83	33	period	period	NOUN
ajeer-197	83	34	.	.	PUNCT
ajeer-197	84	1	2.4	2.4	NUM
ajeer-197	84	2	.	.	PUNCT
ajeer-197	85	1	explanatory	explanatory	ADJ
ajeer-197	85	2	variables	variable	NOUN
ajeer-197	85	3	:	:	PUNCT
ajeer-197	85	4	probability	probability	NOUN
ajeer-197	85	5	of	of	ADP
ajeer-197	85	6	bankruptcy	bankruptcy	NOUN
ajeer-197	85	7	as	as	ADP
ajeer-197	85	8	a	a	DET
ajeer-197	85	9	variable	variable	NOUN
ajeer-197	85	10	defining	define	VERB
ajeer-197	85	11	the	the	DET
ajeer-197	85	12	probability	probability	NOUN
ajeer-197	85	13	of	of	ADP
ajeer-197	85	14	the	the	DET
ajeer-197	85	15	situation	situation	NOUN
ajeer-197	85	16	when	when	SCONJ
ajeer-197	85	17	the	the	DET
ajeer-197	85	18	company	company	NOUN
ajeer-197	85	19	ca	can	AUX
ajeer-197	85	20	n’t	not	PART
ajeer-197	85	21	be	be	AUX
ajeer-197	85	22	liable	liable	ADJ
ajeer-197	85	23	,	,	PUNCT
ajeer-197	85	24	the	the	DET
ajeer-197	85	25	author	author	NOUN
ajeer-197	85	26	resorts	resort	VERB
ajeer-197	85	27	to	to	ADP
ajeer-197	85	28	the	the	DET
ajeer-197	85	29	approach	approach	NOUN
ajeer-197	85	30	of	of	ADP
ajeer-197	85	31	altman	altman	PROPN
ajeer-197	85	32	(	(	PUNCT
ajeer-197	85	33	1968	1968	NUM
ajeer-197	85	34	)	)	PUNCT
ajeer-197	85	35	,	,	PUNCT
ajeer-197	85	36	namely	namely	ADV
ajeer-197	85	37	the	the	DET
ajeer-197	85	38	zprob	zprob	ADJ
ajeer-197	85	39	variable	variable	NOUN
ajeer-197	85	40	:	:	PUNCT
ajeer-197	86	1	[	[	X
ajeer-197	86	2	3	3	X
ajeer-197	86	3	]	]	PUNCT
ajeer-197	86	4	as	as	SCONJ
ajeer-197	86	5	a	a	DET
ajeer-197	86	6	certain	certain	ADJ
ajeer-197	86	7	element	element	NOUN
ajeer-197	86	8	of	of	ADP
ajeer-197	86	9	bankruptcy	bankruptcy	NOUN
ajeer-197	86	10	is	be	AUX
ajeer-197	86	11	already	already	ADV
ajeer-197	86	12	included	include	VERB
ajeer-197	86	13	into	into	ADP
ajeer-197	86	14	the	the	DET
ajeer-197	86	15	mtr	mtr	NOUN
ajeer-197	86	16	variable	variable	NOUN
ajeer-197	86	17	in	in	ADP
ajeer-197	86	18	terms	term	NOUN
ajeer-197	86	19	of	of	ADP
ajeer-197	86	20	probable	probable	ADJ
ajeer-197	86	21	nonresidue	nonresidue	NOUN
ajeer-197	86	22	of	of	ADP
ajeer-197	86	23	interest	interest	NOUN
ajeer-197	86	24	expenditures	expenditure	NOUN
ajeer-197	86	25	,	,	PUNCT
ajeer-197	86	26	the	the	DET
ajeer-197	86	27	zprob	zprob	PROPN
ajeer-197	86	28	variable	variable	NOUN
ajeer-197	86	29	can	can	AUX
ajeer-197	86	30	show	show	VERB
ajeer-197	86	31	other	other	ADJ
ajeer-197	86	32	direct	direct	ADJ
ajeer-197	86	33	and	and	CCONJ
ajeer-197	86	34	indirect	indirect	ADJ
ajeer-197	86	35	expenditures	expenditure	NOUN
ajeer-197	86	36	connected	connect	VERB
ajeer-197	86	37	with	with	ADP
ajeer-197	86	38	bankruptcy	bankruptcy	NOUN
ajeer-197	86	39	,	,	PUNCT
ajeer-197	86	40	such	such	ADJ
ajeer-197	86	41	as	as	ADP
ajeer-197	86	42	costs	cost	NOUN
ajeer-197	86	43	of	of	ADP
ajeer-197	86	44	legal	legal	ADJ
ajeer-197	86	45	services	service	NOUN
ajeer-197	86	46	,	,	PUNCT
ajeer-197	86	47	running	run	VERB
ajeer-197	86	48	out	out	ADP
ajeer-197	86	49	of	of	ADP
ajeer-197	86	50	credit	credit	NOUN
ajeer-197	86	51	for	for	ADP
ajeer-197	86	52	suppliers	supplier	NOUN
ajeer-197	86	53	and	and	CCONJ
ajeer-197	86	54	clients	client	NOUN
ajeer-197	86	55	,	,	PUNCT
ajeer-197	86	56	managing	manage	VERB
ajeer-197	86	57	time	time	NOUN
ajeer-197	86	58	expenditures	expenditure	NOUN
ajeer-197	86	59	,	,	PUNCT
ajeer-197	86	60	agency	agency	NOUN
ajeer-197	86	61	costs	cost	NOUN
ajeer-197	86	62	etc	etc	X
ajeer-197	86	63	.	.	X
ajeer-197	87	1	as	as	ADP
ajeer-197	87	2	an	an	DET
ajeer-197	87	3	alternative	alternative	ADJ
ajeer-197	87	4	way	way	NOUN
ajeer-197	87	5	to	to	PART
ajeer-197	87	6	calculate	calculate	VERB
ajeer-197	87	7	the	the	DET
ajeer-197	87	8	probability	probability	NOUN
ajeer-197	87	9	of	of	ADP
ajeer-197	87	10	bankruptcy	bankruptcy	NOUN
ajeer-197	87	11	,	,	PUNCT
ajeer-197	87	12	the	the	DET
ajeer-197	87	13	author	author	NOUN
ajeer-197	87	14	suggests	suggest	VERB
ajeer-197	87	15	introducing	introduce	VERB
ajeer-197	87	16	a	a	DET
ajeer-197	87	17	variable	variable	NOUN
ajeer-197	87	18	that	that	PRON
ajeer-197	87	19	shows	show	VERB
ajeer-197	87	20	the	the	DET
ajeer-197	87	21	carryforward	carryforward	NOUN
ajeer-197	87	22	of	of	ADP
ajeer-197	87	23	losses	loss	NOUN
ajeer-197	87	24	.	.	PUNCT
ajeer-197	88	1	as	as	ADP
ajeer-197	88	2	a	a	DET
ajeer-197	88	3	rule	rule	NOUN
ajeer-197	88	4	,	,	PUNCT
ajeer-197	88	5	the	the	DET
ajeer-197	88	6	attitude	attitude	NOUN
ajeer-197	88	7	of	of	ADP
ajeer-197	88	8	creditors	creditor	NOUN
ajeer-197	88	9	and	and	CCONJ
ajeer-197	88	10	suppliers	supplier	NOUN
ajeer-197	88	11	towards	towards	ADP
ajeer-197	88	12	such	such	ADJ
ajeer-197	88	13	companies	company	NOUN
ajeer-197	88	14	is	be	AUX
ajeer-197	88	15	rather	rather	ADV
ajeer-197	88	16	cautious	cautious	ADJ
ajeer-197	88	17	,	,	PUNCT
ajeer-197	88	18	because	because	SCONJ
ajeer-197	88	19	they	they	PRON
ajeer-197	88	20	are	be	AUX
ajeer-197	88	21	distressed	distressed	ADJ
ajeer-197	88	22	that	that	SCONJ
ajeer-197	88	23	the	the	DET
ajeer-197	88	24	company	company	NOUN
ajeer-197	88	25	ca	can	AUX
ajeer-197	88	26	n’t	not	PART
ajeer-197	88	27	be	be	AUX
ajeer-197	88	28	liable	liable	ADJ
ajeer-197	88	29	again	again	ADV
ajeer-197	88	30	.	.	PUNCT
ajeer-197	89	1	so	so	ADV
ajeer-197	89	2	it	it	PRON
ajeer-197	89	3	is	be	AUX
ajeer-197	89	4	an	an	DET
ajeer-197	89	5	additional	additional	ADJ
ajeer-197	89	6	disincentive	disincentive	NOUN
ajeer-197	89	7	for	for	ADP
ajeer-197	89	8	issuing	issue	VERB
ajeer-197	89	9	the	the	DET
ajeer-197	89	10	debt	debt	NOUN
ajeer-197	89	11	.	.	PUNCT
ajeer-197	90	1	for	for	ADP
ajeer-197	90	2	this	this	DET
ajeer-197	90	3	purpose	purpose	NOUN
ajeer-197	90	4	,	,	PUNCT
ajeer-197	90	5	the	the	DET
ajeer-197	90	6	author	author	NOUN
ajeer-197	90	7	includes	include	VERB
ajeer-197	90	8	dummy	dummy	ADJ
ajeer-197	90	9	-	-	PUNCT
ajeer-197	90	10	variables	variable	NOUN
ajeer-197	90	11	into	into	ADP
ajeer-197	90	12	the	the	DET
ajeer-197	90	13	regression	regression	NOUN
ajeer-197	90	14	:	:	PUNCT
ajeer-197	90	15	the	the	DET
ajeer-197	90	16	mtrnol	mtrnol	NOUN
ajeer-197	90	17	,	,	PUNCT
ajeer-197	90	18	equal	equal	ADJ
ajeer-197	90	19	to	to	ADP
ajeer-197	90	20	the	the	DET
ajeer-197	90	21	mtr	mtr	NOUN
ajeer-197	90	22	in	in	ADP
ajeer-197	90	23	case	case	NOUN
ajeer-197	90	24	of	of	ADP
ajeer-197	90	25	tax	tax	NOUN
ajeer-197	90	26	carryforward	carryforward	NOUN
ajeer-197	90	27	/	/	SYM
ajeer-197	90	28	carryback	carryback	NOUN
ajeer-197	90	29	,	,	PUNCT
ajeer-197	90	30	and	and	CCONJ
ajeer-197	90	31	equal	equal	ADJ
ajeer-197	90	32	to	to	ADP
ajeer-197	90	33	0	0	NUM
ajeer-197	90	34	otherwise	otherwise	ADV
ajeer-197	90	35	,	,	PUNCT
ajeer-197	90	36	and	and	CCONJ
ajeer-197	90	37	the	the	DET
ajeer-197	90	38	mtr	mtr	X
ajeer-197	90	39	non	non	X
ajeer-197	90	40	nol	nol	NOUN
ajeer-197	90	41	with	with	ADP
ajeer-197	90	42	reverse	reverse	ADJ
ajeer-197	90	43	values	value	NOUN
ajeer-197	90	44	.	.	PUNCT
ajeer-197	91	1	furthermore	furthermore	ADV
ajeer-197	91	2	,	,	PUNCT
ajeer-197	91	3	to	to	PART
ajeer-197	91	4	exclude	exclude	VERB
ajeer-197	91	5	multicollinearity	multicollinearity	NOUN
ajeer-197	91	6	of	of	ADP
ajeer-197	91	7	the	the	DET
ajeer-197	91	8	variables	variable	NOUN
ajeer-197	91	9	,	,	PUNCT
ajeer-197	91	10	graham	graham	PROPN
ajeer-197	91	11	includes	include	VERB
ajeer-197	91	12	these	these	DET
ajeer-197	91	13	variables	variable	NOUN
ajeer-197	91	14	into	into	ADP
ajeer-197	91	15	the	the	DET
ajeer-197	91	16	supplementary	supplementary	ADJ
ajeer-197	91	17	regression	regression	NOUN
ajeer-197	91	18	,	,	PUNCT
ajeer-197	91	19	which	which	PRON
ajeer-197	91	20	does	do	AUX
ajeer-197	91	21	n’t	not	PART
ajeer-197	91	22	include	include	VERB
ajeer-197	91	23	the	the	DET
ajeer-197	91	24	mtr	mtr	NOUN
ajeer-197	91	25	.	.	PUNCT
ajeer-197	92	1	at	at	ADP
ajeer-197	92	2	last	last	ADJ
ajeer-197	92	3	,	,	PUNCT
ajeer-197	92	4	contrary	contrary	ADV
ajeer-197	92	5	to	to	ADP
ajeer-197	92	6	the	the	DET
ajeer-197	92	7	approach	approach	NOUN
ajeer-197	92	8	of	of	ADP
ajeer-197	92	9	deangelo	deangelo	PROPN
ajeer-197	92	10	and	and	CCONJ
ajeer-197	92	11	masulis	masulis	PROPN
ajeer-197	92	12	(	(	PUNCT
ajeer-197	92	13	1980	1980	NUM
ajeer-197	92	14	)	)	PUNCT
ajeer-197	92	15	,	,	PUNCT
ajeer-197	92	16	who	who	PRON
ajeer-197	92	17	claimed	claim	VERB
ajeer-197	92	18	that	that	SCONJ
ajeer-197	92	19	the	the	DET
ajeer-197	92	20	non	non	ADJ
ajeer-197	92	21	-	-	ADJ
ajeer-197	92	22	debt	debt	ADJ
ajeer-197	92	23	tax	tax	NOUN
ajeer-197	92	24	shield	shield	NOUN
ajeer-197	92	25	(	(	PUNCT
ajeer-197	92	26	ndts	ndts	PROPN
ajeer-197	92	27	)	)	PUNCT
ajeer-197	92	28	drives	drive	VERB
ajeer-197	92	29	out	out	ADP
ajeer-197	92	30	the	the	DET
ajeer-197	92	31	profits	profit	NOUN
ajeer-197	92	32	from	from	ADP
ajeer-197	92	33	deduction	deduction	NOUN
ajeer-197	92	34	of	of	ADP
ajeer-197	92	35	interest	interest	NOUN
ajeer-197	92	36	and	and	CCONJ
ajeer-197	92	37	,	,	PUNCT
ajeer-197	92	38	therefore	therefore	ADV
ajeer-197	92	39	,	,	PUNCT
ajeer-197	92	40	has	have	VERB
ajeer-197	92	41	an	an	DET
ajeer-197	92	42	adverse	adverse	ADJ
ajeer-197	92	43	effect	effect	NOUN
ajeer-197	92	44	on	on	ADP
ajeer-197	92	45	the	the	DET
ajeer-197	92	46	debt	debt	NOUN
ajeer-197	92	47	,	,	PUNCT
ajeer-197	92	48	the	the	DET
ajeer-197	92	49	author	author	NOUN
ajeer-197	92	50	claims	claim	VERB
ajeer-197	92	51	that	that	SCONJ
ajeer-197	92	52	large	large	ADJ
ajeer-197	92	53	and	and	CCONJ
ajeer-197	92	54	profitable	profitable	ADJ
ajeer-197	92	55	companies	company	NOUN
ajeer-197	92	56	wo	will	AUX
ajeer-197	92	57	n’t	not	AUX
ajeer-197	92	58	necessarily	necessarily	ADV
ajeer-197	92	59	follow	follow	VERB
ajeer-197	92	60	that	that	DET
ajeer-197	92	61	logic	logic	NOUN
ajeer-197	92	62	.	.	PUNCT
ajeer-197	93	1	so	so	ADV
ajeer-197	93	2	a	a	DET
ajeer-197	93	3	high	high	ADJ
ajeer-197	93	4	ndts	ndts	NOUN
ajeer-197	93	5	will	will	AUX
ajeer-197	93	6	have	have	VERB
ajeer-197	93	7	a	a	DET
ajeer-197	93	8	negative	negative	ADJ
ajeer-197	93	9	asian	asian	ADJ
ajeer-197	93	10	journal	journal	NOUN
ajeer-197	93	11	of	of	ADP
ajeer-197	93	12	economics	economic	NOUN
ajeer-197	93	13	and	and	CCONJ
ajeer-197	93	14	empirical	empirical	ADJ
ajeer-197	93	15	research	research	NOUN
ajeer-197	93	16	,	,	PUNCT
ajeer-197	93	17	2015	2015	NUM
ajeer-197	93	18	,	,	PUNCT
ajeer-197	93	19	2(1):39	2(1):39	NUM
ajeer-197	93	20	-	-	SYM
ajeer-197	93	21	46	46	NUM
ajeer-197	93	22	42	42	NUM
ajeer-197	93	23	impact	impact	NOUN
ajeer-197	93	24	on	on	ADP
ajeer-197	93	25	debt	debt	NOUN
ajeer-197	93	26	,	,	PUNCT
ajeer-197	93	27	only	only	ADV
ajeer-197	93	28	when	when	SCONJ
ajeer-197	93	29	the	the	DET
ajeer-197	93	30	probability	probability	NOUN
ajeer-197	93	31	of	of	ADP
ajeer-197	93	32	bankruptcy	bankruptcy	NOUN
ajeer-197	93	33	(	(	PUNCT
ajeer-197	93	34	zprob	zprob	PROPN
ajeer-197	93	35	)	)	PUNCT
ajeer-197	93	36	is	be	AUX
ajeer-197	93	37	high	high	ADJ
ajeer-197	93	38	(	(	PUNCT
ajeer-197	93	39	for	for	ADP
ajeer-197	93	40	example	example	NOUN
ajeer-197	93	41	,	,	PUNCT
ajeer-197	93	42	a	a	DET
ajeer-197	93	43	company	company	NOUN
ajeer-197	93	44	that	that	PRON
ajeer-197	93	45	has	have	AUX
ajeer-197	93	46	used	use	VERB
ajeer-197	93	47	up	up	ADP
ajeer-197	93	48	all	all	DET
ajeer-197	93	49	the	the	DET
ajeer-197	93	50	possible	possible	ADJ
ajeer-197	93	51	ways	way	NOUN
ajeer-197	93	52	of	of	ADP
ajeer-197	93	53	deduction	deduction	NOUN
ajeer-197	93	54	,	,	PUNCT
ajeer-197	93	55	provided	provide	VERB
ajeer-197	93	56	by	by	ADP
ajeer-197	93	57	the	the	DET
ajeer-197	93	58	ndts	ndts	NOUN
ajeer-197	93	59	,	,	PUNCT
ajeer-197	93	60	are	be	AUX
ajeer-197	93	61	very	very	ADV
ajeer-197	93	62	unlikely	unlikely	ADJ
ajeer-197	93	63	to	to	PART
ajeer-197	93	64	use	use	VERB
ajeer-197	93	65	debt	debt	NOUN
ajeer-197	93	66	,	,	PUNCT
ajeer-197	93	67	as	as	SCONJ
ajeer-197	93	68	the	the	DET
ajeer-197	93	69	interest	interest	NOUN
ajeer-197	93	70	expenditures	expenditure	NOUN
ajeer-197	93	71	will	will	AUX
ajeer-197	93	72	be	be	AUX
ajeer-197	93	73	driven	drive	VERB
ajeer-197	93	74	out	out	ADP
ajeer-197	93	75	by	by	ADP
ajeer-197	93	76	the	the	DET
ajeer-197	93	77	ndts	ndts	NOUN
ajeer-197	93	78	)	)	PUNCT
ajeer-197	93	79	.	.	PUNCT
ajeer-197	94	1	to	to	PART
ajeer-197	94	2	include	include	VERB
ajeer-197	94	3	this	this	DET
ajeer-197	94	4	factor	factor	NOUN
ajeer-197	94	5	,	,	PUNCT
ajeer-197	94	6	the	the	DET
ajeer-197	94	7	author	author	NOUN
ajeer-197	94	8	,	,	PUNCT
ajeer-197	94	9	following	follow	VERB
ajeer-197	94	10	the	the	DET
ajeer-197	94	11	logic	logic	NOUN
ajeer-197	94	12	of	of	ADP
ajeer-197	94	13	mackie	mackie	NOUN
ajeer-197	94	14	-	-	PUNCT
ajeer-197	94	15	mason	mason	PROPN
ajeer-197	94	16	(	(	PUNCT
ajeer-197	94	17	1990	1990	NUM
ajeer-197	94	18	)	)	PUNCT
ajeer-197	94	19	,	,	PUNCT
ajeer-197	94	20	includes	include	VERB
ajeer-197	94	21	the	the	DET
ajeer-197	94	22	ndts*zprob	ndts*zprob	ADJ
ajeer-197	94	23	factor	factor	NOUN
ajeer-197	94	24	into	into	ADP
ajeer-197	94	25	regression	regression	NOUN
ajeer-197	94	26	.	.	PUNCT
ajeer-197	95	1	2.5	2.5	NUM
ajeer-197	95	2	.	.	PUNCT
ajeer-197	96	1	explanatory	explanatory	ADJ
ajeer-197	96	2	variables	variable	NOUN
ajeer-197	96	3	:	:	PUNCT
ajeer-197	96	4	other	other	ADJ
ajeer-197	96	5	variables	variable	NOUN
ajeer-197	96	6	among	among	ADP
ajeer-197	96	7	other	other	ADJ
ajeer-197	96	8	variables	variable	NOUN
ajeer-197	96	9	,	,	PUNCT
ajeer-197	96	10	important	important	ADJ
ajeer-197	96	11	for	for	ADP
ajeer-197	96	12	choosing	choose	VERB
ajeer-197	96	13	the	the	DET
ajeer-197	96	14	debt	debt	NOUN
ajeer-197	96	15	policy	policy	NOUN
ajeer-197	96	16	,	,	PUNCT
ajeer-197	96	17	the	the	DET
ajeer-197	96	18	author	author	NOUN
ajeer-197	96	19	includes	include	VERB
ajeer-197	96	20	into	into	ADP
ajeer-197	96	21	regression	regression	NOUN
ajeer-197	96	22	the	the	DET
ajeer-197	96	23	so	so	ADV
ajeer-197	96	24	-	-	PUNCT
ajeer-197	96	25	called	call	VERB
ajeer-197	96	26	control	control	NOUN
ajeer-197	96	27	variables	variable	NOUN
ajeer-197	96	28	that	that	PRON
ajeer-197	96	29	define	define	VERB
ajeer-197	96	30	free	free	ADJ
ajeer-197	96	31	cash	cash	NOUN
ajeer-197	96	32	flow	flow	NOUN
ajeer-197	96	33	1	1	NUM
ajeer-197	96	34	,	,	PUNCT
ajeer-197	96	35	investment	investment	NOUN
ajeer-197	96	36	opportunities	opportunity	NOUN
ajeer-197	96	37	2	2	NUM
ajeer-197	96	38	,	,	PUNCT
ajeer-197	96	39	amount	amount	NOUN
ajeer-197	96	40	3	3	NUM
ajeer-197	96	41	,	,	PUNCT
ajeer-197	96	42	r&d	r&d	NOUN
ajeer-197	96	43	spending	spending	NOUN
ajeer-197	96	44	4	4	NUM
ajeer-197	96	45	,	,	PUNCT
ajeer-197	96	46	advertising	advertising	NOUN
ajeer-197	96	47	expenditures	expenditure	NOUN
ajeer-197	96	48	5	5	NUM
ajeer-197	96	49	,	,	PUNCT
ajeer-197	96	50	materiality	materiality	NOUN
ajeer-197	96	51	of	of	ADP
ajeer-197	96	52	assets	asset	NOUN
ajeer-197	96	53	6	6	NUM
ajeer-197	96	54	etc	etc	X
ajeer-197	96	55	.	.	X
ajeer-197	96	56	7	7	NUM
ajeer-197	96	57	.	.	PUNCT
ajeer-197	97	1	what	what	PRON
ajeer-197	97	2	is	be	AUX
ajeer-197	97	3	more	more	ADJ
ajeer-197	97	4	,	,	PUNCT
ajeer-197	97	5	some	some	DET
ajeer-197	97	6	variables	variable	NOUN
ajeer-197	97	7	are	be	AUX
ajeer-197	97	8	presented	present	VERB
ajeer-197	97	9	in	in	ADP
ajeer-197	97	10	the	the	DET
ajeer-197	97	11	form	form	NOUN
ajeer-197	97	12	of	of	ADP
ajeer-197	97	13	the	the	DET
ajeer-197	97	14	first	first	ADJ
ajeer-197	97	15	difference	difference	NOUN
ajeer-197	97	16	,	,	PUNCT
ajeer-197	97	17	to	to	PART
ajeer-197	97	18	maintain	maintain	VERB
ajeer-197	97	19	the	the	DET
ajeer-197	97	20	consistency	consistency	NOUN
ajeer-197	97	21	with	with	ADP
ajeer-197	97	22	the	the	DET
ajeer-197	97	23	dependent	dependent	ADJ
ajeer-197	97	24	variable	variable	NOUN
ajeer-197	97	25	.	.	PUNCT
ajeer-197	98	1	to	to	PART
ajeer-197	98	2	make	make	VERB
ajeer-197	98	3	a	a	DET
ajeer-197	98	4	sample	sample	NOUN
ajeer-197	98	5	for	for	ADP
ajeer-197	98	6	the	the	DET
ajeer-197	98	7	regression	regression	NOUN
ajeer-197	98	8	analysis	analysis	NOUN
ajeer-197	98	9	,	,	PUNCT
ajeer-197	98	10	the	the	DET
ajeer-197	98	11	author	author	NOUN
ajeer-197	98	12	chose	choose	VERB
ajeer-197	98	13	10,240	10,240	NUM
ajeer-197	98	14	companies	company	NOUN
ajeer-197	98	15	from	from	ADP
ajeer-197	98	16	the	the	DET
ajeer-197	98	17	statistics	statistic	NOUN
ajeer-197	98	18	of	of	ADP
ajeer-197	98	19	compustat	compustat	NOUN
ajeer-197	98	20	,	,	PUNCT
ajeer-197	98	21	and	and	CCONJ
ajeer-197	98	22	,	,	PUNCT
ajeer-197	98	23	respectively	respectively	ADV
ajeer-197	98	24	,	,	PUNCT
ajeer-197	98	25	54,181	54,181	NUM
ajeer-197	98	26	observations	observation	NOUN
ajeer-197	98	27	from	from	ADP
ajeer-197	98	28	the	the	DET
ajeer-197	98	29	period	period	NOUN
ajeer-197	98	30	from	from	ADP
ajeer-197	98	31	1973	1973	NUM
ajeer-197	98	32	to	to	ADP
ajeer-197	98	33	1992	1992	NUM
ajeer-197	98	34	.	.	PUNCT
ajeer-197	99	1	the	the	DET
ajeer-197	99	2	sample	sample	NOUN
ajeer-197	99	3	did	do	AUX
ajeer-197	99	4	n’t	not	PART
ajeer-197	99	5	include	include	VERB
ajeer-197	99	6	financial	financial	ADJ
ajeer-197	99	7	companies	company	NOUN
ajeer-197	99	8	,	,	PUNCT
ajeer-197	99	9	due	due	ADP
ajeer-197	99	10	to	to	ADP
ajeer-197	99	11	their	their	PRON
ajeer-197	99	12	tax	tax	NOUN
ajeer-197	99	13	regime	regime	NOUN
ajeer-197	99	14	,	,	PUNCT
ajeer-197	99	15	which	which	PRON
ajeer-197	99	16	differed	differ	VERB
ajeer-197	99	17	from	from	ADP
ajeer-197	99	18	the	the	DET
ajeer-197	99	19	standard	standard	ADJ
ajeer-197	99	20	taxation	taxation	NOUN
ajeer-197	99	21	scheme	scheme	NOUN
ajeer-197	99	22	.	.	PUNCT
ajeer-197	100	1	the	the	DET
ajeer-197	100	2	sample	sample	NOUN
ajeer-197	100	3	also	also	ADV
ajeer-197	100	4	did	do	AUX
ajeer-197	100	5	n’t	not	PART
ajeer-197	100	6	include	include	VERB
ajeer-197	100	7	the	the	DET
ajeer-197	100	8	companies	company	NOUN
ajeer-197	100	9	with	with	ADP
ajeer-197	100	10	changes	change	NOUN
ajeer-197	100	11	in	in	ADP
ajeer-197	100	12	debt	debt	NOUN
ajeer-197	100	13	or	or	CCONJ
ajeer-197	100	14	in	in	ADP
ajeer-197	100	15	other	other	ADJ
ajeer-197	100	16	variables	variable	NOUN
ajeer-197	100	17	being	be	AUX
ajeer-197	100	18	larger	large	ADJ
ajeer-197	100	19	in	in	ADP
ajeer-197	100	20	in	in	ADP
ajeer-197	100	21	absolute	absolute	ADJ
ajeer-197	100	22	terms	term	NOUN
ajeer-197	100	23	than	than	ADP
ajeer-197	100	24	the	the	DET
ajeer-197	100	25	market	market	NOUN
ajeer-197	100	26	price	price	NOUN
ajeer-197	100	27	of	of	ADP
ajeer-197	100	28	the	the	DET
ajeer-197	100	29	company	company	NOUN
ajeer-197	100	30	for	for	ADP
ajeer-197	100	31	the	the	DET
ajeer-197	100	32	previous	previous	ADJ
ajeer-197	100	33	period	period	NOUN
ajeer-197	100	34	.	.	PUNCT
ajeer-197	101	1	2.6	2.6	NUM
ajeer-197	101	2	.	.	PUNCT
ajeer-197	101	3	results	result	NOUN
ajeer-197	101	4	having	having	AUX
ajeer-197	101	5	shown	show	VERB
ajeer-197	101	6	debt	debt	NOUN
ajeer-197	101	7	linearly	linearly	ADV
ajeer-197	101	8	depending	depend	VERB
ajeer-197	101	9	from	from	ADP
ajeer-197	101	10	the	the	DET
ajeer-197	101	11	above	above	ADV
ajeer-197	101	12	-	-	PUNCT
ajeer-197	101	13	described	describe	VERB
ajeer-197	101	14	factors	factor	NOUN
ajeer-197	101	15	,	,	PUNCT
ajeer-197	101	16	graham	graham	PROPN
ajeer-197	101	17	concluded	conclude	VERB
ajeer-197	101	18	that	that	SCONJ
ajeer-197	101	19	the	the	DET
ajeer-197	101	20	variables	variable	NOUN
ajeer-197	101	21	presented	present	VERB
ajeer-197	101	22	by	by	ADP
ajeer-197	101	23	him	he	PRON
ajeer-197	101	24	can	can	AUX
ajeer-197	101	25	explain	explain	VERB
ajeer-197	101	26	5	5	NUM
ajeer-197	101	27	%	%	NOUN
ajeer-197	101	28	of	of	ADP
ajeer-197	101	29	the	the	DET
ajeer-197	101	30	variation	variation	NOUN
ajeer-197	101	31	in	in	ADP
ajeer-197	101	32	the	the	DET
ajeer-197	101	33	debt	debt	NOUN
ajeer-197	101	34	level	level	NOUN
ajeer-197	101	35	(	(	PUNCT
ajeer-197	101	36	judging	judge	VERB
ajeer-197	101	37	from	from	ADP
ajeer-197	101	38	the	the	DET
ajeer-197	101	39	adjusted	adjust	VERB
ajeer-197	101	40	r	r	NOUN
ajeer-197	101	41	2	2	NUM
ajeer-197	101	42	)	)	PUNCT
ajeer-197	101	43	.	.	PUNCT
ajeer-197	102	1	p	p	X
ajeer-197	102	2	-	-	PUNCT
ajeer-197	102	3	value	value	NOUN
ajeer-197	102	4	was	be	AUX
ajeer-197	102	5	less	less	ADJ
ajeer-197	102	6	than	than	ADP
ajeer-197	102	7	1	1	NUM
ajeer-197	102	8	%	%	NOUN
ajeer-197	102	9	,	,	PUNCT
ajeer-197	102	10	which	which	PRON
ajeer-197	102	11	,	,	PUNCT
ajeer-197	102	12	altogether	altogether	ADV
ajeer-197	102	13	,	,	PUNCT
ajeer-197	102	14	confirms	confirm	VERB
ajeer-197	102	15	the	the	DET
ajeer-197	102	16	significance	significance	NOUN
ajeer-197	102	17	of	of	ADP
ajeer-197	102	18	the	the	DET
ajeer-197	102	19	equation	equation	NOUN
ajeer-197	102	20	.	.	PUNCT
ajeer-197	103	1	every	every	PRON
ajeer-197	103	2	valuable	valuable	ADJ
ajeer-197	103	3	,	,	PUNCT
ajeer-197	103	4	explaining	explain	VERB
ajeer-197	103	5	tax	tax	NOUN
ajeer-197	103	6	factors	factor	NOUN
ajeer-197	103	7	,	,	PUNCT
ajeer-197	103	8	except	except	SCONJ
ajeer-197	103	9	for	for	ADP
ajeer-197	103	10	the	the	DET
ajeer-197	103	11	zprob	zprob	NOUN
ajeer-197	103	12	,	,	PUNCT
ajeer-197	103	13	is	be	AUX
ajeer-197	103	14	statistically	statistically	ADV
ajeer-197	103	15	significant	significant	ADJ
ajeer-197	103	16	at	at	ADP
ajeer-197	103	17	a	a	DET
ajeer-197	103	18	level	level	NOUN
ajeer-197	103	19	of	of	ADP
ajeer-197	103	20	5	5	NUM
ajeer-197	103	21	%	%	NOUN
ajeer-197	103	22	.	.	PUNCT
ajeer-197	104	1	the	the	DET
ajeer-197	104	2	coefficient	coefficient	NOUN
ajeer-197	104	3	before	before	SCONJ
ajeer-197	104	4	the	the	DET
ajeer-197	104	5	mtr	mtr	NOUN
ajeer-197	104	6	is	be	AUX
ajeer-197	104	7	positive	positive	ADJ
ajeer-197	104	8	.	.	PUNCT
ajeer-197	105	1	that	that	PRON
ajeer-197	105	2	corresponds	correspond	VERB
ajeer-197	105	3	to	to	ADP
ajeer-197	105	4	the	the	DET
ajeer-197	105	5	put	put	VERB
ajeer-197	105	6	forward	forward	ADV
ajeer-197	105	7	hypothesis	hypothesis	NOUN
ajeer-197	105	8	about	about	ADP
ajeer-197	105	9	the	the	DET
ajeer-197	105	10	complete	complete	ADJ
ajeer-197	105	11	association	association	NOUN
ajeer-197	105	12	between	between	ADP
ajeer-197	105	13	the	the	DET
ajeer-197	105	14	debt	debt	NOUN
ajeer-197	105	15	and	and	CCONJ
ajeer-197	105	16	the	the	DET
ajeer-197	105	17	tax	tax	NOUN
ajeer-197	105	18	rate	rate	NOUN
ajeer-197	105	19	.	.	PUNCT
ajeer-197	106	1	the	the	DET
ajeer-197	106	2	positive	positive	ADJ
ajeer-197	106	3	coefficient	coefficient	NOUN
ajeer-197	106	4	before	before	ADP
ajeer-197	106	5	the	the	DET
ajeer-197	106	6	valuable	valuable	ADJ
ajeer-197	106	7	,	,	PUNCT
ajeer-197	106	8	explaining	explain	VERB
ajeer-197	106	9	the	the	DET
ajeer-197	106	10	difference	difference	NOUN
ajeer-197	106	11	between	between	ADP
ajeer-197	106	12	the	the	DET
ajeer-197	106	13	effective	effective	ADJ
ajeer-197	106	14	and	and	CCONJ
ajeer-197	106	15	the	the	DET
ajeer-197	106	16	marginal	marginal	ADJ
ajeer-197	106	17	tax	tax	NOUN
ajeer-197	106	18	rates	rate	NOUN
ajeer-197	106	19	,	,	PUNCT
ajeer-197	106	20	also	also	ADV
ajeer-197	106	21	answers	answer	VERB
ajeer-197	106	22	expectations	expectation	NOUN
ajeer-197	106	23	,	,	PUNCT
ajeer-197	106	24	as	as	SCONJ
ajeer-197	106	25	it	it	PRON
ajeer-197	106	26	is	be	AUX
ajeer-197	106	27	evident	evident	ADJ
ajeer-197	106	28	that	that	SCONJ
ajeer-197	106	29	not	not	PART
ajeer-197	106	30	many	many	ADJ
ajeer-197	106	31	companies	company	NOUN
ajeer-197	106	32	generate	generate	VERB
ajeer-197	106	33	the	the	DET
ajeer-197	106	34	marginal	marginal	ADJ
ajeer-197	106	35	tax	tax	NOUN
ajeer-197	106	36	rate	rate	NOUN
ajeer-197	106	37	when	when	SCONJ
ajeer-197	106	38	taking	take	VERB
ajeer-197	106	39	decisions	decision	NOUN
ajeer-197	106	40	about	about	ADP
ajeer-197	106	41	the	the	DET
ajeer-197	106	42	financing	financing	NOUN
ajeer-197	106	43	.	.	PUNCT
ajeer-197	107	1	some	some	PRON
ajeer-197	107	2	of	of	ADP
ajeer-197	107	3	them	they	PRON
ajeer-197	107	4	consider	consider	VERB
ajeer-197	107	5	only	only	ADV
ajeer-197	107	6	the	the	DET
ajeer-197	107	7	fixed	fix	VERB
ajeer-197	107	8	rate	rate	NOUN
ajeer-197	107	9	active	active	ADJ
ajeer-197	107	10	for	for	ADP
ajeer-197	107	11	the	the	DET
ajeer-197	107	12	moment	moment	NOUN
ajeer-197	107	13	.	.	PUNCT
ajeer-197	108	1	the	the	DET
ajeer-197	108	2	coefficient	coefficient	NOUN
ajeer-197	108	3	before	before	ADP
ajeer-197	108	4	the	the	DET
ajeer-197	108	5	standard	standard	ADJ
ajeer-197	108	6	deviation	deviation	NOUN
ajeer-197	108	7	of	of	ADP
ajeer-197	108	8	the	the	DET
ajeer-197	108	9	mtr	mtr	PROPN
ajeer-197	108	10	also	also	ADV
ajeer-197	108	11	takes	take	VERB
ajeer-197	108	12	positive	positive	ADJ
ajeer-197	108	13	value	value	NOUN
ajeer-197	108	14	,	,	PUNCT
ajeer-197	108	15	which	which	PRON
ajeer-197	108	16	confirms	confirm	VERB
ajeer-197	108	17	the	the	DET
ajeer-197	108	18	speculations	speculation	NOUN
ajeer-197	108	19	about	about	ADP
ajeer-197	108	20	complete	complete	ADJ
ajeer-197	108	21	association	association	NOUN
ajeer-197	108	22	of	of	ADP
ajeer-197	108	23	tax	tax	NOUN
ajeer-197	108	24	payable	payable	ADJ
ajeer-197	108	25	and	and	CCONJ
ajeer-197	108	26	the	the	DET
ajeer-197	108	27	issue	issue	NOUN
ajeer-197	108	28	of	of	ADP
ajeer-197	108	29	debt	debt	NOUN
ajeer-197	108	30	.	.	PUNCT
ajeer-197	109	1	the	the	DET
ajeer-197	109	2	coefficient	coefficient	NOUN
ajeer-197	109	3	before	before	ADP
ajeer-197	109	4	the	the	DET
ajeer-197	109	5	advdebt	advdebt	PROPN
ajeer-197	109	6	,	,	PUNCT
ajeer-197	109	7	depicting	depict	VERB
ajeer-197	109	8	the	the	DET
ajeer-197	109	9	influence	influence	NOUN
ajeer-197	109	10	of	of	ADP
ajeer-197	109	11	personal	personal	ADJ
ajeer-197	109	12	income	income	NOUN
ajeer-197	109	13	taxes	taxis	NOUN
ajeer-197	109	14	,	,	PUNCT
ajeer-197	109	15	has	have	VERB
ajeer-197	109	16	the	the	DET
ajeer-197	109	17	value	value	NOUN
ajeer-197	109	18	other	other	ADJ
ajeer-197	109	19	than	than	SCONJ
ajeer-197	109	20	supposed	suppose	VERB
ajeer-197	109	21	,	,	PUNCT
ajeer-197	109	22	which	which	PRON
ajeer-197	109	23	can	can	AUX
ajeer-197	109	24	be	be	AUX
ajeer-197	109	25	possibly	possibly	ADV
ajeer-197	109	26	due	due	ADJ
ajeer-197	109	27	to	to	ADP
ajeer-197	109	28	relative	relative	ADJ
ajeer-197	109	29	advantages	advantage	NOUN
ajeer-197	109	30	of	of	ADP
ajeer-197	109	31	debt	debt	NOUN
ajeer-197	109	32	being	be	AUX
ajeer-197	109	33	already	already	ADV
ajeer-197	109	34	included	include	VERB
ajeer-197	109	35	into	into	ADP
ajeer-197	109	36	the	the	DET
ajeer-197	109	37	coefficient	coefficient	NOUN
ajeer-197	109	38	before	before	ADP
ajeer-197	109	39	the	the	DET
ajeer-197	109	40	mtr	mtr	PROPN
ajeer-197	109	41	.	.	PUNCT
ajeer-197	110	1	indeed	indeed	ADV
ajeer-197	110	2	,	,	PUNCT
ajeer-197	110	3	when	when	SCONJ
ajeer-197	110	4	calculating	calculate	VERB
ajeer-197	110	5	the	the	DET
ajeer-197	110	6	auxiliary	auxiliary	ADJ
ajeer-197	110	7	regression	regression	NOUN
ajeer-197	110	8	without	without	ADP
ajeer-197	110	9	the	the	DET
ajeer-197	110	10	mtr	mtr	NOUN
ajeer-197	110	11	factor	factor	NOUN
ajeer-197	110	12	,	,	PUNCT
ajeer-197	110	13	the	the	DET
ajeer-197	110	14	coefficient	coefficient	NOUN
ajeer-197	110	15	before	before	SCONJ
ajeer-197	110	16	the	the	DET
ajeer-197	110	17	advdebt	advdebt	NOUN
ajeer-197	110	18	takes	take	VERB
ajeer-197	110	19	a	a	DET
ajeer-197	110	20	positive	positive	ADJ
ajeer-197	110	21	value	value	NOUN
ajeer-197	110	22	,	,	PUNCT
ajeer-197	110	23	though	though	SCONJ
ajeer-197	110	24	the	the	DET
ajeer-197	110	25	explicative	explicative	ADJ
ajeer-197	110	26	power	power	NOUN
ajeer-197	110	27	of	of	ADP
ajeer-197	110	28	the	the	DET
ajeer-197	110	29	regression	regression	NOUN
ajeer-197	110	30	decreases	decrease	VERB
ajeer-197	110	31	in	in	ADP
ajeer-197	110	32	general	general	ADJ
ajeer-197	110	33	.	.	PUNCT
ajeer-197	111	1	the	the	DET
ajeer-197	111	2	author	author	NOUN
ajeer-197	111	3	nevertheless	nevertheless	ADV
ajeer-197	111	4	comes	come	VERB
ajeer-197	111	5	to	to	ADP
ajeer-197	111	6	the	the	DET
ajeer-197	111	7	conclusion	conclusion	NOUN
ajeer-197	111	8	that	that	SCONJ
ajeer-197	111	9	the	the	DET
ajeer-197	111	10	tax	tax	NOUN
ajeer-197	111	11	assessment	assessment	NOUN
ajeer-197	111	12	for	for	ADP
ajeer-197	111	13	the	the	DET
ajeer-197	111	14	ownership	ownership	NOUN
ajeer-197	111	15	equity	equity	NOUN
ajeer-197	111	16	and	and	CCONJ
ajeer-197	111	17	debt	debt	NOUN
ajeer-197	111	18	capital	capital	NOUN
ajeer-197	111	19	on	on	ADP
ajeer-197	111	20	the	the	DET
ajeer-197	111	21	investors	investor	NOUN
ajeer-197	111	22	’	'	PUNCT
ajeer-197	111	23	level	level	NOUN
ajeer-197	111	24	is	be	AUX
ajeer-197	111	25	not	not	PART
ajeer-197	111	26	substantial	substantial	ADJ
ajeer-197	111	27	for	for	ADP
ajeer-197	111	28	the	the	DET
ajeer-197	111	29	finance	finance	NOUN
ajeer-197	111	30	policy	policy	NOUN
ajeer-197	111	31	of	of	ADP
ajeer-197	111	32	the	the	DET
ajeer-197	111	33	company	company	NOUN
ajeer-197	111	34	in	in	ADP
ajeer-197	111	35	the	the	DET
ajeer-197	111	36	way	way	NOUN
ajeer-197	111	37	it	it	PRON
ajeer-197	111	38	was	be	AUX
ajeer-197	111	39	originally	originally	ADV
ajeer-197	111	40	supposed	suppose	VERB
ajeer-197	111	41	.	.	PUNCT
ajeer-197	112	1	the	the	DET
ajeer-197	112	2	values	value	NOUN
ajeer-197	112	3	of	of	ADP
ajeer-197	112	4	the	the	DET
ajeer-197	112	5	coefficients	coefficient	NOUN
ajeer-197	112	6	before	before	ADP
ajeer-197	112	7	the	the	DET
ajeer-197	112	8	zprob	zprob	NOUN
ajeer-197	112	9	and	and	CCONJ
ajeer-197	112	10	the	the	DET
ajeer-197	112	11	ndts*zprob	ndts*zprob	NOUN
ajeer-197	112	12	,	,	PUNCT
ajeer-197	112	13	are	be	AUX
ajeer-197	112	14	negative	negative	ADJ
ajeer-197	112	15	,	,	PUNCT
ajeer-197	112	16	as	as	SCONJ
ajeer-197	112	17	it	it	PRON
ajeer-197	112	18	is	be	AUX
ajeer-197	112	19	thought	think	VERB
ajeer-197	112	20	to	to	PART
ajeer-197	112	21	be	be	AUX
ajeer-197	112	22	,	,	PUNCT
ajeer-197	112	23	the	the	DET
ajeer-197	112	24	coefficients	coefficient	NOUN
ajeer-197	112	25	themselves	themselves	PRON
ajeer-197	112	26	being	be	AUX
ajeer-197	112	27	though	though	ADV
ajeer-197	112	28	virtually	virtually	ADV
ajeer-197	112	29	non	non	ADJ
ajeer-197	112	30	-	-	ADJ
ajeer-197	112	31	significant	significant	ADJ
ajeer-197	112	32	.	.	PUNCT
ajeer-197	113	1	also	also	ADV
ajeer-197	113	2	a	a	DET
ajeer-197	113	3	regression	regression	NOUN
ajeer-197	113	4	for	for	ADP
ajeer-197	113	5	observations	observation	NOUN
ajeer-197	113	6	has	have	AUX
ajeer-197	113	7	been	be	AUX
ajeer-197	113	8	made	make	VERB
ajeer-197	113	9	,	,	PUNCT
ajeer-197	113	10	in	in	ADP
ajeer-197	113	11	which	which	PRON
ajeer-197	113	12	the	the	DET
ajeer-197	113	13	absolute	absolute	ADJ
ajeer-197	113	14	change	change	NOUN
ajeer-197	113	15	in	in	ADP
ajeer-197	113	16	debt	debt	NOUN
ajeer-197	113	17	was	be	AUX
ajeer-197	113	18	more	more	ADJ
ajeer-197	113	19	than	than	ADP
ajeer-197	113	20	2	2	NUM
ajeer-197	113	21	%	%	NOUN
ajeer-197	113	22	of	of	ADP
ajeer-197	113	23	the	the	DET
ajeer-197	113	24	market	market	NOUN
ajeer-197	113	25	value	value	NOUN
ajeer-197	113	26	of	of	ADP
ajeer-197	113	27	the	the	DET
ajeer-197	113	28	company	company	NOUN
ajeer-197	113	29	,	,	PUNCT
ajeer-197	113	30	thereby	thereby	ADV
ajeer-197	113	31	eliminating	eliminate	VERB
ajeer-197	113	32	the	the	DET
ajeer-197	113	33	possibility	possibility	NOUN
ajeer-197	113	34	of	of	ADP
ajeer-197	113	35	interference	interference	NOUN
ajeer-197	113	36	in	in	ADP
ajeer-197	113	37	the	the	DET
ajeer-197	113	38	data	datum	NOUN
ajeer-197	113	39	.	.	PUNCT
ajeer-197	114	1	as	as	ADP
ajeer-197	114	2	a	a	DET
ajeer-197	114	3	result	result	NOUN
ajeer-197	114	4	,	,	PUNCT
ajeer-197	114	5	the	the	DET
ajeer-197	114	6	number	number	NOUN
ajeer-197	114	7	of	of	ADP
ajeer-197	114	8	cases	case	NOUN
ajeer-197	114	9	decreased	decrease	VERB
ajeer-197	114	10	by	by	ADP
ajeer-197	114	11	almost	almost	ADV
ajeer-197	114	12	half	half	NOUN
ajeer-197	114	13	,	,	PUNCT
ajeer-197	114	14	but	but	CCONJ
ajeer-197	114	15	the	the	DET
ajeer-197	114	16	explanatory	explanatory	ADJ
ajeer-197	114	17	power	power	NOUN
ajeer-197	114	18	of	of	ADP
ajeer-197	114	19	the	the	DET
ajeer-197	114	20	regression	regression	NOUN
ajeer-197	114	21	almost	almost	ADV
ajeer-197	114	22	doubled	double	VERB
ajeer-197	114	23	(	(	PUNCT
ajeer-197	114	24	new	new	ADJ
ajeer-197	114	25	,	,	PUNCT
ajeer-197	114	26	adjusted	adjusted	ADJ
ajeer-197	114	27	r2	r2	NOUN
ajeer-197	114	28	is	be	AUX
ajeer-197	114	29	0,113	0,113	NUM
ajeer-197	114	30	)	)	PUNCT
ajeer-197	114	31	.	.	PUNCT
ajeer-197	115	1	furthermore	furthermore	ADV
ajeer-197	115	2	,	,	PUNCT
ajeer-197	115	3	additional	additional	ADJ
ajeer-197	115	4	regressions	regression	NOUN
ajeer-197	115	5	have	have	AUX
ajeer-197	115	6	been	be	AUX
ajeer-197	115	7	made	make	VERB
ajeer-197	115	8	,	,	PUNCT
ajeer-197	115	9	in	in	ADP
ajeer-197	115	10	which	which	PRON
ajeer-197	115	11	the	the	DET
ajeer-197	115	12	variable	variable	ADJ
ajeer-197	115	13	mtr	mtr	PROPN
ajeer-197	115	14	was	be	AUX
ajeer-197	115	15	replaced	replace	VERB
ajeer-197	115	16	by	by	ADP
ajeer-197	115	17	two	two	NUM
ajeer-197	115	18	dummy	dummy	ADJ
ajeer-197	115	19	variables	variable	NOUN
ajeer-197	115	20	,	,	PUNCT
ajeer-197	115	21	the	the	DET
ajeer-197	115	22	earlier	early	ADV
ajeer-197	115	23	described	describe	VERB
ajeer-197	115	24	mtrnol	mtrnol	NOUN
ajeer-197	115	25	and	and	CCONJ
ajeer-197	115	26	mtrnonnol	mtrnonnol	NOUN
ajeer-197	115	27	.	.	PUNCT
ajeer-197	116	1	in	in	ADP
ajeer-197	116	2	additional	additional	ADJ
ajeer-197	116	3	regressions	regression	NOUN
ajeer-197	116	4	,	,	PUNCT
ajeer-197	116	5	the	the	DET
ajeer-197	116	6	results	result	NOUN
ajeer-197	116	7	were	be	AUX
ajeer-197	116	8	almost	almost	ADV
ajeer-197	116	9	identical	identical	ADJ
ajeer-197	116	10	to	to	ADP
ajeer-197	116	11	the	the	DET
ajeer-197	116	12	basic	basic	ADJ
ajeer-197	116	13	regression	regression	NOUN
ajeer-197	116	14	,	,	PUNCT
ajeer-197	116	15	but	but	CCONJ
ajeer-197	116	16	the	the	DET
ajeer-197	116	17	explanatory	explanatory	ADJ
ajeer-197	116	18	power	power	NOUN
ajeer-197	116	19	was	be	AUX
ajeer-197	116	20	slightly	slightly	ADV
ajeer-197	116	21	higher	high	ADJ
ajeer-197	116	22	.	.	PUNCT
ajeer-197	117	1	the	the	DET
ajeer-197	117	2	inclusion	inclusion	NOUN
ajeer-197	117	3	of	of	ADP
ajeer-197	117	4	dummy	dummy	ADJ
ajeer-197	117	5	variables	variable	NOUN
ajeer-197	117	6	showed	show	VERB
ajeer-197	117	7	that	that	SCONJ
ajeer-197	117	8	the	the	DET
ajeer-197	117	9	companies	company	NOUN
ajeer-197	117	10	are	be	AUX
ajeer-197	117	11	more	more	ADV
ajeer-197	117	12	sensible	sensible	ADJ
ajeer-197	117	13	to	to	ADP
ajeer-197	117	14	tax	tax	NOUN
ajeer-197	117	15	status	status	NOUN
ajeer-197	117	16	when	when	SCONJ
ajeer-197	117	17	they	they	PRON
ajeer-197	117	18	have	have	VERB
ajeer-197	117	19	losses	loss	NOUN
ajeer-197	117	20	that	that	PRON
ajeer-197	117	21	can	can	AUX
ajeer-197	117	22	be	be	AUX
ajeer-197	117	23	carried	carry	VERB
ajeer-197	117	24	forward	forward	ADV
ajeer-197	117	25	,	,	PUNCT
ajeer-197	117	26	in	in	ADP
ajeer-197	117	27	contrast	contrast	NOUN
ajeer-197	117	28	to	to	ADP
ajeer-197	117	29	the	the	DET
ajeer-197	117	30	ones	one	NOUN
ajeer-197	117	31	that	that	PRON
ajeer-197	117	32	do	do	AUX
ajeer-197	117	33	not	not	PART
ajeer-197	117	34	have	have	VERB
ajeer-197	117	35	such	such	ADJ
ajeer-197	117	36	losses	loss	NOUN
ajeer-197	117	37	.	.	PUNCT
ajeer-197	118	1	thus	thus	ADV
ajeer-197	118	2	,	,	PUNCT
ajeer-197	118	3	empirical	empirical	ADJ
ajeer-197	118	4	analysis	analysis	NOUN
ajeer-197	118	5	detected	detect	VERB
ajeer-197	118	6	the	the	DET
ajeer-197	118	7	statistical	statistical	ADJ
ajeer-197	118	8	significance	significance	NOUN
ajeer-197	118	9	of	of	ADP
ajeer-197	118	10	the	the	DET
ajeer-197	118	11	relationship	relationship	NOUN
ajeer-197	118	12	between	between	ADP
ajeer-197	118	13	financial	financial	ADJ
ajeer-197	118	14	decisions	decision	NOUN
ajeer-197	118	15	and	and	CCONJ
ajeer-197	118	16	the	the	DET
ajeer-197	118	17	tax	tax	NOUN
ajeer-197	118	18	status	status	NOUN
ajeer-197	118	19	.	.	PUNCT
ajeer-197	119	1	in	in	ADP
ajeer-197	119	2	order	order	NOUN
ajeer-197	119	3	to	to	PART
ajeer-197	119	4	compare	compare	VERB
ajeer-197	119	5	explanatory	explanatory	ADJ
ajeer-197	119	6	degree	degree	NOUN
ajeer-197	119	7	brought	bring	VERB
ajeer-197	119	8	up	up	ADP
ajeer-197	119	9	by	by	ADP
ajeer-197	119	10	the	the	DET
ajeer-197	119	11	tax	tax	NOUN
ajeer-197	119	12	factors	factor	NOUN
ajeer-197	119	13	,	,	PUNCT
ajeer-197	119	14	the	the	DET
ajeer-197	119	15	author	author	NOUN
ajeer-197	119	16	made	make	VERB
ajeer-197	119	17	a	a	DET
ajeer-197	119	18	regression	regression	NOUN
ajeer-197	119	19	of	of	ADP
ajeer-197	119	20	the	the	DET
ajeer-197	119	21	relationship	relationship	NOUN
ajeer-197	119	22	between	between	ADP
ajeer-197	119	23	the	the	DET
ajeer-197	119	24	level	level	NOUN
ajeer-197	119	25	of	of	ADP
ajeer-197	119	26	debt	debt	NOUN
ajeer-197	119	27	and	and	CCONJ
ajeer-197	119	28	all	all	DET
ajeer-197	119	29	other	other	ADJ
ajeer-197	119	30	factors	factor	NOUN
ajeer-197	119	31	,	,	PUNCT
ajeer-197	119	32	except	except	SCONJ
ajeer-197	119	33	for	for	ADP
ajeer-197	119	34	tax	tax	NOUN
ajeer-197	119	35	factors	factor	NOUN
ajeer-197	119	36	.	.	PUNCT
ajeer-197	120	1	the	the	DET
ajeer-197	120	2	comparison	comparison	NOUN
ajeer-197	120	3	of	of	ADP
ajeer-197	120	4	the	the	DET
ajeer-197	120	5	adjusted	adjust	VERB
ajeer-197	120	6	determination	determination	NOUN
ajeer-197	120	7	coefficients	coefficient	NOUN
ajeer-197	120	8	showed	show	VERB
ajeer-197	120	9	that	that	SCONJ
ajeer-197	120	10	tax	tax	NOUN
ajeer-197	120	11	factors	factor	NOUN
ajeer-197	120	12	add	add	VERB
ajeer-197	120	13	about	about	ADP
ajeer-197	120	14	14,7	14,7	NUM
ajeer-197	120	15	%	%	NOUN
ajeer-197	120	16	explanatory	explanatory	ADJ
ajeer-197	120	17	power	power	NOUN
ajeer-197	120	18	of	of	ADP
ajeer-197	120	19	the	the	DET
ajeer-197	120	20	regression	regression	NOUN
ajeer-197	120	21	(	(	PUNCT
ajeer-197	120	22	16,3	16,3	NUM
ajeer-197	120	23	%	%	NOUN
ajeer-197	120	24	if	if	SCONJ
ajeer-197	120	25	the	the	DET
ajeer-197	120	26	mtr	mtr	NOUN
ajeer-197	120	27	is	be	AUX
ajeer-197	120	28	replaced	replace	VERB
ajeer-197	120	29	by	by	ADP
ajeer-197	120	30	two	two	NUM
ajeer-197	120	31	dummy	dummy	ADJ
ajeer-197	120	32	variables	variable	NOUN
ajeer-197	120	33	)	)	PUNCT
ajeer-197	120	34	.	.	PUNCT
ajeer-197	121	1	3	3	X
ajeer-197	121	2	.	.	X
ajeer-197	121	3	data	datum	NOUN
ajeer-197	121	4	and	and	CCONJ
ajeer-197	121	5	empirical	empirical	ADJ
ajeer-197	121	6	methodology	methodology	NOUN
ajeer-197	121	7	to	to	PART
ajeer-197	121	8	study	study	VERB
ajeer-197	121	9	the	the	DET
ajeer-197	121	10	given	give	VERB
ajeer-197	121	11	problem	problem	NOUN
ajeer-197	121	12	,	,	PUNCT
ajeer-197	121	13	it	it	PRON
ajeer-197	121	14	was	be	AUX
ajeer-197	121	15	decided	decide	VERB
ajeer-197	121	16	to	to	PART
ajeer-197	121	17	build	build	VERB
ajeer-197	121	18	a	a	DET
ajeer-197	121	19	special	special	ADJ
ajeer-197	121	20	model	model	NOUN
ajeer-197	121	21	,	,	PUNCT
ajeer-197	121	22	based	base	VERB
ajeer-197	121	23	on	on	ADP
ajeer-197	121	24	the	the	DET
ajeer-197	121	25	above	above	ADV
ajeer-197	121	26	-	-	PUNCT
ajeer-197	121	27	described	describe	VERB
ajeer-197	121	28	graham	graham	PROPN
ajeer-197	121	29	's	's	PART
ajeer-197	121	30	theory	theory	NOUN
ajeer-197	121	31	.	.	PUNCT
ajeer-197	122	1	the	the	DET
ajeer-197	122	2	question	question	NOUN
ajeer-197	122	3	,	,	PUNCT
ajeer-197	122	4	whether	whether	SCONJ
ajeer-197	122	5	the	the	DET
ajeer-197	122	6	taxes	taxis	NOUN
ajeer-197	122	7	impact	impact	VERB
ajeer-197	122	8	the	the	DET
ajeer-197	122	9	financial	financial	ADJ
ajeer-197	122	10	policy	policy	NOUN
ajeer-197	122	11	of	of	ADP
ajeer-197	122	12	russian	russian	ADJ
ajeer-197	122	13	companies	company	NOUN
ajeer-197	122	14	,	,	PUNCT
ajeer-197	122	15	or	or	CCONJ
ajeer-197	122	16	is	be	AUX
ajeer-197	122	17	the	the	DET
ajeer-197	122	18	choice	choice	NOUN
ajeer-197	122	19	of	of	ADP
ajeer-197	122	20	capital	capital	NOUN
ajeer-197	122	21	structure	structure	NOUN
ajeer-197	122	22	subject	subject	ADJ
ajeer-197	122	23	to	to	ADP
ajeer-197	122	24	other	other	ADJ
ajeer-197	122	25	,	,	PUNCT
ajeer-197	122	26	non	non	ADJ
ajeer-197	122	27	-	-	ADJ
ajeer-197	122	28	systematic	systematic	ADJ
ajeer-197	122	29	factors	factor	NOUN
ajeer-197	122	30	,	,	PUNCT
ajeer-197	122	31	is	be	AUX
ajeer-197	122	32	of	of	ADP
ajeer-197	122	33	particular	particular	ADJ
ajeer-197	122	34	interest	interest	NOUN
ajeer-197	122	35	.	.	PUNCT
ajeer-197	123	1	the	the	DET
ajeer-197	123	2	main	main	ADJ
ajeer-197	123	3	question	question	NOUN
ajeer-197	123	4	is	be	AUX
ajeer-197	123	5	,	,	PUNCT
ajeer-197	123	6	whether	whether	SCONJ
ajeer-197	123	7	it	it	PRON
ajeer-197	123	8	is	be	AUX
ajeer-197	123	9	possible	possible	ADJ
ajeer-197	123	10	to	to	PART
ajeer-197	123	11	claim	claim	VERB
ajeer-197	123	12	that	that	SCONJ
ajeer-197	123	13	russian	russian	ADJ
ajeer-197	123	14	companies	company	NOUN
ajeer-197	123	15	are	be	AUX
ajeer-197	123	16	guided	guide	VERB
ajeer-197	123	17	in	in	ADP
ajeer-197	123	18	their	their	PRON
ajeer-197	123	19	financial	financial	ADJ
ajeer-197	123	20	decisions	decision	NOUN
ajeer-197	123	21	by	by	ADP
ajeer-197	123	22	the	the	DET
ajeer-197	123	23	same	same	ADJ
ajeer-197	123	24	motives	motive	NOUN
ajeer-197	123	25	as	as	ADP
ajeer-197	123	26	the	the	DET
ajeer-197	123	27	western	western	ADJ
ajeer-197	123	28	ones	one	NOUN
ajeer-197	123	29	.	.	PUNCT
ajeer-197	124	1	and	and	CCONJ
ajeer-197	124	2	if	if	SCONJ
ajeer-197	124	3	it	it	PRON
ajeer-197	124	4	is	be	AUX
ajeer-197	124	5	true	true	ADJ
ajeer-197	124	6	,	,	PUNCT
ajeer-197	124	7	how	how	SCONJ
ajeer-197	124	8	much	much	ADV
ajeer-197	124	9	stronger	strong	ADJ
ajeer-197	124	10	or	or	CCONJ
ajeer-197	124	11	weaker	weak	ADJ
ajeer-197	124	12	is	be	AUX
ajeer-197	124	13	the	the	DET
ajeer-197	124	14	tax	tax	NOUN
ajeer-197	124	15	influence	influence	NOUN
ajeer-197	124	16	on	on	ADP
ajeer-197	124	17	the	the	DET
ajeer-197	124	18	debt	debt	NOUN
ajeer-197	124	19	policy	policy	NOUN
ajeer-197	124	20	for	for	ADP
ajeer-197	124	21	russian	russian	ADJ
ajeer-197	124	22	companies	company	NOUN
ajeer-197	124	23	.	.	PUNCT
ajeer-197	125	1	in	in	ADP
ajeer-197	125	2	this	this	DET
ajeer-197	125	3	case	case	NOUN
ajeer-197	125	4	,	,	PUNCT
ajeer-197	125	5	the	the	DET
ajeer-197	125	6	results	result	NOUN
ajeer-197	125	7	can	can	AUX
ajeer-197	125	8	be	be	AUX
ajeer-197	125	9	completely	completely	ADV
ajeer-197	125	10	unpredictable	unpredictable	ADJ
ajeer-197	125	11	,	,	PUNCT
ajeer-197	125	12	because	because	SCONJ
ajeer-197	125	13	the	the	DET
ajeer-197	125	14	level	level	NOUN
ajeer-197	125	15	of	of	ADP
ajeer-197	125	16	political	political	ADJ
ajeer-197	125	17	and	and	CCONJ
ajeer-197	125	18	economic	economic	ADJ
ajeer-197	125	19	stability	stability	NOUN
ajeer-197	125	20	in	in	ADP
ajeer-197	125	21	the	the	DET
ajeer-197	125	22	country	country	NOUN
ajeer-197	125	23	,	,	PUNCT
ajeer-197	125	24	the	the	DET
ajeer-197	125	25	country	country	NOUN
ajeer-197	125	26	's	's	PART
ajeer-197	125	27	investment	investment	NOUN
ajeer-197	125	28	rating	rating	NOUN
ajeer-197	125	29	,	,	PUNCT
ajeer-197	125	30	and	and	CCONJ
ajeer-197	125	31	some	some	DET
ajeer-197	125	32	other	other	ADJ
ajeer-197	125	33	factors	factor	NOUN
ajeer-197	125	34	also	also	ADV
ajeer-197	125	35	play	play	VERB
ajeer-197	125	36	a	a	DET
ajeer-197	125	37	considerable	considerable	ADJ
ajeer-197	125	38	role	role	NOUN
ajeer-197	125	39	.	.	PUNCT
ajeer-197	126	1	however	however	ADV
ajeer-197	126	2	,	,	PUNCT
ajeer-197	126	3	before	before	ADP
ajeer-197	126	4	citing	cite	VERB
ajeer-197	126	5	any	any	DET
ajeer-197	126	6	differences	difference	NOUN
ajeer-197	126	7	between	between	ADP
ajeer-197	126	8	countries	country	NOUN
ajeer-197	126	9	and	and	CCONJ
ajeer-197	126	10	starting	start	VERB
ajeer-197	126	11	to	to	PART
ajeer-197	126	12	build	build	VERB
ajeer-197	126	13	a	a	DET
ajeer-197	126	14	model	model	NOUN
ajeer-197	126	15	based	base	VERB
ajeer-197	126	16	on	on	ADP
ajeer-197	126	17	the	the	DET
ajeer-197	126	18	study	study	NOUN
ajeer-197	126	19	of	of	ADP
ajeer-197	126	20	graham	graham	PROPN
ajeer-197	126	21	,	,	PUNCT
ajeer-197	126	22	it	it	PRON
ajeer-197	126	23	is	be	AUX
ajeer-197	126	24	necessary	necessary	ADJ
ajeer-197	126	25	to	to	PART
ajeer-197	126	26	analyze	analyze	VERB
ajeer-197	126	27	the	the	DET
ajeer-197	126	28	differences	difference	NOUN
ajeer-197	126	29	in	in	ADP
ajeer-197	126	30	the	the	DET
ajeer-197	126	31	90s	90	NOUN
ajeer-197	126	32	tax	tax	NOUN
ajeer-197	126	33	system	system	NOUN
ajeer-197	126	34	of	of	ADP
ajeer-197	126	35	the	the	DET
ajeer-197	126	36	usa	usa	PROPN
ajeer-197	126	37	and	and	CCONJ
ajeer-197	126	38	the	the	DET
ajeer-197	126	39	current	current	ADJ
ajeer-197	126	40	russian	russian	ADJ
ajeer-197	126	41	tax	tax	NOUN
ajeer-197	126	42	system	system	NOUN
ajeer-197	126	43	.	.	PUNCT
ajeer-197	127	1	both	both	DET
ajeer-197	127	2	countries	country	NOUN
ajeer-197	127	3	have	have	VERB
ajeer-197	127	4	the	the	DET
ajeer-197	127	5	same	same	ADJ
ajeer-197	127	6	approach	approach	NOUN
ajeer-197	127	7	to	to	ADP
ajeer-197	127	8	defining	define	VERB
ajeer-197	127	9	the	the	DET
ajeer-197	127	10	tax	tax	NOUN
ajeer-197	127	11	base	base	NOUN
ajeer-197	127	12	,	,	PUNCT
ajeer-197	127	13	namely	namely	ADV
ajeer-197	127	14	,	,	PUNCT
ajeer-197	127	15	only	only	ADV
ajeer-197	127	16	those	those	DET
ajeer-197	127	17	revenues	revenue	NOUN
ajeer-197	127	18	are	be	AUX
ajeer-197	127	19	subject	subject	ADJ
ajeer-197	127	20	to	to	ADP
ajeer-197	127	21	corporative	corporative	ADJ
ajeer-197	127	22	income	income	NOUN
ajeer-197	127	23	tax	tax	NOUN
ajeer-197	127	24	that	that	PRON
ajeer-197	127	25	were	be	AUX
ajeer-197	127	26	earned	earn	VERB
ajeer-197	127	27	in	in	ADP
ajeer-197	127	28	the	the	DET
ajeer-197	127	29	country	country	NOUN
ajeer-197	127	30	or	or	CCONJ
ajeer-197	127	31	from	from	ADP
ajeer-197	127	32	russian	russian	ADJ
ajeer-197	127	33	sources	source	NOUN
ajeer-197	127	34	(	(	PUNCT
ajeer-197	127	35	such	such	ADJ
ajeer-197	127	36	as	as	ADP
ajeer-197	127	37	dividends	dividend	NOUN
ajeer-197	127	38	,	,	PUNCT
ajeer-197	127	39	capital	capital	NOUN
ajeer-197	127	40	gains	gain	NOUN
ajeer-197	127	41	,	,	PUNCT
ajeer-197	127	42	1	1	NUM
ajeer-197	127	43	free	free	ADJ
ajeer-197	127	44	–	–	PUNCT
ajeer-197	127	45	free	free	ADJ
ajeer-197	127	46	cash	cash	NOUN
ajeer-197	127	47	flow	flow	NOUN
ajeer-197	127	48	before	before	ADP
ajeer-197	127	49	taxes	taxis	NOUN
ajeer-197	127	50	,	,	PUNCT
ajeer-197	127	51	interest	interest	NOUN
ajeer-197	127	52	charges	charge	NOUN
ajeer-197	127	53	,	,	PUNCT
ajeer-197	127	54	free	free	ADJ
ajeer-197	127	55	from	from	ADP
ajeer-197	127	56	investments	investment	NOUN
ajeer-197	127	57	and	and	CCONJ
ajeer-197	127	58	cash	cash	NOUN
ajeer-197	127	59	flows	flow	NOUN
ajeer-197	127	60	,	,	PUNCT
ajeer-197	127	61	connected	connect	VERB
ajeer-197	127	62	with	with	ADP
ajeer-197	127	63	issuing	issue	VERB
ajeer-197	127	64	and	and	CCONJ
ajeer-197	127	65	acquitting	acquit	VERB
ajeer-197	127	66	debt/	debt/	PROPN
ajeer-197	127	67	stockholders	stockholder	NOUN
ajeer-197	127	68	equity	equity	NOUN
ajeer-197	127	69	2	2	NUM
ajeer-197	127	70	δmaturity	δmaturity	NOUN
ajeer-197	127	71	–	–	PUNCT
ajeer-197	127	72	the	the	DET
ajeer-197	127	73	change	change	NOUN
ajeer-197	127	74	in	in	ADP
ajeer-197	127	75	book	book	NOUN
ajeer-197	127	76	cost	cost	NOUN
ajeer-197	127	77	of	of	ADP
ajeer-197	127	78	the	the	DET
ajeer-197	127	79	assets	asset	NOUN
ajeer-197	127	80	,	,	PUNCT
ajeer-197	127	81	divided	divide	VERB
ajeer-197	127	82	by	by	ADP
ajeer-197	127	83	the	the	DET
ajeer-197	127	84	company	company	NOUN
ajeer-197	127	85	’s	’s	PART
ajeer-197	127	86	market	market	NOUN
ajeer-197	127	87	price	price	NOUN
ajeer-197	127	88	3	3	NUM
ajeer-197	127	89	δsales	δsale	NOUN
ajeer-197	127	90	–	–	PUNCT
ajeer-197	127	91	the	the	DET
ajeer-197	127	92	change	change	NOUN
ajeer-197	127	93	in	in	ADP
ajeer-197	127	94	the	the	DET
ajeer-197	127	95	sales	sale	NOUN
ajeer-197	127	96	logarithm	logarithm	NOUN
ajeer-197	127	97	4	4	NUM
ajeer-197	127	98	δrd	δrd	NOUN
ajeer-197	127	99	–	–	PUNCT
ajeer-197	127	100	the	the	DET
ajeer-197	127	101	change	change	NOUN
ajeer-197	127	102	in	in	ADP
ajeer-197	127	103	the	the	DET
ajeer-197	127	104	amount	amount	NOUN
ajeer-197	127	105	of	of	ADP
ajeer-197	127	106	r&d	r&d	NOUN
ajeer-197	127	107	spending	spending	NOUN
ajeer-197	127	108	,	,	PUNCT
ajeer-197	127	109	divided	divide	VERB
ajeer-197	127	110	by	by	ADP
ajeer-197	127	111	the	the	DET
ajeer-197	127	112	sales	sale	NOUN
ajeer-197	127	113	level	level	NOUN
ajeer-197	127	114	5	5	NUM
ajeer-197	127	115	δad	δad	NOUN
ajeer-197	127	116	–	–	PUNCT
ajeer-197	127	117	the	the	DET
ajeer-197	127	118	change	change	NOUN
ajeer-197	127	119	in	in	ADP
ajeer-197	127	120	the	the	DET
ajeer-197	127	121	amount	amount	NOUN
ajeer-197	127	122	of	of	ADP
ajeer-197	127	123	advertising	advertising	NOUN
ajeer-197	127	124	expenditures	expenditure	NOUN
ajeer-197	127	125	,	,	PUNCT
ajeer-197	127	126	divided	divide	VERB
ajeer-197	127	127	by	by	ADP
ajeer-197	127	128	the	the	DET
ajeer-197	127	129	sales	sale	NOUN
ajeer-197	127	130	level	level	NOUN
ajeer-197	127	131	6	6	NUM
ajeer-197	127	132	δintan	δintan	ADJ
ajeer-197	127	133	–	–	PUNCT
ajeer-197	127	134	the	the	DET
ajeer-197	127	135	change	change	NOUN
ajeer-197	127	136	in	in	ADP
ajeer-197	127	137	the	the	DET
ajeer-197	127	138	intangible	intangible	ADJ
ajeer-197	127	139	assets	asset	NOUN
ajeer-197	127	140	,	,	PUNCT
ajeer-197	127	141	divided	divide	VERB
ajeer-197	127	142	by	by	ADP
ajeer-197	127	143	the	the	DET
ajeer-197	127	144	total	total	ADJ
ajeer-197	127	145	assets	asset	NOUN
ajeer-197	127	146	7	7	NUM
ajeer-197	127	147	δplant	δplant	ADJ
ajeer-197	127	148	–	–	PUNCT
ajeer-197	127	149	the	the	DET
ajeer-197	127	150	change	change	NOUN
ajeer-197	127	151	in	in	ADP
ajeer-197	127	152	machinery	machinery	NOUN
ajeer-197	127	153	and	and	CCONJ
ajeer-197	127	154	equipment	equipment	NOUN
ajeer-197	127	155	,	,	PUNCT
ajeer-197	127	156	divided	divide	VERB
ajeer-197	127	157	by	by	ADP
ajeer-197	127	158	the	the	DET
ajeer-197	127	159	total	total	ADJ
ajeer-197	127	160	assets	asset	NOUN
ajeer-197	127	161	,	,	PUNCT
ajeer-197	127	162	δndts	δndts	ADJ
ajeer-197	127	163	–	–	PUNCT
ajeer-197	127	164	the	the	DET
ajeer-197	127	165	change	change	NOUN
ajeer-197	127	166	in	in	ADP
ajeer-197	127	167	the	the	DET
ajeer-197	127	168	non	non	ADJ
ajeer-197	127	169	-	-	ADJ
ajeer-197	127	170	debt	debt	ADJ
ajeer-197	127	171	tax	tax	NOUN
ajeer-197	127	172	shields	shield	NOUN
ajeer-197	127	173	,	,	PUNCT
ajeer-197	127	174	divided	divide	VERB
ajeer-197	127	175	by	by	ADP
ajeer-197	127	176	the	the	DET
ajeer-197	127	177	company	company	NOUN
ajeer-197	127	178	’s	’s	PART
ajeer-197	127	179	market	market	NOUN
ajeer-197	127	180	price	price	NOUN
ajeer-197	127	181	.	.	PUNCT
ajeer-197	128	1	asian	asian	ADJ
ajeer-197	128	2	journal	journal	PROPN
ajeer-197	128	3	of	of	ADP
ajeer-197	128	4	economics	economic	NOUN
ajeer-197	128	5	and	and	CCONJ
ajeer-197	128	6	empirical	empirical	ADJ
ajeer-197	128	7	research	research	NOUN
ajeer-197	128	8	,	,	PUNCT
ajeer-197	128	9	2015	2015	NUM
ajeer-197	128	10	,	,	PUNCT
ajeer-197	128	11	2(1):39	2(1):39	NUM
ajeer-197	128	12	-	-	SYM
ajeer-197	128	13	46	46	NUM
ajeer-197	128	14	43	43	NUM
ajeer-197	128	15	etc	etc	X
ajeer-197	128	16	.	.	PUNCT
ajeer-197	128	17	)	)	PUNCT
ajeer-197	128	18	.	.	PUNCT
ajeer-197	129	1	just	just	ADV
ajeer-197	129	2	as	as	SCONJ
ajeer-197	129	3	in	in	ADP
ajeer-197	129	4	the	the	DET
ajeer-197	129	5	us	us	PROPN
ajeer-197	129	6	,	,	PUNCT
ajeer-197	129	7	interest	interest	NOUN
ajeer-197	129	8	charges	charge	NOUN
ajeer-197	129	9	are	be	AUX
ajeer-197	129	10	deductible	deductible	ADJ
ajeer-197	129	11	from	from	ADP
ajeer-197	129	12	the	the	DET
ajeer-197	129	13	tax	tax	NOUN
ajeer-197	129	14	base	base	NOUN
ajeer-197	129	15	for	for	ADP
ajeer-197	129	16	the	the	DET
ajeer-197	129	17	purposes	purpose	NOUN
ajeer-197	129	18	of	of	ADP
ajeer-197	129	19	the	the	DET
ajeer-197	129	20	income	income	NOUN
ajeer-197	129	21	tax	tax	NOUN
ajeer-197	129	22	,	,	PUNCT
ajeer-197	129	23	i.e.	i.e.	X
ajeer-197	129	24	,	,	PUNCT
ajeer-197	129	25	the	the	DET
ajeer-197	129	26	concept	concept	NOUN
ajeer-197	129	27	of	of	ADP
ajeer-197	129	28	use	use	NOUN
ajeer-197	129	29	of	of	ADP
ajeer-197	129	30	debt	debt	NOUN
ajeer-197	129	31	increasing	increase	VERB
ajeer-197	129	32	the	the	DET
ajeer-197	129	33	tax	tax	NOUN
ajeer-197	129	34	benefits	benefit	NOUN
ajeer-197	129	35	due	due	ADP
ajeer-197	129	36	to	to	ADP
ajeer-197	129	37	the	the	DET
ajeer-197	129	38	reduction	reduction	NOUN
ajeer-197	129	39	in	in	ADP
ajeer-197	129	40	taxes	taxis	NOUN
ajeer-197	129	41	payable	payable	ADJ
ajeer-197	129	42	,	,	PUNCT
ajeer-197	129	43	is	be	AUX
ajeer-197	129	44	still	still	ADV
ajeer-197	129	45	relevant	relevant	ADJ
ajeer-197	129	46	for	for	ADP
ajeer-197	129	47	the	the	DET
ajeer-197	129	48	russian	russian	ADJ
ajeer-197	129	49	market	market	NOUN
ajeer-197	129	50	.	.	PUNCT
ajeer-197	130	1	the	the	DET
ajeer-197	130	2	corporate	corporate	ADJ
ajeer-197	130	3	income	income	NOUN
ajeer-197	130	4	tax	tax	NOUN
ajeer-197	130	5	rate	rate	NOUN
ajeer-197	130	6	in	in	ADP
ajeer-197	130	7	russia	russia	PROPN
ajeer-197	130	8	currently	currently	ADV
ajeer-197	130	9	is	be	AUX
ajeer-197	130	10	20	20	NUM
ajeer-197	130	11	%	%	NOUN
ajeer-197	130	12	(	(	PUNCT
ajeer-197	130	13	up	up	ADP
ajeer-197	130	14	to	to	ADP
ajeer-197	130	15	2010	2010	NUM
ajeer-197	130	16	it	it	PRON
ajeer-197	130	17	has	have	AUX
ajeer-197	130	18	been	be	AUX
ajeer-197	130	19	24	24	NUM
ajeer-197	130	20	%	%	NOUN
ajeer-197	130	21	)	)	PUNCT
ajeer-197	130	22	.	.	PUNCT
ajeer-197	131	1	however	however	ADV
ajeer-197	131	2	,	,	PUNCT
ajeer-197	131	3	for	for	ADP
ajeer-197	131	4	different	different	ADJ
ajeer-197	131	5	regions	region	NOUN
ajeer-197	131	6	with	with	ADP
ajeer-197	131	7	certain	certain	ADJ
ajeer-197	131	8	market	market	NOUN
ajeer-197	131	9	conditions	condition	NOUN
ajeer-197	131	10	,	,	PUNCT
ajeer-197	131	11	the	the	DET
ajeer-197	131	12	tax	tax	NOUN
ajeer-197	131	13	rate	rate	NOUN
ajeer-197	131	14	can	can	AUX
ajeer-197	131	15	be	be	AUX
ajeer-197	131	16	reduced	reduce	VERB
ajeer-197	131	17	to	to	ADP
ajeer-197	131	18	13,5	13,5	NUM
ajeer-197	131	19	%	%	NOUN
ajeer-197	131	20	.	.	PUNCT
ajeer-197	132	1	also	also	ADV
ajeer-197	132	2	dividends	dividend	NOUN
ajeer-197	132	3	received	receive	VERB
ajeer-197	132	4	from	from	ADP
ajeer-197	132	5	foreign	foreign	ADJ
ajeer-197	132	6	and	and	CCONJ
ajeer-197	132	7	russian	russian	ADJ
ajeer-197	132	8	sources	source	NOUN
ajeer-197	132	9	have	have	VERB
ajeer-197	132	10	a	a	DET
ajeer-197	132	11	different	different	ADJ
ajeer-197	132	12	tax	tax	NOUN
ajeer-197	132	13	rate	rate	NOUN
ajeer-197	132	14	(	(	PUNCT
ajeer-197	132	15	9	9	NUM
ajeer-197	132	16	and	and	CCONJ
ajeer-197	132	17	15	15	NUM
ajeer-197	132	18	%	%	NOUN
ajeer-197	132	19	,	,	PUNCT
ajeer-197	132	20	respectively	respectively	ADV
ajeer-197	132	21	)	)	PUNCT
ajeer-197	132	22	.	.	PUNCT
ajeer-197	133	1	moreover	moreover	ADV
ajeer-197	133	2	,	,	PUNCT
ajeer-197	133	3	the	the	DET
ajeer-197	133	4	russian	russian	ADJ
ajeer-197	133	5	tax	tax	NOUN
ajeer-197	133	6	system	system	NOUN
ajeer-197	133	7	also	also	ADV
ajeer-197	133	8	offers	offer	VERB
ajeer-197	133	9	the	the	DET
ajeer-197	133	10	possibility	possibility	NOUN
ajeer-197	133	11	of	of	ADP
ajeer-197	133	12	tax	tax	NOUN
ajeer-197	133	13	loss	loss	NOUN
ajeer-197	133	14	carry	carry	NOUN
ajeer-197	133	15	-	-	PUNCT
ajeer-197	133	16	forward	forward	NOUN
ajeer-197	133	17	(	(	PUNCT
ajeer-197	133	18	similar	similar	ADJ
ajeer-197	133	19	to	to	ADP
ajeer-197	133	20	the	the	DET
ajeer-197	133	21	above	above	ADV
ajeer-197	133	22	-	-	PUNCT
ajeer-197	133	23	mentioned	mention	VERB
ajeer-197	133	24	tax	tax	NOUN
ajeer-197	133	25	loss	loss	NOUN
ajeer-197	133	26	carryforward	carryforward	NOUN
ajeer-197	133	27	system	system	NOUN
ajeer-197	133	28	in	in	ADP
ajeer-197	133	29	the	the	DET
ajeer-197	133	30	united	united	PROPN
ajeer-197	133	31	states	states	PROPN
ajeer-197	133	32	)	)	PUNCT
ajeer-197	133	33	.	.	PUNCT
ajeer-197	134	1	however	however	ADV
ajeer-197	134	2	,	,	PUNCT
ajeer-197	134	3	the	the	DET
ajeer-197	134	4	conditions	condition	NOUN
ajeer-197	134	5	are	be	AUX
ajeer-197	134	6	somewhat	somewhat	ADV
ajeer-197	134	7	different	different	ADJ
ajeer-197	134	8	from	from	ADP
ajeer-197	134	9	that	that	PRON
ajeer-197	134	10	of	of	ADP
ajeer-197	134	11	us	us	PROPN
ajeer-197	134	12	law	law	NOUN
ajeer-197	134	13	.	.	PUNCT
ajeer-197	135	1	first	first	ADV
ajeer-197	135	2	of	of	ADP
ajeer-197	135	3	all	all	PRON
ajeer-197	135	4	,	,	PUNCT
ajeer-197	135	5	the	the	DET
ajeer-197	135	6	russian	russian	ADJ
ajeer-197	135	7	tax	tax	NOUN
ajeer-197	135	8	system	system	NOUN
ajeer-197	135	9	makes	make	VERB
ajeer-197	135	10	it	it	PRON
ajeer-197	135	11	impossible	impossible	ADJ
ajeer-197	135	12	to	to	PART
ajeer-197	135	13	carry	carry	VERB
ajeer-197	135	14	the	the	DET
ajeer-197	135	15	losses	loss	NOUN
ajeer-197	135	16	to	to	ADP
ajeer-197	135	17	prior	prior	ADJ
ajeer-197	135	18	periods	period	NOUN
ajeer-197	135	19	,	,	PUNCT
ajeer-197	135	20	reducing	reduce	VERB
ajeer-197	135	21	the	the	DET
ajeer-197	135	22	tax	tax	NOUN
ajeer-197	135	23	payable	payable	ADJ
ajeer-197	135	24	for	for	ADP
ajeer-197	135	25	previous	previous	ADJ
ajeer-197	135	26	periods	period	NOUN
ajeer-197	135	27	and	and	CCONJ
ajeer-197	135	28	demanding	demand	VERB
ajeer-197	135	29	refund	refund	NOUN
ajeer-197	135	30	from	from	ADP
ajeer-197	135	31	the	the	DET
ajeer-197	135	32	budget	budget	NOUN
ajeer-197	135	33	.	.	PUNCT
ajeer-197	136	1	in	in	ADP
ajeer-197	136	2	accordance	accordance	NOUN
ajeer-197	136	3	with	with	ADP
ajeer-197	136	4	art	art	NOUN
ajeer-197	136	5	.	.	PUNCT
ajeer-197	137	1	283	283	NUM
ajeer-197	137	2	of	of	ADP
ajeer-197	137	3	the	the	DET
ajeer-197	137	4	tax	tax	NOUN
ajeer-197	137	5	code	code	NOUN
ajeer-197	137	6	,	,	PUNCT
ajeer-197	137	7	losses	loss	NOUN
ajeer-197	137	8	may	may	AUX
ajeer-197	137	9	be	be	AUX
ajeer-197	137	10	carried	carry	VERB
ajeer-197	137	11	and	and	CCONJ
ajeer-197	137	12	offset	offset	VERB
ajeer-197	137	13	against	against	ADP
ajeer-197	137	14	future	future	ADJ
ajeer-197	137	15	profits	profit	NOUN
ajeer-197	137	16	for	for	ADP
ajeer-197	137	17	ten	ten	NUM
ajeer-197	137	18	years	year	NOUN
ajeer-197	137	19	after	after	SCONJ
ajeer-197	137	20	the	the	DET
ajeer-197	137	21	loss	loss	NOUN
ajeer-197	137	22	occurrence	occurrence	NOUN
ajeer-197	137	23	(	(	PUNCT
ajeer-197	137	24	as	as	SCONJ
ajeer-197	137	25	opposed	oppose	VERB
ajeer-197	137	26	to	to	ADP
ajeer-197	137	27	15	15	NUM
ajeer-197	137	28	years	year	NOUN
ajeer-197	137	29	in	in	ADP
ajeer-197	137	30	the	the	DET
ajeer-197	137	31	us	us	PROPN
ajeer-197	137	32	tax	tax	NOUN
ajeer-197	137	33	system	system	NOUN
ajeer-197	137	34	)	)	PUNCT
ajeer-197	137	35	.	.	PUNCT
ajeer-197	138	1	as	as	ADP
ajeer-197	138	2	for	for	ADP
ajeer-197	138	3	tax	tax	NOUN
ajeer-197	138	4	incentives	incentive	NOUN
ajeer-197	138	5	for	for	ADP
ajeer-197	138	6	capital	capital	NOUN
ajeer-197	138	7	investments	investment	NOUN
ajeer-197	138	8	,	,	PUNCT
ajeer-197	138	9	such	such	ADJ
ajeer-197	138	10	rules	rule	NOUN
ajeer-197	138	11	(	(	PUNCT
ajeer-197	138	12	i.e.	i.e.	X
ajeer-197	138	13	the	the	DET
ajeer-197	138	14	option	option	NOUN
ajeer-197	138	15	to	to	PART
ajeer-197	138	16	offset	offset	VERB
ajeer-197	138	17	a	a	DET
ajeer-197	138	18	certain	certain	ADJ
ajeer-197	138	19	share	share	NOUN
ajeer-197	138	20	of	of	ADP
ajeer-197	138	21	capital	capital	NOUN
ajeer-197	138	22	investments	investment	NOUN
ajeer-197	138	23	against	against	ADP
ajeer-197	138	24	the	the	DET
ajeer-197	138	25	tax	tax	NOUN
ajeer-197	138	26	payable	payable	NOUN
ajeer-197	138	27	)	)	PUNCT
ajeer-197	138	28	in	in	ADP
ajeer-197	138	29	russia	russia	PROPN
ajeer-197	138	30	are	be	AUX
ajeer-197	138	31	absent	absent	ADJ
ajeer-197	138	32	in	in	ADP
ajeer-197	138	33	the	the	DET
ajeer-197	138	34	form	form	NOUN
ajeer-197	138	35	,	,	PUNCT
ajeer-197	138	36	in	in	ADP
ajeer-197	138	37	which	which	PRON
ajeer-197	138	38	they	they	PRON
ajeer-197	138	39	existed	exist	VERB
ajeer-197	138	40	in	in	ADP
ajeer-197	138	41	the	the	DET
ajeer-197	138	42	90s	90	NOUN
ajeer-197	138	43	tax	tax	NOUN
ajeer-197	138	44	system	system	NOUN
ajeer-197	138	45	of	of	ADP
ajeer-197	138	46	the	the	DET
ajeer-197	138	47	usa	usa	PROPN
ajeer-197	138	48	.	.	PROPN
ajeer-197	139	1	in	in	ADP
ajeer-197	139	2	return	return	NOUN
ajeer-197	139	3	,	,	PUNCT
ajeer-197	139	4	there	there	PRON
ajeer-197	139	5	is	be	VERB
ajeer-197	139	6	a	a	DET
ajeer-197	139	7	preferential	preferential	ADJ
ajeer-197	139	8	tax	tax	NOUN
ajeer-197	139	9	treatment	treatment	NOUN
ajeer-197	139	10	in	in	ADP
ajeer-197	139	11	case	case	NOUN
ajeer-197	139	12	of	of	ADP
ajeer-197	139	13	acquisition	acquisition	NOUN
ajeer-197	139	14	of	of	ADP
ajeer-197	139	15	fixed	fix	VERB
ajeer-197	139	16	assets	asset	NOUN
ajeer-197	139	17	or	or	CCONJ
ajeer-197	139	18	investments	investment	NOUN
ajeer-197	139	19	into	into	ADP
ajeer-197	139	20	the	the	DET
ajeer-197	139	21	capital	capital	NOUN
ajeer-197	139	22	in	in	ADP
ajeer-197	139	23	the	the	DET
ajeer-197	139	24	form	form	NOUN
ajeer-197	139	25	of	of	ADP
ajeer-197	139	26	specific	specific	ADJ
ajeer-197	139	27	bonus	bonus	NOUN
ajeer-197	139	28	depreciation	depreciation	NOUN
ajeer-197	139	29	.	.	PUNCT
ajeer-197	140	1	in	in	ADP
ajeer-197	140	2	accordance	accordance	NOUN
ajeer-197	140	3	with	with	ADP
ajeer-197	140	4	the	the	DET
ajeer-197	140	5	russian	russian	ADJ
ajeer-197	140	6	tax	tax	NOUN
ajeer-197	140	7	system	system	NOUN
ajeer-197	140	8	,	,	PUNCT
ajeer-197	140	9	the	the	DET
ajeer-197	140	10	cost	cost	NOUN
ajeer-197	140	11	of	of	ADP
ajeer-197	140	12	fixed	fix	VERB
ajeer-197	140	13	assets	asset	NOUN
ajeer-197	140	14	purchased	purchase	VERB
ajeer-197	140	15	should	should	AUX
ajeer-197	140	16	be	be	AUX
ajeer-197	140	17	offset	offset	VERB
ajeer-197	140	18	straight	straight	ADJ
ajeer-197	140	19	-	-	PUNCT
ajeer-197	140	20	line	line	NOUN
ajeer-197	140	21	,	,	PUNCT
ajeer-197	140	22	judging	judge	VERB
ajeer-197	140	23	from	from	ADP
ajeer-197	140	24	the	the	DET
ajeer-197	140	25	calculated	calculated	ADJ
ajeer-197	140	26	depreciation	depreciation	NOUN
ajeer-197	140	27	period	period	NOUN
ajeer-197	140	28	,	,	PUNCT
ajeer-197	140	29	however	however	ADV
ajeer-197	140	30	,	,	PUNCT
ajeer-197	140	31	for	for	ADP
ajeer-197	140	32	depreciable	depreciable	ADJ
ajeer-197	140	33	property	property	NOUN
ajeer-197	140	34	,	,	PUNCT
ajeer-197	140	35	a	a	DET
ajeer-197	140	36	one	one	NUM
ajeer-197	140	37	-	-	PUNCT
ajeer-197	140	38	time	time	NOUN
ajeer-197	140	39	bonus	bonus	NOUN
ajeer-197	140	40	depreciation	depreciation	NOUN
ajeer-197	140	41	of	of	ADP
ajeer-197	140	42	10	10	NUM
ajeer-197	140	43	%	%	NOUN
ajeer-197	140	44	(	(	PUNCT
ajeer-197	140	45	30	30	NUM
ajeer-197	140	46	%	%	NOUN
ajeer-197	140	47	for	for	ADP
ajeer-197	140	48	certain	certain	ADJ
ajeer-197	140	49	types	type	NOUN
ajeer-197	140	50	of	of	ADP
ajeer-197	140	51	property	property	NOUN
ajeer-197	140	52	)	)	PUNCT
ajeer-197	140	53	is	be	AUX
ajeer-197	140	54	allowed	allow	VERB
ajeer-197	140	55	,	,	PUNCT
ajeer-197	140	56	which	which	PRON
ajeer-197	140	57	sometimes	sometimes	ADV
ajeer-197	140	58	can	can	AUX
ajeer-197	140	59	significantly	significantly	ADV
ajeer-197	140	60	reduce	reduce	VERB
ajeer-197	140	61	the	the	DET
ajeer-197	140	62	taxable	taxable	ADJ
ajeer-197	140	63	base	base	NOUN
ajeer-197	140	64	in	in	ADP
ajeer-197	140	65	the	the	DET
ajeer-197	140	66	period	period	NOUN
ajeer-197	140	67	under	under	ADP
ajeer-197	140	68	report	report	NOUN
ajeer-197	140	69	.	.	PUNCT
ajeer-197	141	1	thus	thus	ADV
ajeer-197	141	2	,	,	PUNCT
ajeer-197	141	3	we	we	PRON
ajeer-197	141	4	can	can	AUX
ajeer-197	141	5	conclude	conclude	VERB
ajeer-197	141	6	that	that	SCONJ
ajeer-197	141	7	the	the	DET
ajeer-197	141	8	tax	tax	NOUN
ajeer-197	141	9	system	system	NOUN
ajeer-197	141	10	in	in	ADP
ajeer-197	141	11	russia	russia	PROPN
ajeer-197	141	12	is	be	AUX
ajeer-197	141	13	a	a	DET
ajeer-197	141	14	bit	bit	NOUN
ajeer-197	141	15	more	more	ADJ
ajeer-197	141	16	straight	straight	ADJ
ajeer-197	141	17	-	-	PUNCT
ajeer-197	141	18	line	line	NOUN
ajeer-197	141	19	than	than	ADP
ajeer-197	141	20	the	the	DET
ajeer-197	141	21	american	american	ADJ
ajeer-197	141	22	system	system	NOUN
ajeer-197	141	23	.	.	PUNCT
ajeer-197	142	1	in	in	ADP
ajeer-197	142	2	this	this	DET
ajeer-197	142	3	regard	regard	NOUN
ajeer-197	142	4	,	,	PUNCT
ajeer-197	142	5	it	it	PRON
ajeer-197	142	6	was	be	AUX
ajeer-197	142	7	decided	decide	VERB
ajeer-197	142	8	not	not	PART
ajeer-197	142	9	to	to	PART
ajeer-197	142	10	refer	refer	VERB
ajeer-197	142	11	to	to	ADP
ajeer-197	142	12	marginal	marginal	ADJ
ajeer-197	142	13	tax	tax	NOUN
ajeer-197	142	14	rate	rate	NOUN
ajeer-197	142	15	in	in	ADP
ajeer-197	142	16	the	the	DET
ajeer-197	142	17	model	model	NOUN
ajeer-197	142	18	,	,	PUNCT
ajeer-197	142	19	as	as	SCONJ
ajeer-197	142	20	defined	define	VERB
ajeer-197	142	21	by	by	ADP
ajeer-197	142	22	graham	graham	PROPN
ajeer-197	142	23	.	.	PUNCT
ajeer-197	143	1	the	the	DET
ajeer-197	143	2	decision	decision	NOUN
ajeer-197	143	3	was	be	AUX
ajeer-197	143	4	also	also	ADV
ajeer-197	143	5	due	due	ADJ
ajeer-197	143	6	to	to	ADP
ajeer-197	143	7	the	the	DET
ajeer-197	143	8	technically	technically	ADV
ajeer-197	143	9	demanding	demanding	ADJ
ajeer-197	143	10	estimation	estimation	NOUN
ajeer-197	143	11	of	of	ADP
ajeer-197	143	12	the	the	DET
ajeer-197	143	13	expected	expect	VERB
ajeer-197	143	14	net	net	ADJ
ajeer-197	143	15	profit	profit	NOUN
ajeer-197	143	16	,	,	PUNCT
ajeer-197	143	17	a	a	DET
ajeer-197	143	18	large	large	ADJ
ajeer-197	143	19	number	number	NOUN
ajeer-197	143	20	of	of	ADP
ajeer-197	143	21	iterations	iteration	NOUN
ajeer-197	143	22	to	to	PART
ajeer-197	143	23	forecast	forecast	VERB
ajeer-197	143	24	deviations	deviation	NOUN
ajeer-197	143	25	from	from	ADP
ajeer-197	143	26	the	the	DET
ajeer-197	143	27	average	average	ADJ
ajeer-197	143	28	profit	profit	NOUN
ajeer-197	143	29	value	value	NOUN
ajeer-197	143	30	.	.	PUNCT
ajeer-197	144	1	the	the	DET
ajeer-197	144	2	study	study	NOUN
ajeer-197	144	3	will	will	AUX
ajeer-197	144	4	be	be	AUX
ajeer-197	144	5	based	base	VERB
ajeer-197	144	6	on	on	ADP
ajeer-197	144	7	the	the	DET
ajeer-197	144	8	assumption	assumption	NOUN
ajeer-197	144	9	that	that	SCONJ
ajeer-197	144	10	there	there	PRON
ajeer-197	144	11	is	be	VERB
ajeer-197	144	12	no	no	DET
ajeer-197	144	13	optimal	optimal	ADJ
ajeer-197	144	14	level	level	NOUN
ajeer-197	144	15	of	of	ADP
ajeer-197	144	16	debt	debt	NOUN
ajeer-197	144	17	,	,	PUNCT
ajeer-197	144	18	to	to	PART
ajeer-197	144	19	which	which	PRON
ajeer-197	144	20	the	the	DET
ajeer-197	144	21	company	company	NOUN
ajeer-197	144	22	tends	tend	VERB
ajeer-197	144	23	infinitely	infinitely	ADV
ajeer-197	144	24	.	.	PUNCT
ajeer-197	145	1	in	in	ADP
ajeer-197	145	2	each	each	DET
ajeer-197	145	3	specific	specific	ADJ
ajeer-197	145	4	case	case	NOUN
ajeer-197	145	5	the	the	DET
ajeer-197	145	6	company	company	NOUN
ajeer-197	145	7	decides	decide	VERB
ajeer-197	145	8	on	on	ADP
ajeer-197	145	9	the	the	DET
ajeer-197	145	10	capital	capital	NOUN
ajeer-197	145	11	structure	structure	NOUN
ajeer-197	145	12	,	,	PUNCT
ajeer-197	145	13	judging	judge	VERB
ajeer-197	145	14	from	from	ADP
ajeer-197	145	15	the	the	DET
ajeer-197	145	16	conditions	condition	NOUN
ajeer-197	145	17	,	,	PUNCT
ajeer-197	145	18	available	available	ADJ
ajeer-197	145	19	at	at	ADP
ajeer-197	145	20	the	the	DET
ajeer-197	145	21	time	time	NOUN
ajeer-197	145	22	.	.	PUNCT
ajeer-197	146	1	all	all	DET
ajeer-197	146	2	variables	variable	NOUN
ajeer-197	146	3	in	in	ADP
ajeer-197	146	4	the	the	DET
ajeer-197	146	5	model	model	NOUN
ajeer-197	146	6	are	be	AUX
ajeer-197	146	7	adjusted	adjust	VERB
ajeer-197	146	8	to	to	ADP
ajeer-197	146	9	the	the	DET
ajeer-197	146	10	same	same	ADJ
ajeer-197	146	11	scale	scale	NOUN
ajeer-197	146	12	through	through	ADP
ajeer-197	146	13	dividing	dividing	NOUN
ajeer-197	146	14	by	by	ADP
ajeer-197	146	15	the	the	DET
ajeer-197	146	16	assets	asset	NOUN
ajeer-197	146	17	/	/	SYM
ajeer-197	146	18	company	company	NOUN
ajeer-197	146	19	's	's	PART
ajeer-197	146	20	price	price	NOUN
ajeer-197	146	21	(	(	PUNCT
ajeer-197	146	22	depending	depend	VERB
ajeer-197	146	23	on	on	ADP
ajeer-197	146	24	the	the	DET
ajeer-197	146	25	message	message	NOUN
ajeer-197	146	26	)	)	PUNCT
ajeer-197	146	27	,	,	PUNCT
ajeer-197	146	28	taking	take	VERB
ajeer-197	146	29	natural	natural	ADJ
ajeer-197	146	30	logarithms	logarithm	NOUN
ajeer-197	146	31	,	,	PUNCT
ajeer-197	146	32	etc	etc	X
ajeer-197	146	33	.	.	X
ajeer-197	147	1	thus	thus	ADV
ajeer-197	147	2	,	,	PUNCT
ajeer-197	147	3	the	the	DET
ajeer-197	147	4	risk	risk	NOUN
ajeer-197	147	5	of	of	ADP
ajeer-197	147	6	exceedingly	exceedingly	ADV
ajeer-197	147	7	lengthy	lengthy	ADJ
ajeer-197	147	8	coefficients	coefficient	NOUN
ajeer-197	147	9	in	in	ADP
ajeer-197	147	10	the	the	DET
ajeer-197	147	11	summary	summary	NOUN
ajeer-197	147	12	data	datum	NOUN
ajeer-197	147	13	is	be	AUX
ajeer-197	147	14	eliminated	eliminate	VERB
ajeer-197	147	15	.	.	PUNCT
ajeer-197	148	1	also	also	ADV
ajeer-197	148	2	,	,	PUNCT
ajeer-197	148	3	to	to	PART
ajeer-197	148	4	maintain	maintain	VERB
ajeer-197	148	5	consistency	consistency	NOUN
ajeer-197	148	6	between	between	ADP
ajeer-197	148	7	the	the	DET
ajeer-197	148	8	dependent	dependent	ADJ
ajeer-197	148	9	and	and	CCONJ
ajeer-197	148	10	explanatory	explanatory	ADJ
ajeer-197	148	11	variables	variable	NOUN
ajeer-197	148	12	,	,	PUNCT
ajeer-197	148	13	all	all	DET
ajeer-197	148	14	factors	factor	NOUN
ajeer-197	148	15	in	in	ADP
ajeer-197	148	16	absolute	absolute	ADJ
ajeer-197	148	17	terms	term	NOUN
ajeer-197	148	18	are	be	AUX
ajeer-197	148	19	represented	represent	VERB
ajeer-197	148	20	in	in	ADP
ajeer-197	148	21	form	form	NOUN
ajeer-197	148	22	of	of	ADP
ajeer-197	148	23	the	the	DET
ajeer-197	148	24	change	change	NOUN
ajeer-197	148	25	for	for	ADP
ajeer-197	148	26	the	the	DET
ajeer-197	148	27	corresponding	corresponding	ADJ
ajeer-197	148	28	period	period	NOUN
ajeer-197	148	29	.	.	PUNCT
ajeer-197	149	1	the	the	DET
ajeer-197	149	2	explanatory	explanatory	ADJ
ajeer-197	149	3	variable	variable	NOUN
ajeer-197	149	4	,	,	PUNCT
ajeer-197	149	5	in	in	ADP
ajeer-197	149	6	the	the	DET
ajeer-197	149	7	same	same	ADJ
ajeer-197	149	8	manner	manner	NOUN
ajeer-197	149	9	as	as	SCONJ
ajeer-197	149	10	graham	graham	PROPN
ajeer-197	149	11	used	use	VERB
ajeer-197	149	12	it	it	PRON
ajeer-197	149	13	,	,	PUNCT
ajeer-197	149	14	is	be	AUX
ajeer-197	149	15	the	the	DET
ajeer-197	149	16	change	change	NOUN
ajeer-197	149	17	in	in	ADP
ajeer-197	149	18	the	the	DET
ajeer-197	149	19	level	level	NOUN
ajeer-197	149	20	of	of	ADP
ajeer-197	149	21	long	long	ADJ
ajeer-197	149	22	-	-	PUNCT
ajeer-197	149	23	term	term	NOUN
ajeer-197	149	24	liabilities	liability	NOUN
ajeer-197	149	25	,	,	PUNCT
ajeer-197	149	26	in	in	ADP
ajeer-197	149	27	relation	relation	NOUN
ajeer-197	149	28	to	to	ADP
ajeer-197	149	29	the	the	DET
ajeer-197	149	30	company	company	NOUN
ajeer-197	149	31	's	's	PART
ajeer-197	149	32	price	price	NOUN
ajeer-197	149	33	(	(	PUNCT
ajeer-197	149	34	δdebt	δdebt	NOUN
ajeer-197	149	35	)	)	PUNCT
ajeer-197	149	36	.	.	PUNCT
ajeer-197	150	1	in	in	ADP
ajeer-197	150	2	this	this	DET
ajeer-197	150	3	case	case	NOUN
ajeer-197	150	4	,	,	PUNCT
ajeer-197	150	5	the	the	DET
ajeer-197	150	6	value	value	NOUN
ajeer-197	150	7	of	of	ADP
ajeer-197	150	8	debt	debt	NOUN
ajeer-197	150	9	cash	cash	NOUN
ajeer-197	150	10	flow	flow	NOUN
ajeer-197	150	11	is	be	AUX
ajeer-197	150	12	more	more	ADV
ajeer-197	150	13	informative	informative	ADJ
ajeer-197	150	14	than	than	ADP
ajeer-197	150	15	the	the	DET
ajeer-197	150	16	sum	sum	NOUN
ajeer-197	150	17	of	of	ADP
ajeer-197	150	18	debt	debt	NOUN
ajeer-197	150	19	at	at	ADP
ajeer-197	150	20	specified	specify	VERB
ajeer-197	150	21	date	date	NOUN
ajeer-197	150	22	,	,	PUNCT
ajeer-197	150	23	as	as	SCONJ
ajeer-197	150	24	it	it	PRON
ajeer-197	150	25	includes	include	VERB
ajeer-197	150	26	the	the	DET
ajeer-197	150	27	change	change	NOUN
ajeer-197	150	28	in	in	ADP
ajeer-197	150	29	debt	debt	NOUN
ajeer-197	150	30	for	for	ADP
ajeer-197	150	31	the	the	DET
ajeer-197	150	32	period	period	NOUN
ajeer-197	150	33	,	,	PUNCT
ajeer-197	150	34	caused	cause	VERB
ajeer-197	150	35	by	by	ADP
ajeer-197	150	36	a	a	DET
ajeer-197	150	37	number	number	NOUN
ajeer-197	150	38	of	of	ADP
ajeer-197	150	39	factors	factor	NOUN
ajeer-197	150	40	,	,	PUNCT
ajeer-197	150	41	while	while	SCONJ
ajeer-197	150	42	the	the	DET
ajeer-197	150	43	cumulated	cumulated	ADJ
ajeer-197	150	44	sum	sum	NOUN
ajeer-197	150	45	of	of	ADP
ajeer-197	150	46	debt	debt	NOUN
ajeer-197	150	47	is	be	AUX
ajeer-197	150	48	much	much	ADV
ajeer-197	150	49	harder	hard	ADJ
ajeer-197	150	50	to	to	PART
ajeer-197	150	51	explain	explain	VERB
ajeer-197	150	52	.	.	PUNCT
ajeer-197	151	1	the	the	DET
ajeer-197	151	2	foremost	foremost	ADJ
ajeer-197	151	3	purpose	purpose	NOUN
ajeer-197	151	4	of	of	ADP
ajeer-197	151	5	this	this	DET
ajeer-197	151	6	research	research	NOUN
ajeer-197	151	7	is	be	AUX
ajeer-197	151	8	to	to	PART
ajeer-197	151	9	prove	prove	VERB
ajeer-197	151	10	the	the	DET
ajeer-197	151	11	existence	existence	NOUN
ajeer-197	151	12	of	of	ADP
ajeer-197	151	13	the	the	DET
ajeer-197	151	14	tax	tax	NOUN
ajeer-197	151	15	factor	factor	NOUN
ajeer-197	151	16	impact	impact	NOUN
ajeer-197	151	17	on	on	ADP
ajeer-197	151	18	the	the	DET
ajeer-197	151	19	company	company	NOUN
ajeer-197	151	20	’s	’s	PART
ajeer-197	151	21	capital	capital	NOUN
ajeer-197	151	22	structure	structure	NOUN
ajeer-197	151	23	change	change	NOUN
ajeer-197	151	24	.	.	PUNCT
ajeer-197	152	1	therefore	therefore	ADV
ajeer-197	152	2	,	,	PUNCT
ajeer-197	152	3	the	the	DET
ajeer-197	152	4	tax	tax	NOUN
ajeer-197	152	5	rate	rate	NOUN
ajeer-197	152	6	is	be	AUX
ajeer-197	152	7	considered	consider	VERB
ajeer-197	152	8	as	as	ADP
ajeer-197	152	9	the	the	DET
ajeer-197	152	10	primary	primary	ADJ
ajeer-197	152	11	variable	variable	NOUN
ajeer-197	152	12	.	.	PUNCT
ajeer-197	153	1	it	it	PRON
ajeer-197	153	2	has	have	AUX
ajeer-197	153	3	been	be	AUX
ajeer-197	153	4	decided	decide	VERB
ajeer-197	153	5	to	to	PART
ajeer-197	153	6	replace	replace	VERB
ajeer-197	153	7	the	the	DET
ajeer-197	153	8	marginal	marginal	ADJ
ajeer-197	153	9	tax	tax	NOUN
ajeer-197	153	10	rate	rate	NOUN
ajeer-197	153	11	with	with	ADP
ajeer-197	153	12	the	the	DET
ajeer-197	153	13	company	company	NOUN
ajeer-197	153	14	’s	’s	PART
ajeer-197	153	15	effective	effective	ADJ
ajeer-197	153	16	tax	tax	NOUN
ajeer-197	153	17	rate	rate	NOUN
ajeer-197	153	18	(	(	PUNCT
ajeer-197	153	19	ef	ef	NOUN
ajeer-197	153	20	rate	rate	NOUN
ajeer-197	153	21	)	)	PUNCT
ajeer-197	153	22	since	since	SCONJ
ajeer-197	153	23	the	the	DET
ajeer-197	153	24	latter	latter	ADJ
ajeer-197	153	25	can	can	AUX
ajeer-197	153	26	be	be	AUX
ajeer-197	153	27	extracted	extract	VERB
ajeer-197	153	28	from	from	ADP
ajeer-197	153	29	the	the	DET
ajeer-197	153	30	financial	financial	ADJ
ajeer-197	153	31	statements	statement	NOUN
ajeer-197	153	32	,	,	PUNCT
ajeer-197	153	33	it	it	PRON
ajeer-197	153	34	is	be	AUX
ajeer-197	153	35	quite	quite	ADV
ajeer-197	153	36	demonstrative	demonstrative	ADJ
ajeer-197	153	37	(	(	PUNCT
ajeer-197	153	38	the	the	DET
ajeer-197	153	39	company	company	NOUN
ajeer-197	153	40	’s	’s	PART
ajeer-197	153	41	effective	effective	ADJ
ajeer-197	153	42	tax	tax	NOUN
ajeer-197	153	43	rate	rate	NOUN
ajeer-197	153	44	is	be	AUX
ajeer-197	153	45	slightly	slightly	ADV
ajeer-197	153	46	varying	vary	VERB
ajeer-197	153	47	and	and	CCONJ
ajeer-197	153	48	commonly	commonly	ADV
ajeer-197	153	49	remains	remain	VERB
ajeer-197	153	50	almost	almost	ADV
ajeer-197	153	51	the	the	DET
ajeer-197	153	52	same	same	ADJ
ajeer-197	153	53	)	)	PUNCT
ajeer-197	153	54	,	,	PUNCT
ajeer-197	153	55	and	and	CCONJ
ajeer-197	153	56	it	it	PRON
ajeer-197	153	57	allows	allow	VERB
ajeer-197	153	58	to	to	PART
ajeer-197	153	59	predict	predict	VERB
ajeer-197	153	60	the	the	DET
ajeer-197	153	61	effective	effective	ADJ
ajeer-197	153	62	tax	tax	NOUN
ajeer-197	153	63	rate	rate	NOUN
ajeer-197	153	64	,	,	PUNCT
ajeer-197	153	65	which	which	PRON
ajeer-197	153	66	would	would	AUX
ajeer-197	153	67	be	be	AUX
ajeer-197	153	68	applied	apply	VERB
ajeer-197	153	69	by	by	ADP
ajeer-197	153	70	the	the	DET
ajeer-197	153	71	company	company	NOUN
ajeer-197	153	72	after	after	ADP
ajeer-197	153	73	the	the	DET
ajeer-197	153	74	estimation	estimation	NOUN
ajeer-197	153	75	of	of	ADP
ajeer-197	153	76	all	all	DET
ajeer-197	153	77	losses	loss	NOUN
ajeer-197	153	78	(	(	PUNCT
ajeer-197	153	79	including	include	VERB
ajeer-197	153	80	income	income	NOUN
ajeer-197	153	81	taxable	taxable	ADJ
ajeer-197	153	82	at	at	ADP
ajeer-197	153	83	different	different	ADJ
ajeer-197	153	84	rates	rate	NOUN
ajeer-197	153	85	)	)	PUNCT
ajeer-197	153	86	.	.	PUNCT
ajeer-197	154	1	furthermore	furthermore	ADV
ajeer-197	154	2	,	,	PUNCT
ajeer-197	154	3	the	the	DET
ajeer-197	154	4	main	main	ADJ
ajeer-197	154	5	advantage	advantage	NOUN
ajeer-197	154	6	of	of	ADP
ajeer-197	154	7	the	the	DET
ajeer-197	154	8	effective	effective	ADJ
ajeer-197	154	9	tax	tax	NOUN
ajeer-197	154	10	rate	rate	NOUN
ajeer-197	154	11	variable	variable	NOUN
ajeer-197	154	12	is	be	AUX
ajeer-197	154	13	the	the	DET
ajeer-197	154	14	fact	fact	NOUN
ajeer-197	154	15	that	that	SCONJ
ajeer-197	154	16	due	due	ADP
ajeer-197	154	17	to	to	ADP
ajeer-197	154	18	its	its	PRON
ajeer-197	154	19	simplicity	simplicity	NOUN
ajeer-197	154	20	and	and	CCONJ
ajeer-197	154	21	straightforwardness	straightforwardness	NOUN
ajeer-197	154	22	it	it	PRON
ajeer-197	154	23	is	be	AUX
ajeer-197	154	24	more	more	ADV
ajeer-197	154	25	likely	likely	ADJ
ajeer-197	154	26	to	to	PART
ajeer-197	154	27	be	be	AUX
ajeer-197	154	28	analyzed	analyze	VERB
ajeer-197	154	29	by	by	ADP
ajeer-197	154	30	the	the	DET
ajeer-197	154	31	manager	manager	NOUN
ajeer-197	154	32	while	while	SCONJ
ajeer-197	154	33	making	make	VERB
ajeer-197	154	34	financial	financial	ADJ
ajeer-197	154	35	decisions	decision	NOUN
ajeer-197	154	36	.	.	PUNCT
ajeer-197	155	1	taking	take	VERB
ajeer-197	155	2	into	into	ADP
ajeer-197	155	3	consideration	consideration	NOUN
ajeer-197	155	4	the	the	DET
ajeer-197	155	5	fact	fact	NOUN
ajeer-197	155	6	that	that	SCONJ
ajeer-197	155	7	in	in	ADP
ajeer-197	155	8	the	the	DET
ajeer-197	155	9	decision	decision	NOUN
ajeer-197	155	10	-	-	PUNCT
ajeer-197	155	11	making	make	VERB
ajeer-197	155	12	process	process	NOUN
ajeer-197	155	13	regarding	regard	VERB
ajeer-197	155	14	a	a	DET
ajeer-197	155	15	period	period	NOUN
ajeer-197	155	16	the	the	DET
ajeer-197	155	17	manager	manager	NOUN
ajeer-197	155	18	has	have	VERB
ajeer-197	155	19	the	the	DET
ajeer-197	155	20	information	information	NOUN
ajeer-197	155	21	of	of	ADP
ajeer-197	155	22	only	only	ADV
ajeer-197	155	23	the	the	DET
ajeer-197	155	24	previous	previous	ADJ
ajeer-197	155	25	period	period	NOUN
ajeer-197	155	26	,	,	PUNCT
ajeer-197	155	27	the	the	DET
ajeer-197	155	28	effective	effective	ADJ
ajeer-197	155	29	rate	rate	NOUN
ajeer-197	155	30	shall	shall	AUX
ajeer-197	155	31	be	be	AUX
ajeer-197	155	32	calculated	calculate	VERB
ajeer-197	155	33	with	with	ADP
ajeer-197	155	34	a	a	DET
ajeer-197	155	35	measurement	measurement	NOUN
ajeer-197	155	36	error	error	NOUN
ajeer-197	155	37	.	.	PUNCT
ajeer-197	156	1	hypothesis	hypothesis	NOUN
ajeer-197	156	2	1	1	NUM
ajeer-197	156	3	:	:	PUNCT
ajeer-197	156	4	effective	effective	ADJ
ajeer-197	156	5	tax	tax	NOUN
ajeer-197	156	6	rate	rate	NOUN
ajeer-197	156	7	has	have	VERB
ajeer-197	156	8	a	a	DET
ajeer-197	156	9	positive	positive	ADJ
ajeer-197	156	10	impact	impact	NOUN
ajeer-197	156	11	on	on	ADP
ajeer-197	156	12	the	the	DET
ajeer-197	156	13	debt	debt	NOUN
ajeer-197	156	14	issuance	issuance	NOUN
ajeer-197	156	15	.	.	PUNCT
ajeer-197	157	1	the	the	DET
ajeer-197	157	2	next	next	ADJ
ajeer-197	157	3	explanatory	explanatory	ADJ
ajeer-197	157	4	variable	variable	NOUN
ajeer-197	157	5	to	to	PART
ajeer-197	157	6	be	be	AUX
ajeer-197	157	7	used	use	VERB
ajeer-197	157	8	is	be	AUX
ajeer-197	157	9	bankruptcy	bankruptcy	NOUN
ajeer-197	157	10	probability	probability	NOUN
ajeer-197	157	11	(	(	PUNCT
ajeer-197	157	12	defined	define	VERB
ajeer-197	157	13	by	by	ADP
ajeer-197	157	14	altman	altman	PROPN
ajeer-197	157	15	(	(	PUNCT
ajeer-197	157	16	1968	1968	NUM
ajeer-197	157	17	)	)	PUNCT
ajeer-197	157	18	)	)	PUNCT
ajeer-197	157	19	as	as	SCONJ
ajeer-197	157	20	opposed	oppose	VERB
ajeer-197	157	21	to	to	ADP
ajeer-197	157	22	the	the	DET
ajeer-197	157	23	interest	interest	NOUN
ajeer-197	157	24	deduction	deduction	NOUN
ajeer-197	157	25	profits	profit	NOUN
ajeer-197	157	26	:	:	PUNCT
ajeer-197	158	1	[	[	X
ajeer-197	158	2	4	4	X
ajeer-197	158	3	]	]	X
ajeer-197	158	4	it	it	PRON
ajeer-197	158	5	is	be	AUX
ajeer-197	158	6	the	the	DET
ajeer-197	158	7	same	same	ADJ
ajeer-197	158	8	variable	variable	NOUN
ajeer-197	158	9	that	that	PRON
ajeer-197	158	10	was	be	AUX
ajeer-197	158	11	used	use	VERB
ajeer-197	158	12	in	in	ADP
ajeer-197	158	13	graham	graham	PROPN
ajeer-197	158	14	model	model	NOUN
ajeer-197	158	15	analyzed	analyze	VERB
ajeer-197	158	16	earlier	early	ADV
ajeer-197	158	17	.	.	PUNCT
ajeer-197	159	1	this	this	DET
ajeer-197	159	2	research	research	NOUN
ajeer-197	159	3	is	be	AUX
ajeer-197	159	4	not	not	PART
ajeer-197	159	5	aimed	aim	VERB
ajeer-197	159	6	at	at	ADP
ajeer-197	159	7	analyzing	analyze	VERB
ajeer-197	159	8	altman	altman	PROPN
ajeer-197	159	9	’s	’s	PART
ajeer-197	159	10	paper	paper	PROPN
ajeer-197	159	11	altman	altman	PROPN
ajeer-197	159	12	(	(	PUNCT
ajeer-197	159	13	1968	1968	NUM
ajeer-197	159	14	)	)	PUNCT
ajeer-197	159	15	in	in	ADP
ajeer-197	159	16	which	which	PRON
ajeer-197	159	17	the	the	DET
ajeer-197	159	18	aforementioned	aforementioned	ADJ
ajeer-197	159	19	formula	formula	NOUN
ajeer-197	159	20	was	be	AUX
ajeer-197	159	21	derived	derive	VERB
ajeer-197	159	22	and	and	CCONJ
ajeer-197	159	23	proved	prove	VERB
ajeer-197	159	24	,	,	PUNCT
ajeer-197	159	25	therefore	therefore	ADV
ajeer-197	159	26	,	,	PUNCT
ajeer-197	159	27	this	this	DET
ajeer-197	159	28	formula	formula	NOUN
ajeer-197	159	29	is	be	AUX
ajeer-197	159	30	regarded	regard	VERB
ajeer-197	159	31	as	as	SCONJ
ajeer-197	159	32	given	give	VERB
ajeer-197	159	33	.	.	PUNCT
ajeer-197	160	1	the	the	DET
ajeer-197	160	2	main	main	ADJ
ajeer-197	160	3	advantage	advantage	NOUN
ajeer-197	160	4	of	of	ADP
ajeer-197	160	5	this	this	DET
ajeer-197	160	6	variable	variable	NOUN
ajeer-197	160	7	is	be	AUX
ajeer-197	160	8	that	that	SCONJ
ajeer-197	160	9	it	it	PRON
ajeer-197	160	10	is	be	AUX
ajeer-197	160	11	easily	easily	ADV
ajeer-197	160	12	calculated	calculate	VERB
ajeer-197	160	13	,	,	PUNCT
ajeer-197	160	14	as	as	ADV
ajeer-197	160	15	far	far	ADV
ajeer-197	160	16	as	as	SCONJ
ajeer-197	160	17	the	the	DET
ajeer-197	160	18	financial	financial	ADJ
ajeer-197	160	19	statements	statement	NOUN
ajeer-197	160	20	(	(	PUNCT
ajeer-197	160	21	balance	balance	NOUN
ajeer-197	160	22	sheet	sheet	NOUN
ajeer-197	160	23	and	and	CCONJ
ajeer-197	160	24	profit	profit	NOUN
ajeer-197	160	25	and	and	CCONJ
ajeer-197	160	26	loss	loss	NOUN
ajeer-197	160	27	statement	statement	NOUN
ajeer-197	160	28	)	)	PUNCT
ajeer-197	160	29	contain	contain	VERB
ajeer-197	160	30	all	all	DET
ajeer-197	160	31	the	the	DET
ajeer-197	160	32	necessary	necessary	ADJ
ajeer-197	160	33	data	datum	NOUN
ajeer-197	160	34	.	.	PUNCT
ajeer-197	161	1	supposedly	supposedly	ADV
ajeer-197	161	2	,	,	PUNCT
ajeer-197	161	3	the	the	DET
ajeer-197	161	4	greater	great	ADJ
ajeer-197	161	5	bankruptcy	bankruptcy	NOUN
ajeer-197	161	6	probability	probability	NOUN
ajeer-197	161	7	is	be	AUX
ajeer-197	161	8	,	,	PUNCT
ajeer-197	161	9	the	the	DET
ajeer-197	161	10	lesser	less	ADJ
ajeer-197	161	11	debt	debt	NOUN
ajeer-197	161	12	the	the	DET
ajeer-197	161	13	company	company	NOUN
ajeer-197	161	14	shall	shall	AUX
ajeer-197	161	15	issue	issue	VERB
ajeer-197	161	16	since	since	SCONJ
ajeer-197	161	17	the	the	DET
ajeer-197	161	18	adoption	adoption	NOUN
ajeer-197	161	19	of	of	ADP
ajeer-197	161	20	additional	additional	ADJ
ajeer-197	161	21	debt	debt	NOUN
ajeer-197	161	22	obligations	obligation	NOUN
ajeer-197	161	23	will	will	AUX
ajeer-197	161	24	lead	lead	VERB
ajeer-197	161	25	to	to	ADP
ajeer-197	161	26	even	even	ADV
ajeer-197	161	27	greater	great	ADJ
ajeer-197	161	28	risk	risk	NOUN
ajeer-197	161	29	of	of	ADP
ajeer-197	161	30	the	the	DET
ajeer-197	161	31	future	future	ADJ
ajeer-197	161	32	insolvency	insolvency	NOUN
ajeer-197	161	33	.	.	PUNCT
ajeer-197	162	1	hypothesis	hypothesis	NOUN
ajeer-197	162	2	2	2	NUM
ajeer-197	162	3	:	:	PUNCT
ajeer-197	162	4	bankruptcy	bankruptcy	NOUN
ajeer-197	162	5	probability	probability	NOUN
ajeer-197	162	6	has	have	VERB
ajeer-197	162	7	a	a	DET
ajeer-197	162	8	negative	negative	ADJ
ajeer-197	162	9	impact	impact	NOUN
ajeer-197	162	10	on	on	ADP
ajeer-197	162	11	the	the	DET
ajeer-197	162	12	debt	debt	NOUN
ajeer-197	162	13	issuance	issuance	NOUN
ajeer-197	162	14	.	.	PUNCT
ajeer-197	163	1	another	another	DET
ajeer-197	163	2	factor	factor	NOUN
ajeer-197	163	3	influencing	influence	VERB
ajeer-197	163	4	the	the	DET
ajeer-197	163	5	debt	debt	NOUN
ajeer-197	163	6	issuance	issuance	NOUN
ajeer-197	163	7	is	be	AUX
ajeer-197	163	8	the	the	DET
ajeer-197	163	9	company	company	NOUN
ajeer-197	163	10	’s	’s	PART
ajeer-197	163	11	sales	sale	NOUN
ajeer-197	163	12	change	change	NOUN
ajeer-197	163	13	(	(	PUNCT
ajeer-197	163	14	δsales	δsale	NOUN
ajeer-197	163	15	)	)	PUNCT
ajeer-197	163	16	.	.	PUNCT
ajeer-197	164	1	it	it	PRON
ajeer-197	164	2	is	be	AUX
ajeer-197	164	3	important	important	ADJ
ajeer-197	164	4	to	to	PART
ajeer-197	164	5	mention	mention	VERB
ajeer-197	164	6	that	that	SCONJ
ajeer-197	164	7	the	the	DET
ajeer-197	164	8	model	model	NOUN
ajeer-197	164	9	operates	operate	VERB
ajeer-197	164	10	the	the	DET
ajeer-197	164	11	difference	difference	NOUN
ajeer-197	164	12	in	in	ADP
ajeer-197	164	13	the	the	DET
ajeer-197	164	14	sales	sale	NOUN
ajeer-197	164	15	natural	natural	ADJ
ajeer-197	164	16	logarithms	logarithm	NOUN
ajeer-197	164	17	to	to	PART
ajeer-197	164	18	reach	reach	VERB
ajeer-197	164	19	the	the	DET
ajeer-197	164	20	common	common	ADJ
ajeer-197	164	21	scale	scale	NOUN
ajeer-197	164	22	.	.	PUNCT
ajeer-197	165	1	this	this	DET
ajeer-197	165	2	variable	variable	NOUN
ajeer-197	165	3	was	be	AUX
ajeer-197	165	4	also	also	ADV
ajeer-197	165	5	analyzed	analyze	VERB
ajeer-197	165	6	in	in	ADP
ajeer-197	165	7	the	the	DET
ajeer-197	165	8	initial	initial	ADJ
ajeer-197	165	9	graham	graham	PROPN
ajeer-197	165	10	model	model	NOUN
ajeer-197	165	11	where	where	SCONJ
ajeer-197	165	12	it	it	PRON
ajeer-197	165	13	was	be	AUX
ajeer-197	165	14	regarded	regard	VERB
ajeer-197	165	15	as	as	ADP
ajeer-197	165	16	the	the	DET
ajeer-197	165	17	company	company	NOUN
ajeer-197	165	18	’s	’s	PART
ajeer-197	165	19	size	size	NOUN
ajeer-197	165	20	indicator	indicator	NOUN
ajeer-197	165	21	.	.	PUNCT
ajeer-197	166	1	greater	great	ADJ
ajeer-197	166	2	company	company	NOUN
ajeer-197	166	3	’s	’s	PART
ajeer-197	166	4	size	size	NOUN
ajeer-197	166	5	implies	imply	VERB
ajeer-197	166	6	to	to	ADP
ajeer-197	166	7	the	the	DET
ajeer-197	166	8	fact	fact	NOUN
ajeer-197	166	9	that	that	SCONJ
ajeer-197	166	10	fewer	few	ADJ
ajeer-197	166	11	information	information	NOUN
ajeer-197	166	12	gaps	gap	NOUN
ajeer-197	166	13	on	on	ADP
ajeer-197	166	14	debt	debt	NOUN
ajeer-197	166	15	issuance	issuance	NOUN
ajeer-197	166	16	will	will	AUX
ajeer-197	166	17	occur	occur	VERB
ajeer-197	166	18	.	.	PUNCT
ajeer-197	167	1	besides	besides	SCONJ
ajeer-197	167	2	,	,	PUNCT
ajeer-197	167	3	bigger	big	ADJ
ajeer-197	167	4	companies	company	NOUN
ajeer-197	167	5	face	face	VERB
ajeer-197	167	6	financial	financial	ADJ
ajeer-197	167	7	instability	instability	NOUN
ajeer-197	167	8	costs	cost	VERB
ajeer-197	167	9	less	less	ADV
ajeer-197	167	10	frequently	frequently	ADV
ajeer-197	167	11	and	and	CCONJ
ajeer-197	167	12	have	have	VERB
ajeer-197	167	13	lesser	less	ADJ
ajeer-197	167	14	bankruptcy	bankruptcy	NOUN
ajeer-197	167	15	probability	probability	NOUN
ajeer-197	167	16	as	as	ADV
ajeer-197	167	17	far	far	ADV
ajeer-197	167	18	as	as	SCONJ
ajeer-197	167	19	they	they	PRON
ajeer-197	167	20	are	be	AUX
ajeer-197	167	21	diversified	diversify	VERB
ajeer-197	167	22	at	at	ADP
ajeer-197	167	23	a	a	DET
ajeer-197	167	24	greater	great	ADJ
ajeer-197	167	25	extent	extent	NOUN
ajeer-197	167	26	.	.	PUNCT
ajeer-197	168	1	hence	hence	ADV
ajeer-197	168	2	it	it	PRON
ajeer-197	168	3	can	can	AUX
ajeer-197	168	4	be	be	AUX
ajeer-197	168	5	said	say	VERB
ajeer-197	168	6	that	that	SCONJ
ajeer-197	168	7	greater	great	ADJ
ajeer-197	168	8	amount	amount	NOUN
ajeer-197	168	9	of	of	ADP
ajeer-197	168	10	the	the	DET
ajeer-197	168	11	company	company	NOUN
ajeer-197	168	12	’s	’s	PART
ajeer-197	168	13	revenue	revenue	NOUN
ajeer-197	168	14	demands	demand	NOUN
ajeer-197	168	15	for	for	ADP
ajeer-197	168	16	more	more	ADJ
ajeer-197	168	17	debts	debt	NOUN
ajeer-197	168	18	.	.	PUNCT
ajeer-197	169	1	hypothesis	hypothesis	NOUN
ajeer-197	169	2	3	3	NUM
ajeer-197	169	3	:	:	PUNCT
ajeer-197	169	4	sales	sale	NOUN
ajeer-197	169	5	change	change	NOUN
ajeer-197	169	6	has	have	VERB
ajeer-197	169	7	a	a	DET
ajeer-197	169	8	positive	positive	ADJ
ajeer-197	169	9	impact	impact	NOUN
ajeer-197	169	10	on	on	ADP
ajeer-197	169	11	the	the	DET
ajeer-197	169	12	debt	debt	NOUN
ajeer-197	169	13	issuance	issuance	NOUN
ajeer-197	169	14	.	.	PUNCT
ajeer-197	170	1	one	one	NUM
ajeer-197	170	2	more	more	ADJ
ajeer-197	170	3	variable	variable	NOUN
ajeer-197	170	4	was	be	AUX
ajeer-197	170	5	included	include	VERB
ajeer-197	170	6	in	in	ADP
ajeer-197	170	7	the	the	DET
ajeer-197	170	8	model	model	NOUN
ajeer-197	170	9	.	.	PUNCT
ajeer-197	171	1	it	it	PRON
ajeer-197	171	2	reflects	reflect	VERB
ajeer-197	171	3	intangible	intangible	ADJ
ajeer-197	171	4	assets	asset	NOUN
ajeer-197	171	5	change	change	NOUN
ajeer-197	171	6	(	(	PUNCT
ajeer-197	171	7	patents	patent	NOUN
ajeer-197	171	8	,	,	PUNCT
ajeer-197	171	9	projects	project	NOUN
ajeer-197	171	10	)	)	PUNCT
ajeer-197	171	11	(	(	PUNCT
ajeer-197	171	12	δintan	δintan	PROPN
ajeer-197	171	13	)	)	PUNCT
ajeer-197	171	14	.	.	PUNCT
ajeer-197	172	1	this	this	DET
ajeer-197	172	2	variable	variable	NOUN
ajeer-197	172	3	is	be	AUX
ajeer-197	172	4	a	a	DET
ajeer-197	172	5	kind	kind	NOUN
ajeer-197	172	6	of	of	ADP
ajeer-197	172	7	growth	growth	NOUN
ajeer-197	172	8	indicator	indicator	NOUN
ajeer-197	172	9	,	,	PUNCT
ajeer-197	172	10	i.e.	i.e.	X
ajeer-197	172	11	the	the	PRON
ajeer-197	172	12	more	more	ADJ
ajeer-197	172	13	the	the	DET
ajeer-197	172	14	company	company	NOUN
ajeer-197	172	15	invests	invest	VERB
ajeer-197	172	16	in	in	ADP
ajeer-197	172	17	intangible	intangible	ADJ
ajeer-197	172	18	assets	asset	NOUN
ajeer-197	172	19	,	,	PUNCT
ajeer-197	172	20	the	the	DET
ajeer-197	172	21	greater	great	ADJ
ajeer-197	172	22	growth	growth	NOUN
ajeer-197	172	23	probability	probability	NOUN
ajeer-197	172	24	it	it	PRON
ajeer-197	172	25	has	have	VERB
ajeer-197	172	26	,	,	PUNCT
ajeer-197	172	27	so	so	ADV
ajeer-197	172	28	,	,	PUNCT
ajeer-197	172	29	by	by	ADP
ajeer-197	172	30	analogy	analogy	NOUN
ajeer-197	172	31	with	with	ADP
ajeer-197	172	32	the	the	DET
ajeer-197	172	33	previous	previous	ADJ
ajeer-197	172	34	factor	factor	NOUN
ajeer-197	172	35	,	,	PUNCT
ajeer-197	172	36	the	the	PRON
ajeer-197	172	37	higher	high	ADJ
ajeer-197	172	38	its	its	PRON
ajeer-197	172	39	demand	demand	NOUN
ajeer-197	172	40	for	for	ADP
ajeer-197	172	41	the	the	DET
ajeer-197	172	42	debt	debt	NOUN
ajeer-197	172	43	equity	equity	NOUN
ajeer-197	172	44	is	be	AUX
ajeer-197	172	45	.	.	PUNCT
ajeer-197	173	1	to	to	PART
ajeer-197	173	2	reach	reach	VERB
ajeer-197	173	3	the	the	DET
ajeer-197	173	4	common	common	ADJ
ajeer-197	173	5	scale	scale	NOUN
ajeer-197	173	6	the	the	DET
ajeer-197	173	7	intangible	intangible	ADJ
ajeer-197	173	8	assets	asset	NOUN
ajeer-197	173	9	changes	change	NOUN
ajeer-197	173	10	were	be	AUX
ajeer-197	173	11	divided	divide	VERB
ajeer-197	173	12	by	by	ADP
ajeer-197	173	13	the	the	DET
ajeer-197	173	14	amount	amount	NOUN
ajeer-197	173	15	of	of	ADP
ajeer-197	173	16	the	the	DET
ajeer-197	173	17	total	total	ADJ
ajeer-197	173	18	assets	asset	NOUN
ajeer-197	173	19	.	.	PUNCT
ajeer-197	174	1	hypothesis	hypothesis	NOUN
ajeer-197	174	2	4	4	NUM
ajeer-197	174	3	:	:	PUNCT
ajeer-197	174	4	intangible	intangible	ADJ
ajeer-197	174	5	assets	asset	NOUN
ajeer-197	174	6	changes	change	NOUN
ajeer-197	174	7	have	have	VERB
ajeer-197	174	8	a	a	DET
ajeer-197	174	9	positive	positive	ADJ
ajeer-197	174	10	impact	impact	NOUN
ajeer-197	174	11	on	on	ADP
ajeer-197	174	12	the	the	DET
ajeer-197	174	13	debt	debt	NOUN
ajeer-197	174	14	issuance	issuance	NOUN
ajeer-197	174	15	.	.	PUNCT
ajeer-197	175	1	asian	asian	ADJ
ajeer-197	175	2	journal	journal	PROPN
ajeer-197	175	3	of	of	ADP
ajeer-197	175	4	economics	economic	NOUN
ajeer-197	175	5	and	and	CCONJ
ajeer-197	175	6	empirical	empirical	ADJ
ajeer-197	175	7	research	research	NOUN
ajeer-197	175	8	,	,	PUNCT
ajeer-197	175	9	2015	2015	NUM
ajeer-197	175	10	,	,	PUNCT
ajeer-197	175	11	2(1):39	2(1):39	NUM
ajeer-197	175	12	-	-	SYM
ajeer-197	175	13	46	46	NUM
ajeer-197	175	14	44	44	NUM
ajeer-197	175	15	the	the	DET
ajeer-197	175	16	fifth	fifth	ADJ
ajeer-197	175	17	and	and	CCONJ
ajeer-197	175	18	the	the	DET
ajeer-197	175	19	last	last	ADJ
ajeer-197	175	20	explanatory	explanatory	ADJ
ajeer-197	175	21	variable	variable	NOUN
ajeer-197	175	22	is	be	AUX
ajeer-197	175	23	the	the	DET
ajeer-197	175	24	company	company	NOUN
ajeer-197	175	25	’s	’s	PART
ajeer-197	175	26	fixed	fix	VERB
ajeer-197	175	27	assets	asset	NOUN
ajeer-197	175	28	changes	change	NOUN
ajeer-197	175	29	(	(	PUNCT
ajeer-197	175	30	δfixed	δfixe	VERB
ajeer-197	175	31	assets)/total	assets)/total	ADJ
ajeer-197	175	32	assets	asset	NOUN
ajeer-197	175	33	ratio	ratio	NOUN
ajeer-197	175	34	.	.	PUNCT
ajeer-197	176	1	the	the	DET
ajeer-197	176	2	companies	company	NOUN
ajeer-197	176	3	with	with	ADP
ajeer-197	176	4	the	the	DET
ajeer-197	176	5	great	great	ADJ
ajeer-197	176	6	amount	amount	NOUN
ajeer-197	176	7	of	of	ADP
ajeer-197	176	8	the	the	DET
ajeer-197	176	9	assets	asset	NOUN
ajeer-197	176	10	for	for	ADP
ajeer-197	176	11	debt	debt	NOUN
ajeer-197	176	12	usually	usually	ADV
ajeer-197	176	13	may	may	AUX
ajeer-197	176	14	have	have	VERB
ajeer-197	176	15	preferential	preferential	ADJ
ajeer-197	176	16	terms	term	NOUN
ajeer-197	176	17	of	of	ADP
ajeer-197	176	18	demand	demand	NOUN
ajeer-197	176	19	for	for	ADP
ajeer-197	176	20	debt	debt	NOUN
ajeer-197	176	21	equity	equity	NOUN
ajeer-197	176	22	.	.	PUNCT
ajeer-197	177	1	fixed	fix	VERB
ajeer-197	177	2	assets	asset	NOUN
ajeer-197	177	3	include	include	VERB
ajeer-197	177	4	real	real	ADJ
ajeer-197	177	5	estate	estate	NOUN
ajeer-197	177	6	,	,	PUNCT
ajeer-197	177	7	automobiles	automobile	NOUN
ajeer-197	177	8	,	,	PUNCT
ajeer-197	177	9	and	and	CCONJ
ajeer-197	177	10	equipment	equipment	NOUN
ajeer-197	177	11	.	.	PUNCT
ajeer-197	178	1	hypothesis	hypothesis	NOUN
ajeer-197	178	2	5	5	NUM
ajeer-197	178	3	:	:	PUNCT
ajeer-197	178	4	increase	increase	NOUN
ajeer-197	178	5	of	of	ADP
ajeer-197	178	6	fixed	fix	VERB
ajeer-197	178	7	assets	asset	NOUN
ajeer-197	178	8	has	have	VERB
ajeer-197	178	9	a	a	DET
ajeer-197	178	10	positive	positive	ADJ
ajeer-197	178	11	impact	impact	NOUN
ajeer-197	178	12	on	on	ADP
ajeer-197	178	13	the	the	DET
ajeer-197	178	14	debt	debt	NOUN
ajeer-197	178	15	issuance	issuance	NOUN
ajeer-197	178	16	.	.	PUNCT
ajeer-197	179	1	thus	thus	ADV
ajeer-197	179	2	,	,	PUNCT
ajeer-197	179	3	the	the	DET
ajeer-197	179	4	model	model	NOUN
ajeer-197	179	5	under	under	ADP
ajeer-197	179	6	consideration	consideration	NOUN
ajeer-197	179	7	is	be	AUX
ajeer-197	179	8	as	as	SCONJ
ajeer-197	179	9	follows	follow	VERB
ajeer-197	179	10	:	:	PUNCT
ajeer-197	180	1	[	[	X
ajeer-197	180	2	5	5	NUM
ajeer-197	180	3	]	]	PUNCT
ajeer-197	180	4	since	since	SCONJ
ajeer-197	180	5	the	the	DET
ajeer-197	180	6	model	model	NOUN
ajeer-197	180	7	[	[	X
ajeer-197	180	8	5	5	NUM
ajeer-197	180	9	]	]	PUNCT
ajeer-197	180	10	does	do	AUX
ajeer-197	180	11	not	not	PART
ajeer-197	180	12	show	show	VERB
ajeer-197	180	13	the	the	DET
ajeer-197	180	14	debt	debt	NOUN
ajeer-197	180	15	change	change	NOUN
ajeer-197	180	16	in	in	ADP
ajeer-197	180	17	full	full	ADJ
ajeer-197	180	18	(	(	PUNCT
ajeer-197	180	19	or	or	CCONJ
ajeer-197	180	20	does	do	AUX
ajeer-197	180	21	not	not	PART
ajeer-197	180	22	show	show	VERB
ajeer-197	180	23	it	it	PRON
ajeer-197	180	24	at	at	ADV
ajeer-197	180	25	all	all	ADV
ajeer-197	180	26	)	)	PUNCT
ajeer-197	180	27	,	,	PUNCT
ajeer-197	180	28	the	the	DET
ajeer-197	180	29	determination	determination	NOUN
ajeer-197	180	30	coefficient	coefficient	NOUN
ajeer-197	180	31	is	be	AUX
ajeer-197	180	32	expected	expect	VERB
ajeer-197	180	33	to	to	PART
ajeer-197	180	34	be	be	AUX
ajeer-197	180	35	not	not	PART
ajeer-197	180	36	sufficient	sufficient	ADJ
ajeer-197	180	37	.	.	PUNCT
ajeer-197	181	1	as	as	SCONJ
ajeer-197	181	2	it	it	PRON
ajeer-197	181	3	has	have	AUX
ajeer-197	181	4	been	be	AUX
ajeer-197	181	5	already	already	ADV
ajeer-197	181	6	said	say	VERB
ajeer-197	181	7	,	,	PUNCT
ajeer-197	181	8	in	in	ADP
ajeer-197	181	9	the	the	DET
ajeer-197	181	10	graham	graham	PROPN
ajeer-197	181	11	’s	’s	PART
ajeer-197	181	12	research	research	NOUN
ajeer-197	181	13	the	the	DET
ajeer-197	181	14	adjusted	adjust	VERB
ajeer-197	181	15	r	r	NOUN
ajeer-197	181	16	2	2	NUM
ajeer-197	181	17	equals	equal	VERB
ajeer-197	181	18	0.051	0.051	NUM
ajeer-197	181	19	,	,	PUNCT
ajeer-197	181	20	and	and	CCONJ
ajeer-197	181	21	after	after	ADP
ajeer-197	181	22	excluding	exclude	VERB
ajeer-197	181	23	from	from	ADP
ajeer-197	181	24	the	the	DET
ajeer-197	181	25	sample	sample	NOUN
ajeer-197	181	26	all	all	DET
ajeer-197	181	27	the	the	DET
ajeer-197	181	28	elements	element	NOUN
ajeer-197	181	29	with	with	ADP
ajeer-197	181	30	disproportionately	disproportionately	ADV
ajeer-197	181	31	high	high	ADJ
ajeer-197	181	32	debt	debt	NOUN
ajeer-197	181	33	changes	change	NOUN
ajeer-197	181	34	,	,	PUNCT
ajeer-197	181	35	this	this	DET
ajeer-197	181	36	variable	variable	NOUN
ajeer-197	181	37	becomes	become	VERB
ajeer-197	181	38	equal	equal	ADJ
ajeer-197	181	39	0.114	0.114	NUM
ajeer-197	181	40	.	.	PUNCT
ajeer-197	182	1	3.1	3.1	NUM
ajeer-197	182	2	.	.	PUNCT
ajeer-197	182	3	search	search	NOUN
ajeer-197	182	4	and	and	CCONJ
ajeer-197	182	5	analysis	analysis	NOUN
ajeer-197	182	6	of	of	ADP
ajeer-197	182	7	baseline	baseline	ADJ
ajeer-197	182	8	data	datum	NOUN
ajeer-197	182	9	the	the	DET
ajeer-197	182	10	baseline	baseline	PROPN
ajeer-197	182	11	data	datum	NOUN
ajeer-197	182	12	has	have	AUX
ajeer-197	182	13	been	be	AUX
ajeer-197	182	14	collected	collect	VERB
ajeer-197	182	15	from	from	ADP
ajeer-197	182	16	the	the	DET
ajeer-197	182	17	ruslana	ruslana	PROPN
ajeer-197	182	18	database	database	NOUN
ajeer-197	182	19	(	(	PUNCT
ajeer-197	182	20	the	the	DET
ajeer-197	182	21	database	database	NOUN
ajeer-197	182	22	of	of	ADP
ajeer-197	182	23	russian	russian	ADJ
ajeer-197	182	24	companies	company	NOUN
ajeer-197	182	25	analogous	analogous	ADJ
ajeer-197	182	26	to	to	ADP
ajeer-197	182	27	the	the	DET
ajeer-197	182	28	amadeus	amadeus	NOUN
ajeer-197	182	29	database	database	NOUN
ajeer-197	182	30	.	.	PUNCT
ajeer-197	183	1	both	both	DET
ajeer-197	183	2	databases	database	NOUN
ajeer-197	183	3	are	be	AUX
ajeer-197	183	4	provided	provide	VERB
ajeer-197	183	5	by	by	ADP
ajeer-197	183	6	the	the	DET
ajeer-197	183	7	information	information	NOUN
ajeer-197	183	8	agency	agency	PROPN
ajeer-197	183	9	bureau	bureau	PROPN
ajeer-197	183	10	van	van	PROPN
ajeer-197	183	11	dijk	dijk	PROPN
ajeer-197	183	12	)	)	PUNCT
ajeer-197	183	13	.	.	PUNCT
ajeer-197	184	1	we	we	PRON
ajeer-197	184	2	focus	focus	VERB
ajeer-197	184	3	on	on	ADP
ajeer-197	184	4	the	the	DET
ajeer-197	184	5	non	non	ADJ
ajeer-197	184	6	-	-	ADJ
ajeer-197	184	7	financial	financial	ADJ
ajeer-197	184	8	private	private	ADJ
ajeer-197	184	9	sector	sector	NOUN
ajeer-197	184	10	in	in	ADP
ajeer-197	184	11	russia	russia	PROPN
ajeer-197	184	12	.	.	PUNCT
ajeer-197	185	1	the	the	DET
ajeer-197	185	2	companies	company	NOUN
ajeer-197	185	3	with	with	ADP
ajeer-197	185	4	the	the	DET
ajeer-197	185	5	previous	previous	ADJ
ajeer-197	185	6	year	year	NOUN
ajeer-197	185	7	revenue	revenue	NOUN
ajeer-197	185	8	less	less	ADJ
ajeer-197	185	9	than	than	ADP
ajeer-197	185	10	rub	rub	VERB
ajeer-197	185	11	13	13	NUM
ajeer-197	185	12	mln	mln	NOUN
ajeer-197	185	13	were	be	AUX
ajeer-197	185	14	also	also	ADV
ajeer-197	185	15	eliminated	eliminate	VERB
ajeer-197	185	16	,	,	PUNCT
ajeer-197	185	17	hence	hence	ADV
ajeer-197	185	18	all	all	DET
ajeer-197	185	19	the	the	DET
ajeer-197	185	20	small	small	ADJ
ajeer-197	185	21	private	private	ADJ
ajeer-197	185	22	companies	company	NOUN
ajeer-197	185	23	with	with	ADP
ajeer-197	185	24	low	low	ADJ
ajeer-197	185	25	turnover	turnover	NOUN
ajeer-197	185	26	are	be	AUX
ajeer-197	185	27	eliminated	eliminate	VERB
ajeer-197	185	28	,	,	PUNCT
ajeer-197	185	29	because	because	SCONJ
ajeer-197	185	30	their	their	PRON
ajeer-197	185	31	demand	demand	NOUN
ajeer-197	185	32	for	for	ADP
ajeer-197	185	33	debt	debt	NOUN
ajeer-197	185	34	is	be	AUX
ajeer-197	185	35	not	not	PART
ajeer-197	185	36	caused	cause	VERB
ajeer-197	185	37	by	by	ADP
ajeer-197	185	38	financial	financial	ADJ
ajeer-197	185	39	planning	planning	NOUN
ajeer-197	185	40	,	,	PUNCT
ajeer-197	185	41	but	but	CCONJ
ajeer-197	185	42	by	by	ADP
ajeer-197	185	43	the	the	DET
ajeer-197	185	44	current	current	ADJ
ajeer-197	185	45	need	need	NOUN
ajeer-197	185	46	for	for	ADP
ajeer-197	185	47	money	money	NOUN
ajeer-197	185	48	.	.	PUNCT
ajeer-197	186	1	as	as	SCONJ
ajeer-197	186	2	it	it	PRON
ajeer-197	186	3	can	can	AUX
ajeer-197	186	4	be	be	AUX
ajeer-197	186	5	seen	see	VERB
ajeer-197	186	6	971	971	NUM
ajeer-197	186	7	russian	russian	ADJ
ajeer-197	186	8	companies	company	NOUN
ajeer-197	186	9	meet	meet	VERB
ajeer-197	186	10	the	the	DET
ajeer-197	186	11	criteria	criterion	NOUN
ajeer-197	186	12	.	.	PUNCT
ajeer-197	187	1	moreover	moreover	ADV
ajeer-197	187	2	,	,	PUNCT
ajeer-197	187	3	the	the	DET
ajeer-197	187	4	corresponding	corresponding	ADJ
ajeer-197	187	5	data	datum	NOUN
ajeer-197	187	6	concern	concern	NOUN
ajeer-197	187	7	the	the	DET
ajeer-197	187	8	available	available	ADJ
ajeer-197	187	9	information	information	NOUN
ajeer-197	187	10	of	of	ADP
ajeer-197	187	11	three	three	NUM
ajeer-197	187	12	recent	recent	ADJ
ajeer-197	187	13	years	year	NOUN
ajeer-197	187	14	(	(	PUNCT
ajeer-197	187	15	2011	2011	NUM
ajeer-197	187	16	,	,	PUNCT
ajeer-197	187	17	2012	2012	NUM
ajeer-197	187	18	,	,	PUNCT
ajeer-197	187	19	and	and	CCONJ
ajeer-197	187	20	2013	2013	NUM
ajeer-197	187	21	)	)	PUNCT
ajeer-197	187	22	.	.	PUNCT
ajeer-197	188	1	it	it	PRON
ajeer-197	188	2	means	mean	VERB
ajeer-197	188	3	that	that	SCONJ
ajeer-197	188	4	the	the	DET
ajeer-197	188	5	total	total	ADJ
ajeer-197	188	6	number	number	NOUN
ajeer-197	188	7	of	of	ADP
ajeer-197	188	8	sample	sample	NOUN
ajeer-197	188	9	elements	element	NOUN
ajeer-197	188	10	equals	equal	VERB
ajeer-197	188	11	1950	1950	NUM
ajeer-197	188	12	.	.	PUNCT
ajeer-197	189	1	the	the	DET
ajeer-197	189	2	search	search	NOUN
ajeer-197	189	3	for	for	ADP
ajeer-197	189	4	corresponding	correspond	VERB
ajeer-197	189	5	elements	element	NOUN
ajeer-197	189	6	for	for	ADP
ajeer-197	189	7	the	the	DET
ajeer-197	189	8	sample	sample	NOUN
ajeer-197	189	9	is	be	AUX
ajeer-197	189	10	reduced	reduce	VERB
ajeer-197	189	11	to	to	ADP
ajeer-197	189	12	1050	1050	NUM
ajeer-197	189	13	elements	element	NOUN
ajeer-197	189	14	since	since	SCONJ
ajeer-197	189	15	most	most	ADJ
ajeer-197	189	16	of	of	ADP
ajeer-197	189	17	them	they	PRON
ajeer-197	189	18	do	do	AUX
ajeer-197	189	19	not	not	PART
ajeer-197	189	20	have	have	VERB
ajeer-197	189	21	certain	certain	ADJ
ajeer-197	189	22	data	datum	NOUN
ajeer-197	189	23	and	and	CCONJ
ajeer-197	189	24	thus	thus	ADV
ajeer-197	189	25	can	can	AUX
ajeer-197	189	26	not	not	PART
ajeer-197	189	27	be	be	AUX
ajeer-197	189	28	included	include	VERB
ajeer-197	189	29	in	in	ADP
ajeer-197	189	30	the	the	DET
ajeer-197	189	31	sample	sample	NOUN
ajeer-197	189	32	.	.	PUNCT
ajeer-197	190	1	the	the	DET
ajeer-197	190	2	explanatory	explanatory	ADJ
ajeer-197	190	3	variables	variable	NOUN
ajeer-197	190	4	for	for	ADP
ajeer-197	190	5	the	the	DET
ajeer-197	190	6	regression	regression	NOUN
ajeer-197	190	7	were	be	AUX
ajeer-197	190	8	pre	pre	ADJ
ajeer-197	190	9	-	-	ADJ
ajeer-197	190	10	research	research	ADJ
ajeer-197	190	11	analyzed	analyze	VERB
ajeer-197	190	12	.	.	PUNCT
ajeer-197	191	1	the	the	DET
ajeer-197	191	2	analysis	analysis	NOUN
ajeer-197	191	3	results	result	NOUN
ajeer-197	191	4	can	can	AUX
ajeer-197	191	5	be	be	AUX
ajeer-197	191	6	seen	see	VERB
ajeer-197	191	7	in	in	ADP
ajeer-197	191	8	the	the	DET
ajeer-197	191	9	table	table	NOUN
ajeer-197	191	10	1	1	NUM
ajeer-197	191	11	.	.	PUNCT
ajeer-197	192	1	the	the	DET
ajeer-197	192	2	comparative	comparative	ADJ
ajeer-197	192	3	statistics	statistic	NOUN
ajeer-197	192	4	shows	show	VERB
ajeer-197	192	5	that	that	SCONJ
ajeer-197	192	6	the	the	DET
ajeer-197	192	7	mean	mean	ADJ
ajeer-197	192	8	value	value	NOUN
ajeer-197	192	9	of	of	ADP
ajeer-197	192	10	the	the	DET
ajeer-197	192	11	effective	effective	ADJ
ajeer-197	192	12	tax	tax	NOUN
ajeer-197	192	13	rate	rate	NOUN
ajeer-197	192	14	equals	equal	VERB
ajeer-197	192	15	26.4	26.4	NUM
ajeer-197	192	16	%	%	NOUN
ajeer-197	192	17	,	,	PUNCT
ajeer-197	192	18	and	and	CCONJ
ajeer-197	192	19	that	that	PRON
ajeer-197	192	20	is	be	AUX
ajeer-197	192	21	more	more	ADJ
ajeer-197	192	22	than	than	ADP
ajeer-197	192	23	24	24	NUM
ajeer-197	192	24	%	%	NOUN
ajeer-197	192	25	applicable	applicable	ADJ
ajeer-197	192	26	at	at	ADP
ajeer-197	192	27	the	the	DET
ajeer-197	192	28	time	time	NOUN
ajeer-197	192	29	of	of	ADP
ajeer-197	192	30	the	the	DET
ajeer-197	192	31	research	research	NOUN
ajeer-197	192	32	is	be	AUX
ajeer-197	192	33	made	make	VERB
ajeer-197	192	34	.	.	PUNCT
ajeer-197	193	1	this	this	PRON
ajeer-197	193	2	can	can	AUX
ajeer-197	193	3	be	be	AUX
ajeer-197	193	4	explained	explain	VERB
ajeer-197	193	5	by	by	ADP
ajeer-197	193	6	the	the	DET
ajeer-197	193	7	fact	fact	NOUN
ajeer-197	193	8	that	that	SCONJ
ajeer-197	193	9	the	the	DET
ajeer-197	193	10	earnings	earning	NOUN
ajeer-197	193	11	specified	specify	VERB
ajeer-197	193	12	in	in	ADP
ajeer-197	193	13	the	the	DET
ajeer-197	193	14	profit	profit	NOUN
ajeer-197	193	15	and	and	CCONJ
ajeer-197	193	16	loss	loss	NOUN
ajeer-197	193	17	statements	statement	NOUN
ajeer-197	193	18	and	and	CCONJ
ajeer-197	193	19	the	the	DET
ajeer-197	193	20	taxable	taxable	ADJ
ajeer-197	193	21	profit	profit	NOUN
ajeer-197	193	22	have	have	AUX
ajeer-197	193	23	different	different	ADJ
ajeer-197	193	24	calculation	calculation	NOUN
ajeer-197	193	25	procedures	procedure	NOUN
ajeer-197	193	26	.	.	PUNCT
ajeer-197	194	1	the	the	DET
ajeer-197	194	2	calculation	calculation	NOUN
ajeer-197	194	3	procedure	procedure	NOUN
ajeer-197	194	4	for	for	ADP
ajeer-197	194	5	fiscal	fiscal	ADJ
ajeer-197	194	6	accounting	accounting	NOUN
ajeer-197	194	7	is	be	AUX
ajeer-197	194	8	frequently	frequently	ADV
ajeer-197	194	9	stricter	strict	ADJ
ajeer-197	194	10	than	than	ADP
ajeer-197	194	11	the	the	DET
ajeer-197	194	12	book	book	NOUN
ajeer-197	194	13	keeping	keep	VERB
ajeer-197	194	14	procedure	procedure	NOUN
ajeer-197	194	15	since	since	SCONJ
ajeer-197	194	16	there	there	PRON
ajeer-197	194	17	are	be	VERB
ajeer-197	194	18	certain	certain	ADJ
ajeer-197	194	19	types	type	NOUN
ajeer-197	194	20	of	of	ADP
ajeer-197	194	21	expenditures	expenditure	NOUN
ajeer-197	194	22	that	that	PRON
ajeer-197	194	23	are	be	AUX
ajeer-197	194	24	not	not	PART
ajeer-197	194	25	deductible	deductible	ADJ
ajeer-197	194	26	for	for	ADP
ajeer-197	194	27	tax	tax	NOUN
ajeer-197	194	28	purposes	purpose	NOUN
ajeer-197	194	29	(	(	PUNCT
ajeer-197	194	30	for	for	ADP
ajeer-197	194	31	instance	instance	NOUN
ajeer-197	194	32	,	,	PUNCT
ajeer-197	194	33	the	the	DET
ajeer-197	194	34	cost	cost	NOUN
ajeer-197	194	35	of	of	ADP
ajeer-197	194	36	consulting	consulting	NOUN
ajeer-197	194	37	services	service	NOUN
ajeer-197	194	38	)	)	PUNCT
ajeer-197	194	39	.	.	PUNCT
ajeer-197	195	1	the	the	DET
ajeer-197	195	2	same	same	ADJ
ajeer-197	195	3	reason	reason	NOUN
ajeer-197	195	4	stands	stand	VERB
ajeer-197	195	5	for	for	ADP
ajeer-197	195	6	the	the	DET
ajeer-197	195	7	presence	presence	NOUN
ajeer-197	195	8	of	of	ADP
ajeer-197	195	9	negative	negative	ADJ
ajeer-197	195	10	tax	tax	NOUN
ajeer-197	195	11	rate	rate	NOUN
ajeer-197	195	12	values	value	NOUN
ajeer-197	195	13	,	,	PUNCT
ajeer-197	195	14	i.e.	i.e.	X
ajeer-197	195	15	the	the	DET
ajeer-197	195	16	cases	case	NOUN
ajeer-197	195	17	when	when	SCONJ
ajeer-197	195	18	the	the	DET
ajeer-197	195	19	book	book	NOUN
ajeer-197	195	20	keeping	keep	VERB
ajeer-197	195	21	profit	profit	NOUN
ajeer-197	195	22	is	be	AUX
ajeer-197	195	23	negative	negative	ADJ
ajeer-197	195	24	,	,	PUNCT
ajeer-197	195	25	but	but	CCONJ
ajeer-197	195	26	the	the	DET
ajeer-197	195	27	taxable	taxable	ADJ
ajeer-197	195	28	profit	profit	NOUN
ajeer-197	195	29	is	be	AUX
ajeer-197	195	30	positive	positive	ADJ
ajeer-197	195	31	,	,	PUNCT
ajeer-197	195	32	and	and	CCONJ
ajeer-197	195	33	the	the	DET
ajeer-197	195	34	company	company	NOUN
ajeer-197	195	35	pays	pay	VERB
ajeer-197	195	36	the	the	DET
ajeer-197	195	37	income	income	NOUN
ajeer-197	195	38	tax	tax	NOUN
ajeer-197	195	39	.	.	PUNCT
ajeer-197	196	1	the	the	DET
ajeer-197	196	2	presence	presence	NOUN
ajeer-197	196	3	of	of	ADP
ajeer-197	196	4	abnormally	abnormally	ADV
ajeer-197	196	5	high	high	ADJ
ajeer-197	196	6	rates	rate	NOUN
ajeer-197	196	7	(	(	PUNCT
ajeer-197	196	8	maximum	maximum	ADJ
ajeer-197	196	9	value	value	NOUN
ajeer-197	196	10	2105.6	2105.6	NUM
ajeer-197	196	11	%	%	NOUN
ajeer-197	196	12	)	)	PUNCT
ajeer-197	196	13	can	can	AUX
ajeer-197	196	14	be	be	AUX
ajeer-197	196	15	explained	explain	VERB
ajeer-197	196	16	by	by	ADP
ajeer-197	196	17	the	the	DET
ajeer-197	196	18	analogous	analogous	ADJ
ajeer-197	196	19	considerations	consideration	NOUN
ajeer-197	196	20	.	.	PUNCT
ajeer-197	197	1	nevertheless	nevertheless	ADV
ajeer-197	197	2	the	the	DET
ajeer-197	197	3	median	median	ADJ
ajeer-197	197	4	value	value	NOUN
ajeer-197	197	5	is	be	AUX
ajeer-197	197	6	19.8	19.8	NUM
ajeer-197	197	7	%	%	NOUN
ajeer-197	197	8	which	which	PRON
ajeer-197	197	9	means	mean	VERB
ajeer-197	197	10	that	that	SCONJ
ajeer-197	197	11	the	the	DET
ajeer-197	197	12	majority	majority	NOUN
ajeer-197	197	13	of	of	ADP
ajeer-197	197	14	companies	company	NOUN
ajeer-197	197	15	face	face	VERB
ajeer-197	197	16	the	the	DET
ajeer-197	197	17	rate	rate	NOUN
ajeer-197	197	18	which	which	PRON
ajeer-197	197	19	is	be	AUX
ajeer-197	197	20	lower	low	ADJ
ajeer-197	197	21	than	than	ADP
ajeer-197	197	22	the	the	DET
ajeer-197	197	23	effective	effective	ADJ
ajeer-197	197	24	tax	tax	NOUN
ajeer-197	197	25	rate	rate	NOUN
ajeer-197	197	26	.	.	PUNCT
ajeer-197	198	1	this	this	DET
ajeer-197	198	2	fact	fact	NOUN
ajeer-197	198	3	can	can	AUX
ajeer-197	198	4	be	be	AUX
ajeer-197	198	5	explained	explain	VERB
ajeer-197	198	6	by	by	ADP
ajeer-197	198	7	the	the	DET
ajeer-197	198	8	presence	presence	NOUN
ajeer-197	198	9	of	of	ADP
ajeer-197	198	10	losses	loss	NOUN
ajeer-197	198	11	offset	offset	VERB
ajeer-197	198	12	against	against	ADP
ajeer-197	198	13	profits	profit	NOUN
ajeer-197	198	14	of	of	ADP
ajeer-197	198	15	the	the	DET
ajeer-197	198	16	current	current	ADJ
ajeer-197	198	17	fiscal	fiscal	ADJ
ajeer-197	198	18	period	period	NOUN
ajeer-197	198	19	and	and	CCONJ
ajeer-197	198	20	income	income	NOUN
ajeer-197	198	21	taxable	taxable	ADJ
ajeer-197	198	22	at	at	ADP
ajeer-197	198	23	a	a	DET
ajeer-197	198	24	rate	rate	NOUN
ajeer-197	198	25	lower	low	ADJ
ajeer-197	198	26	than	than	ADP
ajeer-197	198	27	24	24	NUM
ajeer-197	198	28	%	%	NOUN
ajeer-197	198	29	(	(	PUNCT
ajeer-197	198	30	for	for	ADP
ajeer-197	198	31	instance	instance	NOUN
ajeer-197	198	32	,	,	PUNCT
ajeer-197	198	33	dividends	dividend	NOUN
ajeer-197	198	34	and	and	CCONJ
ajeer-197	198	35	capital	capital	NOUN
ajeer-197	198	36	investments	investment	NOUN
ajeer-197	198	37	income	income	NOUN
ajeer-197	198	38	)	)	PUNCT
ajeer-197	198	39	.	.	PUNCT
ajeer-197	199	1	the	the	DET
ajeer-197	199	2	bankruptcy	bankruptcy	NOUN
ajeer-197	199	3	probability	probability	NOUN
ajeer-197	199	4	mean	mean	NOUN
ajeer-197	199	5	value	value	NOUN
ajeer-197	199	6	for	for	ADP
ajeer-197	199	7	the	the	DET
ajeer-197	199	8	given	give	VERB
ajeer-197	199	9	sample	sample	NOUN
ajeer-197	199	10	is	be	AUX
ajeer-197	199	11	approximately	approximately	ADV
ajeer-197	199	12	20	20	NUM
ajeer-197	199	13	%	%	NOUN
ajeer-197	199	14	.	.	PUNCT
ajeer-197	200	1	at	at	ADP
ajeer-197	200	2	the	the	DET
ajeer-197	200	3	same	same	ADJ
ajeer-197	200	4	time	time	NOUN
ajeer-197	200	5	for	for	ADP
ajeer-197	200	6	the	the	DET
ajeer-197	200	7	companies	company	NOUN
ajeer-197	200	8	under	under	ADP
ajeer-197	200	9	consideration	consideration	NOUN
ajeer-197	200	10	this	this	DET
ajeer-197	200	11	variable	variable	NOUN
ajeer-197	200	12	can	can	AUX
ajeer-197	200	13	be	be	AUX
ajeer-197	200	14	both	both	ADV
ajeer-197	200	15	equal	equal	ADJ
ajeer-197	200	16	zero	zero	NUM
ajeer-197	200	17	and	and	CCONJ
ajeer-197	200	18	as	as	ADV
ajeer-197	200	19	well	well	ADV
ajeer-197	200	20	as	as	ADP
ajeer-197	200	21	be	be	AUX
ajeer-197	200	22	30	30	NUM
ajeer-197	200	23	%	%	NOUN
ajeer-197	200	24	.	.	PUNCT
ajeer-197	201	1	the	the	DET
ajeer-197	201	2	sales	sale	NOUN
ajeer-197	201	3	natural	natural	ADJ
ajeer-197	201	4	logarithms	logarithm	NOUN
ajeer-197	201	5	changes	change	NOUN
ajeer-197	201	6	are	be	AUX
ajeer-197	201	7	22	22	NUM
ajeer-197	201	8	%	%	NOUN
ajeer-197	201	9	on	on	ADP
ajeer-197	201	10	the	the	DET
ajeer-197	201	11	average	average	NOUN
ajeer-197	201	12	;	;	PUNCT
ajeer-197	201	13	the	the	DET
ajeer-197	201	14	median	median	ADJ
ajeer-197	201	15	value	value	NOUN
ajeer-197	201	16	is	be	AUX
ajeer-197	201	17	14.8	14.8	NUM
ajeer-197	201	18	%	%	NOUN
ajeer-197	201	19	.	.	PUNCT
ajeer-197	202	1	this	this	DET
ajeer-197	202	2	fact	fact	NOUN
ajeer-197	202	3	characterizes	characterize	VERB
ajeer-197	202	4	the	the	DET
ajeer-197	202	5	positive	positive	ADJ
ajeer-197	202	6	dynamics	dynamic	NOUN
ajeer-197	202	7	of	of	ADP
ajeer-197	202	8	the	the	DET
ajeer-197	202	9	russian	russian	ADJ
ajeer-197	202	10	economy	economy	NOUN
ajeer-197	202	11	development	development	NOUN
ajeer-197	202	12	.	.	PUNCT
ajeer-197	203	1	particularly	particularly	ADV
ajeer-197	203	2	,	,	PUNCT
ajeer-197	203	3	some	some	DET
ajeer-197	203	4	companies	company	NOUN
ajeer-197	203	5	reached	reach	VERB
ajeer-197	203	6	sixteen	sixteen	NUM
ajeer-197	203	7	-	-	PUNCT
ajeer-197	203	8	fold	fold	ADJ
ajeer-197	203	9	sales	sale	NOUN
ajeer-197	203	10	growth	growth	NOUN
ajeer-197	203	11	.	.	PUNCT
ajeer-197	204	1	the	the	DET
ajeer-197	204	2	fixed	fix	VERB
ajeer-197	204	3	assets	asset	NOUN
ajeer-197	204	4	dynamics	dynamic	NOUN
ajeer-197	204	5	of	of	ADP
ajeer-197	204	6	the	the	DET
ajeer-197	204	7	analyzed	analyze	VERB
ajeer-197	204	8	companies	company	NOUN
ajeer-197	204	9	is	be	AUX
ajeer-197	204	10	negligible	negligible	ADJ
ajeer-197	204	11	.	.	PUNCT
ajeer-197	205	1	the	the	DET
ajeer-197	205	2	fixed	fix	VERB
ajeer-197	205	3	assets	asset	NOUN
ajeer-197	205	4	value	value	NOUN
ajeer-197	205	5	was	be	AUX
ajeer-197	205	6	increased	increase	VERB
ajeer-197	205	7	by	by	ADP
ajeer-197	205	8	5	5	NUM
ajeer-197	205	9	%	%	NOUN
ajeer-197	205	10	on	on	ADP
ajeer-197	205	11	the	the	DET
ajeer-197	205	12	average	average	NOUN
ajeer-197	205	13	.	.	PUNCT
ajeer-197	206	1	at	at	ADP
ajeer-197	206	2	the	the	DET
ajeer-197	206	3	same	same	ADJ
ajeer-197	206	4	time	time	NOUN
ajeer-197	206	5	the	the	DET
ajeer-197	206	6	median	median	ADJ
ajeer-197	206	7	value	value	NOUN
ajeer-197	206	8	equals	equal	VERB
ajeer-197	206	9	2	2	NUM
ajeer-197	206	10	%	%	NOUN
ajeer-197	206	11	,	,	PUNCT
ajeer-197	206	12	it	it	PRON
ajeer-197	206	13	means	mean	VERB
ajeer-197	206	14	that	that	SCONJ
ajeer-197	206	15	half	half	NOUN
ajeer-197	206	16	of	of	ADP
ajeer-197	206	17	the	the	DET
ajeer-197	206	18	companies	company	NOUN
ajeer-197	206	19	faced	face	VERB
ajeer-197	206	20	the	the	DET
ajeer-197	206	21	growth	growth	NOUN
ajeer-197	206	22	lower	low	ADJ
ajeer-197	206	23	than	than	ADP
ajeer-197	206	24	2	2	NUM
ajeer-197	206	25	%	%	NOUN
ajeer-197	206	26	.	.	PUNCT
ajeer-197	207	1	the	the	DET
ajeer-197	207	2	intangible	intangible	ADJ
ajeer-197	207	3	fixed	fix	VERB
ajeer-197	207	4	assets	asset	NOUN
ajeer-197	207	5	value	value	NOUN
ajeer-197	207	6	of	of	ADP
ajeer-197	207	7	the	the	DET
ajeer-197	207	8	analyzed	analyze	VERB
ajeer-197	207	9	companies	company	NOUN
ajeer-197	207	10	remained	remain	VERB
ajeer-197	207	11	practically	practically	ADV
ajeer-197	207	12	unchanged	unchanged	ADJ
ajeer-197	207	13	.	.	PUNCT
ajeer-197	208	1	the	the	DET
ajeer-197	208	2	mean	mean	ADJ
ajeer-197	208	3	and	and	CCONJ
ajeer-197	208	4	median	median	ADJ
ajeer-197	208	5	values	value	NOUN
ajeer-197	208	6	are	be	AUX
ajeer-197	208	7	less	less	ADJ
ajeer-197	208	8	than	than	ADP
ajeer-197	208	9	0.01	0.01	NUM
ajeer-197	208	10	%	%	NOUN
ajeer-197	208	11	of	of	ADP
ajeer-197	208	12	the	the	DET
ajeer-197	208	13	total	total	ADJ
ajeer-197	208	14	assets	asset	NOUN
ajeer-197	208	15	value	value	NOUN
ajeer-197	208	16	,	,	PUNCT
ajeer-197	208	17	wherein	wherein	SCONJ
ajeer-197	208	18	changes	change	NOUN
ajeer-197	208	19	in	in	ADP
ajeer-197	208	20	intangible	intangible	ADJ
ajeer-197	208	21	assets	asset	NOUN
ajeer-197	208	22	range	range	VERB
ajeer-197	208	23	from	from	ADP
ajeer-197	208	24	(	(	PUNCT
ajeer-197	208	25	0.228	0.228	NUM
ajeer-197	208	26	)	)	PUNCT
ajeer-197	208	27	to	to	ADP
ajeer-197	208	28	0.274	0.274	NUM
ajeer-197	208	29	.	.	PUNCT
ajeer-197	209	1	the	the	DET
ajeer-197	209	2	total	total	ADJ
ajeer-197	209	3	intangible	intangible	ADJ
ajeer-197	209	4	assets	asset	NOUN
ajeer-197	209	5	change	change	NOUN
ajeer-197	209	6	of	of	ADP
ajeer-197	209	7	the	the	DET
ajeer-197	209	8	entire	entire	ADJ
ajeer-197	209	9	sample	sample	NOUN
ajeer-197	209	10	is	be	AUX
ajeer-197	209	11	negligible	negligible	ADJ
ajeer-197	209	12	.	.	PUNCT
ajeer-197	210	1	the	the	DET
ajeer-197	210	2	next	next	ADJ
ajeer-197	210	3	point	point	NOUN
ajeer-197	210	4	to	to	PART
ajeer-197	210	5	discuss	discuss	VERB
ajeer-197	210	6	is	be	AUX
ajeer-197	210	7	the	the	DET
ajeer-197	210	8	data	datum	NOUN
ajeer-197	210	9	characterizing	characterize	VERB
ajeer-197	210	10	the	the	DET
ajeer-197	210	11	debt	debt	NOUN
ajeer-197	210	12	change	change	NOUN
ajeer-197	210	13	for	for	ADP
ajeer-197	210	14	a	a	DET
ajeer-197	210	15	period	period	NOUN
ajeer-197	210	16	.	.	PUNCT
ajeer-197	211	1	the	the	DET
ajeer-197	211	2	mean	mean	ADJ
ajeer-197	211	3	value	value	NOUN
ajeer-197	211	4	is	be	AUX
ajeer-197	211	5	33.7	33.7	NUM
ajeer-197	211	6	%	%	NOUN
ajeer-197	211	7	,	,	PUNCT
ajeer-197	211	8	though	though	SCONJ
ajeer-197	211	9	the	the	DET
ajeer-197	211	10	median	median	ADJ
ajeer-197	211	11	value	value	NOUN
ajeer-197	211	12	is	be	AUX
ajeer-197	211	13	lower	low	ADJ
ajeer-197	211	14	(	(	PUNCT
ajeer-197	211	15	which	which	PRON
ajeer-197	211	16	is	be	AUX
ajeer-197	211	17	13.9	13.9	NUM
ajeer-197	211	18	%	%	NOUN
ajeer-197	211	19	)	)	PUNCT
ajeer-197	211	20	,	,	PUNCT
ajeer-197	211	21	this	this	PRON
ajeer-197	211	22	can	can	AUX
ajeer-197	211	23	be	be	AUX
ajeer-197	211	24	explained	explain	VERB
ajeer-197	211	25	by	by	ADP
ajeer-197	211	26	the	the	DET
ajeer-197	211	27	fact	fact	NOUN
ajeer-197	211	28	that	that	SCONJ
ajeer-197	211	29	the	the	DET
ajeer-197	211	30	sample	sample	NOUN
ajeer-197	211	31	contains	contain	VERB
ajeer-197	211	32	only	only	ADV
ajeer-197	211	33	a	a	DET
ajeer-197	211	34	small	small	ADJ
ajeer-197	211	35	number	number	NOUN
ajeer-197	211	36	of	of	ADP
ajeer-197	211	37	the	the	DET
ajeer-197	211	38	companies	company	NOUN
ajeer-197	211	39	with	with	ADP
ajeer-197	211	40	a	a	DET
ajeer-197	211	41	significant	significant	ADJ
ajeer-197	211	42	debt	debt	NOUN
ajeer-197	211	43	change	change	NOUN
ajeer-197	211	44	.	.	PUNCT
ajeer-197	212	1	in	in	ADP
ajeer-197	212	2	this	this	DET
ajeer-197	212	3	case	case	NOUN
ajeer-197	212	4	the	the	DET
ajeer-197	212	5	median	median	ADJ
ajeer-197	212	6	value	value	NOUN
ajeer-197	212	7	is	be	AUX
ajeer-197	212	8	regarded	regard	VERB
ajeer-197	212	9	as	as	ADP
ajeer-197	212	10	more	more	ADV
ajeer-197	212	11	demonstrative	demonstrative	ADJ
ajeer-197	212	12	,	,	PUNCT
ajeer-197	212	13	i.e.	i.e.	X
ajeer-197	212	14	the	the	DET
ajeer-197	212	15	majority	majority	NOUN
ajeer-197	212	16	of	of	ADP
ajeer-197	212	17	companies	company	NOUN
ajeer-197	212	18	of	of	ADP
ajeer-197	212	19	the	the	DET
ajeer-197	212	20	sample	sample	NOUN
ajeer-197	212	21	faced	face	VERB
ajeer-197	212	22	the	the	DET
ajeer-197	212	23	long	long	ADJ
ajeer-197	212	24	-	-	PUNCT
ajeer-197	212	25	term	term	NOUN
ajeer-197	212	26	debt	debt	NOUN
ajeer-197	212	27	increase	increase	NOUN
ajeer-197	212	28	at	at	ADP
ajeer-197	212	29	the	the	DET
ajeer-197	212	30	rate	rate	NOUN
ajeer-197	212	31	of	of	ADP
ajeer-197	212	32	10	10	NUM
ajeer-197	212	33	-	-	SYM
ajeer-197	212	34	15	15	NUM
ajeer-197	212	35	%	%	NOUN
ajeer-197	212	36	.	.	PUNCT
ajeer-197	213	1	the	the	DET
ajeer-197	213	2	table	table	NOUN
ajeer-197	213	3	2	2	NUM
ajeer-197	213	4	demonstrate	demonstrate	NOUN
ajeer-197	213	5	pair	pair	NOUN
ajeer-197	213	6	correlations	correlation	NOUN
ajeer-197	213	7	of	of	ADP
ajeer-197	213	8	the	the	DET
ajeer-197	213	9	explanatory	explanatory	ADJ
ajeer-197	213	10	variables	variable	NOUN
ajeer-197	213	11	.	.	PUNCT
ajeer-197	214	1	the	the	DET
ajeer-197	214	2	check	check	NOUN
ajeer-197	214	3	of	of	ADP
ajeer-197	214	4	the	the	DET
ajeer-197	214	5	variables	variable	NOUN
ajeer-197	214	6	for	for	ADP
ajeer-197	214	7	pair	pair	NOUN
ajeer-197	214	8	correlations	correlation	NOUN
ajeer-197	214	9	identified	identify	VERB
ajeer-197	214	10	three	three	NUM
ajeer-197	214	11	significant	significant	ADJ
ajeer-197	214	12	dependences	dependence	NOUN
ajeer-197	214	13	(	(	PUNCT
ajeer-197	214	14	more	more	ADJ
ajeer-197	214	15	than	than	ADP
ajeer-197	214	16	0.1	0.1	NUM
ajeer-197	214	17	)	)	PUNCT
ajeer-197	214	18	.	.	PUNCT
ajeer-197	215	1	for	for	ADP
ajeer-197	215	2	illustrative	illustrative	ADJ
ajeer-197	215	3	purposes	purpose	NOUN
ajeer-197	215	4	the	the	DET
ajeer-197	215	5	table	table	NOUN
ajeer-197	215	6	2	2	NUM
ajeer-197	215	7	below	below	ADV
ajeer-197	215	8	shows	show	VERB
ajeer-197	215	9	the	the	DET
ajeer-197	215	10	pair	pair	NOUN
ajeer-197	215	11	correlations	correlation	NOUN
ajeer-197	215	12	:	:	PUNCT
ajeer-197	215	13	1	1	NUM
ajeer-197	215	14	)	)	PUNCT
ajeer-197	215	15	positive	positive	ADJ
ajeer-197	215	16	dependence	dependence	NOUN
ajeer-197	215	17	between	between	ADP
ajeer-197	215	18	the	the	DET
ajeer-197	215	19	sales	sale	NOUN
ajeer-197	215	20	and	and	CCONJ
ajeer-197	215	21	fixed	fix	VERB
ajeer-197	215	22	assets	asset	NOUN
ajeer-197	215	23	levels	level	NOUN
ajeer-197	215	24	,	,	PUNCT
ajeer-197	215	25	which	which	PRON
ajeer-197	215	26	is	be	AUX
ajeer-197	215	27	quite	quite	ADV
ajeer-197	215	28	obvious	obvious	ADJ
ajeer-197	215	29	,	,	PUNCT
ajeer-197	215	30	since	since	SCONJ
ajeer-197	215	31	both	both	DET
ajeer-197	215	32	indicators	indicator	NOUN
ajeer-197	215	33	to	to	ADP
ajeer-197	215	34	some	some	DET
ajeer-197	215	35	extent	extent	NOUN
ajeer-197	215	36	characterize	characterize	VERB
ajeer-197	215	37	the	the	DET
ajeer-197	215	38	size	size	NOUN
ajeer-197	215	39	of	of	ADP
ajeer-197	215	40	the	the	DET
ajeer-197	215	41	company	company	NOUN
ajeer-197	215	42	.	.	PUNCT
ajeer-197	216	1	a	a	DET
ajeer-197	216	2	significant	significant	ADJ
ajeer-197	216	3	increase	increase	NOUN
ajeer-197	216	4	in	in	ADP
ajeer-197	216	5	the	the	DET
ajeer-197	216	6	number	number	NOUN
ajeer-197	216	7	of	of	ADP
ajeer-197	216	8	the	the	DET
ajeer-197	216	9	equipment	equipment	NOUN
ajeer-197	216	10	,	,	PUNCT
ajeer-197	216	11	tools	tool	NOUN
ajeer-197	216	12	,	,	PUNCT
ajeer-197	216	13	machines	machine	NOUN
ajeer-197	216	14	,	,	PUNCT
ajeer-197	216	15	etc	etc	X
ajeer-197	216	16	.	.	X
ajeer-197	216	17	reasonably	reasonably	ADV
ajeer-197	216	18	presumes	presume	VERB
ajeer-197	216	19	the	the	DET
ajeer-197	216	20	increase	increase	NOUN
ajeer-197	216	21	in	in	ADP
ajeer-197	216	22	revenues	revenue	NOUN
ajeer-197	216	23	due	due	ADP
ajeer-197	216	24	to	to	ADP
ajeer-197	216	25	the	the	DET
ajeer-197	216	26	growth	growth	NOUN
ajeer-197	216	27	of	of	ADP
ajeer-197	216	28	the	the	DET
ajeer-197	216	29	company	company	NOUN
ajeer-197	216	30	’s	’s	PART
ajeer-197	216	31	activities	activity	NOUN
ajeer-197	216	32	scale	scale	NOUN
ajeer-197	216	33	.	.	PUNCT
ajeer-197	217	1	2	2	NUM
ajeer-197	217	2	)	)	PUNCT
ajeer-197	217	3	positive	positive	ADJ
ajeer-197	217	4	dependence	dependence	NOUN
ajeer-197	217	5	between	between	ADP
ajeer-197	217	6	the	the	DET
ajeer-197	217	7	fixed	fix	VERB
ajeer-197	217	8	assets	asset	NOUN
ajeer-197	217	9	change	change	NOUN
ajeer-197	217	10	and	and	CCONJ
ajeer-197	217	11	the	the	DET
ajeer-197	217	12	bankruptcy	bankruptcy	NOUN
ajeer-197	217	13	probability	probability	NOUN
ajeer-197	217	14	,	,	PUNCT
ajeer-197	217	15	which	which	PRON
ajeer-197	217	16	is	be	AUX
ajeer-197	217	17	probably	probably	ADV
ajeer-197	217	18	caused	cause	VERB
ajeer-197	217	19	by	by	ADP
ajeer-197	217	20	the	the	DET
ajeer-197	217	21	principle	principle	NOUN
ajeer-197	217	22	of	of	ADP
ajeer-197	217	23	deriving	derive	VERB
ajeer-197	217	24	the	the	DET
ajeer-197	217	25	zprob	zprob	PROPN
ajeer-197	217	26	variable	variable	NOUN
ajeer-197	217	27	,	,	PUNCT
ajeer-197	217	28	where	where	SCONJ
ajeer-197	217	29	the	the	DET
ajeer-197	217	30	numerator	numerator	NOUN
ajeer-197	217	31	is	be	AUX
ajeer-197	217	32	the	the	DET
ajeer-197	217	33	total	total	ADJ
ajeer-197	217	34	assets	asset	NOUN
ajeer-197	217	35	value	value	NOUN
ajeer-197	217	36	.	.	PUNCT
ajeer-197	218	1	3	3	X
ajeer-197	218	2	)	)	PUNCT
ajeer-197	218	3	negative	negative	ADJ
ajeer-197	218	4	dependence	dependence	NOUN
ajeer-197	218	5	between	between	ADP
ajeer-197	218	6	the	the	DET
ajeer-197	218	7	sales	sale	NOUN
ajeer-197	218	8	change	change	NOUN
ajeer-197	218	9	and	and	CCONJ
ajeer-197	218	10	the	the	DET
ajeer-197	218	11	bankruptcy	bankruptcy	NOUN
ajeer-197	218	12	probability	probability	NOUN
ajeer-197	218	13	,	,	PUNCT
ajeer-197	218	14	which	which	PRON
ajeer-197	218	15	also	also	ADV
ajeer-197	218	16	might	might	AUX
ajeer-197	218	17	be	be	AUX
ajeer-197	218	18	caused	cause	VERB
ajeer-197	218	19	by	by	ADP
ajeer-197	218	20	the	the	DET
ajeer-197	218	21	zprob	zprob	PROPN
ajeer-197	218	22	calculation	calculation	NOUN
ajeer-197	218	23	procedure	procedure	NOUN
ajeer-197	218	24	,	,	PUNCT
ajeer-197	218	25	since	since	SCONJ
ajeer-197	218	26	the	the	DET
ajeer-197	218	27	denominator	denominator	NOUN
ajeer-197	218	28	of	of	ADP
ajeer-197	218	29	the	the	DET
ajeer-197	218	30	bankruptcy	bankruptcy	NOUN
ajeer-197	218	31	probability	probability	NOUN
ajeer-197	218	32	formula	formula	NOUN
ajeer-197	218	33	includes	include	VERB
ajeer-197	218	34	the	the	DET
ajeer-197	218	35	level	level	NOUN
ajeer-197	218	36	of	of	ADP
ajeer-197	218	37	sales	sale	NOUN
ajeer-197	218	38	.	.	PUNCT
ajeer-197	219	1	3.2	3.2	NUM
ajeer-197	219	2	.	.	PUNCT
ajeer-197	220	1	analysis	analysis	NOUN
ajeer-197	220	2	of	of	ADP
ajeer-197	220	3	results	result	NOUN
ajeer-197	220	4	the	the	DET
ajeer-197	220	5	table	table	NOUN
ajeer-197	220	6	3	3	NUM
ajeer-197	220	7	repots	repot	NOUN
ajeer-197	220	8	the	the	DET
ajeer-197	220	9	estimation	estimation	NOUN
ajeer-197	220	10	results	result	NOUN
ajeer-197	220	11	.	.	PUNCT
ajeer-197	221	1	as	as	SCONJ
ajeer-197	221	2	is	be	AUX
ajeer-197	221	3	evident	evident	ADJ
ajeer-197	221	4	from	from	ADP
ajeer-197	221	5	the	the	DET
ajeer-197	221	6	data	datum	NOUN
ajeer-197	221	7	obtained	obtain	VERB
ajeer-197	221	8	,	,	PUNCT
ajeer-197	221	9	the	the	DET
ajeer-197	221	10	regression	regression	NOUN
ajeer-197	221	11	in	in	ADP
ajeer-197	221	12	the	the	DET
ajeer-197	221	13	model	model	NOUN
ajeer-197	221	14	1	1	NUM
ajeer-197	221	15	is	be	AUX
ajeer-197	221	16	significant	significant	ADJ
ajeer-197	221	17	(	(	PUNCT
ajeer-197	221	18	the	the	DET
ajeer-197	221	19	f	f	PROPN
ajeer-197	221	20	value	value	NOUN
ajeer-197	221	21	below	below	ADP
ajeer-197	221	22	any	any	DET
ajeer-197	221	23	reasonable	reasonable	ADJ
ajeer-197	221	24	level	level	NOUN
ajeer-197	221	25	of	of	ADP
ajeer-197	221	26	significance	significance	NOUN
ajeer-197	221	27	)	)	PUNCT
ajeer-197	221	28	.	.	PUNCT
ajeer-197	222	1	in	in	ADP
ajeer-197	222	2	addition	addition	NOUN
ajeer-197	222	3	,	,	PUNCT
ajeer-197	222	4	our	our	PRON
ajeer-197	222	5	assumption	assumption	NOUN
ajeer-197	222	6	of	of	ADP
ajeer-197	222	7	a	a	DET
ajeer-197	222	8	low	low	ADJ
ajeer-197	222	9	but	but	CCONJ
ajeer-197	222	10	significant	significant	ADJ
ajeer-197	222	11	level	level	NOUN
ajeer-197	222	12	of	of	ADP
ajeer-197	222	13	adjusted	adjust	VERB
ajeer-197	222	14	r2	r2	NOUN
ajeer-197	222	15	proved	prove	VERB
ajeer-197	222	16	to	to	PART
ajeer-197	222	17	be	be	AUX
ajeer-197	222	18	correct	correct	ADJ
ajeer-197	222	19	,	,	PUNCT
ajeer-197	222	20	it	it	PRON
ajeer-197	222	21	is	be	AUX
ajeer-197	222	22	0,049	0,049	NUM
ajeer-197	222	23	,	,	PUNCT
ajeer-197	222	24	slightly	slightly	ADV
ajeer-197	222	25	lower	low	ADJ
ajeer-197	222	26	than	than	ADP
ajeer-197	222	27	that	that	PRON
ajeer-197	222	28	in	in	ADP
ajeer-197	222	29	the	the	DET
ajeer-197	222	30	study	study	NOUN
ajeer-197	222	31	of	of	ADP
ajeer-197	222	32	graham	graham	PROPN
ajeer-197	222	33	.	.	PUNCT
ajeer-197	223	1	thus	thus	ADV
ajeer-197	223	2	,	,	PUNCT
ajeer-197	223	3	the	the	DET
ajeer-197	223	4	presented	present	VERB
ajeer-197	223	5	study	study	NOUN
ajeer-197	223	6	factors	factor	NOUN
ajeer-197	223	7	explain	explain	VERB
ajeer-197	223	8	the	the	DET
ajeer-197	223	9	behavior	behavior	NOUN
ajeer-197	223	10	of	of	ADP
ajeer-197	223	11	russian	russian	ADJ
ajeer-197	223	12	firms	firm	NOUN
ajeer-197	223	13	in	in	ADP
ajeer-197	223	14	the	the	DET
ajeer-197	223	15	financial	financial	ADJ
ajeer-197	223	16	policy	policy	NOUN
ajeer-197	223	17	slightly	slightly	ADV
ajeer-197	223	18	less	less	ADJ
ajeer-197	223	19	than	than	ADP
ajeer-197	223	20	5	5	NUM
ajeer-197	223	21	%	%	NOUN
ajeer-197	223	22	.	.	PUNCT
ajeer-197	224	1	asian	asian	ADJ
ajeer-197	224	2	journal	journal	PROPN
ajeer-197	224	3	of	of	ADP
ajeer-197	224	4	economics	economic	NOUN
ajeer-197	224	5	and	and	CCONJ
ajeer-197	224	6	empirical	empirical	ADJ
ajeer-197	224	7	research	research	NOUN
ajeer-197	224	8	,	,	PUNCT
ajeer-197	224	9	2015	2015	NUM
ajeer-197	224	10	,	,	PUNCT
ajeer-197	224	11	2(1):39	2(1):39	NUM
ajeer-197	224	12	-	-	SYM
ajeer-197	224	13	46	46	NUM
ajeer-197	224	14	45	45	NUM
ajeer-197	224	15	this	this	DET
ajeer-197	224	16	result	result	NOUN
ajeer-197	224	17	answers	answer	VERB
ajeer-197	224	18	expectations	expectation	NOUN
ajeer-197	224	19	,	,	PUNCT
ajeer-197	224	20	since	since	SCONJ
ajeer-197	224	21	,	,	PUNCT
ajeer-197	224	22	in	in	ADP
ajeer-197	224	23	fact	fact	NOUN
ajeer-197	224	24	,	,	PUNCT
ajeer-197	224	25	the	the	DET
ajeer-197	224	26	decision	decision	NOUN
ajeer-197	224	27	to	to	PART
ajeer-197	224	28	raise	raise	VERB
ajeer-197	224	29	the	the	DET
ajeer-197	224	30	debt	debt	NOUN
ajeer-197	224	31	is	be	AUX
ajeer-197	224	32	defined	define	VERB
ajeer-197	224	33	by	by	ADP
ajeer-197	224	34	an	an	DET
ajeer-197	224	35	infinite	infinite	ADJ
ajeer-197	224	36	number	number	NOUN
ajeer-197	224	37	of	of	ADP
ajeer-197	224	38	factors	factor	NOUN
ajeer-197	224	39	,	,	PUNCT
ajeer-197	224	40	and	and	CCONJ
ajeer-197	224	41	all	all	PRON
ajeer-197	224	42	of	of	ADP
ajeer-197	224	43	them	they	PRON
ajeer-197	224	44	ca	can	AUX
ajeer-197	224	45	n't	not	PART
ajeer-197	224	46	be	be	AUX
ajeer-197	224	47	taken	take	VERB
ajeer-197	224	48	into	into	ADP
ajeer-197	224	49	account	account	NOUN
ajeer-197	224	50	at	at	ADP
ajeer-197	224	51	once	once	ADV
ajeer-197	224	52	.	.	PUNCT
ajeer-197	225	1	the	the	DET
ajeer-197	225	2	significance	significance	NOUN
ajeer-197	225	3	of	of	ADP
ajeer-197	225	4	the	the	DET
ajeer-197	225	5	regression	regression	NOUN
ajeer-197	225	6	suggests	suggest	VERB
ajeer-197	225	7	that	that	SCONJ
ajeer-197	225	8	the	the	DET
ajeer-197	225	9	factors	factor	NOUN
ajeer-197	225	10	represented	represent	VERB
ajeer-197	225	11	in	in	ADP
ajeer-197	225	12	the	the	DET
ajeer-197	225	13	model	model	NOUN
ajeer-197	225	14	really	really	ADV
ajeer-197	225	15	have	have	VERB
ajeer-197	225	16	an	an	DET
ajeer-197	225	17	impact	impact	NOUN
ajeer-197	225	18	on	on	ADP
ajeer-197	225	19	the	the	DET
ajeer-197	225	20	level	level	NOUN
ajeer-197	225	21	of	of	ADP
ajeer-197	225	22	debt	debt	NOUN
ajeer-197	225	23	.	.	PUNCT
ajeer-197	226	1	an	an	DET
ajeer-197	226	2	exception	exception	NOUN
ajeer-197	226	3	is	be	AUX
ajeer-197	226	4	the	the	DET
ajeer-197	226	5	rate	rate	NOUN
ajeer-197	226	6	of	of	ADP
ajeer-197	226	7	change	change	NOUN
ajeer-197	226	8	in	in	ADP
ajeer-197	226	9	intangible	intangible	ADJ
ajeer-197	226	10	assets	asset	NOUN
ajeer-197	226	11	.	.	PUNCT
ajeer-197	227	1	his	his	PRON
ajeer-197	227	2	p	p	NOUN
ajeer-197	227	3	-	-	PUNCT
ajeer-197	227	4	value	value	NOUN
ajeer-197	227	5	of	of	ADP
ajeer-197	227	6	0,85	0,85	ADP
ajeer-197	227	7	,	,	PUNCT
ajeer-197	227	8	which	which	PRON
ajeer-197	227	9	means	mean	VERB
ajeer-197	227	10	that	that	SCONJ
ajeer-197	227	11	the	the	DET
ajeer-197	227	12	variable	variable	NOUN
ajeer-197	227	13	has	have	VERB
ajeer-197	227	14	no	no	DET
ajeer-197	227	15	effect	effect	NOUN
ajeer-197	227	16	on	on	ADP
ajeer-197	227	17	the	the	DET
ajeer-197	227	18	debt	debt	NOUN
ajeer-197	227	19	.	.	PUNCT
ajeer-197	228	1	a	a	DET
ajeer-197	228	2	similar	similar	ADJ
ajeer-197	228	3	result	result	NOUN
ajeer-197	228	4	can	can	AUX
ajeer-197	228	5	be	be	AUX
ajeer-197	228	6	explained	explain	VERB
ajeer-197	228	7	by	by	ADP
ajeer-197	228	8	the	the	DET
ajeer-197	228	9	absence	absence	NOUN
ajeer-197	228	10	of	of	ADP
ajeer-197	228	11	significant	significant	ADJ
ajeer-197	228	12	changes	change	NOUN
ajeer-197	228	13	in	in	ADP
ajeer-197	228	14	intangible	intangible	ADJ
ajeer-197	228	15	assets	asset	NOUN
ajeer-197	228	16	in	in	ADP
ajeer-197	228	17	the	the	DET
ajeer-197	228	18	companies	company	NOUN
ajeer-197	228	19	under	under	ADP
ajeer-197	228	20	review	review	NOUN
ajeer-197	228	21	,	,	PUNCT
ajeer-197	228	22	and	and	CCONJ
ajeer-197	228	23	,	,	PUNCT
ajeer-197	228	24	consequently	consequently	ADV
ajeer-197	228	25	,	,	PUNCT
ajeer-197	228	26	by	by	ADP
ajeer-197	228	27	a	a	DET
ajeer-197	228	28	small	small	ADJ
ajeer-197	228	29	growth	growth	NOUN
ajeer-197	228	30	potential	potential	NOUN
ajeer-197	228	31	for	for	ADP
ajeer-197	228	32	new	new	ADJ
ajeer-197	228	33	patents	patent	NOUN
ajeer-197	228	34	/	/	SYM
ajeer-197	228	35	inventions	invention	NOUN
ajeer-197	228	36	.	.	PUNCT
ajeer-197	229	1	the	the	DET
ajeer-197	229	2	insignificant	insignificant	ADJ
ajeer-197	229	3	factor	factor	NOUN
ajeer-197	229	4	was	be	AUX
ajeer-197	229	5	excluded	exclude	VERB
ajeer-197	229	6	from	from	ADP
ajeer-197	229	7	the	the	DET
ajeer-197	229	8	model	model	NOUN
ajeer-197	229	9	as	as	ADP
ajeer-197	229	10	''	''	PUNCT
ajeer-197	229	11	excessive	excessive	ADJ
ajeer-197	229	12	"	"	PUNCT
ajeer-197	229	13	,	,	PUNCT
ajeer-197	229	14	and	and	CCONJ
ajeer-197	229	15	the	the	DET
ajeer-197	229	16	regression	regression	NOUN
ajeer-197	229	17	was	be	AUX
ajeer-197	229	18	rebuilt	rebuild	VERB
ajeer-197	229	19	.	.	PUNCT
ajeer-197	230	1	the	the	DET
ajeer-197	230	2	new	new	ADJ
ajeer-197	230	3	model	model	NOUN
ajeer-197	230	4	2	2	NUM
ajeer-197	230	5	looks	look	NOUN
ajeer-197	230	6	as	as	SCONJ
ajeer-197	230	7	follows	follow	VERB
ajeer-197	230	8	:	:	PUNCT
ajeer-197	230	9	[	[	X
ajeer-197	230	10	6	6	NUM
ajeer-197	230	11	]	]	PUNCT
ajeer-197	230	12	without	without	ADP
ajeer-197	230	13	intangible	intangible	ADJ
ajeer-197	230	14	assets	asset	NOUN
ajeer-197	230	15	the	the	DET
ajeer-197	230	16	adjusted	adjust	VERB
ajeer-197	230	17	r2	r2	NOUN
ajeer-197	230	18	increased	increase	VERB
ajeer-197	230	19	to	to	ADP
ajeer-197	230	20	0,05	0,05	NOUN
ajeer-197	230	21	,	,	PUNCT
ajeer-197	230	22	i.e.	i.e.	X
ajeer-197	230	23	,	,	PUNCT
ajeer-197	230	24	the	the	DET
ajeer-197	230	25	explanatory	explanatory	ADJ
ajeer-197	230	26	power	power	NOUN
ajeer-197	230	27	of	of	ADP
ajeer-197	230	28	the	the	DET
ajeer-197	230	29	regression	regression	NOUN
ajeer-197	230	30	increased	increase	VERB
ajeer-197	230	31	,	,	PUNCT
ajeer-197	230	32	which	which	PRON
ajeer-197	230	33	once	once	ADV
ajeer-197	230	34	again	again	ADV
ajeer-197	230	35	confirms	confirm	VERB
ajeer-197	230	36	that	that	SCONJ
ajeer-197	230	37	intangible	intangible	ADJ
ajeer-197	230	38	assets	asset	NOUN
ajeer-197	230	39	have	have	VERB
ajeer-197	230	40	no	no	DET
ajeer-197	230	41	effect	effect	NOUN
ajeer-197	230	42	on	on	ADP
ajeer-197	230	43	the	the	DET
ajeer-197	230	44	unknown	unknown	ADJ
ajeer-197	230	45	variable	variable	NOUN
ajeer-197	230	46	.	.	PUNCT
ajeer-197	231	1	at	at	ADP
ajeer-197	231	2	the	the	DET
ajeer-197	231	3	same	same	ADJ
ajeer-197	231	4	time	time	NOUN
ajeer-197	231	5	,	,	PUNCT
ajeer-197	231	6	this	this	DET
ajeer-197	231	7	change	change	NOUN
ajeer-197	231	8	almost	almost	ADV
ajeer-197	231	9	does	do	AUX
ajeer-197	231	10	n’t	not	PART
ajeer-197	231	11	affect	affect	VERB
ajeer-197	231	12	other	other	ADJ
ajeer-197	231	13	indicators	indicator	NOUN
ajeer-197	231	14	.	.	PUNCT
ajeer-197	232	1	to	to	PART
ajeer-197	232	2	find	find	VERB
ajeer-197	232	3	the	the	DET
ajeer-197	232	4	impact	impact	NOUN
ajeer-197	232	5	of	of	ADP
ajeer-197	232	6	the	the	DET
ajeer-197	232	7	tax	tax	NOUN
ajeer-197	232	8	factor	factor	NOUN
ajeer-197	232	9	,	,	PUNCT
ajeer-197	232	10	represented	represent	VERB
ajeer-197	232	11	by	by	ADP
ajeer-197	232	12	the	the	DET
ajeer-197	232	13	effective	effective	ADJ
ajeer-197	232	14	tax	tax	NOUN
ajeer-197	232	15	rate	rate	NOUN
ajeer-197	232	16	,	,	PUNCT
ajeer-197	232	17	a	a	DET
ajeer-197	232	18	regression	regression	NOUN
ajeer-197	232	19	of	of	ADP
ajeer-197	232	20	dependence	dependence	NOUN
ajeer-197	232	21	of	of	ADP
ajeer-197	232	22	changes	change	NOUN
ajeer-197	232	23	in	in	ADP
ajeer-197	232	24	debt	debt	NOUN
ajeer-197	232	25	from	from	ADP
ajeer-197	232	26	all	all	DET
ajeer-197	232	27	other	other	ADJ
ajeer-197	232	28	non	non	ADJ
ajeer-197	232	29	-	-	ADJ
ajeer-197	232	30	tax	tax	ADJ
ajeer-197	232	31	factors	factor	NOUN
ajeer-197	232	32	.	.	PUNCT
ajeer-197	233	1	for	for	ADP
ajeer-197	233	2	this	this	DET
ajeer-197	233	3	purpose	purpose	NOUN
ajeer-197	233	4	,	,	PUNCT
ajeer-197	233	5	we	we	PRON
ajeer-197	233	6	used	use	VERB
ajeer-197	233	7	the	the	DET
ajeer-197	233	8	following	following	ADJ
ajeer-197	233	9	model	model	NOUN
ajeer-197	233	10	3	3	NUM
ajeer-197	233	11	:	:	PUNCT
ajeer-197	233	12	[	[	X
ajeer-197	233	13	7	7	X
ajeer-197	233	14	]	]	PUNCT
ajeer-197	233	15	in	in	ADP
ajeer-197	233	16	this	this	DET
ajeer-197	233	17	case	case	NOUN
ajeer-197	233	18	,	,	PUNCT
ajeer-197	233	19	the	the	DET
ajeer-197	233	20	adjusted	adjust	VERB
ajeer-197	233	21	r2	r2	PROPN
ajeer-197	233	22	has	have	AUX
ajeer-197	233	23	dropped	drop	VERB
ajeer-197	233	24	by	by	ADP
ajeer-197	233	25	more	more	ADJ
ajeer-197	233	26	than	than	ADP
ajeer-197	233	27	2	2	NUM
ajeer-197	233	28	times	time	NOUN
ajeer-197	233	29	(	(	PUNCT
ajeer-197	233	30	to	to	PART
ajeer-197	233	31	0,024	0,024	NUM
ajeer-197	233	32	)	)	PUNCT
ajeer-197	233	33	.	.	PUNCT
ajeer-197	234	1	consequently	consequently	ADV
ajeer-197	234	2	,	,	PUNCT
ajeer-197	234	3	the	the	DET
ajeer-197	234	4	inclusion	inclusion	NOUN
ajeer-197	234	5	of	of	ADP
ajeer-197	234	6	effective	effective	ADJ
ajeer-197	234	7	tax	tax	NOUN
ajeer-197	234	8	rate	rate	NOUN
ajeer-197	234	9	increased	increase	VERB
ajeer-197	234	10	the	the	DET
ajeer-197	234	11	explanatory	explanatory	ADJ
ajeer-197	234	12	power	power	NOUN
ajeer-197	234	13	of	of	ADP
ajeer-197	234	14	the	the	DET
ajeer-197	234	15	regression	regression	NOUN
ajeer-197	234	16	by	by	ADP
ajeer-197	234	17	108	108	NUM
ajeer-197	234	18	%	%	NOUN
ajeer-197	234	19	.	.	PUNCT
ajeer-197	235	1	this	this	DET
ajeer-197	235	2	indicator	indicator	NOUN
ajeer-197	235	3	is	be	AUX
ajeer-197	235	4	significantly	significantly	ADV
ajeer-197	235	5	different	different	ADJ
ajeer-197	235	6	from	from	ADP
ajeer-197	235	7	the	the	DET
ajeer-197	235	8	one	one	NOUN
ajeer-197	235	9	in	in	ADP
ajeer-197	235	10	the	the	DET
ajeer-197	235	11	model	model	NOUN
ajeer-197	235	12	of	of	ADP
ajeer-197	235	13	graham	graham	PROPN
ajeer-197	235	14	,	,	PUNCT
ajeer-197	235	15	where	where	SCONJ
ajeer-197	235	16	tax	tax	NOUN
ajeer-197	235	17	factors	factor	NOUN
ajeer-197	235	18	increased	increase	VERB
ajeer-197	235	19	the	the	DET
ajeer-197	235	20	power	power	NOUN
ajeer-197	235	21	of	of	ADP
ajeer-197	235	22	the	the	DET
ajeer-197	235	23	regression	regression	NOUN
ajeer-197	235	24	by	by	ADP
ajeer-197	235	25	approximately	approximately	ADV
ajeer-197	235	26	15	15	NUM
ajeer-197	235	27	%	%	NOUN
ajeer-197	235	28	.	.	PUNCT
ajeer-197	236	1	detailed	detailed	ADJ
ajeer-197	236	2	regression	regression	NOUN
ajeer-197	236	3	results	result	NOUN
ajeer-197	236	4	are	be	AUX
ajeer-197	236	5	represented	represent	VERB
ajeer-197	236	6	as	as	ADP
ajeer-197	236	7	the	the	DET
ajeer-197	236	8	table	table	NOUN
ajeer-197	236	9	3	3	NUM
ajeer-197	236	10	model	model	NOUN
ajeer-197	236	11	3	3	NUM
ajeer-197	236	12	.	.	PUNCT
ajeer-197	237	1	thus	thus	ADV
ajeer-197	237	2	,	,	PUNCT
ajeer-197	237	3	although	although	SCONJ
ajeer-197	237	4	the	the	DET
ajeer-197	237	5	chosen	choose	VERB
ajeer-197	237	6	model	model	NOUN
ajeer-197	237	7	3	3	NUM
ajeer-197	237	8	has	have	VERB
ajeer-197	237	9	a	a	DET
ajeer-197	237	10	lower	low	ADJ
ajeer-197	237	11	explanatory	explanatory	ADJ
ajeer-197	237	12	power	power	NOUN
ajeer-197	237	13	as	as	ADP
ajeer-197	237	14	a	a	DET
ajeer-197	237	15	whole	whole	NOUN
ajeer-197	237	16	than	than	ADP
ajeer-197	237	17	the	the	DET
ajeer-197	237	18	study	study	NOUN
ajeer-197	237	19	of	of	ADP
ajeer-197	237	20	graham	graham	PROPN
ajeer-197	237	21	,	,	PUNCT
ajeer-197	237	22	among	among	ADP
ajeer-197	237	23	the	the	DET
ajeer-197	237	24	used	used	ADJ
ajeer-197	237	25	variables	variable	NOUN
ajeer-197	237	26	the	the	DET
ajeer-197	237	27	tax	tax	NOUN
ajeer-197	237	28	factor	factor	NOUN
ajeer-197	237	29	has	have	VERB
ajeer-197	237	30	a	a	DET
ajeer-197	237	31	much	much	ADV
ajeer-197	237	32	more	more	ADJ
ajeer-197	237	33	impact	impact	NOUN
ajeer-197	237	34	on	on	ADP
ajeer-197	237	35	the	the	DET
ajeer-197	237	36	level	level	NOUN
ajeer-197	237	37	of	of	ADP
ajeer-197	237	38	debt	debt	NOUN
ajeer-197	237	39	.	.	PUNCT
ajeer-197	238	1	such	such	DET
ajeer-197	238	2	an	an	DET
ajeer-197	238	3	unexpected	unexpected	ADJ
ajeer-197	238	4	result	result	NOUN
ajeer-197	238	5	may	may	AUX
ajeer-197	238	6	be	be	AUX
ajeer-197	238	7	associated	associate	VERB
ajeer-197	238	8	with	with	ADP
ajeer-197	238	9	a	a	DET
ajeer-197	238	10	more	more	ADV
ajeer-197	238	11	correct	correct	ADJ
ajeer-197	238	12	choice	choice	NOUN
ajeer-197	238	13	of	of	ADP
ajeer-197	238	14	variables	variable	NOUN
ajeer-197	238	15	that	that	PRON
ajeer-197	238	16	characterize	characterize	VERB
ajeer-197	238	17	the	the	DET
ajeer-197	238	18	tax	tax	NOUN
ajeer-197	238	19	component	component	NOUN
ajeer-197	238	20	.	.	PUNCT
ajeer-197	239	1	as	as	SCONJ
ajeer-197	239	2	stated	state	VERB
ajeer-197	239	3	before	before	ADV
ajeer-197	239	4	,	,	PUNCT
ajeer-197	239	5	the	the	DET
ajeer-197	239	6	managers	manager	NOUN
ajeer-197	239	7	,	,	PUNCT
ajeer-197	239	8	when	when	SCONJ
ajeer-197	239	9	deciding	decide	VERB
ajeer-197	239	10	on	on	ADP
ajeer-197	239	11	issue	issue	NOUN
ajeer-197	239	12	of	of	ADP
ajeer-197	239	13	debt	debt	NOUN
ajeer-197	239	14	,	,	PUNCT
ajeer-197	239	15	are	be	AUX
ajeer-197	239	16	more	more	ADV
ajeer-197	239	17	likely	likely	ADJ
ajeer-197	239	18	to	to	PART
ajeer-197	239	19	draw	draw	VERB
ajeer-197	239	20	on	on	ADP
ajeer-197	239	21	the	the	DET
ajeer-197	239	22	effective	effective	ADJ
ajeer-197	239	23	tax	tax	NOUN
ajeer-197	239	24	rate	rate	NOUN
ajeer-197	239	25	,	,	PUNCT
ajeer-197	239	26	which	which	PRON
ajeer-197	239	27	is	be	AUX
ajeer-197	239	28	"	"	PUNCT
ajeer-197	239	29	on	on	ADP
ajeer-197	239	30	the	the	DET
ajeer-197	239	31	surface	surface	NOUN
ajeer-197	239	32	"	"	PUNCT
ajeer-197	239	33	,	,	PUNCT
ajeer-197	239	34	rather	rather	ADV
ajeer-197	239	35	than	than	ADP
ajeer-197	239	36	on	on	ADP
ajeer-197	239	37	the	the	DET
ajeer-197	239	38	marginal	marginal	ADJ
ajeer-197	239	39	tax	tax	NOUN
ajeer-197	239	40	rate	rate	NOUN
ajeer-197	239	41	,	,	PUNCT
ajeer-197	239	42	the	the	DET
ajeer-197	239	43	calculation	calculation	NOUN
ajeer-197	239	44	of	of	ADP
ajeer-197	239	45	which	which	PRON
ajeer-197	239	46	may	may	AUX
ajeer-197	239	47	seem	seem	VERB
ajeer-197	239	48	too	too	ADV
ajeer-197	239	49	difficult	difficult	ADJ
ajeer-197	239	50	and	and	CCONJ
ajeer-197	239	51	time	time	NOUN
ajeer-197	239	52	consuming	consume	VERB
ajeer-197	239	53	for	for	ADP
ajeer-197	239	54	many	many	ADJ
ajeer-197	239	55	.	.	PUNCT
ajeer-197	240	1	as	as	ADP
ajeer-197	240	2	for	for	ADP
ajeer-197	240	3	the	the	DET
ajeer-197	240	4	marks	mark	NOUN
ajeer-197	240	5	before	before	ADP
ajeer-197	240	6	the	the	DET
ajeer-197	240	7	variables	variable	NOUN
ajeer-197	240	8	,	,	PUNCT
ajeer-197	240	9	the	the	DET
ajeer-197	240	10	coefficient	coefficient	NOUN
ajeer-197	240	11	before	before	SCONJ
ajeer-197	240	12	the	the	DET
ajeer-197	240	13	tax	tax	NOUN
ajeer-197	240	14	rate	rate	NOUN
ajeer-197	240	15	is	be	AUX
ajeer-197	240	16	positive	positive	ADJ
ajeer-197	240	17	,	,	PUNCT
ajeer-197	240	18	as	as	SCONJ
ajeer-197	240	19	expected	expect	VERB
ajeer-197	240	20	.	.	PUNCT
ajeer-197	241	1	the	the	PRON
ajeer-197	241	2	higher	high	ADJ
ajeer-197	241	3	it	it	PRON
ajeer-197	241	4	is	be	AUX
ajeer-197	241	5	,	,	PUNCT
ajeer-197	241	6	the	the	PRON
ajeer-197	241	7	greater	great	ADJ
ajeer-197	241	8	the	the	DET
ajeer-197	241	9	benefits	benefit	NOUN
ajeer-197	241	10	the	the	DET
ajeer-197	241	11	company	company	NOUN
ajeer-197	241	12	will	will	AUX
ajeer-197	241	13	receive	receive	VERB
ajeer-197	241	14	from	from	ADP
ajeer-197	241	15	debt	debt	NOUN
ajeer-197	241	16	as	as	ADP
ajeer-197	241	17	a	a	DET
ajeer-197	241	18	source	source	NOUN
ajeer-197	241	19	of	of	ADP
ajeer-197	241	20	financing	financing	NOUN
ajeer-197	241	21	(	(	PUNCT
ajeer-197	241	22	due	due	ADP
ajeer-197	241	23	to	to	ADP
ajeer-197	241	24	the	the	DET
ajeer-197	241	25	possibility	possibility	NOUN
ajeer-197	241	26	of	of	ADP
ajeer-197	241	27	deducting	deduct	VERB
ajeer-197	241	28	the	the	DET
ajeer-197	241	29	cost	cost	NOUN
ajeer-197	241	30	of	of	ADP
ajeer-197	241	31	debt	debt	NOUN
ajeer-197	241	32	servicing	servicing	NOUN
ajeer-197	241	33	)	)	PUNCT
ajeer-197	241	34	.	.	PUNCT
ajeer-197	242	1	this	this	DET
ajeer-197	242	2	conclusion	conclusion	NOUN
ajeer-197	242	3	does	do	AUX
ajeer-197	242	4	n't	not	PART
ajeer-197	242	5	come	come	VERB
ajeer-197	242	6	under	under	ADP
ajeer-197	242	7	strong	strong	ADJ
ajeer-197	242	8	criticism	criticism	NOUN
ajeer-197	242	9	from	from	ADP
ajeer-197	242	10	the	the	DET
ajeer-197	242	11	economic	economic	ADJ
ajeer-197	242	12	community	community	NOUN
ajeer-197	242	13	because	because	SCONJ
ajeer-197	242	14	of	of	ADP
ajeer-197	242	15	its	its	PRON
ajeer-197	242	16	obviousness	obviousness	NOUN
ajeer-197	242	17	and	and	CCONJ
ajeer-197	242	18	transparency	transparency	NOUN
ajeer-197	242	19	.	.	PUNCT
ajeer-197	243	1	thus	thus	ADV
ajeer-197	243	2	,	,	PUNCT
ajeer-197	243	3	the	the	DET
ajeer-197	243	4	1st	1st	ADJ
ajeer-197	243	5	hypothesis	hypothesis	NOUN
ajeer-197	243	6	is	be	AUX
ajeer-197	243	7	not	not	PART
ajeer-197	243	8	rejected	reject	VERB
ajeer-197	243	9	.	.	PUNCT
ajeer-197	244	1	the	the	DET
ajeer-197	244	2	coefficient	coefficient	NOUN
ajeer-197	244	3	of	of	ADP
ajeer-197	244	4	the	the	DET
ajeer-197	244	5	probability	probability	NOUN
ajeer-197	244	6	of	of	ADP
ajeer-197	244	7	bankruptcy	bankruptcy	NOUN
ajeer-197	244	8	is	be	AUX
ajeer-197	244	9	negative	negative	ADJ
ajeer-197	244	10	,	,	PUNCT
ajeer-197	244	11	which	which	PRON
ajeer-197	244	12	is	be	AUX
ajeer-197	244	13	also	also	ADV
ajeer-197	244	14	reasonable	reasonable	ADJ
ajeer-197	244	15	.	.	PUNCT
ajeer-197	245	1	the	the	PRON
ajeer-197	245	2	higher	high	ADJ
ajeer-197	245	3	the	the	DET
ajeer-197	245	4	probability	probability	NOUN
ajeer-197	245	5	is	be	AUX
ajeer-197	245	6	that	that	SCONJ
ajeer-197	245	7	the	the	DET
ajeer-197	245	8	firm	firm	NOUN
ajeer-197	245	9	can	can	AUX
ajeer-197	245	10	no	no	ADV
ajeer-197	245	11	longer	long	ADV
ajeer-197	245	12	be	be	AUX
ajeer-197	245	13	liable	liable	ADJ
ajeer-197	245	14	,	,	PUNCT
ajeer-197	245	15	the	the	DET
ajeer-197	245	16	less	less	ADJ
ajeer-197	245	17	of	of	ADP
ajeer-197	245	18	additional	additional	ADJ
ajeer-197	245	19	risks	risk	NOUN
ajeer-197	245	20	it	it	PRON
ajeer-197	245	21	will	will	AUX
ajeer-197	245	22	take	take	VERB
ajeer-197	245	23	,	,	PUNCT
ajeer-197	245	24	and	and	CCONJ
ajeer-197	245	25	,	,	PUNCT
ajeer-197	245	26	therefore	therefore	ADV
ajeer-197	245	27	,	,	PUNCT
ajeer-197	245	28	the	the	PRON
ajeer-197	245	29	less	less	ADJ
ajeer-197	245	30	it	it	PRON
ajeer-197	245	31	will	will	AUX
ajeer-197	245	32	use	use	VERB
ajeer-197	245	33	debt	debt	NOUN
ajeer-197	245	34	.	.	PUNCT
ajeer-197	246	1	this	this	DET
ajeer-197	246	2	conclusion	conclusion	NOUN
ajeer-197	246	3	also	also	ADV
ajeer-197	246	4	conforms	conform	VERB
ajeer-197	246	5	to	to	ADP
ajeer-197	246	6	the	the	DET
ajeer-197	246	7	results	result	NOUN
ajeer-197	246	8	obtained	obtain	VERB
ajeer-197	246	9	by	by	ADP
ajeer-197	246	10	graham	graham	PROPN
ajeer-197	246	11	.	.	PUNCT
ajeer-197	247	1	the	the	DET
ajeer-197	247	2	2nd	2nd	ADJ
ajeer-197	247	3	hypothesis	hypothesis	NOUN
ajeer-197	247	4	is	be	AUX
ajeer-197	247	5	not	not	PART
ajeer-197	247	6	rejected	reject	VERB
ajeer-197	247	7	.	.	PUNCT
ajeer-197	248	1	the	the	DET
ajeer-197	248	2	change	change	NOUN
ajeer-197	248	3	in	in	ADP
ajeer-197	248	4	sales	sale	NOUN
ajeer-197	248	5	,	,	PUNCT
ajeer-197	248	6	contrary	contrary	ADV
ajeer-197	248	7	to	to	ADP
ajeer-197	248	8	our	our	PRON
ajeer-197	248	9	predictions	prediction	NOUN
ajeer-197	248	10	,	,	PUNCT
ajeer-197	248	11	affects	affect	VERB
ajeer-197	248	12	negatively	negatively	ADV
ajeer-197	248	13	the	the	DET
ajeer-197	248	14	dynamics	dynamic	NOUN
ajeer-197	248	15	of	of	ADP
ajeer-197	248	16	debt	debt	NOUN
ajeer-197	248	17	,	,	PUNCT
ajeer-197	248	18	and	and	CCONJ
ajeer-197	248	19	this	this	DET
ajeer-197	248	20	factor	factor	NOUN
ajeer-197	248	21	is	be	AUX
ajeer-197	248	22	significant	significant	ADJ
ajeer-197	248	23	.	.	PUNCT
ajeer-197	249	1	the	the	DET
ajeer-197	249	2	initial	initial	ADJ
ajeer-197	249	3	reasoning	reasoning	NOUN
ajeer-197	249	4	drew	draw	VERB
ajeer-197	249	5	on	on	ADP
ajeer-197	249	6	the	the	DET
ajeer-197	249	7	fact	fact	NOUN
ajeer-197	249	8	that	that	SCONJ
ajeer-197	249	9	high	high	ADJ
ajeer-197	249	10	sales	sale	NOUN
ajeer-197	249	11	is	be	AUX
ajeer-197	249	12	descriptive	descriptive	ADJ
ajeer-197	249	13	of	of	ADP
ajeer-197	249	14	the	the	DET
ajeer-197	249	15	company	company	NOUN
ajeer-197	249	16	's	's	PART
ajeer-197	249	17	size	size	NOUN
ajeer-197	249	18	,	,	PUNCT
ajeer-197	249	19	and	and	CCONJ
ajeer-197	249	20	that	that	SCONJ
ajeer-197	249	21	,	,	PUNCT
ajeer-197	249	22	by	by	ADP
ajeer-197	249	23	virtue	virtue	NOUN
ajeer-197	249	24	of	of	ADP
ajeer-197	249	25	its	its	PRON
ajeer-197	249	26	scale	scale	NOUN
ajeer-197	249	27	and	and	CCONJ
ajeer-197	249	28	diversification	diversification	NOUN
ajeer-197	249	29	,	,	PUNCT
ajeer-197	249	30	it	it	PRON
ajeer-197	249	31	may	may	AUX
ajeer-197	249	32	raise	raise	VERB
ajeer-197	249	33	debt	debt	NOUN
ajeer-197	249	34	with	with	ADP
ajeer-197	249	35	favorable	favorable	ADJ
ajeer-197	249	36	conditions	condition	NOUN
ajeer-197	249	37	,	,	PUNCT
ajeer-197	249	38	without	without	ADP
ajeer-197	249	39	colliding	collide	VERB
ajeer-197	249	40	with	with	ADP
ajeer-197	249	41	the	the	DET
ajeer-197	249	42	high	high	ADJ
ajeer-197	249	43	costs	cost	NOUN
ajeer-197	249	44	of	of	ADP
ajeer-197	249	45	financial	financial	ADJ
ajeer-197	249	46	uncertainty	uncertainty	NOUN
ajeer-197	249	47	.	.	PUNCT
ajeer-197	250	1	perhaps	perhaps	ADV
ajeer-197	250	2	the	the	DET
ajeer-197	250	3	initial	initial	ADJ
ajeer-197	250	4	reasoning	reasoning	NOUN
ajeer-197	250	5	was	be	AUX
ajeer-197	250	6	not	not	PART
ajeer-197	250	7	entirely	entirely	ADV
ajeer-197	250	8	correct	correct	ADJ
ajeer-197	250	9	,	,	PUNCT
ajeer-197	250	10	because	because	SCONJ
ajeer-197	250	11	the	the	DET
ajeer-197	250	12	factor	factor	NOUN
ajeer-197	250	13	of	of	ADP
ajeer-197	250	14	changes	change	NOUN
ajeer-197	250	15	in	in	ADP
ajeer-197	250	16	sales	sale	NOUN
ajeer-197	250	17	is	be	AUX
ajeer-197	250	18	not	not	PART
ajeer-197	250	19	as	as	ADP
ajeer-197	250	20	revealing	reveal	VERB
ajeer-197	250	21	,	,	PUNCT
ajeer-197	250	22	as	as	ADP
ajeer-197	250	23	the	the	DET
ajeer-197	250	24	absolute	absolute	ADJ
ajeer-197	250	25	value	value	NOUN
ajeer-197	250	26	of	of	ADP
ajeer-197	250	27	revenues	revenue	NOUN
ajeer-197	250	28	.	.	PUNCT
ajeer-197	251	1	theoretically	theoretically	ADV
ajeer-197	251	2	,	,	PUNCT
ajeer-197	251	3	small	small	ADJ
ajeer-197	251	4	companies	company	NOUN
ajeer-197	251	5	can	can	AUX
ajeer-197	251	6	raise	raise	VERB
ajeer-197	251	7	large	large	ADJ
ajeer-197	251	8	loans	loan	NOUN
ajeer-197	251	9	,	,	PUNCT
ajeer-197	251	10	and	and	CCONJ
ajeer-197	251	11	large	large	ADJ
ajeer-197	251	12	companies	company	NOUN
ajeer-197	251	13	not	not	PART
ajeer-197	251	14	resort	resort	VERB
ajeer-197	251	15	to	to	ADP
ajeer-197	251	16	debt	debt	NOUN
ajeer-197	251	17	in	in	ADP
ajeer-197	251	18	general	general	ADJ
ajeer-197	251	19	,	,	PUNCT
ajeer-197	251	20	so	so	ADV
ajeer-197	251	21	in	in	ADP
ajeer-197	251	22	this	this	DET
ajeer-197	251	23	case	case	NOUN
ajeer-197	251	24	,	,	PUNCT
ajeer-197	251	25	the	the	DET
ajeer-197	251	26	logic	logic	NOUN
ajeer-197	251	27	is	be	AUX
ajeer-197	251	28	wrong	wrong	ADJ
ajeer-197	251	29	.	.	PUNCT
ajeer-197	252	1	a	a	DET
ajeer-197	252	2	possible	possible	ADJ
ajeer-197	252	3	explanation	explanation	NOUN
ajeer-197	252	4	for	for	ADP
ajeer-197	252	5	the	the	DET
ajeer-197	252	6	negative	negative	ADJ
ajeer-197	252	7	dependence	dependence	NOUN
ajeer-197	252	8	between	between	ADP
ajeer-197	252	9	changes	change	NOUN
ajeer-197	252	10	in	in	ADP
ajeer-197	252	11	sales	sale	NOUN
ajeer-197	252	12	and	and	CCONJ
ajeer-197	252	13	raising	raise	VERB
ajeer-197	252	14	debt	debt	NOUN
ajeer-197	252	15	may	may	AUX
ajeer-197	252	16	be	be	AUX
ajeer-197	252	17	the	the	DET
ajeer-197	252	18	fact	fact	NOUN
ajeer-197	252	19	that	that	SCONJ
ajeer-197	252	20	the	the	PRON
ajeer-197	252	21	higher	high	ADJ
ajeer-197	252	22	the	the	DET
ajeer-197	252	23	sales	sale	NOUN
ajeer-197	252	24	of	of	ADP
ajeer-197	252	25	the	the	DET
ajeer-197	252	26	firm	firm	NOUN
ajeer-197	252	27	are	be	AUX
ajeer-197	252	28	,	,	PUNCT
ajeer-197	252	29	the	the	DET
ajeer-197	252	30	larger	large	ADJ
ajeer-197	252	31	are	be	AUX
ajeer-197	252	32	retained	retain	VERB
ajeer-197	252	33	earnings	earning	NOUN
ajeer-197	252	34	,	,	PUNCT
ajeer-197	252	35	and	and	CCONJ
ajeer-197	252	36	hence	hence	ADV
ajeer-197	252	37	the	the	DET
ajeer-197	252	38	probability	probability	NOUN
ajeer-197	252	39	of	of	ADP
ajeer-197	252	40	funding	funding	NOUN
ajeer-197	252	41	for	for	ADP
ajeer-197	252	42	the	the	DET
ajeer-197	252	43	company	company	NOUN
ajeer-197	252	44	's	's	PART
ajeer-197	252	45	own	own	ADJ
ajeer-197	252	46	funds	fund	NOUN
ajeer-197	252	47	.	.	PUNCT
ajeer-197	253	1	so	so	ADV
ajeer-197	253	2	the	the	DET
ajeer-197	253	3	3rd	3rd	ADJ
ajeer-197	253	4	hypothesis	hypothesis	NOUN
ajeer-197	253	5	is	be	AUX
ajeer-197	253	6	rejected	reject	VERB
ajeer-197	253	7	.	.	PUNCT
ajeer-197	254	1	the	the	DET
ajeer-197	254	2	next	next	ADJ
ajeer-197	254	3	factor	factor	NOUN
ajeer-197	254	4	to	to	PART
ajeer-197	254	5	consider	consider	VERB
ajeer-197	254	6	,	,	PUNCT
ajeer-197	254	7	the	the	DET
ajeer-197	254	8	change	change	NOUN
ajeer-197	254	9	in	in	ADP
ajeer-197	254	10	intangible	intangible	ADJ
ajeer-197	254	11	assets	asset	NOUN
ajeer-197	254	12	,	,	PUNCT
ajeer-197	254	13	is	be	AUX
ajeer-197	254	14	insignificant	insignificant	ADJ
ajeer-197	254	15	,	,	PUNCT
ajeer-197	254	16	as	as	SCONJ
ajeer-197	254	17	detailed	detailed	ADJ
ajeer-197	254	18	earlier	early	ADV
ajeer-197	254	19	,	,	PUNCT
ajeer-197	254	20	so	so	CCONJ
ajeer-197	254	21	it	it	PRON
ajeer-197	254	22	was	be	AUX
ajeer-197	254	23	excluded	exclude	VERB
ajeer-197	254	24	from	from	ADP
ajeer-197	254	25	the	the	DET
ajeer-197	254	26	regression	regression	NOUN
ajeer-197	254	27	,	,	PUNCT
ajeer-197	254	28	which	which	PRON
ajeer-197	254	29	increased	increase	VERB
ajeer-197	254	30	its	its	PRON
ajeer-197	254	31	explanatory	explanatory	ADJ
ajeer-197	254	32	power	power	NOUN
ajeer-197	254	33	.	.	PUNCT
ajeer-197	255	1	the	the	DET
ajeer-197	255	2	reason	reason	NOUN
ajeer-197	255	3	is	be	AUX
ajeer-197	255	4	probably	probably	ADV
ajeer-197	255	5	the	the	DET
ajeer-197	255	6	fact	fact	NOUN
ajeer-197	255	7	that	that	SCONJ
ajeer-197	255	8	small	small	ADJ
ajeer-197	255	9	changes	change	NOUN
ajeer-197	255	10	in	in	ADP
ajeer-197	255	11	patents	patent	NOUN
ajeer-197	255	12	/	/	SYM
ajeer-197	255	13	licenses	license	NOUN
ajeer-197	255	14	do	do	AUX
ajeer-197	255	15	not	not	PART
ajeer-197	255	16	provide	provide	VERB
ajeer-197	255	17	sufficient	sufficient	ADJ
ajeer-197	255	18	additional	additional	ADJ
ajeer-197	255	19	growth	growth	NOUN
ajeer-197	255	20	potential	potential	NOUN
ajeer-197	255	21	to	to	PART
ajeer-197	255	22	say	say	VERB
ajeer-197	255	23	that	that	SCONJ
ajeer-197	255	24	raising	raise	VERB
ajeer-197	255	25	debt	debt	NOUN
ajeer-197	255	26	is	be	AUX
ajeer-197	255	27	profitable	profitable	ADJ
ajeer-197	255	28	.	.	PUNCT
ajeer-197	256	1	the	the	DET
ajeer-197	256	2	4th	4th	ADJ
ajeer-197	256	3	hypothesis	hypothesis	NOUN
ajeer-197	256	4	is	be	AUX
ajeer-197	256	5	rejected	reject	VERB
ajeer-197	256	6	.	.	PUNCT
ajeer-197	257	1	the	the	DET
ajeer-197	257	2	coefficient	coefficient	NOUN
ajeer-197	257	3	before	before	ADP
ajeer-197	257	4	the	the	DET
ajeer-197	257	5	last	last	ADJ
ajeer-197	257	6	factor	factor	NOUN
ajeer-197	257	7	,	,	PUNCT
ajeer-197	257	8	showing	show	VERB
ajeer-197	257	9	the	the	DET
ajeer-197	257	10	change	change	NOUN
ajeer-197	257	11	in	in	ADP
ajeer-197	257	12	fixed	fix	VERB
ajeer-197	257	13	assets	asset	NOUN
ajeer-197	257	14	,	,	PUNCT
ajeer-197	257	15	has	have	VERB
ajeer-197	257	16	a	a	DET
ajeer-197	257	17	predictable	predictable	ADJ
ajeer-197	257	18	positive	positive	ADJ
ajeer-197	257	19	sign	sign	NOUN
ajeer-197	257	20	.	.	PUNCT
ajeer-197	258	1	our	our	PRON
ajeer-197	258	2	estimate	estimate	NOUN
ajeer-197	258	3	about	about	ADP
ajeer-197	258	4	the	the	DET
ajeer-197	258	5	influence	influence	NOUN
ajeer-197	258	6	of	of	ADP
ajeer-197	258	7	powerful	powerful	ADJ
ajeer-197	258	8	software	software	NOUN
ajeer-197	258	9	on	on	ADP
ajeer-197	258	10	creating	create	VERB
ajeer-197	258	11	favorable	favorable	ADJ
ajeer-197	258	12	conditions	condition	NOUN
ajeer-197	258	13	to	to	PART
ajeer-197	258	14	raise	raise	VERB
ajeer-197	258	15	the	the	DET
ajeer-197	258	16	debt	debt	NOUN
ajeer-197	258	17	proves	prove	VERB
ajeer-197	258	18	to	to	PART
ajeer-197	258	19	be	be	AUX
ajeer-197	258	20	true	true	ADJ
ajeer-197	258	21	.	.	PUNCT
ajeer-197	259	1	slight	slight	ADJ
ajeer-197	259	2	contradiction	contradiction	NOUN
ajeer-197	259	3	arises	arise	VERB
ajeer-197	259	4	due	due	ADJ
ajeer-197	259	5	to	to	ADP
ajeer-197	259	6	high	high	ADJ
ajeer-197	259	7	correlation	correlation	NOUN
ajeer-197	259	8	between	between	ADP
ajeer-197	259	9	the	the	DET
ajeer-197	259	10	property	property	NOUN
ajeer-197	259	11	assets	asset	NOUN
ajeer-197	259	12	and	and	CCONJ
ajeer-197	259	13	sales	sale	NOUN
ajeer-197	259	14	,	,	PUNCT
ajeer-197	259	15	as	as	SCONJ
ajeer-197	259	16	it	it	PRON
ajeer-197	259	17	turned	turn	VERB
ajeer-197	259	18	out	out	ADP
ajeer-197	259	19	,	,	PUNCT
ajeer-197	259	20	both	both	DET
ajeer-197	259	21	factors	factor	NOUN
ajeer-197	259	22	have	have	VERB
ajeer-197	259	23	the	the	DET
ajeer-197	259	24	opposite	opposite	ADJ
ajeer-197	259	25	effect	effect	NOUN
ajeer-197	259	26	on	on	ADP
ajeer-197	259	27	the	the	DET
ajeer-197	259	28	dynamics	dynamic	NOUN
ajeer-197	259	29	of	of	ADP
ajeer-197	259	30	raising	raise	VERB
ajeer-197	259	31	debt	debt	NOUN
ajeer-197	259	32	.	.	PUNCT
ajeer-197	260	1	however	however	ADV
ajeer-197	260	2	,	,	PUNCT
ajeer-197	260	3	given	give	VERB
ajeer-197	260	4	such	such	DET
ajeer-197	260	5	a	a	DET
ajeer-197	260	6	low	low	ADJ
ajeer-197	260	7	importance	importance	NOUN
ajeer-197	260	8	of	of	ADP
ajeer-197	260	9	the	the	DET
ajeer-197	260	10	coefficient	coefficient	NOUN
ajeer-197	260	11	(	(	PUNCT
ajeer-197	260	12	the	the	DET
ajeer-197	260	13	p	p	NOUN
ajeer-197	260	14	-	-	PUNCT
ajeer-197	260	15	value	value	NOUN
ajeer-197	260	16	is	be	AUX
ajeer-197	260	17	0,1	0,1	NUM
ajeer-197	260	18	)	)	PUNCT
ajeer-197	260	19	,	,	PUNCT
ajeer-197	260	20	these	these	DET
ajeer-197	260	21	discrepancies	discrepancy	NOUN
ajeer-197	260	22	are	be	AUX
ajeer-197	260	23	not	not	PART
ajeer-197	260	24	necessary	necessary	ADJ
ajeer-197	260	25	to	to	PART
ajeer-197	260	26	be	be	AUX
ajeer-197	260	27	taken	take	VERB
ajeer-197	260	28	into	into	ADP
ajeer-197	260	29	account	account	NOUN
ajeer-197	260	30	,	,	PUNCT
ajeer-197	260	31	because	because	SCONJ
ajeer-197	260	32	in	in	ADP
ajeer-197	260	33	the	the	DET
ajeer-197	260	34	case	case	NOUN
ajeer-197	260	35	of	of	ADP
ajeer-197	260	36	a	a	DET
ajeer-197	260	37	higher	high	ADJ
ajeer-197	260	38	level	level	NOUN
ajeer-197	260	39	of	of	ADP
ajeer-197	260	40	importance	importance	NOUN
ajeer-197	260	41	,	,	PUNCT
ajeer-197	260	42	this	this	DET
ajeer-197	260	43	factor	factor	NOUN
ajeer-197	260	44	would	would	AUX
ajeer-197	260	45	be	be	AUX
ajeer-197	260	46	excluded	exclude	VERB
ajeer-197	260	47	from	from	ADP
ajeer-197	260	48	the	the	DET
ajeer-197	260	49	model	model	NOUN
ajeer-197	260	50	.	.	PUNCT
ajeer-197	261	1	the	the	DET
ajeer-197	261	2	5th	5th	ADJ
ajeer-197	261	3	hypothesis	hypothesis	NOUN
ajeer-197	261	4	should	should	AUX
ajeer-197	261	5	n't	not	PART
ajeer-197	261	6	be	be	AUX
ajeer-197	261	7	rejected	reject	VERB
ajeer-197	261	8	.	.	PUNCT
ajeer-197	262	1	so	so	ADV
ajeer-197	262	2	,	,	PUNCT
ajeer-197	262	3	the	the	DET
ajeer-197	262	4	present	present	ADJ
ajeer-197	262	5	model	model	NOUN
ajeer-197	262	6	is	be	AUX
ajeer-197	262	7	a	a	DET
ajeer-197	262	8	good	good	ADJ
ajeer-197	262	9	analogue	analogue	NOUN
ajeer-197	262	10	to	to	ADP
ajeer-197	262	11	the	the	DET
ajeer-197	262	12	one	one	NOUN
ajeer-197	262	13	presented	present	VERB
ajeer-197	262	14	by	by	ADP
ajeer-197	262	15	graham	graham	PROPN
ajeer-197	262	16	.	.	PUNCT
ajeer-197	263	1	it	it	PRON
ajeer-197	263	2	has	have	VERB
ajeer-197	263	3	nearly	nearly	ADV
ajeer-197	263	4	the	the	DET
ajeer-197	263	5	same	same	ADJ
ajeer-197	263	6	explanatory	explanatory	ADJ
ajeer-197	263	7	power	power	NOUN
ajeer-197	263	8	,	,	PUNCT
ajeer-197	263	9	but	but	CCONJ
ajeer-197	263	10	the	the	DET
ajeer-197	263	11	effect	effect	NOUN
ajeer-197	263	12	of	of	ADP
ajeer-197	263	13	the	the	DET
ajeer-197	263	14	tax	tax	NOUN
ajeer-197	263	15	factor	factor	NOUN
ajeer-197	263	16	in	in	ADP
ajeer-197	263	17	our	our	PRON
ajeer-197	263	18	model	model	NOUN
ajeer-197	263	19	is	be	AUX
ajeer-197	263	20	much	much	ADV
ajeer-197	263	21	higher	high	ADJ
ajeer-197	263	22	.	.	PUNCT
ajeer-197	264	1	the	the	DET
ajeer-197	264	2	inclusion	inclusion	NOUN
ajeer-197	264	3	of	of	ADP
ajeer-197	264	4	the	the	DET
ajeer-197	264	5	effective	effective	ADJ
ajeer-197	264	6	tax	tax	NOUN
ajeer-197	264	7	rate	rate	NOUN
ajeer-197	264	8	increased	increase	VERB
ajeer-197	264	9	the	the	DET
ajeer-197	264	10	explanatory	explanatory	ADJ
ajeer-197	264	11	power	power	NOUN
ajeer-197	264	12	more	more	ADJ
ajeer-197	264	13	than	than	ADP
ajeer-197	264	14	2	2	NUM
ajeer-197	264	15	-	-	NOUN
ajeer-197	264	16	fold	fold	ADJ
ajeer-197	264	17	,	,	PUNCT
ajeer-197	264	18	which	which	PRON
ajeer-197	264	19	significantly	significantly	ADV
ajeer-197	264	20	exceeds	exceed	VERB
ajeer-197	264	21	the	the	DET
ajeer-197	264	22	same	same	ADJ
ajeer-197	264	23	result	result	NOUN
ajeer-197	264	24	of	of	ADP
ajeer-197	264	25	graham	graham	PROPN
ajeer-197	264	26	,	,	PUNCT
ajeer-197	264	27	with	with	ADP
ajeer-197	264	28	his	his	PRON
ajeer-197	264	29	15	15	NUM
ajeer-197	264	30	%	%	NOUN
ajeer-197	264	31	.	.	PUNCT
ajeer-197	265	1	it	it	PRON
ajeer-197	265	2	can	can	AUX
ajeer-197	265	3	be	be	AUX
ajeer-197	265	4	concluded	conclude	VERB
ajeer-197	265	5	that	that	SCONJ
ajeer-197	265	6	the	the	DET
ajeer-197	265	7	study	study	NOUN
ajeer-197	265	8	was	be	AUX
ajeer-197	265	9	successful	successful	ADJ
ajeer-197	265	10	.	.	PUNCT
ajeer-197	266	1	it	it	PRON
ajeer-197	266	2	prove	prove	VERB
ajeer-197	266	3	that	that	SCONJ
ajeer-197	266	4	taxes	taxis	NOUN
ajeer-197	266	5	really	really	ADV
ajeer-197	266	6	affect	affect	VERB
ajeer-197	266	7	a	a	DET
ajeer-197	266	8	company	company	NOUN
ajeer-197	266	9	's	's	PART
ajeer-197	266	10	debt	debt	NOUN
ajeer-197	266	11	policy	policy	NOUN
ajeer-197	266	12	,	,	PUNCT
ajeer-197	266	13	giving	give	VERB
ajeer-197	266	14	the	the	DET
ajeer-197	266	15	comparison	comparison	NOUN
ajeer-197	266	16	of	of	ADP
ajeer-197	266	17	the	the	DET
ajeer-197	266	18	tax	tax	NOUN
ajeer-197	266	19	factor	factor	NOUN
ajeer-197	266	20	with	with	ADP
ajeer-197	266	21	other	other	ADJ
ajeer-197	266	22	factors	factor	NOUN
ajeer-197	266	23	,	,	PUNCT
ajeer-197	266	24	and	and	CCONJ
ajeer-197	266	25	confirming	confirm	VERB
ajeer-197	266	26	a	a	DET
ajeer-197	266	27	higher	high	ADJ
ajeer-197	266	28	relative	relative	ADJ
ajeer-197	266	29	impact	impact	NOUN
ajeer-197	266	30	of	of	ADP
ajeer-197	266	31	taxes	taxis	NOUN
ajeer-197	266	32	compared	compare	VERB
ajeer-197	266	33	to	to	ADP
ajeer-197	266	34	the	the	DET
ajeer-197	266	35	similar	similar	ADJ
ajeer-197	266	36	study	study	NOUN
ajeer-197	266	37	in	in	ADP
ajeer-197	266	38	the	the	DET
ajeer-197	266	39	west	west	NOUN
ajeer-197	266	40	.	.	PUNCT
ajeer-197	267	1	4	4	X
ajeer-197	267	2	.	.	X
ajeer-197	267	3	conclusions	conclusion	NOUN
ajeer-197	267	4	the	the	DET
ajeer-197	267	5	main	main	ADJ
ajeer-197	267	6	part	part	NOUN
ajeer-197	267	7	of	of	ADP
ajeer-197	267	8	this	this	DET
ajeer-197	267	9	work	work	NOUN
ajeer-197	267	10	includes	include	VERB
ajeer-197	267	11	the	the	DET
ajeer-197	267	12	study	study	NOUN
ajeer-197	267	13	based	base	VERB
ajeer-197	267	14	on	on	ADP
ajeer-197	267	15	the	the	DET
ajeer-197	267	16	model	model	NOUN
ajeer-197	267	17	of	of	ADP
ajeer-197	267	18	graham	graham	PROPN
ajeer-197	267	19	,	,	PUNCT
ajeer-197	267	20	but	but	CCONJ
ajeer-197	267	21	with	with	ADP
ajeer-197	267	22	a	a	DET
ajeer-197	267	23	slightly	slightly	ADV
ajeer-197	267	24	different	different	ADJ
ajeer-197	267	25	set	set	NOUN
ajeer-197	267	26	of	of	ADP
ajeer-197	267	27	factors	factor	NOUN
ajeer-197	267	28	.	.	PUNCT
ajeer-197	268	1	in	in	ADP
ajeer-197	268	2	particular	particular	ADJ
ajeer-197	268	3	,	,	PUNCT
ajeer-197	268	4	the	the	DET
ajeer-197	268	5	marginal	marginal	ADJ
ajeer-197	268	6	tax	tax	NOUN
ajeer-197	268	7	rate	rate	NOUN
ajeer-197	268	8	was	be	AUX
ajeer-197	268	9	replaced	replace	VERB
ajeer-197	268	10	by	by	ADP
ajeer-197	268	11	the	the	DET
ajeer-197	268	12	effective	effective	ADJ
ajeer-197	268	13	interest	interest	NOUN
ajeer-197	268	14	rate	rate	NOUN
ajeer-197	268	15	,	,	PUNCT
ajeer-197	268	16	which	which	PRON
ajeer-197	268	17	is	be	AUX
ajeer-197	268	18	supposed	suppose	VERB
ajeer-197	268	19	to	to	PART
ajeer-197	268	20	be	be	AUX
ajeer-197	268	21	more	more	ADV
ajeer-197	268	22	convenient	convenient	ADJ
ajeer-197	268	23	for	for	ADP
ajeer-197	268	24	financial	financial	ADJ
ajeer-197	268	25	managers	manager	NOUN
ajeer-197	268	26	.	.	PUNCT
ajeer-197	269	1	in	in	ADP
ajeer-197	269	2	addition	addition	NOUN
ajeer-197	269	3	,	,	PUNCT
ajeer-197	269	4	the	the	DET
ajeer-197	269	5	model	model	NOUN
ajeer-197	269	6	includes	include	VERB
ajeer-197	269	7	the	the	DET
ajeer-197	269	8	probability	probability	NOUN
ajeer-197	269	9	of	of	ADP
ajeer-197	269	10	bankruptcy	bankruptcy	NOUN
ajeer-197	269	11	,	,	PUNCT
ajeer-197	269	12	change	change	NOUN
ajeer-197	269	13	in	in	ADP
ajeer-197	269	14	fixed	fix	VERB
ajeer-197	269	15	assets	asset	NOUN
ajeer-197	269	16	,	,	PUNCT
ajeer-197	269	17	changes	change	NOUN
ajeer-197	269	18	in	in	ADP
ajeer-197	269	19	intangible	intangible	ADJ
ajeer-197	269	20	assets	asset	NOUN
ajeer-197	269	21	,	,	PUNCT
ajeer-197	269	22	and	and	CCONJ
ajeer-197	269	23	changes	change	NOUN
ajeer-197	269	24	in	in	ADP
ajeer-197	269	25	sales	sale	NOUN
ajeer-197	269	26	.	.	PUNCT
ajeer-197	270	1	the	the	DET
ajeer-197	270	2	results	result	NOUN
ajeer-197	270	3	showed	show	VERB
ajeer-197	270	4	that	that	SCONJ
ajeer-197	270	5	including	include	VERB
ajeer-197	270	6	the	the	DET
ajeer-197	270	7	effective	effective	ADJ
ajeer-197	270	8	tax	tax	NOUN
ajeer-197	270	9	rate	rate	NOUN
ajeer-197	270	10	is	be	AUX
ajeer-197	270	11	appropriate	appropriate	ADJ
ajeer-197	270	12	,	,	PUNCT
ajeer-197	270	13	because	because	SCONJ
ajeer-197	270	14	this	this	DET
ajeer-197	270	15	factor	factor	NOUN
ajeer-197	270	16	plays	play	VERB
ajeer-197	270	17	a	a	DET
ajeer-197	270	18	significant	significant	ADJ
ajeer-197	270	19	role	role	NOUN
ajeer-197	270	20	,	,	PUNCT
ajeer-197	270	21	and	and	CCONJ
ajeer-197	270	22	in	in	ADP
ajeer-197	270	23	terms	term	NOUN
ajeer-197	270	24	of	of	ADP
ajeer-197	270	25	its	its	PRON
ajeer-197	270	26	contribution	contribution	NOUN
ajeer-197	270	27	to	to	ADP
ajeer-197	270	28	the	the	DET
ajeer-197	270	29	explanatory	explanatory	ADJ
ajeer-197	270	30	power	power	NOUN
ajeer-197	270	31	of	of	ADP
ajeer-197	270	32	the	the	DET
ajeer-197	270	33	regression	regression	NOUN
ajeer-197	270	34	it	it	PRON
ajeer-197	270	35	is	be	AUX
ajeer-197	270	36	comparable	comparable	ADJ
ajeer-197	270	37	with	with	ADP
ajeer-197	270	38	all	all	DET
ajeer-197	270	39	other	other	ADJ
ajeer-197	270	40	factors	factor	NOUN
ajeer-197	270	41	combined	combine	VERB
ajeer-197	270	42	.	.	PUNCT
ajeer-197	271	1	at	at	ADP
ajeer-197	271	2	the	the	DET
ajeer-197	271	3	same	same	ADJ
ajeer-197	271	4	time	time	NOUN
ajeer-197	271	5	,	,	PUNCT
ajeer-197	271	6	the	the	DET
ajeer-197	271	7	impact	impact	NOUN
ajeer-197	271	8	of	of	ADP
ajeer-197	271	9	changes	change	NOUN
ajeer-197	271	10	in	in	ADP
ajeer-197	271	11	intangible	intangible	ADJ
ajeer-197	271	12	assets	asset	NOUN
ajeer-197	271	13	has	have	AUX
ajeer-197	271	14	proven	prove	VERB
ajeer-197	271	15	to	to	PART
ajeer-197	271	16	be	be	AUX
ajeer-197	271	17	insignificant	insignificant	ADJ
ajeer-197	271	18	,	,	PUNCT
ajeer-197	271	19	which	which	PRON
ajeer-197	271	20	is	be	AUX
ajeer-197	271	21	most	most	ADV
ajeer-197	271	22	probably	probably	ADV
ajeer-197	271	23	related	relate	VERB
ajeer-197	271	24	to	to	ADP
ajeer-197	271	25	changes	change	NOUN
ajeer-197	271	26	being	be	AUX
ajeer-197	271	27	too	too	ADV
ajeer-197	271	28	insignificant	insignificant	ADJ
ajeer-197	271	29	to	to	PART
ajeer-197	271	30	cause	cause	VERB
ajeer-197	271	31	growth	growth	NOUN
ajeer-197	271	32	potential	potential	NOUN
ajeer-197	271	33	and	and	CCONJ
ajeer-197	271	34	increase	increase	VERB
ajeer-197	271	35	levels	level	NOUN
ajeer-197	271	36	of	of	ADP
ajeer-197	271	37	debt	debt	NOUN
ajeer-197	271	38	.	.	PUNCT
ajeer-197	272	1	the	the	DET
ajeer-197	272	2	overall	overall	ADJ
ajeer-197	272	3	results	result	NOUN
ajeer-197	272	4	of	of	ADP
ajeer-197	272	5	the	the	DET
ajeer-197	272	6	study	study	NOUN
ajeer-197	272	7	were	be	AUX
ajeer-197	272	8	positive	positive	ADJ
ajeer-197	272	9	,	,	PUNCT
ajeer-197	272	10	almost	almost	ADV
ajeer-197	272	11	all	all	DET
ajeer-197	272	12	the	the	DET
ajeer-197	272	13	coefficients	coefficient	NOUN
ajeer-197	272	14	were	be	AUX
ajeer-197	272	15	significant	significant	ADJ
ajeer-197	272	16	,	,	PUNCT
ajeer-197	272	17	most	most	ADJ
ajeer-197	272	18	of	of	ADP
ajeer-197	272	19	the	the	DET
ajeer-197	272	20	hypotheses	hypothesis	NOUN
ajeer-197	272	21	were	be	AUX
ajeer-197	272	22	confirmed	confirm	VERB
ajeer-197	272	23	,	,	PUNCT
ajeer-197	272	24	namely	namely	ADV
ajeer-197	272	25	,	,	PUNCT
ajeer-197	272	26	the	the	DET
ajeer-197	272	27	hypothesis	hypothesis	NOUN
ajeer-197	272	28	about	about	ADP
ajeer-197	272	29	the	the	DET
ajeer-197	272	30	influence	influence	NOUN
ajeer-197	272	31	of	of	ADP
ajeer-197	272	32	probability	probability	NOUN
ajeer-197	272	33	of	of	ADP
ajeer-197	272	34	bankruptcy	bankruptcy	NOUN
ajeer-197	272	35	,	,	PUNCT
ajeer-197	272	36	fixed	fix	VERB
ajeer-197	272	37	assets	asset	NOUN
ajeer-197	272	38	and	and	CCONJ
ajeer-197	272	39	the	the	DET
ajeer-197	272	40	effective	effective	ADJ
ajeer-197	272	41	tax	tax	NOUN
ajeer-197	272	42	rate	rate	NOUN
ajeer-197	272	43	.	.	PUNCT
ajeer-197	273	1	hypotheses	hypothesis	NOUN
ajeer-197	273	2	about	about	ADP
ajeer-197	273	3	the	the	DET
ajeer-197	273	4	impact	impact	NOUN
ajeer-197	273	5	of	of	ADP
ajeer-197	273	6	changes	change	NOUN
ajeer-197	273	7	in	in	ADP
ajeer-197	273	8	sales	sale	NOUN
ajeer-197	273	9	and	and	CCONJ
ajeer-197	273	10	intangible	intangible	ADJ
ajeer-197	273	11	assets	asset	NOUN
ajeer-197	273	12	have	have	AUX
ajeer-197	273	13	been	be	AUX
ajeer-197	273	14	rejected	reject	VERB
ajeer-197	273	15	,	,	PUNCT
ajeer-197	273	16	with	with	SCONJ
ajeer-197	273	17	the	the	DET
ajeer-197	273	18	reasons	reason	NOUN
ajeer-197	273	19	for	for	ADP
ajeer-197	273	20	the	the	DET
ajeer-197	273	21	inconformity	inconformity	NOUN
ajeer-197	273	22	explained	explain	VERB
ajeer-197	273	23	.	.	PUNCT
ajeer-197	274	1	also	also	ADV
ajeer-197	274	2	,	,	PUNCT
ajeer-197	274	3	you	you	PRON
ajeer-197	274	4	should	should	AUX
ajeer-197	274	5	consider	consider	VERB
ajeer-197	274	6	that	that	PRON
ajeer-197	274	7	in	in	ADP
ajeer-197	274	8	reality	reality	NOUN
ajeer-197	274	9	asian	asian	ADJ
ajeer-197	274	10	journal	journal	NOUN
ajeer-197	274	11	of	of	ADP
ajeer-197	274	12	economics	economic	NOUN
ajeer-197	274	13	and	and	CCONJ
ajeer-197	274	14	empirical	empirical	ADJ
ajeer-197	274	15	research	research	NOUN
ajeer-197	274	16	,	,	PUNCT
ajeer-197	274	17	2015	2015	NUM
ajeer-197	274	18	,	,	PUNCT
ajeer-197	274	19	2(1):39	2(1):39	NUM
ajeer-197	274	20	-	-	SYM
ajeer-197	274	21	46	46	NUM
ajeer-197	274	22	46	46	NUM
ajeer-197	274	23	companies	company	NOUN
ajeer-197	274	24	issuing	issue	VERB
ajeer-197	274	25	debt	debt	NOUN
ajeer-197	274	26	are	be	AUX
ajeer-197	274	27	often	often	ADV
ajeer-197	274	28	guided	guide	VERB
ajeer-197	274	29	by	by	ADP
ajeer-197	274	30	other	other	ADJ
ajeer-197	274	31	motives	motive	NOUN
ajeer-197	274	32	,	,	PUNCT
ajeer-197	274	33	such	such	ADJ
ajeer-197	274	34	as	as	ADP
ajeer-197	274	35	the	the	DET
ajeer-197	274	36	ability	ability	NOUN
ajeer-197	274	37	to	to	PART
ajeer-197	274	38	transfer	transfer	VERB
ajeer-197	274	39	profits	profit	NOUN
ajeer-197	274	40	to	to	ADP
ajeer-197	274	41	shareholders	shareholder	NOUN
ajeer-197	274	42	abroad	abroad	ADV
ajeer-197	274	43	with	with	ADP
ajeer-197	274	44	minimal	minimal	ADJ
ajeer-197	274	45	losses	loss	NOUN
ajeer-197	274	46	.	.	PUNCT
ajeer-197	275	1	raising	raise	VERB
ajeer-197	275	2	debt	debt	NOUN
ajeer-197	275	3	capital	capital	NOUN
ajeer-197	275	4	,	,	PUNCT
ajeer-197	275	5	in	in	ADP
ajeer-197	275	6	certain	certain	ADJ
ajeer-197	275	7	cases	case	NOUN
ajeer-197	275	8	,	,	PUNCT
ajeer-197	275	9	is	be	AUX
ajeer-197	275	10	a	a	DET
ajeer-197	275	11	more	more	ADV
ajeer-197	275	12	attractive	attractive	ADJ
ajeer-197	275	13	way	way	NOUN
ajeer-197	275	14	of	of	ADP
ajeer-197	275	15	financing	financing	NOUN
ajeer-197	275	16	than	than	ADP
ajeer-197	275	17	issuing	issue	VERB
ajeer-197	275	18	securities	security	NOUN
ajeer-197	275	19	,	,	PUNCT
ajeer-197	275	20	as	as	SCONJ
ajeer-197	275	21	it	it	PRON
ajeer-197	275	22	is	be	AUX
ajeer-197	275	23	possible	possible	ADJ
ajeer-197	275	24	to	to	PART
ajeer-197	275	25	deduct	deduct	VERB
ajeer-197	275	26	the	the	DET
ajeer-197	275	27	interest	interest	NOUN
ajeer-197	275	28	expenses	expense	NOUN
ajeer-197	275	29	from	from	ADP
ajeer-197	275	30	the	the	DET
ajeer-197	275	31	tax	tax	NOUN
ajeer-197	275	32	base	base	NOUN
ajeer-197	275	33	,	,	PUNCT
ajeer-197	275	34	which	which	PRON
ajeer-197	275	35	is	be	AUX
ajeer-197	275	36	not	not	PART
ajeer-197	275	37	the	the	DET
ajeer-197	275	38	case	case	NOUN
ajeer-197	275	39	of	of	ADP
ajeer-197	275	40	dividends	dividend	NOUN
ajeer-197	275	41	.	.	PUNCT
ajeer-197	276	1	many	many	ADJ
ajeer-197	276	2	companies	company	NOUN
ajeer-197	276	3	use	use	VERB
ajeer-197	276	4	debt	debt	NOUN
ajeer-197	276	5	issued	issue	VERB
ajeer-197	276	6	by	by	ADP
ajeer-197	276	7	parent	parent	NOUN
ajeer-197	276	8	companies	company	NOUN
ajeer-197	276	9	to	to	PART
ajeer-197	276	10	transfer	transfer	VERB
ajeer-197	276	11	funds	fund	NOUN
ajeer-197	276	12	to	to	ADP
ajeer-197	276	13	a	a	DET
ajeer-197	276	14	higher	high	ADJ
ajeer-197	276	15	level	level	NOUN
ajeer-197	276	16	of	of	ADP
ajeer-197	276	17	ownership	ownership	NOUN
ajeer-197	276	18	structure	structure	NOUN
ajeer-197	276	19	at	at	ADP
ajeer-197	276	20	appropriate	appropriate	ADJ
ajeer-197	276	21	rate	rate	NOUN
ajeer-197	276	22	.	.	PUNCT
ajeer-197	277	1	tax	tax	NOUN
ajeer-197	277	2	authorities	authority	NOUN
ajeer-197	277	3	,	,	PUNCT
ajeer-197	277	4	considering	consider	VERB
ajeer-197	277	5	such	such	ADJ
ajeer-197	277	6	practice	practice	NOUN
ajeer-197	277	7	,	,	PUNCT
ajeer-197	277	8	bring	bring	VERB
ajeer-197	277	9	in	in	ADP
ajeer-197	277	10	restrictive	restrictive	ADJ
ajeer-197	277	11	measures	measure	NOUN
ajeer-197	277	12	to	to	PART
ajeer-197	277	13	avoid	avoid	VERB
ajeer-197	277	14	abuse	abuse	NOUN
ajeer-197	277	15	of	of	ADP
ajeer-197	277	16	duty	duty	NOUN
ajeer-197	277	17	.	.	PUNCT
ajeer-197	278	1	among	among	ADP
ajeer-197	278	2	such	such	ADJ
ajeer-197	278	3	measures	measure	NOUN
ajeer-197	278	4	there	there	PRON
ajeer-197	278	5	is	be	VERB
ajeer-197	278	6	the	the	DET
ajeer-197	278	7	"	"	PUNCT
ajeer-197	278	8	thin	thin	ADJ
ajeer-197	278	9	capitalization	capitalization	NOUN
ajeer-197	278	10	"	"	PUNCT
ajeer-197	278	11	principle	principle	NOUN
ajeer-197	278	12	,	,	PUNCT
ajeer-197	278	13	limiting	limit	VERB
ajeer-197	278	14	the	the	DET
ajeer-197	278	15	deduction	deduction	NOUN
ajeer-197	278	16	of	of	ADP
ajeer-197	278	17	interest	interest	NOUN
ajeer-197	278	18	on	on	ADP
ajeer-197	278	19	debts	debt	NOUN
ajeer-197	278	20	from	from	ADP
ajeer-197	278	21	affiliated	affiliated	ADJ
ajeer-197	278	22	persons	person	NOUN
ajeer-197	278	23	.	.	PUNCT
ajeer-197	279	1	another	another	DET
ajeer-197	279	2	way	way	NOUN
ajeer-197	279	3	to	to	PART
ajeer-197	279	4	struggle	struggle	VERB
ajeer-197	279	5	with	with	ADP
ajeer-197	279	6	such	such	ADJ
ajeer-197	279	7	structures	structure	NOUN
ajeer-197	279	8	is	be	AUX
ajeer-197	279	9	setting	set	VERB
ajeer-197	279	10	limits	limit	NOUN
ajeer-197	279	11	on	on	ADP
ajeer-197	279	12	interest	interest	NOUN
ajeer-197	279	13	payments	payment	NOUN
ajeer-197	279	14	.	.	PUNCT
ajeer-197	280	1	in	in	ADP
ajeer-197	280	2	general	general	ADJ
ajeer-197	280	3	,	,	PUNCT
ajeer-197	280	4	there	there	PRON
ajeer-197	280	5	are	be	VERB
ajeer-197	280	6	many	many	ADJ
ajeer-197	280	7	factors	factor	NOUN
ajeer-197	280	8	affecting	affect	VERB
ajeer-197	280	9	a	a	DET
ajeer-197	280	10	company	company	NOUN
ajeer-197	280	11	's	's	PART
ajeer-197	280	12	financial	financial	ADJ
ajeer-197	280	13	policy	policy	NOUN
ajeer-197	280	14	,	,	PUNCT
ajeer-197	280	15	some	some	PRON
ajeer-197	280	16	of	of	ADP
ajeer-197	280	17	them	they	PRON
ajeer-197	280	18	measurable	measurable	ADJ
ajeer-197	280	19	and	and	CCONJ
ajeer-197	280	20	verifiable	verifiable	ADJ
ajeer-197	280	21	,	,	PUNCT
ajeer-197	280	22	some	some	PRON
ajeer-197	280	23	not	not	PART
ajeer-197	280	24	,	,	PUNCT
ajeer-197	280	25	however	however	ADV
ajeer-197	280	26	,	,	PUNCT
ajeer-197	280	27	it	it	PRON
ajeer-197	280	28	's	be	AUX
ajeer-197	280	29	not	not	PART
ajeer-197	280	30	deniable	deniable	ADJ
ajeer-197	280	31	that	that	SCONJ
ajeer-197	280	32	the	the	DET
ajeer-197	280	33	taxes	taxis	NOUN
ajeer-197	280	34	affect	affect	VERB
ajeer-197	280	35	directly	directly	ADV
ajeer-197	280	36	the	the	DET
ajeer-197	280	37	choice	choice	NOUN
ajeer-197	280	38	of	of	ADP
ajeer-197	280	39	debt	debt	NOUN
ajeer-197	280	40	,	,	PUNCT
ajeer-197	280	41	and	and	CCONJ
ajeer-197	280	42	that	that	SCONJ
ajeer-197	280	43	the	the	DET
ajeer-197	280	44	influence	influence	NOUN
ajeer-197	280	45	of	of	ADP
ajeer-197	280	46	the	the	DET
ajeer-197	280	47	tax	tax	NOUN
ajeer-197	280	48	factor	factor	NOUN
ajeer-197	280	49	is	be	AUX
ajeer-197	280	50	probably	probably	ADV
ajeer-197	280	51	underestimated	underestimate	VERB
ajeer-197	280	52	by	by	ADP
ajeer-197	280	53	the	the	DET
ajeer-197	280	54	economic	economic	ADJ
ajeer-197	280	55	community	community	NOUN
ajeer-197	280	56	of	of	ADP
ajeer-197	280	57	nowadays	nowadays	ADV
ajeer-197	280	58	.	.	PUNCT
ajeer-197	281	1	5	5	X
ajeer-197	281	2	.	.	X
ajeer-197	281	3	acknowledgement	acknowledgement	NOUN
ajeer-197	281	4	this	this	DET
ajeer-197	281	5	article	article	NOUN
ajeer-197	281	6	is	be	AUX
ajeer-197	281	7	an	an	DET
ajeer-197	281	8	output	output	NOUN
ajeer-197	281	9	of	of	ADP
ajeer-197	281	10	a	a	DET
ajeer-197	281	11	research	research	NOUN
ajeer-197	281	12	project	project	NOUN
ajeer-197	281	13	implemented	implement	VERB
ajeer-197	281	14	as	as	ADP
ajeer-197	281	15	part	part	NOUN
ajeer-197	281	16	of	of	ADP
ajeer-197	281	17	the	the	DET
ajeer-197	281	18	basic	basic	ADJ
ajeer-197	281	19	research	research	NOUN
ajeer-197	281	20	program	program	NOUN
ajeer-197	281	21	at	at	ADP
ajeer-197	281	22	the	the	DET
ajeer-197	281	23	national	national	PROPN
ajeer-197	281	24	research	research	PROPN
ajeer-197	281	25	university	university	PROPN
ajeer-197	281	26	higher	high	ADJ
ajeer-197	281	27	school	school	NOUN
ajeer-197	281	28	of	of	ADP
ajeer-197	281	29	economics	economic	NOUN
ajeer-197	281	30	(	(	PUNCT
ajeer-197	281	31	hse	hse	PROPN
ajeer-197	281	32	)	)	PUNCT
ajeer-197	281	33	references	reference	NOUN
ajeer-197	281	34	altman	altman	PROPN
ajeer-197	281	35	,	,	PUNCT
ajeer-197	281	36	e.	e.	PROPN
ajeer-197	281	37	,	,	PUNCT
ajeer-197	281	38	1968	1968	NUM
ajeer-197	281	39	.	.	PUNCT
ajeer-197	282	1	financial	financial	ADJ
ajeer-197	282	2	ratios	ratio	NOUN
ajeer-197	282	3	,	,	PUNCT
ajeer-197	282	4	discriminant	discriminant	ADJ
ajeer-197	282	5	analysis	analysis	NOUN
ajeer-197	282	6	,	,	PUNCT
ajeer-197	282	7	and	and	CCONJ
ajeer-197	282	8	the	the	DET
ajeer-197	282	9	prediction	prediction	NOUN
ajeer-197	282	10	of	of	ADP
ajeer-197	282	11	corporate	corporate	ADJ
ajeer-197	282	12	bankruptcy	bankruptcy	NOUN
ajeer-197	282	13	.	.	PUNCT
ajeer-197	283	1	journal	journal	PROPN
ajeer-197	283	2	of	of	ADP
ajeer-197	283	3	finance	finance	NOUN
ajeer-197	283	4	,	,	PUNCT
ajeer-197	283	5	23(4	23(4	NUM
ajeer-197	283	6	):	):	PUNCT
ajeer-197	283	7	89	89	NUM
ajeer-197	283	8	-	-	SYM
ajeer-197	283	9	609	609	NUM
ajeer-197	283	10	.	.	PUNCT
ajeer-197	284	1	deangelo	deangelo	PROPN
ajeer-197	284	2	,	,	PUNCT
ajeer-197	284	3	h.	h.	PROPN
ajeer-197	284	4	and	and	CCONJ
ajeer-197	284	5	r.w	r.w	PROPN
ajeer-197	284	6	.	.	PROPN
ajeer-197	284	7	masulis	masulis	PROPN
ajeer-197	284	8	,	,	PUNCT
ajeer-197	284	9	1980	1980	NUM
ajeer-197	284	10	.	.	PUNCT
ajeer-197	285	1	optimal	optimal	ADJ
ajeer-197	285	2	capital	capital	NOUN
ajeer-197	285	3	structure	structure	NOUN
ajeer-197	285	4	under	under	ADP
ajeer-197	285	5	corporate	corporate	ADJ
ajeer-197	285	6	and	and	CCONJ
ajeer-197	285	7	personal	personal	ADJ
ajeer-197	285	8	taxation	taxation	NOUN
ajeer-197	285	9	.	.	PUNCT
ajeer-197	286	1	journal	journal	NOUN
ajeer-197	286	2	of	of	ADP
ajeer-197	286	3	financial	financial	ADJ
ajeer-197	286	4	economics	economic	NOUN
ajeer-197	286	5	,	,	PUNCT
ajeer-197	286	6	8(1	8(1	NOUN
ajeer-197	286	7	):	):	PUNCT
ajeer-197	286	8	3	3	NUM
ajeer-197	286	9	-	-	SYM
ajeer-197	286	10	29	29	NUM
ajeer-197	286	11	.	.	PUNCT
ajeer-197	287	1	graham	graham	PROPN
ajeer-197	287	2	,	,	PUNCT
ajeer-197	287	3	j.r	j.r	PROPN
ajeer-197	287	4	.	.	PROPN
ajeer-197	287	5	,	,	PUNCT
ajeer-197	287	6	1996	1996	NUM
ajeer-197	287	7	.	.	PUNCT
ajeer-197	288	1	debt	debt	NOUN
ajeer-197	288	2	and	and	CCONJ
ajeer-197	288	3	the	the	DET
ajeer-197	288	4	marginal	marginal	ADJ
ajeer-197	288	5	tax	tax	NOUN
ajeer-197	288	6	rate	rate	NOUN
ajeer-197	288	7	.	.	PUNCT
ajeer-197	289	1	journal	journal	NOUN
ajeer-197	289	2	of	of	ADP
ajeer-197	289	3	financial	financial	ADJ
ajeer-197	289	4	economics	economic	NOUN
ajeer-197	289	5	,	,	PUNCT
ajeer-197	289	6	41	41	NUM
ajeer-197	289	7	:	:	SYM
ajeer-197	289	8	41	41	NUM
ajeer-197	289	9	-	-	SYM
ajeer-197	289	10	74	74	NUM
ajeer-197	289	11	.	.	PUNCT
ajeer-197	290	1	graham	graham	PROPN
ajeer-197	290	2	,	,	PUNCT
ajeer-197	290	3	j.r	j.r	PROPN
ajeer-197	290	4	.	.	PROPN
ajeer-197	290	5	,	,	PUNCT
ajeer-197	290	6	2000	2000	NUM
ajeer-197	290	7	.	.	PUNCT
ajeer-197	291	1	how	how	SCONJ
ajeer-197	291	2	big	big	ADJ
ajeer-197	291	3	are	be	AUX
ajeer-197	291	4	the	the	DET
ajeer-197	291	5	tax	tax	NOUN
ajeer-197	291	6	benefits	benefit	NOUN
ajeer-197	291	7	of	of	ADP
ajeer-197	291	8	debt	debt	NOUN
ajeer-197	291	9	.	.	PUNCT
ajeer-197	292	1	journal	journal	PROPN
ajeer-197	292	2	of	of	ADP
ajeer-197	292	3	finance	finance	NOUN
ajeer-197	292	4	,	,	PUNCT
ajeer-197	292	5	55(5	55(5	NUM
ajeer-197	292	6	):	):	PUNCT
ajeer-197	292	7	1901	1901	NUM
ajeer-197	292	8	-	-	SYM
ajeer-197	292	9	1941	1941	NUM
ajeer-197	292	10	.	.	PUNCT
ajeer-197	293	1	mackie	mackie	NOUN
ajeer-197	293	2	-	-	PUNCT
ajeer-197	293	3	mason	mason	PROPN
ajeer-197	293	4	,	,	PUNCT
ajeer-197	293	5	j.	j.	PROPN
ajeer-197	293	6	,	,	PUNCT
ajeer-197	293	7	1990	1990	NUM
ajeer-197	293	8	.	.	PUNCT
ajeer-197	294	1	do	do	AUX
ajeer-197	294	2	taxes	taxis	NOUN
ajeer-197	294	3	affect	affect	VERB
ajeer-197	294	4	corporate	corporate	ADJ
ajeer-197	294	5	financing	financing	NOUN
ajeer-197	294	6	decisions	decision	NOUN
ajeer-197	294	7	.	.	PUNCT
ajeer-197	295	1	journal	journal	NOUN
ajeer-197	295	2	of	of	ADP
ajeer-197	295	3	finance	finance	NOUN
ajeer-197	295	4	,	,	PUNCT
ajeer-197	295	5	45(5	45(5	NUM
ajeer-197	295	6	):	):	PUNCT
ajeer-197	295	7	1471	1471	NUM
ajeer-197	295	8	-	-	SYM
ajeer-197	295	9	1493	1493	NUM
ajeer-197	295	10	.	.	PUNCT
ajeer-197	296	1	miller	miller	PROPN
ajeer-197	296	2	,	,	PUNCT
ajeer-197	296	3	m.h	m.h	PROPN
ajeer-197	296	4	.	.	PROPN
ajeer-197	296	5	,	,	PUNCT
ajeer-197	296	6	1977	1977	NUM
ajeer-197	296	7	.	.	PUNCT
ajeer-197	297	1	debt	debt	NOUN
ajeer-197	297	2	and	and	CCONJ
ajeer-197	297	3	taxes	taxis	NOUN
ajeer-197	297	4	.	.	PUNCT
ajeer-197	298	1	journal	journal	NOUN
ajeer-197	298	2	of	of	ADP
ajeer-197	298	3	finance	finance	NOUN
ajeer-197	298	4	,	,	PUNCT
ajeer-197	298	5	32(2	32(2	NUM
ajeer-197	298	6	):	):	PUNCT
ajeer-197	298	7	261	261	NUM
ajeer-197	298	8	-	-	SYM
ajeer-197	298	9	275	275	NUM
ajeer-197	298	10	.	.	PUNCT
ajeer-197	299	1	modigliani	modigliani	PROPN
ajeer-197	299	2	,	,	PUNCT
ajeer-197	299	3	f.	f.	PROPN
ajeer-197	299	4	and	and	CCONJ
ajeer-197	299	5	m.h	m.h	PROPN
ajeer-197	299	6	.	.	PROPN
ajeer-197	299	7	miller	miller	PROPN
ajeer-197	299	8	,	,	PUNCT
ajeer-197	299	9	1958	1958	NUM
ajeer-197	299	10	.	.	PUNCT
ajeer-197	300	1	the	the	DET
ajeer-197	300	2	cost	cost	NOUN
ajeer-197	300	3	of	of	ADP
ajeer-197	300	4	capital	capital	NOUN
ajeer-197	300	5	,	,	PUNCT
ajeer-197	300	6	corporate	corporate	ADJ
ajeer-197	300	7	finance	finance	NOUN
ajeer-197	300	8	and	and	CCONJ
ajeer-197	300	9	the	the	DET
ajeer-197	300	10	theory	theory	NOUN
ajeer-197	300	11	of	of	ADP
ajeer-197	300	12	investment	investment	NOUN
ajeer-197	300	13	.	.	PUNCT
ajeer-197	301	1	american	american	PROPN
ajeer-197	301	2	economic	economic	PROPN
ajeer-197	301	3	review	review	PROPN
ajeer-197	301	4	,	,	PUNCT
ajeer-197	301	5	48(3	48(3	NOUN
ajeer-197	301	6	):	):	PUNCT
ajeer-197	301	7	261	261	NUM
ajeer-197	301	8	-	-	SYM
ajeer-197	301	9	297	297	NUM
ajeer-197	301	10	.	.	PUNCT
ajeer-197	302	1	modigliani	modigliani	PROPN
ajeer-197	302	2	,	,	PUNCT
ajeer-197	302	3	f.	f.	PROPN
ajeer-197	302	4	and	and	CCONJ
ajeer-197	302	5	m.h	m.h	PROPN
ajeer-197	302	6	.	.	PROPN
ajeer-197	302	7	miller	miller	PROPN
ajeer-197	302	8	,	,	PUNCT
ajeer-197	302	9	1963	1963	NUM
ajeer-197	302	10	.	.	PUNCT
ajeer-197	303	1	corporate	corporate	ADJ
ajeer-197	303	2	income	income	NOUN
ajeer-197	303	3	taxes	taxis	NOUN
ajeer-197	303	4	and	and	CCONJ
ajeer-197	303	5	the	the	DET
ajeer-197	303	6	cost	cost	NOUN
ajeer-197	303	7	of	of	ADP
ajeer-197	303	8	capital	capital	NOUN
ajeer-197	303	9	:	:	PUNCT
ajeer-197	303	10	a	a	DET
ajeer-197	303	11	correction	correction	NOUN
ajeer-197	303	12	(	(	PUNCT
ajeer-197	303	13	in	in	ADP
ajeer-197	303	14	communications	communication	NOUN
ajeer-197	303	15	)	)	PUNCT
ajeer-197	303	16	.	.	PUNCT
ajeer-197	304	1	american	american	PROPN
ajeer-197	304	2	economic	economic	PROPN
ajeer-197	304	3	review	review	PROPN
ajeer-197	304	4	,	,	PUNCT
ajeer-197	304	5	53(3	53(3	NUM
ajeer-197	304	6	):	):	PUNCT
ajeer-197	304	7	433	433	NUM
ajeer-197	304	8	-	-	SYM
ajeer-197	304	9	443	443	NUM
ajeer-197	304	10	.	.	PUNCT
ajeer-197	305	1	table-1	table-1	NUM
ajeer-197	305	2	.	.	PUNCT
ajeer-197	306	1	summary	summary	NOUN
ajeer-197	306	2	statistics	statistic	NOUN
ajeer-197	306	3	lr	lr	VERB
ajeer-197	306	4	debt	debt	NOUN
ajeer-197	306	5	efrate	efrate	NOUN
ajeer-197	306	6	zprob	zprob	PROPN
ajeer-197	306	7	delta	delta	PROPN
ajeer-197	306	8	sales	sale	NOUN
ajeer-197	306	9	delta	delta	PROPN
ajeer-197	306	10	fa	fa	PROPN
ajeer-197	306	11	delta	delta	PROPN
ajeer-197	306	12	intan	intan	PROPN
ajeer-197	306	13	mean	mean	VERB
ajeer-197	306	14	0.337	0.337	NUM
ajeer-197	306	15	0.264	0.264	NUM
ajeer-197	306	16	0.191	0.191	NUM
ajeer-197	306	17	0.22	0.22	NUM
ajeer-197	306	18	0.053	0.053	NUM
ajeer-197	306	19	0	0	NUM
ajeer-197	306	20	standard	standard	ADJ
ajeer-197	306	21	error	error	NOUN
ajeer-197	306	22	0.083	0.083	NUM
ajeer-197	306	23	0.034	0.034	NUM
ajeer-197	306	24	0.002	0.002	NUM
ajeer-197	306	25	0.028	0.028	NUM
ajeer-197	306	26	0.004	0.004	NUM
ajeer-197	306	27	0	0	NUM
ajeer-197	306	28	median	median	NOUN
ajeer-197	306	29	0.139	0.139	NUM
ajeer-197	306	30	0.198	0.198	NUM
ajeer-197	306	31	0.203	0.203	NUM
ajeer-197	306	32	0.148	0.148	NUM
ajeer-197	306	33	0.019	0.019	NUM
ajeer-197	306	34	0	0	NUM
ajeer-197	306	35	standard	standard	ADJ
ajeer-197	306	36	deviation	deviation	NOUN
ajeer-197	306	37	2.945	2.945	NUM
ajeer-197	306	38	1.097	1.097	NUM
ajeer-197	306	39	0.061	0.061	NUM
ajeer-197	306	40	0.904	0.904	NUM
ajeer-197	306	41	0.128	0.128	NUM
ajeer-197	306	42	0.016	0.016	NUM
ajeer-197	306	43	sample	sample	NOUN
ajeer-197	306	44	variance	variance	NOUN
ajeer-197	306	45	8.675	8.675	NUM
ajeer-197	306	46	1.204	1.204	NUM
ajeer-197	306	47	0.004	0.004	NUM
ajeer-197	306	48	0.816	0.816	NUM
ajeer-197	306	49	0.016	0.016	NUM
ajeer-197	306	50	0	0	NUM
ajeer-197	307	1	minimum	minimum	NOUN
ajeer-197	307	2	(	(	PUNCT
ajeer-197	307	3	35.4	35.4	NUM
ajeer-197	307	4	)	)	PUNCT
ajeer-197	307	5	(	(	PUNCT
ajeer-197	307	6	4.524	4.524	NUM
ajeer-197	307	7	)	)	PUNCT
ajeer-197	307	8	0	0	NUM
ajeer-197	307	9	(	(	PUNCT
ajeer-197	307	10	4.955	4.955	NUM
ajeer-197	307	11	)	)	PUNCT
ajeer-197	307	12	(	(	PUNCT
ajeer-197	307	13	0.657	0.657	NUM
ajeer-197	307	14	)	)	PUNCT
ajeer-197	307	15	(	(	PUNCT
ajeer-197	307	16	0.228	0.228	NUM
ajeer-197	307	17	)	)	PUNCT
ajeer-197	307	18	maximum	maximum	ADJ
ajeer-197	307	19	42.95	42.95	NUM
ajeer-197	307	20	21.056	21.056	NUM
ajeer-197	307	21	0.303	0.303	NUM
ajeer-197	307	22	16.941	16.941	NUM
ajeer-197	307	23	0.997	0.997	NUM
ajeer-197	307	24	0.274	0.274	NUM
ajeer-197	307	25	sum	sum	NOUN
ajeer-197	307	26	426.062	426.062	NUM
ajeer-197	307	27	276,899	276,899	NUM
ajeer-197	307	28	200.772	200.772	NUM
ajeer-197	307	29	230.546	230.546	NUM
ajeer-197	307	30	55.872	55.872	NUM
ajeer-197	307	31	0.426	0.426	NUM
ajeer-197	307	32	count	count	NOUN
ajeer-197	307	33	1050	1050	NUM
ajeer-197	307	34	1050	1050	NUM
ajeer-197	307	35	1050	1050	NUM
ajeer-197	307	36	1050	1050	NUM
ajeer-197	307	37	1050	1050	NUM
ajeer-197	307	38	1050	1050	NUM
ajeer-197	307	39	table-2	table-2	NUM
ajeer-197	307	40	.	.	PUNCT
ajeer-197	307	41	pair	pair	NOUN
ajeer-197	307	42	correlations	correlation	NOUN
ajeer-197	307	43	of	of	ADP
ajeer-197	307	44	the	the	DET
ajeer-197	307	45	explanatory	explanatory	ADJ
ajeer-197	307	46	variables	variable	NOUN
ajeer-197	307	47	efrate	efrate	VERB
ajeer-197	307	48	zprob	zprob	PROPN
ajeer-197	307	49	delta	delta	PROPN
ajeer-197	307	50	sales	sale	NOUN
ajeer-197	307	51	delta	delta	PROPN
ajeer-197	307	52	fa	fa	PROPN
ajeer-197	307	53	delta	delta	PROPN
ajeer-197	307	54	intan	intan	PROPN
ajeer-197	307	55	efrate	efrate	VERB
ajeer-197	307	56	1	1	NUM
ajeer-197	307	57	zprob	zprob	NOUN
ajeer-197	307	58	(	(	PUNCT
ajeer-197	307	59	0.00832	0.00832	NUM
ajeer-197	307	60	)	)	PUNCT
ajeer-197	307	61	1	1	NUM
ajeer-197	307	62	deltasales	deltasale	NOUN
ajeer-197	307	63	(	(	PUNCT
ajeer-197	307	64	0.01448	0.01448	NUM
ajeer-197	307	65	)	)	PUNCT
ajeer-197	307	66	-0.1434	-0.1434	NOUN
ajeer-197	307	67	1	1	NUM
ajeer-197	307	68	deltafa	deltafa	VERB
ajeer-197	307	69	0.013201	0.013201	NUM
ajeer-197	307	70	0.198914	0.198914	NUM
ajeer-197	307	71	0.303292	0.303292	NUM
ajeer-197	307	72	1	1	NUM
ajeer-197	307	73	deltaintan	deltaintan	PROPN
ajeer-197	307	74	(	(	PUNCT
ajeer-197	307	75	0.00494	0.00494	NUM
ajeer-197	307	76	)	)	PUNCT
ajeer-197	307	77	0.01987	0.01987	NUM
ajeer-197	307	78	(	(	PUNCT
ajeer-197	307	79	0.01562	0.01562	NUM
ajeer-197	307	80	)	)	PUNCT
ajeer-197	307	81	0.011384	0.011384	NUM
ajeer-197	307	82	1	1	NUM
ajeer-197	307	83	table-3	table-3	NUM
ajeer-197	307	84	.	.	PUNCT
ajeer-197	308	1	regression	regression	NOUN
ajeer-197	308	2	analysis	analysis	NOUN
ajeer-197	308	3	independent	independent	ADJ
ajeer-197	308	4	variables	variable	NOUN
ajeer-197	308	5	dependent	dependent	ADJ
ajeer-197	308	6	variable	variable	NOUN
ajeer-197	308	7	:	:	PUNCT
ajeer-197	308	8	(	(	PUNCT
ajeer-197	308	9	debt	debt	NOUN
ajeer-197	308	10	)	)	PUNCT
ajeer-197	308	11	model	model	NOUN
ajeer-197	308	12	1	1	NUM
ajeer-197	308	13	model	model	NOUN
ajeer-197	308	14	2	2	NUM
ajeer-197	308	15	model	model	NOUN
ajeer-197	308	16	3	3	NUM
ajeer-197	308	17	intercept	intercept	VERB
ajeer-197	308	18	2.091	2.091	NUM
ajeer-197	308	19	*	*	NOUN
ajeer-197	308	20	*	*	PUNCT
ajeer-197	308	21	(	(	PUNCT
ajeer-197	308	22	1.96	1.96	NUM
ajeer-197	308	23	)	)	PUNCT
ajeer-197	308	24	2.091	2.091	NUM
ajeer-197	308	25	*	*	PUNCT
ajeer-197	308	26	*	*	PUNCT
ajeer-197	308	27	(	(	PUNCT
ajeer-197	308	28	1.94	1.94	NUM
ajeer-197	308	29	)	)	PUNCT
ajeer-197	308	30	2.399845	2.399845	NUM
ajeer-197	308	31	*	*	SYM
ajeer-197	308	32	*	*	PUNCT
ajeer-197	308	33	(	(	PUNCT
ajeer-197	308	34	4.34	4.34	NUM
ajeer-197	308	35	)	)	PUNCT
ajeer-197	308	36	efrate	efrate	VERB
ajeer-197	308	37	0.975	0.975	NUM
ajeer-197	308	38	*	*	PUNCT
ajeer-197	308	39	*	*	PUNCT
ajeer-197	308	40	(	(	PUNCT
ajeer-197	308	41	6.71	6.71	NUM
ajeer-197	308	42	)	)	PUNCT
ajeer-197	308	43	0.975	0.975	NUM
ajeer-197	308	44	*	*	PUNCT
ajeer-197	308	45	*	*	PUNCT
ajeer-197	308	46	(	(	PUNCT
ajeer-197	308	47	6.58	6.58	NUM
ajeer-197	308	48	)	)	PUNCT
ajeer-197	308	49	zprob	zprob	NOUN
ajeer-197	308	50	-14.207	-14.207	PROPN
ajeer-197	308	51	*	*	PUNCT
ajeer-197	308	52	*	*	PUNCT
ajeer-197	308	53	(	(	PUNCT
ajeer-197	308	54	2.97	2.97	NUM
ajeer-197	308	55	)	)	PUNCT
ajeer-197	308	56	-14.216	-14.216	NOUN
ajeer-197	308	57	*	*	NOUN
ajeer-197	308	58	*	*	PUNCT
ajeer-197	308	59	(	(	PUNCT
ajeer-197	308	60	2.91	2.91	NUM
ajeer-197	308	61	)	)	PUNCT
ajeer-197	308	62	-14.507	-14.507	PUNCT
ajeer-197	309	1	*	*	PUNCT
ajeer-197	309	2	*	*	PUNCT
ajeer-197	309	3	(	(	PUNCT
ajeer-197	309	4	2.57	2.57	NUM
ajeer-197	309	5	)	)	PUNCT
ajeer-197	309	6	deltasale	deltasale	NOUN
ajeer-197	309	7	-0.951	-0.951	PUNCT
ajeer-197	309	8	*	*	PUNCT
ajeer-197	309	9	*	*	PUNCT
ajeer-197	309	10	(	(	PUNCT
ajeer-197	309	11	5.21	5.21	NUM
ajeer-197	309	12	)	)	PUNCT
ajeer-197	309	13	-0.951	-0.951	NOUN
ajeer-197	309	14	*	*	PUNCT
ajeer-197	309	15	*	*	PUNCT
ajeer-197	309	16	(	(	PUNCT
ajeer-197	309	17	5.22	5.22	NUM
ajeer-197	309	18	)	)	PUNCT
ajeer-197	309	19	-0.979	-0.979	PUNCT
ajeer-197	309	20	*	*	NOUN
ajeer-197	309	21	*	*	PUNCT
ajeer-197	309	22	(	(	PUNCT
ajeer-197	309	23	3.93	3.93	NUM
ajeer-197	309	24	)	)	PUNCT
ajeer-197	309	25	deltaintan	deltaintan	PROPN
ajeer-197	309	26	-2.274	-2.274	NOUN
ajeer-197	309	27	deltafa	deltafa	VERB
ajeer-197	309	28	2.679	2.679	NUM
ajeer-197	309	29	*	*	PUNCT
ajeer-197	309	30	(	(	PUNCT
ajeer-197	309	31	10.83	10.83	NUM
ajeer-197	309	32	)	)	PUNCT
ajeer-197	309	33	2.676	2.676	NUM
ajeer-197	309	34	*	*	NOUN
ajeer-197	309	35	(	(	PUNCT
ajeer-197	309	36	10.86	10.86	NUM
ajeer-197	309	37	)	)	PUNCT
ajeer-197	309	38	2.874	2.874	NUM
ajeer-197	309	39	*	*	SYM
ajeer-197	309	40	(	(	PUNCT
ajeer-197	309	41	8.9	8.9	NUM
ajeer-197	309	42	)	)	PUNCT
ajeer-197	309	43	observations	observation	NOUN
ajeer-197	309	44	1500	1500	NUM
ajeer-197	309	45	1500	1500	NUM
ajeer-197	309	46	1500	1500	NUM
ajeer-197	309	47	r	r	NOUN
ajeer-197	309	48	2	2	NUM
ajeer-197	309	49	0.049	0.049	NUM
ajeer-197	309	50	0.050	0.050	NUM
ajeer-197	309	51	0.024	0.024	NUM
ajeer-197	309	52	asterisks	asterisk	NOUN
ajeer-197	309	53	represent	represent	VERB
ajeer-197	309	54	statistical	statistical	ADJ
ajeer-197	309	55	significance	significance	NOUN
ajeer-197	309	56	at	at	ADP
ajeer-197	309	57	1	1	NUM
ajeer-197	309	58	percent	percent	NOUN
ajeer-197	309	59	(	(	PUNCT
ajeer-197	309	60	*	*	NOUN
ajeer-197	309	61	*	*	PUNCT
ajeer-197	309	62	)	)	PUNCT
ajeer-197	309	63	,	,	PUNCT
ajeer-197	309	64	10	10	NUM
ajeer-197	309	65	percent	percent	NOUN
ajeer-197	309	66	(	(	PUNCT
ajeer-197	309	67	*	*	NOUN
ajeer-197	309	68	)	)	PUNCT
ajeer-197	309	69	levels	level	NOUN
ajeer-197	309	70	.	.	PUNCT
ajeer-197	310	1	views	view	NOUN
ajeer-197	310	2	and	and	CCONJ
ajeer-197	310	3	opinions	opinion	NOUN
ajeer-197	310	4	expressed	express	VERB
ajeer-197	310	5	in	in	ADP
ajeer-197	310	6	this	this	DET
ajeer-197	310	7	article	article	NOUN
ajeer-197	310	8	are	be	AUX
ajeer-197	310	9	the	the	DET
ajeer-197	310	10	views	view	NOUN
ajeer-197	310	11	and	and	CCONJ
ajeer-197	310	12	opinions	opinion	NOUN
ajeer-197	310	13	of	of	ADP
ajeer-197	310	14	the	the	DET
ajeer-197	310	15	authors	author	NOUN
ajeer-197	310	16	,	,	PUNCT
ajeer-197	310	17	asian	asian	ADJ
ajeer-197	310	18	journal	journal	NOUN
ajeer-197	310	19	of	of	ADP
ajeer-197	310	20	economics	economic	NOUN
ajeer-197	310	21	and	and	CCONJ
ajeer-197	310	22	empirical	empirical	ADJ
ajeer-197	310	23	research	research	NOUN
ajeer-197	310	24	shall	shall	AUX
ajeer-197	310	25	not	not	PART
ajeer-197	310	26	be	be	AUX
ajeer-197	310	27	responsible	responsible	ADJ
ajeer-197	310	28	or	or	CCONJ
ajeer-197	310	29	answerable	answerable	ADJ
ajeer-197	310	30	for	for	ADP
ajeer-197	310	31	any	any	DET
ajeer-197	310	32	loss	loss	NOUN
ajeer-197	310	33	,	,	PUNCT
ajeer-197	310	34	damage	damage	NOUN
ajeer-197	310	35	or	or	CCONJ
ajeer-197	310	36	liability	liability	NOUN
ajeer-197	310	37	etc	etc	X
ajeer-197	310	38	.	.	X
ajeer-197	311	1	caused	cause	VERB
ajeer-197	311	2	in	in	ADP
ajeer-197	311	3	relation	relation	NOUN
ajeer-197	311	4	to	to	PART
ajeer-197	311	5	/	/	PUNCT
ajeer-197	311	6	arising	arise	VERB
ajeer-197	311	7	out	out	ADP
ajeer-197	311	8	of	of	ADP
ajeer-197	311	9	the	the	DET
ajeer-197	311	10	use	use	NOUN
ajeer-197	311	11	of	of	ADP
ajeer-197	311	12	the	the	DET
ajeer-197	311	13	content	content	NOUN
ajeer-197	311	14	.	.	PUNCT