id	sid	tid	token	lemma	pos
ajfa-14168	1	1	microsoft	microsoft	PROPN
ajfa-14168	1	2	word	word	NOUN
ajfa-14168	1	3	14168	14168	NUM
ajfa-14168	1	4	-	-	SYM
ajfa-14168	1	5	51531	51531	NUM
ajfa-14168	1	6	-	-	PUNCT
ajfa-14168	1	7	1	1	NUM
ajfa-14168	1	8	-	-	PUNCT
ajfa-14168	1	9	sm	sm	NOUN
ajfa-14168	1	10	-	-	PUNCT
ajfa-14168	1	11	writer2	writer2	VERB
ajfa-14168	1	12	-	-	ADJ
ajfa-14168	1	13	new	new	ADJ
ajfa-14168	1	14	asian	asian	ADJ
ajfa-14168	1	15	journal	journal	NOUN
ajfa-14168	1	16	of	of	ADP
ajfa-14168	1	17	finance	finance	PROPN
ajfa-14168	1	18	&	&	CCONJ
ajfa-14168	1	19	accounting	accounting	PROPN
ajfa-14168	1	20	issn	issn	PROPN
ajfa-14168	1	21	1946	1946	NUM
ajfa-14168	1	22	-	-	PUNCT
ajfa-14168	1	23	052x	052x	PROPN
ajfa-14168	1	24	2019	2019	NUM
ajfa-14168	1	25	,	,	PUNCT
ajfa-14168	1	26	vol	vol	NOUN
ajfa-14168	1	27	.	.	PROPN
ajfa-14168	1	28	11	11	NUM
ajfa-14168	1	29	,	,	PUNCT
ajfa-14168	1	30	no	no	INTJ
ajfa-14168	1	31	.	.	NOUN
ajfa-14168	1	32	1	1	NUM
ajfa-14168	1	33	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	1	34	141	141	NUM
ajfa-14168	1	35	application	application	NOUN
ajfa-14168	1	36	of	of	ADP
ajfa-14168	1	37	credit	credit	NOUN
ajfa-14168	1	38	risk	risk	NOUN
ajfa-14168	1	39	management	management	NOUN
ajfa-14168	1	40	model	model	NOUN
ajfa-14168	1	41	in	in	ADP
ajfa-14168	1	42	chinese	chinese	ADJ
ajfa-14168	1	43	banks	bank	NOUN
ajfa-14168	1	44	chen	chen	PROPN
ajfa-14168	1	45	haojie	haojie	PROPN
ajfa-14168	1	46	(	(	PUNCT
ajfa-14168	1	47	corresponding	corresponding	ADJ
ajfa-14168	1	48	author	author	NOUN
ajfa-14168	1	49	)	)	PUNCT
ajfa-14168	1	50	school	school	NOUN
ajfa-14168	1	51	of	of	ADP
ajfa-14168	1	52	economics	economics	PROPN
ajfa-14168	1	53	&	&	CCONJ
ajfa-14168	1	54	management	management	PROPN
ajfa-14168	1	55	,	,	PUNCT
ajfa-14168	1	56	xiamen	xiamen	PROPN
ajfa-14168	1	57	university	university	PROPN
ajfa-14168	1	58	malaysia	malaysia	PROPN
ajfa-14168	1	59	campus	campus	PROPN
ajfa-14168	1	60	jalan	jalan	PROPN
ajfa-14168	1	61	sunsuria	sunsuria	PROPN
ajfa-14168	1	62	,	,	PUNCT
ajfa-14168	1	63	bandar	bandar	PROPN
ajfa-14168	1	64	sunsuria	sunsuria	PROPN
ajfa-14168	1	65	,	,	PUNCT
ajfa-14168	1	66	43900	43900	NUM
ajfa-14168	1	67	selangor	selangor	PROPN
ajfa-14168	2	1	d.e	d.e	PROPN
ajfa-14168	2	2	.	.	PROPN
ajfa-14168	2	3	,	,	PUNCT
ajfa-14168	2	4	malaysia	malaysia	PROPN
ajfa-14168	2	5	tel	tel	NOUN
ajfa-14168	2	6	:	:	PUNCT
ajfa-14168	2	7	60	60	NUM
ajfa-14168	2	8	-	-	SYM
ajfa-14168	2	9	1	1	NUM
ajfa-14168	2	10	-	-	PUNCT
ajfa-14168	2	11	0899	0899	NUM
ajfa-14168	2	12	-	-	SYM
ajfa-14168	2	13	1663	1663	NUM
ajfa-14168	2	14	e	e	NOUN
ajfa-14168	2	15	-	-	NOUN
ajfa-14168	2	16	mail	mail	NOUN
ajfa-14168	2	17	:	:	PUNCT
ajfa-14168	2	18	chj6869@icloud.com	chj6869@icloud.com	PROPN
ajfa-14168	2	19	ng	ng	PROPN
ajfa-14168	2	20	sin	sin	PROPN
ajfa-14168	2	21	huei	huei	PROPN
ajfa-14168	2	22	school	school	PROPN
ajfa-14168	2	23	of	of	ADP
ajfa-14168	2	24	economics	economics	PROPN
ajfa-14168	2	25	&	&	CCONJ
ajfa-14168	2	26	management	management	PROPN
ajfa-14168	2	27	,	,	PUNCT
ajfa-14168	2	28	xiamen	xiamen	PROPN
ajfa-14168	2	29	university	university	PROPN
ajfa-14168	2	30	malaysia	malaysia	PROPN
ajfa-14168	2	31	campus	campus	PROPN
ajfa-14168	2	32	jalan	jalan	PROPN
ajfa-14168	2	33	sunsuria	sunsuria	PROPN
ajfa-14168	2	34	,	,	PUNCT
ajfa-14168	2	35	bandar	bandar	PROPN
ajfa-14168	2	36	sunsuria	sunsuria	PROPN
ajfa-14168	2	37	,	,	PUNCT
ajfa-14168	2	38	43900	43900	NUM
ajfa-14168	2	39	selangor	selangor	PROPN
ajfa-14168	3	1	d.e	d.e	PROPN
ajfa-14168	3	2	.	.	PROPN
ajfa-14168	3	3	,	,	PUNCT
ajfa-14168	3	4	malaysia	malaysia	PROPN
ajfa-14168	3	5	tel	tel	NOUN
ajfa-14168	3	6	:	:	PUNCT
ajfa-14168	3	7	60	60	NUM
ajfa-14168	3	8	-	-	SYM
ajfa-14168	3	9	3	3	NUM
ajfa-14168	3	10	-	-	PUNCT
ajfa-14168	3	11	8705	8705	NUM
ajfa-14168	3	12	-	-	SYM
ajfa-14168	3	13	5037	5037	NUM
ajfa-14168	3	14	e	e	NOUN
ajfa-14168	3	15	-	-	NOUN
ajfa-14168	3	16	mail	mail	NOUN
ajfa-14168	3	17	:	:	PUNCT
ajfa-14168	3	18	shng@xmu.edu.my	shng@xmu.edu.my	PROPN
ajfa-14168	3	19	lew	lew	PROPN
ajfa-14168	3	20	shian	shian	PROPN
ajfa-14168	3	21	loong	loong	PROPN
ajfa-14168	3	22	school	school	PROPN
ajfa-14168	3	23	of	of	ADP
ajfa-14168	3	24	economics	economics	PROPN
ajfa-14168	3	25	&	&	CCONJ
ajfa-14168	3	26	management	management	PROPN
ajfa-14168	3	27	,	,	PUNCT
ajfa-14168	3	28	xiamen	xiamen	PROPN
ajfa-14168	3	29	university	university	PROPN
ajfa-14168	3	30	malaysia	malaysia	PROPN
ajfa-14168	3	31	campus	campus	PROPN
ajfa-14168	3	32	jalan	jalan	PROPN
ajfa-14168	3	33	sunsuria	sunsuria	PROPN
ajfa-14168	3	34	,	,	PUNCT
ajfa-14168	3	35	bandar	bandar	PROPN
ajfa-14168	3	36	sunsuria	sunsuria	PROPN
ajfa-14168	3	37	,	,	PUNCT
ajfa-14168	3	38	43900	43900	NUM
ajfa-14168	3	39	selangor	selangor	PROPN
ajfa-14168	4	1	d.e	d.e	PROPN
ajfa-14168	4	2	.	.	PROPN
ajfa-14168	4	3	,	,	PUNCT
ajfa-14168	4	4	malaysia	malaysia	PROPN
ajfa-14168	4	5	tel	tel	NOUN
ajfa-14168	4	6	:	:	PUNCT
ajfa-14168	4	7	60	60	NUM
ajfa-14168	4	8	-	-	SYM
ajfa-14168	4	9	3	3	NUM
ajfa-14168	4	10	-	-	PUNCT
ajfa-14168	4	11	8705	8705	NUM
ajfa-14168	4	12	-	-	SYM
ajfa-14168	4	13	5126	5126	NUM
ajfa-14168	4	14	e	e	NOUN
ajfa-14168	4	15	-	-	NOUN
ajfa-14168	4	16	mail	mail	NOUN
ajfa-14168	4	17	:	:	PUNCT
ajfa-14168	4	18	shianloong.lew@xmu.edu.my	shianloong.lew@xmu.edu.my	NOUN
ajfa-14168	4	19	received	receive	VERB
ajfa-14168	4	20	:	:	PUNCT
ajfa-14168	4	21	nov	nov	PROPN
ajfa-14168	4	22	.	.	PROPN
ajfa-14168	4	23	29	29	NUM
ajfa-14168	4	24	,	,	PUNCT
ajfa-14168	4	25	2018	2018	NUM
ajfa-14168	4	26	accepted	accept	VERB
ajfa-14168	4	27	:	:	PUNCT
ajfa-14168	4	28	jan	jan	PROPN
ajfa-14168	4	29	.	.	PROPN
ajfa-14168	4	30	24	24	NUM
ajfa-14168	4	31	,	,	PUNCT
ajfa-14168	4	32	2019	2019	NUM
ajfa-14168	4	33	published	publish	VERB
ajfa-14168	4	34	:	:	PUNCT
ajfa-14168	4	35	june	june	PROPN
ajfa-14168	4	36	1	1	NUM
ajfa-14168	4	37	,	,	PUNCT
ajfa-14168	4	38	2019	2019	NUM
ajfa-14168	4	39	doi:10.5296	doi:10.5296	NOUN
ajfa-14168	4	40	/	/	SYM
ajfa-14168	4	41	ajfa.v11i1.14168	ajfa.v11i1.14168	NOUN
ajfa-14168	4	42	url	url	PROPN
ajfa-14168	4	43	:	:	PUNCT
ajfa-14168	4	44	https://doi.org/10.5296/ajfa.v11i1.14168	https://doi.org/10.5296/ajfa.v11i1.14168	NOUN
ajfa-14168	4	45	abstract	abstract	VERB
ajfa-14168	4	46	the	the	DET
ajfa-14168	4	47	main	main	ADJ
ajfa-14168	4	48	objective	objective	NOUN
ajfa-14168	4	49	of	of	ADP
ajfa-14168	4	50	this	this	DET
ajfa-14168	4	51	paper	paper	NOUN
ajfa-14168	4	52	is	be	AUX
ajfa-14168	4	53	to	to	PART
ajfa-14168	4	54	perform	perform	VERB
ajfa-14168	4	55	empirical	empirical	ADJ
ajfa-14168	4	56	analysis	analysis	NOUN
ajfa-14168	4	57	and	and	CCONJ
ajfa-14168	4	58	research	research	NOUN
ajfa-14168	4	59	on	on	ADP
ajfa-14168	4	60	the	the	DET
ajfa-14168	4	61	kmv	kmv	PROPN
ajfa-14168	4	62	and	and	CCONJ
ajfa-14168	4	63	zeta	zeta	NOUN
ajfa-14168	4	64	models	model	NOUN
ajfa-14168	4	65	,	,	PUNCT
ajfa-14168	4	66	discussing	discuss	VERB
ajfa-14168	4	67	whether	whether	SCONJ
ajfa-14168	4	68	banks	bank	NOUN
ajfa-14168	4	69	in	in	ADP
ajfa-14168	4	70	china	china	PROPN
ajfa-14168	4	71	could	could	AUX
ajfa-14168	4	72	adopt	adopt	VERB
ajfa-14168	4	73	both	both	DET
ajfa-14168	4	74	models	model	NOUN
ajfa-14168	4	75	in	in	ADP
ajfa-14168	4	76	their	their	PRON
ajfa-14168	4	77	credit	credit	NOUN
ajfa-14168	4	78	risk	risk	NOUN
ajfa-14168	4	79	management	management	NOUN
ajfa-14168	4	80	practices	practice	NOUN
ajfa-14168	4	81	.	.	PUNCT
ajfa-14168	5	1	in	in	ADP
ajfa-14168	5	2	order	order	NOUN
ajfa-14168	5	3	to	to	PART
ajfa-14168	5	4	measure	measure	VERB
ajfa-14168	5	5	credit	credit	NOUN
ajfa-14168	5	6	risk	risk	NOUN
ajfa-14168	5	7	,	,	PUNCT
ajfa-14168	5	8	the	the	DET
ajfa-14168	5	9	kmv	kmv	PROPN
ajfa-14168	5	10	model	model	NOUN
ajfa-14168	5	11	focuses	focus	VERB
ajfa-14168	5	12	on	on	ADP
ajfa-14168	5	13	“	"	PUNCT
ajfa-14168	5	14	expected	expect	VERB
ajfa-14168	5	15	default	default	NOUN
ajfa-14168	5	16	probability	probability	NOUN
ajfa-14168	5	17	”	"	PUNCT
ajfa-14168	5	18	(	(	PUNCT
ajfa-14168	5	19	edp	edp	NOUN
ajfa-14168	5	20	)	)	PUNCT
ajfa-14168	5	21	that	that	PRON
ajfa-14168	5	22	is	be	AUX
ajfa-14168	5	23	calculated	calculate	VERB
ajfa-14168	5	24	using	use	VERB
ajfa-14168	5	25	black	black	ADJ
ajfa-14168	5	26	-	-	PUNCT
ajfa-14168	5	27	scholes	schole	NOUN
ajfa-14168	5	28	option	option	NOUN
ajfa-14168	5	29	pricing	pricing	NOUN
ajfa-14168	5	30	formula	formula	NOUN
ajfa-14168	5	31	.	.	PUNCT
ajfa-14168	6	1	on	on	ADP
ajfa-14168	6	2	the	the	DET
ajfa-14168	6	3	other	other	ADJ
ajfa-14168	6	4	hand	hand	NOUN
ajfa-14168	6	5	,	,	PUNCT
ajfa-14168	6	6	the	the	DET
ajfa-14168	6	7	zeta	zeta	PROPN
ajfa-14168	6	8	model	model	NOUN
ajfa-14168	6	9	focuses	focus	VERB
ajfa-14168	6	10	on	on	ADP
ajfa-14168	6	11	determining	determine	VERB
ajfa-14168	6	12	the	the	DET
ajfa-14168	6	13	probability	probability	NOUN
ajfa-14168	6	14	of	of	ADP
ajfa-14168	6	15	a	a	DET
ajfa-14168	6	16	company	company	NOUN
ajfa-14168	6	17	going	go	VERB
ajfa-14168	6	18	bankrupt	bankrupt	ADJ
ajfa-14168	6	19	two	two	NUM
ajfa-14168	6	20	years	year	NOUN
ajfa-14168	6	21	prior	prior	ADV
ajfa-14168	6	22	to	to	ADP
ajfa-14168	6	23	the	the	DET
ajfa-14168	6	24	event	event	NOUN
ajfa-14168	6	25	.	.	PUNCT
ajfa-14168	7	1	previous	previous	ADJ
ajfa-14168	7	2	research	research	NOUN
ajfa-14168	7	3	on	on	ADP
ajfa-14168	7	4	risk	risk	NOUN
ajfa-14168	7	5	management	management	NOUN
ajfa-14168	7	6	has	have	AUX
ajfa-14168	7	7	shown	show	VERB
ajfa-14168	7	8	that	that	SCONJ
ajfa-14168	7	9	the	the	DET
ajfa-14168	7	10	primary	primary	ADJ
ajfa-14168	7	11	risk	risk	NOUN
ajfa-14168	7	12	the	the	DET
ajfa-14168	7	13	banks	bank	NOUN
ajfa-14168	7	14	generally	generally	ADV
ajfa-14168	7	15	face	face	VERB
ajfa-14168	7	16	is	be	AUX
ajfa-14168	7	17	credit	credit	NOUN
ajfa-14168	7	18	risk	risk	NOUN
ajfa-14168	7	19	as	as	SCONJ
ajfa-14168	7	20	an	an	DET
ajfa-14168	7	21	increasingly	increasingly	ADV
ajfa-14168	7	22	greater	great	ADJ
ajfa-14168	7	23	number	number	NOUN
ajfa-14168	7	24	of	of	ADP
ajfa-14168	7	25	banks	bank	NOUN
ajfa-14168	7	26	suffer	suffer	VERB
ajfa-14168	7	27	losses	loss	NOUN
ajfa-14168	7	28	because	because	SCONJ
ajfa-14168	7	29	of	of	ADP
ajfa-14168	7	30	credit	credit	NOUN
ajfa-14168	7	31	issues	issue	NOUN
ajfa-14168	7	32	.	.	PUNCT
ajfa-14168	8	1	this	this	DET
ajfa-14168	8	2	paper	paper	NOUN
ajfa-14168	8	3	therefore	therefore	ADV
ajfa-14168	8	4	aims	aim	VERB
ajfa-14168	8	5	to	to	PART
ajfa-14168	8	6	add	add	VERB
ajfa-14168	8	7	to	to	ADP
ajfa-14168	8	8	the	the	DET
ajfa-14168	8	9	existing	exist	VERB
ajfa-14168	8	10	literature	literature	NOUN
ajfa-14168	8	11	a	a	DET
ajfa-14168	8	12	strong	strong	ADJ
ajfa-14168	8	13	case	case	NOUN
ajfa-14168	8	14	for	for	ADP
ajfa-14168	8	15	the	the	DET
ajfa-14168	8	16	relevance	relevance	NOUN
ajfa-14168	8	17	of	of	ADP
ajfa-14168	8	18	both	both	CCONJ
ajfa-14168	8	19	the	the	DET
ajfa-14168	8	20	kmv	kmv	PROPN
ajfa-14168	8	21	and	and	CCONJ
ajfa-14168	8	22	zeta	zeta	NOUN
ajfa-14168	8	23	models	model	NOUN
ajfa-14168	8	24	to	to	PART
ajfa-14168	8	25	be	be	AUX
ajfa-14168	8	26	considered	consider	VERB
ajfa-14168	8	27	in	in	ADP
ajfa-14168	8	28	the	the	DET
ajfa-14168	8	29	topic	topic	NOUN
ajfa-14168	8	30	of	of	ADP
ajfa-14168	8	31	banks	bank	NOUN
ajfa-14168	8	32	’	'	PUNCT
ajfa-14168	8	33	credit	credit	NOUN
ajfa-14168	8	34	risk	risk	NOUN
ajfa-14168	8	35	management	management	NOUN
ajfa-14168	8	36	.	.	PUNCT
ajfa-14168	9	1	keywords	keyword	NOUN
ajfa-14168	9	2	:	:	PUNCT
ajfa-14168	9	3	kmv	kmv	PROPN
ajfa-14168	9	4	model	model	NOUN
ajfa-14168	9	5	,	,	PUNCT
ajfa-14168	9	6	zeta	zeta	PROPN
ajfa-14168	9	7	model	model	NOUN
ajfa-14168	9	8	,	,	PUNCT
ajfa-14168	9	9	expected	expect	VERB
ajfa-14168	9	10	default	default	NOUN
ajfa-14168	9	11	probability	probability	NOUN
ajfa-14168	9	12	(	(	PUNCT
ajfa-14168	9	13	edp	edp	NOUN
ajfa-14168	9	14	)	)	PUNCT
ajfa-14168	9	15	,	,	PUNCT
ajfa-14168	9	16	credit	credit	NOUN
ajfa-14168	9	17	risk	risk	NOUN
ajfa-14168	9	18	assessment	assessment	NOUN
ajfa-14168	9	19	asian	asian	ADJ
ajfa-14168	9	20	journal	journal	NOUN
ajfa-14168	9	21	of	of	ADP
ajfa-14168	9	22	finance	finance	PROPN
ajfa-14168	9	23	&	&	CCONJ
ajfa-14168	9	24	accounting	accounting	PROPN
ajfa-14168	9	25	issn	issn	PROPN
ajfa-14168	9	26	1946	1946	NUM
ajfa-14168	9	27	-	-	PUNCT
ajfa-14168	9	28	052x	052x	PROPN
ajfa-14168	9	29	2019	2019	NUM
ajfa-14168	9	30	,	,	PUNCT
ajfa-14168	9	31	vol	vol	NOUN
ajfa-14168	9	32	.	.	PROPN
ajfa-14168	9	33	11	11	NUM
ajfa-14168	9	34	,	,	PUNCT
ajfa-14168	9	35	no	no	INTJ
ajfa-14168	9	36	.	.	NOUN
ajfa-14168	9	37	1	1	NUM
ajfa-14168	9	38	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-14168	9	39	142	142	NUM
ajfa-14168	9	40	1	1	NUM
ajfa-14168	9	41	.	.	PUNCT
ajfa-14168	9	42	introduction	introduction	NOUN
ajfa-14168	9	43	1.1	1.1	NUM
ajfa-14168	9	44	background	background	NOUN
ajfa-14168	9	45	since	since	SCONJ
ajfa-14168	9	46	the	the	DET
ajfa-14168	9	47	1990s	1990	NOUN
ajfa-14168	9	48	the	the	DET
ajfa-14168	9	49	global	global	ADJ
ajfa-14168	9	50	economic	economic	ADJ
ajfa-14168	9	51	,	,	PUNCT
ajfa-14168	9	52	political	political	ADJ
ajfa-14168	9	53	and	and	CCONJ
ajfa-14168	9	54	technological	technological	ADJ
ajfa-14168	9	55	landscapes	landscape	NOUN
ajfa-14168	9	56	have	have	AUX
ajfa-14168	9	57	experienced	experience	VERB
ajfa-14168	9	58	a	a	DET
ajfa-14168	9	59	wide	wide	ADJ
ajfa-14168	9	60	range	range	NOUN
ajfa-14168	9	61	of	of	ADP
ajfa-14168	9	62	dramatic	dramatic	ADJ
ajfa-14168	9	63	transformations	transformation	NOUN
ajfa-14168	9	64	,	,	PUNCT
ajfa-14168	9	65	which	which	PRON
ajfa-14168	9	66	have	have	AUX
ajfa-14168	9	67	subsequently	subsequently	ADV
ajfa-14168	9	68	fueled	fuel	VERB
ajfa-14168	9	69	an	an	DET
ajfa-14168	9	70	exponential	exponential	ADJ
ajfa-14168	9	71	growth	growth	NOUN
ajfa-14168	9	72	in	in	ADP
ajfa-14168	9	73	credit	credit	NOUN
ajfa-14168	9	74	risk	risk	NOUN
ajfa-14168	9	75	.	.	PUNCT
ajfa-14168	10	1	and	and	CCONJ
ajfa-14168	10	2	with	with	ADP
ajfa-14168	10	3	the	the	DET
ajfa-14168	10	4	inception	inception	NOUN
ajfa-14168	10	5	of	of	ADP
ajfa-14168	10	6	a	a	DET
ajfa-14168	10	7	floating	float	VERB
ajfa-14168	10	8	exchange	exchange	NOUN
ajfa-14168	10	9	rate	rate	NOUN
ajfa-14168	10	10	regime	regime	NOUN
ajfa-14168	10	11	,	,	PUNCT
ajfa-14168	10	12	financial	financial	ADJ
ajfa-14168	10	13	markets	market	NOUN
ajfa-14168	10	14	throughout	throughout	ADP
ajfa-14168	10	15	the	the	DET
ajfa-14168	10	16	world	world	NOUN
ajfa-14168	10	17	have	have	AUX
ajfa-14168	10	18	since	since	SCONJ
ajfa-14168	10	19	witnessed	witness	VERB
ajfa-14168	10	20	an	an	DET
ajfa-14168	10	21	ongoing	ongoing	ADJ
ajfa-14168	10	22	process	process	NOUN
ajfa-14168	10	23	of	of	ADP
ajfa-14168	10	24	deregulation	deregulation	NOUN
ajfa-14168	10	25	.	.	PUNCT
ajfa-14168	11	1	while	while	SCONJ
ajfa-14168	11	2	greater	great	ADJ
ajfa-14168	11	3	financial	financial	ADJ
ajfa-14168	11	4	liquidity	liquidity	NOUN
ajfa-14168	11	5	worldwide	worldwide	ADV
ajfa-14168	11	6	is	be	AUX
ajfa-14168	11	7	creating	create	VERB
ajfa-14168	11	8	opportunities	opportunity	NOUN
ajfa-14168	11	9	for	for	SCONJ
ajfa-14168	11	10	new	new	ADJ
ajfa-14168	11	11	capital	capital	NOUN
ajfa-14168	11	12	sources	source	NOUN
ajfa-14168	11	13	to	to	PART
ajfa-14168	11	14	thrive	thrive	VERB
ajfa-14168	11	15	,	,	PUNCT
ajfa-14168	11	16	the	the	DET
ajfa-14168	11	17	increasing	increase	VERB
ajfa-14168	11	18	complexity	complexity	NOUN
ajfa-14168	11	19	of	of	ADP
ajfa-14168	11	20	credit	credit	NOUN
ajfa-14168	11	21	risk	risk	NOUN
ajfa-14168	11	22	is	be	AUX
ajfa-14168	11	23	posing	pose	VERB
ajfa-14168	11	24	a	a	DET
ajfa-14168	11	25	host	host	NOUN
ajfa-14168	11	26	of	of	ADP
ajfa-14168	11	27	challenges	challenge	NOUN
ajfa-14168	11	28	.	.	PUNCT
ajfa-14168	12	1	in	in	ADP
ajfa-14168	12	2	china	china	PROPN
ajfa-14168	12	3	,	,	PUNCT
ajfa-14168	12	4	due	due	ADP
ajfa-14168	12	5	to	to	ADP
ajfa-14168	12	6	the	the	DET
ajfa-14168	12	7	current	current	ADJ
ajfa-14168	12	8	financial	financial	ADJ
ajfa-14168	12	9	system	system	NOUN
ajfa-14168	12	10	in	in	ADP
ajfa-14168	12	11	place	place	NOUN
ajfa-14168	12	12	,	,	PUNCT
ajfa-14168	12	13	credit	credit	NOUN
ajfa-14168	12	14	risk	risk	NOUN
ajfa-14168	12	15	has	have	AUX
ajfa-14168	12	16	inevitably	inevitably	ADV
ajfa-14168	12	17	become	become	VERB
ajfa-14168	12	18	the	the	DET
ajfa-14168	12	19	main	main	ADJ
ajfa-14168	12	20	factor	factor	NOUN
ajfa-14168	12	21	of	of	ADP
ajfa-14168	12	22	financial	financial	ADJ
ajfa-14168	12	23	risk	risk	NOUN
ajfa-14168	12	24	—	—	PUNCT
ajfa-14168	12	25	which	which	PRON
ajfa-14168	12	26	is	be	AUX
ajfa-14168	12	27	also	also	ADV
ajfa-14168	12	28	influenced	influence	VERB
ajfa-14168	12	29	by	by	ADP
ajfa-14168	12	30	:	:	PUNCT
ajfa-14168	12	31			NOUN
ajfa-14168	12	32	indirect	indirect	ADJ
ajfa-14168	12	33	financing	financing	NOUN
ajfa-14168	12	34	that	that	PRON
ajfa-14168	12	35	dominates	dominate	VERB
ajfa-14168	12	36	the	the	DET
ajfa-14168	12	37	financial	financial	ADJ
ajfa-14168	12	38	structure	structure	NOUN
ajfa-14168	12	39	,	,	PUNCT
ajfa-14168	12	40			NOUN
ajfa-14168	12	41	precarious	precarious	ADJ
ajfa-14168	12	42	relationship	relationship	NOUN
ajfa-14168	12	43	between	between	ADP
ajfa-14168	12	44	banks	bank	NOUN
ajfa-14168	12	45	and	and	CCONJ
ajfa-14168	12	46	enterprises	enterprise	NOUN
ajfa-14168	12	47	,	,	PUNCT
ajfa-14168	12	48			NOUN
ajfa-14168	12	49	vague	vague	ADJ
ajfa-14168	12	50	business	business	NOUN
ajfa-14168	12	51	distinction	distinction	NOUN
ajfa-14168	12	52	between	between	ADP
ajfa-14168	12	53	bank	bank	NOUN
ajfa-14168	12	54	policy	policy	NOUN
ajfa-14168	12	55	and	and	CCONJ
ajfa-14168	12	56	commerce	commerce	NOUN
ajfa-14168	12	57	,	,	PUNCT
ajfa-14168	12	58			PRON
ajfa-14168	12	59	inadequate	inadequate	ADJ
ajfa-14168	12	60	financial	financial	ADJ
ajfa-14168	12	61	management	management	NOUN
ajfa-14168	12	62	,	,	PUNCT
ajfa-14168	12	63			NOUN
ajfa-14168	12	64	weak	weak	ADJ
ajfa-14168	12	65	sense	sense	NOUN
ajfa-14168	12	66	of	of	ADP
ajfa-14168	12	67	risk	risk	NOUN
ajfa-14168	12	68	,	,	PUNCT
ajfa-14168	12	69			DET
ajfa-14168	12	70	lack	lack	NOUN
ajfa-14168	12	71	of	of	ADP
ajfa-14168	12	72	effective	effective	ADJ
ajfa-14168	12	73	internal	internal	ADJ
ajfa-14168	12	74	mechanisms	mechanism	NOUN
ajfa-14168	12	75	and	and	CCONJ
ajfa-14168	12	76	risk	risk	NOUN
ajfa-14168	12	77	prevention	prevention	NOUN
ajfa-14168	12	78	measures	measure	NOUN
ajfa-14168	12	79	,	,	PUNCT
ajfa-14168	12	80	and	and	CCONJ
ajfa-14168	12	81			NOUN
ajfa-14168	12	82	information	information	NOUN
ajfa-14168	12	83	asymmetry	asymmetry	NOUN
ajfa-14168	12	84	between	between	ADP
ajfa-14168	12	85	borrowers	borrower	NOUN
ajfa-14168	12	86	and	and	CCONJ
ajfa-14168	12	87	lenders	lender	NOUN
ajfa-14168	12	88	,	,	PUNCT
ajfa-14168	12	89	which	which	PRON
ajfa-14168	12	90	could	could	AUX
ajfa-14168	12	91	potentially	potentially	ADV
ajfa-14168	12	92	lead	lead	VERB
ajfa-14168	12	93	to	to	ADP
ajfa-14168	12	94	moral	moral	ADJ
ajfa-14168	12	95	hazard	hazard	NOUN
ajfa-14168	12	96	.	.	PUNCT
ajfa-14168	13	1	on	on	ADP
ajfa-14168	13	2	the	the	DET
ajfa-14168	13	3	evidence	evidence	NOUN
ajfa-14168	13	4	of	of	ADP
ajfa-14168	13	5	the	the	DET
ajfa-14168	13	6	above	above	NOUN
ajfa-14168	13	7	,	,	PUNCT
ajfa-14168	13	8	the	the	DET
ajfa-14168	13	9	financial	financial	ADJ
ajfa-14168	13	10	risk	risk	NOUN
ajfa-14168	13	11	situation	situation	NOUN
ajfa-14168	13	12	in	in	ADP
ajfa-14168	13	13	china	china	PROPN
ajfa-14168	13	14	reflects	reflect	VERB
ajfa-14168	13	15	the	the	DET
ajfa-14168	13	16	more	more	ADV
ajfa-14168	13	17	obvious	obvious	ADJ
ajfa-14168	13	18	characteristics	characteristic	NOUN
ajfa-14168	13	19	of	of	ADP
ajfa-14168	13	20	the	the	DET
ajfa-14168	13	21	traditional	traditional	ADJ
ajfa-14168	13	22	form	form	NOUN
ajfa-14168	13	23	of	of	ADP
ajfa-14168	13	24	financial	financial	ADJ
ajfa-14168	13	25	risk	risk	NOUN
ajfa-14168	13	26	—	—	PUNCT
ajfa-14168	13	27	as	as	SCONJ
ajfa-14168	13	28	opposed	oppose	VERB
ajfa-14168	13	29	to	to	ADP
ajfa-14168	13	30	what	what	PRON
ajfa-14168	13	31	is	be	AUX
ajfa-14168	13	32	usually	usually	ADV
ajfa-14168	13	33	seen	see	VERB
ajfa-14168	13	34	in	in	ADP
ajfa-14168	13	35	other	other	ADJ
ajfa-14168	13	36	developed	develop	VERB
ajfa-14168	13	37	countries	country	NOUN
ajfa-14168	13	38	.	.	PUNCT
ajfa-14168	14	1	the	the	DET
ajfa-14168	14	2	credit	credit	NOUN
ajfa-14168	14	3	risk	risk	NOUN
ajfa-14168	14	4	faced	face	VERB
ajfa-14168	14	5	by	by	ADP
ajfa-14168	14	6	the	the	DET
ajfa-14168	14	7	commercial	commercial	ADJ
ajfa-14168	14	8	banks	bank	NOUN
ajfa-14168	14	9	in	in	ADP
ajfa-14168	14	10	china	china	PROPN
ajfa-14168	14	11	is	be	AUX
ajfa-14168	14	12	largely	largely	ADV
ajfa-14168	14	13	affected	affect	VERB
ajfa-14168	14	14	by	by	ADP
ajfa-14168	14	15	bad	bad	ADJ
ajfa-14168	14	16	credit	credit	NOUN
ajfa-14168	14	17	assets	asset	NOUN
ajfa-14168	14	18	,	,	PUNCT
ajfa-14168	14	19	tendency	tendency	NOUN
ajfa-14168	14	20	towards	towards	ADP
ajfa-14168	14	21	concentration	concentration	NOUN
ajfa-14168	14	22	of	of	ADP
ajfa-14168	14	23	credit	credit	NOUN
ajfa-14168	14	24	risk	risk	NOUN
ajfa-14168	14	25	and	and	CCONJ
ajfa-14168	14	26	insufficient	insufficient	ADJ
ajfa-14168	14	27	credit	credit	NOUN
ajfa-14168	14	28	risk	risk	NOUN
ajfa-14168	14	29	management	management	NOUN
ajfa-14168	14	30	.	.	PUNCT
ajfa-14168	15	1	so	so	ADV
ajfa-14168	15	2	,	,	PUNCT
ajfa-14168	15	3	measuring	measure	VERB
ajfa-14168	15	4	credit	credit	NOUN
ajfa-14168	15	5	risk	risk	NOUN
ajfa-14168	15	6	has	have	AUX
ajfa-14168	15	7	become	become	VERB
ajfa-14168	15	8	imperative	imperative	ADJ
ajfa-14168	15	9	to	to	ADP
ajfa-14168	15	10	banks	bank	NOUN
ajfa-14168	15	11	.	.	PUNCT
ajfa-14168	16	1	the	the	DET
ajfa-14168	16	2	credit	credit	NOUN
ajfa-14168	16	3	risk	risk	NOUN
ajfa-14168	16	4	exposure	exposure	NOUN
ajfa-14168	16	5	featured	feature	VERB
ajfa-14168	16	6	in	in	ADP
ajfa-14168	16	7	the	the	DET
ajfa-14168	16	8	new	new	ADJ
ajfa-14168	16	9	basel	basel	PROPN
ajfa-14168	16	10	accord	accord	NOUN
ajfa-14168	16	11	mainly	mainly	ADV
ajfa-14168	16	12	involves	involve	VERB
ajfa-14168	16	13	five	five	NUM
ajfa-14168	16	14	essential	essential	ADJ
ajfa-14168	16	15	aspects	aspect	NOUN
ajfa-14168	16	16	,	,	PUNCT
ajfa-14168	16	17	namely	namely	ADV
ajfa-14168	16	18	corporate	corporate	ADJ
ajfa-14168	16	19	risk	risk	NOUN
ajfa-14168	16	20	,	,	PUNCT
ajfa-14168	16	21	bank	bank	NOUN
ajfa-14168	16	22	risk	risk	NOUN
ajfa-14168	16	23	,	,	PUNCT
ajfa-14168	16	24	retail	retail	ADJ
ajfa-14168	16	25	risk	risk	NOUN
ajfa-14168	16	26	,	,	PUNCT
ajfa-14168	16	27	sovereign	sovereign	ADJ
ajfa-14168	16	28	risk	risk	NOUN
ajfa-14168	16	29	and	and	CCONJ
ajfa-14168	16	30	equity	equity	NOUN
ajfa-14168	16	31	risk	risk	NOUN
ajfa-14168	16	32	—	—	PUNCT
ajfa-14168	16	33	fully	fully	ADV
ajfa-14168	16	34	affirming	affirm	VERB
ajfa-14168	16	35	the	the	DET
ajfa-14168	16	36	important	important	ADJ
ajfa-14168	16	37	role	role	NOUN
ajfa-14168	16	38	of	of	ADP
ajfa-14168	16	39	irb	irb	NOUN
ajfa-14168	16	40	in	in	ADP
ajfa-14168	16	41	risk	risk	NOUN
ajfa-14168	16	42	management	management	NOUN
ajfa-14168	16	43	and	and	CCONJ
ajfa-14168	16	44	capital	capital	NOUN
ajfa-14168	16	45	regulation	regulation	NOUN
ajfa-14168	16	46	.	.	PUNCT
ajfa-14168	17	1	the	the	DET
ajfa-14168	17	2	new	new	ADJ
ajfa-14168	17	3	basel	basel	PROPN
ajfa-14168	17	4	accord	accord	NOUN
ajfa-14168	17	5	proposes	propose	VERB
ajfa-14168	17	6	an	an	DET
ajfa-14168	17	7	irb	irb	NOUN
ajfa-14168	17	8	method	method	NOUN
ajfa-14168	17	9	for	for	ADP
ajfa-14168	17	10	calculating	calculate	VERB
ajfa-14168	17	11	credit	credit	NOUN
ajfa-14168	17	12	risk	risk	NOUN
ajfa-14168	17	13	,	,	PUNCT
ajfa-14168	17	14	where	where	SCONJ
ajfa-14168	17	15	the	the	DET
ajfa-14168	17	16	data	datum	NOUN
ajfa-14168	17	17	analysis	analysis	NOUN
ajfa-14168	17	18	time	time	NOUN
ajfa-14168	17	19	period	period	NOUN
ajfa-14168	17	20	required	require	VERB
ajfa-14168	17	21	for	for	ADP
ajfa-14168	17	22	parameter	parameter	NOUN
ajfa-14168	17	23	estimation	estimation	NOUN
ajfa-14168	17	24	is	be	AUX
ajfa-14168	17	25	long	long	ADJ
ajfa-14168	17	26	,	,	PUNCT
ajfa-14168	17	27	and	and	CCONJ
ajfa-14168	17	28	the	the	DET
ajfa-14168	17	29	source	source	NOUN
ajfa-14168	17	30	and	and	CCONJ
ajfa-14168	17	31	content	content	NOUN
ajfa-14168	17	32	requirements	requirement	NOUN
ajfa-14168	17	33	are	be	AUX
ajfa-14168	17	34	very	very	ADV
ajfa-14168	17	35	high	high	ADJ
ajfa-14168	17	36	.	.	PUNCT
ajfa-14168	18	1	using	use	VERB
ajfa-14168	18	2	the	the	DET
ajfa-14168	18	3	pd	pd	PROPN
ajfa-14168	18	4	(	(	PUNCT
ajfa-14168	18	5	probability	probability	NOUN
ajfa-14168	18	6	of	of	ADP
ajfa-14168	18	7	default	default	NOUN
ajfa-14168	18	8	)	)	PUNCT
ajfa-14168	18	9	,	,	PUNCT
ajfa-14168	18	10	lgd	lgd	PROPN
ajfa-14168	18	11	(	(	PUNCT
ajfa-14168	18	12	loss	loss	NOUN
ajfa-14168	18	13	given	give	VERB
ajfa-14168	18	14	default	default	NOUN
ajfa-14168	18	15	,	,	PUNCT
ajfa-14168	18	16	which	which	PRON
ajfa-14168	18	17	is	be	AUX
ajfa-14168	18	18	amount	amount	NOUN
ajfa-14168	18	19	of	of	ADP
ajfa-14168	18	20	money	money	NOUN
ajfa-14168	18	21	a	a	DET
ajfa-14168	18	22	bank	bank	NOUN
ajfa-14168	18	23	or	or	CCONJ
ajfa-14168	18	24	other	other	ADJ
ajfa-14168	18	25	financial	financial	ADJ
ajfa-14168	18	26	institution	institution	NOUN
ajfa-14168	18	27	losses	loss	NOUN
ajfa-14168	18	28	when	when	SCONJ
ajfa-14168	18	29	a	a	DET
ajfa-14168	18	30	borrower	borrower	NOUN
ajfa-14168	18	31	defaults	default	VERB
ajfa-14168	18	32	on	on	ADP
ajfa-14168	18	33	a	a	DET
ajfa-14168	18	34	loan	loan	NOUN
ajfa-14168	18	35	)	)	PUNCT
ajfa-14168	18	36	,	,	PUNCT
ajfa-14168	18	37	ead	ead	PROPN
ajfa-14168	18	38	(	(	PUNCT
ajfa-14168	18	39	exposure	exposure	NOUN
ajfa-14168	18	40	at	at	ADP
ajfa-14168	18	41	default	default	NOUN
ajfa-14168	18	42	,	,	PUNCT
ajfa-14168	18	43	which	which	PRON
ajfa-14168	18	44	is	be	AUX
ajfa-14168	18	45	the	the	DET
ajfa-14168	18	46	total	total	ADJ
ajfa-14168	18	47	value	value	NOUN
ajfa-14168	18	48	a	a	DET
ajfa-14168	18	49	bank	bank	NOUN
ajfa-14168	18	50	is	be	AUX
ajfa-14168	18	51	exposed	expose	VERB
ajfa-14168	18	52	to	to	ADP
ajfa-14168	18	53	when	when	SCONJ
ajfa-14168	18	54	a	a	DET
ajfa-14168	18	55	loan	loan	NOUN
ajfa-14168	18	56	defaults	default	NOUN
ajfa-14168	18	57	)	)	PUNCT
ajfa-14168	18	58	and	and	CCONJ
ajfa-14168	18	59	m	m	PROPN
ajfa-14168	18	60	(	(	PUNCT
ajfa-14168	18	61	maturity	maturity	NOUN
ajfa-14168	18	62	is	be	AUX
ajfa-14168	18	63	the	the	DET
ajfa-14168	18	64	date	date	NOUN
ajfa-14168	18	65	on	on	ADP
ajfa-14168	18	66	which	which	PRON
ajfa-14168	18	67	the	the	DET
ajfa-14168	18	68	life	life	NOUN
ajfa-14168	18	69	of	of	ADP
ajfa-14168	18	70	a	a	DET
ajfa-14168	18	71	transaction	transaction	NOUN
ajfa-14168	18	72	or	or	CCONJ
ajfa-14168	18	73	financial	financial	ADJ
ajfa-14168	18	74	instrument	instrument	NOUN
ajfa-14168	18	75	ends	end	VERB
ajfa-14168	18	76	,	,	PUNCT
ajfa-14168	18	77	after	after	ADP
ajfa-14168	18	78	which	which	PRON
ajfa-14168	18	79	it	it	PRON
ajfa-14168	18	80	must	must	AUX
ajfa-14168	18	81	either	either	CCONJ
ajfa-14168	18	82	be	be	AUX
ajfa-14168	18	83	reviewed	review	VERB
ajfa-14168	18	84	.	.	PUNCT
ajfa-14168	18	85	)	)	PUNCT
ajfa-14168	18	86	,	,	PUNCT
ajfa-14168	18	87	we	we	PRON
ajfa-14168	18	88	could	could	AUX
ajfa-14168	18	89	ascertain	ascertain	VERB
ajfa-14168	18	90	the	the	DET
ajfa-14168	18	91	risk	risk	NOUN
ajfa-14168	18	92	weight	weight	NOUN
ajfa-14168	18	93	of	of	ADP
ajfa-14168	18	94	different	different	ADJ
ajfa-14168	18	95	asset	asset	NOUN
ajfa-14168	18	96	situations	situation	NOUN
ajfa-14168	18	97	and	and	CCONJ
ajfa-14168	18	98	then	then	ADV
ajfa-14168	18	99	determine	determine	VERB
ajfa-14168	18	100	the	the	DET
ajfa-14168	18	101	risk	risk	NOUN
ajfa-14168	18	102	assets	asset	NOUN
ajfa-14168	18	103	.	.	PUNCT
ajfa-14168	19	1	as	as	SCONJ
ajfa-14168	19	2	the	the	DET
ajfa-14168	19	3	credit	credit	NOUN
ajfa-14168	19	4	risk	risk	NOUN
ajfa-14168	19	5	management	management	NOUN
ajfa-14168	19	6	model	model	NOUN
ajfa-14168	19	7	gradually	gradually	ADV
ajfa-14168	19	8	develops	develop	VERB
ajfa-14168	19	9	from	from	ADP
ajfa-14168	19	10	being	be	AUX
ajfa-14168	19	11	qualitative	qualitative	ADJ
ajfa-14168	19	12	to	to	ADP
ajfa-14168	19	13	being	be	AUX
ajfa-14168	19	14	quantitative	quantitative	ADJ
ajfa-14168	19	15	,	,	PUNCT
ajfa-14168	19	16	both	both	CCONJ
ajfa-14168	19	17	the	the	DET
ajfa-14168	19	18	kmv	kmv	PROPN
ajfa-14168	19	19	model	model	NOUN
ajfa-14168	19	20	and	and	CCONJ
ajfa-14168	19	21	the	the	DET
ajfa-14168	19	22	zeta	zeta	PROPN
ajfa-14168	19	23	model	model	NOUN
ajfa-14168	19	24	will	will	AUX
ajfa-14168	19	25	be	be	AUX
ajfa-14168	19	26	used	use	VERB
ajfa-14168	19	27	to	to	PART
ajfa-14168	19	28	discuss	discuss	VERB
ajfa-14168	19	29	the	the	DET
ajfa-14168	19	30	feasibility	feasibility	NOUN
ajfa-14168	19	31	of	of	ADP
ajfa-14168	19	32	applying	apply	VERB
ajfa-14168	19	33	a	a	DET
ajfa-14168	19	34	credit	credit	NOUN
ajfa-14168	19	35	risk	risk	NOUN
ajfa-14168	19	36	management	management	NOUN
ajfa-14168	19	37	model	model	NOUN
ajfa-14168	19	38	in	in	ADP
ajfa-14168	19	39	china	china	PROPN
ajfa-14168	19	40	.	.	PUNCT
ajfa-14168	20	1	asian	asian	PROPN
ajfa-14168	20	2	journal	journal	PROPN
ajfa-14168	20	3	of	of	ADP
ajfa-14168	20	4	finance	finance	PROPN
ajfa-14168	20	5	&	&	CCONJ
ajfa-14168	20	6	accounting	accounting	PROPN
ajfa-14168	20	7	issn	issn	PROPN
ajfa-14168	20	8	1946	1946	NUM
ajfa-14168	20	9	-	-	PUNCT
ajfa-14168	20	10	052x	052x	PROPN
ajfa-14168	20	11	2019	2019	NUM
ajfa-14168	20	12	,	,	PUNCT
ajfa-14168	20	13	vol	vol	NOUN
ajfa-14168	20	14	.	.	PROPN
ajfa-14168	20	15	11	11	NUM
ajfa-14168	20	16	,	,	PUNCT
ajfa-14168	20	17	no	no	INTJ
ajfa-14168	20	18	.	.	NOUN
ajfa-14168	20	19	1	1	NUM
ajfa-14168	20	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	20	21	143	143	DET
ajfa-14168	20	22	2	2	NUM
ajfa-14168	20	23	.	.	PUNCT
ajfa-14168	21	1	literature	literature	PROPN
ajfa-14168	21	2	review	review	VERB
ajfa-14168	21	3	2.1	2.1	NUM
ajfa-14168	21	4	literature	literature	NOUN
ajfa-14168	21	5	review	review	NOUN
ajfa-14168	21	6	there	there	PRON
ajfa-14168	21	7	are	be	VERB
ajfa-14168	21	8	a	a	DET
ajfa-14168	21	9	number	number	NOUN
ajfa-14168	21	10	of	of	ADP
ajfa-14168	21	11	research	research	NOUN
ajfa-14168	21	12	papers	paper	NOUN
ajfa-14168	21	13	that	that	PRON
ajfa-14168	21	14	revolve	revolve	VERB
ajfa-14168	21	15	around	around	ADP
ajfa-14168	21	16	credit	credit	NOUN
ajfa-14168	21	17	risk	risk	NOUN
ajfa-14168	21	18	management	management	NOUN
ajfa-14168	21	19	models	model	NOUN
ajfa-14168	21	20	,	,	PUNCT
ajfa-14168	21	21	but	but	CCONJ
ajfa-14168	21	22	for	for	ADP
ajfa-14168	21	23	the	the	DET
ajfa-14168	21	24	purposes	purpose	NOUN
ajfa-14168	21	25	of	of	ADP
ajfa-14168	21	26	our	our	PRON
ajfa-14168	21	27	study	study	NOUN
ajfa-14168	21	28	,	,	PUNCT
ajfa-14168	21	29	we	we	PRON
ajfa-14168	21	30	shall	shall	AUX
ajfa-14168	21	31	focus	focus	VERB
ajfa-14168	21	32	our	our	PRON
ajfa-14168	21	33	attention	attention	NOUN
ajfa-14168	21	34	on	on	ADP
ajfa-14168	21	35	those	those	PRON
ajfa-14168	21	36	that	that	PRON
ajfa-14168	21	37	discuss	discuss	VERB
ajfa-14168	21	38	the	the	DET
ajfa-14168	21	39	kmv	kmv	PROPN
ajfa-14168	21	40	model	model	NOUN
ajfa-14168	21	41	and	and	CCONJ
ajfa-14168	21	42	the	the	DET
ajfa-14168	21	43	zeta	zeta	PROPN
ajfa-14168	21	44	model	model	NOUN
ajfa-14168	21	45	.	.	PUNCT
ajfa-14168	22	1	generally	generally	ADV
ajfa-14168	22	2	,	,	PUNCT
ajfa-14168	22	3	the	the	DET
ajfa-14168	22	4	most	most	ADV
ajfa-14168	22	5	common	common	ADJ
ajfa-14168	22	6	credit	credit	NOUN
ajfa-14168	22	7	default	default	NOUN
ajfa-14168	22	8	model	model	NOUN
ajfa-14168	22	9	is	be	AUX
ajfa-14168	22	10	the	the	DET
ajfa-14168	22	11	kmv	kmv	PROPN
ajfa-14168	22	12	model	model	NOUN
ajfa-14168	22	13	whereas	whereas	SCONJ
ajfa-14168	22	14	the	the	DET
ajfa-14168	22	15	most	most	ADV
ajfa-14168	22	16	accurate	accurate	ADJ
ajfa-14168	22	17	bankrupt	bankrupt	ADJ
ajfa-14168	22	18	probability	probability	NOUN
ajfa-14168	22	19	model	model	NOUN
ajfa-14168	22	20	is	be	AUX
ajfa-14168	22	21	the	the	DET
ajfa-14168	22	22	zeta	zeta	PROPN
ajfa-14168	22	23	model	model	NOUN
ajfa-14168	22	24	.	.	PUNCT
ajfa-14168	23	1	some	some	DET
ajfa-14168	23	2	scholars	scholar	NOUN
ajfa-14168	23	3	in	in	ADP
ajfa-14168	23	4	china	china	PROPN
ajfa-14168	23	5	have	have	AUX
ajfa-14168	23	6	researched	research	VERB
ajfa-14168	23	7	the	the	DET
ajfa-14168	23	8	adaptability	adaptability	NOUN
ajfa-14168	23	9	of	of	ADP
ajfa-14168	23	10	kmv	kmv	NOUN
ajfa-14168	23	11	model	model	NOUN
ajfa-14168	23	12	in	in	ADP
ajfa-14168	23	13	china	china	PROPN
ajfa-14168	23	14	.	.	PUNCT
ajfa-14168	24	1	zhang	zhang	PROPN
ajfa-14168	24	2	lin	lin	PROPN
ajfa-14168	24	3	and	and	CCONJ
ajfa-14168	24	4	zhang	zhang	PROPN
ajfa-14168	24	5	jialin	jialin	PROPN
ajfa-14168	24	6	(	(	PUNCT
ajfa-14168	24	7	2000	2000	NUM
ajfa-14168	24	8	)	)	PUNCT
ajfa-14168	24	9	as	as	ADV
ajfa-14168	24	10	well	well	ADV
ajfa-14168	24	11	as	as	ADP
ajfa-14168	24	12	wang	wang	PROPN
ajfa-14168	24	13	qiong	qiong	PROPN
ajfa-14168	24	14	and	and	CCONJ
ajfa-14168	24	15	chen	chen	PROPN
ajfa-14168	24	16	jinxian	jinxian	PROPN
ajfa-14168	24	17	(	(	PUNCT
ajfa-14168	24	18	2002	2002	NUM
ajfa-14168	24	19	)	)	PUNCT
ajfa-14168	24	20	presented	present	VERB
ajfa-14168	24	21	a	a	DET
ajfa-14168	24	22	theoretical	theoretical	ADJ
ajfa-14168	24	23	comparison	comparison	NOUN
ajfa-14168	24	24	between	between	ADP
ajfa-14168	24	25	the	the	DET
ajfa-14168	24	26	kmv	kmv	PROPN
ajfa-14168	24	27	model	model	NOUN
ajfa-14168	24	28	and	and	CCONJ
ajfa-14168	24	29	the	the	DET
ajfa-14168	24	30	other	other	ADJ
ajfa-14168	24	31	models	model	NOUN
ajfa-14168	24	32	—	—	PUNCT
ajfa-14168	24	33	pointing	point	VERB
ajfa-14168	24	34	out	out	ADP
ajfa-14168	24	35	that	that	SCONJ
ajfa-14168	24	36	the	the	DET
ajfa-14168	24	37	kmv	kmv	PROPN
ajfa-14168	24	38	model	model	NOUN
ajfa-14168	24	39	might	might	AUX
ajfa-14168	24	40	be	be	AUX
ajfa-14168	24	41	more	more	ADV
ajfa-14168	24	42	appropriate	appropriate	ADJ
ajfa-14168	24	43	for	for	ADP
ajfa-14168	24	44	the	the	DET
ajfa-14168	24	45	credit	credit	NOUN
ajfa-14168	24	46	risk	risk	NOUN
ajfa-14168	24	47	assessment	assessment	NOUN
ajfa-14168	24	48	of	of	ADP
ajfa-14168	24	49	a	a	DET
ajfa-14168	24	50	public	public	ADJ
ajfa-14168	24	51	company	company	NOUN
ajfa-14168	24	52	.	.	PUNCT
ajfa-14168	25	1	xue	xue	PROPN
ajfa-14168	25	2	feng	feng	PROPN
ajfa-14168	25	3	,	,	PUNCT
ajfa-14168	25	4	lu	lu	PROPN
ajfa-14168	25	5	wei	wei	PROPN
ajfa-14168	25	6	,	,	PUNCT
ajfa-14168	25	7	zhao	zhao	PROPN
ajfa-14168	25	8	heng	heng	PROPN
ajfa-14168	25	9	jie	jie	PROPN
ajfa-14168	25	10	and	and	CCONJ
ajfa-14168	25	11	liu	liu	PROPN
ajfa-14168	25	12	jiyun	jiyun	PROPN
ajfa-14168	25	13	(	(	PUNCT
ajfa-14168	25	14	2003	2003	NUM
ajfa-14168	25	15	)	)	PUNCT
ajfa-14168	25	16	used	use	VERB
ajfa-14168	25	17	the	the	DET
ajfa-14168	25	18	data	datum	NOUN
ajfa-14168	25	19	of	of	ADP
ajfa-14168	25	20	china	china	PROPN
ajfa-14168	25	21	's	's	PART
ajfa-14168	25	22	stock	stock	NOUN
ajfa-14168	25	23	market	market	NOUN
ajfa-14168	25	24	to	to	PART
ajfa-14168	25	25	determine	determine	VERB
ajfa-14168	25	26	the	the	DET
ajfa-14168	25	27	relationship	relationship	NOUN
ajfa-14168	25	28	function	function	NOUN
ajfa-14168	25	29	between	between	ADP
ajfa-14168	25	30	the	the	DET
ajfa-14168	25	31	𝜎	𝜎	PROPN
ajfa-14168	25	32	and	and	CCONJ
ajfa-14168	25	33	𝜎	𝜎	PROPN
ajfa-14168	25	34	in	in	ADP
ajfa-14168	25	35	the	the	DET
ajfa-14168	25	36	actual	actual	ADJ
ajfa-14168	25	37	equity	equity	NOUN
ajfa-14168	25	38	market	market	NOUN
ajfa-14168	25	39	as	as	SCONJ
ajfa-14168	25	40	they	they	PRON
ajfa-14168	25	41	performed	perform	VERB
ajfa-14168	25	42	an	an	DET
ajfa-14168	25	43	empirical	empirical	ADJ
ajfa-14168	25	44	analysis	analysis	NOUN
ajfa-14168	25	45	based	base	VERB
ajfa-14168	25	46	on	on	ADP
ajfa-14168	25	47	a	a	DET
ajfa-14168	25	48	particular	particular	ADJ
ajfa-14168	25	49	stock	stock	NOUN
ajfa-14168	25	50	.	.	PUNCT
ajfa-14168	26	1	qiao	qiao	PROPN
ajfa-14168	26	2	zhuo	zhuo	PROPN
ajfa-14168	26	3	et	et	PROPN
ajfa-14168	26	4	al	al	PROPN
ajfa-14168	26	5	(	(	PUNCT
ajfa-14168	26	6	2003	2003	NUM
ajfa-14168	26	7	)	)	PUNCT
ajfa-14168	26	8	discussed	discuss	VERB
ajfa-14168	26	9	the	the	DET
ajfa-14168	26	10	basic	basic	ADJ
ajfa-14168	26	11	characteristics	characteristic	NOUN
ajfa-14168	26	12	of	of	ADP
ajfa-14168	26	13	the	the	DET
ajfa-14168	26	14	kmv	kmv	PROPN
ajfa-14168	26	15	model	model	NOUN
ajfa-14168	26	16	without	without	ADP
ajfa-14168	26	17	any	any	DET
ajfa-14168	26	18	empirical	empirical	ADJ
ajfa-14168	26	19	evidence	evidence	NOUN
ajfa-14168	26	20	.	.	PUNCT
ajfa-14168	27	1	on	on	ADP
ajfa-14168	27	2	the	the	DET
ajfa-14168	27	3	other	other	ADJ
ajfa-14168	27	4	hand	hand	NOUN
ajfa-14168	27	5	,	,	PUNCT
ajfa-14168	27	6	yi	yi	PROPN
ajfa-14168	27	7	danhui	danhui	PROPN
ajfa-14168	27	8	and	and	CCONJ
ajfa-14168	27	9	wu	wu	PROPN
ajfa-14168	27	10	jianmin	jianmin	PROPN
ajfa-14168	27	11	(	(	PUNCT
ajfa-14168	27	12	2004	2004	NUM
ajfa-14168	27	13	)	)	PUNCT
ajfa-14168	27	14	calculated	calculate	VERB
ajfa-14168	27	15	and	and	CCONJ
ajfa-14168	27	16	compared	compare	VERB
ajfa-14168	27	17	the	the	DET
ajfa-14168	27	18	distance	distance	NOUN
ajfa-14168	27	19	to	to	PART
ajfa-14168	27	20	default	default	VERB
ajfa-14168	27	21	and	and	CCONJ
ajfa-14168	27	22	default	default	NOUN
ajfa-14168	27	23	probability	probability	NOUN
ajfa-14168	27	24	.	.	PUNCT
ajfa-14168	28	1	with	with	ADP
ajfa-14168	28	2	30	30	NUM
ajfa-14168	28	3	companies	company	NOUN
ajfa-14168	28	4	in	in	ADP
ajfa-14168	28	5	china	china	PROPN
ajfa-14168	28	6	randomly	randomly	ADV
ajfa-14168	28	7	selected	select	VERB
ajfa-14168	28	8	from	from	ADP
ajfa-14168	28	9	the	the	DET
ajfa-14168	28	10	shenzhen	shenzhen	PROPN
ajfa-14168	28	11	and	and	CCONJ
ajfa-14168	28	12	shanghai	shanghai	PROPN
ajfa-14168	28	13	stock	stock	PROPN
ajfa-14168	28	14	markets	market	NOUN
ajfa-14168	28	15	,	,	PUNCT
ajfa-14168	28	16	the	the	DET
ajfa-14168	28	17	researchers	researcher	NOUN
ajfa-14168	28	18	verified	verify	VERB
ajfa-14168	28	19	the	the	DET
ajfa-14168	28	20	feasibility	feasibility	NOUN
ajfa-14168	28	21	of	of	ADP
ajfa-14168	28	22	measuring	measure	VERB
ajfa-14168	28	23	the	the	DET
ajfa-14168	28	24	listed	list	VERB
ajfa-14168	28	25	company	company	NOUN
ajfa-14168	28	26	’s	’s	PART
ajfa-14168	28	27	credit	credit	NOUN
ajfa-14168	28	28	risk	risk	NOUN
ajfa-14168	28	29	by	by	ADP
ajfa-14168	28	30	using	use	VERB
ajfa-14168	28	31	distance	distance	NOUN
ajfa-14168	28	32	to	to	ADP
ajfa-14168	28	33	default	default	NOUN
ajfa-14168	28	34	.	.	PUNCT
ajfa-14168	29	1	according	accord	VERB
ajfa-14168	29	2	to	to	ADP
ajfa-14168	29	3	peter	peter	PROPN
ajfa-14168	29	4	crosbie	crosbie	PROPN
ajfa-14168	29	5	(	(	PUNCT
ajfa-14168	29	6	2003	2003	NUM
ajfa-14168	29	7	)	)	PUNCT
ajfa-14168	29	8	the	the	DET
ajfa-14168	29	9	credit	credit	NOUN
ajfa-14168	29	10	risk	risk	NOUN
ajfa-14168	29	11	model	model	NOUN
ajfa-14168	29	12	can	can	AUX
ajfa-14168	29	13	be	be	AUX
ajfa-14168	29	14	summarized	summarize	VERB
ajfa-14168	29	15	as	as	SCONJ
ajfa-14168	29	16	follows	follow	NOUN
ajfa-14168	29	17	.	.	PUNCT
ajfa-14168	30	1	credit	credit	NOUN
ajfa-14168	30	2	risk	risk	NOUN
ajfa-14168	30	3	can	can	AUX
ajfa-14168	30	4	be	be	AUX
ajfa-14168	30	5	divided	divide	VERB
ajfa-14168	30	6	into	into	ADP
ajfa-14168	30	7	two	two	NUM
ajfa-14168	30	8	components	component	NOUN
ajfa-14168	30	9	:	:	PUNCT
ajfa-14168	30	10	single	single	ADJ
ajfa-14168	30	11	risk	risk	NOUN
ajfa-14168	30	12	and	and	CCONJ
ajfa-14168	30	13	portfolio	portfolio	NOUN
ajfa-14168	30	14	risk	risk	NOUN
ajfa-14168	30	15	.	.	PUNCT
ajfa-14168	31	1	while	while	SCONJ
ajfa-14168	31	2	single	single	ADJ
ajfa-14168	31	3	risk	risk	NOUN
ajfa-14168	31	4	consists	consist	VERB
ajfa-14168	31	5	of	of	ADP
ajfa-14168	31	6	pd	pd	PROPN
ajfa-14168	31	7	,	,	PUNCT
ajfa-14168	31	8	lgd	lgd	PROPN
ajfa-14168	31	9	and	and	CCONJ
ajfa-14168	31	10	migration	migration	NOUN
ajfa-14168	31	11	risk	risk	NOUN
ajfa-14168	31	12	(	(	PUNCT
ajfa-14168	31	13	migration	migration	NOUN
ajfa-14168	31	14	risk	risk	NOUN
ajfa-14168	31	15	is	be	AUX
ajfa-14168	31	16	a	a	DET
ajfa-14168	31	17	change	change	NOUN
ajfa-14168	31	18	in	in	ADP
ajfa-14168	31	19	value	value	NOUN
ajfa-14168	31	20	caused	cause	VERB
ajfa-14168	31	21	by	by	ADP
ajfa-14168	31	22	a	a	DET
ajfa-14168	31	23	deviation	deviation	NOUN
ajfa-14168	31	24	of	of	ADP
ajfa-14168	31	25	the	the	DET
ajfa-14168	31	26	actual	actual	ADJ
ajfa-14168	31	27	probability	probability	NOUN
ajfa-14168	31	28	of	of	ADP
ajfa-14168	31	29	a	a	DET
ajfa-14168	31	30	future	future	ADJ
ajfa-14168	31	31	default	default	NOUN
ajfa-14168	31	32	by	by	ADP
ajfa-14168	31	33	an	an	DET
ajfa-14168	31	34	obligor	obligor	NOUN
ajfa-14168	31	35	from	from	ADP
ajfa-14168	31	36	the	the	DET
ajfa-14168	31	37	expected	expect	VERB
ajfa-14168	31	38	probability	probability	NOUN
ajfa-14168	31	39	of	of	ADP
ajfa-14168	31	40	future	future	ADJ
ajfa-14168	31	41	default	default	NOUN
ajfa-14168	31	42	,	,	PUNCT
ajfa-14168	31	43	adversely	adversely	ADV
ajfa-14168	31	44	affecting	affect	VERB
ajfa-14168	31	45	the	the	DET
ajfa-14168	31	46	present	present	ADJ
ajfa-14168	31	47	value	value	NOUN
ajfa-14168	31	48	of	of	ADP
ajfa-14168	31	49	the	the	DET
ajfa-14168	31	50	contract	contract	NOUN
ajfa-14168	31	51	with	with	ADP
ajfa-14168	31	52	the	the	DET
ajfa-14168	31	53	obligor	obligor	NOUN
ajfa-14168	31	54	today	today	NOUN
ajfa-14168	31	55	)	)	PUNCT
ajfa-14168	31	56	,	,	PUNCT
ajfa-14168	31	57	portfolio	portfolio	NOUN
ajfa-14168	31	58	risk	risk	NOUN
ajfa-14168	31	59	comprises	comprise	VERB
ajfa-14168	31	60	risk	risk	NOUN
ajfa-14168	31	61	exposure	exposure	NOUN
ajfa-14168	31	62	and	and	CCONJ
ajfa-14168	31	63	default	default	NOUN
ajfa-14168	31	64	correlations	correlation	NOUN
ajfa-14168	31	65	.	.	PUNCT
ajfa-14168	32	1	in	in	ADP
ajfa-14168	32	2	order	order	NOUN
ajfa-14168	32	3	to	to	PART
ajfa-14168	32	4	determine	determine	VERB
ajfa-14168	32	5	a	a	DET
ajfa-14168	32	6	company	company	NOUN
ajfa-14168	32	7	’s	’s	PART
ajfa-14168	32	8	credit	credit	NOUN
ajfa-14168	32	9	risk	risk	NOUN
ajfa-14168	32	10	default	default	NOUN
ajfa-14168	32	11	probability	probability	NOUN
ajfa-14168	32	12	,	,	PUNCT
ajfa-14168	32	13	we	we	PRON
ajfa-14168	32	14	must	must	AUX
ajfa-14168	32	15	calculate	calculate	VERB
ajfa-14168	32	16	the	the	DET
ajfa-14168	32	17	company	company	NOUN
ajfa-14168	32	18	’s	’s	PART
ajfa-14168	32	19	value	value	NOUN
ajfa-14168	32	20	of	of	ADP
ajfa-14168	32	21	assets	asset	NOUN
ajfa-14168	32	22	,	,	PUNCT
ajfa-14168	32	23	asset	asset	NOUN
ajfa-14168	32	24	risk	risk	NOUN
ajfa-14168	32	25	and	and	CCONJ
ajfa-14168	32	26	leverage	leverage	NOUN
ajfa-14168	32	27	.	.	PUNCT
ajfa-14168	33	1	as	as	ADP
ajfa-14168	33	2	for	for	ADP
ajfa-14168	33	3	the	the	DET
ajfa-14168	33	4	three	three	NUM
ajfa-14168	33	5	-	-	PUNCT
ajfa-14168	33	6	step	step	NOUN
ajfa-14168	33	7	method	method	NOUN
ajfa-14168	33	8	to	to	PART
ajfa-14168	33	9	calculate	calculate	VERB
ajfa-14168	33	10	the	the	DET
ajfa-14168	33	11	expected	expect	VERB
ajfa-14168	33	12	default	default	NOUN
ajfa-14168	33	13	frequency	frequency	NOUN
ajfa-14168	33	14	of	of	ADP
ajfa-14168	33	15	the	the	DET
ajfa-14168	33	16	kmv	kmv	PROPN
ajfa-14168	33	17	model	model	NOUN
ajfa-14168	33	18	,	,	PUNCT
ajfa-14168	33	19	we	we	PRON
ajfa-14168	33	20	must	must	AUX
ajfa-14168	33	21	first	first	ADV
ajfa-14168	33	22	estimate	estimate	VERB
ajfa-14168	33	23	the	the	DET
ajfa-14168	33	24	market	market	NOUN
ajfa-14168	33	25	value	value	NOUN
ajfa-14168	33	26	of	of	ADP
ajfa-14168	33	27	the	the	DET
ajfa-14168	33	28	company	company	NOUN
ajfa-14168	33	29	’s	’s	PART
ajfa-14168	33	30	assets	asset	NOUN
ajfa-14168	33	31	and	and	CCONJ
ajfa-14168	33	32	then	then	ADV
ajfa-14168	33	33	calculate	calculate	VERB
ajfa-14168	33	34	the	the	DET
ajfa-14168	33	35	volatility	volatility	NOUN
ajfa-14168	33	36	of	of	ADP
ajfa-14168	33	37	those	those	DET
ajfa-14168	33	38	assets	asset	NOUN
ajfa-14168	33	39	.	.	PUNCT
ajfa-14168	34	1	and	and	CCONJ
ajfa-14168	34	2	after	after	SCONJ
ajfa-14168	34	3	we	we	PRON
ajfa-14168	34	4	calculate	calculate	VERB
ajfa-14168	34	5	the	the	DET
ajfa-14168	34	6	distance	distance	NOUN
ajfa-14168	34	7	to	to	PART
ajfa-14168	34	8	default	default	VERB
ajfa-14168	34	9	based	base	VERB
ajfa-14168	34	10	on	on	ADP
ajfa-14168	34	11	the	the	DET
ajfa-14168	34	12	volatility	volatility	NOUN
ajfa-14168	34	13	of	of	ADP
ajfa-14168	34	14	the	the	DET
ajfa-14168	34	15	company	company	NOUN
ajfa-14168	34	16	’s	’s	PART
ajfa-14168	34	17	assets	asset	NOUN
ajfa-14168	34	18	,	,	PUNCT
ajfa-14168	34	19	we	we	PRON
ajfa-14168	34	20	must	must	AUX
ajfa-14168	34	21	eventually	eventually	ADV
ajfa-14168	34	22	convert	convert	VERB
ajfa-14168	34	23	the	the	DET
ajfa-14168	34	24	distance	distance	NOUN
ajfa-14168	34	25	to	to	PART
ajfa-14168	34	26	default	default	VERB
ajfa-14168	34	27	to	to	ADP
ajfa-14168	34	28	the	the	DET
ajfa-14168	34	29	expected	expect	VERB
ajfa-14168	34	30	default	default	NOUN
ajfa-14168	34	31	frequency	frequency	NOUN
ajfa-14168	34	32	using	use	VERB
ajfa-14168	34	33	empirical	empirical	ADJ
ajfa-14168	34	34	distribution	distribution	NOUN
ajfa-14168	34	35	.	.	PUNCT
ajfa-14168	35	1	as	as	SCONJ
ajfa-14168	35	2	pointed	point	VERB
ajfa-14168	35	3	out	out	ADP
ajfa-14168	35	4	by	by	ADP
ajfa-14168	35	5	peter	peter	PROPN
ajfa-14168	35	6	crosbie	crosbie	PROPN
ajfa-14168	35	7	(	(	PUNCT
ajfa-14168	35	8	2003	2003	NUM
ajfa-14168	35	9	)	)	PUNCT
ajfa-14168	35	10	the	the	DET
ajfa-14168	35	11	measurement	measurement	NOUN
ajfa-14168	35	12	of	of	ADP
ajfa-14168	35	13	edf	edf	PROPN
ajfa-14168	35	14	is	be	AUX
ajfa-14168	35	15	an	an	DET
ajfa-14168	35	16	effective	effective	ADJ
ajfa-14168	35	17	tool	tool	NOUN
ajfa-14168	35	18	in	in	ADP
ajfa-14168	35	19	managing	manage	VERB
ajfa-14168	35	20	the	the	DET
ajfa-14168	35	21	credit	credit	NOUN
ajfa-14168	35	22	process	process	NOUN
ajfa-14168	35	23	of	of	ADP
ajfa-14168	35	24	institutions	institution	NOUN
ajfa-14168	35	25	and	and	CCONJ
ajfa-14168	35	26	continuous	continuous	ADJ
ajfa-14168	35	27	monitoring	monitoring	NOUN
ajfa-14168	35	28	is	be	AUX
ajfa-14168	35	29	the	the	DET
ajfa-14168	35	30	only	only	ADJ
ajfa-14168	35	31	way	way	NOUN
ajfa-14168	35	32	for	for	ADP
ajfa-14168	35	33	detecting	detect	VERB
ajfa-14168	35	34	deterioration	deterioration	NOUN
ajfa-14168	35	35	in	in	ADP
ajfa-14168	35	36	credit	credit	NOUN
ajfa-14168	35	37	quality	quality	NOUN
ajfa-14168	35	38	.	.	PUNCT
ajfa-14168	36	1	because	because	SCONJ
ajfa-14168	36	2	the	the	DET
ajfa-14168	36	3	edf	edf	PROPN
ajfa-14168	36	4	value	value	NOUN
ajfa-14168	36	5	is	be	AUX
ajfa-14168	36	6	a	a	DET
ajfa-14168	36	7	real	real	ADJ
ajfa-14168	36	8	probability	probability	NOUN
ajfa-14168	36	9	,	,	PUNCT
ajfa-14168	36	10	it	it	PRON
ajfa-14168	36	11	is	be	AUX
ajfa-14168	36	12	widely	widely	ADV
ajfa-14168	36	13	used	use	VERB
ajfa-14168	36	14	by	by	ADP
ajfa-14168	36	15	institutions	institution	NOUN
ajfa-14168	36	16	to	to	PART
ajfa-14168	36	17	measure	measure	VERB
ajfa-14168	36	18	credit	credit	NOUN
ajfa-14168	36	19	risk	risk	NOUN
ajfa-14168	36	20	.	.	PUNCT
ajfa-14168	37	1	michel	michel	PROPN
ajfa-14168	37	2	crouhy	crouhy	PROPN
ajfa-14168	37	3	,	,	PUNCT
ajfa-14168	37	4	dan	dan	PROPN
ajfa-14168	37	5	galai	galai	PROPN
ajfa-14168	37	6	and	and	CCONJ
ajfa-14168	37	7	robert	robert	PROPN
ajfa-14168	37	8	mark	mark	PROPN
ajfa-14168	37	9	(	(	PUNCT
ajfa-14168	37	10	2000	2000	NUM
ajfa-14168	37	11	)	)	PUNCT
ajfa-14168	37	12	performed	perform	VERB
ajfa-14168	37	13	a	a	DET
ajfa-14168	37	14	comprehensive	comprehensive	ADJ
ajfa-14168	37	15	analysis	analysis	NOUN
ajfa-14168	37	16	on	on	ADP
ajfa-14168	37	17	the	the	DET
ajfa-14168	37	18	current	current	ADJ
ajfa-14168	37	19	credit	credit	NOUN
ajfa-14168	37	20	risk	risk	NOUN
ajfa-14168	37	21	models	model	NOUN
ajfa-14168	37	22	—	—	PUNCT
ajfa-14168	37	23	comparing	compare	VERB
ajfa-14168	37	24	the	the	DET
ajfa-14168	37	25	creditmetrics	creditmetric	NOUN
ajfa-14168	37	26	,	,	PUNCT
ajfa-14168	37	27	kmv	kmv	NOUN
ajfa-14168	37	28	,	,	PUNCT
ajfa-14168	37	29	creditrisk+	creditrisk+	NOUN
ajfa-14168	37	30	and	and	CCONJ
ajfa-14168	37	31	creditprotfolioview	creditprotfolioview	NOUN
ajfa-14168	37	32	models	model	NOUN
ajfa-14168	37	33	.	.	PUNCT
ajfa-14168	38	1	creditmetrics	creditmetric	NOUN
ajfa-14168	38	2	is	be	AUX
ajfa-14168	38	3	a	a	DET
ajfa-14168	38	4	credit	credit	NOUN
ajfa-14168	38	5	migration	migration	NOUN
ajfa-14168	38	6	approach	approach	NOUN
ajfa-14168	38	7	proposed	propose	VERB
ajfa-14168	38	8	by	by	ADP
ajfa-14168	38	9	jp	jp	PROPN
ajfa-14168	38	10	morgan	morgan	PROPN
ajfa-14168	38	11	that	that	PRON
ajfa-14168	38	12	accounts	account	VERB
ajfa-14168	38	13	for	for	ADP
ajfa-14168	38	14	the	the	DET
ajfa-14168	38	15	change	change	NOUN
ajfa-14168	38	16	of	of	ADP
ajfa-14168	38	17	the	the	DET
ajfa-14168	38	18	company	company	NOUN
ajfa-14168	38	19	’s	’s	PART
ajfa-14168	38	20	credit	credit	NOUN
ajfa-14168	38	21	quality	quality	NOUN
ajfa-14168	38	22	within	within	ADP
ajfa-14168	38	23	a	a	DET
ajfa-14168	38	24	time	time	NOUN
ajfa-14168	38	25	period	period	NOUN
ajfa-14168	38	26	.	.	PUNCT
ajfa-14168	39	1	meanwhile	meanwhile	ADV
ajfa-14168	39	2	,	,	PUNCT
ajfa-14168	39	3	the	the	DET
ajfa-14168	39	4	option	option	NOUN
ajfa-14168	39	5	pricing	pricing	NOUN
ajfa-14168	39	6	method	method	NOUN
ajfa-14168	39	7	or	or	CCONJ
ajfa-14168	39	8	structural	structural	ADJ
ajfa-14168	39	9	approach	approach	NOUN
ajfa-14168	39	10	is	be	AUX
ajfa-14168	39	11	initiated	initiate	VERB
ajfa-14168	39	12	by	by	ADP
ajfa-14168	39	13	kmv	kmv	NOUN
ajfa-14168	39	14	based	base	VERB
ajfa-14168	39	15	on	on	ADP
ajfa-14168	39	16	the	the	DET
ajfa-14168	39	17	asset	asset	NOUN
ajfa-14168	39	18	value	value	NOUN
ajfa-14168	39	19	model	model	NOUN
ajfa-14168	39	20	originally	originally	ADV
ajfa-14168	39	21	proposed	propose	VERB
ajfa-14168	39	22	by	by	ADP
ajfa-14168	39	23	merton	merton	PROPN
ajfa-14168	39	24	.	.	PUNCT
ajfa-14168	40	1	kmv	kmv	PROPN
ajfa-14168	40	2	is	be	AUX
ajfa-14168	40	3	then	then	ADV
ajfa-14168	40	4	used	use	VERB
ajfa-14168	40	5	to	to	PART
ajfa-14168	40	6	further	far	ADV
ajfa-14168	40	7	develop	develop	VERB
ajfa-14168	40	8	the	the	DET
ajfa-14168	40	9	option	option	NOUN
ajfa-14168	40	10	pricing	pricing	NOUN
ajfa-14168	40	11	theory	theory	NOUN
ajfa-14168	40	12	.	.	PUNCT
ajfa-14168	41	1	as	as	SCONJ
ajfa-14168	41	2	the	the	DET
ajfa-14168	41	3	endogenous	endogenous	ADJ
ajfa-14168	41	4	default	default	NOUN
ajfa-14168	41	5	process	process	NOUN
ajfa-14168	41	6	in	in	ADP
ajfa-14168	41	7	the	the	DET
ajfa-14168	41	8	model	model	NOUN
ajfa-14168	41	9	is	be	AUX
ajfa-14168	41	10	compatible	compatible	ADJ
ajfa-14168	41	11	with	with	ADP
ajfa-14168	41	12	the	the	DET
ajfa-14168	41	13	capital	capital	NOUN
ajfa-14168	41	14	structure	structure	NOUN
ajfa-14168	41	15	of	of	ADP
ajfa-14168	41	16	the	the	DET
ajfa-14168	41	17	company	company	NOUN
ajfa-14168	41	18	,	,	PUNCT
ajfa-14168	41	19	the	the	DET
ajfa-14168	41	20	company	company	NOUN
ajfa-14168	41	21	will	will	AUX
ajfa-14168	41	22	suffer	suffer	VERB
ajfa-14168	41	23	default	default	NOUN
ajfa-14168	41	24	when	when	SCONJ
ajfa-14168	41	25	the	the	DET
ajfa-14168	41	26	asset	asset	NOUN
ajfa-14168	41	27	value	value	NOUN
ajfa-14168	41	28	of	of	ADP
ajfa-14168	41	29	the	the	DET
ajfa-14168	41	30	company	company	NOUN
ajfa-14168	41	31	is	be	AUX
ajfa-14168	41	32	below	below	ADP
ajfa-14168	41	33	a	a	DET
ajfa-14168	41	34	certain	certain	ADJ
ajfa-14168	41	35	level	level	NOUN
ajfa-14168	41	36	.	.	PUNCT
ajfa-14168	42	1	on	on	ADP
ajfa-14168	42	2	the	the	DET
ajfa-14168	42	3	other	other	ADJ
ajfa-14168	42	4	hand	hand	NOUN
ajfa-14168	42	5	,	,	PUNCT
ajfa-14168	42	6	creditrisk+	creditrisk+	PROPN
ajfa-14168	42	7	is	be	AUX
ajfa-14168	42	8	an	an	DET
ajfa-14168	42	9	actuarial	actuarial	ADJ
ajfa-14168	42	10	approach	approach	NOUN
ajfa-14168	42	11	asian	asian	ADJ
ajfa-14168	42	12	journal	journal	NOUN
ajfa-14168	42	13	of	of	ADP
ajfa-14168	42	14	finance	finance	PROPN
ajfa-14168	42	15	&	&	CCONJ
ajfa-14168	42	16	accounting	accounting	PROPN
ajfa-14168	42	17	issn	issn	PROPN
ajfa-14168	42	18	1946	1946	NUM
ajfa-14168	42	19	-	-	PUNCT
ajfa-14168	42	20	052x	052x	PROPN
ajfa-14168	42	21	2019	2019	NUM
ajfa-14168	42	22	,	,	PUNCT
ajfa-14168	42	23	vol	vol	NOUN
ajfa-14168	42	24	.	.	PROPN
ajfa-14168	43	1	11	11	NUM
ajfa-14168	43	2	,	,	PUNCT
ajfa-14168	43	3	no	no	INTJ
ajfa-14168	43	4	.	.	NOUN
ajfa-14168	43	5	1	1	NUM
ajfa-14168	43	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	43	7	144	144	NUM
ajfa-14168	43	8	proposed	propose	VERB
ajfa-14168	43	9	by	by	ADP
ajfa-14168	43	10	credit	credit	NOUN
ajfa-14168	43	11	suisse	suisse	NOUN
ajfa-14168	43	12	financial	financial	ADJ
ajfa-14168	43	13	products	product	NOUN
ajfa-14168	43	14	(	(	PUNCT
ajfa-14168	43	15	csfp	csfp	NOUN
ajfa-14168	43	16	)	)	PUNCT
ajfa-14168	43	17	to	to	PART
ajfa-14168	43	18	calculate	calculate	VERB
ajfa-14168	43	19	default	default	NOUN
ajfa-14168	43	20	probability	probability	NOUN
ajfa-14168	43	21	.	.	PUNCT
ajfa-14168	44	1	focusing	focus	VERB
ajfa-14168	44	2	on	on	ADP
ajfa-14168	44	3	default	default	NOUN
ajfa-14168	44	4	probability	probability	NOUN
ajfa-14168	44	5	using	use	VERB
ajfa-14168	44	6	joint	joint	ADJ
ajfa-14168	44	7	conditional	conditional	ADJ
ajfa-14168	44	8	distribution	distribution	NOUN
ajfa-14168	44	9	,	,	PUNCT
ajfa-14168	44	10	this	this	DET
ajfa-14168	44	11	approach	approach	NOUN
ajfa-14168	44	12	assumes	assume	VERB
ajfa-14168	44	13	that	that	SCONJ
ajfa-14168	44	14	individual	individual	ADJ
ajfa-14168	44	15	bonds	bond	NOUN
ajfa-14168	44	16	and	and	CCONJ
ajfa-14168	44	17	loans	loan	NOUN
ajfa-14168	44	18	follow	follow	VERB
ajfa-14168	44	19	an	an	DET
ajfa-14168	44	20	exogenous	exogenous	ADJ
ajfa-14168	44	21	poisson	poisson	NOUN
ajfa-14168	44	22	process	process	NOUN
ajfa-14168	44	23	.	.	PUNCT
ajfa-14168	45	1	as	as	ADP
ajfa-14168	45	2	for	for	ADP
ajfa-14168	45	3	the	the	DET
ajfa-14168	45	4	last	last	ADJ
ajfa-14168	45	5	model	model	NOUN
ajfa-14168	45	6	,	,	PUNCT
ajfa-14168	45	7	credit	credit	NOUN
ajfa-14168	45	8	portfolio	portfolio	NOUN
ajfa-14168	45	9	view	view	NOUN
ajfa-14168	45	10	—	—	PUNCT
ajfa-14168	45	11	proposed	propose	VERB
ajfa-14168	45	12	by	by	ADP
ajfa-14168	45	13	mckinsey	mckinsey	NOUN
ajfa-14168	45	14	—	—	PUNCT
ajfa-14168	45	15	is	be	AUX
ajfa-14168	45	16	a	a	DET
ajfa-14168	45	17	time	time	NOUN
ajfa-14168	45	18	model	model	NOUN
ajfa-14168	45	19	using	use	VERB
ajfa-14168	45	20	discrete	discrete	ADJ
ajfa-14168	45	21	time	time	NOUN
ajfa-14168	45	22	periods	period	NOUN
ajfa-14168	45	23	.	.	PUNCT
ajfa-14168	46	1	unlike	unlike	ADP
ajfa-14168	46	2	the	the	DET
ajfa-14168	46	3	other	other	ADJ
ajfa-14168	46	4	models	model	NOUN
ajfa-14168	46	5	,	,	PUNCT
ajfa-14168	46	6	credi	credi	PROPN
ajfa-14168	46	7	tportfolio	tportfolio	PROPN
ajfa-14168	46	8	view	view	NOUN
ajfa-14168	46	9	uses	use	VERB
ajfa-14168	46	10	macroscopic	macroscopic	ADJ
ajfa-14168	46	11	variables	variable	NOUN
ajfa-14168	46	12	—	—	PUNCT
ajfa-14168	46	13	such	such	ADJ
ajfa-14168	46	14	as	as	ADP
ajfa-14168	46	15	unemployment	unemployment	NOUN
ajfa-14168	46	16	rate	rate	NOUN
ajfa-14168	46	17	,	,	PUNCT
ajfa-14168	46	18	government	government	NOUN
ajfa-14168	46	19	expenditure	expenditure	NOUN
ajfa-14168	46	20	and	and	CCONJ
ajfa-14168	46	21	gdp	gdp	NOUN
ajfa-14168	46	22	growth	growth	NOUN
ajfa-14168	46	23	—	—	PUNCT
ajfa-14168	46	24	that	that	PRON
ajfa-14168	46	25	play	play	VERB
ajfa-14168	46	26	a	a	DET
ajfa-14168	46	27	vital	vital	ADJ
ajfa-14168	46	28	role	role	NOUN
ajfa-14168	46	29	in	in	ADP
ajfa-14168	46	30	the	the	DET
ajfa-14168	46	31	credit	credit	NOUN
ajfa-14168	46	32	cycle	cycle	NOUN
ajfa-14168	46	33	of	of	ADP
ajfa-14168	46	34	the	the	DET
ajfa-14168	46	35	economy	economy	NOUN
ajfa-14168	46	36	.	.	PUNCT
ajfa-14168	47	1	according	accord	VERB
ajfa-14168	47	2	to	to	ADP
ajfa-14168	47	3	michel	michel	PROPN
ajfa-14168	47	4	crouhy	crouhy	PROPN
ajfa-14168	47	5	,	,	PUNCT
ajfa-14168	47	6	dan	dan	PROPN
ajfa-14168	47	7	galai	galai	PROPN
ajfa-14168	47	8	and	and	CCONJ
ajfa-14168	47	9	robert	robert	PROPN
ajfa-14168	47	10	mark	mark	PROPN
ajfa-14168	47	11	(	(	PUNCT
ajfa-14168	47	12	2000	2000	NUM
ajfa-14168	47	13	)	)	PUNCT
ajfa-14168	47	14	both	both	CCONJ
ajfa-14168	47	15	the	the	DET
ajfa-14168	47	16	credit	credit	NOUN
ajfa-14168	47	17	portfolio	portfolio	NOUN
ajfa-14168	47	18	view	view	NOUN
ajfa-14168	47	19	and	and	CCONJ
ajfa-14168	47	20	kmv	kmv	NOUN
ajfa-14168	47	21	methods	method	NOUN
ajfa-14168	47	22	are	be	AUX
ajfa-14168	47	23	based	base	VERB
ajfa-14168	47	24	on	on	ADP
ajfa-14168	47	25	the	the	DET
ajfa-14168	47	26	same	same	ADJ
ajfa-14168	47	27	empirical	empirical	ADJ
ajfa-14168	47	28	observation	observation	NOUN
ajfa-14168	47	29	,	,	PUNCT
ajfa-14168	47	30	with	with	ADP
ajfa-14168	47	31	their	their	PRON
ajfa-14168	47	32	default	default	NOUN
ajfa-14168	47	33	risk	risk	NOUN
ajfa-14168	47	34	and	and	CCONJ
ajfa-14168	47	35	migration	migration	NOUN
ajfa-14168	47	36	probability	probability	NOUN
ajfa-14168	47	37	changing	change	VERB
ajfa-14168	47	38	over	over	ADP
ajfa-14168	47	39	time	time	NOUN
ajfa-14168	47	40	.	.	PUNCT
ajfa-14168	48	1	while	while	SCONJ
ajfa-14168	48	2	the	the	DET
ajfa-14168	48	3	kmv	kmv	PROPN
ajfa-14168	48	4	method	method	NOUN
ajfa-14168	48	5	adopts	adopt	VERB
ajfa-14168	48	6	microeconomic	microeconomic	ADJ
ajfa-14168	48	7	factors	factor	NOUN
ajfa-14168	48	8	by	by	ADP
ajfa-14168	48	9	using	use	VERB
ajfa-14168	48	10	the	the	DET
ajfa-14168	48	11	market	market	NOUN
ajfa-14168	48	12	value	value	NOUN
ajfa-14168	48	13	of	of	ADP
ajfa-14168	48	14	assets	asset	NOUN
ajfa-14168	48	15	to	to	PART
ajfa-14168	48	16	measure	measure	VERB
ajfa-14168	48	17	the	the	DET
ajfa-14168	48	18	pd	pd	PROPN
ajfa-14168	48	19	of	of	ADP
ajfa-14168	48	20	the	the	DET
ajfa-14168	48	21	debtor	debtor	NOUN
ajfa-14168	48	22	,	,	PUNCT
ajfa-14168	48	23	the	the	DET
ajfa-14168	48	24	credit	credit	NOUN
ajfa-14168	48	25	portfolio	portfolio	NOUN
ajfa-14168	48	26	view	view	NOUN
ajfa-14168	48	27	method	method	NOUN
ajfa-14168	48	28	links	link	NOUN
ajfa-14168	48	29	the	the	DET
ajfa-14168	48	30	pd	pd	PROPN
ajfa-14168	48	31	to	to	ADP
ajfa-14168	48	32	the	the	DET
ajfa-14168	48	33	probability	probability	NOUN
ajfa-14168	48	34	of	of	ADP
ajfa-14168	48	35	mitigation	mitigation	NOUN
ajfa-14168	48	36	by	by	ADP
ajfa-14168	48	37	using	use	VERB
ajfa-14168	48	38	macroeconomic	macroeconomic	ADJ
ajfa-14168	48	39	factors	factor	NOUN
ajfa-14168	48	40	.	.	PUNCT
ajfa-14168	49	1	but	but	CCONJ
ajfa-14168	49	2	we	we	PRON
ajfa-14168	49	3	still	still	ADV
ajfa-14168	49	4	need	need	VERB
ajfa-14168	49	5	to	to	PART
ajfa-14168	49	6	calibrate	calibrate	VERB
ajfa-14168	49	7	default	default	NOUN
ajfa-14168	49	8	data	datum	NOUN
ajfa-14168	49	9	for	for	ADP
ajfa-14168	49	10	every	every	DET
ajfa-14168	49	11	country	country	NOUN
ajfa-14168	49	12	and	and	CCONJ
ajfa-14168	49	13	corresponding	correspond	VERB
ajfa-14168	49	14	industries	industry	NOUN
ajfa-14168	49	15	.	.	PUNCT
ajfa-14168	50	1	and	and	CCONJ
ajfa-14168	50	2	the	the	DET
ajfa-14168	50	3	ad	ad	NOUN
ajfa-14168	50	4	-	-	PUNCT
ajfa-14168	50	5	hoc	hoc	X
ajfa-14168	50	6	procedure	procedure	NOUN
ajfa-14168	50	7	in	in	ADP
ajfa-14168	50	8	adjusting	adjust	VERB
ajfa-14168	50	9	the	the	DET
ajfa-14168	50	10	mitigation	mitigation	NOUN
ajfa-14168	50	11	matrix	matrix	NOUN
ajfa-14168	50	12	is	be	AUX
ajfa-14168	50	13	another	another	DET
ajfa-14168	50	14	obvious	obvious	ADJ
ajfa-14168	50	15	limitation	limitation	NOUN
ajfa-14168	50	16	.	.	PUNCT
ajfa-14168	51	1	being	be	AUX
ajfa-14168	51	2	more	more	ADV
ajfa-14168	51	3	practical	practical	ADJ
ajfa-14168	51	4	than	than	ADP
ajfa-14168	51	5	the	the	DET
ajfa-14168	51	6	simple	simple	ADJ
ajfa-14168	51	7	bayesian	bayesian	NOUN
ajfa-14168	51	8	model	model	NOUN
ajfa-14168	51	9	though	though	ADV
ajfa-14168	51	10	,	,	PUNCT
ajfa-14168	51	11	the	the	DET
ajfa-14168	51	12	proposed	propose	VERB
ajfa-14168	51	13	models	model	NOUN
ajfa-14168	51	14	should	should	AUX
ajfa-14168	51	15	perform	perform	VERB
ajfa-14168	51	16	better	well	ADV
ajfa-14168	51	17	because	because	SCONJ
ajfa-14168	51	18	the	the	DET
ajfa-14168	51	19	revision	revision	NOUN
ajfa-14168	51	20	of	of	ADP
ajfa-14168	51	21	transition	transition	NOUN
ajfa-14168	51	22	probability	probability	NOUN
ajfa-14168	51	23	depends	depend	VERB
ajfa-14168	51	24	on	on	ADP
ajfa-14168	51	25	the	the	DET
ajfa-14168	51	26	accumulation	accumulation	NOUN
ajfa-14168	51	27	of	of	ADP
ajfa-14168	51	28	internal	internal	ADJ
ajfa-14168	51	29	professional	professional	ADJ
ajfa-14168	51	30	knowledge	knowledge	NOUN
ajfa-14168	51	31	of	of	ADP
ajfa-14168	51	32	the	the	DET
ajfa-14168	51	33	bank	bank	NOUN
ajfa-14168	51	34	's	's	PART
ajfa-14168	51	35	credit	credit	NOUN
ajfa-14168	51	36	department	department	NOUN
ajfa-14168	51	37	and	and	CCONJ
ajfa-14168	51	38	the	the	DET
ajfa-14168	51	39	internal	internal	ADJ
ajfa-14168	51	40	credit	credit	NOUN
ajfa-14168	51	41	quality	quality	NOUN
ajfa-14168	51	42	assessment	assessment	NOUN
ajfa-14168	51	43	of	of	ADP
ajfa-14168	51	44	a	a	DET
ajfa-14168	51	45	bank	bank	NOUN
ajfa-14168	51	46	's	's	PART
ajfa-14168	51	47	given	give	VERB
ajfa-14168	51	48	credit	credit	NOUN
ajfa-14168	51	49	portfolio	portfolio	NOUN
ajfa-14168	51	50	.	.	PUNCT
ajfa-14168	52	1	the	the	DET
ajfa-14168	52	2	kmv	kmv	PROPN
ajfa-14168	52	3	method	method	NOUN
ajfa-14168	52	4	is	be	AUX
ajfa-14168	52	5	related	relate	VERB
ajfa-14168	52	6	to	to	ADP
ajfa-14168	52	7	the	the	DET
ajfa-14168	52	8	credit	credit	NOUN
ajfa-14168	52	9	portfolio	portfolio	NOUN
ajfa-14168	52	10	view	view	NOUN
ajfa-14168	52	11	method	method	NOUN
ajfa-14168	52	12	since	since	SCONJ
ajfa-14168	52	13	the	the	DET
ajfa-14168	52	14	company	company	NOUN
ajfa-14168	52	15	's	's	PART
ajfa-14168	52	16	market	market	NOUN
ajfa-14168	52	17	value	value	NOUN
ajfa-14168	52	18	is	be	AUX
ajfa-14168	52	19	mostly	mostly	ADV
ajfa-14168	52	20	dependent	dependent	ADJ
ajfa-14168	52	21	on	on	ADP
ajfa-14168	52	22	the	the	DET
ajfa-14168	52	23	economic	economic	ADJ
ajfa-14168	52	24	situation	situation	NOUN
ajfa-14168	52	25	.	.	PUNCT
ajfa-14168	53	1	therefore	therefore	ADV
ajfa-14168	53	2	,	,	PUNCT
ajfa-14168	53	3	the	the	DET
ajfa-14168	53	4	transition	transition	NOUN
ajfa-14168	53	5	matrices	matrix	NOUN
ajfa-14168	53	6	produced	produce	VERB
ajfa-14168	53	7	by	by	ADP
ajfa-14168	53	8	the	the	DET
ajfa-14168	53	9	kmv	kmv	PROPN
ajfa-14168	53	10	and	and	CCONJ
ajfa-14168	53	11	credit	credit	NOUN
ajfa-14168	53	12	portfolio	portfolio	NOUN
ajfa-14168	53	13	view	view	NOUN
ajfa-14168	53	14	methods	method	NOUN
ajfa-14168	53	15	are	be	AUX
ajfa-14168	53	16	comparable	comparable	ADJ
ajfa-14168	53	17	.	.	PUNCT
ajfa-14168	54	1	edward	edward	PROPN
ajfa-14168	54	2	i.	i.	PROPN
ajfa-14168	54	3	altman	altman	PROPN
ajfa-14168	54	4	and	and	CCONJ
ajfa-14168	54	5	anthony	anthony	PROPN
ajfa-14168	54	6	saunders	saunders	PROPN
ajfa-14168	54	7	(	(	PUNCT
ajfa-14168	54	8	1998	1998	NUM
ajfa-14168	54	9	)	)	PUNCT
ajfa-14168	54	10	summarized	summarize	VERB
ajfa-14168	54	11	the	the	DET
ajfa-14168	54	12	development	development	NOUN
ajfa-14168	54	13	of	of	ADP
ajfa-14168	54	14	credit	credit	NOUN
ajfa-14168	54	15	risk	risk	NOUN
ajfa-14168	54	16	models	model	NOUN
ajfa-14168	54	17	in	in	ADP
ajfa-14168	54	18	the	the	DET
ajfa-14168	54	19	last	last	ADJ
ajfa-14168	54	20	two	two	NUM
ajfa-14168	54	21	decades	decade	NOUN
ajfa-14168	54	22	.	.	PUNCT
ajfa-14168	55	1	first	first	ADV
ajfa-14168	55	2	,	,	PUNCT
ajfa-14168	55	3	the	the	DET
ajfa-14168	55	4	researchers	researcher	NOUN
ajfa-14168	55	5	discussed	discuss	VERB
ajfa-14168	55	6	the	the	DET
ajfa-14168	55	7	evolution	evolution	NOUN
ajfa-14168	55	8	of	of	ADP
ajfa-14168	55	9	individual	individual	ADJ
ajfa-14168	55	10	loans	loan	NOUN
ajfa-14168	55	11	and	and	CCONJ
ajfa-14168	55	12	portfolio	portfolio	NOUN
ajfa-14168	55	13	of	of	ADP
ajfa-14168	55	14	the	the	DET
ajfa-14168	55	15	loans	loan	NOUN
ajfa-14168	55	16	credit	credit	NOUN
ajfa-14168	55	17	risk	risk	NOUN
ajfa-14168	55	18	measurement	measurement	NOUN
ajfa-14168	55	19	put	put	VERB
ajfa-14168	55	20	forward	forward	ADP
ajfa-14168	55	21	by	by	ADP
ajfa-14168	55	22	the	the	DET
ajfa-14168	55	23	journal	journal	NOUN
ajfa-14168	55	24	of	of	ADP
ajfa-14168	55	25	banking	banking	NOUN
ajfa-14168	55	26	&	&	CCONJ
ajfa-14168	55	27	finance	finance	PROPN
ajfa-14168	55	28	and	and	CCONJ
ajfa-14168	55	29	other	other	ADJ
ajfa-14168	55	30	well	well	ADV
ajfa-14168	55	31	-	-	PUNCT
ajfa-14168	55	32	known	know	VERB
ajfa-14168	55	33	publications	publication	NOUN
ajfa-14168	55	34	.	.	PUNCT
ajfa-14168	56	1	subsequently	subsequently	ADV
ajfa-14168	56	2	,	,	PUNCT
ajfa-14168	56	3	the	the	DET
ajfa-14168	56	4	researchers	researcher	NOUN
ajfa-14168	56	5	presented	present	VERB
ajfa-14168	56	6	a	a	DET
ajfa-14168	56	7	new	new	ADJ
ajfa-14168	56	8	mortality	mortality	NOUN
ajfa-14168	56	9	risk	risk	NOUN
ajfa-14168	56	10	framework	framework	NOUN
ajfa-14168	56	11	that	that	PRON
ajfa-14168	56	12	could	could	AUX
ajfa-14168	56	13	be	be	AUX
ajfa-14168	56	14	used	use	VERB
ajfa-14168	56	15	to	to	PART
ajfa-14168	56	16	measure	measure	VERB
ajfa-14168	56	17	the	the	DET
ajfa-14168	56	18	risk	risk	NOUN
ajfa-14168	56	19	and	and	CCONJ
ajfa-14168	56	20	return	return	NOUN
ajfa-14168	56	21	of	of	ADP
ajfa-14168	56	22	loans	loan	NOUN
ajfa-14168	56	23	and	and	CCONJ
ajfa-14168	56	24	bonds	bond	NOUN
ajfa-14168	56	25	.	.	PUNCT
ajfa-14168	57	1	offering	offer	VERB
ajfa-14168	57	2	us	we	PRON
ajfa-14168	57	3	some	some	DET
ajfa-14168	57	4	hope	hope	NOUN
ajfa-14168	57	5	for	for	ADP
ajfa-14168	57	6	analyzing	analyze	VERB
ajfa-14168	57	7	the	the	DET
ajfa-14168	57	8	risk	risk	NOUN
ajfa-14168	57	9	-	-	PUNCT
ajfa-14168	57	10	return	return	NOUN
ajfa-14168	57	11	structure	structure	NOUN
ajfa-14168	57	12	of	of	ADP
ajfa-14168	57	13	portfolio	portfolio	NOUN
ajfa-14168	57	14	of	of	ADP
ajfa-14168	57	15	debt	debt	NOUN
ajfa-14168	57	16	instruments	instrument	NOUN
ajfa-14168	57	17	exposed	expose	VERB
ajfa-14168	57	18	to	to	ADP
ajfa-14168	57	19	credit	credit	NOUN
ajfa-14168	57	20	risk	risk	NOUN
ajfa-14168	57	21	,	,	PUNCT
ajfa-14168	57	22	the	the	DET
ajfa-14168	57	23	framework	framework	NOUN
ajfa-14168	57	24	basically	basically	ADV
ajfa-14168	57	25	uses	use	VERB
ajfa-14168	57	26	a	a	DET
ajfa-14168	57	27	variant	variant	ADJ
ajfa-14168	57	28	z	z	NOUN
ajfa-14168	57	29	-	-	PUNCT
ajfa-14168	57	30	score	score	NOUN
ajfa-14168	57	31	model	model	NOUN
ajfa-14168	57	32	—	—	PUNCT
ajfa-14168	57	33	called	call	VERB
ajfa-14168	57	34	𝑍	𝑍	PROPN
ajfa-14168	57	35	−	−	PROPN
ajfa-14168	57	36	𝑆𝑐𝑜𝑟𝑒	𝑆𝑐𝑜𝑟𝑒	PROPN
ajfa-14168	57	37	model	model	NOUN
ajfa-14168	57	38	—	—	PUNCT
ajfa-14168	57	39	to	to	PART
ajfa-14168	57	40	determine	determine	VERB
ajfa-14168	57	41	unexpected	unexpected	ADJ
ajfa-14168	57	42	losses	loss	NOUN
ajfa-14168	57	43	(	(	PUNCT
ajfa-14168	57	44	the	the	DET
ajfa-14168	57	45	unexpected	unexpected	ADJ
ajfa-14168	57	46	loss	loss	NOUN
ajfa-14168	57	47	is	be	AUX
ajfa-14168	57	48	the	the	DET
ajfa-14168	57	49	average	average	ADJ
ajfa-14168	57	50	total	total	ADJ
ajfa-14168	57	51	loss	loss	NOUN
ajfa-14168	57	52	over	over	ADV
ajfa-14168	57	53	and	and	CCONJ
ajfa-14168	57	54	above	above	ADP
ajfa-14168	57	55	the	the	DET
ajfa-14168	57	56	mean	mean	ADJ
ajfa-14168	57	57	loss	loss	NOUN
ajfa-14168	57	58	.	.	PUNCT
ajfa-14168	58	1	it	it	PRON
ajfa-14168	58	2	is	be	AUX
ajfa-14168	58	3	calculated	calculate	VERB
ajfa-14168	58	4	as	as	ADP
ajfa-14168	58	5	a	a	DET
ajfa-14168	58	6	standard	standard	ADJ
ajfa-14168	58	7	deviation	deviation	NOUN
ajfa-14168	58	8	from	from	ADP
ajfa-14168	58	9	the	the	DET
ajfa-14168	58	10	mean	mean	NOUN
ajfa-14168	58	11	at	at	ADP
ajfa-14168	58	12	a	a	DET
ajfa-14168	58	13	certain	certain	ADJ
ajfa-14168	58	14	confidence	confidence	NOUN
ajfa-14168	58	15	level	level	NOUN
ajfa-14168	58	16	.	.	PUNCT
ajfa-14168	59	1	it	it	PRON
ajfa-14168	59	2	is	be	AUX
ajfa-14168	59	3	also	also	ADV
ajfa-14168	59	4	referred	refer	VERB
ajfa-14168	59	5	to	to	ADP
ajfa-14168	59	6	as	as	ADP
ajfa-14168	59	7	credit	credit	NOUN
ajfa-14168	59	8	var	var	NOUN
ajfa-14168	59	9	.	.	PUNCT
ajfa-14168	59	10	)	)	PUNCT
ajfa-14168	59	11	and	and	CCONJ
ajfa-14168	59	12	to	to	PART
ajfa-14168	59	13	assign	assign	VERB
ajfa-14168	59	14	a	a	DET
ajfa-14168	59	15	bond	bond	NOUN
ajfa-14168	59	16	rating	rating	NOUN
ajfa-14168	59	17	that	that	PRON
ajfa-14168	59	18	is	be	AUX
ajfa-14168	59	19	equivalent	equivalent	ADJ
ajfa-14168	59	20	to	to	ADP
ajfa-14168	59	21	the	the	DET
ajfa-14168	59	22	portfolio	portfolio	NOUN
ajfa-14168	59	23	which	which	PRON
ajfa-14168	59	24	each	each	DET
ajfa-14168	59	25	loan	loan	NOUN
ajfa-14168	59	26	or	or	CCONJ
ajfa-14168	59	27	bond	bond	NOUN
ajfa-14168	59	28	may	may	AUX
ajfa-14168	59	29	enter	enter	VERB
ajfa-14168	59	30	.	.	PUNCT
ajfa-14168	60	1	as	as	SCONJ
ajfa-14168	60	2	these	these	DET
ajfa-14168	60	3	scores	score	NOUN
ajfa-14168	60	4	and	and	CCONJ
ajfa-14168	60	5	rating	rating	NOUN
ajfa-14168	60	6	equivalents	equivalent	NOUN
ajfa-14168	60	7	can	can	AUX
ajfa-14168	60	8	consistently	consistently	ADV
ajfa-14168	60	9	estimate	estimate	VERB
ajfa-14168	60	10	expected	expect	VERB
ajfa-14168	60	11	losses	loss	NOUN
ajfa-14168	60	12	,	,	PUNCT
ajfa-14168	60	13	we	we	PRON
ajfa-14168	60	14	should	should	AUX
ajfa-14168	60	15	have	have	VERB
ajfa-14168	60	16	a	a	DET
ajfa-14168	60	17	specific	specific	ADJ
ajfa-14168	60	18	procedure	procedure	NOUN
ajfa-14168	60	19	for	for	ADP
ajfa-14168	60	20	estimating	estimate	VERB
ajfa-14168	60	21	unexpected	unexpected	ADJ
ajfa-14168	60	22	losses	loss	NOUN
ajfa-14168	60	23	if	if	SCONJ
ajfa-14168	60	24	we	we	PRON
ajfa-14168	60	25	have	have	VERB
ajfa-14168	60	26	access	access	NOUN
ajfa-14168	60	27	to	to	ADP
ajfa-14168	60	28	the	the	DET
ajfa-14168	60	29	standard	standard	ADJ
ajfa-14168	60	30	deviation	deviation	NOUN
ajfa-14168	60	31	around	around	ADP
ajfa-14168	60	32	the	the	DET
ajfa-14168	60	33	expected	expect	VERB
ajfa-14168	60	34	losses	loss	NOUN
ajfa-14168	60	35	.	.	PUNCT
ajfa-14168	61	1	edward	edward	PROPN
ajfa-14168	61	2	i.	i.	PROPN
ajfa-14168	61	3	altman	altman	PROPN
ajfa-14168	61	4	and	and	CCONJ
ajfa-14168	61	5	anthony	anthony	PROPN
ajfa-14168	61	6	saunders	saunders	PROPN
ajfa-14168	61	7	(	(	PUNCT
ajfa-14168	61	8	1998	1998	NUM
ajfa-14168	61	9	)	)	PUNCT
ajfa-14168	61	10	also	also	ADV
ajfa-14168	61	11	discussed	discuss	VERB
ajfa-14168	61	12	the	the	DET
ajfa-14168	61	13	portfolio	portfolio	NOUN
ajfa-14168	61	14	risk	risk	NOUN
ajfa-14168	61	15	.	.	PUNCT
ajfa-14168	62	1	the	the	DET
ajfa-14168	62	2	unexpected	unexpected	ADJ
ajfa-14168	62	3	loss	loss	NOUN
ajfa-14168	62	4	measure	measure	NOUN
ajfa-14168	62	5	of	of	ADP
ajfa-14168	62	6	𝑈𝐴𝐿	𝑈𝐴𝐿	NOUN
ajfa-14168	62	7	in	in	ADP
ajfa-14168	62	8	the	the	DET
ajfa-14168	62	9	portfolio	portfolio	NOUN
ajfa-14168	62	10	includes	include	VERB
ajfa-14168	62	11	the	the	DET
ajfa-14168	62	12	correlation	correlation	NOUN
ajfa-14168	62	13	between	between	ADP
ajfa-14168	62	14	the	the	DET
ajfa-14168	62	15	expected	expect	VERB
ajfa-14168	62	16	loss	loss	NOUN
ajfa-14168	62	17	during	during	ADP
ajfa-14168	62	18	the	the	DET
ajfa-14168	62	19	sample	sample	NOUN
ajfa-14168	62	20	measurement	measurement	NOUN
ajfa-14168	62	21	period	period	NOUN
ajfa-14168	62	22	and	and	CCONJ
ajfa-14168	62	23	the	the	DET
ajfa-14168	62	24	unexpected	unexpected	ADJ
ajfa-14168	62	25	loss	loss	NOUN
ajfa-14168	62	26	of	of	ADP
ajfa-14168	62	27	personal	personal	ADJ
ajfa-14168	62	28	assets	asset	NOUN
ajfa-14168	62	29	.	.	PUNCT
ajfa-14168	63	1	so	so	ADV
ajfa-14168	63	2	,	,	PUNCT
ajfa-14168	63	3	by	by	ADP
ajfa-14168	63	4	comparing	compare	VERB
ajfa-14168	63	5	the	the	DET
ajfa-14168	63	6	bond	bond	NOUN
ajfa-14168	63	7	rating	rating	NOUN
ajfa-14168	63	8	equivalents	equivalent	NOUN
ajfa-14168	63	9	,	,	PUNCT
ajfa-14168	63	10	we	we	PRON
ajfa-14168	63	11	can	can	AUX
ajfa-14168	63	12	compute	compute	VERB
ajfa-14168	63	13	the	the	DET
ajfa-14168	63	14	expected	expect	VERB
ajfa-14168	63	15	value	value	NOUN
ajfa-14168	63	16	of	of	ADP
ajfa-14168	63	17	the	the	DET
ajfa-14168	63	18	unexpected	unexpected	ADJ
ajfa-14168	63	19	loss	loss	NOUN
ajfa-14168	63	20	by	by	ADP
ajfa-14168	63	21	using	use	VERB
ajfa-14168	63	22	the	the	DET
ajfa-14168	63	23	standard	standard	ADJ
ajfa-14168	63	24	deviation	deviation	NOUN
ajfa-14168	63	25	of	of	ADP
ajfa-14168	63	26	the	the	DET
ajfa-14168	63	27	expected	expect	VERB
ajfa-14168	63	28	loss	loss	NOUN
ajfa-14168	63	29	.	.	PUNCT
ajfa-14168	64	1	it	it	PRON
ajfa-14168	64	2	has	have	AUX
ajfa-14168	64	3	also	also	ADV
ajfa-14168	64	4	been	be	AUX
ajfa-14168	64	5	highlighted	highlight	VERB
ajfa-14168	64	6	that	that	SCONJ
ajfa-14168	64	7	in	in	ADP
ajfa-14168	64	8	order	order	NOUN
ajfa-14168	64	9	to	to	PART
ajfa-14168	64	10	gain	gain	VERB
ajfa-14168	64	11	the	the	DET
ajfa-14168	64	12	experience	experience	NOUN
ajfa-14168	64	13	and	and	CCONJ
ajfa-14168	64	14	confidence	confidence	NOUN
ajfa-14168	64	15	in	in	ADP
ajfa-14168	64	16	applying	apply	VERB
ajfa-14168	64	17	this	this	DET
ajfa-14168	64	18	fixed	fix	VERB
ajfa-14168	64	19	income	income	NOUN
ajfa-14168	64	20	portfolio	portfolio	NOUN
ajfa-14168	64	21	technology	technology	NOUN
ajfa-14168	64	22	,	,	PUNCT
ajfa-14168	64	23	we	we	PRON
ajfa-14168	64	24	must	must	AUX
ajfa-14168	64	25	spend	spend	VERB
ajfa-14168	64	26	more	more	ADJ
ajfa-14168	64	27	time	time	NOUN
ajfa-14168	64	28	in	in	ADP
ajfa-14168	64	29	studying	study	VERB
ajfa-14168	64	30	additional	additional	ADJ
ajfa-14168	64	31	samples	sample	NOUN
ajfa-14168	64	32	.	.	PUNCT
ajfa-14168	65	1	asian	asian	ADJ
ajfa-14168	65	2	journal	journal	PROPN
ajfa-14168	65	3	of	of	ADP
ajfa-14168	65	4	finance	finance	PROPN
ajfa-14168	65	5	&	&	CCONJ
ajfa-14168	65	6	accounting	accounting	PROPN
ajfa-14168	65	7	issn	issn	PROPN
ajfa-14168	65	8	1946	1946	NUM
ajfa-14168	65	9	-	-	PUNCT
ajfa-14168	65	10	052x	052x	PROPN
ajfa-14168	65	11	2019	2019	NUM
ajfa-14168	65	12	,	,	PUNCT
ajfa-14168	65	13	vol	vol	NOUN
ajfa-14168	65	14	.	.	PROPN
ajfa-14168	65	15	11	11	NUM
ajfa-14168	65	16	,	,	PUNCT
ajfa-14168	65	17	no	no	INTJ
ajfa-14168	65	18	.	.	NOUN
ajfa-14168	65	19	1	1	NUM
ajfa-14168	65	20	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-14168	65	21	145	145	NUM
ajfa-14168	65	22	stephen	stephen	NOUN
ajfa-14168	65	23	kealhofer	kealhofer	PROPN
ajfa-14168	65	24	and	and	CCONJ
ajfa-14168	65	25	matthew	matthew	PROPN
ajfa-14168	65	26	kurbat	kurbat	PROPN
ajfa-14168	65	27	(	(	PUNCT
ajfa-14168	65	28	2002	2002	NUM
ajfa-14168	65	29	)	)	PUNCT
ajfa-14168	65	30	discussed	discuss	VERB
ajfa-14168	65	31	the	the	DET
ajfa-14168	65	32	use	use	NOUN
ajfa-14168	65	33	of	of	ADP
ajfa-14168	65	34	merton	merton	PROPN
ajfa-14168	65	35	's	's	PART
ajfa-14168	65	36	method	method	NOUN
ajfa-14168	65	37	to	to	PART
ajfa-14168	65	38	predict	predict	VERB
ajfa-14168	65	39	default	default	NOUN
ajfa-14168	65	40	based	base	VERB
ajfa-14168	65	41	on	on	ADP
ajfa-14168	65	42	debt	debt	NOUN
ajfa-14168	65	43	ratings	rating	NOUN
ajfa-14168	65	44	and	and	CCONJ
ajfa-14168	65	45	accounting	accounting	NOUN
ajfa-14168	65	46	variables	variable	NOUN
ajfa-14168	65	47	.	.	PUNCT
ajfa-14168	66	1	adding	add	VERB
ajfa-14168	66	2	moody	moody	PROPN
ajfa-14168	66	3	's	's	PART
ajfa-14168	66	4	rating	rating	NOUN
ajfa-14168	66	5	and	and	CCONJ
ajfa-14168	66	6	accounting	accounting	NOUN
ajfa-14168	66	7	variables	variable	NOUN
ajfa-14168	66	8	into	into	ADP
ajfa-14168	66	9	merton	merton	PROPN
ajfa-14168	66	10	's	's	PART
ajfa-14168	66	11	method	method	NOUN
ajfa-14168	66	12	can	can	AUX
ajfa-14168	66	13	significantly	significantly	ADV
ajfa-14168	66	14	improve	improve	VERB
ajfa-14168	66	15	the	the	DET
ajfa-14168	66	16	viability	viability	NOUN
ajfa-14168	66	17	of	of	ADP
ajfa-14168	66	18	default	default	NOUN
ajfa-14168	66	19	prediction	prediction	NOUN
ajfa-14168	66	20	.	.	PUNCT
ajfa-14168	67	1	it	it	PRON
ajfa-14168	67	2	is	be	AUX
ajfa-14168	67	3	important	important	ADJ
ajfa-14168	67	4	to	to	PART
ajfa-14168	67	5	note	note	VERB
ajfa-14168	67	6	that	that	SCONJ
ajfa-14168	67	7	both	both	CCONJ
ajfa-14168	67	8	the	the	DET
ajfa-14168	67	9	moody	moody	NOUN
ajfa-14168	67	10	's	's	PART
ajfa-14168	67	11	ratings	rating	NOUN
ajfa-14168	67	12	and	and	CCONJ
ajfa-14168	67	13	the	the	DET
ajfa-14168	67	14	accounting	accounting	NOUN
ajfa-14168	67	15	variables	variable	NOUN
ajfa-14168	67	16	contain	contain	VERB
ajfa-14168	67	17	default	default	NOUN
ajfa-14168	67	18	prediction	prediction	NOUN
ajfa-14168	67	19	information	information	NOUN
ajfa-14168	67	20	that	that	PRON
ajfa-14168	67	21	is	be	AUX
ajfa-14168	67	22	beyond	beyond	ADP
ajfa-14168	67	23	the	the	DET
ajfa-14168	67	24	predictive	predictive	ADJ
ajfa-14168	67	25	information	information	NOUN
ajfa-14168	67	26	presented	present	VERB
ajfa-14168	67	27	in	in	ADP
ajfa-14168	67	28	merton	merton	PROPN
ajfa-14168	67	29	's	's	PART
ajfa-14168	67	30	method	method	NOUN
ajfa-14168	67	31	.	.	PUNCT
ajfa-14168	68	1	however	however	ADV
ajfa-14168	68	2	,	,	PUNCT
ajfa-14168	68	3	it	it	PRON
ajfa-14168	68	4	is	be	AUX
ajfa-14168	68	5	still	still	ADV
ajfa-14168	68	6	possible	possible	ADJ
ajfa-14168	68	7	to	to	PART
ajfa-14168	68	8	show	show	VERB
ajfa-14168	68	9	all	all	DET
ajfa-14168	68	10	default	default	NOUN
ajfa-14168	68	11	predictive	predictive	ADJ
ajfa-14168	68	12	information	information	NOUN
ajfa-14168	68	13	of	of	ADP
ajfa-14168	68	14	moody	moody	PROPN
ajfa-14168	68	15	’s	’s	PART
ajfa-14168	68	16	ratings	rating	NOUN
ajfa-14168	68	17	and	and	CCONJ
ajfa-14168	68	18	accounting	accounting	NOUN
ajfa-14168	68	19	variables	variable	NOUN
ajfa-14168	68	20	in	in	ADP
ajfa-14168	68	21	the	the	DET
ajfa-14168	68	22	kmv	kmv	NOUN
ajfa-14168	68	23	expected	expect	VERB
ajfa-14168	68	24	default	default	NOUN
ajfa-14168	68	25	frequencies	frequency	NOUN
ajfa-14168	68	26	.	.	PUNCT
ajfa-14168	69	1	with	with	ADP
ajfa-14168	69	2	less	less	ADV
ajfa-14168	69	3	incorrect	incorrect	ADJ
ajfa-14168	69	4	default	default	NOUN
ajfa-14168	69	5	identification	identification	NOUN
ajfa-14168	69	6	that	that	PRON
ajfa-14168	69	7	is	be	AUX
ajfa-14168	69	8	observed	observe	VERB
ajfa-14168	69	9	in	in	ADP
ajfa-14168	69	10	other	other	ADJ
ajfa-14168	69	11	models	model	NOUN
ajfa-14168	69	12	,	,	PUNCT
ajfa-14168	69	13	the	the	DET
ajfa-14168	69	14	expected	expect	VERB
ajfa-14168	69	15	default	default	NOUN
ajfa-14168	69	16	frequencies	frequency	NOUN
ajfa-14168	69	17	of	of	ADP
ajfa-14168	69	18	kmv	kmv	NOUN
ajfa-14168	69	19	are	be	AUX
ajfa-14168	69	20	more	more	ADV
ajfa-14168	69	21	uniform	uniform	ADJ
ajfa-14168	69	22	.	.	PUNCT
ajfa-14168	70	1	it	it	PRON
ajfa-14168	70	2	is	be	AUX
ajfa-14168	70	3	also	also	ADV
ajfa-14168	70	4	worth	worth	ADJ
ajfa-14168	70	5	noting	note	VERB
ajfa-14168	70	6	that	that	SCONJ
ajfa-14168	70	7	merton	merton	PROPN
ajfa-14168	70	8	's	's	PART
ajfa-14168	70	9	approach	approach	NOUN
ajfa-14168	70	10	generally	generally	ADV
ajfa-14168	70	11	performs	perform	VERB
ajfa-14168	70	12	better	well	ADJ
ajfa-14168	70	13	than	than	ADP
ajfa-14168	70	14	moody	moody	PROPN
ajfa-14168	70	15	's	's	PART
ajfa-14168	70	16	credit	credit	NOUN
ajfa-14168	70	17	rating	rating	NOUN
ajfa-14168	70	18	or	or	CCONJ
ajfa-14168	70	19	other	other	ADJ
ajfa-14168	70	20	accounting	accounting	NOUN
ajfa-14168	70	21	ratios	ratio	NOUN
ajfa-14168	70	22	in	in	ADP
ajfa-14168	70	23	forecasting	forecasting	NOUN
ajfa-14168	70	24	default	default	NOUN
ajfa-14168	70	25	conditions	condition	NOUN
ajfa-14168	70	26	—	—	PUNCT
ajfa-14168	70	27	due	due	ADP
ajfa-14168	70	28	to	to	ADP
ajfa-14168	70	29	the	the	DET
ajfa-14168	70	30	stronger	strong	ADJ
ajfa-14168	70	31	connection	connection	NOUN
ajfa-14168	70	32	that	that	SCONJ
ajfa-14168	70	33	merton	merton	PROPN
ajfa-14168	70	34	’s	’s	PART
ajfa-14168	70	35	approach	approach	NOUN
ajfa-14168	70	36	has	have	VERB
ajfa-14168	70	37	with	with	ADP
ajfa-14168	70	38	accounting	accounting	NOUN
ajfa-14168	70	39	variables	variable	NOUN
ajfa-14168	70	40	.	.	PUNCT
ajfa-14168	71	1	to	to	PART
ajfa-14168	71	2	predict	predict	VERB
ajfa-14168	71	3	future	future	ADJ
ajfa-14168	71	4	share	share	NOUN
ajfa-14168	71	5	price	price	NOUN
ajfa-14168	71	6	,	,	PUNCT
ajfa-14168	71	7	merton	merton	PROPN
ajfa-14168	71	8	's	's	PART
ajfa-14168	71	9	method	method	NOUN
ajfa-14168	71	10	uses	use	VERB
ajfa-14168	71	11	historical	historical	ADJ
ajfa-14168	71	12	share	share	NOUN
ajfa-14168	71	13	price	price	NOUN
ajfa-14168	71	14	information	information	NOUN
ajfa-14168	71	15	that	that	PRON
ajfa-14168	71	16	includes	include	VERB
ajfa-14168	71	17	information	information	NOUN
ajfa-14168	71	18	ratios	ratio	NOUN
ajfa-14168	71	19	such	such	ADJ
ajfa-14168	71	20	as	as	ADP
ajfa-14168	71	21	return	return	NOUN
ajfa-14168	71	22	on	on	ADP
ajfa-14168	71	23	asset	asset	NOUN
ajfa-14168	71	24	and	and	CCONJ
ajfa-14168	71	25	returns	return	NOUN
ajfa-14168	71	26	on	on	ADP
ajfa-14168	71	27	equity	equity	NOUN
ajfa-14168	71	28	.	.	PUNCT
ajfa-14168	72	1	it	it	PRON
ajfa-14168	72	2	has	have	AUX
ajfa-14168	72	3	also	also	ADV
ajfa-14168	72	4	been	be	AUX
ajfa-14168	72	5	pointed	point	VERB
ajfa-14168	72	6	out	out	ADP
ajfa-14168	72	7	that	that	SCONJ
ajfa-14168	72	8	the	the	DET
ajfa-14168	72	9	merton	merton	PROPN
ajfa-14168	72	10	’s	’s	PART
ajfa-14168	72	11	approach	approach	NOUN
ajfa-14168	72	12	is	be	AUX
ajfa-14168	72	13	unfair	unfair	ADJ
ajfa-14168	72	14	,	,	PUNCT
ajfa-14168	72	15	due	due	ADP
ajfa-14168	72	16	to	to	ADP
ajfa-14168	72	17	the	the	DET
ajfa-14168	72	18	various	various	ADJ
ajfa-14168	72	19	judgements	judgement	NOUN
ajfa-14168	72	20	made	make	VERB
ajfa-14168	72	21	about	about	ADP
ajfa-14168	72	22	non	non	ADJ
ajfa-14168	72	23	-	-	ADJ
ajfa-14168	72	24	defaulting	defaulting	ADJ
ajfa-14168	72	25	companies	company	NOUN
ajfa-14168	72	26	.	.	PUNCT
ajfa-14168	73	1	every	every	DET
ajfa-14168	73	2	method	method	NOUN
ajfa-14168	73	3	faces	face	VERB
ajfa-14168	73	4	the	the	DET
ajfa-14168	73	5	possibility	possibility	NOUN
ajfa-14168	73	6	of	of	ADP
ajfa-14168	73	7	generating	generate	VERB
ajfa-14168	73	8	too	too	ADV
ajfa-14168	73	9	many	many	ADJ
ajfa-14168	73	10	false	false	ADJ
ajfa-14168	73	11	rejections	rejection	NOUN
ajfa-14168	73	12	,	,	PUNCT
ajfa-14168	73	13	but	but	CCONJ
ajfa-14168	73	14	this	this	PRON
ajfa-14168	73	15	is	be	AUX
ajfa-14168	73	16	hardly	hardly	ADV
ajfa-14168	73	17	surprising	surprising	ADJ
ajfa-14168	73	18	since	since	SCONJ
ajfa-14168	73	19	ratings	rating	NOUN
ajfa-14168	73	20	and	and	CCONJ
ajfa-14168	73	21	accounting	accounting	NOUN
ajfa-14168	73	22	ratios	ratio	NOUN
ajfa-14168	73	23	can	can	AUX
ajfa-14168	73	24	not	not	PART
ajfa-14168	73	25	be	be	AUX
ajfa-14168	73	26	fully	fully	ADV
ajfa-14168	73	27	projected	project	VERB
ajfa-14168	73	28	in	in	ADP
ajfa-14168	73	29	the	the	DET
ajfa-14168	73	30	share	share	NOUN
ajfa-14168	73	31	price	price	NOUN
ajfa-14168	73	32	.	.	PUNCT
ajfa-14168	74	1	there	there	PRON
ajfa-14168	74	2	are	be	VERB
ajfa-14168	74	3	just	just	ADV
ajfa-14168	74	4	too	too	ADV
ajfa-14168	74	5	many	many	ADJ
ajfa-14168	74	6	factors	factor	NOUN
ajfa-14168	74	7	affecting	affect	VERB
ajfa-14168	74	8	the	the	DET
ajfa-14168	74	9	share	share	NOUN
ajfa-14168	74	10	price	price	NOUN
ajfa-14168	74	11	.	.	PUNCT
ajfa-14168	75	1	3	3	X
ajfa-14168	75	2	.	.	X
ajfa-14168	75	3	research	research	NOUN
ajfa-14168	75	4	methodology	methodology	NOUN
ajfa-14168	75	5	3.1	3.1	NUM
ajfa-14168	75	6	kmv	kmv	NOUN
ajfa-14168	75	7	model	model	NOUN
ajfa-14168	75	8	overview	overview	VERB
ajfa-14168	75	9	the	the	DET
ajfa-14168	75	10	original	original	ADJ
ajfa-14168	75	11	intention	intention	NOUN
ajfa-14168	75	12	of	of	ADP
ajfa-14168	75	13	kmv	kmv	NOUN
ajfa-14168	75	14	corporation	corporation	NOUN
ajfa-14168	75	15	in	in	ADP
ajfa-14168	75	16	creating	create	VERB
ajfa-14168	75	17	the	the	DET
ajfa-14168	75	18	kmv	kmv	PROPN
ajfa-14168	75	19	model	model	NOUN
ajfa-14168	75	20	was	be	AUX
ajfa-14168	75	21	to	to	PART
ajfa-14168	75	22	estimate	estimate	VERB
ajfa-14168	75	23	the	the	DET
ajfa-14168	75	24	default	default	NOUN
ajfa-14168	75	25	probability	probability	NOUN
ajfa-14168	75	26	of	of	ADP
ajfa-14168	75	27	kmv	kmv	PROPN
ajfa-14168	75	28	company	company	NOUN
ajfa-14168	75	29	’s	’s	PART
ajfa-14168	75	30	borrowers	borrower	NOUN
ajfa-14168	75	31	.	.	PUNCT
ajfa-14168	76	1	the	the	DET
ajfa-14168	76	2	kmv	kmv	PROPN
ajfa-14168	76	3	model	model	NOUN
ajfa-14168	76	4	has	have	VERB
ajfa-14168	76	5	two	two	NUM
ajfa-14168	76	6	stages	stage	NOUN
ajfa-14168	76	7	.	.	PUNCT
ajfa-14168	77	1	the	the	DET
ajfa-14168	77	2	first	first	ADJ
ajfa-14168	77	3	stage	stage	NOUN
ajfa-14168	77	4	of	of	ADP
ajfa-14168	77	5	the	the	DET
ajfa-14168	77	6	kmv	kmv	PROPN
ajfa-14168	77	7	model	model	NOUN
ajfa-14168	77	8	is	be	AUX
ajfa-14168	77	9	to	to	PART
ajfa-14168	77	10	test	test	VERB
ajfa-14168	77	11	the	the	DET
ajfa-14168	77	12	precision	precision	NOUN
ajfa-14168	77	13	of	of	ADP
ajfa-14168	77	14	the	the	DET
ajfa-14168	77	15	model	model	NOUN
ajfa-14168	77	16	by	by	ADP
ajfa-14168	77	17	comparing	compare	VERB
ajfa-14168	77	18	the	the	DET
ajfa-14168	77	19	predicted	predict	VERB
ajfa-14168	77	20	results	result	NOUN
ajfa-14168	77	21	with	with	ADP
ajfa-14168	77	22	the	the	DET
ajfa-14168	77	23	actual	actual	ADJ
ajfa-14168	77	24	results	result	NOUN
ajfa-14168	77	25	.	.	PUNCT
ajfa-14168	78	1	it	it	PRON
ajfa-14168	78	2	has	have	AUX
ajfa-14168	78	3	been	be	AUX
ajfa-14168	78	4	observed	observe	VERB
ajfa-14168	78	5	that	that	SCONJ
ajfa-14168	78	6	in	in	ADP
ajfa-14168	78	7	most	most	ADJ
ajfa-14168	78	8	cases	case	NOUN
ajfa-14168	78	9	the	the	DET
ajfa-14168	78	10	kmv	kmv	NOUN
ajfa-14168	78	11	model	model	NOUN
ajfa-14168	78	12	can	can	AUX
ajfa-14168	78	13	truly	truly	ADV
ajfa-14168	78	14	reflect	reflect	VERB
ajfa-14168	78	15	the	the	DET
ajfa-14168	78	16	size	size	NOUN
ajfa-14168	78	17	of	of	ADP
ajfa-14168	78	18	credit	credit	NOUN
ajfa-14168	78	19	risk	risk	NOUN
ajfa-14168	78	20	,	,	PUNCT
ajfa-14168	78	21	thanks	thank	NOUN
ajfa-14168	78	22	to	to	ADP
ajfa-14168	78	23	a	a	DET
ajfa-14168	78	24	high	high	ADJ
ajfa-14168	78	25	sensitivity	sensitivity	NOUN
ajfa-14168	78	26	to	to	ADP
ajfa-14168	78	27	credit	credit	NOUN
ajfa-14168	78	28	risk	risk	NOUN
ajfa-14168	78	29	.	.	PUNCT
ajfa-14168	79	1	the	the	DET
ajfa-14168	79	2	second	second	ADJ
ajfa-14168	79	3	stage	stage	NOUN
ajfa-14168	79	4	of	of	ADP
ajfa-14168	79	5	kmv	kmv	NOUN
ajfa-14168	79	6	model	model	NOUN
ajfa-14168	79	7	is	be	AUX
ajfa-14168	79	8	to	to	PART
ajfa-14168	79	9	verify	verify	VERB
ajfa-14168	79	10	the	the	DET
ajfa-14168	79	11	validity	validity	NOUN
ajfa-14168	79	12	of	of	ADP
ajfa-14168	79	13	the	the	DET
ajfa-14168	79	14	model	model	NOUN
ajfa-14168	79	15	—	—	PUNCT
ajfa-14168	79	16	a	a	DET
ajfa-14168	79	17	subject	subject	NOUN
ajfa-14168	79	18	that	that	SCONJ
ajfa-14168	79	19	many	many	ADJ
ajfa-14168	79	20	famous	famous	ADJ
ajfa-14168	79	21	scholars	scholar	NOUN
ajfa-14168	79	22	have	have	AUX
ajfa-14168	79	23	studied	study	VERB
ajfa-14168	79	24	before	before	ADV
ajfa-14168	79	25	.	.	PUNCT
ajfa-14168	80	1	the	the	DET
ajfa-14168	80	2	pricing	pricing	NOUN
ajfa-14168	80	3	basis	basis	NOUN
ajfa-14168	80	4	of	of	ADP
ajfa-14168	80	5	the	the	DET
ajfa-14168	80	6	kmv	kmv	PROPN
ajfa-14168	80	7	model	model	NOUN
ajfa-14168	80	8	is	be	AUX
ajfa-14168	80	9	modern	modern	ADJ
ajfa-14168	80	10	option	option	NOUN
ajfa-14168	80	11	pricing	pricing	NOUN
ajfa-14168	80	12	theory	theory	NOUN
ajfa-14168	80	13	,	,	PUNCT
ajfa-14168	80	14	which	which	PRON
ajfa-14168	80	15	has	have	AUX
ajfa-14168	80	16	been	be	AUX
ajfa-14168	80	17	a	a	DET
ajfa-14168	80	18	major	major	ADJ
ajfa-14168	80	19	innovation	innovation	NOUN
ajfa-14168	80	20	in	in	ADP
ajfa-14168	80	21	the	the	DET
ajfa-14168	80	22	measurement	measurement	NOUN
ajfa-14168	80	23	of	of	ADP
ajfa-14168	80	24	credit	credit	NOUN
ajfa-14168	80	25	default	default	NOUN
ajfa-14168	80	26	.	.	PUNCT
ajfa-14168	81	1	the	the	DET
ajfa-14168	81	2	kmv	kmv	PROPN
ajfa-14168	81	3	model	model	NOUN
ajfa-14168	81	4	has	have	VERB
ajfa-14168	81	5	several	several	ADJ
ajfa-14168	81	6	advantages	advantage	NOUN
ajfa-14168	81	7	.	.	PUNCT
ajfa-14168	82	1	besides	besides	SCONJ
ajfa-14168	82	2	fully	fully	ADV
ajfa-14168	82	3	utilizing	utilize	VERB
ajfa-14168	82	4	the	the	DET
ajfa-14168	82	5	information	information	NOUN
ajfa-14168	82	6	available	available	ADJ
ajfa-14168	82	7	in	in	ADP
ajfa-14168	82	8	the	the	DET
ajfa-14168	82	9	capital	capital	NOUN
ajfa-14168	82	10	market	market	NOUN
ajfa-14168	82	11	,	,	PUNCT
ajfa-14168	82	12	the	the	DET
ajfa-14168	82	13	kmv	kmv	PROPN
ajfa-14168	82	14	model	model	NOUN
ajfa-14168	82	15	can	can	AUX
ajfa-14168	82	16	be	be	AUX
ajfa-14168	82	17	used	use	VERB
ajfa-14168	82	18	to	to	PART
ajfa-14168	82	19	quantitatively	quantitatively	ADV
ajfa-14168	82	20	analyze	analyze	VERB
ajfa-14168	82	21	the	the	DET
ajfa-14168	82	22	credit	credit	NOUN
ajfa-14168	82	23	risk	risk	NOUN
ajfa-14168	82	24	of	of	ADP
ajfa-14168	82	25	listed	list	VERB
ajfa-14168	82	26	companies	company	NOUN
ajfa-14168	82	27	.	.	PUNCT
ajfa-14168	83	1	since	since	SCONJ
ajfa-14168	83	2	the	the	DET
ajfa-14168	83	3	data	datum	NOUN
ajfa-14168	83	4	used	use	VERB
ajfa-14168	83	5	by	by	ADP
ajfa-14168	83	6	the	the	DET
ajfa-14168	83	7	kmv	kmv	PROPN
ajfa-14168	83	8	model	model	NOUN
ajfa-14168	83	9	is	be	AUX
ajfa-14168	83	10	derived	derive	VERB
ajfa-14168	83	11	from	from	ADP
ajfa-14168	83	12	stock	stock	NOUN
ajfa-14168	83	13	price	price	NOUN
ajfa-14168	83	14	information	information	NOUN
ajfa-14168	83	15	of	of	ADP
ajfa-14168	83	16	listed	list	VERB
ajfa-14168	83	17	companies	company	NOUN
ajfa-14168	83	18	rather	rather	ADV
ajfa-14168	83	19	than	than	ADP
ajfa-14168	83	20	internal	internal	ADJ
ajfa-14168	83	21	data	datum	NOUN
ajfa-14168	83	22	that	that	PRON
ajfa-14168	83	23	is	be	AUX
ajfa-14168	83	24	generated	generate	VERB
ajfa-14168	83	25	within	within	ADP
ajfa-14168	83	26	the	the	DET
ajfa-14168	83	27	company	company	NOUN
ajfa-14168	83	28	itself	itself	PRON
ajfa-14168	83	29	,	,	PUNCT
ajfa-14168	83	30	the	the	DET
ajfa-14168	83	31	company	company	NOUN
ajfa-14168	83	32	's	's	PART
ajfa-14168	83	33	current	current	ADJ
ajfa-14168	83	34	credit	credit	NOUN
ajfa-14168	83	35	situation	situation	NOUN
ajfa-14168	83	36	can	can	AUX
ajfa-14168	83	37	be	be	AUX
ajfa-14168	83	38	accurately	accurately	ADV
ajfa-14168	83	39	projected	project	VERB
ajfa-14168	83	40	.	.	PUNCT
ajfa-14168	84	1	in	in	ADP
ajfa-14168	84	2	addition	addition	NOUN
ajfa-14168	84	3	,	,	PUNCT
ajfa-14168	84	4	the	the	DET
ajfa-14168	84	5	kmv	kmv	PROPN
ajfa-14168	84	6	model	model	NOUN
ajfa-14168	84	7	is	be	AUX
ajfa-14168	84	8	based	base	VERB
ajfa-14168	84	9	on	on	ADP
ajfa-14168	84	10	a	a	DET
ajfa-14168	84	11	number	number	NOUN
ajfa-14168	84	12	of	of	ADP
ajfa-14168	84	13	previous	previous	ADJ
ajfa-14168	84	14	theories	theory	NOUN
ajfa-14168	84	15	—	—	PUNCT
ajfa-14168	84	16	such	such	ADJ
ajfa-14168	84	17	as	as	ADP
ajfa-14168	84	18	corporate	corporate	ADJ
ajfa-14168	84	19	finance	finance	NOUN
ajfa-14168	84	20	theory	theory	NOUN
ajfa-14168	84	21	and	and	CCONJ
ajfa-14168	84	22	option	option	NOUN
ajfa-14168	84	23	pricing	pricing	NOUN
ajfa-14168	84	24	theory	theory	NOUN
ajfa-14168	84	25	—	—	PUNCT
ajfa-14168	84	26	so	so	SCONJ
ajfa-14168	84	27	there	there	PRON
ajfa-14168	84	28	is	be	VERB
ajfa-14168	84	29	a	a	DET
ajfa-14168	84	30	theoretical	theoretical	ADJ
ajfa-14168	84	31	basis	basis	NOUN
ajfa-14168	84	32	to	to	PART
ajfa-14168	84	33	support	support	VERB
ajfa-14168	84	34	its	its	PRON
ajfa-14168	84	35	viability	viability	NOUN
ajfa-14168	84	36	.	.	PUNCT
ajfa-14168	85	1	the	the	DET
ajfa-14168	85	2	kmv	kmv	PROPN
ajfa-14168	85	3	model	model	NOUN
ajfa-14168	85	4	is	be	AUX
ajfa-14168	85	5	more	more	ADV
ajfa-14168	85	6	suitable	suitable	ADJ
ajfa-14168	85	7	for	for	ADP
ajfa-14168	85	8	credit	credit	NOUN
ajfa-14168	85	9	quality	quality	NOUN
ajfa-14168	85	10	evaluation	evaluation	NOUN
ajfa-14168	85	11	of	of	ADP
ajfa-14168	85	12	listed	list	VERB
ajfa-14168	85	13	companies	company	NOUN
ajfa-14168	85	14	because	because	SCONJ
ajfa-14168	85	15	listed	list	VERB
ajfa-14168	85	16	companies	company	NOUN
ajfa-14168	85	17	are	be	AUX
ajfa-14168	85	18	more	more	ADV
ajfa-14168	85	19	transparent	transparent	ADJ
ajfa-14168	85	20	about	about	ADP
ajfa-14168	85	21	their	their	PRON
ajfa-14168	85	22	data	datum	NOUN
ajfa-14168	85	23	whereas	whereas	SCONJ
ajfa-14168	85	24	the	the	DET
ajfa-14168	85	25	data	datum	NOUN
ajfa-14168	85	26	of	of	ADP
ajfa-14168	85	27	non	non	ADJ
ajfa-14168	85	28	-	-	ADJ
ajfa-14168	85	29	listed	listed	ADJ
ajfa-14168	85	30	companies	company	NOUN
ajfa-14168	85	31	is	be	AUX
ajfa-14168	85	32	less	less	ADV
ajfa-14168	85	33	accessible	accessible	ADJ
ajfa-14168	85	34	.	.	PUNCT
ajfa-14168	86	1	when	when	SCONJ
ajfa-14168	86	2	we	we	PRON
ajfa-14168	86	3	apply	apply	VERB
ajfa-14168	86	4	the	the	DET
ajfa-14168	86	5	kmv	kmv	PROPN
ajfa-14168	86	6	model	model	NOUN
ajfa-14168	86	7	to	to	ADP
ajfa-14168	86	8	non	non	ADJ
ajfa-14168	86	9	-	-	ADJ
ajfa-14168	86	10	listed	listed	ADJ
ajfa-14168	86	11	companies	company	NOUN
ajfa-14168	86	12	,	,	PUNCT
ajfa-14168	86	13	we	we	PRON
ajfa-14168	86	14	need	need	VERB
ajfa-14168	86	15	to	to	PART
ajfa-14168	86	16	adjust	adjust	VERB
ajfa-14168	86	17	the	the	DET
ajfa-14168	86	18	parameters	parameter	NOUN
ajfa-14168	86	19	of	of	ADP
ajfa-14168	86	20	the	the	DET
ajfa-14168	86	21	model	model	NOUN
ajfa-14168	86	22	.	.	PUNCT
ajfa-14168	87	1	and	and	CCONJ
ajfa-14168	87	2	because	because	SCONJ
ajfa-14168	87	3	the	the	DET
ajfa-14168	87	4	expected	expect	VERB
ajfa-14168	87	5	default	default	NOUN
ajfa-14168	87	6	probability	probability	NOUN
ajfa-14168	87	7	is	be	AUX
ajfa-14168	87	8	the	the	DET
ajfa-14168	87	9	result	result	NOUN
ajfa-14168	87	10	of	of	ADP
ajfa-14168	87	11	comparative	comparative	ADJ
ajfa-14168	87	12	analysis	analysis	NOUN
ajfa-14168	87	13	,	,	PUNCT
ajfa-14168	87	14	the	the	DET
ajfa-14168	87	15	accuracy	accuracy	NOUN
ajfa-14168	87	16	of	of	ADP
ajfa-14168	87	17	the	the	DET
ajfa-14168	87	18	model	model	NOUN
ajfa-14168	87	19	may	may	AUX
ajfa-14168	87	20	be	be	AUX
ajfa-14168	87	21	somewhat	somewhat	ADV
ajfa-14168	87	22	compromised	compromise	VERB
ajfa-14168	87	23	.	.	PUNCT
ajfa-14168	88	1	most	most	ADV
ajfa-14168	88	2	importantly	importantly	ADV
ajfa-14168	88	3	,	,	PUNCT
ajfa-14168	88	4	the	the	DET
ajfa-14168	88	5	kmv	kmv	PROPN
ajfa-14168	88	6	model	model	NOUN
ajfa-14168	88	7	assumes	assume	VERB
ajfa-14168	88	8	that	that	SCONJ
ajfa-14168	88	9	the	the	DET
ajfa-14168	88	10	value	value	NOUN
ajfa-14168	88	11	of	of	ADP
ajfa-14168	88	12	company	company	NOUN
ajfa-14168	88	13	assets	asset	NOUN
ajfa-14168	88	14	conforms	conform	VERB
ajfa-14168	88	15	to	to	ADP
ajfa-14168	88	16	the	the	DET
ajfa-14168	88	17	asian	asian	ADJ
ajfa-14168	88	18	journal	journal	NOUN
ajfa-14168	88	19	of	of	ADP
ajfa-14168	88	20	finance	finance	PROPN
ajfa-14168	88	21	&	&	CCONJ
ajfa-14168	88	22	accounting	accounting	PROPN
ajfa-14168	88	23	issn	issn	PROPN
ajfa-14168	88	24	1946	1946	NUM
ajfa-14168	88	25	-	-	PUNCT
ajfa-14168	88	26	052x	052x	PROPN
ajfa-14168	88	27	2019	2019	NUM
ajfa-14168	88	28	,	,	PUNCT
ajfa-14168	88	29	vol	vol	NOUN
ajfa-14168	88	30	.	.	PROPN
ajfa-14168	88	31	11	11	NUM
ajfa-14168	88	32	,	,	PUNCT
ajfa-14168	88	33	no	no	INTJ
ajfa-14168	88	34	.	.	NOUN
ajfa-14168	88	35	1	1	NUM
ajfa-14168	88	36	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	88	37	146	146	NUM
ajfa-14168	88	38	characteristics	characteristic	NOUN
ajfa-14168	88	39	of	of	ADP
ajfa-14168	88	40	lognormal	lognormal	ADJ
ajfa-14168	88	41	distribution	distribution	NOUN
ajfa-14168	88	42	,	,	PUNCT
ajfa-14168	88	43	but	but	CCONJ
ajfa-14168	88	44	the	the	DET
ajfa-14168	88	45	value	value	NOUN
ajfa-14168	88	46	of	of	ADP
ajfa-14168	88	47	company	company	NOUN
ajfa-14168	88	48	assets	asset	NOUN
ajfa-14168	88	49	generally	generally	ADV
ajfa-14168	88	50	exhibits	exhibit	VERB
ajfa-14168	88	51	non	non	ADJ
ajfa-14168	88	52	-	-	ADJ
ajfa-14168	88	53	normal	normal	ADJ
ajfa-14168	88	54	statistical	statistical	ADJ
ajfa-14168	88	55	characteristics	characteristic	NOUN
ajfa-14168	88	56	in	in	ADP
ajfa-14168	88	57	reality	reality	NOUN
ajfa-14168	88	58	.	.	PUNCT
ajfa-14168	89	1	in	in	ADP
ajfa-14168	89	2	short	short	ADJ
ajfa-14168	89	3	,	,	PUNCT
ajfa-14168	89	4	the	the	DET
ajfa-14168	89	5	kmv	kmv	PROPN
ajfa-14168	89	6	model	model	NOUN
ajfa-14168	89	7	offers	offer	VERB
ajfa-14168	89	8	certain	certain	ADJ
ajfa-14168	89	9	practical	practical	ADJ
ajfa-14168	89	10	significance	significance	NOUN
ajfa-14168	89	11	in	in	ADP
ajfa-14168	89	12	calculating	calculate	VERB
ajfa-14168	89	13	the	the	DET
ajfa-14168	89	14	probability	probability	NOUN
ajfa-14168	89	15	of	of	ADP
ajfa-14168	89	16	default	default	NOUN
ajfa-14168	89	17	.	.	PUNCT
ajfa-14168	90	1	3.2	3.2	NUM
ajfa-14168	90	2	zeta	zeta	PROPN
ajfa-14168	90	3	model	model	NOUN
ajfa-14168	90	4	overview	overview	NOUN
ajfa-14168	90	5	derived	derive	VERB
ajfa-14168	90	6	from	from	ADP
ajfa-14168	90	7	quantitative	quantitative	ADJ
ajfa-14168	90	8	and	and	CCONJ
ajfa-14168	90	9	qualitative	qualitative	ADJ
ajfa-14168	90	10	methods	method	NOUN
ajfa-14168	90	11	,	,	PUNCT
ajfa-14168	90	12	the	the	DET
ajfa-14168	90	13	scoring	scoring	NOUN
ajfa-14168	90	14	model	model	NOUN
ajfa-14168	90	15	is	be	AUX
ajfa-14168	90	16	a	a	DET
ajfa-14168	90	17	statistical	statistical	ADJ
ajfa-14168	90	18	method	method	NOUN
ajfa-14168	90	19	which	which	PRON
ajfa-14168	90	20	uses	use	VERB
ajfa-14168	90	21	a	a	DET
ajfa-14168	90	22	large	large	ADJ
ajfa-14168	90	23	amount	amount	NOUN
ajfa-14168	90	24	of	of	ADP
ajfa-14168	90	25	historical	historical	ADJ
ajfa-14168	90	26	data	datum	NOUN
ajfa-14168	90	27	to	to	PART
ajfa-14168	90	28	determine	determine	VERB
ajfa-14168	90	29	parameters	parameter	NOUN
ajfa-14168	90	30	and	and	CCONJ
ajfa-14168	90	31	predict	predict	VERB
ajfa-14168	90	32	variables	variable	NOUN
ajfa-14168	90	33	of	of	ADP
ajfa-14168	90	34	default	default	NOUN
ajfa-14168	90	35	probability	probability	NOUN
ajfa-14168	90	36	.	.	PUNCT
ajfa-14168	91	1	lda	lda	PROPN
ajfa-14168	91	2	(	(	PUNCT
ajfa-14168	91	3	linear	linear	PROPN
ajfa-14168	91	4	discriminant	discriminant	ADJ
ajfa-14168	91	5	analysis	analysis	NOUN
ajfa-14168	91	6	:	:	PUNCT
ajfa-14168	91	7	it	it	PRON
ajfa-14168	91	8	is	be	AUX
ajfa-14168	91	9	a	a	DET
ajfa-14168	91	10	generalization	generalization	NOUN
ajfa-14168	91	11	of	of	ADP
ajfa-14168	91	12	fisher	fisher	PROPN
ajfa-14168	91	13	’s	’s	PART
ajfa-14168	91	14	linear	linear	ADJ
ajfa-14168	91	15	discriminant	discriminant	NOUN
ajfa-14168	91	16	,	,	PUNCT
ajfa-14168	91	17	a	a	DET
ajfa-14168	91	18	method	method	NOUN
ajfa-14168	91	19	used	use	VERB
ajfa-14168	91	20	in	in	ADP
ajfa-14168	91	21	statistics	statistic	NOUN
ajfa-14168	91	22	,	,	PUNCT
ajfa-14168	91	23	pattern	pattern	NOUN
ajfa-14168	91	24	recognition	recognition	NOUN
ajfa-14168	91	25	and	and	CCONJ
ajfa-14168	91	26	machine	machine	NOUN
ajfa-14168	91	27	learning	learn	VERB
ajfa-14168	91	28	to	to	PART
ajfa-14168	91	29	find	find	VERB
ajfa-14168	91	30	a	a	DET
ajfa-14168	91	31	linear	linear	ADJ
ajfa-14168	91	32	combination	combination	NOUN
ajfa-14168	91	33	of	of	ADP
ajfa-14168	91	34	features	feature	NOUN
ajfa-14168	91	35	that	that	PRON
ajfa-14168	91	36	characterizes	characterize	VERB
ajfa-14168	91	37	or	or	CCONJ
ajfa-14168	91	38	separates	separate	VERB
ajfa-14168	91	39	two	two	NUM
ajfa-14168	91	40	or	or	CCONJ
ajfa-14168	91	41	more	more	ADJ
ajfa-14168	91	42	classes	class	NOUN
ajfa-14168	91	43	of	of	ADP
ajfa-14168	91	44	objects	object	NOUN
ajfa-14168	91	45	or	or	CCONJ
ajfa-14168	91	46	events	event	NOUN
ajfa-14168	91	47	.	.	PUNCT
ajfa-14168	91	48	)	)	PUNCT
ajfa-14168	92	1	is	be	AUX
ajfa-14168	92	2	one	one	NUM
ajfa-14168	92	3	of	of	ADP
ajfa-14168	92	4	the	the	DET
ajfa-14168	92	5	most	most	ADV
ajfa-14168	92	6	commonly	commonly	ADV
ajfa-14168	92	7	used	use	VERB
ajfa-14168	92	8	statistical	statistical	ADJ
ajfa-14168	92	9	methods	method	NOUN
ajfa-14168	92	10	in	in	ADP
ajfa-14168	92	11	developing	develop	VERB
ajfa-14168	92	12	scoring	scoring	NOUN
ajfa-14168	92	13	models	model	NOUN
ajfa-14168	92	14	.	.	PUNCT
ajfa-14168	93	1	generally	generally	ADV
ajfa-14168	93	2	,	,	PUNCT
ajfa-14168	93	3	due	due	ADP
ajfa-14168	93	4	to	to	ADP
ajfa-14168	93	5	the	the	DET
ajfa-14168	93	6	choice	choice	NOUN
ajfa-14168	93	7	of	of	ADP
ajfa-14168	93	8	exogenous	exogenous	ADJ
ajfa-14168	93	9	variables	variable	NOUN
ajfa-14168	93	10	,	,	PUNCT
ajfa-14168	93	11	default	default	NOUN
ajfa-14168	93	12	composition	composition	NOUN
ajfa-14168	93	13	and	and	CCONJ
ajfa-14168	93	14	default	default	NOUN
ajfa-14168	93	15	definition	definition	NOUN
ajfa-14168	93	16	,	,	PUNCT
ajfa-14168	93	17	usage	usage	NOUN
ajfa-14168	93	18	of	of	ADP
ajfa-14168	93	19	the	the	DET
ajfa-14168	93	20	lda	lda	PROPN
ajfa-14168	93	21	-	-	PUNCT
ajfa-14168	93	22	based	base	VERB
ajfa-14168	93	23	model	model	NOUN
ajfa-14168	93	24	is	be	AUX
ajfa-14168	93	25	reduced	reduce	VERB
ajfa-14168	93	26	.	.	PUNCT
ajfa-14168	94	1	an	an	DET
ajfa-14168	94	2	lda	lda	PROPN
ajfa-14168	94	3	produces	produce	VERB
ajfa-14168	94	4	a	a	DET
ajfa-14168	94	5	scoring	scoring	NOUN
ajfa-14168	94	6	function	function	NOUN
ajfa-14168	94	7	,	,	PUNCT
ajfa-14168	94	8	which	which	PRON
ajfa-14168	94	9	is	be	AUX
ajfa-14168	94	10	a	a	DET
ajfa-14168	94	11	linear	linear	ADJ
ajfa-14168	94	12	function	function	NOUN
ajfa-14168	94	13	of	of	ADP
ajfa-14168	94	14	variables	variable	NOUN
ajfa-14168	94	15	.	.	PUNCT
ajfa-14168	95	1	these	these	DET
ajfa-14168	95	2	variables	variable	NOUN
ajfa-14168	95	3	are	be	AUX
ajfa-14168	95	4	chosen	choose	VERB
ajfa-14168	95	5	based	base	VERB
ajfa-14168	95	6	on	on	ADP
ajfa-14168	95	7	their	their	PRON
ajfa-14168	95	8	estimated	estimate	VERB
ajfa-14168	95	9	contribution	contribution	NOUN
ajfa-14168	95	10	to	to	ADP
ajfa-14168	95	11	the	the	DET
ajfa-14168	95	12	likelihood	likelihood	NOUN
ajfa-14168	95	13	of	of	ADP
ajfa-14168	95	14	default	default	NOUN
ajfa-14168	95	15	,	,	PUNCT
ajfa-14168	95	16	the	the	DET
ajfa-14168	95	17	large	large	ADJ
ajfa-14168	95	18	number	number	NOUN
ajfa-14168	95	19	of	of	ADP
ajfa-14168	95	20	qualitative	qualitative	ADJ
ajfa-14168	95	21	characteristics	characteristic	NOUN
ajfa-14168	95	22	and	and	CCONJ
ajfa-14168	95	23	the	the	DET
ajfa-14168	95	24	accounting	accounting	NOUN
ajfa-14168	95	25	ratios	ratio	NOUN
ajfa-14168	95	26	.	.	PUNCT
ajfa-14168	96	1	each	each	DET
ajfa-14168	96	2	accounting	accounting	NOUN
ajfa-14168	96	3	ratio	ratio	NOUN
ajfa-14168	96	4	could	could	AUX
ajfa-14168	96	5	have	have	VERB
ajfa-14168	96	6	a	a	DET
ajfa-14168	96	7	big	big	ADJ
ajfa-14168	96	8	or	or	CCONJ
ajfa-14168	96	9	small	small	ADJ
ajfa-14168	96	10	impact	impact	NOUN
ajfa-14168	96	11	on	on	ADP
ajfa-14168	96	12	the	the	DET
ajfa-14168	96	13	overall	overall	ADJ
ajfa-14168	96	14	score	score	NOUN
ajfa-14168	96	15	,	,	PUNCT
ajfa-14168	96	16	as	as	SCONJ
ajfa-14168	96	17	determined	determine	VERB
ajfa-14168	96	18	by	by	ADP
ajfa-14168	96	19	altman	altman	PROPN
ajfa-14168	96	20	’s	’s	PART
ajfa-14168	96	21	z	z	PROPN
ajfa-14168	96	22	-	-	PUNCT
ajfa-14168	96	23	score	score	NOUN
ajfa-14168	96	24	.	.	PUNCT
ajfa-14168	97	1	although	although	SCONJ
ajfa-14168	97	2	there	there	PRON
ajfa-14168	97	3	are	be	VERB
ajfa-14168	97	4	many	many	ADJ
ajfa-14168	97	5	ways	way	NOUN
ajfa-14168	97	6	to	to	PART
ajfa-14168	97	7	calculate	calculate	VERB
ajfa-14168	97	8	z	z	NOUN
ajfa-14168	97	9	-	-	PUNCT
ajfa-14168	97	10	score	score	NOUN
ajfa-14168	97	11	,	,	PUNCT
ajfa-14168	97	12	the	the	DET
ajfa-14168	97	13	most	most	ADV
ajfa-14168	97	14	commonly	commonly	ADV
ajfa-14168	97	15	used	use	VERB
ajfa-14168	97	16	method	method	NOUN
ajfa-14168	97	17	is	be	AUX
ajfa-14168	97	18	the	the	DET
ajfa-14168	97	19	least	least	ADJ
ajfa-14168	97	20	squares	square	NOUN
ajfa-14168	97	21	method	method	NOUN
ajfa-14168	97	22	.	.	PUNCT
ajfa-14168	98	1	proposed	propose	VERB
ajfa-14168	98	2	by	by	ADP
ajfa-14168	98	3	edward	edward	PROPN
ajfa-14168	98	4	i.	i.	PROPN
ajfa-14168	98	5	altman	altman	PROPN
ajfa-14168	98	6	,	,	PUNCT
ajfa-14168	98	7	an	an	DET
ajfa-14168	98	8	assistant	assistant	ADJ
ajfa-14168	98	9	professor	professor	NOUN
ajfa-14168	98	10	of	of	ADP
ajfa-14168	98	11	finance	finance	NOUN
ajfa-14168	98	12	at	at	ADP
ajfa-14168	98	13	new	new	PROPN
ajfa-14168	98	14	york	york	PROPN
ajfa-14168	98	15	university	university	PROPN
ajfa-14168	98	16	in	in	ADP
ajfa-14168	98	17	1968	1968	NUM
ajfa-14168	98	18	,	,	PUNCT
ajfa-14168	98	19	z	z	NOUN
ajfa-14168	98	20	-	-	PUNCT
ajfa-14168	98	21	score	score	NOUN
ajfa-14168	98	22	is	be	AUX
ajfa-14168	98	23	a	a	DET
ajfa-14168	98	24	quantitative	quantitative	ADJ
ajfa-14168	98	25	analysis	analysis	NOUN
ajfa-14168	98	26	method	method	NOUN
ajfa-14168	98	27	used	use	VERB
ajfa-14168	98	28	to	to	PART
ajfa-14168	98	29	determine	determine	VERB
ajfa-14168	98	30	the	the	DET
ajfa-14168	98	31	condition	condition	NOUN
ajfa-14168	98	32	of	of	ADP
ajfa-14168	98	33	the	the	DET
ajfa-14168	98	34	balance	balance	NOUN
ajfa-14168	98	35	sheet	sheet	NOUN
ajfa-14168	98	36	.	.	PUNCT
ajfa-14168	99	1	the	the	PRON
ajfa-14168	99	2	lower	low	ADJ
ajfa-14168	99	3	the	the	DET
ajfa-14168	99	4	z	z	NOUN
ajfa-14168	99	5	-	-	PUNCT
ajfa-14168	99	6	score	score	NOUN
ajfa-14168	99	7	,	,	PUNCT
ajfa-14168	99	8	the	the	PRON
ajfa-14168	99	9	greater	great	ADJ
ajfa-14168	99	10	the	the	DET
ajfa-14168	99	11	probability	probability	NOUN
ajfa-14168	99	12	for	for	SCONJ
ajfa-14168	99	13	the	the	DET
ajfa-14168	99	14	company	company	NOUN
ajfa-14168	99	15	to	to	PART
ajfa-14168	99	16	face	face	VERB
ajfa-14168	99	17	a	a	DET
ajfa-14168	99	18	financial	financial	ADJ
ajfa-14168	99	19	problem	problem	NOUN
ajfa-14168	99	20	in	in	ADP
ajfa-14168	99	21	the	the	DET
ajfa-14168	99	22	future	future	NOUN
ajfa-14168	99	23	under	under	ADP
ajfa-14168	99	24	normal	normal	ADJ
ajfa-14168	99	25	circumstances	circumstance	NOUN
ajfa-14168	99	26	.	.	PUNCT
ajfa-14168	100	1	lda	lda	PROPN
ajfa-14168	100	2	divides	divide	VERB
ajfa-14168	100	3	the	the	DET
ajfa-14168	100	4	companies	company	NOUN
ajfa-14168	100	5	into	into	ADP
ajfa-14168	100	6	two	two	NUM
ajfa-14168	100	7	groups	group	NOUN
ajfa-14168	100	8	:	:	PUNCT
ajfa-14168	100	9	performing	perform	VERB
ajfa-14168	100	10	or	or	CCONJ
ajfa-14168	100	11	solvent	solvent	ADJ
ajfa-14168	100	12	companies	company	NOUN
ajfa-14168	100	13	and	and	CCONJ
ajfa-14168	100	14	defaulting	default	VERB
ajfa-14168	100	15	or	or	CCONJ
ajfa-14168	100	16	insolvent	insolvent	ADJ
ajfa-14168	100	17	companies	company	NOUN
ajfa-14168	100	18	.	.	PUNCT
ajfa-14168	101	1	one	one	NUM
ajfa-14168	101	2	of	of	ADP
ajfa-14168	101	3	the	the	DET
ajfa-14168	101	4	challenges	challenge	NOUN
ajfa-14168	101	5	of	of	ADP
ajfa-14168	101	6	such	such	ADJ
ajfa-14168	101	7	classification	classification	NOUN
ajfa-14168	101	8	is	be	AUX
ajfa-14168	101	9	whether	whether	SCONJ
ajfa-14168	101	10	or	or	CCONJ
ajfa-14168	101	11	not	not	PART
ajfa-14168	101	12	we	we	PRON
ajfa-14168	101	13	can	can	AUX
ajfa-14168	101	14	predict	predict	VERB
ajfa-14168	101	15	which	which	DET
ajfa-14168	101	16	companies	company	NOUN
ajfa-14168	101	17	will	will	AUX
ajfa-14168	101	18	be	be	AUX
ajfa-14168	101	19	solvent	solvent	ADJ
ajfa-14168	101	20	and	and	CCONJ
ajfa-14168	101	21	which	which	PRON
ajfa-14168	101	22	companies	company	NOUN
ajfa-14168	101	23	will	will	AUX
ajfa-14168	101	24	be	be	AUX
ajfa-14168	101	25	insolvent	insolvent	ADJ
ajfa-14168	101	26	before	before	ADP
ajfa-14168	101	27	default	default	NOUN
ajfa-14168	101	28	.	.	PUNCT
ajfa-14168	102	1	although	although	SCONJ
ajfa-14168	102	2	the	the	DET
ajfa-14168	102	3	approach	approach	NOUN
ajfa-14168	102	4	is	be	AUX
ajfa-14168	102	5	flawed	flawed	ADJ
ajfa-14168	102	6	as	as	SCONJ
ajfa-14168	102	7	both	both	CCONJ
ajfa-14168	102	8	solvent	solvent	ADJ
ajfa-14168	102	9	and	and	CCONJ
ajfa-14168	102	10	insolvent	insolvent	ADJ
ajfa-14168	102	11	companies	company	NOUN
ajfa-14168	102	12	may	may	AUX
ajfa-14168	102	13	have	have	VERB
ajfa-14168	102	14	similar	similar	ADJ
ajfa-14168	102	15	scores	score	NOUN
ajfa-14168	102	16	,	,	PUNCT
ajfa-14168	102	17	the	the	DET
ajfa-14168	102	18	z	z	PROPN
ajfa-14168	102	19	cut	cut	VERB
ajfa-14168	102	20	-	-	PUNCT
ajfa-14168	102	21	off	off	ADP
ajfa-14168	102	22	point	point	NOUN
ajfa-14168	102	23	is	be	AUX
ajfa-14168	102	24	used	use	VERB
ajfa-14168	102	25	to	to	PART
ajfa-14168	102	26	distinguish	distinguish	VERB
ajfa-14168	102	27	the	the	DET
ajfa-14168	102	28	two	two	NUM
ajfa-14168	102	29	groups	group	NOUN
ajfa-14168	102	30	.	.	PUNCT
ajfa-14168	103	1	altman	altman	PROPN
ajfa-14168	103	2	’s	’s	PART
ajfa-14168	103	3	z	z	NOUN
ajfa-14168	103	4	-	-	PUNCT
ajfa-14168	103	5	score	score	NOUN
ajfa-14168	103	6	is	be	AUX
ajfa-14168	103	7	also	also	ADV
ajfa-14168	103	8	used	use	VERB
ajfa-14168	103	9	to	to	PART
ajfa-14168	103	10	estimate	estimate	VERB
ajfa-14168	103	11	the	the	DET
ajfa-14168	103	12	possibility	possibility	NOUN
ajfa-14168	103	13	of	of	ADP
ajfa-14168	103	14	financial	financial	ADJ
ajfa-14168	103	15	distress	distress	NOUN
ajfa-14168	103	16	,	,	PUNCT
ajfa-14168	103	17	which	which	PRON
ajfa-14168	103	18	is	be	AUX
ajfa-14168	103	19	denoted	denote	VERB
ajfa-14168	103	20	by	by	ADP
ajfa-14168	103	21	a	a	DET
ajfa-14168	103	22	weighted	weighted	ADJ
ajfa-14168	103	23	average	average	NOUN
ajfa-14168	103	24	of	of	ADP
ajfa-14168	103	25	five	five	NUM
ajfa-14168	103	26	financial	financial	ADJ
ajfa-14168	103	27	ratios	ratio	NOUN
ajfa-14168	103	28	.	.	PUNCT
ajfa-14168	104	1	as	as	SCONJ
ajfa-14168	104	2	sharp	sharp	ADJ
ajfa-14168	104	3	decline	decline	NOUN
ajfa-14168	104	4	in	in	ADP
ajfa-14168	104	5	the	the	DET
ajfa-14168	104	6	company	company	NOUN
ajfa-14168	104	7	's	's	PART
ajfa-14168	104	8	share	share	NOUN
ajfa-14168	104	9	price	price	NOUN
ajfa-14168	104	10	is	be	AUX
ajfa-14168	104	11	mostly	mostly	ADV
ajfa-14168	104	12	caused	cause	VERB
ajfa-14168	104	13	by	by	ADP
ajfa-14168	104	14	balance	balance	NOUN
ajfa-14168	104	15	sheet	sheet	NOUN
ajfa-14168	104	16	issues	issue	NOUN
ajfa-14168	104	17	,	,	PUNCT
ajfa-14168	104	18	financial	financial	ADJ
ajfa-14168	104	19	statements	statement	NOUN
ajfa-14168	104	20	have	have	VERB
ajfa-14168	104	21	a	a	DET
ajfa-14168	104	22	strong	strong	ADJ
ajfa-14168	104	23	influence	influence	NOUN
ajfa-14168	104	24	on	on	ADP
ajfa-14168	104	25	shareholders	shareholder	NOUN
ajfa-14168	104	26	'	'	PART
ajfa-14168	104	27	judgement	judgement	NOUN
ajfa-14168	104	28	of	of	ADP
ajfa-14168	104	29	the	the	DET
ajfa-14168	104	30	company	company	NOUN
ajfa-14168	104	31	.	.	PUNCT
ajfa-14168	105	1	the	the	DET
ajfa-14168	105	2	importance	importance	NOUN
ajfa-14168	105	3	of	of	ADP
ajfa-14168	105	4	financial	financial	ADJ
ajfa-14168	105	5	ratios	ratio	NOUN
ajfa-14168	105	6	is	be	AUX
ajfa-14168	105	7	therefore	therefore	ADV
ajfa-14168	105	8	selfevident	selfevident	NOUN
ajfa-14168	105	9	.	.	PUNCT
ajfa-14168	106	1	altman	altman	PROPN
ajfa-14168	106	2	’	'	PUNCT
ajfa-14168	106	3	s	s	PART
ajfa-14168	106	4	initial	initial	ADJ
ajfa-14168	106	5	research	research	NOUN
ajfa-14168	106	6	was	be	AUX
ajfa-14168	106	7	based	base	VERB
ajfa-14168	106	8	on	on	ADP
ajfa-14168	106	9	financial	financial	ADJ
ajfa-14168	106	10	data	datum	NOUN
ajfa-14168	106	11	from	from	ADP
ajfa-14168	106	12	manufacturing	manufacture	VERB
ajfa-14168	106	13	companies	company	NOUN
ajfa-14168	106	14	.	.	PUNCT
ajfa-14168	107	1	focusing	focus	VERB
ajfa-14168	107	2	on	on	ADP
ajfa-14168	107	3	66	66	NUM
ajfa-14168	107	4	companies	company	NOUN
ajfa-14168	107	5	where	where	SCONJ
ajfa-14168	107	6	half	half	NOUN
ajfa-14168	107	7	had	have	AUX
ajfa-14168	107	8	applied	apply	VERB
ajfa-14168	107	9	for	for	ADP
ajfa-14168	107	10	bankruptcy	bankruptcy	NOUN
ajfa-14168	107	11	,	,	PUNCT
ajfa-14168	107	12	altman	altman	PROPN
ajfa-14168	107	13	calculated	calculate	VERB
ajfa-14168	107	14	various	various	ADJ
ajfa-14168	107	15	financial	financial	ADJ
ajfa-14168	107	16	indicators	indicator	NOUN
ajfa-14168	107	17	for	for	ADP
ajfa-14168	107	18	those	those	DET
ajfa-14168	107	19	66	66	NUM
ajfa-14168	107	20	companies	company	NOUN
ajfa-14168	107	21	,	,	PUNCT
ajfa-14168	107	22	obtained	obtain	VERB
ajfa-14168	107	23	their	their	PRON
ajfa-14168	107	24	corresponding	correspond	VERB
ajfa-14168	107	25	weights	weight	NOUN
ajfa-14168	107	26	through	through	ADP
ajfa-14168	107	27	discrete	discrete	ADJ
ajfa-14168	107	28	methods	method	NOUN
ajfa-14168	107	29	and	and	CCONJ
ajfa-14168	107	30	selected	select	VERB
ajfa-14168	107	31	the	the	DET
ajfa-14168	107	32	most	most	ADV
ajfa-14168	107	33	important	important	ADJ
ajfa-14168	107	34	weights	weight	NOUN
ajfa-14168	107	35	to	to	PART
ajfa-14168	107	36	build	build	VERB
ajfa-14168	107	37	the	the	DET
ajfa-14168	107	38	relevant	relevant	ADJ
ajfa-14168	107	39	model	model	NOUN
ajfa-14168	107	40	.	.	PUNCT
ajfa-14168	108	1	to	to	PART
ajfa-14168	108	2	validate	validate	VERB
ajfa-14168	108	3	the	the	DET
ajfa-14168	108	4	model	model	NOUN
ajfa-14168	108	5	,	,	PUNCT
ajfa-14168	108	6	altman	altman	PROPN
ajfa-14168	108	7	calculated	calculate	VERB
ajfa-14168	108	8	the	the	DET
ajfa-14168	108	9	z	z	NOUN
ajfa-14168	108	10	-	-	PUNCT
ajfa-14168	108	11	score	score	NOUN
ajfa-14168	108	12	for	for	ADP
ajfa-14168	108	13	groups	group	NOUN
ajfa-14168	108	14	of	of	ADP
ajfa-14168	108	15	bankrupt	bankrupt	ADJ
ajfa-14168	108	16	and	and	CCONJ
ajfa-14168	108	17	non	non	ADJ
ajfa-14168	108	18	-	-	ADJ
ajfa-14168	108	19	bankrupt	bankrupt	ADJ
ajfa-14168	108	20	but	but	CCONJ
ajfa-14168	108	21	sick	sick	ADJ
ajfa-14168	108	22	companies	company	NOUN
ajfa-14168	108	23	,	,	PUNCT
ajfa-14168	108	24	i.e.	i.e.	X
ajfa-14168	108	25	st	st	PROPN
ajfa-14168	108	26	companies	company	NOUN
ajfa-14168	108	27	.	.	PUNCT
ajfa-14168	109	1	altman	altman	PROPN
ajfa-14168	109	2	’s	’s	PART
ajfa-14168	109	3	goal	goal	NOUN
ajfa-14168	109	4	was	be	AUX
ajfa-14168	109	5	to	to	PART
ajfa-14168	109	6	ascertain	ascertain	VERB
ajfa-14168	109	7	how	how	SCONJ
ajfa-14168	109	8	well	well	ADV
ajfa-14168	109	9	the	the	DET
ajfa-14168	109	10	model	model	NOUN
ajfa-14168	109	11	could	could	AUX
ajfa-14168	109	12	distinguish	distinguish	VERB
ajfa-14168	109	13	between	between	ADP
ajfa-14168	109	14	sick	sick	ADJ
ajfa-14168	109	15	companies	company	NOUN
ajfa-14168	109	16	and	and	CCONJ
ajfa-14168	109	17	those	those	PRON
ajfa-14168	109	18	that	that	PRON
ajfa-14168	109	19	had	have	AUX
ajfa-14168	109	20	gone	go	VERB
ajfa-14168	109	21	bankrupt	bankrupt	ADJ
ajfa-14168	109	22	.	.	PUNCT
ajfa-14168	110	1	asian	asian	ADJ
ajfa-14168	110	2	journal	journal	PROPN
ajfa-14168	110	3	of	of	ADP
ajfa-14168	110	4	finance	finance	PROPN
ajfa-14168	110	5	&	&	CCONJ
ajfa-14168	110	6	accounting	accounting	PROPN
ajfa-14168	110	7	issn	issn	PROPN
ajfa-14168	110	8	1946	1946	NUM
ajfa-14168	110	9	-	-	PUNCT
ajfa-14168	110	10	052x	052x	PROPN
ajfa-14168	110	11	2019	2019	NUM
ajfa-14168	110	12	,	,	PUNCT
ajfa-14168	110	13	vol	vol	NOUN
ajfa-14168	110	14	.	.	PROPN
ajfa-14168	110	15	11	11	NUM
ajfa-14168	110	16	,	,	PUNCT
ajfa-14168	110	17	no	no	INTJ
ajfa-14168	110	18	.	.	NOUN
ajfa-14168	110	19	1	1	NUM
ajfa-14168	110	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	110	21	147	147	NUM
ajfa-14168	111	1	it	it	PRON
ajfa-14168	111	2	was	be	AUX
ajfa-14168	111	3	observed	observe	VERB
ajfa-14168	111	4	that	that	SCONJ
ajfa-14168	111	5	altman	altman	PROPN
ajfa-14168	111	6	's	's	PART
ajfa-14168	111	7	model	model	NOUN
ajfa-14168	111	8	predicted	predict	VERB
ajfa-14168	111	9	with	with	ADP
ajfa-14168	111	10	a	a	DET
ajfa-14168	111	11	72	72	NUM
ajfa-14168	111	12	%	%	NOUN
ajfa-14168	111	13	accuracy	accuracy	NOUN
ajfa-14168	111	14	a	a	DET
ajfa-14168	111	15	company	company	NOUN
ajfa-14168	111	16	’s	’s	PART
ajfa-14168	111	17	bankruptcy	bankruptcy	NOUN
ajfa-14168	111	18	two	two	NUM
ajfa-14168	111	19	years	year	NOUN
ajfa-14168	111	20	in	in	ADP
ajfa-14168	111	21	advance	advance	NOUN
ajfa-14168	111	22	.	.	PUNCT
ajfa-14168	112	1	in	in	ADP
ajfa-14168	112	2	the	the	DET
ajfa-14168	112	3	next	next	ADJ
ajfa-14168	112	4	31	31	NUM
ajfa-14168	112	5	years	year	NOUN
ajfa-14168	112	6	of	of	ADP
ajfa-14168	112	7	testing	testing	NOUN
ajfa-14168	112	8	though	though	ADV
ajfa-14168	112	9	,	,	PUNCT
ajfa-14168	112	10	it	it	PRON
ajfa-14168	112	11	was	be	AUX
ajfa-14168	112	12	discovered	discover	VERB
ajfa-14168	112	13	that	that	SCONJ
ajfa-14168	112	14	the	the	DET
ajfa-14168	112	15	accuracy	accuracy	NOUN
ajfa-14168	112	16	of	of	ADP
ajfa-14168	112	17	the	the	DET
ajfa-14168	112	18	model	model	NOUN
ajfa-14168	112	19	in	in	ADP
ajfa-14168	112	20	predicting	predict	VERB
ajfa-14168	112	21	bankruptcy	bankruptcy	NOUN
ajfa-14168	112	22	one	one	NUM
ajfa-14168	112	23	year	year	NOUN
ajfa-14168	112	24	in	in	ADP
ajfa-14168	112	25	advance	advance	NOUN
ajfa-14168	112	26	had	have	AUX
ajfa-14168	112	27	eventually	eventually	ADV
ajfa-14168	112	28	increased	increase	VERB
ajfa-14168	112	29	to	to	ADP
ajfa-14168	112	30	80	80	NUM
ajfa-14168	112	31	%	%	NOUN
ajfa-14168	112	32	–	–	PUNCT
ajfa-14168	112	33	90	90	NUM
ajfa-14168	112	34	%	%	NOUN
ajfa-14168	112	35	.	.	PUNCT
ajfa-14168	113	1	using	use	VERB
ajfa-14168	113	2	the	the	DET
ajfa-14168	113	3	z	z	NOUN
ajfa-14168	113	4	-	-	PUNCT
ajfa-14168	113	5	score	score	NOUN
ajfa-14168	113	6	to	to	PART
ajfa-14168	113	7	rank	rank	VERB
ajfa-14168	113	8	a	a	DET
ajfa-14168	113	9	group	group	NOUN
ajfa-14168	113	10	of	of	ADP
ajfa-14168	113	11	european	european	ADJ
ajfa-14168	113	12	companies	company	NOUN
ajfa-14168	113	13	in	in	ADP
ajfa-14168	113	14	2009	2009	NUM
ajfa-14168	113	15	,	,	PUNCT
ajfa-14168	113	16	graham	graham	PROPN
ajfa-14168	113	17	secker	secker	PROPN
ajfa-14168	113	18	—	—	PUNCT
ajfa-14168	113	19	a	a	DET
ajfa-14168	113	20	morgan	morgan	PROPN
ajfa-14168	113	21	stanley	stanley	PROPN
ajfa-14168	113	22	strategy	strategy	PROPN
ajfa-14168	113	23	analyst	analyst	NOUN
ajfa-14168	113	24	—	—	PUNCT
ajfa-14168	113	25	found	find	VERB
ajfa-14168	113	26	that	that	SCONJ
ajfa-14168	113	27	companies	company	NOUN
ajfa-14168	113	28	with	with	ADP
ajfa-14168	113	29	weaker	weak	ADJ
ajfa-14168	113	30	balance	balance	NOUN
ajfa-14168	113	31	sheets	sheet	NOUN
ajfa-14168	113	32	underperformed	underperform	VERB
ajfa-14168	113	33	in	in	ADP
ajfa-14168	113	34	most	most	ADJ
ajfa-14168	113	35	cases	case	NOUN
ajfa-14168	113	36	as	as	SCONJ
ajfa-14168	113	37	those	those	PRON
ajfa-14168	113	38	with	with	ADP
ajfa-14168	113	39	a	a	DET
ajfa-14168	113	40	z	z	NOUN
ajfa-14168	113	41	score	score	NOUN
ajfa-14168	113	42	of	of	ADP
ajfa-14168	113	43	less	less	ADJ
ajfa-14168	113	44	than	than	ADP
ajfa-14168	113	45	1	1	NUM
ajfa-14168	113	46	usually	usually	ADV
ajfa-14168	113	47	underperformed	underperform	VERB
ajfa-14168	113	48	by	by	ADP
ajfa-14168	113	49	more	more	ADJ
ajfa-14168	113	50	than	than	ADP
ajfa-14168	113	51	4	4	NUM
ajfa-14168	113	52	%	%	NOUN
ajfa-14168	113	53	.	.	PUNCT
ajfa-14168	114	1	if	if	SCONJ
ajfa-14168	114	2	the	the	DET
ajfa-14168	114	3	company	company	NOUN
ajfa-14168	114	4	is	be	AUX
ajfa-14168	114	5	not	not	PART
ajfa-14168	114	6	listed	list	VERB
ajfa-14168	114	7	,	,	PUNCT
ajfa-14168	114	8	the	the	DET
ajfa-14168	114	9	market	market	NOUN
ajfa-14168	114	10	value	value	NOUN
ajfa-14168	114	11	of	of	ADP
ajfa-14168	114	12	the	the	DET
ajfa-14168	114	13	company	company	NOUN
ajfa-14168	114	14	can	can	AUX
ajfa-14168	114	15	not	not	PART
ajfa-14168	114	16	be	be	AUX
ajfa-14168	114	17	obtained	obtain	VERB
ajfa-14168	114	18	directly	directly	ADV
ajfa-14168	114	19	.	.	PUNCT
ajfa-14168	115	1	the	the	DET
ajfa-14168	115	2	zeta	zeta	PROPN
ajfa-14168	115	3	model	model	NOUN
ajfa-14168	115	4	therefore	therefore	ADV
ajfa-14168	115	5	has	have	VERB
ajfa-14168	115	6	different	different	ADJ
ajfa-14168	115	7	forms	form	NOUN
ajfa-14168	115	8	for	for	ADP
ajfa-14168	115	9	listed	list	VERB
ajfa-14168	115	10	companies	company	NOUN
ajfa-14168	115	11	and	and	CCONJ
ajfa-14168	115	12	non	non	ADJ
ajfa-14168	115	13	-	-	ADJ
ajfa-14168	115	14	listed	listed	ADJ
ajfa-14168	115	15	companies	company	NOUN
ajfa-14168	115	16	.	.	PUNCT
ajfa-14168	116	1	when	when	SCONJ
ajfa-14168	116	2	the	the	DET
ajfa-14168	116	3	company	company	NOUN
ajfa-14168	116	4	is	be	AUX
ajfa-14168	116	5	listed	list	VERB
ajfa-14168	116	6	,	,	PUNCT
ajfa-14168	116	7	the	the	DET
ajfa-14168	116	8	z	z	NOUN
ajfa-14168	116	9	-	-	PUNCT
ajfa-14168	116	10	score	score	NOUN
ajfa-14168	116	11	is	be	AUX
ajfa-14168	116	12	calculated	calculate	VERB
ajfa-14168	116	13	as	as	SCONJ
ajfa-14168	116	14	follows	follow	VERB
ajfa-14168	116	15	:	:	PUNCT
ajfa-14168	116	16	𝑍	𝑍	PROPN
ajfa-14168	116	17	=	=	SYM
ajfa-14168	116	18	1.2𝑋	1.2𝑋	NOUN
ajfa-14168	116	19	+	+	CCONJ
ajfa-14168	116	20	1.4𝑋	1.4𝑋	NOUN
ajfa-14168	116	21	+	+	CCONJ
ajfa-14168	116	22	3.3𝑋	3.3𝑋	NOUN
ajfa-14168	116	23	+	+	NUM
ajfa-14168	116	24	0.6𝑋	0.6𝑋	NOUN
ajfa-14168	117	1	+	+	X
ajfa-14168	117	2	1.0𝑋	1.0𝑋	NOUN
ajfa-14168	117	3	where	where	SCONJ
ajfa-14168	117	4	z	z	X
ajfa-14168	117	5	:	:	PUNCT
ajfa-14168	117	6	the	the	DET
ajfa-14168	117	7	overall	overall	ADJ
ajfa-14168	117	8	index	index	NOUN
ajfa-14168	117	9	of	of	ADP
ajfa-14168	117	10	the	the	DET
ajfa-14168	117	11	z	z	NOUN
ajfa-14168	117	12	-	-	PUNCT
ajfa-14168	117	13	score	score	NOUN
ajfa-14168	117	14	model	model	NOUN
ajfa-14168	117	15	𝑋	𝑋	PROPN
ajfa-14168	117	16	:	:	PUNCT
ajfa-14168	117	17	working	work	VERB
ajfa-14168	117	18	capital	capital	NOUN
ajfa-14168	117	19	/	/	SYM
ajfa-14168	117	20	total	total	ADJ
ajfa-14168	117	21	assets	asset	NOUN
ajfa-14168	117	22	this	this	PRON
ajfa-14168	117	23	suggests	suggest	VERB
ajfa-14168	117	24	the	the	DET
ajfa-14168	117	25	company	company	NOUN
ajfa-14168	117	26	may	may	AUX
ajfa-14168	117	27	experience	experience	VERB
ajfa-14168	117	28	shrinking	shrink	VERB
ajfa-14168	117	29	liquidity	liquidity	NOUN
ajfa-14168	117	30	when	when	SCONJ
ajfa-14168	117	31	the	the	DET
ajfa-14168	117	32	company	company	NOUN
ajfa-14168	117	33	’s	’s	PART
ajfa-14168	117	34	liquid	liquid	ADJ
ajfa-14168	117	35	assets	asset	NOUN
ajfa-14168	117	36	double	double	ADJ
ajfa-14168	117	37	.	.	PUNCT
ajfa-14168	118	1	𝑋	𝑋	NOUN
ajfa-14168	118	2	:	:	PUNCT
ajfa-14168	118	3	retained	retain	VERB
ajfa-14168	118	4	earnings	earning	NOUN
ajfa-14168	118	5	/	/	SYM
ajfa-14168	118	6	total	total	ADJ
ajfa-14168	118	7	assets	asset	NOUN
ajfa-14168	118	8	this	this	DET
ajfa-14168	118	9	ratio	ratio	NOUN
ajfa-14168	118	10	measures	measure	NOUN
ajfa-14168	118	11	profitability	profitability	NOUN
ajfa-14168	118	12	,	,	PUNCT
ajfa-14168	118	13	which	which	PRON
ajfa-14168	118	14	reflects	reflect	VERB
ajfa-14168	118	15	the	the	DET
ajfa-14168	118	16	company	company	NOUN
ajfa-14168	118	17	's	's	PART
ajfa-14168	118	18	age	age	NOUN
ajfa-14168	118	19	and	and	CCONJ
ajfa-14168	118	20	earning	earn	VERB
ajfa-14168	118	21	power	power	NOUN
ajfa-14168	118	22	.	.	PUNCT
ajfa-14168	119	1	𝑋	𝑋	NOUN
ajfa-14168	119	2	:	:	PUNCT
ajfa-14168	119	3	earnings	earning	NOUN
ajfa-14168	119	4	before	before	ADP
ajfa-14168	119	5	interest	interest	NOUN
ajfa-14168	119	6	and	and	CCONJ
ajfa-14168	119	7	tax	tax	NOUN
ajfa-14168	119	8	/	/	SYM
ajfa-14168	119	9	total	total	ADJ
ajfa-14168	119	10	assets	asset	NOUN
ajfa-14168	119	11	this	this	DET
ajfa-14168	119	12	ratio	ratio	NOUN
ajfa-14168	119	13	shows	show	VERB
ajfa-14168	119	14	the	the	DET
ajfa-14168	119	15	efficiency	efficiency	NOUN
ajfa-14168	119	16	of	of	ADP
ajfa-14168	119	17	the	the	DET
ajfa-14168	119	18	company	company	NOUN
ajfa-14168	119	19	in	in	ADP
ajfa-14168	119	20	generating	generate	VERB
ajfa-14168	119	21	earnings	earning	NOUN
ajfa-14168	119	22	under	under	ADP
ajfa-14168	119	23	the	the	DET
ajfa-14168	119	24	same	same	ADJ
ajfa-14168	119	25	asset	asset	NOUN
ajfa-14168	119	26	size	size	NOUN
ajfa-14168	119	27	.	.	PUNCT
ajfa-14168	120	1	𝑋	𝑋	NOUN
ajfa-14168	120	2	:	:	PUNCT
ajfa-14168	120	3	market	market	NOUN
ajfa-14168	120	4	value	value	NOUN
ajfa-14168	120	5	of	of	ADP
ajfa-14168	120	6	equity	equity	NOUN
ajfa-14168	120	7	/	/	SYM
ajfa-14168	120	8	book	book	NOUN
ajfa-14168	120	9	value	value	NOUN
ajfa-14168	120	10	of	of	ADP
ajfa-14168	120	11	total	total	ADJ
ajfa-14168	120	12	liabilities	liability	NOUN
ajfa-14168	120	13	this	this	DET
ajfa-14168	120	14	ratio	ratio	NOUN
ajfa-14168	120	15	provides	provide	VERB
ajfa-14168	120	16	a	a	DET
ajfa-14168	120	17	quick	quick	ADJ
ajfa-14168	120	18	test	test	NOUN
ajfa-14168	120	19	of	of	ADP
ajfa-14168	120	20	how	how	SCONJ
ajfa-14168	120	21	much	much	ADJ
ajfa-14168	120	22	the	the	DET
ajfa-14168	120	23	company	company	NOUN
ajfa-14168	120	24	’s	’s	PART
ajfa-14168	120	25	assets	asset	NOUN
ajfa-14168	120	26	can	can	AUX
ajfa-14168	120	27	fall	fall	VERB
ajfa-14168	120	28	before	before	SCONJ
ajfa-14168	120	29	the	the	DET
ajfa-14168	120	30	company	company	NOUN
ajfa-14168	120	31	becomes	become	VERB
ajfa-14168	120	32	technically	technically	ADV
ajfa-14168	120	33	insolvent	insolvent	ADJ
ajfa-14168	120	34	,	,	PUNCT
ajfa-14168	120	35	i.e.	i.e.	X
ajfa-14168	120	36	when	when	SCONJ
ajfa-14168	120	37	its	its	PRON
ajfa-14168	120	38	liabilities	liability	NOUN
ajfa-14168	120	39	exceed	exceed	VERB
ajfa-14168	120	40	its	its	PRON
ajfa-14168	120	41	assets	asset	NOUN
ajfa-14168	120	42	.	.	PUNCT
ajfa-14168	121	1	𝑋	𝑋	NOUN
ajfa-14168	121	2	:	:	PUNCT
ajfa-14168	121	3	sales	sale	NOUN
ajfa-14168	121	4	/	/	SYM
ajfa-14168	121	5	total	total	ADJ
ajfa-14168	121	6	assets	asset	NOUN
ajfa-14168	121	7	this	this	DET
ajfa-14168	121	8	ratio	ratio	NOUN
ajfa-14168	121	9	represents	represent	VERB
ajfa-14168	121	10	asset	asset	NOUN
ajfa-14168	121	11	turnover	turnover	NOUN
ajfa-14168	121	12	,	,	PUNCT
ajfa-14168	121	13	which	which	PRON
ajfa-14168	121	14	measures	measure	VERB
ajfa-14168	121	15	how	how	SCONJ
ajfa-14168	121	16	effectively	effectively	ADV
ajfa-14168	121	17	the	the	DET
ajfa-14168	121	18	company	company	NOUN
ajfa-14168	121	19	uses	use	VERB
ajfa-14168	121	20	its	its	PRON
ajfa-14168	121	21	assets	asset	NOUN
ajfa-14168	121	22	to	to	PART
ajfa-14168	121	23	generates	generate	VERB
ajfa-14168	121	24	sales	sale	NOUN
ajfa-14168	121	25	.	.	PUNCT
ajfa-14168	122	1	a	a	DET
ajfa-14168	122	2	great	great	ADJ
ajfa-14168	122	3	deal	deal	NOUN
ajfa-14168	122	4	of	of	ADP
ajfa-14168	122	5	factual	factual	ADJ
ajfa-14168	122	6	research	research	NOUN
ajfa-14168	122	7	has	have	AUX
ajfa-14168	122	8	shown	show	VERB
ajfa-14168	122	9	that	that	SCONJ
ajfa-14168	122	10	investors	investor	NOUN
ajfa-14168	122	11	must	must	AUX
ajfa-14168	122	12	do	do	VERB
ajfa-14168	122	13	some	some	DET
ajfa-14168	122	14	serious	serious	ADJ
ajfa-14168	122	15	due	due	ADJ
ajfa-14168	122	16	diligence	diligence	NOUN
ajfa-14168	122	17	before	before	ADP
ajfa-14168	122	18	considering	consider	VERB
ajfa-14168	122	19	whether	whether	SCONJ
ajfa-14168	122	20	to	to	PART
ajfa-14168	122	21	invest	invest	VERB
ajfa-14168	122	22	in	in	ADP
ajfa-14168	122	23	a	a	DET
ajfa-14168	122	24	company	company	NOUN
ajfa-14168	122	25	with	with	ADP
ajfa-14168	122	26	an	an	DET
ajfa-14168	122	27	altman	altman	PROPN
ajfa-14168	122	28	z	z	PROPN
ajfa-14168	122	29	-	-	PUNCT
ajfa-14168	122	30	score	score	NOUN
ajfa-14168	122	31	of	of	ADP
ajfa-14168	122	32	close	close	ADJ
ajfa-14168	122	33	to	to	ADP
ajfa-14168	122	34	or	or	CCONJ
ajfa-14168	122	35	less	less	ADJ
ajfa-14168	122	36	than	than	ADP
ajfa-14168	122	37	3	3	NUM
ajfa-14168	122	38	.	.	PUNCT
ajfa-14168	122	39	companies	company	NOUN
ajfa-14168	122	40	can	can	AUX
ajfa-14168	122	41	be	be	AUX
ajfa-14168	122	42	classified	classify	VERB
ajfa-14168	122	43	according	accord	VERB
ajfa-14168	122	44	to	to	ADP
ajfa-14168	122	45	their	their	PRON
ajfa-14168	122	46	z	z	NOUN
ajfa-14168	122	47	-	-	PUNCT
ajfa-14168	122	48	score	score	NOUN
ajfa-14168	122	49	as	as	SCONJ
ajfa-14168	122	50	follows	follow	VERB
ajfa-14168	122	51	:	:	PUNCT
ajfa-14168	122	52			NOUN
ajfa-14168	122	53	when	when	SCONJ
ajfa-14168	122	54	the	the	DET
ajfa-14168	122	55	company	company	NOUN
ajfa-14168	122	56	’s	’s	PART
ajfa-14168	122	57	z	z	NOUN
ajfa-14168	122	58	-	-	PUNCT
ajfa-14168	122	59	score	score	NOUN
ajfa-14168	122	60	is	be	AUX
ajfa-14168	122	61	more	more	ADJ
ajfa-14168	122	62	than	than	ADP
ajfa-14168	122	63	2.99	2.99	NUM
ajfa-14168	122	64	,	,	PUNCT
ajfa-14168	122	65	based	base	VERB
ajfa-14168	122	66	on	on	ADP
ajfa-14168	122	67	the	the	DET
ajfa-14168	122	68	financial	financial	ADJ
ajfa-14168	122	69	figures	figure	NOUN
ajfa-14168	122	70	only	only	ADV
ajfa-14168	122	71	,	,	PUNCT
ajfa-14168	122	72	the	the	DET
ajfa-14168	122	73	company	company	NOUN
ajfa-14168	122	74	is	be	AUX
ajfa-14168	122	75	placed	place	VERB
ajfa-14168	122	76	in	in	ADP
ajfa-14168	122	77	the	the	DET
ajfa-14168	122	78	“	"	PUNCT
ajfa-14168	122	79	safe	safe	ADJ
ajfa-14168	122	80	”	"	PUNCT
ajfa-14168	122	81	zone	zone	NOUN
ajfa-14168	122	82	.	.	PUNCT
ajfa-14168	123	1			NOUN
ajfa-14168	123	2	when	when	SCONJ
ajfa-14168	123	3	the	the	DET
ajfa-14168	123	4	company	company	NOUN
ajfa-14168	123	5	's	's	PART
ajfa-14168	123	6	z	z	NOUN
ajfa-14168	123	7	-	-	PUNCT
ajfa-14168	123	8	score	score	NOUN
ajfa-14168	123	9	ranges	range	VERB
ajfa-14168	123	10	from	from	ADP
ajfa-14168	123	11	1.80	1.80	NUM
ajfa-14168	123	12	to	to	ADP
ajfa-14168	123	13	2.99	2.99	NUM
ajfa-14168	123	14	,	,	PUNCT
ajfa-14168	123	15	based	base	VERB
ajfa-14168	123	16	on	on	ADP
ajfa-14168	123	17	the	the	DET
ajfa-14168	123	18	financial	financial	ADJ
ajfa-14168	123	19	figures	figure	NOUN
ajfa-14168	123	20	only	only	ADV
ajfa-14168	123	21	,	,	PUNCT
ajfa-14168	123	22	the	the	DET
ajfa-14168	123	23	company	company	NOUN
ajfa-14168	123	24	is	be	AUX
ajfa-14168	123	25	placed	place	VERB
ajfa-14168	123	26	in	in	ADP
ajfa-14168	123	27	the	the	DET
ajfa-14168	123	28	“	"	PUNCT
ajfa-14168	123	29	grey	grey	ADJ
ajfa-14168	123	30	”	"	PUNCT
ajfa-14168	123	31	zone	zone	NOUN
ajfa-14168	123	32	.	.	PUNCT
ajfa-14168	124	1	the	the	DET
ajfa-14168	124	2	company	company	NOUN
ajfa-14168	124	3	may	may	AUX
ajfa-14168	124	4	or	or	CCONJ
ajfa-14168	124	5	may	may	AUX
ajfa-14168	124	6	not	not	PART
ajfa-14168	124	7	go	go	VERB
ajfa-14168	124	8	bankrupt	bankrupt	ADJ
ajfa-14168	124	9	in	in	ADP
ajfa-14168	124	10	the	the	DET
ajfa-14168	124	11	next	next	ADJ
ajfa-14168	124	12	two	two	NUM
ajfa-14168	124	13	years	year	NOUN
ajfa-14168	124	14	.	.	PUNCT
ajfa-14168	125	1	asian	asian	ADJ
ajfa-14168	125	2	journal	journal	PROPN
ajfa-14168	125	3	of	of	ADP
ajfa-14168	125	4	finance	finance	PROPN
ajfa-14168	125	5	&	&	CCONJ
ajfa-14168	125	6	accounting	accounting	PROPN
ajfa-14168	125	7	issn	issn	PROPN
ajfa-14168	125	8	1946	1946	NUM
ajfa-14168	125	9	-	-	PUNCT
ajfa-14168	125	10	052x	052x	PROPN
ajfa-14168	125	11	2019	2019	NUM
ajfa-14168	125	12	,	,	PUNCT
ajfa-14168	125	13	vol	vol	NOUN
ajfa-14168	125	14	.	.	PROPN
ajfa-14168	125	15	11	11	NUM
ajfa-14168	125	16	,	,	PUNCT
ajfa-14168	125	17	no	no	INTJ
ajfa-14168	125	18	.	.	NOUN
ajfa-14168	125	19	1	1	NUM
ajfa-14168	125	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	125	21	148	148	NUM
ajfa-14168	125	22			NOUN
ajfa-14168	125	23	when	when	SCONJ
ajfa-14168	125	24	the	the	DET
ajfa-14168	125	25	company	company	NOUN
ajfa-14168	125	26	's	's	PART
ajfa-14168	125	27	z	z	NOUN
ajfa-14168	125	28	-	-	PUNCT
ajfa-14168	125	29	score	score	NOUN
ajfa-14168	125	30	is	be	AUX
ajfa-14168	125	31	less	less	ADJ
ajfa-14168	125	32	than	than	ADP
ajfa-14168	125	33	1.80	1.80	NUM
ajfa-14168	125	34	,	,	PUNCT
ajfa-14168	125	35	based	base	VERB
ajfa-14168	125	36	on	on	ADP
ajfa-14168	125	37	the	the	DET
ajfa-14168	125	38	financial	financial	ADJ
ajfa-14168	125	39	figures	figure	NOUN
ajfa-14168	125	40	only	only	ADV
ajfa-14168	125	41	,	,	PUNCT
ajfa-14168	125	42	the	the	DET
ajfa-14168	125	43	company	company	NOUN
ajfa-14168	125	44	is	be	AUX
ajfa-14168	125	45	placed	place	VERB
ajfa-14168	125	46	in	in	ADP
ajfa-14168	125	47	the	the	DET
ajfa-14168	125	48	“	"	PUNCT
ajfa-14168	125	49	distress	distress	NOUN
ajfa-14168	125	50	”	"	PUNCT
ajfa-14168	125	51	zone	zone	NOUN
ajfa-14168	125	52	.	.	PUNCT
ajfa-14168	126	1	there	there	PRON
ajfa-14168	126	2	is	be	VERB
ajfa-14168	126	3	a	a	DET
ajfa-14168	126	4	high	high	ADJ
ajfa-14168	126	5	probability	probability	NOUN
ajfa-14168	126	6	that	that	SCONJ
ajfa-14168	126	7	the	the	DET
ajfa-14168	126	8	company	company	NOUN
ajfa-14168	126	9	will	will	AUX
ajfa-14168	126	10	face	face	VERB
ajfa-14168	126	11	distress	distress	NOUN
ajfa-14168	126	12	in	in	ADP
ajfa-14168	126	13	the	the	DET
ajfa-14168	126	14	next	next	ADJ
ajfa-14168	126	15	two	two	NUM
ajfa-14168	126	16	years	year	NOUN
ajfa-14168	126	17	.	.	PUNCT
ajfa-14168	127	1	when	when	SCONJ
ajfa-14168	127	2	the	the	DET
ajfa-14168	127	3	company	company	NOUN
ajfa-14168	127	4	is	be	AUX
ajfa-14168	127	5	not	not	PART
ajfa-14168	127	6	listed	list	VERB
ajfa-14168	127	7	,	,	PUNCT
ajfa-14168	127	8	the	the	DET
ajfa-14168	127	9	z	z	NOUN
ajfa-14168	127	10	-	-	PUNCT
ajfa-14168	127	11	score	score	NOUN
ajfa-14168	127	12	is	be	AUX
ajfa-14168	127	13	calculated	calculate	VERB
ajfa-14168	127	14	as	as	SCONJ
ajfa-14168	127	15	follows	follow	VERB
ajfa-14168	127	16	:	:	PUNCT
ajfa-14168	127	17	𝑍	𝑍	PROPN
ajfa-14168	127	18	=	=	SYM
ajfa-14168	127	19	0.717𝑋	0.717𝑋	PUNCT
ajfa-14168	128	1	+	+	CCONJ
ajfa-14168	128	2	0.847𝑋	0.847𝑋	NUM
ajfa-14168	128	3	+	+	NUM
ajfa-14168	128	4	3.107𝑋	3.107𝑋	NUM
ajfa-14168	128	5	+	+	SYM
ajfa-14168	128	6	0.42𝑋	0.42𝑋	NOUN
ajfa-14168	129	1	+	+	X
ajfa-14168	129	2	0.998𝑋	0.998𝑋	NUM
ajfa-14168	129	3	where	where	SCONJ
ajfa-14168	129	4	z	z	X
ajfa-14168	129	5	:	:	PUNCT
ajfa-14168	129	6	the	the	DET
ajfa-14168	129	7	overall	overall	ADJ
ajfa-14168	129	8	index	index	NOUN
ajfa-14168	129	9	of	of	ADP
ajfa-14168	129	10	the	the	DET
ajfa-14168	129	11	z	z	NOUN
ajfa-14168	129	12	-	-	PUNCT
ajfa-14168	129	13	score	score	NOUN
ajfa-14168	129	14	model	model	NOUN
ajfa-14168	129	15	for	for	ADP
ajfa-14168	129	16	private	private	ADJ
ajfa-14168	129	17	manufacturing	manufacturing	NOUN
ajfa-14168	129	18	companies	company	NOUN
ajfa-14168	129	19	𝑋	𝑋	NOUN
ajfa-14168	129	20	:	:	PUNCT
ajfa-14168	129	21	working	work	VERB
ajfa-14168	129	22	capital	capital	NOUN
ajfa-14168	129	23	/	/	SYM
ajfa-14168	129	24	total	total	ADJ
ajfa-14168	129	25	assets	asset	NOUN
ajfa-14168	129	26	this	this	PRON
ajfa-14168	129	27	suggests	suggest	VERB
ajfa-14168	129	28	the	the	DET
ajfa-14168	129	29	company	company	NOUN
ajfa-14168	129	30	may	may	AUX
ajfa-14168	129	31	experience	experience	VERB
ajfa-14168	129	32	shrinking	shrink	VERB
ajfa-14168	129	33	liquidity	liquidity	NOUN
ajfa-14168	129	34	when	when	SCONJ
ajfa-14168	129	35	the	the	DET
ajfa-14168	129	36	company	company	NOUN
ajfa-14168	129	37	’s	’s	PART
ajfa-14168	129	38	liquid	liquid	ADJ
ajfa-14168	129	39	assets	asset	NOUN
ajfa-14168	129	40	double	double	ADJ
ajfa-14168	129	41	.	.	PUNCT
ajfa-14168	130	1	𝑋	𝑋	NOUN
ajfa-14168	130	2	:	:	PUNCT
ajfa-14168	130	3	retained	retain	VERB
ajfa-14168	130	4	earnings	earning	NOUN
ajfa-14168	130	5	/	/	SYM
ajfa-14168	130	6	total	total	ADJ
ajfa-14168	130	7	assets	asset	NOUN
ajfa-14168	130	8	this	this	DET
ajfa-14168	130	9	ratio	ratio	NOUN
ajfa-14168	130	10	measures	measure	VERB
ajfa-14168	130	11	profitability	profitability	NOUN
ajfa-14168	130	12	that	that	PRON
ajfa-14168	130	13	reflects	reflect	VERB
ajfa-14168	130	14	the	the	DET
ajfa-14168	130	15	company	company	NOUN
ajfa-14168	130	16	's	's	PART
ajfa-14168	130	17	age	age	NOUN
ajfa-14168	130	18	and	and	CCONJ
ajfa-14168	130	19	earning	earn	VERB
ajfa-14168	130	20	power	power	NOUN
ajfa-14168	130	21	.	.	PUNCT
ajfa-14168	131	1	𝑋	𝑋	NOUN
ajfa-14168	131	2	:	:	PUNCT
ajfa-14168	131	3	earnings	earning	NOUN
ajfa-14168	131	4	before	before	ADP
ajfa-14168	131	5	interest	interest	NOUN
ajfa-14168	131	6	and	and	CCONJ
ajfa-14168	131	7	tax	tax	NOUN
ajfa-14168	131	8	/	/	SYM
ajfa-14168	131	9	total	total	ADJ
ajfa-14168	131	10	assets	asset	NOUN
ajfa-14168	131	11	this	this	DET
ajfa-14168	131	12	ratio	ratio	NOUN
ajfa-14168	131	13	shows	show	VERB
ajfa-14168	131	14	the	the	DET
ajfa-14168	131	15	efficiency	efficiency	NOUN
ajfa-14168	131	16	of	of	ADP
ajfa-14168	131	17	the	the	DET
ajfa-14168	131	18	company	company	NOUN
ajfa-14168	131	19	in	in	ADP
ajfa-14168	131	20	generating	generate	VERB
ajfa-14168	131	21	earnings	earning	NOUN
ajfa-14168	131	22	under	under	ADP
ajfa-14168	131	23	the	the	DET
ajfa-14168	131	24	same	same	ADJ
ajfa-14168	131	25	asset	asset	NOUN
ajfa-14168	131	26	size	size	NOUN
ajfa-14168	131	27	.	.	PUNCT
ajfa-14168	132	1	𝑋	𝑋	NOUN
ajfa-14168	132	2	:	:	PUNCT
ajfa-14168	132	3	book	book	NOUN
ajfa-14168	132	4	value	value	NOUN
ajfa-14168	132	5	of	of	ADP
ajfa-14168	132	6	equity	equity	NOUN
ajfa-14168	132	7	/	/	SYM
ajfa-14168	132	8	total	total	ADJ
ajfa-14168	132	9	liabilities	liability	NOUN
ajfa-14168	132	10	this	this	DET
ajfa-14168	132	11	formula	formula	NOUN
ajfa-14168	132	12	uses	use	VERB
ajfa-14168	132	13	the	the	DET
ajfa-14168	132	14	book	book	NOUN
ajfa-14168	132	15	value	value	NOUN
ajfa-14168	132	16	of	of	ADP
ajfa-14168	132	17	equity	equity	NOUN
ajfa-14168	132	18	,	,	PUNCT
ajfa-14168	132	19	not	not	PART
ajfa-14168	132	20	the	the	DET
ajfa-14168	132	21	market	market	NOUN
ajfa-14168	132	22	value	value	NOUN
ajfa-14168	132	23	of	of	ADP
ajfa-14168	132	24	equity	equity	NOUN
ajfa-14168	132	25	.	.	PUNCT
ajfa-14168	133	1	𝑋	𝑋	NOUN
ajfa-14168	133	2	:	:	PUNCT
ajfa-14168	133	3	sales	sale	NOUN
ajfa-14168	133	4	/	/	SYM
ajfa-14168	133	5	total	total	ADJ
ajfa-14168	133	6	assets	asset	NOUN
ajfa-14168	133	7	this	this	DET
ajfa-14168	133	8	ratio	ratio	NOUN
ajfa-14168	133	9	represents	represent	VERB
ajfa-14168	133	10	asset	asset	NOUN
ajfa-14168	133	11	turnover	turnover	NOUN
ajfa-14168	133	12	,	,	PUNCT
ajfa-14168	133	13	which	which	PRON
ajfa-14168	133	14	measures	measure	VERB
ajfa-14168	133	15	how	how	SCONJ
ajfa-14168	133	16	effectively	effectively	ADV
ajfa-14168	133	17	the	the	DET
ajfa-14168	133	18	company	company	NOUN
ajfa-14168	133	19	uses	use	VERB
ajfa-14168	133	20	its	its	PRON
ajfa-14168	133	21	assets	asset	NOUN
ajfa-14168	133	22	to	to	PART
ajfa-14168	133	23	generates	generate	VERB
ajfa-14168	133	24	sales	sale	NOUN
ajfa-14168	133	25	.	.	PUNCT
ajfa-14168	134	1	non	non	ADJ
ajfa-14168	134	2	-	-	ADJ
ajfa-14168	134	3	listed	listed	ADJ
ajfa-14168	134	4	companies	company	NOUN
ajfa-14168	134	5	can	can	AUX
ajfa-14168	134	6	be	be	AUX
ajfa-14168	134	7	classified	classify	VERB
ajfa-14168	134	8	according	accord	VERB
ajfa-14168	134	9	to	to	ADP
ajfa-14168	134	10	their	their	PRON
ajfa-14168	134	11	z	z	NOUN
ajfa-14168	134	12	-	-	PUNCT
ajfa-14168	134	13	score	score	NOUN
ajfa-14168	134	14	as	as	SCONJ
ajfa-14168	134	15	follows	follow	VERB
ajfa-14168	134	16	:	:	PUNCT
ajfa-14168	134	17			NOUN
ajfa-14168	134	18	when	when	SCONJ
ajfa-14168	134	19	the	the	DET
ajfa-14168	134	20	company	company	NOUN
ajfa-14168	134	21	’s	’s	PART
ajfa-14168	134	22	z	z	NOUN
ajfa-14168	134	23	-	-	PUNCT
ajfa-14168	134	24	score	score	NOUN
ajfa-14168	134	25	is	be	AUX
ajfa-14168	134	26	more	more	ADJ
ajfa-14168	134	27	than	than	ADP
ajfa-14168	134	28	2.9	2.9	NUM
ajfa-14168	134	29	,	,	PUNCT
ajfa-14168	134	30	based	base	VERB
ajfa-14168	134	31	on	on	ADP
ajfa-14168	134	32	the	the	DET
ajfa-14168	134	33	financial	financial	ADJ
ajfa-14168	134	34	figures	figure	NOUN
ajfa-14168	134	35	only	only	ADV
ajfa-14168	134	36	,	,	PUNCT
ajfa-14168	134	37	the	the	DET
ajfa-14168	134	38	company	company	NOUN
ajfa-14168	134	39	is	be	AUX
ajfa-14168	134	40	placed	place	VERB
ajfa-14168	134	41	in	in	ADP
ajfa-14168	134	42	the	the	DET
ajfa-14168	134	43	“	"	PUNCT
ajfa-14168	134	44	safe	safe	ADJ
ajfa-14168	134	45	”	"	PUNCT
ajfa-14168	134	46	zone	zone	NOUN
ajfa-14168	134	47	.	.	PUNCT
ajfa-14168	135	1			NOUN
ajfa-14168	135	2	when	when	SCONJ
ajfa-14168	135	3	the	the	DET
ajfa-14168	135	4	company	company	NOUN
ajfa-14168	135	5	's	's	PART
ajfa-14168	135	6	z	z	NOUN
ajfa-14168	135	7	-	-	PUNCT
ajfa-14168	135	8	score	score	NOUN
ajfa-14168	135	9	ranges	range	VERB
ajfa-14168	135	10	from	from	ADP
ajfa-14168	135	11	1.23	1.23	NUM
ajfa-14168	135	12	to	to	ADP
ajfa-14168	135	13	2.9	2.9	NUM
ajfa-14168	135	14	,	,	PUNCT
ajfa-14168	135	15	based	base	VERB
ajfa-14168	135	16	on	on	ADP
ajfa-14168	135	17	the	the	DET
ajfa-14168	135	18	financial	financial	ADJ
ajfa-14168	135	19	figures	figure	NOUN
ajfa-14168	135	20	only	only	ADV
ajfa-14168	135	21	,	,	PUNCT
ajfa-14168	135	22	the	the	DET
ajfa-14168	135	23	company	company	NOUN
ajfa-14168	135	24	is	be	AUX
ajfa-14168	135	25	placed	place	VERB
ajfa-14168	135	26	in	in	ADP
ajfa-14168	135	27	the	the	DET
ajfa-14168	135	28	“	"	PUNCT
ajfa-14168	135	29	grey	grey	ADJ
ajfa-14168	135	30	”	"	PUNCT
ajfa-14168	135	31	zone	zone	NOUN
ajfa-14168	135	32	.	.	PUNCT
ajfa-14168	136	1	the	the	DET
ajfa-14168	136	2	company	company	NOUN
ajfa-14168	136	3	may	may	AUX
ajfa-14168	136	4	or	or	CCONJ
ajfa-14168	136	5	may	may	AUX
ajfa-14168	136	6	not	not	PART
ajfa-14168	136	7	go	go	VERB
ajfa-14168	136	8	bankrupt	bankrupt	ADJ
ajfa-14168	136	9	in	in	ADP
ajfa-14168	136	10	the	the	DET
ajfa-14168	136	11	next	next	ADJ
ajfa-14168	136	12	two	two	NUM
ajfa-14168	136	13	years	year	NOUN
ajfa-14168	136	14	.	.	PUNCT
ajfa-14168	137	1			NOUN
ajfa-14168	137	2	when	when	SCONJ
ajfa-14168	137	3	the	the	DET
ajfa-14168	137	4	company	company	NOUN
ajfa-14168	137	5	's	's	PART
ajfa-14168	137	6	z	z	NOUN
ajfa-14168	137	7	-	-	PUNCT
ajfa-14168	137	8	score	score	NOUN
ajfa-14168	137	9	is	be	AUX
ajfa-14168	137	10	less	less	ADJ
ajfa-14168	137	11	than	than	ADP
ajfa-14168	137	12	1.23	1.23	NUM
ajfa-14168	137	13	,	,	PUNCT
ajfa-14168	137	14	based	base	VERB
ajfa-14168	137	15	on	on	ADP
ajfa-14168	137	16	the	the	DET
ajfa-14168	137	17	financial	financial	ADJ
ajfa-14168	137	18	figures	figure	NOUN
ajfa-14168	137	19	only	only	ADV
ajfa-14168	137	20	,	,	PUNCT
ajfa-14168	137	21	the	the	DET
ajfa-14168	137	22	company	company	NOUN
ajfa-14168	137	23	is	be	AUX
ajfa-14168	137	24	placed	place	VERB
ajfa-14168	137	25	in	in	ADP
ajfa-14168	137	26	the	the	DET
ajfa-14168	137	27	“	"	PUNCT
ajfa-14168	137	28	distress	distress	NOUN
ajfa-14168	137	29	”	"	PUNCT
ajfa-14168	137	30	zone	zone	NOUN
ajfa-14168	137	31	.	.	PUNCT
ajfa-14168	138	1	there	there	PRON
ajfa-14168	138	2	is	be	VERB
ajfa-14168	138	3	a	a	DET
ajfa-14168	138	4	high	high	ADJ
ajfa-14168	138	5	probability	probability	NOUN
ajfa-14168	138	6	that	that	SCONJ
ajfa-14168	138	7	the	the	DET
ajfa-14168	138	8	company	company	NOUN
ajfa-14168	138	9	will	will	AUX
ajfa-14168	138	10	face	face	VERB
ajfa-14168	138	11	distress	distress	NOUN
ajfa-14168	138	12	in	in	ADP
ajfa-14168	138	13	the	the	DET
ajfa-14168	138	14	next	next	ADJ
ajfa-14168	138	15	two	two	NUM
ajfa-14168	138	16	years	year	NOUN
ajfa-14168	138	17	.	.	PUNCT
ajfa-14168	139	1	asset	asset	NOUN
ajfa-14168	139	2	turnover	turnover	NOUN
ajfa-14168	139	3	changes	change	NOUN
ajfa-14168	139	4	according	accord	VERB
ajfa-14168	139	5	to	to	ADP
ajfa-14168	139	6	the	the	DET
ajfa-14168	139	7	industry	industry	NOUN
ajfa-14168	139	8	the	the	DET
ajfa-14168	139	9	company	company	NOUN
ajfa-14168	139	10	is	be	AUX
ajfa-14168	139	11	in	in	ADP
ajfa-14168	139	12	.	.	PUNCT
ajfa-14168	140	1	since	since	SCONJ
ajfa-14168	140	2	the	the	DET
ajfa-14168	140	3	above	above	ADJ
ajfa-14168	140	4	formula	formula	NOUN
ajfa-14168	140	5	is	be	AUX
ajfa-14168	140	6	mainly	mainly	ADV
ajfa-14168	140	7	used	use	VERB
ajfa-14168	140	8	for	for	ADP
ajfa-14168	140	9	companies	company	NOUN
ajfa-14168	140	10	in	in	ADP
ajfa-14168	140	11	the	the	DET
ajfa-14168	140	12	manufacturing	manufacturing	NOUN
ajfa-14168	140	13	industry	industry	NOUN
ajfa-14168	140	14	,	,	PUNCT
ajfa-14168	140	15	we	we	PRON
ajfa-14168	140	16	need	need	VERB
ajfa-14168	140	17	to	to	PART
ajfa-14168	140	18	consider	consider	VERB
ajfa-14168	140	19	the	the	DET
ajfa-14168	140	20	following	follow	VERB
ajfa-14168	140	21	altman	altman	PROPN
ajfa-14168	140	22	models	model	NOUN
ajfa-14168	140	23	that	that	PRON
ajfa-14168	140	24	provide	provide	VERB
ajfa-14168	140	25	corresponding	corresponding	ADJ
ajfa-14168	140	26	formulas	formula	NOUN
ajfa-14168	140	27	for	for	ADP
ajfa-14168	140	28	non	non	ADJ
ajfa-14168	140	29	-	-	ADJ
ajfa-14168	140	30	manufacturing	manufacturing	ADJ
ajfa-14168	140	31	companies	company	NOUN
ajfa-14168	140	32	.	.	PUNCT
ajfa-14168	141	1	for	for	ADP
ajfa-14168	141	2	non	non	ADJ
ajfa-14168	141	3	-	-	ADJ
ajfa-14168	141	4	manufacturing	manufacturing	ADJ
ajfa-14168	141	5	companies	company	NOUN
ajfa-14168	141	6	,	,	PUNCT
ajfa-14168	141	7	the	the	DET
ajfa-14168	141	8	z	z	NOUN
ajfa-14168	141	9	-	-	PUNCT
ajfa-14168	141	10	score	score	NOUN
ajfa-14168	141	11	is	be	AUX
ajfa-14168	141	12	calculated	calculate	VERB
ajfa-14168	141	13	as	as	SCONJ
ajfa-14168	141	14	follows	follow	VERB
ajfa-14168	141	15	:	:	PUNCT
ajfa-14168	141	16	asian	asian	ADJ
ajfa-14168	141	17	journal	journal	NOUN
ajfa-14168	141	18	of	of	ADP
ajfa-14168	141	19	finance	finance	PROPN
ajfa-14168	141	20	&	&	CCONJ
ajfa-14168	141	21	accounting	accounting	PROPN
ajfa-14168	141	22	issn	issn	PROPN
ajfa-14168	141	23	1946	1946	NUM
ajfa-14168	141	24	-	-	PUNCT
ajfa-14168	141	25	052x	052x	PROPN
ajfa-14168	141	26	2019	2019	NUM
ajfa-14168	141	27	,	,	PUNCT
ajfa-14168	141	28	vol	vol	NOUN
ajfa-14168	141	29	.	.	PROPN
ajfa-14168	142	1	11	11	NUM
ajfa-14168	142	2	,	,	PUNCT
ajfa-14168	142	3	no	no	INTJ
ajfa-14168	142	4	.	.	NOUN
ajfa-14168	142	5	1	1	NUM
ajfa-14168	142	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	142	7	149	149	NUM
ajfa-14168	142	8	𝑍	𝑍	PROPN
ajfa-14168	142	9	=	=	SYM
ajfa-14168	142	10	6.56𝑋	6.56𝑋	NUM
ajfa-14168	143	1	+	+	NUM
ajfa-14168	143	2	3.26𝑋	3.26𝑋	NUM
ajfa-14168	143	3	+	+	CCONJ
ajfa-14168	143	4	6.72𝑋	6.72𝑋	NUM
ajfa-14168	144	1	+	+	SYM
ajfa-14168	144	2	1.05𝑋	1.05𝑋	NUM
ajfa-14168	144	3	where	where	SCONJ
ajfa-14168	144	4	z	z	X
ajfa-14168	144	5	:	:	PUNCT
ajfa-14168	144	6	the	the	DET
ajfa-14168	144	7	overall	overall	ADJ
ajfa-14168	144	8	index	index	NOUN
ajfa-14168	144	9	of	of	ADP
ajfa-14168	144	10	the	the	DET
ajfa-14168	144	11	z	z	NOUN
ajfa-14168	144	12	-	-	PUNCT
ajfa-14168	144	13	score	score	NOUN
ajfa-14168	144	14	model	model	NOUN
ajfa-14168	144	15	for	for	ADP
ajfa-14168	144	16	private	private	ADJ
ajfa-14168	144	17	manufacturing	manufacturing	NOUN
ajfa-14168	144	18	companies	company	NOUN
ajfa-14168	144	19	𝑋	𝑋	NOUN
ajfa-14168	144	20	:	:	PUNCT
ajfa-14168	144	21	working	work	VERB
ajfa-14168	144	22	capital	capital	NOUN
ajfa-14168	144	23	/	/	SYM
ajfa-14168	144	24	total	total	ADJ
ajfa-14168	144	25	assets	asset	NOUN
ajfa-14168	144	26	this	this	PRON
ajfa-14168	144	27	suggests	suggest	VERB
ajfa-14168	144	28	the	the	DET
ajfa-14168	144	29	company	company	NOUN
ajfa-14168	144	30	may	may	AUX
ajfa-14168	144	31	experience	experience	VERB
ajfa-14168	144	32	shrinking	shrink	VERB
ajfa-14168	144	33	liquidity	liquidity	NOUN
ajfa-14168	144	34	when	when	SCONJ
ajfa-14168	144	35	the	the	DET
ajfa-14168	144	36	company	company	NOUN
ajfa-14168	144	37	’s	’s	PART
ajfa-14168	144	38	liquid	liquid	ADJ
ajfa-14168	144	39	assets	asset	NOUN
ajfa-14168	144	40	double	double	ADJ
ajfa-14168	144	41	.	.	PUNCT
ajfa-14168	145	1	𝑋	𝑋	NOUN
ajfa-14168	145	2	:	:	PUNCT
ajfa-14168	145	3	retained	retain	VERB
ajfa-14168	145	4	earnings	earning	NOUN
ajfa-14168	145	5	/	/	SYM
ajfa-14168	145	6	total	total	ADJ
ajfa-14168	145	7	assets	asset	NOUN
ajfa-14168	145	8	this	this	DET
ajfa-14168	145	9	ratio	ratio	NOUN
ajfa-14168	145	10	measures	measure	VERB
ajfa-14168	145	11	profitability	profitability	NOUN
ajfa-14168	145	12	that	that	PRON
ajfa-14168	145	13	reflects	reflect	VERB
ajfa-14168	145	14	the	the	DET
ajfa-14168	145	15	company	company	NOUN
ajfa-14168	145	16	's	's	PART
ajfa-14168	145	17	age	age	NOUN
ajfa-14168	145	18	and	and	CCONJ
ajfa-14168	145	19	earning	earn	VERB
ajfa-14168	145	20	power	power	NOUN
ajfa-14168	145	21	.	.	PUNCT
ajfa-14168	146	1	𝑋	𝑋	NOUN
ajfa-14168	146	2	:	:	PUNCT
ajfa-14168	146	3	earnings	earning	NOUN
ajfa-14168	146	4	before	before	ADP
ajfa-14168	146	5	interest	interest	NOUN
ajfa-14168	146	6	and	and	CCONJ
ajfa-14168	146	7	tax	tax	NOUN
ajfa-14168	146	8	/	/	SYM
ajfa-14168	146	9	total	total	ADJ
ajfa-14168	146	10	assets	asset	NOUN
ajfa-14168	146	11	this	this	DET
ajfa-14168	146	12	ratio	ratio	NOUN
ajfa-14168	146	13	shows	show	VERB
ajfa-14168	146	14	the	the	DET
ajfa-14168	146	15	efficiency	efficiency	NOUN
ajfa-14168	146	16	of	of	ADP
ajfa-14168	146	17	the	the	DET
ajfa-14168	146	18	company	company	NOUN
ajfa-14168	146	19	in	in	ADP
ajfa-14168	146	20	generating	generate	VERB
ajfa-14168	146	21	earnings	earning	NOUN
ajfa-14168	146	22	under	under	ADP
ajfa-14168	146	23	the	the	DET
ajfa-14168	146	24	same	same	ADJ
ajfa-14168	146	25	asset	asset	NOUN
ajfa-14168	146	26	size	size	NOUN
ajfa-14168	146	27	.	.	PUNCT
ajfa-14168	147	1	𝑋	𝑋	NOUN
ajfa-14168	147	2	:	:	PUNCT
ajfa-14168	147	3	book	book	NOUN
ajfa-14168	147	4	value	value	NOUN
ajfa-14168	147	5	of	of	ADP
ajfa-14168	147	6	equity	equity	NOUN
ajfa-14168	147	7	/	/	SYM
ajfa-14168	147	8	total	total	ADJ
ajfa-14168	147	9	liabilities	liability	NOUN
ajfa-14168	147	10	this	this	DET
ajfa-14168	147	11	formula	formula	NOUN
ajfa-14168	147	12	uses	use	VERB
ajfa-14168	147	13	the	the	DET
ajfa-14168	147	14	book	book	NOUN
ajfa-14168	147	15	value	value	NOUN
ajfa-14168	147	16	of	of	ADP
ajfa-14168	147	17	equity	equity	NOUN
ajfa-14168	147	18	,	,	PUNCT
ajfa-14168	147	19	not	not	PART
ajfa-14168	147	20	the	the	DET
ajfa-14168	147	21	market	market	NOUN
ajfa-14168	147	22	value	value	NOUN
ajfa-14168	147	23	of	of	ADP
ajfa-14168	147	24	equity	equity	NOUN
ajfa-14168	147	25	.	.	PUNCT
ajfa-14168	148	1	non	non	ADJ
ajfa-14168	148	2	-	-	ADJ
ajfa-14168	148	3	manufacturing	manufacturing	ADJ
ajfa-14168	148	4	companies	company	NOUN
ajfa-14168	148	5	can	can	AUX
ajfa-14168	148	6	be	be	AUX
ajfa-14168	148	7	classified	classify	VERB
ajfa-14168	148	8	according	accord	VERB
ajfa-14168	148	9	to	to	ADP
ajfa-14168	148	10	their	their	PRON
ajfa-14168	148	11	z	z	NOUN
ajfa-14168	148	12	-	-	PUNCT
ajfa-14168	148	13	score	score	NOUN
ajfa-14168	148	14	as	as	SCONJ
ajfa-14168	148	15	follows	follow	VERB
ajfa-14168	148	16	:	:	PUNCT
ajfa-14168	148	17			NOUN
ajfa-14168	148	18	when	when	SCONJ
ajfa-14168	148	19	the	the	DET
ajfa-14168	148	20	company	company	NOUN
ajfa-14168	148	21	’s	’s	PART
ajfa-14168	148	22	z	z	NOUN
ajfa-14168	148	23	-	-	PUNCT
ajfa-14168	148	24	score	score	NOUN
ajfa-14168	148	25	is	be	AUX
ajfa-14168	148	26	more	more	ADJ
ajfa-14168	148	27	than	than	ADP
ajfa-14168	148	28	2.6	2.6	NUM
ajfa-14168	148	29	,	,	PUNCT
ajfa-14168	148	30	based	base	VERB
ajfa-14168	148	31	on	on	ADP
ajfa-14168	148	32	the	the	DET
ajfa-14168	148	33	financial	financial	ADJ
ajfa-14168	148	34	figures	figure	NOUN
ajfa-14168	148	35	only	only	ADV
ajfa-14168	148	36	,	,	PUNCT
ajfa-14168	148	37	the	the	DET
ajfa-14168	148	38	company	company	NOUN
ajfa-14168	148	39	is	be	AUX
ajfa-14168	148	40	placed	place	VERB
ajfa-14168	148	41	in	in	ADP
ajfa-14168	148	42	the	the	DET
ajfa-14168	148	43	“	"	PUNCT
ajfa-14168	148	44	safe	safe	ADJ
ajfa-14168	148	45	”	"	PUNCT
ajfa-14168	148	46	zone	zone	NOUN
ajfa-14168	148	47	.	.	PUNCT
ajfa-14168	149	1			NOUN
ajfa-14168	149	2	when	when	SCONJ
ajfa-14168	149	3	the	the	DET
ajfa-14168	149	4	company	company	NOUN
ajfa-14168	149	5	's	's	PART
ajfa-14168	149	6	z	z	NOUN
ajfa-14168	149	7	-	-	PUNCT
ajfa-14168	149	8	score	score	NOUN
ajfa-14168	149	9	ranges	range	VERB
ajfa-14168	149	10	from	from	ADP
ajfa-14168	149	11	1.1	1.1	NUM
ajfa-14168	149	12	to	to	ADP
ajfa-14168	149	13	2.6	2.6	NUM
ajfa-14168	149	14	,	,	PUNCT
ajfa-14168	149	15	based	base	VERB
ajfa-14168	149	16	on	on	ADP
ajfa-14168	149	17	the	the	DET
ajfa-14168	149	18	financial	financial	ADJ
ajfa-14168	149	19	figures	figure	NOUN
ajfa-14168	149	20	only	only	ADV
ajfa-14168	149	21	,	,	PUNCT
ajfa-14168	149	22	the	the	DET
ajfa-14168	149	23	company	company	NOUN
ajfa-14168	149	24	is	be	AUX
ajfa-14168	149	25	placed	place	VERB
ajfa-14168	149	26	in	in	ADP
ajfa-14168	149	27	the	the	DET
ajfa-14168	149	28	“	"	PUNCT
ajfa-14168	149	29	grey	grey	ADJ
ajfa-14168	149	30	”	"	PUNCT
ajfa-14168	149	31	zone	zone	NOUN
ajfa-14168	149	32	.	.	PUNCT
ajfa-14168	150	1	the	the	DET
ajfa-14168	150	2	company	company	NOUN
ajfa-14168	150	3	may	may	AUX
ajfa-14168	150	4	or	or	CCONJ
ajfa-14168	150	5	may	may	AUX
ajfa-14168	150	6	not	not	PART
ajfa-14168	150	7	go	go	VERB
ajfa-14168	150	8	bankrupt	bankrupt	ADJ
ajfa-14168	150	9	in	in	ADP
ajfa-14168	150	10	the	the	DET
ajfa-14168	150	11	next	next	ADJ
ajfa-14168	150	12	two	two	NUM
ajfa-14168	150	13	years	year	NOUN
ajfa-14168	150	14	.	.	PUNCT
ajfa-14168	151	1			NOUN
ajfa-14168	151	2	when	when	SCONJ
ajfa-14168	151	3	the	the	DET
ajfa-14168	151	4	company	company	NOUN
ajfa-14168	151	5	's	's	PART
ajfa-14168	151	6	z	z	NOUN
ajfa-14168	151	7	-	-	PUNCT
ajfa-14168	151	8	score	score	NOUN
ajfa-14168	151	9	is	be	AUX
ajfa-14168	151	10	less	less	ADJ
ajfa-14168	151	11	than	than	ADP
ajfa-14168	151	12	1.1	1.1	NUM
ajfa-14168	151	13	,	,	PUNCT
ajfa-14168	151	14	based	base	VERB
ajfa-14168	151	15	on	on	ADP
ajfa-14168	151	16	the	the	DET
ajfa-14168	151	17	financial	financial	ADJ
ajfa-14168	151	18	figures	figure	NOUN
ajfa-14168	151	19	only	only	ADV
ajfa-14168	151	20	,	,	PUNCT
ajfa-14168	151	21	the	the	DET
ajfa-14168	151	22	company	company	NOUN
ajfa-14168	151	23	is	be	AUX
ajfa-14168	151	24	placed	place	VERB
ajfa-14168	151	25	in	in	ADP
ajfa-14168	151	26	the	the	DET
ajfa-14168	151	27	“	"	PUNCT
ajfa-14168	151	28	distress	distress	NOUN
ajfa-14168	151	29	”	"	PUNCT
ajfa-14168	151	30	zone	zone	NOUN
ajfa-14168	151	31	.	.	PUNCT
ajfa-14168	152	1	there	there	PRON
ajfa-14168	152	2	is	be	VERB
ajfa-14168	152	3	a	a	DET
ajfa-14168	152	4	high	high	ADJ
ajfa-14168	152	5	probability	probability	NOUN
ajfa-14168	152	6	that	that	SCONJ
ajfa-14168	152	7	the	the	DET
ajfa-14168	152	8	company	company	NOUN
ajfa-14168	152	9	will	will	AUX
ajfa-14168	152	10	face	face	VERB
ajfa-14168	152	11	distress	distress	NOUN
ajfa-14168	152	12	in	in	ADP
ajfa-14168	152	13	the	the	DET
ajfa-14168	152	14	next	next	ADJ
ajfa-14168	152	15	two	two	NUM
ajfa-14168	152	16	years	year	NOUN
ajfa-14168	152	17	.	.	PUNCT
ajfa-14168	153	1	3.3	3.3	NUM
ajfa-14168	153	2	data	datum	NOUN
ajfa-14168	153	3	acquisition	acquisition	NOUN
ajfa-14168	153	4	since	since	SCONJ
ajfa-14168	153	5	information	information	NOUN
ajfa-14168	153	6	on	on	ADP
ajfa-14168	153	7	the	the	DET
ajfa-14168	153	8	bad	bad	ADJ
ajfa-14168	153	9	credit	credit	NOUN
ajfa-14168	153	10	records	record	NOUN
ajfa-14168	153	11	of	of	ADP
ajfa-14168	153	12	listed	list	VERB
ajfa-14168	153	13	companies	company	NOUN
ajfa-14168	153	14	is	be	AUX
ajfa-14168	153	15	not	not	PART
ajfa-14168	153	16	disclosed	disclose	VERB
ajfa-14168	153	17	publicly	publicly	ADV
ajfa-14168	153	18	,	,	PUNCT
ajfa-14168	153	19	we	we	PRON
ajfa-14168	153	20	must	must	AUX
ajfa-14168	153	21	use	use	VERB
ajfa-14168	153	22	other	other	ADJ
ajfa-14168	153	23	means	mean	NOUN
ajfa-14168	153	24	to	to	PART
ajfa-14168	153	25	ascertain	ascertain	VERB
ajfa-14168	153	26	the	the	DET
ajfa-14168	153	27	default	default	NOUN
ajfa-14168	153	28	probability	probability	NOUN
ajfa-14168	153	29	of	of	ADP
ajfa-14168	153	30	these	these	DET
ajfa-14168	153	31	companies	company	NOUN
ajfa-14168	153	32	.	.	PUNCT
ajfa-14168	154	1	one	one	NUM
ajfa-14168	154	2	way	way	NOUN
ajfa-14168	154	3	of	of	ADP
ajfa-14168	154	4	computing	compute	VERB
ajfa-14168	154	5	the	the	DET
ajfa-14168	154	6	default	default	NOUN
ajfa-14168	154	7	probability	probability	NOUN
ajfa-14168	154	8	is	be	AUX
ajfa-14168	154	9	to	to	PART
ajfa-14168	154	10	calculate	calculate	VERB
ajfa-14168	154	11	the	the	DET
ajfa-14168	154	12	stock	stock	NOUN
ajfa-14168	154	13	yield	yield	NOUN
ajfa-14168	154	14	using	use	VERB
ajfa-14168	154	15	information	information	NOUN
ajfa-14168	154	16	on	on	ADP
ajfa-14168	154	17	the	the	DET
ajfa-14168	154	18	stock	stock	NOUN
ajfa-14168	154	19	price	price	NOUN
ajfa-14168	154	20	of	of	ADP
ajfa-14168	154	21	the	the	DET
ajfa-14168	154	22	listed	list	VERB
ajfa-14168	154	23	companies	company	NOUN
ajfa-14168	154	24	and	and	CCONJ
ajfa-14168	154	25	then	then	ADV
ajfa-14168	154	26	determine	determine	VERB
ajfa-14168	154	27	the	the	DET
ajfa-14168	154	28	default	default	NOUN
ajfa-14168	154	29	distance	distance	NOUN
ajfa-14168	154	30	.	.	PUNCT
ajfa-14168	155	1	30	30	NUM
ajfa-14168	155	2	listed	list	VERB
ajfa-14168	155	3	companies	company	NOUN
ajfa-14168	155	4	have	have	AUX
ajfa-14168	155	5	been	be	AUX
ajfa-14168	155	6	randomly	randomly	ADV
ajfa-14168	155	7	selected	select	VERB
ajfa-14168	155	8	from	from	ADP
ajfa-14168	155	9	china	china	PROPN
ajfa-14168	155	10	’s	’s	PART
ajfa-14168	155	11	shanghai	shanghai	PROPN
ajfa-14168	155	12	and	and	CCONJ
ajfa-14168	155	13	shenzhen	shenzhen	PROPN
ajfa-14168	155	14	stock	stock	PROPN
ajfa-14168	155	15	markets	market	NOUN
ajfa-14168	155	16	.	.	PUNCT
ajfa-14168	156	1	the	the	DET
ajfa-14168	156	2	financial	financial	ADJ
ajfa-14168	156	3	data	datum	NOUN
ajfa-14168	156	4	of	of	ADP
ajfa-14168	156	5	these	these	DET
ajfa-14168	156	6	companies	company	NOUN
ajfa-14168	156	7	from	from	ADP
ajfa-14168	156	8	1	1	NUM
ajfa-14168	156	9	january	january	PROPN
ajfa-14168	156	10	2017	2017	NUM
ajfa-14168	156	11	to	to	ADP
ajfa-14168	156	12	31	31	NUM
ajfa-14168	156	13	december	december	PROPN
ajfa-14168	156	14	2017	2017	NUM
ajfa-14168	156	15	is	be	AUX
ajfa-14168	156	16	shown	show	VERB
ajfa-14168	156	17	in	in	ADP
ajfa-14168	156	18	table	table	NOUN
ajfa-14168	156	19	1	1	NUM
ajfa-14168	156	20	.	.	PUNCT
ajfa-14168	157	1	there	there	PRON
ajfa-14168	157	2	are	be	VERB
ajfa-14168	157	3	10	10	NUM
ajfa-14168	157	4	listed	list	VERB
ajfa-14168	157	5	companies	company	NOUN
ajfa-14168	157	6	with	with	ADP
ajfa-14168	157	7	good	good	ADJ
ajfa-14168	157	8	performance	performance	NOUN
ajfa-14168	157	9	,	,	PUNCT
ajfa-14168	157	10	10	10	NUM
ajfa-14168	157	11	listed	list	VERB
ajfa-14168	157	12	companies	company	NOUN
ajfa-14168	157	13	with	with	ADP
ajfa-14168	157	14	mediocre	mediocre	ADJ
ajfa-14168	157	15	performance	performance	NOUN
ajfa-14168	157	16	and	and	CCONJ
ajfa-14168	157	17	10	10	NUM
ajfa-14168	157	18	listed	list	VERB
ajfa-14168	157	19	companies	company	NOUN
ajfa-14168	157	20	with	with	ADP
ajfa-14168	157	21	poor	poor	ADJ
ajfa-14168	157	22	performance	performance	NOUN
ajfa-14168	157	23	.	.	PUNCT
ajfa-14168	158	1	through	through	ADP
ajfa-14168	158	2	the	the	DET
ajfa-14168	158	3	following	follow	VERB
ajfa-14168	158	4	analysis	analysis	NOUN
ajfa-14168	158	5	,	,	PUNCT
ajfa-14168	158	6	the	the	DET
ajfa-14168	158	7	feasibility	feasibility	NOUN
ajfa-14168	158	8	of	of	ADP
ajfa-14168	158	9	the	the	DET
ajfa-14168	158	10	kmv	kmv	PROPN
ajfa-14168	158	11	and	and	CCONJ
ajfa-14168	158	12	zeta	zeta	NOUN
ajfa-14168	158	13	models	model	NOUN
ajfa-14168	158	14	in	in	ADP
ajfa-14168	158	15	reality	reality	NOUN
ajfa-14168	158	16	can	can	AUX
ajfa-14168	158	17	be	be	AUX
ajfa-14168	158	18	ascertained	ascertain	VERB
ajfa-14168	158	19	.	.	PUNCT
ajfa-14168	159	1	according	accord	VERB
ajfa-14168	159	2	to	to	ADP
ajfa-14168	159	3	the	the	DET
ajfa-14168	159	4	empirical	empirical	ADJ
ajfa-14168	159	5	analysis	analysis	NOUN
ajfa-14168	159	6	of	of	ADP
ajfa-14168	159	7	a	a	DET
ajfa-14168	159	8	large	large	ADJ
ajfa-14168	159	9	number	number	NOUN
ajfa-14168	159	10	of	of	ADP
ajfa-14168	159	11	default	default	NOUN
ajfa-14168	159	12	events	event	NOUN
ajfa-14168	159	13	,	,	PUNCT
ajfa-14168	159	14	it	it	PRON
ajfa-14168	159	15	has	have	AUX
ajfa-14168	159	16	been	be	AUX
ajfa-14168	159	17	highlighted	highlight	VERB
ajfa-14168	159	18	by	by	ADP
ajfa-14168	159	19	the	the	DET
ajfa-14168	159	20	kmv	kmv	PROPN
ajfa-14168	159	21	model	model	NOUN
ajfa-14168	159	22	that	that	SCONJ
ajfa-14168	159	23	:	:	PUNCT
ajfa-14168	159	24	asian	asian	ADJ
ajfa-14168	159	25	journal	journal	NOUN
ajfa-14168	159	26	of	of	ADP
ajfa-14168	159	27	finance	finance	PROPN
ajfa-14168	159	28	&	&	CCONJ
ajfa-14168	159	29	accounting	accounting	PROPN
ajfa-14168	159	30	issn	issn	PROPN
ajfa-14168	159	31	1946	1946	NUM
ajfa-14168	159	32	-	-	PUNCT
ajfa-14168	159	33	052x	052x	PROPN
ajfa-14168	159	34	2019	2019	NUM
ajfa-14168	159	35	,	,	PUNCT
ajfa-14168	159	36	vol	vol	NOUN
ajfa-14168	159	37	.	.	PROPN
ajfa-14168	159	38	11	11	NUM
ajfa-14168	159	39	,	,	PUNCT
ajfa-14168	159	40	no	no	INTJ
ajfa-14168	159	41	.	.	NOUN
ajfa-14168	159	42	1	1	NUM
ajfa-14168	159	43	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	159	44	150	150	NUM
ajfa-14168	159	45			NOUN
ajfa-14168	159	46	when	when	SCONJ
ajfa-14168	159	47	the	the	DET
ajfa-14168	159	48	long	long	ADJ
ajfa-14168	159	49	-	-	PUNCT
ajfa-14168	159	50	term	term	NOUN
ajfa-14168	159	51	debt	debt	NOUN
ajfa-14168	159	52	value	value	NOUN
ajfa-14168	159	53	is	be	AUX
ajfa-14168	159	54	less	less	ADJ
ajfa-14168	159	55	than	than	ADP
ajfa-14168	159	56	1.5	1.5	NUM
ajfa-14168	159	57	times	time	NOUN
ajfa-14168	159	58	the	the	DET
ajfa-14168	159	59	short	short	ADJ
ajfa-14168	159	60	-	-	PUNCT
ajfa-14168	159	61	term	term	NOUN
ajfa-14168	159	62	debt	debt	NOUN
ajfa-14168	159	63	value	value	NOUN
ajfa-14168	159	64	,	,	PUNCT
ajfa-14168	159	65	the	the	DET
ajfa-14168	159	66	most	most	ADV
ajfa-14168	159	67	frequent	frequent	ADJ
ajfa-14168	159	68	default	default	NOUN
ajfa-14168	159	69	critical	critical	ADJ
ajfa-14168	159	70	point	point	NOUN
ajfa-14168	159	71	is	be	AUX
ajfa-14168	159	72	located	locate	VERB
ajfa-14168	159	73	near	near	ADP
ajfa-14168	159	74	the	the	DET
ajfa-14168	159	75	company	company	NOUN
ajfa-14168	159	76	's	's	PART
ajfa-14168	159	77	short	short	ADJ
ajfa-14168	159	78	-	-	PUNCT
ajfa-14168	159	79	term	term	NOUN
ajfa-14168	159	80	debt	debt	NOUN
ajfa-14168	159	81	value	value	NOUN
ajfa-14168	159	82	plus	plus	CCONJ
ajfa-14168	159	83	0.5	0.5	NUM
ajfa-14168	159	84	times	time	NOUN
ajfa-14168	159	85	the	the	DET
ajfa-14168	159	86	long	long	ADJ
ajfa-14168	159	87	-	-	PUNCT
ajfa-14168	159	88	term	term	NOUN
ajfa-14168	159	89	debt	debt	NOUN
ajfa-14168	159	90	value	value	NOUN
ajfa-14168	159	91	,	,	PUNCT
ajfa-14168	159	92	but	but	CCONJ
ajfa-14168	159	93			NOUN
ajfa-14168	159	94	when	when	SCONJ
ajfa-14168	159	95	the	the	DET
ajfa-14168	159	96	long	long	ADJ
ajfa-14168	159	97	-	-	PUNCT
ajfa-14168	159	98	term	term	NOUN
ajfa-14168	159	99	debt	debt	NOUN
ajfa-14168	159	100	value	value	NOUN
ajfa-14168	159	101	is	be	AUX
ajfa-14168	159	102	more	more	ADJ
ajfa-14168	159	103	than	than	ADP
ajfa-14168	159	104	1.5	1.5	NUM
ajfa-14168	159	105	times	time	NOUN
ajfa-14168	159	106	the	the	DET
ajfa-14168	159	107	short	short	ADJ
ajfa-14168	159	108	-	-	PUNCT
ajfa-14168	159	109	term	term	NOUN
ajfa-14168	159	110	debt	debt	NOUN
ajfa-14168	159	111	value	value	NOUN
ajfa-14168	159	112	,	,	PUNCT
ajfa-14168	159	113	the	the	DET
ajfa-14168	159	114	most	most	ADV
ajfa-14168	159	115	frequent	frequent	ADJ
ajfa-14168	159	116	default	default	NOUN
ajfa-14168	159	117	critical	critical	ADJ
ajfa-14168	159	118	point	point	NOUN
ajfa-14168	159	119	is	be	AUX
ajfa-14168	159	120	located	locate	VERB
ajfa-14168	159	121	near	near	ADP
ajfa-14168	159	122	the	the	DET
ajfa-14168	159	123	company	company	NOUN
ajfa-14168	159	124	's	's	PART
ajfa-14168	159	125	0.7	0.7	NUM
ajfa-14168	159	126	times	time	NOUN
ajfa-14168	159	127	total	total	NOUN
ajfa-14168	159	128	of	of	ADP
ajfa-14168	159	129	short	short	ADJ
ajfa-14168	159	130	-	-	PUNCT
ajfa-14168	159	131	term	term	NOUN
ajfa-14168	159	132	debt	debt	NOUN
ajfa-14168	159	133	value	value	NOUN
ajfa-14168	159	134	and	and	CCONJ
ajfa-14168	159	135	long	long	ADJ
ajfa-14168	159	136	-	-	PUNCT
ajfa-14168	159	137	term	term	NOUN
ajfa-14168	159	138	debt	debt	NOUN
ajfa-14168	159	139	value	value	NOUN
ajfa-14168	159	140	.	.	PUNCT
ajfa-14168	160	1	there	there	PRON
ajfa-14168	160	2	are	be	VERB
ajfa-14168	160	3	some	some	DET
ajfa-14168	160	4	basic	basic	ADJ
ajfa-14168	160	5	assumptions	assumption	NOUN
ajfa-14168	160	6	in	in	ADP
ajfa-14168	160	7	this	this	DET
ajfa-14168	160	8	paper	paper	NOUN
ajfa-14168	160	9	.	.	PUNCT
ajfa-14168	161	1			X
ajfa-14168	162	1	the	the	DET
ajfa-14168	162	2	default	default	NOUN
ajfa-14168	162	3	distance	distance	NOUN
ajfa-14168	162	4	formula	formula	NOUN
ajfa-14168	162	5	that	that	PRON
ajfa-14168	162	6	defines	define	VERB
ajfa-14168	162	7	the	the	DET
ajfa-14168	162	8	company	company	NOUN
ajfa-14168	162	9	's	's	PART
ajfa-14168	162	10	market	market	NOUN
ajfa-14168	162	11	value	value	NOUN
ajfa-14168	162	12	is	be	AUX
ajfa-14168	162	13	larger	large	ADJ
ajfa-14168	162	14	than	than	ADP
ajfa-14168	162	15	its	its	PRON
ajfa-14168	162	16	debt	debt	NOUN
ajfa-14168	162	17	value	value	NOUN
ajfa-14168	162	18	in	in	ADP
ajfa-14168	162	19	a	a	DET
ajfa-14168	162	20	year	year	NOUN
ajfa-14168	162	21	,	,	PUNCT
ajfa-14168	162	22	assuming	assume	VERB
ajfa-14168	162	23	that	that	SCONJ
ajfa-14168	162	24	the	the	DET
ajfa-14168	162	25	growth	growth	NOUN
ajfa-14168	162	26	rate	rate	NOUN
ajfa-14168	162	27	of	of	ADP
ajfa-14168	162	28	the	the	DET
ajfa-14168	162	29	company	company	NOUN
ajfa-14168	162	30	's	's	PART
ajfa-14168	162	31	asset	asset	NOUN
ajfa-14168	162	32	value	value	NOUN
ajfa-14168	162	33	is	be	AUX
ajfa-14168	162	34	zero	zero	NUM
ajfa-14168	162	35	.	.	PUNCT
ajfa-14168	163	1			PUNCT
ajfa-14168	163	2	the	the	DET
ajfa-14168	163	3	stock	stock	NOUN
ajfa-14168	163	4	price	price	NOUN
ajfa-14168	163	5	of	of	ADP
ajfa-14168	163	6	a	a	DET
ajfa-14168	163	7	company	company	NOUN
ajfa-14168	163	8	is	be	AUX
ajfa-14168	163	9	consistent	consistent	ADJ
ajfa-14168	163	10	with	with	ADP
ajfa-14168	163	11	logarithmic	logarithmic	ADJ
ajfa-14168	163	12	normal	normal	ADJ
ajfa-14168	163	13	distribution	distribution	NOUN
ajfa-14168	163	14	and	and	CCONJ
ajfa-14168	163	15	the	the	DET
ajfa-14168	163	16	stock	stock	NOUN
ajfa-14168	163	17	price	price	NOUN
ajfa-14168	163	18	volatility	volatility	NOUN
ajfa-14168	163	19	is	be	AUX
ajfa-14168	163	20	derived	derive	VERB
ajfa-14168	163	21	from	from	ADP
ajfa-14168	163	22	stock	stock	NOUN
ajfa-14168	163	23	price	price	NOUN
ajfa-14168	163	24	logarithmically	logarithmically	ADV
ajfa-14168	163	25	.	.	PUNCT
ajfa-14168	164	1			X
ajfa-14168	164	2	the	the	DET
ajfa-14168	164	3	annual	annual	ADJ
ajfa-14168	164	4	volatility	volatility	NOUN
ajfa-14168	164	5	of	of	ADP
ajfa-14168	164	6	equity	equity	NOUN
ajfa-14168	164	7	is	be	AUX
ajfa-14168	164	8	computed	compute	VERB
ajfa-14168	164	9	using	use	VERB
ajfa-14168	164	10	the	the	DET
ajfa-14168	164	11	stock	stock	NOUN
ajfa-14168	164	12	closing	closing	NOUN
ajfa-14168	164	13	price	price	NOUN
ajfa-14168	164	14	of	of	ADP
ajfa-14168	164	15	the	the	DET
ajfa-14168	164	16	252	252	NUM
ajfa-14168	164	17	trading	trading	NOUN
ajfa-14168	164	18	days	day	NOUN
ajfa-14168	164	19	in	in	ADP
ajfa-14168	164	20	2017	2017	NUM
ajfa-14168	164	21	.	.	PUNCT
ajfa-14168	165	1			PUNCT
ajfa-14168	165	2	the	the	DET
ajfa-14168	165	3	annual	annual	ADJ
ajfa-14168	165	4	risk	risk	NOUN
ajfa-14168	165	5	-	-	PUNCT
ajfa-14168	165	6	free	free	ADJ
ajfa-14168	165	7	interest	interest	NOUN
ajfa-14168	165	8	rate	rate	NOUN
ajfa-14168	165	9	is	be	AUX
ajfa-14168	165	10	fixed	fix	VERB
ajfa-14168	165	11	.	.	PUNCT
ajfa-14168	166	1	the	the	DET
ajfa-14168	166	2	standard	standard	ADJ
ajfa-14168	166	3	one	one	NUM
ajfa-14168	166	4	-	-	PUNCT
ajfa-14168	166	5	year	year	NOUN
ajfa-14168	166	6	maturity	maturity	NOUN
ajfa-14168	166	7	yield	yield	NOUN
ajfa-14168	166	8	of	of	ADP
ajfa-14168	166	9	china	china	PROPN
ajfa-14168	166	10	’s	’s	PART
ajfa-14168	166	11	treasury	treasury	PROPN
ajfa-14168	166	12	bond	bond	NOUN
ajfa-14168	166	13	in	in	ADP
ajfa-14168	166	14	2017	2017	NUM
ajfa-14168	166	15	and	and	CCONJ
ajfa-14168	166	16	𝑟	𝑟	NOUN
ajfa-14168	166	17	=	=	SYM
ajfa-14168	166	18	2.7484	2.7484	NUM
ajfa-14168	166	19	%	%	NOUN
ajfa-14168	166	20	are	be	AUX
ajfa-14168	166	21	used	use	VERB
ajfa-14168	166	22	.	.	PUNCT
ajfa-14168	167	1			PROPN
ajfa-14168	167	2	equity	equity	NOUN
ajfa-14168	167	3	is	be	AUX
ajfa-14168	167	4	a	a	DET
ajfa-14168	167	5	call	call	NOUN
ajfa-14168	167	6	option	option	NOUN
ajfa-14168	167	7	on	on	ADP
ajfa-14168	167	8	the	the	DET
ajfa-14168	167	9	firm	firm	ADJ
ajfa-14168	167	10	value	value	NOUN
ajfa-14168	167	11	with	with	ADP
ajfa-14168	167	12	a	a	DET
ajfa-14168	167	13	strike	strike	NOUN
ajfa-14168	167	14	price	price	NOUN
ajfa-14168	167	15	that	that	PRON
ajfa-14168	167	16	is	be	AUX
ajfa-14168	167	17	equal	equal	ADJ
ajfa-14168	167	18	to	to	ADP
ajfa-14168	167	19	the	the	DET
ajfa-14168	167	20	face	face	NOUN
ajfa-14168	167	21	value	value	NOUN
ajfa-14168	167	22	of	of	ADP
ajfa-14168	167	23	debt	debt	NOUN
ajfa-14168	167	24	.	.	PUNCT
ajfa-14168	168	1	asian	asian	ADJ
ajfa-14168	168	2	journal	journal	PROPN
ajfa-14168	168	3	of	of	ADP
ajfa-14168	168	4	finance	finance	PROPN
ajfa-14168	168	5	&	&	CCONJ
ajfa-14168	168	6	accounting	accounting	PROPN
ajfa-14168	168	7	issn	issn	PROPN
ajfa-14168	168	8	1946	1946	NUM
ajfa-14168	168	9	-	-	PUNCT
ajfa-14168	168	10	052x	052x	PROPN
ajfa-14168	168	11	2019	2019	NUM
ajfa-14168	168	12	,	,	PUNCT
ajfa-14168	168	13	vol	vol	NOUN
ajfa-14168	168	14	.	.	PROPN
ajfa-14168	168	15	11	11	NUM
ajfa-14168	168	16	,	,	PUNCT
ajfa-14168	168	17	no	no	INTJ
ajfa-14168	168	18	.	.	NOUN
ajfa-14168	168	19	1	1	NUM
ajfa-14168	168	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	168	21	151	151	NUM
ajfa-14168	168	22	table	table	NOUN
ajfa-14168	168	23	1	1	NUM
ajfa-14168	168	24	.	.	SYM
ajfa-14168	168	25	30	30	NUM
ajfa-14168	168	26	listed	list	VERB
ajfa-14168	168	27	companies	company	NOUN
ajfa-14168	168	28	from	from	ADP
ajfa-14168	168	29	shanghai	shanghai	PROPN
ajfa-14168	168	30	and	and	CCONJ
ajfa-14168	168	31	shenzhen	shenzhen	PROPN
ajfa-14168	168	32	stock	stock	PROPN
ajfa-14168	168	33	markets	market	VERB
ajfa-14168	168	34	blue	blue	ADJ
ajfa-14168	168	35	-	-	PUNCT
ajfa-14168	168	36	chip	chip	NOUN
ajfa-14168	168	37	companies	company	NOUN
ajfa-14168	168	38	(	(	PUNCT
ajfa-14168	168	39	note	note	NOUN
ajfa-14168	168	40	1	1	NUM
ajfa-14168	168	41	)	)	PUNCT
ajfa-14168	168	42	ordinary	ordinary	ADJ
ajfa-14168	168	43	companies	company	NOUN
ajfa-14168	168	44	(	(	PUNCT
ajfa-14168	168	45	note	note	NOUN
ajfa-14168	168	46	2	2	NUM
ajfa-14168	168	47	)	)	PUNCT
ajfa-14168	168	48	code	code	NOUN
ajfa-14168	168	49	industry	industry	NOUN
ajfa-14168	168	50	code	code	NOUN
ajfa-14168	168	51	industry	industry	NOUN
ajfa-14168	168	52	600519	600519	NUM
ajfa-14168	168	53	wine	wine	NOUN
ajfa-14168	168	54	&	&	CCONJ
ajfa-14168	168	55	beverage	beverage	NOUN
ajfa-14168	168	56	600000	600000	NUM
ajfa-14168	168	57	banking	banking	NOUN
ajfa-14168	168	58	002302	002302	NUM
ajfa-14168	168	59	metal	metal	PROPN
ajfa-14168	168	60	&	&	CCONJ
ajfa-14168	168	61	nonmetal	nonmetal	ADJ
ajfa-14168	168	62	000905	000905	NUM
ajfa-14168	168	63	transportation	transportation	NOUN
ajfa-14168	168	64	300176	300176	NUM
ajfa-14168	168	65	machinery	machinery	NOUN
ajfa-14168	168	66	&	&	CCONJ
ajfa-14168	168	67	equipment	equipment	PROPN
ajfa-14168	168	68	&	&	CCONJ
ajfa-14168	168	69	instrument	instrument	PROPN
ajfa-14168	168	70	600549	600549	NUM
ajfa-14168	168	71	metal	metal	PROPN
ajfa-14168	168	72	&	&	CCONJ
ajfa-14168	168	73	nonmetal	nonmetal	ADJ
ajfa-14168	168	74	002307	002307	NUM
ajfa-14168	168	75	construction	construction	NOUN
ajfa-14168	168	76	business	business	NOUN
ajfa-14168	168	77	603377	603377	NUM
ajfa-14168	168	78	transportation	transportation	NOUN
ajfa-14168	168	79	002081	002081	NUM
ajfa-14168	168	80	decoration	decoration	NOUN
ajfa-14168	168	81	600479	600479	NUM
ajfa-14168	168	82	pharmaceuticals	pharmaceutical	NOUN
ajfa-14168	168	83	600808	600808	NUM
ajfa-14168	168	84	metal	metal	NOUN
ajfa-14168	168	85	&	&	CCONJ
ajfa-14168	168	86	nonmetal	nonmetal	PROPN
ajfa-14168	168	87	002403	002403	NUM
ajfa-14168	168	88	metal	metal	PROPN
ajfa-14168	168	89	&	&	CCONJ
ajfa-14168	168	90	nonmetal	nonmetal	ADJ
ajfa-14168	168	91	000709	000709	NUM
ajfa-14168	168	92	metal	metal	PROPN
ajfa-14168	168	93	&	&	CCONJ
ajfa-14168	168	94	nonmetal	nonmetal	PROPN
ajfa-14168	168	95	600826	600826	NUM
ajfa-14168	168	96	business	business	NOUN
ajfa-14168	168	97	brokerage	brokerage	NOUN
ajfa-14168	168	98	&	&	CCONJ
ajfa-14168	168	99	agency	agency	PROPN
ajfa-14168	168	100	601919	601919	NUM
ajfa-14168	168	101	marine	marine	ADJ
ajfa-14168	168	102	traffic	traffic	NOUN
ajfa-14168	168	103	300220	300220	NUM
ajfa-14168	168	104	electronics	electronic	NOUN
ajfa-14168	168	105	601899	601899	NUM
ajfa-14168	168	106	nonferrous	nonferrous	ADJ
ajfa-14168	168	107	metal	metal	NOUN
ajfa-14168	168	108	mining	mining	NOUN
ajfa-14168	168	109	300104	300104	NUM
ajfa-14168	168	110	information	information	NOUN
ajfa-14168	168	111	dissemination	dissemination	NOUN
ajfa-14168	168	112	service	service	NOUN
ajfa-14168	168	113	600340	600340	NUM
ajfa-14168	168	114	real	real	ADJ
ajfa-14168	168	115	estate	estate	NOUN
ajfa-14168	168	116	development	development	NOUN
ajfa-14168	168	117	600363	600363	NUM
ajfa-14168	168	118	electronics	electronics	PROPN
ajfa-14168	168	119	st	st	PROPN
ajfa-14168	168	120	companies	company	NOUN
ajfa-14168	168	121	(	(	PUNCT
ajfa-14168	168	122	note	note	NOUN
ajfa-14168	168	123	3	3	NUM
ajfa-14168	168	124	)	)	PUNCT
ajfa-14168	168	125	st	st	PROPN
ajfa-14168	168	126	companies	company	NOUN
ajfa-14168	168	127	code	code	VERB
ajfa-14168	168	128	industry	industry	NOUN
ajfa-14168	168	129	code	code	NOUN
ajfa-14168	168	130	industry	industry	NOUN
ajfa-14168	168	131	600860	600860	NUM
ajfa-14168	168	132	machinery	machinery	NOUN
ajfa-14168	168	133	&	&	CCONJ
ajfa-14168	168	134	equipment	equipment	PROPN
ajfa-14168	168	135	&	&	CCONJ
ajfa-14168	168	136	instrument	instrument	PROPN
ajfa-14168	168	137	600608	600608	NUM
ajfa-14168	168	138	metal	metal	NOUN
ajfa-14168	168	139	&	&	CCONJ
ajfa-14168	168	140	nonmetal	nonmetal	ADJ
ajfa-14168	168	141	002490	002490	NUM
ajfa-14168	168	142	machinery	machinery	NOUN
ajfa-14168	168	143	&	&	CCONJ
ajfa-14168	168	144	equipment	equipment	PROPN
ajfa-14168	168	145	&	&	CCONJ
ajfa-14168	168	146	instrument	instrument	PROPN
ajfa-14168	168	147	600403	600403	NUM
ajfa-14168	168	148	coal	coal	NOUN
ajfa-14168	168	149	mining	mining	NOUN
ajfa-14168	168	150	000526	000526	NUM
ajfa-14168	168	151	real	real	ADJ
ajfa-14168	168	152	estate	estate	NOUN
ajfa-14168	168	153	development	development	NOUN
ajfa-14168	168	154	601005	601005	NUM
ajfa-14168	168	155	metal	metal	PROPN
ajfa-14168	168	156	&	&	CCONJ
ajfa-14168	168	157	nonmetal	nonmetal	ADJ
ajfa-14168	168	158	600696	600696	NUM
ajfa-14168	168	159	real	real	ADJ
ajfa-14168	168	160	estate	estate	NOUN
ajfa-14168	168	161	development	development	NOUN
ajfa-14168	168	162	000932	000932	NUM
ajfa-14168	168	163	metal	metal	NOUN
ajfa-14168	168	164	&	&	CCONJ
ajfa-14168	168	165	nonmetal	nonmetal	ADJ
ajfa-14168	168	166	000595	000595	NUM
ajfa-14168	168	167	machinery	machinery	NOUN
ajfa-14168	168	168	&	&	CCONJ
ajfa-14168	168	169	equipment	equipment	PROPN
ajfa-14168	168	170	&	&	CCONJ
ajfa-14168	168	171	instrument	instrument	PROPN
ajfa-14168	168	172	000982	000982	NUM
ajfa-14168	168	173	textile	textile	PROPN
ajfa-14168	168	174	&	&	CCONJ
ajfa-14168	168	175	clothing	clothing	PROPN
ajfa-14168	168	176	&	&	CCONJ
ajfa-14168	168	177	fur	fur	NOUN
ajfa-14168	168	178	note	note	NOUN
ajfa-14168	168	179	1	1	X
ajfa-14168	168	180	.	.	X
ajfa-14168	168	181	blue	blue	ADJ
ajfa-14168	168	182	-	-	PUNCT
ajfa-14168	168	183	ship	ship	NOUN
ajfa-14168	168	184	companies	company	NOUN
ajfa-14168	168	185	:	:	PUNCT
ajfa-14168	168	186	they	they	PRON
ajfa-14168	168	187	are	be	AUX
ajfa-14168	168	188	the	the	DET
ajfa-14168	168	189	mature	mature	ADJ
ajfa-14168	168	190	companies	company	NOUN
ajfa-14168	168	191	in	in	ADP
ajfa-14168	168	192	the	the	DET
ajfa-14168	168	193	stock	stock	NOUN
ajfa-14168	168	194	market	market	NOUN
ajfa-14168	168	195	that	that	PRON
ajfa-14168	168	196	represent	represent	VERB
ajfa-14168	168	197	the	the	DET
ajfa-14168	168	198	stalwarts	stalwart	NOUN
ajfa-14168	168	199	of	of	ADP
ajfa-14168	168	200	industry	industry	NOUN
ajfa-14168	168	201	-	-	PUNCT
ajfa-14168	168	202	safe	safe	ADJ
ajfa-14168	168	203	,	,	PUNCT
ajfa-14168	168	204	stable	stable	ADJ
ajfa-14168	168	205	,	,	PUNCT
ajfa-14168	168	206	profitable	profitable	ADJ
ajfa-14168	168	207	,	,	PUNCT
ajfa-14168	168	208	and	and	CCONJ
ajfa-14168	168	209	long	long	ADV
ajfa-14168	168	210	-	-	PUNCT
ajfa-14168	168	211	lasting	last	VERB
ajfa-14168	168	212	companies	company	NOUN
ajfa-14168	168	213	that	that	PRON
ajfa-14168	168	214	represent	represent	VERB
ajfa-14168	168	215	relatively	relatively	ADV
ajfa-14168	168	216	safe	safe	ADJ
ajfa-14168	168	217	,	,	PUNCT
ajfa-14168	168	218	low	low	ADJ
ajfa-14168	168	219	volatility	volatility	NOUN
ajfa-14168	168	220	investments	investment	NOUN
ajfa-14168	168	221	.	.	PUNCT
ajfa-14168	169	1	note	note	NOUN
ajfa-14168	169	2	2	2	NUM
ajfa-14168	169	3	.	.	PUNCT
ajfa-14168	169	4	ordinary	ordinary	ADJ
ajfa-14168	169	5	companies	company	NOUN
ajfa-14168	169	6	:	:	PUNCT
ajfa-14168	169	7	the	the	DET
ajfa-14168	169	8	companies	company	NOUN
ajfa-14168	169	9	with	with	ADP
ajfa-14168	169	10	mediocre	mediocre	ADJ
ajfa-14168	169	11	performance	performance	NOUN
ajfa-14168	169	12	.	.	PUNCT
ajfa-14168	170	1	note	note	VERB
ajfa-14168	170	2	3	3	NUM
ajfa-14168	170	3	.	.	PUNCT
ajfa-14168	170	4	st	st	PROPN
ajfa-14168	170	5	companies	company	NOUN
ajfa-14168	170	6	:	:	PUNCT
ajfa-14168	170	7	st	st	PROPN
ajfa-14168	170	8	stand	stand	VERB
ajfa-14168	170	9	for	for	ADP
ajfa-14168	170	10	special	special	ADJ
ajfa-14168	170	11	treatment	treatment	NOUN
ajfa-14168	170	12	.	.	PUNCT
ajfa-14168	171	1	under	under	ADP
ajfa-14168	171	2	regulation	regulation	NOUN
ajfa-14168	171	3	of	of	ADP
ajfa-14168	171	4	shenzhen	shenzhen	PROPN
ajfa-14168	171	5	stock	stock	PROPN
ajfa-14168	171	6	exchange	exchange	PROPN
ajfa-14168	171	7	and	and	CCONJ
ajfa-14168	171	8	shanghai	shanghai	PROPN
ajfa-14168	171	9	stock	stock	PROPN
ajfa-14168	171	10	exchange	exchange	PROPN
ajfa-14168	171	11	,	,	PUNCT
ajfa-14168	171	12	in	in	ADP
ajfa-14168	171	13	the	the	DET
ajfa-14168	171	14	event	event	NOUN
ajfa-14168	171	15	of	of	ADP
ajfa-14168	171	16	financial	financial	ADJ
ajfa-14168	171	17	issues	issue	NOUN
ajfa-14168	171	18	or	or	CCONJ
ajfa-14168	171	19	other	other	ADJ
ajfa-14168	171	20	abnormal	abnormal	ADJ
ajfa-14168	171	21	conditions	condition	NOUN
ajfa-14168	171	22	of	of	ADP
ajfa-14168	171	23	listed	list	VERB
ajfa-14168	171	24	companies	company	NOUN
ajfa-14168	171	25	that	that	PRON
ajfa-14168	171	26	make	make	VERB
ajfa-14168	171	27	investors	investor	NOUN
ajfa-14168	171	28	unable	unable	ADJ
ajfa-14168	171	29	to	to	PART
ajfa-14168	171	30	judge	judge	VERB
ajfa-14168	171	31	the	the	DET
ajfa-14168	171	32	future	future	NOUN
ajfa-14168	171	33	of	of	ADP
ajfa-14168	171	34	the	the	DET
ajfa-14168	171	35	companies	company	NOUN
ajfa-14168	171	36	and	and	CCONJ
ajfa-14168	171	37	may	may	AUX
ajfa-14168	171	38	endanger	endanger	VERB
ajfa-14168	171	39	the	the	DET
ajfa-14168	171	40	interest	interest	NOUN
ajfa-14168	171	41	of	of	ADP
ajfa-14168	171	42	investors	investor	NOUN
ajfa-14168	171	43	,	,	PUNCT
ajfa-14168	171	44	the	the	DET
ajfa-14168	171	45	stock	stock	NOUN
ajfa-14168	171	46	exchange	exchange	NOUN
ajfa-14168	171	47	shall	shall	AUX
ajfa-14168	171	48	take	take	VERB
ajfa-14168	171	49	special	special	ADJ
ajfa-14168	171	50	treatment	treatment	NOUN
ajfa-14168	171	51	on	on	ADP
ajfa-14168	171	52	these	these	DET
ajfa-14168	171	53	stocks	stock	NOUN
ajfa-14168	171	54	.	.	PUNCT
ajfa-14168	172	1	asian	asian	ADJ
ajfa-14168	172	2	journal	journal	PROPN
ajfa-14168	172	3	of	of	ADP
ajfa-14168	172	4	finance	finance	PROPN
ajfa-14168	172	5	&	&	CCONJ
ajfa-14168	172	6	accounting	accounting	PROPN
ajfa-14168	172	7	issn	issn	PROPN
ajfa-14168	172	8	1946	1946	NUM
ajfa-14168	172	9	-	-	PUNCT
ajfa-14168	172	10	052x	052x	PROPN
ajfa-14168	172	11	2019	2019	NUM
ajfa-14168	172	12	,	,	PUNCT
ajfa-14168	172	13	vol	vol	NOUN
ajfa-14168	172	14	.	.	PROPN
ajfa-14168	172	15	11	11	NUM
ajfa-14168	172	16	,	,	PUNCT
ajfa-14168	172	17	no	no	INTJ
ajfa-14168	172	18	.	.	NOUN
ajfa-14168	172	19	1	1	NUM
ajfa-14168	172	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	172	21	152	152	NUM
ajfa-14168	172	22	4	4	NUM
ajfa-14168	172	23	.	.	PUNCT
ajfa-14168	172	24	calculation	calculation	NOUN
ajfa-14168	172	25	and	and	CCONJ
ajfa-14168	172	26	results	result	VERB
ajfa-14168	172	27	4.1	4.1	NUM
ajfa-14168	172	28	the	the	DET
ajfa-14168	172	29	calculation	calculation	NOUN
ajfa-14168	172	30	and	and	CCONJ
ajfa-14168	172	31	results	result	VERB
ajfa-14168	172	32	equity	equity	NOUN
ajfa-14168	172	33	value	value	NOUN
ajfa-14168	172	34	volatility	volatility	NOUN
ajfa-14168	172	35	(	(	PUNCT
ajfa-14168	172	36	𝜎	𝜎	NOUN
ajfa-14168	172	37	)	)	PUNCT
ajfa-14168	172	38	in	in	ADP
ajfa-14168	172	39	this	this	DET
ajfa-14168	172	40	paper	paper	NOUN
ajfa-14168	172	41	,	,	PUNCT
ajfa-14168	172	42	the	the	DET
ajfa-14168	172	43	volatility	volatility	NOUN
ajfa-14168	172	44	of	of	ADP
ajfa-14168	172	45	equity	equity	NOUN
ajfa-14168	172	46	value	value	NOUN
ajfa-14168	172	47	is	be	AUX
ajfa-14168	172	48	derived	derive	VERB
ajfa-14168	172	49	from	from	ADP
ajfa-14168	172	50	historical	historical	ADJ
ajfa-14168	172	51	stock	stock	NOUN
ajfa-14168	172	52	price	price	NOUN
ajfa-14168	172	53	data	datum	NOUN
ajfa-14168	172	54	.	.	PUNCT
ajfa-14168	173	1	assuming	assume	VERB
ajfa-14168	173	2	that	that	SCONJ
ajfa-14168	173	3	the	the	DET
ajfa-14168	173	4	stock	stock	NOUN
ajfa-14168	173	5	price	price	NOUN
ajfa-14168	173	6	of	of	ADP
ajfa-14168	173	7	listed	list	VERB
ajfa-14168	173	8	companies	company	NOUN
ajfa-14168	173	9	conforms	conform	VERB
ajfa-14168	173	10	with	with	ADP
ajfa-14168	173	11	logarithmic	logarithmic	ADJ
ajfa-14168	173	12	normal	normal	ADJ
ajfa-14168	173	13	distribution	distribution	NOUN
ajfa-14168	173	14	,	,	PUNCT
ajfa-14168	173	15	the	the	DET
ajfa-14168	173	16	volatility	volatility	NOUN
ajfa-14168	173	17	of	of	ADP
ajfa-14168	173	18	equity	equity	NOUN
ajfa-14168	173	19	value	value	NOUN
ajfa-14168	173	20	is	be	AUX
ajfa-14168	173	21	expressed	express	VERB
ajfa-14168	173	22	as	as	ADP
ajfa-14168	173	23	:	:	PUNCT
ajfa-14168	173	24	𝛿	𝛿	ADJ
ajfa-14168	173	25	=	=	NOUN
ajfa-14168	173	26	𝑙𝑛	𝑙𝑛	NOUN
ajfa-14168	173	27	𝑆	𝑆	PROPN
ajfa-14168	173	28	𝑆	𝑆	PROPN
ajfa-14168	173	29	𝜎	𝜎	PROPN
ajfa-14168	174	1	=	=	PUNCT
ajfa-14168	174	2	∑	∑	PUNCT
ajfa-14168	174	3	𝛿	𝛿	ADJ
ajfa-14168	174	4	−	−	PROPN
ajfa-14168	174	5	(	(	PUNCT
ajfa-14168	174	6	)	)	PUNCT
ajfa-14168	174	7	∑	∑	PROPN
ajfa-14168	174	8	where	where	SCONJ
ajfa-14168	174	9	𝑆	𝑆	PROPN
ajfa-14168	174	10	,	,	PUNCT
ajfa-14168	174	11	𝑆	𝑆	PROPN
ajfa-14168	174	12	:	:	PUNCT
ajfa-14168	174	13	the	the	DET
ajfa-14168	174	14	stock	stock	NOUN
ajfa-14168	174	15	closing	closing	NOUN
ajfa-14168	174	16	price	price	NOUN
ajfa-14168	174	17	on	on	ADP
ajfa-14168	174	18	day	day	NOUN
ajfa-14168	174	19	𝑖	𝑖	NOUN
ajfa-14168	174	20	and	and	CCONJ
ajfa-14168	174	21	𝑖	𝑖	ADP
ajfa-14168	174	22	−	−	PROPN
ajfa-14168	174	23	1	1	NUM
ajfa-14168	174	24	𝑛	𝑛	NOUN
ajfa-14168	174	25	:	:	PUNCT
ajfa-14168	174	26	the	the	DET
ajfa-14168	174	27	trading	trading	NOUN
ajfa-14168	174	28	day	day	NOUN
ajfa-14168	174	29	,	,	PUNCT
ajfa-14168	174	30	where	where	SCONJ
ajfa-14168	174	31	252	252	NUM
ajfa-14168	174	32	days	day	NOUN
ajfa-14168	174	33	have	have	AUX
ajfa-14168	174	34	been	be	AUX
ajfa-14168	174	35	selected	select	VERB
ajfa-14168	174	36	as	as	ADP
ajfa-14168	174	37	the	the	DET
ajfa-14168	174	38	benchmark	benchmark	NOUN
ajfa-14168	174	39	𝛿	𝛿	NOUN
ajfa-14168	174	40	:	:	PUNCT
ajfa-14168	174	41	the	the	DET
ajfa-14168	174	42	log	log	NOUN
ajfa-14168	174	43	return	return	NOUN
ajfa-14168	174	44	at	at	ADP
ajfa-14168	174	45	time	time	NOUN
ajfa-14168	174	46	𝑖	𝑖	SYM
ajfa-14168	174	47	𝜎	𝜎	PROPN
ajfa-14168	174	48	:	:	PUNCT
ajfa-14168	174	49	the	the	DET
ajfa-14168	174	50	annual	annual	ADJ
ajfa-14168	174	51	volatility	volatility	NOUN
ajfa-14168	174	52	of	of	ADP
ajfa-14168	174	53	equity	equity	NOUN
ajfa-14168	174	54	value	value	NOUN
ajfa-14168	174	55	the	the	DET
ajfa-14168	174	56	results	result	NOUN
ajfa-14168	174	57	,	,	PUNCT
ajfa-14168	174	58	including	include	VERB
ajfa-14168	174	59	the	the	DET
ajfa-14168	174	60	volatility	volatility	NOUN
ajfa-14168	174	61	of	of	ADP
ajfa-14168	174	62	equity	equity	NOUN
ajfa-14168	174	63	value	value	NOUN
ajfa-14168	174	64	computed	compute	VERB
ajfa-14168	174	65	using	use	VERB
ajfa-14168	174	66	microsoft	microsoft	PROPN
ajfa-14168	174	67	excel	excel	PROPN
ajfa-14168	174	68	,	,	PUNCT
ajfa-14168	174	69	are	be	AUX
ajfa-14168	174	70	shown	show	VERB
ajfa-14168	174	71	in	in	ADP
ajfa-14168	174	72	table	table	NOUN
ajfa-14168	174	73	2	2	NUM
ajfa-14168	174	74	.	.	PUNCT
ajfa-14168	174	75	asian	asian	ADJ
ajfa-14168	174	76	journal	journal	PROPN
ajfa-14168	174	77	of	of	ADP
ajfa-14168	174	78	finance	finance	PROPN
ajfa-14168	174	79	&	&	CCONJ
ajfa-14168	174	80	accounting	accounting	PROPN
ajfa-14168	174	81	issn	issn	PROPN
ajfa-14168	174	82	1946	1946	NUM
ajfa-14168	174	83	-	-	PUNCT
ajfa-14168	174	84	052x	052x	PROPN
ajfa-14168	174	85	2019	2019	NUM
ajfa-14168	174	86	,	,	PUNCT
ajfa-14168	174	87	vol	vol	NOUN
ajfa-14168	174	88	.	.	PROPN
ajfa-14168	175	1	11	11	NUM
ajfa-14168	175	2	,	,	PUNCT
ajfa-14168	175	3	no	no	INTJ
ajfa-14168	175	4	.	.	NOUN
ajfa-14168	175	5	1	1	NUM
ajfa-14168	175	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	175	7	153	153	NUM
ajfa-14168	175	8	table	table	NOUN
ajfa-14168	175	9	2	2	NUM
ajfa-14168	175	10	.	.	PUNCT
ajfa-14168	175	11	average	average	ADJ
ajfa-14168	175	12	return	return	NOUN
ajfa-14168	175	13	and	and	CCONJ
ajfa-14168	175	14	annual	annual	ADJ
ajfa-14168	175	15	equity	equity	NOUN
ajfa-14168	175	16	volatility	volatility	NOUN
ajfa-14168	175	17	of	of	ADP
ajfa-14168	175	18	selected	select	VERB
ajfa-14168	175	19	companies	company	NOUN
ajfa-14168	175	20	blue	blue	ADJ
ajfa-14168	175	21	-	-	PUNCT
ajfa-14168	175	22	chip	chip	NOUN
ajfa-14168	175	23	stock	stock	NOUN
ajfa-14168	175	24	common	common	ADJ
ajfa-14168	175	25	stock	stock	NOUN
ajfa-14168	175	26	code	code	PROPN
ajfa-14168	175	27	average	average	ADJ
ajfa-14168	175	28	return	return	NOUN
ajfa-14168	175	29	*	*	PUNCT
ajfa-14168	175	30	annual	annual	ADJ
ajfa-14168	175	31	equity	equity	NOUN
ajfa-14168	175	32	volatility	volatility	NOUN
ajfa-14168	175	33	code	code	NOUN
ajfa-14168	175	34	average	average	ADJ
ajfa-14168	175	35	return	return	NOUN
ajfa-14168	175	36	*	*	PUNCT
ajfa-14168	175	37	annual	annual	ADJ
ajfa-14168	175	38	equity	equity	NOUN
ajfa-14168	175	39	volatility	volatility	NOUN
ajfa-14168	175	40	600519	600519	NUM
ajfa-14168	175	41	0.3010	0.3010	NUM
ajfa-14168	175	42	%	%	NOUN
ajfa-14168	175	43	0.2026	0.2026	NUM
ajfa-14168	175	44	600000	600000	NUM
ajfa-14168	175	45	-0.1063	-0.1063	NOUN
ajfa-14168	175	46	%	%	NOUN
ajfa-14168	175	47	0.2302	0.2302	NUM
ajfa-14168	175	48	002302	002302	NUM
ajfa-14168	175	49	0.3453	0.3453	NUM
ajfa-14168	175	50	%	%	NOUN
ajfa-14168	175	51	0.6604	0.6604	NUM
ajfa-14168	175	52	000905	000905	NUM
ajfa-14168	175	53	0.0059	0.0059	NUM
ajfa-14168	175	54	%	%	NOUN
ajfa-14168	175	55	0.4636	0.4636	NUM
ajfa-14168	175	56	300176	300176	NUM
ajfa-14168	175	57	0.5908	0.5908	NUM
ajfa-14168	175	58	%	%	NOUN
ajfa-14168	175	59	0.5288	0.5288	NUM
ajfa-14168	175	60	600549	600549	NUM
ajfa-14168	175	61	0.0639	0.0639	NUM
ajfa-14168	175	62	%	%	NOUN
ajfa-14168	175	63	0.4549	0.4549	NUM
ajfa-14168	175	64	002307	002307	NUM
ajfa-14168	175	65	0.1180	0.1180	NUM
ajfa-14168	175	66	%	%	NOUN
ajfa-14168	176	1	0.6060	0.6060	NUM
ajfa-14168	176	2	603377	603377	NUM
ajfa-14168	176	3	0.0006	0.0006	NUM
ajfa-14168	176	4	%	%	NOUN
ajfa-14168	176	5	0.2424	0.2424	NUM
ajfa-14168	176	6	002081	002081	NUM
ajfa-14168	177	1	0.1805	0.1805	NUM
ajfa-14168	177	2	%	%	NOUN
ajfa-14168	177	3	0.2988	0.2988	NUM
ajfa-14168	177	4	600479	600479	NUM
ajfa-14168	177	5	-0.0466	-0.0466	NOUN
ajfa-14168	177	6	%	%	NOUN
ajfa-14168	177	7	0.2272	0.2272	NUM
ajfa-14168	177	8	600808	600808	NUM
ajfa-14168	177	9	0.1512	0.1512	NUM
ajfa-14168	177	10	%	%	NOUN
ajfa-14168	177	11	0.3902	0.3902	NUM
ajfa-14168	177	12	002403	002403	NOUN
ajfa-14168	177	13	-0.0738	-0.0738	VERB
ajfa-14168	177	14	%	%	NOUN
ajfa-14168	177	15	0.2005	0.2005	NUM
ajfa-14168	177	16	000709	000709	NUM
ajfa-14168	177	17	0.0650	0.0650	NUM
ajfa-14168	177	18	%	%	NOUN
ajfa-14168	177	19	0.4288	0.4288	NUM
ajfa-14168	177	20	600826	600826	NUM
ajfa-14168	177	21	-0.3042	-0.3042	ADP
ajfa-14168	177	22	%	%	NOUN
ajfa-14168	177	23	0.3112	0.3112	NUM
ajfa-14168	177	24	601919	601919	NUM
ajfa-14168	177	25	0.1023	0.1023	NUM
ajfa-14168	177	26	%	%	NOUN
ajfa-14168	177	27	0.3495	0.3495	NUM
ajfa-14168	177	28	300220	300220	NUM
ajfa-14168	177	29	-0.1605	-0.1605	NOUN
ajfa-14168	177	30	%	%	NOUN
ajfa-14168	177	31	0.4474	0.4474	NUM
ajfa-14168	177	32	601899	601899	NUM
ajfa-14168	177	33	0.1284	0.1284	NUM
ajfa-14168	177	34	%	%	NOUN
ajfa-14168	177	35	0.2531	0.2531	NUM
ajfa-14168	177	36	300104	300104	NUM
ajfa-14168	177	37	-0.3490	-0.3490	NOUN
ajfa-14168	177	38	%	%	NOUN
ajfa-14168	177	39	0.7298	0.7298	NUM
ajfa-14168	177	40	600340	600340	NUM
ajfa-14168	177	41	0.1124	0.1124	NUM
ajfa-14168	177	42	%	%	NOUN
ajfa-14168	177	43	0.3755	0.3755	NUM
ajfa-14168	177	44	600363	600363	NUM
ajfa-14168	177	45	-0.1158	-0.1158	ADJ
ajfa-14168	177	46	%	%	NOUN
ajfa-14168	177	47	0.3480	0.3480	NUM
ajfa-14168	177	48	st	st	PROPN
ajfa-14168	177	49	stock	stock	PROPN
ajfa-14168	177	50	st	st	PROPN
ajfa-14168	177	51	stock	stock	PROPN
ajfa-14168	177	52	code	code	PROPN
ajfa-14168	177	53	average	average	ADJ
ajfa-14168	177	54	return	return	NOUN
ajfa-14168	177	55	(	(	PUNCT
ajfa-14168	177	56	note	note	NOUN
ajfa-14168	177	57	1	1	NUM
ajfa-14168	177	58	)	)	PUNCT
ajfa-14168	177	59	annual	annual	ADJ
ajfa-14168	177	60	equity	equity	NOUN
ajfa-14168	177	61	volatility	volatility	NOUN
ajfa-14168	177	62	code	code	NOUN
ajfa-14168	177	63	average	average	ADJ
ajfa-14168	177	64	return	return	NOUN
ajfa-14168	177	65	*	*	PUNCT
ajfa-14168	177	66	annual	annual	ADJ
ajfa-14168	177	67	equity	equity	NOUN
ajfa-14168	177	68	volatility	volatility	NOUN
ajfa-14168	177	69	600860	600860	NUM
ajfa-14168	177	70	-0.2184	-0.2184	NOUN
ajfa-14168	177	71	%	%	NOUN
ajfa-14168	177	72	0.3106	0.3106	NUM
ajfa-14168	177	73	600608	600608	NUM
ajfa-14168	177	74	-0.2975	-0.2975	NOUN
ajfa-14168	177	75	%	%	X
ajfa-14168	177	76	0.3795	0.3795	NUM
ajfa-14168	177	77	002490	002490	NUM
ajfa-14168	177	78	-0.2840	-0.2840	NOUN
ajfa-14168	177	79	%	%	NOUN
ajfa-14168	177	80	0.3850	0.3850	NUM
ajfa-14168	177	81	600403	600403	NUM
ajfa-14168	177	82	-0.0819	-0.0819	VERB
ajfa-14168	177	83	%	%	NOUN
ajfa-14168	177	84	0.1850	0.1850	NUM
ajfa-14168	177	85	000526	000526	NUM
ajfa-14168	177	86	-0.0336	-0.0336	NOUN
ajfa-14168	177	87	%	%	NOUN
ajfa-14168	178	1	0.2347	0.2347	NUM
ajfa-14168	178	2	601005	601005	NUM
ajfa-14168	178	3	-0.0653	-0.0653	NOUN
ajfa-14168	178	4	%	%	NOUN
ajfa-14168	178	5	0.1994	0.1994	NUM
ajfa-14168	178	6	600696	600696	NUM
ajfa-14168	178	7	-0.2577	-0.2577	NOUN
ajfa-14168	178	8	%	%	NOUN
ajfa-14168	178	9	0.3426	0.3426	NUM
ajfa-14168	178	10	000932	000932	NUM
ajfa-14168	178	11	0.1206	0.1206	NUM
ajfa-14168	178	12	%	%	NOUN
ajfa-14168	178	13	0.4118	0.4118	NUM
ajfa-14168	178	14	000595	000595	NUM
ajfa-14168	178	15	-0.2903	-0.2903	NOUN
ajfa-14168	178	16	%	%	NOUN
ajfa-14168	179	1	0.4744	0.4744	NUM
ajfa-14168	179	2	000982	000982	NUM
ajfa-14168	179	3	-0.3955	-0.3955	NOUN
ajfa-14168	179	4	%	%	NOUN
ajfa-14168	179	5	0.3613	0.3613	NUM
ajfa-14168	179	6	note	note	NOUN
ajfa-14168	179	7	1	1	NUM
ajfa-14168	179	8	.	.	PUNCT
ajfa-14168	179	9	average	average	ADJ
ajfa-14168	179	10	return	return	NOUN
ajfa-14168	179	11	:	:	PUNCT
ajfa-14168	179	12	it	it	PRON
ajfa-14168	179	13	means	mean	VERB
ajfa-14168	179	14	daily	daily	ADJ
ajfa-14168	179	15	average	average	ADJ
ajfa-14168	179	16	return	return	NOUN
ajfa-14168	179	17	.	.	PUNCT
ajfa-14168	180	1	dpt	dpt	PROPN
ajfa-14168	180	2	(	(	PUNCT
ajfa-14168	180	3	default	default	NOUN
ajfa-14168	180	4	point	point	NOUN
ajfa-14168	180	5	is	be	AUX
ajfa-14168	180	6	the	the	DET
ajfa-14168	180	7	level	level	NOUN
ajfa-14168	180	8	of	of	ADP
ajfa-14168	180	9	the	the	DET
ajfa-14168	180	10	market	market	NOUN
ajfa-14168	180	11	value	value	NOUN
ajfa-14168	180	12	of	of	ADP
ajfa-14168	180	13	a	a	DET
ajfa-14168	180	14	company	company	NOUN
ajfa-14168	180	15	’s	’s	PART
ajfa-14168	180	16	assets	asset	NOUN
ajfa-14168	180	17	,	,	PUNCT
ajfa-14168	180	18	below	below	ADP
ajfa-14168	180	19	which	which	PRON
ajfa-14168	180	20	the	the	DET
ajfa-14168	180	21	firm	firm	NOUN
ajfa-14168	180	22	would	would	AUX
ajfa-14168	180	23	fail	fail	VERB
ajfa-14168	180	24	to	to	PART
ajfa-14168	180	25	make	make	VERB
ajfa-14168	180	26	scheduled	schedule	VERB
ajfa-14168	180	27	debt	debt	NOUN
ajfa-14168	180	28	payments	payment	NOUN
ajfa-14168	180	29	.	.	PUNCT
ajfa-14168	181	1	the	the	DET
ajfa-14168	181	2	default	default	NOUN
ajfa-14168	181	3	point	point	NOUN
ajfa-14168	181	4	is	be	AUX
ajfa-14168	181	5	firm	firm	ADJ
ajfa-14168	181	6	specific	specific	ADJ
ajfa-14168	181	7	and	and	CCONJ
ajfa-14168	181	8	is	be	AUX
ajfa-14168	181	9	a	a	DET
ajfa-14168	181	10	function	function	NOUN
ajfa-14168	181	11	of	of	ADP
ajfa-14168	181	12	the	the	DET
ajfa-14168	181	13	firm	firm	NOUN
ajfa-14168	181	14	’s	’s	PART
ajfa-14168	181	15	liability	liability	NOUN
ajfa-14168	181	16	structure	structure	NOUN
ajfa-14168	181	17	.	.	PUNCT
ajfa-14168	181	18	)	)	PUNCT
ajfa-14168	182	1	according	accord	VERB
ajfa-14168	182	2	to	to	ADP
ajfa-14168	182	3	the	the	DET
ajfa-14168	182	4	2017	2017	NUM
ajfa-14168	182	5	annual	annual	ADJ
ajfa-14168	182	6	report	report	NOUN
ajfa-14168	182	7	of	of	ADP
ajfa-14168	182	8	the	the	DET
ajfa-14168	182	9	selected	select	VERB
ajfa-14168	182	10	listed	list	VERB
ajfa-14168	182	11	companies	company	NOUN
ajfa-14168	182	12	,	,	PUNCT
ajfa-14168	182	13	dpt	dpt	PROPN
ajfa-14168	182	14	can	can	AUX
ajfa-14168	182	15	be	be	AUX
ajfa-14168	182	16	derived	derive	VERB
ajfa-14168	182	17	from	from	ADP
ajfa-14168	182	18	year	year	NOUN
ajfa-14168	182	19	-	-	PUNCT
ajfa-14168	182	20	end	end	NOUN
ajfa-14168	182	21	short	short	ADJ
ajfa-14168	182	22	-	-	PUNCT
ajfa-14168	182	23	term	term	NOUN
ajfa-14168	182	24	liabilities	liability	NOUN
ajfa-14168	182	25	and	and	CCONJ
ajfa-14168	182	26	long	long	ADJ
ajfa-14168	182	27	-	-	PUNCT
ajfa-14168	182	28	term	term	NOUN
ajfa-14168	182	29	liabilities	liability	NOUN
ajfa-14168	182	30	.	.	PUNCT
ajfa-14168	183	1	existing	exist	VERB
ajfa-14168	183	2	companies	company	NOUN
ajfa-14168	183	3	use	use	VERB
ajfa-14168	183	4	a	a	DET
ajfa-14168	183	5	variety	variety	NOUN
ajfa-14168	183	6	of	of	ADP
ajfa-14168	183	7	debt	debt	NOUN
ajfa-14168	183	8	instruments	instrument	NOUN
ajfa-14168	183	9	(	(	PUNCT
ajfa-14168	183	10	with	with	ADP
ajfa-14168	183	11	different	different	ADJ
ajfa-14168	183	12	maturities	maturity	NOUN
ajfa-14168	183	13	,	,	PUNCT
ajfa-14168	183	14	coupons	coupon	NOUN
ajfa-14168	183	15	and	and	CCONJ
ajfa-14168	183	16	so	so	ADV
ajfa-14168	183	17	forth	forth	ADV
ajfa-14168	183	18	)	)	PUNCT
ajfa-14168	184	1	so	so	ADV
ajfa-14168	184	2	there	there	PRON
ajfa-14168	184	3	is	be	VERB
ajfa-14168	184	4	no	no	DET
ajfa-14168	184	5	unique	unique	ADJ
ajfa-14168	184	6	dpt	dpt	PROPN
ajfa-14168	184	7	.	.	PROPN
ajfa-14168	184	8	asian	asian	PROPN
ajfa-14168	184	9	journal	journal	PROPN
ajfa-14168	184	10	of	of	ADP
ajfa-14168	184	11	finance	finance	PROPN
ajfa-14168	184	12	&	&	CCONJ
ajfa-14168	184	13	accounting	accounting	PROPN
ajfa-14168	184	14	issn	issn	PROPN
ajfa-14168	184	15	1946	1946	NUM
ajfa-14168	184	16	-	-	PUNCT
ajfa-14168	184	17	052x	052x	PROPN
ajfa-14168	184	18	2019	2019	NUM
ajfa-14168	184	19	,	,	PUNCT
ajfa-14168	184	20	vol	vol	NOUN
ajfa-14168	184	21	.	.	PROPN
ajfa-14168	184	22	11	11	NUM
ajfa-14168	184	23	,	,	PUNCT
ajfa-14168	184	24	no	no	INTJ
ajfa-14168	184	25	.	.	NOUN
ajfa-14168	184	26	1	1	NUM
ajfa-14168	184	27	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	184	28	154	154	NUM
ajfa-14168	184	29	“	"	PUNCT
ajfa-14168	184	30	purely	purely	ADV
ajfa-14168	184	31	empirical	empirical	ADJ
ajfa-14168	184	32	”	"	PUNCT
ajfa-14168	184	33	rule	rule	NOUN
ajfa-14168	184	34	of	of	ADP
ajfa-14168	184	35	thumb	thumb	NOUN
ajfa-14168	184	36	(	(	PUNCT
ajfa-14168	184	37	de	de	X
ajfa-14168	184	38	servigny/	servigny/	NUM
ajfa-14168	184	39	renault	renault	NOUN
ajfa-14168	185	1	[	[	X
ajfa-14168	185	2	2004	2004	NUM
ajfa-14168	185	3	]	]	PUNCT
ajfa-14168	185	4	and	and	CCONJ
ajfa-14168	185	5	kmv	kmv	NOUN
ajfa-14168	186	1	[	[	X
ajfa-14168	186	2	2002	2002	NUM
ajfa-14168	186	3	]	]	PUNCT
ajfa-14168	186	4	)	)	PUNCT
ajfa-14168	186	5	where	where	SCONJ
ajfa-14168	186	6	std	std	NOUN
ajfa-14168	186	7	is	be	AUX
ajfa-14168	186	8	short	short	ADJ
ajfa-14168	186	9	term	term	NOUN
ajfa-14168	186	10	debt	debt	NOUN
ajfa-14168	186	11	and	and	CCONJ
ajfa-14168	186	12	ltd	ltd	PROPN
ajfa-14168	186	13	is	be	AUX
ajfa-14168	186	14	long	long	ADJ
ajfa-14168	186	15	term	term	NOUN
ajfa-14168	186	16	debt	debt	NOUN
ajfa-14168	186	17	:	:	PUNCT
ajfa-14168	187	1	de𝑓𝑎𝑢𝑙𝑡	de𝑓𝑎𝑢𝑙𝑡	PROPN
ajfa-14168	187	2	𝑃𝑜𝑖𝑛𝑡	𝑃𝑜𝑖𝑛𝑡	PROPN
ajfa-14168	187	3	=	=	PUNCT
ajfa-14168	187	4	𝑆𝑇𝐷	𝑆𝑇𝐷	PROPN
ajfa-14168	187	5	+	+	CCONJ
ajfa-14168	187	6	0.5𝐿𝑇𝐷	0.5𝐿𝑇𝐷	NUM
ajfa-14168	187	7	𝑖𝑓	𝑖𝑓	NUM
ajfa-14168	187	8	𝐿𝑇𝐷/𝑆𝑇𝐷	𝐿𝑇𝐷/𝑆𝑇𝐷	PROPN
ajfa-14168	187	9	<	<	X
ajfa-14168	187	10	1.5	1.5	NUM
ajfa-14168	187	11	𝑆𝑇𝐷	𝑆𝑇𝐷	NOUN
ajfa-14168	187	12	+	+	CCONJ
ajfa-14168	187	13	0.7	0.7	NUM
ajfa-14168	187	14	−	−	NOUN
ajfa-14168	187	15	0.3𝑆𝑇𝐷	0.3𝑆𝑇𝐷	NUM
ajfa-14168	187	16	𝐿𝑇𝐷	𝐿𝑇𝐷	PROPN
ajfa-14168	187	17	∗	∗	NOUN
ajfa-14168	187	18	𝐿𝑇𝐷	𝐿𝑇𝐷	PROPN
ajfa-14168	187	19	𝑜𝑡ℎ𝑒𝑟𝑤𝑖𝑠𝑒	𝑜𝑡ℎ𝑒𝑟𝑤𝑖𝑠𝑒	VERB
ajfa-14168	187	20	the	the	DET
ajfa-14168	187	21	results	result	NOUN
ajfa-14168	187	22	are	be	AUX
ajfa-14168	187	23	shown	show	VERB
ajfa-14168	187	24	in	in	ADP
ajfa-14168	187	25	table	table	NOUN
ajfa-14168	187	26	3	3	NUM
ajfa-14168	187	27	.	.	PUNCT
ajfa-14168	187	28	table	table	NOUN
ajfa-14168	187	29	3	3	NUM
ajfa-14168	187	30	.	.	PUNCT
ajfa-14168	187	31	dpt	dpt	PROPN
ajfa-14168	187	32	of	of	ADP
ajfa-14168	187	33	selected	select	VERB
ajfa-14168	187	34	companies	company	NOUN
ajfa-14168	187	35	blue	blue	ADJ
ajfa-14168	187	36	-	-	PUNCT
ajfa-14168	187	37	chip	chip	NOUN
ajfa-14168	187	38	stock	stock	NOUN
ajfa-14168	187	39	code	code	NOUN
ajfa-14168	187	40	short	short	ADJ
ajfa-14168	187	41	-	-	PUNCT
ajfa-14168	187	42	term	term	NOUN
ajfa-14168	187	43	debt	debt	NOUN
ajfa-14168	187	44	(	(	PUNCT
ajfa-14168	187	45	million	million	NUM
ajfa-14168	187	46	)	)	PUNCT
ajfa-14168	187	47	long	long	ADJ
ajfa-14168	187	48	-	-	PUNCT
ajfa-14168	187	49	term	term	NOUN
ajfa-14168	187	50	debt	debt	NOUN
ajfa-14168	187	51	(	(	PUNCT
ajfa-14168	187	52	million	million	NUM
ajfa-14168	187	53	)	)	PUNCT
ajfa-14168	187	54	dpt	dpt	PROPN
ajfa-14168	187	55	(	(	PUNCT
ajfa-14168	187	56	million	million	NUM
ajfa-14168	187	57	)	)	PUNCT
ajfa-14168	187	58	600519	600519	NUM
ajfa-14168	187	59	38,574.92	38,574.92	NOUN
ajfa-14168	187	60	15.57	15.57	NUM
ajfa-14168	187	61	38,582.70	38,582.70	NUM
ajfa-14168	187	62	002302	002302	NUM
ajfa-14168	188	1	9,489.41	9,489.41	NUM
ajfa-14168	188	2	2,023.70	2,023.70	NUM
ajfa-14168	188	3	10,501.26	10,501.26	NUM
ajfa-14168	188	4	300176	300176	NUM
ajfa-14168	188	5	1,349.78	1,349.78	NUM
ajfa-14168	188	6	191.77	191.77	NUM
ajfa-14168	188	7	1,445.67	1,445.67	NUM
ajfa-14168	188	8	002307	002307	NUM
ajfa-14168	188	9	10,844.23	10,844.23	PROPN
ajfa-14168	188	10	5,439.59	5,439.59	NUM
ajfa-14168	188	11	13,564.02	13,564.02	NUM
ajfa-14168	188	12	002081	002081	NUM
ajfa-14168	188	13	16,022.89	16,022.89	NUM
ajfa-14168	188	14	411.32	411.32	NUM
ajfa-14168	188	15	16,228.55	16,228.55	NUM
ajfa-14168	188	16	600808	600808	NUM
ajfa-14168	188	17	28,093.36	28,093.36	NUM
ajfa-14168	188	18	10,324.06	10,324.06	NUM
ajfa-14168	188	19	33,255.39	33,255.39	NUM
ajfa-14168	188	20	000709	000709	NUM
ajfa-14168	189	1	113,240.57	113,240.57	NUM
ajfa-14168	190	1	29,248.25	29,248.25	NUM
ajfa-14168	190	2	127,864.70	127,864.70	NUM
ajfa-14168	190	3	601919	601919	NUM
ajfa-14168	190	4	43,491.99	43,491.99	NOUN
ajfa-14168	190	5	45,987.43	45,987.43	NUM
ajfa-14168	191	1	66,485.71	66,485.71	NUM
ajfa-14168	191	2	601899	601899	NUM
ajfa-14168	191	3	28,793.59	28,793.59	NUM
ajfa-14168	191	4	22,878.83	22,878.83	NUM
ajfa-14168	191	5	40,233.01	40,233.01	NUM
ajfa-14168	191	6	600340	600340	NUM
ajfa-14168	191	7	228,063.69	228,063.69	NUM
ajfa-14168	191	8	76,768.47	76,768.47	NUM
ajfa-14168	191	9	266,447.92	266,447.92	NUM
ajfa-14168	191	10	common	common	ADJ
ajfa-14168	191	11	stock	stock	NOUN
ajfa-14168	191	12	code	code	NOUN
ajfa-14168	191	13	short	short	ADJ
ajfa-14168	191	14	-	-	PUNCT
ajfa-14168	191	15	term	term	NOUN
ajfa-14168	191	16	debt	debt	NOUN
ajfa-14168	191	17	(	(	PUNCT
ajfa-14168	191	18	million	million	NUM
ajfa-14168	191	19	)	)	PUNCT
ajfa-14168	191	20	long	long	ADJ
ajfa-14168	191	21	-	-	PUNCT
ajfa-14168	191	22	term	term	NOUN
ajfa-14168	191	23	debt	debt	NOUN
ajfa-14168	191	24	(	(	PUNCT
ajfa-14168	191	25	million	million	NUM
ajfa-14168	191	26	)	)	PUNCT
ajfa-14168	191	27	dpt	dpt	PROPN
ajfa-14168	191	28	(	(	PUNCT
ajfa-14168	191	29	million	million	NUM
ajfa-14168	191	30	)	)	PUNCT
ajfa-14168	191	31	000905	000905	NUM
ajfa-14168	191	32	2,974.20	2,974.20	NUM
ajfa-14168	191	33	1,578.95	1,578.95	NUM
ajfa-14168	191	34	3,763.68	3,763.68	NUM
ajfa-14168	191	35	600549	600549	NUM
ajfa-14168	191	36	8,200.72	8,200.72	NUM
ajfa-14168	191	37	1,902.12	1,902.12	NUM
ajfa-14168	191	38	9,151.78	9,151.78	NUM
ajfa-14168	191	39	603377	603377	NUM
ajfa-14168	191	40	709.74	709.74	NUM
ajfa-14168	191	41	256.82	256.82	NUM
ajfa-14168	191	42	838.15	838.15	NUM
ajfa-14168	191	43	600479	600479	NUM
ajfa-14168	191	44	934.39	934.39	NUM
ajfa-14168	191	45	111.33	111.33	NUM
ajfa-14168	191	46	990.05	990.05	NUM
ajfa-14168	191	47	asian	asian	ADJ
ajfa-14168	191	48	journal	journal	NOUN
ajfa-14168	191	49	of	of	ADP
ajfa-14168	191	50	finance	finance	PROPN
ajfa-14168	191	51	&	&	CCONJ
ajfa-14168	191	52	accounting	accounting	PROPN
ajfa-14168	191	53	issn	issn	PROPN
ajfa-14168	191	54	1946	1946	NUM
ajfa-14168	191	55	-	-	PUNCT
ajfa-14168	191	56	052x	052x	PROPN
ajfa-14168	191	57	2019	2019	NUM
ajfa-14168	191	58	,	,	PUNCT
ajfa-14168	191	59	vol	vol	NOUN
ajfa-14168	191	60	.	.	PROPN
ajfa-14168	191	61	11	11	NUM
ajfa-14168	191	62	,	,	PUNCT
ajfa-14168	191	63	no	no	INTJ
ajfa-14168	191	64	.	.	NOUN
ajfa-14168	191	65	1	1	NUM
ajfa-14168	191	66	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	191	67	155	155	NUM
ajfa-14168	191	68	002403	002403	NUM
ajfa-14168	191	69	1,530.95	1,530.95	NUM
ajfa-14168	191	70	562.85	562.85	NUM
ajfa-14168	191	71	1,812.38	1,812.38	NUM
ajfa-14168	191	72	600826	600826	NUM
ajfa-14168	191	73	958.60	958.60	NUM
ajfa-14168	191	74	332.15	332.15	NUM
ajfa-14168	191	75	1,124.68	1,124.68	NUM
ajfa-14168	191	76	300220	300220	NUM
ajfa-14168	191	77	99.56	99.56	NUM
ajfa-14168	191	78	1.31	1.31	NUM
ajfa-14168	191	79	100.21	100.21	NUM
ajfa-14168	191	80	300104	300104	NUM
ajfa-14168	191	81	14,494.25	14,494.25	NUM
ajfa-14168	191	82	4,069.89	4,069.89	NUM
ajfa-14168	191	83	16,529.19	16,529.19	NUM
ajfa-14168	191	84	600363	600363	NUM
ajfa-14168	192	1	1,682.18	1,682.18	NUM
ajfa-14168	192	2	66.09	66.09	NUM
ajfa-14168	192	3	1,715.23	1,715.23	NUM
ajfa-14168	192	4	st	st	PROPN
ajfa-14168	192	5	stock	stock	PROPN
ajfa-14168	192	6	code	code	PROPN
ajfa-14168	192	7	short	short	ADJ
ajfa-14168	192	8	-	-	PUNCT
ajfa-14168	192	9	term	term	NOUN
ajfa-14168	192	10	debt	debt	NOUN
ajfa-14168	192	11	(	(	PUNCT
ajfa-14168	192	12	million	million	NUM
ajfa-14168	192	13	)	)	PUNCT
ajfa-14168	192	14	long	long	ADJ
ajfa-14168	192	15	-	-	PUNCT
ajfa-14168	192	16	term	term	NOUN
ajfa-14168	192	17	debt	debt	NOUN
ajfa-14168	192	18	(	(	PUNCT
ajfa-14168	192	19	million	million	NUM
ajfa-14168	192	20	)	)	PUNCT
ajfa-14168	192	21	dpt	dpt	PROPN
ajfa-14168	192	22	(	(	PUNCT
ajfa-14168	192	23	million	million	NUM
ajfa-14168	192	24	)	)	PUNCT
ajfa-14168	192	25	002490	002490	NUM
ajfa-14168	192	26	3,531.93	3,531.93	NUM
ajfa-14168	192	27	759.54	759.54	NUM
ajfa-14168	192	28	3,911.70	3,911.70	NUM
ajfa-14168	192	29	000526	000526	NUM
ajfa-14168	192	30	3,501.99	3,501.99	NUM
ajfa-14168	192	31	17.64	17.64	NUM
ajfa-14168	192	32	3,510.81	3,510.81	NUM
ajfa-14168	192	33	600696	600696	NUM
ajfa-14168	192	34	501.90	501.90	NUM
ajfa-14168	192	35	16.58	16.58	NUM
ajfa-14168	192	36	510.19	510.19	NUM
ajfa-14168	192	37	000595	000595	NUM
ajfa-14168	192	38	883.89	883.89	NUM
ajfa-14168	192	39	225.15	225.15	NUM
ajfa-14168	192	40	996.47	996.47	NUM
ajfa-14168	192	41	600608	600608	NUM
ajfa-14168	192	42	121.21	121.21	NUM
ajfa-14168	192	43	4.75	4.75	NUM
ajfa-14168	192	44	123.59	123.59	NUM
ajfa-14168	192	45	600403	600403	NUM
ajfa-14168	192	46	8,595.46	8,595.46	NUM
ajfa-14168	192	47	846.06	846.06	NUM
ajfa-14168	192	48	9,018.49	9,018.49	NUM
ajfa-14168	192	49	601005	601005	NUM
ajfa-14168	192	50	4,810.95	4,810.95	NUM
ajfa-14168	192	51	3,397.55	3,397.55	NUM
ajfa-14168	192	52	6,509.72	6,509.72	NUM
ajfa-14168	192	53	000932	000932	NUM
ajfa-14168	192	54	47,920.36	47,920.36	NUM
ajfa-14168	192	55	12,428.63	12,428.63	NUM
ajfa-14168	192	56	54,134.67	54,134.67	NUM
ajfa-14168	192	57	000982	000982	NUM
ajfa-14168	192	58	8,469.57	8,469.57	NUM
ajfa-14168	192	59	1,773.63	1,773.63	NUM
ajfa-14168	192	60	9,356.39	9,356.39	NUM
ajfa-14168	192	61	asset	asset	NOUN
ajfa-14168	192	62	value	value	NOUN
ajfa-14168	192	63	volatility	volatility	NOUN
ajfa-14168	192	64	(	(	PUNCT
ajfa-14168	192	65	𝜎	𝜎	NOUN
ajfa-14168	192	66	)	)	PUNCT
ajfa-14168	192	67	the	the	DET
ajfa-14168	192	68	kmv	kmv	PROPN
ajfa-14168	192	69	model	model	NOUN
ajfa-14168	192	70	assumes	assume	VERB
ajfa-14168	192	71	that	that	SCONJ
ajfa-14168	192	72	when	when	SCONJ
ajfa-14168	192	73	the	the	DET
ajfa-14168	192	74	asset	asset	NOUN
ajfa-14168	192	75	value	value	NOUN
ajfa-14168	192	76	of	of	ADP
ajfa-14168	192	77	a	a	DET
ajfa-14168	192	78	company	company	NOUN
ajfa-14168	192	79	is	be	AUX
ajfa-14168	192	80	less	less	ADJ
ajfa-14168	192	81	than	than	ADP
ajfa-14168	192	82	the	the	DET
ajfa-14168	192	83	value	value	NOUN
ajfa-14168	192	84	of	of	ADP
ajfa-14168	192	85	its	its	PRON
ajfa-14168	192	86	liabilities	liability	NOUN
ajfa-14168	192	87	,	,	PUNCT
ajfa-14168	192	88	the	the	DET
ajfa-14168	192	89	company	company	NOUN
ajfa-14168	192	90	will	will	AUX
ajfa-14168	192	91	default	default	VERB
ajfa-14168	192	92	.	.	PUNCT
ajfa-14168	193	1	we	we	PRON
ajfa-14168	193	2	can	can	AUX
ajfa-14168	193	3	get	get	VERB
ajfa-14168	193	4	the	the	DET
ajfa-14168	193	5	market	market	NOUN
ajfa-14168	193	6	value	value	NOUN
ajfa-14168	193	7	and	and	CCONJ
ajfa-14168	193	8	volatility	volatility	NOUN
ajfa-14168	193	9	of	of	ADP
ajfa-14168	193	10	assets	asset	NOUN
ajfa-14168	193	11	through	through	ADP
ajfa-14168	193	12	the	the	DET
ajfa-14168	193	13	black	black	ADJ
ajfa-14168	193	14	-	-	PUNCT
ajfa-14168	193	15	scholes	schole	NOUN
ajfa-14168	193	16	-	-	PUNCT
ajfa-14168	193	17	merton	merton	NOUN
ajfa-14168	193	18	(	(	PUNCT
ajfa-14168	193	19	bsm	bsm	NOUN
ajfa-14168	193	20	)	)	PUNCT
ajfa-14168	193	21	options	option	NOUN
ajfa-14168	193	22	pricing	pricing	NOUN
ajfa-14168	193	23	method	method	NOUN
ajfa-14168	193	24	.	.	PUNCT
ajfa-14168	194	1	the	the	DET
ajfa-14168	194	2	model	model	NOUN
ajfa-14168	194	3	also	also	ADV
ajfa-14168	194	4	assumes	assume	VERB
ajfa-14168	194	5	that	that	SCONJ
ajfa-14168	194	6	the	the	DET
ajfa-14168	194	7	company	company	NOUN
ajfa-14168	194	8	's	's	PART
ajfa-14168	194	9	capital	capital	NOUN
ajfa-14168	194	10	structure	structure	NOUN
ajfa-14168	194	11	contains	contain	VERB
ajfa-14168	194	12	only	only	ADV
ajfa-14168	194	13	equity	equity	NOUN
ajfa-14168	194	14	and	and	CCONJ
ajfa-14168	194	15	short	short	ADJ
ajfa-14168	194	16	-	-	PUNCT
ajfa-14168	194	17	term	term	NOUN
ajfa-14168	194	18	debt	debt	NOUN
ajfa-14168	194	19	,	,	PUNCT
ajfa-14168	194	20	which	which	PRON
ajfa-14168	194	21	are	be	AUX
ajfa-14168	194	22	recognized	recognize	VERB
ajfa-14168	194	23	as	as	ADP
ajfa-14168	194	24	cash	cash	NOUN
ajfa-14168	194	25	or	or	CCONJ
ajfa-14168	194	26	cash	cash	NOUN
ajfa-14168	194	27	equivalents	equivalent	NOUN
ajfa-14168	194	28	.	.	PUNCT
ajfa-14168	195	1	long	long	ADJ
ajfa-14168	195	2	-	-	PUNCT
ajfa-14168	195	3	term	term	NOUN
ajfa-14168	195	4	debt	debt	NOUN
ajfa-14168	195	5	is	be	AUX
ajfa-14168	195	6	considered	consider	VERB
ajfa-14168	195	7	permanent	permanent	ADJ
ajfa-14168	195	8	and	and	CCONJ
ajfa-14168	195	9	can	can	AUX
ajfa-14168	195	10	be	be	AUX
ajfa-14168	195	11	converted	convert	VERB
ajfa-14168	195	12	into	into	ADP
ajfa-14168	195	13	preferred	preferred	ADJ
ajfa-14168	195	14	stock	stock	NOUN
ajfa-14168	195	15	.	.	PUNCT
ajfa-14168	196	1	having	having	AUX
ajfa-14168	196	2	made	make	VERB
ajfa-14168	196	3	the	the	DET
ajfa-14168	196	4	above	above	ADJ
ajfa-14168	196	5	basic	basic	ADJ
ajfa-14168	196	6	assumptions	assumption	NOUN
ajfa-14168	196	7	,	,	PUNCT
ajfa-14168	196	8	we	we	PRON
ajfa-14168	196	9	can	can	AUX
ajfa-14168	196	10	use	use	VERB
ajfa-14168	196	11	recursion	recursion	NOUN
ajfa-14168	196	12	based	base	VERB
ajfa-14168	196	13	on	on	ADP
ajfa-14168	196	14	the	the	DET
ajfa-14168	196	15	following	follow	VERB
ajfa-14168	196	16	formula	formula	NOUN
ajfa-14168	196	17	to	to	PART
ajfa-14168	196	18	find	find	VERB
ajfa-14168	196	19	out	out	ADP
ajfa-14168	196	20	the	the	DET
ajfa-14168	196	21	asset	asset	NOUN
ajfa-14168	196	22	value	value	NOUN
ajfa-14168	196	23	volatility	volatility	NOUN
ajfa-14168	196	24	:	:	PUNCT
ajfa-14168	197	1	𝐸	𝐸	PROPN
ajfa-14168	197	2	=	=	SYM
ajfa-14168	197	3	𝑉	𝑉	PROPN
ajfa-14168	197	4	∗	∗	NOUN
ajfa-14168	197	5	𝑁(𝑑	𝑁(𝑑	NUM
ajfa-14168	197	6	)	)	PUNCT
ajfa-14168	198	1	−	−	PROPN
ajfa-14168	198	2	𝐷	𝐷	PROPN
ajfa-14168	198	3	∗	∗	NOUN
ajfa-14168	198	4	𝑒	𝑒	PROPN
ajfa-14168	198	5	(	(	PUNCT
ajfa-14168	198	6	)	)	PUNCT
ajfa-14168	198	7	∗	∗	NOUN
ajfa-14168	198	8	𝑁(𝑑	𝑁(𝑑	NUM
ajfa-14168	198	9	)	)	PUNCT
ajfa-14168	199	1	𝑑	𝑑	PROPN
ajfa-14168	199	2	=	=	SYM
ajfa-14168	199	3	𝑙𝑛	𝑙𝑛	PROPN
ajfa-14168	199	4	∗	∗	NOUN
ajfa-14168	199	5	(	(	PUNCT
ajfa-14168	199	6	)	)	PUNCT
ajfa-14168	199	7	𝜎	𝜎	PROPN
ajfa-14168	199	8	∗	∗	NOUN
ajfa-14168	199	9	√𝑇	√𝑇	NOUN
ajfa-14168	199	10	−	−	PROPN
ajfa-14168	199	11	𝑡	𝑡	PROPN
ajfa-14168	199	12	+	+	PROPN
ajfa-14168	199	13	1	1	NUM
ajfa-14168	199	14	2	2	NUM
ajfa-14168	199	15	𝜎	𝜎	PROPN
ajfa-14168	199	16	∗	∗	NOUN
ajfa-14168	199	17	√𝑇	√𝑇	NOUN
ajfa-14168	199	18	−	−	PROPN
ajfa-14168	199	19	𝑡	𝑡	PROPN
ajfa-14168	199	20	𝑑	𝑑	PROPN
ajfa-14168	199	21	=	=	X
ajfa-14168	199	22	𝑑	𝑑	PROPN
ajfa-14168	199	23	−	−	PROPN
ajfa-14168	199	24	𝜎	𝜎	PROPN
ajfa-14168	199	25	∗	∗	X
ajfa-14168	199	26	√𝑇	√𝑇	NOUN
ajfa-14168	199	27	−	−	PROPN
ajfa-14168	199	28	𝑡	𝑡	PROPN
ajfa-14168	199	29	asian	asian	PROPN
ajfa-14168	199	30	journal	journal	NOUN
ajfa-14168	199	31	of	of	ADP
ajfa-14168	199	32	finance	finance	PROPN
ajfa-14168	199	33	&	&	CCONJ
ajfa-14168	199	34	accounting	accounting	PROPN
ajfa-14168	199	35	issn	issn	PROPN
ajfa-14168	199	36	1946	1946	NUM
ajfa-14168	199	37	-	-	PUNCT
ajfa-14168	199	38	052x	052x	PROPN
ajfa-14168	199	39	2019	2019	NUM
ajfa-14168	199	40	,	,	PUNCT
ajfa-14168	199	41	vol	vol	NOUN
ajfa-14168	199	42	.	.	PROPN
ajfa-14168	199	43	11	11	NUM
ajfa-14168	199	44	,	,	PUNCT
ajfa-14168	199	45	no	no	INTJ
ajfa-14168	199	46	.	.	NOUN
ajfa-14168	199	47	1	1	NUM
ajfa-14168	199	48	ajfa.macrothink.org/	ajfa.macrothink.org/	VERB
ajfa-14168	199	49	156	156	NUM
ajfa-14168	199	50	𝑁(𝑑	𝑁(𝑑	NOUN
ajfa-14168	199	51	)	)	PUNCT
ajfa-14168	199	52	=	=	SYM
ajfa-14168	199	53	1	1	NUM
ajfa-14168	199	54	√2𝜋	√2𝜋	NOUN
ajfa-14168	199	55	𝑒	𝑒	PROPN
ajfa-14168	199	56	𝑑	𝑑	NOUN
ajfa-14168	199	57	the	the	DET
ajfa-14168	199	58	relationship	relationship	NOUN
ajfa-14168	199	59	between	between	ADP
ajfa-14168	199	60	volatility	volatility	NOUN
ajfa-14168	199	61	of	of	ADP
ajfa-14168	199	62	the	the	DET
ajfa-14168	199	63	underlying	underlie	VERB
ajfa-14168	199	64	asset	asset	NOUN
ajfa-14168	199	65	value	value	NOUN
ajfa-14168	199	66	(	(	PUNCT
ajfa-14168	199	67	𝜎	𝜎	NOUN
ajfa-14168	199	68	)	)	PUNCT
ajfa-14168	199	69	and	and	CCONJ
ajfa-14168	199	70	the	the	DET
ajfa-14168	199	71	volatility	volatility	NOUN
ajfa-14168	199	72	of	of	ADP
ajfa-14168	199	73	the	the	DET
ajfa-14168	199	74	equity	equity	NOUN
ajfa-14168	199	75	market	market	NOUN
ajfa-14168	199	76	value	value	NOUN
ajfa-14168	199	77	(	(	PUNCT
ajfa-14168	199	78	𝜎	𝜎	NOUN
ajfa-14168	199	79	)	)	PUNCT
ajfa-14168	199	80	is	be	AUX
ajfa-14168	199	81	as	as	SCONJ
ajfa-14168	199	82	follows	follow	VERB
ajfa-14168	199	83	:	:	PUNCT
ajfa-14168	200	1	𝜎	𝜎	PROPN
ajfa-14168	200	2	=	=	SYM
ajfa-14168	200	3	𝑁(𝑑	𝑁(𝑑	PROPN
ajfa-14168	200	4	)	)	PUNCT
ajfa-14168	200	5	∗	∗	NOUN
ajfa-14168	200	6	𝑉	𝑉	PROPN
ajfa-14168	200	7	𝐸	𝐸	PROPN
ajfa-14168	200	8	∗	∗	NOUN
ajfa-14168	200	9	𝜎	𝜎	NOUN
ajfa-14168	200	10	𝐷𝑒𝑓𝑎𝑢𝑙𝑡𝑃𝑟𝑜𝑏𝑎𝑏𝑖𝑙𝑖𝑡𝑦	𝐷𝑒𝑓𝑎𝑢𝑙𝑡𝑃𝑟𝑜𝑏𝑎𝑏𝑖𝑙𝑖𝑡𝑦	PROPN
ajfa-14168	200	11	=	=	PUNCT
ajfa-14168	201	1	1	1	NUM
ajfa-14168	201	2	−	−	PROPN
ajfa-14168	201	3	𝑁(𝑑	𝑁(𝑑	NOUN
ajfa-14168	201	4	)	)	PUNCT
ajfa-14168	202	1	=	=	PUNCT
ajfa-14168	202	2	𝑁(−𝑑	𝑁(−𝑑	NOUN
ajfa-14168	202	3	)	)	PUNCT
ajfa-14168	202	4	where	where	SCONJ
ajfa-14168	202	5	v	v	NOUN
ajfa-14168	202	6	:	:	PUNCT
ajfa-14168	202	7	market	market	NOUN
ajfa-14168	202	8	value	value	NOUN
ajfa-14168	202	9	of	of	ADP
ajfa-14168	202	10	the	the	DET
ajfa-14168	202	11	asset	asset	NOUN
ajfa-14168	202	12	d	d	NOUN
ajfa-14168	202	13	:	:	PUNCT
ajfa-14168	202	14	face	face	NOUN
ajfa-14168	202	15	value	value	NOUN
ajfa-14168	202	16	of	of	ADP
ajfa-14168	202	17	the	the	DET
ajfa-14168	202	18	company	company	NOUN
ajfa-14168	202	19	’s	’s	PART
ajfa-14168	202	20	zero	zero	NUM
ajfa-14168	202	21	-	-	PUNCT
ajfa-14168	202	22	coupon	coupon	NOUN
ajfa-14168	202	23	debt	debt	NOUN
ajfa-14168	202	24	maturing	mature	VERB
ajfa-14168	202	25	at	at	ADP
ajfa-14168	202	26	t	t	PROPN
ajfa-14168	202	27	(	(	PUNCT
ajfa-14168	202	28	only	only	ADV
ajfa-14168	202	29	liability	liability	NOUN
ajfa-14168	202	30	)	)	PUNCT
ajfa-14168	202	31	𝜎	𝜎	NOUN
ajfa-14168	202	32	:	:	PUNCT
ajfa-14168	202	33	the	the	DET
ajfa-14168	202	34	standard	standard	ADJ
ajfa-14168	202	35	deviation	deviation	NOUN
ajfa-14168	202	36	of	of	ADP
ajfa-14168	202	37	the	the	DET
ajfa-14168	202	38	assets	asset	NOUN
ajfa-14168	202	39	value	value	NOUN
ajfa-14168	202	40	𝜎	𝜎	NOUN
ajfa-14168	202	41	:	:	PUNCT
ajfa-14168	202	42	the	the	DET
ajfa-14168	202	43	standard	standard	ADJ
ajfa-14168	202	44	deviation	deviation	NOUN
ajfa-14168	202	45	of	of	ADP
ajfa-14168	202	46	the	the	DET
ajfa-14168	202	47	equity	equity	NOUN
ajfa-14168	202	48	value	value	NOUN
ajfa-14168	202	49	𝑟	𝑟	NOUN
ajfa-14168	202	50	:	:	PUNCT
ajfa-14168	202	51	the	the	DET
ajfa-14168	202	52	risk	risk	NOUN
ajfa-14168	202	53	-	-	PUNCT
ajfa-14168	202	54	free	free	ADJ
ajfa-14168	202	55	interest	interest	NOUN
ajfa-14168	202	56	rate	rate	NOUN
ajfa-14168	202	57	𝑁(𝑑	𝑁(𝑑	NOUN
ajfa-14168	202	58	):	):	PUNCT
ajfa-14168	202	59	cumulative	cumulative	ADJ
ajfa-14168	202	60	normal	normal	ADJ
ajfa-14168	202	61	distribution	distribution	NOUN
ajfa-14168	202	62	function	function	NOUN
ajfa-14168	202	63	evaluated	evaluate	VERB
ajfa-14168	202	64	at	at	ADP
ajfa-14168	202	65	d	d	PROPN
ajfa-14168	202	66	𝑇	𝑇	PROPN
ajfa-14168	202	67	−	−	PROPN
ajfa-14168	202	68	𝑡	𝑡	PROPN
ajfa-14168	202	69	:	:	PUNCT
ajfa-14168	202	70	the	the	DET
ajfa-14168	202	71	time	time	NOUN
ajfa-14168	202	72	interval	interval	NOUN
ajfa-14168	202	73	(	(	PUNCT
ajfa-14168	202	74	maturity	maturity	NOUN
ajfa-14168	202	75	)	)	PUNCT
ajfa-14168	202	76	using	use	VERB
ajfa-14168	202	77	microsoft	microsoft	PROPN
ajfa-14168	202	78	excel	excel	PROPN
ajfa-14168	202	79	,	,	PUNCT
ajfa-14168	202	80	the	the	DET
ajfa-14168	202	81	equations	equation	NOUN
ajfa-14168	202	82	are	be	AUX
ajfa-14168	202	83	solved	solve	VERB
ajfa-14168	202	84	via	via	ADP
ajfa-14168	202	85	the	the	DET
ajfa-14168	202	86	iterative	iterative	NOUN
ajfa-14168	202	87	method	method	NOUN
ajfa-14168	202	88	.	.	PUNCT
ajfa-14168	203	1	the	the	DET
ajfa-14168	203	2	asset	asset	NOUN
ajfa-14168	203	3	value	value	NOUN
ajfa-14168	203	4	volatility	volatility	NOUN
ajfa-14168	203	5	has	have	AUX
ajfa-14168	203	6	been	be	AUX
ajfa-14168	203	7	calculated	calculate	VERB
ajfa-14168	203	8	and	and	CCONJ
ajfa-14168	203	9	the	the	DET
ajfa-14168	203	10	results	result	NOUN
ajfa-14168	203	11	are	be	AUX
ajfa-14168	203	12	shown	show	VERB
ajfa-14168	203	13	in	in	ADP
ajfa-14168	203	14	table	table	NOUN
ajfa-14168	203	15	4	4	NUM
ajfa-14168	203	16	.	.	PUNCT
ajfa-14168	203	17	table	table	NOUN
ajfa-14168	203	18	4	4	NUM
ajfa-14168	203	19	.	.	PUNCT
ajfa-14168	203	20	default	default	NOUN
ajfa-14168	203	21	probability	probability	NOUN
ajfa-14168	203	22	of	of	ADP
ajfa-14168	203	23	selected	select	VERB
ajfa-14168	203	24	companies	company	NOUN
ajfa-14168	203	25	blue	blue	ADJ
ajfa-14168	203	26	-	-	PUNCT
ajfa-14168	203	27	chip	chip	NOUN
ajfa-14168	203	28	stock	stock	NOUN
ajfa-14168	203	29	code	code	NOUN
ajfa-14168	203	30	market	market	NOUN
ajfa-14168	203	31	value	value	NOUN
ajfa-14168	203	32	assets	asset	NOUN
ajfa-14168	203	33	(	(	PUNCT
ajfa-14168	203	34	million	million	NUM
ajfa-14168	203	35	)	)	PUNCT
ajfa-14168	203	36	asset	asset	NOUN
ajfa-14168	203	37	volatility	volatility	NOUN
ajfa-14168	203	38	𝑑	𝑑	PROPN
ajfa-14168	203	39	𝑑	𝑑	NOUN
ajfa-14168	203	40	default	default	NOUN
ajfa-14168	203	41	probability	probability	NOUN
ajfa-14168	203	42	600519	600519	NUM
ajfa-14168	203	43	914,768.11	914,768.11	NUM
ajfa-14168	204	1	0.1941	0.1941	NUM
ajfa-14168	204	2	16.5527	16.5527	NUM
ajfa-14168	204	3	16.3586	16.3586	NUM
ajfa-14168	204	4	1.888e-60	1.888e-60	NUM
ajfa-14168	204	5	002302	002302	NUM
ajfa-14168	205	1	32,617.70	32,617.70	NUM
ajfa-14168	205	2	0.4478	0.4478	NUM
ajfa-14168	205	3	2.8161	2.8161	NUM
ajfa-14168	205	4	2.3683	2.3683	NUM
ajfa-14168	205	5	0.0089344	0.0089344	NUM
ajfa-14168	205	6	300176	300176	NUM
ajfa-14168	205	7	15,402.80	15,402.80	NUM
ajfa-14168	205	8	0.4792	0.4792	NUM
ajfa-14168	205	9	5.2347	5.2347	NUM
ajfa-14168	205	10	4.7556	4.7556	NUM
ajfa-14168	205	11	9.894e-07	9.894e-07	NUM
ajfa-14168	205	12	002307	002307	NUM
ajfa-14168	205	13	19,913.22	19,913.22	NUM
ajfa-14168	205	14	0.1932	0.1932	NUM
ajfa-14168	205	15	2.2260	2.2260	NUM
ajfa-14168	205	16	2.0328	2.0328	NUM
ajfa-14168	205	17	0.0210386	0.0210386	NUM
ajfa-14168	205	18	002081	002081	NUM
ajfa-14168	205	19	56,724.04	56,724.04	NUM
ajfa-14168	205	20	0.2133	0.2133	NUM
ajfa-14168	205	21	6.1026	6.1026	NUM
ajfa-14168	205	22	5.8893	5.8893	NUM
ajfa-14168	205	23	1.939e-09	1.939e-09	NUM
ajfa-14168	205	24	600808	600808	NUM
ajfa-14168	205	25	65,059.21	65,059.21	NUM
ajfa-14168	205	26	0.1908	0.1908	NUM
ajfa-14168	205	27	3.7574	3.7574	NUM
ajfa-14168	205	28	3.5667	3.5667	NUM
ajfa-14168	205	29	0.0001808	0.0001808	NUM
ajfa-14168	205	30	000709	000709	NUM
ajfa-14168	205	31	169,277.27	169,277.27	NUM
ajfa-14168	205	32	0.1049	0.1049	NUM
ajfa-14168	205	33	2.9891	2.9891	NUM
ajfa-14168	205	34	2.8842	2.8842	NUM
ajfa-14168	205	35	0.0019622	0.0019622	NUM
ajfa-14168	205	36	601919	601919	NUM
ajfa-14168	205	37	135,649.89	135,649.89	NUM
ajfa-14168	205	38	0.1782	0.1782	NUM
ajfa-14168	205	39	4.2445	4.2445	NUM
ajfa-14168	205	40	4.0663	4.0663	NUM
ajfa-14168	205	41	2.388e-05	2.388e-05	NUM
ajfa-14168	205	42	601899	601899	NUM
ajfa-14168	206	1	50,804.34	50,804.34	NUM
ajfa-14168	206	2	0.0527	0.0527	NUM
ajfa-14168	206	3	4.9771	4.9771	NUM
ajfa-14168	206	4	4.9244	4.9244	NUM
ajfa-14168	206	5	4.231e-07	4.231e-07	NUM
ajfa-14168	206	6	asian	asian	ADJ
ajfa-14168	206	7	journal	journal	NOUN
ajfa-14168	206	8	of	of	ADP
ajfa-14168	206	9	finance	finance	PROPN
ajfa-14168	206	10	&	&	CCONJ
ajfa-14168	206	11	accounting	accounting	PROPN
ajfa-14168	206	12	issn	issn	PROPN
ajfa-14168	206	13	1946	1946	NUM
ajfa-14168	206	14	-	-	PUNCT
ajfa-14168	206	15	052x	052x	PROPN
ajfa-14168	206	16	2019	2019	NUM
ajfa-14168	206	17	,	,	PUNCT
ajfa-14168	206	18	vol	vol	NOUN
ajfa-14168	206	19	.	.	PROPN
ajfa-14168	206	20	11	11	NUM
ajfa-14168	206	21	,	,	PUNCT
ajfa-14168	206	22	no	no	INTJ
ajfa-14168	206	23	.	.	NOUN
ajfa-14168	206	24	1	1	NUM
ajfa-14168	206	25	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	206	26	157	157	NUM
ajfa-14168	206	27	600340	600340	NUM
ajfa-14168	206	28	359,203.70	359,203.70	NUM
ajfa-14168	206	29	0.0970	0.0970	NUM
ajfa-14168	206	30	3.4128	3.4128	NUM
ajfa-14168	206	31	3.3158	3.3158	NUM
ajfa-14168	206	32	0.0004569	0.0004569	NUM
ajfa-14168	206	33	common	common	ADJ
ajfa-14168	206	34	stock	stock	NOUN
ajfa-14168	206	35	code	code	NOUN
ajfa-14168	206	36	market	market	NOUN
ajfa-14168	206	37	value	value	NOUN
ajfa-14168	206	38	assets	asset	NOUN
ajfa-14168	206	39	(	(	PUNCT
ajfa-14168	206	40	million	million	NUM
ajfa-14168	206	41	)	)	PUNCT
ajfa-14168	206	42	asset	asset	NOUN
ajfa-14168	206	43	volatility	volatility	NOUN
ajfa-14168	206	44	𝑑	𝑑	PROPN
ajfa-14168	206	45	𝑑	𝑑	NOUN
ajfa-14168	206	46	default	default	NOUN
ajfa-14168	206	47	probability	probability	NOUN
ajfa-14168	206	48	600000	600000	NUM
ajfa-14168	206	49	5,258,054.19	5,258,054.19	NUM
ajfa-14168	206	50	0.0162	0.0162	NUM
ajfa-14168	206	51	6.2116	6.2116	NUM
ajfa-14168	206	52	6.1955	6.1955	NUM
ajfa-14168	206	53	2.906e-10	2.906e-10	NUM
ajfa-14168	206	54	000905	000905	NUM
ajfa-14168	206	55	9,360.42	9,360.42	NUM
ajfa-14168	206	56	0.2772	0.2772	NUM
ajfa-14168	206	57	3.5249	3.5249	NUM
ajfa-14168	206	58	3.2478	3.2478	NUM
ajfa-14168	206	59	0.0005816	0.0005816	NUM
ajfa-14168	206	60	600549	600549	NUM
ajfa-14168	206	61	37,121.61	37,121.61	NUM
ajfa-14168	206	62	0.3427	0.3427	NUM
ajfa-14168	206	63	4.3370	4.3370	NUM
ajfa-14168	206	64	3.9943	3.9943	NUM
ajfa-14168	206	65	3.244e-05	3.244e-05	NUM
ajfa-14168	206	66	603377	603377	NUM
ajfa-14168	206	67	17,629.75	17,629.75	NUM
ajfa-14168	206	68	0.2309	0.2309	NUM
ajfa-14168	206	69	13.4270	13.4270	NUM
ajfa-14168	206	70	13.1961	13.1961	NUM
ajfa-14168	206	71	4.618e-40	4.618e-40	NUM
ajfa-14168	206	72	600479	600479	NUM
ajfa-14168	206	73	5,879.61	5,879.61	NUM
ajfa-14168	206	74	0.1890	0.1890	NUM
ajfa-14168	206	75	9.6679	9.6679	NUM
ajfa-14168	206	76	9.4790	9.4790	NUM
ajfa-14168	206	77	1.284e-21	1.284e-21	NUM
ajfa-14168	206	78	002403	002403	NUM
ajfa-14168	206	79	6,145.85	6,145.85	NUM
ajfa-14168	206	80	0.1414	0.1414	NUM
ajfa-14168	206	81	8.9007	8.9007	NUM
ajfa-14168	206	82	8.7593	8.7593	NUM
ajfa-14168	206	83	9.824e-19	9.824e-19	NUM
ajfa-14168	206	84	600826	600826	NUM
ajfa-14168	206	85	6,664.54	6,664.54	NUM
ajfa-14168	206	86	0.2587	0.2587	NUM
ajfa-14168	206	87	7.1146	7.1146	NUM
ajfa-14168	206	88	6.8560	6.8560	NUM
ajfa-14168	206	89	3.542e-12	3.542e-12	NUM
ajfa-14168	206	90	300220	300220	NUM
ajfa-14168	206	91	2,639.11	2,639.11	NUM
ajfa-14168	206	92	0.4305	0.4305	NUM
ajfa-14168	206	93	7.8778	7.8778	NUM
ajfa-14168	206	94	7.4473	7.4473	NUM
ajfa-14168	206	95	4.762e-14	4.762e-14	NUM
ajfa-14168	206	96	300104	300104	NUM
ajfa-14168	206	97	77,687.31	77,687.31	NUM
ajfa-14168	206	98	0.5745	0.5745	NUM
ajfa-14168	207	1	3.0287	3.0287	NUM
ajfa-14168	207	2	2.4542	2.4542	NUM
ajfa-14168	207	3	0.0070603	0.0070603	NUM
ajfa-14168	207	4	600363	600363	NUM
ajfa-14168	207	5	7,285.30	7,285.30	NUM
ajfa-14168	207	6	0.2661	0.2661	NUM
ajfa-14168	207	7	5.6716	5.6716	NUM
ajfa-14168	207	8	5.4055	5.4055	NUM
ajfa-14168	207	9	3.231e-08	3.231e-08	NUM
ajfa-14168	207	10	st	st	PROPN
ajfa-14168	207	11	stock	stock	PROPN
ajfa-14168	207	12	code	code	PROPN
ajfa-14168	207	13	market	market	NOUN
ajfa-14168	207	14	value	value	NOUN
ajfa-14168	207	15	assets	asset	NOUN
ajfa-14168	207	16	(	(	PUNCT
ajfa-14168	207	17	million	million	NUM
ajfa-14168	207	18	)	)	PUNCT
ajfa-14168	207	19	asset	asset	NOUN
ajfa-14168	207	20	volatility	volatility	NOUN
ajfa-14168	207	21	𝑑	𝑑	PROPN
ajfa-14168	207	22	𝑑	𝑑	NOUN
ajfa-14168	207	23	default	default	NOUN
ajfa-14168	207	24	probability	probability	NOUN
ajfa-14168	207	25	600860	600860	NUM
ajfa-14168	207	26	3,725.82	3,725.82	NUM
ajfa-14168	207	27	0.2416	0.2416	NUM
ajfa-14168	208	1	6.465176	6.465176	NUM
ajfa-14168	208	2	6.223527	6.223527	NUM
ajfa-14168	208	3	2.431e-10	2.431e-10	NUM
ajfa-14168	208	4	002490	002490	NUM
ajfa-14168	208	5	7,829.14	7,829.14	NUM
ajfa-14168	208	6	0.1926	0.1926	NUM
ajfa-14168	208	7	3.841322	3.841322	NUM
ajfa-14168	208	8	3.648702	3.648702	NUM
ajfa-14168	208	9	0.0001318	0.0001318	NUM
ajfa-14168	208	10	000526	000526	NUM
ajfa-14168	208	11	7,039.24	7,039.24	NUM
ajfa-14168	208	12	0.1176	0.1176	NUM
ajfa-14168	208	13	6.206955	6.206955	NUM
ajfa-14168	208	14	6.089336	6.089336	NUM
ajfa-14168	208	15	5.669e-10	5.669e-10	NUM
ajfa-14168	208	16	600696	600696	NUM
ajfa-14168	208	17	2,505.90	2,505.90	NUM
ajfa-14168	208	18	0.2728	0.2728	NUM
ajfa-14168	208	19	6.071256	6.071256	NUM
ajfa-14168	208	20	5.798442	5.798442	NUM
ajfa-14168	208	21	3.347e-09	3.347e-09	NUM
ajfa-14168	208	22	000595	000595	NUM
ajfa-14168	208	23	4,978.31	4,978.31	NUM
ajfa-14168	208	24	0.3794	0.3794	NUM
ajfa-14168	208	25	4.50202	4.50202	NUM
ajfa-14168	208	26	4.122615	4.122615	NUM
ajfa-14168	208	27	1.873e-05	1.873e-05	NUM
ajfa-14168	208	28	600608	600608	NUM
ajfa-14168	208	29	2,728.17	2,728.17	NUM
ajfa-14168	208	30	0.3624	0.3624	NUM
ajfa-14168	208	31	8.796849	8.796849	NUM
ajfa-14168	208	32	8.434495	8.434495	NUM
ajfa-14168	208	33	1.663e-17	1.663e-17	NUM
ajfa-14168	208	34	600403	600403	NUM
ajfa-14168	208	35	20,207.49	20,207.49	NUM
ajfa-14168	208	36	0.1025	0.1025	NUM
ajfa-14168	208	37	8.194313	8.194313	NUM
ajfa-14168	208	38	8.091863	8.091863	NUM
ajfa-14168	208	39	2.938e-16	2.938e-16	NUM
ajfa-14168	208	40	601005	601005	NUM
ajfa-14168	208	41	25,684.72	25,684.72	NUM
ajfa-14168	208	42	0.1488	0.1488	NUM
ajfa-14168	208	43	9.481618	9.481618	NUM
ajfa-14168	208	44	9.332787	9.332787	NUM
ajfa-14168	208	45	5.156e-21	5.156e-21	NUM
ajfa-14168	208	46	000932	000932	NUM
ajfa-14168	209	1	78,591.60	78,591.60	NUM
ajfa-14168	209	2	0.1281	0.1281	NUM
ajfa-14168	209	3	3.187562	3.187562	NUM
ajfa-14168	209	4	3.059412	3.059412	NUM
ajfa-14168	209	5	0.0011089	0.0011089	NUM
ajfa-14168	209	6	000982	000982	NUM
ajfa-14168	209	7	15,674.04	15,674.04	NUM
ajfa-14168	209	8	0.1456	0.1456	NOUN
ajfa-14168	209	9	3.80494	3.80494	NUM
ajfa-14168	209	10	3.659331	3.659331	NUM
ajfa-14168	209	11	0.0001264	0.0001264	NUM
ajfa-14168	209	12	recovery	recovery	NOUN
ajfa-14168	209	13	rate	rate	NOUN
ajfa-14168	209	14	(	(	PUNCT
ajfa-14168	209	15	𝜌	𝜌	X
ajfa-14168	209	16	)	)	PUNCT
ajfa-14168	209	17	,	,	PUNCT
ajfa-14168	209	18	expected	expect	VERB
ajfa-14168	209	19	loss	loss	NOUN
ajfa-14168	209	20	given	give	VERB
ajfa-14168	209	21	default	default	NOUN
ajfa-14168	209	22	(	(	PUNCT
ajfa-14168	209	23	lgd	lgd	PROPN
ajfa-14168	209	24	)	)	PUNCT
ajfa-14168	209	25	according	accord	VERB
ajfa-14168	209	26	to	to	ADP
ajfa-14168	209	27	merton´s	merton´s	PROPN
ajfa-14168	209	28	model	model	NOUN
ajfa-14168	209	29	,	,	PUNCT
ajfa-14168	209	30	at	at	ADP
ajfa-14168	209	31	the	the	DET
ajfa-14168	209	32	default	default	NOUN
ajfa-14168	209	33	point	point	NOUN
ajfa-14168	209	34	of	of	ADP
ajfa-14168	209	35	the	the	DET
ajfa-14168	209	36	face	face	NOUN
ajfa-14168	209	37	value	value	NOUN
ajfa-14168	209	38	of	of	ADP
ajfa-14168	209	39	the	the	DET
ajfa-14168	209	40	debt	debt	NOUN
ajfa-14168	209	41	,	,	PUNCT
ajfa-14168	209	42	the	the	DET
ajfa-14168	209	43	distance	distance	NOUN
ajfa-14168	209	44	to	to	PART
ajfa-14168	209	45	default	default	NOUN
ajfa-14168	209	46	can	can	AUX
ajfa-14168	209	47	be	be	AUX
ajfa-14168	209	48	calculated	calculate	VERB
ajfa-14168	209	49	using	use	VERB
ajfa-14168	209	50	the	the	DET
ajfa-14168	209	51	volatility	volatility	NOUN
ajfa-14168	209	52	of	of	ADP
ajfa-14168	209	53	the	the	DET
ajfa-14168	209	54	company	company	NOUN
ajfa-14168	209	55	’s	’s	PART
ajfa-14168	209	56	assets	asset	NOUN
ajfa-14168	209	57	.	.	PUNCT
ajfa-14168	210	1	when	when	SCONJ
ajfa-14168	210	2	the	the	DET
ajfa-14168	210	3	computed	computed	ADJ
ajfa-14168	210	4	"	"	PUNCT
ajfa-14168	210	5	distance	distance	NOUN
ajfa-14168	210	6	to	to	ADP
ajfa-14168	210	7	default	default	NOUN
ajfa-14168	210	8	"	"	PUNCT
ajfa-14168	210	9	is	be	AUX
ajfa-14168	210	10	high	high	ADJ
ajfa-14168	210	11	,	,	PUNCT
ajfa-14168	210	12	the	the	DET
ajfa-14168	210	13	company	company	NOUN
ajfa-14168	210	14	is	be	AUX
ajfa-14168	210	15	less	less	ADV
ajfa-14168	210	16	likely	likely	ADJ
ajfa-14168	210	17	to	to	PART
ajfa-14168	210	18	default	default	VERB
ajfa-14168	210	19	.	.	PUNCT
ajfa-14168	211	1	since	since	SCONJ
ajfa-14168	211	2	the	the	DET
ajfa-14168	211	3	asset	asset	NOUN
ajfa-14168	211	4	value	value	NOUN
ajfa-14168	211	5	asian	asian	ADJ
ajfa-14168	211	6	journal	journal	NOUN
ajfa-14168	211	7	of	of	ADP
ajfa-14168	211	8	finance	finance	PROPN
ajfa-14168	211	9	&	&	CCONJ
ajfa-14168	211	10	accounting	accounting	PROPN
ajfa-14168	211	11	issn	issn	PROPN
ajfa-14168	211	12	1946	1946	NUM
ajfa-14168	211	13	-	-	PUNCT
ajfa-14168	211	14	052x	052x	PROPN
ajfa-14168	211	15	2019	2019	NUM
ajfa-14168	211	16	,	,	PUNCT
ajfa-14168	211	17	vol	vol	NOUN
ajfa-14168	211	18	.	.	PROPN
ajfa-14168	211	19	11	11	NUM
ajfa-14168	211	20	,	,	PUNCT
ajfa-14168	211	21	no	no	INTJ
ajfa-14168	211	22	.	.	NOUN
ajfa-14168	211	23	1	1	NUM
ajfa-14168	211	24	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	211	25	158	158	NUM
ajfa-14168	211	26	volatility	volatility	NOUN
ajfa-14168	211	27	has	have	AUX
ajfa-14168	211	28	already	already	ADV
ajfa-14168	211	29	been	be	AUX
ajfa-14168	211	30	computed	compute	VERB
ajfa-14168	211	31	,	,	PUNCT
ajfa-14168	211	32	the	the	DET
ajfa-14168	211	33	aim	aim	NOUN
ajfa-14168	211	34	here	here	ADV
ajfa-14168	211	35	is	be	AUX
ajfa-14168	211	36	to	to	PART
ajfa-14168	211	37	calculate	calculate	VERB
ajfa-14168	211	38	the	the	DET
ajfa-14168	211	39	distance	distance	NOUN
ajfa-14168	211	40	to	to	PART
ajfa-14168	211	41	default	default	VERB
ajfa-14168	211	42	in	in	ADP
ajfa-14168	211	43	order	order	NOUN
ajfa-14168	211	44	to	to	PART
ajfa-14168	211	45	determine	determine	VERB
ajfa-14168	211	46	the	the	DET
ajfa-14168	211	47	probability	probability	NOUN
ajfa-14168	211	48	of	of	ADP
ajfa-14168	211	49	default	default	NOUN
ajfa-14168	211	50	.	.	PUNCT
ajfa-14168	212	1	the	the	DET
ajfa-14168	212	2	following	follow	VERB
ajfa-14168	212	3	formula	formula	NOUN
ajfa-14168	212	4	is	be	AUX
ajfa-14168	212	5	used	use	VERB
ajfa-14168	212	6	:	:	PUNCT
ajfa-14168	212	7	𝐷𝑖𝑠𝑡𝑎𝑛𝑐𝑒𝐷𝑒𝑓𝑎𝑢𝑙𝑡(𝐷𝐷	𝐷𝑖𝑠𝑡𝑎𝑛𝑐𝑒𝐷𝑒𝑓𝑎𝑢𝑙𝑡(𝐷𝐷	X
ajfa-14168	212	8	)	)	PUNCT
ajfa-14168	212	9	=	=	SYM
ajfa-14168	212	10	𝑉	𝑉	PROPN
ajfa-14168	212	11	−	−	PROPN
ajfa-14168	212	12	𝐷𝑃𝑇	𝐷𝑃𝑇	PROPN
ajfa-14168	212	13	𝜎	𝜎	PROPN
ajfa-14168	212	14	𝑉	𝑉	PROPN
ajfa-14168	212	15	where	where	SCONJ
ajfa-14168	212	16	𝑉	𝑉	PROPN
ajfa-14168	212	17	:	:	PUNCT
ajfa-14168	212	18	the	the	DET
ajfa-14168	212	19	market	market	NOUN
ajfa-14168	212	20	value	value	NOUN
ajfa-14168	212	21	of	of	ADP
ajfa-14168	212	22	the	the	DET
ajfa-14168	212	23	company	company	NOUN
ajfa-14168	212	24	’s	’s	PART
ajfa-14168	212	25	assets	asset	NOUN
ajfa-14168	212	26	𝜎	𝜎	NOUN
ajfa-14168	212	27	:	:	PUNCT
ajfa-14168	212	28	the	the	DET
ajfa-14168	212	29	standard	standard	ADJ
ajfa-14168	212	30	deviation	deviation	NOUN
ajfa-14168	212	31	of	of	ADP
ajfa-14168	212	32	the	the	DET
ajfa-14168	212	33	asset	asset	NOUN
ajfa-14168	212	34	value	value	NOUN
ajfa-14168	212	35	the	the	DET
ajfa-14168	212	36	merton	merton	ADJ
ajfa-14168	212	37	model	model	NOUN
ajfa-14168	212	38	for	for	ADP
ajfa-14168	212	39	lgd	lgd	PROPN
ajfa-14168	212	40	assumes	assume	VERB
ajfa-14168	212	41	that	that	SCONJ
ajfa-14168	212	42	the	the	DET
ajfa-14168	212	43	company	company	NOUN
ajfa-14168	212	44	’s	’s	PART
ajfa-14168	212	45	value	value	NOUN
ajfa-14168	212	46	is	be	AUX
ajfa-14168	212	47	lognormal	lognormal	ADJ
ajfa-14168	212	48	distributed	distribute	VERB
ajfa-14168	212	49	with	with	ADP
ajfa-14168	212	50	a	a	DET
ajfa-14168	212	51	constant	constant	ADJ
ajfa-14168	212	52	volatility	volatility	NOUN
ajfa-14168	212	53	and	and	CCONJ
ajfa-14168	212	54	the	the	DET
ajfa-14168	212	55	company	company	NOUN
ajfa-14168	212	56	only	only	ADV
ajfa-14168	212	57	has	have	VERB
ajfa-14168	212	58	one	one	NUM
ajfa-14168	212	59	liability	liability	NOUN
ajfa-14168	212	60	,	,	PUNCT
ajfa-14168	212	61	which	which	PRON
ajfa-14168	212	62	is	be	AUX
ajfa-14168	212	63	zero	zero	NUM
ajfa-14168	212	64	-	-	PUNCT
ajfa-14168	212	65	coupon	coupon	NOUN
ajfa-14168	212	66	debt	debt	NOUN
ajfa-14168	212	67	issue	issue	NOUN
ajfa-14168	212	68	.	.	PUNCT
ajfa-14168	213	1	the	the	DET
ajfa-14168	213	2	formula	formula	NOUN
ajfa-14168	213	3	is	be	AUX
ajfa-14168	213	4	as	as	SCONJ
ajfa-14168	213	5	follows	follow	VERB
ajfa-14168	213	6	:	:	PUNCT
ajfa-14168	213	7	𝑅𝑒𝑐𝑜𝑣𝑒𝑟𝑦	𝑅𝑒𝑐𝑜𝑣𝑒𝑟𝑦	PROPN
ajfa-14168	213	8	𝐺𝑖𝑣𝑒𝑛	𝐺𝑖𝑣𝑒𝑛	PROPN
ajfa-14168	213	9	𝐷𝑒𝑓𝑎𝑢𝑙𝑡	𝐷𝑒𝑓𝑎𝑢𝑙𝑡	PROPN
ajfa-14168	213	10	(	(	PUNCT
ajfa-14168	213	11	𝑅𝐺𝐷	𝑅𝐺𝐷	PROPN
ajfa-14168	213	12	)	)	PUNCT
ajfa-14168	213	13	=	=	PUNCT
ajfa-14168	213	14	𝑉	𝑉	PROPN
ajfa-14168	213	15	∗	∗	NOUN
ajfa-14168	213	16	𝑁(−𝑑	𝑁(−𝑑	NOUN
ajfa-14168	213	17	)	)	PUNCT
ajfa-14168	213	18	/𝑁(−𝑑	/𝑁(−𝑑	PUNCT
ajfa-14168	213	19	)	)	PUNCT
ajfa-14168	213	20	recovery	recovery	NOUN
ajfa-14168	213	21	rate	rate	NOUN
ajfa-14168	213	22	(	(	PUNCT
ajfa-14168	213	23	𝜌	𝜌	NOUN
ajfa-14168	213	24	)	)	PUNCT
ajfa-14168	213	25	=	=	SYM
ajfa-14168	213	26	𝑅𝐺𝐷	𝑅𝐺𝐷	NOUN
ajfa-14168	213	27	/𝐷	/𝐷	PUNCT
ajfa-14168	214	1	𝐸𝑥𝑝𝑒𝑐𝑡𝑒𝑑	𝐸𝑥𝑝𝑒𝑐𝑡𝑒𝑑	PROPN
ajfa-14168	214	2	𝐿𝑜𝑠𝑠	𝐿𝑜𝑠𝑠	PROPN
ajfa-14168	214	3	𝐺𝑖𝑣𝑒𝑛	𝐺𝑖𝑣𝑒𝑛	PROPN
ajfa-14168	214	4	𝐷𝑒𝑓𝑎𝑢𝑙𝑡	𝐷𝑒𝑓𝑎𝑢𝑙𝑡	PROPN
ajfa-14168	214	5	(	(	PUNCT
ajfa-14168	214	6	𝐿𝐺𝐷	𝐿𝐺𝐷	PROPN
ajfa-14168	214	7	)	)	PUNCT
ajfa-14168	214	8	=	=	PUNCT
ajfa-14168	215	1	𝑒	𝑒	PROPN
ajfa-14168	215	2	∗	∗	NOUN
ajfa-14168	215	3	𝐷	𝐷	NOUN
ajfa-14168	215	4	−	−	NOUN
ajfa-14168	215	5	𝑅𝐺𝐷	𝑅𝐺𝐷	NOUN
ajfa-14168	215	6	where	where	SCONJ
ajfa-14168	215	7	𝑉	𝑉	PROPN
ajfa-14168	215	8	:	:	PUNCT
ajfa-14168	215	9	the	the	DET
ajfa-14168	215	10	market	market	NOUN
ajfa-14168	215	11	value	value	NOUN
ajfa-14168	215	12	of	of	ADP
ajfa-14168	215	13	the	the	DET
ajfa-14168	215	14	company	company	NOUN
ajfa-14168	215	15	’s	’s	PART
ajfa-14168	215	16	assets	asset	NOUN
ajfa-14168	215	17	at	at	ADP
ajfa-14168	215	18	time	time	NOUN
ajfa-14168	215	19	t	t	PROPN
ajfa-14168	215	20	𝐷	𝐷	PROPN
ajfa-14168	215	21	:	:	PUNCT
ajfa-14168	215	22	the	the	DET
ajfa-14168	215	23	face	face	NOUN
ajfa-14168	215	24	value	value	NOUN
ajfa-14168	215	25	of	of	ADP
ajfa-14168	215	26	the	the	DET
ajfa-14168	215	27	company	company	NOUN
ajfa-14168	215	28	’s	’s	PART
ajfa-14168	215	29	zero	zero	NUM
ajfa-14168	215	30	-	-	PUNCT
ajfa-14168	215	31	coupon	coupon	NOUN
ajfa-14168	215	32	debt	debt	NOUN
ajfa-14168	215	33	maturing	mature	VERB
ajfa-14168	215	34	at	at	ADP
ajfa-14168	215	35	t	t	PROPN
ajfa-14168	215	36	(	(	PUNCT
ajfa-14168	215	37	only	only	ADJ
ajfa-14168	215	38	liability	liability	NOUN
ajfa-14168	215	39	)	)	PUNCT
ajfa-14168	216	1	𝑟	𝑟	NOUN
ajfa-14168	216	2	:	:	PUNCT
ajfa-14168	216	3	the	the	DET
ajfa-14168	216	4	expected	expect	VERB
ajfa-14168	216	5	return	return	NOUN
ajfa-14168	216	6	on	on	ADP
ajfa-14168	216	7	the	the	DET
ajfa-14168	216	8	value	value	NOUN
ajfa-14168	216	9	of	of	ADP
ajfa-14168	216	10	the	the	DET
ajfa-14168	216	11	company	company	NOUN
ajfa-14168	216	12	,	,	PUNCT
ajfa-14168	216	13	which	which	PRON
ajfa-14168	216	14	uses	use	VERB
ajfa-14168	216	15	risk	risk	NOUN
ajfa-14168	216	16	-	-	PUNCT
ajfa-14168	216	17	free	free	ADJ
ajfa-14168	216	18	interest	interest	NOUN
ajfa-14168	216	19	rates	rate	NOUN
ajfa-14168	216	20	using	use	VERB
ajfa-14168	216	21	microsoft	microsoft	PROPN
ajfa-14168	216	22	excel	excel	PROPN
ajfa-14168	216	23	,	,	PUNCT
ajfa-14168	216	24	the	the	DET
ajfa-14168	216	25	recovery	recovery	NOUN
ajfa-14168	216	26	rate	rate	NOUN
ajfa-14168	216	27	,	,	PUNCT
ajfa-14168	216	28	recovery	recovery	NOUN
ajfa-14168	216	29	given	give	VERB
ajfa-14168	216	30	default	default	NOUN
ajfa-14168	216	31	and	and	CCONJ
ajfa-14168	216	32	expected	expect	VERB
ajfa-14168	216	33	loss	loss	NOUN
ajfa-14168	216	34	given	give	VERB
ajfa-14168	216	35	default	default	NOUN
ajfa-14168	216	36	are	be	AUX
ajfa-14168	216	37	computed	compute	VERB
ajfa-14168	216	38	.	.	PUNCT
ajfa-14168	217	1	the	the	DET
ajfa-14168	217	2	results	result	NOUN
ajfa-14168	217	3	are	be	AUX
ajfa-14168	217	4	shown	show	VERB
ajfa-14168	217	5	in	in	ADP
ajfa-14168	217	6	table	table	NOUN
ajfa-14168	217	7	5	5	NUM
ajfa-14168	217	8	.	.	PUNCT
ajfa-14168	217	9	table	table	NOUN
ajfa-14168	217	10	5	5	NUM
ajfa-14168	217	11	.	.	PUNCT
ajfa-14168	217	12	distance	distance	NOUN
ajfa-14168	217	13	to	to	PART
ajfa-14168	217	14	default	default	VERB
ajfa-14168	217	15	and	and	CCONJ
ajfa-14168	217	16	expected	expect	VERB
ajfa-14168	217	17	loss	loss	NOUN
ajfa-14168	217	18	given	give	VERB
ajfa-14168	217	19	default	default	NOUN
ajfa-14168	217	20	of	of	ADP
ajfa-14168	217	21	selected	select	VERB
ajfa-14168	217	22	companies	company	NOUN
ajfa-14168	217	23	blue	blue	ADJ
ajfa-14168	217	24	-	-	PUNCT
ajfa-14168	217	25	chip	chip	NOUN
ajfa-14168	217	26	stock	stock	NOUN
ajfa-14168	217	27	code	code	NOUN
ajfa-14168	217	28	distance	distance	NOUN
ajfa-14168	217	29	to	to	PART
ajfa-14168	217	30	default	default	VERB
ajfa-14168	217	31	recovery	recovery	NOUN
ajfa-14168	217	32	given	give	VERB
ajfa-14168	217	33	default	default	NOUN
ajfa-14168	217	34	(	(	PUNCT
ajfa-14168	217	35	million	million	NUM
ajfa-14168	217	36	)	)	PUNCT
ajfa-14168	217	37	recovery	recovery	NOUN
ajfa-14168	217	38	rate	rate	NOUN
ajfa-14168	217	39	expected	expect	VERB
ajfa-14168	217	40	loss	loss	NOUN
ajfa-14168	217	41	given	give	VERB
ajfa-14168	217	42	default	default	NOUN
ajfa-14168	217	43	(	(	PUNCT
ajfa-14168	217	44	million	million	NUM
ajfa-14168	217	45	)	)	PUNCT
ajfa-14168	217	46	600519	600519	NUM
ajfa-14168	217	47	4.9358	4.9358	NUM
ajfa-14168	217	48	37,099.84	37,099.84	NUM
ajfa-14168	217	49	96.1567	96.1567	NUM
ajfa-14168	217	50	%	%	NOUN
ajfa-14168	217	51	37,536.74	37,536.74	NUM
ajfa-14168	217	52	002302	002302	NUM
ajfa-14168	217	53	1.5141	1.5141	NUM
ajfa-14168	217	54	8,872.21	8,872.21	NUM
ajfa-14168	217	55	84.4871	84.4871	NUM
ajfa-14168	217	56	%	%	NOUN
ajfa-14168	217	57	10,216.57	10,216.57	NUM
ajfa-14168	217	58	300176	300176	NUM
ajfa-14168	217	59	1.8911	1.8911	NUM
ajfa-14168	217	60	1,286.08	1,286.08	NUM
ajfa-14168	217	61	88.9608	88.9608	NUM
ajfa-14168	217	62	%	%	NOUN
ajfa-14168	217	63	1,406.48	1,406.48	NUM
ajfa-14168	217	64	002307	002307	NUM
ajfa-14168	217	65	1.6501	1.6501	NUM
ajfa-14168	217	66	12,311.94	12,311.94	NUM
ajfa-14168	217	67	90.7691	90.7691	NUM
ajfa-14168	217	68	%	%	NOUN
ajfa-14168	217	69	13,196.30	13,196.30	NUM
ajfa-14168	217	70	002081	002081	NUM
ajfa-14168	218	1	3.3470	3.3470	NUM
ajfa-14168	218	2	15,263.45	15,263.45	NUM
ajfa-14168	218	3	94.0531	94.0531	NUM
ajfa-14168	218	4	%	%	NOUN
ajfa-14168	218	5	15,788.60	15,788.60	NUM
ajfa-14168	218	6	600808	600808	NUM
ajfa-14168	218	7	2.5626	2.5626	NUM
ajfa-14168	218	8	30,891.31	30,891.31	NUM
ajfa-14168	218	9	92.8911	92.8911	NUM
ajfa-14168	218	10	%	%	NOUN
ajfa-14168	218	11	32,353.85	32,353.85	NUM
ajfa-14168	218	12	000709	000709	NUM
ajfa-14168	218	13	2.3322	2.3322	NUM
ajfa-14168	218	14	120,700.76	120,700.76	NUM
ajfa-14168	218	15	94.3973	94.3973	NUM
ajfa-14168	218	16	%	%	NOUN
ajfa-14168	218	17	124,398.32	124,398.32	NUM
ajfa-14168	218	18	asian	asian	ADJ
ajfa-14168	218	19	journal	journal	NOUN
ajfa-14168	218	20	of	of	ADP
ajfa-14168	218	21	finance	finance	PROPN
ajfa-14168	218	22	&	&	CCONJ
ajfa-14168	218	23	accounting	accounting	PROPN
ajfa-14168	218	24	issn	issn	PROPN
ajfa-14168	218	25	1946	1946	NUM
ajfa-14168	218	26	-	-	PUNCT
ajfa-14168	218	27	052x	052x	PROPN
ajfa-14168	218	28	2019	2019	NUM
ajfa-14168	218	29	,	,	PUNCT
ajfa-14168	218	30	vol	vol	NOUN
ajfa-14168	218	31	.	.	PROPN
ajfa-14168	218	32	11	11	NUM
ajfa-14168	218	33	,	,	PUNCT
ajfa-14168	218	34	no	no	INTJ
ajfa-14168	218	35	.	.	NOUN
ajfa-14168	218	36	1	1	NUM
ajfa-14168	218	37	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	218	38	159	159	NUM
ajfa-14168	218	39	601919	601919	NUM
ajfa-14168	218	40	2.8609	2.8609	NUM
ajfa-14168	218	41	62,211.96	62,211.96	NUM
ajfa-14168	218	42	93.5719	93.5719	NUM
ajfa-14168	218	43	%	%	NOUN
ajfa-14168	218	44	64,683.30	64,683.30	NUM
ajfa-14168	218	45	601899	601899	NUM
ajfa-14168	219	1	3.9503	3.9503	NUM
ajfa-14168	219	2	38,756.33	38,756.33	NUM
ajfa-14168	219	3	96.3297	96.3297	NUM
ajfa-14168	219	4	%	%	NOUN
ajfa-14168	219	5	39,142.30	39,142.30	NUM
ajfa-14168	219	6	600340	600340	NUM
ajfa-14168	219	7	2.6633	2.6633	NUM
ajfa-14168	219	8	252,787.43	252,787.43	NUM
ajfa-14168	219	9	94.8731	94.8731	NUM
ajfa-14168	219	10	%	%	NOUN
ajfa-14168	219	11	259,224.59	259,224.59	NUM
ajfa-14168	219	12	common	common	ADJ
ajfa-14168	219	13	stock	stock	NOUN
ajfa-14168	219	14	code	code	NOUN
ajfa-14168	219	15	distance	distance	NOUN
ajfa-14168	219	16	to	to	PART
ajfa-14168	219	17	default	default	VERB
ajfa-14168	219	18	recovery	recovery	NOUN
ajfa-14168	219	19	given	give	VERB
ajfa-14168	219	20	default	default	NOUN
ajfa-14168	219	21	(	(	PUNCT
ajfa-14168	219	22	million	million	NUM
ajfa-14168	219	23	)	)	PUNCT
ajfa-14168	219	24	recovery	recovery	NOUN
ajfa-14168	219	25	rate	rate	NOUN
ajfa-14168	219	26	expected	expect	VERB
ajfa-14168	219	27	loss	loss	NOUN
ajfa-14168	219	28	given	give	VERB
ajfa-14168	219	29	default	default	NOUN
ajfa-14168	219	30	(	(	PUNCT
ajfa-14168	219	31	million	million	NUM
ajfa-14168	219	32	)	)	PUNCT
ajfa-14168	219	33	600000	600000	NUM
ajfa-14168	219	34	4.3444	4.3444	NUM
ajfa-14168	219	35	4,744,171.22	4,744,171.22	NOUN
ajfa-14168	219	36	97.0474	97.0474	NUM
ajfa-14168	219	37	%	%	NOUN
ajfa-14168	219	38	4,755,985.17	4,755,985.17	NOUN
ajfa-14168	219	39	000905	000905	NUM
ajfa-14168	219	40	2.1573	2.1573	NUM
ajfa-14168	219	41	3,408.85	3,408.85	NUM
ajfa-14168	219	42	90.5725	90.5725	NUM
ajfa-14168	219	43	%	%	NOUN
ajfa-14168	219	44	3,661.64	3,661.64	NUM
ajfa-14168	219	45	600549	600549	NUM
ajfa-14168	219	46	2.1984	2.1984	NUM
ajfa-14168	219	47	8,262.13	8,262.13	NUM
ajfa-14168	219	48	90.2789	90.2789	NUM
ajfa-14168	219	49	%	%	NOUN
ajfa-14168	219	50	8,903.68	8,903.68	NUM
ajfa-14168	219	51	603377	603377	NUM
ajfa-14168	219	52	4.1250	4.1250	NUM
ajfa-14168	219	53	801.56	801.56	NUM
ajfa-14168	219	54	95.6342	95.6342	NUM
ajfa-14168	219	55	%	%	NOUN
ajfa-14168	219	56	815.43	815.43	NUM
ajfa-14168	219	57	600479	600479	NUM
ajfa-14168	220	1	4.4011	4.4011	NUM
ajfa-14168	220	2	944.77	944.77	NUM
ajfa-14168	220	3	95.4266	95.4266	NUM
ajfa-14168	220	4	%	%	NOUN
ajfa-14168	220	5	963.21	963.21	NUM
ajfa-14168	220	6	002403	002403	NUM
ajfa-14168	221	1	4.9864	4.9864	NUM
ajfa-14168	221	2	1,735.90	1,735.90	NUM
ajfa-14168	221	3	95.7804	95.7804	NUM
ajfa-14168	221	4	%	%	NOUN
ajfa-14168	221	5	1,763.24	1,763.24	NUM
ajfa-14168	221	6	600826	600826	NUM
ajfa-14168	221	7	3.2137	3.2137	NUM
ajfa-14168	221	8	1,055.87	1,055.87	NUM
ajfa-14168	221	9	93.8818	93.8818	NUM
ajfa-14168	221	10	%	%	NOUN
ajfa-14168	221	11	1,094.19	1,094.19	NUM
ajfa-14168	221	12	300220	300220	NUM
ajfa-14168	221	13	2.2349	2.2349	NUM
ajfa-14168	221	14	92.33	92.33	NUM
ajfa-14168	221	15	92.1360	92.1360	NUM
ajfa-14168	221	16	%	%	NOUN
ajfa-14168	221	17	97.50	97.50	NUM
ajfa-14168	221	18	300104	300104	NUM
ajfa-14168	221	19	1.3702	1.3702	NUM
ajfa-14168	221	20	13,512.09	13,512.09	NUM
ajfa-14168	221	21	81.7468	81.7468	NUM
ajfa-14168	221	22	%	%	NOUN
ajfa-14168	221	23	16,081.09	16,081.09	NUM
ajfa-14168	221	24	600363	600363	NUM
ajfa-14168	221	25	2.8733	2.8733	NUM
ajfa-14168	221	26	1,594.77	1,594.77	NUM
ajfa-14168	221	27	92.9770	92.9770	NUM
ajfa-14168	221	28	%	%	NOUN
ajfa-14168	221	29	1,668.73	1,668.73	NUM
ajfa-14168	221	30	st	st	PROPN
ajfa-14168	221	31	stock	stock	PROPN
ajfa-14168	221	32	code	code	PROPN
ajfa-14168	221	33	distance	distance	NOUN
ajfa-14168	221	34	to	to	PART
ajfa-14168	221	35	default	default	VERB
ajfa-14168	221	36	recovery	recovery	NOUN
ajfa-14168	221	37	given	give	VERB
ajfa-14168	221	38	default	default	NOUN
ajfa-14168	221	39	(	(	PUNCT
ajfa-14168	221	40	million	million	NUM
ajfa-14168	221	41	)	)	PUNCT
ajfa-14168	221	42	recovery	recovery	NOUN
ajfa-14168	221	43	rate	rate	NOUN
ajfa-14168	221	44	expected	expect	VERB
ajfa-14168	221	45	loss	loss	NOUN
ajfa-14168	221	46	given	give	VERB
ajfa-14168	221	47	default	default	NOUN
ajfa-14168	221	48	(	(	PUNCT
ajfa-14168	221	49	million	million	NUM
ajfa-14168	221	50	)	)	PUNCT
ajfa-14168	221	51	600860	600860	NUM
ajfa-14168	222	1	3.2200	3.2200	NUM
ajfa-14168	222	2	775.52	775.52	NUM
ajfa-14168	222	3	93.8114	93.8114	NUM
ajfa-14168	222	4	%	%	NOUN
ajfa-14168	222	5	804.27	804.27	NUM
ajfa-14168	222	6	002490	002490	NUM
ajfa-14168	222	7	2.5977	2.5977	NUM
ajfa-14168	222	8	3,635.02	3,635.02	NUM
ajfa-14168	222	9	92.9270	92.9270	NUM
ajfa-14168	222	10	%	%	NOUN
ajfa-14168	222	11	3,805.65	3,805.65	NUM
ajfa-14168	222	12	000526	000526	NUM
ajfa-14168	222	13	4.2617	4.2617	NUM
ajfa-14168	222	14	3,353.92	3,353.92	NUM
ajfa-14168	222	15	95.5313	95.5313	NUM
ajfa-14168	222	16	%	%	NOUN
ajfa-14168	222	17	3,415.63	3,415.63	NUM
ajfa-14168	222	18	600696	600696	NUM
ajfa-14168	222	19	2.9192	2.9192	NUM
ajfa-14168	222	20	475.15	475.15	NUM
ajfa-14168	222	21	93.1316	93.1316	NUM
ajfa-14168	222	22	%	%	NOUN
ajfa-14168	222	23	496.36	496.36	NUM
ajfa-14168	222	24	000595	000595	NUM
ajfa-14168	222	25	2.1081	2.1081	NUM
ajfa-14168	222	26	894.55	894.55	NUM
ajfa-14168	222	27	89.7720	89.7720	NUM
ajfa-14168	222	28	%	%	NOUN
ajfa-14168	222	29	969.45	969.45	NUM
ajfa-14168	222	30	600608	600608	NUM
ajfa-14168	222	31	2.6347	2.6347	NUM
ajfa-14168	222	32	115.41	115.41	NUM
ajfa-14168	222	33	93.3809	93.3809	NUM
ajfa-14168	222	34	%	%	NOUN
ajfa-14168	222	35	120.24	120.24	NUM
ajfa-14168	222	36	600403	600403	NUM
ajfa-14168	222	37	5.4046	5.4046	NUM
ajfa-14168	222	38	8,667.37	8,667.37	NUM
ajfa-14168	222	39	96.1066	96.1066	NUM
ajfa-14168	222	40	%	%	NOUN
ajfa-14168	222	41	8,774.00	8,774.00	NUM
ajfa-14168	222	42	601005	601005	NUM
ajfa-14168	222	43	5.0161	5.0161	NUM
ajfa-14168	222	44	6,235.95	6,235.95	NUM
ajfa-14168	222	45	95.7944	95.7944	NUM
ajfa-14168	222	46	%	%	NOUN
ajfa-14168	222	47	6,333.24	6,333.24	NUM
ajfa-14168	222	48	000932	000932	NUM
ajfa-14168	222	49	2.4283	2.4283	NUM
ajfa-14168	222	50	50,845.72	50,845.72	NUM
ajfa-14168	222	51	93.9245	93.9245	NUM
ajfa-14168	222	52	%	%	NOUN
ajfa-14168	222	53	52,667.10	52,667.10	NUM
ajfa-14168	222	54	000982	000982	NUM
ajfa-14168	222	55	2.7681	2.7681	NUM
ajfa-14168	222	56	8,791.66	8,791.66	NUM
ajfa-14168	222	57	93.9643	93.9643	NUM
ajfa-14168	222	58	%	%	NOUN
ajfa-14168	222	59	9,102.74	9,102.74	NUM
ajfa-14168	222	60	asian	asian	ADJ
ajfa-14168	222	61	journal	journal	NOUN
ajfa-14168	222	62	of	of	ADP
ajfa-14168	222	63	finance	finance	PROPN
ajfa-14168	222	64	&	&	CCONJ
ajfa-14168	222	65	accounting	accounting	PROPN
ajfa-14168	222	66	issn	issn	PROPN
ajfa-14168	222	67	1946	1946	NUM
ajfa-14168	222	68	-	-	PUNCT
ajfa-14168	222	69	052x	052x	PROPN
ajfa-14168	222	70	2019	2019	NUM
ajfa-14168	222	71	,	,	PUNCT
ajfa-14168	222	72	vol	vol	NOUN
ajfa-14168	222	73	.	.	PROPN
ajfa-14168	222	74	11	11	NUM
ajfa-14168	222	75	,	,	PUNCT
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ajfa-14168	222	77	.	.	NOUN
ajfa-14168	222	78	1	1	NUM
ajfa-14168	222	79	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	222	80	160	160	NUM
ajfa-14168	222	81	4.2	4.2	NUM
ajfa-14168	222	82	zeta	zeta	NOUN
ajfa-14168	222	83	model	model	NOUN
ajfa-14168	222	84	empirical	empirical	ADJ
ajfa-14168	222	85	analysis	analysis	NOUN
ajfa-14168	222	86	the	the	DET
ajfa-14168	222	87	companies	company	NOUN
ajfa-14168	222	88	we	we	PRON
ajfa-14168	222	89	choose	choose	VERB
ajfa-14168	222	90	are	be	AUX
ajfa-14168	222	91	listed	list	VERB
ajfa-14168	222	92	companies	company	NOUN
ajfa-14168	222	93	,	,	PUNCT
ajfa-14168	222	94	so	so	SCONJ
ajfa-14168	222	95	the	the	DET
ajfa-14168	222	96	z	z	NOUN
ajfa-14168	222	97	-	-	PUNCT
ajfa-14168	222	98	score	score	NOUN
ajfa-14168	222	99	is	be	AUX
ajfa-14168	222	100	calculated	calculate	VERB
ajfa-14168	222	101	as	as	SCONJ
ajfa-14168	222	102	follows	follow	VERB
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ajfa-14168	222	104	𝑍	𝑍	PROPN
ajfa-14168	222	105	=	=	SYM
ajfa-14168	222	106	1.2𝑋	1.2𝑋	NOUN
ajfa-14168	222	107	+	+	CCONJ
ajfa-14168	222	108	1.4𝑋	1.4𝑋	NOUN
ajfa-14168	222	109	+	+	CCONJ
ajfa-14168	222	110	3.3𝑋	3.3𝑋	NOUN
ajfa-14168	222	111	+	+	NUM
ajfa-14168	222	112	0.6𝑋	0.6𝑋	NOUN
ajfa-14168	223	1	+	+	CCONJ
ajfa-14168	223	2	1.0𝑋	1.0𝑋	NOUN
ajfa-14168	223	3	we	we	PRON
ajfa-14168	223	4	use	use	VERB
ajfa-14168	223	5	this	this	DET
ajfa-14168	223	6	formula	formula	NOUN
ajfa-14168	223	7	to	to	PART
ajfa-14168	223	8	calculate	calculate	VERB
ajfa-14168	223	9	the	the	DET
ajfa-14168	223	10	results	result	NOUN
ajfa-14168	223	11	,	,	PUNCT
ajfa-14168	223	12	which	which	PRON
ajfa-14168	223	13	are	be	AUX
ajfa-14168	223	14	shown	show	VERB
ajfa-14168	223	15	in	in	ADP
ajfa-14168	223	16	table	table	NOUN
ajfa-14168	223	17	6	6	NUM
ajfa-14168	223	18	.	.	PUNCT
ajfa-14168	223	19	table	table	NOUN
ajfa-14168	223	20	6	6	NUM
ajfa-14168	223	21	.	.	PUNCT
ajfa-14168	223	22	zeta	zeta	NOUN
ajfa-14168	223	23	value	value	NOUN
ajfa-14168	223	24	of	of	ADP
ajfa-14168	223	25	selected	select	VERB
ajfa-14168	223	26	companies	company	NOUN
ajfa-14168	223	27	blue	blue	ADJ
ajfa-14168	223	28	-	-	PUNCT
ajfa-14168	223	29	chip	chip	NOUN
ajfa-14168	223	30	companies	company	NOUN
ajfa-14168	223	31	code	code	VERB
ajfa-14168	223	32	t1	t1	PROPN
ajfa-14168	223	33	t2	t2	PROPN
ajfa-14168	223	34	t3	t3	PROPN
ajfa-14168	223	35	t4	t4	PROPN
ajfa-14168	223	36	t5	t5	PROPN
ajfa-14168	223	37	zeta	zeta	PROPN
ajfa-14168	223	38	600519	600519	NUM
ajfa-14168	224	1	0.5473	0.5473	NUM
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ajfa-14168	225	3	32.4543	32.4543	NUM
ajfa-14168	225	4	0.4536	0.4536	NUM
ajfa-14168	225	5	22.4552	22.4552	NUM
ajfa-14168	225	6	002302	002302	NUM
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ajfa-14168	225	8	0.1224	0.1224	NUM
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ajfa-14168	225	13	300176	300176	NUM
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ajfa-14168	225	19	7.8001	7.8001	NUM
ajfa-14168	225	20	002307	002307	NUM
ajfa-14168	225	21	0.0386	0.0386	NUM
ajfa-14168	225	22	0.0222	0.0222	NUM
ajfa-14168	225	23	0.0065	0.0065	NUM
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ajfa-14168	225	25	0.5024	0.5024	NUM
ajfa-14168	225	26	0.8350	0.8350	NUM
ajfa-14168	225	27	002081	002081	NUM
ajfa-14168	225	28	0.2895	0.2895	NUM
ajfa-14168	225	29	0.3077	0.3077	NUM
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ajfa-14168	225	34	600808	600808	NUM
ajfa-14168	225	35	-0.0557	-0.0557	NOUN
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ajfa-14168	225	41	000709	000709	NUM
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ajfa-14168	226	3	0.2906	0.2906	NUM
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ajfa-14168	226	8	-0.1180	-0.1180	NOUN
ajfa-14168	226	9	0.0372	0.0372	VERB
ajfa-14168	226	10	0.7730	0.7730	NUM
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ajfa-14168	226	13	601899	601899	NUM
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ajfa-14168	226	16	0.0563	0.0563	NUM
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ajfa-14168	226	20	600340	600340	NUM
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ajfa-14168	226	25	0.1587	0.1587	NUM
ajfa-14168	226	26	0.9196	0.9196	NUM
ajfa-14168	226	27	ordinary	ordinary	ADJ
ajfa-14168	226	28	companies	company	NOUN
ajfa-14168	226	29	code	code	VERB
ajfa-14168	226	30	t1	t1	PROPN
ajfa-14168	226	31	t2	t2	PROPN
ajfa-14168	226	32	t3	t3	PROPN
ajfa-14168	226	33	t4	t4	PROPN
ajfa-14168	226	34	t5	t5	PROPN
ajfa-14168	226	35	zeta	zeta	PROPN
ajfa-14168	226	36	600000	600000	NUM
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ajfa-14168	226	39	0.0115	0.0115	NUM
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ajfa-14168	226	43	000905	000905	NUM
ajfa-14168	226	44	-0.0666	-0.0666	NOUN
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ajfa-14168	227	12	603377	603377	NUM
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ajfa-14168	227	42	0.0910	0.0910	NUM
ajfa-14168	227	43	-0.1467	-0.1467	NOUN
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ajfa-14168	227	45	0.5266	0.5266	NUM
ajfa-14168	227	46	15.6310	15.6310	NUM
ajfa-14168	227	47	300104	300104	NUM
ajfa-14168	227	48	-0.3677	-0.3677	NOUN
ajfa-14168	227	49	-0.6672	-0.6672	VERB
ajfa-14168	227	50	-0.9727	-0.9727	PUNCT
ajfa-14168	228	1	3.2944	3.2944	NUM
ajfa-14168	228	2	0.3965	0.3965	NUM
ajfa-14168	228	3	-2.2120	-2.2120	ADJ
ajfa-14168	228	4	600363	600363	NUM
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ajfa-14168	228	7	0.0554	0.0554	NUM
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ajfa-14168	228	10	3.3673	3.3673	NUM
ajfa-14168	228	11	st	st	PROPN
ajfa-14168	228	12	companies	company	NOUN
ajfa-14168	228	13	asian	asian	ADJ
ajfa-14168	228	14	journal	journal	PROPN
ajfa-14168	228	15	of	of	ADP
ajfa-14168	228	16	finance	finance	PROPN
ajfa-14168	228	17	&	&	CCONJ
ajfa-14168	228	18	accounting	accounting	PROPN
ajfa-14168	228	19	issn	issn	PROPN
ajfa-14168	228	20	1946	1946	NUM
ajfa-14168	228	21	-	-	PUNCT
ajfa-14168	228	22	052x	052x	PROPN
ajfa-14168	228	23	2019	2019	NUM
ajfa-14168	228	24	,	,	PUNCT
ajfa-14168	228	25	vol	vol	NOUN
ajfa-14168	228	26	.	.	PROPN
ajfa-14168	228	27	11	11	NUM
ajfa-14168	228	28	,	,	PUNCT
ajfa-14168	228	29	no	no	INTJ
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ajfa-14168	228	31	1	1	NUM
ajfa-14168	228	32	ajfa.macrothink.org/	ajfa.macrothink.org/	PROPN
ajfa-14168	228	33	161	161	NUM
ajfa-14168	228	34	code	code	NOUN
ajfa-14168	228	35	t1	t1	NOUN
ajfa-14168	228	36	t2	t2	PROPN
ajfa-14168	228	37	t3	t3	PROPN
ajfa-14168	228	38	t4	t4	PROPN
ajfa-14168	228	39	t5	t5	PROPN
ajfa-14168	228	40	zeta	zeta	PROPN
ajfa-14168	228	41	600860	600860	NUM
ajfa-14168	228	42	0.1126	0.1126	NUM
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ajfa-14168	228	44	0.0016	0.0016	NUM
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ajfa-14168	228	48	002490	002490	NUM
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ajfa-14168	231	4	600608	600608	NUM
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ajfa-14168	231	11	600403	600403	NUM
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ajfa-14168	231	17	1.4503	1.4503	NUM
ajfa-14168	231	18	601005	601005	NUM
ajfa-14168	231	19	-0.0021	-0.0021	NOUN
ajfa-14168	231	20	-0.4586	-0.4586	NOUN
ajfa-14168	231	21	-0.2710	-0.2710	ADJ
ajfa-14168	232	1	2.3360	2.3360	NUM
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ajfa-14168	232	4	000932	000932	NUM
ajfa-14168	232	5	-0.2410	-0.2410	PUNCT
ajfa-14168	233	1	0.0038	0.0038	NUM
ajfa-14168	233	2	0.0715	0.0715	NUM
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ajfa-14168	233	4	1.0230	1.0230	NUM
ajfa-14168	233	5	1.2181	1.2181	NUM
ajfa-14168	233	6	000982	000982	NUM
ajfa-14168	233	7	-0.2457	-0.2457	PROPN
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ajfa-14168	233	9	-0.0013	-0.0013	VERB
ajfa-14168	234	1	0.6168	0.6168	NUM
ajfa-14168	234	2	0.2301	0.2301	NUM
ajfa-14168	234	3	0.0803	0.0803	NUM
ajfa-14168	234	4	5	5	NUM
ajfa-14168	234	5	.	.	PUNCT
ajfa-14168	234	6	discussion	discussion	NOUN
ajfa-14168	234	7	5.1	5.1	NUM
ajfa-14168	234	8	discussion	discussion	NOUN
ajfa-14168	234	9	in	in	ADP
ajfa-14168	234	10	order	order	NOUN
ajfa-14168	234	11	to	to	PART
ajfa-14168	234	12	determine	determine	VERB
ajfa-14168	234	13	the	the	DET
ajfa-14168	234	14	applicability	applicability	NOUN
ajfa-14168	234	15	of	of	ADP
ajfa-14168	234	16	the	the	DET
ajfa-14168	234	17	kmv	kmv	PROPN
ajfa-14168	234	18	and	and	CCONJ
ajfa-14168	234	19	zeta	zeta	NOUN
ajfa-14168	234	20	models	model	NOUN
ajfa-14168	234	21	in	in	ADP
ajfa-14168	234	22	china	china	PROPN
ajfa-14168	234	23	,	,	PUNCT
ajfa-14168	234	24	the	the	DET
ajfa-14168	234	25	default	default	NOUN
ajfa-14168	234	26	probability	probability	NOUN
ajfa-14168	234	27	of	of	ADP
ajfa-14168	234	28	listed	list	VERB
ajfa-14168	234	29	companies	company	NOUN
ajfa-14168	234	30	should	should	AUX
ajfa-14168	234	31	be	be	AUX
ajfa-14168	234	32	compared	compare	VERB
ajfa-14168	234	33	with	with	ADP
ajfa-14168	234	34	the	the	DET
ajfa-14168	234	35	credit	credit	NOUN
ajfa-14168	234	36	rating	rating	NOUN
ajfa-14168	234	37	that	that	SCONJ
ajfa-14168	234	38	credit	credit	NOUN
ajfa-14168	234	39	rating	rating	NOUN
ajfa-14168	234	40	agencies	agency	NOUN
ajfa-14168	234	41	have	have	AUX
ajfa-14168	234	42	issued	issue	VERB
ajfa-14168	234	43	them	they	PRON
ajfa-14168	234	44	.	.	PUNCT
ajfa-14168	235	1	credit	credit	NOUN
ajfa-14168	235	2	rating	rating	NOUN
ajfa-14168	235	3	is	be	AUX
ajfa-14168	235	4	an	an	DET
ajfa-14168	235	5	evaluation	evaluation	NOUN
ajfa-14168	235	6	of	of	ADP
ajfa-14168	235	7	the	the	DET
ajfa-14168	235	8	borrower	borrower	NOUN
ajfa-14168	235	9	’s	’s	PART
ajfa-14168	235	10	creditworthiness	creditworthiness	NOUN
ajfa-14168	235	11	performed	perform	VERB
ajfa-14168	235	12	by	by	ADP
ajfa-14168	235	13	credit	credit	NOUN
ajfa-14168	235	14	rating	rating	NOUN
ajfa-14168	235	15	agencies	agency	NOUN
ajfa-14168	235	16	.	.	PUNCT
ajfa-14168	236	1	since	since	SCONJ
ajfa-14168	236	2	china	china	PROPN
ajfa-14168	236	3	’s	’s	PART
ajfa-14168	236	4	economic	economic	ADJ
ajfa-14168	236	5	system	system	NOUN
ajfa-14168	236	6	is	be	AUX
ajfa-14168	236	7	now	now	ADV
ajfa-14168	236	8	a	a	DET
ajfa-14168	236	9	market	market	NOUN
ajfa-14168	236	10	economy	economy	NOUN
ajfa-14168	236	11	,	,	PUNCT
ajfa-14168	236	12	credit	credit	NOUN
ajfa-14168	236	13	rating	rating	NOUN
ajfa-14168	236	14	is	be	AUX
ajfa-14168	236	15	more	more	ADV
ajfa-14168	236	16	important	important	ADJ
ajfa-14168	236	17	than	than	ADP
ajfa-14168	236	18	ever	ever	ADV
ajfa-14168	236	19	.	.	PUNCT
ajfa-14168	237	1	to	to	ADP
ajfa-14168	237	2	investors	investor	NOUN
ajfa-14168	237	3	credit	credit	NOUN
ajfa-14168	237	4	rating	rating	NOUN
ajfa-14168	237	5	is	be	AUX
ajfa-14168	237	6	a	a	DET
ajfa-14168	237	7	good	good	ADJ
ajfa-14168	237	8	indicator	indicator	NOUN
ajfa-14168	237	9	of	of	ADP
ajfa-14168	237	10	the	the	DET
ajfa-14168	237	11	company	company	NOUN
ajfa-14168	237	12	’s	’s	PART
ajfa-14168	237	13	ability	ability	NOUN
ajfa-14168	237	14	to	to	PART
ajfa-14168	237	15	fulfil	fulfil	VERB
ajfa-14168	237	16	its	its	PRON
ajfa-14168	237	17	financial	financial	ADJ
ajfa-14168	237	18	obligations	obligation	NOUN
ajfa-14168	237	19	,	,	PUNCT
ajfa-14168	237	20	so	so	SCONJ
ajfa-14168	237	21	the	the	DET
ajfa-14168	237	22	credit	credit	NOUN
ajfa-14168	237	23	ratings	rating	NOUN
ajfa-14168	237	24	given	give	VERB
ajfa-14168	237	25	by	by	ADP
ajfa-14168	237	26	these	these	DET
ajfa-14168	237	27	credit	credit	NOUN
ajfa-14168	237	28	rating	rating	NOUN
ajfa-14168	237	29	agencies	agency	NOUN
ajfa-14168	237	30	have	have	VERB
ajfa-14168	237	31	a	a	DET
ajfa-14168	237	32	strong	strong	ADJ
ajfa-14168	237	33	influence	influence	NOUN
ajfa-14168	237	34	on	on	ADP
ajfa-14168	237	35	investors	investor	NOUN
ajfa-14168	237	36	’	'	PUNCT
ajfa-14168	237	37	decision	decision	NOUN
ajfa-14168	237	38	of	of	ADP
ajfa-14168	237	39	whether	whether	SCONJ
ajfa-14168	237	40	to	to	PART
ajfa-14168	237	41	invest	invest	VERB
ajfa-14168	237	42	or	or	CCONJ
ajfa-14168	237	43	not	not	PART
ajfa-14168	237	44	.	.	PUNCT
ajfa-14168	238	1	good	good	ADJ
ajfa-14168	238	2	credit	credit	NOUN
ajfa-14168	238	3	ratings	rating	NOUN
ajfa-14168	238	4	could	could	AUX
ajfa-14168	238	5	therefore	therefore	ADV
ajfa-14168	238	6	help	help	VERB
ajfa-14168	238	7	china	china	PROPN
ajfa-14168	238	8	attract	attract	VERB
ajfa-14168	238	9	greater	great	ADJ
ajfa-14168	238	10	foreign	foreign	ADJ
ajfa-14168	238	11	direct	direct	ADJ
ajfa-14168	238	12	investment	investment	NOUN
ajfa-14168	238	13	.	.	PUNCT
ajfa-14168	239	1	in	in	ADP
ajfa-14168	239	2	china	china	PROPN
ajfa-14168	239	3	,	,	PUNCT
ajfa-14168	239	4	there	there	PRON
ajfa-14168	239	5	are	be	VERB
ajfa-14168	239	6	five	five	NUM
ajfa-14168	239	7	main	main	ADJ
ajfa-14168	239	8	credit	credit	NOUN
ajfa-14168	239	9	rating	rating	NOUN
ajfa-14168	239	10	agencies	agency	NOUN
ajfa-14168	239	11	licensed	license	VERB
ajfa-14168	239	12	by	by	ADP
ajfa-14168	239	13	the	the	DET
ajfa-14168	239	14	government	government	NOUN
ajfa-14168	239	15	,	,	PUNCT
ajfa-14168	239	16	which	which	PRON
ajfa-14168	239	17	are	be	AUX
ajfa-14168	239	18	respectively	respectively	ADV
ajfa-14168	239	19	dagong	dagong	ADJ
ajfa-14168	239	20	global	global	ADJ
ajfa-14168	239	21	credit	credit	NOUN
ajfa-14168	239	22	rating	rating	NOUN
ajfa-14168	239	23	,	,	PUNCT
ajfa-14168	239	24	china	china	PROPN
ajfa-14168	239	25	cheng	cheng	PROPN
ajfa-14168	239	26	xin	xin	PROPN
ajfa-14168	240	1	international	international	ADJ
ajfa-14168	240	2	credit	credit	NOUN
ajfa-14168	240	3	rating	rating	NOUN
ajfa-14168	240	4	,	,	PUNCT
ajfa-14168	240	5	china	china	PROPN
ajfa-14168	240	6	lianhe	lianhe	ADJ
ajfa-14168	240	7	credit	credit	NOUN
ajfa-14168	240	8	rating	rating	NOUN
ajfa-14168	240	9	,	,	PUNCT
ajfa-14168	240	10	golden	golden	ADJ
ajfa-14168	240	11	credit	credit	NOUN
ajfa-14168	240	12	rating	rating	NOUN
ajfa-14168	240	13	international	international	ADJ
ajfa-14168	240	14	,	,	PUNCT
ajfa-14168	240	15	and	and	CCONJ
ajfa-14168	240	16	shanghai	shanghai	PROPN
ajfa-14168	240	17	brilliance	brilliance	PROPN
ajfa-14168	240	18	credit	credit	NOUN
ajfa-14168	240	19	rating	rating	NOUN
ajfa-14168	240	20	&	&	CCONJ
ajfa-14168	240	21	investors	investors	PROPN
ajfa-14168	240	22	service	service	PROPN
ajfa-14168	240	23	.	.	PUNCT
ajfa-14168	241	1	according	accord	VERB
ajfa-14168	241	2	to	to	ADP
ajfa-14168	241	3	the	the	DET
ajfa-14168	241	4	credit	credit	NOUN
ajfa-14168	241	5	rating	rating	NOUN
ajfa-14168	241	6	and	and	CCONJ
ajfa-14168	241	7	certification	certification	NOUN
ajfa-14168	241	8	centre	centre	NOUN
ajfa-14168	241	9	of	of	ADP
ajfa-14168	241	10	the	the	DET
ajfa-14168	241	11	people	people	NOUN
ajfa-14168	241	12	’s	’s	PART
ajfa-14168	241	13	republic	republic	PROPN
ajfa-14168	241	14	of	of	ADP
ajfa-14168	241	15	china	china	PROPN
ajfa-14168	241	16	department	department	PROPN
ajfa-14168	241	17	of	of	ADP
ajfa-14168	241	18	commerce	commerce	PROPN
ajfa-14168	241	19	research	research	PROPN
ajfa-14168	241	20	institute	institute	PROPN
ajfa-14168	241	21	,	,	PUNCT
ajfa-14168	241	22	the	the	DET
ajfa-14168	241	23	credit	credit	NOUN
ajfa-14168	241	24	ratings	rating	NOUN
ajfa-14168	241	25	of	of	ADP
ajfa-14168	241	26	the	the	DET
ajfa-14168	241	27	selected	select	VERB
ajfa-14168	241	28	listed	list	VERB
ajfa-14168	241	29	companies	company	NOUN
ajfa-14168	241	30	can	can	AUX
ajfa-14168	241	31	be	be	AUX
ajfa-14168	241	32	divided	divide	VERB
ajfa-14168	241	33	into	into	ADP
ajfa-14168	241	34	several	several	ADJ
ajfa-14168	241	35	categories	category	NOUN
ajfa-14168	241	36	.	.	PUNCT
ajfa-14168	242	1	the	the	DET
ajfa-14168	242	2	companies	company	NOUN
ajfa-14168	242	3	’	’	PART
ajfa-14168	242	4	creditworthiness	creditworthiness	NOUN
ajfa-14168	242	5	is	be	AUX
ajfa-14168	242	6	mainly	mainly	ADV
ajfa-14168	242	7	assessed	assess	VERB
ajfa-14168	242	8	according	accord	VERB
ajfa-14168	242	9	to	to	ADP
ajfa-14168	242	10	the	the	DET
ajfa-14168	242	11	company	company	NOUN
ajfa-14168	242	12	's	's	PART
ajfa-14168	242	13	financial	financial	ADJ
ajfa-14168	242	14	data	datum	NOUN
ajfa-14168	242	15	and	and	CCONJ
ajfa-14168	242	16	financial	financial	ADJ
ajfa-14168	242	17	indicators	indicator	NOUN
ajfa-14168	242	18	,	,	PUNCT
ajfa-14168	242	19	which	which	PRON
ajfa-14168	242	20	include	include	VERB
ajfa-14168	242	21	the	the	DET
ajfa-14168	242	22	company	company	NOUN
ajfa-14168	242	23	's	's	PART
ajfa-14168	242	24	operating	operate	VERB
ajfa-14168	242	25	turnover	turnover	NOUN
ajfa-14168	242	26	changes	change	NOUN
ajfa-14168	242	27	,	,	PUNCT
ajfa-14168	242	28	financial	financial	ADJ
ajfa-14168	242	29	debt	debt	NOUN
ajfa-14168	242	30	sales	sale	NOUN
ajfa-14168	242	31	ratio	ratio	NOUN
ajfa-14168	242	32	,	,	PUNCT
ajfa-14168	242	33	financial	financial	ADJ
ajfa-14168	242	34	debt	debt	NOUN
ajfa-14168	242	35	degree	degree	NOUN
ajfa-14168	242	36	,	,	PUNCT
ajfa-14168	242	37	physical	physical	ADJ
ajfa-14168	242	38	asset	asset	NOUN
ajfa-14168	242	39	turnover	turnover	NOUN
ajfa-14168	242	40	,	,	PUNCT
ajfa-14168	242	41	efficiency	efficiency	NOUN
ajfa-14168	242	42	of	of	ADP
ajfa-14168	242	43	investment	investment	NOUN
ajfa-14168	242	44	assets	asset	NOUN
ajfa-14168	242	45	,	,	PUNCT
ajfa-14168	242	46	efficiency	efficiency	NOUN
ajfa-14168	242	47	of	of	ADP
ajfa-14168	242	48	intangible	intangible	ADJ
ajfa-14168	242	49	assets	asset	NOUN
ajfa-14168	242	50	,	,	PUNCT
ajfa-14168	242	51	current	current	ADJ
ajfa-14168	242	52	account	account	NOUN
ajfa-14168	242	53	benefit	benefit	NOUN
ajfa-14168	242	54	cost	cost	NOUN
ajfa-14168	242	55	ratio	ratio	NOUN
ajfa-14168	242	56	,	,	PUNCT
ajfa-14168	242	57	anomaly	anomaly	NOUN
ajfa-14168	242	58	coefficient	coefficient	NOUN
ajfa-14168	242	59	,	,	PUNCT
ajfa-14168	242	60	residual	residual	ADJ
ajfa-14168	242	61	force	force	NOUN
ajfa-14168	242	62	coefficient	coefficient	NOUN
ajfa-14168	242	63	of	of	ADP
ajfa-14168	242	64	payment	payment	NOUN
ajfa-14168	242	65	,	,	PUNCT
ajfa-14168	242	66	cost	cost	NOUN
ajfa-14168	242	67	system	system	NOUN
ajfa-14168	242	68	and	and	CCONJ
ajfa-14168	242	69	various	various	ADJ
ajfa-14168	242	70	asset	asset	NOUN
ajfa-14168	242	71	coefficients	coefficient	NOUN
ajfa-14168	242	72	.	.	PUNCT
ajfa-14168	243	1	the	the	DET
ajfa-14168	243	2	corresponding	corresponding	ADJ
ajfa-14168	243	3	credit	credit	NOUN
ajfa-14168	243	4	rating	rating	NOUN
ajfa-14168	243	5	is	be	AUX
ajfa-14168	243	6	then	then	ADV
ajfa-14168	243	7	ascertained	ascertain	VERB
ajfa-14168	243	8	using	use	VERB
ajfa-14168	243	9	a	a	DET
ajfa-14168	243	10	proper	proper	ADJ
ajfa-14168	243	11	weighting	weighting	NOUN
ajfa-14168	243	12	ratio	ratio	NOUN
ajfa-14168	243	13	.	.	PUNCT
ajfa-14168	244	1	the	the	DET
ajfa-14168	244	2	comparison	comparison	NOUN
ajfa-14168	244	3	between	between	ADP
ajfa-14168	244	4	the	the	DET
ajfa-14168	244	5	default	default	NOUN
ajfa-14168	244	6	probability	probability	NOUN
ajfa-14168	244	7	,	,	PUNCT
ajfa-14168	244	8	z	z	NOUN
ajfa-14168	244	9	-	-	PUNCT
ajfa-14168	244	10	score	score	NOUN
ajfa-14168	244	11	and	and	CCONJ
ajfa-14168	244	12	credit	credit	NOUN
ajfa-14168	244	13	rating	rating	NOUN
ajfa-14168	244	14	of	of	ADP
ajfa-14168	244	15	the	the	DET
ajfa-14168	244	16	30	30	NUM
ajfa-14168	244	17	selected	select	VERB
ajfa-14168	244	18	listed	list	VERB
ajfa-14168	244	19	companies	company	NOUN
ajfa-14168	244	20	is	be	AUX
ajfa-14168	244	21	shown	show	VERB
ajfa-14168	244	22	in	in	ADP
ajfa-14168	244	23	table	table	NOUN
ajfa-14168	244	24	9	9	NUM
ajfa-14168	244	25	.	.	PUNCT
ajfa-14168	244	26	asian	asian	ADJ
ajfa-14168	244	27	journal	journal	PROPN
ajfa-14168	244	28	of	of	ADP
ajfa-14168	244	29	finance	finance	PROPN
ajfa-14168	244	30	&	&	CCONJ
ajfa-14168	244	31	accounting	accounting	PROPN
ajfa-14168	244	32	issn	issn	PROPN
ajfa-14168	244	33	1946	1946	NUM
ajfa-14168	244	34	-	-	PUNCT
ajfa-14168	244	35	052x	052x	PROPN
ajfa-14168	244	36	2019	2019	NUM
ajfa-14168	244	37	,	,	PUNCT
ajfa-14168	244	38	vol	vol	NOUN
ajfa-14168	244	39	.	.	PROPN
ajfa-14168	245	1	11	11	NUM
ajfa-14168	245	2	,	,	PUNCT
ajfa-14168	245	3	no	no	INTJ
ajfa-14168	245	4	.	.	NOUN
ajfa-14168	245	5	1	1	NUM
ajfa-14168	245	6	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	245	7	162	162	NUM
ajfa-14168	245	8	table	table	NOUN
ajfa-14168	245	9	9	9	NUM
ajfa-14168	245	10	.	.	PUNCT
ajfa-14168	245	11	comparison	comparison	NOUN
ajfa-14168	245	12	between	between	ADP
ajfa-14168	245	13	default	default	NOUN
ajfa-14168	245	14	probability	probability	NOUN
ajfa-14168	245	15	,	,	PUNCT
ajfa-14168	245	16	z	z	NOUN
ajfa-14168	245	17	-	-	PUNCT
ajfa-14168	245	18	score	score	NOUN
ajfa-14168	245	19	and	and	CCONJ
ajfa-14168	245	20	credit	credit	NOUN
ajfa-14168	245	21	rating	rating	NOUN
ajfa-14168	245	22	blue	blue	ADJ
ajfa-14168	245	23	-	-	PUNCT
ajfa-14168	245	24	chip	chip	NOUN
ajfa-14168	245	25	companies	company	NOUN
ajfa-14168	245	26	ordinary	ordinary	ADJ
ajfa-14168	245	27	companies	company	NOUN
ajfa-14168	245	28	code	code	VERB
ajfa-14168	245	29	default	default	NOUN
ajfa-14168	245	30	probability	probability	NOUN
ajfa-14168	245	31	z	z	NOUN
ajfa-14168	245	32	-	-	PUNCT
ajfa-14168	245	33	score	score	NOUN
ajfa-14168	245	34	credit	credit	NOUN
ajfa-14168	245	35	rating	rating	NOUN
ajfa-14168	245	36	code	code	NOUN
ajfa-14168	245	37	default	default	NOUN
ajfa-14168	245	38	probability	probability	NOUN
ajfa-14168	245	39	z	z	NOUN
ajfa-14168	245	40	-	-	PUNCT
ajfa-14168	245	41	score	score	NOUN
ajfa-14168	245	42	credit	credit	NOUN
ajfa-14168	245	43	rating	rating	NOUN
ajfa-14168	245	44	600519	600519	NUM
ajfa-14168	245	45	1.888e-60	1.888e-60	NUM
ajfa-14168	245	46	22.4552	22.4552	NUM
ajfa-14168	245	47	bbb	bbb	NOUN
ajfa-14168	245	48	600000	600000	NUM
ajfa-14168	245	49	2.9056e-10	2.9056e-10	NUM
ajfa-14168	245	50	0.1418	0.1418	NUM
ajfa-14168	245	51	bbb	bbb	NOUN
ajfa-14168	245	52	002302	002302	NUM
ajfa-14168	245	53	0.0089344	0.0089344	NUM
ajfa-14168	245	54	2.5422	2.5422	NUM
ajfa-14168	245	55	bbb	bbb	NOUN
ajfa-14168	245	56	000905	000905	NUM
ajfa-14168	245	57	0.00058159	0.00058159	NUM
ajfa-14168	245	58	2.8172	2.8172	NUM
ajfa-14168	245	59	a	a	DET
ajfa-14168	245	60	300176	300176	NUM
ajfa-14168	245	61	9.894e-07	9.894e-07	NUM
ajfa-14168	245	62	7.8001	7.8001	NUM
ajfa-14168	245	63	bbb	bbb	NOUN
ajfa-14168	245	64	600549	600549	NUM
ajfa-14168	245	65	3.2441e-05	3.2441e-05	NUM
ajfa-14168	245	66	2.9028	2.9028	NUM
ajfa-14168	245	67	a	a	DET
ajfa-14168	245	68	002307	002307	NUM
ajfa-14168	245	69	0.0210386	0.0210386	NUM
ajfa-14168	245	70	0.8350	0.8350	NUM
ajfa-14168	245	71	ccc	ccc	X
ajfa-14168	245	72	603377	603377	NUM
ajfa-14168	245	73	4.6181e-40	4.6181e-40	NUM
ajfa-14168	245	74	11.4903	11.4903	NUM
ajfa-14168	246	1	bb	bb	NOUN
ajfa-14168	246	2	002081	002081	NUM
ajfa-14168	246	3	1.939e-09	1.939e-09	NUM
ajfa-14168	247	1	3.2750	3.2750	NUM
ajfa-14168	247	2	bb	bb	NUM
ajfa-14168	247	3	600479	600479	NUM
ajfa-14168	247	4	1.2839e-21	1.2839e-21	NUM
ajfa-14168	247	5	4.9895	4.9895	NUM
ajfa-14168	247	6	aa	aa	NOUN
ajfa-14168	247	7	600808	600808	NUM
ajfa-14168	247	8	0.0001808	0.0001808	NUM
ajfa-14168	248	1	1.7804	1.7804	NUM
ajfa-14168	248	2	bb	bb	NOUN
ajfa-14168	248	3	002403	002403	NUM
ajfa-14168	249	1	9.8236e-19	9.8236e-19	NUM
ajfa-14168	250	1	2.5082	2.5082	NUM
ajfa-14168	250	2	aa	aa	NOUN
ajfa-14168	250	3	000709	000709	NUM
ajfa-14168	250	4	0.0019622	0.0019622	NUM
ajfa-14168	250	5	0.5040	0.5040	NUM
ajfa-14168	250	6	ccc	ccc	NOUN
ajfa-14168	250	7	600826	600826	NUM
ajfa-14168	250	8	3.5418e-12	3.5418e-12	NUM
ajfa-14168	250	9	4.5214	4.5214	NUM
ajfa-14168	250	10	a	a	DET
ajfa-14168	250	11	601919	601919	NUM
ajfa-14168	250	12	2.388e-05	2.388e-05	NUM
ajfa-14168	250	13	1.0641	1.0641	NUM
ajfa-14168	250	14	bb	bb	NOUN
ajfa-14168	250	15	300220	300220	NUM
ajfa-14168	250	16	4.762e-14	4.762e-14	NUM
ajfa-14168	250	17	15.6310	15.6310	NUM
ajfa-14168	250	18	bb	bb	NUM
ajfa-14168	250	19	601899	601899	NUM
ajfa-14168	250	20	4.231e-07	4.231e-07	NUM
ajfa-14168	250	21	1.7027	1.7027	NUM
ajfa-14168	250	22	bbb	bbb	NOUN
ajfa-14168	250	23	300104	300104	NUM
ajfa-14168	250	24	0.00706027	0.00706027	NUM
ajfa-14168	250	25	-2.2120	-2.2120	NOUN
ajfa-14168	250	26	cc	cc	ADP
ajfa-14168	250	27	600340	600340	NUM
ajfa-14168	250	28	0.0004569	0.0004569	NUM
ajfa-14168	250	29	0.9196	0.9196	NUM
ajfa-14168	250	30	ccc	ccc	X
ajfa-14168	250	31	600363	600363	NUM
ajfa-14168	250	32	3.2305e-08	3.2305e-08	NUM
ajfa-14168	250	33	3.3673	3.3673	NUM
ajfa-14168	250	34	a	a	DET
ajfa-14168	250	35	st	st	PROPN
ajfa-14168	250	36	companies	company	NOUN
ajfa-14168	250	37	st	st	PROPN
ajfa-14168	250	38	companies	company	NOUN
ajfa-14168	250	39	code	code	VERB
ajfa-14168	250	40	default	default	NOUN
ajfa-14168	250	41	probability	probability	NOUN
ajfa-14168	250	42	z	z	NOUN
ajfa-14168	250	43	-	-	PUNCT
ajfa-14168	250	44	score	score	NOUN
ajfa-14168	250	45	credit	credit	NOUN
ajfa-14168	250	46	rating	rating	NOUN
ajfa-14168	250	47	code	code	NOUN
ajfa-14168	250	48	default	default	NOUN
ajfa-14168	250	49	probability	probability	NOUN
ajfa-14168	250	50	z	z	NOUN
ajfa-14168	250	51	-	-	PUNCT
ajfa-14168	250	52	score	score	NOUN
ajfa-14168	250	53	credit	credit	NOUN
ajfa-14168	250	54	rating	rating	NOUN
ajfa-14168	250	55	600860	600860	NUM
ajfa-14168	250	56	2.431e-10	2.431e-10	NUM
ajfa-14168	250	57	2.3170	2.3170	NUM
ajfa-14168	250	58	ccc	ccc	NOUN
ajfa-14168	250	59	600608	600608	NUM
ajfa-14168	250	60	1.6632e-17	1.6632e-17	NUM
ajfa-14168	250	61	10.9623	10.9623	NUM
ajfa-14168	250	62	c	c	NOUN
ajfa-14168	250	63	002490	002490	NUM
ajfa-14168	250	64	0.0001318	0.0001318	NUM
ajfa-14168	250	65	0.9214	0.9214	NUM
ajfa-14168	250	66	d	d	NOUN
ajfa-14168	250	67	600403	600403	NUM
ajfa-14168	250	68	2.938e-16	2.938e-16	NUM
ajfa-14168	250	69	1.4503	1.4503	NUM
ajfa-14168	250	70	cc	cc	NOUN
ajfa-14168	250	71	000526	000526	NUM
ajfa-14168	250	72	5.669e-10	5.669e-10	NUM
ajfa-14168	251	1	0.7547	0.7547	NUM
ajfa-14168	251	2	d	d	SYM
ajfa-14168	251	3	601005	601005	NUM
ajfa-14168	251	4	5.1561e-21	5.1561e-21	NUM
ajfa-14168	251	5	0.3920	0.3920	NUM
ajfa-14168	251	6	d	d	NOUN
ajfa-14168	251	7	600696	600696	NUM
ajfa-14168	251	8	3.347e-09	3.347e-09	NUM
ajfa-14168	251	9	2.5827	2.5827	NUM
ajfa-14168	251	10	d	d	NOUN
ajfa-14168	251	11	000932	000932	NUM
ajfa-14168	251	12	0.00110886	0.00110886	NUM
ajfa-14168	251	13	1.2181	1.2181	NUM
ajfa-14168	251	14	bb	bb	NUM
ajfa-14168	251	15	000595	000595	NUM
ajfa-14168	251	16	1.873e-05	1.873e-05	NUM
ajfa-14168	251	17	1.9975	1.9975	NUM
ajfa-14168	251	18	c	c	NOUN
ajfa-14168	251	19	000982	000982	NUM
ajfa-14168	251	20	0.00012644	0.00012644	NUM
ajfa-14168	251	21	0.0803	0.0803	NUM
ajfa-14168	251	22	b	b	PROPN
ajfa-14168	251	23	asian	asian	ADJ
ajfa-14168	251	24	journal	journal	NOUN
ajfa-14168	251	25	of	of	ADP
ajfa-14168	251	26	finance	finance	PROPN
ajfa-14168	251	27	&	&	CCONJ
ajfa-14168	251	28	accounting	accounting	PROPN
ajfa-14168	251	29	issn	issn	PROPN
ajfa-14168	251	30	1946	1946	NUM
ajfa-14168	251	31	-	-	PUNCT
ajfa-14168	251	32	052x	052x	PROPN
ajfa-14168	251	33	2019	2019	NUM
ajfa-14168	251	34	,	,	PUNCT
ajfa-14168	251	35	vol	vol	NOUN
ajfa-14168	251	36	.	.	PROPN
ajfa-14168	251	37	11	11	NUM
ajfa-14168	251	38	,	,	PUNCT
ajfa-14168	251	39	no	no	INTJ
ajfa-14168	251	40	.	.	NOUN
ajfa-14168	251	41	1	1	NUM
ajfa-14168	251	42	ajfa.macrothink.org/	ajfa.macrothink.org/	VERB
ajfa-14168	251	43	163	163	NUM
ajfa-14168	251	44	5.2	5.2	NUM
ajfa-14168	251	45	advantages	advantage	NOUN
ajfa-14168	251	46	and	and	CCONJ
ajfa-14168	251	47	disadvantages	disadvantage	NOUN
ajfa-14168	251	48	it	it	PRON
ajfa-14168	251	49	is	be	AUX
ajfa-14168	251	50	self	self	NOUN
ajfa-14168	251	51	-	-	PUNCT
ajfa-14168	251	52	evident	evident	ADJ
ajfa-14168	251	53	that	that	SCONJ
ajfa-14168	251	54	kmv	kmv	PROPN
ajfa-14168	251	55	is	be	AUX
ajfa-14168	251	56	of	of	ADP
ajfa-14168	251	57	great	great	ADJ
ajfa-14168	251	58	importance	importance	NOUN
ajfa-14168	251	59	to	to	ADP
ajfa-14168	251	60	contemporary	contemporary	ADJ
ajfa-14168	251	61	credit	credit	NOUN
ajfa-14168	251	62	risk	risk	NOUN
ajfa-14168	251	63	research	research	NOUN
ajfa-14168	251	64	.	.	PUNCT
ajfa-14168	252	1	the	the	DET
ajfa-14168	252	2	kmv	kmv	PROPN
ajfa-14168	252	3	model	model	NOUN
ajfa-14168	252	4	is	be	AUX
ajfa-14168	252	5	a	a	DET
ajfa-14168	252	6	default	default	NOUN
ajfa-14168	252	7	probability	probability	NOUN
ajfa-14168	252	8	prediction	prediction	NOUN
ajfa-14168	252	9	model	model	NOUN
ajfa-14168	252	10	based	base	VERB
ajfa-14168	252	11	on	on	ADP
ajfa-14168	252	12	the	the	DET
ajfa-14168	252	13	modern	modern	ADJ
ajfa-14168	252	14	option	option	NOUN
ajfa-14168	252	15	pricing	pricing	NOUN
ajfa-14168	252	16	theory	theory	NOUN
ajfa-14168	252	17	,	,	PUNCT
ajfa-14168	252	18	which	which	PRON
ajfa-14168	252	19	is	be	AUX
ajfa-14168	252	20	an	an	DET
ajfa-14168	252	21	important	important	ADJ
ajfa-14168	252	22	innovation	innovation	NOUN
ajfa-14168	252	23	of	of	ADP
ajfa-14168	252	24	traditional	traditional	ADJ
ajfa-14168	252	25	credit	credit	NOUN
ajfa-14168	252	26	risk	risk	NOUN
ajfa-14168	252	27	measurement	measurement	NOUN
ajfa-14168	252	28	.	.	PUNCT
ajfa-14168	253	1	the	the	DET
ajfa-14168	253	2	kmv	kmv	PROPN
ajfa-14168	253	3	model	model	NOUN
ajfa-14168	253	4	can	can	AUX
ajfa-14168	253	5	take	take	VERB
ajfa-14168	253	6	into	into	ADP
ajfa-14168	253	7	account	account	NOUN
ajfa-14168	253	8	information	information	NOUN
ajfa-14168	253	9	in	in	ADP
ajfa-14168	253	10	the	the	DET
ajfa-14168	253	11	capital	capital	NOUN
ajfa-14168	253	12	market	market	NOUN
ajfa-14168	253	13	as	as	ADV
ajfa-14168	253	14	well	well	ADV
ajfa-14168	253	15	as	as	ADP
ajfa-14168	253	16	quantification	quantification	NOUN
ajfa-14168	253	17	and	and	CCONJ
ajfa-14168	253	18	analysis	analysis	NOUN
ajfa-14168	253	19	of	of	ADP
ajfa-14168	253	20	credit	credit	NOUN
ajfa-14168	253	21	risk	risk	NOUN
ajfa-14168	253	22	for	for	ADP
ajfa-14168	253	23	all	all	DET
ajfa-14168	253	24	listed	list	VERB
ajfa-14168	253	25	companies	company	NOUN
ajfa-14168	253	26	.	.	PUNCT
ajfa-14168	254	1	since	since	SCONJ
ajfa-14168	254	2	the	the	DET
ajfa-14168	254	3	data	datum	NOUN
ajfa-14168	254	4	required	require	VERB
ajfa-14168	254	5	by	by	ADP
ajfa-14168	254	6	the	the	DET
ajfa-14168	254	7	model	model	NOUN
ajfa-14168	254	8	comes	come	VERB
ajfa-14168	254	9	from	from	ADP
ajfa-14168	254	10	the	the	DET
ajfa-14168	254	11	stock	stock	NOUN
ajfa-14168	254	12	market	market	NOUN
ajfa-14168	254	13	,	,	PUNCT
ajfa-14168	254	14	market	market	NOUN
ajfa-14168	254	15	information	information	NOUN
ajfa-14168	254	16	is	be	AUX
ajfa-14168	254	17	fully	fully	ADV
ajfa-14168	254	18	utilized	utilize	VERB
ajfa-14168	254	19	—	—	PUNCT
ajfa-14168	254	20	leading	lead	VERB
ajfa-14168	254	21	to	to	ADP
ajfa-14168	254	22	a	a	DET
ajfa-14168	254	23	better	well	ADJ
ajfa-14168	254	24	reflection	reflection	NOUN
ajfa-14168	254	25	of	of	ADP
ajfa-14168	254	26	the	the	DET
ajfa-14168	254	27	current	current	ADJ
ajfa-14168	254	28	credit	credit	NOUN
ajfa-14168	254	29	standing	standing	NOUN
ajfa-14168	254	30	of	of	ADP
ajfa-14168	254	31	listed	list	VERB
ajfa-14168	254	32	companies	company	NOUN
ajfa-14168	254	33	.	.	PUNCT
ajfa-14168	255	1	in	in	ADP
ajfa-14168	255	2	addition	addition	NOUN
ajfa-14168	255	3	,	,	PUNCT
ajfa-14168	255	4	the	the	DET
ajfa-14168	255	5	kmv	kmv	PROPN
ajfa-14168	255	6	model	model	NOUN
ajfa-14168	255	7	is	be	AUX
ajfa-14168	255	8	based	base	VERB
ajfa-14168	255	9	on	on	ADP
ajfa-14168	255	10	contemporary	contemporary	ADJ
ajfa-14168	255	11	corporate	corporate	ADJ
ajfa-14168	255	12	finance	finance	NOUN
ajfa-14168	255	13	theory	theory	NOUN
ajfa-14168	255	14	and	and	CCONJ
ajfa-14168	255	15	option	option	NOUN
ajfa-14168	255	16	pricing	pricing	NOUN
ajfa-14168	255	17	theory	theory	NOUN
ajfa-14168	255	18	,	,	PUNCT
ajfa-14168	255	19	so	so	CCONJ
ajfa-14168	255	20	there	there	PRON
ajfa-14168	255	21	is	be	VERB
ajfa-14168	255	22	a	a	DET
ajfa-14168	255	23	strong	strong	ADJ
ajfa-14168	255	24	theoretical	theoretical	ADJ
ajfa-14168	255	25	foundation	foundation	NOUN
ajfa-14168	255	26	to	to	PART
ajfa-14168	255	27	rely	rely	VERB
ajfa-14168	255	28	on	on	ADP
ajfa-14168	255	29	.	.	PUNCT
ajfa-14168	256	1	the	the	DET
ajfa-14168	256	2	kmv	kmv	PROPN
ajfa-14168	256	3	model	model	NOUN
ajfa-14168	256	4	has	have	AUX
ajfa-14168	256	5	become	become	VERB
ajfa-14168	256	6	the	the	DET
ajfa-14168	256	7	most	most	ADV
ajfa-14168	256	8	important	important	ADJ
ajfa-14168	256	9	credit	credit	NOUN
ajfa-14168	256	10	risk	risk	NOUN
ajfa-14168	256	11	rating	rating	NOUN
ajfa-14168	256	12	model	model	NOUN
ajfa-14168	256	13	in	in	ADP
ajfa-14168	256	14	the	the	DET
ajfa-14168	256	15	world	world	NOUN
ajfa-14168	256	16	thanks	thank	NOUN
ajfa-14168	256	17	to	to	ADP
ajfa-14168	256	18	the	the	DET
ajfa-14168	256	19	strong	strong	ADJ
ajfa-14168	256	20	theoretical	theoretical	ADJ
ajfa-14168	256	21	basis	basis	NOUN
ajfa-14168	256	22	and	and	CCONJ
ajfa-14168	256	23	low	low	ADJ
ajfa-14168	256	24	hypothetical	hypothetical	ADJ
ajfa-14168	256	25	condition	condition	NOUN
ajfa-14168	256	26	.	.	PUNCT
ajfa-14168	257	1	application	application	NOUN
ajfa-14168	257	2	of	of	ADP
ajfa-14168	257	3	the	the	DET
ajfa-14168	257	4	kmv	kmv	PROPN
ajfa-14168	257	5	model	model	NOUN
ajfa-14168	257	6	can	can	AUX
ajfa-14168	257	7	improve	improve	VERB
ajfa-14168	257	8	the	the	DET
ajfa-14168	257	9	validity	validity	NOUN
ajfa-14168	257	10	of	of	ADP
ajfa-14168	257	11	credit	credit	NOUN
ajfa-14168	257	12	risk	risk	NOUN
ajfa-14168	257	13	analysis	analysis	NOUN
ajfa-14168	257	14	of	of	ADP
ajfa-14168	257	15	commercial	commercial	ADJ
ajfa-14168	257	16	banks	bank	NOUN
ajfa-14168	257	17	in	in	ADP
ajfa-14168	257	18	china	china	PROPN
ajfa-14168	257	19	,	,	PUNCT
ajfa-14168	257	20	offering	offer	VERB
ajfa-14168	257	21	a	a	DET
ajfa-14168	257	22	useful	useful	ADJ
ajfa-14168	257	23	reference	reference	NOUN
ajfa-14168	257	24	to	to	ADP
ajfa-14168	257	25	credit	credit	NOUN
ajfa-14168	257	26	risk	risk	NOUN
ajfa-14168	257	27	managers	manager	NOUN
ajfa-14168	257	28	.	.	PUNCT
ajfa-14168	258	1	however	however	ADV
ajfa-14168	258	2	,	,	PUNCT
ajfa-14168	258	3	every	every	DET
ajfa-14168	258	4	model	model	NOUN
ajfa-14168	258	5	is	be	AUX
ajfa-14168	258	6	flawed	flawed	ADJ
ajfa-14168	258	7	;	;	PUNCT
ajfa-14168	258	8	the	the	DET
ajfa-14168	258	9	kmv	kmv	PROPN
ajfa-14168	258	10	model	model	NOUN
ajfa-14168	258	11	is	be	AUX
ajfa-14168	258	12	no	no	DET
ajfa-14168	258	13	exception	exception	NOUN
ajfa-14168	258	14	.	.	PUNCT
ajfa-14168	259	1	first	first	ADV
ajfa-14168	259	2	of	of	ADP
ajfa-14168	259	3	all	all	PRON
ajfa-14168	259	4	,	,	PUNCT
ajfa-14168	259	5	the	the	DET
ajfa-14168	259	6	scope	scope	NOUN
ajfa-14168	259	7	of	of	ADP
ajfa-14168	259	8	application	application	NOUN
ajfa-14168	259	9	of	of	ADP
ajfa-14168	259	10	the	the	DET
ajfa-14168	259	11	kmv	kmv	PROPN
ajfa-14168	259	12	model	model	NOUN
ajfa-14168	259	13	has	have	VERB
ajfa-14168	259	14	certain	certain	ADJ
ajfa-14168	259	15	limitations	limitation	NOUN
ajfa-14168	259	16	.	.	PUNCT
ajfa-14168	260	1	generally	generally	ADV
ajfa-14168	260	2	,	,	PUNCT
ajfa-14168	260	3	the	the	DET
ajfa-14168	260	4	kmv	kmv	PROPN
ajfa-14168	260	5	model	model	NOUN
ajfa-14168	260	6	is	be	AUX
ajfa-14168	260	7	more	more	ADV
ajfa-14168	260	8	practical	practical	ADJ
ajfa-14168	260	9	for	for	ADP
ajfa-14168	260	10	listed	list	VERB
ajfa-14168	260	11	companies	company	NOUN
ajfa-14168	260	12	than	than	ADP
ajfa-14168	260	13	non	non	ADJ
ajfa-14168	260	14	-	-	ADJ
ajfa-14168	260	15	listed	listed	ADJ
ajfa-14168	260	16	companies	company	NOUN
ajfa-14168	260	17	.	.	PUNCT
ajfa-14168	261	1	since	since	SCONJ
ajfa-14168	261	2	information	information	NOUN
ajfa-14168	261	3	on	on	ADP
ajfa-14168	261	4	listed	list	VERB
ajfa-14168	261	5	companies	company	NOUN
ajfa-14168	261	6	is	be	AUX
ajfa-14168	261	7	more	more	ADV
ajfa-14168	261	8	accessible	accessible	ADJ
ajfa-14168	261	9	,	,	PUNCT
ajfa-14168	261	10	the	the	DET
ajfa-14168	261	11	market	market	NOUN
ajfa-14168	261	12	value	value	NOUN
ajfa-14168	261	13	of	of	ADP
ajfa-14168	261	14	listed	list	VERB
ajfa-14168	261	15	companies	company	NOUN
ajfa-14168	261	16	is	be	AUX
ajfa-14168	261	17	easier	easy	ADJ
ajfa-14168	261	18	to	to	PART
ajfa-14168	261	19	determine	determine	VERB
ajfa-14168	261	20	.	.	PUNCT
ajfa-14168	262	1	on	on	ADP
ajfa-14168	262	2	the	the	DET
ajfa-14168	262	3	other	other	ADJ
ajfa-14168	262	4	hand	hand	NOUN
ajfa-14168	262	5	,	,	PUNCT
ajfa-14168	262	6	information	information	NOUN
ajfa-14168	262	7	on	on	ADP
ajfa-14168	262	8	non	non	ADJ
ajfa-14168	262	9	-	-	ADJ
ajfa-14168	262	10	listed	listed	ADJ
ajfa-14168	262	11	companies	company	NOUN
ajfa-14168	262	12	is	be	AUX
ajfa-14168	262	13	not	not	PART
ajfa-14168	262	14	publicly	publicly	ADV
ajfa-14168	262	15	disclosed	disclose	VERB
ajfa-14168	262	16	.	.	PUNCT
ajfa-14168	263	1	as	as	SCONJ
ajfa-14168	263	2	accounting	accounting	NOUN
ajfa-14168	263	3	indicators	indicator	NOUN
ajfa-14168	263	4	are	be	AUX
ajfa-14168	263	5	pivotal	pivotal	ADJ
ajfa-14168	263	6	to	to	ADP
ajfa-14168	263	7	the	the	DET
ajfa-14168	263	8	kmv	kmv	PROPN
ajfa-14168	263	9	model	model	NOUN
ajfa-14168	263	10	,	,	PUNCT
ajfa-14168	263	11	it	it	PRON
ajfa-14168	263	12	is	be	AUX
ajfa-14168	263	13	therefore	therefore	ADV
ajfa-14168	263	14	a	a	DET
ajfa-14168	263	15	challenge	challenge	NOUN
ajfa-14168	263	16	to	to	PART
ajfa-14168	263	17	use	use	VERB
ajfa-14168	263	18	the	the	DET
ajfa-14168	263	19	model	model	NOUN
ajfa-14168	263	20	for	for	ADP
ajfa-14168	263	21	nonlisted	nonliste	VERB
ajfa-14168	263	22	companies	company	NOUN
ajfa-14168	263	23	.	.	PUNCT
ajfa-14168	264	1	so	so	ADV
ajfa-14168	264	2	,	,	PUNCT
ajfa-14168	264	3	we	we	PRON
ajfa-14168	264	4	need	need	VERB
ajfa-14168	264	5	to	to	PART
ajfa-14168	264	6	make	make	VERB
ajfa-14168	264	7	some	some	DET
ajfa-14168	264	8	adjustments	adjustment	NOUN
ajfa-14168	264	9	to	to	ADP
ajfa-14168	264	10	the	the	DET
ajfa-14168	264	11	important	important	ADJ
ajfa-14168	264	12	variables	variable	NOUN
ajfa-14168	264	13	of	of	ADP
ajfa-14168	264	14	the	the	DET
ajfa-14168	264	15	kmv	kmv	PROPN
ajfa-14168	264	16	model	model	NOUN
ajfa-14168	264	17	when	when	SCONJ
ajfa-14168	264	18	we	we	PRON
ajfa-14168	264	19	are	be	AUX
ajfa-14168	264	20	dealing	deal	VERB
ajfa-14168	264	21	with	with	ADP
ajfa-14168	264	22	non	non	ADJ
ajfa-14168	264	23	-	-	ADJ
ajfa-14168	264	24	listed	listed	ADJ
ajfa-14168	264	25	companies	company	NOUN
ajfa-14168	264	26	.	.	PUNCT
ajfa-14168	265	1	and	and	CCONJ
ajfa-14168	265	2	the	the	DET
ajfa-14168	265	3	expected	expect	VERB
ajfa-14168	265	4	default	default	NOUN
ajfa-14168	265	5	probability	probability	NOUN
ajfa-14168	265	6	of	of	ADP
ajfa-14168	265	7	the	the	DET
ajfa-14168	265	8	companies	company	NOUN
ajfa-14168	265	9	is	be	AUX
ajfa-14168	265	10	obtained	obtain	VERB
ajfa-14168	265	11	through	through	ADP
ajfa-14168	265	12	comparative	comparative	ADJ
ajfa-14168	265	13	analysis	analysis	NOUN
ajfa-14168	265	14	,	,	PUNCT
ajfa-14168	265	15	which	which	PRON
ajfa-14168	265	16	may	may	AUX
ajfa-14168	265	17	reduce	reduce	VERB
ajfa-14168	265	18	the	the	DET
ajfa-14168	265	19	accuracy	accuracy	NOUN
ajfa-14168	265	20	of	of	ADP
ajfa-14168	265	21	calculation	calculation	NOUN
ajfa-14168	265	22	to	to	ADP
ajfa-14168	265	23	a	a	DET
ajfa-14168	265	24	certain	certain	ADJ
ajfa-14168	265	25	extent	extent	NOUN
ajfa-14168	265	26	.	.	PUNCT
ajfa-14168	266	1	the	the	DET
ajfa-14168	266	2	kmv	kmv	PROPN
ajfa-14168	266	3	model	model	NOUN
ajfa-14168	266	4	also	also	ADV
ajfa-14168	266	5	assumes	assume	VERB
ajfa-14168	266	6	that	that	SCONJ
ajfa-14168	266	7	the	the	DET
ajfa-14168	266	8	asset	asset	NOUN
ajfa-14168	266	9	value	value	NOUN
ajfa-14168	266	10	of	of	ADP
ajfa-14168	266	11	a	a	DET
ajfa-14168	266	12	company	company	NOUN
ajfa-14168	266	13	is	be	AUX
ajfa-14168	266	14	subordinated	subordinate	VERB
ajfa-14168	266	15	to	to	ADP
ajfa-14168	266	16	lognormal	lognormal	ADJ
ajfa-14168	266	17	distribution	distribution	NOUN
ajfa-14168	266	18	,	,	PUNCT
ajfa-14168	266	19	but	but	CCONJ
ajfa-14168	266	20	in	in	ADP
ajfa-14168	266	21	actual	actual	ADJ
ajfa-14168	266	22	fact	fact	NOUN
ajfa-14168	266	23	the	the	DET
ajfa-14168	266	24	asset	asset	NOUN
ajfa-14168	266	25	value	value	NOUN
ajfa-14168	266	26	of	of	ADP
ajfa-14168	266	27	a	a	DET
ajfa-14168	266	28	company	company	NOUN
ajfa-14168	266	29	does	do	AUX
ajfa-14168	266	30	not	not	PART
ajfa-14168	266	31	necessarily	necessarily	ADV
ajfa-14168	266	32	conform	conform	VERB
ajfa-14168	266	33	to	to	ADP
ajfa-14168	266	34	this	this	DET
ajfa-14168	266	35	characteristic	characteristic	NOUN
ajfa-14168	266	36	.	.	PUNCT
ajfa-14168	267	1	the	the	DET
ajfa-14168	267	2	kmv	kmv	PROPN
ajfa-14168	267	3	model	model	NOUN
ajfa-14168	267	4	can	can	AUX
ajfa-14168	267	5	not	not	PART
ajfa-14168	267	6	measure	measure	VERB
ajfa-14168	267	7	portfolio	portfolio	NOUN
ajfa-14168	267	8	risk	risk	NOUN
ajfa-14168	267	9	too	too	ADV
ajfa-14168	267	10	due	due	ADP
ajfa-14168	267	11	to	to	ADP
ajfa-14168	267	12	the	the	DET
ajfa-14168	267	13	complexity	complexity	NOUN
ajfa-14168	267	14	and	and	CCONJ
ajfa-14168	267	15	uncertainty	uncertainty	NOUN
ajfa-14168	267	16	of	of	ADP
ajfa-14168	267	17	the	the	DET
ajfa-14168	267	18	market	market	NOUN
ajfa-14168	267	19	.	.	PUNCT
ajfa-14168	268	1	consequently	consequently	ADV
ajfa-14168	268	2	,	,	PUNCT
ajfa-14168	268	3	we	we	PRON
ajfa-14168	268	4	can	can	AUX
ajfa-14168	268	5	not	not	PART
ajfa-14168	268	6	get	get	VERB
ajfa-14168	268	7	the	the	DET
ajfa-14168	268	8	actual	actual	ADJ
ajfa-14168	268	9	default	default	NOUN
ajfa-14168	268	10	correlation	correlation	NOUN
ajfa-14168	268	11	between	between	ADP
ajfa-14168	268	12	two	two	NUM
ajfa-14168	268	13	different	different	ADJ
ajfa-14168	268	14	companies	company	NOUN
ajfa-14168	268	15	.	.	PUNCT
ajfa-14168	269	1	but	but	CCONJ
ajfa-14168	269	2	the	the	DET
ajfa-14168	269	3	combination	combination	NOUN
ajfa-14168	269	4	of	of	ADP
ajfa-14168	269	5	copula	copula	NOUN
ajfa-14168	269	6	function	function	NOUN
ajfa-14168	269	7	theory	theory	NOUN
ajfa-14168	269	8	and	and	CCONJ
ajfa-14168	269	9	kmv	kmv	NOUN
ajfa-14168	269	10	model	model	NOUN
ajfa-14168	269	11	may	may	AUX
ajfa-14168	269	12	help	help	VERB
ajfa-14168	269	13	us	we	PRON
ajfa-14168	269	14	overcome	overcome	VERB
ajfa-14168	269	15	this	this	DET
ajfa-14168	269	16	problem	problem	NOUN
ajfa-14168	269	17	for	for	ADP
ajfa-14168	269	18	now	now	ADV
ajfa-14168	269	19	.	.	PUNCT
ajfa-14168	270	1	in	in	ADP
ajfa-14168	270	2	short	short	ADJ
ajfa-14168	270	3	,	,	PUNCT
ajfa-14168	270	4	with	with	ADP
ajfa-14168	270	5	the	the	DET
ajfa-14168	270	6	gradual	gradual	ADJ
ajfa-14168	270	7	development	development	NOUN
ajfa-14168	270	8	and	and	CCONJ
ajfa-14168	270	9	perfection	perfection	NOUN
ajfa-14168	270	10	of	of	ADP
ajfa-14168	270	11	china	china	PROPN
ajfa-14168	270	12	's	's	PART
ajfa-14168	270	13	securities	security	NOUN
ajfa-14168	270	14	market	market	NOUN
ajfa-14168	270	15	,	,	PUNCT
ajfa-14168	270	16	it	it	PRON
ajfa-14168	270	17	will	will	AUX
ajfa-14168	270	18	be	be	AUX
ajfa-14168	270	19	a	a	DET
ajfa-14168	270	20	feasible	feasible	ADJ
ajfa-14168	270	21	choice	choice	NOUN
ajfa-14168	270	22	for	for	SCONJ
ajfa-14168	270	23	banks	bank	NOUN
ajfa-14168	270	24	to	to	PART
ajfa-14168	270	25	use	use	VERB
ajfa-14168	270	26	stock	stock	NOUN
ajfa-14168	270	27	market	market	NOUN
ajfa-14168	270	28	data	datum	NOUN
ajfa-14168	270	29	to	to	PART
ajfa-14168	270	30	evaluate	evaluate	VERB
ajfa-14168	270	31	the	the	DET
ajfa-14168	270	32	credit	credit	NOUN
ajfa-14168	270	33	standing	standing	NOUN
ajfa-14168	270	34	of	of	ADP
ajfa-14168	270	35	listed	list	VERB
ajfa-14168	270	36	companies	company	NOUN
ajfa-14168	270	37	.	.	PUNCT
ajfa-14168	271	1	6	6	X
ajfa-14168	271	2	.	.	X
ajfa-14168	271	3	conclusion	conclusion	NOUN
ajfa-14168	271	4	and	and	CCONJ
ajfa-14168	271	5	recommendations	recommendation	NOUN
ajfa-14168	271	6	6.1	6.1	NUM
ajfa-14168	271	7	conclusion	conclusion	NOUN
ajfa-14168	271	8	the	the	DET
ajfa-14168	271	9	main	main	ADJ
ajfa-14168	271	10	purposes	purpose	NOUN
ajfa-14168	271	11	of	of	ADP
ajfa-14168	271	12	this	this	DET
ajfa-14168	271	13	paper	paper	NOUN
ajfa-14168	271	14	are	be	AUX
ajfa-14168	271	15	as	as	SCONJ
ajfa-14168	271	16	follows	follow	VERB
ajfa-14168	271	17	:	:	PUNCT
ajfa-14168	271	18			NOUN
ajfa-14168	271	19	by	by	ADP
ajfa-14168	271	20	using	use	VERB
ajfa-14168	271	21	the	the	DET
ajfa-14168	271	22	share	share	NOUN
ajfa-14168	271	23	price	price	NOUN
ajfa-14168	271	24	and	and	CCONJ
ajfa-14168	271	25	financial	financial	ADJ
ajfa-14168	271	26	reporting	reporting	NOUN
ajfa-14168	271	27	information	information	NOUN
ajfa-14168	271	28	of	of	ADP
ajfa-14168	271	29	these	these	DET
ajfa-14168	271	30	listed	list	VERB
ajfa-14168	271	31	companies	company	NOUN
ajfa-14168	271	32	,	,	PUNCT
ajfa-14168	271	33	we	we	PRON
ajfa-14168	271	34	compute	compute	VERB
ajfa-14168	271	35	the	the	DET
ajfa-14168	271	36	distance	distance	NOUN
ajfa-14168	271	37	to	to	PART
ajfa-14168	271	38	default	default	VERB
ajfa-14168	271	39	and	and	CCONJ
ajfa-14168	271	40	credit	credit	NOUN
ajfa-14168	271	41	default	default	NOUN
ajfa-14168	271	42	probability	probability	NOUN
ajfa-14168	271	43	based	base	VERB
ajfa-14168	271	44	on	on	ADP
ajfa-14168	271	45	the	the	DET
ajfa-14168	271	46	kmv	kmv	PROPN
ajfa-14168	271	47	model	model	NOUN
ajfa-14168	271	48	.	.	PUNCT
ajfa-14168	272	1	asian	asian	ADJ
ajfa-14168	272	2	journal	journal	PROPN
ajfa-14168	272	3	of	of	ADP
ajfa-14168	272	4	finance	finance	PROPN
ajfa-14168	272	5	&	&	CCONJ
ajfa-14168	272	6	accounting	accounting	PROPN
ajfa-14168	272	7	issn	issn	PROPN
ajfa-14168	272	8	1946	1946	NUM
ajfa-14168	272	9	-	-	PUNCT
ajfa-14168	272	10	052x	052x	PROPN
ajfa-14168	272	11	2019	2019	NUM
ajfa-14168	272	12	,	,	PUNCT
ajfa-14168	272	13	vol	vol	NOUN
ajfa-14168	272	14	.	.	PROPN
ajfa-14168	272	15	11	11	NUM
ajfa-14168	272	16	,	,	PUNCT
ajfa-14168	272	17	no	no	INTJ
ajfa-14168	272	18	.	.	NOUN
ajfa-14168	272	19	1	1	NUM
ajfa-14168	272	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	272	21	164	164	NUM
ajfa-14168	272	22			NOUN
ajfa-14168	272	23	by	by	ADP
ajfa-14168	272	24	using	use	VERB
ajfa-14168	272	25	financial	financial	ADJ
ajfa-14168	272	26	statements	statement	NOUN
ajfa-14168	272	27	of	of	ADP
ajfa-14168	272	28	these	these	DET
ajfa-14168	272	29	listed	list	VERB
ajfa-14168	272	30	companies	company	NOUN
ajfa-14168	272	31	,	,	PUNCT
ajfa-14168	272	32	we	we	PRON
ajfa-14168	272	33	compute	compute	VERB
ajfa-14168	272	34	the	the	DET
ajfa-14168	272	35	z	z	NOUN
ajfa-14168	272	36	-	-	PUNCT
ajfa-14168	272	37	score	score	NOUN
ajfa-14168	272	38	based	base	VERB
ajfa-14168	272	39	on	on	ADP
ajfa-14168	272	40	the	the	DET
ajfa-14168	272	41	zeta	zeta	PROPN
ajfa-14168	272	42	model	model	NOUN
ajfa-14168	272	43	to	to	PART
ajfa-14168	272	44	determine	determine	VERB
ajfa-14168	272	45	the	the	DET
ajfa-14168	272	46	probability	probability	NOUN
ajfa-14168	272	47	of	of	ADP
ajfa-14168	272	48	the	the	DET
ajfa-14168	272	49	company	company	NOUN
ajfa-14168	272	50	going	go	VERB
ajfa-14168	272	51	bankrupt	bankrupt	ADJ
ajfa-14168	272	52	within	within	ADP
ajfa-14168	272	53	the	the	DET
ajfa-14168	272	54	next	next	ADJ
ajfa-14168	272	55	two	two	NUM
ajfa-14168	272	56	years	year	NOUN
ajfa-14168	272	57	.	.	PUNCT
ajfa-14168	273	1			NOUN
ajfa-14168	273	2	by	by	ADP
ajfa-14168	273	3	comparing	compare	VERB
ajfa-14168	273	4	the	the	DET
ajfa-14168	273	5	default	default	NOUN
ajfa-14168	273	6	probability	probability	NOUN
ajfa-14168	273	7	of	of	ADP
ajfa-14168	273	8	the	the	DET
ajfa-14168	273	9	kmv	kmv	PROPN
ajfa-14168	273	10	model	model	NOUN
ajfa-14168	273	11	and	and	CCONJ
ajfa-14168	273	12	the	the	DET
ajfa-14168	273	13	z	z	NOUN
ajfa-14168	273	14	-	-	PUNCT
ajfa-14168	273	15	score	score	NOUN
ajfa-14168	273	16	of	of	ADP
ajfa-14168	273	17	the	the	DET
ajfa-14168	273	18	zeta	zeta	PROPN
ajfa-14168	273	19	model	model	NOUN
ajfa-14168	273	20	with	with	ADP
ajfa-14168	273	21	the	the	DET
ajfa-14168	273	22	credit	credit	NOUN
ajfa-14168	273	23	rating	rating	NOUN
ajfa-14168	273	24	of	of	ADP
ajfa-14168	273	25	these	these	DET
ajfa-14168	273	26	listed	list	VERB
ajfa-14168	273	27	companies	company	NOUN
ajfa-14168	273	28	,	,	PUNCT
ajfa-14168	273	29	we	we	PRON
ajfa-14168	273	30	ascertain	ascertain	VERB
ajfa-14168	273	31	whether	whether	SCONJ
ajfa-14168	273	32	application	application	NOUN
ajfa-14168	273	33	of	of	ADP
ajfa-14168	273	34	credit	credit	NOUN
ajfa-14168	273	35	risk	risk	NOUN
ajfa-14168	273	36	management	management	NOUN
ajfa-14168	273	37	model	model	NOUN
ajfa-14168	273	38	in	in	ADP
ajfa-14168	273	39	china	china	PROPN
ajfa-14168	273	40	’s	’s	PART
ajfa-14168	273	41	banks	bank	NOUN
ajfa-14168	273	42	is	be	AUX
ajfa-14168	273	43	feasible	feasible	ADJ
ajfa-14168	273	44	.	.	PUNCT
ajfa-14168	274	1	having	having	AUX
ajfa-14168	274	2	met	meet	VERB
ajfa-14168	274	3	the	the	DET
ajfa-14168	274	4	above	above	ADJ
ajfa-14168	274	5	objectives	objective	NOUN
ajfa-14168	274	6	of	of	ADP
ajfa-14168	274	7	the	the	DET
ajfa-14168	274	8	paper	paper	NOUN
ajfa-14168	274	9	,	,	PUNCT
ajfa-14168	274	10	the	the	DET
ajfa-14168	274	11	following	follow	VERB
ajfa-14168	274	12	conclusion	conclusion	NOUN
ajfa-14168	274	13	can	can	AUX
ajfa-14168	274	14	be	be	AUX
ajfa-14168	274	15	made	make	VERB
ajfa-14168	274	16	.	.	PUNCT
ajfa-14168	275	1	bluechip	bluechip	NOUN
ajfa-14168	275	2	companies	company	NOUN
ajfa-14168	275	3	generally	generally	ADV
ajfa-14168	275	4	have	have	VERB
ajfa-14168	275	5	a	a	DET
ajfa-14168	275	6	relatively	relatively	ADV
ajfa-14168	275	7	larger	large	ADJ
ajfa-14168	275	8	z	z	NOUN
ajfa-14168	275	9	-	-	PUNCT
ajfa-14168	275	10	score	score	NOUN
ajfa-14168	275	11	and	and	CCONJ
ajfa-14168	275	12	a	a	DET
ajfa-14168	275	13	relatively	relatively	ADV
ajfa-14168	275	14	smaller	small	ADJ
ajfa-14168	275	15	default	default	NOUN
ajfa-14168	275	16	probability	probability	NOUN
ajfa-14168	275	17	.	.	PUNCT
ajfa-14168	276	1	the	the	DET
ajfa-14168	276	2	z	z	NOUN
ajfa-14168	276	3	-	-	PUNCT
ajfa-14168	276	4	score	score	NOUN
ajfa-14168	276	5	of	of	ADP
ajfa-14168	276	6	st	st	PROPN
ajfa-14168	276	7	companies	company	NOUN
ajfa-14168	276	8	is	be	AUX
ajfa-14168	276	9	generally	generally	ADV
ajfa-14168	276	10	less	less	ADJ
ajfa-14168	276	11	than	than	ADP
ajfa-14168	276	12	1.80	1.80	NUM
ajfa-14168	276	13	.	.	PUNCT
ajfa-14168	277	1	for	for	ADP
ajfa-14168	277	2	companies	company	NOUN
ajfa-14168	277	3	with	with	ADP
ajfa-14168	277	4	a	a	DET
ajfa-14168	277	5	high	high	ADJ
ajfa-14168	277	6	z	z	NOUN
ajfa-14168	277	7	-	-	PUNCT
ajfa-14168	277	8	score	score	NOUN
ajfa-14168	277	9	value	value	NOUN
ajfa-14168	277	10	,	,	PUNCT
ajfa-14168	277	11	the	the	DET
ajfa-14168	277	12	default	default	NOUN
ajfa-14168	277	13	probability	probability	NOUN
ajfa-14168	277	14	of	of	ADP
ajfa-14168	277	15	the	the	DET
ajfa-14168	277	16	kmv	kmv	PROPN
ajfa-14168	277	17	model	model	NOUN
ajfa-14168	277	18	is	be	AUX
ajfa-14168	277	19	relatively	relatively	ADV
ajfa-14168	277	20	lower	low	ADJ
ajfa-14168	277	21	in	in	ADP
ajfa-14168	277	22	general	general	ADJ
ajfa-14168	277	23	and	and	CCONJ
ajfa-14168	277	24	their	their	PRON
ajfa-14168	277	25	credit	credit	NOUN
ajfa-14168	277	26	rating	rating	NOUN
ajfa-14168	277	27	is	be	AUX
ajfa-14168	277	28	generally	generally	ADV
ajfa-14168	277	29	better	well	ADJ
ajfa-14168	277	30	,	,	PUNCT
ajfa-14168	277	31	i.e.	i.e.	X
ajfa-14168	277	32	class	class	NOUN
ajfa-14168	277	33	a	a	PROPN
ajfa-14168	277	34	and	and	CCONJ
ajfa-14168	277	35	b.	b.	PROPN
ajfa-14168	277	36	in	in	ADP
ajfa-14168	277	37	general	general	ADJ
ajfa-14168	277	38	,	,	PUNCT
ajfa-14168	277	39	for	for	ADP
ajfa-14168	277	40	companies	company	NOUN
ajfa-14168	277	41	with	with	ADP
ajfa-14168	277	42	a	a	DET
ajfa-14168	277	43	low	low	ADJ
ajfa-14168	277	44	z	z	NOUN
ajfa-14168	277	45	-	-	PUNCT
ajfa-14168	277	46	score	score	NOUN
ajfa-14168	277	47	value	value	NOUN
ajfa-14168	277	48	,	,	PUNCT
ajfa-14168	277	49	the	the	DET
ajfa-14168	277	50	default	default	NOUN
ajfa-14168	277	51	probability	probability	NOUN
ajfa-14168	277	52	of	of	ADP
ajfa-14168	277	53	the	the	DET
ajfa-14168	277	54	kmv	kmv	PROPN
ajfa-14168	277	55	model	model	NOUN
ajfa-14168	277	56	is	be	AUX
ajfa-14168	277	57	relatively	relatively	ADV
ajfa-14168	277	58	larger	large	ADJ
ajfa-14168	277	59	in	in	ADP
ajfa-14168	277	60	general	general	ADJ
ajfa-14168	277	61	and	and	CCONJ
ajfa-14168	277	62	their	their	PRON
ajfa-14168	277	63	credit	credit	NOUN
ajfa-14168	277	64	rating	rating	NOUN
ajfa-14168	277	65	is	be	AUX
ajfa-14168	277	66	generally	generally	ADV
ajfa-14168	277	67	poorer	poor	ADJ
ajfa-14168	277	68	.	.	PUNCT
ajfa-14168	278	1	but	but	CCONJ
ajfa-14168	278	2	in	in	ADP
ajfa-14168	278	3	class	class	NOUN
ajfa-14168	278	4	c	c	PROPN
ajfa-14168	278	5	and	and	CCONJ
ajfa-14168	278	6	d	d	NOUN
ajfa-14168	278	7	,	,	PUNCT
ajfa-14168	278	8	a	a	DET
ajfa-14168	278	9	few	few	ADJ
ajfa-14168	278	10	companies	company	NOUN
ajfa-14168	278	11	’	'	PUNCT
ajfa-14168	278	12	default	default	NOUN
ajfa-14168	278	13	probability	probability	NOUN
ajfa-14168	278	14	under	under	ADP
ajfa-14168	278	15	kmv	kmv	NOUN
ajfa-14168	278	16	model	model	NOUN
ajfa-14168	278	17	is	be	AUX
ajfa-14168	278	18	very	very	ADV
ajfa-14168	278	19	low	low	ADJ
ajfa-14168	278	20	and	and	CCONJ
ajfa-14168	278	21	their	their	PRON
ajfa-14168	278	22	z	z	NOUN
ajfa-14168	278	23	-	-	PUNCT
ajfa-14168	278	24	score	score	NOUN
ajfa-14168	278	25	is	be	AUX
ajfa-14168	278	26	very	very	ADV
ajfa-14168	278	27	high	high	ADJ
ajfa-14168	278	28	,	,	PUNCT
ajfa-14168	278	29	i.e.	i.e.	X
ajfa-14168	278	30	600608	600608	NUM
ajfa-14168	278	31	and	and	CCONJ
ajfa-14168	278	32	600696	600696	NUM
ajfa-14168	278	33	.	.	PUNCT
ajfa-14168	279	1	this	this	DET
ajfa-14168	279	2	situation	situation	NOUN
ajfa-14168	279	3	may	may	AUX
ajfa-14168	279	4	be	be	AUX
ajfa-14168	279	5	due	due	ADJ
ajfa-14168	279	6	to	to	ADP
ajfa-14168	279	7	insufficient	insufficient	ADJ
ajfa-14168	279	8	sample	sample	NOUN
ajfa-14168	279	9	size	size	NOUN
ajfa-14168	279	10	and	and	CCONJ
ajfa-14168	279	11	list	list	NOUN
ajfa-14168	279	12	companies	company	NOUN
ajfa-14168	279	13	’	'	PUNCT
ajfa-14168	279	14	wrong	wrong	ADJ
ajfa-14168	279	15	financial	financial	ADJ
ajfa-14168	279	16	statements	statement	NOUN
ajfa-14168	279	17	though	though	SCONJ
ajfa-14168	279	18	they	they	PRON
ajfa-14168	279	19	have	have	AUX
ajfa-14168	279	20	been	be	AUX
ajfa-14168	279	21	audited	audit	VERB
ajfa-14168	279	22	.	.	PUNCT
ajfa-14168	280	1	it	it	PRON
ajfa-14168	280	2	is	be	AUX
ajfa-14168	280	3	obvious	obvious	ADJ
ajfa-14168	280	4	that	that	SCONJ
ajfa-14168	280	5	credit	credit	NOUN
ajfa-14168	280	6	rating	rating	NOUN
ajfa-14168	280	7	is	be	AUX
ajfa-14168	280	8	affected	affect	VERB
ajfa-14168	280	9	by	by	ADP
ajfa-14168	280	10	many	many	ADJ
ajfa-14168	280	11	factors	factor	NOUN
ajfa-14168	280	12	,	,	PUNCT
ajfa-14168	280	13	which	which	PRON
ajfa-14168	280	14	include	include	VERB
ajfa-14168	280	15	the	the	DET
ajfa-14168	280	16	credit	credit	NOUN
ajfa-14168	280	17	default	default	NOUN
ajfa-14168	280	18	risk	risk	NOUN
ajfa-14168	280	19	of	of	ADP
ajfa-14168	280	20	the	the	DET
ajfa-14168	280	21	subject	subject	NOUN
ajfa-14168	280	22	of	of	ADP
ajfa-14168	280	23	evaluation	evaluation	NOUN
ajfa-14168	280	24	,	,	PUNCT
ajfa-14168	280	25	the	the	DET
ajfa-14168	280	26	ability	ability	NOUN
ajfa-14168	280	27	and	and	CCONJ
ajfa-14168	280	28	willingness	willingness	NOUN
ajfa-14168	280	29	of	of	ADP
ajfa-14168	280	30	the	the	DET
ajfa-14168	280	31	economic	economic	ADJ
ajfa-14168	280	32	entity	entity	NOUN
ajfa-14168	280	33	to	to	PART
ajfa-14168	280	34	fulfil	fulfil	VERB
ajfa-14168	280	35	the	the	DET
ajfa-14168	280	36	debt	debt	NOUN
ajfa-14168	280	37	and	and	CCONJ
ajfa-14168	280	38	other	other	ADJ
ajfa-14168	280	39	financial	financial	ADJ
ajfa-14168	280	40	obligations	obligation	NOUN
ajfa-14168	280	41	on	on	ADP
ajfa-14168	280	42	time	time	NOUN
ajfa-14168	280	43	in	in	ADP
ajfa-14168	280	44	accordance	accordance	NOUN
ajfa-14168	280	45	with	with	ADP
ajfa-14168	280	46	the	the	DET
ajfa-14168	280	47	contract	contract	NOUN
ajfa-14168	280	48	,	,	PUNCT
ajfa-14168	280	49	and	and	CCONJ
ajfa-14168	280	50	the	the	DET
ajfa-14168	280	51	technical	technical	ADJ
ajfa-14168	280	52	and	and	CCONJ
ajfa-14168	280	53	professional	professional	ADJ
ajfa-14168	280	54	experience	experience	NOUN
ajfa-14168	280	55	of	of	ADP
ajfa-14168	280	56	the	the	DET
ajfa-14168	280	57	third	third	ADJ
ajfa-14168	280	58	-	-	PUNCT
ajfa-14168	280	59	party	party	NOUN
ajfa-14168	280	60	credit	credit	NOUN
ajfa-14168	280	61	rating	rating	NOUN
ajfa-14168	280	62	agency	agency	NOUN
ajfa-14168	280	63	.	.	PUNCT
ajfa-14168	281	1	the	the	DET
ajfa-14168	281	2	process	process	NOUN
ajfa-14168	281	3	of	of	ADP
ajfa-14168	281	4	issuing	issue	VERB
ajfa-14168	281	5	credit	credit	NOUN
ajfa-14168	281	6	ratings	rating	NOUN
ajfa-14168	281	7	involves	involve	VERB
ajfa-14168	281	8	a	a	DET
ajfa-14168	281	9	complex	complex	ADJ
ajfa-14168	281	10	and	and	CCONJ
ajfa-14168	281	11	structured	structured	ADJ
ajfa-14168	281	12	risk	risk	NOUN
ajfa-14168	281	13	assessment	assessment	NOUN
ajfa-14168	281	14	of	of	ADP
ajfa-14168	281	15	credit	credit	NOUN
ajfa-14168	281	16	products	product	NOUN
ajfa-14168	281	17	.	.	PUNCT
ajfa-14168	282	1	the	the	DET
ajfa-14168	282	2	increasing	increase	VERB
ajfa-14168	282	3	complexity	complexity	NOUN
ajfa-14168	282	4	of	of	ADP
ajfa-14168	282	5	investment	investment	NOUN
ajfa-14168	282	6	products	product	NOUN
ajfa-14168	282	7	has	have	AUX
ajfa-14168	282	8	only	only	ADV
ajfa-14168	282	9	made	make	VERB
ajfa-14168	282	10	the	the	DET
ajfa-14168	282	11	relationship	relationship	NOUN
ajfa-14168	282	12	between	between	ADP
ajfa-14168	282	13	rating	rating	NOUN
ajfa-14168	282	14	and	and	CCONJ
ajfa-14168	282	15	product	product	NOUN
ajfa-14168	282	16	risk	risk	NOUN
ajfa-14168	282	17	more	more	ADV
ajfa-14168	282	18	important	important	ADJ
ajfa-14168	282	19	than	than	ADP
ajfa-14168	282	20	ever	ever	ADV
ajfa-14168	282	21	.	.	PUNCT
ajfa-14168	283	1	but	but	CCONJ
ajfa-14168	283	2	the	the	DET
ajfa-14168	283	3	consequences	consequence	NOUN
ajfa-14168	283	4	of	of	ADP
ajfa-14168	283	5	default	default	NOUN
ajfa-14168	283	6	on	on	ADP
ajfa-14168	283	7	these	these	DET
ajfa-14168	283	8	complex	complex	ADJ
ajfa-14168	283	9	products	product	NOUN
ajfa-14168	283	10	may	may	AUX
ajfa-14168	283	11	be	be	AUX
ajfa-14168	283	12	minimal	minimal	ADJ
ajfa-14168	283	13	since	since	SCONJ
ajfa-14168	283	14	the	the	DET
ajfa-14168	283	15	risk	risk	NOUN
ajfa-14168	283	16	of	of	ADP
ajfa-14168	283	17	default	default	NOUN
ajfa-14168	283	18	can	can	AUX
ajfa-14168	283	19	be	be	AUX
ajfa-14168	283	20	dispersed	disperse	VERB
ajfa-14168	283	21	.	.	PUNCT
ajfa-14168	284	1	so	so	ADV
ajfa-14168	284	2	,	,	PUNCT
ajfa-14168	284	3	the	the	DET
ajfa-14168	284	4	default	default	NOUN
ajfa-14168	284	5	probability	probability	NOUN
ajfa-14168	284	6	derived	derive	VERB
ajfa-14168	284	7	from	from	ADP
ajfa-14168	284	8	the	the	DET
ajfa-14168	284	9	kmv	kmv	PROPN
ajfa-14168	284	10	model	model	NOUN
ajfa-14168	284	11	and	and	CCONJ
ajfa-14168	284	12	the	the	DET
ajfa-14168	284	13	zeta	zeta	PROPN
ajfa-14168	284	14	model	model	NOUN
ajfa-14168	284	15	can	can	AUX
ajfa-14168	284	16	not	not	PART
ajfa-14168	284	17	completely	completely	ADV
ajfa-14168	284	18	correspond	correspond	VERB
ajfa-14168	284	19	to	to	ADP
ajfa-14168	284	20	the	the	DET
ajfa-14168	284	21	entity	entity	NOUN
ajfa-14168	284	22	’s	’s	PART
ajfa-14168	284	23	credit	credit	NOUN
ajfa-14168	284	24	rating	rating	NOUN
ajfa-14168	284	25	as	as	SCONJ
ajfa-14168	284	26	these	these	DET
ajfa-14168	284	27	indicators	indicator	NOUN
ajfa-14168	284	28	are	be	AUX
ajfa-14168	284	29	only	only	ADV
ajfa-14168	284	30	some	some	DET
ajfa-14168	284	31	reference	reference	NOUN
ajfa-14168	284	32	bases	basis	NOUN
ajfa-14168	284	33	to	to	PART
ajfa-14168	284	34	help	help	VERB
ajfa-14168	284	35	investors	investor	NOUN
ajfa-14168	284	36	make	make	VERB
ajfa-14168	284	37	an	an	DET
ajfa-14168	284	38	informed	informed	ADJ
ajfa-14168	284	39	decision	decision	NOUN
ajfa-14168	284	40	.	.	PUNCT
ajfa-14168	285	1	6.2	6.2	NUM
ajfa-14168	285	2	recommendations	recommendation	NOUN
ajfa-14168	285	3	in	in	ADP
ajfa-14168	285	4	the	the	DET
ajfa-14168	285	5	previous	previous	ADJ
ajfa-14168	285	6	study	study	NOUN
ajfa-14168	285	7	,	,	PUNCT
ajfa-14168	285	8	we	we	PRON
ajfa-14168	285	9	found	find	VERB
ajfa-14168	285	10	that	that	SCONJ
ajfa-14168	285	11	the	the	DET
ajfa-14168	285	12	company	company	NOUN
ajfa-14168	285	13	's	's	PART
ajfa-14168	285	14	credit	credit	NOUN
ajfa-14168	285	15	rating	rating	NOUN
ajfa-14168	285	16	,	,	PUNCT
ajfa-14168	285	17	z	z	NOUN
ajfa-14168	285	18	-	-	PUNCT
ajfa-14168	285	19	score	score	NOUN
ajfa-14168	285	20	and	and	CCONJ
ajfa-14168	285	21	default	default	NOUN
ajfa-14168	285	22	probability	probability	NOUN
ajfa-14168	285	23	do	do	AUX
ajfa-14168	285	24	not	not	PART
ajfa-14168	285	25	correspond	correspond	VERB
ajfa-14168	285	26	one	one	NUM
ajfa-14168	285	27	by	by	ADP
ajfa-14168	285	28	one	one	NUM
ajfa-14168	285	29	.	.	PUNCT
ajfa-14168	286	1	we	we	PRON
ajfa-14168	286	2	can	can	AUX
ajfa-14168	286	3	try	try	VERB
ajfa-14168	286	4	to	to	PART
ajfa-14168	286	5	amend	amend	VERB
ajfa-14168	286	6	the	the	DET
ajfa-14168	286	7	specific	specific	ADJ
ajfa-14168	286	8	subjects	subject	NOUN
ajfa-14168	286	9	of	of	ADP
ajfa-14168	286	10	the	the	DET
ajfa-14168	286	11	financial	financial	ADJ
ajfa-14168	286	12	statements	statement	NOUN
ajfa-14168	286	13	.	.	PUNCT
ajfa-14168	287	1	by	by	ADP
ajfa-14168	287	2	modifying	modify	VERB
ajfa-14168	287	3	these	these	DET
ajfa-14168	287	4	figures	figure	NOUN
ajfa-14168	287	5	,	,	PUNCT
ajfa-14168	287	6	we	we	PRON
ajfa-14168	287	7	can	can	AUX
ajfa-14168	287	8	get	get	VERB
ajfa-14168	287	9	effective	effective	ADJ
ajfa-14168	287	10	financial	financial	ADJ
ajfa-14168	287	11	results	result	NOUN
ajfa-14168	287	12	.	.	PUNCT
ajfa-14168	288	1	if	if	SCONJ
ajfa-14168	288	2	there	there	PRON
ajfa-14168	288	3	are	be	VERB
ajfa-14168	288	4	opportunities	opportunity	NOUN
ajfa-14168	288	5	in	in	ADP
ajfa-14168	288	6	the	the	DET
ajfa-14168	288	7	future	future	NOUN
ajfa-14168	288	8	,	,	PUNCT
ajfa-14168	288	9	i	i	PRON
ajfa-14168	288	10	will	will	AUX
ajfa-14168	288	11	re	re	VERB
ajfa-14168	288	12	-	-	NOUN
ajfa-14168	288	13	analysis	analysis	NOUN
ajfa-14168	288	14	credit	credit	NOUN
ajfa-14168	288	15	risk	risk	NOUN
ajfa-14168	288	16	and	and	CCONJ
ajfa-14168	288	17	consider	consider	VERB
ajfa-14168	288	18	more	more	ADV
ajfa-14168	288	19	comprehensive	comprehensive	ADJ
ajfa-14168	288	20	factors	factor	NOUN
ajfa-14168	288	21	.	.	PUNCT
ajfa-14168	289	1	it	it	PRON
ajfa-14168	289	2	is	be	AUX
ajfa-14168	289	3	self	self	NOUN
ajfa-14168	289	4	-	-	PUNCT
ajfa-14168	289	5	evident	evident	ADJ
ajfa-14168	289	6	that	that	SCONJ
ajfa-14168	289	7	the	the	DET
ajfa-14168	289	8	measurement	measurement	NOUN
ajfa-14168	289	9	of	of	ADP
ajfa-14168	289	10	credit	credit	NOUN
ajfa-14168	289	11	risk	risk	NOUN
ajfa-14168	289	12	is	be	AUX
ajfa-14168	289	13	of	of	ADP
ajfa-14168	289	14	great	great	ADJ
ajfa-14168	289	15	importance	importance	NOUN
ajfa-14168	289	16	to	to	ADP
ajfa-14168	289	17	banks	bank	NOUN
ajfa-14168	289	18	.	.	PUNCT
ajfa-14168	290	1	the	the	DET
ajfa-14168	290	2	risk	risk	NOUN
ajfa-14168	290	3	management	management	NOUN
ajfa-14168	290	4	team	team	NOUN
ajfa-14168	290	5	of	of	ADP
ajfa-14168	290	6	banks	bank	NOUN
ajfa-14168	290	7	should	should	AUX
ajfa-14168	290	8	establish	establish	VERB
ajfa-14168	290	9	the	the	DET
ajfa-14168	290	10	right	right	ADJ
ajfa-14168	290	11	model	model	NOUN
ajfa-14168	290	12	where	where	SCONJ
ajfa-14168	290	13	benefit	benefit	NOUN
ajfa-14168	290	14	is	be	AUX
ajfa-14168	290	15	balanced	balance	VERB
ajfa-14168	290	16	against	against	ADP
ajfa-14168	290	17	risk	risk	NOUN
ajfa-14168	290	18	.	.	PUNCT
ajfa-14168	291	1	banks	bank	NOUN
ajfa-14168	291	2	have	have	VERB
ajfa-14168	291	3	the	the	DET
ajfa-14168	291	4	responsibility	responsibility	NOUN
ajfa-14168	291	5	to	to	PART
ajfa-14168	291	6	do	do	AUX
ajfa-14168	291	7	the	the	DET
ajfa-14168	291	8	following	follow	VERB
ajfa-14168	291	9	actions	action	NOUN
ajfa-14168	291	10	to	to	PART
ajfa-14168	291	11	minimize	minimize	VERB
ajfa-14168	291	12	the	the	DET
ajfa-14168	291	13	size	size	NOUN
ajfa-14168	291	14	of	of	ADP
ajfa-14168	291	15	credit	credit	NOUN
ajfa-14168	291	16	risk	risk	NOUN
ajfa-14168	291	17	:	:	PUNCT
ajfa-14168	291	18			NOUN
ajfa-14168	291	19	establish	establish	VERB
ajfa-14168	291	20	appropriate	appropriate	ADJ
ajfa-14168	291	21	risk	risk	NOUN
ajfa-14168	291	22	control	control	NOUN
ajfa-14168	291	23	models	model	NOUN
ajfa-14168	291	24	that	that	PRON
ajfa-14168	291	25	are	be	AUX
ajfa-14168	291	26	based	base	VERB
ajfa-14168	291	27	on	on	ADP
ajfa-14168	291	28	the	the	DET
ajfa-14168	291	29	actual	actual	ADJ
ajfa-14168	291	30	situation	situation	NOUN
ajfa-14168	291	31	,	,	PUNCT
ajfa-14168	291	32	and	and	CCONJ
ajfa-14168	291	33	quantitatively	quantitatively	ADV
ajfa-14168	291	34	and	and	CCONJ
ajfa-14168	291	35	qualitatively	qualitatively	ADV
ajfa-14168	291	36	analyze	analyze	VERB
ajfa-14168	291	37	its	its	PRON
ajfa-14168	291	38	credit	credit	NOUN
ajfa-14168	291	39	risk	risk	NOUN
ajfa-14168	291	40	.	.	PUNCT
ajfa-14168	292	1	asian	asian	ADJ
ajfa-14168	292	2	journal	journal	PROPN
ajfa-14168	292	3	of	of	ADP
ajfa-14168	292	4	finance	finance	PROPN
ajfa-14168	292	5	&	&	CCONJ
ajfa-14168	292	6	accounting	accounting	PROPN
ajfa-14168	292	7	issn	issn	PROPN
ajfa-14168	292	8	1946	1946	NUM
ajfa-14168	292	9	-	-	PUNCT
ajfa-14168	292	10	052x	052x	PROPN
ajfa-14168	292	11	2019	2019	NUM
ajfa-14168	292	12	,	,	PUNCT
ajfa-14168	292	13	vol	vol	NOUN
ajfa-14168	292	14	.	.	PROPN
ajfa-14168	292	15	11	11	NUM
ajfa-14168	292	16	,	,	PUNCT
ajfa-14168	292	17	no	no	INTJ
ajfa-14168	292	18	.	.	NOUN
ajfa-14168	292	19	1	1	NUM
ajfa-14168	292	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	292	21	165	165	NUM
ajfa-14168	292	22			NOUN
ajfa-14168	292	23	promote	promote	VERB
ajfa-14168	292	24	the	the	DET
ajfa-14168	292	25	reliability	reliability	NOUN
ajfa-14168	292	26	of	of	ADP
ajfa-14168	292	27	data	datum	NOUN
ajfa-14168	292	28	sources	source	NOUN
ajfa-14168	292	29	in	in	ADP
ajfa-14168	292	30	order	order	NOUN
ajfa-14168	292	31	to	to	PART
ajfa-14168	292	32	provide	provide	VERB
ajfa-14168	292	33	a	a	DET
ajfa-14168	292	34	reasonable	reasonable	ADJ
ajfa-14168	292	35	basis	basis	NOUN
ajfa-14168	292	36	for	for	ADP
ajfa-14168	292	37	the	the	DET
ajfa-14168	292	38	evaluation	evaluation	NOUN
ajfa-14168	292	39	of	of	ADP
ajfa-14168	292	40	enterprises	enterprise	NOUN
ajfa-14168	292	41	’	'	PUNCT
ajfa-14168	292	42	credit	credit	NOUN
ajfa-14168	292	43	risk	risk	NOUN
ajfa-14168	292	44	.	.	PUNCT
ajfa-14168	293	1			NOUN
ajfa-14168	293	2	maintain	maintain	VERB
ajfa-14168	293	3	the	the	DET
ajfa-14168	293	4	independence	independence	NOUN
ajfa-14168	293	5	of	of	ADP
ajfa-14168	293	6	internal	internal	ADJ
ajfa-14168	293	7	control	control	NOUN
ajfa-14168	293	8	to	to	PART
ajfa-14168	293	9	enhance	enhance	VERB
ajfa-14168	293	10	impartiality	impartiality	NOUN
ajfa-14168	293	11	of	of	ADP
ajfa-14168	293	12	the	the	DET
ajfa-14168	293	13	evaluation	evaluation	NOUN
ajfa-14168	293	14	results	result	NOUN
ajfa-14168	293	15	.	.	PUNCT
ajfa-14168	294	1			NOUN
ajfa-14168	294	2	train	train	NOUN
ajfa-14168	294	3	employees	employee	NOUN
ajfa-14168	294	4	regularly	regularly	ADV
ajfa-14168	294	5	to	to	PART
ajfa-14168	294	6	strengthen	strengthen	VERB
ajfa-14168	294	7	their	their	PRON
ajfa-14168	294	8	ability	ability	NOUN
ajfa-14168	294	9	to	to	PART
ajfa-14168	294	10	review	review	VERB
ajfa-14168	294	11	credit	credit	NOUN
ajfa-14168	294	12	and	and	CCONJ
ajfa-14168	294	13	to	to	PART
ajfa-14168	294	14	promote	promote	VERB
ajfa-14168	294	15	their	their	PRON
ajfa-14168	294	16	awareness	awareness	NOUN
ajfa-14168	294	17	of	of	ADP
ajfa-14168	294	18	the	the	DET
ajfa-14168	294	19	adequacy	adequacy	NOUN
ajfa-14168	294	20	and	and	CCONJ
ajfa-14168	294	21	necessity	necessity	NOUN
ajfa-14168	294	22	of	of	ADP
ajfa-14168	294	23	the	the	DET
ajfa-14168	294	24	credit	credit	NOUN
ajfa-14168	294	25	process	process	NOUN
ajfa-14168	294	26	.	.	PUNCT
ajfa-14168	295	1	references	reference	NOUN
ajfa-14168	295	2	altman	altman	PROPN
ajfa-14168	295	3	,	,	PUNCT
ajfa-14168	295	4	e.	e.	PROPN
ajfa-14168	295	5	i.	i.	PROPN
ajfa-14168	295	6	,	,	PUNCT
ajfa-14168	295	7	zhang	zhang	PROPN
ajfa-14168	295	8	,	,	PUNCT
ajfa-14168	295	9	l.	l.	PROPN
ajfa-14168	295	10	,	,	PUNCT
ajfa-14168	295	11	&	&	CCONJ
ajfa-14168	295	12	yen	yen	PROPN
ajfa-14168	295	13	,	,	PUNCT
ajfa-14168	295	14	j.	j.	PROPN
ajfa-14168	295	15	(	(	PUNCT
ajfa-14168	295	16	2007	2007	NUM
ajfa-14168	295	17	,	,	PUNCT
ajfa-14168	295	18	november	november	PROPN
ajfa-14168	295	19	)	)	PUNCT
ajfa-14168	295	20	.	.	PUNCT
ajfa-14168	296	1	corporate	corporate	ADJ
ajfa-14168	296	2	financial	financial	ADJ
ajfa-14168	296	3	distress	distress	NOUN
ajfa-14168	296	4	diagnosis	diagnosis	NOUN
ajfa-14168	296	5	in	in	ADP
ajfa-14168	296	6	chinese	chinese	PROPN
ajfa-14168	296	7	.	.	PUNCT
ajfa-14168	297	1	salomon	salomon	PROPN
ajfa-14168	297	2	center	center	PROPN
ajfa-14168	297	3	working	work	VERB
ajfa-14168	297	4	paper	paper	NOUN
ajfa-14168	297	5	.	.	PUNCT
ajfa-14168	298	1	http://people.stern.nyu.edu/ealtman/zhanglingpaper.pdf	http://people.stern.nyu.edu/ealtman/zhanglingpaper.pdf	PROPN
ajfa-14168	298	2	altman	altman	PROPN
ajfa-14168	298	3	,	,	PUNCT
ajfa-14168	298	4	e.	e.	PROPN
ajfa-14168	298	5	i.	i.	PROPN
ajfa-14168	298	6	&	&	CCONJ
ajfa-14168	298	7	saunders	saunders	PROPN
ajfa-14168	298	8	,	,	PUNCT
ajfa-14168	298	9	a.	a.	NOUN
ajfa-14168	298	10	(	(	PUNCT
ajfa-14168	298	11	1998	1998	NUM
ajfa-14168	298	12	)	)	PUNCT
ajfa-14168	298	13	.	.	PUNCT
ajfa-14168	299	1	credit	credit	NOUN
ajfa-14168	299	2	risk	risk	NOUN
ajfa-14168	299	3	measurement	measurement	NOUN
ajfa-14168	299	4	:	:	PUNCT
ajfa-14168	299	5	developments	development	NOUN
ajfa-14168	299	6	over	over	ADP
ajfa-14168	299	7	the	the	DET
ajfa-14168	299	8	last	last	ADJ
ajfa-14168	299	9	20	20	NUM
ajfa-14168	299	10	years	year	NOUN
ajfa-14168	299	11	.	.	PUNCT
ajfa-14168	300	1	journal	journal	NOUN
ajfa-14168	300	2	of	of	ADP
ajfa-14168	300	3	banking	banking	NOUN
ajfa-14168	300	4	and	and	CCONJ
ajfa-14168	300	5	finance	finance	NOUN
ajfa-14168	300	6	,	,	PUNCT
ajfa-14168	300	7	21	21	NUM
ajfa-14168	300	8	.	.	PUNCT
ajfa-14168	301	1	http://socsci2.ucsd.edu/~aronatas/project/academic/science.pdf	http://socsci2.ucsd.edu/~aronatas/project/academic/science.pdf	PROPN
ajfa-14168	301	2	bookstaber	bookstaber	PROPN
ajfa-14168	301	3	,	,	PUNCT
ajfa-14168	301	4	richard	richard	PROPN
ajfa-14168	301	5	m.	m.	PROPN
ajfa-14168	302	1	[	[	X
ajfa-14168	302	2	1987	1987	NUM
ajfa-14168	302	3	]	]	PUNCT
ajfa-14168	302	4	.	.	PUNCT
ajfa-14168	303	1	option	option	NOUN
ajfa-14168	303	2	pricing	pricing	NOUN
ajfa-14168	303	3	and	and	CCONJ
ajfa-14168	303	4	investment	investment	NOUN
ajfa-14168	303	5	strategies	strategy	NOUN
ajfa-14168	303	6	.	.	PUNCT
ajfa-14168	304	1	https://www.amazon.com/pricing-investment-strategies-richard-bookstaber/dp/0917253817	https://www.amazon.com/pricing-investment-strategies-richard-bookstaber/dp/0917253817	NOUN
ajfa-14168	304	2	burgstahler	burgstahler	NOUN
ajfa-14168	304	3	,	,	PUNCT
ajfa-14168	304	4	d.	d.	PROPN
ajfa-14168	304	5	,	,	PUNCT
ajfa-14168	304	6	j.	j.	PROPN
ajfa-14168	304	7	jiambalvo	jiambalvo	PROPN
ajfa-14168	304	8	,	,	PUNCT
ajfa-14168	304	9	&	&	CCONJ
ajfa-14168	304	10	e.	e.	PROPN
ajfa-14168	304	11	noreen	noreen	PROPN
ajfa-14168	304	12	.	.	PUNCT
ajfa-14168	305	1	(	(	PUNCT
ajfa-14168	305	2	1989	1989	NUM
ajfa-14168	305	3	)	)	PUNCT
ajfa-14168	305	4	.	.	PUNCT
ajfa-14168	306	1	changes	change	NOUN
ajfa-14168	306	2	in	in	ADP
ajfa-14168	306	3	the	the	DET
ajfa-14168	306	4	probability	probability	NOUN
ajfa-14168	306	5	of	of	ADP
ajfa-14168	306	6	bankruptcy	bankruptcy	NOUN
ajfa-14168	306	7	and	and	CCONJ
ajfa-14168	306	8	equity	equity	NOUN
ajfa-14168	306	9	value	value	NOUN
ajfa-14168	306	10	.	.	PUNCT
ajfa-14168	307	1	journal	journal	NOUN
ajfa-14168	307	2	of	of	ADP
ajfa-14168	307	3	accounting	accounting	NOUN
ajfa-14168	307	4	and	and	CCONJ
ajfa-14168	307	5	economics	economic	NOUN
ajfa-14168	307	6	,	,	PUNCT
ajfa-14168	307	7	11	11	NUM
ajfa-14168	307	8	,	,	PUNCT
ajfa-14168	307	9	207	207	NUM
ajfa-14168	307	10	-	-	SYM
ajfa-14168	307	11	24	24	NUM
ajfa-14168	307	12	.	.	PUNCT
ajfa-14168	308	1	https://doi.org/10.1016/0165-4101(89)90006-2	https://doi.org/10.1016/0165-4101(89)90006-2	NOUN
ajfa-14168	308	2	crouhy	crouhy	NOUN
ajfa-14168	308	3	,	,	PUNCT
ajfa-14168	308	4	m.	m.	NOUN
ajfa-14168	308	5	,	,	PUNCT
ajfa-14168	308	6	galai	galai	PROPN
ajfa-14168	308	7	,	,	PUNCT
ajfa-14168	308	8	d.	d.	PROPN
ajfa-14168	308	9	,	,	PUNCT
ajfa-14168	308	10	&	&	CCONJ
ajfa-14168	308	11	mark	mark	PROPN
ajfa-14168	308	12	,	,	PUNCT
ajfa-14168	308	13	r.	r.	PROPN
ajfa-14168	308	14	(	(	PUNCT
ajfa-14168	308	15	2000	2000	NUM
ajfa-14168	308	16	)	)	PUNCT
ajfa-14168	308	17	.	.	PUNCT
ajfa-14168	309	1	a	a	DET
ajfa-14168	309	2	comparative	comparative	ADJ
ajfa-14168	309	3	analysis	analysis	NOUN
ajfa-14168	309	4	of	of	ADP
ajfa-14168	309	5	current	current	ADJ
ajfa-14168	309	6	credit	credit	NOUN
ajfa-14168	309	7	risk	risk	NOUN
ajfa-14168	309	8	models	model	NOUN
ajfa-14168	309	9	.	.	PUNCT
ajfa-14168	310	1	journal	journal	NOUN
ajfa-14168	310	2	of	of	ADP
ajfa-14168	310	3	banking	banking	NOUN
ajfa-14168	310	4	&	&	CCONJ
ajfa-14168	310	5	finance	finance	NOUN
ajfa-14168	310	6	,	,	PUNCT
ajfa-14168	310	7	24(1	24(1	NUM
ajfa-14168	310	8	)	)	PUNCT
ajfa-14168	310	9	,	,	PUNCT
ajfa-14168	310	10	59	59	NUM
ajfa-14168	310	11	-	-	SYM
ajfa-14168	310	12	117	117	NUM
ajfa-14168	310	13	.	.	PUNCT
ajfa-14168	311	1	https://doi.org/10.1016/s0378-4266(99)000539	https://doi.org/10.1016/s0378-4266(99)000539	NOUN
ajfa-14168	311	2	crosbie	crosbie	NOUN
ajfa-14168	311	3	,	,	PUNCT
ajfa-14168	311	4	peter	peter	PROPN
ajfa-14168	311	5	j.	j.	PROPN
ajfa-14168	311	6	,	,	PUNCT
ajfa-14168	311	7	&	&	CCONJ
ajfa-14168	311	8	jeffrey	jeffrey	PROPN
ajfa-14168	311	9	r.	r.	PROPN
ajfa-14168	311	10	bohn	bohn	PROPN
ajfa-14168	311	11	(	(	PUNCT
ajfa-14168	311	12	2003	2003	NUM
ajfa-14168	311	13	)	)	PUNCT
ajfa-14168	311	14	,	,	PUNCT
ajfa-14168	311	15	modeling	model	VERB
ajfa-14168	311	16	default	default	NOUN
ajfa-14168	311	17	risk	risk	NOUN
ajfa-14168	311	18	,	,	PUNCT
ajfa-14168	311	19	phd	phd	NOUN
ajfa-14168	311	20	dissertation	dissertation	NOUN
ajfa-14168	311	21	.	.	PUNCT
ajfa-14168	312	1	technical	technical	ADJ
ajfa-14168	312	2	document	document	NOUN
ajfa-14168	312	3	,	,	PUNCT
ajfa-14168	312	4	moody	moody	PROPN
ajfa-14168	312	5	's	's	PART
ajfa-14168	312	6	kmv	kmv	NOUN
ajfa-14168	312	7	.	.	PUNCT
ajfa-14168	313	1	https://business.illinois.edu/gpennacc/moodyskmv.pdf	https://business.illinois.edu/gpennacc/moodyskmv.pdf	ADJ
ajfa-14168	313	2	hillegeist	hillegeist	NOUN
ajfa-14168	313	3	,	,	PUNCT
ajfa-14168	313	4	s.a	s.a	PROPN
ajfa-14168	313	5	.	.	PROPN
ajfa-14168	313	6	;	;	PUNCT
ajfa-14168	313	7	keating	keating	PROPN
ajfa-14168	313	8	e.k	e.k	PROPN
ajfa-14168	313	9	.	.	PROPN
ajfa-14168	313	10	;	;	PUNCT
ajfa-14168	313	11	cram	cram	PROPN
ajfa-14168	313	12	,	,	PUNCT
ajfa-14168	313	13	d.p	d.p	PROPN
ajfa-14168	313	14	.	.	PROPN
ajfa-14168	313	15	and	and	CCONJ
ajfa-14168	313	16	lundstedt	lundstedt	PROPN
ajfa-14168	313	17	,	,	PUNCT
ajfa-14168	313	18	k.g	k.g	PROPN
ajfa-14168	313	19	.	.	PROPN
ajfa-14168	313	20	(	(	PUNCT
ajfa-14168	313	21	2004	2004	NUM
ajfa-14168	313	22	)	)	PUNCT
ajfa-14168	313	23	.	.	PUNCT
ajfa-14168	314	1	assessing	assess	VERB
ajfa-14168	314	2	the	the	DET
ajfa-14168	314	3	probability	probability	NOUN
ajfa-14168	314	4	of	of	ADP
ajfa-14168	314	5	bankruptcy	bankruptcy	NOUN
ajfa-14168	314	6	.	.	PUNCT
ajfa-14168	315	1	review	review	NOUN
ajfa-14168	315	2	of	of	ADP
ajfa-14168	315	3	accounting	accounting	NOUN
ajfa-14168	315	4	studies	study	NOUN
ajfa-14168	315	5	,	,	PUNCT
ajfa-14168	315	6	5	5	NUM
ajfa-14168	315	7	-	-	SYM
ajfa-14168	315	8	34	34	NUM
ajfa-14168	315	9	.	.	PUNCT
ajfa-14168	316	1	https://doi.org/10.1023/b:rast.0000013627.90884.b7	https://doi.org/10.1023/b:rast.0000013627.90884.b7	PROPN
ajfa-14168	316	2	kealhofer	kealhofer	PROPN
ajfa-14168	316	3	,	,	PUNCT
ajfa-14168	316	4	s.	s.	PROPN
ajfa-14168	316	5	,	,	PUNCT
ajfa-14168	316	6	&	&	CCONJ
ajfa-14168	316	7	kurbat	kurbat	PROPN
ajfa-14168	316	8	,	,	PUNCT
ajfa-14168	316	9	m.	m.	NOUN
ajfa-14168	316	10	(	(	PUNCT
ajfa-14168	316	11	2002	2002	NUM
ajfa-14168	316	12	)	)	PUNCT
ajfa-14168	316	13	.	.	PUNCT
ajfa-14168	317	1	the	the	DET
ajfa-14168	317	2	default	default	NOUN
ajfa-14168	317	3	prediction	prediction	NOUN
ajfa-14168	317	4	power	power	NOUN
ajfa-14168	317	5	of	of	ADP
ajfa-14168	317	6	the	the	DET
ajfa-14168	317	7	merton	merton	PROPN
ajfa-14168	317	8	approach	approach	NOUN
ajfa-14168	317	9	,	,	PUNCT
ajfa-14168	317	10	relative	relative	ADJ
ajfa-14168	317	11	to	to	ADP
ajfa-14168	317	12	debt	debt	NOUN
ajfa-14168	317	13	ratings	rating	NOUN
ajfa-14168	317	14	and	and	CCONJ
ajfa-14168	317	15	accounting	accounting	NOUN
ajfa-14168	317	16	variables	variable	NOUN
ajfa-14168	317	17	,	,	PUNCT
ajfa-14168	317	18	kmv	kmv	PROPN
ajfa-14168	317	19	llc	llc	PROPN
ajfa-14168	317	20	,	,	PUNCT
ajfa-14168	317	21	mimeo	mimeo	NOUN
ajfa-14168	317	22	.	.	PUNCT
ajfa-14168	318	1	mu	mu	PROPN
ajfa-14168	318	2	,	,	PUNCT
ajfa-14168	318	3	yuan	yuan	NOUN
ajfa-14168	318	4	.	.	PUNCT
ajfa-14168	318	5	(	(	PUNCT
ajfa-14168	318	6	2007	2007	NUM
ajfa-14168	318	7	)	)	PUNCT
ajfa-14168	318	8	.	.	PUNCT
ajfa-14168	319	1	chinese	chinese	PROPN
ajfa-14168	319	2	bank	bank	PROPN
ajfa-14168	319	3	’s	’s	PART
ajfa-14168	319	4	credit	credit	NOUN
ajfa-14168	319	5	risk	risk	NOUN
ajfa-14168	319	6	assessment	assessment	NOUN
ajfa-14168	319	7	,	,	PUNCT
ajfa-14168	319	8	department	department	NOUN
ajfa-14168	319	9	of	of	ADP
ajfa-14168	319	10	economics	economic	NOUN
ajfa-14168	319	11	,	,	PUNCT
ajfa-14168	319	12	university	university	NOUN
ajfa-14168	319	13	of	of	ADP
ajfa-14168	319	14	sterling	sterling	NOUN
ajfa-14168	319	15	,	,	PUNCT
ajfa-14168	319	16	may	may	AUX
ajfa-14168	319	17	2007	2007	NUM
ajfa-14168	319	18	http://citeseerx.ist.psu.edu/viewdoc/download;jsessionid=6936bca6636d5133b152d3a5e	http://citeseerx.ist.psu.edu/viewdoc/download;jsessionid=6936bca6636d5133b152d3a5e	PROPN
ajfa-14168	319	19	1bb14cc?doi=10.1.1.101.7279&rep	1bb14cc?doi=10.1.1.101.7279&rep	NUM
ajfa-14168	319	20	=	=	NOUN
ajfa-14168	319	21	rep1&type	rep1&type	NOUN
ajfa-14168	319	22	=	=	SYM
ajfa-14168	319	23	pdf	pdf	NOUN
ajfa-14168	319	24	löffler	löffler	NOUN
ajfa-14168	319	25	,	,	PUNCT
ajfa-14168	319	26	gunter	gunter	NOUN
ajfa-14168	319	27	,	,	PUNCT
ajfa-14168	319	28	&	&	CCONJ
ajfa-14168	319	29	peter	peter	PROPN
ajfa-14168	319	30	n.	n.	PROPN
ajfa-14168	319	31	posch	posch	PROPN
ajfa-14168	319	32	.	.	PUNCT
ajfa-14168	320	1	(	(	PUNCT
ajfa-14168	320	2	2011	2011	NUM
ajfa-14168	320	3	)	)	PUNCT
ajfa-14168	320	4	.	.	PUNCT
ajfa-14168	321	1	credit	credit	NOUN
ajfa-14168	321	2	risk	risk	NOUN
ajfa-14168	321	3	modeling	modeling	NOUN
ajfa-14168	321	4	using	use	VERB
ajfa-14168	321	5	excel	excel	PROPN
ajfa-14168	321	6	and	and	CCONJ
ajfa-14168	321	7	vba	vba	NOUN
ajfa-14168	321	8	,	,	PUNCT
ajfa-14168	321	9	2nd	2nd	ADJ
ajfa-14168	321	10	ed	ed	NOUN
ajfa-14168	321	11	.	.	PUNCT
ajfa-14168	322	1	(	(	PUNCT
ajfa-14168	322	2	john	john	PROPN
ajfa-14168	322	3	wiley	wiley	PROPN
ajfa-14168	322	4	&	&	CCONJ
ajfa-14168	322	5	sons	son	NOUN
ajfa-14168	322	6	,	,	PUNCT
ajfa-14168	322	7	uk	uk	PROPN
ajfa-14168	322	8	)	)	PUNCT
ajfa-14168	322	9	.	.	PUNCT
ajfa-14168	323	1	https://www.wiley.com/enus/credit+risk+modeling+using+excel+and+vba%2c+2nd+edition-p-9780470660928	https://www.wiley.com/enus/credit+risk+modeling+using+excel+and+vba%2c+2nd+edition-p-9780470660928	PROPN
ajfa-14168	323	2	sobehart	sobehart	PROPN
ajfa-14168	323	3	jorge	jorge	PROPN
ajfa-14168	323	4	r.	r.	PROPN
ajfa-14168	323	5	,	,	PUNCT
ajfa-14168	323	6	&	&	CCONJ
ajfa-14168	323	7	stein	stein	PROPN
ajfa-14168	323	8	,	,	PUNCT
ajfa-14168	323	9	roger	roger	PROPN
ajfa-14168	323	10	m.	m.	PROPN
ajfa-14168	323	11	(	(	PUNCT
ajfa-14168	323	12	2000	2000	NUM
ajfa-14168	323	13	)	)	PUNCT
ajfa-14168	323	14	.	.	PUNCT
ajfa-14168	324	1	moody	moody	PROPN
ajfa-14168	324	2	’s	’s	PART
ajfa-14168	324	3	public	public	ADJ
ajfa-14168	324	4	firm	firm	ADJ
ajfa-14168	324	5	risk	risk	NOUN
ajfa-14168	324	6	model	model	NOUN
ajfa-14168	324	7	:	:	PUNCT
ajfa-14168	324	8	a	a	DET
ajfa-14168	324	9	hybrid	hybrid	ADJ
ajfa-14168	324	10	asian	asian	ADJ
ajfa-14168	324	11	journal	journal	NOUN
ajfa-14168	324	12	of	of	ADP
ajfa-14168	324	13	finance	finance	PROPN
ajfa-14168	324	14	&	&	CCONJ
ajfa-14168	324	15	accounting	accounting	PROPN
ajfa-14168	324	16	issn	issn	PROPN
ajfa-14168	324	17	1946	1946	NUM
ajfa-14168	324	18	-	-	PUNCT
ajfa-14168	324	19	052x	052x	PROPN
ajfa-14168	324	20	2019	2019	NUM
ajfa-14168	324	21	,	,	PUNCT
ajfa-14168	324	22	vol	vol	NOUN
ajfa-14168	324	23	.	.	PROPN
ajfa-14168	324	24	11	11	NUM
ajfa-14168	324	25	,	,	PUNCT
ajfa-14168	324	26	no	no	INTJ
ajfa-14168	324	27	.	.	NOUN
ajfa-14168	324	28	1	1	NUM
ajfa-14168	324	29	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	324	30	166	166	NUM
ajfa-14168	324	31	approach	approach	NOUN
ajfa-14168	324	32	to	to	ADP
ajfa-14168	324	33	modeling	model	VERB
ajfa-14168	324	34	short	short	ADJ
ajfa-14168	324	35	term	term	NOUN
ajfa-14168	324	36	default	default	NOUN
ajfa-14168	324	37	risk	risk	NOUN
ajfa-14168	324	38	,	,	PUNCT
ajfa-14168	324	39	moody	moody	PROPN
ajfa-14168	324	40	’s	’s	PART
ajfa-14168	324	41	investors	investors	PROPN
ajfa-14168	324	42	services	services	PROPN
ajfa-14168	324	43	shen	shen	PROPN
ajfa-14168	325	1	z	z	PROPN
ajfa-14168	325	2	,	,	PUNCT
ajfa-14168	325	3	zhang	zhang	PROPN
ajfa-14168	325	4	,	,	PUNCT
ajfa-14168	325	5	&	&	CCONJ
ajfa-14168	325	6	dan	dan	PROPN
ajfa-14168	325	7	w.	w.	PROPN
ajfa-14168	325	8	(	(	PUNCT
ajfa-14168	325	9	2010	2010	NUM
ajfa-14168	325	10	)	)	PUNCT
ajfa-14168	325	11	.	.	PUNCT
ajfa-14168	326	1	global	global	ADJ
ajfa-14168	326	2	financial	financial	ADJ
ajfa-14168	326	3	crisis	crisis	NOUN
ajfa-14168	326	4	's	's	PART
ajfa-14168	326	5	impact	impact	NOUN
ajfa-14168	326	6	on	on	ADP
ajfa-14168	326	7	the	the	DET
ajfa-14168	326	8	credit	credit	NOUN
ajfa-14168	326	9	risk	risk	NOUN
ajfa-14168	326	10	of	of	ADP
ajfa-14168	326	11	logistics	logistic	NOUN
ajfa-14168	326	12	companies	company	NOUN
ajfa-14168	326	13	:	:	PUNCT
ajfa-14168	326	14	comparative	comparative	ADJ
ajfa-14168	326	15	analysis	analysis	NOUN
ajfa-14168	326	16	between	between	ADP
ajfa-14168	326	17	china	china	PROPN
ajfa-14168	326	18	and	and	CCONJ
ajfa-14168	326	19	us	we	PRON
ajfa-14168	326	20	with	with	ADP
ajfa-14168	326	21	kmv	kmv	PROPN
ajfa-14168	326	22	model	model	NOUN
ajfa-14168	326	23	.	.	PUNCT
ajfa-14168	327	1	2010	2010	NUM
ajfa-14168	327	2	international	international	ADJ
ajfa-14168	327	3	conference	conference	NOUN
ajfa-14168	327	4	on	on	ADP
ajfa-14168	327	5	management	management	NOUN
ajfa-14168	327	6	of	of	ADP
ajfa-14168	327	7	e	e	NOUN
ajfa-14168	327	8	-	-	NOUN
ajfa-14168	327	9	commerce	commerce	NOUN
ajfa-14168	327	10	and	and	CCONJ
ajfa-14168	327	11	egovernment	egovernment	NOUN
ajfa-14168	327	12	,	,	PUNCT
ajfa-14168	327	13	116	116	NUM
ajfa-14168	327	14	-	-	SYM
ajfa-14168	327	15	121	121	NUM
ajfa-14168	327	16	https://ieeexplore.ieee.org/document/5628642	https://ieeexplore.ieee.org/document/5628642	PROPN
ajfa-14168	327	17	tudela	tudela	PROPN
ajfa-14168	327	18	,	,	PUNCT
ajfa-14168	327	19	m.	m.	NOUN
ajfa-14168	327	20	,	,	PUNCT
ajfa-14168	327	21	&	&	CCONJ
ajfa-14168	327	22	young	young	ADJ
ajfa-14168	327	23	,	,	PUNCT
ajfa-14168	327	24	g.	g.	PROPN
ajfa-14168	327	25	(	(	PUNCT
ajfa-14168	327	26	2005	2005	NUM
ajfa-14168	327	27	)	)	PUNCT
ajfa-14168	327	28	.	.	PUNCT
ajfa-14168	328	1	a	a	DET
ajfa-14168	328	2	merton	merton	ADJ
ajfa-14168	328	3	-	-	PUNCT
ajfa-14168	328	4	model	model	NOUN
ajfa-14168	328	5	approach	approach	NOUN
ajfa-14168	328	6	to	to	ADP
ajfa-14168	328	7	assessing	assess	VERB
ajfa-14168	328	8	the	the	DET
ajfa-14168	328	9	default	default	NOUN
ajfa-14168	328	10	risk	risk	NOUN
ajfa-14168	328	11	of	of	ADP
ajfa-14168	328	12	uk	uk	PROPN
ajfa-14168	328	13	public	public	ADJ
ajfa-14168	328	14	companies	company	NOUN
ajfa-14168	328	15	.	.	PUNCT
ajfa-14168	329	1	international	international	ADJ
ajfa-14168	329	2	journal	journal	PROPN
ajfa-14168	329	3	of	of	ADP
ajfa-14168	329	4	theoretical	theoretical	ADJ
ajfa-14168	329	5	and	and	CCONJ
ajfa-14168	329	6	applied	applied	ADJ
ajfa-14168	329	7	finance	finance	NOUN
ajfa-14168	329	8	,	,	PUNCT
ajfa-14168	329	9	8(06	8(06	NUM
ajfa-14168	329	10	)	)	PUNCT
ajfa-14168	329	11	,	,	PUNCT
ajfa-14168	329	12	737	737	NUM
ajfa-14168	329	13	-	-	SYM
ajfa-14168	329	14	761	761	NUM
ajfa-14168	329	15	.	.	PUNCT
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ajfa-14168	330	2	vasicek	vasicek	NOUN
ajfa-14168	330	3	,	,	PUNCT
ajfa-14168	330	4	oldrich	oldrich	PROPN
ajfa-14168	330	5	.	.	PUNCT
ajfa-14168	331	1	(	(	PUNCT
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ajfa-14168	331	3	)	)	PUNCT
ajfa-14168	331	4	.	.	PUNCT
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ajfa-14168	332	2	on	on	ADP
ajfa-14168	332	3	‘	'	PUNCT
ajfa-14168	332	4	equity	equity	NOUN
ajfa-14168	332	5	market	market	NOUN
ajfa-14168	332	6	value	value	NOUN
ajfa-14168	332	7	and	and	CCONJ
ajfa-14168	332	8	its	its	PRON
ajfa-14168	332	9	importance	importance	NOUN
ajfa-14168	332	10	for	for	ADP
ajfa-14168	332	11	credit	credit	NOUN
ajfa-14168	332	12	analysis	analysis	NOUN
ajfa-14168	332	13	:	:	PUNCT
ajfa-14168	332	14	facts	fact	NOUN
ajfa-14168	332	15	and	and	CCONJ
ajfa-14168	332	16	fiction	fiction	NOUN
ajfa-14168	332	17	’	'	PUNCT
ajfa-14168	332	18	,	,	PUNCT
ajfa-14168	332	19	”	"	PUNCT
ajfa-14168	332	20	kmv	kmv	NOUN
ajfa-14168	332	21	corporation	corporation	NOUN
ajfa-14168	332	22	.	.	PUNCT
ajfa-14168	333	1	appendices	appendice	VERB
ajfa-14168	333	2	the	the	DET
ajfa-14168	333	3	solution	solution	NOUN
ajfa-14168	333	4	procedure	procedure	NOUN
ajfa-14168	333	5	of	of	ADP
ajfa-14168	333	6	multivariate	multivariate	NOUN
ajfa-14168	333	7	equation	equation	NOUN
ajfa-14168	333	8	for	for	ADP
ajfa-14168	333	9	blue	blue	ADJ
ajfa-14168	333	10	-	-	PUNCT
ajfa-14168	333	11	chip	chip	NOUN
ajfa-14168	333	12	companies	company	NOUN
ajfa-14168	333	13	.	.	PUNCT
ajfa-14168	334	1	the	the	DET
ajfa-14168	334	2	solution	solution	NOUN
ajfa-14168	334	3	procedure	procedure	NOUN
ajfa-14168	334	4	of	of	ADP
ajfa-14168	334	5	multivariate	multivariate	NOUN
ajfa-14168	334	6	equation	equation	NOUN
ajfa-14168	334	7	for	for	ADP
ajfa-14168	334	8	ordinary	ordinary	ADJ
ajfa-14168	334	9	companies	company	NOUN
ajfa-14168	334	10	.	.	PUNCT
ajfa-14168	335	1	asian	asian	ADJ
ajfa-14168	335	2	journal	journal	PROPN
ajfa-14168	335	3	of	of	ADP
ajfa-14168	335	4	finance	finance	PROPN
ajfa-14168	335	5	&	&	CCONJ
ajfa-14168	335	6	accounting	accounting	PROPN
ajfa-14168	335	7	issn	issn	PROPN
ajfa-14168	335	8	1946	1946	NUM
ajfa-14168	335	9	-	-	PUNCT
ajfa-14168	335	10	052x	052x	PROPN
ajfa-14168	335	11	2019	2019	NUM
ajfa-14168	335	12	,	,	PUNCT
ajfa-14168	335	13	vol	vol	NOUN
ajfa-14168	335	14	.	.	PROPN
ajfa-14168	335	15	11	11	NUM
ajfa-14168	335	16	,	,	PUNCT
ajfa-14168	335	17	no	no	INTJ
ajfa-14168	335	18	.	.	NOUN
ajfa-14168	335	19	1	1	NUM
ajfa-14168	335	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	335	21	167	167	NUM
ajfa-14168	335	22	the	the	DET
ajfa-14168	335	23	solution	solution	NOUN
ajfa-14168	335	24	procedure	procedure	NOUN
ajfa-14168	335	25	of	of	ADP
ajfa-14168	335	26	multivariate	multivariate	NOUN
ajfa-14168	335	27	equation	equation	NOUN
ajfa-14168	335	28	for	for	ADP
ajfa-14168	335	29	st	st	PROPN
ajfa-14168	335	30	companies	company	NOUN
ajfa-14168	335	31	.	.	PUNCT
ajfa-14168	336	1	asian	asian	ADJ
ajfa-14168	336	2	journal	journal	PROPN
ajfa-14168	336	3	of	of	ADP
ajfa-14168	336	4	finance	finance	PROPN
ajfa-14168	336	5	&	&	CCONJ
ajfa-14168	336	6	accounting	accounting	PROPN
ajfa-14168	336	7	issn	issn	PROPN
ajfa-14168	336	8	1946	1946	NUM
ajfa-14168	336	9	-	-	PUNCT
ajfa-14168	336	10	052x	052x	PROPN
ajfa-14168	336	11	2019	2019	NUM
ajfa-14168	336	12	,	,	PUNCT
ajfa-14168	336	13	vol	vol	NOUN
ajfa-14168	336	14	.	.	PROPN
ajfa-14168	336	15	11	11	NUM
ajfa-14168	336	16	,	,	PUNCT
ajfa-14168	336	17	no	no	INTJ
ajfa-14168	336	18	.	.	NOUN
ajfa-14168	336	19	1	1	NUM
ajfa-14168	336	20	ajfa.macrothink.org/	ajfa.macrothink.org/	NOUN
ajfa-14168	336	21	168	168	NUM