id	sid	tid	token	lemma	pos
ajfa-10095	1	1	microsoft	microsoft	PROPN
ajfa-10095	1	2	word	word	NOUN
ajfa-10095	1	3	10095	10095	NUM
ajfa-10095	1	4	-	-	SYM
ajfa-10095	1	5	37142	37142	NUM
ajfa-10095	1	6	-	-	PUNCT
ajfa-10095	1	7	1	1	NUM
ajfa-10095	1	8	-	-	PUNCT
ajfa-10095	1	9	sm	sm	NOUN
ajfa-10095	1	10	-	-	PUNCT
ajfa-10095	1	11	writer2	writer2	VERB
ajfa-10095	1	12	-	-	ADJ
ajfa-10095	1	13	new	new	ADJ
ajfa-10095	1	14	asian	asian	ADJ
ajfa-10095	1	15	journal	journal	NOUN
ajfa-10095	1	16	of	of	ADP
ajfa-10095	1	17	finance	finance	PROPN
ajfa-10095	1	18	&	&	CCONJ
ajfa-10095	1	19	accounting	accounting	PROPN
ajfa-10095	1	20	issn	issn	PROPN
ajfa-10095	1	21	1946	1946	NUM
ajfa-10095	1	22	-	-	PUNCT
ajfa-10095	1	23	052x	052x	PROPN
ajfa-10095	1	24	2016	2016	NUM
ajfa-10095	1	25	,	,	PUNCT
ajfa-10095	1	26	vol	vol	NOUN
ajfa-10095	1	27	.	.	PROPN
ajfa-10095	1	28	8	8	NUM
ajfa-10095	1	29	,	,	PUNCT
ajfa-10095	1	30	no	no	INTJ
ajfa-10095	1	31	.	.	NOUN
ajfa-10095	1	32	2	2	NUM
ajfa-10095	1	33	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-10095	1	34	95	95	NUM
ajfa-10095	1	35	the	the	DET
ajfa-10095	1	36	influence	influence	NOUN
ajfa-10095	1	37	of	of	ADP
ajfa-10095	1	38	directors	director	NOUN
ajfa-10095	1	39	’	'	PUNCT
ajfa-10095	1	40	and	and	CCONJ
ajfa-10095	1	41	officers	officer	NOUN
ajfa-10095	1	42	’	’	PART
ajfa-10095	1	43	insurance	insurance	NOUN
ajfa-10095	1	44	on	on	ADP
ajfa-10095	1	45	managerial	managerial	ADJ
ajfa-10095	1	46	myopic	myopic	ADJ
ajfa-10095	1	47	behavior	behavior	NOUN
ajfa-10095	1	48	guang	guang	PROPN
ajfa-10095	1	49	-	-	PUNCT
ajfa-10095	1	50	zheng	zheng	PROPN
ajfa-10095	1	51	chen	chen	PROPN
ajfa-10095	1	52	department	department	PROPN
ajfa-10095	1	53	of	of	ADP
ajfa-10095	1	54	accounting	accounting	PROPN
ajfa-10095	1	55	,	,	PUNCT
ajfa-10095	1	56	feng	feng	PROPN
ajfa-10095	1	57	chia	chia	PROPN
ajfa-10095	1	58	university	university	PROPN
ajfa-10095	1	59	no.100	no.100	PROPN
ajfa-10095	1	60	,	,	PUNCT
ajfa-10095	1	61	wenhwa	wenhwa	NOUN
ajfa-10095	1	62	road	road	NOUN
ajfa-10095	1	63	,	,	PUNCT
ajfa-10095	1	64	seatwen	seatwen	NOUN
ajfa-10095	1	65	,	,	PUNCT
ajfa-10095	1	66	taichung	taichung	PROPN
ajfa-10095	1	67	40724	40724	NUM
ajfa-10095	1	68	,	,	PUNCT
ajfa-10095	1	69	taiwan	taiwan	PROPN
ajfa-10095	1	70	,	,	PUNCT
ajfa-10095	1	71	r.o.c	r.o.c	NOUN
ajfa-10095	1	72	.	.	PUNCT
ajfa-10095	2	1	e	e	X
ajfa-10095	2	2	-	-	NOUN
ajfa-10095	2	3	mail	mail	NOUN
ajfa-10095	2	4	:	:	PUNCT
ajfa-10095	2	5	gzchen0120@gmail.com	gzchen0120@gmail.com	PROPN
ajfa-10095	2	6	received	receive	VERB
ajfa-10095	2	7	:	:	PUNCT
ajfa-10095	2	8	oct	oct	PROPN
ajfa-10095	2	9	.	.	PROPN
ajfa-10095	2	10	1	1	NUM
ajfa-10095	2	11	,	,	PUNCT
ajfa-10095	2	12	2016	2016	NUM
ajfa-10095	2	13	accepted	accept	VERB
ajfa-10095	2	14	:	:	PUNCT
ajfa-10095	2	15	oct	oct	PROPN
ajfa-10095	2	16	.	.	PROPN
ajfa-10095	2	17	20	20	NUM
ajfa-10095	2	18	,	,	PUNCT
ajfa-10095	2	19	2016	2016	NUM
ajfa-10095	2	20	published	publish	VERB
ajfa-10095	2	21	:	:	PUNCT
ajfa-10095	2	22	december	december	PROPN
ajfa-10095	2	23	1	1	NUM
ajfa-10095	2	24	,	,	PUNCT
ajfa-10095	2	25	2016	2016	NUM
ajfa-10095	2	26	doi:10.5296	doi:10.5296	NOUN
ajfa-10095	2	27	/	/	SYM
ajfa-10095	2	28	ajfa.v8i2.10095	ajfa.v8i2.10095	PUNCT
ajfa-10095	2	29	url	url	PROPN
ajfa-10095	2	30	:	:	PUNCT
ajfa-10095	2	31	http://dx.doi.org/10.5296/ajfa.v8i2.10095	http://dx.doi.org/10.5296/ajfa.v8i2.10095	VERB
ajfa-10095	2	32	abstract	abstract	ADJ
ajfa-10095	2	33	literature	literature	NOUN
ajfa-10095	2	34	on	on	ADP
ajfa-10095	2	35	the	the	DET
ajfa-10095	2	36	effect	effect	NOUN
ajfa-10095	2	37	of	of	ADP
ajfa-10095	2	38	directors	director	NOUN
ajfa-10095	2	39	’	'	PUNCT
ajfa-10095	2	40	and	and	CCONJ
ajfa-10095	2	41	officers	officer	NOUN
ajfa-10095	2	42	’	’	PART
ajfa-10095	2	43	insurance	insurance	NOUN
ajfa-10095	2	44	(	(	PUNCT
ajfa-10095	2	45	d&o	d&o	NOUN
ajfa-10095	2	46	insurance	insurance	NOUN
ajfa-10095	2	47	)	)	PUNCT
ajfa-10095	2	48	on	on	ADP
ajfa-10095	2	49	managers	manager	NOUN
ajfa-10095	2	50	’	’	PART
ajfa-10095	2	51	decision	decision	NOUN
ajfa-10095	2	52	-	-	PUNCT
ajfa-10095	2	53	making	making	NOUN
ajfa-10095	2	54	supports	support	VERB
ajfa-10095	2	55	the	the	DET
ajfa-10095	2	56	contention	contention	NOUN
ajfa-10095	2	57	that	that	SCONJ
ajfa-10095	2	58	d&o	d&o	NOUN
ajfa-10095	2	59	insurance	insurance	NOUN
ajfa-10095	2	60	encourages	encourage	VERB
ajfa-10095	2	61	managers	manager	NOUN
ajfa-10095	2	62	to	to	PART
ajfa-10095	2	63	engage	engage	VERB
ajfa-10095	2	64	in	in	ADP
ajfa-10095	2	65	opportunistic	opportunistic	ADJ
ajfa-10095	2	66	behaviors	behavior	NOUN
ajfa-10095	2	67	that	that	PRON
ajfa-10095	2	68	benefit	benefit	VERB
ajfa-10095	2	69	themselves	themselves	PRON
ajfa-10095	2	70	at	at	ADP
ajfa-10095	2	71	the	the	DET
ajfa-10095	2	72	expense	expense	NOUN
ajfa-10095	2	73	of	of	ADP
ajfa-10095	2	74	shareholders	shareholder	NOUN
ajfa-10095	2	75	.	.	PUNCT
ajfa-10095	3	1	managerial	managerial	ADJ
ajfa-10095	3	2	myopia	myopia	NOUN
ajfa-10095	3	3	is	be	AUX
ajfa-10095	3	4	an	an	DET
ajfa-10095	3	5	essential	essential	ADJ
ajfa-10095	3	6	agency	agency	NOUN
ajfa-10095	3	7	issue	issue	NOUN
ajfa-10095	3	8	.	.	PUNCT
ajfa-10095	4	1	the	the	DET
ajfa-10095	4	2	literature	literature	NOUN
ajfa-10095	4	3	suggests	suggest	VERB
ajfa-10095	4	4	that	that	SCONJ
ajfa-10095	4	5	myopic	myopic	ADJ
ajfa-10095	4	6	managers	manager	NOUN
ajfa-10095	4	7	have	have	VERB
ajfa-10095	4	8	incentives	incentive	NOUN
ajfa-10095	4	9	to	to	PART
ajfa-10095	4	10	reduce	reduce	VERB
ajfa-10095	4	11	r&d	r&d	NOUN
ajfa-10095	4	12	spending	spending	NOUN
ajfa-10095	4	13	to	to	PART
ajfa-10095	4	14	boost	boost	VERB
ajfa-10095	4	15	current	current	ADJ
ajfa-10095	4	16	earnings	earning	NOUN
ajfa-10095	4	17	in	in	ADP
ajfa-10095	4	18	order	order	NOUN
ajfa-10095	4	19	to	to	PART
ajfa-10095	4	20	increase	increase	VERB
ajfa-10095	4	21	their	their	PRON
ajfa-10095	4	22	private	private	ADJ
ajfa-10095	4	23	benefits	benefit	NOUN
ajfa-10095	4	24	.	.	PUNCT
ajfa-10095	5	1	this	this	DET
ajfa-10095	5	2	study	study	NOUN
ajfa-10095	5	3	examines	examine	VERB
ajfa-10095	5	4	whether	whether	SCONJ
ajfa-10095	5	5	d&o	d&o	NOUN
ajfa-10095	5	6	insurance	insurance	NOUN
ajfa-10095	5	7	induces	induce	VERB
ajfa-10095	5	8	myopic	myopic	ADJ
ajfa-10095	5	9	r&d	r&d	NOUN
ajfa-10095	5	10	cuts	cut	NOUN
ajfa-10095	5	11	.	.	PUNCT
ajfa-10095	6	1	using	use	VERB
ajfa-10095	6	2	a	a	DET
ajfa-10095	6	3	sample	sample	NOUN
ajfa-10095	6	4	of	of	ADP
ajfa-10095	6	5	taiwanese	taiwanese	ADJ
ajfa-10095	6	6	listed	list	VERB
ajfa-10095	6	7	firms	firm	NOUN
ajfa-10095	6	8	,	,	PUNCT
ajfa-10095	6	9	the	the	DET
ajfa-10095	6	10	results	result	NOUN
ajfa-10095	6	11	show	show	VERB
ajfa-10095	6	12	that	that	SCONJ
ajfa-10095	6	13	firms	firm	NOUN
ajfa-10095	6	14	with	with	ADP
ajfa-10095	6	15	higher	high	ADJ
ajfa-10095	6	16	levels	level	NOUN
ajfa-10095	6	17	of	of	ADP
ajfa-10095	6	18	d&o	d&o	NOUN
ajfa-10095	6	19	insurance	insurance	NOUN
ajfa-10095	6	20	coverage	coverage	NOUN
ajfa-10095	6	21	are	be	AUX
ajfa-10095	6	22	more	more	ADV
ajfa-10095	6	23	likely	likely	ADJ
ajfa-10095	6	24	to	to	PART
ajfa-10095	6	25	cut	cut	VERB
ajfa-10095	6	26	r&d	r&d	NOUN
ajfa-10095	6	27	expenditures	expenditure	NOUN
ajfa-10095	6	28	to	to	PART
ajfa-10095	6	29	avoid	avoid	VERB
ajfa-10095	6	30	earnings	earning	NOUN
ajfa-10095	6	31	declines	decline	NOUN
ajfa-10095	6	32	.	.	PUNCT
ajfa-10095	7	1	this	this	DET
ajfa-10095	7	2	study	study	NOUN
ajfa-10095	7	3	provide	provide	VERB
ajfa-10095	7	4	insight	insight	NOUN
ajfa-10095	7	5	into	into	ADP
ajfa-10095	7	6	how	how	SCONJ
ajfa-10095	7	7	the	the	DET
ajfa-10095	7	8	incentives	incentive	NOUN
ajfa-10095	7	9	arising	arise	VERB
ajfa-10095	7	10	from	from	ADP
ajfa-10095	7	11	d&o	d&o	NOUN
ajfa-10095	7	12	insurance	insurance	NOUN
ajfa-10095	7	13	play	play	VERB
ajfa-10095	7	14	an	an	DET
ajfa-10095	7	15	essential	essential	ADJ
ajfa-10095	7	16	role	role	NOUN
ajfa-10095	7	17	in	in	ADP
ajfa-10095	7	18	determining	determine	VERB
ajfa-10095	7	19	managerial	managerial	ADJ
ajfa-10095	7	20	myopic	myopic	ADJ
ajfa-10095	7	21	behavior	behavior	NOUN
ajfa-10095	7	22	.	.	PUNCT
ajfa-10095	8	1	keywords	keyword	NOUN
ajfa-10095	8	2	:	:	PUNCT
ajfa-10095	8	3	corporate	corporate	ADJ
ajfa-10095	8	4	governance	governance	NOUN
ajfa-10095	8	5	,	,	PUNCT
ajfa-10095	8	6	d&o	d&o	NOUN
ajfa-10095	8	7	insurance	insurance	NOUN
ajfa-10095	8	8	,	,	PUNCT
ajfa-10095	8	9	r&d	r&d	NOUN
ajfa-10095	8	10	,	,	PUNCT
ajfa-10095	8	11	managerial	managerial	ADJ
ajfa-10095	8	12	myopia	myopia	NOUN
ajfa-10095	8	13	,	,	PUNCT
ajfa-10095	8	14	agency	agency	NOUN
ajfa-10095	8	15	theory	theory	NOUN
ajfa-10095	8	16	asian	asian	PROPN
ajfa-10095	8	17	journal	journal	PROPN
ajfa-10095	8	18	of	of	ADP
ajfa-10095	8	19	finance	finance	PROPN
ajfa-10095	8	20	&	&	CCONJ
ajfa-10095	8	21	accounting	accounting	PROPN
ajfa-10095	8	22	issn	issn	PROPN
ajfa-10095	8	23	1946	1946	NUM
ajfa-10095	8	24	-	-	PUNCT
ajfa-10095	8	25	052x	052x	PROPN
ajfa-10095	8	26	2016	2016	NUM
ajfa-10095	8	27	,	,	PUNCT
ajfa-10095	8	28	vol	vol	NOUN
ajfa-10095	8	29	.	.	PROPN
ajfa-10095	8	30	8	8	NUM
ajfa-10095	8	31	,	,	PUNCT
ajfa-10095	8	32	no	no	INTJ
ajfa-10095	8	33	.	.	NOUN
ajfa-10095	8	34	2	2	NUM
ajfa-10095	8	35	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	8	36	96	96	NUM
ajfa-10095	8	37	1	1	NUM
ajfa-10095	8	38	.	.	PUNCT
ajfa-10095	8	39	introduction	introduction	NOUN
ajfa-10095	8	40	directors	director	NOUN
ajfa-10095	8	41	’	'	PUNCT
ajfa-10095	8	42	and	and	CCONJ
ajfa-10095	8	43	officers	officer	NOUN
ajfa-10095	8	44	’	’	PART
ajfa-10095	8	45	insurance	insurance	NOUN
ajfa-10095	8	46	(	(	PUNCT
ajfa-10095	8	47	d&o	d&o	NOUN
ajfa-10095	8	48	insurance	insurance	NOUN
ajfa-10095	8	49	)	)	PUNCT
ajfa-10095	8	50	alleviates	alleviate	VERB
ajfa-10095	8	51	the	the	DET
ajfa-10095	8	52	financial	financial	ADJ
ajfa-10095	8	53	liability	liability	NOUN
ajfa-10095	8	54	of	of	ADP
ajfa-10095	8	55	officers	officer	NOUN
ajfa-10095	8	56	and	and	CCONJ
ajfa-10095	8	57	directors	director	NOUN
ajfa-10095	8	58	stemming	stem	VERB
ajfa-10095	8	59	from	from	ADP
ajfa-10095	8	60	lawsuits	lawsuit	NOUN
ajfa-10095	8	61	filed	file	VERB
ajfa-10095	8	62	against	against	ADP
ajfa-10095	8	63	them	they	PRON
ajfa-10095	8	64	while	while	SCONJ
ajfa-10095	8	65	working	work	VERB
ajfa-10095	8	66	for	for	ADP
ajfa-10095	8	67	the	the	DET
ajfa-10095	8	68	company	company	NOUN
ajfa-10095	8	69	.	.	PUNCT
ajfa-10095	9	1	however	however	ADV
ajfa-10095	9	2	,	,	PUNCT
ajfa-10095	9	3	empirical	empirical	ADJ
ajfa-10095	9	4	studies	study	NOUN
ajfa-10095	9	5	provide	provide	VERB
ajfa-10095	9	6	evidence	evidence	NOUN
ajfa-10095	9	7	that	that	SCONJ
ajfa-10095	9	8	d&o	d&o	NOUN
ajfa-10095	9	9	insurance	insurance	NOUN
ajfa-10095	9	10	is	be	AUX
ajfa-10095	9	11	likely	likely	ADJ
ajfa-10095	9	12	to	to	PART
ajfa-10095	9	13	motivate	motivate	VERB
ajfa-10095	9	14	managers	manager	NOUN
ajfa-10095	9	15	to	to	PART
ajfa-10095	9	16	engage	engage	VERB
ajfa-10095	9	17	in	in	ADP
ajfa-10095	9	18	opportunistic	opportunistic	ADJ
ajfa-10095	9	19	behavior	behavior	NOUN
ajfa-10095	9	20	(	(	PUNCT
ajfa-10095	9	21	chalmers	chalmer	VERB
ajfa-10095	9	22	et	et	PROPN
ajfa-10095	9	23	al	al	PROPN
ajfa-10095	9	24	.	.	PROPN
ajfa-10095	9	25	,	,	PUNCT
ajfa-10095	9	26	2002	2002	NUM
ajfa-10095	9	27	;	;	PUNCT
ajfa-10095	9	28	chung	chung	PROPN
ajfa-10095	9	29	and	and	CCONJ
ajfa-10095	9	30	wynn	wynn	PROPN
ajfa-10095	9	31	,	,	PUNCT
ajfa-10095	9	32	2008	2008	NUM
ajfa-10095	9	33	;	;	PUNCT
ajfa-10095	9	34	lin	lin	PROPN
ajfa-10095	9	35	et	et	PROPN
ajfa-10095	9	36	al	al	PROPN
ajfa-10095	9	37	.	.	PROPN
ajfa-10095	9	38	,	,	PUNCT
ajfa-10095	9	39	2011	2011	NUM
ajfa-10095	9	40	)	)	PUNCT
ajfa-10095	9	41	.	.	PUNCT
ajfa-10095	10	1	managerial	managerial	ADJ
ajfa-10095	10	2	myopia	myopia	NOUN
ajfa-10095	10	3	is	be	AUX
ajfa-10095	10	4	an	an	DET
ajfa-10095	10	5	agency	agency	NOUN
ajfa-10095	10	6	problem	problem	NOUN
ajfa-10095	10	7	that	that	PRON
ajfa-10095	10	8	occurs	occur	VERB
ajfa-10095	10	9	when	when	SCONJ
ajfa-10095	10	10	managers	manager	NOUN
ajfa-10095	10	11	sacrifice	sacrifice	VERB
ajfa-10095	10	12	long	long	ADJ
ajfa-10095	10	13	-	-	PUNCT
ajfa-10095	10	14	term	term	NOUN
ajfa-10095	10	15	value	value	NOUN
ajfa-10095	10	16	creation	creation	NOUN
ajfa-10095	10	17	projects	project	NOUN
ajfa-10095	10	18	(	(	PUNCT
ajfa-10095	10	19	e.g.	e.g.	ADV
ajfa-10095	10	20	,	,	PUNCT
ajfa-10095	10	21	r&d	r&d	NOUN
ajfa-10095	10	22	)	)	PUNCT
ajfa-10095	10	23	for	for	ADP
ajfa-10095	10	24	the	the	DET
ajfa-10095	10	25	purpose	purpose	NOUN
ajfa-10095	10	26	of	of	ADP
ajfa-10095	10	27	meeting	meet	VERB
ajfa-10095	10	28	short	short	ADJ
ajfa-10095	10	29	-	-	PUNCT
ajfa-10095	10	30	term	term	NOUN
ajfa-10095	10	31	goals	goal	NOUN
ajfa-10095	10	32	(	(	PUNCT
ajfa-10095	10	33	porter	porter	NOUN
ajfa-10095	10	34	,	,	PUNCT
ajfa-10095	10	35	1992	1992	NUM
ajfa-10095	10	36	)	)	PUNCT
ajfa-10095	10	37	.	.	PUNCT
ajfa-10095	11	1	research	research	NOUN
ajfa-10095	11	2	(	(	PUNCT
ajfa-10095	11	3	graham	graham	PROPN
ajfa-10095	11	4	et	et	PROPN
ajfa-10095	11	5	al	al	PROPN
ajfa-10095	11	6	.	.	PROPN
ajfa-10095	11	7	,	,	PUNCT
ajfa-10095	11	8	2005	2005	NUM
ajfa-10095	11	9	;	;	PUNCT
ajfa-10095	11	10	roychowdhury	roychowdhury	NOUN
ajfa-10095	11	11	,	,	PUNCT
ajfa-10095	11	12	2006	2006	NUM
ajfa-10095	11	13	;	;	PUNCT
ajfa-10095	11	14	osma	osma	NOUN
ajfa-10095	11	15	and	and	CCONJ
ajfa-10095	11	16	young	young	ADJ
ajfa-10095	11	17	,	,	PUNCT
ajfa-10095	11	18	2009	2009	NUM
ajfa-10095	11	19	)	)	PUNCT
ajfa-10095	11	20	also	also	ADV
ajfa-10095	11	21	suggests	suggest	VERB
ajfa-10095	11	22	that	that	SCONJ
ajfa-10095	11	23	managers	manager	NOUN
ajfa-10095	11	24	opportunistically	opportunistically	ADV
ajfa-10095	11	25	reduce	reduce	VERB
ajfa-10095	11	26	r&d	r&d	NOUN
ajfa-10095	11	27	spending	spending	NOUN
ajfa-10095	11	28	to	to	PART
ajfa-10095	11	29	boost	boost	VERB
ajfa-10095	11	30	current	current	ADJ
ajfa-10095	11	31	earnings	earning	NOUN
ajfa-10095	11	32	for	for	ADP
ajfa-10095	11	33	private	private	ADJ
ajfa-10095	11	34	benefits	benefit	NOUN
ajfa-10095	11	35	.	.	PUNCT
ajfa-10095	12	1	therefore	therefore	ADV
ajfa-10095	12	2	,	,	PUNCT
ajfa-10095	12	3	i	i	PRON
ajfa-10095	12	4	examine	examine	VERB
ajfa-10095	12	5	whether	whether	SCONJ
ajfa-10095	12	6	d&o	d&o	NOUN
ajfa-10095	12	7	insurance	insurance	NOUN
ajfa-10095	12	8	provide	provide	VERB
ajfa-10095	12	9	managers	manager	NOUN
ajfa-10095	12	10	with	with	ADP
ajfa-10095	12	11	incentives	incentive	NOUN
ajfa-10095	12	12	to	to	PART
ajfa-10095	12	13	behave	behave	VERB
ajfa-10095	12	14	myopically	myopically	ADV
ajfa-10095	12	15	by	by	ADP
ajfa-10095	12	16	cutting	cut	VERB
ajfa-10095	12	17	r&d	r&d	NOUN
ajfa-10095	12	18	spending	spending	NOUN
ajfa-10095	12	19	.	.	PUNCT
ajfa-10095	13	1	d&o	d&o	NOUN
ajfa-10095	13	2	insurance	insurance	NOUN
ajfa-10095	13	3	policy	policy	NOUN
ajfa-10095	13	4	typically	typically	ADV
ajfa-10095	13	5	provides	provide	VERB
ajfa-10095	13	6	an	an	DET
ajfa-10095	13	7	essential	essential	ADJ
ajfa-10095	13	8	shield	shield	NOUN
ajfa-10095	13	9	for	for	ADP
ajfa-10095	13	10	directors	director	NOUN
ajfa-10095	13	11	and	and	CCONJ
ajfa-10095	13	12	officers	officer	NOUN
ajfa-10095	13	13	against	against	ADP
ajfa-10095	13	14	personal	personal	ADJ
ajfa-10095	13	15	legal	legal	ADJ
ajfa-10095	13	16	liabilities	liability	NOUN
ajfa-10095	13	17	stemming	stem	VERB
ajfa-10095	13	18	from	from	ADP
ajfa-10095	13	19	their	their	PRON
ajfa-10095	13	20	business	business	NOUN
ajfa-10095	13	21	decisions	decision	NOUN
ajfa-10095	13	22	.	.	PUNCT
ajfa-10095	14	1	nevertheless	nevertheless	ADV
ajfa-10095	14	2	,	,	PUNCT
ajfa-10095	14	3	d&o	d&o	NOUN
ajfa-10095	14	4	insurance	insurance	NOUN
ajfa-10095	14	5	can	can	AUX
ajfa-10095	14	6	induce	induce	VERB
ajfa-10095	14	7	moral	moral	ADJ
ajfa-10095	14	8	hazard	hazard	NOUN
ajfa-10095	14	9	problems	problem	NOUN
ajfa-10095	14	10	,	,	PUNCT
ajfa-10095	14	11	thus	thus	ADV
ajfa-10095	14	12	reducing	reduce	VERB
ajfa-10095	14	13	the	the	DET
ajfa-10095	14	14	incentive	incentive	NOUN
ajfa-10095	14	15	of	of	ADP
ajfa-10095	14	16	managers	manager	NOUN
ajfa-10095	14	17	to	to	PART
ajfa-10095	14	18	act	act	VERB
ajfa-10095	14	19	in	in	ADP
ajfa-10095	14	20	the	the	DET
ajfa-10095	14	21	best	good	ADJ
ajfa-10095	14	22	interest	interest	NOUN
ajfa-10095	14	23	of	of	ADP
ajfa-10095	14	24	stakeholders	stakeholder	NOUN
ajfa-10095	14	25	(	(	PUNCT
ajfa-10095	14	26	baker	baker	PROPN
ajfa-10095	14	27	and	and	CCONJ
ajfa-10095	14	28	griffith	griffith	PROPN
ajfa-10095	14	29	,	,	PUNCT
ajfa-10095	14	30	2010	2010	NUM
ajfa-10095	14	31	;	;	PUNCT
ajfa-10095	14	32	lin	lin	PROPN
ajfa-10095	14	33	et	et	PROPN
ajfa-10095	14	34	al	al	PROPN
ajfa-10095	14	35	.	.	PROPN
ajfa-10095	14	36	,	,	PUNCT
ajfa-10095	14	37	2011	2011	NUM
ajfa-10095	14	38	,	,	PUNCT
ajfa-10095	14	39	2013	2013	NUM
ajfa-10095	14	40	)	)	PUNCT
ajfa-10095	14	41	.	.	PUNCT
ajfa-10095	15	1	empirical	empirical	ADJ
ajfa-10095	15	2	studies	study	NOUN
ajfa-10095	15	3	of	of	ADP
ajfa-10095	15	4	managerial	managerial	ADJ
ajfa-10095	15	5	myopic	myopic	ADJ
ajfa-10095	15	6	behavior	behavior	NOUN
ajfa-10095	15	7	have	have	AUX
ajfa-10095	15	8	focused	focus	VERB
ajfa-10095	15	9	primarily	primarily	ADV
ajfa-10095	15	10	on	on	ADP
ajfa-10095	15	11	r&d	r&d	NOUN
ajfa-10095	15	12	expenditure	expenditure	NOUN
ajfa-10095	15	13	.	.	PUNCT
ajfa-10095	16	1	the	the	DET
ajfa-10095	16	2	evidence	evidence	NOUN
ajfa-10095	16	3	is	be	AUX
ajfa-10095	16	4	consistent	consistent	ADJ
ajfa-10095	16	5	with	with	ADP
ajfa-10095	16	6	managers	manager	NOUN
ajfa-10095	16	7	myopically	myopically	ADV
ajfa-10095	16	8	reducing	reduce	VERB
ajfa-10095	16	9	r&d	r&d	NOUN
ajfa-10095	16	10	investment	investment	NOUN
ajfa-10095	16	11	to	to	PART
ajfa-10095	16	12	meet	meet	VERB
ajfa-10095	16	13	short	short	ADJ
ajfa-10095	16	14	-	-	PUNCT
ajfa-10095	16	15	term	term	NOUN
ajfa-10095	16	16	earnings	earning	NOUN
ajfa-10095	16	17	goals	goal	NOUN
ajfa-10095	16	18	(	(	PUNCT
ajfa-10095	16	19	baber	baber	PROPN
ajfa-10095	16	20	et	et	PROPN
ajfa-10095	16	21	al	al	PROPN
ajfa-10095	16	22	.	.	PROPN
ajfa-10095	16	23	,	,	PUNCT
ajfa-10095	16	24	1991	1991	NUM
ajfa-10095	16	25	;	;	PUNCT
ajfa-10095	16	26	dechow	dechow	ADJ
ajfa-10095	16	27	and	and	CCONJ
ajfa-10095	16	28	sloan	sloan	PROPN
ajfa-10095	16	29	,	,	PUNCT
ajfa-10095	16	30	1991	1991	NUM
ajfa-10095	16	31	;	;	PUNCT
ajfa-10095	16	32	bange	bange	NOUN
ajfa-10095	16	33	and	and	CCONJ
ajfa-10095	16	34	de	de	X
ajfa-10095	16	35	bondt	bondt	NOUN
ajfa-10095	16	36	,	,	PUNCT
ajfa-10095	16	37	1998	1998	NUM
ajfa-10095	16	38	;	;	PUNCT
ajfa-10095	16	39	bens	ben	NOUN
ajfa-10095	16	40	et	et	NOUN
ajfa-10095	16	41	al	al	PROPN
ajfa-10095	16	42	.	.	PROPN
ajfa-10095	16	43	,	,	PUNCT
ajfa-10095	16	44	2002	2002	NUM
ajfa-10095	16	45	;	;	PUNCT
ajfa-10095	16	46	roychowdhury	roychowdhury	NOUN
ajfa-10095	16	47	,	,	PUNCT
ajfa-10095	16	48	2006	2006	NUM
ajfa-10095	16	49	;	;	PUNCT
ajfa-10095	16	50	cohen	cohen	PROPN
ajfa-10095	16	51	and	and	CCONJ
ajfa-10095	16	52	zarowin	zarowin	PROPN
ajfa-10095	16	53	,	,	PUNCT
ajfa-10095	16	54	2010	2010	NUM
ajfa-10095	16	55	)	)	PUNCT
ajfa-10095	16	56	.	.	PUNCT
ajfa-10095	17	1	such	such	ADJ
ajfa-10095	17	2	managerial	managerial	ADJ
ajfa-10095	17	3	myopia	myopia	NOUN
ajfa-10095	17	4	occurs	occur	VERB
ajfa-10095	17	5	because	because	SCONJ
ajfa-10095	17	6	r&d	r&d	NOUN
ajfa-10095	17	7	investments	investment	NOUN
ajfa-10095	17	8	are	be	AUX
ajfa-10095	17	9	immediately	immediately	ADV
ajfa-10095	17	10	expensed	expense	VERB
ajfa-10095	17	11	under	under	ADP
ajfa-10095	17	12	current	current	ADJ
ajfa-10095	17	13	accounting	accounting	NOUN
ajfa-10095	17	14	rules	rule	NOUN
ajfa-10095	17	15	,	,	PUNCT
ajfa-10095	17	16	yet	yet	ADV
ajfa-10095	17	17	may	may	AUX
ajfa-10095	17	18	pay	pay	VERB
ajfa-10095	17	19	off	off	ADP
ajfa-10095	17	20	in	in	ADP
ajfa-10095	17	21	the	the	DET
ajfa-10095	17	22	long	long	ADJ
ajfa-10095	17	23	-	-	PUNCT
ajfa-10095	17	24	term	term	NOUN
ajfa-10095	17	25	rather	rather	ADV
ajfa-10095	17	26	than	than	ADP
ajfa-10095	17	27	in	in	ADP
ajfa-10095	17	28	the	the	DET
ajfa-10095	17	29	short	short	ADJ
ajfa-10095	17	30	term	term	NOUN
ajfa-10095	17	31	(	(	PUNCT
ajfa-10095	17	32	fama	fama	NOUN
ajfa-10095	17	33	and	and	CCONJ
ajfa-10095	17	34	jensen	jensen	PROPN
ajfa-10095	17	35	,	,	PUNCT
ajfa-10095	17	36	1983	1983	NUM
ajfa-10095	17	37	;	;	PUNCT
ajfa-10095	17	38	baysinger	baysinger	NOUN
ajfa-10095	17	39	et	et	PROPN
ajfa-10095	17	40	al	al	PROPN
ajfa-10095	17	41	.	.	PROPN
ajfa-10095	17	42	,	,	PUNCT
ajfa-10095	17	43	1991	1991	NUM
ajfa-10095	17	44	)	)	PUNCT
ajfa-10095	17	45	.	.	PUNCT
ajfa-10095	18	1	research	research	NOUN
ajfa-10095	18	2	indicates	indicate	VERB
ajfa-10095	18	3	that	that	SCONJ
ajfa-10095	18	4	two	two	NUM
ajfa-10095	18	5	circumstances	circumstance	NOUN
ajfa-10095	18	6	are	be	AUX
ajfa-10095	18	7	required	require	VERB
ajfa-10095	18	8	for	for	ADP
ajfa-10095	18	9	myopic	myopic	ADJ
ajfa-10095	18	10	investment	investment	NOUN
ajfa-10095	18	11	behavior	behavior	NOUN
ajfa-10095	18	12	(	(	PUNCT
ajfa-10095	18	13	stein	stein	PROPN
ajfa-10095	18	14	,	,	PUNCT
ajfa-10095	18	15	1988	1988	NUM
ajfa-10095	18	16	,	,	PUNCT
ajfa-10095	18	17	1989	1989	NUM
ajfa-10095	18	18	;	;	PUNCT
ajfa-10095	18	19	bushee	bushee	NOUN
ajfa-10095	18	20	,	,	PUNCT
ajfa-10095	18	21	1998	1998	NUM
ajfa-10095	18	22	)	)	PUNCT
ajfa-10095	18	23	.	.	PUNCT
ajfa-10095	19	1	first	first	ADV
ajfa-10095	19	2	,	,	PUNCT
ajfa-10095	19	3	managers	manager	NOUN
ajfa-10095	19	4	should	should	AUX
ajfa-10095	19	5	place	place	VERB
ajfa-10095	19	6	greater	great	ADJ
ajfa-10095	19	7	emphasis	emphasis	NOUN
ajfa-10095	19	8	on	on	ADP
ajfa-10095	19	9	the	the	DET
ajfa-10095	19	10	current	current	ADJ
ajfa-10095	19	11	market	market	NOUN
ajfa-10095	19	12	value	value	NOUN
ajfa-10095	19	13	of	of	ADP
ajfa-10095	19	14	their	their	PRON
ajfa-10095	19	15	firm	firm	NOUN
ajfa-10095	19	16	.	.	PUNCT
ajfa-10095	20	1	second	second	ADJ
ajfa-10095	20	2	,	,	PUNCT
ajfa-10095	20	3	capital	capital	NOUN
ajfa-10095	20	4	markets	market	NOUN
ajfa-10095	20	5	should	should	AUX
ajfa-10095	20	6	misprice	misprice	VERB
ajfa-10095	20	7	current	current	ADJ
ajfa-10095	20	8	earnings	earning	NOUN
ajfa-10095	20	9	without	without	ADP
ajfa-10095	20	10	fully	fully	ADV
ajfa-10095	20	11	considering	consider	VERB
ajfa-10095	20	12	their	their	PRON
ajfa-10095	20	13	underlying	underlie	VERB
ajfa-10095	20	14	economics	economic	NOUN
ajfa-10095	20	15	,	,	PUNCT
ajfa-10095	20	16	or	or	CCONJ
ajfa-10095	20	17	managers	manager	NOUN
ajfa-10095	20	18	should	should	AUX
ajfa-10095	20	19	believe	believe	VERB
ajfa-10095	20	20	that	that	SCONJ
ajfa-10095	20	21	they	they	PRON
ajfa-10095	20	22	do	do	VERB
ajfa-10095	20	23	.	.	PUNCT
ajfa-10095	21	1	since	since	SCONJ
ajfa-10095	21	2	d&o	d&o	NOUN
ajfa-10095	21	3	insurance	insurance	NOUN
ajfa-10095	21	4	leads	lead	VERB
ajfa-10095	21	5	managers	manager	NOUN
ajfa-10095	21	6	to	to	PART
ajfa-10095	21	7	act	act	VERB
ajfa-10095	21	8	in	in	ADP
ajfa-10095	21	9	their	their	PRON
ajfa-10095	21	10	own	own	ADJ
ajfa-10095	21	11	interest	interest	NOUN
ajfa-10095	21	12	rather	rather	ADV
ajfa-10095	21	13	than	than	ADP
ajfa-10095	21	14	the	the	DET
ajfa-10095	21	15	firm	firm	NOUN
ajfa-10095	21	16	’s	’s	PART
ajfa-10095	21	17	interest	interest	NOUN
ajfa-10095	21	18	,	,	PUNCT
ajfa-10095	21	19	well	well	ADV
ajfa-10095	21	20	-	-	PUNCT
ajfa-10095	21	21	protected	protect	VERB
ajfa-10095	21	22	managers	manager	NOUN
ajfa-10095	21	23	may	may	AUX
ajfa-10095	21	24	have	have	VERB
ajfa-10095	21	25	incentives	incentive	NOUN
ajfa-10095	21	26	to	to	PART
ajfa-10095	21	27	engage	engage	VERB
ajfa-10095	21	28	in	in	ADP
ajfa-10095	21	29	myopic	myopic	ADJ
ajfa-10095	21	30	r&d	r&d	NOUN
ajfa-10095	21	31	investment	investment	NOUN
ajfa-10095	21	32	behavior	behavior	NOUN
ajfa-10095	21	33	.	.	PUNCT
ajfa-10095	22	1	r&d	r&d	NOUN
ajfa-10095	22	2	activities	activity	NOUN
ajfa-10095	22	3	have	have	VERB
ajfa-10095	22	4	a	a	DET
ajfa-10095	22	5	long	long	ADJ
ajfa-10095	22	6	-	-	PUNCT
ajfa-10095	22	7	term	term	NOUN
ajfa-10095	22	8	relationship	relationship	NOUN
ajfa-10095	22	9	with	with	ADP
ajfa-10095	22	10	highly	highly	ADV
ajfa-10095	22	11	uncertain	uncertain	ADJ
ajfa-10095	22	12	,	,	PUNCT
ajfa-10095	22	13	unpredictable	unpredictable	ADJ
ajfa-10095	22	14	future	future	ADJ
ajfa-10095	22	15	cash	cash	NOUN
ajfa-10095	22	16	flows	flow	NOUN
ajfa-10095	22	17	,	,	PUNCT
ajfa-10095	22	18	as	as	ADV
ajfa-10095	22	19	well	well	ADV
ajfa-10095	22	20	as	as	ADP
ajfa-10095	22	21	a	a	DET
ajfa-10095	22	22	high	high	ADJ
ajfa-10095	22	23	risk	risk	NOUN
ajfa-10095	22	24	of	of	ADP
ajfa-10095	22	25	failure	failure	NOUN
ajfa-10095	22	26	(	(	PUNCT
ajfa-10095	22	27	holmstrom	holmstrom	NOUN
ajfa-10095	22	28	,	,	PUNCT
ajfa-10095	22	29	1989	1989	NUM
ajfa-10095	22	30	)	)	PUNCT
ajfa-10095	22	31	.	.	PUNCT
ajfa-10095	23	1	since	since	SCONJ
ajfa-10095	23	2	d&o	d&o	NOUN
ajfa-10095	23	3	insurance	insurance	NOUN
ajfa-10095	23	4	induces	induce	VERB
ajfa-10095	23	5	managers	manager	NOUN
ajfa-10095	23	6	to	to	PART
ajfa-10095	23	7	take	take	VERB
ajfa-10095	23	8	action	action	NOUN
ajfa-10095	23	9	in	in	ADP
ajfa-10095	23	10	pursuit	pursuit	NOUN
ajfa-10095	23	11	of	of	ADP
ajfa-10095	23	12	personal	personal	ADJ
ajfa-10095	23	13	goals	goal	NOUN
ajfa-10095	23	14	,	,	PUNCT
ajfa-10095	23	15	they	they	PRON
ajfa-10095	23	16	may	may	AUX
ajfa-10095	23	17	be	be	AUX
ajfa-10095	23	18	reluctant	reluctant	ADJ
ajfa-10095	23	19	to	to	PART
ajfa-10095	23	20	engage	engage	VERB
ajfa-10095	23	21	in	in	ADP
ajfa-10095	23	22	r&d	r&d	NOUN
ajfa-10095	23	23	activities	activity	NOUN
ajfa-10095	23	24	and	and	CCONJ
ajfa-10095	23	25	more	more	ADV
ajfa-10095	23	26	likely	likely	ADJ
ajfa-10095	23	27	to	to	PART
ajfa-10095	23	28	reduce	reduce	VERB
ajfa-10095	23	29	the	the	DET
ajfa-10095	23	30	amount	amount	NOUN
ajfa-10095	23	31	of	of	ADP
ajfa-10095	23	32	r&d	r&d	NOUN
ajfa-10095	23	33	investment	investment	NOUN
ajfa-10095	23	34	to	to	PART
ajfa-10095	23	35	achieve	achieve	VERB
ajfa-10095	23	36	current	current	ADJ
ajfa-10095	23	37	-	-	PUNCT
ajfa-10095	23	38	period	period	NOUN
ajfa-10095	23	39	earnings	earning	NOUN
ajfa-10095	23	40	performance	performance	NOUN
ajfa-10095	23	41	.	.	PUNCT
ajfa-10095	24	1	research	research	NOUN
ajfa-10095	24	2	(	(	PUNCT
ajfa-10095	24	3	fuller	full	ADJ
ajfa-10095	24	4	and	and	CCONJ
ajfa-10095	24	5	jensen	jensen	PROPN
ajfa-10095	24	6	,	,	PUNCT
ajfa-10095	24	7	2002	2002	NUM
ajfa-10095	24	8	;	;	PUNCT
ajfa-10095	24	9	rappaport	rappaport	NOUN
ajfa-10095	24	10	,	,	PUNCT
ajfa-10095	24	11	2005	2005	NUM
ajfa-10095	24	12	)	)	PUNCT
ajfa-10095	24	13	also	also	ADV
ajfa-10095	24	14	provides	provide	VERB
ajfa-10095	24	15	evidence	evidence	NOUN
ajfa-10095	24	16	that	that	SCONJ
ajfa-10095	24	17	capital	capital	NOUN
ajfa-10095	24	18	markets	market	NOUN
ajfa-10095	24	19	can	can	AUX
ajfa-10095	24	20	incorrectly	incorrectly	ADV
ajfa-10095	24	21	price	price	VERB
ajfa-10095	24	22	current	current	ADJ
ajfa-10095	24	23	earnings	earning	NOUN
ajfa-10095	24	24	,	,	PUNCT
ajfa-10095	24	25	and	and	CCONJ
ajfa-10095	24	26	investors	investor	NOUN
ajfa-10095	24	27	and	and	CCONJ
ajfa-10095	24	28	managers	manager	NOUN
ajfa-10095	24	29	have	have	VERB
ajfa-10095	24	30	a	a	DET
ajfa-10095	24	31	mutually	mutually	ADV
ajfa-10095	24	32	reinforcing	reinforce	VERB
ajfa-10095	24	33	obsession	obsession	NOUN
ajfa-10095	24	34	with	with	ADP
ajfa-10095	24	35	short	short	ADJ
ajfa-10095	24	36	-	-	PUNCT
ajfa-10095	24	37	term	term	NOUN
ajfa-10095	24	38	performance	performance	NOUN
ajfa-10095	24	39	,	,	PUNCT
ajfa-10095	24	40	with	with	ADP
ajfa-10095	24	41	earnings	earning	NOUN
ajfa-10095	24	42	as	as	ADP
ajfa-10095	24	43	the	the	DET
ajfa-10095	24	44	most	most	ADV
ajfa-10095	24	45	widely	widely	ADV
ajfa-10095	24	46	accepted	accept	VERB
ajfa-10095	24	47	metric.1	metric.1	PROPN
ajfa-10095	24	48	since	since	SCONJ
ajfa-10095	24	49	d&o	d&o	NOUN
ajfa-10095	24	50	insurance	insurance	NOUN
ajfa-10095	24	51	induces	induce	VERB
ajfa-10095	24	52	managers	manager	NOUN
ajfa-10095	24	53	to	to	PART
ajfa-10095	24	54	pursue	pursue	VERB
ajfa-10095	24	55	opportunistic	opportunistic	ADJ
ajfa-10095	24	56	behavior	behavior	NOUN
ajfa-10095	24	57	and	and	CCONJ
ajfa-10095	24	58	damage	damage	NOUN
ajfa-10095	24	59	firm	firm	ADJ
ajfa-10095	24	60	value	value	NOUN
ajfa-10095	24	61	,	,	PUNCT
ajfa-10095	24	62	well	well	ADV
ajfa-10095	24	63	-	-	PUNCT
ajfa-10095	24	64	protected	protect	VERB
ajfa-10095	24	65	managers	manager	NOUN
ajfa-10095	24	66	may	may	AUX
ajfa-10095	24	67	be	be	AUX
ajfa-10095	24	68	inclined	incline	VERB
ajfa-10095	24	69	to	to	PART
ajfa-10095	24	70	reduce	reduce	VERB
ajfa-10095	24	71	r&d	r&d	NOUN
ajfa-10095	24	72	expenditures	expenditure	NOUN
ajfa-10095	24	73	in	in	ADP
ajfa-10095	24	74	order	order	NOUN
ajfa-10095	24	75	to	to	PART
ajfa-10095	24	76	report	report	VERB
ajfa-10095	24	77	strong	strong	ADJ
ajfa-10095	24	78	earnings	earning	NOUN
ajfa-10095	24	79	,	,	PUNCT
ajfa-10095	24	80	which	which	PRON
ajfa-10095	24	81	in	in	ADP
ajfa-10095	24	82	turn	turn	NOUN
ajfa-10095	24	83	,	,	PUNCT
ajfa-10095	24	84	drives	drive	VERB
ajfa-10095	24	85	up	up	ADP
ajfa-10095	24	86	the	the	DET
ajfa-10095	24	87	firm	firm	NOUN
ajfa-10095	24	88	’s	’s	PART
ajfa-10095	24	89	stock	stock	NOUN
ajfa-10095	24	90	price	price	NOUN
ajfa-10095	24	91	in	in	ADP
ajfa-10095	24	92	the	the	DET
ajfa-10095	24	93	shortrun	shortrun	NOUN
ajfa-10095	24	94	and	and	CCONJ
ajfa-10095	24	95	increases	increase	VERB
ajfa-10095	24	96	their	their	PRON
ajfa-10095	24	97	compensation	compensation	NOUN
ajfa-10095	24	98	.	.	PUNCT
ajfa-10095	25	1	i	i	PRON
ajfa-10095	25	2	therefore	therefore	ADV
ajfa-10095	25	3	expect	expect	VERB
ajfa-10095	25	4	that	that	PRON
ajfa-10095	25	5	d&o	d&o	NOUN
ajfa-10095	25	6	insurance	insurance	NOUN
ajfa-10095	25	7	coverage	coverage	NOUN
ajfa-10095	25	8	is	be	AUX
ajfa-10095	25	9	associated	associate	VERB
ajfa-10095	25	10	with	with	ADP
ajfa-10095	25	11	myopic	myopic	ADJ
ajfa-10095	25	12	r&d	r&d	NOUN
ajfa-10095	25	13	investment	investment	NOUN
ajfa-10095	25	14	behavior	behavior	NOUN
ajfa-10095	25	15	.	.	PUNCT
ajfa-10095	26	1	1	1	NUM
ajfa-10095	26	2	it	it	PRON
ajfa-10095	26	3	is	be	AUX
ajfa-10095	26	4	also	also	ADV
ajfa-10095	26	5	consistent	consistent	ADJ
ajfa-10095	26	6	with	with	ADP
ajfa-10095	26	7	stein	stein	PROPN
ajfa-10095	26	8	’s	’s	PART
ajfa-10095	26	9	(	(	PUNCT
ajfa-10095	26	10	1988	1988	NUM
ajfa-10095	26	11	,	,	PUNCT
ajfa-10095	26	12	1989	1989	NUM
ajfa-10095	26	13	)	)	PUNCT
ajfa-10095	26	14	observation	observation	NOUN
ajfa-10095	26	15	that	that	SCONJ
ajfa-10095	26	16	the	the	DET
ajfa-10095	26	17	capital	capital	NOUN
ajfa-10095	26	18	market	market	NOUN
ajfa-10095	26	19	is	be	AUX
ajfa-10095	26	20	myopic	myopic	ADJ
ajfa-10095	26	21	and	and	CCONJ
ajfa-10095	26	22	will	will	AUX
ajfa-10095	26	23	induce	induce	VERB
ajfa-10095	26	24	managers	manager	NOUN
ajfa-10095	26	25	to	to	PART
ajfa-10095	26	26	behave	behave	VERB
ajfa-10095	26	27	myopically	myopically	ADV
ajfa-10095	26	28	.	.	PUNCT
ajfa-10095	27	1	asian	asian	ADJ
ajfa-10095	27	2	journal	journal	PROPN
ajfa-10095	27	3	of	of	ADP
ajfa-10095	27	4	finance	finance	PROPN
ajfa-10095	27	5	&	&	CCONJ
ajfa-10095	27	6	accounting	accounting	PROPN
ajfa-10095	27	7	issn	issn	PROPN
ajfa-10095	27	8	1946	1946	NUM
ajfa-10095	27	9	-	-	PUNCT
ajfa-10095	27	10	052x	052x	PROPN
ajfa-10095	27	11	2016	2016	NUM
ajfa-10095	27	12	,	,	PUNCT
ajfa-10095	27	13	vol	vol	NOUN
ajfa-10095	27	14	.	.	PROPN
ajfa-10095	27	15	8	8	NUM
ajfa-10095	27	16	,	,	PUNCT
ajfa-10095	27	17	no	no	INTJ
ajfa-10095	27	18	.	.	NOUN
ajfa-10095	27	19	2	2	NUM
ajfa-10095	27	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	27	21	97	97	NUM
ajfa-10095	27	22	based	base	VERB
ajfa-10095	27	23	on	on	ADP
ajfa-10095	27	24	a	a	DET
ajfa-10095	27	25	sample	sample	NOUN
ajfa-10095	27	26	of	of	ADP
ajfa-10095	27	27	taiwanese	taiwanese	ADJ
ajfa-10095	27	28	listed	list	VERB
ajfa-10095	27	29	firms	firm	NOUN
ajfa-10095	27	30	over	over	ADP
ajfa-10095	27	31	the	the	DET
ajfa-10095	27	32	period	period	NOUN
ajfa-10095	27	33	2008	2008	NUM
ajfa-10095	27	34	-	-	SYM
ajfa-10095	27	35	2012	2012	NUM
ajfa-10095	27	36	,	,	PUNCT
ajfa-10095	27	37	i	i	PRON
ajfa-10095	27	38	find	find	VERB
ajfa-10095	27	39	that	that	SCONJ
ajfa-10095	27	40	,	,	PUNCT
ajfa-10095	27	41	consistent	consistent	ADJ
ajfa-10095	27	42	with	with	ADP
ajfa-10095	27	43	my	my	PRON
ajfa-10095	27	44	prediction	prediction	NOUN
ajfa-10095	27	45	,	,	PUNCT
ajfa-10095	27	46	firms	firm	NOUN
ajfa-10095	27	47	with	with	ADP
ajfa-10095	27	48	higher	high	ADJ
ajfa-10095	27	49	d&o	d&o	NOUN
ajfa-10095	27	50	insurance	insurance	NOUN
ajfa-10095	27	51	coverage	coverage	NOUN
ajfa-10095	27	52	are	be	AUX
ajfa-10095	27	53	more	more	ADV
ajfa-10095	27	54	likely	likely	ADJ
ajfa-10095	27	55	to	to	PART
ajfa-10095	27	56	cut	cut	VERB
ajfa-10095	27	57	r&d	r&d	NOUN
ajfa-10095	27	58	expenditures	expenditure	NOUN
ajfa-10095	27	59	when	when	SCONJ
ajfa-10095	27	60	faced	face	VERB
ajfa-10095	27	61	with	with	ADP
ajfa-10095	27	62	potential	potential	ADJ
ajfa-10095	27	63	earnings	earning	NOUN
ajfa-10095	27	64	declines	decline	NOUN
ajfa-10095	27	65	.	.	PUNCT
ajfa-10095	28	1	this	this	DET
ajfa-10095	28	2	finding	finding	NOUN
ajfa-10095	28	3	suggests	suggest	VERB
ajfa-10095	28	4	that	that	SCONJ
ajfa-10095	28	5	d&o	d&o	NOUN
ajfa-10095	28	6	insurance	insurance	NOUN
ajfa-10095	28	7	induces	induce	VERB
ajfa-10095	28	8	managers	manager	NOUN
ajfa-10095	28	9	to	to	PART
ajfa-10095	28	10	make	make	VERB
ajfa-10095	28	11	corporate	corporate	ADJ
ajfa-10095	28	12	decisions	decision	NOUN
ajfa-10095	28	13	which	which	PRON
ajfa-10095	28	14	advance	advance	VERB
ajfa-10095	28	15	their	their	PRON
ajfa-10095	28	16	own	own	ADJ
ajfa-10095	28	17	interests	interest	NOUN
ajfa-10095	28	18	.	.	PUNCT
ajfa-10095	29	1	the	the	DET
ajfa-10095	29	2	results	result	NOUN
ajfa-10095	29	3	are	be	AUX
ajfa-10095	29	4	robust	robust	ADJ
ajfa-10095	29	5	to	to	ADP
ajfa-10095	29	6	several	several	ADJ
ajfa-10095	29	7	sensitivity	sensitivity	NOUN
ajfa-10095	29	8	checks	check	NOUN
ajfa-10095	29	9	.	.	PUNCT
ajfa-10095	30	1	this	this	DET
ajfa-10095	30	2	study	study	NOUN
ajfa-10095	30	3	contributes	contribute	VERB
ajfa-10095	30	4	to	to	ADP
ajfa-10095	30	5	the	the	DET
ajfa-10095	30	6	literature	literature	NOUN
ajfa-10095	30	7	in	in	ADP
ajfa-10095	30	8	several	several	ADJ
ajfa-10095	30	9	ways	way	NOUN
ajfa-10095	30	10	.	.	PUNCT
ajfa-10095	31	1	first	first	ADV
ajfa-10095	31	2	,	,	PUNCT
ajfa-10095	31	3	research	research	NOUN
ajfa-10095	31	4	has	have	AUX
ajfa-10095	31	5	investigated	investigate	VERB
ajfa-10095	31	6	the	the	DET
ajfa-10095	31	7	effect	effect	NOUN
ajfa-10095	31	8	of	of	ADP
ajfa-10095	31	9	d&o	d&o	NOUN
ajfa-10095	31	10	insurance	insurance	NOUN
ajfa-10095	31	11	on	on	ADP
ajfa-10095	31	12	the	the	DET
ajfa-10095	31	13	outcome	outcome	NOUN
ajfa-10095	31	14	of	of	ADP
ajfa-10095	31	15	mergers	merger	NOUN
ajfa-10095	31	16	and	and	CCONJ
ajfa-10095	31	17	acquisitions	acquisition	NOUN
ajfa-10095	31	18	(	(	PUNCT
ajfa-10095	31	19	m&as	m&as	NOUN
ajfa-10095	31	20	)	)	PUNCT
ajfa-10095	31	21	(	(	PUNCT
ajfa-10095	31	22	lin	lin	PROPN
ajfa-10095	31	23	et	et	PROPN
ajfa-10095	31	24	al	al	PROPN
ajfa-10095	31	25	.	.	PROPN
ajfa-10095	31	26	,	,	PUNCT
ajfa-10095	31	27	2011	2011	NUM
ajfa-10095	31	28	)	)	PUNCT
ajfa-10095	31	29	and	and	CCONJ
ajfa-10095	31	30	financial	financial	ADJ
ajfa-10095	31	31	reporting	reporting	NOUN
ajfa-10095	31	32	quality	quality	NOUN
ajfa-10095	31	33	(	(	PUNCT
ajfa-10095	31	34	chung	chung	PROPN
ajfa-10095	31	35	and	and	CCONJ
ajfa-10095	31	36	wynn	wynn	PROPN
ajfa-10095	31	37	,	,	PUNCT
ajfa-10095	31	38	2008	2008	NUM
ajfa-10095	31	39	;	;	PUNCT
ajfa-10095	31	40	chung	chung	PROPN
ajfa-10095	31	41	et	et	PROPN
ajfa-10095	31	42	a.	a.	PROPN
ajfa-10095	31	43	,	,	PUNCT
ajfa-10095	31	44	2013	2013	NUM
ajfa-10095	31	45	;	;	PUNCT
ajfa-10095	31	46	kim	kim	PROPN
ajfa-10095	31	47	,	,	PUNCT
ajfa-10095	31	48	2015	2015	NUM
ajfa-10095	31	49	)	)	PUNCT
ajfa-10095	31	50	.	.	PUNCT
ajfa-10095	32	1	this	this	DET
ajfa-10095	32	2	study	study	NOUN
ajfa-10095	32	3	adds	add	VERB
ajfa-10095	32	4	to	to	ADP
ajfa-10095	32	5	the	the	DET
ajfa-10095	32	6	literature	literature	NOUN
ajfa-10095	32	7	on	on	ADP
ajfa-10095	32	8	d&o	d&o	NOUN
ajfa-10095	32	9	insurance	insurance	NOUN
ajfa-10095	32	10	by	by	ADP
ajfa-10095	32	11	showing	show	VERB
ajfa-10095	32	12	that	that	SCONJ
ajfa-10095	32	13	moral	moral	ADJ
ajfa-10095	32	14	hazards	hazard	NOUN
ajfa-10095	32	15	related	relate	VERB
ajfa-10095	32	16	to	to	ADP
ajfa-10095	32	17	d&o	d&o	NOUN
ajfa-10095	32	18	insurance	insurance	NOUN
ajfa-10095	32	19	can	can	AUX
ajfa-10095	32	20	affect	affect	VERB
ajfa-10095	32	21	myopic	myopic	ADJ
ajfa-10095	32	22	r&d	r&d	NOUN
ajfa-10095	32	23	cuts	cut	NOUN
ajfa-10095	32	24	.	.	PUNCT
ajfa-10095	33	1	second	second	ADJ
ajfa-10095	33	2	,	,	PUNCT
ajfa-10095	33	3	this	this	DET
ajfa-10095	33	4	study	study	NOUN
ajfa-10095	33	5	contributes	contribute	VERB
ajfa-10095	33	6	to	to	ADP
ajfa-10095	33	7	the	the	DET
ajfa-10095	33	8	literature	literature	NOUN
ajfa-10095	33	9	on	on	ADP
ajfa-10095	33	10	managerial	managerial	ADJ
ajfa-10095	33	11	myopia	myopia	NOUN
ajfa-10095	33	12	.	.	PUNCT
ajfa-10095	34	1	a	a	DET
ajfa-10095	34	2	large	large	ADJ
ajfa-10095	34	3	number	number	NOUN
ajfa-10095	34	4	of	of	ADP
ajfa-10095	34	5	studies	study	NOUN
ajfa-10095	34	6	document	document	NOUN
ajfa-10095	34	7	that	that	SCONJ
ajfa-10095	34	8	managers	manager	NOUN
ajfa-10095	34	9	are	be	AUX
ajfa-10095	34	10	inclined	incline	VERB
ajfa-10095	34	11	to	to	PART
ajfa-10095	34	12	sacrifice	sacrifice	VERB
ajfa-10095	34	13	long	long	ADJ
ajfa-10095	34	14	-	-	PUNCT
ajfa-10095	34	15	term	term	NOUN
ajfa-10095	34	16	value	value	NOUN
ajfa-10095	34	17	creation	creation	NOUN
ajfa-10095	34	18	to	to	PART
ajfa-10095	34	19	achieve	achieve	VERB
ajfa-10095	34	20	short	short	ADJ
ajfa-10095	34	21	-	-	PUNCT
ajfa-10095	34	22	term	term	NOUN
ajfa-10095	34	23	earnings	earning	NOUN
ajfa-10095	34	24	targets	target	NOUN
ajfa-10095	34	25	.	.	PUNCT
ajfa-10095	35	1	these	these	DET
ajfa-10095	35	2	studies	study	NOUN
ajfa-10095	35	3	suggest	suggest	VERB
ajfa-10095	35	4	that	that	SCONJ
ajfa-10095	35	5	managers	manager	NOUN
ajfa-10095	35	6	tend	tend	VERB
ajfa-10095	35	7	to	to	PART
ajfa-10095	35	8	reduce	reduce	VERB
ajfa-10095	35	9	r&d	r&d	NOUN
ajfa-10095	35	10	expenditures	expenditure	NOUN
ajfa-10095	35	11	in	in	ADP
ajfa-10095	35	12	response	response	NOUN
ajfa-10095	35	13	to	to	ADP
ajfa-10095	35	14	concerns	concern	NOUN
ajfa-10095	35	15	about	about	ADP
ajfa-10095	35	16	earnings	earning	NOUN
ajfa-10095	35	17	declines	decline	NOUN
ajfa-10095	35	18	or	or	CCONJ
ajfa-10095	35	19	losses	loss	NOUN
ajfa-10095	35	20	(	(	PUNCT
ajfa-10095	35	21	baber	baber	PROPN
ajfa-10095	35	22	et	et	PROPN
ajfa-10095	35	23	al	al	PROPN
ajfa-10095	35	24	.	.	PROPN
ajfa-10095	35	25	,	,	PUNCT
ajfa-10095	35	26	1991	1991	NUM
ajfa-10095	35	27	)	)	PUNCT
ajfa-10095	35	28	,	,	PUNCT
ajfa-10095	35	29	short	short	ADJ
ajfa-10095	35	30	managerial	managerial	ADJ
ajfa-10095	35	31	horizons	horizon	NOUN
ajfa-10095	35	32	(	(	PUNCT
ajfa-10095	35	33	dechow	dechow	ADJ
ajfa-10095	35	34	and	and	CCONJ
ajfa-10095	35	35	sloan	sloan	NOUN
ajfa-10095	35	36	,	,	PUNCT
ajfa-10095	35	37	1991	1991	NUM
ajfa-10095	35	38	)	)	PUNCT
ajfa-10095	35	39	,	,	PUNCT
ajfa-10095	35	40	catering	cater	VERB
ajfa-10095	35	41	to	to	ADP
ajfa-10095	35	42	the	the	DET
ajfa-10095	35	43	short	short	ADJ
ajfa-10095	35	44	-	-	PUNCT
ajfa-10095	35	45	term	term	NOUN
ajfa-10095	35	46	needs	need	NOUN
ajfa-10095	35	47	of	of	ADP
ajfa-10095	35	48	transient	transient	ADJ
ajfa-10095	35	49	institutional	institutional	ADJ
ajfa-10095	35	50	investors	investor	NOUN
ajfa-10095	35	51	(	(	PUNCT
ajfa-10095	35	52	bushee	bushee	NOUN
ajfa-10095	35	53	,	,	PUNCT
ajfa-10095	35	54	1998	1998	NUM
ajfa-10095	35	55	)	)	PUNCT
ajfa-10095	35	56	,	,	PUNCT
ajfa-10095	35	57	and	and	CCONJ
ajfa-10095	35	58	the	the	DET
ajfa-10095	35	59	need	need	NOUN
ajfa-10095	35	60	to	to	PART
ajfa-10095	35	61	raise	raise	VERB
ajfa-10095	35	62	capital	capital	NOUN
ajfa-10095	35	63	(	(	PUNCT
ajfa-10095	35	64	cohen	cohen	NOUN
ajfa-10095	35	65	and	and	CCONJ
ajfa-10095	35	66	zarowin	zarowin	PROPN
ajfa-10095	35	67	,	,	PUNCT
ajfa-10095	35	68	2010	2010	NUM
ajfa-10095	35	69	)	)	PUNCT
ajfa-10095	35	70	.	.	PUNCT
ajfa-10095	36	1	this	this	DET
ajfa-10095	36	2	study	study	NOUN
ajfa-10095	36	3	extends	extend	VERB
ajfa-10095	36	4	this	this	DET
ajfa-10095	36	5	line	line	NOUN
ajfa-10095	36	6	of	of	ADP
ajfa-10095	36	7	research	research	NOUN
ajfa-10095	36	8	by	by	ADP
ajfa-10095	36	9	provide	provide	VERB
ajfa-10095	36	10	evidence	evidence	NOUN
ajfa-10095	36	11	that	that	SCONJ
ajfa-10095	36	12	d&o	d&o	NOUN
ajfa-10095	36	13	insurance	insurance	NOUN
ajfa-10095	36	14	coverage	coverage	NOUN
ajfa-10095	36	15	appears	appear	VERB
ajfa-10095	36	16	to	to	PART
ajfa-10095	36	17	be	be	AUX
ajfa-10095	36	18	an	an	DET
ajfa-10095	36	19	important	important	ADJ
ajfa-10095	36	20	determinant	determinant	NOUN
ajfa-10095	36	21	of	of	ADP
ajfa-10095	36	22	managerial	managerial	ADJ
ajfa-10095	36	23	myopia	myopia	NOUN
ajfa-10095	36	24	.	.	PUNCT
ajfa-10095	37	1	finally	finally	ADV
ajfa-10095	37	2	,	,	PUNCT
ajfa-10095	37	3	this	this	DET
ajfa-10095	37	4	study	study	NOUN
ajfa-10095	37	5	adds	add	VERB
ajfa-10095	37	6	to	to	ADP
ajfa-10095	37	7	the	the	DET
ajfa-10095	37	8	stream	stream	NOUN
ajfa-10095	37	9	of	of	ADP
ajfa-10095	37	10	real	real	ADJ
ajfa-10095	37	11	earnings	earning	NOUN
ajfa-10095	37	12	management	management	NOUN
ajfa-10095	37	13	literature	literature	NOUN
ajfa-10095	37	14	since	since	SCONJ
ajfa-10095	37	15	myopic	myopic	ADJ
ajfa-10095	37	16	r&d	r&d	NOUN
ajfa-10095	37	17	reduction	reduction	NOUN
ajfa-10095	37	18	is	be	AUX
ajfa-10095	37	19	a	a	DET
ajfa-10095	37	20	type	type	NOUN
ajfa-10095	37	21	of	of	ADP
ajfa-10095	37	22	real	real	ADJ
ajfa-10095	37	23	activities	activity	NOUN
ajfa-10095	37	24	manipulation	manipulation	NOUN
ajfa-10095	37	25	.	.	PUNCT
ajfa-10095	38	1	the	the	DET
ajfa-10095	38	2	reminder	reminder	NOUN
ajfa-10095	38	3	of	of	ADP
ajfa-10095	38	4	this	this	DET
ajfa-10095	38	5	paper	paper	NOUN
ajfa-10095	38	6	is	be	AUX
ajfa-10095	38	7	organized	organize	VERB
ajfa-10095	38	8	as	as	SCONJ
ajfa-10095	38	9	follows	follow	VERB
ajfa-10095	38	10	.	.	PUNCT
ajfa-10095	39	1	section	section	NOUN
ajfa-10095	39	2	2	2	NUM
ajfa-10095	39	3	reviews	review	VERB
ajfa-10095	39	4	relevant	relevant	ADJ
ajfa-10095	39	5	literature	literature	NOUN
ajfa-10095	39	6	and	and	CCONJ
ajfa-10095	39	7	develop	develop	VERB
ajfa-10095	39	8	the	the	DET
ajfa-10095	39	9	hypothesis	hypothesis	NOUN
ajfa-10095	39	10	.	.	PUNCT
ajfa-10095	40	1	section	section	NOUN
ajfa-10095	40	2	3	3	NUM
ajfa-10095	40	3	outlines	outline	VERB
ajfa-10095	40	4	the	the	DET
ajfa-10095	40	5	research	research	NOUN
ajfa-10095	40	6	design	design	NOUN
ajfa-10095	40	7	.	.	PUNCT
ajfa-10095	41	1	section	section	NOUN
ajfa-10095	41	2	4	4	NUM
ajfa-10095	41	3	details	detail	NOUN
ajfa-10095	41	4	the	the	DET
ajfa-10095	41	5	sample	sample	NOUN
ajfa-10095	41	6	selection	selection	NOUN
ajfa-10095	41	7	and	and	CCONJ
ajfa-10095	41	8	presents	present	VERB
ajfa-10095	41	9	the	the	DET
ajfa-10095	41	10	empirical	empirical	ADJ
ajfa-10095	41	11	findings	finding	NOUN
ajfa-10095	41	12	.	.	PUNCT
ajfa-10095	42	1	section	section	NOUN
ajfa-10095	42	2	5	5	NUM
ajfa-10095	42	3	concludes	conclude	VERB
ajfa-10095	42	4	.	.	PUNCT
ajfa-10095	43	1	2	2	X
ajfa-10095	43	2	.	.	X
ajfa-10095	43	3	literature	literature	NOUN
ajfa-10095	43	4	review	review	PROPN
ajfa-10095	43	5	and	and	CCONJ
ajfa-10095	43	6	hypothesis	hypothesis	NOUN
ajfa-10095	43	7	development	development	NOUN
ajfa-10095	43	8	2.1	2.1	NUM
ajfa-10095	43	9	research	research	NOUN
ajfa-10095	43	10	on	on	ADP
ajfa-10095	43	11	d&o	d&o	NOUN
ajfa-10095	43	12	insurance	insurance	NOUN
ajfa-10095	43	13	d&o	d&o	NOUN
ajfa-10095	43	14	insurance	insurance	NOUN
ajfa-10095	43	15	is	be	AUX
ajfa-10095	43	16	designed	design	VERB
ajfa-10095	43	17	to	to	PART
ajfa-10095	43	18	protect	protect	VERB
ajfa-10095	43	19	directors	director	NOUN
ajfa-10095	43	20	and	and	CCONJ
ajfa-10095	43	21	officers	officer	NOUN
ajfa-10095	43	22	from	from	ADP
ajfa-10095	43	23	liability	liability	NOUN
ajfa-10095	43	24	stemming	stem	VERB
ajfa-10095	43	25	from	from	ADP
ajfa-10095	43	26	actions	action	NOUN
ajfa-10095	43	27	connected	connect	VERB
ajfa-10095	43	28	to	to	ADP
ajfa-10095	43	29	their	their	PRON
ajfa-10095	43	30	corporate	corporate	ADJ
ajfa-10095	43	31	position	position	NOUN
ajfa-10095	43	32	.	.	PUNCT
ajfa-10095	44	1	d&o	d&o	NOUN
ajfa-10095	44	2	insurance	insurance	NOUN
ajfa-10095	44	3	covers	cover	VERB
ajfa-10095	44	4	situations	situation	NOUN
ajfa-10095	44	5	in	in	ADP
ajfa-10095	44	6	which	which	PRON
ajfa-10095	44	7	the	the	DET
ajfa-10095	44	8	director	director	NOUN
ajfa-10095	44	9	or	or	CCONJ
ajfa-10095	44	10	officer	officer	NOUN
ajfa-10095	44	11	commits	commit	VERB
ajfa-10095	44	12	fraudulent	fraudulent	ADJ
ajfa-10095	44	13	or	or	CCONJ
ajfa-10095	44	14	illegal	illegal	ADJ
ajfa-10095	44	15	activities	activity	NOUN
ajfa-10095	44	16	unintentionally	unintentionally	ADV
ajfa-10095	44	17	,	,	PUNCT
ajfa-10095	44	18	but	but	CCONJ
ajfa-10095	44	19	does	do	AUX
ajfa-10095	44	20	not	not	PART
ajfa-10095	44	21	violate	violate	VERB
ajfa-10095	44	22	his	his	PRON
ajfa-10095	44	23	/	/	SYM
ajfa-10095	44	24	her	her	PRON
ajfa-10095	44	25	duty	duty	NOUN
ajfa-10095	44	26	to	to	ADP
ajfa-10095	44	27	the	the	DET
ajfa-10095	44	28	shareholders	shareholder	NOUN
ajfa-10095	44	29	and	and	CCONJ
ajfa-10095	44	30	the	the	DET
ajfa-10095	44	31	firm	firm	NOUN
ajfa-10095	44	32	.	.	PUNCT
ajfa-10095	45	1	the	the	DET
ajfa-10095	45	2	insurance	insurance	NOUN
ajfa-10095	45	3	policy	policy	NOUN
ajfa-10095	45	4	typically	typically	ADV
ajfa-10095	45	5	does	do	AUX
ajfa-10095	45	6	not	not	PART
ajfa-10095	45	7	cover	cover	VERB
ajfa-10095	45	8	the	the	DET
ajfa-10095	45	9	total	total	ADJ
ajfa-10095	45	10	liability	liability	NOUN
ajfa-10095	45	11	,	,	PUNCT
ajfa-10095	45	12	and	and	CCONJ
ajfa-10095	45	13	management	management	NOUN
ajfa-10095	45	14	should	should	AUX
ajfa-10095	45	15	bear	bear	VERB
ajfa-10095	45	16	part	part	NOUN
ajfa-10095	45	17	of	of	ADP
ajfa-10095	45	18	the	the	DET
ajfa-10095	45	19	cost	cost	NOUN
ajfa-10095	45	20	personally	personally	ADV
ajfa-10095	45	21	.	.	PUNCT
ajfa-10095	46	1	the	the	DET
ajfa-10095	46	2	items	item	NOUN
ajfa-10095	46	3	generally	generally	ADV
ajfa-10095	46	4	covered	cover	VERB
ajfa-10095	46	5	contain	contain	VERB
ajfa-10095	46	6	judgments	judgment	NOUN
ajfa-10095	46	7	or	or	CCONJ
ajfa-10095	46	8	settlements	settlement	NOUN
ajfa-10095	46	9	in	in	ADP
ajfa-10095	46	10	actions	action	NOUN
ajfa-10095	46	11	alleging	allege	VERB
ajfa-10095	46	12	negligence	negligence	NOUN
ajfa-10095	46	13	.	.	PUNCT
ajfa-10095	47	1	the	the	DET
ajfa-10095	47	2	policy	policy	NOUN
ajfa-10095	47	3	does	do	AUX
ajfa-10095	47	4	not	not	PART
ajfa-10095	47	5	cover	cover	VERB
ajfa-10095	47	6	liability	liability	NOUN
ajfa-10095	47	7	including	include	VERB
ajfa-10095	47	8	willful	willful	ADJ
ajfa-10095	47	9	misconduct	misconduct	NOUN
ajfa-10095	47	10	,	,	PUNCT
ajfa-10095	47	11	self	self	NOUN
ajfa-10095	47	12	-	-	PUNCT
ajfa-10095	47	13	dealing	deal	VERB
ajfa-10095	47	14	,	,	PUNCT
ajfa-10095	47	15	bad	bad	ADJ
ajfa-10095	47	16	faith	faith	NOUN
ajfa-10095	47	17	,	,	PUNCT
ajfa-10095	47	18	knowing	know	VERB
ajfa-10095	47	19	violation	violation	NOUN
ajfa-10095	47	20	of	of	ADP
ajfa-10095	47	21	security	security	NOUN
ajfa-10095	47	22	laws	law	NOUN
ajfa-10095	47	23	,	,	PUNCT
ajfa-10095	47	24	personal	personal	ADJ
ajfa-10095	47	25	profit	profit	NOUN
ajfa-10095	47	26	,	,	PUNCT
ajfa-10095	47	27	or	or	CCONJ
ajfa-10095	47	28	dishonesty	dishonesty	NOUN
ajfa-10095	47	29	.	.	PUNCT
ajfa-10095	48	1	holderness	holderness	PROPN
ajfa-10095	48	2	(	(	PUNCT
ajfa-10095	48	3	1990	1990	NUM
ajfa-10095	48	4	)	)	PUNCT
ajfa-10095	48	5	and	and	CCONJ
ajfa-10095	48	6	o’sullivan	o’sullivan	NOUN
ajfa-10095	48	7	(	(	PUNCT
ajfa-10095	48	8	1997	1997	NUM
ajfa-10095	48	9	)	)	PUNCT
ajfa-10095	48	10	argue	argue	VERB
ajfa-10095	48	11	that	that	SCONJ
ajfa-10095	48	12	d&o	d&o	NOUN
ajfa-10095	48	13	insurance	insurance	NOUN
ajfa-10095	48	14	acts	act	VERB
ajfa-10095	48	15	as	as	ADP
ajfa-10095	48	16	a	a	DET
ajfa-10095	48	17	monitor	monitor	NOUN
ajfa-10095	48	18	mechanism	mechanism	NOUN
ajfa-10095	48	19	for	for	ADP
ajfa-10095	48	20	directors	director	NOUN
ajfa-10095	48	21	and	and	CCONJ
ajfa-10095	48	22	officers	officer	NOUN
ajfa-10095	48	23	because	because	SCONJ
ajfa-10095	48	24	the	the	DET
ajfa-10095	48	25	d&o	d&o	NOUN
ajfa-10095	48	26	insurer	insurer	NOUN
ajfa-10095	48	27	entirely	entirely	ADV
ajfa-10095	48	28	scrutinizes	scrutinize	VERB
ajfa-10095	48	29	the	the	DET
ajfa-10095	48	30	insured	insure	VERB
ajfa-10095	48	31	,	,	PUNCT
ajfa-10095	48	32	and	and	CCONJ
ajfa-10095	48	33	coverage	coverage	NOUN
ajfa-10095	48	34	limits	limit	NOUN
ajfa-10095	48	35	and	and	CCONJ
ajfa-10095	48	36	deductibles	deductible	NOUN
ajfa-10095	48	37	exist	exist	VERB
ajfa-10095	48	38	.	.	PUNCT
ajfa-10095	49	1	in	in	ADP
ajfa-10095	49	2	addition	addition	NOUN
ajfa-10095	49	3	,	,	PUNCT
ajfa-10095	49	4	kalelkar	kalelkar	ADV
ajfa-10095	49	5	and	and	CCONJ
ajfa-10095	49	6	nwaeze	nwaeze	NOUN
ajfa-10095	49	7	(	(	PUNCT
ajfa-10095	49	8	2015	2015	NUM
ajfa-10095	49	9	)	)	PUNCT
ajfa-10095	49	10	suggest	suggest	VERB
ajfa-10095	49	11	that	that	SCONJ
ajfa-10095	49	12	abnormally	abnormally	ADV
ajfa-10095	49	13	higher	high	ADJ
ajfa-10095	49	14	d&o	d&o	NOUN
ajfa-10095	49	15	insurance	insurance	NOUN
ajfa-10095	49	16	coverage	coverage	NOUN
ajfa-10095	49	17	can	can	AUX
ajfa-10095	49	18	more	more	ADV
ajfa-10095	49	19	fully	fully	ADV
ajfa-10095	49	20	insulate	insulate	VERB
ajfa-10095	49	21	managers	manager	NOUN
ajfa-10095	49	22	against	against	ADP
ajfa-10095	49	23	legal	legal	ADJ
ajfa-10095	49	24	penalties	penalty	NOUN
ajfa-10095	49	25	stemming	stem	VERB
ajfa-10095	49	26	from	from	ADP
ajfa-10095	49	27	exercising	exercise	VERB
ajfa-10095	49	28	their	their	PRON
ajfa-10095	49	29	corporate	corporate	ADJ
ajfa-10095	49	30	decision	decision	NOUN
ajfa-10095	49	31	-	-	PUNCT
ajfa-10095	49	32	making	make	VERB
ajfa-10095	49	33	authority	authority	NOUN
ajfa-10095	49	34	.	.	PUNCT
ajfa-10095	50	1	therefore	therefore	ADV
ajfa-10095	50	2	,	,	PUNCT
ajfa-10095	50	3	higher	high	ADJ
ajfa-10095	50	4	abnormal	abnormal	ADJ
ajfa-10095	50	5	coverage	coverage	NOUN
ajfa-10095	50	6	induces	induce	VERB
ajfa-10095	50	7	mangers	manger	NOUN
ajfa-10095	50	8	to	to	PART
ajfa-10095	50	9	take	take	VERB
ajfa-10095	50	10	actions	action	NOUN
ajfa-10095	50	11	that	that	PRON
ajfa-10095	50	12	will	will	AUX
ajfa-10095	50	13	maximize	maximize	VERB
ajfa-10095	50	14	shareholder	shareholder	NOUN
ajfa-10095	50	15	value	value	NOUN
ajfa-10095	50	16	.	.	PUNCT
ajfa-10095	51	1	however	however	ADV
ajfa-10095	51	2	,	,	PUNCT
ajfa-10095	51	3	a	a	DET
ajfa-10095	51	4	considerable	considerable	ADJ
ajfa-10095	51	5	body	body	NOUN
ajfa-10095	51	6	of	of	ADP
ajfa-10095	51	7	research	research	NOUN
ajfa-10095	51	8	suggests	suggest	VERB
ajfa-10095	51	9	that	that	SCONJ
ajfa-10095	51	10	d&o	d&o	NOUN
ajfa-10095	51	11	insurance	insurance	NOUN
ajfa-10095	51	12	alleviates	alleviate	VERB
ajfa-10095	51	13	the	the	DET
ajfa-10095	51	14	expected	expect	VERB
ajfa-10095	51	15	litigation	litigation	NOUN
ajfa-10095	51	16	risk	risk	NOUN
ajfa-10095	51	17	of	of	ADP
ajfa-10095	51	18	managers	manager	NOUN
ajfa-10095	51	19	,	,	PUNCT
ajfa-10095	51	20	thus	thus	ADV
ajfa-10095	51	21	introducing	introduce	VERB
ajfa-10095	51	22	severe	severe	ADJ
ajfa-10095	51	23	agency	agency	NOUN
ajfa-10095	51	24	problems	problem	NOUN
ajfa-10095	51	25	asian	asian	PROPN
ajfa-10095	51	26	journal	journal	PROPN
ajfa-10095	51	27	of	of	ADP
ajfa-10095	51	28	finance	finance	PROPN
ajfa-10095	51	29	&	&	CCONJ
ajfa-10095	51	30	accounting	accounting	PROPN
ajfa-10095	51	31	issn	issn	PROPN
ajfa-10095	51	32	1946	1946	NUM
ajfa-10095	51	33	-	-	PUNCT
ajfa-10095	51	34	052x	052x	PROPN
ajfa-10095	51	35	2016	2016	NUM
ajfa-10095	51	36	,	,	PUNCT
ajfa-10095	51	37	vol	vol	NOUN
ajfa-10095	51	38	.	.	PROPN
ajfa-10095	51	39	8	8	NUM
ajfa-10095	51	40	,	,	PUNCT
ajfa-10095	51	41	no	no	INTJ
ajfa-10095	51	42	.	.	NOUN
ajfa-10095	51	43	2	2	NUM
ajfa-10095	51	44	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	51	45	98	98	NUM
ajfa-10095	51	46	and	and	CCONJ
ajfa-10095	51	47	managerial	managerial	ADJ
ajfa-10095	51	48	opportunism	opportunism	NOUN
ajfa-10095	51	49	.	.	PUNCT
ajfa-10095	52	1	for	for	ADP
ajfa-10095	52	2	instance	instance	NOUN
ajfa-10095	52	3	,	,	PUNCT
ajfa-10095	52	4	zou	zou	PROPN
ajfa-10095	52	5	et	et	PROPN
ajfa-10095	52	6	al	al	PROPN
ajfa-10095	52	7	.	.	PROPN
ajfa-10095	53	1	(	(	PUNCT
ajfa-10095	53	2	2008	2008	NUM
ajfa-10095	53	3	)	)	PUNCT
ajfa-10095	53	4	indicate	indicate	VERB
ajfa-10095	53	5	that	that	PRON
ajfa-10095	53	6	d&o	d&o	NOUN
ajfa-10095	53	7	insurance	insurance	NOUN
ajfa-10095	53	8	could	could	AUX
ajfa-10095	53	9	be	be	AUX
ajfa-10095	53	10	opportunistically	opportunistically	ADV
ajfa-10095	53	11	purchased	purchase	VERB
ajfa-10095	53	12	to	to	PART
ajfa-10095	53	13	protect	protect	VERB
ajfa-10095	53	14	corporate	corporate	ADJ
ajfa-10095	53	15	insiders	insider	NOUN
ajfa-10095	53	16	(	(	PUNCT
ajfa-10095	53	17	managers	manager	NOUN
ajfa-10095	53	18	or	or	CCONJ
ajfa-10095	53	19	controlling	control	VERB
ajfa-10095	53	20	shareholders	shareholder	NOUN
ajfa-10095	53	21	)	)	PUNCT
ajfa-10095	53	22	against	against	ADP
ajfa-10095	53	23	potential	potential	ADJ
ajfa-10095	53	24	lawsuit	lawsuit	NOUN
ajfa-10095	53	25	costs	cost	NOUN
ajfa-10095	53	26	stemming	stem	VERB
ajfa-10095	53	27	from	from	ADP
ajfa-10095	53	28	the	the	DET
ajfa-10095	53	29	expropriation	expropriation	NOUN
ajfa-10095	53	30	of	of	ADP
ajfa-10095	53	31	outside	outside	ADJ
ajfa-10095	53	32	shareholders	shareholder	NOUN
ajfa-10095	53	33	.	.	PUNCT
ajfa-10095	54	1	chalmers	chalmers	PROPN
ajfa-10095	54	2	et	et	PROPN
ajfa-10095	54	3	al	al	PROPN
ajfa-10095	54	4	.	.	PROPN
ajfa-10095	55	1	(	(	PUNCT
ajfa-10095	55	2	2002	2002	NUM
ajfa-10095	55	3	)	)	PUNCT
ajfa-10095	55	4	document	document	NOUN
ajfa-10095	55	5	a	a	DET
ajfa-10095	55	6	negative	negative	ADJ
ajfa-10095	55	7	association	association	NOUN
ajfa-10095	55	8	between	between	ADP
ajfa-10095	55	9	the	the	DET
ajfa-10095	55	10	amount	amount	NOUN
ajfa-10095	55	11	of	of	ADP
ajfa-10095	55	12	d&o	d&o	NOUN
ajfa-10095	55	13	insurance	insurance	NOUN
ajfa-10095	55	14	purchased	purchase	VERB
ajfa-10095	55	15	at	at	ADP
ajfa-10095	55	16	the	the	DET
ajfa-10095	55	17	time	time	NOUN
ajfa-10095	55	18	of	of	ADP
ajfa-10095	55	19	the	the	DET
ajfa-10095	55	20	ipo	ipo	NOUN
ajfa-10095	55	21	(	(	PUNCT
ajfa-10095	55	22	initial	initial	ADJ
ajfa-10095	55	23	public	public	ADJ
ajfa-10095	55	24	offering	offering	NOUN
ajfa-10095	55	25	)	)	PUNCT
ajfa-10095	55	26	and	and	CCONJ
ajfa-10095	55	27	three	three	NUM
ajfa-10095	55	28	-	-	PUNCT
ajfa-10095	55	29	year	year	NOUN
ajfa-10095	55	30	post	post	ADJ
ajfa-10095	55	31	-	-	ADJ
ajfa-10095	55	32	ipo	ipo	ADJ
ajfa-10095	55	33	stock	stock	NOUN
ajfa-10095	55	34	returns	return	NOUN
ajfa-10095	55	35	.	.	PUNCT
ajfa-10095	56	1	their	their	PRON
ajfa-10095	56	2	finding	finding	NOUN
ajfa-10095	56	3	suggests	suggest	VERB
ajfa-10095	56	4	that	that	SCONJ
ajfa-10095	56	5	managers	manager	NOUN
ajfa-10095	56	6	are	be	AUX
ajfa-10095	56	7	prone	prone	ADJ
ajfa-10095	56	8	to	to	PART
ajfa-10095	56	9	purchase	purchase	VERB
ajfa-10095	56	10	d&o	d&o	NOUN
ajfa-10095	56	11	insurance	insurance	NOUN
ajfa-10095	56	12	when	when	SCONJ
ajfa-10095	56	13	they	they	PRON
ajfa-10095	56	14	are	be	AUX
ajfa-10095	56	15	aware	aware	ADJ
ajfa-10095	56	16	of	of	ADP
ajfa-10095	56	17	overvalued	overvalue	VERB
ajfa-10095	56	18	ipo	ipo	NOUN
ajfa-10095	56	19	stocks	stock	NOUN
ajfa-10095	56	20	(	(	PUNCT
ajfa-10095	56	21	and	and	CCONJ
ajfa-10095	56	22	thus	thus	ADV
ajfa-10095	56	23	the	the	DET
ajfa-10095	56	24	litigation	litigation	NOUN
ajfa-10095	56	25	risks	risk	NOUN
ajfa-10095	56	26	caused	cause	VERB
ajfa-10095	56	27	by	by	ADP
ajfa-10095	56	28	subsequent	subsequent	ADJ
ajfa-10095	56	29	price	price	NOUN
ajfa-10095	56	30	decreases	decrease	NOUN
ajfa-10095	56	31	)	)	PUNCT
ajfa-10095	56	32	.	.	PUNCT
ajfa-10095	57	1	in	in	ADP
ajfa-10095	57	2	addition	addition	NOUN
ajfa-10095	57	3	,	,	PUNCT
ajfa-10095	57	4	several	several	ADJ
ajfa-10095	57	5	studies	study	NOUN
ajfa-10095	57	6	document	document	VERB
ajfa-10095	57	7	a	a	DET
ajfa-10095	57	8	significantly	significantly	ADV
ajfa-10095	57	9	positive	positive	ADJ
ajfa-10095	57	10	association	association	NOUN
ajfa-10095	57	11	between	between	ADP
ajfa-10095	57	12	d&o	d&o	NOUN
ajfa-10095	57	13	coverage	coverage	NOUN
ajfa-10095	57	14	limits	limit	NOUN
ajfa-10095	57	15	and	and	CCONJ
ajfa-10095	57	16	the	the	DET
ajfa-10095	57	17	likelihood	likelihood	NOUN
ajfa-10095	57	18	that	that	SCONJ
ajfa-10095	57	19	firms	firm	NOUN
ajfa-10095	57	20	restate	restate	VERB
ajfa-10095	57	21	earnings	earning	NOUN
ajfa-10095	57	22	(	(	PUNCT
ajfa-10095	57	23	lin	lin	PROPN
ajfa-10095	57	24	et	et	PROPN
ajfa-10095	57	25	al	al	PROPN
ajfa-10095	57	26	.	.	PROPN
ajfa-10095	57	27	,	,	PUNCT
ajfa-10095	57	28	2013	2013	NUM
ajfa-10095	57	29	;	;	PUNCT
ajfa-10095	57	30	kim	kim	PROPN
ajfa-10095	57	31	,	,	PUNCT
ajfa-10095	57	32	2015	2015	NUM
ajfa-10095	57	33	)	)	PUNCT
ajfa-10095	57	34	.	.	PUNCT
ajfa-10095	58	1	similarly	similarly	ADV
ajfa-10095	58	2	,	,	PUNCT
ajfa-10095	58	3	d&o	d&o	NOUN
ajfa-10095	58	4	insurance	insurance	NOUN
ajfa-10095	58	5	coverage	coverage	NOUN
ajfa-10095	58	6	limits	limit	NOUN
ajfa-10095	58	7	have	have	AUX
ajfa-10095	58	8	also	also	ADV
ajfa-10095	58	9	been	be	AUX
ajfa-10095	58	10	shown	show	VERB
ajfa-10095	58	11	to	to	PART
ajfa-10095	58	12	be	be	AUX
ajfa-10095	58	13	negatively	negatively	ADV
ajfa-10095	58	14	associated	associate	VERB
ajfa-10095	58	15	with	with	ADP
ajfa-10095	58	16	earnings	earning	NOUN
ajfa-10095	58	17	quality	quality	NOUN
ajfa-10095	58	18	(	(	PUNCT
ajfa-10095	58	19	chung	chung	PROPN
ajfa-10095	58	20	et	et	PROPN
ajfa-10095	58	21	al	al	PROPN
ajfa-10095	58	22	.	.	PROPN
ajfa-10095	58	23	,	,	PUNCT
ajfa-10095	58	24	2013	2013	NUM
ajfa-10095	58	25	)	)	PUNCT
ajfa-10095	58	26	and	and	CCONJ
ajfa-10095	58	27	earnings	earning	NOUN
ajfa-10095	58	28	conservatism	conservatism	NOUN
ajfa-10095	58	29	(	(	PUNCT
ajfa-10095	58	30	chung	chung	PROPN
ajfa-10095	58	31	and	and	CCONJ
ajfa-10095	58	32	wynn	wynn	PROPN
ajfa-10095	58	33	,	,	PUNCT
ajfa-10095	58	34	2008	2008	NUM
ajfa-10095	58	35	)	)	PUNCT
ajfa-10095	58	36	.	.	PUNCT
ajfa-10095	59	1	moreover	moreover	ADV
ajfa-10095	59	2	,	,	PUNCT
ajfa-10095	59	3	higher	high	ADJ
ajfa-10095	59	4	d&o	d&o	NOUN
ajfa-10095	59	5	coverage	coverage	NOUN
ajfa-10095	59	6	is	be	AUX
ajfa-10095	59	7	pertinent	pertinent	ADJ
ajfa-10095	59	8	to	to	ADP
ajfa-10095	59	9	firms	firm	NOUN
ajfa-10095	59	10	that	that	PRON
ajfa-10095	59	11	have	have	VERB
ajfa-10095	59	12	lower	low	ADJ
ajfa-10095	59	13	abnormal	abnormal	ADJ
ajfa-10095	59	14	-	-	PUNCT
ajfa-10095	59	15	period	period	NOUN
ajfa-10095	59	16	returns	return	NOUN
ajfa-10095	59	17	during	during	ADP
ajfa-10095	59	18	mergers	merger	NOUN
ajfa-10095	59	19	and	and	CCONJ
ajfa-10095	59	20	acquisitions	acquisition	NOUN
ajfa-10095	59	21	(	(	PUNCT
ajfa-10095	59	22	lin	lin	PROPN
ajfa-10095	59	23	et	et	PROPN
ajfa-10095	59	24	al	al	PROPN
ajfa-10095	59	25	.	.	PROPN
ajfa-10095	59	26	,	,	PUNCT
ajfa-10095	59	27	2011	2011	NUM
ajfa-10095	59	28	)	)	PUNCT
ajfa-10095	59	29	,	,	PUNCT
ajfa-10095	59	30	higher	high	ADJ
ajfa-10095	59	31	costs	cost	NOUN
ajfa-10095	59	32	of	of	ADP
ajfa-10095	59	33	debt	debt	NOUN
ajfa-10095	59	34	and	and	CCONJ
ajfa-10095	59	35	equity	equity	NOUN
ajfa-10095	59	36	capital	capital	NOUN
ajfa-10095	59	37	(	(	PUNCT
ajfa-10095	59	38	lin	lin	PROPN
ajfa-10095	59	39	et	et	PROPN
ajfa-10095	59	40	al	al	PROPN
ajfa-10095	59	41	.	.	PROPN
ajfa-10095	59	42	,	,	PUNCT
ajfa-10095	59	43	2013	2013	NUM
ajfa-10095	59	44	;	;	PUNCT
ajfa-10095	59	45	chen	chen	PROPN
ajfa-10095	59	46	et	et	PROPN
ajfa-10095	59	47	al	al	PROPN
ajfa-10095	59	48	.	.	PROPN
ajfa-10095	59	49	,	,	PUNCT
ajfa-10095	59	50	2016	2016	NUM
ajfa-10095	59	51	)	)	PUNCT
ajfa-10095	59	52	,	,	PUNCT
ajfa-10095	59	53	and	and	CCONJ
ajfa-10095	59	54	higher	high	ADJ
ajfa-10095	59	55	audit	audit	NOUN
ajfa-10095	59	56	fees	fee	NOUN
ajfa-10095	59	57	(	(	PUNCT
ajfa-10095	59	58	chung	chung	PROPN
ajfa-10095	59	59	et	et	PROPN
ajfa-10095	59	60	al	al	PROPN
ajfa-10095	59	61	.	.	PROPN
ajfa-10095	59	62	,	,	PUNCT
ajfa-10095	59	63	2015	2015	NUM
ajfa-10095	59	64	)	)	PUNCT
ajfa-10095	59	65	.	.	PUNCT
ajfa-10095	60	1	2.2	2.2	NUM
ajfa-10095	60	2	research	research	NOUN
ajfa-10095	60	3	on	on	ADP
ajfa-10095	60	4	managerial	managerial	ADJ
ajfa-10095	60	5	myopia	myopia	NOUN
ajfa-10095	60	6	myopia	myopia	NOUN
ajfa-10095	60	7	refers	refer	VERB
ajfa-10095	60	8	to	to	ADP
ajfa-10095	60	9	underinvestment	underinvestment	ADJ
ajfa-10095	60	10	in	in	ADP
ajfa-10095	60	11	long	long	ADJ
ajfa-10095	60	12	-	-	PUNCT
ajfa-10095	60	13	term	term	NOUN
ajfa-10095	60	14	value	value	NOUN
ajfa-10095	60	15	creating	create	VERB
ajfa-10095	60	16	activities	activity	NOUN
ajfa-10095	60	17	for	for	ADP
ajfa-10095	60	18	the	the	DET
ajfa-10095	60	19	purpose	purpose	NOUN
ajfa-10095	60	20	of	of	ADP
ajfa-10095	60	21	meeting	meet	VERB
ajfa-10095	60	22	short	short	ADJ
ajfa-10095	60	23	-	-	PUNCT
ajfa-10095	60	24	term	term	NOUN
ajfa-10095	60	25	goals	goal	NOUN
ajfa-10095	60	26	(	(	PUNCT
ajfa-10095	60	27	porter	porter	NOUN
ajfa-10095	60	28	,	,	PUNCT
ajfa-10095	60	29	1992	1992	NUM
ajfa-10095	60	30	)	)	PUNCT
ajfa-10095	60	31	.	.	PUNCT
ajfa-10095	61	1	research	research	NOUN
ajfa-10095	61	2	provides	provide	VERB
ajfa-10095	61	3	evidence	evidence	NOUN
ajfa-10095	61	4	of	of	ADP
ajfa-10095	61	5	managerial	managerial	ADJ
ajfa-10095	61	6	myopia	myopia	NOUN
ajfa-10095	61	7	,	,	PUNCT
ajfa-10095	61	8	mainly	mainly	ADV
ajfa-10095	61	9	with	with	ADP
ajfa-10095	61	10	respect	respect	NOUN
ajfa-10095	61	11	to	to	ADP
ajfa-10095	61	12	r&d	r&d	NOUN
ajfa-10095	61	13	expenditures	expenditure	NOUN
ajfa-10095	61	14	.	.	PUNCT
ajfa-10095	62	1	for	for	ADP
ajfa-10095	62	2	instance	instance	NOUN
ajfa-10095	62	3	,	,	PUNCT
ajfa-10095	62	4	baber	baber	PROPN
ajfa-10095	62	5	et	et	PROPN
ajfa-10095	62	6	al	al	PROPN
ajfa-10095	62	7	.	.	PROPN
ajfa-10095	63	1	(	(	PUNCT
ajfa-10095	63	2	1991	1991	NUM
ajfa-10095	63	3	)	)	PUNCT
ajfa-10095	63	4	demonstrate	demonstrate	VERB
ajfa-10095	63	5	that	that	SCONJ
ajfa-10095	63	6	when	when	SCONJ
ajfa-10095	63	7	spending	spend	VERB
ajfa-10095	63	8	on	on	ADP
ajfa-10095	63	9	r&d	r&d	NOUN
ajfa-10095	63	10	may	may	AUX
ajfa-10095	63	11	reduce	reduce	VERB
ajfa-10095	63	12	the	the	DET
ajfa-10095	63	13	ability	ability	NOUN
ajfa-10095	63	14	of	of	ADP
ajfa-10095	63	15	managers	manager	NOUN
ajfa-10095	63	16	to	to	PART
ajfa-10095	63	17	report	report	VERB
ajfa-10095	63	18	positive	positive	ADJ
ajfa-10095	63	19	income	income	NOUN
ajfa-10095	63	20	or	or	CCONJ
ajfa-10095	63	21	an	an	DET
ajfa-10095	63	22	increase	increase	NOUN
ajfa-10095	63	23	in	in	ADP
ajfa-10095	63	24	income	income	NOUN
ajfa-10095	63	25	,	,	PUNCT
ajfa-10095	63	26	they	they	PRON
ajfa-10095	63	27	decrease	decrease	VERB
ajfa-10095	63	28	r&d	r&d	NOUN
ajfa-10095	63	29	expenditures	expenditure	NOUN
ajfa-10095	63	30	to	to	PART
ajfa-10095	63	31	report	report	VERB
ajfa-10095	63	32	stronger	strong	ADJ
ajfa-10095	63	33	earnings	earning	NOUN
ajfa-10095	63	34	.	.	PUNCT
ajfa-10095	64	1	dechow	dechow	ADJ
ajfa-10095	64	2	and	and	CCONJ
ajfa-10095	64	3	sloan	sloan	PROPN
ajfa-10095	64	4	(	(	PUNCT
ajfa-10095	64	5	1991	1991	NUM
ajfa-10095	64	6	)	)	PUNCT
ajfa-10095	64	7	show	show	VERB
ajfa-10095	64	8	that	that	SCONJ
ajfa-10095	64	9	ceos	ceos	NOUN
ajfa-10095	64	10	will	will	AUX
ajfa-10095	64	11	reduce	reduce	VERB
ajfa-10095	64	12	r&d	r&d	NOUN
ajfa-10095	64	13	expenditures	expenditure	NOUN
ajfa-10095	64	14	to	to	PART
ajfa-10095	64	15	increase	increase	VERB
ajfa-10095	64	16	short	short	ADJ
ajfa-10095	64	17	-	-	PUNCT
ajfa-10095	64	18	term	term	NOUN
ajfa-10095	64	19	earnings	earning	NOUN
ajfa-10095	64	20	in	in	ADP
ajfa-10095	64	21	the	the	DET
ajfa-10095	64	22	final	final	ADJ
ajfa-10095	64	23	years	year	NOUN
ajfa-10095	64	24	of	of	ADP
ajfa-10095	64	25	their	their	PRON
ajfa-10095	64	26	tenure	tenure	NOUN
ajfa-10095	64	27	.	.	PUNCT
ajfa-10095	65	1	bens	bens	PROPN
ajfa-10095	65	2	et	et	PROPN
ajfa-10095	65	3	al	al	PROPN
ajfa-10095	65	4	.	.	PROPN
ajfa-10095	66	1	(	(	PUNCT
ajfa-10095	66	2	2002	2002	NUM
ajfa-10095	66	3	)	)	PUNCT
ajfa-10095	66	4	find	find	VERB
ajfa-10095	66	5	that	that	SCONJ
ajfa-10095	66	6	managers	manager	NOUN
ajfa-10095	66	7	cut	cut	VERB
ajfa-10095	66	8	r&d	r&d	NOUN
ajfa-10095	66	9	expenditure	expenditure	NOUN
ajfa-10095	66	10	to	to	PART
ajfa-10095	66	11	fund	fund	NOUN
ajfa-10095	66	12	share	share	NOUN
ajfa-10095	66	13	repurchase	repurchase	VERB
ajfa-10095	66	14	programs	program	NOUN
ajfa-10095	66	15	in	in	ADP
ajfa-10095	66	16	order	order	NOUN
ajfa-10095	66	17	to	to	PART
ajfa-10095	66	18	mitigate	mitigate	VERB
ajfa-10095	66	19	earnings	earning	NOUN
ajfa-10095	66	20	per	per	ADP
ajfa-10095	66	21	share	share	NOUN
ajfa-10095	66	22	dilution	dilution	NOUN
ajfa-10095	66	23	due	due	ADP
ajfa-10095	66	24	to	to	ADP
ajfa-10095	66	25	stock	stock	NOUN
ajfa-10095	66	26	option	option	NOUN
ajfa-10095	66	27	exercise	exercise	NOUN
ajfa-10095	66	28	.	.	PUNCT
ajfa-10095	67	1	in	in	ADP
ajfa-10095	67	2	addition	addition	NOUN
ajfa-10095	67	3	,	,	PUNCT
ajfa-10095	67	4	graham	graham	PROPN
ajfa-10095	67	5	et	et	PROPN
ajfa-10095	67	6	al	al	PROPN
ajfa-10095	67	7	.	.	PROPN
ajfa-10095	68	1	(	(	PUNCT
ajfa-10095	68	2	2005	2005	NUM
ajfa-10095	68	3	)	)	PUNCT
ajfa-10095	68	4	survey	survey	NOUN
ajfa-10095	68	5	and	and	CCONJ
ajfa-10095	68	6	interview	interview	NOUN
ajfa-10095	68	7	over	over	ADP
ajfa-10095	68	8	400	400	NUM
ajfa-10095	68	9	senior	senior	ADJ
ajfa-10095	68	10	executives	executive	NOUN
ajfa-10095	68	11	and	and	CCONJ
ajfa-10095	68	12	report	report	VERB
ajfa-10095	68	13	that	that	SCONJ
ajfa-10095	68	14	80	80	NUM
ajfa-10095	68	15	%	%	NOUN
ajfa-10095	68	16	would	would	AUX
ajfa-10095	68	17	cut	cut	VERB
ajfa-10095	68	18	r&d	r&d	NOUN
ajfa-10095	68	19	as	as	ADV
ajfa-10095	68	20	well	well	ADV
ajfa-10095	68	21	as	as	ADP
ajfa-10095	68	22	other	other	ADJ
ajfa-10095	68	23	discretionary	discretionary	ADJ
ajfa-10095	68	24	expenditures	expenditure	NOUN
ajfa-10095	68	25	to	to	PART
ajfa-10095	68	26	meet	meet	VERB
ajfa-10095	68	27	earnings	earning	NOUN
ajfa-10095	68	28	benchmarks	benchmark	NOUN
ajfa-10095	68	29	.	.	PUNCT
ajfa-10095	69	1	roychowdhury	roychowdhury	NOUN
ajfa-10095	69	2	(	(	PUNCT
ajfa-10095	69	3	2006	2006	NUM
ajfa-10095	69	4	)	)	PUNCT
ajfa-10095	69	5	provides	provide	VERB
ajfa-10095	69	6	evidence	evidence	NOUN
ajfa-10095	69	7	consistent	consistent	ADJ
ajfa-10095	69	8	with	with	ADP
ajfa-10095	69	9	the	the	DET
ajfa-10095	69	10	contention	contention	NOUN
ajfa-10095	69	11	that	that	SCONJ
ajfa-10095	69	12	managers	manager	NOUN
ajfa-10095	69	13	manipulate	manipulate	VERB
ajfa-10095	69	14	real	real	ADJ
ajfa-10095	69	15	activities	activity	NOUN
ajfa-10095	69	16	,	,	PUNCT
ajfa-10095	69	17	such	such	ADJ
ajfa-10095	69	18	as	as	ADP
ajfa-10095	69	19	r&d	r&d	NOUN
ajfa-10095	69	20	,	,	PUNCT
ajfa-10095	69	21	to	to	PART
ajfa-10095	69	22	avoid	avoid	VERB
ajfa-10095	69	23	reporting	report	VERB
ajfa-10095	69	24	annual	annual	ADJ
ajfa-10095	69	25	losses	loss	NOUN
ajfa-10095	69	26	.	.	PUNCT
ajfa-10095	70	1	osma	osma	VERB
ajfa-10095	70	2	and	and	CCONJ
ajfa-10095	70	3	young	young	ADJ
ajfa-10095	70	4	(	(	PUNCT
ajfa-10095	70	5	2009	2009	NUM
ajfa-10095	70	6	)	)	PUNCT
ajfa-10095	70	7	also	also	ADV
ajfa-10095	70	8	document	document	VERB
ajfa-10095	70	9	that	that	SCONJ
ajfa-10095	70	10	the	the	DET
ajfa-10095	70	11	pressure	pressure	NOUN
ajfa-10095	70	12	to	to	PART
ajfa-10095	70	13	report	report	VERB
ajfa-10095	70	14	positive	positive	ADJ
ajfa-10095	70	15	levels	level	NOUN
ajfa-10095	70	16	and	and	CCONJ
ajfa-10095	70	17	changes	change	NOUN
ajfa-10095	70	18	of	of	ADP
ajfa-10095	70	19	earnings	earning	NOUN
ajfa-10095	70	20	in	in	ADP
ajfa-10095	70	21	a	a	DET
ajfa-10095	70	22	large	large	ADJ
ajfa-10095	70	23	sample	sample	NOUN
ajfa-10095	70	24	of	of	ADP
ajfa-10095	70	25	r&d	r&d	NOUN
ajfa-10095	70	26	-	-	PUNCT
ajfa-10095	70	27	active	active	ADJ
ajfa-10095	70	28	uk	uk	PROPN
ajfa-10095	70	29	firms	firm	NOUN
ajfa-10095	70	30	results	result	VERB
ajfa-10095	70	31	in	in	ADP
ajfa-10095	70	32	contemporaneous	contemporaneous	ADJ
ajfa-10095	70	33	cuts	cut	NOUN
ajfa-10095	70	34	in	in	ADP
ajfa-10095	70	35	r&d	r&d	NOUN
ajfa-10095	70	36	spending	spending	NOUN
ajfa-10095	70	37	.	.	PUNCT
ajfa-10095	71	1	more	more	ADV
ajfa-10095	71	2	recently	recently	ADV
ajfa-10095	71	3	,	,	PUNCT
ajfa-10095	71	4	chen	chen	PROPN
ajfa-10095	71	5	et	et	PROPN
ajfa-10095	71	6	al	al	PROPN
ajfa-10095	71	7	.	.	PROPN
ajfa-10095	72	1	(	(	PUNCT
ajfa-10095	72	2	2015	2015	NUM
ajfa-10095	72	3	)	)	PUNCT
ajfa-10095	72	4	report	report	VERB
ajfa-10095	72	5	evidence	evidence	NOUN
ajfa-10095	72	6	that	that	SCONJ
ajfa-10095	72	7	firms	firm	NOUN
ajfa-10095	72	8	with	with	ADP
ajfa-10095	72	9	severance	severance	NOUN
ajfa-10095	72	10	pay	pay	NOUN
ajfa-10095	72	11	or	or	CCONJ
ajfa-10095	72	12	fixed	fix	VERB
ajfa-10095	72	13	employment	employment	NOUN
ajfa-10095	72	14	agreements	agreement	NOUN
ajfa-10095	72	15	for	for	ADP
ajfa-10095	72	16	managers	manager	NOUN
ajfa-10095	72	17	can	can	AUX
ajfa-10095	72	18	reduce	reduce	VERB
ajfa-10095	72	19	their	their	PRON
ajfa-10095	72	20	myopic	myopic	ADJ
ajfa-10095	72	21	behavior	behavior	NOUN
ajfa-10095	72	22	of	of	ADP
ajfa-10095	72	23	cutting	cut	VERB
ajfa-10095	72	24	r&d	r&d	NOUN
ajfa-10095	72	25	expenditures	expenditure	NOUN
ajfa-10095	72	26	to	to	PART
ajfa-10095	72	27	boost	boost	VERB
ajfa-10095	72	28	short	short	ADJ
ajfa-10095	72	29	term	term	NOUN
ajfa-10095	72	30	performance	performance	NOUN
ajfa-10095	72	31	in	in	ADP
ajfa-10095	72	32	order	order	NOUN
ajfa-10095	72	33	to	to	PART
ajfa-10095	72	34	increase	increase	VERB
ajfa-10095	72	35	their	their	PRON
ajfa-10095	72	36	job	job	NOUN
ajfa-10095	72	37	security	security	NOUN
ajfa-10095	72	38	.	.	PUNCT
ajfa-10095	73	1	as	as	SCONJ
ajfa-10095	73	2	mentioned	mention	VERB
ajfa-10095	73	3	above	above	ADV
ajfa-10095	73	4	,	,	PUNCT
ajfa-10095	73	5	such	such	ADJ
ajfa-10095	73	6	managerial	managerial	ADJ
ajfa-10095	73	7	myopia	myopia	NOUN
ajfa-10095	73	8	can	can	AUX
ajfa-10095	73	9	be	be	AUX
ajfa-10095	73	10	attributed	attribute	VERB
ajfa-10095	73	11	to	to	ADP
ajfa-10095	73	12	the	the	DET
ajfa-10095	73	13	current	current	ADJ
ajfa-10095	73	14	accounting	accounting	NOUN
ajfa-10095	73	15	rules	rule	NOUN
ajfa-10095	73	16	forcing	force	VERB
ajfa-10095	73	17	firms	firm	NOUN
ajfa-10095	73	18	to	to	PART
ajfa-10095	73	19	expense	expense	VERB
ajfa-10095	73	20	r&d	r&d	NOUN
ajfa-10095	73	21	in	in	ADP
ajfa-10095	73	22	the	the	DET
ajfa-10095	73	23	period	period	NOUN
ajfa-10095	73	24	incurred	incur	VERB
ajfa-10095	73	25	.	.	PUNCT
ajfa-10095	74	1	namely	namely	ADV
ajfa-10095	74	2	,	,	PUNCT
ajfa-10095	74	3	the	the	DET
ajfa-10095	74	4	increase	increase	NOUN
ajfa-10095	74	5	of	of	ADP
ajfa-10095	74	6	r&d	r&d	NOUN
ajfa-10095	74	7	expenditures	expenditure	NOUN
ajfa-10095	74	8	has	have	VERB
ajfa-10095	74	9	a	a	DET
ajfa-10095	74	10	negative	negative	ADJ
ajfa-10095	74	11	effect	effect	NOUN
ajfa-10095	74	12	on	on	ADP
ajfa-10095	74	13	short	short	ADJ
ajfa-10095	74	14	-	-	PUNCT
ajfa-10095	74	15	term	term	NOUN
ajfa-10095	74	16	accounting	accounting	NOUN
ajfa-10095	74	17	earnings	earning	NOUN
ajfa-10095	74	18	and	and	CCONJ
ajfa-10095	74	19	stock	stock	NOUN
ajfa-10095	74	20	performance	performance	NOUN
ajfa-10095	74	21	,	,	PUNCT
ajfa-10095	74	22	while	while	SCONJ
ajfa-10095	74	23	benefits	benefit	NOUN
ajfa-10095	74	24	from	from	ADP
ajfa-10095	74	25	the	the	DET
ajfa-10095	74	26	expenditures	expenditure	NOUN
ajfa-10095	74	27	occur	occur	VERB
ajfa-10095	74	28	in	in	ADP
ajfa-10095	74	29	the	the	DET
ajfa-10095	74	30	future.2	future.2	PROPN
ajfa-10095	74	31	in	in	ADP
ajfa-10095	74	32	the	the	DET
ajfa-10095	74	33	presence	presence	NOUN
ajfa-10095	74	34	of	of	ADP
ajfa-10095	74	35	such	such	ADJ
ajfa-10095	74	36	negative	negative	ADJ
ajfa-10095	74	37	effects	effect	NOUN
ajfa-10095	74	38	,	,	PUNCT
ajfa-10095	74	39	firms	firm	NOUN
ajfa-10095	74	40	have	have	VERB
ajfa-10095	74	41	incentives	incentive	NOUN
ajfa-10095	74	42	to	to	PART
ajfa-10095	74	43	reduce	reduce	VERB
ajfa-10095	74	44	r&d	r&d	NOUN
ajfa-10095	74	45	expenditures	expenditure	NOUN
ajfa-10095	74	46	to	to	PART
ajfa-10095	74	47	boost	boost	VERB
ajfa-10095	74	48	current	current	ADJ
ajfa-10095	74	49	earnings	earning	NOUN
ajfa-10095	74	50	,	,	PUNCT
ajfa-10095	74	51	which	which	PRON
ajfa-10095	74	52	results	result	VERB
ajfa-10095	74	53	in	in	ADP
ajfa-10095	74	54	conflicts	conflict	NOUN
ajfa-10095	74	55	of	of	ADP
ajfa-10095	74	56	interest	interest	NOUN
ajfa-10095	74	57	between	between	ADP
ajfa-10095	74	58	managers	manager	NOUN
ajfa-10095	74	59	and	and	CCONJ
ajfa-10095	74	60	outside	outside	ADJ
ajfa-10095	74	61	shareholders	shareholder	NOUN
ajfa-10095	74	62	.	.	PUNCT
ajfa-10095	75	1	2.3	2.3	NUM
ajfa-10095	75	2	d&o	d&o	NOUN
ajfa-10095	75	3	insurance	insurance	NOUN
ajfa-10095	75	4	and	and	CCONJ
ajfa-10095	75	5	managerial	managerial	ADJ
ajfa-10095	75	6	myopia	myopia	VERB
ajfa-10095	75	7	2	2	NUM
ajfa-10095	75	8	the	the	DET
ajfa-10095	75	9	literature	literature	NOUN
ajfa-10095	75	10	indicates	indicate	VERB
ajfa-10095	75	11	that	that	SCONJ
ajfa-10095	75	12	r&d	r&d	NOUN
ajfa-10095	75	13	projects	project	NOUN
ajfa-10095	75	14	are	be	AUX
ajfa-10095	75	15	typically	typically	ADV
ajfa-10095	75	16	risky	risky	ADJ
ajfa-10095	75	17	,	,	PUNCT
ajfa-10095	75	18	unpredictable	unpredictable	ADJ
ajfa-10095	75	19	,	,	PUNCT
ajfa-10095	75	20	long	long	ADJ
ajfa-10095	75	21	-	-	PUNCT
ajfa-10095	75	22	term	term	NOUN
ajfa-10095	75	23	oriented	orient	VERB
ajfa-10095	75	24	,	,	PUNCT
ajfa-10095	75	25	multi	multi	ADJ
ajfa-10095	75	26	-	-	NOUN
ajfa-10095	75	27	stage	stage	NOUN
ajfa-10095	75	28	,	,	PUNCT
ajfa-10095	75	29	labor	labor	NOUN
ajfa-10095	75	30	intensive	intensive	ADJ
ajfa-10095	75	31	and	and	CCONJ
ajfa-10095	75	32	idiosyncratic	idiosyncratic	ADJ
ajfa-10095	75	33	(	(	PUNCT
ajfa-10095	75	34	e.g.	e.g.	ADJ
ajfa-10095	75	35	,	,	PUNCT
ajfa-10095	75	36	holmstrom	holmstrom	NOUN
ajfa-10095	75	37	,	,	PUNCT
ajfa-10095	75	38	1989	1989	NUM
ajfa-10095	75	39	;	;	PUNCT
ajfa-10095	75	40	baysinger	baysinger	NOUN
ajfa-10095	75	41	et	et	PROPN
ajfa-10095	75	42	al	al	PROPN
ajfa-10095	75	43	.	.	PROPN
ajfa-10095	75	44	,	,	PUNCT
ajfa-10095	75	45	1991	1991	NUM
ajfa-10095	75	46	;	;	PUNCT
ajfa-10095	75	47	kothari	kothari	PROPN
ajfa-10095	75	48	et	et	PROPN
ajfa-10095	75	49	al	al	PROPN
ajfa-10095	75	50	.	.	PROPN
ajfa-10095	75	51	,	,	PUNCT
ajfa-10095	75	52	2002	2002	NUM
ajfa-10095	75	53	)	)	PUNCT
ajfa-10095	75	54	.	.	PUNCT
ajfa-10095	76	1	asian	asian	ADJ
ajfa-10095	76	2	journal	journal	PROPN
ajfa-10095	76	3	of	of	ADP
ajfa-10095	76	4	finance	finance	PROPN
ajfa-10095	76	5	&	&	CCONJ
ajfa-10095	76	6	accounting	accounting	PROPN
ajfa-10095	76	7	issn	issn	PROPN
ajfa-10095	76	8	1946	1946	NUM
ajfa-10095	76	9	-	-	PUNCT
ajfa-10095	76	10	052x	052x	PROPN
ajfa-10095	76	11	2016	2016	NUM
ajfa-10095	76	12	,	,	PUNCT
ajfa-10095	76	13	vol	vol	NOUN
ajfa-10095	76	14	.	.	PROPN
ajfa-10095	76	15	8	8	NUM
ajfa-10095	76	16	,	,	PUNCT
ajfa-10095	76	17	no	no	INTJ
ajfa-10095	76	18	.	.	NOUN
ajfa-10095	76	19	2	2	NUM
ajfa-10095	76	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	76	21	99	99	NUM
ajfa-10095	76	22	myopic	myopic	ADJ
ajfa-10095	76	23	managerial	managerial	ADJ
ajfa-10095	76	24	behavior	behavior	NOUN
ajfa-10095	76	25	typically	typically	ADV
ajfa-10095	76	26	occur	occur	VERB
ajfa-10095	76	27	under	under	ADP
ajfa-10095	76	28	two	two	NUM
ajfa-10095	76	29	circumstances	circumstance	NOUN
ajfa-10095	76	30	(	(	PUNCT
ajfa-10095	76	31	stein	stein	PROPN
ajfa-10095	76	32	,	,	PUNCT
ajfa-10095	76	33	1988	1988	NUM
ajfa-10095	76	34	,	,	PUNCT
ajfa-10095	76	35	1989	1989	NUM
ajfa-10095	76	36	;	;	PUNCT
ajfa-10095	76	37	bushee	bushee	NOUN
ajfa-10095	76	38	,	,	PUNCT
ajfa-10095	76	39	1998	1998	NUM
ajfa-10095	76	40	)	)	PUNCT
ajfa-10095	76	41	.	.	PUNCT
ajfa-10095	77	1	first	first	ADV
ajfa-10095	77	2	,	,	PUNCT
ajfa-10095	77	3	managers	manager	NOUN
ajfa-10095	77	4	should	should	AUX
ajfa-10095	77	5	place	place	VERB
ajfa-10095	77	6	greater	great	ADJ
ajfa-10095	77	7	emphasis	emphasis	NOUN
ajfa-10095	77	8	on	on	ADP
ajfa-10095	77	9	current	current	ADJ
ajfa-10095	77	10	market	market	NOUN
ajfa-10095	77	11	value	value	NOUN
ajfa-10095	77	12	relative	relative	ADJ
ajfa-10095	77	13	to	to	ADP
ajfa-10095	77	14	future	future	ADJ
ajfa-10095	77	15	market	market	NOUN
ajfa-10095	77	16	value	value	NOUN
ajfa-10095	77	17	.	.	PUNCT
ajfa-10095	78	1	they	they	PRON
ajfa-10095	78	2	are	be	AUX
ajfa-10095	78	3	reluctant	reluctant	ADJ
ajfa-10095	78	4	to	to	PART
ajfa-10095	78	5	wait	wait	VERB
ajfa-10095	78	6	until	until	SCONJ
ajfa-10095	78	7	the	the	DET
ajfa-10095	78	8	temporary	temporary	ADJ
ajfa-10095	78	9	mispricing	mispricing	NOUN
ajfa-10095	78	10	(	(	PUNCT
ajfa-10095	78	11	if	if	SCONJ
ajfa-10095	78	12	any	any	PRON
ajfa-10095	78	13	)	)	PUNCT
ajfa-10095	78	14	based	base	VERB
ajfa-10095	78	15	on	on	ADP
ajfa-10095	78	16	short	short	ADJ
ajfa-10095	78	17	-	-	PUNCT
ajfa-10095	78	18	term	term	NOUN
ajfa-10095	78	19	earnings	earning	NOUN
ajfa-10095	78	20	performance	performance	NOUN
ajfa-10095	78	21	is	be	AUX
ajfa-10095	78	22	corrected	correct	VERB
ajfa-10095	78	23	and	and	CCONJ
ajfa-10095	78	24	thus	thus	ADV
ajfa-10095	78	25	reluctant	reluctant	ADJ
ajfa-10095	78	26	to	to	PART
ajfa-10095	78	27	adopt	adopt	VERB
ajfa-10095	78	28	a	a	DET
ajfa-10095	78	29	long	long	ADJ
ajfa-10095	78	30	-	-	PUNCT
ajfa-10095	78	31	term	term	NOUN
ajfa-10095	78	32	perspective	perspective	NOUN
ajfa-10095	78	33	.	.	PUNCT
ajfa-10095	79	1	second	second	ADJ
ajfa-10095	79	2	,	,	PUNCT
ajfa-10095	79	3	capital	capital	NOUN
ajfa-10095	79	4	markets	market	NOUN
ajfa-10095	79	5	should	should	AUX
ajfa-10095	79	6	misprice	misprice	PROPN
ajfa-10095	79	7	firms	firm	NOUN
ajfa-10095	79	8	’	’	PART
ajfa-10095	79	9	current	current	ADJ
ajfa-10095	79	10	-	-	PUNCT
ajfa-10095	79	11	period	period	NOUN
ajfa-10095	79	12	earnings	earning	NOUN
ajfa-10095	79	13	without	without	ADP
ajfa-10095	79	14	regard	regard	NOUN
ajfa-10095	79	15	to	to	ADP
ajfa-10095	79	16	their	their	PRON
ajfa-10095	79	17	underlying	underlie	VERB
ajfa-10095	79	18	economics	economic	NOUN
ajfa-10095	79	19	,	,	PUNCT
ajfa-10095	79	20	or	or	CCONJ
ajfa-10095	79	21	managers	manager	NOUN
ajfa-10095	79	22	must	must	AUX
ajfa-10095	79	23	believe	believe	VERB
ajfa-10095	79	24	that	that	SCONJ
ajfa-10095	79	25	they	they	PRON
ajfa-10095	79	26	do	do	VERB
ajfa-10095	79	27	.	.	PUNCT
ajfa-10095	80	1	since	since	SCONJ
ajfa-10095	80	2	d&o	d&o	NOUN
ajfa-10095	80	3	insurance	insurance	NOUN
ajfa-10095	80	4	results	result	NOUN
ajfa-10095	80	5	in	in	ADP
ajfa-10095	80	6	a	a	DET
ajfa-10095	80	7	host	host	NOUN
ajfa-10095	80	8	of	of	ADP
ajfa-10095	80	9	moral	moral	ADJ
ajfa-10095	80	10	hazard	hazard	NOUN
ajfa-10095	80	11	issues	issue	NOUN
ajfa-10095	80	12	and	and	CCONJ
ajfa-10095	80	13	reduces	reduce	VERB
ajfa-10095	80	14	managers	manager	NOUN
ajfa-10095	80	15	’	'	PUNCT
ajfa-10095	80	16	incentives	incentive	NOUN
ajfa-10095	80	17	to	to	PART
ajfa-10095	80	18	act	act	VERB
ajfa-10095	80	19	in	in	ADP
ajfa-10095	80	20	the	the	DET
ajfa-10095	80	21	best	good	ADJ
ajfa-10095	80	22	interest	interest	NOUN
ajfa-10095	80	23	of	of	ADP
ajfa-10095	80	24	shareholders	shareholder	NOUN
ajfa-10095	80	25	(	(	PUNCT
ajfa-10095	80	26	baker	baker	PROPN
ajfa-10095	80	27	and	and	CCONJ
ajfa-10095	80	28	griffith	griffith	PROPN
ajfa-10095	80	29	,	,	PUNCT
ajfa-10095	80	30	2010	2010	NUM
ajfa-10095	80	31	;	;	PUNCT
ajfa-10095	80	32	lin	lin	PROPN
ajfa-10095	80	33	et	et	PROPN
ajfa-10095	80	34	al	al	PROPN
ajfa-10095	80	35	.	.	PROPN
ajfa-10095	80	36	,	,	PUNCT
ajfa-10095	80	37	2011	2011	NUM
ajfa-10095	80	38	)	)	PUNCT
ajfa-10095	80	39	,	,	PUNCT
ajfa-10095	80	40	well	well	ADV
ajfa-10095	80	41	-	-	PUNCT
ajfa-10095	80	42	protected	protect	VERB
ajfa-10095	80	43	managers	manager	NOUN
ajfa-10095	80	44	may	may	AUX
ajfa-10095	80	45	have	have	VERB
ajfa-10095	80	46	incentives	incentive	NOUN
ajfa-10095	80	47	to	to	PART
ajfa-10095	80	48	cut	cut	VERB
ajfa-10095	80	49	r&d	r&d	NOUN
ajfa-10095	80	50	to	to	PART
ajfa-10095	80	51	increase	increase	VERB
ajfa-10095	80	52	short	short	ADJ
ajfa-10095	80	53	-	-	PUNCT
ajfa-10095	80	54	term	term	NOUN
ajfa-10095	80	55	earnings	earning	NOUN
ajfa-10095	80	56	rather	rather	ADV
ajfa-10095	80	57	than	than	ADP
ajfa-10095	80	58	engage	engage	VERB
ajfa-10095	80	59	in	in	ADP
ajfa-10095	80	60	long	long	ADJ
ajfa-10095	80	61	-	-	PUNCT
ajfa-10095	80	62	term	term	NOUN
ajfa-10095	80	63	value	value	NOUN
ajfa-10095	80	64	creation	creation	NOUN
ajfa-10095	80	65	.	.	PUNCT
ajfa-10095	81	1	first	first	ADV
ajfa-10095	81	2	,	,	PUNCT
ajfa-10095	81	3	r&d	r&d	NOUN
ajfa-10095	81	4	investments	investment	NOUN
ajfa-10095	81	5	are	be	AUX
ajfa-10095	81	6	long	long	ADJ
ajfa-10095	81	7	-	-	PUNCT
ajfa-10095	81	8	term	term	NOUN
ajfa-10095	81	9	,	,	PUNCT
ajfa-10095	81	10	risky	risky	ADJ
ajfa-10095	81	11	,	,	PUNCT
ajfa-10095	81	12	and	and	CCONJ
ajfa-10095	81	13	expensive	expensive	ADJ
ajfa-10095	81	14	projects	project	NOUN
ajfa-10095	81	15	.	.	PUNCT
ajfa-10095	82	1	since	since	SCONJ
ajfa-10095	82	2	d&o	d&o	NOUN
ajfa-10095	82	3	insurance	insurance	NOUN
ajfa-10095	82	4	induces	induce	VERB
ajfa-10095	82	5	managers	manager	NOUN
ajfa-10095	82	6	to	to	PART
ajfa-10095	82	7	act	act	VERB
ajfa-10095	82	8	opportunistically	opportunistically	ADV
ajfa-10095	82	9	,	,	PUNCT
ajfa-10095	82	10	they	they	PRON
ajfa-10095	82	11	may	may	AUX
ajfa-10095	82	12	focus	focus	VERB
ajfa-10095	82	13	on	on	ADP
ajfa-10095	82	14	short	short	ADJ
ajfa-10095	82	15	-	-	PUNCT
ajfa-10095	82	16	term	term	NOUN
ajfa-10095	82	17	earnings	earning	NOUN
ajfa-10095	82	18	performance	performance	NOUN
ajfa-10095	82	19	and	and	CCONJ
ajfa-10095	82	20	thus	thus	ADV
ajfa-10095	82	21	underinvest	underinv	ADJ
ajfa-10095	82	22	in	in	ADP
ajfa-10095	82	23	r&d	r&d	NOUN
ajfa-10095	82	24	.	.	PUNCT
ajfa-10095	83	1	second	second	ADJ
ajfa-10095	83	2	,	,	PUNCT
ajfa-10095	83	3	capital	capital	NOUN
ajfa-10095	83	4	markets	market	NOUN
ajfa-10095	83	5	can	can	AUX
ajfa-10095	83	6	incorrectly	incorrectly	ADV
ajfa-10095	83	7	price	price	VERB
ajfa-10095	83	8	current	current	ADJ
ajfa-10095	83	9	earnings	earning	NOUN
ajfa-10095	83	10	if	if	SCONJ
ajfa-10095	83	11	investors	investor	NOUN
ajfa-10095	83	12	are	be	AUX
ajfa-10095	83	13	short	short	ADJ
ajfa-10095	83	14	-	-	PUNCT
ajfa-10095	83	15	term	term	NOUN
ajfa-10095	83	16	oriented	orient	VERB
ajfa-10095	83	17	(	(	PUNCT
ajfa-10095	83	18	ellis	ellis	PROPN
ajfa-10095	83	19	,	,	PUNCT
ajfa-10095	83	20	2004	2004	NUM
ajfa-10095	83	21	)	)	PUNCT
ajfa-10095	83	22	or	or	CCONJ
ajfa-10095	83	23	misinterpret	misinterpret	VERB
ajfa-10095	83	24	the	the	DET
ajfa-10095	83	25	persistence	persistence	NOUN
ajfa-10095	83	26	of	of	ADP
ajfa-10095	83	27	earnings	earning	NOUN
ajfa-10095	83	28	components	component	NOUN
ajfa-10095	83	29	(	(	PUNCT
ajfa-10095	83	30	sloan	sloan	PROPN
ajfa-10095	83	31	,	,	PUNCT
ajfa-10095	83	32	1996	1996	NUM
ajfa-10095	83	33	)	)	PUNCT
ajfa-10095	83	34	.	.	PUNCT
ajfa-10095	84	1	research	research	NOUN
ajfa-10095	84	2	suggests	suggest	VERB
ajfa-10095	84	3	that	that	SCONJ
ajfa-10095	84	4	investors	investor	NOUN
ajfa-10095	84	5	and	and	CCONJ
ajfa-10095	84	6	managers	manager	NOUN
ajfa-10095	84	7	have	have	VERB
ajfa-10095	84	8	a	a	DET
ajfa-10095	84	9	mutually	mutually	ADV
ajfa-10095	84	10	reinforcing	reinforce	VERB
ajfa-10095	84	11	obsession	obsession	NOUN
ajfa-10095	84	12	with	with	ADP
ajfa-10095	84	13	short	short	ADJ
ajfa-10095	84	14	-	-	PUNCT
ajfa-10095	84	15	term	term	NOUN
ajfa-10095	84	16	performance	performance	NOUN
ajfa-10095	84	17	,	,	PUNCT
ajfa-10095	84	18	and	and	CCONJ
ajfa-10095	84	19	such	such	ADJ
ajfa-10095	84	20	short	short	ADJ
ajfa-10095	84	21	-	-	PUNCT
ajfa-10095	84	22	term	term	NOUN
ajfa-10095	84	23	focus	focus	NOUN
ajfa-10095	84	24	motivates	motivate	VERB
ajfa-10095	84	25	managers	manager	NOUN
ajfa-10095	84	26	to	to	PART
ajfa-10095	84	27	actively	actively	ADV
ajfa-10095	84	28	participate	participate	VERB
ajfa-10095	84	29	in	in	ADP
ajfa-10095	84	30	the	the	DET
ajfa-10095	84	31	earnings	earning	NOUN
ajfa-10095	84	32	game	game	NOUN
ajfa-10095	84	33	(	(	PUNCT
ajfa-10095	84	34	fuller	full	ADJ
ajfa-10095	84	35	and	and	CCONJ
ajfa-10095	84	36	jensen	jensen	PROPN
ajfa-10095	84	37	,	,	PUNCT
ajfa-10095	84	38	2002	2002	NUM
ajfa-10095	84	39	;	;	PUNCT
ajfa-10095	84	40	rappaport	rappaport	NOUN
ajfa-10095	84	41	,	,	PUNCT
ajfa-10095	84	42	2005).3	2005).3	NUM
ajfa-10095	84	43	as	as	ADV
ajfa-10095	84	44	well	well	ADV
ajfa-10095	84	45	-	-	PUNCT
ajfa-10095	84	46	protected	protect	VERB
ajfa-10095	84	47	managers	manager	NOUN
ajfa-10095	84	48	are	be	AUX
ajfa-10095	84	49	inclined	incline	VERB
ajfa-10095	84	50	to	to	PART
ajfa-10095	84	51	make	make	VERB
ajfa-10095	84	52	decisions	decision	NOUN
ajfa-10095	84	53	that	that	PRON
ajfa-10095	84	54	primarily	primarily	ADV
ajfa-10095	84	55	generate	generate	VERB
ajfa-10095	84	56	private	private	ADJ
ajfa-10095	84	57	benefits	benefit	NOUN
ajfa-10095	84	58	for	for	ADP
ajfa-10095	84	59	themselves	themselves	PRON
ajfa-10095	84	60	rather	rather	ADV
ajfa-10095	84	61	than	than	ADP
ajfa-10095	84	62	for	for	ADP
ajfa-10095	84	63	shareholders	shareholder	NOUN
ajfa-10095	84	64	,	,	PUNCT
ajfa-10095	84	65	they	they	PRON
ajfa-10095	84	66	may	may	AUX
ajfa-10095	84	67	underinvest	underinv	ADJ
ajfa-10095	84	68	in	in	ADP
ajfa-10095	84	69	r&d	r&d	NOUN
ajfa-10095	84	70	to	to	PART
ajfa-10095	84	71	increase	increase	VERB
ajfa-10095	84	72	current	current	ADJ
ajfa-10095	84	73	earnings	earning	NOUN
ajfa-10095	84	74	.	.	PUNCT
ajfa-10095	85	1	this	this	PRON
ajfa-10095	85	2	boosts	boost	VERB
ajfa-10095	85	3	their	their	PRON
ajfa-10095	85	4	firms	firm	NOUN
ajfa-10095	85	5	’	’	PART
ajfa-10095	85	6	stock	stock	NOUN
ajfa-10095	85	7	price	price	NOUN
ajfa-10095	85	8	and	and	CCONJ
ajfa-10095	85	9	maximizes	maximize	VERB
ajfa-10095	85	10	their	their	PRON
ajfa-10095	85	11	compensation	compensation	NOUN
ajfa-10095	85	12	.	.	PUNCT
ajfa-10095	86	1	consequently	consequently	ADV
ajfa-10095	86	2	,	,	PUNCT
ajfa-10095	86	3	d&o	d&o	NOUN
ajfa-10095	86	4	insurance	insurance	NOUN
ajfa-10095	86	5	leads	lead	VERB
ajfa-10095	86	6	managers	manager	NOUN
ajfa-10095	86	7	to	to	PART
ajfa-10095	86	8	act	act	VERB
ajfa-10095	86	9	in	in	ADP
ajfa-10095	86	10	their	their	PRON
ajfa-10095	86	11	own	own	ADJ
ajfa-10095	86	12	interest	interest	NOUN
ajfa-10095	86	13	at	at	ADP
ajfa-10095	86	14	the	the	DET
ajfa-10095	86	15	expense	expense	NOUN
ajfa-10095	86	16	of	of	ADP
ajfa-10095	86	17	shareholders	shareholder	NOUN
ajfa-10095	86	18	,	,	PUNCT
ajfa-10095	86	19	and	and	CCONJ
ajfa-10095	86	20	well	well	ADV
ajfa-10095	86	21	-	-	PUNCT
ajfa-10095	86	22	protected	protect	VERB
ajfa-10095	86	23	managers	manager	NOUN
ajfa-10095	86	24	may	may	AUX
ajfa-10095	86	25	be	be	AUX
ajfa-10095	86	26	reluctant	reluctant	ADJ
ajfa-10095	86	27	to	to	PART
ajfa-10095	86	28	pursue	pursue	VERB
ajfa-10095	86	29	risky	risky	ADJ
ajfa-10095	86	30	r&d	r&d	NOUN
ajfa-10095	86	31	activities	activity	NOUN
ajfa-10095	86	32	and	and	CCONJ
ajfa-10095	86	33	inclined	incline	VERB
ajfa-10095	86	34	to	to	PART
ajfa-10095	86	35	cut	cut	VERB
ajfa-10095	86	36	r&d	r&d	NOUN
ajfa-10095	86	37	to	to	PART
ajfa-10095	86	38	achieve	achieve	VERB
ajfa-10095	86	39	near	near	ADJ
ajfa-10095	86	40	-	-	PUNCT
ajfa-10095	86	41	term	term	NOUN
ajfa-10095	86	42	earnings	earning	NOUN
ajfa-10095	86	43	performance	performance	NOUN
ajfa-10095	86	44	.	.	PUNCT
ajfa-10095	87	1	this	this	PRON
ajfa-10095	87	2	leads	lead	VERB
ajfa-10095	87	3	to	to	ADP
ajfa-10095	87	4	the	the	DET
ajfa-10095	87	5	following	follow	VERB
ajfa-10095	87	6	hypothesis	hypothesis	NOUN
ajfa-10095	87	7	:	:	PUNCT
ajfa-10095	87	8	hypothesis	hypothesis	NOUN
ajfa-10095	87	9	1	1	NUM
ajfa-10095	87	10	:	:	PUNCT
ajfa-10095	87	11	ceteris	ceteris	NOUN
ajfa-10095	87	12	paribus	paribus	NOUN
ajfa-10095	87	13	,	,	PUNCT
ajfa-10095	87	14	firms	firm	NOUN
ajfa-10095	87	15	with	with	ADP
ajfa-10095	87	16	higher	high	ADJ
ajfa-10095	87	17	d&o	d&o	NOUN
ajfa-10095	87	18	insurance	insurance	NOUN
ajfa-10095	87	19	coverage	coverage	NOUN
ajfa-10095	87	20	are	be	AUX
ajfa-10095	87	21	more	more	ADV
ajfa-10095	87	22	likely	likely	ADJ
ajfa-10095	87	23	to	to	PART
ajfa-10095	87	24	cut	cut	VERB
ajfa-10095	87	25	r&d	r&d	NOUN
ajfa-10095	87	26	to	to	PART
ajfa-10095	87	27	manage	manage	VERB
ajfa-10095	87	28	earnings	earning	NOUN
ajfa-10095	87	29	.	.	PUNCT
ajfa-10095	88	1	3	3	X
ajfa-10095	88	2	.	.	X
ajfa-10095	88	3	research	research	NOUN
ajfa-10095	88	4	design	design	NOUN
ajfa-10095	88	5	to	to	PART
ajfa-10095	88	6	capture	capture	VERB
ajfa-10095	88	7	managerial	managerial	ADJ
ajfa-10095	88	8	myopic	myopic	ADJ
ajfa-10095	88	9	behaviors	behavior	NOUN
ajfa-10095	88	10	,	,	PUNCT
ajfa-10095	88	11	i	i	PRON
ajfa-10095	88	12	follow	follow	VERB
ajfa-10095	88	13	bushee	bushee	NOUN
ajfa-10095	88	14	(	(	PUNCT
ajfa-10095	88	15	1998	1998	NUM
ajfa-10095	88	16	)	)	PUNCT
ajfa-10095	88	17	and	and	CCONJ
ajfa-10095	88	18	partition	partition	NOUN
ajfa-10095	88	19	sample	sample	NOUN
ajfa-10095	88	20	firms	firm	NOUN
ajfa-10095	88	21	into	into	ADP
ajfa-10095	88	22	three	three	NUM
ajfa-10095	88	23	groups	group	NOUN
ajfa-10095	88	24	:	:	PUNCT
ajfa-10095	88	25	a	a	DET
ajfa-10095	88	26	small	small	ADJ
ajfa-10095	88	27	earnings	earning	NOUN
ajfa-10095	88	28	decrease	decrease	NOUN
ajfa-10095	88	29	(	(	PUNCT
ajfa-10095	88	30	sd	sd	NOUN
ajfa-10095	88	31	)	)	PUNCT
ajfa-10095	88	32	group	group	NOUN
ajfa-10095	88	33	,	,	PUNCT
ajfa-10095	88	34	a	a	DET
ajfa-10095	88	35	large	large	ADJ
ajfa-10095	88	36	earnings	earning	NOUN
ajfa-10095	88	37	decrease	decrease	NOUN
ajfa-10095	88	38	(	(	PUNCT
ajfa-10095	88	39	ld	ld	NOUN
ajfa-10095	88	40	)	)	PUNCT
ajfa-10095	88	41	group	group	NOUN
ajfa-10095	88	42	,	,	PUNCT
ajfa-10095	88	43	and	and	CCONJ
ajfa-10095	88	44	an	an	DET
ajfa-10095	88	45	earnings	earning	NOUN
ajfa-10095	88	46	increase	increase	NOUN
ajfa-10095	88	47	(	(	PUNCT
ajfa-10095	88	48	in	in	ADP
ajfa-10095	88	49	)	)	PUNCT
ajfa-10095	88	50	group	group	NOUN
ajfa-10095	88	51	.	.	PUNCT
ajfa-10095	89	1	the	the	DET
ajfa-10095	89	2	sd	sd	PROPN
ajfa-10095	89	3	group	group	NOUN
ajfa-10095	89	4	includes	include	VERB
ajfa-10095	89	5	firm	firm	ADJ
ajfa-10095	89	6	-	-	PUNCT
ajfa-10095	89	7	years	year	NOUN
ajfa-10095	89	8	which	which	PRON
ajfa-10095	89	9	have	have	VERB
ajfa-10095	89	10	a	a	DET
ajfa-10095	89	11	decrease	decrease	NOUN
ajfa-10095	89	12	in	in	ADP
ajfa-10095	89	13	the	the	DET
ajfa-10095	89	14	pre	pre	NOUN
ajfa-10095	89	15	-	-	NOUN
ajfa-10095	89	16	tax	tax	ADJ
ajfa-10095	89	17	,	,	PUNCT
ajfa-10095	89	18	pre	pre	ADJ
ajfa-10095	89	19	-	-	ADJ
ajfa-10095	89	20	r&d	r&d	ADJ
ajfa-10095	89	21	earnings	earning	NOUN
ajfa-10095	89	22	from	from	ADP
ajfa-10095	89	23	the	the	DET
ajfa-10095	89	24	previous	previous	ADJ
ajfa-10095	89	25	year	year	NOUN
ajfa-10095	89	26	to	to	ADP
ajfa-10095	89	27	the	the	DET
ajfa-10095	89	28	current	current	ADJ
ajfa-10095	89	29	year	year	NOUN
ajfa-10095	89	30	and	and	CCONJ
ajfa-10095	89	31	in	in	ADP
ajfa-10095	89	32	which	which	PRON
ajfa-10095	89	33	the	the	DET
ajfa-10095	89	34	decrease	decrease	NOUN
ajfa-10095	89	35	is	be	AUX
ajfa-10095	89	36	less	less	ADJ
ajfa-10095	89	37	than	than	ADP
ajfa-10095	89	38	the	the	DET
ajfa-10095	89	39	previous	previous	ADJ
ajfa-10095	89	40	year	year	NOUN
ajfa-10095	89	41	’s	’s	PART
ajfa-10095	89	42	r&d	r&d	NOUN
ajfa-10095	89	43	.	.	PUNCT
ajfa-10095	90	1	baber	baber	PROPN
ajfa-10095	90	2	et	et	PROPN
ajfa-10095	90	3	al	al	PROPN
ajfa-10095	90	4	.	.	PROPN
ajfa-10095	90	5	(	(	PUNCT
ajfa-10095	90	6	1991	1991	NUM
ajfa-10095	90	7	)	)	PUNCT
ajfa-10095	90	8	and	and	CCONJ
ajfa-10095	90	9	bushee	bushee	NOUN
ajfa-10095	90	10	(	(	PUNCT
ajfa-10095	90	11	1998	1998	NUM
ajfa-10095	90	12	)	)	PUNCT
ajfa-10095	90	13	suggest	suggest	VERB
ajfa-10095	90	14	that	that	SCONJ
ajfa-10095	90	15	within	within	ADP
ajfa-10095	90	16	this	this	DET
ajfa-10095	90	17	group	group	NOUN
ajfa-10095	90	18	,	,	PUNCT
ajfa-10095	90	19	myopic	myopic	ADJ
ajfa-10095	90	20	managers	manager	NOUN
ajfa-10095	90	21	can	can	AUX
ajfa-10095	90	22	potentially	potentially	ADV
ajfa-10095	90	23	avoid	avoid	VERB
ajfa-10095	90	24	an	an	DET
ajfa-10095	90	25	earnings	earning	NOUN
ajfa-10095	90	26	decrease	decrease	NOUN
ajfa-10095	90	27	by	by	ADP
ajfa-10095	90	28	cutting	cut	VERB
ajfa-10095	90	29	the	the	DET
ajfa-10095	90	30	current	current	ADJ
ajfa-10095	90	31	year	year	NOUN
ajfa-10095	90	32	r&d	r&d	NOUN
ajfa-10095	90	33	.	.	PUNCT
ajfa-10095	91	1	the	the	DET
ajfa-10095	91	2	ld	ld	PROPN
ajfa-10095	91	3	group	group	NOUN
ajfa-10095	91	4	includes	include	VERB
ajfa-10095	91	5	firm	firm	ADJ
ajfa-10095	91	6	-	-	PUNCT
ajfa-10095	91	7	years	year	NOUN
ajfa-10095	91	8	in	in	ADP
ajfa-10095	91	9	which	which	PRON
ajfa-10095	91	10	there	there	PRON
ajfa-10095	91	11	is	be	VERB
ajfa-10095	91	12	a	a	DET
ajfa-10095	91	13	decrease	decrease	NOUN
ajfa-10095	91	14	in	in	ADP
ajfa-10095	91	15	the	the	DET
ajfa-10095	91	16	pre	pre	NOUN
ajfa-10095	91	17	-	-	NOUN
ajfa-10095	91	18	tax	tax	ADJ
ajfa-10095	91	19	,	,	PUNCT
ajfa-10095	91	20	pre	pre	ADJ
ajfa-10095	91	21	-	-	ADJ
ajfa-10095	91	22	r&d	r&d	ADJ
ajfa-10095	91	23	earnings	earning	NOUN
ajfa-10095	91	24	from	from	ADP
ajfa-10095	91	25	the	the	DET
ajfa-10095	91	26	previous	previous	ADJ
ajfa-10095	91	27	year	year	NOUN
ajfa-10095	91	28	to	to	ADP
ajfa-10095	91	29	the	the	DET
ajfa-10095	91	30	current	current	ADJ
ajfa-10095	91	31	year	year	NOUN
ajfa-10095	91	32	and	and	CCONJ
ajfa-10095	91	33	in	in	ADP
ajfa-10095	91	34	which	which	PRON
ajfa-10095	91	35	the	the	DET
ajfa-10095	91	36	decrease	decrease	NOUN
ajfa-10095	91	37	is	be	AUX
ajfa-10095	91	38	greater	great	ADJ
ajfa-10095	91	39	than	than	ADP
ajfa-10095	91	40	the	the	DET
ajfa-10095	91	41	previous	previous	ADJ
ajfa-10095	91	42	year	year	NOUN
ajfa-10095	91	43	’s	’s	PART
ajfa-10095	91	44	r&d	r&d	NOUN
ajfa-10095	91	45	.	.	PUNCT
ajfa-10095	92	1	the	the	DET
ajfa-10095	92	2	in	in	PROPN
ajfa-10095	92	3	group	group	NOUN
ajfa-10095	92	4	includes	include	VERB
ajfa-10095	92	5	firm	firm	ADJ
ajfa-10095	92	6	-	-	PUNCT
ajfa-10095	92	7	years	year	NOUN
ajfa-10095	92	8	which	which	PRON
ajfa-10095	92	9	have	have	VERB
ajfa-10095	92	10	an	an	DET
ajfa-10095	92	11	increase	increase	NOUN
ajfa-10095	92	12	in	in	ADP
ajfa-10095	92	13	the	the	DET
ajfa-10095	92	14	pre	pre	NOUN
ajfa-10095	92	15	-	-	NOUN
ajfa-10095	92	16	tax	tax	ADJ
ajfa-10095	92	17	,	,	PUNCT
ajfa-10095	92	18	pre	pre	ADJ
ajfa-10095	92	19	-	-	ADJ
ajfa-10095	92	20	r&d	r&d	ADJ
ajfa-10095	92	21	earnings	earning	NOUN
ajfa-10095	92	22	from	from	ADP
ajfa-10095	92	23	the	the	DET
ajfa-10095	92	24	previous	previous	ADJ
ajfa-10095	92	25	year	year	NOUN
ajfa-10095	92	26	to	to	ADP
ajfa-10095	92	27	the	the	DET
ajfa-10095	92	28	current	current	ADJ
ajfa-10095	92	29	year	year	NOUN
ajfa-10095	92	30	.	.	PUNCT
ajfa-10095	93	1	for	for	ADP
ajfa-10095	93	2	ld	ld	NOUN
ajfa-10095	93	3	and	and	CCONJ
ajfa-10095	93	4	in	in	ADP
ajfa-10095	93	5	groups	group	NOUN
ajfa-10095	93	6	,	,	PUNCT
ajfa-10095	93	7	cutting	cut	VERB
ajfa-10095	93	8	r&d	r&d	NOUN
ajfa-10095	93	9	is	be	AUX
ajfa-10095	93	10	not	not	PART
ajfa-10095	93	11	helpful	helpful	ADJ
ajfa-10095	93	12	or	or	CCONJ
ajfa-10095	93	13	necessary	necessary	ADJ
ajfa-10095	93	14	to	to	PART
ajfa-10095	93	15	achieve	achieve	VERB
ajfa-10095	93	16	short	short	ADJ
ajfa-10095	93	17	-	-	PUNCT
ajfa-10095	93	18	term	term	NOUN
ajfa-10095	93	19	earnings	earning	NOUN
ajfa-10095	93	20	increase	increase	NOUN
ajfa-10095	93	21	(	(	PUNCT
ajfa-10095	93	22	chen	chen	PROPN
ajfa-10095	93	23	et	et	PROPN
ajfa-10095	93	24	al	al	PROPN
ajfa-10095	93	25	.	.	PROPN
ajfa-10095	93	26	,	,	PUNCT
ajfa-10095	93	27	2015	2015	NUM
ajfa-10095	93	28	)	)	PUNCT
ajfa-10095	93	29	.	.	PUNCT
ajfa-10095	94	1	3	3	NUM
ajfa-10095	94	2	even	even	ADV
ajfa-10095	94	3	when	when	SCONJ
ajfa-10095	94	4	the	the	DET
ajfa-10095	94	5	capital	capital	NOUN
ajfa-10095	94	6	markets	market	NOUN
ajfa-10095	94	7	are	be	AUX
ajfa-10095	94	8	efficient	efficient	ADJ
ajfa-10095	94	9	,	,	PUNCT
ajfa-10095	94	10	managerial	managerial	ADJ
ajfa-10095	94	11	myopic	myopic	ADJ
ajfa-10095	94	12	behavior	behavior	NOUN
ajfa-10095	94	13	can	can	AUX
ajfa-10095	94	14	result	result	VERB
ajfa-10095	94	15	so	so	ADV
ajfa-10095	94	16	long	long	ADV
ajfa-10095	94	17	as	as	SCONJ
ajfa-10095	94	18	managers	manager	NOUN
ajfa-10095	94	19	believe	believe	VERB
ajfa-10095	94	20	that	that	SCONJ
ajfa-10095	94	21	markets	market	NOUN
ajfa-10095	94	22	can	can	AUX
ajfa-10095	94	23	be	be	AUX
ajfa-10095	94	24	fooled	fool	VERB
ajfa-10095	94	25	(	(	PUNCT
ajfa-10095	94	26	stein	stein	PROPN
ajfa-10095	94	27	,	,	PUNCT
ajfa-10095	94	28	1989	1989	NUM
ajfa-10095	94	29	)	)	PUNCT
ajfa-10095	94	30	,	,	PUNCT
ajfa-10095	94	31	which	which	PRON
ajfa-10095	94	32	they	they	PRON
ajfa-10095	94	33	do	do	VERB
ajfa-10095	94	34	(	(	PUNCT
ajfa-10095	94	35	graham	graham	PROPN
ajfa-10095	94	36	et	et	PROPN
ajfa-10095	94	37	al	al	PROPN
ajfa-10095	94	38	.	.	PROPN
ajfa-10095	94	39	,	,	PUNCT
ajfa-10095	94	40	2005	2005	NUM
ajfa-10095	94	41	)	)	PUNCT
ajfa-10095	94	42	.	.	PUNCT
ajfa-10095	95	1	asian	asian	ADJ
ajfa-10095	95	2	journal	journal	PROPN
ajfa-10095	95	3	of	of	ADP
ajfa-10095	95	4	finance	finance	PROPN
ajfa-10095	95	5	&	&	CCONJ
ajfa-10095	95	6	accounting	accounting	PROPN
ajfa-10095	95	7	issn	issn	PROPN
ajfa-10095	95	8	1946	1946	NUM
ajfa-10095	95	9	-	-	PUNCT
ajfa-10095	95	10	052x	052x	PROPN
ajfa-10095	95	11	2016	2016	NUM
ajfa-10095	95	12	,	,	PUNCT
ajfa-10095	95	13	vol	vol	NOUN
ajfa-10095	95	14	.	.	PROPN
ajfa-10095	95	15	8	8	NUM
ajfa-10095	95	16	,	,	PUNCT
ajfa-10095	95	17	no	no	INTJ
ajfa-10095	95	18	.	.	NOUN
ajfa-10095	95	19	2	2	NUM
ajfa-10095	95	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	95	21	100	100	NUM
ajfa-10095	96	1	i	i	PRON
ajfa-10095	96	2	run	run	VERB
ajfa-10095	96	3	the	the	DET
ajfa-10095	96	4	following	follow	VERB
ajfa-10095	96	5	logit	logit	PROPN
ajfa-10095	96	6	regression	regression	NOUN
ajfa-10095	96	7	to	to	PART
ajfa-10095	96	8	test	test	VERB
ajfa-10095	96	9	the	the	DET
ajfa-10095	96	10	effect	effect	NOUN
ajfa-10095	96	11	of	of	ADP
ajfa-10095	96	12	d&o	d&o	NOUN
ajfa-10095	96	13	insurance	insurance	NOUN
ajfa-10095	96	14	coverage	coverage	NOUN
ajfa-10095	96	15	on	on	ADP
ajfa-10095	96	16	r&d	r&d	NOUN
ajfa-10095	96	17	cuts	cut	NOUN
ajfa-10095	96	18	.	.	PUNCT
ajfa-10095	97	1	0	0	NUM
ajfa-10095	97	2	1	1	NUM
ajfa-10095	97	3	2	2	NUM
ajfa-10095	97	4	3	3	NUM
ajfa-10095	97	5	4	4	NUM
ajfa-10095	97	6	5	5	NUM
ajfa-10095	97	7	6	6	NUM
ajfa-10095	97	8	7	7	NUM
ajfa-10095	97	9	8	8	NUM
ajfa-10095	97	10	9	9	NUM
ajfa-10095	97	11	10	10	NUM
ajfa-10095	97	12	11	11	NUM
ajfa-10095	97	13	12	12	NUM
ajfa-10095	97	14	prob	prob	NOUN
ajfa-10095	97	15	(	(	PUNCT
ajfa-10095	97	16	1	1	NUM
ajfa-10095	97	17	)	)	PUNCT
ajfa-10095	97	18	(	(	PUNCT
ajfa-10095	97	19	ln	ln	X
ajfa-10095	97	20	)	)	PUNCT
ajfa-10095	97	21	t	t	PROPN
ajfa-10095	97	22	t	t	PROPN
ajfa-10095	97	23	t	t	PROPN
ajfa-10095	97	24	t	t	PROPN
ajfa-10095	97	25	t	t	PROPN
ajfa-10095	97	26	t	t	PROPN
ajfa-10095	97	27	t	t	PROPN
ajfa-10095	97	28	t	t	PROPN
ajfa-10095	97	29	t	t	PROPN
ajfa-10095	97	30	t	t	PROPN
ajfa-10095	97	31	t	t	PROPN
ajfa-10095	97	32	t	t	PROPN
ajfa-10095	97	33	n	n	PROPN
ajfa-10095	97	34	m	m	PROPN
ajfa-10095	97	35	t	t	NOUN
ajfa-10095	97	36	cut	cut	VERB
ajfa-10095	97	37	f	f	PROPN
ajfa-10095	97	38	dolimit	dolimit	PROPN
ajfa-10095	97	39	pcrd	pcrd	PROPN
ajfa-10095	97	40	cird	cird	PROPN
ajfa-10095	97	41	cgdp	cgdp	PROPN
ajfa-10095	97	42	toq	toq	PROPN
ajfa-10095	97	43	csales	csale	NOUN
ajfa-10095	97	44	ccap	ccap	PROPN
ajfa-10095	97	45	mv	mv	PROPN
ajfa-10095	97	46	lev	lev	PROPN
ajfa-10095	97	47	fcf	fcf	PROPN
ajfa-10095	97	48	dist	dist	PROPN
ajfa-10095	97	49	insown	insown	PROPN
ajfa-10095	97	50	year	year	NOUN
ajfa-10095	97	51	ind	ind	PROPN
ajfa-10095	97	52	α	α	PROPN
ajfa-10095	97	53	β	β	X
ajfa-10095	97	54	β	β	X
ajfa-10095	97	55	β	β	X
ajfa-10095	97	56	β	β	X
ajfa-10095	97	57	β	β	X
ajfa-10095	97	58	β	β	X
ajfa-10095	97	59	β	β	X
ajfa-10095	97	60	β	β	X
ajfa-10095	97	61	β	β	X
ajfa-10095	97	62	β	β	X
ajfa-10095	97	63	β	β	X
ajfa-10095	97	64	β	β	X
ajfa-10095	97	65	β	β	X
ajfa-10095	97	66	β	β	X
ajfa-10095	97	67	ε	ε	X
ajfa-10095	97	68	=	=	PUNCT
ajfa-10095	97	69	=	=	PUNCT
ajfa-10095	98	1	+	+	PUNCT
ajfa-10095	99	1	+	+	PUNCT
ajfa-10095	99	2	+	+	PUNCT
ajfa-10095	99	3	+	+	PUNCT
ajfa-10095	99	4	+	+	PUNCT
ajfa-10095	99	5	+	+	PUNCT
ajfa-10095	99	6	+	+	PUNCT
ajfa-10095	99	7	+	+	PUNCT
ajfa-10095	99	8	+	+	PUNCT
ajfa-10095	99	9	+	+	PUNCT
ajfa-10095	99	10	+	+	PUNCT
ajfa-10095	99	11	+	+	PUNCT
ajfa-10095	99	12	+	+	PUNCT
ajfa-10095	99	13	+	+	PUNCT
ajfa-10095	99	14	+	+	CCONJ
ajfa-10095	99	15	(	(	PUNCT
ajfa-10095	99	16	1	1	X
ajfa-10095	99	17	)	)	PUNCT
ajfa-10095	99	18	where	where	SCONJ
ajfa-10095	99	19	cut	cut	NOUN
ajfa-10095	99	20	is	be	AUX
ajfa-10095	99	21	a	a	DET
ajfa-10095	99	22	dummy	dummy	ADJ
ajfa-10095	99	23	variable	variable	NOUN
ajfa-10095	99	24	equal	equal	ADJ
ajfa-10095	99	25	to	to	ADP
ajfa-10095	99	26	1	1	NUM
ajfa-10095	99	27	if	if	SCONJ
ajfa-10095	99	28	r&d	r&d	NOUN
ajfa-10095	99	29	decreases	decrease	VERB
ajfa-10095	99	30	relative	relative	ADJ
ajfa-10095	99	31	to	to	ADP
ajfa-10095	99	32	the	the	DET
ajfa-10095	99	33	previous	previous	ADJ
ajfa-10095	99	34	year	year	NOUN
ajfa-10095	99	35	,	,	PUNCT
ajfa-10095	99	36	0	0	NUM
ajfa-10095	99	37	otherwise	otherwise	ADV
ajfa-10095	99	38	.	.	PUNCT
ajfa-10095	100	1	dolimit	dolimit	NOUN
ajfa-10095	100	2	is	be	AUX
ajfa-10095	100	3	d&o	d&o	NOUN
ajfa-10095	100	4	coverage	coverage	NOUN
ajfa-10095	100	5	limit	limit	NOUN
ajfa-10095	100	6	scaled	scale	VERB
ajfa-10095	100	7	by	by	ADP
ajfa-10095	100	8	market	market	NOUN
ajfa-10095	100	9	value	value	NOUN
ajfa-10095	100	10	of	of	ADP
ajfa-10095	100	11	equity	equity	NOUN
ajfa-10095	100	12	.	.	PUNCT
ajfa-10095	101	1	pcrd	pcrd	PROPN
ajfa-10095	101	2	is	be	AUX
ajfa-10095	101	3	the	the	DET
ajfa-10095	101	4	difference	difference	NOUN
ajfa-10095	101	5	in	in	ADP
ajfa-10095	101	6	the	the	DET
ajfa-10095	101	7	natural	natural	ADJ
ajfa-10095	101	8	logarithm	logarithm	NOUN
ajfa-10095	101	9	of	of	ADP
ajfa-10095	101	10	r&d	r&d	NOUN
ajfa-10095	101	11	between	between	ADP
ajfa-10095	101	12	the	the	DET
ajfa-10095	101	13	previous	previous	ADJ
ajfa-10095	101	14	year	year	NOUN
ajfa-10095	101	15	and	and	CCONJ
ajfa-10095	101	16	the	the	DET
ajfa-10095	101	17	year	year	NOUN
ajfa-10095	101	18	before	before	ADV
ajfa-10095	101	19	.	.	PUNCT
ajfa-10095	102	1	cird	cird	PROPN
ajfa-10095	102	2	is	be	AUX
ajfa-10095	102	3	the	the	DET
ajfa-10095	102	4	difference	difference	NOUN
ajfa-10095	102	5	in	in	ADP
ajfa-10095	102	6	industry	industry	NOUN
ajfa-10095	102	7	r&d	r&d	NOUN
ajfa-10095	102	8	intensity	intensity	NOUN
ajfa-10095	102	9	(	(	PUNCT
ajfa-10095	102	10	r&d	r&d	NOUN
ajfa-10095	102	11	expenditures	expenditure	NOUN
ajfa-10095	102	12	scaled	scale	VERB
ajfa-10095	102	13	by	by	ADP
ajfa-10095	102	14	total	total	ADJ
ajfa-10095	102	15	sales	sale	NOUN
ajfa-10095	102	16	)	)	PUNCT
ajfa-10095	102	17	between	between	ADP
ajfa-10095	102	18	the	the	DET
ajfa-10095	102	19	current	current	ADJ
ajfa-10095	102	20	year	year	NOUN
ajfa-10095	102	21	and	and	CCONJ
ajfa-10095	102	22	the	the	DET
ajfa-10095	102	23	previous	previous	ADJ
ajfa-10095	102	24	year	year	NOUN
ajfa-10095	102	25	,	,	PUNCT
ajfa-10095	102	26	where	where	SCONJ
ajfa-10095	102	27	the	the	DET
ajfa-10095	102	28	industry	industry	NOUN
ajfa-10095	102	29	is	be	AUX
ajfa-10095	102	30	defined	define	VERB
ajfa-10095	102	31	using	use	VERB
ajfa-10095	102	32	the	the	DET
ajfa-10095	102	33	two	two	NUM
ajfa-10095	102	34	-	-	PUNCT
ajfa-10095	102	35	digit	digit	NOUN
ajfa-10095	102	36	taiwan	taiwan	PROPN
ajfa-10095	102	37	economic	economic	ADJ
ajfa-10095	102	38	journal	journal	PROPN
ajfa-10095	102	39	(	(	PUNCT
ajfa-10095	102	40	tej	tej	PROPN
ajfa-10095	102	41	)	)	PUNCT
ajfa-10095	102	42	code	code	NOUN
ajfa-10095	102	43	.	.	PUNCT
ajfa-10095	103	1	cgdp	cgdp	PROPN
ajfa-10095	103	2	is	be	AUX
ajfa-10095	103	3	the	the	DET
ajfa-10095	103	4	difference	difference	NOUN
ajfa-10095	103	5	in	in	ADP
ajfa-10095	103	6	the	the	DET
ajfa-10095	103	7	natural	natural	ADJ
ajfa-10095	103	8	logarithm	logarithm	NOUN
ajfa-10095	103	9	of	of	ADP
ajfa-10095	103	10	gdp	gdp	NOUN
ajfa-10095	103	11	between	between	ADP
ajfa-10095	103	12	the	the	DET
ajfa-10095	103	13	current	current	ADJ
ajfa-10095	103	14	year	year	NOUN
ajfa-10095	103	15	and	and	CCONJ
ajfa-10095	103	16	the	the	DET
ajfa-10095	103	17	previous	previous	ADJ
ajfa-10095	103	18	year	year	NOUN
ajfa-10095	103	19	.	.	PUNCT
ajfa-10095	104	1	toq	toq	PROPN
ajfa-10095	104	2	is	be	AUX
ajfa-10095	104	3	the	the	DET
ajfa-10095	104	4	sum	sum	NOUN
ajfa-10095	104	5	of	of	ADP
ajfa-10095	104	6	market	market	NOUN
ajfa-10095	104	7	value	value	NOUN
ajfa-10095	104	8	of	of	ADP
ajfa-10095	104	9	common	common	ADJ
ajfa-10095	104	10	equity	equity	NOUN
ajfa-10095	104	11	and	and	CCONJ
ajfa-10095	104	12	book	book	NOUN
ajfa-10095	104	13	value	value	NOUN
ajfa-10095	104	14	of	of	ADP
ajfa-10095	104	15	debt	debt	NOUN
ajfa-10095	104	16	,	,	PUNCT
ajfa-10095	104	17	divided	divide	VERB
ajfa-10095	104	18	by	by	ADP
ajfa-10095	104	19	the	the	DET
ajfa-10095	104	20	book	book	NOUN
ajfa-10095	104	21	value	value	NOUN
ajfa-10095	104	22	of	of	ADP
ajfa-10095	104	23	total	total	ADJ
ajfa-10095	104	24	assets	asset	NOUN
ajfa-10095	104	25	.	.	PUNCT
ajfa-10095	105	1	csales	csale	NOUN
ajfa-10095	105	2	is	be	AUX
ajfa-10095	105	3	the	the	DET
ajfa-10095	105	4	difference	difference	NOUN
ajfa-10095	105	5	in	in	ADP
ajfa-10095	105	6	the	the	DET
ajfa-10095	105	7	natural	natural	ADJ
ajfa-10095	105	8	logarithm	logarithm	NOUN
ajfa-10095	105	9	of	of	ADP
ajfa-10095	105	10	sales	sale	NOUN
ajfa-10095	105	11	between	between	ADP
ajfa-10095	105	12	the	the	DET
ajfa-10095	105	13	current	current	ADJ
ajfa-10095	105	14	year	year	NOUN
ajfa-10095	105	15	and	and	CCONJ
ajfa-10095	105	16	the	the	DET
ajfa-10095	105	17	previous	previous	ADJ
ajfa-10095	105	18	year	year	NOUN
ajfa-10095	105	19	.	.	PUNCT
ajfa-10095	106	1	ccap	ccap	NOUN
ajfa-10095	106	2	is	be	AUX
ajfa-10095	106	3	the	the	DET
ajfa-10095	106	4	difference	difference	NOUN
ajfa-10095	106	5	in	in	ADP
ajfa-10095	106	6	the	the	DET
ajfa-10095	106	7	logarithm	logarithm	NOUN
ajfa-10095	106	8	of	of	ADP
ajfa-10095	106	9	capital	capital	NOUN
ajfa-10095	106	10	expenditures	expenditure	NOUN
ajfa-10095	106	11	between	between	ADP
ajfa-10095	106	12	the	the	DET
ajfa-10095	106	13	current	current	ADJ
ajfa-10095	106	14	year	year	NOUN
ajfa-10095	106	15	and	and	CCONJ
ajfa-10095	106	16	the	the	DET
ajfa-10095	106	17	previous	previous	ADJ
ajfa-10095	106	18	year	year	NOUN
ajfa-10095	106	19	.	.	PUNCT
ajfa-10095	107	1	lnmv	lnmv	PROPN
ajfa-10095	107	2	is	be	AUX
ajfa-10095	107	3	the	the	DET
ajfa-10095	107	4	natural	natural	ADJ
ajfa-10095	107	5	logarithm	logarithm	NOUN
ajfa-10095	107	6	of	of	ADP
ajfa-10095	107	7	market	market	NOUN
ajfa-10095	107	8	value	value	NOUN
ajfa-10095	107	9	of	of	ADP
ajfa-10095	107	10	equity	equity	NOUN
ajfa-10095	107	11	.	.	PUNCT
ajfa-10095	108	1	lev	lev	PROPN
ajfa-10095	108	2	is	be	AUX
ajfa-10095	108	3	total	total	ADJ
ajfa-10095	108	4	debts	debt	NOUN
ajfa-10095	108	5	divided	divide	VERB
ajfa-10095	108	6	by	by	ADP
ajfa-10095	108	7	total	total	ADJ
ajfa-10095	108	8	assets	asset	NOUN
ajfa-10095	108	9	.	.	PUNCT
ajfa-10095	109	1	fcf	fcf	PROPN
ajfa-10095	109	2	is	be	AUX
ajfa-10095	109	3	operating	operate	VERB
ajfa-10095	109	4	cash	cash	NOUN
ajfa-10095	109	5	flows	flow	NOUN
ajfa-10095	109	6	minus	minus	ADP
ajfa-10095	109	7	capital	capital	NOUN
ajfa-10095	109	8	expenditures	expenditure	NOUN
ajfa-10095	109	9	,	,	PUNCT
ajfa-10095	109	10	scaled	scale	VERB
ajfa-10095	109	11	by	by	ADP
ajfa-10095	109	12	total	total	ADJ
ajfa-10095	109	13	assets	asset	NOUN
ajfa-10095	109	14	.	.	PUNCT
ajfa-10095	110	1	dist	dist	NOUN
ajfa-10095	110	2	is	be	AUX
ajfa-10095	110	3	the	the	DET
ajfa-10095	110	4	change	change	NOUN
ajfa-10095	110	5	in	in	ADP
ajfa-10095	110	6	pre	pre	ADJ
ajfa-10095	110	7	-	-	NOUN
ajfa-10095	110	8	tax	tax	ADJ
ajfa-10095	110	9	,	,	PUNCT
ajfa-10095	110	10	pre	pre	ADJ
ajfa-10095	110	11	-	-	ADJ
ajfa-10095	110	12	r&d	r&d	ADJ
ajfa-10095	110	13	earnings	earning	NOUN
ajfa-10095	110	14	divided	divide	VERB
ajfa-10095	110	15	by	by	ADP
ajfa-10095	110	16	previous	previous	ADJ
ajfa-10095	110	17	year	year	NOUN
ajfa-10095	110	18	’s	’s	PART
ajfa-10095	110	19	r&d	r&d	NOUN
ajfa-10095	110	20	.	.	PUNCT
ajfa-10095	111	1	insown	insown	PROPN
ajfa-10095	111	2	is	be	AUX
ajfa-10095	111	3	the	the	DET
ajfa-10095	111	4	percentage	percentage	NOUN
ajfa-10095	111	5	of	of	ADP
ajfa-10095	111	6	shares	share	NOUN
ajfa-10095	111	7	held	hold	VERB
ajfa-10095	111	8	by	by	ADP
ajfa-10095	111	9	institutional	institutional	ADJ
ajfa-10095	111	10	investors	investor	NOUN
ajfa-10095	111	11	.	.	PUNCT
ajfa-10095	112	1	in	in	ADP
ajfa-10095	112	2	equation	equation	NOUN
ajfa-10095	112	3	(	(	PUNCT
ajfa-10095	112	4	1	1	NUM
ajfa-10095	112	5	)	)	PUNCT
ajfa-10095	112	6	,	,	PUNCT
ajfa-10095	112	7	the	the	DET
ajfa-10095	112	8	primary	primary	ADJ
ajfa-10095	112	9	variable	variable	NOUN
ajfa-10095	112	10	of	of	ADP
ajfa-10095	112	11	interest	interest	NOUN
ajfa-10095	112	12	is	be	AUX
ajfa-10095	112	13	the	the	DET
ajfa-10095	112	14	coefficient	coefficient	NOUN
ajfa-10095	112	15	on	on	ADP
ajfa-10095	112	16	dolimit	dolimit	NOUN
ajfa-10095	112	17	.	.	PUNCT
ajfa-10095	113	1	if	if	SCONJ
ajfa-10095	113	2	well	well	ADV
ajfa-10095	113	3	-	-	PUNCT
ajfa-10095	113	4	protected	protect	VERB
ajfa-10095	113	5	managers	manager	NOUN
ajfa-10095	113	6	are	be	AUX
ajfa-10095	113	7	prone	prone	ADJ
ajfa-10095	113	8	to	to	PART
ajfa-10095	113	9	cut	cut	VERB
ajfa-10095	113	10	r&d	r&d	NOUN
ajfa-10095	113	11	expenditures	expenditure	NOUN
ajfa-10095	113	12	to	to	PART
ajfa-10095	113	13	manage	manage	VERB
ajfa-10095	113	14	earnings	earning	NOUN
ajfa-10095	113	15	upwards	upward	NOUN
ajfa-10095	113	16	,	,	PUNCT
ajfa-10095	113	17	i	i	PRON
ajfa-10095	113	18	would	would	AUX
ajfa-10095	113	19	expect	expect	VERB
ajfa-10095	113	20	a	a	DET
ajfa-10095	113	21	positive	positive	ADJ
ajfa-10095	113	22	and	and	CCONJ
ajfa-10095	113	23	significant	significant	ADJ
ajfa-10095	113	24	coefficient	coefficient	NOUN
ajfa-10095	113	25	on	on	ADP
ajfa-10095	113	26	dolimit	dolimit	NOUN
ajfa-10095	113	27	in	in	ADP
ajfa-10095	113	28	the	the	DET
ajfa-10095	113	29	small	small	ADJ
ajfa-10095	113	30	earnings	earning	NOUN
ajfa-10095	113	31	decrease	decrease	NOUN
ajfa-10095	113	32	(	(	PUNCT
ajfa-10095	113	33	sd	sd	NOUN
ajfa-10095	113	34	)	)	PUNCT
ajfa-10095	113	35	group	group	NOUN
ajfa-10095	113	36	.	.	PUNCT
ajfa-10095	114	1	by	by	ADP
ajfa-10095	114	2	contrast	contrast	NOUN
ajfa-10095	114	3	,	,	PUNCT
ajfa-10095	114	4	i	i	PRON
ajfa-10095	114	5	expect	expect	VERB
ajfa-10095	114	6	that	that	SCONJ
ajfa-10095	114	7	the	the	DET
ajfa-10095	114	8	coefficients	coefficient	NOUN
ajfa-10095	114	9	on	on	ADP
ajfa-10095	114	10	dolimit	dolimit	NOUN
ajfa-10095	114	11	would	would	AUX
ajfa-10095	114	12	not	not	PART
ajfa-10095	114	13	be	be	AUX
ajfa-10095	114	14	significant	significant	ADJ
ajfa-10095	114	15	for	for	ADP
ajfa-10095	114	16	the	the	DET
ajfa-10095	114	17	large	large	ADJ
ajfa-10095	114	18	earnings	earning	NOUN
ajfa-10095	114	19	decrease	decrease	NOUN
ajfa-10095	114	20	(	(	PUNCT
ajfa-10095	114	21	ld	ld	PROPN
ajfa-10095	114	22	)	)	PUNCT
ajfa-10095	114	23	and	and	CCONJ
ajfa-10095	114	24	earnings	earning	NOUN
ajfa-10095	114	25	increase	increase	NOUN
ajfa-10095	114	26	(	(	PUNCT
ajfa-10095	114	27	in	in	ADP
ajfa-10095	114	28	)	)	PUNCT
ajfa-10095	114	29	groups	group	NOUN
ajfa-10095	114	30	.	.	PUNCT
ajfa-10095	115	1	following	follow	VERB
ajfa-10095	115	2	bushee	bushee	NOUN
ajfa-10095	115	3	(	(	PUNCT
ajfa-10095	115	4	1998	1998	NUM
ajfa-10095	115	5	)	)	PUNCT
ajfa-10095	115	6	,	,	PUNCT
ajfa-10095	115	7	i	i	PRON
ajfa-10095	115	8	include	include	VERB
ajfa-10095	115	9	several	several	ADJ
ajfa-10095	115	10	control	control	NOUN
ajfa-10095	115	11	variables	variable	NOUN
ajfa-10095	115	12	that	that	PRON
ajfa-10095	115	13	influence	influence	VERB
ajfa-10095	115	14	r&d	r&d	NOUN
ajfa-10095	115	15	investments	investment	NOUN
ajfa-10095	115	16	and	and	CCONJ
ajfa-10095	115	17	the	the	DET
ajfa-10095	115	18	likelihood	likelihood	NOUN
ajfa-10095	115	19	of	of	ADP
ajfa-10095	115	20	cutting	cut	VERB
ajfa-10095	115	21	r&d	r&d	NOUN
ajfa-10095	115	22	.	.	PUNCT
ajfa-10095	116	1	first	first	ADV
ajfa-10095	116	2	,	,	PUNCT
ajfa-10095	116	3	i	i	PRON
ajfa-10095	116	4	control	control	VERB
ajfa-10095	116	5	for	for	ADP
ajfa-10095	116	6	a	a	DET
ajfa-10095	116	7	firm	firm	NOUN
ajfa-10095	116	8	’s	’s	PART
ajfa-10095	116	9	r&d	r&d	NOUN
ajfa-10095	116	10	investment	investment	NOUN
ajfa-10095	116	11	opportunity	opportunity	NOUN
ajfa-10095	116	12	set	set	VERB
ajfa-10095	116	13	by	by	ADP
ajfa-10095	116	14	using	use	VERB
ajfa-10095	116	15	following	follow	VERB
ajfa-10095	116	16	proxies	proxy	NOUN
ajfa-10095	116	17	:	:	PUNCT
ajfa-10095	116	18	(	(	PUNCT
ajfa-10095	116	19	1	1	X
ajfa-10095	116	20	)	)	PUNCT
ajfa-10095	116	21	last	last	ADJ
ajfa-10095	116	22	year	year	NOUN
ajfa-10095	116	23	’s	’s	PART
ajfa-10095	116	24	change	change	NOUN
ajfa-10095	116	25	in	in	ADP
ajfa-10095	116	26	r&d	r&d	PROPN
ajfa-10095	116	27	(	(	PUNCT
ajfa-10095	116	28	pcrd	pcrd	PROPN
ajfa-10095	116	29	)	)	PUNCT
ajfa-10095	116	30	that	that	PRON
ajfa-10095	116	31	captures	capture	VERB
ajfa-10095	116	32	the	the	DET
ajfa-10095	116	33	trend	trend	NOUN
ajfa-10095	116	34	in	in	ADP
ajfa-10095	116	35	r&d	r&d	NOUN
ajfa-10095	116	36	investments	investment	NOUN
ajfa-10095	116	37	;	;	PUNCT
ajfa-10095	116	38	(	(	PUNCT
ajfa-10095	116	39	2	2	X
ajfa-10095	116	40	)	)	PUNCT
ajfa-10095	116	41	the	the	DET
ajfa-10095	116	42	change	change	NOUN
ajfa-10095	116	43	in	in	ADP
ajfa-10095	116	44	industry	industry	NOUN
ajfa-10095	116	45	r&d	r&d	NOUN
ajfa-10095	116	46	intensity	intensity	NOUN
ajfa-10095	116	47	(	(	PUNCT
ajfa-10095	116	48	cird	cird	NOUN
ajfa-10095	116	49	)	)	PUNCT
ajfa-10095	116	50	that	that	PRON
ajfa-10095	116	51	captures	capture	VERB
ajfa-10095	116	52	the	the	DET
ajfa-10095	116	53	r&d	r&d	NOUN
ajfa-10095	116	54	investment	investment	NOUN
ajfa-10095	116	55	opportunity	opportunity	NOUN
ajfa-10095	116	56	in	in	ADP
ajfa-10095	116	57	the	the	DET
ajfa-10095	116	58	industry	industry	NOUN
ajfa-10095	116	59	;	;	PUNCT
ajfa-10095	116	60	(	(	PUNCT
ajfa-10095	116	61	3	3	X
ajfa-10095	116	62	)	)	PUNCT
ajfa-10095	116	63	the	the	DET
ajfa-10095	116	64	change	change	NOUN
ajfa-10095	116	65	in	in	ADP
ajfa-10095	116	66	gdp	gdp	NOUN
ajfa-10095	116	67	(	(	PUNCT
ajfa-10095	116	68	cgdp	cgdp	PROPN
ajfa-10095	116	69	)	)	PUNCT
ajfa-10095	116	70	that	that	PRON
ajfa-10095	116	71	captures	capture	VERB
ajfa-10095	116	72	the	the	DET
ajfa-10095	116	73	economy	economy	NOUN
ajfa-10095	116	74	level	level	NOUN
ajfa-10095	116	75	of	of	ADP
ajfa-10095	116	76	investment	investment	NOUN
ajfa-10095	116	77	opportunity	opportunity	NOUN
ajfa-10095	116	78	;	;	PUNCT
ajfa-10095	116	79	and	and	CCONJ
ajfa-10095	116	80	(	(	PUNCT
ajfa-10095	116	81	4	4	X
ajfa-10095	116	82	)	)	PUNCT
ajfa-10095	116	83	tobin	tobin	NOUN
ajfa-10095	116	84	’s	’s	PART
ajfa-10095	116	85	q	q	X
ajfa-10095	117	1	(	(	PUNCT
ajfa-10095	117	2	toq	toq	NOUN
ajfa-10095	117	3	)	)	PUNCT
ajfa-10095	117	4	,	,	PUNCT
ajfa-10095	117	5	change	change	NOUN
ajfa-10095	117	6	in	in	ADP
ajfa-10095	117	7	sales	sale	NOUN
ajfa-10095	117	8	(	(	PUNCT
ajfa-10095	117	9	csales	csale	NOUN
ajfa-10095	117	10	)	)	PUNCT
ajfa-10095	117	11	,	,	PUNCT
ajfa-10095	117	12	and	and	CCONJ
ajfa-10095	117	13	change	change	NOUN
ajfa-10095	117	14	in	in	ADP
ajfa-10095	117	15	capital	capital	NOUN
ajfa-10095	117	16	expenditures	expenditure	NOUN
ajfa-10095	117	17	(	(	PUNCT
ajfa-10095	117	18	ccap	ccap	NOUN
ajfa-10095	117	19	)	)	PUNCT
ajfa-10095	117	20	that	that	PRON
ajfa-10095	117	21	capture	capture	VERB
ajfa-10095	117	22	the	the	DET
ajfa-10095	117	23	firm	firm	NOUN
ajfa-10095	117	24	’s	’s	PART
ajfa-10095	117	25	growth	growth	NOUN
ajfa-10095	117	26	opportunities	opportunity	NOUN
ajfa-10095	117	27	.	.	PUNCT
ajfa-10095	118	1	each	each	PRON
ajfa-10095	118	2	of	of	ADP
ajfa-10095	118	3	the	the	DET
ajfa-10095	118	4	above	above	ADJ
ajfa-10095	118	5	variables	variable	NOUN
ajfa-10095	118	6	is	be	AUX
ajfa-10095	118	7	expected	expect	VERB
ajfa-10095	118	8	to	to	PART
ajfa-10095	118	9	be	be	AUX
ajfa-10095	118	10	negatively	negatively	ADV
ajfa-10095	118	11	related	relate	VERB
ajfa-10095	118	12	to	to	ADP
ajfa-10095	118	13	the	the	DET
ajfa-10095	118	14	likelihood	likelihood	NOUN
ajfa-10095	118	15	of	of	ADP
ajfa-10095	118	16	an	an	DET
ajfa-10095	118	17	r&d	r&d	NOUN
ajfa-10095	118	18	cut	cut	NOUN
ajfa-10095	118	19	.	.	PUNCT
ajfa-10095	119	1	second	second	ADJ
ajfa-10095	119	2	,	,	PUNCT
ajfa-10095	119	3	firm	firm	ADJ
ajfa-10095	119	4	size	size	NOUN
ajfa-10095	119	5	(	(	PUNCT
ajfa-10095	119	6	size	size	NOUN
ajfa-10095	119	7	)	)	PUNCT
ajfa-10095	119	8	is	be	AUX
ajfa-10095	119	9	controlled	control	VERB
ajfa-10095	119	10	for	for	ADP
ajfa-10095	119	11	because	because	SCONJ
ajfa-10095	119	12	smaller	small	ADJ
ajfa-10095	119	13	firms	firm	NOUN
ajfa-10095	119	14	are	be	AUX
ajfa-10095	119	15	more	more	ADV
ajfa-10095	119	16	likely	likely	ADJ
ajfa-10095	119	17	to	to	PART
ajfa-10095	119	18	suffer	suffer	VERB
ajfa-10095	119	19	cash	cash	NOUN
ajfa-10095	119	20	flow	flow	NOUN
ajfa-10095	119	21	shortages	shortage	NOUN
ajfa-10095	119	22	that	that	PRON
ajfa-10095	119	23	lead	lead	VERB
ajfa-10095	119	24	them	they	PRON
ajfa-10095	119	25	to	to	PART
ajfa-10095	119	26	cut	cut	VERB
ajfa-10095	119	27	r&d	r&d	NOUN
ajfa-10095	119	28	.	.	PUNCT
ajfa-10095	120	1	third	third	ADJ
ajfa-10095	120	2	,	,	PUNCT
ajfa-10095	120	3	leverage	leverage	NOUN
ajfa-10095	120	4	(	(	PUNCT
ajfa-10095	120	5	lev	lev	NOUN
ajfa-10095	120	6	)	)	PUNCT
ajfa-10095	120	7	is	be	AUX
ajfa-10095	120	8	included	include	VERB
ajfa-10095	120	9	in	in	ADP
ajfa-10095	120	10	the	the	DET
ajfa-10095	120	11	model	model	NOUN
ajfa-10095	120	12	to	to	PART
ajfa-10095	120	13	capture	capture	VERB
ajfa-10095	120	14	the	the	DET
ajfa-10095	120	15	firm	firm	NOUN
ajfa-10095	120	16	’s	’s	PART
ajfa-10095	120	17	incentives	incentive	NOUN
ajfa-10095	120	18	to	to	PART
ajfa-10095	120	19	increase	increase	VERB
ajfa-10095	120	20	earnings	earning	NOUN
ajfa-10095	120	21	to	to	PART
ajfa-10095	120	22	reduce	reduce	VERB
ajfa-10095	120	23	debt	debt	NOUN
ajfa-10095	120	24	contracting	contracting	NOUN
ajfa-10095	120	25	costs	cost	NOUN
ajfa-10095	120	26	.	.	PUNCT
ajfa-10095	121	1	fourth	fourth	ADJ
ajfa-10095	121	2	,	,	PUNCT
ajfa-10095	121	3	free	free	ADJ
ajfa-10095	121	4	cash	cash	NOUN
ajfa-10095	121	5	flows	flow	NOUN
ajfa-10095	121	6	(	(	PUNCT
ajfa-10095	121	7	fcf	fcf	NOUN
ajfa-10095	121	8	)	)	PUNCT
ajfa-10095	121	9	is	be	AUX
ajfa-10095	121	10	included	include	VERB
ajfa-10095	121	11	to	to	PART
ajfa-10095	121	12	control	control	VERB
ajfa-10095	121	13	for	for	ADP
ajfa-10095	121	14	fund	fund	NOUN
ajfa-10095	121	15	availability	availability	NOUN
ajfa-10095	121	16	because	because	SCONJ
ajfa-10095	121	17	firms	firm	NOUN
ajfa-10095	121	18	have	have	VERB
ajfa-10095	121	19	higher	high	ADJ
ajfa-10095	121	20	incentives	incentive	NOUN
ajfa-10095	121	21	to	to	PART
ajfa-10095	121	22	cut	cut	VERB
ajfa-10095	121	23	r&d	r&d	NOUN
ajfa-10095	121	24	when	when	SCONJ
ajfa-10095	121	25	facing	face	VERB
ajfa-10095	121	26	a	a	DET
ajfa-10095	121	27	serious	serious	ADJ
ajfa-10095	121	28	cash	cash	NOUN
ajfa-10095	121	29	shortage	shortage	NOUN
ajfa-10095	121	30	.	.	PUNCT
ajfa-10095	122	1	fifth	fifth	ADJ
ajfa-10095	122	2	,	,	PUNCT
ajfa-10095	122	3	distance	distance	NOUN
ajfa-10095	122	4	to	to	ADP
ajfa-10095	122	5	earnings	earning	NOUN
ajfa-10095	122	6	goal	goal	NOUN
ajfa-10095	122	7	(	(	PUNCT
ajfa-10095	122	8	dist	dist	NOUN
ajfa-10095	122	9	)	)	PUNCT
ajfa-10095	122	10	is	be	AUX
ajfa-10095	122	11	controlled	control	VERB
ajfa-10095	122	12	for	for	ADP
ajfa-10095	122	13	because	because	SCONJ
ajfa-10095	122	14	larger	large	ADJ
ajfa-10095	122	15	distance	distance	NOUN
ajfa-10095	122	16	increases	increase	VERB
ajfa-10095	122	17	the	the	DET
ajfa-10095	122	18	likelihood	likelihood	NOUN
ajfa-10095	122	19	of	of	ADP
ajfa-10095	122	20	an	an	DET
ajfa-10095	122	21	r&d	r&d	NOUN
ajfa-10095	122	22	cut	cut	NOUN
ajfa-10095	122	23	to	to	PART
ajfa-10095	122	24	meet	meet	VERB
ajfa-10095	122	25	earnings	earning	NOUN
ajfa-10095	122	26	goals	goal	NOUN
ajfa-10095	122	27	.	.	PUNCT
ajfa-10095	123	1	fifth	fifth	ADJ
ajfa-10095	123	2	,	,	PUNCT
ajfa-10095	123	3	institutional	institutional	ADJ
ajfa-10095	123	4	ownership	ownership	NOUN
ajfa-10095	123	5	(	(	PUNCT
ajfa-10095	123	6	insown	insown	NOUN
ajfa-10095	123	7	)	)	PUNCT
ajfa-10095	123	8	captures	capture	VERB
ajfa-10095	123	9	the	the	DET
ajfa-10095	123	10	monitoring	monitoring	NOUN
ajfa-10095	123	11	by	by	ADP
ajfa-10095	123	12	institutional	institutional	ADJ
ajfa-10095	123	13	investors	investor	NOUN
ajfa-10095	123	14	and	and	CCONJ
ajfa-10095	123	15	firms	firm	NOUN
ajfa-10095	123	16	are	be	AUX
ajfa-10095	123	17	less	less	ADV
ajfa-10095	123	18	likely	likely	ADJ
ajfa-10095	123	19	to	to	PART
ajfa-10095	123	20	engage	engage	VERB
ajfa-10095	123	21	in	in	ADP
ajfa-10095	123	22	asian	asian	ADJ
ajfa-10095	123	23	journal	journal	NOUN
ajfa-10095	123	24	of	of	ADP
ajfa-10095	123	25	finance	finance	PROPN
ajfa-10095	123	26	&	&	CCONJ
ajfa-10095	123	27	accounting	accounting	PROPN
ajfa-10095	123	28	issn	issn	PROPN
ajfa-10095	123	29	1946	1946	NUM
ajfa-10095	123	30	-	-	PUNCT
ajfa-10095	123	31	052x	052x	PROPN
ajfa-10095	123	32	2016	2016	NUM
ajfa-10095	123	33	,	,	PUNCT
ajfa-10095	123	34	vol	vol	NOUN
ajfa-10095	123	35	.	.	PROPN
ajfa-10095	123	36	8	8	NUM
ajfa-10095	123	37	,	,	PUNCT
ajfa-10095	123	38	no	no	INTJ
ajfa-10095	123	39	.	.	NOUN
ajfa-10095	123	40	2	2	NUM
ajfa-10095	123	41	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	123	42	101	101	NUM
ajfa-10095	123	43	earnings	earning	NOUN
ajfa-10095	123	44	management	management	NOUN
ajfa-10095	123	45	through	through	ADP
ajfa-10095	123	46	r&d	r&d	NOUN
ajfa-10095	123	47	reduction	reduction	NOUN
ajfa-10095	123	48	.	.	PUNCT
ajfa-10095	124	1	lastly	lastly	ADV
ajfa-10095	124	2	,	,	PUNCT
ajfa-10095	124	3	i	i	PRON
ajfa-10095	124	4	include	include	VERB
ajfa-10095	124	5	year	year	NOUN
ajfa-10095	124	6	dummies	dummy	NOUN
ajfa-10095	124	7	(	(	PUNCT
ajfa-10095	124	8	year	year	NOUN
ajfa-10095	124	9	)	)	PUNCT
ajfa-10095	124	10	and	and	CCONJ
ajfa-10095	124	11	industry	industry	NOUN
ajfa-10095	124	12	dummies	dummy	NOUN
ajfa-10095	124	13	(	(	PUNCT
ajfa-10095	124	14	ind	ind	NOUN
ajfa-10095	124	15	)	)	PUNCT
ajfa-10095	124	16	in	in	ADP
ajfa-10095	124	17	the	the	DET
ajfa-10095	124	18	regression	regression	NOUN
ajfa-10095	124	19	to	to	PART
ajfa-10095	124	20	control	control	VERB
ajfa-10095	124	21	year	year	NOUN
ajfa-10095	124	22	and	and	CCONJ
ajfa-10095	124	23	industry	industry	NOUN
ajfa-10095	124	24	fixed	fix	VERB
ajfa-10095	124	25	effects	effect	NOUN
ajfa-10095	124	26	.	.	PUNCT
ajfa-10095	125	1	4	4	X
ajfa-10095	125	2	.	.	X
ajfa-10095	125	3	data	datum	NOUN
ajfa-10095	125	4	sample	sample	NOUN
ajfa-10095	125	5	and	and	CCONJ
ajfa-10095	125	6	empirical	empirical	ADJ
ajfa-10095	125	7	results	result	NOUN
ajfa-10095	125	8	4.1	4.1	NUM
ajfa-10095	125	9	sample	sample	NOUN
ajfa-10095	125	10	the	the	DET
ajfa-10095	125	11	initial	initial	ADJ
ajfa-10095	125	12	sample	sample	NOUN
ajfa-10095	125	13	includes	include	VERB
ajfa-10095	125	14	nonfinancial	nonfinancial	ADJ
ajfa-10095	125	15	firms	firm	NOUN
ajfa-10095	125	16	listed	list	VERB
ajfa-10095	125	17	in	in	ADP
ajfa-10095	125	18	the	the	DET
ajfa-10095	125	19	taiwan	taiwan	PROPN
ajfa-10095	125	20	stock	stock	PROPN
ajfa-10095	125	21	exchange	exchange	PROPN
ajfa-10095	125	22	(	(	PUNCT
ajfa-10095	125	23	tse	tse	PROPN
ajfa-10095	125	24	)	)	PUNCT
ajfa-10095	125	25	over	over	ADP
ajfa-10095	125	26	the	the	DET
ajfa-10095	125	27	period	period	NOUN
ajfa-10095	125	28	2008	2008	NUM
ajfa-10095	125	29	-	-	SYM
ajfa-10095	125	30	2012.4	2012.4	NUM
ajfa-10095	125	31	the	the	DET
ajfa-10095	125	32	data	datum	NOUN
ajfa-10095	125	33	concerning	concern	VERB
ajfa-10095	125	34	d&o	d&o	PROPN
ajfa-10095	125	35	insurance	insurance	NOUN
ajfa-10095	125	36	coverage	coverage	NOUN
ajfa-10095	125	37	,	,	PUNCT
ajfa-10095	125	38	ownership	ownership	NOUN
ajfa-10095	125	39	structure	structure	NOUN
ajfa-10095	125	40	,	,	PUNCT
ajfa-10095	125	41	financial	financial	ADJ
ajfa-10095	125	42	statement	statement	NOUN
ajfa-10095	125	43	and	and	CCONJ
ajfa-10095	125	44	stock	stock	NOUN
ajfa-10095	125	45	price	price	NOUN
ajfa-10095	125	46	are	be	AUX
ajfa-10095	125	47	obtained	obtain	VERB
ajfa-10095	125	48	from	from	ADP
ajfa-10095	125	49	taiwan	taiwan	PROPN
ajfa-10095	125	50	economics	economic	NOUN
ajfa-10095	125	51	journal	journal	PROPN
ajfa-10095	125	52	(	(	PUNCT
ajfa-10095	125	53	tej	tej	PROPN
ajfa-10095	125	54	)	)	PUNCT
ajfa-10095	125	55	database.5	database.5	VERB
ajfa-10095	125	56	table	table	NOUN
ajfa-10095	125	57	1	1	NUM
ajfa-10095	125	58	outlines	outline	VERB
ajfa-10095	125	59	the	the	DET
ajfa-10095	125	60	sample	sample	NOUN
ajfa-10095	125	61	selection	selection	NOUN
ajfa-10095	125	62	.	.	PUNCT
ajfa-10095	126	1	i	i	PRON
ajfa-10095	126	2	start	start	VERB
ajfa-10095	126	3	with	with	ADP
ajfa-10095	126	4	an	an	DET
ajfa-10095	126	5	initial	initial	ADJ
ajfa-10095	126	6	sample	sample	NOUN
ajfa-10095	126	7	of	of	ADP
ajfa-10095	126	8	7,143	7,143	NUM
ajfa-10095	126	9	firm	firm	ADJ
ajfa-10095	126	10	-	-	PUNCT
ajfa-10095	126	11	years	year	NOUN
ajfa-10095	126	12	for	for	ADP
ajfa-10095	126	13	the	the	DET
ajfa-10095	126	14	empirical	empirical	ADJ
ajfa-10095	126	15	analysis	analysis	NOUN
ajfa-10095	126	16	.	.	PUNCT
ajfa-10095	127	1	i	i	PRON
ajfa-10095	127	2	delete	delete	VERB
ajfa-10095	127	3	969	969	NUM
ajfa-10095	127	4	firm	firm	ADJ
ajfa-10095	127	5	-	-	PUNCT
ajfa-10095	127	6	years	year	NOUN
ajfa-10095	127	7	due	due	ADP
ajfa-10095	127	8	to	to	ADP
ajfa-10095	127	9	the	the	DET
ajfa-10095	127	10	lack	lack	NOUN
ajfa-10095	127	11	of	of	ADP
ajfa-10095	127	12	d&o	d&o	NOUN
ajfa-10095	127	13	insurance	insurance	NOUN
ajfa-10095	127	14	data	datum	NOUN
ajfa-10095	127	15	.	.	PUNCT
ajfa-10095	128	1	i	i	PRON
ajfa-10095	128	2	drop	drop	VERB
ajfa-10095	128	3	2,730	2,730	NUM
ajfa-10095	128	4	firm	firm	ADJ
ajfa-10095	128	5	-	-	PUNCT
ajfa-10095	128	6	years	year	NOUN
ajfa-10095	128	7	with	with	ADP
ajfa-10095	128	8	missing	missing	ADJ
ajfa-10095	128	9	or	or	CCONJ
ajfa-10095	128	10	insignificant	insignificant	ADJ
ajfa-10095	128	11	r&d	r&d	NOUN
ajfa-10095	128	12	expenditures	expenditure	NOUN
ajfa-10095	128	13	(	(	PUNCT
ajfa-10095	128	14	r&d	r&d	NOUN
ajfa-10095	128	15	expenditures	expenditure	NOUN
ajfa-10095	128	16	less	less	ADJ
ajfa-10095	128	17	than	than	ADP
ajfa-10095	128	18	1	1	NUM
ajfa-10095	128	19	%	%	NOUN
ajfa-10095	128	20	of	of	ADP
ajfa-10095	128	21	sales	sale	NOUN
ajfa-10095	128	22	)	)	PUNCT
ajfa-10095	128	23	.	.	PUNCT
ajfa-10095	129	1	i	i	PRON
ajfa-10095	129	2	exclude	exclude	VERB
ajfa-10095	129	3	another	another	DET
ajfa-10095	129	4	136	136	NUM
ajfa-10095	129	5	firm	firm	ADJ
ajfa-10095	129	6	-	-	PUNCT
ajfa-10095	129	7	years	year	NOUN
ajfa-10095	129	8	because	because	SCONJ
ajfa-10095	129	9	they	they	PRON
ajfa-10095	129	10	do	do	AUX
ajfa-10095	129	11	not	not	PART
ajfa-10095	129	12	have	have	VERB
ajfa-10095	129	13	sufficient	sufficient	ADJ
ajfa-10095	129	14	data	datum	NOUN
ajfa-10095	129	15	to	to	PART
ajfa-10095	129	16	calculate	calculate	VERB
ajfa-10095	129	17	the	the	DET
ajfa-10095	129	18	regression	regression	NOUN
ajfa-10095	129	19	variable	variable	NOUN
ajfa-10095	129	20	.	.	PUNCT
ajfa-10095	130	1	the	the	DET
ajfa-10095	130	2	final	final	ADJ
ajfa-10095	130	3	sample	sample	NOUN
ajfa-10095	130	4	consists	consist	VERB
ajfa-10095	130	5	of	of	ADP
ajfa-10095	130	6	3,308	3,308	NUM
ajfa-10095	130	7	firm	firm	ADJ
ajfa-10095	130	8	-	-	PUNCT
ajfa-10095	130	9	year	year	NOUN
ajfa-10095	130	10	observations	observation	NOUN
ajfa-10095	130	11	;	;	PUNCT
ajfa-10095	130	12	684	684	NUM
ajfa-10095	130	13	for	for	ADP
ajfa-10095	130	14	sd	sd	NOUN
ajfa-10095	130	15	group	group	NOUN
ajfa-10095	130	16	,	,	PUNCT
ajfa-10095	130	17	1,067	1,067	NUM
ajfa-10095	130	18	for	for	ADP
ajfa-10095	130	19	ld	ld	PROPN
ajfa-10095	130	20	group	group	NOUN
ajfa-10095	130	21	,	,	PUNCT
ajfa-10095	130	22	and	and	CCONJ
ajfa-10095	130	23	1,557	1,557	NUM
ajfa-10095	130	24	for	for	ADP
ajfa-10095	130	25	in	in	ADP
ajfa-10095	130	26	group	group	NOUN
ajfa-10095	130	27	.	.	PUNCT
ajfa-10095	131	1	table	table	NOUN
ajfa-10095	131	2	1	1	NUM
ajfa-10095	131	3	.	.	PUNCT
ajfa-10095	131	4	sample	sample	NOUN
ajfa-10095	131	5	selection	selection	NOUN
ajfa-10095	131	6	firm	firm	ADJ
ajfa-10095	131	7	-	-	PUNCT
ajfa-10095	131	8	years	year	NOUN
ajfa-10095	131	9	non	non	ADJ
ajfa-10095	131	10	-	-	ADJ
ajfa-10095	131	11	financial	financial	ADJ
ajfa-10095	131	12	firms	firm	NOUN
ajfa-10095	131	13	listed	list	VERB
ajfa-10095	131	14	on	on	ADP
ajfa-10095	131	15	the	the	DET
ajfa-10095	131	16	taiwan	taiwan	PROPN
ajfa-10095	131	17	stock	stock	NOUN
ajfa-10095	131	18	exchange	exchange	NOUN
ajfa-10095	131	19	from	from	ADP
ajfa-10095	131	20	2008	2008	NUM
ajfa-10095	131	21	to	to	ADP
ajfa-10095	131	22	2012	2012	NUM
ajfa-10095	131	23	7,143	7,143	NUM
ajfa-10095	131	24	less	less	ADJ
ajfa-10095	131	25	:	:	PUNCT
ajfa-10095	131	26	firms	firm	NOUN
ajfa-10095	131	27	with	with	ADP
ajfa-10095	131	28	missing	miss	VERB
ajfa-10095	131	29	d&o	d&o	NOUN
ajfa-10095	131	30	insurance	insurance	NOUN
ajfa-10095	131	31	data	datum	NOUN
ajfa-10095	131	32	969	969	NUM
ajfa-10095	131	33	firms	firm	NOUN
ajfa-10095	131	34	with	with	ADP
ajfa-10095	131	35	missing	miss	VERB
ajfa-10095	131	36	r&d	r&d	NOUN
ajfa-10095	131	37	data	datum	NOUN
ajfa-10095	131	38	in	in	ADP
ajfa-10095	131	39	the	the	DET
ajfa-10095	131	40	current	current	ADJ
ajfa-10095	131	41	year	year	NOUN
ajfa-10095	131	42	72	72	NUM
ajfa-10095	131	43	firms	firm	NOUN
ajfa-10095	131	44	with	with	ADP
ajfa-10095	131	45	missing	missing	ADJ
ajfa-10095	131	46	or	or	CCONJ
ajfa-10095	131	47	insignificant	insignificant	ADJ
ajfa-10095	131	48	r&d	r&d	NOUN
ajfa-10095	131	49	in	in	ADP
ajfa-10095	131	50	the	the	DET
ajfa-10095	131	51	previous	previous	ADJ
ajfa-10095	131	52	year	year	NOUN
ajfa-10095	131	53	2,658	2,658	NUM
ajfa-10095	131	54	firms	firm	NOUN
ajfa-10095	131	55	without	without	ADP
ajfa-10095	131	56	necessary	necessary	ADJ
ajfa-10095	131	57	data	datum	NOUN
ajfa-10095	131	58	to	to	PART
ajfa-10095	131	59	calculate	calculate	VERB
ajfa-10095	131	60	regression	regression	NOUN
ajfa-10095	131	61	variables	variable	VERB
ajfa-10095	131	62	136	136	NUM
ajfa-10095	131	63	final	final	ADJ
ajfa-10095	131	64	sample	sample	NOUN
ajfa-10095	131	65	3,308	3,308	NUM
ajfa-10095	131	66	small	small	ADJ
ajfa-10095	131	67	earnings	earning	NOUN
ajfa-10095	131	68	decrease	decrease	NOUN
ajfa-10095	131	69	(	(	PUNCT
ajfa-10095	131	70	sd	sd	NOUN
ajfa-10095	131	71	)	)	PUNCT
ajfa-10095	131	72	group	group	NOUN
ajfa-10095	131	73	684	684	NUM
ajfa-10095	131	74	large	large	ADJ
ajfa-10095	131	75	earnings	earning	NOUN
ajfa-10095	131	76	decrease	decrease	NOUN
ajfa-10095	131	77	(	(	PUNCT
ajfa-10095	131	78	ld	ld	NOUN
ajfa-10095	131	79	)	)	PUNCT
ajfa-10095	131	80	group	group	NOUN
ajfa-10095	131	81	1,067	1,067	NUM
ajfa-10095	131	82	earnings	earning	NOUN
ajfa-10095	131	83	increase	increase	NOUN
ajfa-10095	131	84	(	(	PUNCT
ajfa-10095	131	85	in	in	ADP
ajfa-10095	131	86	)	)	PUNCT
ajfa-10095	131	87	group	group	NOUN
ajfa-10095	131	88	1,557	1,557	NUM
ajfa-10095	131	89	the	the	DET
ajfa-10095	131	90	sd	sd	NOUN
ajfa-10095	131	91	group	group	NOUN
ajfa-10095	131	92	comprises	comprise	VERB
ajfa-10095	131	93	firm	firm	ADJ
ajfa-10095	131	94	-	-	PUNCT
ajfa-10095	131	95	years	year	NOUN
ajfa-10095	131	96	for	for	ADP
ajfa-10095	131	97	which	which	PRON
ajfa-10095	131	98	–	–	PUNCT
ajfa-10095	131	99	rdexpt-1	rdexpt-1	NUM
ajfa-10095	131	100	<	<	X
ajfa-10095	131	101	(	(	PUNCT
ajfa-10095	131	102	ebtrdt	ebtrdt	NOUN
ajfa-10095	131	103	-	-	PUNCT
ajfa-10095	131	104	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	131	105	)	)	PUNCT
ajfa-10095	131	106	<	<	X
ajfa-10095	131	107	0	0	X
ajfa-10095	131	108	.	.	PUNCT
ajfa-10095	132	1	the	the	DET
ajfa-10095	132	2	ld	ld	PROPN
ajfa-10095	132	3	group	group	NOUN
ajfa-10095	132	4	comprises	comprise	VERB
ajfa-10095	132	5	firm	firm	ADJ
ajfa-10095	132	6	-	-	PUNCT
ajfa-10095	132	7	years	year	NOUN
ajfa-10095	132	8	for	for	ADP
ajfa-10095	132	9	which	which	PRON
ajfa-10095	132	10	(	(	PUNCT
ajfa-10095	132	11	ebtrdt	ebtrdt	NOUN
ajfa-10095	132	12	-	-	PUNCT
ajfa-10095	132	13	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	132	14	)	)	PUNCT
ajfa-10095	132	15	<	<	X
ajfa-10095	132	16	-rdexpt-1	-rdexpt-1	NOUN
ajfa-10095	132	17	.	.	PUNCT
ajfa-10095	133	1	the	the	DET
ajfa-10095	133	2	in	in	PROPN
ajfa-10095	133	3	group	group	NOUN
ajfa-10095	133	4	comprises	comprise	VERB
ajfa-10095	133	5	firm	firm	ADJ
ajfa-10095	133	6	-	-	PUNCT
ajfa-10095	133	7	years	year	NOUN
ajfa-10095	133	8	for	for	ADP
ajfa-10095	133	9	which	which	PRON
ajfa-10095	133	10	(	(	PUNCT
ajfa-10095	133	11	ebtrdt	ebtrdt	NOUN
ajfa-10095	133	12	-	-	PUNCT
ajfa-10095	133	13	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	133	14	)	)	PUNCT
ajfa-10095	133	15	>	>	X
ajfa-10095	134	1	0	0	X
ajfa-10095	134	2	.	.	PUNCT
ajfa-10095	135	1	rdexp	rdexp	PROPN
ajfa-10095	135	2	=	=	SYM
ajfa-10095	135	3	r&d	r&d	NOUN
ajfa-10095	135	4	expenditures	expenditure	NOUN
ajfa-10095	135	5	.	.	PUNCT
ajfa-10095	136	1	ebtrd	ebtrd	PROPN
ajfa-10095	136	2	=	=	SYM
ajfa-10095	136	3	pre	pre	ADJ
ajfa-10095	136	4	-	-	NOUN
ajfa-10095	136	5	tax	tax	ADJ
ajfa-10095	136	6	,	,	PUNCT
ajfa-10095	136	7	pre	pre	ADJ
ajfa-10095	136	8	-	-	ADJ
ajfa-10095	136	9	r&d	r&d	ADJ
ajfa-10095	136	10	earnings	earning	NOUN
ajfa-10095	136	11	.	.	PUNCT
ajfa-10095	137	1	4.2	4.2	NUM
ajfa-10095	137	2	descriptive	descriptive	ADJ
ajfa-10095	137	3	statistics	statistic	NOUN
ajfa-10095	137	4	table	table	NOUN
ajfa-10095	137	5	2	2	NUM
ajfa-10095	137	6	presents	present	VERB
ajfa-10095	137	7	descriptive	descriptive	ADJ
ajfa-10095	137	8	statistics	statistic	NOUN
ajfa-10095	137	9	for	for	ADP
ajfa-10095	137	10	the	the	DET
ajfa-10095	137	11	sample	sample	NOUN
ajfa-10095	137	12	(	(	PUNCT
ajfa-10095	137	13	panel	panel	NOUN
ajfa-10095	137	14	a	a	NOUN
ajfa-10095	137	15	)	)	PUNCT
ajfa-10095	137	16	and	and	CCONJ
ajfa-10095	137	17	the	the	DET
ajfa-10095	137	18	results	result	NOUN
ajfa-10095	137	19	of	of	ADP
ajfa-10095	137	20	univariate	univariate	ADJ
ajfa-10095	137	21	tests	test	NOUN
ajfa-10095	137	22	that	that	PRON
ajfa-10095	137	23	statistically	statistically	ADV
ajfa-10095	137	24	assess	assess	VERB
ajfa-10095	137	25	the	the	DET
ajfa-10095	137	26	comparisons	comparison	NOUN
ajfa-10095	137	27	between	between	ADP
ajfa-10095	137	28	sd	sd	NOUN
ajfa-10095	137	29	group	group	NOUN
ajfa-10095	137	30	,	,	PUNCT
ajfa-10095	137	31	ld	ld	PROPN
ajfa-10095	137	32	group	group	NOUN
ajfa-10095	137	33	,	,	PUNCT
ajfa-10095	137	34	and	and	CCONJ
ajfa-10095	137	35	in	in	ADP
ajfa-10095	137	36	group	group	NOUN
ajfa-10095	137	37	(	(	PUNCT
ajfa-10095	137	38	panel	panel	NOUN
ajfa-10095	137	39	b	b	NOUN
ajfa-10095	137	40	)	)	PUNCT
ajfa-10095	137	41	.	.	PUNCT
ajfa-10095	138	1	to	to	PART
ajfa-10095	138	2	avoid	avoid	VERB
ajfa-10095	138	3	the	the	DET
ajfa-10095	138	4	effect	effect	NOUN
ajfa-10095	138	5	of	of	ADP
ajfa-10095	138	6	outliers	outlier	NOUN
ajfa-10095	138	7	,	,	PUNCT
ajfa-10095	138	8	all	all	DET
ajfa-10095	138	9	continuous	continuous	ADJ
ajfa-10095	138	10	variables	variable	NOUN
ajfa-10095	138	11	are	be	AUX
ajfa-10095	138	12	winsorized	winsorize	VERB
ajfa-10095	138	13	at	at	ADP
ajfa-10095	138	14	the	the	DET
ajfa-10095	138	15	1	1	NUM
ajfa-10095	138	16	%	%	NOUN
ajfa-10095	138	17	and	and	CCONJ
ajfa-10095	138	18	99	99	NUM
ajfa-10095	138	19	%	%	NOUN
ajfa-10095	138	20	tails	tail	NOUN
ajfa-10095	138	21	.	.	PUNCT
ajfa-10095	139	1	in	in	ADP
ajfa-10095	139	2	panel	panel	NOUN
ajfa-10095	139	3	a	a	X
ajfa-10095	139	4	,	,	PUNCT
ajfa-10095	139	5	it	it	PRON
ajfa-10095	139	6	is	be	AUX
ajfa-10095	139	7	about	about	ADV
ajfa-10095	139	8	47	47	NUM
ajfa-10095	139	9	%	%	NOUN
ajfa-10095	139	10	of	of	ADP
ajfa-10095	139	11	the	the	DET
ajfa-10095	139	12	sample	sample	NOUN
ajfa-10095	139	13	firm	firm	ADJ
ajfa-10095	139	14	-	-	PUNCT
ajfa-10095	139	15	years	year	NOUN
ajfa-10095	139	16	cut	cut	VERB
ajfa-10095	139	17	r&d	r&d	NOUN
ajfa-10095	139	18	expenditures	expenditure	NOUN
ajfa-10095	139	19	.	.	PUNCT
ajfa-10095	140	1	overall	overall	ADV
ajfa-10095	140	2	,	,	PUNCT
ajfa-10095	140	3	the	the	DET
ajfa-10095	140	4	average	average	ADJ
ajfa-10095	140	5	(	(	PUNCT
ajfa-10095	140	6	median	median	ADJ
ajfa-10095	140	7	)	)	PUNCT
ajfa-10095	140	8	d&o	d&o	NOUN
ajfa-10095	140	9	coverage	coverage	NOUN
ajfa-10095	140	10	limit	limit	NOUN
ajfa-10095	140	11	(	(	PUNCT
ajfa-10095	140	12	coverage_limit	coverage_limit	PROPN
ajfa-10095	140	13	)	)	PUNCT
ajfa-10095	140	14	is	be	AUX
ajfa-10095	140	15	$	$	SYM
ajfa-10095	140	16	170.989	170.989	NUM
ajfa-10095	140	17	million	million	NUM
ajfa-10095	140	18	(	(	PUNCT
ajfa-10095	140	19	$	$	SYM
ajfa-10095	140	20	87.374	87.374	NUM
ajfa-10095	140	21	million	million	NUM
ajfa-10095	140	22	)	)	PUNCT
ajfa-10095	140	23	,	,	PUNCT
ajfa-10095	140	24	and	and	CCONJ
ajfa-10095	140	25	the	the	DET
ajfa-10095	140	26	mean	mean	ADJ
ajfa-10095	140	27	(	(	PUNCT
ajfa-10095	140	28	median	median	ADJ
ajfa-10095	140	29	)	)	PUNCT
ajfa-10095	140	30	d&o	d&o	NOUN
ajfa-10095	140	31	coverage	coverage	NOUN
ajfa-10095	140	32	limit	limit	NOUN
ajfa-10095	140	33	(	(	PUNCT
ajfa-10095	140	34	dolimit	dolimit	NOUN
ajfa-10095	140	35	)	)	PUNCT
ajfa-10095	140	36	accounts	account	NOUN
ajfa-10095	140	37	for	for	ADP
ajfa-10095	140	38	6.9	6.9	NUM
ajfa-10095	140	39	%	%	NOUN
ajfa-10095	140	40	(	(	PUNCT
ajfa-10095	140	41	2.0	2.0	NUM
ajfa-10095	140	42	%	%	NOUN
ajfa-10095	140	43	)	)	PUNCT
ajfa-10095	140	44	of	of	ADP
ajfa-10095	140	45	market	market	NOUN
ajfa-10095	140	46	value	value	NOUN
ajfa-10095	140	47	of	of	ADP
ajfa-10095	140	48	equity	equity	NOUN
ajfa-10095	140	49	.	.	PUNCT
ajfa-10095	141	1	in	in	ADP
ajfa-10095	141	2	panel	panel	NOUN
ajfa-10095	141	3	b	b	PROPN
ajfa-10095	141	4	,	,	PUNCT
ajfa-10095	141	5	for	for	ADP
ajfa-10095	141	6	almost	almost	ADV
ajfa-10095	141	7	all	all	PRON
ajfa-10095	141	8	of	of	ADP
ajfa-10095	141	9	the	the	DET
ajfa-10095	141	10	variables	variable	NOUN
ajfa-10095	141	11	,	,	PUNCT
ajfa-10095	141	12	the	the	DET
ajfa-10095	141	13	mean	mean	NOUN
ajfa-10095	141	14	for	for	ADP
ajfa-10095	141	15	the	the	DET
ajfa-10095	141	16	sd	sd	NOUN
ajfa-10095	141	17	group	group	NOUN
ajfa-10095	141	18	lies	lie	VERB
ajfa-10095	141	19	between	between	ADP
ajfa-10095	141	20	those	those	PRON
ajfa-10095	141	21	of	of	ADP
ajfa-10095	141	22	the	the	DET
ajfa-10095	141	23	ld	ld	NOUN
ajfa-10095	141	24	and	and	CCONJ
ajfa-10095	141	25	in	in	ADP
ajfa-10095	141	26	groups	group	NOUN
ajfa-10095	141	27	,	,	PUNCT
ajfa-10095	141	28	consistent	consistent	ADJ
ajfa-10095	141	29	with	with	ADP
ajfa-10095	141	30	previous	previous	ADJ
ajfa-10095	141	31	research	research	NOUN
ajfa-10095	141	32	(	(	PUNCT
ajfa-10095	141	33	bushee	bushee	NOUN
ajfa-10095	141	34	,	,	PUNCT
ajfa-10095	141	35	1998	1998	NUM
ajfa-10095	141	36	)	)	PUNCT
ajfa-10095	141	37	that	that	PRON
ajfa-10095	141	38	is	be	AUX
ajfa-10095	141	39	concerned	concern	VERB
ajfa-10095	141	40	with	with	ADP
ajfa-10095	141	41	the	the	DET
ajfa-10095	141	42	performance	performance	NOUN
ajfa-10095	141	43	ranking	ranking	NOUN
ajfa-10095	141	44	of	of	ADP
ajfa-10095	141	45	this	this	DET
ajfa-10095	141	46	three	three	NUM
ajfa-10095	141	47	groups	group	NOUN
ajfa-10095	141	48	.	.	PUNCT
ajfa-10095	142	1	in	in	ADP
ajfa-10095	142	2	addition	addition	NOUN
ajfa-10095	142	3	,	,	PUNCT
ajfa-10095	142	4	the	the	DET
ajfa-10095	142	5	means	means	NOUN
ajfa-10095	142	6	difference	difference	NOUN
ajfa-10095	142	7	of	of	ADP
ajfa-10095	142	8	cut	cut	NOUN
ajfa-10095	142	9	and	and	CCONJ
ajfa-10095	142	10	dolimit	dolimit	VERB
ajfa-10095	142	11	between	between	ADP
ajfa-10095	142	12	sd	sd	NOUN
ajfa-10095	142	13	group	group	NOUN
ajfa-10095	142	14	and	and	CCONJ
ajfa-10095	142	15	in	in	ADP
ajfa-10095	142	16	group	group	NOUN
ajfa-10095	142	17	are	be	AUX
ajfa-10095	142	18	statistically	statistically	ADV
ajfa-10095	142	19	significant	significant	ADJ
ajfa-10095	142	20	at	at	ADP
ajfa-10095	142	21	the	the	DET
ajfa-10095	142	22	1	1	NUM
ajfa-10095	142	23	%	%	NOUN
ajfa-10095	142	24	and	and	CCONJ
ajfa-10095	142	25	5	5	NUM
ajfa-10095	142	26	%	%	NOUN
ajfa-10095	142	27	levels	level	NOUN
ajfa-10095	142	28	.	.	PUNCT
ajfa-10095	143	1	this	this	PRON
ajfa-10095	143	2	suggests	suggest	VERB
ajfa-10095	143	3	that	that	SCONJ
ajfa-10095	143	4	firms	firm	NOUN
ajfa-10095	143	5	in	in	ADP
ajfa-10095	143	6	sd	sd	ADP
ajfa-10095	143	7	group	group	NOUN
ajfa-10095	143	8	with	with	ADP
ajfa-10095	143	9	4	4	NUM
ajfa-10095	143	10	i	i	PRON
ajfa-10095	143	11	start	start	VERB
ajfa-10095	143	12	with	with	ADP
ajfa-10095	143	13	the	the	DET
ajfa-10095	143	14	year	year	NOUN
ajfa-10095	143	15	2008	2008	NUM
ajfa-10095	143	16	because	because	SCONJ
ajfa-10095	143	17	it	it	PRON
ajfa-10095	143	18	is	be	AUX
ajfa-10095	143	19	the	the	DET
ajfa-10095	143	20	first	first	ADJ
ajfa-10095	143	21	year	year	NOUN
ajfa-10095	143	22	with	with	ADP
ajfa-10095	143	23	public	public	ADJ
ajfa-10095	143	24	disclosure	disclosure	NOUN
ajfa-10095	143	25	of	of	ADP
ajfa-10095	143	26	d&o	d&o	NOUN
ajfa-10095	143	27	insurance	insurance	NOUN
ajfa-10095	143	28	coverage	coverage	NOUN
ajfa-10095	143	29	.	.	PUNCT
ajfa-10095	144	1	5	5	NUM
ajfa-10095	144	2	the	the	DET
ajfa-10095	144	3	data	datum	NOUN
ajfa-10095	144	4	for	for	ADP
ajfa-10095	144	5	gdp	gdp	NOUN
ajfa-10095	144	6	is	be	AUX
ajfa-10095	144	7	retrieved	retrieve	VERB
ajfa-10095	144	8	from	from	ADP
ajfa-10095	144	9	national	national	ADJ
ajfa-10095	144	10	statistics	statistic	NOUN
ajfa-10095	144	11	,	,	PUNCT
ajfa-10095	144	12	r.o.c	r.o.c	PROPN
ajfa-10095	144	13	.	.	PUNCT
ajfa-10095	145	1	(	(	PUNCT
ajfa-10095	145	2	taiwan	taiwan	PROPN
ajfa-10095	145	3	)	)	PUNCT
ajfa-10095	145	4	website	website	NOUN
ajfa-10095	145	5	.	.	PUNCT
ajfa-10095	146	1	asian	asian	ADJ
ajfa-10095	146	2	journal	journal	PROPN
ajfa-10095	146	3	of	of	ADP
ajfa-10095	146	4	finance	finance	PROPN
ajfa-10095	146	5	&	&	CCONJ
ajfa-10095	146	6	accounting	accounting	PROPN
ajfa-10095	146	7	issn	issn	PROPN
ajfa-10095	146	8	1946	1946	NUM
ajfa-10095	146	9	-	-	PUNCT
ajfa-10095	146	10	052x	052x	PROPN
ajfa-10095	146	11	2016	2016	NUM
ajfa-10095	146	12	,	,	PUNCT
ajfa-10095	146	13	vol	vol	NOUN
ajfa-10095	146	14	.	.	PROPN
ajfa-10095	146	15	8	8	NUM
ajfa-10095	146	16	,	,	PUNCT
ajfa-10095	146	17	no	no	INTJ
ajfa-10095	146	18	.	.	NOUN
ajfa-10095	146	19	2	2	NUM
ajfa-10095	146	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	146	21	102	102	NUM
ajfa-10095	146	22	higher	high	ADJ
ajfa-10095	146	23	likelihood	likelihood	NOUN
ajfa-10095	146	24	of	of	ADP
ajfa-10095	146	25	cutting	cut	VERB
ajfa-10095	146	26	r&d	r&d	NOUN
ajfa-10095	146	27	and	and	CCONJ
ajfa-10095	146	28	higher	high	ADJ
ajfa-10095	146	29	d&o	d&o	NOUN
ajfa-10095	146	30	coverage	coverage	NOUN
ajfa-10095	146	31	.	.	PUNCT
ajfa-10095	147	1	however	however	ADV
ajfa-10095	147	2	,	,	PUNCT
ajfa-10095	147	3	there	there	PRON
ajfa-10095	147	4	is	be	VERB
ajfa-10095	147	5	no	no	DET
ajfa-10095	147	6	significant	significant	ADJ
ajfa-10095	147	7	difference	difference	NOUN
ajfa-10095	147	8	between	between	ADP
ajfa-10095	147	9	sd	sd	NOUN
ajfa-10095	147	10	group	group	NOUN
ajfa-10095	147	11	and	and	CCONJ
ajfa-10095	147	12	ld	ld	PROPN
ajfa-10095	147	13	group	group	NOUN
ajfa-10095	147	14	in	in	ADP
ajfa-10095	147	15	cut	cut	NOUN
ajfa-10095	147	16	and	and	CCONJ
ajfa-10095	147	17	dolimit	dolimit	NOUN
ajfa-10095	147	18	.	.	PUNCT
ajfa-10095	148	1	table	table	NOUN
ajfa-10095	148	2	2	2	NUM
ajfa-10095	148	3	.	.	PUNCT
ajfa-10095	148	4	descriptive	descriptive	ADJ
ajfa-10095	148	5	statistics	statistics	PROPN
ajfa-10095	148	6	panel	panel	NOUN
ajfa-10095	148	7	a	a	PRON
ajfa-10095	148	8	:	:	PUNCT
ajfa-10095	148	9	full	full	ADJ
ajfa-10095	148	10	sample	sample	NOUN
ajfa-10095	148	11	mean	mean	VERB
ajfa-10095	148	12	standard	standard	ADJ
ajfa-10095	148	13	deviation	deviation	NOUN
ajfa-10095	148	14	q1	q1	PROPN
ajfa-10095	148	15	median	median	PROPN
ajfa-10095	148	16	q3	q3	PROPN
ajfa-10095	148	17	cut	cut	VERB
ajfa-10095	148	18	0.468	0.468	NUM
ajfa-10095	148	19	0.499	0.499	NUM
ajfa-10095	148	20	0.000	0.000	NUM
ajfa-10095	148	21	0.000	0.000	NUM
ajfa-10095	148	22	1.000	1.000	NUM
ajfa-10095	148	23	coverage_limit	coverage_limit	NOUN
ajfa-10095	148	24	170.989	170.989	NUM
ajfa-10095	148	25	362.660	362.660	NUM
ajfa-10095	148	26	0.000	0.000	NUM
ajfa-10095	148	27	87.374	87.374	NUM
ajfa-10095	148	28	194.985	194.985	NUM
ajfa-10095	148	29	dolimit	dolimit	NOUN
ajfa-10095	148	30	0.069	0.069	NUM
ajfa-10095	148	31	0.140	0.140	NUM
ajfa-10095	148	32	0.000	0.000	NUM
ajfa-10095	148	33	0.020	0.020	NUM
ajfa-10095	148	34	0.072	0.072	NUM
ajfa-10095	148	35	pcrd	pcrd	NOUN
ajfa-10095	148	36	0.056	0.056	NUM
ajfa-10095	148	37	0.288	0.288	NUM
ajfa-10095	148	38	-0.093	-0.093	NOUN
ajfa-10095	148	39	0.045	0.045	NUM
ajfa-10095	148	40	0.189	0.189	NUM
ajfa-10095	148	41	cird	cird	NOUN
ajfa-10095	148	42	0.000	0.000	NUM
ajfa-10095	148	43	0.002	0.002	NUM
ajfa-10095	148	44	0.000	0.000	NUM
ajfa-10095	148	45	0.001	0.001	NUM
ajfa-10095	148	46	0.001	0.001	NUM
ajfa-10095	148	47	cgdp	cgdp	NOUN
ajfa-10095	148	48	0.019	0.019	NUM
ajfa-10095	148	49	0.038	0.038	NUM
ajfa-10095	148	50	-0.014	-0.014	NOUN
ajfa-10095	148	51	0.014	0.014	NUM
ajfa-10095	148	52	0.026	0.026	NUM
ajfa-10095	148	53	toq	toq	NOUN
ajfa-10095	148	54	1.426	1.426	NUM
ajfa-10095	148	55	0.767	0.767	NUM
ajfa-10095	148	56	0.916	0.916	NUM
ajfa-10095	148	57	1.202	1.202	NUM
ajfa-10095	148	58	1.687	1.687	NUM
ajfa-10095	148	59	csales	csale	NOUN
ajfa-10095	148	60	-0.015	-0.015	PUNCT
ajfa-10095	148	61	0.303	0.303	NUM
ajfa-10095	148	62	-0.167	-0.167	NUM
ajfa-10095	148	63	-0.009	-0.009	NUM
ajfa-10095	148	64	0.142	0.142	NUM
ajfa-10095	148	65	ccap	ccap	NOUN
ajfa-10095	148	66	-0.078	-0.078	PUNCT
ajfa-10095	148	67	1.214	1.214	NUM
ajfa-10095	148	68	-0.760	-0.760	PROPN
ajfa-10095	148	69	-0.080	-0.080	NOUN
ajfa-10095	148	70	0.585	0.585	NUM
ajfa-10095	148	71	lnmv	lnmv	PROPN
ajfa-10095	148	72	14.841	14.841	NUM
ajfa-10095	148	73	1.405	1.405	NUM
ajfa-10095	148	74	13.861	13.861	NUM
ajfa-10095	148	75	14.713	14.713	NUM
ajfa-10095	148	76	15.695	15.695	NUM
ajfa-10095	148	77	lev	lev	NOUN
ajfa-10095	148	78	0.323	0.323	NUM
ajfa-10095	148	79	0.156	0.156	NUM
ajfa-10095	148	80	0.201	0.201	NUM
ajfa-10095	148	81	0.309	0.309	NUM
ajfa-10095	148	82	0.423	0.423	NUM
ajfa-10095	148	83	fcf	fcf	NOUN
ajfa-10095	148	84	0.037	0.037	NUM
ajfa-10095	148	85	0.100	0.100	NUM
ajfa-10095	148	86	-0.014	-0.014	NOUN
ajfa-10095	148	87	0.037	0.037	NUM
ajfa-10095	148	88	0.094	0.094	NUM
ajfa-10095	148	89	dist	dist	NOUN
ajfa-10095	148	90	0.018	0.018	NUM
ajfa-10095	148	91	5.033	5.033	NUM
ajfa-10095	148	92	-1.614	-1.614	PUNCT
ajfa-10095	148	93	-0.121	-0.121	NOUN
ajfa-10095	148	94	1.272	1.272	NUM
ajfa-10095	148	95	insown	insown	NOUN
ajfa-10095	148	96	0.329	0.329	NUM
ajfa-10095	148	97	0.207	0.207	NUM
ajfa-10095	148	98	0.163	0.163	NUM
ajfa-10095	148	99	0.296	0.296	NUM
ajfa-10095	148	100	0.468	0.468	NUM
ajfa-10095	148	101	panel	panel	NOUN
ajfa-10095	148	102	b	b	NOUN
ajfa-10095	148	103	:	:	PUNCT
ajfa-10095	148	104	separately	separately	ADV
ajfa-10095	148	105	for	for	ADP
ajfa-10095	148	106	the	the	DET
ajfa-10095	148	107	small	small	ADJ
ajfa-10095	148	108	earnings	earning	NOUN
ajfa-10095	148	109	decrease	decrease	NOUN
ajfa-10095	148	110	(	(	PUNCT
ajfa-10095	148	111	sd	sd	NOUN
ajfa-10095	148	112	)	)	PUNCT
ajfa-10095	148	113	,	,	PUNCT
ajfa-10095	148	114	large	large	ADJ
ajfa-10095	148	115	earnings	earning	NOUN
ajfa-10095	148	116	decrease	decrease	NOUN
ajfa-10095	148	117	(	(	PUNCT
ajfa-10095	148	118	ld	ld	PROPN
ajfa-10095	148	119	)	)	PUNCT
ajfa-10095	148	120	,	,	PUNCT
ajfa-10095	148	121	and	and	CCONJ
ajfa-10095	148	122	earnings	earning	NOUN
ajfa-10095	148	123	increase	increase	NOUN
ajfa-10095	148	124	(	(	PUNCT
ajfa-10095	148	125	in	in	ADP
ajfa-10095	148	126	)	)	PUNCT
ajfa-10095	148	127	groups	group	NOUN
ajfa-10095	148	128	mean	mean	VERB
ajfa-10095	148	129	differences	difference	NOUN
ajfa-10095	148	130	in	in	ADP
ajfa-10095	148	131	means	mean	NOUN
ajfa-10095	148	132	sd	sd	ADP
ajfa-10095	148	133	group	group	NOUN
ajfa-10095	148	134	(	(	PUNCT
ajfa-10095	148	135	n	n	NOUN
ajfa-10095	148	136	=	=	SYM
ajfa-10095	148	137	684	684	NUM
ajfa-10095	148	138	)	)	PUNCT
ajfa-10095	148	139	ld	ld	PROPN
ajfa-10095	148	140	group	group	NOUN
ajfa-10095	148	141	(	(	PUNCT
ajfa-10095	148	142	n	n	NOUN
ajfa-10095	148	143	=	=	SYM
ajfa-10095	148	144	1,067	1,067	NUM
ajfa-10095	148	145	)	)	PUNCT
ajfa-10095	148	146	in	in	ADP
ajfa-10095	148	147	group	group	NOUN
ajfa-10095	148	148	(	(	PUNCT
ajfa-10095	148	149	n	n	NOUN
ajfa-10095	148	150	=	=	SYM
ajfa-10095	148	151	1,557	1,557	NUM
ajfa-10095	148	152	)	)	PUNCT
ajfa-10095	148	153	sd	sd	NOUN
ajfa-10095	148	154	versus	versus	ADP
ajfa-10095	148	155	ld	ld	PROPN
ajfa-10095	148	156	sd	sd	NOUN
ajfa-10095	148	157	versus	versus	X
ajfa-10095	148	158	in	in	ADP
ajfa-10095	148	159	cut	cut	NOUN
ajfa-10095	148	160	0.518	0.518	NUM
ajfa-10095	148	161	0.540	0.540	NUM
ajfa-10095	148	162	0.397	0.397	NUM
ajfa-10095	148	163	-0.022	-0.022	NUM
ajfa-10095	148	164	0.121	0.121	NUM
ajfa-10095	148	165	*	*	PUNCT
ajfa-10095	148	166	*	*	PUNCT
ajfa-10095	148	167	*	*	PUNCT
ajfa-10095	148	168	dolimit	dolimit	NOUN
ajfa-10095	148	169	0.073	0.073	NUM
ajfa-10095	148	170	0.078	0.078	NUM
ajfa-10095	148	171	0.061	0.061	NUM
ajfa-10095	148	172	-0.004	-0.004	PUNCT
ajfa-10095	148	173	0.013	0.013	NUM
ajfa-10095	148	174	*	*	PUNCT
ajfa-10095	148	175	*	*	PUNCT
ajfa-10095	148	176	pcrd	pcrd	NOUN
ajfa-10095	148	177	0.095	0.095	NUM
ajfa-10095	148	178	0.065	0.065	NUM
ajfa-10095	148	179	0.033	0.033	NUM
ajfa-10095	148	180	0.030	0.030	NUM
ajfa-10095	148	181	*	*	PUNCT
ajfa-10095	148	182	*	*	PUNCT
ajfa-10095	148	183	0.062	0.062	NUM
ajfa-10095	148	184	*	*	PUNCT
ajfa-10095	148	185	*	*	PUNCT
ajfa-10095	148	186	*	*	PUNCT
ajfa-10095	148	187	cird	cird	PROPN
ajfa-10095	148	188	0.001	0.001	NUM
ajfa-10095	148	189	0.001	0.001	NUM
ajfa-10095	148	190	0.000	0.000	NUM
ajfa-10095	148	191	-0.000	-0.000	PUNCT
ajfa-10095	148	192	*	*	PUNCT
ajfa-10095	148	193	*	*	PUNCT
ajfa-10095	148	194	*	*	NOUN
ajfa-10095	148	195	0.001	0.001	NUM
ajfa-10095	148	196	*	*	PUNCT
ajfa-10095	148	197	*	*	PUNCT
ajfa-10095	148	198	*	*	PROPN
ajfa-10095	148	199	cgdp	cgdp	PROPN
ajfa-10095	148	200	0.015	0.015	NUM
ajfa-10095	148	201	0.009	0.009	NUM
ajfa-10095	148	202	0.028	0.028	NUM
ajfa-10095	148	203	0.007	0.007	NUM
ajfa-10095	148	204	*	*	PUNCT
ajfa-10095	148	205	*	*	PUNCT
ajfa-10095	148	206	*	*	PUNCT
ajfa-10095	148	207	-0.013	-0.013	PUNCT
ajfa-10095	148	208	*	*	PUNCT
ajfa-10095	148	209	*	*	PUNCT
ajfa-10095	148	210	*	*	PUNCT
ajfa-10095	149	1	toq	toq	NOUN
ajfa-10095	149	2	1.416	1.416	NUM
ajfa-10095	149	3	1.160	1.160	NUM
ajfa-10095	149	4	1.613	1.613	NUM
ajfa-10095	149	5	0.256	0.256	NUM
ajfa-10095	149	6	*	*	PUNCT
ajfa-10095	149	7	*	*	PUNCT
ajfa-10095	149	8	*	*	PUNCT
ajfa-10095	150	1	-0.198	-0.198	ADJ
ajfa-10095	150	2	*	*	PUNCT
ajfa-10095	150	3	*	*	PUNCT
ajfa-10095	150	4	*	*	VERB
ajfa-10095	150	5	csales	csale	NOUN
ajfa-10095	150	6	-0.055	-0.055	NOUN
ajfa-10095	150	7	-0.166	-0.166	PUNCT
ajfa-10095	150	8	0.107	0.107	NUM
ajfa-10095	150	9	0.111	0.111	NUM
ajfa-10095	150	10	*	*	PUNCT
ajfa-10095	150	11	*	*	PUNCT
ajfa-10095	150	12	*	*	PUNCT
ajfa-10095	150	13	-0.162	-0.162	PROPN
ajfa-10095	150	14	*	*	PUNCT
ajfa-10095	150	15	*	*	PUNCT
ajfa-10095	150	16	*	*	PUNCT
ajfa-10095	150	17	ccap	ccap	NOUN
ajfa-10095	150	18	-0.160	-0.160	NOUN
ajfa-10095	150	19	-0.180	-0.180	PROPN
ajfa-10095	151	1	0.027	0.027	NUM
ajfa-10095	151	2	0.020	0.020	NUM
ajfa-10095	151	3	-0.187	-0.187	PUNCT
ajfa-10095	151	4	*	*	PUNCT
ajfa-10095	151	5	*	*	PUNCT
ajfa-10095	151	6	*	*	PUNCT
ajfa-10095	151	7	lnmv	lnmv	PROPN
ajfa-10095	151	8	14.753	14.753	NUM
ajfa-10095	151	9	14.628	14.628	NUM
ajfa-10095	151	10	15.025	15.025	NUM
ajfa-10095	151	11	0.125	0.125	NUM
ajfa-10095	151	12	*	*	PUNCT
ajfa-10095	151	13	-0.273	-0.273	NOUN
ajfa-10095	151	14	*	*	PUNCT
ajfa-10095	151	15	*	*	PUNCT
ajfa-10095	151	16	*	*	NOUN
ajfa-10095	151	17	lev	lev	NOUN
ajfa-10095	151	18	0.296	0.296	NUM
ajfa-10095	151	19	0.329	0.329	NUM
ajfa-10095	151	20	0.331	0.331	NUM
ajfa-10095	151	21	-0.032	-0.032	ADP
ajfa-10095	151	22	*	*	PUNCT
ajfa-10095	151	23	*	*	PUNCT
ajfa-10095	151	24	*	*	PUNCT
ajfa-10095	151	25	-0.035	-0.035	PUNCT
ajfa-10095	151	26	*	*	PUNCT
ajfa-10095	151	27	*	*	PUNCT
ajfa-10095	151	28	*	*	PUNCT
ajfa-10095	151	29	fcf	fcf	PROPN
ajfa-10095	151	30	0.041	0.041	NUM
ajfa-10095	151	31	0.026	0.026	NUM
ajfa-10095	151	32	0.042	0.042	NUM
ajfa-10095	151	33	0.015	0.015	NUM
ajfa-10095	151	34	*	*	PUNCT
ajfa-10095	151	35	*	*	PUNCT
ajfa-10095	151	36	*	*	PUNCT
ajfa-10095	151	37	-0.001	-0.001	NOUN
ajfa-10095	151	38	dist	dist	NOUN
ajfa-10095	151	39	-0.451	-0.451	PUNCT
ajfa-10095	151	40	-4.292	-4.292	PUNCT
ajfa-10095	151	41	3.177	3.177	NUM
ajfa-10095	151	42	3.841	3.841	NUM
ajfa-10095	151	43	*	*	PUNCT
ajfa-10095	151	44	*	*	PUNCT
ajfa-10095	151	45	*	*	PUNCT
ajfa-10095	151	46	-3.628	-3.628	X
ajfa-10095	151	47	*	*	PUNCT
ajfa-10095	151	48	*	*	PUNCT
ajfa-10095	151	49	*	*	PUNCT
ajfa-10095	151	50	insown	insown	VERB
ajfa-10095	151	51	0.325	0.325	NUM
ajfa-10095	151	52	0.317	0.317	NUM
ajfa-10095	151	53	0.338	0.338	NUM
ajfa-10095	151	54	0.008	0.008	NUM
ajfa-10095	151	55	-0.012	-0.012	NUM
ajfa-10095	151	56	the	the	DET
ajfa-10095	151	57	sd	sd	NOUN
ajfa-10095	151	58	group	group	NOUN
ajfa-10095	151	59	comprises	comprise	VERB
ajfa-10095	151	60	firm	firm	ADJ
ajfa-10095	151	61	-	-	PUNCT
ajfa-10095	151	62	years	year	NOUN
ajfa-10095	151	63	for	for	ADP
ajfa-10095	151	64	which	which	PRON
ajfa-10095	151	65	–	–	PUNCT
ajfa-10095	151	66	rdexpt-1	rdexpt-1	NUM
ajfa-10095	151	67	<	<	X
ajfa-10095	151	68	(	(	PUNCT
ajfa-10095	151	69	ebtrdt	ebtrdt	NOUN
ajfa-10095	151	70	-	-	PUNCT
ajfa-10095	151	71	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	151	72	)	)	PUNCT
ajfa-10095	151	73	<	<	X
ajfa-10095	151	74	0	0	X
ajfa-10095	151	75	.	.	PUNCT
ajfa-10095	152	1	the	the	DET
ajfa-10095	152	2	ld	ld	PROPN
ajfa-10095	152	3	group	group	NOUN
ajfa-10095	152	4	comprises	comprise	VERB
ajfa-10095	152	5	firm	firm	ADJ
ajfa-10095	152	6	-	-	PUNCT
ajfa-10095	152	7	years	year	NOUN
ajfa-10095	152	8	for	for	ADP
ajfa-10095	152	9	which	which	PRON
ajfa-10095	152	10	(	(	PUNCT
ajfa-10095	152	11	ebtrdt	ebtrdt	NOUN
ajfa-10095	152	12	-	-	PUNCT
ajfa-10095	152	13	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	152	14	)	)	PUNCT
ajfa-10095	152	15	<	<	X
ajfa-10095	152	16	-rdexpt-1	-rdexpt-1	NOUN
ajfa-10095	152	17	.	.	PUNCT
ajfa-10095	153	1	the	the	DET
ajfa-10095	153	2	in	in	PROPN
ajfa-10095	153	3	group	group	NOUN
ajfa-10095	153	4	comprises	comprise	VERB
ajfa-10095	153	5	firm	firm	ADJ
ajfa-10095	153	6	-	-	PUNCT
ajfa-10095	153	7	years	year	NOUN
ajfa-10095	153	8	for	for	ADP
ajfa-10095	153	9	which	which	PRON
ajfa-10095	153	10	(	(	PUNCT
ajfa-10095	153	11	ebtrdt	ebtrdt	NOUN
ajfa-10095	153	12	-	-	PUNCT
ajfa-10095	153	13	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	153	14	)	)	PUNCT
ajfa-10095	153	15	>	>	X
ajfa-10095	154	1	0	0	X
ajfa-10095	154	2	.	.	PUNCT
ajfa-10095	155	1	rdexp	rdexp	PROPN
ajfa-10095	155	2	=	=	SYM
ajfa-10095	155	3	r&d	r&d	NOUN
ajfa-10095	155	4	expenditures	expenditure	NOUN
ajfa-10095	155	5	.	.	PUNCT
ajfa-10095	156	1	ebtrd	ebtrd	PROPN
ajfa-10095	156	2	=	=	SYM
ajfa-10095	156	3	pre	pre	ADJ
ajfa-10095	156	4	-	-	NOUN
ajfa-10095	156	5	tax	tax	ADJ
ajfa-10095	156	6	,	,	PUNCT
ajfa-10095	156	7	pre	pre	ADJ
ajfa-10095	156	8	-	-	ADJ
ajfa-10095	156	9	r&d	r&d	NOUN
ajfa-10095	156	10	earnings	earning	NOUN
ajfa-10095	156	11	.	.	PUNCT
ajfa-10095	157	1	variable	variable	ADJ
ajfa-10095	157	2	definitions	definition	NOUN
ajfa-10095	157	3	:	:	PUNCT
ajfa-10095	157	4	cut	cut	VERB
ajfa-10095	157	5	=	=	PUNCT
ajfa-10095	157	6	1	1	NUM
ajfa-10095	157	7	if	if	SCONJ
ajfa-10095	157	8	r&d	r&d	NOUN
ajfa-10095	157	9	decreases	decrease	VERB
ajfa-10095	157	10	relative	relative	ADJ
ajfa-10095	157	11	to	to	ADP
ajfa-10095	157	12	the	the	DET
ajfa-10095	157	13	previous	previous	ADJ
ajfa-10095	157	14	year	year	NOUN
ajfa-10095	157	15	,	,	PUNCT
ajfa-10095	157	16	and	and	CCONJ
ajfa-10095	157	17	0	0	NUM
ajfa-10095	157	18	otherwise	otherwise	ADV
ajfa-10095	157	19	;	;	PUNCT
ajfa-10095	157	20	dolimit	dolimit	NOUN
ajfa-10095	157	21	=	=	PUNCT
ajfa-10095	157	22	d&o	d&o	NOUN
ajfa-10095	157	23	coverage	coverage	NOUN
ajfa-10095	157	24	limit	limit	NOUN
ajfa-10095	157	25	scaled	scale	VERB
ajfa-10095	157	26	by	by	ADP
ajfa-10095	157	27	market	market	NOUN
ajfa-10095	157	28	value	value	NOUN
ajfa-10095	157	29	of	of	ADP
ajfa-10095	157	30	equity	equity	NOUN
ajfa-10095	157	31	;	;	PUNCT
ajfa-10095	157	32	coverage_limit	coverage_limit	PROPN
ajfa-10095	157	33	is	be	AUX
ajfa-10095	157	34	the	the	DET
ajfa-10095	157	35	d&o	d&o	PROPN
ajfa-10095	157	36	insurance	insurance	NOUN
ajfa-10095	157	37	coverage	coverage	NOUN
ajfa-10095	157	38	limit	limit	NOUN
ajfa-10095	157	39	measured	measure	VERB
ajfa-10095	157	40	in	in	ADP
ajfa-10095	157	41	million	million	NUM
ajfa-10095	157	42	dollars	dollar	NOUN
ajfa-10095	157	43	.	.	PUNCT
ajfa-10095	158	1	pcrd	pcrd	NOUN
ajfa-10095	159	1	=	=	PUNCT
ajfa-10095	159	2	the	the	DET
ajfa-10095	159	3	difference	difference	NOUN
ajfa-10095	159	4	in	in	ADP
ajfa-10095	159	5	the	the	DET
ajfa-10095	159	6	natural	natural	ADJ
ajfa-10095	159	7	logarithm	logarithm	NOUN
ajfa-10095	159	8	of	of	ADP
ajfa-10095	159	9	r&d	r&d	NOUN
ajfa-10095	159	10	between	between	ADP
ajfa-10095	159	11	the	the	DET
ajfa-10095	159	12	previous	previous	ADJ
ajfa-10095	159	13	year	year	NOUN
ajfa-10095	159	14	and	and	CCONJ
ajfa-10095	159	15	the	the	DET
ajfa-10095	159	16	year	year	NOUN
ajfa-10095	159	17	before	before	ADV
ajfa-10095	159	18	;	;	PUNCT
ajfa-10095	159	19	cird	cird	NOUN
ajfa-10095	159	20	=	=	PUNCT
ajfa-10095	159	21	the	the	DET
ajfa-10095	159	22	difference	difference	NOUN
ajfa-10095	159	23	in	in	ADP
ajfa-10095	159	24	industry	industry	NOUN
ajfa-10095	159	25	r&d	r&d	NOUN
ajfa-10095	159	26	intensity	intensity	NOUN
ajfa-10095	159	27	(	(	PUNCT
ajfa-10095	159	28	r&d	r&d	NOUN
ajfa-10095	159	29	expenditures	expenditure	NOUN
ajfa-10095	159	30	scaled	scale	VERB
ajfa-10095	159	31	by	by	ADP
ajfa-10095	159	32	total	total	ADJ
ajfa-10095	159	33	sales	sale	NOUN
ajfa-10095	159	34	)	)	PUNCT
ajfa-10095	159	35	between	between	ADP
ajfa-10095	159	36	the	the	DET
ajfa-10095	159	37	current	current	ADJ
ajfa-10095	159	38	year	year	NOUN
ajfa-10095	159	39	and	and	CCONJ
ajfa-10095	159	40	the	the	DET
ajfa-10095	159	41	previous	previous	ADJ
ajfa-10095	159	42	year	year	NOUN
ajfa-10095	159	43	,	,	PUNCT
ajfa-10095	159	44	where	where	SCONJ
ajfa-10095	159	45	the	the	DET
ajfa-10095	159	46	industry	industry	NOUN
ajfa-10095	159	47	is	be	AUX
ajfa-10095	159	48	defined	define	VERB
ajfa-10095	159	49	using	use	VERB
ajfa-10095	159	50	the	the	DET
ajfa-10095	159	51	two	two	NUM
ajfa-10095	159	52	-	-	PUNCT
ajfa-10095	159	53	digit	digit	NOUN
ajfa-10095	159	54	taiwan	taiwan	PROPN
ajfa-10095	159	55	economic	economic	ADJ
ajfa-10095	159	56	journal	journal	PROPN
ajfa-10095	159	57	(	(	PUNCT
ajfa-10095	159	58	tej	tej	PROPN
ajfa-10095	159	59	)	)	PUNCT
ajfa-10095	159	60	code	code	NOUN
ajfa-10095	159	61	;	;	PUNCT
ajfa-10095	159	62	cgdp	cgdp	NOUN
ajfa-10095	159	63	=	=	PUNCT
ajfa-10095	160	1	the	the	DET
ajfa-10095	160	2	difference	difference	NOUN
ajfa-10095	160	3	in	in	ADP
ajfa-10095	160	4	the	the	DET
ajfa-10095	160	5	natural	natural	ADJ
ajfa-10095	160	6	logarithm	logarithm	NOUN
ajfa-10095	160	7	of	of	ADP
ajfa-10095	160	8	gdp	gdp	NOUN
ajfa-10095	160	9	between	between	ADP
ajfa-10095	160	10	the	the	DET
ajfa-10095	160	11	current	current	ADJ
ajfa-10095	160	12	year	year	NOUN
ajfa-10095	160	13	and	and	CCONJ
ajfa-10095	160	14	the	the	DET
ajfa-10095	160	15	previous	previous	ADJ
ajfa-10095	160	16	year	year	NOUN
ajfa-10095	160	17	;	;	PUNCT
ajfa-10095	160	18	toq	toq	NOUN
ajfa-10095	161	1	=	=	PUNCT
ajfa-10095	161	2	the	the	DET
ajfa-10095	161	3	sum	sum	NOUN
ajfa-10095	161	4	of	of	ADP
ajfa-10095	161	5	market	market	NOUN
ajfa-10095	161	6	value	value	NOUN
ajfa-10095	161	7	of	of	ADP
ajfa-10095	161	8	common	common	ADJ
ajfa-10095	161	9	equity	equity	NOUN
ajfa-10095	161	10	and	and	CCONJ
ajfa-10095	161	11	book	book	NOUN
ajfa-10095	161	12	value	value	NOUN
ajfa-10095	161	13	of	of	ADP
ajfa-10095	161	14	debt	debt	NOUN
ajfa-10095	161	15	,	,	PUNCT
ajfa-10095	161	16	divided	divide	VERB
ajfa-10095	161	17	by	by	ADP
ajfa-10095	161	18	the	the	DET
ajfa-10095	161	19	book	book	NOUN
ajfa-10095	161	20	value	value	NOUN
ajfa-10095	161	21	of	of	ADP
ajfa-10095	161	22	total	total	ADJ
ajfa-10095	161	23	assets	asset	NOUN
ajfa-10095	161	24	;	;	PUNCT
ajfa-10095	161	25	csales	csale	NOUN
ajfa-10095	161	26	=	=	PUNCT
ajfa-10095	161	27	the	the	DET
ajfa-10095	161	28	difference	difference	NOUN
ajfa-10095	161	29	in	in	ADP
ajfa-10095	161	30	the	the	DET
ajfa-10095	161	31	natural	natural	ADJ
ajfa-10095	161	32	logarithm	logarithm	NOUN
ajfa-10095	161	33	of	of	ADP
ajfa-10095	161	34	sales	sale	NOUN
ajfa-10095	161	35	between	between	ADP
ajfa-10095	161	36	the	the	DET
ajfa-10095	161	37	current	current	ADJ
ajfa-10095	161	38	year	year	NOUN
ajfa-10095	161	39	and	and	CCONJ
ajfa-10095	161	40	the	the	DET
ajfa-10095	161	41	previous	previous	ADJ
ajfa-10095	161	42	year	year	NOUN
ajfa-10095	161	43	;	;	PUNCT
ajfa-10095	161	44	ccap	ccap	NOUN
ajfa-10095	161	45	=	=	PUNCT
ajfa-10095	161	46	the	the	DET
ajfa-10095	161	47	difference	difference	NOUN
ajfa-10095	161	48	in	in	ADP
ajfa-10095	161	49	the	the	DET
ajfa-10095	161	50	logarithm	logarithm	NOUN
ajfa-10095	161	51	of	of	ADP
ajfa-10095	161	52	capital	capital	NOUN
ajfa-10095	161	53	expenditures	expenditure	NOUN
ajfa-10095	161	54	between	between	ADP
ajfa-10095	161	55	the	the	DET
ajfa-10095	161	56	current	current	ADJ
ajfa-10095	161	57	year	year	NOUN
ajfa-10095	161	58	and	and	CCONJ
ajfa-10095	161	59	the	the	DET
ajfa-10095	161	60	previous	previous	ADJ
ajfa-10095	161	61	year	year	NOUN
ajfa-10095	161	62	;	;	PUNCT
ajfa-10095	161	63	lnmv	lnmv	PROPN
ajfa-10095	161	64	=	=	PUNCT
ajfa-10095	161	65	the	the	DET
ajfa-10095	161	66	natural	natural	ADJ
ajfa-10095	161	67	logarithm	logarithm	NOUN
ajfa-10095	161	68	of	of	ADP
ajfa-10095	161	69	market	market	NOUN
ajfa-10095	161	70	value	value	NOUN
ajfa-10095	161	71	of	of	ADP
ajfa-10095	161	72	equity	equity	NOUN
ajfa-10095	161	73	;	;	PUNCT
ajfa-10095	161	74	lev	lev	NOUN
ajfa-10095	161	75	=	=	SYM
ajfa-10095	161	76	total	total	ADJ
ajfa-10095	161	77	debts	debt	NOUN
ajfa-10095	161	78	divided	divide	VERB
ajfa-10095	161	79	by	by	ADP
ajfa-10095	161	80	total	total	ADJ
ajfa-10095	161	81	assets	asset	NOUN
ajfa-10095	161	82	;	;	PUNCT
ajfa-10095	162	1	fcf	fcf	NOUN
ajfa-10095	162	2	=	=	NOUN
ajfa-10095	162	3	operating	operate	VERB
ajfa-10095	162	4	cash	cash	NOUN
ajfa-10095	162	5	flows	flow	VERB
ajfa-10095	162	6	minus	minus	ADP
ajfa-10095	162	7	capital	capital	NOUN
ajfa-10095	162	8	expenditures	expenditure	NOUN
ajfa-10095	162	9	,	,	PUNCT
ajfa-10095	162	10	scaled	scale	VERB
ajfa-10095	162	11	by	by	ADP
ajfa-10095	162	12	total	total	ADJ
ajfa-10095	162	13	assets	asset	NOUN
ajfa-10095	162	14	;	;	PUNCT
ajfa-10095	162	15	dist	dist	NOUN
ajfa-10095	162	16	=	=	PUNCT
ajfa-10095	162	17	the	the	DET
ajfa-10095	162	18	change	change	NOUN
ajfa-10095	162	19	in	in	ADP
ajfa-10095	162	20	pre	pre	ADJ
ajfa-10095	162	21	-	-	NOUN
ajfa-10095	162	22	tax	tax	ADJ
ajfa-10095	162	23	,	,	PUNCT
ajfa-10095	162	24	pre	pre	ADJ
ajfa-10095	162	25	-	-	ADJ
ajfa-10095	162	26	r&d	r&d	ADJ
ajfa-10095	162	27	earnings	earning	NOUN
ajfa-10095	162	28	divided	divide	VERB
ajfa-10095	162	29	by	by	ADP
ajfa-10095	162	30	previous	previous	ADJ
ajfa-10095	162	31	year	year	NOUN
ajfa-10095	162	32	’s	’s	PART
ajfa-10095	162	33	r&d	r&d	NOUN
ajfa-10095	162	34	;	;	PUNCT
ajfa-10095	162	35	insown	insown	VERB
ajfa-10095	162	36	=	=	PUNCT
ajfa-10095	162	37	the	the	DET
ajfa-10095	162	38	percentage	percentage	NOUN
ajfa-10095	162	39	of	of	ADP
ajfa-10095	162	40	shares	share	NOUN
ajfa-10095	162	41	held	hold	VERB
ajfa-10095	162	42	by	by	ADP
ajfa-10095	162	43	institutional	institutional	ADJ
ajfa-10095	162	44	investors	investor	NOUN
ajfa-10095	162	45	.	.	PUNCT
ajfa-10095	163	1	*	*	PUNCT
ajfa-10095	163	2	,	,	PUNCT
ajfa-10095	163	3	*	*	PUNCT
ajfa-10095	163	4	*	*	PUNCT
ajfa-10095	163	5	,	,	PUNCT
ajfa-10095	163	6	and	and	CCONJ
ajfa-10095	163	7	*	*	PUNCT
ajfa-10095	163	8	*	*	PUNCT
ajfa-10095	163	9	*	*	PUNCT
ajfa-10095	163	10	indicate	indicate	VERB
ajfa-10095	163	11	significance	significance	NOUN
ajfa-10095	163	12	at	at	ADP
ajfa-10095	163	13	the	the	DET
ajfa-10095	163	14	10	10	NUM
ajfa-10095	163	15	%	%	NOUN
ajfa-10095	163	16	,	,	PUNCT
ajfa-10095	163	17	5	5	NUM
ajfa-10095	163	18	%	%	NOUN
ajfa-10095	163	19	,	,	PUNCT
ajfa-10095	163	20	and	and	CCONJ
ajfa-10095	163	21	1	1	NUM
ajfa-10095	163	22	%	%	NOUN
ajfa-10095	163	23	levels	level	NOUN
ajfa-10095	163	24	,	,	PUNCT
ajfa-10095	163	25	respectively	respectively	ADV
ajfa-10095	163	26	(	(	PUNCT
ajfa-10095	163	27	two	two	NUM
ajfa-10095	163	28	-	-	PUNCT
ajfa-10095	163	29	tailed	tail	VERB
ajfa-10095	163	30	tests	test	NOUN
ajfa-10095	163	31	)	)	PUNCT
ajfa-10095	163	32	.	.	PUNCT
ajfa-10095	164	1	asian	asian	ADJ
ajfa-10095	164	2	journal	journal	PROPN
ajfa-10095	164	3	of	of	ADP
ajfa-10095	164	4	finance	finance	PROPN
ajfa-10095	164	5	&	&	CCONJ
ajfa-10095	164	6	accounting	accounting	PROPN
ajfa-10095	164	7	issn	issn	PROPN
ajfa-10095	164	8	1946	1946	NUM
ajfa-10095	164	9	-	-	PUNCT
ajfa-10095	164	10	052x	052x	PROPN
ajfa-10095	164	11	2016	2016	NUM
ajfa-10095	164	12	,	,	PUNCT
ajfa-10095	164	13	vol	vol	NOUN
ajfa-10095	164	14	.	.	PROPN
ajfa-10095	164	15	8	8	NUM
ajfa-10095	164	16	,	,	PUNCT
ajfa-10095	164	17	no	no	INTJ
ajfa-10095	164	18	.	.	NOUN
ajfa-10095	164	19	2	2	NUM
ajfa-10095	164	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	164	21	103	103	NUM
ajfa-10095	164	22	4.3	4.3	NUM
ajfa-10095	164	23	empirical	empirical	ADJ
ajfa-10095	164	24	results	result	NOUN
ajfa-10095	164	25	table	table	VERB
ajfa-10095	164	26	3	3	NUM
ajfa-10095	164	27	presents	present	NOUN
ajfa-10095	164	28	logit	logit	NOUN
ajfa-10095	164	29	regression	regression	NOUN
ajfa-10095	164	30	results	result	NOUN
ajfa-10095	164	31	,	,	PUNCT
ajfa-10095	164	32	first	first	ADV
ajfa-10095	164	33	for	for	ADP
ajfa-10095	164	34	sd	sd	ADP
ajfa-10095	164	35	group	group	NOUN
ajfa-10095	164	36	(	(	PUNCT
ajfa-10095	164	37	model	model	NOUN
ajfa-10095	164	38	1	1	NUM
ajfa-10095	164	39	)	)	PUNCT
ajfa-10095	164	40	and	and	CCONJ
ajfa-10095	164	41	then	then	ADV
ajfa-10095	164	42	for	for	ADP
ajfa-10095	164	43	ld	ld	PROPN
ajfa-10095	164	44	group	group	NOUN
ajfa-10095	164	45	(	(	PUNCT
ajfa-10095	164	46	model	model	NOUN
ajfa-10095	164	47	2	2	NUM
ajfa-10095	164	48	)	)	PUNCT
ajfa-10095	164	49	and	and	CCONJ
ajfa-10095	164	50	in	in	ADP
ajfa-10095	164	51	group	group	NOUN
ajfa-10095	164	52	(	(	PUNCT
ajfa-10095	164	53	model	model	NOUN
ajfa-10095	164	54	3	3	NUM
ajfa-10095	164	55	)	)	PUNCT
ajfa-10095	164	56	.	.	PUNCT
ajfa-10095	165	1	as	as	SCONJ
ajfa-10095	165	2	shown	show	VERB
ajfa-10095	165	3	in	in	ADP
ajfa-10095	165	4	model	model	NOUN
ajfa-10095	165	5	1	1	NUM
ajfa-10095	165	6	,	,	PUNCT
ajfa-10095	165	7	the	the	DET
ajfa-10095	165	8	coefficient	coefficient	NOUN
ajfa-10095	165	9	on	on	ADP
ajfa-10095	165	10	dolimit	dolimit	NOUN
ajfa-10095	165	11	is	be	AUX
ajfa-10095	165	12	positive	positive	ADJ
ajfa-10095	165	13	and	and	CCONJ
ajfa-10095	165	14	significant	significant	ADJ
ajfa-10095	165	15	at	at	ADP
ajfa-10095	165	16	the	the	DET
ajfa-10095	165	17	5	5	NUM
ajfa-10095	165	18	%	%	NOUN
ajfa-10095	165	19	level	level	NOUN
ajfa-10095	165	20	,	,	PUNCT
ajfa-10095	165	21	consistent	consistent	ADJ
ajfa-10095	165	22	with	with	ADP
ajfa-10095	165	23	the	the	DET
ajfa-10095	165	24	hypothesis	hypothesis	NOUN
ajfa-10095	165	25	that	that	SCONJ
ajfa-10095	165	26	firms	firm	NOUN
ajfa-10095	165	27	with	with	ADP
ajfa-10095	165	28	higher	high	ADJ
ajfa-10095	165	29	d&o	d&o	NOUN
ajfa-10095	165	30	coverage	coverage	NOUN
ajfa-10095	165	31	are	be	AUX
ajfa-10095	165	32	more	more	ADV
ajfa-10095	165	33	likely	likely	ADJ
ajfa-10095	165	34	to	to	PART
ajfa-10095	165	35	cut	cut	VERB
ajfa-10095	165	36	r&d	r&d	NOUN
ajfa-10095	165	37	to	to	PART
ajfa-10095	165	38	avoid	avoid	VERB
ajfa-10095	165	39	earnings	earning	NOUN
ajfa-10095	165	40	decreases	decrease	NOUN
ajfa-10095	165	41	.	.	PUNCT
ajfa-10095	166	1	in	in	ADP
ajfa-10095	166	2	addition	addition	NOUN
ajfa-10095	166	3	,	,	PUNCT
ajfa-10095	166	4	the	the	DET
ajfa-10095	166	5	marginal	marginal	ADJ
ajfa-10095	166	6	effect	effect	NOUN
ajfa-10095	166	7	for	for	ADP
ajfa-10095	166	8	dolimit	dolimit	NOUN
ajfa-10095	166	9	in	in	ADP
ajfa-10095	166	10	model	model	NOUN
ajfa-10095	166	11	1	1	NUM
ajfa-10095	166	12	,	,	PUNCT
ajfa-10095	166	13	0.308	0.308	NUM
ajfa-10095	166	14	,	,	PUNCT
ajfa-10095	166	15	when	when	SCONJ
ajfa-10095	166	16	multiplied	multiply	VERB
ajfa-10095	166	17	by	by	ADP
ajfa-10095	166	18	the	the	DET
ajfa-10095	166	19	interquartile	interquartile	ADJ
ajfa-10095	166	20	range	range	NOUN
ajfa-10095	166	21	of	of	ADP
ajfa-10095	166	22	0.091	0.091	NUM
ajfa-10095	166	23	,	,	PUNCT
ajfa-10095	166	24	suggests	suggest	VERB
ajfa-10095	166	25	that	that	SCONJ
ajfa-10095	166	26	moving	move	VERB
ajfa-10095	166	27	from	from	ADP
ajfa-10095	166	28	the	the	DET
ajfa-10095	166	29	first	first	ADJ
ajfa-10095	166	30	to	to	ADP
ajfa-10095	166	31	the	the	DET
ajfa-10095	166	32	third	third	ADJ
ajfa-10095	166	33	quartile	quartile	NOUN
ajfa-10095	166	34	of	of	ADP
ajfa-10095	166	35	dolimit	dolimit	NOUN
ajfa-10095	166	36	increases	increase	VERB
ajfa-10095	166	37	the	the	DET
ajfa-10095	166	38	probability	probability	NOUN
ajfa-10095	166	39	of	of	ADP
ajfa-10095	166	40	cutting	cut	VERB
ajfa-10095	166	41	r&d	r&d	NOUN
ajfa-10095	166	42	by	by	ADP
ajfa-10095	166	43	approximately	approximately	ADV
ajfa-10095	166	44	3	3	NUM
ajfa-10095	166	45	%	%	NOUN
ajfa-10095	166	46	.	.	PUNCT
ajfa-10095	167	1	among	among	ADP
ajfa-10095	167	2	control	control	NOUN
ajfa-10095	167	3	variables	variable	NOUN
ajfa-10095	167	4	,	,	PUNCT
ajfa-10095	167	5	cird	cird	NOUN
ajfa-10095	167	6	and	and	CCONJ
ajfa-10095	167	7	ccap	ccap	NOUN
ajfa-10095	167	8	are	be	AUX
ajfa-10095	167	9	significantly	significantly	ADV
ajfa-10095	167	10	associated	associate	VERB
ajfa-10095	167	11	with	with	ADP
ajfa-10095	167	12	the	the	DET
ajfa-10095	167	13	likelihood	likelihood	NOUN
ajfa-10095	167	14	of	of	ADP
ajfa-10095	167	15	cutting	cut	VERB
ajfa-10095	167	16	r&d	r&d	NOUN
ajfa-10095	167	17	in	in	ADP
ajfa-10095	167	18	predicted	predict	VERB
ajfa-10095	167	19	directions	direction	NOUN
ajfa-10095	167	20	.	.	PUNCT
ajfa-10095	168	1	on	on	ADP
ajfa-10095	168	2	the	the	DET
ajfa-10095	168	3	other	other	ADJ
ajfa-10095	168	4	hand	hand	NOUN
ajfa-10095	168	5	,	,	PUNCT
ajfa-10095	168	6	cgdp	cgdp	NOUN
ajfa-10095	168	7	and	and	CCONJ
ajfa-10095	168	8	dis	dis	PROPN
ajfa-10095	168	9	are	be	AUX
ajfa-10095	168	10	positively	positively	ADV
ajfa-10095	168	11	and	and	CCONJ
ajfa-10095	168	12	negatively	negatively	ADV
ajfa-10095	168	13	associated	associate	VERB
ajfa-10095	168	14	with	with	ADP
ajfa-10095	168	15	cut	cut	NOUN
ajfa-10095	168	16	,	,	PUNCT
ajfa-10095	168	17	respectively	respectively	ADV
ajfa-10095	168	18	,	,	PUNCT
ajfa-10095	168	19	which	which	PRON
ajfa-10095	168	20	is	be	AUX
ajfa-10095	168	21	inconsistent	inconsistent	ADJ
ajfa-10095	168	22	with	with	ADP
ajfa-10095	168	23	my	my	PRON
ajfa-10095	168	24	predictions	prediction	NOUN
ajfa-10095	168	25	.	.	PUNCT
ajfa-10095	169	1	in	in	ADP
ajfa-10095	169	2	models	model	NOUN
ajfa-10095	169	3	2	2	NUM
ajfa-10095	169	4	and	and	CCONJ
ajfa-10095	169	5	3	3	NUM
ajfa-10095	169	6	,	,	PUNCT
ajfa-10095	169	7	the	the	DET
ajfa-10095	169	8	coefficients	coefficient	NOUN
ajfa-10095	169	9	on	on	ADP
ajfa-10095	169	10	dolimit	dolimit	NOUN
ajfa-10095	169	11	are	be	AUX
ajfa-10095	169	12	not	not	PART
ajfa-10095	169	13	significant	significant	ADJ
ajfa-10095	169	14	at	at	ADP
ajfa-10095	169	15	conventional	conventional	ADJ
ajfa-10095	169	16	levels	level	NOUN
ajfa-10095	169	17	.	.	PUNCT
ajfa-10095	170	1	consistent	consistent	ADJ
ajfa-10095	170	2	with	with	ADP
ajfa-10095	170	3	my	my	PRON
ajfa-10095	170	4	prediction	prediction	NOUN
ajfa-10095	170	5	,	,	PUNCT
ajfa-10095	170	6	managers	manager	NOUN
ajfa-10095	170	7	’	'	PUNCT
ajfa-10095	170	8	incentives	incentive	NOUN
ajfa-10095	170	9	to	to	PART
ajfa-10095	170	10	cut	cut	VERB
ajfa-10095	170	11	r&d	r&d	NOUN
ajfa-10095	170	12	to	to	PART
ajfa-10095	170	13	avoid	avoid	VERB
ajfa-10095	170	14	earnings	earning	NOUN
ajfa-10095	170	15	decrease	decrease	NOUN
ajfa-10095	170	16	is	be	AUX
ajfa-10095	170	17	low	low	ADJ
ajfa-10095	170	18	or	or	CCONJ
ajfa-10095	170	19	non	non	ADJ
ajfa-10095	170	20	-	-	ADJ
ajfa-10095	170	21	existent	existent	ADJ
ajfa-10095	170	22	in	in	ADP
ajfa-10095	170	23	the	the	DET
ajfa-10095	170	24	ld	ld	NOUN
ajfa-10095	170	25	and	and	CCONJ
ajfa-10095	170	26	in	in	ADP
ajfa-10095	170	27	groups	group	NOUN
ajfa-10095	170	28	,	,	PUNCT
ajfa-10095	170	29	and	and	CCONJ
ajfa-10095	170	30	thus	thus	ADV
ajfa-10095	170	31	d&o	d&o	NOUN
ajfa-10095	170	32	coverage	coverage	NOUN
ajfa-10095	170	33	is	be	AUX
ajfa-10095	170	34	not	not	PART
ajfa-10095	170	35	expected	expect	VERB
ajfa-10095	170	36	to	to	PART
ajfa-10095	170	37	affect	affect	VERB
ajfa-10095	170	38	the	the	DET
ajfa-10095	170	39	likelihood	likelihood	NOUN
ajfa-10095	170	40	of	of	ADP
ajfa-10095	170	41	cutting	cut	VERB
ajfa-10095	170	42	r&d	r&d	NOUN
ajfa-10095	170	43	.	.	PUNCT
ajfa-10095	171	1	asian	asian	ADJ
ajfa-10095	171	2	journal	journal	PROPN
ajfa-10095	171	3	of	of	ADP
ajfa-10095	171	4	finance	finance	PROPN
ajfa-10095	171	5	&	&	CCONJ
ajfa-10095	171	6	accounting	accounting	PROPN
ajfa-10095	171	7	issn	issn	PROPN
ajfa-10095	171	8	1946	1946	NUM
ajfa-10095	171	9	-	-	PUNCT
ajfa-10095	171	10	052x	052x	PROPN
ajfa-10095	171	11	2016	2016	NUM
ajfa-10095	171	12	,	,	PUNCT
ajfa-10095	171	13	vol	vol	NOUN
ajfa-10095	171	14	.	.	PROPN
ajfa-10095	171	15	8	8	NUM
ajfa-10095	171	16	,	,	PUNCT
ajfa-10095	171	17	no	no	INTJ
ajfa-10095	171	18	.	.	NOUN
ajfa-10095	171	19	2	2	NUM
ajfa-10095	171	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	171	21	104	104	NUM
ajfa-10095	171	22	table	table	NOUN
ajfa-10095	171	23	3	3	NUM
ajfa-10095	171	24	.	.	PUNCT
ajfa-10095	171	25	d&o	d&o	NOUN
ajfa-10095	171	26	coverage	coverage	NOUN
ajfa-10095	171	27	and	and	CCONJ
ajfa-10095	171	28	the	the	DET
ajfa-10095	171	29	likelihood	likelihood	NOUN
ajfa-10095	171	30	of	of	ADP
ajfa-10095	171	31	cutting	cut	VERB
ajfa-10095	171	32	r&d	r&d	NOUN
ajfa-10095	171	33	predicted	predict	VERB
ajfa-10095	171	34	signs	sign	NOUN
ajfa-10095	171	35	dependent	dependent	ADJ
ajfa-10095	171	36	variable	variable	NOUN
ajfa-10095	171	37	:	:	PUNCT
ajfa-10095	171	38	cut	cut	VERB
ajfa-10095	171	39	model	model	NOUN
ajfa-10095	171	40	1	1	NUM
ajfa-10095	171	41	model	model	NOUN
ajfa-10095	171	42	2	2	NUM
ajfa-10095	171	43	model	model	NOUN
ajfa-10095	171	44	3	3	NUM
ajfa-10095	171	45	sd	sd	NOUN
ajfa-10095	171	46	group	group	NOUN
ajfa-10095	171	47	ld	ld	PROPN
ajfa-10095	171	48	group	group	PROPN
ajfa-10095	171	49	in	in	ADP
ajfa-10095	171	50	group	group	PROPN
ajfa-10095	171	51	coefficient	coefficient	NOUN
ajfa-10095	171	52	(	(	PUNCT
ajfa-10095	171	53	z	z	NOUN
ajfa-10095	171	54	-	-	PUNCT
ajfa-10095	171	55	statistic	statistic	ADJ
ajfa-10095	171	56	)	)	PUNCT
ajfa-10095	171	57	marginal	marginal	ADJ
ajfa-10095	171	58	effect	effect	NOUN
ajfa-10095	171	59	coefficient	coefficient	NOUN
ajfa-10095	171	60	(	(	PUNCT
ajfa-10095	171	61	z	z	NOUN
ajfa-10095	171	62	-	-	PUNCT
ajfa-10095	171	63	statistic	statistic	ADJ
ajfa-10095	171	64	)	)	PUNCT
ajfa-10095	171	65	marginal	marginal	ADJ
ajfa-10095	171	66	effect	effect	NOUN
ajfa-10095	171	67	coefficient	coefficient	NOUN
ajfa-10095	171	68	(	(	PUNCT
ajfa-10095	171	69	z	z	NOUN
ajfa-10095	171	70	-	-	PUNCT
ajfa-10095	171	71	statistic	statistic	ADJ
ajfa-10095	171	72	)	)	PUNCT
ajfa-10095	171	73	marginal	marginal	ADJ
ajfa-10095	171	74	effect	effect	NOUN
ajfa-10095	171	75	dolimit	dolimit	NOUN
ajfa-10095	171	76	+	+	CCONJ
ajfa-10095	171	77	2.315	2.315	NUM
ajfa-10095	171	78	*	*	NOUN
ajfa-10095	171	79	*	*	PUNCT
ajfa-10095	171	80	(	(	PUNCT
ajfa-10095	171	81	2.43	2.43	NUM
ajfa-10095	171	82	)	)	PUNCT
ajfa-10095	171	83	0.308	0.308	NUM
ajfa-10095	171	84	0.141	0.141	NUM
ajfa-10095	171	85	(	(	PUNCT
ajfa-10095	171	86	0.29	0.29	NUM
ajfa-10095	171	87	)	)	PUNCT
ajfa-10095	171	88	0.008	0.008	NUM
ajfa-10095	171	89	0.202	0.202	NUM
ajfa-10095	171	90	(	(	PUNCT
ajfa-10095	171	91	0.40	0.40	NUM
ajfa-10095	171	92	)	)	PUNCT
ajfa-10095	171	93	0.014	0.014	NUM
ajfa-10095	171	94	pcrd	pcrd	NOUN
ajfa-10095	171	95	–	–	PUNCT
ajfa-10095	171	96	-0.544	-0.544	PUNCT
ajfa-10095	171	97	(	(	PUNCT
ajfa-10095	171	98	-1.51	-1.51	NOUN
ajfa-10095	171	99	)	)	PUNCT
ajfa-10095	171	100	-0.137	-0.137	X
ajfa-10095	171	101	-0.485	-0.485	VERB
ajfa-10095	171	102	*	*	PUNCT
ajfa-10095	171	103	*	*	PUNCT
ajfa-10095	171	104	(	(	PUNCT
ajfa-10095	171	105	-2.08	-2.08	NUM
ajfa-10095	171	106	)	)	PUNCT
ajfa-10095	171	107	-0.121	-0.121	NOUN
ajfa-10095	171	108	-0.891	-0.891	NOUN
ajfa-10095	171	109	*	*	PUNCT
ajfa-10095	171	110	*	*	PUNCT
ajfa-10095	171	111	*	*	PUNCT
ajfa-10095	171	112	(	(	PUNCT
ajfa-10095	171	113	-3.67	-3.67	NUM
ajfa-10095	171	114	)	)	PUNCT
ajfa-10095	171	115	-0.227	-0.227	PUNCT
ajfa-10095	171	116	cird	cird	NOUN
ajfa-10095	171	117	–	–	PUNCT
ajfa-10095	171	118	-214.058	-214.058	PUNCT
ajfa-10095	171	119	*	*	PUNCT
ajfa-10095	171	120	*	*	PUNCT
ajfa-10095	171	121	(	(	PUNCT
ajfa-10095	171	122	-2.35	-2.35	NOUN
ajfa-10095	171	123	)	)	PUNCT
ajfa-10095	171	124	-36.881	-36.881	NOUN
ajfa-10095	171	125	-59.675	-59.675	INTJ
ajfa-10095	172	1	(	(	PUNCT
ajfa-10095	172	2	-0.79	-0.79	NOUN
ajfa-10095	172	3	)	)	PUNCT
ajfa-10095	172	4	-7.516	-7.516	NOUN
ajfa-10095	172	5	-16.985	-16.985	PROPN
ajfa-10095	172	6	(	(	PUNCT
ajfa-10095	172	7	-0.37	-0.37	NUM
ajfa-10095	172	8	)	)	PUNCT
ajfa-10095	172	9	-21.940	-21.940	NOUN
ajfa-10095	172	10	cgdp	cgdp	NOUN
ajfa-10095	172	11	–	–	PUNCT
ajfa-10095	172	12	14.451	14.451	NUM
ajfa-10095	172	13	*	*	PUNCT
ajfa-10095	172	14	*	*	PUNCT
ajfa-10095	172	15	(	(	PUNCT
ajfa-10095	172	16	2.34	2.34	NUM
ajfa-10095	172	17	)	)	PUNCT
ajfa-10095	172	18	-1.182	-1.182	NOUN
ajfa-10095	172	19	5.735	5.735	NUM
ajfa-10095	172	20	(	(	PUNCT
ajfa-10095	172	21	1.11	1.11	NUM
ajfa-10095	172	22	)	)	PUNCT
ajfa-10095	172	23	0.305	0.305	NUM
ajfa-10095	172	24	10.241	10.241	NUM
ajfa-10095	172	25	*	*	PUNCT
ajfa-10095	172	26	(	(	PUNCT
ajfa-10095	172	27	1.78	1.78	NUM
ajfa-10095	172	28	)	)	PUNCT
ajfa-10095	172	29	-1.894	-1.894	PUNCT
ajfa-10095	173	1	toq	toq	PROPN
ajfa-10095	173	2	–	–	PUNCT
ajfa-10095	173	3	-0.234	-0.234	PUNCT
ajfa-10095	173	4	(	(	PUNCT
ajfa-10095	173	5	-1.53	-1.53	NUM
ajfa-10095	173	6	)	)	PUNCT
ajfa-10095	173	7	-0.035	-0.035	NOUN
ajfa-10095	173	8	-0.246	-0.246	NOUN
ajfa-10095	173	9	(	(	PUNCT
ajfa-10095	173	10	-1.60	-1.60	NUM
ajfa-10095	173	11	)	)	PUNCT
ajfa-10095	173	12	-0.038	-0.038	PUNCT
ajfa-10095	173	13	-0.339	-0.339	PUNCT
ajfa-10095	173	14	*	*	PUNCT
ajfa-10095	173	15	*	*	PUNCT
ajfa-10095	173	16	*	*	PUNCT
ajfa-10095	173	17	(	(	PUNCT
ajfa-10095	173	18	-3.29	-3.29	NOUN
ajfa-10095	173	19	)	)	PUNCT
ajfa-10095	173	20	-0.039	-0.039	NOUN
ajfa-10095	173	21	csales	csale	VERB
ajfa-10095	173	22	–	–	PUNCT
ajfa-10095	173	23	-0.830	-0.830	NOUN
ajfa-10095	173	24	(	(	PUNCT
ajfa-10095	173	25	-1.43	-1.43	NUM
ajfa-10095	173	26	)	)	PUNCT
ajfa-10095	173	27	-0.314	-0.314	NUM
ajfa-10095	173	28	-1.873	-1.873	PUNCT
ajfa-10095	173	29	*	*	PUNCT
ajfa-10095	173	30	*	*	PUNCT
ajfa-10095	173	31	*	*	PUNCT
ajfa-10095	173	32	(	(	PUNCT
ajfa-10095	173	33	-6.14	-6.14	NOUN
ajfa-10095	173	34	)	)	PUNCT
ajfa-10095	173	35	-0.485	-0.485	X
ajfa-10095	173	36	-1.189	-1.189	PUNCT
ajfa-10095	173	37	*	*	PUNCT
ajfa-10095	173	38	*	*	PUNCT
ajfa-10095	173	39	*	*	PUNCT
ajfa-10095	173	40	(	(	PUNCT
ajfa-10095	173	41	-4.70	-4.70	NUM
ajfa-10095	173	42	)	)	PUNCT
ajfa-10095	173	43	-0.333	-0.333	ADV
ajfa-10095	173	44	ccap	ccap	NOUN
ajfa-10095	173	45	–	–	PUNCT
ajfa-10095	173	46	-0.201	-0.201	X
ajfa-10095	173	47	*	*	PUNCT
ajfa-10095	173	48	*	*	PUNCT
ajfa-10095	173	49	(	(	PUNCT
ajfa-10095	173	50	-2.46	-2.46	X
ajfa-10095	173	51	)	)	PUNCT
ajfa-10095	173	52	-0.053	-0.053	NUM
ajfa-10095	173	53	-0.097	-0.097	PUNCT
ajfa-10095	174	1	*	*	PUNCT
ajfa-10095	174	2	(	(	PUNCT
ajfa-10095	174	3	-1.73	-1.73	NUM
ajfa-10095	174	4	)	)	PUNCT
ajfa-10095	174	5	-0.030	-0.030	PUNCT
ajfa-10095	175	1	-0.232	-0.232	PUNCT
ajfa-10095	175	2	*	*	PUNCT
ajfa-10095	175	3	*	*	PUNCT
ajfa-10095	175	4	*	*	PUNCT
ajfa-10095	175	5	(	(	PUNCT
ajfa-10095	175	6	-4.49	-4.49	NUM
ajfa-10095	175	7	)	)	PUNCT
ajfa-10095	175	8	-0.055	-0.055	NOUN
ajfa-10095	175	9	lnmv	lnmv	PROPN
ajfa-10095	175	10	–	–	PUNCT
ajfa-10095	175	11	-0.079	-0.079	PUNCT
ajfa-10095	175	12	(	(	PUNCT
ajfa-10095	175	13	-0.86	-0.86	INTJ
ajfa-10095	175	14	)	)	PUNCT
ajfa-10095	175	15	-0.010	-0.010	PUNCT
ajfa-10095	175	16	-0.079	-0.079	PUNCT
ajfa-10095	175	17	(	(	PUNCT
ajfa-10095	175	18	-1.24	-1.24	NOUN
ajfa-10095	175	19	)	)	PUNCT
ajfa-10095	175	20	-0.013	-0.013	PUNCT
ajfa-10095	176	1	-0.252	-0.252	PUNCT
ajfa-10095	176	2	*	*	PUNCT
ajfa-10095	176	3	*	*	PUNCT
ajfa-10095	176	4	*	*	PUNCT
ajfa-10095	176	5	(	(	PUNCT
ajfa-10095	176	6	-4.30	-4.30	INTJ
ajfa-10095	176	7	)	)	PUNCT
ajfa-10095	176	8	-0.048	-0.048	NOUN
ajfa-10095	176	9	lev	lev	NOUN
ajfa-10095	176	10	+	+	CCONJ
ajfa-10095	176	11	0.289	0.289	NUM
ajfa-10095	176	12	(	(	PUNCT
ajfa-10095	176	13	0.43	0.43	NUM
ajfa-10095	176	14	)	)	PUNCT
ajfa-10095	176	15	0.063	0.063	NUM
ajfa-10095	176	16	0.889	0.889	NUM
ajfa-10095	176	17	*	*	PUNCT
ajfa-10095	176	18	*	*	PUNCT
ajfa-10095	176	19	(	(	PUNCT
ajfa-10095	176	20	2.06	2.06	NUM
ajfa-10095	176	21	)	)	PUNCT
ajfa-10095	176	22	0.196	0.196	NUM
ajfa-10095	176	23	-0.056	-0.056	NUM
ajfa-10095	176	24	(	(	PUNCT
ajfa-10095	176	25	-0.13	-0.13	NUM
ajfa-10095	176	26	)	)	PUNCT
ajfa-10095	176	27	0.017	0.017	NUM
ajfa-10095	176	28	fcf	fcf	NOUN
ajfa-10095	176	29	–	–	PUNCT
ajfa-10095	176	30	1.065	1.065	NUM
ajfa-10095	176	31	(	(	PUNCT
ajfa-10095	176	32	1.03	1.03	NUM
ajfa-10095	176	33	)	)	PUNCT
ajfa-10095	176	34	-0.008	-0.008	NOUN
ajfa-10095	176	35	-0.774	-0.774	PUNCT
ajfa-10095	176	36	(	(	PUNCT
ajfa-10095	176	37	-1.01	-1.01	NUM
ajfa-10095	176	38	)	)	PUNCT
ajfa-10095	176	39	-0.260	-0.260	X
ajfa-10095	177	1	-2.061	-2.061	NOUN
ajfa-10095	177	2	*	*	PUNCT
ajfa-10095	177	3	*	*	PUNCT
ajfa-10095	177	4	*	*	PUNCT
ajfa-10095	177	5	(	(	PUNCT
ajfa-10095	177	6	-2.76	-2.76	NUM
ajfa-10095	177	7	)	)	PUNCT
ajfa-10095	177	8	-0.570	-0.570	PUNCT
ajfa-10095	177	9	dist	dist	NOUN
ajfa-10095	177	10	+	+	CCONJ
ajfa-10095	177	11	-0.687	-0.687	NOUN
ajfa-10095	177	12	*	*	PUNCT
ajfa-10095	177	13	*	*	PUNCT
ajfa-10095	177	14	(	(	PUNCT
ajfa-10095	177	15	-2.23	-2.23	NOUN
ajfa-10095	177	16	)	)	PUNCT
ajfa-10095	177	17	-0.140	-0.140	NOUN
ajfa-10095	177	18	-0.001	-0.001	PUNCT
ajfa-10095	177	19	(	(	PUNCT
ajfa-10095	177	20	-0.05	-0.05	NOUN
ajfa-10095	177	21	)	)	PUNCT
ajfa-10095	177	22	0.000	0.000	NUM
ajfa-10095	177	23	0.006	0.006	NUM
ajfa-10095	177	24	(	(	PUNCT
ajfa-10095	177	25	0.41	0.41	NUM
ajfa-10095	177	26	)	)	PUNCT
ajfa-10095	177	27	0.003	0.003	NUM
ajfa-10095	177	28	insown	insown	NOUN
ajfa-10095	177	29	+	+	NUM
ajfa-10095	177	30	-0.419	-0.419	PUNCT
ajfa-10095	177	31	(	(	PUNCT
ajfa-10095	177	32	-0.85	-0.85	NOUN
ajfa-10095	177	33	)	)	PUNCT
ajfa-10095	177	34	-0.140	-0.140	NOUN
ajfa-10095	177	35	-0.224	-0.224	PUNCT
ajfa-10095	177	36	(	(	PUNCT
ajfa-10095	177	37	-0.60	-0.60	NUM
ajfa-10095	177	38	)	)	PUNCT
ajfa-10095	177	39	-0.020	-0.020	X
ajfa-10095	177	40	-0.121	-0.121	X
ajfa-10095	177	41	(	(	PUNCT
ajfa-10095	177	42	-0.36	-0.36	NOUN
ajfa-10095	177	43	)	)	PUNCT
ajfa-10095	177	44	-0.079	-0.079	PUNCT
ajfa-10095	177	45	intercept	intercept	VERB
ajfa-10095	177	46	15.584	15.584	NUM
ajfa-10095	177	47	*	*	NOUN
ajfa-10095	177	48	*	*	PUNCT
ajfa-10095	177	49	*	*	PUNCT
ajfa-10095	177	50	(	(	PUNCT
ajfa-10095	177	51	11.00	11.00	NUM
ajfa-10095	177	52	)	)	PUNCT
ajfa-10095	177	53	0.986	0.986	NUM
ajfa-10095	177	54	(	(	PUNCT
ajfa-10095	177	55	0.88	0.88	NUM
ajfa-10095	177	56	)	)	PUNCT
ajfa-10095	177	57	5.412	5.412	NUM
ajfa-10095	177	58	*	*	PUNCT
ajfa-10095	177	59	*	*	PUNCT
ajfa-10095	177	60	*	*	PUNCT
ajfa-10095	177	61	(	(	PUNCT
ajfa-10095	177	62	4.25	4.25	NUM
ajfa-10095	177	63	)	)	PUNCT
ajfa-10095	177	64	year	year	NOUN
ajfa-10095	177	65	/	/	SYM
ajfa-10095	177	66	industry	industry	NOUN
ajfa-10095	177	67	dummy	dummy	ADJ
ajfa-10095	177	68	variables	variable	NOUN
ajfa-10095	177	69	included	include	VERB
ajfa-10095	177	70	included	include	VERB
ajfa-10095	177	71	included	include	VERB
ajfa-10095	177	72	pseudo	pseudo	NOUN
ajfa-10095	177	73	r2	r2	NOUN
ajfa-10095	177	74	0.108	0.108	NUM
ajfa-10095	177	75	0.084	0.084	NUM
ajfa-10095	177	76	0.155	0.155	NUM
ajfa-10095	177	77	n	n	PRON
ajfa-10095	177	78	684	684	NUM
ajfa-10095	177	79	1,067	1,067	NUM
ajfa-10095	177	80	1,557	1,557	NUM
ajfa-10095	177	81	the	the	DET
ajfa-10095	177	82	sd	sd	NOUN
ajfa-10095	177	83	group	group	NOUN
ajfa-10095	177	84	comprises	comprise	VERB
ajfa-10095	177	85	firm	firm	ADJ
ajfa-10095	177	86	-	-	PUNCT
ajfa-10095	177	87	years	year	NOUN
ajfa-10095	177	88	for	for	ADP
ajfa-10095	177	89	which	which	PRON
ajfa-10095	177	90	–	–	PUNCT
ajfa-10095	177	91	rdexpt-1	rdexpt-1	NUM
ajfa-10095	177	92	<	<	X
ajfa-10095	177	93	(	(	PUNCT
ajfa-10095	177	94	ebtrdt	ebtrdt	NOUN
ajfa-10095	177	95	-	-	PUNCT
ajfa-10095	177	96	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	177	97	)	)	PUNCT
ajfa-10095	177	98	<	<	X
ajfa-10095	177	99	0	0	X
ajfa-10095	177	100	.	.	PUNCT
ajfa-10095	178	1	the	the	DET
ajfa-10095	178	2	ld	ld	PROPN
ajfa-10095	178	3	group	group	NOUN
ajfa-10095	178	4	comprises	comprise	VERB
ajfa-10095	178	5	firm	firm	ADJ
ajfa-10095	178	6	-	-	PUNCT
ajfa-10095	178	7	years	year	NOUN
ajfa-10095	178	8	for	for	ADP
ajfa-10095	178	9	which	which	PRON
ajfa-10095	178	10	(	(	PUNCT
ajfa-10095	178	11	ebtrdt	ebtrdt	NOUN
ajfa-10095	178	12	-	-	PUNCT
ajfa-10095	178	13	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	178	14	)	)	PUNCT
ajfa-10095	178	15	<	<	X
ajfa-10095	178	16	-rdexpt-1	-rdexpt-1	NOUN
ajfa-10095	178	17	.	.	PUNCT
ajfa-10095	179	1	the	the	DET
ajfa-10095	179	2	in	in	PROPN
ajfa-10095	179	3	group	group	NOUN
ajfa-10095	179	4	comprises	comprise	VERB
ajfa-10095	179	5	firm	firm	ADJ
ajfa-10095	179	6	-	-	PUNCT
ajfa-10095	179	7	years	year	NOUN
ajfa-10095	179	8	for	for	ADP
ajfa-10095	179	9	which	which	PRON
ajfa-10095	179	10	(	(	PUNCT
ajfa-10095	179	11	ebtrdt	ebtrdt	NOUN
ajfa-10095	179	12	-	-	PUNCT
ajfa-10095	179	13	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	179	14	)	)	PUNCT
ajfa-10095	179	15	>	>	X
ajfa-10095	180	1	0	0	X
ajfa-10095	180	2	.	.	PUNCT
ajfa-10095	181	1	rdexp	rdexp	PROPN
ajfa-10095	181	2	=	=	SYM
ajfa-10095	181	3	r&d	r&d	NOUN
ajfa-10095	181	4	expenditures	expenditure	NOUN
ajfa-10095	181	5	.	.	PUNCT
ajfa-10095	182	1	ebtrd	ebtrd	PROPN
ajfa-10095	182	2	=	=	SYM
ajfa-10095	182	3	pre	pre	ADJ
ajfa-10095	182	4	-	-	NOUN
ajfa-10095	182	5	tax	tax	ADJ
ajfa-10095	182	6	,	,	PUNCT
ajfa-10095	182	7	pre	pre	ADJ
ajfa-10095	182	8	-	-	ADJ
ajfa-10095	182	9	r&d	r&d	NOUN
ajfa-10095	182	10	earnings	earning	NOUN
ajfa-10095	182	11	.	.	PUNCT
ajfa-10095	183	1	variable	variable	ADJ
ajfa-10095	183	2	definitions	definition	NOUN
ajfa-10095	183	3	:	:	PUNCT
ajfa-10095	183	4	cut	cut	VERB
ajfa-10095	183	5	=	=	PUNCT
ajfa-10095	183	6	1	1	NUM
ajfa-10095	183	7	if	if	SCONJ
ajfa-10095	183	8	r&d	r&d	NOUN
ajfa-10095	183	9	decreases	decrease	VERB
ajfa-10095	183	10	relative	relative	ADJ
ajfa-10095	183	11	to	to	ADP
ajfa-10095	183	12	the	the	DET
ajfa-10095	183	13	previous	previous	ADJ
ajfa-10095	183	14	year	year	NOUN
ajfa-10095	183	15	,	,	PUNCT
ajfa-10095	183	16	and	and	CCONJ
ajfa-10095	183	17	0	0	NUM
ajfa-10095	183	18	otherwise	otherwise	ADV
ajfa-10095	183	19	;	;	PUNCT
ajfa-10095	183	20	dolimit	dolimit	NOUN
ajfa-10095	183	21	=	=	PUNCT
ajfa-10095	183	22	d&o	d&o	NOUN
ajfa-10095	183	23	coverage	coverage	NOUN
ajfa-10095	183	24	limit	limit	NOUN
ajfa-10095	183	25	scaled	scale	VERB
ajfa-10095	183	26	by	by	ADP
ajfa-10095	183	27	market	market	NOUN
ajfa-10095	183	28	value	value	NOUN
ajfa-10095	183	29	of	of	ADP
ajfa-10095	183	30	equity	equity	NOUN
ajfa-10095	183	31	;	;	PUNCT
ajfa-10095	183	32	pcrd	pcrd	NOUN
ajfa-10095	183	33	=	=	PUNCT
ajfa-10095	183	34	the	the	DET
ajfa-10095	183	35	difference	difference	NOUN
ajfa-10095	183	36	in	in	ADP
ajfa-10095	183	37	the	the	DET
ajfa-10095	183	38	natural	natural	ADJ
ajfa-10095	183	39	logarithm	logarithm	NOUN
ajfa-10095	183	40	of	of	ADP
ajfa-10095	183	41	r&d	r&d	NOUN
ajfa-10095	183	42	between	between	ADP
ajfa-10095	183	43	the	the	DET
ajfa-10095	183	44	previous	previous	ADJ
ajfa-10095	183	45	year	year	NOUN
ajfa-10095	183	46	and	and	CCONJ
ajfa-10095	183	47	the	the	DET
ajfa-10095	183	48	year	year	NOUN
ajfa-10095	183	49	before	before	ADV
ajfa-10095	183	50	;	;	PUNCT
ajfa-10095	183	51	cird	cird	NOUN
ajfa-10095	183	52	=	=	PUNCT
ajfa-10095	183	53	the	the	DET
ajfa-10095	183	54	difference	difference	NOUN
ajfa-10095	183	55	in	in	ADP
ajfa-10095	183	56	industry	industry	NOUN
ajfa-10095	183	57	r&d	r&d	NOUN
ajfa-10095	183	58	intensity	intensity	NOUN
ajfa-10095	183	59	(	(	PUNCT
ajfa-10095	183	60	r&d	r&d	NOUN
ajfa-10095	183	61	expenditures	expenditure	NOUN
ajfa-10095	183	62	scaled	scale	VERB
ajfa-10095	183	63	by	by	ADP
ajfa-10095	183	64	total	total	ADJ
ajfa-10095	183	65	sales	sale	NOUN
ajfa-10095	183	66	)	)	PUNCT
ajfa-10095	183	67	between	between	ADP
ajfa-10095	183	68	the	the	DET
ajfa-10095	183	69	current	current	ADJ
ajfa-10095	183	70	year	year	NOUN
ajfa-10095	183	71	and	and	CCONJ
ajfa-10095	183	72	the	the	DET
ajfa-10095	183	73	previous	previous	ADJ
ajfa-10095	183	74	year	year	NOUN
ajfa-10095	183	75	,	,	PUNCT
ajfa-10095	183	76	where	where	SCONJ
ajfa-10095	183	77	the	the	DET
ajfa-10095	183	78	industry	industry	NOUN
ajfa-10095	183	79	is	be	AUX
ajfa-10095	183	80	defined	define	VERB
ajfa-10095	183	81	using	use	VERB
ajfa-10095	183	82	the	the	DET
ajfa-10095	183	83	two	two	NUM
ajfa-10095	183	84	-	-	PUNCT
ajfa-10095	183	85	digit	digit	NOUN
ajfa-10095	183	86	taiwan	taiwan	PROPN
ajfa-10095	183	87	economic	economic	ADJ
ajfa-10095	183	88	journal	journal	PROPN
ajfa-10095	183	89	(	(	PUNCT
ajfa-10095	183	90	tej	tej	PROPN
ajfa-10095	183	91	)	)	PUNCT
ajfa-10095	183	92	code	code	NOUN
ajfa-10095	183	93	;	;	PUNCT
ajfa-10095	183	94	cgdp	cgdp	NOUN
ajfa-10095	183	95	=	=	PUNCT
ajfa-10095	183	96	the	the	DET
ajfa-10095	183	97	difference	difference	NOUN
ajfa-10095	183	98	in	in	ADP
ajfa-10095	183	99	the	the	DET
ajfa-10095	183	100	natural	natural	ADJ
ajfa-10095	183	101	logarithm	logarithm	NOUN
ajfa-10095	183	102	of	of	ADP
ajfa-10095	183	103	gdp	gdp	NOUN
ajfa-10095	183	104	between	between	ADP
ajfa-10095	183	105	the	the	DET
ajfa-10095	183	106	current	current	ADJ
ajfa-10095	183	107	year	year	NOUN
ajfa-10095	183	108	and	and	CCONJ
ajfa-10095	183	109	the	the	DET
ajfa-10095	183	110	previous	previous	ADJ
ajfa-10095	183	111	year	year	NOUN
ajfa-10095	183	112	;	;	PUNCT
ajfa-10095	183	113	toq	toq	NOUN
ajfa-10095	183	114	=	=	PUNCT
ajfa-10095	183	115	the	the	DET
ajfa-10095	183	116	sum	sum	NOUN
ajfa-10095	183	117	of	of	ADP
ajfa-10095	183	118	market	market	NOUN
ajfa-10095	183	119	value	value	NOUN
ajfa-10095	183	120	of	of	ADP
ajfa-10095	183	121	common	common	ADJ
ajfa-10095	183	122	equity	equity	NOUN
ajfa-10095	183	123	and	and	CCONJ
ajfa-10095	183	124	book	book	NOUN
ajfa-10095	183	125	value	value	NOUN
ajfa-10095	183	126	of	of	ADP
ajfa-10095	183	127	debt	debt	NOUN
ajfa-10095	183	128	,	,	PUNCT
ajfa-10095	183	129	divided	divide	VERB
ajfa-10095	183	130	by	by	ADP
ajfa-10095	183	131	the	the	DET
ajfa-10095	183	132	book	book	NOUN
ajfa-10095	183	133	value	value	NOUN
ajfa-10095	183	134	of	of	ADP
ajfa-10095	183	135	total	total	ADJ
ajfa-10095	183	136	assets	asset	NOUN
ajfa-10095	183	137	;	;	PUNCT
ajfa-10095	183	138	csales	csale	NOUN
ajfa-10095	183	139	=	=	PUNCT
ajfa-10095	183	140	the	the	DET
ajfa-10095	183	141	difference	difference	NOUN
ajfa-10095	183	142	in	in	ADP
ajfa-10095	183	143	the	the	DET
ajfa-10095	183	144	natural	natural	ADJ
ajfa-10095	183	145	logarithm	logarithm	NOUN
ajfa-10095	183	146	of	of	ADP
ajfa-10095	183	147	sales	sale	NOUN
ajfa-10095	183	148	between	between	ADP
ajfa-10095	183	149	the	the	DET
ajfa-10095	183	150	current	current	ADJ
ajfa-10095	183	151	year	year	NOUN
ajfa-10095	183	152	and	and	CCONJ
ajfa-10095	183	153	the	the	DET
ajfa-10095	183	154	previous	previous	ADJ
ajfa-10095	183	155	year	year	NOUN
ajfa-10095	183	156	;	;	PUNCT
ajfa-10095	183	157	ccap	ccap	NOUN
ajfa-10095	183	158	=	=	PUNCT
ajfa-10095	183	159	the	the	DET
ajfa-10095	183	160	difference	difference	NOUN
ajfa-10095	183	161	in	in	ADP
ajfa-10095	183	162	the	the	DET
ajfa-10095	183	163	logarithm	logarithm	NOUN
ajfa-10095	183	164	of	of	ADP
ajfa-10095	183	165	capital	capital	NOUN
ajfa-10095	183	166	expenditures	expenditure	NOUN
ajfa-10095	183	167	between	between	ADP
ajfa-10095	183	168	the	the	DET
ajfa-10095	183	169	current	current	ADJ
ajfa-10095	183	170	year	year	NOUN
ajfa-10095	183	171	and	and	CCONJ
ajfa-10095	183	172	the	the	DET
ajfa-10095	183	173	previous	previous	ADJ
ajfa-10095	183	174	year	year	NOUN
ajfa-10095	183	175	;	;	PUNCT
ajfa-10095	183	176	lnmv	lnmv	PROPN
ajfa-10095	183	177	=	=	PUNCT
ajfa-10095	183	178	the	the	DET
ajfa-10095	183	179	natural	natural	ADJ
ajfa-10095	183	180	logarithm	logarithm	NOUN
ajfa-10095	183	181	of	of	ADP
ajfa-10095	183	182	market	market	NOUN
ajfa-10095	183	183	value	value	NOUN
ajfa-10095	183	184	of	of	ADP
ajfa-10095	183	185	equity	equity	NOUN
ajfa-10095	183	186	;	;	PUNCT
ajfa-10095	183	187	lev	lev	NOUN
ajfa-10095	183	188	=	=	SYM
ajfa-10095	183	189	total	total	ADJ
ajfa-10095	183	190	debts	debt	NOUN
ajfa-10095	183	191	divided	divide	VERB
ajfa-10095	183	192	by	by	ADP
ajfa-10095	183	193	total	total	ADJ
ajfa-10095	183	194	assets	asset	NOUN
ajfa-10095	183	195	;	;	PUNCT
ajfa-10095	183	196	fcf	fcf	NOUN
ajfa-10095	183	197	=	=	NOUN
ajfa-10095	183	198	operating	operate	VERB
ajfa-10095	183	199	cash	cash	NOUN
ajfa-10095	183	200	flows	flow	VERB
ajfa-10095	183	201	minus	minus	ADP
ajfa-10095	183	202	capital	capital	NOUN
ajfa-10095	183	203	expenditures	expenditure	NOUN
ajfa-10095	183	204	,	,	PUNCT
ajfa-10095	183	205	scaled	scale	VERB
ajfa-10095	183	206	by	by	ADP
ajfa-10095	183	207	total	total	ADJ
ajfa-10095	183	208	assets	asset	NOUN
ajfa-10095	183	209	;	;	PUNCT
ajfa-10095	183	210	dist	dist	NOUN
ajfa-10095	183	211	=	=	PUNCT
ajfa-10095	183	212	the	the	DET
ajfa-10095	183	213	change	change	NOUN
ajfa-10095	183	214	in	in	ADP
ajfa-10095	183	215	pre	pre	ADJ
ajfa-10095	183	216	-	-	NOUN
ajfa-10095	183	217	tax	tax	ADJ
ajfa-10095	183	218	,	,	PUNCT
ajfa-10095	183	219	pre	pre	ADJ
ajfa-10095	183	220	-	-	ADJ
ajfa-10095	183	221	r&d	r&d	ADJ
ajfa-10095	183	222	earnings	earning	NOUN
ajfa-10095	183	223	divided	divide	VERB
ajfa-10095	183	224	by	by	ADP
ajfa-10095	183	225	previous	previous	ADJ
ajfa-10095	183	226	year	year	NOUN
ajfa-10095	183	227	’s	’s	PART
ajfa-10095	183	228	r&d	r&d	NOUN
ajfa-10095	183	229	;	;	PUNCT
ajfa-10095	183	230	insown	insown	VERB
ajfa-10095	183	231	=	=	PUNCT
ajfa-10095	183	232	the	the	DET
ajfa-10095	183	233	percentage	percentage	NOUN
ajfa-10095	183	234	of	of	ADP
ajfa-10095	183	235	shares	share	NOUN
ajfa-10095	183	236	held	hold	VERB
ajfa-10095	183	237	by	by	ADP
ajfa-10095	183	238	institutional	institutional	ADJ
ajfa-10095	183	239	investors	investor	NOUN
ajfa-10095	183	240	.	.	PUNCT
ajfa-10095	184	1	*	*	PUNCT
ajfa-10095	184	2	,	,	PUNCT
ajfa-10095	184	3	*	*	PUNCT
ajfa-10095	184	4	*	*	PUNCT
ajfa-10095	184	5	,	,	PUNCT
ajfa-10095	184	6	and	and	CCONJ
ajfa-10095	184	7	*	*	PUNCT
ajfa-10095	184	8	*	*	PUNCT
ajfa-10095	184	9	*	*	PUNCT
ajfa-10095	184	10	indicate	indicate	VERB
ajfa-10095	184	11	significance	significance	NOUN
ajfa-10095	184	12	at	at	ADP
ajfa-10095	184	13	the	the	DET
ajfa-10095	184	14	10	10	NUM
ajfa-10095	184	15	%	%	NOUN
ajfa-10095	184	16	,	,	PUNCT
ajfa-10095	184	17	5	5	NUM
ajfa-10095	184	18	%	%	NOUN
ajfa-10095	184	19	,	,	PUNCT
ajfa-10095	184	20	and	and	CCONJ
ajfa-10095	184	21	1	1	NUM
ajfa-10095	184	22	%	%	NOUN
ajfa-10095	184	23	levels	level	NOUN
ajfa-10095	184	24	,	,	PUNCT
ajfa-10095	184	25	respectively	respectively	ADV
ajfa-10095	184	26	(	(	PUNCT
ajfa-10095	184	27	two	two	NUM
ajfa-10095	184	28	-	-	PUNCT
ajfa-10095	184	29	tailed	tail	VERB
ajfa-10095	184	30	tests	test	NOUN
ajfa-10095	184	31	)	)	PUNCT
ajfa-10095	184	32	.	.	PUNCT
ajfa-10095	185	1	the	the	DET
ajfa-10095	185	2	z	z	NOUN
ajfa-10095	185	3	-	-	PUNCT
ajfa-10095	185	4	statistics	statistic	NOUN
ajfa-10095	185	5	in	in	ADP
ajfa-10095	185	6	parentheses	parenthesis	NOUN
ajfa-10095	185	7	are	be	AUX
ajfa-10095	185	8	based	base	VERB
ajfa-10095	185	9	on	on	ADP
ajfa-10095	185	10	standard	standard	ADJ
ajfa-10095	185	11	errors	error	NOUN
ajfa-10095	185	12	adjusted	adjust	VERB
ajfa-10095	185	13	for	for	ADP
ajfa-10095	185	14	clustering	cluster	VERB
ajfa-10095	185	15	at	at	ADP
ajfa-10095	185	16	the	the	DET
ajfa-10095	185	17	firm	firm	ADJ
ajfa-10095	185	18	level	level	NOUN
ajfa-10095	185	19	.	.	PUNCT
ajfa-10095	186	1	asian	asian	ADJ
ajfa-10095	186	2	journal	journal	PROPN
ajfa-10095	186	3	of	of	ADP
ajfa-10095	186	4	finance	finance	PROPN
ajfa-10095	186	5	&	&	CCONJ
ajfa-10095	186	6	accounting	accounting	PROPN
ajfa-10095	186	7	issn	issn	PROPN
ajfa-10095	186	8	1946	1946	NUM
ajfa-10095	186	9	-	-	PUNCT
ajfa-10095	186	10	052x	052x	PROPN
ajfa-10095	186	11	2016	2016	NUM
ajfa-10095	186	12	,	,	PUNCT
ajfa-10095	186	13	vol	vol	NOUN
ajfa-10095	186	14	.	.	PROPN
ajfa-10095	186	15	8	8	NUM
ajfa-10095	186	16	,	,	PUNCT
ajfa-10095	186	17	no	no	INTJ
ajfa-10095	186	18	.	.	NOUN
ajfa-10095	186	19	2	2	NUM
ajfa-10095	186	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	186	21	105	105	NUM
ajfa-10095	186	22	4.4	4.4	NUM
ajfa-10095	186	23	robustness	robustness	NOUN
ajfa-10095	186	24	checks	check	NOUN
ajfa-10095	186	25	4.4.1	4.4.1	NUM
ajfa-10095	186	26	endogeneity	endogeneity	NOUN
ajfa-10095	186	27	to	to	PART
ajfa-10095	186	28	address	address	VERB
ajfa-10095	186	29	the	the	DET
ajfa-10095	186	30	endogeneity	endogeneity	NOUN
ajfa-10095	186	31	issue	issue	NOUN
ajfa-10095	186	32	for	for	ADP
ajfa-10095	186	33	managerial	managerial	ADJ
ajfa-10095	186	34	myopic	myopic	ADJ
ajfa-10095	186	35	behaviors	behavior	NOUN
ajfa-10095	186	36	and	and	CCONJ
ajfa-10095	186	37	d&o	d&o	NOUN
ajfa-10095	186	38	insurance	insurance	NOUN
ajfa-10095	186	39	purchase	purchase	NOUN
ajfa-10095	186	40	decision	decision	NOUN
ajfa-10095	186	41	,	,	PUNCT
ajfa-10095	186	42	i	i	PRON
ajfa-10095	186	43	use	use	VERB
ajfa-10095	186	44	a	a	DET
ajfa-10095	186	45	two	two	NUM
ajfa-10095	186	46	-	-	PUNCT
ajfa-10095	186	47	stage	stage	NOUN
ajfa-10095	186	48	estimation	estimation	NOUN
ajfa-10095	186	49	technique	technique	NOUN
ajfa-10095	186	50	developed	develop	VERB
ajfa-10095	186	51	by	by	ADP
ajfa-10095	186	52	heckman	heckman	PROPN
ajfa-10095	186	53	(	(	PUNCT
ajfa-10095	186	54	1979	1979	NUM
ajfa-10095	186	55	)	)	PUNCT
ajfa-10095	186	56	.	.	PUNCT
ajfa-10095	187	1	in	in	ADP
ajfa-10095	187	2	the	the	DET
ajfa-10095	187	3	first	first	ADJ
ajfa-10095	187	4	stage	stage	NOUN
ajfa-10095	187	5	,	,	PUNCT
ajfa-10095	187	6	i	i	PRON
ajfa-10095	187	7	estimate	estimate	VERB
ajfa-10095	187	8	a	a	DET
ajfa-10095	187	9	probit	probit	NOUN
ajfa-10095	187	10	model	model	NOUN
ajfa-10095	187	11	to	to	PART
ajfa-10095	187	12	obtain	obtain	VERB
ajfa-10095	187	13	the	the	DET
ajfa-10095	187	14	inverse	inverse	NOUN
ajfa-10095	187	15	mills	mill	NOUN
ajfa-10095	187	16	ratio	ratio	NOUN
ajfa-10095	187	17	(	(	PUNCT
ajfa-10095	187	18	imr	imr	PROPN
ajfa-10095	187	19	)	)	PUNCT
ajfa-10095	187	20	by	by	ADP
ajfa-10095	187	21	using	use	VERB
ajfa-10095	187	22	variables	variable	NOUN
ajfa-10095	187	23	that	that	SCONJ
ajfa-10095	187	24	previous	previous	ADJ
ajfa-10095	187	25	studies	study	NOUN
ajfa-10095	187	26	(	(	PUNCT
ajfa-10095	187	27	e.g.	e.g.	ADV
ajfa-10095	187	28	,	,	PUNCT
ajfa-10095	187	29	core	core	NOUN
ajfa-10095	187	30	,	,	PUNCT
ajfa-10095	187	31	1997	1997	NUM
ajfa-10095	187	32	,	,	PUNCT
ajfa-10095	187	33	o’sullivan	o’sullivan	PROPN
ajfa-10095	187	34	,	,	PUNCT
ajfa-10095	187	35	2002	2002	NUM
ajfa-10095	187	36	,	,	PUNCT
ajfa-10095	187	37	chung	chung	PROPN
ajfa-10095	187	38	and	and	CCONJ
ajfa-10095	187	39	whynn	whynn	PROPN
ajfa-10095	187	40	,	,	PUNCT
ajfa-10095	187	41	2008	2008	NUM
ajfa-10095	187	42	)	)	PUNCT
ajfa-10095	187	43	have	have	AUX
ajfa-10095	187	44	found	find	VERB
ajfa-10095	187	45	to	to	PART
ajfa-10095	187	46	affect	affect	VERB
ajfa-10095	187	47	d&o	d&o	NOUN
ajfa-10095	187	48	purchase	purchase	NOUN
ajfa-10095	187	49	decision	decision	NOUN
ajfa-10095	187	50	.	.	PUNCT
ajfa-10095	188	1	in	in	ADP
ajfa-10095	188	2	the	the	DET
ajfa-10095	188	3	second	second	ADJ
ajfa-10095	188	4	stage	stage	NOUN
ajfa-10095	188	5	,	,	PUNCT
ajfa-10095	188	6	i	i	PRON
ajfa-10095	188	7	include	include	VERB
ajfa-10095	188	8	imr	imr	NOUN
ajfa-10095	188	9	in	in	ADP
ajfa-10095	188	10	equation	equation	NOUN
ajfa-10095	188	11	(	(	PUNCT
ajfa-10095	188	12	1	1	NUM
ajfa-10095	188	13	)	)	PUNCT
ajfa-10095	188	14	as	as	ADP
ajfa-10095	188	15	an	an	DET
ajfa-10095	188	16	additional	additional	ADJ
ajfa-10095	188	17	control	control	NOUN
ajfa-10095	188	18	variable	variable	NOUN
ajfa-10095	188	19	to	to	PART
ajfa-10095	188	20	correct	correct	VERB
ajfa-10095	188	21	for	for	ADP
ajfa-10095	188	22	potential	potential	ADJ
ajfa-10095	188	23	endogeneity	endogeneity	NOUN
ajfa-10095	188	24	bias	bias	NOUN
ajfa-10095	188	25	.	.	PUNCT
ajfa-10095	189	1	the	the	DET
ajfa-10095	189	2	first	first	ADJ
ajfa-10095	189	3	-	-	PUNCT
ajfa-10095	189	4	stage	stage	NOUN
ajfa-10095	189	5	probit	probit	NOUN
ajfa-10095	189	6	model	model	NOUN
ajfa-10095	189	7	is	be	AUX
ajfa-10095	189	8	specified	specify	VERB
ajfa-10095	189	9	as	as	SCONJ
ajfa-10095	189	10	follows	follow	VERB
ajfa-10095	189	11	.	.	PUNCT
ajfa-10095	190	1	0	0	NUM
ajfa-10095	190	2	1	1	NUM
ajfa-10095	190	3	2	2	NUM
ajfa-10095	190	4	3	3	NUM
ajfa-10095	190	5	4	4	NUM
ajfa-10095	190	6	5	5	NUM
ajfa-10095	190	7	6	6	NUM
ajfa-10095	190	8	7	7	NUM
ajfa-10095	190	9	8	8	NUM
ajfa-10095	190	10	9	9	NUM
ajfa-10095	190	11	10	10	NUM
ajfa-10095	190	12	prob	prob	NOUN
ajfa-10095	190	13	(	(	PUNCT
ajfa-10095	190	14	1	1	NUM
ajfa-10095	190	15	)	)	PUNCT
ajfa-10095	190	16	(	(	PUNCT
ajfa-10095	190	17	ln	ln	X
ajfa-10095	190	18	)	)	PUNCT
ajfa-10095	190	19	t	t	PROPN
ajfa-10095	190	20	t	t	PROPN
ajfa-10095	190	21	t	t	PROPN
ajfa-10095	190	22	t	t	PROPN
ajfa-10095	190	23	t	t	PROPN
ajfa-10095	190	24	t	t	PROPN
ajfa-10095	190	25	t	t	PROPN
ajfa-10095	190	26	t	t	PROPN
ajfa-10095	190	27	t	t	PROPN
ajfa-10095	190	28	t	t	PROPN
ajfa-10095	190	29	t	t	PROPN
ajfa-10095	190	30	n	n	PROPN
ajfa-10095	190	31	m	m	PROPN
ajfa-10095	190	32	t	t	NOUN
ajfa-10095	190	33	purchase	purchase	NOUN
ajfa-10095	190	34	f	f	PROPN
ajfa-10095	190	35	mv	mv	PROPN
ajfa-10095	190	36	lev	lev	PROPN
ajfa-10095	190	37	mtb	mtb	PROPN
ajfa-10095	190	38	ceoown	ceoown	PROPN
ajfa-10095	190	39	outown	outown	NOUN
ajfa-10095	190	40	acqu	acqu	PROPN
ajfa-10095	190	41	dive	dive	PROPN
ajfa-10095	190	42	cross	cross	PROPN
ajfa-10095	190	43	hite	hite	PROPN
ajfa-10095	190	44	excash	excash	PROPN
ajfa-10095	190	45	year	year	NOUN
ajfa-10095	190	46	ind	ind	PROPN
ajfa-10095	190	47	γ	γ	PROPN
ajfa-10095	190	48	γ	γ	PROPN
ajfa-10095	190	49	γ	γ	PROPN
ajfa-10095	190	50	γ	γ	PROPN
ajfa-10095	190	51	γ	γ	PROPN
ajfa-10095	190	52	γ	γ	PROPN
ajfa-10095	190	53	γ	γ	PROPN
ajfa-10095	190	54	γ	γ	PROPN
ajfa-10095	190	55	γ	γ	PROPN
ajfa-10095	190	56	γ	γ	PROPN
ajfa-10095	190	57	γ	γ	X
ajfa-10095	190	58	γ	γ	X
ajfa-10095	190	59	γ	γ	X
ajfa-10095	190	60	ε	ε	PROPN
ajfa-10095	190	61	=	=	PUNCT
ajfa-10095	190	62	=	=	PUNCT
ajfa-10095	191	1	+	+	PUNCT
ajfa-10095	192	1	+	+	PUNCT
ajfa-10095	192	2	+	+	PUNCT
ajfa-10095	192	3	+	+	PUNCT
ajfa-10095	192	4	+	+	PUNCT
ajfa-10095	192	5	+	+	PUNCT
ajfa-10095	192	6	+	+	PUNCT
ajfa-10095	192	7	+	+	PUNCT
ajfa-10095	192	8	+	+	PUNCT
ajfa-10095	192	9	+	+	PUNCT
ajfa-10095	192	10	+	+	PUNCT
ajfa-10095	192	11	+	+	PUNCT
ajfa-10095	192	12	+	+	CCONJ
ajfa-10095	192	13	(	(	PUNCT
ajfa-10095	192	14	2	2	NUM
ajfa-10095	192	15	)	)	PUNCT
ajfa-10095	192	16	where	where	SCONJ
ajfa-10095	192	17	purchase	purchase	NOUN
ajfa-10095	192	18	is	be	AUX
ajfa-10095	192	19	a	a	DET
ajfa-10095	192	20	dummy	dummy	ADJ
ajfa-10095	192	21	variable	variable	NOUN
ajfa-10095	192	22	equal	equal	ADJ
ajfa-10095	192	23	to	to	ADP
ajfa-10095	192	24	1	1	NUM
ajfa-10095	192	25	if	if	SCONJ
ajfa-10095	192	26	the	the	DET
ajfa-10095	192	27	firm	firm	NOUN
ajfa-10095	192	28	carries	carry	VERB
ajfa-10095	192	29	d&o	d&o	PROPN
ajfa-10095	192	30	insurance	insurance	NOUN
ajfa-10095	192	31	coverage	coverage	NOUN
ajfa-10095	192	32	,	,	PUNCT
ajfa-10095	192	33	0	0	NUM
ajfa-10095	192	34	otherwise	otherwise	ADV
ajfa-10095	192	35	.	.	PUNCT
ajfa-10095	193	1	mtb	mtb	NOUN
ajfa-10095	193	2	is	be	AUX
ajfa-10095	193	3	market	market	NOUN
ajfa-10095	193	4	-	-	PUNCT
ajfa-10095	193	5	to	to	ADP
ajfa-10095	193	6	-	-	PUNCT
ajfa-10095	193	7	book	book	NOUN
ajfa-10095	193	8	ratio	ratio	NOUN
ajfa-10095	193	9	.	.	PUNCT
ajfa-10095	194	1	ceoown	ceoown	NOUN
ajfa-10095	194	2	is	be	AUX
ajfa-10095	194	3	the	the	DET
ajfa-10095	194	4	percentage	percentage	NOUN
ajfa-10095	194	5	of	of	ADP
ajfa-10095	194	6	shares	share	NOUN
ajfa-10095	194	7	held	hold	VERB
ajfa-10095	194	8	by	by	ADP
ajfa-10095	194	9	ceo	ceo	NOUN
ajfa-10095	194	10	.	.	PROPN
ajfa-10095	194	11	outown	outown	PROPN
ajfa-10095	194	12	is	be	AUX
ajfa-10095	194	13	the	the	DET
ajfa-10095	194	14	percentage	percentage	NOUN
ajfa-10095	194	15	of	of	ADP
ajfa-10095	194	16	shares	share	NOUN
ajfa-10095	194	17	held	hold	VERB
ajfa-10095	194	18	by	by	ADP
ajfa-10095	194	19	outside	outside	ADJ
ajfa-10095	194	20	blockholders	blockholder	NOUN
ajfa-10095	194	21	.	.	PUNCT
ajfa-10095	195	1	acqu	acqu	PROPN
ajfa-10095	195	2	is	be	AUX
ajfa-10095	195	3	a	a	DET
ajfa-10095	195	4	dummy	dummy	ADJ
ajfa-10095	195	5	equal	equal	ADJ
ajfa-10095	195	6	to	to	ADP
ajfa-10095	195	7	1	1	NUM
ajfa-10095	195	8	if	if	SCONJ
ajfa-10095	195	9	the	the	DET
ajfa-10095	195	10	book	book	NOUN
ajfa-10095	195	11	value	value	NOUN
ajfa-10095	195	12	of	of	ADP
ajfa-10095	195	13	total	total	ADJ
ajfa-10095	195	14	assets	asset	NOUN
ajfa-10095	195	15	at	at	ADP
ajfa-10095	195	16	the	the	DET
ajfa-10095	195	17	fiscal	fiscal	ADJ
ajfa-10095	195	18	year	year	NOUN
ajfa-10095	195	19	-	-	PUNCT
ajfa-10095	195	20	end	end	NOUN
ajfa-10095	195	21	increases	increase	NOUN
ajfa-10095	195	22	by	by	ADP
ajfa-10095	195	23	more	more	ADJ
ajfa-10095	195	24	than	than	ADP
ajfa-10095	195	25	25	25	NUM
ajfa-10095	195	26	%	%	NOUN
ajfa-10095	195	27	from	from	ADP
ajfa-10095	195	28	the	the	DET
ajfa-10095	195	29	beginning	beginning	NOUN
ajfa-10095	195	30	of	of	ADP
ajfa-10095	195	31	the	the	DET
ajfa-10095	195	32	fiscal	fiscal	ADJ
ajfa-10095	195	33	year	year	NOUN
ajfa-10095	195	34	,	,	PUNCT
ajfa-10095	195	35	0	0	NUM
ajfa-10095	195	36	otherwise	otherwise	ADV
ajfa-10095	195	37	.	.	PUNCT
ajfa-10095	196	1	dive	dive	NOUN
ajfa-10095	196	2	is	be	AUX
ajfa-10095	196	3	a	a	DET
ajfa-10095	196	4	dummy	dummy	ADJ
ajfa-10095	196	5	equal	equal	ADJ
ajfa-10095	196	6	to	to	ADP
ajfa-10095	196	7	1	1	NUM
ajfa-10095	196	8	if	if	SCONJ
ajfa-10095	196	9	the	the	DET
ajfa-10095	196	10	book	book	NOUN
ajfa-10095	196	11	value	value	NOUN
ajfa-10095	196	12	of	of	ADP
ajfa-10095	196	13	total	total	ADJ
ajfa-10095	196	14	assets	asset	NOUN
ajfa-10095	196	15	at	at	ADP
ajfa-10095	196	16	the	the	DET
ajfa-10095	196	17	fiscal	fiscal	ADJ
ajfa-10095	196	18	year	year	NOUN
ajfa-10095	196	19	-	-	PUNCT
ajfa-10095	196	20	end	end	NOUN
ajfa-10095	196	21	decreases	decrease	NOUN
ajfa-10095	196	22	by	by	ADP
ajfa-10095	196	23	more	more	ADJ
ajfa-10095	196	24	than	than	ADP
ajfa-10095	196	25	25	25	NUM
ajfa-10095	196	26	%	%	NOUN
ajfa-10095	196	27	from	from	ADP
ajfa-10095	196	28	the	the	DET
ajfa-10095	196	29	beginning	beginning	NOUN
ajfa-10095	196	30	of	of	ADP
ajfa-10095	196	31	the	the	DET
ajfa-10095	196	32	fiscal	fiscal	ADJ
ajfa-10095	196	33	year	year	NOUN
ajfa-10095	196	34	,	,	PUNCT
ajfa-10095	196	35	0	0	NUM
ajfa-10095	196	36	otherwise	otherwise	ADV
ajfa-10095	196	37	.	.	PUNCT
ajfa-10095	197	1	cross	cross	PROPN
ajfa-10095	197	2	is	be	AUX
ajfa-10095	197	3	a	a	DET
ajfa-10095	197	4	dummy	dummy	ADJ
ajfa-10095	197	5	variable	variable	NOUN
ajfa-10095	197	6	equal	equal	ADJ
ajfa-10095	197	7	to	to	ADP
ajfa-10095	197	8	1	1	NUM
ajfa-10095	197	9	if	if	SCONJ
ajfa-10095	197	10	the	the	DET
ajfa-10095	197	11	firm	firm	NOUN
ajfa-10095	197	12	is	be	AUX
ajfa-10095	197	13	cross	cross	ADJ
ajfa-10095	197	14	-	-	ADJ
ajfa-10095	197	15	listed	list	VERB
ajfa-10095	197	16	in	in	ADP
ajfa-10095	197	17	a	a	DET
ajfa-10095	197	18	foreign	foreign	ADJ
ajfa-10095	197	19	stock	stock	NOUN
ajfa-10095	197	20	exchange	exchange	NOUN
ajfa-10095	197	21	,	,	PUNCT
ajfa-10095	197	22	0	0	NUM
ajfa-10095	197	23	otherwise	otherwise	ADV
ajfa-10095	197	24	.	.	PUNCT
ajfa-10095	198	1	excash	excash	NOUN
ajfa-10095	198	2	is	be	AUX
ajfa-10095	198	3	the	the	DET
ajfa-10095	198	4	residual	residual	ADJ
ajfa-10095	198	5	from	from	ADP
ajfa-10095	198	6	the	the	DET
ajfa-10095	198	7	regression	regression	NOUN
ajfa-10095	198	8	of	of	ADP
ajfa-10095	198	9	cash	cash	NOUN
ajfa-10095	198	10	on	on	ADP
ajfa-10095	198	11	determinants	determinant	NOUN
ajfa-10095	198	12	of	of	ADP
ajfa-10095	198	13	cash	cash	NOUN
ajfa-10095	198	14	holdings.6	holdings.6	ADJ
ajfa-10095	198	15	other	other	ADJ
ajfa-10095	198	16	variables	variable	NOUN
ajfa-10095	198	17	are	be	AUX
ajfa-10095	198	18	defined	define	VERB
ajfa-10095	198	19	as	as	ADP
ajfa-10095	198	20	before	before	ADV
ajfa-10095	198	21	.	.	PUNCT
ajfa-10095	199	1	the	the	DET
ajfa-10095	199	2	results	result	NOUN
ajfa-10095	199	3	of	of	ADP
ajfa-10095	199	4	this	this	DET
ajfa-10095	199	5	analysis	analysis	NOUN
ajfa-10095	199	6	are	be	AUX
ajfa-10095	199	7	shown	show	VERB
ajfa-10095	199	8	in	in	ADP
ajfa-10095	199	9	table	table	NOUN
ajfa-10095	199	10	4	4	NUM
ajfa-10095	199	11	.	.	PUNCT
ajfa-10095	200	1	the	the	DET
ajfa-10095	200	2	coefficient	coefficient	NOUN
ajfa-10095	200	3	on	on	ADP
ajfa-10095	200	4	dolimit	dolimit	NOUN
ajfa-10095	200	5	remains	remain	VERB
ajfa-10095	200	6	significant	significant	ADJ
ajfa-10095	200	7	with	with	ADP
ajfa-10095	200	8	expected	expect	VERB
ajfa-10095	200	9	positive	positive	ADJ
ajfa-10095	200	10	sign	sign	NOUN
ajfa-10095	200	11	,	,	PUNCT
ajfa-10095	200	12	whereas	whereas	SCONJ
ajfa-10095	200	13	the	the	DET
ajfa-10095	200	14	coefficient	coefficient	NOUN
ajfa-10095	200	15	on	on	ADP
ajfa-10095	200	16	imr	imr	NOUN
ajfa-10095	200	17	is	be	AUX
ajfa-10095	200	18	not	not	PART
ajfa-10095	200	19	significant	significant	ADJ
ajfa-10095	200	20	at	at	ADP
ajfa-10095	200	21	conventional	conventional	ADJ
ajfa-10095	200	22	levels	level	NOUN
ajfa-10095	200	23	.	.	PUNCT
ajfa-10095	201	1	this	this	PRON
ajfa-10095	201	2	suggests	suggest	VERB
ajfa-10095	201	3	that	that	SCONJ
ajfa-10095	201	4	the	the	DET
ajfa-10095	201	5	main	main	ADJ
ajfa-10095	201	6	results	result	NOUN
ajfa-10095	201	7	unlikely	unlikely	ADJ
ajfa-10095	201	8	to	to	PART
ajfa-10095	201	9	be	be	AUX
ajfa-10095	201	10	driven	drive	VERB
ajfa-10095	201	11	by	by	ADP
ajfa-10095	201	12	the	the	DET
ajfa-10095	201	13	potential	potential	ADJ
ajfa-10095	201	14	endogeneity	endogeneity	NOUN
ajfa-10095	201	15	problem	problem	NOUN
ajfa-10095	201	16	associated	associate	VERB
ajfa-10095	201	17	with	with	ADP
ajfa-10095	201	18	d&o	d&o	NOUN
ajfa-10095	201	19	purchase	purchase	NOUN
ajfa-10095	201	20	decision	decision	NOUN
ajfa-10095	201	21	.	.	PUNCT
ajfa-10095	202	1	6	6	NUM
ajfa-10095	202	2	following	follow	VERB
ajfa-10095	202	3	chung	chung	PROPN
ajfa-10095	202	4	and	and	CCONJ
ajfa-10095	202	5	wynn	wynn	PROPN
ajfa-10095	202	6	(	(	PUNCT
ajfa-10095	202	7	2008	2008	NUM
ajfa-10095	202	8	)	)	PUNCT
ajfa-10095	202	9	,	,	PUNCT
ajfa-10095	202	10	cash	cash	NOUN
ajfa-10095	202	11	holdings	holding	NOUN
ajfa-10095	202	12	is	be	AUX
ajfa-10095	202	13	defined	define	VERB
ajfa-10095	202	14	as	as	ADP
ajfa-10095	202	15	the	the	DET
ajfa-10095	202	16	sum	sum	NOUN
ajfa-10095	202	17	of	of	ADP
ajfa-10095	202	18	cash	cash	NOUN
ajfa-10095	202	19	,	,	PUNCT
ajfa-10095	202	20	cash	cash	NOUN
ajfa-10095	202	21	equivalents	equivalent	NOUN
ajfa-10095	202	22	,	,	PUNCT
ajfa-10095	202	23	and	and	CCONJ
ajfa-10095	202	24	short	short	ADJ
ajfa-10095	202	25	-	-	PUNCT
ajfa-10095	202	26	term	term	NOUN
ajfa-10095	202	27	investments	investment	NOUN
ajfa-10095	202	28	.	.	PUNCT
ajfa-10095	203	1	the	the	DET
ajfa-10095	203	2	determinants	determinant	NOUN
ajfa-10095	203	3	of	of	ADP
ajfa-10095	203	4	cash	cash	NOUN
ajfa-10095	203	5	holdings	holding	NOUN
ajfa-10095	203	6	include	include	VERB
ajfa-10095	203	7	firm	firm	ADJ
ajfa-10095	203	8	size	size	NOUN
ajfa-10095	203	9	,	,	PUNCT
ajfa-10095	203	10	market	market	NOUN
ajfa-10095	203	11	-	-	PUNCT
ajfa-10095	203	12	to	to	ADP
ajfa-10095	203	13	-	-	PUNCT
ajfa-10095	203	14	book	book	NOUN
ajfa-10095	203	15	ratio	ratio	NOUN
ajfa-10095	203	16	,	,	PUNCT
ajfa-10095	203	17	leverage	leverage	NOUN
ajfa-10095	203	18	ratio	ratio	NOUN
ajfa-10095	203	19	,	,	PUNCT
ajfa-10095	203	20	cash	cash	NOUN
ajfa-10095	203	21	flow	flow	NOUN
ajfa-10095	203	22	(	(	PUNCT
ajfa-10095	203	23	defined	define	VERB
ajfa-10095	203	24	as	as	ADP
ajfa-10095	203	25	earnings	earning	NOUN
ajfa-10095	203	26	before	before	ADP
ajfa-10095	203	27	depreciation	depreciation	NOUN
ajfa-10095	203	28	and	and	CCONJ
ajfa-10095	203	29	amortization	amortization	NOUN
ajfa-10095	203	30	,	,	PUNCT
ajfa-10095	203	31	less	less	ADJ
ajfa-10095	203	32	interest	interest	NOUN
ajfa-10095	203	33	,	,	PUNCT
ajfa-10095	203	34	taxes	taxis	NOUN
ajfa-10095	203	35	,	,	PUNCT
ajfa-10095	203	36	and	and	CCONJ
ajfa-10095	203	37	common	common	ADJ
ajfa-10095	203	38	dividends	dividend	NOUN
ajfa-10095	203	39	)	)	PUNCT
ajfa-10095	203	40	,	,	PUNCT
ajfa-10095	203	41	net	net	ADJ
ajfa-10095	203	42	working	working	NOUN
ajfa-10095	203	43	capital	capital	NOUN
ajfa-10095	203	44	(	(	PUNCT
ajfa-10095	203	45	excluding	exclude	VERB
ajfa-10095	203	46	cash	cash	NOUN
ajfa-10095	203	47	)	)	PUNCT
ajfa-10095	203	48	,	,	PUNCT
ajfa-10095	203	49	percentage	percentage	NOUN
ajfa-10095	203	50	of	of	ADP
ajfa-10095	203	51	independent	independent	ADJ
ajfa-10095	203	52	directors	director	NOUN
ajfa-10095	203	53	on	on	ADP
ajfa-10095	203	54	the	the	DET
ajfa-10095	203	55	board	board	NOUN
ajfa-10095	203	56	,	,	PUNCT
ajfa-10095	203	57	outside	outside	ADJ
ajfa-10095	203	58	blockholder	blockholder	NOUN
ajfa-10095	203	59	ownership	ownership	NOUN
ajfa-10095	203	60	,	,	PUNCT
ajfa-10095	203	61	engagement	engagement	NOUN
ajfa-10095	203	62	in	in	ADP
ajfa-10095	203	63	divestures	divesture	NOUN
ajfa-10095	203	64	,	,	PUNCT
ajfa-10095	203	65	cross	cross	ADJ
ajfa-10095	203	66	-	-	ADJ
ajfa-10095	203	67	listing	list	VERB
ajfa-10095	203	68	status	status	NOUN
ajfa-10095	203	69	,	,	PUNCT
ajfa-10095	203	70	and	and	CCONJ
ajfa-10095	203	71	membership	membership	NOUN
ajfa-10095	203	72	in	in	ADP
ajfa-10095	203	73	high	high	ADJ
ajfa-10095	203	74	-	-	PUNCT
ajfa-10095	203	75	tech	tech	NOUN
ajfa-10095	203	76	industry	industry	NOUN
ajfa-10095	203	77	,	,	PUNCT
ajfa-10095	203	78	where	where	SCONJ
ajfa-10095	203	79	cash	cash	NOUN
ajfa-10095	203	80	holdings	holding	NOUN
ajfa-10095	203	81	,	,	PUNCT
ajfa-10095	203	82	cash	cash	NOUN
ajfa-10095	203	83	flow	flow	NOUN
ajfa-10095	203	84	,	,	PUNCT
ajfa-10095	203	85	and	and	CCONJ
ajfa-10095	203	86	net	net	ADJ
ajfa-10095	203	87	working	working	NOUN
ajfa-10095	203	88	capital	capital	NOUN
ajfa-10095	203	89	are	be	AUX
ajfa-10095	203	90	all	all	ADV
ajfa-10095	203	91	scaled	scale	VERB
ajfa-10095	203	92	by	by	ADP
ajfa-10095	203	93	lagged	lag	VERB
ajfa-10095	203	94	total	total	ADJ
ajfa-10095	203	95	assets	asset	NOUN
ajfa-10095	203	96	.	.	PUNCT
ajfa-10095	204	1	asian	asian	ADJ
ajfa-10095	204	2	journal	journal	PROPN
ajfa-10095	204	3	of	of	ADP
ajfa-10095	204	4	finance	finance	PROPN
ajfa-10095	204	5	&	&	CCONJ
ajfa-10095	204	6	accounting	accounting	PROPN
ajfa-10095	204	7	issn	issn	PROPN
ajfa-10095	204	8	1946	1946	NUM
ajfa-10095	204	9	-	-	PUNCT
ajfa-10095	204	10	052x	052x	PROPN
ajfa-10095	204	11	2016	2016	NUM
ajfa-10095	204	12	,	,	PUNCT
ajfa-10095	204	13	vol	vol	NOUN
ajfa-10095	204	14	.	.	PROPN
ajfa-10095	204	15	8	8	NUM
ajfa-10095	204	16	,	,	PUNCT
ajfa-10095	204	17	no	no	INTJ
ajfa-10095	204	18	.	.	NOUN
ajfa-10095	204	19	2	2	NUM
ajfa-10095	204	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	204	21	106	106	NUM
ajfa-10095	204	22	table	table	NOUN
ajfa-10095	204	23	4	4	NUM
ajfa-10095	204	24	.	.	PUNCT
ajfa-10095	205	1	endogeneity	endogeneity	NOUN
ajfa-10095	205	2	dependent	dependent	ADJ
ajfa-10095	205	3	variable	variable	NOUN
ajfa-10095	205	4	:	:	PUNCT
ajfa-10095	205	5	cut	cut	VERB
ajfa-10095	205	6	sd	sd	ADP
ajfa-10095	205	7	group	group	NOUN
ajfa-10095	205	8	predicted	predict	VERB
ajfa-10095	205	9	signs	sign	NOUN
ajfa-10095	205	10	coefficient	coefficient	VERB
ajfa-10095	205	11	z	z	NOUN
ajfa-10095	205	12	-	-	PUNCT
ajfa-10095	205	13	statistic	statistic	ADJ
ajfa-10095	205	14	dolimit	dolimit	NOUN
ajfa-10095	205	15	+	+	CCONJ
ajfa-10095	205	16	2.439	2.439	NUM
ajfa-10095	205	17	*	*	SYM
ajfa-10095	205	18	*	*	PROPN
ajfa-10095	205	19	2.53	2.53	NUM
ajfa-10095	205	20	pcrd	pcrd	NOUN
ajfa-10095	205	21	–	–	PUNCT
ajfa-10095	205	22	-0.537	-0.537	DET
ajfa-10095	205	23	-1.47	-1.47	NUM
ajfa-10095	205	24	cird	cird	PROPN
ajfa-10095	205	25	–	–	PUNCT
ajfa-10095	205	26	-205.769	-205.769	NUM
ajfa-10095	205	27	*	*	PUNCT
ajfa-10095	205	28	*	*	NOUN
ajfa-10095	205	29	-2.25	-2.25	NUM
ajfa-10095	205	30	cgdp	cgdp	NOUN
ajfa-10095	205	31	–	–	PUNCT
ajfa-10095	205	32	17.337	17.337	NUM
ajfa-10095	205	33	*	*	PUNCT
ajfa-10095	205	34	*	*	PUNCT
ajfa-10095	205	35	2.52	2.52	NUM
ajfa-10095	205	36	toq	toq	NOUN
ajfa-10095	205	37	–	–	PUNCT
ajfa-10095	205	38	-0.223	-0.223	NUM
ajfa-10095	205	39	-1.47	-1.47	NUM
ajfa-10095	205	40	csales	csale	NOUN
ajfa-10095	205	41	–	–	PUNCT
ajfa-10095	205	42	-0.894	-0.894	PUNCT
ajfa-10095	206	1	-1.50	-1.50	NUM
ajfa-10095	206	2	ccap	ccap	NOUN
ajfa-10095	206	3	–	–	PUNCT
ajfa-10095	206	4	-0.190	-0.190	PROPN
ajfa-10095	206	5	*	*	PUNCT
ajfa-10095	206	6	*	*	PUNCT
ajfa-10095	206	7	-2.30	-2.30	PROPN
ajfa-10095	206	8	lnmv	lnmv	ADJ
ajfa-10095	206	9	–	–	PUNCT
ajfa-10095	206	10	-0.009	-0.009	X
ajfa-10095	206	11	-0.07	-0.07	X
ajfa-10095	206	12	lev	lev	NOUN
ajfa-10095	206	13	+	+	CCONJ
ajfa-10095	206	14	0.328	0.328	NUM
ajfa-10095	206	15	0.49	0.49	NUM
ajfa-10095	206	16	fcf	fcf	NOUN
ajfa-10095	206	17	–	–	PUNCT
ajfa-10095	206	18	1.087	1.087	NUM
ajfa-10095	206	19	1.05	1.05	NUM
ajfa-10095	206	20	dist	dist	NOUN
ajfa-10095	206	21	+	+	CCONJ
ajfa-10095	206	22	-0.666	-0.666	NOUN
ajfa-10095	206	23	*	*	PUNCT
ajfa-10095	206	24	*	*	PUNCT
ajfa-10095	206	25	-2.16	-2.16	NUM
ajfa-10095	206	26	insown	insown	NOUN
ajfa-10095	206	27	+	+	CCONJ
ajfa-10095	206	28	-0.386	-0.386	X
ajfa-10095	206	29	-0.78	-0.78	X
ajfa-10095	206	30	imr	imr	NOUN
ajfa-10095	206	31	0.895	0.895	NUM
ajfa-10095	206	32	1.10	1.10	NUM
ajfa-10095	206	33	intercept	intercept	NOUN
ajfa-10095	206	34	13.323	13.323	NUM
ajfa-10095	206	35	*	*	PUNCT
ajfa-10095	206	36	*	*	PUNCT
ajfa-10095	206	37	*	*	PUNCT
ajfa-10095	206	38	5.05	5.05	NUM
ajfa-10095	206	39	year	year	NOUN
ajfa-10095	206	40	/	/	SYM
ajfa-10095	206	41	industry	industry	NOUN
ajfa-10095	206	42	dummy	dummy	ADJ
ajfa-10095	206	43	variables	variable	NOUN
ajfa-10095	206	44	included	include	VERB
ajfa-10095	206	45	pseudo	pseudo	NOUN
ajfa-10095	206	46	r2	r2	NOUN
ajfa-10095	206	47	0.108	0.108	NUM
ajfa-10095	206	48	n	n	CCONJ
ajfa-10095	206	49	682	682	NUM
ajfa-10095	206	50	the	the	DET
ajfa-10095	206	51	sd	sd	NOUN
ajfa-10095	206	52	group	group	NOUN
ajfa-10095	206	53	comprises	comprise	VERB
ajfa-10095	206	54	firm	firm	ADJ
ajfa-10095	206	55	-	-	PUNCT
ajfa-10095	206	56	years	year	NOUN
ajfa-10095	206	57	for	for	ADP
ajfa-10095	206	58	which	which	PRON
ajfa-10095	206	59	–	–	PUNCT
ajfa-10095	206	60	rdexpt-1	rdexpt-1	NUM
ajfa-10095	206	61	<	<	X
ajfa-10095	206	62	(	(	PUNCT
ajfa-10095	206	63	ebtrdt	ebtrdt	NOUN
ajfa-10095	206	64	-	-	PUNCT
ajfa-10095	206	65	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	206	66	)	)	PUNCT
ajfa-10095	206	67	<	<	X
ajfa-10095	206	68	0	0	X
ajfa-10095	206	69	.	.	PUNCT
ajfa-10095	207	1	rdexp	rdexp	PROPN
ajfa-10095	207	2	=	=	SYM
ajfa-10095	207	3	r&d	r&d	NOUN
ajfa-10095	207	4	expenditures	expenditure	NOUN
ajfa-10095	207	5	.	.	PUNCT
ajfa-10095	208	1	ebtrd	ebtrd	PROPN
ajfa-10095	208	2	=	=	SYM
ajfa-10095	208	3	pre	pre	ADJ
ajfa-10095	208	4	-	-	NOUN
ajfa-10095	208	5	tax	tax	ADJ
ajfa-10095	208	6	,	,	PUNCT
ajfa-10095	208	7	pre	pre	ADJ
ajfa-10095	208	8	-	-	ADJ
ajfa-10095	208	9	r&d	r&d	NOUN
ajfa-10095	208	10	earnings	earning	NOUN
ajfa-10095	208	11	.	.	PUNCT
ajfa-10095	209	1	variable	variable	ADJ
ajfa-10095	209	2	definitions	definition	NOUN
ajfa-10095	209	3	:	:	PUNCT
ajfa-10095	209	4	cut	cut	VERB
ajfa-10095	209	5	=	=	PUNCT
ajfa-10095	209	6	1	1	NUM
ajfa-10095	209	7	if	if	SCONJ
ajfa-10095	209	8	r&d	r&d	NOUN
ajfa-10095	209	9	decreases	decrease	VERB
ajfa-10095	209	10	relative	relative	ADJ
ajfa-10095	209	11	to	to	ADP
ajfa-10095	209	12	the	the	DET
ajfa-10095	209	13	previous	previous	ADJ
ajfa-10095	209	14	year	year	NOUN
ajfa-10095	209	15	,	,	PUNCT
ajfa-10095	209	16	and	and	CCONJ
ajfa-10095	209	17	0	0	NUM
ajfa-10095	209	18	otherwise	otherwise	ADV
ajfa-10095	209	19	;	;	PUNCT
ajfa-10095	209	20	dolimit	dolimit	NOUN
ajfa-10095	209	21	=	=	PUNCT
ajfa-10095	209	22	d&o	d&o	NOUN
ajfa-10095	209	23	coverage	coverage	NOUN
ajfa-10095	209	24	limit	limit	NOUN
ajfa-10095	209	25	scaled	scale	VERB
ajfa-10095	209	26	by	by	ADP
ajfa-10095	209	27	market	market	NOUN
ajfa-10095	209	28	value	value	NOUN
ajfa-10095	209	29	of	of	ADP
ajfa-10095	209	30	equity	equity	NOUN
ajfa-10095	209	31	;	;	PUNCT
ajfa-10095	209	32	pcrd	pcrd	NOUN
ajfa-10095	209	33	=	=	PUNCT
ajfa-10095	209	34	the	the	DET
ajfa-10095	209	35	difference	difference	NOUN
ajfa-10095	209	36	in	in	ADP
ajfa-10095	209	37	the	the	DET
ajfa-10095	209	38	natural	natural	ADJ
ajfa-10095	209	39	logarithm	logarithm	NOUN
ajfa-10095	209	40	of	of	ADP
ajfa-10095	209	41	r&d	r&d	NOUN
ajfa-10095	209	42	between	between	ADP
ajfa-10095	209	43	the	the	DET
ajfa-10095	209	44	previous	previous	ADJ
ajfa-10095	209	45	year	year	NOUN
ajfa-10095	209	46	and	and	CCONJ
ajfa-10095	209	47	the	the	DET
ajfa-10095	209	48	year	year	NOUN
ajfa-10095	209	49	before	before	ADV
ajfa-10095	209	50	;	;	PUNCT
ajfa-10095	209	51	cird	cird	NOUN
ajfa-10095	209	52	=	=	PUNCT
ajfa-10095	209	53	the	the	DET
ajfa-10095	209	54	difference	difference	NOUN
ajfa-10095	209	55	in	in	ADP
ajfa-10095	209	56	industry	industry	NOUN
ajfa-10095	209	57	r&d	r&d	NOUN
ajfa-10095	209	58	intensity	intensity	NOUN
ajfa-10095	209	59	(	(	PUNCT
ajfa-10095	209	60	r&d	r&d	NOUN
ajfa-10095	209	61	expenditures	expenditure	NOUN
ajfa-10095	209	62	scaled	scale	VERB
ajfa-10095	209	63	by	by	ADP
ajfa-10095	209	64	total	total	ADJ
ajfa-10095	209	65	sales	sale	NOUN
ajfa-10095	209	66	)	)	PUNCT
ajfa-10095	209	67	between	between	ADP
ajfa-10095	209	68	the	the	DET
ajfa-10095	209	69	current	current	ADJ
ajfa-10095	209	70	year	year	NOUN
ajfa-10095	209	71	and	and	CCONJ
ajfa-10095	209	72	the	the	DET
ajfa-10095	209	73	previous	previous	ADJ
ajfa-10095	209	74	year	year	NOUN
ajfa-10095	209	75	,	,	PUNCT
ajfa-10095	209	76	where	where	SCONJ
ajfa-10095	209	77	the	the	DET
ajfa-10095	209	78	industry	industry	NOUN
ajfa-10095	209	79	is	be	AUX
ajfa-10095	209	80	defined	define	VERB
ajfa-10095	209	81	using	use	VERB
ajfa-10095	209	82	the	the	DET
ajfa-10095	209	83	two	two	NUM
ajfa-10095	209	84	-	-	PUNCT
ajfa-10095	209	85	digit	digit	NOUN
ajfa-10095	209	86	taiwan	taiwan	PROPN
ajfa-10095	209	87	economic	economic	ADJ
ajfa-10095	209	88	journal	journal	PROPN
ajfa-10095	209	89	(	(	PUNCT
ajfa-10095	209	90	tej	tej	PROPN
ajfa-10095	209	91	)	)	PUNCT
ajfa-10095	209	92	code	code	NOUN
ajfa-10095	209	93	;	;	PUNCT
ajfa-10095	209	94	cgdp	cgdp	NOUN
ajfa-10095	209	95	=	=	PUNCT
ajfa-10095	209	96	the	the	DET
ajfa-10095	209	97	difference	difference	NOUN
ajfa-10095	209	98	in	in	ADP
ajfa-10095	209	99	the	the	DET
ajfa-10095	209	100	natural	natural	ADJ
ajfa-10095	209	101	logarithm	logarithm	NOUN
ajfa-10095	209	102	of	of	ADP
ajfa-10095	209	103	gdp	gdp	NOUN
ajfa-10095	209	104	between	between	ADP
ajfa-10095	209	105	the	the	DET
ajfa-10095	209	106	current	current	ADJ
ajfa-10095	209	107	year	year	NOUN
ajfa-10095	209	108	and	and	CCONJ
ajfa-10095	209	109	the	the	DET
ajfa-10095	209	110	previous	previous	ADJ
ajfa-10095	209	111	year	year	NOUN
ajfa-10095	209	112	;	;	PUNCT
ajfa-10095	209	113	toq	toq	NOUN
ajfa-10095	209	114	=	=	PUNCT
ajfa-10095	209	115	the	the	DET
ajfa-10095	209	116	sum	sum	NOUN
ajfa-10095	209	117	of	of	ADP
ajfa-10095	209	118	market	market	NOUN
ajfa-10095	209	119	value	value	NOUN
ajfa-10095	209	120	of	of	ADP
ajfa-10095	209	121	common	common	ADJ
ajfa-10095	209	122	equity	equity	NOUN
ajfa-10095	209	123	and	and	CCONJ
ajfa-10095	209	124	book	book	NOUN
ajfa-10095	209	125	value	value	NOUN
ajfa-10095	209	126	of	of	ADP
ajfa-10095	209	127	debt	debt	NOUN
ajfa-10095	209	128	,	,	PUNCT
ajfa-10095	209	129	divided	divide	VERB
ajfa-10095	209	130	by	by	ADP
ajfa-10095	209	131	the	the	DET
ajfa-10095	209	132	book	book	NOUN
ajfa-10095	209	133	value	value	NOUN
ajfa-10095	209	134	of	of	ADP
ajfa-10095	209	135	total	total	ADJ
ajfa-10095	209	136	assets	asset	NOUN
ajfa-10095	209	137	;	;	PUNCT
ajfa-10095	209	138	csales	csale	NOUN
ajfa-10095	209	139	=	=	PUNCT
ajfa-10095	209	140	the	the	DET
ajfa-10095	209	141	difference	difference	NOUN
ajfa-10095	209	142	in	in	ADP
ajfa-10095	209	143	the	the	DET
ajfa-10095	209	144	natural	natural	ADJ
ajfa-10095	209	145	logarithm	logarithm	NOUN
ajfa-10095	209	146	of	of	ADP
ajfa-10095	209	147	sales	sale	NOUN
ajfa-10095	209	148	between	between	ADP
ajfa-10095	209	149	the	the	DET
ajfa-10095	209	150	current	current	ADJ
ajfa-10095	209	151	year	year	NOUN
ajfa-10095	209	152	and	and	CCONJ
ajfa-10095	209	153	the	the	DET
ajfa-10095	209	154	previous	previous	ADJ
ajfa-10095	209	155	year	year	NOUN
ajfa-10095	209	156	;	;	PUNCT
ajfa-10095	209	157	ccap	ccap	NOUN
ajfa-10095	209	158	=	=	PUNCT
ajfa-10095	209	159	the	the	DET
ajfa-10095	209	160	difference	difference	NOUN
ajfa-10095	209	161	in	in	ADP
ajfa-10095	209	162	the	the	DET
ajfa-10095	209	163	logarithm	logarithm	NOUN
ajfa-10095	209	164	of	of	ADP
ajfa-10095	209	165	capital	capital	NOUN
ajfa-10095	209	166	expenditures	expenditure	NOUN
ajfa-10095	209	167	between	between	ADP
ajfa-10095	209	168	the	the	DET
ajfa-10095	209	169	current	current	ADJ
ajfa-10095	209	170	year	year	NOUN
ajfa-10095	209	171	and	and	CCONJ
ajfa-10095	209	172	the	the	DET
ajfa-10095	209	173	previous	previous	ADJ
ajfa-10095	209	174	year	year	NOUN
ajfa-10095	209	175	;	;	PUNCT
ajfa-10095	209	176	lnmv	lnmv	PROPN
ajfa-10095	209	177	=	=	PUNCT
ajfa-10095	209	178	the	the	DET
ajfa-10095	209	179	natural	natural	ADJ
ajfa-10095	209	180	logarithm	logarithm	NOUN
ajfa-10095	209	181	of	of	ADP
ajfa-10095	209	182	market	market	NOUN
ajfa-10095	209	183	value	value	NOUN
ajfa-10095	209	184	of	of	ADP
ajfa-10095	209	185	equity	equity	NOUN
ajfa-10095	209	186	;	;	PUNCT
ajfa-10095	209	187	lev	lev	NOUN
ajfa-10095	209	188	=	=	SYM
ajfa-10095	209	189	total	total	ADJ
ajfa-10095	209	190	debts	debt	NOUN
ajfa-10095	209	191	divided	divide	VERB
ajfa-10095	209	192	by	by	ADP
ajfa-10095	209	193	total	total	ADJ
ajfa-10095	209	194	assets	asset	NOUN
ajfa-10095	209	195	;	;	PUNCT
ajfa-10095	209	196	fcf	fcf	NOUN
ajfa-10095	209	197	=	=	NOUN
ajfa-10095	209	198	operating	operate	VERB
ajfa-10095	209	199	cash	cash	NOUN
ajfa-10095	209	200	flows	flow	VERB
ajfa-10095	209	201	minus	minus	ADP
ajfa-10095	209	202	capital	capital	NOUN
ajfa-10095	209	203	expenditures	expenditure	NOUN
ajfa-10095	209	204	,	,	PUNCT
ajfa-10095	209	205	scaled	scale	VERB
ajfa-10095	209	206	by	by	ADP
ajfa-10095	209	207	total	total	ADJ
ajfa-10095	209	208	assets	asset	NOUN
ajfa-10095	209	209	;	;	PUNCT
ajfa-10095	209	210	dist	dist	NOUN
ajfa-10095	209	211	=	=	PUNCT
ajfa-10095	209	212	the	the	DET
ajfa-10095	209	213	change	change	NOUN
ajfa-10095	209	214	in	in	ADP
ajfa-10095	209	215	pre	pre	ADJ
ajfa-10095	209	216	-	-	NOUN
ajfa-10095	209	217	tax	tax	ADJ
ajfa-10095	209	218	,	,	PUNCT
ajfa-10095	209	219	pre	pre	ADJ
ajfa-10095	209	220	-	-	ADJ
ajfa-10095	209	221	r&d	r&d	ADJ
ajfa-10095	209	222	earnings	earning	NOUN
ajfa-10095	209	223	divided	divide	VERB
ajfa-10095	209	224	by	by	ADP
ajfa-10095	209	225	previous	previous	ADJ
ajfa-10095	209	226	year	year	NOUN
ajfa-10095	209	227	’s	’s	PART
ajfa-10095	209	228	r&d	r&d	NOUN
ajfa-10095	209	229	;	;	PUNCT
ajfa-10095	209	230	insown	insown	VERB
ajfa-10095	209	231	=	=	PUNCT
ajfa-10095	209	232	the	the	DET
ajfa-10095	209	233	percentage	percentage	NOUN
ajfa-10095	209	234	of	of	ADP
ajfa-10095	209	235	shares	share	NOUN
ajfa-10095	209	236	held	hold	VERB
ajfa-10095	209	237	by	by	ADP
ajfa-10095	209	238	institutional	institutional	ADJ
ajfa-10095	209	239	investors	investor	NOUN
ajfa-10095	209	240	.	.	PUNCT
ajfa-10095	210	1	imr	imr	NOUN
ajfa-10095	210	2	=	=	PUNCT
ajfa-10095	211	1	the	the	DET
ajfa-10095	211	2	inverse	inverse	NOUN
ajfa-10095	211	3	mills	mill	NOUN
ajfa-10095	211	4	ratio	ratio	NOUN
ajfa-10095	211	5	obtained	obtain	VERB
ajfa-10095	211	6	from	from	ADP
ajfa-10095	211	7	equation	equation	NOUN
ajfa-10095	211	8	(	(	PUNCT
ajfa-10095	211	9	2	2	NUM
ajfa-10095	211	10	)	)	PUNCT
ajfa-10095	211	11	.	.	PUNCT
ajfa-10095	212	1	*	*	PUNCT
ajfa-10095	212	2	,	,	PUNCT
ajfa-10095	212	3	*	*	PUNCT
ajfa-10095	212	4	*	*	PUNCT
ajfa-10095	212	5	,	,	PUNCT
ajfa-10095	212	6	and	and	CCONJ
ajfa-10095	212	7	*	*	PUNCT
ajfa-10095	212	8	*	*	PUNCT
ajfa-10095	212	9	*	*	PUNCT
ajfa-10095	212	10	indicate	indicate	VERB
ajfa-10095	212	11	significance	significance	NOUN
ajfa-10095	212	12	at	at	ADP
ajfa-10095	212	13	the	the	DET
ajfa-10095	212	14	10	10	NUM
ajfa-10095	212	15	%	%	NOUN
ajfa-10095	212	16	,	,	PUNCT
ajfa-10095	212	17	5	5	NUM
ajfa-10095	212	18	%	%	NOUN
ajfa-10095	212	19	,	,	PUNCT
ajfa-10095	212	20	and	and	CCONJ
ajfa-10095	212	21	1	1	NUM
ajfa-10095	212	22	%	%	NOUN
ajfa-10095	212	23	levels	level	NOUN
ajfa-10095	212	24	,	,	PUNCT
ajfa-10095	212	25	respectively	respectively	ADV
ajfa-10095	212	26	(	(	PUNCT
ajfa-10095	212	27	two	two	NUM
ajfa-10095	212	28	-	-	PUNCT
ajfa-10095	212	29	tailed	tail	VERB
ajfa-10095	212	30	tests	test	NOUN
ajfa-10095	212	31	)	)	PUNCT
ajfa-10095	212	32	.	.	PUNCT
ajfa-10095	213	1	the	the	DET
ajfa-10095	213	2	z	z	NOUN
ajfa-10095	213	3	-	-	PUNCT
ajfa-10095	213	4	statistics	statistic	NOUN
ajfa-10095	213	5	are	be	AUX
ajfa-10095	213	6	based	base	VERB
ajfa-10095	213	7	on	on	ADP
ajfa-10095	213	8	standard	standard	ADJ
ajfa-10095	213	9	errors	error	NOUN
ajfa-10095	213	10	adjusted	adjust	VERB
ajfa-10095	213	11	for	for	ADP
ajfa-10095	213	12	clustering	cluster	VERB
ajfa-10095	213	13	at	at	ADP
ajfa-10095	213	14	the	the	DET
ajfa-10095	213	15	firm	firm	ADJ
ajfa-10095	213	16	level	level	NOUN
ajfa-10095	213	17	.	.	PUNCT
ajfa-10095	214	1	4.4.2	4.4.2	NUM
ajfa-10095	214	2	alternative	alternative	ADJ
ajfa-10095	214	3	measure	measure	NOUN
ajfa-10095	214	4	of	of	ADP
ajfa-10095	214	5	d&o	d&o	NOUN
ajfa-10095	214	6	coverage	coverage	NOUN
ajfa-10095	214	7	this	this	DET
ajfa-10095	214	8	paper	paper	NOUN
ajfa-10095	214	9	adopts	adopt	VERB
ajfa-10095	214	10	the	the	DET
ajfa-10095	214	11	raw	raw	ADJ
ajfa-10095	214	12	d&o	d&o	NOUN
ajfa-10095	214	13	coverage	coverage	NOUN
ajfa-10095	214	14	levels	level	NOUN
ajfa-10095	214	15	(	(	PUNCT
ajfa-10095	214	16	coverage	coverage	NOUN
ajfa-10095	214	17	limits	limit	NOUN
ajfa-10095	214	18	deflated	deflate	VERB
ajfa-10095	214	19	by	by	ADP
ajfa-10095	214	20	market	market	NOUN
ajfa-10095	214	21	value	value	NOUN
ajfa-10095	214	22	of	of	ADP
ajfa-10095	214	23	equity	equity	NOUN
ajfa-10095	214	24	)	)	PUNCT
ajfa-10095	214	25	as	as	ADP
ajfa-10095	214	26	the	the	DET
ajfa-10095	214	27	independent	independent	ADJ
ajfa-10095	214	28	variable	variable	NOUN
ajfa-10095	214	29	of	of	ADP
ajfa-10095	214	30	interest	interest	NOUN
ajfa-10095	214	31	in	in	ADP
ajfa-10095	214	32	the	the	DET
ajfa-10095	214	33	primary	primary	ADJ
ajfa-10095	214	34	test	test	NOUN
ajfa-10095	214	35	.	.	PUNCT
ajfa-10095	215	1	to	to	PART
ajfa-10095	215	2	provide	provide	VERB
ajfa-10095	215	3	more	more	ADV
ajfa-10095	215	4	direct	direct	ADJ
ajfa-10095	215	5	and	and	CCONJ
ajfa-10095	215	6	compelling	compelling	ADJ
ajfa-10095	215	7	evidence	evidence	NOUN
ajfa-10095	215	8	on	on	ADP
ajfa-10095	215	9	whether	whether	SCONJ
ajfa-10095	215	10	abnormally	abnormally	ADV
ajfa-10095	215	11	high	high	ADJ
ajfa-10095	215	12	d&o	d&o	NOUN
ajfa-10095	215	13	coverage	coverage	NOUN
ajfa-10095	215	14	increases	increase	VERB
ajfa-10095	215	15	the	the	DET
ajfa-10095	215	16	likelihood	likelihood	NOUN
ajfa-10095	215	17	of	of	ADP
ajfa-10095	215	18	cutting	cut	VERB
ajfa-10095	215	19	r&d	r&d	NOUN
ajfa-10095	215	20	,	,	PUNCT
ajfa-10095	215	21	i	i	PRON
ajfa-10095	215	22	replace	replace	VERB
ajfa-10095	215	23	the	the	DET
ajfa-10095	215	24	raw	raw	ADJ
ajfa-10095	215	25	coverage	coverage	NOUN
ajfa-10095	215	26	variable	variable	NOUN
ajfa-10095	215	27	by	by	ADP
ajfa-10095	215	28	an	an	DET
ajfa-10095	215	29	estimated	estimate	VERB
ajfa-10095	215	30	abnormal	abnormal	ADJ
ajfa-10095	215	31	d&o	d&o	NOUN
ajfa-10095	215	32	coverage	coverage	NOUN
ajfa-10095	215	33	,	,	PUNCT
ajfa-10095	215	34	abdolimit	abdolimit	NOUN
ajfa-10095	215	35	,	,	PUNCT
ajfa-10095	215	36	which	which	PRON
ajfa-10095	215	37	is	be	AUX
ajfa-10095	215	38	defined	define	VERB
ajfa-10095	215	39	as	as	ADP
ajfa-10095	215	40	the	the	DET
ajfa-10095	215	41	residual	residual	ADJ
ajfa-10095	215	42	from	from	ADP
ajfa-10095	215	43	the	the	DET
ajfa-10095	215	44	regression	regression	NOUN
ajfa-10095	215	45	of	of	ADP
ajfa-10095	215	46	coverage	coverage	NOUN
ajfa-10095	215	47	limits	limit	NOUN
ajfa-10095	215	48	on	on	ADP
ajfa-10095	215	49	its	its	PRON
ajfa-10095	215	50	determinants7	determinants7	NOUN
ajfa-10095	215	51	.	.	PUNCT
ajfa-10095	216	1	as	as	SCONJ
ajfa-10095	216	2	shown	show	VERB
ajfa-10095	216	3	in	in	ADP
ajfa-10095	216	4	table	table	NOUN
ajfa-10095	216	5	5	5	NUM
ajfa-10095	216	6	,	,	PUNCT
ajfa-10095	216	7	the	the	DET
ajfa-10095	216	8	coefficient	coefficient	NOUN
ajfa-10095	216	9	on	on	ADP
ajfa-10095	216	10	abdolimit	abdolimit	NOUN
ajfa-10095	216	11	is	be	AUX
ajfa-10095	216	12	still	still	ADV
ajfa-10095	216	13	positive	positive	ADJ
ajfa-10095	216	14	and	and	CCONJ
ajfa-10095	216	15	significant	significant	ADJ
ajfa-10095	216	16	.	.	PUNCT
ajfa-10095	217	1	this	this	PRON
ajfa-10095	217	2	suggests	suggest	VERB
ajfa-10095	217	3	that	that	SCONJ
ajfa-10095	217	4	the	the	DET
ajfa-10095	217	5	results	result	NOUN
ajfa-10095	217	6	based	base	VERB
ajfa-10095	217	7	on	on	ADP
ajfa-10095	217	8	abnormal	abnormal	ADJ
ajfa-10095	217	9	d&o	d&o	NOUN
ajfa-10095	217	10	coverage	coverage	NOUN
ajfa-10095	217	11	as	as	ADP
ajfa-10095	217	12	the	the	DET
ajfa-10095	217	13	dependent	dependent	ADJ
ajfa-10095	217	14	7	7	NUM
ajfa-10095	217	15	following	follow	VERB
ajfa-10095	217	16	wynn	wynn	PROPN
ajfa-10095	217	17	(	(	PUNCT
ajfa-10095	217	18	2008	2008	NUM
ajfa-10095	217	19	)	)	PUNCT
ajfa-10095	217	20	and	and	CCONJ
ajfa-10095	217	21	chung	chung	PROPN
ajfa-10095	217	22	et	et	PROPN
ajfa-10095	217	23	al	al	PROPN
ajfa-10095	217	24	.	.	PROPN
ajfa-10095	218	1	(	(	PUNCT
ajfa-10095	218	2	2013	2013	NUM
ajfa-10095	218	3	)	)	PUNCT
ajfa-10095	218	4	,	,	PUNCT
ajfa-10095	218	5	the	the	DET
ajfa-10095	218	6	determinants	determinant	NOUN
ajfa-10095	218	7	of	of	ADP
ajfa-10095	218	8	d&o	d&o	NOUN
ajfa-10095	218	9	insurance	insurance	NOUN
ajfa-10095	218	10	coverage	coverage	NOUN
ajfa-10095	218	11	limits	limit	NOUN
ajfa-10095	218	12	include	include	VERB
ajfa-10095	218	13	firm	firm	ADJ
ajfa-10095	218	14	size	size	NOUN
ajfa-10095	218	15	,	,	PUNCT
ajfa-10095	218	16	leverage	leverage	NOUN
ajfa-10095	218	17	ratio	ratio	NOUN
ajfa-10095	218	18	,	,	PUNCT
ajfa-10095	218	19	cash	cash	NOUN
ajfa-10095	218	20	holdings	holding	NOUN
ajfa-10095	218	21	,	,	PUNCT
ajfa-10095	218	22	volatility	volatility	NOUN
ajfa-10095	218	23	of	of	ADP
ajfa-10095	218	24	stock	stock	NOUN
ajfa-10095	218	25	returns	return	NOUN
ajfa-10095	218	26	(	(	PUNCT
ajfa-10095	218	27	measured	measure	VERB
ajfa-10095	218	28	as	as	ADP
ajfa-10095	218	29	the	the	DET
ajfa-10095	218	30	natural	natural	ADJ
ajfa-10095	218	31	logarithm	logarithm	NOUN
ajfa-10095	218	32	of	of	ADP
ajfa-10095	218	33	annualized	annualize	VERB
ajfa-10095	218	34	variance	variance	NOUN
ajfa-10095	218	35	of	of	ADP
ajfa-10095	218	36	daily	daily	ADJ
ajfa-10095	218	37	return	return	NOUN
ajfa-10095	218	38	over	over	ADP
ajfa-10095	218	39	the	the	DET
ajfa-10095	218	40	current	current	ADJ
ajfa-10095	218	41	fiscal	fiscal	ADJ
ajfa-10095	218	42	year	year	NOUN
ajfa-10095	218	43	)	)	PUNCT
ajfa-10095	218	44	,	,	PUNCT
ajfa-10095	218	45	percentage	percentage	NOUN
ajfa-10095	218	46	of	of	ADP
ajfa-10095	218	47	independent	independent	ADJ
ajfa-10095	218	48	directors	director	NOUN
ajfa-10095	218	49	on	on	ADP
ajfa-10095	218	50	the	the	DET
ajfa-10095	218	51	board	board	NOUN
ajfa-10095	218	52	,	,	PUNCT
ajfa-10095	218	53	outside	outside	ADJ
ajfa-10095	218	54	blockholder	blockholder	NOUN
ajfa-10095	218	55	ownership	ownership	NOUN
ajfa-10095	218	56	,	,	PUNCT
ajfa-10095	218	57	cross	cross	ADJ
ajfa-10095	218	58	-	-	ADJ
ajfa-10095	218	59	listed	listed	ADJ
ajfa-10095	218	60	status	status	NOUN
ajfa-10095	218	61	,	,	PUNCT
ajfa-10095	218	62	and	and	CCONJ
ajfa-10095	218	63	membership	membership	NOUN
ajfa-10095	218	64	in	in	ADP
ajfa-10095	218	65	high	high	ADJ
ajfa-10095	218	66	-	-	PUNCT
ajfa-10095	218	67	tech	tech	NOUN
ajfa-10095	218	68	industry	industry	NOUN
ajfa-10095	218	69	.	.	PUNCT
ajfa-10095	219	1	asian	asian	ADJ
ajfa-10095	219	2	journal	journal	PROPN
ajfa-10095	219	3	of	of	ADP
ajfa-10095	219	4	finance	finance	PROPN
ajfa-10095	219	5	&	&	CCONJ
ajfa-10095	219	6	accounting	accounting	PROPN
ajfa-10095	219	7	issn	issn	PROPN
ajfa-10095	219	8	1946	1946	NUM
ajfa-10095	219	9	-	-	PUNCT
ajfa-10095	219	10	052x	052x	PROPN
ajfa-10095	219	11	2016	2016	NUM
ajfa-10095	219	12	,	,	PUNCT
ajfa-10095	219	13	vol	vol	NOUN
ajfa-10095	219	14	.	.	PROPN
ajfa-10095	219	15	8	8	NUM
ajfa-10095	219	16	,	,	PUNCT
ajfa-10095	219	17	no	no	INTJ
ajfa-10095	219	18	.	.	NOUN
ajfa-10095	219	19	2	2	NUM
ajfa-10095	219	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	219	21	107	107	NUM
ajfa-10095	219	22	variable	variable	NOUN
ajfa-10095	219	23	are	be	AUX
ajfa-10095	219	24	very	very	ADV
ajfa-10095	219	25	similar	similar	ADJ
ajfa-10095	219	26	to	to	ADP
ajfa-10095	219	27	those	those	PRON
ajfa-10095	219	28	reported	report	VERB
ajfa-10095	219	29	in	in	ADP
ajfa-10095	219	30	the	the	DET
ajfa-10095	219	31	paper	paper	NOUN
ajfa-10095	219	32	using	use	VERB
ajfa-10095	219	33	d&o	d&o	PROPN
ajfa-10095	219	34	coverage	coverage	NOUN
ajfa-10095	219	35	levels	level	NOUN
ajfa-10095	219	36	.	.	PUNCT
ajfa-10095	220	1	table	table	NOUN
ajfa-10095	220	2	5	5	NUM
ajfa-10095	220	3	.	.	PUNCT
ajfa-10095	220	4	abnormal	abnormal	ADJ
ajfa-10095	220	5	d&o	d&o	NOUN
ajfa-10095	220	6	coverage	coverage	NOUN
ajfa-10095	220	7	dependent	dependent	ADJ
ajfa-10095	220	8	variable	variable	NOUN
ajfa-10095	220	9	:	:	PUNCT
ajfa-10095	220	10	cut	cut	VERB
ajfa-10095	220	11	sd	sd	ADP
ajfa-10095	220	12	group	group	NOUN
ajfa-10095	220	13	predicted	predict	VERB
ajfa-10095	220	14	signs	sign	NOUN
ajfa-10095	220	15	coefficient	coefficient	VERB
ajfa-10095	220	16	z	z	NOUN
ajfa-10095	220	17	-	-	PUNCT
ajfa-10095	220	18	statistic	statistic	ADJ
ajfa-10095	220	19	abdolimit	abdolimit	NOUN
ajfa-10095	220	20	+	+	CCONJ
ajfa-10095	220	21	2.225	2.225	NUM
ajfa-10095	220	22	*	*	SYM
ajfa-10095	220	23	*	*	SYM
ajfa-10095	220	24	2.33	2.33	NUM
ajfa-10095	220	25	pcrd	pcrd	NOUN
ajfa-10095	220	26	–	–	PUNCT
ajfa-10095	220	27	-0.540	-0.540	NUM
ajfa-10095	220	28	-1.50	-1.50	NUM
ajfa-10095	220	29	cird	cird	PROPN
ajfa-10095	220	30	–	–	PUNCT
ajfa-10095	220	31	-211.079	-211.079	PUNCT
ajfa-10095	220	32	*	*	PUNCT
ajfa-10095	220	33	*	*	PUNCT
ajfa-10095	220	34	-2.35	-2.35	NUM
ajfa-10095	220	35	cgdp	cgdp	NOUN
ajfa-10095	220	36	–	–	PUNCT
ajfa-10095	220	37	13.707	13.707	NUM
ajfa-10095	220	38	*	*	NOUN
ajfa-10095	220	39	*	*	X
ajfa-10095	220	40	2.23	2.23	NUM
ajfa-10095	220	41	toq	toq	NOUN
ajfa-10095	220	42	–	–	PUNCT
ajfa-10095	220	43	-0.219	-0.219	NUM
ajfa-10095	220	44	-1.44	-1.44	NUM
ajfa-10095	220	45	csales	csale	NOUN
ajfa-10095	220	46	–	–	PUNCT
ajfa-10095	220	47	-0.836	-0.836	NUM
ajfa-10095	220	48	-1.44	-1.44	NUM
ajfa-10095	220	49	ccap	ccap	NOUN
ajfa-10095	220	50	–	–	PUNCT
ajfa-10095	220	51	-0.201	-0.201	X
ajfa-10095	220	52	*	*	PUNCT
ajfa-10095	220	53	*	*	NOUN
ajfa-10095	220	54	-2.46	-2.46	NOUN
ajfa-10095	220	55	lnmv	lnmv	ADJ
ajfa-10095	220	56	–	–	PUNCT
ajfa-10095	220	57	-0.148	-0.148	NOUN
ajfa-10095	220	58	*	*	SYM
ajfa-10095	220	59	-1.66	-1.66	NUM
ajfa-10095	220	60	lev	lev	NOUN
ajfa-10095	220	61	+	+	CCONJ
ajfa-10095	220	62	0.442	0.442	NUM
ajfa-10095	220	63	0.66	0.66	NUM
ajfa-10095	220	64	fcf	fcf	NOUN
ajfa-10095	220	65	–	–	PUNCT
ajfa-10095	220	66	0.985	0.985	NUM
ajfa-10095	220	67	0.96	0.96	NUM
ajfa-10095	220	68	dist	dist	NOUN
ajfa-10095	220	69	+	+	CCONJ
ajfa-10095	220	70	-0.680	-0.680	NOUN
ajfa-10095	220	71	*	*	SYM
ajfa-10095	220	72	*	*	PUNCT
ajfa-10095	220	73	-2.21	-2.21	NUM
ajfa-10095	220	74	insown	insown	NOUN
ajfa-10095	220	75	+	+	NUM
ajfa-10095	220	76	-0.363	-0.363	NUM
ajfa-10095	220	77	-0.74	-0.74	X
ajfa-10095	220	78	intercept	intercept	VERB
ajfa-10095	220	79	16.861	16.861	NUM
ajfa-10095	220	80	*	*	PUNCT
ajfa-10095	220	81	*	*	PUNCT
ajfa-10095	220	82	*	*	PROPN
ajfa-10095	220	83	12.32	12.32	NUM
ajfa-10095	220	84	year	year	NOUN
ajfa-10095	220	85	/	/	SYM
ajfa-10095	220	86	industry	industry	NOUN
ajfa-10095	220	87	dummy	dummy	ADJ
ajfa-10095	220	88	variables	variable	NOUN
ajfa-10095	220	89	included	include	VERB
ajfa-10095	220	90	pseudo	pseudo	NOUN
ajfa-10095	220	91	r2	r2	NOUN
ajfa-10095	220	92	0.106	0.106	NUM
ajfa-10095	220	93	n	n	NUM
ajfa-10095	220	94	684	684	NUM
ajfa-10095	221	1	the	the	DET
ajfa-10095	221	2	sd	sd	NOUN
ajfa-10095	221	3	group	group	NOUN
ajfa-10095	221	4	comprises	comprise	VERB
ajfa-10095	221	5	firm	firm	ADJ
ajfa-10095	221	6	-	-	PUNCT
ajfa-10095	221	7	years	year	NOUN
ajfa-10095	221	8	for	for	ADP
ajfa-10095	221	9	which	which	PRON
ajfa-10095	221	10	–	–	PUNCT
ajfa-10095	221	11	rdexpt-1	rdexpt-1	NUM
ajfa-10095	221	12	<	<	X
ajfa-10095	221	13	(	(	PUNCT
ajfa-10095	221	14	ebtrdt	ebtrdt	NOUN
ajfa-10095	221	15	-	-	PUNCT
ajfa-10095	221	16	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	221	17	)	)	PUNCT
ajfa-10095	221	18	<	<	X
ajfa-10095	222	1	0	0	X
ajfa-10095	222	2	.	.	PUNCT
ajfa-10095	222	3	rdexp	rdexp	PROPN
ajfa-10095	222	4	=	=	SYM
ajfa-10095	222	5	r&d	r&d	NOUN
ajfa-10095	222	6	expenditures	expenditure	NOUN
ajfa-10095	222	7	.	.	PUNCT
ajfa-10095	223	1	ebtrd	ebtrd	PROPN
ajfa-10095	223	2	=	=	SYM
ajfa-10095	223	3	pre	pre	ADJ
ajfa-10095	223	4	-	-	NOUN
ajfa-10095	223	5	tax	tax	ADJ
ajfa-10095	223	6	,	,	PUNCT
ajfa-10095	223	7	pre	pre	ADJ
ajfa-10095	223	8	-	-	ADJ
ajfa-10095	223	9	r&d	r&d	NOUN
ajfa-10095	223	10	earnings	earning	NOUN
ajfa-10095	223	11	.	.	PUNCT
ajfa-10095	224	1	variable	variable	ADJ
ajfa-10095	224	2	definitions	definition	NOUN
ajfa-10095	224	3	:	:	PUNCT
ajfa-10095	224	4	cut	cut	VERB
ajfa-10095	224	5	=	=	PUNCT
ajfa-10095	224	6	1	1	NUM
ajfa-10095	224	7	if	if	SCONJ
ajfa-10095	224	8	r&d	r&d	NOUN
ajfa-10095	224	9	decreases	decrease	VERB
ajfa-10095	224	10	relative	relative	ADJ
ajfa-10095	224	11	to	to	ADP
ajfa-10095	224	12	the	the	DET
ajfa-10095	224	13	previous	previous	ADJ
ajfa-10095	224	14	year	year	NOUN
ajfa-10095	224	15	,	,	PUNCT
ajfa-10095	224	16	and	and	CCONJ
ajfa-10095	224	17	0	0	NUM
ajfa-10095	224	18	otherwise	otherwise	ADV
ajfa-10095	224	19	;	;	PUNCT
ajfa-10095	224	20	abdolimit	abdolimit	NOUN
ajfa-10095	224	21	=	=	PUNCT
ajfa-10095	224	22	the	the	DET
ajfa-10095	224	23	residual	residual	ADJ
ajfa-10095	224	24	from	from	ADP
ajfa-10095	224	25	the	the	DET
ajfa-10095	224	26	regression	regression	NOUN
ajfa-10095	224	27	of	of	ADP
ajfa-10095	224	28	dolimit	dolimit	NOUN
ajfa-10095	224	29	on	on	ADP
ajfa-10095	224	30	the	the	DET
ajfa-10095	224	31	economic	economic	ADJ
ajfa-10095	224	32	determinants	determinant	NOUN
ajfa-10095	224	33	of	of	ADP
ajfa-10095	224	34	d&o	d&o	NOUN
ajfa-10095	224	35	coverage	coverage	NOUN
ajfa-10095	224	36	;	;	PUNCT
ajfa-10095	224	37	dolimit	dolimit	NOUN
ajfa-10095	224	38	=	=	PUNCT
ajfa-10095	224	39	d&o	d&o	NOUN
ajfa-10095	224	40	coverage	coverage	NOUN
ajfa-10095	224	41	limit	limit	NOUN
ajfa-10095	224	42	scaled	scale	VERB
ajfa-10095	224	43	by	by	ADP
ajfa-10095	224	44	market	market	NOUN
ajfa-10095	224	45	value	value	NOUN
ajfa-10095	224	46	of	of	ADP
ajfa-10095	224	47	equity	equity	NOUN
ajfa-10095	224	48	;	;	PUNCT
ajfa-10095	224	49	pcrd	pcrd	NOUN
ajfa-10095	224	50	=	=	PUNCT
ajfa-10095	224	51	the	the	DET
ajfa-10095	224	52	difference	difference	NOUN
ajfa-10095	224	53	in	in	ADP
ajfa-10095	224	54	the	the	DET
ajfa-10095	224	55	natural	natural	ADJ
ajfa-10095	224	56	logarithm	logarithm	NOUN
ajfa-10095	224	57	of	of	ADP
ajfa-10095	224	58	r&d	r&d	NOUN
ajfa-10095	224	59	between	between	ADP
ajfa-10095	224	60	the	the	DET
ajfa-10095	224	61	previous	previous	ADJ
ajfa-10095	224	62	year	year	NOUN
ajfa-10095	224	63	and	and	CCONJ
ajfa-10095	224	64	the	the	DET
ajfa-10095	224	65	year	year	NOUN
ajfa-10095	224	66	before	before	ADV
ajfa-10095	224	67	;	;	PUNCT
ajfa-10095	224	68	cird	cird	NOUN
ajfa-10095	224	69	=	=	PUNCT
ajfa-10095	224	70	the	the	DET
ajfa-10095	224	71	difference	difference	NOUN
ajfa-10095	224	72	in	in	ADP
ajfa-10095	224	73	industry	industry	NOUN
ajfa-10095	224	74	r&d	r&d	NOUN
ajfa-10095	224	75	intensity	intensity	NOUN
ajfa-10095	224	76	(	(	PUNCT
ajfa-10095	224	77	r&d	r&d	NOUN
ajfa-10095	224	78	expenditures	expenditure	NOUN
ajfa-10095	224	79	scaled	scale	VERB
ajfa-10095	224	80	by	by	ADP
ajfa-10095	224	81	total	total	ADJ
ajfa-10095	224	82	sales	sale	NOUN
ajfa-10095	224	83	)	)	PUNCT
ajfa-10095	224	84	between	between	ADP
ajfa-10095	224	85	the	the	DET
ajfa-10095	224	86	current	current	ADJ
ajfa-10095	224	87	year	year	NOUN
ajfa-10095	224	88	and	and	CCONJ
ajfa-10095	224	89	the	the	DET
ajfa-10095	224	90	previous	previous	ADJ
ajfa-10095	224	91	year	year	NOUN
ajfa-10095	224	92	,	,	PUNCT
ajfa-10095	224	93	where	where	SCONJ
ajfa-10095	224	94	the	the	DET
ajfa-10095	224	95	industry	industry	NOUN
ajfa-10095	224	96	is	be	AUX
ajfa-10095	224	97	defined	define	VERB
ajfa-10095	224	98	using	use	VERB
ajfa-10095	224	99	the	the	DET
ajfa-10095	224	100	two	two	NUM
ajfa-10095	224	101	-	-	PUNCT
ajfa-10095	224	102	digit	digit	NOUN
ajfa-10095	224	103	taiwan	taiwan	PROPN
ajfa-10095	224	104	economic	economic	ADJ
ajfa-10095	224	105	journal	journal	PROPN
ajfa-10095	224	106	(	(	PUNCT
ajfa-10095	224	107	tej	tej	PROPN
ajfa-10095	224	108	)	)	PUNCT
ajfa-10095	224	109	code	code	NOUN
ajfa-10095	224	110	;	;	PUNCT
ajfa-10095	224	111	cgdp	cgdp	NOUN
ajfa-10095	224	112	=	=	PUNCT
ajfa-10095	224	113	the	the	DET
ajfa-10095	224	114	difference	difference	NOUN
ajfa-10095	224	115	in	in	ADP
ajfa-10095	224	116	the	the	DET
ajfa-10095	224	117	natural	natural	ADJ
ajfa-10095	224	118	logarithm	logarithm	NOUN
ajfa-10095	224	119	of	of	ADP
ajfa-10095	224	120	gdp	gdp	NOUN
ajfa-10095	224	121	between	between	ADP
ajfa-10095	224	122	the	the	DET
ajfa-10095	224	123	current	current	ADJ
ajfa-10095	224	124	year	year	NOUN
ajfa-10095	224	125	and	and	CCONJ
ajfa-10095	224	126	the	the	DET
ajfa-10095	224	127	previous	previous	ADJ
ajfa-10095	224	128	year	year	NOUN
ajfa-10095	224	129	;	;	PUNCT
ajfa-10095	224	130	toq	toq	NOUN
ajfa-10095	224	131	=	=	PUNCT
ajfa-10095	224	132	the	the	DET
ajfa-10095	224	133	sum	sum	NOUN
ajfa-10095	224	134	of	of	ADP
ajfa-10095	224	135	market	market	NOUN
ajfa-10095	224	136	value	value	NOUN
ajfa-10095	224	137	of	of	ADP
ajfa-10095	224	138	common	common	ADJ
ajfa-10095	224	139	equity	equity	NOUN
ajfa-10095	224	140	and	and	CCONJ
ajfa-10095	224	141	book	book	NOUN
ajfa-10095	224	142	value	value	NOUN
ajfa-10095	224	143	of	of	ADP
ajfa-10095	224	144	debt	debt	NOUN
ajfa-10095	224	145	,	,	PUNCT
ajfa-10095	224	146	divided	divide	VERB
ajfa-10095	224	147	by	by	ADP
ajfa-10095	224	148	the	the	DET
ajfa-10095	224	149	book	book	NOUN
ajfa-10095	224	150	value	value	NOUN
ajfa-10095	224	151	of	of	ADP
ajfa-10095	224	152	total	total	ADJ
ajfa-10095	224	153	assets	asset	NOUN
ajfa-10095	224	154	;	;	PUNCT
ajfa-10095	224	155	csales	csale	NOUN
ajfa-10095	224	156	=	=	PUNCT
ajfa-10095	224	157	the	the	DET
ajfa-10095	224	158	difference	difference	NOUN
ajfa-10095	224	159	in	in	ADP
ajfa-10095	224	160	the	the	DET
ajfa-10095	224	161	natural	natural	ADJ
ajfa-10095	224	162	logarithm	logarithm	NOUN
ajfa-10095	224	163	of	of	ADP
ajfa-10095	224	164	sales	sale	NOUN
ajfa-10095	224	165	between	between	ADP
ajfa-10095	224	166	the	the	DET
ajfa-10095	224	167	current	current	ADJ
ajfa-10095	224	168	year	year	NOUN
ajfa-10095	224	169	and	and	CCONJ
ajfa-10095	224	170	the	the	DET
ajfa-10095	224	171	previous	previous	ADJ
ajfa-10095	224	172	year	year	NOUN
ajfa-10095	224	173	;	;	PUNCT
ajfa-10095	224	174	ccap	ccap	NOUN
ajfa-10095	224	175	=	=	PUNCT
ajfa-10095	224	176	the	the	DET
ajfa-10095	224	177	difference	difference	NOUN
ajfa-10095	224	178	in	in	ADP
ajfa-10095	224	179	the	the	DET
ajfa-10095	224	180	logarithm	logarithm	NOUN
ajfa-10095	224	181	of	of	ADP
ajfa-10095	224	182	capital	capital	NOUN
ajfa-10095	224	183	expenditures	expenditure	NOUN
ajfa-10095	224	184	between	between	ADP
ajfa-10095	224	185	the	the	DET
ajfa-10095	224	186	current	current	ADJ
ajfa-10095	224	187	year	year	NOUN
ajfa-10095	224	188	and	and	CCONJ
ajfa-10095	224	189	the	the	DET
ajfa-10095	224	190	previous	previous	ADJ
ajfa-10095	224	191	year	year	NOUN
ajfa-10095	224	192	;	;	PUNCT
ajfa-10095	224	193	lnmv	lnmv	PROPN
ajfa-10095	224	194	=	=	PUNCT
ajfa-10095	224	195	the	the	DET
ajfa-10095	224	196	natural	natural	ADJ
ajfa-10095	224	197	logarithm	logarithm	NOUN
ajfa-10095	224	198	of	of	ADP
ajfa-10095	224	199	market	market	NOUN
ajfa-10095	224	200	value	value	NOUN
ajfa-10095	224	201	of	of	ADP
ajfa-10095	224	202	equity	equity	NOUN
ajfa-10095	224	203	;	;	PUNCT
ajfa-10095	224	204	lev	lev	NOUN
ajfa-10095	224	205	=	=	SYM
ajfa-10095	224	206	total	total	ADJ
ajfa-10095	224	207	debts	debt	NOUN
ajfa-10095	224	208	divided	divide	VERB
ajfa-10095	224	209	by	by	ADP
ajfa-10095	224	210	total	total	ADJ
ajfa-10095	224	211	assets	asset	NOUN
ajfa-10095	224	212	;	;	PUNCT
ajfa-10095	224	213	fcf	fcf	NOUN
ajfa-10095	224	214	=	=	NOUN
ajfa-10095	224	215	operating	operate	VERB
ajfa-10095	224	216	cash	cash	NOUN
ajfa-10095	224	217	flows	flow	VERB
ajfa-10095	224	218	minus	minus	ADP
ajfa-10095	224	219	capital	capital	NOUN
ajfa-10095	224	220	expenditures	expenditure	NOUN
ajfa-10095	224	221	,	,	PUNCT
ajfa-10095	224	222	scaled	scale	VERB
ajfa-10095	224	223	by	by	ADP
ajfa-10095	224	224	total	total	ADJ
ajfa-10095	224	225	assets	asset	NOUN
ajfa-10095	224	226	;	;	PUNCT
ajfa-10095	224	227	dist	dist	NOUN
ajfa-10095	224	228	=	=	PUNCT
ajfa-10095	224	229	the	the	DET
ajfa-10095	224	230	change	change	NOUN
ajfa-10095	224	231	in	in	ADP
ajfa-10095	224	232	pre	pre	ADJ
ajfa-10095	224	233	-	-	NOUN
ajfa-10095	224	234	tax	tax	ADJ
ajfa-10095	224	235	,	,	PUNCT
ajfa-10095	224	236	pre	pre	ADJ
ajfa-10095	224	237	-	-	ADJ
ajfa-10095	224	238	r&d	r&d	ADJ
ajfa-10095	224	239	earnings	earning	NOUN
ajfa-10095	224	240	divided	divide	VERB
ajfa-10095	224	241	by	by	ADP
ajfa-10095	224	242	previous	previous	ADJ
ajfa-10095	224	243	year	year	NOUN
ajfa-10095	224	244	’s	’s	PART
ajfa-10095	224	245	r&d	r&d	NOUN
ajfa-10095	224	246	;	;	PUNCT
ajfa-10095	224	247	insown	insown	VERB
ajfa-10095	224	248	=	=	PUNCT
ajfa-10095	224	249	the	the	DET
ajfa-10095	224	250	percentage	percentage	NOUN
ajfa-10095	224	251	of	of	ADP
ajfa-10095	224	252	shares	share	NOUN
ajfa-10095	224	253	held	hold	VERB
ajfa-10095	224	254	by	by	ADP
ajfa-10095	224	255	institutional	institutional	ADJ
ajfa-10095	224	256	investors	investor	NOUN
ajfa-10095	224	257	.	.	PUNCT
ajfa-10095	225	1	*	*	PUNCT
ajfa-10095	225	2	,	,	PUNCT
ajfa-10095	225	3	*	*	PUNCT
ajfa-10095	225	4	*	*	PUNCT
ajfa-10095	225	5	,	,	PUNCT
ajfa-10095	225	6	and	and	CCONJ
ajfa-10095	225	7	*	*	PUNCT
ajfa-10095	225	8	*	*	PUNCT
ajfa-10095	225	9	*	*	PUNCT
ajfa-10095	225	10	indicate	indicate	VERB
ajfa-10095	225	11	significance	significance	NOUN
ajfa-10095	225	12	at	at	ADP
ajfa-10095	225	13	the	the	DET
ajfa-10095	225	14	10	10	NUM
ajfa-10095	225	15	%	%	NOUN
ajfa-10095	225	16	,	,	PUNCT
ajfa-10095	225	17	5	5	NUM
ajfa-10095	225	18	%	%	NOUN
ajfa-10095	225	19	,	,	PUNCT
ajfa-10095	225	20	and	and	CCONJ
ajfa-10095	225	21	1	1	NUM
ajfa-10095	225	22	%	%	NOUN
ajfa-10095	225	23	levels	level	NOUN
ajfa-10095	225	24	,	,	PUNCT
ajfa-10095	225	25	respectively	respectively	ADV
ajfa-10095	225	26	(	(	PUNCT
ajfa-10095	225	27	two	two	NUM
ajfa-10095	225	28	-	-	PUNCT
ajfa-10095	225	29	tailed	tail	VERB
ajfa-10095	225	30	tests	test	NOUN
ajfa-10095	225	31	)	)	PUNCT
ajfa-10095	225	32	.	.	PUNCT
ajfa-10095	226	1	the	the	DET
ajfa-10095	226	2	z	z	NOUN
ajfa-10095	226	3	-	-	PUNCT
ajfa-10095	226	4	statistics	statistic	NOUN
ajfa-10095	226	5	are	be	AUX
ajfa-10095	226	6	based	base	VERB
ajfa-10095	226	7	on	on	ADP
ajfa-10095	226	8	standard	standard	ADJ
ajfa-10095	226	9	errors	error	NOUN
ajfa-10095	226	10	adjusted	adjust	VERB
ajfa-10095	226	11	for	for	ADP
ajfa-10095	226	12	clustering	cluster	VERB
ajfa-10095	226	13	at	at	ADP
ajfa-10095	226	14	the	the	DET
ajfa-10095	226	15	firm	firm	ADJ
ajfa-10095	226	16	level	level	NOUN
ajfa-10095	226	17	.	.	PUNCT
ajfa-10095	227	1	4.4.3	4.4.3	NUM
ajfa-10095	227	2	alternative	alternative	ADJ
ajfa-10095	227	3	measure	measure	NOUN
ajfa-10095	227	4	of	of	ADP
ajfa-10095	227	5	myopic	myopic	ADJ
ajfa-10095	227	6	r&d	r&d	NOUN
ajfa-10095	227	7	cutting	cut	VERB
ajfa-10095	227	8	behavior	behavior	NOUN
ajfa-10095	227	9	in	in	ADP
ajfa-10095	227	10	addition	addition	NOUN
ajfa-10095	227	11	to	to	ADP
ajfa-10095	227	12	using	use	VERB
ajfa-10095	227	13	the	the	DET
ajfa-10095	227	14	previous	previous	ADJ
ajfa-10095	227	15	year	year	NOUN
ajfa-10095	227	16	’s	’s	PART
ajfa-10095	227	17	r&d	r&d	NOUN
ajfa-10095	227	18	expenditures	expenditure	NOUN
ajfa-10095	227	19	as	as	ADP
ajfa-10095	227	20	a	a	DET
ajfa-10095	227	21	benchmark	benchmark	NOUN
ajfa-10095	227	22	,	,	PUNCT
ajfa-10095	227	23	i	i	PRON
ajfa-10095	227	24	also	also	ADV
ajfa-10095	227	25	adopt	adopt	VERB
ajfa-10095	227	26	the	the	DET
ajfa-10095	227	27	normal	normal	ADJ
ajfa-10095	227	28	level	level	NOUN
ajfa-10095	227	29	of	of	ADP
ajfa-10095	227	30	r&d	r&d	NOUN
ajfa-10095	227	31	expenditures	expenditure	NOUN
ajfa-10095	227	32	using	use	VERB
ajfa-10095	227	33	the	the	DET
ajfa-10095	227	34	model	model	NOUN
ajfa-10095	227	35	developed	develop	VERB
ajfa-10095	227	36	by	by	ADP
ajfa-10095	227	37	roychowdhury	roychowdhury	NOUN
ajfa-10095	227	38	(	(	PUNCT
ajfa-10095	227	39	2006	2006	NUM
ajfa-10095	227	40	)	)	PUNCT
ajfa-10095	227	41	.	.	PUNCT
ajfa-10095	228	1	to	to	PART
ajfa-10095	228	2	estimate	estimate	VERB
ajfa-10095	228	3	the	the	DET
ajfa-10095	228	4	model	model	NOUN
ajfa-10095	228	5	,	,	PUNCT
ajfa-10095	228	6	i	i	PRON
ajfa-10095	228	7	run	run	VERB
ajfa-10095	228	8	the	the	DET
ajfa-10095	228	9	following	follow	VERB
ajfa-10095	228	10	cross	cross	ADJ
ajfa-10095	228	11	-	-	ADJ
ajfa-10095	228	12	sectional	sectional	ADJ
ajfa-10095	228	13	regression	regression	NOUN
ajfa-10095	228	14	for	for	ADP
ajfa-10095	228	15	each	each	DET
ajfa-10095	228	16	industry	industry	NOUN
ajfa-10095	228	17	(	(	PUNCT
ajfa-10095	228	18	defined	define	VERB
ajfa-10095	228	19	by	by	ADP
ajfa-10095	228	20	two	two	NUM
ajfa-10095	228	21	-	-	PUNCT
ajfa-10095	228	22	digit	digit	NOUN
ajfa-10095	228	23	tej	tej	NOUN
ajfa-10095	228	24	codes	code	NOUN
ajfa-10095	228	25	)	)	PUNCT
ajfa-10095	228	26	and	and	CCONJ
ajfa-10095	228	27	year	year	NOUN
ajfa-10095	228	28	.	.	PUNCT
ajfa-10095	229	1	1	1	NUM
ajfa-10095	229	2	0	0	NUM
ajfa-10095	229	3	1	1	NUM
ajfa-10095	229	4	2	2	NUM
ajfa-10095	229	5	1	1	NUM
ajfa-10095	229	6	1	1	NUM
ajfa-10095	229	7	1	1	NUM
ajfa-10095	229	8	1	1	NUM
ajfa-10095	229	9	t	t	NOUN
ajfa-10095	229	10	t	t	NOUN
ajfa-10095	229	11	t	t	PROPN
ajfa-10095	229	12	t	t	PROPN
ajfa-10095	229	13	t	t	PROPN
ajfa-10095	229	14	t	t	PROPN
ajfa-10095	229	15	rdexp	rdexp	PROPN
ajfa-10095	229	16	sales	sales	PROPN
ajfa-10095	229	17	asset	asset	NOUN
ajfa-10095	229	18	asset	asset	NOUN
ajfa-10095	229	19	asset	asset	NOUN
ajfa-10095	229	20	θ	θ	NOUN
ajfa-10095	229	21	θ	θ	PUNCT
ajfa-10095	229	22	θ	θ	NOUN
ajfa-10095	229	23	ε−	ε−	ADV
ajfa-10095	229	24	−	−	NOUN
ajfa-10095	229	25	−	−	NOUN
ajfa-10095	230	1	−	−	NOUN
ajfa-10095	230	2	=	=	PUNCT
ajfa-10095	231	1	+	+	PUNCT
ajfa-10095	231	2	+	+	PUNCT
ajfa-10095	231	3	+	+	CCONJ
ajfa-10095	231	4	(	(	PUNCT
ajfa-10095	231	5	3	3	NUM
ajfa-10095	231	6	)	)	PUNCT
ajfa-10095	231	7	where	where	SCONJ
ajfa-10095	231	8	rdexp	rdexp	NOUN
ajfa-10095	231	9	is	be	AUX
ajfa-10095	231	10	r&d	r&d	NOUN
ajfa-10095	231	11	expenditures	expenditure	NOUN
ajfa-10095	231	12	,	,	PUNCT
ajfa-10095	231	13	asset	asset	NOUN
ajfa-10095	231	14	is	be	AUX
ajfa-10095	231	15	total	total	ADJ
ajfa-10095	231	16	assets	asset	NOUN
ajfa-10095	231	17	,	,	PUNCT
ajfa-10095	231	18	and	and	CCONJ
ajfa-10095	231	19	sales	sale	NOUN
ajfa-10095	231	20	is	be	AUX
ajfa-10095	231	21	total	total	ADJ
ajfa-10095	231	22	sales	sale	NOUN
ajfa-10095	231	23	.	.	PUNCT
ajfa-10095	232	1	consistent	consistent	ADJ
ajfa-10095	232	2	with	with	ADP
ajfa-10095	232	3	roychowdhury	roychowdhury	NOUN
ajfa-10095	232	4	(	(	PUNCT
ajfa-10095	232	5	2006	2006	NUM
ajfa-10095	232	6	)	)	PUNCT
ajfa-10095	232	7	,	,	PUNCT
ajfa-10095	232	8	i	i	PRON
ajfa-10095	232	9	require	require	VERB
ajfa-10095	232	10	at	at	ADV
ajfa-10095	232	11	least	least	ADV
ajfa-10095	232	12	15	15	NUM
ajfa-10095	232	13	observations	observation	NOUN
ajfa-10095	232	14	for	for	ADP
ajfa-10095	232	15	each	each	DET
ajfa-10095	232	16	asian	asian	ADJ
ajfa-10095	232	17	journal	journal	NOUN
ajfa-10095	232	18	of	of	ADP
ajfa-10095	232	19	finance	finance	PROPN
ajfa-10095	232	20	&	&	CCONJ
ajfa-10095	232	21	accounting	accounting	PROPN
ajfa-10095	232	22	issn	issn	PROPN
ajfa-10095	232	23	1946	1946	NUM
ajfa-10095	232	24	-	-	PUNCT
ajfa-10095	232	25	052x	052x	PROPN
ajfa-10095	232	26	2016	2016	NUM
ajfa-10095	232	27	,	,	PUNCT
ajfa-10095	232	28	vol	vol	NOUN
ajfa-10095	232	29	.	.	PROPN
ajfa-10095	232	30	8	8	NUM
ajfa-10095	232	31	,	,	PUNCT
ajfa-10095	232	32	no	no	INTJ
ajfa-10095	232	33	.	.	NOUN
ajfa-10095	232	34	2	2	NUM
ajfa-10095	232	35	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	232	36	108	108	NUM
ajfa-10095	232	37	industry	industry	NOUN
ajfa-10095	232	38	-	-	PUNCT
ajfa-10095	232	39	year	year	NOUN
ajfa-10095	232	40	grouping	grouping	NOUN
ajfa-10095	232	41	.	.	PUNCT
ajfa-10095	233	1	the	the	DET
ajfa-10095	233	2	abnormal	abnormal	ADJ
ajfa-10095	233	3	level	level	NOUN
ajfa-10095	233	4	of	of	ADP
ajfa-10095	233	5	r&d	r&d	NOUN
ajfa-10095	233	6	expenditures	expenditure	NOUN
ajfa-10095	233	7	is	be	AUX
ajfa-10095	233	8	measured	measure	VERB
ajfa-10095	233	9	as	as	ADP
ajfa-10095	233	10	the	the	DET
ajfa-10095	233	11	estimated	estimate	VERB
ajfa-10095	233	12	residual	residual	ADJ
ajfa-10095	233	13	from	from	ADP
ajfa-10095	233	14	equation	equation	NOUN
ajfa-10095	233	15	(	(	PUNCT
ajfa-10095	233	16	3	3	NUM
ajfa-10095	233	17	)	)	PUNCT
ajfa-10095	233	18	.	.	PUNCT
ajfa-10095	234	1	i	i	PRON
ajfa-10095	234	2	then	then	ADV
ajfa-10095	234	3	create	create	VERB
ajfa-10095	234	4	a	a	DET
ajfa-10095	234	5	dummy	dummy	ADJ
ajfa-10095	234	6	variable	variable	NOUN
ajfa-10095	234	7	,	,	PUNCT
ajfa-10095	234	8	negabrd	negabrd	PROPN
ajfa-10095	234	9	,	,	PUNCT
ajfa-10095	234	10	which	which	PRON
ajfa-10095	234	11	equals	equal	VERB
ajfa-10095	234	12	1	1	NUM
ajfa-10095	234	13	if	if	SCONJ
ajfa-10095	234	14	firms	firm	NOUN
ajfa-10095	234	15	with	with	ADP
ajfa-10095	234	16	negative	negative	ADJ
ajfa-10095	234	17	abnormal	abnormal	ADJ
ajfa-10095	234	18	r&d	r&d	NOUN
ajfa-10095	234	19	expenditures	expenditure	NOUN
ajfa-10095	234	20	,	,	PUNCT
ajfa-10095	234	21	0	0	NUM
ajfa-10095	234	22	otherwise	otherwise	ADV
ajfa-10095	234	23	.	.	PUNCT
ajfa-10095	235	1	i	i	PRON
ajfa-10095	235	2	further	far	ADV
ajfa-10095	235	3	exclude	exclude	VERB
ajfa-10095	235	4	firms	firm	NOUN
ajfa-10095	235	5	that	that	PRON
ajfa-10095	235	6	issue	issue	VERB
ajfa-10095	235	7	seasoned	season	VERB
ajfa-10095	235	8	equity	equity	NOUN
ajfa-10095	235	9	offerings	offering	NOUN
ajfa-10095	235	10	as	as	SCONJ
ajfa-10095	235	11	they	they	PRON
ajfa-10095	235	12	are	be	AUX
ajfa-10095	235	13	inclined	inclined	ADJ
ajfa-10095	235	14	to	to	PART
ajfa-10095	235	15	seek	seek	VERB
ajfa-10095	235	16	external	external	ADJ
ajfa-10095	235	17	financing	financing	NOUN
ajfa-10095	235	18	due	due	ADJ
ajfa-10095	235	19	to	to	ADP
ajfa-10095	235	20	existing	exist	VERB
ajfa-10095	235	21	r&d	r&d	NOUN
ajfa-10095	235	22	projects	project	NOUN
ajfa-10095	235	23	.	.	PUNCT
ajfa-10095	236	1	hence	hence	ADV
ajfa-10095	236	2	,	,	PUNCT
ajfa-10095	236	3	the	the	DET
ajfa-10095	236	4	exclusion	exclusion	NOUN
ajfa-10095	236	5	of	of	ADP
ajfa-10095	236	6	such	such	ADJ
ajfa-10095	236	7	firms	firm	NOUN
ajfa-10095	236	8	may	may	AUX
ajfa-10095	236	9	produce	produce	VERB
ajfa-10095	236	10	a	a	DET
ajfa-10095	236	11	cleaner	clean	ADJ
ajfa-10095	236	12	sample	sample	NOUN
ajfa-10095	236	13	that	that	PRON
ajfa-10095	236	14	exhibits	exhibit	VERB
ajfa-10095	236	15	incentives	incentive	NOUN
ajfa-10095	236	16	to	to	PART
ajfa-10095	236	17	manage	manage	VERB
ajfa-10095	236	18	earnings	earning	NOUN
ajfa-10095	236	19	towards	towards	ADP
ajfa-10095	236	20	performance	performance	NOUN
ajfa-10095	236	21	targets	target	NOUN
ajfa-10095	236	22	and	and	CCONJ
ajfa-10095	236	23	thus	thus	ADV
ajfa-10095	236	24	increases	increase	VERB
ajfa-10095	236	25	the	the	DET
ajfa-10095	236	26	power	power	NOUN
ajfa-10095	236	27	of	of	ADP
ajfa-10095	236	28	the	the	DET
ajfa-10095	236	29	tests	test	NOUN
ajfa-10095	236	30	.	.	PUNCT
ajfa-10095	237	1	in	in	ADP
ajfa-10095	237	2	table	table	NOUN
ajfa-10095	237	3	6	6	NUM
ajfa-10095	237	4	,	,	PUNCT
ajfa-10095	237	5	the	the	DET
ajfa-10095	237	6	regression	regression	NOUN
ajfa-10095	237	7	with	with	ADP
ajfa-10095	237	8	negabrd	negabrd	NOUN
ajfa-10095	237	9	as	as	ADP
ajfa-10095	237	10	the	the	DET
ajfa-10095	237	11	dependent	dependent	ADJ
ajfa-10095	237	12	variable	variable	NOUN
ajfa-10095	237	13	shows	show	VERB
ajfa-10095	237	14	that	that	SCONJ
ajfa-10095	237	15	the	the	DET
ajfa-10095	237	16	coefficient	coefficient	NOUN
ajfa-10095	237	17	on	on	ADP
ajfa-10095	237	18	dolimit	dolimit	NOUN
ajfa-10095	237	19	is	be	AUX
ajfa-10095	237	20	positive	positive	ADJ
ajfa-10095	237	21	and	and	CCONJ
ajfa-10095	237	22	significant	significant	ADJ
ajfa-10095	237	23	(	(	PUNCT
ajfa-10095	237	24	marginally	marginally	ADV
ajfa-10095	237	25	significant	significant	ADJ
ajfa-10095	237	26	)	)	PUNCT
ajfa-10095	237	27	.	.	PUNCT
ajfa-10095	238	1	therefore	therefore	ADV
ajfa-10095	238	2	,	,	PUNCT
ajfa-10095	238	3	the	the	DET
ajfa-10095	238	4	results	result	NOUN
ajfa-10095	238	5	are	be	AUX
ajfa-10095	238	6	robust	robust	ADJ
ajfa-10095	238	7	to	to	ADP
ajfa-10095	238	8	alternative	alternative	ADJ
ajfa-10095	238	9	measures	measure	NOUN
ajfa-10095	238	10	of	of	ADP
ajfa-10095	238	11	managerial	managerial	ADJ
ajfa-10095	238	12	myopia	myopia	NOUN
ajfa-10095	238	13	.	.	PUNCT
ajfa-10095	238	14	table	table	NOUN
ajfa-10095	238	15	6	6	NUM
ajfa-10095	238	16	.	.	X
ajfa-10095	238	17	abnormal	abnormal	ADJ
ajfa-10095	238	18	r&d	r&d	NOUN
ajfa-10095	238	19	expenditure	expenditure	NOUN
ajfa-10095	238	20	dependent	dependent	ADJ
ajfa-10095	238	21	variable	variable	NOUN
ajfa-10095	238	22	:	:	PUNCT
ajfa-10095	238	23	negabrd	negabrd	PROPN
ajfa-10095	238	24	sd	sd	PROPN
ajfa-10095	238	25	group	group	NOUN
ajfa-10095	238	26	predicted	predict	VERB
ajfa-10095	238	27	signs	sign	NOUN
ajfa-10095	238	28	coefficient	coefficient	VERB
ajfa-10095	238	29	z	z	NOUN
ajfa-10095	238	30	-	-	PUNCT
ajfa-10095	238	31	statistic	statistic	ADJ
ajfa-10095	238	32	dolimit	dolimit	NOUN
ajfa-10095	238	33	+	+	CCONJ
ajfa-10095	238	34	-1.704	-1.704	PROPN
ajfa-10095	238	35	*	*	ADJ
ajfa-10095	238	36	-1.79	-1.79	NUM
ajfa-10095	238	37	pcrd	pcrd	NOUN
ajfa-10095	238	38	–	–	PUNCT
ajfa-10095	238	39	-1.604	-1.604	PUNCT
ajfa-10095	238	40	*	*	PUNCT
ajfa-10095	238	41	*	*	PUNCT
ajfa-10095	238	42	*	*	NOUN
ajfa-10095	238	43	-3.33	-3.33	NUM
ajfa-10095	238	44	cird	cird	NOUN
ajfa-10095	238	45	–	–	PUNCT
ajfa-10095	238	46	14.029	14.029	NUM
ajfa-10095	238	47	0.12	0.12	NUM
ajfa-10095	238	48	cgdp	cgdp	NOUN
ajfa-10095	238	49	–	–	PUNCT
ajfa-10095	238	50	24.693	24.693	NUM
ajfa-10095	238	51	*	*	PUNCT
ajfa-10095	238	52	*	*	PUNCT
ajfa-10095	238	53	*	*	X
ajfa-10095	238	54	2.98	2.98	NUM
ajfa-10095	238	55	toq	toq	NOUN
ajfa-10095	238	56	–	–	PUNCT
ajfa-10095	238	57	-0.774	-0.774	PUNCT
ajfa-10095	238	58	*	*	PUNCT
ajfa-10095	238	59	*	*	PUNCT
ajfa-10095	238	60	*	*	PUNCT
ajfa-10095	238	61	-3.54	-3.54	NUM
ajfa-10095	238	62	csales	csale	NOUN
ajfa-10095	238	63	–	–	PUNCT
ajfa-10095	238	64	1.212	1.212	NUM
ajfa-10095	238	65	*	*	NOUN
ajfa-10095	238	66	*	*	PROPN
ajfa-10095	238	67	2.09	2.09	NUM
ajfa-10095	238	68	ccap	ccap	NOUN
ajfa-10095	238	69	–	–	PUNCT
ajfa-10095	238	70	-0.187	-0.187	PUNCT
ajfa-10095	238	71	*	*	PUNCT
ajfa-10095	238	72	*	*	PUNCT
ajfa-10095	238	73	-2.01	-2.01	NUM
ajfa-10095	238	74	lnmv	lnmv	PROPN
ajfa-10095	238	75	–	–	PUNCT
ajfa-10095	238	76	-0.363	-0.363	PUNCT
ajfa-10095	238	77	*	*	PUNCT
ajfa-10095	238	78	*	*	PUNCT
ajfa-10095	238	79	*	*	PUNCT
ajfa-10095	238	80	-3.40	-3.40	NUM
ajfa-10095	238	81	lev	lev	NOUN
ajfa-10095	238	82	+	+	CCONJ
ajfa-10095	238	83	2.107	2.107	NUM
ajfa-10095	238	84	*	*	PUNCT
ajfa-10095	238	85	*	*	PUNCT
ajfa-10095	238	86	*	*	PROPN
ajfa-10095	238	87	2.87	2.87	NUM
ajfa-10095	238	88	fcf	fcf	NOUN
ajfa-10095	238	89	–	–	PUNCT
ajfa-10095	238	90	-0.469	-0.469	X
ajfa-10095	238	91	-0.38	-0.38	NOUN
ajfa-10095	238	92	dist	dist	NOUN
ajfa-10095	238	93	+	+	CCONJ
ajfa-10095	238	94	-1.184	-1.184	PUNCT
ajfa-10095	238	95	*	*	PUNCT
ajfa-10095	238	96	*	*	PUNCT
ajfa-10095	238	97	*	*	PUNCT
ajfa-10095	238	98	-3.31	-3.31	PUNCT
ajfa-10095	238	99	insown	insown	VERB
ajfa-10095	238	100	+	+	CCONJ
ajfa-10095	238	101	1.394	1.394	NUM
ajfa-10095	238	102	*	*	SYM
ajfa-10095	238	103	*	*	PROPN
ajfa-10095	238	104	2.40	2.40	NUM
ajfa-10095	238	105	intercept	intercept	NOUN
ajfa-10095	238	106	-12.075	-12.075	ADJ
ajfa-10095	238	107	-0.02	-0.02	NUM
ajfa-10095	238	108	year	year	NOUN
ajfa-10095	238	109	/	/	SYM
ajfa-10095	238	110	industry	industry	NOUN
ajfa-10095	238	111	dummy	dummy	ADJ
ajfa-10095	238	112	variables	variable	NOUN
ajfa-10095	238	113	included	include	VERB
ajfa-10095	238	114	pseudo	pseudo	NOUN
ajfa-10095	238	115	r2	r2	NOUN
ajfa-10095	238	116	0.174	0.174	NUM
ajfa-10095	238	117	n	n	CCONJ
ajfa-10095	238	118	598	598	NUM
ajfa-10095	238	119	the	the	DET
ajfa-10095	238	120	sd	sd	NOUN
ajfa-10095	238	121	group	group	NOUN
ajfa-10095	238	122	comprises	comprise	VERB
ajfa-10095	238	123	firm	firm	ADJ
ajfa-10095	238	124	-	-	PUNCT
ajfa-10095	238	125	years	year	NOUN
ajfa-10095	238	126	for	for	ADP
ajfa-10095	238	127	which	which	PRON
ajfa-10095	238	128	–	–	PUNCT
ajfa-10095	238	129	rdexpt-1	rdexpt-1	NUM
ajfa-10095	238	130	<	<	X
ajfa-10095	238	131	(	(	PUNCT
ajfa-10095	238	132	ebtrdt	ebtrdt	NOUN
ajfa-10095	238	133	-	-	PUNCT
ajfa-10095	238	134	ebtrdt-1	ebtrdt-1	NUM
ajfa-10095	238	135	)	)	PUNCT
ajfa-10095	238	136	<	<	X
ajfa-10095	239	1	0	0	X
ajfa-10095	239	2	.	.	PUNCT
ajfa-10095	239	3	rdexp	rdexp	PROPN
ajfa-10095	239	4	=	=	SYM
ajfa-10095	239	5	r&d	r&d	NOUN
ajfa-10095	239	6	expenditures	expenditure	NOUN
ajfa-10095	239	7	.	.	PUNCT
ajfa-10095	240	1	ebtrd	ebtrd	PROPN
ajfa-10095	240	2	=	=	SYM
ajfa-10095	240	3	pre	pre	ADJ
ajfa-10095	240	4	-	-	NOUN
ajfa-10095	240	5	tax	tax	ADJ
ajfa-10095	240	6	,	,	PUNCT
ajfa-10095	240	7	pre	pre	ADJ
ajfa-10095	240	8	-	-	ADJ
ajfa-10095	240	9	r&d	r&d	NOUN
ajfa-10095	240	10	earnings	earning	NOUN
ajfa-10095	240	11	.	.	PUNCT
ajfa-10095	241	1	variable	variable	ADJ
ajfa-10095	241	2	definitions	definition	NOUN
ajfa-10095	241	3	:	:	PUNCT
ajfa-10095	241	4	negabrd	negabrd	NOUN
ajfa-10095	241	5	=	=	NOUN
ajfa-10095	241	6	1	1	NUM
ajfa-10095	241	7	if	if	SCONJ
ajfa-10095	241	8	firms	firm	NOUN
ajfa-10095	241	9	with	with	ADP
ajfa-10095	241	10	negative	negative	ADJ
ajfa-10095	241	11	abnormal	abnormal	ADJ
ajfa-10095	241	12	r&d	r&d	NOUN
ajfa-10095	241	13	expenditures	expenditure	NOUN
ajfa-10095	241	14	,	,	PUNCT
ajfa-10095	241	15	and	and	CCONJ
ajfa-10095	241	16	0	0	NUM
ajfa-10095	241	17	otherwise	otherwise	ADV
ajfa-10095	241	18	,	,	PUNCT
ajfa-10095	241	19	where	where	SCONJ
ajfa-10095	241	20	abnormal	abnormal	ADJ
ajfa-10095	241	21	r&d	r&d	NOUN
ajfa-10095	241	22	expenditures	expenditure	NOUN
ajfa-10095	241	23	is	be	AUX
ajfa-10095	241	24	calculated	calculate	VERB
ajfa-10095	241	25	using	use	VERB
ajfa-10095	241	26	the	the	DET
ajfa-10095	241	27	method	method	NOUN
ajfa-10095	241	28	of	of	ADP
ajfa-10095	241	29	roychowdhury	roychowdhury	NOUN
ajfa-10095	241	30	(	(	PUNCT
ajfa-10095	241	31	2006	2006	NUM
ajfa-10095	241	32	)	)	PUNCT
ajfa-10095	241	33	;	;	PUNCT
ajfa-10095	241	34	dolimit	dolimit	NOUN
ajfa-10095	241	35	=	=	SYM
ajfa-10095	241	36	d&o	d&o	NOUN
ajfa-10095	241	37	coverage	coverage	NOUN
ajfa-10095	241	38	limit	limit	NOUN
ajfa-10095	241	39	scaled	scale	VERB
ajfa-10095	241	40	by	by	ADP
ajfa-10095	241	41	market	market	NOUN
ajfa-10095	241	42	value	value	NOUN
ajfa-10095	241	43	of	of	ADP
ajfa-10095	241	44	equity	equity	NOUN
ajfa-10095	241	45	;	;	PUNCT
ajfa-10095	241	46	pcrd	pcrd	NOUN
ajfa-10095	241	47	=	=	PUNCT
ajfa-10095	241	48	the	the	DET
ajfa-10095	241	49	difference	difference	NOUN
ajfa-10095	241	50	in	in	ADP
ajfa-10095	241	51	the	the	DET
ajfa-10095	241	52	natural	natural	ADJ
ajfa-10095	241	53	logarithm	logarithm	NOUN
ajfa-10095	241	54	of	of	ADP
ajfa-10095	241	55	r&d	r&d	NOUN
ajfa-10095	241	56	between	between	ADP
ajfa-10095	241	57	the	the	DET
ajfa-10095	241	58	previous	previous	ADJ
ajfa-10095	241	59	year	year	NOUN
ajfa-10095	241	60	and	and	CCONJ
ajfa-10095	241	61	the	the	DET
ajfa-10095	241	62	year	year	NOUN
ajfa-10095	241	63	before	before	ADV
ajfa-10095	241	64	;	;	PUNCT
ajfa-10095	241	65	cird	cird	NOUN
ajfa-10095	241	66	=	=	PUNCT
ajfa-10095	241	67	the	the	DET
ajfa-10095	241	68	difference	difference	NOUN
ajfa-10095	241	69	in	in	ADP
ajfa-10095	241	70	industry	industry	NOUN
ajfa-10095	241	71	r&d	r&d	NOUN
ajfa-10095	241	72	intensity	intensity	NOUN
ajfa-10095	241	73	(	(	PUNCT
ajfa-10095	241	74	r&d	r&d	NOUN
ajfa-10095	241	75	expenditures	expenditure	NOUN
ajfa-10095	241	76	scaled	scale	VERB
ajfa-10095	241	77	by	by	ADP
ajfa-10095	241	78	total	total	ADJ
ajfa-10095	241	79	sales	sale	NOUN
ajfa-10095	241	80	)	)	PUNCT
ajfa-10095	241	81	between	between	ADP
ajfa-10095	241	82	the	the	DET
ajfa-10095	241	83	current	current	ADJ
ajfa-10095	241	84	year	year	NOUN
ajfa-10095	241	85	and	and	CCONJ
ajfa-10095	241	86	the	the	DET
ajfa-10095	241	87	previous	previous	ADJ
ajfa-10095	241	88	year	year	NOUN
ajfa-10095	241	89	,	,	PUNCT
ajfa-10095	241	90	where	where	SCONJ
ajfa-10095	241	91	the	the	DET
ajfa-10095	241	92	industry	industry	NOUN
ajfa-10095	241	93	is	be	AUX
ajfa-10095	241	94	defined	define	VERB
ajfa-10095	241	95	using	use	VERB
ajfa-10095	241	96	the	the	DET
ajfa-10095	241	97	two	two	NUM
ajfa-10095	241	98	-	-	PUNCT
ajfa-10095	241	99	digit	digit	NOUN
ajfa-10095	241	100	taiwan	taiwan	PROPN
ajfa-10095	241	101	economic	economic	ADJ
ajfa-10095	241	102	journal	journal	PROPN
ajfa-10095	241	103	(	(	PUNCT
ajfa-10095	241	104	tej	tej	PROPN
ajfa-10095	241	105	)	)	PUNCT
ajfa-10095	241	106	code	code	NOUN
ajfa-10095	241	107	;	;	PUNCT
ajfa-10095	241	108	cgdp	cgdp	NOUN
ajfa-10095	241	109	=	=	PUNCT
ajfa-10095	241	110	the	the	DET
ajfa-10095	241	111	difference	difference	NOUN
ajfa-10095	241	112	in	in	ADP
ajfa-10095	241	113	the	the	DET
ajfa-10095	241	114	natural	natural	ADJ
ajfa-10095	241	115	logarithm	logarithm	NOUN
ajfa-10095	241	116	of	of	ADP
ajfa-10095	241	117	gdp	gdp	NOUN
ajfa-10095	241	118	between	between	ADP
ajfa-10095	241	119	the	the	DET
ajfa-10095	241	120	current	current	ADJ
ajfa-10095	241	121	year	year	NOUN
ajfa-10095	241	122	and	and	CCONJ
ajfa-10095	241	123	the	the	DET
ajfa-10095	241	124	previous	previous	ADJ
ajfa-10095	241	125	year	year	NOUN
ajfa-10095	241	126	;	;	PUNCT
ajfa-10095	241	127	toq	toq	NOUN
ajfa-10095	241	128	=	=	PUNCT
ajfa-10095	241	129	the	the	DET
ajfa-10095	241	130	sum	sum	NOUN
ajfa-10095	241	131	of	of	ADP
ajfa-10095	241	132	market	market	NOUN
ajfa-10095	241	133	value	value	NOUN
ajfa-10095	241	134	of	of	ADP
ajfa-10095	241	135	common	common	ADJ
ajfa-10095	241	136	equity	equity	NOUN
ajfa-10095	241	137	and	and	CCONJ
ajfa-10095	241	138	book	book	NOUN
ajfa-10095	241	139	value	value	NOUN
ajfa-10095	241	140	of	of	ADP
ajfa-10095	241	141	debt	debt	NOUN
ajfa-10095	241	142	,	,	PUNCT
ajfa-10095	241	143	divided	divide	VERB
ajfa-10095	241	144	by	by	ADP
ajfa-10095	241	145	the	the	DET
ajfa-10095	241	146	book	book	NOUN
ajfa-10095	241	147	value	value	NOUN
ajfa-10095	241	148	of	of	ADP
ajfa-10095	241	149	total	total	ADJ
ajfa-10095	241	150	assets	asset	NOUN
ajfa-10095	241	151	;	;	PUNCT
ajfa-10095	241	152	csales	csale	NOUN
ajfa-10095	241	153	=	=	PUNCT
ajfa-10095	241	154	the	the	DET
ajfa-10095	241	155	difference	difference	NOUN
ajfa-10095	241	156	in	in	ADP
ajfa-10095	241	157	the	the	DET
ajfa-10095	241	158	natural	natural	ADJ
ajfa-10095	241	159	logarithm	logarithm	NOUN
ajfa-10095	241	160	of	of	ADP
ajfa-10095	241	161	sales	sale	NOUN
ajfa-10095	241	162	between	between	ADP
ajfa-10095	241	163	the	the	DET
ajfa-10095	241	164	current	current	ADJ
ajfa-10095	241	165	year	year	NOUN
ajfa-10095	241	166	and	and	CCONJ
ajfa-10095	241	167	the	the	DET
ajfa-10095	241	168	previous	previous	ADJ
ajfa-10095	241	169	year	year	NOUN
ajfa-10095	241	170	;	;	PUNCT
ajfa-10095	241	171	ccap	ccap	NOUN
ajfa-10095	241	172	=	=	PUNCT
ajfa-10095	241	173	the	the	DET
ajfa-10095	241	174	difference	difference	NOUN
ajfa-10095	241	175	in	in	ADP
ajfa-10095	241	176	the	the	DET
ajfa-10095	241	177	logarithm	logarithm	NOUN
ajfa-10095	241	178	of	of	ADP
ajfa-10095	241	179	capital	capital	NOUN
ajfa-10095	241	180	expenditures	expenditure	NOUN
ajfa-10095	241	181	between	between	ADP
ajfa-10095	241	182	the	the	DET
ajfa-10095	241	183	current	current	ADJ
ajfa-10095	241	184	year	year	NOUN
ajfa-10095	241	185	and	and	CCONJ
ajfa-10095	241	186	the	the	DET
ajfa-10095	241	187	previous	previous	ADJ
ajfa-10095	241	188	year	year	NOUN
ajfa-10095	241	189	;	;	PUNCT
ajfa-10095	241	190	lnmv	lnmv	PROPN
ajfa-10095	241	191	=	=	PUNCT
ajfa-10095	241	192	the	the	DET
ajfa-10095	241	193	natural	natural	ADJ
ajfa-10095	241	194	logarithm	logarithm	NOUN
ajfa-10095	241	195	of	of	ADP
ajfa-10095	241	196	market	market	NOUN
ajfa-10095	241	197	value	value	NOUN
ajfa-10095	241	198	of	of	ADP
ajfa-10095	241	199	equity	equity	NOUN
ajfa-10095	241	200	;	;	PUNCT
ajfa-10095	241	201	lev	lev	NOUN
ajfa-10095	241	202	=	=	SYM
ajfa-10095	241	203	total	total	ADJ
ajfa-10095	241	204	debts	debt	NOUN
ajfa-10095	241	205	divided	divide	VERB
ajfa-10095	241	206	by	by	ADP
ajfa-10095	241	207	total	total	ADJ
ajfa-10095	241	208	assets	asset	NOUN
ajfa-10095	241	209	;	;	PUNCT
ajfa-10095	241	210	fcf	fcf	NOUN
ajfa-10095	241	211	=	=	NOUN
ajfa-10095	241	212	operating	operate	VERB
ajfa-10095	241	213	cash	cash	NOUN
ajfa-10095	241	214	flows	flow	VERB
ajfa-10095	241	215	minus	minus	ADP
ajfa-10095	241	216	capital	capital	NOUN
ajfa-10095	241	217	expenditures	expenditure	NOUN
ajfa-10095	241	218	,	,	PUNCT
ajfa-10095	241	219	scaled	scale	VERB
ajfa-10095	241	220	by	by	ADP
ajfa-10095	241	221	total	total	ADJ
ajfa-10095	241	222	assets	asset	NOUN
ajfa-10095	241	223	;	;	PUNCT
ajfa-10095	241	224	dist	dist	NOUN
ajfa-10095	241	225	=	=	PUNCT
ajfa-10095	241	226	the	the	DET
ajfa-10095	241	227	change	change	NOUN
ajfa-10095	241	228	in	in	ADP
ajfa-10095	241	229	pre	pre	ADJ
ajfa-10095	241	230	-	-	NOUN
ajfa-10095	241	231	tax	tax	ADJ
ajfa-10095	241	232	,	,	PUNCT
ajfa-10095	241	233	pre	pre	ADJ
ajfa-10095	241	234	-	-	ADJ
ajfa-10095	241	235	r&d	r&d	ADJ
ajfa-10095	241	236	earnings	earning	NOUN
ajfa-10095	241	237	divided	divide	VERB
ajfa-10095	241	238	by	by	ADP
ajfa-10095	241	239	previous	previous	ADJ
ajfa-10095	241	240	year	year	NOUN
ajfa-10095	241	241	’s	’s	PART
ajfa-10095	241	242	r&d	r&d	NOUN
ajfa-10095	241	243	;	;	PUNCT
ajfa-10095	241	244	insown	insown	VERB
ajfa-10095	241	245	=	=	PUNCT
ajfa-10095	241	246	the	the	DET
ajfa-10095	241	247	percentage	percentage	NOUN
ajfa-10095	241	248	of	of	ADP
ajfa-10095	241	249	shares	share	NOUN
ajfa-10095	241	250	held	hold	VERB
ajfa-10095	241	251	by	by	ADP
ajfa-10095	241	252	institutional	institutional	ADJ
ajfa-10095	241	253	investors	investor	NOUN
ajfa-10095	241	254	.	.	PUNCT
ajfa-10095	242	1	imr	imr	NOUN
ajfa-10095	242	2	=	=	PUNCT
ajfa-10095	243	1	the	the	DET
ajfa-10095	243	2	inverse	inverse	NOUN
ajfa-10095	243	3	mills	mill	NOUN
ajfa-10095	243	4	ratio	ratio	NOUN
ajfa-10095	243	5	obtained	obtain	VERB
ajfa-10095	243	6	from	from	ADP
ajfa-10095	243	7	equation	equation	NOUN
ajfa-10095	243	8	(	(	PUNCT
ajfa-10095	243	9	2	2	NUM
ajfa-10095	243	10	)	)	PUNCT
ajfa-10095	243	11	.	.	PUNCT
ajfa-10095	244	1	*	*	PUNCT
ajfa-10095	244	2	,	,	PUNCT
ajfa-10095	244	3	*	*	PUNCT
ajfa-10095	244	4	*	*	PUNCT
ajfa-10095	244	5	,	,	PUNCT
ajfa-10095	244	6	and	and	CCONJ
ajfa-10095	244	7	*	*	PUNCT
ajfa-10095	244	8	*	*	PUNCT
ajfa-10095	244	9	*	*	PUNCT
ajfa-10095	244	10	indicate	indicate	VERB
ajfa-10095	244	11	significance	significance	NOUN
ajfa-10095	244	12	at	at	ADP
ajfa-10095	244	13	the	the	DET
ajfa-10095	244	14	10	10	NUM
ajfa-10095	244	15	%	%	NOUN
ajfa-10095	244	16	,	,	PUNCT
ajfa-10095	244	17	5	5	NUM
ajfa-10095	244	18	%	%	NOUN
ajfa-10095	244	19	,	,	PUNCT
ajfa-10095	244	20	and	and	CCONJ
ajfa-10095	244	21	1	1	NUM
ajfa-10095	244	22	%	%	NOUN
ajfa-10095	244	23	levels	level	NOUN
ajfa-10095	244	24	,	,	PUNCT
ajfa-10095	244	25	respectively	respectively	ADV
ajfa-10095	244	26	(	(	PUNCT
ajfa-10095	244	27	two	two	NUM
ajfa-10095	244	28	-	-	PUNCT
ajfa-10095	244	29	tailed	tail	VERB
ajfa-10095	244	30	tests	test	NOUN
ajfa-10095	244	31	)	)	PUNCT
ajfa-10095	244	32	.	.	PUNCT
ajfa-10095	245	1	the	the	DET
ajfa-10095	245	2	z	z	NOUN
ajfa-10095	245	3	-	-	PUNCT
ajfa-10095	245	4	statistics	statistic	NOUN
ajfa-10095	245	5	are	be	AUX
ajfa-10095	245	6	based	base	VERB
ajfa-10095	245	7	on	on	ADP
ajfa-10095	245	8	standard	standard	ADJ
ajfa-10095	245	9	errors	error	NOUN
ajfa-10095	245	10	adjusted	adjust	VERB
ajfa-10095	245	11	for	for	ADP
ajfa-10095	245	12	clustering	cluster	VERB
ajfa-10095	245	13	at	at	ADP
ajfa-10095	245	14	the	the	DET
ajfa-10095	245	15	firm	firm	ADJ
ajfa-10095	245	16	level	level	NOUN
ajfa-10095	245	17	.	.	PUNCT
ajfa-10095	246	1	5	5	X
ajfa-10095	246	2	.	.	X
ajfa-10095	246	3	conclusion	conclusion	NOUN
ajfa-10095	246	4	in	in	ADP
ajfa-10095	246	5	this	this	DET
ajfa-10095	246	6	paper	paper	NOUN
ajfa-10095	246	7	,	,	PUNCT
ajfa-10095	246	8	i	i	PRON
ajfa-10095	246	9	examine	examine	VERB
ajfa-10095	246	10	whether	whether	SCONJ
ajfa-10095	246	11	d&o	d&o	NOUN
ajfa-10095	246	12	insurance	insurance	NOUN
ajfa-10095	246	13	coverage	coverage	NOUN
ajfa-10095	246	14	results	result	NOUN
ajfa-10095	246	15	in	in	ADP
ajfa-10095	246	16	managerial	managerial	ADJ
ajfa-10095	246	17	myopia	myopia	NOUN
ajfa-10095	246	18	.	.	PUNCT
ajfa-10095	247	1	asian	asian	ADJ
ajfa-10095	247	2	journal	journal	PROPN
ajfa-10095	247	3	of	of	ADP
ajfa-10095	247	4	finance	finance	PROPN
ajfa-10095	247	5	&	&	CCONJ
ajfa-10095	247	6	accounting	accounting	PROPN
ajfa-10095	247	7	issn	issn	PROPN
ajfa-10095	247	8	1946	1946	NUM
ajfa-10095	247	9	-	-	PUNCT
ajfa-10095	247	10	052x	052x	PROPN
ajfa-10095	247	11	2016	2016	NUM
ajfa-10095	247	12	,	,	PUNCT
ajfa-10095	247	13	vol	vol	NOUN
ajfa-10095	247	14	.	.	PROPN
ajfa-10095	247	15	8	8	NUM
ajfa-10095	247	16	,	,	PUNCT
ajfa-10095	247	17	no	no	INTJ
ajfa-10095	247	18	.	.	NOUN
ajfa-10095	247	19	2	2	NUM
ajfa-10095	247	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	247	21	109	109	NUM
ajfa-10095	247	22	managers	manager	NOUN
ajfa-10095	247	23	have	have	VERB
ajfa-10095	247	24	incentives	incentive	NOUN
ajfa-10095	247	25	to	to	PART
ajfa-10095	247	26	boost	boost	VERB
ajfa-10095	247	27	short	short	ADJ
ajfa-10095	247	28	term	term	NOUN
ajfa-10095	247	29	performance	performance	NOUN
ajfa-10095	247	30	to	to	PART
ajfa-10095	247	31	achieve	achieve	VERB
ajfa-10095	247	32	targets	target	NOUN
ajfa-10095	247	33	for	for	ADP
ajfa-10095	247	34	compensation	compensation	NOUN
ajfa-10095	247	35	and	and	CCONJ
ajfa-10095	247	36	other	other	ADJ
ajfa-10095	247	37	contract	contract	NOUN
ajfa-10095	247	38	reasons	reason	NOUN
ajfa-10095	247	39	.	.	PUNCT
ajfa-10095	248	1	d&o	d&o	NOUN
ajfa-10095	248	2	insurance	insurance	NOUN
ajfa-10095	248	3	could	could	AUX
ajfa-10095	248	4	cause	cause	VERB
ajfa-10095	248	5	moral	moral	ADJ
ajfa-10095	248	6	hazard	hazard	NOUN
ajfa-10095	248	7	problems	problem	NOUN
ajfa-10095	248	8	and	and	CCONJ
ajfa-10095	248	9	provide	provide	VERB
ajfa-10095	248	10	managers	manager	NOUN
ajfa-10095	248	11	with	with	ADP
ajfa-10095	248	12	incentives	incentive	NOUN
ajfa-10095	248	13	to	to	PART
ajfa-10095	248	14	take	take	VERB
ajfa-10095	248	15	actions	action	NOUN
ajfa-10095	248	16	that	that	PRON
ajfa-10095	248	17	attain	attain	VERB
ajfa-10095	248	18	their	their	PRON
ajfa-10095	248	19	personal	personal	ADJ
ajfa-10095	248	20	goals	goal	NOUN
ajfa-10095	248	21	.	.	PUNCT
ajfa-10095	249	1	i	i	PRON
ajfa-10095	249	2	thus	thus	ADV
ajfa-10095	249	3	argue	argue	VERB
ajfa-10095	249	4	that	that	SCONJ
ajfa-10095	249	5	d&o	d&o	NOUN
ajfa-10095	249	6	insurance	insurance	NOUN
ajfa-10095	249	7	increases	increase	VERB
ajfa-10095	249	8	managers	manager	NOUN
ajfa-10095	249	9	’	'	PUNCT
ajfa-10095	249	10	incentives	incentive	NOUN
ajfa-10095	249	11	to	to	PART
ajfa-10095	249	12	cut	cut	VERB
ajfa-10095	249	13	r&d	r&d	NOUN
ajfa-10095	249	14	expenditures	expenditure	NOUN
ajfa-10095	249	15	to	to	PART
ajfa-10095	249	16	achieve	achieve	VERB
ajfa-10095	249	17	earnings	earning	NOUN
ajfa-10095	249	18	targets	target	NOUN
ajfa-10095	249	19	.	.	PUNCT
ajfa-10095	250	1	using	use	VERB
ajfa-10095	250	2	a	a	DET
ajfa-10095	250	3	sample	sample	NOUN
ajfa-10095	250	4	of	of	ADP
ajfa-10095	250	5	3,308	3,308	NUM
ajfa-10095	250	6	firm	firm	ADJ
ajfa-10095	250	7	-	-	PUNCT
ajfa-10095	250	8	years	year	NOUN
ajfa-10095	250	9	from	from	ADP
ajfa-10095	250	10	taiwanese	taiwanese	ADJ
ajfa-10095	250	11	listed	list	VERB
ajfa-10095	250	12	firms	firm	NOUN
ajfa-10095	250	13	over	over	ADP
ajfa-10095	250	14	the	the	DET
ajfa-10095	250	15	period	period	NOUN
ajfa-10095	250	16	2008	2008	NUM
ajfa-10095	250	17	-	-	SYM
ajfa-10095	250	18	2012	2012	NUM
ajfa-10095	250	19	that	that	PRON
ajfa-10095	250	20	have	have	VERB
ajfa-10095	250	21	d&o	d&o	NOUN
ajfa-10095	250	22	insurance	insurance	NOUN
ajfa-10095	250	23	information	information	NOUN
ajfa-10095	250	24	and	and	CCONJ
ajfa-10095	250	25	material	material	NOUN
ajfa-10095	250	26	r&d	r&d	NOUN
ajfa-10095	250	27	expenditures	expenditure	NOUN
ajfa-10095	250	28	(	(	PUNCT
ajfa-10095	250	29	i.e.	i.e.	X
ajfa-10095	250	30	,	,	PUNCT
ajfa-10095	250	31	greater	great	ADJ
ajfa-10095	250	32	than	than	ADP
ajfa-10095	250	33	1	1	NUM
ajfa-10095	250	34	%	%	NOUN
ajfa-10095	250	35	of	of	ADP
ajfa-10095	250	36	sales	sale	NOUN
ajfa-10095	250	37	)	)	PUNCT
ajfa-10095	250	38	.	.	PUNCT
ajfa-10095	251	1	i	i	PRON
ajfa-10095	251	2	partition	partition	VERB
ajfa-10095	251	3	the	the	DET
ajfa-10095	251	4	sample	sample	NOUN
ajfa-10095	251	5	into	into	ADP
ajfa-10095	251	6	three	three	NUM
ajfa-10095	251	7	groups	group	NOUN
ajfa-10095	251	8	.	.	PUNCT
ajfa-10095	252	1	the	the	DET
ajfa-10095	252	2	small	small	ADJ
ajfa-10095	252	3	earnings	earning	NOUN
ajfa-10095	252	4	decrease	decrease	NOUN
ajfa-10095	252	5	group	group	NOUN
ajfa-10095	252	6	comprises	comprise	VERB
ajfa-10095	252	7	firms	firm	NOUN
ajfa-10095	252	8	with	with	ADP
ajfa-10095	252	9	declines	decline	NOUN
ajfa-10095	252	10	in	in	ADP
ajfa-10095	252	11	pre	pre	ADJ
ajfa-10095	252	12	-	-	NOUN
ajfa-10095	252	13	tax	tax	ADJ
ajfa-10095	252	14	,	,	PUNCT
ajfa-10095	252	15	pre	pre	ADJ
ajfa-10095	252	16	-	-	ADJ
ajfa-10095	252	17	r&d	r&d	ADJ
ajfa-10095	252	18	earnings	earning	NOUN
ajfa-10095	252	19	less	less	ADJ
ajfa-10095	252	20	than	than	ADP
ajfa-10095	252	21	the	the	DET
ajfa-10095	252	22	amount	amount	NOUN
ajfa-10095	252	23	of	of	ADP
ajfa-10095	252	24	previous	previous	ADJ
ajfa-10095	252	25	year	year	NOUN
ajfa-10095	252	26	’s	’s	PART
ajfa-10095	252	27	r&d	r&d	NOUN
ajfa-10095	252	28	expenditures	expenditure	NOUN
ajfa-10095	252	29	.	.	PUNCT
ajfa-10095	253	1	in	in	ADP
ajfa-10095	253	2	these	these	DET
ajfa-10095	253	3	firms	firm	NOUN
ajfa-10095	253	4	,	,	PUNCT
ajfa-10095	253	5	managers	manager	NOUN
ajfa-10095	253	6	have	have	VERB
ajfa-10095	253	7	incentives	incentive	NOUN
ajfa-10095	253	8	to	to	PART
ajfa-10095	253	9	cut	cut	VERB
ajfa-10095	253	10	r&d	r&d	NOUN
ajfa-10095	253	11	to	to	PART
ajfa-10095	253	12	avoid	avoid	VERB
ajfa-10095	253	13	earnings	earning	NOUN
ajfa-10095	253	14	declines	decline	NOUN
ajfa-10095	253	15	.	.	PUNCT
ajfa-10095	254	1	therefore	therefore	ADV
ajfa-10095	254	2	,	,	PUNCT
ajfa-10095	254	3	d&o	d&o	NOUN
ajfa-10095	254	4	insurance	insurance	NOUN
ajfa-10095	254	5	coverage	coverage	NOUN
ajfa-10095	254	6	is	be	AUX
ajfa-10095	254	7	predicted	predict	VERB
ajfa-10095	254	8	to	to	PART
ajfa-10095	254	9	increase	increase	VERB
ajfa-10095	254	10	the	the	DET
ajfa-10095	254	11	likelihood	likelihood	NOUN
ajfa-10095	254	12	of	of	ADP
ajfa-10095	254	13	cutting	cut	VERB
ajfa-10095	254	14	r&d	r&d	NOUN
ajfa-10095	254	15	for	for	ADP
ajfa-10095	254	16	this	this	DET
ajfa-10095	254	17	group	group	NOUN
ajfa-10095	254	18	.	.	PUNCT
ajfa-10095	255	1	for	for	ADP
ajfa-10095	255	2	firms	firm	NOUN
ajfa-10095	255	3	that	that	PRON
ajfa-10095	255	4	have	have	VERB
ajfa-10095	255	5	a	a	DET
ajfa-10095	255	6	large	large	ADJ
ajfa-10095	255	7	decrease	decrease	NOUN
ajfa-10095	255	8	or	or	CCONJ
ajfa-10095	255	9	an	an	DET
ajfa-10095	255	10	increase	increase	NOUN
ajfa-10095	255	11	in	in	ADP
ajfa-10095	255	12	the	the	DET
ajfa-10095	255	13	pre	pre	NOUN
ajfa-10095	255	14	-	-	NOUN
ajfa-10095	255	15	tax	tax	ADJ
ajfa-10095	255	16	,	,	PUNCT
ajfa-10095	255	17	pre	pre	ADJ
ajfa-10095	255	18	-	-	ADJ
ajfa-10095	255	19	r&d	r&d	ADJ
ajfa-10095	255	20	earnings	earning	NOUN
ajfa-10095	255	21	,	,	PUNCT
ajfa-10095	255	22	managers	manager	NOUN
ajfa-10095	255	23	do	do	AUX
ajfa-10095	255	24	not	not	PART
ajfa-10095	255	25	have	have	VERB
ajfa-10095	255	26	incentives	incentive	NOUN
ajfa-10095	255	27	to	to	PART
ajfa-10095	255	28	reduce	reduce	VERB
ajfa-10095	255	29	r&d	r&d	NOUN
ajfa-10095	255	30	to	to	PART
ajfa-10095	255	31	avoid	avoid	VERB
ajfa-10095	255	32	earnings	earning	NOUN
ajfa-10095	255	33	decreases	decrease	NOUN
ajfa-10095	255	34	because	because	SCONJ
ajfa-10095	255	35	it	it	PRON
ajfa-10095	255	36	is	be	AUX
ajfa-10095	255	37	not	not	PART
ajfa-10095	255	38	feasible	feasible	ADJ
ajfa-10095	255	39	or	or	CCONJ
ajfa-10095	255	40	necessary	necessary	ADJ
ajfa-10095	255	41	to	to	PART
ajfa-10095	255	42	do	do	VERB
ajfa-10095	255	43	so	so	ADV
ajfa-10095	255	44	.	.	PUNCT
ajfa-10095	256	1	they	they	PRON
ajfa-10095	256	2	are	be	AUX
ajfa-10095	256	3	treated	treat	VERB
ajfa-10095	256	4	as	as	ADP
ajfa-10095	256	5	control	control	NOUN
ajfa-10095	256	6	groups	group	NOUN
ajfa-10095	256	7	.	.	PUNCT
ajfa-10095	257	1	consistent	consistent	ADJ
ajfa-10095	257	2	with	with	ADP
ajfa-10095	257	3	my	my	PRON
ajfa-10095	257	4	prediction	prediction	NOUN
ajfa-10095	257	5	,	,	PUNCT
ajfa-10095	257	6	i	i	PRON
ajfa-10095	257	7	find	find	VERB
ajfa-10095	257	8	that	that	SCONJ
ajfa-10095	257	9	firms	firm	NOUN
ajfa-10095	257	10	with	with	ADP
ajfa-10095	257	11	higher	high	ADJ
ajfa-10095	257	12	d&o	d&o	NOUN
ajfa-10095	257	13	insurance	insurance	NOUN
ajfa-10095	257	14	coverage	coverage	NOUN
ajfa-10095	257	15	tend	tend	VERB
ajfa-10095	257	16	to	to	PART
ajfa-10095	257	17	have	have	VERB
ajfa-10095	257	18	a	a	DET
ajfa-10095	257	19	significantly	significantly	ADV
ajfa-10095	257	20	higher	high	ADJ
ajfa-10095	257	21	incidence	incidence	NOUN
ajfa-10095	257	22	of	of	ADP
ajfa-10095	257	23	cutting	cut	VERB
ajfa-10095	257	24	r&d	r&d	NOUN
ajfa-10095	257	25	in	in	ADP
ajfa-10095	257	26	the	the	DET
ajfa-10095	257	27	small	small	ADJ
ajfa-10095	257	28	earnings	earning	NOUN
ajfa-10095	257	29	decrease	decrease	NOUN
ajfa-10095	257	30	group	group	NOUN
ajfa-10095	257	31	.	.	PUNCT
ajfa-10095	258	1	also	also	ADV
ajfa-10095	258	2	as	as	SCONJ
ajfa-10095	258	3	expected	expect	VERB
ajfa-10095	258	4	,	,	PUNCT
ajfa-10095	258	5	the	the	DET
ajfa-10095	258	6	impact	impact	NOUN
ajfa-10095	258	7	of	of	ADP
ajfa-10095	258	8	d&o	d&o	NOUN
ajfa-10095	258	9	insurance	insurance	NOUN
ajfa-10095	258	10	coverage	coverage	NOUN
ajfa-10095	258	11	is	be	AUX
ajfa-10095	258	12	not	not	PART
ajfa-10095	258	13	significant	significant	ADJ
ajfa-10095	258	14	for	for	ADP
ajfa-10095	258	15	the	the	DET
ajfa-10095	258	16	control	control	NOUN
ajfa-10095	258	17	groups	group	NOUN
ajfa-10095	258	18	.	.	PUNCT
ajfa-10095	259	1	the	the	DET
ajfa-10095	259	2	results	result	NOUN
ajfa-10095	259	3	are	be	AUX
ajfa-10095	259	4	robust	robust	ADJ
ajfa-10095	259	5	to	to	ADP
ajfa-10095	259	6	controlling	control	VERB
ajfa-10095	259	7	for	for	ADP
ajfa-10095	259	8	endogeneity	endogeneity	NOUN
ajfa-10095	259	9	bias	bias	NOUN
ajfa-10095	259	10	by	by	ADP
ajfa-10095	259	11	using	use	VERB
ajfa-10095	259	12	a	a	DET
ajfa-10095	259	13	heckman	heckman	PROPN
ajfa-10095	259	14	self	self	NOUN
ajfa-10095	259	15	-	-	PUNCT
ajfa-10095	259	16	selection	selection	NOUN
ajfa-10095	259	17	model	model	NOUN
ajfa-10095	259	18	and	and	CCONJ
ajfa-10095	259	19	to	to	ADP
ajfa-10095	259	20	alternative	alternative	ADJ
ajfa-10095	259	21	measures	measure	NOUN
ajfa-10095	259	22	of	of	ADP
ajfa-10095	259	23	d&o	d&o	NOUN
ajfa-10095	259	24	insurance	insurance	NOUN
ajfa-10095	259	25	coverage	coverage	NOUN
ajfa-10095	259	26	and	and	CCONJ
ajfa-10095	259	27	myopic	myopic	ADJ
ajfa-10095	259	28	r&d	r&d	NOUN
ajfa-10095	259	29	cuts	cut	NOUN
ajfa-10095	259	30	.	.	PUNCT
ajfa-10095	260	1	at	at	ADP
ajfa-10095	260	2	the	the	DET
ajfa-10095	260	3	practical	practical	ADJ
ajfa-10095	260	4	level	level	NOUN
ajfa-10095	260	5	,	,	PUNCT
ajfa-10095	260	6	this	this	DET
ajfa-10095	260	7	study	study	NOUN
ajfa-10095	260	8	has	have	VERB
ajfa-10095	260	9	important	important	ADJ
ajfa-10095	260	10	implications	implication	NOUN
ajfa-10095	260	11	for	for	ADP
ajfa-10095	260	12	regulators	regulator	NOUN
ajfa-10095	260	13	and	and	CCONJ
ajfa-10095	260	14	accounting	accounting	NOUN
ajfa-10095	260	15	standard	standard	NOUN
ajfa-10095	260	16	-	-	PUNCT
ajfa-10095	260	17	setters	setter	NOUN
ajfa-10095	260	18	in	in	ADP
ajfa-10095	260	19	their	their	PRON
ajfa-10095	260	20	attempts	attempt	NOUN
ajfa-10095	260	21	to	to	PART
ajfa-10095	260	22	protect	protect	VERB
ajfa-10095	260	23	outside	outside	ADJ
ajfa-10095	260	24	investors	investor	NOUN
ajfa-10095	260	25	in	in	ADP
ajfa-10095	260	26	the	the	DET
ajfa-10095	260	27	market	market	NOUN
ajfa-10095	260	28	place	place	NOUN
ajfa-10095	260	29	.	.	PUNCT
ajfa-10095	261	1	regulators	regulator	NOUN
ajfa-10095	261	2	may	may	AUX
ajfa-10095	261	3	need	need	VERB
ajfa-10095	261	4	to	to	PART
ajfa-10095	261	5	oversee	oversee	VERB
ajfa-10095	261	6	the	the	DET
ajfa-10095	261	7	amounts	amount	NOUN
ajfa-10095	261	8	of	of	ADP
ajfa-10095	261	9	d&o	d&o	NOUN
ajfa-10095	261	10	insurance	insurance	NOUN
ajfa-10095	261	11	coverage	coverage	NOUN
ajfa-10095	261	12	purchased	purchase	VERB
ajfa-10095	261	13	by	by	ADP
ajfa-10095	261	14	firms	firm	NOUN
ajfa-10095	261	15	and	and	CCONJ
ajfa-10095	261	16	require	require	VERB
ajfa-10095	261	17	them	they	PRON
ajfa-10095	261	18	to	to	PART
ajfa-10095	261	19	strengthen	strengthen	VERB
ajfa-10095	261	20	corporate	corporate	ADJ
ajfa-10095	261	21	governance	governance	NOUN
ajfa-10095	261	22	effectiveness	effectiveness	NOUN
ajfa-10095	261	23	.	.	PUNCT
ajfa-10095	262	1	acknowledgement	acknowledgement	NOUN
ajfa-10095	262	2	i	i	PRON
ajfa-10095	262	3	gratefully	gratefully	ADV
ajfa-10095	262	4	acknowledge	acknowledge	VERB
ajfa-10095	262	5	the	the	DET
ajfa-10095	262	6	financial	financial	ADJ
ajfa-10095	262	7	support	support	NOUN
ajfa-10095	262	8	provided	provide	VERB
ajfa-10095	262	9	by	by	ADP
ajfa-10095	262	10	the	the	DET
ajfa-10095	262	11	research	research	NOUN
ajfa-10095	262	12	grant	grant	NOUN
ajfa-10095	262	13	from	from	ADP
ajfa-10095	262	14	ministry	ministry	PROPN
ajfa-10095	262	15	of	of	ADP
ajfa-10095	262	16	science	science	NOUN
ajfa-10095	262	17	and	and	CCONJ
ajfa-10095	262	18	technology	technology	NOUN
ajfa-10095	262	19	of	of	ADP
ajfa-10095	262	20	taiwan	taiwan	PROPN
ajfa-10095	262	21	r.o.c	r.o.c	PROPN
ajfa-10095	262	22	.	.	PUNCT
ajfa-10095	263	1	(	(	PUNCT
ajfa-10095	263	2	grant	grant	PROPN
ajfa-10095	263	3	number	number	NOUN
ajfa-10095	263	4	:	:	PUNCT
ajfa-10095	263	5	104	104	NUM
ajfa-10095	263	6	-	-	PUNCT
ajfa-10095	263	7	2410	2410	NUM
ajfa-10095	263	8	-	-	PUNCT
ajfa-10095	263	9	h-035	h-035	NUM
ajfa-10095	263	10	-	-	PUNCT
ajfa-10095	263	11	024	024	NUM
ajfa-10095	263	12	)	)	PUNCT
ajfa-10095	263	13	.	.	PUNCT
ajfa-10095	264	1	references	reference	NOUN
ajfa-10095	264	2	baber	baber	PROPN
ajfa-10095	264	3	,	,	PUNCT
ajfa-10095	264	4	w.	w.	PROPN
ajfa-10095	264	5	r.	r.	PROPN
ajfa-10095	264	6	,	,	PUNCT
ajfa-10095	264	7	fairfield	fairfield	PROPN
ajfa-10095	264	8	,	,	PUNCT
ajfa-10095	264	9	p.	p.	NOUN
ajfa-10095	264	10	m.	m.	NOUN
ajfa-10095	264	11	,	,	PUNCT
ajfa-10095	264	12	&	&	CCONJ
ajfa-10095	264	13	haggard	haggard	ADJ
ajfa-10095	264	14	,	,	PUNCT
ajfa-10095	264	15	j.	j.	PROPN
ajfa-10095	264	16	a.	a.	PROPN
ajfa-10095	264	17	(	(	PUNCT
ajfa-10095	264	18	1991	1991	NUM
ajfa-10095	264	19	)	)	PUNCT
ajfa-10095	264	20	.	.	PUNCT
ajfa-10095	265	1	the	the	DET
ajfa-10095	265	2	effect	effect	NOUN
ajfa-10095	265	3	of	of	ADP
ajfa-10095	265	4	concern	concern	NOUN
ajfa-10095	265	5	about	about	ADP
ajfa-10095	265	6	reported	report	VERB
ajfa-10095	265	7	income	income	NOUN
ajfa-10095	265	8	on	on	ADP
ajfa-10095	265	9	discretionary	discretionary	ADJ
ajfa-10095	265	10	spending	spending	NOUN
ajfa-10095	265	11	decisions	decision	NOUN
ajfa-10095	265	12	:	:	PUNCT
ajfa-10095	265	13	the	the	DET
ajfa-10095	265	14	case	case	NOUN
ajfa-10095	265	15	of	of	ADP
ajfa-10095	265	16	research	research	NOUN
ajfa-10095	265	17	and	and	CCONJ
ajfa-10095	265	18	development	development	NOUN
ajfa-10095	265	19	.	.	PUNCT
ajfa-10095	266	1	the	the	DET
ajfa-10095	266	2	accounting	accounting	NOUN
ajfa-10095	266	3	review	review	PROPN
ajfa-10095	266	4	,	,	PUNCT
ajfa-10095	266	5	66(4	66(4	NUM
ajfa-10095	266	6	)	)	PUNCT
ajfa-10095	266	7	,	,	PUNCT
ajfa-10095	266	8	818	818	NUM
ajfa-10095	266	9	-	-	SYM
ajfa-10095	266	10	829	829	NUM
ajfa-10095	266	11	.	.	PUNCT
ajfa-10095	267	1	baker	baker	PROPN
ajfa-10095	267	2	,	,	PUNCT
ajfa-10095	267	3	t.	t.	PROPN
ajfa-10095	267	4	,	,	PUNCT
ajfa-10095	267	5	&	&	CCONJ
ajfa-10095	267	6	griffith	griffith	PROPN
ajfa-10095	267	7	,	,	PUNCT
ajfa-10095	267	8	s.	s.	PROPN
ajfa-10095	267	9	j.	j.	PROPN
ajfa-10095	267	10	(	(	PUNCT
ajfa-10095	267	11	2010	2010	NUM
ajfa-10095	267	12	)	)	PUNCT
ajfa-10095	267	13	.	.	PUNCT
ajfa-10095	268	1	ensuring	ensure	VERB
ajfa-10095	268	2	corporate	corporate	ADJ
ajfa-10095	268	3	misconduct	misconduct	NOUN
ajfa-10095	268	4	:	:	PUNCT
ajfa-10095	268	5	how	how	SCONJ
ajfa-10095	268	6	liability	liability	NOUN
ajfa-10095	268	7	insurance	insurance	NOUN
ajfa-10095	268	8	undermines	undermine	VERB
ajfa-10095	268	9	shareholder	shareholder	NOUN
ajfa-10095	268	10	litigation	litigation	NOUN
ajfa-10095	268	11	.	.	PUNCT
ajfa-10095	269	1	university	university	NOUN
ajfa-10095	269	2	of	of	ADP
ajfa-10095	269	3	chicago	chicago	PROPN
ajfa-10095	269	4	press	press	NOUN
ajfa-10095	269	5	.	.	PUNCT
ajfa-10095	270	1	http://dx.doi.org/10.7208/chicago/9780226035079.001.0001	http://dx.doi.org/10.7208/chicago/9780226035079.001.0001	PROPN
ajfa-10095	270	2	bange	bange	PROPN
ajfa-10095	270	3	,	,	PUNCT
ajfa-10095	270	4	m.	m.	NOUN
ajfa-10095	270	5	m.	m.	NOUN
ajfa-10095	270	6	,	,	PUNCT
ajfa-10095	270	7	&	&	CCONJ
ajfa-10095	270	8	de	de	PROPN
ajfa-10095	270	9	bondt	bondt	PROPN
ajfa-10095	270	10	,	,	PUNCT
ajfa-10095	270	11	w.	w.	PROPN
ajfa-10095	270	12	f.	f.	PROPN
ajfa-10095	270	13	(	(	PUNCT
ajfa-10095	270	14	1998	1998	NUM
ajfa-10095	270	15	)	)	PUNCT
ajfa-10095	270	16	.	.	PUNCT
ajfa-10095	271	1	r&d	r&d	NOUN
ajfa-10095	271	2	budgets	budget	NOUN
ajfa-10095	271	3	and	and	CCONJ
ajfa-10095	271	4	corporate	corporate	ADJ
ajfa-10095	271	5	earnings	earning	NOUN
ajfa-10095	271	6	targets	target	NOUN
ajfa-10095	271	7	.	.	PUNCT
ajfa-10095	272	1	journal	journal	NOUN
ajfa-10095	272	2	of	of	ADP
ajfa-10095	272	3	corporate	corporate	ADJ
ajfa-10095	272	4	finance	finance	NOUN
ajfa-10095	272	5	,	,	PUNCT
ajfa-10095	272	6	4(2	4(2	NUM
ajfa-10095	272	7	)	)	PUNCT
ajfa-10095	272	8	,	,	PUNCT
ajfa-10095	272	9	153	153	NUM
ajfa-10095	272	10	-	-	SYM
ajfa-10095	272	11	184	184	NUM
ajfa-10095	272	12	.	.	PUNCT
ajfa-10095	273	1	http://dx.doi.org/10.1016/s0929-1199(98)00006-6	http://dx.doi.org/10.1016/s0929-1199(98)00006-6	PROPN
ajfa-10095	273	2	baysinger	baysinger	NOUN
ajfa-10095	273	3	,	,	PUNCT
ajfa-10095	273	4	b.	b.	PROPN
ajfa-10095	273	5	d.	d.	PROPN
ajfa-10095	273	6	,	,	PUNCT
ajfa-10095	273	7	kosnik	kosnik	PROPN
ajfa-10095	273	8	,	,	PUNCT
ajfa-10095	273	9	r.	r.	PROPN
ajfa-10095	273	10	d.	d.	PROPN
ajfa-10095	273	11	,	,	PUNCT
ajfa-10095	273	12	&	&	CCONJ
ajfa-10095	273	13	turk	turk	PROPN
ajfa-10095	273	14	,	,	PUNCT
ajfa-10095	273	15	t.	t.	NOUN
ajfa-10095	273	16	a.	a.	NOUN
ajfa-10095	273	17	(	(	PUNCT
ajfa-10095	273	18	1991	1991	NUM
ajfa-10095	273	19	)	)	PUNCT
ajfa-10095	273	20	.	.	PUNCT
ajfa-10095	274	1	effects	effect	NOUN
ajfa-10095	274	2	of	of	ADP
ajfa-10095	274	3	board	board	NOUN
ajfa-10095	274	4	and	and	CCONJ
ajfa-10095	274	5	ownership	ownership	NOUN
ajfa-10095	274	6	structure	structure	NOUN
ajfa-10095	274	7	on	on	ADP
ajfa-10095	274	8	corporate	corporate	ADJ
ajfa-10095	274	9	r&d	r&d	NOUN
ajfa-10095	274	10	strategy	strategy	NOUN
ajfa-10095	274	11	.	.	PUNCT
ajfa-10095	275	1	academy	academy	PROPN
ajfa-10095	275	2	of	of	ADP
ajfa-10095	275	3	management	management	PROPN
ajfa-10095	275	4	journal	journal	NOUN
ajfa-10095	275	5	,	,	PUNCT
ajfa-10095	275	6	34(1	34(1	NUM
ajfa-10095	275	7	)	)	PUNCT
ajfa-10095	275	8	,	,	PUNCT
ajfa-10095	275	9	205	205	NUM
ajfa-10095	275	10	-	-	SYM
ajfa-10095	275	11	214	214	NUM
ajfa-10095	275	12	.	.	PUNCT
ajfa-10095	276	1	http://dx.doi.org/10.2307/256308	http://dx.doi.org/10.2307/256308	PROPN
ajfa-10095	276	2	asian	asian	PROPN
ajfa-10095	276	3	journal	journal	PROPN
ajfa-10095	276	4	of	of	ADP
ajfa-10095	276	5	finance	finance	PROPN
ajfa-10095	276	6	&	&	CCONJ
ajfa-10095	276	7	accounting	accounting	PROPN
ajfa-10095	276	8	issn	issn	PROPN
ajfa-10095	276	9	1946	1946	NUM
ajfa-10095	276	10	-	-	PUNCT
ajfa-10095	276	11	052x	052x	PROPN
ajfa-10095	276	12	2016	2016	NUM
ajfa-10095	276	13	,	,	PUNCT
ajfa-10095	276	14	vol	vol	NOUN
ajfa-10095	276	15	.	.	PROPN
ajfa-10095	276	16	8	8	NUM
ajfa-10095	276	17	,	,	PUNCT
ajfa-10095	276	18	no	no	INTJ
ajfa-10095	276	19	.	.	NOUN
ajfa-10095	276	20	2	2	NUM
ajfa-10095	276	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	276	22	110	110	NUM
ajfa-10095	276	23	bens	ben	NOUN
ajfa-10095	276	24	,	,	PUNCT
ajfa-10095	276	25	d.	d.	PROPN
ajfa-10095	276	26	a.	a.	PROPN
ajfa-10095	276	27	,	,	PUNCT
ajfa-10095	276	28	nagar	nagar	NOUN
ajfa-10095	276	29	,	,	PUNCT
ajfa-10095	276	30	v.	v.	PROPN
ajfa-10095	276	31	,	,	PUNCT
ajfa-10095	276	32	&	&	CCONJ
ajfa-10095	276	33	wong	wong	PROPN
ajfa-10095	276	34	,	,	PUNCT
ajfa-10095	276	35	m.	m.	PROPN
ajfa-10095	276	36	h.	h.	PROPN
ajfa-10095	276	37	(	(	PUNCT
ajfa-10095	276	38	2002	2002	NUM
ajfa-10095	276	39	)	)	PUNCT
ajfa-10095	276	40	.	.	PUNCT
ajfa-10095	277	1	real	real	ADJ
ajfa-10095	277	2	investment	investment	NOUN
ajfa-10095	277	3	implications	implication	NOUN
ajfa-10095	277	4	of	of	ADP
ajfa-10095	277	5	employee	employee	NOUN
ajfa-10095	277	6	stock	stock	NOUN
ajfa-10095	277	7	option	option	NOUN
ajfa-10095	277	8	exercises	exercise	NOUN
ajfa-10095	277	9	.	.	PUNCT
ajfa-10095	278	1	journal	journal	NOUN
ajfa-10095	278	2	of	of	ADP
ajfa-10095	278	3	accounting	accounting	NOUN
ajfa-10095	278	4	research	research	NOUN
ajfa-10095	278	5	,	,	PUNCT
ajfa-10095	278	6	40(2	40(2	NUM
ajfa-10095	278	7	)	)	PUNCT
ajfa-10095	278	8	,	,	PUNCT
ajfa-10095	278	9	359	359	NUM
ajfa-10095	278	10	-	-	SYM
ajfa-10095	278	11	393	393	NUM
ajfa-10095	278	12	.	.	PUNCT
ajfa-10095	279	1	http://dx.doi.org/10.1111/1475-679x.00052	http://dx.doi.org/10.1111/1475-679x.00052	PROPN
ajfa-10095	279	2	boubakri	boubakri	NOUN
ajfa-10095	279	3	,	,	PUNCT
ajfa-10095	279	4	n.	n.	NOUN
ajfa-10095	279	5	,	,	PUNCT
ajfa-10095	279	6	ghalleb	ghalleb	NOUN
ajfa-10095	279	7	,	,	PUNCT
ajfa-10095	279	8	n.	n.	NOUN
ajfa-10095	279	9	,	,	PUNCT
ajfa-10095	279	10	&	&	CCONJ
ajfa-10095	279	11	boyer	boyer	PROPN
ajfa-10095	279	12	,	,	PUNCT
ajfa-10095	279	13	m.	m.	NOUN
ajfa-10095	279	14	m.	m.	NOUN
ajfa-10095	279	15	(	(	PUNCT
ajfa-10095	279	16	2008	2008	NUM
ajfa-10095	279	17	)	)	PUNCT
ajfa-10095	279	18	.	.	PUNCT
ajfa-10095	280	1	managerial	managerial	ADJ
ajfa-10095	280	2	opportunism	opportunism	NOUN
ajfa-10095	280	3	in	in	ADP
ajfa-10095	280	4	accounting	accounting	NOUN
ajfa-10095	280	5	choice	choice	NOUN
ajfa-10095	280	6	:	:	PUNCT
ajfa-10095	280	7	evidence	evidence	NOUN
ajfa-10095	280	8	from	from	ADP
ajfa-10095	280	9	directors	director	NOUN
ajfa-10095	280	10	’	'	PUNCT
ajfa-10095	280	11	and	and	CCONJ
ajfa-10095	280	12	officers	officer	NOUN
ajfa-10095	280	13	’	’	PART
ajfa-10095	280	14	liability	liability	NOUN
ajfa-10095	280	15	insurance	insurance	NOUN
ajfa-10095	280	16	purchases	purchase	NOUN
ajfa-10095	280	17	.	.	PUNCT
ajfa-10095	281	1	working	work	VERB
ajfa-10095	281	2	paper	paper	NOUN
ajfa-10095	281	3	.	.	PUNCT
ajfa-10095	282	1	university	university	NOUN
ajfa-10095	282	2	of	of	ADP
ajfa-10095	282	3	montreal	montreal	PROPN
ajfa-10095	282	4	.	.	PUNCT
ajfa-10095	283	1	http://dx.doi.org/10.2139/ssrn.1109254	http://dx.doi.org/10.2139/ssrn.1109254	X
ajfa-10095	283	2	bushee	bushee	PROPN
ajfa-10095	283	3	,	,	PUNCT
ajfa-10095	283	4	b.	b.	PROPN
ajfa-10095	283	5	j.	j.	PROPN
ajfa-10095	283	6	(	(	PUNCT
ajfa-10095	283	7	1998	1998	NUM
ajfa-10095	283	8	)	)	PUNCT
ajfa-10095	283	9	.	.	PUNCT
ajfa-10095	284	1	the	the	DET
ajfa-10095	284	2	influence	influence	NOUN
ajfa-10095	284	3	of	of	ADP
ajfa-10095	284	4	institutional	institutional	ADJ
ajfa-10095	284	5	investors	investor	NOUN
ajfa-10095	284	6	on	on	ADP
ajfa-10095	284	7	myopic	myopic	ADJ
ajfa-10095	284	8	r&d	r&d	NOUN
ajfa-10095	284	9	investment	investment	NOUN
ajfa-10095	284	10	behavior	behavior	NOUN
ajfa-10095	284	11	.	.	PUNCT
ajfa-10095	285	1	the	the	DET
ajfa-10095	285	2	accounting	accounting	NOUN
ajfa-10095	285	3	review	review	NOUN
ajfa-10095	285	4	,	,	PUNCT
ajfa-10095	285	5	73(3	73(3	NUM
ajfa-10095	285	6	)	)	PUNCT
ajfa-10095	285	7	,	,	PUNCT
ajfa-10095	285	8	305	305	NUM
ajfa-10095	285	9	-	-	SYM
ajfa-10095	285	10	333	333	NUM
ajfa-10095	285	11	.	.	PUNCT
ajfa-10095	286	1	chalmers	chalmer	NOUN
ajfa-10095	286	2	,	,	PUNCT
ajfa-10095	286	3	j.	j.	PROPN
ajfa-10095	286	4	m.	m.	PROPN
ajfa-10095	286	5	,	,	PUNCT
ajfa-10095	286	6	dann	dann	PROPN
ajfa-10095	286	7	,	,	PUNCT
ajfa-10095	286	8	l.	l.	PROPN
ajfa-10095	286	9	y.	y.	PROPN
ajfa-10095	286	10	,	,	PUNCT
ajfa-10095	286	11	&	&	CCONJ
ajfa-10095	286	12	harford	harford	PROPN
ajfa-10095	286	13	,	,	PUNCT
ajfa-10095	286	14	j.	j.	PROPN
ajfa-10095	286	15	(	(	PUNCT
ajfa-10095	286	16	2002	2002	NUM
ajfa-10095	286	17	)	)	PUNCT
ajfa-10095	286	18	.	.	PUNCT
ajfa-10095	287	1	managerial	managerial	ADJ
ajfa-10095	287	2	opportunism	opportunism	NOUN
ajfa-10095	287	3	?	?	PUNCT
ajfa-10095	288	1	evidence	evidence	NOUN
ajfa-10095	288	2	from	from	ADP
ajfa-10095	288	3	directors	director	NOUN
ajfa-10095	288	4	’	'	PUNCT
ajfa-10095	288	5	and	and	CCONJ
ajfa-10095	288	6	officers	officer	NOUN
ajfa-10095	288	7	’	’	PART
ajfa-10095	288	8	insurance	insurance	NOUN
ajfa-10095	288	9	purchases	purchase	NOUN
ajfa-10095	288	10	.	.	PUNCT
ajfa-10095	289	1	the	the	DET
ajfa-10095	289	2	journal	journal	NOUN
ajfa-10095	289	3	of	of	ADP
ajfa-10095	289	4	finance	finance	NOUN
ajfa-10095	289	5	,	,	PUNCT
ajfa-10095	289	6	57(2	57(2	NUM
ajfa-10095	289	7	)	)	PUNCT
ajfa-10095	289	8	,	,	PUNCT
ajfa-10095	289	9	609	609	NUM
ajfa-10095	289	10	-	-	SYM
ajfa-10095	289	11	636	636	NUM
ajfa-10095	289	12	.	.	PUNCT
ajfa-10095	290	1	http://dx.doi.org/10.1111/1540-6261.00436	http://dx.doi.org/10.1111/1540-6261.00436	PROPN
ajfa-10095	290	2	chen	chen	PROPN
ajfa-10095	290	3	,	,	PUNCT
ajfa-10095	290	4	x.	x.	PROPN
ajfa-10095	290	5	,	,	PUNCT
ajfa-10095	290	6	cheng	cheng	PROPN
ajfa-10095	290	7	,	,	PUNCT
ajfa-10095	290	8	q.	q.	PROPN
ajfa-10095	290	9	,	,	PUNCT
ajfa-10095	290	10	lo	lo	PROPN
ajfa-10095	290	11	,	,	PUNCT
ajfa-10095	290	12	a.	a.	PROPN
ajfa-10095	290	13	k.	k.	PROPN
ajfa-10095	290	14	,	,	PUNCT
ajfa-10095	290	15	&	&	CCONJ
ajfa-10095	290	16	wang	wang	PROPN
ajfa-10095	290	17	,	,	PUNCT
ajfa-10095	290	18	x.	x.	NOUN
ajfa-10095	290	19	(	(	PUNCT
ajfa-10095	290	20	2015	2015	NUM
ajfa-10095	290	21	)	)	PUNCT
ajfa-10095	290	22	.	.	PUNCT
ajfa-10095	291	1	ceo	ceo	NOUN
ajfa-10095	291	2	contractual	contractual	ADJ
ajfa-10095	291	3	protection	protection	NOUN
ajfa-10095	291	4	and	and	CCONJ
ajfa-10095	291	5	managerial	managerial	ADJ
ajfa-10095	291	6	short	short	ADJ
ajfa-10095	291	7	-	-	PUNCT
ajfa-10095	291	8	termism	termism	NOUN
ajfa-10095	291	9	.	.	PUNCT
ajfa-10095	292	1	the	the	DET
ajfa-10095	292	2	accounting	accounting	NOUN
ajfa-10095	292	3	review	review	NOUN
ajfa-10095	292	4	,	,	PUNCT
ajfa-10095	292	5	90(5	90(5	NUM
ajfa-10095	292	6	)	)	PUNCT
ajfa-10095	292	7	,	,	PUNCT
ajfa-10095	292	8	1871	1871	NUM
ajfa-10095	292	9	-	-	SYM
ajfa-10095	292	10	1906	1906	NUM
ajfa-10095	292	11	.	.	PUNCT
ajfa-10095	293	1	http://dx.doi.org/10.2308/accr-51033	http://dx.doi.org/10.2308/accr-51033	PROPN
ajfa-10095	293	2	chen	chen	PROPN
ajfa-10095	293	3	,	,	PUNCT
ajfa-10095	293	4	z.	z.	PROPN
ajfa-10095	293	5	,	,	PUNCT
ajfa-10095	293	6	li	li	PROPN
ajfa-10095	293	7	,	,	PUNCT
ajfa-10095	293	8	o.	o.	PROPN
ajfa-10095	293	9	z.	z.	PROPN
ajfa-10095	293	10	,	,	PUNCT
ajfa-10095	293	11	&	&	CCONJ
ajfa-10095	293	12	zou	zou	PROPN
ajfa-10095	293	13	,	,	PUNCT
ajfa-10095	293	14	h.	h.	PROPN
ajfa-10095	293	15	(	(	PUNCT
ajfa-10095	293	16	2016	2016	NUM
ajfa-10095	293	17	)	)	PUNCT
ajfa-10095	293	18	.	.	PUNCT
ajfa-10095	294	1	directors	director	NOUN
ajfa-10095	294	2	’	'	PUNCT
ajfa-10095	294	3	and	and	CCONJ
ajfa-10095	294	4	officers	officer	NOUN
ajfa-10095	294	5	’	’	PART
ajfa-10095	294	6	liability	liability	NOUN
ajfa-10095	294	7	insurance	insurance	NOUN
ajfa-10095	294	8	and	and	CCONJ
ajfa-10095	294	9	the	the	DET
ajfa-10095	294	10	cost	cost	NOUN
ajfa-10095	294	11	of	of	ADP
ajfa-10095	294	12	equity	equity	NOUN
ajfa-10095	294	13	capital	capital	NOUN
ajfa-10095	294	14	.	.	PUNCT
ajfa-10095	295	1	journal	journal	PROPN
ajfa-10095	295	2	of	of	ADP
ajfa-10095	295	3	accounting	accounting	NOUN
ajfa-10095	295	4	and	and	CCONJ
ajfa-10095	295	5	economies	economy	NOUN
ajfa-10095	295	6	,	,	PUNCT
ajfa-10095	295	7	61(1	61(1	NOUN
ajfa-10095	295	8	)	)	PUNCT
ajfa-10095	295	9	,	,	PUNCT
ajfa-10095	295	10	100	100	NUM
ajfa-10095	295	11	-	-	SYM
ajfa-10095	295	12	120	120	NUM
ajfa-10095	295	13	.	.	PUNCT
ajfa-10095	296	1	http://dx.doi.org/10.1016/j.jacceco.2015.04.001	http://dx.doi.org/10.1016/j.jacceco.2015.04.001	PROPN
ajfa-10095	296	2	chung	chung	PROPN
ajfa-10095	296	3	,	,	PUNCT
ajfa-10095	296	4	h.	h.	PROPN
ajfa-10095	296	5	h.	h.	PROPN
ajfa-10095	296	6	,	,	PUNCT
ajfa-10095	296	7	&	&	CCONJ
ajfa-10095	296	8	wynn	wynn	PROPN
ajfa-10095	296	9	,	,	PUNCT
ajfa-10095	296	10	j.	j.	PROPN
ajfa-10095	296	11	p.	p.	PROPN
ajfa-10095	296	12	(	(	PUNCT
ajfa-10095	296	13	2008	2008	NUM
ajfa-10095	296	14	)	)	PUNCT
ajfa-10095	296	15	.	.	PUNCT
ajfa-10095	297	1	managerial	managerial	ADJ
ajfa-10095	297	2	legal	legal	ADJ
ajfa-10095	297	3	liability	liability	NOUN
ajfa-10095	297	4	coverage	coverage	NOUN
ajfa-10095	297	5	and	and	CCONJ
ajfa-10095	297	6	earnings	earning	NOUN
ajfa-10095	297	7	conservatism	conservatism	NOUN
ajfa-10095	297	8	.	.	PUNCT
ajfa-10095	298	1	journal	journal	NOUN
ajfa-10095	298	2	of	of	ADP
ajfa-10095	298	3	accounting	accounting	NOUN
ajfa-10095	298	4	and	and	CCONJ
ajfa-10095	298	5	economics	economic	NOUN
ajfa-10095	298	6	,	,	PUNCT
ajfa-10095	298	7	46(1	46(1	PROPN
ajfa-10095	298	8	)	)	PUNCT
ajfa-10095	298	9	,	,	PUNCT
ajfa-10095	298	10	135	135	NUM
ajfa-10095	298	11	-	-	SYM
ajfa-10095	298	12	153	153	NUM
ajfa-10095	298	13	.	.	PUNCT
ajfa-10095	299	1	http://dx.doi.org/10.1016/j.jacceco.2008.03.002	http://dx.doi.org/10.1016/j.jacceco.2008.03.002	PROPN
ajfa-10095	299	2	chung	chung	PROPN
ajfa-10095	299	3	,	,	PUNCT
ajfa-10095	299	4	h.	h.	PROPN
ajfa-10095	299	5	h.	h.	PROPN
ajfa-10095	299	6	,	,	PUNCT
ajfa-10095	299	7	wynn	wynn	PROPN
ajfa-10095	299	8	,	,	PUNCT
ajfa-10095	299	9	j.	j.	PROPN
ajfa-10095	299	10	p.	p.	PROPN
ajfa-10095	299	11	,	,	PUNCT
ajfa-10095	299	12	&	&	CCONJ
ajfa-10095	299	13	yi	yi	PROPN
ajfa-10095	299	14	,	,	PUNCT
ajfa-10095	299	15	h.	h.	PROPN
ajfa-10095	299	16	(	(	PUNCT
ajfa-10095	299	17	2013	2013	NUM
ajfa-10095	299	18	)	)	PUNCT
ajfa-10095	299	19	.	.	PUNCT
ajfa-10095	300	1	litigation	litigation	NOUN
ajfa-10095	300	2	risk	risk	NOUN
ajfa-10095	300	3	,	,	PUNCT
ajfa-10095	300	4	accounting	accounting	NOUN
ajfa-10095	300	5	quality	quality	NOUN
ajfa-10095	300	6	,	,	PUNCT
ajfa-10095	300	7	and	and	CCONJ
ajfa-10095	300	8	investment	investment	NOUN
ajfa-10095	300	9	efficiency	efficiency	NOUN
ajfa-10095	300	10	.	.	PUNCT
ajfa-10095	301	1	advances	advance	NOUN
ajfa-10095	301	2	in	in	ADP
ajfa-10095	301	3	accounting	accounting	NOUN
ajfa-10095	301	4	,	,	PUNCT
ajfa-10095	301	5	29(2	29(2	NUM
ajfa-10095	301	6	)	)	PUNCT
ajfa-10095	301	7	,	,	PUNCT
ajfa-10095	301	8	180	180	NUM
ajfa-10095	301	9	-	-	SYM
ajfa-10095	301	10	185	185	NUM
ajfa-10095	301	11	.	.	PUNCT
ajfa-10095	302	1	http://dx.doi.org/10.1016/j.adiac.2013.09.009	http://dx.doi.org/10.1016/j.adiac.2013.09.009	PROPN
ajfa-10095	302	2	chung	chung	PROPN
ajfa-10095	302	3	,	,	PUNCT
ajfa-10095	302	4	h.	h.	PROPN
ajfa-10095	302	5	s.	s.	PROPN
ajfa-10095	302	6	h.	h.	PROPN
ajfa-10095	302	7	,	,	PUNCT
ajfa-10095	302	8	hillegeist	hillegeist	PROPN
ajfa-10095	302	9	,	,	PUNCT
ajfa-10095	302	10	s.	s.	PROPN
ajfa-10095	302	11	a.	a.	PROPN
ajfa-10095	302	12	,	,	PUNCT
ajfa-10095	302	13	&	&	CCONJ
ajfa-10095	302	14	wynn	wynn	PROPN
ajfa-10095	302	15	,	,	PUNCT
ajfa-10095	302	16	j.	j.	PROPN
ajfa-10095	302	17	p.	p.	PROPN
ajfa-10095	302	18	(	(	PUNCT
ajfa-10095	302	19	2015	2015	NUM
ajfa-10095	302	20	)	)	PUNCT
ajfa-10095	302	21	.	.	PUNCT
ajfa-10095	303	1	directors	director	NOUN
ajfa-10095	303	2	’	'	PUNCT
ajfa-10095	303	3	and	and	CCONJ
ajfa-10095	303	4	officers	officer	NOUN
ajfa-10095	303	5	’	’	PART
ajfa-10095	303	6	legal	legal	ADJ
ajfa-10095	303	7	liability	liability	NOUN
ajfa-10095	303	8	insurance	insurance	NOUN
ajfa-10095	303	9	and	and	CCONJ
ajfa-10095	303	10	audit	audit	NOUN
ajfa-10095	303	11	pricing	pricing	NOUN
ajfa-10095	303	12	.	.	PUNCT
ajfa-10095	304	1	journal	journal	NOUN
ajfa-10095	304	2	of	of	ADP
ajfa-10095	304	3	accounting	accounting	NOUN
ajfa-10095	304	4	and	and	CCONJ
ajfa-10095	304	5	public	public	ADJ
ajfa-10095	304	6	policy	policy	NOUN
ajfa-10095	304	7	,	,	PUNCT
ajfa-10095	304	8	34(6	34(6	NOUN
ajfa-10095	304	9	)	)	PUNCT
ajfa-10095	304	10	,	,	PUNCT
ajfa-10095	304	11	551	551	NUM
ajfa-10095	304	12	-	-	SYM
ajfa-10095	304	13	577	577	NUM
ajfa-10095	304	14	.	.	PUNCT
ajfa-10095	305	1	http://dx.doi.org/10.1016/j.jaccpubpol.2015.05.009	http://dx.doi.org/10.1016/j.jaccpubpol.2015.05.009	PROPN
ajfa-10095	305	2	cohen	cohen	PROPN
ajfa-10095	305	3	,	,	PUNCT
ajfa-10095	305	4	d.	d.	PROPN
ajfa-10095	305	5	a.	a.	PROPN
ajfa-10095	305	6	,	,	PUNCT
ajfa-10095	305	7	&	&	CCONJ
ajfa-10095	305	8	zarowin	zarowin	PROPN
ajfa-10095	305	9	,	,	PUNCT
ajfa-10095	305	10	p.	p.	NOUN
ajfa-10095	305	11	(	(	PUNCT
ajfa-10095	305	12	2010	2010	NUM
ajfa-10095	305	13	)	)	PUNCT
ajfa-10095	305	14	.	.	PUNCT
ajfa-10095	306	1	accrual	accrual	ADJ
ajfa-10095	306	2	-	-	PUNCT
ajfa-10095	306	3	based	base	VERB
ajfa-10095	306	4	and	and	CCONJ
ajfa-10095	306	5	real	real	ADJ
ajfa-10095	306	6	earnings	earning	NOUN
ajfa-10095	306	7	management	management	NOUN
ajfa-10095	306	8	activities	activity	NOUN
ajfa-10095	306	9	around	around	ADP
ajfa-10095	306	10	seasoned	seasoned	ADJ
ajfa-10095	306	11	equity	equity	NOUN
ajfa-10095	306	12	offerings	offering	NOUN
ajfa-10095	306	13	.	.	PUNCT
ajfa-10095	307	1	journal	journal	NOUN
ajfa-10095	307	2	of	of	ADP
ajfa-10095	307	3	accounting	accounting	NOUN
ajfa-10095	307	4	and	and	CCONJ
ajfa-10095	307	5	economics	economic	NOUN
ajfa-10095	307	6	,	,	PUNCT
ajfa-10095	307	7	50(1	50(1	NUM
ajfa-10095	307	8	)	)	PUNCT
ajfa-10095	307	9	,	,	PUNCT
ajfa-10095	307	10	2	2	NUM
ajfa-10095	307	11	-	-	SYM
ajfa-10095	307	12	19	19	NUM
ajfa-10095	307	13	.	.	PUNCT
ajfa-10095	308	1	http://dx.doi.org/10.1016/j.jacceco.2010.01.002	http://dx.doi.org/10.1016/j.jacceco.2010.01.002	NUM
ajfa-10095	308	2	core	core	NOUN
ajfa-10095	308	3	,	,	PUNCT
ajfa-10095	308	4	j.	j.	PROPN
ajfa-10095	308	5	e.	e.	PROPN
ajfa-10095	308	6	(	(	PUNCT
ajfa-10095	308	7	1997	1997	NUM
ajfa-10095	308	8	)	)	PUNCT
ajfa-10095	308	9	.	.	PUNCT
ajfa-10095	309	1	on	on	ADP
ajfa-10095	309	2	the	the	DET
ajfa-10095	309	3	corporate	corporate	ADJ
ajfa-10095	309	4	demand	demand	NOUN
ajfa-10095	309	5	for	for	ADP
ajfa-10095	309	6	directors	director	NOUN
ajfa-10095	309	7	’	'	PUNCT
ajfa-10095	309	8	and	and	CCONJ
ajfa-10095	309	9	officers	officer	NOUN
ajfa-10095	309	10	’	’	PART
ajfa-10095	309	11	insurance	insurance	NOUN
ajfa-10095	309	12	.	.	PUNCT
ajfa-10095	310	1	journal	journal	NOUN
ajfa-10095	310	2	of	of	ADP
ajfa-10095	310	3	risk	risk	NOUN
ajfa-10095	310	4	and	and	CCONJ
ajfa-10095	310	5	insurance	insurance	NOUN
ajfa-10095	310	6	,	,	PUNCT
ajfa-10095	310	7	64(1	64(1	NUM
ajfa-10095	310	8	)	)	PUNCT
ajfa-10095	310	9	,	,	PUNCT
ajfa-10095	310	10	63	63	NUM
ajfa-10095	310	11	-	-	SYM
ajfa-10095	310	12	87	87	NUM
ajfa-10095	310	13	.	.	PUNCT
ajfa-10095	311	1	http://dx.doi.org/10.2307/253912	http://dx.doi.org/10.2307/253912	PROPN
ajfa-10095	311	2	dechow	dechow	ADJ
ajfa-10095	311	3	,	,	PUNCT
ajfa-10095	311	4	p.	p.	NOUN
ajfa-10095	311	5	m.	m.	NOUN
ajfa-10095	311	6	,	,	PUNCT
ajfa-10095	311	7	&	&	CCONJ
ajfa-10095	311	8	sloan	sloan	PROPN
ajfa-10095	311	9	,	,	PUNCT
ajfa-10095	311	10	r.	r.	PROPN
ajfa-10095	311	11	g.	g.	PROPN
ajfa-10095	311	12	(	(	PUNCT
ajfa-10095	311	13	1991	1991	NUM
ajfa-10095	311	14	)	)	PUNCT
ajfa-10095	311	15	.	.	PUNCT
ajfa-10095	312	1	executive	executive	ADJ
ajfa-10095	312	2	incentives	incentive	NOUN
ajfa-10095	312	3	and	and	CCONJ
ajfa-10095	312	4	the	the	DET
ajfa-10095	312	5	horizon	horizon	NOUN
ajfa-10095	312	6	problem	problem	NOUN
ajfa-10095	312	7	:	:	PUNCT
ajfa-10095	312	8	an	an	DET
ajfa-10095	312	9	empirical	empirical	ADJ
ajfa-10095	312	10	investigation	investigation	NOUN
ajfa-10095	312	11	.	.	PUNCT
ajfa-10095	313	1	journal	journal	NOUN
ajfa-10095	313	2	of	of	ADP
ajfa-10095	313	3	accounting	accounting	NOUN
ajfa-10095	313	4	and	and	CCONJ
ajfa-10095	313	5	economics	economic	NOUN
ajfa-10095	313	6	,	,	PUNCT
ajfa-10095	313	7	14(1	14(1	NUM
ajfa-10095	313	8	)	)	PUNCT
ajfa-10095	313	9	,	,	PUNCT
ajfa-10095	313	10	51	51	NUM
ajfa-10095	313	11	-	-	SYM
ajfa-10095	313	12	89	89	NUM
ajfa-10095	313	13	.	.	PUNCT
ajfa-10095	314	1	http://dx.doi.org/10.1016/0167-7187(91)90058-s	http://dx.doi.org/10.1016/0167-7187(91)90058-s	PROPN
ajfa-10095	314	2	ellis	ellis	PROPN
ajfa-10095	314	3	,	,	PUNCT
ajfa-10095	314	4	c.	c.	PROPN
ajfa-10095	314	5	d.	d.	PROPN
ajfa-10095	314	6	(	(	PUNCT
ajfa-10095	314	7	2004	2004	NUM
ajfa-10095	314	8	)	)	PUNCT
ajfa-10095	314	9	.	.	PUNCT
ajfa-10095	315	1	capital	capital	NOUN
ajfa-10095	315	2	:	:	PUNCT
ajfa-10095	315	3	the	the	DET
ajfa-10095	315	4	story	story	NOUN
ajfa-10095	315	5	of	of	ADP
ajfa-10095	315	6	long	long	ADJ
ajfa-10095	315	7	-	-	PUNCT
ajfa-10095	315	8	term	term	NOUN
ajfa-10095	315	9	investment	investment	NOUN
ajfa-10095	315	10	excellence	excellence	NOUN
ajfa-10095	315	11	.	.	PUNCT
ajfa-10095	316	1	hoboken	hoboken	PROPN
ajfa-10095	316	2	,	,	PUNCT
ajfa-10095	316	3	nj	nj	PROPN
ajfa-10095	316	4	:	:	PUNCT
ajfa-10095	316	5	john	john	PROPN
ajfa-10095	316	6	wiley	wiley	PROPN
ajfa-10095	316	7	&	&	CCONJ
ajfa-10095	316	8	sons	son	NOUN
ajfa-10095	316	9	.	.	PUNCT
ajfa-10095	317	1	asian	asian	ADJ
ajfa-10095	317	2	journal	journal	PROPN
ajfa-10095	317	3	of	of	ADP
ajfa-10095	317	4	finance	finance	PROPN
ajfa-10095	317	5	&	&	CCONJ
ajfa-10095	317	6	accounting	accounting	PROPN
ajfa-10095	317	7	issn	issn	PROPN
ajfa-10095	317	8	1946	1946	NUM
ajfa-10095	317	9	-	-	PUNCT
ajfa-10095	317	10	052x	052x	PROPN
ajfa-10095	317	11	2016	2016	NUM
ajfa-10095	317	12	,	,	PUNCT
ajfa-10095	317	13	vol	vol	NOUN
ajfa-10095	317	14	.	.	PROPN
ajfa-10095	317	15	8	8	NUM
ajfa-10095	317	16	,	,	PUNCT
ajfa-10095	317	17	no	no	INTJ
ajfa-10095	317	18	.	.	NOUN
ajfa-10095	317	19	2	2	NUM
ajfa-10095	317	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	317	21	111	111	NUM
ajfa-10095	317	22	fama	fama	NOUN
ajfa-10095	317	23	,	,	PUNCT
ajfa-10095	317	24	e.	e.	PROPN
ajfa-10095	317	25	f.	f.	PROPN
ajfa-10095	317	26	,	,	PUNCT
ajfa-10095	317	27	&	&	CCONJ
ajfa-10095	317	28	jensen	jensen	PROPN
ajfa-10095	317	29	,	,	PUNCT
ajfa-10095	317	30	m.	m.	PROPN
ajfa-10095	317	31	c.	c.	PROPN
ajfa-10095	317	32	(	(	PUNCT
ajfa-10095	317	33	1983	1983	NUM
ajfa-10095	317	34	)	)	PUNCT
ajfa-10095	317	35	.	.	PUNCT
ajfa-10095	318	1	separation	separation	NOUN
ajfa-10095	318	2	of	of	ADP
ajfa-10095	318	3	ownership	ownership	NOUN
ajfa-10095	318	4	and	and	CCONJ
ajfa-10095	318	5	control	control	NOUN
ajfa-10095	318	6	.	.	PUNCT
ajfa-10095	319	1	journal	journal	PROPN
ajfa-10095	319	2	of	of	ADP
ajfa-10095	319	3	law	law	NOUN
ajfa-10095	319	4	and	and	CCONJ
ajfa-10095	319	5	economics	economic	NOUN
ajfa-10095	319	6	,	,	PUNCT
ajfa-10095	319	7	26(2	26(2	NUM
ajfa-10095	319	8	)	)	PUNCT
ajfa-10095	319	9	,	,	PUNCT
ajfa-10095	319	10	301	301	NUM
ajfa-10095	319	11	-	-	SYM
ajfa-10095	319	12	325	325	NUM
ajfa-10095	319	13	.	.	PUNCT
ajfa-10095	320	1	http://dx.doi.org/10.1086/467037	http://dx.doi.org/10.1086/467037	PROPN
ajfa-10095	320	2	fuller	fuller	NOUN
ajfa-10095	320	3	,	,	PUNCT
ajfa-10095	320	4	j.	j.	PROPN
ajfa-10095	320	5	,	,	PUNCT
ajfa-10095	320	6	&	&	CCONJ
ajfa-10095	320	7	jensen	jensen	PROPN
ajfa-10095	320	8	,	,	PUNCT
ajfa-10095	320	9	m.	m.	PROPN
ajfa-10095	320	10	c.	c.	PROPN
ajfa-10095	320	11	(	(	PUNCT
ajfa-10095	320	12	2002	2002	NUM
ajfa-10095	320	13	)	)	PUNCT
ajfa-10095	320	14	.	.	PUNCT
ajfa-10095	321	1	just	just	ADV
ajfa-10095	321	2	say	say	VERB
ajfa-10095	321	3	no	no	INTJ
ajfa-10095	321	4	to	to	PART
ajfa-10095	321	5	wall	wall	PROPN
ajfa-10095	321	6	street	street	PROPN
ajfa-10095	321	7	:	:	PUNCT
ajfa-10095	321	8	putting	put	VERB
ajfa-10095	321	9	a	a	DET
ajfa-10095	321	10	stop	stop	NOUN
ajfa-10095	321	11	to	to	ADP
ajfa-10095	321	12	the	the	DET
ajfa-10095	321	13	earnings	earning	NOUN
ajfa-10095	321	14	game	game	NOUN
ajfa-10095	321	15	.	.	PUNCT
ajfa-10095	322	1	journal	journal	PROPN
ajfa-10095	322	2	of	of	ADP
ajfa-10095	322	3	applied	apply	VERB
ajfa-10095	322	4	corporate	corporate	ADJ
ajfa-10095	322	5	finance	finance	NOUN
ajfa-10095	322	6	,	,	PUNCT
ajfa-10095	322	7	14(4	14(4	NUM
ajfa-10095	322	8	)	)	PUNCT
ajfa-10095	322	9	,	,	PUNCT
ajfa-10095	322	10	41	41	NUM
ajfa-10095	322	11	-	-	SYM
ajfa-10095	322	12	46	46	NUM
ajfa-10095	322	13	.	.	PUNCT
ajfa-10095	323	1	http://dx.doi.org/10.1111/j.1745-6622.2002.tb00447.x	http://dx.doi.org/10.1111/j.1745-6622.2002.tb00447.x	PROPN
ajfa-10095	323	2	graham	graham	PROPN
ajfa-10095	323	3	,	,	PUNCT
ajfa-10095	323	4	j.	j.	PROPN
ajfa-10095	323	5	r.	r.	PROPN
ajfa-10095	323	6	,	,	PUNCT
ajfa-10095	323	7	harvey	harvey	PROPN
ajfa-10095	323	8	,	,	PUNCT
ajfa-10095	323	9	c.	c.	PROPN
ajfa-10095	323	10	r.	r.	PROPN
ajfa-10095	323	11	,	,	PUNCT
ajfa-10095	323	12	&	&	CCONJ
ajfa-10095	323	13	rajgopal	rajgopal	PROPN
ajfa-10095	323	14	,	,	PUNCT
ajfa-10095	323	15	s.	s.	PROPN
ajfa-10095	323	16	(	(	PUNCT
ajfa-10095	323	17	2005	2005	NUM
ajfa-10095	323	18	)	)	PUNCT
ajfa-10095	323	19	.	.	PUNCT
ajfa-10095	324	1	the	the	DET
ajfa-10095	324	2	economic	economic	ADJ
ajfa-10095	324	3	implications	implication	NOUN
ajfa-10095	324	4	of	of	ADP
ajfa-10095	324	5	corporate	corporate	ADJ
ajfa-10095	324	6	financial	financial	ADJ
ajfa-10095	324	7	reporting	reporting	NOUN
ajfa-10095	324	8	.	.	PUNCT
ajfa-10095	325	1	journal	journal	NOUN
ajfa-10095	325	2	of	of	ADP
ajfa-10095	325	3	accounting	accounting	NOUN
ajfa-10095	325	4	and	and	CCONJ
ajfa-10095	325	5	economics	economic	NOUN
ajfa-10095	325	6	,	,	PUNCT
ajfa-10095	325	7	40(1	40(1	NOUN
ajfa-10095	325	8	)	)	PUNCT
ajfa-10095	325	9	,	,	PUNCT
ajfa-10095	325	10	3	3	NUM
ajfa-10095	325	11	-	-	SYM
ajfa-10095	325	12	73	73	NUM
ajfa-10095	325	13	.	.	PUNCT
ajfa-10095	326	1	http://dx.doi.org/10.1016/j.jacceco.2005.01.002	http://dx.doi.org/10.1016/j.jacceco.2005.01.002	PROPN
ajfa-10095	326	2	heckman	heckman	PROPN
ajfa-10095	326	3	,	,	PUNCT
ajfa-10095	326	4	j.	j.	PROPN
ajfa-10095	326	5	j.	j.	PROPN
ajfa-10095	326	6	(	(	PUNCT
ajfa-10095	326	7	1979	1979	NUM
ajfa-10095	326	8	)	)	PUNCT
ajfa-10095	326	9	.	.	PUNCT
ajfa-10095	327	1	sample	sample	NOUN
ajfa-10095	327	2	selection	selection	NOUN
ajfa-10095	327	3	bias	bias	NOUN
ajfa-10095	327	4	as	as	ADP
ajfa-10095	327	5	a	a	DET
ajfa-10095	327	6	specification	specification	NOUN
ajfa-10095	327	7	error	error	NOUN
ajfa-10095	327	8	.	.	PUNCT
ajfa-10095	328	1	econometrica	econometrica	PROPN
ajfa-10095	328	2	:	:	PUNCT
ajfa-10095	328	3	journal	journal	NOUN
ajfa-10095	328	4	of	of	ADP
ajfa-10095	328	5	the	the	DET
ajfa-10095	328	6	econometric	econometric	ADJ
ajfa-10095	328	7	society	society	NOUN
ajfa-10095	328	8	,	,	PUNCT
ajfa-10095	328	9	47(1	47(1	NUM
ajfa-10095	328	10	)	)	PUNCT
ajfa-10095	328	11	,	,	PUNCT
ajfa-10095	328	12	153	153	NUM
ajfa-10095	328	13	-	-	SYM
ajfa-10095	328	14	161	161	NUM
ajfa-10095	328	15	.	.	PUNCT
ajfa-10095	329	1	http://dx.doi.org/10.2307/1912352	http://dx.doi.org/10.2307/1912352	PROPN
ajfa-10095	329	2	holderness	holderness	PROPN
ajfa-10095	329	3	,	,	PUNCT
ajfa-10095	329	4	c.	c.	PROPN
ajfa-10095	329	5	g.	g.	PROPN
ajfa-10095	329	6	(	(	PUNCT
ajfa-10095	329	7	1990	1990	NUM
ajfa-10095	329	8	)	)	PUNCT
ajfa-10095	329	9	.	.	PUNCT
ajfa-10095	330	1	liability	liability	NOUN
ajfa-10095	330	2	insurers	insurer	NOUN
ajfa-10095	330	3	as	as	ADP
ajfa-10095	330	4	corporate	corporate	ADJ
ajfa-10095	330	5	monitors	monitor	NOUN
ajfa-10095	330	6	.	.	PUNCT
ajfa-10095	331	1	international	international	ADJ
ajfa-10095	331	2	review	review	NOUN
ajfa-10095	331	3	of	of	ADP
ajfa-10095	331	4	law	law	NOUN
ajfa-10095	331	5	and	and	CCONJ
ajfa-10095	331	6	economics	economic	NOUN
ajfa-10095	331	7	,	,	PUNCT
ajfa-10095	331	8	10(2	10(2	NUM
ajfa-10095	331	9	)	)	PUNCT
ajfa-10095	331	10	,	,	PUNCT
ajfa-10095	331	11	115	115	NUM
ajfa-10095	331	12	-	-	SYM
ajfa-10095	331	13	129	129	NUM
ajfa-10095	331	14	.	.	PUNCT
ajfa-10095	332	1	http://dx.doi.org/10.1016/0144-8188(90)90018-o	http://dx.doi.org/10.1016/0144-8188(90)90018-o	PROPN
ajfa-10095	332	2	holmstrom	holmstrom	PROPN
ajfa-10095	332	3	,	,	PUNCT
ajfa-10095	332	4	b.	b.	PROPN
ajfa-10095	332	5	(	(	PUNCT
ajfa-10095	332	6	1989	1989	NUM
ajfa-10095	332	7	)	)	PUNCT
ajfa-10095	332	8	.	.	PUNCT
ajfa-10095	333	1	agency	agency	NOUN
ajfa-10095	333	2	costs	cost	NOUN
ajfa-10095	333	3	and	and	CCONJ
ajfa-10095	333	4	innovation	innovation	NOUN
ajfa-10095	333	5	.	.	PUNCT
ajfa-10095	334	1	journal	journal	NOUN
ajfa-10095	334	2	of	of	ADP
ajfa-10095	334	3	economic	economic	ADJ
ajfa-10095	334	4	behavior	behavior	NOUN
ajfa-10095	334	5	&	&	CCONJ
ajfa-10095	334	6	organization	organization	PROPN
ajfa-10095	334	7	,	,	PUNCT
ajfa-10095	334	8	12(3	12(3	NUM
ajfa-10095	334	9	)	)	PUNCT
ajfa-10095	334	10	,	,	PUNCT
ajfa-10095	334	11	305	305	NUM
ajfa-10095	334	12	-	-	SYM
ajfa-10095	334	13	327	327	NUM
ajfa-10095	334	14	.	.	PUNCT
ajfa-10095	335	1	http://dx.doi.org/10.1016/0167-2681(89)90025-5	http://dx.doi.org/10.1016/0167-2681(89)90025-5	NOUN
ajfa-10095	336	1	kalelkar	kalelkar	PROPN
ajfa-10095	336	2	,	,	PUNCT
ajfa-10095	336	3	r.	r.	PROPN
ajfa-10095	336	4	,	,	PUNCT
ajfa-10095	336	5	&	&	CCONJ
ajfa-10095	336	6	nwaeze	nwaeze	PROPN
ajfa-10095	336	7	,	,	PUNCT
ajfa-10095	336	8	e.	e.	PROPN
ajfa-10095	336	9	t.	t.	PROPN
ajfa-10095	336	10	(	(	PUNCT
ajfa-10095	336	11	2015	2015	NUM
ajfa-10095	336	12	)	)	PUNCT
ajfa-10095	336	13	.	.	PUNCT
ajfa-10095	337	1	directors	director	NOUN
ajfa-10095	337	2	and	and	CCONJ
ajfa-10095	337	3	officers	officer	NOUN
ajfa-10095	337	4	liability	liability	NOUN
ajfa-10095	337	5	insurance	insurance	NOUN
ajfa-10095	337	6	:	:	PUNCT
ajfa-10095	337	7	implications	implication	NOUN
ajfa-10095	337	8	of	of	ADP
ajfa-10095	337	9	abnormal	abnormal	ADJ
ajfa-10095	337	10	coverage	coverage	NOUN
ajfa-10095	337	11	.	.	PUNCT
ajfa-10095	338	1	journal	journal	NOUN
ajfa-10095	338	2	of	of	ADP
ajfa-10095	338	3	accounting	accounting	NOUN
ajfa-10095	338	4	,	,	PUNCT
ajfa-10095	338	5	auditing	auditing	NOUN
ajfa-10095	338	6	&	&	CCONJ
ajfa-10095	338	7	finance	finance	NOUN
ajfa-10095	338	8	,	,	PUNCT
ajfa-10095	338	9	30(1	30(1	NUM
ajfa-10095	338	10	)	)	PUNCT
ajfa-10095	338	11	,	,	PUNCT
ajfa-10095	338	12	3	3	NUM
ajfa-10095	338	13	-	-	SYM
ajfa-10095	338	14	34	34	NUM
ajfa-10095	338	15	.	.	PUNCT
ajfa-10095	339	1	http://dx.doi.org/10.1177/0148558x14549459	http://dx.doi.org/10.1177/0148558x14549459	PROPN
ajfa-10095	339	2	kim	kim	PROPN
ajfa-10095	339	3	,	,	PUNCT
ajfa-10095	339	4	i.	i.	PROPN
ajfa-10095	339	5	(	(	PUNCT
ajfa-10095	339	6	2015	2015	NUM
ajfa-10095	339	7	)	)	PUNCT
ajfa-10095	339	8	directors	director	NOUN
ajfa-10095	339	9	’	'	PUNCT
ajfa-10095	339	10	and	and	CCONJ
ajfa-10095	339	11	officers	officer	NOUN
ajfa-10095	339	12	’	’	PART
ajfa-10095	339	13	insurance	insurance	NOUN
ajfa-10095	339	14	and	and	CCONJ
ajfa-10095	339	15	opportunism	opportunism	NOUN
ajfa-10095	339	16	in	in	ADP
ajfa-10095	339	17	accounting	accounting	NOUN
ajfa-10095	339	18	choice	choice	NOUN
ajfa-10095	339	19	.	.	PUNCT
ajfa-10095	340	1	accounting	accounting	NOUN
ajfa-10095	340	2	&	&	CCONJ
ajfa-10095	340	3	taxation	taxation	PROPN
ajfa-10095	340	4	,	,	PUNCT
ajfa-10095	340	5	7(1	7(1	NUM
ajfa-10095	340	6	)	)	PUNCT
ajfa-10095	340	7	,	,	PUNCT
ajfa-10095	340	8	51	51	NUM
ajfa-10095	340	9	-	-	SYM
ajfa-10095	340	10	65	65	NUM
ajfa-10095	340	11	.	.	PUNCT
ajfa-10095	341	1	kothari	kothari	PROPN
ajfa-10095	341	2	,	,	PUNCT
ajfa-10095	341	3	s.	s.	PROPN
ajfa-10095	341	4	p.	p.	PROPN
ajfa-10095	341	5	,	,	PUNCT
ajfa-10095	341	6	laguerre	laguerre	NOUN
ajfa-10095	341	7	,	,	PUNCT
ajfa-10095	341	8	t.	t.	PROPN
ajfa-10095	341	9	e.	e.	PROPN
ajfa-10095	341	10	,	,	PUNCT
ajfa-10095	341	11	&	&	CCONJ
ajfa-10095	341	12	leone	leone	PROPN
ajfa-10095	341	13	,	,	PUNCT
ajfa-10095	341	14	a.	a.	PROPN
ajfa-10095	341	15	j.	j.	PROPN
ajfa-10095	341	16	(	(	PUNCT
ajfa-10095	341	17	2002	2002	NUM
ajfa-10095	341	18	)	)	PUNCT
ajfa-10095	341	19	.	.	PUNCT
ajfa-10095	342	1	capitalization	capitalization	NOUN
ajfa-10095	342	2	versus	versus	ADP
ajfa-10095	342	3	expensing	expense	VERB
ajfa-10095	342	4	:	:	PUNCT
ajfa-10095	342	5	evidence	evidence	NOUN
ajfa-10095	342	6	on	on	ADP
ajfa-10095	342	7	the	the	DET
ajfa-10095	342	8	uncertainty	uncertainty	NOUN
ajfa-10095	342	9	of	of	ADP
ajfa-10095	342	10	future	future	ADJ
ajfa-10095	342	11	earnings	earning	NOUN
ajfa-10095	342	12	from	from	ADP
ajfa-10095	342	13	capital	capital	NOUN
ajfa-10095	342	14	expenditures	expenditure	NOUN
ajfa-10095	342	15	versus	versus	ADP
ajfa-10095	342	16	r&d	r&d	NOUN
ajfa-10095	342	17	outlays	outlay	NOUN
ajfa-10095	342	18	.	.	PUNCT
ajfa-10095	343	1	review	review	NOUN
ajfa-10095	343	2	of	of	ADP
ajfa-10095	343	3	accounting	accounting	NOUN
ajfa-10095	343	4	studies	study	NOUN
ajfa-10095	343	5	,	,	PUNCT
ajfa-10095	343	6	7(4	7(4	NUM
ajfa-10095	343	7	)	)	PUNCT
ajfa-10095	343	8	,	,	PUNCT
ajfa-10095	343	9	355	355	NUM
ajfa-10095	343	10	-	-	SYM
ajfa-10095	343	11	382	382	NUM
ajfa-10095	343	12	.	.	PUNCT
ajfa-10095	344	1	lin	lin	PROPN
ajfa-10095	344	2	,	,	PUNCT
ajfa-10095	344	3	c.	c.	PROPN
ajfa-10095	344	4	,	,	PUNCT
ajfa-10095	344	5	officer	officer	NOUN
ajfa-10095	344	6	,	,	PUNCT
ajfa-10095	344	7	m.	m.	NOUN
ajfa-10095	344	8	s.	s.	PROPN
ajfa-10095	344	9	,	,	PUNCT
ajfa-10095	344	10	&	&	CCONJ
ajfa-10095	344	11	zou	zou	PROPN
ajfa-10095	344	12	,	,	PUNCT
ajfa-10095	344	13	h.	h.	PROPN
ajfa-10095	344	14	(	(	PUNCT
ajfa-10095	344	15	2011	2011	NUM
ajfa-10095	344	16	)	)	PUNCT
ajfa-10095	344	17	.	.	PUNCT
ajfa-10095	345	1	directors	director	NOUN
ajfa-10095	345	2	’	'	PUNCT
ajfa-10095	345	3	and	and	CCONJ
ajfa-10095	345	4	officers	officer	NOUN
ajfa-10095	345	5	’	’	PART
ajfa-10095	345	6	liability	liability	NOUN
ajfa-10095	345	7	insurance	insurance	NOUN
ajfa-10095	345	8	and	and	CCONJ
ajfa-10095	345	9	acquisition	acquisition	NOUN
ajfa-10095	345	10	outcomes	outcome	NOUN
ajfa-10095	345	11	.	.	PUNCT
ajfa-10095	346	1	journal	journal	PROPN
ajfa-10095	346	2	of	of	ADP
ajfa-10095	346	3	financial	financial	ADJ
ajfa-10095	346	4	economics	economic	NOUN
ajfa-10095	346	5	,	,	PUNCT
ajfa-10095	346	6	102(3	102(3	NUM
ajfa-10095	346	7	)	)	PUNCT
ajfa-10095	346	8	,	,	PUNCT
ajfa-10095	346	9	507	507	NUM
ajfa-10095	346	10	-	-	SYM
ajfa-10095	346	11	525	525	NUM
ajfa-10095	346	12	.	.	PUNCT
ajfa-10095	347	1	http://dx.doi.org/10.1016/j.jfineco.2011.08.004	http://dx.doi.org/10.1016/j.jfineco.2011.08.004	PROPN
ajfa-10095	347	2	lin	lin	PROPN
ajfa-10095	347	3	,	,	PUNCT
ajfa-10095	347	4	c.	c.	PROPN
ajfa-10095	347	5	,	,	PUNCT
ajfa-10095	347	6	officer	officer	NOUN
ajfa-10095	347	7	,	,	PUNCT
ajfa-10095	347	8	m.	m.	NOUN
ajfa-10095	347	9	s.	s.	PROPN
ajfa-10095	347	10	,	,	PUNCT
ajfa-10095	347	11	wang	wang	PROPN
ajfa-10095	347	12	,	,	PUNCT
ajfa-10095	347	13	r.	r.	PROPN
ajfa-10095	347	14	,	,	PUNCT
ajfa-10095	347	15	&	&	CCONJ
ajfa-10095	347	16	zou	zou	PROPN
ajfa-10095	347	17	,	,	PUNCT
ajfa-10095	347	18	h.	h.	PROPN
ajfa-10095	347	19	(	(	PUNCT
ajfa-10095	347	20	2013	2013	NUM
ajfa-10095	347	21	)	)	PUNCT
ajfa-10095	347	22	.	.	PUNCT
ajfa-10095	348	1	directors	director	NOUN
ajfa-10095	348	2	’	'	PUNCT
ajfa-10095	348	3	and	and	CCONJ
ajfa-10095	348	4	officers	officer	NOUN
ajfa-10095	348	5	’	’	PART
ajfa-10095	348	6	liability	liability	NOUN
ajfa-10095	348	7	insurance	insurance	NOUN
ajfa-10095	348	8	and	and	CCONJ
ajfa-10095	348	9	loan	loan	NOUN
ajfa-10095	348	10	spreads	spread	NOUN
ajfa-10095	348	11	.	.	PUNCT
ajfa-10095	349	1	journal	journal	NOUN
ajfa-10095	349	2	of	of	ADP
ajfa-10095	349	3	financial	financial	ADJ
ajfa-10095	349	4	economics	economic	NOUN
ajfa-10095	349	5	,	,	PUNCT
ajfa-10095	349	6	110(1	110(1	NUM
ajfa-10095	349	7	)	)	PUNCT
ajfa-10095	349	8	,	,	PUNCT
ajfa-10095	349	9	37	37	NUM
ajfa-10095	349	10	-	-	SYM
ajfa-10095	349	11	60	60	NUM
ajfa-10095	349	12	.	.	PUNCT
ajfa-10095	350	1	http://dx.doi.org/10.1016/j.jfineco.2013.04.005	http://dx.doi.org/10.1016/j.jfineco.2013.04.005	PROPN
ajfa-10095	350	2	o’sullivan	o’sullivan	PROPN
ajfa-10095	350	3	,	,	PUNCT
ajfa-10095	350	4	n.	n.	PROPN
ajfa-10095	350	5	(	(	PUNCT
ajfa-10095	350	6	2002	2002	NUM
ajfa-10095	350	7	)	)	PUNCT
ajfa-10095	350	8	.	.	PUNCT
ajfa-10095	351	1	the	the	DET
ajfa-10095	351	2	demand	demand	NOUN
ajfa-10095	351	3	for	for	ADP
ajfa-10095	351	4	directors	director	NOUN
ajfa-10095	351	5	’	'	PUNCT
ajfa-10095	351	6	and	and	CCONJ
ajfa-10095	351	7	officers	officer	NOUN
ajfa-10095	351	8	’	’	PART
ajfa-10095	351	9	insurance	insurance	NOUN
ajfa-10095	351	10	by	by	ADP
ajfa-10095	351	11	large	large	ADJ
ajfa-10095	351	12	uk	uk	PROPN
ajfa-10095	351	13	companies	company	NOUN
ajfa-10095	351	14	.	.	PUNCT
ajfa-10095	352	1	european	european	ADJ
ajfa-10095	352	2	management	management	PROPN
ajfa-10095	352	3	journal	journal	PROPN
ajfa-10095	352	4	,	,	PUNCT
ajfa-10095	352	5	20(5	20(5	NUM
ajfa-10095	352	6	)	)	PUNCT
ajfa-10095	352	7	,	,	PUNCT
ajfa-10095	352	8	574	574	NUM
ajfa-10095	352	9	-	-	SYM
ajfa-10095	352	10	583	583	NUM
ajfa-10095	352	11	.	.	PUNCT
ajfa-10095	353	1	http://dx.doi.org/10.1016/s0263-2373(02)00096-8	http://dx.doi.org/10.1016/s0263-2373(02)00096-8	PROPN
ajfa-10095	353	2	osma	osma	PROPN
ajfa-10095	353	3	,	,	PUNCT
ajfa-10095	353	4	b.	b.	PROPN
ajfa-10095	353	5	g.	g.	PROPN
ajfa-10095	353	6	,	,	PUNCT
ajfa-10095	353	7	&	&	CCONJ
ajfa-10095	353	8	young	young	PROPN
ajfa-10095	353	9	,	,	PUNCT
ajfa-10095	353	10	s.	s.	PROPN
ajfa-10095	353	11	(	(	PUNCT
ajfa-10095	353	12	2009	2009	NUM
ajfa-10095	353	13	)	)	PUNCT
ajfa-10095	353	14	.	.	PUNCT
ajfa-10095	354	1	r&d	r&d	NOUN
ajfa-10095	354	2	expenditure	expenditure	NOUN
ajfa-10095	354	3	and	and	CCONJ
ajfa-10095	354	4	earnings	earning	NOUN
ajfa-10095	354	5	targets	target	NOUN
ajfa-10095	354	6	.	.	PUNCT
ajfa-10095	355	1	european	european	ADJ
ajfa-10095	355	2	accounting	accounting	PROPN
ajfa-10095	355	3	review	review	PROPN
ajfa-10095	355	4	,	,	PUNCT
ajfa-10095	355	5	18(1	18(1	NUM
ajfa-10095	355	6	)	)	PUNCT
ajfa-10095	355	7	,	,	PUNCT
ajfa-10095	355	8	7	7	NUM
ajfa-10095	355	9	-	-	SYM
ajfa-10095	355	10	32	32	NUM
ajfa-10095	355	11	.	.	PUNCT
ajfa-10095	356	1	http://dx.doi.org/10.1080/09638180802016718	http://dx.doi.org/10.1080/09638180802016718	PROPN
ajfa-10095	356	2	o’sullivan	o’sullivan	PROPN
ajfa-10095	356	3	,	,	PUNCT
ajfa-10095	356	4	n.	n.	NOUN
ajfa-10095	356	5	(	(	PUNCT
ajfa-10095	356	6	1997	1997	NUM
ajfa-10095	356	7	)	)	PUNCT
ajfa-10095	356	8	.	.	PUNCT
ajfa-10095	357	1	insuring	insure	VERB
ajfa-10095	357	2	the	the	DET
ajfa-10095	357	3	agents	agent	NOUN
ajfa-10095	357	4	:	:	PUNCT
ajfa-10095	357	5	the	the	DET
ajfa-10095	357	6	role	role	NOUN
ajfa-10095	357	7	of	of	ADP
ajfa-10095	357	8	directors	director	NOUN
ajfa-10095	357	9	’	'	PUNCT
ajfa-10095	357	10	and	and	CCONJ
ajfa-10095	357	11	officers	officer	NOUN
ajfa-10095	357	12	’	’	PART
ajfa-10095	357	13	insurance	insurance	NOUN
ajfa-10095	357	14	in	in	ADP
ajfa-10095	357	15	corporate	corporate	ADJ
ajfa-10095	357	16	governance	governance	NOUN
ajfa-10095	357	17	.	.	PUNCT
ajfa-10095	358	1	journal	journal	NOUN
ajfa-10095	358	2	of	of	ADP
ajfa-10095	358	3	risk	risk	NOUN
ajfa-10095	358	4	and	and	CCONJ
ajfa-10095	358	5	insurance	insurance	NOUN
ajfa-10095	358	6	,	,	PUNCT
ajfa-10095	358	7	64(3	64(3	NOUN
ajfa-10095	358	8	)	)	PUNCT
ajfa-10095	358	9	,	,	PUNCT
ajfa-10095	358	10	545	545	NUM
ajfa-10095	358	11	-	-	SYM
ajfa-10095	358	12	556	556	NUM
ajfa-10095	358	13	.	.	PUNCT
ajfa-10095	358	14	http://dx.doi.org/10.2307/253764	http://dx.doi.org/10.2307/253764	PROPN
ajfa-10095	358	15	asian	asian	PROPN
ajfa-10095	358	16	journal	journal	PROPN
ajfa-10095	358	17	of	of	ADP
ajfa-10095	358	18	finance	finance	PROPN
ajfa-10095	358	19	&	&	CCONJ
ajfa-10095	358	20	accounting	accounting	PROPN
ajfa-10095	358	21	issn	issn	PROPN
ajfa-10095	358	22	1946	1946	NUM
ajfa-10095	358	23	-	-	PUNCT
ajfa-10095	358	24	052x	052x	PROPN
ajfa-10095	358	25	2016	2016	NUM
ajfa-10095	358	26	,	,	PUNCT
ajfa-10095	358	27	vol	vol	NOUN
ajfa-10095	358	28	.	.	PROPN
ajfa-10095	358	29	8	8	NUM
ajfa-10095	358	30	,	,	PUNCT
ajfa-10095	358	31	no	no	INTJ
ajfa-10095	358	32	.	.	NOUN
ajfa-10095	358	33	2	2	NUM
ajfa-10095	358	34	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-10095	358	35	112	112	NUM
ajfa-10095	358	36	porter	porter	NOUN
ajfa-10095	358	37	,	,	PUNCT
ajfa-10095	358	38	m.	m.	NOUN
ajfa-10095	358	39	e.	e.	PROPN
ajfa-10095	358	40	(	(	PUNCT
ajfa-10095	358	41	1992	1992	NUM
ajfa-10095	358	42	)	)	PUNCT
ajfa-10095	358	43	.	.	PUNCT
ajfa-10095	359	1	capital	capital	NOUN
ajfa-10095	359	2	choices	choice	NOUN
ajfa-10095	359	3	:	:	PUNCT
ajfa-10095	359	4	changing	change	VERB
ajfa-10095	359	5	the	the	DET
ajfa-10095	359	6	way	way	NOUN
ajfa-10095	359	7	america	america	PROPN
ajfa-10095	359	8	invests	invest	NOUN
ajfa-10095	359	9	in	in	ADP
ajfa-10095	359	10	industry	industry	NOUN
ajfa-10095	359	11	.	.	PUNCT
ajfa-10095	360	1	journal	journal	PROPN
ajfa-10095	360	2	of	of	ADP
ajfa-10095	360	3	applied	apply	VERB
ajfa-10095	360	4	corporate	corporate	ADJ
ajfa-10095	360	5	finance	finance	NOUN
ajfa-10095	360	6	,	,	PUNCT
ajfa-10095	360	7	5(2	5(2	NUM
ajfa-10095	360	8	)	)	PUNCT
ajfa-10095	360	9	,	,	PUNCT
ajfa-10095	360	10	4	4	NUM
ajfa-10095	360	11	-	-	SYM
ajfa-10095	360	12	16	16	NUM
ajfa-10095	360	13	.	.	PUNCT
ajfa-10095	361	1	http://dx.doi.org/10.1111/j.1745-6622.1992.tb00485.x	http://dx.doi.org/10.1111/j.1745-6622.1992.tb00485.x	PROPN
ajfa-10095	361	2	rappaport	rappaport	PROPN
ajfa-10095	361	3	,	,	PUNCT
ajfa-10095	361	4	a.	a.	NOUN
ajfa-10095	361	5	(	(	PUNCT
ajfa-10095	361	6	2005	2005	NUM
ajfa-10095	361	7	)	)	PUNCT
ajfa-10095	361	8	.	.	PUNCT
ajfa-10095	362	1	the	the	DET
ajfa-10095	362	2	economics	economic	NOUN
ajfa-10095	362	3	of	of	ADP
ajfa-10095	362	4	short	short	ADJ
ajfa-10095	362	5	-	-	PUNCT
ajfa-10095	362	6	term	term	NOUN
ajfa-10095	362	7	performance	performance	NOUN
ajfa-10095	362	8	obsession	obsession	NOUN
ajfa-10095	362	9	.	.	PUNCT
ajfa-10095	363	1	financial	financial	ADJ
ajfa-10095	363	2	analysts	analyst	NOUN
ajfa-10095	363	3	journal	journal	NOUN
ajfa-10095	363	4	,	,	PUNCT
ajfa-10095	363	5	61(3	61(3	NUM
ajfa-10095	363	6	)	)	PUNCT
ajfa-10095	363	7	,	,	PUNCT
ajfa-10095	363	8	65	65	NUM
ajfa-10095	363	9	-	-	SYM
ajfa-10095	363	10	79	79	NUM
ajfa-10095	363	11	.	.	PUNCT
ajfa-10095	364	1	http://dx.doi.org/10.2469/faj.v61.n3.2729	http://dx.doi.org/10.2469/faj.v61.n3.2729	PROPN
ajfa-10095	364	2	sloan	sloan	PROPN
ajfa-10095	364	3	,	,	PUNCT
ajfa-10095	364	4	r.	r.	PROPN
ajfa-10095	364	5	g.	g.	PROPN
ajfa-10095	364	6	(	(	PUNCT
ajfa-10095	364	7	1996	1996	NUM
ajfa-10095	364	8	)	)	PUNCT
ajfa-10095	364	9	.	.	PUNCT
ajfa-10095	365	1	do	do	AUX
ajfa-10095	365	2	stock	stock	NOUN
ajfa-10095	365	3	prices	price	NOUN
ajfa-10095	365	4	fully	fully	ADV
ajfa-10095	365	5	reflect	reflect	VERB
ajfa-10095	365	6	information	information	NOUN
ajfa-10095	365	7	in	in	ADP
ajfa-10095	365	8	accruals	accrual	NOUN
ajfa-10095	365	9	and	and	CCONJ
ajfa-10095	365	10	cash	cash	NOUN
ajfa-10095	365	11	flows	flow	NOUN
ajfa-10095	365	12	about	about	ADP
ajfa-10095	365	13	future	future	ADJ
ajfa-10095	365	14	earnings	earning	NOUN
ajfa-10095	365	15	?	?	PUNCT
ajfa-10095	365	16	.	.	PUNCT
ajfa-10095	366	1	the	the	DET
ajfa-10095	366	2	accounting	accounting	NOUN
ajfa-10095	366	3	review	review	NOUN
ajfa-10095	366	4	,	,	PUNCT
ajfa-10095	366	5	71(3	71(3	NUM
ajfa-10095	366	6	)	)	PUNCT
ajfa-10095	366	7	,	,	PUNCT
ajfa-10095	366	8	289	289	NUM
ajfa-10095	366	9	-	-	SYM
ajfa-10095	366	10	315	315	NUM
ajfa-10095	366	11	.	.	PUNCT
ajfa-10095	367	1	stein	stein	PROPN
ajfa-10095	367	2	,	,	PUNCT
ajfa-10095	367	3	j.	j.	PROPN
ajfa-10095	367	4	c.	c.	PROPN
ajfa-10095	367	5	(	(	PUNCT
ajfa-10095	367	6	1988	1988	NUM
ajfa-10095	367	7	)	)	PUNCT
ajfa-10095	367	8	.	.	PUNCT
ajfa-10095	368	1	takeover	takeover	NOUN
ajfa-10095	368	2	threats	threat	NOUN
ajfa-10095	368	3	and	and	CCONJ
ajfa-10095	368	4	managerial	managerial	ADJ
ajfa-10095	368	5	myopia	myopia	NOUN
ajfa-10095	368	6	.	.	PUNCT
ajfa-10095	369	1	the	the	DET
ajfa-10095	369	2	journal	journal	NOUN
ajfa-10095	369	3	of	of	ADP
ajfa-10095	369	4	political	political	ADJ
ajfa-10095	369	5	economy	economy	NOUN
ajfa-10095	369	6	,	,	PUNCT
ajfa-10095	369	7	96(1	96(1	NUM
ajfa-10095	369	8	)	)	PUNCT
ajfa-10095	369	9	,	,	PUNCT
ajfa-10095	369	10	61	61	NUM
ajfa-10095	369	11	-	-	SYM
ajfa-10095	369	12	80	80	NUM
ajfa-10095	369	13	.	.	PUNCT
ajfa-10095	370	1	http://dx.doi.org/10.1086/261524	http://dx.doi.org/10.1086/261524	PROPN
ajfa-10095	370	2	stein	stein	PROPN
ajfa-10095	370	3	,	,	PUNCT
ajfa-10095	370	4	j.	j.	PROPN
ajfa-10095	370	5	c.	c.	PROPN
ajfa-10095	370	6	(	(	PUNCT
ajfa-10095	370	7	1989	1989	NUM
ajfa-10095	370	8	)	)	PUNCT
ajfa-10095	370	9	.	.	PUNCT
ajfa-10095	371	1	efficient	efficient	ADJ
ajfa-10095	371	2	capital	capital	NOUN
ajfa-10095	371	3	markets	market	NOUN
ajfa-10095	371	4	,	,	PUNCT
ajfa-10095	371	5	inefficient	inefficient	ADJ
ajfa-10095	371	6	firms	firm	NOUN
ajfa-10095	371	7	:	:	PUNCT
ajfa-10095	371	8	a	a	DET
ajfa-10095	371	9	model	model	NOUN
ajfa-10095	371	10	of	of	ADP
ajfa-10095	371	11	myopic	myopic	ADJ
ajfa-10095	371	12	corporate	corporate	ADJ
ajfa-10095	371	13	behavior	behavior	NOUN
ajfa-10095	371	14	.	.	PUNCT
ajfa-10095	372	1	the	the	DET
ajfa-10095	372	2	quarterly	quarterly	ADJ
ajfa-10095	372	3	journal	journal	NOUN
ajfa-10095	372	4	of	of	ADP
ajfa-10095	372	5	economics	economic	NOUN
ajfa-10095	372	6	,	,	PUNCT
ajfa-10095	372	7	104(4	104(4	NUM
ajfa-10095	372	8	)	)	PUNCT
ajfa-10095	372	9	,	,	PUNCT
ajfa-10095	372	10	655	655	NUM
ajfa-10095	372	11	-	-	SYM
ajfa-10095	372	12	669	669	NUM
ajfa-10095	372	13	.	.	PUNCT
ajfa-10095	373	1	http://dx.doi.org/10.2307/2937861	http://dx.doi.org/10.2307/2937861	PROPN
ajfa-10095	373	2	wynn	wynn	PROPN
ajfa-10095	373	3	,	,	PUNCT
ajfa-10095	373	4	j.	j.	PROPN
ajfa-10095	373	5	p.	p.	PROPN
ajfa-10095	373	6	(	(	PUNCT
ajfa-10095	373	7	2008	2008	NUM
ajfa-10095	373	8	)	)	PUNCT
ajfa-10095	373	9	.	.	PUNCT
ajfa-10095	374	1	legal	legal	ADJ
ajfa-10095	374	2	liability	liability	NOUN
ajfa-10095	374	3	coverage	coverage	NOUN
ajfa-10095	374	4	and	and	CCONJ
ajfa-10095	374	5	voluntary	voluntary	ADJ
ajfa-10095	374	6	disclosure	disclosure	NOUN
ajfa-10095	374	7	.	.	PUNCT
ajfa-10095	375	1	the	the	DET
ajfa-10095	375	2	accounting	accounting	PROPN
ajfa-10095	375	3	review	review	PROPN
ajfa-10095	375	4	,	,	PUNCT
ajfa-10095	375	5	83(6	83(6	PROPN
ajfa-10095	375	6	)	)	PUNCT
ajfa-10095	375	7	,	,	PUNCT
ajfa-10095	375	8	1639	1639	NUM
ajfa-10095	375	9	-	-	SYM
ajfa-10095	375	10	1669	1669	NUM
ajfa-10095	375	11	.	.	PUNCT
ajfa-10095	376	1	http://dx.doi.org/10.2308/accr.2008.83.6.1639	http://dx.doi.org/10.2308/accr.2008.83.6.1639	PROPN
ajfa-10095	376	2	zou	zou	PROPN
ajfa-10095	376	3	,	,	PUNCT
ajfa-10095	376	4	h.	h.	PROPN
ajfa-10095	376	5	,	,	PUNCT
ajfa-10095	376	6	wong	wong	PROPN
ajfa-10095	376	7	,	,	PUNCT
ajfa-10095	376	8	s.	s.	PROPN
ajfa-10095	376	9	,	,	PUNCT
ajfa-10095	376	10	shum	shum	PROPN
ajfa-10095	376	11	,	,	PUNCT
ajfa-10095	376	12	c.	c.	PROPN
ajfa-10095	376	13	,	,	PUNCT
ajfa-10095	376	14	xiong	xiong	PROPN
ajfa-10095	376	15	,	,	PUNCT
ajfa-10095	376	16	j.	j.	PROPN
ajfa-10095	376	17	,	,	PUNCT
ajfa-10095	376	18	&	&	CCONJ
ajfa-10095	376	19	yan	yan	PROPN
ajfa-10095	376	20	,	,	PUNCT
ajfa-10095	376	21	j.	j.	PROPN
ajfa-10095	376	22	(	(	PUNCT
ajfa-10095	376	23	2008	2008	NUM
ajfa-10095	376	24	)	)	PUNCT
ajfa-10095	376	25	.	.	PUNCT
ajfa-10095	377	1	controlling	control	VERB
ajfa-10095	377	2	-	-	PUNCT
ajfa-10095	377	3	minority	minority	NOUN
ajfa-10095	377	4	shareholder	shareholder	NOUN
ajfa-10095	377	5	incentive	incentive	NOUN
ajfa-10095	377	6	conflicts	conflict	NOUN
ajfa-10095	377	7	and	and	CCONJ
ajfa-10095	377	8	directors	director	NOUN
ajfa-10095	377	9	’	'	PUNCT
ajfa-10095	377	10	and	and	CCONJ
ajfa-10095	377	11	officers	officer	NOUN
ajfa-10095	377	12	’	’	PART
ajfa-10095	377	13	liability	liability	NOUN
ajfa-10095	377	14	insurance	insurance	NOUN
ajfa-10095	377	15	:	:	PUNCT
ajfa-10095	377	16	evidence	evidence	NOUN
ajfa-10095	377	17	from	from	ADP
ajfa-10095	377	18	china	china	PROPN
ajfa-10095	377	19	.	.	PUNCT
ajfa-10095	378	1	journal	journal	PROPN
ajfa-10095	378	2	of	of	ADP
ajfa-10095	378	3	banking	banking	NOUN
ajfa-10095	378	4	&	&	CCONJ
ajfa-10095	378	5	finance	finance	PROPN
ajfa-10095	378	6	,	,	PUNCT
ajfa-10095	378	7	32(12	32(12	NUM
ajfa-10095	378	8	)	)	PUNCT
ajfa-10095	378	9	,	,	PUNCT
ajfa-10095	378	10	2636	2636	NUM
ajfa-10095	378	11	-	-	SYM
ajfa-10095	378	12	2645	2645	NUM
ajfa-10095	378	13	.	.	PUNCT
ajfa-10095	379	1	http://dx.doi.org/10.1016/j.jbankfin.2008.05.015	http://dx.doi.org/10.1016/j.jbankfin.2008.05.015	PROPN