id	sid	tid	token	lemma	pos
ajfa-12234	1	1	microsoft	microsoft	PROPN
ajfa-12234	1	2	word	word	NOUN
ajfa-12234	1	3	12234	12234	NUM
ajfa-12234	1	4	-	-	SYM
ajfa-12234	1	5	45013	45013	NUM
ajfa-12234	1	6	-	-	PUNCT
ajfa-12234	1	7	2	2	NUM
ajfa-12234	1	8	-	-	PUNCT
ajfa-12234	1	9	rv	rv	NOUN
ajfa-12234	1	10	-	-	PUNCT
ajfa-12234	1	11	writer2	writer2	VERB
ajfa-12234	1	12	-	-	ADJ
ajfa-12234	1	13	new	new	ADJ
ajfa-12234	1	14	asian	asian	ADJ
ajfa-12234	1	15	journal	journal	NOUN
ajfa-12234	1	16	of	of	ADP
ajfa-12234	1	17	finance	finance	PROPN
ajfa-12234	1	18	&	&	CCONJ
ajfa-12234	1	19	accounting	accounting	PROPN
ajfa-12234	1	20	issn	issn	PROPN
ajfa-12234	1	21	1946	1946	NUM
ajfa-12234	1	22	-	-	PUNCT
ajfa-12234	1	23	052x	052x	PROPN
ajfa-12234	1	24	2017	2017	NUM
ajfa-12234	1	25	,	,	PUNCT
ajfa-12234	1	26	vol	vol	NOUN
ajfa-12234	1	27	.	.	NOUN
ajfa-12234	1	28	9	9	NUM
ajfa-12234	1	29	,	,	PUNCT
ajfa-12234	1	30	no	no	INTJ
ajfa-12234	1	31	.	.	NOUN
ajfa-12234	1	32	2	2	NUM
ajfa-12234	1	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12234	1	34	319	319	NUM
ajfa-12234	1	35	spinoffs	spinoff	NOUN
ajfa-12234	1	36	and	and	CCONJ
ajfa-12234	1	37	firm	firm	ADJ
ajfa-12234	1	38	policy	policy	NOUN
ajfa-12234	1	39	seoungpil	seoungpil	PROPN
ajfa-12234	1	40	ahn	ahn	PROPN
ajfa-12234	1	41	sogang	sogang	PROPN
ajfa-12234	1	42	business	business	PROPN
ajfa-12234	1	43	school	school	PROPN
ajfa-12234	1	44	sogang	sogang	PROPN
ajfa-12234	1	45	university	university	PROPN
ajfa-12234	1	46	pa706	pa706	PROPN
ajfa-12234	1	47	,	,	PUNCT
ajfa-12234	1	48	35	35	NUM
ajfa-12234	1	49	baekbeom	baekbeom	NOUN
ajfa-12234	1	50	-	-	PUNCT
ajfa-12234	1	51	ro	ro	NOUN
ajfa-12234	1	52	,	,	PUNCT
ajfa-12234	1	53	mapo	mapo	NOUN
ajfa-12234	1	54	-	-	PUNCT
ajfa-12234	1	55	gu	gu	NOUN
ajfa-12234	1	56	,	,	PUNCT
ajfa-12234	1	57	seoul	seoul	PROPN
ajfa-12234	1	58	121	121	NUM
ajfa-12234	1	59	-	-	SYM
ajfa-12234	1	60	742	742	NUM
ajfa-12234	1	61	,	,	PUNCT
ajfa-12234	1	62	korea	korea	PROPN
ajfa-12234	1	63	e	e	PROPN
ajfa-12234	1	64	-	-	NOUN
ajfa-12234	1	65	mail	mail	NOUN
ajfa-12234	1	66	:	:	PUNCT
ajfa-12234	1	67	spahn@sogang.ac.kr	spahn@sogang.ac.kr	NOUN
ajfa-12234	1	68	received	receive	VERB
ajfa-12234	1	69	:	:	PUNCT
ajfa-12234	1	70	nov	nov	PROPN
ajfa-12234	1	71	.	.	PROPN
ajfa-12234	1	72	5	5	NUM
ajfa-12234	1	73	,	,	PUNCT
ajfa-12234	1	74	2017	2017	NUM
ajfa-12234	1	75	accepted	accept	VERB
ajfa-12234	1	76	:	:	PUNCT
ajfa-12234	1	77	dec	dec	PROPN
ajfa-12234	1	78	.	.	PROPN
ajfa-12234	1	79	22	22	NUM
ajfa-12234	1	80	,	,	PUNCT
ajfa-12234	1	81	2017	2017	NUM
ajfa-12234	1	82	published	publish	VERB
ajfa-12234	1	83	:	:	PUNCT
ajfa-12234	1	84	december	december	PROPN
ajfa-12234	1	85	24	24	NUM
ajfa-12234	1	86	,	,	PUNCT
ajfa-12234	1	87	2017	2017	NUM
ajfa-12234	1	88	doi:10.5296	doi:10.5296	NOUN
ajfa-12234	1	89	/	/	SYM
ajfa-12234	1	90	ajfa.v9i2.12234	ajfa.v9i2.12234	NUM
ajfa-12234	1	91	url	url	NOUN
ajfa-12234	1	92	:	:	PUNCT
ajfa-12234	1	93	https://doi.org/10.5296/ajfa.v9i2.12234	https://doi.org/10.5296/ajfa.v9i2.12234	NOUN
ajfa-12234	1	94	abstract	abstract	NOUN
ajfa-12234	1	95	i	i	PRON
ajfa-12234	1	96	investigate	investigate	VERB
ajfa-12234	1	97	the	the	DET
ajfa-12234	1	98	nature	nature	NOUN
ajfa-12234	1	99	of	of	ADP
ajfa-12234	1	100	reconstructing	reconstruct	VERB
ajfa-12234	1	101	by	by	ADP
ajfa-12234	1	102	examining	examine	VERB
ajfa-12234	1	103	the	the	DET
ajfa-12234	1	104	changes	change	NOUN
ajfa-12234	1	105	in	in	ADP
ajfa-12234	1	106	firm	firm	ADJ
ajfa-12234	1	107	policies	policy	NOUN
ajfa-12234	1	108	around	around	ADP
ajfa-12234	1	109	spinoff	spinoff	NOUN
ajfa-12234	1	110	.	.	PUNCT
ajfa-12234	2	1	because	because	SCONJ
ajfa-12234	2	2	the	the	DET
ajfa-12234	2	3	pre	pre	ADJ
ajfa-12234	2	4	-	-	ADJ
ajfa-12234	2	5	spinoff	spinoff	ADJ
ajfa-12234	2	6	contract	contract	NOUN
ajfa-12234	2	7	structure	structure	NOUN
ajfa-12234	2	8	is	be	AUX
ajfa-12234	2	9	more	more	ADV
ajfa-12234	2	10	suitable	suitable	ADJ
ajfa-12234	2	11	for	for	ADP
ajfa-12234	2	12	larger	large	ADJ
ajfa-12234	2	13	divisions	division	NOUN
ajfa-12234	2	14	of	of	ADP
ajfa-12234	2	15	firms	firm	NOUN
ajfa-12234	2	16	,	,	PUNCT
ajfa-12234	2	17	separated	separate	VERB
ajfa-12234	2	18	units	unit	NOUN
ajfa-12234	2	19	experience	experience	VERB
ajfa-12234	2	20	relatively	relatively	ADV
ajfa-12234	2	21	large	large	ADJ
ajfa-12234	2	22	changes	change	NOUN
ajfa-12234	2	23	in	in	ADP
ajfa-12234	2	24	contracts	contract	NOUN
ajfa-12234	2	25	following	follow	VERB
ajfa-12234	2	26	spinoffs	spinoff	NOUN
ajfa-12234	2	27	.	.	PUNCT
ajfa-12234	3	1	compared	compare	VERB
ajfa-12234	3	2	to	to	ADP
ajfa-12234	3	3	the	the	DET
ajfa-12234	3	4	post	post	ADJ
ajfa-12234	3	5	-	-	ADJ
ajfa-12234	3	6	spinoff	spinoff	ADJ
ajfa-12234	3	7	parent	parent	NOUN
ajfa-12234	3	8	firms	firm	NOUN
ajfa-12234	3	9	,	,	PUNCT
ajfa-12234	3	10	separated	separate	VERB
ajfa-12234	3	11	units	unit	NOUN
ajfa-12234	3	12	have	have	VERB
ajfa-12234	3	13	lower	low	ADJ
ajfa-12234	3	14	tendency	tendency	NOUN
ajfa-12234	3	15	to	to	PART
ajfa-12234	3	16	pay	pay	VERB
ajfa-12234	3	17	dividends	dividend	NOUN
ajfa-12234	3	18	,	,	PUNCT
ajfa-12234	3	19	lower	low	ADJ
ajfa-12234	3	20	ownership	ownership	NOUN
ajfa-12234	3	21	by	by	ADP
ajfa-12234	3	22	ceos	ceo	NOUN
ajfa-12234	3	23	,	,	PUNCT
ajfa-12234	3	24	higher	high	ADJ
ajfa-12234	3	25	fraction	fraction	NOUN
ajfa-12234	3	26	of	of	ADP
ajfa-12234	3	27	outside	outside	ADJ
ajfa-12234	3	28	directors	director	NOUN
ajfa-12234	3	29	,	,	PUNCT
ajfa-12234	3	30	smaller	small	ADJ
ajfa-12234	3	31	board	board	NOUN
ajfa-12234	3	32	,	,	PUNCT
ajfa-12234	3	33	younger	young	ADJ
ajfa-12234	3	34	board	board	NOUN
ajfa-12234	3	35	members	member	NOUN
ajfa-12234	3	36	,	,	PUNCT
ajfa-12234	3	37	higher	high	ADJ
ajfa-12234	3	38	block	block	NOUN
ajfa-12234	3	39	ownerships	ownership	NOUN
ajfa-12234	3	40	,	,	PUNCT
ajfa-12234	3	41	and	and	CCONJ
ajfa-12234	3	42	higher	high	ADJ
ajfa-12234	3	43	incentive	incentive	NOUN
ajfa-12234	3	44	payment	payment	NOUN
ajfa-12234	3	45	.	.	PUNCT
ajfa-12234	4	1	there	there	PRON
ajfa-12234	4	2	are	be	VERB
ajfa-12234	4	3	significant	significant	ADJ
ajfa-12234	4	4	changes	change	NOUN
ajfa-12234	4	5	in	in	ADP
ajfa-12234	4	6	the	the	DET
ajfa-12234	4	7	firm	firm	ADJ
ajfa-12234	4	8	policies	policy	NOUN
ajfa-12234	4	9	in	in	ADP
ajfa-12234	4	10	both	both	CCONJ
ajfa-12234	4	11	high	high	ADJ
ajfa-12234	4	12	q	q	NOUN
ajfa-12234	4	13	and	and	CCONJ
ajfa-12234	4	14	low	low	ADJ
ajfa-12234	5	1	q	q	ADJ
ajfa-12234	5	2	units	unit	NOUN
ajfa-12234	5	3	,	,	PUNCT
ajfa-12234	5	4	however	however	ADV
ajfa-12234	5	5	the	the	DET
ajfa-12234	5	6	market	market	NOUN
ajfa-12234	5	7	response	response	NOUN
ajfa-12234	5	8	is	be	AUX
ajfa-12234	5	9	more	more	ADV
ajfa-12234	5	10	positive	positive	ADJ
ajfa-12234	5	11	for	for	ADP
ajfa-12234	5	12	units	unit	NOUN
ajfa-12234	5	13	with	with	ADP
ajfa-12234	5	14	higher	high	ADJ
ajfa-12234	5	15	growth	growth	NOUN
ajfa-12234	5	16	opportunities	opportunity	NOUN
ajfa-12234	5	17	.	.	PUNCT
ajfa-12234	6	1	keywords	keyword	NOUN
ajfa-12234	6	2	:	:	PUNCT
ajfa-12234	6	3	ipo	ipo	NOUN
ajfa-12234	6	4	,	,	PUNCT
ajfa-12234	6	5	valuation	valuation	NOUN
ajfa-12234	6	6	,	,	PUNCT
ajfa-12234	6	7	holding	hold	VERB
ajfa-12234	6	8	company	company	NOUN
ajfa-12234	6	9	,	,	PUNCT
ajfa-12234	6	10	ownership	ownership	NOUN
ajfa-12234	6	11	structure	structure	NOUN
ajfa-12234	6	12	,	,	PUNCT
ajfa-12234	6	13	governance	governance	NOUN
ajfa-12234	6	14	structure	structure	NOUN
ajfa-12234	6	15	jel	jel	PROPN
ajfa-12234	6	16	classification	classification	PROPN
ajfa-12234	6	17	:	:	PUNCT
ajfa-12234	6	18	g30	g30	NOUN
ajfa-12234	6	19	;	;	PUNCT
ajfa-12234	6	20	g32	g32	NOUN
ajfa-12234	6	21	;	;	PUNCT
ajfa-12234	6	22	g34	g34	PROPN
ajfa-12234	6	23	asian	asian	PROPN
ajfa-12234	6	24	journal	journal	PROPN
ajfa-12234	6	25	of	of	ADP
ajfa-12234	6	26	finance	finance	PROPN
ajfa-12234	6	27	&	&	CCONJ
ajfa-12234	6	28	accounting	accounting	PROPN
ajfa-12234	6	29	issn	issn	PROPN
ajfa-12234	6	30	1946	1946	NUM
ajfa-12234	6	31	-	-	PUNCT
ajfa-12234	6	32	052x	052x	PROPN
ajfa-12234	6	33	2017	2017	NUM
ajfa-12234	6	34	,	,	PUNCT
ajfa-12234	6	35	vol	vol	NOUN
ajfa-12234	6	36	.	.	NOUN
ajfa-12234	6	37	9	9	NUM
ajfa-12234	6	38	,	,	PUNCT
ajfa-12234	6	39	no	no	NOUN
ajfa-12234	6	40	.	.	NOUN
ajfa-12234	6	41	2	2	NUM
ajfa-12234	6	42	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12234	6	43	320	320	NUM
ajfa-12234	6	44	1	1	NUM
ajfa-12234	6	45	.	.	PUNCT
ajfa-12234	7	1	introduction	introduction	NOUN
ajfa-12234	7	2	previous	previous	ADJ
ajfa-12234	7	3	studies	study	NOUN
ajfa-12234	7	4	provide	provide	VERB
ajfa-12234	7	5	limited	limited	ADJ
ajfa-12234	7	6	evidence	evidence	NOUN
ajfa-12234	7	7	on	on	ADP
ajfa-12234	7	8	the	the	DET
ajfa-12234	7	9	causal	causal	NOUN
ajfa-12234	7	10	relation	relation	NOUN
ajfa-12234	7	11	between	between	ADP
ajfa-12234	7	12	board	board	NOUN
ajfa-12234	7	13	structure	structure	NOUN
ajfa-12234	7	14	and	and	CCONJ
ajfa-12234	7	15	its	its	PRON
ajfa-12234	7	16	determinants	determinant	NOUN
ajfa-12234	7	17	.	.	PUNCT
ajfa-12234	8	1	hermalin	hermalin	NOUN
ajfa-12234	8	2	and	and	CCONJ
ajfa-12234	8	3	weisbach	weisbach	NOUN
ajfa-12234	8	4	(	(	PUNCT
ajfa-12234	8	5	2003	2003	NUM
ajfa-12234	8	6	)	)	PUNCT
ajfa-12234	8	7	argue	argue	VERB
ajfa-12234	8	8	that	that	SCONJ
ajfa-12234	8	9	board	board	NOUN
ajfa-12234	8	10	structure	structure	NOUN
ajfa-12234	8	11	and	and	CCONJ
ajfa-12234	8	12	variables	variable	NOUN
ajfa-12234	8	13	that	that	PRON
ajfa-12234	8	14	are	be	AUX
ajfa-12234	8	15	associated	associate	VERB
ajfa-12234	8	16	with	with	ADP
ajfa-12234	8	17	board	board	NOUN
ajfa-12234	8	18	structure	structure	NOUN
ajfa-12234	8	19	are	be	AUX
ajfa-12234	8	20	jointly	jointly	ADV
ajfa-12234	8	21	determined	determine	VERB
ajfa-12234	8	22	by	by	ADP
ajfa-12234	8	23	past	past	ADJ
ajfa-12234	8	24	performance	performance	NOUN
ajfa-12234	8	25	.	.	PUNCT
ajfa-12234	9	1	as	as	ADV
ajfa-12234	9	2	long	long	ADV
ajfa-12234	9	3	as	as	SCONJ
ajfa-12234	9	4	the	the	DET
ajfa-12234	9	5	explanatory	explanatory	ADJ
ajfa-12234	9	6	variables	variable	NOUN
ajfa-12234	9	7	such	such	ADJ
ajfa-12234	9	8	as	as	ADP
ajfa-12234	9	9	firm	firm	ADJ
ajfa-12234	9	10	size	size	NOUN
ajfa-12234	9	11	and	and	CCONJ
ajfa-12234	9	12	growth	growth	NOUN
ajfa-12234	9	13	opportunities	opportunity	NOUN
ajfa-12234	9	14	are	be	AUX
ajfa-12234	9	15	reasonably	reasonably	ADV
ajfa-12234	9	16	stable	stable	ADJ
ajfa-12234	9	17	over	over	ADP
ajfa-12234	9	18	time	time	NOUN
ajfa-12234	9	19	,	,	PUNCT
ajfa-12234	9	20	board	board	NOUN
ajfa-12234	9	21	structure	structure	NOUN
ajfa-12234	9	22	remains	remain	VERB
ajfa-12234	9	23	stable	stable	ADJ
ajfa-12234	9	24	and	and	CCONJ
ajfa-12234	9	25	exhibits	exhibit	VERB
ajfa-12234	9	26	path	path	NOUN
ajfa-12234	9	27	dependence	dependence	NOUN
ajfa-12234	9	28	on	on	ADP
ajfa-12234	9	29	its	its	PRON
ajfa-12234	9	30	past	past	ADJ
ajfa-12234	9	31	structure	structure	NOUN
ajfa-12234	9	32	.	.	PUNCT
ajfa-12234	10	1	in	in	ADP
ajfa-12234	10	2	the	the	DET
ajfa-12234	10	3	case	case	NOUN
ajfa-12234	10	4	,	,	PUNCT
ajfa-12234	10	5	the	the	DET
ajfa-12234	10	6	change	change	NOUN
ajfa-12234	10	7	in	in	ADP
ajfa-12234	10	8	board	board	NOUN
ajfa-12234	10	9	structure	structure	NOUN
ajfa-12234	10	10	is	be	AUX
ajfa-12234	10	11	more	more	ADV
ajfa-12234	10	12	likely	likely	ADV
ajfa-12234	10	13	affected	affect	VERB
ajfa-12234	10	14	by	by	ADP
ajfa-12234	10	15	economic	economic	ADJ
ajfa-12234	10	16	shocks	shock	NOUN
ajfa-12234	10	17	rather	rather	ADV
ajfa-12234	10	18	than	than	ADP
ajfa-12234	10	19	change	change	VERB
ajfa-12234	10	20	in	in	ADP
ajfa-12234	10	21	firm	firm	ADJ
ajfa-12234	10	22	specific	specific	ADJ
ajfa-12234	10	23	characteristics	characteristic	NOUN
ajfa-12234	10	24	.	.	PUNCT
ajfa-12234	11	1	denis	denis	PROPN
ajfa-12234	11	2	and	and	CCONJ
ajfa-12234	11	3	sarin	sarin	NOUN
ajfa-12234	11	4	(	(	PUNCT
ajfa-12234	11	5	1999	1999	NUM
ajfa-12234	11	6	)	)	PUNCT
ajfa-12234	11	7	shows	show	VERB
ajfa-12234	11	8	that	that	SCONJ
ajfa-12234	11	9	large	large	ADJ
ajfa-12234	11	10	change	change	NOUN
ajfa-12234	11	11	in	in	ADP
ajfa-12234	11	12	board	board	NOUN
ajfa-12234	11	13	structure	structure	NOUN
ajfa-12234	11	14	is	be	AUX
ajfa-12234	11	15	typically	typically	ADV
ajfa-12234	11	16	preceded	precede	VERB
ajfa-12234	11	17	by	by	ADP
ajfa-12234	11	18	fundamental	fundamental	ADJ
ajfa-12234	11	19	changes	change	NOUN
ajfa-12234	11	20	in	in	ADP
ajfa-12234	11	21	the	the	DET
ajfa-12234	11	22	business	business	NOUN
ajfa-12234	11	23	conditions	condition	NOUN
ajfa-12234	11	24	,	,	PUNCT
ajfa-12234	11	25	but	but	CCONJ
ajfa-12234	11	26	it	it	PRON
ajfa-12234	11	27	is	be	AUX
ajfa-12234	11	28	only	only	ADV
ajfa-12234	11	29	weakly	weakly	ADV
ajfa-12234	11	30	related	relate	VERB
ajfa-12234	11	31	to	to	ADP
ajfa-12234	11	32	the	the	DET
ajfa-12234	11	33	changes	change	NOUN
ajfa-12234	11	34	in	in	ADP
ajfa-12234	11	35	firm	firm	ADJ
ajfa-12234	11	36	-	-	PUNCT
ajfa-12234	11	37	specific	specific	ADJ
ajfa-12234	11	38	determinants	determinant	NOUN
ajfa-12234	11	39	of	of	ADP
ajfa-12234	11	40	board	board	NOUN
ajfa-12234	11	41	structure	structure	NOUN
ajfa-12234	11	42	.	.	PUNCT
ajfa-12234	12	1	wintoki	wintoki	PROPN
ajfa-12234	12	2	,	,	PUNCT
ajfa-12234	12	3	linck	linck	PROPN
ajfa-12234	12	4	,	,	PUNCT
ajfa-12234	12	5	and	and	CCONJ
ajfa-12234	12	6	netter	netter	NOUN
ajfa-12234	12	7	(	(	PUNCT
ajfa-12234	12	8	2012	2012	NUM
ajfa-12234	12	9	)	)	PUNCT
ajfa-12234	12	10	argue	argue	VERB
ajfa-12234	12	11	that	that	SCONJ
ajfa-12234	12	12	board	board	NOUN
ajfa-12234	12	13	size	size	NOUN
ajfa-12234	12	14	and	and	CCONJ
ajfa-12234	12	15	composition	composition	NOUN
ajfa-12234	12	16	are	be	AUX
ajfa-12234	12	17	affected	affect	VERB
ajfa-12234	12	18	by	by	ADP
ajfa-12234	12	19	past	past	ADJ
ajfa-12234	12	20	firm	firm	ADJ
ajfa-12234	12	21	performance	performance	NOUN
ajfa-12234	12	22	.	.	PUNCT
ajfa-12234	13	1	lehn	lehn	PROPN
ajfa-12234	13	2	,	,	PUNCT
ajfa-12234	13	3	patro	patro	VERB
ajfa-12234	13	4	,	,	PUNCT
ajfa-12234	13	5	and	and	CCONJ
ajfa-12234	13	6	zhao	zhao	X
ajfa-12234	13	7	(	(	PUNCT
ajfa-12234	13	8	2004	2004	NUM
ajfa-12234	13	9	)	)	PUNCT
ajfa-12234	13	10	provide	provide	VERB
ajfa-12234	13	11	direct	direct	ADJ
ajfa-12234	13	12	evidence	evidence	NOUN
ajfa-12234	13	13	of	of	ADP
ajfa-12234	13	14	path	path	NOUN
ajfa-12234	13	15	dependence	dependence	NOUN
ajfa-12234	13	16	showing	show	VERB
ajfa-12234	13	17	that	that	SCONJ
ajfa-12234	13	18	lagged	lag	VERB
ajfa-12234	13	19	board	board	NOUN
ajfa-12234	13	20	structure	structure	NOUN
ajfa-12234	13	21	is	be	AUX
ajfa-12234	13	22	positively	positively	ADV
ajfa-12234	13	23	correlated	correlate	VERB
ajfa-12234	13	24	with	with	ADP
ajfa-12234	13	25	current	current	ADJ
ajfa-12234	13	26	board	board	NOUN
ajfa-12234	13	27	structure	structure	NOUN
ajfa-12234	13	28	.	.	PUNCT
ajfa-12234	14	1	therefore	therefore	ADV
ajfa-12234	14	2	,	,	PUNCT
ajfa-12234	14	3	explicit	explicit	ADJ
ajfa-12234	14	4	modeling	modeling	NOUN
ajfa-12234	14	5	of	of	ADP
ajfa-12234	14	6	the	the	DET
ajfa-12234	14	7	endogeniety	endogeniety	NOUN
ajfa-12234	14	8	is	be	AUX
ajfa-12234	14	9	necessary	necessary	ADJ
ajfa-12234	14	10	in	in	ADP
ajfa-12234	14	11	cross	cross	ADJ
ajfa-12234	14	12	-	-	ADJ
ajfa-12234	14	13	sectional	sectional	ADJ
ajfa-12234	14	14	analysis	analysis	NOUN
ajfa-12234	14	15	of	of	ADP
ajfa-12234	14	16	the	the	DET
ajfa-12234	14	17	determinants	determinant	NOUN
ajfa-12234	14	18	of	of	ADP
ajfa-12234	14	19	board	board	NOUN
ajfa-12234	14	20	structure	structure	NOUN
ajfa-12234	14	21	.	.	PUNCT
ajfa-12234	15	1	alternative	alternative	ADJ
ajfa-12234	15	2	approach	approach	NOUN
ajfa-12234	15	3	is	be	AUX
ajfa-12234	15	4	to	to	PART
ajfa-12234	15	5	examine	examine	VERB
ajfa-12234	15	6	unique	unique	ADJ
ajfa-12234	15	7	samples	sample	NOUN
ajfa-12234	15	8	relatively	relatively	ADV
ajfa-12234	15	9	free	free	ADJ
ajfa-12234	15	10	from	from	ADP
ajfa-12234	15	11	the	the	DET
ajfa-12234	15	12	endogeniety	endogeniety	NOUN
ajfa-12234	15	13	issue	issue	NOUN
ajfa-12234	15	14	.	.	PUNCT
ajfa-12234	16	1	boone	boone	NOUN
ajfa-12234	16	2	,	,	PUNCT
ajfa-12234	16	3	field	field	NOUN
ajfa-12234	16	4	,	,	PUNCT
ajfa-12234	16	5	karpoff	karpoff	NOUN
ajfa-12234	16	6	,	,	PUNCT
ajfa-12234	16	7	and	and	CCONJ
ajfa-12234	16	8	raheja	raheja	PROPN
ajfa-12234	16	9	(	(	PUNCT
ajfa-12234	16	10	2007	2007	NUM
ajfa-12234	16	11	)	)	PUNCT
ajfa-12234	16	12	address	address	NOUN
ajfa-12234	16	13	the	the	DET
ajfa-12234	16	14	concern	concern	NOUN
ajfa-12234	16	15	by	by	ADP
ajfa-12234	16	16	examining	examine	VERB
ajfa-12234	16	17	board	board	NOUN
ajfa-12234	16	18	structure	structure	NOUN
ajfa-12234	16	19	of	of	ADP
ajfa-12234	16	20	ipo	ipo	NOUN
ajfa-12234	16	21	firms	firm	NOUN
ajfa-12234	16	22	.	.	PUNCT
ajfa-12234	17	1	ipo	ipo	NOUN
ajfa-12234	17	2	firms	firm	NOUN
ajfa-12234	17	3	experience	experience	VERB
ajfa-12234	17	4	significant	significant	ADJ
ajfa-12234	17	5	changes	change	NOUN
ajfa-12234	17	6	in	in	ADP
ajfa-12234	17	7	governance	governance	NOUN
ajfa-12234	17	8	structure	structure	NOUN
ajfa-12234	17	9	to	to	PART
ajfa-12234	17	10	meet	meet	VERB
ajfa-12234	17	11	the	the	DET
ajfa-12234	17	12	requirement	requirement	NOUN
ajfa-12234	17	13	as	as	ADP
ajfa-12234	17	14	public	public	ADJ
ajfa-12234	17	15	firms	firm	NOUN
ajfa-12234	17	16	.	.	PUNCT
ajfa-12234	18	1	nonetheless	nonetheless	ADV
ajfa-12234	18	2	,	,	PUNCT
ajfa-12234	18	3	it	it	PRON
ajfa-12234	18	4	is	be	AUX
ajfa-12234	18	5	unclear	unclear	ADJ
ajfa-12234	18	6	whether	whether	SCONJ
ajfa-12234	18	7	the	the	DET
ajfa-12234	18	8	board	board	NOUN
ajfa-12234	18	9	structure	structure	NOUN
ajfa-12234	18	10	at	at	ADP
ajfa-12234	18	11	the	the	DET
ajfa-12234	18	12	time	time	NOUN
ajfa-12234	18	13	of	of	ADP
ajfa-12234	18	14	ipo	ipo	NOUN
ajfa-12234	18	15	is	be	AUX
ajfa-12234	18	16	truly	truly	ADV
ajfa-12234	18	17	independent	independent	ADJ
ajfa-12234	18	18	from	from	ADP
ajfa-12234	18	19	past	past	ADJ
ajfa-12234	18	20	performance	performance	NOUN
ajfa-12234	18	21	.	.	PUNCT
ajfa-12234	19	1	because	because	SCONJ
ajfa-12234	19	2	past	past	ADJ
ajfa-12234	19	3	board	board	NOUN
ajfa-12234	19	4	structure	structure	NOUN
ajfa-12234	19	5	as	as	SCONJ
ajfa-12234	19	6	private	private	ADJ
ajfa-12234	19	7	companies	company	NOUN
ajfa-12234	19	8	is	be	AUX
ajfa-12234	19	9	unknown	unknown	ADJ
ajfa-12234	19	10	,	,	PUNCT
ajfa-12234	19	11	it	it	PRON
ajfa-12234	19	12	is	be	AUX
ajfa-12234	19	13	impossible	impossible	ADJ
ajfa-12234	19	14	to	to	PART
ajfa-12234	19	15	check	check	VERB
ajfa-12234	19	16	path	path	NOUN
ajfa-12234	19	17	-	-	PUNCT
ajfa-12234	19	18	independence	independence	NOUN
ajfa-12234	19	19	of	of	ADP
ajfa-12234	19	20	their	their	PRON
ajfa-12234	19	21	sample	sample	NOUN
ajfa-12234	19	22	.	.	PUNCT
ajfa-12234	20	1	the	the	DET
ajfa-12234	20	2	approach	approach	NOUN
ajfa-12234	20	3	to	to	PART
ajfa-12234	20	4	examine	examine	VERB
ajfa-12234	20	5	newly	newly	ADV
ajfa-12234	20	6	emerged	emerge	VERB
ajfa-12234	20	7	companies	company	NOUN
ajfa-12234	20	8	from	from	ADP
ajfa-12234	20	9	spinoffs	spinoff	NOUN
ajfa-12234	20	10	is	be	AUX
ajfa-12234	20	11	similar	similar	ADJ
ajfa-12234	20	12	to	to	ADP
ajfa-12234	20	13	boone	boone	PROPN
ajfa-12234	20	14	,	,	PUNCT
ajfa-12234	20	15	field	field	NOUN
ajfa-12234	20	16	,	,	PUNCT
ajfa-12234	20	17	karpoff	karpoff	NOUN
ajfa-12234	20	18	,	,	PUNCT
ajfa-12234	20	19	and	and	CCONJ
ajfa-12234	20	20	raheja	raheja	PROPN
ajfa-12234	20	21	(	(	PUNCT
ajfa-12234	20	22	2007	2007	NUM
ajfa-12234	20	23	)	)	PUNCT
ajfa-12234	20	24	in	in	ADP
ajfa-12234	20	25	an	an	DET
ajfa-12234	20	26	effort	effort	NOUN
ajfa-12234	20	27	to	to	PART
ajfa-12234	20	28	find	find	VERB
ajfa-12234	20	29	unique	unique	ADJ
ajfa-12234	20	30	sample	sample	NOUN
ajfa-12234	20	31	that	that	PRON
ajfa-12234	20	32	are	be	AUX
ajfa-12234	20	33	less	less	ADV
ajfa-12234	20	34	subject	subject	ADJ
ajfa-12234	20	35	to	to	ADP
ajfa-12234	20	36	the	the	DET
ajfa-12234	20	37	endogeniety	endogeniety	NOUN
ajfa-12234	20	38	problem	problem	NOUN
ajfa-12234	20	39	.	.	PUNCT
ajfa-12234	21	1	there	there	PRON
ajfa-12234	21	2	are	be	VERB
ajfa-12234	21	3	benefits	benefit	NOUN
ajfa-12234	21	4	of	of	ADP
ajfa-12234	21	5	examining	examine	VERB
ajfa-12234	21	6	board	board	NOUN
ajfa-12234	21	7	structure	structure	NOUN
ajfa-12234	21	8	of	of	ADP
ajfa-12234	21	9	spunoff	spunoff	NOUN
ajfa-12234	21	10	units	unit	NOUN
ajfa-12234	21	11	.	.	PUNCT
ajfa-12234	22	1	firstly	firstly	ADV
ajfa-12234	22	2	,	,	PUNCT
ajfa-12234	22	3	as	as	ADV
ajfa-12234	22	4	long	long	ADV
ajfa-12234	22	5	as	as	SCONJ
ajfa-12234	22	6	optimal	optimal	ADJ
ajfa-12234	22	7	board	board	NOUN
ajfa-12234	22	8	structure	structure	NOUN
ajfa-12234	22	9	of	of	ADP
ajfa-12234	22	10	units	unit	NOUN
ajfa-12234	22	11	is	be	AUX
ajfa-12234	22	12	different	different	ADJ
ajfa-12234	22	13	from	from	ADP
ajfa-12234	22	14	that	that	PRON
ajfa-12234	22	15	of	of	ADP
ajfa-12234	22	16	parent	parent	NOUN
ajfa-12234	22	17	,	,	PUNCT
ajfa-12234	22	18	a	a	DET
ajfa-12234	22	19	spinoff	spinoff	NOUN
ajfa-12234	22	20	creates	create	VERB
ajfa-12234	22	21	an	an	DET
ajfa-12234	22	22	opportunity	opportunity	NOUN
ajfa-12234	22	23	for	for	ADP
ajfa-12234	22	24	newly	newly	ADV
ajfa-12234	22	25	established	establish	VERB
ajfa-12234	22	26	spun	spin	VERB
ajfa-12234	22	27	off	off	ADP
ajfa-12234	22	28	units	unit	NOUN
ajfa-12234	22	29	to	to	PART
ajfa-12234	22	30	set	set	VERB
ajfa-12234	22	31	up	up	ADP
ajfa-12234	22	32	their	their	PRON
ajfa-12234	22	33	own	own	ADJ
ajfa-12234	22	34	board	board	NOUN
ajfa-12234	22	35	structure	structure	NOUN
ajfa-12234	22	36	which	which	PRON
ajfa-12234	22	37	is	be	AUX
ajfa-12234	22	38	suitable	suitable	ADJ
ajfa-12234	22	39	for	for	ADP
ajfa-12234	22	40	units	unit	NOUN
ajfa-12234	22	41	.	.	PUNCT
ajfa-12234	23	1	second	second	ADJ
ajfa-12234	23	2	,	,	PUNCT
ajfa-12234	23	3	spunoff	spunoff	NOUN
ajfa-12234	23	4	units	unit	NOUN
ajfa-12234	23	5	experience	experience	VERB
ajfa-12234	23	6	significant	significant	ADJ
ajfa-12234	23	7	change	change	NOUN
ajfa-12234	23	8	in	in	ADP
ajfa-12234	23	9	their	their	PRON
ajfa-12234	23	10	asset	asset	NOUN
ajfa-12234	23	11	structure	structure	NOUN
ajfa-12234	23	12	over	over	ADP
ajfa-12234	23	13	the	the	DET
ajfa-12234	23	14	short	short	ADJ
ajfa-12234	23	15	period	period	NOUN
ajfa-12234	23	16	.	.	PUNCT
ajfa-12234	24	1	therefore	therefore	ADV
ajfa-12234	24	2	,	,	PUNCT
ajfa-12234	24	3	the	the	DET
ajfa-12234	24	4	influence	influence	NOUN
ajfa-12234	24	5	of	of	ADP
ajfa-12234	24	6	the	the	DET
ajfa-12234	24	7	changes	change	NOUN
ajfa-12234	24	8	in	in	ADP
ajfa-12234	24	9	firm	firm	ADJ
ajfa-12234	24	10	characteristics	characteristic	NOUN
ajfa-12234	24	11	on	on	ADP
ajfa-12234	24	12	board	board	NOUN
ajfa-12234	24	13	structure	structure	NOUN
ajfa-12234	24	14	can	can	AUX
ajfa-12234	24	15	be	be	AUX
ajfa-12234	24	16	easily	easily	ADV
ajfa-12234	24	17	detected	detect	VERB
ajfa-12234	24	18	.	.	PUNCT
ajfa-12234	25	1	third	third	ADV
ajfa-12234	25	2	,	,	PUNCT
ajfa-12234	25	3	with	with	ADP
ajfa-12234	25	4	pre	pre	ADJ
ajfa-12234	25	5	-	-	ADJ
ajfa-12234	25	6	spinoff	spinoff	ADJ
ajfa-12234	25	7	board	board	NOUN
ajfa-12234	25	8	data	data	PROPN
ajfa-12234	25	9	,	,	PUNCT
ajfa-12234	25	10	i	i	PRON
ajfa-12234	25	11	can	can	AUX
ajfa-12234	25	12	examine	examine	VERB
ajfa-12234	25	13	path	path	NOUN
ajfa-12234	25	14	dependence	dependence	NOUN
ajfa-12234	25	15	of	of	ADP
ajfa-12234	25	16	post	post	ADJ
ajfa-12234	25	17	-	-	ADJ
ajfa-12234	25	18	spinoff	spinoff	ADJ
ajfa-12234	25	19	units	unit	NOUN
ajfa-12234	25	20	.	.	PUNCT
ajfa-12234	26	1	thereby	thereby	ADV
ajfa-12234	26	2	,	,	PUNCT
ajfa-12234	26	3	i	i	PRON
ajfa-12234	26	4	can	can	AUX
ajfa-12234	26	5	verify	verify	VERB
ajfa-12234	26	6	assumption	assumption	NOUN
ajfa-12234	26	7	on	on	ADP
ajfa-12234	26	8	the	the	DET
ajfa-12234	26	9	endogeniety	endogeniety	NOUN
ajfa-12234	26	10	in	in	ADP
ajfa-12234	26	11	the	the	DET
ajfa-12234	26	12	sample	sample	NOUN
ajfa-12234	26	13	.	.	PUNCT
ajfa-12234	27	1	for	for	ADP
ajfa-12234	27	2	spinoffs	spinoff	NOUN
ajfa-12234	27	3	completed	complete	VERB
ajfa-12234	27	4	during	during	ADP
ajfa-12234	27	5	the	the	DET
ajfa-12234	27	6	period	period	NOUN
ajfa-12234	27	7	of	of	ADP
ajfa-12234	27	8	1993	1993	NUM
ajfa-12234	27	9	to	to	ADP
ajfa-12234	27	10	2010	2010	NUM
ajfa-12234	27	11	,	,	PUNCT
ajfa-12234	27	12	i	i	PRON
ajfa-12234	27	13	investigate	investigate	VERB
ajfa-12234	27	14	the	the	DET
ajfa-12234	27	15	nature	nature	NOUN
ajfa-12234	27	16	of	of	ADP
ajfa-12234	27	17	reconstructing	reconstruct	VERB
ajfa-12234	27	18	following	follow	VERB
ajfa-12234	27	19	spinoffs	spinoff	NOUN
ajfa-12234	27	20	.	.	PUNCT
ajfa-12234	28	1	specifically	specifically	ADV
ajfa-12234	28	2	,	,	PUNCT
ajfa-12234	28	3	i	i	PRON
ajfa-12234	28	4	examine	examine	VERB
ajfa-12234	28	5	changes	change	NOUN
ajfa-12234	28	6	in	in	ADP
ajfa-12234	28	7	debt	debt	NOUN
ajfa-12234	28	8	policy	policy	NOUN
ajfa-12234	28	9	,	,	PUNCT
ajfa-12234	28	10	dividend	dividend	NOUN
ajfa-12234	28	11	policy	policy	NOUN
ajfa-12234	28	12	,	,	PUNCT
ajfa-12234	28	13	changes	change	NOUN
ajfa-12234	28	14	in	in	ADP
ajfa-12234	28	15	ownership	ownership	NOUN
ajfa-12234	28	16	structure	structure	NOUN
ajfa-12234	28	17	and	and	CCONJ
ajfa-12234	28	18	board	board	NOUN
ajfa-12234	28	19	structure	structure	NOUN
ajfa-12234	28	20	,	,	PUNCT
ajfa-12234	28	21	and	and	CCONJ
ajfa-12234	28	22	compensation	compensation	NOUN
ajfa-12234	28	23	policy	policy	NOUN
ajfa-12234	28	24	.	.	PUNCT
ajfa-12234	29	1	spinoff	spinoff	PROPN
ajfa-12234	29	2	units	unit	NOUN
ajfa-12234	29	3	represent	represent	VERB
ajfa-12234	29	4	about	about	ADV
ajfa-12234	29	5	20	20	NUM
ajfa-12234	29	6	%	%	NOUN
ajfa-12234	29	7	of	of	ADP
ajfa-12234	29	8	assets	asset	NOUN
ajfa-12234	29	9	in	in	ADP
ajfa-12234	29	10	the	the	DET
ajfa-12234	29	11	combined	combine	VERB
ajfa-12234	29	12	firms	firm	NOUN
ajfa-12234	29	13	.	.	PUNCT
ajfa-12234	30	1	since	since	SCONJ
ajfa-12234	30	2	pre	pre	ADJ
ajfa-12234	30	3	-	-	ADJ
ajfa-12234	30	4	spinoff	spinoff	ADJ
ajfa-12234	30	5	contract	contract	NOUN
ajfa-12234	30	6	structure	structure	NOUN
ajfa-12234	30	7	is	be	AUX
ajfa-12234	30	8	more	more	ADV
ajfa-12234	30	9	suitable	suitable	ADJ
ajfa-12234	30	10	for	for	ADP
ajfa-12234	30	11	larger	large	ADJ
ajfa-12234	30	12	remaining	remain	VERB
ajfa-12234	30	13	parents	parent	NOUN
ajfa-12234	30	14	,	,	PUNCT
ajfa-12234	30	15	units	unit	NOUN
ajfa-12234	30	16	experience	experience	VERB
ajfa-12234	30	17	relatively	relatively	ADV
ajfa-12234	30	18	large	large	ADJ
ajfa-12234	30	19	changes	change	NOUN
ajfa-12234	30	20	in	in	ADP
ajfa-12234	30	21	contracts	contract	NOUN
ajfa-12234	30	22	following	follow	VERB
ajfa-12234	30	23	spinoffs	spinoff	NOUN
ajfa-12234	30	24	.	.	PUNCT
ajfa-12234	31	1	compared	compare	VERB
ajfa-12234	31	2	to	to	ADP
ajfa-12234	31	3	post	post	ADJ
ajfa-12234	31	4	-	-	ADJ
ajfa-12234	31	5	spinoff	spinoff	ADJ
ajfa-12234	31	6	parents	parent	NOUN
ajfa-12234	31	7	,	,	PUNCT
ajfa-12234	31	8	separated	separate	VERB
ajfa-12234	31	9	units	unit	NOUN
ajfa-12234	31	10	have	have	VERB
ajfa-12234	31	11	lower	low	ADJ
ajfa-12234	31	12	tendency	tendency	NOUN
ajfa-12234	31	13	to	to	PART
ajfa-12234	31	14	pay	pay	VERB
ajfa-12234	31	15	dividends	dividend	NOUN
ajfa-12234	31	16	,	,	PUNCT
ajfa-12234	31	17	lower	low	ADJ
ajfa-12234	31	18	ownership	ownership	NOUN
ajfa-12234	31	19	by	by	ADP
ajfa-12234	31	20	ceos	ceo	NOUN
ajfa-12234	31	21	,	,	PUNCT
ajfa-12234	31	22	higher	high	ADJ
ajfa-12234	31	23	fraction	fraction	NOUN
ajfa-12234	31	24	of	of	ADP
ajfa-12234	31	25	outside	outside	ADJ
ajfa-12234	31	26	directors	director	NOUN
ajfa-12234	31	27	,	,	PUNCT
ajfa-12234	31	28	smaller	small	ADJ
ajfa-12234	31	29	board	board	NOUN
ajfa-12234	31	30	,	,	PUNCT
ajfa-12234	31	31	younger	young	ADJ
ajfa-12234	31	32	board	board	NOUN
ajfa-12234	31	33	members	member	NOUN
ajfa-12234	31	34	,	,	PUNCT
ajfa-12234	31	35	higher	high	ADJ
ajfa-12234	31	36	block	block	NOUN
ajfa-12234	31	37	ownerships	ownership	NOUN
ajfa-12234	31	38	,	,	PUNCT
ajfa-12234	31	39	and	and	CCONJ
ajfa-12234	31	40	higher	high	ADJ
ajfa-12234	31	41	incentive	incentive	NOUN
ajfa-12234	31	42	payment	payment	NOUN
ajfa-12234	31	43	.	.	PUNCT
ajfa-12234	32	1	although	although	SCONJ
ajfa-12234	32	2	i	i	PRON
ajfa-12234	32	3	have	have	AUX
ajfa-12234	32	4	observed	observe	VERB
ajfa-12234	32	5	significant	significant	ADJ
ajfa-12234	32	6	changes	change	NOUN
ajfa-12234	32	7	in	in	ADP
ajfa-12234	32	8	contract	contract	NOUN
ajfa-12234	32	9	structure	structure	NOUN
ajfa-12234	32	10	in	in	ADP
ajfa-12234	32	11	both	both	CCONJ
ajfa-12234	32	12	high	high	ADJ
ajfa-12234	32	13	q	q	NOUN
ajfa-12234	32	14	and	and	CCONJ
ajfa-12234	32	15	low	low	ADJ
ajfa-12234	32	16	q	q	ADJ
ajfa-12234	32	17	units	unit	NOUN
ajfa-12234	32	18	,	,	PUNCT
ajfa-12234	32	19	the	the	DET
ajfa-12234	32	20	market	market	NOUN
ajfa-12234	32	21	response	response	NOUN
ajfa-12234	32	22	is	be	AUX
ajfa-12234	32	23	more	more	ADV
ajfa-12234	32	24	positive	positive	ADJ
ajfa-12234	32	25	when	when	SCONJ
ajfa-12234	32	26	spin	spin	VERB
ajfa-12234	32	27	off	off	ADP
ajfa-12234	32	28	units	unit	NOUN
ajfa-12234	32	29	have	have	VERB
ajfa-12234	32	30	higher	high	ADJ
ajfa-12234	32	31	asian	asian	ADJ
ajfa-12234	32	32	journal	journal	NOUN
ajfa-12234	32	33	of	of	ADP
ajfa-12234	32	34	finance	finance	PROPN
ajfa-12234	32	35	&	&	CCONJ
ajfa-12234	32	36	accounting	accounting	PROPN
ajfa-12234	32	37	issn	issn	PROPN
ajfa-12234	32	38	1946	1946	NUM
ajfa-12234	32	39	-	-	PUNCT
ajfa-12234	32	40	052x	052x	PROPN
ajfa-12234	32	41	2017	2017	NUM
ajfa-12234	32	42	,	,	PUNCT
ajfa-12234	32	43	vol	vol	NOUN
ajfa-12234	32	44	.	.	NOUN
ajfa-12234	32	45	9	9	NUM
ajfa-12234	32	46	,	,	PUNCT
ajfa-12234	32	47	no	no	NOUN
ajfa-12234	32	48	.	.	NOUN
ajfa-12234	32	49	2	2	NUM
ajfa-12234	32	50	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12234	32	51	321	321	NUM
ajfa-12234	32	52	growth	growth	NOUN
ajfa-12234	32	53	opportunities	opportunity	NOUN
ajfa-12234	32	54	.	.	PUNCT
ajfa-12234	33	1	therefore	therefore	ADV
ajfa-12234	33	2	,	,	PUNCT
ajfa-12234	33	3	the	the	DET
ajfa-12234	33	4	reconstructing	reconstruct	VERB
ajfa-12234	33	5	benefit	benefit	NOUN
ajfa-12234	33	6	of	of	ADP
ajfa-12234	33	7	spin	spin	NOUN
ajfa-12234	33	8	-	-	PUNCT
ajfa-12234	33	9	offs	off	NOUN
ajfa-12234	33	10	exists	exist	VERB
ajfa-12234	33	11	only	only	ADV
ajfa-12234	33	12	when	when	SCONJ
ajfa-12234	33	13	high	high	ADJ
ajfa-12234	33	14	q	q	NOUN
ajfa-12234	33	15	units	unit	NOUN
ajfa-12234	33	16	are	be	AUX
ajfa-12234	33	17	separated	separate	VERB
ajfa-12234	33	18	.	.	PUNCT
ajfa-12234	34	1	2	2	X
ajfa-12234	34	2	.	.	X
ajfa-12234	34	3	data	datum	NOUN
ajfa-12234	34	4	description	description	NOUN
ajfa-12234	34	5	spinoff	spinoff	NOUN
ajfa-12234	34	6	sample	sample	NOUN
ajfa-12234	34	7	is	be	AUX
ajfa-12234	34	8	collected	collect	VERB
ajfa-12234	34	9	with	with	ADP
ajfa-12234	34	10	the	the	DET
ajfa-12234	34	11	following	follow	VERB
ajfa-12234	34	12	procedure	procedure	NOUN
ajfa-12234	34	13	.	.	PUNCT
ajfa-12234	35	1	initial	initial	ADJ
ajfa-12234	35	2	data	datum	NOUN
ajfa-12234	35	3	of	of	ADP
ajfa-12234	35	4	spinoffs	spinoff	NOUN
ajfa-12234	35	5	is	be	AUX
ajfa-12234	35	6	collected	collect	VERB
ajfa-12234	35	7	from	from	ADP
ajfa-12234	35	8	sdc	sdc	PROPN
ajfa-12234	35	9	m&a	m&a	PROPN
ajfa-12234	35	10	database	database	NOUN
ajfa-12234	35	11	.	.	PUNCT
ajfa-12234	36	1	for	for	SCONJ
ajfa-12234	36	2	spinoffs	spinoff	NOUN
ajfa-12234	36	3	announced	announce	VERB
ajfa-12234	36	4	and	and	CCONJ
ajfa-12234	36	5	completed	complete	VERB
ajfa-12234	36	6	during	during	ADP
ajfa-12234	36	7	the	the	DET
ajfa-12234	36	8	period	period	NOUN
ajfa-12234	36	9	of	of	ADP
ajfa-12234	36	10	1993	1993	NUM
ajfa-12234	36	11	to	to	ADP
ajfa-12234	36	12	2010	2010	NUM
ajfa-12234	36	13	,	,	PUNCT
ajfa-12234	36	14	i	i	PRON
ajfa-12234	36	15	use	use	VERB
ajfa-12234	36	16	factiva	factiva	NOUN
ajfa-12234	36	17	(	(	PUNCT
ajfa-12234	36	18	formerly	formerly	ADV
ajfa-12234	36	19	,	,	PUNCT
ajfa-12234	36	20	dow	dow	PROPN
ajfa-12234	36	21	jones	jones	PROPN
ajfa-12234	36	22	newswire	newswire	PROPN
ajfa-12234	36	23	)	)	PUNCT
ajfa-12234	36	24	to	to	PART
ajfa-12234	36	25	verify	verify	VERB
ajfa-12234	36	26	the	the	DET
ajfa-12234	36	27	spinoff	spinoff	NOUN
ajfa-12234	36	28	event	event	NOUN
ajfa-12234	36	29	and	and	CCONJ
ajfa-12234	36	30	identify	identify	VERB
ajfa-12234	36	31	spinoff	spinoff	NOUN
ajfa-12234	36	32	announcement	announcement	NOUN
ajfa-12234	36	33	date	date	NOUN
ajfa-12234	36	34	and	and	CCONJ
ajfa-12234	36	35	ex	ex	NOUN
ajfa-12234	36	36	-	-	ADJ
ajfa-12234	36	37	dividend	dividend	ADJ
ajfa-12234	36	38	date	date	NOUN
ajfa-12234	36	39	.	.	PUNCT
ajfa-12234	37	1	spinoffs	spinoff	NOUN
ajfa-12234	37	2	of	of	ADP
ajfa-12234	37	3	which	which	PRON
ajfa-12234	37	4	related	related	ADJ
ajfa-12234	37	5	news	news	NOUN
ajfa-12234	37	6	on	on	ADP
ajfa-12234	37	7	spinoff	spinoff	NOUN
ajfa-12234	37	8	transaction	transaction	NOUN
ajfa-12234	37	9	are	be	AUX
ajfa-12234	37	10	unavailable	unavailable	ADJ
ajfa-12234	37	11	from	from	ADP
ajfa-12234	37	12	factiva	factiva	NOUN
ajfa-12234	37	13	are	be	AUX
ajfa-12234	37	14	discarded	discard	VERB
ajfa-12234	37	15	.	.	PUNCT
ajfa-12234	38	1	pre	pre	ADJ
ajfa-12234	38	2	-	-	ADJ
ajfa-12234	38	3	spinoff	spinoff	ADJ
ajfa-12234	38	4	firms	firm	NOUN
ajfa-12234	38	5	shall	shall	AUX
ajfa-12234	38	6	distribute	distribute	VERB
ajfa-12234	38	7	more	more	ADJ
ajfa-12234	38	8	than	than	ADP
ajfa-12234	38	9	80	80	NUM
ajfa-12234	38	10	%	%	NOUN
ajfa-12234	38	11	of	of	ADP
ajfa-12234	38	12	spinoff	spinoff	NOUN
ajfa-12234	38	13	units	unit	NOUN
ajfa-12234	38	14	’	'	PUNCT
ajfa-12234	38	15	ownership	ownership	NOUN
ajfa-12234	38	16	to	to	PART
ajfa-12234	38	17	be	be	AUX
ajfa-12234	38	18	included	include	VERB
ajfa-12234	38	19	in	in	ADP
ajfa-12234	38	20	the	the	DET
ajfa-12234	38	21	sample	sample	NOUN
ajfa-12234	38	22	and	and	CCONJ
ajfa-12234	38	23	any	any	DET
ajfa-12234	38	24	partial	partial	ADJ
ajfa-12234	38	25	spinoffs	spinoff	NOUN
ajfa-12234	38	26	or	or	CCONJ
ajfa-12234	38	27	equity	equity	NOUN
ajfa-12234	38	28	carve	carve	NOUN
ajfa-12234	38	29	-	-	PUNCT
ajfa-12234	38	30	outs	out	NOUN
ajfa-12234	38	31	are	be	AUX
ajfa-12234	38	32	excluded	exclude	VERB
ajfa-12234	38	33	.	.	PUNCT
ajfa-12234	39	1	both	both	DET
ajfa-12234	39	2	spinoffs	spinoff	NOUN
ajfa-12234	39	3	by	by	ADP
ajfa-12234	39	4	single	single	ADJ
ajfa-12234	39	5	segment	segment	NOUN
ajfa-12234	39	6	firms	firm	NOUN
ajfa-12234	39	7	and	and	CCONJ
ajfa-12234	39	8	multiple	multiple	ADJ
ajfa-12234	39	9	-	-	PUNCT
ajfa-12234	39	10	segment	segment	NOUN
ajfa-12234	39	11	firms	firm	NOUN
ajfa-12234	39	12	are	be	AUX
ajfa-12234	39	13	included	include	VERB
ajfa-12234	39	14	.	.	PUNCT
ajfa-12234	40	1	following	follow	VERB
ajfa-12234	40	2	previous	previous	ADJ
ajfa-12234	40	3	studies	study	NOUN
ajfa-12234	40	4	,	,	PUNCT
ajfa-12234	40	5	spinoffs	spinoff	NOUN
ajfa-12234	40	6	conducted	conduct	VERB
ajfa-12234	40	7	by	by	ADP
ajfa-12234	40	8	financial	financial	ADJ
ajfa-12234	40	9	companies	company	NOUN
ajfa-12234	40	10	,	,	PUNCT
ajfa-12234	40	11	firms	firm	NOUN
ajfa-12234	40	12	in	in	ADP
ajfa-12234	40	13	regulated	regulated	ADJ
ajfa-12234	40	14	industries	industry	NOUN
ajfa-12234	40	15	,	,	PUNCT
ajfa-12234	40	16	and	and	CCONJ
ajfa-12234	40	17	foreign	foreign	ADJ
ajfa-12234	40	18	companies	company	NOUN
ajfa-12234	40	19	are	be	AUX
ajfa-12234	40	20	excluded	exclude	VERB
ajfa-12234	40	21	.	.	PUNCT
ajfa-12234	41	1	in	in	ADP
ajfa-12234	41	2	addition	addition	NOUN
ajfa-12234	41	3	,	,	PUNCT
ajfa-12234	41	4	spinoff	spinoff	NOUN
ajfa-12234	41	5	firms	firm	NOUN
ajfa-12234	41	6	shall	shall	AUX
ajfa-12234	41	7	have	have	VERB
ajfa-12234	41	8	financial	financial	ADJ
ajfa-12234	41	9	data	datum	NOUN
ajfa-12234	41	10	for	for	ADP
ajfa-12234	41	11	both	both	DET
ajfa-12234	41	12	parent	parent	NOUN
ajfa-12234	41	13	and	and	CCONJ
ajfa-12234	41	14	spinoff	spinoff	NOUN
ajfa-12234	41	15	units	unit	NOUN
ajfa-12234	41	16	on	on	ADP
ajfa-12234	41	17	compustat	compustat	NOUN
ajfa-12234	41	18	for	for	ADP
ajfa-12234	41	19	at	at	ADV
ajfa-12234	41	20	least	least	ADV
ajfa-12234	41	21	two	two	NUM
ajfa-12234	41	22	years	year	NOUN
ajfa-12234	41	23	around	around	ADP
ajfa-12234	41	24	the	the	DET
ajfa-12234	41	25	spinoff	spinoff	NOUN
ajfa-12234	41	26	and	and	CCONJ
ajfa-12234	41	27	stock	stock	NOUN
ajfa-12234	41	28	return	return	NOUN
ajfa-12234	41	29	data	datum	NOUN
ajfa-12234	41	30	on	on	ADP
ajfa-12234	41	31	crsp	crsp	PROPN
ajfa-12234	41	32	around	around	ADP
ajfa-12234	41	33	the	the	DET
ajfa-12234	41	34	spinoff	spinoff	NOUN
ajfa-12234	41	35	announcement	announcement	NOUN
ajfa-12234	41	36	date	date	NOUN
ajfa-12234	41	37	.	.	PUNCT
ajfa-12234	42	1	finally	finally	ADV
ajfa-12234	42	2	,	,	PUNCT
ajfa-12234	42	3	i	i	PRON
ajfa-12234	42	4	require	require	VERB
ajfa-12234	42	5	that	that	SCONJ
ajfa-12234	42	6	both	both	CCONJ
ajfa-12234	42	7	parent	parent	NOUN
ajfa-12234	42	8	and	and	CCONJ
ajfa-12234	42	9	spinoff	spinoff	NOUN
ajfa-12234	42	10	units	unit	NOUN
ajfa-12234	42	11	have	have	VERB
ajfa-12234	42	12	proxy	proxy	ADJ
ajfa-12234	42	13	statements	statement	NOUN
ajfa-12234	42	14	filed	file	VERB
ajfa-12234	42	15	in	in	ADP
ajfa-12234	42	16	lexis	lexis	NOUN
ajfa-12234	42	17	-	-	PUNCT
ajfa-12234	42	18	lexus	lexus	NOUN
ajfa-12234	42	19	for	for	ADP
ajfa-12234	42	20	two	two	NUM
ajfa-12234	42	21	years	year	NOUN
ajfa-12234	42	22	around	around	ADP
ajfa-12234	42	23	the	the	DET
ajfa-12234	42	24	spinoff	spinoff	NOUN
ajfa-12234	42	25	.	.	PUNCT
ajfa-12234	43	1	the	the	DET
ajfa-12234	43	2	final	final	ADJ
ajfa-12234	43	3	sample	sample	NOUN
ajfa-12234	43	4	consists	consist	VERB
ajfa-12234	43	5	of	of	ADP
ajfa-12234	43	6	211	211	NUM
ajfa-12234	43	7	spin	spin	NOUN
ajfa-12234	43	8	-	-	PUNCT
ajfa-12234	43	9	offs	off	NOUN
ajfa-12234	43	10	table	table	NOUN
ajfa-12234	43	11	1	1	NUM
ajfa-12234	43	12	reports	report	NOUN
ajfa-12234	43	13	time	time	NOUN
ajfa-12234	43	14	profile	profile	NOUN
ajfa-12234	43	15	of	of	ADP
ajfa-12234	43	16	spinoffs	spinoff	NOUN
ajfa-12234	43	17	and	and	CCONJ
ajfa-12234	43	18	data	datum	NOUN
ajfa-12234	43	19	description	description	NOUN
ajfa-12234	43	20	.	.	PUNCT
ajfa-12234	44	1	panel	panel	NOUN
ajfa-12234	44	2	a	a	DET
ajfa-12234	44	3	reports	report	NOUN
ajfa-12234	44	4	the	the	DET
ajfa-12234	44	5	number	number	NOUN
ajfa-12234	44	6	of	of	ADP
ajfa-12234	44	7	completed	complete	VERB
ajfa-12234	44	8	spinoffs	spinoff	NOUN
ajfa-12234	44	9	in	in	ADP
ajfa-12234	44	10	each	each	DET
ajfa-12234	44	11	year	year	NOUN
ajfa-12234	44	12	during	during	ADP
ajfa-12234	44	13	the	the	DET
ajfa-12234	44	14	period	period	NOUN
ajfa-12234	44	15	of	of	ADP
ajfa-12234	44	16	1993	1993	NUM
ajfa-12234	44	17	to	to	ADP
ajfa-12234	44	18	2010	2010	NUM
ajfa-12234	44	19	.	.	PUNCT
ajfa-12234	45	1	panel	panel	NOUN
ajfa-12234	45	2	b	b	PROPN
ajfa-12234	45	3	is	be	AUX
ajfa-12234	45	4	financial	financial	ADJ
ajfa-12234	45	5	characteristics	characteristic	NOUN
ajfa-12234	45	6	of	of	ADP
ajfa-12234	45	7	pre	pre	ADJ
ajfa-12234	45	8	-	-	ADJ
ajfa-12234	45	9	spinoff	spinoff	ADJ
ajfa-12234	45	10	firms	firm	NOUN
ajfa-12234	45	11	(	(	PUNCT
ajfa-12234	45	12	pb	pb	NOUN
ajfa-12234	45	13	)	)	PUNCT
ajfa-12234	45	14	,	,	PUNCT
ajfa-12234	45	15	post	post	ADJ
ajfa-12234	45	16	-	-	ADJ
ajfa-12234	45	17	spinoff	spinoff	ADJ
ajfa-12234	45	18	parents	parent	NOUN
ajfa-12234	45	19	(	(	PUNCT
ajfa-12234	45	20	pa	pa	PROPN
ajfa-12234	45	21	)	)	PUNCT
ajfa-12234	45	22	and	and	CCONJ
ajfa-12234	45	23	post	post	ADJ
ajfa-12234	45	24	-	-	ADJ
ajfa-12234	45	25	spinoff	spinoff	ADJ
ajfa-12234	45	26	units	unit	NOUN
ajfa-12234	45	27	(	(	PUNCT
ajfa-12234	45	28	ua	ua	NOUN
ajfa-12234	45	29	)	)	PUNCT
ajfa-12234	45	30	.	.	PUNCT
ajfa-12234	46	1	last	last	ADJ
ajfa-12234	46	2	three	three	NUM
ajfa-12234	46	3	columns	column	NOUN
ajfa-12234	46	4	reports	report	VERB
ajfa-12234	46	5	the	the	DET
ajfa-12234	46	6	absolute	absolute	ADJ
ajfa-12234	46	7	differences	difference	NOUN
ajfa-12234	46	8	of	of	ADP
ajfa-12234	46	9	the	the	DET
ajfa-12234	46	10	financial	financial	ADJ
ajfa-12234	46	11	characteristics	characteristic	NOUN
ajfa-12234	46	12	among	among	ADP
ajfa-12234	46	13	these	these	DET
ajfa-12234	46	14	three	three	NUM
ajfa-12234	46	15	groups	group	NOUN
ajfa-12234	46	16	.	.	PUNCT
ajfa-12234	47	1	all	all	DET
ajfa-12234	47	2	variables	variable	NOUN
ajfa-12234	47	3	are	be	AUX
ajfa-12234	47	4	winsorized	winsorize	VERB
ajfa-12234	47	5	at	at	ADP
ajfa-12234	47	6	5	5	NUM
ajfa-12234	47	7	%	%	NOUN
ajfa-12234	47	8	and	and	CCONJ
ajfa-12234	47	9	95	95	NUM
ajfa-12234	47	10	%	%	NOUN
ajfa-12234	47	11	.	.	PUNCT
ajfa-12234	48	1	in	in	ADP
ajfa-12234	48	2	tables	table	NOUN
ajfa-12234	48	3	,	,	PUNCT
ajfa-12234	48	4	*	*	PUNCT
ajfa-12234	48	5	,	,	PUNCT
ajfa-12234	48	6	*	*	PUNCT
ajfa-12234	48	7	*	*	PUNCT
ajfa-12234	48	8	,	,	PUNCT
ajfa-12234	48	9	and	and	CCONJ
ajfa-12234	48	10	*	*	PUNCT
ajfa-12234	48	11	*	*	PUNCT
ajfa-12234	48	12	*	*	PUNCT
ajfa-12234	48	13	indicate	indicate	VERB
ajfa-12234	48	14	statistical	statistical	ADJ
ajfa-12234	48	15	significance	significance	NOUN
ajfa-12234	48	16	at	at	ADP
ajfa-12234	48	17	10	10	NUM
ajfa-12234	48	18	%	%	NOUN
ajfa-12234	48	19	,	,	PUNCT
ajfa-12234	48	20	5	5	NUM
ajfa-12234	48	21	%	%	NOUN
ajfa-12234	48	22	,	,	PUNCT
ajfa-12234	48	23	and	and	CCONJ
ajfa-12234	48	24	1	1	NUM
ajfa-12234	48	25	%	%	NOUN
ajfa-12234	48	26	,	,	PUNCT
ajfa-12234	48	27	respectively	respectively	ADV
ajfa-12234	48	28	.	.	PUNCT
ajfa-12234	48	29	table	table	NOUN
ajfa-12234	48	30	1	1	NUM
ajfa-12234	48	31	.	.	PUNCT
ajfa-12234	48	32	descriptive	descriptive	ADJ
ajfa-12234	48	33	statistics	statistic	NOUN
ajfa-12234	48	34	panel	panel	PROPN
ajfa-12234	48	35	a.	a.	NOUN
ajfa-12234	48	36	time	time	PROPN
ajfa-12234	48	37	profile	profile	NOUN
ajfa-12234	48	38	year	year	NOUN
ajfa-12234	48	39	number	number	NOUN
ajfa-12234	48	40	of	of	ADP
ajfa-12234	48	41	spinoffs	spinoff	NOUN
ajfa-12234	48	42	year	year	NOUN
ajfa-12234	48	43	number	number	NOUN
ajfa-12234	48	44	of	of	ADP
ajfa-12234	48	45	spinoffs	spinoff	NOUN
ajfa-12234	48	46	1993	1993	NUM
ajfa-12234	48	47	4	4	NUM
ajfa-12234	48	48	2002	2002	NUM
ajfa-12234	48	49	7	7	NUM
ajfa-12234	48	50	1994	1994	NUM
ajfa-12234	48	51	11	11	NUM
ajfa-12234	48	52	2003	2003	NUM
ajfa-12234	48	53	4	4	NUM
ajfa-12234	48	54	1995	1995	NUM
ajfa-12234	48	55	10	10	NUM
ajfa-12234	48	56	2004	2004	NUM
ajfa-12234	48	57	8	8	NUM
ajfa-12234	48	58	1996	1996	NUM
ajfa-12234	48	59	20	20	NUM
ajfa-12234	48	60	2005	2005	NUM
ajfa-12234	48	61	10	10	NUM
ajfa-12234	48	62	1997	1997	NUM
ajfa-12234	48	63	12	12	NUM
ajfa-12234	48	64	2006	2006	NUM
ajfa-12234	48	65	12	12	NUM
ajfa-12234	48	66	1998	1998	NUM
ajfa-12234	48	67	14	14	NUM
ajfa-12234	48	68	2007	2007	NUM
ajfa-12234	48	69	15	15	NUM
ajfa-12234	48	70	1999	1999	NUM
ajfa-12234	48	71	16	16	NUM
ajfa-12234	48	72	2008	2008	NUM
ajfa-12234	48	73	13	13	NUM
ajfa-12234	48	74	2000	2000	NUM
ajfa-12234	48	75	21	21	NUM
ajfa-12234	48	76	2009	2009	NUM
ajfa-12234	48	77	10	10	NUM
ajfa-12234	48	78	2001	2001	NUM
ajfa-12234	48	79	13	13	NUM
ajfa-12234	48	80	2010	2010	NUM
ajfa-12234	48	81	11	11	NUM
ajfa-12234	48	82	n	n	CCONJ
ajfa-12234	48	83	211	211	NUM
ajfa-12234	48	84	asian	asian	ADJ
ajfa-12234	48	85	journal	journal	NOUN
ajfa-12234	48	86	of	of	ADP
ajfa-12234	48	87	finance	finance	PROPN
ajfa-12234	48	88	&	&	CCONJ
ajfa-12234	48	89	accounting	accounting	PROPN
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ajfa-12234	48	123	(	(	PUNCT
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ajfa-12234	53	1	[	[	X
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ajfa-12234	59	1	[	[	X
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ajfa-12234	60	1	[	[	X
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ajfa-12234	74	1	[	[	X
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ajfa-12234	83	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12234	83	21	323	323	NUM
ajfa-12234	83	22	table	table	NOUN
ajfa-12234	83	23	2	2	NUM
ajfa-12234	83	24	.	.	X
ajfa-12234	83	25	announcment	announcment	NOUN
ajfa-12234	83	26	abnormal	abnormal	ADJ
ajfa-12234	83	27	return	return	NOUN
ajfa-12234	83	28	n	n	PRON
ajfa-12234	84	1	mean	mean	VERB
ajfa-12234	84	2	mars	mar	NOUN
ajfa-12234	84	3	median	median	PROPN
ajfa-12234	84	4	mars	mar	NOUN
ajfa-12234	84	5	full	full	ADJ
ajfa-12234	84	6	sample	sample	NOUN
ajfa-12234	84	7	211	211	NUM
ajfa-12234	84	8	3.54	3.54	NUM
ajfa-12234	84	9	%	%	NOUN
ajfa-12234	84	10	*	*	PUNCT
ajfa-12234	84	11	*	*	PUNCT
ajfa-12234	84	12	*	*	PUNCT
ajfa-12234	84	13	3.36	3.36	NUM
ajfa-12234	84	14	%	%	NOUN
ajfa-12234	84	15	*	*	PUNCT
ajfa-12234	84	16	*	*	PUNCT
ajfa-12234	84	17	*	*	PUNCT
ajfa-12234	84	18	cross	cross	ADJ
ajfa-12234	84	19	-	-	ADJ
ajfa-12234	84	20	industry	industry	ADJ
ajfa-12234	84	21	spinoffs	spinoff	NOUN
ajfa-12234	84	22	at	at	ADP
ajfa-12234	84	23	2	2	NUM
ajfa-12234	84	24	-	-	PUNCT
ajfa-12234	84	25	digit	digit	NOUN
ajfa-12234	84	26	sic	sic	ADJ
ajfa-12234	84	27	139	139	NUM
ajfa-12234	84	28	3.60	3.60	NUM
ajfa-12234	84	29	%	%	NOUN
ajfa-12234	84	30	*	*	PUNCT
ajfa-12234	84	31	*	*	PUNCT
ajfa-12234	84	32	*	*	PUNCT
ajfa-12234	84	33	3.45	3.45	NUM
ajfa-12234	84	34	%	%	NOUN
ajfa-12234	84	35	*	*	PUNCT
ajfa-12234	84	36	*	*	PUNCT
ajfa-12234	84	37	*	*	PUNCT
ajfa-12234	84	38	same	same	ADJ
ajfa-12234	84	39	-	-	PUNCT
ajfa-12234	84	40	industry	industry	NOUN
ajfa-12234	84	41	spinoffs	spinoff	NOUN
ajfa-12234	84	42	at	at	ADP
ajfa-12234	84	43	2	2	NUM
ajfa-12234	84	44	-	-	PUNCT
ajfa-12234	84	45	digit	digit	NOUN
ajfa-12234	84	46	sic	sic	ADJ
ajfa-12234	84	47	72	72	NUM
ajfa-12234	84	48	3.42	3.42	NUM
ajfa-12234	84	49	%	%	NOUN
ajfa-12234	84	50	*	*	PUNCT
ajfa-12234	84	51	*	*	PUNCT
ajfa-12234	84	52	*	*	PUNCT
ajfa-12234	84	53	3.21	3.21	NUM
ajfa-12234	84	54	%	%	NOUN
ajfa-12234	84	55	*	*	PUNCT
ajfa-12234	85	1	*	*	PUNCT
ajfa-12234	85	2	*	*	PUNCT
ajfa-12234	85	3	p	p	NOUN
ajfa-12234	85	4	-	-	PUNCT
ajfa-12234	85	5	value	value	NOUN
ajfa-12234	85	6	(	(	PUNCT
ajfa-12234	85	7	difference	difference	NOUN
ajfa-12234	85	8	)	)	PUNCT
ajfa-12234	85	9	0.89	0.89	NUM
ajfa-12234	85	10	0.87	0.87	NUM
ajfa-12234	85	11	cross	cross	ADJ
ajfa-12234	85	12	-	-	ADJ
ajfa-12234	85	13	industry	industry	ADJ
ajfa-12234	85	14	spinoffs	spinoff	NOUN
ajfa-12234	85	15	at	at	ADP
ajfa-12234	85	16	3	3	NUM
ajfa-12234	85	17	-	-	PUNCT
ajfa-12234	85	18	digit	digit	NOUN
ajfa-12234	85	19	sic	sic	ADJ
ajfa-12234	85	20	166	166	NUM
ajfa-12234	85	21	3.75	3.75	NUM
ajfa-12234	85	22	%	%	NOUN
ajfa-12234	85	23	*	*	PUNCT
ajfa-12234	85	24	*	*	PUNCT
ajfa-12234	85	25	*	*	PUNCT
ajfa-12234	85	26	3.51	3.51	NUM
ajfa-12234	85	27	%	%	NOUN
ajfa-12234	85	28	*	*	PUNCT
ajfa-12234	85	29	*	*	PUNCT
ajfa-12234	85	30	*	*	PUNCT
ajfa-12234	85	31	same	same	ADJ
ajfa-12234	85	32	-	-	PUNCT
ajfa-12234	85	33	industry	industry	NOUN
ajfa-12234	85	34	spinoffs	spinoff	NOUN
ajfa-12234	85	35	at	at	ADP
ajfa-12234	85	36	3	3	NUM
ajfa-12234	85	37	-	-	PUNCT
ajfa-12234	85	38	digit	digit	NOUN
ajfa-12234	85	39	sic	sic	ADJ
ajfa-12234	85	40	45	45	NUM
ajfa-12234	85	41	2.73	2.73	NUM
ajfa-12234	85	42	%	%	NOUN
ajfa-12234	85	43	*	*	NOUN
ajfa-12234	85	44	3.19	3.19	NUM
ajfa-12234	85	45	%	%	NOUN
ajfa-12234	85	46	*	*	PUNCT
ajfa-12234	85	47	*	*	PUNCT
ajfa-12234	85	48	p	p	X
ajfa-12234	85	49	-	-	PUNCT
ajfa-12234	85	50	value	value	NOUN
ajfa-12234	85	51	(	(	PUNCT
ajfa-12234	85	52	difference	difference	NOUN
ajfa-12234	85	53	)	)	PUNCT
ajfa-12234	85	54	0.50	0.50	NUM
ajfa-12234	85	55	0.59	0.59	NUM
ajfa-12234	85	56	difference	difference	NOUN
ajfa-12234	85	57	in	in	ADP
ajfa-12234	85	58	mtob	mtob	NOUN
ajfa-12234	85	59	>	>	X
ajfa-12234	85	60	top	top	NOUN
ajfa-12234	85	61	1/3	1/3	NUM
ajfa-12234	85	62	70	70	NUM
ajfa-12234	85	63	3.88	3.88	NUM
ajfa-12234	85	64	%	%	NOUN
ajfa-12234	85	65	*	*	PUNCT
ajfa-12234	85	66	*	*	PUNCT
ajfa-12234	85	67	*	*	PROPN
ajfa-12234	85	68	5.15	5.15	NUM
ajfa-12234	85	69	%	%	NOUN
ajfa-12234	85	70	*	*	PUNCT
ajfa-12234	85	71	*	*	PUNCT
ajfa-12234	85	72	*	*	PUNCT
ajfa-12234	85	73	difference	difference	NOUN
ajfa-12234	85	74	in	in	ADP
ajfa-12234	85	75	mtob	mtob	NOUN
ajfa-12234	85	76	in	in	ADP
ajfa-12234	85	77	the	the	DET
ajfa-12234	85	78	middle	middle	NOUN
ajfa-12234	85	79	71	71	NUM
ajfa-12234	85	80	3.43	3.43	NUM
ajfa-12234	85	81	%	%	NOUN
ajfa-12234	85	82	*	*	PUNCT
ajfa-12234	85	83	*	*	PUNCT
ajfa-12234	85	84	*	*	PUNCT
ajfa-12234	85	85	3.01	3.01	NUM
ajfa-12234	85	86	%	%	NOUN
ajfa-12234	85	87	*	*	PUNCT
ajfa-12234	85	88	*	*	PUNCT
ajfa-12234	85	89	*	*	PUNCT
ajfa-12234	85	90	difference	difference	NOUN
ajfa-12234	85	91	in	in	ADP
ajfa-12234	85	92	mtob	mtob	NOUN
ajfa-12234	85	93	<	<	X
ajfa-12234	85	94	bottom	bottom	NOUN
ajfa-12234	85	95	1/3	1/3	NUM
ajfa-12234	85	96	70	70	NUM
ajfa-12234	85	97	3.30	3.30	NUM
ajfa-12234	85	98	%	%	NOUN
ajfa-12234	85	99	*	*	PUNCT
ajfa-12234	85	100	*	*	PUNCT
ajfa-12234	85	101	*	*	PUNCT
ajfa-12234	85	102	3.19	3.19	NUM
ajfa-12234	85	103	%	%	NOUN
ajfa-12234	85	104	*	*	PUNCT
ajfa-12234	85	105	*	*	PUNCT
ajfa-12234	85	106	*	*	PUNCT
ajfa-12234	85	107	p	p	NOUN
ajfa-12234	85	108	-	-	PUNCT
ajfa-12234	85	109	value	value	NOUN
ajfa-12234	85	110	(	(	PUNCT
ajfa-12234	85	111	difference	difference	NOUN
ajfa-12234	85	112	)	)	PUNCT
ajfa-12234	85	113	0.92	0.92	NUM
ajfa-12234	85	114	0.89	0.89	NUM
ajfa-12234	85	115	units	unit	NOUN
ajfa-12234	85	116	’	'	PUNCT
ajfa-12234	85	117	mtob	mtob	VERB
ajfa-12234	85	118	>	>	X
ajfa-12234	85	119	top	top	NOUN
ajfa-12234	85	120	1/3	1/3	NUM
ajfa-12234	85	121	70	70	NUM
ajfa-12234	85	122	5.20	5.20	NUM
ajfa-12234	85	123	%	%	NOUN
ajfa-12234	85	124	*	*	PUNCT
ajfa-12234	85	125	*	*	PUNCT
ajfa-12234	85	126	*	*	PUNCT
ajfa-12234	86	1	5.85	5.85	NUM
ajfa-12234	86	2	%	%	NOUN
ajfa-12234	86	3	*	*	PUNCT
ajfa-12234	86	4	*	*	PUNCT
ajfa-12234	86	5	*	*	NOUN
ajfa-12234	86	6	units	unit	NOUN
ajfa-12234	86	7	’	'	PUNCT
ajfa-12234	86	8	mtob	mtob	NOUN
ajfa-12234	86	9	in	in	ADP
ajfa-12234	86	10	the	the	DET
ajfa-12234	86	11	middle	middle	NOUN
ajfa-12234	86	12	71	71	NUM
ajfa-12234	86	13	3.87	3.87	NUM
ajfa-12234	86	14	%	%	NOUN
ajfa-12234	86	15	*	*	PUNCT
ajfa-12234	86	16	*	*	PUNCT
ajfa-12234	86	17	*	*	PUNCT
ajfa-12234	86	18	3.76	3.76	NUM
ajfa-12234	86	19	%	%	NOUN
ajfa-12234	86	20	*	*	PUNCT
ajfa-12234	86	21	*	*	PUNCT
ajfa-12234	86	22	*	*	NOUN
ajfa-12234	86	23	units	unit	NOUN
ajfa-12234	86	24	’	'	PUNCT
ajfa-12234	86	25	mtob	mtob	NOUN
ajfa-12234	86	26	<	<	X
ajfa-12234	86	27	bottom	bottom	NOUN
ajfa-12234	86	28	1/3	1/3	NUM
ajfa-12234	86	29	71	71	NUM
ajfa-12234	86	30	1.54	1.54	NUM
ajfa-12234	86	31	%	%	NOUN
ajfa-12234	86	32	1.81	1.81	NUM
ajfa-12234	86	33	%	%	NOUN
ajfa-12234	86	34	p	p	NOUN
ajfa-12234	86	35	-	-	PUNCT
ajfa-12234	86	36	value	value	NOUN
ajfa-12234	86	37	(	(	PUNCT
ajfa-12234	86	38	difference	difference	NOUN
ajfa-12234	86	39	)	)	PUNCT
ajfa-12234	86	40	0.05	0.05	NUM
ajfa-12234	86	41	*	*	PUNCT
ajfa-12234	86	42	*	*	PUNCT
ajfa-12234	86	43	0.03	0.03	NUM
ajfa-12234	86	44	*	*	NOUN
ajfa-12234	86	45	*	*	PUNCT
ajfa-12234	86	46	table	table	NOUN
ajfa-12234	86	47	2	2	NUM
ajfa-12234	86	48	reports	report	NOUN
ajfa-12234	86	49	announcement	announcement	VERB
ajfa-12234	86	50	abnormal	abnormal	ADJ
ajfa-12234	86	51	return	return	NOUN
ajfa-12234	86	52	with	with	ADP
ajfa-12234	86	53	market	market	NOUN
ajfa-12234	86	54	adjusted	adjust	VERB
ajfa-12234	86	55	returns	return	NOUN
ajfa-12234	86	56	(	(	PUNCT
ajfa-12234	86	57	mars	mar	NOUN
ajfa-12234	86	58	)	)	PUNCT
ajfa-12234	86	59	.	.	PUNCT
ajfa-12234	87	1	on	on	ADP
ajfa-12234	87	2	average	average	ADJ
ajfa-12234	87	3	,	,	PUNCT
ajfa-12234	87	4	two	two	NUM
ajfa-12234	87	5	-	-	PUNCT
ajfa-12234	87	6	day	day	NOUN
ajfa-12234	87	7	announcement	announcement	NOUN
ajfa-12234	87	8	mars	mar	NOUN
ajfa-12234	87	9	is	be	AUX
ajfa-12234	87	10	3.54	3.54	NUM
ajfa-12234	87	11	%	%	NOUN
ajfa-12234	87	12	which	which	PRON
ajfa-12234	87	13	is	be	AUX
ajfa-12234	87	14	consistent	consistent	ADJ
ajfa-12234	87	15	with	with	ADP
ajfa-12234	87	16	the	the	DET
ajfa-12234	87	17	finding	finding	NOUN
ajfa-12234	87	18	in	in	ADP
ajfa-12234	87	19	previous	previous	ADJ
ajfa-12234	87	20	literature	literature	NOUN
ajfa-12234	87	21	(	(	PUNCT
ajfa-12234	87	22	see	see	VERB
ajfa-12234	87	23	for	for	ADP
ajfa-12234	87	24	example	example	NOUN
ajfa-12234	87	25	,	,	PUNCT
ajfa-12234	87	26	hite	hite	NOUN
ajfa-12234	87	27	and	and	CCONJ
ajfa-12234	87	28	owers	ower	NOUN
ajfa-12234	87	29	,	,	PUNCT
ajfa-12234	87	30	1983	1983	NUM
ajfa-12234	87	31	;	;	PUNCT
ajfa-12234	87	32	cusatis	cusatis	PROPN
ajfa-12234	87	33	,	,	PUNCT
ajfa-12234	87	34	miles	mile	NOUN
ajfa-12234	87	35	and	and	CCONJ
ajfa-12234	87	36	woolridge	woolridge	VERB
ajfa-12234	87	37	,	,	PUNCT
ajfa-12234	87	38	1993	1993	NUM
ajfa-12234	87	39	;	;	PUNCT
ajfa-12234	87	40	allen	allen	PROPN
ajfa-12234	87	41	,	,	PUNCT
ajfa-12234	87	42	lummer	lummer	PROPN
ajfa-12234	87	43	,	,	PUNCT
ajfa-12234	87	44	mcconnell	mcconnell	PROPN
ajfa-12234	87	45	and	and	CCONJ
ajfa-12234	87	46	reed	reed	NOUN
ajfa-12234	87	47	,	,	PUNCT
ajfa-12234	87	48	1995	1995	NUM
ajfa-12234	87	49	)	)	PUNCT
ajfa-12234	87	50	.	.	PUNCT
ajfa-12234	88	1	mars	mar	NOUN
ajfa-12234	88	2	in	in	ADP
ajfa-12234	88	3	the	the	DET
ajfa-12234	88	4	cross	cross	NOUN
ajfa-12234	88	5	-	-	NOUN
ajfa-12234	88	6	industry	industry	ADJ
ajfa-12234	88	7	spinoffs	spinoff	NOUN
ajfa-12234	88	8	is	be	AUX
ajfa-12234	88	9	higher	high	ADJ
ajfa-12234	88	10	than	than	ADP
ajfa-12234	88	11	mars	mar	NOUN
ajfa-12234	88	12	in	in	ADP
ajfa-12234	88	13	the	the	DET
ajfa-12234	88	14	same	same	ADJ
ajfa-12234	88	15	-	-	PUNCT
ajfa-12234	88	16	industry	industry	NOUN
ajfa-12234	88	17	spinoffs	spinoff	NOUN
ajfa-12234	88	18	.	.	PUNCT
ajfa-12234	89	1	however	however	ADV
ajfa-12234	89	2	,	,	PUNCT
ajfa-12234	89	3	the	the	DET
ajfa-12234	89	4	differences	difference	NOUN
ajfa-12234	89	5	in	in	ADP
ajfa-12234	89	6	mean	mean	ADJ
ajfa-12234	89	7	and	and	CCONJ
ajfa-12234	89	8	median	median	ADJ
ajfa-12234	89	9	mars	mar	NOUN
ajfa-12234	89	10	are	be	AUX
ajfa-12234	89	11	insignificant	insignificant	ADJ
ajfa-12234	89	12	.	.	PUNCT
ajfa-12234	90	1	under	under	ADP
ajfa-12234	90	2	the	the	DET
ajfa-12234	90	3	hypothesis	hypothesis	NOUN
ajfa-12234	90	4	that	that	PRON
ajfa-12234	90	5	larger	large	ADJ
ajfa-12234	90	6	difference	difference	NOUN
ajfa-12234	90	7	in	in	ADP
ajfa-12234	90	8	growth	growth	NOUN
ajfa-12234	90	9	opportunities	opportunity	NOUN
ajfa-12234	90	10	between	between	ADP
ajfa-12234	90	11	parents	parent	NOUN
ajfa-12234	90	12	and	and	CCONJ
ajfa-12234	90	13	units	unit	NOUN
ajfa-12234	90	14	leads	lead	VERB
ajfa-12234	90	15	to	to	ADP
ajfa-12234	90	16	higher	high	ADJ
ajfa-12234	90	17	benefits	benefit	NOUN
ajfa-12234	90	18	from	from	ADP
ajfa-12234	90	19	recontracting	recontracte	VERB
ajfa-12234	90	20	,	,	PUNCT
ajfa-12234	90	21	sample	sample	NOUN
ajfa-12234	90	22	firms	firm	NOUN
ajfa-12234	90	23	are	be	AUX
ajfa-12234	90	24	divided	divide	VERB
ajfa-12234	90	25	into	into	ADP
ajfa-12234	90	26	three	three	NUM
ajfa-12234	90	27	sub	sub	NOUN
ajfa-12234	90	28	-	-	NOUN
ajfa-12234	90	29	groups	group	NOUN
ajfa-12234	90	30	based	base	VERB
ajfa-12234	90	31	on	on	ADP
ajfa-12234	90	32	the	the	DET
ajfa-12234	90	33	absolute	absolute	ADJ
ajfa-12234	90	34	difference	difference	NOUN
ajfa-12234	90	35	in	in	ADP
ajfa-12234	90	36	market	market	NOUN
ajfa-12234	90	37	-	-	PUNCT
ajfa-12234	90	38	to	to	ADP
ajfa-12234	90	39	-	-	PUNCT
ajfa-12234	90	40	book	book	NOUN
ajfa-12234	90	41	ratios	ratio	NOUN
ajfa-12234	90	42	between	between	ADP
ajfa-12234	90	43	parents	parent	NOUN
ajfa-12234	90	44	and	and	CCONJ
ajfa-12234	90	45	units	unit	NOUN
ajfa-12234	90	46	.	.	PUNCT
ajfa-12234	91	1	mars	mar	NOUN
ajfa-12234	91	2	among	among	ADP
ajfa-12234	91	3	three	three	NUM
ajfa-12234	91	4	-	-	PUNCT
ajfa-12234	91	5	groups	group	NOUN
ajfa-12234	91	6	are	be	AUX
ajfa-12234	91	7	insignificantly	insignificantly	ADV
ajfa-12234	91	8	different	different	ADJ
ajfa-12234	91	9	.	.	PUNCT
ajfa-12234	92	1	since	since	SCONJ
ajfa-12234	92	2	pre	pre	ADJ
ajfa-12234	92	3	-	-	ADJ
ajfa-12234	92	4	spinoff	spinoff	ADJ
ajfa-12234	92	5	contract	contract	NOUN
ajfa-12234	92	6	structure	structure	NOUN
ajfa-12234	92	7	is	be	AUX
ajfa-12234	92	8	more	more	ADV
ajfa-12234	92	9	suitable	suitable	ADJ
ajfa-12234	92	10	for	for	ADP
ajfa-12234	92	11	larger	large	ADJ
ajfa-12234	92	12	remaining	remain	VERB
ajfa-12234	92	13	parents	parent	NOUN
ajfa-12234	92	14	,	,	PUNCT
ajfa-12234	92	15	units	unit	NOUN
ajfa-12234	92	16	experience	experience	VERB
ajfa-12234	92	17	relatively	relatively	ADV
ajfa-12234	92	18	large	large	ADJ
ajfa-12234	92	19	changes	change	NOUN
ajfa-12234	92	20	in	in	ADP
ajfa-12234	92	21	contracts	contract	NOUN
ajfa-12234	92	22	following	follow	VERB
ajfa-12234	92	23	spinoffs	spinoff	NOUN
ajfa-12234	92	24	.	.	PUNCT
ajfa-12234	93	1	therefore	therefore	ADV
ajfa-12234	93	2	,	,	PUNCT
ajfa-12234	93	3	it	it	PRON
ajfa-12234	93	4	is	be	AUX
ajfa-12234	93	5	possible	possible	ADJ
ajfa-12234	93	6	that	that	SCONJ
ajfa-12234	93	7	the	the	DET
ajfa-12234	93	8	benefit	benefit	NOUN
ajfa-12234	93	9	of	of	ADP
ajfa-12234	93	10	recontracting	recontracte	VERB
ajfa-12234	93	11	is	be	AUX
ajfa-12234	93	12	concentrated	concentrate	VERB
ajfa-12234	93	13	in	in	ADP
ajfa-12234	93	14	spinoff	spinoff	NOUN
ajfa-12234	93	15	units	unit	NOUN
ajfa-12234	93	16	and	and	CCONJ
ajfa-12234	93	17	those	those	PRON
ajfa-12234	93	18	with	with	ADP
ajfa-12234	93	19	higher	high	ADJ
ajfa-12234	93	20	growth	growth	NOUN
ajfa-12234	93	21	opportunities	opportunity	NOUN
ajfa-12234	93	22	.	.	PUNCT
ajfa-12234	94	1	thus	thus	ADV
ajfa-12234	94	2	,	,	PUNCT
ajfa-12234	94	3	i	i	PRON
ajfa-12234	94	4	further	far	ADV
ajfa-12234	94	5	divide	divide	VERB
ajfa-12234	94	6	sample	sample	NOUN
ajfa-12234	94	7	firms	firm	NOUN
ajfa-12234	94	8	into	into	ADP
ajfa-12234	94	9	three	three	NUM
ajfa-12234	94	10	groups	group	NOUN
ajfa-12234	94	11	based	base	VERB
ajfa-12234	94	12	on	on	ADP
ajfa-12234	94	13	units	unit	NOUN
ajfa-12234	94	14	’	'	PUNCT
ajfa-12234	94	15	market	market	NOUN
ajfa-12234	94	16	-	-	PUNCT
ajfa-12234	94	17	to	to	ADP
ajfa-12234	94	18	-	-	PUNCT
ajfa-12234	94	19	book	book	NOUN
ajfa-12234	94	20	ratio	ratio	NOUN
ajfa-12234	94	21	,	,	PUNCT
ajfa-12234	94	22	which	which	PRON
ajfa-12234	94	23	is	be	AUX
ajfa-12234	94	24	a	a	DET
ajfa-12234	94	25	measure	measure	NOUN
ajfa-12234	94	26	of	of	ADP
ajfa-12234	94	27	growth	growth	NOUN
ajfa-12234	94	28	opportunity	opportunity	NOUN
ajfa-12234	94	29	.	.	PUNCT
ajfa-12234	95	1	the	the	DET
ajfa-12234	95	2	result	result	NOUN
ajfa-12234	95	3	shows	show	VERB
ajfa-12234	95	4	that	that	SCONJ
ajfa-12234	95	5	announcement	announcement	NOUN
ajfa-12234	95	6	returns	return	NOUN
ajfa-12234	95	7	are	be	AUX
ajfa-12234	95	8	higher	high	ADJ
ajfa-12234	95	9	for	for	ADP
ajfa-12234	95	10	spinoffs	spinoff	NOUN
ajfa-12234	95	11	separating	separate	VERB
ajfa-12234	95	12	higher	high	ADJ
ajfa-12234	95	13	q	q	ADJ
ajfa-12234	95	14	units	unit	NOUN
ajfa-12234	95	15	.	.	PUNCT
ajfa-12234	96	1	next	next	ADV
ajfa-12234	96	2	we	we	PRON
ajfa-12234	96	3	investigate	investigate	VERB
ajfa-12234	96	4	whether	whether	SCONJ
ajfa-12234	96	5	this	this	DET
ajfa-12234	96	6	larger	large	ADJ
ajfa-12234	96	7	announcement	announcement	NOUN
ajfa-12234	96	8	return	return	NOUN
ajfa-12234	96	9	reflects	reflect	VERB
ajfa-12234	96	10	recontracting	recontracte	VERB
ajfa-12234	96	11	benefits	benefit	NOUN
ajfa-12234	96	12	by	by	ADP
ajfa-12234	96	13	examining	examine	VERB
ajfa-12234	96	14	changes	change	NOUN
ajfa-12234	96	15	in	in	ADP
ajfa-12234	96	16	contracts	contract	NOUN
ajfa-12234	96	17	in	in	ADP
ajfa-12234	96	18	spunoff	spunoff	NOUN
ajfa-12234	96	19	units	unit	NOUN
ajfa-12234	96	20	.	.	PUNCT
ajfa-12234	97	1	in	in	ADP
ajfa-12234	97	2	table	table	NOUN
ajfa-12234	97	3	3	3	NUM
ajfa-12234	97	4	,	,	PUNCT
ajfa-12234	97	5	i	i	PRON
ajfa-12234	97	6	compare	compare	VERB
ajfa-12234	97	7	contract	contract	NOUN
ajfa-12234	97	8	structure	structure	NOUN
ajfa-12234	97	9	in	in	ADP
ajfa-12234	97	10	pre	pre	ADJ
ajfa-12234	97	11	-	-	ADJ
ajfa-12234	97	12	spinoff	spinoff	ADJ
ajfa-12234	97	13	firms	firm	NOUN
ajfa-12234	97	14	(	(	PUNCT
ajfa-12234	97	15	pb	pb	NOUN
ajfa-12234	97	16	)	)	PUNCT
ajfa-12234	97	17	,	,	PUNCT
ajfa-12234	97	18	post	post	ADJ
ajfa-12234	97	19	-	-	ADJ
ajfa-12234	97	20	spinoff	spinoff	ADJ
ajfa-12234	97	21	parents	parent	NOUN
ajfa-12234	97	22	(	(	PUNCT
ajfa-12234	97	23	pa	pa	PROPN
ajfa-12234	97	24	)	)	PUNCT
ajfa-12234	97	25	and	and	CCONJ
ajfa-12234	97	26	post	post	ADJ
ajfa-12234	97	27	-	-	ADJ
ajfa-12234	97	28	spinoff	spinoff	ADJ
ajfa-12234	97	29	units	unit	NOUN
ajfa-12234	97	30	(	(	PUNCT
ajfa-12234	97	31	ua	ua	NOUN
ajfa-12234	97	32	)	)	PUNCT
ajfa-12234	97	33	.	.	PUNCT
ajfa-12234	98	1	units	unit	NOUN
ajfa-12234	98	2	are	be	AUX
ajfa-12234	98	3	experiencing	experience	VERB
ajfa-12234	98	4	more	more	ADJ
ajfa-12234	98	5	changes	change	NOUN
ajfa-12234	98	6	in	in	ADP
ajfa-12234	98	7	contracts	contract	NOUN
ajfa-12234	98	8	than	than	ADP
ajfa-12234	98	9	parents	parent	NOUN
ajfa-12234	98	10	.	.	PUNCT
ajfa-12234	99	1	asian	asian	ADJ
ajfa-12234	99	2	journal	journal	PROPN
ajfa-12234	99	3	of	of	ADP
ajfa-12234	99	4	finance	finance	PROPN
ajfa-12234	99	5	&	&	CCONJ
ajfa-12234	99	6	accounting	accounting	PROPN
ajfa-12234	99	7	issn	issn	PROPN
ajfa-12234	99	8	1946	1946	NUM
ajfa-12234	99	9	-	-	PUNCT
ajfa-12234	99	10	052x	052x	PROPN
ajfa-12234	99	11	2017	2017	NUM
ajfa-12234	99	12	,	,	PUNCT
ajfa-12234	99	13	vol	vol	NOUN
ajfa-12234	99	14	.	.	NOUN
ajfa-12234	99	15	9	9	NUM
ajfa-12234	99	16	,	,	PUNCT
ajfa-12234	99	17	no	no	NOUN
ajfa-12234	99	18	.	.	NOUN
ajfa-12234	99	19	2	2	NUM
ajfa-12234	99	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12234	99	21	324	324	NUM
ajfa-12234	99	22	specifically	specifically	ADV
ajfa-12234	99	23	,	,	PUNCT
ajfa-12234	99	24	separated	separate	VERB
ajfa-12234	99	25	units	unit	NOUN
ajfa-12234	99	26	have	have	VERB
ajfa-12234	99	27	relatively	relatively	ADV
ajfa-12234	99	28	lower	low	ADJ
ajfa-12234	99	29	tendency	tendency	NOUN
ajfa-12234	99	30	to	to	PART
ajfa-12234	99	31	pay	pay	VERB
ajfa-12234	99	32	dividends	dividend	NOUN
ajfa-12234	99	33	,	,	PUNCT
ajfa-12234	99	34	lower	low	ADJ
ajfa-12234	99	35	ownership	ownership	NOUN
ajfa-12234	99	36	by	by	ADP
ajfa-12234	99	37	ceos	ceo	NOUN
ajfa-12234	99	38	,	,	PUNCT
ajfa-12234	99	39	higher	high	ADJ
ajfa-12234	99	40	fraction	fraction	NOUN
ajfa-12234	99	41	of	of	ADP
ajfa-12234	99	42	outside	outside	ADJ
ajfa-12234	99	43	directors	director	NOUN
ajfa-12234	99	44	,	,	PUNCT
ajfa-12234	99	45	smaller	small	ADJ
ajfa-12234	99	46	board	board	NOUN
ajfa-12234	99	47	,	,	PUNCT
ajfa-12234	99	48	younger	young	ADJ
ajfa-12234	99	49	board	board	NOUN
ajfa-12234	99	50	members	member	NOUN
ajfa-12234	99	51	,	,	PUNCT
ajfa-12234	99	52	higher	high	ADJ
ajfa-12234	99	53	block	block	NOUN
ajfa-12234	99	54	ownerships	ownership	NOUN
ajfa-12234	99	55	,	,	PUNCT
ajfa-12234	99	56	and	and	CCONJ
ajfa-12234	99	57	higher	high	ADJ
ajfa-12234	99	58	incentive	incentive	NOUN
ajfa-12234	99	59	payment	payment	NOUN
ajfa-12234	99	60	.	.	PUNCT
ajfa-12234	100	1	the	the	DET
ajfa-12234	100	2	result	result	NOUN
ajfa-12234	100	3	confirms	confirm	VERB
ajfa-12234	100	4	that	that	SCONJ
ajfa-12234	100	5	pre	pre	ADJ
ajfa-12234	100	6	-	-	ADJ
ajfa-12234	100	7	spinoff	spinoff	ADJ
ajfa-12234	100	8	contract	contract	NOUN
ajfa-12234	100	9	structure	structure	NOUN
ajfa-12234	100	10	is	be	AUX
ajfa-12234	100	11	designed	design	VERB
ajfa-12234	100	12	to	to	PART
ajfa-12234	100	13	be	be	AUX
ajfa-12234	100	14	more	more	ADV
ajfa-12234	100	15	suitable	suitable	ADJ
ajfa-12234	100	16	for	for	ADP
ajfa-12234	100	17	larger	large	ADJ
ajfa-12234	100	18	remaining	remain	VERB
ajfa-12234	100	19	parents	parent	NOUN
ajfa-12234	100	20	.	.	PUNCT
ajfa-12234	101	1	table	table	NOUN
ajfa-12234	101	2	3	3	X
ajfa-12234	101	3	.	.	PUNCT
ajfa-12234	102	1	recontracting	recontracte	VERB
ajfa-12234	102	2	of	of	ADP
ajfa-12234	102	3	parents	parent	NOUN
ajfa-12234	102	4	and	and	CCONJ
ajfa-12234	102	5	units	unit	NOUN
ajfa-12234	102	6	pb	pb	ADP
ajfa-12234	102	7	pa	pa	PROPN
ajfa-12234	102	8	ua	ua	PROPN
ajfa-12234	102	9	difference	difference	NOUN
ajfa-12234	102	10	(	(	PUNCT
ajfa-12234	102	11	ua	ua	PROPN
ajfa-12234	102	12	-	-	PROPN
ajfa-12234	102	13	pa	pa	PROPN
ajfa-12234	102	14	)	)	PUNCT
ajfa-12234	102	15	debt	debt	NOUN
ajfa-12234	102	16	policy	policy	NOUN
ajfa-12234	102	17	leverage	leverage	NOUN
ajfa-12234	102	18	0.2449	0.2449	PROPN
ajfa-12234	103	1	[	[	X
ajfa-12234	103	2	0.2598	0.2598	NUM
ajfa-12234	103	3	]	]	X
ajfa-12234	103	4	0.2623	0.2623	NUM
ajfa-12234	104	1	[	[	X
ajfa-12234	104	2	0.2566	0.2566	NUM
ajfa-12234	104	3	]	]	X
ajfa-12234	104	4	0.2313	0.2313	NUM
ajfa-12234	104	5	[	[	X
ajfa-12234	104	6	0.1889	0.1889	NUM
ajfa-12234	104	7	]	]	PUNCT
ajfa-12234	104	8	-0.0155	-0.0155	NOUN
ajfa-12234	105	1	[	[	X
ajfa-12234	105	2	-0.0111	-0.0111	X
ajfa-12234	105	3	]	]	X
ajfa-12234	105	4	total	total	ADJ
ajfa-12234	105	5	liability	liability	NOUN
ajfa-12234	105	6	/	/	SYM
ajfa-12234	105	7	total	total	ADJ
ajfa-12234	105	8	assets	asset	NOUN
ajfa-12234	105	9	0.5930	0.5930	NUM
ajfa-12234	106	1	[	[	X
ajfa-12234	106	2	0.6002	0.6002	NUM
ajfa-12234	106	3	]	]	PUNCT
ajfa-12234	106	4	0.6207	0.6207	NUM
ajfa-12234	107	1	[	[	X
ajfa-12234	107	2	0.6142	0.6142	NUM
ajfa-12234	107	3	]	]	X
ajfa-12234	107	4	0.5408	0.5408	NUM
ajfa-12234	108	1	[	[	X
ajfa-12234	108	2	0.5617	0.5617	NUM
ajfa-12234	108	3	]	]	PUNCT
ajfa-12234	108	4	-0.0351	-0.0351	NOUN
ajfa-12234	109	1	[	[	X
ajfa-12234	109	2	-0.0340	-0.0340	X
ajfa-12234	109	3	]	]	X
ajfa-12234	109	4	*	*	PUNCT
ajfa-12234	109	5	*	*	PUNCT
ajfa-12234	109	6	dividend	dividend	NOUN
ajfa-12234	109	7	policy	policy	NOUN
ajfa-12234	109	8	dividends	dividend	NOUN
ajfa-12234	109	9	/	/	SYM
ajfa-12234	109	10	net	net	ADJ
ajfa-12234	109	11	income	income	NOUN
ajfa-12234	109	12	0.2637	0.2637	NUM
ajfa-12234	110	1	[	[	X
ajfa-12234	110	2	0.2122	0.2122	NUM
ajfa-12234	110	3	]	]	X
ajfa-12234	110	4	0.2225	0.2225	NUM
ajfa-12234	111	1	[	[	X
ajfa-12234	111	2	0.0431	0.0431	NUM
ajfa-12234	111	3	]	]	PUNCT
ajfa-12234	112	1	0.0565	0.0565	NUM
ajfa-12234	112	2	[	[	X
ajfa-12234	112	3	0.0000	0.0000	NUM
ajfa-12234	112	4	]	]	X
ajfa-12234	112	5	-0.1973	-0.1973	NOUN
ajfa-12234	112	6	*	*	PUNCT
ajfa-12234	113	1	*	*	PUNCT
ajfa-12234	113	2	*	*	PUNCT
ajfa-12234	114	1	[	[	X
ajfa-12234	114	2	-0.1000	-0.1000	X
ajfa-12234	114	3	]	]	X
ajfa-12234	114	4	*	*	PUNCT
ajfa-12234	114	5	*	*	PUNCT
ajfa-12234	114	6	*	*	PUNCT
ajfa-12234	114	7	dividend	dividend	NOUN
ajfa-12234	114	8	/	/	SYM
ajfa-12234	114	9	price	price	NOUN
ajfa-12234	114	10	0.0139	0.0139	NUM
ajfa-12234	115	1	[	[	X
ajfa-12234	115	2	0.0110	0.0110	NUM
ajfa-12234	115	3	]	]	X
ajfa-12234	115	4	0.0131	0.0131	NUM
ajfa-12234	116	1	[	[	X
ajfa-12234	116	2	0.0050	0.0050	NUM
ajfa-12234	116	3	]	]	X
ajfa-12234	116	4	0.0036	0.0036	NUM
ajfa-12234	116	5	[	[	X
ajfa-12234	116	6	0.0000	0.0000	NUM
ajfa-12234	116	7	]	]	PUNCT
ajfa-12234	116	8	-0.0095	-0.0095	NOUN
ajfa-12234	116	9	*	*	PUNCT
ajfa-12234	117	1	*	*	PUNCT
ajfa-12234	117	2	*	*	PUNCT
ajfa-12234	118	1	[	[	X
ajfa-12234	118	2	-0.0036	-0.0036	X
ajfa-12234	118	3	]	]	X
ajfa-12234	118	4	*	*	PUNCT
ajfa-12234	118	5	*	*	PUNCT
ajfa-12234	118	6	*	*	PUNCT
ajfa-12234	118	7	ownership	ownership	NOUN
ajfa-12234	118	8	structure	structure	NOUN
ajfa-12234	118	9	%	%	NOUN
ajfa-12234	118	10	ownership	ownership	NOUN
ajfa-12234	118	11	by	by	ADP
ajfa-12234	118	12	officers	officer	NOUN
ajfa-12234	118	13	and	and	CCONJ
ajfa-12234	118	14	directors	director	NOUN
ajfa-12234	118	15	0.1164	0.1164	NUM
ajfa-12234	119	1	[	[	X
ajfa-12234	119	2	0.0466	0.0466	NUM
ajfa-12234	119	3	]	]	X
ajfa-12234	119	4	0.1120	0.1120	NUM
ajfa-12234	119	5	[	[	X
ajfa-12234	119	6	0.0515	0.0515	NUM
ajfa-12234	119	7	]	]	X
ajfa-12234	119	8	0.0830	0.0830	NUM
ajfa-12234	119	9	[	[	X
ajfa-12234	119	10	0.0371	0.0371	NUM
ajfa-12234	119	11	]	]	X
ajfa-12234	119	12	-0.0276	-0.0276	NOUN
ajfa-12234	119	13	*	*	PUNCT
ajfa-12234	120	1	*	*	PUNCT
ajfa-12234	120	2	*	*	PUNCT
ajfa-12234	121	1	[	[	X
ajfa-12234	121	2	-0.0068	-0.0068	X
ajfa-12234	121	3	]	]	X
ajfa-12234	121	4	*	*	PUNCT
ajfa-12234	121	5	*	*	PUNCT
ajfa-12234	121	6	*	*	PUNCT
ajfa-12234	121	7	%	%	NOUN
ajfa-12234	121	8	ownership	ownership	NOUN
ajfa-12234	121	9	by	by	ADP
ajfa-12234	121	10	ceo	ceo	NOUN
ajfa-12234	121	11	0.0354	0.0354	PROPN
ajfa-12234	122	1	[	[	X
ajfa-12234	122	2	0.0080	0.0080	NUM
ajfa-12234	122	3	]	]	X
ajfa-12234	122	4	0.0326	0.0326	NUM
ajfa-12234	122	5	[	[	X
ajfa-12234	122	6	0.0080	0.0080	NUM
ajfa-12234	122	7	]	]	X
ajfa-12234	122	8	0.0151	0.0151	NUM
ajfa-12234	122	9	[	[	X
ajfa-12234	122	10	0.0073	0.0073	NUM
ajfa-12234	122	11	]	]	PUNCT
ajfa-12234	122	12	-0.0177	-0.0177	NOUN
ajfa-12234	122	13	*	*	PUNCT
ajfa-12234	122	14	*	*	PUNCT
ajfa-12234	122	15	*	*	PUNCT
ajfa-12234	123	1	[	[	X
ajfa-12234	123	2	-0.0010	-0.0010	X
ajfa-12234	123	3	]	]	X
ajfa-12234	123	4	*	*	PUNCT
ajfa-12234	123	5	*	*	PUNCT
ajfa-12234	123	6	%	%	NOUN
ajfa-12234	123	7	blockownership	blockownership	NOUN
ajfa-12234	123	8	0.1209	0.1209	NUM
ajfa-12234	124	1	[	[	X
ajfa-12234	124	2	0.1060	0.1060	NUM
ajfa-12234	124	3	]	]	X
ajfa-12234	124	4	0.1416	0.1416	NUM
ajfa-12234	124	5	[	[	X
ajfa-12234	124	6	0.0996	0.0996	NUM
ajfa-12234	124	7	]	]	PUNCT
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ajfa-12234	124	9	[	[	X
ajfa-12234	124	10	0.1697	0.1697	NUM
ajfa-12234	124	11	]	]	X
ajfa-12234	124	12	0.0653	0.0653	NUM
ajfa-12234	124	13	*	*	PUNCT
ajfa-12234	124	14	*	*	PUNCT
ajfa-12234	124	15	*	*	PUNCT
ajfa-12234	125	1	[	[	X
ajfa-12234	125	2	0.0564	0.0564	NUM
ajfa-12234	125	3	]	]	X
ajfa-12234	125	4	*	*	PUNCT
ajfa-12234	125	5	*	*	PUNCT
ajfa-12234	125	6	*	*	PUNCT
ajfa-12234	125	7	board	board	NOUN
ajfa-12234	125	8	composition	composition	NOUN
ajfa-12234	125	9	board	board	NOUN
ajfa-12234	125	10	size	size	NOUN
ajfa-12234	125	11	10.19	10.19	NUM
ajfa-12234	125	12	[	[	X
ajfa-12234	125	13	10.00	10.00	NUM
ajfa-12234	125	14	]	]	PUNCT
ajfa-12234	125	15	9.37	9.37	NUM
ajfa-12234	126	1	[	[	X
ajfa-12234	126	2	9.00	9.00	NUM
ajfa-12234	126	3	]	]	PUNCT
ajfa-12234	126	4	7.34	7.34	NUM
ajfa-12234	127	1	[	[	X
ajfa-12234	127	2	7.00	7.00	NUM
ajfa-12234	127	3	]	]	PUNCT
ajfa-12234	127	4	-2.81	-2.81	NOUN
ajfa-12234	127	5	*	*	NOUN
ajfa-12234	127	6	*	*	PUNCT
ajfa-12234	127	7	*	*	PUNCT
ajfa-12234	128	1	[	[	X
ajfa-12234	128	2	-3.00	-3.00	X
ajfa-12234	128	3	]	]	X
ajfa-12234	128	4	*	*	PUNCT
ajfa-12234	128	5	*	*	PUNCT
ajfa-12234	128	6	*	*	PUNCT
ajfa-12234	128	7	fraction	fraction	NOUN
ajfa-12234	128	8	of	of	ADP
ajfa-12234	128	9	independent	independent	ADJ
ajfa-12234	128	10	directors	director	NOUN
ajfa-12234	128	11	0.7378	0.7378	NUM
ajfa-12234	128	12	[	[	X
ajfa-12234	128	13	0.7778	0.7778	NUM
ajfa-12234	128	14	]	]	PUNCT
ajfa-12234	128	15	0.7477	0.7477	NUM
ajfa-12234	129	1	[	[	X
ajfa-12234	129	2	0.7778	0.7778	NUM
ajfa-12234	129	3	]	]	PUNCT
ajfa-12234	129	4	0.7718	0.7718	NUM
ajfa-12234	130	1	[	[	X
ajfa-12234	130	2	0.8000	0.8000	NUM
ajfa-12234	130	3	]	]	PUNCT
ajfa-12234	130	4	0.0371	0.0371	NUM
ajfa-12234	130	5	*	*	PUNCT
ajfa-12234	130	6	*	*	PUNCT
ajfa-12234	130	7	*	*	PUNCT
ajfa-12234	131	1	[	[	X
ajfa-12234	131	2	0.0223	0.0223	NUM
ajfa-12234	131	3	]	]	PUNCT
ajfa-12234	131	4	*	*	PUNCT
ajfa-12234	131	5	*	*	PUNCT
ajfa-12234	131	6	*	*	PUNCT
ajfa-12234	131	7	fraction	fraction	NOUN
ajfa-12234	131	8	of	of	ADP
ajfa-12234	131	9	insiders	insider	NOUN
ajfa-12234	131	10	0.2179	0.2179	NUM
ajfa-12234	131	11	[	[	X
ajfa-12234	131	12	0.1818	0.1818	NUM
ajfa-12234	131	13	]	]	PUNCT
ajfa-12234	131	14	0.1899	0.1899	NUM
ajfa-12234	131	15	[	[	X
ajfa-12234	131	16	0.1667	0.1667	NUM
ajfa-12234	131	17	]	]	PUNCT
ajfa-12234	131	18	0.2147	0.2147	NUM
ajfa-12234	132	1	[	[	X
ajfa-12234	132	2	0.1818	0.1818	NUM
ajfa-12234	132	3	]	]	X
ajfa-12234	132	4	0.0004	0.0004	NUM
ajfa-12234	132	5	[	[	X
ajfa-12234	132	6	0.0048	0.0048	NUM
ajfa-12234	132	7	]	]	X
ajfa-12234	132	8	age	age	NOUN
ajfa-12234	132	9	of	of	ADP
ajfa-12234	132	10	board	board	NOUN
ajfa-12234	132	11	members	member	NOUN
ajfa-12234	132	12	57.85	57.85	NUM
ajfa-12234	133	1	[	[	X
ajfa-12234	133	2	58.93	58.93	NUM
ajfa-12234	133	3	]	]	PUNCT
ajfa-12234	133	4	58.06	58.06	NUM
ajfa-12234	134	1	[	[	X
ajfa-12234	134	2	58.80	58.80	NUM
ajfa-12234	134	3	]	]	PUNCT
ajfa-12234	134	4	56.56	56.56	NUM
ajfa-12234	134	5	[	[	X
ajfa-12234	134	6	56.85	56.85	NUM
ajfa-12234	134	7	]	]	X
ajfa-12234	134	8	-1.61	-1.61	NOUN
ajfa-12234	134	9	*	*	NOUN
ajfa-12234	134	10	*	*	PUNCT
ajfa-12234	134	11	*	*	PUNCT
ajfa-12234	135	1	[	[	X
ajfa-12234	135	2	-0.77	-0.77	PRON
ajfa-12234	135	3	]	]	X
ajfa-12234	135	4	*	*	PUNCT
ajfa-12234	135	5	*	*	PUNCT
ajfa-12234	135	6	*	*	PUNCT
ajfa-12234	135	7	compensation	compensation	NOUN
ajfa-12234	135	8	policy	policy	NOUN
ajfa-12234	135	9	proportion	proportion	NOUN
ajfa-12234	135	10	of	of	ADP
ajfa-12234	135	11	equity	equity	NOUN
ajfa-12234	135	12	based	base	VERB
ajfa-12234	135	13	incentives	incentive	VERB
ajfa-12234	135	14	0.3402	0.3402	NUM
ajfa-12234	136	1	[	[	X
ajfa-12234	136	2	0.2888	0.2888	NUM
ajfa-12234	136	3	]	]	X
ajfa-12234	136	4	0.3431	0.3431	NUM
ajfa-12234	137	1	[	[	X
ajfa-12234	137	2	0.3189	0.3189	NUM
ajfa-12234	137	3	]	]	X
ajfa-12234	138	1	0.5308	0.5308	NUM
ajfa-12234	138	2	[	[	X
ajfa-12234	138	3	0.5451	0.5451	NUM
ajfa-12234	138	4	]	]	PUNCT
ajfa-12234	138	5	0.1932	0.1932	NUM
ajfa-12234	138	6	*	*	PUNCT
ajfa-12234	138	7	*	*	PUNCT
ajfa-12234	138	8	*	*	PUNCT
ajfa-12234	139	1	[	[	X
ajfa-12234	139	2	0.2067	0.2067	NUM
ajfa-12234	139	3	]	]	X
ajfa-12234	139	4	*	*	PUNCT
ajfa-12234	139	5	*	*	PUNCT
ajfa-12234	139	6	*	*	PUNCT
ajfa-12234	139	7	total	total	ADJ
ajfa-12234	139	8	compensation	compensation	NOUN
ajfa-12234	139	9	(	(	PUNCT
ajfa-12234	139	10	including	include	VERB
ajfa-12234	139	11	stock	stock	NOUN
ajfa-12234	139	12	options	option	NOUN
ajfa-12234	139	13	)	)	PUNCT
ajfa-12234	139	14	4488.46	4488.46	NUM
ajfa-12234	140	1	[	[	X
ajfa-12234	140	2	3039.32	3039.32	NUM
ajfa-12234	140	3	]	]	PUNCT
ajfa-12234	140	4	5617.00	5617.00	NUM
ajfa-12234	141	1	[	[	X
ajfa-12234	141	2	2993.56	2993.56	NUM
ajfa-12234	141	3	]	]	PUNCT
ajfa-12234	141	4	4833.17	4833.17	NUM
ajfa-12234	141	5	[	[	X
ajfa-12234	141	6	3118.43	3118.43	NUM
ajfa-12234	141	7	]	]	X
ajfa-12234	141	8	79.6	79.6	NUM
ajfa-12234	141	9	[	[	SYM
ajfa-12234	141	10	27.8	27.8	NUM
ajfa-12234	141	11	]	]	PUNCT
ajfa-12234	141	12	total	total	ADJ
ajfa-12234	141	13	compensation	compensation	NOUN
ajfa-12234	141	14	(	(	PUNCT
ajfa-12234	141	15	excluding	exclude	VERB
ajfa-12234	141	16	stock	stock	NOUN
ajfa-12234	141	17	options	option	NOUN
ajfa-12234	141	18	)	)	PUNCT
ajfa-12234	141	19	2294.95	2294.95	NUM
ajfa-12234	142	1	[	[	X
ajfa-12234	142	2	1576.54	1576.54	NUM
ajfa-12234	142	3	]	]	SYM
ajfa-12234	142	4	2586.57	2586.57	NUM
ajfa-12234	143	1	[	[	X
ajfa-12234	143	2	1630.35	1630.35	NUM
ajfa-12234	143	3	]	]	PUNCT
ajfa-12234	143	4	1503.09	1503.09	NUM
ajfa-12234	144	1	[	[	X
ajfa-12234	144	2	894.07	894.07	NUM
ajfa-12234	144	3	]	]	X
ajfa-12234	144	4	-798.04	-798.04	NOUN
ajfa-12234	144	5	*	*	PUNCT
ajfa-12234	144	6	*	*	PUNCT
ajfa-12234	144	7	*	*	PUNCT
ajfa-12234	145	1	[	[	X
ajfa-12234	145	2	-458.64	-458.64	X
ajfa-12234	145	3	]	]	X
ajfa-12234	145	4	*	*	PUNCT
ajfa-12234	145	5	*	*	PUNCT
ajfa-12234	145	6	*	*	PUNCT
ajfa-12234	145	7	asian	asian	ADJ
ajfa-12234	145	8	journal	journal	NOUN
ajfa-12234	145	9	of	of	ADP
ajfa-12234	145	10	finance	finance	PROPN
ajfa-12234	145	11	&	&	CCONJ
ajfa-12234	145	12	accounting	accounting	PROPN
ajfa-12234	145	13	issn	issn	PROPN
ajfa-12234	145	14	1946	1946	NUM
ajfa-12234	145	15	-	-	PUNCT
ajfa-12234	145	16	052x	052x	PROPN
ajfa-12234	145	17	2017	2017	NUM
ajfa-12234	145	18	,	,	PUNCT
ajfa-12234	145	19	vol	vol	NOUN
ajfa-12234	145	20	.	.	NOUN
ajfa-12234	145	21	9	9	NUM
ajfa-12234	145	22	,	,	PUNCT
ajfa-12234	145	23	no	no	NOUN
ajfa-12234	145	24	.	.	NOUN
ajfa-12234	145	25	2	2	NUM
ajfa-12234	145	26	ajfa.macrothink.org	ajfa.macrothink.org	NOUN
ajfa-12234	145	27	325	325	NUM
ajfa-12234	145	28	since	since	SCONJ
ajfa-12234	145	29	renegotiation	renegotiation	NOUN
ajfa-12234	145	30	/	/	SYM
ajfa-12234	145	31	set	set	NOUN
ajfa-12234	145	32	-	-	PUNCT
ajfa-12234	145	33	up	up	NOUN
ajfa-12234	145	34	by	by	ADP
ajfa-12234	145	35	units	unit	NOUN
ajfa-12234	145	36	could	could	AUX
ajfa-12234	145	37	be	be	AUX
ajfa-12234	145	38	costly	costly	ADJ
ajfa-12234	145	39	,	,	PUNCT
ajfa-12234	145	40	the	the	DET
ajfa-12234	145	41	benefits	benefit	NOUN
ajfa-12234	145	42	of	of	ADP
ajfa-12234	145	43	separation	separation	NOUN
ajfa-12234	145	44	shall	shall	AUX
ajfa-12234	145	45	exceed	exceed	VERB
ajfa-12234	145	46	the	the	DET
ajfa-12234	145	47	related	related	ADJ
ajfa-12234	145	48	costs	cost	NOUN
ajfa-12234	145	49	.	.	PUNCT
ajfa-12234	146	1	in	in	ADP
ajfa-12234	146	2	entrepreneurship	entrepreneurship	NOUN
ajfa-12234	146	3	-	-	PUNCT
ajfa-12234	146	4	type	type	NOUN
ajfa-12234	146	5	spinoffs	spinoff	NOUN
ajfa-12234	146	6	where	where	SCONJ
ajfa-12234	146	7	spinoffs	spinoff	NOUN
ajfa-12234	146	8	are	be	AUX
ajfa-12234	146	9	initiated	initiate	VERB
ajfa-12234	146	10	to	to	PART
ajfa-12234	146	11	pursue	pursue	VERB
ajfa-12234	146	12	high	high	ADJ
ajfa-12234	146	13	growth	growth	NOUN
ajfa-12234	146	14	opportunities	opportunity	NOUN
ajfa-12234	146	15	available	available	ADJ
ajfa-12234	146	16	in	in	ADP
ajfa-12234	146	17	units	unit	NOUN
ajfa-12234	146	18	,	,	PUNCT
ajfa-12234	146	19	it	it	PRON
ajfa-12234	146	20	could	could	AUX
ajfa-12234	146	21	be	be	AUX
ajfa-12234	146	22	worthwhile	worthwhile	ADJ
ajfa-12234	146	23	to	to	PART
ajfa-12234	146	24	pursue	pursue	VERB
ajfa-12234	146	25	the	the	DET
ajfa-12234	146	26	growth	growth	NOUN
ajfa-12234	146	27	opportunities	opportunity	NOUN
ajfa-12234	146	28	by	by	ADP
ajfa-12234	146	29	setting	set	VERB
ajfa-12234	146	30	-	-	PUNCT
ajfa-12234	146	31	up	up	ADP
ajfa-12234	146	32	their	their	PRON
ajfa-12234	146	33	own	own	ADJ
ajfa-12234	146	34	contracts	contract	NOUN
ajfa-12234	146	35	.	.	PUNCT
ajfa-12234	147	1	to	to	ADP
ajfa-12234	147	2	the	the	DET
ajfa-12234	147	3	contrary	contrary	NOUN
ajfa-12234	147	4	,	,	PUNCT
ajfa-12234	147	5	in	in	ADP
ajfa-12234	147	6	efficiency	efficiency	NOUN
ajfa-12234	147	7	-	-	PUNCT
ajfa-12234	147	8	type	type	NOUN
ajfa-12234	147	9	spinoffs	spinoff	NOUN
ajfa-12234	147	10	where	where	SCONJ
ajfa-12234	147	11	the	the	DET
ajfa-12234	147	12	spinoff	spinoff	NOUN
ajfa-12234	147	13	is	be	AUX
ajfa-12234	147	14	conducted	conduct	VERB
ajfa-12234	147	15	to	to	PART
ajfa-12234	147	16	eliminate	eliminate	VERB
ajfa-12234	147	17	non	non	ADJ
ajfa-12234	147	18	-	-	ADJ
ajfa-12234	147	19	promising	promising	ADJ
ajfa-12234	147	20	units	unit	NOUN
ajfa-12234	147	21	,	,	PUNCT
ajfa-12234	147	22	renegotiation	renegotiation	NOUN
ajfa-12234	147	23	is	be	AUX
ajfa-12234	147	24	costly	costly	ADJ
ajfa-12234	147	25	in	in	ADP
ajfa-12234	147	26	separated	separated	ADJ
ajfa-12234	147	27	units	unit	NOUN
ajfa-12234	147	28	.	.	PUNCT
ajfa-12234	148	1	in	in	ADP
ajfa-12234	148	2	this	this	DET
ajfa-12234	148	3	second	second	ADJ
ajfa-12234	148	4	type	type	NOUN
ajfa-12234	148	5	of	of	ADP
ajfa-12234	148	6	spinoff	spinoff	NOUN
ajfa-12234	148	7	,	,	PUNCT
ajfa-12234	148	8	there	there	PRON
ajfa-12234	148	9	is	be	VERB
ajfa-12234	148	10	not	not	PART
ajfa-12234	148	11	much	much	ADJ
ajfa-12234	148	12	room	room	NOUN
ajfa-12234	148	13	for	for	ADP
ajfa-12234	148	14	recontracting	recontracte	VERB
ajfa-12234	148	15	gains	gain	NOUN
ajfa-12234	148	16	for	for	ADP
ajfa-12234	148	17	parents	parent	NOUN
ajfa-12234	148	18	since	since	SCONJ
ajfa-12234	148	19	the	the	DET
ajfa-12234	148	20	pre	pre	ADJ
ajfa-12234	148	21	-	-	ADJ
ajfa-12234	148	22	spinoff	spinoff	ADJ
ajfa-12234	148	23	contracts	contract	NOUN
ajfa-12234	148	24	are	be	AUX
ajfa-12234	148	25	already	already	ADV
ajfa-12234	148	26	fitted	fit	VERB
ajfa-12234	148	27	contracts	contract	NOUN
ajfa-12234	148	28	for	for	ADP
ajfa-12234	148	29	the	the	DET
ajfa-12234	148	30	remaining	remain	VERB
ajfa-12234	148	31	parents	parent	NOUN
ajfa-12234	148	32	.	.	PUNCT
ajfa-12234	149	1	table	table	NOUN
ajfa-12234	149	2	4	4	NUM
ajfa-12234	149	3	shows	show	VERB
ajfa-12234	149	4	the	the	DET
ajfa-12234	149	5	directions	direction	NOUN
ajfa-12234	149	6	of	of	ADP
ajfa-12234	149	7	the	the	DET
ajfa-12234	149	8	recontracting	recontracting	NOUN
ajfa-12234	149	9	depending	depend	VERB
ajfa-12234	149	10	on	on	ADP
ajfa-12234	149	11	the	the	DET
ajfa-12234	149	12	magnitude	magnitude	NOUN
ajfa-12234	149	13	of	of	ADP
ajfa-12234	149	14	growth	growth	NOUN
ajfa-12234	149	15	opportunities	opportunity	NOUN
ajfa-12234	149	16	of	of	ADP
ajfa-12234	149	17	units	unit	NOUN
ajfa-12234	149	18	.	.	PUNCT
ajfa-12234	150	1	high	high	ADJ
ajfa-12234	150	2	q	q	PROPN
ajfa-12234	150	3	units	unit	NOUN
ajfa-12234	150	4	are	be	AUX
ajfa-12234	150	5	defiend	defiend	NOUN
ajfa-12234	150	6	as	as	ADP
ajfa-12234	150	7	spunoff	spunoff	NOUN
ajfa-12234	150	8	units	unit	NOUN
ajfa-12234	150	9	whose	whose	DET
ajfa-12234	150	10	mtob	mtob	NOUN
ajfa-12234	150	11	is	be	AUX
ajfa-12234	150	12	higheste	higheste	NOUN
ajfa-12234	150	13	one	one	NUM
ajfa-12234	150	14	third	third	NOUN
ajfa-12234	150	15	of	of	ADP
ajfa-12234	150	16	sample	sample	NOUN
ajfa-12234	150	17	firms	firm	NOUN
ajfa-12234	150	18	.	.	PUNCT
ajfa-12234	151	1	low	low	ADJ
ajfa-12234	151	2	q	q	PROPN
ajfa-12234	151	3	unit	unit	NOUN
ajfa-12234	151	4	are	be	AUX
ajfa-12234	151	5	those	those	PRON
ajfa-12234	151	6	having	having	AUX
ajfa-12234	151	7	lowest	low	ADJ
ajfa-12234	151	8	one	one	NUM
ajfa-12234	151	9	third	third	NOUN
ajfa-12234	151	10	of	of	ADP
ajfa-12234	151	11	mtob	mtob	NOUN
ajfa-12234	151	12	.	.	PUNCT
ajfa-12234	152	1	table	table	NOUN
ajfa-12234	152	2	4	4	NUM
ajfa-12234	152	3	.	.	PUNCT
ajfa-12234	153	1	growth	growth	NOUN
ajfa-12234	153	2	opportunities	opportunity	NOUN
ajfa-12234	153	3	of	of	ADP
ajfa-12234	153	4	units	unit	NOUN
ajfa-12234	153	5	and	and	CCONJ
ajfa-12234	153	6	announcement	announcement	NOUN
ajfa-12234	153	7	returns	return	NOUN
ajfa-12234	153	8	units	unit	NOUN
ajfa-12234	153	9	’	'	PUNCT
ajfa-12234	153	10	mtob	mtob	VERB
ajfa-12234	153	11	<	<	X
ajfa-12234	153	12	bottom	bottom	ADJ
ajfa-12234	153	13	1/3	1/3	NUM
ajfa-12234	153	14	units	unit	NOUN
ajfa-12234	153	15	’	'	PUNCT
ajfa-12234	153	16	mtob	mtob	NOUN
ajfa-12234	153	17	>	>	X
ajfa-12234	153	18	top	top	VERB
ajfa-12234	153	19	1/3	1/3	NUM
ajfa-12234	153	20	p	p	NOUN
ajfa-12234	153	21	-	-	PUNCT
ajfa-12234	153	22	value	value	NOUN
ajfa-12234	153	23	for	for	ADP
ajfa-12234	153	24	difference	difference	NOUN
ajfa-12234	153	25	mtob	mtob	NOUN
ajfa-12234	153	26	of	of	ADP
ajfa-12234	153	27	units	unit	NOUN
ajfa-12234	153	28	1.00	1.00	NUM
ajfa-12234	153	29	[	[	X
ajfa-12234	153	30	1.02	1.02	NUM
ajfa-12234	153	31	]	]	PUNCT
ajfa-12234	153	32	3.97	3.97	NUM
ajfa-12234	154	1	[	[	X
ajfa-12234	154	2	3.03	3.03	NUM
ajfa-12234	154	3	]	]	PUNCT
ajfa-12234	154	4	<	<	X
ajfa-12234	154	5	0.0001	0.0001	NUM
ajfa-12234	154	6	[	[	X
ajfa-12234	154	7	<	<	X
ajfa-12234	154	8	0.0001	0.0001	NUM
ajfa-12234	154	9	]	]	PUNCT
ajfa-12234	154	10	mtob	mtob	NOUN
ajfa-12234	154	11	of	of	ADP
ajfa-12234	154	12	parents	parent	NOUN
ajfa-12234	154	13	1.70	1.70	NUM
ajfa-12234	155	1	[	[	X
ajfa-12234	155	2	1.26	1.26	NUM
ajfa-12234	155	3	]	]	SYM
ajfa-12234	155	4	2.05	2.05	NUM
ajfa-12234	156	1	[	[	X
ajfa-12234	156	2	1.76	1.76	NUM
ajfa-12234	156	3	]	]	PUNCT
ajfa-12234	156	4	0.1598	0.1598	NUM
ajfa-12234	156	5	[	[	X
ajfa-12234	156	6	0.0020	0.0020	NUM
ajfa-12234	156	7	]	]	PUNCT
ajfa-12234	156	8	difference	difference	NOUN
ajfa-12234	156	9	(	(	PUNCT
ajfa-12234	156	10	ua	ua	PROPN
ajfa-12234	156	11	–	–	PUNCT
ajfa-12234	156	12	pa	pa	PROPN
ajfa-12234	156	13	)	)	PUNCT
ajfa-12234	156	14	-0.68	-0.68	NOUN
ajfa-12234	156	15	*	*	PUNCT
ajfa-12234	156	16	*	*	PUNCT
ajfa-12234	156	17	*	*	PUNCT
ajfa-12234	157	1	[	[	X
ajfa-12234	157	2	-0.26	-0.26	X
ajfa-12234	157	3	]	]	X
ajfa-12234	157	4	*	*	PUNCT
ajfa-12234	157	5	*	*	PUNCT
ajfa-12234	157	6	*	*	PUNCT
ajfa-12234	157	7	1.94	1.94	NUM
ajfa-12234	157	8	*	*	PUNCT
ajfa-12234	157	9	*	*	PUNCT
ajfa-12234	157	10	*	*	PUNCT
ajfa-12234	158	1	[	[	X
ajfa-12234	158	2	1.33	1.33	NUM
ajfa-12234	158	3	]	]	NOUN
ajfa-12234	158	4	*	*	PUNCT
ajfa-12234	158	5	*	*	PUNCT
ajfa-12234	158	6	*	*	PUNCT
ajfa-12234	158	7	<	<	X
ajfa-12234	158	8	0.0001	0.0001	NUM
ajfa-12234	158	9	[	[	X
ajfa-12234	158	10	<	<	X
ajfa-12234	158	11	0.0001	0.0001	NUM
ajfa-12234	158	12	]	]	PUNCT
ajfa-12234	158	13	absolute	absolute	ADJ
ajfa-12234	158	14	difference	difference	NOUN
ajfa-12234	158	15	0.82	0.82	NUM
ajfa-12234	159	1	[	[	X
ajfa-12234	159	2	0.32	0.32	NUM
ajfa-12234	159	3	]	]	PUNCT
ajfa-12234	159	4	2.27	2.27	NUM
ajfa-12234	160	1	[	[	X
ajfa-12234	160	2	1.42	1.42	NUM
ajfa-12234	160	3	]	]	PUNCT
ajfa-12234	160	4	0.0014	0.0014	NUM
ajfa-12234	161	1	[	[	X
ajfa-12234	161	2	<	<	X
ajfa-12234	161	3	0.0001	0.0001	NUM
ajfa-12234	161	4	]	]	PUNCT
ajfa-12234	161	5	mars	mar	NOUN
ajfa-12234	161	6	(	(	PUNCT
ajfa-12234	161	7	-1	-1	INTJ
ajfa-12234	161	8	,	,	PUNCT
ajfa-12234	161	9	+1	+1	PROPN
ajfa-12234	161	10	)	)	PUNCT
ajfa-12234	161	11	1.54	1.54	NUM
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ajfa-12234	162	7	*	*	PUNCT
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ajfa-12234	163	5	*	*	PUNCT
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ajfa-12234	163	11	]	]	X
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ajfa-12234	163	14	ua	ua	PROPN
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ajfa-12234	163	16	pa	pa	PROPN
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ajfa-12234	163	18	debt	debt	NOUN
ajfa-12234	163	19	policy	policy	NOUN
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ajfa-12234	163	22	*	*	PUNCT
ajfa-12234	164	1	[	[	X
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ajfa-12234	164	3	]	]	X
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ajfa-12234	165	1	[	[	X
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ajfa-12234	165	3	]	]	X
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ajfa-12234	166	1	[	[	X
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ajfa-12234	166	5	liability	liability	NOUN
ajfa-12234	166	6	/	/	SYM
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ajfa-12234	166	10	*	*	PUNCT
ajfa-12234	166	11	*	*	PUNCT
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ajfa-12234	167	4	*	*	PUNCT
ajfa-12234	167	5	*	*	PUNCT
ajfa-12234	167	6	*	*	PUNCT
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ajfa-12234	168	4	*	*	PUNCT
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ajfa-12234	169	4	]	]	PUNCT
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ajfa-12234	169	7	dividends	dividend	NOUN
ajfa-12234	169	8	/	/	SYM
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ajfa-12234	170	1	[	[	X
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ajfa-12234	170	3	]	]	X
ajfa-12234	170	4	*	*	PUNCT
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ajfa-12234	172	4	]	]	X
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ajfa-12234	172	8	]	]	PUNCT
ajfa-12234	172	9	dividend	dividend	NOUN
ajfa-12234	172	10	/	/	SYM
ajfa-12234	172	11	price	price	NOUN
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ajfa-12234	172	13	*	*	PUNCT
ajfa-12234	172	14	*	*	PUNCT
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ajfa-12234	173	1	[	[	X
ajfa-12234	173	2	0.0000	0.0000	NUM
ajfa-12234	173	3	]	]	X
ajfa-12234	173	4	*	*	PUNCT
ajfa-12234	173	5	*	*	PUNCT
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ajfa-12234	173	7	-0.0095	-0.0095	NOUN
ajfa-12234	173	8	*	*	PUNCT
ajfa-12234	174	1	*	*	PUNCT
ajfa-12234	174	2	*	*	PUNCT
ajfa-12234	175	1	[	[	X
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ajfa-12234	175	4	*	*	PUNCT
ajfa-12234	175	5	*	*	PUNCT
ajfa-12234	175	6	*	*	PUNCT
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ajfa-12234	175	8	[	[	X
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ajfa-12234	175	10	]	]	PUNCT
ajfa-12234	175	11	ownership	ownership	NOUN
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ajfa-12234	175	13	%	%	NOUN
ajfa-12234	175	14	ownership	ownership	NOUN
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ajfa-12234	175	16	officers	officer	NOUN
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ajfa-12234	175	20	*	*	PUNCT
ajfa-12234	176	1	[	[	X
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ajfa-12234	176	4	*	*	PUNCT
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ajfa-12234	176	7	*	*	PUNCT
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ajfa-12234	176	9	*	*	PUNCT
ajfa-12234	177	1	[	[	X
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ajfa-12234	177	4	*	*	PUNCT
ajfa-12234	177	5	*	*	PUNCT
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ajfa-12234	177	8	[	[	X
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ajfa-12234	177	10	]	]	PUNCT
ajfa-12234	177	11	%	%	NOUN
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ajfa-12234	177	16	*	*	PUNCT
ajfa-12234	178	1	[	[	X
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ajfa-12234	178	3	]	]	PUNCT
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ajfa-12234	178	5	*	*	PUNCT
ajfa-12234	179	1	*	*	PUNCT
ajfa-12234	180	1	[	[	X
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ajfa-12234	180	3	]	]	X
ajfa-12234	180	4	0.5745	0.5745	NUM
ajfa-12234	181	1	[	[	X
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ajfa-12234	181	3	]	]	X
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ajfa-12234	181	7	*	*	PUNCT
ajfa-12234	182	1	[	[	X
ajfa-12234	182	2	0.0489	0.0489	NUM
ajfa-12234	182	3	]	]	X
ajfa-12234	182	4	*	*	PUNCT
ajfa-12234	182	5	-0.0358	-0.0358	NOUN
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ajfa-12234	184	1	[	[	X
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ajfa-12234	184	3	]	]	X
ajfa-12234	184	4	asian	asian	ADJ
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ajfa-12234	184	7	finance	finance	PROPN
ajfa-12234	184	8	&	&	CCONJ
ajfa-12234	184	9	accounting	accounting	PROPN
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ajfa-12234	184	11	1946	1946	NUM
ajfa-12234	184	12	-	-	PUNCT
ajfa-12234	184	13	052x	052x	PROPN
ajfa-12234	184	14	2017	2017	NUM
ajfa-12234	184	15	,	,	PUNCT
ajfa-12234	184	16	vol	vol	NOUN
ajfa-12234	184	17	.	.	NOUN
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ajfa-12234	184	19	,	,	PUNCT
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ajfa-12234	184	21	.	.	NOUN
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ajfa-12234	184	30	*	*	PUNCT
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ajfa-12234	187	4	*	*	PUNCT
ajfa-12234	187	5	*	*	PUNCT
ajfa-12234	187	6	*	*	PUNCT
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ajfa-12234	188	10	*	*	PUNCT
ajfa-12234	188	11	*	*	PUNCT
ajfa-12234	188	12	*	*	PUNCT
ajfa-12234	189	1	[	[	X
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ajfa-12234	189	4	*	*	PUNCT
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ajfa-12234	189	6	*	*	PUNCT
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ajfa-12234	190	1	[	[	X
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ajfa-12234	203	1	[	[	X
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ajfa-12234	203	8	stock	stock	NOUN
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ajfa-12234	206	31	insiders	insider	NOUN
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ajfa-12234	207	12	payment	payment	NOUN
ajfa-12234	207	13	,	,	PUNCT
ajfa-12234	207	14	lower	low	ADJ
ajfa-12234	207	15	ownerships	ownership	NOUN
ajfa-12234	207	16	,	,	PUNCT
ajfa-12234	207	17	smaller	small	ADJ
ajfa-12234	207	18	board	board	NOUN
ajfa-12234	207	19	,	,	PUNCT
ajfa-12234	207	20	younger	young	ADJ
ajfa-12234	207	21	board	board	NOUN
ajfa-12234	207	22	members	member	NOUN
ajfa-12234	207	23	,	,	PUNCT
ajfa-12234	207	24	and	and	CCONJ
ajfa-12234	207	25	higher	high	ADJ
ajfa-12234	207	26	proportion	proportion	NOUN
ajfa-12234	207	27	of	of	ADP
ajfa-12234	207	28	stock	stock	NOUN
ajfa-12234	207	29	option	option	NOUN
ajfa-12234	207	30	payment	payment	NOUN
ajfa-12234	207	31	.	.	PUNCT
ajfa-12234	208	1	the	the	DET
ajfa-12234	208	2	recontracting	recontracting	NOUN
ajfa-12234	208	3	seems	seem	VERB
ajfa-12234	208	4	related	related	ADJ
ajfa-12234	208	5	to	to	ADP
ajfa-12234	208	6	more	more	ADV
ajfa-12234	208	7	positive	positive	ADJ
ajfa-12234	208	8	market	market	NOUN
ajfa-12234	208	9	response	response	NOUN
ajfa-12234	208	10	only	only	ADV
ajfa-12234	208	11	in	in	ADP
ajfa-12234	208	12	spinoffs	spinoff	NOUN
ajfa-12234	208	13	where	where	SCONJ
ajfa-12234	208	14	units	unit	NOUN
ajfa-12234	208	15	have	have	VERB
ajfa-12234	208	16	highest	high	ADJ
ajfa-12234	208	17	growth	growth	NOUN
ajfa-12234	208	18	opportunities	opportunity	NOUN
ajfa-12234	208	19	.	.	PUNCT
ajfa-12234	209	1	4	4	X
ajfa-12234	209	2	.	.	X
ajfa-12234	209	3	determinant	determinant	ADJ
ajfa-12234	209	4	of	of	ADP
ajfa-12234	209	5	board	board	NOUN
ajfa-12234	209	6	structure	structure	NOUN
ajfa-12234	209	7	i	i	PRON
ajfa-12234	209	8	also	also	ADV
ajfa-12234	209	9	examine	examine	VERB
ajfa-12234	209	10	the	the	DET
ajfa-12234	209	11	determinants	determinant	NOUN
ajfa-12234	209	12	of	of	ADP
ajfa-12234	209	13	board	board	NOUN
ajfa-12234	209	14	size	size	NOUN
ajfa-12234	209	15	and	and	CCONJ
ajfa-12234	209	16	composition	composition	NOUN
ajfa-12234	209	17	after	after	ADP
ajfa-12234	209	18	spinoffs	spinoff	NOUN
ajfa-12234	209	19	.	.	PUNCT
ajfa-12234	210	1	although	although	SCONJ
ajfa-12234	210	2	thre	thre	NOUN
ajfa-12234	210	3	are	be	AUX
ajfa-12234	210	4	some	some	DET
ajfa-12234	210	5	significant	significant	ADJ
ajfa-12234	210	6	results	result	NOUN
ajfa-12234	210	7	,	,	PUNCT
ajfa-12234	210	8	more	more	ADJ
ajfa-12234	210	9	tests	test	NOUN
ajfa-12234	210	10	are	be	AUX
ajfa-12234	210	11	needed	need	VERB
ajfa-12234	210	12	to	to	PART
ajfa-12234	210	13	find	find	VERB
ajfa-12234	210	14	causal	causal	ADJ
ajfa-12234	210	15	relationships	relationship	NOUN
ajfa-12234	210	16	.	.	PUNCT
ajfa-12234	211	1	using	use	VERB
ajfa-12234	211	2	firm	firm	ADJ
ajfa-12234	211	3	characteristics	characteristic	NOUN
ajfa-12234	211	4	known	know	VERB
ajfa-12234	211	5	to	to	PART
ajfa-12234	211	6	be	be	AUX
ajfa-12234	211	7	related	relate	VERB
ajfa-12234	211	8	with	with	ADP
ajfa-12234	211	9	board	board	NOUN
ajfa-12234	211	10	size	size	NOUN
ajfa-12234	211	11	,	,	PUNCT
ajfa-12234	211	12	i	i	PRON
ajfa-12234	211	13	examine	examine	VERB
ajfa-12234	211	14	cross	cross	ADJ
ajfa-12234	211	15	-	-	ADJ
ajfa-12234	211	16	sectional	sectional	ADJ
ajfa-12234	211	17	determinants	determinant	NOUN
ajfa-12234	211	18	of	of	ADP
ajfa-12234	211	19	board	board	NOUN
ajfa-12234	211	20	size	size	NOUN
ajfa-12234	211	21	in	in	ADP
ajfa-12234	211	22	the	the	DET
ajfa-12234	211	23	pre	pre	ADJ
ajfa-12234	211	24	-	-	ADJ
ajfa-12234	211	25	spinoff	spinoff	ADJ
ajfa-12234	211	26	parents(pb	parents(pb	NOUN
ajfa-12234	211	27	)	)	PUNCT
ajfa-12234	211	28	.	.	PUNCT
ajfa-12234	212	1	here	here	ADV
ajfa-12234	212	2	,	,	PUNCT
ajfa-12234	212	3	i	i	PRON
ajfa-12234	212	4	only	only	ADV
ajfa-12234	212	5	summarize	summarize	VERB
ajfa-12234	212	6	the	the	DET
ajfa-12234	212	7	result	result	NOUN
ajfa-12234	212	8	and	and	CCONJ
ajfa-12234	212	9	prvide	prvide	VERB
ajfa-12234	212	10	detailed	detailed	ADJ
ajfa-12234	212	11	tests	test	NOUN
ajfa-12234	212	12	on	on	ADP
ajfa-12234	212	13	the	the	DET
ajfa-12234	212	14	changes	change	NOUN
ajfa-12234	212	15	in	in	ADP
ajfa-12234	212	16	board	board	NOUN
ajfa-12234	212	17	composition	composition	NOUN
ajfa-12234	212	18	in	in	ADP
ajfa-12234	212	19	table	table	NOUN
ajfa-12234	212	20	5	5	NUM
ajfa-12234	212	21	.	.	PUNCT
ajfa-12234	212	22	in	in	ADP
ajfa-12234	212	23	untabulated	untabulated	ADJ
ajfa-12234	212	24	result	result	NOUN
ajfa-12234	212	25	,	,	PUNCT
ajfa-12234	212	26	the	the	DET
ajfa-12234	212	27	number	number	NOUN
ajfa-12234	212	28	of	of	ADP
ajfa-12234	212	29	segment	segment	NOUN
ajfa-12234	212	30	and	and	CCONJ
ajfa-12234	212	31	firm	firm	ADJ
ajfa-12234	212	32	size	size	NOUN
ajfa-12234	212	33	are	be	AUX
ajfa-12234	212	34	positively	positively	ADV
ajfa-12234	212	35	related	relate	VERB
ajfa-12234	212	36	with	with	ADP
ajfa-12234	212	37	board	board	NOUN
ajfa-12234	212	38	size	size	NOUN
ajfa-12234	212	39	.	.	PUNCT
ajfa-12234	213	1	the	the	DET
ajfa-12234	213	2	post	post	ADJ
ajfa-12234	213	3	-	-	ADJ
ajfa-12234	213	4	spinoff	spinoff	ADJ
ajfa-12234	213	5	parents(pa	parents(pa	NOUN
ajfa-12234	213	6	)	)	PUNCT
ajfa-12234	213	7	show	show	VERB
ajfa-12234	213	8	significant	significant	ADJ
ajfa-12234	213	9	path	path	NOUN
ajfa-12234	213	10	dependence	dependence	NOUN
ajfa-12234	213	11	on	on	ADP
ajfa-12234	213	12	the	the	DET
ajfa-12234	213	13	past	past	ADJ
ajfa-12234	213	14	board	board	NOUN
ajfa-12234	213	15	size	size	NOUN
ajfa-12234	213	16	.	.	PUNCT
ajfa-12234	214	1	however	however	ADV
ajfa-12234	214	2	,	,	PUNCT
ajfa-12234	214	3	the	the	DET
ajfa-12234	214	4	board	board	NOUN
ajfa-12234	214	5	size	size	NOUN
ajfa-12234	214	6	of	of	ADP
ajfa-12234	214	7	units(ua	units(ua	PROPN
ajfa-12234	214	8	)	)	PUNCT
ajfa-12234	214	9	is	be	AUX
ajfa-12234	214	10	independent	independent	ADJ
ajfa-12234	214	11	from	from	ADP
ajfa-12234	214	12	the	the	DET
ajfa-12234	214	13	past	past	ADJ
ajfa-12234	214	14	board	board	NOUN
ajfa-12234	214	15	size	size	NOUN
ajfa-12234	214	16	.	.	PUNCT
ajfa-12234	215	1	in	in	ADP
ajfa-12234	215	2	all	all	DET
ajfa-12234	215	3	regressions	regression	NOUN
ajfa-12234	215	4	,	,	PUNCT
ajfa-12234	215	5	firm	firm	ADJ
ajfa-12234	215	6	size	size	NOUN
ajfa-12234	215	7	is	be	AUX
ajfa-12234	215	8	only	only	ADV
ajfa-12234	215	9	variable	variable	ADJ
ajfa-12234	215	10	that	that	PRON
ajfa-12234	215	11	are	be	AUX
ajfa-12234	215	12	consistently	consistently	ADV
ajfa-12234	215	13	associated	associate	VERB
ajfa-12234	215	14	with	with	ADP
ajfa-12234	215	15	board	board	NOUN
ajfa-12234	215	16	size	size	NOUN
ajfa-12234	215	17	.	.	PUNCT
ajfa-12234	216	1	interestingly	interestingly	ADV
ajfa-12234	216	2	,	,	PUNCT
ajfa-12234	216	3	market	market	NOUN
ajfa-12234	216	4	-	-	PUNCT
ajfa-12234	216	5	to	to	ADP
ajfa-12234	216	6	-	-	PUNCT
ajfa-12234	216	7	book	book	NOUN
ajfa-12234	216	8	ratio	ratio	NOUN
ajfa-12234	216	9	used	use	VERB
ajfa-12234	216	10	as	as	ADP
ajfa-12234	216	11	proxy	proxy	NOUN
ajfa-12234	216	12	for	for	ADP
ajfa-12234	216	13	firm	firm	ADJ
ajfa-12234	216	14	performance	performance	NOUN
ajfa-12234	216	15	and/or	and/or	CCONJ
ajfa-12234	216	16	growth	growth	NOUN
ajfa-12234	216	17	opportunities	opportunity	NOUN
ajfa-12234	216	18	is	be	AUX
ajfa-12234	216	19	insignificant	insignificant	ADJ
ajfa-12234	216	20	in	in	ADP
ajfa-12234	216	21	all	all	DET
ajfa-12234	216	22	regressions	regression	NOUN
ajfa-12234	216	23	.	.	PUNCT
ajfa-12234	217	1	also	also	ADV
ajfa-12234	217	2	,	,	PUNCT
ajfa-12234	217	3	the	the	DET
ajfa-12234	217	4	previously	previously	ADV
ajfa-12234	217	5	documented	document	VERB
ajfa-12234	217	6	negative	negative	ADJ
ajfa-12234	217	7	relation	relation	NOUN
ajfa-12234	217	8	between	between	ADP
ajfa-12234	217	9	board	board	NOUN
ajfa-12234	217	10	size	size	NOUN
ajfa-12234	217	11	and	and	CCONJ
ajfa-12234	217	12	the	the	DET
ajfa-12234	217	13	proportion	proportion	NOUN
ajfa-12234	217	14	of	of	ADP
ajfa-12234	217	15	insiders	insider	NOUN
ajfa-12234	217	16	are	be	AUX
ajfa-12234	217	17	not	not	PART
ajfa-12234	217	18	present	present	ADJ
ajfa-12234	217	19	in	in	ADP
ajfa-12234	217	20	our	our	PRON
ajfa-12234	217	21	data	datum	NOUN
ajfa-12234	217	22	.	.	PUNCT
ajfa-12234	218	1	similar	similar	ADJ
ajfa-12234	218	2	test	test	NOUN
ajfa-12234	218	3	is	be	AUX
ajfa-12234	218	4	conducted	conduct	VERB
ajfa-12234	218	5	on	on	ADP
ajfa-12234	218	6	board	board	NOUN
ajfa-12234	218	7	composition	composition	NOUN
ajfa-12234	218	8	.	.	PUNCT
ajfa-12234	219	1	in	in	ADP
ajfa-12234	219	2	untabulated	untabulated	ADJ
ajfa-12234	219	3	result	result	NOUN
ajfa-12234	219	4	,	,	PUNCT
ajfa-12234	219	5	units	unit	NOUN
ajfa-12234	219	6	’	'	PUNCT
ajfa-12234	219	7	board	board	NOUN
ajfa-12234	219	8	composition	composition	NOUN
ajfa-12234	219	9	is	be	AUX
ajfa-12234	219	10	appeared	appear	VERB
ajfa-12234	219	11	to	to	PART
ajfa-12234	219	12	get	get	VERB
ajfa-12234	219	13	less	less	ADJ
ajfa-12234	219	14	influence	influence	NOUN
ajfa-12234	219	15	of	of	ADP
ajfa-12234	219	16	past	past	PROPN
ajfa-12234	219	17	board	board	NOUN
ajfa-12234	219	18	,	,	PUNCT
ajfa-12234	219	19	but	but	CCONJ
ajfa-12234	219	20	it	it	PRON
ajfa-12234	219	21	is	be	AUX
ajfa-12234	219	22	still	still	ADV
ajfa-12234	219	23	significantly	significantly	ADV
ajfa-12234	219	24	path	path	VERB
ajfa-12234	219	25	dependent	dependent	ADJ
ajfa-12234	219	26	.	.	PUNCT
ajfa-12234	220	1	also	also	ADV
ajfa-12234	220	2	,	,	PUNCT
ajfa-12234	220	3	market	market	NOUN
ajfa-12234	220	4	-	-	PUNCT
ajfa-12234	220	5	to	to	ADP
ajfa-12234	220	6	-	-	PUNCT
ajfa-12234	220	7	book	book	NOUN
ajfa-12234	220	8	is	be	AUX
ajfa-12234	220	9	insignificant	insignificant	ADJ
ajfa-12234	220	10	in	in	ADP
ajfa-12234	220	11	all	all	DET
ajfa-12234	220	12	regressions	regression	NOUN
ajfa-12234	220	13	and	and	CCONJ
ajfa-12234	220	14	the	the	DET
ajfa-12234	220	15	previously	previously	ADV
ajfa-12234	220	16	documented	document	VERB
ajfa-12234	220	17	negative	negative	ADJ
ajfa-12234	220	18	relation	relation	NOUN
ajfa-12234	220	19	between	between	ADP
ajfa-12234	220	20	board	board	NOUN
ajfa-12234	220	21	size	size	NOUN
ajfa-12234	220	22	and	and	CCONJ
ajfa-12234	220	23	the	the	DET
ajfa-12234	220	24	proportion	proportion	NOUN
ajfa-12234	220	25	of	of	ADP
ajfa-12234	220	26	insiders	insider	NOUN
ajfa-12234	220	27	are	be	AUX
ajfa-12234	220	28	not	not	PART
ajfa-12234	220	29	present	present	ADJ
ajfa-12234	220	30	.	.	PUNCT
ajfa-12234	221	1	asian	asian	ADJ
ajfa-12234	221	2	journal	journal	PROPN
ajfa-12234	221	3	of	of	ADP
ajfa-12234	221	4	finance	finance	PROPN
ajfa-12234	221	5	&	&	CCONJ
ajfa-12234	221	6	accounting	accounting	PROPN
ajfa-12234	221	7	issn	issn	PROPN
ajfa-12234	221	8	1946	1946	NUM
ajfa-12234	221	9	-	-	PUNCT
ajfa-12234	221	10	052x	052x	PROPN
ajfa-12234	221	11	2017	2017	NUM
ajfa-12234	221	12	,	,	PUNCT
ajfa-12234	221	13	vol	vol	NOUN
ajfa-12234	221	14	.	.	NOUN
ajfa-12234	221	15	9	9	NUM
ajfa-12234	221	16	,	,	PUNCT
ajfa-12234	221	17	no	no	NOUN
ajfa-12234	221	18	.	.	NOUN
ajfa-12234	221	19	2	2	NUM
ajfa-12234	221	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12234	221	21	327	327	NUM
ajfa-12234	221	22	lastly	lastly	ADV
ajfa-12234	221	23	,	,	PUNCT
ajfa-12234	221	24	i	i	PRON
ajfa-12234	221	25	examine	examine	VERB
ajfa-12234	221	26	the	the	DET
ajfa-12234	221	27	change	change	NOUN
ajfa-12234	221	28	in	in	ADP
ajfa-12234	221	29	units	unit	NOUN
ajfa-12234	221	30	’	'	PUNCT
ajfa-12234	221	31	board	board	NOUN
ajfa-12234	221	32	size	size	NOUN
ajfa-12234	221	33	and	and	CCONJ
ajfa-12234	221	34	composition	composition	NOUN
ajfa-12234	221	35	relative	relative	ADJ
ajfa-12234	221	36	to	to	ADP
ajfa-12234	221	37	post	post	ADJ
ajfa-12234	221	38	-	-	ADJ
ajfa-12234	221	39	spinoff	spinoff	ADJ
ajfa-12234	221	40	parents(pa	parents(pa	NOUN
ajfa-12234	221	41	)	)	PUNCT
ajfa-12234	221	42	.	.	PUNCT
ajfa-12234	222	1	all	all	DET
ajfa-12234	222	2	explanatory	explanatory	ADJ
ajfa-12234	222	3	variables	variable	NOUN
ajfa-12234	222	4	are	be	AUX
ajfa-12234	222	5	computed	compute	VERB
ajfa-12234	222	6	to	to	ADP
ajfa-12234	222	7	percentage	percentage	NOUN
ajfa-12234	222	8	changes	change	NOUN
ajfa-12234	222	9	.	.	PUNCT
ajfa-12234	223	1	in	in	ADP
ajfa-12234	223	2	this	this	DET
ajfa-12234	223	3	way	way	NOUN
ajfa-12234	223	4	,	,	PUNCT
ajfa-12234	223	5	i	i	PRON
ajfa-12234	223	6	can	can	AUX
ajfa-12234	223	7	exclude	exclude	VERB
ajfa-12234	223	8	endogeneous	endogeneous	ADJ
ajfa-12234	223	9	fixed	fix	VERB
ajfa-12234	223	10	factors	factor	NOUN
ajfa-12234	223	11	of	of	ADP
ajfa-12234	223	12	past	past	ADJ
ajfa-12234	223	13	history	history	NOUN
ajfa-12234	223	14	that	that	PRON
ajfa-12234	223	15	might	might	AUX
ajfa-12234	223	16	affect	affect	VERB
ajfa-12234	223	17	both	both	DET
ajfa-12234	223	18	remaining	remain	VERB
ajfa-12234	223	19	parents	parent	NOUN
ajfa-12234	223	20	and	and	CCONJ
ajfa-12234	223	21	separated	separated	ADJ
ajfa-12234	223	22	units	unit	NOUN
ajfa-12234	223	23	.	.	PUNCT
ajfa-12234	224	1	this	this	PRON
ajfa-12234	224	2	provides	provide	VERB
ajfa-12234	224	3	stronger	strong	ADJ
ajfa-12234	224	4	test	test	NOUN
ajfa-12234	224	5	than	than	ADP
ajfa-12234	224	6	simple	simple	ADJ
ajfa-12234	224	7	change	change	NOUN
ajfa-12234	224	8	analysis	analysis	NOUN
ajfa-12234	224	9	of	of	ADP
ajfa-12234	224	10	the	the	DET
ajfa-12234	224	11	same	same	ADJ
ajfa-12234	224	12	firm	firm	NOUN
ajfa-12234	224	13	over	over	ADP
ajfa-12234	224	14	two	two	NUM
ajfa-12234	224	15	periods	period	NOUN
ajfa-12234	224	16	because	because	SCONJ
ajfa-12234	224	17	the	the	DET
ajfa-12234	224	18	base	base	NOUN
ajfa-12234	224	19	number	number	NOUN
ajfa-12234	224	20	of	of	ADP
ajfa-12234	224	21	the	the	DET
ajfa-12234	224	22	begining	begining	NOUN
ajfa-12234	224	23	year	year	NOUN
ajfa-12234	224	24	is	be	AUX
ajfa-12234	224	25	controlled	control	VERB
ajfa-12234	224	26	.	.	PUNCT
ajfa-12234	225	1	from	from	ADP
ajfa-12234	225	2	table	table	NOUN
ajfa-12234	225	3	5	5	NUM
ajfa-12234	225	4	,	,	PUNCT
ajfa-12234	225	5	dependent	dependent	ADJ
ajfa-12234	225	6	variables	variable	NOUN
ajfa-12234	225	7	are	be	AUX
ajfa-12234	225	8	the	the	DET
ajfa-12234	225	9	change	change	NOUN
ajfa-12234	225	10	in	in	ADP
ajfa-12234	225	11	board	board	NOUN
ajfa-12234	225	12	size	size	NOUN
ajfa-12234	225	13	and	and	CCONJ
ajfa-12234	225	14	the	the	DET
ajfa-12234	225	15	change	change	NOUN
ajfa-12234	225	16	in	in	ADP
ajfa-12234	225	17	percentage	percentage	NOUN
ajfa-12234	225	18	of	of	ADP
ajfa-12234	225	19	inside	inside	ADJ
ajfa-12234	225	20	directors	director	NOUN
ajfa-12234	225	21	.	.	PUNCT
ajfa-12234	226	1	change	change	NOUN
ajfa-12234	226	2	is	be	AUX
ajfa-12234	226	3	measured	measure	VERB
ajfa-12234	226	4	as	as	ADP
ajfa-12234	226	5	difference	difference	NOUN
ajfa-12234	226	6	between	between	ADP
ajfa-12234	226	7	the	the	DET
ajfa-12234	226	8	value	value	NOUN
ajfa-12234	226	9	of	of	ADP
ajfa-12234	226	10	spunoff	spunoff	NOUN
ajfa-12234	226	11	units	unit	NOUN
ajfa-12234	226	12	and	and	CCONJ
ajfa-12234	226	13	the	the	DET
ajfa-12234	226	14	value	value	NOUN
ajfa-12234	226	15	of	of	ADP
ajfa-12234	226	16	parents	parent	NOUN
ajfa-12234	226	17	in	in	ADP
ajfa-12234	226	18	the	the	DET
ajfa-12234	226	19	post	post	ADJ
ajfa-12234	226	20	-	-	ADJ
ajfa-12234	226	21	spinoff	spinoff	ADJ
ajfa-12234	226	22	periods	period	NOUN
ajfa-12234	226	23	.	.	PUNCT
ajfa-12234	227	1	p	p	X
ajfa-12234	227	2	-	-	PUNCT
ajfa-12234	227	3	values	value	NOUN
ajfa-12234	227	4	are	be	AUX
ajfa-12234	227	5	reported	report	VERB
ajfa-12234	227	6	in	in	ADP
ajfa-12234	227	7	parenthesis	parenthesis	NOUN
ajfa-12234	227	8	.	.	PUNCT
ajfa-12234	228	1	standard	standard	ADJ
ajfa-12234	228	2	errors	error	NOUN
ajfa-12234	228	3	are	be	AUX
ajfa-12234	228	4	estimated	estimate	VERB
ajfa-12234	228	5	using	use	VERB
ajfa-12234	228	6	huber	huber	PROPN
ajfa-12234	228	7	/	/	SYM
ajfa-12234	228	8	white	white	ADJ
ajfa-12234	228	9	robust	robust	ADJ
ajfa-12234	228	10	method	method	NOUN
ajfa-12234	228	11	.	.	PUNCT
ajfa-12234	229	1	all	all	DET
ajfa-12234	229	2	regressions	regression	NOUN
ajfa-12234	229	3	include	include	VERB
ajfa-12234	229	4	year	year	NOUN
ajfa-12234	229	5	dummy	dummy	ADJ
ajfa-12234	229	6	variables	variable	NOUN
ajfa-12234	229	7	.	.	PUNCT
ajfa-12234	230	1	all	all	DET
ajfa-12234	230	2	final	final	ADJ
ajfa-12234	230	3	variables	variable	NOUN
ajfa-12234	230	4	are	be	AUX
ajfa-12234	230	5	winsorized	winsorize	VERB
ajfa-12234	230	6	at	at	ADP
ajfa-12234	230	7	5	5	NUM
ajfa-12234	230	8	%	%	NOUN
ajfa-12234	230	9	and	and	CCONJ
ajfa-12234	230	10	95	95	NUM
ajfa-12234	230	11	%	%	NOUN
ajfa-12234	230	12	percentiles	percentile	NOUN
ajfa-12234	230	13	.	.	PUNCT
ajfa-12234	231	1	in	in	ADP
ajfa-12234	231	2	model	model	NOUN
ajfa-12234	231	3	(	(	PUNCT
ajfa-12234	231	4	1	1	NUM
ajfa-12234	231	5	)	)	PUNCT
ajfa-12234	231	6	of	of	ADP
ajfa-12234	231	7	table	table	NOUN
ajfa-12234	231	8	5	5	NUM
ajfa-12234	231	9	,	,	PUNCT
ajfa-12234	231	10	firm	firm	ADJ
ajfa-12234	231	11	size	size	NOUN
ajfa-12234	231	12	is	be	AUX
ajfa-12234	231	13	consistently	consistently	ADV
ajfa-12234	231	14	associated	associate	VERB
ajfa-12234	231	15	with	with	ADP
ajfa-12234	231	16	board	board	NOUN
ajfa-12234	231	17	size	size	NOUN
ajfa-12234	231	18	.	.	PUNCT
ajfa-12234	232	1	surprisingly	surprisingly	ADV
ajfa-12234	232	2	,	,	PUNCT
ajfa-12234	232	3	relative	relative	ADJ
ajfa-12234	232	4	market	market	NOUN
ajfa-12234	232	5	-	-	PUNCT
ajfa-12234	232	6	to	to	ADP
ajfa-12234	232	7	-	-	PUNCT
ajfa-12234	232	8	book	book	NOUN
ajfa-12234	232	9	ratio	ratio	NOUN
ajfa-12234	232	10	is	be	AUX
ajfa-12234	232	11	positively	positively	ADV
ajfa-12234	232	12	related	relate	VERB
ajfa-12234	232	13	with	with	ADP
ajfa-12234	232	14	board	board	NOUN
ajfa-12234	232	15	size	size	NOUN
ajfa-12234	232	16	.	.	PUNCT
ajfa-12234	233	1	board	board	NOUN
ajfa-12234	233	2	size	size	NOUN
ajfa-12234	233	3	is	be	AUX
ajfa-12234	233	4	negatively	negatively	ADV
ajfa-12234	233	5	related	relate	VERB
ajfa-12234	233	6	with	with	ADP
ajfa-12234	233	7	the	the	DET
ajfa-12234	233	8	proportion	proportion	NOUN
ajfa-12234	233	9	of	of	ADP
ajfa-12234	233	10	inside	inside	ADJ
ajfa-12234	233	11	directors	director	NOUN
ajfa-12234	233	12	.	.	PUNCT
ajfa-12234	234	1	similar	similar	ADJ
ajfa-12234	234	2	results	result	NOUN
ajfa-12234	234	3	are	be	AUX
ajfa-12234	234	4	found	find	VERB
ajfa-12234	234	5	with	with	ADP
ajfa-12234	234	6	the	the	DET
ajfa-12234	234	7	inclusion	inclusion	NOUN
ajfa-12234	234	8	of	of	ADP
ajfa-12234	234	9	additional	additional	ADJ
ajfa-12234	234	10	control	control	NOUN
ajfa-12234	234	11	variables	variable	NOUN
ajfa-12234	234	12	in	in	ADP
ajfa-12234	234	13	model	model	NOUN
ajfa-12234	234	14	(	(	PUNCT
ajfa-12234	234	15	2	2	NUM
ajfa-12234	234	16	)	)	PUNCT
ajfa-12234	234	17	and	and	CCONJ
ajfa-12234	234	18	in	in	ADP
ajfa-12234	234	19	probit	probit	NOUN
ajfa-12234	234	20	model	model	NOUN
ajfa-12234	234	21	of	of	ADP
ajfa-12234	234	22	model	model	NOUN
ajfa-12234	234	23	(	(	PUNCT
ajfa-12234	234	24	3	3	NUM
ajfa-12234	234	25	)	)	PUNCT
ajfa-12234	234	26	.	.	PUNCT
ajfa-12234	235	1	units	unit	NOUN
ajfa-12234	235	2	having	have	VERB
ajfa-12234	235	3	relatively	relatively	ADV
ajfa-12234	235	4	higher	high	ADJ
ajfa-12234	235	5	free	free	ADJ
ajfa-12234	235	6	cash	cash	NOUN
ajfa-12234	235	7	flow	flow	NOUN
ajfa-12234	235	8	(	(	PUNCT
ajfa-12234	235	9	proxy	proxy	NOUN
ajfa-12234	235	10	for	for	ADP
ajfa-12234	235	11	agency	agency	NOUN
ajfa-12234	235	12	problem	problem	NOUN
ajfa-12234	235	13	)	)	PUNCT
ajfa-12234	235	14	are	be	AUX
ajfa-12234	235	15	organized	organize	VERB
ajfa-12234	235	16	with	with	ADP
ajfa-12234	235	17	smaller	small	ADJ
ajfa-12234	235	18	board	board	NOUN
ajfa-12234	235	19	.	.	PUNCT
ajfa-12234	236	1	regarding	regard	VERB
ajfa-12234	236	2	board	board	NOUN
ajfa-12234	236	3	composition	composition	NOUN
ajfa-12234	236	4	in	in	ADP
ajfa-12234	236	5	model	model	NOUN
ajfa-12234	236	6	(	(	PUNCT
ajfa-12234	236	7	1	1	NUM
ajfa-12234	236	8	)	)	PUNCT
ajfa-12234	236	9	to	to	ADP
ajfa-12234	236	10	(	(	PUNCT
ajfa-12234	236	11	3	3	X
ajfa-12234	236	12	)	)	PUNCT
ajfa-12234	236	13	of	of	ADP
ajfa-12234	236	14	table	table	NOUN
ajfa-12234	236	15	5	5	NUM
ajfa-12234	236	16	,	,	PUNCT
ajfa-12234	236	17	the	the	DET
ajfa-12234	236	18	only	only	ADJ
ajfa-12234	236	19	variable	variable	NOUN
ajfa-12234	236	20	consistently	consistently	ADV
ajfa-12234	236	21	significant	significant	ADJ
ajfa-12234	236	22	is	be	AUX
ajfa-12234	236	23	the	the	DET
ajfa-12234	236	24	change	change	NOUN
ajfa-12234	236	25	in	in	ADP
ajfa-12234	236	26	board	board	NOUN
ajfa-12234	236	27	size	size	NOUN
ajfa-12234	236	28	.	.	PUNCT
ajfa-12234	237	1	coefficients	coefficient	NOUN
ajfa-12234	237	2	on	on	ADP
ajfa-12234	237	3	market	market	NOUN
ajfa-12234	237	4	-	-	PUNCT
ajfa-12234	237	5	to	to	ADP
ajfa-12234	237	6	-	-	PUNCT
ajfa-12234	237	7	book	book	NOUN
ajfa-12234	237	8	are	be	AUX
ajfa-12234	237	9	weakly	weakly	ADV
ajfa-12234	237	10	positive	positive	ADJ
ajfa-12234	237	11	in	in	ADP
ajfa-12234	237	12	model	model	NOUN
ajfa-12234	237	13	(	(	PUNCT
ajfa-12234	237	14	4	4	NUM
ajfa-12234	237	15	)	)	PUNCT
ajfa-12234	237	16	and	and	CCONJ
ajfa-12234	237	17	(	(	PUNCT
ajfa-12234	237	18	5	5	NUM
ajfa-12234	237	19	)	)	PUNCT
ajfa-12234	237	20	.	.	PUNCT
ajfa-12234	238	1	there	there	PRON
ajfa-12234	238	2	is	be	VERB
ajfa-12234	238	3	some	some	DET
ajfa-12234	238	4	evidence	evidence	NOUN
ajfa-12234	238	5	that	that	SCONJ
ajfa-12234	238	6	ownership	ownership	NOUN
ajfa-12234	238	7	structure	structure	NOUN
ajfa-12234	238	8	is	be	AUX
ajfa-12234	238	9	affecting	affect	VERB
ajfa-12234	238	10	board	board	NOUN
ajfa-12234	238	11	composition	composition	NOUN
ajfa-12234	238	12	.	.	PUNCT
ajfa-12234	239	1	higher	high	ADJ
ajfa-12234	239	2	ceo	ceo	NOUN
ajfa-12234	239	3	ownership	ownership	NOUN
ajfa-12234	239	4	and	and	CCONJ
ajfa-12234	239	5	higher	high	ADJ
ajfa-12234	239	6	outside	outside	ADP
ajfa-12234	239	7	directors	director	NOUN
ajfa-12234	239	8	’	’	PART
ajfa-12234	239	9	ownership	ownership	NOUN
ajfa-12234	239	10	,	,	PUNCT
ajfa-12234	239	11	both	both	PRON
ajfa-12234	239	12	indicating	indicate	VERB
ajfa-12234	239	13	higher	high	ADJ
ajfa-12234	239	14	incentives	incentive	NOUN
ajfa-12234	239	15	to	to	PART
ajfa-12234	239	16	behave	behave	VERB
ajfa-12234	239	17	on	on	ADP
ajfa-12234	239	18	behalf	behalf	NOUN
ajfa-12234	239	19	of	of	ADP
ajfa-12234	239	20	shareholders	shareholder	NOUN
ajfa-12234	239	21	’	'	PUNCT
ajfa-12234	239	22	interests	interest	NOUN
ajfa-12234	239	23	,	,	PUNCT
ajfa-12234	239	24	are	be	AUX
ajfa-12234	239	25	associate	associate	ADJ
ajfa-12234	239	26	with	with	ADP
ajfa-12234	239	27	fewer	few	ADJ
ajfa-12234	239	28	insiders	insider	NOUN
ajfa-12234	239	29	or	or	CCONJ
ajfa-12234	239	30	more	more	ADJ
ajfa-12234	239	31	outsiders	outsider	NOUN
ajfa-12234	239	32	at	at	ADP
ajfa-12234	239	33	the	the	DET
ajfa-12234	239	34	board	board	NOUN
ajfa-12234	239	35	.	.	PUNCT
ajfa-12234	240	1	asian	asian	ADJ
ajfa-12234	240	2	journal	journal	PROPN
ajfa-12234	240	3	of	of	ADP
ajfa-12234	240	4	finance	finance	PROPN
ajfa-12234	240	5	&	&	CCONJ
ajfa-12234	240	6	accounting	accounting	PROPN
ajfa-12234	240	7	issn	issn	PROPN
ajfa-12234	240	8	1946	1946	NUM
ajfa-12234	240	9	-	-	PUNCT
ajfa-12234	240	10	052x	052x	PROPN
ajfa-12234	240	11	2017	2017	NUM
ajfa-12234	240	12	,	,	PUNCT
ajfa-12234	240	13	vol	vol	NOUN
ajfa-12234	240	14	.	.	NOUN
ajfa-12234	240	15	9	9	NUM
ajfa-12234	240	16	,	,	PUNCT
ajfa-12234	240	17	no	no	NOUN
ajfa-12234	240	18	.	.	NOUN
ajfa-12234	240	19	2	2	NUM
ajfa-12234	240	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12234	240	21	328	328	NUM
ajfa-12234	240	22	table	table	NOUN
ajfa-12234	240	23	5	5	NUM
ajfa-12234	240	24	.	.	PUNCT
ajfa-12234	240	25	determinants	determinant	NOUN
ajfa-12234	240	26	of	of	ADP
ajfa-12234	240	27	board	board	NOUN
ajfa-12234	240	28	size	size	NOUN
ajfa-12234	240	29	and	and	CCONJ
ajfa-12234	240	30	composition	composition	NOUN
ajfa-12234	240	31	change	change	NOUN
ajfa-12234	240	32	in	in	ADP
ajfa-12234	240	33	board	board	NOUN
ajfa-12234	240	34	size	size	NOUN
ajfa-12234	240	35	(	(	PUNCT
ajfa-12234	240	36	ua	ua	NOUN
ajfa-12234	240	37	-	-	PROPN
ajfa-12234	240	38	pa)/pa	pa)/pa	PROPN
ajfa-12234	240	39	change	change	NOUN
ajfa-12234	240	40	in	in	ADP
ajfa-12234	240	41	%	%	NOUN
ajfa-12234	240	42	of	of	ADP
ajfa-12234	240	43	insiders	insider	NOUN
ajfa-12234	240	44	(	(	PUNCT
ajfa-12234	240	45	ua	ua	NOUN
ajfa-12234	240	46	-	-	PROPN
ajfa-12234	240	47	pa)/pa	pa)/pa	PROPN
ajfa-12234	240	48	(	(	PUNCT
ajfa-12234	240	49	1	1	NUM
ajfa-12234	240	50	)	)	PUNCT
ajfa-12234	240	51	(	(	PUNCT
ajfa-12234	240	52	2	2	NUM
ajfa-12234	240	53	)	)	PUNCT
ajfa-12234	240	54	(	(	PUNCT
ajfa-12234	240	55	3	3	X
ajfa-12234	240	56	)	)	PUNCT
ajfa-12234	240	57	(	(	PUNCT
ajfa-12234	240	58	4	4	NUM
ajfa-12234	240	59	)	)	PUNCT
ajfa-12234	240	60	(	(	PUNCT
ajfa-12234	240	61	5	5	NUM
ajfa-12234	240	62	)	)	PUNCT
ajfa-12234	240	63	(	(	PUNCT
ajfa-12234	240	64	6	6	NUM
ajfa-12234	240	65	)	)	PUNCT
ajfa-12234	240	66	ols	ol	NOUN
ajfa-12234	240	67	ols	ols	PROPN
ajfa-12234	240	68	probit	probit	PROPN
ajfa-12234	240	69	ols	ols	PROPN
ajfa-12234	240	70	ols	ols	PROPN
ajfa-12234	240	71	probit	probit	PROPN
ajfa-12234	240	72	relative	relative	ADJ
ajfa-12234	240	73	diversity	diversity	NOUN
ajfa-12234	240	74	0.0265	0.0265	NUM
ajfa-12234	240	75	(	(	PUNCT
ajfa-12234	240	76	0.386	0.386	NUM
ajfa-12234	240	77	)	)	PUNCT
ajfa-12234	240	78	0.0337	0.0337	NUM
ajfa-12234	240	79	(	(	PUNCT
ajfa-12234	240	80	0.254	0.254	NUM
ajfa-12234	240	81	)	)	PUNCT
ajfa-12234	241	1	0.0044	0.0044	NUM
ajfa-12234	241	2	(	(	PUNCT
ajfa-12234	241	3	0.982	0.982	NUM
ajfa-12234	241	4	)	)	PUNCT
ajfa-12234	241	5	-0.1262	-0.1262	NOUN
ajfa-12234	241	6	(	(	PUNCT
ajfa-12234	241	7	0.141	0.141	NUM
ajfa-12234	241	8	)	)	PUNCT
ajfa-12234	241	9	-0.1099	-0.1099	NOUN
ajfa-12234	241	10	(	(	PUNCT
ajfa-12234	241	11	0.220	0.220	NUM
ajfa-12234	241	12	)	)	PUNCT
ajfa-12234	241	13	-0.1405	-0.1405	NOUN
ajfa-12234	241	14	(	(	PUNCT
ajfa-12234	241	15	0.532	0.532	NUM
ajfa-12234	241	16	)	)	PUNCT
ajfa-12234	241	17	relative	relative	ADJ
ajfa-12234	241	18	size	size	NOUN
ajfa-12234	241	19	0.0448	0.0448	NUM
ajfa-12234	241	20	(	(	PUNCT
ajfa-12234	241	21	0.007	0.007	NUM
ajfa-12234	241	22	)	)	PUNCT
ajfa-12234	241	23	0.0409	0.0409	NUM
ajfa-12234	241	24	(	(	PUNCT
ajfa-12234	241	25	0.018	0.018	NUM
ajfa-12234	241	26	)	)	PUNCT
ajfa-12234	241	27	0.5344	0.5344	NUM
ajfa-12234	241	28	(	(	PUNCT
ajfa-12234	241	29	0.000	0.000	NUM
ajfa-12234	241	30	)	)	PUNCT
ajfa-12234	241	31	0.1816	0.1816	NUM
ajfa-12234	241	32	(	(	PUNCT
ajfa-12234	241	33	0.152	0.152	NUM
ajfa-12234	241	34	)	)	PUNCT
ajfa-12234	241	35	0.1910	0.1910	NUM
ajfa-12234	241	36	(	(	PUNCT
ajfa-12234	241	37	0.152	0.152	NUM
ajfa-12234	241	38	)	)	PUNCT
ajfa-12234	241	39	-0.0068	-0.0068	NOUN
ajfa-12234	241	40	(	(	PUNCT
ajfa-12234	241	41	0.933	0.933	NUM
ajfa-12234	241	42	)	)	PUNCT
ajfa-12234	241	43	relative	relative	ADJ
ajfa-12234	241	44	leverage	leverage	NOUN
ajfa-12234	241	45	0.0011	0.0011	NUM
ajfa-12234	241	46	(	(	PUNCT
ajfa-12234	241	47	0.636	0.636	NUM
ajfa-12234	241	48	)	)	PUNCT
ajfa-12234	241	49	0.0019	0.0019	NUM
ajfa-12234	241	50	(	(	PUNCT
ajfa-12234	241	51	0.447	0.447	NUM
ajfa-12234	241	52	)	)	PUNCT
ajfa-12234	241	53	-0.0004	-0.0004	NOUN
ajfa-12234	241	54	(	(	PUNCT
ajfa-12234	241	55	0.983	0.983	NUM
ajfa-12234	241	56	)	)	PUNCT
ajfa-12234	241	57	-0.0150	-0.0150	PUNCT
ajfa-12234	242	1	(	(	PUNCT
ajfa-12234	242	2	0.073	0.073	NUM
ajfa-12234	242	3	)	)	PUNCT
ajfa-12234	242	4	-0.0132	-0.0132	NOUN
ajfa-12234	242	5	(	(	PUNCT
ajfa-12234	242	6	0.141	0.141	NUM
ajfa-12234	242	7	)	)	PUNCT
ajfa-12234	242	8	-0.0112	-0.0112	NOUN
ajfa-12234	242	9	(	(	PUNCT
ajfa-12234	242	10	0.635	0.635	NUM
ajfa-12234	242	11	)	)	PUNCT
ajfa-12234	242	12	relative	relative	ADJ
ajfa-12234	242	13	tangible	tangible	ADJ
ajfa-12234	242	14	assets	asset	NOUN
ajfa-12234	242	15	-0.0187	-0.0187	PUNCT
ajfa-12234	242	16	(	(	PUNCT
ajfa-12234	242	17	0.187	0.187	NUM
ajfa-12234	242	18	)	)	PUNCT
ajfa-12234	242	19	-0.0165	-0.0165	NOUN
ajfa-12234	242	20	(	(	PUNCT
ajfa-12234	242	21	0.312	0.312	NUM
ajfa-12234	242	22	)	)	PUNCT
ajfa-12234	242	23	-0.0115	-0.0115	NOUN
ajfa-12234	242	24	(	(	PUNCT
ajfa-12234	242	25	0.923	0.923	NUM
ajfa-12234	242	26	)	)	PUNCT
ajfa-12234	242	27	-0.0081	-0.0081	NOUN
ajfa-12234	242	28	(	(	PUNCT
ajfa-12234	242	29	0.914	0.914	NUM
ajfa-12234	242	30	)	)	PUNCT
ajfa-12234	242	31	-0.0066	-0.0066	NOUN
ajfa-12234	242	32	(	(	PUNCT
ajfa-12234	242	33	0.931	0.931	NUM
ajfa-12234	242	34	)	)	PUNCT
ajfa-12234	242	35	-0.0418	-0.0418	NOUN
ajfa-12234	242	36	(	(	PUNCT
ajfa-12234	242	37	0.646	0.646	NUM
ajfa-12234	242	38	)	)	PUNCT
ajfa-12234	242	39	relative	relative	ADJ
ajfa-12234	242	40	mtob	mtob	NOUN
ajfa-12234	242	41	0.0755	0.0755	NUM
ajfa-12234	242	42	(	(	PUNCT
ajfa-12234	242	43	0.001	0.001	NUM
ajfa-12234	242	44	)	)	PUNCT
ajfa-12234	242	45	0.0813	0.0813	NUM
ajfa-12234	242	46	(	(	PUNCT
ajfa-12234	242	47	0.001	0.001	NUM
ajfa-12234	242	48	)	)	PUNCT
ajfa-12234	242	49	0.5246	0.5246	NUM
ajfa-12234	242	50	(	(	PUNCT
ajfa-12234	242	51	0.000	0.000	NUM
ajfa-12234	242	52	)	)	PUNCT
ajfa-12234	242	53	0.1644	0.1644	NUM
ajfa-12234	242	54	(	(	PUNCT
ajfa-12234	242	55	0.054	0.054	NUM
ajfa-12234	242	56	)	)	PUNCT
ajfa-12234	242	57	0.1687	0.1687	NUM
ajfa-12234	242	58	(	(	PUNCT
ajfa-12234	242	59	0.064	0.064	NUM
ajfa-12234	242	60	)	)	PUNCT
ajfa-12234	242	61	0.0054	0.0054	NUM
ajfa-12234	242	62	(	(	PUNCT
ajfa-12234	242	63	0.970	0.970	NUM
ajfa-12234	242	64	)	)	PUNCT
ajfa-12234	242	65	relative	relative	ADJ
ajfa-12234	242	66	freecash	freecash	NOUN
ajfa-12234	242	67	/	/	SYM
ajfa-12234	242	68	assets	asset	NOUN
ajfa-12234	242	69	-0.0060	-0.0060	NOUN
ajfa-12234	242	70	(	(	PUNCT
ajfa-12234	242	71	0.013	0.013	NUM
ajfa-12234	242	72	)	)	PUNCT
ajfa-12234	242	73	-0.0504	-0.0504	NOUN
ajfa-12234	242	74	(	(	PUNCT
ajfa-12234	242	75	0.027	0.027	NUM
ajfa-12234	242	76	)	)	PUNCT
ajfa-12234	242	77	-0.1929	-0.1929	NOUN
ajfa-12234	242	78	(	(	PUNCT
ajfa-12234	242	79	0.238	0.238	NUM
ajfa-12234	242	80	)	)	PUNCT
ajfa-12234	242	81	-0.0257	-0.0257	NOUN
ajfa-12234	242	82	(	(	PUNCT
ajfa-12234	242	83	0.247	0.247	NUM
ajfa-12234	242	84	)	)	PUNCT
ajfa-12234	242	85	relative	relative	ADJ
ajfa-12234	242	86	industry	industry	NOUN
ajfa-12234	242	87	herfindahl	herfindahl	VERB
ajfa-12234	242	88	index	index	NOUN
ajfa-12234	242	89	0.0165	0.0165	NUM
ajfa-12234	242	90	(	(	PUNCT
ajfa-12234	242	91	0.392	0.392	NUM
ajfa-12234	242	92	)	)	PUNCT
ajfa-12234	242	93	0.2465	0.2465	NUM
ajfa-12234	242	94	(	(	PUNCT
ajfa-12234	242	95	0.079	0.079	NUM
ajfa-12234	242	96	)	)	PUNCT
ajfa-12234	242	97	-0.0020	-0.0020	NOUN
ajfa-12234	242	98	(	(	PUNCT
ajfa-12234	242	99	0.978	0.978	NUM
ajfa-12234	242	100	)	)	PUNCT
ajfa-12234	242	101	0.0740	0.0740	NUM
ajfa-12234	242	102	(	(	PUNCT
ajfa-12234	242	103	0.497	0.497	NUM
ajfa-12234	242	104	)	)	PUNCT
ajfa-12234	242	105	relative	relative	ADJ
ajfa-12234	242	106	ceo	ceo	NOUN
ajfa-12234	242	107	ownership	ownership	NOUN
ajfa-12234	242	108	0.0005	0.0005	NUM
ajfa-12234	242	109	(	(	PUNCT
ajfa-12234	242	110	0.622	0.622	NUM
ajfa-12234	242	111	)	)	PUNCT
ajfa-12234	242	112	0.0027	0.0027	NUM
ajfa-12234	242	113	(	(	PUNCT
ajfa-12234	242	114	0.476	0.476	NUM
ajfa-12234	242	115	)	)	PUNCT
ajfa-12234	242	116	-0.0044	-0.0044	PUNCT
ajfa-12234	243	1	(	(	PUNCT
ajfa-12234	243	2	0.030	0.030	NUM
ajfa-12234	243	3	)	)	PUNCT
ajfa-12234	243	4	-0.0048	-0.0048	NOUN
ajfa-12234	243	5	(	(	PUNCT
ajfa-12234	243	6	0.205	0.205	NUM
ajfa-12234	243	7	)	)	PUNCT
ajfa-12234	243	8	relative	relative	ADJ
ajfa-12234	243	9	outside	outside	ADJ
ajfa-12234	243	10	director	director	NOUN
ajfa-12234	243	11	ownership	ownership	NOUN
ajfa-12234	243	12	0.0003	0.0003	NUM
ajfa-12234	243	13	(	(	PUNCT
ajfa-12234	243	14	0.375	0.375	NUM
ajfa-12234	243	15	)	)	PUNCT
ajfa-12234	243	16	0.0020	0.0020	NUM
ajfa-12234	243	17	(	(	PUNCT
ajfa-12234	243	18	0.569	0.569	NUM
ajfa-12234	243	19	)	)	PUNCT
ajfa-12234	243	20	-0.0016	-0.0016	NOUN
ajfa-12234	243	21	(	(	PUNCT
ajfa-12234	243	22	0.105	0.105	NUM
ajfa-12234	243	23	)	)	PUNCT
ajfa-12234	243	24	-0.0076	-0.0076	NOUN
ajfa-12234	243	25	(	(	PUNCT
ajfa-12234	243	26	0.046	0.046	NUM
ajfa-12234	243	27	)	)	PUNCT
ajfa-12234	243	28	change	change	NOUN
ajfa-12234	243	29	in	in	ADP
ajfa-12234	243	30	%	%	NOUN
ajfa-12234	243	31	of	of	ADP
ajfa-12234	243	32	insiders	insider	NOUN
ajfa-12234	243	33	-0.0972	-0.0972	PROPN
ajfa-12234	243	34	(	(	PUNCT
ajfa-12234	243	35	0.001	0.001	NUM
ajfa-12234	243	36	)	)	PUNCT
ajfa-12234	243	37	-0.0906	-0.0906	NOUN
ajfa-12234	243	38	(	(	PUNCT
ajfa-12234	243	39	0.002	0.002	NUM
ajfa-12234	243	40	)	)	PUNCT
ajfa-12234	243	41	-0.9147	-0.9147	NOUN
ajfa-12234	243	42	(	(	PUNCT
ajfa-12234	243	43	0.002	0.002	NUM
ajfa-12234	243	44	)	)	PUNCT
ajfa-12234	243	45	change	change	NOUN
ajfa-12234	243	46	in	in	ADP
ajfa-12234	243	47	board	board	NOUN
ajfa-12234	243	48	size	size	NOUN
ajfa-12234	243	49	-1.3757	-1.3757	X
ajfa-12234	243	50	(	(	PUNCT
ajfa-12234	243	51	0.001	0.001	NUM
ajfa-12234	243	52	)	)	PUNCT
ajfa-12234	243	53	-1.3733	-1.3733	NOUN
ajfa-12234	243	54	(	(	PUNCT
ajfa-12234	243	55	0.001	0.001	NUM
ajfa-12234	243	56	)	)	PUNCT
ajfa-12234	243	57	-2.1901	-2.1901	NOUN
ajfa-12234	243	58	(	(	PUNCT
ajfa-12234	243	59	0.000	0.000	X
ajfa-12234	243	60	)	)	PUNCT
ajfa-12234	243	61	intercept	intercept	NOUN
ajfa-12234	243	62	-0.1873	-0.1873	NOUN
ajfa-12234	243	63	(	(	PUNCT
ajfa-12234	243	64	0.051	0.051	NUM
ajfa-12234	243	65	)	)	PUNCT
ajfa-12234	243	66	-0.2130	-0.2130	NOUN
ajfa-12234	243	67	(	(	PUNCT
ajfa-12234	243	68	0.040	0.040	NUM
ajfa-12234	243	69	)	)	PUNCT
ajfa-12234	243	70	-0.6004	-0.6004	NOUN
ajfa-12234	243	71	(	(	PUNCT
ajfa-12234	243	72	0.003	0.003	NUM
ajfa-12234	243	73	)	)	PUNCT
ajfa-12234	243	74	0.0787	0.0787	NUM
ajfa-12234	243	75	(	(	PUNCT
ajfa-12234	243	76	0.781	0.781	NUM
ajfa-12234	243	77	)	)	PUNCT
ajfa-12234	243	78	0.0829	0.0829	NUM
ajfa-12234	243	79	(	(	PUNCT
ajfa-12234	243	80	0.752	0.752	NUM
ajfa-12234	243	81	)	)	PUNCT
ajfa-12234	243	82	0.0330	0.0330	NUM
ajfa-12234	243	83	(	(	PUNCT
ajfa-12234	243	84	0.873	0.873	NUM
ajfa-12234	243	85	)	)	PUNCT
ajfa-12234	243	86	f	f	X
ajfa-12234	243	87	-	-	PUNCT
ajfa-12234	243	88	stat	stat	VERB
ajfa-12234	243	89	3.69	3.69	NUM
ajfa-12234	243	90	*	*	NOUN
ajfa-12234	243	91	*	*	PUNCT
ajfa-12234	243	92	*	*	PUNCT
ajfa-12234	243	93	4.17	4.17	NUM
ajfa-12234	243	94	*	*	PUNCT
ajfa-12234	243	95	*	*	PUNCT
ajfa-12234	243	96	*	*	PUNCT
ajfa-12234	243	97	2.40	2.40	NUM
ajfa-12234	243	98	*	*	PUNCT
ajfa-12234	243	99	*	*	PUNCT
ajfa-12234	243	100	*	*	PUNCT
ajfa-12234	243	101	3.38	3.38	NUM
ajfa-12234	243	102	*	*	PUNCT
ajfa-12234	243	103	*	*	PUNCT
ajfa-12234	243	104	*	*	PUNCT
ajfa-12234	243	105	adj	adj	PROPN
ajfa-12234	243	106	.	.	PROPN
ajfa-12234	243	107	r2	r2	PROPN
ajfa-12234	244	1	0.212	0.212	NUM
ajfa-12234	244	2	0.219	0.219	NUM
ajfa-12234	244	3	0.196	0.196	NUM
ajfa-12234	244	4	0.193	0.193	NUM
ajfa-12234	244	5	chi2	chi2	NOUN
ajfa-12234	244	6	32.11	32.11	NUM
ajfa-12234	244	7	*	*	PUNCT
ajfa-12234	244	8	*	*	PUNCT
ajfa-12234	244	9	*	*	PUNCT
ajfa-12234	244	10	28.28	28.28	NUM
ajfa-12234	244	11	*	*	NOUN
ajfa-12234	244	12	*	*	PUNCT
ajfa-12234	244	13	*	*	PUNCT
ajfa-12234	244	14	pseudo	pseudo	NOUN
ajfa-12234	244	15	r2	r2	NOUN
ajfa-12234	244	16	0.295	0.295	NUM
ajfa-12234	244	17	0.168	0.168	NUM
ajfa-12234	244	18	n	n	CCONJ
ajfa-12234	244	19	208	208	NUM
ajfa-12234	244	20	205	205	NUM
ajfa-12234	244	21	205	205	NUM
ajfa-12234	244	22	205	205	NUM
ajfa-12234	244	23	208	208	NUM
ajfa-12234	244	24	207	207	NUM
ajfa-12234	244	25	5	5	NUM
ajfa-12234	244	26	.	.	PUNCT
ajfa-12234	245	1	conclusion	conclusion	NOUN
ajfa-12234	245	2	a	a	DET
ajfa-12234	245	3	firm	firm	NOUN
ajfa-12234	245	4	is	be	AUX
ajfa-12234	245	5	a	a	DET
ajfa-12234	245	6	nexus	nexus	NOUN
ajfa-12234	245	7	of	of	ADP
ajfa-12234	245	8	contracts	contract	NOUN
ajfa-12234	245	9	.	.	PUNCT
ajfa-12234	246	1	these	these	DET
ajfa-12234	246	2	contracts	contract	NOUN
ajfa-12234	246	3	represent	represent	VERB
ajfa-12234	246	4	the	the	DET
ajfa-12234	246	5	optimal	optimal	ADJ
ajfa-12234	246	6	decisions	decision	NOUN
ajfa-12234	246	7	of	of	ADP
ajfa-12234	246	8	the	the	DET
ajfa-12234	246	9	firm	firm	NOUN
ajfa-12234	246	10	to	to	PART
ajfa-12234	246	11	reflect	reflect	VERB
ajfa-12234	246	12	the	the	DET
ajfa-12234	246	13	characteristics	characteristic	NOUN
ajfa-12234	246	14	of	of	ADP
ajfa-12234	246	15	the	the	DET
ajfa-12234	246	16	firm	firm	NOUN
ajfa-12234	246	17	’s	’s	PART
ajfa-12234	246	18	assets	asset	NOUN
ajfa-12234	246	19	and	and	CCONJ
ajfa-12234	246	20	the	the	DET
ajfa-12234	246	21	growth	growth	NOUN
ajfa-12234	246	22	opportunities	opportunity	NOUN
ajfa-12234	246	23	.	.	PUNCT
ajfa-12234	247	1	for	for	ADP
ajfa-12234	247	2	the	the	DET
ajfa-12234	247	3	firms	firm	NOUN
ajfa-12234	247	4	with	with	ADP
ajfa-12234	247	5	multiple	multiple	ADJ
ajfa-12234	247	6	divisions	division	NOUN
ajfa-12234	247	7	,	,	PUNCT
ajfa-12234	247	8	the	the	DET
ajfa-12234	247	9	contracting	contracting	NOUN
ajfa-12234	247	10	becomes	become	VERB
ajfa-12234	247	11	more	more	ADV
ajfa-12234	247	12	complicated	complicated	ADJ
ajfa-12234	247	13	if	if	SCONJ
ajfa-12234	247	14	each	each	DET
ajfa-12234	247	15	division	division	NOUN
ajfa-12234	247	16	is	be	AUX
ajfa-12234	247	17	composed	compose	VERB
ajfa-12234	247	18	of	of	ADP
ajfa-12234	247	19	assets	asset	NOUN
ajfa-12234	247	20	have	have	VERB
ajfa-12234	247	21	various	various	ADJ
ajfa-12234	247	22	growth	growth	NOUN
ajfa-12234	247	23	opportunities	opportunity	NOUN
ajfa-12234	247	24	.	.	PUNCT
ajfa-12234	248	1	examing	exame	VERB
ajfa-12234	248	2	reconstructing	reconstruct	VERB
ajfa-12234	248	3	following	follow	VERB
ajfa-12234	248	4	spinoffs	spinoff	NOUN
ajfa-12234	248	5	provide	provide	VERB
ajfa-12234	248	6	an	an	DET
ajfa-12234	248	7	unique	unique	ADJ
ajfa-12234	248	8	experiment	experiment	NOUN
ajfa-12234	248	9	to	to	PART
ajfa-12234	248	10	examine	examine	VERB
ajfa-12234	248	11	a	a	DET
ajfa-12234	248	12	firm	firm	NOUN
ajfa-12234	248	13	’s	’s	PART
ajfa-12234	248	14	policies	policy	NOUN
ajfa-12234	248	15	as	as	ADP
ajfa-12234	248	16	compared	compare	VERB
ajfa-12234	248	17	to	to	ADP
ajfa-12234	248	18	those	those	PRON
ajfa-12234	248	19	existed	exist	VERB
ajfa-12234	248	20	in	in	ADP
ajfa-12234	248	21	the	the	DET
ajfa-12234	248	22	pre	pre	ADJ
ajfa-12234	248	23	-	-	ADJ
ajfa-12234	248	24	spinoff	spinoff	ADJ
ajfa-12234	248	25	period	period	NOUN
ajfa-12234	248	26	.	.	PUNCT
ajfa-12234	249	1	i	i	PRON
ajfa-12234	249	2	find	find	VERB
ajfa-12234	249	3	that	that	SCONJ
ajfa-12234	249	4	units	unit	NOUN
ajfa-12234	249	5	adjust	adjust	VERB
ajfa-12234	249	6	firm	firm	ADJ
ajfa-12234	249	7	policies	policy	NOUN
ajfa-12234	249	8	after	after	SCONJ
ajfa-12234	249	9	they	they	PRON
ajfa-12234	249	10	are	be	AUX
ajfa-12234	249	11	separated	separate	VERB
ajfa-12234	249	12	from	from	ADP
ajfa-12234	249	13	parent	parent	NOUN
ajfa-12234	249	14	asian	asian	ADJ
ajfa-12234	249	15	journal	journal	NOUN
ajfa-12234	249	16	of	of	ADP
ajfa-12234	249	17	finance	finance	PROPN
ajfa-12234	249	18	&	&	CCONJ
ajfa-12234	249	19	accounting	accounting	PROPN
ajfa-12234	249	20	issn	issn	PROPN
ajfa-12234	249	21	1946	1946	NUM
ajfa-12234	249	22	-	-	PUNCT
ajfa-12234	249	23	052x	052x	PROPN
ajfa-12234	249	24	2017	2017	NUM
ajfa-12234	249	25	,	,	PUNCT
ajfa-12234	249	26	vol	vol	NOUN
ajfa-12234	249	27	.	.	NOUN
ajfa-12234	250	1	9	9	NUM
ajfa-12234	250	2	,	,	PUNCT
ajfa-12234	250	3	no	no	NOUN
ajfa-12234	250	4	.	.	NOUN
ajfa-12234	250	5	2	2	NUM
ajfa-12234	250	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12234	250	7	329	329	NUM
ajfa-12234	250	8	firms	firm	NOUN
ajfa-12234	250	9	.	.	PUNCT
ajfa-12234	251	1	i	i	PRON
ajfa-12234	251	2	also	also	ADV
ajfa-12234	251	3	find	find	VERB
ajfa-12234	251	4	some	some	DET
ajfa-12234	251	5	evidence	evidence	NOUN
ajfa-12234	251	6	that	that	SCONJ
ajfa-12234	251	7	the	the	DET
ajfa-12234	251	8	reconstructing	reconstructing	NOUN
ajfa-12234	251	9	benefit	benefit	NOUN
ajfa-12234	251	10	of	of	ADP
ajfa-12234	251	11	spin	spin	NOUN
ajfa-12234	251	12	-	-	PUNCT
ajfa-12234	251	13	offs	off	NOUN
ajfa-12234	251	14	is	be	AUX
ajfa-12234	251	15	concentrated	concentrate	VERB
ajfa-12234	251	16	in	in	ADP
ajfa-12234	251	17	high	high	ADJ
ajfa-12234	251	18	q	q	NOUN
ajfa-12234	251	19	units	unit	NOUN
ajfa-12234	251	20	being	be	AUX
ajfa-12234	251	21	separated	separate	VERB
ajfa-12234	251	22	.	.	PUNCT
ajfa-12234	252	1	further	further	ADJ
ajfa-12234	252	2	analysis	analysis	NOUN
ajfa-12234	252	3	shows	show	VERB
ajfa-12234	252	4	that	that	SCONJ
ajfa-12234	252	5	ownership	ownership	NOUN
ajfa-12234	252	6	structure	structure	NOUN
ajfa-12234	252	7	affects	affect	VERB
ajfa-12234	252	8	board	board	NOUN
ajfa-12234	252	9	composition	composition	NOUN
ajfa-12234	252	10	.	.	PUNCT
ajfa-12234	253	1	higher	high	ADJ
ajfa-12234	253	2	incentives	incentive	NOUN
ajfa-12234	253	3	to	to	ADP
ajfa-12234	253	4	ceo	ceo	NOUN
ajfa-12234	253	5	are	be	AUX
ajfa-12234	253	6	associate	associate	ADJ
ajfa-12234	253	7	with	with	ADP
ajfa-12234	253	8	fewer	few	ADJ
ajfa-12234	253	9	insiders	insider	NOUN
ajfa-12234	253	10	and	and	CCONJ
ajfa-12234	253	11	more	more	ADJ
ajfa-12234	253	12	outsiders	outsider	NOUN
ajfa-12234	253	13	in	in	ADP
ajfa-12234	253	14	the	the	DET
ajfa-12234	253	15	board	board	NOUN
ajfa-12234	253	16	.	.	PUNCT
ajfa-12234	254	1	references	reference	NOUN
ajfa-12234	254	2	allen	allen	PROPN
ajfa-12234	254	3	,	,	PUNCT
ajfa-12234	254	4	j.	j.	PROPN
ajfa-12234	254	5	,	,	PUNCT
ajfa-12234	254	6	s.	s.	PROPN
ajfa-12234	254	7	lummer	lummer	PROPN
ajfa-12234	254	8	,	,	PUNCT
ajfa-12234	254	9	j.	j.	PROPN
ajfa-12234	254	10	mcconnell	mcconnell	PROPN
ajfa-12234	254	11	,	,	PUNCT
ajfa-12234	254	12	&	&	CCONJ
ajfa-12234	254	13	d.	d.	PROPN
ajfa-12234	254	14	reed	reed	PROPN
ajfa-12234	254	15	(	(	PUNCT
ajfa-12234	254	16	1995	1995	NUM
ajfa-12234	254	17	)	)	PUNCT
ajfa-12234	254	18	.	.	PUNCT
ajfa-12234	255	1	can	can	AUX
ajfa-12234	255	2	takeover	takeover	VERB
ajfa-12234	255	3	losses	loss	NOUN
ajfa-12234	255	4	explain	explain	VERB
ajfa-12234	255	5	spin	spin	VERB
ajfa-12234	255	6	-	-	PUNCT
ajfa-12234	255	7	off	off	ADP
ajfa-12234	255	8	gains	gain	NOUN
ajfa-12234	255	9	?	?	PUNCT
ajfa-12234	256	1	journal	journal	NOUN
ajfa-12234	256	2	of	of	ADP
ajfa-12234	256	3	financial	financial	ADJ
ajfa-12234	256	4	and	and	CCONJ
ajfa-12234	256	5	quantitative	quantitative	ADJ
ajfa-12234	256	6	analysis	analysis	NOUN
ajfa-12234	256	7	,	,	PUNCT
ajfa-12234	256	8	30	30	NUM
ajfa-12234	256	9	,	,	PUNCT
ajfa-12234	256	10	465	465	NUM
ajfa-12234	256	11	-	-	SYM
ajfa-12234	256	12	485	485	NUM
ajfa-12234	256	13	.	.	PUNCT
ajfa-12234	257	1	https://doi.org/10.2307/2331273	https://doi.org/10.2307/2331273	PROPN
ajfa-12234	257	2	boone	boone	PROPN
ajfa-12234	257	3	,	,	PUNCT
ajfa-12234	257	4	a.	a.	PROPN
ajfa-12234	257	5	,	,	PUNCT
ajfa-12234	257	6	l.	l.	PROPN
ajfa-12234	257	7	field	field	PROPN
ajfa-12234	257	8	,	,	PUNCT
ajfa-12234	257	9	j.	j.	PROPN
ajfa-12234	257	10	karpoff	karpoff	PROPN
ajfa-12234	257	11	,	,	PUNCT
ajfa-12234	257	12	&	&	CCONJ
ajfa-12234	257	13	c.	c.	PROPN
ajfa-12234	257	14	raheja	raheja	PROPN
ajfa-12234	257	15	,	,	PUNCT
ajfa-12234	257	16	(	(	PUNCT
ajfa-12234	257	17	2007	2007	NUM
ajfa-12234	257	18	)	)	PUNCT
ajfa-12234	257	19	.	.	PUNCT
ajfa-12234	258	1	the	the	DET
ajfa-12234	258	2	determinants	determinant	NOUN
ajfa-12234	258	3	of	of	ADP
ajfa-12234	258	4	corporate	corporate	ADJ
ajfa-12234	258	5	board	board	NOUN
ajfa-12234	258	6	size	size	NOUN
ajfa-12234	258	7	and	and	CCONJ
ajfa-12234	258	8	composition	composition	NOUN
ajfa-12234	258	9	:	:	PUNCT
ajfa-12234	258	10	an	an	DET
ajfa-12234	258	11	empirical	empirical	ADJ
ajfa-12234	258	12	analysis	analysis	NOUN
ajfa-12234	258	13	,	,	PUNCT
ajfa-12234	258	14	journal	journal	NOUN
ajfa-12234	258	15	of	of	ADP
ajfa-12234	258	16	financial	financial	ADJ
ajfa-12234	258	17	economics	economic	NOUN
ajfa-12234	258	18	,	,	PUNCT
ajfa-12234	258	19	85	85	NUM
ajfa-12234	258	20	,	,	PUNCT
ajfa-12234	258	21	66	66	NUM
ajfa-12234	258	22	-	-	SYM
ajfa-12234	258	23	101	101	NUM
ajfa-12234	258	24	.	.	PUNCT
ajfa-12234	259	1	https://doi.org/10.1016/j.jfineco.2006.05.004	https://doi.org/10.1016/j.jfineco.2006.05.004	PROPN
ajfa-12234	259	2	cusatis	cusatis	PROPN
ajfa-12234	259	3	,	,	PUNCT
ajfa-12234	259	4	p.	p.	PROPN
ajfa-12234	259	5	,	,	PUNCT
ajfa-12234	259	6	j.	j.	PROPN
ajfa-12234	259	7	miles	miles	PROPN
ajfa-12234	259	8	,	,	PUNCT
ajfa-12234	259	9	&	&	CCONJ
ajfa-12234	259	10	j.	j.	PROPN
ajfa-12234	259	11	woolridge	woolridge	PROPN
ajfa-12234	259	12	(	(	PUNCT
ajfa-12234	259	13	1993	1993	NUM
ajfa-12234	259	14	)	)	PUNCT
ajfa-12234	259	15	.	.	PUNCT
ajfa-12234	260	1	restructuring	restructure	VERB
ajfa-12234	260	2	through	through	ADP
ajfa-12234	260	3	spinoffs	spinoff	NOUN
ajfa-12234	260	4	:	:	PUNCT
ajfa-12234	260	5	the	the	DET
ajfa-12234	260	6	stock	stock	NOUN
ajfa-12234	260	7	market	market	NOUN
ajfa-12234	260	8	evidence	evidence	NOUN
ajfa-12234	260	9	,	,	PUNCT
ajfa-12234	260	10	journal	journal	NOUN
ajfa-12234	260	11	of	of	ADP
ajfa-12234	260	12	finanical	finanical	ADJ
ajfa-12234	260	13	economics	economic	NOUN
ajfa-12234	260	14	,	,	PUNCT
ajfa-12234	260	15	33	33	NUM
ajfa-12234	260	16	,	,	PUNCT
ajfa-12234	260	17	293	293	NUM
ajfa-12234	260	18	-	-	SYM
ajfa-12234	260	19	312	312	NUM
ajfa-12234	260	20	.	.	PUNCT
ajfa-12234	261	1	https://doi.org/10.1016/0304-405x(93)90009-z	https://doi.org/10.1016/0304-405x(93)90009-z	PROPN
ajfa-12234	261	2	denis	denis	PROPN
ajfa-12234	261	3	,	,	PUNCT
ajfa-12234	261	4	d.	d.	PROPN
ajfa-12234	261	5	,	,	PUNCT
ajfa-12234	261	6	&	&	CCONJ
ajfa-12234	261	7	a.	a.	NOUN
ajfa-12234	261	8	sarin	sarin	NOUN
ajfa-12234	261	9	(	(	PUNCT
ajfa-12234	261	10	1999	1999	NUM
ajfa-12234	261	11	)	)	PUNCT
ajfa-12234	261	12	.	.	PUNCT
ajfa-12234	262	1	ownership	ownership	NOUN
ajfa-12234	262	2	and	and	CCONJ
ajfa-12234	262	3	board	board	NOUN
ajfa-12234	262	4	structures	structure	NOUN
ajfa-12234	262	5	in	in	ADP
ajfa-12234	262	6	publicly	publicly	ADV
ajfa-12234	262	7	traded	trade	VERB
ajfa-12234	262	8	corporations	corporation	NOUN
ajfa-12234	262	9	,	,	PUNCT
ajfa-12234	262	10	journal	journal	NOUN
ajfa-12234	262	11	of	of	ADP
ajfa-12234	262	12	financial	financial	ADJ
ajfa-12234	262	13	economics	economic	NOUN
ajfa-12234	262	14	,	,	PUNCT
ajfa-12234	262	15	52	52	NUM
ajfa-12234	262	16	,	,	PUNCT
ajfa-12234	262	17	187	187	NUM
ajfa-12234	262	18	-	-	SYM
ajfa-12234	262	19	223	223	NUM
ajfa-12234	262	20	.	.	PUNCT
ajfa-12234	263	1	https://doi.org/10.1016/s0304-405x(99)00008-2	https://doi.org/10.1016/s0304-405x(99)00008-2	ADJ
ajfa-12234	263	2	hermalin	hermalin	PROPN
ajfa-12234	263	3	,	,	PUNCT
ajfa-12234	263	4	b.	b.	PROPN
ajfa-12234	263	5	,	,	PUNCT
ajfa-12234	263	6	&	&	CCONJ
ajfa-12234	263	7	m.	m.	PROPN
ajfa-12234	263	8	weisbach	weisbach	PROPN
ajfa-12234	263	9	(	(	PUNCT
ajfa-12234	263	10	2003	2003	NUM
ajfa-12234	263	11	)	)	PUNCT
ajfa-12234	263	12	.	.	PUNCT
ajfa-12234	264	1	boards	board	NOUN
ajfa-12234	264	2	of	of	ADP
ajfa-12234	264	3	directors	director	NOUN
ajfa-12234	264	4	as	as	ADP
ajfa-12234	264	5	an	an	DET
ajfa-12234	264	6	endogenously	endogenously	ADV
ajfa-12234	264	7	determined	determined	ADJ
ajfa-12234	264	8	institution	institution	NOUN
ajfa-12234	264	9	:	:	PUNCT
ajfa-12234	264	10	a	a	DET
ajfa-12234	264	11	survey	survey	NOUN
ajfa-12234	264	12	of	of	ADP
ajfa-12234	264	13	the	the	DET
ajfa-12234	264	14	economic	economic	ADJ
ajfa-12234	264	15	literature	literature	NOUN
ajfa-12234	264	16	,	,	PUNCT
ajfa-12234	264	17	economic	economic	ADJ
ajfa-12234	264	18	policy	policy	NOUN
ajfa-12234	264	19	review	review	NOUN
ajfa-12234	264	20	,	,	PUNCT
ajfa-12234	264	21	7	7	NUM
ajfa-12234	264	22	-	-	SYM
ajfa-12234	264	23	26	26	NUM
ajfa-12234	264	24	.	.	PUNCT
ajfa-12234	265	1	https://dx.doi.org/10.2139/ssrn.233111	https://dx.doi.org/10.2139/ssrn.233111	PROPN
ajfa-12234	265	2	hite	hite	PROPN
ajfa-12234	265	3	,	,	PUNCT
ajfa-12234	265	4	g.	g.	PROPN
ajfa-12234	265	5	,	,	PUNCT
ajfa-12234	265	6	&	&	CCONJ
ajfa-12234	265	7	j.	j.	PROPN
ajfa-12234	265	8	owers	owers	PROPN
ajfa-12234	265	9	(	(	PUNCT
ajfa-12234	265	10	1983	1983	NUM
ajfa-12234	265	11	)	)	PUNCT
ajfa-12234	265	12	.	.	PUNCT
ajfa-12234	266	1	security	security	NOUN
ajfa-12234	266	2	price	price	NOUN
ajfa-12234	266	3	reactions	reaction	NOUN
ajfa-12234	266	4	around	around	ADP
ajfa-12234	266	5	corporate	corporate	ADJ
ajfa-12234	266	6	spin	spin	NOUN
ajfa-12234	266	7	-	-	PUNCT
ajfa-12234	266	8	off	off	ADP
ajfa-12234	266	9	announcements	announcement	NOUN
ajfa-12234	266	10	,	,	PUNCT
ajfa-12234	266	11	journal	journal	NOUN
ajfa-12234	266	12	of	of	ADP
ajfa-12234	266	13	financial	financial	ADJ
ajfa-12234	266	14	economics	economic	NOUN
ajfa-12234	266	15	,	,	PUNCT
ajfa-12234	266	16	12	12	NUM
ajfa-12234	266	17	,	,	PUNCT
ajfa-12234	266	18	409	409	NUM
ajfa-12234	266	19	-	-	SYM
ajfa-12234	266	20	436	436	NUM
ajfa-12234	266	21	.	.	PUNCT
ajfa-12234	267	1	https://doi.org/10.1016/0304-405x(83)90042-9	https://doi.org/10.1016/0304-405x(83)90042-9	PROPN
ajfa-12234	267	2	lehn	lehn	NOUN
ajfa-12234	267	3	,	,	PUNCT
ajfa-12234	267	4	k.	k.	PROPN
ajfa-12234	267	5	,	,	PUNCT
ajfa-12234	267	6	s.	s.	PROPN
ajfa-12234	267	7	patro	patro	PROPN
ajfa-12234	267	8	,	,	PUNCT
ajfa-12234	267	9	&	&	CCONJ
ajfa-12234	267	10	m.	m.	PROPN
ajfa-12234	267	11	zhao	zhao	PROPN
ajfa-12234	267	12	(	(	PUNCT
ajfa-12234	267	13	2007	2007	NUM
ajfa-12234	267	14	)	)	PUNCT
ajfa-12234	267	15	.	.	PUNCT
ajfa-12234	268	1	governance	governance	NOUN
ajfa-12234	268	2	indexes	index	NOUN
ajfa-12234	268	3	and	and	CCONJ
ajfa-12234	268	4	valuation	valuation	NOUN
ajfa-12234	268	5	:	:	PUNCT
ajfa-12234	268	6	which	which	PRON
ajfa-12234	268	7	causes	cause	VERB
ajfa-12234	268	8	which	which	PRON
ajfa-12234	268	9	?	?	PUNCT
ajfa-12234	269	1	journal	journal	NOUN
ajfa-12234	269	2	of	of	ADP
ajfa-12234	269	3	corporate	corporate	ADJ
ajfa-12234	269	4	finance	finance	NOUN
ajfa-12234	269	5	,	,	PUNCT
ajfa-12234	269	6	13	13	NUM
ajfa-12234	269	7	,	,	PUNCT
ajfa-12234	269	8	907	907	NUM
ajfa-12234	269	9	-	-	SYM
ajfa-12234	269	10	928	928	NUM
ajfa-12234	269	11	.	.	PUNCT
ajfa-12234	270	1	https://doi.org/10.1016/j.jcorpfin.2007.07.002	https://doi.org/10.1016/j.jcorpfin.2007.07.002	VERB
ajfa-12234	270	2	wintoki	wintoki	NOUN
ajfa-12234	270	3	,	,	PUNCT
ajfa-12234	270	4	m.	m.	NOUN
ajfa-12234	270	5	,	,	PUNCT
ajfa-12234	270	6	j.	j.	PROPN
ajfa-12234	270	7	linck	linck	PROPN
ajfa-12234	270	8	,	,	PUNCT
ajfa-12234	270	9	&	&	CCONJ
ajfa-12234	270	10	j.	j.	PROPN
ajfa-12234	270	11	netter	netter	PROPN
ajfa-12234	270	12	(	(	PUNCT
ajfa-12234	270	13	2012	2012	NUM
ajfa-12234	270	14	)	)	PUNCT
ajfa-12234	270	15	.	.	PUNCT
ajfa-12234	271	1	endogeneity	endogeneity	NOUN
ajfa-12234	271	2	and	and	CCONJ
ajfa-12234	271	3	the	the	DET
ajfa-12234	271	4	dynamics	dynamic	NOUN
ajfa-12234	271	5	of	of	ADP
ajfa-12234	271	6	internal	internal	ADJ
ajfa-12234	271	7	corporate	corporate	ADJ
ajfa-12234	271	8	governance	governance	NOUN
ajfa-12234	271	9	,	,	PUNCT
ajfa-12234	271	10	journal	journal	NOUN
ajfa-12234	271	11	of	of	ADP
ajfa-12234	271	12	financial	financial	ADJ
ajfa-12234	271	13	economics	economic	NOUN
ajfa-12234	271	14	,	,	PUNCT
ajfa-12234	271	15	105	105	NUM
ajfa-12234	271	16	,	,	PUNCT
ajfa-12234	271	17	581	581	NUM
ajfa-12234	271	18	-	-	SYM
ajfa-12234	271	19	606	606	NUM
ajfa-12234	271	20	.	.	PUNCT
ajfa-12234	272	1	https://doi.org/10.1016/j.jfineco.2012.03.005	https://doi.org/10.1016/j.jfineco.2012.03.005	NUM